ZTO EXPRESS-W 02057·

Gross margin 33.27%--30.47%2.80%29.95%0.53%----21.67%--25.55%3.88%30.36%4.80%30.98%0.62%24.99%5.98% Net margin 24.19%--24.93%0.74%25.65%0.73%----15.46%--18.82%3.36%22.79%3.96%20.07%2.72%18.81%1.26% ROE 14.74%--12.81%1.93%14.81%2.00%----9.78%--12.60%2.83%14.63%2.03%14.21%0.42%13.68%0.53% ROA 12.23%--11.06%1.17%12.36%1.30%----7.49%--8.48%0.99%9.90%1.42%9.62%0.27%10.15%0.52% Revenue growth ----34.80%--25.59%9.20%--------16.35%--8.60%7.75%15.26%6.66%10.88%4.38% Attributable profit growth ----38.72%--29.46%9.26%--------43.20%--28.49%14.71%0.78%27.72%2.99%2.22% Debt-to-assets 16.98%--13.64%3.34%16.32%2.67%----22.06%--30.63%8.57%31.86%1.23%32.13%0.27%26.24%5.88% Current ratio 2.99--4.131.143.011.12----1.44--1.490.061.340.151.070.271.490.41 Operating cash flow / net profit 1.15--1.000.151.110.11----1.54--1.720.191.530.201.290.241.300.01 Operating cash flow / revenue 27.80%--25.02%2.78%28.51%3.50%----23.75%--32.45%8.70%34.78%2.33%25.81%8.97%24.38%1.44%

Gross margin 24.79%--25.04%0.25% Net margin 17.62%--18.81%1.19% Revenue growth ----22.48%-- Attributable profit growth ----31.48%-- Debt-to-assets ----35.45%-- Current ratio ----1.67-- Operating cash flow / net profit 1.13--1.400.27 Operating cash flow / revenue 19.94%--26.42%6.48%

Revenue 13.06B--17.60B34.80%22.11B25.59%----30.41B--35.38B16.35%38.42B8.60%44.28B15.26%49.10B10.88% Other income and gains 183.37M--178.06M2.90%387.89M117.85%----789.50M--774.58M1.89%770.65M0.51%749.78M2.71%840.98M12.16% Cost of sales 8.71B--12.24B40.45%15.49B26.55%------------------------ Gross profit 4.35B--5.36B23.46%6.62B23.42%----6.59B--9.04B37.18%11.66B29.02%13.72B17.62%12.27B10.54% Selling and distribution expenses ----------------1.88B--2.08B10.74%2.43B16.75%2.69B10.92%2.64B1.95% Administrative expenses 780.52M--1.21B55.12%1.55B27.71%------------------------ Net finance costs ----------------126.50M--190.52M50.61%289.53M51.97%337.92M16.71%248.61M26.43% Income tax 646.36M--929.13M43.75%1.08B16.05%----1.01B--1.63B62.45%1.94B18.69%2.85B46.77%1.91B33.04% Operating profit 3.75B--4.33B15.57%5.46B26.10%----5.50B--7.74B40.59%10.01B29.36%11.78B17.68%10.47B11.06% Share of associates and JVs -15.68M---19.39M23.62%-7.56M61.02%------------------------ Profit before tax 3.82B--5.34B39.66%6.76B26.62%----5.71B--8.29B45.31%10.69B28.95%11.73B9.72%11.14B5.05% Net profit 3.16B--4.39B38.91%5.67B29.25%----4.70B--6.66B41.64%8.75B31.47%8.89B1.52%9.24B3.92% Net profit attributable to owners 3.16B--4.38B38.72%5.67B29.46%----4.75B--6.81B43.20%8.75B28.49%8.82B0.78%9.08B2.99%

Revenue 22.72B--27.83B22.48% Other income and gains 177.04M--607.94M243.40% Cost of sales 17.09B--20.86B22.08% Gross profit 5.63B--6.97B23.69% Selling and distribution expenses 1.37B--1.36B0.82% Net finance costs 120.90M--166.99M38.12% Income tax 1.11B--810.82M26.76% Operating profit 5.77B--4.88B15.46% Share of associates and JVs 29.89M--708.00K97.63% Profit before tax 5.08B--6.04B18.95% Net profit 4.00B--5.23B30.73% Net profit attributable to owners 3.93B--5.17B31.48%

Cash and cash equivalents 5.43B--4.62B14.79%5.27B14.01%----9.72B--11.69B20.28%12.33B5.48%13.47B9.17%10.01B25.65% Trade and bills receivables 287.83M--597.00M107.41%675.57M13.16%----933.44M--818.97M12.26%572.56M30.09%1.50B162.63%1.29B14.38% Inventories 34.23M--43.81M27.99%43.84M0.07%----82.96M--40.54M51.14%28.07M30.74%38.57M37.38%40.65M5.39% Total current assets 12.38B--21.23B71.55%20.10B5.35%----18.67B--24.48B31.12%26.95B10.13%30.35B12.61%33.96B11.90% Total assets 25.83B--39.68B53.64%45.89B15.64%----62.77B--78.52B25.09%88.47B12.66%92.34B4.38%91.02B1.43% Total current liabilities 4.15B--5.14B24.01%6.68B29.94%----13.00B--16.41B26.23%20.06B22.28%28.27B40.94%22.87B19.11% Total liabilities 4.39B--5.41B23.41%7.49B38.31%----13.84B--24.05B73.72%28.18B17.19%29.67B5.25%23.89B19.48% Equity attributable to owners 21.44B--34.22B59.63%38.30B11.94%----48.64B--54.03B11.08%59.80B10.69%62.06B3.78%66.38B6.96% Total equity 21.44B--34.27B59.83%38.40B12.06%----48.93B--54.47B11.33%60.28B10.66%62.67B3.97%67.14B7.12%

Cash and cash equivalents ----9.91B-- Trade and bills receivables ----1.63B-- Inventories ----31.00M-- Total current assets ----40.08B-- Total assets ----98.74B-- Total current liabilities ----23.97B-- Total liabilities ----35.01B-- Equity attributable to owners ----63.65B-- Total equity ----63.74B--

Net cash from operating activities 3.63B--4.40B21.30%6.30B43.15%----7.22B--11.48B58.99%13.36B16.39%11.43B14.46%11.97B4.72% Net cash from investing activities -8.29B---12.87B55.19%-3.66B71.53%-----8.76B---16.04B83.20%-12.25B23.62%-5.98B51.19%-4.83B19.29% Net cash from financing activities -1.06B--7.67B822.16%-1.99B125.99%-----2.90B--7.06B343.05%-769.84M110.91%-5.00B548.86%-10.57B111.55% Net change in cash -5.73B---802.47M85.98%647.65M180.71%-----4.59B--2.83B161.73%448.22M84.18%479.64M7.01%-3.48B826.43%

Net cash from operating activities 4.53B--7.35B62.27% Net cash from investing activities -4.32B---10.70B147.68% Net cash from financing activities -378.80M--3.40B996.91% Net change in cash -89.13M---201.87M126.49%