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ZTO Reports Second Quarter 2025 Unaudited Financial Results

Parcel Volume Increased 16.5% to 9.8 Billion
Adjusted Net Income Reached RMB2.1 Billion
US$0.30 per Share Interim Dividend Announced

SHANGHAI, Aug. 19, 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 second quarter ended June 30, 2025[1]. The Company grew parcel volume by 16.5% year over year while maintaining high quality of service and customer satisfaction. Adjusted net income[2] reached RMB2.1 billion. Net cash generated from operating activities was RMB2.2 billion.

Second Quarter 2025 Financial Highlights

  • Revenues were RMB 11,831.8 million (US$1,651.7 million), an increase of 10.3% from RMB10,726.0 million in the same period of 2024.
  • Gross profit was RMB2,944.4 million (US$411.0 million), a decrease of 18.7% from RMB3,620.5 million in the same period of 2024.
  • Net income was RMB1,964.6 million (US$274.2 million), a decrease of 24.8% from RMB2,614.0 million in the same period of 2024.
  • Adjusted EBITDA[3] was RMB3,534.9 million (US$493.5 million), a decrease of 18.5% from RMB4,339.7 million in the same period of 2024.
  • Adjusted net income was RMB2,052.7 million (US$286.5 million), a decrease of 26.8% from RMB2,805.7 million in the same period of 2024.
  • Basic and diluted net earnings per American depositary share (“ADS”[4]) were RMB2.42 (US$0.34) and RMB2.37 (US$0.33), a decrease of 25.3% and 25.0% from RMB3.24 and RMB3.16 in the same period of 2024, respectively.
  • Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders[5] were RMB2.53 (US$0.35) and RMB2.48 (US$0.35), a decrease of 27.3% and 26.6% from RMB3.48 and RMB3.38 in the same period of 2024, respectively.
  • Net cash provided by operating activities was RMB2,168.2 million (US$302.7 million), compared with RMB3,480.1 million in the same period of 2024.

Operational Highlights for Second Quarter 2025

  • Parcel volume was 9,847 million, an increase of 16.5% from 8,452 million in the same period of 2024.
  • Number of pickup/delivery outlets was over 31,000 as of June 30, 2025.
  • Number of direct network partners was approximately 6,000 as of June 30, 2025.
  • Number of self-owned line-haul vehicles was over 10,000 as of June 30, 2025, out of which, over 9,400 were high capacity 15 to 17-meter-long models compared to over 9,200 as of June 30, 2024.
  • Number of line-haul routes between sorting hubs was approximately 3,900 as of June 30, 2025.
  • Number of sorting hubs was 94 as of June 30, 2025, among which 90 were operated by the Company and 4 by the Company’s network partners.

(1)  An investor relations presentation accompanies this earnings release and can be found at http://zto.investorroom.com.

(2)  Adjusted net income is a non-GAAP financial measure, which is defined as net income before share-based compensation expense and non-recurring items such as impairment of investments in equity investees, gain/(loss) on disposal of equity investment and subsidiary and corresponding tax impact which management aims to better represent the underlying business operations.

(3)  Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income before depreciation, amortization, interest expenses and income tax expenses, and further adjusted to exclude the shared-based compensation expense and non-recurring items such as impairment of investments in equity investees, gain/(loss) on disposal of equity investment and subsidiary which management aims to better represent the underlying business operations.

(4)  One ADS represents one Class A ordinary share.

(5)  Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders is a non-GAAP financial measure. It is defined as adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted American depositary shares, respectively.

Mr. Meisong Lai, Founder, Chairman and Chief Executive Officer of ZTO, commented, “During the second quarter, ZTO further narrowed the gap to industry average growth rate despite continued industry mix-shift towards lower unit economics.  Supported by leading service quality, we achieved over 9.8 billion parcels and delivered 2.1 billion of adjusted net income. Retail volume’s growth momentum remained strong at over 50% than last year and it contributed positively to overall margin.”

Mr. Lai added, “Our strategic focus of ‘Quality Is Number One’ will continue to drive for differentiated product and service experiences for the long run. In the current market dynamics, preferences for lower-price appear to be the mainstream, however, we believe it would eventually be replaced by true value-prepositions which are not only economical but also uncompromising on quality. Our last mile initiatives specifically aimed at reducing costs and enhancing capabilities are generating intended results. The longer-term significance means a much more competitive as well as profitable partner and courier network, and hence the ZTO brand, with its expanding comprehensive logistic product and services, will maintain leadership in quality, market presence and profitability.”

Ms. Huiping Yan, Chief Financial Officer of ZTO, commented, “ZTO’s core express ASP decreased by 6 cents as a net result of 18 cents in higher volume incentives and 5 cents from lower average weight per parcel partially offset by 17 cents increase in KA unit price. Combined unit sorting and transportation costs decreased 7 cents upon vigorous effort on operating efficiency gain. SG&A costs remained stable at 5.2% of revenue. Cash flow from operating activities was 2.2 billion, and capital spending was 1.1 billion.”

Ms. Yan added, “We believe change is the constant norm. At ZTO, we have always been focused on what we want and can achieve. The current economic, competition and policy environment presented a new set of conditions for us. We are adjusting down our annual volume guidance to be in the range of 38.8 billion to 40.1 billion, or an annual volume growth rate of 14.0% to 18.0%. The business is committed to stay lock step ahead of industry average growth rate for the year. In addition, we will remain vigilant on executing strategies that strengthen existing and build competitive advantages for the future.”

Second Quarter 2025 Unaudited Financial Results

Three Months Ended June 30,

Six Months Ended June 30,

2024

2025

2024

2025

RMB

%

RMB

US$

%

RMB

%

RMB

US$

%

(in thousands, except percentages)

Express delivery services

9,875,923

92.1

10,983,751

1,533,273

92.8

19,116,095

92.4

21,106,041

2,946,290

92.9

Freight forwarding services

233,242

2.2

180,257

25,163

1.5

435,989

2.1

359,477

50,181

1.5

Sale of accessories

580,422

5.4

635,770

88,750

5.4

1,065,484

5.2

1,196,066

166,964

5.3

Others

36,377

0.3

32,029

4,471

0.3

68,402

0.3

61,688

8,611

0.3

Total revenues

10,725,964

100.0

11,831,807

1,651,657

100.0

20,685,970

100.0

22,723,272

3,172,046

100.0

Total Revenues were RMB 11,831.8 million (US$1,651.7 million), an increase of 10.3% from RMB10,726.0 million in the same period of 2024. Revenue from the core express delivery business increased by 11.0% compared to the same period of 2024 as a result of a 16.5% growth in parcel volume offset by a 4.7% decrease in parcel unit price. KA revenue, generated by direct sales organizations, increased by 149.7% mainly driven by increase in e-commerce return parcels. Revenue from freight forwarding services decreased by 22.7% compared to the same period of 2024. Revenue from sales of accessories, largely consisted of sales of thermal paper used for digital waybills’ printing, increased by 9.5%. Other revenues were derived mainly from financing services.

