Core Insights - In November, the postal industry completed a delivery volume of 19.49 billion items, representing a year-on-year growth of 3.8%. The express delivery sector accounted for 18.06 billion items, with a growth of 5.0% [1] - The postal industry's revenue (excluding direct operating income from postal savings banks) reached 162.68 billion yuan in November, showing a decline of 2.0%. Express delivery revenue was 137.65 billion yuan, down 3.7% [1] - From January to November, the cumulative delivery volume of the postal industry reached 196.75 billion items, up 12.9%, while express delivery volume was 180.74 billion items, increasing by 14.9% [1] - The cumulative revenue for the postal industry from January to November was 1,632.73 billion yuan, reflecting a growth of 6.7%. Express delivery revenue for the same period was 1,355.06 billion yuan, up 7.1% [1] Delivery Volume Breakdown - For the period from January to November, the delivery volumes for same-city, intercity, and international/Hong Kong-Macau-Taiwan express services accounted for 8.0%, 89.9%, and 2.1% of total express delivery volume, respectively. The share of same-city delivery decreased by 1.0 percentage points, while intercity delivery increased by 1.1 percentage points [2] - The revenue share of express delivery in the eastern, central, and western regions was 73.7%, 15.7%, and 10.6%, respectively. The volume shares were 70.7%, 19.8%, and 9.5%. Compared to the previous year, the eastern region's revenue share decreased by 1.2 percentage points, while the central and western regions saw increases of 0.8 and 0.4 percentage points, respectively [2] Market Concentration - The concentration index CR8 for express and parcel service brands was 86.9, a slight decrease of 0.1 from the previous month [3]

智通财经APP获悉，12月16日，国家邮政局公布2025年11月份邮政行业运行情况。11月份，邮政行业寄递业务量完成 194.9亿件，同比增长3.8%。其中，快递业务量完成180.6亿件，同比增长5.0%。11月份，邮政行业业务收入(不包括邮政 储蓄银行直接营业收入)完成1626.8亿元，同比下降2.0%。其中，快递业务收入完成1376.5亿元，同比下降3.7%。 原文如下： 国家邮政局公布2025年11月份邮政行业运行情况 11月份，邮政行业寄递业务量完成194.9亿件，同比增长3.8%。其中，快递业务量完成180.6亿件，同比增长5.0%。 11月份，邮政行业业务收入(不包括邮政储蓄银行直接营业收入)完成1626.8亿元，同比下降2.0%。其中，快递业务收入完 成1376.5亿元，同比下降3.7%。 1-11月，邮政行业寄递业务量累计完成1967.5亿件，同比增长12.9%。其中,快递业务量累计完成1807.4亿件，同比增长 14.9%。 1-11月，邮政行业业务收入累计完成16327.3亿元，同比增长6.7%。其中，快递业务收入累计完成13550.6亿元，同比增长 7.1%。 1-11月，同城快递业务量 ...

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Core Viewpoint - The express delivery station business, once perceived as a low-cost and low-barrier entrepreneurial opportunity, is now facing significant challenges, leading many operators to exit the market despite previous profitability [5][27]. Group 1: Business Challenges - Many express station owners are experiencing financial losses despite high package volumes, with one owner reporting an average monthly delivery volume of 80,000 but still operating at a loss [5][27]. - The competitive landscape has intensified, with new entrants and aggressive tactics among existing operators, including price wars and complaints to regulatory bodies [10][16][27]. - The introduction of new regulations has increased operational burdens, forcing some owners to handle deliveries themselves, which raises costs and complicates operations [25][27]. Group 2: Financial Dynamics - The average income from delivery fees has decreased, with one operator noting a drop from 4,500 to around 1,500 monthly due to increased competition and reduced package volumes [27]. - Penalties from delivery companies are a significant financial drain, with one operator reporting that over 70% of their income was deducted due to fines [18][22]. - The overall trend in the express delivery industry shows a decline in service prices, with a reported 8.2% decrease in average delivery fees in early 2025 [28]. Group 3: Market Trends - The express delivery market is projected to grow, with an estimated 175.08 billion packages expected in 2024, reflecting a 21.5% year-on-year increase [27][28]. - Despite the growth in package volume, the profitability for individual stations is declining due to increased competition and reduced fees, leading to a challenging environment for operators [27][28]. - The rise of alternative delivery models, such as automated delivery vehicles, is changing the operational landscape, further complicating the situation for traditional express stations [27]. Group 4: Survival Strategies - Many station owners are diversifying their business models by incorporating additional services, such as community group buying or retail, to supplement their income [29]. - Some operators are actively seeking to transfer their stations to new owners, often advertising them as "profitable immediately," despite the underlying challenges [6][29]. - The survival of express stations often hinges on the owner's ability to manage costs effectively and adapt to the rapidly changing market dynamics [29].

