ZTO Reports First Quarter 2022 Unaudited Financial Results

5.2 Billion Parcels Grew 16.8% Increasing Market Share to 21.6%

RMB1.1 Billion Adjusted Net Income Grew 34.9% as Industry Pricing Turned Around

SHANGHAI,May 26,2022 --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 31,2022[1]. Despite severe impact from Omicron induced shutdowns starting in March,the Company grew parcel volume 5.2 billion,or 16.8%,while achieving high levels of customer satisfaction as well as earnings growth. Cash generated from operating activities was RMB1,105.4 million.

Financial Highlights for First Quarter 2022

Revenues were RMB7,904.1 million (US$1,246.8 million),an increase of 22.1% from RMB6,472.5 million in the same period of 2021.

Gross profit was RMB1,619.5 million (US$255.5 million),an increase of 47.7% from RMB1,096.5 million in the same period of 2021.

Net income was RMB875.5 million (US$138.1 million),an increase of 64.1% from RMB533.5 million in the same period of 2021.

Adjusted EBITDA[2] was RMB2,002.1 million (US$315.8 million),an increase of 36.4% from RMB1,468.1 million in the same period of 2021.

Adjusted net income[3] was RMB1,054.5 million (US$166.3 million),an increase of 34.9% from RMB781.6 million in the same period of 2021.

Basic and diluted net earnings per American depositary share ("ADS"[4]) were RMB1.12 (US$0.18),an increase of 75.0% from RMB0.64 in the same period of 2021.

Adjusted basic and diluted net earnings per American depositary share[5] attributable to ordinary shareholders were RMB1.34 (US$0.21),an increase of 42.6% from RMB0.94 in the same period of 2021.

Net cash provided by operating activities was RMB1,105.4 million (US$174.4 million),compared with RMB477.0 million in the same period of 2021.

Operational Highlights for First Quarter 2022

Parcel volume was 5,226 million,an increase of 16.8% from 4,475 million in the same period of 2021.

Number of pickup/delivery outlets was over 30,700 as of March 31,2022.

Number of direct network partners was over 5,750 as of March 31,2022.

Number of line-haul vehicles was approximately 11,000 as of March 31,2022,which were self-owned vehicles.

Out of the approximately 11,000 self-owned trucks,approximately 9,200 were high capacity 15 to 17-meter-long models as of March 31,compared to over 9,000 as of December 31,2021.

Number of line-haul routes between sorting hubs was over 3,650 as of March 31,compared to approximately 3,700 as of December 31,2021.

Number of sorting hubs was 99 as of March 31,among which 88 are operated by the Company and 11 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 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 the net gain on disposal of equity investment and subsidiary which management aims to better represent the underlying business operations.

(3) 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 net gain on disposal of equity investment and subsidiary in 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 and diluted American depositary shares,respectively.

Mr. Meisong Lai,Founder,Chairman and Chief Executive Officer of ZTO,commented,"With sound execution of our consistent strategies,ZTO achieved good results for the first quarter. Parcel volume reached 5.2 billion,and we expanded our market share by 1.2 points to 21.6%. Benefiting from the industry's price stabilization and meaningful increases,we increased our income from operations by 76.4% to 1.1billion while maintaining superior quality of services. 2022 remarks our 20th anniversary,and ZTO is better prepared than ever before to further our competitive lead in scale,efficiency and quality of earnings."

Mr. Lai added,"The abrupt Omicron outbreaks that scattered across the country in mid-March disrupted the industry's growth momentum causing its parcel volume to decrease by nearly 12% year over year for the month of April. Tremendous efforts and sacrifices were being made,and ZTO Shanghai was among the first few logistics companies to resume operations in early-May. China is committed to the containment of the virus and a steady economic growth at the same time. We are hopeful to see a carefully staged rebound underway through supportive central policies and coordinated local efforts. We believe the foundation for China's economic growth is sound,and even though prevention will become part of a daily norm,being an integral part of people's day-to-day lives,express delivery industry will continue to be the catalyst of the economic expansion as well as benefiting from it"

Ms. Huiping Yan,Chief Financial Officer of ZTO,"Despite various headwinds,ZTO delivered a solid quarterly performance. The adjusted net income grew 34.9% to 1.1 billion with enhanced profit margin. Our core express delivery ASP went up by 8.5% as competition became more sensible. The 2.3% increase of combined unit sorting and transportation cost resulted from weaker volume due to the Omicron lockdowns was temporary. Our operating cost structure is healthy and will provide unsurpassed scale leverage as volume return to normal."