Three Months Ended June 30,

Six Months Ended June 30,

2024

2025

2024

2025

RMB

% of

RMB

US$

% of

RMB

% of

RMB

US$

% of

revenues

revenues

revenues

revenues

(in thousands, except percentages)

Line-haul

transportation cost

3,283,123

30.6

3,290,945

459,398

27.8

6,654,616

32.2

6,774,009

945,615

29.8

Sorting hub

 operating cost

2,227,670

20.8

2,414,839

337,099

20.4

4,395,871

21.3

4,729,435

660,204

20.8

Freight

 forwarding cost

216,724

2.0

170,235

23,764

1.4

405,106

2.0

343,028

47,885

1.5

Cost of

 accessories sold

160,093

1.5

151,204

21,107

1.3

293,140

1.4

284,463

39,710

1.3

Other costs

1,217,877

11.3

2,860,187

399,267

24.2

2,314,675

11.1

4,958,720

692,210

21.8

Total cost of

 revenues

7,105,487

66.2

8,887,410

1,240,635

75.1

14,063,408

68.0

17,089,655

2,385,624

75.2

Total cost of revenues was RMB8,887.4 million (US$1,240.6 million), an increase of 25.1% from RMB7,105.5 million in the same period last year.

Line haul transportation cost was RMB3,290.9 million (US$459.4 million), an increase of 0.2% from RMB3,283.1 million in the same period last year. The unit transportation cost decreased 15.4% or 6 cents mainly attributable to better economies of scale, decreased fuel price and more effective route planning.

Sorting hub operating cost was RMB2,414.8 million (US$337.1 million), an increase of 8.4 % from RMB2,227.7 million in the same period last year. The increase primarily consisted of (i) RMB118.0 million (US$16.5 million) increase in labor-associated costs partially offset by automation-driven efficiency improvements, and (ii) RMB102.8 million (US$14.3 million) increase in depreciation and amortization costs associated with equipment and facilities. Sorting hub operating cost per unit decreased 3.8% or 1 cent as automation and standardization in operating procedures plus effective performance evaluation continued to dig deep for productivity gain. As of June 30, 2025, there were 690 sets of automated sorting equipment in service, compared to 515 sets as of June 30, 2024.

Cost of accessories sold was RMB151.2 million (US$21.1 million), decreased 5.6% compared with RMB160.1 million in the same period last year.

Other costs of RMB2,860.2 million (US$399.3 million), increased 134.9% from RMB1,217.9 million in the same period last year, which include an increase of RMB1,603.9 million (US223.9 million) for serving higher-valued enterprise customers.

Gross Profit was RMB2,944.4 million (US$411.0 million), decreased by 18.7% from RMB3,620.5 million in the same period last year. Gross margin rate was 24.9% compared to 33.8% in the same period last year.

Total Operating Expenses were RMB469.3 million (US$65.5 million), compared to RMB405.3 million in the same period last year.

Selling, general and administrative expenses were RMB623.6 million (US$87.1 million), increased by 5.2 % from RMB593.0 million in the same period last year. SG&A as a percentage of total revenues decreased to 5.3% from 5.5% in the same period last year demonstrating optimized corporate structure.

Other operating income, net was RMB154.3 million (US$21.5 million), compared to RMB187.7 million in the same period last year. Other operating income mainly consisted of (i) RMB71.0 million (US$9.9 million) of government subsidies and tax rebates, and (ii) RMB60.1 million (US$8.4 million) of rental and other income.

Income from operations was RMB2,475.1 million (US$345.5 million), a decrease of 23.0% from RMB3,215.2 million for the same period last year. The operating margin rate was 20.9% compared to 30.0% in the same period last year.

Interest income was RMB208.7 million (US$29.1 million), compared with RMB288.1 million in the same period last year.

Interest expenses was RMB98.1 million (US$13.7 million), compared with RMB115.9 million in the same period last year.

Loss from fair value changes of financial instruments was RMB3.6 million (US$0.5 million), compared with a gain of RMB54.9 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.

Impairment of Goodwill was RMB84.4 million (US$11.8 million), related to the October 2017 acquisition of China Oriental Express Co., Ltd.’s core freight forwarding business. This non-recurring charge was recognized as the fair value of the acquired operations declined below its carrying amount during the period.

Income tax expenses were RMB575.5 million (US$80.3 million) compared to RMB665.0 million in the same period last year. Overall income tax rate was 22.9%, increased by 2.6 percentage points year over year, primarily attributable to the recognition of RMB166.0 million (US$23.3 million) in withholding tax on dividend payable to ZTO Express (Hong Kong) Limited.

Net income was RMB 1,964.6 million (US$274.2 million), which decreased by 24.8% from RMB2,614.0 million in the same period last year.

Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB2.42 (US$0.34) and RMB2.37 (US$0.33), compared to basic and diluted earnings per ADS of RMB3.24 and RMB3.16 in the same period last year, respectively.

Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB2.53 (US$0.35) and RMB2.48 (US$0.35), compared with RMB3.48 and RMB3.38 in the same period last year, respectively.

Adjusted net income was RMB2,052.7 million (US$286.5 million), compared with RMB2,805.7 million during the same period last year.

EBITDA[1] was RMB3,446.8 million (US$481.2 million), compared with RMB4,150.1 million in the same period last year.

Adjusted EBITDA was RMB3,534.9 million (US$493.5 million), compared to RMB4,339.7 million in the same period last year.

Net cash provided by operating activities was RMB2,168.2 million (US$302.7 million), compared with RMB3,480.1 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 tax expenses which management aims to better represent the underlying business operations.

Declaration of Interim Dividend Payment 

The board of directors (the “Board”) has approved an interim cash dividend of US$0.30 per ADS and ordinary share for the six months ended June 30, 2025, to holders of its ordinary shares and ADSs as of the close of business on September 30, 2025. The dividend payment represents a 40% dividend payout ratio. For holders of Class A and Class B ordinary shares, in order to qualify for entitlement to the dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company’s Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong no later than 4:30 p.m. on September 30, 2025 (Hong Kong Time). The payment date is expected to be October 24, 2025 for holders of Class A and Class B ordinary shares, and October 31, 2025 for holders of ADSs.

Business Outlook

Based on current market and operating conditions, the Company revises down its previously stated annual parcel volume guidance. Parcel volume for 2025 is expected to be in the range of 38.8 billion to 40.1 billion, representing a 14.0% to 18.0% 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 RMB7.1636 to US$1.00, the noon buying rate on June 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 8:30 PM U.S. Eastern Time on Tuesday, August 19, 2025 (8:30 AM Beijing Time on Wednesday, August 20, 2025).

Dial-in details for the earnings conference call are as follows:

United States:

1-888-317-6003

Hong Kong:

800-963-976

Mainland China:

4001-206-115

Singapore:

800-120-5863

International:

1-412-317-6061

Passcode:

2240980

Please dial in 15 minutes before the call is scheduled to begin and provide the passcode to join the call.

A replay of the conference call may be accessed by phone at the following numbers until August 26, 2025:

United States:

1-877-344-7529

International:

1-412-317-0088

Passcode:

3645121

Additionally, a live and archived webcast of the conference call will be available at http://zto.investorroom.com.

About ZTO Express (Cayman) Inc.

ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK:2057) (“ZTO” or the “Company”) is a leading and fast-growing express delivery company in 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.

