ZTO Reports Second Quarter 2024 Unaudited Financial Results
ZTO Express reported strong Q2 2024 results with a 10.1% increase in revenues to RMB10.7 billion (US$1.48 billion) and a 10.9% rise in adjusted net income to RMB2.8 billion (US$386.1 million). The company achieved a 10.1% increase in parcel volume to 8.45 billion. Key financial metrics showed positive performance: gross profit rose 9.6% to RMB3.62 billion, adjusted EBITDA increased 11.7% to RMB4.34 billion, and net income grew 3.3% to RMB2.61 billion. Basic and diluted earnings per ADS were RMB3.24 (US$0.45) and RMB3.16 (US$0.43) respectively. Operational highlights include over 31,000 pickup/delivery outlets and 10,000 self-owned line-haul vehicles. The company announced an interim dividend of US$0.35 per ADS/share. ZTO reaffirms its 2024 parcel volume guidance of 15%-18% growth. The company's market share decreased by 2% to 19.6% despite overall industry growth.
ZTO Express ha riportato risultati solidi per il secondo trimestre del 2024, con un aumento dei ricavi del 10,1% a RMB10,7 miliardi (US$1,48 miliardi) e un incremento del reddito netto rettificato del 10,9% a RMB2,8 miliardi (US$386,1 milioni). L'azienda ha registrato un aumento del volume dei pacchi del 10,1% a 8,45 miliardi. Gli indicatori finanziari chiave hanno mostrato performance positive: il profitto lordo è aumentato del 9,6% a RMB3,62 miliardi, l'EBITDA rettificato è cresciuto dell'11,7% a RMB4,34 miliardi e il reddito netto è aumentato del 3,3% a RMB2,61 miliardi. Gli utili di base e diluiti per ADS sono stati di RMB3,24 (US$0,45) e RMB3,16 (US$0,43) rispettivamente. Tra i principali risultati operativi, ci sono oltre 31.000 punti di ritiro/consegna e 10.000 veicoli di trasporto di proprietà. L'azienda ha annunciato un dividendo intermedio di US$0,35 per ADS/azione. ZTO conferma la sua previsione di crescita per il volume dei pacchi del 2024, compresa tra il 15% e il 18%. La quota di mercato dell'azienda è diminuita del 2% al 19,6%, nonostante la crescita generale del settore.
ZTO Express reportó resultados sólidos para el segundo trimestre de 2024, con un incremento del ingreso del 10.1% a RMB10.7 mil millones (US$1.48 mil millones) y un aumento del ingreso neto ajustado del 10.9% a RMB2.8 mil millones (US$386.1 millones). La compañía alcanzó un incremento del volumen de paquetes del 10.1% a 8.45 mil millones. Las métricas financieras clave mostraron un desempeño positivo: el beneficio bruto aumentó un 9.6% a RMB3.62 mil millones, el EBITDA ajustado se incrementó un 11.7% a RMB4.34 mil millones, y el ingreso neto creció un 3.3% a RMB2.61 mil millones. Las ganancias básicas y diluidas por ADS fueron de RMB3.24 (US$0.45) y RMB3.16 (US$0.43) respectivamente. Los puntos destacados operativos incluyen más de 31,000 puntos de recogida/entrega y 10,000 vehículos de transporte propios. La compañía anunció un dividendo interino de US$0.35 por ADS/acción. ZTO reafirma su guía de crecimiento de volumen de paquetes del 2024, que oscila entre el 15% y el 18%. La cuota de mercado de la empresa disminuyó un 2% al 19.6%, a pesar del crecimiento general de la industria.
