Benefiting from industry anti-involution, ZTO EXPRESS-W (02057.HK) +5.200 (+2.759%) Short selling $104.89M; Ratio 35.011% saw its core express business revenue surge by 12% YoY in 3Q25, exceeding market expectations by 2%, according to BOCI's research report. Excluding one-time tax refunds, the company's adjusted net profit margin still exceeded market forecasts.In BOCI's estimate, industry anti-involution will continue for some time in the future, and ZTO EXPRESS-W will be a major beneficiary, reflected in the increase in market share of shipment volume and high-quality profit growth visibility in healthy industry growth.BOCI lifted its target price for ZTO Express (ZTO.US) from USD21 to USD25 and kept ZTO EXPRESS-W's target price at HKD193, both with a Buy rating remaining in place.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-01 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)
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