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。 申通快递股份有限公司 关于收到国家市场监督管理总局《经营者集中反垄断审查不予禁止决定 书》暨收购事项的进展公告 证券代码：002468 证券简称：申通快递 公告编号：2025-080 一、本次交易概述 申通快递股份有限公司（以下简称"公司"）于 2025 年 7 月 25 日召开了第六届董事会第十 二次会议，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》， 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公司（以下简称"阿里 创投"）、阿里巴巴（中国）网络技术有限公司（以下简称"阿里网络"，与浙江菜鸟供应链、 阿里创投合称"交易对方"）所持有浙江丹鸟物流科技有限公司（以下简称"丹鸟物流"或"标 的公司"）的 100%股权（以下简称"本次交易"）。本次交易完成后，公司将间接持有丹鸟物 流 100%股权，丹鸟物流及其下属控股子公司将纳入公司的合并报表范围。2025 年 7 月 25 日 ...

Core Viewpoint - The company has received approval from the State Administration for Market Regulation regarding its acquisition of Zhejiang Daniao Logistics Technology Co., Ltd, allowing it to proceed with the transaction [1] Summary by Relevant Sections - **Regulatory Approval** - The company received a decision from the State Administration for Market Regulation stating that the acquisition of Zhejiang Daniao Logistics Technology Co., Ltd is not prohibited under the Anti-Monopoly Law [1] - The decision allows the company to implement the concentration immediately [1] - **Legal Framework** - The approval is based on Article 31 of the Anti-Monopoly Law of the People's Republic of China [1] - The case involves matters beyond the scope of anti-monopoly review and will be handled according to relevant laws [1]

Core Viewpoint - Shentong Express has shown significant growth in both revenue and net profit in Q3 2025, driven by its digital transformation strategy and adherence to long-term business principles [1][2]. Financial Performance - In Q3, Shentong Express achieved a revenue of 13.546 billion yuan, a year-on-year increase of 13.62% [1]. - The net profit attributable to shareholders reached 302 million yuan, marking a substantial year-on-year growth of 40.32% [1]. - For the year-to-date, the company reported cumulative revenue of 38.570 billion yuan, up 15.17%, and a net profit of 756 million yuan, an increase of 15.81% [1]. Business Volume and Market Position - In the first three quarters, Shentong Express completed a total business volume of 18.863 billion parcels, reflecting a year-on-year growth of 17.1% [1]. - The market share remained stable at 13.0%, with Q3 business volume reaching 6.515 billion parcels, a 10.8% increase year-on-year, and market share rising to 13.18% [1]. Strategic Initiatives - The company has focused on digital transformation and service quality enhancement, investing in AI systems and logistics technologies to improve operational efficiency and customer experience [2]. - The optimization of regional networks, particularly in Yiwu, has led to a streamlined number of service points, enhancing service capabilities and achieving growth targets [2]. Industry Environment - The overall express delivery industry in China has experienced a positive trend with both volume and price increasing, supported by a 17.2% year-on-year growth in business volume and an 8.9% increase in revenue [3]. - The shift from price competition to a focus on service quality and operational efficiency has been noted, with Shentong's average revenue per parcel rising to 2.05 yuan in Q3 [3]. Future Outlook - The growth potential in the industry remains strong, driven by expanding consumer markets and the rise of new retail models [3]. - Shentong Express is expected to leverage its operational efficiency and service quality to capture strategic opportunities during the industry's recovery phase, aiming for coordinated growth in business scale and profitability [4].

Core Insights - The National Postal Administration conducted a survey to monitor express delivery service quality, reflecting the service levels of companies and promoting improvements in the express delivery industry [1] Group 1: Survey Overview - The survey included nine express delivery brands: Postal Express, SF Express, Zhongtong Express, YTO Express, Yunda Express, Shentong Express, JD Express, Debon Express, and Jitu Express [1] - The survey covered 50 cities, including municipalities, provincial capitals, and 19 cities with high express delivery volumes [1] - A total of 8,255 valid samples were collected for customer satisfaction, while 2.12 million valid samples were collected for timeliness testing [1] Group 2: Customer Satisfaction Results - The overall customer satisfaction score for express delivery services in Q3 2025 was 85.0, an increase of 1.3 points year-on-year [1] - High-scoring brands in public satisfaction included SF Express and JD Express [2] - Regions with high satisfaction scores included Henan, Tianjin, Jiangsu, Beijing, Qinghai, and Hebei, all scoring above 86 [3] - Satisfaction scores for order services were 90.7 for unified customer service hotline orders and 87.7 for orders via courier phone, increasing by 4.3 and 2.1 points respectively [3] - Satisfaction scores for collection services were 87.9 for collection staff and 86.4 for collection timeliness, increasing by 3.5 and 2.3 points respectively [3] - Satisfaction scores for information inquiry services were 85.7 for full information push and 86.2 for timely and accurate logistics information, increasing by 0.9 and 0.7 points respectively [3] Group 3: Timeliness and Delivery Rates - The overall delivery time for express services in Q3 2025 was 51.32 hours, a reduction of 2 hours year-on-year [4] - Breakdown of delivery times showed an average of 8.50 hours for the dispatch processing stage (up 0.28 hours), 29.94 hours for the transportation stage (down 2.50 hours), 9.95 hours for the destination processing stage (up 0.29 hours), and 2.94 hours for the delivery stage (down 0.06 hours) [4] - The 72-hour delivery success rate was 86.47%, an increase of 2.08 percentage points year-on-year [5] - Brands with high 72-hour delivery success rates included Postal Express and SF Express [6]

