证券代码：600233 证券简称：圆通速递 公告编号：临 2025-001 圆通速递股份有限公司 关于第二期股票期权激励计划 2024 年第四季度 自主行权结果暨股份变动的公告 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： 本次股票期权自主行权情况：公司第二期股票期权激励计划第二个行权 期可行权数量为 3,140,000 份，行权有效期为 2024 年 7 月 5 日至 2025 年 6 月 5 日，行权方式为自主行权。2024 年 10 月 1 日至 2024 年 12 月 31 日，公司第二期股票期权激励计划部分激励对象自主行权且完成股份 过户登记共 1,359,701 股，占可行权数量的 43.30%；截至 2024 年 12 月 31 日，激励对象累计自主行权且完成股份过户登记共 1,488,701 股，占 可行权数量的 47.41%。 2024 年 10 月 1 日至 2024 年 12 月 31 日，公司第二期股票期权激励计划部 分激励对象自主行权，并在中国证券登记结算有限责任公司上海分公司完成过 ...

Core Viewpoint - The current era presents significant opportunities for the development and growth of private enterprises, particularly in the logistics sector, driven by supportive government policies and an improving business environment [1][7]. Group 1: Company Development and Strategy - YTO Express has evolved into a comprehensive logistics supply chain service provider, encompassing express logistics, technology, aviation, commerce, and finance over 24 years [3]. - The company is actively pursuing a digital upgrade strategy, increasing investment in technology research and development, and integrating over 600 types of core express business data [4]. - YTO Express is constructing a global aviation logistics hub in Jiaxing, Zhejiang, with an expected annual cargo throughput of 2.4 million tons, set to be fully operational by 2025 [1]. Group 2: Industry Trends and Opportunities - The logistics industry is experiencing a new phase of high-quality development, supported by a series of national standards and policies aimed at enhancing the sector [2]. - The integration of new technologies such as big data, cloud computing, and artificial intelligence is providing new momentum for the high-quality development of logistics enterprises [2]. - The company is committed to reducing overall logistics costs through the integration of various flows, including business, logistics, capital, information, and customs [6]. Group 3: Rural and International Expansion - YTO Express is actively expanding into the rural logistics market through a "express + commerce" model, supporting rural revitalization and facilitating the upward movement of agricultural products [5]. - The company has established over 50 subsidiaries and offices in 18 countries and regions, aligning its international expansion with the Belt and Road Initiative and cross-border e-commerce [5]. Group 4: Innovation and Core Competitiveness - Innovation is viewed as essential for addressing current and future development challenges, with the company prioritizing technological innovation as a core strategic focus [8]. - YTO Express aims to align its operations with national strategies and industry development plans, actively participating in initiatives that support rural revitalization and the new development pattern [9].

证券代码：600233 证券简称：圆通速递 公告编号：临 2024-057 圆通速递股份有限公司 关于全资子公司为全资下属公司提供担保的公告 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： 一、担保情况概述 （一）担保情况简介 为支持下属公司业务发展，满足其日常经营活动的资金需求，圆通有限于 2024 年 12 月 25 日与中国进出口银行上海分行签署《保证合同》，为其全资子公 司临沂圆汇提供 4.90 亿元的连带责任保证担保。 （二）本次担保履行的内部决策程序 截至本公告日，公司及全资子公司累计对外担保总额尚未超过上述授权的担 保总额，无须另行提交董事局及股东大会审议。 二、被担保人基本情况 （一）基本情况 | 名称 | 临沂圆汇物流有限公司 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 统一社会信用代码 | 91371302MA3U0TH15M | | | | | | | 成立时间 | 2020 | 年 | 09 | 月 | 15 | 日 ...

