Core Viewpoint - The company reported a solid performance for the first half of 2025, with significant revenue growth and profit increase, driven by strategic market penetration and operational enhancements [1][2][3] Revenue Performance - The company achieved total revenue of RMB 146.86 billion, a year-on-year increase of 9.26% [1] - The express logistics business generated revenue of RMB 109.3 billion, up 10.4% year-on-year, with accelerated growth in the second quarter [2] - Supply chain and international business revenue reached RMB 34.2 billion, growing by 9.7% year-on-year despite challenges in international trade [2] - Other non-logistics business revenue amounted to RMB 3.3 billion, primarily from supply chain services [2] Profitability Metrics - The company reported a gross profit of RMB 19.06 billion, reflecting a 4.08% year-on-year increase, with a gross margin of 13.0%, down 0.6 percentage points [1][3] - Net profit attributable to shareholders was RMB 5.738 billion, a 19.37% increase year-on-year, with a profit margin of 3.9%, up 0.3 percentage points [1][3] Operational Efficiency - The company implemented flexible business strategies to enhance operational efficiency and reduce fixed costs, contributing to stable gross profit growth [3] - Management and R&D expense ratios decreased by 0.5 and 0.2 percentage points respectively, while sales expense ratio slightly increased by 0.1 percentage points due to accelerated sales team development [3]