快递行业"反内卷"步伐加快。近期，在电商重镇广东、浙江两地，多家快递公司对电商客户上调快递费 用。除浙江义乌、广东外，业内对福建、安徽、 江苏、山东等地也有涨价预期。 证券时报记者从浙江地区的部分快递网点与电商商家处了解到，7月底、8月初以来，电商快递价格确实 有不同程度的上调。快递费用调涨，对特价快递与小件产生的影响较为明显，不过目前各大快递网点的 业务量总体平稳。 业内分析人士在接受证券时报记者采访时表示，此次国家"反内卷"政策力度空前，短期看，单票均价将 回升，推动企业利润修复，末端派费的增加，将改善快递员收入，提高稳定性；长期看，有望打破"以 价换量"的循环，引导快递行业从规模竞争转向价值竞争。 核心区域开始涨价 为避免"价格战"给企业发展带来恶性循环，国家邮政局近期采取多项举措，严厉打击"低于成本价"的行 为，快递行业亦纷纷响应，多地陆续上调单票价格，保证企业利润。 本轮快递行业"反内卷"，是中央经济工作会议精神在快递行业的落地，是政策法规与行业自律的结合。 其中，广东地区调价力度尤为显著，调价幅度为每票0.3元至0.7元，且设定1.4元/票的底线价。而在广 东调价之前，另一快递重镇浙江义乌已于7月 ...

Group 1 - Liu Qiangdong, founder of JD Group, visited the upcoming JD discount supermarket in his hometown, with four stores opening on August 30, each over 5,000 square meters and featuring more than 5,000 SKUs, larger than the first store in Zhuozhou [4][9] - Meituan's flash purchase orders for Qixi Festival increased by 50% compared to the previous year, with significant growth in flower sales and a doubling of sales in categories like digital products and beauty care [5][11] - Alibaba's CEO Jiang Fan projected that flash purchase and instant retail could generate an additional 1 trillion yuan in transactions over the next three years as more brands join the platform [7][14] Group 2 - Walmart is digitizing its stores, allowing customers to scan QR codes to access thousands of online products, while reducing seller fees for toy products to zero and halving fees for pet supplies [14] - JD launched a national interest subsidy program, allowing users to save up to 3,000 yuan on purchases marked with "national interest subsidy" [15] - Alipay initiated a "Harvest Festival" campaign to boost consumption, offering significant platform traffic and red envelope discounts [15] Group 3 - Suning.com reported a revenue of 25.895 billion yuan for the first half of 2025, with a net profit increase of 230% [22] - Yunda Express achieved a revenue of 24.833 billion yuan in the first half of 2025, marking a 6.8% increase, with a net profit of 529 million yuan [24] - Miniso's global flagship store in Shanghai achieved sales of 16 million yuan in a month, driven by IP products [26] Group 4 - Tea Baidao reported a revenue of 2.5 billion yuan in the first half of 2025, with a profit of 333 million yuan [34] - Domino's China opened 190 new stores in the first half of 2025, with a revenue increase of 27% [28] - Haidilao launched its first "super dessert station" in Shanghai, offering over 30 products [29]

"今年二季度以来，快递市场竞争加剧，电商快递发件价格快速下行，已经影响了行业的良性发展。在 此背景下，国家提倡高质量发展，并且旗帜鲜明地提出'反内卷'，所以从7月底、8月初以来，我们为了 保障快递服务质量、保障网点稳定经营，针对电商客户发件先后进行了调价，目前业务量总体平 稳。"韵达速递广州越秀区某网点负责人对证券时报记者表示。 快递费上涨在产业链的各环节激起层层涟漪，对电商行业影响尤甚，不过目前来看并非是"一刀切"的影 响。快递涨价对于特价包裹与低价包裹影响最为显著，对于高附加值、高客单价包裹影响有限。 快递行业"反内卷"步伐加快。近期，在电商重镇广东、浙江两地，多家快递公司对电商客户上调快递费 用。除浙江义乌、广东外，业内对福建、安徽、 江苏、山东等地也有涨价预期。 证券时报记者从浙江地区的部分快递网点与电商商家处了解到，7月底、8月初以来，电商快递价格确实 有不同程度的上调。快递费用调涨，对特价快递与小件产生的影响较为明显，不过目前各大快递网点的 业务量总体平稳。 业内分析人士在接受证券时报记者采访时表示，此次国家"反内卷"政策力度空前，短期看，单票均价将 回升，推动企业利润修复，末端派费的增加，将改善 ...

