Exhibit 99.1

ZTO Reports Third Quarter 2025 Unaudited Financial Results

Parcel Volume Increased 9.8% to 9.6 Billion

Adjusted Net Income Grew 5.0% to RMB2.5 Billion

SHANGHAI, Nov 20, 2025 /PRNewswire/ - ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK: 2057), a leading and fast-growing express delivery company in China (“ZTO” or the “Company”), today announced its unaudited financial results for the third quarter ended September 30, 2025^[1]. The Company grew parcel volume by 9.8% year over year while maintaining high quality of service and customer satisfaction. Adjusted net income increased 5.0%^[2] to RMB2,506.1 million. Net cash generated from operating activities was RMB3,211.0 million.

Third Quarter 2025 Financial Highlights

· Revenues were RMB11,864.7 million (US$1,666.6 million), an increase of 11.1% from RMB10,675.0 million in the same period of 2024.

· Gross profit was RMB2,956.0 million (US$415.2 million), a decrease of 11.4% from RMB3,334.8 million in the same period of 2024.

· Net income was RMB2,538.7 million (US$356.6 million), an increase of 6.7% from RMB2,379.0 million in the same period of 2024.

· Adjusted EBITDA^[3] was RMB3,582.5 million (US$503.2 million), a decrease of 4.2% from RMB3,739.5 million in the same period of 2024.

· Adjusted net income was RMB2,506.1 million (US$352.0 million), an increase of 5.0% from RMB2,387.3 million in the same period of 2024.

· Basic and diluted net earnings per American depositary share (“ADS”^[4]) were RMB3.16 (US$0.44) and RMB3.10 (US$0.44), an increase of 6.0% and 6.9% from RMB2.98 and RMB2.90 in the same period of 2024, respectively.

· Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders^[5] were RMB3.12 (US$0.44) and RMB3.06 (US$0.43), an increase of 4.3% and 5.2% from RMB2.99 and RMB2.91 in the same period of 2024, respectively.

· Net cash provided by operating activities was RMB3,211.0 million (US$451.0 million), compared with RMB3,112.0 million in the same period of 2024.

Operational Highlights for Third Quarter 2025

· Parcel volume was 9,573 million, increased 9.8% from 8,723 million in the same period of 2024.

· Number of pickup/delivery outlets was over 31,000 as of September 30, 2025.

· Number of direct network partners was over 6,000 as of September 30, 2025.

· Number of self-owned line-haul vehicles was over 10,000 as of September 30, 2025.

· Number of line-haul routes between sorting hubs was approximately 3,900 as of September 30, 2025.

· Number of sorting hubs was 95 as of September 30, 2025, among which 91 are operated by the Company and 4 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, “Focusing on quality and increasing market presence while maintaining healthy earnings is ZTO’s unwavering long-term strategy. During this quarter, we grew volume by 9.8% to reach 9.6 billion parcels and we delivered 2.51 billion adjusted net income which increased 5%. Our retail volume’s growth momentum remained strong at nearly 50% and continued to bring positive contribution to margin.”

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

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

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

Third Quarter 2025 Unaudited Financial Results

	Three Months Ended September 30,										Nine Months Ended September 30,
	2024				2025						2024				2025
	RMB		%		RMB		US$		%		RMB		%		RMB		US$		%
	(in thousands, except percentages)
Express delivery services		9,812,807		91.9		11,020,092		1,547,983		92.9		28,928,902		92.2		32,126,133		4,512,731		92.9
Freight forwarding services		240,491		2.3		222,664		31,277		1.9		676,480		2.2		582,141		81,773		1.6
Sale of accessories		588,233		5.5		590,936		83,008		5.0		1,653,717		5.3		1,787,002		251,019		5.2
Others		33,517		0.3		31,002		4,356		0.2		101,919		0.3		92,690		13,020		0.3
Total revenues		10,675,048		100.0		11,864,694		1,666,624		100.0		31,361,018		100.0		34,587,966		4,858,543		100.0

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

	Three Months Ended September 30,										Nine Months Ended September 30,
	2024				2025						2024				2025
	RMB		%		RMB		US$		%		RMB		%		RMB		US$		%
	(in thousands, except percentages)
Line-haul transportation cost		3,398,007		31.8		3,302,046		463,836		27.8		10,052,623		32.1		10,076,055		1,415,375		29.1
Sorting hub operating cost		2,224,206		20.8		2,394,119		336,300		20.2		6,620,077		21.1		7,123,554		1,000,640		20.6
Freight forwarding cost		226,111		2.1		204,820		28,771		1.7		631,217		2.0		547,847		76,956		1.6
Cost of accessories sold		161,648		1.5		135,557		19,042		1.1		454,788		1.5		420,020		59,000		1.2
Other costs		1,330,265		12.6		2,872,183		403,452		24.3		3,644,940		11.5		7,830,904		1,100,000		22.7
Total cost of revenues		7,340,237		68.8		8,908,725		1,251,401		75.1		21,403,645		68.2		25,998,380		3,651,971		75.2

