Logistics company ZTO Express (Cayman) Inc. (2057.HK; ZTO.US) reported its revenue rose 22.5% year-over-year to 27.8 billion yuan ($4.12 billion) in the first half of 2026, as its profit rose 31.5% to 5.17 billion yuan.
The company attributed the top- and bottom-line growth primarily to an uptick in parcel volume and a strategic shift toward higher-value customer segments. During the period, revenue from its core express delivery business rose 22.8% compared to the same period of 2025, while its freight forwarding services grew by 4.1% and revenue from sales of materials edged up 0.5%.
However, ZTO lowered its annual parcel volume guidance, citing shifts in market dynamics and an industrywide slowdown in parcel volume growth. It revised its forecast down to between 40.8 billion and 42.4 billion parcels — representing a year-over-year increase of 6% to 10% — from its initial estimate of 42.37 billion to 43.52 billion parcels, which would have represented 10% to 13% growth.
Shares of ZTO opened flat at HK$182.8 on Wednesday. The stock is down 11% from its 52-week high.
By Lau Chi Hang
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