Professional Documents
Culture Documents
Important Notes
STO EXPRESS
CO.,LTD. 01
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important hint
The company's board of directors, board of supervisors, directors, supervisors, and senior managers guarantee that the content of the annual report is true, accurate, and
complete, and there are no false records, misleading statements, or major omissions, and assume individual and joint legal responsibilities.
Chen Dejun, the person in charge of the company, Liang Bo, the person in charge of accounting work, and Li Ming, the person in charge of the accounting department (accounting officer in charge) declare that
they guarantee the authenticity, accuracy and completeness of the financial report in this annual report.
All directors have attended the board meeting for reviewing this report.
The company needs to comply with the disclosure requirements of the express delivery service industry in the Shenzhen Stock Exchange Self-Regulatory Guidelines No. 3 for Listed Companies—
Investors are reminded to pay attention to investment risks. The company described in detail the possible risks and countermeasures in the company's operations in the section
"XI. The company's future development prospects" in the third section "Operation Discussion and Analysis" of this reporting period. Investors are advised to pay attention to relevant content.
The company plans not to distribute cash dividends, bonus shares, and capitalization of public reserves.
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Table of contents
STO EXPRESS
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(1) Financial statements bearing the signatures and seals of the company's legal representative, person in charge of finance, and person in charge of the accounting department.
(2) The original audit report bearing the seal of the accounting firm and the signature and seal of the certified public accountant.
(3) The originals of all company documents and announcements publicly disclosed on newspapers designated by the China Securities Regulatory Commission during the reporting period.
(4) The original text of the 2021 annual report bearing the signature of the chairman.
(5) The place where the above documents for reference are prepared: the office of the company's board of directors.
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paraphrase
STO Express Co., Ltd., formerly known as Zhejiang Aidixi Fluid Control Co., Ltd.
Company/ Company/ STO Express refer to The company, after completing a major asset reorganization in December 2016, in December 2016
On September 29, it officially changed its name to STO Express Co., Ltd.
Director / Board of Directors refer to Director and Board of Directors of STO Express Co., Ltd.
Supervisor/ Board of Supervisors refer to Supervisors and Supervisory Committee of STO Express Co., Ltd.
Toku Junji refer to Shanghai Derun Second Industrial Development Co., Ltd.
Zhejiang Cainiao refer to Zhejiang Cainiao Supply Chain Management Co., Ltd.
Panyao Tongxiang No. 3 refer to Shanghai Panyao Asset Management Co., Ltd. - Panyao Tongxiang No. 3 Private Equity Securities Investment Fund
Meng Meng Chun refer to Zhejiang Mengmengchun Information Technology Co., Ltd. (Before the name change: Hangzhou Meitou Information Technology Co., Ltd.)
Hangzhou Cainiao refer to Hangzhou Cainiao Supply Chain Management Co., Ltd.
Shanghai Shenxue refer to Shanghai Shenxue Supply Chain Management Co., Ltd.
yuan, ten thousand yuan, one hundred million yuan refer to RMB yuan, RMB ten thousand yuan, RMB billion yuan
STO EXPRESS
CO.,LTD. 05
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Company Profile
02 and Key Financial Indicators
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1. Company Information
email ir@sto.cn
2. Contact information
Telephone 021-60376669
021-60376669
fax 021-60376600
021-60376600
email ir@sto.cn
ir@sto.cn
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CO.,LTD. 07
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Stock exchange websites where companies disclose annual reports Shenzhen Stock Exchange http://www.szse.cn
The name and website of the media where the company discloses the annual report "China Securities Journal" "Securities Times" "Securities Daily" "Shanghai Securities News"
4. Registration changes
The company completed a major asset reorganization in December 2016. On December 29, 2016, the company's
business scope was changed to: domestic express delivery (except postal enterprise franchise business), general freight
(except hazardous chemicals), international and domestic freight forwarding (except hazardous chemicals), customs
Changes in the main business of the company since its listing (if any) clearance services, warehousing services (except hazardous chemicals). On May 4, 2017, the company's business scope
was changed to: domestic express delivery (except postal enterprise franchise business), general freight (except
hazardous chemicals), international and domestic freight forwarding (except hazardous chemicals), customs declaration
services, warehousing services (except hazardous chemicals), sales of paper products and electronic products, industrial investment.
On February 13, 2015, the company's controlling shareholder was changed to Nantong Hongshi Investment Co., Ltd.
On December 27, 2016, the controlling shareholder of the company was changed to Deyin Investment, the actual controller
Previous changes in controlling shareholders (if any)
Changed to Chen Dejun and Chen Xiaoying. On September 26, 2021, the controlling shareholder is invested by Deyin
Accounting firm name Daxin Certified Public Accountants (Special General Partnership)
Accounting firm office address 15th Floor, College International Building, No. 1 Zhichun Road, Haidian District, Beijing
The sponsor engaged by the company to perform continuous supervision duties during the
reporting period ÿ Applicable ÿ Not applicable The financial consultant engaged by the company
to perform continuous supervision duties during the reporting period ÿ Applicable ÿ Not applicable
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Whether the company needs to retrospectively adjust or restate the previous year's accounting data
ÿ Yes ÿ No
Net profit attributable to shareholders of listed companies (yuan) -909,330,033.76 36,327,266.29 -2,603.16% 1,408,306,713.72
Net cash flow from operating activities (yuan) 1,920,250,910.60 853,640,484.72 124.95% 1,975,653,306.83
Weighted Average Return on Equity -10.96% 0.40% down 11.36 percentage points 15.30%
Net assets attributable to shareholders of listed companies (yuan) 7,827,957,573.48 8,790,250,971.64 -10.95% 9,136,945,461.23
The company's net profit before and after deducting non-recurring gains and losses in the last three fiscal years, whichever is lower, is negative, and the audit report of the latest year shows that the company can continue to operate.
ÿ Yes ÿ No
The lower of the net profit before and after deducting extraordinary gains and losses is a negative value
ÿ Yes No
Business income deduction amount (yuan) 224,327,941.21 196,643,879.88 Deduction of income not related to main business
Amount after deduction of operating income (yuan) 25,030,449,172.59 21,369,410,793.86 Main business income
STO EXPRESS
CO.,LTD. 09
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1. Differences in net profit and net assets in financial reports disclosed in accordance with both international accounting standards and Chinese accounting standards
During the reporting period of the company, there was no difference in net profit and net assets in the financial report disclosed in accordance with the International Accounting Standards and the Chinese Accounting Standards.
2. Differences in net profit and net assets in financial reports disclosed in accordance with foreign accounting standards and Chinese accounting standards
During the reporting period of the company, there was no difference in net profit and net assets in the financial report disclosed in accordance with foreign accounting standards and in accordance with Chinese accounting standards.
unit: yuan
Net profit attributable to shareholders of listed companies -89,521,478.38 -56,773,546.09 -91,598,910.48 -671,436,098.81
Net cash flow from operating activities -582,181,796.36 832,913,934.08 326,569,576.17 1,342,949,196.71
Whether the above-mentioned financial indicators or their sums are significantly different from the financial indicators disclosed by the company in quarterly reports and semi-annual reports
ÿ Yes ÿ No
STO EXPRESS 10
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unit: yuan
Government subsidies included in the current profit and loss (except for
government subsidies that are closely related to the company's normal business
25,206,587.88 65,598,852.92 90,022,195.11
operations, comply with national policies and regulations, and are continuously
normal business operations, gains and losses from changes in fair value The amount incurred in the current period is
arising from holding transactional financial assets and transactional 11,785,597.20 mainly the fair value change profit and loss
financial liabilities, and acquisitions from the disposal of transactional of financial assets held for trading
financial assets and transactional financial liabilities and available-for-sale financial assets investment income
Other non-operating income and expenses other than those listed above -46,467,763.02 -21,185,976.44 -21,909,717.34 mainly the estimated liabilities accrued for
Specific circumstances of other profit and loss items that meet the definition of non-recurring profit and loss:
The company does not have other specific circumstances of profit and loss items that meet the definition of non-recurring profit and loss.
Define the non-recurring profit and loss items listed in the "Explanatory Announcement No. 1 on Information Disclosure of Companies Offering Securities to the Public - Non-recurring Gains and Losses" as regular
The company does not have the non-recurring profit and loss items listed in the "Interpretive Announcement No. 1 on Information Disclosure of Companies Offering Securities to the Public - Non-recurring Profit and Loss"
STO EXPRESS 11
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Management
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1. The macro economy continues to recover, and the industry maintains a high degree of prosperity
In 2021, my country's economy will continue to recover steadily, its economic development and epidemic prevention and control will maintain its leading position in the world, and the main
indicators will achieve the expected goals. First, the total economic volume continues to recover. In 2021, the national GDP will reach 114.4 trillion yuan, a year-on-year increase of 8.1%, and the economic growth rate is
higher than the expected target of more than 6%. Second, industrial production continued to develop. The added value of industrial enterprises above designated size increased by 9.6% year-on-year, of which the added
value of high-tech manufacturing and equipment manufacturing increased by 18.2% and 12.9% respectively.
GDP reached 114.4 trillion yuan , an above designated size increased by 9.6% year-on-year
The third is the expansion of consumption scale. The total retail sales of social consumer goods was 44.08 trillion yuan, a year-on-year increase of 12.5%. According to the location of business units, the retail sales of
urban consumer goods were 38.16 trillion yuan, an increase of 12.5%; the retail sales of rural consumer goods were 5.93 trillion yuan, an increase of 12.1% %. In terms of consumption types, the retail sales of goods
were 39.39 trillion yuan, an increase of 11.8%; the catering income was 4.69 trillion yuan, an increase of 18.6%.
rural
Retail sales 5.93 trillion yuan 12.1% increase
consumer goods
By consumption type
Catering
Retail sales 4.69 trillion yuan 18.6% increase
income
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In 2021, the national online retail sales will reach 13.1 trillion yuan, a year-on-year increase of 14.1%. Among them, the online retail sales of physical goods will exceed 10 trillion yuan for the first time, reaching
10.8 trillion yuan, a year-on-year increase of 12.0%, accounting for 24.5% of the total retail sales of social consumer goods. Among the online retail sales of physical goods, food, clothing
The consumption of food and clothing products increased by 17.8%, 8.3% and 12.5% respectively, and the consumer demand for food and clothing products rebounded significantly, which beneficially drove the development of the express delivery industry.
National online retail sales reached Online retail sales of physical goods
Food category
13.1 trillion yuan exceeded 10 trillion yuan for the first time Use category
increased by 17.8%
increased by 12.5%
14.1% year-on- year increase
Wearing category
The total
increased by 8.3%
retail sales of
According to statistics from the State Post Bureau, in 2021, the cumulative business volume of express service companies across the country will be 108.30 billion, a year-on-year increase of 29.9%. in,
The accumulated business volume in the same city was 14.11 billion, a year-on-year increase of 16.0%;
/ The business volume of Hong Kong, Macao and Taiwan has completed 2.10 billion pieces, a year-on-year increase of 14.6%. Overall, the growth rate of express delivery business is still strong, and the industry maintains a relatively high growth rate.
Prosperity.
2. The policy dividend continues to increase, and the industry returns to healthy development
The express delivery industry in which the company is located is an important part of the modern service industry, a representative of China's new economy, and plays a fundamental role in the national economy.
It provides favorable support for the development of power production, the transformation of circulation mode, the promotion of consumption upgrading, and the optimization of resource allocation. In recent years, the state has always
attached great importance to and strongly supported the development of the express delivery industry, and intensively issued the "Interim Regulations on Express Delivery", "Opinions on Promoting the Coordinated Development of E-
commerce and Express Logistics", "Guiding Opinions on Supporting the Development of Private Express Enterprises", "On Deepening Transportation The Opinions on Promoting the High-Quality Development of Rural Logistics
through the Integration of Transportation and Postal Express, "Opinions on Promoting the Deep Integration and Development of the Express Industry and Manufacturing Industry", and "Notice on Further Promoting the Collaborative Development of E-commerce a
It fully affirms the important role of the express delivery industry in the balanced development of the social economy and the new economic pattern, and contributes to the continuous stability of the express delivery industry.
Relevant policies issued by national regulatory authorities and local governments in 2021
On April 22, 2021, the 70th executive meeting of the Zhejiang The draft aims to promote and standardize the high-quality development of the express delivery industry, develop the express delivery economy, and protect
Provincial Government reviewed and approved the "Zhejiang Express the legitimate rights and interests of all parties in the express delivery industry.
On June 23, 2021, with the approval of the State Council, the Ministry of
Transport, the State Post Bureau, the National Development and Reform
The opinion adheres to the basic direction of high-quality development, and puts forward corresponding measures for issues such as unfair market competition
Commission, the Ministry of Human Resources and Social Security, the
and regionally differentiated distribution fees. more robust.
Ministry of Commerce, the State Administration for Market Regulation, and
the All-China Federation of Trade Unions jointly issued the "On Doing a Good
Job in the Legalization of the Courier Group". Opinions on Protection of Rights and Interests
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In response to some outstanding problems such as insufficient service capacity, poor sustainability, and weak infrastructure in rural delivery logistics, the opinion proposed to promote the
On August 20, 2021, the General Office of the State Council issued the "Opinions on "express delivery into the village" project by category, improve the upward development mechanism of agricultural products, and accelerate the improvement of shortcomings in rural delivery
Accelerating the Construction of the Rural Delivery Logistics System" logistics infrastructure. 1. Continue to deepen the four key tasks of the reform of "decentralization, management and service" in the field of delivery. The implementation of this opinion will help
improve the supply capacity and service quality of rural delivery logistics, and realize the basic coverage of delivery services that are convenient and beneficial to the people. The growth
With the promulgation and implementation of a number of industry regulatory policies, the competitive landscape of the express delivery industry is also expected to be optimized from top to bottom,
accelerating the stabilization of the industry structure and industry ecology. , high-volume processing capacity and service quality are expected to achieve more long-term development.
(2) The development of the express service industry and the market position of the company in the industry
1. The competition pattern of the industry continues to improve, and the leading effect is further highlighted
In recent years, my country's consumption patterns have been continuously shifting to online, e-commerce, emerging social e-commerce platforms, and live delivery delivery models have flourished, the penetration rate
of online shopping has further increased, residents' consumption potential has continued to be released, and the express delivery industry, an important logistics carrier, has grown steadily , leading express service
companies continue to increase the construction of transshipment centers, deploy automated sorting equipment, invest in trunk transport vehicles, optimize information technology platforms, and strengthen refined
management. The infrastructure construction has achieved remarkable results, operating costs have continued to decline, and the scale effect has become prominent. According to the data of the State Post Bureau, the
express delivery and service brand concentration index CR8 in 2021 will be 80.5, indicating a relatively high market concentration. Relying on the advantages of talents, technology, and capital, the top express delivery
companies have significantly improved their service quality and customer experience, their brand effect has gradually increased, and their advantageous resources are gathering at the top. The production capacity of second- and third-tier expres
2. Consumption potential continues to be released, and the industry has broad room for development
With the acceleration of the formation of a development pattern in which the domestic cycle is the main body and the domestic and international dual cycles promote each other, online retail continues
to cultivate new momentum in the consumer market, and promotes the "dual cycle" of consumption by helping to upgrade the "quality" and "quantity" of consumption. In terms of the domestic
consumption cycle, online retailing activates the urban and rural consumption cycle, and express delivery, as an important part of domestic consumption, will usher in an important opportunity for
development. The number of Internet users and online shopping users continued to grow. According to the 49th "Statistical Report on Internet Development in China" (hereinafter referred to as the
"Report") released by China Internet Network Information Center (CNNIC), as of December 2021, the number of Internet users in China will reach 1.032 billion, an increase from December 2020. 42.96
million, and the Internet penetration rate reached 73.0%, an increase of 2.6 percentage points from December 2020. According to relevant statistics from CNNIC and the Ministry of Commerce, as of
December 2021, the number of online shopping users in my country has reached 842 million, an increase of 59.69 million compared with December 2020, accounting for 100% of all Internet users.
81.6%ÿ
Scale of Internet users in China in 2021 Scale of online shopping users in China in 2021
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Driven by factors such as the construction of Internet technology facilities, the popularization of mobile terminal equipment, and the government's dividend policy, my country's Internet users and
online shoppers have maintained a growth trend for many years. More than 1 billion Internet users will release huge dividends in the online shopping market for a long time.
Data source: CNNIC China Internet Network Information Center Data source: CNNIC China Internet Network Information Center
The diversified development of e-commerce platforms contributed to the increase in express delivery. With the integration of the Internet into various forms of society, the e-commerce industry has
developed rapidly, the coverage area has gradually increased, and new business forms and models are constantly emerging. The catalysis of the new crown epidemic has accelerated the transfer of
end consumers to online consumption. Online consumption has become an indispensable part of national life, and the online penetration rate of commodities continues to increase. According to the
data released by the National Bureau of Statistics, online retail sales of physical objects increased from 3.24 trillion in 2015 to 10.80 trillion in 2021. The scale of e-commerce has gradually increased,
and the proportion of online retail sales of physical objects to total social retail sales has gradually increased from 10.8% in 2015. 24.5% by 2021, which is basically the same as in 2020, mainly due to
the jump in e-commerce penetration rate brought about by the epidemic in 2020, which has brought pressure on a high base in 2021. In the future, from the perspective of user duration, category and
experience upgrades, etc., The penetration rate of e-commerce still has a lot of room for improvement. According to data released by the China Logistics Information Center, the average value of the e-
commerce logistics index for the whole year of 2021 is 110.3, which is 2.4 points higher than that in 2020 and close to the average value before the epidemic in 2019. Demand throughout the year
maintained rapid growth, with the averages of the total business volume index and the rural business volume index being 126.6 and 125.9, 3.4 and 7.6 points higher than in 2020, respectively.
Data source: National Bureau of Statistics Data source: China Logistics Information Center
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In the post-epidemic era, with the upgrading and transformation of the consumption structure, the e-commerce market has declined, and the rise of new e-commerce forms such as second-class e-commerce
and live broadcast e-commerce has contributed to a large number of incremental express delivery demand. With the effective transformation of entertainment traffic on video platforms such as Douyin,
Kuaishou, and Bilibili, the fan economy, Internet celebrity economy, and live broadcast economy have exploded. Live streaming under public/private domain traffic has become a highly industrialized "
"Phenomenon-level" marketing model, and opened the deep integration of e-commerce, live broadcast and short video content providers, and realized the hierarchical and precise marketing of products in all
channels and all customer groups. Especially during the epidemic period, the "stay-at-home economy" became popular, and webcasting went into daily life in an all-round way, achieving vigorous development.
According to relevant statistics from CNNIC and the Ministry of Commerce: As of December 2021, the number of online live broadcast users in my country has reached 703 million, an increase of 86.52 million
compared with December 2020, accounting for 68.2% of the total Internet users, of which: the number of e-commerce live broadcast users has reached 4.64 billion, accounting for 44.9% of the total Internet
users. According to the "2021 China Online Live Streaming Industry Development Research Report" released by iiMedia Consulting, as of December 2021, the number of companies related to live broadcasting
e-commerce in China reached 58,000; the market size of the live broadcasting e-commerce industry in 2017-2020 was 190,000. 100 million yuan, 133 billion yuan, 433.8 billion yuan, 961 billion yuan and 1,201.2
billion yuan, and the five-year compound growth rate of the market size reached 182%. Therefore, with the improvement of 5G technology coverage and the changes in the consumption scenarios and habits
of residents caused by the epidemic, based on the entertainment, interaction and experiential advantages of live online shopping under the "house culture", it is expected that e-commerce live broadcast will
have a greater In terms of development space, it can be said that online celebrity delivery has become a new key to open the door to the new economy, and has become a new driving force to stimulate the growth of online consumptio
The express delivery of life scenes facilitates consumer demand. With the high frequency of online consumption and the development of online shopping habits, as well as the popularization of terminal
service infrastructure such as post stations, express supermarkets, and smart express cabinets, and the multiple, convenient and accessible delivery channels such as official accounts and small programs,
people's life scenes The trend of express delivery is becoming more and more obvious. The application scenarios of express delivery are filling every corner of life: from the delivery of flowers, cakes,
vegetable markets, and supermarkets in the same city, to errands such as buying medicines, picking up and delivering goods on behalf of others; From the delivery of personal items to relatives and friends;
from the return and exchange of durable goods such as clothing, cosmetics, and small electrical appliances, to the distribution of parts and components in factories and repair shops, receiving and sending
parcels has become a daily routine in people’s lives. . With the express delivery of life scenes, it will continue to change the circulation of goods among people, and will also release more and more express packages.
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The "two in and one out" project releases consumption potential. my country's express delivery industry is obviously regional, and the eastern region is an important industrial base and the core of economic development in China.
Districts and population gathering areas account for nearly 80% of the country's express delivery business. As the growth rate of the eastern region gradually slows down, the effect of the central region undertaking
the relocation of eastern industries and pre-separation of warehouses has emerged, and the market potential of the central and western regions has been further stimulated. From 2015 to 2021, the proportion of express
delivery business in the eastern region will drop by 3.9% percentage points, while the central and western regions increased by 3.4 percentage points and 0.5 percentage points respectively. In 2021, the population of
Guangdong, Zhejiang, Jiangsu, Shandong, and Hebei, which are the top 5 provinces in terms of express business volume, accounted for 32.1% of the total population of the country, and their GDP accounted for 38.3%
of the total national GDP, but accounted for 66% of the express business volume. With the continuous advancement of the "westward, downward" and "express delivery into the village" projects and the continuous
transfer of e-commerce platforms to sinking markets, the express service network continues to expand in depth to the central and western regions and rural consumer markets, and the sinking markets in the west and
regions The continuous release of the potential of the industry will become a strong driving force for the industry to maintain stable and rapid growth.
3. The industry ecology is moving towards health and order, and service quality will become the focus of industry competition
In recent years, due to the unbalanced volume of express delivery and the homogeneity of industry services caused by geographical factors, the focus of competition among express delivery companies has gradually
shifted to irrational price competition. In order to promote the healthy and orderly development of the express delivery industry, industry regulatory authorities Make every effort to rectify and standardize irrational
competitive behavior, accelerate the stabilization of the industry structure, and promote the industry to develop in a healthy and orderly direction; at the same time, actively call for opposition to "involution", and
promote the focus of industry competition from price competition to value competition.
Supervision guides the industry ecology towards healthy and orderly development. In April 2021 , Zhejiang Province launched a special action to rectify the order of the express delivery market, issuing warning letters
to express delivery companies that compete unfairly; in July 2021, the Ministry of Transport, the State Post Bureau, the National Development and Reform Commission, the Ministry of Human Resources and Social
Security, and The Ministry of Market Regulation, the State Administration for Market Regulation, and the All-China Federation of Trade Unions jointly issued the "Opinions on Protecting the Legal Rights and Interests of
Couriers"; on September 29, 2021, the 31st meeting of the Standing Committee of the 13th National People's Congress of Zhejiang Province reviewed and approved "Zhejiang Provincial Express Delivery Industry
Promotion Regulations", which is the first local regulation in the country to promote the development of the express delivery industry. The "Regulations" clearly stipulate that express delivery companies shall not
provide express delivery services at a price lower than the cost without justifiable reasons; encourage e-commerce operators in Express delivery companies, express package packaging, scheduled delivery, and delivery methods provide recipi
Consumption upgrades drive industry competition to service quality. At present, the consumption level and consumption structure of Chinese residents are gradually upgrading. Consumers pay more and more
attention to the service quality and customer experience of express delivery products. The ever-increasing appeal of the stickiness of buyers has put forward higher requirements for the comprehensive service
capabilities of the express delivery industry, and the industry will accelerate into a stage of high-quality development. To promote high-quality development and high-efficiency governance of the industry, the State
Post Bureau proposes to coordinate "three safety", improve the intrinsic safety level of enterprise delivery safety, production safety, and information security, enhance safety prevention and control capabilities,
maintain industrial safety, and strengthen the construction of emergency management systems; It is necessary to implement "three points", promote cost partitioning, service layering, and product classification, and
steadily realize differentiated pricing, high-quality and high-quality prices, and realize industry value, corporate profits, employees' dignity, and users' praise; ", a clear-cut stand against "involvement", a clear-cut stand
against behaviors that damage the rights and interests of the industry, employees' legitimate rights and interests, and consumers' legitimate rights and interests, a clear-cut stand to maintain market order, centralized
control of vicious low-price competition, out-of-scope operations, and empty packages; to promote "three modernizations" ", adhere to equal emphasis on pollution reduction and carbon reduction, accelerate the
reduction, standardization, and recycling of express packaging, and clarify the implementation path for the industry's green and low-carbon transformation and development. The industry is moving towards a stage of
high-quality development. Relying on the network, technology, experience and human barriers built, leading express delivery companies have continuous advantages in improving timeliness and service quality. The
positive cycle of long-term increase in market share ushers in a good situation of steady development.
The "STO Express" brand was founded in 1993 and has led the rapid development of my country's express delivery industry. For many years, the express delivery volume has ranked among the top in the country,
and has formed a wide range of user awareness and strong market influence. As one of the leading domestic express delivery service companies, the company has continued to consolidate its infrastructure
infrastructure in recent years, and has continued to invest in core assets such as the construction of transshipment centers, equipment automation upgrades, trunk line capacity improvements, and information system
construction. The company's production capacity and throughput have been greatly improved. As a result, the express business volume has achieved steady growth. In 2021, the company will complete about 11.076
billion pieces of business, a year-on-year increase of 25.62%, with a market share of 10.23%; in the fourth quarter, it will complete about 3.44 billion pieces of business, a year-on-year growth rate far exceeding the
industry average. The market share rose in an orderly manner, among which the market share reached 11.25% in December, setting a new high for the company in the past 17 months at that time.
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STO Express is a well-known domestic comprehensive logistics service enterprise with express service as its main business. The company has always shouldered the corporate mission of "let
customers enjoy a new life of express delivery, let employees realize their personal value, and let the company take on social responsibilities", adhering to the "one The service concept of "being close
to you, making you and me with heart", practicing the quality policy of "fast, safe, accurate, thoughtful, customer satisfaction, Shentong's pursuit", aims to realize "with technology and talents as the
driving force, make Shentong Express will become a benchmark enterprise in China's express delivery industry, and the beautiful vision of shaping the STO Express brand into a national express delivery brand recognized by
The company's current main business is express delivery business, and the products of express delivery business are mainly divided into
the following three categories: 1. Express delivery service: time-sensitive products for automobile transportation, including same-day delivery, next-morning delivery, 24-hour pieces, 48-hour pieces, etc.; aviation time-limited products ,
including 24-hour pieces between key cities. 2. Value-added services: including payment collection, pre-sale sinking and other products. 3. Express accessories: mainly provide envelopes, file bags, cartons and other express packages.
In addition to the above-mentioned express delivery business, the company also operates emerging business sectors such as warehousing and distribution, and grid warehouses.
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The company mainly adopts the business model of "transfer direct operation, outlet franchise".
Transit direct operation: mainly refers to the direct operation of the core transshipment center. Since the transshipment center is in the core hub position in the region, it is also a key link in the business process.
Therefore, the operation and management of the transshipment center has a great impact on the company's full-link express delivery service. plays a pivotal role. In recent years, the company has increased
investment in infrastructure such as transshipment centers, expanded the capacity of transshipment centers, optimized the layout of the transshipment network, increased the proportion of direct sales centers,
and further improved the construction of the transshipment operation system. Outlet franchise: mainly refers to the franchise model adopted by the terminal outlets. The franchise mode is conducive to the rapid
deployment of the network, and thus continuously improves the regional coverage of the company's business. The enthusiasm and initiative of the company can effectively improve the company's business volume
The express service business is mainly divided into three links: collection, transfer and delivery, as well as express information services throughout the process.
1. Collection service
Express pick-up service means that the express delivery personnel receive the user information or the express system instructions, and carry out the pick-up according to the relevant provisions of the "Interim
Regulations on Express Delivery". Complete the collection service process of the branch company.
Users can send delivery to the courier company through various methods such as official phone number, official website, official APP, official account, small program and cooperative e-commerce platform.
Express order, after the express company system receives the order, it will be distributed to the express service outlet company in the user's area through the system, and the outlet company will arrange business
During the door-to-door collection process, according to the "Interim Regulations on Express Delivery" promulgated by the State Council on March 2, 2018, before users fill out the express waybill, the company's
business personnel will remind them to read the terms of the express service contract and abide by the prohibition of delivery and restrictions on delivery of items. Relevant regulations, informing the relevant
insurance price rules and insurance service items. At the same time, the company's business personnel will conduct a real-name identity check on the user's identity according to the regulations, and register the identity information. If the u
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If the information or identity information provided is false, the company will not carry out the collection operation.
After the company's business personnel complete the courier collection process, they will enter the courier information into the system in a timely manner according to the regulations, and collect the courier to the outlet company
where it is located, and the outlet company will deliver the courier to the transshipment center in the area in time according to the timeliness requirements.
2. Transit service
Express transfer service refers to the process in which the user's express delivery arrives at the transfer center of the express company, and the transfer center sorts, weighs, scans, and transfers to the transfer center of the
After the transshipment center receives the courier received by the branch company, it will determine the transit route according to the destination of the courier, according to the same city and different places, and perform
sorting, weighing, scanning, packaging and other operations through the automatic sorting system, and gradually process the courier of each route. Pack up and load the car.
The transshipment center will hand over the packaged off-site express with the determined route to the express company's transport fleet or an air agency company, and transport it to the destination transshipment center through
land or air channels. If it is an express delivery in the jurisdiction of the same transshipment center, the transshipment center will hand over the transport vehicle of the local branch company to the destination branch.
3. Delivery service
Express delivery service refers to the process in which franchisee branch companies receive arriving items from the transshipment center and arrange express delivery personnel to deliver the express to users and make
corresponding handover and settlement. (1) Receiving express delivery from the transshipment center The outlet company will receive the user's express delivery at the transfer center on time within the specified time, and
uniformly transport it to the outlet company for subsequent delivery. (2) Delivery to the user 's outlet company's courier business personnel will deliver the courier to the user, and make corresponding handover and settlement.
The courier information service is mainly provided by the courier company after identifying the customer information through the courier form, and then providing the whole process of positioning and query services through the
courier electronic information system. After the user submits the courier and fills in the courier information, the receiving outlet will enter the courier information into the courier company's courier electronic information system.
In the process of receiving, transferring, and delivering the express delivery, the barcode of the face order is scanned and registered in sequence, and the user can check the real-time status of the express delivery through the
website, mobile terminal APP and other channels according to the express delivery order number.
(1) Optimize the transit operation system and achieve steady increase in production
capacity. In 2021, the company will focus on the business model of "transfer direct operation, network franchise" to optimize the transit network layout through abolition, upgrade, acquisition and new establishment of
transshipment centers. Invest in the infrastructure of the transshipment center, expand the throughput capacity of the transshipment center, and make the transshipment capacity of the hub bigger and stronger. 2021 is a big year
for the company's development and construction. The company has simultaneously promoted the start-up and construction of more than 10 directly-operated transshipment center plants, and successfully completed the delivery
of projects such as Hangzhou Jingjiang Phase III, Hubei Jingmen, and Sichuan Jianyang; in terms of reconstruction and expansion, 2021 A total of 47 reconstruction and expansion projects have been implemented and completed,
mainly involving 20 provinces and regions including Shanghai, Suzhou, Ningbo, Hangzhou, Yiwu and Haikou. Key cities such as Shijiazhuang quickly landed a number of large-scale customized projects. With the smooth
implementation of the aforementioned projects, the company's normal throughput capacity expanded to 42 million pieces per day at the end of last year, significantly improving the company's throughput capacity. In 2022, the
company will have a number of smart logistics parks in core areas such as Beijing's Gu'an, Zhengzhou, and Shenyang
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Completed and put into operation, the production capacity of the entire network will be further steadily expanded. It is estimated that by the end of 2022, the company's normal throughput capacity will exceed 50 million pieces per day.
(2) Increase the investment of smart equipment and create a digital intelligent sorting
network . Massive express delivery is inseparable from the support of technology. In recent years, the company has continued to promote the improvement and optimization of the operation platform capabilities, and strive to build a smart
logistics operation processing center. With the continuous growth of the company's express business volume, the company's transshipment center has fully started to transform to an automated sorting method. In 2021, the company will
continue to increase investment in intelligent sorting equipment, adding 27 sets of cross belts and 2 sets of swing arms. So far, the company has a total of 235 sets of automated sorting equipment, including 157 sets of cross belts and 78 sets
of swing arms. The three-layer cross belt introduced by the company in 2021 will increase the space utilization rate by about 50%; the single-track double-layer cross belt will increase the space utilization rate by about 20%; the single-piece
separation system can save labor costs by about 60%; the double-layer two-way matrix cooperation With two-way four-way chutes, the site utilization rate has increased by about 33%, and the sorting efficiency has been greatly improved.
235 sets
Cumulative possession of automated sorting equipment
78 sets
swing arm equipment
157 sets
Cross belt sorting equipment
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In 2022, the company will continue to strengthen the standardized construction, refined management and investment in automation equipment of the transshipment center. The human efficiency, timeliness, and per-square-
foot efficiency of the transshipment center will be further improved, and an operation system of "guaranteeing quality, quantity and low cost" will be created. In terms of hardware facilities, the company's equipment R&D team
will focus on the standardization of the mechanical structure of the sorting equipment and the interchangeability of the electronic control system to reduce dependence on a single manufacturer, thereby further reducing
equipment costs; in terms of process planning, it will focus on promoting Flexible chute, optimized delivery method for small items, further reduces package damage rate. The company and Cainiao Network will further
strengthen cooperation to create a full-link digital distribution-Jingmen project. This project applies advanced technologies such as algorithms, simulation, and vision to planning and design, installation and commissioning,
and operation quality monitoring. Airports and airports, creating a distribution system with the best operating cost per ticket.
2. Optimize the capacity allocation of main lines and establish a digital and intelligent transportation fleet
In 2021, the company will focus on the construction goal of "digital and intelligent fleet", increase the research and development, investment and application of intelligent transportation vehicle equipment and intelligent
dispatching system, and greatly improve the capacity allocation, technical support and system management and control capabilities of its own vehicles.
In 2021, based on the operation strategies such as line straightening and strategic line opening, the company will replace the three-party transport capacity with its own transport capacity in advance according to the volume
growth data of the line dimension, and use the hanging capacity of greater capacity. Containers are used to replace small-capacity hanging containers. Through advance warning of cargo volume, the capacity structure is
optimized, and the proportion of self-owned vehicles is continuously increased. Currently, about 3,200 lines of the company are carried by self-owned vehicles. Through the optimization of the transport capacity structure, as
of the end of the reporting period, the company’s own fleet has accumulated about 4,000 trunk vehicles, an increase of about 500 vehicles year-on-year; the proportion of bicycles in the self-owned fleet is only 28%, while the
proportion of high-capacity drop-and-trailer vehicles has reached 72%, making the overall capacity of the self-owned fleet increase by more than 10%. By promoting the transformation of the transfer center site, the parking lot
is adapted, and the loading and unloading effect of the vehicle is significantly improved; at the same time, the automatic assisted driving technology is introduced to realize drop-and-hook while reducing driver fatigue and
improving vehicle and human efficiency. For the whole year, the company's business completed by automobile transportation accounted for 99.66%; the business completed by air transportation accounted for 0.34%. (2)
Digital and intelligent fleet management In 2021, the company will realize real-time visualization of the entire transportation status and flexible control of operating costs through the application of technologies such as
dynamic routing algorithms, intelligent dispatching systems, and face recognition technology. At the same time, the company has successively launched digital intelligent fleet management tools such as intelligent dispatch
recommendation, online carrier star rating system, online vehicle reservation, intelligent arbitration in the transportation process, etc., filling in the defects of intelligent analysis and early warning functions in key links of
vehicle transportation. Created a more open and transparent application scenario of capacity data intelligence. In addition to launching digital and intelligent management tools, the company uses intelligent video terminals
and DSM equipment to cover the entire vehicle system to analyze and identify driving behaviors in real time, and establishes a comprehensive visualization of drivers' performance scenarios, reducing the driver's driving
violation rate by 50%; supporting T-EBS Measures such as system anti-emergency braking, real-time monitoring and early warning of tire temperature and tire pressure have reduced the transportation accident rate by 44%.
(3) Timeliness system management and control In 2021, the company strengthened the production capacity construction of the transshipment center, improved the transit efficiency of the transshipment center, and saved the
timeliness of the transit link; by strengthening the construction of the timeliness system, the multi-link standard deviation analysis function was realized, and the timeliness problem could be located in a timely manner and
make precise improvements. In 2022, the company will build a timeliness control tower system, implant timeliness prediction and early management and early warning functions to improve the degree of refinement of the
system; simulate and establish routing maps of different scales, aiming at the transition from off-season to peak season
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In the early stage, resource investment and line opening will be carried out in advance to reduce timeliness fluctuations; by sorting out the difficulties such as batch failure, centralized arrival, and long
waiting time for departure, the existing routes will be optimized to increase delivery in advance, departure in advance, and dispatch in advance and other operations to optimize transportation timeliness;
establish provincial/regional timeliness operation standards to improve provincial/regional timeliness and lay a solid foundation for full-link timeliness optimization.
