Focus on profitable growth in the transformation of consumption structure
Adjusted net profit growth 15.8% , up to RMB 22100 million yuan
Parcel volume increases 13.9% reach 72 100 million piecesSHANGHAI, May 16, 2024 /PRNewswire/ -- China's leading and fast-growing express company
ZTO Express (Cayman) Limited (NYSE: ZTO and Hong Kong Stock Exchange Code: 2057 ）"ZTO" or the "Company") today announced its unaudited financial results for the first quarter ended March 31, 2024[1]. The company achieved a 13.9% year-on-year increase in parcel volume, while maintaining excellent service and customer satisfaction. Adjusted net profit[2] increased by 15.8% to RMB2.2 billion, with net cash flow from operating activities of RMB2.0 billion.
2024 First Quarter Financial Highlights- Revenue was RMB9,960.0 million (US$1,379.4 million), an increase of 10.9% from RMB8,983.2 million for the same period in 2023.
- Gross profit was RMB3,002.1 million (US$415.8 million), an increase of 19.0% from RMB2,523.4 million for the same period in 2023.
- Net profit was RMB1,447.7 million (US$200.5 million), a decrease of 13.0% from RMB1,664.8 million for the same period in 2023.
- Adjusted EBITDA[3] was RMB3,660.4 million (US$507.0 million), an increase of 16.8% from RMB3,133.0 million for the same period in 2023.
- Adjusted net profit was RMB2,224.0 million (US$308.0 million), an increase of 15.8% from RMB1,919.8 million for the same period in 2023.
- Net income per basic and diluted American Depositary Share ("ADS"[4]) was RMB1.77 (US$0.25) and RMB1.75 (US$0.24), representing a decrease of 14.5% and 13.8% respectively from RMB2.07 and RMB2.03 for the same period in 2023.
- Adjusted basic and diluted earnings per ADS[5] attributable to ordinary shareholders were RMB2.74 (US$0.38) and RMB2.68 (US$0.37), representing an increase of 15.1% and 15.0%, respectively, from RMB2.38 and RMB2.33 for the same period in 2023.
- Net cash flow from operating activities was RMB2,031.0 million (US$281.3 million), compared to RMB2,738.0 million for the same period in 2023.
- The volume of parcels was 7.171 billion pieces, an increase of 13.9% from 6.297 billion pieces in the same period of 2023.
- As of March 31, 2024, there are more than 31,000 pickup/delivery outlets.
- As of March 31, 2024, the number of direct network partners is more than 6,000.
- As of March 31, 2024, the number of self-owned trunk buses is approximately 10,000.
- As of March 31, 2024, approximately 9,100 of the approximately 10,000 owned vehicles were high-capacity vehicles with a length of 15 to 17 meters, compared to approximately 9,500 units as of March 31, 2023.
- As of March 31, 2024, there were about 3,800 trunk transportation routes between sorting centers, similar to the same period last year.
- As of March 31, 2024, the number of sorting centers was 96, of which 88 were operated by the Company and 8 were operated by the Company's network partners.
(1) Please refer to the Investor Relations Presentation accompanying this earnings release.
(2) Adjusted net income is a non-GAAP financial measure defined as net income excluding share-based incentive expenses and non-recurring items (such as gains or losses on disposal of equity investments and subsidiaries) and related tax effects. Management aims to use this metric to better reflect actual business operations.
(3) Adjusted EBITDA is a non-GAAP financial measure defined as net income excluding depreciation, amortization, interest expense and income tax expense, as further adjusted to exclude equity incentive expense and non-recurring items such as gains on disposal of equity investments and subsidiaries. Management aims to use this metric to better reflect actual business operations.
(4) Each ADS represents one Class A ordinary share.
(5) Adjusted basic and diluted gains per ADS attributable to ordinary shareholders are non-GAAP financial measures. It is defined as the adjusted net profit attributable to ordinary shareholders divided by the weighted average of the basic and diluted ADSs, respectively.
