Daiwa's research report stated that ZTO Express lowered its annual parcel volume growth guidance for this year from between 15% to 18% to between 11.6% to 12.3%, believing it is due to the strong growth of low stock price parcel volumes. Daiwa believes that ZTO's market share declined year-on-year last quarter, coupled with sufficient capacity. Looking ahead to next year, it can focus more on increasing parcel volume and market share. With expected cost reductions, Daiwa predicts a double-digit percentage increase in profit from 2025 to 2026. Daiwa has lowered the target price of ZTO Express H shares from 210 Hong Kong dollars to 195 Hong Kong dollars, reiterating a "buy" rating and maintaining the forecast of achieving a full-year profit of 10.28 billion yuan for this year.