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Third Quarter Earnings Show Parcel Delivery Price War Rages On

By Isabelle Li and Jia Tianqiong / Nov 21, 2019 03:24 PM / Business & Tech

Photo: VCG

Photo: VCG

It’s all-out war in China’s parcel delivery sector.

Nasdaq-listed ZTO Express became the last top Chinese delivery firm to release third quarter earnings this week, posting growth in both revenue and net profit. It’s not alone — Caixin analysis shows while the fierce competition in the sector is only increasing, some companies are faring better than others.

Shenzhen-listed STO Express and Yunda Holding, which owns Yunda Express, saw net profits drop 63.23% and 32.81% respectively, while New York-listed Best Inc. saw its net losses improve by 86.9% to 6.7 million yuan.

Meanwhile ZTO, Shanghai-listed YTO Express, and Shenzhen-listed SF Holding — which operates No. 1 player SF Express — saw their revenue and net profits grow, with SF’s net profit up 54.01%.

Chinese delivery firms have opted to sacrifice margins per order to grow their business, seeking to wrench market share from competitors in a crowded sector. Analysis from Industrial Securities suggests that income per order dropped almost across the board, and the sector as a whole saw average income per order decline by 2.24% on the previous quarter.

Get all the details in the full story later today on Caixin Global.

Contact reporter Isabelle Li (

Related: ‘Double 11’ Spending Boom Comes at Environmental Cost, Study Warns

An earlier version of this story misstated the change in Best Inc.'s net losses.

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