Core Viewpoint - The express delivery industry in China is experiencing significant growth, with projections indicating a rise in business volume to 1.2 trillion packages in 2023, 1.5 trillion in 2024, and 1.8 trillion in 2025, reflecting a robust economic indicator [1] Group 1: Technological Advancements - The introduction of a new delivery model utilizing unmanned vehicles for the 1.8 trillionth package showcases the industry's shift towards automation and efficiency [2] - Automation in logistics is enhancing operational efficiency, with AI systems improving sorting accuracy and reducing delivery times [3] - The integration of over 1,300 automated sorting centers and thousands of unmanned vehicles is creating a world-leading intelligent logistics network [4] Group 2: Market Dynamics - The express delivery sector is benefiting from policies promoting the replacement of old goods, with significant growth in large item deliveries, particularly in home furnishings and appliances, which saw a 30% increase [6] - The expansion of service capabilities, including the establishment of new operational sites and reverse logistics models, is supporting the growing demand for product replacement [6][9] - The express delivery industry is increasingly embedding itself within various consumption scenarios, enhancing its economic scale and efficiency [7] Group 3: Rural and Regional Development - The logistics system is improving in rural areas, with a notable increase in package deliveries, particularly for agricultural products, which saw a 21.5% growth [10] - The expansion of delivery services into western regions is facilitating smoother movement of goods, enhancing market access for local products [11] - The establishment of standardized distribution centers in the central and western regions is promoting balanced regional development and supporting the national market integration [12]

快递连接千城百业、千家万户，是经济运行的"晴雨表"。透过三个镜头，让我们一起观察新纪录背后的 经济新气象。 广东深圳市民李先生下单智能学习机后，商品经由京东物流深圳小件智狼仓分拣出库。抵达末端站点 后，无人配送车进行货物接驳，随即由快递员送货上门，商品实现当日达。 高度无人化，流程耗时得以压缩。 走进智能仓库，搬运机器人、飞梯机器人在货架间来回穿梭；移步智能分拣中心，AI（人工智能）识 别系统助力快递分拣效能显著提升；行至网点，无人配送车与快递员协同配合，节省末端配送时间。 来源：人民日报 2023年，年内首次突破1200亿件大关；2024年，年内首次越过1500亿件门槛；2025年，年内首次创下 1800亿件纪录……连续3年，我国快递业务量一步一个脚印、不断跃上新高度。 镜头一：学习机，"无人"送 世界领先、履约高效的智能物流网络加快织就 第1800亿件快递采用无人配送新模式。 "大动脉"日益焕新，让运力更强劲。 1300多个自动化分拣中心有序运转、数千辆无人车投入运营、无人机配送快件量超300万件……物流园 区、快递网点与新一代信息技术深度融合，织就一张世界领先的智能化物流网络。 "微循环"加速迭代，让履 ...

Core Insights - The express delivery industry in China is experiencing significant growth, with the volume expected to exceed 1.2 billion packages in 2023, 1.5 billion in 2024, and 1.8 billion in 2025, indicating a robust upward trend in logistics demand [1] Group 1: Technological Advancements - The introduction of unmanned delivery models is revolutionizing logistics, as seen with the 1.8 billionth package being delivered using this method [2] - Automation in warehouses and sorting centers is enhancing efficiency, with AI systems significantly improving sorting accuracy and speed [3][5] - The integration of new technologies in logistics, such as automated sorting centers and unmanned vehicles, is creating a world-leading intelligent logistics network [4] Group 2: Market Dynamics - The express delivery sector is supporting a 6.3% growth in online retail sales of physical goods, driven by policies promoting the replacement of old goods with new ones [6][7] - The expansion of logistics services into various consumer scenarios, such as high-speed rail stations and tourist attractions, is amplifying the scale effects within the industry [7] - The development of new logistics models, including factory logistics and international supply chains, is enhancing the integration of logistics with production and consumption [9] Group 3: Regional Development - The logistics system is improving in rural areas, with a notable increase in express delivery services, leading to a 21.5% growth in agricultural product shipments [10] - The expansion of delivery networks into western regions is facilitating smoother flow of goods, enhancing market access for local products [11] - The establishment of standardized distribution centers in the central and western regions is promoting balanced regional development, with some areas seeing over 30% growth in express delivery volume [12]

