ZTO Express (Cayman) Inc. is a leading express delivery company in China, specializing in the transportation of parcels under 50 kilograms with delivery times ranging from 24 to 72 hours. The company operates an extensive and reliable logistics network, offering a variety of domestic, regional, and international delivery services. ZTO also provides value-added logistics solutions, supporting the rapid growth of e-commerce in China.
- Express Delivery Services - Offers fast and reliable delivery of parcels under 50 kilograms, with delivery times ranging from 24 to 72 hours, covering over 99% of cities and counties in China.
- Sale of Accessories - Sells packaging materials and other related accessories to support delivery operations.
- Freight Forwarding Services - Provides logistics solutions for larger shipments, including cross-border freight forwarding.
- Others - Includes additional services such as cash-on-delivery, alternative address pick-up and delivery, and proof-of-delivery collection.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Hongqun Hu ExecutiveBoard | Chief Operating Officer | Hongqun Hu serves as the Chief Operating Officer at ZTO since June 2017 and has been a director since May 2022. He has 33 years of experience in the financial services industry and previously served as chairman of Zhejiang Tonglu Rural Commercial Bank from March 2016 to February 2017 and as governor and chairman of Zhejiang Tonglu Rural Cooperation Bank from March 2008 to March 2016. | ||
Jilei Wang ExecutiveBoard | Director and Vice President of Infrastructure Management | Jilei Wang is the Director and Vice President of Infrastructure Management at ZTO, serving as Vice President since October 2012 and as Director since May 2013, playing a key role in the company’s operational efficiency. | ||
Meisong Lai ExecutiveBoard | Chief Executive Officer | Deputy Chairman of the China Express Delivery Association | Meisong Lai is the Founder, Chairman of the Board of Directors, and Chief Executive Officer of ZTO Express, serving as CEO since the company's inception and as Chairman since May 2013. He is a prominent leader in China's express delivery industry and also holds the role of Deputy Chairman of the China Express Delivery Association. | View Report → |
Huiping Yan Executive | Chief Financial Officer (CFO) | Independent Non-Executive Director of TUHU Car Inc. since September 2023; Independent Non-Executive Director of WeRide Inc. since October 2024 | Huiping Yan has been the CFO of ZTO Express since May 2018, previously serving as Vice President of Finance from January 2018 to May 2018; her background includes key financial leadership roles at Deloitte & Touche, GE, Home Inns, and Cainiao Network. | |
Jianchang Lai Executive | Vice President of Overseas Operations | Jianchang Lai has been the Vice President of Overseas Operations at ZTO since September 2016. He previously served as a director from January 2014 to September 2016 and was head of network partner management from the company’s inception until September 2016. | ||
Jianfeng Zhang Executive | Vice President of Public Relations | Jianfeng Zhang has been the Vice President of Public Relations at ZTO Express since February 2016. Prior to this, he held key roles at the Xinhua News Agency Shanghai Bureau, serving as Assistant Director of the News & Information Center from June 2012 to February 2016 and as Deputy Director of the Image Center from August 2010 to February 2016. | ||
Jingxi Zhu Executive | President | Jingxi Zhu is President at ZTO Express since May 2024 , previously serving as Vice President of Information Technology since September 2016 and Head of Information Technology since July 2003. | ||
Di Xu Board | Non-Executive Director | Investment Director at Alibaba Group Holding Limited; Non-Executive Director at Huitongda Network Co., Ltd.; Non-Executive Director at Red Star Macalline Group Corporation Ltd. | Di Xu is a non-executive director at ZTO Express since April 25, 2025, bringing extensive investment and financial expertise from roles at Alibaba Group, Huitongda Network, and Red Star Macalline Group. | |
Fang Xie Board | Independent Non-Executive Director | Director and Portfolio Investment Manager at Seres Capital | Fang Xie (also known as Heather Xie) has served as an Independent Non-Executive Director at ZTO Express since November 2021 and was appointed to the Nominating and Corporate Governance Committee effective March 19, 2025. She has an extensive background in finance, having held CFO positions at GE and GLP, and currently serves as Director and Portfolio Investment Manager at Seres Capital. | |
Frank Zhen Wei Board | Director | Frank Zhen Wei has been a director at ZTO Express since August 2015 and currently serves as the Chairman of the Nominating and Corporate Governance Committee, with extensive experience in investment banking and private equity from prior roles at Warburg Pincus, Morgan Stanley, and McKinsey & Company. | ||
Herman Yu Board | Director | Herman Yu has been a Director at ZTO Express since October 2016 and currently serves as the chairman of the audit committee, qualifying as an audit committee financial expert. | ||
Qin Charles Huang Board | Director | Chairman and CEO of CEG (Asia) Limited; Board Member at Sohu.com Inc. | Qin Charles Huang has served as an independent non-executive director at ZTO Express since October 2016. He is also the Chairman and CEO of CEG (Asia) Limited since 1999 and a board member at Sohu.com Inc. since 2001. | |
Tsun-Ming (Daniel) Kao Board | director | Tsun-Ming (Daniel) Kao has been a director at ZTO Express since October 2017. He has extensive leadership experience, having previously served as CTO at Vipshop from June 2012 to October 2016 and from April 2019 to July 2021, and held key roles at Shanghai Noah Information Technology Co., Ltd. and eBay. | ||
Xing Liu Board | Director | Partner at HongShan; Independent Director at Vipshop Holdings Limited | Xing Liu has served as a director at ZTO Express since May 2013 and is actively involved in both the audit and compensation committees at the company. He also holds external positions, including being a partner at HongShan since May 2007 and an independent director at Vipshop Holdings Limited since January 2011. |
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Considering the intense competitive pricing pressure and the current gap between ZTO’s volume growth and the industry average, can you detail how you plan to balance increased investments in volume leadership with maintaining absolute profitability?
