Core Viewpoint - ZTO Express (02057.HK) announced a share buyback program, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Related Events - On November 11, 2025, ZTO Express spent $21.96 thousand to repurchase 11,600 shares at a price range of $18.98 to $18.99 per share [1] - On November 10, 2025, the company repurchased 111,400 shares for a total cost of $211.52 thousand [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11月12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 1 頁 共 10 頁 v 1.3.0 | 1). | 購回股份但沒有註銷 | 395,651 | % | USD | 19 | | --- | --- | --- | --- | --- | --- | | | 於美國時間2025年9月24日購回395,651股美國存託股份(代表395,651股 | | | | | | | A類普通股) | | | | | | | 變動日期 2025年9月24日 | | | | | | 2). | 購回股份但沒有註銷 | 395,650 | ...

Group 1: Alibaba and Marriott International Strategic Cooperation - Alibaba Group and Marriott International announced a strategic AI cooperation focused on cloud infrastructure and AI application innovation in the Chinese market [1] - Marriott will integrate Alibaba's Tongyi series large models to enhance customer service and marketing through intelligent upgrades [1] - The partnership aims to establish an innovation mechanism for AI applications in hotel scenarios, with a pilot AI smart application set to launch at the Fliggy Marriott flagship store by 2026 [1] Group 2: Xibei's Store Adjustments - Xibei stated that opening and closing stores is a normal operational behavior in the restaurant industry, with dynamic adjustments based on business conditions [2] - Recent store closures in cities like Shenzhen, Shantou, and Yiwu are part of this normal adjustment process, while new stores have also opened in Harbin and Jinan [2] - The domestic restaurant market is experiencing polarization, with consumers favoring options that balance cost-effectiveness and experience, while high costs are forcing restaurants to optimize their store layouts [2] Group 3: ByteDance's Stake in Zhongtong Express - ByteDance denied rumors of becoming a new shareholder in Zhongtong Express, clarifying that it made a small investment in the company back in 2021 with a low shareholding ratio [3] - The recent increase in registered capital from 420 million to approximately 600 million yuan is attributed to internal structural adjustments within Zhongtong Express [3] - The core competitiveness of companies in the industry should focus on "network, efficiency, and service," with external capital being supportive but not decisive [3]

Core Viewpoint - ByteDance has clarified that it is not a new shareholder of Zhongtong Express, contradicting media reports that suggested otherwise. The company had made a small investment in Zhongtong Express at the end of 2021, but its shareholding is minimal, and the recent changes in business registration are attributed to internal restructuring within Zhongtong Express [1]. Group 1 - ByteDance's investment in Zhongtong Express is minor and was made in late 2021 [1] - Recent reports claiming ByteDance has become a new shareholder are inaccurate [1] - The changes in business registration are due to internal adjustments within Zhongtong Express [1]

Core Viewpoint - ZTO Express (02057) announced a share repurchase plan, spending $2.1152 million to buy back 111,400 shares on November 10, 2025 [1] Summary by Category - **Company Actions** - ZTO Express plans to repurchase 111,400 shares at a total cost of $2.1152 million [1]

Group 1 - The company, ZTO Express (02057.HK), announced a share repurchase plan, intending to buy back 111,400 shares at a total cost of $2.1152 million [1] - The repurchase price per share is set between $18.97 and $18.99 [1]

Group 1 - Zhongtong Express has increased its registered capital from 420 million RMB to approximately 600 million RMB, attracting several strategic investors including Bytedance and Taobao China [1] - The capital increase is aimed at optimizing the equity structure of Zhongtong Express and injecting new resources for future development [1] - Zhongtong Express has been expanding its service capabilities and product systems since its establishment in 2016, now operating over 27,000 service outlets and achieving daily shipment volumes exceeding 54,000 tons [1] Group 2 - The investment from Bytedance marks another strategic move by Douyin in the logistics fulfillment sector, following its previous collaborations with major logistics companies [2] - Douyin had previously launched its electronic waybill in 2021 and has been enhancing its delivery services through partnerships with Zhongtong and other logistics firms [2] - In April of this year, Douyin invested 2 billion RMB to establish Shenzhen Shengmeng Supply Chain Company, while simultaneously discontinuing its "Yin Xu Da" delivery service [3]

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11月11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 | | 庫存股份變動 | | | | | 事件 | ...

Core Insights - The logistics industry is experiencing a new trend during this year's "Double 11" shopping festival, with an increase in the use of unmanned delivery vehicles leading to improved overall efficiency and stable operations despite a rise in order volume [2][3][4] Group 1: Operational Adjustments - The "Double 11" period has been extended, resulting in an earlier peak in order volume, with significant increases noted in various regions [3] - Middle and last-mile delivery operations have been adjusted, with some logistics centers starting work earlier and increasing delivery frequency during peak times [4] - The overall operation during "Double 11" is reported to be the most stable in years, indicating a shift from quantity-focused to quality-focused logistics [4][11] Group 2: Automation and Technology - The deployment of unmanned delivery vehicles has accelerated, with significant investments in automation and technology to enhance operational efficiency [5][7] - Unmanned vehicles are now responsible for approximately 55% of the branch transportation volume during "Double 11," significantly reducing costs and improving delivery times [7] - The number of unmanned vehicles in operation has increased dramatically, with over 2,000 units deployed across more than 200 cities [8] Group 3: Financial Implications for Couriers - There has been a noticeable increase in courier incomes during "Double 11," attributed to recent price hikes in delivery services [9][10] - Couriers are reporting income increases of over 20%, with daily delivery volumes rising significantly [10][11] - The shift towards a more stable operational model is seen as beneficial for both courier income and overall service quality [11]

Core Viewpoint - The logistics industry, particularly during the "Double 11" shopping festival, has shown significant improvements in operational efficiency due to the increased use of automated and unmanned delivery vehicles, leading to higher income for delivery personnel and a more stable operational environment compared to previous years [3][12][15]. Group 1: Operational Trends - This year's "Double 11" is characterized as the "longest ever," with an extended promotional period leading to earlier peaks in delivery volume [4]. - The order volume for Zhongtong Cloud Warehouse saw a significant increase, with some warehouses experiencing a surge of up to 400% [5]. - Major cities like Guangzhou, Tianjin, and Wuhan reported daily peak order volumes exceeding 300,000 packages, with an average daily increase of over 185% compared to normal operations [5]. Group 2: Automation and Technology - The deployment of unmanned delivery vehicles has accelerated, with Zhongtong's Shenzhen branch utilizing five unmanned vehicles capable of delivering 8,000 to 10,000 packages daily [8]. - Unmanned vehicles accounted for approximately 55% of the branch's delivery volume during "Double 11," significantly reducing costs by 30% for certain routes [10]. - Zhongtong has expanded its unmanned vehicle fleet to over 2,000 units across more than 200 cities, completing 200,000 package deliveries daily [11]. Group 3: Delivery Personnel Income - Following price adjustments in the express delivery sector, delivery personnel have reported noticeable income increases, with some areas seeing price hikes of 0.1 to 0.4 yuan per package [13][14]. - In Yiwu, delivery volume increased by over 20%, leading to an average extension of working hours and a corresponding rise in income for delivery personnel [14]. - Delivery personnel at Zhongtong's Shenzhen branch could see monthly earnings exceed 15,000 yuan during peak periods, reflecting a shift towards more stable income generation rather than reliance on "explosive" order surges [15].