Core Insights - Yunda Holdings (002120.SZ) reported its key operational metrics for express delivery services in September 2025, indicating a steady growth in revenue and business volume [1] Financial Performance - The express delivery service revenue for September reached 4.252 billion yuan, reflecting a year-on-year increase of 4.14% [1] - The total business volume amounted to 2.11 billion parcels, which represents a year-on-year growth of 3.63% [1] - The revenue per parcel for express services was 2.02 yuan, showing a slight year-on-year increase of 0.50% [1]

Core Insights - Yunda Holdings (002120) announced a revenue of 4.252 billion yuan for its express delivery services in September 2025, representing a year-on-year growth of 4.14% [1] - The company completed a business volume of 2.11 billion parcels, which is a year-on-year increase of 3.63% [1] - The revenue per parcel for express delivery services was 2.02 yuan, showing a year-on-year growth of 0.5% [1]

Core Insights - Yunda Holdings (002120) announced a projected revenue of 4.252 billion yuan for its express delivery services in September 2025, representing a year-on-year growth of 4.14% [1] - The company expects to handle a business volume of 2.11 billion parcels, which is a year-on-year increase of 3.63% [1] - The average revenue per parcel is projected to be 2.02 yuan, reflecting a year-on-year growth of 0.5% [1]

证券代码：002120 证券简称：韵达股份 公告编号：2025-070 韵达控股集团股份有限公司 特此公告。 韵达控股集团股份有限公司董事会 2025年10月18日 一、公司 2025 年 9 月快递服务主要经营指标 | 项目 | 2025年9月 | 同比增长 | | --- | --- | --- | | 快递服务业务收入（亿元） | 42.52 | 4.14% | | 完成业务量（亿票） | 21.10 | 3.63% | | 快递服务单票收入（元） | 2.02 | 0.50% | 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。 2025年9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 9 月快递服务主要经营指标情况如下： ...

Core Insights - Yunda Holdings announced that its express service revenue for September 2025 reached 4.252 billion yuan, representing a year-on-year growth of 4.14% [1] - The total business volume amounted to 2.11 billion parcels, showing a year-on-year increase of 3.63% [1] - The revenue per parcel for express services was 2.02 yuan, reflecting a year-on-year growth of 0.50% [1]

Core Viewpoint - Yunda Holdings announced a financing plan totaling 4 billion yuan to optimize its debt structure and support business development amid intensified competition in the express delivery industry [1] Group 1: Financing Plan - The financing plan consists of two parts: issuing up to 2 billion yuan in corporate bonds with a 10-year term and registering up to 2 billion yuan in short-term financing notes with a maximum term of 270 days [1] - The dual-channel financing strategy aims to provide robust financial support for business growth [1] Group 2: Industry Context - The express delivery industry continues to have significant growth potential, driven by the ongoing development of the e-commerce economy and rural revitalization strategies [1] - In the first half of 2025, the average price per express delivery package fell by nearly 8% year-on-year, indicating a resurgence of price competition that has put pressure on industry profitability [1] Group 3: Cost Management - In response to industry price competition, the company has implemented refined management practices, optimizing transportation routes and promoting the use of new energy vehicles, resulting in a 20.51% year-on-year decrease in per-package transportation costs to 0.31 yuan [2] - The company also reduced per-package sorting costs by 9.68% year-on-year to 0.28 yuan [2] - The asset-liability ratio improved from 47.68% in 2024 to 46.7% in the first half of 2025, indicating better asset management [2] Group 4: Technological Investment - The company has increased its investment in technology, establishing a comprehensive logistics network with 71 hub transfer centers, 468 collection and distribution warehouses, and 1926 grid warehouses by the first half of 2025 [3] - New delivery methods, including drones and unmanned vehicles, have been deployed in various regions, enhancing operational efficiency and service quality [3] - The company aims to transition from price competition to value competition through its "Smart Chain Future" strategy, supported by technological empowerment and service optimization [3] Group 5: Market Outlook - Recent reports indicate that the express delivery industry's demand expectations are strengthening under the "anti-involution" policy guidance [4] - The company is well-positioned to benefit from regional economic development and has significant network advantages and cost control capabilities, suggesting potential for continued performance recovery [4]

Market Overview - The logistics sector experienced a decline of 1.07% on October 16, with Shentong Express leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Individual Stock Performance - Notable gainers included: - Yuanda Holdings (Code: 000626) with a closing price of 8.87, up 10.05% and a trading volume of 621,300 shares, totaling 537 million yuan [1] - Chuanhua Zhili (Code: 002010) closed at 6.65, up 4.72% with a trading volume of 1,390,000 shares, totaling 907 million yuan [1] - Major decliners included: - Shentong Express (Code: 002468) closed at 16.60, down 7.00% with a trading volume of 562,500 shares, totaling 952 million yuan [2] - YTO Express (Code: 600233) closed at 17.12, down 3.71% with a trading volume of 382,100 shares, totaling 660 million yuan [2] Capital Flow Analysis - The logistics sector saw a net outflow of 161 million yuan from institutional investors, while retail investors contributed a net inflow of 151 million yuan [2][3] - Key stocks with significant capital flow included: - Chuanhua Zhili with a net inflow of 12.4 million yuan from institutional investors [3] - Shentong Express experienced a net outflow of 33.91 million yuan from retail investors [3]

