v3.26.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share  
Earnings Per Share

15. Earnings Per Share

Basic and diluted earnings per share for each of the years presented are calculated as follows:

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Year ended December 31, 

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2023

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2024

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2025

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RMB

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RMB

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RMB

Numerator:

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  ​

 

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Net income attributable to ordinary shareholders—basic

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8,749,004

​

8,816,835

​

9,080,651

Plus: Interest expense of convertible senior notes

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145,451

​

150,512

​

101,495

Net income attributable to ordinary shareholders—diluted

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8,894,455

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8,967,347

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9,182,146

Shares (Denominator):

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Weight average ordinary shares outstanding—basic

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807,739,616

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804,875,816

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797,634,860

Plus:

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​

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Dilutive effect of convertible senior notes

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31,209,067

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33,566,100

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23,167,903

Weight average ordinary shares outstanding—diluted

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838,948,683

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838,441,916

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820,802,763

Earnings per share—basic

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10.83

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10.95

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11.38

Earnings per share—diluted

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10.60

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10.70

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11.19

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5,147,411, 3,941,928 and 2,914,216 ordinary shares transferred to ZTO ES were considered issued but not outstanding as of December 31, 2023, 2024 and 2025, respectively, and therefore not included in the calculation of basic and dilutive earnings per share.

For the years ended December 31, 2024 and 2025, 916,200 and 886,248 options were excluded from the diluted earnings per share calculations because they were anti-dilutive. These share-based awards could become dilutive in the future.