ZTO Express (Cayman) (ZTO) Company Report

Analyst Coverage

Research analysts who have asked questions during ZTO Express (Cayman) earnings calls.

Qianlei Fan

Morgan Stanley

6 questions for ZTO

Ronald Keung

Goldman Sachs

5 questions for ZTO

Also covers: BABA, JD, VIPS +1 more

Aaron Luo

UBS Group AG

3 questions for ZTO

Aaron Wu

UBS Group AG

1 question for ZTO

Amy Han

Citigroup Inc.

1 question for ZTO

Lanyue Zheng

Guotai Junan Securities

1 question for ZTO

Lin Mujin

CITIC Securities

1 question for ZTO

Lisa Li

Equitable Securities

1 question for ZTO

Lu Jiang

Haitong International Securities Group Limited

1 question for ZTO

Wu Jinlin

Citic Securities

1 question for ZTO

Latest news

Recent press releases and 8-K filings for ZTO.

ZTO Express Holds 2026 National Network Conference, Reports 2025 Parcel Volume

ZTO

Guidance Update

New Projects/Investments

ZTO Express held its 2026 National Network Conference on January 20, 2026, at its Shanghai headquarters, where it reviewed 2025 performance and outlined key priorities for 2026.
In 2025, ZTO achieved a full-year parcel volume of 38.52 billion parcels, representing a 13.3% year-over-year increase, and maintained its industry-leading position for the tenth consecutive year.
The company's platform reverse logistics business also registered doubled growth in 2025.
For 2026, ZTO's key tasks include focusing on operational safety, service enhancement, network optimization, and efficiency improvement, aiming to promote development through quality.
The company noted that the express delivery industry is transitioning from high quantity to a combination of quantity plus quality and from pure express delivery towards integrated logistics.

7 days ago

6-K

ZTO Express Holds 2026 National Network Conference, Reviews 2025 Performance and Sets 2026 Priorities

ZTO

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

ZTO Express held its National Network Conference on January 20, 2026, to review its 2025 performance and outline key priorities for 2026.
In 2025, ZTO achieved a full-year parcel volume of 38.52 billion parcels, representing a 13.3% year-over-year increase, and maintained its leading industry position in business scale for the tenth consecutive year.
The company noted that industry pricing stabilized and recovered in 2025 due to government policies, and its platform reverse logistics business registered doubled growth.
For 2026, ZTO will focus on operational safety, service enhancement, network optimization, and efficiency improvement, aiming to promote development through quality and stimulate vitality through optimization.

7 days ago

Press Release

ZTO Express Reports Share Repurchase and Cancellation in December 2025

ZTO

Share Buyback

Debt Issuance

ZTO Express (Cayman) Inc. reported a decrease of 8,940,321 Class A ordinary shares for the month ended December 31, 2025, primarily due to the cancellation of repurchased shares.
These 8,940,321 Class A ordinary shares were repurchased from the New York Stock Exchange during September, October, and November 2025 and formally cancelled on December 24, 2025.
As of December 31, 2025, the company had USD 1,000,000,000 in Convertible Senior Notes Due 2027, which could lead to the issuance of 617,112 Class A ordinary shares.

Jan 5, 2026, 11:11 AM

6-K

ZTO Express (Cayman) Inc. announces acquisition of Zhejiang Xinglian

ZTO

M&A

New Projects/Investments

ZTO Express (Cayman) Inc., through its consolidated affiliated entity ZTO Aviation, entered into an agreement on November 28, 2025, to acquire 100% equity interest in Zhejiang Xinglian from ZTO Yun Leng.
The total consideration for the acquisition is RMB178,000,000.
Zhejiang Xinglian, established in 2018, is principally engaged in air freight services.
This acquisition is expected to enhance the Group's end-to-end domestic and international air logistics capabilities and strengthen overall competitiveness in air freight services.
The consideration was determined with reference to an appraised value of RMB179,000,000 for Zhejiang Xinglian as of September 30, 2025, based on a valuation report using the market approach.

Dec 1, 2025, 9:05 PM

6-K

ZTO Express (Cayman) Inc. Reports Latest Share Repurchase Activity

ZTO

Share Buyback

ZTO Express (Cayman) Inc. filed a Next Day Disclosure Return on November 21, 2025, detailing recent share repurchase activities.
On November 20, 2025, the company repurchased 46,196 American Depository Shares (ADSs) on the New York Stock Exchange at a highest price of USD 18.99 per share, for an aggregate of USD 877,211.22.
These repurchased shares are designated for cancellation.
As of November 20, 2025, the company has repurchased a total of 8,940,321 shares under the current mandate, representing 1.1113% of its issued shares as of the June 17, 2025, mandate date.
A moratorium on new share issues or sales/transfers of treasury shares is in effect until December 20, 2025.

