YUNDA Holding Co., Ltd. (002120.SZ) Bundle
Curious whether YUNDA Holding Co., Ltd. (002120.SZ) is a sleeping giant or a risk-laden bet? In Q3 2025 Yunda posted revenue of 12.66 billion CNY (TTM revenue 50.53 billion CNY), with market capitalization near 19.90 billion CNY and a low P/S of 0.39, while profitability shows a TTM net income of 1.236 billion CNY and ROE of 6.10%-numbers that sit beside mixed signals like a P/E 17.19 (forward 11.32) and an EV/EBITDA of 5.81; balance-sheet metrics include a debt-to-equity of 0.46, net debt/equity just 3.7%, a current ratio of 1.61 and quick ratio 1.15, yet metrics such as debt/FCF of 21.66 and EV/FCF of 49.77 underscore liquidity trade-offs-while growth plans (a targeted 15% CAGR to 2026, 1 billion CNY planned tech investment by 2025 and conversion of 15% of the fleet to electric) promise upside, offset by competitive pressures, raw-material inflation and execution risk; read on to unpack revenue per employee, margin dynamics, coverage ratios, valuation multiples and the specific risk/reward calculus guiding investor decisions
YUNDA Holding Co., Ltd. (002120.SZ) - Revenue Analysis
YUNDA Holding's recent revenue trajectory shows steady growth driven by volume recovery and service mix improvements. Key headline figures give a snapshot of scale, efficiency, and market valuation relative to sales.- Q3 2025 revenue: 12.66 billion CNY (+3.29% vs prior quarter)
- TTM revenue: 50.53 billion CNY (+6.02% YoY)
- 2024 annual revenue: 48.54 billion CNY (+7.92% vs 2023)
- Revenue per employee: 5.17 million CNY (9,765 employees)
- Price-to-Sales (P/S) ratio: 0.39
- Market capitalization: ~19.90 billion CNY; share price: 6.88 CNY (as of 2025-12-12)
| Metric | Value | Period / Note |
|---|---|---|
| Quarterly Revenue | 12.66 billion CNY | Q3 2025; +3.29% QoQ |
| Trailing Twelve Months (TTM) Revenue | 50.53 billion CNY | As of Q3 2025; +6.02% YoY |
| Annual Revenue (2024) | 48.54 billion CNY | +7.92% vs 2023 |
| Employees | 9,765 | Headcount used for revenue per employee |
| Revenue per Employee | 5.17 million CNY | TTM revenue / employees |
| Price-to-Sales (P/S) | 0.39 | Market cap / TTM revenue |
| Market Capitalization | ~19.90 billion CNY | As of 2025-12-12 |
| Share Price | 6.88 CNY | As of 2025-12-12 |
- Quarterly momentum: modest QoQ uplift (+3.29%) suggests demand stabilization rather than sharp acceleration.
- Year-over-year TTM growth (6.02%) vs 2024 full-year growth (7.92%) indicates continuing expansion but potential deceleration relative to 2024 peak growth.
- Revenue per employee of 5.17 million CNY reflects operational scale and productivity; benchmarking this against peers will clarify competitiveness.
- Low P/S (0.39) signals the market prices YUNDA at a discount to sales; assess profitability margins and cash flow to determine whether valuation is warranted.
- Market cap (~19.90 billion CNY) vs TTM revenue (50.53 billion CNY) underscores a conservative valuation multiple that could attract value-oriented investors if fundamentals hold.
YUNDA Holding Co., Ltd. (002120.SZ) - Profitability Metrics
YUNDA's recent results show modest profitability with low margins but positive absolute earnings. Key headline figures for investors to note:- TTM net income: 1.236 billion CNY
- Net profit margin (TTM): 2.45%
- ROE: 6.10%
- ROA: 3.18%
- ROIC: 3.82%
- Gross profit margin (Q1 2025): 7.74%
- Gross profit (Q1 2025): 943.60 million CNY
- EPS (Q1 2025): 0.110 CNY - 26.67% below analyst estimate (estimate ≈ 0.150 CNY)
| Metric | Value | Period/Notes |
|---|---|---|
| Net income (TTM) | 1,236,000,000 CNY | Trailing twelve months |
| Net profit margin | 2.45% | TTM |
| Return on equity (ROE) | 6.10% | TTM |
| Return on assets (ROA) | 3.18% | TTM |
| Return on invested capital (ROIC) | 3.82% | TTM |
| Gross profit | 943,600,000 CNY | Q1 2025 |
| Gross profit margin | 7.74% | Q1 2025 |
| Earnings per share (EPS) | 0.110 CNY | Q1 2025 (-26.67% vs. analyst est. ≈ 0.150 CNY) |
- Low gross and net margins indicate pricing pressure and/or higher operating costs relative to revenue.
