通过对包括公司（含子公司）任职的董事、高级管理人员、核心管理人员、 核心技术（业务）人员在内的激励对象绩效的正确评价，健全和完善公司的激励 考核体系，充分调动员工的积极性，有效地将股东利益、公司利益及核心团队个 人利益结合在一起，使各方共同关注公司的长远发展。 二、考核原则 2025年限制性股票激励计划实施考核管理办法 申通快递股份有限公司 2025 年限制性股票激励计划实施考核管理办法 申通快递股份有限公司（以下简称"申通快递"或"公司"）为进一步加强 完善公司法人治理结构，健全长效激励约束机制，吸引和留住核心管理、核心技术 和业务人才，充分调动公司员工积极性和创造性，有效提升核心团队凝聚力和企业 核心竞争力，确保公司战略目标实现及股东利益最大化，公司拟对公司（含子公司） 任职的董事、高级管理人员、核心管理人员、技术（业务）人员进行股权激励， 制定了《申通快递股份有限公司2025年限制性股票激励计划（草案）》（以下简称 "激励计划"）。 为保证公司股权激励计划的顺利实施，现根据《中华人民共和国公司法》《中华 人民共和国证券法》《上市公司股权激励管理办法》等有关法律、法规和规范性文件、 以及《申通快递股份有限 ...

证券代码：002468 证券简称：申通快递 公告编号：2025-039 申通快递股份有限公司 关于2024年度股东大会增加临时提案暨股东大会补充通知的公告 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。 2025 年 4 月 24 日，申通快递股份有限公司（以下简称"公司"）第六届董事会第八次会议 审议通过了《关于召开 2024 年度股东大会的议案》，公司决定于 2025 年 5 月 26 日（周一）15 时召开 2024 年度股东大会，具体内容详见公司于 4 月 25 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《关于召开 2024 年度股 东大会的通知》（公告编号：2025-036）。 2025 年 5 月 8 日，公司第六届董事会第九次会议审议通过了《关于公司<2025 年限制性股票 激励计划（草案）>及其摘要的议案》《关于公司<2025 年限制性股票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会办理公司 2025 年限制性股票激励计划有关事项的议案》， 上述议案需 ...

证券代码：002468 证券简称：申通快递 公告编号：2025-038 申通快递股份有限公司 第六届监事会第八次会议决议公告 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。 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 4 月 30 日以邮件、电话等方式发出 召开第五届监事会八次会议的临时通知，会议于 2025 年 5 月 8 日在上海市青浦区重达路 58 号公 司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，会议的召开符合《中华人民共和国公司法》等有关法律法规 及《公司章程》的有关规定。 二、监事会会议审议情况 2、审议通过了《关于公司<2025年限制性股票激励计划实施考核管理办法>的议案》 表决结果：同意票3票，反对票0票，弃权票0票，回避票0票。 经审议，监事会认为公司制定的《2025年限制性股票激励计划实施考核管理办法》符合相关 法律、法规的规定以及公司的实际情况，能够满足公司2025年限制性股票激励计划的顺利实施的 条件，建立股东与公司核 ...

证券代码：002468 证券简称：申通快递 公告编号：2025-037 申通快递股份有限公司 第六届董事会第九次会议决议公告 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 申通快递股份有限公司（以下简称"公司"）于 2025 年 4 月 30 日以邮件、电话等方式发出 召开第六届董事会第九次会议的通知，会议于 2025 年 5 月 8 日在上海市青浦区重达路 58 号公司 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《中 华人民共和国公司法》等有关法律法规、规范性文件和《公司章程》的有关规定。 本议案已经公司第六届董事会薪酬与考核委员会第二次会议审议通过。 关联董事王文彬、韩永彦及路遥对上述议案回避表决，本议案尚需提交公司股东大会审议。 具体内容详见公司于同日在巨潮资讯网（www.cninfo.com.cn）上披露的《申通快递股份有限 公司 2025 年限制性股票激励计划（草案）》及其摘要。 2、审议通过 ...

申通快递股份有限公司 第六届董事会薪酬与考核委员会 关于公司 2025 年限制性股票激励计划相关事项的核查意见 申通快递股份有限公司（以下简称"公司"）第六届董事会薪酬与考核委员会 依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简 称"《管理办法》"）等相关法律法规、规范性文件和《公司章程》的有关规定， 对公司《2025 年限制性股票激励计划（草案）》（以下简称"《激励计划（草案）》" 或"本激励计划"）及其相关事项进行了核查，发表核查意见如下： 一、关于公司《2025 年限制性股票激励计划（草案）》及其摘要的核查意见 1、公司不存在《管理办法》等法律法规规定的禁止实施股权激励计划的下列情 形，公司具备实施股权激励计划的主体资格： （1）最近一个会计年度财务会计报告被注册会计师出具否定意见或者无法表示 意见的审计报告； （2）最近一个会计年度财务报告内部控制被注册会计师出具否定意见或无法表 示意见的审计报告； （3）上市后最近 36 个月内出现过未按法律法规、公司章程、公开承诺进行利 润分配的情形； （4）法律法 ...

