Core Viewpoint - The announcement details the completion of the first lock-up period for Yunda Holding Group's employee stock ownership plan, which is set to expire on June 9, 2025, and outlines the conditions for unlocking shares based on company performance metrics [1][2][4]. Group 1: Employee Stock Ownership Plan Details - The stock for the employee stock ownership plan comes from shares repurchased by the company, totaling 7 million shares at a price of 6.30 yuan per share [1][2]. - The first unlocking period allows for 50% of the total shares to be unlocked after 20 months from the last transfer of shares to the plan, while the second period allows for 100% after 32 months [2][4]. - The performance assessment for unlocking shares includes both company-level and individual-level evaluations, with the company required to achieve a growth rate in business volume of at least 21.5% in 2024, which is the average growth rate for the express delivery industry [2][3]. Group 2: Performance Metrics and Unlocking Conditions - The company achieved a business volume growth rate of 26.14% in 2024, exceeding the industry average, thus meeting the company-level performance requirements for the first unlocking period [4]. - Individual performance will also be assessed, with unlocking ratios based on performance grades ranging from 100% for grade A to 0% for grade D [4][5]. - A total of 53 individuals qualify for unlocking, with 3 individuals having left the company, resulting in 328.30 thousand shares eligible for unlocking, representing approximately 0.11% of the company's total share capital [5][6]. Group 3: Future Arrangements and Compliance - After the first lock-up period, the management committee will oversee the sale of unlocked shares and distribution of proceeds, subject to approval from the holders' meeting [6][9]. - The plan includes strict compliance with market trading rules and regulations, particularly during sensitive periods surrounding financial disclosures and significant corporate events [6][8]. - The plan can be extended or modified with the consent of two-thirds of the participating holders, and it may be terminated early under certain conditions [8][9].

一、本持股计划的持股情况和锁定期 证券代码：002120 证券简称：韵达股份 公告编号：2025-038 韵达控股集团股份有限公司 关于 2023 年员工持股计划第一个锁定期届满的 提示性公告 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（以下简称"公司"）于 2023 年 7 月 11 日召开的 第八届董事会第四次会议、第八届监事会第四次会议及 2023 年 8 月 15 日召开的 2023 年第二次临时股东大会审议通过了《关于公司 2023 年员工持股计划（草案） 及摘要的议案》《关于公司 2023 年员工持股计划管理办法的议案》等相关议案， 具体情况详见公司于巨潮资讯网披露的相关公告。 鉴于公司 2023 年员工持股计划（以下简称"本持股计划"）第一个锁定期 于 2025 年 6 月 9 日届满，根据《关于上市公司实施员工持股计划试点的指导意 见》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运 作》等法律、行政法规、规范性文件及《公司 2023 年员工持股计划》等规定， 现将相关情况公告如下： （一）本持 ...

Group 1 - The company has decided not to adjust the conversion price of the "Yunda Convertible Bonds" despite triggering conditions for downward adjustment, citing confidence in the company's long-term development and internal value [5] - The initial conversion price of the convertible bonds was adjusted from 12.15 CNY/share to 12.10 CNY/share, and subsequently to 11.93 CNY/share due to the implementation of annual equity distribution plans [2][3] - The company issued 24.5 million convertible bonds with a total amount of 2.45 billion CNY, with a maturity of 6 years, starting from April 11, 2023 [1] Group 2 - The conversion period for the bonds starts from October 17, 2023, and ends on April 10, 2029 [2] - The company has outlined the conditions under which the conversion price can be adjusted downward, specifically when the stock price is below 85% of the current conversion price for at least 15 trading days within a 30-day period [3][4] - The board of directors will review and decide on any potential adjustments to the conversion price in accordance with relevant regulations and the terms outlined in the offering prospectus [5]

Group 1 - The board meeting of Yunda Holdings was held on June 5, 2025, with all 8 directors present, confirming compliance with relevant laws and regulations [1] - The board discussed the proposal regarding the adjustment of the conversion price for the Yunda convertible bonds, deciding not to lower the conversion price despite conditions being met for a downward adjustment [1] - The company stated that if the conditions for downward adjustment are triggered again within the next six months, it will not propose a downward adjustment plan [1]

