Parcel Volume Increased 9.8% to 9.6 Billion
Adjusted Net Income Grew 5.0% to RMB2.5 Billion
SHANGHAI, Nov. 20, 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 for the third quarter ended September 30, 2025[1]. The Company grew parcel volume by 9.8% year over year while maintaining high quality of service and customer satisfaction. Adjusted net income increased 5.0%[2] to RMB2,506.1 million. Net cash generated from operating activities was RMB3,211.0 million.
Third Quarter 2025 Financial Highlights
- Revenues were RMB11,864.7 million (US$1,666.6 million), an increase of 11.1% from RMB10,675.0 million in the same period of 2024.
- Gross profit was RMB2,956.0 million (US$415.2 million), a decrease of 11.4% from RMB3,334.8 million in the same period of 2024.
- Net income was RMB2,538.7 million (US$356.6 million), an increase of 6.7% from RMB2,379.0 million in the same period of 2024.
- Adjusted EBITDA[3] was RMB3,582.5 million (US$503.2 million), a decrease of 4.2% from RMB3,739.5 million in the same period of 2024.
- Adjusted net income was RMB2,506.1 million (US$352.0 million), an increase of 5.0% from RMB2,387.3 million in the same period of 2024.
- Basic and diluted net earnings per American depositary share (“ADS”[4]) were RMB3.16 (US$0.44) and RMB3.10 (US$0.44), an increase of 6.0% and 6.9% from RMB2.98 and RMB2.90 in the same period of 2024, respectively.
- Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders[5] were RMB3.12 (US$0.44) and RMB3.06 (US$0.43), an increase of 4.3% and 5.2% from RMB2.99 and RMB2.91 in the same period of 2024, respectively.
- Net cash provided by operating activities was RMB3,211.0 million (US$451.0 million), compared with RMB3,112.0 million in the same period of 2024.
Operational Highlights for Third Quarter 2025
- Parcel volume was 9,573 million, increased 9.8% from 8,723 million in the same period of 2024.
- Number of pickup/delivery outlets was over 31,000 as of September 30, 2025.
- Number of direct network partners was over 6,000 as of September 30, 2025.
- Number of self-owned line-haul vehicles was over 10,000 as of September 30, 2025.
- Number of line-haul routes between sorting hubs was approximately 3,900 as of September 30, 2025.
- Number of sorting hubs was 95 as of September 30, 2025, among which 91 are operated by the Company and 4 by the Company’s network partners.
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(1) An investor relations presentation accompanies this earnings release and can be found at http://zto.investorroom.com.
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(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.
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(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.
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(4) One ADS represents one Class A ordinary share.
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(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.
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Mr. Meisong Lai, Founder, Chairman and Chief Executive Officer of ZTO, commented, “Focusing on quality and increasing market presence while maintaining healthy earnings is ZTO’s unwavering long-term strategy. During this quarter, we grew volume by 9.8% to reach 9.6 billion parcels and we delivered 2.51 billion adjusted net income which increased 5%. Our retail volume’s growth momentum remained strong at nearly 50% and continued to bring positive contribution to margin.”
Mr. Lai added, “During the third quarter, government’s appeal for anti-involution not only brought mitigating effect towards social stability but also influenced the industry turning towards quality development versus merely quantity expansion. Being the industry leader, ZTO is called upon to exemplify with increasing rigor, and we renewed our commitment to strengthening our own capabilities while addressing genuine concerns. Nearly all industries go through stages of competition and true strength will sustain. Despite complex macro environment where uncertainties remain, we believe ZTO will continue to build strength in quality, scale and profitability and drive healthy sustainable growth for the long run.”
Ms. Huiping Yan, Chief Financial Officer of ZTO, commented, “ZTO’s core express ASP increased by 2 cents. The 14 cents in higher volume incentives and 2 cents from lower average weight per parcel were absorbed by 18 cents increase in KA unit price. Combined unit sorting and transportation costs decreased 5 cents driven by transportation cost productivity. SG&A costs remain structurally stable at 5.3% of revenue. Cash flow from operating activities grew 3.2% to 3.2 billion, and capital spending was 1.2 billion for the quarter.”