ZTO 익스프레스는 2024년 2분기 실적을 발표하며 수익이 10.1% 증가한 107억 위안(미화 14억 8천만 달러), 조정 순이익이 10.9% 증가한 28억 위안(미화 3억 8천 610만 달러)에 도달했다고 보고했습니다. 회사는 소포 물량이 10.1% 증가한 84억 5천만 개를 기록했습니다. 주요 재무 지표는 긍정적인 성과를 보였습니다: 총 이익은 9.6% 증가한 36억 2천만 위안, 조정 EBITDA는 11.7% 증가한 43억 4천만 위안, 그리고 순이익은 3.3% 증가한 26억 1천만 위안으로 나타났습니다. 기본 및 희석 ADS당 수익은 각각 3.24위안(미화 0.45달러) 및 3.16위안(미화 0.43달러)이었습니다. 운영 하이라이트로는 31,000개 이상의 픽업/배송 지점과 10,000대의 자가 소유 화물차량이 포함됩니다. 회사는 ADS/주당 미화 0.35의 중간 배당금을 발표했습니다. ZTO는 2024년 소포 물량 증가 가이드를 15%-18%로 재확인합니다. 회사의 시장 점유율은 전체 산업 성장에도 불구하고 2% 감소하여 19.6%에 이릅니다.
ZTO Express a annoncé de solides résultats pour le deuxième trimestre 2024, avec une augmentation de chiffre d'affaires de 10,1 % à 10,7 milliards RMB (1,48 milliard USD) et une hausse de revenu net ajusté de 10,9 % à 2,8 milliards RMB (386,1 millions USD). L'entreprise a enregistré une augmentation de volume de colis de 10,1 % pour atteindre 8,45 milliards. Les indicateurs financiers clés montrent une performance positive : le profit brut a augmenté de 9,6 % pour atteindre 3,62 milliards RMB, l'EBITDA ajusté a augmenté de 11,7 % pour atteindre 4,34 milliards RMB et le revenu net a augmenté de 3,3 % à 2,61 milliards RMB. Le bénéfice de base et dilué par ADS était de 3,24 RMB (0,45 USD) et de 3,16 RMB (0,43 USD) respectivement. Les points forts opérationnels comprennent plus de 31 000 points de collecte/livraison et 10 000 véhicules de transport en propriété. L'entreprise a annoncé un dividende intérimaire de 0,35 USD par ADS/action. ZTO réaffirme ses prévisions de volume de colis pour 2024 avec une croissance de 15 % à 18 %. La part de marché de l'entreprise a diminué de 2 % pour atteindre 19,6 %, malgré la croissance générale du secteur.
ZTO Express berichtete über starke Ergebnisse im zweiten Quartal 2024 mit einem Umsatzwachstum von 10,1% auf 10,7 Milliarden RMB (1,48 Milliarden US-Dollar) und einem Anstieg des bereinigten Nettoergebnisses um 10,9% auf 2,8 Milliarden RMB (386,1 Millionen US-Dollar). Das Unternehmen erreichte ein Paketsendungsvolumen von 8,45 Milliarden, was einem Wachstum von 10,1% entspricht. Die wichtigsten finanziellen Kennzahlen zeigen eine positive Entwicklung: Der Bruttogewinn stieg um 9,6% auf 3,62 Milliarden RMB, das bereinigte EBITDA erhöhte sich um 11,7% auf 4,34 Milliarden RMB, und der Nettoertrag wuchs um 3,3% auf 2,61 Milliarden RMB. Der Basis- und verwässerte Gewinn pro ADS betrugen jeweils 3,24 RMB (0,45 US-Dollar) und 3,16 RMB (0,43 US-Dollar). Zu den betrieblichen Höhepunkten zählen über 31.000 Abhol-/Lieferstellen und 10.000 eigene Fernverkehrsfahrzeuge. Das Unternehmen kündigte eine Zwischendividende von 0,35 US-Dollar pro ADS/Aktie an. ZTO bekräftigt die Prognose für das Jahr 2024 mit einer Wachstumsrate des Paketvolumens von 15%-18%. Der Marktanteil des Unternehmens sank um 2% auf 19,6%, trotz des insgesamt wachsenden Marktes.
- Revenues increased 10.1% to RMB10.7 billion.
- Adjusted net income rose 10.9% to RMB2.8 billion.
- Parcel volume grew 10.1% to 8.45 billion.
- Gross profit up 9.6% to RMB3.62 billion.