UNAUDITED CONSOLIDATED FINANCIAL DATA

Summary of Unaudited Consolidated Comprehensive Income Data:

Three Months Ended June 30,

Six Months Ended June 30,

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

(in thousands, except for share and per share data)

Revenues

10,725,964

11,831,807

1,651,657

20,685,970

22,723,272

3,172,046

Cost of revenues

(7,105,487)

(8,887,410)

(1,240,635)

(14,063,408)

(17,089,655)

(2,385,624)

Gross profit

3,620,477

2,944,397

411,022

6,622,562

5,633,617

786,422

Operating (expenses)/income:

Selling, general and administrative

(592,978)

(623,587)

(87,050)

(1,489,619)

(1,361,098)

(190,002)

Other operating income, net

187,698

154,274

21,536

348,955

607,943

84,866

Total operating expenses

(405,280)

(469,313)

(65,514)

(1,140,664)

(753,155)

(105,136)

Income from operations

3,215,197

2,475,084

345,508

5,481,898

4,880,462

681,286

Other income/(expenses):

Interest income

288,077

208,732

29,138

533,098

407,124

56,832

Interest expense

(115,855)

(98,112)

(13,696)

(199,771)

(166,988)

(23,311)

Gain/(loss) from fair value changes of

financial instruments

54,862

(3,635)

(507)

97,582

32,978

4,604

Gain/(loss) on disposal of equity investees,

subsidiaries and others

11,683

(714)

(100)

12,134

(567)

(79)

Impairment of investment in equity investees

(194,452)

(672,816)

Impairment of goodwill

(84,431)

(11,786)

(84,431)

(11,786)

Foreign currency exchange gain before tax

15,178

16,419

2,292

20,562

12,375

1,727

Income before income tax, and share of

income in equity method investments

3,274,690

2,513,343

350,849

5,272,687

5,080,953

709,273

Income tax expense

(665,011)

(575,531)

(80,341)

(1,231,316)

(1,107,105)

(154,546)

Share of income in equity method investments

4,318

26,747

3,734

20,373

29,892

4,173

Net income

2,613,997

1,964,559

274,242

4,061,744

4,003,740

558,900

Net income attributable to non-controlling

interests

(2,195)

(26,227)

(3,661)

(23,896)

(72,161)

(10,073)

Net income attributable to ZTO Express

(Cayman) Inc.

2,611,802

1,938,332

270,581

4,037,848

3,931,579

548,827

Net income attributable to ordinary

shareholders

2,611,802

1,938,332

270,581

4,037,848

3,931,579

548,827

Net earnings per share attributed to

ordinary shareholders

Basic

3.24

2.42

0.34

5.01

4.92

0.69

Diluted

3.16

2.37

0.33

4.90

4.81

0.67

Weighted average shares used in calculating

net earnings per ordinary share/ADS

Basic

806,668,101

799,752,637

799,752,637

805,806,731

799,123,030

799,123,030

Diluted

839,697,501

833,990,437

833,990,437

838,836,131

833,360,830

833,360,830

Net income

2,613,997

1,964,559

274,242

4,061,744

4,003,740

558,900

Other comprehensive income/(loss),

net of tax of nil:

Foreign currency translation adjustment

(35,230)

41,831

5,839

(117,560)

50,532

7,054

Comprehensive income

2,578,767

2,006,390

280,081

3,944,184

4,054,272

565,954

Comprehensive income attributable to

non-controlling interests

(2,195)

(26,227)

(3,661)

(23,896)

(72,161)

(10,073)

Comprehensive income attributable to ZTO

Express (Cayman) Inc.

2,576,572

1,980,163

276,420

3,920,288

3,982,111

555,881

 

Unaudited Consolidated Balance Sheets Data:

As of

December 31,

June 30,

2024

2025

RMB

RMB

US$

(in thousands, except for share data)

ASSETS

Current assets:

Cash and cash equivalents

13,465,442

13,291,796

1,855,463

Restricted cash

37,517

22,684

3,167

Accounts receivable, net

1,503,706

1,395,625

194,822

Financing receivables

1,178,617

885,730

123,643

Short-term investment

8,848,447

13,232,512

1,847,187

Inventories

38,569

47,902

6,687

Advances to suppliers

783,599

752,190

105,002

Prepayments and other current assets

4,329,664

4,806,581

670,973

Amounts due from related parties

168,160

85,585

11,947

Total current assets

30,353,721

34,520,605

4,818,891

Investments in equity investees

1,871,337

1,890,758

263,940

Property and equipment, net

33,915,366

34,861,771

4,866,516

Land use rights, net

6,170,233

6,266,927

874,829

Intangible assets, net

17,043

13,944

1,947

Operating lease right-of-use assets

566,316

491,684

68,636

Goodwill

4,241,541

4,157,111

580,310

Deferred tax assets

984,567

1,098,960

153,409

Long-term investment

12,017,755

9,054,110

1,263,905

Long-term financing receivables

861,453

1,057,892

147,676

Other non-current assets

919,331

840,081

117,271

Amounts due from related parties-non current

421,667

366,917

51,219

TOTAL ASSETS

92,340,330

94,620,760

13,208,549

LIABILITIES AND EQUITY

Current liabilities

Short-term bank borrowing

9,513,958

11,046,963

1,542,097

Accounts payable

2,463,395

2,415,671

337,215

Advances from customers

1,565,147

1,660,272

231,765

Income tax payable

488,889

354,127

49,434

Amounts due to related parties

202,766

131,294

18,328

Operating lease liabilities

183,373

168,746

23,556

Dividends payable

14,134

14,345

2,002

Convertible senior bond

7,270,081

7,156,412

998,997

Other current liabilities

6,571,492

5,506,921

768,735

Total current liabilities

28,273,235

28,454,751

3,972,129

Long-term bank borrowing

180,000

25,127

Non-current operating lease liabilities

377,717

321,857

44,930

Deferred tax liabilities

1,014,545

808,346

112,841

TOTAL LIABILITIES

29,665,497

29,764,954

4,155,027

Shareholders’ equity

Ordinary shares (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 June 30, 2025)

523

519

72

Additional paid-in capital

24,389,905

24,358,069

3,400,255

Treasury shares, at cost

(1,131,895)

(271,027)

(37,834)

Retained earnings

39,098,553

40,354,210

5,633,231

Accumulated other comprehensive loss

(294,694)

(244,162)

(34,083)

ZTO Express (Cayman) Inc. shareholders’ equity

62,062,392

64,197,609

8,961,641

Noncontrolling interests

612,441

658,197

91,881

Total Equity

62,674,833

64,855,806

9,053,522

TOTAL LIABILITIES AND EQUITY

92,340,330

94,620,760

13,208,549

 

Summary of Unaudited Consolidated Cash Flow Data:

Three Months Ended June 30,

Six Months Ended June 30,

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

(in thousands)

Net cash provided by operating activities

3,480,095

2,168,208

302,670

5,511,115

4,531,184

632,529

Net cash used in investing activities

(4,666,289)

(1,163,517)

(162,421)

(7,044,941)

(4,321,982)

(603,325)

Net cash used in financing activities

(1,103,622)

(117,713)

(16,432)

(973,492)

(378,804)

(52,879)

Effect of exchange rate changes on cash, cash

equivalents and restricted cash

(3,526)

(19,706)

(2,750)

35,077

(32,266)

(4,504)

Net (decrease)/increase in cash, cash equivalents

and restricted cash

(2,293,342)

867,272

121,067

(2,472,241)

(201,868)

(28,179)

