Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 18.823 billion yuan in Q2 2025, a year-on-year increase of 9.84%, with a net profit attributable to shareholders of 0.974 billion yuan, a decrease of 6.76% [7] - The company experienced a significant increase in business volume, with a total of 14.863 billion parcels handled in H1 2025, representing a year-on-year growth of 21.79% [7] - Cost optimization has been substantial, with core costs per parcel decreasing to 0.59 yuan, down 0.07 yuan year-on-year, indicating effective management and investment in technology [7] - The profit forecast has been raised due to expected price increases in the express delivery sector, with net profits projected at 4.255 billion yuan for 2025, 5.069 billion yuan for 2026, and 5.990 billion yuan for 2027, reflecting growth rates of 6.0%, 19.1%, and 18.2% respectively [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 78.009 billion yuan, with a year-on-year growth rate of 13.0% [6] - The company's gross profit margin is projected to be 8.5% for 2025, with a return on equity (ROE) of 12.1% [6] - The earnings per share (EPS) is expected to be 1.24 yuan for 2025, increasing to 1.75 yuan by 2027 [6]

Core Viewpoint - YTO Express reported a revenue of 35.883 billion yuan for the first half of 2025, marking a year-on-year growth of 10.19%, while net profit attributable to shareholders decreased by 7.90% to 1.831 billion yuan [1] Group 1: Company Performance - YTO Express completed a total express delivery volume of 14.863 billion pieces, representing a year-on-year increase of 21.79%, surpassing the industry average growth rate by 2.5 percentage points [1] - The company is focusing on digitalization and intelligent development, expanding its logistics ecosystem, and enhancing international market presence [1] Group 2: Industry Trends - The State Post Bureau held a meeting in late July to address "involution" competition in the express delivery industry, promoting high-quality development and addressing issues like illegal charges in rural areas [2] - As the industry moves towards "anti-involution," express delivery prices are expected to stabilize and recover, potentially improving the profitability of leading express companies [2] Group 3: International Expansion - YTO Express is advancing its international development strategy by leveraging trends in cross-border e-commerce and the Belt and Road Initiative, actively expanding into emerging markets [2] - The company is optimizing its cross-border logistics product matrix and enhancing its global service capabilities through a well-established overseas network and diverse fleet [2]

Core Insights - YTO Express reported a revenue of 35.883 billion yuan for the first half of 2025, representing a year-on-year growth of 10.19% [1] - The net profit attributable to shareholders decreased by 7.9% to 1.831 billion yuan, with basic earnings per share falling by 8% to 0.53 yuan [1] Business Performance - The express delivery volume reached 14.863 billion pieces, showing a year-on-year increase of 21.79% [1] - Express delivery revenue amounted to 33.24 billion yuan, up 13.73% compared to the previous year [1] - The aviation business revenue grew by 15.11% to 890 million yuan, although the gross profit margin declined by 6.13% [1] - Freight forwarding revenue fell over 40% to 1.05 billion yuan [1] Operational Metrics - As of the end of the reporting period, YTO Express had 5,027 franchisees and over 77,000 active terminal stores [1] - The company operates 75 self-owned hub transfer centers nationwide and has a fleet of 13 aircraft [1]

Group 1 - The core viewpoint of the article highlights that YTO Express (600233.SH) has shown significant growth in its express delivery business, with a volume of 14.863 billion parcels completed in the first half of 2025, representing a year-on-year increase of 21.79%, which exceeds the industry average growth rate by 2.5 percentage points [1] - The company achieved an operating revenue of 35.883 billion yuan, reflecting a year-on-year growth of 10.19% [1] - The net profit attributable to shareholders of the parent company was 1.831 billion yuan, a decrease of 7.9% year-on-year, while the express delivery business contributed a net profit of 1.985 billion yuan [1]

