一、审议程序 韵达控股集团股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日 召开的第八届董事会第十八次会议、第八届监事会第十三次会议审议通过了 《公司 2024 年度利润分配预案》，该事项尚需提交公司 2024 年年度股东会 审议。 证券代码：002120 证券简称：韵达股份 公告编号：2025-020 韵达控股集团股份有限公司 关于 2024 年度利润分配预案的公告 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。 （二）现金分红方案合理性说明 二、利润分配预案基本情况 经容诚会计师事务所（特殊普通合伙）审计，2024 年度母公司实现净利润 83,930,211.08 元，提 取盈余公积 8,888,556.59 元，加上年初未分配利润 1,170,271,917.17 元，减去所有者权益内部结转 37,954,649.13 元、本年度已分配 利润 491,604,407.44 元，截至 2024 年 12 月 31 日公司实际可供股东分配的利润 为 715,754,515.09 元。 公司 2024 年度的利润分配预案为：拟以本次权益分派实 ...

Financial Performance - The company's operating revenue for 2024 reached ¥48.54 billion, an increase of 7.92% compared to ¥44.98 billion in 2023[20] - Net profit attributable to shareholders for 2024 was ¥1.91 billion, reflecting a growth of 17.77% from ¥1.63 billion in 2023[20] - The net cash flow from operating activities increased by 50.18% to ¥5.09 billion, up from ¥3.39 billion in the previous year[20] - Basic earnings per share rose to ¥0.66, a 17.86% increase from ¥0.56 in 2023[20] - The total assets at the end of 2024 amounted to ¥39.32 billion, representing a 3.26% increase from ¥38.08 billion at the end of 2023[20] - The company's weighted average return on equity improved to 9.64%, up by 0.68 percentage points from 8.96% in 2023[20] - The net profit after deducting non-recurring gains and losses for 2024 was ¥1.64 billion, an 18.26% increase from ¥1.39 billion in 2023[20] - The company's net assets attributable to shareholders increased to ¥20.47 billion, a growth of 6.79% from ¥19.17 billion in 2023[20] - The total profit amounted to 2.613 billion yuan, reflecting a year-on-year growth of 19.52%, while the net profit attributable to shareholders was 1.914 billion yuan, up 17.77%[63] Revenue and Growth - The company's total revenue for Q1 2024 was approximately ¥11.16 billion, increasing to ¥13.03 billion in Q4 2024, representing a growth of about 16.5% from Q1 to Q4[24] - The total express delivery volume in China for 2024 was 1,750.8 billion pieces, marking a year-on-year growth of 21.5%[33] - The express delivery industry revenue in China reached ¥1.4 trillion in 2024, with a year-on-year increase of 13.8%[33] - The average daily express delivery volume in the industry approached 500 million packages in 2024, driven by the increasing penetration of e-commerce in daily life[48] - The company completed 23.783 billion express services, a year-on-year increase of 26.14%, ranking among the top three in market share[49] Operational Efficiency - The gross profit margin for express services was 9.29%, an increase of 0.77 percentage points year-on-year[61] - The core operating cost per ticket decreased by 21.91% year-on-year, driven by improved efficiency and cost control measures[62] - The company has invested in 322 collection and distribution centers, improving operational capabilities and service quality[69] - The company has over 95,000 end-point resources, an increase of over 2,000 year-on-year, enhancing service capacity[71] - The company has established a multi-dimensional end-service system with a total of 95,000 end resources by the end of 2024, covering all major cities in China[85] Technology and Innovation - The company is focusing on digital transformation, implementing a "1+N+AI" multi-layered technology strategy to enhance data management and decision-making capabilities[59] - The company is actively pursuing automation and technology upgrades, including the use of drones and automated equipment to enhance service capabilities[58] - The company is implementing a "1+N+AI" technology strategy to enhance digital capabilities and operational efficiency across its network[73] - The introduction of AI technology aims to optimize routing, improve customer service, and enhance operational management through machine learning