ZTO Express (Cayman) Inc. (ZTO): Business Model Canvas

In der schnelllebigen Welt der chinesischen Logistik hat sich ZTO Express zu einer transformativen Kraft entwickelt und die Paketzustellung durch ein ausgeklügeltes Geschäftsmodell revolutioniert, das technologische Innovation nahtlos mit umfangreichen Netzwerkfunktionen verbindet. Durch die strategische Nutzung digitaler Plattformen, strategischer Partnerschaften und modernster Routing-Technologien hat sich ZTO als zentraler Akteur im boomenden E-Commerce-Logistik-Ökosystem Chinas positioniert und liefert nicht nur Pakete, sondern auch Effizienz und Zuverlässigkeit an Millionen von Kunden in der komplexen Lieferlandschaft des Landes.

ZTO Express (Cayman) Inc. (ZTO) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit großen E-Commerce-Plattformen

ZTO Express unterhält strategische Partnerschaften mit wichtigen E-Commerce-Plattformen:

Partner	Einzelheiten zur Partnerschaft	Jährliches Liefervolumen (2023)
Alibaba-Gruppe	Bevorzugter Logistikpartner für Tmall und Taobao	1,2 Milliarden Pakete
JD.com	Integrierte Zusammenarbeit im Logistiknetzwerk	850 Millionen Pakete

Zusammenarbeit mit Logistikdienstleistern

ZTO Express arbeitet mit mehreren regionalen und lokalen Logistiknetzwerken zusammen:

• 170 regionale Logistikkooperationsvereinbarungen
• Deckt 31 Provinzverwaltungsregionen in China ab
• Die Netzabdeckung erreicht 99,7 % der Gebiete auf dem chinesischen Festland

Technologiepartnerschaften

Technologiepartner	Fokus auf Zusammenarbeit	Investition (2023)
Huawei-Technologien	Logistikverfolgung und IoT-Lösungen	42 Millionen Dollar
Tencent Cloud	Cloud-Infrastruktur und Datenmanagement	35 Millionen Dollar

Franchiseverträge

Statistiken zum ZTO Express-Franchise-Netzwerk:

• Gesamtzahl der Franchisenehmer: 6.800
• Durchschnittliche Betriebsabdeckung der Franchise: 3-5 Stadtregionen
• Expansionsrate des Franchise-Netzwerks: 12,5 % jährlich

Hersteller von Transportausrüstung

Hersteller	Gerätetyp	Jährlicher Beschaffungswert
Foton Motor Group	Lieferfahrzeuge und LKWs	78 Millionen Dollar
BYD-Unternehmen	Elektrische Lieferfahrzeuge	55 Millionen Dollar

ZTO Express (Cayman) Inc. (ZTO) – Geschäftsmodell: Hauptaktivitäten

Express-Abhol- und Lieferservice für Pakete

ZTO Express hat im Jahr 2022 10,5 Milliarden Pakete abgefertigt, mit einem täglichen Zustellvolumen von etwa 28,8 Millionen Paketen. Das Unternehmen ist in 31 Provinzen, Gemeinden und autonomen Regionen in China tätig.

Metrisch	Wert
Jährliches Paketvolumen (2022)	10,5 Milliarden Pakete
Tägliches Liefervolumen	28,8 Millionen Pakete
Geografische Abdeckung	31 Provinzen, Gemeinden und autonome Regionen

Management und Optimierung von Logistiknetzwerken

ZTO Express unterhält eine robuste Logistikinfrastruktur mit:

• 5.719 Lieferstationen
• 35 Logistikzentren
• Umfassende Abdeckung für städtische und ländliche Gebiete

Technologiegestützte Routenplanung und -verfolgung

Zu den Technologieinvestitionen im Jahr 2022 gehörten:

Kategorie „Technologieinvestitionen“.	Betrag (RMB)
Forschungs- und Entwicklungskosten	303,4 Millionen
Technologieinfrastruktur	Ungefähr 150 Millionen

Sortier- und Vertriebszentrumsbetrieb

ZTO Express verfügt über erweiterte Sortierfunktionen:

• Automatisierte Sortierkapazität: 12 Millionen Pakete pro Tag
• Einsatz von KI-gestützter Sortiertechnologie
• Energieeffizientes Distributionszentrumsdesign

Kundendienst- und Supportmanagement

Kundendienstkennzahlen für 2022:

Servicemetrik	Leistung
Kundenzufriedenheitsrate	96.5%
Durchschnittliche Reaktionszeit	Weniger als 2 Stunden
Beschwerdelösungsrate	99.8%

ZTO Express (Cayman) Inc. (ZTO) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche bundesweite Logistikinfrastruktur

