STO(SZ:002468)2025-08-29 11:26Group 1: Company Performance Overview - In the first half of 2025, the domestic online retail sales grew by 6.0%, accounting for 24.9% of total retail sales, driving strong growth in the express delivery sector [1] - The company completed a total business volume of 12.35 billion pieces, a year-on-year increase of 20.7%, with a market share of 12.91%, up by 0.15 percentage points [2] - The company's revenue reached 25.02 billion CNY, a year-on-year growth of 16.0%, with express delivery revenue at 24.69 billion CNY, increasing by 15.7% [2] Group 2: Cost and Profit Analysis - Operating costs amounted to 23.67 billion CNY, up by 16.8%, with express delivery costs at 23.49 billion CNY, increasing by 16.7% [2] - The net profit attributable to the parent company was 453 million CNY, reflecting a year-on-year growth of 3.7% [2] - The net cash flow from operating activities was 741 million CNY, a decrease of 59.6% due to increased revenue from monthly settlement clients and reduced pre-collection of waybill fees for franchisees [3] Group 3: Industry Trends and Company Strategy - The express delivery industry is responding to the "anti-involution" policy, with significant actions taken in regions like Zhejiang and Guangdong to curb low-price competition [4] - The company plans to enhance its digital and intelligent operations while fostering a new franchise network culture to improve service quality [4] - The company is focusing on integrating AI technologies into its operations to optimize management processes and reduce costs [6] Group 4: Future Outlook - The expected growth rate for the express delivery industry may slow down in the second half of 2025 due to the "anti-involution" policies and an expanded volume base [5] - The company anticipates that the acquisition of Danbird Logistics will enhance its market position in high-end services and improve overall profitability [5] - The company aims to increase its daily capacity to over 90 million pieces by the end of 2025, with capital expenditures expected to remain similar to the previous year [4]