ZTO Express (Cayman) Inc ADR

ZTO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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ZTO Earnings: Valuation Cut by 19% on Weak Unit Express Price; Shares Still Cheap

Chelsey Tam

May 22, 2025

ZTO Express' first-quarter parcel volume rose 19% year on year, but revenue only grew 9% due to a decline in the unit express price. As a result, core EBIT margin fell 320 basis points to 17.9%. ZTO's volume share improved slightly to 18.9% from 18.8% in the prior quarter.

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ZTO Express (Cayman) Inc ADR

ZTO Earnings: Valuation Cut by 19% on Weak Unit Express Price; Shares Still Cheap

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