Key takeaways: ▶ 这家物流公司上半年处理包裹约140亿件，在东南亚及南美、非洲、中东等新兴市场实现强劲增 长 新兴市场包裹量增至1.7亿件，同比增长21.7%，南美表现尤佳。随着拓展成效显现，该区域收入贡献增至 3.6亿美元，并首次实现经调整EBITDA盈利157万美元，去年同期则为亏损784万美元。 截至6月30日，公司拥有6,900家网络合作伙伴，较2024年末减少100家；服务网点增加100个至19,200个；分 拣中心数量维持239个。 极兔速递在2015年创始于印度尼西亚，现已成为东南亚头部快递企业；2020年进军中国市场后，业务已覆 盖13个国家，目前持续向拉丁美洲及中东拓展。 Bamboo Works 咏竹坊 专注于报道中概股新闻。用高质量的中英文内容帮助中国企业讲好中国股 事，触达全球投资者。 我们的报道也通过全球各大财经平台进行分发。日均触达200,000人次的全球投资者。 如需咨询，请联系 info@thebambooworks.com About Us Bamboo Works is a premium business content provider with a s ...

瑞财经 王敏 8月29日，韵达控股集团股份有限公司（以下简称"韵达股份"）发布2025年半年度报告，实现增收不增利。 | 序号 | 姓名 | 性别 | 年齢 | 学历 | 持股数(股) | 薪酬(元) | | 用分 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 聂腾云 | 男 | 40 | 中古 | 8036万 | 339.8万 | hill | 重中长 | | 2 | 陈立英 | 女 | 50 | 硕士 | 1544万 | 253. 1万 | lill | 圆重 | | 3 | 周柏根 | 男 | 60 | 高中 | 0 | 144. 3万 | Lil | 副总经 | | 4 | 杨周龙 | 場 | 45 | 博士 | 5.989万 | 120.6万 | lill | 副总经 | | 5 | 符動 | 場 | 49 | 硕士 | 5.660万 | 132.0万 | Lib | 副总经 | | 6 | 谢万涛 | 品 | 55 | 本科 | 5.331万 | 127.3万 | ы | 副总经 | | 7 | 聂樟清 | 男 | ...

美银证券发布研报称，极兔速递-W(01519)上半年经调整净利润达1.56亿美元，同比增长147%，大致符 合该行预期。管理层预期下半年东南亚市场包裹量同比增长55%，新市场包裹量增速则加快至同比升 40%。该行重申"买入"评级。因应反内卷措施后市场增长放缓，该行调整2025至27年经调整净利润预 测，目标价由10.7港元升至11.5港元。 ...

Core Viewpoint - The express delivery industry in Guangdong has initiated a significant price increase, impacting e-commerce sellers, particularly those relying on low-margin, high-volume sales models like "9.9包邮" [1][2][5] Group 1: Price Increase Details - Starting August 4, 2023, the Guangdong Postal Administration raised the base price for express delivery of light packages (0.3kg and below) by 0.4 yuan, resulting in an average price exceeding 1.4 yuan per package, marking a price increase of over 40% [2][4] - The price increase has been rapid and unprecedented, with many express companies implementing the new pricing within two days of notification [2][4] - The price adjustment is part of a broader "anti-involution" movement within the express delivery sector, aimed at stabilizing the market after years of price wars [2][4][19] Group 2: Impact on E-commerce Sellers - E-commerce sellers, especially those with low-priced products, are facing severe profit compression due to rising delivery costs, with some reporting a drop in daily orders by as much as 62.5% [8][11][12] - For example, a seller of a 9.9 yuan product has seen their profit per item decrease from 2 yuan to 1.5 yuan due to increased shipping costs, leading to a significant monthly profit reduction [9][11] - Many sellers are now forced to consider raising product prices, but fear losing customers due to price sensitivity [16][17] Group 3: Market Reactions and Adjustments - Some sellers are exploring alternative shipping options, such as moving inventory to provinces with lower shipping costs, like Jiangxi and Hunan, to mitigate the impact of rising prices in Guangdong [15][19] - The ongoing price increases are expected to spread to other provinces, potentially affecting the entire e-commerce landscape [2][7][15] - The express delivery price hikes are seen as a necessary step to break the cycle of unsustainable low pricing in the industry, although they create immediate challenges for many small and medium-sized e-commerce businesses [14][19]

