美國馬里蘭州羅克維爾市和中國蘇州2026年3月18日 /美通社/ -- 致力於在腫瘤等領域開發創新藥物的領先的生物醫藥企業——亞盛醫藥（納斯達克代碼：AAPG；香港聯交所代碼：6855）宣佈，公司共有四項臨床前研究進展入選2026年美國癌症研究協會（AACR）年會。此次會議將於2026年4月17日至22日在美國聖地亞哥舉行。

本次將要展示的數據涉及公司三個品種，包括：原創1類新藥BCR-ABL抑制劑奧雷巴替尼（商品名：耐立克^®；研發代號：HQP1351）、FAK/ALK/ROS1三聯酪氨酸激酶抑制劑APG-2449、以及PRC2/EED抑制劑APG-5918。

AACR年會是推動抗腫瘤事業發展的重要平台，科學家、臨床醫生、醫療工作者、癌症倖存者、患者及倡導者每年齊聚一堂，分享和探討抗腫瘤最新突破。從群體科學與預防，到癌症生物學、轉化醫學與臨床研究，再到倖存者關懷與權益倡導，AACR年會全方位展示了前沿的癌症科學與醫學成果。

亞盛醫藥四項臨床前研究摘要如下：

Multitarget kinase inhibitor olverembatinib (HQP1351) is efficacious and synergizes with chemotherapy in preclinical models of endometrial carcinoma (EC)
多靶點激酶抑制劑奧雷巴替尼（HQP1351）在子宮內膜癌（EC）臨床前模型中具有顯著療效，且與化療聯合時可產生協同增效作用

• 摘要編號：4583
• 分會場類別：實驗與分子治療
• 分會場標題：抗腫瘤藥物2
• 展示時間：

（美國當地時間）2026年4月21日，週二，早上9:00-12:00
（北京時間）2026年4月22日，週三，凌晨0:00-3:00

Multikinase inhibitor olverembatinib (HQP1351) is efficacious and synergizes with BTK inhibitor acalabrutinib in mantle cell lymphoma (MCL) preclinical models
多激酶抑制劑奧雷巴替尼（HQP1351）在套細胞淋巴瘤（MCL）臨床前模型中具有抗腫瘤療效，並與BTK抑制劑阿可替尼存在協同作用

• 摘要編號：5875
• 分會場類別：實驗與分子治療
• 分會場標題：酪氨酸激酶、磷酸酶及其他抑制劑
• 展示時間：

（美國當地時間）2026年4月21日，週二，下午2:00-5:00
（北京時間）2026年4月22日，週三，上午5:00-8:00

FAK inhibition by APG-2449 enhances the antitumor activity of MAPK pathway blockade in BRAF V600E-mutant tumor models
在BRAF V600E突變腫瘤模型中，APG-2449通過抑制FAK活性增強MAPK通路阻斷的抗腫瘤作用

• 摘要編號：1858
• 分會場類別：實驗與分子治療
• 分會場標題：靶向藥耐藥1：細胞凋亡與自噬
• 展示時間：

（美國當地時間）2026年4月20日，週一，早上9:00-12:00
（北京時間）2026年4月21日，週二，凌晨0:00-3:00

Embryonic ectoderm development (EED) inhibitor APG-5918 synergizes with topoisomerase I inhibitors in preclinical small-cell lung cancer (SCLC) models through epigenetic priming of chemosensitivity
胚胎外胚層發育蛋白（EED）抑制劑APG-5918通過表觀遺傳調控增強化療敏感性，在小細胞肺癌（SCLC）臨床前模型中與拓撲異構酶I抑制劑產生顯著協同抗腫瘤效應

• 摘要編號：4500
• 分會場類別：實驗與分子治療
• 分會場標題：表觀遺傳調控藥物1
• 展示時間：

（美國當地時間）2026年4月21日，週二，上午9:00-12:00
（北京時間）2026年4月22日，週三，凌晨0:00-3:00

關於亞盛醫藥

亞盛醫藥是一家綜合性的全球生物醫藥企業，致力於研發創新藥，以解決腫瘤等領域全球患者尚未滿足的臨床需求。2019年10月28日，公司在香港聯交所主板掛牌上市，股票代碼：6855.HK；2025年1月24日，公司在美國納斯達克證券交易所掛牌上市，股票代碼：AAPG。

