ZTO Express (Cayman) Inc. (ZTO): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde en évolution rapide de la logistique chinoise, ZTO Express est devenu une force transformatrice, révolutionnant la livraison de packages grâce à un modèle commercial sophistiqué qui mélange de manière transparente l'innovation technologique avec de vastes capacités de réseau. En tirant stratégiquement les plates-formes numériques, les partenariats stratégiques et les technologies de routage de pointe, ZTO s'est positionné comme un acteur pivot de l'écosystème logistique en plein essor en plein essor, en fournissant non seulement des packages, mais une efficacité et une fiabilité envers des millions de clients à travers le complexe du pays paysage de livraison.

ZTO Express (Cayman) Inc. (ZTO) - Modèle commercial: partenariats clés

Alliances stratégiques avec les principales plateformes de commerce électronique

ZTO Express maintient des partenariats stratégiques avec les plates-formes de commerce électronique clés:

Partenaire	Détails du partenariat	Volume de livraison annuel (2023)
Groupe d'alibaba	Partenaire logistique préféré pour Tmall et Taobao	1,2 milliard de packages
Jd.com	Collaboration intégrée du réseau logistique	850 millions de packages

Collaboration avec les fournisseurs de logistique

ZTO Express s'associe à plusieurs réseaux logistiques régionaux et locaux:

• 170 accords de collaboration logistique régionale
• Couvre 31 régions administratives provinciales en Chine
• La couverture du réseau atteint 99,7% des territoires du continent chinois

Partenariats technologiques

Partenaire technologique	Focus de la collaboration	Investissement (2023)
Huawei Technologies	Suivre logistique et solutions IoT	42 millions de dollars
Nuage de Tencent	Infrastructure cloud et gestion des données	35 millions de dollars

Accords de franchise

Statistiques du réseau de franchise ZTO Express:

• Total des franchisés: 6 800
• Couverture opérationnelle moyenne de la franchise: 3-5 régions de la ville
• Taux d'extension du réseau de franchise: 12,5% par an

Fabricants d'équipements de transport

Fabricant	Type d'équipement	Valeur d'achat annuelle
Groupe de moteurs Foton	Véhicules et camions de livraison	78 millions de dollars
Entreprise BYD	Véhicules de livraison électrique	55 millions de dollars

ZTO Express (Cayman) Inc. (ZTO) - Modèle d'entreprise: Activités clés

Services de ramassage et de livraison des forfaits express

ZTO Express a géré 10,5 milliards de colis en 2022, avec un volume de livraison quotidien d'environ 28,8 millions de colis. La société opère dans 31 provinces, municipalités et régions autonomes en Chine.

Métrique	Valeur
Volume annuel des forfaits (2022)	10,5 milliards de packages
Volume de livraison quotidien	28,8 millions de packages
Couverture géographique	31 provinces, municipalités et régions autonomes

Gestion et optimisation du réseau logistique

Zto Express maintient une infrastructure logistique robuste avec:

• 5 719 stations de livraison
• 35 centres logistiques
• Couverture complète dans les zones urbaines et rurales

Planification et suivi des itinéraires axés sur la technologie

Les investissements technologiques en 2022 comprenaient:

Catégorie d'investissement technologique	Montant (RMB)
Frais de recherche et de développement	303,4 millions
Infrastructure technologique	Environ 150 millions

Opérations de tri et de distribution

ZTO Express fonctionne avec des capacités de tri avancées:

• Capacité de tri automatisée: 12 millions de colis par jour
• Déploiement de la technologie de tri Ai-Powerred
• Conception du centre de distribution économe en énergie

Service client et gestion du support

Métriques du service client pour 2022:

Métrique de service	Performance
Taux de satisfaction client	96.5%
Temps de réponse moyen	Moins de 2 heures
Taux de résolution des plaintes	99.8%

ZTO Express (Cayman) Inc. (ZTO) - Modèle commercial: Ressources clés

Infrastructure logistique nationale étendue

ZTO Express exploite un réseau logistique complet à travers la Chine avec les mesures d'infrastructure suivantes:

