圆通速递有限公司拟股权收购所涉及的 北京万佳高科科贸发展有限责任公司 股东全部权益价值项目 资产评估报告 中同华评报字（2025）第 072884 号 共壹册 第壹册 北京中同华资产评估有限公司 China Alliance Appraisal Co.,Ltd. 日期：2026 年 1 月 5 日 地址：北京市丰台区丽泽路 16 号院北京汇亚大厦 28 层 邮编：100073 电话：010-68090001 传真：010-68090099 本报告依据中国资产评估准则编制 | 报告编码: | 1111020005202600033 | | | --- | --- | --- | | 合同编号: | 中同华合同字(2025) 3009号 | | | 报告类型: | 法定评估业务资产评估报告 | | | 报告文号: | 中同华评报字(2025)第072884号 | | | 报告名称: | 圆通速递有限公司拟股权收购所涉及的北京万佳高科科贸发展有 | | | | 限责任公司股东全部权益价值项目 | | | 评估结论: | 305,000,000.00元 | | | 评估报告日: | 2026年01月05日 | | | ...

证券代码：600233 证券简称：圆通速递 公告编号：临 2026-005 圆通速递股份有限公司 关于全资子公司收购北京万佳高科科贸发展 有限责任公司 100%股权暨关联交易的公告 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、关联交易概述 （一）本次交易的基本情况 交易简要内容：北京万佳高科科贸发展有限责任公司（以下简称"万佳 高科"或"标的公司"）系公司控股股东上海圆通蛟龙投资发展（集团） 有限公司（以下简称"蛟龙集团"）全资孙公司，其持有位于顺义区仁 和地区杨家营村东的土地。为满足业务发展和经营规划需要，进一步完 善北京区域的基础设施布局，推动公司在华北地区资产的优化配置，圆 通速递有限公司（以下简称"圆通有限"）拟向蛟龙集团子公司上海圆 弘置业管理有限公司（以下简称"圆弘置业"）购买其持有的万佳高科 100%股权。本次交易价格以《资产评估报告》的评估结果为定价依据， 交易对价为 30,500.00 万元。 交易性质：本次交易对方圆弘置业与公司同受蛟龙集团控制，为公司关 联法人，本次交易构成关联交易 ...

证券代码：600233 证券简称：圆通速递 公告编号：临 2026-004 圆通速递股份有限公司 关于 2026 年度对外担保额度的公告 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、担保情况概述 （一） 担保的基本情况及内部决策程序 公司于 2026 年 1 月 9 日召开第十二届董事局第三次会议，审议通过了《关 于 2026 年度对外担保额度的议案》。为满足公司下属公司经营发展需要，提高决 策效率，高效制定资金运作方案，公司及下属公司 2026 年度拟为合并报表范围 内的子公司提供总额不超过人民币 32.00 亿元的担保，其中为资产负债率超过 70%的子公司提供的担保不超过 27.40 亿元，为资产负债率低于 70%的子公司提 供的担保不超过 4.60 亿元。 同时，公司将提请股东会授权董事局在股东会批准上述担保额度的前提下， 办理具体的担保事宜。该担保额度自公司股东会审议通过之日起 12 个月内有效。 该事项尚需提交公司股东会审议。 （二） 担保预计基本情况 被担保人名称：圆通速递有限公司、杭州圆通 ...

证券代码：600233 证券简称：圆通速递 公告编号：临 2026-003 圆通速递股份有限公司 关于 2026 年度日常关联交易预计的公告 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 根据《上海证券交易所股票上市规则》（以下简称《股票上市规则》）等有关 规定，以及公司日常经营和业务发展需要，圆通速递股份有限公司（以下简称"公 司"）按照类别对 2026 年度将发生的日常关联交易进行了合理预计，预计将与上 海圆通蛟龙投资发展（集团）有限公司（以下简称"蛟龙集团"）及其下属公司、 阿里巴巴集团控股有限公司（以下简称"阿里巴巴集团"）下属公司等发生关联 交易，合计金额不超过人民币 506,715.41 万元。现将具体内容公告如下： 一、2026 年度日常关联交易基本情况 （一）2026 年度日常关联交易预计履行的审议程序 单位：万元 交易类型 关联方 2026 年预计 向关联方 采购商品 蛟龙集团及其下属公司 28,957.48 其中：杭州黄金峡谷生态科技有限公司 18,200.87 阿里巴巴集团下属公司 4. ...

