新华社北京11月18日电（记者叶昊鸣）记者11月18日从国家邮政局获悉，前10个月，我国邮政行业 寄递业务量累计完成1772.5亿件，同比增长14%。其中，快递业务量累计完成1626.8亿件，同比增长 16.1%。 当日，国家邮政局公布邮政行业运行情况。前10个月，我国邮政行业业务收入累计完成14700.5亿 元，同比增长7.7%。其中，快递业务收入累计完成12174.1亿元，同比增长8.5%。 前10个月，我国同城快递业务量累计完成131.4亿件，同比增长3%；异地快递业务量累计完成 1461.2亿件，同比增长17.6%；国际/港澳台快递业务量累计完成34.1亿件，同比增长12.2%。 【纠错】 【责任编辑:刘阳】 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In Q3 2025, the company reported a revenue of 9.72 billion yuan, a year-on-year decrease of 1.4%, and a net profit attributable to shareholders of -330 million yuan, a year-on-year decline of 278.6% [2][4]. - The gross margin for Q3 2025 decreased by 5.6 percentage points to 1.8%, primarily due to weak macro demand and adjustments in product structure, leading to a decline in revenue [2][4]. - The company is positioned as a leading direct-operated express delivery service provider, and despite short-term operational disruptions, the long-term value of the network is expected to remain intact, with hopes for improved operational performance in the future [2][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 30.27 billion yuan, representing a year-on-year growth of 7.0%, while the net profit attributable to shareholders was -280 million yuan, a year-on-year decline of 153.5% [4]. - In Q3 2025, the revenue breakdown showed express delivery and other business revenues decreased by 18.9% and increased by 9.4%, respectively, indicating a shift in product focus [6]. Cost and Margin Analysis - The gross margin for Q3 2025 was significantly impacted, dropping to 7.4% due to increased labor costs and other operational expenses, with labor costs rising by 9.6% year-on-year [6]. - Management expenses increased by 22.3% to 320 million yuan, reflecting higher investments in backend support resources following strategic adjustments [6]. Future Outlook - The company is expected to recover its profitability with projected net profits of -70 million yuan, 510 million yuan, and 760 million yuan for 2025, 2026, and 2027, respectively [6]. - The anticipated price-to-earnings ratios for 2026 and 2027 are 30.0x and 20.1x, respectively, indicating a potential for growth as operational adjustments take effect [6].

Core Viewpoint - The company reported a decline in revenue and net profit for the third quarter of 2025, indicating challenges in its core business segments while also highlighting growth in its supply chain services. Financial Performance - Total assets at the end of the reporting period were 16.141 billion yuan, a decrease of 4.88% from the beginning of the year [4] - Net assets attributable to shareholders were 8.032 billion yuan, down 5.10% year-to-date [4] - The asset-liability ratio stood at 50.11%, remaining stable compared to the beginning of the year [4] Revenue Analysis - The company's operating revenue for Q3 2025 was 9.715 billion yuan, a year-on-year decrease of 1.37% [5] - Revenue from express delivery services was 434 million yuan, down 18.84% year-on-year [6] - Revenue from other businesses, primarily supply chain services, was 476 million yuan, an increase of 9.35% year-on-year [7] Cost Structure - Operating costs for Q3 2025 were 9.535 billion yuan, an increase of 4.57% year-on-year [9] - Labor costs were 4.043 billion yuan, up 9.65%, reflecting increased investment in human resources [9] - Transportation costs were 4.391 billion yuan, a slight increase of 0.78% [10] - Period expenses totaled 566 million yuan, a rise of 9.22% year-on-year [11] Profitability - The net profit attributable to shareholders was -329 million yuan, a decrease of 278.64% year-on-year [12] - The net profit after deducting non-recurring gains and losses was -328 million yuan, down 313.19% year-on-year [12] Operational Developments - The company is focusing on enhancing its large-item delivery capabilities and improving service quality [13][14] - The number of delivery vehicles increased to 28,163, with a coverage rate of 96.40% in rural areas [13] - The company has invested in automation and optimized operational processes to improve efficiency [13] Legal and Financial Adjustments - The company has recognized a provision for pending litigation amounting to 104.9968 million yuan, which will reduce the profit for the first nine months of 2025 [28][29]

