In-Depth Analysis of the Changing Competitive Landscape Between S.F. Holding and JD Logistics

Based on the collected data and market information, I have prepared an in-depth analysis report on the changing competitive landscape between S.F. Holding and JD Logistics for you.

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China’s express delivery industry has entered the stock competition stage from the high-speed growth period. According to data from the State Post Bureau, the national express delivery business volume reached 199 billion pieces in 2025, a year-on-year increase of 13.7%, and the express delivery business revenue reached RMB 1.5 trillion, a year-on-year increase of 6.5%. The industry’s CR8 (market share of the top 8 enterprises) has reached 87%, with market concentration approaching a high level and the competitive landscape tending to solidify [1][2].

The current express delivery industry presents the following characteristics:

• Slowing growth
  : The business volume growth rate dropped to around 5% in November 2025, a significant decline compared to previous years
• Stabilizing prices
  : Driven by the “anti-involution” policy, the industry collectively raised prices, with the average price per piece decreasing from RMB 8.02 in 2024 to RMB 7.52 in H1 2025, and the decline has narrowed [3]
• Competition transformation
  : Shifting from price wars to competition in service quality, technological innovation, and globalization

China’s express delivery market has formed a clear two-camp structure of integrated and franchised models:

Camp	Representative Enterprises	Characteristics	Target Market
Integrated Model	S.F. Holding, JD Logistics	High service quality, stable timeliness, high cost	Mid-to-high-end market
Franchised Model	ZTO, YTO, STO, Yunda, J&T Express	Low cost, wide coverage, strong flexibility	Mid-to-low-end e-commerce market

Represented by S.F. Holding and JD Logistics, the integrated model adopts a self-built logistics network operation model, which has significant advantages in service quality and timeliness guarantee, but has higher operating costs and mainly serves mid-to-high-end customer groups [4].

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Based on H1 2025 data, both companies have achieved steady growth:

Indicator	S.F. Holding	JD Logistics	Comparative Analysis
Operating Revenue	RMB 146.858 billion	RMB 98.53 billion	S.F. leads by 49%
Net Profit Attributable to Shareholders	RMB 5.738 billion	RMB 2.96 billion	S.F. leads by 94%
Net Profit Margin	3.9%	3.0%	S.F. is 0.9ppts higher
YoY Growth Rate of Operating Revenue	10.04%	14.12%	JD grows faster
YoY Growth Rate of Net Profit	19.29%	15.18%	S.F. grows faster

:

• S.F. Holding maintains a leading position in terms of absolute scale and profitability, with net profit nearly twice that of JD Logistics
• JD Logistics has a faster revenue growth rate (14.12%), showing strong growth momentum in its supply chain business
• S.F. has a higher net profit margin (3.9% vs 3.0%), reflecting the profitability advantage brought by its high-end positioning [5][6]

According to S.F. Holding’s Q3 2025 report data:

• Jan-Sep 2025
  : Achieved operating revenue of RMB 225.261 billion and net profit attributable to shareholders of RMB 8.308 billion
• Q3 2025
  : Operating revenue reached RMB 78.4 billion, a year-on-year increase of 8.2%; net profit attributable to shareholders was RMB 2.57 billion, a month-on-month decrease

S.F.'s time-sensitive express delivery business performed prominently. In Q3 2025, the revenue growth rate of mid-to-high-end time-sensitive business increased month-on-month, and the volume of economic express delivery increased by 30% year-on-year, leading the industry in growth rate [7][8].

:

Business Segment	H1 2024 (RMB 100 million)	H1 2025 (RMB 100 million)	YoY Growth Rate
Time-Sensitive Express	592	632	+6.8%
Economic Express	133	152	+14.4%
Freight Express	176	196	+11.5%
Cold Chain and Pharmaceutical Logistics	51	58	+13.7%
Instant City Delivery	40	55	+37.5%
Supply Chain and International Business	342	342	+9.7%

S.F.'s business structure is developing in a balanced manner, with instant city delivery registering the fastest growth rate (+37.5%), reflecting the booming demand in the instant retail market [9].

