Group 1 - The research service "Asia Value & Moat Stocks" targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value, focusing on deep value balance sheet bargains and wide moat stocks [1][2] - ZTO Express (NYSE: ZTO) is currently rated as a Hold, considering both its earnings miss and favorable regulatory developments [1] Group 2 - The author of the investing group provides investment ideas specifically for the Hong Kong market, emphasizing deep value balance sheet bargains and wide moat stocks, along with monthly updates on watch lists [2]

在财报发布后的业绩会上，近期引发关注的快递行业"反内卷"和价格竞争，成为投资者关注的焦点。中通创始 人、董事长兼首席执行官赖梅松回应称，上半年行业价格竞争非常激烈，对公司的业务量产生影响，而监管层"反 内卷"相关政策对价格回升起到一定作用，有助于遏制非理性竞争、维护基层网点稳定，维持从业人员权益。部分 地区涨价对公司整体利润起到正向作用，对网点、业务员派费和网点的收入增加是利好。长期来看，行业发展趋 势一定是从价格战走向价值战。 北京时间8月20日早间，中通快递（纽交所代码：ZTO及香港联交所代号：2057）公布其截至2025年6月30日止第 二季度的未经审计财务业绩。财报显示，二季度包裹量为98.47亿件，同比增长16.5%，市场份额环比提升0.6%； 实现收入118.32亿元（人民币，下同），同比增长10.3%；净利润19.65亿元，同比减少24.8%。基于当前的经济、 竞争及政策环境，中通下调了全年包裹预期指引。 与此形成对比的是，中通二季度的散件业务量同比增幅超50%。"自去年起，中通聚焦差异化产品构建、服务效能 提升、时效保障、网络覆盖能力，二季度散件业务量占比峰值突破8%，产品结构的优化缓解了增量 ...

Summary of ZTO Express 2Q25 Earnings Call Company Overview - **Company**: ZTO Express (ZTO.N) - **Industry**: Transportation & Infrastructure - **Market**: Hong Kong/China Key Financial Metrics - **2Q25 Non-GAAP Net Income**: Rmb2.05 billion, down 27% YoY, compared to market expectations of Rmb2.29 billion [2] - **Operating Cash Flow**: Rmb4.5 billion in 1H25, down from Rmb5.5 billion in 1H24 [3] - **Capital Expenditures (Capex)**: Rmb3.1 billion in 1H25 [3] - **Total Revenue for 2Q25**: Rmb11.83 billion, up 10.3% YoY [9] - **Gross Profit Margin**: 24.9%, down from 33.8% YoY [9] - **Operating Profit Margin**: 20.9%, down from 30.0% YoY [9] - **Net Income**: Rmb1.94 billion reported, with a YoY decrease of 26.8% [9] Market Performance - **Market Share**: 19.5%, a slight decrease of 0.1 percentage points YoY [3] - **Parcel Volume Outlook for 2025**: Revised to 38.8-40.1 billion parcels, down from 40.8 billion, representing a growth of 14-18% YoY [3] Revenue and Cost Analysis - **Parcel Revenue Growth**: 11% YoY to Rmb11.7 billion, driven by a 16.5% YoY increase in volume [7] - **Average Selling Price (ASP)**: Core ASP decreased by 4.7% YoY [7] - **Unit Cost**: Increased by Rmb0.07 YoY, primarily due to higher KA costs [7] - **Gross Profit (GP)**: Decreased by 19% YoY, indicating higher costs than expected [7] - **Operating Profit (OP)**: Decreased by 23% YoY [7] Strategic Insights - **Management Discussion**: Focused on market outlook, competition strategy, and profitability [7] - **Interim Payout Ratio**: Remained at 40%, in line with expectations [7] - **Risks**: Potential upside from anti-involution initiatives, but full-year estimates are lower than consensus [7] Valuation and Price Target - **Current Stock Price**: US$19.74 as of August 19, 2025 [5] - **Price Target**: US$24.60, indicating a potential upside of 25% [5] - **Market Capitalization**: Rmb112.32 billion [5] - **Estimated EPS**: Expected to be Rmb10.54 for FY25 [5] Conclusion ZTO Express reported a significant decline in profits for 2Q25, leading to a downward revision of its full-year volume targets. Despite a modest revenue growth, the company faces challenges with rising costs and competitive pressures. The management's focus on strategic initiatives and market outlook will be crucial for navigating these challenges moving forward.