亞盛醫藥已建立豐富的創新藥產品管線，包括抑制Bcl-2和 MDM2-p53 等細胞凋亡通路關鍵蛋白的抑制劑；新一代針對癌症治療中出現的激酶突變體的抑制劑等。

公司核心品種耐立克^®是中國首個獲批上市的第三代BCR-ABL抑制劑，且獲批適應症均被成功納入國家醫保藥品目錄，目前，亞盛醫藥正在開展耐立克^®一項獲美國FDA許可的全球註冊III期臨床研究（POLARIS-2），用於治療既往接受過治療的慢性髓細胞白血病慢性期（CML-CP）成年患者。此外，耐立克^®聯合治療新診斷費城染色體陽性急性淋巴細胞白血病（Ph+ ALL）患者和治療琥珀酸脫氫酶（SDH）缺陷型胃腸道間質瘤（GIST）患者的全球註冊III期研究正在開展中。

公司另一重磅品種利生妥^®是中國首個獲批上市的國產原創Bcl-2抑制劑，已獲批用於既往經過至少包含布魯頓酪氨酸激酶（BTK）抑制劑在內的一種系統治療的成人慢性淋巴細胞白血病/小淋巴細胞淋巴瘤（CLL/SLL）患者。目前，亞盛醫藥正在開展利生妥^®四項全球註冊III期臨床研究，分別為獲美國FDA許可的治療經治CLL/SLL患者的GLORA研究；治療初治CLL/SLL患者的GLORA-2研究；治療新診斷老年或體弱急性髓系白血病（AML）的GLORA-3研究；以及獲美國FDA、歐洲EMA與中國CDE同步批准開展的治療新診斷中高危骨髓增生異常綜合征（MDS）患者的GLORA-4研究。

截至目前，公司4個在研新藥共獲16項FDA和1項歐盟孤兒藥資格認定，2項FDA快速通道資格以及2項FDA兒童罕見病資格認證。憑借強大的研發能力，亞盛醫藥已在全球範圍內進行知識產權佈局，並與武田、默沙東、阿斯利康、輝瑞、信達等領先的生物製藥公司，以及梅奧醫學中心（Mayo Clinic）、丹娜法伯癌症研究院（Dana-Farber Cancer Institute）、美國國家癌症研究所（NCI）和密西根大學等學術機構達成全球合作關係。

亞盛醫藥已在原創新藥研發與臨床開發領域建立經驗豐富的國際化人才團隊，以及成熟的商業化生產與市場營銷團隊。亞盛醫藥將不斷提高研發能力，加速推進公司產品管線的臨床開發進度，真正踐行「解決中國乃至全球患者尚未滿足的臨床需求」的使命，以造福更多患者。

前瞻性聲明

本新聞稿包含根據美國《1995年私人證券訴訟改革法案》，以及經修訂的《1933年證券法》第27A條和《1934年證券交易法》第21E條所界定的前瞻性陳述。除歷史事實陳述外，本新聞稿中的所有內容均可能構成前瞻性陳述，包括亞盛醫藥對未來事件、經營成果或財務狀況所發表的意見、預期、信念、計劃、目標、假設或預測。

這些前瞻性陳述受到諸多風險和不確定性的影響，具體內容已在亞盛醫藥向美國證券交易委員會（SEC）提交的文件中詳細說明，包括2025年1月21日提交的經修訂的F-1表格註冊說明書和2025年4月16日提交的20-F表格中的「風險因素」和「關於前瞻性陳述及行業數據的特別說明」章節、2019年10月16日提交的首次發行上市招股書中的「前瞻性聲明」、「風險因素」章節，以及我們不時向SEC或HKEX提交的其他文件。這些因素可能導致實際業績、運營水平、經營成果或成就與前瞻性陳述中明示或暗示的信息存在重大差異。本前瞻性聲明中的陳述不構成公司管理層的利潤預測。

因此，該等前瞻性陳述不應被視為對未來事件的預測。本新聞稿中的前瞻性陳述僅基於亞盛醫藥當前對未來發展及其潛在影響的預期和判斷，且僅代表截至陳述發表之日的觀點。無論出現新信息、未來事件或其他情況，亞盛醫藥均無義務更新或修訂任何前瞻性陳述。

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 Authorized

SHANGHAI, March 18, 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 Highlights

• Revenues 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 Highlights

• Revenues 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 2025

• Parcel 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.

