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 ...

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Core Insights - The company reported a revenue of RMB 11.8647 billion (USD 1.666 billion) for Q3 2025, representing a year-on-year growth of 11.1% [1] - Gross profit decreased by 11.4% year-on-year to RMB 2.956 billion (USD 415.2 million) [1] - Net profit increased by 6.7% year-on-year to RMB 2.5387 billion (USD 356.6 million) [1] Revenue Breakdown - Core express service revenue grew by 11.6% compared to the same period in 2024, driven by a 9.8% increase in package volume and a 1.7% increase in package price [2] - Direct customer business revenue surged by 141.2%, primarily due to an increase in e-commerce return packages [2] - Freight forwarding service revenue declined by 7.4% year-on-year [2] Operational Highlights - The company achieved a business volume of 9.6 billion packages in Q3, reflecting a year-on-year growth of 9.8% [3] - The adjusted net profit for the quarter was RMB 2.5061 billion (USD 352 million), marking a 5% increase year-on-year [1][3] - The company anticipates package volume for 2025 to be between 38.2 billion and 38.7 billion, representing a year-on-year growth of 12.3% to 13.8% [2] Strategic Outlook - The founder and CEO emphasized a commitment to quality, market share expansion, and maintaining healthy profitability as the company's long-term strategy [3] - The company aims to enhance service quality and operational capabilities in response to industry competition and macroeconomic uncertainties [3] - The management is adjusting its annual guidance based on current market conditions and operational insights [2]

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]

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 ...