ZTO Reports First Quarter 2024 Unaudited Financial Results
ZTO Express announced its unaudited financial results for Q1 2024. Parcel volume grew 13.9% to 7.2 billion, with adjusted net income rising 15.8% to RMB2.2 billion. Revenues increased 10.9% to RMB9,960.0 million, and gross profit surged 19.0% to RMB3,002.1 million. However, net income declined 13.0% to RMB1,447.7 million. Adjusted EBITDA rose 16.8% to RMB3,660.4 million, while net cash from operating activities fell to RMB2,031.0 million. CEO Meisong Lai emphasized a strategic focus on service quality over volume growth, with expectations of continued industry growth. CFO Huiping Yan highlighted cost management achievements and anticipated long-term industry growth.
- Parcel volume increased 13.9% to 7.2 billion.
- Adjusted net income rose 15.8% to RMB2.2 billion.
- Revenues grew 10.9% to RMB9,960.0 million.
- Gross profit increased 19.0% to RMB3,002.1 million.
- Adjusted EBITDA rose 16.8% to RMB3,660.4 million.
- Unit sorting and transportation cost decreased.
- Operating margin improved to 22.8% from 21.7%.
- Net income decreased 13.0% to RMB1,447.7 million.
- Basic and diluted net earnings per ADS dropped 14.5% and 13.8% respectively.
- Net cash from operating activities decreased to RMB2,031.0 million from RMB2,738.0 million.
- Total operating expenses rose to RMB735.4 million from RMB573.0 million.
- Impairment of investment in Cainiao resulted in a RMB478.4 million loss.
Insights
Revenue Analysis: ZTO Express reported a
Operational Efficiency: Despite a softer volume in the express delivery sector, ZTO managed to decrease its unit transportation and sorting costs by
Long-Term Impact: While the immediate net income decline is a short-term drawback, ZTO's focus on profitable growth and cost efficiency presents a promising long-term outlook. The company's strategic emphasis on quality and differentiated services could enhance its competitive position, especially in a market where price competition is intense.
Industry Trends: The express delivery industry in China has shown robust parcel volume growth, with ZTO reporting a
Strategic Positioning: ZTO's decision to prioritize profitable growth over market share is noteworthy. The company consciously avoided loss-making parcels, which may have led to a decline in volume market share but resulted in an increased profit share among industry peers. This strategic focus on maintaining service quality and improving profitability could strengthen its brand value and customer loyalty.
Future Outlook: ZTO's guidance for
Automation and Digitization: The increase in sorting hub efficiency through the deployment of 461 sets of automated sorting equipment is a significant achievement. This automation not only reduces labor costs but also enhances processing speed and accuracy, contributing to a
Future Innovations: ZTO's investment in high-capacity, self-owned vehicles and optimized line-haul route planning are commendable. These initiatives are likely to improve load rates and reduce transportation costs further. As the company continues to innovate and integrate new technologies, it can achieve greater economies of scale and maintain its competitive edge in the logistics sector.
Impact on Investors: For investors, ZTO's tech-driven approach to efficiency and cost reduction signals a strong commitment to long-term profitability. The continuous improvements in automation and digitization are expected to enhance operational resilience and scalability, making ZTO a compelling investment in the tech-driven logistics space.
Emphasizing Profitable Growth amidst Consumption Mix-shift
Adjusted Net Income Grew
Parcel Volume Increased
First Quarter 2024 Financial Highlights
- Revenues were
RMB9,960.0 million (US ), an increase of$1,379.4 million 10.9% fromRMB8,983.2 million in the same period of 2023. - Gross profit was
RMB3,002.1million (US ), an increase of$415.8million 19.0% fromRMB2,523.4 million in the same period of 2023. - Net income was
RMB1,447.7 million (US ), a decrease of$200.5 million 13.0% fromRMB1,664.8 million in the same period of 2023. - Adjusted EBITDA[3] was
RMB3,660.4 million (US ), an increase of$507.0 million 16.8% fromRMB3,133.0 million in the same period of 2023. - Adjusted net income was
RMB2,224.0 million (US ), an increase of$308.0 million 15.8% fromRMB1,919.8 million in the same period of 2023. - Basic and diluted net earnings per American depositary share ("ADS"[4]) were
RMB1.77 (US ) and$0.25 RMB1.75 (US ), a decrease of$0.24 14.5% and13.8% fromRMB2.07 andRMB2.03 in the same period of 2023, respectively. - Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders[5] were
RMB2.74 (US ) and$0.38 RMB2.68 (US ), an increase of$0.37 15.1% and15.0% fromRMB2.38 andRMB2.33 in the same period of 2023, respectively. - Net cash provided by operating activities was
RMB2,031.0 million (US ), compared with$281.3 million RMB2,738.0 million in the same period of 2023.
