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The private express industry has seen dramatic changes in recent years as companies battle for market share.

On March 16, one of China's largest express delivery companies, ZTO Express, released its 2022 quarterly and full-year financial results (unaudited).

The results showed a 16.3% year-on-year increase in revenue to 35.377 billion yuan, and a 37.6% year-on-year increase in adjusted net profit to 6.806 billion yuan, exceeding the 6.25 billion yuan upper limit of SF Holding's 2022 performance forecast announced in January.

The main growth came from express service revenue and material sales revenue. In 2022, ZTO Express's express service revenue increased 18.3% year-on-year, from 27.45 billion yuan in 2021 to 32.576 billion yuan. This was due to an increase in parcel volume of 9.4% and an increase in unit prices.

In addition to profits, market share is also the focus of attention. The financial report shows that ZTO Express's market share increased by 1.5 percentage points to 22.1% in 2022. This was due to the growth of its business volume. ZTO Express's business volume increased by 9.4% year-on-year in 2022, faster than the industry data growth rate released at the beginning of the year.

The year of 2022 has been a difficult year for the express industry, not only due to the epidemic, but also due to the increased fuel costs.

After the release of the financial report, the stock price of ZTO Express surged 7.93%, reflecting the capital market's confidence in ZTO Express's future development. However, in the existing market, competition in the express industry is still continuing, and it will not be easy for ZTO Express to achieve its 2023 goals.