ZTO Reports Second Quarter 2025 Unaudited Financial Results
ZTO Express (NYSE: ZTO) reported its Q2 2025 financial results, showing mixed performance with strong volume growth but margin pressure. The company achieved a 16.5% YoY increase in parcel volume to 9.8 billion, while revenues grew 10.3% to RMB11.8 billion (US$1.65 billion). However, net income decreased 24.8% to RMB1.96 billion (US$274.2 million).
Key operational metrics include over 31,000 pickup/delivery outlets, approximately 6,000 direct network partners, and 94 sorting hubs. The company announced an interim dividend of US$0.30 per ADS. Due to market conditions, ZTO revised down its 2025 annual parcel volume guidance to 38.8-40.1 billion, representing 14-18% growth.
The company maintains its strategic focus on quality while adapting to market dynamics that currently favor lower-price options.ZTO Express (NYSE: ZTO) ha pubblicato i risultati finanziari del secondo trimestre 2025 mostrando performance contrastanti: forte crescita dei volumi ma pressione sui margini. Il volume pacchi è salito del 16,5% su base annua a 9,8 miliardi, mentre i ricavi sono cresciuti del 10,3% a RMB 11,8 miliardi (US$1,65 miliardi). Tuttavia, l'utile netto è diminuito del 24,8% a RMB 1,96 miliardi (US$274,2 milioni).
I principali indicatori operativi includono oltre 31.000 punti di ritiro/consegna, circa 6.000 partner di rete diretti e 94 hub di smistamento. La società ha annunciato un dividendo intermedio di US$0,30 per ADS. A causa delle condizioni di mercato, ZTO ha rivisto al ribasso la guidance sui volumi pacchi per il 2025, fissandola a 38,8–40,1 miliardi, pari a una crescita del 14–18%.
L'azienda conferma l'attenzione strategica alla qualità pur adeguandosi a dinamiche di mercato che attualmente favoriscono opzioni a prezzi inferiori.
ZTO Express (NYSE: ZTO) informó sus resultados financieros del segundo trimestre de 2025, mostrando un desempeño mixto: fuerte crecimiento de volumen pero presión en los márgenes. El volumen de paquetes aumentó un 16,5% interanual hasta 9,8 mil millones, mientras que los ingresos crecieron un 10,3% hasta RMB 11,8 mil millones (US$1,65 mil millones). No obstante, el beneficio neto se redujo un 24,8% hasta RMB 1,96 mil millones (US$274,2 millones).
Los indicadores operativos clave incluyen más de 31.000 puntos de recogida/entrega, aproximadamente 6.000 socios de red directos y 94 centros de clasificación. La compañía anunció un dividendo interino de US$0,30 por ADS. Debido a las condiciones del mercado, ZTO revisó a la baja su previsión anual de volumen de paquetes para 2025 a 38,8–40,1 mil millones, lo que representa un crecimiento del 14–18%.
La empresa mantiene su enfoque estratégico en la calidad mientras se adapta a dinámicas del mercado que actualmente favorecen opciones de menor precio.
ZTO Express (NYSE: ZTO)는 2025년 2분기 실적을 발표했으며, 물량 성장세는 강했지만 마진은 압박을 받은 혼조된 성과를 보였습니다. 소포 물량은 전년 대비 16.5% 증가한 98억 건을 기록했고, 매출은 10.3% 늘어난 인민폐(RMB) 118억(미화 16.5억 달러)을 기록했습니다. 다만 순이익은 24.8% 감소한 인민폐 19.6억(미화 2.742억 달러)로 줄었습니다.
주요 운영 지표로는 31,000개 이상의 픽업/배송 지점, 약 6,000개의 직접 네트워크 파트너, 94개의 분류 허브가 있습니다. 회사는 ADS당 중간배당금 미화 0.30달러를 발표했습니다. 시장 상황으로 인해 ZTO는 2025년 연간 소포 물량 가이던스를 388–401억 건으로 하향 조정했으며, 이는 14–18% 성장에 해당합니다.
회사 측은 현재 저가 옵션을 선호하는 시장 흐름에 맞춰 적응하면서도 품질 중심의 전략적 초점을 유지한다고 밝혔습니다.
