ZTOEXPRESS-W：INSIDEINFORMATION-ANNOUNCEMENTOFTHE2025FIRSTQUARTERUNAUDITEDFINANCIALRESULTS.pdf

《ZTOEXPRESS-W：INSIDEINFORMATION-ANNOUNCEMENTOFTHE2025FIRSTQUARTERUNAUDITEDFINANCIALRESULTS.pdf》由會員分享，可在線閱讀，更多相關《ZTOEXPRESS-W：INSIDEINFORMATION-ANNOUNCEMENTOFTHE2025FIRSTQUARTERUNAUDITEDFINANCIALRESULTS.pdf（17頁珍藏版）》請在三個皮匠報告上搜索。

1、1Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement,make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in relia

2、nce upon the whole or any part of the contents of this announcement.Under our weighted voting rights structure,our share capital comprises Class A ordinary shares and Class B ordinary shares.Each Class A ordinary share entitles the holder to exercise one vote,and each Class B ordinary share entitles

3、 the holder to exercise 10 votes,respectively,on all matters that require a shareholders vote.Shareholders and prospective investors should be aware of the potential risks of investing in a company with a weighted voting rights structure.Our American depositary shares,each representing one of our Cl

4、ass A ordinary shares,are listed on the New York Stock Exchange in the United States under the symbol ZTO.ZTO Express(Cayman)Inc.中通快遞(開曼)有限公司(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)(Stock Code:2057)INSIDE INFORMATIONANNOUNCEM

5、ENT OF THE 2025 FIRST QUARTERUNAUDITED FINANCIAL RESULTSThis announcement is issued pursuant to Rule 13.09 of the Rules Governing the Listing of the Securities on The Stock Exchange of Hong Kong Limited and under Part XIVA of the Securities and Futures Ordinance(Cap.571).ZTO Express(Cayman)Inc.(“ZTO

6、”or the“Company”)is pleased to announce its unaudited financial results for the first quarter ended March 31,2025(the“2025 Q1 Results”)published in accordance with applicable rules of the U.S.Securities and Exchange Commission(the“SEC”).The 2025 Q1 Results have been prepared in accordance with U.S.G

7、enerally Accepted Accounting Principles,which are different from the International Financial Reporting Standards.Attached hereto as Schedule I is the full text of the press release issued by the Company on May 20,2025(U.S.Eastern Time),in relation to the 2025 Q1 Results,some of which may constitute

8、material inside information of the Company.This announcement contains statements that may constitute“forward-looking”statements pursuant to the“safe harbor”provisions of the U.S.Private Securities Litigation Reform Act of 1995.These forward-looking statements can be identified by terminology such as

9、“will,”“expects,”“anticipates,”“aims,”“future,”“intends,”“plans,”“believes,”“estimates,”“likely to,”and other similar expressions.Among other things,the business outlook and quotations from management in this announcement contain forward-looking statements.ZTO may also make written or oral forward-l

10、ooking statements in its periodic reports to the SEC and The Stock Exchange of Hong Kong Limited(the“HKEX”),in its interim and annual reports to shareholders,in announcements,circulars or other publications made on the website of the HKEX,in press releases and other written materials,and in oral sta

11、tements made by its officers,directors,or employees to third parties.Statements that are not historical facts,including but not limited to statements about ZTOs beliefs,plans,and expectations,are forward-looking statements.Forward-looking statements involve inherent risks and uncertainties.A number

12、of factors could cause actual results to differ materially from those contained in any forward-looking statement,including but not limited to the following:2risks relating to the development of the e-commerce and express delivery industries in China;its significant reliance on certain third-party e-

13、commerce platforms;risks associated with its network partners and their employees and personnel;intense competition which could adversely affect the Companys results of operations and market share;any service disruption of the Companys sorting hubs or the outlets operated by its network partners or

