Asia Pacific Equity Research 24 November 2025 ZTO Express (ZTO US/2057 HK) Raising PTs post the Fireside Chat; policy tailwinds reinforce leadership and profitability We are raising our DCF-based PT to US$25.0/Rmb197.0 for the US ADR/H share post the 3Q25 beat and a series of positive updates from the JPM Fireside Chat, briefing, and call back. Management's latest commentary underscores that the anti-involution policy is fundamentally reshaping the competitive landscape, driving a sector-wide shift from vol ...