ZTO Express (Cayman) Inc (ZTO) 2025 Q2 法說會逐字稿

Good day and welcome to the ZTO second quarter and half year 2025 financial results conference call. (Operator Instructions) Please note today's event is being recorded. I would now like to turn the conference over to Sophie Li, Head of Capital Markets. Please go ahead.

大家好，歡迎參加中通2025年第二季及上半年財務業績電話會議。（操作員指示）請注意，今天的活動正在被記錄。現在我想將會議交給資本市場主管 Sophie Li。請繼續。

Thank you, operator. Hello, everyone, and thank you for joining us today. The company's results and the Investor Relations presentation were released earlier today and available on the company's IR website at ir.zto.com.

謝謝您，接線生。大家好，感謝大家今天加入我們。該公司的業績和投資者關係報告已於今天稍早發布，可在該公司的投資者關係網站 ir.zto.com 上查閱。

On the call today from ZTO are Mr. Meisong Lai, Chairman and Chief Executive Officer; and Mr. Huiping Yan, Chief Financial Officer. Mr. Lai will give a brief overview of the company's business operations and highlights, followed by Ms. Yan, who will go through the financials and guidance. They will both be available to answer your questions during the Q&A session that follows.

今天參加電話會議的中通快遞成員包括董事長兼執行長賴梅松先生和財務長閔惠平先生。賴先生將簡要介紹公司的業務運作和亮點，隨後顏女士將介紹財務狀況和指導。在接下來的問答環節中，他們都會回答您的問題。

I remind you that this call may contain forward-looking statements made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and the current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the company's control, which may cause the company's actual results, performance or achievements to differ materially from those in the forward-looking statements.

我提醒您，本次電話會議可能包含根據 1995 年《私人證券訴訟改革法案》的安全港條款做出的前瞻性陳述。此類陳述基於管理層當前的預期以及當前的市場和營運狀況，涉及已知或未知的風險、不確定性和其他因素的事件，所有這些因素都難以預測，其中許多因素超出了公司的控制範圍，可能導致公司的實際結果、業績或成就與前瞻性陳述中的結果、業績或成就存在重大差異。

Further information regarding this and other risks, uncertainties and factors is included in the company's filings with the US Securities and Exchange Commission. The company does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise, except as required under law.

有關此風險和其他風險、不確定性和因素的更多資​​訊包含在公司向美國證券交易委員會提交的文件中。除法律要求外，本公司不承擔因新資訊、未來事件或其他原因而更新任何前瞻性聲明的義務。

It is now my pleasure to introduce Mr. Meisong Lai. Mr. Lai will read through his prepared remarks in their entirety in Chinese before I translate for him in English.

現在我很高興介紹賴梅松先生。賴先生將用中文完整宣讀他準備好的發言稿，然後我會用英文為他翻譯。

(spoken in foreign language)

（用外語說）

Thank you, Chairman. Please allow me to translate first. Hello, everyone. Thank you for joining today's conference call. In the second quarter of 2025, the express delivery industry continues to maintain a robust growth, with business volume increasing by 17.3% year-over-year.

謝謝主席。請容許我先翻譯一下。大家好。感謝您參加今天的電話會議。2025年第二季度，快遞業持續保持強勁成長，業務量較去年同期成長17.3%。

ZTO adheres to its quality-first principle, and with an industry-leading service level, we grew parcel volume by 16.5% year-on-year to reach 9.85 billion and increased market share sequentially. Despite fierce market competition, ZTO achieved an adjusted net income of RMB 2.05 billion.

中通快遞堅持品質第一，憑藉業界領先的服務水平，包裹量年增16.5%，達到98.5億件，市佔率季增。在激烈的市場競爭中，中通仍實現調整後淨利20.5億元。

During the quarter, the trend towards a higher proportion of light and small parcel in the industry remains as more merchants opted for more economical or affordable extra delivery services. The value from ZTO's premium pricing power underpinned by our extensive network scale and leading service quality and stability was not fully realized.

本季度，隨著更多商家選擇更經濟或更實惠的額外配送服務，輕小包裹在產業中的比例持續上升。中通憑藉其廣泛的網路規模、領先的服務品質和穩定性所支撐的優質定價能力的價值尚未得到充分發揮。

In some regions, particularly major production zones with extreme price competition, the volume growth came in lower than expected. In stark contrast, ZTO's retail parcel volume grew over 50% year-over-year. Since last year, we have continuously focused on enhancing volume mix and upgrading service capability and efficiency.