14、its technology system;ZTOs ability to build its brand and withstand negative publicity,or other favorable government policies.Further information regarding these and other risks is included in ZTOs filings with the SEC and the HKEX.All information provided in this announcement is as of the date of t

15、his announcement,and ZTO does not undertake any obligation to update any forward-looking statement,except as required under applicable law.The Companys shareholders and potential investors are advised not to place undue reliance on the 2025 Q1 Results and to exercise caution in dealing in securities

16、 in the Company.By order of the BoardZTO Express(Cayman)Inc.Meisong LAIChairmanHong Kong,May 21,2025As at the date of this announcement,the board of directors of the Company comprises Mr.Meisong LAI as the chairman and executive director,Mr.Jilei WANG and Mr.Hongqun HU as executive directors,Mr.Xing

17、 LIU and Ms.Di XU as non-executive directors,Mr.Frank Zhen WEI,Mr.Qin Charles HUANG,Mr.Herman YU,Mr.Tsun-Ming(Daniel)KAO and Ms.Fang XIE as independent non-executive directors.3Schedule I ZTO Reports First Quarter 2025 Unaudited Financial Results Parcels Volume Increased 19.1%to 8.5 Billion Adjusted

18、 Net Income Grew 1.6%to RMB2.3 Billion Annual Volume Guidance Reiterated to Grow 20%-24%SHANGHAI,May 21,2025/PRNewswire/-ZTO Express(Cayman)Inc.(NYSE:ZTO and SEHK:2057),a leading and fast-growing express delivery company in China(“ZTO”or the“Company”),today announced its unaudited financial results

19、for the first quarter ended March 31,20251.The Company grew parcel volume by 19.1%year over year while maintaining high quality of service and customer satisfaction.Adjusted net income2 increased 1.6%to reach RMB2.3 billion.Net cash generated from operating activities was RMB2.4 billion.First Quarte

20、r 2025 Financial Highlights Revenues were RMB10,891.5 million(US$1,500.9 million),an increase of 9.4%from RMB9,960.0 million in the same period of 2024.Gross profit was RMB2,689.2 million(US$370.6 million),a decrease of 10.4%from RMB3,002.1 million in the same period of 2024.Net income was RMB2,039.

21、2 million(US$281.0 million),an increase of 40.9%from RMB1,447.7 million in the same period of 2024.Adjusted EBITDA3 was RMB3,686.7 million(US$508.0 million),an increase of 0.7%from RMB3,660.4 million in the same period of 2024.Adjusted net income was RMB2,259.3 million(US$311.3 million),an increase

22、of 1.6%from RMB2,224.0 million in the same period of 2024.Basic and diluted net earnings per American depositary share(“ADS”4)were RMB2.50(US$0.34)and RMB2.44(US$0.34),an increase of 41.2%and 39.4%from RMB1.77 and RMB1.75 in the same period of 2024,respectively.Adjusted basic and diluted earnings pe

23、r American depositary share attributable to ordinary shareholders5 were RMB2.77(US$0.38)and RMB2.71(US$0.37),an increase of 1.1%and 1.1%from RMB2.74 and RMB2.68 in the same period of 2024,respectively.Net cash provided by operating activities was RMB2,363.0 million(US$325.6 million),compared with RM

24、B2,031.0 million in the same period of 2024.1 4 Operational Highlights for First Quarter 2025 Parcel volume was 8,539 million,an increase of 19.1%from 7,171 million in the same period of 2024.Number of pickup/delivery outlets was over 31,000 as of March 31,2025.Number of direct network partners was

25、approximately 6,000 as of March 31,2025.Number of self-owned line-haul vehicles was over 10,000 as of March 31,2025,out of which,over 9,400 were high capacity 15 to 17-meter-long models compared to over 9,100 as of March 31,2024.Number of line-haul routes between sorting hubs was over 3,900 as of Ma

