韵达控股集团股份有限公司 监事会议事规则 第一条 宗旨 为规范韵达控股集团股份有限公司（以下简称"公司"）监事会的议事方式 和表决程序，促使监事和监事会有效地履行监督职责，完善公司法人治理结构， 根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国 证券法》《深圳证券交易所股票上市规则》和《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，结合公司的实际情况，制订本规则。 第二条 监事会组成 公司设监事会。监事会由 3 名监事组成，监事会设主席 1 人。监事会主席由 全体监事过半数选举产生。监事会应当包括股东代表和适当比例的公司职工代表， 其中职工代表的比例不低于 1/3。监事会中的职工代表由公司职工通过职工代表 大会、职工大会或者其他形式民主选举产生。 监事的任期每届为三年。监事任期届满，连选可以连任。监事在任期内辞职 应向公司监事会提交书面辞职报告，并在其中明确注明辞职原因。监事任期届满 未及时改选，或者监事在任期内辞职导致监事会成员低于《公司法》规定的法定 人数的，在改选出的监事就任前，原监事仍应依照法律、行政法规和《公司章程》 的规定，履行监事职务。 第三条 监 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported continuous improvement in performance, with a 24% year-on-year increase in net profit attributable to shareholders in Q3 2024 [2][6] - For the first three quarters of 2024, the company achieved revenue of 35.509 billion yuan, a year-on-year growth of 8.14%, and a net profit of 1.408 billion yuan, up 20.93% year-on-year [2][6] Summary by Sections Financial Performance - In Q3 2024, the company generated revenue of 12.257 billion yuan, reflecting an 8.84% year-on-year increase, and a net profit of 3.67 billion yuan, which is a 24.25% increase year-on-year [2][6] - The total express delivery volume for the first three quarters reached 16.943 billion pieces, a growth of 27.71% year-on-year, with a market share of 13.69% [6] - In Q3 2024, the express delivery volume was 6.019 billion pieces, growing 23.72% year-on-year, with a market share of 13.80%, up 0.41 percentage points year-on-year [6] Cost Management - The company has effectively utilized digital management to reduce period expenses, which decreased by 16% year-on-year in Q3 2024 [6] - The total expenses for the first three quarters were 1.537 billion yuan, down 14.99% year-on-year, with Q3 expenses at 493 million yuan, a 16.33% decrease year-on-year [6] Asset Impairment - The company made provisions for asset impairment totaling 169 million yuan in the first three quarters of 2024, which will reduce the net profit attributable to shareholders by 127 million yuan [6] Earnings Forecast - The company is expected to achieve revenues of 52.236 billion yuan, 58.611 billion yuan, and 63.484 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 16.12%, 12.20%, and 8.31% [6] - The net profit attributable to shareholders is projected to be 2.036 billion yuan, 2.465 billion yuan, and 2.846 billion yuan for the same years, with growth rates of 25.26%, 21.10%, and 15.45% respectively [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [5][13]. Core Views - The company, Yunda Express, reported a continuous improvement in profitability, with a Q3 2024 net profit of 370 million yuan, representing a year-on-year increase of 24.3% [2][3]. - The overall revenue for the first three quarters of 2024 reached 35.51 billion yuan, up 8.1% year-on-year, with a net profit of 1.41 billion yuan, also up 20.9% year-on-year [2][3]. - The report highlights that the growth in delivery volume has consistently exceeded expectations, with Q3 2023 delivery volume at 6.02 billion pieces, a year-on-year increase of 23.7% [2][3]. Financial Performance Summary - For Q3 2024, the company achieved an operating revenue of 12.26 billion yuan, an increase of 8.8% year-on-year, and a net profit of 370 million yuan, up 24.3% year-on-year [2][3]. - The average selling price (ASP) for Q3 2024 was 1.99 yuan per piece, down 10.4% year-on-year, while the ASP for the first three quarters of 2024 was 2.07 yuan per piece [2][3]. - The report projects the company's net profit for 2024, 2025, and 2026 to be 2 billion, 2.3 billion, and 2.8 billion yuan respectively, reflecting a positive growth outlook [3][5]. Financial Data and Valuation - The financial data for the company shows a projected revenue of 51.16 billion yuan for 2024, with a growth rate of 14% [4]. - The net profit for 2024 is estimated at 2.02 billion yuan, with a growth rate of 24% [4]. - The report indicates an EPS of 0.70 yuan for 2024, with a P/E ratio of 11.9 [4][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved significant