ZTO EXPRESS-W (02057) announced its financial results for the fourth quarter and full fiscal year 2025. In the fourth quarter of 2025, the group's revenue amounted to 145.11 billion yuan, representing a year-on-year increase of 12.3%. Net profit was 26.93 billion yuan, a rise of 10.1% compared to the same period last year. Basic and diluted net earnings per American Depositary Share (ADS) were both 3.31 yuan. For the full 2025 fiscal year, revenue reached 490.99 billion yuan, up 10.9% year-on-year. Net profit was 92.36 billion yuan, growing by 3.9% compared to the previous year. Basic net earnings per ADS were 11.38 yuan, while diluted net earnings per ADS were 11.19 yuan.

During the fourth quarter of 2025, parcel volume was 10.558 billion pieces, an increase of 9.2% from the 9.665 billion pieces handled in the same quarter of 2024. As of December 31, 2025, the number of pickup/delivery outlets exceeded 31,000. The company had over 6,000 direct network partners and operated a fleet of more than 10,000 self-owned line-haul vehicles. Among these vehicles, over 9,700 were high-capacity models measuring between 15 and 17 meters in length. The number of trunk routes between sorting centers was approximately 3,800. The total number of sorting centers stood at 93, with 88 operated by the company itself and 5 managed by its network partners.

Mr. Meisong Lai, Founder, Chairman, and Chief Executive Officer of ZTO, commented, "In the fourth quarter, the effects of policies against internal competition continued to materialize, curbing the prevalence of extremely low prices in the express delivery industry. ZTO remained committed to prioritizing service quality and customer satisfaction, achieving a parcel volume growth rate that outperformed the industry average, reaching 10.6 billion pieces. Adjusted net profit was 2.7 billion yuan, meeting expectations. Furthermore, individual parcel volume continued to climb throughout the year, reaching an average of 9.8 million pieces per day in the fourth quarter, a year-on-year increase of over 38%. The diversification of our revenue streams reflects our expanding product and service capabilities, which are advancing in both quality and scale beyond traditional express delivery, contributing positively to overall revenue and profit margins."

Mr. Lai added, "On one hand, we are pleased to see the industry shifting towards a development path that balances volume and quality. Growth driven solely by low prices is neither sustainable nor economical. For business models where economies of scale are significant, this fundamental shift helps accelerate the industry's move away from intense price competition towards a new stage where capabilities win customers, thereby further promoting industry consolidation. On the other hand, we are in a period of transformation, where macroeconomic conditions and micro-level factors can be highly volatile in the short term. However, it is certain that our business and financial fundamentals remain solid. We will continue to prioritize quality, striving to consolidate ZTO's leading position in both volume and profitability. During this transformative period, we will pay greater attention to the fair sharing of benefits among all stakeholders. It is this consistent practice of 'building and sharing together' that will enable us to win this marathon and deliver sustainable returns to all investors."

Ms. Huiping Yan, Chief Financial Officer of ZTO, stated, "In the fourth quarter, ZTO's core express service revenue per parcel increased by 2.9%, primarily driven by higher prices for direct customers, which effectively offset the negative impact of increased incremental subsidies in other segments of the core business. Thanks to ongoing cost-reduction and efficiency initiatives, combined sorting and transportation cost per parcel decreased by 4 fen, exceeding our expectations. Sales and administrative expenses, excluding share-based compensation, remained stable as a percentage of revenue at approximately 4.4%, compared to 5.0% in the same period last year. Operating cash flow for the quarter was 4.2 billion yuan, while capital expenditures amounted to 1.8 billion yuan."