证券代码：002468 证券简称：申通快递 公告编号：2025-023 申通快递股份有限公司 特此公告。 申通快递股份有限公司董事会 2025年4月19日 2025 年 3 月经营简报 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。 根据《深圳证券交易所上市公司自律监管指引第3号—行业信息披露》的有关规定，公司现 披露2025年3月份相关数据信息如下： | 项 目 | 2025年3月 | 同比增长 | | --- | --- | --- | | 快递服务业务收入（亿元） | 41.89 | 14.70% | | 完成业务量（亿票） | 20.85 | 20.05% | | 快递服务单票收入（元） | 2.01 | -4.29% | 上述快递服务单票收入计算如有差异为四舍五入原因所致。上述数据未经审计，与定期报告 披露的数据之间可能存在差异，请以公司定期报告为准。 ...

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [1][4][7]. Core Views - The report highlights the impact of US-China tariffs on shipping patterns, suggesting a focus on domestic demand and high-dividend sectors [1][3]. - The oil shipping market remains strong, but VLCC rates have declined due to tariff uncertainties, with potential recovery if US-China negotiations succeed [1][21]. - The air travel market is expected to stabilize in 2025, with domestic airlines showing signs of recovery in profitability [2][45]. - The express delivery sector shows resilience, with major players like SF Express and ZTO Express expected to maintain growth despite competitive pressures [3][55][59]. Summary by Sections Shipping Sector - Oil shipping rates have shown fluctuations, with VLCC rates impacted by tariff policies and global economic uncertainties [1][21]. - The report recommends companies like COSCO Shipping Energy and China Merchants Energy for their potential value amidst market volatility [1][25]. Aviation Sector - Domestic passenger flight volumes are stabilizing, with a year-on-year increase expected in 2025 [2][45]. - Major airlines like Air China and China Southern Airlines are projected to recover profitability as supply-demand gaps narrow [2][45]. Express Delivery Sector - The express delivery market is experiencing strong growth, particularly in Southeast Asia and China, with companies like SF Express and ZTO Express leading the way [3][55][59]. - The report emphasizes the importance of monitoring pricing trends in the express delivery sector due to competitive dynamics [3][59]. Investment Recommendations - The report suggests focusing on companies with stable operations and potential for steady returns, including SF Express, ZTO Express, and major airlines [3][2][45].

2025.04. 11 本文字数：1356，阅读时长大约3分钟 作者 | 第一财经 陆涵之 据中央气象局，4月11日至13日，西北地区东部、内蒙古、华北、黄淮东部、东北地区南部等地风力 大，南方多地有风雹天气。过程期间，北方地区有大范围强风沙尘、内蒙古和东北地区有强雨雪、南 方地区有暴雨和强对流天气，关注沙尘、雨雪天气导致的能见度降低、路面湿滑积雪结冰等对交通出 行的影响。 4月10日，北京发布近十年首个全市大风橙色预警，预计11日下午至13日将出现极端大风和强降温天 气。 对于即将带来的强风天气，外卖平台和物流平台也做了相关准备。美团数据显示，大风来临前，各类 餐饮、杂货等配送订单显著增长。 目前，美团已提前开启了极端天气保障专项。超时免责等举措目前正在陆续上线中。依据专项机制， 极端天气下为市民提供配送服务的骑手不用担心超时等问题，可根据实际情况合理安排配送，平台将 为骑手提供全部兜底保障。此外，美团将为参与配送的骑手发放现金补贴，在保障配送安全的同时， 确保的骑手现金收入。 在全市大风橙色预警下，饿了么已成立"安全生产"专项小组，启动特殊天气下的应急机制。同时也将 根据属地要求和实际情况，对外卖服务持续 ...

