Chinese express delivery companies posted mixed 2Q25 results, BofA Securities issued a research report saying. Core profits of Tongda series (the collective name of ZTO EXPRESS-W (02057.HK)  +0.500 (+0.336%)    Short selling $34.48M; Ratio 16.367%   , YTO EXPRESS (600233.SH)  -0.180 (-0.968%)   , YUNDA (002120.SZ)  -0.110 (-1.382%)   and STO (002468.SZ)  +0.100 (+0.574%)   ) declined by an average of 29% due to intense price competition.

JD LOGISTICS (02618.HK)  +0.110 (+0.806%)    Short selling $26.05M; Ratio 12.764%   and SF HOLDING (06936.HK)  -0.440 (-1.143%)    Short selling $23.60M; Ratio 8.981%   reported moderate YoY core profit growth of 3-5%. Highlights include solid parcel volumes in Southeast Asian express businesses (J&T EXPRESS-W (01519.HK)  -0.050 (-0.516%)    Short selling $7.80M; Ratio 3.195%   saw a 66% YoY surge in 2Q25 Southeast Asian parcels volume) and China's on-demand logistics ( SF INTRA-CITY (09699.HK)  +0.280 (+2.028%)    Short selling $81.34K; Ratio 0.148%   recorded a 49% revenue increase in 1H25).

Related NewsJPM's CN Top Picks Favored by 'Anti-involution' Policy (Table)
With the effect of China's anti-involution price hike already in play, the broker believed that the courier industry lacks positive short-term catalysts. BofA Securities believed that SF HOLDING and JD LOGISTICS, which are rated at Buy, offer particularly good entry points as 3Q25 earnings expectations have been reset.

The broker also kept rating at Underperform on STO and YUNDA, and adjusted its target prices and earnings estimates for the stocks covered across the industry. The latest ratings and target prices of the sector are listed in a separate table.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-09-12 16:25.) (A Shares quote is delayed for at least 15 mins.)