ZTO Reports Fourth Quarter 2024 and Full Year 2024 Unaudited Financial Results
ZTO Express reported strong financial results for Q4 and full year 2024. Annual parcel volume increased 12.6% to 34.0 billion parcels, while maintaining high service quality. Full year revenue grew 15.3% to RMB44.28 billion (US$6.07 billion), with adjusted net income up 12.7% to RMB10.2 billion.
Q4 2024 highlights include revenue growth of 21.7% to RMB12.92 billion, with net income increasing 10.7% to RMB2.45 billion. The company's operational network expanded to over 31,000 pickup/delivery outlets and 95 sorting hubs, with over 10,000 self-owned line-haul vehicles.
Key metrics show strong performance with Q4 parcel volume up 11% to 9.67 billion parcels. The company announced a US$0.35 per share semi-annual dividend and expects industry growth around 15% for 2025.
ZTO Express ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024. Il volume annuale dei pacchi è aumentato del 12,6% raggiungendo i 34,0 miliardi di pacchi, mantenendo un'elevata qualità del servizio. Il fatturato annuale è cresciuto del 15,3% arrivando a 44,28 miliardi di RMB (6,07 miliardi di dollari USA), con un reddito netto rettificato in aumento del 12,7% a 10,2 miliardi di RMB.
I punti salienti del Q4 2024 includono una crescita del fatturato del 21,7% a 12,92 miliardi di RMB, con un reddito netto in aumento del 10,7% a 2,45 miliardi di RMB. La rete operativa dell'azienda si è espansa a oltre 31.000 punti di raccolta/consegna e 95 hub di smistamento, con oltre 10.000 veicoli per il trasporto a lungo raggio di proprietà.
I principali indicatori mostrano una performance forte con un volume di pacchi nel Q4 aumentato dell'11% a 9,67 miliardi di pacchi. L'azienda ha annunciato un dividendo semestrale di 0,35 dollari USA per azione e prevede una crescita del settore intorno al 15% per il 2025.
ZTO Express reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. El volumen anual de paquetes aumentó un 12,6% alcanzando los 34,0 mil millones de paquetes, manteniendo una alta calidad de servicio. Los ingresos anuales crecieron un 15,3% hasta 44,28 mil millones de RMB (6,07 mil millones de dólares estadounidenses), con un ingreso neto ajustado que subió un 12,7% hasta 10,2 mil millones de RMB.
Los aspectos destacados del Q4 2024 incluyen un crecimiento de ingresos del 21,7% hasta 12,92 mil millones de RMB, con un ingreso neto que aumentó un 10,7% hasta 2,45 mil millones de RMB. La red operativa de la empresa se expandió a más de 31,000 puntos de recogida/entrega y 95 centros de clasificación, con más de 10,000 vehículos de línea de transporte de propiedad.
Las métricas clave muestran un rendimiento sólido con un volumen de paquetes en el Q4 que aumentó un 11% hasta 9,67 mil millones de paquetes. La empresa anunció un dividendo semestral de 0,35 dólares estadounidenses por acción y espera un crecimiento de la industria alrededor del 15% para 2025.
ZTO Express는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고했습니다. 연간 소포 물량은 12.6% 증가하여 340억 개에 달하며, 높은 서비스 품질을 유지했습니다. 연간 수익은 15.3% 증가하여 442억 8천만 RMB(60억 7천만 달러)에 이르며, 조정된 순이익은 12.7% 증가하여 102억 RMB에 달했습니다.
2024년 4분기 주요 사항에는 수익이 21.7% 증가하여 129억 2천만 RMB에 도달하고, 순이익은 10.7% 증가하여 24억 5천만 RMB에 도달한 것이 포함됩니다. 회사의 운영 네트워크는 31,000개 이상의 픽업/배송 지점과 95개의 분류 허브로 확장되었으며, 10,000대 이상의 자가 소유 장거리 운송 차량을 보유하고 있습니다.
주요 지표는 4분기 소포 물량이 11% 증가하여 96억 7천만 개의 소포에 도달하는 강력한 성과를 보여줍니다. 회사는 주당 0.35달러의 반기 배당금을 발표하고 2025년에는 업계 성장률이 약 15%에 이를 것으로 예상하고 있습니다.
