韵达快递多网点瘫痪，欠薪风波引爆快件“囤积潮”？

Core Viewpoint - Recent discussions on social media regarding "Is Yunda in Guilin bankrupt?" highlight operational issues in Yunda Express's business in Guilin, Guangxi, leading to significant cargo backlog and financial losses for local franchise owners [2][3][5]. Financial Performance - Yunda Express reported a significant decline in profitability despite an increase in revenue and business volume. For the first half of 2025, the company achieved a revenue of 24.83 billion yuan, a year-on-year increase of 6.8%, and a business volume of 12.73 billion parcels, up 16.5% [11][12]. - The net profit attributable to shareholders was only 5.29 billion yuan, down 49.19% year-on-year, while the net profit after deducting non-recurring gains and losses was 4.53 billion yuan, a decrease of 45.60% [11][12]. - The second quarter alone saw a net profit of 2.08 billion yuan, plummeting 66.94% year-on-year, indicating a severe drop in profitability [11][12]. Operational Challenges - Yunda's operational issues are reflected in the complaints from users, with over 80,000 complaints reported, primarily concerning damaged, lost, or missing parcels [5][6]. - The company has faced criticism from major media outlets for issues such as "express blind boxes" and "fraudulent packages," leading to investigations by the State Post Bureau [6][7]. Franchise Model Issues - The franchise model adopted by Yunda has led to management challenges, with local franchisees struggling to maintain profitability. One franchise owner reported a loss of 350,000 yuan over two years, highlighting the difficulties in the industry [9][16]. - The operational model has resulted in poor service quality, with complaints about service attitudes and operational standards being common, further damaging the company's reputation [16]. Market Position and Competition - Yunda's gross profit margin for the first half of 2025 was only 6.55%, significantly lower than competitors like SF Express and ZTO Express, indicating a challenging competitive landscape [13]. - The average revenue per parcel has decreased, with Yunda's single parcel revenue dropping to 1.92 yuan, a decline of 7.69% year-on-year, reflecting the impact of price wars in the industry [10][13].