Nov 21, 2025, 11:05 AM

6-K

ZTO Express Reports Q3 2025 Results with Revenue Growth and Revised Guidance

ZTO

Earnings

Guidance Update

Demand Weakening

ZTO Express (Cayman) Inc. reported Q3 2025 revenues of RMB11,864.7 million, an 11.1% increase year-over-year, with net income growing 6.7% to RMB2,538.7 million.
Parcel volume increased by 9.8% to 9,573 million in Q3 2025.
Gross profit, however, decreased by 11.4% to RMB2,956.0 million, and adjusted EBITDA declined by 4.2% to RMB3,582.5 million.
The company revised its full-year 2025 parcel volume guidance downwards to a range of 38.2 billion to 38.7 billion parcels, representing 12.3% to 13.8% year-over-year growth.

Nov 20, 2025, 11:02 AM

6-K

ZTO Announces Q3 2025 Results with Volume Growth and Adjusted Net Income Increase

ZTO

Earnings

Guidance Update

Demand Weakening

ZTO reported Q3 2025 parcel volume of 9.57 billion parcels, marking a 9.8% year-over-year growth.
For Q3 2025, total revenue increased 11.1% to RMB 11.9 billion, and adjusted net income rose 5% to RMB 2.51 billion.
Gross profit for Q3 2025 decreased 11.4% to RMB 3 billion, with the gross margin rate dropping 6.3 percentage points to 24.9%.
The combined unit cost of sorting and transportation decreased by 5 cents year-on-year in Q3 2025.
ZTO adjusted its annual volume guidance for 2025 to a range of 38.2 billion - 38.7 billion parcels, representing 12.3% - 13.8% year-over-year growth.

Nov 20, 2025, 12:30 AM

Transcript

ZTO Express Announces Q3 2025 Financial and Operational Highlights

ZTO

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

ZTO Express reported Q3 2025 parcel volume of 9,573 million, marking a 10% year-over-year growth.
Total revenue for Q3 2025 reached RMB 11,865 million, an 11% increase year-over-year.
The company's unit economics for Q3 2025 included a Non-GAAP Operating Profit of RMB 0.25 per unit and Non-GAAP Adjusted Net Income of RMB 0.21 per unit.
As of Q3 2025, ZTO Express maintained a significant operational scale with 100,000+ multi-functional last-mile posts and 761 automated sorting lines in service.

Nov 20, 2025, 12:30 AM

Presentation

ZTO Reports Q3 2025 Results and Adjusts Annual Volume Guidance

ZTO

Earnings

Guidance Update

Demand Weakening

ZTO's parcel volume increased by 9.8% year-over-year to 9.6 billion parcels in Q3 2025, with total revenue rising 11.1% to RMB 11.9 billion. Adjusted net income grew 5% to RMB 2.5 billion.
Gross profit decreased 11.4% to RMB 3 billion, and the gross margin rate dropped 6.3 percentage points to 24.9%. However, the combined unit cost of sorting and transportation decreased by 7.7% or 5 cents year-on-year.
The company adjusted its annual volume guidance for 2025 to a range of 38.2 billion-38.7 billion parcels, representing a year-over-year growth of 12.3%-13.8%. The industry's volume growth for next year (2026) is expected to stabilize around 10%.
The express delivery industry is undergoing a strategic shift from high volume growth to high-quality development, influenced by government anti-involution policies that have led to price stabilization and impacted low-margin parcels. ZTO is focusing on enhancing service quality, deepening last-mile capabilities, and improving cost efficiency to maintain its competitive position.

Nov 20, 2025, 12:30 AM

Transcript

ZTO Express Announces Q3 2025 Results

ZTO

Earnings

New Projects/Investments

ZTO Express reported a parcel volume of 9,573 million in Q3 2025, representing a 10% year-over-year increase.
Total revenue for Q3 2025 reached 11,865 million RMB, an 11% increase compared to the previous year.
The company's net profit for Q3 2025 was 2,539 million RMB, growing 7% year-over-year, with a net profit margin of 21.4%.
ZTO Express expanded its operational efficiency by increasing its automated sorting lines to 761 sets in Q3 2025, compared to 535 sets in the same period last year.