External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>We believe the price floor of RMB1.4/parcel shipment set by the Guangdong’s authority is a forceful move to put the brakes on the price war in the express delivery sector.</li><li>Most importantly, we believe Guangdong, being the largest province in terms of both parcel volume and revenue, will set an example of “anti-involution”, which will potentially trigger more provinces to follow suit.</li><li>We reiterate our view that this round of “anti-involution” campaign will be similar to the one in 2021, which will boost parcel price hike and serve as a positive catalyst over the coming 3-6 months. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We believe the price floor of RMB1.4/parcel shipment set by the Guangdong’s authority is a forceful move to put the brakes on the price war in the express delivery sector.Most importantly, we believe Guangdong, being the largest province in terms of both parcel volume and revenue, will set an example of “anti-involution”, which will potentially trigger more provinces to follow suit.We reiterate our view that this round of “anti-involution” campaign will be similar to the one in 2021, which will boost parcel price hike and serve as a positive catalyst over the coming 3-6 months. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Logistics - Price Floor in Guangdong Likely Set an Example for Other Regions...

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Chinese parcel volume growth in April was solid, and unit price trend appears benign</li>
<li>No signs (yet) of aggressive moves by ZTO Express to recovery volume share in Q225</li>
<li>Besides SF, express companies have struggled to differentiate themselves in recent years</li>
</ul>


Chinese parcel volume growth in April was solid, and unit price trend appears benign
No signs (yet) of aggressive moves by ZTO Express to recovery volume share in Q225
Besides SF, express companies have struggled to differentiate themselves in recent years


Monthly Chinese Express Tracker | Volume Firm, Price Benign | ZTO Under Pressure? (May 2025)

<ul>
<li>In Q125, ZTO's rate of volume growth accelerated, but it still lagged overall market growth</li>
<li>Despite a sharp (-18% Y/Y) decline in SG&amp;A expenses, OpInc margin fell by -70 bps Y/Y</li>
<li>Guidance suggests ZTO will chase volume share rest of FY25, pressuring margins further</li>
</ul>


In Q125, ZTO's rate of volume growth accelerated, but it still lagged overall market growth
Despite a sharp (-18% Y/Y) decline in SG&amp;A expenses, OpInc margin fell by -70 bps Y/Y
Guidance suggests ZTO will chase volume share rest of FY25, pressuring margins further


ZTO Express Q125 Results: Adj EBITDA Barely Moved Despite +19% Y/Y Parcel Volume Growth | AVOID

<ul>
<li>SF Hldg had slowest Q125 revenue growth among China-listed express companies, STO fastest
</li>
<li>Only these two express firms reported margin expansion in Q125 -- how'd they do it?</li>
<li>Q125 results suggest two very different paths toward improved express profitability</li>
</ul>


SF Hldg had slowest Q125 revenue growth among China-listed express companies, STO fastest

Only these two express firms reported margin expansion in Q125 -- how'd they do it?
Q125 results suggest two very different paths toward improved express profitability


Chinese Express: SF, STO Enjoyed Margin Expansion in Q125; YTO, Yunda Saw Margins Contract

<ul>
<li>March and Q125 parcel volume growth slowed only slightly vs strong Q424 and FY24</li>
<li>Single-Digit unit price declines should be manageable for most of the express companies</li>
<li>But express "story" generally unexciting, and most shares should continue to lag Alibaba</li>
</ul>


March and Q125 parcel volume growth slowed only slightly vs strong Q424 and FY24
Single-Digit unit price declines should be manageable for most of the express companies
But express "story" generally unexciting, and most shares should continue to lag Alibaba


Monthly Chinese Express Tracker | March, Q125 Growth Solid | But Shares Lag Alibaba (April 2025)

China

Yunda Holding Co Ltd operates as a holding company. The Company, through its subsidiaries, provides industrial investment, enterprise management, business consulting, car rental, technical development, information technology, and advertising services. Yunda Holding serves customers in China.

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Yunda Holding (002120 CH)

Logistics - Price Floor in Guangdong Likely Set an Example for Other Regions...

We believe the price floor of RMB1.4/parcel shipment set by the Guangdong’s authority is a forceful move to put the brakes on the price war in the...

CMB International

Monthly Chinese Express Tracker | Volume Firm, Price Benign | ZTO Under Pressure? (May 2025)

April volume and price trends were mostly benign, but the fact remains that most of China's express companies have struggled to differentiate their...

Tracking Traffic

ZTO Express Q125 Results: Adj EBITDA Barely Moved Despite +19% Y/Y Parcel Volume Growth | AVOID

ZTO Express reported core margin compression again in Q125, despite an acceleration of volume growth and impressive cost control. "Key accounts"...

Tracking Traffic

Chinese Express: SF, STO Enjoyed Margin Expansion in Q125; YTO, Yunda Saw Margins Contract

Chinese express companies SF Holding and STO Express followed two very disparate paths to Op Inc margin expansion in Q1 2025

Tracking Traffic

Monthly Chinese Express Tracker | March, Q125 Growth Solid | But Shares Lag Alibaba (April 2025)

In March and Q125, express volume growth remained firm, and unit price declines should be manageable for most express companies. But as an...

Tracking Traffic

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