来源：经济日报 在宏观经济指标中，全社会物流成本是一个易被忽略却又颇具代表性的数据。国家发展改革委日前发布 的数据显示，2025年我国社会物流总费用与GDP比率降至13.9%，首次跌破14%大关，这一数字较"十三 五"时期末下降0.8个百分点，再创有统计以来的最低水平。 全社会物流成本持续下降，标志着我国经济运行效率的实质性提升。这一变化，不仅是物流业发展的里 程碑，也是实体经济提质增效的关键信号——这意味着，每创造100元GDP，所支出的物流费用已降至 13.9元。对于中国这样一个拥有140万亿元体量的庞大经济体来说，相当于全年节约了超千亿元物流费 用。 政策发力、产业升级和技术驱动的协同效应，是推动我国全社会物流成本下降的主要原因。特别是物流 结构的持续优化和技术的加快创新，共同推动了全社会物流成本下降。 结构优化释放成本红利。近年来，我国通过建设重大物流枢纽整合资源，构建"通道+枢纽+网络"运行 体系，不断发掘物流运作中的规模经济、网络经济，实现单位物流活动成本的有效降低。"公转水""公 转铁"战略持续推进，水运周转量占比超50%，推动大宗物资向更经济更绿色的方式转移。推进物流与 产业融合发展，支持制造 ...

结构优化释放成本红利。近年来，我国通过建设重大物流枢纽整合资源，构建"通道+枢纽+网络"运行 体系，不断发掘物流运作中的规模经济、网络经济，实现单位物流活动成本的有效降低。"公转水""公 转铁"战略持续推进，水运周转量占比超50%，推动大宗物资向更经济更绿色的方式转移。推进物流与 产业融合发展，支持制造业、商贸等供应链组织结构持续优化，减少冗余物流环节，降低物流活动强 度，推动实体经济创造更大价值。 技术创新重塑运营效率。数字化与绿色化转型成为物流行业发展的核心驱动力，越来越多的物流企业通 过数字技术优化管理系统，大幅降低物流运输空驶率，自动化仓储设备让作业效率进一步提升。同时， 新能源运输工具的加快使用，有效降低了整体能耗。数据显示，此类技术应用使2025年保管成本占比下 降0.2个百分点。 要指出的是，有效降低全社会物流成本不是简单降低运输成本，也不是压缩物流企业的合理利润，更不 是影响物流从业人员的收入，而是通过调结构、促改革，优化全社会物流资源配置，加强物流各环节协 同衔接，全面提升物流体系运行效率，用尽可能少的物流费用支出，支撑尽可能多的经济产出。 全社会物流成本持续下降，标志着我国经济运行效率的实 ...

Core Insights - The logistics industry is experiencing both opportunities and challenges, with rising operational costs and unstable market demand due to global trade fluctuations and geopolitical uncertainties, while the booming e-commerce sector presents significant growth prospects for logistics companies [1] - J&T Express has demonstrated strong performance in the first half of the year, showcasing its "value" and "growth" attributes, making it a noteworthy case study in the industry [1] Group 1: Financial Performance - In the first half of the year, J&T Express achieved a total package volume of 13.99 billion, a year-on-year increase of 27.0%, reflecting its strong market competitiveness [4] - The company's total revenue reached $5.5 billion, a 13.1% increase year-on-year, with core express service revenue at $5.34 billion, up 12.7% [4][6] - J&T Express reported a net profit of $88.93 million, a significant increase of 186.6% year-on-year, with adjusted net profit at $160 million, up 147.1% [5][6] Group 2: Growth Strategy - J&T Express is expanding globally, with a focus on building a comprehensive and efficient logistics network to enhance its competitiveness in international markets [9] - In Southeast Asia, the company saw a package volume increase of 57.9%, capturing a market share of 32.8%, and revenue growth of 29.6% to $1.97 billion [10][16] - The company also reported a 20.0% increase in package volume in China, reaching 10.6 billion, with a market share growth to 11.1% [11][16] Group 3: Technological Innovation - J&T Express is heavily investing in technology innovation, focusing on logistics network construction, smart sorting, unmanned vehicle delivery, and cloud warehouse services to enhance operational efficiency and service quality [17][18] - The company has deployed 600 unmanned delivery vehicles across multiple provinces, significantly improving delivery efficiency and accuracy [20] - J&T Express has established a cloud warehouse network in 12 countries, covering over 670,000 square meters, enhancing its service capabilities and supporting its core express business [21][23] Group 4: Industry Positioning - The logistics industry is shifting from scale competition to value competition, with J&T Express exemplifying a successful transition by combining growth and value attributes [25] - The company's profitable scale growth, rhythmic global expansion, and technological innovation position it as a leading player in the evolving global logistics market [25]