在某些地區，特別是價格競爭激烈的主要產區，銷售成長低於預期。與之形成鮮明對比的是，中通的零售包裹量較去年同期成長超過50%。自去年以來，我們一直致力於改善銷售結構並提升服務能力和效率。

Leveraging ongoing improvements in service quality such as timeliness, guarantee and coverage expansion, retail parcels volume peaked over 8% of total volume during the quarter. This mix optimization of volume structure alleviated the pressure from volume-based subsidies, bringing positive unit contribution of RMB0.17 in revenue and RMB0.02 in gross profit for the core express delivery business.

透過持續提高及時性、保證和擴大覆蓋範圍等服務質量，零售包裹量在本季度達到總包裹量的 8% 以上。運量結構優化，緩解了運量補貼壓力，為快遞核心業務帶來單位收入0.17元、毛利0.02元的正貢獻。

Additionally, by further implementation of digitization of information and intelligent operations, optimizing resource allocation and assigning responsibility with clear accountability, we attained RMB0.07 or productivity gain over the same period last year for combined unit cost of transportation and sortation.

此外，透過深入實施資訊化、智慧化運營，優化資源配置，落實責任，運輸分類綜合單位成本較去年同期提高0.07元，提高生產力。

This achievement not only reflected our strategic commitment to improving operational capabilities and efficiencies but also validating the differentiated, high-quality products and services are the most critical elements for forging comprehensive competitive edge for the future.

這項成就不僅體現了我們致力於提高營運能力和效率的策略承諾，也驗證了差異化、高品質的產品和服務是打造未來綜合競爭優勢的最關鍵要素。

A healthy and stable eco network and long-term confidence of franchisee partners are the foundation for the sustainable development of express delivery franchising model. ZTO's enduring philosophy and practice of shared success aligns well with government and regulatory authorities' intention and emphasize on safeguarding grassroots interests.

健康穩定的生態網絡和加盟夥伴的長期信任是快遞加盟模式永續發展的基礎。中通始終堅持的共享理念和實踐與政府及監管部門的初衷相契合，並專注於維護基層利益。

Backed by excellence in an efficient and strong operational system, we consistently empower our network partners to achieve win-win. Our initiatives aimed at effectively addressing front-end empathy in price competition are steadily progressing forward with the following core focuses.

我們以卓越高效、強大的營運體系為後盾，持續賦能網路合作夥伴，實現共贏。我們為有效解決價格競爭前端同理心所採取的措施正在穩步推進，核心重點如下。

First, optimizing network policies. Systematically identify outlets cost through a various stage of pickup and delivery, ensuring rational policy alignment, standardized policies across similar outlets to improve transparency and fairness. Implement precise incentive mechanisms tailored to market reality and avoid blind and excessive subsidies.

一是優化網路政策。有系統地辨識門市在各個取送環節的成本，確保政策的合理銜接，統一同類門市的政策，提高透明度和公平性。實行符合市場實際的精準激勵機制，避免盲目補貼和過度補貼。

Second, enhancing last-mile efficiency. Install various automated sorting and transportation equipment at suitable outlets to reduce manual work and improve efficiency. Reduce outlet costs through direct dispatch to last-mile posts, allowing couriers to focus more time and energy on pickup and delivery.

二是提升最後一公里效率。在適當的網點安裝各類自動化分類、運輸設備，減少人工，提高效率。透過直接派送至最後一英里的郵局來降低網點成本，讓快遞員將更多的時間和精力集中在取貨和派送上。

Third, incentivize retail response and fulfillment, further unifying goals and objectives and enforce profit allocation gravitated towards couriers so that they become self-motivated to be responsive and timely in serving retail customers with increasing loyalty, hence, achieving greater earnings.

第三，激勵零售回應和履行，進一步統一目標和任務，並強制將利潤分配向快遞員傾斜，使他們能夠自我激勵，及時響應並為忠誠度不斷提高的零售客戶提供服務，從而實現更高的收益。

Fourth, redefine value proposition of last-mile post while providing industry solutions to reduce delivery costs. Integrate last-mile post with lockboxes, convenience stores and other community living and commerce contact points to establish multidimensional convenient and efficient consumer connections.

第四，重新定義最後一公里郵政的價值主張，同時提供產業解決方案以降低遞送成本。將最後一公里驛站與密碼箱、便利商店等社區生活和商業接點進行融合，建立多維度便捷高效的消費者連結。

After more than 20 years of rapid development, China's express delivery industry has built the world's largest scale and most efficient operations and have become one of the pillar industries of China's socioeconomic growth. As a key participant, ZTO has fully demonstrated that leading scale and operational efficiency are the cornerstone and core driving force for a sustained healthy development.

經過20多年的快速發展，我國快遞業已形成全球最大、營運效率最高的格局，成為我國社會經濟發展的支柱產業之一。中通快遞作為重要參與者，充分體現了領先的規模和營運效率是公司持續健康發展的基石和核心驅動力。

The industry dynamics are evolving and the shift from volume-driven expansion to balanced growth in both quantity and quality is evident and inevitable. Peer competition will elevate from basic delivery elements to comprehensive logistics solution powered by digitization, intelligent and smart operations in the final competitive landscape.