Ms. Yan added, “With visibility into the final quarter of the year, we are adjusting down the annual volume guidance to be in the range of 38.2 to 38.7 billion parcels representing a year-over-year growth of 12.3% to 13.8%. Volume is crucial to our business, and network stability is the foundation for sustainable future growth of our company. As macro environment continues to evolve and industry dynamics shifts towards healthier growth, we maintain confidence in our ability to execute the overall corporate strategy as well as tackle challenges at hand to become a world leading logistics service provider.”
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Third Quarter 2025 Unaudited Financial Results
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Three Months Ended September 30,
|
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Nine Months Ended September 30,
|
|
2024
|
|
2025
|
|
2024
|
|
2025
|
|
RMB
|
|
%
|
|
RMB
|
|
US$
|
|
%
|
|
RMB
|
|
%
|
|
RMB
|
|
US$
|
|
%
|
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(in thousands, except percentages)
|
|
Express delivery services
|
9,812,807
|
|
91.9
|
|
11,020,092
|
|
1,547,983
|
|
92.9
|
|
28,928,902
|
|
92.2
|
|
32,126,133
|
|
4,512,731
|
|
92.9
|
|
Freight forwarding services
|
240,491
|
|
2.3
|
|
222,664
|
|
31,277
|
|
1.9
|
|
676,480
|
|
2.2
|
|
582,141
|
|
81,773
|
|
1.6
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|
Sale of accessories
|
588,233
|
|
5.5
|
|
590,936
|
|
83,008
|
|
5.0
|
|
1,653,717
|
|
5.3
|
|
1,787,002
|
|
251,019
|
|
5.2
|
|
Others
|
33,517
|
|
0.3
|
|
31,002
|
|
4,356
|
|
0.2
|
|
101,919
|
|
0.3
|
|
92,690
|
|
13,020
|
|
0.3
|
|
Total revenues
|
10,675,048
|
|
100.0
|
|
11,864,694
|
|
1,666,624
|
|
100.0
|
|
31,361,018
|
|
100.0
|
|
34,587,966
|
|
4,858,543
|
|
100.0
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Total Revenues were RMB11,864.7 million (US$ 1,666.6 million), increased 11.1% from RMB10,675.0 million in the same period of 2024. Revenue from the core express delivery business increased by 11.6% compared to the same period of 2024 as a net result of a 9.8% growth in parcel volume and a 1.7% increase in parcel unit price. Key account revenue, generated by direct sales organizations, increased by 141.2% mainly driven by increase in e-commerce return parcels. Revenue from freight forwarding services decreased by 7.4% compared to the same period of 2024. Revenue from sales of accessories largely consisted of sales of digital thermal paper waybills, increased by 0.5%. Other revenues were derived mainly from financing services.
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Three Months Ended September 30,
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Nine Months Ended September 30,
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2024
|
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2025
|
|
2024
|
|
2025
|
|
RMB
|
|
%
|
|
RMB
|
|
US$
|
|
%
|
|
RMB
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%
|
|
RMB
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US$
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%
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(in thousands, except percentages)
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|
Line-haul transportation cost
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3,398,007
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31.8
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3,302,046
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463,836
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27.8
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|
10,052,623
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32.1
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10,076,055
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1,415,375
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29.1
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Sorting hub operating cost
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2,224,206
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20.8
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2,394,119
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336,300
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20.2
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6,620,077
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21.1
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7,123,554
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1,000,640
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20.6
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Freight forwarding cost
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226,111
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2.1
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|
204,820
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|
28,771
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|
1.7
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|
631,217
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|
2.0
|
|
547,847
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|
76,956
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1.6
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Cost of accessories sold
|
161,648
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|
1.5
|
|
135,557
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|
19,042
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|
1.1
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|
454,788
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|
1.5
|
|
420,020
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|
59,000
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|
1.2
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Other costs
|
1,330,265
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|
12.6
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|
2,872,183
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|
403,452
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|
24.3
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|
3,644,940
|
|
11.5
|
|
7,830,904
|
|
1,100,000
|
|
22.7
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Total cost of revenues
|
7,340,237
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|
68.8
|
|
8,908,725
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|
1,251,401
|
|
75.1
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21,403,645
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68.2
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25,998,380
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|
3,651,971
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75.2
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Total cost of revenues was RMB8,908.7 million (US$1,251.4 million), an increase of 21.4% from RMB7,340.2 million in the same period last year.