and deep learning applications[95] - The company is actively developing unmanned delivery vehicles and stations, utilizing advanced technologies for autonomous operations and real-time package monitoring[96] Market Expansion and Strategy - The company plans to enhance its logistics capabilities and expand its market presence in rural areas, supported by government policies aimed at improving rural e-commerce infrastructure[35] - The company is committed to high-quality development by providing differentiated products and services to meet customer demands[149] - The company is considering strategic acquisitions to enhance its logistics capabilities, with a budget of 1 billion RMB earmarked for potential mergers and acquisitions[173] - The company plans to continue expanding its market presence and improving operational efficiency through innovative technology[121] - The company aims to enhance customer service by closely aligning with diverse customer needs and improving service efficiency[149] Risk Management and Governance - The company has outlined potential risk factors and countermeasures in its future development outlook, emphasizing the importance of investor awareness[6] - The company has established a comprehensive safety management system to mitigate risks related to transportation accidents and delivery security[152] - The company is committed to internal control improvements to address various risk points and enhance operational safety and information system security[154] - The company emphasizes brand building and crisis management to enhance brand recognition and reputation in the market[155] - The company prioritizes timely and accurate information disclosure to ensure compliance with regulations and maintain investor trust[156] Investor Relations - The company hosted a total of 154 institutions with 193 participants during the investor communication on May 6, 2024, discussing operational status and future prospects[157] - On May 21, 2024, the company held an online earnings briefing for all investors, further elaborating on its performance[158] - The company is in the process of establishing a market value management system to enhance investment value and protect investor rights, as approved in the board meeting on December 30, 2024[158] - The company has committed to improving information disclosure and transparency, ensuring all shareholders have equal access to relevant information[164] - The company has established a dedicated investor relations management team to facilitate communication and interaction with investors[164] Employee and Management - The total number of employees at the end of the reporting period is 9,765, with 220 from the parent company and 9,545 from major subsidiaries[189] - The company has established a one-stop digital learning platform covering approximately 200,000 employees, enhancing training and skill development[192] - The company has implemented a stock option incentive plan, with 11,274,060 stock options granted and 87,120 stock options reserved being canceled[200] - The total pre-tax remuneration for directors, supervisors, and senior management amounted to 14.95 million yuan[180] - The company has a structured remuneration plan reviewed by the compensation and assessment committee[178]

