Investment Rating - The report maintains an "Outperform" rating for Yunda Holdings [1] Core Views - Yunda Holdings demonstrated excellent cost control, with a significant reduction in core operating costs and expenses, leading to a stable business performance in 2024 [5] - The company reported a total revenue of 48.54 billion yuan in 2024, a year-on-year increase of 7.92%, and a net profit attributable to shareholders of 1.91 billion yuan, up 17.77% [5] - In Q1 2025, Yunda achieved a revenue of 12.19 billion yuan, reflecting a 9.26% year-on-year growth, although net profit decreased by 22.15% to 321 million yuan [5] - The company’s business volume in 2024 reached 23.78 billion parcels, growing 26.14% year-on-year, outperforming the industry average growth rate [5] - The report highlights the confidence of shareholders as the controlling shareholder plans to increase their stake in the company by 100-200 million yuan within six months [5] Financial Data and Profit Forecast - The projected total revenue for Yunda Holdings is expected to reach 53.79 billion yuan in 2025, with a year-on-year growth rate of 10.8% [4] - The net profit forecast for 2025 is 2.01 billion yuan, representing a 4.8% increase compared to 2024 [4] - The report adjusts the profit forecast for 2025-2026, estimating net profits of 2.00 billion yuan and 2.24 billion yuan respectively, with corresponding PE ratios of 10x and 9x [5] - The report anticipates a decline in single parcel revenue due to increased industry competition, adjusting the expected revenue per parcel to 1.94 yuan for 2025 [5]

证券代码：002120 证券简称：韵达股份 韵达控股集团股份有限公司投资者关系活动记录表 编号：2025-002 3、公司于 2025 年 5 月 7 日发布了关于控股股东增持公司股 份计划的公告，请问目前进度如何？ 您好，感谢您的关注！上市公司已于 2025 年 5 月 7 日发布了 相关增持公司股份计划的公告，我们对公司未来的持续稳定发展充 满信心，并坚定认可其价值，上海罗颉思投资管理有限公司计划通 过深圳证券交易所交易系统以集中竞价、大宗交易等方式增持公司 股份，计划增持金额为人民币 10,000-20,000 万元。目前我们正在 积极推进中，上海罗颉思将本着"依法合规"的原则，根据工作计划， 结合市场情况，有序实施增持操作。同时，我们将持续做好相关信 息披露工作。 4、公司会下修可转债的转股价格吗？ 您好！感谢您的提问！关于可转债转股价格，公司将结合快递 行业发展态势及公司价值反映情况，审慎判断、合理判断，具体请 关注公司后续公告。 5、韵达在减少碳排放方面有哪些动作？ 您好，感谢您的提问！公司深入贯彻落实关于绿色环保工作要 求与部署，致力于提升可持续发展能力，切实履行环境保护责任， 积极响应生态文明 ...

证券代码：002120 证券简称：韵达股份 公告编号：2025-027 | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 持股数量 | 持股比 | 累计质押股 | 占其所 | 占公司 | 已质押股 | | | | | 股东名称 | （股） | 例 | 份数（股） | 持股份 | 总股本 | 份限售和 | 占已质 | 未质押股份 | 占未质 | | | | | | 比例 | 比例 | 冻结、标 | 押股份 | 限售和冻结 | 押股份 | | | | | | | | 记数量 | 比例 | 数量(股) | 比例 | | | | | | | | (股) | | | | | 上海罗颉思投 资管理有限公 | 1,510,552,788 | 52.10% | 221,860,000 | 14.69% | 7.65% | 0 | 0.00% | 0 | 0.00% | | 司 | | | | | | | | | | | 聂腾云 | 80,361,697 | 2.77% ...

Investment Rating - The report maintains a positive outlook on the express delivery sector, suggesting that it is currently undervalued and highlighting the growth potential driven by the e-commerce market and new demands in lower-tier markets [61]. Core Insights - The express delivery industry shows strong growth resilience, with a year-on-year increase of 21.6% in business volume for Q1 2025 and a 13.8% increase in total revenue for 2024, reaching 1.4 trillion yuan [1][21]. - Major companies in the sector, including Zhongtong and Shentong, have demonstrated solid revenue growth, with Shentong achieving a remarkable 205% increase in net profit for 2024 [2][34]. - The market share of Zhongtong remains dominant at 19.6% in 2024, leading the sector by a margin of 4.2 percentage points over its closest competitor [2][31]. Summary by Sections Industry Overview - The express delivery business volume in 2024 reached 1.758 billion pieces, a 21.5% increase year-on-year, while Q1 2025 saw 451.4 million pieces, marking a 21.6% increase [11][1]. - The average price per ticket in the express delivery industry faced slight pressure, decreasing by 14.2% in 2024 and 7.7% in Q1 2025 [25][21]. Performance Overview - All major express delivery companies reported steady growth in both business volume and revenue, with Shentong leading in growth rates at 29.8% for 2024 [2][28]. - In terms of revenue, major players like Shunfeng, Shentong, and Yunda achieved revenues of 2.844 billion, 471.7 million, and 485.4 million yuan respectively in 2024, with year-on-year growth rates of 10.1%, 15.3%, and 7.9% [34][36]. Asset Layout - Zhongtong possesses the largest fleet of self-owned vehicles and sorting equipment, with over 10,000 self-owned trucks and 95 sorting centers as of 2024 [3][56]. - Capital expenditures for 2024 show an increase for Shentong and Yunda, while Zhongtong, Yunda, and Shunfeng have slowed their capital spending [3][58]. Investment Recommendations - The report recommends focusing on leading e-commerce express delivery companies such as Zhongtong, Yunda, Shentong, and Jitu Express, as well as logistics leader Shunfeng, due to the expected recovery in demand in the mid-to-high-end express market [61][62].

