Exhibit 99.1

ZTO Reports Third Quarter 2023 Unaudited Financial Results

Adjusted Net Income Grew 25.0% to RMB2.3 Billion

Market Share Increased to 22.4% with 7.5 Billion Parcels

SHANGHAI, Nov. 16, 2023/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 third quarter ended September 30, 2023^[1]. The Company grew parcel volume by 18.1% year over year and expanded market share to 22.4%. Adjusted net income increased 25.0%^[2] year over year to reach RMB2,340.7 million. Net cash generated from operating activities was RMB2,938.1 million.

Third Quarter 2023 Financial Highlights

Operational Highlights for Third Quarter 2023

Mr. Meisong Lai, Founder, Chairman and Chief Executive Officer of ZTO, commented, “While the recovery of overall economy was below expectations, China’s express delivery industry showed relative resilience and grew 16.7% in volume for the quarter. Facing intensifying price competition, ZTO remained focused on improving quality of services and adhered to our commitment to profitable growth. We stood by our network partners in defending market presence and supported equally important priorities such as operational safety and efficiencies as well as capacity upgrades. Our digitization and lean management initiatives continued to drive cost productivities in transit and sortation. Keeping our leadership in end-to-end timeliness and customer satisfaction, ZTO increased its market share to 22.4% and achieved 25% adjusted net income growth for the third quarter.”

Mr. Lai added, “High quality of services, increasing volume and expanding profit, combined together, these three mandates define our corporate strategies in varied landscape, and we have consistently proven our ability to achieve balanced increases in all three simultaneously. Our work at hand is geared towards long-term competitive strength including differentiated product and services, best-in-class operational efficiencies, largest share of contribution to industry earnings, the most stable and profitable partner network, and above all, the highest brand recognition and customer satisfaction. Achievement of these goals will drive further bifurcation in the industry dynamics where ZTO would shine at the top.”

Ms. Huiping Yan, Chief Financial Officer of ZTO, commented, “Core express ASP decreased 13.5% in line with the industry. What is unique for ZTO is the more pronounced mix impact from KA volume decrease as we continued to recalibrate that part of the revenue. More volume incentives were necessary this quarter to protect market share, and the decline in average parcel weight also contributed to the decrease. Combined unit sorting and transportation cost decreased over 11%, or 9 cents as our standardization and digitization initiatives generated better-than-expected outcome. SG&A as a percentage of revenue remained stable at approximately 5%. Cash flow from operating activities was 2.9 billion, and capital spending outlay was 1.3 billion for the quarter.”

Ms. Yan added, “Our third quarter performances once again demonstrated our ability to achieve balanced growth in all three of our strategic goals. Without distractions from any short-term external event-driven pressure or internal compromising performance measures, we stayed focused on improving quality of service, fending off irrationally low-price poaching and achieved profitable volume growth with 25% increases in adjusted net income. We can no longer justify the 1.5 points annual market share gain given the senseless low-price trade-off that is eroding the industry earnings. We remain on track to achieve 29.27-30.24 billion parcels for the year representing a volume growth in the range of 20% to 24% year over year.”

Third Quarter 2023 Unaudited Financial Results

Total Revenues were RMB9,075.9 million (US$1,244.0 million), an increase of 1.5% from RMB8,944.9 million in the same period of 2022. Revenue from the core express delivery business increased by 2.2% compared to the same period of 2022, as a combined result of a 18.1% increase in parcel volume and a 13.5% decrease in parcel unit price. KA revenue (includes delivery fees) from direct sales organizations, established to serve core express KA customers, decreased 51.3% through either reengagement of partner outlets or rationalization due to loss-making. Revenue from freight forwarding services decreased by 19.8% compared to the same period of 2022 due to weakening cross border e-commerce demand and declining pricing. Revenue from sales of accessories, largely consisted of sales of thermal paper used for digital waybills’ printing, increased by 32.3% in line with parcel volume growth. Other revenues were mainly derived from financing services.

Total cost of revenues was RMB6,369.5 million (US$873.0 million), a decrease of 2.0% from RMB6,500.5 million in the same period last year.

Line haul transportation cost was RMB3,245.8 million (US$444.9 million), an increase of 4.6% from RMB3,101.9 million in the same period last year. The unit transportation cost decreased 11.4% or 6 cents mainly attributable to better economies of scale, optimized line-haul route planning and decreased fuel price.

Sorting hub operating cost was RMB2,048.4 million (US$280.8 million), an increase of 5.9% from RMB1,934.1 million in the same period last year. The increase primarily consisted of (i) RMB62.9 million (US$8.6 million) increase in labor-associated costs, a net result of wage increases partially offset by automation-driven efficiency improvement, and (ii) RMB80.1 million (US$11.0 million) increase in depreciation and amortization costs associated with automation equipment and other facilities. With standardization in operating procedures, improved performance evaluation system, the unit sorting cost decreased 10.4% or 3 cents. As of September 30, 2023, there were 482 sets of automated sorting equipment in service, compared to 441 sets as of September 30, 2022, which enhanced overall sorting operational efficiencies.

