韵达控股集团股份有限公司（以下简称"公司"）第八届董事会第十六次会 议于 2024 年 12 月 27 日以电子邮件和书面方式通知各位董事，会议于 2024 年 12 月 30 日在上海市召开，本次会议以现场结合通讯表决的方式进行。会议应出 席的董事 8 人，实际出席的董事 8 人（其中张大瑞先生、胡铭心先生、张大春先 生共 3 位董事以通讯表决方式出席）。会议由董事长聂腾云先生召集并主持，本 次会议的出席人数、召集、召开程序和审议内容均符合《中华人民共和国公司法》 等有关法律、行政法规、部门性规章、规范性文件及《韵达控股集团股份有限公 司章程》（以下简称"《公司章程》"）等有关规定。 二、董事会会议审议情况 证券代码：002120 证券简称：韵达股份 公告编号：2024-092 韵达控股集团股份有限公司 第八届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 韵达控股集团股份有限公司董事会 2024年12月31日 1、以 8 票同意，0 票反对，0 票弃权，审议通过了《关于制定<市值管理制 度>的议案》。 根 ...

证券代码：002120 证券简称：韵达股份 公告编号：2024-091 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | 本次质押前 | 本次质押后 | 占其所 | 占公司 | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 持股数量 （股） | 持股比 例 | 质押股份数 | 质押股份数 | 持股份 | 总股本 | 已质押股份 限售和冻 | 占已 质押 | 未质押股份 | 占未质 | | | | | 量（股） | 量（股） | 比例 | 比例 | 结、标记数 | 股份 | 限售和冻结 数量(股) | 押股份 比例 | | | | | | | | | 量(股) | 比例 | | | | 上海罗颉思投 资管理有限公 司 | 1,510,552,788 | 52.10% | 289,860,000 | 319,860,000 | 21.18% | 11.03% | 0 | 0.00% | 0 | 0.00% | | 聂腾云 | 80, ...

证券代码：002120 证券简称：韵达股份 公告编号：2024-090 韵达控股集团股份有限公司 2024年11月快递服务主要经营指标快报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露 （2023 年修订）》的规定，韵达控股集团股份有限公司（以下简称"公司"）2024 年 11 月快递服务主要经营指标情况如下： 一、公司 2024 年 11 月快递服务主要经营指标 | 项目 | 2024年11月 | 同比增长 | | --- | --- | --- | | 快递服务业务收入（亿元） | 45.98 | 0.26% | | 完成业务量（亿票） | 22.70 | 17.62% | | 快递服务单票收入（元） | 2.03 | -14.71% | 二、数据说明 上述数据未经审计，可能会与定期报告数据存在差异，仅供投资者阶段性参 考，相关数据以公司定期报告为准，请投资者注意风险。 韵达控股集团股份有限公司董事会 2024年12月20日 特此公告。 ...

关于变更公司名称暨完成工商变更登记的公告 证券代码：002120 证券简称：韵达股份 公告编号：2024-089 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、公司名称变更的说明 韵达控股集团股份有限公司 经营范围：一般项目：企业总部管理；以自有资金从事投资活动；企业管理 咨询；信息咨询服务（不含许可类信息咨询服务）；租赁服务（不含许可类租赁 服务）；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；广 告发布；广告制作；广告设计、代理；装卸搬运；体育用品及器材零售；家用电 器销售；教育教学检测和评价活动；信息技术咨询服务；组织体育表演活动；组 韵达控股集团股份有限公司（以下简称"公司"）于 2024 年 11 月 6 日召开的 第八届董事会第十五次会议及 2024 年 11 月 26 日召开的 2024 年第二次临时股 东会审议通过了《关于拟变更公司名称及修订<公司章程>的议案》，同意将公司 名称由"韵达控股股份有限公司"变更为"韵达控股集团股份有限公司"，证券 简称及证券代码保持不变。具体内容详见公司于巨潮资讯网披露的《关于拟变更 公司名称 ...

