Core Viewpoint - Shentong Express (002468) announced that neither the company nor its subsidiaries have overdue external guarantees, are involved in any litigation guarantees, or are subject to guarantees due to adverse judgments [1] Summary by Category - **Company Status** - Shentong Express and its subsidiaries do not have any overdue external guarantees [1] - There are no litigation-related guarantees involving the company [1] - The company is not liable for any guarantees due to being ruled against in court [1]

Core Viewpoint - The express delivery industry is maintaining high growth, with varying profitability among major companies, and a trend towards high-quality development and increased use of automated technologies [3][4][5]. Financial Performance - Shentong achieved a revenue of 13.55 billion yuan in Q3, a year-on-year increase of 13.62%, with a net profit of 302 million yuan, up 40.32% [3]. - YTO Express reported a revenue of 18.27 billion yuan, a year-on-year increase of 8.73%, and a net profit of 1.046 billion yuan, up 10.97% [3]. - SF Express generated 78.4 billion yuan in revenue, a year-on-year increase of 8.2%, but its net profit fell by 8.5% to 2.57 billion yuan due to strategic investments [4]. - Yunda's revenue for the quarter was 12.66 billion yuan, up 3.29%, but its net profit dropped by 45.21% to 201 million yuan [4]. Industry Trends - The industry is shifting towards high-quality development, with companies focusing on service quality and differentiation [5]. - Yunda reported a decrease in gross margin due to rising costs, with a single ticket revenue of 1.92 yuan, down 0.16 yuan [5]. - The average price of express delivery increased by 0.5% in Q3, with specific companies reporting higher single ticket revenues [8]. Price Adjustments - Multiple provinces have raised express delivery prices, with early adjustments noted in Zhejiang province [8][9]. - The price hikes are driven by policy changes aimed at reducing vicious competition and improving service quality [10]. Technological Advancements - The use of automated devices is increasing, with companies like Jitu and Zhongtong investing in upgrades to improve efficiency [10][11]. - Zhongtong's fleet of over 2,900 unmanned delivery vehicles is operational, significantly reducing transportation costs and delivery times [11].

Core Insights - The express delivery industry is maintaining high operational levels, with average prices stabilizing and showing signs of recovery in Q3 [1][6] - Companies are experiencing varied profitability trends, with some reporting revenue growth while others face declines in net profit [2][4] Financial Performance - Shentong reported Q3 revenue of 13.55 billion yuan, a year-on-year increase of 13.62%, and a net profit of 302 million yuan, up 40.32% [1] - YTO Express achieved Q3 revenue of 18.27 billion yuan, a year-on-year increase of 8.73%, with a net profit of 1.046 billion yuan, up 10.97% [1] - SF Express reported Q3 revenue of 78.4 billion yuan, a year-on-year increase of 8.2%, but a net profit decline of 8.5% to 2.57 billion yuan [2] - Yunda's Q3 revenue was 12.66 billion yuan, up 3.29%, but net profit fell 45.21% to 201 million yuan [2] Industry Trends - The industry is shifting towards high-quality development, with a focus on improving service quality and operational efficiency [2][4] - The average price of express delivery increased by 0.5% in Q3, with specific companies reporting higher single-ticket revenues [6] - The use of unmanned devices is becoming a significant trend, with companies investing in automation to enhance efficiency [7][8] Strategic Developments - Companies are enhancing their service offerings and operational capabilities, such as Yunda's integration of AI technologies for customer service [3] - The industry is witnessing consolidation, with Shentong's acquisition of Daniao Logistics for 362 million yuan approved by regulatory authorities [4] - International business is a growing focus, with SF Express reporting a 27% year-on-year increase in international express and cross-border e-commerce logistics revenue [3] Operational Efficiency - The deployment of unmanned vehicles is expected to reduce costs and improve delivery efficiency, with companies like Jitu and Zhongtong expanding their fleets [7][8] - Unmanned vehicles are reported to cut transportation costs by 50% and save significant delivery time [8]