Group 1 - The "Double 12" year-end promotion has started on December 8, leading to a peak in express delivery volume, with notable growth compared to "Double 11" [1] - The express delivery peak has two main characteristics: an increase in rural delivery volume and the introduction of various Spring Festival products by merchants [1] - The express delivery service is adapting by adding a night delivery shift for high-volume outlets, easing the pressure on daytime deliveries [2]

Core Viewpoint - The report from Guotai Junan Securities initiates coverage of Jitu Express-W (01519) with a target price of HKD 12.60 and an "Accumulate" rating, highlighting the company's rapid expansion from Southeast Asia to a global logistics operator through a highly flexible regional agency system [1] Group 1: Expansion Strategy - The company has rapidly risen to become a leader in the Southeast Asian market since its establishment in Indonesia in 2015, utilizing a unique regional agency model [1] - Jitu Express entered the Chinese express market in 2020 through acquisitions of Longbang Express, Best Group's China operations, and SF Express's Fengwang, significantly enhancing its network capabilities and market share [1] - The company has expanded into new markets in the Middle East and Latin America, forming a global network covering 13 countries [1] Group 2: Southeast Asia Market Dynamics - The macroeconomic upturn and the booming e-commerce market have accelerated the growth of express delivery volumes in Southeast Asia, with the distribution mechanism of designated logistics service providers leading to an oligopolistic competition structure [2] - The impact of e-commerce self-built logistics on the company's performance is nearing its end, with the rise of TikTok significantly boosting the company's business volume, maintaining its industry-leading market share [2] Group 3: China Market Performance - The company has quickly improved its market share in China, currently ranking fifth in the industry, through mergers and the benefits of social e-commerce [3] - With market share stabilizing, the company is actively optimizing its customer and product structure, leading to noticeable improvements in profitability [3] - Revenue growth has returned to around 10%, with market share and gross profit remaining stable and improving [3] Group 4: New Market Growth - The company is actively expanding partnerships with leading e-commerce platforms, solidifying its market share in new markets [4] - As the network capacity in new markets strengthens and economies of scale become apparent, the company is experiencing a continuous release of cost pressures, which is expected to create a second growth curve in profits [4]

中国反内卷重启，驱动公司份额企稳后优化收入结构 智通财经APP获悉，国泰海通证券发布研报称，首次覆盖给予极兔速递-W(01519)目标价12.60港元和"增 持"评级，极兔速递凭借高度灵活的区域代理制度实现从东南亚到全球的快速扩张，东南亚地区成为利 润基石，中国地区盈利改善，新兴市场有望构建第二增长极。 国泰海通证券主要观点如下： 高度灵活的区域代理制度实现从东南亚市场领导者到覆盖13国的全球综合物流运营商的快速扩张 公司自2015年于印尼成立以来，凭借独特的区域代理模式快速崛起，连续多年稳居区域第一。随后，公 司于2020年进入中国快递市场，通过收购龙邦速运、百世集团中国业务及顺丰丰网，以低价和兼并方式 破局红海，显著提升网络能力与市场份额，并于2023年在港交所上市。与此同时，公司持续进军中东、 拉美等新市场，形成覆盖13国的全球网络。 东南亚奠定公司利润基石，新兴电商平台拉动件量增长 宏观经济上行及电商市场蓬勃发展支撑东南亚市场快递业务量加速增长，电商平台指定物流服务商的分 配机制使得行业形成寡头竞争格局，行业马太效应加剧。目前，电商自建物流对公司业绩冲击已接近尾 声，TikTok兴起带动公司业务量大幅 ...