Core Insights - The express delivery industry in China is experiencing significant growth, with the volume expected to exceed 1.2 billion packages in 2023, 1.5 billion in 2024, and 1.8 billion in 2025, indicating a robust upward trend in logistics and e-commerce [1] Group 1: Technological Advancements - The 1.8 billionth package was delivered using a new unmanned delivery model, showcasing the industry's shift towards automation and efficiency [2] - Automation in logistics is reducing processing times, with robots and AI systems enhancing sorting efficiency and collaboration between delivery vehicles and personnel [3] - Over 1,300 automated sorting centers and thousands of unmanned vehicles are operational, with drone deliveries exceeding 3 million packages, reflecting a world-leading smart logistics network [4] Group 2: Market Dynamics - The express delivery sector is supporting a 6.3% increase in online retail sales of physical goods, driven by policies promoting the replacement of old goods with new ones [6][7] - The expansion of logistics services into various consumer scenarios, such as high-speed rail stations and tourist attractions, is amplifying the scale effects within the industry [7] - The integration of logistics into production and international supply chains is enhancing cost advantages and creating over 1,600 key projects across various industries [9] Group 3: Rural and Regional Development - The logistics system is improving, leading to a rise in express delivery volumes in central and western regions, with over 12.9 billion packages delivered to rural areas, marking a 21.5% increase in agricultural product shipments [10] - The establishment of standardized distribution centers in central and western regions is facilitating smoother logistics operations and enhancing regional balance in market development [12]

【深圳商报讯】（记者 肖晗）中通快递（HK02057/ZTO）日前公告称，旗下全资子公司中通航空将以 1.78亿元人民币收购浙江星联航空货运有限公司，此举旨在整合航空物流资源，提升集团综合竞争力。 中通方面表示，此次收购将提升集团的端到端境内外航空物流能力，并将增强集团在航空货运服务领域 的整体竞争力。鉴于浙江星联的稳定运营及业绩盈利，收购预期将增厚集团的业绩并提升对股东的回 报。 据中通快递公告，11月28日，中通航空与中通云冷及浙江星联签订股权转让协议，收购浙江星联100% 股权，共支付人民币1.78亿元。其中首付款为人民币1亿元，尾款为人民币7800万元，均在先决条件达 成后的10个和15个营业日内支付。 浙江星联成立于2018年，注册资本为人民币1.6亿元，主营航空货运服务。 ...

镜头一：学习机，"无人"送 世界领先、履约高效的智能物流网络加快织就 第1800亿件快递采用无人配送新模式。 2023年，年内首次突破1200亿件大关；2024年，年内首次越过1500亿件门槛；2025年，年内首次创下 1800亿件纪录……连续3年，我国快递业务量一步一个脚印、不断跃上新高度。 快递连接千城百业、千家万户，是经济运行的"晴雨表"。透过三个镜头，让我们一起观察新纪录背后的 经济新气象。 广东深圳市民李先生下单智能学习机后，商品经由京东物流深圳小件智狼仓分拣出库。抵达末端站点 后，无人配送车进行货物接驳，随即由快递员送货上门，商品实现当日达。 高度无人化，流程耗时得以压缩。 走进智能仓库，搬运机器人、飞梯机器人在货架间来回穿梭；移步智能分拣中心，AI（人工智能）识 别系统助力快递分拣效能显著提升；行至网点，无人配送车与快递员协同配合，节省末端配送时间。 镜头二：旧家具，速换新 前10月，快递支撑实物商品网上零售额增长6.3％ 今年"双11"，以旧换新势头不减。山东临沂市民王女士趁着换新补贴下单了一套家具。快递员准时上 门、送装一体，全程不到1小时。 得益于消费品以旧换新政策加力扩围，更新换代需求有 ...

2023年，年内首次突破1200亿件大关；2024年，年内首次越过1500亿件门槛；2025年，年内首次创下 1800亿件纪录……连续3年，我国快递业务量一步一个脚印、不断跃上新高度。 快递连接千城百业、千家万户，是经济运行的"晴雨表"。透过三个镜头，让我们一起观察新纪录背后的 经济新气象。 镜头一：学习机，"无人"送 世界领先、履约高效的智能物流网络加快织就 第1800亿件快递采用无人配送新模式。 广东深圳市民李先生下单智能学习机后，商品经由京东物流深圳小件智狼仓分拣出库。抵达末端站点 后，无人配送车进行货物接驳，随即由快递员送货上门，商品实现当日达。 高度无人化，流程耗时得以压缩。 走进智能仓库，搬运机器人、飞梯机器人在货架间来回穿梭；移步智能分拣中心，AI（人工智能）识 别系统助力快递分拣效能显著提升；行至网点，无人配送车与快递员协同配合，节省末端配送时间。 "大动脉"日益焕新，让运力更强劲。 1300多个自动化分拣中心有序运转、数千辆无人车投入运营、无人机配送快件量超300万件……物流园 区、快递网点与新一代信息技术深度融合，织就一张世界领先的智能化物流网络。 "微循环"加速迭代，让履约更高效。 仓储 ...

