ZTO Express Cayman Inc (ZTO)

ZTO Reports First Quarter 2026 Unaudited Financial ResultsMay 19, 2026 6:00 PM
PR Newswire (US) 9.7 Billion Parcel Volume Grew 7.4 Points Faster than Industry Average
Adjusted Net Income Increased 5.2% to RMB2.4 BillionSHANGHAI, May 19, 2026 /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 first quarter ended March 31, 2026[1]. The Company grew parcel volume by 13.2% year over year while maintaining high quality of service and customer satisfaction. Adjusted net income increased 5.2%[2] to RMB2.4 billion. Net cash generated from operating activities was RMB2.8 billion.First Quarter 2026 Financial HighlightsRevenues were RMB13,282.4 million (US$1,925.5 million), an increase of 22.0% from RMB10,891.5 million in the same period of 2025.Gross profit was RMB3,235.2 million (US$469.0 million), an increase of 20.3% from RMB2,689.2 million in the same period of 2025.Net income was RMB2,156.4 million (US$312.6 million), an increase of 5.7% from RMB2,039.2 million in the same period of 2025.Adjusted EBITDA[3] was RMB3,941.3 million (US$571.4 million), an increase of 6.9% from RMB3,686.7 million in the same period of 2025.Adjusted net income was RMB2,377.1 million (US$344.6 million), an increase of 5.2% from RMB2,259.3 million in the same period of 2025.Basic and diluted net earnings per American depositary share ("ADS"[4]) were RMB2.73 (US$0.40) and RMB2.68 (US$0.39), an increase of 9.2% and 9.8% from RMB2.50 and RMB2.44 in the same period of 2025, respectively.Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders[5] were RMB3.01 (US$0.44) and RMB2.95 (US$0.43), an increase of 8.7% and 8.9% from RMB2.77 and RMB2.71 in the same period of 2025 respectively.Net cash provided by operating activities was RMB2,789.0 million (US$404.3 million), compared with RMB2,363.0 million in the same period of 2025.Operational Highlights for First Quarter 2026Parcel volume was 9,668 million, increased 13.2% from 8,539 million in the same period of 2025.Number of pickup/delivery outlets was over 31,000 as of March 31, 2026.Number of direct network partners was approximately 6,000 as of March 31, 2026.Number of self-owned line-haul vehicles was over 10,000 as of March 31, 2026.Number of line-haul routes between sorting hubs was approximately 3,800 as of March 31, 2026.Number of sorting hubs was 93 as of March 31, 2026, among which 88 are operated by the Company and 5 by the Company's network partners.[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, "During the first quarter of 2026, ZTO maintained focus on quality of services and customer satisfaction, and well executed our key strategies to improve operating cost efficiencies and strengthening network pricing policy fairness and transparency. Our parcel volume reached 9.7 billion, which grew 13.2%, or 7.4 points above industry average, mainly attributable to strong key accounts growth. Our adjusted net income was 2.4 billion, as the daily average retail volume continued to expand at a faster rate than traditional ecommerce volume resulting in improved revenue structure that not only contributed to volume increase as well as positive contribution to overall margin."Mr. Lai added, "China's express delivery industry is benefiting from the lasting effect of the anti-involution policy. It is well demonstrated by this quarter's industry-wide profit expansion, some faster than its volume growth, that there was an increasing focus on quality growth. ZTO's Quality-First strategy is consistent with regulatory attention as our operating efficiency continues to lead the industry and our effort to drive fairness and transparency across the entire network has generated positive impact on sustainable long-term growth. Shared-Success is never meant to be a corporate slogan, and our work in being fair and supportive of our partners never ends especially given the depth and width of our network footprint. By relying on digitization and diligent follow-through, we are seeing better alignment of strategy consensus and execution cohesiveness from headquarter to the furthest-reached outlets."Ms. Huiping Yan, Chief Financial Officer of ZTO, commented, "For the first quarter, ZTO's core express ASP increased 8.2%, driven by a favorable mix-shift towards key accounts, which included fast-growing reverse logistics volume, and its positive impact more than offset the per unit increase in volume incentives. Combined unit sorting and transportation costs decreased 6 cents, driven largely by volume-leveraged productivity gain. SG&A excluding SBC as a percentage of revenue improved to approximately 4.5% compared to 4.7% in the same period last year. Cash flow from operating activities was 2.8 billion, and capital spending was 1.8 billion."Ms. Yan added, "The sustainable growth strategy we focused on throughout the years is equally effective during economic stabilization and recovery. Our unique partner-franchise model requires fine tuning from time to time to maintain equitable sharing of the cost and profit. Our volume growth against industry deceleration came from the consistency of anti-involution policy as well as our initiatives to drive reasonable profit allocation for everyone under the ZTO brand. We aim to strengthen our volume leadership, and we are maintaining our annual parcel growth guidance at 10-13% over last year."First Quarter 2026 Unaudited Financial Results

Three Months Ended March 31,
2025
2026
RMB
%
RMB
US$
%
(in thousands, except percentages) Express delivery services10,122,290
92.9
12,523,779
1,815,567
94.3Freight forwarding services179,219
1.7
155,910
22,602
1.2Sale of accessories560,297
5.1
577,675
83,745
4.3Others29,659
0.3
25,000
3,624
0.2Total revenues10,891,465
100.0
13,282,364
1,925,538
100.0Total Revenues were RMB13,282.4 million (US$1,925.5 million), increased 22.0% from RMB10,891.5 million in the same period of 2025. Revenue from the core express delivery business increased by 22.5% compared to the same period of 2025 as a result of a 13.2% growth in parcel volume and an 8.2% increase in parcel unit price. Key account revenue, generated by direct sales organizations, increased by 92.2% mainly driven by increase in e-commerce return parcels. Revenue from freight forwarding services decreased by 13.0% compared to the same period of 2025. Revenue from sales of accessories, largely consisted of sales of thermal paper for digital waybills, increased by 3.1%. Other revenues were mainly derived from financing services.
Three Months Ended March 31,
2025
2026
RMB
%
RMB
US$
%
(in thousands, except percentages)Line-haul transportation cost3,483,065
32.0
3,530,168
511,767
26.6Sorting hub operating cost2,314,595
21.3
2,454,271
355,795
18.5Freight forwarding cost172,792
1.6
154,265
22,364
1.2Cost of accessories sold133,259
1.2
127,589
18,497
1.0Other costs2,098,534
19.2
3,780,850
548,107
28.3Total cost of revenues8,202,245
75.3
10,047,143
1,456,530
75.6Total cost of revenues was RMB10,047.1 million (US$1,456.5 million), an increase of 22.5% from RMB8,202.2 million in the same period last year.Line-haul transportation cost was RMB3,530.2 million (US$511.8 million), increased 1.4% from RMB3,483.1 million in the same period last year. The unit transportation cost decreased 9.8% or 4 cents mainly attributable to better economies of scale and improved load rate through more effective route planning.Sorting hub operating cost was RMB2,454.3 million (US$355.8 million), increased 6.0% from RMB2,314.6 million in the same period last year. The increase primarily consisted of (i) RMB74.3 million (US$10.8 million) increase in labor-associated costs partially offset by automation-driven efficiency improvements, and (ii) RMB43.1 million (US$6.3 million) increase in depreciation and amortization costs associated with automation facilities and equipment upgrades. As of March 31, 2026, there were 780 sets of automated sorting equipment in service, compared to 631 sets as of March 31, 2025.Cost of accessories sold was RMB127.6 million (US$18.5 million), decreased by 4.3% compared with RMB133.3 million in the same period last year.Other costs were RMB3,780.9 million (US$548.1 million), increased 80.2% from RMB2,098.5 million in the same period last year, which was mainly attributable to an increase of RMB1,711.3 million (US$248.1 million) for pickup and dispatching costs paid to network partners associated with serving key account customers.Gross Profit was RMB3,235.2 million (US$469.0 million), increased by 20.3% from RMB2,689.2 million in the same period last year. Gross margin rate was 24.4% compared to 24.7% in the same period last year.Total Operating Expenses were RMB690.0 million (US$100.0 million), compared to RMB283.8 million in the same period last year.Selling, general and administrative expenses were RMB815.7 million (US$118.2 million), increased by 10.6% from RMB737.5 million in the same period last year, mainly due to (i) RMB64.0 million (US$9.3 million) increase in compensation and benefit expenses, and (ii) RMB11.4 million (US$1.6 million) increase in depreciation and amortization costs associated with administrative facilities and equipment.Other operating income, net was RMB125.7 million (US$18.2 million), compared to RMB453.7 million in the same period last year. Other operating income mainly consisted of (i) RMB80.9 million (US$11.7 million) of government subsidies and tax rebates, and (ii) RMB51.4 million (US$7.5 million) of rental income.Income from operations was RMB2,545.3 million (US$369.0 million), increased 5.8% from RMB2,405.4 million for the same period last year. The operating margin rate was 19.2% compared to 22.1% in the same period last year.Interest income was RMB165.9 million (US$24.1 million), compared with RMB198.4 million in the same period last year.Interest expenses was RMB50.3 million (US$7.3 million), compared with RMB68.9 million in the same period last year.Gain from fair value changes of financial instruments was RMB54.9 million (US$8.0 million), compared with a gain of RMB36.6 million in the same period last year. Such gain or loss from fair value changes of the financial instruments is quoted by commercial banks according to market-based estimation of future redemption prices.Income tax expenses were RMB552.2 million (US$80.0 million) compared to RMB531.6 million in the same period last year. Overall income tax rate was 20.5%, decreased by 0.2 percentage points year over year.Net income was RMB2,156.4 million (US$312.6 million), which increased by 5.7% increase from RMB2,039.2 million in the same period last year.Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB2.73 (US$0.40) and RMB2.68 (US$0.39), compared to basic and diluted earnings per ADS of RMB2.50 and RMB2.44 in the same period last year, respectively.Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB3.01 (US$0.44) and RMB2.95 (US$0.43), compared with RMB2.77 and RMB2.71 in the same period last year, respectively.Adjusted net income was RMB2,377.1 million (US$344.6 million), compared with RMB2,259.3 million during the same period last year.EBITDA[1] was RMB3,720.7 million (US$539.4 million), compared with RMB3,466.6 million in the same period last year.Adjusted EBITDA was RMB3,941.3 million (US$571.4 million), compared to RMB3,686.7 million in the same period last year.Net cash provided by operating activities was RMB2,789.0 million (US$404.3 million), compared with RMB2,363.0 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.Resignation of Non-Executive Director and Termination of Investor Rights AgreementThe Board announces that Ms. Di XU has tendered her resignation as a non-executive director of the Company, with effect from May 20, 2026 given the recent termination of the investor rights agreement entered by and among the Company, the Company's founders and subsidiaries of Alibaba Group Holdings Limited in June 2018. Ms. Xu has confirmed that (i) she has no disagreement with the board of directors of the Company (the "Board") and (ii) there is no matter in respect of her resignation that needs to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong. The Board would like to take this opportunity to express its gratitude to Ms. Xu for her valuable contribution to the Company during her tenure.Company Share Repurchase Program The Board has approved a new share repurchase program in March 2026, authorizing the repurchase of up to US$1.5 billion of its shares over the next 24 months, effective from March 20, 2026, through March 20, 2028. The Company expects to fund these repurchases utilizing its existing cash balance.Business OutlookBased on current market and operating conditions, the Company reiterates that its parcel volume for 2026 is expected to increase by 10% to 13% year over year, representing a parcel volume range of 42.37 billion to 43.52 billion. Such estimates represent management's current and preliminary view, which are subject to change.Exchange RateThis 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 RMB6.898 to US$1.00, the noon buying rate on March 31, 2026 as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve Systems.Use of Non-GAAP Financial MeasuresThe 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 the Company'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, and 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 the Company'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 InformationZTO's management team will host an earnings conference call at 8:30 PM U.S. Eastern Time on Tuesday, May 19, 2026 (8:30 AM Beijing Time on Wednesday, May 20, 2026).Dial-in details for the earnings conference call are as follows:United States:1-888-317-6003Hong Kong:800-963-976Mainland China:4001-206-115International:1-412-317-6061Passcode:2836360Please 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 May 25, 2026:United States:1-855-669-9658International:1-412-317-0088Passcode:1895291Additionally, 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 StatementThis 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 March 31,
2025
2026
RMB
RMB
US$
(in thousands, except for share and per share data)Revenues10,891,465
13,282,364
1,925,538Cost of revenues(8,202,245)
(10,047,143)
(1,456,530)Gross profit2,689,220
3,235,221
469,008Operating (expenses)/income:




