证券代码：600233 证券简称：圆通速递 公告编号：临 2025-034 圆通速递股份有限公司 2025 年 4 月快递业务主要经营数据公告 特此公告。 圆通速递股份有限公司 董事局 2025 年 5 月 20 日 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 圆通速递股份有限公司 2025 年 4 月快递业务主要经营数据如下： | 项目 | 2025 | 年 | 4 月 | | 同比变动 | | --- | --- | --- | --- | --- | --- | | 快递产品收入（亿元） | | | | 57.55 | 16.32% | | 业务完成量（亿票） | | | | 26.93 | 25.27% | | 快递产品单票收入（元） | | | | 2.14 | -7.14% | 上述数据未经审计，敬请广大投资者注意投资风险。 ...

证券研究报告 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 板块表现： 美线抢运拉动航运景气，内需物流保持稳健 投资评级： 看好（维持） —交通运输行业周报（2025 年 5 月 12 日-2025 年 5 月 18 日） 交通运输 行业定期报告 hyzqdatemark 2025 年 05 月 18 日 投资要点： 一、行业动态跟踪 航运船舶： 联系人 1）中美关税暂缓 90 天，引发集运美线抢运潮： 5 月 12 日，中美宣布自 5 月 14 日 起 90 天内中美双方互降关税，引爆外贸企业抢运潮。Vizion 数据显示，在中美宣布 互降关税后，截至 5 月 13 日，7 天平均订舱量较 5 月 5 日飙升 277%。中美外贸企 业发货需求迅速回升，带来中美航线货量出现明显反弹。中 ...

航空量价向好可期，集运迎来多重催化 交通运输 证券研究报告/行业定期报告 2025 年 05 月 17 日 | 评级： | 增持（维持） | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：杜冲 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740522040001 | | 南方航空 | 5.97 | -0.23 | -0.09 | 0.30 | 0.44 | 0.54 | -25.96 | -66.33 | 19.77 | 13.70 | 10.96 | 买入 | | | | 中国东航 | 3.79 | -0.37 | -0.19 | 0 ...

2025年一季度，圆通速递快递业务完成量67.79亿件，同比增长21.75%。在业务规模稳步提升的基础 上，2025年第一季度公司实现营业收入170.60亿元，同比增长10.58%，实现归母净利润8.57亿元。 圆通速递（600233）5月16日召开2024年度暨2025年第一季度业绩说明会，公司管理层主要成员就2024 年度和2025年第一季度经营成果、财务状况与投资者进行沟通交流。 2024年度，圆通速递快递业务完成量265.73亿件，同比增长25.32%。公司2024年实现营业收入690.33亿 元，同比增长19.67%；实现归母净利润40.12亿元，同比增长7.78%，其中，快递业务实现归母净利润 43.07亿元，同比增长12.16%。 圆通速递表示，公司2024年全面推进数字化转型升级，广泛应用人工智能等先进技术，赋能公司提质降 本增效。扎实推进全网一体数字化、标准化落地见效，推动精益中心自驱改善，精细管控核心成本，并 逐步完善差异化的产品与服务体系，增强客户服务及精准营销能力，全网盈利能力及经营实力稳步增 强。同时，公司持续深化国际化发展战略，基于自有机队、优质航线、网络布局等优势资源，着力拓展 ...

