YUNDA Corp.(SZ:002120) Zheng Quan Zhi Xing·2025-06-30 08:35Core Viewpoint - Yunda Holdings (002120.SZ) faces significant challenges in franchise management, leading to regulatory penalties and a decline in market position, as it has been surpassed by competitors in revenue and business volume [1][4][7]. Franchise Management Issues - The National Postal Administration has penalized Yunda Holdings for allowing fraudulent promotional materials to enter its delivery channels, resulting in fines for 58 franchise stores and the parent company [2][5]. - The company has acknowledged its shortcomings in managing franchisees and has initiated internal investigations and corrective measures to enhance compliance and operational oversight [4][6]. Market Position and Competition - Yunda Holdings has lost its position as the second-largest express delivery company in China, falling behind YTO Express in 2023, and is now engaged in a fierce competition with Shentong Express for the third position [1][7]. - The gap in business volume between Yunda and Shentong has narrowed significantly, with only 39 million parcels separating them as of May 2024 [1][7]. Revenue and Business Volume Trends - In May 2025, Yunda reported a revenue of 4.415 billion yuan, a year-on-year increase of 6.75%, while its business volume reached 2.303 billion parcels, up 12.78% [8]. - Despite aggressive pricing strategies, Yunda's single parcel revenue has declined by 5.42%, indicating that price competition alone is insufficient for maintaining market share [8]. Profitability Challenges - In Q1 2025, Yunda's net profit fell by over 22%, marking the first decline in five quarters, attributed to competitive pressures and declining parcel prices [10]. - The company's cost control measures have not yielded the expected results, as revenue growth has not translated into profit growth, highlighting the need for improved operational efficiency and service quality [9][10].