Core Viewpoint - Citigroup reports that ZTO Express (02057) plans to issue $1.5 billion in convertible preferred notes while simultaneously repurchasing shares, indicating a potential restart of the buyback plan during the upcoming earnings release [1] Group 1: Financial Actions - ZTO Express intends to issue $1.5 billion in convertible preferred notes [1] - The company has $700 million remaining in its share repurchase authorization until September 2025, suggesting a possible buyback plan restart [1] - Citigroup views the low interest rates and reasonable premiums as sufficient to offset potential dilution effects from the issuance of convertible notes [1] Group 2: Performance Metrics - ZTO Express reported a 13.3% growth in package volume, aligning with Citigroup's expectations [1] - The revenue forecast for ZTO Express is between 48.5 billion to 50 billion RMB, with gross profit estimated between 12.15 billion to 12.55 billion RMB, both of which are roughly in line with Citigroup's and market expectations [1]

Core Viewpoint - Citigroup reports that ZTO Express (02057) plans to issue $1.5 billion in convertible preferred notes while simultaneously repurchasing shares, indicating a potential restart of the buyback plan during the upcoming earnings release [1] Group 1: Share Repurchase and Convertible Notes - ZTO Express has a remaining share repurchase capacity of $700 million until September 2025, suggesting that the company may soon resume its buyback program [1] - The issuance of convertible notes is viewed slightly positively due to low interest rates and reasonable premiums that could offset potential dilution effects [1] Group 2: Financial Performance - ZTO Express reported a 13.3% growth in package volume, aligning with Citigroup's expectations [1] - The revenue range for ZTO Express is projected to be between 48.5 billion and 50 billion RMB, with gross profit estimated between 12.15 billion and 12.55 billion RMB, both of which are roughly in line with Citigroup's and market expectations [1]

Core Viewpoint - ZTO Express (02057) announced the issuance of $1.5 billion in notes, with a purchase price of 98.9% of the principal amount, scheduled for February 4, 2026 [1] Group 1: Notes Issuance Details - The company will sell $1.5 billion in notes to initial buyers, with the notes being offered to at least six independent allocators [1] - The notes will be priced at 100% of the principal amount plus any accrued interest from February 9, 2026 [1] - The initial conversion price is approximately $30.9473 per share, representing a 37.5% premium over the closing price of $22.51 per American Depositary Share on February 3, 2026 [1] Group 2: Estimated Proceeds and Share Conversion - The estimated net proceeds from the issuance are approximately $1.4041 billion, with the notes convertible into about 4.84695 million shares [1] - The net price per share for conversion is expected to be around $28.9692, based on the closing price of HKD 179.10 per A-class ordinary share [1] Group 3: Pricing and Share Buyback - The company has entered into capped call transactions with initial buyers, with the premium for these options being approximately $76.95 million, or about 5.1% of the total principal amount of the notes [2] - Concurrently, the company agreed to repurchase approximately 18.2544 million A-class ordinary shares, representing about 2.29% of the shares outstanding as of February 3, 2026, and about 37.66% of the convertible shares [2]

Group 1 - The core viewpoint of the article is that ZTO Express plans to issue $1.5 billion in convertible preferred notes while simultaneously repurchasing shares, which may lead to a resumption of its buyback program during the upcoming earnings release [1] - ZTO Express has a remaining buyback capacity of $700 million until September 2025, indicating potential for future share repurchases [1] - The report suggests that low interest rates and reasonable premiums can fully offset any potential dilution effects from the issuance of convertible notes, leading to a mildly positive outlook on the issuance [1] Group 2 - ZTO Express reported a preliminary performance for 2025, with package volume growth of 13.3%, aligning with expectations [1] - The company's revenue is projected to be between 48.5 billion and 50 billion yuan, with gross profit estimated between 12.15 billion and 12.55 billion yuan, both of which are roughly in line with expectations from the bank and the market [1] - The bank maintains a "Buy" rating for ZTO Express on the US stock market, with a target price set at $22.6 [1]

每经AI快讯，中通快递-W(02057.HK)涨近3%，截至发稿，涨2.74%，报184港元，成交额3.21亿港元。 （文章来源：每日经济新闻） ...

2月5日，中通快递-W拟溢价约37.5%发行15亿美元票据。花旗指出，由于截至2025年9月尚余7亿美元股 份回购额度，公司可能于近期业绩发布时重启回购计划。该行认为，低利率和合理溢价可完全抵销潜在 稀释影响，对发行可换股票据看法轻微正面。此外，中通快递公布2025年初步业绩，包裹量增长 13.3%，符合该行预期，营收区间为485-500亿元人民币，毛利介乎121.5-125.5亿元人民币，两者中位均 大致符合该行和市场预期。 消息面上，2月4日，中通快递-W发布公告，本公司估计：2025年，其收入总额介于人民币485亿元至人 民币500亿元，较2024年的人民币442.807亿元增长约9.5%至12.9%；及2025年，其毛利介于人民币121.5 亿元至人民币125.5亿元，较2024年的人民币137.17亿元减少约8.5%至11.4%。收入总额的估计增长主要 受包裹量由2024年的340.1亿件增加至2025年的385.2亿件(同比增长13.3%)所带动。 中通快递-W(02057)涨近3%，截至发稿，涨2.74%，报184港元，成交额3.21亿港元。 ...