 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."

Total 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.

Total 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.

Total 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.

Total 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(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, (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(菜鳥智慧物流網絡有限公司) upon a tender offer repurchase, and (ii) RMB451.5 million of the investment in Zhejiang Yizhan Network Technology Co., Ltd.(浙江驛棧網絡科技有限公司), 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 Developments

Convertible Senior Notes

In 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 Dividend

The 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 Authorization

Completion 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 Plan

Since 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 Changes

Mr. 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 Outlook

Based 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 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 RMB6.9931 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 Measures

The 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 Information

ZTO'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:

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 March 24, 2026:

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.

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:

For investor and media inquiries, please contact:
ZTO Express (Cayman) Inc.
Investor Relations
E-mail: [email protected]
Phone: +86 21 5980 4508

全年調整後淨利潤達人民幣95億元
公佈每股0.39美元半年度股息
授權15億美元新股份回購計劃

上海2026年3月18日 /美通社/ -- 中通快遞（開曼）有限公司（紐交所代碼：ZTO 及香港聯交所代號：2057），中國領先且快速成長的快遞服務公司（「中通」或「本公司」），今日公佈其截至2025年12月31日^[1]止第四季度及財年的未經審計財務業績。2025年全年，本公司實現包裹量同比增長45億件或13.3%，同時保持優質服務及客戶滿意度。調整後淨利潤^[2]達人民幣95億元。經營活動產生的現金流量淨額為人民幣11,968.4百萬元。

2025年第四季度財務摘要

• 收入為人民幣14,510.7百萬元（2,075.0百萬美元），較2024年的人民幣12,919.7百萬元同期增長12.3%。
• 毛利為人民幣3,681.9百萬元（526.5百萬美元），較2024年的人民幣3,759.7百萬元同期減少2.1%。
• 淨利潤為人民幣2,693.2百萬元（385.1百萬美元），較2024年的人民幣2,446.8百萬元同期增長10.1%。
• 調整後息稅折攤前收益^[3]為人民幣4,241.5百萬元（606.5百萬美元），較2024年的人民幣4,615.3百萬元同期減少8.1%。
• 調整後淨利潤^[2]為人民幣2,694.5百萬元（385.3百萬美元），較2024年的人民幣2,733.3百萬元同期減少1.4%。
• 每股美國存託股（「ADS」^[4]）基本及攤薄淨收益分別為人民幣3.31 元（0.47美元）及人民幣3.31元（0.47美元），較2024年同期的人民幣2.97元及人民幣2.89元分別增長11.4%及14.5%。
• 歸屬於普通股股東^[5]的調整後每股美國存託股基本及攤薄收益分別為人民幣3.31元（0.47美元）及人民幣3.31元（0.47美元），較2024年同期的人民幣3.32元及人民幣3.24元分別減少0.3%及增長2.2%。
• 經營活動產生的現金流量淨額為人民幣4,226.3百萬元（604.3百萬美元），而2024年同期則為人民幣2,806.3百萬元。

2025財年財務摘要

• 收入為人民幣49,098.7百萬元（7,021.0百萬美元），較2024年的人民幣44,280.7百萬元增長10.9%。
• 毛利為人民幣12,271.4百萬元（1,754.8百萬美元），較2024年的人民幣13,717.1百萬元減少10.5%。
• 淨利潤為人民幣9,235.7百萬元（1,320.7百萬美元），較2024年的人民幣8,887.6百萬元增長3.9%。
• 調整後息稅折攤前收益^[3]為人民幣15,045.6百萬元（2,151.5百萬美元），較2024年的人民幣16,354.9百萬元減少8.0%。
• 調整後淨利潤^[2]為人民幣9,512.7百萬元（1,360.3百萬美元），較2024年的人民幣10,150.4百萬元減少6.3%。
• 每股美國存託股（「ADS」^[4]）基本及攤薄淨收益分別為人民幣11.38元（1.63美元）及人民幣11.19元（1.60美元），較2024年的人民幣10.95元及人民幣10.70元分別增長3.9%及4.6%。
• 歸屬於普通股股東^[5]的調整後每股美國存託股基本及攤薄淨收益分別為人民幣11.73元（1.68美元）及人民幣11.52元（1.65美元），較2024年的人民幣12.52元及人民幣12.20元分別減少6.3%及5.6%。
• 經營活動產生的現金流量淨額為人民幣11,968.4百萬元（1,711.5百萬美元），而2024年則為人民幣11,429.4百萬元。

