中通快递_2025 年第四季度业绩复盘_2026 年业务量与利润增长前景向好；上调股东回报政策；给予买入评级

18 March 2026 | 7:55PM HKT Equity Research ZTO Express (Cayman) Inc. (ZTO) 4Q25 review: Strong 2026 volume and profit growth outlook; Upsized shareholder return policy; Buy Key Data _____________________________________ | | | | Market cap: $19.6bn | | | --- | --- | --- | --- | --- | | | | | Enterprise value: $17.5bn 3m ADTV: $47.9mn | | | | | | China Ecommerce & Logistics | China | | | | | | M&A Rank: 3 | | | | Leases incl. in net debt & EV?: Yes | | | | GS Forecast __________________________________ | | | ...