ZTO Express Financial Overview

Reconciliation of GAAP to Adjusted / Non-GAAP Measures Adjusted EBITDA Net Income Add: Depreciation Add: Amortization Z 中通快递 ZTO ZTO EXPRESS Mar 31, 2021 Jun 30, 2021 Sep 30, 2021 Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, 2021 2022 2022 2022 2022 2023 2023 2023 Sep 30, Dec 31, 2020 2020 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 875,524 1,758,702 1,895,455 2,129,285 1,664,821 2,530,213 2,349,610 1,210,290 1,291,613 533,526 1,272,225 1,147,890 1,747,686 453,818 503,814 495,708 530,874 508,464 567,265 601,643 640,577 633,279 665,400 651,685 671,283 712,734 Add: Interest Expenses 25,390 13,707 23,184 25,651 33,928 29,525 30,353 31,054 31,392 12,174 15,582 33,798 52,271 24,852 59,635 23,102 32,002 35,199 31,637 76,147 34,793 33,791 31,951 71,710 72,218 83,801 Add: Income Tax Expenses EBITDA (27,845) 289,605 149,638 254,859 1,675,360 2,120,390 1,220,105 2,125,684 229,525 371,429 255,219 438,205 439,388 500,518 455,007 575,585 271,387 1,967,675 2,741,585 1,823,075 2,891,978 3,031,761 3,406,549 2,878,016 3,883,090 3,449,483 248,027 178,980 254,976 Add: Share-based Compensation Expense Add: Impairment of the investments Less: Gain on Deemed Disposal of Equity Method Investments Unrealized gain from -1,086 -2,357 26,328 -60,515 -9,083 764 -10,838 Adjusted EBITDA Adjusted EBITDA margin 25.67% 22.68% 29.02% 26.62% investment in equity investee 1,675,360 2,119,304 1,468,132 2,125,684 1,967,675 2,739,228 2,002,055 2,891,978 2,997,574 3,397,466 3,132,992 3,883,854 3,438,645 25.24% 29.72% Adjusted Net Income RMB'000 Net Income RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 1,210,290 1,291,613 533,526 1,272,225 1,147,890 1,747,686 875,524 1,758,702 1,895,455 2,129,285 1,664,821 25.33% 33.41% 33.51% 34.42% 34.88% 39.87% 37.89% RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 2,530,213 2,349,610 Add: Share-based 248,027 178,980 254,976 Compensation Expense Add: Impairment of the investments Less: Gain on Deemed Disposal of Equity Method Investments -1,086 Unrealized gain from investment in equity investee Adjusted Net Income 1,210,290 1,290,527 Adjusted Net Income Margin 18.23% 15.63% Note: Numbers may not add up due to rounding -2,357 26,328 -49,192 -9,083 764 -8,866 781,553 1,272,225 1,147,890 1,745,329 1,054,504 1,758,702 1,872,591 2,120,202 1,919,797 2,530,977 2,340,744 12.07% 17.37% 18.93% 20.3% 20.93% 21.48% 21.37% 25.98% 25.79% 15.53% 13.34% 38

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