“反内卷”背景下 韵达股份继续贯彻“全网一体、共建共享”发展理念

Core Viewpoint - The regulatory policies aimed at curbing "involution" competition are intensifying, with expectations for continued efforts to regulate the industry, particularly in the express delivery sector [1] Industry Summary - The central economic work meeting in December 2025 emphasized the need for a unified national market and the rectification of "involution" competition, with the 2026 postal work meeting signaling strong regulatory measures [1] - Under the "anti-involution" backdrop, express delivery prices are expected to rationally return, with a decrease in the trend of light and small packages, and stricter compliance regulations for e-commerce platforms likely to reduce the volume of express deliveries [1] - The expected growth rate for express delivery business volume is projected to decrease, with a forecast of 13.7% growth in 2025 and around 8% in 2026 [1] - The focus for express delivery companies will shift towards "cost reduction, quality improvement, and efficiency enhancement" to gain competitive advantages and market share [1] Company Summary - Yunda Holdings (002120.SZ) has fully transitioned to a new operational norm, emphasizing "stable, fast, and accurate" services to ensure timely collection and delivery of packages [1] - The company is committed to optimizing network layout, strengthening end management, and enhancing service capabilities through advanced technologies such as digitalization, automation, and unmanned vehicle technology [2] - Yunda's strategy includes "co-building and sharing" and collaborating with franchisees to enhance operational efficiency and service quality, aiming for sustainable growth [2] - In January 2026, Yunda reported a dual growth in express delivery revenue and volume, with revenue reaching 4.802 billion yuan, an increase of 18.01%, and a business volume of 2.231 billion packages, up by 10.83% [2] - The average revenue per package for Yunda was 2.15 yuan, reflecting a year-on-year increase of 6.44% [2] - Market share is expected to gradually concentrate on companies with superior service quality, stronger management capabilities, and healthier networks, with Yunda being closely monitored for its regulatory compliance and competitive strategies [2]