2025 年第四季度經營摘要

• 包裹量為10,558百萬件，較2024年同期的9,665百萬件增長9.2%。
• 截至2025年12月31日，攬件／派件網點數量為31,000餘個。
• 截至2025年12月31日，直接網絡合作夥伴數量為6,000餘個。
• 截至2025年12月 31日，自有幹線車輛數量為10,000餘輛。
• 截至2025年12月31日，在10,000餘輛自有卡車中，9,700餘輛為長度15至17米的高運力車型。
• 截至2025年12月31日，分揀中心之間的幹線路線數量約為3,800條。
• 截至2025年12月31日，分揀中心數量為93個，其中88個由本公司運營，5個由本公司的網絡合作夥伴運營。

中通創始人、董事長兼首席執行官賴梅松先生表示：「第四季度，反內卷政策持續顯效，快遞行業極端低價現象得以遏制。中通堅持以服務品質與客戶滿意度為先，業務量增速跑贏行業大盤，達到106億件。調整後淨利潤為27億元，符合預期。此外，全年散件業務量持續攀升，四季度達到日均980萬件，同比增長超過38%。收入多元化的背後，是我們的產品與服務能力正在品質和規模上實現超越傳統快遞的拓展，為整體收入和利潤率帶來積極貢獻。」

賴先生補充道：「一方面，我們欣慰地看到，行業整體正在轉向量質並舉的發展軌道。單純依靠低價驅動的規模增長，既不可持續，也不經濟。對於規模效應顯著的商業模式而言，這一根本性轉變有助於加速行業從慘烈的價格競爭，邁向以能力贏得客戶的新階段，從而進一步促進行業整合。另一方面，我們正處於變革時期，短期內的宏觀環境與微觀條件可能極度波動。然而，可以確定的是，我們的業務與財務基本面依然穩固。我們將堅持以品質為先，致力於鞏固中通的業務量與盈利能力的領先地位。在變革時期，我們將更加關注所有利益相關方的公平分享。正是這種「同建共用」的一貫實踐，才能讓我們贏得這場馬拉松，為所有投資者帶來可持續的回報。」

中通首席財務官顏惠萍女士表示：「四季度中通核心快遞單票收入增長2.9%，主要得益於直客客戶單票價格提升，有效抵消了核心業務其他板塊增量補貼增加帶來的負面影響。得益於持續的降本增效舉措，單票分揀及運輸成本合計下降4分，超出我們的預期。銷售及管理費用剔除SBC後占收入比保持穩定，約為4.4%，去年同期為5.0%。本季度經營性現金流為42億元，資本支出為18億元。」

顏女士補充道：「經董事會批准，公司宣佈了一項股東回報結構優化方案，將現金分紅與股票回購整合為單一計畫。該計畫明確，上一財年調整後淨利潤中將劃撥不低於50%用於股東回報。作為該計畫的一部分，董事會已批准一項未來24個月內的股票回購計畫，回購總額為15億美元。」

收入總額為人民幣14,510.7百萬元（2,075.0百萬美元），較2024年同期的人民幣12,919.7百萬元增長12.3%。核心快遞業務收入較2024年同期增長12.4%，這是包裹量增長9.2%與單票收入增長2.9%綜合作用的結果。由直銷機構產生的直客業務收入增長71.5%，主要受電子商務退貨包裹增加所帶動。貨運代理服務收入較2024年同期增長8.1%。物料銷售收入（主要由銷售用於數字化運單的熱敏紙組成）增長1.6%。其他收入主要來自金融服務。

營業成本總額為人民幣10,828.8百萬元（1,548.5百萬美元），較去年同期的人民幣9,160.0百萬元增長18.2%。

幹線運輸成本為人民幣3,894.5百萬元（556.9百萬美元），較去年同期的人民幣3,913.8百萬元減少0.5%。單票運輸成本減少7.5%或3分，主要得益於更好的規模經濟，以及通過更有效的路線規劃提高了裝載率。

