SHANGHAI, March 17, 2026 /PRNewswire/ -- ZTO Express (Cayman) Inc. (NYSE:ZTO), a leading and fast-growing express delivery company in China ("ZTO" or the "Company"), today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025[1]. For full year 2025, the Company grew parcel volume by 4.5 billion, or 13.3% year over year while maintaining high quality of service and customer satisfaction. Adjusted net income[2] reached RMB9.5 billion. Net cash generated from operating activities was RMB11,968.4 million.
Fourth Quarter 2025 Financial Highlights
Revenues were RMB14,510.7 million (US$2,075.0 million), an increase of 12.3% from RMB12,919.7 million in the same period of 2024.
Gross profit was RMB3,681.9 million (US$526.5 million), a decrease of 2.1% from RMB3,759.7 million in the same period of 2024.
Net income was RMB2,693.2 million (US$385.1 million), an increase of 10.1% from RMB2,446.8 million in the same period of 2024.
Adjusted EBITDA[3] was RMB4,241.5 million (US$606.5 million), a decrease of 8.1% from RMB4,615.3 million in the same period of 2024.
Adjusted net income[2] was RMB2,694.5 million (US$385.3 million), a decrease of 1.4% from RMB2,733.3 million in the same period of 2024.
Basic and diluted net earnings per American depositary share ("ADS"[4]) were RMB3.31 (US$0.47) and RMB3.31 (US$0.47), an increase of 11.4% and 14.5% from RMB2.97and RMB2.89 in the same period of 2024, respectively.
Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders[5] were RMB3.31 (US$0.47) and RMB3.31 (US$0.47), a decrease of 0.3% and an increase of 2.2% from RMB3.32 and RMB3.24 in the same period of 2024, respectively.
Net cash provided by operating activities was RMB4,226.3 million (US$604.3 million), compared with RMB2,806.3 million in the same period of 2024.
Fiscal Year 2025 Financial Highlights
Revenues were RMB49,098.7 million (US$7,021.0 million), an increase of 10.9% from RMB44,280.7million in 2024.
Gross profit was RMB12,271.4 million (US$1,754.8 million), a decrease of 10.5% from RMB13,717.1million in 2024.
Net income was RMB9,235.7 million (US$1,320.7 million), an increase of 3.9% from RMB8,887.6million in 2024.
Adjusted EBITDA[3] was RMB15,045.6million (US$2,151.5 million), a decrease of 8.0% from RMB16,354.9 million in 2024.
Adjusted net income[2] was RMB9,512.7 million (US$1,360.3 million), a decrease of 6.3% from RMB10,150.4 million in 2024.
Basic and diluted net earnings per American depositary share ("ADS"[4]) were RMB11.38 (US$1.63) and RMB11.19 (US$1.60), an increase of 3.9% and 4.6% from RMB10.95 and RMB10.70 in 2024.
Adjusted basic and diluted net earnings per American depositary share attributable to ordinary shareholders[5] were RMB11.73 (US$1.68) and RMB11.52 (US$1.65), a decrease of 6.3% and 5.6% from RMB12.52 and RMB12.20 in 2024.
Net cash provided by operating activities was RMB11,968.4 million (US$1,711.5 million), compared with RMB11,429.4 million in 2024.
Operational Highlights for Fourth Quarter 2025
Parcel volume was 10,558 million, increased 9.2% from 9,665 million in the same period of 2024.
Number of pickup/delivery outlets was over 31,000 as of December 31, 2025.
Number of direct network partners was over 6,000 as of December 31, 2025.
Number of self-owned line-haul vehicles was over 10,000 as of December 31, 2025.
Out of the over 10,000 self-owned trucks, over 9,700 were high capacity 15 to 17-meter-long models as of December 31, 2025.
Number of line-haul routes between sorting hubs was approximately 3,800 as of December 31, 2025.
Number of sorting hubs was 93 as of December 31, 2025, among which 88 were operated by the Company and 5 by the Company's network partners.
(1) An investor relations presentation accompanies this earnings release and can be found at http://zto.investorroom.com.
