According to a research report from JPMorgan Chase, China's August express delivery data clearly demonstrates how the country's "anti-involution" movement is reshaping the logistics industry. Regulatory measures and local price increases have led to moderate parcel volume growth and narrowed declines in average selling prices (ASP).

Data shows that the entire express delivery industry's revenue grew 4% year-on-year to RMB 119 billion last year, while average selling prices fell 7% year-on-year, indicating the ongoing challenge of regaining pricing power under competitive pressure. Under "anti-involution" measures, companies such as YTO INTL EXP (06123) and A-share listed STO Express have shown initial effectiveness, with average selling prices trending upward even as market share fluctuations occurred.

Industry consolidation advanced further in August, with STO Express recently acquiring Daniao Logistics, reflecting the industry's strategic shift toward premium express services and the advancement of supply-side reforms. The e-commerce sector maintains resilience, with both online retail sales and physical goods GMV exceeding levels from the first half of 2025.

Meanwhile, industry differentiation is emerging: home appliances and telecommunications equipment have slowed, while food and apparel have resumed growth, indicating that competition in the fast-moving consumer goods sector is gradually moderating. SF HOLDING (06936) continues to stand out with parcel volume growth and market share gains.