证券代码：002120 证券简称：韵达股份 公告编号：2025-026 韵达控股集团股份有限公司 关于举办2024年度网上业绩说明会的公告 欢迎广大投资者积极参与。 特此公告。 韵达控股集团股份有限公司董事会 2025年5月9日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 韵达控股集团股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日披露 了《2024 年年度报告》，为了让广大投资者能够进一步了解公司 2024 年年度报 告及经营情况，公司定于 2025 年 5 月 13 日（星期二）下午 15:00-16:30 在全景 网举办 2024 年度网上业绩说明会，本次业绩说明会将采用网络远程的方式举行， 投资者可登陆全景网"投资者关系互动平台"（https://ir.p5w.net）参与本次业绩 说明会或者直接进入公司路演厅（https://ir.p5w.net/c/002120.shtml）参与本次业绩 说明会。 出席本次年度网上业绩说明会的人员有：董事长兼总裁聂腾云先生、独立董 事胡铭心先生、副总裁兼财务总监谢万涛先生、董事会秘书杨红波先生 ...

韵达股份（002120.SZ）事件点评 控股股东增持彰显长期发展信心，25Q1 业务量稳步增长 2025 年 05 月 08 日 ➢ 事件概述：2025 年 5 月 7 日，基于对未来持续稳定发展的信心和对公司价 值的坚定认可，公司控股股东计划增持公司股份。公司控股股东上海罗颉思计划 以集中竞价、大宗交易等方式增持公司股份，计划增持金额为人民币 1-2 亿元。 截至公告披露日，上海罗颉思及其一致行动人合计持有公司股票 16.59 亿股，占 公司总股本的 57.22%。此次增持彰显控股股东对公司长期发展的信心，进一步 巩固公司股权结构。 ➢ 24 年及 25Q1 经营状况：24 年及 25Q1 公司件量稳步增长。 2024 年全年，1）收入端：24 年公司实现营收 485.4 亿元，同比+7.9%，实现 销售毛利 46.1 亿元，同比+7.2%；毛利率 9.5%。2）利润端：2024 年公司实现 归母净利润 19.1 亿元，同比+17.8%；归母净利率 3.9%；扣非后归母净利润 16.4 亿元，同比+18.3%，扣非归母净利率 3.4%。3）业务量：2024 年全年，公司完 成业务量 237.8 亿件，同比增 ...

韵达股份（002120.SZ）事件点评 控股股东增持彰显长期发展信心，25Q1 业务量稳步增长 2025 年 05 月 08 日 ➢ 事件概述：2025 年 5 月 7 日，基于对未来持续稳定发展的信心和对公司价 值的坚定认可，公司控股股东计划增持公司股份。公司控股股东上海罗颉思计划 以集中竞价、大宗交易等方式增持公司股份，计划增持金额为人民币 1-2 亿元。 截至公告披露日，上海罗颉思及其一致行动人合计持有公司股票 16.59 亿股，占 公司总股本的 57.22%。此次增持彰显控股股东对公司长期发展的信心，进一步 巩固公司股权结构。 ➢ 24 年及 25Q1 经营状况：24 年及 25Q1 公司件量稳步增长。 2024 年全年，1）收入端：24 年公司实现营收 485.4 亿元，同比+7.9%，实现 销售毛利 46.1 亿元，同比+7.2%；毛利率 9.5%。2）利润端：2024 年公司实现 归母净利润 19.1 亿元，同比+17.8%；归母净利率 3.9%；扣非后归母净利润 16.4 亿元，同比+18.3%，扣非归母净利率 3.4%。3）业务量：2024 年全年，公司完 成业务量 237.8 亿件，同比增 ...

