ZTO Express misses top-line and bottom-line estimates; updates FY outlook

* ZTO Express press release [https://seekingalpha.com/pr/20205931-zto-reports-second-quarter-2025-unaudited-financial-results] (NYSE:ZTO [https://seekingalpha.com/symbol/ZTO]): Q2 GAAP EPADS of $0.35 misses by $0.05.
* Revenue of $1.65B (+10.3% Y/Y) misses by $10M.
* Adjusted EBITDA was RMB3,534.9 million (US$493.5 million), a decrease of 18.5% from RMB4,339.7 million in the same period of 2024.
* Net cash provided by operating activities was RMB2,168.2 million (US$302.7 million), compared with RMB3,480.1 million in the same period of 2024.
* Parcel volume was 9,847 million, an increase of 16.5% from 8,452 million in the same period of 2024.
* Number of pickup/delivery outlets was over 31,000 as of June 30, 2025.
* Number of direct network partners was approximately 6,000 as of June 30, 2025.
* Number of self-owned line-haul vehicles was over 10,000 as of June 30, 2025, out of which, over 9,400 were high capacity 15 to 17-meter-long models compared to over 9,200 as of June 30, 2024.
* Number of line-haul routes between sorting hubs was approximately 3,900 as of June 30, 2025.
* Number of sorting hubs was 94 as of June 30, 2025, among which 90 were operated by the Company and 4 by the Company's network partners.
*
BUSINESS OUTLOOK

Based on current market and operating conditions, the Company revises down its previously stated annual parcel volume guidance. Parcel volume for 2025 is expected to be in the range of 38.8 billion to 40.1 billion, representing a 14.0% to 18.0% increase year over year.

MORE ON ZTO EXPRESS

* ZTO Express: Parcel Boom Meets Margin Gloom [https://seekingalpha.com/article/4793143-zto-express-parcel-boom-meets-margin-gloom]
* ZTO Express Q2 2025 Earnings Preview [https://seekingalpha.com/news/4486634-zto-express-q2-2025-earnings-preview]
* Seeking Alpha’s Quant Rating on ZTO Express [https://seekingalpha.com/symbol/ZTO/ratings/quant-ratings]
* Historical earnings data for ZTO Express [https://seekingalpha.com/symbol/ZTO/earnings]
* Dividend scorecard for ZTO Express [https://seekingalpha.com/symbol/ZTO/dividends/scorecard]