行業動態正在發生變化，從數量驅動的擴張向數量和質量平衡增長的轉變是顯而易見且不可避免的。最終的競爭格局將從基礎的配送要素競爭上升為以數位化、智慧化、智慧營運為支撐的綜合物流解決方案競爭。

Looking back, we have overcome adversity and earned a seat in the industry. Through relentless effort and ingenuity, we followed and surpassed. Over the past decade, no matter the changes in the macroeconomic and industry changes, we have maintained course in our own path, achieving leadership in quantity, quality, scale and profitability.

回顧過去，我們克服了逆境，在業界贏得了一席之地。透過不懈的努力和創新，我們超越了別人。十多年來，無論宏觀經濟、產業格局如何變化，我們始終堅持自己的道路，實現了數量領先、品質領先、規模領先、效益領先。

Behind the ZTO brand are tens of thousands of employees and partners united in a shared mission, that is, while solving problems for others, we can afford better living of our own, and we can bring happiness to more people.

中通品牌背後，是數以萬計的員工和合作夥伴團結一致的使命：在為他人解決問題的同時，讓我們自己過上更好的生活，讓更多人幸福快樂。

Looking ahead, the new economic and competitive environment has put new challenges in front of us. We firmly believe in the vast growth prospects of China's express delivery and the broader logistics industry. ZTO's unique culture, robust infrastructure, and franchisee network, solid financial strength will support our long-term strategic vision and ambition. With steadfast execution, we will be able to collaborate with our partners to deliver long-lasting value for others and the society as well as returns to shareholders.

展望未來，新的經濟和競爭環境給我們提出了新的挑戰。我們堅信中國快遞乃至整個物流產業有著廣闊的成長前景。中通獨特的文化、強大的基礎設施和加盟商網絡、雄厚的財務實力將支持我們的長期策略願景和雄心。透過堅定的執行，我們將能夠與合作夥伴攜手為他人和社會創造持久的價值，並為股東帶來回報。

Now let's invite Ms. Yan to go over the financial results and guidance.

現在我們請嚴女士來回顧一下財務表現和指引。

Thank you, Chairman Lai, and Sophie. Hello to everyone on the call. As I go through our financials, please note that unless specifically mentioned, all numbers quoted are in RMB and percentage changes refer to year-over-year comparisons. Detailed information on our financial performance, unit economics and cash flow are posted on our website, and I'll go through some of the highlights here.

謝謝賴主席和 Sophie。大家好。當我查看我們的財務狀況時，請注意，除非特別提到，所有引用的數字都是人民幣，百分比變化是指同比變化。有關我們的財務業績、單位經濟效益和現金流的詳細資訊已發佈在我們的網站上，我將在這裡介紹一些亮點。

In the second quarter, we continued to prioritize quality, which helped to drive volume expansion and cost optimization. Our parcel volume reached 9.8 billion, which grew 16.5%. Adjusted net income decreased 26.8% to RMB2.1 billion, largely attributable to competition-based price decline.

第二季度，我們繼續優先考慮質量，這有助於推動產量擴張和成本優化。包裹業務量達98億件，成長16.5%。調整後淨收入下降26.8%至人民幣21億元，主要歸因於競爭導致的價格下降。

ASP for the core express delivery business decreased 4.7% or RMB0.06, and the breakdown are the following, RMB0.05 decrease from the decline in average weight per parcel and RMB0.18 decrease from higher volume incentives. These decreases were partially offset by a RMB0.17 positive contribution from increase in KA volume, mainly comprised of headquarter contracted reverse logistics products and services.

核心快遞業務平均售價下降4.7%，即0.06元人民幣，其中，由於包裹平均重量下降，平均售價下降0.05元人民幣，由於數量激勵措施提高，平均售價下降0.18元人民幣。這些減少部分被 KA 量增加帶來的 0.17 元人民幣的正貢獻所抵消，主要包括總部簽署的逆向物流產品和服務。

Total revenue increased 10.3% to RMB11.8 billion as a combined result of volume increase and price decline. Total cost of revenue was RMB8.9 billion, which increased 25.1%. Overall unit cost for the core express delivery business increased RMB0.07 to RMB0.89.

由於銷量增加和價格下降，總收入增長10.3%至人民幣118億元。總營業成本為人民幣89億元，成長25.1%。核心快遞業務整體單位成本增加0.07元至0.89元。

Combined unit cost of sorting and transportation decreased 11.1% or RMB0.07 for the quarter, benefiting from economies of scale and various productivity gain initiatives. Specifically, unit cost for line-haul transportation decreased 14% to RMB0.33 given enhanced route planning in conjunction with optimizing fleet operations and lower fuel cost. Unit sorting costs decreased 7% to RMB0.25, benefiting from automation and labor efficiency. Unit KA costs increased RMB0.15, which was in line with KA volume growth.