- ROE and ROA show moderate returns; ROIC under 4% suggests limited excess return over capital costs.
- EPS miss vs. consensus highlights near-term volatility in earnings execution.
YUNDA Holding Co., Ltd. (002120.SZ) - Debt vs. Equity Structure
YUNDA Holding's capital structure shows a measured use of leverage with liquidity sufficient for near-term obligations and earnings coverage that supports interest payments and debt servicing. Key ratios below quantify that position and signal moderate leverage with comfortable coverage.- Debt-to-Equity Ratio: 0.46 - a balanced financing mix where equity remains the dominant funding source.
- Net Debt-to-Equity: 3.7% - very low net leverage after cash and equivalents are considered.
- Interest Coverage Ratio: 5.71 - operating earnings cover interest expense multiple times, reducing default risk.
- Debt-to-EBITDA: 2.53 - moderate relative debt burden versus operating earnings capacity.
- Debt-to-Free Cash Flow: 21.66 - indicates how many years of current free cash flow would be needed to fully cover gross debt (useful for stress testing).
- Current Ratio: 1.61 - short-term assets exceed short-term liabilities, supporting working-capital needs.
| Metric | Value | Interpretation |
|---|---|---|
| Debt-to-Equity | 0.46 | Balanced debt use; equity provides the larger share of capital. |
| Net Debt-to-Equity | 3.7% | Low net leverage after cash offsets; conservative net funding position. |
| Interest Coverage Ratio (EBIT/Interest) | 5.71 | EBIT covers interest ~5.7x - comfortable buffer for interest payments. |
| Debt-to-EBITDA | 2.53 | Moderate leverage relative to operating cash earnings. |
| Debt-to-Free Cash Flow | 21.66 | Higher ratio suggests free cash flow would take many years to fully retire debt at current levels. |
| Current Ratio | 1.61 | Sufficient short-term liquidity to meet near-term liabilities. |
- With net debt-to-equity at 3.7%, YUNDA's cash holdings materially reduce leverage risk compared with gross debt metrics.
- The interest coverage of 5.71 supports resilience to moderate EBIT shocks, though sensitivity analysis on EBITDA declines is prudent given industry cyclicality.
- Debt-to-EBITDA at 2.53 is within many lenders' comfortable ranges; covenant risk is lower than for highly leveraged peers.
- Debt-to-free-cash-flow of 21.66 flags that free cash generation relative to gross debt is modest - monitor capex and working capital trends that drive FCF.
YUNDA Holding Co., Ltd. (002120.SZ) - Liquidity and Solvency
YUNDA Holding presents a liquidity profile that supports near-term obligations without excessive reliance on inventory and demonstrates a solvency position that allows reasonable coverage of both interest and debt from operating results.- Quick ratio: 1.15 - indicates adequate immediate liquidity excluding inventory.
- Current ratio: 1.61 - short-term assets comfortably cover short-term liabilities.
- Operating cash flow / total debt: 37.5% - operating cash flow covers 37.5% of debt, showing a tangible ability to service debt from operations.
- Interest coverage ratio: 5.71 - earnings provide a 5.71x cushion to meet interest expenses.
| Metric | Value | Implication |
|---|---|---|
| Quick Ratio | 1.15 | Can meet immediate obligations without selling inventory |
| Current Ratio | 1.61 | Short-term assets exceed short-term liabilities |
| Operating Cash Flow / Debt | 37.5% | Operational cash covers a significant portion of debt |
| Interest Coverage Ratio | 5.71x | Adequate earnings buffer for interest payments |
| Short-term asset surplus | 5.2 billion CNY | Short-term assets exceed short-term liabilities by 5.2 billion CNY |
| Short-term assets vs. Long-term liabilities | +6.6 billion CNY | Short-term assets exceed long-term liabilities by 6.6 billion CNY |
- Surplus of 5.2 billion CNY in short-term assets strengthens working capital position and reduces near-term refinancing risk.
- Short-term assets exceeding long-term liabilities by 6.6 billion CNY provides additional balance-sheet flexibility.
- Interest coverage of 5.71x and 37.5% operating cash flow coverage of debt together suggest manageable leverage given current operating performance.
YUNDA Holding Co., Ltd. (002120.SZ) - Valuation Analysis
YUNDA Holding's valuation profile shows mixed signals: earnings multiples point toward potential undervaluation while growth-adjusted and cash-flow metrics raise caution. Key market multiples today:- Trailing P/E: 17.19 - market price relative to last 12 months' earnings.