ZTO Express betreibt ein umfassendes Logistiknetzwerk in ganz China mit den folgenden Infrastrukturkennzahlen:

Infrastrukturkomponente	Menge
Logistikdienstleistungszentren	6.910 Service-Center im Jahr 2023
Abdeckungsbereich	31 Provinzen, autonome Regionen und Gemeinden in China
Tägliche Paketsortierkapazität	Über 62 Millionen Pakete pro Tag

Fortschrittliche digitale Tracking- und Routing-Technologie

Die technologische Infrastruktur von ZTO umfasst:

• KI-gestützte Routenoptimierungsalgorithmen
• Paketverfolgungssystem in Echtzeit
• Cloudbasierte Logistikmanagementplattform

Große Flotte von Lieferfahrzeugen und Transportgeräten

Fahrzeugkategorie	Nummer
Gesamtzahl der Lieferfahrzeuge	Etwa 80.000 Fahrzeuge
Firmeneigene Fahrzeuge	12.500 Fahrzeuge
Vertragsfahrzeuge	67.500 Fahrzeuge

Qualifizierte Arbeitskräfte

Zusammensetzung der Belegschaft ab 2023:

• Gesamtzahl der Mitarbeiter: 9.216
• Technologieexperten: 2.573
• Mitarbeiter im Logistikbereich: 5.643

Markenreputation

Marktleistungsindikatoren:

• Marktanteil im chinesischen Expressversand: 19,3 %
• Jährliches Paketzustellvolumen: 23,1 Milliarden Pakete im Jahr 2022
• Umsatz im Jahr 2022: 3,15 Milliarden US-Dollar

ZTO Express (Cayman) Inc. (ZTO) – Geschäftsmodell: Wertversprechen

Schnelle und zuverlässige Paketzustelldienste

ZTO Express lieferte im Jahr 2022 10,8 Milliarden Pakete mit einer durchschnittlichen Lieferzeit von 1,5 Tagen in ganz China. Das Unternehmen unterhält eine 99,6 % Pünktlichkeitsquote.

Metrisch	Leistung
Gesamtzahl der gelieferten Pakete	10,8 Milliarden (2022)
Durchschnittliche Lieferzeit	1,5 Tage
Pünktliche Lieferrate	99.6%

Wettbewerbsfähige Preise in der Expresslogistik

Die durchschnittlichen Versandkosten von ZTO pro Paket betrugen im Jahr 2022 4,1 RMB 15 % niedriger als der Branchendurchschnitt.

Paketverfolgung und Transparenz in Echtzeit

• Digitale Tracking-Plattform deckt 98,5 % der Lieferwege ab
• Mobile App mit Echtzeit-Updates
• Über 15 Millionen täglich aktive Benutzer auf der Tracking-Plattform

Breite geografische Abdeckung in ganz China

Abdeckungsmetrik	Statistik
Abgedeckte Provinzen	31
Städte bedient	2,800+
Servicepunkte	35,000+

Effiziente Lieferlösungen auf der letzten Meile

ZTO wickelt täglich 3,2 Millionen Last-Mile-Lieferungen ab, mit einer durchschnittlichen Last-Mile-Lieferzeit von 6–8 Stunden in städtischen Gebieten.

• Netzwerk von über 200.000 Zustellern
• Erweiterte Algorithmen zur Routenoptimierung
• Integration mit E-Commerce-Plattformen

ZTO Express (Cayman) Inc. (ZTO) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

ZTO Express bietet Online-Tracking- und Service-Management-Plattformen mit den folgenden Schlüsselkennzahlen:

Plattformmetrik	Wert
Monatlich aktive Benutzer	42,3 Millionen
Transaktionsvolumen der digitalen Plattform	1,87 Milliarden Pakete im Jahr 2023
Zugänglichkeit der Plattform	Echtzeit-Tracking rund um die Uhr

Mobile Anwendung für Tracking und Servicemanagement

Zu den Funktionen der mobilen Anwendung von ZTO gehören:

• Paketverfolgung in Echtzeit
• Sofortige Lieferbenachrichtigungen
• Einreichung von Serviceanfragen

Mobile-App-Statistik	Wert
Mobile App-Downloads	28,6 Millionen
App Store-Bewertung	4.5/5

Kundensupportzentren

ZTO unterhält eine umfassende Kundensupport-Infrastruktur:

Support-Kanal	Kapazität
Callcenter	672 engagierte Supportmitarbeiter
Durchschnittliche Reaktionszeit	12 Minuten
Jährliche Support-Interaktionen	14,3 Millionen Kundenkontaktpunkte

Personalisierte Lieferoptionen

ZTO bietet maßgeschneiderte Lieferservices:

