Industry Overview - The China Express Development Index for October 2025 is reported at 475.5, reflecting a year-on-year increase of 2.4% [1] - The development scale index, service quality index, and development capability index stand at 616.4, 705.2, and 240.7 respectively, with year-on-year increases of 5.6%, 0.2%, and 1.7% [1] - The industry is experiencing seasonal growth, with accelerated market scale and improved operational quality, contributing positively to consumer market vitality and economic development [1] Demand and Pricing - The industry demand is showing resilient growth, with a 17.2% increase in parcel volume for the first three quarters of 2025 [1] - In terms of pricing, the average price per parcel has improved in the third quarter due to anti-involution measures [1] Company Performance - YTO Express reported positive growth in net profit both year-on-year and quarter-on-quarter in the third quarter, with improved profit per parcel [1] - Shentong Express experienced a more than 50% year-on-year and quarter-on-quarter increase in net profit excluding non-recurring items, indicating a simultaneous rise in volume and price [1]

Core Viewpoint - The express delivery sector is showing signs of recovery with increased business volume and revenue per package, particularly in September, indicating a positive trend as the peak season approaches [1] Group 1: Company Performance - ZTO Express (02057) saw its stock price rise by over 4% during trading, closing at 148.2 HKD with a transaction volume of 185 million HKD [1] - YTO Express (600233) reported a business volume of 2.627 billion packages in September, a year-on-year increase of 13.64%, with revenue per package at 2.21 RMB, up 1.09% [1] - Shentong Express (002468) completed 2.187 billion packages in September, reflecting a 9.46% year-on-year growth, with revenue per package at 2.12 RMB, an increase of 4.95% [1] - Yunda Express (002120) achieved a business volume of 2.110 billion packages in September, a 3.63% year-on-year increase, with revenue per package at 2.02 RMB, up 0.50% [1] Group 2: Industry Insights - Huachuang Securities noted that the average revenue per package for the three major express companies improved from July to September, with Shentong increasing by 0.15 RMB, YTO by 0.13 RMB, and Yunda by 0.11 RMB [1] - Shenwan Hongyuan anticipates that the third quarter will see express companies begin to realize profit recovery from price increases, with a focus on profit elasticity in the fourth quarter [1] - The report indicates that the average revenue per package was at a low point in July, but has shown improvement in August and September due to reduced competition, suggesting a positive outlook for the upcoming peak season in October [1]