格隆汇8月20日丨中通快递-W(02057.HK)发布公告，截至2025年6月30日止六个月，实现收入227.23亿元 (人民币，下同)，同比增加9.8%；毛利为56.34亿元，同比减少14.9%；归属于普通股股东的净利润为 39.32亿元，同比减少2.6%；调整后息税折摊前收益为72.22亿元，同比减少9.7%；调整后净利润为43.12 亿元，同比减少14.3%；每股存托股基本及摊薄收益分别为5.31元及5.18元。董事会已批准每股美国存 托股及普通股0.30美元的中期股息。 2025年上半年，尽管面对激烈的行业竞争，集团持续提升服务质素及运营效率，因而录得稳健的财务及 经营业绩。集团的收入同比增加9.8%至人民币227.23亿元，主要由于线上消费渗透率提升带动快递需求 增长以及集团的客户结构向更高价值群体转变。 集团的核心快递业务的收入同比增加10.4%至2025年同期的人民币223.64亿元，乃由于包裹量增加17.7% 及包裹单价下降6.2%所致。此类收入大部分来自向网络合作伙伴提供的服务，主要包括包裹分拣和干 线运输。对于通过集团的网络处理的每件包裹，集团向集团的网络合作伙伴收取中转费。截至2025年 ...

智通财经APP获悉，8月20日，中通快递-W(02057)公布2025年Q2业绩。财报显示，二季度中通完成包裹 量98.5亿件，同比增长16.5%，市场份额环比提升0.6%；季度散件业务量同比增幅超50%；营收118.3亿 元，同比增长10.3%；调整后净利润21亿元，经营活动产生的现金流净额为人民币22亿元。 ...

智通财经APP讯，中通快递-W(02057)发布2025年第二季度业绩，收入118.32亿元(人民币，单位下同)， 同比增加10.3%;净利润19.65亿元;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2.53元 及人民币2.48元。 赖梅松补充道："我们将长期坚持"质量为先"的战略重点，致力于打造差异化的产品与服务体验。当前 市场环境下，低价偏好看似主流，但我们相信，真正具有竞争力的价值主张是既经济实惠，又在品质上 毫不妥协。我们在末端环节重点推进的降本增效与能力提升举措正取得预期成效。长远来看，这将打造 出更具竞争力与盈利能力的合作伙伴及快递员网络。因此，凭借不断拓展的综合物流产品与服务，中通 品牌将持续巩固在服务质量、市场份额及盈利能力方面的领导地位。" 中通首席财务官颜惠萍表示："中通的核心快递业务单票收入净下降0.06元。这主要源于：增量激励增 加0.18元、单票平均重量下降影响0.05元，而KA客户单价提升0.17元部分抵消了前述影响。得益于运营 效能的显著提升，单票运输与分拣成本合计下降0.07元。管理费用占收入比重保持稳定，为5.2%。经营 性现金流为22亿元，资本支出为11亿元。" ...

EF001 免責聲明 | 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，概不對因 | | | --- | --- | | 公告全部或任何部份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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 中通快遞（開曼）有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） | | 股份代號 | 02057 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至2025年6月30日止六個月之中期股息 | | | 公告日期 | 2025年8月20日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.3 USD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 ...

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 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2057） 截至2025年6月30日止六個月的 中期業績公告 中通快遞（開曼）有限公司董事會欣然公佈本集團截至2025年6月30日止六個月的 未經審計中期合併業績，連同2024年同期的比較數字，該等資料乃根據美國公認 會計準則編製。該等中期業績已由審計委員會審閱。本集團截至2025年6月30日 止六個月的簡明合併財務報表已由核數師按照香港會計師公會頒佈的香港審 ...

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 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2057） 內幕消息 2025年第二季度未經審計財務業績公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.09條及《證券及期貨 條例》（第571章）第XIVA部刊發。 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6月30日止第二季度的未經審計 財務業績（「2025 ...

