【深圳商报讯】（记者 肖晗）中通快递（HK02057/ZTO）日前公告称，旗下全资子公司中通航空将以 1.78亿元人民币收购浙江星联航空货运有限公司，此举旨在整合航空物流资源，提升集团综合竞争力。 中通方面表示，此次收购将提升集团的端到端境内外航空物流能力，并将增强集团在航空货运服务领域 的整体竞争力。鉴于浙江星联的稳定运营及业绩盈利，收购预期将增厚集团的业绩并提升对股东的回 报。 据中通快递公告，11月28日，中通航空与中通云冷及浙江星联签订股权转让协议，收购浙江星联100% 股权，共支付人民币1.78亿元。其中首付款为人民币1亿元，尾款为人民币7800万元，均在先决条件达 成后的10个和15个营业日内支付。 浙江星联成立于2018年，注册资本为人民币1.6亿元，主营航空货运服务。 ...

Core Viewpoint - The company is intensifying its investment in air freight services through the acquisition of Zhejiang Xinglian, enhancing its logistics capabilities and overall competitiveness in the air freight sector [1][3]. Group 1: Acquisition Details - ZTO Express announced the acquisition of 100% equity in Zhejiang Xinglian for RMB 178 million, with the transaction expected to be completed by November 28, 2025 [1]. - Zhejiang Xinglian, established in 2018, primarily engages in air freight services, and has shown stable profitability with pre-tax net profits of RMB 6.213 million and RMB 6.655 million for 2023 and 2024, respectively [2]. - The acquisition is classified as a related party transaction, but it is exempt from independent shareholder approval due to its percentage being between 0.1% and 5% [1][2]. Group 2: Financial Performance - ZTO Express reported revenues of RMB 35.38 billion, RMB 38.42 billion, and RMB 44.28 billion for 2022, 2023, and 2024, respectively, with year-on-year growth rates of 16.35%, 8.60%, and 15.26% [5]. - The net profit attributable to shareholders for the same years was RMB 6.809 billion, RMB 8.749 billion, and RMB 8.817 billion, reflecting growth rates of 43.20%, 28.49%, and 0.78% [5]. - For the first three quarters of 2025, the company achieved revenues of RMB 34.59 billion, a year-on-year increase of 10.29%, and a net profit of RMB 6.455 billion, growing by 0.33% [5]. Group 3: Industry Context - The air freight market is experiencing significant growth, with the Civil Aviation Administration of China reporting a 22.1% year-on-year increase in cargo and mail transport volume, reaching 8.9816 million tons in 2024 [7]. - Other major players in the express delivery sector, such as SF Express, YTO Express, and JD Logistics, have also entered the air freight market, indicating a competitive landscape [5][6]. - The government has initiated policies to support the development of the air logistics sector, including the "14th Five-Year" plan for aviation logistics, which aims to create a high-quality and efficient air logistics system [6].

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The report highlights an upward trend in crude oil freight rates, with the China Import Crude Oil Index (CTFI) reaching 2520.07 points, an increase of 8.4% from November 20 [3][13] - The postal industry revenue surpassed the telecommunications industry for the first time in history, reaching 1.47 trillion yuan, compared to 1.467 trillion yuan for telecommunications [3][24] - The civil aviation sector showed growth in both passenger and cargo transport volumes in October, with international routes performing particularly well [3][17] Summary by Sections Industry Hot Events - Crude oil freight rates are rising, with the Middle East route seeing a 10.76% increase in rates [13] - Qifly Aviation signed a procurement agreement for 105 eVTOL aircraft with three companies in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on low-altitude logistics [15][16] - The postal industry revenue for January to October 2025 reached 1.47 trillion yuan, marking a significant milestone [24][25] High-Frequency Data Tracking - The Baltic Air Freight Price Index decreased month-on-month but increased year-on-year [26] - Domestic freight flights in October 2025 increased by 0.32% year-on-year, while international flights rose by 11.12% [32] - The express delivery business volume in October 2025 increased by 7.90% year-on-year, with total revenue reaching 131.67 billion yuan [50] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy [5] - Attention to low-altitude economy investment opportunities, particularly in companies like CITIC Offshore Helicopter [5] - Consider investment opportunities in the express delivery sector, recommending SF Express and Jitu Express [5]

