YTO(SH:600233) Ge Long Hui A P P·2025-09-01 08:05Core Viewpoint - The report from Huayuan Securities indicates that YTO Express experienced a decline in net profit for the first half of the year, but it shows strong growth in business volume and capital expenditure, positioning itself well in the competitive landscape [1] Financial Performance - YTO Express reported a net profit attributable to shareholders of 1.831 billion yuan for the first half of the year, a year-on-year decrease of 7.90% [1] - In Q2 2025, the net profit attributable to shareholders was 974 million yuan, down 6.76% year-on-year, with express delivery net profit at 1.038 billion yuan, reflecting a 9.07% decline [1] Business Growth and Strategy - The company demonstrated impressive growth in business volume in Q2, maintaining an increasing market share [1] - Capital expenditure for the first half of the year reached 4.43 billion yuan, representing a 64% year-on-year increase, indicating rapid capacity expansion [1] - YTO Express is implementing a proactive competitive strategy, leveraging its comprehensive service capabilities to achieve notable business volume growth compared to peers in the "Tongda" system [1] Technological Advancements - The company is investing in AI tools such as "YTO-GPT" to enhance operational efficiency, including features like AI assistants, smart routing, digital twins, and intelligent customer service [1] - These technological advancements aim to promote digitalization and standardization across the network, improving management efficiency and overall competitiveness [1] Industry Outlook - The industry is gradually moving towards "anti-involution," which is expected to benefit leading companies like YTO Express significantly [1] - The report maintains a "buy" rating for YTO Express, reflecting confidence in its future performance [1]