26、rch 31,2025.Number of sorting hubs was 95 as of March 31,2025,among which 91 were operated by the Company and 4 by the Companys network partners.(1)An investor relations presentation accompanies this earnings release and can be found at http:/.(2)Adjusted net income is a non-GAAP financial measure,w

27、hich 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 busines

28、s 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

29、 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 sha

30、reholders 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.2 5 Mr.Meisong Lai,Founder,Chairman and Chief Executive Officer of ZTO,commented,“Durin

31、g the first quarter,ZTO maintained leading service quality and achieved 8.5 billion of parcel volume and 2.3 billion of adjusted net income.Retail volume increased by 46%year over year for the quarter as we penetrated deeper into reverse logistics,and we continued to work closely with various e-comm

32、erce platform and enterprise customers to develop differentiated products and services which include time-definite delivery and customized KA consumer services.”Mr.Lai added,“We believe competition in Chinas express delivery industry has reached the“white-hot”stage,and it is further exacerbated by a

33、 greater portion of volume being either low value or loss-making for the logistic service providers.Our approach to network policies has been on maintaining consistency and cultivating long-term stability.At times of fierce competition,we are learning to better leverage our existing competitive adva

34、ntage and at the same time,stay focused on initiatives that can bring about long-term prospects of profitable growth.”Ms.Huiping Yan,Chief Financial Officer of ZTO,commented,“ZTOs core express ASP decreased by 11 cents largely driven by 16 cents in higher volume incentives and 6 cents lower weight a

35、verage per parcel partially offset by 12 cents increase in KA unit price.Combined unit sorting and transportation costs decreased 9 cents thanks to cost productivity gain initiatives.SG&A as a percentage of revenue was 4.7%.Cash flow from operating activities was 2.4 billion,and capital spending was

36、 2 billion.”Ms.Yan added,“Volume,backed by high quality of services,remains our top priority.Healthier profitability by the ZTO brand and its network partners relative to our peers are built upon decades of interdependent and cooperative relationship founded on our“shared success”philosophy.Achievin

37、g a reasonable level of corporate earnings,and at the same time,laying the groundwork and support our franchise partners to maintain confidence in long-term prospects,to reengineer last mile delivery processes and hereby reduce costs,and to increase their couriers share into retail profit,our concer

38、ted effort will forge new competitive advantage to expand ZTOs volume leadership.”3 6 First Quarter 2025 Unaudited Financial Results Three Months Ended March 31,2024 2025 RMB%RMB US$%(in thousands,except percentages)Express delivery services 9,240,172 92.8 10,122,290 1,394,889 92.9Freight forwarding

39、 services 202,747 2.0 179,219 24,697 1.7Sale of accessories 485,062 4.9 560,297 77,211 5.1Others 32,025 0.3 29,659 4,087 0.3Total revenues 9,960,006 100.0 10,891,465 1,500,884 100.0 Total Revenues were RMB10,891.5 million(US$1,500.9 million),an increase of 9.4%from RMB9,960.0 million in the same per

40、iod of 2024.Revenue from the core express delivery business increased by 9.8%compared to the same period of 2024,as a net result of a 19.1%growth in parcel volume and a 7.8%decrease in parcel unit price.KA revenue,generated by direct sales organizations,increased by 129.3%driven by increase in e-com

41、merce return parcels.Revenue from freight forwarding services decreased by 11.6%compared to the same period of 2024 mainly due to declining cross-border e-commerce pricing.Revenue from sales of accessories,largely consisted of sales of thermal paper used for digital waybills printing,increased by 15

42、.5%.Other revenues were derived mainly from financing services.Three Months Ended March 31,2024 2025%of%of RMB revenues RMB US$revenues (in thousands,except percentages)Line-haul transportation cost 3,371,493 33.9 3,483,065 479,979 32.0 Sorting hub operating cost 2,168,201 21.8 2,314,595 318,960 21.

