---
title: "UBS Cuts ZTO Express (Cayman) Inc.  TP to USD26.6, Maintains Buy Rating"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/296436345.md"
description: "UBS cut ZTO Express's target price to USD26.6 from USD28 but maintained a Buy rating, citing industry shifts from low-price competition to high-quality development and slowed growth. The broker lowered full-year parcel volume guidance to 6%-10% and reduced earnings forecasts by 5%, expecting adjusted net profit of RMB10.95 billion. Meanwhile, ZTO's Hong Kong-listed shares fell 5.28% amid significant short selling activity."
datetime: "2026-08-20T04:56:42.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/296436345.md)
  - [en](https://longbridge.com/en/news/296436345.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/296436345.md)
generator: "portal-rs"
---

# UBS Cuts ZTO Express (Cayman) Inc.  TP to USD26.6, Maintains Buy Rating

UBS published a research report stating that ZTO Express (Cayman) Inc. (ZTO.US) 's adjusted net profit for 2Q26 rose 50% YoY to RMB3.1 billion, beating market expectations by 8%. Excluding the one-off impact from tax rebates, results were largely in line with expectations.

The broker said that amid the anti-involution backdrop, the industry is shifting from low-price competition to high-quality development, while overall industry growth has slowed significantly. ZTO Express (Cayman) Inc. has lowered its full-year parcel volume guidance to 6%-10% from the previous 10%-13%. UBS accordingly cut its full-year earnings forecast for the company by 5%, expecting adjusted net profit this year to reach RMB10.95 billion, up 15% YoY, including about RMB2.44 billion in 3Q26.

UBS lowered the TP for ZTO Express (Cayman) Inc. from USD28 to USD26.6 and maintained the Buy rating.

ZTO EXPRESS-W (02057.HK) -9.300 (-5.284%) Short selling $56.22M; Ratio 19.778% once fell to a trough of HKD164.7 this morning and closed at HKD166.7 at midday, down 5.28%. Half-day trading volume amounted to 1.6911 million shares, involving HKD284 million in turnover. (sl/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-08-20 12:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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