growth in both volume and profit, driven by effective cost control and a strategy of "exchanging price for volume" [2][5] - The express delivery industry has shown resilience with a year-on-year business volume growth rate of 22.03%, with the company outperforming this at 27.71% [2][6] - The company is expected to continue optimizing costs and improving pricing power, leading to enhanced profitability in the future [6][7] Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 35.509 billion yuan, a year-on-year increase of 8.14%, and a net profit attributable to shareholders of 1.408 billion yuan, up 20.93% [2][4] - In Q3 2024, the company achieved a revenue of 12.257 billion yuan, a year-on-year increase of 8.84%, and a net profit of 367 million yuan, up 24.25% [2][4] - The company's business volume reached 16.943 billion pieces in the first three quarters, a growth of 27.71%, with a single piece revenue of 2.10 yuan, down 15.32% year-on-year [2][3] Cost and Expense Management - The company has successfully reduced total expenses by 14.99% to 1.537 billion yuan in the first three quarters of 2024, with an expense ratio of 4.33%, down 1.18 percentage points [3][4] - The single piece cost decreased by 15.06% to 1.89 yuan, contributing to a gross margin of 9.87% [2][3] Market Position and Outlook - The company has increased its market share by 0.61 percentage points in the first three quarters of 2024, outperforming the industry growth rate [2][6] - Future revenue projections for 2024-2026 are 49.631 billion yuan, 54.210 billion yuan, and 58.936 billion yuan respectively, with net profits expected to be 2.035 billion yuan, 2.343 billion yuan, and 2.694 billion yuan [7][9]

Group 1 - A new company, Jiaxing Yunhe Technology Co., Ltd., has been established with a registered capital of 2 million yuan [1] - The legal representative of the company is Yan Jun [1] - The business scope includes logistics, machinery equipment leasing, IoT technology research and development, AI public service platform consulting, software development and sales, internet sales, sports event planning, and sales agency [1] Group 2 - The company is wholly owned by Yunda Co., Ltd. through indirect shareholding [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][2][5]. Core Views - The company reported a significant increase in net profit excluding non-recurring items, driven by continuous improvement in express delivery business costs. However, the net profit was below expectations due to asset impairment losses [1]. - The express delivery industry is experiencing a slowdown in volume growth, with a year-on-year increase of 20.0% in Q3 2024, down from 25.2% in Q1 and 21.3% in Q2. The average price per item has decreased by 6.5% year-on-year, but the decline is narrowing due to price increases in certain regions [2]. - The company's gross margin for Q3 2024 was 8.5%, a slight year-on-year decrease, but the decline is narrowing compared to previous quarters. The company has room for cost reduction and capacity utilization is expected to improve [2][12]. Financial Performance Summary - For Q3 2024, the company reported revenue of 12.26 billion RMB, a year-on-year increase of 8.84%, and a net profit of 367 million RMB, up 24.3% year-on-year. The net profit excluding non-recurring items was 340 million RMB, reflecting an 88.51% increase year-on-year [1]. - The company’s revenue and net profit for the first three quarters of 2024 were 35.51 billion RMB and 1.41 billion RMB, respectively, with year-on-year increases of 8.14% and 20.8% [1]. - The report forecasts net profits for 2024, 2025, and 2026 to be 2.1 billion RMB, 2.56 billion RMB, and 3.0 billion RMB, respectively, with corresponding year-on-year growth rates of 29.3%, 21.9%, and 17.3% [2][12]. Valuation Metrics - The target price for the company is set at 12.18 RMB, with a current closing price of 8.41 RMB, indicating potential upside [6]. - The report provides a price-to-earnings (PE) ratio forecast of 13.8x for 2025, with an expected earnings per share (EPS) of 0.88 RMB [2][12].

