Core Viewpoint - The article discusses the operational adjustments and service arrangements of various express delivery companies during the upcoming Spring Festival, highlighting potential price increases and service delays due to high demand and resource allocation challenges. Group 1: Company Responses - China Post Express Logistics confirmed that it will continue operations year-round but may implement additional charges for pick-up services, with specific regulations to be announced later [1]. - JD Logistics indicated that during the peak period from January 19 to February 23, 2026, it will charge a peak resource adjustment fee of 0.1 to 1.2 yuan/kg on express heavy cargo products, depending on the station [1]. - SF Express and Debon Express both stated they will not suspend operations during the Spring Festival, but transportation costs will be adjusted, with SF Express planning to charge a resource adjustment fee during the holiday period [1]. - YTO Express announced that from February 15 to February 23, it will ensure smooth service and network stability, with normal operations in most regions except for certain areas affected by third-party logistics or weather [2]. - Yunda Express confirmed normal operations during the Spring Festival, with potential delays of 2-3 days for intra-provincial and 4-5 days for inter-provincial deliveries [2]. - Zhongtong Express stated it will ensure the smooth operation of logistics services during the holiday, with variations in service based on local conditions [2]. - Shentong Express also confirmed it will provide normal collection and delivery services, with possible adjustments to operations based on local circumstances [2]. Group 2: Operational Challenges - The express delivery companies warned that due to limited resource allocation and extreme weather changes during the holiday period, the timeliness of deliveries may be affected to varying degrees [3].

2026.02.06 来源 | 中新经纬 6日，"快递停运"冲上微博热搜。真实情况如何？ 中通快递客服称，目前暂未接到停运通知。另外，正常情况下，春节期间不会收取资源调节费。 本文字数：2393，阅读时长大约4分钟 此外，顺丰速运、德邦快递客服均回复春节期间不停运，但运输费用会有调整。 据顺丰官网公告，1月19日—2月15日，将对部分20kg(含)以上快递收取0.1-1.5元/kg资源调节费；2月16 日—2月23日春节假期期间，对寄递服务加收资源调节费。客服称，增加费用根据运输路途长短改变。 据德邦快递官网，1月19日—2月14日期间，将对部分客户、部分产品加收0.2-0.5元/kg资源调节费；2月 15日-2月23日春节假期期间，德邦对寄递服务加收资源调节费。 圆通速递、申通快递、韵达快递客服均表示，春节期间快递不停，且未收到加价通知。 中国邮政速递物流客服表示，快递运送全年无休，但有可能会出现上门取件加价情况，具体规定需看后 续通知。 京东物流则回应，根据春节期间快递流量情况，部分站点可能会出现排班情况，且会产生资源调度费， 具体需以站点为准。 微信编辑| 小羊 第一财经持续追踪财经热点。若您掌握公司动 ...

Core Viewpoint - The article discusses the current situation regarding the operation of express delivery services during the Chinese New Year, addressing rumors of service suspensions and potential price adjustments. Group 1: Service Operations - Zhongtong Express confirmed that there has been no notification of service suspension during the Chinese New Year [4] - YTO Express, Shentong Express, and Yunda Express also stated that they will continue operations during the holiday and have not received any price increase notifications [5] - China Post Express Logistics indicated that while services operate year-round, there may be additional charges for pick-up services, subject to further notice [6] Group 2: Pricing Adjustments - JD Logistics mentioned that depending on the volume of deliveries during the holiday, some locations may implement scheduling changes and resource adjustment fees, which will vary by site [8] - SF Express announced that from January 19 to February 15, they will charge a resource adjustment fee of 0.1-1.5 yuan per kg for packages over 20 kg, with additional fees during the holiday period [9] - Debon Express stated that from January 19 to February 14, they will impose a resource adjustment fee of 0.2-0.5 yuan per kg for certain customers and products, with similar fees during the holiday [9]

中通快递客服称，目前暂未接到停运通知。另外，正常情况下，春节期间不会收取资源调节费。 圆通速递、申通快递、韵达快递客服均表示，春节期间快递不停，且未收到加价通知。 6日，"快递停运"冲上微博热搜。真实情况如何？中新经纬致电多家快递公司客服。 京东物流则回应，根据春节期间快递流量情况，部分站点可能会出现排班情况，且会产生资源调度费， 具体需以站点为准。 此外，顺丰速运、德邦快递客服均回复春节期间不停运，但运输费用会有调整。 中国邮政速递物流客服表示，快递运送全年无休，但有可能会出现上门取件加价情况，具体规定需看后 续通知。 据顺丰官网公告，1月19日—2月15日，将对部分20kg(含)以上快递收取0.1-1.5元/kg资源调节费；2月16 日—2月23日春节假期期间，对寄递服务加收资源调节费。客服称，增加费用根据运输路途长短改变。 据德邦快递官网，1月19日—2月14日期间，将对部分客户、部分产品加收0.2-0.5元/kg资源调节费；2月 15日-2月23日春节假期期间，德邦对寄递服务加收资源调节费。 来源：中新经纬 ...

