（原标题：中通快递-W(02057)11月19日斥资346.16万美元回购18.24万股） 智通财经APP讯，中通快递-W(02057)发布公告，于2025年11月19日该公司斥资346.16万美元回购18.24 万股，回购价格为每股18.88-18.99美元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中通快遞（開曼）有限公司（於開曼群島註冊成立以不同投票權控制的有限責任公司） 呈交日期： 2025年11月20日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02057 | 說明 | A類普通股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股 ...

Core Viewpoint - ZTO Express reported a strong performance in Q3 2025, with significant growth in package volume and revenue, indicating robust operational efficiency and customer satisfaction [1] Financial Performance - The company achieved a package volume of 9.57 billion, representing a year-on-year increase of 9.8% [1] - Adjusted net profit rose by 5.0% to RMB 2.51 billion [1] - Revenue reached RMB 11.86 billion, reflecting a year-on-year growth of 11.1% [1] - Operating cash flow generated was RMB 3.21 billion [1] Business Insights - The founder and CEO, Mr. Lai Meisong, highlighted that the strong growth in the parcel business, particularly in the fragmented segment, contributed positively to profits, with a nearly 50% year-on-year increase in this area [1]

中通快递-W(02057)盘中涨超3%，截至发稿，涨2.37%，报150.9港元，成交额2.91亿港元。 消息面上，中通快递公布其2025年第三季度未经审计的财务业绩。财报显示，三季度公司包裹量95.7亿 件，同比增长9.8%，同时也保持了优质的服务及客户满意度。调整后净利润增长5.0%至人民币25.1亿 元，营收118.6亿元，同比增长11.1%，经营活动产生的现金流为人民币32.1亿元。中通创始人、董事长 兼首席执行官赖梅松先生表示："本季度，我们完成业务量96亿件，同比增长9.8%；实现调整后净利润 25.1亿元，同比增长5%。散件业务量增长势头依然强劲，同比增幅近50%，持续为利润带来积极贡 献。" ...

Market Performance - The Hang Seng Index (HSI) fell by 99 points or 0.4%, closing at 25,830 points after an initial rise to 26,045 points[1] - The Shanghai Composite Index (SSE) increased by 6 points or 0.2%, closing at 3,946 points[1] - The S&P 500 rose by 24 points or 0.4%, closing at 6,642 points after four consecutive days of decline[2] Trading Volume - The total trading volume in the Hong Kong market was 2,114.26 million HKD[1] - The trading volume for the Shanghai Composite Index was 7,209 million CNY, while the Shenzhen Component Index had a volume of approximately 10,000 million CNY[1] Economic Indicators - The People's Bank of China conducted a 3,105 million CNY reverse repurchase operation at a rate of 1.4%, resulting in a net injection of 1150 million CNY[1] - The RMB/USD midpoint was adjusted down by 16 points to 7.0872[1] Company Earnings - ZTO Express reported a revenue of 11.865 billion CNY for Q3, up 11.1% year-on-year, with a net profit of 2.524 billion CNY, an increase of 5.3%[3] - Lenovo Group achieved a record revenue of 39.282 billion USD for the interim period, up 18% year-on-year, with a net profit of 846 million USD, a 40.5% increase[3] - Kuaishou reported a net profit of 4.488 billion CNY for Q3, up 37.3% year-on-year, with an adjusted net profit margin of 14%[4]