Investment Rating - The report assigns a "Buy" rating to 中远海能 and 吉祥航空, and an "Outperform" rating to 南方航空, 中国东航, and 中国国航 [5][6]. Core Insights - The shipping sector is expected to see improved fundamentals in the medium to long term, driven by a shift in oil production policies from reduction to gradual increase, with VLCC demand projected to rise by 4.4% in 2025 and 6.9% in 2026 [3]. - The small container ship market is on an upward trend, supported by economic growth in Southeast Asia and changes in shipping alliances, leading to increased demand [3]. - The air travel market is experiencing a volume increase but a price decrease, with domestic passenger traffic expected to grow by 3% year-on-year in Q1 2025, while international markets are recovering steadily [3]. - The express delivery sector is seeing a recovery in direct logistics, with a year-on-year growth of 22.4% in the express industry for January-February 2025, although price competition remains intense [3]. - The road and rail sectors are expected to maintain growth in traffic volume, with a projected year-on-year increase in highway traffic and railway passenger volume [3]. Summary by Sections Shipping - The long-term supply logic remains stable, with a gradual increase in VLCC demand and a limited supply of new ships expected to be delivered [3]. - The average age of the global fleet is increasing, indicating a strong demand for replacing old ships [3]. Shipbuilding - The shipbuilding cycle is on an upward trend, with a continued supply-demand imbalance favoring shipbuilders [3]. - Ship prices are expected to rise again after absorbing the negative impacts of new capacity [3]. Aviation - The domestic air travel market is projected to see a volume increase but a price decrease due to high base effects from the previous year [3]. - International markets are recovering, with a 20% year-on-year increase in passenger traffic and flight numbers [3]. Express Delivery - The express delivery sector is expected to continue its recovery, with significant growth in logistics demand anticipated [3]. - Price competition remains fierce, impacting profitability for leading companies [3]. Road and Rail - Traffic volume on highways and railways is expected to grow, with specific companies projected to perform well [3].

Core Viewpoint - The launch of Shentong Express's economical spring tea delivery solution addresses the logistics challenges faced by tea companies, balancing high-quality service with cost control [1][2] Group 1: Service Offering - Shentong Express has introduced the first economical spring tea delivery solution in the industry, providing a "first-class" service for tea producers [1] - The solution ensures priority collection, transfer, and delivery, achieving next-day delivery for core production areas and two-day delivery for other regions [1] - The pricing of this new solution is significantly optimized compared to similar offerings, reducing logistics costs for tea companies [1] Group 2: Customer Feedback - Customers, such as the chairman of a tea cooperative, have noted that the delivery solution meets their high demands for timeliness and cost-effectiveness, achieving a high cost-performance ratio [2] - A tea farmer reported a nearly 20% savings in shipping costs while maintaining a high logistics rating, indicating increased consumer satisfaction [2] Group 3: Strategic Implications - This spring tea delivery solution is part of Shentong Express's strategy for "economical express delivery specialization," which includes other customized products for various industries [2] - The company plans to replicate this model for other high-timeliness agricultural products, such as lychees and bayberries, to create a matrix of high-quality economical express delivery solutions [2] - The initiative aims to support rural revitalization and consumption upgrades simultaneously [2]

Group 1: Industry Overview - In January-February 2025, the express delivery industry achieved a business volume of 28.48 billion pieces, representing a year-on-year growth of 22.4% [1][2] - The industry is expected to maintain a double-digit growth rate in 2025, driven by macroeconomic stability and the trend towards smaller parcel sizes [2] Group 2: Company Goals and Strategies - The company's primary operational goals for the year include exceeding the industry average growth rate and steadily increasing market share [2] - The company aims to improve profitability through cost reduction and revenue optimization, focusing on enhancing volume, customer experience, and profitability simultaneously [2] Group 3: Market Conditions and Pricing Trends - The express delivery sector is entering a seasonal competition phase, with some regions experiencing lower pricing levels [2] - As of March 2024, the average revenue per express delivery piece is approaching a low point, with limited downward space expected [2] Group 4: Capital Expenditure and Capacity Planning - The company plans to maintain its capital expenditure at 2024 levels, with specific amounts potentially influenced by payment schedules [2] - Capacity planning details will be outlined in the company's regular reports [2] Group 5: Acquisition and Network Expansion - The acquisition of the Yiwu transfer center asset group was completed on March 1, 2025, marking a significant step in the company's "direct transfer, franchise network" operational model [2] - This acquisition is strategically important for expanding the local market presence in a key e-commerce area [2] Group 6: Cost Reduction Potential - Cost reduction will be influenced by factors such as volume growth, average weight, and the advancement of digital management [2] - The company plans to enhance operational efficiency through increased automation and digital management, which will help lower transfer costs [2]

