ZTO Express (Cayman) Posts Q4 2025 Sales of CNY 14,510.7 Million, Net Income of CNY 2,625.35 Million, Announces US$1,500 Million Share Repurchase Program, and US$0.39 Per-Share Dividend

ZTO Express (Cayman) reported Q4 2025 sales of CNY 14,510.7 million and net income of CNY 2,625.35 million. The company also announced a new US$1,500 million share repurchase program and a US$0.39 per-share dividend for the six months ended December 31, 2025. ZTO has committed to returning at least half of adjusted net income to shareholders via dividends and repurchases from 2026 onward. This decision follows US$2.00 billion of past repurchases and supports the investment narrative built around scale, cost efficiency, and disciplined capital allocation in a fiercely competitive Chinese express market. However, investors should be aware of sustained price pressure and a shift to smaller, lower-value parcels, which could constrain profitability.