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    Amy Han

    Research Analyst at Citigroup Inc.

    No verifiable public professional profile is available for Amy Han as an analyst at Citigroup Inc., and no evidence of her covering specific companies, holding notable analyst rankings, or possessing industry credentials at Citigroup could be found. There are no accessible listings of her current or past roles in equity research or as an analyst at major financial data providers. Without authorized platform profiles or professional recognitions, it is not possible to provide a comprehensive or metrics-driven summary for Amy Han in this capacity.

    Amy Han's questions to ZTO Express (Cayman) (ZTO) leadership

    Amy Han's questions to ZTO Express (Cayman) (ZTO) leadership • Q1 2025

    Question

    Amy Han questioned the Q1 progress of ZTO's 'direct linkage' initiative and its expected contribution to cost savings for franchisees and the entire value chain this year. She also asked for expectations regarding parcel volume for the upcoming June 18 shopping festival, whether price competition might ease, and the potential for further industry-wide ASP declines.

    Answer

    CFO Huiping Yan, translating for Chairman Meisong Lai, explained that the 'direct linkage' initiative is a critical focus aimed at reducing last-mile costs and increasing outlet earnings, estimating it could generate CNY 4 billion in annual cost savings for network partners. She emphasized that ensuring partner profitability is crucial for network stability amid intense competition. Yan acknowledged that the entire industry is under pressure from price declines and a changing parcel mix. She reiterated ZTO's full-year guidance, stressing the company will remain flexible on pricing to support its network for long-term, normalized growth.

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