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With unit volume incentives rising to CNY 0.16 in Q1 and cost reductions surpassing early-year estimates, how do you forecast per parcel unit revenue and cost efficiency targets for the full year?
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Given your focus on establishing a direct linkage between outlets and last-mile hubs to achieve approximately CNY 4 billion in cost savings, can you quantify how this initiative will translate into per-parcel cost reductions and sustain network partner profitability?
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You mentioned the integration of AI technologies in sorting, route planning, and delivery operations; what specific efficiency gains have you observed so far, and how do you expect these improvements to impact operating margins in the upcoming quarters?
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With the upcoming shopping festival and the notable growth in retail and reverse logistics volumes, what are your detailed expectations for parcel volume increases and ASP moderation, and how will you manage the risk of further ASP declines under intense market competition?
Research analysts who have asked questions during ZTO Express (Cayman) earnings calls.
Qianlei Fan
Morgan Stanley
4 questions for ZTO
Ronald Keung
Goldman Sachs
3 questions for ZTO
Aaron Luo
UBS Group AG
1 question 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
Lisa Li
Equitable Securities
1 question for ZTO
Lu Jiang
Haitong International Securities Group Limited
1 question for ZTO
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Zhongkuai Future City | 2024 | ZTO Express agreed to acquire properties from Zhongkuai Future City for RMB179,720,000 at RMB8,000 per square meter, which include a total construction area of 22,465.17 m² spread over two towers. The deal features structured payment terms (30% due within 7 working days and 70% by year-end), a clear strategic aim to establish a second headquarters, and is treated as a connected transaction due to related party interests. |
Recent press releases and 8-K filings for ZTO.
- ZTO Express (Cayman) Inc. filed a Next Day Disclosure Return on October 22, 2025, detailing recent share repurchase activities.
- On October 21, 2025, the company repurchased 63,077 American depository shares (representing Class A ordinary shares) on the New York Stock Exchange at prices between USD 18.98 and USD 18.99, with an aggregate cost of USD 1,197,762.85.
- As of October 21, 2025, a total of 5,130,294 shares have been repurchased under the current mandate, which authorized the repurchase of 80,446,849 shares.
- ZTO Express (Cayman) Inc. filed a Next Day Disclosure Return on October 20, 2025, detailing recent share repurchases.
- On October 17, 2025, the company repurchased 445,049 American depository shares on the New York Stock Exchange at prices between $18.52 and $18.99 per share, totaling $8,409,690.41.
- These repurchases are part of a mandate granted on June 17, 2025, which authorized the repurchase of 80,446,849 shares.
- As of October 17, 2025, the cumulative number of shares repurchased under this mandate reached 5,067,217.
- The company also reported additional repurchases of American depository shares between September 24, 2025, and October 16, 2025, which are pending cancellation.
- ZTO Express (Cayman) Inc. filed a Next Day Disclosure Return on October 17, 2025, detailing recent share repurchase activities.
- On October 16, 2025, the company repurchased 265,608 Class A ordinary shares (represented by American depository shares) on the New York Stock Exchange at prices between USD 18.87 and USD 18.99, for an aggregate price of USD 5,032,952.87.
- The company has repurchased a total of 4,622,168 shares under its current mandate, which was authorized on June 17, 2025, for up to 80,446,849 shares.
