ZTO Reports Third Quarter 2025 Unaudited Financial Results
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 19 2025
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Source: PRnewswire
Financial Performance: ZTO Express reported a 9.8% increase in parcel volume to 9.6 billion and a 5.0% growth in adjusted net income to RMB2.5 billion for Q3 2025, with total revenues rising 11.1% to RMB11.86 billion.
Operational Highlights: The company maintained over 31,000 pickup/delivery outlets and 6,000 direct network partners, while also increasing its self-owned line-haul vehicles to over 10,000.
Cost and Profitability: Despite revenue growth, gross profit decreased by 11.4% to RMB2.96 billion, leading to a gross margin drop to 24.9% from 31.2% in the previous year.
Future Outlook: ZTO adjusted its annual parcel volume guidance to between 38.2 billion and 38.7 billion, reflecting a year-over-year growth of 12.3% to 13.8%, emphasizing a focus on quality and sustainable growth amidst a changing market environment.
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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