However, it is worth noting that in the second quarter, while Zhongtong's business volume and revenue increased compared with last year, its net profit was declining. Zhongtong said that it was due to the comprehensive impact that the single ticket revenue of the core express delivery business decreased by 5.9% and the single ticket cost increased by 65,438+0.7%.
It is not difficult to see that the rise of single ticket cost and the decline of single ticket income are the fundamental reasons for its profit decline. This phenomenon is not only a problem faced by Zhongtong, but also a problem faced by express delivery companies caught in the "price war". Because in order to maintain or improve the current market share, "price war" still seems to be the fastest and most effective method. "Price for quantity" has also become the main means for express delivery companies to seize market share, and it is also the direct reason for the long-term decline of single ticket income of express delivery companies. In the struggle, it is not easy for anyone to quit.
Jump out of the paper and focus on the profitable part.
In recent years, the single ticket revenue and gross profit margin of ZTO Express have been declining. Zhongtong's single ticket revenue has dropped from 1.96 yuan in 20 17 to 1.5 yuan in 2020. In the first quarter of 2026, it was 5438+0, and the single ticket revenue was only 1.34 yuan. Its gross profit margin also dropped from 33.3% in 20 17 to 23.5438+0% in 2020. According to the latest financial data, the gross profit margin of Zhongtong 202 1 in the second quarter was 22.8%. In this regard, Zhongtong said that it is mainly the comprehensive impact of business growth, price decline and cost increase caused by the expiration of preferential policies during the epidemic.
Undoubtedly, express delivery companies have long been accustomed to the industry phenomenon of "quantity increases but price does not increase" or even "quantity increases and price decreases". Although with the development of the express delivery industry in China, the overall business volume of each company is on the rise, we have to admit that behind a thriving scene, in fact, everyone is "struggling" in the same quagmire, and no one has a good life.
With the strengthening of policy supervision, the "price war" in the express delivery industry has also slowed down in recent months. According to the business data in June, SF's single ticket revenue rose from 15.59 yuan in May to 15.9 1 yuan, Dayun remained at 2.02 yuan, Tong Yuan rose from 2.04 yuan in May to 2. 18 yuan, and Shentong rose from 2.07 yuan in May to.
Zhongtong also adjusted its business model with the intention of "going out of the circle", which also led to a decline in market share in the second quarter. From the words of Lai, chairman and CEO of Express Group, it can also be seen that Zhongtong intends to get out of the quagmire. Lai Song Mei said that the market share declined slightly this quarter because the company chose profitable parts, and it was "unwise and unsustainable" to lose parts at unnecessarily low prices or exchange profits for short-term market share growth.
So, what information did Zhongtong's second-quarter financial report reveal? Let's look down
The short eight-word title of the financial report embodies Zhongtong's future-oriented development concept. If you want to "go out of the circle", it is essential to lay a solid foundation. As Yan Huiping, chief financial officer of ZTO Express Group, said, Zhongtong is strengthening the basic capacity building of core express business and the development capacity of integrated logistics services to build a long-term ecological competitive advantage.
Although Zhongtong's market share declined slightly in the second quarter, it still maintained the leading level in the industry and its profitability remained the best in the industry. The short-term slight decline is due to Zhongtong's strategic adjustment of profitability. In the long run, it is not only conducive to the smooth "out of the circle", but also plays a key role in long-term profitability.
The increase of business volume leads to the increase of income, but the increase of single ticket cost and the decrease of single ticket income also lead to the decrease of profit. In addition, the profits in the same period last year also reflected the advantages of high-speed free and social security relief during the epidemic, and the decline in profits in the second quarter of this year is also reasonable.
At a time when the volume of express delivery business has hit record highs, production capacity and operational efficiency are the foundation for express delivery enterprises to set up ceilings. Zhongtong's unique long-term concept of "co-construction and sharing" has undoubtedly established solid barriers in these two aspects. Ensuring a win-win situation with network partners is also the fundamental reason for the long-term stability of Zhongtong Network.
The operating cost of single ticket is closely related to the profit of enterprises. Zhongtong takes a two-pronged approach from transportation and distribution to improve the quality and efficiency of overall operation.
In the past two years, the phenomenon of lack of work in the express delivery industry has become a commonplace topic. How to protect the rights and interests of front-line personnel is a social responsibility that enterprises must face. Zhongtong enhances the sense of belonging, acquisition and security of courier brother through projects such as Love Fund and Blue Bee, and fulfills its social responsibility.
Lai concluded in the financial report that in the second quarter, Zhongtong effectively implemented the strategy of achieving the best balance in three aspects: service quality, business volume and profit growth, which stood the test in the changes of policies and market environment.
Indeed, if we want to embark on the long-term development route, the three-way balance strategy is worthy of applause, but it must be a short-term pain. At least judging from the financial report in the second quarter, Zhongtong basically maintained a high score in the market, but its profits are indeed declining, which can fully reflect the disadvantages of the "price war" quagmire.
Whether Zhongtong can successfully "go out of the circle" depends on when the "price war" under the policy tightening will end. On the other hand, it is how Zhongtong seeks more possibilities among more market variables when consumers' demand for express delivery services is becoming more and more demanding.