[Q2 2025 Highlights and Management Commentary](index=1&type=section&id=1.%20Q2%202025%20Highlights%20and%20Management%20Commentary) [Key Financial and Operational Highlights](index=1&type=section&id=1.1.%20Key%20Financial%20and%20Operational%20Highlights) ZTO Express's parcel volume increased by 16.5% to 9.8 billion in Q2 2025, with adjusted net income reaching RMB 2.1 billion and net cash generated from operating activities at RMB 2.2 billion Key Performance Indicators for Q2 2025 | Metric | Q2 2025 | YoY Growth | | :--- | :--- | :--- | | Parcel Volume | 9.8 billion parcels | 16.5% | | Adjusted Net Income | RMB 2.1 billion | N/A | | Net Cash from Operating Activities | RMB 2.2 billion | N/A | [Management Commentary](index=1&type=section&id=1.2.%20Management%20Commentary) CEO Lai highlighted narrowed growth gap and 'quality first' strategy; CFO Yan noted core express unit price decline offset by lower unit costs and revised full-year parcel volume guidance to 38.8-40.1 billion parcels - CEO Meisong Lai stated that the company further narrowed the gap with the industry average growth rate in Q2, despite the industry mix shifting towards lower unit economics. Retail parcel volume grew over **50%** year-over-year, positively contributing to overall margins. The company will continue to prioritize a "quality first" strategy and reduce costs while enhancing capabilities through last-mile initiatives[8](index=8&type=chunk) - CFO Huiping Yan noted that the average unit price for core express decreased by **6 fen**, primarily due to **18 fen** higher volume incentives and a **5 fen** decrease in average parcel weight, partially offset by a **17 fen** increase in KA customer unit price. Unit sorting and transportation costs decreased by **7 fen** due to improved operational efficiency. Selling, general, and administrative expenses remained stable at **5.2% of revenue**[8](index=8&type=chunk) - The company revised its **full-year 2025 parcel volume guidance** down to **38.8 billion to 40.1 billion parcels**, representing a year-over-year growth of **14.0% to 18.0%**[8](index=8&type=chunk) [Second Quarter 2025 Unaudited Financial Results](index=1&type=section&id=2.%20Second%20Quarter%202025%20Unaudited%20Financial%20Results) [Revenues](index=1&type=section&id=2.1.%20Revenues) Total revenues for Q2 2025 increased by 10.3% year-over-year to RMB 11.832 billion. Core express business revenue grew by 11.0%, driven by parcel volume growth but partially offset by a decrease in unit price. KA revenue significantly increased by 149.7% Total Revenues Overview | Metric | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Growth (%) | | :--- | :-------------------- | :-------------------- | :------------- | | Total Revenues | 11,831.8 | 10,726.0 | 10.3% | | Core Express Business Revenue | N/A | N/A | 11.0% | | KA Revenue | N/A | N/A | 149.7% | [Revenue Breakdown by Service Type](index=2&type=section&id=2.1.1.%20Revenue%20Breakdown%20by%20Service) Express delivery service revenue accounted for 92.8% of total revenue, increasing by 11.0% year-over-year. Freight forwarding service revenue decreased by 22.7%, while accessories sales revenue grew by 9.5% Revenue Breakdown by Service Type (Q2 2025) | Service Type | Q2 2025 (RMB thousand) | Share of Total Revenue (2025) | Q2 2024 (RMB thousand) | Share of Total Revenue (2024) | YoY Change (%) | | :----------- | :-------------------- | :--------------------------- | :-------------------- | :--------------------------- | :------------- | | Express Delivery Services | 10,983,751 | 92.8% | 9,875,923 | 92.1% | 11.0% | | Freight Forwarding Services | 180,257 | 1.5% | 233,242 | 2.2% | -22.7% | | Accessories Sales | 635,770 | 5.4% | 580,422 | 5.4% | 9.5% | | Others | 32,029 | 0.3% | 36,377 | 0.3% | -11.9% | | **Total Revenues** | **11,831,807** | **100.0%** | **10,725,964** | **100.0%** | **10.3%** | [Cost of Revenues](index=2&type=section&id=2.2.