According to the Guohai Securities Research Report, Yunda's Q3 profit was +28% year-on-year, and the decline in business volume narrowed further. Net profit attributable to mother for the first three quarters of 2026 was +72.05% year-on-year to 1,256 billion yuan, and +28.28% year-on-year in Q3. Single-ticket profits continued to improve year-on-year, single-ticket profits declined month-on-month in the off-season, and profit quality was under marginal pressure. Business volume performance: Q3 business volume was -0.08% year-on-year, and the decline was narrower than in Q2. In the first three quarters of 2026, the company achieved express delivery business volume of 18.669 billion units, -2.48%, which is about 6.8pct lower than the industry's growth rate; of these, 2026Q3 achieved express delivery business volume of 6.412 billion units, -0.08% year-on-year, and the decline was narrower than Q2. The Q3 market share was about 12.6%, -0.4 pct year on year, and +0.2 pct month-on-month. Benefiting from the express delivery industry's “backlash” driving up prices, they are optimistic about the steady recovery of the company's profits and maintain the “increase in holdings” rating.

According to the Guohai Securities Research Report, Yunda's Q3 profit was +28% year-on-year, and the decline in business volume narrowed further. Net profit attributable to mother for the first three quarters of 2026 was +72.05% year-on-year to 1,256 billion yuan, and +28.28% year-on-year in Q3. Single-ticket profits continued to improve year-on-year, single-ticket profits declined month-on-month in the off-season, and profit quality was under marginal pressure. Business volume performance: Q3 business volume was -0.08% year-on-year, and the decline was narrower than in Q2. In the first three quarters of 2026, the company achieved express delivery business volume of 18.669 billion units, -2.48%, which is about 6.8pct lower than the industry's growth rate; of these, 2026Q3 achieved express delivery business volume of 6.412 billion units, -0.08% year-on-year, and the decline was narrower than Q2. The Q3 market share was about 12.6%, -0.4 pct year on year, and +0.2 pct month-on-month. Benefiting from the express delivery industry's “backlash” driving up prices, they are optimistic about the steady recovery of the company's profits and maintain the “increase in holdings” rating.