STO(SZ:002468) Zheng Quan Shi Bao Wang·2025-10-28 08:41Core Insights - Shentong Express reported a revenue of 38.57 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 15.2% [1] - The net profit reached 756 million yuan, up 15.8% year-on-year, while the net profit excluding non-recurring items was 758 million yuan, reflecting an 18.7% increase [1] - In Q3 alone, the net profit excluding non-recurring items surged by 59.6% to 322 million yuan [1] Business Performance - The company completed a total express delivery volume of 18.86 billion pieces in the first three quarters, representing a year-on-year growth of 17.1% [1] - Shentong's market share reached 13.0%, indicating a steady increase in business scale [1] Industry Trends - The State Post Bureau has actively opposed "involution" in the express delivery industry, promoting a shift towards high-quality development since August [2] - Regions like Guangdong and Fujian have initiated price increases for express services, with the minimum price in Yiwu raised from 1.1 yuan to 1.2 yuan, and Guangdong's base price increased from 1 yuan to approximately 1.4 yuan [2] - The industry is witnessing a gradual recovery in express delivery prices since August, leading to improved revenue per package for companies [2] Strategic Initiatives - Shentong Express has adopted a strategy of "intrinsic growth," focusing on enhancing service quality and customer experience [3] - The company has launched innovative service products such as "Shendongdong," "Fresh Enjoy," and "First Class Cabin," aimed at attracting high-end quality merchant clients [3] - Shentong is leveraging AI technology to optimize operational efficiency across the entire delivery chain [3][4] Technological Advancements - The company has developed a "smart" fleet with intelligent driving assistance to enhance transportation safety and efficiency [4] - An "intelligent visual platform" has been implemented to reduce mis-sorting and damage rates during the sorting process [4] - Shentong has introduced AI-driven customer service platforms to improve automation and efficiency in customer interactions [4] - The company has established six core delivery scenarios utilizing unmanned vehicles to strengthen last-mile delivery capabilities [4]