智通财经APP获悉，中通快递-W(02057)涨近3%，截至发稿，涨2.74%，报184港元，成交额3.21亿港 元。 2月5日，中通快递-W拟溢价约37.5%发行15亿美元票据。花旗指出，由于截至2025年9月尚余7亿美元股 份回购额度，公司可能于近期业绩发布时重启回购计划。该行认为，低利率和合理溢价可完全抵销潜在 稀释影响，对发行可换股票据看法轻微正面。此外，中通快递公布2025年初步业绩，包裹量增长 13.3%，符合该行预期，营收区间为485-500亿元人民币，毛利介乎121.5-125.5亿元人民币，两者中位均 大致符合该行和市场预期。 消息面上，2月4日，中通快递-W发布公告，本公司估计：2025年，其收入总额介于人民币485亿元至人 民币500亿元，较2024年的人民币442.807亿元增长约9.5%至12.9%；及2025年，其毛利介于人民币121.5 亿元至人民币125.5亿元，较2024年的人民币137.17亿元减少约8.5%至11.4%。收入总额的估计增长主要 受包裹量由2024年的340.1亿件增加至2025年的385.2亿件(同比增长13.3%)所带动。 ...

南报网讯（记者 胡英华 通讯员 金飞） 近日，溧水"交邮快供+"物流枢纽中心启动运营，邮政、中通、 圆通等6家快递企业正式入驻，标志着溧水形成区、镇、村三级物流配送闭环体系。 该中心是溧水深化"交邮快供"改革重点项目。近年来，溧水整合公交、邮政、快递、供销等资源，积极 探索"交邮快供+"模式，打通农产品进城"最初一公里"和消费品下乡"最后一公里"，架起链接城乡融合 发展"新邮路"。此前溧水已建成8个板块物流站点、91个村级综合服务站点，打造32个"交邮快供+"融合 示范点，开通22条"交邮快供"融合公交线路、12条无人车配送线路，实现全区村级网点全覆盖，目前日 均进村快件约1.6万件、出村快件约3200件，分别是融合改革前的3.2倍、1.8倍。这一改革经验，先后成 功入选"中国改革2023年度地方全面深化改革典型案例"和2024年全国"四好农村路"高质量发展典型案 例。 "'交邮快供+'物流枢纽中心的启动运营，标志着溧水城乡物流融合发展迈向集约化、智能化新阶 段。"溧水区相关负责人表示，面向"十五五"，溧水将加快实现主流快递品牌村级服务站点全覆盖，持 续完善"区级中转、镇级分拨、村级配送"三级物流体系，拓展交 ...

Group 1 - Novo Nordisk's semaglutide sales reached 250.84 billion yuan in 2025, with a year-on-year growth of over 10% [5] - The sales breakdown includes 127.09 billion Danish kroner for Ozempic, 79.11 billion for Wegovy, and 22.09 billion for oral semaglutide [5] - In China, the total sales for all three semaglutide products amounted to 6.81 billion Danish kroner (approximately 7.49 billion yuan) [5] Group 2 - The Hong Kong High Court rejected Xu Jiayin's appeal regarding the appointment of a receiver and ordered him to pay 1.2 million HKD in legal fees by February 20 [6] - The National Healthcare Security Administration is conducting collective interviews with mental health insurance institutions to strengthen management and combat misuse of insurance funds [6][7] Group 3 - Panasonic's CFO announced potential layoffs could expand to 12,000 employees, following a previous plan to cut 10,000 jobs globally [8] - Multiple small and medium-sized banks have announced increases in deposit rates ahead of the Spring Festival, while some banks have opted to lower rates [8] Group 4 - Walmart's market capitalization surpassed 1 trillion USD, with a stock price increase of over 24% in the past year [10] - PayPal announced that Enrique Lores will take over as CEO on March 1, aiming to enhance execution efficiency and advance strategic initiatives [11] Group 5 - AMD reported a fourth-quarter net profit of 2.52 billion USD, with a year-on-year growth of 42% and revenue of 10.27 billion USD, exceeding market expectations [23] - Alphabet's fourth-quarter net profit was 34.455 billion USD, a 29.8% increase year-on-year, with total revenue of 113.83 billion USD [21]

Group 1 - The company, ZTO Express (02057), announced a bond issuance of $1.5 billion at a purchase price of 98.9% of the principal amount, with the initial buyers agreeing to purchase the bonds under certain conditions [1] - The initial conversion price is approximately $30.9473 per share, representing a premium of about 37.5% over the closing price of $22.51 per American Depositary Share on the NYSE on February 3, 2026 [2] - The estimated net proceeds from the bond issuance are approximately $1.404 billion, with the bonds convertible into about 4.84695 million shares, leading to a net price per share of approximately $28.9692 [2] Group 2 - Concurrently with the bond pricing, the company agreed to repurchase approximately 18.2544 million Class A ordinary shares, representing about 2.29% of the total shares outstanding as of February 3, 2026, and about 37.66% of the convertible shares [3]