2025年，全国快递量再次打破纪录。12月1日，国家邮政局监测数据显示，截至2025年11月30日，我国 快递年业务量首次突破1800亿件，超过2024年全年的1750.8亿件，创历史新高。不仅如此，京东、极 兔、中通等头部企业在近年来加速发力自动化投入，角逐新一轮无人机、无人车竞争高地。快递行业正 从"价格战"向"价值战"深入推进。 快递企业积极尝试无人车等智能设备，其核心在于进一步提升网点效率并降低人力成本。今年7月以 来，已有20台无人车在江西中通南昌县二部网点投入运营，每天可节约2小时配送时间。对比过往传统 货车派送，整体运输成本能降低50%。"网点目前直分直送线路近50条，其中无人车配送占比已增至 30%，无人车单次可满载1000票快递，每月可达30万票，未来计划再引入20台。"南昌县二部网点经理 李锋表示。 截至今年二季度，超2900台中通无人配送车每天在250多个城市运送超20万件包裹，累计运行里程已逾 2000万公里。 极兔也不甘落后。今年11月，极兔投入运营的无人车已突破1000台。极兔还提及，无人车的应用能使网 点单票成本下降超10%，人力成本节省超50%。 行业高质量发展 15分钟出库 ...

2025年，全国快递量再次打破纪录。12月1日，国家邮政局监测数据显示，截至2025年11月30日，我国快递年业务量首次突破1800亿件，超过2024年全年的 1750.8亿件快递业务量，创历史新高。不仅如此，京东、极兔、中通等头部企业在近年来加速发力自动化投入，角逐新一轮无人机、无人车竞争高地。快递 行业正从"价格战"向"价值战"深入推进。 15分钟出库 今年第1800亿件快递，做到了几乎全程的"无人"运输。据了解，这件快递是广东深圳一位市民李先生网购的智能学习机。快件从京东智狼仓经过全自动分拣 出库，运达站点后将由无人快递车送至收件人小区门口，再由京东快递小哥送货上门，派送全程实现了较高程度的无人化。 在第1800亿件快递包裹产生地——京东物流深圳智狼仓中，近200台智狼搬运机器人和飞梯机器人，以及高密度货架、定制化料箱、自动入库工作站等构成 了庞大的"智狼货到人系统"，可在存储、搬运和拣选等环节实现自动化操作。 李锦源是京东物流首批招聘的智慧仓运维员之一，负责机器人日常的维护和检修。在仓内，他每天见证超4万件包裹发出。据李锦源介绍，智狼设备的应用 大大提升了仓内处理效率，例如此次第1800亿件快递，从收 ...

Core Viewpoint - The company is intensifying its investment in air freight services through the acquisition of Zhejiang Xinglian, enhancing its logistics capabilities and overall competitiveness in the air freight sector [1][3]. Group 1: Acquisition Details - ZTO Express announced the acquisition of 100% equity in Zhejiang Xinglian for RMB 178 million, with the transaction expected to be completed by November 28, 2025 [1]. - Zhejiang Xinglian, established in 2018, primarily engages in air freight services, and has shown stable profitability with pre-tax net profits of RMB 6.213 million and RMB 6.655 million for 2023 and 2024, respectively [2]. - The acquisition is classified as a related party transaction, but it is exempt from independent shareholder approval due to its percentage being between 0.1% and 5% [1][2]. Group 2: Financial Performance - ZTO Express reported revenues of RMB 35.38 billion, RMB 38.42 billion, and RMB 44.28 billion for 2022, 2023, and 2024, respectively, with year-on-year growth rates of 16.35%, 8.60%, and 15.26% [5]. - The net profit attributable to shareholders for the same years was RMB 6.809 billion, RMB 8.749 billion, and RMB 8.817 billion, reflecting growth rates of 43.20%, 28.49%, and 0.78% [5]. - For the first three quarters of 2025, the company achieved revenues of RMB 34.59 billion, a year-on-year increase of 10.29%, and a net profit of RMB 6.455 billion, growing by 0.33% [5]. Group 3: Industry Context - The air freight market is experiencing significant growth, with the Civil Aviation Administration of China reporting a 22.1% year-on-year increase in cargo and mail transport volume, reaching 8.9816 million tons in 2024 [7]. - Other major players in the express delivery sector, such as SF Express, YTO Express, and JD Logistics, have also entered the air freight market, indicating a competitive landscape [5][6]. - The government has initiated policies to support the development of the air logistics sector, including the "14th Five-Year" plan for aviation logistics, which aims to create a high-quality and efficient air logistics system [6].