Core Viewpoint - The exercise period for Alibaba's stock options in Shentong Express has been postponed again, now extending to December 27, 2028, which raises uncertainties regarding Alibaba's potential control over Shentong Express [2][4]. Group 1: Stock Option Agreement - Alibaba has signed an extension agreement for the stock option rights, allowing it to purchase 100% of the shares of Shanghai Derun No. 2 Industrial Development Co., Ltd. and 100% of the shares of Shanghai Gongzhirun Industrial Development Co., Ltd., which hold 4.9% and 16.1% of Shentong Express, respectively [3][4]. - The total exercise price for the stock options is RMB 5.276 billion, equating to RMB 16.413 per share, while Shentong Express's current stock price is RMB 15.17, reflecting a decline of 2.76% [3][4]. Group 2: Financial Performance - In Q3, Shentong Express reported revenue of RMB 13.546 billion, a year-on-year increase of 13.62%, and a net profit of RMB 302 million, up 40.32% [6]. - The company's cash flow from operating activities decreased by 28.55%, attributed to an increase in monthly settlement customer revenue and a reduction in advance payments from end franchisees [6]. Group 3: Market Dynamics - The express delivery industry is experiencing a slowdown, with national express business volume growth decreasing from 15.8% to 12.3% and revenue growth dropping from 9.0% to 4.2% from June to August [5]. - Shentong Express's market share is currently at 13%, on par with Yunda, but behind Zhongtong and Yuantong, with a significant increase in business volume compared to Yunda in Q3 [6][7]. Group 4: Strategic Developments - Alibaba has been reducing its equity stakes in various sectors, including logistics, which may impact its strategic focus and investment in Shentong Express [7]. - The collaboration between Shentong Express and Alibaba has deepened since 2020, with significant investments and partnerships aimed at enhancing logistics capabilities [4][6].

业内人士认为，目前国内主要快递品牌在淘宝天猫、抖音、拼多多三大平台的业务占比基本相当。此次 协议调整有助于申通快递继续保持独立多元的运营结构，有望增强其在资本市场的吸引力，进一步巩固 行业竞争优势。 （编辑 张昕） 本报讯 （记者吴文婧）11月17日晚，申通快递股份有限公司（以下简称"申通快递"）公告称，接到公 司控股股东和实际控制人陈德军和陈小英、股东上海德殷投资控股有限公司与阿里巴巴（中国）网络技 术有限公司（以下简称"阿里巴巴"）签署协议通知，将购股权行权期延长至2028年12月27日，行权价格 为每股16.413元。此次调整基于双方对长期战略协同共识，为深化合作提供充分时间窗口，且扣除两次 分红后实际行权单价保持不变，充分体现了阿里巴巴对申通快递长期价值的持续认可。 据悉，自双方开启战略合作以来，申通快递在数智化升级、产能提升等方面成效显著。截至目前，公司 服务品质稳步提升，预计年底常态日产能将突破9000万单。申通快递方面将持续推进"稳中求进"发展策 略，加速数字化转型，为投资者和客户创造长期稳定价值。 ...

格隆汇11月17日｜申通快递公告称，控股股东陈德军、陈小英及股东德殷投资与阿里网络签署《购股权 延期协议二》，将购股权行权期延至2028年12月27日。阿里网络可行权购买德润二100%股权或其持有 的4.9%公司股份、恭之润100%股权或其持有的16.1%公司股份。股权总行权价52.76亿元，股份总行权 价同，折合每股16.413元。协议签署不会对公司经营和治理造成重大不利影响，但阿里网络若行权并完 成转让，公司实控人可能变更。 ...