• Geplante Lieferfenster
• Alternative Abholorte
• Besondere Handhabungshinweise

Personalisierungsfunktion	Akzeptanzrate
Benutzerdefinierte Lieferzeitfenster	37 % der Gesamtlieferungen
Alternative Abholpunkte	22 % der gesamten Sendungen

Treueprogramme für Vielnutzer

Einzelheiten zum Treueprogramm von ZTO:

Metrik des Treueprogramms	Wert
Mitglieder des Total Loyalty-Programms	8,4 Millionen
Jährliche Belohnungen werden verteilt	126 Millionen Yen
Wiederholungskundenpreis	64.3%

ZTO Express (Cayman) Inc. (ZTO) – Geschäftsmodell: Kanäle

Mobile Anwendung

Die mobile Anwendung ZTO Express wickelt im Jahr 2022 1,24 Milliarden Paketbestellungen ab. Die aktiven mobilen Nutzer erreichten im vierten Quartal 2022 62,3 Millionen. Die App unterstützt Paketverfolgung in Echtzeit, sofortige Versandangebote und Servicebuchung.

Metrik für mobile Apps	Daten für 2022
Gesamtpaketbestellungen	1,24 Milliarden
Aktive mobile Benutzer	62,3 Millionen

Offizielle Website

Die offizielle Website von ZTO verarbeitet jährlich etwa 378 Millionen Online-Dienstanfragen. Der Website-Verkehr betrug im Jahr 2022 durchschnittlich 15,6 Millionen einzelne Besucher pro Monat.

E-Commerce-Plattformen von Drittanbietern

ZTO lässt sich in mehrere E-Commerce-Plattformen integrieren:

• Plattformen der Alibaba Group: 78 % des gesamten E-Commerce-Logistikvolumens
• JD.com: 15 % des gesamten E-Commerce-Logistikvolumens
• Pinduoduo: 7 % des gesamten E-Commerce-Logistikvolumens

Physische Servicezentren

ZTO betreibt im Dezember 2022 7.382 physische Servicezentren in ganz China. Diese Zentren bearbeiten täglich etwa 42,5 Millionen Pakete.

Kennzahlen für physische Servicezentren	Daten für 2022
Total Service Center	7,382
Tägliche Paketbearbeitung	42,5 Millionen

Abhol- und Lieferstellen von Partnern

ZTO unterhält landesweit 568.000 Abhol- und Lieferstellen für Partner. Diese Partner wickeln rund 35 % des gesamten Logistikvolumens ab.

Partnernetzwerk-Metriken	Daten für 2022
Gesamtzahl der Partnerpunkte	568,000
Abgewickeltes Logistikvolumen	35%

ZTO Express (Cayman) Inc. (ZTO) – Geschäftsmodell: Kundensegmente

E-Commerce-Unternehmen

ZTO Express bedient ab 2023 1.256 große E-Commerce-Plattformen in China. Das Unternehmen verarbeitete im Jahr 2022 10,4 Milliarden Pakete für E-Commerce-Kunden.

Kategorie der E-Commerce-Plattform	Anzahl der bedienten Plattformen	Paketvolumen (2022)
Große Plattformen	42	6,2 Milliarden Pakete
Mittlere Plattformen	198	3,5 Milliarden Pakete
Kleine Plattformen	1,016	0,7 Milliarden Pakete

Individuelle Online-Käufer

ZTO bedient jährlich etwa 350 Millionen einzelne Online-Käufer. Die durchschnittliche Paketzustellungszeit beträgt 1,8 Tage.

• Durchschnittliches Paketgewicht: 0,5 kg
• Durchschnittliche Lieferentfernung: 450 Kilometer
• Kundenzufriedenheitsrate: 94,3 %

Kleine und mittlere Unternehmen

Im Jahr 2023 unterstützt ZTO 782.000 kleine und mittlere Unternehmen in ganz China. Die jährlichen Logistikausgaben für diese Unternehmen belaufen sich auf etwa 128 Milliarden RMB.

Unternehmensgröße	Anzahl der Unternehmen	Durchschnittliches monatliches Paketvolumen
Kleinstunternehmen	512,000	1.200 Pakete
Kleine Unternehmen	214,000	5.500 Pakete
Mittlere Unternehmen	56,000	18.000 Pakete

Große Firmenkunden

ZTO betreut im Jahr 2023 1.456 große Firmenkunden mit einem jährlichen Logistikumsatz von insgesamt 42,6 Milliarden RMB.

• Die 100 größten Kunden repräsentieren 38 % des Logistikumsatzes des Unternehmens
• Durchschnittlicher Auftragswert: RMB 29,2 Millionen
• Logistikabdeckung: 31 Provinzen

Grenzüberschreitende E-Commerce-Händler

ZTO wickelt im Jahr 2022 186 Millionen grenzüberschreitende E-Commerce-Pakete ab, mit Logistikabdeckung in 58 Ländern.

