定期限踪评级报告 内部编号:2025060403 项目负责人:林 赞婧 AK 120×7 /艺术文 项目组成员: 金未文 lyj@shxsj.com jinweiwen@shxsj.com 韵达控股集团股份有限公司 12-16 评级总监： 张明海 韵达转债 联系电话: (021) 63501349 联系地址：上海市黄浦区汉口路 398 号华盛大厦 14 层 公司网站：www.shxsj.com 上海新世纪资信评估投资服务有限公司 Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. 声明 除因本次评级事项使本评级机构与评级对象构成委托关系外，本评级机构、评级人员与评级对象不存在任何影响 评级行为独立、客观、公正的关联关系。 本评级机构与评级人员履行了调查和诚信义务，所出具的评级报告遵循了真实、客观、公正的原则。 本报告的评级结论是本评级机构依据合理的内部信用评级标准和程序做出的独立判断，未因评级对象和其他任 何组织或个人的不当影响改变评级意见。 本次跟踪评级依据评级对象及其相关方提供或己经.正式对外公布的信息，相关信息的真实性、准确性和 ...

韵达控股集团股份有限公司（以下简称"公司"）于 2025 年 6 月 17 日召开 的第八届董事会第二十次会议、第八届监事会第十四次会议审议通过了《关于注 销 2023 年股票期权激励计划首次授予及预留授予部分股票期权的议案》。鉴于 公司 2023 年股票期权激励计划首次授予部分激励对象中 19 人因离职等原因不 符合激励条件，公司拟对其所持有的全部公司 2023 年股票期权激励计划已获授 但尚未行权的 220.00 万份股票期权进行注销；22 名激励对象因个人年度绩效考 核等级对应行权比例未达 100%，公司拟对其在第一个行权期内不符合行权条件 的已获授但尚未行权的 23.90 万份股票期权进行注销。鉴于预留授予部分激励对 象中 2 人因离职等原因不符合激励条件，公司拟对其所持有的全部公司 2023 年 股票期权激励计划已获授但尚未行权的 14.50 万份股票期权进行注销。公司将对 上述 2023 年股票期权激励计划首次授予部分共 41 名激励对象合计持有的已获 授但尚未行权的 243.90 万份股票期权和预留授予部分因离职等原因不符合激励 条件的 2 名激励对象持有的已获授但尚未行权的 14.50 万份股 ...

证券代码：002120 证券简称：韵达股份 公告编号：2025-048 部分股票期权注销完成的公告 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。 韵达控股集团股份有限公司 特此公告。 关于2022年股票期权激励计划首次授予及预留授予 韵达控股集团股份有限公司董事会 2025年6月27日 韵达控股集团股份有限公司（以下简称"公司"）于 2025 年 6 月 17 日召开 的第八届董事会第二十次会议、第八届监事会第十四次会议审议通过了《关于注 销 2022 年股票期权激励计划首次授予及预留授予部分股票期权的议案》。因公 司 2024 年归母净利润未能满足公司业绩考核目标，公司将对 2022 年股票期权激 励计划首次授予部分 345 名激励对象获授的 14,667,240 份股票期权与预留授予 部分 4 名激励对象获授的 116,160 份股票期权注销。具体内容详见公司 2025 年 6 月 18 日于巨潮资讯网披露的《关于注销 2022 年股票期权激励计划首次授予及 预留授予部分股票期权的公告》（公告编号：2025-043）。 截至本公告披露日，公司已在中国证券 ...

