Core Viewpoint - ZTO Express (02057) announced a comprehensive buyback of approximately 33.63 million shares, costing around $982 million, scheduled for September 2, 2025 [1] Summary by Categories Company Actions - ZTO Express plans to repurchase approximately 33.63 million shares [1] - The total expenditure for this buyback is estimated at $982 million [1] Financial Implications - The buyback represents a significant investment in the company's own shares, indicating confidence in its future performance [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中通快遞（開曼）有限公司（於開曼群島註冊成立以不同投票權控制的有限責任公司） 呈交日期： 2025年9月3日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 其他分類 (請註明) | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 | 否 | | | | 證券代號 (如上市) | | 說明 | | 於2027年到期年利率為1.50%的可換股優先票據（「2027年票據」） | | | | | | A. 已發行股份或庫存股份變動 | | | | ...

【深圳商报讯】（首席记者 吴蕾 通讯员 李植兴）近日，在深圳市邮政管理局、市文化广电旅游体育局 的指导下，深圳市快递行业协会与深圳市社会体育指导员协会联合开展"运动快充"健康关爱活动，向全 市快递从业者发出"动起来"的倡议。来自顺丰、跨越、中通、圆通等35家头部及区域知名快递企业的 350名代表参与活动，共同推动"碎片化运动"融入日常工作，为这个日夜奔忙的群体注入健康活力。 深圳市快递行业协会负责人表示，希望通过"运动快充"让健康成为快递从业者的"标配"，让他们在保障 民生的同时，也能"跑单更有劲，生活更有热情"。据了解，此次活动希望为快递行业健康发展注入新动 能，更将"碎片化运动"的健康理念推向更广泛的劳动群体，让"忙里偷闲锻炼"成为职场人的健康新选 择。 作为城市运转的"摆渡人"，深圳快递从业者每年承担着70亿件快件的运递任务，高强度的工作节奏让他 们常面临颈椎腰椎劳损、运动不足等健康问题，久坐驾驶、重复搬运等工作模式更增加了慢性病风险。 单调忙碌的工作节奏，也容易让从业者心情沉闷，影响工作状态。针对这些现状，活动创新引入"碎片 化运动"理念，发布全国首个针对快递人员的《深圳快递行业运动快充手册》。记者了 ...

Core Insights - Chengdu Qingbaijiang District and ZTO Express Group signed a strategic cooperation agreement focusing on low-altitude logistics, logistics innovation, and smart logistics to create a multi-modal smart logistics ecosystem [2][3] - The project leverages Qingbaijiang's advantages as an international railway hub and ZTO's expertise in smart logistics and unmanned delivery technology, aiming to enhance the digital and intelligent upgrade of the regional supply chain [2][3] Company Developments - ZTO Express is expanding its investment in Chengdu, utilizing Qingbaijiang's logistics infrastructure and ZTO's industry experience to develop a comprehensive logistics hub headquarters, China-Europe Railway Express hub warehouse, and an intelligent delivery network [3] - The project will also explore integrated logistics systems, including "railway + drone" and "low-altitude + cold chain" delivery models, aiming to create a modern logistics industry function system that integrates intercity distribution and smart transportation [3] Industry Context - Qingbaijiang District is recognized as a national economic and technological development zone and a starting point for the China-Europe Railway Express (Chengdu), with a strong foundation in manufacturing and mature logistics and equipment manufacturing clusters [2] - The collaboration is part of Qingbaijiang's efforts to integrate into the Belt and Road Initiative and build an international supply chain ecosystem, while ZTO aims to enhance its national network and service capabilities [3]

