二○二五年五月二十日 圆通速递股份有限公司 会 议 资 料 中国·上海 目 录 关于《圆通速递股份有限公司第三期股票期权激励计划（草案）》及其摘要的议案 关于《圆通速递股份有限公司第三期股票期权激励计划实施考核管理办法》的议案 关于提请股东大会授权董事局办理公司第三期股票期权激励计划有关事项的议案25 圆通速递股份有限公司 会 议 须 知 根据中国证券监督管理委员会《上市公司股东大会规则》《公司章程》的有关规定， 为确保公司股东大会顺利召开，特制定会议须知如下，望出席股东大会的全体人员遵守 执行： 一、股东参加股东大会，应当认真履行其法定义务，不得侵犯其他股东权益； 二、股东大会期间，全体出席人员应以维护股东的合法利益、确保大会正常秩序和 议事效率为原则，认真履行法定职责； 三、出席大会的股东依法享有发言权、咨询权、表决权等各项权利，股东要求发言 时不得打断会议报告人的报告或其他股东的发言，股东要求发言时请先举手示意； 四、在会议集中审议议案过程中，股东按会议主持人指定的顺序发言和提问，建议 每位股东发言时间不超过 3 分钟，同一股东发言不超过两次，发言内容不超出本次会议 审议范围； 五、任何人不得扰乱大会的 ...

Investment Rating - The report maintains a positive outlook on the express delivery sector, suggesting that it is currently undervalued and highlighting the growth potential driven by the e-commerce market and new demands in lower-tier markets [61]. Core Insights - The express delivery industry shows strong growth resilience, with a year-on-year increase of 21.6% in business volume for Q1 2025 and a 13.8% increase in total revenue for 2024, reaching 1.4 trillion yuan [1][21]. - Major companies in the sector, including Zhongtong and Shentong, have demonstrated solid revenue growth, with Shentong achieving a remarkable 205% increase in net profit for 2024 [2][34]. - The market share of Zhongtong remains dominant at 19.6% in 2024, leading the sector by a margin of 4.2 percentage points over its closest competitor [2][31]. Summary by Sections Industry Overview - The express delivery business volume in 2024 reached 1.758 billion pieces, a 21.5% increase year-on-year, while Q1 2025 saw 451.4 million pieces, marking a 21.6% increase [11][1]. - The average price per ticket in the express delivery industry faced slight pressure, decreasing by 14.2% in 2024 and 7.7% in Q1 2025 [25][21]. Performance Overview - All major express delivery companies reported steady growth in both business volume and revenue, with Shentong leading in growth rates at 29.8% for 2024 [2][28]. - In terms of revenue, major players like Shunfeng, Shentong, and Yunda achieved revenues of 2.844 billion, 471.7 million, and 485.4 million yuan respectively in 2024, with year-on-year growth rates of 10.1%, 15.3%, and 7.9% [34][36]. Asset Layout - Zhongtong possesses the largest fleet of self-owned vehicles and sorting equipment, with over 10,000 self-owned trucks and 95 sorting centers as of 2024 [3][56]. - Capital expenditures for 2024 show an increase for Shentong and Yunda, while Zhongtong, Yunda, and Shunfeng have slowed their capital spending [3][58]. Investment Recommendations - The report recommends focusing on leading e-commerce express delivery companies such as Zhongtong, Yunda, Shentong, and Jitu Express, as well as logistics leader Shunfeng, due to the expected recovery in demand in the mid-to-high-end express market [61][62].

2024 年年度股东大会会议资料 圆通速递股份有限公司 2024 年年度股东大会 会 议 资 料 二○二五年五月二十日 中国·上海 | 会 议 | 须 知 | 1 | | | | --- | --- | --- | --- | --- | | 会 | 议 | 程 2 | | 议 | | 议案一 | | 4 | | | | 议案二 | | 5 | | | | 议案三 | | 6 | | | | 议案四 | | | 7 | | | 议案五 | | 8 | | | | 议案六 | | 10 | | | | 议案七 | | 20 | | | | 议案八 | | 23 | | | | 议案九 | | 24 | | | | 议案十 | | 25 | | | | 议案十一 | | 27 | | | | | 关于变更回购股份用途并注销的议案 | 27 | | | 2024 年年度股东大会会议资料 圆通速递股份有限公司 2024 年年度股东大会 会 议 须 知 根据中国证券监督管理委员会《上市公司股东大会规则》《公司章程》的有关规定， 为确保公司股东大会顺利召开，特制定会议须知如下，望出席股东大会的全体人员遵守 执行： 一、股 ...

