Core Viewpoint - The express delivery industry is entering a new phase of anti-involution, with a focus on the performance of Q3 reports and pricing during peak seasons [1] Group 1: Industry Performance - In August, the express delivery business revenue reached 118.96 billion yuan, a year-on-year increase of 4.2%, while the business volume was 16.15 billion pieces, growing by 12.3% year-on-year [2] - The average single ticket revenue for the industry in August was 7.37 yuan per piece, with a month-on-month increase of 0.1% [3] - The growth rate of business volume in August showed a slight decline, with an expected annual growth rate of around 15% [3] Group 2: Company-Specific Insights - YTO Express completed a business volume of 5.39 billion pieces in August, a year-on-year increase of 9.82%, with a single ticket revenue of 2.15 yuan, down 1.13% year-on-year [2] - Shentong Express achieved a business volume of 4.434 billion pieces, a year-on-year increase of 14.47%, with a single ticket revenue of 2.06 yuan, up 3.0% year-on-year [2] - Yunda's business volume reached 4.119 billion pieces, a year-on-year increase of 5.16%, with a single ticket revenue of 1.92 yuan, down 3.52% year-on-year [2] Group 3: Pricing Trends - The express delivery companies are experiencing a rise in single ticket prices, with Shentong leading the increase at +0.09 yuan, followed by YTO at +0.07 yuan, and Yunda at +0.01 yuan [4] - In September, various regions across the country are following suit with price increases, indicating a continued upward trend in industry pricing [5] - The expectation is that the industry single ticket price will continue to rise, contributing to profit recovery for the leading companies in Q3 [5]

根据《深圳证券交易所上市公司自律监管指引第3号一一行业信息披露（2025年修订）》的规定，韵达 控股集团股份有限公司（以下简称"公司"）2025年8月快递服务主要经营指标情况如下： 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002120 证券简称：韵达股份 公告编号：2025-060 韵达控股集团股份有限公司 2025年8月快递服务主要经营指标快报 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。 上述数据未经审计，可能会与定期报告数据存在差异，仅供投资者阶段性参考，相关数据以公司定期报 告为准，请投资者注意风险。 特此公告。 韵达控股集团股份有限公司董事会 2025年9月19日 一、公司2025年8月快递服务主要经营指标 ■ 二、数据说明 ...

Investment Rating - The report gives an "Overweight" rating for the express delivery industry, indicating a positive outlook for the sector's performance compared to the overall market [3][9]. Core Insights - The express delivery business revenue reached 118.96 billion yuan in August, showing a year-on-year growth of 4.2%, while the business volume was 16.15 billion pieces, up 12.3% year-on-year [3]. - The average revenue per package in August was 7.37 yuan, reflecting a slight month-on-month increase of 0.1% [3]. - The report highlights a trend of price increases across various regions, with expectations for continued upward movement in industry pricing, particularly benefiting companies like Shentong Express and YTO Express [3]. - The report outlines three scenarios for the future of the industry: 1) Profit recovery leading to significant dividends while ensuring courier rights, 2) Continued competitive pressure in certain regions, and 3) Potential for mergers and acquisitions to optimize supply [3]. Summary by Sections Business Performance - YTO Express achieved a business volume of 5.39 billion pieces in August, a year-on-year increase of 9.82%, with a single ticket revenue of 2.15 yuan, down 1.13% [3]. - Shentong Express reported a business volume of 4.43 billion pieces, up 14.47% year-on-year, with a single ticket revenue of 2.06 yuan, an increase of 3.0% [3]. - Yunda Holdings completed a business volume of 4.12 billion pieces, a 5.16% year-on-year increase, with a single ticket revenue of 1.92 yuan, down 3.52% [3]. Price Trends - The report notes that the price increases in the express delivery sector are becoming more widespread, with various regions, including Jiangsu and Hubei, announcing price hikes [3]. - The report anticipates that the average industry price will continue to rise in September, contributing to profit recovery for major players [3]. Company Recommendations - The report recommends focusing on Shentong Express for its high elasticity, YTO Express for its competitive strength, and J&T Express for its growth potential in Southeast Asia [3]. - It also suggests keeping an eye on Zhongtong Express and Yunda Holdings for their performance in the upcoming quarterly reports [3].

韵达股份（002120）(002120.SZ)披露2025年8月快递服务主要经营指标快报，公司2025年8月快递服务 业务收入41.19亿元，同比增长5.16%;完成业务量21.45亿票，同比增长8.72%;快递服务单票收入1.92元， 同比下降3.52%。 ...

智通财经APP讯，韵达股份(002120.SZ)披露2025年8月快递服务主要经营指标快报，公司2025年8月快递 服务业务收入41.19亿元，同比增长5.16%;完成业务量21.45亿票，同比增长8.72%;快递服务单票收入1.92 元，同比下降3.52%。 ...

人民财讯9月18日电，韵达股份（002120）9月18日发布8月快递服务主要经营指标快报，8月快递服务业 务收入41.19亿元，同比增长5.16%；完成业务量21.45亿票，同比增长8.72%；快递服务单票收入1.92 元，同比下降3.52%。 ...