ZTO Express a annoncé de solides résultats financiers pour le quatrième trimestre et l'année entière 2024. Le volume annuel des colis a augmenté de 12,6 % pour atteindre 34,0 milliards de colis, tout en maintenant une haute qualité de service. Le chiffre d'affaires annuel a augmenté de 15,3 % pour atteindre 44,28 milliards de RMB (6,07 milliards de dollars US), avec un bénéfice net ajusté en hausse de 12,7 % à 10,2 milliards de RMB.
Les points forts du Q4 2024 incluent une croissance des revenus de 21,7 % à 12,92 milliards de RMB, avec un bénéfice net en hausse de 10,7 % à 2,45 milliards de RMB. Le réseau opérationnel de l'entreprise s'est étendu à plus de 31 000 points de collecte/livraison et 95 centres de tri, avec plus de 10 000 véhicules de transport longue distance appartenant à l'entreprise.
Les indicateurs clés montrent une performance solide, avec un volume de colis au Q4 en hausse de 11 % à 9,67 milliards de colis. L'entreprise a annoncé un dividende semestriel de 0,35 USD par action et s'attend à une croissance du secteur d'environ 15 % pour 2025.
ZTO Express hat starke finanzielle Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Das jährliche Paketvolumen stieg um 12,6% auf 34,0 Milliarden Pakete, während die hohe Servicequalität aufrechterhalten wurde. Der Jahresumsatz wuchs um 15,3% auf 44,28 Milliarden RMB (6,07 Milliarden USD), während das bereinigte Nettoergebnis um 12,7% auf 10,2 Milliarden RMB anstieg.
Die Höhepunkte des Q4 2024 umfassen ein Umsatzwachstum von 21,7% auf 12,92 Milliarden RMB, wobei das Nettoergebnis um 10,7% auf 2,45 Milliarden RMB zunahm. Das operative Netzwerk des Unternehmens erweiterte sich auf über 31.000 Abhol-/Lieferstellen und 95 Sortierzentren, mit über 10.000 eigenen Fernverkehrsfahrzeugen.
Wichtige Kennzahlen zeigen eine starke Leistung mit einem Anstieg des Paketvolumens im Q4 um 11% auf 9,67 Milliarden Pakete. Das Unternehmen kündigte eine halbjährliche Dividende von 0,35 USD pro Aktie an und erwartet für 2025 ein Branchenwachstum von etwa 15%.
- 12.6% annual parcel volume growth to 34.0 billion parcels
- 15.3% revenue growth to RMB44.28 billion in 2024
- 12.7% increase in adjusted net income to RMB10.2 billion
- 21.7% Q4 revenue growth to RMB12.92 billion
- US$0.35 per share semi-annual dividend announced
- Operating margin improved to 26.6% from 26.0%
- Net cash from operations decreased to RMB11.43 billion from RMB13.36 billion in 2023
- RMB258.6 million impairment charge on investment in Zhejiang Yizhan Network Technology
- 11.7% decrease in freight forwarding services revenue in Q4
- Increased income tax rate due to RMB372.3 million withholding tax accrual
Insights
ZTO Express delivered solid financial growth in Q4 and full-year 2024, demonstrating resilience in China's express delivery market. Q4 revenues surged
The operational performance was equally impressive with annual parcel volume growing
ZTO's strategic focus on high-value parcels is paying dividends, as shown by the
Cost discipline remains strong with unit transportation costs decreasing
The announced
ZTO's operational results reveal a company executing effectively in China's hypercompetitive express delivery market. The 11.0% Q4 volume growth demonstrates network advantage at scale, particularly impressive given the broader economic challenges in the Chinese consumer market.
The company's infrastructure investments continue to drive efficiency gains. The expansion to 596 automated sorting systems (from 464 last year) has partially offset rising labor costs while improving processing speeds. This automation strategy has contained sorting hub cost increases to just
ZTO's transportation network optimization stands out with a
The management's emphasis on "quality, volume and net profit" priorities indicates a balanced approach that avoids the trap of pure volume pursuit at the expense of profitability. Their focus on expanding retail parcel volume (
The commentary about "spending downgrade" and "parcel unit pricing pressure" reveals ongoing challenges in the broader Chinese consumer environment. However, ZTO's robust network coverage (31,000+ outlets) and partner stability (6,000+ direct network partners) provides competitive insulation against these pressures.