Ms. Yan added,"Cash flow from operating activities increased 131.8% to 1.1 billion. Capital spending was 1.8 billion. As part of the digitization effort to improve operating efficiencies,the volume-cost-profit initiatives have started to show positive results. Detailed data enabled process monitoring,and analyses are made to find,solve,or prevent problems. Suitable pricing and optimal use of resources can provide us greater leverage to dial up volume in-take while ensuring profitability across all segments of operations including those of our network partners."

First Quarter 2022 Financial Results

Three Months Ended March 31,

2021

2022

RMB

%

RMB

US$

%

(in thousands,except percentages)

Express delivery services

5,672,809

87.6

7,220,261

1,138,968

91.3

Freight forwarding services

492,986

7.6

331,085

52,227

4.2

Sale of accessories

260,179

4

282,071

44,496

3.6

Others

46,563

0.8

70,633

11,142

0.9

Total revenues

6,472,537

100

7,904,050

1,246,833

100.0

Total Revenues were RMB7,472.5million in the same period of 2021. Revenue from the core express delivery business increased 26.6% compared to the same period of 2021,as a combined result of a 16.8% increase in parcel volume and an 8.5% increase in parcel unit price. Revenue from freight forwarding services decreased by 32.8% compared to the same period of 2021 as cross border e-commerce demand and pricing gradually normalized with pandemic recovery. Revenue from sales of accessories,largely consisted of sales of thermal paper used for digital waybills,increased 8.4%. Other revenues were mainly consisted of financing services and equipment sales.

Three Months Ended March 31,

2021

2022

% of

% of

RMB

revenues

RMB

US$

revenues

(in thousands,except percentage)

Line-haul transportation cost

2,533,913

39.1

2,953,991

465,981

37.4

Sorting hub operating cost

1,511,370

23.4

1,880,367

296,620

23.8

Freight forwarding cost

436,393

6.7

307,901

48,570

3.9

Cost of accessories sold

74,575

1.2

82,903

13,078

1.0

Other costs

819,753

12.7

1,059,409

167,118

13.4

Total cost of revenues

5,376,004

83.1

6,284,571

991,367

79.5

Total cost of revenues was RMB6,284.6 million (US$991.4 million),an increase of 16.9% from RMB5,376.0 million in the same period last year.

Line haul transportation cost was RMB2,954.0 million (US$466.0 million),an increase of 16.6% from RMB2,533.9 million in the same period last year. The unit transportation cost remained flat given the sharp increase in fuel costs yet offset by continued transportation cost efficiency gain derived mainly from higher mix of high-capacity trailer trucks of our fleet and improved load rate from better route planning. There were approximately 1,100 more self-owned high-capacity vehicles in operation compared to the same period last year.

Sorting hub operating cost was RMB1,880.4 million (US$296,6 million),an increase of 24.4% from RMB1,511.4 million in the same period last year. The increase was primarily consisted of (i) RMB222.3 million (US$35.1 million) increase in labor-associated costs,a net result of wage increase offset by automation-driven efficiency improvement,and (ii) RMB105.4 million (US$16.6 million) increase in depreciation and amortization costs for automation equipment and facility construction. As of March 31,422 sets of automated sorting equipment were in service,compared to 349 sets as of March 31,2021.

Cost of accessories sold was RMB82.9 million (US$13.1 million),increased 11.2% compared with RMB74.6 million in the same period last year in line with parcel volume growth.

Other costs were RMB1,059.4 million (US$167.1 million),an increase of 29.2% from RMB819.8 million in the same period last year. The increase was mainly consisted of increases of (i) RMB76.2 million (US$12.0 million) in tax surcharge as previous round of Covid-19 relief policies expired,(ii) RMB69.6 million (US$11.0 million) in costs serving enterprise customers,and (iii) RMB47.5 million (US$7.5 million) in information technology and related costs.

Gross Profit was RMB1,increased 47.7% from RMB1,096.5million in the same period last year as a result of both volume and ASP increase at a higher rate than cost increase. Gross margin rate improved to 20.5% from 16.9% for the same period last year.

