Core Viewpoint - TianShun Co., Ltd. announced that its wholly-owned subsidiary, Hainan Tianyu, received a government subsidy of 44.39 million yuan from the Hainan Provincial Department of Transportation for air cargo operations in the first half of 2025, significantly impacting the company's financials [1] Financial Impact - The subsidy includes 44.2259 million yuan as a reward, which accounts for 495.99% of the latest audited net profit attributable to the shareholders of the listed company [1] - An additional 0.1655 million yuan is classified as "collection and payment on behalf of the company" [1] - The funds were transferred to the company on December 2 [1] Accounting Treatment - The subsidy is categorized as a government grant related to income and is associated with the company's regular activities, which has been used to offset related costs and expenses for the first half of the year [1] - The specific accounting treatment will be determined based on the audit results [1]

本报讯 （记者梁傲男）在亚洲货运吞吐量第一的中国香港国际机场旁，菜鸟eHub智慧航空货运中心内 一片繁忙。进货站台口处，一台酷似大型"抓娃娃机"的超级机械臂正以每6秒一个大包的抓取速度高效 运转，紧锣密鼓地处理着一年中最大促销季发往全球的海量包裹。 据了解，今年年终大促旺季，菜鸟全力迎战全球物流高峰，国际物流和科技实力双护航。依托于全球电 商物流供应链网络，结合全球最大规模无人物流科技投入，菜鸟为全球用户提供"全球五日达""G2G核 心区域三日达""海外仓隔日达""双11国内预售分钟级配送"等极致物流体验。 为确保旺季大促期间的履约效率及客户体验，该自动码垛系统支持多模式灵活切换，即使在网络中断情 况下仍可保持7×24小时不间断作业。不仅如此，系统还实现了从安检到码垛的全流程数字化追踪，客 户可通过系统接口随时掌握货物状态，真正做到了全程透明可视，为旺季百万级别单量处理提供坚实保 障。 在试运营期间，菜鸟自动码垛系统高效完成了墨西哥包机的全货量处理任务。在严格遵循高规格的安检 标准下，该系统仅用7小时就完成了数十万件、近百吨电商货物的自动化码垛作业，较传统模式效率提 升20%，并实现全程"无人化"操作。 "自 ...

【深圳商报讯】（记者 肖晗）中通快递（HK02057/ZTO）日前公告称，旗下全资子公司中通航空将以 1.78亿元人民币收购浙江星联航空货运有限公司，此举旨在整合航空物流资源，提升集团综合竞争力。 中通方面表示，此次收购将提升集团的端到端境内外航空物流能力，并将增强集团在航空货运服务领域 的整体竞争力。鉴于浙江星联的稳定运营及业绩盈利，收购预期将增厚集团的业绩并提升对股东的回 报。 据中通快递公告，11月28日，中通航空与中通云冷及浙江星联签订股权转让协议，收购浙江星联100% 股权，共支付人民币1.78亿元。其中首付款为人民币1亿元，尾款为人民币7800万元，均在先决条件达 成后的10个和15个营业日内支付。 浙江星联成立于2018年，注册资本为人民币1.6亿元，主营航空货运服务。 ...

Core Viewpoint - The company is intensifying its investment in air freight services through the acquisition of Zhejiang Xinglian, enhancing its logistics capabilities and overall competitiveness in the air freight sector [1][3]. Group 1: Acquisition Details - ZTO Express announced the acquisition of 100% equity in Zhejiang Xinglian for RMB 178 million, with the transaction expected to be completed by November 28, 2025 [1]. - Zhejiang Xinglian, established in 2018, primarily engages in air freight services, and has shown stable profitability with pre-tax net profits of RMB 6.213 million and RMB 6.655 million for 2023 and 2024, respectively [2]. - The acquisition is classified as a related party transaction, but it is exempt from independent shareholder approval due to its percentage being between 0.1% and 5% [1][2]. Group 2: Financial Performance - ZTO Express reported revenues of RMB 35.38 billion, RMB 38.42 billion, and RMB 44.28 billion for 2022, 2023, and 2024, respectively, with year-on-year growth rates of 16.35%, 8.60%, and 15.26% [5]. - The net profit attributable to shareholders for the same years was RMB 6.809 billion, RMB 8.749 billion, and RMB 8.817 billion, reflecting growth rates of 43.20%, 28.49%, and 0.78% [5]. - For the first three quarters of 2025, the company achieved revenues of RMB 34.59 billion, a year-on-year increase of 10.29%, and a net profit of RMB 6.455 billion, growing by 0.33% [5]. Group 3: Industry Context - The air freight market is experiencing significant growth, with the Civil Aviation Administration of China reporting a 22.1% year-on-year increase in cargo and mail transport volume, reaching 8.9816 million tons in 2024 [7]. - Other major players in the express delivery sector, such as SF Express, YTO Express, and JD Logistics, have also entered the air freight market, indicating a competitive landscape [5][6]. - The government has initiated policies to support the development of the air logistics sector, including the "14th Five-Year" plan for aviation logistics, which aims to create a high-quality and efficient air logistics system [6].

