Summary of Key Points Core Viewpoint - The company has approved a guarantee for its wholly-owned subsidiary, Shentong Express Co., Ltd., to provide a guarantee of up to 10.312 million yuan for Zhejiang Daniao Logistics Technology Co., Ltd. and its subsidiaries, replacing a previous guarantee from Zhejiang Cainiao Supply Chain Management Co., Ltd. [2][3] Group 1: Guarantee Overview - The board of directors and the supervisory board approved the guarantee on August 28, 2025, during their respective meetings [2] - The total amount of the guarantee is capped at 10.312 million yuan, which has been approved by the second extraordinary general meeting of shareholders in 2025 [2] Group 2: Progress of the Guarantee - The acquisition of 100% equity of Daniao Logistics by Shentong Express has been successfully completed, and Daniao Logistics is now included in the company's consolidated financial statements [3] - Shentong Express has applied for performance guarantees totaling 4.7042 million yuan from China Minsheng Bank Shanghai Branch for its subsidiaries [3] Group 3: Main Contents of the Guarantee Agreement - Shentong Express is the guarantor for Daniao Logistics, with a total of six performance guarantees amounting to 2,280,472.57 yuan issued by China Minsheng Bank Shanghai Branch [4] - The guarantees have specific effective periods, with the latest expiring on September 30, 2026 [5][6] Group 4: Board of Directors' Opinion - The board believes that Daniao Logistics and its subsidiaries have stable financial conditions and good creditworthiness, and providing the guarantee will not harm the interests of the listed company [8] Group 5: Total External Guarantees - As of the announcement date, the total external guarantee amount by the company and its subsidiaries is 2.643312 billion yuan, accounting for 26.95% of the audited net assets for 2024 [9] - The actual external guarantee amount is 2.3743616 billion yuan, which is 24.21% of the audited net assets for 2024, with no overdue guarantees reported [9]

Core Viewpoint - Shentong Express announced that neither the company nor its subsidiaries have overdue external guarantees, are involved in any litigation guarantees, or are required to bear guarantees due to being ruled against in court [1] Group 1 - The company confirmed the absence of overdue external guarantees [1] - There are no litigation-related guarantees involving the company [1] - The company is not liable for any guarantees due to adverse court rulings [1]

证券代码：002468 证券简称：申通快递 公告编号：2025-084 申通快递股份有限公司 关于对外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 次会议和第六届监事会第十二次会议审议通过了《关于对外提供担保的议案》，同意公司全资子 公司申通快递有限公司（以下简称"申通有限"）为浙江丹鸟物流科技有限公司（以下简称"丹 鸟物流"）及其下属控股子公司上海万象文化发展有限公司（以下简称"上海万象"）、湖南芝 麻开门供应链管理有限公司（以下简称"湖南芝麻开门"） 、昆明东骏物流有限公司（以下简称 "昆明东骏"）、海南芝麻供应链管理有限公司（以下简称"海南芝麻供应链"）、福州芝麻开 门供应链管理有限公司（以下简称"福州芝麻开门"）提供不超过 1,031.20 万元担保，用于替换 浙江菜鸟供应链管理有限公司（以下简称"浙江菜鸟"）（含下属子公司）为丹鸟物流及其下属 控股子公司提供的 1,031.20 万元履约保函 ...

Core Insights - The express delivery industry in China experienced a significant growth in business volume, with a year-on-year increase of 12.7% in September 2025, reaching a total of 168.8 billion packages delivered [1] - The average revenue per package showed a narrowing decline, with a reported income of 7.55 yuan per package, reflecting a year-on-year decrease of 4.9% [1] - The overall express delivery revenue reached 127.37 billion yuan, marking a year-on-year growth of 7.2% [1] Express Delivery Industry Data - The express delivery business volume maintained a rapid growth rate, with September 2025 seeing a total of 168.8 billion packages delivered, a 12.7% increase year-on-year, which is an improvement of 0.5 percentage points from the previous month [1] - The single package price decline has slowed, with the average revenue per package at 7.55 yuan, down 4.9% year-on-year, but the decline is less severe than the previous month by 2.3 percentage points, and it increased by 2.4% month-on-month [1] - The total express delivery revenue for September 2025 was 127.37 billion yuan, with a year-on-year growth of 7.2%, an increase of 3 percentage points compared to the previous month [1] Consumer Data - From January to September 2025, the total retail sales of consumer goods reached 36.59 trillion yuan, growing by 4.5% year-on-year, with September alone contributing 4.2 trillion yuan, a 3% increase [2] - The online retail sales of physical goods for the same period totaled 9.15 trillion yuan, reflecting a year-on-year growth of 6.5%, with September's online sales at 1.06 trillion yuan, up 7.3% [2] - The e-commerce penetration rate reached 25.0% for the first nine months, an increase of 0.48 percentage points year-on-year, with September's rate at 25.2%, up 1 percentage point [2] Listed Express Delivery Companies Data - Business volume growth varied among major express delivery companies, with SF Express leading the industry with a year-on-year growth of 31.8%, delivering 15 billion packages in September 2025 [3] - The average revenue per package for major companies showed an upward trend, with YTO Express, Yunda, and Shentong reporting increases of 1.4%, 0.5%, and 5% respectively in September [3] - Revenue figures for September 2025 indicated that SF Express, YTO Express, Yunda, and Shentong achieved revenues of 20.9 billion, 5.8 billion, 4.3 billion, and 4.6 billion yuan respectively, with year-on-year growth rates of 14.2%, 14.9%, 4.1%, and 14.9% [3] Recommended Stocks - The recommended stocks in the express delivery sector include ZTO Express (02057), YTO Express (600233.SH), Shentong Express (002468.SZ), Yunda Holdings (002120.SZ), and SF Holdings (002352.SZ) [4]

