ZTO Express reported solid first quarter 2026 results with strong top-line growth. Revenues rose 22.0% year over year to RMB13,282.4 million, driven by a 13.2% increase in parcel volume to 9,668 million and an 8.2% rise in core express average selling price. Net income increased 5.7% to RMB2,156.4 million, while adjusted net income grew 5.2% to RMB2,377.1 million. Operating margin softened to 19.2% as higher pickup and dispatching costs for key accounts lifted other costs, though gross profit still rose 20.3%.
Cash generation remained strong with net cash from operating activities of RMB2,789.0 million. The Board approved a new share repurchase program of up to US$1.5 billion over 24 months from March 20, 2026, funded by existing cash. ZTO reaffirmed 2026 parcel volume guidance of 10–13% growth, implying 42.37–43.52 billion parcels.
The company also disclosed an adjustment to the conversion price of its US$1.5 billion 0.925% convertible notes due 2031 following a cash dividend. The conversion rate increased from 32.3130 to 32.8311 shares per US$1,000 principal, changing the equivalent conversion price from about US$30.9473 to US$30.4589. The maximum shares on full conversion rose from 48,469,500 to 49,246,650, with the additional 777,150 shares covered under the existing General Mandate. The Board noted the resignation of non-executive director Di Xu after termination of an investor rights agreement.
ZTO Express (Cayman) Inc. is calling its annual general meeting for June 16, 2026 at 2:00 p.m. Hong Kong time in Hong Kong, with a live webcast available for registered shareholders as of the May 8, 2026 record date. Holders of ADSs on the same date must instruct JPMorgan, the depositary, to vote the underlying Class A ordinary shares.
Shareholders will be asked to re-elect executive director Hongqun Hu and non-executive director Xing Liu, re-appoint Deloitte Touche Tohmatsu and its affiliate as auditors for 2026, and authorize the board to fix director and auditor remuneration. The agenda also includes a share repurchase mandate allowing on-market buybacks of up to 10% of issued shares and a share issue mandate permitting new Class A issuances or sales of treasury shares up to 20% of issued shares, each based on the 769,900,693 shares outstanding as of April 10, 2026.
ZTO Express (Cayman) Inc. reports continued expansion as a China-based parcel delivery platform operating through PRC subsidiaries and a variable interest entity (ZTO Express). Revenue rose from RMB30.4 billion in 2021 to RMB49.1 billion in 2025, with 2025 net income of RMB9.2 billion.
The holding-company/VIE structure means ADS and Class A share investors own the Cayman entity, not the onshore operating company, and 87.1% of 2025 revenue came from the VIE. The report stresses PRC regulatory, VIE enforceability, data, foreign listing and HFCAA-related risks that could materially affect operations, listings and security values. ZTO also discloses sizable cash transfers within the group and substantial dividend payouts funded largely from offshore financing and PRC-sourced earnings upstreamed via Hong Kong.
ZTO Express (Cayman) Inc. reported that its Chief Financial Officer, Yan Huiping, received a grant of 15,248 restricted share units on March 23, 2026. These RSUs vested in full the same day and were exercised into 15,248 American depositary shares, each representing one Class A ordinary share.
Following this compensation-related transaction, Yan Huiping directly holds 33,324 American depositary shares. The filing reflects an award and derivative exercise, with no open‑market buying or selling activity.
ZTO Express (Cayman) Inc. director and officer Wang Jilei reported a compensation-related equity transaction. On March 23, 2026, Wang received 13,108 restricted share units, each representing one Class A ordinary share. These units were granted and vested in full on the same date.
Immediately upon vesting, the 13,108 restricted share units were exercised and converted into 13,108 American depositary shares at a stated price of $0.00 per share. Following this conversion, Wang directly holds 28,646 American depositary shares of ZTO Express.