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
AL
Aaron Luo
UBS Group AG
3 questions for ZTO
AW
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
LM
Lin Mujin
CITIC Securities
1 question for ZTO
LL
Lisa Li
Equitable Securities
1 question for ZTO
LJ
Lu Jiang
Haitong International Securities Group Limited
1 question for ZTO
WJ
Wu Jinlin
Citic Securities
1 question for ZTO
Recent press releases and 8-K filings for ZTO.
ZTO Express Prices US$1.5 Billion Convertible Senior Notes Offering
ZTO
Debt Issuance
Share Buyback
Convertible Preferred Issuance
- ZTO Express (Cayman) Inc. priced an offering of US$1.5 billion in aggregate principal amount of convertible senior notes due March 1, 2031, bearing an interest rate of 0.925% per year, payable semiannually.
- The notes have an initial conversion price of approximately HK$241.79 per Class A ordinary share, representing a 35.0% premium over the closing price of HK$179.10 on February 4, 2026.
- The company expects to raise US$1,404.1 million in net proceeds from the offering. These proceeds will be used for refinancing near-term on-market share repurchases (up to US$1,000 million) and to fund a concurrent share repurchase, the premium of capped call transactions, and other general corporate purposes (approximately US$500 million).
- Concurrently with the notes pricing, ZTO agreed to repurchase 18,254,400 Class A ordinary shares at HK$179.10 per share, and entered into capped call transactions with a premium of approximately US$76.95 million, both intended to offset potential dilution from the convertible notes.
1 day ago
ZTO Express (Cayman) Prices US$1.5 Billion Convertible Senior Notes
ZTO
Debt Issuance
Share Buyback
Convertible Preferred Issuance
- ZTO Express (Cayman) Inc. priced US$1.5 billion in aggregate principal amount of convertible senior notes due 2031 on February 4, 2026.
- The notes will bear an interest rate of 0.925% per year, payable semiannually, and will mature on March 1, 2031. The initial conversion price is approximately HK$241.79 per Class A ordinary share, representing a 35.0% conversion premium over the February 4, 2026 closing price.
- The company plans to use the net proceeds for refinancing (up to US$1,000 million for share repurchases) and to fund a Concurrent Share Repurchase of approximately US$500 million, which includes 18,254,400 Class A ordinary shares at HK$179.10 per share.
- ZTO also entered into capped call transactions to mitigate potential dilution from the notes' conversion.
3 days ago
ZTO Announces Preliminary Estimated Full Year 2025 Financial Results
ZTO
Earnings
Guidance Update
Revenue Acceleration/Inflection
- ZTO Express (Cayman) Inc. announced preliminary estimated financial results for the full year 2025 on February 4, 2026.
- The company estimates total revenues to range from RMB48,500.0 million to RMB50,000.0 million in 2025, an increase of 9.5% to 12.9% from RMB44,280.7 million in 2024.
- Gross profit is estimated to range from RMB12,150.0 million to RMB12,550.0 million in 2025, representing a decrease of 8.5% to 11.4% from RMB13,717.1 million in 2024.
- This estimated revenue growth is primarily driven by an anticipated 13.3% year-over-year increase in parcel volumes, from 34.01 billion in 2024 to 38.52 billion in 2025.
3 days ago
ZTO Express (Cayman) Announces Preliminary Estimated Full Year 2025 Financial Results
ZTO
Guidance Update
Revenue Acceleration/Inflection
Profit Warning
- ZTO Express (Cayman) estimates its total revenues for the full year 2025 to range from RMB48,500.0 million to RMB50,000.0 million, an increase of approximately 9.5% to 12.9% from 2024.
- The company anticipates its gross profit for the full year 2025 to be between RMB12,150.0 million and RMB12,550.0 million, representing an estimated 8.5% to 11.4% decrease from 2024.
- This projected revenue growth is primarily driven by an expected 13.3% year-over-year increase in parcel volumes, from 34.01 billion in 2024 to 38.52 billion in 2025.
3 days ago
ZTO Announces Proposed US$1.5 Billion Convertible Senior Notes Offering
ZTO
Debt Issuance
Share Buyback
Convertible Preferred Issuance
- ZTO Express (Cayman) Inc. announced a proposed offering of US$1.5 billion in aggregate principal amount of convertible senior notes due 2031.
- The net proceeds from the offering are intended for refinancing to fund near-term on-market share repurchases, a concurrent share repurchase, funding capped call transactions, and general corporate purposes.
- The company expects to enter into capped call transactions to reduce potential dilution to its Class A ordinary shares upon conversion of the Notes.
3 days ago
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.
Jan 20, 2026, 1:12 PM
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.
Jan 20, 2026, 10:15 AM
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
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
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
Quarterly earnings call transcripts for ZTO Express (Cayman).
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