Operational Highlights for First Quarter 2024
- Parcel volume was 7,171 million, an increase of
13.9% from 6,297 million in the same period of 2023. - Number of pickup/delivery outlets was over 31,000 as of March 31, 2024.
- Number of direct network partners was over 6,000 as of March 31, 2024.
- Number of self-owned line-haul vehicles was approximately 10,000 as of March 31, 2024.
- Out of the approximately 10,000 self-owned trucks, approximately 9,100 were high capacity 15 to 17-meter-long models as of March 31, 2024, compared to approximately 9,500 as of March 31, 2023.
- Number of line-haul routes between sorting hubs was approximately 3,800 as of March 31, 2024, which is similar to the same period last year
- Number of sorting hubs was 96 as of March 31, 2024, among which 88 are operated by the Company and 8 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 gain or loss on disposal of equity investments and subsidiaries 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 the gain on disposal of equity investments and subsidiaries 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, "For the first quarter, parcel volume of the express delivery industry increased
Mr. Lai added, "Our consistent strategy is to achieve balanced development in service quality, volume scale and earnings. At the beginning of 2024, we shifted our strategic focus to quality of services. While maintaining a scale-leveraged volume and healthy earnings level, we put greater effort towards the development of differentiated product and services to meet the diverse and personalized needs of customers aimed to enhance ZTO's brand awareness and value recognition. The transformation of Chinese express delivery from high quantity to a combination of quantity plus quality is inevitable. We have prioritized quality of product and services, with the intention of breaking away from homogeneous competition, enhancing product mix, improving profitability of our network partners and couriers, and creating strong moat for ZTO's long term viability and value preposition."
Ms. Huiping Yan, Chief Financial Officer of ZTO, commented, "Our core express ASP decreased
Ms. Yan added, "We believe that the Chinese economic conditions will improve over time and express delivery industry's long term growth prospect is intact. Our focus on development of differentiated product and service will ensure our enterprise value creation and longevity. We anticipate that the industry growth for the year to be between 15
First Quarter 2024 Unaudited Financial Results | |||||||||
Three Months Ended March 31, | |||||||||
2023 | 2024 | ||||||||
RMB | % | RMB | US$ | % | |||||
(in thousands, except percentages) | |||||||||
Express delivery services | 8,388,743 | 93.4 | 9,240,172 | 1,279,749 | 92.8 | ||||
Freight forwarding services | 192,725 | 2.1 | 202,747 | 28,080 | 2.0 | ||||
Sale of accessories | 368,838 | 4.1 | 485,062 | 67,180 | 4.9 | ||||
Others | 32,933 | 0.4 | 32,025 | 4,436 | 0.3 | ||||
Total revenues | 8,983,239 | 100.0 | 9,960,006 | 1,379,445 | 100.0 |
Total Revenues were
Three Months Ended March 31, | |||||||||
2023 | 2024 | ||||||||
% of | % of | ||||||||
RMB | revenues | RMB | US$ | revenues | |||||
(in thousands, except percentages) | |||||||||
Line-haul transportation cost | 3,181,820 | 35.4 | 3,371,493 | 466,946 | 33.9 | ||||
Sorting hub operating cost | 2,013,371 | 22.4 | 2,168,201 | 300,292 | 21.8 | ||||
Freight forwarding cost | 182,972 | 2.0 | 188,382 | 26,091 | 1.9 | ||||
Cost of accessories sold | 107,428 | 1.2 | 133,047 | 18,427 | 1.3 | ||||
Other costs | 974,240 | 10.9 | 1,096,798 | 151,905 | 11.0 | ||||
Total cost of revenues | 6,459,831 | 71.9 | 6,957,921 | 963,661 | 69.9 |
Total cost of revenues was
Line haul transportation cost was
Sorting hub operating cost was
Cost of accessories sold was
Other costs were
Gross Profit was
Total Operating Expenses were
Selling, general and administrative expenses were
Other operating income was
Income from operations was
Interest income was
Interest expenses was
Gain from fair value changes of financial instruments was
Impairment of investment in equity investee was
Income tax expenses were
Net income was
Basic and diluted earnings per ADS attributable to ordinary shareholders were
Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were
Adjusted net income was
EBITDA[1] was
Adjusted EBITDA was
Net cash provided by operating activities was
(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. |
Business Outlook
Based on current market conditions and current operations, the Company reiterates that its parcel volume for 2024 is expected to be in the range of 34.73 billion to 35.64 billion, representing a
Sale of Equity Investment In Cainiao
On March 28, 2024, the Company received an offer from Alibaba to purchase all the outstanding shares of Cainiao held by the Company for
Appointment of President
Mr. Jingxi Zhu, vice president of information technology of the Company, has been appointed as the president of the Company to be primarily responsible for the overall operational executions. Mr. Zhu will continue to oversee technology and information matters of the Company.