Market Overview - The logistics sector experienced a decline of 0.92% on November 17, with *ST Yuan Shang leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Notable gainers in the logistics sector included: - Longzhou Co., Ltd. (002682) with a closing price of 7.13, up 10.03% [1] - *ST Haiqin (600753) with a closing price of 8.40, up 5.00% [1] - Tiens Group (002800) with a closing price of 16.12, up 4.00% [1] - Conversely, *ST Yuan Shang (603813) saw a significant decline of 5.00%, closing at 35.88 [2] Trading Volume and Capital Flow - The logistics sector recorded a net outflow of 319 million yuan from institutional investors, while retail investors saw a net inflow of 222 million yuan [2] - The trading volume for Longzhou Co., Ltd. reached 45,700 hands with a transaction value of approximately 32.6 million yuan [1] Individual Stock Capital Flow - Key capital flows for selected stocks included: - Longzhou Co., Ltd. (002682) had a net inflow of 12.36 million yuan from institutional investors, representing 37.92% of its total trading [3] - Tiens Group (002800) saw a net inflow of 11.51 million yuan, accounting for 5.96% of its trading [3] - *ST Haiqin (600753) experienced a net inflow of 5.56 million yuan, representing 6.99% of its trading [3]

证券代码：002468 证券简称：申通快递 公告编号：2025-086 申通快递股份有限公司关于公司股东 2、根据《购股权延期协议二》约定，阿里网络有权自该协议生效之日至 2028 年 12 月 27 日 （含当日）期间（"行权期"）向德殷投资和陈德军、陈小英发出书面通知要求购买：(1)上海德 润二实业发展有限公司（以下简称"德润二"）100%的股权或德润二届时持有的 4.9%的上市公司 股份（在符合适用中国法律的前提下，视情况而定）；以及(2)上海恭之润实业发展有限公司（以 下简称"恭之润"）100%的股权或恭之润届时持有的 16.1%的上市公司股份（在符合适用中国法 律的前提下，视情况而定）。 3、《购股权延期协议二》项下的股权/股份转让尚未发生且未来阿里网络是否行权、拟行权 的比例尚存在不确定性。因此，《购股权延期协议二》的签署不会对公司正常生产经营造成重大 不利影响，也不会对公司的内部治理和规范运作产生重大不利影响。 4、如阿里网络根据《购股权延期协议二》的约定进一步行使购股权并完成相应股权/股份转 让，公司的实际控制人可能会发生变更。 5、本次公司股东签署《购股权延期协议二》涉及的后续事宜，公司及相 ...

格隆汇11月17日丨申通快递(002468.SZ)公布，公司接到公司控股股东和实际控制人陈德军和陈小英、 股东上海德殷投资控股有限公司（简称"德殷投资"）的通知：德殷投资、陈德军、陈小英与阿里巴巴 （中国）网络技术有限公司（简称"阿里网络"）签署了《经第二次修订和重述的购股权协议之延期协议 二》（简称"《购股权延期协议二》"）。 根据《购股权延期协议二》约定，阿里网络有权自该协议生效之日至2028年12月27日（含当日）期间 （"行权期"）向德殷投资和陈德军、陈小英发出书面通知要求购买：(1)上海德润二实业发展有限公司 （简称"德润二"）100%的股权或德润二届时持有的4.9%的上市公司股份（在符合适用中国法律的前提 下，视情况而定）；以及(2)上海恭之润实业发展有限公司（简称"恭之润"）100%的股权或恭之润届时 持有的16.1%的上市公司股份（在符合适用中国法律的前提下，视情况而定）。 《购股权延期协议二》项下的股权/股份转让尚未发生且未来阿里网络是否行权、拟行权的比例尚存在 不确定性。因此，《购股权延期协议二》的签署不会对公司正常生产经营造成重大不利影响，也不会对 公司的内部治理和规范运作产生重大不利影 ...

《购股权延期协议二》项下的股权/股份转让尚未发生且未来阿里网络是否行权、拟行权的比例尚存在 不确定性。因此，《购股权延期协议二》的签署不会对公司正常生产经营造成重大不利影响，也不会对 公司的内部治理和规范运作产生重大不利影响。如阿里网络根据《购股权延期协议二》的约定进一步行 使购股权并完成相应股权/股份转让，公司的实际控制人可能会发生变更。 根据《购股权延期协议二》约定，阿里网络有权自该协议生效之日至2028年12月27日（含当日）期间 （"行权期"）向德殷投资和陈德军、陈小英发出书面通知要求购买：(1)上海德润二实业发展有限公司 （简称"德润二"）100%的股权或德润二届时持有的4.9%的上市公司股份（在符合适用中国法律的前提 下，视情况而定）；以及(2)上海恭之润实业发展有限公司（简称"恭之润"）100%的股权或恭之润届时 持有的16.1%的上市公司股份（在符合适用中国法律的前提下，视情况而定）。 格隆汇11月17日丨申通快递(002468.SZ)公布，公司接到公司控股股东和实际控制人陈德军和陈小英、 股东上海德殷投资控股有限公司（简称"德殷投资"）的通知：德殷投资、陈德军、陈小英与阿里巴巴 （中国）网络 ...

