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.

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