证券代码：600233 证券简称：圆通速递 公告编号：临 2026-006 圆通速递股份有限公司 关于召开2026年第一次临时股东会的通知 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、召开会议的基本情况 (一)股东会类型和届次 2026年第一次临时股东会 召开的日期时间：2026 年 1 月 28 日 14 点 00 分 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 1 月 28 日 至2026 年 1 月 28 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 股东会召开日期：2026年1月28日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二)股东会召集人：董事局 (三)投票方式：本次股东 ...

具体内容详见上海证券交易所网站（http://www.sse.com.cn/）以及公司同 日披露的《圆通速递股份有限公司关于 2026 年度日常关联交易预计的公告》（公 告编号：临 2026-003）。 本议案已经董事局审计委员会、独立董事专门会议审议通过。 关联董事喻会蛟、张小娟、沈沉、喻世伦回避表决。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 证券代码：600233 证券简称：圆通速递 公告编号：临 2026-002 圆通速递股份有限公司 第十二届董事局第三次会议决议公告 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 圆通速递股份有限公司（以下简称"公司"）第十二届董事局第三次会议以 电子邮件等方式通知了全体董事，并于 2026 年 1 月 9 日以通讯方式召开。应出 席会议的董事 9 名，实际出席会议的董事 9 名，符合《中华人民共和国公司法》 （以下简称《公司法》）等有关法律法规及《圆通速递股份有限公司章程》（以下 简称《公司章程》）的规定。会议由董事局主席喻会蛟先生主持。 会议以记名和书面的表决方式形成 ...

圆通速递公告，为完善北京区域基础设施布局，全资子公司圆通速递有限公司拟向关联方上海圆弘置业 管理有限公司购买其持有的北京万佳高科科贸发展有限责任公司100%股权，交易对价为3.05亿元。万 佳高科持有位于顺义区仁和地区杨家营村东的土地。本次交易经董事局审议通过，不构成重大资产重 组，无需提交股东会审议。交易完成后，万佳高科将纳入公司合并报表范围。 ...

Core Viewpoint - The express delivery industry is expected to maintain a single-digit growth rate, with a projected year-on-year increase of 5% in express delivery volume by November 2025, indicating a continued trend of slow growth and effective implementation of anti-involution policies [1][2][4]. Group 1: Industry Growth and Trends - The express delivery volume growth rate is expected to drop to single digits in Q4, with the Double Eleven shopping festival showing a year-on-year increase of 9%, a slowdown compared to the 21% growth in 2024 [2]. - The anti-involution measures implemented since July 2025 have effectively driven price recovery in the e-commerce express delivery sector, which may influence the growth trend of small and light packages and enhance the quality of express delivery demand [2][3]. Group 2: Profitability and Market Share - The anti-involution policies have led to an increase in single-package revenue, with YTO, Yunda, and Shentong seeing increases of 0.16, 0.25, and 0.44 yuan per package respectively since July [3]. - The market concentration has stabilized, with the industry CR8 remaining at 86.9 in November, indicating a slight recovery in market share for YTO since Q4 2025, attributed to AI integration and infrastructure upgrades [3]. - The net profit margins for major companies in Q3 2025 were as follows: Zhongtong -0.9%, YTO +0.07%, Yunda -1.5%, and Shentong +0.5% year-on-year, with expectations for continued profitability recovery in Q4 [3]. Group 3: Regulatory Environment and Future Outlook - The anti-involution measures have been effectively enforced, with the State Post Bureau emphasizing the need to combat "involutionary" competition, leading to price stabilization and gradual expansion of price increases to key regions [4]. - The positive effects of the current anti-involution policies are expected to continue, supporting healthy competition and ongoing profitability recovery in the industry [4]. - Future focus should be on the regulatory strength of anti-involution measures and the competitive strategies of companies within the industry [4]. Group 4: Investment Recommendations - The recommendation is to maintain a bullish rating on the express delivery sector, highlighting leading companies such as Zhongtong Express and Jitu Express, which are expected to benefit from profitability improvements and high overseas volume growth [5]. - SF Express is noted for its operational mechanisms that drive volume growth, with short-term performance fluctuations attributed to proactive market expansion strategies and necessary long-term investments [5].