Cash, cash equivalents and restricted cash at

beginning of period

12,872,411

12,461,807

1,739,601

13,051,310

13,530,947

1,888,847

Cash, cash equivalents and restricted cash at end of

period

10,579,069

13,329,079

1,860,668

10,579,069

13,329,079

1,860,668

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows:

As of

June 30,

June 30,

2024

2025

RMB

RMB

US$

(in thousands)

Cash and cash equivalents

10,542,131

13,291,796

1,855,463

Restricted cash, current

22,253

22,684

3,167

Restricted cash, non-current

14,685

14,599

2,038

Total cash, cash equivalents and restricted cash

10,579,069

13,329,079

1,860,668

 

Reconciliations of GAAP and Non-GAAP Results

Three Months Ended June 30,

Six Months Ended June 30,

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

(in thousands, except for share and per share data)

Net income

2,613,997

1,964,559

274,242

4,061,744

4,003,740

558,900

Add:

Share-based compensation expense [1]

6,768

2,994

418

305,155

223,263

31,166

Impairment of investment in equity investees [1]

194,452

672,816

Impairment of goodwill

84,431

11,786

84,431

11,786

(Gain)/loss on disposal of equity investees

and subsidiaries and others, net of income
taxes

(9,496)

714

100

(9,947)

593

83

Adjusted net income

2,805,721

2,052,698

286,546

5,029,768

4,312,027

601,935

Net income

2,613,997

1,964,559

274,242

4,061,744

4,003,740

558,900

Add:

Depreciation

720,930

770,270

107,526

1,473,049

1,559,378

217,681

Amortization

34,345

38,306

5,347

68,325

76,125

10,627

Interest expenses

115,855

98,112

13,696

199,771

166,988

23,311

Income tax expenses

665,011

575,531

80,341

1,231,316

1,107,105

154,546

EBITDA

4,150,138

3,446,778

481,152

7,034,205

6,913,336

965,065

Add:

Share-based compensation expense [1]

6,768

2,994

418

305,155

223,263

31,166

Impairment of investment in equity investees [1]

194,452

672,816

Impairment of goodwill

84,431

11,786

84,431

11,786

(Gain)/loss on disposal of equity investees

and subsidiaries and others, before income
taxes

(11,683)

714

100

(12,134)

567

79

Adjusted EBITDA

4,339,675

3,534,917

493,456

8,000,042

7,221,597

1,008,096

(1) Net of income taxes of nil

 

Reconciliations of GAAP and Non-GAAP Results

Three Months Ended June 30,

Six Months Ended June 30

2024

2025

2024

2025

RMB

RMB

US$

RMB

RMB

US$

(in thousands, except for share and per share data)

Net income attributable to ordinary

shareholders

2,611,802

1,938,332

270,581

4,037,848

3,931,579

548,827

Add:

Share-based compensation expense [1]

6,768

2,994

418

305,155

223,263

31,166

Impairment of investment in equity investees [1]

194,452

672,816

Impairment of goodwill

84,431

11,786

84,431

11,786

(Gain)/loss on disposal of equity investees

and subsidiaries and others, net of income
taxes

(9,496)

714

100

(9,947)

593

83

Adjusted Net income attributable to

ordinary shareholders

2,803,526

2,026,471

282,885

5,005,872

4,239,866

591,862

Weighted average shares used in

calculating net earnings per ordinary

share/ADS

Basic

806,668,101

799,752,637

799,752,637

805,806,731

799,123,030

799,123,030

Diluted

839,697,501

833,990,437

833,990,437

838,836,131

833,360,830

833,360,830

Net earnings per share/ADS attributable to

ordinary shareholders

Basic

3.24

2.42

0.34

5.01

4.92

0.69

Diluted

3.16

2.37

0.33

4.90

4.81

0.67

Adjusted net earnings per share/ADS

attributable to ordinary shareholders

Basic

3.48

2.53

0.35

6.21

5.31

0.74

Diluted

3.38

2.48

0.35

6.06

5.18

0.72

(1) Net of income taxes of nil

 

For investor and media inquiries, please contact:
ZTO Express (Cayman) Inc.
Investor Relations
E-mail: ir@zto.com
Phone: +86 21 5980 4508

NETMARBLE’S OPEN-WORLD RPG “THE SEVEN DEADLY SINS: ORIGIN” KICKS OFF GLOBAL CBT REGISTRATION

New Trailer Revealed During gamescom 2025 Opening Night Live

SEOUL, South Korea, Aug. 20, 2025 /PRNewswire/ — Netmarble, a leading developer and publisher of high-quality games, has officially opened global Closed Beta Test (CBT) registration for its upcoming open-world action RPG The Seven Deadly Sins: Origin. The announcement was made during the gamescom 2025 Opening Night Live where a brand-new trailer was also revealed. This can be viewed on the game’s official YouTube channel.

Source: Netmarble
Source: Netmarble

The newly released trailer, narrated by Meliodas who is the protagonist of The Seven Deadly Sins, introduces the game’s world and key features. The footage showcases high-quality visual upgrades and the vast open-world continent of Britannia. Players can freely explore underwater environments, soar through the skies, and engage in a wide variety of activities such as fishing, puzzles, and aerial adventures. The trailer also gives a sneak peek at the game’s intense battles and unique combat style against powerful foes like Monster Albion and Gray Demons. 

The trailer concludes with the global CBT announcement. The closed beta offers a rare opportunity for players worldwide to experience the game ahead of its official launch. Players can apply by visiting the official brand website, submitting their email address, and completing a short survey. Selected participants and detailed scheduling will be announced at a later date. 

Releasing in 2025, The Seven Deadly Sins: Origin is based on The Seven Deadly Sins, the popular Japanese manga and anime IP that has reached 55 million copies in global salesThe Seven Deadly Sins: Origin will feature a multiverse storyline original to the game and an expansive open world across the continent of Britannia. Players can collect heroes from The Seven Deadly Sins and Four Knights of the Apocalypse to customize their combat style and shape their own adventure. 

The game has continued to build momentum through several appearances at major global gaming events. Following the trailer reveals at Summer Game Fest and the Future Games Show in June, The Seven Deadly Sins: Origin returned to the spotlight at gamescom 2025 Opening Night Live. It will also make an appearance at Tokyo Game Show in September, solidifying its status as one of the most anticipated RPGs of the year.

The Seven Deadly Sins: Origin is set for a simultaneous global launch on PlayStation 5 (console exclusive), Steam for PC, and mobile, with support for 12 languages. Fans can visit the game’s official brand site to learn more about The Seven Deadly Sins: Origin such as the game’s characters, universe, and future roadmap, along with global pre-registration via email. 

Follow The Seven Deadly Sins: Origin on its official YouTube, X, and Discord channels for the latest updates. More information and appearances at additional gaming events will be revealed that will lead up to the game’s official launch later this year.

©Nakaba Suzuki, KODANSHA/The Seven Deadly Sins: Revival of the Commandments Project,MBS. All Rights Reserved.
©Nakaba Suzuki, KODANSHA/The Seven Deadly Sins: Dragon’s Judgement Production Committee, TX
©Nakaba Suzuki, KODANSHA/The Seven Deadly Sins: Four Knights of the Apocalypse Production Committee.
©2025 Sony Interactive Entertainment LLC. “PlayStation Family Mark”, “PlayStation”, “PS5 logo”, “PS5”, “PlayStation Shapes Logo” and “Play Has No Limits” are registered trademarks or trademarks of Sony Interactive Entertainment Inc.
©Netmarble Corp. & Netmarble F&C Inc. All Rights Reserved.