While industry growth is projected at approximately
Annual Volume Increased to 34.0 Billion Parcels
RMB10.2 Billion Full Year Adjusted Net Income Grew 12.7%
US$0.35 per Share Semi-Annual Dividend Announced
Fourth Quarter 2024 Financial Highlights
- Revenues were
RMB12,919.7 million (US ), an increase of$1,770.0 million 21.7% fromRMB10,619.4 million in the same period of 2023. - Gross profit was
RMB3,759.7 million (US ), an increase of$515.1 million 20.2% fromRMB3,128.2 million in the same period of 2023. - Net income was
RMB2,446.8 million (US ), an increase of$335.2 million 10.7% fromRMB2,209.8 million in the same period of 2023. - Adjusted EBITDA[3] was
RMB4,615.3 million (US ), an increase of$632.3 million 26.4% fromRMB3,651.8 million in the same period of 2023. - Adjusted net income[2] was
RMB2,733.3 million (US ), an increase of$374.5 million 23.4% fromRMB2,214.4 million in the same period of 2023. - Basic and diluted net earnings per American depositary share ("ADS"[4]) were
RMB2.97 (US ) and$0.41 RMB2.89 (US ), an increase of$0.40 9.2% and8.6% fromRMB2.72 andRMB2.66 in the same period of 2023, respectively. - Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders[5] were
RMB3.32 (US ) and$0.45 RMB3.24 (US ), an increase of$0.44 21.6% and21.3% fromRMB2.73 andRMB2.67 in the same period of 2023, respectively. - Net cash provided by operating activities was
RMB2,806.3 million (US ), compared with$384.5 million RMB3,923.3 million in the same period of 2023.
Fiscal Year 2024 Financial Highlights
- Revenues were
RMB44,280.7 million (US ), an increase of$6,066.4 million 15.3% fromRMB38,418.9 million in 2023. - Gross profit was
RMB13,717.1 million (US ), an increase of$1,879.2 million 17.6% fromRMB11,662.5 million in 2023. - Net income was
RMB8,887.6 million (US ), an increase of$1,217.6 million 1.5% fromRMB8,754.5 million in 2023. - Adjusted EBITDA[3] was
RMB16,354.9 million (US ), an increase of$2,240.6 million 15.9% fromRMB14,107.3 million in 2023. - Adjusted net income[2] was
RMB10,150.4 million (US ), an increase of$1,390.6 million 12.7% fromRMB9,005.9 million in 2023. - Basic and diluted net earnings per American depositary share ("ADS"[4]) were
RMB10.95 (US ) and$1.50 RMB10.70 (US ), an increase of$1.47 1.1% and0.9% fromRMB10.83 andRMB10.60 in 2023. - Adjusted basic and diluted net earnings per American depositary share attributable to ordinary shareholders were
RMB12.52 (US ) and$1.72 RMB12.20 (US ), an increase of$1.67 12.4% and11.9% fromRMB11.14 andRMB10.90 in 2023. - Net cash provided by operating activities was
RMB11,429.4 million (US ), compared with$1,565.8 million RMB13,361.0 million in 2023.
Operational Highlights for Fourth Quarter 2024
- Parcel volume was 9,665 million, an increase of
11.0% from 8,705 million in the same period of 2023. - Number of pickup/delivery outlets was over 31,000 as of December 31, 2024.
- Number of direct network partners was over 6,000 as of December 31, 2024.
- Number of self-owned line-haul vehicles was over 10,000 as of December 31, 2024.
- Out of the over 10,000 self-owned trucks, over 9,400 were high capacity 15 to 17-meter-long models as of December 31, 2024, compared to over 9,200 as of December 31, 2023.
- Number of line-haul routes between sorting hubs was over 3,900 as of December 31, 2024, which is similar to the same period last year.