2025年8月快递服务主要经营指标快报 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。 根据《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露 （2025 年修订）》的规定，韵达控股集团股份有限公司（以下简称"公司"）2025 年 8 月快递服务主要经营指标情况如下： 一、公司 2025 年 8 月快递服务主要经营指标 | 项目 | 2025年8月 | 同比增长 | | --- | --- | --- | | 快递服务业务收入（亿元） | 41.19 | 5.16% | | 完成业务量（亿票） | 21.45 | 8.72% | | 快递服务单票收入（元） | 1.92 | -3.52% | 证券代码：002120 证券简称：韵达股份 公告编号：2025-060 韵达控股集团股份有限公司 二、数据说明 上述数据未经审计，可能会与定期报告数据存在差异，仅供投资者阶段性参 考，相关数据以公司定期报告为准，请投资者注意风险。 特此公告。 韵达控股集团股份有限公司董事会 2025年9月19日 ...

Core Viewpoint - Yunda Holdings has experienced fluctuations in its stock price, with a year-to-date increase of 8.46% but a recent decline over the past 20 days of 8.42% [2] Financial Performance - For the first half of 2025, Yunda Holdings reported operating revenue of 24.833 billion yuan, representing a year-on-year growth of 6.80%. However, the net profit attributable to shareholders decreased by 49.19% to 529 million yuan [2] - Cumulative cash dividends since the company's A-share listing amount to 3.385 billion yuan, with 1.221 billion yuan distributed over the past three years [3] Stock Market Activity - As of September 16, Yunda's stock price was 7.94 yuan per share, with a market capitalization of 23.020 billion yuan. The stock saw a trading volume of 2.23 billion yuan and a turnover rate of 0.99% [1] - The net outflow of main funds was 10.5112 million yuan, with large orders showing a buy of 47.0058 million yuan and a sell of 57.5680 million yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders for Yunda Holdings was 85,900, a slight increase of 0.19% from the previous period. The average circulating shares per person decreased by 0.19% to 32,788 shares [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 83.9345 million shares, a decrease of 84,500 shares from the previous period [3]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [11]. Core Insights - VLCC freight rates have reached a new high since March 2023, driven by limited supply and OPEC's production increase, indicating a tight oil tanker supply-demand situation [6][20]. - The express delivery sector is experiencing a nationwide price increase trend, with a significant recovery in profitability expected in Q4 2025 [7][39]. Summary by Sections Oil Tankers - VLCC freight rates have surged, with a notable increase of 39.3% to 78k USD/day, reflecting a tight supply situation due to limited new ship deliveries and stringent sanctions [9][20]. - The correlation between VLCC freight rates and annual profits of Zhongyuan Shipping indicates potential for price recovery in the sector [6][36]. - OPEC's production policy shift has led to increased exports, further supporting oil transportation demand [28][32]. Express Delivery - The regulatory stance against "involution" in the express delivery sector has strengthened, leading to a nationwide price increase that began as regional trials [51][52]. - The average price across the country has risen by 0.23 RMB since July, with potential net profit increases for major companies like Zhongtong and Yunda expected in Q4 2025 [7][53]. - The report highlights a significant recovery in profitability for major express delivery companies, with projected net profit increases of 7.8 billion RMB for Zhongtong and 5.3 billion RMB for Yunda by Q4 2025 [7][56]. Passenger Transport - Domestic passenger transport volume has shown improvement, with a 8% year-on-year increase in domestic passenger volume and a 14% increase in international passenger volume [61]. - The average domestic passenger load factor has improved by 3.2 percentage points, while international load factors have increased by 4.0 percentage points [67]. - Despite a slight decline in ticket prices, the overall market is expected to see marginal improvements in revenue as demand continues to recover [67][75].

Core Insights - Yunda Holdings Group Co., Ltd. reported a revenue of 24.83 billion yuan for the first half of 2025, representing a year-on-year growth of 6.8% [2][3] - The net profit attributable to shareholders decreased by 49.19% to 528.78 million yuan, while the net profit excluding non-recurring items fell by 45.60% to 452.64 million yuan [2][3] - The company experienced a decline in single-package revenue, which dropped by 0.16 yuan to 1.92 yuan per package, attributed to changes in product structure and market factors [3] Financial Performance - Revenue: 24,832,923,076.39 yuan, up 6.8% from 23,251,979,402.66 yuan [3] - Net Profit: 528,777,492.06 yuan, down 49.19% from 1,040,655,555 yuan [2][3] - Net Profit (Excluding Non-Recurring Items): 452,638,441.69 yuan, down 45.60% from 832,083,633 yuan [2][3] - Operating Cash Flow: 1,012,551,193.23 yuan, down from 2,020,710,287 yuan [2] - Basic Earnings Per Share: 0.1829 yuan, down from 0.35 yuan [2] Cost Management - Sales Expenses: 111,929,736.74 yuan, decreased by 13.68% [3] - Management Expenses: 606,541,696.04 yuan, decreased by 3.67% [3] - Financial Expenses: 107,262,628.61 yuan, decreased by 22.23% [3] Business Operations - Total Express Volume: 12.726 billion packages [3] - Express Business Revenue: 24.486 billion yuan [3] Shareholding Changes - As of the first half of 2025, Alibaba's shareholding decreased to 0.71%, with a reduction of 21,291,100 shares, resulting in an estimated cash-out of approximately 170 million yuan [4]