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9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 | 其他分類 (請註明) | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 | 否 | | | | 證券代號 (如上市) | | 說明 | | 於2027年到期年利率為1.50%的可換股優先票據（「2027年票據」） | | | | | | A. 已發行股份或庫存股份變動 | | | | ...

Core Insights - Chengdu Qingbaijiang District and ZTO Express Group signed a strategic cooperation agreement focusing on low-altitude logistics, logistics innovation, and smart logistics to create a multi-modal smart logistics ecosystem [2][3] - The project leverages Qingbaijiang's advantages as an international railway hub and ZTO's expertise in smart logistics and unmanned delivery technology, aiming to enhance the digital and intelligent upgrade of the regional supply chain [2][3] Company Developments - ZTO Express is expanding its investment in Chengdu, utilizing Qingbaijiang's logistics infrastructure and ZTO's industry experience to develop a comprehensive logistics hub headquarters, China-Europe Railway Express hub warehouse, and an intelligent delivery network [3] - The project will also explore integrated logistics systems, including "railway + drone" and "low-altitude + cold chain" delivery models, aiming to create a modern logistics industry function system that integrates intercity distribution and smart transportation [3] Industry Context - Qingbaijiang District is recognized as a national economic and technological development zone and a starting point for the China-Europe Railway Express (Chengdu), with a strong foundation in manufacturing and mature logistics and equipment manufacturing clusters [2] - The collaboration is part of Qingbaijiang's efforts to integrate into the Belt and Road Initiative and build an international supply chain ecosystem, while ZTO aims to enhance its national network and service capabilities [3]

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） 第 1 頁 共 11 頁 v 1.1.1 | 3. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 未指定 | | | | 2. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | B | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | B類普通股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 USD | | 0.0001 USD | | 100,000 | | 增加 / 減少 (-) | | | | | USD | | | | 1. 股份分類 | 不同投票權 ...

Core Insights - The rapid development of unmanned delivery vehicles is transforming logistics efficiency in China, with significant advancements in technology and increased application across various cities [2][3][4] Group 1: Industry Trends - The unmanned delivery sector has seen a notable increase in activity, with major companies completing substantial financing rounds in 2023, indicating strong investor interest [3] - Unmanned delivery vehicles are being deployed in various applications, including express delivery, community logistics, and supermarket deliveries, showcasing their versatility [4][8] - By 2024, over 6,000 unmanned delivery vehicles are expected to be operational in China's express logistics sector, reflecting a shift from pilot projects to large-scale deployment [4] Group 2: Technological Advancements - The latest unmanned delivery vehicles, such as JD Logistics' "Lone Wolf 6.0," demonstrate significant improvements in speed, load capacity, and operational efficiency, supporting 24/7 operations [5] - The cost of unmanned delivery vehicles has decreased significantly, with some models now priced below 100,000 yuan, facilitating broader adoption [9][10] Group 3: Policy Support - Government initiatives, such as the "Smart Supply Chain Development Action Plan," are crucial in promoting the adoption of unmanned delivery technologies, providing a favorable regulatory environment [4][8] - Local governments are increasingly issuing permits for unmanned delivery vehicles, enabling their integration into urban logistics systems [8][10] Group 4: Market Potential - The unmanned logistics vehicle market in China is projected to exceed 10 billion yuan by 2030, with a potential sales volume of over 800,000 units, indicating a significant market transformation [13][14] - The industry is expected to evolve with more sophisticated technology, diversified applications, and a more defined role for unmanned delivery vehicles in the logistics ecosystem [14][15] Group 5: Challenges and Future Outlook - Despite the growth, the unmanned delivery sector faces challenges related to technology optimization, regulatory standardization, and customer trust, which need to be addressed for further expansion [11][12] - The future of unmanned delivery is anticipated to involve collaboration with drones, creating a more integrated and efficient delivery network [16]

Core Viewpoint - The express delivery industry is undergoing a significant shift towards "anti-involution" policies, leading to price increases and a potential recovery in profitability for companies [3][4][10]. Group 1: Price Adjustments and Market Dynamics - Several express companies in key e-commerce regions like Guangdong and Zhejiang have raised delivery fees, with expectations of similar actions in other provinces [3][5]. - The price adjustments range from 0.3 to 0.7 yuan per ticket in Guangdong, with a new minimum price set at 1.4 yuan [5]. - The average profit margin for express delivery points has drastically decreased from 10% to 2-4% since 2015, indicating a severe impact from previous price wars [6][12]. Group 2: Impact on Profitability and Service Quality - The recent price hikes are expected to alleviate cost pressures on logistics providers, with some benefiting from the new pricing mechanism [6][13]. - The average ticket price increase is anticipated to improve company profits and stabilize courier incomes, moving the industry from volume-based competition to value-based competition [4][13]. - The express delivery sector has faced a decline in average ticket prices, with a 17.84% year-on-year drop in early 2025, despite a 21.6% increase in business volume [12]. Group 3: Regulatory Environment and Industry Response - The "anti-involution" measures are a response to previous irrational price wars that destabilized the market and harmed courier rights [11][12]. - The National Postal Administration has implemented strict measures against below-cost pricing, aiming to restore healthy competition in the industry [5][13]. - The introduction of new regulations, including the draft amendment to the Price Law, aims to combat harmful competitive practices [12]. Group 4: Future Outlook and Strategic Adjustments - Experts predict that the express delivery industry may gradually escape the cycle of price wars over the next 2-3 years, thanks to ongoing regulatory efforts and company transformations [15]. - Companies are encouraged to enhance service quality and explore collaborative models with e-commerce businesses to improve operational efficiency [14][15]. - The focus on high-quality service and technological advancements is seen as essential for maintaining competitiveness in the evolving market landscape [14].