Mr. Lai Meisong, Founder, Chairman and CEO of Zhongtong, said: "In the first quarter of this year, the industry's volume increased by 25.2% year-on-year, far exceeding expectations. The vigorous development of new live-streaming e-commerce and social platforms has stimulated the public's online consumption and driven the growth of express delivery business. On the other hand, it has also contributed to the increase in the proportion of low-unit price e-commerce parts. At the same time, express price competition has intensified, especially in grain-producing areas. The proportion of unprofitable or even loss-making shipments in the industry has become more. Zhongtong adheres to the bottom line of 'not making loss-making express' and maintains healthy profit growth. Despite the decrease in volume market share compared to the same period last year, our profit market share has further increased, proving the effectiveness of our strategy. ”
Mr. Lai added, "ZTO's consistent strategic goal is to maintain a balanced development in three aspects: service quality, business scale and profitability. At the beginning of 24 years, we shifted our strategic focus to service quality, while maintaining a reasonable business scale and good profit level, we paid more attention to creating differentiated products and services to meet the diversified and personalized needs of customers, and enhance consumers' awareness and recognition of the Zhongtong brand. The transformation of China's express delivery from high quantity to both quantity and quality is an inevitable trend. We put service quality in the first place, break through homogeneous competition, upgrade product structure, improve the profitability of outlets and small parts, and create a moat for the long-term development of Zhongtong. ”
Ms. Yan Huiping, Chief Financial Officer of ZTO, said: "Our core revenue per ticket decreased by 2.5% year-on-year, or 4 points, which is much lower than the industry average. Despite the slowdown in business volume growth, thanks to the continuous deepening of standardization and digital and intelligent operations, our single-ticket sorting and transportation costs still achieved a year-on-year decrease of 6 points, while the management expense structure was stable and effective. The adjusted net profit for the quarter was 2.2 billion yuan, a year-on-year increase of 15.8%. Operating cash flow was $2.0 billion and capital expenditure was $1.7 billion. ”
Ms Ngan added, "We believe that China's economy will gradually stabilize and improve, and the long-term development prospects of the express delivery industry remain broad. Focusing on itself and creating differentiated products and services is the inevitable choice for the sustainable and healthy development of Zhongtong and long-term value creation. We expect the industry to grow between 15-20% this year, and based on the principle of not making loss-making shipments, we accept that the market share will fall within a certain range. The company maintained its previous guidance of 34.73 billion to 35.64 billion pieces of business volume for the previous year, with a growth rate of 15%-18%. ”
| 2024 Unaudited financial results for the first quarter of the year | |||||
| up to 3 moon 31 Three months to the end of the day | |||||
| 2023 year | 2024 year | ||||
| Renminbi | % | Renminbi | Dollar | % | |
| (in thousands, except percentages) | |||||
| Courier service | 8,388,743 | 93.4 | 9,240,172 | 1,279,749 | 92.8 |
| Freight forwarding services | 192,725 | 2.1 | 202,747 | 28,080 | 2.0 |
| Item sales | 368,838 | 4.1 | 485,062 | 67,180 | 4.9 |
| other | 32,933 | 0.4 | 32,025 | 4,436 | 0.3 |
| Total revenue | 8,983,239 | 100.0 | 9,960,006 | 1,379,445 | 100.0 |
was RMB9,960.0 million (US$1,379.4 million), an increase of 10.9% from RMB8,983.2 million for the same period in 2023. Core express services revenue increased by 11.0% compared to the same period in 2023, driven by a net impact of a 13.9% increase in parcel volume and a 2.5% decrease in the price per ticket. Revenue from direct service enterprise customers, including dispatch income, decreased by 7.1% due to a shift in service mix to higher-value customers. Freight forwarding service revenue increased by 5.2% compared to the same period in 2023. The sales revenue of materials mainly included the sales revenue of thermal paper required for printing electronic face sheets, an increase of 31.5%. Other income is mainly derived from financial services.