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Company Share Repurchase Program

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

Business Outlook

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

Exchange Rate

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

Use of Non-GAAP Financial Measures

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

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

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

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

Conference Call Information

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

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

United States:	1-888-317-6003
Hong Kong:	800-963-976
Mainland China:	4001-206-115
Singapore:	800-120-5863
International:	1-412-317-6061
Passcode:	7602569

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

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

United States:	1-855-669-9658
International:	1-412-317-0088
Passcode:	8703795

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

About ZTO Express (Cayman) Inc.

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

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

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

Safe Harbor Statement

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

UNAUDITED CONSOLIDATED FINANCIAL DATA

Summary of Unaudited Consolidated Comprehensive Income Data:

	Three Months Ended September 30,									Nine Months Ended September 30,
	2024			2025						2024			2025
	RMB			RMB			US$			RMB			RMB			US$
	(in thousands, except for share and per share data)
Revenues		10,675,048			11,864,694			1,666,624			31,361,018			34,587,966			4,858,543
Cost of revenues		(7,340,237	)		(8,908,725	)		(1,251,401	)		(21,403,645	)		(25,998,380	)		(3,651,971	)
Gross profit		3,334,811			2,955,969			415,223			9,957,373			8,589,586			1,206,572
Operating (expenses)/income:
Selling, general and administrative		(544,573	)		(632,583	)		(88,858	)		(2,034,192	)		(1,993,681	)		(280,051	)
Other operating income, net		51,552			81,657			11,470			400,507			689,600			96,868
Total operating expenses		(493,021	)		(550,926	)		(77,388	)		(1,633,685	)		(1,304,081	)		(183,183	)
Income from operations		2,841,790			2,405,043			337,835			8,323,688			7,285,505			1,023,389
Other income/(expenses):
Interest income		238,510			185,231			26,019			771,608			592,355			83,208
Interest expense		(66,364	)		(54,420	)		(7,644	)		(266,135	)		(221,408	)		(31,101	)
(Loss)/gain from fair value changes of financial instruments		(62,699	)		102,307			14,371			34,883			135,285			19,003
(Loss)/gain on disposal of equity investees, subsidiary and others		(1,440	)		35,563			4,996			10,694			34,996			4,916
Impairment of investments in equity investees		-			-			-			(672,816	)		-			-
Impairment of Goodwill		-			-			-			-			(84,431	)		(11,860	)
Foreign currency exchange gain before tax		(38,174	)		9,288			1,305			(17,612	)		21,663			3,043
Income before income tax, and share of income in equity method investments		2,911,623			2,683,012			376,882			8,184,310			7,763,965			1,090,598
Income tax expense		(554,959	)		(160,000	)		(22,475	)		(1,786,275	)		(1,267,105	)		(177,989	)
Share of income in equity method investments		22,378			15,692			2,204			42,751			45,584			6,403
Net income		2,379,042			2,538,704			356,611			6,440,786			6,542,444			919,012
Net loss/(income) attributable to non-controlling interests		17,255			(14,984	)		(2,105	)		(6,641	)		(87,145	)		(12,241	)
Net income attributable to ZTO Express (Cayman) Inc.		2,396,297			2,523,720			354,506			6,434,145			6,455,299			906,771
Net income attributable to ordinary shareholders		2,396,297			2,523,720			354,506			6,434,145			6,455,299			906,771
Net earnings per share attributed to ordinary shareholders
Basic		2.98			3.16			0.44			7.99			8.08			1.13
Diluted		2.90			3.10			0.44			7.80			7.90			1.11
Weighted average shares used in calculating net earnings per ordinary share/ADS
Basic		804,565,579			799,661,689			799,661,689			805,388,468			799,304,556			799,304,556
Diluted		838,131,679			822,552,945			822,552,945			838,954,568			830,201,619			830,201,619
Net income		2,379,042			2,538,704			356,611			6,440,786			6,542,444			919,012
Other comprehensive income/(loss), net of tax of nil:
Foreign currency translation adjustment		137,698			(14,058	)		(1,975	)		20,138			36,474			5,123
Comprehensive income		2,516,740			2,524,646			354,636			6,460,924			6,578,918			924,135
Comprehensive (income)/loss attributable to non-controlling interests		17,255			(14,984	)		(2,105	)		(6,641	)		(87,145	)		(12,241	)
Comprehensive income attributable to ZTO Express (Cayman) Inc.		2,533,995			2,509,662			352,531			6,454,283			6,491,773			911,894