About Netmarble Corporation

Founded in Korea in 2000, Netmarble Corporation is a leading global game developer and publisher. Through acclaimed franchises and strategic partnerships with top-tier IP holders, the company delivers innovative and engaging gaming experiences to audiences worldwide. As a parent company of Kabam, SpinX Games, Jam City, and a major shareholder of HYBE and NCSOFT, Netmarble’s diverse portfolio includes Solo Leveling:ARISE, Seven Knights Idle Adventure, Tower of God: New World, Lineage 2: Revolution, MARVEL Future Fight, Ni no Kuni: Cross Worlds and The Seven Deadly Sins: Grand Cross. More information can be found at http://company.netmarble.com.

GIGABYTE Announces Availability of 27″ QD-OLED Gaming Monitor AORUS FO27Q5P Featuring 500Hz Refresh Rate

TAIPEI, Aug. 20, 2025 /PRNewswire/ — GIGABYTE, the world’s leading computer brand, announced that the AORUS FO27Q5P, the world’s fastest QD-OLED gaming monitor, is now available. Featuring a staggering 500Hz refresh rate, VESA DisplayHDR™ True Black 500 certification, and 0.03ms GtG response time, this 27-inch QHD OLED display delivers a new era of competitive gaming. With DP 2.1 UHBR20 support and GIGABYTE’s exclusive AI Tactical Features and AI OLED Care, the FO27Q5P offers gamers the ultimate fusion of speed, clarity, and future-ready connectivity.

GIGABYTE Announces Availability of 27" QD-OLED Gaming Monitor AORUS FO27Q5P Featuring 500Hz Refresh Rate
GIGABYTE Announces Availability of 27″ QD-OLED Gaming Monitor AORUS FO27Q5P Featuring 500Hz Refresh Rate

Engineered for esports professionals and FPS enthusiasts, the AORUS FO27Q5P delivers unmatched responsiveness and visual fidelity. The 500Hz refresh rate QHD (2560×1440) panel with a 0.03ms GtG response is up to 10 times faster than traditional LCDs, ensuring razor-sharp motion in every frame. It is GIGABYTE’s first monitor to meet the VESA ClearMR 21000 benchmark, offering unparalleled motion clarity. Combined with VESA DisplayHDR™ True Black 500, 99% DCI-P3 color gamut, and deep contrast levels, gamers can enjoy every detail with precision. The DP 2.1 UHBR20 interface supports an ultra-wide 80 Gbps bandwidth, 2.5 times higher than DP 1.4,  ensuring full 500Hz capability and seamless compatibility with next-gen graphics cards like the GeForce RTX™ 50 Series, and supports Daisy Chain for multi-monitor setups.

In addition to its industry-leading hardware, the AORUS FO27Q5P is powered by GIGABYTE’s AI-driven features, designed to elevate gameplay through intelligent automation and responsiveness. Empowered by AI-Optimized Visuals, the monitor leverages AI Picture Mode, which detects content type and automatically adjusts color and brightness for optimal viewing. Users can enjoy seamless transitions across multiple modes, including FPS, MOBA, racing, RPG, movie, and reader. Completing the AI suite is AI Protection, with AI OLED Care automatically running pixel cleaning routines to reduce burn-in risk and maintain long-term screen integrity. To further support panel stability, FO27Q5P features Graphene Thermal Film Technology and an advanced cooling system, including a four-way ventilation layout and custom heatsink, ensuring quiet and consistent thermal performance, all without a fan.

With these innovations, GIGABYTE reaffirms its confidence in OLED reliability by offering a 3-year warranty that includes burn-in coverage. The AORUS FO27Q5P is now available. Sales may vary by region and are subject to the actual launch schedule of local e-tailers and retailers. For more information, visit: https://bit.ly/AORUS_FO27Q5P_WhereToBuy_AU

YAYASAN DATO’ MALAYSIA AND CRADLE FORM STRATEGIC PARTNERSHIP THROUGH THE ZENITH INTERNATIONAL INVESTOR NETWORK TO BOOST PRIVATE INVESTMENT IN HIGH-TECHNOLOGY MALAYSIAN STARTUPS

KUALA LUMPUR, Malaysia, Aug. 19, 2025 /PRNewswire/ — Yayasan Dato’ Malaysia (YDM) and Cradle Fund Sdn. Bhd. (Cradle) today strengthened their strategic partnership through the formal exchange of a Memorandum of Understanding (MoU) to launch the Zenith International Investor Network — an exclusive initiative aimed at attracting foreign investments from High Net-Worth Individuals (HNWIs) into high-technology Malaysian startups.

Formal MoU exchange between Yayasan Dato’ Malaysia and Cradle to launch the Zenith International Investor Network
Formal MoU exchange between Yayasan Dato’ Malaysia and Cradle to launch the Zenith International Investor Network

This initiative marks the beginning of a new investment ecosystem that focuses on post-CIP Sprint startups, with emphasis on high-growth industries such as Blockchain, Artificial Intelligence (AI), and Environmental, Social, and Governance (ESG) sectors.

The Zenith International Investor Network is the result of a collaboration between Cradle — the primary implementing agency under the Ministry of Science, Technology and Innovation (MOSTI), responsible for supporting startups through funding and national innovation ecosystem development — and Yayasan Dato’ Malaysia, an elite organisation that unites titled individuals from across the country and holds exclusive access to global high-net-worth investor networks. Masverse Sdn. Bhd. is the project coordinator for the Zenith International Investor Network, ensuring seamless execution and alignment of the initiative’s objectives.

Under this initiative, Cradle will provide data and pipeline access to post-CIP Sprint startups ready for further investment. The CIP Sprint programme is a commercialisation-focused grant of up to RM600,000 provided by Cradle.
Meanwhile, YDM will mobilise its investor network to unlock direct foreign investment opportunities for Malaysian startups.

Key Objectives of the Collaboration Include:

  • Attracting and facilitating foreign HNWI investments into local startups.
  • Providing strategic support to startups through advisory and capital access.
  • Building a strong individual investment ecosystem with structured due diligence processes.
  • Connecting stakeholders across national and regional levels to drive investment activity.
  • Supporting the growth of advanced and innovative technologies to position Malaysia as a regional innovation hub.

According to Dato’ Sri Kenta Goh Saik Heng, Vice President of Yayasan Dato’ Malaysia:

“Zenith is a strategic platform that unites exclusive investment access with Malaysia’s national ambition in future technologies. We want to ensure that titled individuals in this country are not merely social figures, but true drivers of innovative economic growth.”

Meanwhile, Norman Matthieu Vanhaecke, Group CEO of Cradle, stated:

“This agreement reflects our joint commitment to building a more sustainable and competitive startup ecosystem. Through our strategic collaboration with YDM, we are confident in creating more quality investment opportunities for local startups that are ready to scale globally.”

In addition to its collaboration with Cradle, Yayasan Dato’ Malaysia (YDM) also plans to enter MoU exchanges with two strategic entities — the Malaysia Mobile Technology Association (MMTA) and Micro Venture Group Limited (an international private investor consortium). This move aims to further expand strategic investment networks and strengthen Malaysia’s innovation ecosystem at large.

