韵达控股集团股份有限公司 2025 年半年度报告全文 韵达控股集团股份有限公司 2025 年半年度报告 2025 年 8 月 1 韵达控股集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人聂腾云、主管会计工作负责人谢万涛及会计机构负责人（会计 主管人员）汪海粟声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来发展规划及经营目标相关的前瞻性陈述，属于计划性 事项，不构成公司对投资者的实质承诺，敬请投资者理性投资，注意投资风险。 公司需遵守《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》中的"快递服务业"的披露要求。 公司在本半年度报告中详细阐述了未来可能发生的有关风险因素及对策， 详见"第三节管理层讨论与分析"之"十、公司面临的风险和应对措施"，敬请投 资者予以关注。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | . ...

Market Overview - The logistics sector experienced a decline of 4.05% on August 29, with SF Holding leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Individual Stock Performance - SF Holding (002352) closed at 44.57, down 7.91%, with a trading volume of 1.669 million shares and a transaction value of 7.564 billion [2] - YTO Express (圆通速递) closed at 16.95, down 7.12%, with a trading volume of 506,200 shares and a transaction value of 872 million [2] - Shentong Express (申通快递) closed at 17.41, down 5.38%, with a trading volume of 350,800 shares and a transaction value of 617 million [2] - Yunda Holdings (韵达股份) closed at 7.99, down 5.33%, with a trading volume of 849,000 shares and a transaction value of 692 million [2] Capital Flow Analysis - The logistics sector saw a net outflow of 1.08 billion from institutional investors, while retail investors contributed a net inflow of 661 million [2][3] - Major stocks like Zhongchu股份 (中储股份) experienced a net outflow of 47.041 million from institutional investors [3] - Long-term investors showed a preference for stocks like Wanlin Logistics (万林物流), which had a net inflow of 37.022 million from institutional investors [3]

南方中证500ETF（510500）基金经理为罗文杰。 8月29日，韵达股份跌5.21%，截至发稿，报8.00元/股，成交4.68亿元，换手率2.02%，总市值231.94亿 元。 资料显示，韵达控股集团股份有限公司位于上海市青浦区盈港东路6679号，成立日期1996年4月5日，上 市日期2007年3月6日，公司主营业务涉及综合快递物流业务。主营业务收入构成为：派费收入 62.90%，中转费收入31.58%，面单销售收入4.10%，其他收入1.23%，物料销售收入0.12%，特许收入 0.07%。 从韵达股份十大流通股东角度 数据显示，南方基金旗下1只基金位居韵达股份十大流通股东。南方中证500ETF（510500）一季度减持 197.27万股，持有股数1852.31万股，占流通股的比例为0.66%。根据测算，今日浮亏损失约815.02万 元。 南方中证500ETF（510500）成立日期2013年2月6日，最新规模1134.38亿。今年以来收益24.02%，同类 排名1783/4222；近一年收益57.78%，同类排名1428/3776；成立以来收益135.31%。 截至发稿，罗文杰累计任职时间12年133 ...