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: A comprehensive logistics service provider with “Asia’s unique coverage, global reach”

S.F. Holding has adopted an “external alliance” strategic path to achieve global synergy through capital cooperation:

On January 15, 2026, S.F. Holding and J&T Express reached an HK$8.3 billion strategic cross-holding agreement:

• S.F.'s stake in J&T
  : 10%
• J&T’s stake in S.F.
  : 4.29%
• Cooperation Areas
  : Cross-border logistics + terminal network resource sharing

This is the second major cooperation between the two parties since 2023:

• May 2023: S.F. sold Fengwang Holdings to J&T for RMB 1.183 billion
• Same period: S.F. took a stake in J&T and became its pre-IPO shareholder [10][11]

:

S.F.'s Advantages                          J&T's Advantages
├── Cross-border trunk network              ├── Terminal network in 13 Southeast Asian countries
├── Air transport capacity                  ├── Localized operation experience
├── High-end supply chain capabilities      ├── Cost advantage in e-commerce parcels
└── Ezhou Logistics Hub                     ├── Growth momentum in emerging markets

:

• In the Philippines, Saudi Arabia and other regions, S.F. utilizes J&T’s terminal delivery network when undertaking international supply chain business
• In the domestic market, J&T uses S.F.'s terminal station network for part of its parcel delivery
• The two parties jointly build a cross-border logistics closed-loop of “S.F. first-mile + J&T last-mile” [12]

S.F. continues to increase its investment in the international market:

• 2021
  : Acquired Kerry Logistics for RMB 17.555 billion to expand its Southeast Asian distribution network
• 2024
  : Listed on the Hong Kong Stock Exchange, with approximately 45% of the raised funds used for international logistics capacity building
• 2025
  : Conducted multiple share placements and convertible bond issuances on the Hong Kong Stock Exchange, with international business as the key investment focus
• H1 2025
  : Supply chain and international business achieved operating revenue of RMB 34.23 billion, a year-on-year increase of 9.7%

:

• J&T’s parcel volume in Southeast Asia reached 7.659 billion pieces in 2025, a year-on-year increase of 67.8%
• The gross profit margin in Southeast Asia is 17.8%, much higher than the 4.5% in the domestic market
• It is estimated that the total parcel volume of the Southeast Asian express delivery market will reach 20.72 billion pieces in 2025, with a compound annual growth rate of approximately 15.2% [13]

: An integrated supply chain solution service provider

JD Logistics has adopted an “internal integration” strategic path to build a supply chain ecosystem through privatization and resource integration:

On January 13, 2026, Deppon Logistics announced its plan to voluntarily withdraw its A-share listing application, with JD Logistics promoting its privatization:

• Cash Option Price
  : RMB 19 per share
• Premium Rate
  : 35.33% (compared to the price before suspension)
• Estimated Total Value
  : Approximately RMB 3.797 billion
• Current Shareholding Ratio
  : Approximately 80.01%

:

• March 2022: JD Logistics acquired Deppon Logistics for the first time, spending approximately RMB 8.976 billion and holding approximately 63.97% of the shares
• August 2025: In response to the “horizontal competition” issue raised by Deppon’s management, JD Logistics promised to gradually resolve it
• January 2026: Deppon voluntarily delisted and entered the privatization implementation stage [14][15]

:

• Eliminate the horizontal competition issue between JD Logistics and Deppon
• Achieve in-depth integration of freight express networks
• Coordinate and allocate logistics resources within the JD Logistics system in a unified manner
• Deppon will maintain its independent brand and operations

JD Logistics has also carried out in-depth integration in the local instant delivery field:

• June 2025: JD Group completed the privatization of Dada Group, spending approximately US$520 million
• October 2025: JD Logistics acquired Dajiang and Dasheng under Dada for approximately US$270 million
• After integration, Dada’s instant delivery capabilities have been fully integrated into the JD Logistics system [16]

In March 2025, JD Logistics completed the acquisition of the remaining 36.43% equity of Kuayue Express, achieving full control:

• Kuayue Express focuses on time-limited express delivery services, forming a complement to JD Logistics’ time-sensitive delivery capabilities
• Further strengthen JD Logistics’ capabilities in large parcel delivery and B-end customer services [17]

