Core Viewpoint - Yunda Holdings reported a revenue of 48.543 billion yuan for 2024, marking a year-on-year increase of 7.92%, with a net profit of 1.643 billion yuan, up 18.26% from the previous year, indicating strong operational performance and effective cost management [1][6] Financial Performance - The company achieved a net cash flow from operating activities of 5.087 billion yuan, a significant increase of 50.18% year-on-year [1][6] - The net asset scale reached 20.467 billion yuan, reflecting a growth of 6.79% [1][6] - The total expenses decreased by 13.9% to 1.978 billion yuan, with the cost per package dropping to 0.08 yuan, a reduction of 31.7% [6] Operational Efficiency - The gross margin for the express delivery business improved to 9.3%, an increase of 0.77 percentage points year-on-year [2] - The company optimized its operational network by establishing 939 grid warehouses and 322 efficient collection warehouses, enhancing operational efficiency [4] - The utilization rate of capacity increased significantly due to a rise in business volume, leading to scale and marginal cost effects [2][4] Strategic Focus - Yunda Holdings is focusing on building a cost-leading advantage through refined management and digital empowerment, with key areas of focus being "strong network, digital intelligence, cost control, and expense reduction" for 2024 [2] - The company has established a comprehensive service network covering all 31 provinces and municipalities in China, with a 100% coverage rate in cities above the prefecture level [3] Technological Advancement - The company is actively integrating AI and unmanned technologies into its operations, aiming to enhance efficiency and reduce costs [7][8] - Yunda has implemented a multi-layered technology strategy, "1+N+AI," to leverage digital capabilities and improve logistics quality [8][9] Market Expansion - The demand for rural express services is expanding, with the company increasing its coverage in county and town networks to over 99.6% and 99.8%, respectively [5] - Yunda has added 1,084 new town outlets, significantly extending its service range in rural areas [5]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 9.69 [7][8]. Core Views - The company achieved a revenue of RMB 485.4 billion and a net profit of RMB 19.1 billion in 2024, representing a year-on-year increase of 7.9% and 17.8% respectively. However, the net profit fell short of expectations due to a greater-than-expected decline in per-package pricing [1]. - The company is expected to optimize transportation resources and improve efficiency through automation and smart logistics, which will help reduce costs faster than revenue declines [1]. - The company maintained a strong growth in package volume, achieving a 26.1% year-on-year increase, while the average price per package decreased by 12.3% [2]. - The first quarter of 2025 saw a 22.9% increase in package volume, but net profit decreased by 22.1% due to rising operating costs and intense market competition [3]. Summary by Sections Financial Performance - In 2024, the company reported a significant reduction in per-package costs, down 14.4% to RMB 1.85, with core operating costs decreasing by 21.9%. The gross profit per package increased by 20.6% to RMB 0.17 [2]. - The company’s total expenses decreased by 13.9% to RMB 19.8 billion in 2024, indicating effective cost management [2]. Profit Forecast and Valuation - The net profit forecast for 2025-2027 has been revised down by 14% and 16% to RMB 21.9 billion and RMB 24.4 billion respectively, with a new estimate for 2027 at RMB 26.0 billion. This adjustment is primarily due to increased industry competition [4]. - The company is assigned a PE ratio of 12.8x for 2025, with a target price adjusted to RMB 9.69 from RMB 12.18 [4]. Market Position - The company’s package volume growth outpaced the industry average, positioning it as a strong competitor within the logistics sector [2]. - The average price decline was more pronounced than the industry average, indicating competitive pricing pressures [2].

Investment Rating - The report maintains a "Recommended" rating for Yunda Holdings (韵达股份) [1][7][24] Core Views - The company achieved a revenue of 48.54 billion in 2024, representing a year-on-year growth of 7.9%, and a net profit of 1.914 billion, up 17.8% year-on-year [1][3] - For Q1 2025, the company reported a revenue of 12.19 billion, a 9.3% increase year-on-year, but a net profit decline of 22.1% to 320 million [1][3] - The report highlights the company's leading growth in business volume, with a total of 23.783 billion parcels delivered in 2024, a 26.1% increase year-on-year [2][9] Financial Performance - **2024 Financial Data**: - Revenue: 48.54 billion, up 7.9% - Net Profit: 1.914 billion, up 17.8% - Non-recurring Net Profit: 1.643 billion, up 18.3% - Non-recurring Net Profit Margin: 3.4% [1][3][8] - **2025 Q1 Financial Data**: - Revenue: 12.19 billion, up 9.3% - Net Profit: 320 million, down 22.1% - Non-recurring Net Profit: 310 million, down 19.9% - Non-recurring Net Profit Margin: 2.5% [1][3][8] Business Volume and Market Share - The company completed a total parcel volume of 23.783 billion in 2024, with a market share of 13.58% [2][9] - In Q1 2025, the completed parcel volume was 6.076 billion, with a market share of 13.46% [2][9] Pricing and Profitability - The average revenue per parcel in 2024 was 2.01 yuan, down 12.3% year-on-year [2][9] - The average net profit per parcel in 2024 was 0.08 yuan, down 6.6% year-on-year, while in Q1 2025, it was 0.053 yuan, down 36.6% [2][9] Future Outlook - The report adjusts the profit forecast for 2025-2026, estimating a net profit of 1.92 billion and 2.17 billion respectively, with EPS of 0.66 and 0.75 yuan [7][9] - The target price for the stock is set at 8.63 yuan, indicating a potential upside of approximately 21% from the current price of 7.14 yuan [3][7]

