ZTO Express' parcel volume will reach 38.52 billion pieces in 2025, a year-on-year increase of 13.3%.

Beijing Business Daily (Beijing Commercial News) report (reporter: He Qian, intern reporter: Mao Siyиi) On March 18, a reporter from Beijing Business Daily learned that ZTO Express released its 2025 fourth-quarter and full-year 2025 unaudited financial performance. The financial report shows that in 2025, ZTO achieved a package volume increase of 4.5 billion parcels, with full-year package volume reaching 38.52 billion parcels, up 13.3% year over year; adjusted net profit was 9.5 billion yuan. Net cash flow from operating activities was 11.97B yuan. Of these, package volume in the fourth quarter of 2025 was 10.56B parcels, up 9.2% from 9.66B parcels in the same period of 2024; adjusted net profit was 2.7B yuan.

ZTO Express Group founder, Chairman, and CEO Lai Mingsong said that in the fourth quarter, the “anti-overheating/involution” policy continued to take effect, and extreme low-price behavior in the express delivery industry was curbed. In 2025, loose-piece shipments increased 46% year over year, reaching an average of 9.8 million parcels per day in the fourth quarter, an increase of more than 38%.

Based on current market conditions and operating performance, ZTO expects its full-year package volume in 2026 to be between 42.37 billion and 43.52 billion parcels, representing growth of 10% to 13%.

On the financial front, in the fourth quarter of 2025, ZTO’s core express revenue per single parcel increased by 2.9%, mainly benefiting from higher per-parcel prices from direct-customer clients, offsetting the negative impact brought by the increase in incremental subsidy in other segments of the core business. At the same time, continued cost-reduction and efficiency-improvement initiatives reduced the combined sorting and transportation cost per single parcel by four cents. Excluding stock-based compensation (SBC), the ratio of selling and administrative expenses to revenue decreased from 5.0% in the same period last year to 4.4%. Quarterly operating cash flow was 4.2 billion yuan, and capital expenditures were 1.8 billion yuan.

In addition, materials show that in the fourth quarter of 2025, ZTO improved its automation level, with 781 automated sorting equipment sets, compared with 596 sets in the same period last year; however, the commissioning of new facilities also led to increased costs. Gross margin in the fourth quarter was 25.4%, down from 29.1% in the same period last year, due to a comprehensive impact brought by changes in customer mix and improvements in cost-efficiency.

During the earnings call, in response to the company’s priorities for 2026, Lai Mingsong said that repairing and stabilizing the ecosystem of加盟网点 is the foundation for high-quality development across the entire network, and its strategic significance far exceeds short-term financial performance. Therefore, ZTO will focus its priorities in the current stage on optimizing the fairness and transparency of network policies, and set aside 200 million yuan in a service-specific incentive fund to increase support for frontline employees and network governance.

Data show that as of December 31, 2025, ZTO had more than 31,000 outlets, 93 sorting centers, more than 6,000 direct network partners, approximately 3,800 trunk transportation routes, and over 10,000 trunk vehicles, of which more than 9,700 are high-capacity vehicles with lengths of 15 to 17 meters.