Core Viewpoint - The express delivery industry in China is experiencing a "volume increase and price drop" trend, prompting companies to focus on international markets for higher profits amid intensified domestic competition [1][4]. Industry Overview - The express delivery sector is a crucial part of the modern circulation system, connecting various industries and integrating online and offline services [3]. - In the first seven months of this year, China's express delivery volume reached 1,120.5 billion pieces, marking an 18.7% year-on-year increase [4]. Market Dynamics - The industry is projected to exceed 2.5 trillion pieces by 2030, with a compound annual growth rate of 8%-10%, leading to a market size surpassing 2.8 trillion yuan [4]. - Despite revenue growth, express delivery companies face declining per-package income, indicating a significant challenge in the industry [5][6]. Company Performance - In July, SF Express reported revenue of 24.847 billion yuan, a 9.95% increase, but with a 14.02% drop in per-package income [5]. - YTO Express, Yunda, and Shentong also reported revenue growth, but with continued declines in per-package income, highlighting the "volume increase and price drop" issue [5]. Competitive Landscape - The industry is shifting from a "low-price competition" model to a focus on service quality and efficiency, as companies aim to break the cycle of negative profit margins and declining service quality [6][7]. - Regulatory bodies are actively promoting measures to combat "involution" in competition, encouraging companies to enhance service quality rather than engage in price wars [6][7]. International Expansion - The global cross-border logistics market is expected to grow from 13.3 trillion yuan in 2020 to 18.6 trillion yuan by 2024, with a compound annual growth rate of 8.75% [8]. - Chinese express companies are accelerating their international expansion, with significant increases in their international development index [8][9]. - Companies like Cainiao and JD Logistics are enhancing their international logistics capabilities, establishing new routes and partnerships to improve service efficiency [9][10]. Future Outlook - The express delivery industry is expected to continue its internationalization, driven by the growth of cross-border e-commerce and international trade [10].

Core Insights - Recent price increases in express delivery fees have caused significant concern among e-commerce operators, particularly small businesses that rely on low-cost shipping to maintain profitability [1][2][3] - The price adjustments, particularly in Guangdong and Zhejiang, range from 0.3 to 0.7 yuan per package, which can severely impact the already thin profit margins of small e-commerce vendors [1][2] - The rise in delivery costs is forcing small merchants to reconsider their pricing strategies and operational costs, with some opting to cut expenses in packaging and promotions rather than passing costs onto consumers [3][8] Delivery Fee Increases - In Guangdong, the average increase in delivery fees is reported at 0.4 yuan, which translates to a profit reduction of approximately 3% for small businesses selling low-cost items [2] - For example, a small business selling handmade products at 9.99 yuan experiences a significant profit squeeze due to the increased shipping costs, which now average around 2 yuan per package [2] - Another e-commerce operator in Dongguan reported a 0.7 yuan increase, leading to an additional monthly cost exceeding 12,000 yuan, effectively halving her monthly profit [3] Market Dynamics - The express delivery sector in Guangdong accounted for 425 billion packages last year, representing 24% of the national total, with revenues of 304 billion yuan [5] - Despite the price hikes, many delivery personnel have not seen an increase in their compensation, as their earnings are still tied to the volume of packages delivered and service commissions [9][8] - The current trend of rising delivery fees is seen as a response to the long-standing issue of "internal competition" within the industry, which has led to unsustainable pricing practices [11][13] Industry Response - Major express delivery companies are responding to regulatory calls to combat "internal competition" by raising prices, aiming to improve service quality and profitability [11][14] - Experts suggest that the industry is experiencing a "volume-price inversion," where low prices are leading to operational inefficiencies and increased pressure on delivery networks [14] - The anticipated shift from a low-price competition model to a quality-focused approach may lead to further price increases and industry consolidation in the future [14]

Core Viewpoint - Recent price increases in express delivery services in Guangdong and Zhejiang are primarily targeting e-commerce clients with low shipping costs, with adjustments ranging from 0.3 to 0.7 yuan per order and a minimum price set at 1.4 yuan per order [1][4]. Group 1: Price Increase Details - Multiple express delivery companies in Guangdong and Zhejiang have raised prices for e-commerce clients, with Guangdong being a key area for these adjustments [4]. - The price increase has been in effect since early August, with variations depending on the individual company's circumstances [4]. - Affected e-commerce businesses are those with previously low shipping costs, particularly in regions like Guangzhou, Shenzhen, and Dongguan [2][4]. Group 2: Industry Reactions and Implications - Industry experts predict that more regions will follow suit in adjusting e-commerce delivery prices, which may improve the performance of express delivery companies in the short term [3][8]. - However, there is skepticism among industry insiders regarding whether the price increase will lead to a corresponding rise in courier wages, with many calling for a minimum wage for couriers instead [5][6]. Group 3: Long-term Industry Trends - The ongoing price war in the express delivery sector has led to significant pressure on companies, particularly those operating under a franchise model, resulting in declining revenue per shipment [7]. - Experts foresee potential mergers and acquisitions in the industry as a response to the current challenges, with a shift towards a more concentrated market [8][9]. - The recent price adjustments are viewed as a potential starting point for broader improvements in the industry, including better capital expenditure, technology development, and labor conditions [9].

