证券代码：600233 证券简称：圆通速递 公告编号：临 2025-034 圆通速递股份有限公司 2025 年 4 月快递业务主要经营数据公告 特此公告。 圆通速递股份有限公司 董事局 2025 年 5 月 20 日 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 2025 年 4 月快递业务主要经营数据如下： | 项目 | 2025 | 年 | 4 月 | | 同比变动 | | --- | --- | --- | --- | --- | --- | | 快递产品收入（亿元） | | | | 57.55 | 16.32% | | 业务完成量（亿票） | | | | 26.93 | 25.27% | | 快递产品单票收入（元） | | | | 2.14 | -7.14% | 上述数据未经审计，敬请广大投资者注意投资风险。 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The shipping industry is experiencing a surge in demand due to a recent temporary reduction in tariffs between China and the US, leading to a significant increase in shipping volumes on the US route. The average booking volume surged by 277% compared to the previous week [5] - The Shanghai Export Container Freight Index (SCFI) rose by 10.0% week-on-week, indicating a strong recovery in shipping rates, particularly for routes to the US [6] - The logistics sector is showing resilience, with express delivery volumes in April increasing by 19.1% year-on-year, reflecting robust demand across various sectors [9] - The airline industry is expected to benefit from macroeconomic recovery, with a long-term supply-demand imbalance favoring growth in the sector [12] Summary by Sections Shipping Vessels - The recent tariff reductions have led to a surge in demand for shipping services, particularly on the US route, with a projected increase in freight rates over the next 2-3 months due to supply constraints [5] - The average weekly capacity for the US route is expected to be 500,000 TEU, down 6% from last year [5] - The oil tanker market is facing supply tightness due to limited new orders and an aging fleet, which is expected to sustain high demand in the coming years [12] Express Logistics - In April, the express delivery industry in China saw a business volume of 16.32 billion pieces, a year-on-year increase of 19.1%, with revenue reaching 121.28 billion yuan, up 10.8% [9] - The concentration index for express delivery brands (CR8) was 86.7, indicating a stable competitive landscape [9] Aviation and Airports - The airline industry is poised for growth due to low supply growth and recovering demand, with key companies to watch including China Southern Airlines and Air China [12] - The passenger transport volume in March was approximately 59 million, reflecting a year-on-year increase of 3.5% [50] Overall Market Performance - From May 12 to May 16, the transportation index rose by 2.12%, outperforming the Shanghai Composite Index [17] - The shipping sector saw the highest increase at 7.42%, indicating strong market performance [17]

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [2]. Core Insights - The aviation sector is expected to see improvements in both volume and pricing, with optimistic expectations continuing to develop. High passenger load factors are anticipated to drive ticket prices upward, supported by regulatory measures from the Civil Aviation Administration [4][5]. - The shipping industry is poised for a dual increase in volume and pricing due to multiple catalysts, including replenishment demand and seasonal peaks. The report highlights the potential for significant price increases in the shipping sector [5][6]. Summary by Sections Investment Highlights - Key companies recommended for investment include Spring Airlines, China Eastern Airlines, and China Southern Airlines, which are expected to show strong performance due to their operational resilience and market positioning [11]. - The report emphasizes the importance of infrastructure improvements and policy changes that could benefit the transportation sector, particularly in aviation and shipping [4][5]. Operational Tracking - Data from major airlines shows a positive trend in passenger traffic and load factors, with Southern Airlines reporting a 4.91% increase in available seat kilometers (ASK) in Q1 2025 compared to the previous year [14]. - The report tracks significant increases in cargo volumes across various transportation modes, indicating a robust recovery in logistics and freight services [5][6]. Aviation Data Tracking - The report provides detailed metrics on airline performance, including ASK and revenue passenger kilometers (RPK), showing growth across major carriers. For instance, China Eastern Airlines reported a 10.89% increase in RPK in Q1 2025 [14]. - The average ticket price for economy class during the Dragon Boat Festival is projected to rise, reflecting a strong demand environment [4]. Shipping Data Tracking - The report notes a 9.98% week-on-week increase in the SCFI index, indicating a positive trend in shipping rates, despite a year-on-year decline of 41.31% [5]. - The report highlights the impact of tariff changes on shipping demand, particularly in the US-China trade context, which is expected to stimulate replenishment and seasonal demand [5]. Logistics Data Tracking - The report tracks significant growth in express delivery volumes, with a 15.83% year-on-year increase in the number of packages collected during early May 2025 [5]. - The logistics sector is benefiting from improved cross-border trade conditions, which are expected to enhance the performance of logistics companies [5].