The terminal outlets are the basis for providing the company's high-quality express services, and the company and the terminal outlets have always maintained a symbiotic and win-win cooperative relationship. The
company's terminal outlets are stable, the company is stable, and the outlets are strong, the company is strong. In the past, the company relied on outlets to win, and in the future it will still rely on outlets to win.
Therefore, the company will focus on the following aspects in 2021 to improve outlet operations and enhance business vitality. (1) Optimize the terminal network structure and extend the franchise network coverage
vertically. In 2021, the company will continue to promote the optimization of outlets, so that the development of outlets and the headquarters can be synchronized, and government orders can be unblocked at
outlets. In view of some outlets whose government orders are not smooth, the assessment is not up to standard, and there is no obvious improvement after repeated guidance and training by the headquarters, the
headquarters has taken relevant measures to make necessary adjustments, orderly promoted the reform of the operating system of the terminal outlets, and resolved the risks of outlet operation and management.
Further reduce the franchising links and implement flat end management to maintain a high degree of network stability and further improve the company's core competitiveness. As of the end of 2021, the company's
business covers 282 prefecture-level cities and 2,314 county-level cities across the country. There are 270 newly developed independent outlets in the whole network, and the total number of independent outlets in
the whole network exceeds 4,600, a year-on-year increase of 6.2%. As of December 2021, the coverage rate of four-level administrative units (streets, towns, group farms, etc.) across the country will reach more than
90%, an increase of 3 percentage points compared with the same period in 2020. There are more than 30,000 service stations and stores, and the company's network-wide normal couriers The number is about
151,000 people, and a express service network with relatively comprehensive coverage has been formed.
serial number Number of shipments (tickets) Number of receipts (tickets) Number of employees (person) City customer name
Note: The statistical caliber of the business data of the top ten franchisees is based on the consolidated statistics of franchise outlet companies controlled by the same
actual controller. (2) Improving outlet training and empowerment system to facilitate fine-grained outlet management In order to further establish and improve the outlet
training and empowerment system, and focus on outlets to improve operation and service quality, the company has established an empowerment system from the following aspects to facilitate outlet fine-
grained management :
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Spark plan training project: The company has designed special courses around the daily operation of newly opened outlets. The courses include the role and positioning of the person in charge of the outlets, quality,
market, customer service, operation, finance, human resources, information technology, etc., so that newly opened outlets can Be able to quickly enter the role, master the express business process proficiently, and
realize rapid response and timely service in the region. Liaoyuan plan training project: the company conducts rounds to share excellent outlet operation experience, so that the excellent experience from the front line
can be heard, replicated, and effective, and also builds a platform for mutual learning and mutual exchange for the entire network. A total of 9 experience sharing sessions were held throughout the year, and 14
outstanding outlet owners were invited to share their excellent experience in market development, cost reduction and efficiency increase, refined management, and terminal construction. role model of operation.
Provincial seed lecturer project: In order to further enhance the stickiness and recognition of the branch team to the STO Express brand, comprehensively improve the team business capabilities of the branch, and
achieve its sustainable and stable development, the company has linked up with its subordinate provincial and regional business departments to build a provincial and regional seed lecturer team. Provide training to
outlet-related teams in terms of finance, quality, customer service, and systems. In 2021, 128 provincial and regional seed lecturers have been trained, including 20 finance, 78 customer service/quality control/network,
23 marketing, and 7 system. Network policy support projects: In 2021 , some terminal outlets will maintain the same frequency resonance with the company in terms of capital expenditure, and the company will also
provide support for outlet financing from various aspects. Various channels and supporting policies encourage large-scale outlets to invest in automated sorting equipment to improve production and operation
efficiency.
(3) Promote outlets to build their own terminal stores and optimize the structure of terminal delivery
As the business volume of the express delivery industry continues to grow steadily, the pressure on delivery at the end is also increasing. In order to reduce the delivery pressure of terminal outlets, improve terminal
delivery efficiency, and reduce terminal delivery costs, the company established a terminal development department to quickly improve terminal delivery efficiency through diversion packages and self-built terminal
stores. In addition to solving the "last mile" ultra-high frequency delivery interaction, terminal stores can also incubate consumption scenarios of "local life services", form a business path of traffic aggregation,
traffic management and traffic realization, and then promote outlets to improve terminal service quality , to tap local business value.
4. Digital and intelligent transformation and upgrading, fully realizing intelligent operation
DevOps is a set of R&D performance platform built using cloud-native technology. More than a dozen core business domains, more than 60 technical links, and a containerization coverage rate of over 90%. On the
one hand, the platform greatly improves the company's research and development efficiency, realizes the rapid iteration of business system requirements, and converts most of the operations that require manual
processing into online intelligent processing; on the other hand, it can cooperate with the company's multiple system data monitoring The platform realizes the monitoring of system and business multi-dimensional
indicators, greatly shortens the processing time of faults, improves the efficiency of operation and maintenance, and greatly improves the stability of the system.
innovation Cloud components are infrastructure services for cloud computing. In 2021, the company has launched many major functional innovation projects in many fields such as cloud computing, AI, big data, and
IoT, and achieved positive results. results. Among them, the routing optimization engine built with spatio-temporal network recurrence technology as the core combines network recurrence, business rules and
operational research optimization algorithms to design a complete landing closed-loop workflow link, which greatly improves the adoption of routing optimization solutions rate; innovatively introduce the "recall +
sorting" framework in search engine technology into the logistics link, and intelligently match suspected lost packages through package residual bills or missing internal parts information, and use intelligent
diagnosis and early warning engines in intelligent In the lost and retrieved scene, the function of active discovery and intelligent retrieval is realized, which effectively reduces the rate of package loss.
(3) Apply big data technology to quickly respond to digital needs In 2021, the
company completed big data-related construction based on cloud resources, including: (1) Offline data warehouse and real-time data warehouse construction, the data warehouse uses Hadoop and Flink ecology as
The basic framework integrates data development, data operation and maintenance, data quality, data security, and data maps. On the one hand, it can meet the needs of offline and real-time processing and
computing of massive data, and at the same time support the company's data processing and analysis of ten thousand-level tasks and the stable operation of PB-level data volume; on the other hand, it improves the
efficiency of the company's entire big data construction, Agilely respond to the complex and ever-changing digital needs of front-end businesses, and fully guarantee the availability, stability and timeliness of data.
(2) The company pioneered the use of a white-box plus black-box volume forecasting algorithm. On the one hand, it predicts the future volume based on the simulation deduction of the actual cargo volume and
operating experience, and on the other hand, based on the big data time series model Correction of forecast results. For the scenario of forecasting the quantity of transshipment centers, express flow directions, and
inbound and outbound ports, the quantity forecast algorithm has greatly improved the accuracy and robustness of the forecast results.
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In 2021, following the direction of digital intelligence, the company will comprehensively optimize and upgrade the customer service platform, fully invest in the use of AI intelligent customer service robots, and
the proportion of intelligent robot services has increased by 32%. Customer service personnel and intelligent robots are integrated to provide 7×24 online non-stop customer self-service and convenient inquiry
services. Intelligent voice robot reception services are fully used in business scenarios such as placing orders, consulting, checking, and reminders, effectively responding to a large number of common calls
from users In terms of problems, it is easy and convenient to place smart orders, smart checks shorten the length of customer inquiries, and smart work orders provide solutions based on actual needs of
customers to solve customer demands. The call connection rate has increased significantly and service efficiency has been improved. In 2021, Shentong's "Smart AI Customer Service" won the official award of
the China International Service Trade Commission. According to relevant statistics from the State Post Bureau, the effective complaint rate of the company's express delivery service in 2021 is 0.013 (per million
pieces), which has a relatively leading service quality advantage in the express delivery industry. In terms of follow-up processing, the company has launched a new work order workbench system to improve the
work order processing quality supervision mechanism. The quality data statistics are accurate to provincial companies, outlets and customer service individuals, and real-time monitoring of service data across
the entire network can be achieved. Optimize the function configuration, re-adjust the type of work order, achieve automatic allocation of work order processing, and realize special work order processing by
dedicated personnel. Strengthen the intelligent voice outbound function to help customer service personnel to conduct satisfaction return visits on completed work orders. If the results are not satisfactory, an
upgraded work order will be automatically created, which can provide customers with a complete process of customer complaints from generation, processing, appeal to completion Closed loop ensures the
timeliness and effectiveness of customer complaint handling, improves the one-time resolution rate, and guarantees the enhancement of brand image and service quality. In 2021, in order to further meet the
individual needs of market customers and strive to provide customers with better services, the company will comprehensively upgrade and optimize the claims arbitration system, improve the rate of intelligent
arbitration, and improve the efficiency of arbitration customer service. Simplify the operation process, create a green channel, improve the timeliness of express claims settlement, and improve customer
experience.
In 2021, the company has carried out a number of business innovations and upgrades with the goal of improving services and expanding the market, adhering to the principles of "customer first, service first"
and "customer first, excellence The concept of "service" brings high-quality service experience to customers, and the vigorous development of various businesses promotes the continuous expansion of the company's market size.
The company has been committed to becoming a professional third-party warehousing and logistics supply chain service provider, focusing on providing one-stop services for warehousing, packaging and
distribution management for the e-commerce industry. At present, the main service objects of the company's warehousing business are merchants with warehousing, processing and distribution needs in e-
commerce operations, including but not limited to platform enterprises in e-commerce, merchants operating on the platform and independent B2C enterprises. The company's warehousing business mainly relies
on the company's logistics network to provide customers with integrated warehouse and distribution solutions, and continues to provide customers with standardized and personalized supply chain services.
C2M business: The company attaches great importance to the rapid development of C2M (Customer-to-Manufacturer), a new business model. The operation mode of C2M origin warehouse is selected by the
operator, and the production-oriented manufacturers provide high-quality products into the warehouse to create explosive and super products. After the factory and the customer place an order on the relevant e-
commerce platform, the warehouse at the origin responds immediately and arranges the packaging and delivery of the goods. The company builds origin warehouse services in relevant industrial belts, mainly
providing personalized solutions for merchants. The initial effect of the implementation of the scheme is remarkable, not only reducing the logistics burden of merchants, but also helping merchants to directly
reduce logistics and delivery costs by 30%, which greatly promotes The delivery time has also been shortened to within two days. Bonded warehouse business: As of the end of 2021, the company has opened
express delivery services in dozens of bonded warehouses across the country, and the order volume continues to rise. The company has innovated the model for the bonded warehouse distribution business,
adopting the package collection and direct delivery model. After the package is collected in the warehouse, it directly enters the transit network, reduces the circulation of sorting operations, improves the
timeliness of the entire link, and shortens the revenue of end customers. Delivery time, improve customer service experience. Domestic warehouse business: In 2021 , the company will launch express service
business for relevant business partners in more than 30 domestic warehouses. During the peak season of 2021, the company's service capabilities have ensured that the timely rate of collection, sign-in rate and
other assessment indicators rank among the top, and won the "Match Made in Heaven" award from business partners.
The popularization of mobile Internet and the construction of logistics infrastructure have laid the foundation for the development of the online community economy. The new e-commerce model and offline
business circulation have greatly promoted the rapid development of community e-commerce. Community e-commerce has become the third leading The most advanced productivity and production relations
representative of the commercial retail revolution is an indispensable business chain in the supply-side reform of commodity circulation and the demand-side reform of consumer experience upgrading in the
mobile Internet era. The grid warehouse business is a major move for the company to officially connect with the community group buying business. The company, as an agent operator, provides grid warehouse
resources and delivery services, receives classified commodities from the central warehouse, and then delivers them through the distribution link of the grid warehouse. To each point. On April 8, 2021, the
company's first directly-operated grid warehouse opened. The warehouse's categories cover more than 200 kinds of vegetables, fruits, and daily necessities. The establishment of direct-sale grid warehouses shows the company's rapid c
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The ability to undertake fast, but also hatched the company's new generation of short-chain delivery capabilities. Through the establishment of direct-operated grid warehouses, the new network operation established
by the company under the grid warehouse model is more standardized, and the services provided to customers are closer to customer needs. Starting from scratch, the company's grid warehouse business has
rapidly expanded. In 2021, the company's headquarters will cooperate with provinces, regions and outlets to select locations in various cities to build grid warehouses, and build a grid warehouse network all over
the country. At present, it has covered 18 provinces across the country, with more than 200 warehouses opened, and the highest daily order volume exceeded 280 Ten thousand orders. In the process of development,
the company has optimized the transportation link between the central warehouse and the leader according to the situation of each province, the timeliness has been effectively improved, and the performance rate
and other indicators have always been ranked high. During Double Eleven, the company planned and guaranteed resources such as personnel and vehicles in advance. Even though the order volume exceeded 120%
of the daily order volume, the grid warehouse was still operating in an orderly manner, and many indicators ranked among the platform service providers. the first. Through the exploration of grid warehouse business model operation, market
Focusing on the business model of "transfer direct operation, outlet franchising", the company continues to strengthen heavy asset investment in the core transit hub field,
enhance the transit sorting capacity, and expand and strengthen the throughput capacity of the hub. At the same time, based on the analysis of the digital and intelligent
operation system, the company comprehensively evaluated the transfer layout, transfer timeliness and transfer frequency. For areas with high transfer frequency, the company
straightened the transfer and distribution routes by abolishing some transfer centers; In areas with fast growth and lack of production capacity support, the company has newly
built or rebuilt and expanded some transshipment centers to solve the problem of unbalanced production capacity supply. Up to now, the company has 77 direct transshipment
centers, including 6 in Northeast China, 9 in North China, 30 in East China, 14 in South China, 10 in Central China, 2 in Northwest China and 6 in Southwest China. In 2022, the
company will build a number of smart logistics parks in Beijing Gu'an, Zhengzhou, Shenyang and other core areas and put them into operation. As a result, the human efficiency,
timeliness, and floor efficiency of the transfer and sorting process have been greatly improved, helping the company to build an efficient and intelligent transfer operation system in an all-round way
In addition to the efficient transfer operation system, the company also attaches great importance to the management level, operating performance and coverage depth of the
partner-franchising outlets, and accurately implements major projects such as flattening reforms of outlets, empowering outlets to reduce costs and increase income, and
refined grid management. , positive progress has been made in refining the granularity of the terminal network layout.
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A national courier service network with high coverage and quick response.
2021 National
Northeast 411
North China
658 East China
1465 South
China 644 Central
China 594
Northwest 250 Southwest 588
2. Standardized express delivery operation system and high-quality express service experience
The construction of a standardized operating system is a key link for STO Express to realize its internal coordinated development strategy, and it is also an essential link for establishing and
improving the management ecosystem of STO Express. In terms of business operations, the company has established a set of standardized business standardization processes, unified
operating standards and normative guidelines, so that the standardized processes and actual daily operations can match each other, and finally through the standardization of the business
operation system, the company has truly become a leader in the express delivery industry. In terms of customer service, the company attaches great importance to customer service system
standardization projects and intelligent engineering. By actively investing in new mobile Internet tools and intelligent functional modules, a standardized customer service process and a
humanized processing mechanism have been formed to allow customers Customers can not only quickly and effectively solve their needs, but also enjoy high-quality express service
experience; in terms of corporate image standardization, the company has established a unified brand image recognition system, so that the company's service concept, quality policy, values and corporate Culture c
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With the steady development of the express delivery industry, the continuous improvement of logistics infrastructure and the popularization of automation equipment, the demand for digital transformation of the express
delivery industry is particularly prominent; under the current market environment, the management of express delivery companies has entered the stage of refined management to improve the efficiency of express delivery
services and reduce operations. cost. Through the digital construction of express logistics full-link management and control, the company fully covers practical scenarios such as pick-up, transportation, and transfer, and
realizes timely, accurate, and complete status awareness of express shipments, so that the express delivery process can be planned and monitored. Realize the informatization, automation, and intelligence of logistics through
technical means such as instant intervention on the billion-level parcel terminal; use data and intelligent algorithms to help businesses improve management granularity and efficiency, and help the company increase production capacity.
(1) Create a data decision-making brain, lean management and flexible decision-making
Data Adviser is a set of management strategies based on the company, built around core indicators such as operations, operations, and express delivery networks, for decision-making management and analysis for
headquarters and provincial management. It uses big data technology and machine learning algorithms to realize multi-view, multi-dimensional and layer-by-layer data analysis capabilities, providing macro decision-making
support for the management, and at the same time realizing the ability to penetrate the front-line lean management. Based on the concept of mobile first and PC as supplementary, the data staff adopts one-code multi-terminal
technology to realize full coverage of mobile and PC at low cost and high efficiency, which not only helps the management to realize the real "planning in the middle, making decisions thousands of miles away" , It also
effectively supports the timely and accurate insight into business changes at the front line, realizes data-driven lean management, opens a new stage of digital intelligent operation, and further assists the company's digital transformation.
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Kunlun system is oriented to reduce costs and increase efficiency, and provide headquarters/province/center users with one-stop operation management and analysis products. Through the combination of
basic digital capabilities of stations and intelligent algorithms, the future business volume can be predicted and based on the onlineization of various elements of the center, it has the product capabilities of
precipitating labor models and labor plans, so as to realize the planning of operating network resources from the perspective of cost and production capacity ;From the perspective of budget achievement to
the cost control of daily actual operations, it has comprehensive budget control and resource scheduling capabilities to help headquarters, provinces, regions, and centers reduce costs and increase
efficiency, and can dynamically adjust and fine-tune operations. In addition, the mobile Kunlun launched for multi-view process management allows managers to collect process management data, making
decisions more timely and accurate, and can also provide feedback on the implementation effects of decision-making interventions.
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The digital business platform is an intelligent calculation platform that combines online billing and settlement in the core business field with process standardization to achieve multi-dimensional and multi-level
full-link profit and loss analysis and promote the transparency of company operations. Focusing on cost, quality, and policy, the company helps the stable development of business through digital capabilities
and product construction. The platform mainly includes the policy steward and financial steward system, among which (1) the policy steward is an information technology product for closed-loop management
in the business processes of policy formulation, approval, and analysis, which is built for headquarters and provincial users. In accordance with the requirements of single-quantity goals and policy profit-sharing
budgets, combined with intelligent calculation functions, the system realizes data calculation before and after policy adjustments, and through linkage with the financial housekeeper rate system, completes the
full-link management and control from policy application to landing billing. The system also has the capabilities of high-frequency and precise monitoring and abnormal early warning of the completion of key
policy indicators, helping the headquarters, provinces and regions to quickly respond to the needs of outlets, efficiently formulate and provide decision-making policy adjustment plans, and ensure that the plans
are implemented in a timely manner. Continuous monitoring and abnormal early warning policy profit and loss health. (2) The financial steward can realize the online custom configuration of billing factors, billing
rules, billing methods and other elements by building the product capabilities of the settlement center, which can increase the online proportion of settlement rules, processes, and funds , so that the settlement
and reconciliation of headquarters, provinces, transshipment centers, and franchise outlets are clearer and more transparent. In addition, the full-link profit and loss module in the financial housekeeper integrates
multi-source data of various systems, and issues multi-dimensional and accurate profit and loss analysis data in a fixed unit price and cost-sharing manner; it provides evaluation and operation information for headquarters and provincia
(4) Outlet operation and management system, enabling outlets to reduce costs
and increase efficiency. Outlet Manager is an outlet management system independently developed by the company's product technology center. It integrates finance, quality control, practical operations, data,
materials and customer service management, covering All business scenarios of outlets have been covered. Among them, the branch financial management module is mainly based on downward settlement.
Through the settlement and billing engine, the settlement information is configured online, and the downward settlement bills are generated in real time. The bills are 100% complete, effectively avoiding operating
losses such as missing bills and flying bills. Automatically generate settlement bills, which greatly saves labor costs; bills are directly linked to prepayments, greatly shortening the billing period and reducing
the risk of bad debts; complete outlet operating profit reports, income costs are clear at a glance, providing strong data support for managers. The practical operation center module mainly focuses on practical
operation monitoring. Real-time monitoring of outlet delivery, return, collection, and terminal delivery sign-in status, providing data support for outlets to arrange personnel reasonably. The quality control center
module mainly focuses on assessment reports. Through operation analysis, service quality analysis, operation assessment analysis and data quality analysis, etc., the weaknesses in the operation of the outlets are detected in an all-rou
4. A stable and efficient management team and a talent team with the same goals
Talent is the first resource in the development of an enterprise. If a modern enterprise wants to seize resources in the fierce market competition and gain a larger market share and development space, it must
have sufficient professional and motivated human resources, and establish a stable, efficient talent team with consistent long-term development goals. For a long time, the company has attached great importance
to the outstanding role of human resources in the development of the enterprise, and strives to practice the core values of "believe and respect employees, operate with integrity, behave with integrity, pursue
outstanding achievements and contributions, encourage and persist in innovation", actively Promote the company to form a comprehensive competitiveness in terms of talent team construction. In 2021, the
company's board of directors successfully completed the general election, and produced a new board of directors and core management of the company. These core managers have rich experience in the
Internet and logistics and express delivery fields, and have a deep understanding of the strategic planning, intelligent operation, financial control and capital operation of the express delivery industry. They are
an efficient team that can help the company achieve future development and transformation. management team. In order to further mobilize the enthusiasm of employees and stimulate the potential of the talent
team, the company has launched an employee stock ownership plan incentive mechanism, which focuses on encouraging the company's core backbone employees, and through the assessment of company
performance and personal performance, the long-term consistency of company goals and personal goals is achieved, and the company is gradually improved. In the medium and long-term incentive mechanism,
consolidate the foundation of the human resources system, and at the same time seek to avoid talent snatching by competitors in the same industry in the fierce industry competition, and maintain the stability
and combat effectiveness of the company's core talent echelon. In addition, the company also attaches great importance to talent training and talent structure optimization and upgrading. On the one hand, the
company focuses on empowering and building a reserve talent team on the basis of existing talents, and accelerates the establishment of a talent support system that is compatible with the company's talent
structure. Encourage each business line to focus on key tasks and key projects, and pay close attention to cultivating a group of intermediate and senior reserve talents who can take on heavy responsibilities,
as well as mature talents who can master professional skills proficiently. On the other hand, by making full use of the company's existing training courses for middle and high-level managers, key training courses
for core high-potential talents and other talent training platforms, focusing on corporate strategy, excellent enterprise study tours, and introduction of business leadership courses, etc., focus on "key talents"
Team leadership training", "professional team echelon ability improvement", and "chassis talent building" carry out various growth plans, carry out online and offline special learning, formulate effective key
talent training plans, establish a training mechanism for medium and high potential talents, and reasonably tap , Cultivate a team of medium and high potential talents, and enhance the business leadership,
thinking ability and industry vision of core medium and high potential personnel. Through the company's continuous optimization and upgrading of the talent structure, the optimization direction of the talent structure matches the realiza
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5. Adhere to the cultural concept of long-termism and the brand image of well-known express companies
Adhering to long-termism is a road that will become more stable and farther along. Adhering to the cultural concept of long-termism is the core essence of the company's future revival.
Rejuvenation is a long-term process. The company must be prepared for a protracted war, and the team must maintain patience and determination. Perseverance is the most important thing.
Adhering to long-termism is a pattern, an attitude, and a core competitive concept. Under the guidance of the "long-termism" cultural concept, the company will strive to practice "let customers
enjoy the new life of express delivery, let employees realize personal value, Let the enterprise take on the mission of "social responsibility", reject the narrow zero-sum competition, and reshape
the dynamic moat of the enterprise in the development process of continuous innovation and continuous value creation. Adherence to long-termism is not only a manifestation of cultural
concepts and values, but also a good shaping of corporate brand and industry reputation. The "STO Express" brand was first established in 1993. It once led the rapid development of my
country's private express delivery companies, and has been in the forefront of the same industry in the country for many years in the number of express deliveries. It has formed a wide range of
user awareness and a strong market. Influence. While achieving rapid development, the company has successively won "China Famous Trademark", "Shanghai Famous Trademark", "Top 100
Logistics Enterprises in China's Brand Value", "Top 100 Taxpaying Enterprises in Qingpu District", "2017 China Express Annual Brand Award" ,
"Shanghai Famous Brand", "2020 Express Social Responsibility Award", "2020 Express Anti-epidemic Contribution Special Award", "2020 Express Digital Intelligent Management Award",
"China Federation of Logistics and Purchasing Apparel Logistics Branch First Council Industry Contribution Enterprise ", "Top 100 Enterprises in the Service Industry in Zhejiang Province" and
many other honors fully demonstrate that the company has built a good brand image in the long-term development process and has the advantages of a well-known express brand.
1 Overview
In 2021, the company adheres to the business philosophy of "righteous management and long-termism", moves towards the basic goal of "digital and intelligent operation", focuses on the business strategy
of "four persistences", continuously strengthens infrastructure construction, builds a stable operation platform; optimizes trunk lines Capacity allocation to create an efficient trunk line transportation team;
comprehensive empowerment of terminal outlets to enhance the vitality of network operations; promote digital and intelligent transformation and upgrading to fully realize smart operations; incubate emerging business segments an
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In 2021, with the joint efforts of all STO people, the company has achieved certain business results. The company completed about 11.076 billion express delivery business throughout the year,
a year-on-year increase of 25.62%, and its market share was about 10.23%.
In 2021, the company achieved operating income of 25.255 billion yuan, an increase of 17.10% over the same period last year; a total profit of -1 billion yuan, a decrease of 1,056.30% over the
same period last year; and a net profit attributable to shareholders of listed companies of -909 million yuan, a year-on-year increase of -909 million yuan. A decrease of 2,603.16%; the net profit
after deducting non-recurring gains and losses was -943 million yuan, a decrease of 2,943.77% compared with the same period last year. The main reasons for the changes in the 2021 annual results are as follows:
performance According to the data released by the State Post Bureau, in the first three quarters of 2021, the cumulative business volume of express service companies across the country was
76.77 billion, a year-on-year increase of 36.7%; the revenue per piece of express delivery was 9.68 yuan, a year-on-year decrease of 10.9%. Price competition is more intense. In order to maintain
the healthy development of the express delivery network and enhance the customer expansion and service capabilities of the franchised outlets, the company appropriately adjusted the support
of market policies during this period, resulting in a decline in the company's single-ticket express delivery revenue, which had a certain impact on the annual performance. From the fourth quarter
of 2021, the company has further strengthened the digitization, refinement, and modern management of outlets. On the one hand, it has promoted both volume and price increases by optimizing
the market price policy; Empower outlets to increase revenue by developing emerging business cooperation. In the first three quarters of 2021, due to factors such as site relocation and project
completion delays, the overall unit throughput scale was limited, resulting in high operating costs and low capacity utilization, which affected the company's performance to a certain extent. In
the fourth quarter, with the continuous growth of the company's business volume, the capacity utilization rate gradually increased, and the fixed cost of a single ticket gradually decreased,
reflecting the scale effect. Based on its own operating conditions, the company has appropriately increased its financing efforts, and the new bank loans have led to an increase in financial
expenses. In the future, as the company promotes diversified financing projects in an orderly manner, the financing structure will be further optimized, and financing costs will be reasonably
controlled.
impairment is based on the "Accounting Standards for Business Enterprises" and the company's relevant accounting policies, combined with factors such as the company's 2021 annual operating
performance, cash flow generated by related assets, and the realization of operating profits, it is a true reflection The company's financial status, asset value and operating results. The company
has sorted out and analyzed the value of relevant assets in the consolidated statement as of December 31, 2021, and conducted tests by asset category. Asset depreciation provision for assets.
Looking forward to 2022, as the national and local governments successively promulgate industry regulatory policies and related guidance opinions, based on the general tone of the industry's
work of "seeking progress while maintaining stability", express delivery companies will scientifically balance short-term demands and long-term value, and vicious price competition As a result,
the express delivery industry will enter a stage of high-quality development and high-efficiency governance. In 2022, the company will continue to adhere to the business philosophy of "righteous
management, long-termism", adhere to the business strategy of "focus on operation, service empowerment, and create quality orders", and continuously improve the company's market share
and profitability in the industry , express delivery timeliness and service quality, seek to return the company's investors with more excellent business performance.
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2021 2020
the amount Proportion of Operating Income the amount Proportion of Operating Income
sector
By product
By region
Sub-sales model
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(2) The industry, product, region, and sales model accounting for more than 10% of the company's operating income or operating profit
unit: yuan
Operating income increase or decrease Increase/decrease in operating costs Gross profit margin increase or decrease
sector
By product
By region
If the statistical caliber of the company’s main business data is adjusted during the reporting period, the company’s main business data adjusted according to the caliber at the end of the
reporting period in the last year Applicable ÿ Not applicable (3) Whether the company’s physical sales revenue is greater than labor service revenue ÿ Yes ÿ No (4) Performance of major sales
contracts and major purchase contracts signed by the company as of the reporting period ÿ Applicable ÿ Not applicable (5) Composition of operating costs
product category
unit: yuan
2021 2020
Year-on-year
the amount Proportion of operating cost the amount Proportion of operating cost
Salaries for express delivery workers 2,600,395,447.47 10.54% 2,196,648,863.61 10.54% 18.38%
Other transit costs of express delivery business 1,663,043,975.45 6.74% 1,784,984,866.96 8.57% -6.83%
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Other business Other business costs 62,239,495.08 0.25% 36,253,562.48 0.18% 71.68%
(6) Whether the scope of consolidation has changed during the reporting period
ÿ yes ÿ no
For details of the company's newly established subsidiaries within the scope of consolidation in 2021, please refer to Section 10 Financial Report VIII. Changes in the scope of consolidation.
(7) Major changes or adjustments in the company's business, products or services during the reporting
period ÿ Applicable ÿ Not applicable (8) Information on major sales customers and major suppliers
The total sales amount of the top five customers (yuan) 2,684,042,005.99
The ratio of the total sales amount of the top five customers to the total annual sales 10.63%
Proportion of the sales of related parties in the sales of the top five customers to the total annual sales 5.11%
serial number client's name Sales (yuan) Proportion of total annual sales
1
first place 1,128,899,977.26 4.47%
The total purchase amount of the top five suppliers (yuan) 1,953,470,953.24
Proportion of the total purchase amount of the top five suppliers to the total annual purchase amount 7.96%
Proportion of purchases from related parties among the top five suppliers in the total annual purchases 0.00%
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serial number Supplier name Purchase amount (yuan) Proportion of total annual purchases
3. Cost
unit: yuan
Mainly due to the increase in interest expenses arising from the increase in bank borrowings
Financial expenses 156,461,192.33 -16,309,057.66 1,059.35% during the reporting period and the unrecognized financing costs arising from the application
4. R&D investment
Main research
Based on the historical package data and Through the construction of one machine, one file
By establishing a complete equipment index system and providing
the basic information of the cross-belt, The average efficiency of the cross project, the situation that the equipment performance
the ability to recommend cross-belt grid configuration schemes,
recommend the grid configuration scheme belt is increased by 8%, and the could not reach the optimal level due to the use of
One machine digital management tools are provided for equipment managers
of the cross-belt, optimize the use of the number of abnormal sorting of the equipment based on manual experience in the past
one file in transfer centers, so as to improve the average efficiency of
cross-belt, and reduce the lock time of the has
automatic sorting equipment is reduced to the been changed.
previous level It is equivalent to improving the
cross-belts and DWS, reduce abnormal sorting rates, and cover
cross-belt, so as to improve the efficiency of 50%ÿ equipment capacity of the transshipment center and
all direct operating transfer center.
the cross-belt and reduce the abnormal sorting rate. reducing the cost of manual sorting.
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The risk control platform is based on big data, uses the risk control algorithm Build a risk control platform based on the package Fund risk identification is carried out The system will continue to optimize and upgrade,
model to carry out real-time risk identification on the actual operation link, engine, covering policies, face orders, evasion, and through the risk control system, and tap settlement risks in more scenarios, and implement
Risk control settlement link, and capital link, and effectively reminds the risk identification in settlement loopholes. During the Double Eleven the amount of risk identification of management and control. In the process, reduce the
platform advance, intercepts it during the event, and monitors it after the event. Penalties promotion period, it has strong management and tens of millions is realized. The company's asset loss and bad debt risks, and be able
are used to restore the amount of losses for the headquarters, reduce the control capabilities for second-level risk identification interception in the event and the to detect risks in a timely manner to implement
which makes customer operations online around the three directions of pre- first version of Customer Manager, and has been
Customer Butler authority is controllable, and the core of operational reports and manual settlement has been
sales, in-sales, and after-sales, and improves the work efficiency of market promoted and used in the marketing department
System settlement bills can be issued online. changed, and the work efficiency of marketing
operators and financial personnel . Ensure the security and confidentiality of use.
personnel and financial personnel has been improved.
market data by closing data permissions.
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master 17 12 41.67%
R&D investment as a percentage of revenue 0.60% 0.68% down 0.08 percentage points
Capitalized R&D investment as a percentage of R&D investment 28.81% 10.43% increased by 18.38 percentage points
Reasons for significant changes in the proportion of total R&D investment in operating income compared with
Reasons for large changes in the capitalization rate of R&D investment and their
5. Cash flow
unit: yuan
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1. The net cash flow from operating activities increased by 124.95% year-on-year, mainly due to the 25.62% increase in express delivery business volume in 2021 compared to 2020.
The increase in business income led to an increase in the cash inflow received from the sale of goods. At the same time, due to the impact of the new lease standard, the rent payment of the long-term lease contract was transferred to financing activities.
2. The net cash flow from investment activities decreased by 17.14% year-on-year, mainly due to the rational use of funds to purchase wealth management products and the flow of long-term asset purchases this year.
3. The net cash flow from financing activities decreased by 51.48% year-on-year, mainly because the company’s net increase in bank borrowings this year decreased, and new leases
Due to the influence of lease standards, the cash paid for other financing activities increased.
4. The net increase in cash and cash equivalents decreased by 56.34% year-on-year, mainly due to the increase in investment expenditure of idle funds this year.
Explanation of the reasons for the significant difference between the net cash flow generated by the company's operating activities during the reporting period and
The large difference between the net cash flow generated by operating activities in 2021 and the net profit of this year is mainly due to the depreciation of fixed assets, amortization of intangible assets, and impairment of goodwill.
The difference between the net cash flow generated from operating activities and the net profit of the year due to non-cash payments such as non-cash payments is quite large.
Mainly the income from purchasing wealth management products with the
Financial management income is sustainable,
investment income 102,583,674.77 -10.25% company's own funds and the investment income from the disposal of
but the absolute value of income may decline
subsidiaries in the current period
Profit and loss from changes in fair value 11,785,597.20 -1.18% None yes
Non-operating income 20,816,059.79 -2.08% mainly due to fines and compensation from insurance companies no
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Money funds 2,234,574,007.21 11.91% 2,603,664,056.59 15.16% -3.25% Mainly due to the increase in investment activities in the current period
Long-term equity investment 97,798,814.14 0.52% 120,145,164.57 0.70% -0.18% No major change
short-term loan 3,671,888,320.09 19.57% 2,368,333,707.06 13.79% 5.78% is mainly due to the increase in bank loans in the current period
Long term loan 149,908,704.61 0.80% 0.00 0.00% 0.80% No material change
Impairment
Profit and loss from
provision Current purchase Sales amount in this
Project opening amount changes in fair value Other changes at the end of the period
for this amount period
in the current period
period
monetary assets
1. Trading
financial
2. Investment in
Subtotal of
2,348,509,892.93 11,599,431.08 10,899,723,322.39 10,381,987,519.20 -4,586,993.58 2,873,258,133.62
financial assets
Other changes in other equity instrument investments are: CainiaoSmartLogisticsNetwork, which is held by the overseas subsidiary STO EXPRESS INVESTMENT HOLDING
PTE.LTD, is listed in other equity instrument investments, and the amount affected by changes in exchange rates at the end of the period is 4,586,993.58 yuan. During the
reporting period, have there been major changes in the measurement attributes of the company’s main assets? Yes ÿ No
3. As of the end of the reporting period, please refer to Notes (60) on Item VII of the
Consolidated Financial Statements in Chapter 10 Financial Reports for details of the restrictions on asset rights as of the end of the reporting period .