| up to 3 moon 31 Three months to the end of the day | |||||
| 2023 year | 2024 year | ||||
| Renminbi | Percentage of revenue | Renminbi | Dollar | Percentage of revenue | |
| (in thousands, except percentages) | |||||
| Trunk transportation costs | 3,181,820 | 35.4 | 3,371,493 | 466,946 | 33.9 |
| Sorting center operating costs | 2,013,371 | 22.4 | 2,168,201 | 300,292 | 21.8 |
| Freight forwarding costs | 182,972 | 2.0 | 188,382 | 26,091 | 1.9 |
| The cost of goods sold | 107,428 | 1.2 | 133,047 | 18,427 | 1.3 |
| Other costs | 974,240 | 10.9 | 1,096,798 | 151,905 | 11.0 |
| Total operating costs | 6,459,831 | 71.9 | 6,957,921 | 963,661 | 69.9 |
was RMB6,957.9 million (US$963.7 million), an increase of 7.7% from RMB6,459.8 million in the same period last year.
Trunk transportation costswas RMB3,371.5 million (US$466.9 million), an increase of 6.0% from RMB3,181.8 million in the same period last year. Unit transportation costs decreased by 7.0% or 4 cents, mainly due to improved economies of scale, optimization of trunk route planning, and increased transfer rates.
Sorting center operating costswas RMB2,168.2 million (US$300.3 million), an increase of 7.7% from RMB2,013.4 million in the same period last year. The increase was mainly attributable to (i) an increase of RMB81.1 million (US$11.2 million) in depreciation and amortization costs related to automation equipment and other facilities, and (ii) an increase of RMB68.7 million (US$9.5 million) in labor-related costs, partially offset by higher wages and improved automation efficiency. With the standardization of work processes and an effective performance appraisal system, the unit sorting cost has decreased by 5.4% or 2 points. As of March 31, 2024, 461 sets of automated sorting equipment were put into use, compared to 454 sets as of March 31, 2023, improving the overall sorting efficiency.
The cost of goods soldwas RMB133.0 million (US$18.4 million), an increase of 23.8% from RMB107.4 million in the same period last year.
Other costswas RMB1,096.8 million (US$151.9 million), an increase of 12.6% from RMB974.2 million in the same period last year. The increase was primarily driven by an increase of RMB124.3 million (US$17.2 million) in costs related to servicing higher-value corporate customers, which was in line with the increase in related revenues.
MoriIt was RMB3,002.1 million (US$415.8 million), an increase of 19.0% from RMB2,523.4 million in the same period last year, due to the combined impact of revenue growth and cost productivity improvement. Gross margin improved to 30.1% from 28.1% in the same period last year.
Total Operating Expenseswas RMB735.4 million (US$101.8 million), compared to RMB573.0 million in the same period last year.
Selling, general and administrative expenseswas RMB896.6 million (US$124.2 million), an increase of 14.0% from RMB786.6 million in the same period last year. The increase mainly consisted of (i) an increase of RMB40.4 million (US$5.6 million) in compensation and benefits expenses, and (ii) a temporary loss of RMB37.3 million (US$5.2 million) related to the receipt of payments from certain suppliers.
Other operating incomewas RMB161.3 million (US$22.3 million), compared to RMB213.6 million in the same period last year. Other operating income mainly consists of (i) government subsidies and tax refunds of RMB118.9 million (US$16.5 million), and (ii) rental and other income of RMB40.2 million (US$5.6 million).
Operating profitwas RMB2,266.7 million (US$313.9 million), an increase of 16.2% from RMB1,950.4 million in the same period last year. Operating margin improved to 22.8 percent from 21.7 percent in the year-ago quarter.
Interest incomewas RMB245.0 million (US$33.9 million), compared to RMB91.9 million in the same period last year.
Interest expensewas RMB83.9 million (US$11.6 million), compared to RMB71.7 million in the same period last year.
Gain on changes in the fair value of financial instrumentswas RMB42.7 million (US$5.9 million), compared to RMB155.6 million in the same period last year. The gain or loss on the change in fair value of the financial instrument is the future redemption price estimated by the commercial bank based on market conditions.