Total Operating Expenses were RMB503.2 million (US$79.4 million),compared to RMB463.7million in the same period last year.

Selling,general and administrative expenses were RMB618.2 million (US$97.5 million),decreased by 0.3% from RMB620.2 million in the same period last year,mainly due to the decrease of share-based compensation expense.

Other operating income,net was RMB115.0 million (US$18.1 million),compared to RMB156.6 million in the same period last year,and consisted mainly of (i) RMB68.3 million (US$10.8 million) of VAT super deduction and (ii) government subsidies and tax rebates of RMB49.9 million (US$7.9 million).

Income from operations was RMB1,116.3 million (US$176.1 million),an increase of 76.4% from RMB632.9 million for the same period last year. Operating margin rate increased to 14.1% from 9.8% in the same period last year.

Interest income was RMB111.1 million (US$17.5 million),compared with RMB75.5 million in the same period last year.

Interest expenses was RMB59.6 million (US$9.4 million),compared with RMB15.6 million in the same period last year.

Loss from fair value changes of financial instruments was RMB0.9 million (US$0.1 million),compared with a gain of RMB15.8 million in the same period last year,which reflected fair value changes determined by selling banks according to market-based estimations of the redemption prices of the financial instruments.

Income tax expenses were RMB255.2 million (US$40.3 million) compared to RMB149.6 million in the same period last year. Overall income tax rate increased by 2.9 percentage points this quarter compared to same period last year as a result of higher mix of taxable income generated by local operating entities which are subject to the full 25% tax rate compared than the 15% preferential rate granted to one of our headquarter entities for its High and New Technology Enterprise qualification.

Net income was RMB875.5 million (US$138.1 million),which increased by 64.1% from RMB533.5 million in the same period last year.

Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB1.12 (US$0.18),compared to basic and diluted earnings perADS of RMB0.64 in the same period last year.

Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB1.34 (US$0.21),compared with RMB0.94 in the sameperiod last year.

Adjusted net income was RMB1,compared with RMB781.6 million during the same period last year.

EBITDA[1]was RMB1,823.1 million (US$287.6 million),compared with RMB1,220.1 million in the same period last year.

Adjusted EBITDA was RMB2,compared to RMB1,468.1 million in the same period last year.

Net cash provided by operating activities was RMB1,compared with RMB477.0 million in the same period last year.

[1] EBITDA is a non-GAAP financial measure,interest expenses and income tax expenses which management aims to better represent the underlying business operations.

Business Outlook

Taking into account the current market conditions and the uncertainties associated with COVID-19,the Company revises its annual parcel volume projection to be in the range of 24.96 billion to 25.86 billion,representing a 12% to 16% increase year over year. Relative to the entire industry performance,the Company is confident to achieve one percentage point or more increase in its market share for the entire year. These estimates represent management's current and preliminary view,which are subject to change.

Company Share Purchase

On November 14,2018,the Company announced a share repurchase program whereby ZTO was authorized to repurchase its own Class A ordinary shares in the form of ADSs with an aggregate value of up to US$500 million during an 18-month period thereafter. On March 13,2021,the board of directors of the Company approved the extension of the active share repurchase program to June 30,2021. On March 31,the board of directors has approved changes to the share repurchase program,increasing the aggregate value of shares that may be repurchased from US$500 million to US$1 billion and extending the effective time by two years through June 30,2023. The Company expects to fund the repurchases out of its existing cash balance. As of March 31,the Company has purchased an aggregate of 36,074,242ADSs at an average purchase price of US$25.21,including repurchase commissions.

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 RMB6.3393 to US$1.00,the noon buying rate on March 31,2022 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,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 EBITDA,adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share help identify underlying trends in ZTO's business that could otherwise be distorted by the effect of the expenses and gains that the Company includes in income from operations and net income. The Company believes that EBITDA,adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share 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 net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share 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 net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share 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 8:30 PM U.S. Eastern Time on Wednesday,May 25,2022 (8:30 AM Beijing Time on May 26,2022).

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

United States:

1-888-317-6003

Hong Kong:

852-5808-1995

Mainland China:

4001-206-115

Singapore:

800-120-5863

International:

1-412-317-6061

Passcode:

2110139

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 June 1,2022:

United States:

1-877-344-7529

International:

1-412-317-0088

Passcode:

4204306

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 news release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933,as amended,and Section 21E of the Securities Exchange Act of 1934,and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to the Company's unaudited results for the firstquarter of 2022,ZTO management quotes and the Company's financial outlook.