Financial Performance - The company's operating revenue for Q1 2025 was ¥12,188,680,395.25, representing a 9.26% increase compared to ¥11,155,511,857.71 in the same period last year[3] - Net profit attributable to shareholders decreased by 22.15% to ¥321,117,491.69 from ¥412,474,416.07 year-on-year[3] - Basic earnings per share decreased by 21.43% to ¥0.11, while diluted earnings per share decreased by 14.29% to ¥0.12[3] - Net profit for the current period was ¥320,409,922.20, a decrease of 23.5% from ¥419,234,918.16 in the previous period[26] - Total comprehensive income for the period was CNY 361,090,165.38, a decrease from CNY 440,203,736.18 in the previous period[27] - The net profit for the current period is a loss of CNY 18,363,135.85, compared to a loss of CNY 12,997,527.60 in the previous period, representing a deterioration of 41.1%[37] Cash Flow - The net cash flow from operating activities fell by 63.39% to ¥186,990,585.60, down from ¥510,745,941.69 in the previous year[3] - Net cash flow from operating activities was CNY 186,990,585.60, down from CNY 510,745,941.69 in the previous period[30] - Cash inflow from operating activities totaled CNY 13,116,430,341.53, an increase from CNY 12,260,210,050.37[28] - Cash outflow from operating activities was CNY 12,929,439,755.93, compared to CNY 11,749,464,108.68 in the previous period[30] - The company reported a net increase in cash and cash equivalents of CNY 561,255,278.68, compared to CNY 282,070,758.39 in the previous period[30] - The net cash flow from operating activities is a negative CNY 18,456,596.53, a significant decline from a positive CNY 65,538,835.83 in the previous period[39] Assets and Liabilities - Total assets at the end of the reporting period were ¥39,297,314,560.16, a slight decrease of 0.05% from ¥39,317,902,525.22 at the end of the previous year[3] - Current liabilities totaled ¥12,775,915,657.60, an increase from ¥12,386,872,691.24 in the previous period[22] - Non-current liabilities decreased to ¥5,577,463,424.30 from ¥6,358,937,692.50[23] - The total owner's equity is CNY 22,708,962,763.21, showing a slight increase from CNY 22,701,497,981.77 in the previous period[34] - The total liabilities amount to CNY 6,837,682,903.91, a decrease of 4.4% from CNY 7,153,642,280.48 in the previous period[34] Investment and Financing Activities - The company reported a significant decline in investment income, which fell by 43.36% to ¥16,447,587.61 from ¥29,040,234.04 year-on-year[10] - The net cash flow from financing activities increased by 229.21% to ¥397,299,234.79, compared to a negative cash flow of ¥307,484,406.89 in the previous year[12] - The company issued mid-term notes with a total amount of ¥5 billion, which was successfully raised and received on March 24, 2025[18] - The company plans to register and issue mid-term notes not exceeding ¥30 billion, with the registration valid for two years from the notice date[17] - The company has received a registration notice for its mid-term notes, indicating regulatory approval for its financing strategy[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 85,698[13] - The largest shareholder, Shanghai Luojiesi Investment Management Co., Ltd., holds 52.10% of the shares, totaling 1,510,552,788 shares[14] Other Financial Metrics - The company recorded a 100.39% increase in credit impairment losses, amounting to ¥162,805.29, compared to a loss of ¥41,650,104.01 in the previous year[10] - Research and development expenses were ¥72,468,620.32, slightly down from ¥73,587,538.89[26] - The company incurred financial expenses of CNY 584,071.61, compared to a financial income of CNY 120,257.77 in the previous period, indicating a shift in financial performance[37] - Other comprehensive income after tax for the current period was ¥40,680,243.18, compared to ¥20,968,818.02 in the prior period[26]

行业主要上市公司：顺丰控股(002352)、圆通快递(600233)、韵达股份(002120)等 Bowes的数据，2022年，全球快递包裹运输量达1610亿件，同比增长1.3%;经初步统计，2023年，全球 快递包裹运输量为1686亿件，同比增长4.7%。 全球快递包裹运输量：2023年达1686亿件 2013-2022年，全球快递包裹运输量不断上升。根据Pitney 全球快递行业发展趋势：东南亚市场前景广阔 电商的繁荣带动快递的发展，东南亚快递市场前景广阔。尤其是印尼所属的东南亚市场，未来东南亚快 递市场将迎来发展良机。 随着国际快递企业全球化布局的加速，自身在资金、本土化经营以及业务整合方面的实力显得不足，跨 区域的强强联合成为国际企业的必然选择。企业的强强联合主要体现快递企业之间加强合作，以及快递 企业与邮政联合发展。 | 公司 | 服务类型 | 具体介绍 | | --- | --- | --- | | | 国际快递 | 满足跨境紧急寄递需求的高时效的标准服务,含高品质的国际标快及经济型的国际特惠产 品。 | | | 国际电商 | 满足跨境电商需求的高性价比的经济型服务,含高效的国际电商专递和经济型国 ...

