In "The Big Banks," China International Capital Corporation raised the target price for ZTO Express to $30, rating it as "Outperform the Industry."

CICC published a report stating that ZTO Express-W (02057.HK) announced its Q4 2025 results, with revenue of RMB 14.511 billion, representing year-on-year and quarter-on-quarter growth of 12% and 22%, respectively; gross profit of RMB 3.682 billion, a year-on-year decrease of 2% and a quarter-on-quarter increase of 25%; non-GAAP net profit of RMB 2.695 billion, a year-on-year decrease of 1% and a quarter-on-quarter increase of 8%, in line with the bank's expectations.

The report indicated that the company's business volume in Q4 2025 increased by 9% year-on-year to 10.558 billion pieces, with market share increasing by 0.8 and 0.2 percentage points year-on-year and quarter-on-quarter to 19.6%. Considering the continuation of anti-involution, the earnings forecast for 2026 has been raised by 5% to RMB 11.071 billion, and the earnings forecast for 2027 has been introduced at RMB 12.462 billion. The rating is maintained at "outperform the industry." Given the profit recovery in express delivery driven by anti-involution and the upward shift in industry valuation, the target price for ZTO Express (ZTO.US) has been raised by 20% to $30