Core Insights - The core viewpoint of the article is that the satisfaction level of express delivery services in China has improved, with a reported score of 85.0 in Q3 2025, reflecting a year-on-year increase of 1.3 points [2]. Group 1: Customer Satisfaction - The public satisfaction score for express delivery services in Q3 2025 is 85.0, which is an increase of 1.3 points compared to the previous year [2]. - High-scoring brands in public satisfaction include SF Express and JD Express [3]. - Regions with high satisfaction scores include Henan, Tianjin, Jiangsu, Beijing, Qinghai, and Hebei, all scoring above 86 [4]. - Satisfaction scores for various service aspects include: - Order service satisfaction for unified customer service hotline and courier phone orders at 90.7 and 87.7, respectively, with increases of 4.3 and 2.1 points [4]. - Collection service satisfaction for couriers and collection time at 87.9 and 86.4, respectively, with increases of 3.5 and 2.3 points [4]. - Information query service satisfaction for full information push and timely logistics information at 85.7 and 86.2, respectively, with increases of 0.9 and 0.7 points [4]. Group 2: Delivery Timeliness - The overall delivery time for express services in Q3 2025 is 51.32 hours, which is a reduction of 2 hours year-on-year [5]. - Breakdown of delivery times includes: - Average processing time at the shipping origin is 8.50 hours, an increase of 0.28 hours [5]. - Average transportation time is 29.94 hours, a decrease of 2.50 hours [5]. - Average processing time at the destination is 9.95 hours, an increase of 0.29 hours [5]. - Average delivery time is 2.94 hours, a decrease of 0.06 hours [5]. - The 72-hour delivery success rate is 86.47%, which is an increase of 2.08 percentage points year-on-year [6]. - Brands with high 72-hour delivery success rates include Postal Express and SF Express [7].

10月29日，申通快递盘中上涨2.16%，截至10:14，报15.58元/股，成交1.33亿元，换手率0.59%，总市值 238.50亿元。 申通快递今年以来股价涨54.81%，近5个交易日涨0.71%，近20日跌17.08%，近60日涨6.42%。 今年以来申通快递已经1次登上龙虎榜，最近一次登上龙虎榜为7月25日，当日龙虎榜净买入1411.43万 元；买入总计1.63亿元 ，占总成交额比20.47%；卖出总计1.49亿元 ，占总成交额比18.69%。 资料显示，申通快递股份有限公司位于上海市青浦区重固镇北青公路6598弄25号，成立日期2001年11月 1日，上市日期2010年9月8日，公司主营业务涉及国内快递、普通货运、货物运输代理、仓储服务、装 卸服务在内的快递物流综合服务。主营业务收入构成为：快递服务收入98.67%，其他业务1.33%。 申通快递所属申万行业为：交通运输-物流-快递。所属概念板块包括：快递概念、智慧物流、大数据、 阿里概念、中盘等。 截至9月30日，申通快递股东户数4.07万，较上期减少4.36%；人均流通股36082股，较上期增加2.81%。 2025年1月-9月，申通快递实现营 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [3][9]. Core Insights - The company reported a revenue of 38.57 billion RMB for the first three quarters of 2025, reflecting a year-over-year increase of 15.17%. The net profit attributable to shareholders was 756 million RMB, up 15.81% year-over-year [4][6]. - In Q3 alone, the company achieved a revenue of 13.55 billion RMB, a 13.62% increase year-over-year, and a net profit of 302 million RMB, which is a 40.32% increase year-over-year [4][6]. - The company has successfully exited a prolonged price-cutting cycle, with the average revenue per package increasing to 2.05 RMB, a year-over-year rise of 2.15% [6]. Summary by Sections Company Overview - The company operates primarily in the transportation sector, with a market capitalization of 22.375 billion RMB and a current share price of 15.25 RMB [1]. Financial Performance - The company’s gross margin for the first three quarters of 2025 was 5.68%, with a slight decrease of 0.14 percentage points year-over-year. However, Q3 gross margin improved to 6.18%, an increase of 0.74 percentage points year-over-year [6]. - The net profit margin for the first three quarters was 1.97%, up 0.06 percentage points year-over-year, while Q3 net profit margin was 2.38%, an increase of 0.69 percentage points year-over-year [6]. Future Outlook - The report anticipates continued growth in single-package revenue, driven by industry price stabilization and the company's strategic acquisition of Daniao Logistics, which enhances its service offerings [6]. - Profit forecasts have been revised upwards, with expected net profits of 1.4 billion RMB, 2 billion RMB, and 2.2 billion RMB for 2025, 2026, and 2027 respectively, reflecting year-over-year growth rates of 33%, 42%, and 14% [6][8].

