ZTO Express (NYSE: ZTO) reported a 9.8% jump in parcel volume to 9.6 billion for Q3 2025, with adjusted net income growing 5% year over year to RMB2.5B. Revenue rose 11.1% to RMB11.86B. However, gross profit dropped 11.4% as rising costs outpaced gains, with gross margin narrowing to 24.9% versus 31.2% last year. Line-haul transportation costs fell due to efficiency, but costs tied to serving key account customers surged over 100%. ZTO is adjusting annual parcel volume guidance slightly downward while emphasizing its long-term focus on quality growth over quantity. The company continued share buybacks, with $1.3B in repurchases so far. Thoughts on ZTO's balance between growth and profitability as competition heats up in China delivery?