Group 1 - Good Products' acquisition case has entered the acceptance stage, with Wuhan Yangtze International Trade Group acquiring 29.99% of Good Products' shares [6][7] - Bawang Tea has officially entered the Philippine market, opening three stores in key business districts and selling over 23,000 cups in the first three days [8] - Nestlé's CEO was dismissed due to a romantic relationship with a subordinate, which violated the company's code of conduct [3] Group 2 - Yushun Technology plans to submit an IPO application to the Chinese stock exchange between October and December 2025, with quadruped and humanoid robots expected to account for 65% and 30% of sales in 2024, respectively [2] - Tencent responded to a lawsuit from miHoYo, stating it will comply with legal regulations regarding user data requests [6] - The fast delivery industry is experiencing a price increase in core areas, driven by a national "anti-involution" policy aimed at improving profitability [11] Group 3 - The current spot gold price has surpassed $3,500 per ounce, marking a historical high with a year-to-date increase of over 33% [11] - The U.S. stock market saw all three major indices decline, while many Chinese concept stocks experienced gains [12] - Google was ruled not to divest its Chrome and Android systems in an antitrust case, but must share data with competitors [13] Group 4 - The Chinese Ministry of Foreign Affairs announced a visa-free policy for Russian passport holders from September 15, 2025, to September 14, 2026 [5] - WeChat's customer service clarified that inactive accounts may be reclaimed by the system after one year of inactivity, leading to the loss of all associated data [4] - The company "Sina" announced the resignation of its CEO due to an investigation into the purchase of illegal health products [16] Group 5 - Companies such as Jiadou Technology and XGIMI Technology are planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance competitiveness and international presence [17][19] - "Si Ai Ran Medical" completed a financing round exceeding 100 million yuan to advance its ophthalmic medical device product line [22] - "Lai Mu Technology" secured several million yuan in Series A financing to enhance its smart lawnmower product development and market expansion [24]

【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]

《南京市快递行业集体合同》首次签订 南京市快递行业集体协商会议近日召开，会上首次签订《南京市快递行业集体合同》，标志着南京市快递行业劳动关系协调机制实现重要突破。南京市总 工会、市邮管局相关负责人和协商代表、企业职工代表参与会议，为两万余名快递从业者权益保障按下"加速键"。值得注意的是，对于"见义勇为"的额外 激励被写进集体合同。 南京市快递行业集体协商会议近日召开 会议的另一个亮点是在薪酬激励机制方面的创新与细化，尤其是对"能级工资"制度的完善与升级。本次协商将原先较为笼统的能级工资条款扩展为专章规 定，并新增"荣誉津贴"、"技能竞赛奖励"，以及"五小创新成果奖"三项内容及标准，明确了从国家级到市级不同层级技能竞赛的奖励金额，以及对见义勇 为行为的额外激励，体现了"以技能定薪酬、以贡献论回报"的分配导向。 这一机制不仅响应了《江苏省快递行业劳动用工管理指引》中将职业技能作为集体协商的重要内容的要求，更通过制度化、阶梯化的奖励设置，有效激发 快递员提升专业技能、参与行业建设的积极性，推动形成"比学赶超、争当先进"的良好氛围，为行业健康发展注入了持续动力。 扬子晚报/紫牛新闻记者徐兢 视频：徐兢 作为新就业形态 ...

Investment Rating - The report rates the express delivery industry as "Overweight" [1] Core Insights - In July 2025, the express delivery volume increased by 15.1% year-on-year, with S.F. Holding leading the industry with a volume growth of 33.7%. The overall industry is expected to maintain strong growth momentum, driven by trends such as smaller parcels and e-commerce promotions [6][59] - The report highlights a narrowing decline in express delivery prices, indicating a shift towards healthier competition in the industry. This "anti-involution" trend is expected to ease short-term competitive pressures while ensuring long-term healthy competition [1][56] Summary by Sections Industry Overview - In July 2025, the national express delivery volume reached 16.40 billion parcels, up 15.1% year-on-year, with revenue of 1206.4 billion RMB, reflecting an 8.9% increase. The average revenue per parcel was 7.36 RMB, down 5.3% year-on-year [6][59] - For the first seven months of 2025, the total express delivery volume was 1120.5 billion parcels, up 18.7% year-on-year, exceeding the postal bureau's forecast of over 8% growth for the year [6][59] Company Performance - In July 2025, the business volumes for major companies were as follows: S.F. Holding +33.7%, YTO Express +20.8%, Yunda +7.6%, and Shentong +11.9%. For the first seven months, the growth rates were +26.9%, +21.6%, +15.1%, and +19.3% respectively [31][32] - The market shares for these companies in July 2025 were: S.F. Holding 8.4%, YTO Express 15.8%, Yunda 13.2%, and Shentong 13.3% [32] Market Trends - The report notes that the industry concentration is increasing, with the CR8 index rising to 86.9 in the first seven months of 2025, up 1.7 year-on-year. This indicates a growing focus on leading companies in the market [28][59] - The report emphasizes that the "anti-involution" measures initiated by the postal bureau are expected to continue, which will help stabilize the market and promote healthy competition in the long run [56][59] Investment Recommendations - The report suggests that the easing of competition will reduce pressure on the industry, with expectations for profit recovery in the second half of 2025. Key companies to watch include S.F. Holding, YTO Express, ZTO, J&T, and Yunda [56][59]

