机构：中金公司 研究员：Gangxian LIU/Qibin FENG/Xin YANG Results Review 3Q25 results slightly missed our forecast Strategy of improving business operation drove revenue growth; products of core business remained highly competitive. In 3Q25, the firm's parcel volume grew 33% YoY, outpacing the broader market's growth of 14% YoY, which we attribute to the dynamic growth of its front-line business under its strategy of improving business operation. In 1–3Q25, revenue from express logistics grew 12% YoY, and revenue from s ...