Dimension	S.F. Holding	JD Logistics
Strategic Path	External Alliance	Internal Integration
Core Advantages	Time-sensitive express + cross-border trunk lines	Integrated supply chain + warehouse distribution
Globalization Approach	Strategic cross-holding with J&T	Relying on Kerry Logistics’ network
Capital Operation	Cross-holding (HK$8.3 billion)	Privatization and delisting (RMB 3.8 billion)
Integration Model	Maintain independence, complementary advantages	Unified resources, eliminate competition
Investment Focus	Ezhou Hub + international network	Deppon freight express + Dada delivery

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According to industry data, the market share changes of major express delivery enterprises are as follows:

Enterprise	2024 Market Share	2025 Market Share	Change (percentage points)
ZTO	22.5%	22.3%	-0.2
YTO	15.8%	16.1%	+0.3
Yunda	14.2%	13.8%	-0.4
STO	11.5%	12.0%	+0.5
J&T Express	10.2%	11.08%	+0.88
S.F.	8.2%	8.17%	-0.03
JD Logistics	6.8%	7.2%	+0.4

:

• J&T Express
  performed most prominently, with its market share rapidly increasing from 0.8% in 2021 to 11.08% in 2025, growing approximately 14 times in five years
• ZTO
  remains the market share leader, but its share is relatively stable
• S.F.'s
  market share remains around 8%, with little change
• JD Logistics
  increased its market share to 7.2% through the integration of Deppon [18][19]

S.F. Holding and JD Logistics form direct competition in the integrated express delivery field, but their positioning differs:

Dimension	S.F. Holding	JD Logistics
Core Product	Time-sensitive express delivery	Integrated supply chain
Customer Group	High-end business + individual users	E-commerce merchants + enterprise customers
Network Model	End-to-end sorting and transshipment	Integrated warehouse and distribution
Competitive Advantage	Air transport capacity + Ezhou Hub	Traffic support from JD Group
Price Positioning	High unit price (RMB 13.47 in November 2025)	Relatively low
Market Share	8.17%	7.2%

S.F. maintains a leading position in the individual parcel and mid-to-high-end business parcel markets, while JD Logistics has advantages in merchant customers and supply chain business relying on the e-commerce traffic of JD Group [20].

The competitive landscape of China’s express delivery industry has evolved through four stages:

┌──────────────────────────────────────────────────────────────────────────┐
│  Stage 1: Scale Expansion Period (2015-2020)                              │
│  • Driven by e-commerce dividends, the industry grew at a high speed       │
│  • Fierce price wars, enterprises exchanged volume for price               │
│  • J&T was founded in Indonesia in 2015 and entered the Chinese market in 2020 │
├──────────────────────────────────────────────────────────────────────────┤
│  Stage 2: Market Share Competition Period (2020-2023)                      │
│  • J&T rose rapidly, with its market share increasing from 0.8% to over 10% │
│  • Price wars continued, and industry profits remained under pressure       │
│  • S.F.'s average price per parcel dropped from RMB 23.3 to around RMB 15   │
├──────────────────────────────────────────────────────────────────────────┤
│  Stage 3: Integration and Optimization Period (2023-2025)                  │
│  • S.F. sold Fengwang to J&T, JD integrated Deppon                          │
│  • The industry's CR8 reached 87%, with market concentration approaching a high level │
│  • "Anti-involution" policy promoted, price wars contained                  │
├──────────────────────────────────────────────────────────────────────────┤
│  Stage 4: Value Competition Period (2026-)                                │
│  • Competition shifts to service quality, technological innovation, and globalization │
│  • Leading enterprises achieve complementary advantages through capital cooperation/integration │
│  • Technologies such as AI and unmanned delivery are accelerating application │
└──────────────────────────────────────────────────────────────────────────┘

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:

• Has the largest air express fleet in China (S.F. Airlines)
• The Ezhou Logistics Hub has been put into operation, building a route network that “covers the whole country and radiates the globe”
• The revenue growth rate of time-sensitive express delivery is higher than the GDP growth rate (6.8% year-on-year in H1 2025)
• Serves over 2.4 million active monthly settlement customers and has over 780 million individual members [21]

:

• Integrated warehouse and distribution model, providing time-sensitive services such as next-day delivery and same-day delivery
• According to statistics from the State Post Bureau, customer satisfaction with its express delivery service has consistently ranked in the industry’s first tier
• Ranks leading in comprehensive express delivery service satisfaction on multiple mainstream e-commerce platforms
• The intelligent warehousing system “Smart Wolf” has entered the stage of large-scale national replication [22]