Core Insights - In 2024, the company achieved a total express delivery volume of 26.573 billion pieces, representing a year-on-year growth of 25.32% [1] - The company reported a revenue of 69.033 billion yuan in 2024, an increase of 19.67% year-on-year, and a net profit attributable to shareholders of 4.012 billion yuan, up 7.78% [1] - For Q1 2025, the express delivery volume reached 6.779 billion pieces, with a year-on-year growth of 21.75%, and revenue of 17.060 billion yuan, reflecting a 10.58% increase [2] Company Performance - In 2024, the express delivery business generated a net profit of 4.307 billion yuan, marking a 12.16% increase year-on-year [1] - The company is focusing on digital transformation and the application of advanced technologies such as artificial intelligence to enhance efficiency and reduce costs [1][3] - In Q1 2025, the company achieved a net profit of 0.857 billion yuan [2] Industry Context - The national express delivery industry experienced a growth rate of 21.6% in Q1 2025, indicating robust overall growth [2] - Factors contributing to industry growth include the rise of live e-commerce, the "Express to Villages" initiative, and the release of consumption potential in rural and lower-tier markets [2] - The company aims to enhance its international logistics capabilities and expand its cross-border logistics services [1]

港股物流板块走高，圆通速递国际(06123.HK)开涨8.2%，顺丰同城(09699.HK)涨超3%，中国外运 (00598.HK)微涨0.27%。 ...

Group 1 - Zhengzhou will host a comprehensive job fair on May 17, featuring over 300 leading enterprises offering more than 20,000 quality job positions [1] - The event is organized by multiple authorities including the Human Resources and Social Security Department of Henan Province, aimed at connecting talent with the manufacturing, IT, finance, logistics, and new media sectors [1] - Notable participating companies include Foxconn, Gree Electric Appliances, and several others across various fields such as smart manufacturing and food processing [1] Group 2 - A specialized job fair for graduate students will take place on May 16, organized by the Zhengzhou Human Resources Bureau and other local authorities [2] - The event will feature 42 organizations, including universities and key enterprises, providing a total of 1,244 job opportunities in fields like technology research and artificial intelligence [2] - Participating entities include Zhengzhou Smart Technology Group and Zhengzhou First People's Hospital, highlighting the focus on high-demand sectors [2]

Summary of YTO Express Conference Call Industry Overview - The express delivery industry is characterized as a quasi-public service with strong cash flow. The optimization of the industry structure is expected to enhance performance elasticity, making 2025 a potential buying opportunity for quality companies [2][4] - The National Postal Administration is focused on the rights of couriers and consumers, indirectly influencing express delivery prices and maintaining industry stability [2][7] Company Performance - YTO Express has shown stable performance since Q4 2021, with efficient management and timely adjustments to its delivery network. Despite intense price competition, the company has maintained stable growth, reflecting the pricing power and profit growth capabilities of leading companies [2][5] - The valuation of the express delivery industry has declined from a central point of 20 times to around 10 times, primarily due to the collapse of a price alliance in the second half of 2024, leading to significant profit differentiation [2][6] Pricing Mechanism - The pricing mechanism in the express delivery sector is complex, prioritizing B-end demand while consumers act as price receivers. Professional purchasers hold pricing power, and the e-commerce supply chain's demand for cost reduction has driven the storage rate above 70% [2][8][9] - Yiwu is a core area for e-commerce express delivery, where logistics costs and price changes significantly impact the supply chain. A price drop by one company necessitates quick follow-up by competitors to avoid losing market share [2][10][11] Digital Transformation - YTO Express has prioritized data asset integration, demonstrating a strong commitment to digitalization and AI applications. The integration of information technology with business operations is advanced, with AI-assisted routing expected to significantly reduce costs [3][24][25] - The implementation of the "One Project" has improved network competitiveness by creating a quasi-direct management system, enhancing execution and stability at delivery points [2][18] Future Outlook - The express delivery industry is expected to face a new round of price wars, which could lead to further industry consolidation. The focus on digitalization and transparency is crucial to avoid repeating past mistakes and to ensure stable development [12][20] - YTO Express's capital expenditure is significant, with nearly 7 billion yuan in 2024 and over 2 billion in Q1 2025, reflecting confidence in long-term industry optimization and efforts to enhance capacity in core areas [21] Conclusion - YTO Express is well-positioned in the express delivery industry, with a strong network, effective management, and a focus on digital transformation. The company's strategies and market dynamics suggest a positive outlook for future growth and stability in the sector [19][20]

