ZTO Express-W (02057) has unveiled its financial results for the second quarter of 2026, posting revenues of 14.55 billion yuan, marking a 22.97% year-on-year increase. Net profit attributable to ordinary shareholders reached 3.051 billion yuan, a substantial 57.4% jump from the prior year's corresponding period. Basic earnings per share stood at 3.99 yuan, with total net profit hitting 3.078 billion yuan, reflecting a 56.7% growth rate.
During the April-June period, the company processed 10.486 billion parcels, representing a 6.5% increase year-on-year. The network infrastructure comprises over 31,000 pickup and delivery outlets, approximately 6,000 direct network partners, and more than 10,000 self-owned line-haul vehicles. The company operates over 3,600 line-haul routes between sorting centers, with 92 sorting centers in total, of which 87 are company-operated and the remaining 5 are managed by network partners.
Mr. Meisong Lai, Founder, Chairman, and Chief Executive Officer of ZTO Express, commented on the quarter's performance, noting the company's continued focus on enhancing service quality and customer experience while optimizing operational efficiency and promoting fair, transparent network policies. The company achieved 10.5 billion parcels in volume, up 6.5% year-on-year, outperforming the industry average growth rate by 2.3 percentage points. Adjusted net profit reached 3.1 billion yuan, with the growth of the bulk cargo segment continuing to outpace traditional e-commerce parcels, a structural shift that has driven business expansion while effectively boosting overall profitability.
Mr. Lai further elaborated that China's express delivery industry continues to benefit from regulatory guidance, with overall industry profitability improving, signaling a transition from purely scale-driven growth to a value-oriented approach focusing on both volume and quality. ZTO Express's quality-first business strategy and stable performance are attributed to its industry-leading operational efficiency and fairness-oriented network governance. The company maintains its philosophy of shared growth and co-construction, empowering and supporting network partners and frontline couriers to achieve better economic returns while generating robust profitability for the company. With positive regulatory policies, continuous digital capability upgrades, and deep trust and cohesion among network partners, the company is well-positioned to navigate industry and economic cycles.
Ms. Huiping Yan, Chief Financial Officer of ZTO Express, stated that the proportion of high-value key client business continued to rise in the second quarter, particularly with rapid growth in platform reverse logistics, leading to ongoing revenue structure optimization. Core express delivery unit price increased by 15.5% year-on-year. Despite oil price fluctuations, digital operations and refined management reduced combined unit sorting and transportation costs by 2 fen. Selling and administrative expenses (excluding share-based compensation) accounted for approximately 3.8% of revenue, compared to 5.2% in the same period last year. Operating cash flow for the quarter reached 4.6 billion yuan, with capital expenditures of 952 million yuan.
Ms. Yan added that in the current environment of moderating market growth, ZTO Express's long-standing strategy of sustainable and profitable growth remains effective. The steady increase in market share is attributable to ongoing government efforts to curb industry involution, as well as the company's long-term investment in network stability and its underlying risk-sharing, benefit-sharing distribution mechanism. The company will continue to consolidate its leading position in parcel volume. Meanwhile, considering the slowdown in industry growth, the company has adjusted its full-year parcel volume growth guidance to between 6% and 10%.