Financial Data and Key Metrics Changes - The adjusted net income for the company was RMB 2.51 billion, reflecting a 5% increase year-over-year [4][10] - Total revenue increased by 11.1% to RMB 11.9 billion, driven by both volume and price increases [11] - Gross profit decreased by 11.4% to RMB 3 billion, with a gross margin rate dropping 6.3 percentage points to 24.9% [13] - Operating cash flow for the quarter was RMB 3.2 billion, representing a 3.2% increase [13] - Capital expenditure for Q3 totaled RMB 1.2 billion, with an annual CapEx forecast of RMB 5.5 billion to RMB 6 billion for 2025 [14] Business Line Data and Key Metrics Changes - The parcel volume reached 9.57 billion, growing 9.8% year-over-year [4][10] - The average selling price (ASP) for the core express delivery business increased by 1.7% or RMB 0.02 [10] - The combined unit cost of sorting and transportation decreased by RMB 0.05 year-over-year, benefiting from economies of scale [12] Market Data and Key Metrics Changes - The express delivery industry in China experienced steady growth, with overall pricing levels stabilizing and beginning to recover [4][6] - The retail parcel volume grew close to 50% year-over-year, indicating strong growth momentum [5] Company Strategy and Development Direction - The company is focusing on a balanced approach to quality-first growth, enhancing service capabilities and operational efficiency [4][8] - Future priorities include upholding service quality, deepening last-mile capabilities, optimizing network policies, advancing cost efficiency, and safeguarding fairness [7][8] - The company aims to shift from high volume to a focus on both quality and quantity, adapting to the changing competitive landscape [8][34] Management's Comments on Operating Environment and Future Outlook - Management noted that the express delivery industry is undergoing a strategic shift towards high-quality development amid a backdrop of regulatory changes [8][24] - The company expects industry volume growth to stabilize around 10% next year, with a focus on service quality and operational efficiency [33][34] - Management views the recent regulatory consultations as an opportunity for improvement and alignment with industry standards [24][29] Other Important Information - The company is committed to investing in automation and digitization to enhance operational capabilities and maintain competitive advantages [24][29] - The anti-involution policy is expected to promote healthier competition and stabilize market rates above cost levels [22][23] Q&A Session Summary Question: Industry structure and outlook - Management believes that scale, better services, and higher efficiency will lead to greater opportunities in a fragmented industry landscape [16][17] Question: Impact of anti-involution on market pricing - Management indicated that the anti-involution policy aims to rationalize pricing and promote healthy competition, expecting market rates to stabilize [22][23] Question: Recent regulatory consultations - Management stated that the consultations are consistent with anti-involution policies and are viewed as a reminder for internal improvements [24][25] Question: Volume slowdown and competitive dynamics - Management acknowledged a recent deceleration in industry growth, primarily due to price increases affecting low-margin e-commerce merchants [32][33] Question: Cost reduction and CapEx challenges - Management emphasized ongoing efforts to improve cost efficiency across all segments and maintain competitive advantages despite industry changes [37][39]

Financial Data and Key Metrics Changes - The adjusted net income for the company was RMB 2.51 billion, reflecting a 5% increase year-over-year [4][10] - Total revenue increased by 11.1% to RMB 11.9 billion, driven by both volume and price increases [11] - Gross profit decreased by 11.4% to RMB 3 billion, with the gross margin rate dropping by 6.3 percentage points to 24.9% [13] - Operating cash flow for the quarter was RMB 3.2 billion, representing a 3.2% increase [13] - The company anticipates annual capital expenditures in 2025 to be between RMB 5.5 billion and RMB 6 billion [14] Business Line Data and Key Metrics Changes - The parcel volume reached 9.57 billion, growing by 9.8% year-over-year [4][10] - The average selling price (ASP) for the core express delivery business increased by 1.7% or RMB 0.02 [10] - The combined unit cost of sorting and transportation decreased by 7.7% or RMB 0.05 for the quarter [12] - Unit costs for line haul transportation decreased by 11.5% to RMB 0.34, while unit sorting costs remained stable at RMB 0.25 [12] Market Data and Key Metrics Changes - The express delivery industry in China experienced steady growth, with ZTO maintaining its industry-leading service quality [4] - The overall pricing level across the express delivery industry stabilized and began to recover due to government advocacy against unreasonable low-price practices [4][6] - The industry volume growth exhibited some moderation entering the fourth quarter, with uncertainties in microeconomic recovery still present [6] Company Strategy and Development Direction - The company is focusing on a balanced approach to quality-first growth, enhancing service quality and cost efficiency [4][6] - Key strategic areas include strengthening last-mile capabilities, optimizing network policies, and advancing end-to-end cost efficiency [7][8] - The company aims to shift from high volume to a focus on both quantity and quality, addressing challenges posed by low-priced parcels [8][9] Management's Comments on Operating Environment and Future Outlook - Management believes that the long-term prospects for the express delivery and logistics industry remain positive despite short-term challenges [6][9] - The company is committed to embracing high-quality transformation and aligning with regulatory guidance to build a sustainable collaborative model [24][29] - The anti-involution policy is expected to stabilize market rates above cost levels, promoting healthier competition [22][23] Other Important Information - The company is actively investing in automation and digitization to strengthen operational capabilities [23][24] - Management emphasized the importance of maintaining trust and confidence in the brand while safeguarding grassroots interests [8][24] Q&A Session Summary Question: Industry structure and outlook - Management believes that scale, better services, and higher efficiency will lead to greater opportunities in a fragmented industry landscape [16][17] Question: Anti-involution impacts on market pricing - The anti-involution policy aims for rational recovery in pricing, shifting focus from high volume growth to high-quality development [21][22] Question: Volume growth outlook and competitive dynamics - The recent deceleration in industry growth is attributed to price increases affecting low-margin e-commerce merchants, with expectations for volume growth to stabilize around 10% next year [31][32][33] Question: Cost reduction challenges and competition structure - The company is focused on cost efficiency and believes that attention to end-to-end coordination will help maintain cost leadership despite increasing competition [36][39]