Line-haul transportation cost was RMB3,302.0 million (US$463.8 million), decreased 2.8% from RMB3,398.0 million in the same period last year. The unit transportation cost decreased 12.8% or 5 cents mainly attributable to better economies of scale and improved load rate through more effective route planning.
Sorting hub operating cost was RMB2,394.1 million (US$336.3 million), increased 7.6% from RMB2,224.2 million in the same period last year. The increase primarily consisted of (i) RMB93.1 million (US$13.1 million) increase in labor-associated costs partially offset by automation-driven efficiency improvements, and (ii) RMB46.8 million (US$6.6 million) increase in depreciation and amortization costs associated with equipment and facilities. As of September 30, 2025, there were 761 sets of automated sorting equipment in service, compared to 535 sets as of September 30, 2024.
Cost of accessories sold was RMB135.6 million (US$19.0 million), decreased 16.1% compared with RMB161.6 million in the same period last year.
Other costs were RMB2,872.2 million (US$403.5 million), increased 115.9% from RMB1,330.3 million in the same period last year, which included an increase of RMB1,471.7 million (US$206.7 million) for serving key account customers.
Gross Profit was RMB2,956.0 million (US$415.2 million), decreased by 11.4% from RMB3,334.8 million in the same period last year. Gross margin rate was 24.9% compared to 31.2% in the same period last year.
Total Operating Expenses were RMB550.9 million (US$77.4 million), compared to RMB493.0 million in the same period last year.
Selling, general and administrative expenses were RMB632.6 million (US$88.9 million), increased by 16.2% from RMB544.6 million in the same period last year. The increase primarily consisted of (i) RMB61.5 million (US$8.6 million) depreciation and amortization costs associated with administrative facilities and equipment, and (ii) RMB40.9 million (US$5.7 million) increase in compensation and benefits.
Other operating income, net was RMB81.7 million (US$11.5 million), compared to RMB51.6 million in the same period last year. Other operating income mainly consisted of (i) RMB63.1 million (US$8.9 million) of rental and other income, and (ii) RMB22.5 million (US$3.2 million) of government subsidies and tax rebates.
Income from operations was RMB2,405.0 million (US$337.8 million), decreased 15.4% from RMB2,841.8 million for the same period last year. The operating margin rate was 20.3% compared to 26.6% in the same period last year.
Interest income was RMB185.2 million (US$26.0 million), compared with RMB238.5 million in the same period last year.
Interest expenses was RMB54.4 million (US$7.6 million), compared with RMB66.4 million in the same period last year.
Gain from fair value changes of financial instruments was RMB102.3 million (US$14.4 million), compared with a loss of RMB62.7 million in the same period last year. Such gain or loss from fair value changes of the financial instruments were quoted by commercial banks according to market-based estimation of future redemption prices.
Income tax expenses were RMB160.0 million (US$22.5 million) compared to RMB555.0 million in the same period last year. The overall income tax rate decreased by 13.1 percentage points this quarter compared to the same period last year, attributable to an income tax refund of RMB375.8 million (US$52.8 million) received by Shanghai Zhongtongji Network(上海中通吉網絡技術有限公司), a wholly owned subsidiary of the Company, upon its recognition as a “Key Software Enterprise” qualifying for a preferential tax rate of 10% for tax year 2024.
Net income was RMB2,538.7 million (US$356.6 million), which increased by 6.7% from RMB2,379.0 million in the same period last year.
Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB3.16 (US$0.44) and RMB3.10 (US$0.44), compared to basic and diluted earnings per ADS of RMB2.98 and RMB2.90 in the same period last year, respectively.
Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB3.12 (US$0.44) and RMB3.06 (US$0.43), compared with RMB2.99 and RMB2.91 in the same period last year, respectively.
Adjusted net income was RMB2,506.1 million (US$352.0 million), compared with RMB2,387.3 million during the same period last year.
EBITDA[1] was RMB3,615.1 million (US$507.8 million), compared with RMB3,731.3 million in the same period last year.