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、担保情况概述 证券代码：002468 证券简称：申通快递 公告编号：2025-040 （一）担保事项审议情况 申通快递股份有限公司 关于对外担保的进展公告 《深圳证券交易所股票上市规则》的相关规定，本事项无需再次提交公司董事会及股东大会审议。 申通快递股份有限公司（以下简称"公司"）于 2025 年 1 月 22 日召开第六届董事会第七次 会议审议通过了《关于对外提供担保的议案》，同意公司（含控股子公司）为公司加盟商或其法 定代表人向银行等金融机构申请贷款时提供总额度不超过人民币 20,000 万元的担保，该担保额 度已经 2025 年第一次临时股东大会审议通过，有效期至下年度审议对外担保额度预计的股东大 会召开之日止，任一时点的担保余额不得超过股东大会审议通过的担保额度，具体内容详见公司 分别于 1 月 23 日、2 月 12 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《关于对外提供担保的公告》（公告编号：2025-007）、 《20 ...

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].

Investment Rating - The report rates the transportation industry as "Outperform the Market" [1] Core Insights - COSCO Shipping Specialised Carriers reported a revenue of 5.196 billion yuan in Q1 2025, a year-on-year increase of 51.47%, with a net profit of 345 million yuan, up 1.56% [2][12] - HNA Holding achieved a revenue of 65.236 billion yuan in 2024, reflecting an 11.25% increase, while Guangzhou Baiyun Airport's net profit doubled [2][14] - YTO Express reported a business volume growth of 25.32% in 2024, with a total logistics value of 91 trillion yuan in Q1 2025, marking a 5.7% year-on-year increase [2][18] Summary by Sections 1. Industry Hot Events - COSCO Shipping Specialised Carriers maintained steady growth despite global shipping market volatility, with a Q1 revenue of 5.196 billion yuan, a 51.47% increase year-on-year [12] - HNA Holding's 2024 revenue reached 65.236 billion yuan, an 11.25% increase, while Guangzhou Baiyun Airport's net profit surged by 109.51% [14][16] - YTO Express's business volume grew by 25.32% in 2024, with a logistics total of 91 trillion yuan in Q1 2025, up 5.7% year-on-year [18][19] 2. Industry High-Frequency Data Tracking - In April 2025, domestic air cargo flights decreased by 1.67% year-on-year, while international flights increased by 25.08% [33] - The SCFI index for container shipping reported a decrease of 1.66% week-on-week, while the PDCI index for domestic shipping increased by 0.67% [40] - In March 2025, express delivery volume rose by 20.30% year-on-year, with total revenue reaching 124.6 billion yuan [51] 3. Company Performance - COSCO Shipping Specialised Carriers added 13 new vessels in Q1 2025, increasing total capacity to 691.5 thousand deadweight tons, a 12.53% increase from the end of 2024 [13] - HNA Holding's passenger transport volume exceeded 68 million in 2024, a 14.36% increase, with international passenger transport volume growing by 132.68% [15] - YTO Express's capital expenditure exceeded 6.7 billion yuan in 2024, focusing on automation upgrades and expanding its logistics network [19]

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a total revenue of 47.169 billion yuan in 2024, representing a year-on-year growth of 15.3%. The net profit attributable to the parent company was 1.04 billion yuan, showing a significant increase of 205.2% [7]. - In Q4 2024, the company achieved a revenue of 13.679 billion yuan, with a year-on-year growth of 18.05%, and a net profit of 387 million yuan, reflecting a year-on-year increase of 223.83% [7]. - For Q1 2025, the company reported a revenue of 11.999 billion yuan, up 18.4% year-on-year, and a net profit of 236 million yuan, which is a 24% increase compared to the same period last year [7]. - The company’s business volume reached 22.729 billion pieces in 2024, growing by 29.83% year-on-year, with a market share increase to 12.98% [7]. - The report highlights the company's strong performance amid intense competition, with a business volume growth of 26.6% in Q1 2025, surpassing the industry average of 21.6% [7]. Financial Data and Profit Forecast - The projected total revenue for 2025 is 57.483 billion yuan, with a year-on-year growth rate of 21.9% [2]. - The net profit forecast for 2025 is 1.383 billion yuan, indicating a growth of 33% compared to 2024 [2]. - The earnings per share (EPS) for 2025 is estimated at 0.90 yuan, with a projected price-to-earnings (PE) ratio of 12 [2]. - The report anticipates continued growth in net profit for 2026 and 2027, with estimates of 1.685 billion yuan and 2.003 billion yuan respectively [2].

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]