Group 1 - Shentong Express announced the acquisition of 100% equity in Zhejiang Daniao Logistics for 362 million yuan, indicating a strategic shift towards "quality express delivery" [1] - Daniao Logistics, a subsidiary of Cainiao Group, has been operating the Cainiao Express service, which offers same-day and next-morning delivery services [1] - The acquisition reflects Shentong's ambition to enhance service quality and optimize product structure amid increasing competition in the express delivery market [4] Group 2 - Daniao Logistics reported a net loss of 230 million yuan from January to April 2025, following a profitable year in 2024, highlighting challenges in achieving scale and profitability [2] - The losses are attributed to the short operational period, high initial costs, and external factors such as seasonal industry downturns and price declines [2] - Cainiao Group is shifting focus from domestic self-operated express services to international logistics and technology, aiming to strengthen its position in higher-margin global supply chain segments [4] Group 3 - The acquisition allows for resource integration between Shentong and Daniao, aiming to optimize costs and enhance collaborative value post-transaction [4] - Following the announcement, Shentong's stock price rose by 10.03%, while Alibaba's stock experienced a decline of 1.08% [4]

根据《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》及《公司章程》等 法律法规和规章制度的有关规定，申通快递股份有限公司（以下简称"公司"）全体独立董事 于 2025 年 7 月 22 日召开第六届董事会第七次独立董事专门会议，本次会议应参加独立董事 3 名，实际参加独立董事 3 名。 申通快递股份有限公司 第六届董事会第七次独立董事专门会议审核意见 全体独立董事一致同意本议案，并同意提交公司第六届董事会第十二次会议审议。 经审阅公司提交的相关议案和坤元资产评估有限公司出具的评估报告认为，本次关联交易 定价依据公允合理，不存在损害公司及非关联股东利益的情况，符合相关法律法规和《公司章 程》的规定，不会给公司的持续经营带来重大的不确定性风险。 独立董事：杨芳、郝振江、李路 2025 年 7 月 22 日 本次会议对《关于拟收购浙江丹鸟物流科技有限公司 100%股权暨关联交易的议案》发表 审核意见如下： ...

申通快递股份有限公司 关于拟收购浙江丹鸟物流科技有限公司100%股权暨关联交易的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导性 陈述或者重大遗漏。 重要内容提示： 一、本次收购股权暨关联交易概述 1、为增强公司核心竞争力和长期可持续发展的能力，公司全资子公司申通有限与浙江菜鸟供 应链、阿里创投、阿里网络于 2025 年 7 月 25 日签署《关于浙江丹鸟物流科技有限公司之股权转 让和购买协议》（以下简称"交易协议"），拟以现金方式收购浙江菜鸟供应链、阿里创投、阿里 网络持有的丹鸟物流 100%股权。 1 证券代码：002468 证券简称：申通快递 公告编号：2025-057 （3）根据《公司章程》的相关规定，本次交易无需提交股东大会审议。 5、本次交易不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 二、交易对方（关联人）的基本情况 （一）关联关系说明 申通快递股份有限公司（以下简称"公司"、"本公司"或"上市公司"）全资子公司申通快递有限 公司（以下简称"申通有限"）拟以现金方式收购浙江菜鸟供应链管理有限公司（以下简称"浙 江菜鸟供应链"）、杭州阿里创业投资有限 ...

证券代码：002468 证券简称：申通快递 公告编号：2025-056 申通快递股份有限公司 第六届监事会第十一次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导性 陈述或者重大遗漏。 经审核，监事会认为：本次股权收购暨关联交易的审议程序符合《公司法》《证券法》等有关 法律法规和《公司章程》的规定，不存在损害公司及全体股东利益的情形。具体内容详见公司同 日在《中国证券报》《证券日报》《证券时报》《上海证券报》及巨潮资讯网（www.cninfo.com.cn） 上披露的《关于拟收购浙江丹鸟物流科技有限公司100%股权暨关联交易的议案》（公告编号： 2025-057）。 三、备查文件 1、第六届监事会第十一次会议决议。 特此公告。 申通快递股份有限公司监事会 一、监事会会议召开情况 申通快递股份有限公司（以下简称"公司"）于2025年7月22日以邮件、电话等方式发出召开 第六届监事会第十一次会议的通知，会议于2025年7月25日在上海市青浦区重达路58号会议室以现 场结合通讯表决的方式召开，应出席会议的监事3名，实际出席会议的监事3名。会议由监事会主 席顾利娟女士主持，本次 ...

