一、担保情况概述 证券代码：002468 证券简称：申通快递 公告编号：2025-091 申通快递股份有限公司 关于对外提供担保的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导性 陈述或者重大遗漏。 （一）担保事项审议情况 申通快递股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开第六届董事会第十三 次会议和第六届监事会第十二次会议审议通过了《关于对外提供担保的议案》，同意公司全资子 公司申通快递有限公司（以下简称"申通有限"）为浙江丹鸟物流科技有限公司（以下简称"丹 鸟物流"）及其下属控股子公司上海万象文化发展有限公司（以下简称"上海万象"）、湖南芝 麻开门供应链管理有限公司（以下简称"湖南芝麻开门"） 、昆明东骏物流有限公司（以下简称 "昆明东骏"）、海南芝麻供应链管理有限公司（以下简称"海南芝麻供应链"）、福州芝麻开 门供应链管理有限公司（以下简称"福州芝麻开门"）提供不超过 1,031.20 万元担保，用于替换 浙江菜鸟供应链管理有限公司（以下简称"浙江菜鸟"）（含下属子公司）为丹鸟物流及其下属 控股子公司提供的 1,031.20 万元履约保函 ...

Group 1 - The core point of the article is the establishment of Zhejiang Shenzhao Intelligent Technology Co., Ltd., with a registered capital of 20 million yuan, focusing on the development of intelligent robots and related technologies [1] - The company's business scope includes research and development of intelligent robots, IoT technology, processing of mechanical parts, manufacturing of industrial robots, and sales of intelligent warehousing equipment [1] - Zhejiang Shenzhao Intelligent Technology Co., Ltd. is wholly owned by Shentong Express (002468) through indirect shareholding [1]

Core Insights - The express delivery industry is transitioning from a high-growth phase to a focus on efficiency and service competition, indicating a need for independent thinking and adaptation to new challenges [1] - The industry is experiencing a slowdown in growth rates, with the overall business volume growth dropping to 5% in November, down from 20% earlier in the year, suggesting a shift towards a more mature and stable growth phase [3] Group 1: Industry Trends - The "anti-involution" campaign initiated by the State Post Bureau aims to address the industry's low-price competition, leading to improved profitability for express companies, although some frontline outlets still face challenges due to rising costs [2] - The double eleven shopping festival saw a total of 139.38 billion packages collected, marking a 9% increase from the previous year, but the growth rate is slowing, indicating a potential shift in consumer behavior and market saturation [3] - The introduction of tax reporting requirements for online platforms starting October 1, 2025, will expose fraudulent activities such as order brushing, pushing the industry towards compliance and authenticity [5] Group 2: Company Developments - YTO Express launched its strategic hub, the Dongfang Tiandi Port, with an investment of 12.2 billion yuan, marking a significant step in its internationalization strategy and aiming to enhance its competitive edge in the logistics sector [6] - Shentong Express completed the acquisition of Daniao Logistics for 362 million yuan, enhancing its operational capabilities and positioning itself in the "quality express" market while Alibaba shifts its focus towards core strategic areas [7] - JD Logistics and SF Express are expanding their international operations, with JD launching a new self-operated B2C brand in Saudi Arabia and SF establishing international air routes, indicating a strong push towards global market penetration [14] Group 3: Technological Advancements - The integration of AI technologies in the express delivery sector is transforming operations, with applications in route optimization and operational efficiency, exemplified by YTO's "smart routing" system [9] - The rise of robotics in the industry is being observed, with advancements in sorting and delivery processes, although challenges remain in achieving efficiency comparable to human workers [15] Group 4: Market Dynamics - The frequent switching of return logistics among various express companies highlights the competitive nature of the market, with companies vying for the more profitable return business as opposed to standard deliveries [10] - The emergence of "sheep shearing" tactics among consumers exploiting platform loopholes poses a challenge for express companies, necessitating stricter regulations to protect the integrity of the logistics chain [12]

