ZTO

Key takeaways

• Gross margin contracted to 25.0% from 31.0% a year earlier, as a 96.2% increase in other costs — mainly from serving key account customers and e-commerce returns — outweighed a 12.2% reduction in line-haul transportation cost per parcel.
• Parcel volume rose 13.3% to 38.5 billion, a slight acceleration from the 12.6% growth rate in 2024, while parcel unit price declined 1.7%, reversing the 2.7% unit price increase reported last year.
• Core express delivery revenue rose 11.3%, with key account revenue up 111.8% as the company leaned into the e-commerce returns opportunity, while freight forwarding revenue declined 8.7%.