证券代码：002468 证券简称：申通快递 公告编号：2025-021 申通快递股份有限公司 关于第一期员工持股计划首次授予部分锁定期届满的提示性公告 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。 申通快递股份有限公司（下称"公司"）于2022年2月14日召开第五届董事会第十一次会议、第五届监事 会第十次会议，并于2022年3月4日召开2022年第二次临时股东大会，审议通过了《关于〈申通快递股份 有限公司第一期员工持股计划（草案）〉及其摘要的议案》《关于〈申通快递股份有限公司第一期员工 持股计划管理办法〉的议案》等相关议案，同意公司实施第一期员工持股计划。公司第一期员工持股计 划（以下简称"本员工持股计划"）首次授予部分锁定期将于2025年3月28日届满，根据中国证监会《关 于上市公司实施员工持股计划试点的指导意见》和《深圳证券交易所上市公司自律监管指引第1号一一 主板上市公司规范运作》的相关规定，现将公司第一期员工持股计划首次授予部分锁定期届满情况公告 如下： 一、本员工持股计划的基本情况和锁定期 本员工持股计划的股票来源为公司于2020年10月15日至2 ...

证券代码：002468 证券简称：申通快递 公告编号：2025-022 申通快递股份有限公司 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（以下简称"公司"）于2024年12月19日召开第六届董事会第六次会 议审议通过了《关于回购公司股份的议案》，公司拟使用自有资金和自筹资金（含商业银行回购 专项贷款等）通过集中竞价的方式回购部分公司发行的人民币普通股（A 股）用于股权激励或员 工持股计划。本次回购的资金总额不低于人民币14,000万元且不超过人民币25,000万元（均含本 数），回购价格不超过人民币15元/股（含本数）。按回购金额上限人民币25,000万元、回购价格 上限15元/股测算，预计可回购股数不低于1,666.66万股，约占公司目前总股本的1.09%；按回购 金额下限人民币14,000万元、回购价格上限15元/股测算，预计可回购股数不低于933.33万股，约 占公司目前总股本的0.61%。具体回购股份的数量及占公司总股本的比例以回购届满时实际回购 的股份数量和占公司总股本的比例为准。本次回购股份的实施期限为自公司董事会审议通过 ...

证券代码：002468 证券简称：申通快递 公告编号：2025-022 一、回购股份的实施情况 2025年1月9日，公司首次通过回购专用证券账户以集中竞价交易的方式回购股份2,000,000 股，回购总金额为19,978,279元（不含交易费用），回购股数占公司目前总股本的0.13%，平均成 交价为9.99元/股（最高成交价为10.08元/股，最低成交价为9.76元/股）。具体内容详见公司于 2025年1月10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《关于首次回购公司股份的公告》（公告编号：2025-002）。 截至2025年3月27日，本次回购公司股份的方案已实施完毕。本次回购实际回购时间为2025年 1月9日至2025年3月27日，公司以集中竞价方式累计回购股份19,905,973股，占公司目前总股本的 1.30%，最高成交价为12.13元/股，最低成交价为9.70元/股，成交总金额为人民币219,975,985.14 元（不含交易费用）。 二、回购股份实施情况与回购方案不存在差异的说明 申通快递股份有限公司 关于股份回购完成暨股 ...

证券代码：002468 证券简称：申通快递 公告编号：2025-021 申通快递股份有限公司 关于第一期员工持股计划首次授予部分锁定期届满的提示性公告 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。 申通快递股份有限公司（下称"公司"）于 2022 年 2 月 14 日召开第五届董事会第十一次会 议、第五届监事会第十次会议，并于 2022 年 3 月 4 日召开 2022 年第二次临时股东大会，审议通 过了《关于<申通快递股份有限公司第一期员工持股计划（草案）>及其摘要的议案》《关于<申通 快递股份有限公司第一期员工持股计划管理办法>的议案》等相关议案，同意公司实施第一期员工 持股计划。公司第一期员工持股计划（以下简称"本员工持股计划"）首次授予部分锁定期将于 2025 年 3 月 28 日届满，根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》和 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》的相关规定，现将 公司第一期员工持股计划首次授予部分锁定期届满情况公告如下： 一、本员工持股计划的基本情况和锁定期 本员工持股计划的 ...