ZTO Express (NYSE: ZTO) a publié ses résultats du deuxième trimestre 2025, faisant état d’une performance contrastée : forte croissance des volumes mais pression sur les marges. Le volume de colis a augmenté de 16,5% en glissement annuel pour atteindre 9,8 milliards, tandis que les revenus ont progressé de 10,3% à 11,8 milliards RMB (1,65 milliard USD). Cependant, le résultat net a diminué de 24,8% à 1,96 milliard RMB (274,2 millions USD).
Parmi les indicateurs opérationnels clés : plus de 31 000 points de retrait/livraison, environ 6 000 partenaires réseau directs et 94 centres de tri. La société a annoncé un dividende intérimaire de 0,30 USD par ADS. En raison des conditions de marché, ZTO a abaissé ses prévisions annuelles de volume de colis pour 2025 à 38,8–40,1 milliards, soit une croissance de 14–18%.
L’entreprise maintient son orientation stratégique vers la qualité tout en s’adaptant à des dynamiques de marché qui favorisent actuellement des options moins coûteuses.
ZTO Express (NYSE: ZTO) hat seine Finanzergebnisse für das zweite Quartal 2025 veröffentlicht und damit eine gemischte Performance gezeigt: starkes Volumenwachstum bei gleichzeitigem Margendruck. Das Paketvolumen stieg um 16,5% gegenüber dem Vorjahr auf 9,8 Milliarden, die Umsätze wuchsen um 10,3% auf RMB 11,8 Milliarden (US$1,65 Milliarden). Das Nettoergebnis sank jedoch um 24,8% auf RMB 1,96 Milliarden (US$274,2 Millionen).
Wesentliche operative Kennzahlen umfassen über 31.000 Abhol-/Ausgabestellen, rund 6.000 direkte Netzwerkpartner und 94 Sortierzentren. Das Unternehmen kündigte eine Zwischendividende von US$0,30 je ADS an. Aufgrund der Marktbedingungen hat ZTO seine Jahresprognose für das Paketvolumen 2025 auf 38,8–40,1 Milliarden nach unten korrigiert, was einem Wachstum von 14–18% entspricht.
Das Unternehmen betont weiterhin seine strategische Ausrichtung auf Qualität, passt sich jedoch an Marktgegebenheiten an, die derzeit günstigere, preiswertere Optionen begünstigen.
- Parcel volume increased 16.5% YoY to 9.8 billion packages
- Revenue grew 10.3% YoY to RMB11.8 billion
- Retail volume growth remained strong at over 50% YoY
- Unit sorting and transportation costs decreased by 7 cents due to efficiency gains
- Declared interim dividend of US$0.30 per ADS with 40% payout ratio
- Net income decreased 24.8% YoY to RMB1.96 billion
- Gross margin declined to 24.9% from 33.8% YoY
- Operating margin dropped to 20.9% from 30.0% YoY
- Core express ASP decreased by 6 cents due to higher volume incentives
- Downward revision of annual parcel volume guidance
- RMB84.4 million goodwill impairment charge for freight forwarding business
Insights
ZTO delivered 16.5% parcel growth but saw significant profit decline as competitive pressures squeeze margins in China's express delivery market.
ZTO Express reported mixed Q2 2025 results with divergent volume and profit trends that highlight competitive pressures in China's express delivery market. While parcel volume increased an impressive
The financial pressure stems primarily from price competition, with core express ASP decreasing 6 cents per parcel. This resulted from 18 cents in higher volume incentives and 5 cents from lower average weight, only partially offset by 17 cents higher key account pricing. Revenue grew
Margin compression is severe, with gross margin falling to
The company's retail volume growth exceeding 50% is a bright spot, as this segment contributes positively to overall margin. However, ZTO has reduced its annual volume guidance to 38.8-40.1 billion parcels (representing
The declared interim dividend of
Parcel Volume Increased
Adjusted Net Income Reached
Second Quarter 2025 Financial Highlights
- Revenues were
RMB 11,831.8 million (US ), an increase of$1,651.7 million 10.3% fromRMB10,726.0 million in the same period of 2024. - Gross profit was
RMB2,944.4 million (US ), a decrease of$411.0 million 18.7% fromRMB3,620.5 million in the same period of 2024. - Net income was
RMB1,964.6 million (US ), a decrease of$274.2 million 24.8% fromRMB2,614.0 million in the same period of 2024. - Adjusted EBITDA[3] was
RMB3,534.9 million (US ), a decrease of$493.5 million 18.5% fromRMB4,339.7 million in the same period of 2024. - Adjusted net income was
RMB2,052.7 million (US ), a decrease of$286.5 million 26.8% fromRMB2,805.7 million in the same period of 2024. - Basic and diluted net earnings per American depositary share ("ADS"[4]) were
RMB2.42 (US ) and$0.34 RMB2.37 (US ), a decrease of$0.33 25.3% and25.0% fromRMB3.24 andRMB3.16 in the same period of 2024, respectively. - Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders[5] were
RMB2.53 (US ) and$0.35 RMB2.48 (US ), a decrease of$0.35 27.3% and26.6% fromRMB3.48 andRMB3.38 in the same period of 2024, respectively. - Net cash provided by operating activities was
RMB2,168.2 million (US ), compared with$302.7 million RMB3,480.1 million in the same period of 2024.
