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ZTO Express (Cayman)
ZTO Express (Cayman) (ZTO) investor relations material
ZTO Express (Cayman) Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Parcel volume grew 9.8% year-over-year to 9.6 billion in Q3 2025, maintaining industry-leading service quality and operational efficiency, with retail parcel volume surging nearly 50%.
Achieved #1 market share in China's express delivery industry at 19.4%, with consistent leadership in profitability and customer satisfaction since 2014.
Adjusted net income increased 5% to RMB 2.5 billion, with total revenue up 11.1% to RMB 11.9 billion.
Strong focus on operational efficiency, technology-driven cost reductions, and ESG initiatives.
The company is prioritizing high-quality growth, digitalization, and last-mile capability, responding to regulatory focus on orderly competition and service quality.
Financial highlights
Adjusted net income rose 5% year-over-year to RMB 2.5 billion, with total revenue up 11.1% to RMB 11.9 billion.
Gross profit decreased 11.4% to RMB 3 billion, with gross margin dropping to 24.9%.
Operating cash flow was RMB 3.2 billion, up 3.2% year-over-year.
Adjusted EBITDA decreased 4.2% to RMB 3.6 billion.
Basic and diluted EPS were RMB 3.16 and RMB 3.10, up 6.0% and 6.9% year-over-year, respectively.
Outlook and guidance
Annual parcel volume guidance for 2025 adjusted to 38.2–38.7 billion, representing 12.3%–13.8% year-over-year growth.
Industry volume growth expected to stabilize around 10% in 2026, with a shift from volume to quality-focused competition.
Company will continue investing in automation, digitalization, and last-mile capabilities.
Management remains confident in executing strategy amid evolving macro and industry conditions.
Plans to expand last-mile presence, invest in logistics ecosystem, and further green initiatives.
Outlook for anti-involution policy's pricing impact
ZTO's strategy to maintain cost leadership in 2026
Drivers of industry volume slowdown and next year's outlook
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Next ZTO Express (Cayman) earnings date
Q4 202520 Mar, 2026
ZTO Express (Cayman)
Next ZTO Express (Cayman) earnings date
Q4 202520 Mar, 2026
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Frequently asked questions
ZTO Express Inc. is a provider of express delivery and logistics services in China. The company operates an extensive network that primarily offers parcel sorting and line-haul transportation services. ZTO caters to a broad customer base, including e-commerce platforms, traditional merchants, and other express service users, facilitating the delivery of goods to end consumers. In addition to its core express delivery services, ZTO provides various value-added logistics solutions, both within China and in select international markets. The company is headquartered in Shanghai, China, and its shares are traded on the New York Stock Exchange.
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