January 5, 2026 08:05 AM GMT ZTO Express | Asia Pacific 4Q25 Preview: Unchanged Earnings Outlook; Market Share Gains Continued in Dec-25 4Q25 outlook largely unchanged vs. post-3Q25 management discussion. ZTO continued its market share gains despite further moderation in industry volume growth in Dec-25. We stay OW. We expect 1ppt market share gain in 4Q25, vs. 0.6ppt loss in 3Q25 and 0.3ppt loss in 1H25. We estimate industry volume growth to slow down from 13% in 3Q25 to 5% YoY in 4Q25 on decreased low-val ...