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [1] Core Insights - The transportation industry is experiencing a steady demand increase despite price reductions, maintaining a healthy dividend [1] - The express delivery sector is facing intensified price competition, leading to operational divergence among companies, while direct-operated express companies are achieving stable growth [4][10] - The aviation sector is under pressure due to increased passenger volume but reduced ticket prices, with a slow improvement in supply-demand relationships [4][52] - The highway sector is seeing a recovery in traffic volume, resulting in profit restoration for most leading companies [4][59] - The shipping industry is experiencing mixed performance, with container shipping under pressure from external trade policies, while oil shipping is recovering [4][59] - The shipbuilding market is facing challenges due to fluctuating demand and pricing pressures [7] - Port operations are stable, with significant growth in cargo throughput [7] - The bulk supply chain is under pressure from weak demand, but leading companies are demonstrating resilience [7][32] Summary by Sections Express Delivery - The express delivery industry saw a year-on-year business volume growth of 21.6% in Q1 2025, exceeding market expectations [14] - Major companies like YTO, Yunda, and Shentong reported business volumes of 6.78 billion, 6.08 billion, and 5.81 billion pieces respectively, with year-on-year growth rates of 21.7%, 23.0%, and 26.6% [14] - The average revenue per package in Q1 2025 decreased by 8.8% year-on-year, indicating ongoing price competition [18] - The single-package profit for YTO, Yunda, and Shentong decreased by 25.3%, 36.7%, and 2.0% respectively [24] Aviation - The aviation sector experienced a 4.9% year-on-year increase in passenger volume in Q1 2025, reaching 186 million passengers [52] - The international passenger volume surpassed the 2019 level for the first time, indicating a recovery in international travel [52] - The average ticket price is under pressure, leading to a decline in unit revenue for major airlines [68] Highways - The highway sector is witnessing a steady recovery in traffic volume, contributing to profit growth for most leading companies [4][59] - Nine out of nineteen listed highway companies reported an increase in dividend yield year-on-year [4] Shipping - The container shipping index decreased by 12% year-on-year due to external trade uncertainties, while domestic shipping showed some recovery [4][59] - The oil shipping market is experiencing a recovery, but the bulk shipping market remains sluggish [4] Ports - Major ports achieved a cargo throughput of 4.222 billion tons in Q1 2025, a year-on-year increase of 3.23% [7] Bulk Supply Chain - The bulk supply chain is facing challenges due to weak demand, but leading companies are adapting through operational optimizations [7][32] Investment Recommendations - The report suggests focusing on leading companies in the express delivery sector, such as ZTO Express, YTO Express, and Shentong Express, due to their stable operations and growth potential [32]

本报讯（记者 刘盼盼 魏滢）5月14日，记者从郑州市人社局获悉，由市人社局、教育局、卫健委和 国资委联合主办，市人才交流中心具体承办的郑州市2025年研究生专场招聘会，将于5月16日在郑州市 人才大厦举办。 本报讯（记者 刘盼盼 魏滢）记者昨日从郑州市就业创业服务中心获悉，为搭建校企人才对接桥 梁，助力企业精准引才，5月17日9点至12点，"职"引未来"链"接河南·先进制造业青年就业行动——郑 州综合专场招聘会将在河南牧业经济学院（龙子湖校区）举办，300余家行业龙头企业提供超2万个优质 岗位。 本次活动由河南省人力资源和社会保障厅、河南省工业和信息化厅、河南省教育厅重磅联合权威主 办，由河南省就业创业服务中心、郑州市人力资源和社会保障局、河南省航空港综合试验区组织人事 部、河南牧业经济学院共同承办，搭建专业化、权威性的就业服务平台。 据悉，招聘会定向邀约制造业、信息技术、金融、物流、新媒体等热门行业企业参与，已邀请到富 士康、格力空调、安图生物、上汽、奇瑞、牧原食品、三全食品、金星啤酒、顺丰、圆通、巴奴毛肚火 锅、好莱坞影城等300余家行业龙头企业齐聚，覆盖智能制造、食品加工、生物制药、物流运输、文化 影视 ...