Core Insights - The company reported a significant increase in express delivery volume, with a year-on-year growth of 33.4% in Q3, reaching a total of 4.31 billion parcels, which is notably higher than the overall growth rate of the domestic express delivery industry [1][4] - Despite the increase in volume, the company's profit margins are under pressure, with gross profit declining by 4.4% and net profit attributable to shareholders decreasing by 8.5% year-on-year in Q3 [1][4] - The company attributes the profit decline to an "active market expansion strategy" and necessary long-term strategic investments [1] Business Segment Performance - The express logistics segment showed strong performance with a revenue increase of 14.4% year-on-year, while the supply chain and international business segments experienced a revenue decline of 5.3% [2][4] - The international freight forwarding business was notably impacted by a significant drop in shipping prices compared to the previous year, while international express and cross-border e-commerce logistics revenue grew by 27% [2][4] - The company is transitioning from standardized express services to customized supply chain solutions, achieving over 25% year-on-year growth in logistics revenue across various industries such as industrial equipment, high-tech communications, automotive, and consumer goods [2] Financial Highlights - Q3 revenue reached 78.4 billion yuan, representing an 8.2% year-on-year increase, while net profit attributable to shareholders was 2.57 billion yuan, down 8.5% [4] - For the first three quarters, total revenue was 225.26 billion yuan, up 8.89% year-on-year, with net profit attributable to shareholders increasing by 9.07% to 8.31 billion yuan [4] - The company reported a total of over 2.4 million active monthly billing customers and over 780 million individual members [4]

Core Insights - The report highlights that the company is focusing on strengthening its core capabilities and optimizing its product structure while increasing strategic investments to enhance operational efficiency [1] Revenue Structure - The company is concentrating on the growth of its core main products, with differentiated development across various business segments, showcasing the targeted nature of its strategic layout [1] - The express delivery business generated revenue of 4.34 billion, while the supply chain business achieved revenue of 4.76 billion, reflecting a year-on-year growth of 9.35% [1] Business Resilience - The optimization of revenue structure and enhancement of business resilience stem from the company's deep focus on the large-item delivery sector, addressing pain points in the entire logistics process from collection to delivery [1] - The company has increased resource investment, upgraded tools, and optimized business processes to meet diverse market demands for large-item transportation, thereby improving customer service experience and reinforcing its competitive advantage in the large-item logistics field [1] Quality of Service - The company is committed to improving delivery quality and providing efficient and reliable logistics services, as evidenced by a year-on-year decrease in customer complaints [1] - A stable network layout under a direct sales model, continuous service quality upgrades, and enhanced customer experience collectively support the healthy growth of the company's large-item business revenue [1]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's Q3 performance showed significant improvement, with total profit increasing by 39% year-on-year [4] - The company achieved a revenue of 541.56 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 9.69% [2] - The net profit attributable to the parent company for Q3 was 10.46 billion yuan, up 10.97% year-on-year, primarily due to a low tax base from the previous year [4] Revenue and Profit Analysis - In Q3, the company reported a revenue of 182.72 billion yuan, which is an 8.73% increase year-on-year [2] - The net profit for the first three quarters was 28.77 billion yuan, a slight decrease of 1.83% year-on-year [2] - The company's operating cash flow for the first three quarters was 46.71 billion yuan, reflecting a year-on-year increase of 14.41% [4] Business Volume and Market Share - The company handled 77.21 billion express parcels in Q3, marking a year-on-year increase of 15.05%, which is higher than the industry growth rate of 13.3% [3] - The market share for the company in Q3 was 15.6%, an increase of 0.2 percentage points year-on-year [3] Profitability Forecast - The company is expected to achieve net profits of 44.75 billion yuan, 52.85 billion yuan, and 61.84 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 11.54%, 18.09%, and 17.00% [5] - The projected price-to-earnings ratios for these years are 13.1x, 11.1x, and 9.5x, indicating a favorable valuation outlook [5]

Core Insights - The postal industry in China reported a business revenue of 152.57 billion yuan in September, marking a year-on-year growth of 6.8% [1] - The express delivery business revenue reached 127.37 billion yuan in September, with a year-on-year increase of 7.2% [1] - The total volume of postal services reached 18.34 billion items in September, reflecting a year-on-year growth of 11.2%, while express delivery volume was 16.88 billion items, up by 12.7% [1] Revenue and Volume Summary - From January to September, the cumulative business revenue of the postal industry was 1,313.63 billion yuan, showing a year-on-year growth of 7.7% [1] - Cumulative express delivery revenue for the same period was 1,085.74 billion yuan, with an 8.9% year-on-year increase [1] - The total volume of postal services from January to September reached 158.26 billion items, a year-on-year increase of 15.0%, while express delivery volume was 145.08 billion items, up by 17.2% [1] Segment Analysis - In the first nine months, the volume of same-city express delivery was 11.87 billion items, growing by 4.3% year-on-year; intercity express delivery volume was 130.17 billion items, up by 18.6%; and international/Hong Kong, Macau, and Taiwan express delivery volume was 3.04 billion items, increasing by 13.7% [1] - The cumulative volume of postal letters was 490 million items, down by 33.0%; parcel business volume was 2.1081 million items, down by 0.6%; newspaper volume was 12.21 billion copies, down by 3.5%; magazine volume was 450 million copies, down by 6.2%; and remittance volume was 1.475 million transactions, down by 30.6% [2] Market Share and Regional Insights - The share of same-city, intercity, and international/Hong Kong, Macau, and Taiwan express delivery volumes accounted for 8.2%, 89.7%, and 2.1% of total express delivery volume, respectively [2] - In terms of regional performance, the eastern, central, and western regions accounted for 73.8%, 15.6%, and 10.6% of express delivery revenue, and 71.1%, 19.6%, and 9.3% of express delivery volume, respectively [2] - The concentration index CR8 for express and parcel service brands was 86.9, remaining stable compared to the previous month [3]