Mr. Zhu has been the head of information technology of the Company since July 2003 and has served as vice president of information technology since September 2016. Mr. Zhu received an EMBA from Renmin University of
Exchange Rate
This announcement contains translation of certain Renminbi amounts into
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
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 8:30 PM
Dial-in details for the earnings conference call are as follows:
United States: | 1-888-317-6003 |
800-963-976 | |
Mainland | 4001-206-115 |
800-120-5863 | |
International: | 1-412-317-6061 |
Passcode: | 1526153 |
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 May 22, 2024:
United States: | 1-877-344-7529 |
International: | 1-412-317-0088 |
Passcode: | 5307524 |
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
ZTO operates a highly scalable network partner model, which the Company believes is best suited to support the significant growth of e-commerce in
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
UNAUDITED CONSOLIDATED FINANCIAL DATA | |||||||||
Summary of Unaudited Consolidated Comprehensive Income Data: | |||||||||
Three Months Ended March 31, | |||||||||
2023 | 2024 | ||||||||
RMB | RMB | US$ | |||||||
(in thousands, except for share and per share data) | |||||||||
Revenues | 8,983,239 | 9,960,006 | 1,379,445 | ||||||
Cost of revenues | (6,459,831) | (6,957,921) | (963,661) | ||||||
Gross profit | 2,523,408 | 3,002,085 | 415,784 | ||||||
Operating (expenses)/income: | |||||||||
Selling, general and administrative | (786,607) | (896,641) | (124,183) | ||||||
Other operating income, net | 213,641 | 161,257 | 22,334 | ||||||
Total operating expenses | (572,966) | (735,384) | (101,849) | ||||||
Income from operations | 1,950,442 | 2,266,701 | 313,935 | ||||||
Other income/(expenses): | |||||||||
Interest income | 91,912 | 245,021 | 33,935 | ||||||
Interest expense | (71,710) | (83,916) | (11,622) | ||||||
Gain from fair value changes of financial instruments | 155,573 | 42,720 | 5,917 | ||||||
Gain on disposal of equity investees and subsidiaries and others | - | 451 | 62 | ||||||
Impairment of investment in equity investee | - | (478,364) | (66,253) | ||||||
Foreign currency exchange (loss)/gain before tax | (10,213) | 5,384 | 746 | ||||||
Income before income tax, and share of gain in equity method investments | 2,116,004 | 1,997,997 | 276,720 | ||||||
Income tax expense | (455,007) | (566,305) | (78,432) | ||||||
Share of gain in equity method investments | 3,824 | 16,055 | 2,224 | ||||||
Net income | 1,664,821 | 1,447,747 | 200,512 | ||||||
Net loss/(income) attributable to non-controlling interests | 5,515 | (21,701) | (3,006) | ||||||
Net income attributable to ZTO Express (Cayman) Inc. | 1,670,336 | 1,426,046 | 197,506 | ||||||
Net income attributable to ordinary shareholders | 1,670,336 | 1,426,046 | 197,506 | ||||||
Net earnings per share attributed to ordinary shareholders | |||||||||
Basic | 2.07 | 1.77 | 0.25 | ||||||
Diluted | 2.03 | 1.75 | 0.24 | ||||||
Weighted average shares used in calculating net earnings per ordinary share/ADS | |||||||||
Basic | 808,865,862 | 804,935,791 | 804,935,791 | ||||||
Diluted | 840,491,415 | 836,144,858 | 836,144,858 | ||||||
Net income | 1,664,821 | 1,447,747 | 200,512 | ||||||
Other comprehensive income/(expenses), net of tax of nil: | |||||||||
Foreign currency translation adjustment | 19,271 | (82,330) | (11,403) | ||||||
Comprehensive income | 1,684,092 | 1,365,417 | 189,109 | ||||||