(2) Adjusted net income is a non-GAAP financial measure, which is defined as net income before share-based compensation expense and non-recurring items such as impairment of investments in equity investees, gain/(loss) on disposal of equity investment and subsidiary and corresponding tax impact which management aims to better represent the underlying business operations.
(3) Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income before depreciation, amortization, interest expenses and income tax expenses, and further adjusted to exclude the shared-based compensation expense and non-recurring items such as impairment of investments in equity investees, gain/(loss) on disposal of equity investment and subsidiary which management aims to better represent the underlying business operations.
(4) One ADS represents one Class A ordinary share.
(5) Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders is a non-GAAP financial measure. It is defined as adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted American depositary shares, respectively.
Mr. Meisong Lai, Founder, Chairman and Chief Executive Officer of ZTO, commented, "During the fourth quarter, the anti-involution policy continued to take effect in eradicating extreme low pricing in the express delivery industry. ZTO prioritized quality of services and customer satisfaction, and our volume growth outpaced the industry average to reach 10.6 billion parcels. Adjusted net income was 2.7 billion which was in line with expectations. Further, the daily average non-retail volume continued to trend up throughout the year and reached 9.8 million which increased over 38% compare to 4Q last year. Behind revenue diversification, our product and services capability are expanding beyond traditional express delivery in quality and scale bringing in positive contribution to overall revenue and margin."
Mr. Lai added, "On one hand, we are encouraged by the industry's overall shift towards quality in addition to quantity growth. Low price-driven volume gain is neither sustainable nor economically sensible. For a scale-based business model, this fundamental change will help accelerate the industry's advancement from cut-throat price competition to winning customers with capabilities, hence enhance further consolidation. On another hand, we are in an era of change, and that the near-term macro environment and micro conditions may be extremely volatile. What is certain, however, is that our business and financial fundamentals are solid. With quality paving the way, we are committed to maintaining ZTO's leadership in volume and profitability. In times of change, we will pay even closer attention to equitable sharing among all vested parties. It is the consistent practice of "shared-success" that will win us the marathon and deliver sustainable return to all our investors."
Ms. Huiping Yan, Chief Financial Officer of ZTO, commented, "For the fourth quarter, ZTO's core express ASP increased 2.9% driven by key accounts' unit price increase offsetting negative impact from volume incentive hike elsewhere in the core business. Combined unit sorting and transportation costs decreased 4 cents thanks to sustained productivity gain initiatives. SG&A excluding SBC as a percentage of revenue remained stable at approximately 4.4% compared to 5.0% last year. Cash flow from operating activities was 4.2 billion, and capital spending was 1.8 billion."
Ms. Yan added, "With the Board of Directors' approval, the company has announced a shareholder return structure by combining cash dividend and stock buyback into one single plan to optimize the shareholder return. No less than 50% of the adjusted net income from prior fiscal year is earmarked for shareholder pay back. As part of the plan, the Board of Directors has approved a stock buyback program for the next 24 months with a total amount of $1.5 billion."
Fourth Quarter 2025 Unaudited Financial Results
Three Months Ended December 31,
2024
2025
RMB
%
RMB
US$
%
(in thousands, except percentages)
Express delivery services
12,024,132
93.1
13,600,232
1,944,807
93.7
Freight forwarding services
208,931
1.6
225,860
32,298
1.6
Sale of accessories
646,675
5.0
657,320
93,996
4.5
Others
39,964
0.3
27,289
3,902
0.2
Total revenues
12,919,702
100.0
14,510,701
2,075,003
100.0
Total Revenues were RMB14,510.7 million (US$2,075.0 million), increased 12.3% from RMB12,919.7 million in the same period of 2024. Revenue from the core express delivery business increased by 12.4% compared to the same period of 2024 as a net result of a 9.2% growth in parcel volume and a 2.9% increase in parcel unit price. Key account revenue, generated by direct sales organizations, increased by 71.5% mainly driven by increase in e-commerce return parcels. Revenue from freight forwarding services increased by 8.1% compared to the same period of 2024. Revenue from sales of accessories, largely consisted of sales of thermal paper for digital waybills, increased by 1.6%. Other revenues were derived mainly from financing services.