%20Cost%20of%20Revenues) Total cost of revenues for Q2 2025 increased by 25.1% year-over-year to RMB 8.887 billion, with its percentage of total revenues rising from 66.2% in the prior year period to 75.1% Total Cost of Revenues Overview | Metric | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Growth (%) | Percentage of Revenue (2025) | Percentage of Revenue (2024) | | :--- | :-------------------- | :-------------------- | :------------- | :---------------------- | :---------------------- | | Total Cost of Revenues | 8,887.4 | 7,105.5 | 25.1% | 75.1% | 66.2% | [Line-haul Transportation Cost](index=2&type=section&id=2.2.1.%20Line-haul%20Transportation%20Cost) Line-haul transportation cost slightly increased by 0.2% year-over-year to RMB 3.291 billion. Unit transportation cost decreased by 15.4% (6 fen), primarily due to economies of scale, lower fuel prices, and more efficient route planning Line-haul Transportation Cost | Metric | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Growth (%) | | :--- | :-------------------- | :-------------------- | :------------- | | Line-haul Transportation Cost | 3,290.9 | 3,283.1 | 0.2% | - Unit transportation cost decreased by **15.4% (6 fen)**, primarily attributable to enhanced economies of scale, lower fuel prices, and more effective route planning[12](index=12&type=chunk) [Sorting Hub Operating Cost](index=2&type=section&id=2.2.2.%20Sorting%20Hub%20Operating%20Cost) Sorting hub operating cost increased by 8.4% year-over-year to RMB 2.415 billion, mainly due to higher labor-related costs and depreciation and amortization. However, unit sorting hub operating cost decreased by 3.8% (1 fen) due to efficiency gains from automation and standardized operational processes. The number of automated sorting equipment increased to 690 sets Sorting Hub Operating Cost | Metric | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Growth (%) | | :--- | :-------------------- | :-------------------- | :------------- | | Sorting Hub Operating Cost | 2,414.8 | 2,227.7 | 8.4% | - The cost increase primarily included labor-related costs of **RMB 118 million** and depreciation and amortization of equipment and facilities of **RMB 103 million**. Unit sorting hub operating cost decreased by **3.8% (1 fen)**. As of June 30, 2025, the number of automated sorting equipment increased to **690 sets** (from 515 sets in the prior year period)[13](index=13&type=chunk) [Other Costs of Revenues](index=2&type=section&id=2.2.3.%20Other%20Costs%20of%20Revenues) Other costs of revenues significantly increased by 134.9% to RMB 2.860 billion, with RMB 1.604 billion allocated to serving high-value enterprise customers. Accessories sales cost decreased by 5.6% Other Costs of Revenues | Metric | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Growth (%) | | :--- | :-------------------- | :-------------------- | :------------- | | Other Costs | 2,860.2 | 1,217.9 | 134.9% | | Accessories Sales Cost | 151.2 | 160.1 | -5.6% | - Other costs included **RMB 1.604 billion** for serving high-value enterprise customers[14](index=14&type=chunk) [Gross Profit and Margin](index=1&type=section&id=2.3.%20Gross%20Profit%20and%20Margin) Gross profit for Q2 2025 decreased by 18.7% year-over-year to RMB 2.944 billion, with gross margin declining from 33.8% in the prior year period to 24.9% Gross Profit and Margin | Metric | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Change (%) | | :--- | :-------------------- | :-------------------- | :------------- | | Gross Profit | 2,944.4 | 3,620.5 | -18.7% | | Gross Margin | 24.9% | 33.8% | -8.9 pp | [Operating Expenses](index=2&type=section&id=2.4.%20Operating%20Expenses) Total operating expenses for Q2 2025 increased by 15.8% year-over-year to RMB 469 million. Selling, general, and administrative expenses increased by 5.2%, but its percentage of total revenues decreased from 5.5% to 5.3%. Net other operating income decreased by 17.9% Operating Expenses Overview | Metric | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Change (%) | | :--- | :-------------------- | :-------------------- | :------------- | | Total Operating Expenses | 469.3 | 405.3 | 15.8% | | Selling, General and Administrative Expenses | 623.6 | 593.0 | 5.2% | | SG&A as % of Revenue | 5.3% | 5.5% | -0.2 pp | | Net Other Operating Income | 154.3 | 187.7 | -17.9% | [Other Income and Expenses](index=2&type=section&id=2.5.