时效提升方面，公司持续加强全链路时效管理及业务主体联动管控机制，通过优化加盟商交件时效标 准、强化建包和交件双协同，推广无缝对接，交件及时率持续改善;同时，公司动态调整干线路由、减 少二次中转、推动加盟商离场时间优化、加大智能揽派系统应用等举措，多逐步提升揽收时效。今年上 半年，公司全程时长较去年同期下降8.58%。 圆通速递（600233）8月27日晚披露发布2025年半年报显示，今年1—6月，公司实现营业收入358.83亿 元，同比增长10.19%；归属于母公司股东净利润18.31亿元，其中快递业务贡献归母净利润19.85亿元； 经营性现金流26.34亿元，同比增长13.99%。 上半年，公司快递业务完成量达148.63亿件，同比增长21.79%，超出行业平均增速2.5个百分点。第二 季度公司快递业务完成量80.84亿件，同比增长21.84%；实现营业收入188.23亿元，同比增长9.84%；归 属于母公司股东净利润9.74亿元，其中，快递业务实现归属于母公司股东净利润10.38亿元，单票净利环 比第一季度基本持平。 2025年上半年，圆通速递积极推动全网一体数字化、标准化全面落地见效，深化推行精益中心自 ...

本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 圆通速递股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日发布《2025 年半年度报告》，为便于广大投资者更全面深入地了解公司 2025 年半年度的经营 成果、财务状况等，公司拟于 2025 年 9 月 5 日通过网络互动方式召开业绩说明 会，具体情况如下： 一、说明会类型 证券代码：600233 证券简称：圆通速递 公告编号：临 2025-058 圆通速递股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本次说明会以网络互动形式召开，公司将针对 2025 年半年度的经营成果及 财务指标等情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资 者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 9 月 5 日下午 16:00-17:00 （二）会议召开地点：上证路演中心，网址：https://roadshow.sseinfo.com/ （三）会议召开方式：网络互动 三、参加人员 公司董事局主席喻 ...

关于 2025 年度"提质增效重回报"行动方案的公告 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：600233 证券简称：圆通速递 公告编号：临 2025-057 圆通速递股份有限公司 为积极响应上海证券交易所《关于开展沪市公司"提质增效重回报"专项行 动的倡议》，持续推动公司高质量发展和投资价值提升，维护全体股东利益，增 强投资者获得感，圆通速递股份有限公司（以下简称"公司"）结合自身发展战 略、经营情况及财务状况，制定了《2025 年度"提质增效重回报"行动方案》（以 下简称"本行动方案"），本行动方案已经公司第十一届董事局第十八次会议审议 通过。现将具体内容公告如下： 一、聚焦主营业务，提升经营质效 （一）深耕快递主业，全网一体高质量发展 公司是国内领先的综合性快递物流运营商，以自营的枢纽转运中心和扁平的 终端加盟网络为基础，以快递服务为核心，推进数字化、智能化发展，积极布局 物流生态，深化拓展国际市场，围绕客户需求提供国内、国际快递、仓配一体、 商贸、航空货运及供应链等综合服务。 2025 年，公司将继续 ...

证券代码：600233 证券简称：圆通速递 公告编号：临 2025-056 圆通速递股份有限公司 圆通速递股份有限公司（以下简称"公司"）第十一届董事局第十八次会议 以电子邮件等方式通知了全体董事，并于 2025 年 8 月 27 日以通讯方式召开。应 出席会议的董事 9 名，实际出席会议的董事 9 名，符合《中华人民共和国公司法》 等有关法律法规及《公司章程》的规定。会议由董事局主席喻会蛟先生主持。 会议以记名和书面的表决方式形成如下决议： 一、审议通过《关于 2025 年半年度报告全文及摘要的议案》 具体内容详见上海证券交易所网站（http://www.sse.com.cn/）。 本议案已经董事局审计委员会审议通过。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 二、审议通过《关于制定<2025 年度"提质增效重回报"行动方案>的议案》 具体内容详见上海证券交易所网站（http://www.sse.com.cn/）以及公司同 日披露的《圆通速递股份有限公司关于 2025 年度"提质增效重回报"行动方案 的公告》（公告编号：临 2025-057）。 表决结果：同意 9 票，反对 0 票，弃权 0 票 ...

