Core Viewpoint - The logistics industry in China is evolving from a "China to Global" model to a "Global to Global" model, indicating a shift in supply chain strategies and new opportunities for Chinese logistics companies [1][3]. Group 1: Global Expansion and Opportunities - Cainiao has been actively expanding its global logistics network, recently launching a cross-border logistics network among six Gulf countries, enabling package delivery within three days [2]. - The company has upgraded its European G2G cross-border logistics solution, supporting e-commerce express delivery across 35 European countries, achieving a "Pan-European 3-day delivery" service [1]. - The logistics services are increasingly focused on providing high cost-performance logistics experiences for local e-commerce platforms and cross-border sellers [1][2]. Group 2: Competitive Landscape - The logistics industry is witnessing a transformation where logistics costs from Spain to France can exceed those from China to France, presenting new opportunities for cost-effective logistics solutions [6]. - Cainiao's logistics network is positioned to serve not only Chinese supply chains but also global goods circulation, competing with global logistics giants [4][6]. - The company emphasizes the importance of a comprehensive logistics network as a foundational competitive advantage, which requires a continuous flow of goods [4][6]. Group 3: Evolution of Cainiao - Cainiao has undergone three significant transformations: from a capability platform supporting Alibaba's e-commerce, to a public logistics service provider, and now to a global logistics service provider [8][9]. - The current phase (3.0) emphasizes globalization and market-oriented strategies, with over half of Cainiao's business now coming from global operations [10]. - The company plans to invest in new technologies such as AI and automation while maintaining a focus on key logistics nodes both domestically and internationally [10]. Group 4: Customer Segmentation and Service Strategy - Cainiao's customer base is diverse, ranging from large e-commerce platforms to small sellers, requiring tailored service strategies for different customer segments [11]. - For major clients, the company aims to establish long-term partnerships with customized solutions, while for smaller sellers, it employs a combination of online and offline regional sales strategies [11].

Core Insights - The logistics industry in China is evolving from a "China to Global" model to a "Global to Global" model, indicating a shift in supply chain strategies for many companies [1][3] - Cainiao is actively expanding its global logistics network, recently enhancing its cross-border logistics solutions in Europe and the Middle East, which supports e-commerce delivery across multiple countries [2][4] - The competitive landscape is changing, with logistics costs from Europe sometimes exceeding those from China, presenting new opportunities for Chinese logistics companies [5][6] Group 1: Global Expansion and Strategy - Cainiao's recent upgrades to its logistics solutions allow for "Pan-European 3-day delivery," covering 99% of European countries and providing cost-effective options for local e-commerce platforms [2] - The establishment of a cross-border logistics network in the Gulf Cooperation Council (GCC) countries enables faster delivery and reduced costs for local and cross-border e-commerce [2][4] - The logistics capabilities developed in China are being replicated in overseas markets, enhancing efficiency in regional supply chains [3][6] Group 2: Competitive Advantages - Cainiao's logistics services are designed to be cost-effective, with products like "5 USD for 10-day delivery" and "10 USD for 5-day delivery" gaining significant market share [6][10] - The company emphasizes a comprehensive solution combining cross-border logistics, overseas warehouses, and local delivery, which enhances user experience and operational efficiency [7] - Cainiao's long-term strategy focuses on building a robust global network, allowing it to compete effectively in various international markets [7][10] Group 3: Evolution of Services - Cainiao has transitioned through multiple phases, from a technology-driven platform to a public logistics service provider, and now to a global logistics player [8][9] - The current phase emphasizes globalization and market diversification, with over half of Cainiao's business now coming from international operations [10] - The company is adapting its service offerings based on customer size, providing tailored solutions for large e-commerce platforms while also catering to small and medium-sized sellers [10]

7月25日，申通快递一纸公告震动物流江湖，其宣布拟以3.62亿元收购菜鸟旗下浙江丹鸟物流100%股权。 2024年，申通快递全年营收为471.69亿，菜鸟2025财年(截至2025年3月31日)营收约1012.72亿元。显然，这笔交易相比于两大物流巨头的整体营收体量来说 并不算大，但这桩看似普通的交易背后，实际是双方聚焦核心主业的主动战略选择。公告称，本次交易有助于充分发挥双方协同效应，推动申通做大做强做 优，加强推进品质快递网络的铺设和升级。同时，菜鸟战略聚焦国际物流和科技，主营业务全球供应链、跨境物流、海外本地快递、物流科技、物流园区等 板块，将加速发展。 国内视角来看，当前跨境电商驱动跨境物流蓬勃发展，2024年全年我国跨境电商出口规模达到2.15万亿元，同比增长16.9%。国际货邮运输量同比增长 29.3%，中国企业建设的海外仓已超过2500个，总面积超过3000万平方米。 菜鸟把已经跑通的高品质快递网络整体交给盟友，自身则全力押注跨境物流与物流科技——这是一次用"减法"换取"乘法"的巧妙精算，也是一场围绕未来十 年全球物流格局的深远落子。 一、全力以赴，菜鸟响应国际物流星辰大海的召唤 菜鸟此次交易的 ...