Group 1 - The company ZTO Express (02057) announced a share repurchase plan, committing to buy back 383,300 shares at a total cost of $7.0855 million [1] - The repurchase price per share is set between $18.19 and $18.63 [1]

Core Insights - Zhongtong Express has launched four new logistics hubs during the "Double 11" shopping season, enhancing regional economic development through intelligent and efficient logistics services [1][2] - The new hubs are expected to improve package delivery times by 2 to 6 hours across various regions, with the Langfang hub capable of processing up to 12 million packages daily during peak season [1][2] Group 1: New Logistics Hubs - The Langfang hub, part of the Northern headquarters, is the largest and most advanced express regional headquarters in North China, covering 323 acres with a building area of approximately 448,000 square meters [1] - The Southwest headquarters in Jianyang, Sichuan, utilizes advanced sorting and automation technologies, significantly increasing package throughput during the "Double 11" period [2] - The Changchun transfer center has a total building area of 229,600 square meters and can handle 3 million packages daily, creating 1,800 jobs [2] - The Guilin transfer center in Guangxi has a processing capacity of 110,000 packages daily and will enhance logistics connections between Southwest and other regions [2] Group 2: Strategic Implications - The establishment of new centers aligns with Zhongtong Express's strategy of "scale expansion + technology upgrade," which is expected to enhance the company's risk resilience and profitability [3] - The integration of intelligent equipment and digital systems is anticipated to create a competitive advantage, supporting long-term growth for the company [3] - This initiative marks a significant shift from a focus on scale to a comprehensive emphasis on quality, reflecting the company's response to short-term logistics peaks and long-term strategic goals [3]

Core Viewpoint - ZTO Express (02057) announced a share repurchase plan, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Group 1: Share Repurchase Details - The company plans to repurchase 383,300 shares at a total cost of $7.0855 million [1] - The repurchase price per share is set between $18.19 and $18.63 [1]

Core Viewpoint - ZTO Express (02057.HK) announced a share repurchase plan, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Summary by Categories Company Actions - ZTO Express plans to repurchase 383,300 shares at a total cost of $7.0855 million [1] - The repurchase price per share is set between $18.19 and $18.63 [1] Financial Implications - The total expenditure for the share buyback reflects a strategic move to enhance shareholder value [1]

第 1 頁 共 9 頁 v 1.3.0 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3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 ...

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [12] Core Insights - The report identifies four key development focuses and investment opportunities for the transportation industry over the next five years, summarized as "Two Internals and Two Promotions": combating internal competition, driving domestic demand, promoting overseas expansion, and facilitating transformation [2][6][17] Summary by Sections Express Delivery - The ongoing effort to combat internal competition in the express delivery sector is expected to remain effective, positively impacting the entire e-commerce express delivery segment. Key recommendations include YTO Express, Shentong Express, Jitu Express, Zhongtong Express, and Yunda Express [2][6][17] Aviation - The implementation of paid staggered vacations is anticipated to improve the supply-demand dynamics in the aviation industry, aiding in reversing the current profitability downturn. Recommendations include A-share private airlines and the three major Hong Kong airlines [2][6][17] Overseas Expansion - The development of new growth poles through overseas expansion and the construction of the Western Land-Sea New Corridor is highlighted. This opens up profit margins for overseas enterprises, with continued recommendations for Jitu Express, Jiayou International, and Eastern Airlines Logistics [2][6][17] Green Transition - The report emphasizes the acceleration of green low-carbon transformation, marking the year as a significant one for green fuel investments. The focus is on promoting a green production and lifestyle, particularly in the transportation sector [2][6][17] Passenger Transport - Domestic passenger traffic has shown a 5% year-on-year increase, while international passenger traffic has risen by 20%. The domestic passenger load factor has improved by 2.2 percentage points year-on-year, and international load factors have increased by 5.6 percentage points [7][40] Maritime Transport - The average VLCC-TCE rate has surged by 44.1% to $114,000 per day, driven by increased demand from the Middle East. The SCFI index for foreign trade container shipping has risen by 10.5% to 1,551 points, indicating a favorable market environment [8][61][62] Logistics - The volume of express deliveries has increased by 9.9% year-on-year, with a stable demand for coal transportation. The report highlights the ongoing price adjustments in the express delivery sector, recommending investments in YTO Express, Shentong Express, Jitu Express, and Zhongtong Express [9][17]

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 significant repercussions including the termination of partnerships with major platforms like Douyin e-commerce [1][4]. Regulatory Scrutiny - On October 28, the State Post Bureau of China conducted an administrative interview with Zhongtong Express, citing non-compliance in operational practices and inadequate service quality [1][4]. - Zhongtong Express responded by committing to a comprehensive review and rectification of the identified issues to enhance service quality and compliance [4]. Partnership Termination - Douyin e-commerce announced the termination of its partnership with Zhongtong Cold Chain, a subsidiary of Zhongtong Express, effective October 29, due to violations such as assisting merchants in bypassing the platform's electronic waybill system [4][7]. - The decision reflects accumulated compliance and service deficiencies, with user complaints frequently highlighting issues like stagnant logistics information and poor delivery service [7]. Employee Rights and Structure - 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 provides an average annual salary of about 140,000 yuan and statutory benefits, but the actual operational workforce is much larger, relying on a network of over 160,000 business staff [8]. Safety Performance - Zhongtong Express reported a rising injury rate, with a work-related injury rate of 1.44 per million hours worked in 2024, marking an increase for two consecutive years [9]. - The company recorded six employee fatalities in 2024, with a cumulative total of 21 fatalities over three years [9]. ESG Rating and Carbon Emissions - 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 year-on-year increase of 6.54%, ranking third among listed express companies [11][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 - 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].