Group 1: Company Performance Overview - In the first half of 2025, the domestic online retail sales grew by 6.0%, accounting for 24.9% of total retail sales, driving strong growth in the express delivery sector [1] - The company completed a total business volume of 12.35 billion pieces, a year-on-year increase of 20.7%, with a market share of 12.91%, up by 0.15 percentage points [2] - The company's revenue reached 25.02 billion CNY, a year-on-year growth of 16.0%, with express delivery revenue at 24.69 billion CNY, increasing by 15.7% [2] Group 2: Cost and Profit Analysis - Operating costs amounted to 23.67 billion CNY, up by 16.8%, with express delivery costs at 23.49 billion CNY, increasing by 16.7% [2] - The net profit attributable to the parent company was 453 million CNY, reflecting a year-on-year growth of 3.7% [2] - The net cash flow from operating activities was 741 million CNY, a decrease of 59.6% due to increased revenue from monthly settlement clients and reduced pre-collection of waybill fees for franchisees [3] Group 3: Industry Trends and Company Strategy - The express delivery industry is responding to the "anti-involution" policy, with significant actions taken in regions like Zhejiang and Guangdong to curb low-price competition [4] - The company plans to enhance its digital and intelligent operations while fostering a new franchise network culture to improve service quality [4] - The company is focusing on integrating AI technologies into its operations to optimize management processes and reduce costs [6] Group 4: Future Outlook - The expected growth rate for the express delivery industry may slow down in the second half of 2025 due to the "anti-involution" policies and an expanded volume base [5] - The company anticipates that the acquisition of Danbird Logistics will enhance its market position in high-end services and improve overall profitability [5] - The company aims to increase its daily capacity to over 90 million pieces by the end of 2025, with capital expenditures expected to remain similar to the previous year [4]

Market Overview - The logistics sector experienced a decline of 4.05% on August 29, with SF Holding leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Individual Stock Performance - SF Holding (002352) closed at 44.57, down 7.91%, with a trading volume of 1.669 million shares and a transaction value of 7.564 billion [2] - YTO Express (圆通速递) closed at 16.95, down 7.12%, with a trading volume of 506,200 shares and a transaction value of 872 million [2] - Shentong Express (申通快递) closed at 17.41, down 5.38%, with a trading volume of 350,800 shares and a transaction value of 617 million [2] - Yunda Holdings (韵达股份) closed at 7.99, down 5.33%, with a trading volume of 849,000 shares and a transaction value of 692 million [2] Capital Flow Analysis - The logistics sector saw a net outflow of 1.08 billion from institutional investors, while retail investors contributed a net inflow of 661 million [2][3] - Major stocks like Zhongchu股份 (中储股份) experienced a net outflow of 47.041 million from institutional investors [3] - Long-term investors showed a preference for stocks like Wanlin Logistics (万林物流), which had a net inflow of 37.022 million from institutional investors [3]

2025 年 08 月 29 日 申通快递 (002468) ——价格战业绩承压，关注反内卷涨价的高弹性 上 市 公 司 交通运输 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： 2025 年 08 月 28 日 | | | --- | --- | | 收盘价（元） | 18.40 | | 一年内最高/最低（元） | 19.73/8.41 | | 市净率 | 2.9 | | 股息率%（分红/股价） | 0.36 | | 流通 A 股市值（百万元） | 26,996 | | 上证指数/深证成指 3,843.60/12,571.37 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 6.51 | | 资产负债率% | 62.39 | | 总股本/流通 A 股（百万） | 1,531/1,467 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-28 09-28 10-28 11-28 12-28 01-28 02-28 03-31 04-30 ...

Core Insights - Shentong Express has reported significant growth in its core operating data for the first half of 2025, achieving a business volume of 12.348 billion parcels, a year-on-year increase of 20.73%, surpassing industry growth rates [1] - The company generated operating revenue of 25.025 billion yuan, reflecting a year-on-year growth of 16.02%, and net profit attributable to shareholders reached 453 million yuan, up 3.73% [1] - Market share has increased to 12.91%, marking a 0.15 percentage point rise compared to the previous year, continuing a trend of steady growth [1] Digital Intelligence Strategy - The robust performance is attributed to the successful implementation of a digital intelligence strategy, with a focus on "digital intelligence + experience" as key competitive advantages [2] - The company has developed a digital twin platform called "Visible Kunlun," which enables 100% visual tracking of parcels throughout the delivery process, enhancing operational precision and response speed [2] - In the first half of 2025, Shentong Express invested in 514 automated sorting devices, a year-on-year increase of over 21.23%, and added 224 automated devices at terminal points, with a total investment of approximately 184 million yuan [2] - The company aims to achieve a daily throughput capacity of 90 million parcels by the end of 2025 [2] Flexible Service Upgrades - Beyond traditional e-commerce growth, Shentong Express is expanding its second growth curve through "differentiated products + flexible services," providing customized solutions for over 40 industries [3] - The number of large customer collaborations has increased by 80% year-on-year, and the scale of platform scattered orders has nearly doubled [3] - The supply chain service "Warehouse Alliance" has expanded to cover over 150 warehouses, achieving next-day delivery capabilities in 70% of prefecture-level cities [3] - The company's fulfillment of orders in remote areas has exceeded 100 million parcels, with a year-on-year growth of over 120% [3] Future Growth Potential - With the continuous enhancement of "digital intelligence infrastructure + flexible service capabilities," Shentong Express is positioned to capture greater growth opportunities during a critical phase of industry restructuring [4]