由於規模經濟和各種生產力提高舉措，本季分類和運輸的綜合單位成本下降了 11.1% 或 0.07 元人民幣。具體而言，由於路線規劃的加強、車隊營運的最佳化以及燃料成本的降低，幹線運輸單位成本下降了14%，至人民幣0.33元。受惠於自動化和勞動效率的提高，單位分類成本下降7%至0.25元人民幣。單位KA成本增加0.15元人民幣，與KA銷售成長一致。

Gross profit decreased 18.7% to RMB2.9 billion, and gross margin rate dropped 8.9 points to 24.9%. SG&A, excluding SBC, grew 5.9% to RMB621 million. SG&A expenses, excluding SBC as a percentage of revenue, declined to 5.2%, reflecting strong corporate cost leverage

毛利下降18.7%至29億元，毛利率下降8.9個百分點至24.9%。銷售、一般及行政開支（不包括SBC）成長5.9%，至人民幣6.21億元。銷售、一般及行政開支不包括 SBC 在內的各項費用佔收入的百分比下降至 5.2%，反映出企業成本槓桿強勁

Income from operations decreased 23% to RMB2.5 billion and associated margin dropped 9.1 points to 20.9%. Operating cash flow was RMB2.2 billion for the quarter, representing a 37.7% decrease primarily due to higher advances for expanded reverse logistics services and increased dividend without withholding tax payments.

營業收入下降23%至人民幣25億元，相關利潤率下降9.1個百分點至20.9%。本季營運現金流為人民幣 22 億元，下降 37.7%，主要原因是擴大逆向物流服務的預付款增加以及未預扣稅款的股息增加。

Adjusted EBITDA decreased 18.5% to RMB3.5 billion, and capital expenditure for second quarter totaled RMB1.1 billion, and we anticipate the annual CapEx in 2025 to be RMB5.5 billion to RMB6 billion.

調整後EBITDA下降18.5%至35億元人民幣，第二季資本支出總計11億元人民幣，我們預期2025年全年資本支出為55億至60億元。

Now moving on to our guidance. We are revising our parcel volume guidance to be in the range of 38.8 billion to 40.1 billion, representing a 14% to 18% annual increases. Putting it into context, without any question, quality is first. Then volume is mission-critical to us.

現在繼續我們的指導。我們正在修改包裹量指導值，使其在 388 億至 401 億件之間，年增長率為 14% 至 18%。從具體情況來看，毫無疑問，品質是第一位的。那麼數量對我們來說至關重要。

Meanwhile, there are no excuses for subsidies that are unproductive to us, a brand operator or to our network partners. That is what we mean by reasonable earnings.

同時，對於我們作為品牌營運商或我們的網路合作夥伴來說，沒有任何理由進行無​​益的補貼。這就是我們所說的合理收入。

By assessing current market and operating conditions and given the visibility we have into the industry development for the second half of the year, we trust in the operational team's commitment in delivering volume growth at pace with the industry average for the year, hence, keeping ZTO's market share intact.

透過評估當前的市場和營運狀況，並考慮到我們對下半年產業發展的預見性，我們相信營運團隊致力於實現與今年產業平均同步的銷售成長，從而保持中通的市場份額不變。

Above assessments and estimates represent management's current and preliminary view, which are subject to change. Now this concludes our prepared remarks. Operator, please open the lines for questions. Thank you.

上述評估和估計代表管理層當前和初步的觀點，可能會發生變化。我們的準備演講到此結束。接線員，請打開熱線來回答問題。謝謝。

(Operator Instructions) Qianlei Fan, Morgan Stanley.

（操作員指示）摩根士丹利的錢蕾·範。

(spoken in foreign language) Let me translate for myself. Thank you management for taking my questions. And thank you for the management and all stakeholders' efforts in market share and profitability and service quality improvement. So I have two questions. The first question is about the outlook for the second half of this year for this industry.

（外語）讓我自己翻譯一下。感謝管理層回答我的問題。並感謝管理層和所有利益相關者在市場份額、盈利能力和服務品質提升方面所做的努力。我有兩個問題。第一個問題是關於今年下半年這個行業的前景。

We noticed that in our volume guidance, the implied volume growth for the second half of this year, actually, the range is quite a wide one. And management also mentioned to still aim to grow in line with the industry. That said, this wide range of growth outlook is mainly because of potentially a lot of uncertainties in growth for the industry. So what could be the key factors that potentially impact the second half '25 market growth outlook?