43、3 Freight forwarding cost 188,382 1.9 172,792 23,811 1.6 Cost of accessories sold 133,047 1.3 133,259 18,364 1.2 Other costs 1,096,798 11.0 2,098,534 289,186 19.2 Total cost of revenues 6,957,921 69.9 8,202,245 1,130,300 75.3 Total cost of revenues was RMB8,202.2 million(US$1,130.3 million),an incre

44、ase of 17.9%from RMB6,957.9 million in the same period last year.Line haul transportation cost was RMB3,483.1 million(US$480.0 million),an increase of 3.3%from RMB3,371.5 million in the same period last year.The unit transportation cost decreased 12.8%or 6 cents mainly attributable to better economi

45、es of scale,improved load rate and more effective route planning.Sorting hub operating cost was RMB2,314.6 million(US$319.0 million),an increase of 6.8%from RMB2,168.2 million in the same period of last year.The increase primarily consisted of(i)RMB109.9 million(US$15.2 million)increase in labor-ass

46、ociated costs partially offset by automation-driven efficiency and(ii)RMB69.2 million(US$9.5 million)increase in depreciation and amortization costs associated with equipment and facilities.Sorting hub operating cost per unit decreased 10.0%or 3 cents as automation and standardization in operating p

47、rocedures plus effective performance evaluation continued to dig deep for productivity gain.As of March 31,2025,there were 631 sets of automated sorting equipment in service,compared to 461 sets as of March 31,2024.Cost of accessories sold was RMB133.3 million(US$18.4 million),increased by 0.2%compa

48、red with RMB133.0 million in the same period last year.Other costs of RMB2,098.5 million(US$289.2 million),increased 91.3%from RMB1,096.8 million in the same period last year,which included an increase of RMB957.4 million(US$131.9 million)for serving higher-valued enterprise customers.4 7 Gross Prof

49、it was RMB2,689.2 million(US$370.6 million),decreased by 10.4%from RMB3,002.1 million in the same period last year.Gross margin rate was 24.7%compared to 30.1%in the same period last year.Total Operating Expenses were RMB283.8 million(US$39.1 million),compared to RMB735.4 million in the same period

50、last year.Selling,general and administrative expenses were RMB737.5 million(US$101.6 million),decreased by 17.7%from RMB896.6 million in the same period last year.The decrease consisted of a RMB109.1 million(US$15.0 million)decrease in compensation and benefit expenses.Excluding a RMB37.3 million on

51、e-time charge in the same period last year for loss on collection with a supplier,the decrease was 14.2%year over year.Other operating income,net was RMB453.7 million(US$62.5 million),compared to RMB161.3 million in the same period last year.Other operating income mainly consisted of(i)RMB407.6 mill

52、ion(US$56.2 million)of government subsidies and tax rebates,and(ii)RMB35.9 million(US$4.9 million)of rental and other income.Income from operations was RMB2,405.4 million(US$331.5 million),an increase of 6.1%from RMB2,266.7 million for the same period last year.The operating margin rate was 22.1%com

53、pared to 22.8%in the same period last year.Interest income was RMB198.4 million(US$27.3 million),compared with RMB245.0 million in the same period last year.Interest expenses was RMB68.9 million(US$9.5 million),compared with RMB83.9 million in the same period last year.Gain from fair value changes o

54、f financial instruments was RMB36.6 million(US$5.0 million),compared with a gain of RMB42.7 million in the same period last year.Such gain or loss from fair value changes of the financial instruments is quoted by commercial banks according to market-based estimation of future redemption prices.Incom

55、e tax expenses were RMB531.6 million(US$73.3 million)compared to RMB566.3 million in the same period last year.Taxable income for the same period last year reflected a RMB478.4 million non-tax-deductible impairment losses on investment in Cainiao Smart Logistics Network Limited upon a tender offer r

56、epurchase.Net income was RMB2,039.2 million(US$281.0 million),which increased by 40.9%from RMB1,447.7 million in the same period last year.Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB2.50(US$0.34)and RMB2.44(US$0.34),compared to basic and diluted earnings per ADS

