ZTO Express (Cayman) (ZTO) Company Report

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.

5 days ago

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.

Nov 20, 2025, 12:30 AM

Presentation

ZTO Reports Q3 2025 Results with Parcel Volume Growth and Adjusted Annual Guidance

ZTO

Earnings

Guidance Update

Demand Weakening

ZTO's parcel volume for Q3 2025 reached 9.57 billion parcels, marking a 9.8% year-over-year increase.
The company's adjusted net income for Q3 2025 was RMB 2.51 billion, an increase of 5% compared to the same period last year.
Total revenue for Q3 2025 increased 11.1% to RMB 11.9 billion, while gross profit decreased 11.4% to RMB 3 billion, resulting in a gross margin rate of 24.9%.
ZTO has adjusted its annual volume guidance for 2025 to a range of 38.2 billion-38.7 billion parcels, reflecting a 12.3%-13.8% year-over-year growth.
The combined unit cost of transportation and sorting decreased by RMB 0.05 year-on-year in Q3 2025, attributed to economies of scale and productivity initiatives.

Nov 20, 2025, 12:30 AM

Transcript

ZTO Express (Cayman) Reports Q3 2025 Financial Results

ZTO

Earnings

Guidance Update

Share Buyback

ZTO Express (Cayman) Inc. (ZTO) reported revenues of RMB11,864.7 million (US$1,666.6 million) for the third quarter ended September 30, 2025, an 11.1% increase from the same period in 2024.
Net income increased 6.7% year-over-year to RMB2,538.7 million (US$356.6 million), while adjusted net income grew 5.0% to RMB2,506.1 million (US$352.0 million) for Q3 2025.
Parcel volume rose 9.8% year-over-year to 9,573 million in the third quarter of 2025.
The company updated its 2025 parcel volume guidance to a range of 38.2 billion to 38.7 billion, projecting a 12.3% to 13.8% increase year-over-year.
As of September 30, 2025, ZTO had repurchased 52,919,506 ADSs for US$1.3 billion under its share repurchase program, with US$0.7 billion remaining through June 30, 2026.

Nov 19, 2025, 10:00 PM

Press Release

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

ZTO

Share Buyback

ZTO Express (Cayman) Inc. filed a Next Day Disclosure Return on November 19, 2025, detailing changes in its issued shares and share buybacks.
On November 18, 2025, the company repurchased 162,701 American depository shares (representing Class A ordinary shares) on the New York Stock Exchange at a volume-weighted average price of USD 18.93 per share, with an aggregate cost of USD 3,080,580.73.
As of November 18, 2025, the total number of shares repurchased under the current mandate is 8,711,762, which represents 1.0829% of the issued shares as of the resolution date on June 17, 2025.