1. Overall situation ÿ
Investment amount during the reporting period (yuan) Investment amount in the same period of last year (yuan) range of change
The company needs to comply with the disclosure requirements of the express delivery service industry in the "Guidelines for Self-Regulatory Supervision of Listed Companies of Shenzhen Stock Exchange No. 3 - Industry Information Disclosure"
total 2,873,267,472.79
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Whether it is
contributed Is it as planned or
Proportion of
by the equity not, if it is not
net profit
Transaction to the listed Impact of Relationship implemented
trade Sold equity contributed by Equity Sale
sale date price (10,000 company from the sale on with counterparty as planned,
other side equity sale to Pricing Principles disclosure date disclosure index
yuan) the beginning the company the reason
listed company
of the current and the
in total net profit
period to the related transaction measures
assets, increase
production
best interests
change.
After the
completion of
this transaction,
company to
further focus on
development
strategy. This
transaction will
have a certain
positive impact
of this transaction,
it will further
revitalize the
company's existing
company's overall
development
the company
Major subsidiaries and shareholding companies that affect the company's net profit by more than 10%
unit: yuan
Registered Capital Total Assets Net assets operating income operating profit net profit
name kind industry
STO
Child
manage
company
company name Ways of acquiring and disposing of subsidiaries during the reporting period Impact on overall production operations and performance
Dalian Ruisheng Loading and Unloading Service Co., Ltd. log out no significant impact
shareholding companies STO Express Co., Ltd. is one of the earliest private express companies established in my country, and has formed a highly covered express service network. In 2021, the
company adheres to the business philosophy of "righteous management and long-termism", moves towards the basic goal of "digital and intelligent operation", focuses on the business strategy
of "four persistences", continuously strengthens infrastructure construction, builds a stable operation platform; optimizes trunk lines Capacity allocation to create an efficient trunk line
transportation team; comprehensive empowerment of terminal outlets to enhance the vitality of network operations; promote digital and intelligent transformation and upgrading to fully realize
smart operations; incubate emerging business segments and seek differentiated layouts. In 2021, with the joint efforts of all STO employees, the company has achieved certain business results.
The company completed about 11.076 billion express delivery business throughout the year, a year-on-year increase of 25.62%, and its market share was about 10.23%.
The company adheres to the concept of focusing on the right way of operation, abides by the rules, respects the rules, balances the scale, cost, and quality of the express delivery business, and finally
returns to market value; pursues a long-term development strategy, maintains sufficient patience and determination; insists on practicing internal strength, Operational cost reduction, stable quality and
business innovation have established the company's service advantages in the industry with stable quality and efficient operation.
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1. Focus on the main business of economical express delivery and enhance diversified business penetration
The company will continue to focus on the main business of economical express delivery, consolidate the scale effect of the economical express delivery service network, insist on making high-quality orders, and
steadily increase the company's market size. Establish a competition mechanism in internal sub-theatres, and constantly promote the provinces and regions to implement the concept of emphasizing operations and
achieving results; actively expand cooperation channels externally, establish a diversified business development plan, and increase the penetration rate of diversified businesses. A grand blueprint for the coordinated development of diversified
2. Promoting the strategy of digital and intelligent transformation to realize technology-led innovation and development
The company attaches great importance to the construction of its own digital and intelligent capabilities. In recent years, it has continued to increase investment in research and development in this field, introduced a group of
high-tech technical personnel, and gradually built a full-link digital and intelligent management and control platform. Next The company will focus on the goal of building a smart operation platform with design, research and
development, early warning, management and decision-making, strengthen internal independent research and development capabilities, and cooperate with strategic partners to carry out technical cooperation and tackle key
problems, and finally create domestic first-class and industry-leading digital intelligence technology hard power.
3. Implement the production capacity improvement strategy and build a solid and powerful operating chassis
Based on the concept of "based on the present and looking to the long-term", the company implements a production capacity improvement strategy. On the one hand, it quickly makes up for the shortcomings of
express delivery capacity and throughput, and improves the efficiency of transit operations. The coordinated development of diversified businesses has laid a solid foundation. Among them, in terms of infrastructure
construction, the company will conduct scientific site selection, advanced planning and rational layout of the transfer operation sites of the entire network, and establish a strong and efficient transfer operation system
for the company; in terms of equipment investment, the company will base on independent research and development and introduce advanced The combination of equipment is used to invest in equipment to improve
4. Expand the network coverage and promote the healthy and stable development of the terminal
The company will continue to expand the network scale, ensure the coordinated development of service capabilities and business needs, actively respond to the call of the national policy of "two inputs and one
output", accelerate the "express delivery to the countryside" project, and help the established villages basically realize "every village express delivery", for The vast number of rural consumers provide delivery
services; at the same time, the company will also carry out outlet replacement and integration projects based on the actual situation, and improve the pre-warning of abnormal outlet operations; issue risk outlet
solutions, improve abnormal outlet management and filing mechanisms, and ensure outlets Healthy and stable operation; launch network fund support projects for difficult outlets to promote the healthy and stable development of the terminal
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5. Improve the timeliness and quality of express delivery services, and enhance customer experience and satisfaction
The company will build a deterministic timeliness system to narrow the timeliness gap between low and peak seasons. Continue to optimize the quality system to narrow the gap with leading companies. Focusing on the ultimate goal of
putting customer experience first, strengthen the training of provinces, regions and franchisees, build a comprehensive contract performance monitoring product system, respond to the national door-to-door policy requirements, and
In 2022, the world's major economies will gradually enter the "post-epidemic era", developed countries' monetary easing policies will gradually withdraw, and global inflation is expected to fall from high levels; China's economy will
maintain a relatively reasonable growth level with the support of a series of policies . However, according to the data released by the National Bureau of Statistics, the GDP growth rate in the first quarter was only 4.8%, which was lower
than the expected target of 5.5% for the whole year. and social consumption are facing greater impacts, and there are still many difficulties and challenges in economic development throughout the year. Facing the complex situation of
the domestic economy, the company will adhere to the concept of righteous management, respond to the general tone of the work that is stable and steady, and focus on operation and management, mainly focusing on the operational
flexibility of provinces, transshipment centers and outlets , continue to refine the granularity of operation, and continuously improve the viability of outlets; secondly, emphasize service empowerment, the headquarters focuses on
service empowerment in provinces and regions, provincial services empower outlets, and outlet services empower customers; the key is to make quality orders On the basis of stable timeliness, increase market size, improve profit
quality, narrow industry gaps, enhance user stickiness and accumulate company reputation.
The company will gradually optimize the existing product system, accurately locate customer needs, improve the service capabilities of the express delivery business, and further consolidate the company's core competitiveness in
the express delivery business through the improvement of timeliness and service quality. At the same time, the company will also combine its own service capabilities and network advantages to strengthen cooperation with traditional
e-commerce and emerging social e-commerce platforms, vigorously develop e-commerce channel business, and expand Cainiao's time-sensitive products, C2M, grid warehouses, etc. In the related business field, we will continue to
expand the company's business scale and enhance the comprehensive competitiveness of the company's products; strengthen cooperation with e-commerce platforms and emerging business flow business scenarios, establish a long-
term and stable cooperative relationship at the business flow end, and promote the steady development of the company's business. Realize the growth rate target exceeding the average of the express delivery industry.
2. Strengthen infrastructure construction and increase throughput capacity of the entire network
In 2022, the company's production capacity goal is to achieve a normal throughput capacity of over 50 million pieces per day by the end of the year. Around this goal, the company will continue to strengthen infrastructure construction,
which mainly includes new construction, reconstruction and expansion projects of the transshipment center, site relocation, and automation upgrade projects As well as the investment of high-capacity trunk line vehicles, etc., we will
continue to make up for the company's short boards in production capacity, lengthen the long boards in production capacity in grain production areas, and comprehensively increase the throughput capacity of the entire network. In the
next three years, the company will invest tens of billions of funds to carry out production capacity improvement projects based on diversified financing channels, continue to consolidate the transit layout and backbone network, and build a solid and powerful opera
3. Implement fine-grained management to promote cost reduction and efficiency increase in the entire link
In 2022, the company will implement refined management based on the full-link perspective of business, and promote the cost reduction and efficiency increase of the entire network. In order to achieve the above goals, the company will
mainly focus on the following aspects: First, optimize the efficiency of the receiving end, through the investment of digital intelligence systems and outlet butler series products, accurately grasp the area, order quantity and timeliness
of the collection, and invest in a timely and efficient manner Collect resources; the second is to optimize the cost and efficiency of transit sorting, increase investment in automated sorting equipment, and accurately and quickly improve
manpower, timeliness, and efficiency per square meter; the third is to optimize trunk line transportation costs, and establish The digital and intelligent main line fleet forms a dynamic, flexible, and visual cost reduction implementation
mechanism; the fourth is to optimize the efficiency of terminal delivery, and through the empowerment of outlets to deliver resources, timely grasp the delivery area, order quantity, and timeliness, and carry out timely and efficient
In 2022, the company will establish a multi-level core indicator management system, focusing on indicators such as scale, service performance, profit and loss target tracking, and customer penetration tracking to refine operational
management. Maintain corporate customers in hierarchical groups according to business influence and single-volume scale to ensure that the expansion of operation and maintenance resonates at the same frequency, establish a
customer hierarchical service mechanism to meet diversified service needs; establish expansion, operation and maintenance behavior manuals and empowerment systems to ensure operations Behavior conforms to relevant norms,
helps personnel grow and develop, and optimizes the incentive and assessment management system.
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5. Implement grid-based management to empower the terminal to reduce costs and increase revenue
In recent years, the company has deeply implemented the flattening reform of terminal outlets, and the overall effect has been remarkable. After the flattening, the management level of the company's outlets has been gradually reduced, the
number of outlets has grown rapidly, and the regional coverage has been significantly improved. However, as the competition in the industry continues to intensify, the operating pressure of the outlets has increased. In order to reduce the
operating pressure of the outlets, understand the needs of the outlets in a timely manner, and enhance the core competitiveness of the entire network, the company has launched a grid management model, that is, the company will operate
according to the incoming and outgoing shipments. In terms of volume, service radius, and number of outlets, the nationwide outlets are divided into more than 200 districts, and each district is equipped with a full-time district housekeeper.
The housekeeper goes deep into the front line of the outlets, helps the outlets to do a good job in service and business support, and empowers the terminal outlets to reduce costs and increase income.
6. Pay attention to technology development and iteration, and drive high-quality development with innovation
In 2022, the company will focus on the iteration of product design concepts, especially user-oriented, scene-oriented, and mobile-first, attach importance to the deep cultivation and construction of technology in
new fields, consolidate the company's accumulated scientific and technological development achievements, and realize the company's goal of driving high-quality development through innovation. Target.
Among them, in terms of operating products, the company will improve the decision-making and planning capabilities of the headquarters, explore the granularity of process management, and turn up the actual
operation data of key elements; in terms of time-sensitive quality products, the company will carry out time-sensitive full-link monitoring and diagnosis, Intervention operations, low-peak season routing
strategies, and second-party coverage improvement projects have gradually established a complete matrix of time-sensitive technology products, laying a solid foundation for the improvement of full-link
timeliness and service quality; in terms of network products, the company has adopted grid-based management Build a management model from the company to provinces, provinces to districts, and districts to
outlets to achieve refined governance, targeted services, and mobile operations; in terms of outlet empowerment, the company will focus on three major directions, namely, outlet intelligent customer service,
The financial management of outlets and the upgrade of actual operation of outlets help outlets to intelligentize customer service, systematize financial management, and informatize daily operations.
7. Comprehensively cultivate reserve talents, improve team management and combat capabilities
In terms of talent protection, the company will continue to pay attention to the reserve of core talent groups. In terms of talent portraits, establish provincial and regional talent portraits under management
responsibilities, and use them for external recruitment, internal identification, talent training, and talent evaluation. In terms of talent recruitment, the core talent pool is established and operated all year round,
and regular screenings are conducted to establish continuous connections. In terms of talent identification, establish and operate a talent identification mechanism for the business field, training field, and battle
field, adjust the tasks and division of labor for core talents in a timely manner, and pay attention to their team management capabilities. In terms of personnel training, focus on training a group of core talents,
strengthen ability and cultural improvement, form a second battlefield for management, promote the construction of the "Xin Shentong" talent echelon, and improve the management and combat capabilities of the overall team.
macroeconomic fluctuations
The express industry generally has a strong positive correlation with the growth rate of the macro economy. Changes in economic factors will affect the total service volume of the express industry and thus
affect the operating performance of companies in the industry. In the period of economic expansion, the supply and demand of cargo transportation increases, and the express delivery industry prospers; on the
contrary, in the period of economic contraction, the supply and demand of cargo transportation decrease, and the express delivery industry is also depressed. The above-mentioned macroeconomic fluctuations
will affect the entire social and economic activities to varying degrees. In turn, it will have a certain impact on the overall development of my country's express delivery industry and the future business growth of
STO Express. The company tracks changes in the macroeconomic situation in a timely manner and formulates targeted preventive measures to avoid the risk of macroeconomic fluctuations that are unfavorable
to the company's operations. (2) Risks caused by market competition After the rapid development of the domestic express delivery industry in recent years, the market competition has become more intense.
Although STO Express has made a long-term development strategy and operation plan for the positioning and development of express delivery business, it will still face fierce competition in the express delivery
market. In addition, the rapid development and increasingly fierce competition of my country's e-commerce industry have led to consumers' increasing requirements for the quality of express delivery services
related to it. Some large-scale e-commerce companies reduce their dependence on third-party logistics companies by building their own logistics systems. On the one hand, they can better meet the needs of e-
commerce development; The company provides corresponding courier services. Therefore, STO Express is facing increasingly fierce competition in related fields. If STO Express fails to take active and effective
measures to deal with the current market competition pattern, it will face the risk of slowing business growth and declining market share. The company will pay close attention to the changes in the market
competition pattern, adjust its business positioning and long-term development strategic planning accordingly, and take active and effective measures to deal with the market competition pattern.
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2. Policy risk
The express delivery business of STO Express is a licensed operation project, which is subject to legal norms and administrative regulations such as the "Post Law", "Administrative Measures for
Express Business Licensing", "Administrative Measures for the Express Market", "Express Service" and "Guidelines for Express Business Operations" Regulatory and industry standards constraints.
Changes and adjustments in relevant national laws and regulations or industrial policies may directly affect the market competition pattern of the industry in which STO Express operates and affect
the operating performance of STO Express. The company will pay close attention to changes in national macroeconomic policies, analyze and study them, strengthen communication and contact with
local governments, and improve the company's ability to respond to changes and resist risks.
business outlets of STO Express mainly adopt the franchising model, which is conducive to the layout of the express delivery network and the expansion of the marketing network by STO Express
with the advantages of franchisees, and it is also beneficial to STO Express. Express delivery saves capital investment and reduces investment risks. At this stage, franchised business outlets play an
important role in the business volume and profit creation of STO Express, but if the important franchisees of STO Express change, it will have an adverse impact on the operating performance of STO
Express. STO Express regulated all aspects of the daily operation of the franchised outlets by signing franchise contracts with the franchisees of the outlets. Franchisees maintain a good relationship.
Although STO Express strictly manages the franchised outlets in terms of brand, price, collection and delivery area, face-to-face information, store decoration, etc., the people, money and goods of
the franchised outlets are independent of STO Express, and the business plan is also based on Its business objectives and risk appetite are self-determined. If the franchisee seriously violates the
franchise contract or cannot meet the requirements of STO Express in terms of human, financial, material investment and management, or its business activities are contrary to the brand management
purpose of STO Express, STO Express will terminate or not renew the contract with STO Express Franchise contract, thereby affecting the business income of STO Express or causing damage to the
brand image of STO Express. The company will continue to strengthen the management of franchisees, guide them to standardize their operations, establish and maintain good cooperative relations;
formulate franchise management methods, and collect a certain percentage of deposits from franchisees to prevent franchisees from seriously violating franchise contracts or In the event of failure to
meet the requirements of STO Express in terms of investment, financial and material inputs, and business management, or business activities that are contrary to the brand management purpose of
STO Express, the company will be compensated for the corresponding losses. At the same time, the company will increase the number of directly operated outlets and mixed outlets according to local
conditions.
(2) The operation mode of the leased site and the risk that the ownership of some leased properties is not perfect
In the stage of rapid business development, in order to speed up the efficiency of capital operation, some of the transshipment centers of STO Express are acquired in the form of leasing. Since STO
Express does not own the leased venues, there is a risk that it will not be able to sign a lease agreement with the lessor after the lease agreement expires. In view of this, STO Express has signed
leasing agreements with different durations with different lessors of transshipment centers or purchased some transshipment centers in accordance with the actual situation of its operations,
according to the importance of each regional transshipment center and considering the flexibility of business development. land and real estate. At the same time, for the leasing of transshipment
centers, STO Express has always followed the principle of moderate advancement and carried out in the form of dynamic planning. On the one hand, it has continuously optimized the network layout
to improve the utilization efficiency of transshipment centers. On the other hand, it has also actively cooperated with large logistics real estate companies. Establish strategic partnerships to ensure
business development needs. During the reporting period, STO Express did not experience any major adverse impact on the normal operation of STO Express due to its inability to renew the lease
agreement with the lessor. In addition, due to the incomplete ownership of the real estate leased by some transshipment centers, third parties may raise objections and may cause STO Express to be
unable to continue to use such houses in accordance with the corresponding lease contracts, or may cause STO Express to suffer losses. On the one hand, STO Express continued to communicate
with the lessor on the issue of the property rights defects of the above-mentioned leased houses, and urged the lessor to complete the property right procedures as much as possible, and the lessor
issued a commitment agreement that if STO Express suffered losses due to defects in the property rights of the lessor Under the circumstances, the lessor will bear the corresponding losses. On the
other hand, by strengthening internal management, STO Express reduces the proportion of transshipment centers with defective property rights of leased houses, thereby reducing its possible
adverse impact on STO Express’ operating performance. In view of the fact that STO Express has signed a lease agreement with the venue lessor, according to Chinese law and the agreement, if the
lessor violates the lease agreement signed with STO Express due to defects in the ownership of the premises, STO Express has the right to Claim compensation to the lessor for the losses suffered thereby.
accidents The main business of STO Express is the express delivery business, and road transportation safety accidents are one of the major risks that STO Express faces that cannot be completely
avoided. The occurrence of road transportation safety accidents may cause STO Express to face risks such as compensation, vehicle damage, and penalties from transportation authorities. Even if
STO Express purchases the corresponding insurance for the transportation and operation vehicles according to the national regulations, it can reduce the compensation expenses after the traffic
accident to a certain extent, but when the insurance compensation amount cannot fully meet the accident compensation expenses, it will cause STO Express to incur additional expenses. As a result,
it will have a certain impact on the reputation, customer relationship and operating performance of STO Express.
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The company will further strengthen the management of vehicle management, use, and maintenance, strengthen driver safety awareness training, and at the same time summarize the historical data of
safety accidents, and plan to purchase insurance with a corresponding claim amount. (4) Potential risks in the information system The existing information system of STO Express has basically achieved
full coverage of all aspects of business processes and internal management, and has stored a large amount of information data related to customers, business and management. With the continuous
and rapid growth of STO Express’ business volume, STO Express is increasingly dependent on information systems for business operations, customer service, and STO Express management and control.
However, due to the limited carrying capacity of the original equipment and system, or the optimization and improvement have not yet been completed, according to the statistics of the information
technology department of STO Express, STO Express has experienced partial and short-term network system failures in the past, although it did not affect the normal operation of STO Express business.
However, to a certain extent, it has adversely affected the timeliness of STO Express' internal information collection and summary. The company continues to pay attention to the continuous research and
development and upgrading of information systems to meet the needs of STO Express’ strategic development goals. Risk of interruption of business conduct and customer service. (5) Risk of force
majeure STO Express's express delivery business mainly relies on various vehicles for road transportation, so it is inevitably affected by weather and road transportation conditions. Due to the different
natural environment and climatic conditions in various regions of my country, as the coverage of STO Express' business network continues to increase across the country, it will inevitably face more
impacts such as typhoons, rainstorms, earthquakes and various natural disasters. Force majeure factors such as similar major natural disasters may hinder the normal production and operation activities
of STO Express and affect the operating performance of the year to a certain extent. The company continues to improve the established disaster emergency mechanism to ensure rapid response and
resume production during disasters, and try its best to reduce losses caused by force majeure in the process of production and operation.
XII. Reception of research, communication, interviews and other activities during the reporting period
Main content
1. The venue on the 2nd floor Gaoyi Asset Management, GF Fund, Wells Fargo Fund, Bank of http://www.cninfo.com.
of Holiday Inn Shanghai Communications Schroeder Fund, China Europe Fund, China cn/new/disclosure/det
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"Panorama • =9900014251&stock
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19:36
04Corporate Governance
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During the reporting period, the company strictly followed the "Company Law", "Securities Law", "Shenzhen Stock Exchange Stock Listing Rules", "Shenzhen Stock Exchange Listed Companies Self-Regulatory Guidelines No. 1 - Standardized
Operation of Main Board Listed Companies" and other relevant According to the requirements of laws and regulations and the provisions of the "Articles of Association", continuously establish and improve the company's legal person governance
structure, establish and improve the internal management and control system, and further improve the level of corporate governance. During the reporting period, the company's general meeting of shareholders, board of directors, and board of
supervisors operated in a standardized manner, and the company's operation and management decision-making procedures were compliant and effective.
The company strictly abides by laws and regulations, and convenes and holds general meetings of shareholders in a standardized manner. The convening and holding procedures of the general meeting of shareholders, the qualifications of
personnel attending the general meeting of shareholders and the voting procedures of the general meeting of shareholders are in compliance with the provisions of the "Company Law", "Rules of Procedure for the General Meeting of Shareholders"
and other laws and regulations. When implementing the voting procedures for electing directors and supervisors, a cumulative voting system is adopted to ensure that all shareholders, especially small and medium shareholders, enjoy equal status and fully exercise their right
The company has independent business, operating capabilities and a complete operating system, and is independent from the controlling shareholder in terms of business, personnel, assets, organization, and finance. The company's board of
directors, board of supervisors, and internal organizations operate independently according to its rules of procedure or company systems. The company's controlling shareholders have standardized behaviors, exercise shareholders' rights
through the general meeting of shareholders, and have not directly intervened in the company's decision-making and business activities beyond the general meeting of shareholders, and there is no phenomenon of occupying the company's funds.
The company has not provided guarantees for the controlling shareholder and its related parties.
The company elects directors in strict accordance with laws and regulations and the selection procedures stipulated in the Articles of Association. At the end of the reporting period, there are currently 7 members of the company's board of
directors, including 3 independent directors. The number and composition of the company's board of directors meet the requirements of laws and regulations. The board of directors convenes meetings in accordance with the "Rules of Procedures
of the Board of Directors", implements the resolutions of the shareholders' meeting and exercises its powers according to law; fulfill the duties of due diligence, exercise the powers conferred by the Articles of Association, attend the board of
directors and shareholders' meetings on time, and be familiar with relevant laws and regulations; the company's independent directors maintain sufficient independence in their work, actively participate in board meetings, conscientiously Reviewed
various proposals, expressed independent opinions on related matters, and effectively safeguarded the interests of the company and small and medium shareholders.
The company selects supervisors in strict accordance with the relevant provisions of the Company Law and the Articles of Association, and the number and composition of the board of supervisors meet the requirements of laws and regulations.
The supervisors of the company can conscientiously perform their duties in accordance with the provisions of the Articles of Association, the Rules of Procedures of the Board of Supervisors, supervise the decision-making procedures of the
board of directors, resolutions and the legal operation of the company, and supervise the performance of directors, managers and other senior managers of the company. Effective supervision of the legality and compliance of duties, etc., to
maximize the protection of the legitimate rights and interests of the company and shareholders. The company's supervisors performed their duties honestly and diligently, and the convening, holding and voting of the board of supervisors complied
The company fully respects and safeguards the legitimate rights and interests of relevant stakeholders, realizes the coordination and balance of the interests of the society, the company, shareholders, employees and other parties, and jointly
(6) About information disclosure and transparency The company attaches great
importance to information disclosure, and earnestly fulfills its information disclosure obligations in accordance with the relevant laws and regulations of the China Securities Regulatory Commission and the Shenzhen Stock Exchange and the
requirements of the Articles of Association. In strict accordance with relevant regulations, the company discloses relevant information in a true, accurate, complete and timely manner on the designated media and the Internet, and has designated
"China Securities Journal", "Shanghai Securities News", "Securities Times", "Securities Daily" and www.cninfo.com.cn Newspapers and websites for company information disclosure, to ensure that all investors of the company have fair access to
company-related information, and to safeguard the legitimate rights and interests of investors.
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investor relations, and receive visits and consultations from shareholders and investors. During the reporting period, the company strengthened communication with investors through online briefing sessions on annual reports, receiving investors
supervises the quality of economic operation, economic benefits, internal control system and implementation, use of various expenses and assets of the company and its subsidiaries.
Is there any significant difference between the actual situation of corporate governance and the laws, administrative regulations and regulations on the governance of listed companies issued by the China Securities Regulatory
Commission? Yes ÿ No The actual situation of corporate governance is different from the laws, administrative regulations and regulations on the governance of listed companies issued by the China Securities Regulatory
2. Compared with the controlling shareholder and actual controller, the company guarantees the company's assets, personnel, finance, organization,
The company is completely separated from the controlling shareholder in terms of business, personnel, assets, organization, finance, etc., and has independent and complete business and independent management capabilities.
has an independent and complete business system and self-management capabilities that
, Able to operate independently in the market, conduct independent accounting and decision-making, independently assume responsibilities and risks,
have not been interfered or controlled by the company's controlling shareholder, and are completely independent from the controlling shareholder.
(2) Personnel
The company is independent from the controlling shareholder in terms of labor, personnel and salary management. The directors, supervisors and other senior managers of the company are legally formed in accordance with the "Company Law" and
the "Articles of Association". There is no phenomenon that the controlling shareholder interferes with the personnel appointment and removal decision.
(3) Assets
The company legally owns the ownership or right to use the land, buildings, equipment, trademarks and other assets related to the current business. The company independently owns these assets, and there is no situation that they are occupied
independently exercises management functions and is independent of the company's controlling shareholder.
management system, opened an independent bank account, paid taxes independently according to law, and independently made Financial decision-making, there is no controlling shareholder intervening in the company's financial decision-making
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4. Relevant information on the annual general meeting and extraordinary general meeting held during the reporting period
Investor
Conference session type Date disclosure date meeting outcome
Participation Ratio
2020 Annual General Meeting of "Announcement on the Resolutions of the 2020 Annual General
Annual General Meeting 63.71% May 28, 2021 May 29, 2021
Shareholders Meeting of Shareholders" Announcement No.: 2021-044.
2. Preference shareholders whose voting rights have been restored request to convene an extraordinary
1. Basic information
name job gender age increased reduced held at the end of increase
start date date beginning of the period (shares)
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Deputy General
July 28, 2021 January 31,
Liang Bo Manager and Chief current male 39
2024
Financial Officer
Director, Deputy
Officer
During the reporting period, was there any resignation of directors and supervisors and dismissal of senior executives
Mr. Chen Xiangyang, former director and general manager of the company, resigned due to general election; Mr. Chen Haijian, former director, deputy general manager and financial director of the company, resigned due to personal reasons
post; former supervisor of the company, Mr. Bao Sujie resigned due to general election.
Chen Xiangyang Director and General Manager Resignation at the end of the term February 01, 2021 general election leave
Bao Sujie Supervisor Resignation at the end of the term February 01, 2021 general election leave
company's current directors, supervisors, and senior managers' professional background, main work experience and current main responsibilities in the company
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Board of Directors
Born in 1970, Chinese nationality, no permanent residence abroad, bachelor degree. He has been working in STO Express Co., Ltd. since 2007; from December 28, 2016 to April 2019, he served as the
chairman and general manager of STO Express Co., Ltd.; since April 2019, he has served as the chairman of STO Express Co., Ltd.
Born in 1962, Taiwan, China, doctoral degree. In the early days, he was engaged in research and development in the computer field in Silicon Valley, USA. From 2003 to 2007, he served as the head of
business and technology promotion of Red Hat in the United States; from 2007 to 2019, he served as the vice president of Alibaba Group, and the technical product manager of Taobao and Tmall. He is
the person in charge of people, the head of the merchant business department, and the president of Alibaba Cloud; from 2015 to 2020, he served as the general manager of Cainiao Network Technology Co., Ltd.,
CTO and general manager of the express business department; from 2019 to 2020, he also served as the new retail special assistant to the CEO of Alibaba Group; from September 2019 to January 2021,
he served as the chairman of Zhejiang Xinyi Supply Chain Management Co., Ltd. After joining the company in February 2021, he will serve as the director and general manager of the company, and is a
core manager, responsible for comprehensive management of the company's strategy, government cooperation, governance compliance, and financial operations.
was born in 1984, Chinese nationality, no permanent residence abroad, bachelor degree. Mr. Han Yongyan served as the rotating CEO and senior vice president of Debon Logistics Co., Ltd. from 2007 to
2019; from April 2019 to January 2020, the general manager of the network transportation department of Cainiao Network Technology Co., Ltd.; from March 2020 to November 2021 Vice President of
Operations of Shentong Co., Ltd., has served as Executive Vice President of Shentong Co., Ltd. since November 2021; and has served as director and deputy general manager of the company since
February 2021. Mr. Han Yongyan belongs to the core management personnel, responsible for the company's overall network management, market policy, operation planning and management, service
born in 1970, Chinese nationality, has no right of permanent residence abroad. From October 2002 to August 2017, he served as executive director of Wenzhou Shenfeng Express Service Co., Ltd.; since
August 2017, he has worked in STO Express Co., Ltd. Since April 2020, he has served as the deputy general manager of STO Express Co., Ltd.; since February 2021, he has served as the director and
Wusheng was born in 1954, Chinese nationality, no right of permanent residence abroad, graduated from Renmin University of China with a doctorate in law, a doctoral supervisor, and enjoys special
allowances from the State Council. He is currently the director and professor of the Judicial Research Center of Fudan University; he has been an independent director of STO Express Co., Ltd. since December 28, 2016.
born in November 1958, Chinese nationality, no right of long-term residence abroad, bachelor degree, senior accountant, certified public accountant, certified asset appraiser, registered corporate legal
advisor, certified tax accountant. He is currently a certified public accountant and consulting business director of Zhejiang Tianping Certified Public Accountants, an independent director of STO Express
Co., Ltd., an independent director of Jinyuan Cement Co., Ltd., an independent director of Anqing Huiyinbi Pharmaceutical Co., Ltd., an independent director of Zhongyuan Home Furnishing Co., Ltd.;
Independent director of Network Co., Ltd. He also serves as the executive director and executive vice president of the Zhejiang Association of Chief Accountants, the executive director of the China
Association of Chief Accountants, and the director of the Zhejiang Social Science Federation; since December 28, 2016, he has been an independent director of STO Express Co., Ltd.
Hongbo was born in 1979, Chinese nationality, no right of permanent residence abroad, graduated from Shanghai University of Finance and Economics with a Ph. He is currently a professor at the School
of Economics of Fudan University, and has served as an independent director of STO Express Co., Ltd. since December 28, 2016.
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Supervisory board
Gu Lijuan was born in 1989, Chinese nationality, no permanent residence abroad, postgraduate degree. Worked in STO Express Co., Ltd. since October 2010; From July 2015 to April 2017, he served as Deputy
Director of the Brand Promotion Department of STO Express Co., Ltd.; From April 2017 to August 2017, he served as the Public Affairs Department of STO Express Co., Ltd. Director; since August 2017, he has been
the Director of the Brand Promotion Department of STO Express Co., Ltd.; since April 2016, he has been the Secretary of the Youth League Committee of STO Express Co., Ltd.; since June 6, 2018, he has been the
supervisor of STO Express Co., Ltd.; October 2020 From 23 to now, he has been the Chairman of the Supervisory Committee of STO Express Co., Ltd.
Born in 1985, Chinese nationality, no permanent residence abroad, bachelor degree. Since May 2007, he has worked in STO Express Co., Ltd., and currently serves as the assistant to the president of STO Express
Co., Ltd. Since October 23, 2020, he has served as a supervisor of STO Express Co., Ltd.
Born in 1976, Chinese nationality, no right of permanent residence abroad, bachelor degree, has served as the financial director of STO Express Co., Ltd. since 2015, and currently serves as the financial director of
the company's network management business, responsible for the network management center business financial docking, network financial settlement, and budget and management control, treasury flow, outlet
financing.
"Board of Directors" section for the work experience, appointments and part-time jobs of Mr. Wang Wenbin, Mr. Shentu Junsheng and Mr. Han Yongyan of the senior management .
Liang Bo was born in 1983, Chinese nationality, no permanent residence abroad, bachelor degree. Mr. Liang Bo was mainly engaged in financial work in a well-known domestic accounting firm in the early stage;
from 2010 to 2015, he worked in Alibaba Group as a senior financial expert, during which he mainly participated in B2B business and rural Taobao business; from 2015 to 2017, he worked in Ant Financial, served as
a senior financial expert, during which he focused on participating in the Alipay business; worked in Zhejiang Cainiao from 2017 to 2021 as a senior financial expert; worked in Zhejiang Danniao from 2017 to 2021,
and served as the company's deputy CFO. Currently serving as the company's CFO and chief financial officer, he belongs to the core management personnel and presides over the company's financial management.
Dahai was born in 1963, Chinese nationality, no right of permanent residence abroad, bachelor degree, worked in ZJS Express Co., Ltd. from January 2011 to March 2012, successively served as vice president,
director and secretary to the board; April 2012 He has worked in STO Express Co., Ltd. since March 2017, and is currently the deputy general manager of STO Express Co., Ltd.; since March 14, 2017, he has been the
Tang Jin was born in 1977, Chinese nationality, no right of permanent residence abroad, college degree, has worked in STO Express Co., Ltd. since 2007, and is currently the deputy general manager of STO Express
Co., Ltd.; from January 20, 2017 to present Deputy General Manager of Express Co., Ltd. At present, he concurrently serves as the general manager of Shandong Province of the company, responsible for the daily
Guo Lin was born in 1989, Chinese nationality, no permanent residence abroad, master degree. From 2015 to 2016, he worked in Shanghai Branch of China Construction Bank; from 2016 to 2017, he worked in
Zhejiang Aidisi Fluid Control Co., Ltd. as a securities affairs representative; from 2017 to now, he worked in STO Express Co., Ltd. as a securities Senior expert in affairs and secretary of the board of directors.
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Chen Dejun Executive Director of Shanghai Deyin Investment Holding Co., Ltd. no
Chen Dejun Executive Director and General Manager of Shanghai Gongzhirun Industrial Development Co., Ltd. no
Chen Dejun Executive Director and General Manager of Shanghai Derun Second Industrial Development Co., Ltd. no
Whether to receive
Staff name
Other unit names Start date of term of office held in other units Date of end of term of office remuneration
Chen Dejun Hangzhou Shen Tide Logistics Technology Co., Ltd. executive director no
Chen Dejun Shanghai Maipai Investment Development Co., Ltd. Executive Director and General Manager no
Chen Dejun Hangzhou Junyi Trading Co., Ltd. Executive Director and General Manager no
Chen Dejun Shanghai Deying Gongrui Industrial Development Co., Ltd. Executive Director and General Manager no
Chen Dejun Shanghai Deying Mintong Industrial Development Co., Ltd. Executive Director and General Manager no
Chen Dejun Director of Zhefu Microfinance Co., Ltd., Tonglu County, Hangzhou City no
Chen Dejun Jiangsu Shentong International Freight Co., Ltd. General manager ,
executive director no
Chen Dejun Hangzhou Franck Ribery Trading Co., Ltd. Chairman and General Manager no
Chen Dejun Huaian Gaode Express Co., Ltd. Executive Director and General Manager no
Chen Dejun Shanghai Jun'e Industrial Development Co., Ltd. Executive Director and General Manager no
Chen Dejun Shentong Investment Management (Zhoushan) Co., Ltd. Executive Director and General Manager no
Chen Dejun Shanghai Junhui Real Estate Co., Ltd. executive director no
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Han Yongyan Executive Director of Ningbo Meishan Bonded Port Area Chengyi Investment Management Co., Ltd. no
Shentu Junsheng Shanghai Shentong Cenda Supply Chain Management Co., Ltd. director no
Zhang Wusheng Zhejiang Chunhui Intelligent Control Co., Ltd. independent director yes
Shen Hongbo Director of Shanxi Pingding Rural Commercial Bank Co., Ltd. yes
Shen Hongbo Jiangsu Lianyungang Port Co., Ltd. independent director yes
Shen Hongbo Yangquan Rural Commercial Bank Co., Ltd. director yes
Shen Hongbo Yalong Intelligent Equipment Group Co., Ltd. director yes
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Punishments of the company’s current and resigned directors, supervisors and senior executives during the reporting period in the
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Decision-making procedures, basis for determination, and actual payment of remuneration for directors, supervisors, and
senior management personnel The remuneration of the company's supervisors is deliberated and determined by the company's general meeting of shareholders; the remuneration of the company's
senior executives is reviewed and determined by the company's board of directors after being reviewed by the remuneration and appraisal committee of the board of directors. The company's non-
independent directors, supervisors and senior managers receive remuneration according to their management positions and positions in the company. At the same time, the company evaluates and
distributes performance bonuses based on the performance appraisal method, combined with the working ability of non-independent directors, supervisors and senior management personnel and
the completion of responsibility goals. Some of the company's directors, supervisors and senior executives receive remuneration from Shentong Co., Ltd. because they concurrently hold relevant
positions in STO Co., Ltd., a wholly-owned subsidiary of the company. Remuneration of directors, supervisors and senior executives of the company during the reporting period
Total pre-tax
Whether to receive remuneration
Name position gender age Employment status remuneration received
from related parties of the company
from the company
Financial Officer
total 1,685.1
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Deliberated and passed: "Proposal on Re-election of the Board of Directors and Election of Non-Independent Directors of
January 2021 January 2021 the Fifth Board of Directors", "Proposal on the Re-election of the Board of Directors and the Election of Independent Directors
The 40th Meeting of the Fourth Board of Directors
of the Fifth Board of Directors", "About the Proposal to Add Related Parties and 2021 Daily Related Transactions Estimated
15th day 16 days
Proposal", "Proposal on Convening the First Extraordinary General Meeting of Shareholders in 2021"
Deliberated and passed: "Proposal on the Election of the Chairman of the Company", "Proposal on the Appointment of the
February 2021 February 2021 General Manager", "Proposal on the Election of Members of the Special Committees of the Fifth Board of Directors",
The first meeting of the fifth board of directors
"Proposal on the Appointment of the Deputy General Manager", "About the Proposal on Appointment of Person in Charge
01 days 02 days
of Finance", "Proposal on Appointment of Securities Affairs Representative", "Proposal on Appointment of Person in Charge of Internal Audit"
Deliberated and approved: "The Company's 2020 Annual Report and Summary of the Annual Report", "The Company's 2020
Annual Work Report of the Board of Directors", "The Company's 2020 Annual General Manager Work Report", "The
Company's 2020 Annual Financial Final Account Report", "The Company's 2020 Annual Internal Control Evaluation Report",
"Company's 2020 Social Responsibility Report", "Proposal on the Company's Profit Distribution in 2020", "Special Report
April 2021 April 2021 on the Actual Deposit and Use of Funds Raised in 2020", "Proposal on the Re-appointment of the Company's 2021 Auditor ",
The Second Meeting of the Fifth Board of Directors
"Proposal on Directors' Remuneration Plan", "Proposal on Senior Management Salary in 2021", "Proposal on Changes in
28th day 29 days
Accounting Policies", "Proposal on Using Idle Funds for Investment and Financial Management", "The Company's 2021 No.
