Group 1: Zhongtong Express - Zhongtong Express reported a revenue of 11.86 billion yuan for Q3 2025, representing a year-on-year growth of 11.1% [1] - Adjusted net profit for the third quarter increased by 5.0% to 2.51 billion yuan [1] - The total package volume reached 9.57 billion pieces, showing a year-on-year growth of 9.8% [1] - The core express single ticket revenue increased by 0.02 yuan [1] Group 2: Volcano Engine - Gartner released its first large model report, placing Volcano Engine's "implementation capability" fifth globally and first in China [2] - As of September 2025, the Doubao large model processed an average of 30 trillion tokens daily, a 253-fold increase since its launch in May 2024 [2] - The presence of multiple domestic AI companies in the report highlights the significant position of Chinese AI technology in the global market [2] Group 3: Vipshop - Vipshop achieved a net revenue of 21.4 billion yuan in Q3 2025, with a year-on-year growth of 3.4% [3] - Adjusted net profit for the third quarter was 1.5 billion yuan, reflecting a year-on-year increase of 14.6% [3] - The number of active users reached 40.1 million, growing by 1.3% year-on-year, while the total merchandise transaction volume was 43.1 billion yuan, up by 7.5% [3]

Core Viewpoint - ZTO Express (Cayman) Inc. is recognized as one of the leading express delivery companies in China, handling the highest volume of packages in the country [1] Company Overview - ZTO Express operates in the express delivery sector, which is a critical component of China's logistics and e-commerce industries [1] - The company is categorized as a large-cap entity, although it also draws attention from analysts who typically focus on small- to mid-cap companies [1] Market Position - ZTO Express surpasses all competitors in terms of package volume, indicating a strong market presence and operational capacity [1]

Core Insights - ZTO Express (Cayman) Inc. is recognized as one of the leading express delivery companies in China, handling more packages than any other competitor in the country [1] Company Overview - ZTO Express operates primarily in the express delivery sector, which is a critical component of China's logistics and e-commerce infrastructure [1] Market Position - The company is categorized as a large-cap entity, although the focus of the analysis is typically on small- to mid-cap companies that are often overlooked by investors [1]

Major Events - Sanofi Pharmaceutical (01530) proposes to spin off Mandi International and independently list it on the main board of the Hong Kong Stock Exchange [1] - Youbao Online (02429) signs a trusted asset management platform service agreement with Ant Chain Technology [1] - Jianxi Technology-B (09877) reports 6-month clinical follow-up results for LuX-Valve Plus TRINITY study on patients with large valve rings [1] - Fuhong Hanlin (02696) announces that Hanshu® (Sru Li monoclonal antibody injection) combined with chemotherapy for gastric cancer neoadjuvant/adjuvant treatment has been officially included in the breakthrough therapy drug program by the National Medical Products Administration [1] - Kaizhile International (02122) partners with globally renowned toy company Jazwares to launch HELLO KITTY AND FRIENDS toys [1] Operating Performance - ZTO Express-W (02057) reports third-quarter net profit attributable to shareholders of 2.524 billion yuan, an increase of 5.32% year-on-year [1] - Lenovo Group (00992) announces interim results with a profit attributable to shareholders of 846 million USD, a year-on-year growth of 40% [1] - CSPC Pharmaceutical Group (01093) releases third-quarter results showing a profit attributable to shareholders of 3.511 billion yuan, a decrease of 7.06% year-on-year [1] - NetEase-S (09999) reports third-quarter net profit attributable to shareholders of approximately 8.616 billion yuan, a year-on-year increase of 31.77%, with a dividend of 0.114 USD per share [1] - Jingyou Pharmaceutical (00858) issues a profit warning, expecting a mid-term loss of approximately 450 million to 480 million HKD, transitioning from profit to loss year-on-year [1]

Core Insights - ZTO Express is striving to maintain its market position amid increasing competition in the express delivery industry [1] - The company reported a package volume of 9.57 billion, a year-on-year increase of 9.8%, and an adjusted net profit growth of 5.0% to 2.51 billion yuan for Q3 2025 [1] - ZTO has lowered its full-year package volume guidance to a range of 38.2 billion to 38.7 billion, corresponding to a year-on-year growth rate of 12.3% to 13.8% [1] Financial Performance - In Q3 2025, ZTO's revenue reached 11.86 billion yuan, reflecting an 11.1% year-on-year increase [1] - The operating cash flow for the quarter was 3.21 billion yuan, marking a 3.2% increase [3] - The total operating costs amounted to 8.909 billion yuan, a 21.4% increase compared to the same period last year [3] Competitive Landscape - ZTO's package volume lead over YTO Express decreased from 20.1 billion to 18.5 billion year-on-year [1] - The express delivery industry is undergoing a strategic shift from "high quantity" to "quality and quantity" [1][7] - The government has initiated measures to curb irrational low-price competition, leading to a stabilization and gradual increase in average express delivery prices [4] Operational Developments - ZTO has 95 sorting centers and over 31,000 collection/delivery points, with more than 6,000 direct network partners [3] - The company is focusing on enhancing its end capabilities and upgrading sorting capabilities at stations to reduce delivery costs [3] - ZTO's core express single ticket revenue increased by 0.02 yuan, with a nearly 50% year-on-year increase in scattered goods volume [2][3] Industry Trends - The express delivery industry is experiencing a "反内卷" (anti-involution) movement, with 22 provinces raising express delivery prices this year [4][5] - ZTO's strategy has been characterized as stable, while competitors like YTO are adopting more aggressive tactics [5][6] - The industry is expected to see significant changes in 2024 as the anti-involution measures are further implemented [6] Technological Advancements - ZTO is investing in technology, with AI applications across the entire logistics chain, including the use of unmanned vehicles and sorting systems [7] - The company has established over 80 subsidiaries and has a total warehouse area exceeding 2 million square meters [7] - ZTO's cloud warehouse technology recently completed nearly 200 million yuan in Series A financing, indicating strong growth potential [7]