Composant d'infrastructure	Quantité
Centres de services logistiques	6 910 centres de service à partir de 2023
Zone de couverture	31 provinces, régions autonomes et municipalités en Chine
Capacité de tri quotidienne	Plus de 62 millions de parcelles par jour

Technologie avancée de suivi et de routage numérique

L'infrastructure technologique de ZTO comprend:

• Algorithmes d'optimisation des itinéraires alimentés
• Système de suivi des packages en temps réel
• Plateforme de gestion logistique basée sur le cloud

Grande flotte de véhicules de livraison et d'équipement de transport

Catégorie de véhicules	Nombre
Véhicules de livraison totaux	Environ 80 000 véhicules
Véhicules appartenant à l'entreprise	12 500 véhicules
Véhicules contractés	67 500 véhicules

Main-d'œuvre qualifiée

Composition de la main-d'œuvre en 2023:

• Total des employés: 9 216
• Professionnels de la technologie: 2 573
• Personnel des opérations logistiques: 5 643

Réputation de la marque

Indicateurs de performance du marché:

• Part de marché dans la livraison express chinois: 19,3%
• Volume de livraison de colis annuelle: 23,1 milliards de parcelles en 2022
• Revenus en 2022: 3,15 milliards de dollars

ZTO Express (Cayman) Inc. (ZTO) - Modèle d'entreprise: propositions de valeur

Services de livraison de colis rapides et fiables

ZTO Express a livré 10,8 milliards de colis en 2022, avec un délai de livraison moyen de 1,5 jours à travers la Chine. La société maintient un Taux de livraison à 99,6%.

Métrique	Performance
Total des packages livrés	10,8 milliards (2022)
Délai de livraison moyen	1,5 jours
Taux de livraison à temps	99.6%

Prix ​​compétitif dans la logistique expresse

Le coût de livraison moyen de ZTO par colis était de 4,1 RMB en 2022, qui est 15% inférieur à la moyenne de l'industrie.

Suivi et transparence des packages en temps réel

• La plate-forme de suivi numérique couvre 98,5% des itinéraires de livraison
• Application mobile avec des mises à jour en temps réel
• Plus de 15 millions d'utilisateurs actifs quotidiens sur la plate-forme de suivi

Couverture géographique large à travers la Chine

Métrique de couverture	Statistique
Provinces couvertes	31
Villes servies	2,800+
Points de service	35,000+

Solutions de livraison de dernier kilomètres efficaces

Le ZTO gère 3,2 millions de livraisons de dernier mile par jour, avec un délai de livraison moyen de 6 à 8 heures dans les zones urbaines.

• Réseau de plus de 200 000 personnes de livraison
• Algorithmes d'optimisation de route avancés
• Intégration avec les plateformes de commerce électronique

ZTO Express (Cayman) Inc. (ZTO) - Modèle d'entreprise: relations clients

Plates-formes de libre-service numériques

ZTO Express fournit des plateformes de suivi et de gestion des services en ligne avec les mesures clés suivantes:

Métrique de la plate-forme	Valeur
Utilisateurs actifs mensuels	42,3 millions
Volume de transaction de plate-forme numérique	1,87 milliard de packages en 2023
Accessibilité de la plate-forme	Suivi en temps réel 24/7

Application mobile pour le suivi et la gestion des services

Les fonctionnalités d'application mobile de ZTO comprennent:

• Suivi des packages en temps réel
• Notifications de livraison instantanée
• Soumissions de demande de service

Statistique de l'application mobile	Valeur
Téléchargements d'applications mobiles	28,6 millions
Note de l'App Store	4.5/5

Centres de support client

ZTO maintient une infrastructure complète de support client:

Canal de support	Capacité
Centres d'appel	672 Représentants de soutien dédié
Temps de réponse moyen	12 minutes
Interactions de soutien annuelles	14,3 millions de points de contact clients

