1 申通快递股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 1 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人陈德军、主管会计工作负责人梁波及会计机构负责人(会计主管人员)谭荣 波声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的发展战略及计划等前瞻性陈述，不构成公司对投资者的实质性承诺， 投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间 的差异，敬请投资者注意投资风险。 公司需遵守《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》中的 "快递服务业"的披露要求。 公司在本报告期第三节"管理层讨论与分析"中"十、公司面临的风险和应对措施" 部分，详细描述了公司经营中可能存在的风险及应对措施，敬请投资者关注相关内容。 董事会审议的报告期内的半年度利润分配预案或公积金转增股本预案。 □适用不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | 第一节 ...

Core Viewpoint - The article discusses the electrification of freight transport in Shanghai, highlighting the need for collaboration among various stakeholders to address challenges and promote green logistics solutions. Group 1: Current State of Freight Electrification - Shanghai is a key logistics hub in China, with significant developments in electric freight transport, particularly in the Yangtze River Delta region [1][24] - The electrification wave is not just about vehicles but requires coordination with traffic organization and energy systems [1] - The number of pure electric heavy trucks sold in Shanghai surged from 384 in 2023 to 2,364 in 2024, indicating a market explosion driven by subsidies [5] Group 2: Challenges Faced by Drivers and Companies - Drivers face difficulties in charging logistics, with limited charging stations and the need to wait for hours to charge during off-peak hours [6][8] - Small logistics companies struggle to build charging infrastructure due to high costs and are forming alliances to share resources [6][11] - The transition to electric trucks has altered drivers' work patterns, with longer charging times impacting their schedules and income [12][21] Group 3: Policy and Infrastructure Needs - Policies such as subsidies for electric truck purchases and prioritizing road access for electric vehicles are essential for promoting electrification [10][28] - The need for a well-planned charging infrastructure is critical, as many existing stations are not suitable for heavy trucks [11][24] - Shanghai's logistics sector must integrate charging facilities with operational needs to enhance efficiency and reduce costs [28][29] Group 4: Industry Innovations and Future Directions - Companies like Shentong Express are leading the way in adopting electric trucks, supported by government incentives [15][17] - The potential for electric trucks in port operations is significant, but infrastructure development is lagging behind [24][26] - The industry is exploring various charging solutions, including fast charging and battery swapping, to meet operational demands [20][21]

申通快递股份有限公司 | | | 发行要素 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 申通快递股份有限公 | | | | | | | | | | | 债券名称 司 2025 | 年度第一期科 | | | 债券简称 | | | | | | | | | | | （科创债） | | | | | | | 技创新债券 | | | | | | | | | | | 债券代码 102583649 | | | 期限 | | 3年 | | | | | | 2025 8 起息日 年 月 | 27 | 日 | 兑付日 | | 2028 | 8 年 | 月 | 27 日 | | | | | 实际发行 | | | | | | | | | 计划发行总额 7 亿元 | | | | | 7 | 亿元 | | | | | | | 总额 | | | | | | | | | 发行利率 2.08% | | | 发行价格 | | | 100 元 | | | | | | | 申购情况 | | | | | | | | | | | 合规申购 ...

Core Viewpoint - Shentong Express successfully issued its first phase of technology innovation bonds for 2025, raising 700 million yuan with a low interest rate of 2.08%, reflecting strong market confidence in the company's operational capabilities and long-term development prospects [1][3]. Group 1: Bond Issuance Details - The bond issuance has a scale of 700 million yuan, a term of 3 years, and an interest rate of 2.08% [1]. - The funds raised will be used to supplement working capital for Shentong Express and its subsidiaries, with 50% allocated to Shanghai Shinxue Supply Chain Management Co., Ltd. for daily operational expenses and technology research and development [2]. - The bond attracted participation from 13 investment institutions, achieving a subscription multiple of 2.4 times, indicating strong investor interest [1][3]. Group 2: Strategic Implications - The successful issuance of the bonds will help Shentong Express lower financing costs and optimize its debt structure, providing robust support for high-quality development [1][2]. - The company aims to enhance its internal R&D capabilities and support its digital transformation strategy through the funds raised [2]. - Shentong Express is focusing on building a diversified financing structure and optimizing its debt management to align with long-term business needs [4]. Group 3: Industry Outlook - The express delivery industry is transitioning from "scale expansion" to "value competition," with leading companies expected to maintain steady growth due to their operational efficiency and service capabilities [3]. - Shentong Express is positioned as a leading player in the industry, with plans to enhance its infrastructure and digital capabilities, aiming for a daily processing capacity of over 90 million parcels by 2025 [3]. - The company is committed to leveraging technology to improve customer experience and create a differentiated service system, thereby establishing long-term competitive advantages [3].

Core Points - Shentong Express announced the issuance of its first phase of technology innovation bonds for 2025, with a total scale of 700 million yuan and a low interest rate of 2.08% [1] - The bond issuance attracted participation from 13 investment institutions, achieving a subscription multiple of 2.4 times and a marginal multiple of 2.48 times [1] - The raised funds will be used to supplement the working capital of Shentong Express and its subsidiaries, with 50% allocated to Shanghai Shinxue Supply Chain Management Co., Ltd. for operational expenses and technology research and development [1] - The issuance of these bonds is expected to strengthen the company's internal R&D capabilities and support its digital transformation strategy, while also reducing financing costs and improving short-term debt repayment pressure [1]

申通快递股份有限公司 募集资金用于补充发行人本部及子公司流动资金。 (本页无正文,为《申通快递股份有限公司 2025年度第一期科 技创新债券发行情况公告》 盖章页) 一、发行申购情况 申通快递股份有限公司于 2025 年 8 月 25 日至 2025 年 8 月 26 日发行了申通 快递股份有限公司 2025 年度第一期科技创新债券，现将发行申购、配售、分销 情况公告如下： | | 发行要素 | | | | | | --- | --- | --- | --- | --- | --- | | 债券名称 | 申通快递股份有限公 司 2025 年度第一期科 | 债券简称 | 25 申通快递 （科创债） | | MTN001 | | 技创新债券 | | | | | | | 债券代码 | 102583649 | 期限 | 3 年 | | | | 起息日 2025 | 年 8 月 27 日 | 兑付日 | 2028 年 8 月 | 日 | 27 | | 计划发行总额 7 | 亿元 | 实际发行 | 7 亿元 | | | | | | 总额 | | | | | 发行利率 | 2.08% | 发行价格 | 100 元 | | ...

