中国基金报记者 忆山 1月21日晚间，申通快递发布关于诉讼事项的公告称，公司实控人之一陈小英被前夫奚春阳告上法院，要求分得超2000万股股份。截至1月21日收盘，申通 快递每股报13.78元。按此估算，奚春阳希望分得的股份市值约2.8亿元。 前夫要求分得超2000万股股份 公告显示，公司于近日收到玉环市人民法院送达的《民事起诉状》《应诉通知书》等有关诉讼材料，自然人奚春阳以股东资格确认纠纷为由对公司、公司 实际控制人之一陈小英提起民事诉讼。 原告奚春阳认为，直接登记在陈小英名下的公司40568472股，系双方离婚时约定分割的特定夫妻共同财产并经重组上市而转化形成的财产之一。根据双方 离婚时对财产分割的约定，公司与陈小英均应就前述40568472股的50%（即20284236股）归属于原告，并向中国证券登记结算有限责任公司申请办理非交 易过户至原告奚春阳名下的手续。 公开资料显示，陈小英出生于1976年，为申通快递的创始人之一。1993年，她与第一任丈夫聂腾飞等人在杭州创办了神通综合服务部，不久后成立上海盛 彤实业有限公司，为申通快递前身。 1998年，聂腾飞因车祸离世，陈小英和哥哥陈德军接手申通快递，并在20 ...

Investment Rating - The industry investment rating is "Positive" [3][30] Core Insights - The express delivery industry in China experienced a total delivery volume of 216.5 billion pieces in 2025, with a year-on-year growth of 11.5%. The express delivery volume reached 199 billion pieces, growing by 13.7% year-on-year. The total revenue for the postal industry was 1.8 trillion yuan, with express delivery revenue at 1.5 trillion yuan, reflecting year-on-year growth of 6.4% and 6.5% respectively [1][6] - In December 2025, the national express service companies completed a business volume of 18.21 billion pieces, a year-on-year increase of approximately 2.3%. The express business revenue was about 138.87 billion yuan, showing a slight increase compared to the same period last year. The average revenue per piece was approximately 7.63 yuan, a year-on-year decrease of about 1.6% [1][6][8] Summary by Sections 1. December Industry Overview - The industry volume growth rate fell below 3%, with stable performance in average revenue per piece. The December express delivery volume growth rate decreased further compared to November, attributed to high base effects from last year's price wars and weak demand since Double Eleven [2][6][8] - Major companies saw a decline in year-on-year volume growth rates, with YTO dropping from 13.6% in November to 9.0%, Yunda from -4.2% to -7.4%, and Shentong from 14.7% to 11.1%. SF Express's growth rate fell to 9.3% [2][6][12] 2. Express Business Volume - The express delivery business volume in December 2025 was approximately 18.21 billion pieces, with a year-on-year growth of about 2.3%. The growth rate continued to decline due to the ongoing internal competition and weak demand since Double Eleven [8][10] 3. Average Revenue per Piece - The average revenue per piece in December 2025 saw a year-on-year decline of 1.6%, with a narrowing decrease in the price drop trend. The overall price indicators remained positive, indicating a supportive effect from the internal competition [7][22][28] - The revenue per piece for major companies showed mixed results, with YTO's revenue per piece increasing by 0.4%, while Yunda and Shentong saw decreases of 0.5% and 3.3% respectively. SF Express's revenue per piece increased by 2.5% month-on-month, with a narrowing year-on-year decline [23][25][27] 4. Investment Recommendations - Despite the pressure from lower-than-expected demand since Double Eleven, the stability in average revenue per piece for major companies reflects the supportive role of internal competition on pricing. The ongoing internal competition is expected to exceed expectations, indicating the industry is in the early stages of an upward cycle, with profitability likely to continue recovering [3][30] - The shift from high-growth to a focus on existing market importance suggests a change in competitive logic, emphasizing service quality for sustainable development. Key companies to watch include Zhongtong and YTO, which lead in service quality, and Shentong, which has shown significant operational improvements [3][30]

