{
  "schemaVersion": 1,
  "organisationId": "O-8d9725c2e6164835a54b0fe1242a478e",
  "slug": "zto-express-cayman-inc",
  "name": "ZTO Express (Cayman) Inc.",
  "updatedAt": "2026-10-02T12:29:44.866762Z",
  "sections": [
    {
      "type": "OVERVIEW",
      "text": "ZTO Express (Cayman) Inc. is a China-focused express-delivery and logistics company. Its core business is domestic parcel delivery, supported by pickup and delivery outlets, parcel sorting, line-haul transport and last-mile services; express delivery accounted for 87.1% of consolidated revenue in 2025. [P150320649][P150321289]\n\nThe company’s operations are centered in China. At December 31, 2025, its network included more than 31,000 pickup and delivery outlets and over 6,000 direct network partners. [P150320836] ZTO reported 2025 revenue of RMB49.10 billion. [T17207220] Founded in 2002, the company built its business around a partner-based delivery network. [https://en.zto.com/about.html]\n[P150320649][P150321289][P150320836][T17207220][https://en.zto.com/about.html][https://en.zto.com/about.html]",
      "updatedAt": "2026-10-02T12:29:44.866762Z"
    },
    {
      "type": "PRODUCTS",
      "text": "ZTO Express’s domestic express service handles parcels weighing under 50 kg, with expected delivery in 24–72 hours, for intra-city and inter-city shipments. For enterprise customers, it offers customized, one-stop express-delivery solutions, including reverse logistics. Ancillary services include cash on delivery, pickup or delivery at an alternative address, proof-of-delivery collection, and parcel interception or redirection before delivery. [P150321249][T17207073][T17207074]\n\nRegional and international offerings include door-to-door express service to Hong Kong and Taiwan, and international express delivery to overseas markets through business partners. Its broader logistics services include less-than-truckload (LTL) transport for heavy cargo, integrated warehousing, distribution and transportation, freight forwarding and international logistics, and air cargo. ZTO Cloud Warehouse offers storage, warehouse management and express delivery as a combined service; ZTO LTL provides less-than-truckload transport in China. [T17207073][P150321267][P150321886][P150321881]\n\nOperationally, parcels receive a unique waybill and barcode at pickup outlets, are sorted and dispatched through hubs, transported between hubs by line-haul services, and delivered by destination outlets. The filing describes network transit pricing as a fixed amount per waybill plus a variable per-parcel amount for sorting and line-haul, based on parcel weight and route distance. It does not report product-level revenue shares; it does disclose RMB326.1 million in 2025 express-delivery service revenue from ZTO Cloud Warehouse, without presenting that amount as a percentage of company performance. [P150321258][P150321259][P150321262][P150321264][P150321886]\n[P150321249][T17207073][T17207074][P150321267][P150321886][P150321881][P150321258][P150321259][P150321262][P150321264][https://filecache.investorroom.com/mr5ir_zto/487/download/2025_Annual_Report_NYSE.pdf]",
      "updatedAt": "2026-10-02T12:29:44.866762Z"
    },
    {
      "type": "GEOGRAPHY",
      "text": "ZTO Express (Cayman) Inc.’s core delivery network operates in China, where most parcel volume comes through network partners serving customers on e-commerce platforms. The company also describes international express delivery services extending to Southeast Asia, Africa and other countries, without specifying the countries covered. [P150321568] [https://zto.investorroom.com/download/2025_Annual_Report_NYSE.pdf]\n\nAt December 31, 2025, ZTO reported more than 31,000 pickup and delivery outlets and more than 6,000 direct network partners. Its 2025 annual report also reported 93 sorting hubs: 88 company-operated and five partner-operated. The cited disclosures do not give a country-by-country breakdown of these facilities or a geographic split of revenue. [P150320836] [https://zto.investorroom.com/download/2025_Annual_Report_NYSE.pdf]\n\nThe business address listed for most directors and executive officers is in Qingpu District, Shanghai; individual executive addresses are also listed in Beijing and Hong Kong. These are corporate addresses and do not establish the distribution of employees or delivery operations. [P150321845]\n[P150321568][P150320836][P150321845][https://zto.investorroom.com/download/2025_Annual_Report_NYSE.pdf]",
      "updatedAt": "2026-10-02T12:29:44.866762Z"
    },
    {
      "type": "SEGMENTS",