- Adjusted EBITDA increased 11.7% to RMB4.34 billion.
- Net income grew 3.3% to RMB2.61 billion.
- Announced interim dividend of US$0.35 per ADS/share.
- Market share decreased by 2% to 19.6%.
- Net cash from operating activities dropped to RMB3.48 billion from RMB3.76 billion.
Insights
ZTO Express delivered a solid Q2 2024 performance with 10.1% revenue growth to
- Parcel volume grew 10.1% YoY to 8.45 billion
- Market share declined 2 points to 19.6% as company prioritized quality over quantity
- Core express ASP remained stable at
RMB1.24 per parcel - Adjusted EBITDA increased 11.7% to
RMB4.34 billion US$0.35 per ADS interim dividend declared
The results reflect ZTO's balanced approach of maintaining profitability while growing volume. The focus on higher-value customers and last-mile initiatives should support long-term competitiveness, though market share may face near-term pressure. Maintaining the 15-18% full-year volume growth guidance is encouraging given the competitive landscape.
ZTO's strategic shift towards quality over quantity is a prudent move in China's competitive express delivery market. The 2 percentage point market share decline is a calculated trade-off for improved profitability and service quality. Key observations:
- Focus on retail volume growth aims to differentiate ZTO from competitors
- Last-mile initiatives to increase retail parcel pickup should boost courier earnings and network stability
- Improved operational efficiencies evident in 2 cent decrease in combined unit sorting and transportation costs
- Automation continues with 515 automated sorting equipment sets now in service
While short-term growth may be impacted, this strategy positions ZTO better for long-term success in a maturing market. The emphasis on network fairness and stability is important for maintaining ZTO's competitive edge against rivals.
ZTO's Q2 results present a mixed picture for investors. Positives include:
- 10.9% growth in adjusted net income despite slower volume growth
- Stable core express ASP in a competitive market
- Continued operational efficiency improvements
- Attractive
US$0.35 per ADS interim dividend (40% payout ratio)
However, investors should note:
- Market share decline could pressure growth if trend continues
- Increased competition and industry pressure highlighted by management
- Higher income tax rate due to withholding tax on planned dividends
The
Robust Profitable Growth amidst Consumption Mix-shift
Adjusted Net Income Grew
Second Quarter 2024 Financial Highlights
- Revenues were
RMB10,726.0 million (US ), an increase of$1,475.9 million 10.1% fromRMB9,740.3 million in the same period of 2023. - Gross profit was
RMB3,620.5 million (US ), an increase of$498.2 million 9.6% fromRMB3,304.4 million in the same period of 2023. - Net income was
RMB2,614.0 million (US ), an increase of$359.7 million 3.3% fromRMB2,530.2 million in the same period of 2023. - Adjusted EBITDA[3] was
RMB4,339.7 million (US ), an increase of$597.2 million 11.7% fromRMB3,883.9 million in the same period of 2023. - Adjusted net income was
RMB2,805.7 million (US ), an increase of$386.1 million 10.9% fromRMB2,531.0 million in the same period of 2023. - Basic and diluted net earnings per American depositary share ("ADS"[4]) were
RMB3.24 (US ) and$0.45 RMB3.16 (US ), an increase of$0.43 3.2% and2.9% fromRMB3.14 andRMB3.07 in the same period of 2023, respectively. - Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders[5] were
RMB3.48 (US ) and$0.48 RMB3.38 (US ), an increase of$0.47 10.8% and10.1% fromRMB3.14 andRMB3.07 in the same period of 2023, respectively. - Net cash provided by operating activities was
RMB3,480.1 million (US ), compared with$478.9 million RMB3,761.6 million in the same period of 2023.
Operational Highlights for Second Quarter 2024
- Parcel volume was 8,452 million, an increase of
10.1% from 7,677 million in the same period of 2023. - Number of pickup/delivery outlets was over 31,000 as of June 30, 2024.
- Number of direct network partners was over 6,000 as of June 30, 2024.
- Number of self-owned line-haul vehicles was approximately 10,000 as of June 30, 2024.