Market Overview - The logistics sector increased by 0.36% on November 6, with ST Xuefa leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Top Gainers in Logistics Sector - ST Xuefa (002485) closed at 4.94, up 5.11% with a trading volume of 89,700 shares and a turnover of 44.11 million yuan [1] - *ST Yuanshang (603813) closed at 31.15, up 4.95% with a trading volume of 9,205 shares and a turnover of 27.98 million yuan [1] - Jiayou International (603871) closed at 14.54, up 3.64% with a trading volume of 128,200 shares and a turnover of 186 million yuan [1] Top Losers in Logistics Sector - Xiamen Xiangyu (600057) closed at 8.39, down 3.12% with a trading volume of 489,700 shares and a turnover of 409 million yuan [2] - Huami Duhai (920351) closed at 26.55, down 2.82% with a trading volume of 23,000 shares and a turnover of 6.14 million yuan [2] - Changjiang Investment (600119) closed at 8.74, down 2.78% with a trading volume of 75,400 shares and a turnover of 6.60 million yuan [2] Capital Flow in Logistics Sector - The logistics sector experienced a net outflow of 94.34 million yuan from institutional investors, while retail investors saw a net inflow of 65.24 million yuan [2] - The main stocks with significant net inflows included SF Holding (002352) with 64.23 million yuan and Shanghai Yashi (603329) with 23.05 million yuan [3] Detailed Capital Flow Analysis - SF Holding (002352) had a main net inflow of 64.23 million yuan, but retail and speculative investors saw net outflows of 33.92 million yuan and 30.31 million yuan respectively [3] - Shanghai Yashi (603329) had a main net inflow of 23.05 million yuan, with retail investors experiencing a net outflow of 19.25 million yuan [3] - New Ning Logistics (300013) recorded a main net inflow of 18.31 million yuan, while retail investors had a net outflow of 12.91 million yuan [3]

Core Insights - The article highlights the operational efficiency and automation of Shentong Express's Jiangyin transfer center, which is the most extensive and automated hub in Jiangsu, processing an average of 750,000 packages daily, and exceeding 1.2 million packages daily since October 21 due to the "Double 11" shopping festival [1] Group 1: Operational Efficiency - The Jiangyin transfer center is equipped with four sets of automated sorting equipment, with a total sorting line length of 15 kilometers, achieving full-process automation from package reception to sorting and outbound delivery [1] - The center has implemented measures to ensure electrical safety and reliability, including comprehensive inspections of high-power electrical equipment and monitoring of surrounding 10 kV lines to prevent overload [1] Group 2: Logistics and Service Enhancement - In anticipation of the second wave of package peaks, Shentong Express plans to increase personnel for collection and delivery, optimizing the last-mile delivery process to ensure timely and accurate delivery of packages [1] - The Jiangyin power supply company is committed to providing quality service, responding promptly to corporate needs, and assisting in resolving challenges to ensure smooth logistics during the "Double 11" period [1]

