<div id="readability-page-1"><div><ul> <li>ZTO Express (Cayman) recently reported no changes to its authorized or issued share capital for November 2025, while confirming that 8,940,321 repurchased Class A shares remain pending cancellation.</li> <li>Alongside this stable capital base, the company’s active buybacks and recognition in momentum-focused research highlight how operational progress is being reinforced by capital management.</li> <li>With ZTO’s ongoing share repurchases now in focus, we’ll examine how this latest development could reshape its investment narrative.</li> </ul><p>Find companies with promising cash flow potential yet trading below their fair value.</p><h2>ZTO Express (Cayman) Investment Narrative Recap</h2><p>To own ZTO, you generally need to believe that China’s parcel volumes can keep expanding and that ZTO’s cost advantages and automation can offset pricing pressure and slower industry growth. The November capital update itself is not a major swing factor for these fundamentals, but the ongoing buybacks do tie near term share performance more closely to execution on parcel growth and margin stabilization, while the main risk remains intense price competition in express delivery.</p> <p>The most directly relevant update is ZTO’s continued share repurchase activity, with 8,940,321 Class A shares still pending cancellation after a cumulative 52,919,506 shares bought back for about US$1,300.0 million. This sits alongside guidance for 2025 parcel volume growth of about 12.3% to 13.8%, which many investors are watching as a key test of whether automation-driven cost savings and a more disciplined pricing environment can translate into steadier earnings, despite softer industry growth and margin pressure.</p> <p>Yet even with these positives, the risk that ongoing price competition in Chinese express delivery keeps eroding margins is something investors should be aware of...</p> <p>Read the full narrative on ZTO Express (Cayman) (it's free!)</p><p>ZTO Express (Cayman)'s narrative projects CN¥60.4 billion revenue and CN¥11.6 billion earnings by 2028.</p><p>Uncover how ZTO Express (Cayman)'s forecasts yield a $23.29 fair value, a 7% upside to its current price.</p><h2>Exploring Other Perspectives</h2><figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/3bf86e9d-d0cc-413c-afbe-618c92ea7ad3/chart/community-fair-value?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/3bf86e9d-d0cc-413c-afbe-618c92ea7ad3/chart/community-fair-value"/><figcaption>ZTO Community Fair Values as at Dec 2025</figcaption></figure> <p>Four members of the Simply Wall St Community value ZTO between US$20.00 and about US$44.76, showing a wide spread of individual views. Against this backdrop, the pressure from sustained price competition and its effect on margins and earnings gives you a concrete issue to compare across these different perspectives.</p><p>Explore 4 other fair value estimates on ZTO Express (Cayman) - why the stock might be worth over 2x more than the current price!</p><h2>Build Your Own ZTO Express (Cayman) Narrative</h2><p>Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.</p><ul><li>A great starting point for your ZTO Express (Cayman) research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.</li><li>Our free ZTO Express (Cayman) research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate ZTO Express (Cayman)'s overall financial health at a glance.</li></ul><h2>Seeking Other Investments?</h2><p>Every day counts. These free picks are already gaining attention. See them before the crowd does:</p><ul><li>These 13 companies survived and thrived after COVID and have the right ingredients to survive Trump's tariffs. Discover why before your portfolio feels the trade war pinch.</li><li>Uncover the next big thing with financially sound penny stocks that balance risk and reward.</li><li>We've found 15 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.</li></ul> <p><em> This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data     and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your     financial situation. We aim to bring you long-term focused analysis driven by fundamental data.     Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.     Simply Wall St has no position in any stocks mentioned.</em></p></div></div>

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<p>ZTO Express (Cayman) is actively repurchasing shares, with 8,940,321 Class A shares pending cancellation, highlighting its capital management strategy. The buybacks aim to reinforce operational progress amid price competition in China's express delivery market. ZTO projects CN¥60.4 billion revenue and CN¥11.6 billion earnings by 2028, with a fair value estimate of $23.29, offering a 7% upside. Investors should consider the impact of price competition on margins and earnings, while exploring diverse fair value perspectives and investment narratives.</p>

- ZTO Express (Cayman) reported no changes to its share capital for November 2025, with 8,940,321 repurchased Class A shares pending cancellation.  
- The company's ongoing share repurchase activity and projected parcel volume growth of 12.3% to 13.8% are critical for its investment narrative, despite risks from intense price competition in the express delivery sector.  
- Analysts estimate ZTO's revenue at CN¥60.4 billion and earnings at CN¥11.6 billion by 2028, with a fair value projection of $23.29, indicating a potential 7% upside from its current price.

Is ZTO Express (ZTO) Using Share Buybacks to Quietly Redefine Its Capital Allocation Priorities?