Financial Data and Key Metrics Changes - The express delivery industry maintained robust growth with business volume increasing by 17.3% year over year [5] - ZTO's parcel volume grew 16.5% year over year to reach CNY 9.85 billion, with adjusted net income decreasing 26.8% to RMB 2.1 billion due to competitive pricing pressures [6][14] - Total revenue increased 10.3% to RMB 11.8 billion, while total cost of revenue rose 25.1% to CNY 8.9 billion [15][16] - Gross profit decreased 18.7% to RMB 2.9 billion, with gross margin dropping 8.9 points to 24.9% [16] - Operating cash flow decreased 37.7% to CNY 2.2 billion, primarily due to higher advances for expanded reverse logistics services [17] Business Line Data and Key Metrics Changes - Retail parcel volume grew over 50% year over year, peaking at over 8% of total volume during the quarter [7] - The average selling price (ASP) for the core express delivery business decreased 4.7% or RMB 0.06, influenced by a decline in average weight per parcel and higher volume incentives [15] - Combined unit cost of sorting and transportation decreased 11.1% or CNY 0.07, benefiting from economies of scale and productivity gains [16] Market Data and Key Metrics Changes - The express delivery industry experienced a slight slowdown, with growth rates expected to be lower in the second half of the year compared to the first half [24] - The industry dynamics are shifting from volume-driven expansion to balanced growth in both quantity and quality [11] Company Strategy and Development Direction - ZTO emphasizes quality first, with a focus on enhancing service capability and efficiency to optimize volume mix [6][8] - The company is integrating AI tools across all business segments to drive cost efficiencies and improve service quality [27] - ZTO aims to shift from price competition to value and capability competition for sustainable growth [38][48] Management's Comments on Operating Environment and Future Outlook - Management acknowledges uncertainties in the macroeconomic environment and industry dynamics, leading to a wide range in volume guidance for the second half of the year [26] - The company believes in the long-term growth prospects of China's express delivery and logistics industry, supported by its unique culture and robust infrastructure [13] Other Important Information - ZTO's capital expenditure for the second quarter totaled CNY 1.1 billion, with an anticipated annual CapEx of RMB 5.5 billion to RMB 6 billion [17] - The company is actively collaborating with industry leaders on autonomous vehicle technology to enhance last-mile delivery efficiency [40] Q&A Session Summary Question: Outlook for the second half of the year and key factors impacting market growth - Management noted that the volume growth was below expectations, with a slight slowdown anticipated for the second half of the year due to various uncertainties [24][26] Question: Technology and AI's application in operations - ZTO is integrating AI tools to improve decision-making and cost efficiencies, with initiatives such as a digitized parallel model at sorting centers and AI-powered customer service systems [27][28] Question: Sustainability of price increases in Guangdong and impact on profits - Management indicated that recent price adjustments in Guangdong are positive, relieving pressure on outlets and couriers, with a belief that such price increases could be sustainable [31][32] Question: Pricing development for the remainder of the year - Management expects that the pricing landscape will stabilize, moving from price competition to value competition in the long run [38][39] Question: Development of unmanned vehicles and their impact - ZTO is in the early stages of commercializing autonomous vehicles, which have shown significant cost reduction benefits in last-mile delivery [40][41] Question: Shareholder returns and buybacks - The company is considering both dividends and share repurchases to increase shareholder returns, while monitoring market trends and uncertainties [43]