在亚洲货运吞吐量第一的香港机场旁，菜鸟eHub智慧航空货运中心内一片繁忙。进货站台口，一台酷 似大型"抓娃娃机"的超级机械臂正以每6秒一个大包的抓取速度高效运转，紧锣密鼓地处理着一年中最 大促销季发往全球的海量包裹。 12月1日，菜鸟香港eHub智慧航空货运中心迎来数字化升级，正式上线自动码垛系统，成为香港首个实 现"安检-组托"全流程自动化的安检前置仓。记者了解到，这台自动码垛机好比机场贵宾厅的VIP快捷通 道，让货物在完成安检后立即自动打托上板，可大大减少货物在货站的停留时间，为品牌出海全球再提 速。 为确保旺季大促期间的履约效率及客户体验，该自动码垛系统可支持多模式灵活切换，即使在网络中断 情况下仍可保持7×24小时不间断作业。不仅如此，系统还实现了从安检到码垛的全流程数字化追踪， 客户可通过系统接口随时掌握货物状态，真正做到了全程透明可视，为旺季百万级别单量处理提供坚实 保障。 在试运营期间，菜鸟自动码垛系统高效完成了墨西哥包机的全货量处理任务。在严格遵循高规格的安检 标准下，该系统仅用7小时就完成了数十万件、近百吨电商货物的自动化码垛作业，较传统模式效率提 升20%，并实现全程"无人化"操作。 "自 ...

记者从菜鸟获悉，12月1日，菜鸟香港eHub智慧航空货运中心迎来数字化升级，正式上线自动码垛系 统，成为香港首个实现"安检—组托"全流程自动化的安检前置仓。记者在现场了解到，这台自动码垛机 好比机场贵宾厅的VIP快捷通道，让货物在完成安检后立即自动打托上板，可大大减少货物在货站的停 留时间，为品牌出海全球再提速。 自动码垛系统的上线是香港eHub智慧航空货运中心迈向全面数字化转型的重要一步。菜鸟香港智慧航 空货运中心负责人表示，"未来，我们将持续提升智慧航空货运中心的自动化程度，实现更高比例的自 动化运营，为客户提供更快、更准、更稳的服务体验。" 据悉，今年年终大促旺季，菜鸟全力迎战全球物流高峰，国际物流和科技实力双护航。依托于全球电商 物流供应链网络，结合全球最大规模无人物流科技投入，菜鸟为全球用户提供"全球五日达"、"G2G核 心区域三日达"、"海外仓隔日达"及"双11国内预售分钟级配送"等极致物流体验。 据了解，为确保旺季大促期间的履约效率及客户体验，该自动码垛系统可支持多模式灵活切换，即使在 网络中断情况下仍可保持7×24小时不间断作业。不仅如此，系统还实现了从安检到码垛的全流程数字 化追踪，客户可通 ...

