STO(SZ:002468) Dong Jian Yan Bao·2025-08-29 15:40Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints - In the first half of 2025, the domestic online consumption showed good momentum, driving the strong development of the express delivery industry. The express delivery business volume and revenue in China increased significantly year - on - year. Against this backdrop, Shentong Express achieved "stable business growth and experience upgrade" through a series of strategic measures [25]. - The "anti - involution" policy in the express delivery industry has been actively responded to at the policy and regional levels. The company will actively respond to this call, which is expected to have a positive impact on its operation and service [30]. - In the second half of 2025, due to the "anti - involution" policy and the expansion of the industry's order volume base, the industry growth rate may slow down, but express delivery prices will have certain resilience [33]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Shentong Express, belonging to the logistics industry. The reception time was on August 29, 2025. The listed company's reception staff included the deputy general manager and financial director Liang Bo, the board secretary Guo Lin, and the IR director He Min [16]. 3.2. Detailed Research Institutions - There were 7 securities companies, 8 fund management companies, 1 asset management company, 2 investment companies, 3 other institutions, 1 foreign - funded bank, and 1 other financial company participating in the research [20]. 3.3. Research Institution Proportion - Securities companies accounted for 30%, fund management companies 35%, asset management companies 4%, investment companies 9%, other institutions 13%, foreign - funded banks 4%, and other financial companies 4% [21]. 3.4. Main Content Data 3.4.1. Company Management's Introduction of the 2025 Semi - annual Business Situation - In the first half of 2025, domestic online retail sales increased by 6.0% year - on - year, and the proportion of online retail sales of physical goods in total social consumer goods retail sales was 24.9%. The express delivery business volume in China reached 956.4 billion pieces, a year - on - year increase of 19.3%, and the business revenue was 718.78 billion yuan, a year - on - year increase of 10.1% [25]. - Shentong Express completed a business volume of 12.35 billion pieces in the first half of the year, a year - on - year increase of 20.7%, with a market share of 12.91%, a year - on - year increase of 0.15 percentage points. In the second quarter, the business volume was 6.54 billion pieces, a year - on - year increase of 15.95%, and the market share was 12.95% [25]. - The company achieved an operating income of 25.02 billion yuan, a year - on - year increase of 16.0%. The express delivery income was 24.69 billion yuan, a year - on - year increase of 15.7%, and the single - ticket express delivery income was 2.00 yuan, a year - on - year decrease of 0.09 yuan [26]. - The company's operating cost was 23.67 billion yuan, a year - on - year increase of 16.8%, and the express delivery cost was 23.49 billion yuan, a year - on - year increase of 16.7%. The single - ticket operating cost decreased steadily [27]. - The company's net profit attributable to the parent was 453 million yuan, a year - on - year increase of 3.7% [28]. - The net cash flow from operating activities was 741 million yuan, a year - on - year decrease of 59.6%. The capital expenditure was 1.39 billion yuan, a year - on - year decrease of 9%, mainly invested in machinery and equipment, transport vehicles, and buildings [29]. 3.4.2. Company's Responses to Investor Questions - Regarding the "anti - involution" progress in the express delivery industry, policies have been introduced at the national level, and many regions have actively responded. The company will also actively respond to this call, which is expected to have a positive impact on its operation and service [30]. - In the first half of 2025, the company's capital expenditure was 1.39 billion yuan, a year - on - year decrease of 9%, mainly invested in machinery and equipment, transport vehicles, and buildings. It is expected that the annual capital expenditure this year will be similar to last year, but the specific amount may be affected by the capital payment rhythm [32]. - In the second half of 2025, due to the "anti - involution" policy and the expansion of the industry's order volume base, the industry growth rate may slow down, but express delivery prices will have certain resilience [33]. - After the acquisition of Danniao, the two sides can conduct resource integration in multiple links, optimize cost expenses, and enhance the overall profitability of the listed company. The listed company can also enter the high - end market and enrich its business product matrix [34]. - In the first half of 2025, the company has applied AI technology in many aspects, which has a positive impact on optimizing the management process, improving service quality, and reducing operating costs. In the future, the company will continue to increase technology investment and promote the in - depth upgrade of full - scenario intelligent operation [36][38]. - In the first half of 2025, the company's platform single - order business volume increased by more than 170% year - on - year. In the future, the company will upgrade the single - order platform and enhance its digital intelligence capabilities [39].