Group 1: Economic Indicators - In the first quarter, the total profit of industrial enterprises above designated size reached 150.936 billion yuan, a year-on-year increase of 0.8% [4] - The Ministry of Commerce and six other departments announced an optimization of the departure tax refund policy, raising the cash refund limit to 20,000 yuan [4][6] Group 2: Company Earnings - Gujing Gongjiu reported a net profit of 5.517 billion yuan for 2024, a year-on-year increase of 20.22%, and proposed a dividend of 50 yuan per 10 shares [8] - Gree Electric reported a net profit of 32.185 billion yuan for 2024, a year-on-year increase of 10.91%, and proposed a dividend of 20 yuan per 10 shares [8] - Luzhou Laojiao reported a net profit of 13.473 billion yuan for 2024, a year-on-year increase of 1.71%, and proposed a dividend of 45.92 yuan per 10 shares [8] - Yake Technology reported a net profit of 872 million yuan for 2024, a year-on-year increase of 50.41%, and proposed a dividend of 2.6 yuan per 10 shares [8] - Yunda Holdings reported a net profit of 1.914 billion yuan for 2024, a year-on-year increase of 17.77%, and proposed a dividend of 2 yuan per 10 shares [8] Group 3: Significant Corporate Announcements - National City Mining reported a net profit of 612 million yuan for the first quarter of 2025, a year-on-year increase of 18,279.65%, primarily due to increased investment income from the sale of subsidiaries [9] - Zhenghe Ecology signed a strategic cooperation agreement with Yanshan (Hebei) Cultural Tourism Development Group, planning a total investment of 2 billion yuan for a tourism integration project [9] - New Life Fortune announced plans to issue shares and pay cash to acquire 100% of Guangzhou Jinnan Magnetic Materials, which is expected to constitute a major asset restructuring [9] - Chengdi Xiangjiang announced that its subsidiary won a bid for a project with a contract value of 1.632 billion yuan, with a construction period of 92 days [10]

Financial Data Summary - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, with no false records or significant omissions [2] - The quarterly report has not been audited [2][8] - The company does not require retrospective adjustments or restatements of previous accounting data [2] Shareholder Information - The company has not reported any changes in the top 10 shareholders or their shareholding due to securities lending [4] Important Events - The company has received approval to issue medium-term notes up to 3 billion yuan, with a registration valid for two years [4] - The company issued its first medium-term note of 500 million yuan on March 20-21, 2025, with funds received on March 24, 2025 [5] - The company decided not to adjust the conversion price of its convertible bonds, maintaining investor interests [6] - As of March 31, 2025, the remaining total face value of the convertible bonds is approximately 2.45 billion yuan [6]

Group 1: Key Business Metrics for 2024 - The company completed a total express delivery volume of approximately 23.783 billion pieces in 2024, representing a year-on-year growth of 26.14%, exceeding the industry growth rate by 4.6% [1] - The total operating revenue for 2024 reached 48.543 billion yuan, with a year-on-year increase of 7.9% [1] - The net profit attributable to shareholders for 2024 was 1.914 billion yuan, reflecting a year-on-year growth of 17.8% [2] - The gross profit margin for express delivery services in 2024 was 9.3%, an increase of 0.77 percentage points compared to the previous year [2] - The net cash flow from operating activities was 5.087 billion yuan, showing a significant year-on-year increase of 50.2% [2] Group 2: Key Business Metrics for Q1 2025 - The company achieved an express delivery volume of approximately 607.6 million pieces in Q1 2025, with a year-on-year growth of 22.9% [2] - The operating revenue for Q1 2025 was 12.189 billion yuan, reflecting a year-on-year increase of 9.3% [2] - The net profit attributable to shareholders for Q1 2025 was 321 million yuan, with a non-recurring net profit of 308 million yuan [2] - Total expenses for Q1 2025 amounted to 410 million yuan, a decrease of 7.7% year-on-year [2] Group 3: Cost Control and Efficiency Improvements - The company has focused on "strong network," "digitalization," "cost control," and "fee reduction" as key management priorities for 2024 [3] - The company reported a decrease in total expenses by 318 million yuan in 2024, attributed to improved operational capabilities and technological advancements [4] - The core operating costs remain at a competitive level, with ongoing potential for further reductions [5] - The company is leveraging AI and automation technologies to enhance operational efficiency and reduce costs across the logistics chain [6][7] Group 4: Future Strategies and Market Outlook - The company plans to continue strengthening its network capabilities and enhance service quality to capture new market opportunities [11][12] - The express delivery industry is expected to grow, driven by increasing online shopping demand and technological advancements [11] - The company aims to optimize its pricing strategy through digitalization and improve its product and customer structure for maximum efficiency [12] - The focus will be on maintaining a balance between volume growth and revenue stability while pursuing cost reduction measures [12]

