Core Viewpoint - CITIC Securities maintains a "Buy" rating for ZTO Express (02057, ZTO.US), highlighting a positive outlook based on the company's financial performance and market positioning [1] Financial Performance - In Q3 2025, the company's net profit attributable to shareholders increased by 5.3% year-on-year and 30.2% quarter-on-quarter [1] - The net profit per ticket rose by 6.7 cents to 0.26 yuan, driven by various factors including pricing strategies and cost management [1] - The average revenue per ticket increased by 3.6 cents, while transportation and sorting costs rose by 1.6 cents, contributing to a marginal increase in gross profit per ticket [1] Industry Dynamics - The industry is undergoing a strategic shift towards a dual focus on quality and quantity, favoring companies with scale advantages, high service quality, operational efficiency, and competitive costs [1] - ZTO Express is expected to benefit from its strong cost control, service capabilities, and high profitability, positioning it well to capture more market share [1] Future Outlook - By 2026, the express delivery sector may experience a return to differentiated growth, with ZTO Express poised to leverage its operational advantages [1] - The company anticipates a simultaneous release of volume and profit, projecting a net profit growth rate of 10% to 15% year-on-year for 2026 [1]