Financial Performance - The company's operating revenue for the first half of 2025 reached RMB 3,588,325.11 million, representing a 10.19% increase compared to RMB 3,256,452.32 million in the same period last year[26]. - The total profit for the period was RMB 223,121.95 million, a decrease of 11.49% from RMB 252,079.71 million year-on-year[26]. - The net profit attributable to shareholders was RMB 183,063.26 million, down 7.90% from RMB 198,762.74 million in the previous year[26]. - The net cash flow from operating activities increased by 13.99% to RMB 263,424.88 million, compared to RMB 231,095.41 million in the same period last year[26]. - Basic earnings per share decreased by 8.00% to RMB 0.5311 from RMB 0.5773 in the same period last year[27]. - The weighted average return on net assets was 5.62%, down 1.05 percentage points from 6.67% in the previous year[27]. - The company reported non-recurring gains and losses totaling RMB 65,148,496.22, after accounting for tax effects and minority interests[28]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 4,934,220.31 million, reflecting a 2.17% increase from RMB 4,829,406.39 million at the end of the previous year[26]. - The net assets attributable to shareholders increased by 1.90% to RMB 3,227,315.61 million from RMB 3,167,233.80 million at the end of the previous year[26]. - The operating cost was RMB 3,279,676.34 million, reflecting a 12.24% increase year-on-year, primarily due to the growth in express delivery volume[75]. - Total liabilities increased to CNY 16,561.41 million, compared to CNY 16,085.98 million at the end of the previous year[160]. Operational Efficiency - The company operates a comprehensive express logistics service network covering all 31 provinces, autonomous regions, and municipalities in China, with a county-level coverage rate of 99.93%[32]. - The company has a fleet of nearly 8,300 line-haul transport vehicles, including 6,733 owned vehicles and a self-owned airline fleet of 13 aircraft[32]. - The company achieved a 12.81% year-on-year decrease in single ticket transportation costs, which amounted to 0.37 yuan, down 0.06 yuan from the previous year[61]. - The average efficiency of the company's centers improved by over 13% due to enhanced management and technology applications[61]. - The company has implemented real-time monitoring of franchisees' performance, focusing on key metrics such as order resolution rate and timely delivery rates[50]. Market and Industry Trends - In the first half of 2025, the company's express delivery volume reached 14.863 billion pieces, a year-on-year increase of 21.79%, exceeding the industry average growth rate by 2.5 percentage points[54]. - The express delivery industry in China saw a total business volume of 95.64 billion pieces in the first half of 2025, a year-on-year increase of 19.3%, and total revenue of 718.78 billion yuan, up 10.1%[52]. - The company is focusing on expanding its terminal store network to improve last-mile delivery capabilities and enhance customer engagement[43]. Digital Transformation and Innovation - The company is advancing its digital transformation by integrating AI technologies into its operations, enhancing decision-making efficiency and optimizing logistics routes[55]. - The company has developed digital systems to provide delivery path suggestions to couriers, improving delivery efficiency and tracking capabilities[40]. - The company has invested in digital transformation, leading to the development of a comprehensive management system that monitors the entire lifecycle of parcels, improving service quality and operational efficiency[71]. Strategic Initiatives - The company is enhancing its international development strategy, optimizing its cross-border logistics product matrix, and improving its global comprehensive service capabilities[32]. - The company is committed to international expansion, enhancing its cross-border logistics capabilities and integrating domestic and international services[53]. - The company has opened over 150 cargo flight routes, enhancing its international logistics capabilities[67]. Social Responsibility and Community Engagement - The company donated 400,000 yuan to support rural drinking water projects in Chaoyang Cave Village, benefiting 68 households and over 200 villagers[120]. - The company is actively exploring "agriculture + commerce" projects to support the rural revitalization strategy, enhancing the distribution channels for agricultural products[120]. - The "Dream Action" project has helped 20,000 disabled employees and their families achieve employment and entrepreneurship opportunities[121]. Risks and Challenges - The company faces risks from macroeconomic fluctuations, market competition, and changes in customer demand[105]. - Labor costs are rising, leading to a decline in gross margin due to increased wages and benefits, alongside potential fluctuations in fuel prices[109]. - The company faces risks related to service timeliness, especially during peak e-commerce promotional periods, which may affect service quality[109]. Governance and Compliance - The company has maintained a good integrity status during the reporting period, with no significant legal or financial issues reported[127]. - The company is committed to maintaining transparency and compliance with regulatory requirements in its financial disclosures[130]. - The company has not reported any significant losses exceeding 10% of net assets in the consolidated financial statements, indicating sound financial health[153].

圆通速递公告，2025年上半年营业收入358.83亿元，同比增长10.19%。净利润18.31亿元，同比下降 7.90%。 ...