ZTO EXPRESS-W (02057) released its interim results with a revenue of 22.723 billion yuan, an increase of 9.8% year-on-year, continuing to improve service quality and operational efficiency.

ZTO EXPRESS-W (02057) released its performance for the six months ending June 30, 2025, achieving revenue of RMB 22.723 billion, a year-on-year increase of 9.8%; net profit of RMB 4.004 billion; adjusted basic earnings per American depositary share attributable to ordinary shareholders of RMB 5.31. In the first half of 2025, despite facing fierce industry competition, the Group continued to improve service quality and operational efficiency, resulting in solid financial and operational performance. The Group's revenue increased by 9.8% from RMB 20.686 billion in the six months ending June 30, 2024 to RMB 22.723 billion in the same period of 2025, mainly driven by the growth in express demand due to the increase in online consumer penetration and the shift in the Group's customer structure to higher value groups. The revenue of the Group's core express delivery business increased by 10.4% from RMB 20.25 billion in the six months ending June 30, 2024 to RMB 22.364 billion in the same period of 2025, attributed to a 17.7% increase in parcel volume and a 6.2% decrease in parcel price. Most of this revenue comes from services provided to network partners, primarily including parcel sorting and trunk transportation. For each parcel processed through the Group's network, the Group charges a transfer fee to its network partners. In the six months ending June 30, 2025, these fees accounted for 74.4% of the total revenue of the Group's express services. The remaining portion of express service revenue comes from enterprise customers such as vertical e-commerce clients and traditional merchants, related to delivering their products to end consumers. Direct customer revenue (including delivery fees from dedicated distribution channels for core express direct customers) increased by 140.9% due to an increase in e-commerce returns. Material sales revenue mainly includes revenue from the sale of thermal paper needed for printing electronic waybills. In the six months ending June 30, 2025, material sales and other revenue increased by 12.3% compared to the same period in 2024. Other revenue mainly comes from financial loan business.