ZTO Reports Third Quarter 2025 Unaudited Financial Results USA - English APAC - Traditional Chinese APAC - English

Parcel Volume Increased 9.8% to 9.6 Billion

Adjusted Net Income Grew 5.0% to RMB2.5 Billion

SHANGHAI, Nov. 19, 2025 /PRNewswire/ -- ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK: 2057), a leading and fast-growing express delivery company in China ("ZTO" or the "Company"), today announced its unaudited financial results for the third quarter ended September 30, 2025 [1]. The Company grew parcel volume by 9.8% year over year while maintaining high quality of service and customer satisfaction. Adjusted net income increased 5.0% [2] to RMB2,506.1 million. Net cash generated from operating activities was RMB3,211.0 million.

Third Quarter 2025 Financial Highlights

Operational Highlights for Third Quarter 2025

(1) An investor relations presentation accompanies this earnings release and can be found at http://zto.investorroom.com.

(2) Adjusted net income is a non-GAAP financial measure, which is defined as net income before share-based compensation expense and non-recurring items such as impairment of investments in equity investees, gain/(loss) on disposal of equity investment and subsidiary and corresponding tax impact which management aims to better represent the underlying business operations.

(3) Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income before depreciation, amortization, interest expenses and income tax expenses, and further adjusted to exclude the shared-based compensation expense and non-recurring items such as impairment of investments in equity investees, gain/(loss) on disposal of equity investment and subsidiary which management aims to better represent the underlying business operations.

(4) One ADS represents one Class A ordinary share.

(5) Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders is a non-GAAP financial measure. It is defined as adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted American depositary shares, respectively.

Mr. Meisong Lai, Founder, Chairman and Chief Executive Officer of ZTO, commented, "Focusing on quality and increasing market presence while maintaining healthy earnings is ZTO's unwavering long-term strategy. During this quarter, we grew volume by 9.8% to reach 9.6 billion parcels and we delivered 2.51 billion adjusted net income which increased 5%. Our retail volume's growth momentum remained strong at nearly 50% and continued to bring positive contribution to margin."

Mr. Lai added, "During the third quarter, government's appeal for anti-involution not only brought mitigating effect towards social stability but also influenced the industry turning towards quality development versus merely quantity expansion. Being the industry leader, ZTO is called upon to exemplify with increasing rigor, and we renewed our commitment to strengthening our own capabilities whileaddressing genuine concerns. Nearly all industries go through stages of competition and true strength will sustain. Despite complex macro environment where uncertainties remain, we believe ZTO will continue to build strength in quality, scale and profitability and drive healthy sustainable growth for the long run."

Ms. Huiping Yan, Chief Financial Officer of ZTO, commented, "ZTO's core express ASP increased by 2 cents. The 14 cents in higher volume incentives and 2 cents from lower average weight per parcel were absorbed by 18 cents increase in KA unit price. Combined unit sorting and transportation costs decreased 5 cents driven by transportation cost productivity. SG&A costs remain structurally stable at 5.3% of revenue. Cash flow from operating activities grew 3.2% to 3.2 billion, and capital spending was 1.2 billion for the quarter."

Ms. Yan added, "With visibility into the final quarter of the year, we are adjusting down the annual volume guidance to be in the range of 38.2 to 38.7 billion parcels representing a year-over-year growth of 12.3% to 13.8%. Volume is crucial to our business, and network stability is the foundation for sustainable future growth of our company. As macro environment continues to evolve and industry dynamics shifts towards healthier growth, we maintain confidence in our ability to execute the overall corporate strategy as well as tackle challenges at hand to become a world leading logistics service provider."

Third Quarter 2025 Unaudited Financial Results

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2025

2024

2025

RMB

US$

RMB

US$

(in thousands, except percentages)