Adjusted EBITDA was RMB3,582.5 million (US$503.2 million), compared to RMB3,739.5 million in the same period last year.
Net cash provided by operating activities was RMB3,211.0 million (US$451.0 million), compared with RMB3,112.0 million in the same period last year.
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(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.
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Company Share Repurchase Program
The Board has approved its share repurchase program in November 2018 and made subsequent modifications, whereby the latest modification increased the aggregate value of shares that may be repurchased to US$2.0 billion and extended the effective period through June 30, 2026. As of September 30, 2025, the Company had purchased an aggregate of 52,919,506 ADSs for US$1.3 billion on the open market, including repurchase commissions. The remaining funds available under the share repurchase program was US$0.7 billion.
Business Outlook
Given full-year’s visibility and based on current market and operating conditions, the Company revises its previously stated annual guidance. Parcel volume for 2025 is expected to be in the range of 38.2 billion to 38.7 billion, representing a 12.3% to 13.8% increase year over year. Such estimates represent management’s 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 readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB7.119 to US$1.00, the noon buying rate on September 30,2025 as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve Systems.
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 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 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 7:30 PM U.S. Eastern Time on Wednesday, November 19, 2025 (8:30 AM Beijing Time on Thursday, November 20, 2025).
Dial-in details for the earnings conference call are as follows:
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United States:
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1-888-317-6003
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Hong Kong:
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800-963-976
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Mainland China:
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4001-206-115
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Singapore:
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800-120-5863
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International:
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1-412-317-6061
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Passcode:
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7602569
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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 November 26, 2025:
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United States:
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1-855-669-9658
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International:
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1-412-317-0088
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Passcode:
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8703795
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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 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 support 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, 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 U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “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 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 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 about 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 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 certain third-party e-commerce platforms; risks associated with its network partners and their employees and personnel; intense competition which could adversely affect the Company’s results of operations and market share; any service disruption of the Company’s sorting hubs or the outlets operated by its network partners or its technology system; ZTO’s ability to build its brand and withstand negative publicity, or other favorable government policies. Further information regarding these and other risks is included in ZTO’s filings with the SEC and the HKEX. All information provided in this announcement 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.
