YTO Express (600233.SS): 1H26 Preliminary Profit Beat

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YTO Express (600233.SS): 1H26 Preliminary Profit Beat

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01 Jul 2026 11:00:12 ET │ 11 pages

YTO Express (600233.SS)

1H26 Preliminary Profit Beat

CITI’S TAKE

YTO released preliminary 1H26 results which guided attributable profit

Neutral between Rmb3.1-3.4bn, increasing by Rmb1.27-1.57bn yoy or +69.34-

Price (01 Jul 26 15:00) Rmb17.330 85.73% yoy, and core profit would have reached Rmb3.04-3.34bn in

1H26, increasing by 72.19-89.18% yoy, and this preliminary profit alert Target price Rmb22.500

should decently beat market expectations. The main driver behind profit Expected share price return 29.8%

beat likely still came from the anti-involution policy with industry ASP up Expected dividend yield 2.2%

3.0/3.6% yoy in Apr/May despite slowdown on parcel volume growth as Expected total return 32.0%

well as decent cost optimization. YTO also noted that the company has Market Cap Rmb59,320M

embraced AI technologies and frontier technologies in express delivery

US$8,763M and org structure, resulting in operating efficiency improvement and lower

unit cost. Nonetheless, we believe YTO’s decent 1H26E preliminary profit

likely implies solid earnings trajectory for other China economy express

players in 2Q26E as well despite the slow-down on industry parcel volume Brian GongAC

growth. Maintain Neutral. +852-2501-2747

brian.gong@citi.com

YTO’s comments on drivers behind solid profit – Management noted the preliminary Alicia Yap, CFA

results reflect effective anti-involution measures by the industry to promote an +852-2501-2773

orderly competitive environment with improving terminal pricing. Meanwhile, YTO alicia.yap@citi.com

also embraces AI transition and deepens vertical AI applications and frontier

technologies in express delivery services and org structure.