Meeting Overview - The company will hold its first extraordinary general meeting of shareholders for 2025 on September 15, 2025, at 15:00 [1][2] - The meeting will combine on-site voting and online voting, with online voting available from 9:15 to 15:00 on the same day [2][4] - A-share shareholders must register by September 8, 2025, to attend the meeting [2][4] Agenda Items - The meeting will discuss several proposals, including the "Common Growth" shareholding plan (A shares) and its management measures, authorization for the board of directors, and amendments to the company's registered capital and articles of association [3][4] - These proposals require a special resolution, needing over 2/3 of the voting rights held by attending shareholders to pass [3][4] Registration and Voting Procedures - Individual shareholders must present identification and shareholder account cards for registration, while corporate shareholders must provide additional documentation [4][8] - Shareholders can participate in online voting through the Shenzhen Stock Exchange trading system and internet voting system [4][7] Additional Information - The company emphasizes that the meeting's procedures comply with relevant laws and regulations [1][3] - The company will disclose the results of the voting, especially for proposals affecting minority investors [3][4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a steady revenue growth of 9.26% year-on-year, achieving an operating income of 146.86 billion yuan in the first half of 2025, with a net profit attributable to the parent company of 5.738 billion yuan, reflecting a year-on-year increase of 19.37% [1][2] - The report highlights that the company's logistics business is experiencing robust growth, with total business volume reaching 7.85 billion parcels, a year-on-year increase of 25.7% [2] - The company is expected to maintain a relatively high growth rate in the short to medium term, with long-term value potential [1][6] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a net profit margin of 3.91%, an increase of 0.33 percentage points year-on-year, with non-recurring gains contributing 1.187 billion yuan [2][3] - The express delivery and large parcel segment reported a net profit of 5.385 billion yuan, up 12.28% year-on-year, driven by rapid business scale growth and improved operational efficiency [3] - The company’s free cash flow increased by 6.29% to 8.436 billion yuan, supporting its dividend and share repurchase plans [4] Business Segments - The express logistics segment generated revenue of 109.3 billion yuan, a year-on-year increase of 10.4%, while the supply chain and international business segment reported revenue of 34.2 billion yuan, up 9.7% [2][3] - The same-city instant delivery segment saw a significant profit increase of 120.43%, attributed to rising demand and network scale effects [3] Future Outlook - The company forecasts net profits of 11.911 billion yuan, 14.246 billion yuan, and 16.834 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 17.1%, 19.6%, and 18.2% [6] - The report emphasizes the company's long-term value potential as a leading integrated express logistics provider [6]