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UNAUDITED CONSOLIDATED FINANCIAL DATA
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Summary of Unaudited Consolidated Comprehensive Income Data:
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
2024
|
|
2025
|
|
2024
|
|
2025
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
(in thousands, except for share and per share data)
|
|
Revenues
|
10,675,048
|
|
11,864,694
|
|
1,666,624
|
|
31,361,018
|
|
34,587,966
|
|
4,858,543
|
|
Cost of revenues
|
(7,340,237)
|
|
(8,908,725)
|
|
(1,251,401)
|
|
(21,403,645)
|
|
(25,998,380)
|
|
(3,651,971)
|
|
Gross profit
|
3,334,811
|
|
2,955,969
|
|
415,223
|
|
9,957,373
|
|
8,589,586
|
|
1,206,572
|
|
Operating (expenses)/income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative
|
(544,573)
|
|
(632,583)
|
|
(88,858)
|
|
(2,034,192)
|
|
(1,993,681)
|
|
(280,051)
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|
Other operating income, net
|
51,552
|
|
81,657
|
|
11,470
|
|
400,507
|
|
689,600
|
|
96,868
|
|
Total operating expenses
|
(493,021)
|
|
(550,926)
|
|
(77,388)
|
|
(1,633,685)
|
|
(1,304,081)
|
|
(183,183)
|
|
Income from operations
|
2,841,790
|
|
2,405,043
|
|
337,835
|
|
8,323,688
|
|
7,285,505
|
|
1,023,389
|
|
Other income/(expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
238,510
|
|
185,231
|
|
26,019
|
|
771,608
|
|
592,355
|
|
83,208
|
|
Interest expense
|
(66,364)
|
|
(54,420)
|
|
(7,644)
|
|
(266,135)
|
|
(221,408)
|
|
(31,101)
|
|
(Loss)/gain from fair value changes of
|
|
|
|
|
|
|
|
|
|
|
|
|
financial instruments
|
(62,699)
|
|
102,307
|
|
14,371
|
|
34,883
|
|
135,285
|
|
19,003
|
|
(Loss)/gain on disposal of equity investees,
|
|
|
|
|
|
|
|
|
|
|
|
|
subsidiary and others
|
(1,440)
|
|
35,563
|
|
4,996
|
|
10,694
|
|
34,996
|
|
4,916
|
|
Impairment of investments in equity investees
|
–
|
|
–
|
|
–
|
|
(672,816)
|
|
–
|
|
–
|
|
Impairment of Goodwill
|
–
|
|
–
|
|
–
|
|
–
|
|
(84,431)
|
|
(11,860)
|
|
Foreign currency exchange gain before tax
|
(38,174)
|
|
9,288
|
|
1,305
|
|
(17,612)
|
|
21,663
|
|
3,043
|
|
Income before income tax, and share of
|
|
|
|
|
|
|
|
|
|
|
|
|
income in equity method investments
|
2,911,623
|
|
2,683,012
|
|
376,882
|
|
8,184,310
|
|
7,763,965
|
|
1,090,598
|
|
Income tax expense
|
(554,959)
|
|
(160,000)
|
|
(22,475)
|
|
(1,786,275)
|
|
(1,267,105)
|
|
(177,989)
|
|
Share of income in equity method investments
|
22,378
|
|
15,692
|
|
2,204
|
|
42,751
|
|
45,584
|
|
6,403
|
|
Net income
|
2,379,042
|
|
2,538,704
|
|
356,611
|
|
6,440,786
|
|
6,542,444
|
|
919,012
|
|
Net loss/(income) attributable to non-
|
|
|
|
|
|
|
|
|
|
|
|
|
controlling interests
|
17,255
|
|
(14,984)
|
|
(2,105)
|
|
(6,641)
|
|
(87,145)
|
|
(12,241)
|
|
Net income attributable to ZTO Express
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cayman) Inc.
|
2,396,297
|
|
2,523,720
|
|
354,506
|
|
6,434,145
|
|
6,455,299
|
|
906,771
|
|
Net income attributable to ordinary
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders
|
2,396,297
|
|
2,523,720
|
|
354,506
|
|
6,434,145
|
|
6,455,299
|
|
906,771
|
|
Net earnings per share attributed to
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
2.98
|
|
3.16
|
|
0.44
|
|
7.99
|
|
8.08
|
|
1.13
|
|
Diluted
|
2.90
|
|
3.10
|
|
0.44
|
|
7.80
|
|
7.90
|
|
1.11
|
|
Weighted average shares used in
|
|
|
|
|
|
|
|
|
|
|
|
|
calculating net earnings per ordinary
|
|
|
|
|
|
|
|
|
|
|
|
|
share/ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
804,565,579
|
|
799,661,689
|
|
799,661,689
|
|
805,388,468
|
|
799,304,556
|
|
799,304,556
|
|
Diluted
|
838,131,679
|
|
822,552,945
|
|
822,552,945
|
|
838,954,568
|
|
830,201,619
|
|
830,201,619
|
|
Net income
|
2,379,042
|
|
2,538,704
|
|
356,611
|
|
6,440,786
|
|
6,542,444
|
|
919,012
|
|
Other comprehensive income/(loss),
|
|
|
|
|
|
|
|
|
|
|
|
|
net of tax of nil:
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment
|
137,698
|
|
(14,058)
|
|
(1,975)
|
|
20,138
|
|
36,474
|
|
5,123
|
|
Comprehensive income
|
2,516,740
|
|
2,524,646
|
|
354,636
|
|
6,460,924
|
|
6,578,918
|
|
924,135
|
|
Comprehensive (income)/loss attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
non-controlling interests
|
17,255
|
|
(14,984)
|
|
(2,105)
|
|
(6,641)
|
|
(87,145)
|
|
(12,241)
|
|
Comprehensive income attributable to ZTO
|
|
|
|
|
|
|
|
|
|
|
|
|
Express (Cayman) Inc.
