ZTO EXPRESS-W (02057) plans to acquire 100% equity of Zhejiang Xinglian for 178 million yuan to enhance end-to-end domestic and international aviation logistics capabilities.

ZTO EXPRESS-W (02057) announced on November 28, 2025, that ZTO Airlines (a consolidated subsidiary of the Company) has entered into a stock transfer agreement with ZTO Yuncold and Zhejiang Xinglian. ZTO Airlines has agreed to purchase, and ZTO Yuncold has agreed to sell, 100% of the equity of Zhejiang Xinglian for a total consideration of RMB 178 million. As of the date of this announcement, ZTO Yuncold holds 100% of the equity of Zhejiang Xinglian. Upon completion of the acquisition, the Group will hold 100% of the equity of Zhejiang Xinglian. Zhejiang Xinglian will become a subsidiary of a consolidated subsidiary of the Company, and its financial performance will be consolidated into the Group's financial performance. As the main business of Zhejiang Xinglian is air freight services, the acquisition will enhance the Group's end-to-end domestic and international air logistics capabilities, and strengthen the Group's overall competitiveness in the field of air freight services. The directors (including independent non-executive directors) believe that this acquisition is in line with the Group's daily and general business operations, especially as it involves the establishment of ZTO Airlines to optimize operations and achieve organizational synergy. Furthermore, after the completion of the acquisition, Zhejiang Xinglian will become a wholly-owned subsidiary of ZTO Airlines, a consolidated subsidiary of the Company, and its financial performance will be fully consolidated into the Group's financial performance. Therefore, given the stable operation and past profitability of Zhejiang Xinglian, the acquisition is expected to enhance the Group's performance and increase returns to shareholders.