Investment impairment of equity investmentsand RMB478.4 million (US$66.3 million). In the first quarter of 2024, Alibaba Group Holding Limited ("Alibaba") made an offer to acquire all the outstanding shares of Cainiao Smart Logistics Network Co., Ltd. ("Cainiao"). The offer price for all the shares held by the Company was lower than the carrying amount, resulting in an investment impairment of RMB478.4 million (US$66.3 million) reported during the accounting period.
Income tax expensewas RMB566.3 million (US$78.4 million), compared to RMB455.0 million in the same period last year. The overall income tax rate increased by 6.8 percentage points over the same period last year, mainly due to (i) accrued withholding tax of RMB44.0 million on distributable profits planned to be used for the payment of dividends payable to ZTO Express (Hong Kong) Limited in the first quarter, and (ii) an impairment loss of RMB478.4 million (US$66.3 million) on Cainiao Investment after the takeover offer.
Net profitwas RMB1,447.7 million (US$200.5 million), a decrease of 13.0% from RMB1,664.8 million in the same period last year.
Basic and diluted earnings per ADS attributable to ordinary shareholderswas RMB1.77 (US$0.25) and RMB1.75 (US$0.24), compared to basic and diluted earnings per ADS of RMB2.07 and RMB2.03, respectively, for the same period last year.
Adjusted basic and diluted gains per ADS attributable to ordinary shareholderswere RMB2.74 (US$0.38) and RMB2.68 (US$0.37), compared to RMB2.38 and RMB2.33, respectively, in the same period last year.
Adjusted net incomewas RMB2,224.0 million (US$308.0 million), compared to RMB1,919.8 million in the same period last year.
EBITDA[1] It was RMB2,884.1 million (US$399.4 million), compared to RMB2,878.0 million in the same period last year.
Adjusted EBITDAwas RMB3,660.4 million (US$507.0 million), compared to RMB3,133.0 million in the same period last year.
Net cash flow from operating activitieswas RMB2,031.0 million (US$281.3 million), compared to RMB2,738.0 million in the same period last year.
(1) EBITDA is a non-GAAP financial measure defined as net income excluding depreciation, amortization, interest expense and income tax expense. Management aims to use this metric to better reflect actual business operations.
ProspectsBased on current market conditions and current operations, the Company reiterates that its parcel volume expectations for 2024 will be between 34.73 billion and 35.64 billion, representing a year-on-year increase of 15% to 18%. These estimates represent management's current preliminary views and are subject to change.
Sale of equity investment in CainiaoOn March 28, 2024, the Company received an offer from Alibaba to acquire all of the outstanding shares of Cainiao held by the Company at a price of US$0.62 per share, for a total consideration of approximately US$94.3 million. The cost of the investment is $54.0 million. The Company has accepted the offer and expects to enter into a share purchase agreement with Alibaba. After the completion of the transaction, the Company will no longer hold any equity interest in Cainiao.
mandate execute presidentMr. Zhu Jingxi, the vice president of information technology of the Company, has been appointed as the Executive President of the Company, and is primarily responsible for the overall work of the operation center, technology and information center.
Mr. Zhu has served as the information technology director of the Company since July 2003 and the vice president of information technology since September 2016. Mr. Zhu obtained an Executive Master of Business Administration degree from Chinese Renmin University in 2021.
exchange rateFor the convenience of readers, this announcement converts certain amounts in RMB into US dollars at a uniquely specified exchange rate. Unless otherwise specified, all conversion of RMB to USD is based on the exchange rate of RMB 7.2203 to USD 1 (i.e. the noon purchase rate on 29 March 2024 as of 29 March 2024 as set out in the H.10 statistics of the US Federal Reserve System Governing Council).
Non-GAAP financial measures are usedThe Company uses EBITDA, adjusted EBITDA, adjusted net profit, adjusted net profit attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders (all non-GAAP financial measures) to evaluate ZTO's operating results and to make financial and operating decisions.