Selling, general and administrative(737,511)
(815,664)
(118,246)Other operating income, net453,669
125,711
18,224Total operating expenses(283,842)
(689,953)
(100,022)Income from operations2,405,378
2,545,268
368,986Other income/(expenses):




Interest income198,392
165,945
24,057Interest expense(68,876)
(50,272)
(7,288)Gain from fair value changes of financial instruments36,613
54,944
7,965Gain on disposal of equity investees, subsidiary and others147
478
69Foreign currency exchange loss before tax(4,044)
(28,834)
(4,180)Income before income tax, and share of income in equity method investments2,567,610
2,687,529
389,609Income tax expense(531,574)
(552,180)
(80,049)Share of income in equity method investments3,145
21,007
3,045Net income2,039,181
2,156,356
312,605Net income attributable to non-controlling interests(45,934)
(38,023)
(5,512)Net income attributable to ZTO Express (Cayman) Inc.1,993,247
2,118,333
307,093Net income attributable to ordinary shareholders1,993,247
2,118,333
307,093Net earnings per share attributed to ordinary shareholders




Basic2.50
2.73
0.40Diluted2.44
2.68
0.39Weighted average shares used in calculating net earnings per ordinary share/ADS




Basic798,486,427
776,158,342
776,158,342Diluted832,052,527
798,341,566
798,341,566Net income2,039,181
2,156,356
312,605Other comprehensive income/(expense) ,net of tax of nil:




Foreign currency translation adjustment8,701
(9,922)
(1,438)Comprehensive income2,047,882
2,146,434
311,167Comprehensive income attributable to non-controlling interests(45,934)
(38,023)
(5,512)Comprehensive income attributable to ZTO Express (Cayman) Inc.2,001,948
2,108,411
305,655

Unaudited Consolidated Balance Sheets Data:

As of
December 31,
March 31,
2025
2026
RMB
RMB
US$
(in thousands, except for share data)ASSETS




Current assets:




Cash and cash equivalents10,011,533
11,406,935
1,653,658Restricted cash29,129
29,129
4,223Accounts receivable, net1,287,475
1,264,820
183,360Financing receivables674,880
532,466
77,191Short-term investment15,620,892
19,079,372
2,765,928Inventories40,648
39,042
5,660Advances to suppliers719,277
743,940
107,849Prepayments and other current assets5,102,997
5,250,750
761,199Amounts due from related parties477,865
506,822
73,474Total current assets33,964,696
38,853,276
5,632,542Investments in equity investees1,951,910
2,164,047
313,721Property and equipment, net35,433,509
36,233,881
5,252,810Land use rights, net6,762,240
6,875,348
996,716Intangible assets, net52,758
45,466
6,591Operating lease right-of-use assets398,082
331,050
47,992Goodwill4,157,111
4,157,111
602,655Deferred tax assets1,103,655
1,191,798
172,774Long-term investment5,221,110
6,292,110
912,164Long-term financing receivables1,039,946
989,488
143,446Other non-current assets938,980
645,036
93,511TOTAL ASSETS91,023,997
97,778,611
14,174,922LIABILITIES AND EQUITY




Current liabilities




Short-term bank borrowing10,934,419
11,089,280
1,607,608Accounts payable2,577,229
2,420,258
350,864Advances from customers1,833,131
1,717,342
248,962Income tax payable279,541
287,950
41,744Amounts due to related parties796,660
92,221
13,369Operating lease liabilities139,787
120,382
17,452Dividends payable19,659
2,085,103
302,276Other current liabilities6,288,714
5,876,810
851,958Total current liabilities22,869,140
23,689,346
3,434,233Long-term bank borrowing18,000
17,000
2,464Non-current operating lease liabilities261,257
218,721
31,708Deferred tax liabilities615,073
628,469
91,109Convertible senior bond124,114
10,347,781
1,500,113TOTAL LIABILITIES23,887,584
34,901,317
5,059,627Shareholders' equity




    Ordinary shares (US$0.0001 par value; 10,000,000,000 shares authorized;
    795,528,169 shares issued and 790,812,316 shares outstanding as of December
    31, 2025; 769,900,693 shares issued and 766,482,022 shares outstanding
    as of March 31, 2026)513
495
72Additional paid-in capital24,000,698
22,795,854
3,304,705Treasury shares, at cost(254,480)
(245,970)
(35,658)Retained earnings42,918,864
39,859,455
5,778,408Accumulated other comprehensive loss(281,266)
(291,188)
(42,213)ZTO Express (Cayman) Inc. shareholders' equity66,384,329
62,118,646
9,005,314Non-controlling interests752,084
758,648
109,981Total Equity67,136,413
62,877,294
9,115,295TOTAL LIABILITIES AND EQUITY91,023,997
97,778,611
14,174,922

Summary of Unaudited Consolidated Cash Flow Data:



Three Months Ended March 31,
2025
2026
RMB
RMB
US$
(in thousands)Net cash provided by operating activities2,362,976
2,789,045
404,327Net cash used in investing activities(3,158,465)
(7,174,549)
(1,040,091)Net cash (used in)/provided by financing activities(261,091)
5,831,073
845,328Effect of exchange rate changes on cash, cash equivalents and restricted cash(12,560)
(50,167)
(7,273)Net (decrease)/increase in cash, cash equivalents and restricted cash(1,069,140)
1,395,402
202,291Cash, cash equivalents and restricted cash at beginning of period13,530,947
10,046,717
1,456,468Cash, cash equivalents and restricted cash at end of period12,461,807
11,442,119
1,658,759





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
December 31,
March 31,
2025
2026
RMB
RMB
US$
(in thousands)Cash and cash equivalents10,011,533
11,406,935
1,653,658Restricted cash, current29,129
29,129
4,223Restricted cash, non-current6,055
6,055
878Total cash, cash equivalents and restricted cash10,046,717
11,442,119
1,658,759
Reconciliations of GAAP and Non-GAAP Results



Three Months Ended March 31,
2025
2026
RMB
RMB
US$
(in thousands, except for share and per share data)Net income2,039,181
2,156,356
312,605Add:




Share-based compensation expense (1)220,269
221,119
32,056Gain on disposal of equity investees and subsidiary, net of income taxes(121)
(395)
(57)Adjusted net income2,259,329
2,377,080
344,604





Net income2,039,181
2,156,356
312,605Add:




Depreciation789,108
912,649
132,306Amortization37,819
49,211
7,134Interest expenses68,876
50,272
7,288Income tax expenses531,574
552,180
80,049EBITDA3,466,558
3,720,668
539,382





Add:




Share-based compensation expense220,269
221,119
32,056Gain on disposal of equity investees and subsidiary(147)
(478)
(69)Adjusted EBITDA3,686,680
3,941,309
571,369
(1) Net of income taxes of nil

Reconciliations of GAAP and Non-GAAP Results



Three Months Ended  March  31,
2025
2026
RMB
RMB
US$
(in thousands, except for share and per share data)Net income attributable to ordinary shareholders1,993,247
2,118,333
307,093Add:




Share-based compensation expense (1)220,269
221,119
32,056Loss/(gain) on disposal of equity investees




and subsidiary, net of income taxes(121)
(395)
(57)Adjusted Net income attributable to ordinary shareholders2,213,395
2,339,057
339,092





Weighted average shares used in calculating net earnings per ordinary share/ADS




Basic798,486,427
776,158,342
776,158,342Diluted832,052,527
798,341,566
798,341,566





Net earnings per share/ADS attributable to




ordinary shareholders




Basic2.50
2.73
0.40Diluted2.44
2.68
0.39





Adjusted net earnings per share/ADS




attributable to ordinary shareholders




Basic2.77
3.01
0.44Diluted2.71
2.95
0.43





(1) Net of income taxes of nilFor investor and media inquiries, please contact:
ZTO Express (Cayman) Inc.
Investor Relations
E-mail: ir@zto.com
Phone: +86 21 5980 4508 View original content:https://www.prnewswire.com/news-releases/zto-reports-first-quarter-2026-unaudited-financial-results-302776370.htmlSOURCE ZTO Express (Cayman) Inc. Original: ZTO Reports First Quarter 2026 Unaudited Financial Results

ZTO to Announce First Quarter Financial Results on May 19, 2026 U.S. Eastern TimeApril 24, 2026 6:10 AM
PR Newswire (US)

SHANGHAI, April 24, 2026 /PRNewswire/ -- ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK: 2057) ("ZTO" or the "Company"), a leading and fast-growing express delivery company in China, today announced that it will release its unaudited financial results for the first quarter ended March 31, 2026, after the U.S. market closes on May 19, 2026.ZTO's management team will host an earnings conference call at 8:30 P.M. U.S. Eastern Time on Tuesday, May 19, 2026, which is 8:30 A.M. Beijing Time on Wednesday, May 20, 2026.Dial-in details for the earnings conference call are as follows:United States/Canada:1-888-317-6003Hong Kong:800-963-976Mainland China:4001-206-115International:1-412-317-6061Passcode:2836360A replay of the conference call may be accessible through May 25, 2026 by dialing the following numbers:                                                                        United States/Canada:1-855-669-9658International:1-412-317-0088Passcode:1895291A live and archived webcast of the conference call will also be available at the Company's investor relations website 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.For investor inquiries, please contact:Investor Relations
Tel: (86) 21 5980 4508
Email: ir@zto.com



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Original: ZTO to Announce First Quarter Financial Results on May 19, 2026 U.S. Eastern Time

ZTO Express to Hold Annual General Meeting on June 16, 2026April 17, 2026 7:43 AM
PR Newswire (US)