%20Other%20Income%20and%20Expenses) Operating profit for Q2 2025 decreased by 23.0% year-over-year to RMB 2.475 billion, with operating margin declining to 20.9%. Both interest income and interest expense decreased. The company recognized a fair value change loss of financial instruments of RMB 3.6 million and an impairment of goodwill of RMB 84.4 million Other Income and Expenses Overview | Metric | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Change (%) | | :--- | :-------------------- | :-------------------- | :------------- | | Operating Profit | 2,475.1 | 3,215.2 | -23.0% | | Operating Margin | 20.9% | 30.0% | -9.1 pp | | Interest Income | 208.7 | 288.1 | -27.5% | | Interest Expense | 98.1 | 115.9 | -15.4% | | Fair Value Change Loss of Financial Instruments | (3.6) | 54.9 (gain) | N/A | | Impairment of Goodwill | 84.4 | 0 | N/A | - Impairment of goodwill of **RMB 84.4 million** was related to the core freight forwarding business acquired from China Eastern Express Co., Ltd. in October 2017[20](index=20&type=chunk) [Income Tax Expense](index=3&type=section&id=2.6.%20Income%20Tax%20Expense) Income tax expense for Q2 2025 decreased by 13.5% year-over-year to RMB 575.5 million, but the effective income tax rate increased by 2.6 percentage points to 22.9%, primarily due to the recognition of a RMB 166 million withholding tax on dividends payable to ZTO Express (Hong Kong) Limited Income Tax Expense and Rate | Metric | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Change (%) | | :--- | :-------------------- | :-------------------- | :------------- | | Income Tax Expense | 575.5 | 665.0 | -13.5% | | Effective Income Tax Rate | 22.9% | 20.3% | +2.6 pp | - The increase in income tax rate was primarily attributable to the recognition of a **RMB 166 million** withholding tax on dividends payable to ZTO Express (Hong Kong) Limited[21](index=21&type=chunk) [Net Income and Earnings Per Share](index=1&type=section&id=2.7.%20Net%20Income%20and%20Earnings%20Per%20Share) Net income for Q2 2025 decreased by 24.8% year-over-year to RMB 1.965 billion. Adjusted net income decreased by 26.8% to RMB 2.053 billion. Both GAAP and adjusted basic and diluted earnings per ADS experienced significant declines Net Income and Earnings Per ADS | Metric | Q2 2025 (RMB) | Q2 2024 (RMB) | YoY Change (%) | | :--- | :-------------------- | :-------------------- | :------------- | | Net Income | 1,964.6 million | 2,614.0 million | -24.8% | | Adjusted Net Income | 2,052.7 million | 2,805.7 million | -26.8% | | Basic EPS per ADS | 2.42 | 3.24 | -25.3% | | Diluted EPS per ADS | 2.37 | 3.16 | -25.0% | | Adjusted Basic EPS per ADS | 2.53 | 3.48 | -27.3% | | Adjusted Diluted EPS per ADS | 2.48 | 3.38 | -26.6% | [Cash Flow from Operating Activities](index=1&type=section&id=2.8.%20Cash%20Flow%20from%20Operating%20Activities) Net cash generated from operating activities for Q2 2025 decreased by 37.7% year-over-year to RMB 2.168 billion Cash Flow from Operating Activities | Metric | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Change (%) | | :--- | :-------------------- | :-------------------- | :------------- | | Net Cash Generated from Operating Activities | 2,168.2 | 3,480.1 | -37.7% | [Operational Metrics](index=1&type=section&id=3.%20Operational%20Metrics) ZTO Express processed 9.847 billion parcels in Q2 2025, a 16.5% year-over-year increase. The company operates over 31,000 pick-up/delivery outlets and approximately 6,000 direct network partners. As of June 30, 2025, it owned over 10,000 line-haul trucks, with more than 9,400 being high-capacity 15-to-17-meter models. The number of sorting hubs stood at 94 Operational Metrics for Q2 2025 | Metric | As of June 30, 2025 | As of June 30, 2024 | YoY Change (%) | | :--- | :------------------ | :------------------ | :------------- | | Parcel Volume (Q2) | 9,847 million parcels | 8,452 million parcels | 16.5% | | Number of Pick-up/Delivery Outlets | Over 31,000 | N/A | N/A | | Number of Direct Network Partners | Approx. 6,000 | N/A | N/A | | Number of Self-owned Line-haul Trucks | Over 10,000 | N/A | N/A | | High-capacity 15-17 meter Models | Over 9,400 | Over 9,200 | ~2.2% | | Number of Line-haul Routes between Sorting Hubs | Approx. 