Lisa Li's questions to ZTO Express (Cayman) Inc (ZTO) leadership • Q2 2025
Question
Lisa Li from Equitable Securities asked about the broader impact of parcel price increases on the e-commerce industry's volume growth and how the government might balance industry growth with price stability.
Answer
CFO Huiping Yan clarified that the recent trend is a 'return to sensibility' that targets extreme, below-cost pricing rather than a broad price hike. She argued the impact on most merchants is minimal and that the move is intended to protect the interests of delivery outlets and couriers. Ms. Yan reiterated her belief that the industry's future depends on sustainable growth driven by service quality and differentiation, not by price wars that do not create long-term value.