Express delivery services

9,812,807

91.9

11,020,092

1,547,983

92.9

28,928,902

92.2

32,126,133

4,512,731

92.9

Freight forwarding services

240,491

2.3

222,664

31,277

1.9

676,480

2.2

582,141

81,773

1.6

Sale of accessories

588,233

5.5

590,936

83,008

5.0

1,653,717

5.3

1,787,002

251,019

5.2

Others

33,517

0.3

31,002

4,356

0.2

101,919

0.3

92,690

13,020

0.3

Total revenues

10,675,048

100.0

11,864,694

1,666,624

100.0

31,361,018

100.0

34,587,966

4,858,543

100.0

Total Revenues were RMB11,864.7 million (US$ 1,666.6 million), increased 11.1% from RMB10,675.0 million in the same period of 2024. Revenue from the core express delivery business increased by 11.6% compared to the same period of 2024 as a net result of a 9.8% growth in parcel volume and a 1.7% increase in parcel unit price. Keyaccount revenue, generated by direct sales organizations, increased by 141.2% mainly driven by increase in e-commerce return parcels. Revenue from freight forwarding services decreased by 7.4% compared to the same period of 2024. Revenue from sales of accessories largely consisted of sales of digital thermal paper waybills, increased by 0.5%. Other revenues were derived mainly from financing services.

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2025

2024

2025

RMB

US$

RMB

US$

(in thousands, except percentages)

Line-haul transportation cost

3,398,007

31.8

3,302,046

463,836

27.8

10,052,623

32.1

10,076,055

1,415,375

29.1

Sorting hub operating cost

2,224,206

20.8

2,394,119

336,300

20.2

6,620,077

21.1

7,123,554

1,000,640

20.6

Freight forwarding cost

226,111

2.1

204,820

28,771

1.7

631,217

2.0

547,847

76,956

1.6

Cost of accessories sold

161,648

1.5

135,557

19,042

1.1

454,788

1.5

420,020

59,000

1.2

Other costs

1,330,265

12.6

2,872,183

403,452

24.3

3,644,940

11.5

7,830,904

1,100,000

22.7

Total cost of revenues

7,340,237

68.8

8,908,725

1,251,401

75.1

21,403,645

68.2

25,998,380

3,651,971

75.2

Total cost of revenues was RMB8,908.7 million (US$1,251.4 million), an increase of 21.4% from RMB7,340.2 million in the same period last year.

Line-haul transportation cost was RMB3,302.0 million (US$463.8 million), decreased 2.8% from RMB3,398.0 million in the same period last year. The unit transportation cost decreased 12.8% or 5 cents mainly attributable to better economies of scale and improved load rate through more effective route planning.

Sorting hub operating cost was RMB2,394.1 million (US$336.3 million), increased 7.6% from RMB2,224.2 million in the same period last year. The increase primarily consisted of (i) RMB93.1 million (US$13.1 million) increase in labor-associated costs partially offset by automation-driven efficiency improvements, and (ii) RMB46.8 million (US$6.6 million) increase in depreciation and amortization costs associated with equipment and facilities. As of September 30, 2025, there were 761 sets of automated sorting equipment in service, compared to 535 sets as of September 30, 2024.

Cost of accessories sold was RMB135.6 million (US$19.0 million), decreased 16.1% compared with RMB161.6 million in the same period last year.

Other costs were RMB2,872.2 million (US$403.5 million), increased 115.9% from RMB1,330.3 million in the same period last year, which included an increase of RMB1,471.7 million (US$206.7 million) for serving key account customers.

Gross Profit was RMB2,956.0 million (US$415.2 million), decreased by 11.4% from RMB3,334.8 million in the same period last year. Gross margin rate was 24.9% compared to 31.2% in the same period last year.

Total Operating Expenses were RMB550.9 million (US$77.4 million), compared to RMB493.0 million in the same period last year.

Selling, general and administrative expenses were RMB632.6 million (US$88.9 million), increased by 16.2% from RMB544.6 million in the same period last year. The increase primarily consisted of (i) RMB61.5 million (US$8.6 million) depreciation and amortization costs associated with administrative facilities and equipment, and (ii) RMB40.9 million (US$5.7 million) increase in compensation and benefits.

Other operating income, net was RMB81.7 million (US$11.5 million), compared to RMB51.6 million in the same period last year. Other operating income mainly consisted of (i) RMB63.1 million (US$8.9 million) of rental and other income, and (ii) RMB22.5 million (US$3.2 million) of government subsidies and tax rebates.

Income from operations was RMB2,405.0 million (US$337.8 million), decreased 15.4% from RMB2,841.8 million for the same period last year. The operating margin rate was 20.3% compared to 26.6% in the same period last year.

Interest income was RMB185.2 million (US$26.0 million), compared with RMB238.5 million in the same period last year.

Interest expenses was RMB54.4 million (US$7.6 million), compared with RMB66.4 million in the same period last year.