Investment Rating - The report maintains a "Recommended" rating for the express delivery sector, indicating a positive outlook for the industry [7]. Core Insights - The express delivery industry experienced a robust growth in March 2025, with a business volume increase of 20.3% year-on-year, and a revenue growth of 10.4% [1]. - The first quarter of 2025 saw a cumulative business volume of 451.4 billion pieces, reflecting a year-on-year growth of 21.6%, while total revenue reached 345.64 billion yuan, up 10.9% year-on-year [1]. - The report highlights the resilience of demand in the express delivery sector, driven by trends such as the increasing demand for small parcels and the growth of reverse logistics [4]. - Price competition is intensifying in the industry, but the report suggests that the severity of this "price war" is manageable due to regulatory guidance aimed at promoting long-term high-quality development [4]. Summary by Sections Industry Data - In March 2025, the express delivery business volume reached 16.66 billion pieces, generating revenue of 124.6 billion yuan [1]. - The first quarter of 2025 saw major companies like SF Express, YTO Express, Yunda Express, and Shentong Express report revenues of 51.809 billion, 15.441 billion, 12.016 billion, and 11.824 billion yuan respectively, with year-on-year growth rates of 7.2%, 14.1%, 10.6%, and 18.7% [3]. Company Performance - In March 2025, the business volume for major companies was as follows: SF Express at 1.295 billion pieces (+25%), YTO Express at 2.665 billion pieces (+23%), Yunda Express at 2.253 billion pieces (+17%), and Shentong Express at 2.085 billion pieces (+20%) [2]. - The average revenue per piece for these companies showed a decline, with SF Express at 13.82 yuan (-11.8%) and YTO Express at 2.18 yuan (-7.4%) [2]. Investment Recommendations - The report suggests that the express delivery sector is currently undervalued, with continued growth in the e-commerce market and emerging demands from lower-tier markets [4]. - It recommends focusing on leading companies in the e-commerce express delivery space, such as ZTO Express, YTO Express, Yunda Express, Shentong Express, and Jitu Express, as well as the comprehensive logistics leader SF Express [4].

证券代码：002120 证券简称：韵达股份 公告编号：2025-015 韵达控股集团股份有限公司 关于全资子公司开展资产证券化的进展的公告 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。 一、资产支持专项计划背景 韵达控股集团股份有限公司（以下简称"公司"）已于 2020 年 8 月 21 日召 开第七届董事会第六次会议和 2020 年 9 月 8 日召开的 2020 年第四次临时股东 大会，审议通过了《关于全资子公司开展资产证券化的议案》，同意公司以下属 全资子公司持有的仓储物流基础设施为标的资产设立多期资产支持专项计划，同 意公司为资产支持专项计划提供差额支付承诺并在专项计划开放程序中承担流 动性支持的义务，公司全资子公司上海韵毅实业有限公司对专项计划资产拥有优 先收购权,授权公司管理层办理与本次专项计划相关的其他事宜。 深圳证券交易所（以下简称"深交所"）已于 2020 年 11 月 27 日出具了《关 于中信证券"中信证券-韵达物流基础设施 1-X 号资产支持专项计划"符合深交 所挂牌条件的无异议函》（深证函[2020]1012 号）（以下简称"无异议 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The express delivery industry experienced a significant growth in business volume, with a year-on-year increase of 21.6% in Q1 2025, driven by a 5.7% growth in online retail sales [3][14] - SF Express led the growth in business volume with a 25.4% increase in March 2025, outperforming its competitors [4][32] - The average price per package in the industry faced downward pressure, with a year-on-year decline of 8.8% in Q1 2025 [5][22] - The report anticipates a continued growth potential in the express delivery sector, projecting a 10-15% increase in business volume for 2025 [6][46] Summary by Sections Industry Situation - In Q1 2025, the total express delivery volume reached 451.4 billion pieces, with March alone accounting for approximately 166.6 billion pieces, reflecting a 20.3% year-on-year growth [3][14] - The online retail sales for physical goods amounted to 2.99 trillion yuan, marking a 5.7% increase compared to the previous year [14][15] Company Performance - In March 2025, the express delivery volumes for major companies were as follows: YTO Express at 26.65 billion pieces, Yunda at 22.53 billion pieces, Shentong at 20.85 billion pieces, and SF Express at 12.95 billion pieces [4][32] - Cumulatively in Q1 2025, the business volumes were: YTO Express at 67.79 billion pieces, Yunda at 60.76 billion pieces, Shentong at 58.07 billion pieces, and SF Express at 35.41 billion pieces [4][32] Price Situation - The average price per package in the express delivery industry was 7.66 yuan in Q1 2025, down 8.8% year-on-year [5][22] - In March 2025, the average prices for major companies were: SF Express at 13.82 yuan, YTO at 2.18 yuan, Yunda at 1.96 yuan, and Shentong at 2.01 yuan [5][33] Investment Recommendations - The report recommends focusing on companies such as ZTO Express, Yunda, and YTO Express in the franchise model, while suggesting SF Express as a strong candidate in the direct operation model due to its potential for operational and cash flow improvements [8][47]

