Financial Data and Key Metrics Changes - The company's parcel volume grew by 9.8% year over year, reaching 9.57 billion parcels in Q3 2025 [4][10] - Adjusted net income increased by 5% to RMB 2.51 billion [4][10] - Total revenue rose by 11.1% to RMB 11.9 billion, driven by both volume and price increases [11] - Gross profit decreased by 11.4% to RMB 3 billion, with gross margin dropping by 6.3 percentage points to 24.9% [12] - Operating cash flow was RMB 3.2 billion, representing a 3.2% increase [13] Business Line Data and Key Metrics Changes - The average selling price (ASP) for the core express delivery business increased by 1.7% or RMB 0.02, with a positive contribution from an increase in key account (KA) volume [10] - The combined unit cost of sorting and transportation decreased by 7.7% or RMB 0.05, benefiting from economies of scale [11] - Unit costs for line haul transportation decreased by 11.5% to RMB 0.34, while unit sorting costs remained stable at RMB 0.25 [12] Market Data and Key Metrics Changes - The express delivery industry in China experienced steady growth, with overall pricing levels stabilizing and beginning to recover due to government interventions [4][10] - The industry volume growth exhibited some moderation entering Q4, with uncertainties in microeconomic recovery still present [5] Company Strategy and Development Direction - The company is focusing on a balanced approach to quality-first growth, enhancing service quality and cost efficiency [4][5] - Future priorities include strengthening last-mile capabilities, optimizing network policies, and advancing end-to-end cost efficiency [6][7][8] - The company aims to shift from high volume to a focus on both quality and quantity, addressing challenges posed by low-priced parcels [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of the express delivery and logistics industry despite short-term challenges [5][10] - The company views the regulatory environment and anti-involution policies as opportunities for growth and improvement [24][30] - Management anticipates industry volume growth to stabilize around 10% next year, with a shift towards higher quality and operational efficiency [34] Other Important Information - Capital expenditure for Q3 totaled RMB 1.2 billion, with an annual CapEx forecast of RMB 5.5 billion to RMB 6 billion for 2025 [14] - The company is committed to investing in automation and digitization to enhance operational capabilities [24][30] Q&A Session Summary Question: Industry structure and outlook - Management believes that scale, better services, and higher efficiency will lead to greater opportunities in a fragmented industry landscape [16][17] Question: Impact of anti-involution on market pricing - The anti-involution policy aims for rational recovery in pricing, promoting healthier competition and sustainable long-term growth [21][22] Question: Volume slowdown and competitive dynamics - The recent deceleration in industry growth is attributed to price increases affecting low-margin e-commerce merchants, with expectations for volume growth to stabilize around 10% next year [32][34] Question: Cost reduction challenges and CapEx growth - Management is focused on cost efficiency and believes that attention to end-to-end coordination will maintain cost leadership despite industry changes [36][40]

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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。本季度，我们完成业务量96亿件，同比增长9.8%；实现调整后净 利润25.1亿元，同比增长5%。散件业务量增长势头依然强劲，同比增幅近50%，持续为利润带来积极贡 献。" 11月20日，中通快递-W(02057)公布其2025年第三季度未经审计的财务业绩。财报显示，三季度公司包 裹量95.7亿件，同比增长9.8%，同时也保持了优质的服务及客户满意度。调整后净利润增长5.0%至人民 币25.1亿元，营收118.6亿元，同比增长11.1%，经营活动产生的现金流为人民币32.1亿元。 颜惠萍补充道："基于对第四季度行业趋势的预判，我们将全年业务量指引调整至382亿至387亿件区 间，对应同比增速为12.3%至13.8%。业务量对我们至关重要，而网络稳定性是公司未来可持续发展的 基石。随着宏观环境持续演变及行业竞争格局向更健康发展，我们对执行整体企业战略、应对当前挑 战、最终成为全球领先物流服务商的能力始终保持信心。" 从经营数据来看，截至2025年9月30日，中通拥有95个分拣中心，超3100 ...

赖梅松补充道："三季度，政府倡导反内卷不仅有效促进了社会稳定，也推动行业从单纯追求高数量转 向高质量发展。作为行业领导者，中通被要求以更高标准自我鞭策，我们重申将继续强化自身能力，着 力解决实质性问题。竞争是绝大多数行业必然经历的过程，唯有真实力才能行稳致远。尽管宏观环境复 杂且不确定性犹存，我们相信中通将持续夯实服务质量、业务规模和盈利能力，推动长期健康可持续增 长。" 中通首席财务官颜惠萍表示："中通核心快递单票收入提升0.02元。其中增量补贴增加0.14元、单票重量 下降影响0.02元，而KA客户单价提升0.18元则抵销了前述影响。单票分拣与运输成本合计下降0.05元， 主要得益于运输成本的效益提升。管理费用结构保持稳定，占收入比重为5.3%；经营性现金流增长 3.2%，达到32亿元；本季度资本支出为12亿元。" 智通财经APP获悉，11月20日，中通快递-W(02057)公布其2025年第三季度未经审计的财务业绩。财报 显示，三季度公司包裹量95.7亿件，同比增长9.8%，同时也保持了优质的服务及客户满意度。调整后净 利润增长5.0%至人民币25.1亿元，营收118.6亿元，同比增长11.1%，经营活 ...