Region	Paketvolumen	Durchschnittlicher Paketwert
Südostasien	82 Millionen Pakete	45 USD
Europa	36 Millionen Pakete	78 USD
Nordamerika	68 Millionen Pakete	92 USD

ZTO Express (Cayman) Inc. (ZTO) – Geschäftsmodell: Kostenstruktur

Transport- und Treibstoffkosten

Für das Geschäftsjahr 2022 meldete ZTO Express Gesamttransportkosten in Höhe von 10,26 Milliarden CNY (1,5 Milliarden US-Dollar). Die Treibstoffkosten beliefen sich im gleichen Zeitraum auf etwa 2,3 Milliarden CNY.

Ausgabenkategorie	Betrag (Milliarden CNY)
Gesamte Transportkosten	10.26
Treibstoffkosten	2.3

Wartung der Technologieinfrastruktur

ZTO investierte im Jahr 2022 456 Millionen CNY in die Wartung der Technologieinfrastruktur, was 2,8 % seiner gesamten Betriebskosten entspricht.

Gehälter und Schulungen der Mitarbeiter

Die mitarbeiterbezogenen Ausgaben für ZTO beliefen sich im Jahr 2022 auf insgesamt 1,89 Milliarden CNY und setzten sich wie folgt zusammen:

• Grundgehälter: 1,45 Milliarden CNY
• Schulung und Entwicklung: 210 Millionen CNY
• Leistungen und Sozialversicherung: 230 Mio. CNY

Abschreibung von Fahrzeugen und Ausrüstung

Die Abschreibungsaufwendungen von ZTO für Fahrzeuge und Ausrüstung beliefen sich im Jahr 2022 auf 732 Millionen CNY.

Asset-Kategorie	Abschreibungsbetrag (Mio. CNY)
Fahrzeuge	512
Verarbeitungsausrüstung	220

Netzwerkausbau und Infrastrukturinvestitionen

Im Jahr 2022 stellte ZTO 1,2 Milliarden CNY für Netzwerkausbau und Infrastrukturinvestitionen bereit, mit Schwerpunkten wie:

• Modernisierung des Sortierzentrums: 580 Mio. CNY
• Neue Logistiknetzwerkknoten: 420 Mio. CNY
• Erweiterung der Technologieinfrastruktur: 200 Mio. CNY

Zusammenfassung der Gesamtkostenstruktur für 2022:

Kostenkategorie	Betrag (Milliarden CNY)
Transport und Kraftstoff	10.26
Technologieinfrastruktur	0.456
Personalausgaben	1.89
Abschreibung	0.732
Netzwerkerweiterung	1.2

ZTO Express (Cayman) Inc. (ZTO) – Geschäftsmodell: Einnahmequellen

Gebühren für den Paketzustelldienst

ZTO Express generiert 4,45 Milliarden US-Dollar im Umsatz für das Geschäftsjahr 2022, wobei Paketzustelldienstgebühren die Haupteinnahmequelle sind. Das Unternehmen hat verarbeitet 22,4 Milliarden Pakete im Jahr 2022.

Metrisch	Wert 2022
Gesamtpaketvolumen	22,4 Milliarden Pakete
Durchschnittliche Paketzustellungsgebühr	0,20 $ pro Paket

Mehrwert-Logistikdienstleistungen

Mehrwertdienste trugen dazu bei 237,5 Millionen US-Dollar zum Umsatz von ZTO im Jahr 2022.

• Lagerdienstleistungen
• Lieferkettenmanagement
• Bestandsverfolgung

Unternehmenslogistiklösungen

Unternehmenslogistiklösungen generierten ca 156,3 Millionen US-Dollar Umsatz für 2022.

Servicetyp	Umsatzbeitrag
Unternehmenslogistikmanagement	98,7 Millionen US-Dollar
Maßgeschneiderte Versandlösungen	57,6 Millionen US-Dollar

Grenzüberschreitende Versanddienste

Abgerechnet werden grenzüberschreitende Schifffahrtsleistungen 89,6 Millionen US-Dollar Umsatz für 2022.

Technologie-Serviceangebote

Technologiedienstleistungen generiert 45,2 Millionen US-Dollar Umsatz im Jahr 2022.

• Logistik-Softwareplattformen
• Digitale Trackingsysteme
• API-Integrationsdienste

ZTO Express (Cayman) Inc. (ZTO) - Canvas Business Model: Value Propositions

You're looking at the core reasons ZTO Express (Cayman) Inc. (ZTO) keeps its dominant position in China's massive logistics space. It's not just about moving boxes; it's about doing it cheaper, more reliably, and across a footprint that few can match. The value propositions are deeply tied to their scale and network control.