| | 皇公司 都在用的商业查询工具 | 音老板 商关系 音风险 | | | | | --- | --- | --- | --- | --- | --- | | | 家中小企业发展子其全旗下机构 | 浙江申造智能科技有限公司 | × 天眼一下 叶 应用 ▼ | | 商务合作 | | 意本信信 9 | 法律诉讼 | 经营风险 | 经营信息 公司发展 | | 知 | | 工商信息 ● | | | | | | | 工商信息 历史工商信息0 | | | | | | | 企业名称 | 浙江申造智能科技有限公司 | | | | | | 法定代表人 | 又 邓根有 | 登记状态 ② | 开业 | | 天眼评分 2 | | | | 成立日期 | 2025-12-29 | | | | 统一社会信用代码 2 | 91330122MAK5918D78 | 注册资本 ② | 2000万人民币 | | 实缴资本 | | 工商注册号 | | 纳税人识别号 2 | 91330122MAK5918D78 | | 组织机构代码 | | 营 朝限 | 2025-12-29 至 无固定期限 | 纳税人资质 | | | 核准目期 | | 企业类型 ...

Shipping Industry - The shipping market is experiencing a seasonal downturn, with oil shipping rates under pressure due to the holiday season and geopolitical tensions affecting supply [2] - Despite entering a low season, the oil shipping demand structure is improving, suggesting a potential upward trend in rates [2] - The container shipping market is expected to face significant pressure on rates by 2026 due to ongoing trade risks and the delivery of new capacity [2] Aviation Industry - Domestic passenger flight volumes have increased slightly, with overall and domestic flights up by 1.3% and 1.5% respectively compared to the previous week [3] - The average ticket price for economy class during the upcoming New Year holiday is projected at 597 yuan, reflecting a 1.1% decrease from 2024 but a 6.7% increase from 2025 [3] - The aviation sector is expected to benefit from a recovering domestic economy, with significant potential for earnings growth as supply constraints from aircraft manufacturers persist [3] Express Delivery Industry - The "anti-involution" policy has led to price increases in the express delivery sector, with most regions in China experiencing price hikes since July [4] - The profitability of express delivery companies is expected to improve in Q4 due to these price increases, despite a decline in overall package volume growth [4] - Companies like Zhongtong and Yuantong are outperforming the market, benefiting from a reduced reliance on low-cost packages [4] Investment Recommendations - The company recommends investing in growth-oriented value stocks and cyclical stocks at low price points, including Zhongtong Express, Yuantong Express, China Eastern Airlines, and others [5]

Group 1: Industry Overview - The report maintains a positive outlook on the transportation industry, indicating a recovery phase supported by supply and demand dynamics, particularly in the aviation sector [1][75]. - The express delivery sector shows a year-on-year growth in business volume of 14.9% and revenue growth of 7.1% from January to November 2025, reflecting a robust demand environment [3][18]. - The shipping industry is experiencing fluctuations, with the BDI index at 1900 points, down 10.49% week-on-week, while the CCFI and SCFI indices show slight increases, indicating mixed market conditions [59][61]. Group 2: Aviation Sector Insights - Domestic flight volume reached 86,137 flights during the week of December 19-25, 2025, with a daily average of 12,305 flights, reflecting a 1.42% increase week-on-week and a 1.21% increase year-on-year [12][13]. - Domestic passenger volume for the same period was 12.03 million, up 3.48% week-on-week and 6.04% year-on-year, indicating strong recovery in air travel demand [12][13]. - The average ticket price for domestic flights increased by 5.47% week-on-week, while the average bare ticket price rose by 6.08%, suggesting upward pricing pressure in the aviation market [12][13]. Group 3: Express Delivery Sector Analysis - Weekly average collection volume for express delivery was approximately 580 million pieces, with a slight decrease of 1.74% week-on-week, while delivery volume increased by 3.35% [17]. - Year-to-date average collection volume stands at about 544 million pieces per day, reflecting a year-on-year increase of 15.98% [17]. - The express delivery industry is characterized by a CR8 index of 87%, indicating a high level of market concentration, with major players like SF Express, YTO Express, and Shentong Express showing varied growth rates [21][27]. Group 4: Shipping Sector Developments - The international dry bulk market is facing a decline, with the BDI index down 10.49%, while the international container shipping market shows resilience with the SCFI index up 6.66% [59][61]. - The VLCC-TCE rate in the international oil shipping market decreased by 30.29%, indicating volatility in oil transport pricing [60]. - The report highlights the potential for a recovery in shipping rates driven by demand from the oil and dry bulk sectors, particularly as geopolitical factors may influence pricing dynamics [81]. Group 5: Recommendations and Focus Areas - Recommended stocks include China National Offshore Oil Corporation, China Eastern Airlines, and Spring Airlines, reflecting confidence in the aviation sector's recovery [4][76]. - The report suggests focusing on logistics companies like Milkrun and Hongchuan Wisdom, which are expected to benefit from the recovery in chemical logistics and warehousing [80]. - In the shipping sector, companies like China Merchants Energy Shipping are highlighted for their potential to benefit from the oil and dry bulk market recovery [81].