- Number of sorting hubs was 95 as of December 31, 2024, among which 91 are operated by the Company and 4 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, ZTO maintained high quality of services and customer satisfaction, and achieved 9.7 billion of parcel volume and 2.7 billion of adjusted net income. To increase retail parcel volume was one of the key objectives to enhance revenue mix, and our average daily retail parcel volume exceeded 7 million which increased nearly
Mr. Lai added, "As domestic economy slowly moves towards recovery, growth of
Ms. Huiping Yan, Chief Financial Officer of ZTO, commented, "For the fourth quarter of 2024, ZTO's core express ASP increased
Ms. Yan added, "Slow to recover economic conditions caused a greater proportion of ecommerce packages being low-value or unprofitable. Between strategic value and economic value, we are making conscientious trade-off decisions to ensure short-term and long-term impacts are properly balanced. Profits driven by our unique competitive advantages, such as quality of services, scale and reach, operating efficiency and partner network stability, will remain intact. Meanwhile,we are increasing our effort to support and enable network partners' sustainable growth and prosperity. By expanding our leadership in volume market share, everyone under the ZTO brand can work better together to address market pricing pressure, last-mile cost increases, and any other challenges in the future."
Fourth Quarter 2024 Unaudited Financial Results | |||||||||
Three Months Ended December 31, | |||||||||
2023 | 2024 | ||||||||
RMB | % | RMB | US$ | % | |||||
(in thousands, except percentages) | |||||||||
Express delivery services | 9,759,253 | 91.9 | 12,024,132 | 1,647,299 | 93.1 | ||||
Freight forwarding services | 236,640 | 2.2 | 208,931 | 28,623 | 1.6 | ||||
Sale of accessories | 579,138 | 5.5 | 646,675 | 88,594 | 5.0 | ||||
Others | 44,403 | 0.4 | 39,964 | 5,476 | 0.3 | ||||
Total revenues | 10,619,434 | 100.0 | 12,919,702 | 1,769,992 | 100.0 |
Total Revenues were
Three Months Ended December 31, | |||||||||
2023 | 2024 | ||||||||
% of | % of | ||||||||
RMB | revenues | RMB | US$ | revenues | |||||
(in thousands, except percentages) | |||||||||
Line-haul transportation cost | 3,964,208 | 37.3 | 3,913,823 | 536,192 | 30.3 | ||||
Sorting hub operating cost | 2,257,047 | 21.3 | 2,543,707 | 348,486 | 19.7 | ||||
Freight forwarding cost | 227,547 | 2.1 | 197,053 | 26,996 | 1.5 | ||||
Cost of accessories sold | 162,227 | 1.5 | 196,941 | 26,981 | 1.5 | ||||
Other costs | 880,156 | 8.3 | 2,308,459 | 316,257 | 17.9 | ||||
Total cost of revenues | 7,491,185 | 70.5 | 9,159,983 | 1,254,912 | 70.9 |
Total cost of revenues was
Line haul transportation cost was
Sorting hub operating cost was
Cost of accessories sold was
Other costs of
Gross Profit was
Total Operating Expenses were
Selling, general and administrative expenses were
Other operating income, net 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 investees 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. |
Fiscal Year 2024 Financial Results | ||||||||||
Year Ended December 31, | ||||||||||
2023 | 2024 | |||||||||
RMB | % | RMB | US$ | % | ||||||
(in thousands, except percentages) | ||||||||||
Express delivery services | 35,488,060 | 92.4 | 40,953,034 | 5,610,543 | 92.5 | |||||
Freight forwarding services | 906,802 | 2.4 | 885,410 | 121,301 | 2.0 | |||||
Sale of accessories | 1,876,624 | 4.9 | 2,300,392 | 315,152 | 5.2 | |||||
Others | 147,429 | 0.3 | 141,884 | 19,438 | 0.3 | |||||
Total revenues | 38,418,915 | 100.0 | 44,280,720 | 6,066,434 | 100.0 | |||||
Total Revenues were
Year Ended December 31, | |||||||||
2023 | 2024 | ||||||||
% of | % of | ||||||||
RMB | revenues | RMB | US$ | revenues | |||||
(in thousands, except percentages) | |||||||||
Line-haul transportation cost | 13,591,627 | 35.4 | 13,966,446 | 1,913,395 | 31.5 | ||||
Sorting hub operating cost | 8,253,522 | 21.5 | 9,163,784 | 1,255,433 | 20.7 | ||||
Freight forwarding cost | 854,533 | 2.2 | 828,270 | 113,473 | 1.9 | ||||
Cost of accessories sold | 513,391 | 1.3 | 651,729 | 89,287 | 1.5 | ||||
Other costs | 3,543,316 | 9.2 | 5,953,399 | 815,612 | 13.4 | ||||
Total cost of revenues | 26,756,389 | 69.6 | 30,563,628 | 4,187,200 | 69.0 |
Total cost of revenues was
Line haul transportation cost was
Sorting hub operating cost was
Cost of accessories sold was
Other costs of RMB5,953.4 million (
Gross Profit was
Total Operating Expenses were
Selling, general and administrative expenses were
Other operating income, net 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 investees was
Foreign currency exchange Loss, before tax 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
Recent Developments
Appointment of Nominating and Corporate Governance Committee Member
The board of directors (the "Board") has appointed Ms. Fang Xie, an independent non-executive director, as a member of the nominating and corporate governance committee of the Board, effective March 19, 2025. Following the appointment, the nominating and corporate governance committee consists of four independent non-executive directors, namely Mr. Frank Zhen Wei (as the chairman), Mr. Qin Charles Huang, Mr. Tsun-Ming Daniel Kao and Ms. Fang Xie.