- Out of the approximately 10,000 self-owned trucks, over 9,200 were high capacity 15 to 17-meter-long models as of June 30, 2024, compared to over 9,300 as of June 30, 2023.
- Number of line-haul routes between sorting hubs was over 3,800 as of June 30, 2024, compared to approximately 3,800 as of June 30, 2023.
- Number of sorting hubs was 96 as of June 30, 2024, among which 90 are operated by the Company and 6 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 investment 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 investment 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, "For the second quarter this year, we continued to advance our re-balanced strategy that prioritizes quality over quantity by enhancing volume mix, improving operational efficiencies, helping to reduce last mile delivery costs, and increase profitability for outlets and couriers. With 8.5 billion parcels, our market share decreased 2.0 points to
Mr. Lai added, "
Ms. Huiping Yan, Chief Financial Officer of ZTO, commented, "Core express ASP was flat at 1.24 while the impact of volume incentives and average parcel weight decline were offset by increases in non-ecommerce parcel mix. Combined unit sorting and transportation cost decreased
Ms. Yan added, "Volume is not unimportant because it enables scale-leverage. We are getting better at weighing risks and opportunities in order to achieve appropriate level of profit and maximize value creation. We are reiterating our 2024 volume growth guidance of
Second Quarter 2024 Unaudited Financial Results | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2023 | 2024 | 2023 | 2024 | ||||||||||||||||
RMB | % | RMB | US$ | % | RMB | % | RMB | US$ | % | ||||||||||
(in thousands, except percentages) | |||||||||||||||||||
Express delivery services | 8,998,444 | 92.4 | 9,875,923 | 1,358,972 | 92.1 | 17,387,187 | 92.9 | 19,116,095 | 2,630,462 | 92.4 | |||||||||
Freight forwarding services | 238,872 | 2.5 | 233,242 | 32,095 | 2.2 | 431,597 | 2.3 | 435,989 | 59,994 | 2.1 | |||||||||
Sale of accessories | 467,778 | 4.8 | 580,422 | 79,869 | 5.4 | 836,616 | 4.5 | 1,065,484 | 146,615 | 5.2 | |||||||||
Others | 35,230 | 0.3 | 36,377 | 5,006 | 0.3 | 68,163 | 0.3 | 68,402 | 9,413 | 0.3 | |||||||||
Total revenues | 9,740,324 | 100.0 | 10,725,964 | 1,475,942 | 100.0 | 18,723,563 | 100.0 | 20,685,970 | 2,846,484 | 100.0 |
Total Revenues were
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2023 | 2024 | 2023 | 2024 | |||||||||||||||||||
RMB | % of | RMB | US$ | % of | RMB | % of | RMB | US$ | % of | |||||||||||||
revenues | revenues | revenues | revenues | |||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||
Line-haul transportation cost | 3,199,832 | 32.9 | 3,283,123 | 451,773 | 30.6 | 6,381,652 | 34.1 | 6,654,616 | 915,706 | 32.2 | ||||||||||||
Sorting hub operating cost | 1,934,666 | 19.9 | 2,227,670 | 306,538 | 20.8 | 3,948,037 | 21.1 | 4,395,871 | 604,892 | 21.3 | ||||||||||||
Freight forwarding cost | 222,272 | 2.3 | 216,724 | 29,822 | 2.0 | 405,244 | 2.2 | 405,106 | 55,744 | 2.0 | ||||||||||||
Cost of accessories sold | 126,700 | 1.3 | 160,093 | 22,030 | 1.5 | 234,128 | 1.3 | 293,140 | 40,337 | 1.4 | ||||||||||||
Other costs | 952,429 | 9.7 | 1,217,877 | 167,585 | 11.3 | 1,926,669 | 10.2 | 2,314,675 | 318,510 | 11.1 | ||||||||||||
