Morningstar
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Nov 20, 2025
ZTO Express (Cayman) Inc.: ZTO Earnings: 2025 Parcel Volume Guidance Lowered; Costs Higher Than Expected
Summary
ZTO Express is China’s largest express delivery company by parcel volume, with a volume share of 19.4% in 2024. It operates a network partner model where it provides line-haul transportation and sorting services, while its local network partners provide first-mile pickup and
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