Core Insights - Yunda Holdings (韵达股份) announced plans for its controlling shareholder, Shanghai Luojiesi, to increase its stake in the company by investing between 100 million to 200 million yuan within six months, reflecting confidence in the company's future growth and value [1] - The company has a strategic focus on leading quality and efficiency, digital intelligence, and innovation, while continuing to deepen its presence in the e-commerce express delivery market [1][2] Group 1: Shareholder Actions - Shanghai Luojiesi currently holds 1,510,552,788 shares, representing 52.10% of the total share capital, while combined with its concerted parties, it holds 1,658,825,073 shares, or 57.22% of the total [1] Group 2: Technological Advancements - The company is implementing a "1+N+AI" multi-layered technology strategy, focusing on strong digital capabilities and full-chain business scenarios, integrating AI to enhance operations and network services [2] - Digital management tools have been developed to meet diverse service needs across various stakeholders, including merchants, customers, and consumers [2] Group 3: Operational Expansion - Yunda has optimized the establishment of 73 transit centers and has 4,775 first-level franchisees, achieving a 100% franchise ratio [2] - The service network covers over 31 provinces, autonomous regions, and municipalities, with more than 95,000 end-store facilities and coverage of 2,843 county-level units [2] Group 4: Financial Performance - In Q1 2025, the company completed approximately 6.076 billion express deliveries, a year-on-year increase of 22.9%, with revenue reaching 12.189 billion yuan, up 9.3% [3] - The net profit attributable to shareholders was 321 million yuan, with a non-recurring net profit of 308 million yuan [3] Group 5: Future Outlook - The company is optimistic about its growth in 2025, aiming to diversify its service offerings in line with major e-commerce platforms and enhance revenue generation capabilities [3] - Yunda plans to maintain a long-term strategy focused on digitalization and AI to optimize network structure while collaborating with franchisees for efficient service delivery [3]

Core Viewpoint - Yunda Holdings (韵达股份) is sending positive signals to the market by announcing a share buyback plan, which aims to enhance investor confidence and reflects the company's strong business performance and growth prospects [1] Group 1: Financial Performance - In 2024, Yunda achieved a total business volume of 23.783 billion pieces, representing a year-on-year growth of 26.14% [1] - The company reported an operating revenue of 48.543 billion yuan, an increase of 7.92% year-on-year, and a net profit attributable to shareholders of 1.914 billion yuan, up 17.77% year-on-year [1] - For Q1 2025, Yunda's operating revenue was 12.189 billion yuan, showing a year-on-year growth of 9.26%, while the net profit attributable to shareholders was 321 million yuan, a decline of 22.15% year-on-year [1] Group 2: Market Position and Growth Strategy - Yunda's business growth rate in 2024 exceeded the industry average by 4.64 percentage points, maintaining a top-three market share position [1] - The company is actively expanding its network coverage, achieving 99.6% coverage in county-level areas and 99.8% in town-level service networks, with the addition of 1,084 new town outlets [2] - Yunda is enhancing its end-service facilities, constructing 95,000 various types of stores and stations, and building 939 grid warehouses and 322 collection warehouses [2] Group 3: Cost Management and Efficiency - Yunda has developed various digital management tools to enhance cost control and operational efficiency, resulting in a 21.91% year-on-year decrease in core operating costs per package in 2024 [2] - The company operates over 6,800 self-owned vehicles and collaborates with more than 50 national air freight agents to optimize transportation management [2] Group 4: Technological and Environmental Initiatives - Yunda is implementing a "1+N+AI" multi-layered technology strategy, focusing on comprehensive and mobile digitalization to improve operational efficiency and network services [3] - The company is making strides in green logistics by promoting electronic waybills, building eco-friendly logistics parks, and utilizing new energy vehicles to reduce carbon emissions [3] - Yunda plans to continue its digital transformation and the application of intelligent equipment to enhance logistics efficiency in 2025 [3]

Group 1: Company Performance - Wens Foodstuff's April chicken sales revenue was 2.543 billion yuan, a year-on-year decrease of 5.01% [1] - Wens Foodstuff sold 10.381 million chickens in April, a year-on-year increase of 10.87% [1] - Wens Foodstuff's average chicken selling price was 11.24 yuan/kg, a year-on-year decrease of 14.91% [1] - Zhongtong Bus's April vehicle sales volume was 1,046 units, a year-on-year decrease of 4.04% [1][2] - Kemin Food's April pig sales revenue reached 70.9048 million yuan, a year-on-year increase of 16.04% [3] - Muyuan Foods sold 6.573 million pigs in April, a year-on-year increase of 51.80% [5] - Muyuan Foods' pig sales revenue was 12.595 billion yuan in April, a year-on-year increase of 53.42% [5] - Xiamen Airport's April passenger throughput was 2.3881 million, a year-on-year increase of 7.73% [24] - Daqin Railway's April cargo transport volume was 30.62 million tons, a year-on-year increase of 0.99% [26] - Shaanxi Coal's April coal production was 14.24 million tons, a year-on-year decrease of 1.78% [28] Group 2: Industry Overview - Wens Foodstuff operates in the agriculture, forestry, animal husbandry, and fishery industry, specifically in pig farming [1] - Zhongtong Bus operates in the automotive industry, focusing on commercial vehicles [2] - Kemin Food operates in the food and beverage industry, specifically in food processing [3] - Muyuan Foods is also in the agriculture, forestry, animal husbandry, and fishery industry, focusing on pig farming [5] - Xiamen Airport is part of the transportation industry, specifically in airport operations [24] - Daqin Railway operates in the coal industry, focusing on coal mining and transportation [26] - Shaanxi Coal is also in the coal industry, focusing on coal mining and related services [28]