ZTO EXPRESS-W (02057) released annual results with a net profit of 9.236 billion yuan, a year-on-year increase of 3.9%. The volume of parcel business continued to rise throughout the year.

ZTO Express-W (02057) releases the performance for the fourth quarter and fiscal year of 2025. In the fourth quarter of 2025, the group's revenue was 14.511 billion yuan, an increase of 12.3% year-on-year; net profit was 2.693 billion yuan, an increase of 10.1% year-on-year; basic and diluted net earnings per American Depositary Share (ADS) were 3.31 yuan each. For the fiscal year of 2025, revenue was 49.099 billion yuan, an increase of 10.9% year-on-year; net profit was 9.236 billion yuan, an increase of 3.9% year-on-year; basic and diluted net earnings per American Depositary Share (ADS) were 11.38 yuan and 11.19 yuan. In the fourth quarter of 2025, the parcel volume was 10.558 billion pieces, an increase of 9.2% compared to the same period in 2024. As of December 31, 2025, the number of pickup and delivery points exceeded 31,000. The number of direct network partners was over 6,000. The number of self-owned trunk vehicles was over 10,000. Among the over 10,000 self-owned trucks, over 9,700 were high-capacity models with a length of 15 to 17 meters. The number of trunk routes between sorting centers was approximately 3,800. There were 93 sorting centers, with 88 operated by the company itself and 5 operated by the company's network partners. Mr. Lai Meisong, founder, chairman, and CEO of ZTO, said, "In the fourth quarter, the effects of the anti-internal competition policy continued to show results, and the extreme low price phenomenon in the express delivery industry was curbed. ZTO adheres to a first priority of service quality and customer satisfaction, with business volume growth outperforming the industry, reaching 10.6 billion pieces. Adjusted net profit for the quarter was 2.7 billion yuan, in line with expectations. In addition, the volume of scattered pieces continued to rise throughout the year, reaching an average of 9.8 million pieces per day in the fourth quarter, a year-on-year increase of over 38%. Behind the diversification of revenue is the fact that our product and service capabilities are surpassing traditional express delivery in terms of quality and scale, making a positive contribution to overall revenue and profit margins." Mr. Lai added, "On the one hand, we are pleased to see that the industry as a whole is transitioning to a development track that emphasizes both quantity and quality. The scale growth driven solely by low prices is neither sustainable nor economical. For business models with significant economies of scale, this fundamental shift helps accelerate the industry from brutal price competition towards a new stage where capabilities win customers, further promoting industry consolidation. On the other hand, we are in a period of transformation where the macroeconomic environment and micro conditions may undergo extreme fluctuations in the short term. However, what is certain is that our business and financial fundamentals remain solid. We will continue to prioritize quality and strive to consolidate ZTO's leading position in business volume and profitability. During this period of change, we will pay more attention to fair sharing among all stakeholders. It is this consistent practice of "building and sharing together" that enables us to win this marathon and bring sustainable returns to all investors." Ms. Yan Huiping, CFO of ZTO, said, "In the fourth quarter, ZTO's core courier single ticket revenue increased by 2.9%, mainly benefiting from the increase in single ticket prices for direct customers, effectively offsetting the negative impact of increased subsidies in other core business segments. Thanks to continuous cost reduction and efficiency improvement measures, total sorting and transportation costs per ticket decreased by 4%, exceeding our expectations. Sales and management expenses, excluding SBC, remained stable as a ratio to income, at approximately 4.4%, compared to 5.0% for the same period last year. Operating cash flow for the quarter was 4.2 billion yuan, and capital expenditures were 1.8 billion yuan."