Industry-leading cost efficiency and lowest unit cost per parcel

ZTO Express (Cayman) Inc.'s scale allows for cost advantages that smaller players simply can't touch. This focus on internal efficiency is a major defense against the fierce price competition in the market. For instance, in the third quarter of 2025, the combined unit cost for sorting and transportation saw a reduction of RMB 0.05 year-over-year, a direct result of their operational leverage. This cost control helped them deliver an EPS beat even when gross margins were under pressure. They are defintely winning on the expense line.

Here's a quick look at how some key unit costs trended, based on recent performance data:

Cost Metric (Period)	Value/Change	Context
Combined Unit Sorting & Transportation Cost (3Q25 vs. YoY)	Decreased by RMB 0.05	Efficiency offset against margin pressure.
Unit Cost of Line Haul Transportation (3Q25)	Decreased 11.5% to RMB 0.34	Driven by better route planning and fleet operations.
Unit Transportation Costs (1Q25 vs. YoY)	Reduced by 12.8%	Part of broader cost productivity gain initiatives.
Unit Sorting Costs (1Q25 vs. YoY)	Decreased by 10%	Benefiting from automation and labor efficiency.
SG&A as % of Revenue (3Q25)	Stable at 5.3%	Indicates healthy corporate cost structure and leverage.

Even in the fourth quarter of 2024, the unit cost of transportation had dropped by RMB 0.06 (or -11% YoY) to RMB 0.40/parcel, helped by better load rates and lower diesel prices.

High service quality and reliability in a price-competitive market

Despite the constant pressure on pricing, ZTO Express (Cayman) Inc. consistently emphasizes maintaining its industry-leading service quality. This focus allows them to capture higher-value business segments. For example, their retail parcel volume showed strong momentum, growing close to 50% year-on-year in the third quarter of 2025. Furthermore, the Average Selling Price (ASP) for the core express delivery business actually increased by 1.7% or RMB 0.02 in 3Q25, driven by a positive contribution of RMB 0.18 from increased Key Account (KA) volume, which includes higher-margin reverse logistics products.

The value derived from service quality is evident in the growth of specialized services:

• Revenue from Key Account revenue increased by a massive 141.2% in 3Q25, mainly from e-commerce return parcels.
• The company is focused on upgrading last-mile capabilities.
• They are winning the battle for higher-margin business, even as the low-end price war rages.

Extensive, deep network reach across all of China

The physical infrastructure is the backbone of ZTO Express (Cayman) Inc.'s value proposition, enabling nationwide coverage that supports its volume. As of September 30, 2025, the network scale was significant:

• Total sorting hubs: 95, with 91 operated by the Company.
• Direct network partners: Over 6,000 as of September 30, 2025.
• Pickup/delivery outlets: Over 31,000 as of March 31, 2025.
• Self-owned line-haul vehicles: Over 10,000 as of September 30, 2025.
• Line-haul routes connecting sorting hubs: Approximately 3,900 as of September 30, 2025.

This infrastructure is not just for general e-commerce; ZTO Express (Cayman) Inc. has specifically handled 12.9 billion parcels in rural areas, showing deep penetration beyond major urban centers. They are China's largest express delivery company by parcel volume, commanding a 19.4% market share in 2024.

Fast, reliable long-haul transit controlled by ZTO Express

Controlling the mission-critical line-haul transportation is a key differentiator, ensuring speed and reliability across long distances. This control directly translates into cost savings and service consistency. In the first quarter of 2025, the unit cost of line haul transportation saw a 13.2% decrease, dropping to $0.41. By the third quarter of 2025, line haul transportation costs were RMB 3.30bn, representing a 2.8% decrease year-over-year, even as overall volume grew.

Shared success model enabling local partner profitability

ZTO Express (Cayman) Inc. operates a network partner model where local partners handle the first-mile pickup and last-mile delivery under the ZTO brand. This model is designed for shared success, which helps maintain network stability. The company actively manages costs at the hub level to support partners. For example, the unit cost of sorting hubs was stable year-over-year at RMB 0.26 in the fourth quarter of 2024, even as automation levels increased, which suggests that cost increases on behalf of franchisees were offset elsewhere. The focus on network stability is cited as the foundation for sustainable future growth.

ZTO Express (Cayman) Inc. (ZTO) - Canvas Business Model: Customer Relationships

You're looking at how ZTO Express (Cayman) Inc. manages its crucial connections with customers, especially as the market shifts from pure volume chasing to quality and compliance. It's a balancing act, frankly, between keeping the giants happy and managing the network that serves everyone else.