Unaudited Consolidated Balance Sheets Data:

	As of
	December 31,			September 30,
	2024			2025
	RMB			RMB			US$
	(in thousands, except for share data)
ASSETS
Current assets:
Cash and cash equivalents		13,465,442			9,389,842			1,318,983
Restricted cash		37,517			22,853			3,210
Accounts receivable, net		1,503,706			1,172,149			164,651
Financing receivables		1,178,617			736,393			103,441
Short-term investment		8,848,447			15,898,686			2,233,275
Inventories		38,569			48,248			6,777
Advances to suppliers		783,599			769,715			108,121
Prepayments and other current assets		4,329,664			5,047,366			708,999
Amounts due from related parties		168,160			79,844			11,216
Total current assets		30,353,721			33,165,096			4,658,673
Investments in equity investees		1,871,337			1,916,906			269,266
Property and equipment, net		33,915,366			35,399,151			4,972,489
Land use rights, net		6,170,233			6,269,062			880,610
Intangible assets, net		17,043			20,710			2,909
Operating lease right-of-use assets		566,316			444,978			62,506
Goodwill		4,241,541			4,157,111			583,946
Deferred tax assets		984,567			1,039,418			146,006
Long-term investment		12,017,755			5,874,110			825,131
Long-term financing receivables		861,453			1,163,957			163,500
Other non-current assets		919,331			720,354			101,188
Amounts due from related parties-non current		421,667			371,167			52,137
TOTAL ASSETS		92,340,330			90,542,020			12,718,361
LIABILITIES AND EQUITY
Current liabilities
Short-term bank borrowing		9,513,958			11,627,171			1,633,259
Accounts payable		2,463,395			2,274,185			319,453
Advances from customers		1,565,147			1,720,274			241,645
Income tax payable		488,889			260,214			36,552
Amounts due to related parties		202,766			124,711			17,518
Operating lease liabilities		183,373			152,017			21,354
Dividends payable		14,134			1,728,045			242,737
Convertible senior bond		7,270,081			-			-
Other current liabilities		6,571,492			6,187,127			869,101
Total current liabilities		28,273,235			24,073,744			3,381,619
Long-term bank borrowing		-			163,000			22,896
Non-current operating lease liabilities		377,717			294,872			41,420
Deferred tax liabilities		1,014,545			517,854			72,743
Convertible senior bond		-			126,348			17,748
TOTAL LIABILITIES		29,665,497			25,175,818			3,536,426
Shareholders’ equity
Ordinary shares (US$0.0001 par value; 10,000,000,000 shares authorized; 810,339,182 shares issued and 798,622,719 shares outstanding as of December 31, 2024; 804,468,490 shares issued and 797,732,629 shares outstanding as of September 30, 2025)		523			519			73
Additional paid-in capital		24,389,905			24,361,063			3,421,978
Treasury shares, at cost		(1,131,895	)		(548,929	)		(77,108	)
Retained earnings		39,098,553			41,152,881			5,780,711
Accumulated other comprehensive loss		(294,694	)		(258,220	)		(36,272	)
ZTO Express (Cayman) Inc. shareholders’ equity		62,062,392			64,707,314			9,089,382
Non-controlling interests		612,441			658,888			92,553
Total Equity		62,674,833			65,366,202			9,181,935
TOTAL LIABILITIES AND EQUITY		92,340,330			90,542,020			12,718,361

Summary of Unaudited Consolidated Cash Flow Data:
	Three Months Ended  September  30,									Nine Months Ended  September  30,
	2024			2025						2024			2025
	RMB			RMB			US$			RMB			RMB			US$
	(in thousands)
Net cash provided by operating activities		3,111,972			3,210,966			451,042			8,623,087			7,742,150			1,087,533
Net cash used in investing activities		(1,910,131	)		(426,591	)		(59,923	)		(8,955,072	)		(4,748,573	)		(667,028	)
Net cash provided by/(used in) financing activities		10,183			(6,671,184	)		(937,096	)		(963,309	)		(7,049,988	)		(990,306	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(43,349	)		(19,890	)		(2,794	)		(8,272	)		(52,156	)		(7,326	)
Net increase/(decrease) in cash, cash equivalents and restricted cash		1,168,675			(3,906,699	)		(548,771	)		(1,303,566	)		(4,108,567	)		(577,127	)
Cash, cash equivalents and restricted cash at beginning of period		10,579,069			13,329,079			1,872,325			13,051,310			13,530,947			1,900,681
Cash, cash equivalents and restricted cash at end of period		11,747,744			9,422,380			1,323,554			11,747,744			9,422,380			1,323,554