A reconciliation of the Company's non-GAAP financial measures to its U.S. GAAP financial measures is set out in the tables at the end of this earnings release, which provide more details on the non-GAAP financial measures.
The Company believes that EBITDA, adjusted EBITDA, adjusted net profit, adjusted net profit attributable to ordinary shareholders and adjusted basic and diluted earnings per ADS attributable to ordinary shareholders will help identify the underlying trends of ZTO's business and avoid distortion due to some of the expenses and gains included in the Company's operating profit and net profit. The Company believes that EBITDA, adjusted EBITDA, adjusted net profit, adjusted net profit attributable to ordinary shareholders and adjusted basic and diluted earnings per ADS attributable to ordinary shareholders provide useful information about its operating performance, enhance its overall understanding of its past performance and future prospects, and provide a clearer understanding of the core metrics used by ZTO's management in its financial and operational decisions.
EBITDA, adjusted EBITDA, adjusted net profit, adjusted net profit attributable to ordinary shareholders and adjusted basic and diluted earnings per ADS attributable to ordinary shareholders should not be considered separately from net profit or other performance measures, nor should they be construed as a substitute for net profit or other performance measures, or as an indicator of the Company's operating performance. ZTO encourages investors to compare past non-GAAP financial measures with the most directly comparable GAAP measures. The EBITDA, adjusted EBITDA, adjusted net profit, adjusted net profit attributable to ordinary shareholders and adjusted basic and diluted earnings per ADS attributable to ordinary shareholders presented herein may not be comparable to similar measures presented by other companies. Other companies may calculate similarly named metrics in different ways, limiting their usefulness as a comparative metric for ZTO data. ZTO encourages investors and others to review the Company's financial information in a comprehensive manner, rather than relying on a single financial indicator.
Conference call materialsZTO's management team will hold an earnings conference call on Wednesday, May 15, 2024 at 8:30 p.m. ET (Thursday, May 16, 2024 at 8:30 a.m. EDT).
The dialing details for the results conference call are as follows:
| United States: | 1-888-317-6003 |
| Hong Kong: | |
| Chinese mainland: | 4001-206-115 |
| Singapore: | |
| International: | 1-412-317-6061 |
| Password: | 1526153 |
Please dial 15 minutes before the scheduled start of the call and provide your password to join the call.
A replay of the conference call will be available until May 22, 2024 by calling the following number:
| United States: | 1-877-344-7529 |
| International: | 1-412-317-0088 |
| Password: | 5307524 |
In addition, the live webcast and recording of the conference call will be available for listening.
About ZTO Express (Cayman) LimitedZTO Express (Cayman) Limited (NYSE: ZTO and HKSE: 2057) ("ZTO" or the "Company") is a leading and fast-growing express company in China. ZTO provides express delivery services as well as other value-added logistics services through its extensive and reliable nationwide coverage network in China.
ZTO operates a highly scalable network partner model that the Company believes is best suited to support the rapid growth of e-commerce in China. The company leverages its network partners to provide pick-up and end-of-line delivery services, as well as a key trunk transportation service and sortation network within the courier service value chain.
For more information, please visit .
Safe Harbor StatementThis announcement contains statements that may constitute "forward-looking" statements under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words such as "will," "expect," "expect," "aim," "future," "intend," "plan," "believe," "estimate," "may" or similar statements. The outlook and management's references in this announcement contain forward-looking statements. ZTO may also make written or oral forward-looking statements in its periodic reports filed with the U.S. Securities and Exchange Commission ("SEC") and The Stock Exchange of Hong Kong Limited (the "SEHK"), in its interim and annual reports to shareholders, in announcements, circulars or other publications published on the SEHK website, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including, but not limited to, statements regarding ZTO's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statements, including, but not limited to, the following: risks related to the development of the e-commerce and express delivery industry in China; its significant reliance on certain third-party e-commerce platforms; risks associated with its network partners and their employees and personnel; intense competition that may adversely affect the Company's operating results and market share; any interruption of service at the outlets operated by the Company's sorting centers or its network partners, or their technical systems; ZTO's ability to build a brand and withstand negative publicity or other favorable government policies. Further information on these and other risks is contained in ZTO's filings with the SEC and the Hong Kong Stock Exchange. All information provided in this announcement is as of the date of this announcement, and ZTO undertakes no obligation to update any forward-looking statements, except as required by applicable law.