Quarterly Report Full Text and Text", "Proposal on Convening the 2020 Annual General Meeting of Shareholders"
June 2021 July 2021 Deliberated and passed: "Proposal on Sale of Assets and Related Transactions", "Information Disclosure Management
The third meeting of the fifth board of directors
System for Debt Financing Instruments of Non-financial Enterprises in the Inter-bank Bond Market"
30 days 01 days
Deliberated and passed: "Proposal on the Company's Qualification for Non-public Issuance of A Shares", "Proposal on
the Company's 2021 Non-public Issuance of A Shares Plan", "Proposal on the Company's 2021 Non-public Issuance of A
Shares Plan" , "Proposal on the Special Account for Funds Raised in This Non-public Issuance", "Proposal on the Feasibility
Analysis and Research Report on the Use of Funds Raised in the Company's Non-public Issuance of A Shares", "Proposal
on the Report on the Use of Funds Raised in the Previous ", "About the Diluted Spot Return of Non-public Issuance of
Stocks, Filling in
July 2021 July 2021
The Fifth Meeting of the Fifth Board of Directors Compensation measures and controlling shareholders, actual controllers, directors and senior management
(2021-2023)", "About Proposing to the General Meeting of Shareholders to Authorize the Board of Directors and Relevant
Authorized Persons of the Board of Directors to Handle the Non-public Issuance of A Shares" "Proposal on New 2021
Routine Related Party Transaction Estimates", "Proposal on Appointment of Chief Financial Officer", "Proposal on
Appointment of Secretary to the Board of Directors", "Proposal on Convening the Second Extraordinary General Meeting of
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August 2021 August 2021 Deliberated and passed: "2021 Semi-Annual Report Full Text and Summary", "Proposal on Accruing Credit
The Seventh Meeting of the Fifth Board of Directors
27th 30 days Impairment Provisions in the First Half of 2021"
October 2021 October 2021 Deliberated and passed: "The Proposal on Adding the Expectation of Daily Related Transactions in 2021", "The
The Eighth Meeting of the Fifth Board of Directors
15th day 16 days Proposal on Convening the Third Extraordinary General Meeting of Shareholders in 2021"
The number of board meetings Number of board Did you fail to attend
Number of board Number of board Number of absences from Attendance at
director name that should be attended in this meetings attended by two board meetings
meetings attended on site meetings entrusted board meetings shareholders' meetings
reporting period correspondence in person in a row?
Chen Dejun 10 3 7 0 0 no 1
Wang Wenbin 9 7 2 0 0 no 3
Han Yongyan 9 7 2 0 0 no 3
Shentu Junsheng 9 6 3 0 0 no 2
Zhang Wusheng 10 2 8 0 0 no 2
Yu Leping 10 2 8 0 0 no 3
Shen Hongbo 10 2 8 0 0 no 2
Explanation for failing to attend the board meeting in person for two consecutive times
During the reporting period, the directors raised no objection to the relevant matters of the company.
adopted ÿ Yes ÿ No
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company were adopted or not adopted Self-regulatory Guidelines No. 1 - Standardized Operation of Listed Companies on the Main Board, the Articles of Association, the Rules
of Procedures of the Board of Directors and other laws and regulations and rules and regulations require the work to be carried out diligently and conscientiously. According
to the actual situation of the company, the company's major governance and operation Relevant opinions were put forward in the decision-making, and after full communication
and discussion, a consensus was formed, and the implementation of the resolutions of the board of directors was resolutely supervised and promoted to ensure scientific,
timely and efficient decision-making, and safeguard the legitimate rights and interests of the company and all shareholders.
7. The special committees under the board of directors during the reporting period
Number Specific
Important comments and Other situations in which duties
committee name of Date Content of meeting circumstances
Membership suggestions put forward are performed
meetings held of the objection (if any)
Summary of the Annual Report", "The Company's 2020 Fully communicate with the securities department and finance department
Annual Financial Final Accounts Report", "Public Ensure that the annual report data is true and accurate Learn about the company's 2020 annual,
The company's 2020 internal control evaluation report", Accurately and completely reflect the status of the company First Quarter 2021 Financials
"Proposal on the reappointment of the company's audit The firm's business communication, to and communicate with the audit institution
agency in 2021", "The full text and text of the company's understand the latest accounting policies. (including the planning stage and completion
Deliberated the "Proposal on Adding Estimates for Daily the company's normal business operations
October 12, 2021
departments on the reasons for increasing daily connected transactions
none
Related Transactions in 2021" and are legitimate business practices. They
because.
market principles, should be fair and reasonable, and should be priced fairly.
need to ensure that financial statements are Fully communicate with the securities department and finance department
the overall financial status of the company. financial condition and operating results.
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February 01, 2021 Manager", "The Proposal on the Appointment of the Deputy
determined that the market entry is prohibited none none
General Manager" and "The Proposal on the Appointment of
and the prohibition has not been lifted, the
the Chief Financial Officer"
proposed employment The qualifications of
personnel of listed companies, and are competent for the duties and responsibilities of the positions employed.
Zhang
Reviewed the "Proposal on the Appointment of the Company's Securities Regulatory Commission has
the Secretary of the Board of Directors" and the prohibition has not been lifted, the
personnel of listed companies, and are competent for the duties and responsibilities of the positions employed.
Wang Wenbin, 1 Plan" and "Proposal on 2021 Senior Management none none
Appraisal Committee work ability of directors, supervisors and senior
Yu Leping Remuneration"
managers and the completion of responsibility goals.
the Report on the Use of the Previous Raised Funds, of external environment and market changes on
the Proposal on the Diluted Current Returns of Non- the proposed investment projects.
(2021-2023)"
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Whether the board of supervisors found any risks in the company during the supervision activities during the
reporting period ÿ Yes ÿ No The board of supervisors had no objection to the supervision matters during the
reporting period.
Number of active employees of the parent company at the end of the reporting period (person) 3
Number of active employees of major subsidiaries at the end of the reporting period (person) 9,143
Total number of active employees at the end of the reporting period (person) 9,146
Total number of employees receiving salaries in the current period (person) 9,146
Number of retired employees (persons) whose parent company and major subsidiaries need to bear the expenses 0
professional composition
salesperson 73
total 9,146
education level
PhD 1
master 106
undergraduate 1,231
total 9,146
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2. Remuneration policy
According to the company's future development strategy deployment, combined with market remuneration and industry characteristics, formulate a remuneration system that is compatible with the company's development
speed. Based on post value and guided by performance appraisal, employee remuneration is combined with their contributions to optimize the remuneration structure, optimize and deepen the piecework remuneration
mechanism for front-line operation positions, and embody the principle of remuneration according to work and pay more for more work. Open up the salary gap between employees, insist on rising and falling, take into
account fairness while improving the competitiveness of the salary market, establish medium and long-term incentive plans such as performance bonuses, project incentives, and equity incentives, and advocate that
employees and the company develop together, make progress together, and share the company's development results.
3. Training plan
2021 The learning and development of STO Express in 2021 will focus on “leadership training for key talent teams”, “capacity improvement for professional teams”, “terminal capacity building”,
Open learning and discussion of business, through course lectures, excellent company study tours, introduction of business leadership courses, etc., to enhance the core high-potential talents
Business leadership, industry vision and vision for leadership upgrades. Professional
team ability improvement: Through "provincial and regional successor training" and "first-line reserve manager training", in order to meet the company's transfer system's requirements for automation equipment and systems
To meet the needs of talents in unified operation and digital intelligent management, provide an upward career development platform for high-potential internal employees of the company, and enhance employees' self-motivation;
Provide development channels for external employees entering the company, and continue to attract external talents. A total of two training sessions will be carried out in 2021, and each training cycle will be
In one and a half months, a total of 50 person-times were trained, and 15 qualified transfer center reserve managers were trained accumulatively.
Terminal capacity building: Through the "benchmark network establishment and sharing", "network empowerment" and other forms, to improve the company's national network service qualityImprove network,
profitability. Chassis talent creation: Through "community recruitment training" and "school enrollment training", newcomers can quickly integrate into the company's corporate culture and corporate values, and understand industry tre
The potential and the development of the company, increase the links between newcomers, and build a bridge for the integration of newcomers in the company. In 2021, a total of training for new recruits will be held
9 training sessions were held, with a total of 326 person-times trained; 2 training sessions were held for school enrollment training, with a total of 118 person-times trained.
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General power training system: In 2021 , Shentong will carry out soft skills training such as "interviewer training", "clean government training", "effective communication", "efficient execution" and "office skills training" for the entire
network through online and offline sessions, aiming at By helping employees improve their skills, they can improve work efficiency and achieve self-improvement.
Qingyun
business awareness and multi-module synergistic integration Establish a two-year Follow up the two
business thinking
growth mechanism for integration points in half
Methodology
Tengyun's
In order to comply with the continuous development trend of the industry and STO, the company has comprehensively upgraded the talent training system in 2021, aiming to use tools and methods to empower managers, new
employees, and employees of the entire network, so as to cultivate people who can go up and down, and do what they say. STO people who have visited: (1) Manager training system
Managerial seminars: In 2022 , the company will comprehensively upgrade its managerial training course system, including Qingyun Class (for senior leaders to cultivate STO’s business strategies and management concepts), Feiyun II
(for middle and senior leaders to cultivate business awareness and multi-module lineage integration) Training), Feiyun I (advanced management ability training from non-managers to managers), multi-angle, multi-module, using
management tool methodology, introduction of external courses, internal course optimization and other course forms, to comprehensively train middle and high-level leaders Conduct leadership upgrades. Tengyun (training of first-line
manager successors): The reserve of front-line manager positions is an indispensable backbone of the company's front-line staff. The company pays great attention to them. In order to enable outstanding employees to realize their self-
worth in the company, the company has launched the training of first-line manager successors. The system is designed to provide fresh blood for front-line managers and at the same time increase vitality for the organization. This
project has established a model for the selection, employment, training, retention and elimination of front-line manager successors from "excellent employee selection", "management ability and professional ability course input", "front-
line job rotation", and "job debriefing". Shengyun (front-line supervisor training): In order to continuously improve the comprehensive ability of the company's first-line grassroots managers, and realize the continuous delivery of talents
who meet the job ability requirements for the front-line grassroots management positions. According to the actual situation of each transshipment center across the country, the company has designed a training system for front-line
supervisors centering on the four items of "role cognition of front-line supervisors", "team management", "on-site management" and "professional ability". Continuously track the effect by means of "after-school test" and "real-time job
follow-up", so that employees can fully understand the requirements of the organization, fully understand the path of self-development and realize self-motivation.
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Centenary STO (induction training for socially recruited new employees): In order to enable new employees to quickly understand the express delivery industry, adapt to the organizational
environment, integrate and identify with corporate culture and values, and strengthen the links between new employees. In 2022, the company will implement a comprehensive upgrade for this
project to meet the ever-changing industry and the company's development environment. Century-old STO provides new employees with courses such as "Executive Dialogue", "Corporate
Development History", "Full Link Course of Express Delivery Business", "Integrity and Information Security", supplemented by "Practical Operation of Transshipment Center and Branch Company"
to deepen the new employees' experience. For industry cognition, through "brainstorming" and "team co-creation" and other links, the course learning and practical operation can be self-internalized,
and new employees can enter and integrate into the organization. Xinshen Power (School Enrollment Training): As a key component of the company's talent construction, the company attaches great
importance to school enrollment, and has diversified training in value integration, professionalism, professional system, mental strength, thinking mode, and management genes. School enrollment,
supplemented by seniors teaching, regular back-to-stove training, etc., to provide systematic training for school enrollment, including 8-day induction training, regular intensive training, online micro-
class learning, offline reading sharing, departmental counseling and teaching, etc. , A total of 58 people will be trained in 2021. (3) General training Shentong Xuetang: Through the company's
characteristic online learning platform "Shentong Xuetang", an open interactive learning platform has been built for employees across the network. Through "logical thinking", "communication
skills", "big coffee sharing" and "process "Teaching" and other rich online courses provide a high-quality learning platform for employees across the network to learn and improve.
ÿ Not applicable
Profit distribution policy during the reporting period, especially the formulation, implementation or adjustment of the cash dividend
policy ÿ Applicable ÿ Not applicable The company was profitable during the reporting period and the parent company’s profit
available for shareholders to distribute is positive but no cash dividend distribution plan was proposed ÿ Applicable ÿ Not applicable Applicable
to profit distribution and capitalization of capital reserves in this reporting period ÿ Applicable ÿ Inapplicable The company plans not to
distribute cash dividends, bonus shares, or capitalization of public reserves in the year.
XI. Implementation of the company's equity incentive plan, employee stock ownership plan or other employee incentive measures
The company has no equity incentive plan, employee stock ownership plan or other employee incentive measures and their implementation in the reporting period.
XII. Construction and implementation of internal control system during the reporting period
In order to further improve the company's internal management level, standardize internal control, and strengthen risk prevention and control, according to the "Company Law", "Securities Law" and "Shenzhen Securities Law"
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Stock Exchange Stock Listing Rules, "Shenzhen Stock Exchange Listed Companies Self-Regulatory Guidelines No. 1 - Standardized Operation of Main Board Listed Companies" and a series of relevant
regulations of the company's internal control system, in accordance with the principles of science, standardization and rigor, combined with this Based on the actual work and business characteristics of the
company, the basic framework of internal control at the unit level and at the business level is established in the form of text and charts. In accordance with internal control requirements at different levels,
control measures, rights and responsibilities, and processes are integrated into the internal control system, so that various systems are standardized, systematized, streamlined, and informatized, making
each system complete and operable. At the unit level: adjust the organizational structure to adapt to the rapid development of the enterprise better and faster, and strengthen the unit-level construction
including internal control organization construction, system construction, and information construction. The construction of internal control at this level shall be announced by the company through the
internal information system to all units and employees of the whole group, calling for and organizing activities, and encouraging employees to learn and implement. At the business level: Strengthen the
business level construction including budget preparation and control, performance appraisal system construction, internal revenue and expenditure management construction, procurement internal
management construction, project internal management construction, and personnel internal management construction. The construction of the business level is carried out by relevant business lines and
departments, and is not limited to training, performance evaluation, review and summary, etc. to ensure the observation and implementation of various systems.
2. Details of the major deficiencies in internal control found during the reporting period ÿ Yes
ÿ No
XIII. The company's management and control over subsidiaries during the reporting period
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Defects in financial reports are mainly identified based on their impact on the effectiveness of business processes
degree and likelihood of occurrence. If the probability of the defect occurring is higher than Defects in non-financial reports are mainly identified based on the degree of impact of defects on the effectiveness of business processes, the probability of occurrence
Small, it will reduce the work efficiency or effect, or increase the uncertainty of the effect, ability to judge. If the defect is less likely to occur, it will reduce the efficiency or effectiveness of the work, or increase the
Or make it deviate from the expected goal as a general defect; if the defect may occur Uncertainty of large effect, or making it deviate from the expected goal is a general defect; if the defect occurs, it may be
Qualitative standard Higher, will significantly reduce work efficiency or effect, or significantly increase the effect high probability, which will significantly reduce the work efficiency or effect, or significantly increase the uncertainty of the effect, or
Uncertainty, or making it significantly deviate from the expected goal is an important defect; if It is an important defect that makes it significantly deviate from the expected goal; if the probability of occurrence of the defect is high, it will seriously reduce the
If the possibility of defects is high, it will seriously reduce the work efficiency or effectiveness, Low work efficiency or effect, or seriously increase the uncertainty of the effect, or make it seriously deviate from the expected goal
Or seriously increase the uncertainty of the effect, or make it seriously deviate from the expected goal Marked as major defect.
Quantitative standards take operating income and total assets as measurement indicators. internal control
The losses that may be caused or caused by manufacturing defects are related to the income statement, and the operating
Income metrics measure. If this defect alone or in combination with other defects could lead to
If the misstatement amount of the financial report caused by the misstatement is less than 0.5% of the operating
Quantitative standards take operating income and total assets as measurement indicators. deficiencies in internal controls that could result in or
income, it will be identified as a general defect; if it exceeds 0.5% of the operating income but is less than 1%,
The resulting loss is related to the profit statement and is measured by the operating income indicator. If the amount of financial report misstatement
it will be identified as an important defect; if it exceeds 1% of the operating income, it will be identified as a major defect.
quantitative standard that may be caused by the defect alone or together with other defects is less than 0.5% of operating income, it will be identified as a general defect;
Big flaw. Internal control deficiencies may cause or result in losses related to asset management
if it exceeds 0.5% of operating income but is less than 1%, it will be identified as an important defect; 1%, it is considered a major defect.
If it is related to management, it is measured by the total assets index. If the defect alone or together
The misstatement amount of the financial report that may be caused by other defects is less than the total assets
If it exceeds 1% of the total assets but is less than 2%, it is identified as an important defect; if it exceeds 2%
in non-financial reporting 0
(pieces)
Number of important
0
deficiencies in financial reports (pieces)
Number of important
deficiencies in non-financial 0
reporting (pieces)
15. The rectification of problems in the self-examination of the special action of corporate governance of listed companies
After the company's self-examination, the company has no major violations that affect the level of corporate governance. The company has established and improved a relatively complete and
reasonable corporate governance structure and Internal control system, but with the continuous development of the company's business scale and changes in the external macroeconomic and
market environment, the company needs to further improve the internal control system, continue to strengthen its own construction, effectively improve the company's standardized operation
level and the effectiveness of corporate governance, and make scientific decisions , stable operation, standardized development, and continuous improvement of the quality of corporate governance of listed companies.
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Environmental
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Whether the listed company and its subsidiaries belong to the key pollutant discharge units announced by the environmental protection department
ÿ Yes ÿ No
In the face of increasingly prominent conflicts between resources and the environment, my country's energy conservation and environmental protection policies have become more stringent. Under the background of the country's advocacy of "carbon peaking and carbon neutrality",
The management of the company and its subsidiaries attaches great importance to environmental protection. Based on the principle of harmonious development between production and the environment, it strictly implements relevant national environmental protection regulations.
Protect laws and regulations, continuously upgrade and update facilities, equipment and production materials that meet energy conservation and environmental protection, and actively promote environmental protection work. During the reporting period, the company’s environmental protection
Please refer to the relevant chapters of the 2021 Social Responsibility Report disclosed by the company on the same day for details.
Measures and effects taken to reduce its carbon emissions during the reporting period
During the reporting period, the discharge of various pollutants by the company and its subsidiaries met the national standards, and no environmental pollution accidents occurred.
2. Social Responsibility
For details, please refer to the 2021 Annual Social Responsibility Report disclosed by the company on the same day
3. Consolidate and expand the achievements of poverty alleviation and rural revitalization
For details, please refer to the 2021 Annual Social Responsibility Report disclosed by the company on the same day
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06 important matters
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1. Fulfillment of commitments
1. The company's actual controller, shareholders, related parties, acquirers and the company and other relevant parties have fulfilled their commitments during the reporting period and as of the reporting period
Unfulfilled commitments
Promising
Promise
Promise party commitment type commitment time Performance
commitment period
1. As of the signing date of this commitment, the party making the commitment and its directly or indirectly controlled
enterprises other than the listed company and its subsidiaries have not engaged in the same or similar business as
STO Express; 2. After the completion of this transaction, During the period of being a shareholder of STO Express, the
promised party will strictly abide by relevant laws, regulations, normative documents and the requirements of the China
Chen Dejun; Securities Regulatory Commission, and will not directly or indirectly engage in the same or similar business as STO
Chen Xiaoying; Express within or outside China, nor It will directly or indirectly have control over the enterprises, other organizations,
Shanghai Deyin and economic entities engaged in the aforementioned businesses. If the business opportunity obtained by the party
Commitments on
Investment making the promise or other enterprises controlled by the party making the promise has horizontal competition or may 2019
horizontal competition, Normal
Holding Co., Ltd. have horizontal competition with the main business of the listed company and its subsidiaries, the party making the Year 05 long
related transactions, Fulfillment
manage; promise will immediately notify the listed company and try its best to give the business opportunity to the listed month 08 term effective
and capital occupation
Shanghai company. company to avoid horizontal competition or potential horizontal competition with the listed company and its Day
Gongzhirun subsidiaries, so as to ensure that the interests of the listed company and other shareholders of the listed company are
Industrial Development Co., Ltd. not damaged; 4. The above commitment is valid during the period when the party making the promise is a shareholder
manage of STO Express. If the above commitment is violated, the party making the promise is willing to bear the direct losses
Made in the
caused to STO Express.
acquisition report or
promise
1. Before this acquisition, the party making the promise and the companies controlled by the party making the promise except the listed company and its subordinates
The price of the transaction (if any) between other enterprises other than the enterprise and STO Express Co., Ltd. is
fair and reasonable, and there is no obviously unfair related party transaction;
Chen Dejun;
2. After the completion of this acquisition, during the period of being a shareholder of STO Express, the committed party
Chen Xiaoying;
and other enterprises other than the listed company and its subsidiaries controlled by the party making the commitment will
Shanghai Deyin About peer competition
Avoid and reduce related party transactions with listed companies as much as possible, for unavoidable 2019
investment holding contention normal
There may be related party transactions that exist for reasonable reasons, except for the committed party and the Year 05 long
limited Easy, capital accounted for fulfill
Companies other than the listed company and its subsidiaries will sign contracts with the listed company in accordance with the month
law. 08 efficient
Division; Shanghai commitment in terms of use middle
sign an agreement, perform legal procedures, and will follow relevant laws, regulations, and other Day
Regulatory documents and the articles of association of listed companies, etc., and perform relevant content according to law
industry development has
Approval procedures for departmental decisions and timely performance of information disclosure obligations to ensure that related party transactions
limited company
The pricing is fair and reasonable, the trading conditions are fair, and it is guaranteed not to take advantage of related party transactions
transfer of funds and profits of listed companies in accordance with the law, and do not use such transactions to engage in any
Any act that damages the legitimate rights and interests of listed companies and other shareholders;
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Chen Dejun;
Chen Xiaoying;
Shanghai Deyin Chen Dejun; Chen Xiaoying; Shanghai Deyin Derun Industrial Development Co., Ltd.; Shanghai Deyin Investment
2019
investment holding Holdings Co., Ltd.; Shanghai Gongzhirun Industrial Development Co., Ltd. normal
Year 05 long
limited other commitments fulfill
month 08 term effective
Division; Shanghai Institutional and financial independence. If there is any violation of the above commitments, the listed company will suffer middle
Day
Gongzhi Junshi In the event of any loss, the company/I will compensate the listed company for the resulting loss.
limited company
1. After the completion of this equity change, the information disclosure obligor will strictly follow the
requirements of the "Company Law" and other laws and regulations and the relevant provisions of the listed
company's "Articles of Association" to exercise shareholder rights, and at the general meeting of shareholders
The relationship between the information disclosure obligor or the related parties controlled by the information disclosure obligor
When voting on joint transaction matters, earnestly abide by the avoidance form stipulated by laws and regulations 2021
Shanghai De'e normal
duty to decide. Year 01 long
Industrial Development related transaction fulfill
2. After the equity change is completed, for the information disclosure obligor or information disclosure month 29 efficient
limited company middle
The related party controlled by the obligor may have a relationship with the listed company due to various reasonable reasons.
Day
For related transactions that occur, the information disclosure obligor will sign an agreement in accordance
with the applicable laws and regulations, perform the corresponding procedures, and perform the information
disclosure obligation in accordance with the laws and regulations applicable to the information disclosure obligor.
Damage the legitimate rights and interests of listed companies and other shareholders through related party transactions.
1. As of the signing date of this commitment, there is no other enterprise directly or indirectly controlled by the
company (I) except STO Express Co., Ltd. that engages in the same or 2. After the completion of this transaction,
during the period as the direct or indirect controlling shareholder (actual controller) of STO Express Co., Ltd.,
the company (I) will strictly abide by the provisions of relevant laws, regulations, and regulatory documents In
accordance with the requirements of the China Securities Regulatory Commission, it will not directly or indirectly
engage in the same or similar business as STO Express Co., Ltd. within or outside China, nor will it directly or
indirectly own the control of enterprises, other organizations, or economic entities engaged in the aforementioned
Chen Dejun; Commitments on
business. If the business opportunities obtained by the company or other enterprises controlled by the company 2015
Commitments Chen Xiaoying; horizontal competition, Normal
(I or I control) have horizontal competition or may have horizontal competition with the main business of the Year 11 long
made during Shanghai Deyin related transactions, Fulfillment
listed company and its subsidiaries, the company (I) will immediately notify the listed company , and try our best month 30 term effective
asset reorganization Investment and capital occupation
to give this business opportunity to the listed company to avoid horizontal competition or potential same (actual Day
relevant laws, regulations, and regulatory documents and the requirements of the China Securities Regulatory
Commission, will not directly or indirectly engage in the same or similar business as STO Express Co., Ltd.
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direct or indirect ownership of the control of enterprises, other organizations, and economic
the company or other enterprises controlled by the company (I or I control) have horizontal
competition or possible horizontal competition with the main business of the listed company
and its subsidiaries, the company (I) will immediately notify the listed company , and try our
best to give this business opportunity to the listed company to avoid horizontal competition or
potential horizontal competition with the listed company and its subsidiaries, so as to ensure
that the interests of the listed company and other shareholders of the listed company are not
damaged; 3. The company (I) will promote Other enterprises controlled by the company (myself)
shall comply with the above commitments in accordance with the same standards as my
company (myself); Effective, if the above commitment is violated, the company (I) is willing to
bear all the economic losses caused to STO Express Co., Ltd.
promise whether
yes
fulfill on time
as promised
If the deadline
should be detailed
Not finished
none
fulfilled
specific cause
work meter
Draw
2. There is a profit forecast for the company's assets or projects, and the reporting period is still in the profit forecast period, and the company's assets or projects have reached the original profit forecast
2. Non-operating capital occupation of listed companies by controlling shareholders and other related parties
During the reporting period of the company, there was no non-operating capital occupation of listed companies by controlling shareholders and other related parties.
During the reporting period, the company had no external guarantees in violation of regulations.
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V. The board of directors, the board of supervisors, and independent directors (if any) explained
the accounting firm's "non-standard audit report" for the reporting period and the relevant situation of the audit report
6. Compared with the financial report of the previous year, an explanation on the changes in accounting policies and
STO Express Co., Ltd. (hereinafter referred to as the "Company") held the second meeting of the fifth board of directors on April 28, 2021 to review and approve the "Proposal on Changes in Accounting Policies".
In December 2018, the Ministry of Finance issued the "Notice on Amending and Issuing the Accounting Standards for Business Enterprises No. 21 - Leases" (Cai Kuai [2018] No. 35), requiring companies that are listed at home
and abroad at the same time and companies that are listed overseas and adopt international financial reports Enterprises that prepare financial statements in accordance with the accounting standards or accounting standards
for business enterprises shall implement them from January 1, 2019; other enterprises that implement accounting standards for business enterprises shall implement them from January 1, 2021. According to the requirements
of the relevant documents of the Ministry of Finance, the company should make corresponding changes to the relevant accounting policies adopted.
Before this change, the accounting policy implemented by the company was the "Accounting Standards for Business Enterprises No. 21 - Leasing" issued by the Ministry of Finance in 2006 and its relevant regulations.
After this accounting policy change, the company will implement the "Accounting Standards for Business Enterprises No. 21 - Leases" (hereinafter referred to as the "New Lease Standards") issued by the Ministry of Finance in December
2018 from January 1, 2021. Except for the above-mentioned accounting policy changes, other parts that have not changed continue to implement the "Accounting Standards for Business Enterprises - Basic Standards" promulgated by the
Ministry of Finance and various specific accounting standards, guidelines for the application of accounting standards for business enterprises, announcements on the interpretation of accounting standards for business enterprises and related regulations.
4. Change time
This accounting policy change will be implemented on the starting date specified in the document (Cai Kuai [2018] No. 35) issued by the Ministry of Finance.
(1) Under the new lease standards, except for short-term leases and leases of low-value assets, lessees will no longer distinguish between finance leases and operating leases, and all leases will adopt the corresponding
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For different accounting treatment, the right-of-use assets and lease liabilities must be
,
recognized; (2) Depreciation is accruedIffor
thethe
lessee can reasonably
right-of-use assets. Ifdetermine
it cannot to
be obtain the ownership of the leased asset when the lease term expires, it shall
reasonably determined that the ownership of the leased asset can be obtained when the lease term expires, depreciation shall be accrued during the shorter period of the lease term or the remaining useful
life of the leased asset. At the same time, the lessee needs to determine whether the right-of-use asset is impaired, and conduct accounting treatment for the identified impairment loss; (3) For the lease
liability, the lessee shall calculate the interest expense of the lease liability during each period of the lease term, and calculate (4) For short-term leases and leases of low-value assets, the lessee may
choose not to recognize right-of-use assets and lease liabilities, and include them in the cost of relevant assets in accordance with the straight-line method or other systematic and reasonable methods
during each period of the lease term. or current profit and loss.
According to the provisions on the convergence of the new and old standards, the company will implement the new leasing standards from January 1, 2021, and will not retrospectively adjust the comparable data of previous years. This
change in accounting policy will not have a significant impact on the company's financial status and operating results. The implementation of the above standards will have a significant impact on There will be no material impact on corporate financial reporting.
7. Explanation on changes in the scope of consolidated statements compared with the financial report of the previous year
The company included 93 subsidiaries such as STO Express Co., Ltd. into the scope of the consolidated financial statements of the current period, and reduced 4 subsidiaries in the current period, which
were the reduction of subsidiaries Zhejiang STO UBS Express Co., Ltd. Ze Express Co., Ltd., canceled and reduced subsidiary Dalian Ruisheng Loading and Unloading Service Co., Ltd. in the current
period; 9 new subsidiaries were newly established by Shentong Express Co., Ltd. and added subsidiaries Changshu Deze Logistics Co., Ltd., Shanghai Suiqin Industrial Co., Ltd., Jieyang Deze Logistics
Co., Ltd., Bengbu Zichun Logistics Co., Ltd., Tonglu Changsheng Human Resources Co., Ltd., Wuhu Mingbai Human Resources Co., Ltd., Shanghai Qingke Logistics Co., Ltd., newly established by
Hangzhou Shenrui Express Service Co., Ltd. Jianyang Shenrui Transportation Service Co., Ltd., Luohe Runli Transportation Co., Ltd. For details, please refer to Section 10 Financial Report 8. Changes in
Domestic accounting firm name Daxin Certified Public Accountants (Special General Partnership)
The name of the certified public accountant of the domestic accounting firm Huang Fusheng, Wu Futao
The consecutive years of CPA audit services of domestic accounting firms are 4 years for Huang Fusheng and 1 year for Wu Futao
ÿ Yes ÿ No
The company held the second meeting of the fifth session of the board of directors on April 28, 2021 to review and approve the "Proposal on the Reappointment of the Company's 2021 Auditor",
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It is planned to reappoint Daxin Certified Public Accountants (Special General Partnership) as the company's 2021 audit agency. On May 28, 2021, the 2020 Annual General Meeting of Shareholders
The meeting deliberated and approved the "Proposal on the Renewal of the Company's 2021 Auditor".
During the reporting period, there were no matters related to bankruptcy and reorganization of the company.
During the reporting period, the company had no major lawsuits or arbitrations; for details of other lawsuits, please refer to Section 10 Financial Report 14. Commitments and Contingencies and 15. Assets
There were no major punishments and rectifications in the reporting period of the company.
XIII. Integrity status of the company and its controlling shareholders and actual controllers
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Whether
Proportion it is related to the market price that
Related Affiliated transaction Affiliated Approved exceeds the transaction
quota of
Affiliated Affiliated Affiliated Transaction
Relationship Transaction Type
Affiliated Transaction
Transaction Pricing
Content Transaction
Principle Price Related transaction to the amount the same approved method of Easy
parties transaction Settlement disclosure index
amount (10,000 yuan) of similar disclosure date
amount (10,000 yuan)
transactions
The
Settle Announcement
the agreement
relationship with the major shareholder Shanghai De'e is acting in concert
Juchao information
services
Announcement
ÿ2021- 083ÿ
services
Sell Announcement
superior 2021
goods/ agreed No. disclosed
Delivery market unwell July 29
ditto provide price 2,313.34 0.09% 2,530 no ditto by Juchao
Service pricing use
services Information
Haifengyun Day
Network (2021-058)
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Sale
2021
commodity logistics agreed
market Not July 29
cute ditto /Provide storage price 1,530.99 0.06% 7,200 no ditto ditto
pricing applicable
spring services Serve
Day
to sell
goods/
box 2021
Provide Logistics agreed
horse market unwell Year 07
ditto services price 1,089.18 0.04% 1,100 no ditto ditto
network pricing use month 29
warehousing service
network Day
Announcement
ÿ2021- 083ÿ
services
services
-- -- --
total -- -- 175,162.04 -- 283,500 -- --
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Shentong
Co., Ltd., a
The
wholly-owned
subsidiary
of the
Industrial 2021-
transfer price and the book value or appraised value (if any)
The impact on the company's operating After the completion of this transaction, it will help the company to further focus on its main business and optimize its industrial structure, which is in line with the
results and financial condition company's long-term development strategy. This transaction will have a certain positive impact on the company's current financial status and operating results.
During the reporting period, there was no related party transaction involving joint external investment.
ÿ Yes ÿ No
During the reporting period of the company, there were no non-operating related claims and debts.
There is no deposit, loan, credit or other financial business between the company and the financial company that has a related relationship with the related party.
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6. Communications between financial companies controlled by the company and related parties
The company had no other major related transactions during the reporting period.
2. Major guarantee
Counter
Disclosure date of Whether to
Guarantee name actual date of Actual Guarantee Collateral (if guarantee Is it fulfilled
announcements related Guarantee Type Guarantee period guarantee for
Guarantee amount occurrence Amount any) (if any)
to guarantee amount related parties
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The total amount of company guarantees (that is, the total of the first three items)
amount at the end of the reporting period 19,663 at the end of the reporting period 4,000
ÿA3+B3+C3ÿ ÿA4+B4+C4ÿ
The total actual guarantee (ie A4+B4+C4) accounts for the company's net assets
0.51%
proportion
in:
Balance of guarantees provided for shareholders, actual controllers and their related parties
0
ÿDÿ
The debt guarantee balance (E) provided directly or indirectly for the
12,760
guaranteed object whose asset-liability ratio exceeds 70%
The amount of the total guarantee exceeding 50% of the net assets (F) 0
For unexpired guarantee contracts, the guarantee liability has occurred during the
reporting period or there is evidence that it is possible to assume joint and several liability for repayment
none
(if any)
Explanation on providing external guarantees in violation of prescribed procedures (if any) none
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none
Specific circumstances of high-risk entrusted wealth management with a large single amount or low security and poor liquidity
Entrusted financial management is expected to fail to recover the principal or there are other circumstances that may lead to impairment
There were no other major contracts in the reporting period of the company.