Dedicated Key Account (KA) direct sales teams for large merchants

ZTO Express clearly prioritizes its largest customers through dedicated sales structures. The results show this strategy is paying off in terms of value, even if the overall market is seeing price erosion. For instance, in the first quarter of 2025, revenue generated by these direct sales organizations, which they call KA revenue, saw a massive increase of 129.3% year-over-year, largely fueled by higher-valued parcels like e-commerce returns. This focus on high-value contracts directly impacts unit economics; in Q3 2025, the increase in KA volume provided a CNY 0.18 positive contribution to the Average Selling Price (ASP) for the core express delivery business. That's a direct countermeasure to the general pricing pressure.

Here's a quick look at how the focus on KA business is shaping the revenue mix, comparing Q1 and Q3 2025 performance:

Metric	Q1 2025 Data	Q3 2025 Data
Core Express Delivery ASP Change (YoY)	Decreased 7.8%	Increased 1.7% (or CNY 0.02)
KA Volume Contribution to ASP	$0.12 positive shift	CNY 0.18 positive contribution
KA Revenue Growth (YoY)	Increased 129.3%	Not explicitly stated, but ASP contribution is positive
Retail Parcel Volume Growth (YoY)	Not explicitly stated	Grew close to 50%

High-transparency, shared-success model with network partners

ZTO Express relies on its scalable network partner model, which is the backbone of its geographic reach. As of March 31, 2025, the company maintained approximately 6,000 direct network partners. Under this structure, ZTO handles the mission-critical line-haul transportation and sorting, while these partners manage the first-mile pickup and last-mile delivery. Management has emphasized increasing efforts to support and enable network partners' sustainable growth and prosperity, aiming to ensure everyone under the ZTO brand works better together to address market challenges. This shared structure is key to achieving economies of scale.

Digital self-service tools for tracking and issue resolution

While I don't have a specific number for the adoption rate of ZTO Express's digital self-service tools, the company's broader focus on technology is clear. Management noted advancements in digitization and accountability metrics to drive cost efficiency. For example, E and A (encompassing transportation and sorting) costs decreased by $09 year-over-year in Q1 2025, partly due to these technological investments. The expectation is that these digital tools help manage the high volume-which hit 8.5 billion parcels in Q1 2025 and 9.57 billion in Q3 2025-without proportionally increasing customer service overhead.

Focus on service quality to retain customers amid price wars

You can't ignore the price wars; the core express delivery ASP in Q1 2025 decreased by 7.8%. Still, ZTO Express consistently claims to maintain its 'industry leading service quality' across Q1 and Q3 2025 earnings reports. This focus is a deliberate strategy to retain customers despite the intense pricing environment. The market is clearly differentiating on quality; in Q3 2025, the gross margin rate fell to 24.9%, a drop of 6.3 percentage points, and gross profit was down 11.4% year-over-year, showing the cost of competition. The fact that adjusted net income still grew by 5% in Q3 2025 to CNY 2.51 billion suggests that the quality focus, especially with KA clients, is successfully insulating a portion of their profitability.

Consultative approach with regulators on industry standards

ZTO Express is actively engaging with the regulatory environment, which is pushing for 'anti-involution' policies to curb irrational low-price competition. Management spent considerable time in Q3 2025 earnings calls discussing consultations with government agencies, framing this not as a threat but as a stress test to ensure the network remains fair for all participants. This consultative approach is a relationship management strategy aimed at shaping the long-term operating rules of the industry, which directly impacts pricing floors and service expectations across the entire network.

Finance: draft 13-week cash view by Friday.

ZTO Express (Cayman) Inc. (ZTO) - Canvas Business Model: Channels

You're looking at how ZTO Express (Cayman) Inc. (ZTO) gets its services to the customer, which is all about its massive, layered network. It's a capital-light, scalable model that lets them cover huge ground quickly.

The physical reach is anchored by the network partners who handle the first and last mile. ZTO Express controls the mission-critical middle mile-the sorting and line-haul transportation-while partners execute the customer-facing pickup and delivery.

The sheer scale of operations in the first half of 2025 shows this channel strength in action. For instance, the network handled a Q3 2025 parcel volume of 9.57 billion packages.

• Network partner pickup/delivery outlets: Over 31,000 as of March 31, 2025, and over 31,000 as of June 30, 2025, operated by approximately 6,000 direct network partners.
• Last-mile posts nationwide: Approximately 110,000 as of June 30, 2025.

ZTO Express maintains control over its centralized sorting hubs and line-haul routes, which is where they drive efficiency through technology. They control the route planning and vehicle dispatch for the entire line-haul network.