Gain from fair value changes of financial instruments was RMB102.3 million (US$14.4 million), compared with a loss of RMB62.7 million in the same period last year. Such gain or loss from fair value changes of the financial instruments were quoted by commercial banks according to market-based estimation of future redemption prices.

Income tax expenses were RMB160.0 million (US$22.5 million) compared to RMB555.0 million in the same period last year. The overall income tax rate decreased by 13.1 percentage points this quarter compared to the same period last year, attributable to an income tax refund of RMB375.8 million (US$52.8 million) received by Shanghai Zhongtongji Network(上海中通吉網絡技術有限公司), a wholly owned subsidiary of the Company, upon its recognition as a "Key Software Enterprise" qualifying for a preferential tax rate of 10% for tax year 2024.

Net income was RMB2,538.7 million (US$356.6 million), which increased by 6.7% from RMB2,379.0 million in the same period last year.

Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB3.16 (US$0.44) and RMB3.10 (US$0.44), compared to basic and diluted earnings per ADS of RMB2.98 and RMB2.90 in the same period last year, respectively.

Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB3.12 (US$0.44) and RMB3.06 (US$0.43), compared with RMB2.99 and RMB2.91 in the same period last year, respectively.

Adjusted net income was RMB2,506.1 million (US$352.0 million), compared with RMB2,387.3 million during the same period last year.

EBITDA [1] was RMB3,615.1 million (US$507.8 million), compared with RMB3,731.3 million in the same period last year.

Adjusted EBITDA was RMB3,582.5 million (US$503.2 million), compared to RMB3,739.5 million in the same period last year.

Net cash provided by operating activities was RMB3,211.0 million (US$451.0 million), compared with RMB3,112.0 million in the same period last year.

(1) EBITDA is a non-GAAP financial measure, which is defined as net income before depreciation, amortization, interest expenses and income tax expenses which management aims to better represent the underlying business operations.

Company Share Repurchase Program

The Board has approved its share repurchase program in November 2018 and made subsequent modifications, whereby the latest modification increased the aggregate value of shares that may be repurchased to US$2.0 billion and extended the effective period through June 30, 2026. As of September 30, 2025, the Company had purchased an aggregate of 52,919,506 ADSs for US$1.3billion on the open market, including repurchase commissions. The remaining funds available under the share repurchase program was US$0.7 billion.

Business Outlook

Given full-year's visibility and based on current market and operating conditions, the Company revises its previously stated annual guidance. Parcel volume for 2025 is expected to be in the range of 38.2 billion to 38.7 billion, representing a 12.3% to 13.8% increase year over year. Such estimates represent management's current and preliminary view, which are subject to change.

Exchange Rate

This announcement contains translation of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB7.119 to US$1.00, the noon buying rate on September 30,2025 as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve Systems.

Use of Non-GAAP Financial Measures

The Company uses EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders, and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders, each a non-GAAP financial measure, in evaluating ZTO's operating results and for financial and operational decision-making purposes.

Reconciliations of the Company's non-GAAP financial measures to its U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures.

The Company believes that such Non-GAAP measures help identify underlying trends in ZTO's business that could otherwise be distorted by the effect of the related expenses and gains that the Company includes in income from operations and net income. The Company believes that EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by ZTO's management in its financial and operational decision-making.

EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders should not be considered in isolation or construed as an alternative to net income or any other measure of performance or as an indicator of the Company's operating performance. Investors are encouraged to compare the historical non-GAAP financial measures to the most directly comparable GAAP measures. EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to ZTO's data. ZTO encourages investors and others to review the Company's financial information in its entirety and not rely on a single financial measure.

Conference Call Information

ZTO's management team will host an earnings conference call at 7:30 PM U.S. Eastern Time on Wednesday, November 19, 2025 (8:30 AM Beijing Time on Thursday, November 20, 2025).

Dial-in details for the earnings conference call are as follows:

United States:

1-888-317-6003

Hong Kong:

800-963-976

Mainland China:

4001-206-115

Singapore:

800-120-5863

International:

1-412-317-6061

Passcode:

7602569

Please dial in 15 minutes before the call is scheduled to begin and provide the passcode to join the call.

A replay of the conference call may be accessed by phone at the following numbers until November 26, 2025:

United States:

1-855-669-9658

International:

1-412-317-0088

Passcode:

8703795

Additionally, a live and archived webcast of the conference call will be available at http://zto.investorroom.com.

About ZTO Express (Cayman) Inc.

ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK:2057) ("ZTO" or the "Company") is a leading and fast-growing express delivery company in China. ZTO provides express delivery service as well as other value-added logistics services through its extensive and reliable nationwide network coverage in China.

ZTO operates a highly scalable network partner model, which the Company believes is best suited to support the significant growth of e-commerce in China. The Company leverages its network partners to provide pickup and last-mile delivery services, while controlling the mission-critical line-haul transportation and sorting network within the express delivery service value chain.

For more information, please visit http://zto.investorroom.com.

Safe Harbor Statement

This announcement contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and other similar expressions. Among other things, the business outlook and quotations from management in this announcement contain forward-looking statements. ZTO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") and The Stock Exchange of Hong Kong Limited (the "HKEX"), in its interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of the HKEX, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including but not limited to statements about ZTO's beliefs, plans, and expectations, are forward looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: risks relating to the development of the e-commerce and express delivery industries in China; its significant reliance on certain third-party e-commerce platforms; risks associated with its network partners and their employees and personnel; intense competition which could adversely affect the Company's results of operations and market share; any service disruption of the Company's sorting hubs or the outlets operated by its network partners or its technology system; ZTO's ability to build its brand and withstand negative publicity, or other favorable government policies. Further information regarding these and other risks is included in ZTO's filings with the SEC and the HKEX. All information provided in this announcement is as of the date of this announcement, and ZTO does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

UNAUDITED CONSOLIDATED FINANCIAL DATA

Summary of Unaudited Consolidated Comprehensive Income Data:

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2025

2024

2025

RMB

US$

RMB

US$

(in thousands, except for share and per share data)

Revenues

10,675,048

11,864,694

1,666,624

31,361,018

34,587,966

4,858,543

Cost of revenues

(7,340,237)

(8,908,725)

(1,251,401)

(21,403,645)

(25,998,380)

(3,651,971)

Gross profit

3,334,811

2,955,969

415,223

9,957,373

8,589,586

1,206,572

Operating (expenses)/income:

Selling, general and administrative

(544,573)

(632,583)

(88,858)

(2,034,192)

(1,993,681)

(280,051)

Other operating income, net

51,552

81,657

11,470

400,507

689,600

96,868

Total operating expenses

(493,021)

(550,926)

(77,388)

(1,633,685)

(1,304,081)

(183,183)

Income from operations

2,841,790

2,405,043

337,835

8,323,688

7,285,505

1,023,389

Other income/(expenses):

Interest income

238,510

185,231

26,019

771,608

592,355

83,208

Interest expense

(66,364)

(54,420)

(7,644)

(266,135)

(221,408)

(31,101)

(Loss)/gain from fair value changes of

financial instruments

(62,699)

102,307

14,371

34,883

135,285

19,003

(Loss)/gain on disposal of equity investees,

subsidiary and others

(1,440)

35,563

4,996

10,694

34,996

4,916

Impairment of investments in equity investees

(672,816)

Impairment of Goodwill

(84,431)

(11,860)

Foreign currency exchange gain before tax

(38,174)

9,288

1,305

(17,612)

21,663

3,043

Income before income tax, and share of

income in equity method investments

2,911,623

2,683,012

376,882

8,184,310

7,763,965

1,090,598

Income tax expense

(554,959)

(160,000)

(22,475)

(1,786,275)

(1,267,105)

(177,989)

Share of income in equity method investments

22,378

15,692

2,204

42,751

45,584

6,403

Net income

2,379,042

2,538,704

356,611

6,440,786

6,542,444

919,012

Net loss/(income) attributable to non-

controlling interests

17,255

(14,984)

(2,105)

(6,641)

(87,145)

(12,241)

Net income attributable to ZTO Express

(Cayman) Inc.

2,396,297

2,523,720

354,506

6,434,145

6,455,299

906,771

Net income attributable to ordinary

shareholders

2,396,297

2,523,720

354,506

6,434,145

6,455,299

906,771

Net earnings per share attributed to

ordinary shareholders

Basic

2.98

3.16

0.44

7.99

8.08

1.13

Diluted

2.90

3.10

0.44

7.80

7.90

1.11

Weighted average shares used in

calculating net earnings per ordinary

share/ADS

Basic

804,565,579

799,661,689

805,388,468

799,304,556

Diluted

838,131,679

822,552,945

838,954,568

830,201,619

Net income

2,379,042

2,538,704

356,611

6,440,786

6,542,444

919,012

Other comprehensive income/(loss),

net of tax of nil:

Foreign currency translation adjustment

137,698

(14,058)

(1,975)

20,138

36,474

5,123

Comprehensive income

2,516,740

2,524,646

354,636

6,460,924

6,578,918

924,135

Comprehensive (income)/loss attributable to

non-controlling interests

17,255

(14,984)

(2,105)

(6,641)

(87,145)

(12,241)

Comprehensive income attributable to ZTO

Express (Cayman) Inc.

