Market ConsolidationThe lack of near-term consolidation opportunities in the market is noted, leading to a reiterated Neutral rating.
Profit MarginsThe net profit per parcel for reverse logistics declined from RMB1-2 last year to less than RMB1 this year, which could weigh on margins.
Volume GrowthVolume growth slowed to approximately 10% year-over-year in August, impacted by anti-involution initiatives and price-floor policies.