【编者按：ESG年报解读是搜狐财经及价值公司100联合发起的针对各公司ESG报告披露情况的解读专栏。参考上交所《上市公司治理准则》、港交所《环 境、社会及管治守则》等文件，迭代完善各行业ESG星级测评体系标准，并以最新标准为依托，以2024年公司ESG报告为主要数据来源，对公司2024年环境 资源、社会责任及公司管治进行评价】 ——本文为"中通快递" 出品 | 搜狐财经 研究员 | 王晓潇 国家邮政局约谈 10月28日，国家邮政局行政约谈中通快递。监管部门指出，公司经营行为不规范，随意调整运营规则，存在服务质量不高、快递员合法权益保障措施落实不 到位等问题。 图：国家邮政局官网信息 中通快递回应"会严格按照约谈要求，针对涉及的问题，全面排查、全面整改、全网落实。进一步提升服务质量，提升合规经营，提升网点和员工的合法权 益保障"。 就在同一天，抖音电商宣布自10月29日起，将对包括中通快递旗下中通冷链在内的四家物流服务商予以清退，平台商家此后将无法选择上述服务商进行发 货。 根据平台检查，上述服务商存在协助商家绕开平台电子面单系统，直接伪造物流轨迹；或通过拼接正常运单信息，试图掩盖商品并非通过抖音平台发货的事 ...

Core Viewpoint - The express delivery industry is maintaining high growth, with varying profitability among major companies, and a trend towards high-quality development and increased use of automated technologies [3][4][5]. Financial Performance - Shentong achieved a revenue of 13.55 billion yuan in Q3, a year-on-year increase of 13.62%, with a net profit of 302 million yuan, up 40.32% [3]. - YTO Express reported a revenue of 18.27 billion yuan, a year-on-year increase of 8.73%, and a net profit of 1.046 billion yuan, up 10.97% [3]. - SF Express generated 78.4 billion yuan in revenue, a year-on-year increase of 8.2%, but its net profit fell by 8.5% to 2.57 billion yuan due to strategic investments [4]. - Yunda's revenue for the quarter was 12.66 billion yuan, up 3.29%, but its net profit dropped by 45.21% to 201 million yuan [4]. Industry Trends - The industry is shifting towards high-quality development, with companies focusing on service quality and differentiation [5]. - Yunda reported a decrease in gross margin due to rising costs, with a single ticket revenue of 1.92 yuan, down 0.16 yuan [5]. - The average price of express delivery increased by 0.5% in Q3, with specific companies reporting higher single ticket revenues [8]. Price Adjustments - Multiple provinces have raised express delivery prices, with early adjustments noted in Zhejiang province [8][9]. - The price hikes are driven by policy changes aimed at reducing vicious competition and improving service quality [10]. Technological Advancements - The use of automated devices is increasing, with companies like Jitu and Zhongtong investing in upgrades to improve efficiency [10][11]. - Zhongtong's fleet of over 2,900 unmanned delivery vehicles is operational, significantly reducing transportation costs and delivery times [11].

Core Insights - The express delivery industry is maintaining high operational levels, with average prices stabilizing and showing signs of recovery in Q3 [1][6] - Companies are experiencing varied profitability trends, with some reporting revenue growth while others face declines in net profit [2][4] Financial Performance - Shentong reported Q3 revenue of 13.55 billion yuan, a year-on-year increase of 13.62%, and a net profit of 302 million yuan, up 40.32% [1] - YTO Express achieved Q3 revenue of 18.27 billion yuan, a year-on-year increase of 8.73%, with a net profit of 1.046 billion yuan, up 10.97% [1] - SF Express reported Q3 revenue of 78.4 billion yuan, a year-on-year increase of 8.2%, but a net profit decline of 8.5% to 2.57 billion yuan [2] - Yunda's Q3 revenue was 12.66 billion yuan, up 3.29%, but net profit fell 45.21% to 201 million yuan [2] Industry Trends - The industry is shifting towards high-quality development, with a focus on improving service quality and operational efficiency [2][4] - The average price of express delivery increased by 0.5% in Q3, with specific companies reporting higher single-ticket revenues [6] - The use of unmanned devices is becoming a significant trend, with companies investing in automation to enhance efficiency [7][8] Strategic Developments - Companies are enhancing their service offerings and operational capabilities, such as Yunda's integration of AI technologies for customer service [3] - The industry is witnessing consolidation, with Shentong's acquisition of Daniao Logistics for 362 million yuan approved by regulatory authorities [4] - International business is a growing focus, with SF Express reporting a 27% year-on-year increase in international express and cross-border e-commerce logistics revenue [3] Operational Efficiency - The deployment of unmanned vehicles is expected to reduce costs and improve delivery efficiency, with companies like Jitu and Zhongtong expanding their fleets [7][8] - Unmanned vehicles are reported to cut transportation costs by 50% and save significant delivery time [8]

