Stock Code: 002468 Stock Abbreviation: STO Express Listing Venue: Shenzhen Stock Exchange
[Chart: STO Express Logo]
Regarding the Reply to the Audit Inquiry Letter on the Application of STO Express Co., Ltd. for Issuance of Convertible Corporate Bonds to Unspecified Targets (Revised Draft)
Sponsor (Lead Underwriter)
[Chart: CITIC Securities Logo]
(North Building, Excellence Times Plaza (Phase II), No. 8 Central Third Road, Futian District, Shenzhen, Guangdong Province)
July 2026
Shenzhen Stock Exchange:
We have received your "Audit Inquiry Letter Regarding the Application of STO Express Co., Ltd. for Issuance of Convertible Corporate Bonds to Unspecified Targets" (hereinafter referred to as the "Inquiry Letter") issued on June 17, 2026. STO Express Co., Ltd. (hereinafter referred to as "STO Express," "the Issuer," or "the Company"), together with CITIC Securities Co., Ltd. (hereinafter referred to as "the Sponsor"), Beijing King & Wood Mallesons (hereinafter referred to as "Issuer's Counsel"), and Deloitte Touche Tohmatsu Certified Public Accountants LLP (hereinafter referred to as "Reporting Accountants") and other relevant parties, have implemented and verified the issues listed in the Inquiry Letter one by one. The response to the Inquiry Letter is hereby submitted for your review.
Explanation on the interpretation, format, and supplementary updated disclosure of the reply content:
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Unless otherwise specified, the abbreviations or terms used in this reply are consistent with the "Prospectus for the 2026 Issuance of Convertible Corporate Bonds to Unspecified Targets of STO Express Co., Ltd. (Declaration Draft)";
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If the mantissa of the total sum in this reply does not match the sum of the listed values, it is due to rounding;
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The fonts in this reply represent the following meanings:
Bold: Questions listed in the Inquiry Letter
Song typeface: Replies to the questions listed in the Inquiry Letter
Bold Italics: Supplementary disclosure or revisions to the "Prospectus"
Supplementary disclosures have been made in the Prospectus regarding the content requested in the Inquiry Letter. Considering the completeness of the replies in the Inquiry Letter, there are overlapping contents in the replies to different questions. Therefore, when making supplementary disclosures in the Prospectus, we have considered the context and readability of the Prospectus, appropriately merged and abbreviated the repeated content, and re-arranged it according to the numbering in the Prospectus.
Table of Contents
Table of Contents 2
Question 1 3
Question 2 40
Question 3 91
Other Issues 92
Question 1
The declaration materials show that the total amount of funds to be raised in this issuance does not exceed 3 billion RMB, of which 2.1367015 billion RMB will be invested in the "Smart Logistics Equipment Upgrade Project" and 863.2985 million RMB will be invested in the "Trunk Line Capacity Network Improvement Project," with a total planned investment of 4.7509238 billion RMB. The "Smart Logistics Equipment Upgrade Project" mainly involves purchasing various smart logistics conveying equipment, automated sorting equipment, and other supporting equipment to improve the processing efficiency of express sorting and transfer operations at transfer centers and the digital intelligence level of warehousing operations. The "Trunk Line Capacity Network Improvement Project" mainly involves purchasing trunk line transport tractor units, including new energy vehicles, and trailers to improve transport vehicle load factors, reduce transport costs, and improve transport efficiency.
The impact of the new fixed asset investment from the fund-raising project on the company's operating performance is mainly reflected in the depreciation expenses of the new fixed assets, which are mainly machinery and equipment and transport equipment.