韵达控股股份有限公司 2024 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要提示： 本次股东会召开期间，无否决提案的情况，无变更以往股东会已通过的决议 的情况。 证券代码：002120 证券简称：韵达股份 公告编号：2024-088 一、会议召开和出席情况 1、会议召开的日期、时间 （1）现场会议召开时间为：2024年11月26日（星期二）下午14:30 （2）网络投票时间为：2024年11月26日（星期二），其中通过深圳证券交 易所交易系统进行网络投票的具体时间为：2024年11月26日上午9:15-9:25、9:30- 11:30，下午13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体时间 为：2024年11月26日上午9:15至下午15:00任意时间。 2、股权登记日：2024年11月19日 3、现场会议召开地点：浙江省慈溪市宁波杭州湾新区金源大道 9 号 4、会议召开方式：本次股东会采取现场投票和网络投票相结合的方式召开。 公司将通过深圳证券交易所交易系统和互联网投票系统向全体股东提供网络形 式的投票 ...

北京市天元律师事务所 关于韵达控股股份有限公司 2024 年第二次临时股东会的法律意见 京天股字（2024）第 633 号 致：韵达控股股份有限公司 韵达控股股份有限公司（以下简称"公司"）2024 年第二次临时股东会（以下 简称"本次股东会"）采取现场投票与网络投票相结合的方式，现场会议于 2024 年 11 月 26 日（星期二）下午 14:30 在浙江省慈溪市宁波杭州湾新区金源大道 9 号召 开。北京市天元律师事务所（以下简称"本所"）接受公司聘任，指派本所律师参 加现场会议并对本次股东会现场会议进行见证，并根据《中华人民共和国公司法》 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以 下简称"《股东大会规则》"）以及《韵达控股股份有限公司章程》（以下简称"《公 司章程》"）等有关规定，就本次股东会的召集、召开程序、出席现场会议人员的资 格、召集人资格、会议表决程序及表决结果等事项出具本法律意见。 为出具本法律意见，本所律师审查了《韵达控股股份有限公司第八届董事会第 十五次会议决议公告》《韵达控股股份有限公司第八届监事会第十二次会议决议公 告》《韵达控股股份有限公司关于召 ...

Investment Rating - The report maintains a "Buy" rating for Yunda Express (韵达股份) [6]. Core Views - Yunda Express is one of the leading express delivery brands, steadily expanding and improving operations. The company has transformed from the fifth to the second in market share from 2014 to 2019, benefiting from the direct management and digital transformation of its transit centers. Despite a setback in 2022 due to network issues, the company has resumed market share expansion and demonstrated performance elasticity in 2023, with both market share and net profit margin increasing year-on-year in the first three quarters of 2024 [3][4]. - The industry is experiencing a supply-demand reversal, leading to improved returns. After a peak in capital expenditure in 2021, the industry is entering a capacity ramp-up phase. With strong demand growth, it is expected that supply-demand rebalancing will take four years, reaching peak capacity utilization by 2025, which presents a strategic opportunity for Yunda to reverse its previous challenges [3][4]. - The company has initiated a network repair plan in 2023, increasing the number of terminal outlets by 14.84% year-on-year to 4,851. This increase in outlets is expected to drive significant volume growth and enhance service capabilities. Yunda is currently in a phase of repairing market share and costs, with sufficient capacity ramp-up potential to support industry-leading cost elasticity and profit elasticity [4]. Financial Performance and Forecast - The financial forecast for Yunda Express indicates a recovery in profitability and business volume, with expected net profits of 1.974 billion, 2.349 billion, and 2.756 billion yuan for 2024, 2025, and 2026 respectively. The report suggests a reasonable valuation of 9.53 yuan per share based on a 14x PE ratio for 2024 [4][5]. - The company’s revenue for 2024 is projected to be 47.434 billion yuan, with a growth rate of 13.3%. The EBITDA is expected to be 5.887 billion yuan, and the net profit margin is anticipated to improve significantly [5][4]. - The report highlights that Yunda's operating cash flow reached 3.213 billion yuan in the first three quarters of 2024, with a reduction in the debt-to-asset ratio from 55.1% in 2022 to 48.0% in Q3 2024 [4][5][118]. Industry Overview - The express delivery industry has undergone a transformation, with a shift towards a dual market structure dominated by mid-to-low-end services. Yunda focuses on this segment while also developing high-value time-sensitive products [82][86]. - The industry is currently in a phase of moderate price competition, with Yunda managing to increase its market share despite a decline in single-package revenue due to competitive pressures [4][114]. - The report notes that the industry is expected to see a gradual recovery in profitability as capital expenditures stabilize and demand continues to grow [3][4].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's express business volume in October reached 2.25 billion packages, a year-on-year increase of 31.81%, with a market share of approximately 13.80%, up 0.82 percentage points from 2023 [1] - The express business revenue for October was 4.535 billion yuan, a year-on-year increase of 16.58% [1] - The average revenue per package was 2.02 yuan, a year-on-year decrease of 11.40%, but a slight month-on-month increase of 0.5% [1] - The company is expected to benefit from the ongoing expansion of industry volume and the rise of live e-commerce, which will enhance online shopping penetration [1] - The company is focusing on improving operational efficiency while maintaining quality and profitability of packages [1] Summary by Sections Business Performance - In October, the company achieved express business revenue of 4.535 billion yuan, a year-on-year increase of 16.58% [1] - The express business volume was 2.25 billion packages, reflecting a year-on-year growth of 31.81% [1] - The average revenue per package was 2.02 yuan, down 11.40% year-on-year but up 0.01 yuan from September [1] Future Outlook - The company is expected to leverage its network improvements and operational efficiencies to continue its growth trajectory [1] - The management structure has been enhanced with a focus on strict performance evaluation and governance [1] - The company is implementing a "shared development" strategy with its franchise network to optimize pricing and package structure [1] Financial Projections - The projected net profits for 2024, 2025, and 2026 are 2.285 billion yuan, 2.854 billion yuan, and 3.397 billion yuan, respectively, with corresponding P/E ratios of 10.3, 8.2, and 6.9 [1]

