Core Viewpoint - ZTO Express (02057) announced a share repurchase plan, indicating confidence in its stock value and future prospects [1] Group 1: Share Repurchase Details - The company will repurchase 617,600 shares at a total cost of $15.2602 million [1] - The repurchase price per share ranges from $24.52 to $25.15 [1]

智通财经APP讯，中通快递-W(02057)发布公告，于2026年2月25日该公司斥资1526.02万美元回购61.76 万股，回购价格为每股24.52-25.15美元。 ...

呈交日期： 2026年2月26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 | | | 佔有關事件前的現有已發 | | | 每股發行/出售價 (註4) | 已發行股份總數 | | | | | 已發行股份（不包括庫存股份）數 | | 行股份（不包括庫存股 | | ...

Industry Overview - The total express delivery volume for the first eight weeks of 2026 reached 32.734 billion pieces, representing a year-on-year increase of 5.40% [1][2] - The competition landscape in the express delivery industry is accelerating differentiation, shifting from quantity competition to quality competition as the industry pursues high-quality development [1][4] Company Performance - In January, the express delivery volumes were as follows: YTO Express at 2.943 billion pieces, Shentong Express at 2.540 billion pieces, Yunda at 2.231 billion pieces, and SF Express at 1.386 billion pieces [3] - The growth rates for January were led by YTO Express at 29.75%, followed by Shentong Express at 25.57%, and Yunda at 10.83% [3] - SF Express saw an increase in average single ticket price to 14.72 yuan, up by 0.91 yuan month-on-month, indicating a shift from scale-driven to value-driven growth [3] Investment Recommendations - SF Express is recommended as a leading comprehensive express logistics company, expected to enter a new development phase with improved cash flow and operational strategies [4] - The company is anticipated to benefit from the rapid growth of the instant retail sector, with its same-city delivery business poised for strategic opportunities [4] - The express delivery industry is expected to see continued recovery in profitability due to price adjustments initiated since August 2025, with a focus on leading companies like ZTO Express and YTO Express [4]

智通财经APP讯，中通快递-W(02057)发布公告，于2026年2月24日该公司斥资1547.06万美元回购61.78 万股，回购价格为每股24.67-25.21美元。 ...

格隆汇2月25日丨中通快递-W(02057.HK)发布公告，2026年2月24日耗资1547.06万美元回购61.78万股， 回购价格每股24.67-25.21美元。 ...

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) 第 2 頁 共 8 頁 v 1.3.0 FF305 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： 2026年2月25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 | ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [9] Core Insights - As of February 22, the cumulative year-on-year growth rate of national express delivery volume for the first five weeks of the year is 1.9%, a significant slowdown compared to 29.3% in the same period last year. This slowdown is attributed to increased compliance costs due to precise tax audits and the positive price growth resulting from regulatory measures against excessive competition. The industry is expected to maintain single-digit growth rates through 2026, with leading companies likely to gain market share [2][4][5]. Summary by Sections Industry Overview - The express delivery volume growth has significantly slowed, with the current growth rate at 1.9% compared to 29.3% last year. This is primarily due to increased compliance costs for merchants and a positive price growth trend since September 2025 [4][5]. Market Dynamics - The leading express companies are expected to see their market share increase as the competitive landscape shifts. In January, the growth rates for major companies were as follows: YTO Express at 29.8%, Shentong Express at 25.6%, and Yunda Express at 10.8% [4][5]. Recommendations - The report recommends focusing on leading express companies such as Zhongtong and Yuantong, which are currently valued at historical lows. Attention is also drawn to SF Express, which has been optimizing its product structure and is expected to see a profitability turnaround [5]. Logistics Data - Air freight prices have remained stable despite the off-peak season, with strong demand for high-tech products contributing to this trend. The average utilization rates for Eastern Airlines and Southern Airlines logistics are reported at 10.7 hours and 14.0 hours, respectively [7][28].

"刚开始帮忙配送，一天下来浑身酸疼，现在习惯后就好多了。体会到老爸工作的辛苦，尽量帮他多分 担点。"大儿子都鑫宇身穿蓝色工作服，车上车下忙活，俨然一位熟练的业务员。 春节期 间，在中通快递北京东城区贡院东街网点，都克磊（右）和儿子一起分拣快递，准备配送。 本报记者 邓伟摄 本报记者 孙宏阳 大年初三早上9点，中通快递北京东城区贡院东街网点，一辆银色厢式货车驶入小院，网点负责人都克 磊从驾驶座下来，快速打开车厢大门。 "春节不堵车，往返仨小时，从廊坊中通北方运转中心拉来的，八百个快递今天都要送完！"都克磊风风 火火，大步流星。春节期间，网点人手从二十多个减少至四五个，他既要当司机，又要当配送员。 说话间，原本安静的小院热闹起来，对着车厢门的传送带开始运转，几位业务员站在传送带两旁熟练地 分拣，按照编码将包裹放入对应手推车内。都克磊的爱人、上大二的儿子还有读初中的女儿，都在帮忙 的人手之中。 "您好，包裹上的快递地址不存在，能否提供一下更准确的地址？"一旁，都克磊的爱人忙着拨打电话处 理问题件，"很多人春节离京，不是很好联系，有的人都忘了自己买过东西，沟通起来费点工夫。" 春节期间，虽然快递件数不如平日多，但由于 ...

中通快递-W(02057)发布公告，于2026年2月23日该公司斥资1552万美元回购61.66万股，回购价格为每 股24.97-25.42美元。 ...