Key Takeaways from the Conference Call Industry Overview - The report focuses on the **China Express** industry, specifically analyzing the performance of major players in the express delivery market for July 2025 [1][6]. Market Share and Volume - **SF Express** led the market with a **34% YoY volume growth**, followed by **YTO Express** at **21% YoY**. In contrast, **STO Express** and **Yunda** experienced lower growth rates of **12%** and **8% YoY**, respectively, resulting in a loss of market share of **0.4ppt** and **0.9ppt** [2][11]. - **Yunda** continues to lag behind **STO** in both volume and revenue metrics [11]. Revenue Performance - **SF Express** achieved a **15% YoY growth** in domestic express revenue, outperforming **YTO** and **STO**, which recorded **12%** and **10% YoY growth**, respectively. **Yunda** underperformed with only **4% YoY revenue growth**, significantly below the industry average of **9% YoY** [3][11]. - Total revenue for **SF Express** grew by **10% YoY**, despite a **3% YoY drop** in international and supply chain revenue due to trade tensions and declining shipping rates [3]. Average Selling Price (ASP) Trends - The ASP for **SF Express** dropped by **14% YoY** in July, with **YTO** seeing a **7%** decrease, **Yunda** at **4%**, and **STO** at **2%**. **Yunda** maintained the lowest ASP among its peers [4][11]. - On a month-over-month basis, **SF** and **STO** both saw a **1%** decline in ASP, while **YTO** reached a new low in July [4]. Financial Metrics Summary (July 2025) | Metric | SF | Yunda | STO | YTO | Industry | | --- | --- | --- | --- | --- | --- | | Revenue (Rmb mn) | 18,657 | 4,120 | 4,287 | 5,371 | 120,640 | | YoY Revenue Growth | 15.0% | 3.8% | 10.0% | 12.1% | 8.9% | | Volume (mn) | 1,377 | 2,162 | 2,181 | 2,583 | 16,400 | | YoY Volume Growth | 33.7% | 7.6% | 11.9% | 20.8% | 15.1% | | Market Share | 8.4% | 13.2% | 13.3% | 15.8% | nm | | YoY Market Share Change | 1.2ppt | -0.9ppt | -0.4ppt | 0.8ppt | nm | | ASP (Rmb) | 13.55 | 1.91 | 1.97 | 2.08 | 7.36 | | YoY ASP Change | -14.0% | -3.5% | -1.5% | -7.2% | -5.3% | | MoM ASP Change | -0.9% | -0.2% | -1.1% | -1.2% | -1.7% | [5] Additional Insights - The overall market dynamics indicate that smaller players like **STO** and **Yunda** are struggling to maintain their market positions, while **SF Express** continues to show robust growth despite external challenges [11]. - The decline in ASP across all players suggests a competitive pricing environment, particularly for **YTO**, which is aggressively pursuing market share [11]. Conclusion - The express delivery market in China is characterized by significant growth for leading players like **SF Express**, while smaller competitors face challenges in maintaining market share and revenue growth. The competitive landscape is intensifying, with pricing strategies playing a crucial role in market dynamics [11].