Financial Data and Key Metrics Changes - The express delivery industry maintained robust growth with business volume increasing by 17.3% year over year [6] - ZTO's parcel volume grew 16.5% year on year, reaching CNY 9.85 billion, while adjusted net income decreased by 26.8% to RMB 2.1 billion due to competitive pricing pressures [7][15] - Total revenue increased by 10.3% to RMB 11.8 billion, despite a decline in average selling price (ASP) for core express delivery services by 4.7% [16] - Gross profit decreased by 18.7% to RMB 2.9 billion, with gross margin dropping by 8.9 points to 24.9% [17] Business Line Data and Key Metrics Changes - Retail parcel volume grew over 50% year over year, contributing positively to the overall volume mix [8] - The core express delivery business saw a positive unit contribution of $0.17 in revenue and CNY 0.02 in gross profit, despite overall unit costs increasing [8][17] - Combined unit cost of sorting and transportation decreased by 11.1% due to economies of scale and productivity gains [17] Market Data and Key Metrics Changes - The express delivery market in China is evolving from volume-driven expansion to balanced growth in both quantity and quality [12] - The industry dynamics indicate a shift towards comprehensive logistics solutions powered by digitization and intelligent operations [12] Company Strategy and Development Direction - ZTO emphasizes quality first, aiming to enhance service capabilities and efficiency while optimizing volume mix [7][10] - The company is focusing on digitization and intelligent operations to improve resource allocation and operational efficiency [9][28] - ZTO's long-term strategic vision includes collaboration with partners to deliver lasting value and returns to shareholders [14] Management Comments on Operating Environment and Future Outlook - Management acknowledges a slight slowdown in industry growth for the second half of the year, with expectations of lower growth rates compared to the first half [24] - The company remains committed to achieving balanced improvements in service quality, volume, and profit [26] - Management believes in the vast growth prospects of China's express delivery and logistics industry, supported by ZTO's unique culture and robust infrastructure [14] Other Important Information - The company anticipates capital expenditures for 2025 to be between RMB 5.5 billion and RMB 6 billion [18] - ZTO is revising its parcel volume guidance for 2025 to a range of CNY 38.8 billion to CNY 40.1 billion, representing a 14% to 18% annual increase [19] Q&A Session Summary Question: Outlook for the second half of the year and key factors impacting market growth - Management noted that the wide range in volume guidance reflects uncertainties in the macroeconomic environment and industry dynamics [23][27] Question: Technology and AI applications - ZTO is integrating AI tools across business segments to drive cost efficiencies and improve service quality, with significant reductions in management headcount and sorting errors [28][29] Question: Sustainability of price increases in Guangdong - Management believes the recent price adjustments in Guangdong are positive and may sustain, relieving pressure on outlets and couriers [32][33] Question: Pricing development for the remainder of the year - Management expects a shift from price competition to value and capability competition, with a focus on sustainable pricing practices [39][49] Question: Development of unmanned vehicles - ZTO is actively collaborating with industry leaders on autonomous vehicles, which have shown significant cost reduction benefits [40][41] Question: Shareholder returns and buybacks - The company is considering both dividends and share repurchases to increase shareholder returns, monitoring market trends and uncertainties [44]

Company Overview - ZTO is a leading express delivery company in China, holding the 1 market share by parcel volume since 2016[12] - In 2Q25, ZTO delivered 98 billion parcels, capturing a 195% market share[12] - ZTO's network covers >99% of county-level cities in China[12] Competitive Advantages - ZTO operates 94 sorting hubs and has deployed 690 automation lines[12,69] - The company has a self-owned line-haul fleet of over 10,000 vehicles and operates approximately 3,900 line-haul routes[12] - ZTO's Network Partner Model (NPM) has increased its market share from 66% in 2011 to 73% in 2024, compared to the Direct Model[21] Financial Performance (Q2 2025) - ZTO's quarterly revenue reached RMB 11832 million, representing a 10% year-over-year growth[157] - The company's adjusted EBITDA margin was 299%[161] - Adjusted Net Income margin was 173%[166] ESG Initiatives - The company aims for a 20% reduction in GHG emissions intensity per parcel by 2028, using 2023 as the base year[120] - ZTO is increasing the proportion of women in management positions to 39% by 2030[123] - The company is actively involved in community and rural revitalization programs[123]

8月19日，人力资源社会保障部等5部门对外发布《关于领取个人养老金有关问题的通知》，进一步丰富个人养老金领取情形， 明确具体操作办法，自9月1日起开始实施。 通知规定，新增3种个人养老金领取情形：申请之日前12个月内，本人（或配偶、未成年子女）发生的与基本医保相关的医药 费用支出，扣除医保报销后个人负担（指医保目录范围内的自付部分）累计超过本省（自治区、直辖市）上一年度居民人均可 支配收入；申请之日前2年内领取失业保险金累计达到12个月；正在领取城乡最低生活保障金。（北京青年报） 小米：不参与汽车价格战，核心任务是汽车交付 泰国为刺激旅游业，将简化加密货币兑换泰铢的流程 苹果公司提出法律申诉数月后，英国据称已不再强制前者提供"后门" 亚钾国际：董事长郭柏春涉嫌挪用公款罪、滥用职权罪被逮捕 丹麦珠宝商潘多拉宣布今年计划在中国市场关闭100家门店 东方甄选辟谣新东方CEO被立案调查 人力资源社会保障部发布《关于领取个人养老金有关问题的通知》， 新增3种个人养老金领取情形。 整理 ｜秋夏 点击上方【36氪随声听】，一键收听大公司热门新闻。听完音频记得添加进入 【我的小程序】 中哟！ 个人 养老金新增三种领 取情形 ...