Investment Rating - The report assigns a "Recommended" rating to the company, indicating an expected outperformance of the benchmark index by 10%-20% over the next six months [1][4]. Core Insights - The company reported a Q3 net profit of 370 million yuan, representing a year-on-year increase of 24.3%. The revenue for Q3 was 12.26 billion yuan, up 8.8% year-on-year, with a non-recurring net profit of 34 million yuan, reflecting an 88.4% increase [1][2]. - For the first three quarters, the company achieved a total revenue of 35.51 billion yuan, a year-on-year growth of 8.1%, and a net profit of 1.41 billion yuan, also up 20.9% year-on-year [1][3]. - The report highlights the company's continuous improvement in operational efficiency, with a significant reduction in costs and expenses, contributing to enhanced profitability [2][3]. Financial Performance Summary - Q3 revenue: 12.26 billion yuan, up 8.8% YoY; Q3 net profit: 370 million yuan, up 24.3% YoY; Q3 non-recurring net profit: 34 million yuan, up 88.4% YoY [1][2]. - For the first three quarters, total revenue reached 35.51 billion yuan, with a net profit of 1.41 billion yuan, both showing positive growth [1][3]. - The company’s single-ticket revenue for Q3 was 1.99 yuan, down 10.4% YoY, while the single-ticket non-recurring net profit increased by 52% YoY to 0.056 yuan [2][3]. Business Volume and Market Share - The company’s business volume growth for the first three quarters was 27.7%, outperforming the industry average of 22.0% [1][2]. - In Q3, the company maintained a market share of 13.8%, ranking second in the industry, with competitors showing varied growth rates [1][2]. Profitability Forecast - The report adjusts the profit forecast for 2024-2026, estimating net profits of 1.96 billion, 2.38 billion, and 2.78 billion yuan respectively, with corresponding EPS of 0.68, 0.82, and 0.96 yuan [2][3]. - The target price for the company is set at 10.69 yuan, indicating a potential upside of approximately 27% from the current price of 8.41 yuan [2][4].

证券时报e公司讯，韵达股份10月29日接待机构调研时表示，前三季度，公司核心运营成本及四项费用 管控均保持下降趋势。 预计核心运营成本还有一定下降空间：一是在核心产能构建上公司仍具先发优势，产能利用率可进一步 提升，所以在固定资产折旧和可变成本摊销方面仍有下降空间；二是随着公司数字化能力全面赋能、优 化精细管理，对于货量预测、路由优化、车线数量、装载率提升、现场排班、工时管理、人效提升等经 营管控方面，仍具有挖降空间；三是公司充分发挥集包仓、网格仓、末端驿站、无人车等基础设施优 势，在揽派两端经营成本方面仍然具有下降空间。 费用方面，2024年前三季度四项费用同比下降近2.71亿元，预计费用的下降趋势还能持续：一是随着经 营性现金流提升、公司偿债规模逐步扩大，公司明年的有息负债规模会出现下降，利息支出同比也会实 现下降；二是当前市场的资金成本持续下降，公司也会把握融资窗口，使用低息的资金置换高息债务， 改善财务费用；三是公司还将持续进行部分资产处置。 ...