证券代码：600233 证券简称：圆通速递 公告编号：临 2024-056 圆通速递股份有限公司 2024 年 11 月快递业务主要经营数据公告 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。 圆通速递股份有限公司 2024 年 11 月快递业务主要经营数据如下： | 项目 | 2024 | 年 11 | 月 | 同比变动 | | | --- | --- | --- | --- | --- | --- | | 快递产品收入（亿元） | | | 58.28 | | 9.26% | | 业务完成量（亿票） | | | 25.41 | | 17.44% | | 快递产品单票收入（元） | | | 2.29 | | -6.96% | 上述数据未经审计，敬请广大投资者注意投资风险。 特此公告。 圆通速递股份有限公司 董事局 2024 年 12 月 20 日 ...

Group 1 - A new company, Hengyang Yuantong Express Co., Ltd., has been established with a registered capital of 30 million yuan [1] - The legal representative of the new company is Sun Kai, and its business scope includes ordinary cargo warehousing services, domestic cargo transportation agency, and warehousing equipment leasing services [1] - The company is indirectly wholly owned by Yuantong Express [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights a steady growth in the express delivery business, with a year-on-year increase of 31.18% in business volume for October, attributed to pre-sales during the Double Eleven shopping festival and an increase in market share [3][4] - The company is expected to continue its international expansion strategy, with a focus on international express delivery and freight services, supported by its own fleet of 13 aircraft and over 140 opened routes [4] - Profit forecasts for the company indicate a net profit attributable to shareholders of 41.88 billion, 48.67 billion, and 56.04 billion for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 12.5%, 16.2%, and 15.1% [5] Summary by Sections Financial Performance - In October, the company's express product revenue reached 57.04 billion, a year-on-year increase of 26.94%, with a total business volume of 2.473 billion pieces [2] - The average revenue per piece in October was 2.31 yuan, a decrease of 3.23% year-on-year but an increase of 5.96% month-on-month [3] - The total revenue for the company is projected to grow from 53.54 billion in 2022 to 84.58 billion in 2026, with a compound annual growth rate of approximately 12.3% [6] Profitability Metrics - The gross profit margin is expected to stabilize around 10.5% by 2026, with a return on equity (ROE) projected to improve to 14.3% [6] - Earnings per share (EPS) are forecasted to increase from 1.14 yuan in 2023 to 1.63 yuan in 2026 [6] Market Position - The company has achieved a market share of approximately 15.16%, an increase of 0.83 percentage points year-on-year, indicating a strong competitive position in the express delivery market [3]

证券代码：600233 证券简称：圆通速递 公告编号：临 2024-055 圆通速递股份有限公司 2024 年 10 月快递业务主要经营数据公告 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。 圆通速递股份有限公司 2024 年 10 月快递业务主要经营数据如下： | 项目 | 2024 | 年 10 | 月 | 同比变动 | | | --- | --- | --- | --- | --- | --- | | 快递产品收入（亿元） | | | 57.04 | | 26.94% | | 业务完成量（亿票） | | | 24.73 | | 31.18% | | 快递产品单票收入（元） | | | 2.31 | | -3.23% | 上述数据未经审计，敬请广大投资者注意投资风险。 特此公告。 圆通速递股份有限公司 董事局 2024 年 11 月 20 日 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [6]. Core Views - The company achieved a revenue of 49.369 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 21.13%, and a net profit attributable to the parent company of 2.930 billion yuan, an increase of 10.21% year-on-year [1]. - In Q3 2024, the company reported a revenue of 16.805 billion yuan, up 22.13% year-on-year, but down 1.94% quarter-on-quarter, with a net profit of 0.943 billion yuan, an 18.06% increase year-on-year, but a 9.75% decrease quarter-on-quarter [1][2]. - The company continues to expand its international development strategy, benefiting from the growth of cross-border e-commerce and domestic policy support, with its international service network covering over 150 countries and regions [3]. Revenue and Profit Analysis - The company's express delivery business volume reached 18.913 billion pieces in the first three quarters of 2024, a year-on-year increase of 25.98%, and 6.711 billion pieces in Q3 2024, a growth of 28.16% year-on-year, exceeding the industry average growth rate by 8 percentage points [2]. - The average revenue per piece in Q3 2024 was approximately 2.20 yuan, a decrease of 5.8% year-on-year [2]. - The gross profit margin for the first three quarters of 2024 was 9.63%, down 0.86 percentage points year-on-year [2]. International Development Strategy - The company is enhancing its international air coordination and integration, with a focus on expanding its international network through self-built and strategic partnerships [3]. - As of June 2024, the company has established a customs clearance network covering nearly 50 major ports in China and key overseas ports, with over 140 cargo flight routes opened [3]. - The company is actively developing premium express lines between China and countries such as Japan, Kazakhstan, Australia, and South Korea, while also expanding full-chain services to the US, UK, and Australia [3]. Profit Forecast and Valuation - The report maintains profit forecasts for 2024-2026, expecting net profits attributable to the parent company to be 4.40 billion yuan, 4.99 billion yuan, and 5.64 billion yuan respectively [3].