Core Insights - The company reported a revenue of $5.5 billion for H1 2025, reflecting a year-on-year increase of 13.1% [1] - Adjusted net profit reached $156 million, a significant increase of 147% year-on-year, with adjusted EBITDA at $440 million, up 24.2% [1] Financial Data - Revenue: $5.5 billion, up 13.1% year-on-year; Express service revenue: $5.3 billion, up 12.7% [1] - Adjusted net profit: $156 million, up 147% year-on-year; Adjusted EBITDA: $440 million, up 24.2%; Adjusted EBIT: $200 million, up 65.4% [1] Regional Performance - Southeast Asia: H1 volume reached 3.23 billion pieces, up 58% year-on-year, with a market share of 32.8%, up 5.4 percentage points [2] - China: H1 volume reached 10.6 billion pieces, up 20% year-on-year, with a market share of 11.1%, up 0.1 percentage points [2] - New Markets: H1 volume reached 170 million pieces, up 22% year-on-year, with a market share of 6.2%, up 0.1 percentage points [2] Profitability Metrics - Southeast Asia: Single ticket revenue at $0.61, down $0.13; Single ticket EBIT at $0.073, up $0.007 [2] - China: Single ticket revenue at $0.30, down $0.04; Single ticket EBIT at $0.001, down $0.006 [2] - New Markets: Single ticket revenue at $2.18, up $0.04; Single ticket EBIT at -$0.106, improved by $0.059 [2] Investment Recommendations - Profit Forecast: Adjusted net profit predictions for 2025-2027 are $330 million, $590 million, and $830 million respectively [3] - Valuation: Total target market capitalization is estimated at HKD 121 billion, with a target price of HKD 13.49, indicating a potential upside of 30% [3] - Market Outlook: Positive growth expected across all three markets, with Southeast Asia leading due to e-commerce growth, China benefiting from reduced competition, and new markets showing significant potential [3]

丨证券研究报告丨 公司研究丨点评报告丨圆通速递（600233.SH） [Table_Title] Q2 盈利韧性凸显，份额提升趋势延续 报告要点 [Table_Summary] 2025Q2，公司实现营业收入 188.2 亿元，同比增长 9.8%；实现归母净利润 9.7 亿元，同比下 降 6.8%。二季度公司份额持续提升，竞争加剧单价承压，公司强化成本管控，单票归母净利表 现韧性，环比仅下降 0.01 元。当前快递"反内卷"措施持续落地，全国涨价趋势明朗，旺季公 司盈利弹性可期。公司引领快递数字化变革，综合竞争实力强化，中长期份额有望持续提升， 维持"买入"评级。 分析师及联系人 [Table_Author] 韩轶超 鲁斯嘉 胡俊文 SAC：S0490512020001 SAC：S0490519060002 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 圆通速递（600233.SH） cjzqdt11111 [Table_Title2] Q2 盈利韧性凸显，份额提升趋势延续 [T ...

Investment Rating - The report maintains an "Outperform" rating for Yunda Holdings [1] Core Views - Yunda Holdings reported a revenue of 24.83 billion yuan in H1 2025, a year-on-year increase of 6.8%, but the net profit attributable to shareholders fell by 49.19% to 529 million yuan, which was below expectations [6] - The company has been focusing on cost control and efficiency improvements, with a notable reduction in sorting and transportation costs per package, indicating effective cost management [6] - Despite the pressure on profits due to intensified competition in the express delivery sector, there is optimism for profit recovery in the second half of 2025 as the company continues to enhance its operational efficiency and network collaboration [6] - The profit forecast for 2025-2027 has been revised downwards, with expected net profits of 1.51 billion, 1.71 billion, and 1.91 billion yuan respectively, reflecting a year-on-year decline of 21.0% in 2025, followed by growth in subsequent years [6] Financial Data and Profit Forecast - Total revenue projections for Yunda Holdings are as follows: 52.03 billion yuan in 2025, 54.93 billion yuan in 2026, and 59.06 billion yuan in 2027, with growth rates of 7.2%, 5.6%, and 7.5% respectively [5] - The gross profit margin is expected to stabilize around 7.1% in 2025, with a gradual improvement to 7.4% by 2027 [5] - The return on equity (ROE) is projected to be 7.1% in 2025, increasing to 7.9% by 2027 [5]

Core Viewpoint - J&T Express-W (01519) reported a 66% year-on-year increase in adjusted net profit for the first half of the year, primarily driven by reduced expenses and financial costs [1] Group 1: Financial Performance - The company's adjusted net profit increased by 66% year-on-year [1] - The target for annual package volume growth is 56% in Southeast Asia and 38% in new markets [1] - The EBIT per package is projected to be $0.07 and $0.09 for Southeast Asia and new markets, respectively [1] Group 2: Market Outlook - The target price for J&T Express has been raised from HKD 10 to HKD 13.4, maintaining a "Buy" rating [1] - The company is viewed positively due to its competitive advantages and market share growth potential in Southeast Asia [1] - There is significant potential for growth in new markets such as Brazil and the Middle East [1]