Core Viewpoint - Yunda Holdings has shown a mixed performance in stock price and financial results, with a notable increase in revenue but a significant decline in net profit for the first half of 2025 [2][3]. Group 1: Stock Performance - On September 4, Yunda's stock price increased by 2.10%, reaching 7.78 CNY per share, with a trading volume of 1.49 billion CNY and a turnover rate of 0.69%, resulting in a total market capitalization of 22.556 billion CNY [1]. - Year-to-date, Yunda's stock price has risen by 6.27%, but it has experienced a decline of 7.82% over the last five trading days and 11.79% over the last twenty days, while showing a 14.75% increase over the last sixty days [1]. Group 2: Financial Performance - For the first half of 2025, Yunda achieved a revenue of 24.833 billion CNY, reflecting a year-on-year growth of 6.80%. However, the net profit attributable to shareholders decreased by 49.19%, amounting to 529 million CNY [2]. - Since its A-share listing, Yunda has distributed a total of 3.385 billion CNY in dividends, with 1.221 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of June 30, 2025, Yunda had 85,900 shareholders, a slight increase of 0.19% from the previous period, with an average of 32,788 circulating shares per shareholder, down by 0.19% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest, holding 83.9345 million shares, a decrease of 84,500 shares from the previous period [3].

Core Viewpoint - The express delivery industry continues to experience high growth in volume, with significant performance variations among leading companies, while profitability is under pressure due to intensified price competition [1][2][3] Group 1: Industry Performance - In Q2, the express delivery industry achieved a business volume of 505.1 billion pieces, representing a year-on-year increase of 17.3% [1][2] - Major companies' business volumes were as follows: Zhongtong 98.5 billion pieces, Yuantong 80.8 billion pieces, Yunda 66.5 billion pieces, Shentong 65.4 billion pieces, and Shunfeng 42.7 billion pieces [1][2] - Year-on-year growth rates for these companies were: Shunfeng 31.2%, Yuantong 21.8%, Zhongtong 16.6%, Shentong 16.0%, and Yunda 11.2% [1][2] Group 2: Market Share Changes - Market share changes showed Shunfeng increasing by 0.9 percentage points, Yuantong by 0.6 percentage points, Zhongtong decreasing by 0.1 percentage points, Shentong by 0.2 percentage points, and Yunda by 0.7 percentage points [2] Group 3: Pricing and Profitability - The average price per delivery in Q2 was 7.39 yuan, down 6.82% year-on-year and 3.52% quarter-on-quarter [2] - For Shunfeng, the net profit attributable to shareholders was 3.504 billion yuan, up 21.0%, with a net profit margin of 4.55% [2][3] - Zhongtong's adjusted net profit was 2.053 billion yuan, down 26.8%, while Yuantong's was 974 million yuan, down 6.8% [3] - Yunda reported a significant drop in net profit to 208 million yuan, down 66.9%, and Shentong's net profit was 217 million yuan, down 11.9% [3] Group 4: Investment Outlook - The company maintains a positive outlook on Shunfeng's performance stability and is monitoring the ongoing price competition in the e-commerce express delivery sector [3]

证券代码：002120 证券简称：韵达股份 公告编号： 上海罗颉思及其一致行动人所持公司股份不涉及被冻结、拍卖或设定信托的 情况。 二、相关风险提示 上海罗颉思及其一致行动人资信状况良好，目前未出现平仓风险或被强制过 户的风险，未对公司生产经营、公司治理等产生影响，未出现导致公司实际控制 权发生变更的实质性因素。后续若出现平仓风险，上海罗颉思及其一致行动人将 采取包括但不限于提前还款、补充质押股份等措施来应对上述风险，并按相关规 定及时通知公司履行信息披露义务。 三、备查文件 持股5%以上股东每日持股变化明细表。 特此公告。 | 韵达控股集团股份有限公司 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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"）近日接到公司控股股东上 | | | | | | | | | | 海罗颉思投资管理有限公司 ...

（文章来源：证券日报） 证券日报网讯 9月3日晚间，韵达股份发布公告称，近日接到公司控股股东上海罗颉思投资管理有限公 司（简称"上海罗颉思"）通知，获悉上海罗颉思将持有的本公司部分股份办理了解除质押手续，本次解 除质押股份数量为83，200，000股。 ...

证券代码：002120 证券简称：韵达股份 公告编号：2025-059 2、股东股份累计质押情况 截至本次质押解除日，上述股东及其一致行动人所持质押股份情况如下： 股东名称 持股数量 （股） 持股比 例 累计质押股 份数（股） 占其所 持股份 比例 占公司 总股本 比例 已质押股份情况 未质押股份情况 已质押股 份限售和 冻结、标 记数量 (股) 占已质 押股份 比例 未质押股份 限售和冻结 数量(股) 占未质 押股份 比例 上海罗颉思投 资管理有限公 司 1,515,941,388 52.29% 213,660,000 14.09% 7.37% 0 0.00% 0 0.00% 聂腾云 80,361,697 2.77% 0 0.00% 0.00% 0 0.00% 60,271,273 75.00% | 陈立英 | 15,437,074 | 0.53% | 0 | 0.00% | 0.00% | 0 | 0.00% | 11,577,805 | 75.00% | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 聂樟清 | 16,12 ...