韵达控股集团股份有限公司 关于不向下修正韵达转债转股价格的公告 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。 特别提示： 1、截至 2025 年 6 月 5 日，韵达控股集团股份有限公司（以下简称"公司"） 股票已经出现在任意连续三十个交易日中至少十五个交易日的收盘价低于当期 转股价格 85.00%的情形，触发"韵达转债"转股价格向下修正条件。 2、公司于 2025 年 6 月 5 日召开的第八届董事会第十九次会议审议通过了 《关于不向下修正韵达转债转股价格的议案》，公司董事会决定本次不向下修正 "韵达转债"的转股价格，且在未来六个月内，如再次触发"韵达转债"转股价 格向下修正条款，亦不提出向下修正方案。 一、可转换公司债券基本情况 | 证券代码：002120 | 证券简称：韵达股份 公告编号：2025-037 | | --- | --- | | 债券代码：127085 | 债券简称：韵达转债 | （一）可转债发行情况 经中国证券监督管理委员会《关于核准韵达控股股份有限公司公开发行可转 换公司债券的批复》（证监许可[2022]2408 号）核准，公司于 20 ...

韵达控股集团股份有限公司（以下简称"公司"）第八届董事会第十九次会 议于 2025 年 5 月 30 日以电子邮件和书面方式通知各位董事，会议于 2025 年 6 月 5 日召开，本次会议以通讯表决的方式进行。会议应出席的董事 8 人，实际出 席的董事 8 人。会议由董事长聂腾云先生召集，本次会议的出席人数、召集、召 开程序和审议内容均符合《中华人民共和国公司法》等有关法律、行政法规、部 门性规章、规范性文件及《韵达控股集团股份有限公司章程》等有关规定。 二、董事会会议审议情况 1、以 8 票同意，0 票反对，0 票弃权，审议通过了《关于不向下修正韵达转 债转股价格的议案》。 2025 年 5 月 15 日-2025 年 6 月 5 日，公司股票已经出现在任意连续三十个 交易日中至少十五个交易日的收盘价低于当期转股价格 85.00%的情形，触发"韵 达转债"转股价格向下修正条件。公司董事会决定本次不向下修正"韵达转债" 的转股价格，且在未来六个月内，如再次触发"韵达转债"转股价格向下修正条 款，亦不提出向下修正方案。 | 证券代码：002120 | 证券简称：韵达股份 | 公告编号：2025-036 | | ...

Investment Rating - The report maintains a "Buy" rating for integrated players such as SF Holding, JD Logistics (JDL), and the leader ZTO, while adopting a "Neutral" rating for others like STO, Yunda, and J&T, and a "Sell" rating for YTO and Sinotrans-A/H [7][21]. Core Insights - The express delivery sector in China is experiencing intense price competition, leading to a decline in average selling prices (ASPs) and profitability across franchise-based players, while integrated logistics providers show resilience [1][21]. - The report revises the expected industry volume growth for 2025E from 18% to 20% year-on-year, driven by a shift towards lightweight and small parcels, and the growth of emerging eCommerce platforms [2][21]. - The report highlights that the competitive landscape will depend on strategic adjustments by incumbents and potential policy interventions to stabilize pricing [1][21]. Summary by Sections Industry Overview - The express delivery sector concluded 1Q25 with a 22% year-on-year volume growth but faced a 6-10% decline in ASPs across major players [21][22]. - The ongoing price competition is attributed to a trade-down trend in eCommerce goods and the need for express players to maintain capacity utilization [22][23]. Financial Performance - The report indicates that the group operating profit for Tongda players is expected to decline by approximately 12% year-on-year in 2025E, with SF being the only player projected to see double-digit profit growth [6][7]. - Adjusted net profit forecasts for franchise-based players are revised downwards by 9% to 19% below Bloomberg consensus [7][21]. Company-Specific Insights - SF Holding is noted for its strong performance, with a 20% year-on-year EBIT growth in 1Q25, benefiting from cost optimization and a diversified revenue stream [1][40]. - ZTO is highlighted as the only Buy-rated franchise-based express delivery name, expected to stabilize its market share despite near-term earnings weakness [7][21]. - Yunda and YTO are projected to experience low-to-mid teens year-on-year profit declines, while STO and J&T China are expected to see flat earnings [6][7]. Market Dynamics - The report anticipates continued competition in 2Q-3Q25, with potential for strategic adjustments or industry consolidation to mitigate pricing pressures [1][21]. - The ASP for express delivery services is forecasted to decline by 6% to 8% across major players in 2Q25E, reflecting a slightly easier base compared to 1Q [22][23]. Volume and Revenue Estimates - The report raises the industry volume estimate for 2025E to 20% year-on-year, factoring in strong growth momentum and a shift in parcel mix [2][21]. - Revenue estimates for ZTO are cut by 6% due to less-than-expected impacts from gross revenue bookings, while Yunda and YTO see slight revenue increases [2][6]. Valuation - The report continues to value China express delivery companies based on a 1-year forward EV/EBITDA multiple, which remains unchanged at an average of 7X [13][15].

