证券代码：002120 证券简称：韵达股份 公告编号：2025-031 韵达控股集团股份有限公司 2024 年年度股东会决议公告 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。 4、会议召开方式：本次股东会采取现场投票和网络投票相结合的方式召开。 公司将通过深圳证券交易所交易系统和互联网投票系统向全体股东提供网络形 式的投票平台，股东可以在网络投票时间内通过上述系统行使表决权。公司股东 应选择现场投票、网络投票中的一种方式，如果同一表决权出现重复投票表决的， 以第一次投票表决结果为准。 5、会议召集人：公司董事会 重要提示： 本次股东会召开期间，无否决提案的情况，无变更以往股东会已通过的决议 的情况。 一、会议召开和出席情况 1、会议召开的日期、时间 （1）现场会议召开时间为：2025年5月27日（星期二）下午14:00 （2）网络投票时间为：2025年5月27日（星期二），其中通过深圳证券交易 所交易系统进行网络投票的具体时间为：2025年5月27日上午9:15-9:25、9:30- 11:30，下午13:00-15:00；通过深圳证券交易所互联网投票系统投 ...

北京市天元律师事务所 关于韵达控股集团股份有限公司 2024 年年度股东会的法律意见 京天股字（2025）第 354 号 致：韵达控股集团股份有限公司 韵达控股集团股份有限公司（以下简称"公司"）2024 年年度股东会（以下简 称"本次股东会"）采取现场投票与网络投票相结合的方式，现场会议于 2025 年 5 月 27 日（星期二）下午 14:00 在浙江省慈溪市宁波杭州湾新区金源大道 9 号召 开。北京市天元律师事务所（以下简称"本所"）接受公司聘任，指派本所律师参 加现场会议并对本次股东会现场会议进行见证，并根据《中华人民共和国公司法》 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》 （以下简称"《股东会规则》"）以及《韵达控股集团股份有限公司章程》（以下 简称"《公司章程》"）等有关规定，就本次股东会的召集、召开程序、出席现场 会议人员的资格、召集人资格、会议表决程序及表决结果等事项出具本法律意见。 为出具本法律意见，本所律师审查了《韵达控股集团股份有限公司第八届董事 会第十八次会议决议公告》《韵达控股集团股份有限公司第八届监事会第十三次会 议决议公告》《韵达控股集团股份有限 ...

Core Viewpoint - The express delivery sector is experiencing increased performance uncertainty, but there are opportunities for valuation recovery among leading e-commerce express companies such as Zhongtong Express and YTO Express, driven by market share growth and cyclical bottoming of express delivery services [1] Group 1: Industry Growth Prospects - The express delivery business volume is expected to grow over 20% year-on-year in the first four months of 2024 and 2025, driven by structural demand growth from factors like small parcelization, reverse logistics, and new models such as live e-commerce and community group buying [2] - The trend of strong growth in business volume is likely to continue into 2025, supported by policies to boost domestic demand and support from e-commerce platforms [2] Group 2: Competitive Landscape - Price competition is expected to intensify in the first four months of 2025, with a year-on-year decline in single ticket revenue of 8.3%, reflecting increased focus on market share among leading companies [3] - Despite the intensified price competition, it is anticipated that healthy competition will prevail, aided by regulatory measures against malicious competition and the lack of large-scale capital expenditures by express companies [3] Group 3: Performance of Leading Companies - Leading e-commerce express companies maintain strong competitive advantages due to asset barriers, cash reserves, and profitability, demonstrating resilience in price competition [4] - Zhongtong Express showed stable performance in Q1 2025, with a narrowing decline in market share, and attention is needed on whether market share will rebound in the second half of the year [4] - The leading position and potential for improved profitability of direct-operated companies are expected to provide more certain returns for investors [4]