Core Viewpoint - The express delivery industry is accelerating its "anti-involution" efforts, with multiple companies raising prices for e-commerce clients in key regions like Guangdong and Zhejiang, aiming to improve profitability and shift from price competition to value competition [1][7][8]. Price Adjustments - The National Postal Administration has implemented measures to combat "below-cost" pricing, leading to price increases across various regions, particularly in Guangdong, where prices have risen by 0.3 to 0.7 yuan per ticket, establishing a minimum price of 1.4 yuan [2][4]. - In Zhejiang, the base price for express delivery increased from 1.1 yuan to 1.2 yuan per ticket [2]. Impact on Profitability - The price adjustments are expected to alleviate cost pressures for logistics service providers, with some outlets potentially achieving profitability under the new pricing mechanism [4]. - Prior to the price hikes, express delivery companies were operating at a loss, with net losses of 0.2 to 0.5 yuan per ticket after accounting for various fees [5]. Market Dynamics - The express delivery market has seen intensified competition since Q2 2023, with a rapid decline in e-commerce delivery prices affecting the industry's healthy development [5][7]. - Despite a 21.6% increase in package volume, the overall revenue per ticket has decreased, leading to a "volume increase, profit decrease" scenario [7]. Regulatory Environment - The recent regulatory measures, including the draft of the revised Price Law, aim to curb irrational price competition in the express delivery sector [8][11]. - The National Postal Administration has emphasized the need for stable operations and profitability in the industry, marking a significant shift in regulatory focus [8][9]. Future Outlook - Analysts predict that the express delivery industry will gradually move away from price wars over the next 2-3 years, supported by ongoing regulatory efforts and industry transformations [11]. - The upcoming peak season and price increases in key production areas are expected to bolster express delivery prices, leading to a potential recovery in company performance in the latter half of 2025 [8].

Core Viewpoint - The express delivery industry is accelerating its "anti-involution" efforts, with multiple companies raising prices for e-commerce clients to ensure profitability and improve service quality [1][3][6]. Price Adjustments - Several express companies in key regions like Guangdong and Zhejiang have increased their prices, with Guangdong raising fees by 0.3 to 0.7 yuan per ticket, establishing a minimum price of 1.4 yuan [3][6]. - Prior to Guangdong's adjustments, Zhejiang's Yiwu raised its base price from 1.1 yuan to 1.2 yuan per ticket [3][6]. - The price hikes are expected to alleviate cost pressures on logistics providers, with some benefiting from the new pricing mechanisms [3][6]. Impact on E-commerce - The price increases are particularly impactful on low-cost and special-priced packages, while high-value items are less affected [4][6]. - E-commerce sellers with high-value products can absorb or pass on the increased logistics costs, whereas those with lower-priced items may face squeezed profit margins [4][6]. Industry Context - The current round of "anti-involution" in the express delivery sector is a response to previous irrational price wars that destabilized the market and harmed workers' rights [6][7]. - The industry has been experiencing a decline in single-ticket revenue, with a 17.84% year-on-year drop in Q1 2025, despite a 21.6% increase in overall package volume [6][7]. Regulatory Environment - The National Development and Reform Commission and the State Administration for Market Regulation have introduced new regulations to combat "involution" and ensure fair pricing practices [7][10]. - The establishment of a national price monitoring platform and strict penalties for below-cost pricing are part of the government's efforts to stabilize the market [7][10]. Future Outlook - Analysts predict that the express delivery industry may gradually escape the price war cycle over the next 2-3 years, moving towards healthier competition and development [10]. - The upcoming peak season and the recent price adjustments are expected to support express companies' performance in the latter half of 2025 [7][10].

快递行业"反内卷"步伐加快。近期，在电商重镇广东、浙江两地，多家快递公司对电商客户上调快递费 用。除浙江义乌、广东外，业内对福建、安徽、 江苏、山东等地也有涨价预期。 证券时报记者从浙江地区的部分快递网点与电商商家处了解到，7月底、8月初以来，电商快递价格确实 有不同程度的上调。快递费用调涨，对特价快递与小件产生的影响较为明显，不过目前各大快递网点的 业务量总体平稳。 业内分析人士在接受证券时报记者采访时表示，此次国家"反内卷"政策力度空前，短期看，单票均价将 回升，推动企业利润修复，末端派费的增加，将改善快递员收入，提高稳定性；长期看，有望打破"以 价换量"的循环，引导快递行业从规模竞争转向价值竞争。 核心区域开始涨价 为避免"价格战"给企业发展带来恶性循环，国家邮政局近期采取多项举措，严厉打击"低于成本价"的行 为，快递行业亦纷纷响应，多地陆续上调单票价格，保证企业利润。 本轮快递行业"反内卷"，是中央经济工作会议精神在快递行业的落地，是政策法规与行业自律的结合。 其中，广东地区调价力度尤为显著，调价幅度为每票0.3元至0.7元，且设定1.4元/票的底线价。而在广 东调价之前，另一快递重镇浙江义乌已于7月 ...