- These repurchases represent 0.5746% of the issued shares as of the date the repurchase mandate was granted.
- ZTO Express (Cayman) Inc. filed a Next Day Disclosure Return on October 16, 2025, detailing recent share repurchases.
- On October 15, 2025, the company repurchased 432,744 American depository shares (ADSs) on the New York Stock Exchange.
- The repurchase price for these ADSs ranged from USD 18.81 to USD 18.99, with an aggregate cost of USD 8,194,310.56.
- These shares were repurchased for cancellation, and a total of 4,356,560 shares have been repurchased under the current mandate, representing 0.5415% of the issued shares as of the mandate date.
- ZTO Express (Cayman) Inc. reported its issued share balance of 598,368,490 Class A ordinary shares remained unchanged as of October 14, 2025.
- On October 14, 2025, the company repurchased 450,069 American depository shares (representing Class A ordinary shares) on the New York Stock Exchange for an aggregate price of USD 8,355,485.98, with prices ranging from USD 18.11 to USD 18.72 per share.
- Since the repurchase mandate was granted on June 17, 2025, a total of 3,923,816 shares have been repurchased, representing 0.4878% of the issued shares at the time of the mandate.
- A moratorium on new share issues or treasury share sales/transfers is in effect until November 13, 2025.
- ZTO Express (Cayman) Inc. repurchased 189,423 American depository shares (ADSs) on October 7, 2025, for an aggregate price of USD 3,595,362.19 on the New York Stock Exchange. Additionally, 2,020,008 Class A ordinary shares (represented by ADSs) repurchased between September 24 and September 30, 2025, are pending cancellation.
- The company repurchased USD 982,252,000 in aggregate principal amount of its Convertible Senior Notes Due 2027 on September 2, 2025, leaving USD 17,748,000 outstanding as of the end of September 2025.
- A cash dividend of USD 0.30 per American depositary share (ADS) and ordinary share was approved for the six months ended June 30, 2025, payable to holders as of September 30, 2025. This dividend resulted in an adjustment to the conversion rate of the 2027 Notes to USD 28.7598 per ADS.
- ZTO Express (Cayman) Inc. filed a 6-K on October 6, 2025, detailing share repurchases of American Depository Shares (ADS).
- Between September 24, 2025, and October 3, 2025, the company repurchased ADSs, including 103,938 ADSs on October 3, 2025, on the New York Stock Exchange at prices between $18.97 and $18.99 USD, for an aggregate of $1,973,501.99 USD.
- Under a mandate granted on June 17, 2025, authorizing the repurchase of up to 80,446,849 shares, ZTO Express has repurchased a total of 2,127,753 shares, representing 0.2645% of issued shares as of the mandate date.
- A moratorium period for any new share issues or sales/transfers of treasury shares is in effect until November 2, 2025.
- ZTO Express (Cayman) Inc. reported share repurchases of American depository shares (ADSs) in late September 2025.
- On September 30, 2025, the company repurchased 417,114 ADSs on the New York Stock Exchange at prices ranging from USD 18.76 to USD 19.34, for an aggregate price of USD 7,986,690.32.
- From September 24 to September 30, 2025, the company repurchased a total of 2,020,008 ADSs under its repurchase mandate.
- These repurchases represent 0.2511% of the issued shares as of the June 17, 2025 mandate date, with the company authorized to repurchase up to 80,446,849 shares.
- ZTO Express (Cayman) Inc. filed a Next Day Disclosure Return on September 30, 2025, detailing recent share repurchase activities.
- From September 24, 2025, to September 29, 2025, the company repurchased a total of 1,602,894 American Depository Shares (ADSs).
- The repurchase prices for these ADSs ranged from USD 19 to USD 19.94.
- The repurchases on September 29, 2025, alone accounted for 417,114 ADSs, with an aggregate cost of USD 8,174,475.04.
- These repurchases represent 0.1992% of the total issued shares as of the June 17, 2025, repurchase mandate date.
- ZTO Express (Cayman) Inc. filed a 6-K on September 26, 2025, detailing recent share repurchases.
- On September 24, 2025, the company repurchased 395,651 American depository shares (representing Class A ordinary shares) at USD 19 per share.
- On September 25, 2025, an additional 395,650 American depository shares were repurchased on the New York Stock Exchange for an aggregate price of USD 7,599,724.33, with prices ranging from USD 18.86 to USD 19.33 per share.
- These repurchases contribute to the 791,301 shares bought back under a mandate authorized on June 17, 2025, which permits the repurchase of up to 80,446,849 shares.