Total cost of revenues | ||||||||||||||||||||||
6,435,899 | 66.1 | 7,105,487 | 977,748 | 66.2 | 12,895,730 | 68.9 | 14,063,408 | 1,935,189 | 68.0 | |||||||||||||
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, 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 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. |
Declaration of Interim Dividend Payment
The board of directors (the "Board") has approved an interim cash dividend of US
Business Outlook
Based on current market and operating conditions, the Company maintains its previously stated annual guidance. Parcel volume for 2024 is expected to be in the range of 34.73 billion to 35.64 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: | 6523012 |
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 August 27, 2024:
United States: | 1-877-344-7529 |
International: | 1-412-317-0088 |
Passcode: | 9226740 |
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 June 30, | Six Months Ended June 30, | ||||||||||
2023 | 2024 | 2023 | 2024 | ||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||
(in thousands, except for share and per share data) | |||||||||||
Revenues | 9,740,324 | 10,725,964 | 1,475,942 | 18,723,563 | 20,685,970 | 2,846,484 | |||||
Cost of revenues | (6,435,899) | (7,105,487) | (977,748) | (12,895,730) | (14,063,408) | (1,935,189) | |||||
Gross profit | 3,304,425 | 3,620,477 | 498,194 | 5,827,833 | 6,622,562 | 911,295 | |||||
Operating (expenses)/income: | |||||||||||
Selling, general and administrative | (504,607) | (592,978) | (81,596) | (1,291,214) | (1,489,619) | (204,978) | |||||
Other operating income, net | 78,957 | 187,698 | 25,828 | 292,598 | 348,955 | 48,018 | |||||
Total operating expenses | (425,650) | (405,280) | (55,768) | (998,616) | (1,140,664) | (156,960) | |||||
Income from operations | 2,878,775 | 3,215,197 | 442,426 | 4,829,217 | 5,481,898 | 754,335 | |||||
Other income/(expenses): | |||||||||||
Interest income | 167,108 | 288,077 | 39,641 | 259,020 | 533,098 | 73,357 | |||||
Interest expense | (72,218) | (115,855) | (15,942) | (143,928) | (199,771) | (27,489) | |||||
Gain from fair value changes of | |||||||||||
financial instruments | 51,640 | 54,862 | 7,549 | 207,213 | 97,582 | 13,428 | |||||
Loss/(gain) on disposal of equity investees, | |||||||||||
subsidiary and others | (764) | 11,683 | 1,608 | (764) | 12,134 | 1,670 | |||||
Impairment of investment in equity investee | - | (194,452) | (26,757) | - | (672,816) | (92,583) | |||||
Foreign currency exchange gain | |||||||||||
before tax | 81,134 | 15,178 | 2,089 | 70,921 | 20,562 | 2,829 | |||||
Income before income tax, and share of | |||||||||||
loss in equity method | 3,105,675 | 3,274,690 | 450,614 | 5,221,679 | 5,272,687 | 725,547 | |||||
Income tax expense | (575,585) | (665,011) | (91,509) | (1,030,592) | (1,231,316) | (169,435) | |||||
Share of gain in equity method | |||||||||||
investments | 123 | 4,318 | 594 | 3,947 | 20,373 | 2,803 | |||||
Net income | 2,530,213 | 2,613,997 | 359,699 | 4,195,034 | 4,061,744 | 558,915 | |||||
Net loss/(income) attributable to non- | |||||||||||
interests | 10,991 | (2,195) | (302) | 16,506 | (23,896) | (3,288) | |||||
Net income attributable to ZTO Express | |||||||||||
(Cayman) Inc. | 2,541,204 | 2,611,802 | 359,397 | 4,211,540 | 4,037,848 | 555,627 | |||||