Business Performance - In the first three quarters of 2024, the company completed a total express delivery volume of 16.943 billion pieces, representing a year-on-year growth of 27.71% [2] - The total operating revenue for the same period reached 35.509 billion yuan, with a year-on-year increase of 8.14% [2] - The net profit attributable to shareholders was 1.408 billion yuan, up 20.93% year-on-year; the net profit after deducting non-recurring gains and losses was 1.172 billion yuan, reflecting a growth of 20.86% [2] - In Q3 2024, the net profit attributable to shareholders was 367 million yuan, a year-on-year increase of 24.25% [2] Cash Flow and Expenses - The net cash flow from operating activities for the first three quarters was 3.213 billion yuan, showing a significant year-on-year increase of 111.6% [2] - Total expenses for the first three quarters amounted to 1.537 billion yuan, a decrease of 271 million yuan, or 14.99% year-on-year [2] - The asset-liability ratio as of September 30, 2024, was 48.02%, down 2.73 percentage points year-on-year [2] Cost Management - The company has maintained a downward trend in core operating costs and expenses, with expectations for further reductions due to improved digital management and operational efficiency [3][4] - The company anticipates continued cost reductions through various measures, including optimizing resource allocation and focusing on core express delivery operations [5] Market Outlook - The peak season for express delivery began on October 21, 2023, with a projected strong performance leading up to the 2025 Spring Festival [4] - The express delivery industry recorded a single-day collection of 729 million packages on October 22, 2023, marking a year-on-year growth of 74.0% [4] - The company expects the express delivery market to maintain double-digit growth in 2025, driven by strong consumer demand and the expansion of e-commerce [6] Strategic Initiatives - The company is focusing on enhancing digital capabilities and service quality, implementing a comprehensive digital strategy to improve operational efficiency and service standards [5][6] - Future capital expenditures will be directed towards resource maintenance and technological upgrades, ensuring stable capital spending while meeting business growth needs [5][6]

Financial Performance - The company's operating revenue for Q3 2024 reached ¥12,256,945,511.23, an increase of 8.84% year-on-year[3] - Net profit attributable to shareholders was ¥367,232,663.20, reflecting a growth of 24.25% compared to the same period last year[3] - The net profit after deducting non-recurring gains and losses was ¥339,823,324.62, up 88.45% year-on-year[3] - Total operating revenue for the third quarter reached CNY 35.51 billion, an increase of 8.1% compared to CNY 32.84 billion in the same period last year[20] - Net profit for the quarter was CNY 1.43 billion, up 21.8% from CNY 1.18 billion year-on-year[21] - Operating profit increased to CNY 2.10 billion, representing a growth of 21.7% from CNY 1.73 billion in the previous year[21] - The total comprehensive income for Q3 2024 was CNY 100,686,695.50, compared to a loss of CNY 6,685,864.34 in the previous year[32] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥3,213,401,822.58, representing a significant increase of 111.59%[9] - The net cash flow from operating activities for Q3 2024 was CNY 3,213,401,822.58, a significant increase from CNY 1,518,705,214.61 in Q3 2023, representing a year-over-year growth of approximately 111.5%[24] - The cash flow from operating activities showed a net outflow of CNY 1,377,424,746.72, compared to a net outflow of CNY 971,851,328.05 in the previous period[33] - The cash flow from investing activities generated a net inflow of CNY 1,013,051,195.44, up from CNY 597,000,000.00 in the previous year[34] - The cash flow from financing activities resulted in a net inflow of CNY 430,850,939.10, compared to CNY 410,757,359.54 in the same period last year[34] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥38,980,394,079.88, a 2.37% increase from the end of the previous year[3] - The total current liabilities rose to approximately 12.19 billion yuan, up from 10.22 billion yuan, indicating an increase of about 19.3%[19] - The company's total equity increased to approximately 20.26 billion yuan from 19.31 billion yuan, reflecting a growth of about 4.9%[19] - The total liabilities increased from CNY 6,937,919,446.19 to CNY 7,058,682,244.17, representing a rise of approximately 1.7%[29] Shareholder Information - The total number of common shareholders at the end of the reporting period is 74,834, with the largest shareholder, Shanghai Luojisi Investment Management Co., Ltd., holding 52.10% of shares, totaling 1,510,552,788 shares[10] - The second largest shareholder, Nie Tengyun, holds 2.77% of shares, amounting to 80,361,697 shares, with 60,271,273 shares subject to trading restrictions[10] - The third largest shareholder, Hong Kong Central Clearing Limited, holds 2.31% of shares, totaling 67,109,945 shares[10] Investment and Expenses - Investment income surged by 308.51% to ¥362,601,174.14, mainly from the disposal of long-term equity investments and financial products[8] - Research and development expenses decreased to CNY 212.35 million, down 18.2% from CNY 259.86 million in the previous year[20] - The company incurred financial expenses of CNY 2,781,563.19, compared to a financial income of CNY 2,473,052.67 in the previous period[31] Corporate Actions - The company has decided to cancel 11,274,060 stock options granted to 354 incentive objects and 87,120 stock options reserved for 4 incentive objects as part of the 2022 stock option incentive plan[14] - The company has appointed Zhang Dachun as an independent director and chairman of the audit committee, following the resignation of independent director Zhang Xiaorong[14] - The company plans to issue medium-term notes with a total scale not exceeding 3 billion yuan to optimize its debt structure and reduce financial costs[15]