Core Insights - In Q1 2025, the company achieved operating revenue of 10.89 billion yuan, a year-on-year increase of 9.4% [1] - The net profit attributable to shareholders reached 1.99 billion yuan, reflecting a year-on-year growth of 39.8% [1] - Adjusted net profit for Q1 was 2.26 billion yuan, with a slight increase of 1.6% year-on-year [1] Business Performance - The company's express delivery volume in Q1 was 8.54 billion pieces, marking a year-on-year growth of 19.1% with a market share of 18.9% [1] - The average revenue per express delivery piece decreased by 0.11 yuan to 1.25 yuan, a decline of 8.1%, primarily due to increased incremental subsidies and a decrease in average weight [1] - The company reported a year-on-year increase of 46% in the volume of differentiated products, including time-sensitive and customized services [1] Cost Analysis - The cost per express delivery piece remained stable at 0.94 yuan, with transportation costs decreasing by 0.06 yuan to 0.41 yuan, a decline of 12.8% [1] - Sorting costs also saw a reduction of 0.03 yuan to 0.27 yuan, down 10.0% year-on-year [1] - The adjusted net profit per express delivery piece was 0.26 yuan, reflecting a year-on-year decrease of 14.7% [1] Future Outlook - The company maintains a business volume growth guidance of 20%-24% for 2025, aiming for high-quality growth [1] - Revenue projections for 2025-2027 are estimated at 50.215 billion, 56.275 billion, and 62.163 billion yuan, with corresponding growth rates of 13.40%, 12.07%, and 10.46% [2] - Net profit forecasts for the same period are 9.535 billion, 11.107 billion, and 12.213 billion yuan, with year-on-year growth rates of 8.14%, 16.49%, and 9.96% [2]
中通快递-W(02057.HK)：聚焦份额增长 业绩短期承压