Core Insights - The launch of the "Nanjing-Kuala Lumpur" international cargo flight route marks a significant development in enhancing logistics between China and Southeast Asia, addressing the growing demand for electronic products and cross-border e-commerce goods [1][2] - The new route, operated by Suzhou Port and Shipping Group's subsidiary, will facilitate the transportation of goods to Penang and Singapore, thereby improving the supply chain and logistics for both regions [1][2] Group 1 - The new cargo flight route operates three times a week and is expected to fill the logistics gap between Nanjing and Southeast Asia, supporting the "Suzhou manufacturing, Nanjing flying, global reach" initiative [1] - The cargo volume on China-ASEAN routes has increased by 97% compared to the same period in 2019, indicating a robust growth in demand for air freight services [1] - The collaboration between Suzhou Port and Shipping Group and the Eastern Airport Group aims to enhance the logistics capabilities in the region, with the establishment of a cargo station at Nanjing Lukou Airport [2] Group 2 - Since its operation, the cargo station has handled 3,560 shipments, totaling 12.33 million items and 4,522.87 tons, with a total value of approximately 4 billion yuan, highlighting its importance in connecting regional industries to global markets [2] - The Suzhou Port and Shipping Group is focusing on high-end manufacturing needs and has introduced land-air intermodal services to address logistics challenges for high-tech and high-value goods [2][3] - The company plans to further explore and optimize the international cargo flight network, particularly in the Yangtze River Delta region, to enhance its air freight capacity and support Jiangsu's open economy [3]

北京商报讯（记者 何倩）11月29日，北京商报记者从中通获悉，中通航空近日与中通云冷及浙江星联 订立股权转让协议，中通航空同意购买，而中通云冷同意出售浙江星联100%股权，总代价为1.78亿 元。 资料显示，中通云冷成立于2020年，主营业务为提供航空货运代理及物流服务，并持有浙江星联100% 股权。收购完成后，中通集团将持有浙江星联100%股权。浙江星联将成为中通一家并表附属实体的子 公司，其财务业绩亦将并入集团的财务业绩。 中通认为，由于浙江星联的主营业务为航空货运服务，收购将提升本集团的端到端境内外航空物流能 力，并将增强本集团在航空货运服务领域的整体竞争力。 公告显示，2023年、2024年及2025年截至9月30日止9个月，浙江星联的税后净利润为653.9万元、657.1 万元、333.8万元。浙江星联成立于2018年，注册资本为1.6亿元，主营业务为航空货运服务，其于2025 年9月30日未经审计合并账目的总资产约为2.1亿元。 ...

格隆汇11月28日丨中通快递-W(02057.HK)公告，于2025年11月28日，中通航空(公司的并表附属实体)与 中通云冷及浙江星联订立股权转让协议，据此，中通航空同意购买，而中通云冷同意出售浙江星联 100%股权，总代价为人民币1.78亿元。 由于浙江星联的主营业务为航空货运服务，收购将提升集团的端到端境内外航空物流能力，并将增强集 团在航空货运服务领域的整体竞争力。董事(包括独立非执行董事)认为，此次收购符合集团日常及一般 业务的运营流程，特别是该收购涉及组建中通航空以优化运营及组织协同效应。经计及浙江星联基于估 值报告的评估价值及浙江星联于估值基准日的财务状况後，公司认为收购的代价属公平合理。 此外，收购完成後，浙江星联将成为公司并表附属实体中通航空的全资子公司，其财务业绩将全面并人 集团财务业绩。因此，鉴于浙江星联的稳定运营及往绩盈利，收购预期将增厚集团的业绩并提升对股东 的回报。 ...

Core Viewpoint - ZTO Express (02057) announced a share transfer agreement where ZTO Aviation will acquire 100% equity of Zhejiang Xinglian from ZTO Yun Cold for a total consideration of RMB 178 million, enhancing the group's logistics capabilities in air freight services [1] Group 1: Acquisition Details - The acquisition involves ZTO Aviation purchasing 100% equity of Zhejiang Xinglian, which is currently wholly owned by ZTO Yun Cold [1] - The total consideration for the acquisition is RMB 178 million [1] - Upon completion, Zhejiang Xinglian will become a wholly-owned subsidiary of ZTO Aviation and its financial performance will be consolidated into the group's financial results [1] Group 2: Strategic Implications - The acquisition is expected to enhance the group's end-to-end domestic and international air logistics capabilities [1] - It will strengthen the overall competitiveness of the group in the air freight service sector [1] - The board believes that the acquisition aligns with the group's operational processes and will optimize operations and organizational synergy [1] Group 3: Financial Impact - The stable operations and past profitability of Zhejiang Xinglian are anticipated to contribute positively to the group's performance and increase shareholder returns post-acquisition [1]