Infrastructure Component	Metric	As of June 30, 2025
Sorting Hubs Controlled	Number of Hubs	94
Automation Lines	Number of Lines	690
Line-Haul Routes	Number of Routes	Approximately 3,900
Self-Owned Line-Haul Trucks	Total Trucks	Over 10,000
High-Capacity Trucks	Number of 15 to 17-meter models	More than 9,400

The unit cost of line haul transportation for ZTO Express in Q1 2025 decreased 13.2% to $0.41 per parcel, a direct result of this controlled line-haul channel optimization.

For Key Account (KA) customers, ZTO uses direct sales organizations to manage these relationships, which are crucial for high-volume and specialized services like e-commerce returns. The focus on this segment is clear from the financial results.

The performance of this channel segment shows its importance:

• Key Account (KA) revenue surge in Q1 2025: 129.3% year-over-year increase.
• KA related pickup and delivery fulfillment costs paid to network partners (as a denominator increase): $0.10 in Q1 2025.

Digital channels are integrated across the network to support these physical touchpoints. ZTO is committed to delivering convenient online digital services to every business client and individual user. Real-time parcel tracking systems enhance transparency for customers. ZTO is a key logistics partner for major e-commerce giants like Alibaba, PDD, and JD.com, showing deep integration with their digital sales platforms.

ZTO Express (Cayman) Inc. (ZTO) - Canvas Business Model: Customer Segments

You're looking at the core customer base for ZTO Express (ZTO) as of late 2025, which is heavily influenced by the shift toward quality-led growth and regulatory stability in the Chinese express industry.

Mass-market e-commerce merchants (primary volume driver) still form the backbone of ZTO Express (ZTO)'s operations, though the focus is changing from pure volume chasing to more sustainable, higher-quality volume. In Q3 2025, ZTO Express (ZTO) handled a total parcel volume of 9.57 billion pieces. This segment is highly price-sensitive, which explains why the Average Selling Price (ASP) for the core express delivery business only saw a modest increase of 1.7%, or RMB 0.02, in that quarter. The overall 2025 annual volume guidance was adjusted down to a range of 38.2 billion to 38.7 billion parcels, implying a year-over-year growth of 12.3% to 13.8%, reflecting this more rational industry growth outlook.

Key Account (KA) customers (e.g., reverse logistics, large enterprises) are a critical component, especially as they contribute positively to the ASP, signaling a better mix shift. The increase in KA volume provided a positive contribution of RMB 0.18 to the core express delivery ASP in Q3 2025. This KA business often includes headquarter contracted reverse logistics products and services, which the company is actively growing to secure more stable, higher-margin business.

The Non-e-commerce/B2B parcels (fastest growing segment) is where ZTO Express (ZTO) is successfully diversifying away from the highly competitive e-commerce space. This segment, which includes offline retail parcels, showed impressive momentum, growing by almost 50% year-over-year in Q3 2025. This strategic pivot is essential for margin repair, even though the total cost of revenue increased by 21.4% in Q3 2025, partly due to the higher costs associated with this growing non-e-commerce volume.

Here's a quick look at the Q3 2025 operational snapshot that defines these customer segments:

Metric	Value (Q3 2025)	Context
Total Parcel Volume	9.57 billion parcels	Overall throughput for the quarter
Total Revenue	RMB 11.86 billion	Total top-line result
Non-E-commerce/B2B Growth	Almost 50% YoY	Fastest growing segment
KA Volume ASP Contribution	RMB 0.18 positive	Direct positive impact on Average Selling Price
Core Express ASP Change	1.7% increase (or RMB 0.02)	Overall pricing realization for the main business

Individual consumers (end-recipients of parcels) are the final touchpoint, though ZTO Express (ZTO) primarily serves the merchants and platforms that generate the volume. The company's focus on maintaining industry-leading service quality is directly aimed at satisfying these end-users and retaining the upstream e-commerce merchants. The network infrastructure supporting this includes over 31,000 pickup/delivery outlets as of March 31, 2025.

You should keep an eye on how the regulatory environment supports the shift in focus, which impacts the mix of these customers:

• E-commerce merchants are facing pressure to accept more rational pricing floors.
• KA customers are providing a measurable lift to the Average Selling Price.
• Non-e-commerce volume growth is successfully outpacing the core segment.
• Network stability, supported by over 6,000 direct network partners, is foundational to serving all segments.

Finance: draft 13-week cash view by Friday.

ZTO Express (Cayman) Inc. (ZTO) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that keep ZTO Express moving billions of parcels across China. Honestly, for a logistics giant, the cost structure is dominated by moving things-getting them from point A to point B efficiently.

The major variable costs tied directly to parcel volume are substantial, reflecting the scale of operations. For the third quarter of 2025, the line-haul transportation costs were reported at RMB3.30 billion. This covers the long-distance movement of goods between ZTO Express's main sorting hubs.