3,900 | N/A | N/A | | Number of Sorting Hubs | 94 | N/A | N/A | [Capital Allocation and Business Outlook](index=3&type=section&id=4.%20Capital%20Allocation%20and%20Business%20Outlook) [Interim Dividend Declaration](index=3&type=section&id=4.1.%20Interim%20Dividend%20Declaration) The Board of Directors approved an interim cash dividend of USD 0.30 per ADS and ordinary share for the six months ended June 30, 2025, with a payout ratio of 40%. The record date is September 30, 2025, and the estimated payment date is October 2025 - The Board of Directors approved an interim cash dividend of **USD 0.30 per ADS and ordinary share** for the six months ended June 30, 2025[1](index=1&type=chunk)[25](index=25&type=chunk) - The dividend payout ratio is **40%**[25](index=25&type=chunk) - The record date for the dividend is **September 30, 2025**. The estimated payment date for ordinary shares is **October 24, 2025**, and for ADSs is **October 31, 2025**[25](index=25&type=chunk) [Revised Annual Guidance](index=3&type=section&id=4.2.%20Revised%20Annual%20Guidance) ZTO Express revised down its full-year 2025 parcel volume guidance, expecting it to be between 38.8 billion and 40.1 billion parcels, representing a year-over-year growth of 14.0% to 18.0% - The company revised its **full-year 2025 parcel volume guidance** down to **38.8 billion to 40.1 billion parcels**[8](index=8&type=chunk)[26](index=26&type=chunk) - This represents a year-over-year growth of **14.0% to 18.0%**[8](index=8&type=chunk)[26](index=26&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=5.%20Non-GAAP%20Financial%20Measures) [Definition and Rationale](index=3&type=section&id=5.1.%20Definition%20and%20Rationale) ZTO Express uses non-GAAP financial measures such as EBITDA, adjusted EBITDA, adjusted net income, and adjusted EPS per ADS to evaluate operating performance and make financial decisions. These metrics aim to better reflect underlying business trends by excluding share-based compensation expenses, impairment of investments, and non-recurring items. The company emphasizes that these metrics should not be considered in isolation or as substitutes for GAAP measures - The company uses non-GAAP financial measures including **EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders, and adjusted basic and diluted earnings per ADS attributable to ordinary shareholders**[28](index=28&type=chunk) - These measures are intended to better reflect underlying business operations, identify potential trends that could be distorted by related expenses and gains, and enhance the overall understanding of the company's past performance and future prospects[30](index=30&type=chunk) - Non-GAAP measures should not be considered in isolation or as a substitute for net income or any other performance measure, and investors should compare them with the most directly comparable GAAP measures[31](index=31&type=chunk) [Reconciliations to GAAP](index=3&type=section&id=5.2.%20Reconciliations%20to%20GAAP) The report provides detailed tables reconciling non-GAAP financial measures, such as adjusted net income, EBITDA, and adjusted EBITDA, to the most directly comparable GAAP measures, listing adjustments for share-based compensation expenses, impairment of investments, impairment of goodwill, and gain/loss on disposal of equity investments and subsidiaries - Reconciliations of the company's non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures are provided at the end of this earnings release for more detailed information on non-GAAP financial measures[29](index=29&type=chunk) Reconciliation of Net Income to Adjusted Net Income (Q2 2025) | Metric | Q2 2025 (RMB thousand) | Q2 2024 (RMB thousand) | | :--- | :---------------------- | :---------------------- | | Net Income | 1,964,559 | 2,613,997 | | Add: Share-based compensation expenses | 2,994 | 6,768 | | Add: Impairment of goodwill | 84,431 | - | | Add: Gain/(loss) on disposal of equity investments and subsidiaries | 714 | (9,496) | | **Adjusted Net Income** | **2,052,698** | **2,805,721** | Reconciliation of Net Income to EBITDA and Adjusted EBITDA (Q2 2025) | Metric | Q2 2025 (RMB thousand) | Q2 2024 (RMB thousand) | | :--- | :---------------------- | :---------------------- | | Net Income | 1,964,559 | 2,613,997 | | Add: Depreciation | 770,270 | 720,930 | | Add: Amortization | 38,306 | 34,345 | | Add: Interest expense | 98,112 | 115,855 | | Add: Income tax expense | 575,531 | 665,011 | | **EBITDA** | **3,446,778** | **4,150,138** | | Add: Share-based compensation expenses | 2,994 | 6,768 | | Add: Impairment of goodwill | 84,431 | - | | Add: Gain/(loss) on disposal of equity investments and subsidiaries | 714 | (11,683) | | **Adjusted EBITDA** | **3,534,917** | **4,339,675** | [Corporate Information](index=3&type=section&id=6.