Lyon published a report on China's express delivery industry, believing that as it enters a mature stage, the industry volume growth is expected to maintain medium to high unit numbers in 2027, and anti-domestic sales will continue to curb aggressive price competition; leading players such as Zhongtong and Yuantong have performed well, and lower-tier operators such as Yunda may face more challenges in regaining market ownership. Since all operators have recorded profits and positive free cash flow, meaningful industry consolidation may not occur in the short term. As China's volume growth slows, overseas expansion is increasingly critical to maintaining growth momentum; Jitu is the only Chinese economical package operator with overseas genes; the international and supply chain business has also become the second growth engine for SF Holdings.

Lyon published a report on China's express delivery industry, believing that as it enters a mature stage, the industry volume growth is expected to maintain medium to high unit numbers in 2027, and anti-domestic sales will continue to curb aggressive price competition; leading players such as Zhongtong and Yuantong have performed well, and lower-tier operators such as Yunda may face more challenges in regaining market ownership. Since all operators have recorded profits and positive free cash flow, meaningful industry consolidation may not occur in the short term. As China's volume growth slows, overseas expansion is increasingly critical to maintaining growth momentum; Jitu is the only Chinese economical package operator with overseas genes; the international and supply chain business has also become the second growth engine for SF Holdings.