Both enterprises are increasing their technological investment:

:

• R&D investment continues to increase, with significant investment in digital solutions in H1 2025
• Technologies such as unmanned delivery vehicles and drones are accelerating application in terminal delivery
• The labor efficiency of riders in the instant city delivery business has increased by 38%

:

• Key technologies such as AI and digital twins are applied to the entire supply chain process
• The “Smart Wolf” goods-to-person solution has been implemented in core cities such as Beijing, Guangzhou, and Chengdu
• The intelligent scheduling system has shifted from post-event response to pre-event prediction [23]

Under price competition pressure, cost control has become a key factor:

Indicator	S.F. Holding	JD Logistics	Analysis
Change in Average Price per Parcel	12.6% year-on-year decrease in H1 2025	N/A	Impact of industry price wars
Capital Expenditure	Maintains a downward trend overall	Large investment during the integration period	S.F. enters the harvest period
Gross Profit Margin	Relatively stable	Lower gross profit margin in supply chain business	Differences in business structure

:

• Acquired Kerry Logistics to obtain a Southeast Asian network
• Strengthened terminal delivery capabilities through cooperation with J&T
• Revenue from international express and cross-border e-commerce logistics business increased by 27% year-on-year in Q3 2025
• Over 60% of China’s Top 500 enterprises choose S.F.'s international services

:

• Relies on Kerry Logistics’ global network
• The Hong Kong operation center has been put into operation, with a Shenzhen-Hong Kong integrated service model
• Revenue from cross-border e-commerce logistics to Europe has doubled
• The internationalization strategy focuses on Asia-Pacific and Europe & America [24]

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The State Post Bureau clearly opposes “involution-style” competition, and the industry’s regulatory environment has undergone major changes:

:

• July: The State Post Bureau held a symposium, pointing directly to the industry’s pain points and deep-seated problems
• Second half of the year: Express delivery prices were raised in many regions, with an increase of RMB 0.3-0.5 per collected parcel
• 2026 National Postal Work Conference: Guide enterprises to abandon the “volume-for-price” model

:

• The profits of express delivery enterprises have been restored
• The chaos of price wars has been contained
• Industry competition has shifted to service quality and efficiency [25]

Regulators have raised compliance requirements for enterprises:

• Protection of couriers’ rights and interests (mandatory social security, minimum delivery fee, etc.)
• Terminal service quality control (prohibit delivery without notification)
• Strengthened environmental responsibilities
• Enhanced protection of consumers’ rights and interests

Low-altitude logistics has become a new strategic high ground:

• S.F. started drone R&D in 2012 and obtained the first operation qualification certificate in 2024
• Launched the country’s first “air-ground collaboration” smart logistics operation center in February 2025
• Opened the country’s first regular cross-strait low-altitude drone logistics route in December 2025
• ZTO has over 3,000 unmanned delivery vehicles operating in more than 26 cities [26]

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:

• The industry price system will maintain an upward trend
• Leading enterprises will continue to achieve scale effects through integration
• The synergistic effects between S.F. and J&T, as well as between JD and Deppon, will be gradually released

:

• The industry’s CR8 may further increase to over 90%
• Global competition will become the main battlefield
• Technological innovation drives efficiency improvement

:

• A pattern dominated by 2-3 super logistics groups will form
• Cross-border logistics networks will become core competitiveness
• Intelligentization and unmanned operation will be fully popularized

:

• Release of global synergistic effects with J&T
• Capacity ramp-up and efficiency improvement of the Ezhou Hub
• Steady growth in demand for time-sensitive express delivery
• Increasing demand for supply chain logistics in high-end manufacturing

:

• Pressure of continuous decline in average price per parcel
• Cross-border business is affected by fluctuations in international trade
• Competition from J&T in the domestic market

:

• In-depth integration of Deppon’s freight express network, reducing costs and increasing efficiency
• Integration of Dada’s instant delivery capabilities
• Ecological support from JD Group
• Sustained growth in supply chain business

:

• Integration risks after Deppon’s privatization
• Profit pressure of Dada’s business
• Complete resolution of the horizontal competition issue with Deppon

Trend	Description	Impact
Continuous Anti-Involution	Price wars are contained, and the industry returns to rational competition	Restoration of enterprise profitability
Technology Empowerment