SHANGHAI, April 17, 2026  /PRNewswire/ -- ZTO Express (Cayman) Inc. (NYSE: ZTO and HKEX: 2057) ("ZTO" or the "Company"), a leading and fast-growing express delivery company in China, today announced that it will hold its annual general meeting of shareholders ("AGM") on Tuesday, June 16, 2026, at 2:00 p.m. (Hong Kong time), at 9/F, The Center, 99 Queen's Road Central, Central, Hong Kong, for the purposes of considering and, if thought fit, passing each of the Proposed Resolutions as defined and set forth in the notice of the AGM (the "AGM Notice"). An online live webcast of the meeting will also be made available for holders of ordinary shares of the Company as of the Record Date. The AGM Notice and the form of proxy for the AGM are available on the Company's website at http://zto.investorroom.com. The board of directors of the Company fully supports the Proposed Resolutions and recommends that shareholders and holders of American depositary shares ("ADSs") vote in favor of the Proposed Resolutions.Holders of record of ordinary shares of the Company at the close of business on May 8, 2026, Hong Kong time (the "Record Date"), are entitled to notice of and to attend and vote at the AGM or any adjournment or postponement thereof. Holders of record of ADSs as of the close of business on May 8, 2026, New York time, who wish to exercise their voting rights for the underlying Class A ordinary shares must give voting instructions to JPMorgan Chase Bank, N.A., the depositary of the ADSs.You may obtain an electronic copy of the Company's annual report, free of charge, from the Company's website at http://zto.investorroom.com, The Stock Exchange of Hong Kong Limited's website at www.hkexnews.hk or from the U.S. Securities and Exchange Commission's website at www.sec.gov. 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. For investor inquiries, please contact:ZTO Express (Cayman) Inc.
Investor Relations
E-mail: ir@zto.com
Phone: +86 21 5980 4508



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Original: ZTO Express to Hold Annual General Meeting on June 16, 2026

ZTO Files Annual Report on Form 20-F for Fiscal Year 2025April 17, 2026 7:28 AM
PR Newswire (US)

SHANGHAI, April 17, 2026 /PRNewswire/ --  ZTO Express (Cayman) Inc. (NYSE: ZTO and HKEX: 2057), a leading and fast-growing express delivery company in China ("ZTO" or the "Company"), today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission ("SEC") on April 17, 2026. The annual report on Form 20-F can be accessed on the Company's investor relations website at http://zto.investorroom.com as well as the SEC's website at http://www.sec.gov. The Company will provide a hard copy of its annual report on Form 20-F containing the audited consolidated financial statements, free of charge, to its shareholders upon request. Requests should be directed to the Company's IR Department at ir@zto.com. The Company has also today published its annual report for the fiscal year ended December 31, 2025 pursuant to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("HKEX"), which can be accessed on the Company's investor relations website at http://zto.investorroom.com as well as the HKEX's website at http://www.hkexnews.hk. About ZTO Express (Cayman) Inc.ZTO 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. For investor and media inquiries, please contact:ZTO Express (Cayman) Inc.Investor RelationsE-mail: ir@zto.com
Phone: +86 21 5980 4508



View original content:https://www.prnewswire.com/news-releases/zto-files-annual-report-on-form-20-f-for-fiscal-year-2025-302745865.htmlSOURCE ZTO Express (Cayman) Inc.

Original: ZTO Files Annual Report on Form 20-F for Fiscal Year 2025

Empowering Growth with Responsibility, Delivering Warmth with Purpose - ZTO Express Officially Releases 2025 Sustainability ReportApril 17, 2026 6:30 AM
PR Newswire (US)

SHANGHAI, April 17, 2026 /PRNewswire/ -- On April 17, 2026, ZTO Express (Cayman) Inc. (NYSE: ZTO and HKEX: 2057) ("ZTO" or the "Company"), a leading and fast-growing express delivery company in China, published its 2025 Sustainability Report. This marks the ninth consecutive year the Company has released a dedicated sustainability report, signifying a strategic upgrade from "compliance disclosure" to "value creation" and presenting ZTO's sustainability achievements and long-term strategy from a systematic, international, and strategic perspective.The report is structured around five key pillars: "Practicing Green Development, Building Low-Carbon Logistic; Driving Innovation Engines, Elevating Customer Service; Deepening Talent Development, Safeguarding Workplace Well-being; Synergizing Stakeholder Value, Creating a Responsible Ecosystem; Consolidating Governance Foundations, Strengthening Compliance Defenses." Together, these sections comprehensively demonstrate how ZTO works hand-in-hand with employees, customers, partners, communities, and other stakeholders to fulfill its corporate mission of "Bringing happiness to more people through our services."In the report, the Company's chairman Meisong Lai stated: "The year 2025 marked the conclusion of the 14th Five-Year Plan, a milestone during which China's postal and express delivery sector continued to script new chapters of high-quality development. Reflecting on the past year, ZTO remained firmly committed to a long-term vision. We further integrated Party building with business development and aligned the Company's growth with national strategies and public needs. Guided by the 'shared-success' philosophy and defined by hard work and dedication, we delivered performance characterized by scale, resilience and responsibility. We firmly believe that sustainable development is never an 'optional extra' for corporate development, but a 'mandatory task' for high-quality development. It is the core path for us to practice our corporate mission of 'Bringing happiness to more people through our services' and realize our commitment to 'benefiting others and society.'As we set out on a new journey in the 15th Five-Year Plan period, we will fully implement the 'Two Focal Promotions and Three Capability Enhancements' requirements of the State Post Bureau, remain focused on key priorities such as strengthening safety, enhancing service, driving real operational optimization, improving e­fficiency, promoting fairness, fostering cohesion, reinforcing execution and unlocking potential, and further strengthen our three growth curves. Staying true to our original aspiration of self-disciplined development, putting people first, and benefiting others and society, we will work hand in hand with partners from all sectors to move forward with greater steadiness, go further, and bring more warmth to the pursuit of a better life."Since continuously strengthening its ESG system, ZTO has seen steady improvements in corporate governance capabilities and international recognition, with multiple major international ESG ratings continuing to improve and its industry ranking moving steadily upward. Through solid operations and responsible practices, the Company has received a number of prestigious national and industry awards over the past year, further elevating its brand value and social influence.In the area of green and low-carbon development, ZTO has continued to enhance its full-chain green logistics system, steadily advancing clean energy deployment and last-mile green delivery upgrades. Through large-scale rollout of photovoltaic projects, widespread adoption of unmanned delivery fleets, and promotion of low-carbon operation models, the Company has effectively reduced carbon emissions across the entire logistics chain. Many of these green initiatives have been selected as exemplary industry cases, supporting the low-carbon transformation of the logistics industry.In terms of digital innovation and service enhancement, ZTO leverages technology to improve quality and efficiency across the entire chain, continuously strengthening last-mile fulfillment capabilities and differentiated service levels. By utilizing big data, artificial intelligence, and other technological advantages, the Company continuously optimizes network-wide operational efficiency. At the same time, ZTO further extends its rural logistics network and deepens the integration of express delivery with manufacturing, effectively serving the real economy and urban-rural livelihoods.Regarding employee care and network partner support, ZTO always puts people first, improving protection mechanisms and caring assistance for frontline workers. The Company regularly carries out welfare activities to enhance the sense of belonging and well-being of its employees. Meanwhile, it implements a comprehensive network partner empowerment plan, reinforcing the resilience of last-mile operations through various measures and stabilizing the industrial and supply chain ecosystem.In the realm of social welfare, ZTO actively fulfills its corporate social responsibility by continuously increasing its investment in public welfare. The Company focuses on areas such as educational support for underprivileged students, disability assistance, and charitable donations, with long-term implementation of multiple signature public welfare programs. Through lasting, practical actions, ZTO gives back to society and conveys the warmth of the Company.On governance and compliance, ZTO continues to optimize its sustainability top-level design, improve its specialized governance structure, and refine its assessment and incentive mechanisms. The Company strictly strengthens internal controls, information security, and integrity compliance, building a comprehensive defense line against operational risks, and ensuring high-quality, long-term development through standardized and modern governance.The above summarizes the core content of this report. For the complete strategic framework, detailed practices, and phased achievements of ZTO's 2025 sustainability efforts, please refer to the full version of the Sustainability Report at:
https://zto.investorroom.com/ESG.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 StatementThis 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. 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.For investor inquiries, please contact:
Investor Relations
Tel: (86) 21 5980 4508
Email: ir@zto.com 



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Original: Empowering Growth with Responsibility, Delivering Warmth with Purpose - ZTO Express Officially Releases 2025 Sustainability Report

ZTO Express shares slip despite Q4 earnings beat as margins tightenMarch 19, 2026 7:09 AM
IH Market News
Shares of ZTO Express (Cayman) Inc. (NYSE:ZTO) fell about 2.3% after the company reported fourth-quarter results that topped analyst forecasts, with investors focusing instead on declining profitability margins.The Chinese parcel delivery group reported adjusted earnings per American Depositary Share of RMB3.31 ($0.47) for the quarter, surpassing the analyst consensus estimate of RMB3.13. Revenue came in at RMB14.51 billion ($2.08 billion), up 12.3% year over year from RMB12.92 billion and above expectations of RMB13.99 billion.Despite the stronger top-line performance, adjusted net income slipped 1.4% to RMB2.69 billion ($385.3 million), compared with RMB2.73 billion in the same quarter a year earlier. Gross margin also narrowed, falling to 25.4% from 29.1%.Parcel volumes rose 9.2% year over year to 10.56 billion during the quarter, outpacing the broader industry. Core express delivery revenue climbed 12.4%, supported by higher shipping volumes and a 2.9% increase in average unit pricing. Revenue from key accounts jumped 71.5%, largely driven by growth in e-commerce return shipments.Although efficiency gains helped lower unit transportation costs by 7.5%, other expenses surged 66.8% to RMB3.85 billion ($550.5 million), mainly reflecting costs associated with servicing large key-account customers.“ZTO prioritized quality of services and customer satisfaction, and our volume growth outpaced the industry average to reach 10.6 billion parcels,” said Meisong Lai, Founder, Chairman and CEO. “Adjusted net income was 2.7 billion which was in line with expectations.”For the full fiscal year 2025, ZTO reported revenue of RMB49.10 billion ($7.02 billion), representing a 10.9% increase from the prior year. Adjusted net income declined 6.3% to RMB9.51 billion ($1.36 billion).Looking ahead, the company expects parcel volumes to grow between 10% and 13% in 2026, equivalent to approximately 42.37 billion to 43.52 billion packages.ZTO’s board also approved a semiannual dividend of $0.39 per ADS for the six months ending December 31, 2025, and authorized a new $1.5 billion share buyback program to be executed over the next 24 months. The company said it aims to return at least 50% of the previous year’s adjusted net income to shareholders annually through dividends and repurchases.ZTO Express stock price

Original: ZTO Express shares slip despite Q4 earnings beat as margins tighten

ZTO Reports Fourth Quarter 2025 and Full Year 2025 Unaudited Financial ResultsMarch 17, 2026 6:00 PM
PR Newswire (US)