Core Viewpoint - J&T Express reported a strong performance in the first half of 2025, with total revenue reaching $5.5 billion, a year-on-year increase of 13.1%, and adjusted net profit of $160 million, up 147.1% [1] Financial Performance - Total revenue for the first half of 2025 was $5.5 billion, reflecting a 13.1% year-on-year growth [1] - Adjusted net profit reached $160 million, marking a significant increase of 147.1% [1] - Total package volume reached 13.99 billion, up 27% year-on-year, with Southeast Asia showing a remarkable growth of 57.9% [1][7] - Market share in Southeast Asia increased by 5.4 percentage points to 32.8% [1][7] - In China, market share rose to 11.1%, with package volume growing by 20% to 10.6 billion [3] Market Dynamics - The company faced intense competition in the Chinese market, leading to a decline in single ticket revenue to $0.30, a drop of 13% year-on-year [1][3] - The management indicated that the overall price competition in the industry has been severe, prompting dynamic pricing adjustments to maintain competitiveness [1][3] - The company reported a decrease in single ticket costs, with transportation and sorting costs down by $0.1 and $0.13 respectively [3] Cost Management and Efficiency - Current single ticket transportation costs are approximately $0.4, with room for improvement compared to peers [4] - The company is focusing on enhancing the capabilities of franchisees and investing in digitalization and automation [4] - J&T Express has begun piloting unmanned vehicles, with over 900 units deployed in the Chinese market, aiming to reduce costs [4] Strategic Initiatives - The company is actively developing reverse logistics and single-item delivery services to mitigate the impact of fierce competition on single ticket revenue [5] - In Southeast Asia, J&T Express has seen a 29.6% increase in revenue to $1.97 billion, with adjusted EBITDA growing by 50.5% [7] - New markets, including Saudi Arabia and Mexico, generated $360 million in revenue, achieving a turnaround with a profit of $1.57 million [7] Expansion and Future Outlook - J&T Express is expanding its franchise model in overseas markets, with 30% of its Southeast Asian network operated by partners [8] - The company aims to leverage experiences from China to reduce costs in Southeast Asia and develop non-e-commerce client businesses for higher profit margins [8]

Core Viewpoint - The logistics industry is experiencing a "slow bull" market driven by "anti-involution" and technological innovation, with significant growth in express delivery volumes and a shift from price competition to value competition [1][3]. Industry Overview - As of August 29, 2025, the Shanghai Composite Index has risen by 15.1%, the Shenzhen Component Index by 21.91%, the ChiNext by 34.95%, and the Hang Seng Index by 25.1% [2]. - The express delivery sector saw a total of 956.4 billion packages delivered in the first half of 2025, marking a year-on-year increase of 19.3% [3]. Company Performance - SF Holding reported a revenue of 146.858 billion yuan for the first half of 2025, a year-on-year increase of 9.26%, and a net profit of 5.738 billion yuan, up 19.37% [5][19]. - The company's express logistics business volume reached 7.85 billion packages, growing by 25.7% year-on-year, outperforming the industry average [9][10]. Business Model Transformation - SF Holding's business model has shifted from "scale-driven" to "value-driven," achieving a threefold resonance in volume, revenue, and profit [7][12]. - The company has enhanced its service quality and efficiency, focusing on customer-centric differentiated product strategies [13][14]. Technological Advancements - SF Holding is leveraging technology to enhance operational efficiency, with significant investments in automation and smart logistics systems [20]. - The company has improved its small package transfer efficiency by 12.5% in the first half of 2025, while reducing transfer costs [20]. Market Position and Competitive Advantage - SF Holding has established a comprehensive global supply chain network, covering 339 domestic administrative regions and 95 countries internationally [17]. - The company has a strong brand reputation, with over 95% of Fortune China 500 companies collaborating with SF Holding [19]. Investment Outlook - Short-term prospects are bolstered by improved cyclical performance and the potential of international business [21]. - Mid-term strategies include expanding into REITs and diversifying revenue streams across various logistics sectors [22]. - Long-term growth is expected from continuous value creation and technological advancements, which may redefine the logistics industry landscape [24][25].