| Unaudited consolidated financial data | |||
| up to 3 moon 31 Three months to the end of the day | |||
| 2023 year | 2024 year | ||
| Renminbi | Renminbi | Dollar | |
| (In thousands, except shares and per share) | |||
| revenue | 8,983,239 | 9,960,006 | 1,379,445 |
| Cost of Doing Business | (6,459,831) | (6,957,921) | (963,661) |
| Mori | 2,523,408 | 3,002,085 | 415,784 |
| Operating (Expenses)/Profit: | |||
| Selling, general and administrative expenses | (786,607) | (896,641) | (124,183) |
| Other net operating profit | 213,641 | 161,257 | 22,334 |
| Total Operating Expenses | (572,966) | (735,384) | (101,849) |
| Operating profit | 1,950,442 | 2,266,701 | 313,935 |
| Other Income/(Expenses): | |||
| Interest income | 91,912 | 245,021 | 33,935 |
| Interest expense | (71,710) | (83,916) | (11,622) |
| Fair value change gain on financial instruments | 155,573 | 42,720 | 5,917 |
| Proceeds from the sale of equity investments and subsidiaries and others | - | 451 | 62 |
| Investment impairment of equity investments | - | (478,364) | (66,253) |
| Foreign currency exchange (loss) / gain, before tax | (10,213) | 5,384 | 746 |
| Profit before income tax and equity method of accounting for investment income | 2,116,004 | 1,997,997 | 276,720 |
| Income tax expense | (455,007) | (566,305) | (78,432) |
| Investment income accounted for by the equity method | 3,824 | 16,055 | 2,224 |
| Net profit | 1,664,821 | 1,447,747 | 200,512 |
| Net loss/(profit) attributable to non-controlling interests | 5,515 | (21,701) | (3,006) |
| Net profit attributable to ZTO Express (Cayman) Limited | 1,670,336 | 1,426,046 | 197,506 |
| Net income attributable to common shareholders | 1,670,336 | 1,426,046 | 197,506 |
| Net income per share attributable to common shareholders | |||
| foundation | 2.07 | 1.77 | 0.25 |
| Diluted | 2.03 | 1.75 | 0.24 |
| The weighted average number of shares used to calculate the net income per ordinary share/ADS | |||
| foundation | 808,865,862 | 804,935,791 | 804,935,791 |
| Diluted | 840,491,415 | 836,144,858 | 836,144,858 |
| Net profit | 1,664,821 | 1,447,747 | 200,512 |
| Other comprehensive income/(expenses), net of zero taxes: | |||
| Foreign currency translation adjustments | 19,271 | (82,330) | (11,403) |
| Comprehensive income | 1,684,092 | 1,365,417 | 189,109 |
| Comprehensive loss/(gain) attributable to non-controlling interests | 5,515 | (21,701) | (3,006) |
| Comprehensive income attributable to ZTO Express (Cayman) Limited | 1,689,607 | 1,343,716 | 186,103 |
| in | |||
| 2023 year | 2024 year | ||
| 12 moon 31 sun | 3 moon 31 sun | ||
| Renminbi | Renminbi | Dollar | |
| (in thousands, except share data) | |||
| asset | |||
| liquid asset | |||
| Cash and cash equivalents | 12,333,884 | 12,583,834 | 1,742,841 |
| Restricted cash | 686,568 | 272,266 | 37,708 |
| Net accounts receivable | 572,558 | 559,200 | 77,448 |
| Financial receivables | 1,135,445 | 986,822 | 136,673 |
| Short-term investment | 7,454,633 | 7,038,556 | 974,829 |
| stocks | 28,074 | 41,449 | 5,741 |
| Advance payments to vendors | 821,942 | 903,693 | 125,160 |
| Prepayments and other current assets | 3,772,377 | 4,159,042 | 576,021 |