The company held the second extraordinary general meeting of shareholders on August 16, 2021 to review and approve the "Proposal on the Company's 2021 Non-public Issuance of A Shares"
"Proposal", the total amount of funds to be raised shall not exceed RMB 3,500,786,200. As of the end of the reporting period, the company has not formally submitted this non-public report to the China Securities Regulatory Commission.
In order to develop and issue the application materials for the A-share stock project, the company will follow up in accordance with the market environment, project progress, etc. and in combination with relevant rules and regulations.
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Changes in
07 shares and shareholders
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1. Changes in shares
1. Changes in shares
Unit: share
Before this change Increase or decrease in this change (+, -) After this change
1. State shareholding
legal persons
Shares held by
4. Foreign shareholding
holding shares
Shares held by
4. Others
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Financial indicators such as basic earnings per share, diluted earnings per share, net assets per share attributable to ordinary shareholders of the company, etc.
Impact
Other content that the company deems necessary or required by securities regulators to disclose
2. Explanation on changes in the total number of shares of the company and the structure of shareholders, and changes in the structure of the company's assets and liabilities
Unit: share
Total number of ordinary shareholders at the end of the reporting period 66,946
The total number of ordinary shareholders at the end of the previous month before the annual report disclosure date 62,284
Total number of preferred shareholders with voting rights restored at the end of the reporting period (if any) (see note 8) 0
The total number of preference shareholders whose voting rights have been restored at the end of the month preceding the annual report disclosure date (if any) (see note 8) 0
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Shareholdings of shareholders holding more than 5% of the shares or the top 10 shareholders
Industrial state-owned
25.00% 382,700,542 382,700,542
Development Co., Ltd. legal person
Domestic
Chen Dejun 3.38% 51,675,345 38,756,509 12,918,836
natural person
Domestic
Chen Xiaoying 2.65% 40,589,072 40,589,072
natural person
Zhuhai Tiankuo
Domestic non-
Investment
state-owned 1.19% 18,259,281 18,259,281 pledged 18,259,281
Partnership (Limited
legal person
Partnership)
Shanghai Panyao
Asset Management
Domestic non-
Co., Ltd. - Panyao
state-owned 1.06% 16,183,928 16,183,928
Tongxiang No. 3
legal person
Private Equity
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Shanghai De'e Industrial Development Co., Ltd. 382,700,542 RMB ordinary shares 382,700,542
Shanghai Gongzhirun Industrial Development Co., Ltd. 246,459,149 RMB ordinary shares 246,459,149
Shanghai Deyin Investment Holding Co., Ltd. 118,715,969 RMB ordinary shares 118,715,969
Shanghai Derun Second Industrial Development Co., Ltd. 75,009,306 RMB ordinary shares 75,009,306
Ningbo Aibin Equity Investment Partnership (Limited Partnership) 38,716,981 RMB ordinary shares 38,716,981
Zhuhai Tiankuo Investment Partnership (Limited Partnership) 18,259,281 RMB ordinary shares 18,259,281
Shanghai Panyao Asset Management Co., Ltd. - Panyao Tongxiang No. 3 Private Equity Securities Investment Fund 16,183,928 RMB ordinary shares 16,183,928
Explanation on the associated relationship or concerted action among the top 10 shareholders of tradable shares not subject to sales restrictions, Gong Zhirun, Deyin Investment, Derun Er, Chen Dejun, Chen Xiaoying and
and between the top 10 shareholders of tradable shares not subject to sales restrictions and the top 10 shareholders Panyao Tongxiang No. 3 are acting in concert.
Whether the top 10 ordinary shareholders and the top 10 unrestricted ordinary shareholders of the company conducted agreed repurchase transactions during the reporting period
ÿ Yes ÿ No
The company's top 10 ordinary shareholders and top 10 unrestricted ordinary shareholders did not conduct agreed repurchase transactions during the reporting period.
Name of controlling shareholder Country of Citizenship Whether to obtain the right of residence in other countries or regions
Chen Dejun: Chairman of STO Express Co., Ltd. and STO Express Co., Ltd., Executive Director of Shanghai Deyin Investment Holdings Co., Ltd.;
Main occupation and position
Chen Xiaoying: Supervisor of Shanghai Deyin Investment Holdings Co., Ltd.
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http://www.cninfo.com.cn/new/disclosure/detail?plate
Specify the website query index
=szse&orgId=9900014251&stockCode=002468&an
nouncementId=1211165255&announcementTime=2021-09-28
3. The actual controller of the company and its persons acting in concert
Actual controller name Relationship with the actual controller Country of Citizenship Whether to obtain the right of residence in other countries or regions
Chen Dejun: Chairman of STO Express Co., Ltd. and STO Express Co., Ltd., Executive Director of Shanghai Deyin Investment Holdings Co., Ltd.
Main occupation and position
Director; Chen Xiaoying: Supervisor of Shanghai Deyin Investment Holding Co., Ltd.
The actual controller of the company did not change during the reporting period.
Block diagram of the property rights and control relationship between the company and the actual controller
48.3%
51.7%
100%
Shanghai Panyao Asset Management Shanghai
Private Equity Securities Investment Fund Industrial Development Co., Ltd. Industrial Development Co., Ltd.
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The actual controller controls the company through trust or other asset management methods
4. The accumulative number of pledged shares of the company's controlling shareholder or the largest shareholder and its persons acting in concert accounts for 80% of the company's shares held by it
5. Other legal person shareholders holding more than 10% of the shares
Social and economic consulting services; enterprise management consulting; Internet sales (except for the sale of commodities that require
licensing); data processing and storage support services; etiquette services; general cargo warehousing services (excluding hazardous
Shanghai De'e Industry November 2020 796017.1263 chemicals and other items that require licensing and approval); domestic goods shipping agent;
Xiong Jian
Development Co., Ltd 24th of the month ten thousand RMB Supply chain management services; property management; technical consulting and technical services in the field of network technology
services, technology transfer, technology development. (Except for projects subject to approval according to law, independently carry out
business inquiries ,
Business Management Consulting, marketing planning , E-commerce (not engaged in value-added
Shanghai Gongzhi Runshi telecommunications, financial services), technical consulting, technical services, technical services in the field of network technology
April 2019 512635.03
industry development co., ltd. Chen Dejun technology transfer, technology development
,
Public Relations Consulting , Warehousing services (except hazardous chemicals), goods
11th of month ten thousand RMB
manage shipping agent ,
Supply Chain Management , property management. ÿProjects subject to approval according to law ,
through
Business activities can only be carried out after the approval of relevant departments]
6. Controlling shareholders, actual controllers, reorganization parties and other commitment subjects shareholding restrictions and reductions
Proposed repurchase period Amount repurchased (shares) underlying stocks involved in the equity incentive
Disclosure Time repurchased share capital repurchase amount Repurchase purpose
repurchase price and the Not less than RMB 200 The implementation period of this share for shares
2020 and the upper limit of the repurchase
upper limit of the repurchase million repurchase is no more than 12 months from the rights
Year 08 amount, it is estimated that the number of
amount, it is estimated that (inclusive) and not date when the company's general meeting of incentive or 19,559,900
month 28 shares that can be repurchased is approximately
the number of repurchased exceeding RMB 300 shareholders (ie September 14, 2020) deliberates employee
Day 12,244,898
million
shares will account for the company's total share (inclusive)
capital and approves the share repurchase plan. stock ownership plan
share.
0.80%ÿ
The progress of the implementation of the reduction of repurchased shares by means of centralized bidding
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Bond
09 related situation
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1. Corporate bonds
During the reporting period, the company did not have corporate bonds.
2. Corporate bonds
Interest is paid
deep
STO annually on this
Chun
Express issue of bonds, and
April April April
Co., Ltd.'s the principal is
certificate
Interest is paid
deep
STO annually on this
Chun
Express issue of bonds, and
October October October
Co., Ltd.'s the principal is
certificate
After the listing of corporate bonds, investor suitability management will be implemented, and only institutional investors among qualified
Investor Suitability Arrangements (if any)
investors can participate in the transaction. Subscription or purchase transactions by public investors and individual investors among qualified investors are invalid.
overdue bonds
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2. The triggering and implementation of issuer or investor option clauses and investor protection clauses
Annual public offering of corporate bonds (first tranche), Shanghai AllBright City 501 Yincheng Middle Road
/ Yang Yanjing 021-20511999
STO Express Co., Ltd. 2020 law office Shanghai Tower
ÿ Yes ÿ No
Whether it is
Rectification of
The operation of the consistent with
Bond project unused amount illegal use of raised
Total amount of funds raised Amount used special account for the purpose, use
name funds (if any)
raised funds (if any) plan and other
Fan operation.
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During the reporting period, the company changed the use of funds raised from the above bonds
On June 22, 2021, China Chengxin International Credit Rating Co., Ltd. issued the "STO Express Co., Ltd. 2020 Public Issuance of Corporate Bonds (Phase 1, Phase 2) Follow-up Rating Report (2021)", the
follow-up rating conclusion: Maintain the company's subject credit rating as AA+, and the rating outlook is stable;
On June 22, 2021, China Chengxin International Credit Rating Co., Ltd. issued the "STO Express Co., Ltd. 2020 Public Issuance of Corporate Bonds (Phase 1, Phase 2) Tracking Rating Report (2021)",
rating conclusion: maintain The main body credit rating of the company is AA+, and the rating outlook is stable.
6. Implementation and changes of guarantees, debt repayment plans and other debt repayment guarantee measures during the reporting period and their impact on the rights and
During the reporting period, there was no guarantee for 20STO01 and 20STO02 corporate bonds, and the credit enhancement mechanism, debt repayment plan and other debt repayment guarantee measures have not been issued.
Any changes will be implemented normally, consistent with the relevant commitments in the prospectus.
During the reporting period, the company did not have non-financial enterprise debt financing instruments.
During the reporting period, the company did not have any convertible corporate bonds.
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5. During the reporting period, the loss in the scope of consolidated statements exceeded 10% of the net assets at the end of the previous year
According to the relevant provisions of the China Securities Regulatory Commission's "Accounting
Standards for Business Enterprises No. 8 - Asset Impairment" and "Accounting Regulatory Risk Warning
The provision for goodwill impairment
No. 8 - Goodwill Impairment", the company conducted an impairment test on the relevant assets, based on
Goodwill impairment -700,323,100 yuan this time will not have a major impact
the company's 2021 overall Yearly operating performance, cash flow generated by related assets, and
on the company's normal operations.
operating profit are lower than expected, some assets have signs of impairment, and goodwill impairment provisions such as acquisition-type transshipment centers
6. Overdue interest-bearing debts other than bonds at the end of the reporting period
7. Whether there is any violation of rules and regulations during the reporting period
ÿ Yes ÿ No
8. The company's main accounting data and financial indicators for the past two years as of the end of the reporting period
project At the end of the reporting period end of last year Increase/decrease at the end of the reporting period compared to the end of the previous year
This reporting period last year Increase/decrease in the reporting period compared with the same period of the previous year
Net profit after deducting extraordinary gains and losses -94,294.7 -3,097.96 -2,943.77%
EBITDA Total Debt Ratio 5.07% 14.21% down 9.14 percentage points
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10Financial Reports
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1. Audit report
We have audited the financial statements of STO Express Co., Ltd. (hereinafter referred to as "your company"), including the consolidated and parent company balance sheets on December 31,
2021, the 2021 consolidated and parent company income statements, the consolidated and parent company Statements of Cash Flows, Consolidated and Parent Company Statements of
Changes in Shareholders' Equity, and Notes to Financial Statements. In our opinion, the attached financial statements are prepared in accordance with the Accounting Standards for Business
Enterprises in all material respects, and fairly reflect the consolidated and parent company's financial status as of December 31, 2021, as well as the consolidated and parent company's
We have carried out the audit work in accordance with the provisions of the auditing standards for Chinese certified public accountants. "CPA's Responsibilities for the Audit of the Financial Statements" section of the auditor's report
This section further elaborates on our responsibilities under these Codes. In accordance with the Code of Ethics for Chinese Certified Public Accountants, we are independent from your company and have fulfilled our duties
We believe that the audit evidence we have obtained is sufficient and appropriate, providing a basis for issuing an audit opinion.
Key audit matters are matters that we consider to be the most important in the audit of the financial statements of the current period based on our professional judgment. Response to these matters is consistent with the financial statement
1. Goodwill impairment
For relevant information disclosure, please refer to the long-term asset impairment policy and note VII.
As of December 31, 2021, the book value of goodwill on your company's consolidated balance sheet is 805,619,000 yuan, accounting for 4.29% of total assets. your lord
The management of the company (hereinafter referred to as the "management") hired an external evaluation agency, based on the cash flow forecast prepared by the management, using the estimated future cash flow
The discounted model calculates the present value of the estimated future cash flow of each relevant asset group or combination of asset groups. Preparing discounted cash flow forecasts involves significant management
judgments and estimates, especially in determining key assumptions such as projected revenues, long-term average growth rates and profit margins, and discount rates to be used, which
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Uncertain and likely subject to management bias. Since the process of goodwill impairment testing is complex, involves major judgments and the amount is significant, we identify
Our main audit procedures for the impairment of your company’s goodwill include:
ÿUnderstand the key internal controls related to the impairment of goodwill, evaluate whether its design and implementation are effective, and test the operational effectiveness
of relevant internal controls; ÿEvaluate the management Identify asset groups related to goodwill and evaluate whether the method adopted by the management in preparing the discounted
cash flow forecast complies with the requirements of the Accounting Standards for Business Enterprises; ÿ Understand the historical performance, development planning and industry
development trends of asset groups, Evaluate the appropriateness of the valuation methods, models and key assumptions of the goodwill impairment test; ÿEvaluate the independence
and professional competence of the external assessment agency hired by the management; compared the forecasted revenue and forecasted costs in the discounted cash flow forecasts
to take into account the accuracy of past management forecasts and ask management why any material differences were identified, taking into account whether relevant factors have been
ÿWhether the calculation of the present value of future cash flow and the amount of goodwill impairment is correct; ÿEvaluate whether the disclosure related to goodwill impairment in the
financial statements complies with the requirements of the Accounting Standards for Business Enterprises.
2. Recognition of revenue
disclosure of revenue, please refer to the revenue accounting policy and Note VII of the financial statement Note V, Important Accounting Policies and Accounting Estimates (XXVII),
Notes on Important Items of the Consolidated Financial Statements ( 42) Operating income and operating costs. Your company is mainly engaged in the express service industry. In
2021, your company's main business income will be 25,254,777,100 yuan, an increase of 3,688,722,400 yuan or 17.10% over 2020. In view of the fact that operating income is a key
performance indicator of your company, there may be a risk of misstatement in revenue recognition, and we identify revenue recognition as a key audit matter. (2) Audit response Our
main audit procedures for your company's revenue recognition include: ÿReview the sales contract and interview with the management to understand the mode and process of your
company's express delivery business, and evaluate whether the revenue recognition policy it adopts complies with the accounting standards for business enterprises ; ÿ Understand and
evaluate your company's sales and collection internal control cycle, and test the effectiveness of the revenue recognition internal control. With the help of information system audit
experts, we use computer-aided audit technology to verify and check the information system data, focusing on the data logic transmitted from the business system to the financial system
and the overall comparison between the two; ÿ Combination Product sales structure implements analysis procedures for revenue and gross profit, and compares and analyzes gross profit
margins in the same industry; ÿ Select important customers to implement letter confirmation procedures for the ending balance of accounts receivable and the amount recognized for
current revenue ÿ Before and after the balance sheet date The cut-off test is performed on the confirmed sales revenue to determine whether the sales revenue is recognized in the
The management of your company (hereinafter referred to as the management) is responsible for the other information. The other information includes that covered in your company's
2021 annual report, but excludes the financial statements and our auditor's report. Our audit opinion on the financial statements does not cover the other information, nor do we express
any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether
the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of our audit or appears to be materially misstated. If, based on the
work we have performed, we determine that there is a material misstatement of the other information, we shall report that fact. We have nothing to report in this regard.
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(V) Responsibilities of management and those charged with governance for the financial statements
The management is responsible for preparing financial statements in accordance with the provisions of the Accounting Standards for Business Enterprises to achieve a fair presentation, and designing, implementing and
maintaining necessary internal controls so that the financial statements are free from material misstatements due to fraud or errors.
In preparing the financial statements, management is responsible for assessing your company's ability to continue as a going concern, disclosing matters related to going concern (if applicable), and applying the going concern
assumption unless management plans to liquidate your company, cease operations, or otherwise has no realistic s Choice. Those charged with governance are responsible for overseeing your company's financial reporting
process.
Our goal is to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement due to fraud or error, and to issue an audit opinion
Audit Report. Reasonable assurance is a high level of assurance, but it does not guarantee that an audit performed in accordance with auditing standards will always detect a material misstatement when it exists.
Misstatements may be the result of fraud or error if it is reasonably expected that the misstatements, individually or in the aggregate, could affect the opinions that users of the financial statements make on the basis of the financial statements.
In the process of performing audit work in accordance with auditing standards, we exercise professional judgment and maintain professional skepticism. At the same time, we also perform the following tasks:
1. Identify and assess the risks of material misstatement of financial statements due to fraud or errors, design and implement audit procedures to deal with these risks, and obtain sufficient and
Appropriate audit evidence to serve as the basis for an audit opinion. Since fraud may involve collusion, forgery, willful omissions, misrepresentation, or overriding
control, the risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting a material misstatement resulting from error.
2. Understand the internal controls related to auditing to design appropriate auditing procedures.
3. Evaluate the appropriateness of the management's selection of accounting policies and the rationality of making accounting estimates and related disclosures.
4. Draw conclusions on the appropriateness of management's use of the going concern assumption. At the same time, according to the audit evidence obtained, it may lead to doubts about your company's ability to continue operating
whether there is a material uncertainty in matters or circumstances that cause significant doubts. If we conclude that a material uncertainty exists, the audit
The standard requires us to draw the report users' attention to the relevant disclosures in the financial statements in the audit report; if the disclosure is insufficient, we should publish
Leave comments. Our conclusions are based on the information available up to the date of the audit report. However, future events or conditions may cause your company to cease to continue as a going concern.
5. Evaluate the overall presentation, structure and content of the financial statements, and evaluate whether the financial statements fairly reflect relevant transactions and events.
6. Obtain sufficient and appropriate audit evidence on the financial information of entities or business activities in your company to express an audit opinion on the financial statements. we are responsible for referring
directs, supervises and performs the group audit and is solely responsible for the audit opinion.
We communicate with those charged with governance regarding matters such as the planned scope and timing of the audit and significant audit findings, including communicating the values identified during our audit
We also provide statements to those charged with governance regarding our compliance with ethical requirements related to our independence and communicate with those charged with governance all relationship and other
matters that may reasonably be perceived to affect our independence, and related safeguards, as applicable.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. we are at
Describe these matters in the auditor's report, unless laws and regulations prohibit public disclosure of these matters, or in rare cases, if it is reasonably expected to be included in the auditor's report
If the adverse consequences of communicating a matter outweigh the benefits in the public interest, we determine that the matter should not be communicated in the auditor's report.
2. Financial statements
Current assets:
Settlement provisions
bill receivable
Receivables Financing
Premiums receivable
dividend receivable
contract assets
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Non-current assets:
Debt investment
investment property
Current liabilities:
Borrowing funds
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Notes payable
Dividends payable
Non-current liabilities:
Perpetual bonds
Long-term payables
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Owners' equity:
Perpetual bonds
Legal representative: Chen Dejun Person in charge of accounting work: Liang Bo Person in charge of the accounting department: Li Ming
Current assets:
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bill receivable
accounts receivable
Receivables Financing
dividend receivable
contract assets
Non-current assets:
Debt investment
Long-term receivables
investment property
Construction in progress
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Development expenditure
Goodwill
Current liabilities:
short-term loan
Notes payable
advance payment
contract liabilities
Dividends payable
Non-current liabilities:
Perpetual bonds
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lease liability
Long-term payables
Deferred income
Owners' equity:
Perpetual bonds
Special reserves
unit: yuan
interest income
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earned premium
interest expense
Surrender
Reinsurance costs
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(1) Other comprehensive items that cannot be reclassified into profit or loss
-325,790.71
income
2. Other comprehensive income that cannot be transferred to profit or loss under the equity method
5. Other
(2) Other comprehensive income that will be reclassified into profit or loss -4,207,282.37 -14,460,012.56
1. Other comprehensive income that can be transferred to profit or loss under the equity method -88,282.28 794,540.50
comprehensive income
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7. Other
Legal representative: Chen Dejun Person in charge of accounting work: Liang Bo Person in charge of the accounting department: Li Ming
unit: yuan
sales expense
R & D costs
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(1) Other comprehensive items that cannot be reclassified into profit or loss
income
2. Other comprehensive items that cannot be transferred to profit or loss under the equity method
income
5. Other
(2) Other comprehensive income that will be reclassified into profit or loss
1. Other comprehensive income that can be transferred to profit or loss under the equity method
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comprehensive income
7. Other
Cash received from sales of goods and rendering of services 27,246,754,557.13 23,060,458,549.14
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Cash paid for goods purchased and services received 23,643,842,131.77 20,838,500,181.63
Net increase in deposits with the central bank and interbank deposits
Cash paid for the purchase and construction of fixed assets, intangible
2,873,267,472.79 2,398,478,121.00
assets and other long-term assets
net amount
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Cash paid for distribution of dividends, profits, or interest payments 144,315,715.94 215,370,725.66
profit
4. Impact of exchange rate changes on cash and cash equivalents 3,047,378.11 -3,290,580.68
6. Balance of cash and cash equivalents at the end of the period 1,654,807,078.38 2,603,664,056.59
unit: yuan
Cash received from sales of goods and rendering of services 267,608,249.50 265,200,721.17
Tax Refund
Cash paid for goods purchased and services received 231,586,644.23 260,755,733.15
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net amount
Cash paid for the purchase and construction of fixed assets, intangible
11,333.33
assets and other long-term assets
net amount
Cash paid for distribution of dividends, profits, or interest payments 37,400,000.00 164,362,140.29
4. Impact of exchange rate changes on cash and cash equivalents -3,543.26 424.81
6. Balance of cash and cash equivalents at the end of the period 1,938,385.72 9,350,720.69
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CO.,LTD. 120
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121
Current Amount
EXPRESS
CO.,LTD.
STO
Express
STO
Co.,
Ltd.
unit: yuan
2021 year
one
Other Equity
project Instruments
Total owner's equity
minority interests
Special Surplus
share capital excellent forever Capital reserve minus: treasury stock other comprehensive income undistributed profit Subtotal
That reserves reserve other
First continued
he
share debt
General Risk Reserve
422,012,153.00 3,177,043,641.63 197,844,068.53 -146,987,909.85 10,549,695.11 585,302,913.96 4,940,174,546.32 8,790,250,971.64 51,198,732.17 8,841,449,703.81
end of the previous year
Add: Changes in
accounting policies
Early error
correction
Business
combination under
common control
other
2. Balance at the
422,012,153.00 3,177,043,641.63 197,844,068.53 -146,987,909.85 10,549,695.11 585,302,913.96 4,940,174,546.32 8,790,250,971.64 51,198,732.17 8,841,449,703.81
beginning of the year
3. The amount of
increase or
decrease in the 38,194,947.09 128,986,426.04 -10,235,344.23 -13,351,949.91 -1,029,497,582.97 -962,293,398.16 -2,093,086.76 -964,386,484.92
current period
(1) Total
and reduction of
38,194,947.09 -38,194,947.09 -38,194,947.09
Express
Annual
Report
2021
STO
capital
ANNUAL
REPORT
2021
1. Common
stock invested
by owners
2. Other equity
instrument
holders
contribute capital
3. The amount
of share payment
included in
owner's equity
(3) Profit
distribution
1. Withdrawal of
surplus reserve
2. extract one
prepare
3. Distribution
to Owners (or
Shareholders)
4. other
(4) Internal
123
1. Capital reserve
transferred to
EXPRESS
CO.,LTD.
STO
Express
STO
Co.,
Ltd.
capital)
2. Turn surplus
reserve into
capital)
3. surplus company
damage
4. set by
Retained earnings
5. other comprehensive
Combined income
133,519,499.12 -13,351,949.91 -120,167,549.21
transfer deposit
beneficial
6. other
(5) Special
-10,235,344.23 -10,235,344.23 -10,235,344.23
reserve
1. Withdrawal in this
16,196,101.62 16,196,101.62 16,196,101.62
period
2. This issue
26,431,445.85 26,431,445.85 26,431,445.85
use
(6) its
he
4. The balance at
422,012,153.00 3,177,043,641.63 236,039,015.62 -18,001,483.81 314,350.88 571,950,964.05 3,910,676,963.35 7,827,957,573.48 49,105,645.41 7,877,063,218.89
the end of the period
Express
Annual
Report
2021
STO
ANNUAL
REPORT
2021
Previous amount
unit: yuan
FY 2020
Other Equity
project
Instruments Minority shareholders' equity Total owner's equity
share capital
excellent forever
Capital reserve minus: treasury stock other comprehensive income special reserve surplus reserve general risk reserve undistributed profit Subtotal
That
other
First continued
he
share debt
1. Last year
422,012,153.00 3,194,101,432.38 -132,527,897.29 11,129,362.55 585,302,913.96 5,056,927,496.63 9,136,945,461.23 74,070,363.16 9,211,015,824.39
Ending balance
add:
Accounting Policies
change
period difference
error correction
Business
combination under
common control
other
2. Balance at the
422,012,153.00 3,194,101,432.38 -132,527,897.29 11,129,362.55 585,302,913.96 5,056,927,496.63 9,136,945,461.23 74,070,363.16 9,211,015,824.39
beginning of the year
3. This issue
Amount of
decrease (fill in
(1) Total
income
125
(2) Owner
reduction of
capital
1. owner
Shares
2. Other equity
instrument
holders
contribute capital
3. Stock branch
admission
Ownership
the amount of
(3) Profit
-153,080,216.60 -153,080,216.60 -153,080,216.60
distribution
1. Withdrawal of
surplus reserve
2. Withdraw
general risk
reserve
3. share of
owners (or
-153,080,216.60 -153,080,216.60 -153,080,216.60
shareholders)
match
4. other
ANNUAL
REPORT
2021
Express
Annual
Report
2021
STO
(4) Internal
transfer of
owner's equity
1. capital company
Accumulated to
share capital)
2. Turn surplus
reserve into
capital)
3. Surplus
reserves make
up losses
4. set by
retained earnings
5. other comprehensive
Combined income
transfer deposit
beneficial
6. other
(5) Special
-579,667.44 -579,667.44 -579,667.44
reserve
(6) Others
4. This issue
422,012,153.00 3,177,043,641.63 197,844,068.53 -146,987,909.85 10,549,695.11 585,302,913.96 4,940,174,546.32 8,790,250,971.64 51,198,732.17 8,841,449,703.81
Ending balance
127
STO Express 2021 Annual Report
2021 ANNUAL REPORT
unit: yuan
2021 year
project
excellent forever
Special
share capital
That
capital reserve Less: treasury shares other comprehensive income Surplus reserve undistributed profit Total owner's equity
First continued
reserves other
he
share debt
1. The balance at the end of the previous year 1,530,802,166.00 18,615,594,218.74 197,844,068.53 -133,333,333.00 194,256,043.68 292,821,362.24 20,302,296,389.13
other
2. Balance at the beginning of the year 1,530,802,166.00 18,615,594,218.74 197,844,068.53 -133,333,333.00 194,256,043.68 292,821,362.24 20,302,296,389.13
capital
owner's equity
Express
Annual
Report
2021
STO
ANNUAL
REPORT
2021
distribute
3. other
share capital)
share capital)
6. other
(6) Others
4. Balance at the end of the period 1,530,802,166.00 18,615,594,218.74 236,039,015.62 180,922,710.38 163,244,118.63 20,254,524,198.13
129
Previous amount
unit: yuan
EXPRESS
CO.,LTD.
STO
Express
STO
Co.,
Ltd.
FY 2020
project
share capital
excellent forever
That
Capital reserve minus: treasury stock other comprehensive income special reserve surplus reserve retained profit Total other owners' equity
First continued
he
share debt
Even
other
owners
1. Withdrawal of surplus
reserve
2. Distribution to Owners
-153,080,216.60 -153,080,216.60
(or Shareholders)
3. other
owner's equity
1. Converting capital
3. Surplus reserves
make up losses
4. Changes in defined
6. other
(6) Others
STO Express Co., Ltd. (formerly known as Zhejiang Aidixi Fluid Control Co., Ltd., hereinafter referred to as "the company") is approved by the State Administration for Industry and Commerce of the Foreign Investment
Enterprise Registration Bureau Letter of Business and Foreign Enterprises (2008) No. 214 and the People's Republic of China Ministry of Commerce Shangzipi (2008) No. 977 Document
Approved by the Ministry of Commerce, it was established on September 5, 2008 by Yuhuan Aidixi Copper Co., Ltd., and its registered place is Yuhuan City, Zhejiang Province.
Electromechanical Industrial
Park. In September 2010, approved by the China Securities Regulatory Commission's document Zheng Jian Ke Ke [2010] No. 993, the company publicly issued 40,000,000 RMB ordinary shares (A shares), and listed and
traded on the Shenzhen Stock Exchange in September 2010. On December 9, 2016, the China Securities Regulatory Commission's "Zhengjian Xuke [2016] No. 3061" document "About the Approval of the Major Asset
Restructuring of Zhejiang Aidixi Fluid Control Co., Ltd. and the Issue of Shares to Shanghai Deyin Investment Holdings Co., Ltd. to Purchase Assets and Raising Supporting Funds" Approval, the company carried out
asset restructuring. The company name was changed from "Zhejiang IDC Fluid Control Co., Ltd." to "STO Express Co., Ltd."; the English name was changed from "Zhejiang IDC Fluid Control Co., Ltd." to "STO Express
Co., Ltd."; And approved by the Shenzhen Stock Exchange, the company's stock abbreviation has been changed from "Aidixi" to "STO Express" since December 30, 2016, and the company's stock code "002468" remains
unchanged. The existing registered capital is RMB 1,530,802,166.00, the paid-in capital is RMB 422,012,153.00, and the total number of shares is 1,530,802,166 shares (with a face value of RMB 1 per share), of which:
38,756,509 tradable A shares with sales restrictions and 1,492,045,657 tradable A shares with no sales restrictions. The scope of business is: domestic express delivery (except postal enterprise franchise business),
general freight (except dangerous chemicals), international and domestic freight forwarding (except dangerous chemicals), customs declaration services, warehousing services (except dangerous chemicals), paper
products , Sales of electronic products, industrial investment. The company's unified social credit code: 913300007324299960.
Company registration place: Electromechanical Industrial Park, Yuhuan City, Zhejiang Province.
The ultimate actual controllers of the company: Chen Dejun and Chen Xiaoying.
Date of approval for publication of the financial report: The board of directors of the company approved the publication on April 29, 2022.
The company included 93 subsidiaries such as STO Express Co., Ltd. into the scope of the consolidated financial statements of the current period, and reduced 4 subsidiaries in the current period, which were the
reduction of subsidiaries Zhejiang STO UBS Express Co., Ltd. Ze Express Co., Ltd., canceled and reduced subsidiary Dalian Ruisheng Loading and Unloading Service Co., Ltd. in the current period; 9 new subsidiaries
were newly established by Shentong Express Co., Ltd. and added subsidiaries Changshu Deze Logistics Co., Ltd., Shanghai Suiqin Industrial Co., Ltd., Jieyang Deze Logistics Co., Ltd., Bengbu Zichun Logistics Co., Ltd.,
Tonglu Changsheng Human Resources Co., Ltd., Wuhu Mingbai Human Resources
Source Co., Ltd., Shanghai Qingke Logistics Co., Ltd., and Hangzhou Shenrui Express Service Co., Ltd. newly established subsidiaries Jianyang Shenrui Transportation Service Co., Ltd. and Luohe Runli Transportation
Co., Ltd. For details, please refer to Note VIII. Changes in the scope of consolidation and VIII. Equity in other entities.
1. Compilation basis
The company's financial statements are based on continuing operations, based on actual transactions and events, in accordance with the "Accounting Standards for Business Enterprises - Basic Standards" and specific
accounting standards issued by the Ministry of Finance (hereinafter collectively referred to as "Accounting Standards for Business Enterprises"), and based on The following important accounting policies and accounting estimates are prepared.
2. Continued operation
After assessing the sustainable operation ability, the management of the company believes that there is no matter that may lead to major doubts about the sustainable operation ability. The company's financial statements
are based on the assumption of going concern. As mentioned in Note 1, Basic Information of the Company in this report, the major asset reorganization of the Company in 2016 constituted a non-business reverse
purchase, and the Group’s 2021 consolidated statements were prepared based on the reverse purchase.
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The financial statements prepared by the company comply with the requirements of the "Accounting Standards for Business Enterprises" and truly and completely reflect the company's financial status on December
31, 2021, its operating results and cash flow in 2021 and other relevant information.
2. Accounting period
The company's fiscal year is the Gregorian calendar year, that is, from January 1st to December 31st each year.
3. Business cycle
The company takes 12 months a year as the normal business cycle, and uses the business cycle as the liquidity classification standard for assets and liabilities.
5. Accounting treatment methods for business combinations under the same control and not under the same control
long-term equity investment formed by the business merger under the same control, if the merging party pays cash, transfers non-cash assets or assumes debts as the consideration for the merger, the company
shall, on the merger date, The share of the book value in the consolidated financial statements of the ultimate controlling party is taken as the initial investment cost of the long-term equity investment. If the merging
party issues equity instruments as the consideration for the merger, the total par value of the issued shares shall be used as the share capital. The difference between the initial investment cost of the long-term equity
investment and the book value of the merger consideration (or the total face value of the issued shares) shall be adjusted to the capital reserve;
retained earnings.
For a business combination involving enterprises not under common control, the combination cost is the sum of the assets paid, liabilities incurred or assumed and the fair value of equity securities issued by the
purchaser in order to obtain control over the purchasee on the date of purchase. The acquired party obtained in the business combination not under the same control meets the confirmation conditions.
Identify assets, liabilities and contingent liabilities and measure them at fair value on the date of purchase. The acquirer agrees that the combination cost is greater than the acquiree's identifiable net
The difference in the fair value share of assets is reflected in the value of goodwill. The acquirer agrees that the merger cost is less than the fair value of the identifiable net assets of the acquiree acquired in the merger
value share, the difference between the merger cost still less than the fair value share of the acquiree’s identifiable net assets obtained in the merger after review shall be included in the current period’s non-operating
income.
statements The company includes all subsidiaries (including independent entities controlled by the company) into the scope of consolidated financial statements, including enterprises controlled by the company, investees
The divisible part of the capital unit and the structured entity.
(2) Unify the accounting policies of the parent and subsidiary companies, and unify the balance sheet date and accounting period of the
parent and subsidiary companies. Necessary adjustments are made to the financial statements of subsidiaries during the accounting period. (3) Consolidated financial statement offsets The consolidated financial
statement is based on the financial statements of the company and its subsidiaries, and has offset the internal transactions between the company and its subsidiaries and between subsidiaries. The share of the
subsidiary's owner's equity that does not belong to the company is regarded as minority shareholder's equity, and is listed as "minority share" under the shareholder's equity item in the consolidated balance sheet.
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The long-term equity investment of the company held by the subsidiary is regarded as the treasury stock of the company, and as the deduction item of shareholders' equity, it is listed as "minus: treasury stock" under the
shareholder's equity item in the consolidated balance sheet Items are listed.
For a subsidiary acquired through a business combination under the same control, it is deemed that the business combination has occurred since the ultimate controlling party began to exercise control, and its assets, liabilities,
operating results and cash flows are included in the consolidated financial statements from the beginning of the current period of combination; For subsidiaries acquired through business combination not under common control,
when preparing the consolidated financial statements, the individual financial statements shall be adjusted on the basis of the fair value of the identifiable net assets on the purchase date.
