ZTO Express Inc. (ZTO) shares plummeted 5.13% in pre-market trading on Wednesday, following the Chinese logistics firm's reduction in its annual parcel volume growth forecast. The downward revision stemmed from challenges posed by weaker consumer spending and a rising proportion of low-value e-commerce packages in the company's parcel mix.

ZTO cited the shift in parcel mix as a hurdle in maintaining its previously projected growth trajectory. The company now expects 2024 parcel volume to reach 33.7-33.9 billion, reflecting a year-over-year increase of 11.6%-12.3%, down from its earlier robust estimates.

Despite the setback, ZTO's third-quarter results showed steady operational performance, with a 15.9% year-over-year increase in parcel volume and a 2% growth in adjusted net income. However, the company acknowledged that the increasing proportion of low-value e-commerce packages presented new challenges in achieving simultaneous growth in service quality, volume market share, and profitability.