Core Insights - The core viewpoint of the article highlights the significant growth in China's postal and express delivery industry, with record-breaking business volume and revenue expected by the end of 2025 [2][5]. Group 1: Business Volume and Revenue - By December 2025, the business volume of China's postal and express delivery industry is projected to exceed 197 billion pieces, marking a year-on-year increase of 1.8% [5]. - The industry is expected to achieve a business revenue of 1,630 billion yuan, reflecting a year-on-year growth of 0.6% [5]. - Overall, the industry is anticipated to complete a total business volume of 2,165.1 billion pieces in 2025, representing a year-on-year increase of 11.8% [8]. Group 2: Market Dynamics and Strategies - The stable growth of the express delivery market is attributed to e-commerce promotional activities at the end of 2025, prompting companies to optimize resource allocation and logistics to meet online consumer demand [7]. - Companies are leveraging their network coverage and digital service advantages to enhance collaboration between delivery networks and high-speed rail networks, expanding the reach of "high-speed delivery" services [8]. - The industry is addressing challenges in transporting and preserving fresh agricultural products by implementing multi-modal transport solutions, including high-speed rail, air, and road cold chain logistics [8].

Group 1 - The lawsuit involves a significant equity dispute where Chen Xiaoying, the actual controller of Shentong Express, is being sued by her ex-husband Xi Chunyang for half of the 40.5685 million shares of Shentong stock registered in her name, valued at approximately 280 million yuan based on the stock price of 13.78 yuan per share [1][4][11] - Shentong Express, founded in 1993, is one of the oldest private express delivery giants in China, established by Nie Tengfei and Chen Xiaoying, who faced hardships in their early life [4][5] - Following the death of Nie Tengfei in 1998, the company faced significant challenges, leading to a series of departures among its executives and a decline in its market position [9][11] Group 2 - The lawsuit is part of a broader narrative involving the "Tonglu Gang," a group of companies that emerged from Shentong Express, including Yunda, YTO, and ZTO, which have since become major competitors in the express delivery market [5][9] - In recent years, Shentong has struggled to maintain its market share against competitors like YTO and SF Express, with its revenue for 2025 reported at 54.861 billion yuan and a business volume of 261.38 million orders [11][14] - The management structure of Shentong has undergone changes, with the original chairman Chen Dejun stepping back and a professional management team taking over daily operations, indicating potential shifts in the company's equity structure due to the ongoing lawsuit [14]

【导读】申通实控人陈小英被前夫起诉，要求分得超2000万股股份 1月21日晚间，申通快递发布关于诉讼事项的公告称，公司实控人之一陈小英被前夫奚春阳告上法院，要求分得超2000万股股份。截至1月21日收盘，申通 快递每股报13.78元。按此估算，奚春阳希望分得的股份市值约2.8亿元。 前夫要求分得超2000万股股份 公告显示，公司于近日收到玉环市人民法院送达的《民事起诉状》《应诉通知书》等有关诉讼材料，自然人奚春阳以股东资格确认纠纷为由对公司、公司 实际控制人之一陈小英提起民事诉讼。 原告奚春阳认为，直接登记在陈小英名下的公司40568472股，系双方离婚时约定分割的特定夫妻共同财产并经重组上市而转化形成的财产之一。根据双方 离婚时对财产分割的约定，公司与陈小英均应就前述40568472股的50%（即20284236股）归属于原告，并向中国证券登记结算有限责任公司申请办理非交 易过户至原告奚春阳名下的手续。 公开资料显示，陈小英出生于1976年，为申通快递的创始人之一。1993年，她与第一任丈夫聂腾飞等人在杭州创办了神通综合服务部，不久后成立上海盛 彤实业有限公司，为申通快递前身。 1998年，聂腾飞因车祸离世 ...

