Shared on 27 May 25

WaneInvestmentHouse made no meaningful changes to valuation assumptions.

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Shared on 27 May 25

Subject: ZTO Delivers Solid Volume Growth Amid Margin Pressures in Q1 2025 ZTO Express kicked off 2025 with a strong operational performance, highlighted by a 19.1% year-over-year surge in parcel volume to 8.5 billion —a clear reflection of robust market demand and the company's deepening competitive moat in China’s express delivery landscape. The company reiterated its full-year volume growth guidance of 20% to 24% , underscoring management's confidence in sustained momentum.

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Shared on 05 May 25

Fair value Decreased 9.09%

WaneInvestmentHouse has increased revenue growth from 10.7% to 19.1% and increased discount rate from 7.4% to 10.0%.

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Shared on 20 Mar 25

Fair value Increased 10%

WaneInvestmentHouse has increased revenue growth from 8.7% to 10.7%.

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Shared on 19 Mar 25

Fair value Increased 11%

WaneInvestmentHouse has increased revenue growth from 6.5% to 8.7%.

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