| Payments receivable from related parties | 148,067 | 194,523 | 26,941 |
| Total current assets | 26,953,548 | 26,739,385 | 3,703,362 |
| Equity investment | 3,455,119 | 2,945,826 | 407,992 |
| Net property and equipment | 32,181,025 | 32,933,680 | 4,561,262 |
| Net land use rights | 5,637,101 | 5,675,825 | 786,093 |
| Net intangible assets | 23,240 | 21,691 | 3,004 |
| Operating lease right-of-use assets | 672,193 | 609,448 | 84,408 |
| goodwill | 4,241,541 | 4,241,541 | 587,447 |
| Deferred tax assets | 879,772 | 950,530 | 131,647 |
| Long-term investment | 12,170,881 | 13,450,088 | 1,862,816 |
| Long-term financial receivables | 964,780 | 1,079,928 | 149,568 |
| Other non-current assets | 701,758 | 719,082 | 99,592 |
| Non-liquid receivables from related parties | 584,263 | 508,333 | 70,403 |
| Total assets | 88,465,221 | 89,875,357 | 12,447,594 |
| Liabilities and Equity | |||
| Current liabilities | |||
| Short-term bank borrowings | 7,765,990 | 8,040,790 | 1,113,637 |
| Amounts payable | 2,557,010 | 2,334,476 | 323,321 |
| Notes payable | - | - | - |
| Customer prepayment | 1,745,727 | 1,672,339 | 231,616 |
| Income tax payable | 333,257 | 343,697 | 47,601 |
| Payments due to related parties | 234,683 | 198,235 | 27,455 |
| Operating lease liabilities | 186,253 | 182,195 | 25,234 |
| Dividends payable | 1,548 | 3,612,693 | 500,352 |
| Other current liabilities | 7,236,716 | 6,876,129 | 952,334 |
| Total current liabilities | 20,061,184 | 23,260,554 | 3,221,550 |
| Non-current operating lease liabilities | 455,879 | 404,073 | 55,963 |
| Deferred tax liabilities | 638,200 | 661,049 | 91,554 |
| Convertible Senior Bonds | 7,029,550 | 7,159,324 | 991,555 |
| Total liabilities | 28,184,813 | 31,485,000 | 4,360,622 |
| Shareholders' equity | |||
| Common shares (par value $0.0001 per share; 10,000,000,000 shares have been authorized; As at 31 December 2023, 812,866,663 Shares were issued and 804,719,252 Shares were outstanding; As at 31 March 2024, 812,866,663 shares were issued and 806,668,101 shares were outstanding) | 525 | 525 | 73 |
| Capital reserve | 24,201,745 | 24,470,474 | 3,389,122 |
| Treasury shares, at cost | (510,986) | (377,156) | (52,236) |
| Undistributed profits | 36,301,185 | 34,022,542 | 4,712,068 |
| Accumulated other comprehensive losses | (190,724) | (273,054) | (37,817) |
| Shareholders' equity of ZTO Express (Cayman) Limited | 59,801,745 | 57,843,331 | 8,011,210 |
| Non-Controlling Interests | 478,663 | 547,026 | 75,762 |
| Total Equity | 60,280,408 | 58,390,357 | 8,086,972 |
| Total liabilities and equity | 88,465,221 | 89,875,357 | 12,447,594 |
| up to 3 moon 31 Three months to the end of the day | |||
| 2023 year | 2024 year | ||
| Renminbi | Renminbi | Dollar | |
| (1,000 yuan) | |||
| Net cash from operating activities | 2,737,974 | 2,031,020 | 281,293 |
| Net cash used in investing activities | (5,866,601) | (2,378,652) | (329,439) |
| Net cash from financing activities | 840,572 | 130,130 | 18,023 |
| The impact of exchange rate changes on cash, cash equivalents and restricted cash | (8,937) | 38,603 | 5,346 |
| Cash, cash equivalents and restricted cash were net of reductions | (2,296,992) | (178,899) | (24,777) |
