[Key Highlights](index=1&type=section&id=Key%20Highlights) The company announced a pre-reduction in performance, expecting a significant year-on-year decrease of 84.26% to 87.86% in net profit attributable to shareholders for H1 2025, with non-recurring net profit turning from profit to loss, decreasing by 119.77% to 125.84% year-on-year Key Financial Indicators (H1 2025 Forecast) | Indicator | H1 2025 Forecast | Year-on-Year Change | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | RMB 40.40 million - RMB 52.40 million | ↓ 84.26% - 87.86% | | Non-recurring Net Profit Attributable to Shareholders | -RMB 51.07 million - -RMB 39.07 million | ↓ 119.77% - 125.84% | [Details of Current Period Performance Forecast](index=1&type=section&id=Details%20of%20Current%20Period%20Performance%20Forecast) The company's finance department preliminarily estimates H1 2025 net profit attributable to shareholders to be between RMB 40.40 million and RMB 52.40 million, with non-recurring net profit expected to be a loss of -RMB 51.07 million to -RMB 39.07 million; this is a preliminary, unaudited estimate H1 2025 Performance Forecast | Project | H1 2025 Estimated Amount (million yuan) | Decrease from Prior Year (million yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 40.40 to 52.40 | 280.51 to 292.51 | -84.26% to -87.86% | | Non-recurring Net Profit Attributable to Shareholders | -51.07 to -39.07 | 236.67 to 248.67 | -119.77% to -125.84% | - This performance forecast is a preliminary estimate by the company's finance department and has not been audited by a certified public accountant[5](index=5&type=chunk) [Prior Period Performance Review](index=2&type=section&id=Prior%20Period%20Performance%20Review) In H1 2024, the company achieved net profit attributable to shareholders of RMB 332.91 million, non-recurring net profit of RMB 197.61 million, and earnings per share of RMB 0.33, providing a high base for the significant decline in the current period's performance H1 2024 Financial Performance | Indicator (H1 2024) | Amount | | :--- | :--- | | Net Profit Attributable to Shareholders | RMB 332.91 million | | Non-recurring Net Profit Attributable to Shareholders | RMB 197.61 million | | Earnings Per Share | RMB 0.33 | [Analysis of Performance Pre-reduction Reasons](index=2&type=section&id=Analysis%20of%20Performance%20Pre-reduction%20Reasons) Despite an expected revenue growth of over 10% year-on-year, the performance decline is primarily due to external macroeconomic pressures leading to price reductions and the company's increased strategic investments in human resources, operations, and technology to enhance customer experience, resulting in a greater decrease in unit price than in unit cost, creating short-term profitability pressure - During the reporting period, the company expects to achieve operating revenue of approximately **RMB 20.6 billion**, representing a year-on-year growth of over **10%**, indicating continued business expansion[8](index=8&type=chunk) [External Environmental Impact](index=2&type=section&id=External%20Environmental%20Impact) Influenced by the macroeconomic environment, logistics demand from upstream manufacturing and trade enterprise clients has decreased, while their cost control requirements have intensified, leading to downward price pressure across the logistics industry - External negative factors include: - Reduced logistics demand from upstream manufacturing and trade enterprise clients - Increased client demand for logistics cost control - Downward price pressure across the entire logistics industry[9](index=9&type=chunk) [Internal Strategy Adjustments and Investments](index=2&type=section&id=Internal%20Strategy%20Adjustments%20and%20Investments) To enhance customer experience, the company increased resource allocation for Spring Festival operations, last-mile delivery, transit processes, and sales services, including adding frontline staff, upgrading delivery tools (four-wheel vehicles, tail-lift trucks), introducing advanced technologies like smart heavy trucks and unmanned forklifts, and strengthening key account service teams - The company, guided by a "customer-centric" philosophy, increased resource investment across multiple segments to strengthen its operational foundation: - **Spring Festival operations**: Increased frontline personnel retention and resource allocation to ensure service stability - **Last-mile delivery**: Increased the number of four-wheel vehicles and tail-lift trucks, empowering partners to enhance coverage in remote areas - **Transit processes**: Introduced technologies and equipment such as smart heavy trucks, unmanned forklifts, and cage vehicles to improve timeliness and quality - **Sales services**: Increased dedicated sales personnel and strengthened integrated service capabilities for key accounts[9](index=9&type=chunk)[10](index=10&type=chunk) [Comprehensive Impact](index=3&type=section&id=Comprehensive%20Impact) Although strategic investments led to positive effects such as double-digit revenue growth for two consecutive quarters, increased market share, and reduced unit costs, the industry's downward pricing trend resulted in unit price decreases exceeding unit cost reductions, combined with resource investments, creating temporary pressure on the company's operating performance - The company faces a short-term dilemma of "revenue growth without profit growth": despite revenue growth, increased market share, and reduced unit costs, industry price competition led to unit price decreases exceeding unit cost reductions, eroding profit margins[10](index=10&type=chunk) [Risk Warning and Other Disclosures](index=3&type=section&id=Risk%20Warning%20and%20Other%20Disclosures) The company confirms no material uncertainties affecting the accuracy of this performance forecast and reminds investors that the final accurate financial data will be based on the company's officially disclosed 2025 semi-annual report - The company states there are no material uncertainties affecting the accuracy of this performance forecast[11](index=11&type=chunk) - The company reminds investors that the current forecast data is preliminary, and the specific accurate data will be based on the officially disclosed semi-annual report, advising caution regarding investment risks[12](index=12&type=chunk)

