Profit MarginsThe net profit per parcel for reverse logistics declined from RMB1-2 last year to less than RMB1 this year, which could weigh on margins.
Profit MissZTO’s 2Q25 adj. net profit came in at RMB2.03bn (-28% YoY), 10% below our estimate and 13% below consensus.
Volume GrowthVolume growth slowed to approximately 10% year-over-year in August, impacted by anti-involution initiatives and price-floor policies.