%20Corporate%20Information) [About ZTO Express](index=4&type=section&id=6.1.%20About%20ZTO%20Express) ZTO Express (Cayman) Inc. is a leading and fast-growing express delivery company in China, offering express delivery services and other value-added logistics services through its extensive and reliable nationwide network. The company employs a highly scalable network partner model, leveraging partners for pick-up and last-mile delivery services while controlling key line-haul transportation and sorting networks within the express delivery service value chain - ZTO Express is a **leading and fast-growing express delivery company** in China[34](index=34&type=chunk) - The company provides express delivery services and other value-added logistics services through its **extensive and reliable nationwide network**[34](index=34&type=chunk) - ZTO employs a **highly scalable network partner model**, leveraging partners for pick-up and last-mile delivery services while controlling key line-haul transportation and sorting networks[35](index=35&type=chunk) [Safe Harbor Statement](index=4&type=section&id=6.2.%20Safe%20Harbor%20Statement) This announcement contains forward-looking statements protected by the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements involve inherent risks and uncertainties that could cause actual results to differ materially from forward-looking statements, including risks related to the development of China's e-commerce and express delivery industry, reliance on third-party e-commerce platforms, network partners, intense competition, and service interruptions. ZTO undertakes no obligation to update any forward-looking statements, except as required by applicable law - This announcement contains forward-looking statements, identifiable by words such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," and similar expressions[37](index=37&type=chunk) - Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially, including risks related to the development of China's e-commerce and express delivery industry, reliance on third-party e-commerce platforms, network partners, intense competition, and service interruptions[37](index=37&type=chunk) - ZTO undertakes no obligation to update any forward-looking statements, except as required by applicable law[37](index=37&type=chunk) [Conference Call Information](index=3&type=section&id=6.3.%20Conference%20Call%20Information) ZTO's management team hosted an earnings conference call on August 19, 2025 (ET) / August 20, 2025 (Beijing Time). The report provides dial-in details and replay information, along with links for live and archived webcasts - ZTO's management team hosted an earnings conference call on **August 19, 2025, at 8:30 PM U.S. Eastern Time** (August 20, 2025, at 8:30 AM Beijing Time)[32](index=32&type=chunk) - Dial-in numbers and passcodes were provided for the **U.S., Hong Kong, Mainland China, Singapore, and international participants**[32](index=32&type=chunk)[33](index=33&type=chunk) - A conference call replay was available until **August 26, 2025**, with live and archived webcasts also accessible online[33](index=33&type=chunk) [Unaudited Consolidated Financial Statements](index=4&type=section&id=7.%20Unaudited%20Consolidated%20Financial%20Statements) [Summary of Consolidated Comprehensive Income Data](index=4&type=section&id=7.1.