2025 年 9 月 1 日 中国宏观周报（2025 年 8 月第 4 周） 外需韧性显现 证券分析师 平安观点： 宏 观 报 告 宏 观 周 报 证 券 研 究 报 告 张璐 投资咨询资格编号 S1060522100001 ZHANGLU150@pingan.com.cn 常艺馨 投资咨询资格编号 S1060522080003 CHANGYIXIN050@pingan.com.cn 从高频数据观察，本周中国工业生产分化，新房成交在低基数下回稳，电 影票房收入仍强。8 月以来外需呈现韧性，中国港口集装箱吞吐量、韩国 前 20 日出口、欧美制造业 PMI均较上月恢复，部分区域运价率先企稳。 1. 工业：生产存在分化。1）原材料方面，本周日均铁水产量、浮法玻璃开工 率、钢铁建材产量和表观需求环比提升；水泥熟料产能利用率、石油沥青 及部分化工品开工率边际调整。2）中下游方面，本周纺织聚酯开工率、织 造业开工率季节性回升；汽车全钢胎开工率、半钢胎开工率边际回落。 2. 地产：新房成交同比企稳。1）销售方面，本周（截至 8 月 29 日）30 大 中城市新房销售面积同比增长 0.3%，增速较上周提升；8 月以来 30 ...

Core 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]

Group 1 - The new regulations for electric bicycles in Guangzhou, including the registration and management of special license plates, officially took effect on September 1, 2023, with a validity period of five years [1][4] - Special license plates are issued specifically for electric bicycles used by service industry units, categorized into four segments: "Guangzhou W" for delivery services, "Guangzhou X" for public utility repair units, "Guangzhou Y" for postal and courier services, and "Guangzhou Z" for healthcare and emergency services [2][3] - The application process for obtaining special license plates requires confirmation from the relevant administrative department and submission of vehicle information through the Guangzhou traffic police's WeChat account [3] Group 2 - Existing electric bicycles with blue license plates must be replaced with the new yellow license plates within six months, by March 1, 2026, or they will be considered unregistered [4] - Delivery companies are required to upload data regarding their electric bicycles, delivery personnel, and delivery routes to the market supervision department, which will conduct regular inspections to ensure compliance with safety responsibilities [3]

一方面，全球贸易的波动、地缘政治的不确定性等因素，使得物流企业的运营成本上升、市场需求存在不 稳定性；另一方面，伴随全球电商的蓬勃发展、消费者对物流时效性和服务质量要求的不断提高，为物流 企业带来了巨大的增长远景。 在这样的行业大背景下，极兔速递凭借其独特的战略眼光和良好的运营能力，在今年上半年继续交出了一 份超预期的成绩单。 而透过这份成绩单也可以看到公司所具备的"价值"+"成长"的两大属性已经愈发清晰。眼下，在行业"反内 卷"的趋势下，极兔的独特经营策略和全球化布局，也为行业带来了一个值得反复研究的样本标杆。 环视当前的物流行业，可谓机遇与挑战并存。 01 有利润的规模增长，持续夯实价值底座 上半年，极兔的业务保持强劲增长，公司总包裹量同比增长27.0%至139.9亿件，这一显著的增速水平不仅 体现了极兔在市场中的强大竞争力，也为其营收规模的扩张奠定了坚实基础。 反映到收入端，上半年公司总收入达到55.0亿美元，同比增长13.1%。其中，核心业务快递服务收入为53.4 亿美元，同比增长12.7%。此外，在现金流层面，上半年，极兔经营活动所得现金流量净额达到42.11亿美 元，同比增长21.8%。 业务规模 ...