Core Viewpoint - The express delivery industry in China is experiencing significant growth, with a notable increase in parcel volume and a trend towards "anti-involution" in pricing competition, which is expected to stabilize the market in the medium to long term [1][4]. Group 1: Industry Performance - In July 2025, the national express delivery volume reached 16.4 billion parcels, a year-on-year increase of 15.1%, while the volume for January to July 2025 totaled 112.05 billion parcels, up 18.7% year-on-year [1][2]. - The express delivery industry's revenue in July 2025 increased by 8.9% year-on-year, while the average revenue per parcel decreased by 5.3%. For the first seven months of 2025, revenue grew by 9.9%, with a 7.4% decline in average revenue per parcel [4]. Group 2: Company Performance - SF Express reported a remarkable business volume growth of 33.7% year-on-year in July 2025, leading the industry, with a 26.9% increase for the first seven months [2]. - Other major express companies such as YTO, Yunda, and Shentong also showed positive growth in July 2025, with year-on-year increases of 20.8%, 7.6%, and 11.9% respectively [2]. Group 3: Market Concentration - The market concentration in the express delivery sector is increasing, with the CR8 (concentration ratio of the top 8 companies) reaching 86.9% for January to July 2025, reflecting a 1.7% year-on-year increase [3]. - In Q2 2025, the market shares of leading companies such as Zhongtong, YTO, Yunda, Shentong, and Jitu increased compared to Q1, indicating a trend towards greater market concentration [3]. Group 4: Pricing and Competition - The decline in average revenue per parcel is narrowing, indicating a reduction in price competition due to the "anti-involution" measures being implemented. This trend is expected to ease competitive pressures in the short term while promoting healthy competition in the long term [4]. - The National Postal Administration has emphasized the need to combat "involution-style" competition, with recent meetings aimed at ensuring stable operations and pricing in the express delivery sector [4]. Group 5: Investment Recommendations - The "anti-involution" measures are anticipated to alleviate competitive pressures, with expectations for profitability recovery in the e-commerce express sector in the latter half of the year. The sustainability of price increases will be crucial for future profitability [5]. - Companies such as SF Express, YTO Express, Zhongtong Express, Jitu Express, and Yunda are highlighted as key investment opportunities due to their strong performance and potential for profit recovery [5].

Group 1 - The company, Yunda Holding Group Co., Ltd., has received notification from its controlling shareholder, Shanghai Luojisi Investment Management Co., Ltd., regarding the pledge of part of its shares [1] - The pledged shares amount to 75,000,000 shares, representing 4.95% of the total shares held by the shareholder and 2.59% of the company's total shares [1] - The purpose of the pledge is to repay debts, and it does not involve any major asset restructuring or performance compensation obligations [1] Group 2 - Prior to the pledge, Shanghai Luojisi held 1,513,854,188 shares, which is 52.22% of the total shares, and after the pledge, the number of pledged shares will increase to 221,860,000 shares [2] - The company confirms that the shares pledged by Shanghai Luojisi and its concerted actors are not subject to freezing, auction, or trust arrangements [2] - The company emphasizes that the pledge is part of a strategy to adjust the asset-liability structure and reduce interest rates, with no new financing involved [2]

证券日报网讯9月2日晚间，韵达股份（002120）发布公告称，公司控股股东上海罗颉思将持有的75， 000，000股股份办理了质押手续，占其所持股份比例4.95%，占公司总股本比例2.59%。本次质押主要 用于偿还债务，质押起始日为2025年9月1日，至办理解除质押登记手续之日止，质权人为中国银河 （601881）证券股份有限公司。 ...

韵达控股集团股份有限公司（以下简称"公司"）近日接到公司控股股东上 海罗颉思投资管理有限公司（以下简称"上海罗颉思"）通知，获悉上海罗颉思 将持有的本公司的部分股份办理了质押手续，具体事项如下： 证券代码：002120 证券简称：韵达股份 公告编号：2025-058 韵达控股集团股份有限公司 关于公司股东股份质押的公告 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。 一、股东股份质押的基本情况 1、本次股份质押的基本情况 | | 是否为控 股股东或 第一大股 | 本次质押股 | 占其所 持股份 | 占公司 总股本 | 是否为限 | 是否为补 充质押 | 质押起 始日 | 质押到期日 | 质权人 | 质押用途 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | | 份数量（股） | | | 售股 | | | | | | | | 东及其一 | | 比例 | 比例 | | | | | | | | | 致行动人 | | | | | | | | | | | 上海罗颉 ...

Investment Rating - The report maintains an "Outperform" rating for Yunda Holdings [1] Core Views - Yunda Holdings reported a revenue of 24.83 billion yuan in H1 2025, a year-on-year increase of 6.8%, but the net profit attributable to shareholders fell by 49.19% to 529 million yuan, which was below expectations [6] - The company has been focusing on cost control and efficiency improvements, with a notable reduction in sorting and transportation costs per package, indicating effective cost management [6] - Despite the pressure on profits due to intensified competition in the express delivery sector, there is optimism for profit recovery in the second half of 2025 as the company continues to enhance its operational efficiency and network collaboration [6] - The profit forecast for 2025-2027 has been revised downwards, with expected net profits of 1.51 billion, 1.71 billion, and 1.91 billion yuan respectively, reflecting a year-on-year decline of 21.0% in 2025, followed by growth in subsequent years [6] Financial Data and Profit Forecast - Total revenue projections for Yunda Holdings are as follows: 52.03 billion yuan in 2025, 54.93 billion yuan in 2026, and 59.06 billion yuan in 2027, with growth rates of 7.2%, 5.6%, and 7.5% respectively [5] - The gross profit margin is expected to stabilize around 7.1% in 2025, with a gradual improvement to 7.4% by 2027 [5] - The return on equity (ROE) is projected to be 7.1% in 2025, increasing to 7.9% by 2027 [5]