Cathay Pacific Haitong released a research report saying that in September 2025, the number of express delivery companies nationwide was 16.88 billion units, +12.7% year-on-year; in January-September 2025, the volume was 145.08 billion units, +17.2% year-on-year. In terms of unit prices, in September 2025, the express delivery industry revenue was +7.2% year over year, and single ticket revenue was -4.9%; in January-September, the express delivery industry revenue was +8.9% year over year, and single ticket revenue was -7.1% year over year. The decline in single ticket revenue in the express delivery industry narrowed month-on-month in September, reflecting the easing of price competition under the industry's “anti-domestic roll” guidance. “Anti-internal circulation” will effectively ease competitive pressure on the industry. It is expected that e-commerce express profits will begin to recover in the second half of the year. Future profit flexibility will depend on the continuation of price increases. It is recommended to focus on the strength of the Post Administration's supervision.

Cathay Pacific Haitong released a research report saying that in September 2025, the number of express delivery companies nationwide was 16.88 billion units, +12.7% year-on-year; in January-September 2025, the volume was 145.08 billion units, +17.2% year-on-year. In terms of unit prices, in September 2025, the express delivery industry revenue was +7.2% year over year, and single ticket revenue was -4.9%; in January-September, the express delivery industry revenue was +8.9% year over year, and single ticket revenue was -7.1% year over year. The decline in single ticket revenue in the express delivery industry narrowed month-on-month in September, reflecting the easing of price competition under the industry's “anti-domestic roll” guidance. “Anti-internal circulation” will effectively ease competitive pressure on the industry. It is expected that e-commerce express profits will begin to recover in the second half of the year. Future profit flexibility will depend on the continuation of price increases. It is recommended to focus on the strength of the Post Administration's supervision.