This partnership also includes initiatives such as investor development and certification, ecosystem engagement, deal flow sharing, and investor channel support for promising startups. As part of this initiative, BlockchainCert.my by Masverse has been introduced to strengthen investor verification under the Zenith Elite Program. Through blockchain-powered digital certifications, every qualified investor is issued a secure, tamper-proof, and instantly verifiable credential. This not only streamlines due diligence but also builds long-term trust and transparency within the investor ecosystem.

The MoU will remain in effect for two years and will serve as a foundation for further detailed agreements in the near future.

END

 

 

Vingroup awarded first-class labor order for outstanding achievements in developing the national exhibition and convention center


HANOI, VIETNAM – Media OutReach Newswire – 19 August 2025 – Vingroup was awarded the First-Class Labor Order in recognition of its exceptional achievements in developing the National Exhibition and Convention Center. This prestigious award acknowledges the Group’s breakthrough efforts and determination in completing the project 15 months ahead of schedule, celebrating the 80th National Day of the Socialist Republic of Vietnam and making a significant contribution to the socio-economic development of the capital city and the nation.

Vietnam’s Party General Secretary Tô Lâm presents the First-Class Labor Order to Mr. Phạm Nhật Vượng – Chairman of Vingroup – in recognition of the Group’s outstanding achievements, at the National Exhibition and Convention Center in Hanoi, Vietnam.
Vietnam’s Party General Secretary Tô Lâm presents the First-Class Labor Order to Mr. Phạm Nhật Vượng – Chairman of Vingroup – in recognition of the Group’s outstanding achievements, at the National Exhibition and Convention Center in Hanoi, Vietnam.

The conferment ceremony was part of the Inauguration and Groundbreaking Ceremony of National Projects commemorating the 80th anniversary of Vietnam’s National Day (September 2, 1945 – September 2, 2025), held at the inauguration site of the National Exhibition and Convention Center, Tu Lien Bridge area, Dong Anh District, Hanoi.

The National Exhibition and Convention Center is a state-level key project, ranked among the top 10 largest exhibition centers in the world. With a total area of about 900,000 square meters, it is envisioned to become a premier international destination for global trade fairs and exhibitions, as well as a new symbol of Hanoi’s development.

Construction commenced on August 30, 2024, and the site was handed over on June 27, 2025—after just 10 months of construction, 15 months ahead of schedule. This remarkable pace set a new benchmark in Vietnam’s construction sector, overcoming major challenges in engineering and executing a massive steel dome structure of unprecedented scale and complexity.

As both investor and general contractor, Vingroup maximized all resources, proactively designed construction plans, coordinated manpower, equipment, and materials, and ensured seamless supply chain management across multiple contractors.

During peak construction periods, the project mobilized hundreds of contractors and about 3,000 workers and engineers, supported by 800–1,000 pieces of heavy machinery sourced from across the country, including 300–500 ton cranes and super-heavy transport vehicles. The site operated at full intensity, 24/7 in three shifts, optimizing every moment to shorten construction time by 60%.

While accelerating progress, Vingroup also maintained strict oversight of each component, ensuring safety, quality, and long-term sustainability of the project.

Mr. Nguyen Viet Quang, Vice Chairman and CEO of Vingroup, shared: “Receiving the First-Class Labor Order at the inauguration of the National Exhibition and Convention Center is a profound honor and pride for all Vingroup employees. We are committed to continuing our spirit of perseverance and determination to operate the Center successfully, contributing to making Hanoi and Vietnam leading destinations for world-class political, economic, cultural, and social events.”

At the heart of the Center is the Kim Quy Exhibition Hall, one of the world’s largest circular exhibition hall with an area of approximately 130,000 square meters and a central height of 56 meters.

Located in Hanoi, the National Exhibition and Convention Center covers 90 hectares and ranks among the world’s top 10 largest exhibition venues.
Located in Hanoi, the National Exhibition and Convention Center covers 90 hectares and ranks among the world’s top 10 largest exhibition venues.

Inspired by the sacred Golden Turtle God (Kim Quy) of the Co Loa legend, the hall’s unique architecture is hailed as a new wonder of the capital. Its engineering posed extraordinary challenges: a steel dome weighing 24,000 tons, assembled from ultra-large steel beams and high-strength bolts using specialized torque-severing methods to ensure quality control and double the standard safety factor. The roof is covered with ultra-light, ultra-durable fiberglass fabric, offering natural translucency and energy efficiency in line with global green building standards.

Beyond the Kim Quy Exhibition Hall, Vingroup has developed a comprehensive exhibition ecosystem including four outdoor plazas (East, West, South, North), the VinPalace International Convention Center, landscaped green parks and lakes, and large-scale parking facilities. With capacity for hundreds of thousands outdoors and thousands indoors, the Center is not only suited for mega exhibitions but also for large-scale events such as concerts, national festivals, and global technology showcases—meeting the strictest international requirements and redefining Vietnam’s MICE (Meetings, Incentives, Conferences, and Exhibitions) industry.

One of the key drivers behind this construction milestone is the upcoming National Achievements Exhibition – 80 Years of Independence, Freedom, and Happiness, taking place from August 28 to September 5, 2025. For the first time, all provinces, ministries, sectors, and enterprises across Vietnam will gather in a single national-scale exhibition, expected to attract millions of visitors and reignite national pride.

The accelerated completion of the National Exhibition and Convention Center not only demonstrates Vingroup’s strong financial capacity, professional execution, and effective project management, but also affirms its commitment to serving the nation and the strength of Vietnam’s private enterprises in this new era of global integration.

Hashtag: #Vingroup

The issuer is solely responsible for the content of this announcement.

Vingroup awarded first-class labor order for outstanding achievements in developing the National Exhibition Fair Center


HANOI, VIETNAM – Media OutReach Newswire – 19 August 2025 – Vingroup was awarded the First-Class Labor Order in recognition of its exceptional achievements in developing the National Exhibition Fair Center. This prestigious award acknowledges the Group’s breakthrough efforts and determination in completing the project 15 months ahead of schedule, celebrating the 80th National Day of the Socialist Republic of Vietnam and making a significant contribution to the socio-economic development of the capital city and the nation.

Vietnam’s Party General Secretary Tô Lâm presents the First-Class Labor Order to Mr. Phạm Nhật Vượng – Chairman of Vingroup – in recognition of the Group’s outstanding achievements, at the National Exhibition Fair Center in Hanoi, Vietnam.
Vietnam’s Party General Secretary Tô Lâm presents the First-Class Labor Order to Mr. Phạm Nhật Vượng – Chairman of Vingroup – in recognition of the Group’s outstanding achievements, at the National Exhibition Fair Center in Hanoi, Vietnam.

The conferment ceremony was part of the Inauguration and Groundbreaking Ceremony of National Projects commemorating the 80th anniversary of Vietnam’s National Day (September 2, 1945 – September 2, 2025), held at the inauguration site of the National Exhibition Fair Center, Tu Lien Bridge area, Dong Anh District, Hanoi.

The National Exhibition Fair Center is a state-level key project, ranked among the top 10 largest exhibition centers in the world. With a total area of about 900,000 square meters, it is envisioned to become a premier international destination for global trade fairs and exhibitions, as well as a new symbol of Hanoi’s development.