Group 1: Aviation Sector - The aviation sector is expected to see strong demand during the summer peak season, with a recommendation to focus on pre-peak investment opportunities. The industry has gradually emerged from the low-demand season since March, with rational pricing strategies from airlines supporting demand [3][12]. - In 2024, the total revenue of six listed airlines is projected to reach 521.8 billion yuan, a year-on-year increase of 14%, with a tax pre-profit of 3 billion yuan, a significant recovery from a loss of 9 billion yuan in 2023. Different airlines show varying degrees of profit improvement [10][12]. - The report highlights that the international oil price decline will significantly enhance airline profits. A 5% drop in Brent crude oil prices could increase the pre-tax profits of major airlines by 29 billion yuan for Air China and 23 billion yuan for Eastern Airlines [14][15]. Group 2: Express Delivery Sector - The express delivery sector is anticipated to maintain strong growth resilience, with business volumes expected to increase by 21.5% in 2024 and 21.6% in Q1 2025. The total business volume for 2024 is projected to reach 1.758 billion pieces [32][35]. - The market concentration in the express delivery industry is on the rise, with the CR8 index expected to reach 85.2% in 2024 and 86.9% in Q1 2025, indicating a more consolidated market [32][35]. - Revenue for the express delivery industry is forecasted to grow by 13.8% in 2024, reaching 1.4 trillion yuan, with a slight pressure on average ticket prices, which are expected to decline by 14.2% [35][36]. Group 3: Dividend and Asset Value - The report emphasizes the value of dividend assets in the transportation sector, with cash dividend ratios for highways, railways, and ports projected at 51%, 47%, and 36% respectively for 2024, indicating strong cash flow stability [44][45]. - The TTM dividend yields for these sectors are expected to be 3.0% for highways, 3.3% for railways, and 2.3% for ports, reflecting a stable increase compared to previous years [44][45]. Group 4: Shipping Sector - The shipping sector faces short-term pressure due to US-China tariff disputes, but structural opportunities may arise. The report suggests that the tariff situation could lead to a shift in import demands, particularly for agricultural products, which may benefit dry bulk shipping [48][56]. - Historical data indicates that previous trade disputes have led to increased shipping rates for certain routes, suggesting potential for similar outcomes in the current context [48][56].

证券代码：002120 证券简称：韵达股份 公告编号：2025-047 韵达控股集团股份有限公司 2025年5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。 一、公司 2025 年 5 月快递服务主要经营指标 | 项目 | 2025年5月 | 同比增长 | | --- | --- | --- | | 快递服务业务收入（亿元） | 44.15 | 6.75% | | 完成业务量（亿票） | 23.03 | 12.78% | | 快递服务单票收入（元） | 1.92 | -5.42% | 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6月20日 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 5 月快递服务主要经营指标情况如下： ...

智通财经6月19日电，韵达股份(002120.SZ)公告称，公司发布2025年5月快递服务主要经营指标快报， 公司当月快递服务业务收入为44.15亿元，同比增长6.75%。完成业务量23.03亿票，同比增长12.78%。 快递服务单票收入为1.92元，同比下降5.42%。 韵达股份：2025年5月快递服务业务收入44.15亿元 同比增长6.75% ...

Group 1: Policy and Industry Development - Zhejiang Province has officially included the postal industry development plan in its "14th Five-Year" special planning directory, aiming to integrate industry development factors into various policy frameworks to support high-quality growth in the postal and express delivery sector [1] - The integration of low-altitude economy, cross-border e-commerce, and domestic and foreign trade reforms into the policy system is expected to create a multi-layered support network for the postal express industry [1] Group 2: Company Strategy and Technological Advancements - Yunda Holdings (002120) is advancing its "1+N+AI" multi-layered technology strategy, focusing on building an integrated system for data management, analysis, decision-making, and application [2] - The company is exploring large model applications in artificial intelligence, optimizing its "Xiao Da" robot customer service, and planning to deploy the DeepSeek model by early 2025 to enhance operational efficiency [2] - Yunda is also implementing unmanned technologies, including drones and automated equipment, to accelerate the construction of a logistics network that integrates various types of warehouses and delivery stations [2] Group 3: Market Trends and Growth Projections - The low-altitude economy is projected to reach a market size of 1.5 trillion yuan in China by 2025, with logistics being the most mature and widely applied sector [3] - Yunda has optimized its logistics network with 73 transit centers and over 9,500 end-point facilities, achieving nearly 100% coverage in major cities across the country [3] Group 4: Rural Logistics and Social Responsibility - Yunda is committed to rural revitalization, achieving over 99.6% coverage in county-level areas and over 99.8% in town-level services, with the addition of 1,084 new rural outlets in 2024 [4] - The company is enhancing its logistics capabilities in rural areas to effectively address the "last mile" delivery challenge [4] Group 5: Cost Management and Efficiency - Yunda has implemented a multi-level transit system to reduce operational costs and improve transportation efficiency, achieving a 21.91% year-on-year decrease in core operating costs per package [5] - The company aims to deepen the integration of low-altitude economy and artificial intelligence technologies to drive high-quality development and further reduce costs [5][6]