Core Viewpoint - The recent increase in express delivery fees in key e-commerce regions like Guangdong and Zhejiang is attributed to a response to "internal competition," leading to higher costs for businesses, particularly those with high shipping volumes [3][5][7]. Group 1: Price Increases and Impact on Businesses - Many express delivery companies have raised prices for e-commerce clients, with increases ranging from 0.3 to 0.7 yuan per package in Guangdong, which is a significant area for e-commerce logistics [3][5]. - For businesses like Mr. Su's, which ships over 100,000 packages monthly, a 0.3 yuan increase translates to an additional cost of 30,000 yuan per month [3][5]. - Smaller businesses may not feel the impact of a few cents per package, but for larger shippers, even a one-cent increase can lead to substantial cost increases [7]. Group 2: Industry Trends and Historical Context - The express delivery industry has been experiencing "internal competition" for years, with major companies like "Three Links and One Reach" (YTO, Shentong, Zhongtong, and Yunda) engaging in price wars to attract customers [7]. - The average price per package in the express delivery industry has decreased from 13.40 yuan in 2015 to 8.02 yuan in 2024, indicating a significant decline in revenue per package [7]. - In July, the average revenue per package for Shentong, YTO, and Yunda was reported at 1.97 yuan, 2.08 yuan, and 1.91 yuan respectively, showing year-on-year declines of 1.50%, 7.20%, and 3.54% [7]. Group 3: Regulatory Responses - The National Development and Reform Commission and the State Administration for Market Regulation have proposed amendments to the Price Law to address unfair pricing practices and regulate "internal competition" in the market [8]. - A meeting held by the State Post Bureau aimed to discuss the legal governance of "internal competition," which is expected to stabilize the market and protect the rights of delivery personnel, potentially benefiting company profits [9].

Core Points - The company has initiated its 2023 stock option incentive plan, with the first grant and reserved grant details disclosed [1][2][3] - A total of 338 eligible participants can exercise 15,946,000 stock options, representing 0.55% of the total share capital, at an exercise price of 9.36 yuan per share [1][6] - The reserved grant allows 9 eligible participants to exercise 302,500 stock options, accounting for 0.01% of the total share capital, also at an exercise price of 9.36 yuan per share [1][6] Approval Process - The stock option incentive plan underwent several board meetings for approval, including the review of the plan draft and management methods [2][3] - Independent directors and the supervisory board provided their consent and verification for the plan [2][3] Adjustments and Cancellations - The exercise price was adjusted from 9.73 yuan to 9.36 yuan due to the company's profit distribution plans [5] - A total of 2,200,000 stock options were canceled due to 19 participants leaving the company and 239,000 options due to performance assessment failures [5][6] Performance Conditions - The first exercise period is defined as starting from the first trading day after 20 months from the grant date until the last trading day within 32 months [6] - The performance conditions for exercising options include no adverse audit opinions and meeting specific financial performance metrics [6][8] Impact on Company - The exercise of these options is not expected to significantly impact the company's shareholding structure [16] - If all options are exercised, the total share capital will increase by 1,624,850 shares, with minimal effect on earnings per share and return on equity [16] Reporting and Compliance - The company will disclose changes in incentive participants, adjustments to stock option parameters, and exercise situations in regular or temporary reports [17]