Summary of ZTO Express Conference Call Company Overview - **Company**: ZTO Express - **Market Position**: Largest express parcel provider in China with approximately 20% market share as of 3Q25, most profitable among competitors including YTO, STO, Yunda, and J&T [19][22][39] Key Industry Insights - **Anti-involution Policy**: This policy is reshaping the competitive landscape, shifting focus from volume-driven growth to quality and profitability. It has led to a reduction in low-value parcels, benefiting ZTO as it captures market share [7][8][14][19] - **Volume Growth**: ZTO's volume growth outpaced the industry, with increases of approximately 12% and 9% year-over-year in October and November, respectively, compared to the sector's 7% and 4-5% [4][8][14][29] Financial Performance and Projections - **Price Target Increase**: DCF-based price targets raised to US$25.00/Rmb197.00 for US ADR/H share following a strong 3Q25 performance and positive updates from the JPM Fireside Chat [1][5][28] - **Revenue Growth**: Projected revenue growth of 10.8% for FY25, with further growth expected in subsequent years [18][25] - **Margin Outlook**: Improved margin outlook anticipated, with expectations for margin expansion to accelerate in FY26 due to a healthier parcel mix and ongoing cost discipline [15][30] Strategic Focus - **Capital Management**: Emphasis on disciplined capital management, with lower capex expected as major infrastructure investments are completed. FY25 capex projected at Rmb5.5-6 billion [11][30] - **Shareholder Returns**: Commitment to dividends and buybacks, with a focus on sustainable growth and long-term value creation [9][11][30] - **Cost Optimization**: Ongoing investments in automation and digitalization to enhance cost efficiency and support scalable growth [11][30] Competitive Advantages - **Service Quality**: ZTO's superior service quality and efficient logistics infrastructure provide a competitive edge, particularly in e-commerce logistics and partnerships with platforms like Alibaba and Pinduoduo [10][11][19] - **Market Positioning**: ZTO is well-positioned to benefit from industry consolidation, with a strategy that balances market share growth with profitability [6][19][39] Risks and Challenges - **Macroeconomic Environment**: Potential risks include a weaker-than-expected macroeconomic environment and rising oil prices, which could impact volume projections and operational costs [23][41] Conclusion - **Investment Thesis**: ZTO Express is positioned to capitalize on the current industry transformation driven by regulatory changes, with a strong focus on quality-driven growth and profitability. The company remains a top pick within the logistics space for the next 3-6 months [1][6][28]

北京商报讯（记者 何倩）11月29日，北京商报记者从中通获悉，中通航空近日与中通云冷及浙江星联 订立股权转让协议，中通航空同意购买，而中通云冷同意出售浙江星联100%股权，总代价为1.78亿 元。 资料显示，中通云冷成立于2020年，主营业务为提供航空货运代理及物流服务，并持有浙江星联100% 股权。收购完成后，中通集团将持有浙江星联100%股权。浙江星联将成为中通一家并表附属实体的子 公司，其财务业绩亦将并入集团的财务业绩。 中通认为，由于浙江星联的主营业务为航空货运服务，收购将提升本集团的端到端境内外航空物流能 力，并将增强本集团在航空货运服务领域的整体竞争力。 公告显示，2023年、2024年及2025年截至9月30日止9个月，浙江星联的税后净利润为653.9万元、657.1 万元、333.8万元。浙江星联成立于2018年，注册资本为1.6亿元，主营业务为航空货运服务，其于2025 年9月30日未经审计合并账目的总资产约为2.1亿元。 ...

Core Viewpoint - Zhongtong Express-W (02057.HK) announced the acquisition of 100% equity in Zhejiang Xinglian for a total consideration of RMB 178 million, which is expected to enhance the group's overall competitiveness in the air freight service sector and improve its end-to-end domestic and international logistics capabilities [1] Group 1: Acquisition Details - The acquisition agreement is between Zhongtong Aviation (a consolidated subsidiary of the company) and Zhongtong Cloud Cold, with the transaction set to be completed by November 28, 2025 [1] - The acquisition price of RMB 178 million is deemed fair and reasonable based on an evaluation report and the financial status of Zhejiang Xinglian as of the valuation benchmark date [1] Group 2: Strategic Implications - The acquisition will allow Zhejiang Xinglian to become a wholly-owned subsidiary of Zhongtong Aviation, with its financial performance fully consolidated into the group's financial results [1] - The stable operations and historical profitability of Zhejiang Xinglian are expected to enhance the group's overall performance and increase returns to shareholders [1]