Investment Rating - Maintain "Buy" rating for the transportation sector [5] Core Views - The international passenger turnover for October and November 2025 is expected to grow by 12.9% and 14.3% year-on-year compared to the same months in 2019, indicating a recovery in demand [1][2] - The average economy class ticket price for the New Year holiday in 2026 is projected to be 597 RMB, reflecting a 1.1% decrease from 2024 and a 6.7% increase from 2025 [1][2] - The logistics sector is benefiting from explosive growth in overseas e-commerce, with TikTok Shop's GMV in Southeast Asia increasing by 2.7 times during the "12.12" promotion [1][3] Summary by Sections Weekly Insights and Market Review - The transportation sector index rose by 1.37%, underperforming the Shanghai Composite Index by 0.51 percentage points [1][19] - The top three performing sub-sectors were shipping, public transport, and logistics, with increases of 4.70%, 4.65%, and 1.96% respectively [1][19] Air Travel - From January to November 2025, civil aviation passenger turnover reached 12,865.80 billion person-kilometers, a 19.6% increase compared to the same period in 2019 [2][12] - Domestic routes saw a 25.6% increase, while international routes grew by 3.6% [2][12] - The aviation sector is expected to maintain a positive outlook due to low supply growth and recovering demand, with a focus on business travel and international flight recovery [2][12] Shipping and Ports - The oil and dry bulk freight rates are experiencing a decline, with VLCC rates significantly dropping due to seasonal factors and lower-than-expected January loading volumes [3][13] - The dry bulk shipping index continues to fall, with a focus on the impact of new iron ore production and geopolitical developments [3][14] - The LNG transportation market is anticipated to follow a different cycle compared to larger vessels, with new projects in hydrogen production [3][16] Logistics - The logistics sector is focusing on two investment themes: overseas expansion driven by e-commerce growth and internal competition management amid slowing industry growth [3][17] - The express delivery volume showed a modest increase of 1.6% year-on-year in December, indicating a competitive landscape where leading companies are expected to gain market share [3][17]

