---
title: "Dongxing Securities: Maintains \"Strong Buy\" rating on ZTO EXPRESS-W, expects improvement in profitability in the second half of the year"
description: "Dongxing Securities Co., Ltd. released a research report stating that it maintains a \"Strong Buy\" rating on ZTO EXPRESS-W, expecting the company's net profit attributable to the parent company for 202"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/257036470.md"
published_at: "2025-09-12T06:25:06.000Z"
---

# Dongxing Securities: Maintains "Strong Buy" rating on ZTO EXPRESS-W, expects improvement in profitability in the second half of the year

> Dongxing Securities Co., Ltd. released a research report stating that it maintains a "Strong Buy" rating on ZTO EXPRESS-W, expecting the company's net profit attributable to the parent company for 2025-2027 to be 8.85 billion, 10.22 billion, and 11.53 billion respectively, corresponding to PE ratios of 13.0X, 11.2X, and 10.0X. The company, as a leader in the Tongda system, has a solid position and can maintain relatively stable profit levels during price wars, possessing a strong margin of safety. The company released its 2025 interim report, showing that in the second quarter, the company completed a business volume of 9.847 billion pieces, a year-on-year increase of 16.5%, with a market share of 19.5%. The company's adjusted net profit for Q2 was 2.053 billion yuan. The firm expects an improvement in the industry's and the company's profitability in the second half of the year. With the formation of an anti-involution environment, the company has adjusted its business volume guidance and shifted its strategic focus to quality first. It is expected that the incremental incentives in the second half of the year will be somewhat reduced, and the flow of incentives will be more reasonable. Although the growth rate of business volume is expected to decline, the profit level per ticket will correspondingly rebound

According to the Zhitong Finance APP, Dongxing Securities released a research report stating that it maintains a "strong buy" rating for ZTO Express-W (02057), expecting the company's net profit attributable to the parent company for 2025-2027 to be 8.85 billion, 10.22 billion, and 11.53 billion respectively, corresponding to PE ratios of 13.0X, 11.2X, and 10.0X. The company, as a leader in the Tongda system, has a solid position and can maintain relatively stable profit levels amid price wars, possessing a strong margin of safety.

The company released its 2025 interim report, showing that in the second quarter, it completed a business volume of 9.847 billion pieces, a year-on-year increase of 16.5%, with a market share of 19.5%. The company's adjusted net profit for Q2 was 2.053 billion yuan. The bank expects an improvement in the profitability of the industry and the company in the second half of the year. With the formation of an anti-involution environment, the company has adjusted its business volume guidance and shifted its strategic focus to quality first. It is expected that the incremental incentives in the second half of the year will be slightly reduced, and the flow of incentives will be more reasonable. Although the growth rate of business volume is expected to decline, the profit level per ticket will correspondingly rebound

### Related Stocks

- [ZTO.US - ZTO Express](https://longbridge.com/en/quote/ZTO.US.md)
- [02057.HK - ZTO EXPRESS-W](https://longbridge.com/en/quote/02057.HK.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| ZTO Express Files Next Day Disclosure Return to HKEX for Issue of (X) New Shares at (HK$X.XX) Each | ZTO Express (Cayman) Inc. has filed a next day disclosure return with the Hong Kong Stock Exchange regarding the issuanc | [Link](https://longbridge.com/en/news/275697745.md) |
| ZTO Express Files Next Day Disclosure Return to HKEX After Issuing [Total Number] New Shares at (Price) Each | ZTO Express (Cayman) Inc. has filed a Next Day Disclosure Return with the Hong Kong Stock Exchange, detailing changes in | [Link](https://longbridge.com/en/news/275549395.md) |
| ZTO Express (Cayman) (ZTO) to Release Quarterly Earnings on Wednesday | ZTO Express (Cayman) (NYSE:ZTO) is set to release its Q3 2025 earnings on November 19, with analysts expecting earnings  | [Link](https://longbridge.com/en/news/265468633.md) |
| ZTO Express Files Next Day Disclosure Return With HKEX for Issue of [Total Number] New Shares at (Price) Each | ZTO Express (Cayman) Inc. has filed a Next Day Disclosure Return with the Hong Kong Stock Exchange, detailing changes in | [Link](https://longbridge.com/en/news/270704282.md) |
| These 4 Measures Indicate That ZTO Express (Cayman) (NYSE:ZTO) Is Using Debt Reasonably Well | ZTO Express (Cayman) Inc. (NYSE:ZTO) has a manageable debt situation, with CN¥11.9b in debt and CN¥25.3b in cash, result | [Link](https://longbridge.com/en/news/271789992.md) |

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.