Declaration of Semi-Annual Dividend
The board of directors (the "Board") has approved a cash dividend of
Company Share Repurchase Program
The Board has approved its share repurchase program in November 2018 and made subsequent modifications, whereby the latest modification increased the aggregate value of shares that may be repurchased to
Business Outlook
Based on current market and operating conditions, the Company's parcel volume for 2025 is expected to be in the range of 40.8 billion to 42.2 billion, representing a
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 such Non-GAAP measures help identify underlying trends in ZTO's business that could otherwise be distorted by the effect of the related 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:
1-888-317-6003 | |
800-963-976 | |
Mainland | 4001-206-115 |
800-120-5863 | |
International: | 1-412-317-6061 |
Passcode: | 9429827 |
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 March 25, 2025:
1-877-344-7529 | |
International: | 1-412-317-0088 |
Passcode: | 8404611 |
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 December 31, | Year Ended December 31, | |||||||||||
2023 | 2024 | 2023 | 2024 | |||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
(in thousands, except for share and per share data) | ||||||||||||
Revenues | 10,619,434 | 12,919,702 | 1,769,992 | 38,418,915 | 44,280,720 | 6,066,434 | ||||||
Cost of revenues | (7,491,185) | (9,159,983) | (1,254,912) | (26,756,389) | (30,563,628) | (4,187,200) | ||||||
Gross profit | 3,128,249 | 3,759,719 | 515,080 | 11,662,526 | 13,717,092 | 1,879,234 | ||||||
Operating (expenses)/income: | ||||||||||||
Selling, general and administrative | (700,357) | (655,825) | (89,848) | (2,425,253) | (2,690,017) | (368,531) | ||||||
Other operating income, net | 327,203 | 349,277 | 47,851 | 770,651 | 749,784 | 102,720 | ||||||
Total operating expenses | (373,154) | (306,548) | (41,997) | (1,654,602) | (1,940,233) | (265,811) | ||||||
Income from operations | 2,755,095 | 3,453,171 | 473,083 | 10,007,924 | 11,776,859 | 1,613,423 | ||||||
Other income/(expenses): | ||||||||||||
Interest income | 201,383 | 221,927 | 30,404 | 706,765 | 993,535 | 136,114 | ||||||
Interest expense | (61,804) | (71,784) | (9,834) | (289,533) | (337,919) | (46,295) | ||||||
(Loss)/gain from fair value changes of | ||||||||||||
financial instruments | (51,247) | 168,003 | 23,016 | 164,517 | 202,886 | 27,795 | ||||||
(Loss)/gain on disposal of equity | (4,589) | (21,212) | (2,906) | 5,485 | (10,518) | (1,441) | ||||||
Impairment of investment in equity | ||||||||||||
investees | - | (258,551) | (35,421) | - | (931,367) | (127,597) | ||||||
Foreign currency exchange gain/(loss) | ||||||||||||
before tax | 17,972 | (318) | (44) | 93,543 | (17,930) | (2,456) | ||||||
Income before income tax, and share of | ||||||||||||
(loss)/gain in equity method | 2,856,810 | 3,491,236 | 478,298 | 10,688,701 | 11,675,546 | 1,599,543 | ||||||
Income tax expense | (636,621) | (1,059,086) | (145,094) | (1,938,600) | (2,845,361) | (389,813) | ||||||
Share of (loss)/gain in equity method | (10,376) | 14,659 | 2,008 | 4,356 | 57,410 | 7,865 | ||||||
Net income | 2,209,813 | 2,446,809 | 335,212 | 8,754,457 | 8,887,595 | 1,217,595 | ||||||
