ZTO Express (Cayman) Inc ADR

ZTO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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ZTO's Fair Value Estimate Maintained After Third-Quarter Earnings

Chelsey Tam

Nov 20, 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's Fair Value Estimate Maintained After Third-Quarter Earnings

Business Strategy and Outlook

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