Summary of Yunda Express Conference Call Company Overview - **Company**: Yunda Express (韵达股份) - **Industry**: Express Delivery and Logistics Key Financial Metrics - **2024 Revenue**: 48.543 billion CNY, up 7.92% YoY [2][3] - **Net Profit**: 1.914 billion CNY, up 17.77% YoY [2][3] - **Net Profit (Excluding Non-recurring Items)**: 1.643 billion CNY, up 18.26% YoY [2][3] - **Core Operating Profit**: 2.298 billion CNY, up 85.41% YoY [2][3] - **Operating Cash Flow**: 5.087 billion CNY, up 50.18% YoY [2][4] - **Gross Margin**: 9.29%, up 0.77 percentage points YoY [2][4] - **Single Package Revenue**: 2.01 CNY, down 12.29% YoY [2][4] - **Single Package Cost**: 0.68 CNY, down significantly [2][4] Operational Highlights - **Q1 2025 Performance**: - Business Volume: 6.076 billion packages, up over 22% YoY [2][3] - Revenue: 12.016 billion CNY, up over 10% YoY [2][3] - Net Profit: 321 million CNY [2][3] - Single Package Revenue: 1.98 CNY, down 10% YoY [2][3] - Core Operating Cost: 0.62 CNY, down 19.31% YoY [2][3] Strategic Initiatives - **Network Construction**: Focus on automation upgrades for warehouses and service stations to enhance service quality and operational efficiency [2][5][6] - **Digitalization and AI**: Adoption of AI technologies like DeepSea for efficiency improvements and cost reductions [3][7][9] - **Cost Control**: Core operating costs have been reduced significantly through lean management and technology [3][14][15] - **Capacity Utilization**: Currently over 80%, with plans for further improvement [8][12] Market Outlook - **2025 Industry Growth**: Anticipated to exceed expectations, with a projected growth rate of 21.6% in Q1 [16][17] - **Pricing Competition**: While there is some price competition, regulatory measures are expected to stabilize prices [16][17] - **Business Strategy**: Focus on network capability enhancement, digital pricing strategies, and maintaining a balance between revenue and profit growth [18] Additional Insights - **Cost Reduction Measures**: Significant reductions in single package core costs due to increased capacity utilization and operational efficiencies [14][15] - **Technological Advancements**: Implementation of smart sorting systems, drones, and automated delivery vehicles to improve service and reduce costs [9][10][11] - **Debt Management**: Debt ratio decreased to below 47% in Q1 2025, indicating improved financial health [11][12] This summary encapsulates the key points from the conference call, highlighting Yunda Express's financial performance, operational strategies, market outlook, and technological advancements.

非经营性资金占用及其他关联资金 往来情况专项说明 韵达控股集团股份有限公司 容诚专字[2025]215Z0488号 容诚会计师事务所(特殊普通合伙) 中国·北京 关于韵达控股集团股份有限公司 非经营性资金占用及其他关联资金往来情况专项说明 https//WWW.rsm.global/china/ 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 容诚专字[2025]215Z0488号 韵达控股集团股份有限公司全体股东： 我们接受委托，依据中国注册会计师审计准则审计了韵达控股集团股份有限 公司（以下简称韵达控股公司）2024 年 12 月 31 日的合并及母公司资产负债表， 2024 年度的合并及母公司利润表、合并及母公司现金流量表和合并及母公司所有 者权益变动表以及财务报表附注，并于 2025 年 4 月 24 日出具了容诚审字 [2025]215Z0017号的无保留意见审计报告。 根据中国证券监督管理委员会《上市公司监管指引第 8 号——上市公司资金 往来、对外担保的监管要求 ...

审计报告 韵达控股集团股份有限公司 容诚审字[2025]215Z0017号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1 - 6 | | 2 | 合并资产负债表 | 1 | | 3 | 合并利润表 | 2 | | 4 | 合并现金流量表 | 3 | | 5 | 合并所有者权益变动表 | 4 | | 6 | 母公司资产负债表 | 5 | | 7 | 母公司利润表 | 6 | | 8 | 母公司现金流量表 | 7 | | 9 | 母公司所有者权益变动表 | 8 | | 10 | 财务报表附注 | 9 - 112 | 审 计 报 告 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https//WWW.rsm.global/china/ 容诚审字[2025]215Z0017号 韵达控股集团股份有限公司全体股东： 一、审计意见 我们审计了韵达控股集团股份有限公司 ...

内部控制审计报告 韵达控股集团股份有限公司 容诚审字[2025]215Z0182号 E-mail:bj@rsmchina.com.cn https//WWW.rsm.global/china/ 容诚审字[2025]215Z0182号 韵达控股集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了韵达控股集团股份有限公司（以下简称"韵达控股公司"）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是韵达 控股公司董事会的责任。 容诚会计师事务所(特殊普通合伙) 中国·北京 内部控制审计报告 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程 ...