Construction commenced on August 30, 2024, and the site was handed over on June 27, 2025—after just 10 months of construction, 15 months ahead of schedule. This remarkable pace set a new benchmark in Vietnam’s construction sector, overcoming major challenges in engineering and executing a massive steel dome structure of unprecedented scale and complexity.

As both investor and general contractor, Vingroup maximized all resources, proactively designed construction plans, coordinated manpower, equipment, and materials, and ensured seamless supply chain management across multiple contractors.

During peak construction periods, the project mobilized hundreds of contractors and about 3,000 workers and engineers, supported by 800–1,000 pieces of heavy machinery sourced from across the country, including 300–500 ton cranes and super-heavy transport vehicles. The site operated at full intensity, 24/7 in three shifts, optimizing every moment to shorten construction time by 60%.

While accelerating progress, Vingroup also maintained strict oversight of each component, ensuring safety, quality, and long-term sustainability of the project.

Mr. Nguyen Viet Quang, Vice Chairman and CEO of Vingroup, shared: “Receiving the First-Class Labor Order at the inauguration of the National Exhibition Fair Center is a profound honor and pride for all Vingroup employees. We are committed to continuing our spirit of perseverance and determination to operate the Center successfully, contributing to making Hanoi and Vietnam leading destinations for world-class political, economic, cultural, and social events.”

At the heart of the Center is the Kim Quy Exhibition Hall, one of the world’s largest circular exhibition hall with an area of approximately 130,000 square meters and a central height of 56 meters.

Located in Hanoi, the National Exhibition Fair Center covers 90 hectares and ranks among the world’s top 10 largest exhibition venues.
Located in Hanoi, the National Exhibition Fair Center covers 90 hectares and ranks among the world’s top 10 largest exhibition venues.

Inspired by the sacred Golden Turtle God (Kim Quy) of the Co Loa legend, the hall’s unique architecture is hailed as a new wonder of the capital. Its engineering posed extraordinary challenges: a steel dome weighing 24,000 tons, assembled from ultra-large steel beams and high-strength bolts using specialized torque-severing methods to ensure quality control and double the standard safety factor. The roof is covered with ultra-light, ultra-durable fiberglass fabric, offering natural translucency and energy efficiency in line with global green building standards.

Beyond the Kim Quy Exhibition Hall, Vingroup has developed a comprehensive exhibition ecosystem including four outdoor plazas (East, West, South, North), the VinPalace International Convention Center, landscaped green parks and lakes, and large-scale parking facilities. With capacity for hundreds of thousands outdoors and thousands indoors, the Center is not only suited for mega exhibitions but also for large-scale events such as concerts, national festivals, and global technology showcases—meeting the strictest international requirements and redefining Vietnam’s MICE (Meetings, Incentives, Conferences, and Exhibitions) industry.

One of the key drivers behind this construction milestone is the upcoming National Achievements Exhibition – 80 Years of Independence, Freedom, and Happiness, taking place from August 28 to September 5, 2025. For the first time, all provinces, ministries, sectors, and enterprises across Vietnam will gather in a single national-scale exhibition, expected to attract millions of visitors and reignite national pride.

The accelerated completion of the National Exhibition Fair Center not only demonstrates Vingroup’s strong financial capacity, professional execution, and effective project management, but also affirms its commitment to serving the nation and the strength of Vietnam’s private enterprises in this new era of global integration.

Hashtag: #Vingroup

The issuer is solely responsible for the content of this announcement.

Ping An Good Doctor (1833.HK) Reports Strong Interim Results: Revenue and Profit Accelerate as AI Fuels New Growth Momentum

HONG KONG, Aug. 19, 2025 /PRNewswire/ — Ping An Healthcare and Technology Company Limited (“Ping An Good Doctor” or the “Company”; Stock Code: 1833.HK) announced its interim results for the six months ended June 30, 2025. During the first half of 2025, the Company delivered steady operational performance, showcasing strong growth momentum with gains in both revenue and profitability. Total revenue reached RMB2.5 billion, an increase of 19.5% year-on-year, while net profit attributable to shareholders rose to RMB134 million, an increase of 136.8% year-on-year. Notably, revenue from the integrated finance business (“F-end”) and corporate clients (“B-end”) corporate health management business increased by 30.2% year-on-year, while the total number of paying users grew by 35.1% year-on-year.

Enhanced “Insurance + Health Care” Synergies Promoting the Growth of Core Businesses

As a flagship in Ping An Group’s health and senior care ecosystem, the Company has continued to deepen its “insurance + health care” synergistic model, strengthening collaboration with Ping An Group’s integrated finance business. In the corporate health management sector, it has partnered with other Group’s subsidiaries to develop an innovative “commercial insurance + health care fund + health care service” product ecosystem. This approach has significantly expanded its corporate customer base, delivering steady revenue growth and a comprehensive improvement in profit quality.

During the reporting period, the Company provided Ping An Group’s retail integrated financial customers with online and offline, one-stop, 24/7, proactive medical and senior care services. By advancing the “insurance + health and senior care membership” model and enriching medical and health services rights system across multiple scenarios, the Company steadily increased its service penetration among the Group’s nearly 245 million retail financial customers, achieving a 34.6% year-on-year increase in F-end paying users to approximately 20.0 million. The Company also strengthened its collaboration with Ping An Group’s subsidiaries, including Ping An Life Insurance, Ping An Property & Casualty Insurance, Ping An Health Insurance, and Ping An Bank, delivering notable synergies. In partnership with Ping An Life, the Company upgraded its “critical illness insurance + critical illness management” service and launched the “An You Hu” health service plan. This initiative offers comprehensive, one-stop critical illness management services, covering the entire treatment process, from suspected/confirmed diagnoses, surgery arrangements, postoperative treatment to rehabilitation follow-ups. As of the end of March 2025, Ping An Group’s retail integrated financial customers using services from its health and senior care ecosystem had 1.6 times more contracts and 4 times higher AUM per capita than non-users of these services.

In recent years, under the guidance of the “Healthy China” national strategy, the government has supported and encouraged employers to standardize employee health management. The medical security system, from “basic medical insurance” to “supplementary medical insurance” and “health management,” has been continuously improving. This has significantly heightened corporate awareness of the importance of employee health management. As part of its strategic focus, the Company has continued to provide professional, comprehensive, high-quality, and one-stop employee health management services to corporate clients through the “Ping An Corporate Health Protection Plan.” The Company has enhanced operational precision to boost user engagement. Online, it provides end-to-end proactive health management and medical services through family doctors, while offline, it organizes a variety of in-company health activities to improve service visibility and employee satisfaction. Building on the Group’s extensive corporate client base, the Company has also actively expanded its independent sales channels, driving rapid growth in its corporate health management business. During the period, B-end paying corporate clients totaled more than 3,500, and the number of B-end paying users exceeded 3.60 million, up 39.2% year on year.

Upgrading Product and Service Capabilities to Strengthen Healthcare and Senior Care Ecosystem

During the reporting period, the Company remained customer-centric, solidifying its ecosystem and product capabilities while upgrading its service network to continuously enhance its full-scenario service capabilities.