Market Overview - The logistics sector experienced a decline of 1.81% on August 27, with Yongtaiyun leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - *ST Yuanshang saw a significant increase of 5.01%, closing at 18.43 with a trading volume of 24,600 [1] - Jiaoyou International rose by 4.39%, closing at 11.88 with a trading volume of 534,100 [1] - Shentong Express increased by 1.45%, closing at 18.24 with a trading volume of 387,800 [1] - Yongtaiyun experienced the largest decline of 6.48%, closing at 24.25 with a trading volume of 49,100 [2] - Hengjidadeng fell by 5.05%, closing at 6.96 with a trading volume of 159,900 [2] - New Ning Logistics dropped by 4.95%, closing at 4.03 with a trading volume of 454,500 [2] Capital Flow Analysis - The logistics sector saw a net outflow of 779 million yuan from institutional investors, while retail investors contributed a net inflow of 514 million yuan [2] - The net inflow from speculative funds was 265 million yuan [2] Detailed Capital Flow for Selected Stocks - Jiaoyou International had a net inflow of 23.72 million yuan from institutional investors, while it faced a net outflow of 24.30 million yuan from speculative funds [3] - Yongtaiyun had a net inflow of 2.08 million yuan from institutional investors, with a significant net inflow of 14.62 million yuan from speculative funds [3] - Shentong Express experienced a net inflow of 5.89 million yuan from institutional investors, but faced a net outflow of 33.15 million yuan from retail investors [3]

Core Viewpoint - The express delivery industry in China is experiencing a "volume increase and price drop" trend, prompting companies to focus on international markets for higher profits amid intensified domestic competition [1][4]. Industry Overview - The express delivery sector is a crucial part of the modern circulation system, connecting various industries and integrating online and offline services [3]. - In the first seven months of this year, China's express delivery volume reached 1,120.5 billion pieces, marking an 18.7% year-on-year increase [4]. Market Dynamics - The industry is projected to exceed 2.5 trillion pieces by 2030, with a compound annual growth rate of 8%-10%, leading to a market size surpassing 2.8 trillion yuan [4]. - Despite revenue growth, express delivery companies face declining per-package income, indicating a significant challenge in the industry [5][6]. Company Performance - In July, SF Express reported revenue of 24.847 billion yuan, a 9.95% increase, but with a 14.02% drop in per-package income [5]. - YTO Express, Yunda, and Shentong also reported revenue growth, but with continued declines in per-package income, highlighting the "volume increase and price drop" issue [5]. Competitive Landscape - The industry is shifting from a "low-price competition" model to a focus on service quality and efficiency, as companies aim to break the cycle of negative profit margins and declining service quality [6][7]. - Regulatory bodies are actively promoting measures to combat "involution" in competition, encouraging companies to enhance service quality rather than engage in price wars [6][7]. International Expansion - The global cross-border logistics market is expected to grow from 13.3 trillion yuan in 2020 to 18.6 trillion yuan by 2024, with a compound annual growth rate of 8.75% [8]. - Chinese express companies are accelerating their international expansion, with significant increases in their international development index [8][9]. - Companies like Cainiao and JD Logistics are enhancing their international logistics capabilities, establishing new routes and partnerships to improve service efficiency [9][10]. Future Outlook - The express delivery industry is expected to continue its internationalization, driven by the growth of cross-border e-commerce and international trade [10].

公示日期：2025年8月25日至2025年9月3日 附件下载 转自：市场监管总局网站 联系邮箱：jyzjz@samr.gov.cn ...

Core Viewpoint - Shentong Express has shown significant stock performance with an 82.23% increase year-to-date, despite a recent decline of 3.52% over the last five trading days [1] Company Overview - Shentong Express Co., Ltd. is located in Qingpu District, Shanghai, and was established on November 1, 2001. The company was listed on September 8, 2010. Its main business includes domestic express delivery, general freight, cargo transportation agency, warehousing services, and unloading services [1] - The revenue composition of the company is as follows: paid delivery 57.95%, transit income 36.62%, information services 4.34%, and other income 1.10% [1] Financial Performance - For the period from January to March 2025, Shentong Express achieved operating revenue of 11.999 billion yuan, representing a year-on-year growth of 18.43%. The net profit attributable to the parent company was 236 million yuan, with a year-on-year increase of 24.04% [2] - Since its A-share listing, Shentong Express has distributed a total of 1.614 billion yuan in dividends, with 131 million yuan distributed over the past three years [3] Shareholder Information - As of March 31, 2025, the number of shareholders for Shentong Express was 38,200, a decrease of 19.32% from the previous period. The average circulating shares per person increased by 23.94% to 39,050 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 62.934 million shares, an increase of 2.6301 million shares compared to the previous period [3] Market Activity - On August 27, Shentong Express's stock price rose by 2.00%, reaching 18.34 yuan per share, with a trading volume of 359 million yuan and a turnover rate of 1.36%. The total market capitalization is 28.075 billion yuan [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on July 25, where it recorded a net purchase of 14.1143 million yuan [1]