【 导读 】申通实控人陈小英 被 前夫起诉，要求分得超2000万股股份 中国基金报记者 忆山 1月21日晚间，申通快递发布关于诉讼事项的公告称， 公司实控人之一陈小英被前夫奚春阳 告上法院，要求分得超2000万股股份。截至1月21日收盘，申通快递每股报13.78元。按此 估算，奚春阳希望分得的股份市值约2.8亿元。 前夫要求分得超2000万股股份 公告显示，公司于近日收到玉环市人民法院送达的《民事起诉状》《应诉通知书》等有关诉 讼材料，自然人奚春阳以股东资格确认纠纷为由对公司、公司实际控制人之一陈小英提起民 事诉讼。 原告奚春阳认为，直接登记在陈小英名下的公司40568472股，系双方离婚时约定分割的特定 夫妻共同财产并经重组上市而转化形成的财产之一。根据双方离婚时对财产分割的约定，公 司与陈小英均应就前述40568472股的50%（即20284236股）归属于原告，并向中国证券 登记结算有限责任公司申请办理非交易过户至原告奚春阳名下的手续。 公开资料显示，陈小英出生于1976年，为申通快递的创始人之一。1993年，她与第一任丈夫 聂腾飞等人在杭州创办了神通综合服务部，不久后成立上海盛彤实业有限公司，为申通快 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：何俊熹 责任编辑：何俊熹 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：金融投资报 来源：金融投资报 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 ...

来源：金融投资报 来源：金融投资报 ...

来源丨凤凰网财经《公司研究院》 作者丨 DW 一段婚姻曾连接两家快递巨头，却在离婚 14年后再掀股权风云。 近日，申通快递实际控制人陈小英因前夫奚春阳的起诉，再度成为舆论焦点。这场官司的核心在于一笔巨额股权的归属。奚春阳请求法院判令，登 记在陈小英名下的 4056.85万股申通股票中，有一半应归自己所有。 按申通 1月21日收盘价13.78元/股计算，这部分股权市值高达2.8亿元。受此消息影响，截至1月22日午盘，申通股价微跌0. 29 %至13. 74 元，总市值 210.33 亿元。 昔日爱人因近 2.8 亿股权对簿公堂，这不仅是一场离婚后的财产清算，更像一把钥匙，意外打开了中国快递业 "桐庐帮"数十年的恩怨江湖与崛起 史。 （奚春阳 &陈小英） | 今开 | 13.80 | | 最高 | 13.82 | | 成交量 | 12.98万手 | | --- | --- | --- | --- | --- | --- | --- | --- | | 昨收 | 13.78 | | 最低 | 13.44 | | 成交额 | 1.77亿 | | 换手率 | 0.89% | | 市盈(TTM) | 18.40 | | ...

Core Insights - The postal industry in China is projected to handle a total delivery volume of 216.51 billion items by 2025, marking a year-on-year growth of 11.8% [1] - The express delivery segment is expected to account for 198.95 billion items, with a year-on-year increase of 13.6% [1] - Total revenue for the postal industry is anticipated to reach 1.8 trillion yuan, reflecting a growth of 6.1% compared to the previous year [1] - Revenue from express delivery services is projected to be 1.5 trillion yuan, showing a year-on-year growth of 6.5% [1] Business Volume Structure - In 2025, the total volume of same-city express deliveries is expected to reach 15.79 billion items, with a growth of 1.0% [1] - The volume of intercity express deliveries is projected to be 178.94 billion items, representing a significant year-on-year increase of 15.0% [1] - International and Hong Kong/Macau/Taiwan express deliveries are expected to total 4.22 billion items, with a growth of 8.8% [1] Regional Structure - The market share in the central and western regions is expected to increase, with the revenue distribution for express delivery in 2025 being 73.7% for the eastern region, 15.7% for the central region, and 10.6% for the western region [1] - The volume distribution for express delivery is projected to be 70.5% for the eastern region, 19.9% for the central region, and 9.6% for the western region [1] - Compared to the previous year, the central region's revenue share is expected to rise by 0.8 percentage points, and the volume share by 1.2 percentage points; the western region's revenue share is expected to increase by 0.3 percentage points, and the volume share by 0.7 percentage points [1]