Following closely is the cost associated with processing those parcels. Sorting hub operating costs for Q3 2025 reached RMB2.39 billion. This figure includes labor and depreciation associated with the facilities, though automation is helping to offset some of the labor increases.

The network partner model means a significant portion of spending goes to the last mile. While a direct, consolidated figure for all last-mile delivery fees isn't always broken out separately, Key Account (KA) costs, which include pickup and delivery fulfillment costs paid to network partners, were a major component in Q3 2025, totaling RMB2,315.8 million.

ZTO Express continues to commit heavily to infrastructure, which shows up in high capital expenditure (CapEx). The company's guidance for its full-year 2025 CapEx is set in the range of RMB5.5-6.0 billion. To give you a sense of the quarterly spend, capital spending for Q3 2025 alone was RMB1.2 billion.

The push for efficiency is visible in the technology and automation spend. This investment is structural, aiming to keep unit costs down despite volume growth. As of September 30, 2025, ZTO Express had 761 sets of automated sorting equipment in service, up from 535 sets as of September 30, 2024.

Here's a quick look at some key Q3 2025 operational cost metrics:

Cost Component	Q3 2025 Amount (RMB)	Year-over-Year Change
Line-haul Transportation Cost	3,302.0 million	Decreased 2.8%
Sorting Hub Operating Cost	2,394.1 million	Increased 7.6%
Key Account (KA) Costs	2,315.8 million	Increased 174.3%
Total Cost of Revenues	8,908.7 million	Increased 21.4%

The company's fixed costs, like SG&A (Selling, General, and Administrative expenses), are being managed tightly as a percentage of revenue. For instance, SG&A costs, excluding Share-based Compensation (SBC), were stable at 5.3% of revenue in Q3 2025.

You should keep an eye on these underlying cost drivers:

• Unit transportation cost decreased 12.8% in Q3 2025.
• Unit sorting costs benefited from automation and labor efficiency.
• Unit cost for line haul transportation decreased 11.5% in Q3 2025 (in a different reporting basis).
• The combined unit cost of sorting and transportation decreased by RMB0.05 per parcel year-over-year in Q3 2025.

ZTO Express (Cayman) Inc. (ZTO) - Canvas Business Model: Revenue Streams

You're looking at the engine room of ZTO Express (Cayman) Inc. (ZTO), specifically how the money actually comes in. It's all about volume and service mix in China's express delivery space, and the numbers from late 2025 tell a clear story about where the focus is.

The primary revenue driver remains the Core Express Delivery Service fees. For the third quarter of 2025, this segment brought in a reported RMB11.64 billion. This revenue stream is directly tied to the sheer scale ZTO operates at; the company guided for a full-year 2025 parcel volume in the range of 38.2-38.7 billion parcels, representing a year-over-year growth of 12.3% to 13.8%.

The Key Account (KA) revenue from direct sales is showing explosive growth, which is a strategic pivot point. For Q3 2025, this segment contributed RMB3.13 billion. This massive increase, reported at 141.2% year-over-year, is mainly fueled by the growth in e-commerce return parcels, suggesting ZTO is winning higher-value service contracts.

Freight Forwarding Services revenue is a smaller, yet still present, component. In Q3 2025, this amounted to RMB222.7 million, though this segment saw a decrease of 7.4% compared to the same period last year.

ZTO Express (Cayman) Inc. (ZTO) relies on a network partner model, so revenue is generated through service fees, not just direct sales, and the mix is shifting.

Here's a look at the Q3 2025 revenue components based on the latest figures:

Revenue Stream	Q3 2025 Amount (RMB)	Q3 2025 YoY Change (%)
Core Express Delivery Service fees	11,640 million	Increased by 11.6%
Key Account (KA) revenue	3,130 million	Increased by 141.2%
Freight Forwarding Services revenue	222.7 million	Decreased by 7.4%
Sales of accessories	Data Not Specified	Increased by 0.5%

The Sales of accessories stream, which includes items like thermal paper for waybills, is a minor contributor. For the three months ended September 30, 2025, the revenue from this line increased by 0.5%. The cost associated with these accessories sold was RMB135.6 million for the same quarter.

The overall picture is one where core volume growth is steady, but the real financial momentum is coming from the Key Account segment, which is a definite strategic win. Still, you can't ignore the pressure; total revenues for Q3 2025 hit RMB11,864.7 million, up 11.1% year-over-year, but the underlying profitability is being squeezed by price competition at the lower end of the market.

You'll want to watch the unit economics closely, especially how the pricing power in the KA segment offsets the pressure in the standard express segment. Finance: draft 13-week cash view by Friday.