2024年10月快递服务主要经营指标快报 证券代码：002120 证券简称：韵达股份 公告编号：2024-087 韵达控股股份有限公司 根据《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露 （2023 年修订）》的规定，韵达控股股份有限公司（以下简称"公司"）2024 年 10 月快递服务主要经营指标情况如下： 一、公司 2024 年 10 月快递服务主要经营指标 | 项目 | 2024年10月 | 同比增长 | | --- | --- | --- | | 快递服务业务收入（亿元） | 45.35 | 16.58% | | 完成业务量（亿票） | 22.50 | 31.81% | | 快递服务单票收入（元） | 2.02 | -11.40% | 二、数据说明 今年以来，随着我国快递市场规模持续扩增，公司持续提升全网运营效率和 服务品质，带动公司业务量快速增加。同时受电商平台促销模式和节奏变化影响， 今年快递业务旺季自 10 月 21 日开始，2024 年 10 月，公司完成业务量 22.50 亿 票，同比增长 31.81%。 上述数据未经审计，可能会与定期报告数据存在差异，仅供投资者阶段性参 考 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company is capitalizing on the trend of small parcel delivery, implementing cost reduction strategies to maintain profitability. The company's express delivery volume growth outpaces the industry average, and it is effectively lowering costs while enhancing profit margins [2][3]. - For Q3 2024, the company reported a revenue of 12.257 billion RMB, an increase of 8.84% year-on-year, and a net profit of 367 million RMB, up 24.25% year-on-year. The overall revenue for the first three quarters of 2024 reached 35.509 billion RMB, reflecting an 8.14% increase year-on-year, with a net profit of 1.408 billion RMB, a 20.93% increase year-on-year [2][3]. Summary by Sections Financial Performance - The company achieved a total express delivery volume of 16.943 billion pieces in the first three quarters of 2024, a year-on-year increase of 27.7%, surpassing the industry growth rate by 5.7 percentage points. In Q3 2024 alone, the volume was 6.019 billion pieces, up 23.72% year-on-year [2][3]. - The average revenue per piece for Q1-Q3 2024 was 2.10 RMB, down 15.32% year-on-year, indicating a successful strategy of price reduction to increase volume. The average cost per piece was 1.89 RMB, down 15.06% year-on-year, showcasing effective cost management [2][3]. Digitalization and Innovation - The company is enhancing its digital capabilities and actively exploring the low-altitude economy. It has implemented a comprehensive digital strategy to improve operational efficiency and service quality, including the introduction of new intelligent sorting equipment [2][3]. - The company is conducting pilot projects for drone deliveries in certain regions, aiming to shorten delivery times and improve service efficiency [2][3]. Valuation Adjustments - Due to a significant reduction in average revenue per piece, the company has adjusted its profit forecasts. The projected net profits for 2024-2026 are 2.075 billion RMB, 2.405 billion RMB, and 2.857 billion RMB, representing year-on-year growth rates of 27.7%, 15.9%, and 18.8% respectively. The corresponding EPS is expected to be 0.72 RMB, 0.83 RMB, and 0.99 RMB per share, with PE ratios of 11.3, 9.8, and 8.2 times [2][3].