Yunda Earnings: Margin Recovery at the Expense of Scale; Shares Modestly Undervalued
Yunda's recurring net profit rose 105.7% year-on-year in the first half of 2026, driven by government-mandated price hikes. However, parcel volume declined 3.7%, against the industry's growth of 5%. Unit transportation and sorting costs totaled CNY 0.66 per parcel, up 12% year over year.