Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 15.15 [7][8]. Core Views - The company achieved a revenue of RMB 471.7 billion and a net profit of RMB 10.4 billion in 2024, representing a year-on-year growth of 15.3% and 205.2% respectively. For Q1 2025, the revenue was RMB 120.0 billion with a net profit of RMB 2.4 billion, showing a year-on-year increase of 18.4% and 24.0% [1][2]. - The growth in performance is attributed to a higher volume growth than the industry average and cost reductions due to economies of scale. Despite increased competition in the industry, the company is expected to enhance its service capabilities and maintain market share growth [1][4]. Summary by Sections Performance Overview - In 2024, the company achieved a total express delivery volume of 22.729 billion pieces, a year-on-year increase of 29.8%, surpassing the industry growth rate of 21.5%. The average price per piece decreased by 8.1% to RMB 2.05, which is a larger decline than the industry average of 6.3% [2]. - The single-piece cost decreased by 9.1% to RMB 1.95, while the gross profit per piece increased by 27.6% to RMB 0.12. The company continues to invest in automation and digital transformation [2]. Strategic Developments - The acquisition of the Yiwu transfer center is expected to optimize network efficiency and increase volume and revenue. The company’s daily throughput capacity is projected to increase from 75 million pieces in 2024 to over 90 million pieces in 2025 [3]. - The acquisition of the Yiwu assets, which handle a daily average of 34.6 million pieces, is a significant step in the company's strategy to enhance its operational efficiency and expand its market presence [3]. Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 has been raised by 17% and 13% respectively, to RMB 1.323 billion and RMB 1.642 billion. A new forecast for 2027 is set at RMB 1.942 billion, with corresponding EPS of RMB 0.86, 1.07, and 1.27 [4][6]. - The company is assigned a PE ratio of 17.6x for 2025, which is a premium compared to the industry average of 11.7x, reflecting the company's superior volume growth and profitability potential [4].

Core Insights - Shentong Express has reported significant growth in both profit and express business volume, with a total revenue of 47.169 billion yuan in 2024, marking a 15.26% year-on-year increase, and a net profit of 1.04 billion yuan, up 205.24%, achieving a historical high [1] - The company's aggressive pricing strategy has contributed to its performance, although it has the lowest average revenue per package among its peers in the "Tongda" system [1][2] - The competitive landscape remains intense, particularly in the "battle for third place" among Shentong and Yunda [1][5] Financial Performance - In 2024, Shentong's business volume reached 22.729 billion packages, a 29.83% increase, with a market share of 12.98%, up 0.83 percentage points [3] - For Q1 2025, the company reported revenue of 11.999 billion yuan, an 18.43% increase, and a net profit of 236 million yuan, up 24.04% [3] - The average daily package processing volume has increased from less than 30 million three years ago to over 75 million in 2024 [3] Strategic Initiatives - Shentong has completed its three-year capacity enhancement plan, implementing 179 projects to improve processing capabilities [3] - The acquisition of the Yiwu transfer center is a strategic move to enhance management of key routes and improve operational efficiency [4] - The company aims to increase its daily throughput capacity to over 90 million packages by 2025 [3] Market Position and Competition - The competition with Yunda remains fierce, with Shentong briefly surpassing Yunda in business volume earlier this year before being overtaken again [6][7] - The potential exercise of Alibaba's stock options could lead to significant changes in Shentong's market position and operational management [7] - The company's financial metrics indicate challenges ahead, with a 40% decline in operating cash flow and a debt ratio of 62.53%, the highest in its history [6][7]

Core Viewpoint - The company, Shentong Express Co., Ltd., reported significant growth in its business operations for the year 2024, achieving a total express delivery volume of 22.729 billion pieces, a year-on-year increase of 29.83%, and a market share of 12.98% [16]. Company Overview - Shentong Express is committed to the development philosophy of "integrity management and long-termism," aiming to become a leader in the economic express delivery sector in China [4]. - The company operates primarily in the express delivery industry, offering services such as land and air express delivery, value-added services, and packaging materials [5][6][7]. Business Model - The company employs a "direct operation and franchise" model, focusing on enhancing its core transfer centers and expanding its network coverage through franchise partnerships [8]. Financial Performance - In 2024, the company achieved operating revenue of 47.169 billion yuan, a year-on-year increase of 15.26%, and a net profit attributable to shareholders of 1.04 billion yuan, up 205.24% from the previous year [16]. - The net profit after deducting non-recurring gains and losses was 1.017 billion yuan, reflecting a growth of 199.55% year-on-year [16]. Profit Distribution Plan - The board approved a profit distribution plan, proposing a cash dividend of 0.67 yuan per share (including tax) based on a total share capital of 1,530,802,166 shares, excluding shares held in the repurchase account [3][29]. Important Meetings - The company held its sixth board meeting on October 30, 2024, and a second extraordinary general meeting on November 15, 2024, to discuss various proposals, including the change of the auditing firm to Deloitte Huayong [18][19]. Upcoming Shareholder Meeting - The company plans to hold its 2024 annual general meeting on May 26, 2025, to review the proposals discussed in the board meetings [43].