SHANGHAI, Feb. 4, 2026 /PRNewswire/ -- ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK: 2057), a leading and fast-growing express delivery company in China ("ZTO" or the "Company"), today announced the pricing of US$1.5 billion in aggregate principal amount of convertible senior notes due 2031 (the "Notes"). The Notes have been offered in offshore transactions outside the United States to non-U.S. persons that are "qualified institutional buyers" (as defined in Rule 144A under the United States Securities Ac ...

Core Insights - The city is projected to achieve a significant growth in express delivery business volume and revenue by 2025, with a total of 33.68 million packages delivered, representing a year-on-year increase of 51.76%, and express delivery revenue reaching 365 million yuan, up by 21.26%, both ranking first in the province [1] Group 1: Logistics Infrastructure - The city has established a three-tier logistics service system consisting of county-level distribution centers, town service stations, and village service points to enhance delivery service quality and coverage [1] - Currently, there are 7 county-level distribution centers, 17 town-level distribution centers, and 1,456 village-level comprehensive service stations in place, along with 616 public service positions in rural areas to facilitate logistics [1] Group 2: Agricultural Sector Impact - A dedicated green channel for the delivery of agricultural specialty products has been set up, ensuring timely and quality delivery, with a total of 4.75 million agricultural specialty products delivered by 2025, generating sales of 41.3 million yuan [1] Group 3: Manufacturing Sector Support - The logistics system has been tailored to meet the needs of the manufacturing sector, specifically for the Chongxin Yusen company's paper products, with a custom delivery system that includes direct front-end connections, tailored transportation services, and one-on-one after-sales support [1] - A total of 5.93 million paper products have been delivered, with peak daily shipments exceeding 71,000 packages, effectively creating a high-efficiency logistics bridge for "Chongxin manufacturing" to reach the national market [1]

Summary of ZTO Express Conference Call Company Overview - **Company**: ZTO Express (ZTO.N) - **Industry**: Transportation & Infrastructure in Hong Kong/China Key Points and Arguments Market Share and Competition - ZTO has gained market share in Q4 2025, achieving low-teens year-over-year volume growth quarter-to-date, outperforming the industry due to a decrease in low-value parcels in the market [4][12] - Management believes that market competition has improved, with leading players resuming share gains, which was a positive surprise compared to expectations of stable market shares due to customer lock-up [2][4] - ZTO is not participating in aggressive pricing competition, which is deemed irrational for smaller players with thin margins and weak balance sheets [5][12] Financial Performance - 3Q25 net profit exceeded expectations due to tax credits, while gross profit and operating profit missed estimates [3] - Adjusted EBITDA was in line with expectations, and excluding tax benefits, unit profit increased quarter-over-quarter [3] - The 2025 volume outlook was slightly lowered due to a slowdown in market volume growth [3] Earnings Forecasts and Price Target - EPS forecasts for 2025-2027 have been raised by 3%, 6%, and 4% respectively, reflecting the 3Q25 results and healthier average selling price dynamics [6][15] - The weighted average cost of capital (WACC) assumption was slightly lowered to 13.2% from 13.3% due to a decrease in the cost of debt [6][16] - The price target has been increased by 5% to US$25.00, implying a 13x 2026 estimated P/E, which is below the domestic peer average of 16x [6][16] Shareholder Returns and Capital Expenditure - ZTO expects higher absolute shareholder returns year-over-year, assuming no irrational competition [14] - Capital expenditure guidance for 2025 is approximately Rmb5.5-6 billion, expected to decline to Rmb5 billion in 2026 [14] Risks and Opportunities - Risks still exist, but the company is optimistic about achieving both market share gain and profit growth in 2026 [5][29] - The retail business handles over 9 million daily parcels, representing 8-9% of total volume, with management targeting a higher retail parcel mix in 2026 [13] - Potential mergers and acquisitions are being considered as a growth option [14] Valuation and Investment Thesis - ZTO is viewed as a long-term winner in the industry, with attractive risk-reward dynamics, trading at 11x 2026 estimated P/E and a forward free cash flow yield of 7-8% compared to a peer average of 1% [7][29] - The company’s market leadership in volume and unit profitability supports a positive outlook, with a moderate probability of achieving both market share gain and profit growth [24][29] Additional Important Information - The effective tax rate is expected to be 18%, with a significant reduction in tax expenses noted [17] - The company’s market cap is currently Rmb107,605 million, with an average daily trading value of US$10 million [9] - The stock price closed at US$18.97 on November 19, 2025, indicating a 32% upside to the new price target [9] This summary encapsulates the key insights from the ZTO Express conference call, highlighting the company's performance, market dynamics, and future outlook.

