Financial Performance - In Q1 2025, the company achieved an adjusted net profit of 2.259 billion yuan, a year-on-year increase of 1.6% [1] - The company's operating revenue for Q1 2025 was 10.892 billion yuan, up 9.4% year-on-year [1] - The adjusted net profit attributable to the parent company was 2.213 billion yuan, reflecting a 0.5% year-on-year increase [1] - The operating cash flow net amount reached 2.363 billion yuan, a year-on-year increase of 16.3% [1] Operational Metrics - The company handled a total express delivery volume of 8.539 billion pieces in Q1 2025, representing a year-on-year growth of 19.1% [1] - The market share stood at approximately 18.9%, a decrease of 0.4 percentage points year-on-year, maintaining the leading position in the industry [1] - The average revenue per piece of express delivery was 1.19 yuan, down 8.0% year-on-year [2] Cost and Profitability - The cost per piece of express delivery was approximately 0.68 yuan, a decrease of 12.0% year-on-year [2] - The gross profit per piece was 0.51 yuan, down 2.1% year-on-year [2] - The adjusted net profit per piece was 0.265 yuan, reflecting a year-on-year decrease of 14.7% [2] Market Outlook - The company aims for a package volume guidance of 40.8 billion to 42.2 billion pieces for 2025, indicating a year-on-year growth of 20% to 24% [2] - The company is focused on high-quality business volume growth while ensuring reasonable profits and strengthening infrastructure [2] - The express delivery industry continues to have growth potential, driven by the expansion of e-commerce and changing consumer behaviors [3] Profit Forecast - The adjusted net profit forecast for the company from 2025 to 2027 is 10.324 billion yuan, 11.655 billion yuan, and 13.388 billion yuan, representing year-on-year growth rates of 2.42%, 12.89%, and 14.87% respectively [3] - The company is positioned as a leading player in the domestic express delivery market, with expectations for steady growth in volume and profits [3]
中通快递-W(2057.HK)2025年一季报点评：Q1调整后净利润22.59亿元 件量同比+19.1%