Core Viewpoint - YTO Express is focusing on enhancing its core express delivery business while expanding its international logistics capabilities and optimizing its service offerings to improve customer experience and operational efficiency [1][3]. Group 1: Business Performance - In the first half of 2025, YTO Express completed a total of 14.863 billion express deliveries, representing a year-on-year growth of 21.79%, which exceeds the industry average growth rate by 2.5 percentage points [2]. - The company achieved a revenue of 35.883 billion yuan, marking a year-on-year increase of 10.19% [2]. - The net profit attributable to shareholders of the parent company was 1.831 billion yuan, with the express delivery segment contributing 1.985 billion yuan to this figure [2]. Group 2: Operational Network - As of June 30, 2025, YTO Express's express service network covers all 31 provinces, autonomous regions, and municipalities in China, with a coverage rate of 99.93% in cities above the county level [1]. - The company has 5,027 franchisees and over 77,000 active terminal stores, along with 75 self-operated hub transfer centers and 3,345 sets of automated sorting equipment [1]. - The fleet includes nearly 8,300 line-haul transport vehicles, of which 6,733 are owned, and a self-owned airline fleet consisting of 13 aircraft [1]. Group 3: International Development Strategy - YTO Express is actively deepening its international development strategy, focusing on expanding its international network and optimizing cross-border logistics services [1][3]. - The company aims to enhance its comprehensive service capabilities globally by leveraging its overseas stations, professional teams, and diverse fleet [1][3]. - Future plans include expanding overseas operations, particularly in Central Asia, and enhancing the international logistics service chain [4].

Core Viewpoint - YTO Express reported a revenue of 35.883 billion yuan for the first half of 2025, marking a year-on-year growth of 10.19%, while net profit attributable to shareholders decreased by 7.90% to 1.831 billion yuan [1] Group 1: Company Performance - YTO Express completed a total express delivery volume of 14.863 billion pieces, representing a year-on-year increase of 21.79%, surpassing the industry average growth rate by 2.5 percentage points [1] - The company is focusing on digitalization and intelligent development, expanding its logistics ecosystem, and enhancing international market presence [1] Group 2: Industry Trends - The State Post Bureau held a meeting in late July to address "involution" competition in the express delivery industry, promoting high-quality development and addressing issues like illegal charges in rural areas [2] - As the industry moves towards "anti-involution," express delivery prices are expected to stabilize and recover, potentially improving the profitability of leading express companies [2] Group 3: International Expansion - YTO Express is advancing its international development strategy by leveraging trends in cross-border e-commerce and the Belt and Road Initiative, actively expanding into emerging markets [2] - The company is optimizing its cross-border logistics product matrix and enhancing its global service capabilities through a well-established overseas network and diverse fleet [2]

Core Insights - The company reported a total revenue of 69.033 billion, representing a year-on-year increase of 19.67% [1] - The net profit attributable to shareholders was 4.012 billion, up 7.78% year-on-year [1] - The company plans to distribute a cash dividend of approximately 1.23 billion, which is about 0.36 per share, accounting for 30.7% of the annual net profit [1] Financial Performance - For the 2024 fiscal year, the company achieved a net cash flow from operating activities of 5.857 billion [1] - The basic earnings per share were 1.16, with a weighted ROE of 13.27% [1] - In Q1 2025, the company reported revenue of 17.06 billion, a year-on-year increase of 10.6%, while the non-deductible net profit decreased by 10.3% [3] Business Segments - The express delivery segment generated revenue of 62.3 billion, a year-on-year increase of 19.2%, accounting for 90.2% of total revenue [4] - The freight forwarding segment reported revenue of 3.76 billion, up 22.5%, contributing 5.5% to total revenue [4] - The aviation segment had revenue of 1.72 billion, with a significant year-on-year increase of 43.2%, but reported a loss of 170 million in gross profit [5] - Other businesses generated revenue of 1.16 billion, with a year-on-year increase of 5.8% and a gross profit of 610 million [6] Investment Outlook - The company is leveraging technology to enhance its comprehensive capabilities, with highlights including a 25% year-on-year increase in express delivery volume, surpassing industry average growth [7] - The average revenue per shipment slightly decreased by 4.9% compared to the previous year [7] - The aviation segment's gross margin increased by 10 percentage points year-on-year, indicating improved efficiency [7]

年报显示，圆通速递业务量持续保持较快增长。2024年，公司完成快递业务量265.73亿件，同比增长 25.32%，高出行业平均增速3.8个百分点。 此外，随着公司数字化转型的持续深入，圆通速递广泛应用人工智能等先进技术，不断深化成本精细管 控，以进一步提质降本增效。2024年，圆通速递单票运输成本为0.42元，较上年同期下降0.04元，降幅 9.41%；单票中心操作成本为0.28元，较上年同期下降0.01元，降幅5.41%。 "通过技术创新、网络优化和成本控制，圆通速递建立了较高的竞争壁垒，进一步巩固了市场份额。"众 和昆仑（北京）资产管理有限公司董事长柏文喜向《证券日报》记者表示，在消费升级、政策支持和技 术创新等多因素的共同作用下，快递行业近年来持续保持快速增长。未来，随着电商行业的持续繁荣、 技术创新的推进和市场下沉的深化，快递行业仍具有广阔的发展空间。 （文章来源：证券日报） 圆通速递利润分配预案显示，2024年期末，公司拟向全体股东每10股派发现金红利3.60元（含税），合 计拟派发现金红利12.31亿元（含税），占2024年度公司归母净利润的30.69%。 圆通速递是国内领先的综合性快递物流运营商 ...