Financial Data and Key Metrics Changes - The company's parcel volume grew by 9.8% year over year, reaching 9.57 billion parcels in Q3 2025 [4][10] - Adjusted net income increased by 5% to RMB 2.51 billion [4][10] - Total revenue rose by 11.1% to RMB 11.9 billion, driven by both volume and price increases [11] - Gross profit decreased by 11.4% to RMB 3 billion, with gross margin dropping by 6.3 percentage points to 24.9% [12] - Operating cash flow was RMB 3.2 billion, representing a 3.2% increase [13] Business Line Data and Key Metrics Changes - The average selling price (ASP) for the core express delivery business increased by 1.7% or RMB 0.02, with a positive contribution from an increase in key account (KA) volume [10] - The combined unit cost of sorting and transportation decreased by 7.7% or RMB 0.05, benefiting from economies of scale [11] - Unit costs for line haul transportation decreased by 11.5% to RMB 0.34, while unit sorting costs remained stable at RMB 0.25 [12] Market Data and Key Metrics Changes - The express delivery industry in China experienced steady growth, with overall pricing levels stabilizing and beginning to recover due to government interventions [4][10] - The industry volume growth exhibited some moderation entering Q4, with uncertainties in microeconomic recovery still present [5] Company Strategy and Development Direction - The company is focusing on a balanced approach to quality-first growth, enhancing service quality and cost efficiency [4][5] - Future priorities include strengthening last-mile capabilities, optimizing network policies, and advancing end-to-end cost efficiency [6][7][8] - The company aims to shift from high volume to a focus on both quality and quantity, addressing challenges posed by low-priced parcels [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of the express delivery and logistics industry despite short-term challenges [5][10] - The company views the regulatory environment and anti-involution policies as opportunities for growth and improvement [24][30] - Management anticipates industry volume growth to stabilize around 10% next year, with a shift towards higher quality and operational efficiency [34] Other Important Information - Capital expenditure for Q3 totaled RMB 1.2 billion, with an annual CapEx forecast of RMB 5.5 billion to RMB 6 billion for 2025 [14] - The company is committed to investing in automation and digitization to enhance operational capabilities [24][30] Q&A Session Summary Question: Industry structure and outlook - Management believes that scale, better services, and higher efficiency will lead to greater opportunities in a fragmented industry landscape [16][17] Question: Impact of anti-involution on market pricing - The anti-involution policy aims for rational recovery in pricing, promoting healthier competition and sustainable long-term growth [21][22] Question: Volume slowdown and competitive dynamics - The recent deceleration in industry growth is attributed to price increases affecting low-margin e-commerce merchants, with expectations for volume growth to stabilize around 10% next year [32][34] Question: Cost reduction challenges and CapEx growth - Management is focused on cost efficiency and believes that attention to end-to-end coordination will maintain cost leadership despite industry changes [36][40]

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中通创始人、董事长兼首席执行官赖梅松表示："坚持以质量为先、扩大市场占有率并维持健康的盈利 水平，是中通长期坚定不移的战略。本季度，我们完成业务量96亿件，同比增长9.8%；实现调整后净 利润25.1亿元，同比增长5%。散件业务量增长势头依然强劲，同比增幅近50%，持续为利润带来积极贡 献。" 11月20日，中通快递-W(02057)公布其2025年第三季度未经审计的财务业绩。财报显示，三季度公司包 裹量95.7亿件，同比增长9.8%，同时也保持了优质的服务及客户满意度。调整后净利润增长5.0%至人民 币25.1亿元，营收118.6亿元，同比增长11.1%，经营活动产生的现金流为人民币32.1亿元。 颜惠萍补充道："基于对第四季度行业趋势的预判，我们将全年业务量指引调整至382亿至387亿件区 间，对应同比增速为12.3%至13.8%。业务量对我们至关重要，而网络稳定性是公司未来可持续发展的 基石。随着宏观环境持续演变及行业竞争格局向更健康发展，我们对执行整体企业战略、应对当前挑 战、最终成为全球领先物流服务商的能力始终保持信心。" 从经营数据来看，截至2025年9月30日，中通拥有95个分拣中心，超3100 ...