      "text": "ZTO Express reports one operating and reportable segment, with consolidated results reviewed by its chief operating decision maker; it does not report freight forwarding or other services as separate operating segments. [P150322904]\n\nFor 2025, the single reportable segment generated RMB49,098.667 million in revenue, representing 100% of consolidated revenue. [T17207279] The company describes its activities as including express delivery—parcel sorting and line-haul transportation for network partners, as well as direct service to certain enterprise customers—and freight forwarding. These are service activities, not separately quantified reportable segments in the available disclosure. [P150322544][P150321572]\n[P150322904][T17207279][P150322544][P150321572]",
      "updatedAt": "2026-10-02T12:29:44.866762Z"
    },
    {
      "type": "HISTORY",
      "text": "ZTO Express was founded by Meisong Lai on 8 May 2002, and began express-delivery operations in 2009. [https://en.zto.com/about.html] [https://zto.investorroom.com/management] [https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0929/9455981/sehk20091101106.pdf] Between 2014 and early 2016, it expanded and consolidated its delivery network by acquiring express-delivery businesses from network partners, including 16 partners in October 2015 and one more in January 2016. [https://en.zto.com/newsDetail_02.html] [https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0929/9455981/sehk20091101106.pdf]\n\nThe Cayman Islands holding company was incorporated in April 2015. [P150302841] ZTO completed its U.S. initial public offering in October 2016, listing on the New York Stock Exchange under the symbol ZTO. [https://zto.investorroom.com/2016-10-26-ZTO-Announces-Pricing-of-Initial-Public-Offering] In 2018, Alibaba- and Cainiao-led investors announced a US$1.38 billion strategic investment for an approximately 10% stake. [https://zto.investorroom.com/2018-05-29-Alibaba-and-Cainiao-Make-Strategic-Investment-in-ZTO-Express] ZTO completed a Hong Kong listing in September 2020; its NYSE-listed ADSs continued to trade. [https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0929/9455981/sehk20091101106.pdf] In May 2024, Jingxi Zhu became president, while Lai remained chairman and CEO. [https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0516/2024051600003.pdf] [P150321717]\n[P150302841][P150321717][https://en.zto.com/about.html][https://zto.investorroom.com/management][https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0929/9455981/sehk20091101106.pdf][https://en.zto.com/newsDetail_02.html][https://zto.investorroom.com/2016-10-26-ZTO-Announces-Pricing-of-Initial-Public-Offering][https://zto.investorroom.com/2018-05-29-Alibaba-and-Cainiao-Make-Strategic-Investment-in-ZTO-Express][https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0516/2024051600003.pdf]",
      "updatedAt": "2026-10-02T12:29:44.866762Z"
    }
  ],
  "sources": [
    {
      "id": "P150320649",
      "href": "https://app.finbar.com/go?id=P150320649",
      "label": "ZTO Express (Cayman) Inc. — Full financial report (2025 Y)",
      "documentId": "D-b6737cdf7cc149e5bfdd3b68867b3a0d"
    },
    {
      "id": "P150321289",
      "href": "https://app.finbar.com/go?id=P150321289",
      "label": "ZTO Express (Cayman) Inc. — Full financial report (2025 Y)",
      "documentId": "D-b6737cdf7cc149e5bfdd3b68867b3a0d"
    },
    {
      "id": "P150320836",
      "href": "https://app.finbar.com/go?id=P150320836",
      "label": "ZTO Express (Cayman) Inc. — Full financial report (2025 Y)",
      "documentId": "D-b6737cdf7cc149e5bfdd3b68867b3a0d"
    },
    {
      "id": "T17207220",
      "href": "https://app.finbar.com/go?id=T17207220",
      "label": "ZTO Express (Cayman) Inc. — Full financial report (2025 Y)",
      "documentId": "D-b6737cdf7cc149e5bfdd3b68867b3a0d"
    },
    {
      "id": "https://en.zto.com/about.html",
      "href": "https://en.zto.com/about.html",
      "label": "en.zto.com"
    },
    {
      "id": "P150321249",
      "href": "https://app.finbar.com/go?id=P150321249",
      "label": "ZTO Express (Cayman) Inc. — Full financial report (2025 Y)",
      "documentId": "D-b6737cdf7cc149e5bfdd3b68867b3a0d"
    },
    {
      "id": "T17207073",
      "href": "https://app.finbar.com/go?id=T17207073",
      "label": "ZTO Express (Cayman) Inc. — Full financial report (2025 Y)",
      "documentId": "D-b6737cdf7cc149e5bfdd3b68867b3a0d"
    },
    {
      "id": "T17207074",
      "href": "https://app.finbar.com/go?id=T17207074",
      "label": "ZTO Express (Cayman) Inc. — Full financial report (2025 Y)",
      "documentId": "D-b6737cdf7cc149e5bfdd3b68867b3a0d"
    },
    {
      "id": "P150321267",
      "href": "https://app.finbar.com/go?id=P150321267",
      "label": "ZTO Express (Cayman) Inc. — Full financial report (2025 Y)",
      "documentId": "D-b6737cdf7cc149e5bfdd3b68867b3a0d"
    },
    {
      "id": "P150321886",
      "href": "https://app.finbar.com/go?id=P150321886",
      "label": "ZTO Express (Cayman) Inc. — Full financial report (2025 Y)",
      "documentId": "D-b6737cdf7cc149e5bfdd3b68867b3a0d"