Investment Rating - The report maintains a "Strong Buy" rating for the transportation industry, particularly highlighting opportunities in the shipping and port sectors [4]. Core Insights - The transportation industry is experiencing a mixed performance, with shipping and port sectors under pressure while the express delivery sector continues to grow [1][2]. - The shipping market is expected to recover gradually, with signs of improvement in oil transportation and a stable outlook for port operations despite recent challenges [1][25]. - The express delivery sector is projected to maintain robust growth, although average ticket prices are declining due to increased competition and a shift towards lower-value packages [1][3]. Summary by Sections Shipping and Port Sector - In Q1 2025, the oil transportation market started weakly, with VLCC market performance significantly lower than the same period last year. The overall revenue for 14 listed shipping companies in 2024 was CNY 364.97 billion, a 26.47% increase year-on-year, while net profit rose by 68.72% to CNY 66.79 billion [13][19]. - The port sector showed relative stability in performance, with 18 listed port companies reporting a total revenue of CNY 222.90 billion in 2024, a slight increase of 0.62%, but net profit decreased by 21.78% to CNY 32.22 billion [26][30]. Aviation and Airport Sector - The aviation industry is witnessing a divergence in performance, with traditional full-service airlines facing challenges while low-cost carriers are gaining market share. The overall passenger traffic is recovering, but ticket prices remain weak, impacting profitability [1][2]. - Airport non-aeronautical revenues are under pressure due to new tax agreements affecting profit margins. For instance, the new duty-free agreement at Shanghai Airport has reduced profit elasticity [1][2]. Express Delivery Sector - The express delivery industry in 2024 is expected to see a business volume of 174.5 billion packages, a 21% increase year-on-year, with total revenue reaching CNY 1.4 trillion, up 13% [1][2]. - The average ticket price for express delivery has decreased from CNY 9.1 to CNY 8.0 due to the increasing proportion of low-value packages and heightened competition among leading companies [1][2]. Road and Rail Sector - The railway passenger volume growth reached double digits in 2024, with a total of 4.31 billion passengers, a year-on-year increase of 11.9%. The total freight volume was 5.17 billion tons, up 2.8% [1][2]. - The road transport sector also showed growth, with freight volume reaching 41.88 billion tons, a 3.8% increase, and passenger transport volume at 11.78 billion, up 7% [1][2].

Investment Rating - The report suggests a positive outlook for the express delivery industry, indicating potential for valuation recovery opportunities and cyclical bottom layout timing for time-sensitive express delivery [55]. Core Insights - In April 2025, the express delivery volume increased by 19.1% year-on-year, surpassing the postal bureau's annual growth forecast. The total volume reached 16.32 billion parcels, with a cumulative volume of 61.45 billion parcels from January to April 2025, reflecting a 20.9% year-on-year growth [59][6]. - The report highlights a trend of increasing market share concentration among leading companies, with the CR8 index rising to 86.7, indicating intensified price competition and a shift towards larger market players [59][23]. - The report emphasizes that while price competition is expected to increase, regulatory measures are anticipated to maintain a healthy competitive environment, benefiting leading companies in the long term [55][51]. Summary by Sections Express Delivery Industry Performance - The express delivery industry maintained a high growth rate in April 2025, with a year-on-year increase of 19.1% in parcel volume and a revenue growth of 10.8% [6][59]. - The average single ticket revenue fell by 7.0% year-on-year to 7.43 yuan, reflecting increased competition and a focus on market share [6][30]. Company Performance - In April 2025, the parcel volume growth for major companies was as follows: S.F. Holding (+30.0%), YTO Express (+25.3%), Yunda (+13.4%), and Shentong (+21.0%) [29][30]. - Market shares for these companies in April 2025 were: S.F. Holding (8.2%), YTO Express (16.5%), Yunda (13.3%), and Shentong (12.8%) [29][38]. Long-term Industry Outlook - The report discusses the transition from a competitive "Spring and Autumn" period to a "Warring States" period in the express delivery industry, with leading companies focusing on market share and establishing competitive barriers [51][43]. - It is expected that the industry will continue to see a natural concentration of market share among leading companies, supported by regulatory measures that prevent vicious competition [51][22]. Investment Recommendations - The report recommends monitoring leading e-commerce express delivery companies for potential valuation recovery opportunities and suggests that the overall growth trend is likely to continue due to consumer support and e-commerce stimulation [55][56].

