"Parrot Low Flight 3: Logistics Industry Differentiation - Why Do the Four Major Operators Have Different Fates?"

Online shopping, delivery, and door-to-door delivery have already become part of everyday life for consumers in Taiwan, but the financial performance of logistics companies has not improved accordingly. In 2025, Hsinchu Logistics reported earnings per share (EPS) of 9.69 yuan, while Kerry Great Success maintained profitability; although Feitian Express Black Cat is not a listed company and its financial information is limited, its brand and channel advantages remain; in contrast, Home Delivery Service reported a loss per share of 1.04 yuan, making it the company under the most pressure among its peers. Despite being in the same industry, the fortunes of the four companies are different, reflecting that the profitability logic of the logistics industry in Taiwan is changing. Expanding on the 2025 operating figures of the four companies, Hsinchu Logistics reported revenue of 27.304 billion yuan and EPS of 9.69 yuan, making it the most outstanding in terms of profitability; Kerry Great Success reported revenue of 12.837 billion yuan and EPS of 1.97 yuan, although its profitability has declined compared to previous years, it still maintained profitability; Home Delivery Service reported revenue of 3.809 billion yuan, with a post-tax loss of nearly 100 million yuan, and EPS of -1.04 yuan; Feitian Express Black Cat reported revenue of 14.9 billion yuan and EPS of 7.47 yuan, making it one of the most recognizable brands in the Taiwanese delivery market. The real difference behind these figures is not just about which company is larger in scale, but rather the different positions each company holds in the logistics value chain. In the past, the market often used volume, fleet size, stations, and market share as benchmarks to measure the logistics industry; however, in recent years, with the rapid development of e-commerce, convenience store delivery, self-built logistics, and enterprise supply chain services, simply "delivering more" does not necessarily mean "earning more." Especially with standardized small packages flowing in large quantities to convenience stores, large e-commerce platforms keep stable sources of goods in their own warehouses and fleets, and traditional delivery companies that rely solely on door-to-door delivery are likely to face the pressure of parcel volume being diverted, prices being driven down, and costs not being reduced. In comparison, companies that can tap into enterprise logistics, cold chain, warehousing, large household goods delivery, and supply chain integration have a better chance of widening the profitability gap. The pressure on Home Delivery Service precisely reflects the dilemma of traditional door-to-door delivery. Since door-to-door delivery requires delivering to each household, drivers have to handle issues such as recipients not being at home, re-delivery, returns, remote routes, and customer service; even if the volume of goods decreases, it is difficult to reduce the costs of the fleet, manpower, stations, and transfer centers in tandem. Industry observers note: "When good delivery, large volume, and easy to distribute costs are taken away by store-to-store and large platforms, the cost pressure on Home Delivery Service naturally becomes more apparent." However, Home Delivery Service has not been idle in making adjustments. In 2025, the revenue share of its delivery business dropped to 60.48%, while the logistics business increased to 38.65%, and the company has shifted its focus to low-temperature, home appliances, warehousing, and enterprise logistics. Nevertheless, the core delivery business remains its largest source of revenue, and while the logistics business has grown, its scale is not yet large enough to compensate for the bleeding in the door-to-door delivery sector in the short term. The situation with Black Cat is different. Feitian Express is also centered around delivery, but Black Cat has long been deeply rooted in consumers' minds, especially in low-temperature delivery, festival gift boxes, fresh food, and home delivery scenarios, where its brand recognition is significantly stronger; more importantly, Black Cat is backed by the food, retail, convenience store, and membership scenarios of the Uni-President Group, making it not just a simple delivery company, but also embedded in the Uni-President's consumer lifestyle.

Online shopping, delivery, and door-to-door delivery have already become part of daily life for consumers in Taiwan, but the financial performance of logistics companies has not improved accordingly. In 2025, Hsinchu Logistics reported a per-share profit of 9.69 yuan, Kerry Great Win maintained its profitability, and while Uni-President Speedex Black Cat is not a listed company and its financial information is limited, its brand and channel advantages remain; in contrast, Home Delivery Service reported a per-share loss of 1.04 yuan, making it the most pressured company in the industry. Despite all four companies delivering goods, their fates are different, reflecting that the profitability logic of the logistics industry in Taiwan is changing. When examining the 2025 operating figures of the four companies, Hsinchu Logistics reported revenue of 27.304 billion yuan and an EPS of 9.69 yuan, making it the most profitable company; Kerry Great Win reported revenue of 12.837 billion ...