Operational Highlights for Second Quarter 2025
- Parcel volume was 9,847 million, an increase of
16.5% from 8,452 million in the same period of 2024. - Number of pickup/delivery outlets was over 31,000 as of June 30, 2025.
- Number of direct network partners was approximately 6,000 as of June 30, 2025.
- Number of self-owned line-haul vehicles was over 10,000 as of June 30, 2025, out of which, over 9,400 were high capacity 15 to 17-meter-long models compared to over 9,200 as of June 30, 2024.
- Number of line-haul routes between sorting hubs was approximately 3,900 as of June 30, 2025.
- Number of sorting hubs was 94 as of June 30, 2025, among which 90 were 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 second quarter, ZTO further narrowed the gap to industry average growth rate despite continued industry mix-shift towards lower unit economics. Supported by leading service quality, we achieved over 9.8 billion parcels and delivered 2.1 billion of adjusted net income. Retail volume's growth momentum remained strong at over
Mr. Lai added, "Our strategic focus of 'Quality Is Number One' will continue to drive for differentiated product and service experiences for the long run. In the current market dynamics, preferences for lower-price appear to be the mainstream, however, we believe it would eventually be replaced by true value-prepositions which are not only economical but also uncompromising on quality. Our last mile initiatives specifically aimed at reducing costs and enhancing capabilities are generating intended results. The longer-term significance means a much more competitive as well as profitable partner and courier network, and hence the ZTO brand, with its expanding comprehensive logistic product and services, will maintain leadership in quality, market presence and profitability."
Ms. Huiping Yan, Chief Financial Officer of ZTO, commented, "ZTO's core express ASP decreased by
Ms. Yan added, "We believe change is the constant norm. At ZTO, we have always been focused on what we want and can achieve. The current economic, competition and policy environment presented a new set of conditions for us. We are adjusting down our annual volume guidance to be in the range of 38.8 billion to 40.1 billion, or an annual volume growth rate of
Second Quarter 2025 Unaudited Financial Results | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2024 | 2025 | 2024 | 2025 | ||||||||||||||||
RMB | % | RMB | US$ | % | RMB | % | RMB | US$ | % | ||||||||||
(in thousands, except percentages) | |||||||||||||||||||
Express delivery services | 9,875,923 | 92.1 | 10,983,751 | 1,533,273 | 92.8 | 19,116,095 | 92.4 | 21,106,041 | 2,946,290 | 92.9 | |||||||||
Freight forwarding services | 233,242 | 2.2 | 180,257 | 25,163 | 1.5 | 435,989 | 2.1 | 359,477 | 50,181 | 1.5 | |||||||||
Sale of accessories | 580,422 | 5.4 | 635,770 | 88,750 | 5.4 | 1,065,484 | 5.2 | 1,196,066 | 166,964 | 5.3 | |||||||||
Others | 36,377 | 0.3 | 32,029 | 4,471 | 0.3 | 68,402 | 0.3 | 61,688 | 8,611 | 0.3 | |||||||||
Total revenues | 10,725,964 | 100.0 | 11,831,807 | 1,651,657 | 100.0 | 20,685,970 | 100.0 | 22,723,272 | 3,172,046 | 100.0 | |||||||||
Total Revenues were
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2024 | 2025 | 2024 | 2025 | ||||||||||||||||
RMB | % of | RMB | US$ | % of | RMB | % of | RMB | US$ | % of | ||||||||||
revenues | revenues | revenues | revenues | ||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||
