2025-08-25 01:38Key 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].