Three Months Ended December 31,
2024
2025
% of
% of
RMB
revenues
RMB
US$
revenues
(in thousands, except percentages)
Line-haul transportation cost
3,913,823
30.3
3,894,486
556,904
26.8
Sorting hub operating cost
2,543,707
19.7
2,714,125
388,115
18.7
Freight forwarding cost
197,053
1.5
212,461
30,382
1.5
Cost of accessories sold
196,941
1.5
157,930
22,584
1.1
Other costs
2,308,459
17.9
3,849,844
550,519
26.5
Total cost of revenues
9,159,983
70.9
10,828,846
1,548,504
74.6
Total cost of revenues was RMB10,828.8 million (US$1,548.5 million), an increase of 18.2% from RMB9,160.0 million in the same period last year.
Line haul transportation cost was RMB3,894.5 million (US$556.9 million), decreased 0.5% from RMB3,913.8 million in the same period last year. The unit transportation cost decreased 7.5% or 3 cents mainly attributable to better economies of scale and improved load rate through more effective route planning.
Sorting hub operating cost was RMB2,714.1 million (US$388.1 million), increased 6.7% from RMB2,543.7 million in the same period last year. The increase primarily consisted of (i) RMB111.4 million (US$15.9 million) increase in labor-associated costs partially offset by automation-driven efficiency improvements, and (ii) RMB57.8 million (US$8.3 million) increase in depreciation and amortization costs associated with automation facilities and equipment upgrades. As of December 31, 2025, there were 781 sets of automated sorting equipment in service, compared to 596 sets as of December 31, 2024.
Cost of accessories sold was RMB157.9 million (US$22.6 million), decreased by 19.8% compared with RMB196.9 million in the same period last year.
Other costs were RMB3,849.8 million (US$550.5 million), increased 66.8% from RMB2,308.5 million in the same period last year, which included an increase of RMB1,500.2 million (US$214.5 million) for serving key account customers.
Gross Profit was RMB3,681.9 million (US$526.5 million), decreased by 2.1% from RMB3,759.7 million in the same period last year. Gross margin rate was 25.4% compared to 29.1% in the same period last year.
Total Operating Expenses were RMB492.5 million (US$70.4 million), compared to RMB306.5 million in the same period last year.
Selling, general and administrative expenses were RMB643.9 million (US$92.1 million), decreased by 1.8% from RMB655.8 million in the same period last year, mainly due to (i) RMB57.6 million (US$8.2 million) decrease in compensation and benefit expenses, and (ii) RMB33.4 million (US$4.8 million) increase in depreciation and amortization costs associated with administrative facilities and equipment.
Other operating income, net was RMB151.4 million (US$21.6 million), compared to RMB349.3 million in the same period last year. Other operating income mainly consisted of (i) RMB67.9 million (US$9.7 million) of rental income, (ii) RMB46.5 million (US$6.7 million) of government subsidies and tax rebates, and (iii) RMB24.1 million (US$3.4 million) ADR fee rebate.
Income from operations was RMB3,189.4 million (US$456.1 million), decreased 7.6% from RMB3,453.2 million for the same period last year. The operating margin rate was 22.0% compared to 26.7% in the same period last year.
Interest income was RMB154.7 million (US$22.1 million), compared with RMB221.9 million in the same period last year.
Interest expenses were RMB27.2 million (US$3.9 million), compared with RMB71.8million in the same period last year.
Loss from fair value changes of financial instruments was RMB9.2 million (US$1.3 million), compared with a gain of RMB168.0 million in the same period last year. Such gain or loss from fair value changes of the financial instruments were quoted by commercial banks according to market-based estimation of future redemption prices.
Income tax expenses were RMB638.1 million (US$91.3 million) compared to RMB1,059.1 million in the same period last year. The effective income tax rate decreased by 10.9 percentage points year over year due to a lower accrual for withholding tax on dividends payable to ZTO Express (Hong Kong) Limited.
Net income was RMB2,693.2 million (US$385.1 million), representing a 10.1% increase from RMB2,446.8 million in the same period last year, which reflected a RMB258.6 million impairment loss from the investment in "Cainiao Yizhan".
Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB3.31 (US$0.47) and RMB3.31 (US$0.47), compared to basic and diluted earnings per ADS of RMB2.97and RMB2.89 in the same period last year, respectively.
Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB3.31 (US$0.47) and RMB3.31 (US$0.47), compared with RMB3.32 and RMB3.24 in the same period last year, respectively.
Adjusted net income was RMB2,694.5 million (US$385.3 million), compared with RMB2,733.3 million during the same period last year.
EBITDA[1] was RMB4,240.5 million (US$606.4 million), compared with RMB4,328.8 million in the same period last year.
Adjusted EBITDA was RMB4,241.5 million (US$606.5 million), compared to RMB4,615.3 million in the same period last year.
Net cash provided by operating activities was RMB4,226.3 million (US$604.3 million), compared with RMB2,806.3 million in the same period last year.
(1) EBITDA is a non-GAAP financial measure, which is defined as net income before depreciation, amortization, interest expenses and income tax expenses which management aims to better represent the underlying business operations.
Fiscal Year 2025 Financial Results
Year Ended December 31,
2024
2025
RMB
%
RMB
US$
%
(in thousands, except percentages)
Express delivery services
40,953,034
92.5
45,726,365
6,538,783
93.1
Freight forwarding services
885,410
2.0
808,000
115,542
1.7
Sale of accessories
2,300,392
5.2
2,444,323
349,534
5.0
Others
141,884
0.3
119,979
17,157
0.2
Total revenues
44,280,720
100.0
49,098,667
7,021,016
100.0
Total Revenues were RMB49,098.7 million (US$7,021.0 million), increased 10.9% from RMB44,280.7 million last year. Revenue from the core express delivery business increased by 11.3% compared to the same period of 2024 as a net result of a 13.3% growth in parcel volume and a 1.7% decrease in parcel unit price. Key account revenue, generated by direct sales organizations, increased by 111.8% mainly driven by increase in e-commerce return parcels. Revenue from freight forwarding services decreased by 8.7% compared to the same period of 2024. Revenue from sales of accessories largely consisted of sales of thermal paper for digital waybills, increased by 6.3%. Other revenues were derived mainly from financing services.
Year Ended December 31,
2024
2025
% of
% of
RMB
revenues
RMB
US$
revenues
(in thousands, except percentages)
Line-haul transportation cost
13,966,446
31.5
13,970,542
1,997,761
28.5
Sorting hub operating cost
9,163,784
20.7
9,837,678
1,406,769
20.0
Freight forwarding cost
828,270
1.9
760,308
108,723
1.5
Cost of accessories sold
651,729
1.5
577,950
82,646
1.2
Other costs
5,953,399
13.4
11,680,748
1,670,324
23.8
Total cost of revenues
30,563,628
69.0
36,827,226
5,266,223
75.0
Total cost of revenues was RMB 36,827.2 million (US$5,266.2 million), an increase of 20.5% from RMB30,563.6 million last year.
Line haul transportation cost was RMB 13,970.5 million (US$1,997.8 million) compared to RMB13,966.4 million last year. The unit transportation cost decreased by 12.2% or 5 cents mainly attributable to better economies of scale and improved load rate through more effective route planning.
Sorting hub operating cost was RMB9,837.7 million (US$1,406.8 million), increased of 7.4% from RMB9,163.8 million last year. The increase primarily consisted of (i) RMB432.5 million (US$61.8 million) increase in labor-associated costs, a net result of wage increases partially offset by automation-driven efficiency improvement, and (ii)RMB276.6 million (US$39.6 million) increase in depreciation and amortization costs associated with automation facilities and equipment upgrades. Sorting hub operating cost per unit decreased 3.7% or 1 cent as automation and standardization in operating procedures plus effective performance evaluation continued to dig deep for productivity gain.
Cost of accessories sold was RMB578.0 million (US$82.6 million), decreased by 11.3% compared with RMB651.7 million last year.
Other costs were RMB11,680.7 million (US$1,670.3 million), increased 96.2% from RMB5,953.4 million in 2024, which included an increase of RMB5,533.2 million (US$791.2 million) for serving key account customers.
Gross Profit was RMB12,271.4 million (US$1,754.8 million), decreased 10.5% from RMB13,717.1 million last year. Gross margin rate was 25.0% compared to 31.0% last year.
Total Operating Expenses were RMB1,796.6 million (US$256.9 million), compared to RMB1,940.2 million last year.
