ZTO EXPRESS-W (02057) reported a net profit attributable to shareholders of 3.051 billion yuan in the second quarter, a year-on-year increase of 57.4%, with a package volume reaching 10.486 billion pieces.

ZTO EXPRESS-W (02057) announced its Q2 results for 2026, reporting revenue of 14.55 billion yuan (RMB, same below), which is a year-on-year increase of 22.97%; net profit attributable to ordinary shareholders was 3.051 billion yuan, up 57.4% year-on-year; basic earnings per share was 3.99 yuan; net profit reached 3.078 billion yuan, reflecting a year-on-year increase of 56.7%. In the second quarter, the parcel volume reached 10.486 billion pieces, a year-on-year increase of 6.5%; the number of collection/delivery points was over 31,000; the number of direct network partners was approximately 6,000; the fleet of self-owned trunk vehicles exceeded 10,000; the number of trunk routes between sorting centers was over 3,600; and there were 92 sorting centers in total, of which 87 were operated by the company and 5 by its network partners. Mr. Lai Meisong, the founder, chairman, and CEO of ZTO Express, stated: In the second quarter of 2026, ZTO continued to focus on enhancing service quality and customer experience, continuously optimizing operational efficiency, and promoting fair and transparent network policies. We achieved a business volume of 10.5 billion pieces, a year-on-year increase of 6.5%, surpassing the industry average growth rate by 2.3 percentage points. The adjusted net profit reached 3.1 billion yuan. The growth rate of our parcel business continues to exceed that of traditional e-commerce parcels, and this structural shift is not only driving business growth but also effectively enhancing overall profit levels. Mr. Lai added: The Chinese express delivery industry is continuously benefiting from regulatory guidance, resulting in the general improvement of industry profits. This marks a shift in the industry's development focus from purely pursuing scale to a value-driven approach of 'both volume and quality.' ZTO's 'quality first' business strategy and stable performance are attributed to our industry-leading operational efficiency and fair-oriented network governance. We uphold the principle of 'co-building and sharing,' empowering and supporting our network partners and frontline couriers to achieve better economic returns while creating robust profitability for the company. With the active guidance of regulatory policies, reliant on continued upgrades of our digital capabilities and the profound trust and cohesion with our network partners, we are fully equipped to cope with industry and economic cycles. Ms. Yan Huiping, Chief Financial Officer of ZTO Express, stated: In the second quarter of this year, the proportion of high-value major customer business continued to rise, especially as rapid growth in platform reverse logistics brought about ongoing optimization of our revenue structure. Our core express parcel revenue per ticket increased by 15.5% year-on-year. Despite fluctuations in oil prices, through digital operations and refined management, the combined sorting and transportation costs per ticket decreased by 0.02 yuan. Selling and administrative expenses (excluding equity incentive costs) accounted for about 3.8% of operating revenue, down from 5.2% in the same period last year. This quarter, operational cash flow was 4.6 billion yuan, and capital expenditures amounted to 952 million yuan. Ms. Yan added: In the current environment where market growth has somewhat slowed, ZTO's long-held strategy of sustainable profitable growth remains effective. The steady increase in market share is due to the government's ongoing efforts to combat industry overcapacity, and it also results from the company's long-term investment in network stability and its underlying distribution mechanism of risk sharing and benefit sharing. We will continue to solidify our industry-leading position in business volume. At the same time, considering the slowdown in industry growth, we are adjusting our full-year business volume growth guidance to 6% to 10%.