Options de livraison personnalisées

ZTO propose des services de livraison personnalisés:

• Fenêtres de livraison planifiées
• Emplacements de ramassage alternatifs
• Instructions de traitement spéciales

Fonction de personnalisation	Taux d'adoption
Places horaires de livraison personnalisées	37% du total des livraisons
Points de ramassage alternatifs	22% du total des expéditions

Programmes de fidélité pour les utilisateurs fréquents

Détails du programme de fidélité de ZTO:

Métrique du programme de fidélité	Valeur
Membres du programme de fidélité totale	8,4 millions
Récompenses annuelles distribuées	126 millions de ¥
Tarif client répété	64.3%

ZTO Express (Cayman) Inc. (ZTO) - Modèle d'entreprise: canaux

Application mobile

L'application mobile ZTO Express gère 1,24 milliard de commandes de packages en 2022. Les utilisateurs mobiles actifs ont atteint 62,3 millions au quatrième trimestre 2022. L'application prend en charge le suivi des packages en temps réel, les devis de livraison instantanée et la réservation de services.

Métrique de l'application mobile	2022 données
Commandes de package total	1,24 milliard
Utilisateurs mobiles actifs	62,3 millions

Site officiel

Le site officiel de ZTO traite environ 378 millions de demandes de service en ligne par an. Le trafic du site Web était en moyenne de 15,6 millions de visiteurs uniques par mois en 2022.

Plates-formes de commerce électronique tierces

ZTO s'intègre à plusieurs plates-formes de commerce électronique:

• Plateformes du groupe Alibaba: 78% du total du volume logistique du commerce électronique
• JD.com: 15% du total du volume logistique du commerce électronique
• Pinduoduo: 7% du total du volume logistique du commerce électronique

Centres de service physique

ZTO exploite 7 382 centres de services physiques à travers la Chine en décembre 2022. Ces centres traitent environ 42,5 millions de packages par jour.

Métriques du centre de service physique	2022 données
Total des centres de service	7,382
Traitement quotidien des emballages	42,5 millions

Camique et points de livraison des partenaires

ZTO maintient 568 000 points de ramassage et de livraison des partenaires à l'échelle nationale. Ces partenaires gèrent environ 35% du volume logistique total.

Métriques du réseau partenaire	2022 données
Points de partenaire total	568,000
Volume logistique géré	35%

ZTO Express (Cayman) Inc. (ZTO) - Modèle d'entreprise: segments de clientèle

Entreprises de commerce électronique

ZTO Express dessert 1 256 plates-formes de commerce électronique majeures en Chine en 2023. La société a traité 10,4 milliards de colis pour les clients de commerce électronique en 2022.

Catégorie de plate-forme de commerce électronique	Nombre de plateformes servies	Volume de colis (2022)
Grandes plates-formes	42	6,2 milliards de parcelles
Plates-formes moyennes	198	3,5 milliards de parcelles
Petites plates-formes	1,016	0,7 milliard de parcelles

Acheteurs en ligne individuels

ZTO dessert environ 350 millions d'acheteurs en ligne individuels par an. Le délai de livraison moyen du colis est de 1,8 jours.

• Poids moyen du colis: 0,5 kg
• Distance de livraison moyenne: 450 kilomètres
• Taux de satisfaction client: 94,3%

Petites et moyennes entreprises

ZTO soutient 782 000 petites et moyennes entreprises à travers la Chine en 2023. Les dépenses logistiques annuelles pour ces entreprises sont d'environ 128 milliards de RMB.

Taille de l'entreprise	Nombre d'entreprises	Volume de colis mensuel moyen
Micro-entreprises	512,000	1 200 colis
Petites entreprises	214,000	5 500 colis
Entreprises moyennes	56,000	18 000 colis

GRANDES clients d'entreprise

Le ZTO dessert 1 456 grands clients d'entreprise en 2023, avec un chiffre d'affaires annuel total de 42,6 milliards de RMB.