Core Insights - The postal industry in China achieved a business revenue of 152.57 billion yuan in September, marking a year-on-year growth of 6.8% [1] - The express delivery segment generated a revenue of 127.37 billion yuan in September, reflecting a year-on-year increase of 7.2% [1] - The total volume of postal delivery services reached 18.34 billion items in September, with a year-on-year growth of 11.2% [1] Revenue Summary - Cumulative business revenue for the postal industry from January to September reached 1,313.63 billion yuan, showing a year-on-year growth of 7.7% [1] - Cumulative revenue for the express delivery sector during the same period was 1,085.74 billion yuan, representing an 8.9% year-on-year increase [1] Volume Summary - The cumulative volume of postal delivery services from January to September totaled 158.26 billion items, with a year-on-year growth of 15.0% [1] - The express delivery volume for the same period amounted to 145.08 billion items, indicating a year-on-year increase of 17.2% [1]

Core Insights - The postal industry in China reported a business revenue of 152.57 billion yuan in September 2023, marking a year-on-year growth of 6.8% [1] - The express delivery business revenue reached 127.37 billion yuan in September, with a year-on-year increase of 7.2% [1] - Cumulatively, from January to September 2023, the postal industry generated a total revenue of 1,313.63 billion yuan, reflecting a growth of 7.7% compared to the same period last year [1] Revenue and Volume Performance - In September, the total volume of postal delivery services reached 18.34 billion pieces, up 11.2% year-on-year, with express delivery volume at 16.88 billion pieces, increasing by 12.7% [1] - For the first nine months, the cumulative delivery volume was 158.26 billion pieces, a 15.0% increase, while express delivery volume totaled 145.08 billion pieces, growing by 17.2% [1] Segment Analysis - The express delivery business accounted for 83.5% of the total postal business revenue in the first nine months [1] - The volume of same-city express deliveries was 11.87 billion pieces, up 4.3%, while intercity express deliveries surged to 130.17 billion pieces, marking an 18.6% increase [1][2] - International and Hong Kong/Macau/Taiwan express deliveries reached 3.04 billion pieces, reflecting a year-on-year growth of 13.7% [1] Regional Performance - In terms of revenue distribution, the eastern region contributed 73.8%, the central region 15.6%, and the western region 10.6% of the total express delivery revenue [6] - The eastern region saw a slight decline in both revenue and volume share compared to the previous year, while the central and western regions experienced increases [6] Market Concentration - The concentration index (CR8) for express and parcel service brands stood at 86.9, remaining stable compared to the previous month [9] Detailed Breakdown by Province - The express delivery revenue for major provinces included Guangdong at 223.48 billion yuan (1.0% growth), Jiangsu at 77.8 billion yuan (7.5% growth), and Zhejiang at 109.57 billion yuan (5.3% growth) [11] - Notably, Hebei province showed significant growth in express delivery revenue at 49.31 billion yuan, with a year-on-year increase of 19.9% [11] City-Level Insights - Shanghai led the express delivery revenue with 195.99 billion yuan, followed by Guangzhou at 68.34 billion yuan and Shenzhen at 46.96 billion yuan [12] - In terms of processing volume, Guangzhou also topped the list with 1,656,335.3 million pieces, indicating a robust logistics network [13]

Core Insights - In September, the postal industry achieved a business revenue of 152.57 billion yuan, marking a year-on-year growth of 6.8% [1] - The express delivery sector generated a revenue of 127.37 billion yuan in September, reflecting a year-on-year increase of 7.2% [1] - From January to September, the total business revenue of the postal industry reached 1,313.63 billion yuan, with a year-on-year growth of 7.7% [1] - Cumulatively, the express delivery revenue for the first nine months amounted to 1,085.74 billion yuan, showing an 8.9% year-on-year increase [1]