Summary of Conference Call on the Express Delivery Industry Industry Overview - The express delivery industry is entering a recovery phase in profitability, with price increases expected to be implemented gradually starting in September 2023, aligning with price hikes in Guangdong province [1][2] - The structure of express delivery volumes is shifting towards lighter and smaller packages, which, while increasing volume, also adds pressure on profitability for both network points and headquarters [1][4] Key Points and Arguments - **Profitability Recovery**: The anticipated price increases are expected to alleviate competition in the industry, particularly during the peak season in Q4, leading to improved profitability [1][2] - **Impact of Price Increases**: The average price increase across the industry is approximately 0.4 yuan, with specific regions like Guangdong extending price lock periods to ensure sustainability [2] - **Historical Context**: The express delivery industry experienced significant price increases in 2021 and maintained stability in 2022. However, 2023 and 2024 saw targeted price adjustments, with a new round of anti-competition measures expected in 2025 [3] - **Pressure on Franchisees**: The net profit of express delivery companies has declined year-on-year, particularly in grain-producing areas like Yiwu and Guangzhou, where prices have dropped to historical lows, squeezing franchisee profitability [6] - **Social Security Costs**: A new judicial interpretation regarding social security contributions, effective September 1, 2023, is expected to increase labor costs for franchise networks, potentially adding 0.11 to 0.23 yuan to the cost per package [7][8] - **E-commerce Impact**: The average order value for e-commerce is around 75 yuan, with logistics costs accounting for less than 5%. A price increase of 0.50 yuan in express delivery costs would have a minimal impact on overall e-commerce operating costs [9] Additional Important Insights - **Franchisee Challenges**: The new social security regulations may further strain franchisee operations, especially if profitability pressures persist [7][8] - **Future Profit Projections**: Profit growth for major companies in 2026 is projected to be significant, with estimates of 21% for Zhongtong, 26% for Yuantong, 30% for Yunda, and 31% for Shentong, with potential seasonal increases during peak periods [9] - **Investor Recommendations**: Investors are advised to closely monitor the implementation of pricing policies and the ongoing anti-competition measures, as the overall profitability of the industry is expected to improve in the latter half of the year [10]

公司名稱: 中通快遞（開曼）有限公司（於開曼群島註冊成立以不同投票權控制的有限責任公司） 第 1 頁 共 11 頁 v 1.1.1 | 3. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 未指定 | | | | 2. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | B | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | B類普通股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 USD | | 0.0001 USD | | 100,000 | | 增加 / 減少 (-) | | | | | USD | | | | 1. 股份分類 | 不同投票權 ...

Core Viewpoint - The express delivery industry is accelerating its "anti-involution" efforts, with multiple companies raising prices for e-commerce clients to ensure profitability and improve service quality [1][3][6]. Price Adjustments - Several express companies in key regions like Guangdong and Zhejiang have increased their prices, with Guangdong raising fees by 0.3 to 0.7 yuan per ticket, establishing a minimum price of 1.4 yuan [3][6]. - Prior to Guangdong's adjustments, Zhejiang's Yiwu raised its base price from 1.1 yuan to 1.2 yuan per ticket [3][6]. - The price hikes are expected to alleviate cost pressures on logistics providers, with some benefiting from the new pricing mechanisms [3][6]. Impact on E-commerce - The price increases are particularly impactful on low-cost and special-priced packages, while high-value items are less affected [4][6]. - E-commerce sellers with high-value products can absorb or pass on the increased logistics costs, whereas those with lower-priced items may face squeezed profit margins [4][6]. Industry Context - The current round of "anti-involution" in the express delivery sector is a response to previous irrational price wars that destabilized the market and harmed workers' rights [6][7]. - The industry has been experiencing a decline in single-ticket revenue, with a 17.84% year-on-year drop in Q1 2025, despite a 21.6% increase in overall package volume [6][7]. Regulatory Environment - The National Development and Reform Commission and the State Administration for Market Regulation have introduced new regulations to combat "involution" and ensure fair pricing practices [7][10]. - The establishment of a national price monitoring platform and strict penalties for below-cost pricing are part of the government's efforts to stabilize the market [7][10]. Future Outlook - Analysts predict that the express delivery industry may gradually escape the price war cycle over the next 2-3 years, moving towards healthier competition and development [10]. - The upcoming peak season and the recent price adjustments are expected to support express companies' performance in the latter half of 2025 [7][10].

Core Viewpoint - The express delivery industry is experiencing a shift towards rational pricing and healthy development, influenced by the "anti-involution" policies, which aim to stabilize prices and improve service quality [2][5][6]. Financial Performance - In the first half of the year, the company reported revenue of 22.723 billion yuan, a year-on-year increase of 9.85%, while net profit was 4.004 billion yuan, slightly down from 4.062 billion yuan in the same period last year [2]. - The company adjusted its full-year business volume guidance to a range of 38.8 billion to 40.1 billion pieces, reflecting a growth rate of 14% to 18%, down from the previous estimate of 40.8 billion to 42.2 billion pieces, which indicated a reduction of 6 percentage points in expected growth [2][3]. Cost and Profitability - The company's total operating costs increased by 21.5% year-on-year, surpassing revenue growth, with significant cost increases attributed to servicing high-value customers and automation upgrades [3]. - Gross profit decreased by 14.9%, with the gross margin dropping from 32% to 24.8% [3][4]. Market Trends - The express delivery market is seeing a notable trend towards lighter and smaller packages, with more merchants opting for economical delivery services [4]. - The "anti-involution" policies are expected to lead to a recovery in profits for the industry, with price adjustments in key regions like Guangdong and Zhejiang [5][6]. Technological Advancements - The company has deployed over 2,000 unmanned vehicles across more than 700 outlets in over 200 cities, significantly reducing transportation costs [7]. - The shift in industry competition is moving from quantity to a balance of quality and quantity, emphasizing digitalization and intelligent logistics solutions [7].

