Financial Data and Key Metrics Changes - The adjusted net income for the company was RMB 2.51 billion, reflecting a 5% increase year-over-year [4][10] - Total revenue increased 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 a gross margin rate dropping 6.3 percentage points to 24.9% [13] - Operating cash flow for the quarter was RMB 3.2 billion, representing a 3.2% increase [13] - 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] Business Line Data and Key Metrics Changes - The parcel volume reached 9.57 billion, growing 9.8% year-over-year [4][10] - The average selling price (ASP) for the core express delivery business increased by 1.7% or RMB 0.02 [10] - The combined unit cost of sorting and transportation decreased by RMB 0.05 year-over-year, benefiting from economies of scale [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 [4][6] - The retail parcel volume grew close to 50% year-over-year, indicating strong growth momentum [5] Company Strategy and Development Direction - The company is focusing on a balanced approach to quality-first growth, enhancing service capabilities and operational efficiency [4][8] - Future priorities include upholding service quality, deepening last-mile capabilities, optimizing network policies, advancing cost efficiency, and safeguarding fairness [7][8] - The company aims to shift from high volume to a focus on both quality and quantity, adapting to the changing competitive landscape [8][34] Management's Comments on Operating Environment and Future Outlook - Management noted that the express delivery industry is undergoing a strategic shift towards high-quality development amid a backdrop of regulatory changes [8][24] - The company expects industry volume growth to stabilize around 10% next year, with a focus on service quality and operational efficiency [33][34] - Management views the recent regulatory consultations as an opportunity for improvement and alignment with industry standards [24][29] Other Important Information - The company is committed to investing in automation and digitization to enhance operational capabilities and maintain competitive advantages [24][29] - The anti-involution policy is expected to promote healthier competition and stabilize market rates above cost levels [22][23] 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 - Management indicated that the anti-involution policy aims to rationalize pricing and promote healthy competition, expecting market rates to stabilize [22][23] Question: Recent regulatory consultations - Management stated that the consultations are consistent with anti-involution policies and are viewed as a reminder for internal improvements [24][25] Question: Volume slowdown and competitive dynamics - Management acknowledged a recent deceleration in industry growth, primarily due to price increases affecting low-margin e-commerce merchants [32][33] Question: Cost reduction and CapEx challenges - Management emphasized ongoing efforts to improve cost efficiency across all segments and maintain competitive advantages despite industry changes [37][39]

Financial Data and Key Metrics Changes - The adjusted net income for the company was RMB 2.51 billion, reflecting a 5% increase year-over-year [4][10] - Total revenue increased 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 the gross margin rate dropping by 6.3 percentage points to 24.9% [13] - Operating cash flow for the quarter was RMB 3.2 billion, representing a 3.2% increase [13] - The company anticipates annual capital expenditures in 2025 to be between RMB 5.5 billion and RMB 6 billion [14] Business Line Data and Key Metrics Changes - The parcel volume reached 9.57 billion, growing by 9.8% year-over-year [4][10] - The average selling price (ASP) for the core express delivery business increased by 1.7% or RMB 0.02 [10] - The combined unit cost of sorting and transportation decreased by 7.7% or RMB 0.05 for the quarter [12] - 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 ZTO maintaining its industry-leading service quality [4] - The overall pricing level across the express delivery industry stabilized and began to recover due to government advocacy against unreasonable low-price practices [4][6] - The industry volume growth exhibited some moderation entering the fourth quarter, with uncertainties in microeconomic recovery still present [6] Company Strategy and Development Direction - The company is focusing on a balanced approach to quality-first growth, enhancing service quality and cost efficiency [4][6] - Key strategic areas include strengthening last-mile capabilities, optimizing network policies, and advancing end-to-end cost efficiency [7][8] - The company aims to shift from high volume to a focus on both quantity and quality, addressing challenges posed by low-priced parcels [8][9] Management's Comments on Operating Environment and Future Outlook - Management believes that the long-term prospects for the express delivery and logistics industry remain positive despite short-term challenges [6][9] - The company is committed to embracing high-quality transformation and aligning with regulatory guidance to build a sustainable collaborative model [24][29] - The anti-involution policy is expected to stabilize market rates above cost levels, promoting healthier competition [22][23] Other Important Information - The company is actively investing in automation and digitization to strengthen operational capabilities [23][24] - Management emphasized the importance of maintaining trust and confidence in the brand while safeguarding grassroots interests [8][24] 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: Anti-involution impacts on market pricing - The anti-involution policy aims for rational recovery in pricing, shifting focus from high volume growth to high-quality development [21][22] Question: Volume growth outlook 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 [31][32][33] Question: Cost reduction challenges and competition structure - The company is focused on cost efficiency and believes that attention to end-to-end coordination will help maintain cost leadership despite increasing competition [36][39]

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 ...

3Q 2025 INVESTOR PRESENTATION November 2025 \\firmwide.corp.gs.com\ibdroot\projects\IB D-HK\mobility2020d\681221_1\02. Library\IR Presentation\Graphics\01 ZTO Cover A4_Folder\02 ZTO Cover A4.ai \\firmwide.corp.gs.com\ibdroot\projects\IB D-HK\mobility2020d\681221_1\02. Library\IR Presentation\Graphics\01 ZTO Cover A4_Folder\02 ZTO Cover A4.ai Ai: \\firmwide.corp.gs.com\ibdroot\projects\IB D-HK\mobility2020d\681221_1\02. Library\IR Presentation\Graphics\01 ZTO Cover A4_Folder\02 ZTO Cover A4.ai JPEG: \\firmwi ...

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 ...