ZTOEFNYSETrucking & Courier Services (No Air)US GAAP · USD

ZTO Express (Cayman) Inc.

ZTO Express (Cayman) Inc. is a Cayman Islands holding company whose operating group provides express delivery and related logistics services in mainland China. Its business is built around a nationwide network partner model that combines outsourced pickup and last-mile delivery with company-controlled line-haul transportation and sorting.

Kysy yhtiöstä
Liikevaihto49,1mrd USD
+10,9 %v/v
Liikevoitto (EBIT)10,5mrd USD
−11,1 %v/v
EBIT-marginaali21,3%
−5,3 %-yks.v/v
Nettotulos9 081milj. USD
+3,0 %v/v
Vapaa kassavirta6 754milj. USD
+8,6 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

01020304050mrd USD2020: 25,2 mrd USD2020: EBIT 4,8 mrd USD20202021: 30,4 mrd USD2021: EBIT 5,5 mrd USD20212022: 35,4 mrd USD2022: EBIT 7,7 mrd USD20222023: 38,4 mrd USD2023: EBIT 10,0 mrd USD20232024: 44,3 mrd USD2024: EBIT 11,8 mrd USD20242025: 49,1 mrd USD2025: EBIT 10,5 mrd USD202549,110,5
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Express delivery services80 %

Core parcel pickup, transit, sorting, and final delivery for e-commerce and other shippers.

Line-haul transportation10 %

Trunk transport between sorting hubs and regional nodes within the network.

Sorting and network operations5 %

Centralized sorting and operating services that support parcel flow across China.

Value-added logistics services5 %

Ancillary logistics and service offerings beyond standard express delivery.

Tuotteet

Raportoitu · osuus liikevaihdosta
93,1%FY2025100 %
  • Express Delivery Services93,1 %
  • Sale of Accessories5,0 %
  • Freight Forwarding Service1,6 %
  • Others0,2 %

Lähde: 20-F FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

ZTO serves merchants and platforms that need nationwide parcel distribution in China, especially businesses tied to e-commerce fulfillment. It also handles shipments for other shippers that value broad coverage, speed, and a large partner-enabled delivery network.

E-commerce merchants

Send high parcel volumes through ZTO's network to reach consumers across China.

Online marketplaces and platforms

Use ZTO for broad, reliable parcel distribution tied to platform order flows.

Other business shippers

Buy express delivery and logistics services for domestic shipment needs.

Strategia

ZTO's strategy centers on scaling a partner-enabled express network that can handle large parcel volumes efficiently across China. It emphasizes control of line-haul transport and sorting while leveraging local partners for pickup and last-mile delivery, which supports coverage, flexibility, and operating scale.

Network scale and coverageKeskipitkä aikaväli

A denser nationwide network improves delivery reach, service reliability, and parcel throughput.

Operational control of core transport nodesKeskipitkä aikaväli

Control of sorting and line-haul transport helps maintain service consistency across the network.

E-commerce logistics penetrationPitkä aikaväli

Growth in e-commerce parcel volumes is a key demand driver for the express delivery model.

Maantiede

The business is centered in mainland China, where ZTO operates a nationwide express delivery network. The company is incorporated in the Cayman Islands, listed in New York and Hong Kong, and its principal executive offices are in Shanghai.

Riskit

ZTO is exposed to China parcel-demand cycles, competitive pricing, and execution risk in a network-partner model that depends on local pickup and delivery performance. As a domestic express carrier, it also faces regulatory, labor, transportation, and infrastructure risks that can affect service reliability and cost structure.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Dependence on China parcel demand1Competitive pricing pressure2Network partner execution risk3
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Dependence on China parcel demandVaikutus: KorkeaTodennäköisyys: Korkea

    Most operating activity is tied to express delivery volumes in mainland China, which move with consumer and e-commerce activity.

    Kohdistuu: Mainland China

  2. Competitive pricing pressureVaikutus: KorkeaTodennäköisyys: Korkea

    Express delivery in China is a competitive market, and volume growth can come with lower unit economics if pricing weakens.

    Kohdistuu: Domestic express delivery

  3. Network partner execution riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Pickup and last-mile delivery rely on network partners, so service quality and customer experience depend on third parties.

    Kohdistuu: Partner network

Kirjanpito

Harkinnanvaraiset erät
VIE consolidation

The operating business in China is held through a variable interest entity structure, which requires consolidation judgments.

Vaikutus: Affects which entities and results are included in the group accounts

Accrued delivery and transportation costs

Network partner payments and logistics costs may be recognized based on estimates before invoices are settled.

Vaikutus: Affects cost timing and period-to-period comparability

Seasonality of parcel volumes

Express delivery volumes can vary by quarter due to e-commerce promotions and holiday shipping patterns.

Vaikutus: Affects revenue and expense comparability across quarters

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Haoxin Holdings Ltd

HXHX · Trucking & Courier Services (No Air)

Dingdong (Cayman) Ltd

DDL · Retail-Catalog & Mail-Order Houses

ICZOOM Group Inc.

IZM · Retail-Radio, Tv & Consumer Electronics Stores

New Oriental Education & Technology Group Inc.

EDU · Services-Educational Services

Zhihu Inc.

ZH · Services-Business Services, NEC

Jayud Global Logistics Ltd

JYD · Arrangement of Transportation of Freight & Cargo

Päivitetty: 28.9.2026