证券代码：002468 证券简称：申通快递 公告编号：2025-081 申通快递股份有限公司 关于为下属子公司提供担保的进展公告 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、担保情况概述 （一）担保事项审议情况 申通快递股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开第六届董事会第十三 次会议审议通过了《关于下属子公司向银行申请项目贷款并为其提供担保的议案》，同意下属子 公司四川瑞银申通快递有限公司（以下简称"四川瑞银"）、泰州得泽物流有限公司（以下简称 "泰州得泽"）以其名下自有资产进行抵押，分别向银行申请项目贷款不超过人民币 25,000 万元 和 8,500 万元，期限不超过 15 年。同时，公司同意全资子公司申通快递有限公司（以下简称"申 通有限"）为上述项目贷款提供连带责任担保，期限不超过 12 个月。该担保事项已经 2025 年第 二次临时股东大会审议通过，具体内容详见公司分别于 8 月 29 日、9 月 16 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） ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][8] Core Insights - The company reported strong performance in Q3 2025, with revenue of 38.57 billion yuan, a year-on-year increase of 15.2%, and a net profit attributable to shareholders of 756 million yuan, up 15.8% year-on-year [5] - The industry is experiencing a trend of price increases due to anti-involution policies, leading to a significant improvement in pricing despite a slight decrease in volume growth [6] - The company’s business volume reached 6.52 billion parcels in Q3, a year-on-year increase of 10.7%, with an average revenue per parcel of 2.05 yuan, up 2.1% year-on-year [6] - The company is expected to benefit from the acquisition of Daniao, which has received antitrust approval, potentially enriching its product matrix and continuing to create value [8] Financial Summary - For the first three quarters of 2025, the company’s revenue was 38.57 billion yuan, with a Q3 revenue of 13.55 billion yuan, reflecting a 13.6% year-on-year growth [5] - The projected net profit for 2025-2027 is expected to be 1.32 billion yuan, 1.73 billion yuan, and 2.10 billion yuan respectively, with a significant growth rate of 26.73% in 2025 [8] - The company’s operating costs for Q3 were 12.71 billion yuan, a year-on-year increase of 12.7%, while maintaining stable expense management [7] - The company’s earnings per share (EPS) is projected to grow from 0.68 yuan in 2024 to 1.37 yuan in 2027 [9]

Core Viewpoint - Shentong Express is a leading player in the domestic express delivery industry, with a comprehensive logistics network and strong transportation capabilities. The company is focusing on expanding its product matrix and improving service quality through strategic acquisitions and cost control measures [1][5]. Group 1: Business Performance - In Q3 2025, Shentong Express achieved a revenue of 38.57 billion yuan, ranking third in the industry, behind SF Express and YTO Express, with their revenues being 225.26 billion yuan and 54.16 billion yuan respectively [2]. - The net profit for the same period was 755 million yuan, also ranking third, significantly lower than SF Express's 8.72 billion yuan and YTO Express's 2.84 billion yuan [2]. Group 2: Financial Ratios - As of Q3 2025, Shentong Express had a debt-to-asset ratio of 63.10%, an increase from 61.52% year-on-year, which is higher than the industry average of 48.13% [3]. - The gross profit margin was 5.68%, slightly down from 5.82% year-on-year, and below the industry average of 7.69% [3]. Group 3: Executive Compensation - The chairman, Chen Dejun, received a salary of 1.81 million yuan in 2024, unchanged from the previous year. The general manager, Wang Wenbin, saw an increase in salary to 6.35 million yuan, up by 1.20 million yuan from 2023 [4]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.36% to 40,700, while the average number of shares held per shareholder increased by 2.81% to 36,100 shares [5]. - The company is expected to see a net profit growth from 1.37 billion yuan in 2025 to 2.29 billion yuan in 2027, with corresponding EPS increasing from 0.89 yuan to 1.50 yuan [5].