Net income attributable to ordinary | |||||||||||
shareholders | 2,541,204 | 2,611,802 | 359,397 | 4,211,540 | 4,037,848 | 555,627 | |||||
Net earnings per share attributed to | |||||||||||
ordinary shareholders | |||||||||||
Basic | 3.14 | 3.24 | 0.45 | 5.21 | 5.01 | 0.69 | |||||
Diluted | 3.07 | 3.16 | 0.43 | 5.10 | 4.90 | 0.67 | |||||
Weighted average shares used in | |||||||||||
calculating net earnings per ordinary | |||||||||||
share/ADS | |||||||||||
Basic | 808,967,248 | 806,668,101 | 806,668,101 | 808,916,820 | 805,806,731 | 805,806,731 | |||||
Diluted | 840,176,316 | 839,697,501 | 839,697,501 | 840,125,888 | 838,836,131 | 838,836,131 | |||||
Net income | 2,530,213 | 2,613,997 | 359,699 | 4,195,034 | 4,061,744 | 558,915 | |||||
Other comprehensive income/(loss), | |||||||||||
net of tax of nil: | |||||||||||
Foreign currency translation adjustment | (161,168) | (35,230) | (4,848) | (141,897) | (117,560) | (16,177) | |||||
Comprehensive income | 2,369,045 | 2,578,767 | 354,851 | 4,053,137 | 3,944,184 | 542,738 | |||||
Comprehensive loss/(income) attributable to | |||||||||||
non-controlling interests | 10,991 | (2,195) | (302) | 16,506 | (23,896) | (3,288) | |||||
Comprehensive income attributable to ZTO | |||||||||||
Express (Cayman) Inc. | 2,380,036 | 2,576,572 | 354,549 | 4,069,643 | 3,920,288 | 539,450 | |||||
Unaudited Consolidated Balance Sheets Data: | |||||
As of | |||||
December 31, | June 30, | ||||
2023 | 2024 | ||||
RMB | RMB | US$ | |||
(in thousands, except for share data) | |||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | 12,333,884 | 10,542,131 | 1,450,646 | ||
Restricted cash | 686,568 | 22,253 | 3,062 | ||
Accounts receivable, net | 572,558 | 687,792 | 94,643 | ||
Financing receivables | 1,135,445 | 1,070,565 | 147,315 | ||
Short-term investment | 7,454,633 | 9,898,796 | 1,362,120 | ||
Inventories | 28,074 | 28,095 | 3,866 | ||
Advances to suppliers | 821,942 | 860,573 | 118,419 | ||
Prepayments and other current assets | 3,772,377 | 4,657,146 | 640,845 | ||
Amounts due from related parties | 148,067 | 170,038 | 23,398 | ||
Total current assets | 26,953,548 | 27,937,389 | 3,844,314 | ||
Investments in equity investee | 3,455,119 | 2,095,453 | 288,344 | ||
Property and equipment, net | 32,181,025 | 33,180,203 | 4,565,748 | ||
Land use rights, net | 5,637,101 | 5,780,463 | 795,418 | ||
Intangible assets, net | 23,240 | 20,141 | 2,771 | ||
Operating lease right-of-use assets | 672,193 | 521,130 | 71,710 | ||
Goodwill | 4,241,541 | 4,241,541 | 583,655 | ||
Deferred tax assets | 879,772 | 846,558 | 116,490 | ||
Long-term investment | 12,170,881 | 14,034,434 | 1,931,202 | ||
Long-term financing receivables | 964,780 | 1,000,306 | 137,647 | ||
Other non-current assets | 701,758 | 931,597 | 128,192 | ||
Amounts due from related parties-non current | 584,263 | 514,583 | 70,809 | ||
TOTAL ASSETS | 88,465,221 | 91,103,798 | 12,536,300 | ||
LIABILITIES AND EQUITY | |||||
Current liabilities | |||||
Short-term bank borrowing | 7,765,990 | 10,390,800 | 1,429,822 | ||
Accounts payable | 2,557,010 | 2,200,315 | 302,773 | ||
Advances from customers | 1,745,727 | 1,643,280 | 226,123 | ||
Income tax payable | 333,257 | 317,156 | 43,642 | ||
Amounts due to related parties | 234,683 | 154,446 | 21,252 | ||
Operating lease liabilities | 186,253 | 154,257 | 21,226 | ||
