By August 29, the 2026 interim reports for all seven major private courier and logistics companies in China — S.F. Holding Co., Ltd. (002352), JD Logistics (02618), ZTO Express, YTO Express, Yunda Holding, STO Express, and J&T Express — were fully released.

The headline numbers are striking: net profits attributable to shareholders hit 49.7 billion yuan for S.F. Holding Co., Ltd., 51.69 billion yuan for ZTO, 35.9 billion yuan for JD Logistics, 31.8 billion yuan for YTO, 25.2 billion yuan for J&T, 10.4 billion yuan for STO, and 10 billion yuan for Yunda — a combined total exceeding 215 billion yuan.

A clear signal emerges from these figures: profit growth rates across all seven companies generally outpaced revenue growth, which in turn outpaced parcel volume growth. This marks a fundamental shift in the courier industry's competitive logic — from scale-driven competition based on price to quality-driven value competition.

Profit Growth Outpacing Scale Signals Industry-Wide Recovery

Looking at net profits, S.F. Holding Co., Ltd. reported 49.7 billion yuan, while ZTO secured 51.69 billion yuan, placing both firmly in the top tier. Since JD Logistics primarily operates an integrated supply chain model without disclosing parcel volumes, direct comparisons focus on the other six players.

The two frontrunners — one using an asset-heavy direct operation model, the other a franchise model — achieved remarkably similar profits of around 50 billion yuan, though through vastly different approaches. S.F. Holding Co., Ltd. handled over 7.8 billion parcels at an average ticket price of 14.4 yuan, pursuing a high-premium strategy. ZTO processed over 20.15 billion parcels at just 1.36 yuan per ticket (excluding delivery fees), embracing a thin-margin, high-volume model.

YTO secured the second tier with over 3.175 billion yuan in net profit, while J&T followed closely at over 2.52 billion yuan. STO and Yunda rounded out the pack with net profits around 1 billion yuan each.

Growth rates tell an even more compelling story. STO led with growth exceeding 128%, followed by J&T at over 124%, Yunda at over 88%, and YTO at over 73%. This reflects the full release of profit elasticity among franchise-based operators benefiting most from price repair dynamics.

In parcel volume, ZTO maintained its top position with over 20.1 billion parcels. J&T followed with 17.5 billion, YTO with over 16.2 billion, STO with 14.3 billion, Yunda with over 12.2 billion, and S.F. Holding Co., Ltd. with 7.86 billion. J&T posted the fastest growth at 25.1%, driven by dual domestic and international expansion. STO grew 15.8%. While Yunda and S.F. Holding Co., Ltd. experienced slight volume declines, their situations differ fundamentally — Yunda traded volume for price with narrowing quarterly declines, while S.F. Holding Co., Ltd. deliberately abandoned low-margin e-commerce parcels to focus on mid-to-high-end markets.

Averaged ticket price trends — the key metric for assessing anti-involution effectiveness — showed broad improvement. S.F. Holding Co., Ltd. maintained industry leadership at 14.4 yuan per parcel, up 3.3% year-on-year. ZTO, STO, J&T, and Yunda all achieved over 10% growth. YTO was the only exception with a marginal 1.04% decline, explicitly attributed to proactive adjustments in delivery fee policies rather than a return to price warfare.

Riding the Anti-Involution Dividend Wave

Beyond price repair, extreme cost reduction and operational efficiency gains have become core profit drivers. YTO's unit cost per parcel dropped 5.99%, with AI-enabled solutions playing a pivotal role. One intelligent routing agent alone saves over 150 million yuan annually in operating costs.

Three notable patterns emerge from these interim reports. First, direct-operation and franchise models show divergent revenues yet convergent profits. S.F. Holding Co., Ltd. posted industry-leading revenue exceeding 155.5 billion yuan — nearly six times ZTO's over 27.8 billion yuan — yet both achieved around 50 billion yuan in net profit. Franchise operators leverage asset-light models and scale effects for exceptional profit conversion at under 2 yuan per parcel, while S.F. Holding Co., Ltd. capitalizes on heavy-asset investments to command premium pricing.

Second, the top tier remains entrenched while the middle tier reshuffles. ZTO and S.F. Holding Co., Ltd. hold unassailable positions with no near-term disruptors visible. The real competition plays out among YTO, J&T, STO, and Yunda, with revenue rankings currently placing J&T third, YTO fourth, STO fifth, and Yunda sixth.

Third, no player is competing on low prices anymore. With the sole exception of YTO's modest decline from deliberate policy adjustments, all major operators achieved double-digit year-on-year increases in average ticket prices. Regulatory guidance against involution has translated into tangible pricing discipline at the grassroots level, with the industry's price structure now in a repair and recovery phase.

Companies are no longer competing over "who can charge less" but rather "who can better defend price floors."

The 2026 interim reports collectively demonstrate that price wars are becoming history. The industry is entering a golden profit-recovery period characterized by slowing volume growth yet robust profit expansion — a transition from quantitative growth to qualitative transformation.