%20Consolidated%20Comprehensive%20Income%20Data) This section provides unaudited consolidated comprehensive income data for the three and six months ended June 30, 2025, covering key financial metrics such as revenues, cost of revenues, gross profit, operating expenses, net income, and comprehensive income Summary of Consolidated Comprehensive Income Data (For the Three Months Ended June 30) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :------------------ | :------------------ | | Revenues | 11,831,807 | 10,725,964 | | Cost of revenues | (8,887,410) | (7,105,487) | | Gross profit | 2,944,397 | 3,620,477 | | Total operating expenses | (469,313) | (405,280) | | Operating profit | 2,475,084 | 3,215,197 | | Income before income tax | 2,513,343 | 3,274,690 | | Income tax expense | (575,531) | (665,011) | | Net income | 1,964,559 | 2,613,997 | | Comprehensive income | 2,006,390 | 2,578,767 | [Summary of Consolidated Balance Sheets Data](index=5&type=section&id=7.2.%20Consolidated%20Balance%20Sheets%20Data) This section provides unaudited consolidated balance sheet data as of June 30, 2025, and December 31, 2024, including components such as total current assets, total assets, total current liabilities, total liabilities, and total equity Summary of Consolidated Balance Sheets Data (As of June 30, 2025) | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :-------------------------- | :--------------------------- | | Total current assets | 34,520,605 | 30,353,721 | | Total assets | 94,620,760 | 92,340,330 | | Total current liabilities | 28,454,751 | 28,273,235 | | Total liabilities | 29,764,954 | 29,665,497 | | Total equity | 64,855,806 | 62,674,833 | [Summary of Consolidated Cash Flow Data](index=6&type=section&id=7.3.%20Consolidated%20Cash%20Flow%20Data) This section provides unaudited consolidated cash flow data for the three and six months ended June 30, 2025, including net cash from operating, investing, and financing activities, as well as total cash, cash equivalents, and restricted cash at period-end Summary of Consolidated Cash Flow Data (For the Three Months Ended June 30) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :------------------ | :------------------ | | Net cash generated from operating activities | 2,168,208 | 3,480,095 | | Net cash used in investing activities | (1,163,517) | (4,666,289) | | Net cash used in financing activities | (117,713) | (1,103,622) | | Net (decrease)/increase in cash, cash equivalents and restricted cash | 867,272 | (2,293,342) | | Cash, cash equivalents and restricted cash at period end | 13,329,079 | 10,579,069 |

Core Viewpoint - ZTO Express reported a strong growth in parcel volume and adjusted net income for the second quarter of 2025, despite facing challenges in the industry, indicating resilience and a focus on quality service [1][7][8]. Financial Highlights - Total revenues increased by 10.3% to RMB 11,831.8 million (US$1,651.7 million) compared to RMB 10,726.0 million in the same period of 2024 [8][10]. - Adjusted net income reached RMB 2.1 billion, a decrease of 26.8% from RMB 2.8 billion in the same period of 2024 [1][23]. - Basic and diluted earnings per American depositary share (ADS) were RMB 2.42 (US$0.34) and RMB 2.37 (US$0.33), down 25.3% and 25.0% respectively from the previous year [22]. Operational Highlights - Parcel volume grew by 16.5% year-over-year to 9.8 billion parcels [1][8]. - The number of pickup/delivery outlets exceeded 31,000, and the number of sorting hubs was 94 as of June 30, 2025 [8][10]. - The company maintained a stable SG&A expense ratio at 5.2% of revenue [9]. Cost and Profitability - Gross profit decreased by 18.7% to RMB 2,944.4 million (US$411.0 million), with a gross margin of 24.9% compared to 33.8% in the same period last year [15]. - Total cost of revenues increased by 25.1% to RMB 8,887.4 million (US$1,240.6 million) [11]. - Line-haul transportation costs remained stable, with a slight increase of 0.2% [12]. Business Outlook - The company revised its annual parcel volume guidance to a range of 38.8 billion to 40.1 billion, representing a growth rate of 14.0% to 18.0% [26]. - ZTO aims to stay ahead of the industry average growth rate while focusing on quality and operational efficiency [9][26]. Dividend Declaration - An interim cash dividend of US$0.30 per ADS and ordinary share was announced, representing a 40% payout ratio [25].