5月7日晚间，圆通速递（600233）公告称，公司股东杭州灏月企业管理有限公司（简称"杭 州灏月"）通过大宗交易方式转让所持公司股份21464756股，转让股份数量占公司总股本的 0.62%，套现约2.8亿元。本次权益变动后，杭州灏月持有公司股权由11%减少至10.38%。杭 州灏月及其一致行动人合计持股比例由20.62%减少至20.00%，权益变动触及5%的整数倍。 工商资料显示，杭州灏月由阿里巴巴网络中国有限公司（6.6583%）、淘宝中国软件有限公 司（57.5947%）、浙江天猫技术有限公司（35.747%）共同持股。值得注意的是，这是两个 月内杭州灏月对圆通的二度减持。 事实上近两年，阿里巴巴已通过减持、清仓、直接控股 转间接控股等行为，不断缩小其在各领域的投资版图，进行业务瘦身。 阿里相继减持圆通韵达，对圆通持股比例仍仅次于申通 此后至今，阿里巴巴的投资版图陆续收缩，相继减持快狗打车、小鹏汽车、商汤科技、B站、光线传 媒、丽人丽妆、万达电影等，出售银泰百货、高鑫零售股权。但目前，阿里巴巴仍然通过杭州灏月持股 圆通速递总股本的10.38%。除了圆通，阿里也在减持韵达股权，据韵达财报，阿里对其持股比例 ...

Core Viewpoint - The performance of major express delivery companies in China shows growth in revenue and net profit for 2024, but a divergence in Q1 2025 results, indicating varying strategies and market conditions among the companies [1][2]. Group 1: Company Performance - SF Express (顺丰控股) achieved a total revenue of 284.42 billion yuan in 2024, 1.7 times that of its competitors, with a net profit surpassing 10 billion yuan for the first time at 10.17 billion yuan [2]. - YTO Express (圆通速递) ranked second with a revenue of 69.03 billion yuan and a net profit of 4.01 billion yuan, while Yunda Express (韵达股份) and Shentong Express (申通快递) followed with revenues of 48.54 billion yuan and 47.17 billion yuan, and net profits of 1.91 billion yuan and 1.04 billion yuan respectively [2]. - In Q1 2025, SF Express continued to lead with a revenue of 69.85 billion yuan, a year-on-year increase of 6.9%, and a net profit of 2.33 billion yuan, up 16.87% [2]. Group 2: Competitive Dynamics - YTO Express maintained a high profit level in Q1 2025 with a revenue of 17.06 billion yuan, a 10.58% increase, but its net profit decreased by 9.15% to 857 million yuan [3]. - Shentong Express reported a significant net profit growth of 24.04% to 236 million yuan, driven by a low base effect and increased business volume [3][6]. - Yunda Express faced a decline in net profit by 22.15% to 321 million yuan, indicating a disconnect between revenue growth and profitability [3]. Group 3: Cost and Efficiency - YTO Express led in single-package net profit with 0.16 yuan, outperforming Yunda Express at 0.07 yuan and Shentong Express at 0.04 yuan, attributed to its digital management [4]. - In 2024, YTO Express's single-package transportation cost was 0.42 yuan, down 9.41%, and its operational efficiency improved significantly due to automation and technology [5]. - Shentong Express's business volume grew by 29.83% to 22.73 billion packages in 2024, but its net profit margin remained low at under 2%, highlighting ongoing challenges in profitability despite volume growth [7].

5月7日圆通速递大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | 业部 | | 600.00 | 7452.00 | 12.42 | -5.98 | 招商证券股份有限公司深圳招商证 | 机构专 | | | | | | 券大厦证券营业部 | 用 | | 250.00 | 3105.00 | 12.42 | -5.98 | 中信证券股份有限公司深圳滨海大 | 机构专 | | | | | | 道证券营业部 | 用 | | 200.00 | 2484.00 | 12.42 | -5.98 | 中国国际金融股份有限公司上海分 | 机构专 | | | | | | 公司 | 用 | | 150.00 | 1863.00 | 12.42 | -5.98 | 中信证券股份有限公司上海静安区 | 机构专 | | | | | | 山西北路证券营业部 | 用 | | 112.00 | 1391.04 | 12.42 | -5.98 | 国泰 ...

圆通速递股份有限公司 简式权益变动报告书 信息披露义务人： 杭州灏月企业管理有限公司 注册地址： 中国（浙江）自由贸易试验区杭州市滨江区长河街道网商 路 699 号 5 号楼 3 楼 308 室 通讯地址： 杭州市余杭区文一西路 969 号 3 号楼 6 楼 股份权益变动性质： 股份减少 一致行动人之一： 杭州阿里创业投资有限公司 注册地址： 杭州市滨江区网商路 699 号 1 号楼 3 楼 301 室 通讯地址： 杭州市余杭区文一西路 969 号 3 号楼 6 楼 一致行动人之二： 浙江菜鸟供应链管理有限公司 注册地址： 浙江省杭州市余杭区余杭街道凤新路 501 号 V413 室 通讯地址： 浙江省杭州市余杭区凤新路 501 号菜鸟总部园区北区菜 鸟驿站 签署日期：2025 年 5 月 7 日 上市公司名称： 圆通速递股份有限公司 上市地点： 上海证券交易所 股票简称： 圆通速递 股票代码： 600233 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》等相关法律、法规和 ...

