Asia Pacific Equity Research 08 October 2025 ZTO Express (ZTO US/2057 HK) Anti-involution is no longer just talk - tangible pricing benefits emerge, raising PTs on improved margin visibility Following our recent pre-earnings call with ZTO, we are raising our forecasts and price target, reflecting a more constructive outlook and a series of incremental positives that have come to light. The call showcased a marked shift in management's tone versus that in the 2Q25 post-earnings call, with greater confidence ...