Dividends payable | 1,548 | 20,616 | 2,837 | ||
Other current liabilities | 7,236,716 | 7,208,199 | 991,881 | ||
Total current liabilities | 20,061,184 | 22,089,069 | 3,039,556 | ||
Non-current operating lease liabilities | 455,879 | 328,909 | 45,259 | ||
Deferred tax liabilities | 638,200 | 495,408 | 68,170 | ||
Convertible bond | 7,029,550 | 7,216,538 | 993,029 | ||
TOTAL LIABILITIES | 28,184,813 | 30,129,924 | 4,146,014 | ||
Shareholders' equity | |||||
Ordinary shares ( | |||||
December 31, 2023; 812,866,663 shares issued and 806,668,101 shares | |||||
outstanding as of June 30, 2024) | 525 | 525 | 72 | ||
Additional paid-in capital | 24,201,745 | 24,477,250 | 3,368,182 | ||
Treasury shares, at cost | (510,986) | (377,156) | (51,898) | ||
Retained earnings | 36,301,185 | 36,634,344 | 5,041,054 | ||
Accumulated other comprehensive loss | (190,724) | (308,284) | (42,421) | ||
ZTO Express (Cayman) Inc. shareholders' equity | 59,801,745 | 60,426,679 | 8,314,989 | ||
Noncontrolling interests | 478,663 | 547,195 | 75,297 | ||
Total Equity | 60,280,408 | 60,973,874 | 8,390,286 | ||
TOTAL LIABILITIES AND EQUITY | 88,465,221 | 91,103,798 | 12,536,300 | ||
Summary of Unaudited Consolidated Cash Flow Data: | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2023 | 2024 | 2023 | 2024 | ||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||
(in thousands) | |||||||||||
Net cash provided by operating activities | 3,761,604 | 3,480,095 | 478,877 | 6,499,578 | 5,511,115 | 758,355 | |||||
Net cash used in investing activities | (3,541,559) | (4,666,289) | (642,103) | (9,408,160) | (7,044,941) | (969,416) | |||||
Net cash used in by financing activities | (1,974,295) | (1,103,622) | (151,863) | (1,133,723) | (973,492) | (133,957) | |||||
Effect of exchange rate changes on cash, cash | |||||||||||
equivalents and restricted cash | 104,871 | (3,526) | (485) | 95,934 | 35,077 | 4,827 | |||||
Net decrease in cash, cash equivalents | |||||||||||
and restricted cash | (1,649,379) | (2,293,342) | (315,574) | (3,946,371) | (2,472,241) | (340,191) | |||||
Cash, cash equivalents and restricted cash at | |||||||||||
beginning of period | 10,306,095 | 12,872,411 | 1,771,303 | 12,603,087 | 13,051,310 | 1,795,920 | |||||
Cash, cash equivalents and restricted cash at end of | |||||||||||
period | 8,656,716 | 10,579,069 | 1,455,729 | 8,656,716 | 10,579,069 | 1,455,729 | |||||
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 | |||||
June 30, | June 30, | ||||
2023 | 2024 | ||||
RMB | RMB | US$ | |||
(in thousands) | |||||
Cash and cash equivalents | 7,781,443 | 10,542,131 | 1,450,646 | ||
Restricted cash, current | 851,899 | 22,253 | 3,062 | ||
Restricted cash, non-current | 23,374 | 14,685 | 2,021 | ||
Total cash, cash equivalents and restricted cash | 8,656,716 | 10,579,069 | 1,455,729 | ||
Reconciliations of GAAP and Non-GAAP Results | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2023 | 2024 | 2023 | 2024 | |||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||||
(in thousands, except for share and per share data) | ||||||||||||||
Net income | 2,530,213 | 2,613,997 | 359,699 | 4,195,034 | 4,061,744 | 558,915 | ||||||||
Add: | ||||||||||||||
Share-based compensation expense (1) | - | 6,768 | 931 | 254,976 | 305,155 | 41,991 | ||||||||