Investment Rating - The report maintains an "Add" rating for the company [3][6]. Core Views - The company is expected to see stable improvements in express delivery profits and market share, bolstered by its competitive advantages and digital transformation efforts [3][5]. - The report highlights the importance of focusing on the intrinsic value of the express delivery sector rather than the industry's evolution path, emphasizing the strong externalities associated with express delivery services [5]. - The company has shown significant improvements in volume and profitability over the past three years due to its digitalization efforts, which have helped strengthen its competitive position in the industry [5]. Financial Performance Summary - For Q3 2024, the company achieved operating revenue of 16.8 billion yuan, a year-on-year increase of 22.13%, and a net profit attributable to shareholders of 940 million yuan, up 18.06% year-on-year [6][12]. - The report forecasts net profits for 2024, 2025, and 2026 to be 4.32 billion yuan, 5.24 billion yuan, and 6.09 billion yuan, respectively, with corresponding PE ratios of 13.1, 10.8, and 9.3 [6][11]. - The company's market share in the express delivery sector is projected to be 15.3% in 2024, with a slight decrease from previous years due to industry adjustments [11][12]. Quarterly Performance Analysis - The company's net profit for Q3 2023 was 798 million yuan, with a year-on-year decrease of 20.0%, while Q3 2024 saw a recovery with a net profit of 940 million yuan, reflecting a year-on-year increase of 18.1% [12][13]. - The average net profit per express delivery ticket for Q3 2024 was 0.153 yuan, showing a slight decrease from the previous quarter [4][12]. - The report indicates that the company's operating cash flow for the first three quarters of 2024 was 4.08 billion yuan, with capital expenditures of approximately 4.72 billion yuan [6][12]. Market Data - As of November 1, 2024, the closing price of the company's stock was 16.49 yuan, with a total share capital of 3,445.39 million shares and net assets of 30,583.4 million yuan [1][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported steady growth in Q3 2024, with a 21.13% year-on-year increase in revenue for the first three quarters, totaling 49.369 billion yuan. Q3 revenue reached 16.805 billion yuan, up 22.13% year-on-year. The net profit attributable to the parent company for the first three quarters was 2.930 billion yuan, a 10.21% increase, with Q3 net profit at 943 million yuan, reflecting an 18.06% year-on-year growth [2][6] Summary by Relevant Sections Financial Performance - In Q3 2024, the company achieved a total express delivery volume of 6.711 billion pieces, a 28.16% increase year-on-year, surpassing the industry average growth rate by 8 percentage points. The market share in Q3 was 15.39%, an increase of 0.97 percentage points after adjusting for the National Postal Administration's data [7] - The average revenue per piece in Q3 was 2.20 yuan, down 5.83% year-on-year, with a gross margin of 8.41%, a decrease of 0.94 percentage points year-on-year. The net profit per piece was 0.14 yuan, down 7.78% year-on-year [8] - The company forecasts revenues of 66.371 billion yuan, 74.410 billion yuan, and 83.254 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 15.06%, 12.11%, and 11.88%. The net profit attributable to the parent company is expected to be 4.350 billion yuan, 4.975 billion yuan, and 5.714 billion yuan for the same years, with growth rates of 16.85%, 14.37%, and 14.86% [9][10]