数据显示，截至报告期末，圆通的加盟商数量为5027家，有超过7.7万个活跃终端门店，公司在全国范 围拥有自营枢纽转运中心75个，自有航空机队数量有13架。 北京商报讯（记者 何倩）8月27日，圆通发布2025年半年报。数据显示，今年上半年，圆通营收达 358.83亿元，同比增长10.19%；归属于母公司股东净利润18.31亿元，同比下滑7.9%；基本每股收益为 0.53元/股，同比下降8%。 业务层面，圆通今年上半年快递业务完成量达148.63亿件，同比增长21.79%。快递收入为332.4亿元， 同比增长13.73%。航空业务在财报期内也同比增长15.11%，为8.9亿元，但毛利率同比下降了6.13%。货 代业务收入为10.5亿元，同比下滑超过四成。 ...

圆通速递今年以来股价涨25.67%，近5个交易日跌2.52%，近20日涨15.87%，近60日涨35.57%。 资料显示，圆通速递股份有限公司位于上海市青浦区华新镇新协路28号，成立日期1992年12月22日，上 市日期2000年6月8日，公司主营业务涉及综合性快递物流服务。主营业务收入构成为：国内时效产品 86.55%，货代服务5.45%，航空业务2.49%，国际快递及包裹服务1.83%，其他(补充)1.68%，其他 1.64%，增值服务0.37%。 截至3月31日，圆通速递股东户数5.95万，较上期增加15.74%；人均流通股57941股，较上期减少 13.60%。2025年1月-3月，圆通速递实现营业收入170.60亿元，同比增长10.58%；归母净利润8.57亿元， 同比减少9.16%。 8月25日，圆通速递盘中下跌2.03%，截至13:17，报17.38元/股，成交3.79亿元，换手率0.63%，总市值 594.44亿元。 责任编辑：小浪快报 资金流向方面，主力资金净流出3146.56万元，特大单买入1191.01万元，占比3.14%，卖出2333.50万 元，占比6.16%；大单买入8049.99 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [6][11]. Core Insights - The recent call from the State Post Bureau to combat "involution" in the industry is expected to improve the company's profitability by reducing price competition [7][11]. - The company has a competitive advantage in terms of scale and pricing power, with a significant increase in express delivery volume and a higher average revenue per package compared to peers [11]. - Profit forecasts for the company are optimistic, with expected net profits of RMB 41 billion, RMB 45 billion, and RMB 53 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth [11]. Company Overview - The company operates in the transportation industry, specifically in express delivery services [2]. - As of July 9, 2025, the company's A-share price was RMB 12.70, with a market capitalization of RMB 434.37 billion [2]. - The company has a strong market position, with a domestic service efficiency rate of 86.6% and a significant market share in express delivery [2]. Financial Performance - The company is projected to achieve a net profit of RMB 4,107 million in 2025, with an EPS of RMB 1.19 [10]. - Revenue is expected to grow from RMB 57,684 million in 2023 to RMB 75,883 million in 2025, indicating a robust growth trajectory [15]. - The company's P/E ratio is projected to decrease from 11.74 in 2023 to 10.66 in 2025, suggesting an attractive valuation [10]. Market Dynamics - The express delivery industry is currently facing intense price competition, but regulatory measures from the State Post Bureau are anticipated to alleviate this pressure [11]. - The company's proactive investments in cargo aircraft and digitalization have enhanced its service quality and operational efficiency, positioning it favorably against competitors [11].

Core Viewpoint - YTO Express reported a revenue of 69.033 billion yuan for 2024, marking a year-on-year growth of 19.67%, with a net profit attributable to shareholders of 4.012 billion yuan, up 7.78% [1] Financial Performance - In 2024, YTO Express's express delivery business volume reached 26.573 billion pieces, a year-on-year increase of 25.32%, surpassing the industry average growth rate by 3.8 percentage points [1] - For Q1 2025, the company achieved a revenue of 17.060 billion yuan, a 10.58% increase year-on-year, with a net profit of 0.857 billion yuan [1] - The average revenue per express delivery piece decreased to 2.30 yuan in 2024, down 4.86% from 2.41 yuan in the previous year [3][4] Business Segmentation - Domestic time-sensitive products generated a revenue of 5.975 billion yuan, while international express and parcel services saw a revenue decline of 5.58% to 126 million yuan [2] - Value-added services contributed 252.945 million yuan, with a gross margin of 53.16%, and freight forwarding services generated 3.759 billion yuan, with a gross margin of 22.51% [2] Cost Management - The cost per express delivery piece decreased to 2.09 yuan, down 4.04% from the previous year, with significant reductions in transportation and operational costs [4][5] - The company reported a nearly 12% increase in the number of packages per vehicle and a nearly 10% improvement in labor efficiency by the end of 2024 [5] Strategic Initiatives - YTO Express is focusing on embracing artificial intelligence and advancing smart development, particularly in international business, which has shown limited growth [3][9] - The company plans to enhance its domestic and international networks and improve core services in international express, freight, and supply chain management [8][10] Industry Context - The express delivery industry is experiencing intense price competition, with YTO Express's single-piece revenue declining alongside competitors [6][7] - The industry is shifting towards high-quality development, emphasizing service quality over mere cost advantages [6][7]