我們注意到，在我們的銷售指導中，今年下半年隱含的銷售成長實際上範圍相當廣。管理層也提到仍將努力與產業同步成長。儘管如此，這種廣泛的成長前景主要是因為該行業成長可能存在許多不確定性。那麼，哪些關鍵因素可能會影響 2025 年下半年的市場成長前景呢？

My second question is about technology and AI's application. What are the new efforts and initiatives that we have adopted in this year? And what's the impacts we have seen from these efforts on cost efficiency gain or on revenue generation or on service quality improvement? Thank you.

我的第二個問題是關於科技和人工智慧的應用。今年我們有哪些新的努力和措施？這些努力對於提高成本效率、增加收入或改善服務品質有何影響？謝謝。

(spoken in foreign language)

（用外語說）

Thank you very much for your question, and I'll translate for Chairman. Indeed, our volume growth was below our expectation that we set in the beginning of the year. Second quarter, however, we have seen that the sequential increase in our market share, specifically months May and June, we had experienced higher than industry average growth.

非常感謝您的提問，我將為主席翻譯。事實上，我們的銷售成長低於我們年初設定的預期。然而，第二季度，我們看到我們的市場份額連續增加，特別是 5 月和 6 月，我們的成長高於行業平均水平。

Looking at the trend, for the whole industry for January through July, the growth was 18.7%. And for the month of July, it was 15.1%. So we do see a slight slowdown for the industry, and then we believe that second half of the year would most likely be lower in its growth rate than the first half of the year.

從趨勢來看，1-7月全產業成長18.7%。7月份，這一比例為15.1%。因此，我們確實看到該行業略有放緩，我們認為下半年的成長率很可能會低於上半年。

With that said, though, we would still continue to focus on our work, that is, to achieve balanced improvements in growth for quality of services, volume and profit. Overall, we think that the recent market dynamic shift with some of the region's price increases, smaller logistic fee type of packages would mostly be impacted.

儘管如此，我們仍將專注於做好我們的工作，即實現服務品質、數量和利潤的平衡成長。整體而言，我們認為近期市場動態變化以及部分地區價格上漲，較小物流費用類型的包裹將受到較大影響。

And hence, in other words, it would most likely be shrinking in its volume. So we've considered many factors such as these to adjust our overall guidance. Yes, indeed, it is in a wide range because, again, there are still many uncertainties in the macroeconomic environment as well as in the industry competitive dynamics. So we do have an annual 14% to 18% guidance provided.

因此，換句話說，它的體積很可能會縮小。因此，我們考慮了許多因素來調整我們的整體指導。是的，確實是一個很大的範圍，因為宏觀經濟環境和產業競爭動態仍然存在許多不確定性。因此我們確實提供了每年 14% 至 18% 的指導。

Second question, in the recent years, ZTO has directed attention and resources towards lean management and digitization to transform the way we make decisions and solve problems. Going forward, we will further integrate AI tools across all business segments, continuously driving cost efficiencies in serving the last-mile fulfillment for our outlet operators, for the frontline couriers so that they are able to reduce cost.

第二個問題，近年來，中通將注意力和資源投入精實管理和數位化方面，以改變我們的決策和解決問題的方式。未來，我們將進一步將人工智慧工具融入各個業務板塊，持續提升服務最後一公里的成本效率，為門市業者、為第一線快遞員降低成本。

This year, some of our key initiatives included one at the sorting center level, the developed or developing 3D digitized parallel model that enables remote management and real-time monitoring provided automated early warning capabilities. And this model has allowed us to reduce frontline management head count by one-third and has cut missorting rates by more than 60%.

今年，我們的一些關鍵舉措包括分揀中心層面的一項舉措，即開發或正在開發 3D 數位化平行模型，該模型能夠實現遠端管理和即時監控，提供自動預警功能。這種模式使我們的第一線管理人員數量減少了三分之一，錯誤分類率降低了 60% 以上。

In the last-mile scenario for its planning, we are applying AI to scenarios such as site selection, design of the specifics of the direct linkage solution and direct delivery routes, empowering outlets to improve their intelligent planning capabilities.

在最後一公里規劃場景中，我們將AI應用於門市選址、直聯方案細部設計、直送路線設計等場景，賦能門市提升智慧規劃能力。

At the customer service front, we have embedded AI-powered service agent system into merchants' aftersales support channels. These agent systems autonomously handle over 2 million aftersales requests daily, covering more than 90% of merchants service needs. This not only significantly reduced costs for our outlets customer service operations, but also allowed 7 days a week, 24 hours a day service availability.

