ZTO Express announced its unaudited financial results for the second quarter ended June 30, 2025. The company reported a parcel volume of 9.8 billion, an increase of 16.5% year-over-year. Adjusted net income for the quarter reached RMB2.1 billion.
Total revenues increased by 10.3% year-over-year to RMB11,831.8 million. The core express average selling price (ASP) decreased by 6 cents, primarily due to higher volume incentives and lower average parcel weight, partially offset by a 17 cents increase in Key Account (KA) unit price.
The company revised its full-year 2025 parcel volume guidance downwards to a range of 38.8 billion to 40.1 billion, representing a 14.0% to 18.0% increase year-over-year. ZTO also declared an interim cash dividend of US$0.30 per ADS and ordinary share for the first half of 2025, representing a 40% dividend payout ratio.
An impairment of goodwill totaling RMB84.4 million was recognized during the quarter. This non-recurring charge is related to the October 2017 acquisition of China Oriental Express Co., Ltd.'s core freight forwarding business, as the fair value of the acquired operations declined below its carrying amount.
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