Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 69.03 billion yuan in 2024, representing a year-on-year increase of 19.67%, with a net profit attributable to the parent company of 4.01 billion yuan, up 7.78% year-on-year [2] - In Q1 2025, the company reported a net profit of 857 million yuan, a decrease of 9.16% year-on-year, while the operating revenue was 17.06 billion yuan, reflecting a year-on-year growth of 10.58% [2] - The company continues to see strong growth in its express delivery business, with a volume of 26.57 billion pieces in 2024, up 25.32% year-on-year, and a market share of approximately 15.2% [4] Financial Performance Summary - In 2024, the company’s operating revenue was 690.33 million yuan, with a net profit of 40.12 million yuan, and a cash flow from operating activities of 58.57 million yuan, which decreased by 3.0% year-on-year [2][7] - The company’s single ticket express revenue in Q1 2025 was 2.28 yuan, down 6.26% year-on-year, while the core cost per ticket was 0.72 yuan, a decrease of 6.49% [3] - The company’s net profit forecast for 2025-2027 is 4.10 billion yuan, 4.74 billion yuan, and 5.39 billion yuan, with respective year-on-year growth rates of 2.2%, 15.6%, and 13.6% [8] Business Growth and Strategy - The company is focusing on international business expansion, with a self-owned fleet of 13 aircraft and over 150 routes opened, leading to a significant revenue increase of 43.20% in the air cargo segment in 2024 [5] - The company’s digital transformation and cost management strategies are expected to enhance operational efficiency and profitability [8]

Investment Rating - The investment rating for the company is "Buy" with a target price of 17.89 RMB [6][7]. Core Views - The company achieved a revenue of 69.03 billion RMB and a net profit of 4.01 billion RMB in 2024, representing a year-on-year growth of 19.7% and 7.8% respectively. The express delivery business contributed 62.29 billion RMB to revenue and 4.31 billion RMB to net profit, with growth rates of 19.2% and 12.2% [1][2]. - In Q1 2025, the company reported a revenue of 17.06 billion RMB and a net profit of 860 million RMB, showing a year-on-year increase of 10.6% in revenue but a decline of 9.2% in net profit [1][2]. - The company is expected to face continued pressure on profitability due to increased competition and a higher proportion of low-priced deliveries, which has led to a decrease in average revenue per package [1][3]. Summary by Sections Financial Performance - In 2024, the company handled 26.57 billion packages, a year-on-year increase of 25.3%, outperforming the industry growth rate of 21.5% by 3.8 percentage points. The average price per package decreased by 4.9% to 2.30 RMB, which is better than the industry average decline of 6.3% [2]. - The company's single-package cost decreased by 4.0% to 2.09 RMB, with transportation costs down by 9.4% to 0.42 RMB. However, the single-package gross profit fell by 12.6% to 0.20 RMB due to intense industry competition and declining revenue per package [2]. Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 has been revised down by 16% to 4.42 billion RMB and 5.07 billion RMB respectively, with a new forecast for 2027 at 5.72 billion RMB. The corresponding EPS estimates are 1.28 RMB, 1.47 RMB, and 1.66 RMB [3]. - The company is assigned a PE ratio of 14.0x for 2025, which is a premium compared to the industry average of 12.5x, reflecting the company's superior management and service quality [3].

Core Viewpoint - YTO Express reported a revenue of 69.03 billion and a net profit of 4.01 billion for 2024, reflecting year-on-year growth of 19.7% and 7.8% respectively, with the express delivery business contributing 62.29 billion and 4.31 billion, showing growth of 19.2% and 12.2% [1] Group 1: Performance Summary - In 2024, the company achieved a total volume of 26.57 billion parcels, a year-on-year increase of 25.3%, outperforming the industry growth rate of 21.5% by 3.8 percentage points [2] - The average price per parcel decreased by 4.9% to 2.30 yuan, which was better than the industry average decline of 6.3% [2] - In Q1 2025, the company continued to outperform the industry with a parcel volume increase of 21.7% compared to the industry’s 21.6%, while the average price per parcel fell by 6.3% against the industry’s 8.8% [2] Group 2: Cost and Profitability - The single parcel cost decreased by 4.0% to 2.09 yuan, with transportation costs down by 9.4% to 0.42 yuan due to optimized fleet structure and routing [2] - The single parcel gross profit fell by 12.6% to 0.20 yuan, attributed to ongoing industry competition and declining revenue per parcel [2] - The four expense ratios increased by 0.1 percentage points to 2.4%, with financial expenses rising significantly by 259.6% due to increased interest payments and reduced interest income [2] Group 3: Profit Forecast and Valuation - The company has revised down its net profit forecasts for 2025 and 2026 by 16% to 4.42 billion and 5.07 billion respectively, with a new forecast for 2027 at 5.72 billion [3] - The company is assigned a 2025 PE ratio of 14.0x, compared to the industry average of 12.5x, reflecting a premium due to improved management efficiency and service quality [3] - The target price has been adjusted to 17.89 yuan from a previous 23.70 yuan, while maintaining a "buy" rating [3]