Group 1 - The company held its 20th meeting of the 8th Board of Directors on June 17, 2025, with all 8 directors present, complying with relevant laws and regulations [2][3] - The Board approved the cancellation of 14,667,240 stock options from the 2022 stock option incentive plan due to unmet performance targets for 2024, affecting 345 incentive recipients [3][12] - The Board also approved the adjustment of the exercise price for the 2023 stock option incentive plan from 9.73 CNY/share to 9.36 CNY/share [3][37] Group 2 - The company confirmed that the first exercise period conditions for the 2023 stock option incentive plan have been met, allowing 338 recipients to exercise a total of 15,946,000 stock options, representing 0.55% of the total share capital [45][46] - The company will cancel 243,900 stock options and 145,000 stock options from the 2023 plan due to non-compliance with incentive conditions [5][13] - The adjustments to the exercise price and the cancellation of stock options are in accordance with the company's incentive plan and relevant regulations [25][40]

证券代码：002120 证券简称：韵达股份 公告编号：2025-042 韵达控股集团股份有限公司 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 韵达控股集团股份有限公司（以下简称"公司"）第八届监事会第十四次会 议通知于 2025 年 6 月 13 日以电子邮件和书面方式送达各位监事，会议于 2025 年 6 月 17 日在上海市召开，本次会议以现场表决的方式进行，会议应参加表决 的监事 3 人，实际参加表决的监事 3 人。会议由监事会主席赖雪军先生召集并主 持。本次会议的出席人数、召集、召开程序和审议内容符合《中华人民共和国公 司法》及《韵达控股集团股份有限公司章程》。 二、监事会会议审议情况 股票期权激励计划首次授予及预留授予部分股票期权的议案》 公司 2023 年股票期权激励计划 19 名激励对象因离职等原因不符合激励条 件及 22 名激励对象因个人年度绩效考核等级对应行权比例未达 100%。公司将 对上述 2023 年股票期权激励计划首次授予部分共 41 名激励对象合计持有的已 获授但尚未行权的 243.90 万份股票期权和预 ...

韵达控股集团股份有限公司 关于注销2022年股票期权激励计划 首次授予及预留授予部分股票期权的公告 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。 届董事会第二十次会议审议通过了《关于注销 2022 年股票期权激励计划首次授 予及预留授予部分股票期权的议案》，公司 2024 年归母净利润未达到业绩考核 条件，2022 年股票期权激励计划首次授予股票期权及预留授予股票期权第三个 行权期的行权条件未成就。现将有关事项说明如下： 一、2022 年股票期权激励计划简述及实施情况 事会第二十六次会议，审议通过了《关于公司 2022 年股票期权激励计划（草案） 及其摘要的议案》《关于公司 2022 年股票期权激励计划实施考核管理办法的议 案》及《关于提请公司股东大会授权董事会办理 2022 年股票期权激励计划相关 事宜的议案》等相关议案。监事会对本激励计划的激励对象名单进行初步核查。 划名单》，同日在公司内部事务管理系统以公告方式发布了《关于 2022 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 ...