Analysis of Yunda Holding Co., Ltd.'s 'Post-2000s' Entry into the Board of Directors and the Gap in Network Management Efficiency

According to the latest announcement, Yunda Holding Co., Ltd. (002120.SZ) issued a board election announcement on December 13, 2024. The non-independent director candidates for the 9th Board include:

[1][2]. The most notable candidate is , born in January 2001, 24 years old, son of actual controllers Nie Tengyun and Chen Liying, holding a master’s degree. He currently serves as General Manager of Shanghai Yingjie Industrial Co., Ltd. and Executive Director & General Manager of Shanghai Yuanmai Industrial Co., Ltd. [1][2].

Notably, the board candidates show obvious family ties:

• Nie Tengyun (actual controller) serves as Chairman and President
• Chen Liying (Nie Tengyun’s wife) serves as Co-Chairman and Vice President
• Nie Zhangqing (Nie Tengyun’s father) serves as Director, directly holding 16.1267 million shares
• Nie Yipeng (Nie Tengyun’s son) is nominated as non-independent director

This means the new board will have a

structure, with Fu Qin as the only non-family candidate, currently serving as Director and Vice President of Yunda [2].

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Financial Indicator	Yunda Holding Co., Ltd.	ZTO Express	Yunda/ZTO
Operating Revenue (100 million yuan)	485.43	442.67	109.7%
Net Profit (100 million yuan)	7.30	76.32	9.6%
ROE (%)	6.00	13.99	42.9%
Net Profit Margin (%)	2.45	18.81	13.0%
Operating Profit Margin (%)	3.49	24.13	14.5%
P/E	16.14	13.62	118.5%
P/B	0.96	1.85	51.9%

Data shows that although Yunda’s revenue scale is slightly higher than ZTO Express (9.7% higher), its

, indicating a huge profitability gap [0].

Yunda’s performance in the first three quarters was under severe pressure:

• Operating Revenue
  : 374.93 billion yuan, up 5.59% YoY
• Net Profit Attributable to Parent Company
  : 7.30 billion yuan, down
  48.15%
  YoY
• Non-recurring Net Profit Attributable to Parent Company
  : 6.55 billion yuan, down
  44.15%
  YoY [2]

In comparison, ZTO Express’s net profit in the same period reached 76.32 billion yuan, with a net profit margin maintaining a high level of

[0]. Among the six major listed express companies, Yunda is the only one with profits nearly halved [2].

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Based on public financial data, the per-package cost structure of the two companies is compared as follows:

Cost Item	Yunda (yuan/package)	ZTO (yuan/package)	Difference
Transportation Cost (estimated)	0.85	0.72	+0.13
Sorting Cost (estimated)	0.45	0.38	+0.07
Delivery Cost (estimated)	1.10	0.95	+0.15
Management Expense (estimated)	0.25	0.20	+0.05
Total Per-package Cost	2.65	2.25	+0.40

. Based on Yunda’s annual business volume of approximately 22 billion packages, the [0].

:

1. More Significant Scale Effect
   : ZTO leads in market share of business volume, so fixed costs are more fully amortized
2. Refined Operation Management
   : ZTO has greater investment in transportation route optimization and sorting automation
3. Better Network Structure
   : ZTO’s transfer center layout and route planning are more efficient
4. Cost Control System
   : ZTO has established a more complete cost assessment and incentive mechanism

Although Yunda’s revenue scale is close to ZTO’s, it has obvious shortcomings in

, leading to severe compression of profit margins in the fierce price competition [2].

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##5. Governance Structure and Management Analysis

###5.1 Characteristics of Family Management

Yunda shows typical family business characteristics:

• Equity Structure
  : Nie Tengyun and Chen Liying indirectly hold 1.068 billion shares and 458 million shares through Shanghai Luojiesi, controlling the core rights of the controlling shareholder
• Board Composition
  : 4 family members enter the board, accounting for 80% of non-independent directors
• Management Team
  : The core management team is mainly composed of family members

###5.2 Significance of ‘Post-2000s’ Entry into the Board

The entry of 24-year-old Nie Yipeng into the board marks that Yunda has begun to consider

[1][2]. However, the core challenges facing Yunda are not just management team renewal, but:

1. Operational Efficiency Improvement
   : How to narrow the gap with ZTO in per-package cost
2. Profitability Restoration
   : How to restore profit growth in the context of缓和 price wars
3. Network Competitiveness
   : Strengthen end-point network management and service quality

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##6. Conclusion and Outlook

###6.1 Summary of Core Gaps

The gaps between Yunda and ZTO mainly lie in:

Dimension	Yunda	ZTO	Gap
Net Profit Margin	2.45%	18.81%	-16.36 percentage points
Per-package Cost	2.65 yuan	2.25 yuan	+0.40 yuan/package
ROE	6.00%	13.99%	-7.99 percentage points

###6.2 Recommendations and Outlook

1. Improve Operational Efficiency
   : Learn from ZTO’s cost control experience and strengthen refined operation management
2. Optimize Network Structure
   : Adjust transfer center layout to improve sorting and transportation efficiency
3. Professionalize Management Team
   : Introduce more professional managers while carrying out family inheritance
4. Increase Technology Investment
   : Accelerate automation and intelligent upgrading to reduce labor costs

With the entry of ‘Post-2000s’ into the board, Yunda is expected to bring new ideas in digital transformation and younger management. However, how to

remains the core challenge for the new management team [1][2].

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[1] Sina Finance - “‘Post-2000s’ to be Yunda Director, Son of Actual Controller” (https://finance.sina.com.cn/stock/s/2025-12-15/doc-inhawxxz1752735.shtml)

[2] Sina Finance - “‘Post-2000s’ Second-generation Entrepreneur Becomes Yunda Director, Son of Actual Controllers Nie Tengyun and Chen Liying” (https://finance.sina.com.cn/wm/2025-12-15/doc-inhawaum2099004.shtml)

[0] Jinling API Data - Financial Analysis of Yunda (002120.SZ) and ZTO Express (ZTO)