Core Viewpoint - Shentong Express reported a year-on-year increase of 40.3% in net profit attributable to shareholders for Q3 2025, with a slight increase of 0.01 yuan in profit per parcel, indicating a positive outlook for the company's performance in Q4 under the "anti-involution" backdrop [1] Group 1: Financial Performance - The net profit attributable to shareholders for Q3 2025 increased by 40.3% year-on-year [1] - The profit per parcel saw a year-on-year and quarter-on-quarter increase of 0.01 yuan [1] Group 2: Market Dynamics - The National Postal Administration's series of "anti-involution" measures have shown significant effectiveness, leading to a gradual price increase in express delivery services nationwide starting in September [1] - The upcoming e-commerce promotions at the end of October may drive a second price increase in express delivery services, further optimizing the company's operational status [1] Group 3: Strategic Developments - The acquisition of Dan Niao allows the company to strategically enter the high-end market, seizing opportunities in regional distribution and instant retail [1] - The company is one of the leading enterprises in the express delivery industry, showing strong development momentum and steady growth in performance [1] - The combination of the acquisition and ongoing "anti-involution" initiatives is expected to enhance the company's operational performance and long-term development prospects [1]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a strong growth outlook in the context of the express delivery industry [4][6]. Core Views - The company reported a 40.3% year-on-year increase in net profit attributable to shareholders for Q3 2025, with expectations for continued strong performance in Q4 due to the "anti-involution" trend [1][3]. - The express delivery industry has shown significant improvement under the "anti-involution" measures, with the company's net profit for the first three quarters of 2025 increasing by 15.8% year-on-year [2]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved revenue of 38.57 billion yuan, a 15.2% increase year-on-year, with a gross profit of 2.19 billion yuan, up 12.4% [2]. - In Q3 2025, the company reported revenue of 13.55 billion yuan, a 13.6% increase year-on-year, and a gross profit of 840 million yuan, up 29.2% [3]. - The net profit for Q3 2025 was 300 million yuan, reflecting a 40.3% year-on-year increase, with a net profit margin of 2.2% [3]. Market Position and Strategy - The company maintained a market share of 13% for the first three quarters of 2025, consistent with the previous year [2]. - The acquisition of Daniao Logistics is a strategic move to enter the high-end market, enhancing the product matrix and optimizing cost structures [4]. Future Projections - The company is projected to achieve net profits of 1.37 billion yuan, 1.81 billion yuan, and 2.29 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.89, 1.19, and 1.50 yuan [4][5]. - The current stock price corresponds to a PE ratio of 17, 13, and 10 for the years 2025, 2026, and 2027, indicating a favorable valuation [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved a total express delivery volume of 6.52 billion pieces in Q3 2025, representing a year-on-year growth of 10.7% and a market share of 13.2% [2][4]. - The implementation of anti-involution measures since August 2025 has led to a recovery in e-commerce express delivery prices, benefiting the company [2]. - The average price per delivery piece increased to 2.05 yuan, up 2.1% year-on-year and 4.2% quarter-on-quarter [2]. - The company's net profit attributable to shareholders reached 300 million yuan, a year-on-year increase of 40.3% [4]. - The company plans to acquire 100% of Daniao Logistics for 362 million yuan, which is expected to enhance delivery volume and revenue scale [9]. Summary by Sections Financial Performance - In Q3 2025, the company reported operating revenue of 13.55 billion yuan, a year-on-year increase of 13.6% [4]. - The non-net profit attributable to shareholders was 320 million yuan, reflecting a year-on-year growth of 59.6% [4]. - The company maintained good expense control, with total expenses of 420 million yuan, a year-on-year increase of 9.3% [9]. Market Position and Strategy - The company’s market share remained relatively stable, with a slight increase of 0.2 percentage points quarter-on-quarter [9]. - The company is enhancing service experience through digital applications and improving hub node construction [9]. - The anti-involution measures are expected to provide significant profit elasticity in Q4 2025 [2]. Future Outlook - The company anticipates net profits attributable to shareholders of 1.39 billion, 1.78 billion, and 2.03 billion yuan for 2025, 2026, and 2027, respectively [9]. - The report projects a price-to-earnings ratio of 16.8, 13.1, and 11.5 for the same years [9].

Core Viewpoint - Shentong Express has received approval from the State Administration for Market Regulation for its acquisition of Zhejiang Daniao Logistics Technology Co., Ltd, allowing the company to proceed with the transaction, which is valued at RMB 362 million [1][4] Group 1: Acquisition Details - The acquisition involves Shentong's wholly-owned subsidiary purchasing 100% of Daniao Logistics, which is primarily owned by Cainiao Supply Chain and Alibaba [1] - Daniao Logistics, established in 2009, has a registered capital of RMB 490 million and provides logistics services to major e-commerce platforms across approximately 300 cities in China [1] Group 2: Financial Performance of Daniao Logistics - For the fiscal year 2024, Daniao Logistics is projected to generate revenue of RMB 12.351 billion, with a net profit of RMB 20.1154 million [2] - In the first four months of the current year, Daniao reported revenue of RMB 2.965 billion but incurred a net loss of RMB 234 million, attributed to seasonal business slowdowns and declining industry prices [2] - Daily business volume for Daniao Logistics is expected to exceed 4 million orders in both 2024 and the first four months of 2025 [2] Group 3: Strategic Implications for Shentong Express - The acquisition is anticipated to enhance Shentong's competitive edge and long-term sustainability by optimizing its express delivery network and increasing business scale [4] - Post-acquisition, Daniao will become a wholly-owned subsidiary of Shentong, fully integrating its personnel, assets, and operations into Shentong's management [4] - The transaction is expected to improve Daniao's profitability and, consequently, Shentong's overall profitability and sustainable operational capacity, especially as the industry enters its peak season [4] Group 4: Industry Context - The State Post Bureau has been encouraging mergers and acquisitions in the express delivery sector to promote strong partnerships and resource integration among companies [4] - Recent trends in the industry show a slowdown in business volume growth, with a decline in revenue growth rates due to price increases and reduced competition [5] - Shentong's third-quarter report indicated a revenue of RMB 13.546 billion, a year-on-year increase of 13.62%, and a net profit of RMB 302 million, reflecting a 40.32% increase [5]