ZTO Express (Cayman) Inc ADR

ZTO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$38.30	Rjptlk	Rkgfcxvj

ZTO Aims to Become an Integrated Logistics Provider

Chelsey Tam

Aug 22, 2024

Business Strategy and Outlook

Network partner model-based companies in China have gained parcel volume share from direct operation-based companies, with share rising to 76% in 2022 from 66% in 2011. The six largest express delivery companies controlled around 86% of China’s parcel deliveries by volume in 2022, based on data from the companies and China’s State Post Bureau. With share already high, we think further volume share gain is limited for the network partner model-based companies.

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