Core Insights - The 60th anniversary of the Tibet Autonomous Region highlights significant economic and infrastructural development under the leadership of the Communist Party of China, transforming from a state of poverty to prosperity [3][12] - The development of transportation infrastructure, particularly roads and electric vehicles, has been pivotal in enhancing connectivity and promoting economic growth in Tibet [4][5][9] Transportation Infrastructure - The total length of roads in Tibet is projected to reach 124,900 kilometers by the end of 2024, with rural roads accounting for 94,800 kilometers [4] - As of 2024, the number of motor vehicles in Tibet exceeds 1.067 million, with over 1.008 million drivers, indicating a growing automotive market [4] - The promotion of electric vehicles is supported by government subsidies and initiatives, contributing to an increase in the number of electric cars on the roads [4][5] Electric Vehicle Development - The introduction of electric taxis and buses in cities like Lhasa is part of a broader initiative to establish a green transportation system [5][6] - The construction of charging infrastructure is accelerating, with plans to establish a balanced and advanced charging network by the end of the year [6] Lithium Resource Development - Tibet holds over 20 million tons of lithium resources, accounting for more than 50% of China's total, presenting significant opportunities for the domestic lithium battery industry [7] - The Zabuye Salt Lake lithium project is expected to produce 10,000 tons of battery-grade lithium carbonate annually, with projections of reaching 270,000 tons by 2030 [7] Automotive Industry Growth - The establishment of local automotive manufacturing projects, such as the Dongfeng Motor collaboration, signifies the growth of the automotive industry in Tibet [8] - Commercial vehicles are crucial for logistics in Tibet, with a significant portion of goods transported by road, especially in areas lacking railway coverage [9] Economic Impact - The construction of large infrastructure projects, such as the world's largest hydropower station, is anticipated to boost demand for heavy-duty vehicles and stimulate the local economy [10] - The integration of smart technologies, including autonomous vehicles, is enhancing operational efficiency in high-altitude environments [11][12] Economic Performance - Tibet's GDP surpassed 1 trillion yuan in 2015 and is projected to exceed 3 trillion yuan in 2023, reflecting rapid economic growth [12]

Core Viewpoint - The express delivery industry in Guangdong has initiated a significant price increase, impacting e-commerce sellers, particularly those relying on low-margin, high-volume sales models like "9.9包邮" [1][2][5] Group 1: Price Increase Details - Starting August 4, 2023, the Guangdong Postal Administration raised the base price for express delivery of light packages (0.3kg and below) by 0.4 yuan, resulting in an average price exceeding 1.4 yuan per package, marking a price increase of over 40% [2][4] - The price increase has been rapid and unprecedented, with many express companies implementing the new pricing within two days of notification [2][4] - The price adjustment is part of a broader "anti-involution" movement within the express delivery sector, aimed at stabilizing the market after years of price wars [2][4][19] Group 2: Impact on E-commerce Sellers - E-commerce sellers, especially those with low-priced products, are facing severe profit compression due to rising delivery costs, with some reporting a drop in daily orders by as much as 62.5% [8][11][12] - For example, a seller of a 9.9 yuan product has seen their profit per item decrease from 2 yuan to 1.5 yuan due to increased shipping costs, leading to a significant monthly profit reduction [9][11] - Many sellers are now forced to consider raising product prices, but fear losing customers due to price sensitivity [16][17] Group 3: Market Reactions and Adjustments - Some sellers are exploring alternative shipping options, such as moving inventory to provinces with lower shipping costs, like Jiangxi and Hunan, to mitigate the impact of rising prices in Guangdong [15][19] - The ongoing price increases are expected to spread to other provinces, potentially affecting the entire e-commerce landscape [2][7][15] - The express delivery price hikes are seen as a necessary step to break the cycle of unsustainable low pricing in the industry, although they create immediate challenges for many small and medium-sized e-commerce businesses [14][19]