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - Maersk reported a 70.4% year-on-year increase in EBITDA for Q1 2025, with total revenue reaching $13.32 billion, a 7.8% increase [3][14] - Hainan Airlines transported over 617,000 passengers during the "May Day" holiday, setting a record for Beijing Daxing Airport [3][16] - SF Express saw an 87% year-on-year increase in business volume during the "May Day" holiday, with the e-commerce logistics index rising to 111.1 points in April [3][23] Summary by Sections 1. Industry Hot Events - Maersk's Q1 2025 report shows EBITDA growth of 70.4%, with net profit increasing by 480.3% to $1.21 billion [3][14] - Hainan Airlines executed approximately 3,883 flights and transported over 617,000 passengers during the "May Day" holiday, marking a 9% increase year-on-year [3][16] - SF Express reported an 87% increase in business volume during the holiday, with significant growth in various categories [3][23] 2. High-Frequency Data Tracking - Air freight prices remained stable from early to mid-April 2025, with a slight decline in some indices [4][27] - Domestic cargo flight volumes decreased by 1.67% year-on-year in April 2025, while international flights increased by 25.08% [4][36] - The SCFI index for container shipping reported a 0.32% week-on-week increase, but a 41.66% year-on-year decrease [4][40] 3. Investment Recommendations - The report suggests focusing on the industrial goods export chain, recommending companies like COSCO Shipping, China Merchants Energy, and Huamao Logistics [5] - It highlights investment opportunities in low-altitude economy trends and the cruise and ferry sectors [5] - Recommendations for the express delivery sector include SF Holdings, Jitu Express, and Yunda Express, with a focus on the aviation industry as well [5]

证券代码：600233 证券简称：圆通速递 公告编号：临 2025-033 圆通速递股份有限公司监事会 关于第三期股票期权激励计划首次授予激励对象 名单审核及公示情况的说明 本公司监事会及全体监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（以下简称"公司"）根据《上市公司股权激励管理 办法》（以下简称《管理办法》）的相关规定，对圆通速递股份有限公司第三期股 票期权激励计划（以下简称"本次激励计划"）中首次授予激励对象的姓名和职 务在公司内部进行了公示。根据《管理办法》和《公司章程》的规定，公司监事 会结合公示情况对本次激励计划首次授予激励对象人员名单进行了核查，相关公 示情况及审核情况如下： 一、公示情况及核查方式 1、公司对首次授予激励对象的公示情况 公司已于 2025 年 4 月 29 日在上海证券交易所网站（www.sse.com.cn）上披 露了《圆通速递股份有限公司第三期股票期权激励计划首次授予激励对象名单》 （以下简称《激励对象名单》），并于 2025 年 4 月 30 日在公司内部网站对上述拟 激励对象的姓名 ...