Summary of YTO Express Conference Call Industry Overview - The express delivery industry is characterized as a quasi-public service with strong cash flow. The optimization of the industry structure is expected to enhance performance elasticity, making 2025 a potential buying opportunity for quality companies [2][4] - The National Postal Administration is focused on the rights of couriers and consumers, indirectly influencing express delivery prices and maintaining industry stability [2][7] Company Performance - YTO Express has shown stable performance since Q4 2021, with efficient management and timely adjustments to its delivery network. Despite intense price competition, the company has maintained stable growth, reflecting the pricing power and profit growth capabilities of leading companies [2][5] - The valuation of the express delivery industry has declined from a central point of 20 times to around 10 times, primarily due to the collapse of a price alliance in the second half of 2024, leading to significant profit differentiation [2][6] Pricing Mechanism - The pricing mechanism in the express delivery sector is complex, prioritizing B-end demand while consumers act as price receivers. Professional purchasers hold pricing power, and the e-commerce supply chain's demand for cost reduction has driven the storage rate above 70% [2][8][9] - Yiwu is a core area for e-commerce express delivery, where logistics costs and price changes significantly impact the supply chain. A price drop by one company necessitates quick follow-up by competitors to avoid losing market share [2][10][11] Digital Transformation - YTO Express has prioritized data asset integration, demonstrating a strong commitment to digitalization and AI applications. The integration of information technology with business operations is advanced, with AI-assisted routing expected to significantly reduce costs [3][24][25] - The implementation of the "One Project" has improved network competitiveness by creating a quasi-direct management system, enhancing execution and stability at delivery points [2][18] Future Outlook - The express delivery industry is expected to face a new round of price wars, which could lead to further industry consolidation. The focus on digitalization and transparency is crucial to avoid repeating past mistakes and to ensure stable development [12][20] - YTO Express's capital expenditure is significant, with nearly 7 billion yuan in 2024 and over 2 billion in Q1 2025, reflecting confidence in long-term industry optimization and efforts to enhance capacity in core areas [21] Conclusion - YTO Express is well-positioned in the express delivery industry, with a strong network, effective management, and a focus on digital transformation. The company's strategies and market dynamics suggest a positive outlook for future growth and stability in the sector [19][20]

证券代码：600233 证券简称：圆通速递 公告编号：临 2025-033 圆通速递股份有限公司监事会 关于第三期股票期权激励计划首次授予激励对象 名单审核及公示情况的说明 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 圆通速递股份有限公司（以下简称"公司"）根据《上市公司股权激励管理 办法》（以下简称《管理办法》）的相关规定，对圆通速递股份有限公司第三期股 票期权激励计划（以下简称"本次激励计划"）中首次授予激励对象的姓名和职 务在公司内部进行了公示。根据《管理办法》和《公司章程》的规定，公司监事 会结合公示情况对本次激励计划首次授予激励对象人员名单进行了核查，相关公 示情况及审核情况如下： 一、公示情况及核查方式 1、公司对首次授予激励对象的公示情况 公司已于 2025 年 4 月 29 日在上海证券交易所网站（www.sse.com.cn）上披 露了《圆通速递股份有限公司第三期股票期权激励计划首次授予激励对象名单》 （以下简称《激励对象名单》），并于 2025 年 4 月 30 日在公司内部网站对上述拟 激励对象的姓名 ...

交运整体稳健，看好物流发展 [Table_Industry] 交运 24 年度复盘及 25Q1 总结 [Table_ReportDate] 2025 年 5 月 9 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（深度） | [Table_StockAndRank] 交通运输 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 匡培钦 交运行业首席分析师 执业编号：S1500524070004 邮 箱：kuangpeiqin@cindasc.com 黄安 交运行业分析师 秦梦鸽 交运行业分析师 陈依晗 交运行业研究助理 邮 箱：chenyihan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 交运 24 年度复盘及 25Q1 总结：交运整体稳 健，看好物流发展 [Table_ReportDate] 2025 年 5 月 9 日 [Table_S [➢Table_S ...

二○二五年五月二十日 圆通速递股份有限公司 会 议 资 料 中国·上海 目 录 关于《圆通速递股份有限公司第三期股票期权激励计划（草案）》及其摘要的议案 关于《圆通速递股份有限公司第三期股票期权激励计划实施考核管理办法》的议案 关于提请股东大会授权董事局办理公司第三期股票期权激励计划有关事项的议案25 圆通速递股份有限公司 会 议 须 知 根据中国证券监督管理委员会《上市公司股东大会规则》《公司章程》的有关规定， 为确保公司股东大会顺利召开，特制定会议须知如下，望出席股东大会的全体人员遵守 执行： 一、股东参加股东大会，应当认真履行其法定义务，不得侵犯其他股东权益； 二、股东大会期间，全体出席人员应以维护股东的合法利益、确保大会正常秩序和 议事效率为原则，认真履行法定职责； 三、出席大会的股东依法享有发言权、咨询权、表决权等各项权利，股东要求发言 时不得打断会议报告人的报告或其他股东的发言，股东要求发言时请先举手示意； 四、在会议集中审议议案过程中，股东按会议主持人指定的顺序发言和提问，建议 每位股东发言时间不超过 3 分钟，同一股东发言不超过两次，发言内容不超出本次会议 审议范围； 五、任何人不得扰乱大会的 ...