申通快递公告称，控股股东陈德军、陈小英及股东德殷投资与阿里网络签署《购股权延期协议二》，将 购股权行权期延至2028年12月27日。阿里网络可行权购买德润二100%股权或其持有的4.9%公司股份、 恭之润100%股权或其持有的16.1%公司股份。股权总行权价52.76亿元，股份总行权价同，折合每股 16.413元。协议签署不会对公司经营和治理造成重大不利影响，但阿里网络若行权并完成转让，公司实 控人可能变更。 ...

Core Viewpoint - The delivery services of several express companies in the Chengdu New District have been suspended, causing significant inconvenience for residents during the peak shopping period of "Double 11" [2][4]. Group 1: Delivery Issues - Residents in the New Chuan District reported that multiple express companies, including Zhongtong, Yuantong, Shentong, and Yunda, indicated that their locations were "undeliverable" due to reasons such as "address cannot be delivered" and "the order's delivery area cannot be dispatched" [2][3]. - The situation is affecting several residential complexes, with reports confirming that 2-5 express companies are showing "undeliverable" status for each complex [3]. Group 2: Reasons for Delivery Suspension - The primary reasons for the suspension of delivery services include the lack of delivery points in the area and a high volume of complaints from residents regarding lost or damaged packages [4][6]. - Many residential complexes lack dedicated express delivery stations, leading to a significant increase in delivery volume, with some complexes experiencing over 1,000 packages daily during "Double 11" [6]. - Complaints from residents about delivery issues have increased, prompting express companies to halt services due to operational inefficiencies and rising costs [6]. Group 3: Solutions Being Implemented - Community staff have reported that measures are being taken to address the delivery issues, including converting parts of property management offices into temporary pick-up points for packages [7]. - New temporary storage solutions, such as delivery cabinets and designated areas for package storage, are being established to facilitate the collection of packages by residents [7]. - Plans are in place to develop a neighborhood center that will integrate various services, including express delivery, to improve logistics in the area [7].

Core Insights - The logistics industry has transformed during the "Double 11" shopping festival, utilizing technology to manage increased order volumes without the previous issues of congestion and delays [1][3][4] Group 1: New Logistics Dynamics - The "Double 11" shopping festival has shifted from a single-day surge to a multi-wave release, allowing for a more manageable increase in order volume [3][4] - The average daily delivery volume in Nanjing is approximately 3.7 million packages, showing a slight decrease compared to the previous year, indicating a smoother operation due to distributed pressure [3][4] Group 2: Technological Empowerment - Companies are leveraging smart technologies for precise scheduling and efficient operations, resulting in improved service quality and faster delivery times [4][5] - AI technologies are being implemented across various logistics processes, enhancing decision-making and reducing package damage rates [5][6] Group 3: Enhanced Delivery Capabilities - The introduction of unmanned vehicles and drones has significantly improved delivery efficiency, with drone delivery times reduced from approximately 20 minutes to just 5 minutes [5][6] - Nanjing has established 35 unmanned vehicle routes and 200 unmanned delivery stations, enhancing service accessibility in urban and rural areas [6][7] Group 4: Agricultural Product Delivery - The logistics network has adapted to support the direct delivery of local agricultural products, such as crabs, with a reported 10% increase in delivery volume for these items [7] - The establishment of village-level service stations has improved rural delivery services, reducing costs and delivery times [7][8] Group 5: Industry Stability and Future Outlook - The postal management authority emphasizes maintaining safety, stability, and service quality during the "Double 11" period, with ongoing efforts to enhance digital transformation in logistics [8]