Investment Rating - The investment rating for the company is "Buy" with a target price of 17.89 RMB [6][7]. Core Views - The company achieved a revenue of 69.03 billion RMB and a net profit of 4.01 billion RMB in 2024, representing a year-on-year growth of 19.7% and 7.8% respectively. The express delivery business contributed 62.29 billion RMB to revenue and 4.31 billion RMB to net profit, with growth rates of 19.2% and 12.2% respectively [1][2]. - In Q1 2025, the company reported a revenue of 17.06 billion RMB and a net profit of 860 million RMB, showing a year-on-year increase of 10.6% in revenue but a decline of 9.2% in net profit [1]. - The company is expected to face continued pressure on profitability due to increased competition and a higher proportion of low-priced deliveries, which has led to a decrease in average revenue per package [1][3]. Summary by Sections Revenue and Profitability - The company’s package volume grew by 25.3% in 2024, outperforming the industry growth rate of 21.5%. The average price per package decreased by 4.9% to 2.30 RMB, which is better than the industry average decline of 6.3% [2]. - The single-package cost decreased by 4.0% to 2.09 RMB, with transportation costs down by 9.4% to 0.42 RMB. However, the single-package gross profit fell by 12.6% to 0.20 RMB due to intense industry competition [2]. Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 has been revised down by 16% to 4.42 billion RMB and 5.07 billion RMB respectively. A new forecast for 2027 is set at 5.72 billion RMB, with corresponding EPS of 1.28 RMB, 1.47 RMB, and 1.66 RMB [3]. - The company is assigned a PE ratio of 14.0x for 2025, which is a premium compared to the industry average of 12.5x, reflecting the company's superior management and service quality [3]. Financial Metrics - The projected revenue for 2025 is 77.13 billion RMB, with a year-on-year growth of 11.73%. The net profit is expected to reach 4.42 billion RMB, reflecting a growth of 10.17% [5][21]. - The company’s market capitalization is approximately 45.12 billion RMB, with a closing price of 13.09 RMB as of April 28 [7].

Core Viewpoint - YTO Express has demonstrated strong financial performance and growth in the logistics sector, supported by technological innovation and a robust service network [2][3][4]. Financial Performance - In 2024, YTO Express achieved operating revenue of 69.033 billion yuan, a year-on-year increase of 19.67%, and a net profit attributable to shareholders of 4.012 billion yuan, up 7.78% [2]. - For the first quarter of 2025, the company reported operating revenue of 17.060 billion yuan, a 10.58% increase year-on-year, but a net profit of 0.857 billion yuan, which represents a decline of 9.16% [2]. - The profit distribution plan for 2024 includes a cash dividend of 3.60 yuan per 10 shares, totaling 1.231 billion yuan, which accounts for 30.69% of the net profit [2]. Business Growth - YTO Express completed a total express delivery volume of 26.573 billion pieces in 2024, reflecting a year-on-year growth of 25.32%, surpassing the industry average growth rate by 3.8 percentage points [3]. - The company has been focusing on digital transformation and the application of advanced technologies, such as artificial intelligence, to enhance operational efficiency and cost control [3]. Competitive Advantages - YTO Express has established significant competitive barriers through technological innovation, network optimization, and cost control, which have further solidified its market share [4]. - The company emphasizes service quality and customer experience by improving employee skills and optimizing business processes [3][4]. Industry Outlook - The express delivery industry is expected to continue its rapid growth due to factors such as consumption upgrades, policy support, and ongoing technological innovation [4]. - The ongoing prosperity of the e-commerce sector and market penetration are anticipated to provide substantial development opportunities for the logistics industry [4].

关于开展外汇套期保值业务的公告 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 基于生产经营需要，为有效防范外汇市场风险，增强财务稳健性，圆通速递 股份有限公司（以下简称"公司"）拟使用累计不超过 8,000 万美元（或等值外 币）自有资金开展外汇套期保值业务，前述额度可由公司及全资子公司、控股子 公司共同使用，额度有效期为自董事局会议审议通过之日起十二个月内。现将具 体内容公告如下： 一、外汇套期保值业务概述 证券代码：600233 证券简称：圆通速递 公告编号：临 2025-024 （一）交易目的 圆通速递股份有限公司 近年来公司持续推进国际化发展战略，国际业务稳步发展，日常经营过程中 涉及以外币结算，鉴于目前国际经济形势复杂多变，外汇市场不确定性仍然存在， 为有效平抑汇率波动对公司经营效益的影响，进一步提高公司应对外汇波动风险 的能力，增强财务稳健性，公司拟开展外汇套期保值业务。 包括但不限于远期结售汇、外汇掉期、外汇期权、外汇互换等。 （五）交易期限 自董事局会议审议通过之日起十二个月内。 （六）授权事项 公司董事局授 ...