分揀中心運營成本為人民幣2,714.1百萬元（388.1百萬美元），較去年同期的人民幣2,543.7百萬元增長6.7%。該增加主要包括(i)人工相關成本增加人民幣111.4百萬元（15.9百萬美元），部分被自動化帶來的效率提升所抵銷；及(ii)與自動化設施及設備升級相關的折舊及攤銷成本增加人民幣57.8百萬元（8.3 百萬美元）。截至2025年12月31日，投入服務的自動化分揀設備為781套，而截至2024年12月31日則為596套。

物料銷售成本為人民幣157.9百萬元（22.6百萬美元），較去年同期的人民幣196.9百萬元減少19.8%。

其他成本為人民幣3,849.8百萬元（550.5百萬美元），較去年同期的人民幣2,308.5百萬元增長66.8%，其中服務直客客戶的支出增長為人民幣1,500.2百萬元（214.5百萬美元）。

毛利為人民幣3,681.9百萬元（526.5百萬美元），較去年同期的人民幣3,759.7百萬元減少2.1%。毛利率為25.4%，而去年同期則為 29.1%。

營業費用總額為人民幣492.5百萬元（70.4百萬美元），而去年同期則為人民幣306.5百萬元。

銷售、一般及行政費用為人民幣643.9百萬元（92.1百萬美元），較去年同期的人民幣655.8百萬元減少1.8%，主要由於(i)薪酬及福利費用減少人民幣57.6百萬元（8.2百萬美元），及(ii)與行政設施及設備相關的折舊及攤銷成本增加人民幣33.4百萬元（4.8百萬美元）。

其他經營收益淨額為人民幣151.4百萬元（21.6百萬美元），而去年同期則為人民幣349.3百萬元。其他經營收益主要包括(i)租金收入人民幣67.9百萬元（9.7百萬美元），(ii)政府補助及稅費返還人民幣46.5百萬元（6.7百萬美元），及(iii)ADR費用返還人民幣24.1百萬元（3.4百萬美元）。

經營利潤為人民幣3,189.4百萬元（456.1百萬美元），較去年同期的人民幣3,453.2百萬元減少7.6%。經營利潤率為22.0%，而去年同期則為26.7%。

利息收入為人民幣154.7百萬元（22.1百萬美元），而去年同期則為人民幣221.9百萬元。

利息費用為人民幣27.2百萬元（3.9百萬美元），而去年同期則為人民幣71.8百萬元。

金融工具公允價值變動損失為人民幣9.2百萬元（1.3百萬美元），而去年同期則為收益人民幣168.0百萬元。該等金融工具公允價值變動收益或損失由商業銀行根據市場預期的未來贖回價格報價。

所得稅費用為人民幣638.1百萬元（91.3百萬美元），而去年同期則為人民幣1,059.1百萬元。有效所得稅率同比下降10.9個百分點，由於應付中通快遞（香港）有限公司股息的預扣稅計提減少。

淨利潤為人民幣2,693.2百萬元（385.1百萬美元），較去年同期的人民幣2,446.8百萬元增長10.1%，其中反映了對「菜鳥驛站」投資的人民幣258.6百萬元減值損失。

歸屬於普通股股東的每股美國存託股基本及攤薄收益分別為人民幣3.31元（0.47美元）及人民幣3.31元（0.47美元），而去年同期的每股美國存託股基本及攤薄收益分別則為人民幣2.97元及人民幣2.89元。

歸屬於普通股股東的調整後每股美國存託股基本及攤薄收益分別為人民幣3.31元（0.47美元）及人民幣3.31元（0.47美元），而去年同期則分別為人民幣3.32元及人民幣3.24元。

調整後淨利潤為人民幣2,694.5百萬元（385.3百萬美元），而去年同期則為人民幣2,733.3百萬元。

息稅折攤前收益^[1]為人民幣4,240.5百萬元（606.4百萬美元），而去年同期則為人民幣4,328.8百萬元。

調整後息稅折攤前收益為人民幣4,241.5百萬元（606.5百萬美元），而去年同期則為人民幣4,615.3百萬元。

經營活動產生的現金流量淨額為人民幣4,226.3百萬元（604.3百萬美元），而去年同期則為人民幣2,806.3百萬元。

收入總額為人民幣49,098.7百萬元（7,021.0百萬美元），較去年的人民幣44,280.7百萬元增長10.9%。核心快遞業務收入較2024年同期增長 11.3%，這是包裹量增長13.3%與單票收入下降1.7%綜合作用的結果。由直銷機構產生的直客業務收入增長111.8%，主要受電子商務退貨包裹增加所帶動。貨運代理服務收入較2024年同期減少8.7%。物料銷售收入（主要由銷售用於數字化運單的熱敏紙組成）增長6.3%。其他收入主要來自金融服務。