57、 of RMB1.77 and RMB1.75 in the same period last year,respectively.Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB2.77(US$0.38)and RMB2.71(US$0.37),compared with RMB2.74 and RMB2.68 in the same period last year,respectively.Adjusted net income was RMB2,259.3

58、 million(US$311.3 million),compared with RMB2,224.0 million during the same period last year.EBITDA1 was RMB3,466.6 million(US$477.7 million),compared with RMB2,884.1 million in the same period last year.Adjusted EBITDA was RMB3,686.7 million(US$508.0 million),compared to RMB3,660.4 million in the s

59、ame period last year.Net cash provided by operating activities was RMB2,363.0 million(US$325.6 million),compared with RMB2,031.0 million in the same period last year.(1)EBITDA is a non-GAAP financial measure,which is defined as net income before depreciation,amortization,interest expenses and income

60、 tax expenses which management aims to better represent the underlying business operations.5 8 Recent Developments Change of Board Composition The Board of Directors of the Company(the“Board”)has announced the following changes,effective April 25,2025:Ms.Di Xu has been appointed as a director,and Mr

61、.Xudong Chen has resigned from his position as a director.The Company confirms that Mr.Chens resignation was not related to any disagreement with the Company.Company Share Repurchase Program The Board has approved its share repurchase program in November 2018 and made subsequent modifications,whereb

62、y the latest modification increased the aggregate value of shares that may be repurchased to US$2.0 billion and extended the effective period through June 30,2025.As of March 31,2025,the Company had purchased an aggregate of 50,899,498 ADSs for US$1,228.3 million on the open market,including repurch

63、ase commissions.The remaining funds available under the share repurchase program are US$771.7 million.On May 20,2025,the Company announced to extend the current share repurchase program to June 30,2026.The Company believes that the share repurchase program represents ZTOs confidence in the overall m

64、arket opportunities as well as ZTOs solid operating fundamentals and financial strength for sustained profitable growth and value creation for its shareholders.Business Outlook Based on current market and operating conditions,the Company reiterates its 2025 parcel volume guidance of 40.8 billion to

65、42.2 billion,reflecting a 20%to 24%year over year growth.Such estimates represent managements current and preliminary view,which are subject to change.Exchange Rate This announcement contains translation of certain Renminbi amounts into U.S.dollars at specified rates solely for the convenience of re

66、aders.Unless otherwise noted,all translations from Renminbi to U.S.dollars were made at the exchange rate of RMB7.2567 to US$1.00,the noon buying rate on March 31,2025 as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve Systems.6 9 Use of Non-GAAP Financial

67、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 ZTOs operating re

68、sults and for financial and operational decision-making purposes.Reconciliations of the Companys non-GAAP financial measures to its U.S.GAAP financial measures are shown in tables at the end of this earnings release,which provide more details about the non-GAAP financial measures.The Company believe

69、s that such Non-GAAP measures help identify underlying trends in ZTOs 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,adj

70、usted 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

71、 allow for greater visibility with respect to key metrics used by ZTOs 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 shar

72、e 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 Companys operating performance.Investors are encouraged to compare the historical non-GAAP financial measures to th

73、e 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

74、titled measures presented by other companies.Other companies may calculate similarly titled measures differently,limiting their usefulness as comparative measures to ZTOs data.ZTO encourages investors and others to review the Companys financial information in its entirety and not rely on a single fi

75、nancial measure.7 10 Conference Call Information ZTOs management team will host an earnings conference call at 8:30 PM U.S.Eastern Time on Tuesday,May 20,2025(8:30 AM Beijing Time on May 21,2025).Dial-in details for the earnings conference call are as follows:United States:1-888-317-6003 Hong Kong:8

76、00-963-976 Mainland China:4001-206-115 Singapore:800-120-5863 International:1-412-317-6061 Passcode:7604109 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 unti

