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Parcel volume growth and mix
Consistent parcel volume growth, driven by expanding reverse logistics and consumer-to-consumer shipments, indicates market share gains and broadens revenue mix.
Pricing environment and unit profitability
Industry measures that combine strict price controls with aggressive price increases are maintaining elevated average selling prices, supporting higher unit profitability.
Cost advantage and margin resilience
A clear unit cost advantage versus peers helps sustain competitive margins and provides earnings resilience even if growth softens.
Shareholder overhang from potential stake sales
Possible further disposal of a major shareholder's stake creates uncertainty about future stock supply and could put downward pressure on the share price.
Core profitability concerns
Profit outperformance was driven mainly by a one-off tax refund while operating profit lagged due to higher large-account related costs, highlighting weaker core operating performance.
Guidance and demand outlook
Management reduced parcel volume growth targets to reflect an expected industry slowdown, signaling softer demand that may weigh on revenue momentum.