    },
    {
      "id": "P150321881",
      "href": "https://app.finbar.com/go?id=P150321881",
      "label": "ZTO Express (Cayman) Inc. — Full financial report (2025 Y)",
      "documentId": "D-b6737cdf7cc149e5bfdd3b68867b3a0d"
    },
    {
      "id": "P150321258",
      "href": "https://app.finbar.com/go?id=P150321258",
      "label": "ZTO Express (Cayman) Inc. — Full financial report (2025 Y)",
      "documentId": "D-b6737cdf7cc149e5bfdd3b68867b3a0d"
    },
    {
      "id": "P150321259",
      "href": "https://app.finbar.com/go?id=P150321259",
      "label": "ZTO Express (Cayman) Inc. — Full financial report (2025 Y)",
      "documentId": "D-b6737cdf7cc149e5bfdd3b68867b3a0d"
    },
    {
      "id": "P150321262",
      "href": "https://app.finbar.com/go?id=P150321262",
      "label": "ZTO Express (Cayman) Inc. — Full financial report (2025 Y)",
      "documentId": "D-b6737cdf7cc149e5bfdd3b68867b3a0d"
    },
    {
      "id": "P150321264",
      "href": "https://app.finbar.com/go?id=P150321264",
      "label": "ZTO Express (Cayman) Inc. — Full financial report (2025 Y)",
      "documentId": "D-b6737cdf7cc149e5bfdd3b68867b3a0d"
    },
    {
      "id": "https://filecache.investorroom.com/mr5ir_zto/487/download/2025_Annual_Report_NYSE.pdf",
      "href": "https://filecache.investorroom.com/mr5ir_zto/487/download/2025_Annual_Report_NYSE.pdf",
      "label": "filecache.investorroom.com"
    },
    {
      "id": "P150321568",
      "href": "https://app.finbar.com/go?id=P150321568",
      "label": "ZTO Express (Cayman) Inc. — Full financial report (2025 Y)",
      "documentId": "D-b6737cdf7cc149e5bfdd3b68867b3a0d"
    },
    {
      "id": "https://zto.investorroom.com/download/2025_Annual_Report_NYSE.pdf",
      "href": "https://zto.investorroom.com/download/2025_Annual_Report_NYSE.pdf",
      "label": "zto.investorroom.com"
    },
    {
      "id": "P150321845",
      "href": "https://app.finbar.com/go?id=P150321845",
      "label": "ZTO Express (Cayman) Inc. — Full financial report (2025 Y)",
      "documentId": "D-b6737cdf7cc149e5bfdd3b68867b3a0d"
    },
    {
      "id": "P150322904",
      "href": "https://app.finbar.com/go?id=P150322904",
      "label": "ZTO Express (Cayman) Inc. — Full financial report (2025 Y)",
      "documentId": "D-b6737cdf7cc149e5bfdd3b68867b3a0d"
    },
    {
      "id": "T17207279",
      "href": "https://app.finbar.com/go?id=T17207279",
      "label": "ZTO Express (Cayman) Inc. — Full financial report (2025 Y)",
      "documentId": "D-b6737cdf7cc149e5bfdd3b68867b3a0d"
    },
    {
      "id": "P150322544",
      "href": "https://app.finbar.com/go?id=P150322544",
      "label": "ZTO Express (Cayman) Inc. — Full financial report (2025 Y)",
      "documentId": "D-b6737cdf7cc149e5bfdd3b68867b3a0d"
    },
    {
      "id": "P150321572",
      "href": "https://app.finbar.com/go?id=P150321572",
      "label": "ZTO Express (Cayman) Inc. — Full financial report (2025 Y)",
      "documentId": "D-b6737cdf7cc149e5bfdd3b68867b3a0d"
    },
    {
      "id": "https://zto.investorroom.com/management",
      "href": "https://zto.investorroom.com/management",
      "label": "zto.investorroom.com"
    },
    {
      "id": "https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0929/9455981/sehk20091101106.pdf",
      "href": "https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0929/9455981/sehk20091101106.pdf",
      "label": "www1.hkexnews.hk"
    },
    {
      "id": "https://en.zto.com/newsDetail_02.html",
      "href": "https://en.zto.com/newsDetail_02.html",
      "label": "en.zto.com"
    },
    {
      "id": "P150302841",
      "href": "https://app.finbar.com/go?id=P150302841",
      "label": "ZTO Express (Cayman) Inc. — Full financial report (2021 Y)",
      "documentId": "D-ea1816c64f9a4783870410f8fda54aec"
    },
    {
      "id": "https://zto.investorroom.com/2016-10-26-ZTO-Announces-Pricing-of-Initial-Public-Offering",
      "href": "https://zto.investorroom.com/2016-10-26-ZTO-Announces-Pricing-of-Initial-Public-Offering",
      "label": "zto.investorroom.com"
    },
    {
      "id": "https://zto.investorroom.com/2018-05-29-Alibaba-and-Cainiao-Make-Strategic-Investment-in-ZTO-Express",
      "href": "https://zto.investorroom.com/2018-05-29-Alibaba-and-Cainiao-Make-Strategic-Investment-in-ZTO-Express",
      "label": "zto.investorroom.com"
    },
    {
      "id": "https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0516/2024051600003.pdf",
      "href": "https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0516/2024051600003.pdf",
      "label": "www1.hkexnews.hk"
    },
    {
      "id": "P150321717",
      "href": "https://app.finbar.com/go?id=P150321717",
      "label": "ZTO Express (Cayman) Inc. — Full financial report (2025 Y)",
      "documentId": "D-b6737cdf7cc149e5bfdd3b68867b3a0d"
    }
  ]
}