Core Insights - Shentong Express has successfully completed the acquisition of 100% equity in Zhejiang Daniao Logistics Technology Co., Ltd, making it the first express delivery company in China to operate both franchise and direct sales networks [1][4]. Group 1: Acquisition Details - The acquisition transaction was completed with a cash payment of 362 million yuan, and Daniao will now be a wholly-owned subsidiary of Shentong Express, included in the consolidated financial statements [4]. - Daniao's registered capital is 498 million yuan, and it has a broad business scope including express services, road freight transport, and food sales [4]. Group 2: Regulatory Approval - On October 29, Shentong Express received a non-prohibition decision from the State Administration for Market Regulation regarding the acquisition, indicating regulatory approval for the transaction [4]. Group 3: Financial Performance - In Q3 2025, Shentong Express reported revenue of 13.546 billion yuan, a year-on-year increase of 13.62%, and a net profit attributable to shareholders of 302 million yuan, up 40.32% [4]. - For the first three quarters, the company achieved a revenue of 38.570 billion yuan, a 15.17% increase year-on-year, with a net profit of 756 million yuan, reflecting a growth of 15.81% [4]. Group 4: Business Volume and Market Position - In the first three quarters, Shentong Express completed a delivery volume of 18.86 billion parcels, marking a year-on-year growth of 17.1%, and held a market share of 13% [5].

Core Viewpoint - Shentong Express has experienced a decline in stock price recently, despite a significant increase in its stock price year-to-date, indicating potential volatility in the logistics sector [1][2]. Company Overview - Shentong Express Co., Ltd. is located in Qingpu District, Shanghai, and was established on November 1, 2001. It was listed on September 8, 2010. The company primarily engages in domestic express delivery, general freight, cargo transportation agency, warehousing services, and unloading services [1]. - The main revenue source for the company is express delivery services, accounting for 98.67% of total revenue, while other business activities contribute 1.33% [1]. Financial Performance - For the period from January to September 2025, Shentong Express reported a revenue of 38.57 billion yuan, representing a year-on-year growth of 15.17%. The net profit attributable to shareholders was 756 million yuan, reflecting a year-on-year increase of 15.81% [2]. - The company has distributed a total of 1.614 billion yuan in dividends since its A-share listing, with 131 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 5, Shentong Express's stock price was 15.17 yuan per share, with a market capitalization of 23.222 billion yuan. The stock has increased by 50.74% year-to-date but has seen a decline of 2.63% in the last five trading days and 15.25% over the past 20 days [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]. Shareholder Information - As of September 30, 2025, the number of shareholders for Shentong Express was 40,700, a decrease of 4.36% from the previous period. The average circulating shares per person increased by 2.81% to 36,082 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the sixth largest, holding 31.0712 million shares, a decrease of 12.1407 million shares from the previous period [3].

Investment Rating - The report maintains a "stronger than market" rating for the transportation industry [6] Core Insights - Crude oil freight rates have significantly increased, with the China Import Crude Oil Composite Index (CTFI) rising to 2425.93 points, up 48.6% from October 23 [2][13] - The three major state-owned airlines in China reported collective profitability in the first three quarters of 2025, with Hainan Airlines becoming the most profitable domestic airline [15][16] - Jitu Express has launched the world's largest self-built logistics hub, which is expected to enhance logistics capabilities during the "Double 11" shopping festival [22][23] Industry Investment Opportunities - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to the transportation demand increase driven by the construction of hydropower stations in the Yarlung Tsangpo River downstream, recommending Sichuan Chengyu, Chongqing Port, and Fulimin Transportation [4] - Investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [4] - Opportunities in the highway and railway sectors, recommending Gansu Expressway, Beijing-Shanghai High-Speed Railway, and others [4] - The cruise and water ferry sector presents thematic investment opportunities, recommending Bohai Ferry and Haixia Shares [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda Shares [4] - Investment opportunities in the aviation sector, recommending Air China, China Eastern Airlines, Spring Airlines, and others [4] Industry High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month, while year-on-year it has decreased [25] - Domestic freight volume for express delivery in September 2025 increased by 12.70% year-on-year, with revenue up by 7.20% [51] - In the first nine months of 2025, the total freight volume at national ports reached 1.3567 billion tons, a year-on-year increase of 4.6% [48]

一、对外投资概述 证券代码：002468 证券简称：申通快递 公告编号：2025-083 申通快递股份有限公司 关于与专业机构共同投资暨关联交易的进展公告 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。 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、第六届监事会第十二次会议审议通过了《关于与专业机构共同投资暨关联交易的议案》， 同意公司全资子公司上海申彻供应链管理有限公司作为有限合伙人出资 30,000 万元与国寿置业 投资管理有限公司、国寿投资保险资产管理有限公司控制的主体（穿透口径）、中宏人寿保险有 限公司、友邦人寿保险有限公司、长沙聚财壹号股权投资基金合伙企业（有限合伙）及公司关联 方杭州游鹏企业管理有限公司合作设立吉仓三期股权投资基金（北京）合伙企业（有限合伙）（以 下简称"吉仓三期"）。具体内容详见公司于 2025 年 8 月 29 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《关于与专业机构共 同投资暨关联交易的公告》 ...