Core Points - Douyin E-commerce announced the discovery of logistics companies abusing platform services by providing false logistics tracking and other violations, which harm consumer rights and disrupt platform operations [1] - Douyin will terminate partnerships with several logistics companies, including Zhongtong Cold Chain, Jishida, Water Fun Home, and Tiezhong Express, effective October 29 [1] - Violations include bypassing Douyin's electronic waybills, creating false tracking, and manipulating order statuses, leading to delayed or undelivered goods for consumers [1] Company Overview - Zhongtong Cold Chain operates under Zhongtong Express Group, leveraging its network and ecological advantages [2] - As of June 30, 2025, Zhongtong Express Group has approximately 6,000 direct network partners and over 30,000 collection and delivery points across the country [2] - In the first half of this year, Zhongtong Express Group's express service accounted for 92.9% of total revenue, with freight forwarding and material sales contributing 1.5% and 5.3%, respectively [4] Financial Performance - Zhongtong Express reported a revenue of 22.723 billion yuan in the first half of the year, a year-on-year increase of 9.85%, while net profit attributable to ordinary shareholders was 3.932 billion yuan, a decrease of 2.6% [4] - As of October 28, Zhongtong Express's stock price was 149.30 HKD per share, with a market capitalization of 12.01 billion HKD [4]

Core Viewpoint - Douyin E-commerce has announced the termination of malicious logistics companies that provided false logistics tracking and order manipulation services, aiming to maintain platform order integrity and protect consumer rights [1]. Group 1: Actions Taken - Douyin E-commerce will terminate the following logistics companies on October 29: Zhongtong Cold Chain, Jishida, Shuiqu Daijia, and Tiezhong Express due to their involvement in providing false logistics services [1]. - The platform identified that these logistics companies were facilitating order manipulation by using third-party electronic waybills to create false tracking information [1][2]. Group 2: Violations Identified - The core method of violation involved the use of third-party electronic waybills to bypass Douyin's requirements, allowing merchants to ship orders without using Douyin's electronic waybills [1]. - Violations included stitching together normal shipping tracking with electronic waybills to create a facade of consistency between non-Douyin shipping numbers and fake order numbers [2]. Group 3: Impact on Consumers and Merchants - The fraudulent practices led to delayed deliveries, difficulties in consumer rights protection, and challenges in ensuring product quality and after-sales service, negatively affecting consumer experience [3]. - Merchants are advised to switch to compliant logistics channels to avoid operational disruptions, as they will no longer be able to use the terminated logistics companies for shipping [3].

Core Viewpoint - Douyin's e-commerce safety and trust center announced the removal of several logistics companies due to violations involving the provision of false logistics tracking and other deceptive services, which harm consumer rights and disrupt platform operations [1] Group 1: Companies Involved - The logistics companies being removed from the platform include Zhongtong Cold Chain (a subsidiary of Zhongtong), Jishida, Water Fun Home, and Tiezhong Express [1] Group 2: Reasons for Removal - The removal is a response to the discovery of these companies abusing platform services to provide misleading logistics information, which resulted in discrepancies between order tracking and actual fulfillment [1] Group 3: Implementation Timeline - The removal process will take effect on October 29, following the announcement made on October 27 [1]