Investment Rating - The overall investment rating for the transportation industry is "Positive" [2][17]. Core Viewpoints - The logistics sector is expected to continue its robust growth, driven by the rise of e-commerce and changing consumer behaviors [28]. - The express delivery industry maintained a relatively high growth rate in volume, with a year-on-year increase of 21.5% in 2024, reaching 175.08 billion packages, and a 21.6% increase in Q1 2025, totaling 45.14 billion packages [26][30]. - The price competition in the express delivery sector has intensified, leading to pressure on single-package profitability, with the average price per package dropping by 8.8% year-on-year in Q1 2025 [3][32]. Summary by Sections Express Delivery - **Volume Growth**: The express delivery industry experienced a strong growth in volume, with major companies like Shunfeng, YTO, Yunda, and Shentong reporting package volumes of 3.541 billion, 6.779 billion, 6.076 billion, and 5.807 billion respectively in Q1 2025, with growth rates of 19.7%, 21.7%, 22.9%, and 26.6% [26][30]. - **Price and Profitability**: The average price per package in the industry was 7.66 yuan, down 8.8% year-on-year. Shunfeng's net profit increased by 16.9% year-on-year, while YTO, Yunda, and Shentong saw net profit changes of -9.2%, -22.1%, and +24.0% respectively [3][32]. - **Investment Recommendation**: The report recommends focusing on Shunfeng Holdings due to its strong cash flow and potential for growth in the express delivery sector [3][32]. Aviation - **Operational Status**: The aviation industry saw a recovery in passenger load factors, reaching 83.3% in 2024, slightly above 2019 levels. Domestic and international flight turnover volumes increased by 12.0% and 85.2% respectively [4][6]. - **Financial Performance**: Major airlines reduced losses significantly in 2024, with revenue growth for Air China, China Southern Airlines, and China Eastern Airlines at 18.1%, 8.9%, and 16.2% respectively [5][6]. - **Investment Recommendation**: The report suggests focusing on airlines like Air China and China Southern Airlines, anticipating improved performance as supply constraints and ticket prices recover [6]. Ports - **Operational Data**: The total cargo throughput for national ports reached 1.7595 billion tons in 2024, a year-on-year increase of 3.66%. In Q1 2025, throughput was 422.2 million tons, up 3.23% [7][8]. - **Financial Data**: Qingdao Port showed a net profit growth of 6.33% in 2024, while China Merchants Port's net profit increased by 26.44% [8]. - **Investment Recommendation**: The report recommends focusing on Qingdao Port due to its superior return on equity (ROE) and dividend capabilities [8]. Highways - **Performance Overview**: The highway sector showed stable growth in Q1 2025, with passenger and freight volumes increasing by 0.5% and 5.4% respectively [9][10]. - **Investment Recommendation**: The report highlights the importance of focusing on leading highway operators like China Merchants Highway and Shandong Highway for their strong cash flow and growth potential [10]. Railways - **Operational Status**: Railway freight and passenger turnover volumes declined in 2024, with significant drops in the Daqin Line's freight volume [11][12]. - **Financial Performance**: Daqin Railway's net profit fell by 24.23% in 2024, while Beijing-Shanghai High-Speed Railway's net profit increased by 10.6% [12]. - **Investment Recommendation**: The report suggests a positive outlook for Daqin Railway and Beijing-Shanghai High-Speed Railway as freight volumes are expected to recover [12]. Shipping - **Operational Data**: Oil shipping rates remained around $50,000 per day, while container shipping rates showed slight declines [13][14]. - **Financial Performance**: COSCO Shipping Holdings reported a net profit increase of 105.78% in 2024 [14]. - **Investment Recommendation**: The report recommends focusing on stable companies like China Merchants Energy and Zhonggu Logistics amid fluctuating shipping rates [14]. Bulk Supply Chain - **Operational Status**: The bulk supply chain sector faced weak downstream demand, leading to a slight decrease in cargo volume for leading companies [15][16]. - **Financial Performance**: Major companies like Xiamen Xiangyu and Xiamen Guomao reported significant declines in net profit [16]. - **Investment Recommendation**: The report suggests that the sector may see a recovery in profits as demand improves and recommends focusing on companies with high dividend yields [16].