Core Insights - The State Post Bureau released the results of the 2025 third-quarter express service satisfaction survey and timely delivery rate test, covering nine express service brands [1] - The overall public satisfaction score for express services in the third quarter of 2025 was 85.0, an increase of 1.3 points year-on-year [1] - The brands with the highest public satisfaction scores were SF Express and JD Express [1] Summary by Category Survey Results - The survey monitored nine express service brands, including Postal Express, SF Express, ZTO Express, YTO Express, Yunda Express, Shentong Express, JD Express, Debon Express, and Jitu Express [1] - The public satisfaction score of 85.0 indicates a positive trend in customer satisfaction within the express delivery industry [1] Brand Performance - SF Express and JD Express received the highest scores in public satisfaction, reflecting their strong market positions and customer loyalty [1]

证券代码：002468 证券简称：申通快递 申通快递股份有限公司投资者关系活动记录表 编号：2025-006 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （电话会议） | | | 中信证券、富国基金、博时基金、鹏华基金、华安基金、海富通 | | 参与单位名 | 基金、长信基金、国联安基金、高毅资产、东方资管、兴业证券、 | | 称及人员姓 | 申万宏源、长江证券、中金公司、中信建投、财通证券、富瑞证 | | 名 | 券、花旗、高盛、摩根大通、摩根士丹利等 105 家机构 125 位投 | | | 资者 | | 时间 | 2025 年 10 月 28 日 15:30-16:30 | | 地点 | 电话会议 | | 上市公司接 | 1、 副总经理兼财务负责人梁波 | | | 2、 董事会秘书郭林 | | 待人员姓名 | 3、 IR 负责人何敏 | | | 一、公司管理层介绍 2025 年前三季度经营情况 | | | 今年以来，消费市场规模稳步扩大，线上 ...

Investment Rating - The report maintains a "Strong Buy" rating for Shentong Express (002468) [1][9][27] Core Views - The company achieved a revenue of 38.57 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 15.2%, with a net profit attributable to shareholders of 756 million yuan, up 15.8% year-on-year [1] - In Q3 2025, the company reported a revenue of 13.55 billion yuan, a year-on-year increase of 13.6%, and a net profit of 300 million yuan, which is a significant year-on-year increase of 40.3% [1][9] - The report highlights the company's ability to release elasticity in a competitive market environment, indicating a potential turning point for the business [1][9] Financial Performance Summary - For the first three quarters of 2025, the company completed 18.86 billion parcels, a year-on-year increase of 17.1%, maintaining a market share of 13.0% [2] - The average revenue per parcel for the first three quarters of 2025 was 2.02 yuan, down 2.0% year-on-year, while in Q3 2025, it increased to 2.05 yuan, up 2.1% year-on-year [2][3] - The gross profit per parcel for the first three quarters of 2025 was 0.116 yuan, down 0.005 yuan year-on-year, while in Q3 2025, it increased to 0.129 yuan, up 0.018 yuan year-on-year [3] Financial Forecasts - The report forecasts total revenue for 2025 to be 51.95 billion yuan, with a year-on-year growth rate of 10.1% [5] - The net profit attributable to shareholders is projected to reach 1.39 billion yuan in 2025, reflecting a year-on-year growth of 33.8% [5] - The report sets a target price of 24.5 yuan for the stock, indicating a potential upside of 54% from the current price of 15.97 yuan [5][9]