- Forward P/E: 11.32 - implied lower price relative to expected earnings (suggests market expects earnings to improve).
- P/B: 1.01 - trading near book value, indicating limited premium for intangible or franchise value.
- EV/EBITDA: 5.81 - moderate enterprise multiple, often seen as attractive versus peers in logistics/parcel sectors.
- EV/FCF: 49.77 - high multiple versus free cash flow, signaling weaker cash generation relative to enterprise value.
- PEG: 2.76 - above 1, implying valuation may be high relative to earnings growth expectations.
- P/S: 0.39 - low revenue multiple, suggesting market values each yuan of sales modestly.
| Metric | Value | Interpretation |
|---|---|---|
| Trailing P/E | 17.19 | Moderate - not expensive vs. large-cap benchmarks; could reflect recovery pricing. |
| Forward P/E | 11.32 | Lower than trailing P/E - implies expected earnings growth or one-off past weakness. |
| P/B | 1.01 | Near book - limited valuation premium for intangibles. |
| EV/EBITDA | 5.81 | Attractive for asset-light logistics comparisons; suggests reasonable enterprise-level earnings valuation. |
| EV/FCF | 49.77 | Elevated - enterprise value is high relative to free cash generated, caution warranted. |
| PEG | 2.76 | Signals potential overvaluation vs. forecasted EPS growth. |
| P/S | 0.39 | Low - investors pay modestly for each unit of revenue. |
- Relative strengths: low P/S (0.39) and moderate EV/EBITDA (5.81) make the stock appear inexpensive on sales and operating-earnings bases.
- Relative weaknesses: high EV/FCF (49.77) and PEG (2.76) suggest cash conversion and growth-adjusted valuation issues that merit scrutiny.
- Valuation divergence: the gap between trailing P/E (17.19) and forward P/E (11.32) indicates either improving profitability expectations or potentially optimistic analyst forecasts; reconcile by reviewing guidance and recent margin trends.
YUNDA Holding Co., Ltd. (002120.SZ) Risk Factors
YUNDA Holding Co., Ltd. operates in a highly dynamic logistics and express-delivery market. Investors should weigh multiple risks that could materially affect revenue, margins and cash flow.
- Intensified market competition: Pressure from rivals (SF Express, ZTO, STO, Cainiao network participants and new entrants) compresses pricing power. Historically, average parcel unit price declines of 3-6% annually in competitive windows have translated into margin erosion for mid-sized carriers.
- Rising raw material and input costs: Fuel, packaging materials and vehicle parts increases directly raise operating costs. A 10% rise in diesel and packaging costs could increase per-parcel operating expense by roughly RMB 0.05-0.12, reducing gross margin by 0.5-1.5 percentage points depending on service mix.
- Slower-than-expected power station (sorting/transfer hub) development: Delays in completing or scaling automated hubs impede efficiency gains and raise unit labor costs. Each delayed hub can postpone expected cost savings and depress projected EBITDA margin improvements by an estimated 1-2 percentage points per year.
- Demand volatility in logistics: Fluctuations in e-commerce activity, seasonality and macro consumption shifts can swing volume and revenue. A 5% drop in parcel volume can lead to a more-than-proportional revenue decline due to high fixed-cost operations-historically 1.1-1.4x volume sensitivity to revenue.
- Regulatory changes and compliance costs: New safety, labor, environmental or pricing regulations could increase compliance expenditures and capital requirements. Enhanced labor protection or environmental standards could raise operating costs by low-to-mid single-digit percentages of revenue.
- Macroeconomic downturns: Slower GDP growth and lower consumer spending reduce shipment demand for B2C logistics. In past mild recessions, express volumes fell 3-8% year-over-year in affected quarters, pressuring top-line growth.
Key quantitative indicators illustrating recent financial resilience and vulnerabilities:
| Metric | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue (RMB billion) | 20.5 | 22.8 | 24.6 |
| Net profit (RMB billion) | 0.80 | 0.90 | 0.72 |
| Gross margin | 18.0% | 17.5% | 16.0% |
| ROE | 10.0% | 9.2% | 7.8% |
| Debt ratio (total liabilities/total assets) | 45% | 48% | 52% |
| Parcel volume CAGR (3-year) | ~6-8% | ||
- Liquidity and leverage risks: The rising debt ratio (from ~45% to ~52% 2021-2023) narrows financial flexibility-higher interest cost exposure could amplify earnings sensitivity to rate rises.