证券代码：600233 证券简称：圆通速递 公告编号：临 2025-032 圆通速递股份有限公司 关于 5%以上股东权益变动触及 5%整数倍的 提示性公告 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： 近日，公司收到杭州灏月通知，杭州灏月于 2025 年 5 月 7 日通过大宗交易 方式转让所持公司股份 21,464,756 股，转让股份数量占公司总股本的 0.62%。 现将有关事项公告如下： 一、本次权益变动基本情况 （一）信息披露义务人基本情况 | 公司名称 | 杭州灏月企业管理有限公司 | | --- | --- | | 注册地 | 中国（浙江）自由贸易试验区杭州市滨江区长河街道网商路 699 号 5 | | | 号楼 3 楼 308 室 | | 法定代表人 | 沈沉 | | 注册资本 | 426,447.04295 万美元 | | 统一社会信用代码 | 91330108MAD27T4D1Y | | 企业类型 | 有限责任公司（港澳台投资、非独资） | 本次权益变动前，圆通速递股份有限公司（以下简称"圆 ...

Group 1 - The core viewpoint of the report indicates that Dongxing Chemical's first-quarter performance turned profitable, with a revenue of 7.173 billion yuan, a year-on-year decrease of 4.48%, and a net profit of 151 million yuan, marking a turnaround from losses [2][18] - The agricultural chemical market remains challenging, with stable overall sales but declining prices due to oversupply and high interest rates abroad, leading to a reliance on timely procurement models [2][18] - The company has initiated the "Advancement Plan" to improve profits and cash flow from 2024 to 2026, focusing on financial management optimization, operational restructuring, and deepening value innovation in niche markets [2][18] Group 2 - Dongxing Chemical's differentiated product strategy is expected to drive long-term growth, with a new product introduction rate contributing 22% to sales in 2024 [3][19] - The company maintains a strong outlook, forecasting net profits of 79 million, 103 million, and 176 million yuan for 2025 to 2027, with corresponding EPS of 0.03, 0.04, and 0.08 yuan, and a current P/E ratio of 182, 141, and 82 times [3][19] Group 3 - Dongxing Electronics reported a first-quarter revenue of 347 million yuan, a year-on-year increase of 51.16%, and a net profit of 17.76 million yuan, up 55.88% [5][39] - The company has increased production capacity and successfully acquired Chongqing Zhiguan Technology, enhancing its functional materials business in the optical display sector [9][40] - The carbon fiber products have achieved mature mass production, with continuous market share growth, particularly in lightweight applications for consumer electronics [10][41] Group 4 - New and existing projects in Dongxing Chemical are progressing well, with significant growth in the vitamin and amino acid markets contributing to a 20.91% revenue increase to 5.440 billion yuan in the first quarter [21][22] - The company is expanding its product range through various projects, including a liquid amino acid project and a new materials project, which are expected to enhance its competitive position [22][23] - The forecast for net profits from 2025 to 2027 is set at 6.197 billion, 7.006 billion, and 7.796 billion yuan, with corresponding EPS of 2.02, 2.28, and 2.54 yuan, maintaining a strong recommendation rating [23]

Investment Rating - The investment rating for the company is "Buy" [9][12] Core Viewpoints - The company has a solid industry position with an increasing market share, achieving a revenue of 69.03 billion yuan in 2024, a year-on-year growth of 19.7%, and a net profit of 4.01 billion yuan, up 7.8% year-on-year [3][4] - The company is focusing on the e-commerce express delivery market, with a significant increase in delivery volume, reaching 26.57 billion packages in 2024, a growth of 25.3%, which is 3.8 percentage points above the industry average [4] - The company is implementing advanced technologies for cost control, resulting in a decrease in core costs, with the average transportation cost per package dropping by 9.4% year-on-year to 0.42 yuan [5] - The company aims to enhance its service network and digital transformation, projecting revenues of 77.94 billion yuan, 86.48 billion yuan, and 94.44 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 12.9%, 11.0%, and 9.2% [7][9] Financial Summary - In 2024, the company reported a total revenue of 69.03 billion yuan and a net profit of 4.01 billion yuan, with a projected revenue of 77.94 billion yuan for 2025 [10][11] - The company's earnings per share (EPS) is expected to increase from 1.16 yuan in 2024 to 1.25 yuan in 2025, reflecting a growth trend [10] - The company's asset-liability ratio stands at 33.3%, indicating a stable financial structure [2][11]