• Les 100 meilleurs clients représentent 38% des revenus logistiques d'entreprise
• Valeur du contrat moyen: RMB 29,2 millions
• Couverture logistique: 31 provinces

Marchands de commerce électronique transfrontaliers

ZTO gère 186 millions de colis transfrontaliers en ligne en 2022, avec couverture logistique dans 58 pays.

Région	Volume de colis	Valeur moyenne de colis
Asie du Sud-Est	82 millions de colis	USD 45
Europe	36 millions de colis	78 USD
Amérique du Nord	68 millions de colis	92 USD

ZTO Express (Cayman) Inc. (ZTO) - Modèle d'entreprise: Structure des coûts

Frais de transport et de carburant

Pour l'exercice 2022, ZTO Express a déclaré des frais de transport totaux de 10,26 milliards de CNY (1,5 milliard de dollars). Les coûts de carburant ont représenté environ 2,3 milliards de CNY au cours de la même période.

Catégorie de dépenses	Montant (CNY milliards)
Dépenses totales de transport	10.26
Dépenses de carburant	2.3

Maintenance des infrastructures technologiques

ZTO a investi 456 millions de CNY dans la maintenance des infrastructures technologiques en 2022, ce qui représente 2,8% de ses dépenses d'exploitation totales.

Salaires et formation des employés

Les dépenses liées aux employés pour ZTO en 2022 ont totalisé 1,89 milliard de CNY, avec une ventilation comme suit:

• Salaires de base: 1,45 milliard de CNY
• Formation et développement: 210 millions de CNY
• Avantages et assurance sociale: 230 millions CNY

Dépréciation des véhicules et de l'équipement

Les frais d'amortissement de ZTO pour les véhicules et l'équipement en 2022 étaient de 732 millions de CNY.

Catégorie d'actifs	Montant d'amortissement (million de cny)
Véhicules	512
Équipement de traitement	220

Expansion du réseau et investissements d'infrastructure

En 2022, ZTO a alloué 1,2 milliard de CNY pour l'expansion du réseau et les investissements dans l'infrastructure, avec des domaines de mise au point clés, notamment:

• Modifications du centre de tri: 580 millions de CNY
• Nouveaux nœuds de réseau logistique: 420 millions de CNY
• Expansion des infrastructures technologiques: 200 millions de cny

Résumé de la structure des coûts totaux pour 2022:

Catégorie de coûts	Montant (CNY milliards)
Transport et carburant	10.26
Infrastructure technologique	0.456
Dépenses des employés	1.89
Dépréciation	0.732
Expansion du réseau	1.2

ZTO Express (Cayman) Inc. (ZTO) - Modèle d'entreprise: Strots de revenus

Frais de service de livraison de colis

Zto Express généré 4,45 milliards de dollars en revenus pour l'exercice 2022, avec des frais de service de livraison de colis comme principale source de revenus. L'entreprise traitée 22,4 milliards Packages en 2022.

Métrique	Valeur 2022
Volume total du package	22,4 milliards de packages
Frais de livraison de forfait moyen	0,20 $ par forfait

Services logistiques à valeur ajoutée

Services à valeur ajoutée 237,5 millions de dollars aux revenus de ZTO en 2022.

• Services d'entreposage
• Gestion de la chaîne d'approvisionnement
• Suivi des stocks

Solutions logistiques d'entreprise

Les solutions logistiques d'entreprise ont généré environ 156,3 millions de dollars en revenus pour 2022.

Type de service	Contribution des revenus
Gestion de la logistique d'entreprise	98,7 millions de dollars
Solutions d'expédition personnalisées	57,6 millions de dollars

Services d'expédition transfrontaliers

Les services d'expédition transfrontaliers comptabilisés 89,6 millions de dollars en revenus pour 2022.

Offres de services technologiques

Services technologiques générés 45,2 millions de dollars en revenus en 2022.

• Plateformes logicielles logistiques
• Systèmes de suivi numérique
• Services d'intégration API

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.