Core Viewpoint - The article discusses the recent regulatory scrutiny faced by Zhongtong Express, highlighting issues related to service quality, employee rights, and compliance, which have led to its removal from the Douyin e-commerce platform's logistics service providers list [2][5][6]. Regulatory Scrutiny - On October 28, the State Post Bureau conducted an administrative interview with Zhongtong Express, citing non-compliance in operational practices and inadequate service quality [2]. - Zhongtong Express has committed to addressing the identified issues through comprehensive inspections and improvements in service quality and compliance [5]. Service Quality Issues - Douyin e-commerce announced the removal of Zhongtong Cold Chain, a subsidiary of Zhongtong Express, from its platform due to violations such as assisting merchants in bypassing electronic waybill systems and uploading false tracking numbers [6]. - Customer complaints about Zhongtong Cold Chain include issues like stagnant logistics information, poor delivery service, and improper temperature control leading to product spoilage [7]. Employee Rights and Safety - As of the end of 2024, Zhongtong Express has approximately 24,500 formal employees, with a significant portion engaged in sorting and operational support roles [8]. - The company reported an average annual salary of about 140,000 yuan for its employees, but the actual workforce includes a larger number of business employees not reflected in this figure [8]. - Safety performance is concerning, with a reported injury rate of 1.44 per million working hours and six employee fatalities in 2024 [9]. ESG and Carbon Emission Challenges - Zhongtong Express was removed from the Science Based Targets initiative (SBTi) for failing to submit valid carbon reduction targets within the required timeframe [10]. - The company reported operational carbon emissions of 1.9081 million tons of CO2 equivalent in 2024, a 6.54% increase year-on-year, ranking third among listed express companies [11][12]. - The carbon emission intensity per million revenue was 42.15 tons, showing a 7.14% decrease compared to the previous year [12]. Financial Performance - In the first half of the year, Zhongtong Express achieved revenue of 22.72 billion yuan, a year-on-year increase of 9.8%, but adjusted net profit fell by 14.3% [13]. - The company handled 9.85 billion parcels in the second quarter, maintaining a market share of 19.5% [13].

Core Viewpoint - ZTO Express (02057) announced a share repurchase plan, intending to spend approximately $7.2159 million to buy back about 384,900 shares by October 30, 2025 [1] Summary by Category Company Actions - The company plans to repurchase approximately 384,900 shares [1] - The total expenditure for the share buyback is estimated at $7.2159 million [1] Financial Implications - The share repurchase reflects the company's strategy to enhance shareholder value [1]

Core Viewpoint - ZTO Express (02057.HK) announced a share buyback of 384,900 shares for a total of $7.2159 million, with a per-share buyback price ranging from $18.31 to $18.85 [1] Summary by Category - **Company Actions** - ZTO Express plans to repurchase 384,900 shares at a total cost of $7.2159 million [1] - The buyback price per share is set between $18.31 and $18.85 [1]

Group 1 - The company ZTO Express (02057) announced a share repurchase plan, intending to spend approximately $7.2159 million to buy back about 384,900 shares by October 30, 2025 [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中通快遞（開曼）有限公司（於開曼群島註冊成立以不同投票權控制的有限責任公司） 呈交日期： 2025年10月31日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02057 | 說明 | A類普通股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變 ...

中通快递(ZTO.US)盘前跌3.25%，报18.45美元。消息面上，国家邮政局约谈中通快递股份有限公司，指 出其经营行为不规范，随意调整运营规则，存在服务质量不高、快递员合法权益保障措施落实不到位等 问题，要求该公司严格落实中通快递服务网络管理主体责任，改进快递服务质量，强化合规经营体系建 设，保障快递员合法权益，自觉维护公平竞争市场秩序。对此，中通快递方面回应称，"中通会严格按 照约谈要求，针对涉及的问题，全面排查、全面整改、全网落实。进一步提升服务质量，提升合规经 营，提升网点和员工的合法权益保障。"(格隆汇) ...

Core Viewpoint - The National Postal Administration has conducted an administrative interview with ZTO Express, highlighting issues related to non-compliance in operational practices and service quality [1][2] Group 1: Regulatory Actions - The National Postal Administration pointed out that ZTO Express has been adjusting operational rules arbitrarily, leading to poor service quality and inadequate protection of delivery personnel's legal rights [1] - The administration has mandated ZTO Express to strictly implement its service network management responsibilities and improve service quality [1] Group 2: Company Response - ZTO Express has stated that it will earnestly implement regulatory requirements and rectify the identified issues [2]