營業成本總額為人民幣36,827.2百萬元（5,266.2百萬美元），較去年的人民幣30,563.6百萬元增長20.5%。

幹線運輸成本為人民幣13,970.5百萬元（1,997.8百萬美元），而去年則為人民幣13,966.4百萬元。單票運輸成本減少12.2%或5分，主要得益於更好的規模經濟，以及通過更有效的路線規劃提高了裝載率。

分揀中心運營成本為人民幣9,837.7百萬元（1,406.8百萬美元），較去年的人民幣9,163.8百萬元增長7.4%。該增加主要包括(i)人工相關成本增加人民幣432.5百萬元（61.8百萬美元），這是工資上漲與自動化帶來的效率提升部分抵銷綜合作用的結果；及(ii)與自動化設施及設備升級相關的折舊及攤銷成本增加人民幣276.6百萬元（39.6百萬美元）。單票分揀中心運營成本減少3.7%或1分，乃由於自動化及操作程序標準化，加上有效的績效考核持續深挖生產力增長。

物料銷售成本為人民幣578.0百萬元（82.6百萬美元），較去年的人民幣651.7百萬元減少11.3%。

其他成本為人民幣11,680.7百萬元（1,670.3百萬美元），較2024年的人民幣5,953.4百萬元增長96.2%，其中包括為服務直客客戶而增加的人民幣5,533.2百萬元（791.2百萬美元）。

毛利為人民幣12,271.4百萬元（1,754.8百萬美元），較去年的人民幣13,717.1百萬元減少10.5%。毛利率為25.0%，而去年則為31.0%。

營業費用總額為人民幣1,796.6百萬元（256.9百萬美元），而去年則為人民幣1,940.2百萬元。

銷售、一般及行政費用為人民幣2,637.6百萬元（377.2百萬美元），較去年的人民幣2,690.0百萬元減少2.0%。該減少主要由於薪酬及福利費用減少人民幣23.5百萬元（3.4百萬美元）。銷售、一般及行政費用佔總收入的百分比由上一年度的6.1%下降至5.4%，反映了公司結構進一步優化。

其他經營收益淨額為人民幣841.0百萬元（120.3百萬美元），而去年則為人民幣749.8百萬元。其他經營收益主要包括(i)政府補助及稅費返還人民幣547.6百萬元（78.3百萬美元），(ii)租金收入人民幣201.7百萬元（28.8百萬美元），及(iii)ADR費用返還人民幣24.1百萬元（3.4百萬美元）。

經營利潤為人民幣10,474.9百萬元（1,497.9百萬美元），較去年的人民幣11,776.9百萬元減少11.1%。經營利潤率為21.3%，而去年則為26.6%。

利息收入為人民幣747.1百萬元（106.8百萬美元），而去年同期則為人民幣993.5百萬元。

利息費用為人民幣248.6百萬元（35.6百萬美元），而去年同期則為人民幣337.9百萬元。

金融工具公允價值變動收益為人民幣126.0百萬元（18.0百萬美元），而去年同期則為收益人民幣202.9百萬元。該等金融工具公允價值變動收益或損失由商業銀行根據市場預期的未來贖回價格報價。

商譽減值為人民幣84.4百萬元（12.1百萬美元），與2017年10月收購中國東方快遞有限公司（China Oriental Express Co., Ltd.）的核心貨運代理業務有關。由於被收購業務的公允價值於2025年第二季度低於其賬面價值，故確認此項非經常性費用。

除稅前外幣匯兌收益為人民幣1.5百萬元（0.2百萬美元），主要由於以外幣計值的銀行存款相對於人民幣的匯率波動。

所得稅費用為人民幣1,905.2百萬元（272.4百萬美元），而去年則為人民幣2,845.4百萬元。整體所得稅率同比下降7.1個百分點，主要由於(i)本公司全資子公司上海中通吉網絡技術有限公司於獲認定為「重點軟件企業」後，於2025年第三季度收到人民幣375.8百萬元（52.8百萬美元）的所得稅退稅，該認定使其2024納稅年度符合10%的優惠稅率條件，(ii)應付中通快遞（香港）有限公司股息的預扣稅計提同比減少人民幣138.3百萬元（19.8百萬美元），及(iii)2024年因權益投資對象減值人民幣931.4百萬元（133.2百萬美元）不可扣稅的影響，該項減值曾顯著提高2024年的有效稅率。

