中国物流-9 月ASP进一步回升；圆通速递表现优异，顺丰包裹量依然强劲-China Logistics-ASP further Recovered in Sep; YTOSTO Outperformed & SF Parcel Volume Remained Strong

Flash | 19 Oct 2025 17:16:49 ET │ 11 pages See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations In Sep'25, Tongda players' ASP further recovered as reflected in the 3 A- share players' monthly operational data. YTO/STO/YUNDA increased their ASP by Rmb 6/6/10 cents MoM, +1.1/+4.95/+0.5% yoy. YTO and STO outperformed on balance between volume and price, while Yunda continued to underperform with market share loss likely. YTO achieved 14.9% yoy revenue growth, wit ...