Group 1: Aier Eye Hospital - In 2024, Aier Eye Hospital achieved an outpatient volume of 16.94 million, a year-on-year increase of 12.14% [1] - The company reported a total revenue of 20.98 billion yuan, reflecting a growth of 3.02% compared to the previous year [2] - The net profit attributable to shareholders was 3.56 billion yuan, up by 5.87% year-on-year [2] - The company introduced several advanced medical technologies and products, including the INTENSITY™ intraocular lens and new dry eye treatment technology [1][3] Group 2: Tonghuashun - Tonghuashun reported a revenue of 4.19 billion yuan in 2024, marking a 17.47% increase from the previous year [5] - The net profit attributable to shareholders reached 1.82 billion yuan, a significant growth of 30% year-on-year [4][5] - The increase in revenue and profit was primarily driven by a recovery in the securities market and rising demand for financial information services [4] Group 3: Yiwei Lithium Energy - Yiwei Lithium Energy achieved a revenue of 1.28 billion yuan in Q1 2025, with a net profit of 110.11 million yuan, reflecting a 16.60% increase in net profit [7] - The company reported a significant increase in the shipment of energy storage batteries, with a year-on-year growth of 80.54% [8] - The company is expanding into emerging markets such as eVTOL and drones, with ongoing projects and production facilities being established [9] Group 4: Huadong Medicine - Huadong Medicine reported a revenue of 10.74 billion yuan in Q1 2025, a 3.12% increase year-on-year [10] - The net profit attributable to shareholders was 914.71 million yuan, up by 6.06% compared to the same period last year [11] - The company achieved its highest historical level of net profit excluding non-recurring gains and losses, reaching 897.34 million yuan [10] Group 5: Muyuan Foods - Muyuan Foods reported a revenue of 36.06 billion yuan in Q1 2025, a year-on-year increase of 37.26% [17] - The company turned a profit with a net profit of 44.91 billion yuan, compared to a loss of 23.79 billion yuan in the same period last year [18] - The significant growth was attributed to increased pig prices and sales [17] Group 6: China Aluminum - China Aluminum reported a revenue of 55.78 billion yuan in Q1 2025, with a net profit of 3.54 billion yuan, reflecting a year-on-year increase of 58.78% [21] - The company successfully managed market price fluctuations, resulting in increased product sales and profits [21] Group 7: Hengrui Medicine - Hengrui Medicine achieved a revenue of 72.06 billion yuan in Q1 2025, a 20.14% increase year-on-year [22] - The net profit attributable to shareholders was 18.74 billion yuan, up by 36.9% compared to the previous year [22] - The increase in profit was significantly influenced by a licensing payment received during the reporting period [22] Group 8: Bull Group - Bull Group reported a revenue of 16.83 billion yuan in 2024, reflecting a 7.24% increase year-on-year [13] - The net profit attributable to shareholders was 4.27 billion yuan, a growth of 10.39% compared to the previous year [13] - The company experienced growth in its electrical connection and smart lighting businesses, as well as rapid development in its new energy sector [14]

Core Viewpoint - Shentong Express reported a record high revenue and net profit for 2024, driven by significant growth in business volume and market share [2] Financial Performance - The company achieved an operating revenue of 47.169 billion yuan, a year-on-year increase of 15.26%, marking a historical high [2] - Net profit reached 1.04 billion yuan, a substantial year-on-year increase of 205.24%, the highest in the last five years [2] - Business volume totaled 22.729 billion pieces, reflecting a year-on-year growth of 29.83%, with a market share of 12.98%, up 0.83 percentage points [2] Capacity and Infrastructure Development - Shentong Express completed its "Three-Year 10 Billion" capacity enhancement plan, implementing 179 capacity improvement projects over three years [2] - The company successfully completed 42 projects in various cities, enhancing its processing capacity to exceed an average of 75 million packages per day [2] - The company aims to increase its average daily processing capacity to over 90 million packages by 2025 [2] Network and Service Efficiency - By the end of 2024, the company had 3,496 direct routes, a year-on-year increase of 12.2%, with a route direct connection rate of 86.9%, up 3.7 percentage points [3] - The fleet of trunk vehicles reached 7,412, a year-on-year growth of 23.7%, significantly enhancing overall capacity [3] - The company achieved 100% coverage at the city level and 99.7% at the county level, with over 79,000 service stations and stores [3] Technological Advancements - Shentong Express increased its core hub automatic sorting equipment to 424 sets, improving sorting efficiency by 30% and reducing energy consumption by 50% [3] - The company invested in new sorting machines to enhance efficiency for small and irregular packages, reducing damage rates [3] Business Growth Strategies - The company provided customized solutions for over 20 industries, with large customer business growing by 260% [4] - The "Remote Area Collection and Distribution" service significantly reduced shipping costs by 80% and improved delivery times by 20%, driving rapid growth in western provinces [4] - Shentong Express is focusing on refined management and digital transformation to lower operational costs while enhancing service efficiency [4]