These forward-looking statements are not historical facts but instead represent only the Company's belief regarding expected results and events,many of which,by their nature,are inherently uncertain and outside of its control. The Company's actual results and other circumstances may differ,possibly materially,from the anticipated results and events indicated in these forward-looking statements. Announced results for the firstquarter of 2022 are preliminary,unaudited and subject to audit adjustment. In addition,the Company may not meet its financial outlook included in this news release and may be unable to grow its business in the manner planned. The Company may also modify its strategy for growth. In addition,there are other risks and uncertainties that could cause the Company's actual results to differ from what it currently anticipates,including those relating 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. For additional information on these and other important factors that could adversely affect the Company's business,financial condition,results of operations,and prospects,please see its filings with the U.S. Securities and Exchange Commission.

All information provided in this press release and in the attachments is as of the date of the press release. The Company undertakes no obligation to update any forward-looking statement,whether as a result of new information,future events or otherwise,after the date of this release,except as required by law. Such information speaks only as of the date of this release.

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL DATA

Summary of Unaudited Condensed Consolidated Comprehensive Income Data:

Three MonthsEnded March 31,

2021

2022

RMB

RMB

US$

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

Revenues

6,537

7,833

Cost of revenues

(5,004)

(6,571)

(991,367)

Gross profit

1,096,533

1,619,479

255,466

Operating income (expenses):

Selling,general and administrative

(620,224)

(618,199)

(97,518)

Other operating income,net

156,571

114,978

18,137

Total operating expenses

(463,653)

(503,221)

(79,381)

Income from operations

632,880

1,116,258

176,085

Other income (expenses):

Interest income

75,482

111,098

17,525

Interest expense

(15,582)

(59,635)

(9,407)

Gain/(loss) from fair value changes of financial instruments

15,799

(881)

(139)

Foreign currency exchange loss,before tax

(333)

(12,865)

(2,029)

Income before income tax,and share of loss in equity method investments

708,246

1,153,975

182,035

Income tax expense

(149,638)

(255,219)

(40,260)

Share of loss in equity method investments

(25,082)

(23,232)

(3,665)

Net income

533,526

875,524

138,110

Netloss attributable to noncontrolling interests

99

30,746

4,850

Net income attributable to ZTO Express (Cayman) Inc.

533,625

906,270

142,960

Net income attributable to ordinary shareholders

533,960

Net earnings per share attributed to ordinary shareholders

Basic

0.64

1.12

0.18

Diluted

0.64

1.12

0.18

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

Basic

828,504,517

808,690,979

808,979

Diluted

828,979

Other comprehensive loss,net of tax of nil:

Foreign currency translation adjustment

17,911

(12,185)

(1,922)

Comprehensive income

551,437

863,339

136,188

Comprehensiveloss attributable to noncontrolling interests

99

30,850

Comprehensive income attributable to ZTO Express (Cayman) Inc.

551,536

894,085

141,038

Unaudited Condensed Consolidated Balance Sheets Data:

As of

December 31,

March 31,except for share data)

ASSETS

Current assets:

Cash and cash equivalents

9,721,225

9,900,970

1,561,840

Restricted cash

27,736

204,060

32,190

Accounts receivable,net

933,444

863,429

136,203

Financing receivables

1,111,461

896,061

141,350

Short-term investment

2,845,319

4,002,264

631,342

Inventories

82,961

59,196

9,338

Advances to suppliers

667,855

823,308

129,874

Prepayments and other current assets

3,142,368

3,146,379

496,329

Amounts due from related parties

133,990

139,995

22,084

Total current assets

18,666,359

20,035,662

3,160,550

Investments in equity investee

3,730,448

3,746,786

591,041

Property and equipment,net

24,929,897

25,814,040

4,072,065

Land use rights,net

5,335,549

5,348,923

843,772

Intangible assets,net

35,634

34,085

5,377

Operating lease right-of-use assets

897,238

852,052

134,408

Goodwill

4,241,541

4,541

669,087

Deferred tax assets

934,848

970,595

153,108

Long-term investment

1,214,500

1,514,500

238,907

Long-term financing receivables

1,412,956

1,453,396

229,268

Other non-current assets

762,273

714,415

112,696

Amounts due from related parties-non current

611,100

621,360

98,012

TOTAL ASSETS

62,772,343

65,347,355

10,308,291

LIABILITIES AND EQUITY

Current liabilities

Short-term bank borrowing

3,458,717

6,053,930

954,984

Accounts payable

1,957,529

1,718,187

271,037

Notes payable

174,920

45,000

7,099

Advances from customers

1,226,549

1,194,604

188,444

Income tax payable

86,789

-

-

Amounts due to related parties

22,786

38,107

Operating lease Liabilities

250,995

236,106

37,245

Acquisition consideration payable

22,942

22,942

3,619

Dividends payable

708

1,283,990

202,544

Other current liabilities

5,794,380

5,287,150

834,027

Total current liabilities

12,996,315

15,626

2,505,106

Non-current operating lease Liabilities

556,091

539,250

85,065

Deferred tax liabilities

292,356

285,825

45,088

TOTAL LIABILITIES

13,844,762

16,705,701

2,635,259

Shareholders' equity

Ordinary shares (US$0.0001 par value; 10,000,000 shares authorized,826,943,309

shares issued and 808,448,289shares outstanding as of December 31,2021; 826,309

shares issued and 809,733,116 shares outstanding as of March 31,2022)

535

535

84

Additional paid-in capital

28,229,026

27,093,665

4,273,921

Treasury shares,at cost

(2,067,009)

(2,020,403)

(318,711)

Retained earnings

22,716,799

23,596,326

3,722,229

Accumulated other comprehensive loss

(242,104)

(254,289)

(40,113)

ZTO Express (Cayman) Inc. shareholders' equity

48,637,247

48,415,834

7,410

Noncontrolling interests

290,334

225,820

35,622

Total Equity

48,927,581

48,641,654

7,673,032

TOTAL LIABILITIES AND EQUITY

62,291

Summary of Unaudited Condensed Consolidated Cash Flow Data:

Three Months Ended March 31,

2021

2022

RMB

RMB

US$

(in thousands)

Net cash provided by operating activities

476,952

1,105,395

174,372

Net cash used in investing activities

(4,371,990)

(3,314,751)

(522,889)

Net cash provided by financing activities

993,968

2,580,645

407,087

Effect of exchange rate changes on cash,cash equivalents and restricted cash

33,268

(20,822)

(3,285)

Net (decrease)/ increase in cash,cash equivalents and restricted cash

(2,867,802)

350,467

55,285

Cash,cash equivalents and restricted cash at beginning of period

14,360,092

9,769,361

1,541,079

Net increase in cash,cash equivalents and restricted cash

11,492,290

10,119,828

1,364

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

March 31,

2021

2022

RMB

RMB

US$

(in thousands)

Cash and cash equivalents

11,124

9,840

Restricted cash,current

404,048

204,190

Restricted cash,non-current

14,118

14,798

2,335

Total cash,cash equivalents and restricted cash

11,364

Reconciliations of GAAP and Non-GAAP Results

Three Months Ended March 31,except for share and per share data)

Net income

533,110

Add:

Share-based compensation expense (1)

248,027

178,980

28,233

Adjusted net income

781,553

1,054,504

166,343

Net income

533,110

Add:

Depreciation

495,708

601,643

94,907

Amortization

25,651

31,054

4,899

Interest expenses

15,582

59,635

9,407

Income tax expenses

149,638

255,219

40,260

EBITDA

1,105

1,823,075

287,583

Add:

Share-based compensation expense

248,233

Adjusted EBITDA

1,468,132

2,055

315,816

(1) Net of income taxes of nil

Reconciliations of GAAP and Non-GAAP Results

Three Months Ended March 31,except for share and per share data)

Net income attributable to ordinary shareholders

533,960

Add:

Share-based compensation expense(1)

248,233

Adjusted Net income attributable to ordinary shareholders

781,652

1,085,250

171,193

Weighted average shares used in

calculating net earnings per ordinary share/ADS

Basic

828,979

Diluted

828,979

Net earnings per share/ADS attributable to ordinary shareholders

Basic

0.64

1.12

0.18

Diluted

0.64

1.12

0.18

Adjusted net earnings per share/ADS attributable to ordinary shareholders

Basic

0.94

1.34

0.21

Diluted

0.94

1.34

0.21

(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