Net income attributable to non-controlling interests | (17,507) | (64,119) | (8,784) | (5,453) | (70,760) | (9,694) | ||||||
Net income attributable to ZTO Express | ||||||||||||
(Cayman) Inc. | 2,192,306 | 2,382,690 | 326,428 | 8,749,004 | 8,816,835 | 1,207,901 | ||||||
Net income attributable to ordinary | ||||||||||||
shareholders | 2,192,306 | 2,382,690 | 326,428 | 8,749,004 | 8,816,835 | 1,207,901 | ||||||
Net earnings per share attributed to | ||||||||||||
ordinary shareholders | ||||||||||||
Basic | 2.72 | 2.97 | 0.41 | 10.83 | 10.95 | 1.50 | ||||||
Diluted | 2.66 | 2.89 | 0.40 | 10.60 | 10.70 | 1.47 | ||||||
Weighted average shares used in | ||||||||||||
calculating net earnings per ordinary | ||||||||||||
share/ADS | ||||||||||||
Basic | 806,082,185 | 803,354,580 | 803,354,580 | 807,739,616 | 804,875,816 | 804,875,816 | ||||||
Diluted | 837,291,253 | 836,920,680 | 836,920,680 | 838,948,683 | 838,441,916 | 838,441,916 | ||||||
Net income | 2,209,813 | 2,446,809 | 335,212 | 8,754,457 | 8,887,595 | 1,217,595 | ||||||
Other comprehensive income/ | ||||||||||||
(expenses), net of tax of nil: | ||||||||||||
Foreign currency translation adjustment | 70,677 | (124,108) | (17,003) | (104,052) | (103,970) | (14,244) | ||||||
Comprehensive income | 2,280,490 | 2,322,701 | 318,209 | 8,650,405 | 8,783,625 | 1,203,351 | ||||||
Comprehensive income attributable to | ||||||||||||
non-controlling interests | (17,507) | (64,119) | (8,784) | (5,453) | (70,760) | (9,694) | ||||||
Comprehensive income attributable to | ||||||||||||
ZTO Express (Cayman) Inc. | 2,262,983 | 2,258,582 | 309,425 | 8,644,952 | 8,712,865 | 1,193,657 |
Unaudited Consolidated Balance Sheets Data: | |||||
As of | |||||
December 31, | December 31, | ||||
2023 | 2024 | ||||
RMB | RMB | US$ | |||
(in thousands, except for share data) | |||||
ASSETS | |||||
Current assets | |||||
Cash and cash equivalents | 12,333,884 | 13,465,442 | 1,844,758 | ||
Restricted cash | 686,568 | 37,517 | 5,140 | ||
Accounts receivable, net | 572,558 | 1,503,706 | 206,007 | ||
Financing receivables | 1,135,445 | 1,178,617 | 161,470 | ||
Short-term investment | 7,454,633 | 8,848,447 | 1,212,232 | ||
Inventories | 28,074 | 38,569 | 5,284 | ||
Advances to suppliers | 821,942 | 783,599 | 107,353 | ||
Prepayments and other current assets | 3,772,377 | 4,329,664 | 593,162 | ||
Amounts due from related parties | 148,067 | 168,160 | 23,038 | ||
Total current assets | 26,953,548 | 30,353,721 | 4,158,444 | ||
Investments in equity investees | 3,455,119 | 1,871,337 | 256,372 | ||
Property and equipment, net | 32,181,025 | 33,915,366 | 4,646,386 | ||
Land use rights, net | 5,637,101 | 6,170,233 | 845,318 | ||
Intangible assets, net | 23,240 | 17,043 | 2,335 | ||
Operating lease right-of-use assets | 672,193 | 566,316 | 77,585 | ||
Goodwill | 4,241,541 | 4,241,541 | 581,089 | ||
Deferred tax assets | 879,772 | 984,567 | 134,885 | ||
Long-term investment | 12,170,881 | 12,017,755 | 1,646,426 | ||
Long-term financing receivables | 964,780 | 861,453 | 118,019 | ||
Other non-current assets | 701,758 | 919,331 | 125,948 | ||
Amounts due from related parties-non current | 584,263 | 421,667 | 57,766 | ||