77、l May 27,2025:United States:1-877-344-7529 International:1-412-317-0088 Passcode:5288285 Additionally,a live and archived webcast of the conference call will be available at http:/.About ZTO Express(Cayman)Inc.ZTO Express(Cayman)Inc.(NYSE:ZTO and SEHK:2057)(ZTO or the Company)is a leading and fast-g

78、rowing express delivery company in China.ZTO provides express delivery service as well as other value-added logistics services through its extensive and reliable nationwide network coverage in China.ZTO operates a highly scalable network partner model,which the Company believes is best suited to sup

79、port the significant growth of e-commerce in China.The Company leverages its network partners to provide pickup and last-mile delivery services,while controlling the mission-critical line-haul transportation and sorting network within the express delivery service value chain.For more information,ple

80、ase visit http:/.8 11 Safe Harbor Statement This announcement contains statements that may constitute forward-looking statements pursuant to the safe harbor provisions of the U.S.Private Securities Litigation Reform Act of 1995.These forward-looking statements can be identified by terminology such a

81、s will,expects,anticipates,aims,future,intends,plans,believes,estimates,likely to,and other similar expressions.Among other things,the business outlook and quotations from management in this announcement contain forward-looking statements.ZTO may also make written or oral forward-looking statements

82、in its periodic reports to the U.S.Securities and Exchange Commission(the SEC)and The Stock Exchange of Hong Kong Limited(the HKEX),in its interim and annual reports to shareholders,in announcements,circulars or other publications made on the website of the HKEX,in press releases and other written m

83、aterials,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 about ZTOs beliefs,plans,and expectations,are forward-looking statements.Forward-looking statements involve inherent risks and

84、 uncertainties.A number of factors could cause actual results to differ materially from those contained in any forward-looking statement,including but not limited to the following:risks relating to the development of the e-commerce and express delivery industries in China;its significant reliance on

85、 certain third-party e-commerce platforms;risks associated with its network partners and their employees and personnel;intense competition which could adversely affect the Companys results of operations and market share;any service disruption of the Companys sorting hubs or the outlets operated by i

86、ts network partners or its technology system;ZTOs ability to build its brand and withstand negative publicity,or other favorable government policies.Further information regarding these and other risks is included in ZTOs filings with the SEC and the HKEX.All information provided in this announcement

87、 is as of the date of this announcement,and ZTO does not undertake any obligation to update any forward-looking statement,except as required under applicable law.9 12 UNAUDITED CONSOLIDATED FINANCIAL DATA Summary of Unaudited Consolidated Comprehensive Income Data:Three Months Ended March 31,2024 20

88、25 RMB RMB US$(in thousands,except for share and per share data)Revenues 9,960,006 10,891,465 1,500,884 Cost of revenues(6,957,921)(8,202,245)(1,130,300)Gross profit 3,002,085 2,689,220 370,584 Operating(expenses)/income:Selling,general and administrative(896,641)(737,511)(101,632)Other operating in

89、come,net 161,257 453,669 62,517 Total operating expenses(735,384)(283,842)(39,115)Income from operations 2,266,701 2,405,378 331,469 Other income/(expenses):Interest income 245,021 198,392 27,339 Interest expense(83,916)(68,876)(9,491)Gain from fair value changes of financial instruments 42,720 36,6

90、13 5,045 Gain on disposal of equity investees,subsidiaries and others 451 147 20 Impairment of investment in equity investees(478,364)-Foreign currency exchange gain/(loss)before tax 5,384 (4,044)(557)Income before income tax,and share of income in equity method investments 1,997,997 2,567,610 353,8

91、25 Income tax expense(566,305)(531,574)(73,253)Share of income in equity method investments 16,055 3,145 433 Net income 1,447,747 2,039,181 281,005 Net income attributable to non-controlling interests(21,701)(45,934)(6,330)Net income attributable to ZTO Express(Cayman)Inc.1,426,046 1,993,247 274,675