Full Year Adjusted Net Income Reached RMB9.5 Billion
US$0.39 per Share Semi-Annual Dividend Announced
US$1.5 Billion New Share Repurchase Program AuthorizedSHANGHAI, March 17, 2026 /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 fourth quarter and fiscal year ended December 31, 2025[1]. For full year 2025, the Company grew parcel volume by 4.5 billion, or 13.3% year over year while maintaining high quality of service and customer satisfaction. Adjusted net income[2] reached RMB9.5 billion. Net cash generated from operating activities was RMB11,968.4 million.Fourth Quarter 2025 Financial HighlightsRevenues were RMB14,510.7 million (US$2,075.0 million), an increase of 12.3% from RMB12,919.7 million in the same period of 2024.Gross profit was RMB3,681.9 million (US$526.5 million), a decrease of 2.1% from RMB3,759.7 million in the same period of 2024.Net income was RMB2,693.2 million (US$385.1 million), an increase of 10.1% from RMB2,446.8 million in the same period of 2024.Adjusted EBITDA[3] was RMB4,241.5 million (US$606.5 million), a decrease of 8.1% from RMB4,615.3 million in the same period of 2024.Adjusted net income[2] was RMB2,694.5 million (US$385.3 million), a decrease of 1.4% from RMB2,733.3 million in the same period of 2024.Basic and diluted net earnings per American depositary share ("ADS"[4]) were RMB3.31 (US$0.47) and RMB3.31 (US$0.47), an increase of 11.4% and 14.5% from RMB2.97and RMB2.89 in the same period of 2024, respectively.Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders[5] were RMB3.31 (US$0.47) and RMB3.31 (US$0.47), a decrease of 0.3% and an increase of 2.2% from RMB3.32 and RMB3.24 in the same period of 2024, respectively.Net cash provided by operating activities was RMB4,226.3 million (US$604.3 million), compared with RMB2,806.3 million in the same period of 2024.Fiscal Year 2025 Financial HighlightsRevenues were RMB49,098.7 million (US$7,021.0 million), an increase of 10.9% from RMB44,280.7million in 2024.Gross profit was RMB12,271.4 million (US$1,754.8 million), a decrease of 10.5% from RMB13,717.1million in 2024.Net income was RMB9,235.7 million (US$1,320.7 million), an increase of 3.9% from RMB8,887.6million in 2024.Adjusted EBITDA[3] was RMB15,045.6million (US$2,151.5 million), a decrease of 8.0% from RMB16,354.9 million in 2024.Adjusted net income[2] was RMB9,512.7 million (US$1,360.3 million), a decrease of 6.3% from RMB10,150.4 million in 2024.Basic and diluted net earnings per American depositary share ("ADS"[4]) were RMB11.38 (US$1.63) and RMB11.19 (US$1.60), an increase of 3.9% and 4.6% from RMB10.95 and RMB10.70 in 2024.Adjusted basic and diluted net earnings per American depositary share attributable to ordinary shareholders[5] were RMB11.73 (US$1.68) and RMB11.52 (US$1.65), a decrease of 6.3% and 5.6% from RMB12.52 and RMB12.20 in 2024.Net cash provided by operating activities was RMB11,968.4 million (US$1,711.5 million), compared with RMB11,429.4 million in 2024.Operational Highlights for Fourth Quarter 2025Parcel volume was 10,558 million, increased 9.2% from 9,665 million in the same period of 2024.Number of pickup/delivery outlets was over 31,000 as of December 31, 2025.Number of direct network partners was over 6,000 as of December 31, 2025.Number of self-owned line-haul vehicles was over 10,000 as of December 31, 2025.Out of the over 10,000 self-owned trucks, over 9,700 were high capacity 15 to 17-meter-long models as of December 31, 2025.Number of line-haul routes between sorting hubs was approximately 3,800 as of December 31, 2025.Number of sorting hubs was 93 as of December 31, 2025, among which 88 were operated by the Company and 5 by the Company's network partners.(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, "During the fourth quarter, the anti-involution policy continued to take effect in eradicating extreme low pricing in the express delivery industry. ZTO prioritized quality of services and customer satisfaction, and our volume growth outpaced the industry average to reach 10.6 billion parcels. Adjusted net income was 2.7 billion which was in line with expectations. Further, the daily average non-retail volume continued to trend up throughout the year and reached 9.8 million which increased over 38% compare to 4Q last year. Behind revenue diversification, our product and services capability are expanding beyond traditional express delivery in quality and scale bringing in positive contribution to overall revenue and margin." Mr. Lai added, "On one hand, we are encouraged by the industry's overall shift towards quality in addition to quantity growth. Low price-driven volume gain is neither sustainable nor economically sensible. For a scale-based business model, this fundamental change will help accelerate the industry's advancement from cut-throat price competition to winning customers with capabilities, hence enhance further consolidation. On another hand, we are in an era of change, and that the near-term macro environment and micro conditions may be extremely volatile. What is certain, however, is that our business and financial fundamentals are solid. With quality paving the way, we are committed to maintaining ZTO's leadership in volume and profitability. In times of change, we will pay even closer attention to equitable sharing among all vested parties. It is the consistent practice of "shared-success" that will win us the marathon and deliver sustainable return to all our investors." Ms. Huiping Yan, Chief Financial Officer of ZTO, commented, "For the fourth quarter, ZTO's core express ASP increased 2.9% driven by key accounts' unit price increase offsetting negative impact from volume incentive hike elsewhere in the core business. Combined unit sorting and transportation costs decreased 4 cents thanks to sustained productivity gain initiatives. SG&A excluding SBC as a percentage of revenue remained stable at approximately 4.4% compared to 5.0% last year. Cash flow from operating activities was 4.2 billion, and capital spending was 1.8 billion." Ms. Yan added, "With the Board of Directors' approval, the company has announced a shareholder return structure by combining cash dividend and stock buyback into one single plan to optimize the shareholder return. No less than 50% of the adjusted net income from prior fiscal year is earmarked for shareholder pay back. As part of the plan, the Board of Directors has approved a stock buyback program for the next 24 months with a total amount of $1.5 billion."Fourth Quarter 2025 Unaudited Financial Results

Three Months Ended December 31,
2024
2025
RMB
%
RMB
US$
%
(in thousands, except percentages)Express delivery services12,024,132
93.1
13,600,232
1,944,807
93.7Freight forwarding services     208,931
1.6
225,860
32,298
1.6Sale of accessories646,675
5.0
657,320
93,996
4.5Others39,964
0.3
27,289
3,902
0.2Total revenues12,919,702
100.0
14,510,701
2,075,003
100.0Total Revenues were RMB14,510.7 million (US$2,075.0 million), increased 12.3% from RMB12,919.7 million in the same period of 2024. Revenue from the core express delivery business increased by 12.4% compared to the same period of 2024 as a net result of a 9.2% growth in parcel volume and a 2.9% increase in parcel unit price. Key account revenue, generated by direct sales organizations, increased by 71.5% mainly driven by increase in e-commerce return parcels. Revenue from freight forwarding services increased by 8.1% compared to the same period of 2024. Revenue from sales of accessories, largely consisted of sales of thermal paper for digital waybills, increased by 1.6%. Other revenues were derived mainly from financing services.
Three Months Ended December 31,
2024
2025


% of




% of
RMB
revenues
RMB
US$
revenues
(in thousands, except percentages)Line-haul transportation cost     3,913,823
30.3
3,894,486
556,904
26.8Sorting hub operating cost2,543,707
19.7
2,714,125
388,115
18.7Freight forwarding cost197,053
1.5
212,461
30,382
1.5Cost of accessories sold196,941
1.5
157,930
22,584
1.1Other costs2,308,459
17.9
3,849,844
550,519
26.5Total cost of revenues9,159,983
70.9
10,828,846
1,548,504
74.6Total cost of revenues was RMB10,828.8 million (US$1,548.5 million), an increase of 18.2% from RMB9,160.0 million in the same period last year.Line haul transportation cost was RMB3,894.5 million (US$556.9 million), decreased 0.5% from RMB3,913.8 million in the same period last year. The unit transportation cost decreased 7.5% or 3 cents mainly attributable to better economies of scale and improved load rate through more effective route planning.Sorting hub operating cost was RMB2,714.1 million (US$388.1 million), increased 6.7% from RMB2,543.7 million in the same period last year. The increase primarily consisted of (i) RMB111.4 million (US$15.9 million) increase in labor-associated costs partially offset by automation-driven efficiency improvements, and (ii) RMB57.8 million (US$8.3 million) increase in depreciation and amortization costs associated with automation facilities and equipment upgrades. As of December 31, 2025, there were 781 sets of automated sorting equipment in service, compared to 596 sets as of December 31, 2024.Cost of accessories sold was RMB157.9 million (US$22.6 million), decreased by 19.8% compared with RMB196.9 million in the same period last year.Other costs were RMB3,849.8 million (US$550.5 million), increased 66.8% from RMB2,308.5 million in the same period last year, which included an increase of RMB1,500.2 million (US$214.5 million) for serving key account customers.Gross Profit was RMB3,681.9 million (US$526.5 million), decreased by 2.1% from RMB3,759.7 million in the same period last year. Gross margin rate was 25.4% compared to 29.1% in the same period last year.Total Operating Expenses were RMB492.5 million (US$70.4 million), compared to RMB306.5 million in the same period last year.Selling, general and administrative expenses were RMB643.9 million (US$92.1 million), decreased by 1.8% from RMB655.8 million in the same period last year, mainly due to (i) RMB57.6 million (US$8.2 million) decrease in compensation and benefit expenses, and (ii) RMB33.4 million (US$4.8 million) increase in depreciation and amortization costs associated with administrative facilities and equipment.Other operating income, net was RMB151.4 million (US$21.6 million), compared to RMB349.3 million in the same period last year. Other operating income mainly consisted of (i) RMB67.9 million (US$9.7 million) of rental income, (ii) RMB46.5 million (US$6.7 million) of government subsidies and tax rebates, and (iii) RMB24.1 million (US$3.4 million) ADR fee rebate.Income from operations was RMB3,189.4 million (US$456.1 million), decreased 7.6% from RMB3,453.2 million for the same period last year. The operating margin rate was 22.0% compared to 26.7% in the same period last year.Interest income was RMB154.7 million (US$22.1 million), compared with RMB221.9 million in the same period last year.Interest expenses were RMB27.2 million (US$3.9 million), compared with RMB71.8million in the same period last year.Loss from fair value changes of financial instruments was RMB9.2 million (US$1.3 million), compared with a gain of RMB168.0 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 RMB638.1 million (US$91.3 million) compared to RMB1,059.1 million in the same period last year. The effective income tax rate decreased by 10.9 percentage points year over year due to a lower accrual for withholding tax on dividends payable to ZTO Express (Hong Kong) Limited.Net income was RMB2,693.2 million (US$385.1 million), representing a 10.1% increase from RMB2,446.8 million in the same period last year, which reflected a RMB258.6 million impairment loss from the investment in "Cainiao Yizhan".Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB3.31 (US$0.47) and RMB3.31 (US$0.47), compared to basic and diluted earnings per ADS of RMB2.97and RMB2.89 in the same period last year, respectively.Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB3.31 (US$0.47) and RMB3.31 (US$0.47), compared with RMB3.32 and RMB3.24 in the same period last year, respectively.Adjusted net income was RMB2,694.5 million (US$385.3 million), compared with RMB2,733.3 million during the same period last year.EBITDA[1] was RMB4,240.5 million (US$606.4 million), compared with RMB4,328.8 million in the same period last year.Adjusted EBITDA was RMB4,241.5 million (US$606.5 million), compared to RMB4,615.3 million in the same period last year.Net cash provided by operating activities was RMB4,226.3 million (US$604.3 million), compared with RMB2,806.3 million in the same period last year.(1) EBITDA is a non-GAAP financial measure, which is defined as net income before depreciation, amortization, interest expenses and income tax expenses which management aims to better represent the underlying business operations. Fiscal Year 2025 Financial Results
Year Ended December 31,
2024
2025
RMB
%
RMB
US$
%
(in thousands, except percentages)Express delivery services40,953,034
92.5
45,726,365
6,538,783
93.1Freight forwarding services     885,410
2.0
808,000
115,542
1.7Sale of accessories2,300,392
5.2
2,444,323
349,534
5.0Others141,884
0.3
119,979
17,157
0.2Total revenues44,280,720
100.0
49,098,667
7,021,016
100.0Total Revenues were RMB49,098.7 million (US$7,021.0 million), increased 10.9% from RMB44,280.7 million last year. Revenue from the core express delivery business increased by 11.3% compared to the same period of 2024 as a net result of a 13.3% growth in parcel volume and a 1.7% decrease in parcel unit price. Key account revenue, generated by direct sales organizations, increased by 111.8% mainly driven by increase in e-commerce return parcels. Revenue from freight forwarding services decreased by 8.7% compared to the same period of 2024. Revenue from sales of accessories largely consisted of sales of thermal paper for digital waybills, increased by 6.3%. Other revenues were derived mainly from financing services.
Year Ended December 31,
2024
2025