Cost of accessories sold was RMB117.0 million (US$16.0 million), increased 3.7% compared with RMB112.8 million in the same period last year.

Other costs were RMB736.5 million (US$100.9 million), a decrease of 31.0% from RMB1,067.9 million in the same period last year. The decrease mainly consisted of (i) RMB312.8 million (US$42.9 million) decrease in dispatching costs associated with serving enterprise customers and (ii) RMB83.3 million (US$11.4 million) decrease in costs associated with expanding last mile business, offset by (iii) RMB47.6 million (US$6.5 million) increase in tax surcharge.

Gross Profit was RMB2,706.4 million (US$371.0 million), increased 10.7% from RMB2,444.4 million in the same period last year as a combined result of increased revenues and cost productivity gain. Gross margin rate improved to 29.8% from 27.3% for the same period last year.

Total Operating Expenses were RMB282.8 million (US$38.8 million), compared to RMB269.6 million in the same period last year.

Selling, general and administrative expenses were RMB433.7 million (US$59.4 million), decreased by 1.8% from RMB441.4 million in the same period last year. SG&A as a percentage of total revenue decreased to 4.8% from 4.9% for third quarter 2022 demonstrating efficient corporate structure and positive leverage.

Other operating income, net was RMB150.9 million (US$20.7 million), compared to RMB171.8 million in the same period last year. Other operating income mainly consisted of (i) RMB94.2 million (US$12.9 million) of VAT super deduction, (ii) RMB38.3 million (US$5.2 million) of government subsidies and tax rebates, and (iii) RMB18.3 million (US$ 2.5 million) of rental income.

Income from operations was RMB2,423.6 million (US$332.2 million), an increase of 11.4% from RMB2,174.8 million for the same period last year.

Operating margin rate increased to 26.7% from 24.3% in the same period last year.

Interest income was RMB246.4 million (US$33.8 million), compared with RMB162.4 million in the same period last year.

Interest expenses was RMB83.8 million (US$11.5 million), compared with RMB31.6 million in the same period last year.

Gain from fair value changes of financial instruments was RMB8.6 million (US$1.2 million), compared with a loss of RMB22.8 million in the same period last year. Such gain or loss from fair value changes of the financial instruments are determined by commercial banks according to market-based estimation of future redemption prices.

Income tax expenses were RMB271.4 million (US$37.2 million) compared to RMB439.4 million in the same period last year. Overall income tax rate decreased by 8.3 percentage this quarter compared to the same period last year due to an income tax refund of RMB207.1 million received by Shanghai Zhongtongji Network, a wholly owned subsidiary of the Company, for being recognized as a "Key Software Enterprise" that was qualified for a preferential tax rate of 10% for tax year 2022.

Net income was RMB2,349.6 million (US$322.0 million), which increased by 24.0% from RMB1,895.5 million in the same period last year.

Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB2.91 (US$0.40) and RMB2.84(US$0.39), compared to basic and diluted earnings per ADS of RMB2.39 and RMB2.37 in the same period last year, respectively.

Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB2.89 (US$0.40) and RMB2.83(US$0.39), compared with RMB2.36 and RMB2.34 in the same period last year, respectively.

Adjusted net income was RMB2,340.7 million (US$320.8 million), compared with RMB1,872.6 million during the same period last year.

EBITDA^[1] was RMB3,449.5 million (US$472.8 million), compared with RMB3,031.8 million in the same period last year.

Adjusted EBITDA was RMB3.438.6 million (US$471.3 million), compared to RMB2,997.6 million in the same period last year.

Net cash provided by operating activities was RMB2,938.1 million (US$402.7 million), compared with RMB2,823.3 million in the same period last year.

Business Outlook

The Company believes that the 1.5 percentage point annual market share gain is no longer justifiable or feasible as ZTO have principally chosen to keep out unprofitable volume given the market circumstances of price competition. The Company reiterates that its parcel volume for 2023 is expected to be in the range of 29.27 billion to 30.24 billion, representing a 20% to 24% increase year over year. All aforementioned estimates are based on current market and operating conditions and 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, 2021, 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 September 30, 2023. On November 17, 2022, the board of directors has approved further changes to the share repurchase program, increasing the aggregate value of shares that may be repurchased from US$1 billion to US$1.5 billion and extending the effective time by one year through June 30, 2024. The Company expects to fund the repurchases out of its existing cash balance. As of September 30, 2023, the Company has purchased an aggregate of 40,258,978 ADSs at an average purchase price of US$25.16, 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 RMB7.296 to US$1, the noon buying rate on September 29, 2023 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 attributable to ordinary shareholders, 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 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 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 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 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 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 7:30 PM U.S. Eastern Time on November 16, 2023 (8:30 AM Beijing Time on November 17, 2023).

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 November 23, 2023:

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 report 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.

UNAUDITED CONSOLIDATED FINANCIAL DATA

Summary of Unaudited Consolidated Comprehensive Income Data:

Unaudited Consolidated Balance Sheets Data:

Summary of Unaudited Consolidated Cash Flow Data:

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:

Reconciliations of GAAP and Non-GAAP Results

(1) Net of income taxes of nil

Reconciliations of GAAP and Non-GAAP Results

(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