Core Viewpoint - ZTO Express (02057) announced a share transfer agreement where ZTO Aviation will acquire 100% equity of Zhejiang Xinglian from ZTO Yun Cold for a total consideration of RMB 178 million, enhancing the group's logistics capabilities in air freight services [1] Group 1: Acquisition Details - The acquisition involves ZTO Aviation purchasing 100% equity of Zhejiang Xinglian, which is currently wholly owned by ZTO Yun Cold [1] - The total consideration for the acquisition is RMB 178 million [1] - Upon completion, Zhejiang Xinglian will become a wholly-owned subsidiary of ZTO Aviation and its financial performance will be consolidated into the group's financial results [1] Group 2: Strategic Implications - The acquisition is expected to enhance the group's end-to-end domestic and international air logistics capabilities [1] - It will strengthen the overall competitiveness of the group in the air freight service sector [1] - The board believes that the acquisition aligns with the group's operational processes and will optimize operations and organizational synergy [1] Group 3: Financial Impact - The stable operations and past profitability of Zhejiang Xinglian are anticipated to contribute positively to the group's performance and increase shareholder returns post-acquisition [1]

Core Viewpoint - ZTO Express (02057) announced the acquisition of 100% equity in Zhejiang Xinglian for a total consideration of RMB 178 million, which will enhance its air freight capabilities and overall competitiveness in the logistics sector [1] Group 1: Acquisition Details - The acquisition agreement was signed between ZTO Aviation, ZTO Cloud Cold, and Zhejiang Xinglian, with ZTO Aviation agreeing to purchase the entire stake [1] - As of the announcement date, ZTO Cloud Cold holds 100% equity in Zhejiang Xinglian, and post-acquisition, Zhejiang Xinglian will become a wholly-owned subsidiary of ZTO Aviation [1] Group 2: Strategic Implications - The acquisition is expected to improve the end-to-end domestic and international air logistics capabilities of the group, thereby enhancing its competitiveness in the air freight service sector [1] - The board, including independent non-executive directors, believes that the acquisition aligns with the group's operational processes and aims to optimize operations and organizational synergy [1] Group 3: Financial Impact - Following the completion of the acquisition, Zhejiang Xinglian's financial performance will be fully consolidated into the group's financial results [1] - Given Zhejiang Xinglian's stable operations and historical profitability, the acquisition is anticipated to bolster the group's performance and enhance shareholder returns [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及B類普通股。對於需要股東投票的所有事 項，A類普通股持有人每股可投1票，而B類普通股持有人則每股可投10票。股東及有意投資者 務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存託股代表一股A 類普通股）於美國紐約證券交易所上市，代碼為ZTO。 ZTO Express (Cayman) Inc. 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） （股份代號：2057） 關連交易 收購浙江星聯100%股權 股權轉讓協議 於2025年11月28日，中通航空（本公司的併表附屬實體）與中通雲冷及浙江星聯 訂立股權轉讓協議，據此，中通航空同意購買，而中通雲冷同意出售浙江星聯 100%股權，總代價為人民幣178,000,000元。 截至本公告日期，中通雲冷持有浙江星聯100%股權。收購完成後，本集團將持 有浙江星聯100%股 ...

Economic News - The Hong Kong government has banned the import of seafood, sea salt, and seaweed from 10 prefectures in Japan due to the discharge of nuclear wastewater from Fukushima [1] - The National Development and Reform Commission emphasizes the importance of high-quality development in the service industry for stabilizing employment and promoting consumption [1] - From January to October, the total operating income of state-owned enterprises in China increased by 0.9% year-on-year, while total profits decreased by 3.0% [1] - The Ministry of Commerce plans to expand market access for foreign investment, particularly in the service sector, and improve the investment environment [4] Company Insights - Meituan reported a revenue of 95.488 billion yuan for Q3 2025, a year-on-year increase of 2.0%, but incurred an operating loss of 18.632 billion yuan [5] - Meixinsheng is focusing on AI sensor technology, enhancing its product offerings in smart perception and human-computer interaction [5] - CITIC Heavy Industries has been involved in major national projects, providing critical materials and equipment for space missions [5] - Shanghai Pharmaceuticals received approval for a generic drug, indicating progress in its product pipeline [5] - Pinggao Electric won bids totaling approximately 773 million yuan in a procurement round from the State Grid Corporation, which is expected to positively impact future operations [5] Daily Research Report - Zhongtong Express reported a Q3 business volume of 9.573 billion pieces, a year-on-year increase of 9.8%, but slightly lowered its annual business volume guidance due to industry trends [6] - The company experienced a slight increase in single-ticket revenue, which grew by 1.7% to 1.21 yuan per ticket, indicating a recovery in profitability [7] - The company's single-ticket profit level improved in Q3, with adjusted net profit rising from 0.21 yuan in Q2 to 0.26 yuan in Q3, suggesting a positive outlook for Q4 [8] - Profit forecasts for the company indicate net profits of 9.06 billion, 10.22 billion, and 11.53 billion yuan for 2025-2027, with corresponding PE ratios of 13.0X, 11.5X, and 10.2X [8]