Profitability metrics declined year-over-year. Yan said income from operations decreased 7.6% to CNY 3.2 billion in the fourth quarter and declined 11.1% to CNY 10.5 billion for the full year. Gross profit fell 2.1% to CNY 3.7 billion in the quarter and declined 10.5% to CNY 12.3 billion for the year, with gross margin down 3.7 percentage points to 25.4% in Q4 and down 6.0 points to 25.0% for 2025.CFO Huiping Yan said ZTO’s parcel volume rose 13.3% to 38.5 billion for full-year 2025. Total revenue increased ...