92、 Net income attributable to ordinary shareholders 1,426,046 1,993,247 274,675 Net earnings per share attributed to ordinary shareholders Basic 1.77 2.50 0.34 Diluted 1.75 2.44 0.34 Weighted average shares used in calculating net earnings per ordinary share/ADS Basic 804,935,791 798,486,427 798,486,4

93、27 Diluted 836,144,858 832,052,527 832,052,527 Net income 1,447,747 2,039,181 281,005 Other comprehensive income/(expenses),net of tax of nil:Foreign currency translation adjustment(82,330)8,701 1,199 Comprehensive income 1,365,417 2,047,882 282,204 Comprehensive income attributable to non-controlli

94、ng interests(21,701)(45,934)(6,330)Comprehensive income attributable to ZTO Express(Cayman)Inc.1,343,716 2,001,948 275,874 10 13 Unaudited Consolidated Balance Sheets Data:As of December 31,March 31,2024 2025 RMB RMB US$(in thousands,except for share data)ASSETS Current assets Cash and cash equivale

95、nts 13,465,442 12,417,946 1,711,239 Restricted cash 37,517 29,263 4,033 Accounts receivable,net 1,503,706 1,011,360 139,369 Financing receivables 1,178,617 1,001,378 137,994 Short-term investment 8,848,447 10,604,175 1,461,294 Inventories 38,569 35,521 4,895 Advances to suppliers 783,599 857,199 118

96、,125 Prepayments and other current assets 4,329,664 4,533,838 624,780 Amounts due from related parties 168,160 80,108 11,039 Total current assets 30,353,721 30,570,788 4,212,768 Investments in equity investees 1,871,337 1,870,351 257,741 Property and equipment,net 33,915,366 34,527,479 4,758,014 Lan

97、d use rights,net 6,170,233 6,299,962 868,158 Intangible assets,net 17,043 15,493 2,135 Operating lease right-of-use assets 566,316 552,064 76,076 Goodwill 4,241,541 4,241,541 584,500 Deferred tax assets 984,567 1,102,658 151,950 Long-term investment 12,017,755 11,538,510 1,590,049 Long-term financin

98、g receivables 861,453 949,391 130,830 Other non-current assets 919,331 938,888 129,382 Amounts due from related parties-non current 421,667 542,387 74,742 TOTAL ASSETS 92,340,330 93,149,512 12,836,345 LIABILITIES AND EQUITY Current liabilities Short-term bank borrowing 9,513,958 9,288,291 1,279,961

99、Accounts payable 2,463,395 2,541,205 350,187 Advances from customers 1,565,147 1,542,284 212,532 Income tax payable 488,889 479,582 66,088 Amounts due to related parties 202,766 137,613 18,964 Operating lease liabilities 183,373 176,356 24,303 Dividends payable 14,134 2,049,875 282,480 Convertible s

100、enior notes 7,270,081 7,238,497 997,492 Other current liabilities 6,571,492 5,602,727 772,073 Total current liabilities 28,273,235 29,056,430 4,004,080 Long-term bank borrowing-17,000 2,343 Non-current operating lease liabilities 377,717 363,217 50,053 Deferred tax liabilities 1,014,545 847,067 116,

101、729 TOTAL LIABILITIES 29,665,497 30,283,714 4,173,205 Shareholders equity Ordinary shares(US$0.0001 par value;10,000,000,000 shares authorized;810,339,182 shares issued and 798,622,719 shares outstanding as of December 31,2024;804,468,490 shares issued and 799,752,637 shares outstanding as of March

102、31,2025)523 519 72 Additional paid-in capital 24,389,905 24,355,076 3,356,219 Treasury shares,at cost(1,131,895)(271,027)(37,349)Retained earnings 39,098,553 38,415,878 5,293,850 Accumulated other comprehensive loss(294,694)(285,993)(39,410)ZTO Express(Cayman)Inc.shareholders equity 62,062,392 62,21

