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ZTO Express (Cayman) (ZTO) investor relations material
ZTO Express (Cayman) Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Parcel volume reached 9.8 billion in 2Q25, growing 16.5% year-over-year and maintaining #1 market share at 19.5%.
Adjusted net income was RMB2.05 billion, with a margin of 17.3%, but declined 26.8% year-over-year due to price pressure.
Retail parcel volume surged over 50% year-over-year, now exceeding 8% of total volume.
Extensive network covers over 31,000 outlets and 110,000 last-mile posts, reaching >99% of county-level cities.
Ongoing focus on service quality, efficiency, digital transformation, and ESG initiatives to maintain competitive edge.
Financial highlights
Total revenue for 2Q25 was RMB11.8–12.9 billion, up 10.3% year-over-year, driven by volume growth.
Gross profit decreased 18.7% to RMB2.9 billion; gross margin dropped to 24.9% from 33.8% year-over-year.
Adjusted EBITDA fell 18.5% to RMB3.5 billion; operating cash flow was RMB2.2 billion, down 37.7%.
Capital expenditure for the quarter was RMB1.1 billion; cash and equivalents at quarter-end were RMB13.3 billion.
Interim dividend of US$0.30 per share/ADS announced, with a 40% payout ratio.
Outlook and guidance
Annual parcel volume guidance revised to 38.8–40.1 billion, representing 14–18% growth.
Management aims to maintain or exceed industry average growth and focus on high service quality.
Growth outlook remains wide due to macroeconomic, industry, and regulatory uncertainties.
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