Core Insights - J&T Express successfully held an investor open day in Bangkok, Thailand, attracting a record attendance of over 180 participants, indicating strong market interest in its Southeast Asia strategy and operational results [1] - The company has achieved significant growth in Thailand, becoming the market leader in terms of business volume and maintaining a top service rating for three consecutive years [2] Company Performance - J&T Express's CFO highlighted that Thailand has become a key contributor to the company's profitability, showcasing its successful international strategy [1][10] - The company has implemented a fully automated logistics system in Thailand, with its largest sorting center capable of processing over 5 million packages daily [4] Operational Strategy - J&T Express has focused on deep localization, employing over 60,000 staff in Thailand, with a minimal number of non-Thai employees, which has fostered community acceptance and reduced management costs [6] - The company has achieved a cost reduction of over 10% per package annually, outpacing market price declines, ensuring sustained profitability [8] Market Position and Future Growth - The Thai express delivery market has evolved from numerous competitors to a more consolidated landscape, presenting high barriers for new entrants [8] - Future growth is expected to come from increased e-commerce penetration and diversification into non-e-commerce markets, with the company exploring new revenue streams [9] Investor Engagement - Investors expressed interest in the long-term market dynamics and J&T's sustainable competitive advantages, with the company positioned to capitalize on the rapid growth of the Southeast Asian e-commerce market [9]

Core Insights - J&T Express successfully held an investor open day in Bangkok, Thailand, attracting a record attendance of over 180 participants, indicating strong market interest in its Southeast Asia strategy and operational results [1] Group 1: Company Performance - J&T Express Thailand's CEO Winsome Huo highlighted that the company ranked first in Thailand's public market in terms of business volume for the first half of the year, and has received the highest service satisfaction rating for three consecutive years [2] - The company has achieved profitability in a competitive market, validating its business model in mature overseas markets [2] Group 2: Operational Excellence - J&T Express is the only courier company in Thailand with full automation coverage in all transfer centers, significantly enhancing efficiency and reducing costs [4] - The company has a peak daily processing capacity of over 5 million parcels at its largest sorting center, which recently underwent expansion [4] Group 3: Localization Strategy - J&T Express employs over 60,000 staff in Thailand, with only about 60 being non-Thai nationals, fostering a deep localization that reduces management costs and enhances community acceptance [6] Group 4: Cost Management - The company has maintained a cost reduction of over 10% per parcel for several years, optimizing costs faster than market price declines, ensuring sustained profitability [8] - J&T Express is expanding its business boundaries beyond e-commerce, launching services like "J&T Super" to attract high-end clients such as Apple and Adidas [8] Group 5: Future Growth Drivers - The company sees significant potential in Thailand's e-commerce penetration and per capita parcel volume, with plans to diversify its business structure [9] - J&T Express aims to leverage its successful experiences in Thailand to create long-term value for global customers and investors [10]

近日，《河南省邮政条例》（下称"《条例》"）全文发布，该条例已经河南省第十四届人民代表大会常务委员会第二十一次会议于12月4日审议通过，自 2026年3月1日起施行。 《条例》除了根据河南实际情况进一步细化监管措施外，也重点瞄准了快递行业中积累的发展痛点和相关人员权益保护要求，针对之前存在的末端投递乱 象、暴力分拣问题、低价恶性竞争、从业人员权益受损等诸多现象进行了规范，并给出了相应处罚措施。 《条例》明确指出，经营快递业务的企业未经用户同意代为确认收到快件的、未经用户同意擅自将快递投递到智能快件箱等快递末端服务设施的、抛扔快件 造成快件损毁的，由邮政管理部门责令改正，予以警告或者通报批评；拒不改正的，处2000元以上1万元以下的罚款；情节严重的，处1万元以上3万元以下 的罚款。 随着国内快递单量的持续增加，相关的不规范行为也日益增加，由此造成了快递破损、赔偿等一系列问题，用户对此反应强烈。 此前，有媒体报道，中通的快递员把用户网购的烧卖放在小区的丰巢柜里，但没有发短信通知，导致去拿的时候，烧卖已经变质。 此外，部分快递公司为降低成本，对分拣环节的损坏率容忍度较高，只要破损率控制在可接受范围内，暴力分拣的赔偿 ...