Core Viewpoint - The logistics industry is experiencing a transformation driven by "anti-involution" and "technological innovation," which are complementary forces that enhance value investment opportunities [4]. Industry Overview - As of August 29, 2025, the Shanghai Composite Index has risen by 15.1%, the Shenzhen Component Index by 21.91%, the ChiNext Index by 34.95%, and the Hang Seng Index by 25.1% [3]. - The logistics sector is positioned at the intersection of these two driving forces, with a notable increase in express delivery volume, which reached 95.64 billion pieces in the first half of 2025, marking a year-on-year growth of 19.3% [5]. Company Performance - SF Holding's mid-year report for 2025 shows revenue of 146.858 billion yuan, a year-on-year increase of 9.26%, and a net profit of 5.738 billion yuan, up 19.37%, with a net profit margin of 3.9% [6][40]. - The company's express logistics segment has shifted from a "scale-driven" model to a "value-driven" dual-engine model, achieving a threefold resonance in volume, revenue, and profit [11]. Business Segments - The express logistics segment saw a volume of 7.85 billion pieces in the first half of 2025, growing by 25.7%, outpacing the industry average [13]. - The high-value express business has expanded into various sectors, including consumer goods and high-end manufacturing, contributing to a revenue increase of over 20% in these areas [16]. Competitive Advantage - SF Holding is transitioning from volume growth to enhancing service quality and efficiency, establishing a strong competitive edge through a comprehensive ecosystem [24]. - The company has built a robust logistics network, including 59 domestic and 19 international routes from its Ezhou cargo hub, enhancing its service capabilities [26]. Technological Innovation - SF Holding is leveraging technology to improve operational efficiency, with significant investments in automation and smart logistics, resulting in a 12.5% increase in small package transfer efficiency [32]. - The company has implemented intelligent systems that enhance service delivery, achieving a 13.7% improvement in small package collection and delivery efficiency [32]. Investment Outlook - From a short-term perspective, the company's performance indicates cyclical improvements and potential in international business, supported by a strong fundamental outlook [34]. - In the medium term, SF Holding's expansion into REITs and diversified business segments is expected to reshape its asset value and profitability [35]. - Long-term prospects include the continuous enhancement of its global supply chain network and technological advancements that could redefine the logistics industry landscape [38].

Core Viewpoint - The express delivery industry is experiencing a shift towards rational pricing and healthy development, influenced by the "anti-involution" policies, which aim to stabilize prices and improve service quality [2][5][6]. Financial Performance - In the first half of the year, the company reported revenue of 22.723 billion yuan, a year-on-year increase of 9.85%, while net profit was 4.004 billion yuan, slightly down from 4.062 billion yuan in the same period last year [2]. - The company adjusted its full-year business volume guidance to a range of 38.8 billion to 40.1 billion pieces, reflecting a growth rate of 14% to 18%, down from the previous estimate of 40.8 billion to 42.2 billion pieces, which indicated a reduction of 6 percentage points in expected growth [2][3]. Cost and Profitability - The company's total operating costs increased by 21.5% year-on-year, surpassing revenue growth, with significant cost increases attributed to servicing high-value customers and automation upgrades [3]. - Gross profit decreased by 14.9%, with the gross margin dropping from 32% to 24.8% [3][4]. Market Trends - The express delivery market is seeing a notable trend towards lighter and smaller packages, with more merchants opting for economical delivery services [4]. - The "anti-involution" policies are expected to lead to a recovery in profits for the industry, with price adjustments in key regions like Guangdong and Zhejiang [5][6]. Technological Advancements - The company has deployed over 2,000 unmanned vehicles across more than 700 outlets in over 200 cities, significantly reducing transportation costs [7]. - The shift in industry competition is moving from quantity to a balance of quality and quantity, emphasizing digitalization and intelligent logistics solutions [7].

公司研究 证 券 研 究 报 告 极兔速递（01519.HK）2025 年半年报点评 推荐（维持） 上半年经调整净利润 1.56 亿美元，同比 +147%，持续看好公司三市场发力 公司公告 2025 半年报： 1、财务数据：1）收入：2025H1 公司收入 55 亿美元，同比+13.1%；其中快递 服务收入 53 亿美元，同比+12.7%；2）盈利：公司经调整净利润 1.56 亿美元， 同比+147%，经调整 EBITDA 4.4 亿美元，同比+24.2%，经调整 EBIT2.0 亿美 元，同比+65.4%。 2、分区域数据： 1）东南亚市场：H1 件量达到 32.3 亿件，同比+58%，市占率 32.8%，同比 +5.4pct；单票收入 0.61 美元，同比-0.13 美元，单票成本 0.50 美元，同比-0.10 美元，其中单票运输成本 0.12 美元，同比-0.04 美元，单票分拣成本 0.04 美 元，同比-0.02 美元。单票 EBIT 0.073 美元，同比+0.007 美元。公司在东南亚 抓住电商高增长机遇，并将中国经验赋能东南亚，进一步巩固在东南亚的竞争 优势。 2）中国市场：H1 件量达到 ...