证券代码：002468 证券简称：申通快递 公告编号：2025-055 申通快递股份有限公司（以下简称"公司"）于2025年7月22日以邮件、电话等方式发出召开 第六届董事会第十二次会议的通知，会议于2025年7月25日在上海市青浦区重达路58号会议室以现 场结合通讯表决的方式召开，应出席会议的董事7名，实际出席会议的董事7名。会议由董事长陈 德军先生主持，公司监事及高级管理人员列席了本次会议。本次会议的召开符合《公司法》和《公 司章程》的有关规定。 二、董事会会议审议情况 申通快递股份有限公司 第六届董事会第十二次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导性 陈述或者重大遗漏。 一、董事会会议召开情况 1、第六届董事会第十二次会议决议； 特此公告。 申通快递股份有限公司董事会 经全体董事认真审议，本次会议通过了如下议案： 2025年7月26日 审议通过了《关于拟收购浙江丹鸟物流科技有限公司100%股权暨关联交易的议案》 表决结果：同意票7票，反对票0票，弃权票0票，回避票0票。 公司董事会审计委员会、战略委员会、独立董事专门会议审议通过了本议案，全体独立董事 一 ...

Core Viewpoint - Shentong Express (002468) announced that its wholly-owned subsidiary plans to acquire 100% equity of Zhejiang Daniao Logistics Technology Co., Ltd. for a cash consideration of 362 million yuan [1] Group 1: Transaction Details - The acquisition involves the purchase of shares held by Zhejiang Cainiao Supply Chain Management Co., Ltd., Hangzhou Alibaba Venture Capital Co., Ltd., and Alibaba (China) Network Technology Co., Ltd. [1] - The transaction has been approved by the company's sixth board of directors' twelfth meeting and does not require shareholder approval [1] - The transaction is classified as a related party transaction but does not constitute a major asset reorganization as defined by the regulations [1]

Core Insights - The report from Guotai Junan indicates that the express delivery industry is expected to maintain a rapid growth rate in 2025, despite a temporary slowdown in growth due to an earlier promotional cycle in June [1] - The industry is experiencing intensified price competition in the first half of 2025, but the State Post Bureau's call to "reduce internal competition" is likely to control the intensity of this competition, promoting long-term high-quality development [1] - The report highlights the importance of focusing on leading companies with more certain growth in performance, particularly in the e-commerce express delivery sector [1] Industry Performance - In June 2025, the total express delivery volume in China reached 16.87 billion pieces, a year-on-year increase of 15.8%, with a slight month-on-month decline due to the early 618 promotional cycle [1] - For Q2 2025, the total express delivery volume was 50.51 billion pieces, reflecting a year-on-year growth of 17.3% [1] - The trend towards smaller packages and the convenience of e-commerce promotions and returns are driving the growth in express delivery volume, surpassing the State Post Bureau's forecast of over 8% growth for the entire year [1] Company Market Share - The market share of major express delivery companies has increased in Q2 2025, with SF Express, YTO Express, Yunda Express, and Shentong Express achieving market shares of 8.7%, 15.6%, 12.9%, and 12.9% respectively in June 2025 [2] - The CR8 (concentration ratio of the top 8 companies) for the express delivery industry reached 87.0 in the first half of 2025, an increase of 1.7 compared to the previous year, indicating a notable rise in the focus on leading companies [2] Pricing Trends - In June 2025, the express delivery industry revenue grew by 9.0% year-on-year, while the average revenue per package decreased by 5.8% [3] - For Q2 2025, the industry revenue increased by 9.3%, with a 6.8% decline in average revenue per package [3] - The decline in average revenue per package has narrowed both year-on-year and month-on-month, suggesting a moderation in price competition [3] - The State Post Bureau's emphasis on opposing "internal competition" is expected to alleviate pressure on companies and franchisees, promoting a healthier competitive environment in the long term [3]

Market Overview - The market experienced a slight decline in early trading, with the Shanghai Composite Index falling below 3600 points, closing at 3593.38, down 0.34% with a trading volume of 500 billion [1] - The Shenzhen Component Index closed at 11160.30, down 0.29% with a trading volume of 605.6 billion, while the ChiNext Index closed at 2337.80, down 0.32% with a trading volume of 271 billion [1] Sector Performance - Sectors such as medical devices, multi-modal AI, Huawei Ascend, and cultural media saw significant gains, while sectors like Hainan Free Trade Zone, super hydropower, controllable nuclear fusion, and cement experienced notable declines [1] - AI application stocks surged collectively, with Sai Group rising by 20%, and medical device stocks also showed strength, with Kangtai Medical rising by 20% [2] - Logistics stocks saw a temporary spike, with Shentong Express hitting the daily limit, while super hydropower stocks collectively fell, with Shen Shui Gui Yuan dropping over 10% [2] Institutional Insights - Hengsheng Qianhai Fund noted that the recent high financing balance indicates strong market trading enthusiasm, with expectations for continued upward trends in indices due to improving economic fundamentals supported by policy measures [4] - Huahui Chuangfu highlighted a structural opportunity in the market, driven by economic stabilization and supportive policies, predicting alternating boosts from "policy benefits" and "profit benefits" in sectors like AI, new energy vehicles, and innovative pharmaceuticals [4] - Zhongtai Securities observed a clear shift in fund allocation towards leading industries such as communication, non-bank finance, media, agriculture, and beauty care, while significantly reducing holdings in steel, coal, real estate, and food and beverage sectors [5] Financing Activity - The total financing balance in the two markets increased by 60.25 billion, with the Shanghai Stock Exchange reporting a balance of 9730.55 billion and the Shenzhen Stock Exchange reporting 9490.57 billion [6] Policy Developments - The National Medical Insurance Administration held a series of discussions to support the high-quality development of innovative drugs and medical devices, involving representatives from medical institutions, pharmaceutical companies, and investment firms [7]

