ZTO Express-W (02057) announced on November 28, 2025, that ZTO Airlines (a consolidated subsidiary of the company) entered into an equity transfer agreement with ZTO Cloud Cold Chain and Zhejiang Star Union. Under the agreement, ZTO Airlines agreed to acquire 100% equity of Zhejiang Star Union from ZTO Cloud Cold Chain for a total consideration of RMB178 million.

As of the announcement date, ZTO Cloud Cold Chain holds 100% equity in Zhejiang Star Union. Upon completion of the acquisition, the group will fully own Zhejiang Star Union, which will become a subsidiary of ZTO Airlines. Its financial results will be consolidated into the group’s financial statements.

Given that Zhejiang Star Union primarily operates in air cargo services, the acquisition is expected to enhance the group’s end-to-end domestic and international air logistics capabilities and strengthen its overall competitiveness in the air freight sector.

The board of directors (including independent non-executive directors) believes the acquisition aligns with the group’s ordinary course of business, particularly in optimizing operations and organizational synergies through the establishment of ZTO Airlines.

Post-acquisition, Zhejiang Star Union will become a wholly-owned subsidiary of ZTO Airlines, with its financial performance fully integrated into the group’s results. Given Zhejiang Star Union’s stable operations and historical profitability, the acquisition is expected to contribute positively to the group’s earnings and enhance shareholder returns.