Selling, general and administrative expenses were RMB2,637.6 million (US$377.2 million), a decrease of 2.0% from RMB2,690.0 million last year. The decrease was primarily driven by RMB23.5 million (US$3.4 million) decline in compensation and benefit expenses. SG&A as a percentage of total revenues decreased to 5.4% from 6.1% in the prior year, reflecting a further optimized corporate structure.
Other operating income, net was RMB841.0 million (US$120.3 million), compared to RMB749.8 million last year. Other operating income mainly consisted of (i) RMB547.6 million (US$78.3 million) of government subsidies and tax rebates, (ii) RMB201.7 million (US$28.8 million) of rental income, and (iii) RMB24.1 million (US$3.4 million) ADR fee rebate.
Income from operations was RMB10,474.9 million (US$1,497.9 million), decreased 11.1% from RMB11,776.9 million last year. The operating margin rate was 21.3% compared to 26.6% last year.
Interest income was RMB747.1 million (US$106.8 million), compared with RMB993.5 million in the same period last year.
Interest expenses was RMB248.6 million (US$35.6 million), compared with RMB337.9 million in the same period last year.
Gain from fair value changes of financial instruments was RMB126.0 million (US$18.0 million), compared with a gain of RMB202.9 million in the same period last year. Such gain or loss from fair value changes of the financial instruments is quoted by commercial banks according to market-based estimation of future redemption prices.
Impairment of goodwill was RMB84.4 million (US$12.1 million), related to the October 2017 acquisition of China Oriental Express Co., Ltd.'s core freight forwarding business. This non-recurring charge was recognized because the fair value of the acquired operations fell below its carrying amount during the second quarter of 2025.
Foreign currency exchange gain before tax was RMB1.5 million (US$0.2 million), mainly due to the fluctuation of the foreign currency-denominated bank deposits against the Chinese Renminbi.
Income tax expenses were RMB1,905.2 million (US$272.4 million) compared to RMB2,845.4 million last year. The overall income tax rate decreased by 7.1 percentage points year over year, mainly due to (i) an income tax refund of RMB375.8 million (US$52.8 million) received in the third quarter of 2025 by Shanghai Zhongtongji Network(上海中通吉網絡技術有限公司), a wholly owned subsidiary of the Company, upon its recognition as a "Key Software Enterprise" qualifying for a preferential tax rate of 10% for tax year 2024, (ii) a RMB 138.3 million (US$19.8 million) year-over-year decrease in withholding tax accruals on dividend payable to ZTO Express (Hong Kong) Limited, and (iii) in 2024, there was a RMB931.4 million (US$133.2 million) non-deductible impairment of investment in equity investees, which had significantly increased the effective tax rate in 2024.
Net income was RMB9,235.7 million (US$1,320.7 million), which increased by 3.9% from RMB8,887.6million last year. The increase was mainly driven by the provision for impairment charge last year, which included (i) RMB479.9 million related to the investment in Cainiao Smart Logistics Network Limited(菜鳥智慧物流網絡有限公司) upon a tender offer repurchase, and (ii) RMB451.5 million of the investment in Zhejiang Yizhan Network Technology Co., Ltd.(浙江驛棧網絡科技有限公司), as the fair value was below the carrying amount.
Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB11.38 (US$1.63) and RMB11.19 (US$1.60), compared to basic and diluted earnings per ADS of RMB10.95 and RMB10.70 last year, respectively.
Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB11.73 (US$1.68) and RMB11.52 (US$1.65), compared with RMB12.52 and RMB12.20 last year, respectively.
Adjusted net income was RMB9,512.7 million (US$1,360.3 million), compared with RMB10,150.4 million in the same period last year.
EBITDA[1] was RMB14,769.0 million (US$2,111.9 million), compared with RMB15,094.3 million in the same period last year.
Adjusted EBITDA was RMB15,045.6million (US$2,151.5 million), compared to RMB16,354.9 million in the same period last year.
Net cash provided by operating activities was RMB11,968.4 million (US$1,711.5 million), compared with RMB11,429.4 million last year.