|
2,533,995
|
|
2,509,662
|
|
352,531
|
|
6,454,283
|
|
6,491,773
|
|
911,894
|
|
Unaudited Consolidated Balance Sheets Data:
|
|
As of
|
|
December 31,
|
|
September 30,
|
|
2024
|
|
2025
|
|
RMB
|
|
RMB
|
|
US$
|
|
(in thousands, except for share data)
|
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
13,465,442
|
|
9,389,842
|
|
1,318,983
|
|
Restricted cash
|
37,517
|
|
22,853
|
|
3,210
|
|
Accounts receivable, net
|
1,503,706
|
|
1,172,149
|
|
164,651
|
|
Financing receivables
|
1,178,617
|
|
736,393
|
|
103,441
|
|
Short-term investment
|
8,848,447
|
|
15,898,686
|
|
2,233,275
|
|
Inventories
|
38,569
|
|
48,248
|
|
6,777
|
|
Advances to suppliers
|
783,599
|
|
769,715
|
|
108,121
|
|
Prepayments and other current assets
|
4,329,664
|
|
5,047,366
|
|
708,999
|
|
Amounts due from related parties
|
168,160
|
|
79,844
|
|
11,216
|
|
Total current assets
|
30,353,721
|
|
33,165,096
|
|
4,658,673
|
|
Investments in equity investees
|
1,871,337
|
|
1,916,906
|
|
269,266
|
|
Property and equipment, net
|
33,915,366
|
|
35,399,151
|
|
4,972,489
|
|
Land use rights, net
|
6,170,233
|
|
6,269,062
|
|
880,610
|
|
Intangible assets, net
|
17,043
|
|
20,710
|
|
2,909
|
|
Operating lease right-of-use assets
|
566,316
|
|
444,978
|
|
62,506
|
|
Goodwill
|
4,241,541
|
|
4,157,111
|
|
583,946
|
|
Deferred tax assets
|
984,567
|
|
1,039,418
|
|
146,006
|
|
Long-term investment
|
12,017,755
|
|
5,874,110
|
|
825,131
|
|
Long-term financing receivables
|
861,453
|
|
1,163,957
|
|
163,500
|
|
Other non-current assets
|
919,331
|
|
720,354
|
|
101,188
|
|
Amounts due from related parties-non current
|
421,667
|
|
371,167
|
|
52,137
|
|
TOTAL ASSETS
|
92,340,330
|
|
90,542,020
|
|
12,718,361
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Short-term bank borrowing
|
9,513,958
|
|
11,627,171
|
|
1,633,259
|
|
Accounts payable
|
2,463,395
|
|
2,274,185
|
|
319,453
|
|
Advances from customers
|
1,565,147
|
|
1,720,274
|
|
241,645
|
|
Income tax payable
|
488,889
|
|
260,214
|
|
36,552
|
|
Amounts due to related parties
|
202,766
|
|
124,711
|
|
17,518
|
|
Operating lease liabilities
|
183,373
|
|
152,017
|
|
21,354
|
|
Dividends payable
|
14,134
|
|
1,728,045
|
|
242,737
|
|
Convertible senior bond
|
7,270,081
|
|
–
|
|
–
|
|
Other current liabilities
|
6,571,492
|
|
6,187,127
|
|
869,101
|
|
Total current liabilities
|
28,273,235
|
|
24,073,744
|
|
3,381,619
|
|
Long-term bank borrowing
|
–
|
|
163,000
|
|
22,896
|
|
Non-current operating lease liabilities
|
377,717
|
|
294,872
|
|
41,420
|
|
Deferred tax liabilities
|
1,014,545
|
|
517,854
|
|
72,743
|
|
Convertible senior bond
|
–
|
|
126,348
|
|
17,748
|
|
TOTAL LIABILITIES
|
29,665,497
|
|
25,175,818
|
|
3,536,426
|
|
Shareholders’ equity
|
|
|
|
|
|
|
Ordinary shares (US$0.0001 par value; 10,000,000,000 shares authorized;
810,339,182 shares issued and 798,622,719 shares outstanding as of
December 31, 2024; 804.468.490 shares issued and 797,732.629 shares
|
|
|
|
|
|
|
outstanding as of September 30, 2025)
|
523
|
|
519
|
|
73
|
|
Additional paid-in capital
|
24,389,905
|
|
24,361,063
|
|
3,421,978
|
|
Treasury shares, at cost
|
(1,131,895)
