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) FF305 第 2 頁 共 10 頁 v 1.3.0 | 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 | | | 庫存股份變動 | | | | | 事件 | | | 佔有關事件前的現有已發 | | | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不包括庫存股份）數 目 | | 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | | | | 於下列日期開始時的結存(註1) | 2025年11月13日 | | 598,368,490 | | | 0 | | ...

Core Viewpoint - The delivery services of several express companies in the Chengdu New District have been suspended, causing significant inconvenience for residents during the peak shopping period of "Double 11" [2][4]. Group 1: Delivery Issues - Residents in the New Chuan District reported that multiple express companies, including Zhongtong, Yuantong, Shentong, and Yunda, indicated that their locations were "undeliverable" due to reasons such as "address cannot be delivered" and "the order's delivery area cannot be dispatched" [2][3]. - The situation is affecting several residential complexes, with reports confirming that 2-5 express companies are showing "undeliverable" status for each complex [3]. Group 2: Reasons for Delivery Suspension - The primary reasons for the suspension of delivery services include the lack of delivery points in the area and a high volume of complaints from residents regarding lost or damaged packages [4][6]. - Many residential complexes lack dedicated express delivery stations, leading to a significant increase in delivery volume, with some complexes experiencing over 1,000 packages daily during "Double 11" [6]. - Complaints from residents about delivery issues have increased, prompting express companies to halt services due to operational inefficiencies and rising costs [6]. Group 3: Solutions Being Implemented - Community staff have reported that measures are being taken to address the delivery issues, including converting parts of property management offices into temporary pick-up points for packages [7]. - New temporary storage solutions, such as delivery cabinets and designated areas for package storage, are being established to facilitate the collection of packages by residents [7]. - Plans are in place to develop a neighborhood center that will integrate various services, including express delivery, to improve logistics in the area [7].

Summary of the Investor Presentation on HK/China Transportation Industry Overview - **Industry Focus**: The presentation covers the transportation sector in Hong Kong and China, specifically focusing on airlines, shipping, and express delivery [1][6]. Airlines - **Market Outlook**: The outlook for Chinese airlines remains bullish, driven by a supply-driven upcycle. Business demand is gradually recovering, with summer weaknesses fading [2][73]. - **Pricing Dynamics**: There is a closing pricing inflection due to continuous improvements in Passenger Load Factor (PLF) and a consensus among airlines against anti-involution practices [2][69]. - **Key Picks**: - Top pick: Air China-H (0753.HK) - Other recommendations: China Eastern Airlines-H (0670.HK), China Southern Airlines-H (1055.HK), Spring Airlines (601021.SS) [2][73]. - **Performance Metrics**: - 3Q25 total Revenue Passenger Kilometers (RPK) grew by 6.3% YoY, reaching +23% compared to 2019 levels [12][14]. - Domestic PLF improved to 89.4% in October, up by 4.1 percentage points YoY [28][69]. - Business route passenger growth recovered to 5.9% in October from approximately 3% during the summer [24][69]. Shipping - **Geopolitical Influences**: Geopolitical dynamics are significant factors affecting the shipping industry. VLCC (Very Large Crude Carrier) rates have reached new highs due to increased demand for "legitimate tankers" [3][80]. - **Tanker Market**: The tanker upcycle is expected to continue, with limited VLCC deliveries until the second half of 2026 [80][84]. - **Container Shipping Outlook**: The outlook for container shipping remains uncertain due to oversupply and disruptions from global trade frictions. The container ship orderbook/fleet ratio is at 32%, indicating high supply pressure [3][115][118]. Express Delivery - **Market Trends**: The express delivery industry is experiencing decelerated volume growth, with smaller players losing market share amid anti-involution initiatives. Leading players are consolidating and acquiring a majority of segment profits [4][125][127]. - **Key Players**: ZTO (ZTO.N) and YTO (600233.SS) are highlighted as market share leaders, while concerns remain for smaller players like Yunda (002120.SZ) due to sustained profit pressure [9][130]. Additional Insights - **Inbound Travel Recovery**: International demand growth for airlines remains robust, with total international capacity recovering to approximately 85% of 2019 levels, and that operated by Chinese airlines reaching about 105% [29][31]. - **Profitability Metrics**: The correlation between load factors and margins suggests that improved PLFs will support higher profitability for airlines [70][72]. - **Market Consolidation**: The express delivery market is consolidating, with leading players benefiting from anti-involution measures, while smaller players struggle to maintain market share [125][127]. This summary encapsulates the key insights and metrics from the investor presentation, providing a comprehensive overview of the current state and outlook of the transportation sector in Hong Kong and China.

Core Viewpoint - ZTO Express (02057) announced a share repurchase plan, committing to buy back 3,881 shares for a total expenditure of $73,700 by November 13, 2025 [1] Summary by Category - **Company Actions** - ZTO Express plans to repurchase shares, indicating confidence in its financial position and future prospects [1] - **Financial Details** - The total amount allocated for the share buyback is $73,700, which reflects the company's strategy to enhance shareholder value [1]

Core Viewpoint - ZTO Express (02057) announced a share repurchase plan, committing to buy back 3,881 shares for a total expenditure of $73,700 on November 13, 2025 [1] Group 1 - The company is actively engaging in share repurchase, indicating confidence in its own stock value [1] - The specific number of shares to be repurchased is 3,881 [1] - The total amount allocated for this buyback is $73,700 [1]

格隆汇11月14日丨中通快递-W(02057.HK)发布公告，2025年11月13日耗资7.37万美元回购3881股，每股 回购价18.99美元。 ...