Group 1: Stock Performance - Yiming Pharmaceutical achieved a 10.00% increase over two consecutive days, driven by developments in Tibet and medical technology [3] - Kantai Medical saw a first board listing with a 20.03% rise, attributed to medical device advancements [4] - Zhengchuan Co. also debuted on the first board with a 9.99% increase, linked to medicinal glass [3] - Yuheng Pharmaceutical and Tianmu Pharmaceutical both recorded first board listings with increases of 10.09% and 10.00% respectively, related to the pharmaceutical sector [3] Group 2: AI and Robotics - Zhi Zhen Technology and Zhongdian Xinlong both debuted on the first board with a 10.01% increase, associated with computing power and machine learning [6] - Hubei Broadcasting and Duolun Technology also saw first board listings with increases of 10.04% and 9.95%, driven by computing power and AI applications [7] - The M-Robots open-source project was announced, aiming to create a unified robot operating system [11] Group 3: Infrastructure and Energy - The announcement of a 1.2 trillion yuan investment in a super hydropower project has led to significant interest in related stocks [13][16] - Nanfang Road Machinery and Tuoshan Heavy Industry both achieved consecutive board listings with increases of 9.99% and 10.01%, linked to engineering machinery [15] Group 4: Tourism and Hospitality - The demand for various types of tourism, including educational and family trips, has surged, with national railways reporting 341 million passenger trips [18][19] - Sizhizang Tourism and Tianfu Cultural Tourism both recorded first board listings with increases of 9.99% and 10.04%, reflecting the growing tourism sector [20] Group 5: Market Trends - The stock market has shown a strong focus on sectors such as robotics, AI, and infrastructure, with multiple companies achieving significant stock price increases [22][23]

Key Takeaways from the Conference Call Industry Overview - The report focuses on the **China Express** industry, specifically analyzing the performance of major express delivery companies in the Asia Pacific region for **June 2025** [1] Core Insights - **Volume Growth**: - SF Express led the market with a **32% YoY volume growth**, followed by YTO at **19% YoY**. - Both STO and Yunda experienced lower growth rates at **11%** and **7% YoY**, respectively, resulting in a loss of market share of **0.5ppt** and **1.0ppt** [2] - **Revenue Performance**: - SF Express achieved a **14% YoY revenue growth**, outperforming YTO and STO, which recorded **11%** and **10% YoY growth**, respectively. - Yunda's revenue growth slowed significantly to **3% YoY**, down from **9% YoY** for the industry, marking a decline from **7% YoY** in May [3] - **Average Selling Price (ASP)**: - SF's ASP decreased by **13% YoY**, while YTO, Yunda, and STO saw decreases of **7%**, **4%**, and **1%**, respectively. - On a month-over-month basis, SF and STO's ASPs improved by **4%** and **2%**, while YTO and Yunda's ASPs fell to new lows in 2025 [4] Financial Metrics - **June 2025 Financials**: - SF Express: Revenue of **Rmb 19,962 million**, YoY growth of **14.2%**, volume of **1,460 million**, YoY growth of **31.8%**, ASP of **Rmb 13.67** [5] - Yunda: Revenue of **Rmb 4,149 million**, YoY growth of **2.8%**, volume of **2,173 million**, YoY growth of **7.4%**, ASP of **Rmb 1.91** [5] - STO: Revenue of **Rmb 4,341 million**, YoY growth of **10.1%**, volume of **2,184 million**, YoY growth of **11.1%**, ASP of **Rmb 1.99** [5] - YTO: Revenue of **Rmb 5,527 million**, YoY growth of **11.4%**, volume of **2,627 million**, YoY growth of **19.3%**, ASP of **Rmb 2.10** [5] Market Share Dynamics - SF Express's market share increased by **1.1ppt** to **8.7%**, while Yunda's market share decreased by **1.0ppt** to **12.9%**. - STO's market share remained stable at **12.9%**, and YTO's increased by **0.5ppt** to **15.6%** [5] Strategic Insights - SF Express's strong performance is attributed to robust intra-city delivery demand and the implementation of the "Activating Operations" strategy. - The company achieved **10% YoY revenue growth in 1H25**, aligning with its guidance [12] Additional Observations - The report indicates that ZTO and YTO gained a total of **0.7ppt** in market share in **2Q25**, compared to a **0.4ppt** drop in **1Q25**, suggesting a trend of accelerated segment consolidation [12] Conclusion - The express delivery industry in China is experiencing significant shifts, with SF Express maintaining a strong lead in both volume and revenue growth, while Yunda faces challenges in sustaining its market position. The overall market dynamics indicate a consolidation trend among the major players, which could present both opportunities and risks for investors in the sector.