% of




% of
RMB
revenues
RMB
US$
revenues
(in thousands, except percentages)Line-haul transportation cost     13,966,446
31.5
13,970,542
1,997,761
28.5Sorting hub operating cost9,163,784
20.7
9,837,678
1,406,769
20.0Freight forwarding cost828,270
1.9
760,308
108,723
1.5Cost of accessories sold651,729
1.5
577,950
82,646
1.2Other costs5,953,399
13.4
11,680,748
1,670,324
23.8Total cost of revenues30,563,628
69.0
36,827,226
5,266,223
75.0Total cost of revenues was RMB 36,827.2 million (US$5,266.2 million), an increase of 20.5% from RMB30,563.6 million last year.Line haul transportation cost was RMB 13,970.5 million (US$1,997.8 million) compared to RMB13,966.4 million last year. The unit transportation cost decreased by 12.2% or 5 cents mainly attributable to better economies of scale and improved load rate through more effective route planning.Sorting hub operating cost was RMB9,837.7 million (US$1,406.8 million), increased of 7.4% from RMB9,163.8 million last year. The increase primarily consisted of (i) RMB432.5 million (US$61.8 million) increase in labor-associated costs, a net result of wage increases partially offset by automation-driven efficiency improvement, and (ii)RMB276.6 million (US$39.6 million) increase in depreciation and amortization costs associated with automation facilities and equipment upgrades. Sorting hub operating cost per unit decreased 3.7% or 1 cent as automation and standardization in operating procedures plus effective performance evaluation continued to dig deep for productivity gain.Cost of accessories sold was RMB578.0 million (US$82.6 million), decreased by 11.3% compared with RMB651.7 million last year.Other costs were RMB11,680.7 million (US$1,670.3 million), increased 96.2% from RMB5,953.4 million in 2024, which included an increase of RMB5,533.2 million (US$791.2 million) for serving key account customers.Gross Profit was RMB12,271.4 million (US$1,754.8 million), decreased 10.5% from RMB13,717.1 million last year. Gross margin rate was 25.0% compared to 31.0% last year.Total Operating Expenses were RMB1,796.6 million (US$256.9 million), compared to RMB1,940.2 million last year.Selling, general and administrative expenses were RMB2,637.6 million (US$377.2 million), a decrease of 2.0% from RMB2,690.0 million last year. The decrease was primarily driven by RMB23.5 million (US$3.4 million) decline in compensation and benefit expenses. SG&A as a percentage of total revenues decreased to 5.4% from 6.1% in the prior year, reflecting a further optimized corporate structure.Other operating income, net was RMB841.0 million (US$120.3 million), compared to RMB749.8 million last year. Other operating income mainly consisted of (i) RMB547.6 million (US$78.3 million) of government subsidies and tax rebates, (ii) RMB201.7 million (US$28.8 million) of rental income, and (iii) RMB24.1 million (US$3.4 million) ADR fee rebate.Income from operations was RMB10,474.9 million (US$1,497.9 million), decreased 11.1% from RMB11,776.9 million last year. The operating margin rate was 21.3% compared to 26.6% last year.Interest income was RMB747.1 million (US$106.8 million), compared with RMB993.5 million in the same period last year.Interest expenses was RMB248.6 million (US$35.6 million), compared with RMB337.9 million in the same period last year.Gain from fair value changes of financial instruments was RMB126.0 million (US$18.0 million), compared with a gain of RMB202.9 million in the same period last year. Such gain or loss from fair value changes of the financial instruments is quoted by commercial banks according to market-based estimation of future redemption prices.Impairment of goodwill was RMB84.4 million (US$12.1 million), related to the October 2017 acquisition of China Oriental Express Co., Ltd.'s core freight forwarding business. This non-recurring charge was recognized because the fair value of the acquired operations fell below its carrying amount during the second quarter of 2025.Foreign currency exchange gain before tax was RMB1.5 million (US$0.2 million), mainly due to the fluctuation of the foreign currency-denominated bank deposits against the Chinese Renminbi.  Income tax expenses were RMB1,905.2 million (US$272.4 million) compared to RMB2,845.4 million last year. The overall income tax rate decreased by 7.1 percentage points year over year, mainly due to (i) an income tax refund of RMB375.8 million (US$52.8 million) received in the third quarter of 2025 by Shanghai Zhongtongji Network(?????????????), 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, (ii) a RMB 138.3 million (US$19.8 million) year-over-year decrease in withholding tax accruals on dividend payable to ZTO Express (Hong Kong) Limited, and (iii) in 2024, there was a RMB931.4 million (US$133.2 million) non-deductible impairment of investment in equity investees, which had significantly increased the effective tax rate in 2024.Net income was RMB9,235.7 million (US$1,320.7 million), which increased by 3.9% from RMB8,887.6million last year. The increase was mainly driven by the provision for impairment charge last year, which included (i) RMB479.9 million related to the investment in Cainiao Smart Logistics Network Limited(????????????) upon a tender offer repurchase, and (ii) RMB451.5 million of the investment in Zhejiang Yizhan Network Technology Co., Ltd.(????????????), as the fair value was below the carrying amount.Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB11.38 (US$1.63) and RMB11.19 (US$1.60), compared to basic and diluted earnings per ADS of RMB10.95 and RMB10.70 last year, respectively.Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB11.73 (US$1.68) and RMB11.52 (US$1.65), compared with RMB12.52 and RMB12.20 last year, respectively.Adjusted net income was RMB9,512.7 million (US$1,360.3 million), compared with RMB10,150.4 million in the same period last year.EBITDA[1] was RMB14,769.0 million (US$2,111.9 million), compared with RMB15,094.3 million in the same period last year.Adjusted EBITDA was RMB15,045.6million (US$2,151.5 million), compared to RMB16,354.9 million in the same period last year.Net cash provided by operating activities was RMB11,968.4 million (US$1,711.5 million), compared with RMB11,429.4 million last year.Recent DevelopmentsConvertible Senior NotesIn early February 2026, the Company completed the offering of US$1.5 billion in aggregate principal amount of convertible senior notes (the "Notes"), bearing interest at rate 0.925% per year, payable semiannually, and will mature on March 1, 2031. The initial conversion rate of the Notes is 32.3130 of the Company's Class A ordinary shares per US$1,000 principal amount of Notes. In connection with the offering of the Notes, the Company has entered into capped call transactions with certain counterparties. The cap price of the capped call transactions is initially US$35.9906 and is subject to adjustment under the terms of the capped call transactions.Concurrently with the pricing of the Notes, the Company repurchased 18,254,400 Class A ordinary shares from certain purchasers of the Notes in off-market privately negotiated transactions (the "Concurrent Share Repurchase"). The Concurrent Share Repurchase was expected to facilitate the initial hedging by purchasers of the Notes who desired to hedge their investments in the Notes. The Concurrent Share Repurchase was made pursuant to the Company's existing share repurchase program that is effective through June 30, 2026. The purchase price in the Concurrent Share Repurchase was the closing price of the Company's Class A ordinary share on the Hong Kong Stock Exchange on February 4, 2026, HK$179.10 per Class A ordinary share.Declaration of Semi-Annual DividendThe board of directors (the "Board") has approved a cash dividend of US$0.39 per ADS and ordinary share for the six months ended December 31, 2025, to holders of its ordinary shares and ADSs as of the close of business on April 8, 2026. The dividend payment represents a 40% dividend payout ratio. For holders of Class A and Class B ordinary shares, in order to qualify for entitlement to the dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company's Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong no later than 4:30 p.m. on April 8, 2026 (Hong Kong Time). The payment date is expected to be April 22, 2026 for holders of Class A and Class B ordinary shares, and April 29, 2026 for holders of ADSs.Share Repurchase Update and New AuthorizationCompletion of the Existing Share Repurchase Program
The Board initially approved its share repurchase program in November 2018. Following subsequent modifications, the program's aggregate authorization was increased to US$2.0 billion with an effective period through June 30, 2026 (the "Existing Share Repurchase Program"). As of December 31, 2025, the Company had repurchased an aggregate of 59,839,819 ADSs for US$1,397.65 million on the open market, including commissions. By February 28, 2026, taking into account the Concurrent Share Repurchase, the Company's total repurchases reached 85,467,295 Class A ordinary shares (including those in the form of ADSs). The US$2.0 billion Existing Share Repurchase Program is substantially completed.Adoption of New Share Repurchase Program
On March 17, 2026, the Board approved a new share repurchase program (the "New Program"), authorizing the repurchase of up to US$1.5 billion of its shares over the next 24 months, effective from March 20, 2026, through March 20, 2028. The New Program is subject to the granting of a general unconditional mandate by shareholders at the Company's forthcoming Annual General Meeting. Under the New Program, repurchases may be conducted from time to time through open market transactions or through other legally permissible means, depending on market conditions and in accordance with Rule 10b5-1 and/or Rule 10b-18 of the U.S. Securities Exchange Act of 1934, as amended, as well as the Listing Rules of the Hong Kong Stock Exchange. The Company expects to fund these repurchases utilizing its existing cash balance.Enhanced Shareholder Return PlanSince March 2024, the Company has maintained a semi-annual dividend policy with a payout ratio of no less than 40% of its prior year adjusted net income, or as otherwise authorized by the Board. To optimize capital allocation and further align the interests of our shareholders, the Board has approved an enhanced return mechanism. Starting from 2026, the Company targets an aggregate annual shareholder return ratio of no less than 50% of its adjusted net income for the prior fiscal year, comprising both cash dividends and share repurchases. The specific mix, timing, and execution of such returns will be determined under Board's direction and authorization, taking into account the Company's share price, operating results, and cash reserves, among other factors, to ensure a balanced and sustainable return.Board and Committee ChangesMr. Frank Zhen Wei has tendered his resignation as an independent non-executive director of the Company, as well as the chairman and a member of the compensation committee and nominating and corporate governance committee of the Board, due to his plan to commit more time on other professional endeavors, effective on March 18, 2026. The Company extends its sincere gratitude to Mr. Wei's service and wishes him the best in his future endeavors.The Board has appointed (i) Mr. Herman Yu as a member of the nominating and corporate governance committee, (ii) Mr. Qin Charles Huang as the chairman of the nominating and corporate governance committee and (iii) Ms. Fang Xie as the chairman of the compensation committee. These changes will be effective on March 18, 2026.Business OutlookBased on current market and operating conditions, the Company expects its parcel volume for 2026 to increase by 10% to 13% year over year, representing a parcel volume range of 42.37 billion to 43.52 billion. Such estimates represent management's current and preliminary view, which are subject to change.Exchange RateThis 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 RMB6.9931 to US$1.00, the noon buying rate on December 31, 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 MeasuresThe Company uses EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders, and adjusted basic and diluted earnings per ADS attributable to ordinary shareholders, each a non-GAAP financial measure, in evaluating the Company'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 believe that such non-GAAP measures help identify underlying trends in the Company'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, and 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 the Company'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 InformationZTO's management team will host an earnings conference call at 8:30 PM U.S. Eastern Time on Tuesday, March 17, 2026 (8:30 AM Beijing Time on March 18, 2026).Dial-in details for the earnings conference call are as follows:United States:1-888-317-6003Hong Kong:800-963-976Mainland China:4001-206-115Singapore:800-120-5863International:1-412-317-6061Passcode:5925555Please 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 March 24, 2026:United States:1-855-669-9658International:1-412-317-0088Passcode:7894484Additionally, 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 StatementThis 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 December 31,
Year Ended December 31,