Core Insights - ZTO Express reported its Q3 2025 unaudited financial results, showing a package volume of 9.57 billion, a year-on-year increase of 9.8%, with adjusted net profit rising by 5.0% to RMB 2.51 billion and revenue reaching RMB 11.86 billion, up 11.1% [1] - The founder and CEO emphasized a strategy focused on quality, market share expansion, and maintaining healthy profitability, with a strong growth momentum in the parcel business, which saw nearly 50% year-on-year growth [1] - The CFO noted an increase in core express revenue per ticket by RMB 0.02, with a stable management expense structure at 5.3% of revenue, and a capital expenditure of RMB 1.2 billion for the quarter [1] Financial Performance - Package volume for Q3 2025 was 9.57 billion, a 9.8% increase year-on-year [1] - Adjusted net profit grew by 5.0% to RMB 2.51 billion [1] - Revenue reached RMB 11.86 billion, reflecting an 11.1% year-on-year increase [1] - Operating cash flow was RMB 3.21 billion, up 3.2% [1] Strategic Outlook - The company adjusted its full-year package volume guidance to a range of 38.2 billion to 38.7 billion, corresponding to a year-on-year growth rate of 12.3% to 13.8% [1] - The CEO expressed confidence in the company's ability to enhance service quality, business scale, and profitability amidst a complex macro environment [1] - The company operates 95 sorting centers and over 31,000 pickup and delivery points, with more than 6,000 direct network partners [1] Share Buyback Program - As of September 30, 2025, the company has repurchased a total of 52.92 million American Depositary Shares for $1.3 billion, with $700 million remaining in the share buyback program [2]

Exhibit 99.1 ZTO Reports Third Quarter 2025 Unaudited Financial Results Parcel Volume Increased 9.8% to 9.6 Billion Adjusted Net Income Grew 5.0% to RMB2.5 Billion SHANGHAI, Nov 20, 2025 /PRNewswire/ - ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK: 2057), a leading and fast- growing express delivery company in China ("ZTO" or the "Company"), today announced its unaudited financial results for the third quarter ended September 30, 2025. The Company grew parcel volume by 9.8% year over year while maintaining ...

11月20日，中通快递公布其截至2025年9月30日止第三季度的未经审计财务业绩。当季，中通快递 营收118.647亿元，同比增长11.1%；净利润25.387亿元，同比增长6.7%；调整后净利润25.061亿元，同 比增长5.0%；经营活动产生的现金流净额为32.110亿元，去年同期为31.120亿元。 与今年上半年相比，中通快递营收增速保持稳定，但盈利情况有所改善。此前，中通快递在第二季 度的净利润为19.65亿元，同比减少24.8%，上半年净利润40.04亿元，同比下降1.43%。 不过，毛利依然保持同比下滑，今年上半年，中通快递毛利66.23亿元，同比下降14.9%；毛利率为 24.8%，同比下降7.2个百分点。三季度，中通快递毛利29.56亿元，同比减少11.4%；毛利率为24.9%， 去年同期为31.2%，同比下降6.3个百分点。 第三季度，中通快递包裹量95.73亿件，较2024年同期的87.23亿件增长9.8%。其中，散件业务量同 比增幅近50%。中通创始人、董事长兼首席执行官赖梅松表示："坚持以质量为先、扩大市场占有率并 维持健康的盈利水平，是中通长期坚定不移的战略。" 不过，中通快递继续下 ...

Core Insights - ZTO Express reported its Q3 2025 unaudited financial results, showing a package volume of 9.57 billion, a year-on-year increase of 9.8%, and a revenue of 11.86 billion, up 11.1% year-on-year [1] - The adjusted net profit for Q3 2025 grew by 5.0% to 2.51 billion, with operating cash flow reaching 3.21 billion [1] - The founder and CEO emphasized a strategy focused on quality, market share expansion, and maintaining healthy profitability, with a strong growth in the parcel business contributing positively to profits [1] Financial Performance - The core revenue per package increased by 0.02 yuan, with key customer pricing up by 0.18 yuan, offsetting other impacts [1] - Sorting and transportation costs decreased by 0.05 yuan, primarily due to improved transportation efficiency [1] - Operating cash flow grew by 3.2% to 3.2 billion, with capital expenditures for Q3 at 1.2 billion [1] Business Outlook - The company adjusted its full-year package volume guidance to a range of 38.2 billion to 38.7 billion, corresponding to a year-on-year growth of 12.3% to 13.8% [1] - The company maintains confidence in its ability to execute its overall corporate strategy and adapt to current challenges in the evolving macro environment [1] - As of September 30, 2025, ZTO Express operated 95 sorting centers and over 31,000 pickup and delivery points, with a direct network of over 6,000 partners [1] Share Buyback - ZTO Express has repurchased a total of 52.9195 million American depositary shares for approximately 1.3 billion, with 700 million remaining available for future buybacks [1]

相关事件 中通快递-W(02057.HK)11月19日耗资346.16万美元回购18.24万股 中通快递-W(02057.HK)：第三季度调 整后净利润增长5%至人民币25亿元 格隆汇11月20日丨中通快递-W(02057.HK)发布公告，2025年11月19日耗资346.16万美元回购18.24万 股，每股回购价18.88-18.99美元。 ...