证券代码：002120 证券简称：韵达股份 公告编号：2025-056 韵达控股集团股份有限公司 关于2023年股票期权激励计划首次授予及预留授予 第一个行权期采用自主行权模式的提示性公告 1、2023 年 7 月 11 日，公司召开第八届董事会第四次会议及第八届监事会 第四次会议，审议通过了《关于公司 2023 年股票期权激励计划（草案）及其摘 要的议案》《关于公司 2023 年股票期权激励计划实施考核管理办法的议案》《关 于提请公司股东大会授权董事会办理 2023 年股票期权激励计划相关事宜的议案》 等相关议案。公司独立董事就 2023 年股票期权激励计划（以下简称"本激励计 划"）相关事项发表了同意的独立意见，公司监事会对本激励计划出具了相关核 查意见。 2、2023 年 7 月 12 日，公司于巨潮资讯网披露了《2023 年股票期权激励计 划名单》。2023 年 7 月 15 日，公司在内部事务管理系统以公告方式发布了《关 于 2023 年股票期权激励计划的通知》，将公司本次拟激励对象姓名和职务予以 公示，截至公示期满，公司监事会未收到任何人对本次拟激励对象提出的异议。 2023 年 8 月 10 日 ...

Core Viewpoint - The autonomous delivery vehicle sector is experiencing significant investment and growth, particularly in the logistics and freight delivery space, as evidenced by various funding rounds and strategic partnerships [1][2][4]. Investment and Financing - Notable investments include New Stone's completion of a 1 billion yuan C+ round in April, and Jiuyuan Intelligence's B3 round financing of 100 million USD, totaling nearly 300 million USD in B round financing [1]. - In August, White Rhino secured its second round of financing this year, accumulating nearly 500 million yuan in B round financing [1]. - Despite a cooling investment climate, capital continues to flow into the unmanned logistics delivery vehicle sector, indicating a consensus on reaching a "scale profitability threshold" [1]. Policy Support - The policy environment has evolved to support the development of unmanned delivery vehicles, with the issuance of road licenses and pilot programs since 2021 [3]. - By June 2025, over 100 cities in China had opened road rights for unmanned delivery vehicles, facilitating their large-scale deployment [3]. - The State Post Bureau has emphasized the promotion of AI technologies and products in the logistics sector, indicating strong governmental support for unmanned delivery vehicles [3]. Market Growth and Projections - The year 2025 is anticipated to be a "breakout year" for unmanned logistics delivery vehicles, with expectations of explosive market growth over the next three years [4]. - The market for unmanned delivery vehicles is projected to reach 2.634 trillion yuan by 2030, which is 5.4 times the expected market size in 2025 [5]. Cost Reduction and Efficiency - The logistics industry is facing intense price competition, leading to a significant drop in average delivery prices, which fell by 8.2% year-on-year in the first five months of 2025 [7]. - The introduction of unmanned delivery vehicles can reduce labor costs significantly, with examples showing a 70% reduction in per-item costs when using unmanned vehicles [8][9]. - Unmanned delivery vehicles can operate at double the efficiency of traditional delivery methods during peak periods, such as "Double Eleven" and the Spring Festival [9]. Application Scenarios - The primary application of unmanned delivery vehicles is in the last-mile delivery segment, particularly in urban areas [10][12]. - Various delivery scenarios include express delivery, supermarket delivery, and mobile retail, with different service contents and timeframes [5]. Technological Advancements - The cost of unmanned delivery vehicles has decreased significantly, with some models dropping from 200,000 yuan to 70,000 yuan between 2018 and 2023 [14]. - The shift from high-cost hardware solutions to more cost-effective visual-based systems has contributed to the reduction in overall costs [16][17]. Industry Dynamics - Major logistics companies are adopting different strategies, with some integrating technology suppliers deeply into their operations, while others rely on a more fragmented deployment approach [17]. - The logistics sector is expanding its focus from ground to aerial delivery, creating a comprehensive unmanned delivery system that includes drones and ground vehicles [17].