德邦股份（603056）公告，预计2025年半年度实现归属于母公司所有者的净利润为4040.09万元到 5240.09万元，同比减少2.81亿元到2.93亿元，减少幅度为84.26%到87.86%。预计2025年半年度实现归属 于母公司所有者的扣除非经常性损益的净利润为-5106.5万元到-3906.5万元，同比减少2.37亿元到2.49亿 元，减少幅度为119.77%到125.84%。 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The report highlights the need for the express delivery industry to shift towards high-quality development, as the State Post Bureau opposes "involution" competition and aims to improve service quality [4] - The express delivery sector is currently experiencing a decline in per-package revenue, with major companies like Zhongtong, Yuantong, Yunda, and Shentong showing year-on-year decreases in revenue per package [4] - Jitu's Southeast Asian market has seen significant growth, with a total package volume of 7.392 billion pieces in Q2 2025, a year-on-year increase of 23.5% [5] - The airline industry is expected to benefit from macroeconomic recovery, with long-term supply-demand trends indicating potential for growth [12] - The shipping sector is anticipated to improve due to OPEC+ production increases and the Federal Reserve's interest rate cuts, with specific recommendations for companies like China Merchants Energy and COSCO Shipping [12] Summary by Sections Express Delivery - The express delivery market is facing intense competition, with major players experiencing a decline in revenue per package [4] - The report suggests that regulatory changes could help improve the situation by reducing low-cost competition and enhancing the performance of leading companies [4][12] Airline Industry - The airline sector is characterized by long-term low supply growth, but demand is expected to benefit from macroeconomic recovery [12] - Key companies to watch include China National Aviation Holding, Southern Airlines, and HNA Group [12] Shipping and Ports - The report indicates a positive outlook for oil transportation due to OPEC+ production increases and potential interest rate cuts [12] - Recommendations include focusing on companies like China Merchants Energy and COSCO Shipping for their growth potential in the shipping market [12] Road and Rail - The report notes that the Daqin Railway experienced a year-on-year decrease in freight volume in June 2025, while overall logistics operations remain stable [11][12] - Companies like Zhongyuan Expressway and Sichuan Chengyu are highlighted for their growth potential due to infrastructure developments [12]

Group 1 - The core index of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index reported at 5488.14 points, showing a decline of 1.54% over the past month, an increase of 2.05% over the past three months, and a year-to-date increase of 3.77% [1] - The CSI Hong Kong-Shanghai-Shenzhen industry index series categorizes the CSI 500, CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Composite, and CSI Hong Kong-Shanghai-Shenzhen Connect Composite Index into 11 industries to reflect the overall performance of different industry companies [1] - The top ten holdings of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index include Meihua Biological (2.53%), Zhengbang Technology (2.43%), Yanjing Beer (2.2%), Anjii Food (1.83%), Maogeping (1.79%), Hengan International (1.76%), Dabeinong (1.66%), Dekang Animal Husbandry (1.64%), First Pacific (1.57%), and Bairun Co. (1.55%) [1] Group 2 - The market share of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index holdings is 41.28% from Shanghai Stock Exchange, 41.17% from Shenzhen Stock Exchange, and 17.55% from Hong Kong Stock Exchange [2] - The industry composition of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index holdings shows that food accounts for 32.70%, breeding for 20.94%, liquor for 17.06%, planting for 8.99%, beauty care for 6.79%, soft drinks for 6.78%, and household goods for 6.75% [2] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2]

Core Viewpoint - The A-share logistics industry is experiencing a significant upward trend, with major companies like Shentong Express hitting the daily limit, and YTO Express rising over 9% [1] Industry Summary - As of July 9, the express delivery business volume in China has surpassed 1 trillion pieces this year [1]

Core Viewpoint - 德邦股份 reported a decline in net profit for Q1 2025, transitioning from profit to loss, despite a revenue increase, indicating challenges in profitability and operational efficiency [1][3]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 10.407 billion yuan, a year-on-year increase of 11.96%, significantly lower than the previous year's growth of 25.31% [3]. - The net profit attributable to shareholders was -683.76 million yuan, marking a shift from profit to loss compared to the previous year [3]. - The gross margin for Q1 2025 was 3.99%, down 2.43 percentage points from 6.42% in Q1 2024, reaching the lowest level since the company went public [6][7]. Group 2: Business Segments - The express delivery business generated revenue of 483 million yuan in Q1 2025, a year-on-year decline of 11%, continuing its downward trend [4]. - The fast freight business reported revenue of 9.453 billion yuan, growing by 12.9%, but this was a significant slowdown from the previous year's growth of 29.64% [4]. Group 3: Cost Structure - Transportation costs rose to 5.128 billion yuan in Q1 2025, an increase of 34.13% year-on-year, primarily due to the expansion of high-cost business segments [6]. - The total operating costs for the company were 9.991 billion yuan, up 14.86% from 8.698 billion yuan in Q1 2024, outpacing revenue growth [7]. Group 4: Government Subsidies and Non-Recurring Income - Government subsidies and non-recurring asset disposal gains contributed 0.62 billion yuan in Q1 2025, a 31% decline from the previous year, further pressuring net profit [7][8]. - In Q1 2024, these non-recurring items accounted for 97% of the net profit, indicating a lack of sustainable profit sources [7]. Group 5: Market Reaction and Stock Performance - Following a surge in stock price due to the "unmanned logistics vehicle" concept, the stock peaked at 23.1 yuan per share on June 4, 2025, before experiencing a significant decline of over 30% by July 8, 2025 [1][9]. - The stock's rise was fueled by a government initiative aimed at reducing logistics costs and promoting automated delivery solutions [8][9].