Investment Rating - The report gives a "Positive" rating for the express delivery industry, marking it as the first rating issued [1]. Core Insights - The express delivery industry is experiencing a significant growth in business volume, with a year-on-year increase of 12.3% in August 2025, outpacing the growth of physical online retail sales at 7.1% and social consumer retail sales at 3.4% [5][8]. - The trend of smaller packages in express delivery continues, contributing to rapid growth in business volume [5][8]. - The average revenue per package in the express delivery industry was 7.37 yuan in August 2025, showing a year-on-year decline of 7.16%, although there was a slight month-on-month increase of 0.13% [5][16]. - The report anticipates a price recovery in the express delivery sector due to the ongoing "anti-involution" efforts within the industry [5][25]. Summary by Sections Industry Volume and Price - The express delivery industry maintains high growth, with business volume growth outpacing both online retail and overall retail sales [5][8]. - The trend of smaller packages continues, with the average value of a single express package decreasing to 63.0 yuan, down 4.62% year-on-year [13][15]. - The competitive pricing environment has led to a decline in average revenue per package, but there are expectations for stabilization in pricing due to industry adjustments [5][16]. Company Volume and Price - In August 2025, the business volume growth rates for major companies were as follows: YTO Express at +11.06%, Yunda at +8.72%, Shentong at +10.0%, and SF Express at +34.80%, with SF Express outperforming the industry average [20]. - The average revenue per package for these companies showed significant declines, particularly for SF Express at -15.32% year-on-year, indicating a substantial impact from changes in business structure [24][28].

Core Viewpoint - Yunda Express has significantly improved its package sorting efficiency and service quality during the "14th Five-Year Plan" period through technological innovation, contributing to the high-quality development of the postal and express delivery industry [2]. Group 1: Technological Innovation - The introduction of automated sorting equipment has reduced the need for manual labor, allowing 30 employees to handle operations that previously required 48 [3]. - The "six-sided scanning machine" enhances sorting accuracy and speed by automatically scanning packages from all angles, significantly increasing processing capacity beyond the human limit of 2,000 packages per hour [3]. - Yunda's internal operation system utilizes big data and cloud computing to optimize resource allocation, ensuring timely delivery and high-quality service [4]. Group 2: Green Development - Yunda promotes the use of recyclable transfer bags, having deployed over 12 million in 2024 alone, which has led to a reduction of 23,100 tons of non-degradable woven bags [8]. - The company has implemented "slim tape" to reduce packaging waste, using 404.63 million rolls in 2024, which has decreased tape usage by approximately 9.1 million square meters [8]. - Yunda has established over 10,000 recycling boxes for used packaging materials, promoting the reuse of boxes and reducing carbon emissions by an average of 37 grams of CO2 equivalent per recycled box [8]. Group 3: Business Growth and Financial Performance - Yunda's business volume increased from 18.402 billion packages in 2021 to 23.783 billion in 2024, while net profit rose from 1.477 billion yuan in 2021 to 1.914 billion yuan in 2024 [9]. - The company has consistently increased its dividend payouts, with a proposed distribution of 2 yuan per 10 shares for 2024, reflecting its commitment to shareholder returns [9]. Group 4: Social Responsibility - Yunda has actively engaged in social responsibility initiatives, contributing 9.2416 million yuan to various causes in 2024 and supporting over 1,800 students through its educational assistance program [9]. - The company has received multiple accolades for its governance and information disclosure practices, enhancing investor confidence [10]. Group 5: Future Outlook - Yunda aims to continue its transformation into a digital, intelligent, and green enterprise, focusing on enhancing its technological, service, and operational capabilities to support the high-quality development of China's express delivery industry [10].

Core Viewpoints - The transportation industry is experiencing a decline in passenger flight volumes following the National Day holiday, with overall and domestic flight volumes down by 0.6% week-on-week, but still above 2019 levels [1][3] - The implementation of reciprocal port fees between China and the US is expected to impact over 40% of shipping capacity, with Chinese shipping companies being the most affected [2] Shipping Industry - The upcoming US port fee measures will take effect on October 14, prompting China to respond with special port fees for US vessels [2] - Different shipping segments will experience varying impacts, with container shipping likely facing the least disruption, while oil and dry bulk shipping will be more significantly affected [2] - Short-term price fluctuations may occur due to initial policy confusion, but major container shipping companies have committed to not raising prices to maintain competitiveness [2] - Oil shipping rates are expected to perform strongly in the short to medium term due to seasonal effects and recent geopolitical developments [2] Aviation Industry - The overall and domestic passenger flight volumes have decreased post-holiday, but remain above 2019 levels, indicating a recovery trend [3] - The average ticket price for domestic economy class is stable, with a slight year-on-year increase of 0.3% [3] - The domestic aviation market is expected to continue improving in supply-demand dynamics, with ticket prices likely stabilizing [3][4] Express Delivery Industry - The "anti-involution" policy has led to price increases in the express delivery sector, with most regions now participating in this trend [4] - The industry is expected to see improved profitability in the fourth quarter due to reduced competition and better regulatory balance [4] - Recommendations include focusing on companies like SF Express and the Tongda system, which are expected to benefit from the ongoing policy changes [4][5]