Investment Rating - The report maintains a "Recommended" rating for the express delivery industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [30]. Core Insights - The express delivery industry experienced a business volume growth rate of 20.3% in March, with SF Express showing the highest growth rate at 25.4% [5][8]. - The total business volume for the first three months reached 451.4 billion pieces, reflecting a year-on-year increase of 21.6% [5]. - The industry revenue for March was 124.6 billion yuan, up 10.4% year-on-year, while the cumulative revenue for the first three months was 345.64 billion yuan, an increase of 10.9% [5][8]. - The average revenue per piece in March was 7.48 yuan, down 8.2% year-on-year, with a cumulative average of 7.66 yuan, down 8.8% [5][8]. Summary by Sections Industry Basic Data - The total market capitalization of the express delivery industry is 311.276 billion yuan, with a circulating market capitalization of 301.749 billion yuan [4]. - The industry has a concentration ratio (CR8) of 86.9%, indicating a high level of market concentration [8]. Company Performance - In March, the business volume growth rates for major companies were as follows: SF Express (25.4%), YTO Express (22.5%), Shentong Express (20.1%), and Yunda Express (17.3%) [5][8]. - For the first three months, Shentong Express led with a cumulative growth rate of 26.6%, followed by Yunda Express (22.9%) and YTO Express (21.7%) [5]. - Revenue growth rates in March were led by Shentong Express (14.7%), YTO Express (13.4%), and SF Express (10.6%) [5][8]. Future Outlook - The report anticipates a full-year business volume growth rate of 21% for 2024, supported by strong demand resilience [5]. - The report highlights the importance of monitoring the competitive pricing strategies of leading companies, as the industry trends towards "anti-involution," which is expected to benefit the performance elasticity of express delivery companies in the medium to long term [5].

证券代码：002120 证券简称：韵达股份 公告编号：2025-014 韵达控股集团股份有限公司 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4月19日 2025年3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 3 月快递服务主要经营指标情况如下： 一、公司 2025 年 3 月快递服务主要经营指标 | 项目 | 2025年3月 | 同比增长 | | --- | --- | --- | | 快递服务业务收入（亿元） | 44.10 | 10.55% | | 完成业务量（亿票） | 22.53 | 17.34% | | 快递服务单票收入（元） | 1.96 | -5.77% | ...

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [1][4][7]. Core Views - The report highlights the impact of US-China tariffs on shipping patterns, suggesting a focus on domestic demand and high-dividend sectors [1][3]. - The oil shipping market remains strong, but VLCC rates have declined due to tariff uncertainties, with potential recovery if US-China negotiations succeed [1][21]. - The air travel market is expected to stabilize in 2025, with domestic airlines showing signs of recovery in profitability [2][45]. - The express delivery sector shows resilience, with major players like SF Express and ZTO Express expected to maintain growth despite competitive pressures [3][55][59]. Summary by Sections Shipping Sector - Oil shipping rates have shown fluctuations, with VLCC rates impacted by tariff policies and global economic uncertainties [1][21]. - The report recommends companies like COSCO Shipping Energy and China Merchants Energy for their potential value amidst market volatility [1][25]. Aviation Sector - Domestic passenger flight volumes are stabilizing, with a year-on-year increase expected in 2025 [2][45]. - Major airlines like Air China and China Southern Airlines are projected to recover profitability as supply-demand gaps narrow [2][45]. Express Delivery Sector - The express delivery market is experiencing strong growth, particularly in Southeast Asia and China, with companies like SF Express and ZTO Express leading the way [3][55][59]. - The report emphasizes the importance of monitoring pricing trends in the express delivery sector due to competitive dynamics [3][59]. Investment Recommendations - The report suggests focusing on companies with stable operations and potential for steady returns, including SF Express, ZTO Express, and major airlines [3][2][45].