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

	As of
	September 30,		September 30,
	2024		2025
	RMB		RMB		US$
			(in thousands)
Cash and cash equivalents		11,703,151		9,389,842		1,318,983
Restricted cash, current		32,350		22,853		3,210
Restricted cash, non-current		12,243		9,685		1,361
Total cash, cash equivalents and restricted cash		11,747,744		9,422,380		1,323,554

Reconciliations of GAAP and Non-GAAP Results

	Three Months Ended September 30,								Nine Months Ended September 30,
	2024		2025						2024			2025
	RMB		RMB			US$			RMB			RMB			US$
	(in thousands, except for share and per share data)
Net income		2,379,042		2,538,704			356,611			6,440,786			6,542,444			919,012
Add:
Share-based compensation expense (1)		6,769		2,994			421			311,924			226,256			31,782
Impairment of investments in equity investees (1)		-		-			-			672,816			-			-
Impairment of Goodwill		-		-			-			-			84,431			11,860
Loss/(gain) on disposal of equity investees  and subsidiary, net of income taxes		1,440		(35,563	)		(4,996	)		(8,507	)		(34,970	)		(4,912	)
Adjusted net income		2,387,251		2,506,135			352,036			7,417,019			6,818,161			957,742
Net income		2,379,042		2,538,704			356,611			6,440,786			6,542,444			919,012
Add:
Depreciation		695,241		823,044			115,612			2,168,290			2,382,422			334,657
Amortization		35,709		38,949			5,471			104,034			115,074			16,164
Interest expenses		66,364		54,420			7,644			266,135			221,408			31,101
Income tax expenses		554,959		160,000			22,475			1,786,275			1,267,105			177,989
EBITDA		3,731,315		3,615,117			507,813			10,765,520			10,528,453			1,478,923
Add:
Share-based compensation expense		6,769		2,994			421			311,924			226,256			31,782
Impairment of investments in equity investees		-		-			-			672,816			-			-
Impairment of Goodwill		-		-			-			-			84,431			11,860
Loss/(gain) on disposal of equity investees and subsidiary		1,440		(35,563	)		(4,996	)		(10,694	)		(34,996	)		(4,916	)
Adjusted EBITDA		3,739,524		3,582,548			503,238			11,739,566			10,804,144			1,517,649

(1) Net of income taxes of nil

Reconciliations of GAAP and Non-GAAP Results

	Three Months Ended  September  30,								Nine Months Ended  September  30,
	2024		2025						2024			2025
	RMB		RMB			US$			RMB			RMB			US$
	(in thousands, except for share and per share data)
Net income attributable to ordinary shareholders		2,396,297		2,523,720			354,506			6,434,145			6,455,299			906,771
Add:
Share-based compensation expense (1)		6,769		2,994			421			311,924			226,256			31,782
Impairment of investments in equity investees (1)		-		-			-			672,816			-			-
Impairment of Goodwill		-		-			-			-			84,431			11,860
Loss/(gain) on disposal of equity investees and subsidiary, net of income taxes		1,440		(35,563	)		(4,996	)		(8,507	)		(34,970	)		(4,912	)
Adjusted Net income attributable to ordinary shareholders		2,404,506		2,491,151			349,931			7,410,378			6,731,016			945,501
Weighted average shares used in calculating net earnings per ordinary share/ADS
Basic		804,565,579		799,661,689			799,661,689			805,388,468			799,304,556			799,304,556
Diluted		838,131,679		822,552,945			822,552,945			838,954,568			830,201,619			830,201,619
Net earnings per share/ADS attributable to ordinary shareholders
Basic		2.98		3.16			0.44			7.99			8.08			1.13
Diluted		2.90		3.10			0.44			7.80			7.90			1.11
Adjusted net earnings per share/ADS attributable to ordinary shareholders
Basic		2.99		3.12			0.44			9.20			8.42			1.18
Diluted		2.91		3.06			0.43			8.96			8.23			1.16

(1) Net of income taxes of nil

For investor and media inquiries, please contact:

ZTO Express (Cayman) Inc.

Investor Relations

E-mail: ir@zto.com

Phone: +86 21 5980 4508