2024
2025
2024
2025

RMB
RMB
US$
RMB
RMB
US$

(in thousands, except for share and per share data)Revenues
12,919,702
14,510,701
2,075,003
44,280,720
49,098,667
7,021,016Cost of revenues
(9,159,983)
(10,828,846)
(1,548,504)
(30,563,628)
(36,827,226)
(5,266,223)Gross profit
3,759,719
3,681,855
526,499
13,717,092
12,271,441
1,754,793Operating (expenses)/income:











Selling, general and administrative
(655,825)
(643,879)
(92,073)
(2,690,017)
(2,637,560)
(377,166)Other operating income, net
349,277
151,380
21,647
749,784
840,980
120,259Total operating expenses
(306,548)
(492,499)
(70,426)
(1,940,233)
(1,796,580)
(256,907)Income from operations
3,453,171
3,189,356
456,073
11,776,859
10,474,861
1,497,886Other income/(expenses):











Interest income
221,927
154,717
22,124
993,535
747,072
106,830Interest expense
(71,784)
(27,204)
(3,890)
(337,919)
(248,612)
(35,551)Gain/(loss) from fair value changes of
financial instruments
168,003
(9,247)
(1,322)
202,886
126,038
18,023(Loss)/gain on disposal of equity
   investees, subsidiary and others
(21,212)
2,038
291
(10,518)
37,034
5,296Impairment of investment in equity











investees
(258,551)
-
-
(931,367)
-
-Impairment of goodwill
-
-
-
-
(84,431)
(12,073)Foreign currency exchange (loss)/gain











before tax
(318)
(20,121)
(2,877)
(17,930)
1,542
221Income before income tax, and share ofloss in equity method investments
3,491,236
3,289,539
470,399
11,675,546
11,053,504
1,580,632
Income tax expense
(1,059,086)
(638,131)
(91,252)
(2,845,361)
(1,905,236)
(272,445)Share of income in equity method
   investments
14,659
41,809
5,979
57,410
87,393
12,497Net income
2,446,809
2,693,217
385,126
8,887,595
9,235,661
1,320,684Net income attributable tonon-controlling interests
(64,119)
(67,865)
(9,705)
(70,760)
(155,010)
(22,166)Net income attributable to ZTO Express











(Cayman) Inc.
2,382,690
2,625,352
375,421
8,816,835
9,080,651
1,298,518Net income attributable to ordinary











shareholders
2,382,690
2,625,352
375,421
8,816,835
9,080,651
1,298,518Net earnings per share attributed to











ordinary shareholders











Basic
2.97
3.31
0.47
10.95
11.38
1.63Diluted
2.89
3.31
0.47
10.70
11.19
1.60Weighted average shares used in











calculating net earnings per ordinary











share/ADS











Basic
803,354,580
792,680,220
792,680,220
804,875,816
797,634,860
797,634,860Diluted
836,920,680
793,297,332
793,297,332
838,441,916
820,802,763
820,802,763Net income
2,446,809
2,693,217
385,126
8,887,595
9,235,661
1,320,684Other comprehensive income/











(expenses), net of tax of nil:











Foreign currency translation adjustment
(124,108)
(23,046)
(3,296)
(103,970)
13,428
1,920Comprehensive income
2,322,701
2,670,171
381,830
8,783,625
9,249,089
1,322,604Comprehensive income attributable to











non-controlling interests
(64,119)
(67,865)
(9,705)
(70,760)
(155,010)
(22,166)Comprehensive income attributable to











ZTO Express (Cayman) Inc.
2,258,582
2,602,306
372,125
8,712,865
9,094,079
1,300,438 Unaudited Consolidated Balance Sheets Data:
As of
December 31,
December 31,
2024
2025
RMB
RMB
US$
(in thousands, except for share data)ASSETS




Current assets




Cash and cash equivalents13,465,442
10,011,533
1,431,630Restricted cash37,517
29,129
4,165Accounts receivable, net1,503,706
1,287,475
184,106Financing receivables1,178,617
674,880
96,507Short-term investment8,848,447
15,620,892
2,233,758Inventories38,569
40,648
5,813Advances to suppliers783,599
719,277
102,855Prepayments and other current assets4,329,664
5,102,997
729,719Amounts due from related parties168,160
477,865
68,334Total current assets30,353,721
33,964,696
4,856,887Investments in equity investees1,871,337
1,951,910
279,119Property and equipment, net33,915,366
35,433,509
5,066,924Land use rights, net6,170,233
6,762,240
966,987Intangible assets, net17,043
52,758
7,544Operating lease right-of-use assets566,316
398,082
56,925Goodwill4,241,541
4,157,111
594,459Deferred tax assets984,567
1,103,655
157,821Long-term investment12,017,755
5,221,110
746,609Long-term financing receivables861,453
1,039,946
148,710Other non-current assets919,331
938,980
134,272Amounts due from related parties-non current421,667
-
-TOTAL ASSETS92,340,330
91,023,997
13,016,257LIABILITIES AND EQUITY




Current liabilities




Short-term bank borrowing9,513,958
10,934,419
1,563,601Accounts payable2,463,395
2,577,229
368,539Advances from customers1,565,147
1,833,131
262,134Income tax payable488,889
279,541
39,974Amounts due to related parties202,766
796,660
113,921Operating lease liabilities183,373
139,787
19,989Dividends payable14,134
19,659
2,811Convertible senior bond7,270,081
-
-Other current liabilities6,571,492
6,288,714
899,273Total current liabilities28,273,235
22,869,140
3,270,242Long-term bank borrowing-
18,000
2,574Non-current operating lease liabilities377,717
261,257
37,359Deferred tax liabilities1,014,545
615,073
87,954Convertible senior bond-
124,114
17,748TOTAL LIABILITIES29,665,497
23,887,584
3,415,877Shareholders' 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; 795,528,169 shares issued and 790,812,316 shares outstanding as of December
  31, 2025)523
513
73Additional paid-in capital24,389,905
24,000,698
3,432,054Treasury shares, at cost(1,131,895)
(254,480)
(36,390)Retained earnings39,098,553
42,918,864
6,137,316Accumulated other comprehensive loss(294,694)
(281,266)
(40,220)ZTO Express (Cayman) Inc. shareholders' equity62,062,392
66,384,329
9,492,833Noncontrolling interests612,441
752,084
107,547Total Equity62,674,833
67,136,413
9,600,380TOTAL LIABILITIES AND EQUITY92,340,330
91,023,997
13,016,257 Summary of Unaudited Consolidated Cash Flow Data:

Three Months Ended December 31,
Year Ended December 31,
2024
2025
2024
2025
RMB
RMB
US$
RMB
RMB
US$
(in thousands)Net cash provided by operating activities2,806,349
4,226,269
604,348
11,429,436
11,968,419
1,711,461Net cash provided by/(used) in investing    activities2,974,348
(78,533)
(11,230)
(5,980,724)
(4,827,106)
(690,267)Net cash used in financing










activities(4,031,871)
(3,517,215)
(502,955)
(4,995,180)
(10,567,203)
(1,511,090)Effect of exchange rate changes on cash,










cash equivalents and restricted cash34,377
(6,184)
(884)
26,105
(58,340)
(8,343)Net increase in cash, cash equivalents










and restricted cash1,783,203
624,337
89,279
479,637
(3,484,230)
(498,239)Cash, cash equivalents and restricted










cash at beginning of period11,747,744
9,422,380
1,347,382
13,051,310
13,530,947
1,934,900Cash, cash equivalents and restricted










cash at end of period13,530,947
10,046,717
1,436,661
13,530,947
10,046,717
1,436,661The 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
December 31,
December 31,
2024
2025
RMB
RMB
US$
(in thousands)Cash and cash equivalents13,465,442
10,011,533
1,431,630Restricted cash, current37,517
29,129
4,165Restricted cash, non-current27,988
6,055
866Total cash, cash equivalents and restricted cash 13,530,947
10,046,717
1,436,661 Reconciliations of GAAP and Non-GAAP Results

Three Months Ended December 31,
Year Ended December 31,
2024
2025
2024
2025
RMB
RMB
US$
RMB
RMB
US$
(in thousands, except for share and per share data)Net income2,446,809
2,693,217
385,126
8,887,595
9,235,661
1,320,684Add:










Share-based compensation expense [1]6,768
2,993
428
318,692
229,250
32,782Impairment of investment in equity
   investees [1]258,551
-
-
931,367
-
-Impairment of goodwill-
-
-
-
84,431
12,073Loss / (gain) on disposal of equity
   investees, subsidiary and others, net
   of income taxes21,212
(1,683)
(241)
12,705
(36,654)
(5,241)Adjusted net income2,733,340
2,694,527
385,313
10,150,359
9,512,688
1,360,298











Net income2,446,809
2,693,217
385,126
8,887,595
9,235,661
1,320,684Add:










Depreciation714,289
842,389
120,460
2,882,579
3,224,811
461,142Amortization36,793
39,593
5,662
140,827
154,667
22,117Interest expenses71,784
27,204
3,890
337,919
248,612
35,551Income tax expenses1,059,086
638,131
91,252
2,845,361
1,905,236
272,445EBITDA4,328,761
4,240,534
606,390
15,094,281
14,768,987
2,111,939











Add:










Share-based compensation expense6,768
2,993
428
318,692
229,250
32,782Impairment of investment in equity
   investees258,551
-
-
931,367
-
-Impairment of goodwill-
-
-
-
84,431
12,073Loss / (gain) on disposal of equity
   investees, subsidiary and others,
   before income taxes21,212
(2,038)
(291)
10,518
(37,034)
(5,296)Adjusted EBITDA4,615,292
4,241,489
606,527
16,354,858
15,045,634
2,151,498
(1)  Net of income taxes of nil Reconciliations of GAAP and Non-GAAP Results

Three Months Ended December 31,
Year Ended December 31,
2024
2025
2024
2025
RMB
RMB
US$
RMB
RMB
US$
(in thousands, except for share and per share data)Net income attributable to ordinary
   shareholders2,382,690
2,625,352
375,421
8,816,835
9,080,651
1,298,518Add:










Share-based compensation expense [1]6,768
2,993
428
318,692
229,250
32,782Impairment of investment in equity
   investees [1]258,551
-
-
931,367
-
-Impairment of goodwill-
-
-
-
84,431
12,073Loss / (gain) on disposal of equity
   investees, subsidiary and others, net
   of income taxes21,212
(1,683)
(241)
12,705
(36,654)
(5,241)Adjusted Net income attributable to
   ordinary shareholders2,669,221
2,626,662
375,608
10,079,599
9,357,678
1,338,132











Weighted average shares used in
   share/ADS calculating net earnings
   per ordinary










Basic803,354,580
792,680,220
792,680,220
804,875,816
797,634,860
797,634,860Diluted836,920,680
793,297,332
793,297,332
838,441,916
820,802,763
820,802,763











Net earnings per share/ADS
   attributable to ordinary shareholders










Basic2.97
3.31
0.47
10.95
11.38
1.63Diluted2.89
3.31
0.47
10.70
11.19
1.60











Adjusted net earnings per share/ADS
   attributable to ordinary shareholders










Basic3.32
3.31
0.47
12.52
11.73
1.68Diluted3.24
3.31
0.47
12.20
11.52
1.65











(1)  Net of income taxes of nilFor investor and media inquiries, please contact:
ZTO Express (Cayman) Inc.
Investor Relations
E-mail: ir@zto.com
Phone: +86 21 5980 4508 



View original content:https://www.prnewswire.com/news-releases/zto-reports-fourth-quarter-2025-and-full-year-2025-unaudited-financial-results-302716375.htmlSOURCE ZTO Express (Cayman) Inc.