Recent Developments
Convertible Senior Notes
In early February 2026, the Company completed the offering of US$1.5 billion in aggregate principal amount of convertible senior notes (the "Notes"), bearing interest at rate 0.925% per year, payable semiannually, and will mature on March 1, 2031. The initial conversion rate of the Notes is 32.3130 of the Company's Class A ordinary shares per US$1,000 principal amount of Notes.
In connection with the offering of the Notes, the Company has entered into capped call transactions with certain counterparties. The cap price of the capped call transactions is initially US$35.9906 and is subject to adjustment under the terms of the capped call transactions.
Concurrently with the pricing of the Notes, the Company repurchased 18,254,400 Class A ordinary shares from certain purchasers of the Notes in off-market privately negotiated transactions (the "Concurrent Share Repurchase"). The Concurrent Share Repurchase was expected to facilitate the initial hedging by purchasers of the Notes who desired to hedge their investments in the Notes. The Concurrent Share Repurchase was made pursuant to the Company's existing share repurchase program that is effective through June 30, 2026. The purchase price in the Concurrent Share Repurchase was the closing price of the Company's Class A ordinary share on the Hong Kong Stock Exchange on February 4, 2026, HK$179.10 per Class A ordinary share.
Declaration of Semi-Annual Dividend
The board of directors (the "Board") has approved a cash dividend of US$0.39 per ADS and ordinary share for the six months ended December 31, 2025, to holders of its ordinary shares and ADSs as of the close of business on April 8, 2026. The dividend payment represents a 40% dividend payout ratio. For holders of Class A and Class B ordinary shares, in order to qualify for entitlement to the dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company's Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong no later than 4:30 p.m. on April 8, 2026 (Hong Kong Time). The payment date is expected to be April 22, 2026 for holders of Class A and Class B ordinary shares, and April 29, 2026 for holders of ADSs.
Share Repurchase Update and New Authorization
Completion of the Existing Share Repurchase ProgramThe Board initially approved its share repurchase program in November 2018. Following subsequent modifications, the program's aggregate authorization was increased to US$2.0 billion with an effective period through June 30, 2026 (the "Existing Share Repurchase Program"). As of December 31, 2025, the Company had repurchased an aggregate of 59,839,819 ADSs for US$1,397.65 million on the open market, including commissions. By February 28, 2026, taking into account the Concurrent Share Repurchase, the Company's total repurchases reached 85,467,295 Class A ordinary shares (including those in the form of ADSs). The US$2.0 billion Existing Share Repurchase Program is substantially completed.
Adoption of New Share Repurchase ProgramOn March 17, 2026, the Board approved a new share repurchase program (the "New Program"), authorizing the repurchase of up to US$1.5 billion of its shares over the next 24 months, effective from March 20, 2026, through March 20, 2028. The New Program is subject to the granting of a general unconditional mandate by shareholders at the Company's forthcoming Annual General Meeting. Under the New Program, repurchases may be conducted from time to time through open market transactions or through other legally permissible means, depending on market conditions and in accordance with Rule 10b5-1 and/or Rule 10b-18 of the U.S. Securities Exchange Act of 1934, as amended, as well as the Listing Rules of the Hong Kong Stock Exchange. The Company expects to fund these repurchases utilizing its existing cash balance.
Enhanced Shareholder Return Plan
Since March 2024, the Company has maintained a semi-annual dividend policy with a payout ratio of no less than 40% of its prior year adjusted net income, or as otherwise authorized by the Board. To optimize capital allocation and further align the interests of our shareholders, the Board has approved an enhanced return mechanism. Starting from 2026, the Company targets an aggregate annual shareholder return ratio of no less than 50% of its adjusted net income for the prior fiscal year, comprising both cash dividends and share repurchases. The specific mix, timing, and execution of such returns will be determined under Board's direction and authorization, taking into account the Company's share price, operating results, and cash reserves, among other factors, to ensure a balanced and sustainable return.
Board and Committee Changes
Mr. Frank Zhen Wei has tendered his resignation as an independent non-executive director of the Company, as well as the chairman and a member of the compensation committee and nominating and corporate governance committee of the Board, due to his plan to commit more time on other professional endeavors, effective on March 18, 2026. The Company extends its sincere gratitude to Mr. Wei's service and wishes him ...