103、4,453 8,573,382 Noncontrolling interests 612,441 651,345 89,758 Total Equity 62,674,833 62,865,798 8,663,140 TOTAL LIABILITIES AND EQUITY 92,340,330 93,149,512 12,836,345 11 14 Summary of Unaudited Consolidated Cash Flow Data:Three Months Ended March 31,2024 2025 RMB RMB US$(in thousands)Net cash pr

104、ovided by operating activities 2,031,020 2,362,976 325,627Net cash used in investing activities(2,378,652)(3,158,465)(435,248)Net cash provided by/(used in)financing activities 130,130 (261,091)(35,979)Effect of exchange rate changes on cash,cash equivalents and restricted cash 38,603 (12,560)(1,730

105、)Net decrease in cash,cash equivalents and restricted cash(178,899)(1,069,140)(147,330)Cash,cash equivalents and restricted cash at beginning of period 13,051,310 13,530,947 1,864,614Cash,cash equivalents and restricted cash at end of period 12,872,411 12,461,807 1,717,284 The following table provid

106、es a reconciliation of cash,cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows:As of December 31,March 31,2024 2025 RMB RMB US$(in thousands)Cash an

107、d cash equivalents 13,465,442 12,417,946 1,711,239 Restricted cash,current 37,517 29,263 4,033 Restricted cash,non-current 27,988 14,598 2,012 Total cash,cash equivalents and restricted cash 13,530,947 12,461,807 1,717,284 12 15 Reconciliations of GAAP and Non-GAAP Results Three Months Ended March 3

108、1,2024 2025 RMB RMB US$(in thousands,except for share and per share data)Net income 1,447,747 2,039,181281,005Add:Share-based compensation expense 1 298,387 220,26930,354Impairment of investment in equity investees 1 478,364 -Gain on disposal of equity investees,subsidiaries and others,net of income

109、 taxes(451)(121)(17)Adjusted net income 2,224,047 2,259,329311,342 Net income 1,447,747 2,039,181281,005Add:Depreciation 752,119 789,108 108,742 Amortization 33,980 37,819 5,212 Interest expenses 83,916 68,876 9,491 Income tax expenses 566,305 531,574 73,253 EBITDA 2,884,067 3,466,558 477,703 Add:Sh

110、are-based compensation expense 298,387 220,26930,354Impairment of investment in equity investees 478,364 -Gain on disposal of equity investees,subsidiaries and others,before income taxes(451)(147)(20)Adjusted EBITDA 3,660,367 3,686,680 508,037 (1)Net of income taxes of nil 13 16 Reconciliations of G

111、AAP and Non-GAAP Results Three Months Ended March 31,2024 2025 RMB RMB US$(in thousands,except for share and per share data)Net income attributable to ordinary shareholders 1,426,046 1,993,247 274,675 Add:Share-based compensation expense 1 298,387 220,269 30,354 Impairment of investment in equity in

112、vestees 1 478,364 -Gain on disposal of equity investees,subsidiaries and others,net of income taxes(451)(121)(17)Adjusted Net income attributable to ordinary shareholders 2,202,346 2,213,395 305,012 Weighted average shares used in calculating net earnings per ordinary share/ADS Basic 804,935,791 798

113、,486,427 798,486,427 Diluted 836,144,858 832,052,527 832,052,527 Net earnings per share/ADS attributable to ordinary shareholders Basic 1.77 2.50 0.34 Diluted 1.75 2.44 0.34 Adjusted net earnings per share/ADS attributable to ordinary shareholders Basic 2.74 2.77 0.38 Diluted 2.68 2.71 0.37 (1)Net of income taxes of nil 14 17 For investor and media inquiries,please contact:ZTO Express(Cayman)Inc.Investor Relations E-mail: Phone:+86 21 5980 4508 15