Impairment of investment in equity investee (1) | - | 194,452 | 26,757 | - | 672,816 | 92,583 | ||||||||
Loss/(gain) on disposal of equity investees | ||||||||||||||
and subsidiary, net of income taxes | 764 | (9,496) | (1,307) | 764 | (9,947) | (1,369) | ||||||||
Adjusted net income | 2,530,977 | 2,805,721 | 386,080 | 4,450,774 | 5,029,768 | 692,120 | ||||||||
Net income | 2,530,213 | 2,613,997 | 359,699 | 4,195,034 | 4,061,744 | 558,915 | ||||||||
Add: | ||||||||||||||
Depreciation | 671,283 | 720,930 | 99,203 | 1,322,968 | 1,473,049 | 202,698 | ||||||||
Amortization | 33,791 | 34,345 | 4,726 | 68,584 | 68,325 | 9,402 | ||||||||
Interest expenses | 72,218 | 115,855 | 15,942 | 143,928 | 199,771 | 27,489 | ||||||||
Income tax expenses | 575,585 | 665,011 | 91,509 | 1,030,592 | 1,231,316 | 169,435 | ||||||||
EBITDA | 3,883,090 | 4,150,138 | 571,079 | 6,761,106 | 7,034,205 | 967,939 | ||||||||
Add: | ||||||||||||||
Share-based compensation expense | - | 6,768 | 931 | 254,976 | 305,155 | 41,991 | ||||||||
Impairment of investment in equity investee | - | 194,452 | 26,757 | - | 672,816 | 92,583 | ||||||||
Loss/(gain) on disposal of equity investees | ||||||||||||||
and subsidiary | 764 | (11,683) | (1,608) | 764 | (12,134) | (1,670) | ||||||||
Adjusted EBITDA | 3,883,854 | 4,339,675 | 597,159 | 7,016,846 | 8,000,042 | 1,100,843 | ||||||||
(1) Net of income taxes of nil |
Reconciliations of GAAP and Non-GAAP Results | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30 | ||||||||||
2023 | 2024 | 2023 | 2024 | ||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||
(in thousands, except for share and per share data) | |||||||||||
Net income attributable to ordinary | |||||||||||
shareholders | 2,541,204 | 2,611,802 | 359,397 | 4,211,540 | 4,037,848 | 555,627 | |||||
Add: | |||||||||||
Share-based compensation expense (1) | - | 6,768 | 931 | 254,976 | 305,155 | 41,991 | |||||
Impairment of investment in equity investee (1) | - | 194,452 | 26,757 | - | 672,816 | 92,583 | |||||
Loss/(gain) on disposal of equity investees | |||||||||||
and subsidiary, net of income taxes | 764 | (9,496) | (1,307) | 764 | (9,947) | (1,369) | |||||
Adjusted Net income attributable to | |||||||||||
ordinary shareholders | 2,541,968 | 2,803,526 | 385,778 | 4,467,280 | 5,005,872 | 688,832 | |||||
Weighted average shares used in | |||||||||||
calculating net earnings per ordinary | |||||||||||
share/ADS | |||||||||||
Basic | 808,967,248 | 806,668,101 | 806,668,101 | 808,916,820 | 805,806,731 | 805,806,731 | |||||
Diluted | 840,176,316 | 839,697,501 | 839,697,501 | 840,125,888 | 838,836,131 | 838,836,131 | |||||
Net earnings per share/ADS attributable to | |||||||||||
ordinary shareholders | |||||||||||
Basic | 3.14 | 3.24 | 0.45 | 5.21 | 5.01 | 0.69 | |||||
Diluted | 3.07 | 3.16 | 0.43 | 5.10 | 4.90 | 0.67 | |||||
Adjusted net earnings per share/ADS | |||||||||||
attributable to ordinary shareholders | |||||||||||
Basic | 3.14 | 3.48 | 0.48 | 5.52 | 6.21 | 0.85 | |||||
Diluted | 3.07 | 3.38 | 0.47 | 5.40 | 6.06 | 0.83 | |||||
(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
View original content:https://www.prnewswire.com/news-releases/zto-reports-second-quarter-2024-unaudited-financial-results-302226521.html
SOURCE ZTO Express (Cayman) Inc.
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