Original: ZTO Reports Fourth Quarter 2025 and Full Year 2025 Unaudited Financial Results

ZTO to Announce Fourth Quarter and Fiscal Year 2025 Financial Results on March 17, 2026 U.S. Eastern TimeFebruary 27, 2026 7:00 AM
PR Newswire (US)

SHANGHAI, Feb. 27, 2026 /PRNewswire/ -- ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK: 2057) ("ZTO" or the "Company"), a leading and fast-growing express delivery company in China, today announced that it will release its unaudited financial results for the fourth quarter ended December 31, 2025 and its unaudited annual results for the fiscal year ended December 31, 2025, after the U.S. market closes on March 17, 2026.ZTO's management team will host an earnings conference call at 8:30 P.M. U.S. Eastern Time on Tuesday, March 17, 2026, which is 8:30 A.M. Beijing Time on Wednesday, March 18, 2026.Dial-in details for the earnings conference call are as follows:United States/Canada:1-888-317-6003Hong Kong:800-963976Mainland China:4001-206115International:1-412-317-6061Passcode:5925555A replay of the conference call may be accessible through March 24, 2026 by dialing the following numbers:United States/Canada:1-855-669-9658International:1-412-317-0088Passcode:7894484A live and archived webcast of the conference call will also be available at the Company's investor relations website 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.For investor inquiries, please contact:Investor Relations
Tel: (86) 21 5980 4508
Email: ir@zto.com



View original content:https://www.prnewswire.com/news-releases/zto-to-announce-fourth-quarter-and-fiscal-year-2025-financial-results-on-march-17-2026-us-eastern-time-302699541.htmlSOURCE ZTO Express (Cayman) Inc.

Original: ZTO to Announce Fourth Quarter and Fiscal Year 2025 Financial Results on March 17, 2026 U.S. Eastern Time

ZTO Prices Offering of US$1.5 Billion Convertible Senior NotesFebruary 4, 2026 9:35 AM
PR Newswire (US)

SHANGHAI, Feb. 4, 2026 /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 the pricing of US$1.5 billion in aggregate principal amount of convertible senior notes due 2031 (the "Notes"). The Notes have been offered in offshore transactions outside the United States to non-U.S. persons that are "qualified institutional buyers" (as defined in Rule 144A under the United States Securities Act of 1933, as amended (the "Securities Act")) in reliance on Regulation S under the Securities Act. The Company plans to use the net proceeds from the Notes Offering for the following purposes: (i) up to US$1,000 million for refinancing to fund near-term on-market repurchases (from time to time) of Class A ordinary shares and/or American depositary shares ("ADSs") of the Company pursuant to its share repurchase program(s), subject to prevailing market conditions, as well as applicable laws and regulations, (ii) approximately US$500 million to fund the Concurrent Share Repurchase (as defined below), the premium of the capped call transactions as described below and other general corporate purposes.When issued, the Notes will be general senior unsecured obligations of ZTO. The Notes will bear interest at a rate of 0.925% per year, payable semiannually in arrears on March 1 and September 1 of each year, beginning on September 1, 2026. The Notes will mature on March 1, 2031, unless earlier redeemed, repurchased or converted in accordance with their terms prior to such date.The initial conversion rate of the Notes is 32.3130 of the Company's Class A ordinary shares per US$1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately HK$241.79 per Class A ordinary share and represents a conversion premium of approximately 35.0% above the closing price of the Company's Class A ordinary shares on February 4, 2026, which was HK$179.10 per Class A ordinary shares). The conversion rate for the Notes is subject to adjustment upon the occurrence of certain events. Holders may not convert the Notes at any time prior to the 40th day following the last date of the original issuance of the Notes (such date, the "Compliance Period End Date"). After the Compliance Period End Date, holders may convert their Notes at their option at any time prior to the close of business on the fifth scheduled trading day immediately preceding the maturity date. Upon conversion, the Company will pay or deliver, as the case may be, cash, Class A ordinary shares, or a combination of cash and Class A ordinary shares, at the Company's election.The Company may redeem for cash all but not part of the Notes (i) if less than 10% of the aggregate principal amount of Notes originally issued remains outstanding at such time (the "Cleanup Redemption") and (ii) in the event of certain tax law changes (the "Tax Redemption"). The Notes will not be redeemable before March 6, 2029, except in connection with a Tax Redemption or Cleanup Redemption. On or after March 6, 2029 and on or prior to the 44th scheduled trading day immediately prior to the maturity date, the Notes will be redeemable, in whole or in part, for cash at the Company's option at any time, and from time to time, if the last reported sale price of the Class A ordinary shares has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date the Company provides notice of redemption (such redemption, an "Optional Redemption"). The redemption price in the case of a Tax Redemption, Cleanup Redemption or an Optional Redemption will equal 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the related redemption date.Holders of the Notes have the option, subject to certain conditions, to require the Company to repurchase any Notes held in the event of a "fundamental change" (as will be defined in the indenture for the Notes). In addition, holders have the right to require the Company to repurchase for cash all or part of their Notes on March 1, 2029. The repurchase price, in each case, will be equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.In connection with the pricing of the Notes, the Company has entered into capped call transactions with one or more of the initial purchasers and/or their affiliates and/or other financial institutions (the "Option Counterparties"). The capped call transactions are generally expected to reduce potential dilution to the Class A ordinary shares of the Company upon conversion of the Notes, and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, with such reduction of potential dilution and/or offset of cash payments, as the case may be, subject to a cap that will initially be US$35.9906, which represents a premium of 57.0% over the last reported sale price of HK$179.10 per Class A ordinary share on February 4, 2026 (converted into U.S. dollars at the pre-determined exchange rate), and is subject to certain customary adjustments, and subject to the Company's ability to elect, subject to certain conditions, to settle the capped call transactions in cash, in whole or in part (in which case the Company would not receive any Class A ordinary shares from the Option Counterparties upon settlement of the capped call transactions). In connection with establishing their initial hedge positions with respect to the capped call transactions, the Option Counterparties or their respective affiliates expect to purchase their hedges in privately negotiated transactions and/or enter into various derivative transactions with respect to the Class A ordinary shares concurrently with, or shortly after, the pricing of the Notes. This activity could have the effect of increasing (or reducing the size of any decrease in) the market price of the Class A ordinary shares, ADSs, other securities of the Company or the Notes at that time.In addition, the Option Counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivative transactions with respect to the Class A ordinary shares, ADSs, the Notes or other securities of the Company and/or purchasing or selling the Class A ordinary shares, ADSs, the Notes or other securities of the Company in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so following any conversion of the Notes or repurchase of the Notes by the Company on any fundamental change repurchase date, the repurchase date or otherwise, in each case, if the Company elects to unwind the relevant portion of the capped call transactions early). The effect, if any, of this activity, including the direction or magnitude, on the market price of the Class A ordinary shares or ADSs or the price of the Notes will depend on a variety of factors, including market conditions, and cannot be ascertained at this time. Any of this activity could cause or avoid an increase or a decrease in the market price of the Class A ordinary shares, ADSs, other securities of the Company or the price of the Notes, which could affect whether the holders convert their Notes and the value of the consideration that holders will receive upon conversion of their Notes. In addition, any of the Option Counterparties may choose to engage in, or to discontinue engaging in, any of these transactions and activities with or without notice at any time, and their decisions will be in their sole discretion and not within the Company's control.The Company expects to close the Notes Offering on or about February 9, 2026, subject to the satisfaction of customary closing conditions.Concurrently with the pricing of the Notes, the Company agreed to repurchase 18,254,400 Class A ordinary shares from certain purchasers of the Notes in off-market privately negotiated transactions effected through one of the initial purchasers or its affiliates, as the Company's agent (such transactions, the "Concurrent Share Repurchase"). The Concurrent Share Repurchase is expected to facilitate the initial hedging by purchasers of the Notes who desire to hedge their investments in the Notes, as the Company intends to repurchase the available portion of the initial delta of the transaction, after taking into account the Option Counterparties' initial hedges of the capped call transactions. This will allow such purchasers of the Notes to establish short positions that generally correspond to commercially reasonable initial hedges of their investments in the Notes. The Concurrent Share Repurchase will be made pursuant to the Company's existing share repurchase program that is effective through June 30, 2026. The purchase price in the Concurrent Share Repurchase is the closing price of the Class A ordinary share on the Hong Kong Stock Exchange on February 4, 2026, which is HK$179.10 per Class A ordinary share. In addition to the Concurrent Share Repurchase, the Company may also repurchase additional Class A ordinary shares and/or ADSs on the open market after the closing of the Notes and from time to time. The Concurrent Share Repurchase and future repurchases pursuant to the Company's share repurchase program(s) will be funded by the net proceeds of the Notes Offering, and, in the aggregate, are generally expected to offset potential dilution to the holders of the Company's ordinary shares (including in the form of ADSs) upon conversion of the Notes.The Notes and the Class A ordinary shares deliverable upon conversion of the Notes (if any) have not been and will not be registered under the Securities Act or any state securities laws. They may not be offered or sold in the United States or to, or for the account or benefits of, U.S. persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and subject to the transfer restrictions set forth in the Notes. No public offering of the Notes and the Class A ordinary shares deliverable upon conversion of the Notes (if any) is being made into the United States.This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, nor shall there be a sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.This press release contains information about the pending Notes Offering, and there can be no assurance that the Notes Offering will be completed.About ZTOZTO 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 StatementThis press release 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. ZTO may also make forward-looking statements in the Company's periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), 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 statements about the Company's beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology, such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "confidence," "estimates," "likely to" and similar statements. Forward-looking statements involve inherent risks and uncertainties. Among other things, the terms of the Notes, and whether the Company will complete the Notes Offering, are forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the development of the e-commerce industry in China, its significant reliance on the Alibaba ecosystem, 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. Further information regarding these and other risks is included in ZTO's annual report on Form 20-Fs and other filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is current as of the date hereof, and ZTO assumes no obligation to update such information, except as required under applicable law.For investor and media inquiries, please contact:ZTO Express (Cayman) Inc.
Investor Relations
E-mail: ir@zto.com
Phone: +86 21 5980 4508 



View original content:https://www.prnewswire.com/news-releases/zto-prices-offering-of-us1-5-billion-convertible-senior-notes-302679073.htmlSOURCE ZTO Express (Cayman) Inc.

