2025-07-24 05:04Key Takeaways from the Conference Call Industry Overview - The report focuses on the China Express industry, specifically analyzing the performance of major express delivery companies in the Asia Pacific region for June 2025 [1] Core Insights - Volume Growth: - SF Express led the market with a 32% YoY volume growth, followed by YTO at 19% YoY. - Both STO and Yunda experienced lower growth rates at 11% and 7% YoY, respectively, resulting in a loss of market share of 0.5ppt and 1.0ppt [2] - Revenue Performance: - SF Express achieved a 14% YoY revenue growth, outperforming YTO and STO, which recorded 11% and 10% YoY growth, respectively. - Yunda's revenue growth slowed significantly to 3% YoY, down from 9% YoY for the industry, marking a decline from 7% YoY in May [3] - Average Selling Price (ASP): - SF's ASP decreased by 13% YoY, while YTO, Yunda, and STO saw decreases of 7%, 4%, and 1%, respectively. - On a month-over-month basis, SF and STO's ASPs improved by 4% and 2%, while YTO and Yunda's ASPs fell to new lows in 2025 [4] Financial Metrics - June 2025 Financials: - SF Express: Revenue of Rmb 19,962 million, YoY growth of 14.2%, volume of 1,460 million, YoY growth of 31.8%, ASP of Rmb 13.67 [5] - Yunda: Revenue of Rmb 4,149 million, YoY growth of 2.8%, volume of 2,173 million, YoY growth of 7.4%, ASP of Rmb 1.91 [5] - STO: Revenue of Rmb 4,341 million, YoY growth of 10.1%, volume of 2,184 million, YoY growth of 11.1%, ASP of Rmb 1.99 [5] - YTO: Revenue of Rmb 5,527 million, YoY growth of 11.4%, volume of 2,627 million, YoY growth of 19.3%, ASP of Rmb 2.10 [5] Market Share Dynamics - SF Express's market share increased by 1.1ppt to 8.7%, while Yunda's market share decreased by 1.0ppt to 12.9%. - STO's market share remained stable at 12.9%, and YTO's increased by 0.5ppt to 15.6% [5] Strategic Insights - SF Express's strong performance is attributed to robust intra-city delivery demand and the implementation of the "Activating Operations" strategy. - The company achieved 10% YoY revenue growth in 1H25, aligning with its guidance [12] Additional Observations - The report indicates that ZTO and YTO gained a total of 0.7ppt in market share in 2Q25, compared to a 0.4ppt drop in 1Q25, suggesting a trend of accelerated segment consolidation [12] Conclusion - The express delivery industry in China is experiencing significant shifts, with SF Express maintaining a strong lead in both volume and revenue growth, while Yunda faces challenges in sustaining its market position. The overall market dynamics indicate a consolidation trend among the major players, which could present both opportunities and risks for investors in the sector.