In January 2025, parcel volume grew by 12% year on year at STO Express, 5% at YTO Express, and 3% at Yunda Holding. Meanwhile, express revenue rose by 5% at STO and 2% at YTO, but dropped 8% at Yunda.

Despite cutting its prices later than STO Express, in 2023, ZTO’s volume share improved to 22.4% in the third quarter, as ZTO cut its prices more aggressively than STO, YTO Express, and Yunda ...