Original: ZTO Prices Offering of US$1.5 Billion Convertible Senior Notes

ZTO Announces Proposed Offering of US$1.5 Billion Convertible Senior NotesFebruary 4, 2026 3:30 AM
PR Newswire (US)

SHANGHAI, Feb. 4, 2026 /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 a proposed offering (the "Notes Offering") of US$1.5 billion in aggregate principal amount of convertible senior notes due 2031 (the "Notes") in offshore transactions outside the United States to non-U.S. persons that are "qualified institutional buyers" (as defined in Rule 144A under the United States Securities Act of 1933, as amended (the "Securities Act")) in reliance on Regulation S under the Securities Act, subject to market conditions and other factors.The Company plans to use the net proceeds from the Notes Offering (i) for refinancing to fund near-term on-market repurchases (from time to time) of Class A ordinary shares and/or American depositary shares ("ADSs") of the Company pursuant to its share repurchase program(s), subject to prevailing market conditions, as well as applicable laws and regulations, (ii) to fund the Concurrent Share Repurchase (as defined below) and the premium of the capped call transactions as described below, and (iii) for other general corporate purposes.When issued, the Notes will be general senior unsecured obligations of ZTO. The Notes will mature on March 1, 2031, unless earlier redeemed, repurchased or converted in accordance with their terms prior to such date.Holders may not convert the Notes at any time prior to the 40th day following the last date of the original issuance of the Notes (such date, the "Compliance Period End Date"). After the Compliance Period End Date, holders may convert their Notes at their option at any time prior to the close of business on the fifth scheduled trading day immediately preceding the maturity date. Upon conversion, the Company will pay or deliver, as the case may be, cash, Class A ordinary shares, or a combination of cash and Class A ordinary shares, at the Company's election. The interest rate, initial conversion rate and other terms of the Notes will be determined at the time of pricing of the Notes.The Company may redeem for cash all but not part of the Notes (i) if less than 10% of the aggregate principal amount of Notes originally issued remains outstanding at such time (the "Cleanup Redemption") and (ii) in the event of certain tax law changes (the "Tax Redemption"). The Notes will not be redeemable before March 6, 2029, except in connection with a Tax Redemption or Cleanup Redemption. On or after March 6, 2029 and on or prior to the 44th scheduled trading day immediately prior to the maturity date, the Notes will be redeemable, in whole or in part, for cash at the Company's option at any time, and from time to time, if the last reported sale price of the Class A ordinary shares has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date the Company provides notice of redemption (such redemption, an "Optional Redemption"). The redemption price in the case of a Tax Redemption, Cleanup Redemption or an Optional Redemption will equal 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the related redemption date.Holders of the Notes have the option, subject to certain conditions, to require the Company to repurchase any Notes held in the event of a "fundamental change" (as will be defined in the indenture for the Notes). In addition, holders have the right to require the Company to repurchase for cash all or part of their Notes on March 1, 2029. The repurchase price, in each case, will be equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.In connection with the pricing of the Notes, the Company expects to enter into capped call transactions with one or more of the initial purchasers and/or their affiliates and/or other financial institutions (the "Option Counterparties"). The capped call transactions are generally expected to reduce potential dilution to the Class A ordinary shares of the Company upon conversion of the Notes, and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, with such reduction of potential dilution and/or offset of cash payments, as the case may be, subject to a cap, and subject to the Company's ability to elect, subject to certain conditions, to settle the capped call transactions in cash, in whole or in part (in which case the Company would not receive any Class A ordinary shares from the Option Counterparties upon settlement of the capped call transactions). In connection with establishing their initial hedge positions of the capped call transactions, the Option Counterparties or their respective affiliates expect to purchase their hedges in privately negotiated transactions and/or enter into various derivative transactions with respect to the Class A ordinary shares concurrently with, or shortly after, the pricing of the Notes. This activity could have the effect of increasing (or reducing the size of any decrease in) the market price of the Class A ordinary shares, ADSs, other securities of the Company or the Notes at that time.In addition, the Option Counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivative transactions with respect to the Class A ordinary shares, ADSs, the Notes or other securities of the Company and/or purchasing or selling the Class A ordinary shares, ADSs, the Notes or other securities of the Company in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so following any conversion of the Notes or repurchase of the Notes by the Company on any fundamental change repurchase date, the repurchase date or otherwise, in each case, if the Company elects to unwind the relevant portion of the capped call transactions early). The effect, if any, of this activity, including the direction or magnitude, on the market price of the Class A ordinary shares or ADSs or the price of the Notes will depend on a variety of factors, including market conditions, and cannot be ascertained at this time. Any of this activity could cause or avoid an increase or a decrease in the market price of the Class A ordinary shares, ADSs, other securities of the Company or the price of the Notes, which could affect whether the holders convert their Notes and the value of the consideration that holders will receive upon conversion of their Notes. In addition, any of the Option Counterparties may choose to engage in, or to discontinue engaging in, any of these transactions and activities with or without notice at any time, and their decisions will be in their sole discretion and not within the Company's control.Concurrently with the pricing of the Notes, the Company plans to repurchase a number of its Class A ordinary shares to be determined at the time of pricing of the Notes from certain purchasers of the Notes in off-market privately negotiated transactions effected through one of the initial purchasers or its affiliates, as the Company's agent (such transactions, the "Concurrent Share Repurchase"). The Concurrent Share Repurchase is expected to facilitate the initial hedging by purchasers of the Notes who desire to hedge their investments in the Notes, as the Company intends to repurchase the available portion of the initial delta of the transaction, after taking into account the Option Counterparties' initial hedges of the capped call transactions. This will allow such purchasers of the Notes to establish short positions that generally correspond to commercially reasonable initial hedges of their investments in the Notes. The Concurrent Share Repurchase will be made pursuant to the Company's existing share repurchase program that is effective through June 30, 2026. The Company expects the purchase price in the Concurrent Share Repurchase to be the closing price of the Class A ordinary share on the Hong Kong Stock Exchange on February 4, 2026.In addition to the Concurrent Share Repurchase, the Company may also repurchase additional Class A ordinary shares and/or ADSs on the open market after the closing of the Notes and from time to time. The Concurrent Share Repurchase and future repurchases pursuant to the Company's share repurchase program(s) will be funded by the net proceeds of the Notes Offering, and, in the aggregate, are generally expected to offset potential dilution to the holders of the Company's ordinary shares (including in the form of ADSs) upon conversion of the Notes.The Notes and the Class A ordinary shares deliverable upon conversion of the Notes (if any) have not been and will not be registered under the Securities Act or any state securities laws. They may not be offered or sold in the United States or to, or for the account or benefits of, U.S. persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and subject to the transfer restrictions set forth in the Notes. No public offering of the Notes and the Class A ordinary shares deliverable upon conversion of the Notes (if any) is being made into the United States.This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, nor shall there be a sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.This press release contains information about the pending Notes Offering, and there can be no assurance that the Notes Offering will be completed.About ZTOZTO 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 StatementThis press release 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. ZTO may also make forward-looking statements in the Company's periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), 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 statements about the Company's beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology, such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "confidence," "estimates," "likely to" and similar statements. Forward-looking statements involve inherent risks and uncertainties. Among other things, the terms of the Notes, and whether the Company will complete the Notes Offering, are forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the development of the e-commerce industry in China, its significant reliance on the Alibaba ecosystem, 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. Further information regarding these and other risks is included in ZTO's annual report on Form 20-Fs and other filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is current as of the date hereof, and ZTO assumes no obligation to update such information, except as required under applicable law.For investor and media inquiries, please contact:ZTO Express (Cayman) Inc.
Investor Relations
E-mail: ir@zto.com
Phone: +86 21 5980 4508 



View original content:https://www.prnewswire.com/news-releases/zto-announces-proposed-offering-of-us1-5-billion-convertible-senior-notes-302678696.htmlSOURCE ZTO Express (Cayman) Inc.

Original: ZTO Announces Proposed Offering of US$1.5 Billion Convertible Senior Notes

ZTO Announces Certain Preliminary Estimated Full Year 2025 Financial ResultsFebruary 4, 2026 3:30 AM
PR Newswire (US)

SHANGHAI, Feb. 4, 2026 /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 certain preliminary estimated financial results for the full year of 2025. Based on currently available information, the Company estimates that:
its total revenues to range from RMB48,500.0 million to RMB50,000.0 million in 2025, an increase of approximately 9.5% to 12.9% from RMB44,280.7 million in 2024; andits gross profit to range from RMB12,150.0 million to RMB12,550.0 million in 2025, a decrease of approximately 8.5% to 11.4% from RMB13,717.1 million in 2024.The estimated growth in total revenues is primarily driven by the increase in parcel volumes from 34.01 billion in 2024 to 38.52 billion in 2025, representing a year-over-year increase of 13.3%.The estimates presented above are preliminary and subject to revision based upon the completion of the Company's year-end financial closing process and its consolidated financial statements and are not meant to be comprehensive for the relevant periods. These preliminary estimates have been prepared by the Company's management based upon the most current information available to them. Such preliminary estimates have not been subject to any audit procedures, review procedures, or any procedures by the Company's independent registered public accounting firm, who has not expressed any opinion or any other form of assurance on such information and assumes no responsibility for, and disclaims any association with, the preliminary estimates. The actual results for the fourth quarter and full year ended December 31, 2025 will not be available until a later time. These estimates involve risks and uncertainties and are subject to change based on the Company's ongoing review.The information presented herein should not be considered a substitute for the financial information to be filed with the SEC in the Company's earnings release for the fourth quarter and full year 2025 financial results (the "Q4 and Full Year 2025 Earnings Release") once it becomes available. The Company has no intention or obligation to update the preliminary estimated financial results in this press release prior to issuing the Q4 and Full Year 2025 Earnings Release.About ZTOZTO 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 StatementThis press release 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. ZTO may also make forward-looking statements in the Company's periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), 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 statements about the Company's beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology, such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "confidence," "estimates," "likely to" and similar statements. Forward-looking statements involve inherent risks and uncertainties. Among other things, the terms of the Notes, and whether the Company will complete the Notes Offering, are forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the development of the e-commerce industry in China, its significant reliance on the Alibaba ecosystem, 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. Further information regarding these and other risks is included in ZTO's annual report on Form 20-Fs and other filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is current as of the date hereof, and ZTO assumes no obligation to update such information, except as required under applicable law.For investor and media inquiries, please contact:ZTO Express (Cayman) Inc.
Investor Relations
E-mail: ir@zto.com
Phone: +86 21 5980 4508



View original content:https://www.prnewswire.com/news-releases/zto-announces-certain-preliminary-estimated-full-year-2025-financial-results-302678694.htmlSOURCE ZTO Express (Cayman) Inc.

Original: ZTO Announces Certain Preliminary Estimated Full Year 2025 Financial Results

ZTO 10Q due AUGUST 19

ZTO continues to move up and to the right. Really solid investment.

Trump just said interim agreement will work!

good time to add perhaps before trade talks wrap up.

$21 is resistance ... break it and next leg happens

SHANGHAI, June 5, 2018 /PRNewswire/ — ZTO Express (Cayman) Inc. (NYSE: ZTO) (“ZTO” or the “Company”), a leading and fast-growing express delivery company in China, today announced that it made a strategic investment of approximately US$168 million for an approximately 15% stake in Cainiao Post, Cainiao Network’s network of last-mile delivery stations, in order to jointly ramp up last-mile service capabilities and provide diversified solutions that enhance efficiency and meet the growing demand from New Retail.

https://backend.otcmarkets.com/otcapi/company/sec-filings/12799321/content/html

ZTO is go to time!

Alibaba leads consortium in $1.4 billion deal for stake in Chinese courier ZTO
https://finance.yahoo.com/news/alibaba-leads-consortium-1-4-114304935.html

Up 16% since monday and still way under where it IPO'ed. Recommended strong buy by the street.