| Opening cash, cash equivalents and restricted cash | 12,603,087 | 13,051,310 | 1,807,585 |
| Closing cash, cash equivalents and restricted cash | 10,306,095 | 12,872,411 | 1,782,808 |
The following table provides a reconciliation of the cash, cash equivalents and restricted cash presented in the Condensed Consolidated Balance Sheet with the amounts shown in the Condensed Consolidated Statement of Cash Flows:
| in | |||
| 2023 year | 2024 year | ||
| 12 moon 31 sun | 3 moon 31 sun | ||
| Renminbi | Renminbi | Dollar | |
| (1,000 yuan) | |||
| Cash and cash equivalents | 12,333,884 | 12,583,834 | 1,742,841 |
| Liquidity is restricted in cash | 686,568 | 272,266 | 37,708 |
| Illiquid restricted cash | 30,858 | 16,311 | 2,259 |
| Total cash, cash equivalents and restricted cash | 13,051,310 | 12,872,411 | 1,782,808 |
| up to 3 moon 31 Three months to the end of the day | |||
| 2023 year | 2024 year | ||
| Renminbi | Renminbi | Dollar | |
| (In thousands, except shares and per share) | |||
| Net profit | 1,664,821 | 1,447,747 | 200,512 |
| Add: | |||
| Equity Incentive Expenses [1] | 254,976 | 298,387 | 41,326 |
| Investment impairment of equity investments[1] | - | 478,364 | 66,253 |
| Income tax deduction for gains on the sale of equity investments and subsidiaries and others | - | (451) | (62) |
| Adjusted net income | 1,919,797 | 2,224,047 | 308,029 |
| Net profit | 1,664,821 | 1,447,747 | 200,512 |
| Add: | |||
| depreciation | 651,685 | 752,119 | 104,167 |
| amortization | 34,793 | 33,980 | 4,706 |
| Interest expense | 71,710 | 83,916 | 11,622 |
| Income tax expense | 455,007 | 566,305 | 78,432 |
| EBITDA | 2,878,016 | 2,884,067 | 399,439 |
| Add: | |||
| Equity Incentive Expense | 254,976 | 298,387 | 41,326 |
| Investment impairment of equity investments | - | 478,364 | 66,253 |
| Proceeds from the sale of equity investments and subsidiaries and others | - | (451) | (62) |
| Adjusted EBITDA | 3,132,992 | 3,660,367 | 506,956 |
| (1) Net income tax is zero |
| up to 3 moon 31 Three months to the end of the day | |||
| 2023 year | 2024 year | ||
| Renminbi | Renminbi | Dollar | |
| Net income attributable to common shareholders | 1,670,336 | 1,426,046 | 197,506 |
| Add: | |||
| Equity Incentive Expenses [1] | 254,976 | 298,387 | 41,326 |
| Investment impairment of equity investments[1] | - | 478,364 | 66,253 |
| Income tax deduction for gains on the sale of equity investments and subsidiaries and others | - | (451) | (62) |
| Adjusted net income attributable to common shareholders | 1,925,312 | 2,202,346 | 305,023 |
| The weighted average number of shares used to calculate the net income per ordinary share/ADS | |||
| foundation | 808,865,862 | 804,935,791 | 804,935,791 |
| Diluted | 840,491,415 | 836,144,858 | 836,144,858 |
| Net income per ADSs attributable to ordinary shareholders | |||
| foundation | 2.07 | 1.77 | 0.25 |
| Diluted | 2.03 | 1.75 | 0.24 |
| Adjusted net income per share/ADS attributable to ordinary shareholders | |||
| foundation | 2.38 | 2.74 | 0.38 |
| Diluted | 2.33 | 2.68 | 0.37 |
| (1) Net income tax is zero |
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