Partial disposal of long-term equity investment in subsidiaries without losing control. In the consolidated financial statements, the disposal price corresponds to the disposal of long-term equity investments. Capital reserve
(capital premium or share premium) is adjusted for the difference between the net asset shares continuously calculated since the day of the first day, and if the capital reserve is insufficient for offsetting, the retained earnings are
adjusted. If the control of the investee is lost due to the disposal of part of the equity investment, etc., when preparing the consolidated financial statements, the remaining equity shall be remeasured according to its fair value on
the date of loss of control. The difference between the sum of the consideration obtained from the disposal of the equity and the fair value of the remaining equity, minus the share of the original subsidiary’s net assets calculated
continuously from the purchase date or the merger date calculated according to the original shareholding ratio, shall be included in the loss of control The investment income of the current period shall be offset against goodwill
at the same time. Other comprehensive income related to the original subsidiary's equity investment shall be converted into current investment income when control is lost.
Joint venture arrangements are divided into joint operations and joint ventures. A joint arrangement not reached through a separate entity is classified as a joint operation. A separate entity refers to an entity with a separately
identifiable financial structure, including an independent legal entity and an entity that does not qualify as a legal entity but is recognized by law. A joint arrangement reached through a separate entity is usually classified as a
joint venture. If changes in relevant facts and circumstances lead to changes in the rights and obligations of the joint venture party in the joint venture arrangement, the joint venture party shall reassess the classification of the
As a joint operation participant, the Company recognizes the following items related to the interest share in the joint operation, and conducts accounting treatment in accordance with the provisions of the relevant accounting
standards for enterprises: confirmation of assets or liabilities held separately, and recognition of jointly held assets or liabilities by share Assets or liabilities; recognition of the income from the sale of the share of the output of
the joint operation; recognition of the income generated by the sale of the output of the joint operation by share; recognition of the expenses incurred independently, and the recognition of the expenses of the joint operation by
share. The Company is a participant that does not enjoy joint control over the joint operation. If it enjoys the relevant assets of the joint operation and bears the relevant liabilities of the joint operation, it shall conduct accounting
treatment in accordance with the provisions of the joint operation participant; otherwise, it shall follow the provisions of the relevant accounting standards for enterprises. for accounting treatment. (3) Accounting treatment of
joint ventures
The company is a joint venture party, and the investment in the joint venture is accounted for in accordance with the provisions of "Accounting Standards for Business Enterprises No. 2 - Long-term Equity Investment"; deal
with.
The cash determined by the company when preparing the cash flow statement refers to the company's cash on hand and deposits that can be used for payment at any time. The cash equivalents determined when preparing the
cash flow statement refer to short-term, highly liquid investments that can be easily converted into known amounts of cash and have little risk of value change.
The company uses the spot exchange rate on the date of the transaction to convert the foreign currency transaction into the account. Foreign currency monetary items on the balance sheet date are converted at the spot exchange
rate on the balance sheet date, and the exchange difference arising from the difference between the spot exchange rate on this date and the spot exchange rate on the initial recognition or the previous balance sheet date, unless
it meets the requirements of capitalization The exchange difference of the conditional foreign currency special borrowing shall be capitalized and included in the cost of related assets during the capitalization period, and shall be
included in the current profit and loss. Foreign currency non-monetary items measured at historical cost are still converted at the spot exchange rate on the transaction date, and the amount in the functional currency is not changed. at fair price
Foreign currency non-monetary items measured at the value of the foreign currency shall be converted at the spot exchange rate on the day when the fair value is determined. recognized in profit or loss for the
If the company's subsidiaries, joint ventures, associates, etc. use a different bookkeeping functional currency from the company's, they need to convert their foreign currency financial statements before
conducting accounting and preparing consolidated financial statements. The asset and liability items in the balance sheet are converted at the spot exchange rate on the balance sheet date, and the owner's equity
items are converted at the spot exchange rate at the time of occurrence except for the "undistributed profit" item. The income and expense items in the income statement shall be converted at the spot exchange
rate on the transaction date. The translation difference of foreign currency financial statements arising from the translation shall be listed under other comprehensive income of the owner's equity item in the
balance sheet. The foreign currency cash flow shall adopt the spot exchange rate on the day when the cash flow occurs. The impact of exchange rate changes on cash is presented separately in the cash flow
statement. When disposing of overseas operations, the foreign currency statement conversion difference related to the overseas operations shall be transferred to the current profit and loss of the disposal in full
A financial instrument refers to a contract that forms a financial asset of one party and a financial liability or equity instrument of the other party.
ÿ Financial assets
The company classifies financial assets that meet the following conditions as financial assets measured at amortized cost: a. The company’s business model for managing financial assets is to collect contractual
cash flows; b. The contract terms of the financial asset stipulate that, The cash flows that arise on a given date are simply payments of principal and interest on the principal amount outstanding. The company
classifies financial assets that meet the following conditions simultaneously as financial assets measured at fair value through other comprehensive income: a. The company’s business model for managing
financial assets is to collect contractual cash flows and sell the financial assets b. the contractual terms of the financial asset provide that, on specified dates, cash flows arise solely from payments of principal
and interest on the principal amount outstanding. For non-trading equity instrument investments, the Company may irrevocably designate them as financial assets at fair value through other comprehensive
income upon initial recognition. The designation is made on an individual investment basis, and the underlying investment meets the definition of an equity instrument from the perspective of the issuer. Except
for financial assets classified as financial assets measured at amortized cost and financial assets measured at fair value and whose changes are included in other comprehensive income, the company classifies
them as measured at fair value and whose changes are included in current profit and loss financial assets. At the time of initial recognition, if the accounting mismatch can be eliminated or reduced, the company
can irrevocably designate financial assets as financial assets measured at fair value and whose changes are included in current profit and loss. When the company changes the business model of managing
financial assets, it will reclassify all affected financial assets on the first day of the first reporting period after the business model changes, and adopt the future application method for related financial assets from
the date of reclassification. Accounting treatment does not make retroactive adjustments to previously recognized gains, losses (including impairment losses or gains) or interest. ÿ Financial liabilities
Financial liabilities are classified at the time of initial recognition: financial liabilities measured at fair value through current profit or loss; financial liabilities formed by transfer of financial assets that do not meet
the conditions for derecognition or continued involvement in the transferred financial assets; amortized cost Measured financial liabilities. All financial liabilities are not reclassified.
The initial recognition of the company's financial instruments is measured at fair value. For financial assets and financial liabilities at fair value through profit or loss, relevant transaction costs are directly
included in current profit or loss; for other types of financial assets or financial liabilities, relevant transaction costs are included in the initially recognized amount. For accounts receivable or bills receivable
arising from the sale of products or provision of labor services that do not include or consider significant financing components, the Company shall take the amount of consideration that it is expected to be
entitled to receive as the initial confirmation amount. Subsequent measurement of financial instruments depends on their classification.
ÿ Financial assets
a. Financial assets measured at amortized cost. After initial recognition, such financial assets are measured at amortized cost using the effective interest rate method. Gains or losses arising from financial assets
measured at amortized cost and not subject to any hedging relationship are included in current profit or loss when they are derecognized, reclassified, amortized in accordance with the actual interest rate method
or recognized for impairment. b. Financial assets measured at fair value through profit or loss. After the initial recognition, for such financial assets (except for some financial assets belonging to the hedging
relationship), the subsequent measurement shall be carried out at fair value, and the resulting gains or losses (including interest and dividend income) shall be included in the current profit and loss.
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c. Investments in debt instruments measured at fair value through other comprehensive income. After the initial recognition, the subsequent measurement of this type of financial assets shall be carried out at fair
value. Interest calculated using the effective interest rate method, impairment losses or gains, and exchange gains and losses are included in current profit and loss, and other gains or losses are included in other
comprehensive income. When derecognition is terminated, the accumulated gains or losses previously included in other comprehensive income are transferred out of other comprehensive income and included in current profit and loss.
ÿ Financial liabilities
a. Financial liabilities measured at fair value through profit or loss. This type of financial liabilities includes trading financial liabilities (including derivatives belonging to financial liabilities) and financial liabilities
designated to be measured at fair value and whose changes are included in current profit and loss. After the initial recognition, such financial liabilities are subsequently measured at fair value. Except for those
related to hedge accounting, the gains or losses (including interest expenses) arising from changes in the fair value of transactional financial liabilities are included in the current profit and loss. For financial
liabilities designated at fair value through profit or loss, the amount of change in the fair value of the financial liability caused by changes in the enterprise's own credit risk is included in other comprehensive
income, and other changes in fair value are included in current profit or loss. If the impact of changes in the financial liability's own credit risk is included in other comprehensive income, which will cause or expand
the accounting mismatch in the profit and loss, the company will record all the gains or losses of the financial liability in the current profit and loss. b. Financial liabilities measured at amortized cost. After initial
recognition, such financial liabilities are measured at amortized cost using the effective interest rate method. (3) The Company's method for confirming the fair value of financial instruments
If there is a financial instrument in an active market, its fair value is determined by the quotation in the active market; if there is no financial instrument in an active market, its fair value is determined by valuation
techniques. Valuation techniques mainly include market approach, income approach and cost approach. In limited circumstances, if there is insufficient recent information to determine fair value, or if there is a wide
range of possible estimates of fair value, and cost represents the best estimate of fair value within that range, the cost may represent An appropriate estimate of fair value within that distribution. The Company uses
all the information about the performance and operation of the investee that can be obtained after the initial recognition date to judge whether the cost represents the fair value. (4) Recognition basis and
measurement method for transfer of financial assets and financial liabilities ÿ Financial assets
If the company's financial assets meet one of the following conditions, it will be derecognized: a. The contractual right to receive the cash flow of the financial asset is terminated; b. The financial asset has been
transferred, and the company has transferred almost all the risks and risks of ownership of the financial asset. c. The financial asset has been transferred, although the Company neither transfers nor retains
substantially all of the remuneration for ownership of the financial asset, but does not retain control over the financial asset. If the company neither transfers nor retains almost all the remuneration of the ownership
of the financial asset, and retains control over the financial asset, it shall recognize the relevant financial asset according to the extent of its continued involvement in the transferred financial asset, and recognize
the relevant liabilities accordingly. If the transfer of financial assets meets the derecognition conditions as a whole, the difference between the following two amounts shall be included in the current profit and loss:
a. The book value of the transferred financial asset on the derecognition date; b. The sum of the amount corresponding to the derecognition part of the accumulative amount of changes in fair value directly included
in other comprehensive income (the financial assets involved in the transfer are classified as financial assets measured at fair value and whose changes are included in other comprehensive income). If the partial
transfer of financial assets meets the conditions for derecognition, the overall book value of the transferred financial assets shall be apportioned between the derecognition part and the non-derecognition part
according to their respective relative fair values on the transfer date, and then the following two amounts shall be allocated: The difference is included in the current profit and loss: a. The book value of the
derecognition part on the derecognition date; b. The consideration received for the derecognition part, and the amount corresponding to the derecognition part in the accumulative amount of fair value changes
originally included in other comprehensive income (The financial assets involved in the transfer are classified as the financial assets measured at fair value and whose changes are included in other comprehensive
income).
ÿ Financial liabilities
If the current obligation of a financial liability (or a part thereof) has been discharged, the Company shall derecognize the financial liability (or part of the financial liability). When a financial
liability (or a part thereof) is derecognized, the Company shall include the difference between its book value and the consideration paid (including non-cash assets transferred out or liabilities assumed) into the
The Company measures the loss provision according to the general method, that is, the "three-stage" model.
(1) Accounts receivable that do not contain significant financing components. For transactions regulated by Accounting Standards for Business Enterprises No. 14 - Revenue
For the receivables of capital components, the company adopts a simplified method, that is, always measures the loss provision according to the expected credit loss of the entire duration.
According to the nature of financial instruments, the company evaluates whether the credit risk has increased significantly based on a single financial asset or a combination of financial assets. The company divides
the notes receivable and accounts receivable into several combinations according to the credit risk characteristics, and calculates the expected credit loss on the basis of the combination. The basis for determining the combination is as follows
Accounts receivable portfolio 1: Express industry aging portfolio arm's length transactions
Accounts receivable portfolio 2: non-express industry aging portfolio arm's length transactions
Accounts receivable portfolio 1: Express industry aging portfolio Accrual of bad debts based on aging credit loss rate
Accounts receivable portfolio 2: non-express industry aging portfolio Accrual of bad debts based on aging credit loss rate
For the accounts receivable divided into combinations, the company refers to the historical credit loss experience, combines the current situation and the forecast of the future economic situation, prepares the
comparison table of the aging of accounts receivable and the expected credit loss rate of the entire duration, and calculates the expected credit loss. For the bills receivable classified into portfolios, the Company refers
to the historical credit loss experience, combines the current situation and the forecast of the future economic situation, and calculates the expected credit loss through the default risk exposure and the expected credit
loss rate of the entire duration. (2) Receivables and lease receivables containing significant financing components.
For receivables containing significant financing components and lease receivables regulated by Accounting Standards for Business Enterprises No. 21 - Leases, the Company measures loss reserves in accordance
13. Inventory
(1) Classification of inventory
Inventory refers to the finished products or commodities held by the company for sale in daily activities, products in the process of production, materials and materials consumed in the process of production or
provision of labor services, etc. It mainly includes raw materials, inventory goods, and issued goods, etc.
When the inventories are delivered, the weighted average method is adopted to determine the actual cost of delivery.
On the balance sheet date, inventories are measured at the lower of cost and net realizable value, and inventory depreciation reserves are accrued for individual inventory items, but for inventories with large
quantities and low unit prices, inventory depreciation reserves are accrued based on the inventory category. (4) Inventory inventory system
materials Low-value consumables and packaging materials are amortized by one-off write-off method.
The Company presents the right to receive consideration for the goods or services that have been transferred to the customer (and this right depends on factors other than the passage of time) as a contract asset.
The provision for impairment of contract assets shall refer to the expected credit loss method of financial instruments. For contract assets that do not include significant financing components, the Company adopts a
simplified method to measure loss reserves. For contract assets containing significant financing components, the company measures loss reserves in accordance with the general method. If an impairment loss occurs
on a contract asset, debit the "asset impairment loss" and credit the provision for impairment of the contract asset based on the amount that should be written down.
For a long-term equity investment acquired through a business combination, if it is a business combination under the same control, the initial investment cost of the long-term equity investment shall be the share of the book value of the
owner’s equity of the merged party in the consolidated financial statements of the ultimate controlling party on the date of combination. ; For a business combination not under the same control, the initial investment cost of the long-term
equity investment shall be the combination cost determined on the purchase date; for a long-term equity investment acquired by paying cash, the initial investment cost shall be the purchase price actually paid; For long-term equity investment,
the initial investment cost is the fair value of equity securities issued; for long-term equity investment obtained through debt restructuring, the initial investment cost is determined in accordance with the relevant provisions of "Accounting
Standards for Business Enterprises No. 12 - Debt Restructuring"; non-monetary For long-term equity investment obtained through non-monetary asset exchange, the initial investment cost shall be determined in accordance with the relevant
provisions of "Accounting Standards for Business Enterprises No. 7 - Non-monetary Asset Exchange". (2) Subsequent measurement and profit and loss recognition method
The long-term equity investment that the company is able to exercise control over the invested entity is accounted for using the cost method, and the long-term equity investment for associates and joint ventures is accounted for using the
equity method. The company's equity investment in associates, part of which is indirectly held through venture capital institutions, mutual funds, trust companies or similar entities including investment-linked insurance funds, regardless of
whether the above entities have a significant impact on this part of the investment, The company handles it in accordance with the relevant provisions of "Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement
of Financial Instruments", and adopts the equity method for accounting for the rest. (3) The basis for determining the joint control and significant influence on the investee The joint control of the investee means that the activities that have a
significant impact on the return of a certain arrangement must be agreed by the parties sharing the control before the decision can be made , including sales and purchases of goods or services, management of financial assets, purchase
and disposal of assets, research and development activities, and financing activities, etc. 50% of the voting capital has a significant effect. Or if it is less than 20%, it has a significant influence when one of the following conditions is met:
representatives are sent to the board of directors of the invested unit or similar authority; participate in the policy-making process of the invested unit; send management personnel to the invested unit; The invested unit relies on the technology
or technical information of the investment company; an important transaction occurs with the invested unit.
Fixed assets refer to tangible assets held for the production of commodities, provision of labor services, leasing or operation and management, with a useful life of more than one accounting year. It will be recognized when the following
conditions are met at the same time: the economic benefits related to the fixed asset are likely to flow into the enterprise; the cost of the fixed asset can be measured reliably.
category depreciation method depreciation period Residual rate Annual depreciation rate
Average age method of office equipment and electronic equipment 3ÿ5 5.00 31.67ÿ19
The company's fixed assets are mainly divided into: houses and buildings, machinery and equipment, transportation equipment, office equipment and electronic equipment, etc.; the depreciation method adopts the straight-line method.
According to the nature and use of various fixed assets, determine the service life and estimated net salvage value of fixed assets. And at the end of the year, review the service life, estimated net salvage value and depreciation method of
fixed assets, and make corresponding adjustments if there is any difference from the original estimate. In addition to fully provided depreciation continues
Except for the fixed assets used and the land that is separately priced and recorded, the company accrues depreciation for all fixed assets.
(3) Basis for identification, valuation and depreciation methods of fixed assets under financing lease
Not applicable
The company's construction in progress is divided into two types: self-operated construction and outsourced construction. Construction in progress shall be transferred to fixed assets when the project
is completed and reaches the intended usable state. The criteria for judging the intended usable state shall meet one of the following conditions: the physical construction (including installation) of the
fixed asset has been completed or substantially completed; trial production or trial operation has been completed, and the results show that the asset can operate normally Or it can stably produce
qualified products, or the results of trial operation show that it can operate or operate normally; the amount of expenditure on the fixed assets constructed in this project is very small or almost no longer
occurs; the purchased fixed assets have reached the design or contract Requirements, or basically conform to design or contract requirements.
If the borrowing expenses incurred by the Company can be directly attributable to the purchase, construction or production of assets eligible for capitalization, they shall be capitalized and included in
the cost of relevant assets; included in current profit and loss. Assets eligible for capitalization refer to assets such as fixed assets, investment real estate, and inventories that require a long period of
purchase, construction or production activities to reach the intended usable or salable state. (2) Calculation method of capitalized amount
The capitalization period refers to the period from the time when the capitalization of the borrowing costs starts to the time when the capitalization stops. Periods during which capitalization of borrowing
costs is suspended are excluded. Capitalization of borrowing costs shall be suspended if an abnormal interruption occurs during the acquisition, construction or production process and the interruption
lasts for more than 3 months. Borrowing of special loans shall be determined according to the actual interest expenses incurred in the current period of special loans, minus the interest income obtained
by depositing unused loan funds in banks or the investment income obtained from temporary investments; The weighted average of the asset expenditure exceeding the special borrowing is multiplied
by the capitalization rate of the general borrowing. The capitalization rate is the weighted average interest rate of the general borrowing; if there is a discount or premium on the borrowing, it is determined
according to the actual interest rate method for each accounting period The amount of discount or premium that should be amortized, adjusting the amount of interest per period. The effective interest
rate method is a method of calculating its amortized discount or premium or interest expense based on the actual interest rate of the loan. The actual interest rate is the interest rate used to discount the
future cash flow of the loan during the expected duration to the current book value of the loan.
The right-of-use asset refers to the lessee's right to use the leased asset during the lease term. on the commencement date of the lease term. Right-of-use assets are initially measured at cost. The cost
includes: ÿ the initial measurement amount of the lease liability; ÿ the lease payment paid on or before the lease term commencement date, if there is a lease incentive, deduct the relevant amount of the
lease incentive already enjoyed; ÿ the initial direct cost incurred by the lessee; ÿ The cost expected to be incurred by the lessee for dismantling and removing the leased asset, restoring the site where the
leased asset is located, or restoring the leased asset to the state stipulated in the lease terms. The depreciation of the right-of-use assets of the Company is accrued by category using the straight-line
method. If it can be reasonably determined that the ownership of the leased asset will be obtained when the lease term expires, depreciation shall be accrued within the estimated remaining service life of
the leased asset; Depreciation is provided over the shorter of the remaining useful life. The company determines whether the right-of-use asset has been impaired and conducts accounting treatment in
accordance with the relevant provisions of "Accounting Standards for Business Enterprises No. 8 - Asset Impairment".
The company's intangible assets are initially measured at cost. For purchased intangible assets, the actual cost shall be the price actually paid and related expenditures. For the intangible assets invested
by investors, the actual cost shall be determined according to the value stipulated in the investment contract or agreement, but if the value stipulated in the contract or agreement is not fair, the actual
cost shall be determined according to the fair value. The cost of self-developed intangible assets is the total expenditure incurred before reaching the intended use. The company’s subsequent
measurement methods for intangible assets are: intangible assets with limited service life are amortized using the straight-line method, and at the end of the year, the service life and amortization method
of intangible assets are reviewed. If there is any difference from the original estimate, corresponding Adjustment; intangible assets with uncertain service life are not amortized, but at the end of the year,
the service life is reviewed, and when there is conclusive evidence that its service life is limited, its service life is estimated and amortized using the straight-line method.
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The company will not be able to foresee the period in which the asset will bring economic benefits to the company, or the intangible asset with an indefinite useful life will be determined as an intangible asset with
an indefinite useful life. The basis for judging the uncertain service life is: it comes from contractual rights or other statutory rights, but there is no clear service life in the contract or law; it is still impossible to
judge that the intangible assets will bring economic benefits to the company based on the situation of the same industry or the demonstration of relevant experts. benefit period. At the end of each year, the service
life of intangible assets with uncertain service life is reviewed, mainly in a bottom-up manner, and the relevant departments of intangible asset use conduct basic review to evaluate whether there is any change in
the basis for judging the indefinite service life. (2) Accounting policy for internal research and development expenditures Expenditures in the research phase of internal research and development projects are
included in the current profit and loss when they occur; expenditures in the development phase that meet the following conditions at the same time are recognized as intangible assets: ÿ Complete the intangible
assets to make them It is technically feasible to be able to use or sell; ÿ There is an intention to complete the intangible asset and use or sell it; ÿ There is a market for the products produced by using the intangible
asset or there is a market for the intangible asset itself; ÿ There are sufficient technical, financial resources and Supported by other resources to complete the development of the intangible asset and have the
ability to use or sell the intangible asset; ÿ The expenditure attributable to the development stage of the intangible asset can be reliably measured. Expenditures in the development stage that do not meet the
above conditions are included in the current profit and loss when incurred. If it is impossible to distinguish the research phase expenditure from the development phase expenditure, all the research and
development expenditure incurred shall be included in the current profit and loss. Development expenditures that have been included in profit or loss in the previous period will not be recognized as assets in
the subsequent periods. Expenditures in the development stage that have been capitalized are listed as development expenditures on the balance sheet, and will be listed as intangible assets from the date when
the project reaches the intended usable state. Specific criteria for dividing the research phase and development phase of internal research and development projects: Whether an innovative management system
project has obtained the project approval report is used as the time point for dividing the expenditure in the research phase and the development phase, and the research that occurs before the project approval
report is obtained is invested in the current period. Expensing (included in research and development expenses); capitalize the research and development investment that occurs after the project approval report is
obtained and before the research and development project reaches its intended use in the current period (included in development expenditures), and transfer it to intangible assets when the research and
Long-term equity investment, investment real estate measured by the cost model, fixed assets, construction in progress, intangible assets and other long-term assets that show signs of impairment on the
balance sheet date shall be tested for impairment. If the results of the impairment test show that the recoverable amount of the asset is lower than its book value, the difference shall be recognized as an
impairment provision and included in the impairment loss. The recoverable amount is the higher of the net amount of the asset's fair value minus disposal costs and the present value of the asset's estimated
future cash flow. Asset impairment provision is calculated and confirmed on the basis of individual assets. If it is difficult to estimate the recoverable amount of a single asset, the recoverable amount of the
asset group is determined based on the asset group to which the asset belongs. An asset group is the smallest combination of assets that can independently generate cash inflows. The goodwill presented
separately in the financial statements shall be tested for impairment at least annually regardless of whether there is any indication of impairment. During impairment testing, the book value of goodwill is
apportioned to the asset group or combination of asset groups expected to benefit from the synergistic effect of the business combination. If the test results indicate that the recoverable amount of the asset
group or combination of asset groups containing the apportioned goodwill is lower than its book value, the corresponding impairment loss shall be confirmed. The amount of impairment loss is firstly
deducted from the book value of the goodwill apportioned to the asset group or asset group combination, and then according to the proportion of the book value of assets other than goodwill in the asset
group or asset group combination, the Offset the book value of other assets. Once the above-mentioned asset impairment loss is confirmed, the part whose value has been recovered will not be transferred
The company's long-term deferred expenses refer to various expenses that have already been paid, but the benefit period is more than one year (excluding one year). Long-term deferred expenses are
amortized in installments according to the beneficial period of the expense items. If the long-term deferred expense item cannot benefit the future accounting period, the amortized value of the item that has
not been amortized will be transferred to the current profit and loss.
The company lists the obligation to transfer goods or provide services to customers for the consideration received or receivable from customers as contract liabilities. Contract assets and contract liabilities under the same contract
During the accounting period when employees provide services to the company, the actual short-term remuneration shall be recognized as a liability and included in the current profit and loss, except that it is required or allowed to
be included in the cost of assets under the Accounting Standards for Business Enterprises. The employee welfare expenses incurred by the company are included in the current profit and loss or the cost of related assets according
to the actual amount when actually incurred. If employee benefits are non-monetary benefits, they shall be measured at fair value. The medical insurance premiums, work-related injury insurance premiums, maternity insurance
premiums and other social insurance premiums and housing provident funds paid by the Company for employees, as well as trade union funds and employee education funds withdrawn according to regulations, are accrued
according to the regulations during the accounting period when employees provide services. Calculate and determine the corresponding amount of employee remuneration based on the basis and accrual ratio, and confirm the corresponding liabilities, which
During the accounting period when the employees provide services, the deposit amount payable calculated according to the defined deposit and withdrawal plan is recognized as a liability, and included in the current profit and loss
or the cost of related assets. According to the formula determined by the expected cumulative welfare unit method, the welfare obligation arising from the defined benefit plan shall be attributed to the period during which the
employee provides service, and shall be included in the current profit and loss or the cost of related assets.
When the company provides dismissal benefits to employees, the employee salary liabilities arising from the dismissal benefits will be recognized on the earlier of the following two dates and included in the current profit and loss: ;
When the company recognizes the costs or expenses related to the restructuring involving the payment of dismissal benefits. (4) Accounting treatment methods for other long-term employee benefits
Other long-term employee benefits provided by the company to employees that meet the conditions of the defined contribution plan shall be handled in accordance with the provisions of the relevant defined contribution plan;
otherwise, other long-term employee benefits shall be recognized and measured in accordance with the relevant provisions of the defined benefit plan Net debt or net worth.
The lease liability is initially measured at the present value of the lease payments that have not been paid at the commencement date of the lease term. Lease payments include: ÿ fixed payments (including substantive fixed
payments), if there is a lease incentive, deduct the relevant amount of lease incentives; ÿ variable lease payments depending on the index or ratio; ÿ the residual value of the guarantee provided by the lessee Estimated payments to
be made; ÿ The exercise price of the purchase option, provided that the lessee is reasonably certain that the option will be exercised; ÿ Payments required to exercise the option to terminate the lease, provided that the lease term
reflects that the lessee will exercise Option; The company adopts the lease implicit interest rate as the discount rate; if the lease implicit interest rate cannot be reasonably determined, the company's incremental borrowing rate is
adopted as the discount rate. The company calculates the interest expense of the lease liability in each period of the lease period according to a fixed periodic interest rate, and includes it in financial expenses. The periodic rate
refers to the discount rate used by the company or a revised discount rate. Variable lease payments that are not included in the measurement of lease liabilities are included in current profit or loss when they actually occur. When
the company's evaluation results of the option to renew the lease, the option to terminate the lease or the option to purchase change, the lease liability will be remeasured based on the changed lease payment and the present value
calculated by the revised discount rate, and the corresponding Adjust the carrying value of the right-of-use asset. When the actual lease payment, the estimated payable amount of the guaranteed residual value, or the variable lease
payment depending on the index or rate changes, the lease liability is remeasured according to the current value calculated by the changed lease payment and the original discount rate , and adjust the book value of the right-of-use
asset accordingly.
When the obligation related to contingencies is the current obligation undertaken by the company, and the performance of this obligation is likely to result in an outflow of economic benefits, and its amount can be reliably measured,
the obligation is recognized as an estimated liability. The company conducts initial measurement based on the best estimate of the expenditure required to fulfill the relevant current obligations. If the required expenditure exists in
a continuous range, and the possibility of occurrence of various results within this range is the same, the best estimate shall be calculated according to the expenditure within the range. Determine the intermediate value; if multiple
projects are involved, calculate and determine the best estimate according to various possible results and related probabilities.
On the balance sheet date, the book value of estimated liabilities shall be reviewed. If there is conclusive evidence that the book value cannot truly reflect the current best estimate, the book value shall be adjusted according to the current best
estimate.
27. Income
When the company fulfills the performance obligation in the contract, that is, when the customer obtains the control over the relevant goods or services, the revenue is recognized according to the transaction price allocated to the performance
obligation. Obtaining the right to control the relevant commodity refers to being able to dominate the use of the commodity and obtain almost all economic benefits from it. The performance obligation refers to the commitment of the company
to transfer clearly distinguishable goods to the customer in the contract. If the contract contains two or more performance obligations, the company will allocate the transaction price to each individual performance obligation in accordance with
the relative proportion of the stand-alone selling price of the goods or services promised by each individual performance obligation on the inception date of the contract. The Company measures revenue based on the transaction price allocated
to each individual performance obligation. The transaction price refers to the amount of consideration to which the Company is expected to be entitled for the transfer of goods or services to the customer, excluding amounts collected on behalf
of third parties and amounts expected to be refunded to the customer. The company determines the transaction price in accordance with the terms of the contract and in combination with its previous practices, and when determining the
transaction price, it takes into account the influence of factors such as variable consideration, significant financing components in the contract, non-cash consideration, and consideration payable to customers. The company determines the
transaction price including the variable consideration at an amount that does not exceed the amount that the accumulated recognized revenue is unlikely to be significantly reversed when the relevant uncertainties are eliminated. If there is a
significant financing component in the contract, the company determines the transaction price based on the amount payable in cash when the customer obtains the control of the goods or services, and uses the actual interest rate method to
amortize the difference between the transaction price and the contract consideration during the contract period. the difference. If one of the following conditions is met, the performance obligation shall be performed within a certain period of
time, otherwise, the performance obligation shall be performed at a certain point in time: ÿ The customer obtains and consumes the economic benefits brought about by the company's performance at the same time as the company's performance
of the contract. ÿThe customer can control the goods under construction during the company's performance. ÿThe goods produced by the company during the performance of the contract have irreplaceable uses, and the company has the right
to collect payment for the performance part that has been completed so far during the entire contract period. For performance obligations fulfilled within a certain period of time, the company recognizes revenue according to the progress of the
performance within that period of time, except that the progress of the performance of the contract cannot be reasonably determined. The company considers the nature of the goods or services and adopts the output method or input method to
determine the performance progress. When the performance progress cannot be reasonably determined, and the incurred costs are expected to be compensated, the company shall recognize the revenue according to the incurred cost amount
until the performance progress can be reasonably determined. For performance obligations fulfilled at a certain point in time, the company recognizes revenue at the point in time when the customer obtains control over the relevant goods or
services. The specific accounting policies related to the main activities of the company to obtain income are described as follows: The contract between the company and the customer includes the promise of express service, warehousing and
distribution revenue, and material sales. For express delivery service, warehousing and distribution income, and material sales, the Company regards them as individual performance obligations. Express service, warehousing and distribution
income, and material sales are recognized as the transfer of control when the customer signs or accepts, and the income of this single performance obligation is recognized.
(1) Express service income: the main business of the company is express service. The business model of express delivery is divided into collection (responsible for the franchisee), sorting, operation and delivery (this
The company entrusts franchisees to be responsible for) four links. According to the principle of revenue recognition, the subject matter of express delivery is delivered to the recipient and the receipt is confirmed to confirm the realization of revenue.
(2) Warehouse distribution income: Warehouse distribution business is divided into two links: warehousing and distribution. Warehousing link: the company signs a warehouse and distribution integration contract with the customer, provides
a certain area of warehouse for the customer to use and provides basic management services. Revenue is recognized after warehousing-related services are provided. Distribution link: The company signs a warehouse and distribution
integration contract with customers to provide services such as order processing, loading and unloading services, and posting barcodes and anti-counterfeiting codes. According to the principle of revenue recognition, revenue is recognized
(3) Revenue from sales of materials: Materials mainly refer to express envelopes, packages, etc. According to the principle of revenue recognition, the realization of revenue is recognized after the materials are delivered to customers and checked and accepted.
Government subsidies refer to the monetary assets or non-monetary assets obtained by the company from the government free of charge (but not including the capital invested by the government as the owner). If the government subsidy is a
monetary asset, it shall be measured according to the amount received or receivable. If the government subsidy is a non-monetary asset, it shall be measured at its fair value; if the fair value cannot be reliably obtained, it shall be measured at its
nominal amount. Government subsidies related to daily activities are included in other income according to the nature of economic business. Government subsidies not related to daily activities are included in non-operating income. Government
documents clearly stipulate that government subsidies used for purchase and construction or form long-term assets in other ways are recognized as government subsidies related to assets. government documents not
If the object of the subsidy is clearly specified, and if it can form long-term assets, the part of the government subsidy corresponding to the value of the asset shall be regarded as a government subsidy related
to assets, and the rest shall be regarded as a government subsidy related to income; related government grants. Government grants related to assets are recognized as deferred income. The amount recognized
as deferred income shall be included in the current profit and loss by stages in a reasonable and systematic manner within the useful life of the relevant assets. Government grants other than government
grants related to assets are recognized as government grants related to income. If the government subsidy related to income is used to compensate the relevant expenses or losses of the enterprise in the
future period, it shall be recognized as deferred income, and shall be included in the current profit and loss during the period when the relevant expenses are confirmed; , directly included in the current profit
and loss. The company obtains policy-based preferential loan interest discounts, and the finance department allocates the discount funds to the lending bank. If the loan bank provides loans to the company
at policy-based preferential interest rates, the actual received loan amount is used as the entry value of the loan, and the loan principal Calculate the relevant borrowing costs with the policy preferential interest
rate; if the finance directly allocates the interest discount funds to the company, the company will offset the corresponding discount interest against the relevant borrowing costs. (2) Timing of government
subsidy confirmation
Government subsidies are confirmed when the conditions attached to the government subsidies are met and can be received. The government subsidy measured according to the receivable amount shall be
confirmed at the end of the period when there is conclusive evidence that the relevant conditions stipulated in the financial support policy can be met and the financial support funds are expected to be
received. Government grants other than government grants measured at receivable amounts are recognized when the grants are actually received.
(1) According to the difference between the book value of assets and liabilities and their tax basis (if the tax basis of items not recognized as assets and liabilities can be determined according to the tax law,
the tax basis is determined as the difference), according to the expected Deferred income tax assets or deferred income tax liabilities are calculated and recognized at the applicable tax rate during the period
when the asset is recovered or the liability is paid off. (2) The recognition of deferred income tax assets is limited to the amount of taxable income that is likely to be obtained to offset the deductible temporary
difference. On the balance sheet date, if there is conclusive evidence that sufficient taxable income is likely to be obtained in the future period to offset the deductible temporary difference, the deferred
income tax assets not recognized in the previous accounting period shall be confirmed. If it is unlikely to obtain enough taxable income to offset the deferred income tax assets in the future period, the book
(3) For taxable temporary differences related to investments in subsidiaries and associates, deferred income tax liabilities are recognized, unless the company can control the timing of the reversal of the
temporary difference and the temporary difference is likely to disappear in the foreseeable future. will turn back. For the deductible temporary difference related to the investment in subsidiaries and associates,
when the temporary difference is likely to be reversed in the foreseeable future and the taxable income used to offset the deductible temporary difference is likely to be obtained in the future When the amount
According to the Ministry of Finance and the State Administration of Work Safety issued the "Notice on Printing and Distributing the Management Measures for the Acquisition and Use of Enterprise Safety
Production Expenses" (Cai Qi [2012] No. 16) on February 14, 2012, some subsidiaries of the Group operate For the "general freight business", it is necessary to accrue safety production expenses based on 1%
of the freight income of the general freight business in the previous year. 0.5% Accrual of production safety expenses. Safety production expenses are included in the current profit and loss when they are
withdrawn, and are also included in the "special reserve" item. When the withdrawn safety production expenses are used within the prescribed scope, they are all expense expenditures and are directly offset
applicable
Contents and reasons for changes in accounting policies approval procedure Remark
The Ministry of Finance issued the revised Accounting Standards for Business Enterprises No. 21 – Leases in
December 2018. The company will implement it from January 1, 2021. For contracts that existed before the date of The company held the second meeting of the fifth
initial implementation, the company chooses not to reassess whether they are leases or contain leases. Based on board of directors on April 28, 2021 to review and
the cumulative impact of the first implementation, the company adjusts the retained earnings at the beginning of the approve the "Proposal on Changes in Accounting Policies"
year of the first implementation and the amount of other related items in the financial statements, and does not adjust the information for the comparable period.