Line-haul transportation cost | 3,283,123 | 30.6 | 3,290,945 | 459,398 | 27.8 | 6,654,616 | 32.2 | 6,774,009 | 945,615 | 29.8 | |||||||||
Sorting hub operating cost | 2,227,670 | 20.8 | 2,414,839 | 337,099 | 20.4 | 4,395,871 | 21.3 | 4,729,435 | 660,204 | 20.8 | |||||||||
Freight forwarding cost | 216,724 | 2.0 | 170,235 | 23,764 | 1.4 | 405,106 | 2.0 | 343,028 | 47,885 | 1.5 | |||||||||
Cost of accessories sold | 160,093 | 1.5 | 151,204 | 21,107 | 1.3 | 293,140 | 1.4 | 284,463 | 39,710 | 1.3 | |||||||||
Other costs | 1,217,877 | 11.3 | 2,860,187 | 399,267 | 24.2 | 2,314,675 | 11.1 | 4,958,720 | 692,210 | 21.8 | |||||||||
Total cost of revenues | |||||||||||||||||||
7,105,487 | 66.2 | 8,887,410 | 1,240,635 | 75.1 | 14,063,408 | 68.0 | 17,089,655 | 2,385,624 | 75.2 | ||||||||||
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
Loss from fair value changes of financial instruments was
Impairment of Goodwill 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
Business Outlook
Based on current market and operating conditions, the Company revises down its previously stated annual parcel volume guidance. Parcel volume for 2025 is expected to be in the range of 38.8 billion to 40.1 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: | 2240980 |
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 26, 2025:
1-877-344-7529 | |
International: | 1-412-317-0088 |
Passcode: | 3645121 |
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, | ||||||||||
2024 | 2025 | 2024 | 2025 | ||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||
(in thousands, except for share and per share data) | |||||||||||
Revenues | 10,725,964 | 11,831,807 | 1,651,657 | 20,685,970 | 22,723,272 | 3,172,046 | |||||
Cost of revenues | (7,105,487) | (8,887,410) | (1,240,635) | (14,063,408) | (17,089,655) | (2,385,624) | |||||
Gross profit | 3,620,477 | 2,944,397 | 411,022 | 6,622,562 | 5,633,617 | 786,422 | |||||
Operating (expenses)/income: | |||||||||||
Selling, general and administrative | (592,978) | (623,587) | (87,050) | (1,489,619) | (1,361,098) | (190,002) | |||||
Other operating income, net | 187,698 | 154,274 | 21,536 | 348,955 | 607,943 | 84,866 | |||||
Total operating expenses | (405,280) | (469,313) | (65,514) | (1,140,664) | (753,155) | (105,136) | |||||
Income from operations | 3,215,197 | 2,475,084 | 345,508 | 5,481,898 | 4,880,462 | 681,286 | |||||
Other income/(expenses): | |||||||||||
Interest income | 288,077 | 208,732 | 29,138 | 533,098 | 407,124 | 56,832 | |||||
Interest expense | (115,855) | (98,112) | (13,696) | (199,771) | (166,988) | (23,311) | |||||
Gain/(loss) from fair value changes of | |||||||||||
financial instruments | 54,862 | (3,635) | (507) | 97,582 | 32,978 | 4,604 | |||||
Gain/(loss) on disposal of equity investees, | |||||||||||
subsidiaries and others | 11,683 | (714) | (100) | 12,134 | (567) | (79) | |||||
Impairment of investment in equity investees | (194,452) | - | - | (672,816) | - | - | |||||
Impairment of goodwill | - | (84,431) | (11,786) | - | (84,431) | (11,786) | |||||
Foreign currency exchange gain before tax | 15,178 | 16,419 | 2,292 | 20,562 | 12,375 | 1,727 | |||||
Income before income tax, and share of | |||||||||||
income in equity method investments | 3,274,690 | 2,513,343 | 350,849 | 5,272,687 | 5,080,953 | 709,273 | |||||
Income tax expense | (665,011) | (575,531) | (80,341) | (1,231,316) | (1,107,105) | (154,546) | |||||
Share of income in equity method investments | 4,318 | 26,747 | 3,734 | 20,373 | 29,892 | 4,173 | |||||
