《全球快递发展报告（2025）》指出，2024年全球快递包裹业务量约为2679亿件，同比增长17.49%， 业务收入约为46037亿元人民币，同比增长14.05%。 今天（18日），国家邮政局发展研究中心在2025第六届快递业大会发布了《全球快递发展报告 （2025）》。 依托庞大的电商消费群体和日益完善的跨境供应链体系，亚太地区保持绝对优势，快递包裹业务量突破 2100亿件，占全球总量的78.9%，业务收入占比近40%。其中我国快递包裹业务量为1750.8亿件，同比 增长21.5%；业务收入为14033.5亿元人民币，同比增长13.8%。我国快递包裹市场规模连续十一年保持 全球第一，实现了月均百亿件的跨越式发展。 北美地区快递包裹业务量占比全球9.6%，业务收入占比高达38.1%，展现出明显的高附加值和盈利能力 特征。 欧洲地区快递包裹业务量占比为8.1%，业务收入占比为17.1%。 中东、非洲和拉美地区整体规模较小，电商渗透率快速提升，为本土和国际快递企业带来了快速发展和 业务拓展机会。 《报告》预计，今年全球快递市场业务量有望突破3000亿件，业务收入有望突破50000亿元人民币。全 球快递行业正在经历 ...

Core Insights - The company reported a revenue of $5.5 billion for H1 2025, reflecting a year-on-year increase of 13.1% [1] - Adjusted net profit reached $156 million, a significant increase of 147% year-on-year, with adjusted EBITDA at $440 million, up 24.2% [1] Financial Data - Revenue: $5.5 billion, up 13.1% year-on-year; Express service revenue: $5.3 billion, up 12.7% [1] - Adjusted net profit: $156 million, up 147% year-on-year; Adjusted EBITDA: $440 million, up 24.2%; Adjusted EBIT: $200 million, up 65.4% [1] Regional Performance - Southeast Asia: H1 volume reached 3.23 billion pieces, up 58% year-on-year, with a market share of 32.8%, up 5.4 percentage points [2] - China: H1 volume reached 10.6 billion pieces, up 20% year-on-year, with a market share of 11.1%, up 0.1 percentage points [2] - New Markets: H1 volume reached 170 million pieces, up 22% year-on-year, with a market share of 6.2%, up 0.1 percentage points [2] Profitability Metrics - Southeast Asia: Single ticket revenue at $0.61, down $0.13; Single ticket EBIT at $0.073, up $0.007 [2] - China: Single ticket revenue at $0.30, down $0.04; Single ticket EBIT at $0.001, down $0.006 [2] - New Markets: Single ticket revenue at $2.18, up $0.04; Single ticket EBIT at -$0.106, improved by $0.059 [2] Investment Recommendations - Profit Forecast: Adjusted net profit predictions for 2025-2027 are $330 million, $590 million, and $830 million respectively [3] - Valuation: Total target market capitalization is estimated at HKD 121 billion, with a target price of HKD 13.49, indicating a potential upside of 30% [3] - Market Outlook: Positive growth expected across all three markets, with Southeast Asia leading due to e-commerce growth, China benefiting from reduced competition, and new markets showing significant potential [3]

Core Insights - The express delivery industry in China is expected to exceed 700 billion yuan in revenue in the first half of the year, marking an 8.5% year-on-year growth [1] - The volume of express deliveries is projected to surpass 9.5 billion packages, reflecting a 19% increase compared to the previous year [1] - Daily average delivery volume is anticipated to exceed 520 million packages, achieving this milestone 18 days earlier than in 2024 [1] Industry Performance - The express delivery market continues to grow, driven by demands from live-streaming sales, holiday economies, and the recycling of consumer goods [1] - Significant growth in delivery volume was observed during holidays and major e-commerce promotions, with increases exceeding 20% compared to the same periods last year [1] - From June 16 to 22, the daily average delivery volume reached over 580 million packages [1] Regional Dynamics - The inter-regional express delivery volume in the first quarter totaled 40.5 billion packages, showing a 23.5% year-on-year increase, outpacing the industry growth rate by 1.9 percentage points [1] - The contribution of inter-regional deliveries to overall growth in the second quarter approached 95% [1] Service Enhancement and Future Outlook - The industry is focusing on improving service levels, enhancing capacity, and accelerating the development of smart, green, and international services [2] - The "express+" service model is being enriched to effectively support the release of online consumption vitality [2] - The industry is expected to see further development momentum in the second half of the year, with deepening industrial collaboration and increasingly rich service offerings [2]

Core Insights - The postal and express delivery industry in China has shown robust growth in the first four months of the year, with a total delivery volume of 67.4 billion items, representing a year-on-year increase of 18.3% [1] - The express delivery volume reached 61.45 billion items, marking a 20.9% year-on-year growth [1] - In April alone, the express delivery volume was 16.32 billion items, with a year-on-year increase of 19.1% and an average daily volume of approximately 550 million items [1] Industry Performance - The postal industry's total revenue for the first four months was 569.12 billion yuan, reflecting an 8.1% year-on-year increase [1] - The express delivery revenue reached 466.91 billion yuan, showing a 10.9% year-on-year growth [1] Development Capacity - In April, express delivery companies accelerated the deployment of unmanned equipment and upgraded sorting automation in various locations, enhancing efficiency and reducing costs [2] - The international delivery market is expanding, with overseas warehouses established in cities like Madrid and Incheon [2] - The volume of same-city express deliveries was 4.96 billion items, up 4.4% year-on-year, while intercity deliveries reached 55.15 billion items, increasing by 22.6% [2] - International and Hong Kong/Macau/Taiwan express delivery volume totaled 1.35 billion items, reflecting a 25.4% year-on-year growth [2] Service Quality - Express delivery companies have collaborated with e-commerce platforms to innovate and promote consolidated shipping models, addressing delivery challenges in remote areas [2] - The proportion of express delivery volume from eastern, central, and western regions was 71.4%, 19.4%, and 9.2%, respectively, with increases in the central and western regions compared to the previous year [2]