Through its strategic pillars of “family doctor” and “senior care concierge”, the Company continues to provide users with proactive, one-stop medical, health, and senior care services throughout the life cycle. During the reporting period, the Company launched its annual medical and health services brand, encompassing “Proactive Family Doctor Care, Zero-Distance Access to Renowned Doctors, and Full-Journey Medical Management.” This offering is powered by family doctors certified by both Peking University International Hospital and the World Organization of Family Doctors (WONCA), creating a comprehensive service system that includes one-on-one contracts, medical record analysis, and proactive follow-ups. The system is designed to deliver differentiated care for four key demographic groups. The Company also enhanced the service capabilities of its senior care concierge to address medical and nursing needs, expanded offerings such as Ping An’s global emergency assistance and professional in-home care provided by care managers, and collaborated with industry, academia, and research institutions to advance the standardization of home-based senior care. During the reporting period, the Company had a family doctor membership of over 35 million, while the number of users entitled to home-based senior care service increased by approximately 83% year-on-year. The service now covers 85 cities and has implemented five group standards.

Additionally, to provide broad-coverage, high-quality, and cost-effective services to users, the Company continued to build its medical, health, and senior care service network. During the reporting period, the Company further expanded its “online, in-store, in-home, and in-company” service network. The Company had about 50,000 in-house doctors and contracted external doctors across 37 specialties, with over 3,200 renowned doctors. The Company has partnered with over 4,000 hospitals, 106,000 health service providers, 240,000 pharmacies, and more than 100 senior care service institutions.

Accelerating AI-Powered Healthcare Applications to Drive Scale and Efficiency

Leveraging its “data + model + scenario” closed-loop advantage, the Company strengthened its capabilities in AI-driven healthcare services and accelerated the application of its solutions. It continued to enhance its large multi-modal model, Ping An Medical Master®, based on Ping An’s six world-leading medical databases as well as data from 1.44 billion consultations. Building on this foundation —and with further optimization of five vertical models for key medical scenarios—the Company introduced the “7+N+1” AI medical product system during the reporting period. The suite includes Renowned Doctor Digital Avatar, AI Family Doctor, AI Senior Care Concierge, AI Clinics, AI Health Manager, AI Chronic Disease Manager, and AI Health Benefit Officer, providing intelligent decision support across the entire process and all scenarios. Notably, the Company innovatively launched a multidisciplinary team (MDT) consultation assistance platform for complex diseases, which has been applied to breast cancer, providing users with diagnostic and treatment assistance throughout the entire process from treatment to recovery. This significantly improves the efficiency and experience of medical care for complex diseases and will be extended to more disease types in the future. Through AI empowerment, the accuracy rate of AI-assisted consultations reached approximately 98%, while the accuracy of MDT treatment plans for complex diseases approached 80%. Daily service capacity for AI doctors reached 4.0 million visits. Additionally, AI has helped reduce the average service cost per family doctor user by about 52% and improved the operational efficiency of the business middle platform by around 50%.

In the first half of the year, Ping An Good Doctor revamped its brand, marking a significant milestone for Ping An Group’s “worry-free, time-saving, and money-saving” initiative and a crucial step in implementing the “insurance + health care” synergistic model in the healthcare service sector. Mr. Li Dou, Chairman and CEO of the Company, stated, “Looking ahead, we will seize policy opportunities, adhere to the essence of medicine, and remain guided by the customer needs-oriented approach. We strive to become the most professional ‘family doctor and senior care concierge’ for our vast customer base, doing everything possible to be ‘worry-free, time-saving, and money-saving’, and providing long-term, sustainable value for our shareholders and society.”

STRADVISION Reports Strong First Half of 2025, Expands SVNet Deployment

  • Nearly 1 Million SVNet-Equipped Vehicles Added in H1 2025: achieved growth despite regional slowdowns and heightened industry competition
  • Unmatched Efficiency Driving Market Leadership: SVNet’s ultra-lightweight, high-performance AI architecture continues to outperform rivals in speed, scalability, and cost-efficiency
  • Global Footprint Surpasses 4 Million Vehicles: Strengthening STRADVISION’s position as a trusted perception technology partner for leading OEMs and Tier 1 suppliers

SEOUL, South Korea , Aug. 19, 2025 /PRNewswire/ — STRADVISION, a leader in deep learning-based vision perception technology for the automotive industry, today announced continued expansion of its flagship product, SVNet, across a growing range of vehicle models from leading global OEMs and Tier 1 suppliers.

In the first half of 2025, nearly one million additional units of SVNet were shipped via OEM partners, bringing the total number of vehicles on the road equipped with SVNet to more than 4 million worldwide. This growth comes against the backdrop of a mixed global automotive market; modest overall production increases globally, but notable slowdowns in regions such as Europe and parts of North America.

“Significantly expanding our installed base in a challenging market speaks volumes about the strength of our technology and the trust we’ve built with our customers,” said Philip Vidal, CBO of STRADVISION. “Even with intensified competition, SVNet remains the preferred solution for global automakers thanks to its unmatched efficiency, scalability, and proven performance.”

SVNet’s success is driven by its cutting-edge AI perception engine, engineered to deliver real-time, ultra-low-latency vision processing that rivals human recognition, while optimized to run efficiently on widely deployed automotive SoCs, ensuring strong performance even on power- and cost-sensitive platforms. Its ultra-lightweight architecture enables faster over-the-air updates, lower power consumption, and seamless integration across a wide range of vehicle platforms, from entry-level ADAS to high-end autonomous systems.

Looking ahead, STRADVISION is advancing its multi-year innovation roadmap with the development of SVNet MultiVision Gen 2. This next-generation platform, set to debut as a prototype at CES 2026 and launch in 2027, will integrate expanded 360° camera coverage, HD-Mapless autonomous navigation, and next-gen neural networks capable of adaptive self-learning. Designed to scale from Level 2 driver assistance to fully autonomous Level 4 applications, it will offer OEMs unprecedented flexibility and performance. Importantly, MultiVision Gen 2 is architected not only for advanced perception, but also as a full end-to-end (E2E) solution encompassing perception, planning, and control. OEMs and Tier-1s can deploy it as a complete stack or flexibly integrate its validated perception module as a standalone component if required.

By fusing deep learning, advanced computer vision, and end-to-end model optimization, STRADVISION is redefining what’s possible in automotive perception — accelerating the path toward safer, smarter, and more autonomous vehicles worldwide.

For more information on STRADVISION and its industry-leading technologies, please visit STRADVISION.

About STRADVISION 

Founded in 2014, STRADVISION is an automotive industry pioneer in artificial intelligence-based vision perception technology for ADAS. The company is accelerating the advent of fully autonomous vehicles by making ADAS features available at a fraction of the market cost compared with competitors. STRADVISION’s SVNet is being deployed on various vehicle models in partnership with OEMs; can power ADAS and autonomous vehicles worldwide; and is serviced by over 300 employees in Seoul, San Jose, Detroit, Tokyo, Shanghai, and Dusseldorf. STRADVISION has been honored with Frost & Sullivan’s 2022 Global Technology Innovation Leadership Award, the Gold Award at the 2022 and 2021 AutoSens Awards for Best-in-Class Software for Perception Systems, and the 2020 Autonomous Vehicle Technology ACES Award in Autonomy (software category). In addition, STRADVISION and its software have achieved TISAX’s AL3 standard for information security management, as well as being certified to the ISO 9001:2015 for Quality Management Systems and ISO 26262 for Automotive Functional Safety.