Core Insights - The 2026 National Postal Work Conference was held in Beijing, summarizing the postal work of 2025 and the "14th Five-Year Plan" period, while analyzing the situation and planning for the "15th Five-Year Plan" [2] Group 1: Industry Performance - In 2025, the postal industry achieved a business revenue of 1.8 trillion yuan and a delivery volume of 216.5 billion items, representing year-on-year growth of 6.4% and 11.5% respectively [2] - The express delivery business generated a revenue of 1.5 trillion yuan and a volume of 199 billion items, with year-on-year growth of 6.5% and 13.7% respectively [2] - During the "14th Five-Year Plan" period, the postal industry's business revenue increased to 1.8 trillion yuan, with an average annual growth rate exceeding 10%, placing it among the fastest-growing sectors in modern services [2] Group 2: Technological Advancements - Over the past five years, the postal industry's service capabilities have significantly improved, with major sorting centers achieving automation and the scale of unmanned warehouse operations expanding [3] - The industry has seen positive results from pilot programs using unmanned vehicles and drones, with cloud computing and large models accelerating applications in demand forecasting, intelligent warehouse management, and route planning [3] - In 2026, the postal industry plans to introduce policies to promote the application of unmanned delivery technologies, deepen the trial use of unmanned vehicles and drones, and accelerate the adoption of intelligent sorting and cloud warehouse technologies [3]

Core Viewpoint - The collaboration between the All-China Federation of Trade Unions and judicial authorities aims to protect the rights of new employment form workers, particularly in the express delivery industry, through a combination of legal supervision and algorithm regulation [1][3]. Group 1: Legal Framework and Mechanisms - The "One Letter and Two Documents" system is a crucial mechanism for labor rights protection, combining soft reminders and strict supervision to ensure compliance with labor laws [1]. - The Qingpu District is a model area for the transformation of the express delivery industry, housing major companies and employing over 570,000 direct workers, significantly contributing to regional economic development [1][3]. Group 2: Investigation and Evidence Collection - In March 2025, the Qingpu District Trade Union collected complaints from delivery workers regarding unfair assessments and deductions, leading to an investigation by the Qingpu District Prosecutor's Office [2]. - The prosecutor's office utilized modern technology to secure evidence related to delivery rules and penalty records, ensuring the legality and effectiveness of the evidence collected [2]. Group 3: Collaborative Efforts and Recommendations - The Qingpu District Prosecutor's Office issued public interest litigation recommendations to the local Human Resources and Social Security Bureau, urging them to enforce labor protection laws and optimize algorithm rules in the industry [3][5]. - A public hearing was organized to discuss algorithm fairness, involving various stakeholders, which clarified the legal obligations of companies regarding algorithm transparency and the collaborative responsibilities of regulatory bodies [4]. Group 4: Implementation of Changes - Following the prosecutor's recommendations, the Human Resources and Social Security Bureau prioritized algorithm compliance in the express delivery sector, conducting investigations and requiring companies to submit self-inspection reports [5]. - Multiple express delivery companies have since revised their payment algorithms to ensure direct payments to workers, with significant improvements in payment timelines and worker satisfaction [6]. Group 5: Impact on Workers - The reforms led to an average monthly income increase of 8% to 12% for delivery workers, with enhanced job satisfaction and a sense of security regarding their rights [6]. - The case exemplifies a new model for algorithm oversight, demonstrating the effectiveness of multi-departmental collaboration in protecting employee interests [7].