# ZTO Express (Cayman) Inc.

Summary updated: 2026-10-02T12:29:44.866762Z
Canonical: https://finbar.com/research/companies/zto-express-cayman-inc

## Overview

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. [1](https://app.finbar.com/go?id=P150320649)[2](https://app.finbar.com/go?id=P150321289)

The 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. [3](https://app.finbar.com/go?id=P150320836) ZTO reported 2025 revenue of RMB49.10 billion. [4](https://app.finbar.com/go?id=T17207220) Founded in 2002, the company built its business around a partner-based delivery network. [5](https://en.zto.com/about.html)
[1](https://app.finbar.com/go?id=P150320649)[2](https://app.finbar.com/go?id=P150321289)[3](https://app.finbar.com/go?id=P150320836)[4](https://app.finbar.com/go?id=T17207220)[5](https://en.zto.com/about.html)[5](https://en.zto.com/about.html)

## Products & services

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. [6](https://app.finbar.com/go?id=P150321249)[7](https://app.finbar.com/go?id=T17207073)[8](https://app.finbar.com/go?id=T17207074)

Regional 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. [7](https://app.finbar.com/go?id=T17207073)[9](https://app.finbar.com/go?id=P150321267)[10](https://app.finbar.com/go?id=P150321886)[11](https://app.finbar.com/go?id=P150321881)

Operationally, 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. [12](https://app.finbar.com/go?id=P150321258)[13](https://app.finbar.com/go?id=P150321259)[14](https://app.finbar.com/go?id=P150321262)[15](https://app.finbar.com/go?id=P150321264)[10](https://app.finbar.com/go?id=P150321886)
[6](https://app.finbar.com/go?id=P150321249)[7](https://app.finbar.com/go?id=T17207073)[8](https://app.finbar.com/go?id=T17207074)[9](https://app.finbar.com/go?id=P150321267)[10](https://app.finbar.com/go?id=P150321886)[11](https://app.finbar.com/go?id=P150321881)[12](https://app.finbar.com/go?id=P150321258)[13](https://app.finbar.com/go?id=P150321259)[14](https://app.finbar.com/go?id=P150321262)[15](https://app.finbar.com/go?id=P150321264)[16](https://filecache.investorroom.com/mr5ir_zto/487/download/2025_Annual_Report_NYSE.pdf)

## Geographic presence

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. [17](https://app.finbar.com/go?id=P150321568) [18](https://zto.investorroom.com/download/2025_Annual_Report_NYSE.pdf)

At 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. [3](https://app.finbar.com/go?id=P150320836) [18](https://zto.investorroom.com/download/2025_Annual_Report_NYSE.pdf)

The 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. [19](https://app.finbar.com/go?id=P150321845)
[17](https://app.finbar.com/go?id=P150321568)[3](https://app.finbar.com/go?id=P150320836)[19](https://app.finbar.com/go?id=P150321845)[18](https://zto.investorroom.com/download/2025_Annual_Report_NYSE.pdf)

## Business segments

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. [20](https://app.finbar.com/go?id=P150322904)

For 2025, the single reportable segment generated RMB49,098.667 million in revenue, representing 100% of consolidated revenue. [21](https://app.finbar.com/go?id=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. [22](https://app.finbar.com/go?id=P150322544)[23](https://app.finbar.com/go?id=P150321572)
[20](https://app.finbar.com/go?id=P150322904)[21](https://app.finbar.com/go?id=T17207279)[22](https://app.finbar.com/go?id=P150322544)[23](https://app.finbar.com/go?id=P150321572)

## Company history

ZTO Express was founded by Meisong Lai on 8 May 2002, and began express-delivery operations in 2009. [5](https://en.zto.com/about.html) [24](https://zto.investorroom.com/management) [25](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. [26](https://en.zto.com/newsDetail_02.html) [25](https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0929/9455981/sehk20091101106.pdf)

The Cayman Islands holding company was incorporated in April 2015. [27](https://app.finbar.com/go?id=P150302841) ZTO completed its U.S. initial public offering in October 2016, listing on the New York Stock Exchange under the symbol ZTO. [28](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. [29](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. [25](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. [30](https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0516/2024051600003.pdf) [31](https://app.finbar.com/go?id=P150321717)
[27](https://app.finbar.com/go?id=P150302841)[31](https://app.finbar.com/go?id=P150321717)[5](https://en.zto.com/about.html)[24](https://zto.investorroom.com/management)[25](https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0929/9455981/sehk20091101106.pdf)[26](https://en.zto.com/newsDetail_02.html)[28](https://zto.investorroom.com/2016-10-26-ZTO-Announces-Pricing-of-Initial-Public-Offering)[29](https://zto.investorroom.com/2018-05-29-Alibaba-and-Cainiao-Make-Strategic-Investment-in-ZTO-Express)[30](https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0516/2024051600003.pdf)

## Sources

1. [ZTO Express (Cayman) Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P150320649)
2. [ZTO Express (Cayman) Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P150321289)
3. [ZTO Express (Cayman) Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P150320836)
4. [ZTO Express (Cayman) Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T17207220)
5. [en.zto.com](https://en.zto.com/about.html)
6. [ZTO Express (Cayman) Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P150321249)
7. [ZTO Express (Cayman) Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T17207073)
8. [ZTO Express (Cayman) Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T17207074)
9. [ZTO Express (Cayman) Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P150321267)
10. [ZTO Express (Cayman) Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P150321886)
11. [ZTO Express (Cayman) Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P150321881)
12. [ZTO Express (Cayman) Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P150321258)
13. [ZTO Express (Cayman) Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P150321259)
14. [ZTO Express (Cayman) Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P150321262)
15. [ZTO Express (Cayman) Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P150321264)
16. [filecache.investorroom.com](https://filecache.investorroom.com/mr5ir_zto/487/download/2025_Annual_Report_NYSE.pdf)
17. [ZTO Express (Cayman) Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P150321568)
18. [zto.investorroom.com](https://zto.investorroom.com/download/2025_Annual_Report_NYSE.pdf)
19. [ZTO Express (Cayman) Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P150321845)
20. [ZTO Express (Cayman) Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P150322904)
21. [ZTO Express (Cayman) Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T17207279)
22. [ZTO Express (Cayman) Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P150322544)
23. [ZTO Express (Cayman) Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P150321572)
24. [zto.investorroom.com](https://zto.investorroom.com/management)
25. [www1.hkexnews.hk](https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0929/9455981/sehk20091101106.pdf)
26. [en.zto.com](https://en.zto.com/newsDetail_02.html)
27. [ZTO Express (Cayman) Inc. — Full financial report (2021 Y)](https://app.finbar.com/go?id=P150302841)
28. [zto.investorroom.com](https://zto.investorroom.com/2016-10-26-ZTO-Announces-Pricing-of-Initial-Public-Offering)
29. [zto.investorroom.com](https://zto.investorroom.com/2018-05-29-Alibaba-and-Cainiao-Make-Strategic-Investment-in-ZTO-Express)
30. [www1.hkexnews.hk](https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0516/2024051600003.pdf)
31. [ZTO Express (Cayman) Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P150321717)

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