在客戶服務方面，我們將人工智慧服務代理系統嵌入商家的售後支援管道。這些代理系統每天自主處理超過200萬個售後請求，涵蓋90%以上的商家服務需求。這不僅大大降低了我們網點客戶服務營運的成本，而且還實現了每週 7 天、每天 24 小時的服務可用性。

At the employee level, we have launched the knowledge-based Ask Xiaotong program, which now serves on average, over 10,000 users daily. Through natural language queries, employees can quickly obtain accurate business knowledge and operational directions, hence, effectively improve response time and reduce rates of errors. I hope that answers your question.

在員工層面，我們推出了知識型的「問小通」項目，目前平均每天服務超過10,000名使用者。透過自然語言查詢，員工可以快速獲得準確的業務知識和操作指示，從而有效提高回應時間並降低錯誤率。我希望這能回答你的問題。

Luo, Dan, Guosen Securities.

羅丹，國信證券。

(spoken in foreign language) Let me translate myself. How do you view the sustainability of the current price increase in Guangdong? And what's the impact of price increases in Guangdong on company profits? Thank you.

（外語）讓我自己翻譯一下。您如何看待當前廣東物價上漲的可持續性？而廣東此次漲價對企業獲利又有何影響？謝謝。

(spoken in foreign language)

（用外語說）

Thank you very much for your question. As it's evident that the first half of the year, the competition is quite fierce. In order for the industry to continue to grow, we must shift from volume -- price-driven volume to quality of services in order to win market presence for the long run.

非常感謝您的提問。可見，上半年的競爭還是比較激烈的。為了使行業繼續增長，我們必須從數量（價格驅動的數量）轉向服務質量，以贏得長期的市場份額。

We believe the industry will eventually return to census, and price competition is a short-term behavior. Since August 5, the whole industry in Guangdong does have a slight price adjustment. It's a positive adjustment upward.

我們認為產業最終會回歸普查，價格競爭只是短期行為。自8月5日起，廣東全產業確實出現了小幅價格調整。這是一個積極的向上調整。

The lowest price for the industry right now is RMB1.40, slightly improved compared to before. The impact to the company is less significant as it's mainly for improvements in relieving pressure for outlets and for the couriers so that they are able to receive higher delivery fee. As far as how it would sustain, we believe -- we tend to believe that there is a good possibility and good chance for it to last.

目前業界最低價為1.40元，較之前略有提升。對公司的影響較小，主要是為了緩解門市的壓力，以及快遞員的壓力，讓他們能夠收取更高的運費。至於它將如何持續下去，我們相信——我們傾向於相信它很有可能並且很有可能持續下去。

Aaron Luo, UBS.

瑞銀集團 Aaron Luo。

(spoken in foreign language) Let me translate myself. Thanks Mr. Lai, Ms. Yan, and Sophie for taking my questions. I have three ones. The first one is also about pricing. We know that the price competition in the first half is very intense, but following the anti-involution campaign, we already noted some price hikes already started in some industry key regions. So what's your views on the pricing development in the remaining of the year and also beyond?

（外語）讓我自己翻譯一下。感謝賴先生、顏小姐和Sophie回答我的問題。我有三個。第一個也是關於定價。我們知道上半年價格競爭非常激烈，但是隨著反過密化運動的發展，我們已經注意到一些產業重點區域已經開始出現漲價的現象。那麼您對今年剩餘時間及以後的價格走勢有何看法？

And the second question is about unmanned vehicles. We noted that we have a very close cooperation with some leading providers. So just curious about our current development on this progress on this and also how much of a benefit we could see from this driving up our last-mile delivery efficiency, also the cost benefit?

第二個問題是關於無人駕駛汽車的。我們注意到我們與一些領先的供應商有著非常密切的合作。所以我很好奇我們目前在這方面的進展情況，以及我們可以從中看到多少好處，從而提高我們的最後一英里交付效率，還有成本效益？

The last question is about our shareholder return. Do we still see further room on improvement in terms of payout and share buybacks? Thank you so much.

最後一個問題是關於我們股東的回報。我們是否仍認為在股利和股票回購方面還有進一步改善的空間？太感謝了。

(spoken in foreign language)

（用外語說）

Now let me help translate and supplement where necessary. The first half of the year, the price pressure is quite significant and the competition is really fierce. In the past, typically, in the high season, price will return as opposed to in the low season, capacity need to be filled and the price will be low.

現在讓我幫忙翻譯和補充必要的內容。上半年價格壓力較大，競爭較激烈。過去，通常在旺季，價格會回升，而在淡季，需要填滿容量，價格就會較低。

For 2024, it wasn't as such because during the high season, the price largely remained stable. In the beginning of this year, all the way through July, we have observed price decline and the trend remained. Post August, the anti-involution initiatives did help slight increase in the market price. For those that are significantly below cost, price practices were being strictly dealt with and addressed.

