ZTO Express announces Q3 adjusted EPS of RMB3.06, surpassing consensus estimate of RMB2.51
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 19 2025
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Q3 Financial Performance: ZTO reported Q3 revenue of RMB 11.86 billion, slightly below the consensus estimate of RMB 11.91 billion, with a 9.8% increase in parcel volume to 9.6 billion and a 5% rise in adjusted net income to 2.51 billion.
Strategic Focus: CEO Meisong Lai emphasized the company's commitment to quality, market presence, and sustainable growth despite a challenging macro environment, highlighting strong retail volume growth of nearly 50%.
Cost Management: CFO Huiping Yan noted a slight increase in core express average selling price (ASP) and a decrease in unit sorting and transportation costs, while SG&A costs remained stable at 5.3% of revenue.
Revised Volume Guidance: ZTO adjusted its annual volume guidance to 38.2 to 38.7 billion parcels, reflecting a year-over-year growth of 12.3% to 13.8%, in light of visibility into the final quarter of the year.
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Analyst Views on ZTO
About ZTO
ZTO Express (Cayman) Inc is a holding company that provides express delivery services and other value-added logistics services through a nationwide network. The express delivery services mainly include parcel sorting and route transportation. The Company provides express delivery services directly to corporate customers, including vertical e-commerce and traditional merchants, as well as delivering products to end consumers. The Company also provides freight forwarding services.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
ZTO Express Reports 38.52 Billion Parcels in 2025, Up 13.3%
- Parcel Volume Growth: ZTO Express achieved a parcel volume of 38.52 billion in 2025, reflecting a 13.3% year-over-year increase, maintaining its leading position in the industry for the tenth consecutive year, indicating strong growth potential in the express delivery market.
- Doubling of Reverse Logistics: The company's reverse logistics business doubled in growth, earning greater trust from more platform clients and consumers, further solidifying its market position in integrated logistics services.
- Clear Strategic Direction: At the 2026 National Network Conference, the company clarified its future working philosophy and key tasks, emphasizing comprehensive implementation in service enhancement, network optimization, and efficiency improvement to ensure all operational objectives are met.
- Optimistic Industry Outlook: Chairman Meisong Lai highlighted that the express delivery industry is in a critical transition phase, stressing the need to balance quantity and quality to drive high-quality development and ensure sustainable growth for the company.
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ZTO Express Reports 38.52 Billion Parcels in 2025, Up 13.3%
- Parcel Volume Growth: ZTO Express achieved a parcel volume of 38.52 billion in 2025, reflecting a 13.3% year-over-year increase, maintaining its leading position in the industry for the tenth consecutive year, showcasing the company's robust competitive strength and growth potential.
- Doubling of Reverse Logistics: The company's reverse logistics business doubled in growth, gaining greater trust from more platform clients and consumers, indicating ZTO's success in diversifying its services and effectively meeting market demand.
- Clear Strategic Direction: At the 2026 National Network Conference, ZTO outlined its future working philosophy and key tasks, emphasizing the importance of enhancing service quality and optimizing the network while ensuring operational safety and efficiency improvements to achieve sustainable development goals.
- Optimistic Industry Outlook: Chairman Meisong Lai highlighted that the express delivery industry is transitioning from quantity to quality, stressing that ZTO must play a leading role in high-quality development to promote healthy growth and win-win cooperation within the industry.
Continue Reading