TOTAL ASSETS | 88,465,221 | 92,340,330 | 12,650,573 | ||
LIABILITIES AND EQUITY | |||||
Current liabilities | |||||
Short-term bank borrowing | 7,765,990 | 9,513,958 | 1,303,407 | ||
Accounts payable | 2,557,010 | 2,463,395 | 337,484 | ||
Advances from customers | 1,745,727 | 1,565,147 | 214,424 | ||
Income tax payable | 333,257 | 488,889 | 66,978 | ||
Amounts due to related parties | 234,683 | 202,766 | 27,779 | ||
Operating lease liabilities | 186,253 | 183,373 | 25,122 | ||
Dividends payable | 1,548 | 14,134 | 1,936 | ||
Convertible senior notes | - | 7,270,081 | 995,997 | ||
Other current liabilities | 7,236,716 | 6,571,492 | 900,290 | ||
Total current liabilities | 20,061,184 | 28,273,235 | 3,873,417 | ||
Non-current operating lease liabilities | 455,879 | 377,717 | 51,747 | ||
Deferred tax liabilities | 638,200 | 1,014,545 | 138,992 | ||
Convertible senior notes | 7,029,550 | - | - | ||
TOTAL LIABILITIES | 28,184,813 | 29,665,497 | 4,064,156 | ||
Shareholders' equity | |||||
Ordinary shares ( | |||||
shares issued and 804,719,252 shares outstanding as of December 31, 2023; | 525 | 523 | 72 | ||
Additional paid-in capital | 24,201,745 | 24,389,905 | 3,341,403 | ||
Treasury shares, at cost | (510,986) | (1,131,895) | (155,069) | ||
Retained earnings | 36,301,185 | 39,098,553 | 5,356,480 | ||
Accumulated other comprehensive loss | (190,724) | (294,694) | (40,373) | ||
ZTO Express (Cayman) Inc. shareholders' equity | 59,801,745 | 62,062,392 | 8,502,513 | ||
Noncontrolling interests | 478,663 | 612,441 | 83,904 | ||
Total Equity | 60,280,408 | 62,674,833 | 8,586,417 | ||
TOTAL LIABILITIES AND EQUITY | 88,465,221 | 92,340,330 | 12,650,573 |
Summary of Unaudited Consolidated Cash Flow Data: | |||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||
2023 | 2024 | 2023 | 2024 | ||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||
(in thousands) | |||||||||||
Net cash provided by operating activities | 3,923,285 | 2,806,349 | 384,468 | 13,360,967 | 11,429,436 | 1,565,826 | |||||
Net cash provided by / (used in) investing | |||||||||||
activities | 1,181,169 | 2,974,348 | 407,484 | (12,252,751) | (5,980,724) | (819,356) | |||||
Net cash used in financing activities | (2,166,101) | (4,031,871) | (552,364) | (769,836) | (4,995,180) | (684,337) | |||||
Effect of exchange rate changes on cash, | |||||||||||
cash equivalents and restricted cash | 4,450 | 34,377 | 4,710 | 109,843 | 26,105 | 3,577 | |||||
Net increase in cash, cash equivalents | |||||||||||
and restricted cash | 2,942,803 | 1,783,203 | 244,298 | 448,223 | 479,637 | 65,710 | |||||
Cash, cash equivalents and restricted | |||||||||||
cash at beginning of period | 10,108,507 | 11,747,744 | 1,609,434 | 12,603,087 | 13,051,310 | 1,788,022 | |||||
Cash, cash equivalents and restricted | |||||||||||
cash at end of period | 13,051,310 | 13,530,947 | 1,853,732 | 13,051,310 | 13,530,947 | 1,853,732 |
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, | December 31, | ||||
2023 | 2024 | ||||
RMB | RMB | US$ | |||
(in thousands) | |||||
Cash and cash equivalents | 12,333,884 | 13,465,442 | 1,844,758 | ||
Restricted cash, current | 686,568 | 37,517 | 5,140 | ||
Restricted cash, non-current | 30,858 | 27,988 | 3,834 | ||