Comprehensive loss/(income) attributable to non-controlling interests | 5,515 | (21,701) | (3,006) | ||||||
Comprehensive income attributable to ZTO Express (Cayman) Inc. | 1,689,607 | 1,343,716 | 186,103 |
Unaudited Consolidated Balance Sheets Data: | |||||
As of | |||||
December 31, | March 31, | ||||
2023 | 2024 | ||||
RMB | RMB | US$ | |||
(in thousands, except for share data) | |||||
ASSETS | |||||
Current assets | |||||
Cash and cash equivalents | 12,333,884 | 12,583,834 | 1,742,841 | ||
Restricted cash | 686,568 | 272,266 | 37,708 | ||
Accounts receivable, net | 572,558 | 559,200 | 77,448 | ||
Financing receivables | 1,135,445 | 986,822 | 136,673 | ||
Short-term investment | 7,454,633 | 7,038,556 | 974,829 | ||
Inventories | 28,074 | 41,449 | 5,741 | ||
Advances to suppliers | 821,942 | 903,693 | 125,160 | ||
Prepayments and other current assets | 3,772,377 | 4,159,042 | 576,021 | ||
Amounts due from related parties | 148,067 | 194,523 | 26,941 | ||
Total current assets | 26,953,548 | 26,739,385 | 3,703,362 | ||
Investments in equity investee | 3,455,119 | 2,945,826 | 407,992 | ||
Property and equipment, net | 32,181,025 | 32,933,680 | 4,561,262 | ||
Land use rights, net | 5,637,101 | 5,675,825 | 786,093 | ||
Intangible assets, net | 23,240 | 21,691 | 3,004 | ||
Operating lease right-of-use assets | 672,193 | 609,448 | 84,408 | ||
Goodwill | 4,241,541 | 4,241,541 | 587,447 | ||
Deferred tax assets | 879,772 | 950,530 | 131,647 | ||
Long-term investment | 12,170,881 | 13,450,088 | 1,862,816 | ||
Long-term financing receivables | 964,780 | 1,079,928 | 149,568 | ||
Other non-current assets | 701,758 | 719,082 | 99,592 | ||
Amounts due from related parties-non current | 584,263 | 508,333 | 70,403 | ||
TOTAL ASSETS | 88,465,221 | 89,875,357 | 12,447,594 | ||
LIABILITIES AND EQUITY | |||||
Current liabilities | |||||
Short-term bank borrowing | 7,765,990 | 8,040,790 | 1,113,637 | ||
Accounts payable | 2,557,010 | 2,334,476 | 323,321 | ||
Notes payable | - | - | - | ||
Advances from customers | 1,745,727 | 1,672,339 | 231,616 | ||
Income tax payable | 333,257 | 343,697 | 47,601 | ||
Amounts due to related parties | 234,683 | 198,235 | 27,455 | ||
Operating lease liabilities | 186,253 | 182,195 | 25,234 | ||
Dividends payable | 1,548 | 3,612,693 | 500,352 | ||
Other current liabilities | 7,236,716 | 6,876,129 | 952,334 | ||
Total current liabilities | 20,061,184 | 23,260,554 | 3,221,550 | ||
Non-current operating lease liabilities | 455,879 | 404,073 | 55,963 | ||
Deferred tax liabilities | 638,200 | 661,049 | 91,554 | ||
Convertible senior bond | 7,029,550 | 7,159,324 | 991,555 | ||
TOTAL LIABILITIES | 28,184,813 | 31,485,000 | 4,360,622 | ||
Shareholders' equity | |||||
Ordinary shares ( | |||||
shares issued and 804,719,252 shares outstanding as of December 31, 2023; | 525 | 525 | 73 | ||
Additional paid-in capital | 24,201,745 | 24,470,474 | 3,389,122 | ||
Treasury shares, at cost | (510,986) | (377,156) | (52,236) | ||
Retained earnings | 36,301,185 | 34,022,542 | 4,712,068 | ||
Accumulated other comprehensive loss | (190,724) | (273,054) | (37,817) | ||
ZTO Express (Cayman) Inc. shareholders' equity | 59,801,745 | 57,843,331 | 8,011,210 | ||
Noncontrolling interests | 478,663 | 547,026 | 75,762 | ||
Total Equity | 60,280,408 | 58,390,357 | 8,086,972 | ||
TOTAL LIABILITIES AND EQUITY | 88,465,221 | 89,875,357 | 12,447,594 |
Summary of Unaudited Consolidated Cash Flow Data: | |||||||||
Three Months Ended March 31, | |||||||||
2023 | 2024 | ||||||||
RMB | RMB | US$ | |||||||
(in thousands) | |||||||||
