圆通速递2025年中报简析：增收不增利

Core Insights - YTO Express (600233) reported a revenue increase but a decline in net profit for the first half of 2025, with total revenue reaching 35.883 billion yuan, up 10.19% year-on-year, while net profit fell to 1.831 billion yuan, down 7.9% [1][2] Financial Performance - Total revenue for Q2 2025 was 18.823 billion yuan, a year-on-year increase of 9.84%, while net profit for the same period was 974 million yuan, down 6.76% [1] - Gross margin decreased to 8.6%, down 16.22% year-on-year, and net margin fell to 5.04%, down 16.85% [1] - Total operating expenses (selling, administrative, and financial) amounted to 682 million yuan, accounting for 1.9% of revenue, a decrease of 9.94% year-on-year [1] - Earnings per share (EPS) decreased to 0.53 yuan, down 8.0% year-on-year, while operating cash flow per share increased to 0.76 yuan, up 13.94% [1] Balance Sheet Highlights - Cash and cash equivalents remained stable at 6.159 billion yuan, a slight increase of 0.02% year-on-year [1] - Accounts receivable decreased to 1.685 billion yuan, down 11.06% year-on-year [1] - Interest-bearing debt increased significantly to 6.852 billion yuan, up 45.62% year-on-year [1] Investment Sentiment - Analysts expect YTO Express to achieve a net profit of 4.066 billion yuan for 2025, with an average EPS forecast of 1.19 yuan [2] - The company is held by a prominent fund manager, Xu Yan from Dachen Fund, who has recently increased his stake in the company [2] Fund Holdings - The largest fund holding YTO Express is the "Zhaoshang Core Competitiveness Mixed A" fund, which has recently entered the top ten holdings with 15.2886 million shares [3] - Other funds that have increased their holdings include "Jia Shi Core Blue Chip Mixed A" and "Jia Shi Cycle Preferred Mixed" [3]