2,533,995

2,509,662

352,531

6,454,283

6,491,773

911,894

Unaudited Consolidated Balance Sheets Data:

As of

December 31,

September 30,

2024

2025

RMB

US$

(in thousands, except for share data)

ASSETS

Current assets:

Cash and cash equivalents

13,465,442

9,389,842

1,318,983

Restricted cash

37,517

22,853

3,210

Accounts receivable, net

1,503,706

1,172,149

164,651

Financing receivables

1,178,617

736,393

103,441

Short-term investment

8,848,447

15,898,686

2,233,275

Inventories

38,569

48,248

6,777

Advances to suppliers

783,599

769,715

108,121

Prepayments and other current assets

4,329,664

5,047,366

708,999

Amounts due from related parties

168,160

79,844

11,216

Total current assets

30,353,721

33,165,096

4,658,673

Investments in equity investees

1,871,337

1,916,906

269,266

Property and equipment, net

33,915,366

35,399,151

4,972,489

Land use rights, net

6,170,233

6,269,062

880,610

Intangible assets, net

17,043

20,710

2,909

Operating lease right-of-use assets

566,316

444,978

62,506

Goodwill

4,241,541

4,157,111

583,946

Deferred tax assets

984,567

1,039,418

146,006

Long-term investment

12,017,755

5,874,110

825,131

Long-term financing receivables

861,453

1,163,957

163,500

Other non-current assets

919,331

720,354

101,188

Amounts due from related parties-non current

421,667

371,167

52,137

TOTAL ASSETS

92,340,330

90,542,020

12,718,361

LIABILITIES AND EQUITY

Current liabilities

Short-term bank borrowing

9,513,958

11,627,171

1,633,259

Accounts payable

2,463,395

2,274,185

319,453

Advances from customers

1,565,147

1,720,274

241,645

Income tax payable

488,889

260,214

36,552

Amounts due to related parties

202,766

124,711

17,518

Operating lease liabilities

183,373

152,017

21,354

Dividends payable

14,134

1,728,045

242,737

Convertible senior bond

7,270,081

Other current liabilities

6,571,492

6,187,127

869,101

Total current liabilities

28,273,235

24,073,744

3,381,619

Long-term bank borrowing

163,000

22,896

Non-current operating lease liabilities

377,717

294,872

41,420

Deferred tax liabilities

1,014,545

517,854

72,743

Convertible senior bond

126,348

17,748

TOTAL LIABILITIES

29,665,497

25,175,818

3,536,426

Shareholders' equity

Ordinary shares (US$0.0001 par value; 10,000,000,000 shares authorized;

810,339,182 shares issued and 798,622,719 shares outstanding as of

December 31, 2024; 804.468.490 shares issued and 797,732.629 shares

outstanding as of September 30, 2025)

523

519

Additional paid-in capital

24,389,905

24,361,063

3,421,978

Treasury shares, at cost

(1,131,895)

(548,929)

(77,108)

Retained earnings

39,098,553

41,152,881

5,780,711

Accumulated other comprehensive loss

(294,694)

(258,220)

(36,272)

ZTO Express (Cayman) Inc. shareholders' equity

62,062,392

64,707,314

9,089,382

Non-controlling interests

612,441

658,888

92,553

Total Equity

62,674,833

65,366,202

9,181,935

TOTAL LIABILITIES AND EQUITY

92,340,330

90,542,020

12,718,361

Summary of Unaudited Consolidated Cash Flow Data:

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2025

2024

2025

RMB

US$

RMB

US$

(in thousands)

Net cash provided by operating activities

3,111,972

3,210,966

451,042

8,623,087

7,742,150

1,087,533

Net cash used in investing activities

(1,910,131)

(426,591)

(59,923)

(8,955,072)

(4,748,573)

(667,028)

Net cash provided by/(used in) financing activities

10,183

(6,671,184)

(937,096)

(963,309)

(7,049,988)