淨利潤為人民幣9,235.7百萬元（1,320.7百萬美元），較去年的人民幣8,887.6百萬元增長3.9%。該增長主要受去年計提的減值準備所帶動，該準備包括 (i)因要約回購而與投資菜鳥智慧物流網絡有限公司相關的人民幣479.9百萬元，及 (ii)因公允價值低於賬面價值而對浙江驛棧網絡科技有限公司投資的人民幣451.5百萬元。

歸屬於普通股股東的每股美國存託股基本及攤薄收益分別為人民幣11.38元（1.63美元）及人民幣11.19元（1.60美元），而去年則分別為人民幣10.95元及人民幣10.70元。

歸屬於普通股股東的調整後每股美國存託股基本及攤薄收益分別為人民幣11.73元（1.68美元）及人民幣11.52元（1.65美元），而去年則分別為人民幣12.52元及人民幣12.20元。

調整後淨利潤為人民幣9,512.7百萬元（1,360.3百萬美元），而去年同期則為人民幣10,150.4百萬元。

息稅折攤前收益^[1]為人民幣14,769.0百萬元（2,111.9百萬美元），而去年同期則為人民幣 15,094.3百萬元。

調整後息稅折攤前收益為人民幣15,045.6百萬元（2,151.5百萬美元），而去年同期則為人民幣16,354.9百萬元。

經營活動產生的現金流量淨額為人民幣11,968.4百萬元（1,711.5百萬美元），而去年則為人民幣11,429.4百萬元。

最近發展

可換股優先債據

2026年2月初，本公司完成了本金總額為15億美元、2031年到期的可換股優先票據（「票據」）的發行。票據年利率為0.925%，每半年付息一次。票據的初始轉換率為每1,000美元本金額的票據可轉換為32.3130股本公司A類普通股。

配合票據發行，本公司與若干交易對手訂立了上限期權交易。上限期權交易的上限價格初始為35.9906美元，並根據上限期權交易的條款進行調整。

在對票據定價的同時，本公司在場外私下協商交易中向票據的若干購買者回購了18,254,400股A類普通股（「同步股份回購」）。同步股份回購旨在協助欲對票據投資進行對沖的票據購買者進行初始對沖。同步股份回購是根據本公司現有的股份回購計劃進行的，該計劃有效期至2026年6月30日。同步股份回購的收購價為2026年2月4日在本公司A類普通股在香港聯交所的收盤價，即每股A類普通股179.10港元。

宣派半年度股息

董事會（「董事會」）已批准向截至2026年4月8日營業時間結束時名列名冊的普通股持有人及ADS持有人，派發截至2025年12月31日止六個月的現金股息，金額為每股ADS及普通股0.39美元。該股息支付代表40%的股息分派率。對於A類及B類普通股持有人，為符合獲得股息的資格，所有有效的股份過戶文件連同相關股票，最遲須於2026年4月8日下午4時30分（香港時間）前送交本公司的香港證券登記分處香港中央證券登記有限公司進行登記，地址為香港灣仔皇后大道東183號合和中心17樓1712-1716號舖。A類及B類普通股持有人的派付日期預計為2026年4月22日，ADS持有人的派付日期預計為2026年4月29日。

股份回購更新及新授權

完成現有股份回購計劃

董事會最初於2018年11月批准其股份回購計劃。經過隨後的修訂，該計劃的總授權金額增至20億美元，有效期至2026年6月30日（「現有股份回購計劃」）。截至2025年12月31日，本公司已在公開市場累計回購59,839,819股ADS，總金額為1,397.65百萬美元（包括佣金）。截至2026年2月28日，計及同步股份回購，本公司的總回購量達到85,467,295股A類普通股（包括以ADS 形式持有的股份）。20億美元的現有股份回購計劃已基本完成。