Summary of Conference Call on the Express Delivery Industry Industry Overview - The express delivery industry is currently facing challenges such as price wars and market share competition, exacerbated by new social security regulations that increase cost pressures [1][4] - The National Postal Administration emphasizes the need to regulate and rectify the industry's "involution" competition, with some regions implementing price increases, though the effectiveness varies by local government support [1][3] Key Points and Arguments - **Social Security Regulations**: The new social security regulations are expected to significantly impact the express delivery industry, with full compliance anticipated by September 2025, leading to an increase in costs of approximately 0.02 CNY per package [1][4][6] - **Price Increase Trends**: The Guangdong region has implemented a price increase of 0.4 to 0.5 CNY, while other areas like Hunan still experience price wars. The price increase is part of a broader strategy to stabilize the market and improve service quality [3][5] - **Market Dynamics**: The disparity in market share between leading companies and smaller firms is expected to widen, with smaller firms showing greater profit elasticity, particularly companies like Shentong, Yunda, and Jitu, which have profit elasticity ranging from 80% to 150% [1][5][6] - **Cost Sharing**: The burden of social security costs is likely to be shared across the entire supply chain, including listed companies, franchisees, and labor outsourcing companies, making it difficult to quantify the exact distribution of these costs [6][9] Additional Important Insights - **Future Market Expectations**: The implementation of anti-involution policies is expected to enhance service quality and market competition, leading to healthier industry development. However, the varying levels of government support for price increases will affect the overall effectiveness of these policies [5][8] - **Elasticity of Earnings**: The earnings elasticity for companies is projected to be significant, with even pessimistic scenarios showing close to 200% elasticity for smaller firms. The price-to-earnings (PE) ratios for these companies are currently low, making them attractive investment opportunities [7][9] - **Expansion of Anti-Involution Trends**: The anti-involution trend is expected to spread beyond major grain-producing areas to non-grain-producing regions, although this will take time. The overall trend indicates a likelihood of price increases during peak seasons [2][8] Conclusion - The express delivery industry is undergoing significant changes due to regulatory pressures and market dynamics. The anticipated rise in social security costs and the push for price increases are expected to reshape the competitive landscape, favoring larger firms while providing opportunities for smaller firms with high profit elasticity. Continuous monitoring of government support and market responses will be crucial for stakeholders in the industry [1][5][9]

Core Viewpoint - Zhongtong Express has entered a new phase of "human-machine collaboration" in delivery with the deployment of autonomous delivery vehicles in Shenzhen, which may enhance profitability for franchisees and impact the overall industry dynamics [1] Company Developments - Zhongtong Express's stock rose by 3.33% to HKD 161.4, with a trading volume of HKD 462 million [1] - The company has launched its first batch of end-terminal intelligent delivery devices at the Shuanglong site in Shenzhen, featuring autonomous vehicles equipped with multiple sensors for obstacle avoidance, traffic light recognition, and automatic parking [1] Industry Trends - According to Huayuan Securities, the use of autonomous vehicles could reduce costs by approximately HKD 0.11 per package in the transportation scenario from the site to the station, potentially improving profit margins across the supply chain [1] - The current trend of adopting autonomous vehicles is likened to the previous automation upgrades in distribution centers, suggesting that new technologies and capital expenditures may disrupt existing operational models and balance [1] - Companies with scale and profit advantages may accelerate transformation, leading to new cost advantages and changes in industry structure [1]