于2025年上半年，尽管面对激烈的行业竞争，集团持续提升服务质素及运营效率，因而取得稳健的财务 及经营业绩。集团的收入从截至2024年6月30日止6个月的人民币206.86亿元增加9.8%至2025年同期的人 民币227.23亿元，主要由于线上消费渗透率提升带动快递需求增长以及集团的客户结构向更高价值群体 转变。 中通快递-W(02057)发布截至2025年6月30日止6个月业绩，该集团期内取得收入227.23亿元(人民币，单 位下同)，同比增加9.8%;净利润40.04亿元;归属于普通股股东的调整后每股美国存托股基本收益5.31元。 集团的核心快递业务的收入由截至2024年6月30日止6个月的人民币202.5亿元增加10.4%至2025年同期的 人民币223.64亿元，乃由于包裹量增加17.7% 及包裹单价下降6.2%所致。此类收入大部分来自向网络合 作伙伴提供的服务，主要包括包裹分拣和干线运输。对于通过集团的网络处理的每件包裹，集团向集团 的网络合作伙伴收取中转费。截至2025年6月30日止6个月，该等费用占集团快递服务总收入的74.4%。 快递服务收入的其余部分来自垂直电子商务客户和传统商户等企业客户， ...

中通快递-W(02057)发布2025年第二季度业绩，收入118.32亿元(人民币，单位下同)，同比增加10.3%;净 利润19.65亿元;归属于普通股股东的调整后基本及摊薄每股美国存托股收益为2.53元及人民币2.48元。 2025年第二季度包裹量为98.47亿件，较2024年同期的84.52亿件增长16.5%。截至2025年6月30日，揽件/ 派件网点数量为31000余个；直接网络合作伙伴数量约6000个；自有干线车辆数量为10000余辆。其中， 9400余辆为车长15至17米的高运力车型，而截至2024年6月30日为9200余辆；分拣中心间干线运输路线 约为3900条；分拣中心的数量为94个，其中90个由公司运营，4个由公司网络合作伙伴运营。 中通创始人、董事长兼首席执行官赖梅松表示："2025年二季度，尽管行业包裹结构持续向低单价的业 务倾斜，中通仍进一步缩小了与行业平均增速的差距。依托领先的服务质量，我们完成业务量超98亿 件，实现调整后净利润21亿元。散件业务量保持强劲增长势头，同比增幅超50%，为整体利润率带来了 积极贡献。" 赖梅松补充道："我们将长期坚持"质量为先"的战略重点，致力于打造差异 ...

集团的核心快递业务的收入由截至2024年6月30日止6个月的人民币202.5亿元增加10.4%至2025年同期的 人民币223.64亿元，乃由于包裹量增加17.7% 及包裹单价下降6.2%所致。此类收入大部分来自向网络合 作伙伴提供的服务，主要包括包裹分拣和干线运输。对于通过集团的网络处理的每件包裹，集团向集团 的网络合作伙伴收取中转费。截至2025年6月30日止6个月，该等费用占集团快递服务总收入的74.4%。 快递服务收入的其余部分来自垂直电子商务客户和传统商户等企业客户，与将其产品派送予最终消费者 有关。由于电子商务退件增加，直客收入(包括来自为服务核心快递直客客户而设的直销机构的派送费) 增加 140.9%。 智通财经APP讯，中通快递-W(02057)发布截至2025年6月30日止6个月业绩，该集团期内取得收入 227.23亿元(人民币，单位下同)，同比增加9.8%;净利润40.04亿元;归属于普通股股东的调整后每股美国 存托股基本收益5.31元。 于2025年上半年，尽管面对激烈的行业竞争，集团持续提升服务质素及运营效率，因而取得稳健的财务 及经营业绩。集团的收入从截至2024年6月30日止6个月 ...