On the date of initial implementation, the company made the following adjustments due
to the implementation of the new lease standards: For operating leases before the date of initial implementation, the Group discounted the remaining lease payments at the
lessee’s incremental borrowing rate on the date of initial implementation. The lease liability is measured at present value and the right-of-use asset is measured for each lease
at an amount equal to the lease liability, adjusted as necessary for prepaid rent. (2) Changes in important accounting estimates ÿApplicable ÿNot applicable
sheet
unit: yuan
Current assets:
Settlement provisions
bill receivable
Receivables Financing
Premiums receivable
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dividend receivable
contract assets
Non-current assets:
Debt investment
investment property
Development expenditure
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Current liabilities:
Borrowing funds
Notes payable
Dividends payable
Non-current liabilities:
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Perpetual bonds
Long-term payables
Owners' equity:
Perpetual bonds
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Adjustment Description
unit: yuan
Current assets:
bill receivable
accounts receivable
Receivables Financing
dividend receivable
contract assets
Non-current assets:
Debt investment
Long-term receivables
investment property
Construction in progress
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Development expenditure
Goodwill
Current liabilities:
short-term loan
Notes payable
advance payment
contract liabilities
Dividends payable
Non-current liabilities:
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Perpetual bonds
lease liability
Long-term payables
Estimated liabilities
Deferred income
Owners' equity:
Perpetual bonds
Special reserves
Adjustment Description
(4) Explanation on the retrospective adjustment of the comparative data in the previous period when the new lease standard is implemented for the first time in 2021
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6. Taxes
1. Main tax categories and tax rates
Urban maintenance and construction tax Levy according to the actual payment of turnover tax 1%ÿ5%ÿ7%
If there are taxpayers with different corporate income tax rates, the disclosure statement
Yunnan Zichun Logistics Co., Ltd., Chongqing Shenrui Transportation Service Co., Ltd., STO Express Co., Ltd. Guilin Transit Station, STO
15%
Express Co., Ltd. Liuzhou Branch, STO Express Co., Ltd. Nanning Branch, STO Express Co., Ltd. Kunming Branch [Note 2]
Anhui Shentong Express Co., Ltd., Shanghai Shendong Culture Media Co., Ltd., Dangshan Shenxue Cold Chain Warehousing and Logistics Co., Ltd., Hebei Shentong
Tong Express Co., Ltd., Jiangxi Shentong Express Co., Ltd., Shandong Shenbang Express Co., Ltd., Hangzhou Shenxue Technology Co., Ltd.,
Shanghai Qiandian Hounong E-Commerce Co., Ltd., Inner Mongolia Manan Express Service Co., Ltd., Guizhou Deze Express Co., Ltd., Beijing
Ruihao Management Consulting Co., Ltd., Hunan Deze Logistics Co., Ltd., Guangxi Deze Shentong Express Co., Ltd., Changzhou Zhiwang
Logistics Co., Ltd., Shanghai Miaogui Intelligent Technology Co., Ltd., Yancheng Shentong Deze Express Co., Ltd., Tianjin Deze Logistics Ltd.,
Sichuan Zichun Logistics Co., Ltd., Hengyang Deze Logistics Co., Ltd., Lanzhou Deze Logistics Co., Ltd., Taizhou Deze Logistics Co., Ltd., Inner
Mongolia Deze Logistics Co., Ltd., Changshu Deze Logistics Co., Ltd., Bengbu Zichun Logistics Co., Ltd. Company, Jieyang Deze Logistics Co., Ltd.
20%
Company, Hebei Shenrui Transportation Service Co., Ltd., Anhui Shenrui Transportation Service Co., Ltd., Henan Shenrui Transportation Service Co., Ltd.,
Jiangxi Shenrui Transportation Service Co., Ltd., Sichuan Shenrui Transportation Service Co., Ltd., Hunan Shenrui Transportation Service Co., Ltd., Shandong Shenrui Transportation Service Co., Ltd.
Rui Transportation Service Co., Ltd., Shenzhen Shenrui Transportation Service Co., Ltd., Dongguan Shenrui Transportation Service Co., Ltd., Beijing Shenruiyun
Transportation Service Co., Ltd., Zhejiang Chenrui Transportation Co., Ltd. Jinhua Branch, Tianjin Shenrui Transportation Service Co., Ltd., Shaanxi Shenruiyun
Transportation Service Co., Ltd., Guangdong Shenrui Transportation Service Co., Ltd. Nanping Branch, Luohe Runli Transportation Co., Ltd., Jianyang Shenruiyun
Transportation Service Co., Ltd., Shanghai Shentong Cenda Supply Chain Management Co., Ltd., Shanghai Qingke Logistics Co., Ltd., Shijiazhuang Deze Logistics
2. Tax incentives
[Note 1]: On October 8, 2019, Shanghai Shenxue Supply Chain Management Co., Ltd. After passing the high-tech enterprise certification, the
validity period of the certification is 3 years, so the company enjoys a tax preference of 15% from 2019 to 2021, and the actual income tax rate
in 2021 is 15%.
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[Note 2]: The main business of these enterprises is "domestic express delivery (except postal enterprise franchise business); warehousing services (except dangerous chemicals), loading and unloading
services (except high-altitude operations)", in line with the "Industrial Structure Adjustment Guidance Catalog (2019 Yearbook)” stipulates that the business complies with Article 35 “Post Industry” of the
Catalog Encouraged Category, Item 6 “The construction of express processing facilities such as express sorting centers, transshipment centers, distribution centers, and processing hubs in cities, regions
and regions "The specified content. It is a state-encouraged industrial project, which is in line with the preferential policy of enterprise income tax for the development of the western region, and the
enterprise income tax is levied at a reduced tax rate of 15%. [Note 3]: These enterprises are all small low-profit enterprises. For the part of the income not exceeding 1 million yuan, 25% of the taxable
income shall be included in the taxable income, and the enterprise income tax shall be paid at the tax rate of 20%; 50% is included in the taxable income, and the corporate income tax is paid at a rate of
20%.
1. Monetary funds
unit: yuan
Other notes:
The balance of other monetary funds at the end of the year was 29,605,910.20 yuan, including Alipay account funds of 28,935,763.28 yuan, securities account funds of 58,609.89 yuan, WeChat account
funds of 105,182.02 yuan, and other account funds of 506,355.01 yuan. Note: At the end of the current period, there were no monetary funds with restricted use rights. At the end of the period, the time
in:
other instructions:
Note: Wealth management products mainly refer to the purchase of closed-end net value RMB wealth management products and structured deposits, and the balance at the end of the period is listed in net value.
3. Accounts receivable
unit: yuan
category Book balance Bad debt provision Book balance Bad debt provision
Book value Book value
the amount Proportion Amount accrual ratio the amount Proportion Amount accrual ratio
provision for bad debts is 10,006,444.63 1.09% 10,006,444.63 100.00% 0.00 352.43 0.00% 352.43 100.00% 0.00
made individually
Accounts receivable
with provision for bad 909,437,262.29 98.91% 58,718,871.91 6.46% 850,718,390.38 1,030,999,808.19 100.00% 73,245,777.39 7.10% 957,754,030.80
debts by group
Combination 1: Express
727,799,641.01 79.15% 49,579,200.42 6.81% 678,220,440.59 908,758,269.62 88.13% 60,619,916.27 6.67% 848,138,353.35
delivery industry
Combination 2: Non-
181,637,621.28 19.76% 9,139,671.49 5.03% 172,497,949.79 122,241,538.57 11.87% 12,625,861.12 10.33% 109,615,677.45
express industry
total 919,443,706.92 100.00% 68,725,316.54 7.47% 850,718,390.38 1,031,000,160.62 100.00% 73,246,129.82 7.10% 957,754,030.80
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unit: yuan
Ending balance
name
Book balance Bad debt provision Accrual ratio Provision reason
unit: yuan
Ending balance
name
Book balance Bad debt provision Accrual ratio
combination: The company refers to the historical credit loss experience, combines the current situation and the forecast of the future economic situation, and compiles the comparison table of the aging of accounts
receivable and the expected credit loss rate of the entire duration to calculate the expected credit loss. Provision for Bad Debts by Portfolio: Non-Express Delivery Industry
unit: yuan
Ending balance
name
Book balance Bad debt provision Accrual ratio
The company refers to the historical credit loss experience, combines the current situation and the forecast of the future economic situation, and prepares the aging of accounts receivable and the expected credit of the entire duration.
Using the loss rate comparison table, calculate the expected credit loss.
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Disclosure by age
unit: yuan
1 to 2 years 70,895,867.93
2 to 3 years 9,823,141.34
3 to 4 years 750,729.66
total 919,443,706.92
(2) Provision for bad debts accrued, recovered or reversed in the current period
unit: yuan
unit: yuan
Unit: Yuan
customer one payment 29,195,160.63 Hard to recover The resolution of the board meeting
-- -- -- --
total 29,195,160.63
(4) Accounts receivable of the top five ending balances collected by debtors
unit: yuan
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(5) Amount of assets and liabilities formed by transfer of accounts receivable and continued involvement
none
4. Advance payment
unit: yuan
Ending balance Opening Balance
aging
the amount Proportion the amount Proportion
total 245,994,337.48
--
158,457,267.65
--
(2) Prepayments of the top five end-of-period balances collected by prepayment objects
company name Ending balance Proportion to the total ending balance of prepayments (%)
5. Other receivables
unit: yuan
interest receivable
dividend receivable
other receivables
unit: yuan
deposit 5,179,109.57
unit: yuan
—— —— —— ——
January 1, 2021 balance in current period
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Disclosure by age
unit: yuan
1 to 2 years 55,071,474.04
2 to 3 years 23,148,440.36
3 to 4 years 7,886,678.91
4 to 5 years 9,197,849.66
5+ years 2,860,983.21
total 186,222,336.25
(3) Provision for bad debts accrued, recovered or reversed in the current period
unit: yuan
Amount of change in the current period
Provision for bad debts 11,326,616.40 13,329,129.13 1,581,951.90 10,000.00 500.00 23,063,293.63
unit: yuan
project Write-off amount
(5) Other receivables among the top five ending balances collected by debtors
unit: yuan
total --
44,632,509.36
--
21.34% 2,231,625.47
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None (8) Amount of assets and liabilities formed by transfer of other receivables and continued involvement
6.
Inventory
unit: yuan
Book balance decline or contract Book value Book balance decline or contract Book value
unit: yuan
8. Long-term receivables
unit: yuan
Book balance Book value of provision for bad debts Book value of provision for bad debts Book balance Book value of provision for bad debts
Kuaibao (Shanghai)
5,000,000.00 5,000,000.00
Network Technology Co., Ltd.
none
(3) The amount of assets and liabilities formed by the transfer of long-term receivables and continued involvement
none
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EXPRESS
CO.,LTD.
STO
Express
STO
Co.,
Ltd.
1. Joint venture
2. Joint venture
Shanghai Excellence
899,128.68
Aviation Service Co., Ltd.
Kuaibao (Shanghai)
Shenruida New
Energy Vehicle
Shenruida New
Ningbo Zhongzhen
Shentong Smart
51,101,140.90 -526,602.35 50,574,538.55
Transportation Investment
Zhejiang Shentong
1,155,911.39 -1,056,899.71 99,011.68
Wanma Technology Co., Ltd.
ANNUAL
REPORT
2021
Express
Annual
Report
2021
STO
total 120,145,164.57 15,198,418.22 -7,059,649.93 -88,282.28 97,798,814.14 899,128.68
unit: yuan
unit: yuan
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ProjectHousing and BuildingMachine Equipment Total transportation equipment office equipment and electronic equipment
3. Decrease in current
315,837,539.77 213,025,531.24 45,970,365.79 26,113,007.81 600,946,444.61
period
(2) Consolidation
213,758,352.22 5,828,789.27 303,912.40 2,812,835.72 222,703,889.61
reduction or other reduction
2. Accumulated depreciation
3. Decrease in current
29,230,522.88 153,514,272.29 39,610,872.98 23,920,788.61 246,276,456.76
period (1) Disposal or
scrapping
149,621,373.23 39,390,094.42 21,442,851.04 210,454,318.69
1. Opening balance
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3. Decrease in current
period
(1) Disposal or
scrapping
4. Book value
1. Ending book
2,104,750,519.26 2,540,705,086.55 932,501,759.43 84,223,544.77 5,662,180,910.01
value
2. Beginning book
2,079,749,768.53 2,152,858,804.28 824,391,194.82 96,489,307.59 5,153,489,075.22
value
None (4) Fixed assets whose title certificates have not been completed
unit: yuan
project Book value Reasons for not completing the certificate of title
total 969,405,935.16
unit: yuan
unit: yuan
Engineer material
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unit: yuan
project
Book value of provision for impairment of book balance Book value of provision for impairment of book balance
Shentong (Zhezhong) E-
E-commerce Logistics
Project
107,917,449.21 107,917,449.21 21,268,122.51 21,268,122.51
Expansion Project
6,395,447.29 6,395,447.29
Expansion Project
5,542,564.39 5,542,564.39
Project
5,438,930.03 5,438,930.03
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Nanjing Transshipment
2,419,498.89 2,419,498.89
Center Steel Platform Project
2,347,522.95 2,347,522.95
Reconstruction and Expansion Project
Park Project
Shentong (Taizhou)
Shentong (Xiaogan)
Smart Logistics E-
28,340,233.84 28,340,233.84
commerce Industrial Park
Project Phase II
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unit: yuan
EXPRESS
CO.,LTD.
STO
Express
STO
Co.,
Ltd.
Among Current
Other them: Accumulated interest of the project Capital
accounted
term interest
for the
investment
project
project Amount transferred to fixed assets progress interest
Budget Opening balance Amount of increase in the current period decrease in Ending balance capitalized accrued interest capital calculation ratio Calculated amount Sources of funds
name in the current period
current period
capitalization rate
STO
Express
Smart
259,312,600.00 4,360,397.77 124,157,973.79 28,936,893.10 99,581,478.46 54.02% 31.78% other
Logistics
Shentong
Southwest
Headquarters
Logistics
STO
(Zhezhong)
E-commerce
54,231,800.00 25,712,585.86 19,057,129.26 44,769,715.12 89.98% 100% other
Express
Operation
Base Phase II
STO Express
Jingmen
ANNUAL
REPORT
2021
Express
Annual
Report
2021
STO
Science and
STO Express
Northeast
(Shenyang) E-
commerce
Logistics
Industrial Park
and Northeast
Headquarters
Eye
STO Express
Jingjiang
205,530,000.00 21,268,122.51 86,649,326.70 107,917,449.21 57.23% 90.87% other
Phase III
Eye
Fresh Hema
growing sand
in operation
Wisdom
streaming industry
garden project
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167
China Smart
EXPRESS
CO.,LTD.
STO
Express
STO
Co.,
Ltd.
Backbone
Network
Nanning
project
STO
(Taizhou)
Smart
170,670,000.00 18,532,707.42 18,532,707.42 11.84% 10.27% other
Logistics E-
project
STO
(Xiaogan)
Smart
project two
period total
Express
Annual
Report
2021
STO
ANNUAL
REPORT
2021
none
unit: yuan
2. Accumulated depreciation
1. Opening balance
1. Opening balance
(1) Accrual
(1) Disposal
4. Closing balance
4. Book value
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unit: yuan
mergers
(1) Disposal
2. Accumulated amortization
(1) Disposal
1. Opening balance
(1) Accrual
(1) Disposal
4. Closing balance
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4. Book value
At the end of the period, intangible assets formed through the company's internal research and development accounted for 1.76% of the balance of intangible assets.
none
unit: yuan
16. Goodwill
unit: yuan
The name of the invested unit or matters increase in this period Decrease in this period
unit: yuan
Information about the asset group or combination of asset groups where the goodwill is located
A. The goodwill of the transshipment centers is composed of the acquisition of physical assets such as machinery and electronic equipment and transit business assets of 21 transshipment centers. Goodwill deduction for the year
The asset group of the value test transshipment center is consistent with the asset group determined in the goodwill impairment test of the purchase date and the previous year.
Before the acquisition in 2018, it was operated by the franchisee of the transshipment center. The franchisee of the transshipment center was responsible for the express delivery of the franchisees in the region.
The transfer fee charged by outlet franchisees is priced according to the market. As the self-owned rate of STO’s transshipment centers is getting higher and higher, the company adopts a flat management method at the beginning of 2020, and
charges transfer fees for the uniform pricing adopted by all self-owned transshipment centers (including acquisition transshipment centers), which is independent from the previous acquisition-type transshipment centers pricing
The methods are different, which will have an impact on the prediction of the future cash flow of interim income.
B. The asset group of Shanghai Shentongyi Logistics Co., Ltd. is consistent with the asset group determined on the date of purchase and the goodwill impairment test in previous years, including the composition
Fixed assets, construction in progress, intangible assets, long-term deferred expenses and other non-current assets of the asset group.
Note: Zhejiang Zhengbang Logistics Co., Ltd., Yunnan Zichun Logistics Co., Ltd., and Harbin Qirui Printing Co., Ltd. are wholly-owned subsidiaries of the company, and the goodwill value is relatively small.
At present, the operating cash flow of the above three companies is stable, and the goodwill impairment test shows that the recoverable amount of the asset group including the apportioned goodwill is not lower than its book value.
goodwill impairment test process, key parameters (such as the growth rate in the forecast period, the growth rate in the stable period, profit rate, discount rate, forecast period, etc.) and the confirmation method of goodwill impairment loss
when estimating the present value of future cash flows : ÿ Important assumptions and basis
A. Assuming that the country's current macroeconomic, financial and industrial policies do not undergo major changes;
B. Assume that there is no major change in the social and economic environment of the asset group containing goodwill and the implemented policies such as taxes and tax rates;
C. Assume that the main management team involved in the goodwill asset group has the necessary knowledge and ability to manage and operate, operate legally and compliantly, and be diligent and responsible;
D. Assuming that the main business, income and cost composition and business strategy involved in the future operating period of the asset group containing goodwill will still maintain its recent years
The state persists without major changes. It does not consider the future profits and losses that may be caused by changes in the main business conditions caused by changes in the management strategy of the client or the main management
team involved in the asset group containing goodwill, as well as changes in the business environment;
E. Assumption of orderly transactions: Refers to transactions in which relevant assets or liabilities have customary market activities during a period of time prior to the measurement date;
F. Continuing operation assumption: refers to the assumption that the asset group will continue to be used normally according to the purpose and method of use on the base date, and there will be no unforeseen factors that will prevent it from
continuing to operate;
G. Assuming that there are no other force majeure factors and unforeseen factors that will cause significant adverse effects on the enterprise after the assessment base date.
ÿ Key parameters
key parameter
At the end of the period, the company conducted an impairment test on the goodwill-related transshipment center and the asset groups of Shanghai Shentongyi Logistics Co., Ltd., firstly including
the goodwill and the goodwill attributable to minority shareholders' equity , adjust the book value of each asset group, and then compare the adjusted book value of each asset group with its
recoverable amount to determine whether each asset group (including goodwill) is impaired.
the project Transshipment center (not impaired) Transshipment center (impaired) Shanghai Shentongyi Logistics Co., Ltd.
Evaluation results of the estimated future cash flow present value (recoverable amount) of the
asset group. Express Co., Ltd. for the purpose of financial reporting goodwill impairment test involves the evaluation results of 21 acquisition-type transshipment center asset groups with
recoverable amount project asset evaluation report (Zhongshui Zhiyuan Pingbaozi [2022] No. 020036).
The present value (recoverable amount) of the estimated future cash flow of the asset group of Shanghai Shentongyi Logistics Co., Ltd. is based on the "Shentong Express Co., Ltd. Merger and Acquisition
of Shanghai Shentongyi Logistics Co., Ltd." Involved in the evaluation results of the goodwill impairment test project asset evaluation report for the purpose of financial reporting (Zhongshui Zhiyuan
unit: yuan
project Opening Balance Increased amount in the current period Amortized amount in the current period Other decreased amount Closing balance
18. Deferred income tax assets/deferred income tax liabilities (1) Deferred
unit: yuan
project
Deductible temporary difference deferred income tax assets Deductible temporary differences deferred income tax assets
unit: yuan
STO EXPRESS
CO.,LTD. 173
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(3) Deferred income tax assets or liabilities listed in net amount after offset
unit: yuan
(5) The deductible loss of unrecognized deferred income tax assets will expire in the following year
unit: yuan
2021 4,137,076.82
2026 352,979.53
unit: yuan
unit: yuan
unit: yuan
supplier four 4,198,036.11 The settlement period has not yet come
total 25,542,488.44
--
unit: yuan
none
unit: yuan
Amount and reasons for major changes in book value during the reporting period: None
unit: yuan
project Opening Balance increase in this period Decrease in this period Ending balance
unit: yuan
project Opening Balance increase in this period Decrease in this period Ending balance
STO EXPRESS
CO.,LTD. 176
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unit: yuan
project Opening Balance increase in this period Decrease in this period Ending balance
Interest payable
Dividends payable
unit: yuan
unit: yuan
supplier two 1,700,000.00 The settlement period has not yet expired
supplier three 1,650,000.00 The settlement period has not yet expired
--
total 49,820,800.00
unit: yuan
Mortgage 178,614,626.77
total 149,908,704.61
long-term loans: Mortgage loans are obtained by mortgaging fixed assets to banks during the reporting period, and the closing balance of corresponding assets is 334,188,439 yuan.
STO EXPRESS
CO.,LTD. 179
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(2) Increases and decreases in bonds payable (excluding preferred shares, perpetual bonds and other financial instruments classified as financial liabilities)
unit: yuan
Public issuance
of corporate 2020-
100.00 3 years 500,000,000.00 498,813,274.64 497,494.32 499,310,768.96
bonds in 2020 4-29
(first tranche)
Public issuance
of corporate 2020-
100.00 3 years 500,000,000.00 499,593,616.74 152,120.33 -28,301.89 499,717,435.18
bonds in 2020 10-15
(second tranche)
total -- -- --
STO EXPRESS
CO.,LTD. 180
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unit: yuan
is not applicable
unit: yuan
unit: yuan
project Opening Balance increase in this period Decrease in this period Ending balance Cause
unit: yuan
Amount included
Offset the Asset-related/
The new subsidy amount in non-operating amount included in other costs, expenses other
Opening balance of liability items and income in Ending balance Revenue-related
in this period income in the the current period changes
current period
Xiaogan City
Finance
related
Bureau 4,462,719.17 289,473.72 4,173,245.45
to assets
supports
Xiaogan City
Finance
related
Bureau 6,166,666.85 399,999.96 5,766,666.89
to assets
supports
STO EXPRESS
CO.,LTD. 181
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Zhejiang Shentong
related to
Administrative 8,815,570.70 542,496.72 8,273,073.98
assets
Building Demolition Subsidy
Project
with assets
construction 2,142,000.00 3,200,000.00 240,285.68 5,101,714.32
relevant
support incentive funds
Jinhua City
Construction
with assets
rewards for major 1,490,951.78 87,275.28 1,403,676.50
relevant
logistics projects
Special special
Refund of city
with assets
construction 615,954.70 33,294.84 582,659.86
relevant
support fee
with assets
other 821,045.62 352,050.77 468,994.85
Related
to Assets
total 56,034,541.95 3,834,684.00 3,881,028.79 55,988,197.16
unit: yuan
unit: yuan
project Opening Balance increase in this period Decrease in this period Ending balance
unit: yuan
project Opening Balance increase in this period Decrease in this period Ending balance
Other explanations, including the changes in the current period and the reasons for the
changes: The company held the thirty-sixth meeting of the fourth session of the board of directors on August 27, 2020. Implement a share repurchase plan, and the repurchased shares will be used for
equity incentive plans or employee stock ownership plans. As of January 15, 2021, the company's plan to repurchase the company's shares through a centralized bidding method through a special
unit: yuan
Total other comprehensive income -146,987,909.85 -4,559,561.75 -133,519,499.12 -46,541.53 128,986,426.04 20,052.86 -18,001,483.81
unit: yuan
project Opening Balance increase in this period Decrease in this period Ending balance
Other explanations, including the changes in the current period and the reasons for the changes:
According to the "Administrative Measures for the Acquisition and Use of Enterprise Safety Production Expenses" issued by the Ministry of Finance and the State Administration of Work Safety on February 14, 2012 (Cai
Qi [2012] No. 16 ) stipulates that the "general freight business" operated by some subsidiaries of the group shall accrue safety production expenses based on 1% of the freight income of general freight business in the
previous year, and the "dangerous goods production and storage" business of some subsidiaries of the group shall be calculated according to 0.5% of the actual operating income of the previous year shall be accrued as
safety production expenses. Safety production expenses are included in the current profit and loss when they are accrued, and are also included in the "special reserve" item. When the withdrawn safety production fee is
used within the specified scope, it will be directly offset against the special reserve.
unit: yuan
project Opening Balance increase in this period Decrease in this period Ending balance
Explanation of the surplus reserve, including the increase and decrease in the current period and the
reasons for the change: The investment in other equity instruments was derecognized in the current period, and the fair value changes of the transferred part were transferred to the retained earnings, affecting a surplus reserve of RMB 13,351,949.9
unit: yuan
Undistributed profit at the end of the previous period before adjustment 4,940,174,546.32 5,056,927,496.63
Add: Net profit attributable to owners of the parent company in the current period -909,330,033.76 36,327,266.29
unit: yuan
Amount incurred in the current period Amount incurred in the previous period
project
Is the cost income cost
lower of the net profit before and after the audited deduction of non-recurring gains and losses is
Main business 25,030,449,172.59 a negative value 24,517,658,465.85 21,369,410,793.86 20,709,006,156.76
ÿ yes ÿ no
unit: yuan
project Specific deductions for the year first year Specific deductions
—— —— —— ——
Information related to performance obligations: 1. Business income unrelated to main business
materials, sales of materials, exchange of non-monetary Deduction and main business Deduction and main business
224,327,941.21 196,643,879.88
assets with materials, operating entrusted management unrelated income unrelated income
business, etc., and income from listed companies that are included in the main business income
—— —— —— ——
2. Income without commercial substance
Amount after deduction of operating income 25,030,449,172.59 Main business income 21,369,410,793.86 Main business income
At the end of the reporting period, the amount of income corresponding to the performance obligations that have been signed but not yet fulfilled or not fully fulfilled is 905,315,478.86 yuan.
unit: yuan
project Amount incurred in the current period Amount incurred in the previous period
STO EXPRESS
CO.,LTD. 186
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unit: yuan
project Amount incurred in the current period Amount incurred in the previous period
unit: yuan
project Amount incurred in the current period Amount incurred in the previous period
STO EXPRESS
CO.,LTD. 187
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unit: yuan
project Amount incurred in the current period Amount incurred in the previous period
unit: yuan
project Amount incurred in the current period Amount incurred in the previous period
unit: yuan
other sources of income Amount incurred in the current period Amount incurred in the previous period
STO EXPRESS
CO.,LTD. 188
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unit: yuan
project Amount incurred in the current period Amount incurred in the previous period
Investment income of trading financial assets during the holding period 607,680.59
unit: yuan
Sources of income from changes in fair value Amount incurred in the current period Amount incurred in the previous period
unit: yuan
project Amount incurred in the current period Amount incurred in the previous period
unit: yuan
project Amount incurred in the current period Amount incurred in the previous period
STO EXPRESS
CO.,LTD. 189
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unit: yuan
Sources of Gains on Disposal of Assets Amount incurred in the current period Amount incurred in the previous period
Income from damage and scrapping of non-current assets 11,229.94 89,027.60 11,229.94
unit: yuan
Asset-related/
Does the subsidy affect the current year's
Types of reasons for granting subsidy projects Amount incurred in the current period Amount incurred in the previous period Revenue-related
profit and loss subsidy?
national drum
industry, industry
government support with income
subsidy the subsidy received no no 844,300.00 13,457,449.60
fund relevant
(according to national level
have to)
unit: yuan
project Amount incurred in the current period The amount incurred in the previous period included in the non-recurring profit and loss of the current period
unit: yuan
project Amount incurred in the current period Amount incurred in the previous period
unit: yuan
Impact of using deductible losses of deferred income tax assets not recognized in the previous period
The impact of deductible temporary differences or deductible losses of deferred income tax assets not recognized in the current period 65,387.76
The impact of tax rate changes on the balance of deferred income tax at the beginning of the period -348,381.83
other -573,806.98
STO EXPRESS
CO.,LTD. 191
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unit: yuan
project Amount incurred in the current period Amount incurred in the previous period
unit: yuan
project Amount incurred in the current period Amount incurred in the previous period
unit: yuan
project Amount incurred in the current period Amount incurred in the previous period
Kuaibao (Shanghai) Network Technology Co., Ltd. returned the loan 5,000,000.00
total 5,000,000.00
none
none
STO EXPRESS
CO.,LTD. 192
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unit: yuan
project Amount incurred in the current period Amount incurred in the previous period
unit: yuan
-- --
1. Reconcile net income to cash flow from operating activities:
" No
ÿ
-11,785,597.20 -900,858.00
in " )
Finance costs (receipts are denominated in " " fill in the column) 213,318,144.46 83,130,143.19
”
Decrease in deferred income tax assets (increased by
ÿ
-127,426,863.02 -61,451,779.56
")
”
Increase in deferred income tax liabilities (decrease
ÿ
25,748,279.80 225,214.50
is marked with " )
STO EXPRESS
CO.,LTD. 193
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”
Decrease in operating receivables (increased
ÿ
-203,566,264.34 -490,070,691.75
by " )
”
Increase in operating payable items (decrease is
ÿ
810,866,075.08 469,678,063.37
filled in with " )
-- --
2. Significant investment and financing activities that do not involve cash receipts and payments:
-- --
3. Net changes in cash and cash equivalents:
(2) Net cash received from disposal of subsidiaries in the current period
unit: yuan
the amount
Cash or cash equivalents received in the current period from the disposal of subsidiaries 168,500,000.00
in: --
Less: Cash and cash equivalents held by the company on the date of loss of control 123,107.94
in: --
STO EXPRESS
CO.,LTD. 194
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Add: Cash or cash equivalents received in the current period from the disposal of subsidiaries in previous periods
--
in:
unit: yuan
Interbank lending
2. Cash equivalents
3. Balance of cash and cash equivalents at the end of the period 1,654,807,078.38 2,603,664,056.59
unit: yuan
--
total 334,188,439.00
unit: yuan
project Ending foreign currency balance Conversion rate RMB balance at the end of the period
-- --
Money funds 861,574.51
STO EXPRESS
CO.,LTD. 195
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-- --
accounts receivable 69,401.20
62. Others
none
(1) Mergers of enterprises not under the same control occurred in the current period
unit: yuan
Transit
business
February 2021 February 2021
owned by 11,481,996.64 100.00% cash handover list
28th of month 28th of month
Haikou STO
Express Service Co., Ltd.
Transit
business
July 2021 July 2021
owned by 14,927,738.89 100.00% cash handover list
15th of month 15th of month
Xinjiang
STO EXPRESS
CO.,LTD. 196
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unit: yuan
Transit business owned by Haikou STO Express Service Transit business owned by Xinjiang Jiangnan Shentong
merger cost
Co., Ltd. Logistics Co., Ltd.
Less: Fair value share of identifiable net assets acquired 1,226,247.62 1,956,327.93
The amount by which goodwill/combination costs are less than the fair
10,255,749.02 12,971,410.96
value share of identifiable net assets acquired
(3) The identifiable assets and liabilities of the acquiree on the date of purchase
unit: yuan
Transit business owned by Haikou STO Express Service Co., Ltd. Transit business owned by Xinjiang Jiangnan STO Logistics Co., Ltd.