本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 拟聘请的审计机构名称：立信会计师事务所（特殊普通合伙） 圆通速递股份有限公司（以下简称"公司"）拟聘请立信会计师事务所（特 殊普通合伙）（以下简称"立信"）为 2025 年度财务审计机构及内部控制审计机 构，并提请股东大会授权公司管理层确定其酬金，聘期为 1 年。现将具体内容公 告如下： 证券代码：600233 证券简称：圆通速递 公告编号：临 2025-025 圆通速递股份有限公司 关于聘请 2025 年度审计机构的公告 一、拟聘请会计师事务所基本情况 （一）机构信息 1、基本信息 立信由我国会计泰斗潘序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成改制的特殊普通合伙制会计师事务所，注册地址为上海市， 首席合伙人为朱建弟先生。立信是国际会计网络 BDO 的成员所，长期从事证券服 务业务，新证券法实施前具有证券、期货业务许可证，具有 H 股审计资格，并已 向美国公众公司会计监督委员会（PCAOB）注册登记。 截至 2024 年末， ...

证券代码：600233 证券简称：圆通速递 公告编号：临 2025-022 圆通速递股份有限公司 关于确认公司 2024 年度日常关联交易 执行情况的公告 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 2024 年度，圆通速递股份有限公司（以下简称"公司"）与上海圆通蛟龙投 资发展（集团）有限公司（以下简称"蛟龙集团"）及其下属公司、阿里巴巴集 团控股有限公司（以下简称"阿里巴巴集团"）下属公司等的日常关联交易预计 金额为 630,016.87 万元，实际发生金额为 557,958.49 万元。现将具体内容公告 如下： 一、2024 年度日常关联交易基本情况 是否需要提交股东大会审议：是 日常关联交易对上市公司的影响：公司的日常关联交易不会影响公司的 独立性，公司主营业务不会因上述交易而对关联方形成依赖，不会对公 司的持续经营能力产生影响，不会对公司的财务状况、经营成果产生不 利影响，不存在损害公司和股东利益的情形。 2025 年 4 月 28 日，公司第十一届董事局第十六次会议审议通过了《关于确 认公司 2 ...

根据《上市公司独立董事管理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等要求，圆通速递股份有限公司（以下简称"圆通速递"或"公司"） 在任独立董事黄亚钧先生、董静女士、许军利先生对各自的独立性情况进行了自查， 并将自查情况提交董事局，董事局对在任独立董事的独立性情况进行评估并出具了专 项意见。现就相关情况报告如下： 一、独立董事独立性自查情况 经自查，公司三位在任独立董事均不存在下列情形： 1、在圆通速递或者其附属企业任职的人员及其配偶、父母、子女、主要社会关系； 2、直接或者间接持有圆通速递已发行股份百分之一以上或者是圆通速递前十名股 东中的自然人股东及其配偶、父母、子女； 3、在直接或者间接持有圆通速递已发行股份百分之五以上的股东或者在圆通速递 前五名股东任职的人员及其配偶、父母、子女； 4、在圆通速递控股股东、实际控制人的附属企业任职的人员及其配偶、父母、子 女； 5、与圆通速递及其控股股东、实际控制人或者其各自的附属企业有重大业务往来 的人员，或者在有重大业务往来的单位及其控股股东、实际控制人任职的人员； 圆通速递股份有限公司 董事局关于独立董事独立性自查情况的专项报告 7、最近 ...

目录 | 关于本报告 | 01 | | --- | --- | | 董事局主席致辞 | 02 | | 走进圆通速递 | 03 | | ESG治理 | 09 | 稳健经营 合规治理 | 有序公司治理 | 14 | | --- | --- | | 恪守商业道德 | 21 | | 筑就责任链条 | 24 | 精益服务 优质体验 | 创新产品服务 | 71 | | --- | --- | | 优质客户体验 | 74 | | 加强信息安全 | 77 | 绿色环保 低碳发展 | 提升环境管理 | 28 | | --- | --- | | 应对气候变化 | 29 | | 践行绿色经营 | 40 | 以人为本 凝心聚力 | 保障员工权益 | 46 | | --- | --- | | 赋能人才培养 | 58 | | 护航员工安全 | 62 | 多方赋能 共富共荣 | 助力乡村振兴 | 82 | | --- | --- | | 热心公益慈善 | 84 | | 携手合作共赢 | 86 | 附录 87 95 附录一：关键绩效汇总 附录二：报告索引 01 圆通速递 · 2024 年度可持续发展报告 关于本报告 报告简介 本报告是圆通速 ...