Core Viewpoint - Yunda Holdings Group Co., Ltd. reported a revenue of 24.833 billion yuan for the first half of 2025, reflecting a year-on-year growth of 6.80%, while maintaining profitability despite an industry price decline of nearly 8% [1] Financial Performance - The company achieved a net profit of 529 million yuan during the reporting period [1] - Yunda's express delivery volume reached 12.726 billion parcels, marking a year-on-year increase of 16.50% [1] - The market share remained stable at 13.31%, indicating the company's leading position in the industry [1] Strategic Initiatives - The company deepened its "technology empowerment" strategy, actively advancing the construction of intelligent transfer centers [5] - Yunda has established 71 transfer centers, 468 collection warehouses, and 1,926 grid warehouses across its network [5] - Over 150 Yunda outlets in various provinces have deployed more than 500 delivery drones and vehicles, with five drone routes operating regularly [5] Digital Transformation - Yunda implemented a "business digitization" and "digital business" approach, enhancing customer management tools to meet diverse service needs [9] - The company introduced multiple digital management tools, including customer managers and delivery personnel management systems [9] Rural Development and Logistics - Yunda actively supports the national "rural revitalization" strategy, adding 1,300 new township outlets and achieving over 99.8% coverage in county-level areas [10] - The number of end-store stations increased to 97,000, with some locations offering 24-hour self-service pickup [10] - Yunda's "Smart Orange Network" service optimized delivery models for agricultural products, significantly increasing farmers' incomes [10] Service Quality Enhancement - The company elevated service quality to a strategic level, establishing specialized working groups for e-commerce platforms [11] - Yunda developed AI-driven tools like the "Smile System" and "Xiao Da Robot" to enhance service experiences for merchants and consumers [11] - Investments in automated sorting equipment and the introduction of unmanned vehicles and stations improved delivery efficiency and customer satisfaction [12] Future Outlook - Yunda's management stated that 2025 is a year for deepening the "Smart Chain Future" strategy, focusing on technology empowerment and service optimization to drive high-quality development [15]

Core Viewpoint - In the first half of 2025, the overall economic operation in China is stable and improving, showcasing strong resilience and vitality, with the express delivery industry maintaining a high market scale and benefiting from policy incentives and seasonal consumption [1] Group 1: Company Performance - Yunda Co., Ltd. reported a total express delivery volume of 12.726 billion pieces, a year-on-year increase of 16.5%, maintaining a market share of 13.31% [1] - The company achieved operating revenue of 24.833 billion yuan, a year-on-year growth of 6.80%, and a net profit of 529 million yuan despite an industry price decline of nearly 8% [1] - The company’s total assets reached 38.600 billion yuan, with net assets attributable to shareholders of 20.462 billion yuan, and a gross profit margin for express services of 6.55% [4] Group 2: Technological Advancements - Yunda is implementing a multi-layered technology strategy termed "1+N+AI" to enhance logistics capabilities, focusing on the construction of collection and distribution centers [2] - The company is advancing the construction of intelligent transfer centers and has deployed drones and unmanned vehicles in various regions to improve last-mile delivery [3] - The application of the DeepSeek model is aimed at transitioning from "human + intelligent" to deep intelligence, enhancing operational decision-making and customer service efficiency [3] Group 3: Cost Management and Network Expansion - The company reported a 15.62% year-on-year decrease in core operating costs per package, with total revenue costs rising by 6.80% [4] - Yunda has established a multi-level transfer system with 71 transfer centers and over 9,700 end delivery service facilities, including 1,926 grid warehouses [4] - The company has expanded its service network to cover all provinces and municipalities in China, with a county-level coverage rate exceeding 99.8% [5] Group 4: Social Responsibility and Strategic Initiatives - Yunda is actively supporting the national "rural revitalization" strategy by enhancing its service network in rural areas, adding over 1,300 new township outlets [5] - The company has introduced smart delivery cabinets to improve convenience for consumers in rural areas, benefiting nearly 20,000 residents [5] - Yunda aims to shift the industry focus from price competition to value competition through technological empowerment and service optimization [6]