(990,306)

Effect of exchange rate changes on cash, cash

equivalents and restricted cash

(43,349)

(19,890)

(2,794)

(8,272)

(52,156)

(7,326)

Net increase/(decrease) in cash, cash equivalents

and restricted cash

1,168,675

(3,906,699)

(548,771)

(1,303,566)

(4,108,567)

(577,127)

Cash, cash equivalents and restricted cash at

beginning of period

10,579,069

13,329,079

1,872,325

13,051,310

13,530,947

1,900,681

Cash, cash equivalents and restricted cash at end of

period

11,747,744

9,422,380

1,323,554

11,747,744

9,422,380

1,323,554

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows:

As of

September 30,

2024

2025

RMB

US$

(in thousands)

Cash and cash equivalents

11,703,151

9,389,842

1,318,983

Restricted cash, current

32,350

22,853

3,210

Restricted cash, non-current

12,243

9,685

1,361

Total cash, cash equivalents and restricted cash

11,747,744

9,422,380

1,323,554

Reconciliations of GAAP and Non-GAAP Results

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2025

2024

2025

RMB

US$

RMB

US$

(in thousands, except for share and per share data)

Net income

2,379,042

2,538,704

356,611

6,440,786

6,542,444

919,012

Add:

Share-based compensation expense (1)

6,769

2,994

421

311,924

226,256

31,782

Impairment of investments in equity investees (1)

672,816

Impairment of Goodwill

84,431

11,860

Loss/(gain) on disposal of equity investees

and subsidiary, net of income taxes

1,440

(35,563)

(4,996)

(8,507)

(34,970)

(4,912)

Adjusted net income

2,387,251

2,506,135

352,036

7,417,019

6,818,161

957,742

Net income

2,379,042

2,538,704

356,611

6,440,786

6,542,444

919,012

Add:

Depreciation

695,241

823,044

115,612

2,168,290

2,382,422

334,657

Amortization

35,709

38,949

5,471

104,034

115,074

16,164

Interest expenses

66,364

54,420

7,644

266,135

221,408

31,101

Income tax expenses

554,959

160,000

22,475

1,786,275

1,267,105

177,989

EBITDA

3,731,315

3,615,117

507,813

10,765,520

10,528,453

1,478,923

Add:

Share-based compensation expense

6,769

2,994

421

311,924

226,256

31,782

Impairment of investments in equity investees

672,816

Impairment of Goodwill

84,431

11,860

Loss/(gain) on disposal of equity investees

and subsidiary

1,440

(35,563)

(4,996)

(10,694)

(34,996)

(4,916)

Adjusted EBITDA

3,739,524

3,582,548

503,238

11,739,566

10,804,144

1,517,649

(1) Net of income taxes of nil

Reconciliations of GAAP and Non-GAAP Results

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2025

2024

2025

RMB

US$

RMB

US$

(in thousands, except for share and per share data)

Net income attributable to ordinary

shareholders

2,396,297

2,523,720

354,506

6,434,145

6,455,299

906,771

Add:

Share-based compensation expense (1)

6,769

2,994

421

311,924

226,256

31,782

Impairment of investments in equity

investees (1)

672,816

Impairment of Goodwill

84,431

11,860

Loss/(gain) on disposal of equity investees

and subsidiary, net of income taxes

1,440

(35,563)

(4,996)

(8,507)

(34,970)

(4,912)

Adjusted Net income attributable to

ordinary shareholders

2,404,506

2,491,151

349,931

7,410,378

6,731,016

945,501

Weighted average shares used in

calculating net earnings per ordinary

share/ADS

Basic

804,565,579

799,661,689

805,388,468

799,304,556

Diluted

838,131,679

822,552,945

838,954,568

830,201,619

Net earnings per share/ADS attributable to

ordinary shareholders

Basic

2.98

3.16

0.44

7.99

8.08

1.13

Diluted

2.90

3.10

0.44

7.80

7.90

1.11

Adjusted net earnings per share/ADS

attributable to ordinary shareholders

Basic

2.99

3.12

0.44

9.20

8.42

1.18

Diluted

2.91

3.06

0.43

8.96

8.23

1.16

(1) Net of income taxes of nil

For investor and media inquiries, please contact:

ZTO Express (Cayman) Inc.

Investor Relations

E-mail: ir@zto.com

Phone: +86 21 5980 4508

SOURCE ZTO Express (Cayman) Inc.