Core Viewpoint - The express delivery industry is experiencing a shift towards rational pricing and healthy development, influenced by the "anti-involution" policies, which aim to stabilize prices and improve service quality [2][5][6]. Financial Performance - In the first half of the year, the company reported revenue of 22.723 billion yuan, a year-on-year increase of 9.85%, while net profit was 4.004 billion yuan, slightly down from 4.062 billion yuan in the same period last year [2]. - The company adjusted its full-year business volume guidance to a range of 38.8 billion to 40.1 billion pieces, reflecting a growth rate of 14% to 18%, down from the previous estimate of 40.8 billion to 42.2 billion pieces, which indicated a reduction of 6 percentage points in expected growth [2][3]. Cost and Profitability - The company's total operating costs increased by 21.5% year-on-year, surpassing revenue growth, with significant cost increases attributed to servicing high-value customers and automation upgrades [3]. - Gross profit decreased by 14.9%, with the gross margin dropping from 32% to 24.8% [3][4]. Market Trends - The express delivery market is seeing a notable trend towards lighter and smaller packages, with more merchants opting for economical delivery services [4]. - The "anti-involution" policies are expected to lead to a recovery in profits for the industry, with price adjustments in key regions like Guangdong and Zhejiang [5][6]. Technological Advancements - The company has deployed over 2,000 unmanned vehicles across more than 700 outlets in over 200 cities, significantly reducing transportation costs [7]. - The shift in industry competition is moving from quantity to a balance of quality and quantity, emphasizing digitalization and intelligent logistics solutions [7].

Summary of Key Points from the Conference Call Industry Overview - The logistics industry in China is experiencing a positive shift in average selling price (ASP) trends due to successful anti-involution efforts, with express revenue rising 9% year-over-year (Y/Y) in July [2][10] - The Chinese government has been actively addressing over-competition since July 2025 through the implementation of the Price Law and the use of big data for regulatory enforcement [2][10] - Local initiatives in regions such as Guangdong, Zhejiang, and Beijing are focusing on service quality and parcel pricing, which is enhancing regulation and benefiting the logistics industry [2][10] Company-Specific Insights - **JD Logistics (JDL)**: - Plays a crucial role in supporting JD's food delivery execution, managing a full-time rider workforce with proper contracts and benefits [3][10] - Inclusion in the Hang Seng Index (HSI) is expected to improve liquidity and visibility, boosting investor confidence [3][10] - **SF Express**: - Emerged as the key winner in the logistics sector, gaining the largest market share with a parcel volume growth of 34% Y/Y, significantly outpacing the industry average of 15% Y/Y [12][14] - Express parcel revenue for July increased 15% Y/Y, reaching RMB 18.7 billion, with an ASP of RMB 13.55, reflecting a 14% Y/Y decline [12][14] - **ZTO Express**: - Emphasized rational pricing and anti-involution strategies, focusing on service quality and profitability rather than aggressive price wars [13][10] - **Full Truck Alliance (YMM)**: - Reported strong 2Q25 performance but faces challenges with a reduced FY25 outlook due to regulatory changes [3][10] Market Dynamics - July's parcel volume maintained a robust trend, with a 15% Y/Y increase, reaching 16.4 billion parcels [10][12] - The inter-city parcel volume accounted for 90% of total parcel volume, with a 16% Y/Y increase, while intra-city volume grew 8% Y/Y [10][12] - The ASP decline narrowed to 5% Y/Y in July from 6% in June, indicating easing competitive pressures [10][12] Regulatory Environment - The anti-involution campaign is broadening, with regulators intensifying efforts to rationalize the competitive landscape [9][10] - National bodies like the State Post Bureau and the National Development and Reform Commission have issued pricing guidance to stabilize the industry [11][10] Investment Ratings - J.P. Morgan maintains an Overweight rating on SF, JDL, and ZTO, while keeping a Neutral rating on YMM, reflecting a balanced risk/reward scenario [3][10] Additional Insights - Online retail sales in July showed a strong start for 3Q25, with home appliances sales growing 29% Y/Y, while food sales softened [15][17] - YMM's revenue growth in 2Q25 was 17%, but the company revised its FY25 revenue guidance down by 5% due to challenges in the freight brokerage segment [16][18] This summary encapsulates the key points discussed in the conference call, highlighting the dynamics of the logistics industry in China, company-specific performances, regulatory impacts, and investment outlooks.