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。 ...

格隆汇11月28日丨中通快递-W(02057.HK)公告，于2025年11月28日，中通航空(公司的并表附属实体)与 中通云冷及浙江星联订立股权转让协议，据此，中通航空同意购买，而中通云冷同意出售浙江星联 100%股权，总代价为人民币1.78亿元。 由于浙江星联的主营业务为航空货运服务，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。董事(包括独立非执行董事)认为，此次收购符合集团日常及一般 业务的运营流程，特别是该收购涉及组建中通航空以优化运营及组织协同效应。经计及浙江星联基于估 值报告的评估价值及浙江星联于估值基准日的财务状况後，公司认为收购的代价属公平合理。 此外，收购完成後，浙江星联将成为公司并表附属实体中通航空的全资子公司，其财务业绩将全面并人 集团财务业绩。因此，鉴于浙江星联的稳定运营及往绩盈利，收购预期将增厚集团的业绩并提升对股东 的回报。 ...

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。董事(包括独立非执行董事)认为，此次收购符合本集团日常 及一般业务的运营流程，特别是该收购涉及组建中通航空以优化运营及组织协同效应。 此外，收购完成后，浙江星联将成为本公司并表附属实体中通航空的全资子公司，其财务业绩将全面并 入本集团财务业绩。因此，鉴于浙江星联的稳定运营及往绩盈利，收购预期将增厚本集团的业绩并提升 对股东的回报。 截至本公告日期，中通云冷持有浙江星联100%股权。收购完成后，本集团将持有浙江星联100%股权。 浙江星联将成为本公司一家并表附属实体的子公司，其财务业绩亦将并入本集团的财务业绩。 中通快递-W(02057)发布公告，于2025年11月28日，中通航空(本公司的并表附属实体)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，总代价为人 民币1.78亿元。 ...

此外，收购完成后，浙江星联将成为本公司并表附属实体中通航空的全资子公司，其财务业绩将全面并 入本集团财务业绩。因此，鉴于浙江星联的稳定运营及往绩盈利，收购预期将增厚本集团的业绩并提升 对股东的回报。 截至本公告日期，中通云冷持有浙江星联100%股权。收购完成后，本集团将持有浙江星联100%股权。 浙江星联将成为本公司一家并表附属实体的子公司，其财务业绩亦将并入本集团的财务业绩。 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。董事(包括独立非执行董事)认为，此次收购符合本集团日常 及一般业务的运营流程，特别是该收购涉及组建中通航空以优化运营及组织协同效应。 智通财经APP讯，中通快递-W(02057)发布公告，于2025年11月28日，中通航空(本公司的并表附属实体) 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，总代价为人民币1.78亿元。 ...

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]

Core Viewpoint - Multiple logistics companies have responded to a severe fire incident in Hong Kong's Tai Po Wang Fuk Court by donating funds and providing logistical support to aid affected families and recovery efforts [1][3][5][7]. Group 1: Donations and Support - Lalamove announced a donation of 6 million HKD to the "Tai Po Wang Fuk Court Relief Fund" to support affected families and recovery efforts [1]. - SF Express donated 20 million HKD for medical assistance, living supplies, and post-disaster reconstruction, while also providing free transportation for relief supplies across its 146 stations in Hong Kong [3]. - J&T Express initiated a donation of 10 million HKD for emergency housing, basic living support, emotional counseling, and recovery efforts [5]. - Zhongtong Express contributed 10 million HKD to the relief fund, focusing on emergency rescue, transitional housing, and post-disaster reconstruction [7]. Group 2: Logistics and Operational Support - SF Express has activated an emergency response mechanism and established a volunteer team to assist in rescue operations [3]. - J&T Express has opened a green channel for priority transport of disaster relief supplies to ensure timely delivery [5]. - JD Logistics has mobilized its supply chain to expedite the delivery of essential items such as instant noodles and drinking water to shelters [7].

Core Viewpoint - Zhongtong Express Group has donated 10 million Hong Kong dollars to the Tai Po Hongfu Court Relief Fund to assist disaster-affected residents following a fire incident on November 26 [1] Group 1 - The donation will be used for emergency relief, transitional housing, supply of living materials, and post-disaster reconstruction efforts for the affected residents [1] - The Hong Kong Special Administrative Region government has established the "Tai Po Hongfu Court Relief Fund" to support residents in overcoming difficulties and to assist with related aftermath work [1] - Zhongtong Express Group expressed its commitment to maintain close communication with the Hong Kong government and collaborate with various sectors to support ongoing assistance and reconstruction efforts [1]

Core Viewpoint - UBS report indicates that ZTO Express's adjusted net profit for Q3 increased by 5% year-on-year, surpassing market expectations [1] Company Summary - ZTO Express has lowered its full-year sales growth forecast from an expected increase of 14%-18% to a revised range of 12.3%-13.8% due to significant slowdown in industry sales following price hikes influenced by regulatory actions against excessive competition [1] - UBS has raised its earnings per share (EPS) forecasts for ZTO Express from 11% to 37% for the years 2025 to 2027, based on the assumption that there will be no significant deterioration in industry pricing [1] - For 2026, UBS's new model predicts a 10% growth in business volume for ZTO Express, stable average selling price (ASP), and a 3% improvement in core cost per package, leading to a 12% increase in adjusted net profit to 10.7 billion yuan [1] - UBS has increased its target price for ZTO Express's U.S. stock from $22.9 to $26, maintaining a "Buy" rating [1]