Nan Fang Du Shi Bao·2025-11-17 11:10Core Viewpoint - The exercise period for Alibaba's stock options in Shentong Express has been postponed again, now extending to December 27, 2028, which raises uncertainties regarding Alibaba's potential control over Shentong Express [2][4]. Group 1: Stock Option Agreement - Alibaba has signed an extension agreement for the stock option rights, allowing it to purchase 100% of the shares of Shanghai Derun No. 2 Industrial Development Co., Ltd. and 100% of the shares of Shanghai Gongzhirun Industrial Development Co., Ltd., which hold 4.9% and 16.1% of Shentong Express, respectively [3][4]. - The total exercise price for the stock options is RMB 5.276 billion, equating to RMB 16.413 per share, while Shentong Express's current stock price is RMB 15.17, reflecting a decline of 2.76% [3][4]. Group 2: Financial Performance - In Q3, Shentong Express reported revenue of RMB 13.546 billion, a year-on-year increase of 13.62%, and a net profit of RMB 302 million, up 40.32% [6]. - The company's cash flow from operating activities decreased by 28.55%, attributed to an increase in monthly settlement customer revenue and a reduction in advance payments from end franchisees [6]. Group 3: Market Dynamics - The express delivery industry is experiencing a slowdown, with national express business volume growth decreasing from 15.8% to 12.3% and revenue growth dropping from 9.0% to 4.2% from June to August [5]. - Shentong Express's market share is currently at 13%, on par with Yunda, but behind Zhongtong and Yuantong, with a significant increase in business volume compared to Yunda in Q3 [6][7]. Group 4: Strategic Developments - Alibaba has been reducing its equity stakes in various sectors, including logistics, which may impact its strategic focus and investment in Shentong Express [7]. - The collaboration between Shentong Express and Alibaba has deepened since 2020, with significant investments and partnerships aimed at enhancing logistics capabilities [4][6].