2024 年的情況並非如此，因為在旺季，價格基本上保持穩定。今年年初到7月份，我們觀察到價格下降，而且這種趨勢一直持續。8月以後，反過密化措施確實推動了市場價格的小漲。對於那些價格明顯低於成本的企業，價格行為將受到嚴厲處理和解決。

We think in the future, no matter if the competition heat up to or slow down, for express delivery price to come in below RMB1 is not feasible because, again, this is a cost-based pricing system. And we even strongly believe, in the long run, a sustainable competitive landscape needs to go from price competition to value and capability competition.

我們認為，未來無論競爭加劇或減緩，快遞價格跌破1元人民幣都是不切實際的，因為這是基於成本的定價體系。我們甚至堅信，從長遠來看，永續的競爭格局需要從價格競爭轉向價值和能力的競爭。

For the second question relating to autonomous vehicles, overall, ZTO has entered into commercialization in the early but successful testing stage of utilizing autonomous vehicles, drones and other self-driving technology.

對於第二個關於自動駕駛汽車的問題，總體而言，中通在利用自動駕駛汽車、無人機和其他自動駕駛技術方面處於早期但成功的測試階段，已進入商業化階段。

And we are actively collaborating with industry leaders. Most of the industry leaders are not only developing their technology based on the AI, autonomous driving technology development itself, which is rapid and also applying real-case scenarios. We are one of the very application scenarios that's well fitted.

我們正在積極與行業領袖合作。大多數行業領導者不僅基於人工智慧開發他們的技術，自動駕駛技術本身的發展也是快速的，也應用於實際場景。我們就是非常適合的一個應用場景。

At the same time, we have been leveraging our in-house serving and mapping qualifications because we do get that certification to make our own maps. We have developed the capability to generate high-precision maps to serve the delivery process.

同時，我們一直在利用我們的內部服務和地圖繪製資質，因為我們確實獲得了製作我們自己的地圖的認證。我們已經開發出生成高精度地圖的能力來服務交付過程。

We have completed the parallel digitization model for over 50 sorting centers, enabling real-time visualization of all operating elements, including personnel, vehicles, parcels and equipment facilities so as to support remote intelligent monitoring and control. These technology initiatives will continue to enhance network efficiencies and strengthen our core competitiveness.

我們已完成50多個分類中心的平行數位化模型，實現人員、車輛、包裹、設備設施等所有運作要素的即時視覺化，支援遠端智慧監控。這些技術措施將持續提高網路效率並增強我們的核心競爭力。

Autonomous vehicle have been also commercially deployed at some of our outlets and have shown significant results in cost reduction. We have over 700 outlets in over 200 cities where the road permits were available that employs in total of over 2,000 autonomous vehicles to serve their delivery purposes.

自動駕駛汽車也已在我們的一些門市進行了商業部署，並在降低成本方面取得了顯著的效果。我們在 200 多個獲得道路許可的城市擁有 700 多個網點，總共使用 2,000 多輛自動駕駛汽車來滿足送貨需求。

And this year, to further elaborate that, the headquarter has accelerated the promotion of autonomous vehicles among outlets by offering central procurement and providing discounts in assisting in road right of way negotiations.

今年，總部更是透過集中採購、道路通行權談判等優惠政策，加速在各門市推廣自動駕駛汽車。

In the second quarter, we reached a strategic cooperation agreement with a leading autonomous vehicle company to jointly explore the implementation of autonomous vehicle in last-mile delivery scenarios and further enhance the performance and reliability. At the same time, since we do have a last mile focus, we have established an autonomous vehicle logistics platform to promote industry standardization.

第二季度，我們與一家領先的自動駕駛汽車公司達成策略合作協議，共同探索自動駕駛汽車在最後一哩交付場景中的應用，進一步提升其性能和可靠性。同時，由於我們確實關注最後一英里，我們建立了自動駕駛汽車物流平台來促進行業標準化。

Currently, we have been working very closely with top autonomous vehicle company such as Neolix, et cetera, in rolling out in the future more and more, into more and more cities. We have 240 cities goal. We wanted to deliver more than 200,000 parcels daily with autonomous capabilities.

目前，我們正與 Neolix 等頂級自動駕駛汽車公司密切合作，未來將越來越多地推廣到越來越多的城市。我們的目標是240個城市。我們希望每天利用自動化功能遞送超過 20 萬個包裹。

At the outlet level, typically, the historical method of delivery, including vehicles and drivers, would cost about RMB0.12 to RMB0.15 each. But with the autonomous solution, the cost would go down to somewhere around RMB0.08. So that is a significant reduction.

在門市層面，通常傳統的配送方式，包括車輛和司機，每輛的成本約為0.12元至0.15元。但有了自主解決方案，成本將降至0.08元左右。這是一個顯著的降幅。

Now on the third question on our shareholder payback and return of shareholder value. The company has and will comprehensively consider both dividend and share repurchase as measures to gradually but consistently increase shareholder returns.