Group 1 - The express delivery industry in China has shown impressive growth in 2023, with a total business volume of 61.45 billion pieces from January to April, representing a year-on-year increase of 20.9% [1] - Major listed express companies such as SF Express, YTO Express, and Yunda Express have reported a continuous decline in revenue per package this year, indicating intensified market competition [1] - In response to the challenges of increasing volume but decreasing prices, express companies are focusing on new growth areas such as parcel delivery, reverse logistics, and customized industry solutions, aiming to reduce costs and improve efficiency [1]

Core Viewpoint - The express delivery industry is facing intense competition, with companies needing to shift from price wars to a focus on quality and profitability to maintain market share and avoid a detrimental cycle of reliance on low prices [1][10]. Group 1: Company Performance - SF Express reported a business volume of 1.335 billion parcels in April, a year-on-year increase of 29.99%, the highest among the four companies, although its revenue per parcel fell by 13.91% to a historical low [1][4]. - YTO Express led the growth in business volume among the "Tongda" system, while Yunda and Shentong continue to face fierce competition [1][6]. - The total revenue for SF Express in April was 23.915 billion yuan, a year-on-year increase of 12.42%, with express logistics revenue at 18.003 billion yuan, up 11.85% [3][4]. Group 2: Market Dynamics - The "Tongda" system is experiencing downward pressure on pricing, with all companies reporting declines in revenue per parcel, indicating a highly competitive market environment [1][7]. - The industry is expected to undergo accelerated consolidation, with stronger companies gaining more market share while weaker ones may shrink their operations [1][10]. - The integration of intelligent and automated technologies is becoming a key focus for companies to enhance efficiency and reduce costs amid rising competition [8][9]. Group 3: Future Outlook - Analysts predict that the express delivery industry will see a significant shift towards high-quality development, moving away from traditional profit compression strategies [1][10]. - Companies are investing in automation and digitalization to improve service efficiency and meet diverse consumer demands, which is essential for survival in the evolving market landscape [9][10].

Core Viewpoint - Yunda Holdings (002120.SZ) reported stable growth in its express delivery business, with significant increases in revenue and volume, indicating a strong market position and operational efficiency [1][2][3] Financial Performance - In April 2025, the company achieved express service revenue of 4.151 billion yuan, a year-on-year increase of 5.84%, and completed a business volume of 2.174 billion parcels, up 13.41% [1] - For the full year 2024, Yunda completed a business volume of 23.78 billion parcels, reflecting a 26.1% year-on-year growth, maintaining a market share of 13.6% [1] - In the first quarter of 2025, the business volume reached 6.08 billion parcels, marking a 22.9% year-on-year increase [1] Operational Efficiency - The company has been focusing on automation, information technology, digitalization, and intelligent transformation, leading to improved capacity utilization and asset turnover efficiency [1] - Core operational costs are now at an industry-leading level due to the implementation of smart tools to optimize the entire operational process [1] Technological Advancements - Yunda is accelerating the deployment of advanced production capabilities, promoting the use of unmanned vehicles, smart delivery cabinets, and automated equipment [2] - The company is constructing new infrastructure such as collection warehouses and grid warehouses based on actual demand, which is expected to enhance overall operational efficiency and service quality [2] Shareholder Confidence - The actual controller's affiliate, Shanghai Luojiesi Investment Management Co., announced plans to increase its stake in the company by 100 million to 200 million yuan, reflecting confidence in the company's fundamentals and valuation [2] Strategic Development - The company emphasizes balanced development across its network and is focused on enhancing four key capabilities: technological, service, business development, and balanced operational capabilities [3] - By improving service quality and operational standards, Yunda aims to enhance customer loyalty and brand premium, thereby establishing a solid competitive advantage in the industry [3] Market Position - As a leading player in the express delivery industry, Yunda maintains a stable market share and continues to experience steady growth in business volume [3] - The ongoing digital transformation is expected to further reduce costs and support the company's long-term development prospects [3]

