320亿中通大佬，摊上不少“麻烦事”

Core Viewpoint - ZTO Express is facing increasing regulatory scrutiny and operational challenges, leading to a decline in market share and profitability, raising concerns about its future performance in the competitive express delivery industry [5][6][12]. Group 1: Regulatory Challenges - On October 28, the State Post Bureau of China interviewed ZTO Express, highlighting issues such as non-compliance in operational behavior, poor service quality, and inadequate protection of delivery personnel's rights [13][15][16]. - Following this, Douyin e-commerce announced the removal of ZTO's cold chain logistics service due to violations, including providing false logistics tracking [16][17]. - Complaints against ZTO have surged, with over 100,000 complaints on the Black Cat Complaint platform, primarily concerning service quality and customer service response [19][20]. Group 2: Financial Performance - ZTO Express has experienced a decline in profitability despite revenue growth, with a 9.85% increase in revenue in the first half of the year, but a 2.63% drop in net profit, amounting to 39.32 billion yuan [22][24]. - The company's market share has fallen below 20% for the first time since 2020, indicating increased competitive pressure [24][25]. - The gross profit margin has also decreased, with a 14.93% drop in gross profit to 56.34 billion yuan and a reduction in gross margin from 32% to 24.8% [24][25]. Group 3: Leadership and Strategic Adjustments - ZTO's founder, Lai Meisong, has seen a significant decrease in personal wealth, dropping from 50 billion yuan in 2020 to 32 billion yuan in 2025, reflecting the company's challenges [6][32]. - Lai has emphasized the need for strategic adjustments to find new business opportunities, indicating a proactive approach to the company's current difficulties [32].