|
|
(548,929)
|
|
(77,108)
|
|
Retained earnings
|
39,098,553
|
|
41,152,881
|
|
5,780,711
|
|
Accumulated other comprehensive loss
|
(294,694)
|
|
(258,220)
|
|
(36,272)
|
|
ZTO Express (Cayman) Inc. shareholders’ equity
|
62,062,392
|
|
64,707,314
|
|
9,089,382
|
|
Non-controlling interests
|
612,441
|
|
658,888
|
|
92,553
|
|
Total Equity
|
62,674,833
|
|
65,366,202
|
|
9,181,935
|
|
TOTAL LIABILITIES AND EQUITY
|
92,340,330
|
|
90,542,020
|
|
12,718,361
|
|
Summary of Unaudited Consolidated Cash Flow Data:
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
2024
|
|
2025
|
|
2024
|
|
2025
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
(in thousands)
|
|
Net cash provided by operating activities
|
3,111,972
|
|
3,210,966
|
|
451,042
|
|
8,623,087
|
|
7,742,150
|
|
1,087,533
|
|
Net cash used in investing activities
|
(1,910,131)
|
|
(426,591)
|
|
(59,923)
|
|
(8,955,072)
|
|
(4,748,573)
|
|
(667,028)
|
|
Net cash provided by/(used in) financing activities
|
10,183
|
|
(6,671,184)
|
|
(937,096)
|
|
(963,309)
|
|
(7,049,988)
|
|
(990,306)
|
|
Effect of exchange rate changes on cash, cash
|
|
|
|
|
|
|
|
|
|
|
|
|
equivalents and restricted cash
|
(43,349)
|
|
(19,890)
|
|
(2,794)
|
|
(8,272)
|
|
(52,156)
|
|
(7,326)
|
|
Net increase/(decrease) in cash, cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
and restricted cash
|
1,168,675
|
|
(3,906,699)
|
|
(548,771)
|
|
(1,303,566)
|
|
(4,108,567)
|
|
(577,127)
|
|
Cash, cash equivalents and restricted cash at
|
|
|
|
|
|
|
|
|
|
|
|
|
beginning of period
|
10,579,069
|
|
13,329,079
|
|
1,872,325
|
|
13,051,310
|
|
13,530,947
|
|
1,900,681
|
|
Cash, cash equivalents and restricted cash at end of
|
|
|
|
|
|
|
|
|
|
|
|
|
period
|
11,747,744
|
|
9,422,380
|
|
1,323,554
|
|
11,747,744
|
|
9,422,380
|
|
1,323,554
|
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
|
|
September 30,
|
|
September 30,
|
|
2024
|
|
2025
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
(in thousands)
|
|
|
|
Cash and cash equivalents
|
11,703,151
|
|
9,389,842
|
|
1,318,983
|
|
Restricted cash, current
|
32,350
|
|
22,853
|
|
3,210
|
|
Restricted cash, non-current
|
12,243
|
|
9,685
|
|
1,361
|
|
Total cash, cash equivalents and restricted cash
|
11,747,744
|
|
9,422,380
|
|
1,323,554
|
|
Reconciliations of GAAP and Non-GAAP Results
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
2024
|
|
2025
|
|
2024
|
|
2025
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
(in thousands, except for share and per share data)
|
|
Net income
|
2,379,042
|
|
2,538,704
|
|
356,611
|
|
6,440,786
|
|
6,542,444
|
|
919,012
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense (1)
|
6,769
|
|
2,994
|
|
421
|
|
311,924
|
|
226,256
|
|
31,782
|
|
Impairment of investments in equity investees (1)
|
–
|
|
–
|
|
–
|
|
672,816
|
|
–
|
|
–
|
|
Impairment of Goodwill
|
–
|
|
–
|
|
–
|
|
–
|
|
84,431
|
|
11,860
|
|
Loss/(gain) on disposal of equity investees
|
|
|
|
|
|
|
|
|
|
|
|
|
and subsidiary, net of income taxes
|
1,440
|
|
(35,563)
|
|
(4,996)
|
|
(8,507)
|
|
(34,970)
|
|
(4,912)
|
|
Adjusted net income
|
2,387,251
|
|
2,506,135
|
|
352,036
|
|