Total cash, cash equivalents and restricted cash | 13,051,310 | 13,530,947 | 1,853,732 |
Reconciliations of GAAP and Non-GAAP Results | |||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||
2023 | 2024 | 2023 | 2024 | ||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||
(in thousands, except for share and per share data) | |||||||||||
Net income | 2,209,813 | 2,446,809 | 335,212 | 8,754,457 | 8,887,595 | 1,217,595 | |||||
Add: | |||||||||||
Share-based compensation expense [1] | - | 6,768 | 927 | 254,976 | 318,692 | 43,661 | |||||
Impairment of investment in equity | - | 258,551 | 35,421 | - | 931,367 | 127,597 | |||||
Loss / (gain) on disposal of equity | 4,589 | 21,212 | 2,906 | (3,513) | 12,705 | 1,741 | |||||
Adjusted net income | 2,214,402 | 2,733,340 | 374,466 | 9,005,920 | 10,150,359 | 1,390,594 | |||||
Net income | 2,209,813 | 2,446,809 | 335,212 | 8,754,457 | 8,887,595 | 1,217,595 | |||||
Add: | |||||||||||
Depreciation | 705,117 | 714,289 | 97,857 | 2,740,819 | 2,882,579 | 394,912 | |||||
Amortization | 33,855 | 36,793 | 5,041 | 134,390 | 140,827 | 19,293 | |||||
Interest expenses | 61,804 | 71,784 | 9,834 | 289,533 | 337,919 | 46,295 | |||||
Income tax expenses | 636,621 | 1,059,086 | 145,094 | 1,938,600 | 2,845,361 | 389,813 | |||||
EBITDA | 3,647,210 | 4,328,761 | 593,038 | 13,857,799 | 15,094,281 | 2,067,908 | |||||
Add: | |||||||||||
Share-based compensation expense | - | 6,768 | 927 | 254,976 | 318,692 | 43,661 | |||||
Impairment of investment in equity | - | 258,551 | 35,421 | - | 931,367 | 127,597 | |||||
Loss / (gain) on disposal of equity | 4,589 | 21,212 | 2,906 | (5,485) | 10,518 | 1,441 | |||||
Adjusted EBITDA | 3,651,799 | 4,615,292 | 632,292 | 14,107,290 | 16,354,858 | 2,240,607 |
(1) Net of income taxes of nil |
Reconciliations of GAAP and Non-GAAP Results | |||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||
2023 | 2024 | 2023 | 2024 | ||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||
(in thousands, except for share and per share data) | |||||||||||
Net income attributable to ordinary |
2,192,306 | 2,382,690 | 326,428 | 8,749,004 | 8,816,835 | 1,207,901 | |||||
Add: | |||||||||||
Share-based compensation expense [1] | - | 6,768 | 927 | 254,976 | 318,692 | 43,661 | |||||
Impairment of investment in equity | - | 258,551 | 35,421 | - | 931,367 | 127,597 | |||||
Loss / (gain) on disposal of equity | 4,589 | 21,212 | 2,906 | (3,513) | 12,705 | 1,741 | |||||
Adjusted Net income attributable to | 2,196,895 | 2,669,221 | 365,682 | 9,000,467 | 10,079,599 | 1,380,900 | |||||
Weighted average shares used in | |||||||||||
Basic | 806,082,185 | 803,354,580 | 803,354,580 | 807,739,616 | 804,875,816 | 804,875,816 | |||||
Diluted | 837,291,253 | 836,920,680 | 836,920,680 | 838,948,683 | 838,441,916 | 838,441,916 | |||||
Net earnings per share/ADS attributable | |||||||||||
Basic | 2.72 | 2.97 | 0.41 | 10.83 | 10.95 | 1.50 | |||||
Diluted | 2.66 | 2.89 | 0.40 | 10.60 | 10.70 | 1.47 | |||||
Adjusted net earnings per share/ADS | |||||||||||
Basic | 2.73 | 3.32 | 0.45 | 11.14 | 12.52 | 1.72 | |||||
Diluted | 2.67 | 3.24 | 0.44 | 10.90 | 12.20 | 1.67 |
(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.