申通快递股份有限公司 申通快递股份有限公司监事会 2025 年 4 月 24 日 监事会对公司内部控制评价报告的意见 根据《企业内部控制基本规范》《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》的有关规定，申通快递股份有限公司（以下简称"公司"）对截止 2024 年 12 月 31 日内部控制的有效性进行了评价，经审阅公司《2024 年度内部控制评价报告》，监事 会对本公司《2024 年度内部控制评价报告》发表意见如下： 对照《企业内部控制基本规范》《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》的有关规定，本公司现有的内部控制制度已基本健全，覆盖了本公司运营 的各层面和各环节，符合相关法律法规的要求，适应本公司实际经营活动的需要。各内部控制 制度在本公司运营各个环节的控制中发挥了较好的作用，能够预防和及时发现、纠正本公司运 营过程中可能出现的错误，控制相关风险，保护本公司资产的安全和完整，保证会计记录和会 计信息的真实性、准确性和及时性。监事会认为，公司《2024 年度内部控制评价报告》全面、 客观、真实地反映了公司治理和内部控制的实际情况。 ...

证券代码：002468 证券简称：申通快递 公告编号：2025-034 申通快递股份有限公司 第六届董事会第八次会议决议公告 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14日以邮件、电话等方式发出召开 第六届董事会第八次会议的通知，会议于2025年4月24日在上海市青浦区重达路58号会议室以现场 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《公司法》和《公 司章程》的有关规定。 二、董事会会议审议情况 经全体董事认真审议，本次会议通过了如下议案： 1、审议通过了《公司2024年年度报告及年度报告摘要》 表决结果：同意票7票，反对票0票，弃权票0票，回避票0票。 公司董事会审计委员会、战略委员会审议通过了本议案，《公司2024年年度报告》全文的具体 内容详见公司于同日在巨潮资讯网（www.cninfo.com.cn）上披露的公告，《公司2024年年度报告 摘要》具体内 ...

证券代码：002468 证券简称：申通快递 公告编号：2025-025 申通快递股份有限公司 关于 2024 年度利润分配预案的公告 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。 申通快递股份有限公司（以下简称"公司"）于2025年4月24日召开了第六届董事会第八次 会议及第六届监事会第七次会议，会议审议通过了《公司2024年度利润分配预案》，该议案尚需 提交公司股东大会审议。现将有关情况公告如下： 一、公司2024年度利润分配预案 基于公司逐步向好的经营情况、健康的现金流状况及未来战略发展规划，为积极回报广大股 东，与股东分享公司发展的经营成果，在综合考虑公司的盈利水平、财务状况、正常生产经营和 未来发展的前提下，公司董事会提议 2024 年度利润分配预案如下： 经德勤华永会计师事务所（特殊普通合伙）审计，2024 年度母公司实现净利润 3,549,126.51 元，根据《公司法》等相关规定，以 2024 年度母公司实现净利润的 10%提取法定盈余公积金 354,912.65 元，加期初未分配利润 181,356,927.03 元，扣除分配上年的利润 30 ...

关于申通快递股份有限公司 控股股东、实际控制人及其他关联方资金占用情况的专项说明 德师报(函)字(25)第 Q00624 号 申通快递股份有限公司董事会： 我们接受委托，依据中国注册会计师审计准则审计了申通快递股份有限公司（以下简称 "贵公司"）2024 年 12 月 31 日合并及母公司资产负债表，2024 年度合并及母公司利润表、 合并及母公司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注（以下合称 "财务报表"），并于 2025 年 4 月 24 日签发了德师报(审)字(25)第 P05188 号无保留意见的审 计报告。 根据中国证券监督管理委员会联合公安部、国务院国有资产监督管理委员会及中国银行 保险监督管理委员会公布的《上市公司监管指引第 8 号——上市公司资金往来、对外担保的监 管要求》的要求，贵公司编制了后附的 2024 年度非经营性资金占用及其他关联资金往来情况 汇总表（以下简称"汇总表"）。 如实编制和对外披露汇总表并确保其真实性、合法性及完整性是贵公司管理层的责任。 我们对汇总表所载资料与本所审计贵公司 2024 年度财务报表时所复核的会计资料和经审计的 财务报表的相关内容进行 ...