Core Viewpoint - Several courier companies allow recipients to set delivery points to fire hydrants, which violates the Fire Protection Law and poses public safety risks [1][6][8] Group 1: Courier Company Practices - Multiple courier companies, including Shentong and Yunda, have options in their WeChat mini-programs that allow users to select fire hydrants as delivery points [4][6] - The practice of placing packages in fire hydrant boxes has been reported, raising concerns about the accessibility of firefighting equipment during emergencies [3][7] - Some companies have also allowed recipients to choose other potentially hazardous locations, such as electrical meter boxes and distribution rooms, increasing fire safety risks [6] Group 2: Legal and Safety Implications - According to the Fire Protection Law, any individual or organization must maintain fire safety and protect firefighting facilities, making the courier companies' actions illegal [5][8] - Legal experts emphasize that courier companies must amend their mini-program settings to comply with the law, or they may face penalties from relevant authorities [8] - The actions of courier companies not only compromise public safety but also hinder firefighting efforts, which could have severe consequences in emergencies [7][8]

Group 1 - The company announced a share repurchase plan with a total expected amount between 75 million and 150 million RMB [1][2] - The repurchase period is set from May 16, 2025, to May 15, 2026 [1] - The repurchased shares will be fully canceled, leading to a reduction in registered capital [1] Group 2 - As of June 30, 2025, the company has not yet initiated the share repurchase [2] - The company will adhere to relevant regulations and disclose progress on the repurchase in a timely manner [2]

Core Viewpoint - Significant shareholding increases by major shareholders in listed companies reflect confidence in the market, with June 2025 seeing a record high in total share buybacks in the A-share market [1][2]. Group 1: Shareholder Buybacks - In June 2025, the total value of shares bought back by major shareholders in A-shares reached 104.83 billion yuan, the highest in nearly three years, significantly surpassing the 33.77 billion yuan in May and 69.85 billion yuan in the same month last year [2][4]. - The net buyback value in June was 49.72 billion yuan, marking the highest net buyback in nearly a year and nearly five times the second-highest month in the past year [4][5]. - A total of 211 listed companies had ongoing buyback plans, with the mechanical equipment sector leading with 17 companies, followed by public utilities and basic chemicals, each with 16 companies [5][6]. Group 2: Industry Performance - The industries with the most significant shareholder buybacks included mechanical equipment, public utilities, basic chemicals, pharmaceutical biology, and petroleum and petrochemicals [1][5]. - Notable companies with substantial buybacks included Tongfeng Electronics, Dahu Co., and China General Nuclear Power, with estimated buyback ratios leading the market [6][7]. Group 3: Individual Company Highlights - Copper Peak Electronics reported a 16.72% year-on-year increase in revenue for Q1 2025, with a net profit growth of 12.53% [8]. - Zhongman Petroleum saw a 15.51% increase in stock price in June, with its controlling shareholder planning to buy back shares worth 180 million to 360 million yuan [8]. - Debon Holdings experienced a significant drop of 22.08% in stock price despite a previous surge, indicating volatility in response to shareholder actions [9]. Group 4: New Buyback Plans - In June, 16 companies announced new buyback plans, with Huate Dain leading with a 3.70% buyback ratio, which was also the highest stock price increase among these companies at 17.47% [11][12]. - Qianhong Pharmaceutical's controlling shareholder completed a buyback of 1.72% of shares within a week of announcing the plan [12][13].

德邦物流股份有限公司 关于以集中竞价交易方式回购股份的进展公告 证券代码：603056 证券简称：德邦股份 公告编号：2025-035 在实施 2024 年度权益分派后，公司本次回购价格上限调整为不超过人民币 15.85 元/股（含），调整后的回购价格上限自 2025 年 6 月 11 日（权益分派除权 除息日）起生效。具体内容详见公司于 2025 年 6 月 12 日在上交所网站 （www.sse.com.cn）披露的《德邦物流股份有限公司关于实施 2024 年度权益分派 后调整股份回购价格上限的公告》（公告编号：2025-032）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，在回购股份期间，公司应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将回购股份进展情况披露如下： 截至 2025 年 6 月 30 日，公司尚未开始实施回购。 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出 回购决策并予以实施 ...