Core Viewpoint - The company has announced an adjustment to the conversion price of its convertible bonds, reducing it from RMB 11.93 per share to RMB 11.73 per share, effective from June 12, 2025, due to a cash dividend distribution [1][3]. Group 1: Convertible Bond Adjustment - The company issued 24.5 million convertible bonds on April 11, 2023, and the conversion price is subject to adjustment based on specific corporate actions such as cash dividends, stock splits, or new share issuances [1][2]. - The adjustment formula for the conversion price is defined, where the new price (P) is calculated as P = Po - D, with Po being the previous conversion price and D being the cash dividend per share [2][3]. - The cash dividend announced is RMB 0.20 per share, leading to the new conversion price of RMB 11.73 per share [3].

证券代码：002120 证券简称：韵达股份 公告编号：2025-034 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。 特别提示： 引第9号——回购股份》等相关规定，韵达控股集团股份有限公司（以下简称"公 司"）通过回购专用证券账户（以下简称"回购专户"）持有的公司股份不享有 参与本次利润分配的权利。 公司2024年年度权益分派方案为：以实施分配方案时股权登记日（2025年6 月11日）的总股本2,899,195,363股剔除公司回购专户中股份7,403,800股后的 不进行公积金转增股本、不送红股。公司本次现金分红的总金额=实际参与分配 的总股本×分配比例，即578,358,312.60元=2,891,791,563股×0.20元/股。 则，实施权益分派前后公司总股本保持不变，现金分红总额分摊到每一股的比例 将减小，本次权益分派实施后计算除权除息价格时，按股权登记日的总股本折算 的每股现金红利=现金分红总额÷股权登记日的总股本 =578,358,312.60元÷ 四舍五入）。 后的除权除息价格按照上述原则及计算方式执行，即：本次权益分派实施后的除 权除息价格 ...

证券代码：002120 证券简称：韵达股份 公告编号：2025-034 特别提示： 1、根据《中华人民共和国公司法》《深圳证券交易所上市公司自律监管指 引第9号——回购股份》等相关规定，韵达控股集团股份有限公司（以下简称"公 司"）通过回购专用证券账户（以下简称"回购专户"）持有的公司股份不享有 参与本次利润分配的权利。 公司2024年年度权益分派方案为：以实施分配方案时股权登记日（2025年6 月11日）的总股本2,899,195,363股剔除公司回购专户中股份7,403,800股后的 2,891,791,563股为基数，向全体股东每10股派2.00元人民币现金（含税），本次 不进行公积金转增股本、不送红股。公司本次现金分红的总金额=实际参与分配 的总股本×分配比例，即578,358,312.60元=2,891,791,563股×0.20元/股。 2、因公司回购专户上的股份不享有利润分配的权利，根据股票市值不变原 则，实施权益分派前后公司总股本保持不变，现金分红总额分摊到每一股的比例 将减小，本次权益分派实施后计算除权除息价格时，按股权登记日的总股本折算 的每股现金红利=现金分红总额÷股权登记日的总股本=5 ...