7,417,019
|
|
6,818,161
|
|
957,742
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
2,379,042
|
|
2,538,704
|
|
356,611
|
|
6,440,786
|
|
6,542,444
|
|
919,012
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
695,241
|
|
823,044
|
|
115,612
|
|
2,168,290
|
|
2,382,422
|
|
334,657
|
|
Amortization
|
35,709
|
|
38,949
|
|
5,471
|
|
104,034
|
|
115,074
|
|
16,164
|
|
Interest expenses
|
66,364
|
|
54,420
|
|
7,644
|
|
266,135
|
|
221,408
|
|
31,101
|
|
Income tax expenses
|
554,959
|
|
160,000
|
|
22,475
|
|
1,786,275
|
|
1,267,105
|
|
177,989
|
|
EBITDA
|
3,731,315
|
|
3,615,117
|
|
507,813
|
|
10,765,520
|
|
10,528,453
|
|
1,478,923
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense
|
6,769
|
|
2,994
|
|
421
|
|
311,924
|
|
226,256
|
|
31,782
|
|
Impairment of investments in equity investees
|
–
|
|
–
|
|
–
|
|
672,816
|
|
–
|
|
–
|
|
Impairment of Goodwill
|
–
|
|
–
|
|
–
|
|
–
|
|
84,431
|
|
11,860
|
|
Loss/(gain) on disposal of equity investees
|
|
|
|
|
|
|
|
|
|
|
|
|
and subsidiary
|
1,440
|
|
(35,563)
|
|
(4,996)
|
|
(10,694)
|
|
(34,996)
|
|
(4,916)
|
|
Adjusted EBITDA
|
3,739,524
|
|
3,582,548
|
|
503,238
|
|
11,739,566
|
|
10,804,144
|
|
1,517,649
|
|
(1) Net of income taxes of nil
|
|
Reconciliations of GAAP and Non-GAAP Results
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 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
|
2,396,297
|
|
2,523,720
|
|
354,506
|
|
6,434,145
|
|
6,455,299
|
|
906,771
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense (1)
|
6,769
|
|
2,994
|
|
421
|
|
311,924
|
|
226,256
|
|
31,782
|
|
Impairment of investments in equity
|
|
|
|
|
|
|
|
|
|
|
|
|
investees (1)
|
–
|
|
–
|
|
–
|
|
672,816
|
|
–
|
|
–
|
|
Impairment of Goodwill
|
–
|
|
–
|
|
–
|
|
–
|
|
84,431
|
|
11,860
|
|
Loss/(gain) on disposal of equity investees
|
|
|
|
|
|
|
|
|
|
|
|
|
and subsidiary, net of income taxes
|
1,440
|
|
(35,563)
|
|
(4,996)
|
|
(8,507)
|
|
(34,970)
|
|
(4,912)
|
|
Adjusted Net income attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary shareholders
|
2,404,506
|
|
2,491,151
|
|
349,931
|
|
7,410,378
|
|
6,731,016
|
|
945,501
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in
|
|
|
|
|
|
|
|
|
|
|
|
|
calculating net earnings per ordinary
|
|
|
|
|
|
|
|
|
|
|
|
|
share/ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
804,565,579
|
|
799,661,689
|
|
799,661,689
|
|
805,388,468
|
|
799,304,556
|
|
799,304,556
|
|
Diluted
|
838,131,679
|
|
822,552,945
|
|
822,552,945
|
|
838,954,568
|
|
830,201,619
|
|
830,201,619
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per share/ADS attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
2.98
|
|
3.16
|
|
0.44
|
|
7.99
|
|
8.08
|
|
1.13
|
|
Diluted
|
2.90
|
|
3.10
|
|
0.44
|
|
7.80
|
|
7.90
|
|
1.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net earnings per share/ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to ordinary shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
2.99
|
|
3.12
|
|
0.44
|
|
9.20
|
|
8.42
|
|
1.18
|
|
Diluted
|
2.91
|
|
3.06
|
|
0.43
|
|
8.96
|
|
8.23
|
|
1.16
|
|
(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
