快运业务为公司成熟业务，拥有行业领先的网络布局、市场渠道、服务体验、精

The express delivery business is a mature business of the company. It has industry-leading network layout, market channels, service experience, lean management model and operation model. The growth rate and gross profit margin are relatively stable. The express delivery business is a new business of the company. The growth rate is higher than the industry average growth rate, but the overall business volume is still relatively low compared with its peers, the scale effect is not significant, the unit cost is higher than the industry average, and the gross profit margin level is relatively low. The continuous increase in the proportion of express delivery revenue to total revenue has caused certain pressure on the company's overall gross profit margin in the short term. As the scale benefit of the express delivery business gradually becomes prominent, its gross profit margin has steadily increased, and the company's overall gross profit margin is expected to be repaired. If the downward pressure on the macroeconomic environment increases and the peer price war further escalates, it may slow the rate of increase in the gross profit margin of the express delivery business.

Express business for the company's mature business, with industry-leading network layout, market channels, service experience, lean management model and operating model, growth rate and gross margin is more stable; The rising proportion of express revenue to total revenue has put some pressure on the company's overall gross margin in the short term. With the scale efficiency of the express business gradually highlighted, its gross profit margin is rising steadily, the company's overall gross margin is expected to be repaired. If the macro-economic environment increases the pressure, peer price war further upgrade, or will slow down the speed of the express business gross margin increase.

Express business is a mature business of the company, with industry-leading network layout, market channels, service experience, lean management mode and operation mode, with stable growth rate and gross profit rate; express business is a new business of the company, currently in the growth period, with higher growth rate of revenue and votes than the average growth rate of the industry, but the overall business volume is still low compared with peers, and the scale effect is not significant, The unit cost is higher than the industry average, and the gross profit margin is relatively low. The increasing share of express revenue in total revenue has put some pressure on the company's overall gross margin in the short term. With the scale and efficiency of express business gradually highlighted, its gross profit rate steadily increased, and the overall gross profit rate of the company is expected to be repaired. If the downward pressure of macroeconomic environment is increased and the price war of the same industry is further upgraded, it may slow down the speed of the increase of gross margin of express business.