Net cash provided by operating activities | 2,737,974 | 2,031,020 | 281,293 | ||||||
Net cash used in investing activities | (5,866,601) | (2,378,652) | (329,439) | ||||||
Net cash provided by financing activities | 840,572 | 130,130 | 18,023 | ||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (8,937) | 38,603 | 5,346 | ||||||
Net decrease in cash, cash equivalents and restricted cash | (2,296,992) | (178,899) | (24,777) | ||||||
Cash, cash equivalents and restricted cash at beginning of period | 12,603,087 | 13,051,310 | 1,807,585 | ||||||
Cash, cash equivalents and restricted cash at end of period | 10,306,095 | 12,872,411 | 1,782,808 | ||||||
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:
As of | |||||
December 31, | March 31, | ||||
2023 | 2024 | ||||
RMB | RMB | US$ | |||
(in thousands) | |||||
Cash and cash equivalents | 12,333,884 | 12,583,834 | 1,742,841 | ||
Restricted cash, current | 686,568 | 272,266 | 37,708 | ||
Restricted cash, non-current | 30,858 | 16,311 | 2,259 | ||
Total cash, cash equivalents and restricted cash | 13,051,310 | 12,872,411 | 1,782,808 |
Reconciliations of GAAP and Non-GAAP Results | |||||||
Three Months Ended March 31, | |||||||
2023 | 2024 | ||||||
RMB | RMB | US$ | |||||
(in thousands, except for share and per share data) | |||||||
Net income | 1,664,821 | 1,447,747 | 200,512 | ||||
Add: | |||||||
Share-based compensation expense [1] | 254,976 | 298,387 | 41,326 | ||||
Impairment of investment in equity investee[1] | - | 478,364 | 66,253 | ||||
Gain on disposal of equity investees and subsidiaries and others, net of income taxes | - | (451) | (62) | ||||
Adjusted net income | 1,919,797 | 2,224,047 | 308,029 | ||||
Net income | 1,664,821 | 1,447,747 | 200,512 | ||||
Add: | |||||||
Depreciation | 651,685 | 752,119 | 104,167 | ||||
Amortization | 34,793 | 33,980 | 4,706 | ||||
Interest expenses | 71,710 | 83,916 | 11,622 | ||||
Income tax expenses | 455,007 | 566,305 | 78,432 | ||||
EBITDA | 2,878,016 | 2,884,067 | 399,439 | ||||
Add: | |||||||
Share-based compensation expense | 254,976 | 298,387 | 41,326 | ||||
Impairment of investment in equity investee | - | 478,364 | 66,253 | ||||
Gain on disposal of equity investees and subsidiaries and others | - | (451) | (62) | ||||
Adjusted EBITDA | 3,132,992 | 3,660,367 | 506,956 | ||||
(1) Net of income taxes of nil |
Reconciliations of GAAP and Non-GAAP Results | |||||
Three Months Ended March 31, | |||||
2023 | 2024 | ||||
RMB | RMB | US$ | |||
Net income attributable to ordinary shareholders | 1,670,336 | 1,426,046 | 197,506 | ||
Add: | |||||
Share-based compensation expense [1] | 254,976 | 298,387 | 41,326 | ||
Impairment of investment in equity investee[1] | - | 478,364 | 66,253 | ||
Gain on disposal of equity investees and subsidiaries and others, net of income taxes | - | (451) | (62) | ||
Adjusted Net income attributable to ordinary shareholders | 1,925,312 | 2,202,346 | 305,023 | ||
Weighted average shares used in calculating net earnings per ordinary share/ADS | |||||
Basic | 808,865,862 | 804,935,791 | 804,935,791 | ||
Diluted | 840,491,415 | 836,144,858 | 836,144,858 | ||
Net earnings per share/ADS attributable to ordinary shareholders | |||||
Basic | 2.07 | 1.77 | 0.25 | ||
Diluted | 2.03 | 1.75 | 0.24 | ||
Adjusted net earnings per share/ADS attributable to ordinary shareholders | |||||
Basic | 2.38 | 2.74 | 0.38 | ||
Diluted | 2.33 | 2.68 | 0.37 | ||
(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
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SOURCE ZTO Express (Cayman) Inc.
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