Core Insights - The express delivery industry in China is experiencing a shift towards "anti-involution," leading to an increase in per-package pricing and improved profitability for companies [1][3] - The demand for e-commerce logistics remains resilient, supported by robust internet infrastructure and diverse e-commerce platforms in China, which is the world's largest e-commerce market [1] - New e-commerce models such as live streaming and short video sales are rapidly developing, creating a symbiotic relationship between e-commerce and express delivery [1] Industry Growth Characteristics - The express delivery sector has entered a phase of moderate growth, with core drivers shifting from "penetration rate increase" to "structural growth," characterized by: 1. Package smallization due to increased repurchase frequency of affordable goods [2] 2. Rising demand for reverse logistics driven by higher e-commerce return rates [2] 3. Expansion of new models like live e-commerce and community group buying [2] Market Performance and Projections - In 2024, China's online retail sales of physical goods reached 13.08 trillion yuan, a year-on-year increase of 6.5%, maintaining its position as the largest online retail market globally [2] - The express delivery volume and revenue for 2024 were 174.5 billion packages and 1.4 trillion yuan, respectively, reflecting year-on-year growth of 21% and 13% [2] - By November 2025, the cumulative express delivery volume reached 180.74 billion packages, with a year-on-year growth of 14.9% [2] Pricing and Profitability Trends - In October 2025, the average revenue per package in the express delivery industry was 7.48 yuan, a decrease of 3.0% year-on-year, but the decline in revenue per package is slowing [3] - Major companies like Shentong and Yunda reported increases in per-package revenue of 7.4% and 4.5%, respectively, indicating the effectiveness of the "anti-involution" pricing policy [3] Industry Consolidation and Competitive Landscape - The concentration of the express delivery industry is increasing, with the market share of the top eight companies (CR8) reaching 87.0% by October 2025, up 0.1 percentage points from the previous period [3] - Leading companies are optimizing the competitive environment through the "anti-involution" policy, resulting in simultaneous increases in market share and profitability [3] Cost Structure and Efficiency Improvements - For SF Express, labor and transportation costs accounted for 84% of total per-package costs in 2024, with significant potential for cost reduction in the last-mile delivery segment [4] - The introduction of autonomous delivery vehicles could reduce transportation costs per package from 0.16 yuan to 0.05 yuan, representing a cost reduction of 69% [4][5] Investment Opportunities - Despite a recent adjustment in stock prices for express delivery companies, the continuous improvement in profitability presents significant investment opportunities [6] - For instance, SF Express's dynamic price-to-earnings ratio was 17.60 as of December 17, 2025, down from a peak of 121.04 yuan in 2021, indicating potential for recovery and growth [6]

Core Insights - November is the peak season for the express delivery industry in China, influenced by events like "Double 11" and overseas "Black Friday," making it a crucial indicator for the following year's market dynamics [1] Group 1: Company Performance - SF Express reported a revenue of 20.66 billion yuan in November, a year-on-year increase of 9.88%, with a business volume of 1.534 billion packages, up 20.13% [3] - YTO Express achieved a revenue of 6.474 billion yuan, growing 11.08% year-on-year, with a business volume of 2.886 billion packages, an increase of 13.55% [3] - Shentong Express saw a significant revenue increase of 33.10% to 6.028 billion yuan, with a business volume of 2.502 billion packages, up 14.67% [3][4] - Yunda Express reported a slight revenue increase of 2.17% to 4.698 billion yuan, but its business volume declined by 4.19% to 2.175 billion packages, making it the only major company to experience a decrease in volume [5] Group 2: Industry Trends - The express delivery industry is witnessing a clear performance divergence among major listed companies, with a shift from price competition to a focus on service quality and logistics efficiency [2] - The "anti-involution" trend has led to a recovery in single-package revenue, with a reduction in price wars that have plagued the industry [7] - A price increase trend began in August 2025, with November data showing improvements in single-package revenue compared to July, indicating a stabilization in pricing [8] - The industry is transitioning from a model of "price for volume" to one of "value competition," with a focus on differentiated services and cost efficiency [9]

今年以来申通快递已经1次登上龙虎榜，最近一次登上龙虎榜为7月25日，当日龙虎榜净买入1411.43万 元；买入总计1.63亿元 ，占总成交额比20.47%；卖出总计1.49亿元 ，占总成交额比18.69%。 12月22日，申通快递盘中下跌2.06%，截至10:09，报14.28元/股，成交1.02亿元，换手率0.48%，总市值 218.60亿元。 资金流向方面，主力资金净流出1389.33万元，特大单买入145.81万元，占比1.43%，卖出507.18万元， 占比4.99%；大单买入1887.61万元，占比18.56%，卖出2915.57万元，占比28.67%。 申通快递今年以来股价涨41.89%，近5个交易日涨0.92%，近20日涨1.06%，近60日跌23.88%。 截至9月30日，申通快递股东户数4.07万，较上期减少4.36%；人均流通股36082股，较上期增加2.81%。 2025年1月-9月，申通快递实现营业收入385.70亿元，同比增长15.17%；归母净利润7.56亿元，同比增长 15.81%。 分红方面，申通快递A股上市后累计派现16.14亿元。近三年，累计派现1.31亿元。 机构持仓方面 ...