Net income | 2,613,997 | 1,964,559 | 274,242 | 4,061,744 | 4,003,740 | 558,900 | |||||
Net income attributable to non-controlling | |||||||||||
interests | (2,195) | (26,227) | (3,661) | (23,896) | (72,161) | (10,073) | |||||
Net income attributable to ZTO Express | |||||||||||
(Cayman) Inc. | 2,611,802 | 1,938,332 | 270,581 | 4,037,848 | 3,931,579 | 548,827 | |||||
Net income attributable to ordinary | |||||||||||
shareholders | 2,611,802 | 1,938,332 | 270,581 | 4,037,848 | 3,931,579 | 548,827 | |||||
Net earnings per share attributed to | |||||||||||
ordinary shareholders | |||||||||||
Basic | 3.24 | 2.42 | 0.34 | 5.01 | 4.92 | 0.69 | |||||
Diluted | 3.16 | 2.37 | 0.33 | 4.90 | 4.81 | 0.67 | |||||
Weighted average shares used in calculating | |||||||||||
net earnings per ordinary share/ADS | |||||||||||
Basic | 806,668,101 | 799,752,637 | 799,752,637 | 805,806,731 | 799,123,030 | 799,123,030 | |||||
Diluted | 839,697,501 | 833,990,437 | 833,990,437 | 838,836,131 | 833,360,830 | 833,360,830 | |||||
Net income | 2,613,997 | 1,964,559 | 274,242 | 4,061,744 | 4,003,740 | 558,900 | |||||
Other comprehensive income/(loss), | |||||||||||
net of tax of nil: | |||||||||||
Foreign currency translation adjustment | (35,230) | 41,831 | 5,839 | (117,560) | 50,532 | 7,054 | |||||
Comprehensive income | 2,578,767 | 2,006,390 | 280,081 | 3,944,184 | 4,054,272 | 565,954 | |||||
Comprehensive income attributable to | |||||||||||
non-controlling interests | (2,195) | (26,227) | (3,661) | (23,896) | (72,161) | (10,073) | |||||
Comprehensive income attributable to ZTO | |||||||||||
Express (Cayman) Inc. | 2,576,572 | 1,980,163 | 276,420 | 3,920,288 | 3,982,111 | 555,881 | |||||
Unaudited Consolidated Balance Sheets Data: | |||||
As of | |||||
December 31, | June 30, | ||||
2024 | 2025 | ||||
RMB | RMB | US$ | |||
(in thousands, except for share data) | |||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | 13,465,442 | 13,291,796 | 1,855,463 | ||
Restricted cash | 37,517 | 22,684 | 3,167 | ||
Accounts receivable, net | 1,503,706 | 1,395,625 | 194,822 | ||
Financing receivables | 1,178,617 | 885,730 | 123,643 | ||
Short-term investment | 8,848,447 | 13,232,512 | 1,847,187 | ||
Inventories | 38,569 | 47,902 | 6,687 | ||
Advances to suppliers | 783,599 | 752,190 | 105,002 | ||
Prepayments and other current assets | 4,329,664 | 4,806,581 | 670,973 | ||
Amounts due from related parties | 168,160 | 85,585 | 11,947 | ||
Total current assets | 30,353,721 | 34,520,605 | 4,818,891 | ||
Investments in equity investees | 1,871,337 | 1,890,758 | 263,940 | ||
Property and equipment, net | 33,915,366 | 34,861,771 | 4,866,516 | ||
Land use rights, net | 6,170,233 | 6,266,927 | 874,829 | ||
Intangible assets, net | 17,043 | 13,944 | 1,947 | ||
Operating lease right-of-use assets | 566,316 | 491,684 | 68,636 | ||
Goodwill | 4,241,541 | 4,157,111 | 580,310 | ||
Deferred tax assets | 984,567 | 1,098,960 | 153,409 | ||
Long-term investment | 12,017,755 | 9,054,110 | 1,263,905 | ||
Long-term financing receivables | 861,453 | 1,057,892 | 147,676 | ||
Other non-current assets | 919,331 | 840,081 | 117,271 | ||
Amounts due from related parties-non current | 421,667 | 366,917 | 51,219 | ||
TOTAL ASSETS | 92,340,330 | 94,620,760 | 13,208,549 | ||
LIABILITIES AND EQUITY | |||||
Current liabilities | |||||
Short-term bank borrowing | 9,513,958 | 11,046,963 | 1,542,097 | ||
Accounts payable | 2,463,395 | 2,415,671 | 337,215 | ||
Advances from customers | 1,565,147 | 1,660,272 | 231,765 | ||