Group 1: Company Announcements - Light Media's controlling shareholder plans to reduce its stake by no more than 29.24 million shares, accounting for up to 1% of the total share capital, to lower debt and improve financial structure [1] - Xinjiang Haoyuan intends to change its name to "Wanqing Energy" and its stock abbreviation accordingly [2] - Xunbang Intelligent plans to acquire controlling shares of Wuxi Indichip Microelectronics, focusing on the automotive chip sector [3] - Kangping Technology intends to acquire 100% of Suolu Electronics for 198 million yuan to enhance core competitiveness [4] - Shentong Express reported April revenue of 4.118 billion yuan, a year-on-year increase of 16.39% [5] - Wenzhou Hongfeng's controlling shareholder plans to reduce its stake by no more than 4.37 million shares, accounting for 1% of total share capital [8] - Changyang Technology plans to invest 29.9 million yuan in Ningbo Huizhixing New Materials [9] - Zhejiang Agricultural Holdings intends to publicly transfer 100% of its subsidiary Huadong Pharmaceutical, valued at 369 million yuan [10] - *ST Jinguang faces delisting risk due to stock price falling below 1 yuan for 10 consecutive trading days [11] - Huibo Yuntong plans to acquire 67.91% of Baode Computer to enhance its competitive edge [12] - Xinhua Group intends to change its name to "Yingxin Development" [13] - Purang Co. plans to reduce its stake by no more than 24,800 shares due to personal funding needs [14] - Xinhecheng plans to participate in a land auction for a commercial plot in Hangzhou, with a starting price of 1.037 billion yuan [15] - *ST Sailong's controlling shareholder plans to transfer 14.16% of shares, potentially changing control [16] - Gaoweida's controlling shareholder plans to reduce its stake by no more than 13.27 million shares due to funding needs [17] - Tianli Lithium Energy's shareholder plans to reduce its stake by no more than 3% [18] - Baijia Qiancheng's shareholder plans to reduce its stake by no more than 9.42 million shares [19] - United Optoelectronics is planning to issue shares to acquire Dongguan Changyi Optoelectronics [20] - Meg Intelligent plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [21] Group 2: Industry Insights - The express delivery industry shows growth, with Shentong Express and Yunda reporting revenue increases of 16.39% and 5.84% respectively in April [5][20] - The automotive chip sector is highlighted as a key investment area, with Xunbang Intelligent's acquisition of Indichip Microelectronics [3] - The energy sector is seeing name changes and strategic shifts, as seen with Xinjiang Haoyuan's rebranding to Wanqing Energy [2] - The pharmaceutical sector is undergoing restructuring, with Zhejiang Agricultural Holdings planning to divest its pharmaceutical subsidiary [10] - The technology sector is active in mergers and acquisitions, with Huibo Yuntong's acquisition of Baode Computer [12]

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。 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 4 月快递服务主要经营指标情况如下： 一、公司 2025 年 4 月快递服务主要经营指标 | 项目 | 2025年4月 | 同比增长 | | --- | --- | --- | | 快递服务业务收入（亿元） | 41.51 | 5.84% | | 完成业务量（亿票） | 21.74 | 13.41% | | 快递服务单票收入（元） | 1.91 | -6.83% | 二、数据说明 证券代码：002120 证券简称：韵达股份 公告编号：2025-029 韵达控股集团股份有限公司 2025年4月快递服务主要经营指标快报 韵达控股集团股份有限公司董事会 2025年5月20日 ...