Acquisition date fair value Book value at date of purchase Acquisition date fair value Book value at date of purchase
assets:
Liabilities:
Methods for determining the fair value of identifiable assets and liabilities:
The value shall be determined after adjusting the depreciation during the delivery transition period according to the cost method of the third-party evaluation agency.
none
(1) Business combination under the same control occurred in the current period
none
none
(3) The book value of the assets and liabilities of the merged party on the merger date
none
3. Reverse purchase
none
STO EXPRESS
CO.,LTD. 197
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4. Disposal of subsidiaries
The disposal price and the disposal investment are based on the fair price. The date of loss of control and the consolidated financial value
corresponding toremaining
the loss of
equity
control
method
investment.
of the
ofatomic
theAtremaining
the
company’s
reporting
equity
shares.
level
thatatenjoys
The
the right
date
theof
time
fair
remeasurement
point,
value of
thethe
determination
remaining
of the
equity property rights of the sub-equity and other comprehensive income remaining equity is based on the company's net asset share. and the amount of the
main assumptions
Subsidiary Equity disposal Equity time of loss of
Equity disposal price
name ratio Disposal Method control
STO EXPRESS
CO.,LTD. 198
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Explain the changes in the scope of consolidation caused by other reasons (such as the establishment of new subsidiaries, liquidation of
subsidiaries, etc.) and related situations: On November 27, 2021, Dalian Ruisheng Loading and Unloading Service Co., Ltd. was
deregistered and will no longer be included in the scope of consolidation. On January 13, 2021, STO Express Co., Ltd. funded and established Changshu Deze Logistics Co., Ltd. with a
registered capital of 150 million yuan. The group holds 100% of the shares in total and has been included in the scope of consolidation since the date of establishment. On July 23, 2021,
Shanghai Suiqin Industrial Co., Ltd. was established by Shentong Express Co., Ltd. with a registered capital of 90 million yuan. The group holds 100% of the shares and has been
included in the scope of consolidation since the date of establishment. On June 25, 2021, Jieyang Deze Logistics Co., Ltd. was established by Shentong Express Co., Ltd. with a
registered capital of 50 million yuan. The group holds 100% of the shares in total and has been included in the scope of consolidation since the date of establishment. On March 22,
2021, Bengbu Zichun Logistics Co., Ltd. was established by STO Express Co., Ltd. with a registered capital of 30 million yuan. The group holds 100% of the shares and has been included
in the scope of consolidation since the date of establishment. On November 17, 2021, STO Express Co., Ltd. established Tonglu Changsheng Human Resources Co., Ltd. with a registered
capital of 5 million yuan. The group holds 100% of the shares and has been included in the scope of consolidation since the date of establishment. On November 4, 2021, STO Express
Co., Ltd. funded and established Wuhu Mingbai Human Resources Co., Ltd. with a registered capital of 5 million yuan. The group holds a total of 100% of the shares and has been
included in the scope of consolidation since the date of establishment. On July 1, 2021, Shanghai Qingke Logistics Co., Ltd. was established by Shentong Express Co., Ltd. with a
registered capital of 5 million yuan. The group holds a total of 100% of the shares and has been included in the scope of consolidation since the date of establishment. On September
15, 2021, Hangzhou Shenrui Express Service Co., Ltd. established Jianyang Shenrui Transportation Service Co., Ltd. with a registered capital of 5 million yuan. The group holds 100% of
the shares and has been included in the scope of consolidation since the date of establishment. On April 6, 2021, Hangzhou Shenrui Express Service Co., Ltd. invested and established
Luohe Runli Transportation Co., Ltd. with a registered capital of 5 million yuan. The group holds 100% of the shares in total and has been included in the scope of consolidation since
1. Interests in subsidiaries
(1) Composition of enterprise groups
STO Express Co., Ltd. Shanghai Qingpu Shanghai Qingpu Express 100.00% reverse purchase
Shanghai Changtong Logistics Co., Ltd. Shanghai Qingpu Shanghai Qingpu Logistics 100.00% Merged under the same control
Zhejiang STO Express Co., Ltd. Xiaoshan, Zhejiang Xiaoshan, Zhejiang Express, Freight 100.00% Merged under the same control
Zhejiang Shentong Ruisheng Express Co., Ltd. Zhejiang Xiaoshan Zhejiang Xiaoshan Express, Freight 100.00% established
Zhejiang Shentong Ruide Express Co., Ltd. Zhejiang Ningbo Zhejiang Ningbo freight forwarding and warehousing services 100.00% established
Zhejiang Shentong Ruifeng Express Co., Ltd. Zhejiang Wenzhou Zhejiang Wenzhou Freight Forwarding and Freight Forwarding 100.00% established
Hubei Shentong Industrial Investment Co., Ltd. Hubei Xiaogan Project Investment in Hubei Xiaogan 100.00% established
STO EXPRESS
CO.,LTD. 199
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Shaanxi UBS STO Express Co., Ltd. Xi'an, Xi'an, Xi'an, Shaanxi Express, loading and unloading services 100.00% established
STO EXPRESS KOREA CO.,LTD South Korea Korean express, freight 66.00% established
Liaoning UBS Shentong Express Co., Ltd. Liaoning Shenyang Liaoning Shenyang Express and Logistics 100.00% established
Advertising design,
Shanghai Shendong Culture Media Co., Ltd. Shanghai Qingpu Shanghai Qingpu 100.00% established
production, agency, release
Hebei UBS STO Express Co., Ltd. Handan, Hebei, Handan, Hebei, domestic express delivery project preparations 100.00% established
Sichuan UBS STO Express Co., Ltd. Chengdu, Sichuan Express, warehousing services 100.00% established
Shandong Shenbang Express Co., Ltd. Shandong Weifang Shandong Weifang Express 100.00% established
Anhui STO Express Co., Ltd. Hefei, Anhui Hefei, Anhui Express, warehousing services 100.00% established
Jiangxi Shentong Express Co., Ltd. Nanchang, Jiangxi Nanchang, Jiangxi Express, freight, warehousing 100.00% established
Jiangsu Ruide Express Co., Ltd. Jiangyin, JiangsuJiangsuJiangyinExpress and warehousing services 100.00% established
Henan UBS STO Express Co., Ltd. Henan Zhengzhou Henan Zhengzhou Express and warehousing services 100.00% established
Shijiazhuang, Shijiazhuang,
Hebei Shentong Express Co., Ltd. Express, warehousing services 100.00% established
Hebei Hebei
Dangshan Shenxue Cold Chain Warehousing and Logistics Supply chain management, dedicated
Suzhou, Anhui Suzhou, Anhui 73.00% established
Co., Ltd. transportation of goods, transportation agency
Hangzhou Shenxue Technology Co., Ltd. Zhejiang Hangzhou Zhejiang Hangzhou Technology development and technical service 100.00% established
STO EXPRESS
CO.,LTD. 200
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Hangzhou Shenrui Express Service Co., Ltd. Zhejiang Tonglu Zhejiang Tonglu Express, Freight 100.00% established
Zhejiang Chenrui Transportation Co., Ltd. Zhejiang Hangzhou Zhejiang Hangzhou Freight and car rental 100.00% established
Sichuan Shenrui Transportation Service Co., Ltd. Chengdu, Sichuan Freight and car rental 100.00% established
Chongqing Shenrui Transportation Service Co., Ltd. Chongqing Banan Chongqing Banan Freight and car rental 100.00% established
Shandong Shenrui Transportation Service Co., Ltd. Jinan, Shandong Jinan, Shandong Freight and car rental 100.00% established
Beijing Shenrui Transportation Service Co., Ltd. Beijing Shunyi Beijing Shunyi Freight and car rental 100.00% established
Liaoning Shenrui Transportation Service Co., Ltd. Liaoning Panjin Liaoning Panjin Freight and car rental 100.00% established
Anhui Shenrui Transportation Service Co., Ltd. Anhui Hefei Anhui Hefei Freight and Car Rental 100.00% established
Jiangxi Shenrui Transportation Service Co., Ltd. Jiangxi Nanchang Jiangxi Nanchang Freight and car rental 100.00% established
Jiangsu Shenrui Transportation Service Co., Ltd. Jiangsu Jiangyin Jiangsu Jiangyin Freight and Car Rental 100.00% established
Hunan Shenrui Transportation Service Co., Ltd. Hunan Changsha Hunan Changsha Freight and Car Rental 100.00% established
Hubei Shenrui Transportation Service Co., Ltd. Hubei Wuhan Hubei Wuhan Freight and car rental 100.00% established
Henan Shenrui Transportation Service Co., Ltd. Henan Zhengzhou Henan Zhengzhou Freight and car rental 100.00% established
Shijiazhuang, Shijiazhuang,
Hebei Shenrui Transportation Service Co., Ltd. Freight, car rental 100.00% established
Hebei Hebei
Guangdong Shenrui Transportation Service Co., Ltd. Guangdong Guangzhou Guangdong Guangzhou Express, Freight, Automobile 100.00% established
Shenzhen Shenrui Transportation Service Co., Ltd. Shenzhen, Guangdong, Shenzhen, Freight, Car Rental 100.00% established
Dongguan Shenrui Transportation Service Co., Ltd. Guangdong Dongguan Guangdong Dongguan Freight and car rental 100.00% established
Fujian Shenrui Transportation Service Co., Ltd. Quanzhou, Fujian Quanzhou Freight, Car Rental 100.00% established
Chongqing Ruizhong Express Co., Ltd. Chongqing Express, warehousing services in Chongqing 100.00% established
Beijing Ruihao Management Consulting Co., Ltd. Beijing Beijing Consulting Services 100.00% established
Guangxi Deze Shentong Express Co., Ltd. Guangxi Guangxi express and warehousing services 100.00% established
Intelligence, information
Shanghai Meow Cabinet Intelligent Technology Co., Ltd. Shanghai Shanghai 100.00% established
technology, computer, big data technology
Liaoning Ruide STO Express Co., Ltd. Shenyang, Liaoning, Shenyang, Liaoning Express, warehousing services 100.00% established
Guangdong Deze Shentong Express Co., Ltd. Guangdong Guangzhou Guangdong Guangzhou Warehousing Industry 100.00% established
STO EXPRESS
CO.,LTD. 201
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Guizhou Deze Express Co., Ltd. Guizhou Longli Guizhou Longli Express and Warehousing Services 100.00% established
Hunan Deze Logistics Co., Ltd. Changsha, Hunan, Changsha, Hunan Express, warehousing services 100.00% established
Fujian Ruifeng Express Co., Ltd. Fujian JinjiangFujian JinjiangExpress and warehousing services 100.00% established
Jingmen Deze Express Co., Ltd. Hubei Jingzhou Hubei Jingzhou express delivery and warehousing services 100.00% established
Shanghai Baili Logistics Co., Ltd. ShanghaiShanghai express delivery and warehousing services 100.00% established
Yancheng STO Deze Express Co., Ltd. Jiangsu Yancheng Jiangsu Yancheng Express and warehousing services 100.00% established
Shanghai Shenche Supply Chain Management Co., Ltd. Shanghai Shanghai Supply Chain Management 100.00% set up
Tianjin Deze Logistics Co., Ltd. Tianjin Tianjin express and warehousing services 100.00% established
Sichuan Zichun Logistics Co., Ltd. Domestic express delivery in Sichuan Province, Sichuan Province 100.00% established
Changsha Shentong Supply Chain Management Co., Ltd. Hunan Province Supply Chain Management and Service in Hunan Province 100.00% established
Hengyang Deze Logistics Co., Ltd. Hunan Province Warehousing Industry in Hunan Province 100.00% established
Guangzhou Zengcheng Deze Logistics Co., Ltd. Domestic cargo transportation agency in Guangdong Province, Guangdong Province 100.00% established
Gongzhuling Deze Logistics Co., Ltd. Road Freight Transportation in Jilin Province, Jilin Province 100.00% established
Lanzhou Deze Logistics Co., Ltd. Gansu Province Gansu Province General Cargo Road Transportation 100.00% established
Tianjin Shenrui Transportation Service Co., Ltd. Tianjin Tianjin Freight and Car Rental 100.00% established
Shaanxi Shenrui Transportation Service Co., Ltd. Shaanxi Province Shaanxi Province Freight and Car Rental 100.00% established
Taizhou Deze Logistics Co., Ltd. Jiangsu Province, Jiangsu Province, Road Freight Transport 100.00% established
Zhejiang Deze Logistics Co., Ltd. Road Freight Transportation in Zhejiang Province, Zhejiang Province 100.00% established
Changshu Deze Logistics Co., Ltd. Road Transport Industry of Jiangsu Province, Jiangsu Province 100.00% established
Shanghai Suiqin Industrial Co., Ltd. Shanghai Shanghai Handling and Warehousing Industry 100.00% established
Shijiazhuang Deze Logistics Co., Ltd. Road Transportation Industry of Hebei Province, Hebei Province 100.00% established
Bengbu Zichun Logistics Co., Ltd. Anhui Province Road Transport Industry of Anhui Province 100.00% established
Tonglu Changsheng Human Resources Co., Ltd. Zhejiang Province Business Service Industry in Zhejiang Province 100.00% established
Wuhu Mingbai Human Resources Co., Ltd. Anhui Province Anhui Province Business Service Industry 100.00% established
Shanghai Qingke Logistics Co., Ltd. Shanghai Road Transportation Industry in Shanghai 100.00% established
Jianyang Shenrui Transportation Service Co., Ltd. Sichuan Province Sichuan Province Road Transportation Industry 100.00% established
Luohe Runli Transportation Co., Ltd. Road Transportation Industry of Henan Province, Henan Province 100.00% established
STO EXPRESS
CO.,LTD. 202
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None (4) Significant restrictions on using enterprise group assets and repaying enterprise group debts
None (5) Financial support or other support provided to structured entities included in the scope of consolidated financial statements
none
2. The owner's equity share in the subsidiary has changed and the transaction of the subsidiary is still controlled
none
Shareholding ratio
Joint venture or associate Accounting treatment for investments
Main place of business registration business nature
company name in joint ventures or associates
direct indirect
Shanghai Excellence
Shanghai Shanghai Air Passenger Sales Agent 16.67% Equity method
Aviation Service Co., Ltd.
Smart Transportation Ningbo, Zhejiang Zhejiang Ningbo Fund Investment 49.95% equity law
none
unit: yuan
Closing balance/Amount incurred in the current period Opening balance/ Amount incurred in the previous period
Bee Net Investment Co., Ltd. Bee Net Investment Co., Ltd.
Non-current liabilities
Adjustments
-- Goodwill
-- other
fair value
unit: yuan
Closing balance/Amount incurred in the current period Opening balance/ Amount incurred in the previous period
-- --
Associated Enterprises:
-- --
The total of the following items calculated according to the shareholding ratio
(5) Explanation that there are significant restrictions on the ability of joint ventures or associates to transfer funds to the company
none
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none
5. Interests in structured entities not included in the scope of consolidated financial statements
none
6. Others
none
The Company faces various financial risks in the course of operation: credit risk, market risk and liquidity risk. The company's overall risk management plan is aimed at gold
Due to the unpredictability of the financial market, we strive to reduce the potential adverse impact on the company's financial performance. The management policy for this risk is as follows:
The company's bank deposits are mainly deposited in state-owned banks and medium and large banks with high credit ratings. The company believes that these banks have relatively high reputation and asset status.
In this case, there is a relatively low credit risk, and there will not be any major losses caused by the breach of contract by the counterparty.
In terms of accounts receivable, the company only deals with approved and reputable third parties, so no collateral is required. Credit risk concentrations are managed by customer (counterparty), geographic
region and industry. For receivables from non-related parties, the company will set up relevant policies to control credit risk exposure and determine
Pay close attention to their credit and recovery status. For customers with bad credit and recovery records, the company will use methods such as dunning, shortening the credit period or canceling the credit period.
In order to ensure that the Group's overall credit risk is within a controllable range. The company's accounts receivable customer base is widely dispersed in different departments and industries.
The management of the company does not believe that any major losses will be caused by the non-performance of the above parties.
The market risk of financial instruments refers to the risk of fluctuations in the fair value or future cash flow of financial instruments due to changes in market prices, including exchange rate risk,
Interest rate risk refers to the risk of fluctuations in the fair value of financial instruments or future cash flows due to changes in market interest rates. The company's interest rate risk arises from
Interest-bearing debts such as short-term loans, long-term loans, and bonds payable. Financial liabilities with floating rates expose the Company to cash flow interest rate risk, while financial liabilities with fixed rates
Financial liabilities expose the Company to fair value interest rate risk. The company determines the relative proportion of fixed-rate and floating-rate contracts according to the prevailing market environment.
As of December 31, 2021, the company held 550,000,000.00 yuan of short-term loans and 178,614,626.77 yuan of long-term loans priced at floating rates, and the rest of the short-term loans and bonds payable
were interest-bearing debts priced at fixed rates (December 31, 2020 : 699,102,480.00 yuan). The financial department of the company's headquarters continuously monitors the interest rate level of the group. A
rise in interest rates will increase the cost of new interest-bearing debts and the company's unpaid floating
Interest expenses on interest-bearing debts that bear interest and have a material adverse impact on the company's financial performance, the management will base on the latest market conditions and
These adjustments may be the arrangement of interest rate swaps to reduce interest rate risk.
On December 31, 2021, if the borrowing rate calculated at a floating rate increases or decreases by 50 basis points, while other factors remain unchanged, the Company
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The pre-tax profit of will decrease or increase by 8,411,598.56 yuan (December 31, 2020: 3,048,192.10 yuan).
Exchange rate risk refers to the risk of fluctuations in the fair value of financial instruments or future cash flows due to changes in foreign exchange rates. The company's main operations are located
in mainland China, and the main business is settled in RMB. Some operations are located in Hong Kong, South Korea, Singapore, Europe and other countries/regions, and are settled in US dollars
and Korean won respectively. The financial department of the Group's headquarters is responsible for monitoring the scale of the company's foreign currency transactions and foreign currency
The exchange rate risk faced by the Company mainly comes from bank deposits and financial assets denominated in US dollars and Korean won. The amounts of foreign currency financial assets and
foreign currency financial liabilities converted into RMB are listed as follows:
project
Dollar won total Dollar won total
monetary assets:
Financial liabilities:
On December 31, 2021, with all other variables held constant, if the RMB depreciates or appreciates by 10% against the US dollar and Korean won,
the company will increase or decrease owner's equity by 8,563,945.84 (December 31, 2020: 9,030,251.79 Yuan). The management believes that 10%
reasonably reflects the reasonable range of possible changes in RMB against USD and KRW in the next year.
The Company holds equity investments in other companies, and the management believes that the market price risks faced by these investment activities are acceptable.
Liquidity risk refers to the risk of shortage of funds when an enterprise fulfills its obligations for settlement by delivery of cash or other financial assets. It is the Company's policy to ensure that it has sufficient
cash to meet debt obligations as they fall due. Liquidity risk is centrally controlled by the Company's financial department. The financial department ensures that the company has sufficient funds to repay
debts under all reasonable forecasts by monitoring cash balances, marketable securities that can be realized at any time, and rolling forecasts of cash flows for the next 12 months.
unit: yuan
project The first level of fair The second level of fair The third level of fair
total
value measurement value measurement value measurement
-- -- -- --
1. Continuous fair value measurement
-- -- -- --
2. Non-continuous fair value measurement
2. The basis for determining the market price of continuous and non-continuous first-level fair value measurement items
none
3. Continuous and non-continuous third-level fair value measurement items, valuation techniques used and qualitative and quantitative information on important parameters
——
Tradable Financial Assets - Wealth Management Products 2,482,485,597.20 Taking the net value of the product as the estimated value of the fair value——
—— ——
CainiaoSmartLogisticsNetwork 196,014,041.35 Cost as fair value estimate
—— ——
Zhejiang Yizhan Network Technology Co., Ltd. 100,000,000.00 Cost as fair value estimate
—— ——
Zhongdatong Smart Logistics (Shanghai) Co., Ltd. 30,000,000.00 Cost as fair value estimate
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—— ——
Hangzhou Xiniao Logistics Technology Co., Ltd. 62,850,000.00 Cost as fair value estimate
—— ——
Shanghai Punan STO Express Co., Ltd. 100,000.00 Cost as fair value estimate
—— ——
Shanghai Minhang Shentong Express Co., Ltd. 20,000.00 Cost as fair value estimate
—— ——
Shanghai Fengxian STO Express Co., Ltd. 20,000.00 Cost as fair value estimate
—— ——
Central Shanghai STO Express Co., Ltd. 20,000.00 Cost as fair value estimate
—— ——
Shanghai Jiading STO Express Co., Ltd. 18,000.00 Cost as fair value estimate
—— ——
Shanghai Wujiaochang STO Express Co., Ltd. 10,000.00 Cost as fair value estimate
—— ——
Shanghai Zhabei STO Express Co., Ltd. 10,000.00 Cost as fair value estimate
—— ——
Shanghai Songjiang West STO Express Co., Ltd. 10,000.00 Cost as fair value estimate
—— ——
Shanghai Hongde STO Express Service Co., Ltd. 10,000.00 Cost as fair value estimate
—— ——
Shanghai Putuo STO Express Co., Ltd. 5,000.00 At cost as fair value estimate
—— ——
Shanghai Qingyuan Shentong Express Co., Ltd. 5,000.00 At cost as fair value estimate
—— ——
Shanghai Jinshan Shentong Express Co., Ltd. 5,000.00 At cost as fair value estimate
—— ——
Kuaibao (Shanghai) Network Technology Co., Ltd. 1,675,495.07 Cost as fair value estimate
Note: The above-mentioned equity held by the company has no public quotation in the relevant market information and insufficient fair value information, so the cost is used as the best estimated value of the fair value at the end of the period.
The ultimate controllers of the enterprise are Chen Dejun and Chen Xiaoying.
other instructions:
The ultimate controllers of the company are Chen Dejun and Chen Xiaoying, whose combined shareholding and voting rights are 35.84%.
For the details of the subsidiaries of the company, please refer to Note 9, Equity in Other Entities.
For details of the important joint ventures or associates of the enterprise, please refer to Note 9, Interests in Other Entities.
The situation of other joint ventures or associates that had related party transactions with the company in the current period, or had balances with the company in the previous period is as follows:
Ningbo Zhongzhen Shentong Smart Transportation Investment Partnership (Limited Partnership) joint venture
Name of other related parties Relationship between other related parties and the company
Liang wave note [3] Deputy General Manager and Chief Financial Officer
Chen Haijian Former Director, Deputy General Manager and Chief Financial Officer
Hangzhou Cainiao Supply Chain Management Co., Ltd. Other related legal persons
Zhejiang Cainiao Supply Chain Management Co., Ltd. Other related legal persons
Hangzhou Xiniao Logistics Technology Co., Ltd. Other related legal persons
Zhejiang Yizhan Network Technology Co., Ltd. Other related legal persons
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Shanghai Fengyun Network Technology Co., Ltd. Other related legal persons
Zhejiang Mengmengchun Information Technology Co., Ltd. Other related legal persons
Shanghai Hema Network Technology Co., Ltd. Other related legal persons
Zhejiang Weitao Logistics Technology Co., Ltd. Other related legal persons
Alibaba (China) Network Technology Co., Ltd. Other related legal persons
Zhejiang Alibaba Communication Technology Co., Ltd. Other related legal persons
Zhejiang Xinyi Supply Chain Management Co., Ltd. Other related legal persons
Shenyang Chuanyun Internet of Things Technology Co., Ltd. Other related legal persons
Guangzhou Chuanyun Internet of Things Technology Co., Ltd. Other related legal persons
Zhengzhou Chuanxiang Internet of Things Technology Co., Ltd. Other related legal persons
Shanghai Kuaicang Automation Technology Co., Ltd. Other related legal persons
Kuaibao (Shanghai) Network Technology Co., Ltd. Other related legal persons in the previous year
Shanghai Tongdi Yiyou Network Technology Co., Ltd. Other related legal persons in the previous year
On February 1, 2021, Mr. Chen Xiangyang, the former director and general manager of the company, resigned due to general election. At the first meeting of the fifth board of directors, Mr. Wang Wenbin was appointed as the general manager
of the company to be fully responsible for the operation and management of the company. The term of office is three years from February 1, 2021 to January 31, 2024. Note [2]: On January 15, 2021, the company convened the twenty-seventh
meeting of the fourth board of supervisors to review and approve the "Proposal on Re-election of the Board of Supervisors and the Election of Non-employee Representative Supervisors of the Fifth Board of Supervisors" Note [3]: 2021 In
July 2009, the company's board of directors received the resignation report submitted by Mr. Chen Haijian, the company's director, deputy general manager and financial director. Mr. Chen Haijian applied to resign from the company's director,
deputy general manager and financial director due to personal reasons. At the fifth meeting of the fifth board of directors, Mr. Liang Bo was appointed as the company's deputy general manager and chief financial officer for a term of three
years from July 28, 2021 to January 31, 2024. Note [4]: On February 1, 2021, the company held the first meeting of the fifth board of directors, reviewed and approved the "Proposal on Appointment of Deputy General Manager", and agreed to
appoint Mr. Han Yongyan as the company's deputy general manager. Note [5]: The fifth meeting of the fifth session of the board of directors on July 28, 2021 agreed to appoint Mr. Guo Lin as the secretary of the company's board of directors.
5. Related transactions
(1) Affiliated transactions of purchase and sale of goods, provision and acceptance of labor services
unit: yuan
limit is exceeded
Zhejiang Cainiao Supply Chain Management Co., Ltd. Information Technology Services 175,016,788.81 196,300,000.00 No
Zhejiang Cainiao Supply Chain Management Co., Ltd. Logistics Warehousing Services 22,476,215.44 22,000,000.00 is
Merchandise Sales of Zhejiang Cainiao Supply Chain Management Co., Ltd. 16,092,980.53 152,400,000.00 No
Kuaibao (Shanghai) Network Technology Co., Ltd. Information Technology Services 553,463.60
unit: yuan
Related party Related transaction content Amount incurred in the current period Amount incurred in the previous period
Kuaibao (Shanghai) Network Technology Co., Ltd. Note [1] Delivery Service 488,085,870.37 662,162,479.53
Hangzhou Cainiao Supply Chain Management Co., Ltd. Logistics warehousing service 714,835,723.25
Zhejiang Cainiao Supply Chain Management Co., Ltd. Note [2] Delivery Service 287,638,018.01
Zhejiang Mengmengchun Information Technology Co., Ltd. Logistics warehousing service 15,309,878.36
Shanghai Hema Network Technology Co., Ltd. Logistics warehousing service 10,891,783.53
Zhejiang Weitao Logistics Technology Co., Ltd. Logistics warehousing service 274,119,964.88
Alibaba (China) Network Technology Co., Ltd. Logistics warehousing service 197,308.00
and receiving services [1]: Shanghai Tongdi Yiyou Network Technology Co., Ltd. is controlled by Kuaibao (Shanghai) Network Technology Co., Ltd., and the related transactions have been merged in Kuaibao (Shanghai) Network
Technology Co., Ltd. in the company. Note [2]: Hangzhou Xiniao Logistics Technology Co., Ltd., Zhejiang Yizhan Network Technology Co., Ltd., Zhejiang Xinyi Supply Chain Management Co., Ltd., Shenzhen Disifang Express
Co., Ltd., Shenyang Chuanyun Internet of Things Technology Co., Ltd., Guangzhou Chuanyun Internet of Things Technology Co., Ltd. and Zhengzhou Chuanxiang Internet of Things Technology Co., Ltd. are controlled by Zhejiang
Cainiao Supply Chain Management Co., Ltd., and the related transactions have been merged into Zhejiang Cainiao Supply Chain Management Co., Ltd.
unit: yuan
project Amount incurred in the current period Amount incurred in the previous period
none
unit: yuan
Kuaibao (Shanghai)
Long-term receivables 5,000,000.00
Network Technology Co., Ltd.
Kuaibao (Shanghai)
accounts receivable 289,023.93 14,451.20
Network Technology Co., Ltd.
Zhejiang Alibaba
accounts receivable 211,908,302.58 10,595,415.13
Communication Technology Co., Ltd.
Zhejiang Mengmengchun
other receivables 3,000,000.00 150,000.00
Information Technology Co., Ltd.
unit: yuan
project name Related party Closing book balance Opening book balance
accounts payable Kuaibao (Shanghai) Network Technology Co., Ltd. 50,000.00 6,382,122.71
accounts payable Zhejiang Cainiao Supply Chain Management Co., Ltd. 52,896,813.32
Other payables Kuaibao (Shanghai) Network Technology Co., Ltd. 100,000.00 100,000.00
Other payables Zhejiang Cainiao Supply Chain Management Co., Ltd. 332,000.00
advance payment Hangzhou Cainiao Supply Chain Management Co., Ltd. 641,698.68
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(2) Contingencies
ÿ Shanghai Titanium Metal Technology Co., Ltd. (the lessor) filed a lawsuit with the People’s Court of Jiading District, Shanghai due to lease matters, requiring Shanghai Peikang Supply Chain
Management Co., Ltd. (sublessor) and its subsidiary Shanghai Changtong Logistics Co., Ltd. to pay rent , Liquidated damages, etc. Subsidiary Shanghai Changtong Logistics Co., Ltd. filed a counterclaim.
On December 31, 2021, the Shanghai Jiading District People's Court (2020) Hu 0114 Min Chu No. 25809 Civil Judgment ruled that the subsidiary Shanghai Changtong Logistics Co., Ltd. should pay
Shanghai Titanium Star Metal Technology Co., Ltd. The limited company owns 3.56 million yuan in usage fees and restoration costs.
ÿ Lu Jianjun and other 11 natural persons submitted a labor and personnel dispute to the Guangzhou Baiyun District Labor and Personnel Dispute Arbitration Commission for arbitration, requesting to confirm the dispute with the son-in-law
Guangdong Shenrui Transportation Service Co., Ltd. paid a total of 2.67 million yuan for related labor costs.
ÿ Shibeicheng filed a lawsuit with the People's Court of Nanxun District, Huzhou City, requiring Zhang Xianhai and its subsidiary Hangzhou Shenrui Express Service Co., Ltd. Rui Express Service Co.,
ÿ Lin Hong filed a lawsuit with the People's Court of Jiangnan District, Nanning City, Guangxi Zhuang Autonomous Region due to a dispute over liability for a motor vehicle traffic accident, demanding
that STO Express Co., Ltd., Nanning Branch and Weng Quanhe (an employee of the affiliated outlet) pay 2.15 million yuan in compensation for traffic accidents. Nanning Branch of STO Express Co., Ltd.
has been awarded compensation by the People's Court of Jiangnan District, Nanning City, Guangxi Zhuang Autonomous Region (2020) Gui 0105 Min Chu No. 6312 Civil Judgment, and the Nanning
Intermediate People's Court of Guangxi Zhuang Autonomous Region (2021) Gui 01 Min Zhong No. 4590 Civil Judgment , STO Express Co., Ltd. is responsible for supplementary compensation. STO
Express Co., Ltd. and Nanning Branch have applied to the Higher People's Court of Guangxi Zhuang Autonomous Region for retrial.
ÿ Anhui Baiqianwan E-Commerce Co., Ltd. filed a lawsuit with the Kunming Railway Transportation Court due to express transportation matters, requesting the Kunming branch of STO Express Co., Ltd.
The company, Shentong Express Co., Ltd. and Kunming Liexin Express Co., Ltd. compensated direct and indirect losses totaling 2.52 million yuan.
The above litigation company accrued estimated liabilities of RMB 10,732,800. (2) Other litigation matters
There were 111 other lawsuits in which the company and subsidiaries were defendants or third parties, with a lawsuit amount of 38.0054 million yuan. The company estimated according to the specific
situation and provided estimated liabilities of 9.0328 million yuan. The company was the plaintiff in 3 lawsuits, with a litigation amount of 699,500 yuan.
2. If the company has no important contingencies that need to be disclosed, it should also be explained
(3) Others
none
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none
2. Profit distribution
According to the twelfth meeting of the fifth board of directors held on April 29, 2022, the company will not distribute profits in 2021.
3. Sales return
none
(1) On January 7, 2022, the company received the Notice of Response from the People's Court of Zhoucun District, Zibo City, "Case No.: (2022) Lu 0306 Min Chu No. 81", "Case No.: (2022) Lu 0306 Min Chu Chu 82", Zibo
Huachuang Freight Forwarding Co., Ltd. on December 27, 2021 and January 2022 respectively
Filed a lawsuit with the People's Court of Zhoucun District, Zibo City on March 3, suing STO Express Co., Ltd. and STO Express Co., Ltd. Zibo Branch for compensation including bills
6 major lawsuits, including the return of fines and equity acquisition, amounted to a total of more than 79 million yuan. Based on the content of the case and the existing evidence, the two parties in dispute have relatively
large disputes over the basic facts described in the two cases, including large differences in relevant written materials, and the final result is yet to be heard and judged by the court.
(2) Except for the above-mentioned matters, as of the reporting date of the financial statements, the Company has no major post-balance sheet events that need to be disclosed.
none
2. Debt restructuring
none
3. Asset replacement
none
4. Annuity plan
none
5. Termination of operation
none
6. Branch information
The company determines the reporting segments based on its internal organizational structure, management requirements, and internal reporting system. The company determines the reporting segment based on the industry segment.
According to the common use of the company's face sheets, transportation vehicles, etc., the company has not yet been able to accurately divide the operating assets and liabilities directly attributable to a certain segment.
The Company's operating businesses are not divided into operating segments.
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215
unit: yuan
EXPRESS
CO.,LTD.
STO
Express
STO
Co.,
Ltd.
Project South China Region East China Central China North China Region Northeast Region Southwest Region Overseas regions of the Northwest Region total
Intersegment elimination
I. Operating
7,433,239,989.04 10,680,398,232.15 2,485,312,502.52 2,328,238,527.87 889,288,532.82 1,095,570,753.41 339,856,023.62 2,872,552.37 25,254,777,113.80
income
2. Operating
5,884,789,373.90 7,998,100,483.37 3,298,703,125.57 2,936,582,318.17 1,573,889,590.09 2,136,437,793.72 836,279,576.25 2,261,807.00 24,667,044,068.07
costs
3.
Investment
4. Credit
impairment -765,012.11 -23,567,598.05 718,601.43 28,511.42 352,681.17 46,862.22 -25,975,248.54 -419,317.61 -49,580,520.07
losses
V. Asset
6.
Depreciation 375,892,502.34 525,352,359.56 160,629,567.91 141,108,099.35 67,159,765.63 92,271,601.94 37,314,707.37 36,679.84 1,399,765,283.94
and amortization
7. Total
-268,628,924.23 -375,112,590.02 -114,792,787.19 -100,841,907.45 -47,995,252.58 -65,941,249.19 -26,666,692.31 -352,979.47 -1,000,332,382.44
profit
8. Income
9. Net profit
-244,758,645.69 -341,748,842.04 -104,592,337.58 -91,881,128.46 -43,730,410.10 -60,081,731.31 -24,297,098.73 -352,979.47 -911,443,173.38
X. Total
5,039,659,067.22 6,846,970,019.91 2,153,589,798.51 1,891,861,923.07 900,423,178.76 1,237,102,130.10 500,285,060.62 197,016,278.59 18,766,907,456.78
Assets
ANNUAL
REPORT
2021
Express
Annual
Report
2021
STO
XI. Total
Liabilities 2,924,355,138.45 3,975,673,009.11 1,249,660,207.05 1,097,787,779.33 522,487,159.24 717,851,331.35 290,299,634.99 111,729,978.37 10,889,844,237.89
none
8. Others
STO Express Co., Ltd. (hereinafter referred to as the "Company", "the Company") received a report from Shanghai Deyin Investment Holdings Co., Ltd. (hereinafter
referred to as "Deyin Investment"), the actual controllers Chen Dejun and Chen Xiaoying on September 24, 2021. Notice: (1) Deyin Investment and Mr. Chen Dejun
signed the "Shanghai Gongzhirun Industrial Development Co., Ltd. Equity Transfer Agreement" (hereinafter referred to as the "Equity Transfer Agreement"); (2) Deyin
Investment, the actual controller and Alibaba ( China) Network Technology Co., Ltd. (hereinafter referred to as "Ali Network") signed the "Second Amended and
Restated Share Option Agreement" (hereinafter referred to as the "New "Share Option Agreement"). According to the "Equity Transfer Agreement", Deyin Investment
transferred 100% of the equity held by Shanghai Gongzhirun Industrial Development Co., Ltd. (hereinafter referred to as "Gongzhirun") to Mr. Chen Dejun. After this
equity change, Chen Dejun and Chen Xiaoying can The proportion of shares of listed companies actually controlled and the number of shares have not changed. It still
holds 548,632,769 shares of STO Express, with a shareholding ratio of 35.84%. This time, it is only an equity transfer between entities under the same actual control.
According to the new "Share Option Agreement", Deyin Investment and the company's actual controller grant Ali Networks or its designated third party share options
to purchase: (1) Shanghai Derun II Industrial Development Co., Ltd. (hereinafter referred to as "Derun II") ) 100% equity interest or 4.9% of the shares of the listed
company held by Derun II (subject to compliance with applicable Chinese laws, as the case may be); and (2) 100% equity interest in Gongzhirun or the then held Some
16.1% of shares in listed companies (subject to compliance with applicable Chinese laws, as the case may be). The equity/share transfer under the new "Share Option
Agreement" has not yet taken place, and there is still great uncertainty about whether Alibaba Network will exercise its rights in the future and the proportion of rights
to be exercised. Therefore, the signing of the new "Share Option Agreement" will not have a major adverse impact on the company's normal production and operation,
nor will it have a major adverse impact on the company's internal governance and standardized operations. The signing of the "Equity Transfer Agreement" and the
performance of the transactions under it will not lead to a change in the company's control. The actual controller of the company may change.
XVII. Notes to the main items of the financial statements of the parent company
1. Other receivables
unit: yuan
interest receivable
dividend receivable
other receivables
unit: yuan
reserve fund
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unit: yuan
Expected credit Expected credit Expected credit
Bad debt provision losses for the next 12 months in the losses throughout the duration of the second losses throughout the duration of the third stage total
first stage stage (no credit impairment occurs) (credit impairment has occurred)
in this issue
Disclosure by age
unit: yuan
1 to 2 years 1,525,730,363.38
2 to 3 years 47,500.00
total 2,815,070,199.36
(3) Bad debt provision accrued, recovered or reversed in the current period The
unit: yuan
none
(5) Other receivables among the top five ending balances collected by debtors
unit: yuan
customer one current account 2,083,066,059.65 Within 1 year, 1-2 years 74.00%
-- --
total 2,801,524,480.73 99.52%
None (8) Amount of assets and liabilities formed by transfer of other receivables and continued involvement
none
unit: yuan
Investment in associates
50,673,550.23 50,673,550.23 62,572,630.33 62,572,630.33
and joint ventures
unit: yuan
Closing balance of
The beginning balance of the invested unit (book value) Provision for Ending balance (book value)
provision for impairment
Additional investment Decrease investment other
impairment
limited company
company
unit: yuan
Closing
Declare to
Beginning balance (additional issue other accrued cash dividends,
balance of depreciation (book valuereserve
value of investment units at book value) Investment
Investment gains and losses recognized dividends for equity
reduce investment impairment or changes in reserve
profits other value) Closing balance
under the equity method
1. Joint venture
2. Joint venture
Shenruida
New
Energy
Vehicle
Technology
Co., Ltd.
10,315,578.04 6,105,925.69 -4,209,652.35 0.00
(formerly:
Shanghai
Shenruida
New
Energy
Ningbo
Zhongzhen
Shentong
Smart
51,101,140.90 -526,602.35 50,574,538.55
Zhejiang
Shentong
1,155,911.39 -1,056,899.71 99,011.68
Wanma
unit: yuan
Amount incurred in the current period Amount incurred in the previous period
project
income cost income cost
At the end of the reporting period, the amount of revenue corresponding to the performance obligations that have been signed but have not been fulfilled or have not been fully fulfilled is RMB 0.00.
4. Investment income
unit: yuan
project Amount incurred in the current period Amount incurred in the previous period
unit: yuan
The amount incurred in the current period is mainly the loss from the disposal of non-
Gain or loss on disposal of non-current assets -17,731,858.36
current assets
Government subsidies included in the current profit and loss (except for government
subsidies that are closely related to the company's normal business operations,
25,206,587.88
comply with national policies and regulations, and are continuously enjoyed in
The amount incurred in the current period is mainly the investment income generated by
Profit and loss from entrusting others to invest or manage assets 74,456,299.57
wealth management products
normal business operations, gains and losses from changes in fair value
The amount incurred in the current period is mainly the fair value
arising from holding transactional financial assets and transactional financial 11,785,597.20
change profit and loss of financial assets held for trading
liabilities, and acquisitions from the disposal of transactional financial
assets and transactional financial liabilities and available-for-sale financial assets investment income
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The amount incurred in the current period is mainly the estimated liabilities
Other non-operating income and expenses other than those listed above -46,467,763.02
accrued for pending litigation matters
--
total 33,616,963.07
Net profit attributable to ordinary shareholders of the company -10.96% -0.60 -0.60
(1) Differences in net profit and net assets in financial reports disclosed in accordance with both international accounting standards and Chinese accounting
standards ÿ Applicable ÿ Not applicable (2) Net profit in financial reports disclosed in accordance with foreign accounting standards and Chinese accounting
standards Differences between net assets and net assets ÿ Applicable ÿ Not applicable (3) Explanation of the reasons for the differences in accounting data
under domestic and foreign accounting standards. If the difference adjustment is made to the data that has been audited by overseas audit institutions, the
overseas
name of institution
none
4. Others
none
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