Investment Rating - The report maintains an "Outperform" rating for Yunda Holdings [1] Core Views - Yunda Holdings reported a revenue of 24.83 billion yuan in H1 2025, a year-on-year increase of 6.8%, but the net profit attributable to shareholders fell by 49.19% to 529 million yuan, which was below expectations [6] - The company has been focusing on cost control and efficiency improvements, with a notable reduction in sorting and transportation costs per package, indicating effective cost management [6] - Despite the pressure on profits due to intensified competition in the express delivery sector, there is optimism for profit recovery in the second half of 2025 as the company continues to enhance its operational efficiency and network collaboration [6] - The profit forecast for 2025-2027 has been revised downwards, with expected net profits of 1.51 billion, 1.71 billion, and 1.91 billion yuan respectively, reflecting a year-on-year decline of 21.0% in 2025, followed by growth in subsequent years [6] Financial Data and Profit Forecast - Total revenue projections for Yunda Holdings are as follows: 52.03 billion yuan in 2025, 54.93 billion yuan in 2026, and 59.06 billion yuan in 2027, with growth rates of 7.2%, 5.6%, and 7.5% respectively [5] - The gross profit margin is expected to stabilize around 7.1% in 2025, with a gradual improvement to 7.4% by 2027 [5] - The return on equity (ROE) is projected to be 7.1% in 2025, increasing to 7.9% by 2027 [5]

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