ZTO Express-W (02057) announced its third-quarter 2025 financial results, with revenue reaching RMB11.87 billion, marking an 11.14% year-over-year increase. Net profit attributable to ordinary shareholders stood at RMB2.52 billion, up 5.32% YoY, while basic earnings per share came in at RMB3.16.

Mr. Meisong Lai, Founder, Chairman, and CEO of ZTO, stated: "Our long-term strategy remains focused on prioritizing service quality, expanding market share, and maintaining healthy profitability. This quarter, we handled 9.6 billion parcels, a 9.8% YoY growth, and achieved adjusted net profit of RMB2.51 billion, up 5% YoY. Our individual parcel business continued strong momentum with nearly 50% YoY growth, contributing positively to earnings."

He added: "The government's anti-involution policy in Q3 not only promoted social stability but also shifted industry focus from pure volume growth to high-quality development. As a leader, ZTO is expected to set higher standards. We reiterate our commitment to strengthening capabilities and addressing core challenges. Competition is inevitable in most industries—only genuine strength ensures sustainable growth. Despite macroeconomic uncertainties, we are confident in ZTO's ability to enhance service quality, scale, and profitability for long-term success."

Ms. Huiping Yan, CFO of ZTO, noted: "Average revenue per core express parcel increased by RMB0.02, driven by a RMB0.18 rise in key account pricing, offsetting a RMB0.02 impact from lighter parcel weight and boosted by RMB0.14 in incremental subsidies. Combined sorting and transportation costs per parcel fell RMB0.05, primarily due to improved transport efficiency. Administrative expenses remained stable at 5.3% of revenue. Operating cash flow grew 3.2% to RMB3.2 billion, while capital expenditures totaled RMB1.2 billion."

She further commented: "Considering Q4 industry trends, we revised our full-year parcel volume guidance to 38.2–38.7 billion, representing 12.3%–13.8% YoY growth. Volume is critical, but network stability underpins sustainable development. Amid evolving macro conditions and healthier competition, we remain confident in executing our strategy, overcoming challenges, and becoming a global logistics leader."