Overall Industry Investment Rating - The transportation sector is expected to see revenue and profit growth in H1 2025, with a revenue increase of 1.8% year-on-year and a net profit increase of 4.3% year-on-year [2][20]. Core Insights - The transportation sector's revenue for H1 2025 reached 1.7351 trillion yuan, driven by significant revenue increases in the aviation and express delivery segments [2][27]. - The express delivery segment experienced a substantial volume increase of 19.3% year-on-year, although profits were impacted by price wars, leading to a 1% decline in net profit for Q2 2025 [3][38]. - The aviation sector saw a recovery with a 71% increase in net profit for H1 2025, supported by a 6% increase in domestic passenger volume and a 25% increase in international passenger volume [4][32]. - The shipping sector maintained a stable outlook, with a slight revenue increase of 2.8% year-on-year, although net profit decreased by 2.8% [5][46]. - The port sector benefited from a 2.5% increase in cargo throughput, resulting in a 5% revenue increase and a 10% net profit increase for H1 2025 [6][48]. Summary by Sections Transportation Overview - The transportation sector's revenue for H1 2025 was 1.7351 trillion yuan, up 1.8% year-on-year, with a net profit of 949 billion yuan, up 4.3% year-on-year [2][20][27]. - In Q2 2025, the sector's revenue was 898.1 billion yuan, remaining flat year-on-year, while net profit increased by 6.3% to 477 billion yuan [2][20][32]. Express Delivery and Logistics - The express delivery segment's revenue for H1 2025 was 700 billion yuan, up 10.1% year-on-year, with a volume of 957 billion parcels, up 19.3% year-on-year [3][38]. - The logistics sector faced a 2% revenue decline in H1 2025, with net profit remaining flat [3][60]. Aviation and Airports - The aviation sector's revenue increased by 7% year-on-year in H1 2025, with net profit soaring by 71% [4][32]. - Airport revenues grew by 6% year-on-year, with net profit increasing by 26% [4][32]. Shipping and Ports - The shipping sector's revenue increased by 2.8% year-on-year in H1 2025, while net profit decreased by 2.8% [5][46]. - The port sector's cargo throughput increased by 2.5%, leading to a 5% revenue increase and a 10% net profit increase [6][48]. Road and Rail - The road sector saw a 3.03% revenue decline in H1 2025, but net profit increased by 3.4% [6][60]. - The railway sector's revenue was 778 billion yuan, up 0.4% year-on-year, but net profit decreased by 11.2% [7][60]. Investment Recommendations - The report suggests focusing on the logistics and aviation sectors, highlighting companies like SF Holding and Hai Chen Co. for their growth potential [8].

Key takeaways: ▶ 这家物流公司上半年处理包裹约140亿件，在东南亚及南美、非洲、中东等新兴市场实现强劲增 长 新兴市场包裹量增至1.7亿件，同比增长21.7%，南美表现尤佳。随着拓展成效显现，该区域收入贡献增至 3.6亿美元，并首次实现经调整EBITDA盈利157万美元，去年同期则为亏损784万美元。 截至6月30日，公司拥有6,900家网络合作伙伴，较2024年末减少100家；服务网点增加100个至19,200个；分 拣中心数量维持239个。 极兔速递在2015年创始于印度尼西亚，现已成为东南亚头部快递企业；2020年进军中国市场后，业务已覆 盖13个国家，目前持续向拉丁美洲及中东拓展。 Bamboo Works 咏竹坊 专注于报道中概股新闻。用高质量的中英文内容帮助中国企业讲好中国股 事，触达全球投资者。 我们的报道也通过全球各大财经平台进行分发。日均触达200,000人次的全球投资者。 如需咨询，请联系 info@thebambooworks.com About Us Bamboo Works is a premium business content provider with a s ...