Income tax payable | 488,889 | 354,127 | 49,434 | ||
Amounts due to related parties | 202,766 | 131,294 | 18,328 | ||
Operating lease liabilities | 183,373 | 168,746 | 23,556 | ||
Dividends payable | 14,134 | 14,345 | 2,002 | ||
Convertible senior bond | 7,270,081 | 7,156,412 | 998,997 | ||
Other current liabilities | 6,571,492 | 5,506,921 | 768,735 | ||
Total current liabilities | 28,273,235 | 28,454,751 | 3,972,129 | ||
Long-term bank borrowing | - | 180,000 | 25,127 | ||
Non-current operating lease liabilities | 377,717 | 321,857 | 44,930 | ||
Deferred tax liabilities | 1,014,545 | 808,346 | 112,841 | ||
TOTAL LIABILITIES | 29,665,497 | 29,764,954 | 4,155,027 | ||
Shareholders' equity | |||||
Ordinary shares ( | |||||
December 31, 2024; 804,468,490 shares issued and 799,752,637 shares | 523 | 519 | 72 | ||
Additional paid-in capital | 24,389,905 | 24,358,069 | 3,400,255 | ||
Treasury shares, at cost | (1,131,895) | (271,027) | (37,834) | ||
Retained earnings | 39,098,553 | 40,354,210 | 5,633,231 | ||
Accumulated other comprehensive loss | (294,694) | (244,162) | (34,083) | ||
ZTO Express (Cayman) Inc. shareholders' equity | 62,062,392 | 64,197,609 | 8,961,641 | ||
Noncontrolling interests | 612,441 | 658,197 | 91,881 | ||
Total Equity | 62,674,833 | 64,855,806 | 9,053,522 | ||
TOTAL LIABILITIES AND EQUITY | 92,340,330 | 94,620,760 | 13,208,549 | ||
Summary of Unaudited Consolidated Cash Flow Data: | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2024 | 2025 | 2024 | 2025 | ||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||
(in thousands) | |||||||||||
Net cash provided by operating activities | 3,480,095 | 2,168,208 | 302,670 | 5,511,115 | 4,531,184 | 632,529 | |||||
Net cash used in investing activities | (4,666,289) | (1,163,517) | (162,421) | (7,044,941) | (4,321,982) | (603,325) | |||||
Net cash used in financing activities | (1,103,622) | (117,713) | (16,432) | (973,492) | (378,804) | (52,879) | |||||
Effect of exchange rate changes on cash, cash | |||||||||||
equivalents and restricted cash | (3,526) | (19,706) | (2,750) | 35,077 | (32,266) | (4,504) | |||||
Net (decrease)/increase in cash, cash equivalents | |||||||||||
and restricted cash | (2,293,342) | 867,272 | 121,067 | (2,472,241) | (201,868) | (28,179) | |||||
Cash, cash equivalents and restricted cash at | |||||||||||
beginning of period | 12,872,411 | 12,461,807 | 1,739,601 | 13,051,310 | 13,530,947 | 1,888,847 | |||||
Cash, cash equivalents and restricted cash at end of | |||||||||||
period | 10,579,069 | 13,329,079 | 1,860,668 | 10,579,069 | 13,329,079 | 1,860,668 | |||||
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, | ||||
2024 | 2025 | ||||
RMB | RMB | US$ | |||
(in thousands) | |||||
Cash and cash equivalents | 10,542,131 | 13,291,796 | 1,855,463 | ||
Restricted cash, current | 22,253 | 22,684 | 3,167 | ||
Restricted cash, non-current | 14,685 | 14,599 | 2,038 | ||
Total cash, cash equivalents and restricted cash | 10,579,069 | 13,329,079 | 1,860,668 | ||
Reconciliations of GAAP and Non-GAAP Results | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2024 | 2025 | 2024 | 2025 | |||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||||
(in thousands, except for share and per share data) | ||||||||||||||
Net income | 2,613,997 | 1,964,559 | 274,242 | 4,061,744 | 4,003,740 | 558,900 | ||||||||
Add: | ||||||||||||||
Share-based compensation expense [1] | 6,768 | 2,994 | 418 | 305,155 | 223,263 | 31,166 | ||||||||