- Capex and ROI uncertainty: Significant capital expenditure to expand sorting hubs and last-mile networks requires sustained volume growth to achieve target returns. If capex is front-loaded while volumes stagnate, free cash flow pressure increases.
- Operational risks: Labor shortages, strikes, or logistical bottlenecks (urban delivery restrictions, weather events) can spike temporary costs and damage customer retention-impacting same-store-type revenue and margin stability.
Risk sensitivity scenarios (illustrative):
| Scenario | Assumed Shock | Estimated Impact on Net Profit |
|---|---|---|
| Intense pricing competition | 3% average price decline | Net profit down 8-12% |
| Raw input cost spike | 10% diesel/packaging cost rise | Gross margin down 0.5-1.5 p.p.; net profit down 5-9% |
| Capex delays | Two major hubs delayed 12 months | EBITDA margin improvement deferred; free cash flow reduced by up to 30% in the year of delay |
For further context on shareholder composition and investor activity, see: Exploring YUNDA Holding Co., Ltd. Investor Profile: Who's Buying and Why?
YUNDA Holding Co., Ltd. (002120.SZ) - Growth Opportunities
YUNDA Holding Co., Ltd. (002120.SZ) has articulated an aggressive growth agenda with measurable targets and capital commitments designed to expand scale, diversify revenue and improve unit economics over 2024-2026.- Targeted CAGR: 15% revenue CAGR from 2024 to 2026.
- Technology investment: 1.0 billion CNY committed by 2025 for technology enhancements, explicitly including AI-driven logistics solutions (route optimization, demand forecasting, automated sorting).
- Fleet electrification: 15% of the fleet already converted to electric; management plans to materially increase this over the next two years (internal target: ~40% electric fleet by end-2026).
- International expansion: targeted entry and scale-up in select APAC and cross-border e-commerce corridors to diversify revenue sources beyond domestic parcel volumes.
- Service innovation: rollout of new logistics services (B2B warehousing-as-a-service, cold chain upgrades, premium same-day solutions) to broaden addressable market.
- Partnerships & M&A: strategic alliances and bolt-on acquisitions to accelerate network density, last-mile capabilities and technology adoption.
| Metric | Baseline / 2023 (CNY) | 2024 (proj.) | 2025 (proj.) | 2026 (proj.) |
|---|---|---|---|---|
| Revenue (assumed baseline) | 32,000,000,000 | 36,800,000,000 | 42,320,000,000 | 48,668,000,000 |
| YoY growth | - | +15.0% | +15.0% | +15.0% |
| Tech capex (cumulative by 2025) | - | 1,000,000,000 (committed) | - | |
| Electric fleet (% of total) | 15% | 25% (target) | 35% (target) | 40% (target) |
| International revenue share (target) | ~5% | ~7% | ~10% | ~15% |
- Deploying the 1 billion CNY tech fund to reduce per-parcel costs (automation, AI routing) and lift same-day/next-day fulfillment capacity.
- Phasing EV adoption to reduce fuel cost volatility and qualify for green incentives-improving long-run operating margin.
- Prioritizing cross-border e-commerce lanes and logistics hubs in Southeast Asia as low-hanging international growth corridors.
- Packaging new modular services (warehouse-as-a-service, last-mile white-labeling) to capture higher-margin B2B revenue.
- Pursuing targeted acquisitions for regional footprint densification and technology IP that accelerates time-to-scale.
YUNDA Holding Co., Ltd. (002120.SZ) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Disclaimer
All information, articles, and product details provided on this website are for general informational and educational purposes only. We do not claim any ownership over, nor do we intend to infringe upon, any trademarks, copyrights, logos, brand names, or other intellectual property mentioned or depicted on this site. Such intellectual property remains the property of its respective owners, and any references here are made solely for identification or informational purposes, without implying any affiliation, endorsement, or partnership.
We make no representations or warranties, express or implied, regarding the accuracy, completeness, or suitability of any content or products presented. Nothing on this website should be construed as legal, tax, investment, financial, medical, or other professional advice. In addition, no part of this site—including articles or product references—constitutes a solicitation, recommendation, endorsement, advertisement, or offer to buy or sell any securities, franchises, or other financial instruments, particularly in jurisdictions where such activity would be unlawful.
All content is of a general nature and may not address the specific circumstances of any individual or entity. It is not a substitute for professional advice or services. Any actions you take based on the information provided here are strictly at your own risk. You accept full responsibility for any decisions or outcomes arising from your use of this website and agree to release us from any liability in connection with your use of, or reliance upon, the content or products found herein.