每经头条（nbdtoutiao）——申请超2万份，已开出41家，加盟海底捞，你要准备多少钱？1000万元不算 多，真实"账单"公布 （记者 张喜威） 每经AI快讯，申通快递（SZ 002468，收盘价：18.4元）8月29日发布公告称，截至本公告披露日，公司 及其控股子公司对外担保的总额度约为26.43亿元，占公司2024年度经审计净资产的比例为26.95%；其 中对下属公司担保总额度为24.33亿元，对合并报表外单位/个人提供的担保总额度约为2.1亿元；公司及 控股子公司实际对外担保的金额约为21.43亿元，占公司2024年度经审计净资产的比例为21.85%，其中 对下属公司担保余额约为20.03亿元，对合并报表外单位/个人提供的担保余额为1.4亿元；公司及控股子 公司不存在逾期对外担保，无涉及诉讼的担保，无因被判决败诉而应承担的担保。 2024年1至12月份，申通快递的营业收入构成为：快递行业占比98.9%，其他占比1.1%。 ...

（记者 张喜威） 每经头条（nbdtoutiao）——申请超2万份，已开出41家，加盟海底捞，你要准备多少钱？1000万元不算 多，真实"账单"公布 每经AI快讯，申通快递（SZ 002468，收盘价：18.4元）8月29日发布公告称，公司第六届第十三次董事 会会议于2025年8月28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。会议审议 了《关于变更内部审计负责人的议案》等文件。 2024年1至12月份，申通快递的营业收入构成为：快递行业占比98.9%，其他占比1.1%。 ...

智通财经APP讯，申通快递(002468.SZ)发布2025年半年度报告，报告期内，公司实现营业收入250.25亿 元，同比增长16.02%。实现归属于上市公司股东的净利润4.53亿元，同比增长3.73%。实现归属于上市 公司股东的扣除非经常性损益的净利润4.36亿元，同比下降0.17%。基本每股收益0.3元。 ...

8月28日晚，申通快递（002468）发布2025年半年度报告。报告期内，公司实现营业收入250.2亿元，同 比增长16.0%；实现净利润4.5亿元，同比增长3.7%，公司的盈利能力在激烈的市场竞争中展现出强大韧 性。 同时，申通快递在上半年通过投入基础设施建设、加快全网数智化升级、深耕网络末端服务能力、升级 定制化产品体系等重要战略举措，顺利实现"业务稳增、体验升级"。 2025年以来，申通快递不断推进核心节点的产能建设和性能优化，进一步完善网络结构。上半年，公司 完成义乌地区转运中心的直营化收购，有效加强核心枢纽的直营布局。据了解，义乌市电商产业发达， 是快递行业重要的"产粮区"之一，完善该地区的中转网络对拓展当地市场规模具有重要的战略意义。 此外，申通快递持续加大自动化分拣设备和自有运力车辆的投入，夯实基础运营底盘。截至报告期末， 公司累计拥有514套自动化分拣设备和8054辆自有干线车辆，分拣效率和整体运能大幅提升。基础设施 建设的不断投入，带动公司业务量持续稳步增长，上半年公司累计完成快递业务量123.48亿件，同比增 长20.73%，市场占有率达到12.91%，同比提升0.15个百分点。 业务量的 ...

全体独立董事一致同意以上议案，并同意将上述议案提交公司第六届董事会第十三次会议 审议。 一、本次会议对《关于调整 2025 年度日常关联交易预计的议案》发表审核意见如下： 经审核，公司与关联方之间的日常关联交易为公司正常业务经营所需，属正当的商业行为， 关联交易遵循公平、公正、公开的原则，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。 申通快递股份有限公司 三、本次会议对《关于与专业机构共同投资暨关联交易的议案》发表审核意见如下： 第六届董事会第八次独立董事专门会议审核意见 经审核，我们认为本次公司全资子公司与专业投资机构合作设立基金符合公司发展战略和 投资方向，有助于加快公司发展战略的实施，促进公司产业经营与资本经营的良性互动，提升 公司的核心竞争力。本次交易符合《公司法》《证券法》等有关法律法规和《公司章程》的规 定，不会对公司及子公司产生不利影响，不存在损害公司及全体股东利益的情形。 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 ...

格隆汇8月28日丨申通快递(002468.SZ)公布2025年半年度报告，上半年公司实现营业收入250.25亿元， 同比增长16.02%；归属于上市公司股东的净利润4.53亿元，同比增长3.73%；归属于上市公司股东的扣 除非经常性损益的净利润4.36亿元，同比下降0.17%；基本每股收益0.30元。 ...