Core Insights - ZTO Express reported third-quarter 2025 earnings of 43 cents per share, an improvement from the previous year, with total revenues reaching $1.66 billion, also showing year-over-year growth [1][6] Revenue Performance - Revenue from the core express delivery business increased by 11.6% year over year, driven by a 9.8% growth in parcel volume and a 1.7% increase in parcel unit price [2] - Key account revenues surged by 141.2% year over year, attributed to a rise in e-commerce return parcels [2] - Revenue from freight forwarding services declined by 7.4% year over year [2] Gross Profit and Margins - Gross profit decreased by 11.4% compared to the year-ago quarter, with the gross margin rate falling to 24.9% from 31.2% [3][6] Operating Expenses - Total operating expenses amounted to RMB550.9 million (approximately $77.4 million), an increase from RMB493.0 million in the previous year [3] Share Repurchase Program - ZTO's board approved a share repurchase program with an increased aggregate value of $2.0 billion, extended through June 30, 2026; as of September 30, 2025, ZTO had repurchased 52,919,506 ADSs for $1.3 billion, leaving $0.7 billion available under the program [4] Cash Position - ZTO Express ended the third quarter of 2025 with cash and cash equivalents of $1.31 billion, down from $1.85 billion at the end of the previous quarter [7]

Summary of China Express Industry Conference Call Industry Overview - **Industry**: China Express - **Date**: November 18, 2025 - **Key Focus**: Volume growth slowdown and industry consolidation Key Takeaways Volume Growth and Revenue - Overall express volume in China increased by **7.9% YoY** in October, a decrease from **12.7% in September** [2][11] - Intra-city parcel volume saw a decline of **7.9% YoY** in October compared to a **5% decline in September** [2] - Inter-city parcel growth slowed to **9.5% YoY** in October from **15% in September** [2] - International parcel growth slightly improved to **1.2% YoY** from a **3.1% YoY drop in September** [2] - Revenue growth for the industry slowed to **4.7% YoY** in October, down from **7.2% in September** [2][11] Average Selling Price (ASP) - The industry ASP fell by **3% YoY** and **0.9% MoM** [3][11] - Specific declines in ASPs were noted in Guangdong (Rmb0.28 or -4.1% YoY) and Zhejiang (Rmb0.14 or -3.1% YoY) [3] - Month-over-month, ASPs in Guangdong dropped by **1%**, while those in Zhejiang increased by **3%** [3] Market Concentration - The concentration ratio of the top eight players (CR8) reached **87.8%** in October, an increase of **2.6 percentage points YoY** and **0.9 percentage points MoM** [4][11] - Leading players are gaining market share amid the slowdown, indicating a trend towards consolidation in the industry [11] Additional Insights - The slowdown in volume growth is attributed to "anti-involution" trends affecting the market [11] - Despite the overall ASP decline, leading players are reportedly improving their ASPs month-over-month [11] Conclusion The China Express industry is experiencing a significant slowdown in volume growth and revenue, alongside a notable decline in ASPs. However, the market is consolidating, with leading players increasing their market share. The industry faces challenges from anti-involution trends, which may impact future growth prospects.

Core Viewpoint - FedEx Corp expresses optimism for the upcoming holiday peak shipping season despite ongoing industry challenges, projecting improved profits for the fiscal second quarter [3][4]. Financial Performance - FedEx anticipates adjusted earnings per share to exceed last year's benchmark of $4.05, surpassing analyst expectations of $4.02 per share [3]. - The update led to a 5.3% increase in FedEx shares during early trading on the New York Stock Exchange [4]. Operational Insights - FedEx has reported an increase in operating income for the first time despite declining revenues, although it faces a $1 billion headwind from the end of the de minimis tariff exemption [4]. - The company experienced a $150 million adjusted operating income impact for Q1 and expects a similar impact at the midpoint of its guidance range [5]. - U.S. outbound air freight has increased by 22%, contributing approximately $40 million to revenue [5]. Strategic Initiatives - FedEx is adapting to changing demand by shifting from trans-Pacific to intra-Asia routes and plans to spin off its FedEx Freight segment into a separate company [5]. - The company is optimistic about its future capabilities due to its existing networks, cost structure, and logistics intelligence [6]. Challenges and Mitigation - Both FedEx and UPS may face disruptions and increased expenses due to the grounding of MD-11 aircraft following a recent fatal crash [7]. - FedEx is collaborating with Boeing and the FAA to ensure safe inspections and return of aircraft to service, while managing capacity through spare aircraft and adjustments to maintenance schedules [8].