採納新股份回購計劃

於2026年3月17日，董事會批准了一項新的股份回購計劃（「新計劃」），授權在未來24個月內回購總額不超過15.0億美元的股份，自2026年3月20日起生效，至2028年3月20日止。新計劃須待股東在公司即將舉行的股東周年大會上授予一般無條件授權後方可作實。根據新計劃，回購可不時通過公開市場交易或其他法律允許的方式進行，具體視乎市場情況並根據經修訂的1934年美國證券交易法第10b5-1條及/或第10b-18條以及香港聯交所上市規則進行。本公司預計利用其現有現金餘額為這些回購提供資金。

增強股東回報計劃

自2024年3月起，本公司一直維持每半年派發一次股息的政策，分派率不低於去年調整後淨利潤的40%，或由董事會另行授權。為優化資本分配並進一步與股東利益保持一致，董事會已批准一項增強回報機制。從2026年起，本公司目標年度股東回報總額比例不低於上一財年調整後淨利潤的50%，包括現金股息及股份回購。該等回報的具體組合、時間及執行將在董事會指示和授權下，綜合考慮本公司股價、經營業績及現金儲備等因素後確定，以確保回報的平衡與可持續性。

董事會及委員會變更

魏臻先生由於計劃投入更多時間於其他專業事務，已辭任本公司獨立非執行董事，以及董事會薪酬委員會主席兼成員、提名及公司治理委員會成員，自 2026年3月18日起生效。本公司對魏先生的貢獻表示誠摯謝意，並祝願他未來工作順利。

董事會已委任 (i) Herman Yu先生為提名及公司治理委員會成員，(ii) 黃沁先生為提名及公司治理委員會主席，及 (iii) 謝芳女士為薪酬委員會主席。該等變更將於2026年3月18日起生效。

前景展望

根據目前的市場和運營情況，本公司2026年包裹量預期將在423.7億至435.2億之間，同比增長10%至13% 。該等估計代表管理層目前的初步看法，可能會發生變化。

匯率

為方便讀者閱讀，本公告將若干人民幣金額按唯一指定匯率轉換為美元。除非另有所指，所有人民幣兌換為美元的換算乃按人民幣6.9931元兌1.00美元的匯率作出（即美國聯邦儲備系統管理委員會H.10統計數據所載2025年12月31日之中午買入匯率）。

採用非公認會計準則財務指標

本公司使用息稅折攤前收益、調整後息稅折攤前收益、調整後淨利潤、歸屬於普通股股東的調整後淨利潤及歸屬於普通股股東的調整後每股美國存託股基本及攤薄收益（均為非公認會計準則財務指標）來評估中通的經營業績，並用於財務及經營決策。

本公司的非公認會計準則財務指標與其美國公認會計準則財務指標之間的調節表列示於本盈利發佈末的表格，該表格提供有關非公認會計準則財務指標的更多詳情。

本公司認為，該等非公認會計準則指標有助於識別中通業務的基本趨勢，避免其因本公司在經營利潤及淨利潤中計入的相關費用和利得而失真，并提供了關於其經營業績的有用資料，增強對其過往表現及未來前景的整體理解，並有助於更清晰地瞭解本公司管理層在財務和運營決策中所使用的核心指標。

息稅折攤前收益、調整後息稅折攤前收益、調整後淨利潤、歸屬於普通股股東的調整後淨利潤及歸屬於普通股股東的調整後每股美國存託股基本及攤薄收益不應獨立於淨利潤或其他業績指標考慮，亦不可詮釋為淨利潤或其他業績指標的替代項目，或詮釋為本公司經營表現的指標。中通鼓勵投資者將過往的非公認會計準則財務指標與最直接可比的公認會計準則指標進行比較。本文所列的息稅折攤前收益、調整後息稅折攤前收益、調整後淨利潤、歸屬於普通股股東的調整後淨利潤及歸屬於普通股股東的調整後每股美國存託股基本及攤薄收益可能無法與其他公司列示的名稱類似的指標相比較。其他公司可能會以不同的方式計算類似名稱的指標，從而限制了其作為中通數據的比較指標的有用性。中通鼓勵投資者及其他人士全面審閱本公司的財務資料，而非依賴單一的財務指標。

電話會議資料

中通的管理團隊將於美國東部時間2026年3月17日（星期二）下午八時三十分（北京時間2026年3月18日上午八時三十分）舉行業績電話會議。

業績電話會議的撥號詳情如下：