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） 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 | | | 庫存股份變動 | | | | | 事件 | 已 ...

Core Insights - The company has deployed the largest fleet of unmanned delivery vehicles in the industry, with nearly 3,000 vehicles operating in over 250 cities, delivering more than 200,000 packages daily during the peak season [1] - The company aims to enhance agricultural product transportation efficiency and explore new sales channels, achieving over 12.9 billion packages delivered to rural areas with a coverage rate exceeding 96% [2] - Unmanned vehicles have significantly improved delivery efficiency, reducing delivery times by up to 10 hours in rural areas and lowering transportation costs by 0.05 yuan per package [2][4] Group 1 - The unmanned vehicles have become a popular attraction in local communities, with residents showing great interest and engagement [3] - In Guizhou, the introduction of unmanned vehicles has resolved longstanding issues of low sorting efficiency and high error rates, enabling the delivery of over 5,000 packages daily during peak periods [4] - In Shenzhen, unmanned vehicles have replaced traditional transport methods, achieving a 30% cost reduction and improving delivery times by one hour [6] Group 2 - The company has implemented unmanned delivery cabinets in various locations, enhancing efficiency and reducing labor costs by allowing fewer staff to manage increased package volumes [7] - The company has upgraded automation equipment at multiple sites, significantly improving logistics efficiency and reducing delivery times by 6-12 hours [7] - The integration of unmanned vehicles and cabinets reflects the company's commitment to transforming its digital and intelligent service model into accessible and efficient solutions for customers [7]

Core Insights - The logistics industry has transformed during the "Double 11" shopping festival, utilizing technology to manage increased order volumes without the previous issues of congestion and delays [1][3][4] Group 1: New Logistics Dynamics - The "Double 11" shopping festival has shifted from a single-day surge to a multi-wave release, allowing for a more manageable increase in order volume [3][4] - The average daily delivery volume in Nanjing is approximately 3.7 million packages, showing a slight decrease compared to the previous year, indicating a smoother operation due to distributed pressure [3][4] Group 2: Technological Empowerment - Companies are leveraging smart technologies for precise scheduling and efficient operations, resulting in improved service quality and faster delivery times [4][5] - AI technologies are being implemented across various logistics processes, enhancing decision-making and reducing package damage rates [5][6] Group 3: Enhanced Delivery Capabilities - The introduction of unmanned vehicles and drones has significantly improved delivery efficiency, with drone delivery times reduced from approximately 20 minutes to just 5 minutes [5][6] - Nanjing has established 35 unmanned vehicle routes and 200 unmanned delivery stations, enhancing service accessibility in urban and rural areas [6][7] Group 4: Agricultural Product Delivery - The logistics network has adapted to support the direct delivery of local agricultural products, such as crabs, with a reported 10% increase in delivery volume for these items [7] - The establishment of village-level service stations has improved rural delivery services, reducing costs and delivery times [7][8] Group 5: Industry Stability and Future Outlook - The postal management authority emphasizes maintaining safety, stability, and service quality during the "Double 11" period, with ongoing efforts to enhance digital transformation in logistics [8]

Core Insights - The article highlights the bustling activity at a logistics center in Shanghai during the peak of the Double Eleven shopping festival, showcasing the intense workload and challenges faced by delivery personnel in the express delivery industry [2][3][5]. Industry Overview - The Double Eleven shopping festival has evolved over the years, with the number of participating platforms increasing and consumer perception becoming more normalized, leading to a significant rise in delivery volumes [7]. - This year, the express delivery volume reportedly increased by approximately 30% compared to the previous year, indicating a growing demand in the sector [7]. Operational Dynamics - The logistics center operates from early morning, with workers starting as early as 4:20 AM to prepare for the influx of packages, reflecting the high-pressure environment in which delivery personnel operate [2][3]. - On November 12, a single delivery point processed nearly 15,000 packages in one day, showcasing the scale of operations during peak periods [5]. Financial Aspects - Delivery personnel are compensated on an hourly basis, with daily earnings around 200 yuan for part-time work, highlighting the financial pressures faced by workers in the industry [5]. - The base delivery fee for packages is around 1 yuan, with variations depending on the courier company, indicating a competitive pricing environment that affects earnings [12]. Challenges Faced by Workers - Delivery personnel express concerns over increasing penalties and stricter requirements, which add to their stress and operational challenges [12][14]. - A notable incident involved a delivery worker receiving a fine after being praised by a customer, illustrating the harsh realities of performance metrics in the industry [12]. Future Outlook - The article concludes with a reflection on the ongoing challenges and pressures within the express delivery industry, suggesting that while the current environment is demanding, there is hope for more humane regulations in the future [14].