ZTO Express (Cayman) Inc ADR

ZTO: XNYS (USA)

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ZTO Aims to Maintain Volume Market Share Without Aggressive Price Cut

Chelsey Tam

Aug 26, 2025

Business Strategy and Outlook

Network partner model-based companies in China have lost parcel volume share from direct operation-based companies, with share declining to 73% in 2024 from 78% in 2023. The six largest express delivery companies controlled around 71% of China’s parcel deliveries by volume in 2024, based on data from the companies and China’s State Post Bureau. With share already high, we think further volume share gain is limited for the leading express delivery companies.

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ZTO Express (Cayman) Inc ADR

ZTO Aims to Maintain Volume Market Share Without Aggressive Price Cut

Business Strategy and Outlook

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