現在談談第三個問題，關於我們的股東回報和股東價值回報。公司已經並將全面考慮股利和股票回購作為逐步但持續增加股東回報的措施。

Currently, we do have sufficient cash reserves and also strong cash generation capabilities, and we are arranging a reasonable capital flow structure. For repurchasing of the shares decisions, we are closely monitoring the market trend and stock performance while taking into account some of the uncertainties in the marketplace as well as our flexibility of financial arrangements. So going forward, we will continue to monitor and allocating capital and cash and increasing shareholder returns.

目前，我們的現金儲備充足，現金產生能力強，正在安排合理的資金流結構。對於回購股票的決定，我們正密切關注市場趨勢和股票表現，同時考慮到市場上的一些不確定性以及我們財務安排的靈活性。因此，展望未來，我們將繼續監控和分配資本和現金並增加股東回報。

[Lisa Lee], (inaudible) Securities.

[Lisa Lee]，（聽不清楚）證券。

(spoken in foreign language) Let me translate myself. So thank you management for taking my questions. So I just wonder, what do you think about the potential impact on the overall e-commerce industry and the industry parcel volume growth from the increase of the parcel price.

（外語）讓我自己翻譯一下。感謝管理層回答我的問題。所以我只是想知道，您認為包裹價格的提高對整個電子商務行業和行業包裹量增長的潛在影響是什麼。

So as management mentioned before, higher parcel price may depress on low-end parcel demand and the industry parcel volume growth may be slowing down in the second half. So for the longer term, what do we see about the higher parcel price compared to the growth of overall e-commerce industry? So what do you expect the government, maybe a balance the growth and a balance of price. Thank you.

因此，正如管理層先前提到的，包裹價格上漲可能會抑制低端包裹需求，而下半年行業包裹量成長可能會放緩。那麼從長遠來看，與整個電子商務產業的成長相比，包裹價格上漲會帶來什麼影響？那麼您對政府有什麼期望呢？也許是平衡成長和平衡價格。謝謝。

(spoken in foreign language)

（用外語說）

It is, in my opinion, that the proper term to describe the recent trend should be that the price is on a return to sensibility. The competition in the recent past is the price and cost is disconnected. Nowadays that you see the lowest price in Guangdong is around RMB1.4.

我認為，描述近期趨勢的正確術語應該是價格正在回歸理性。近期的競爭是價格與成本脫節的。現在廣東地區看到的最低價大概是1.4元左右。

But indeed, it is not necessarily impacting all or majority of the delivery practices. The authorities paid attention to those extreme pricing practices that are well below the costs. The intention is to protect the interest and benefits of many of the operators in the delivery businesses, including outlets and the couriers.

但事實上，它不一定會影響所有或大部分的交付實踐。當局對那些遠低於成本的極端定價行為十分關注。其目的是為了保護快遞業眾多經營者的利益，包括門市和快遞員。

Majority of the merchants, their price is still reasonable and the impact of the price adjustments or returning of the sensibility is less impactful to them as opposed to for those extreme portion of small and light packages.

大部分商家的價格還是比較合理的，價格調整或回歸理性對他們的影響比那些極小部分輕小包裹的影響要小一些。

We think that the differentiated product and services is important to our customers, to merchants as well as to consumers. So we all see that it is easy to reduce price, but price reduction doesn't create value. The future of competition for this industry lies with quality of services, differentiated products and services to meet different demand or needs.

我們認為差異化的產品和服務對我們的客戶、商家以及消費者都很重要。所以大家都看到，降價很容易，但降價並沒有創造價值。該產業未來的競爭在於服務品質、差異化的產品和服務，以滿足不同的需求。

So we think that, and I strongly believe, it has always been that the impact is less at this point. And going forward, the longer-term betterment of this industry is to shift from price competition for volume to quality of services, gaining both economic gain as well as volume increases. That is the only way to have a sustainable growth for the industry.

因此我們認為，而且我堅信，目前的影響一直較小。展望未來，該產業的長期改善將從價格競爭轉向服務品質競爭，既獲得經濟利益，也增加產量。這是該行業實現永續發展的唯一途徑。

This concludes our question-and-answer session. I'd like to turn the conference back over to management for closing remarks.

我們的問答環節到此結束。我想將會議交還給管理階層，請他們發表結束語。

Thank you very much for everyone joining on today's call. and we are anticipating conversations with you and discussions with you for anything that you have questions on, and thank you again.

非常感謝大家參加今天的電話會議。我們期待與您交談並討論您所遇到的任何問題，再次感謝您。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的電話會議到此結束。感謝大家參加今天的演講。現在您可以斷開線路，享受美好的一天。