Impairment of investment in equity investees [1] | 194,452 | - | - | 672,816 | - | - | ||||||||
Impairment of goodwill | - | 84,431 | 11,786 | - | 84,431 | 11,786 | ||||||||
(Gain)/loss on disposal of equity investees | ||||||||||||||
and subsidiaries and others, net of income | (9,496) | 714 | 100 | (9,947) | 593 | 83 | ||||||||
Adjusted net income | 2,805,721 | 2,052,698 | 286,546 | 5,029,768 | 4,312,027 | 601,935 | ||||||||
Net income | 2,613,997 | 1,964,559 | 274,242 | 4,061,744 | 4,003,740 | 558,900 | ||||||||
Add: | ||||||||||||||
Depreciation | 720,930 | 770,270 | 107,526 | 1,473,049 | 1,559,378 | 217,681 | ||||||||
Amortization | 34,345 | 38,306 | 5,347 | 68,325 | 76,125 | 10,627 | ||||||||
Interest expenses | 115,855 | 98,112 | 13,696 | 199,771 | 166,988 | 23,311 | ||||||||
Income tax expenses | 665,011 | 575,531 | 80,341 | 1,231,316 | 1,107,105 | 154,546 | ||||||||
EBITDA | 4,150,138 | 3,446,778 | 481,152 | 7,034,205 | 6,913,336 | 965,065 | ||||||||
Add: | ||||||||||||||
Share-based compensation expense [1] | 6,768 | 2,994 | 418 | 305,155 | 223,263 | 31,166 | ||||||||
Impairment of investment in equity investees [1] | 194,452 | - | - | 672,816 | - | - | ||||||||
Impairment of goodwill | - | 84,431 | 11,786 | - | 84,431 | 11,786 | ||||||||
(Gain)/loss on disposal of equity investees | ||||||||||||||
and subsidiaries and others, before income | (11,683) | 714 | 100 | (12,134) | 567 | 79 | ||||||||
Adjusted EBITDA | 4,339,675 | 3,534,917 | 493,456 | 8,000,042 | 7,221,597 | 1,008,096 | ||||||||
(1) Net of income taxes of nil | ||||||||||||||
Reconciliations of GAAP and Non-GAAP Results | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30 | ||||||||||
2024 | 2025 | 2024 | 2025 | ||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||
(in thousands, except for share and per share data) | |||||||||||
Net income attributable to ordinary | |||||||||||
shareholders | 2,611,802 | 1,938,332 | 270,581 | 4,037,848 | 3,931,579 | 548,827 | |||||
Add: | |||||||||||
Share-based compensation expense [1] | 6,768 | 2,994 | 418 | 305,155 | 223,263 | 31,166 | |||||
Impairment of investment in equity investees [1] | 194,452 | - | - | 672,816 | - | - | |||||
Impairment of goodwill | - | 84,431 | 11,786 | - | 84,431 | 11,786 | |||||
(Gain)/loss on disposal of equity investees | |||||||||||
and subsidiaries and others, net of income | (9,496) | 714 | 100 | (9,947) | 593 | 83 | |||||
Adjusted Net income attributable to | |||||||||||
ordinary shareholders | 2,803,526 | 2,026,471 | 282,885 | 5,005,872 | 4,239,866 | 591,862 | |||||
Weighted average shares used in | |||||||||||
calculating net earnings per ordinary | |||||||||||
share/ADS | |||||||||||
Basic | 806,668,101 | 799,752,637 | 799,752,637 | 805,806,731 | 799,123,030 | 799,123,030 | |||||
Diluted | 839,697,501 | 833,990,437 | 833,990,437 | 838,836,131 | 833,360,830 | 833,360,830 | |||||
Net earnings per share/ADS attributable to | |||||||||||
ordinary shareholders | |||||||||||
Basic | 3.24 | 2.42 | 0.34 | 5.01 | 4.92 | 0.69 | |||||
Diluted | 3.16 | 2.37 | 0.33 | 4.90 | 4.81 | 0.67 | |||||
Adjusted net earnings per share/ADS | |||||||||||
attributable to ordinary shareholders | |||||||||||
Basic | 3.48 | 2.53 | 0.35 | 6.21 | 5.31 | 0.74 | |||||
Diluted | 3.38 | 2.48 | 0.35 | 6.06 | 5.18 | 0.72 | |||||
(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-2025-unaudited-financial-results-302533409.html
SOURCE ZTO Express (Cayman) Inc.
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