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格隆汇11月20日丨中通快递-W(02057.HK)发布公告，2025年第三季度，收入为人民币118.647亿元 (16.666亿美元)，同比增长11.1%；毛利为人民币29.56亿元(4.152亿美元)，同比减少11.4%；净利润为人 民币25.387亿元(3.566亿美元)，同比增长6.7%；调整后息税折摊前收益为人民币35.825亿元(5.032亿美 元)，同比减少4.2%；调整后净利润为人民币25.061亿元(3.52亿美元)，同比增长5.0%；基本及摊薄每股 美国存托股净收益为人民币3.16元(0.44美元)及人民币3.10元(0.44美元)；归属于普通股股东的调整后基 本及摊薄每股美国存托股收益为人民币3.12元(0.44美元)及人民币3.06元(0.43美元)。 中通创始人、董事长兼首席执行官赖梅松先生表示："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。本季度，我们完成业务量96亿件，同比增长9.8%；实现调整 后净利润25.1亿元，同比增长5%。散件业务量增长势头依然强劲，同比增幅近50%，持续为利润带来积 极贡献。"赖先生补充道："三季度，政府倡导反内卷不 ...

Core Insights - ZTO Express reported Q3 2025 revenue of RMB 11.865 billion, a year-on-year increase of 11.14% [1] - Net profit attributable to ordinary shareholders was RMB 2.524 billion, up 5.32% year-on-year, with basic earnings per share at RMB 3.16 [1] Group 1: Business Performance - The company achieved a business volume of 9.6 billion parcels, reflecting a year-on-year growth of 9.8% [1] - Adjusted net profit reached RMB 2.51 billion, marking a 5% increase year-on-year [1] - The growth momentum in the parcel business remains strong, with a nearly 50% year-on-year increase contributing positively to profits [1] Group 2: Strategic Direction - The founder and CEO emphasized a commitment to quality, market share expansion, and maintaining healthy profitability as long-term strategies [1] - The government’s advocacy for reducing excessive competition has shifted the industry focus from quantity to quality development [1] - The company aims to enhance its capabilities and address substantial issues to ensure sustainable growth despite a complex macro environment [1] Group 3: Financial Metrics - Core express revenue per ticket increased by RMB 0.02, with a rise in incremental subsidies by RMB 0.14 and a decrease in ticket weight impacting by RMB 0.02 [1] - The average price for key account customers increased by RMB 0.18, offsetting previous impacts [1] - Operating cash flow grew by 3.2% to RMB 3.2 billion, with capital expenditures for the quarter at RMB 1.2 billion [1] Group 4: Future Outlook - The company has revised its full-year business volume guidance to a range of 38.2 billion to 38.7 billion parcels, corresponding to a year-on-year growth rate of 12.3% to 13.8% [1] - The stability of the network is deemed crucial for the company's sustainable development in the evolving macro environment and competitive landscape [1]

中通首席财务官颜惠萍女士表示："中通核心快递单票收入提升0.02元。其中增量补贴增加0.14元、单票 重量下降影响0.02元，而KA客户单价提升0.18元则抵销了前述影响。单票分拣与运输成本合计下降0.05 元，主要得益于运输成本的效益提升。管理费用结构保持稳定，占收入比重为5.3%;经营性现金流增长 3.2%，达到32亿元;本季度资本支出为12亿元。" 颜女士补充道："基于对第四季度行业趋势的预判，我们将全年业务量指引下调至382亿至387亿件区 间，对应同比增速为12.3%至13.8%。业务量对我们至关重要，而网络稳定性是公司未来可持续发展的 基石。随着宏观环境持续演变及行业竞争格局向更健康发展，我们对执行整体企业战略、应对当前挑 战、最终成为全球领先物流服务商的能力始终保持信心。" 智通财经APP讯，中通快递-W(02057)发布2025年第三季度业绩，该集团取得收入人民币118.65亿元(单 位下同)，同比增加11.14%;归属于普通股股东的净利润25.24亿元，同比增加5.32%;归属于普通股股东的 基本每股净收益3.16元。 中通创始人、董事长兼首席执行官赖梅松先生表示："坚持以质量为先、扩大市场 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及B類普通股。對於需要股東投票的所有事 項，A類普通股持有人每股可投1票，而B類普通股持有人則每股可投10票。股東及有意投資者 務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存託股代表一股A 類普通股）於美國紐約證券交易所上市，代碼為ZTO。 ZTO Express (Cayman) Inc. 中通快遞（開曼）有限公司（「中通」或「本公司」）欣然公佈其根據美國證券交易委 員會（「美國證交會」）適用規則刊發的截至2025年9月30日止第三季度的未經審計 財務業績（「2025年第三季度業績」）。 2025年第三季度業績乃根據不同於國際財務報告準則的美國公認會計準則編製。 本公告附表I為本公司於2025年11月19日（美國東岸時間）就2025年第三季度業績 刊發的新聞稿全文，其中部分內容可能構成本公司的重大內幕消息。 （股份代號：2057） 本公 ...

格隆汇11月19日丨中通快递-W(02057.HK)发布公告，2025年11月18日耗资308.06万美元回购16.27万 股，每股回购价18.73-18.99美元。 ...