Le Lézard
Classified in: Transportation, Business
Subjects: ERN, CCA, ERP

ZTO Reports Second Quarter 2019 Unaudited Financial Results


3.1 Billion Parcels Expanded Market Share to 19.9%
Adjusted Net Income Increased 25.6% to Reach RMB1.38 Billion 

SHANGHAI, Aug. 15, 2019 /PRNewswire/ -- ZTO Express (Cayman) Inc. (NYSE: ZTO), 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, 2019[1]. The Company beat market expectations by generating parcel volume growth of 46.8%, 18.5 percentage points higher than the industry average. Market share in terms of parcel volume expanded to 19.9% during the second quarter of 2019. Adjusted net income increased 25.6% to reach RMB1,375.9 million.

Second Quarter 2019 Financial Highlights

Operational Highlights for Second quarter 2019

 

[1] An investor relations presentation accompanies this earnings release and can be found at ir.zto.com
[2] 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 the gain on disposal of equity investees and subsidiary which management aims to better represent the underlying business operations
[3] 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 gain on disposal of equity investees and subsidiary in 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 net income attributable to ordinary shareholders per weighted average number of basic and diluted shares before share-based compensation expense and non-recurring items such as gain on disposal of equity investees and subsidiary in which management aims to better represent the underlying business operations

Mr. Meisong Lai, Founder, Chairman and Chief Executive Officer of ZTO, commented "ZTO's market share by parcel volume expanded 2.5 percentage points to 19.9% during the second quarter of 2019. Our consistent strategy has been continuous market expansion based on high quality of services and targeted net earnings. Second quarter's performance reflected the soundness of our overall strategy and solid execution."

Mr. Lai added, "Chinese express delivery industry is likely to maintain steady growth in the near term. While innovations in commerce impacting consumption and manufacturing are changing supply chain management, including logistics, express delivery industry is facing new demands and challenges. To maintain our competitive edge, ZTO must continue to focus on strengthening our core competencies as well as widening our business moat to sustain future growth. In addition to continued improvements in productivity and cost efficiencies, we will further advance our initiatives on industry-leading courier pay and last mile capabilities going forward in order to maintain a healthy growth momentum and be well prepared for the long run."

Ms. Huiping Yan, Chief Financial Officer of ZTO, added, "ZTO's performance adds to our confidence in our ability to deliver on our corporate strategy. Year-over-year ASP decline for the quarter was more than previously planned, however, it was kept level with the market, and we achieved higher volume increase as well as targeted earnings growth through scale leverage and effective resource planning. Combined sorting hub and line-haul transportation costs per parcel declined 8.6% year over year, and corporate SG&A, excluding share-based compensation, was 5.4% of total revenues compared to that of 5.7% last year. Adjusted net income rose 25.6% to RMB1.38 billion, and cash from operating activities rose 35.0% to RMB1.99 billion."

Second Quarter 2019 Financial Results



Three Months Ended June 30,


Six Months Ended June 30,



2018


2019


2018


2019



RMB


%


RMB


US$


%


RMB


%


RMB


US$


%



(in thousands, except percentages)

Express delivery services


3,664,535


87.3


4,763,902


693,940


87.8


6,751,532


87.2


8,823,274


1,285,255


88.3

Freight forwarding services


301,789


7.2


350,088


50,996


6.5


595,063


7.7


639,402


93,139


6.4

Sale of accessories


209,219


5.0


292,570


42,618


5.4


360,062


4.7


501,407


73,038


5.0

Others


22,376


0.5


17,080


2,488


0.3


35,666


0.4


33,588


4,893


0.3

Total revenues


4,197,919


100.0


5,423,640


790,042


100.0


7,742,323


100.0


9,997,671


1,456,325


100.0

Revenues were RMB5,423.6 million (US$790.0 million), an increase of 29.2% from RMB4,197.9 million in the same period of 2018. Revenue from express delivery services increased by 30.0% compared to the same period of 2018, mainly driven by a 46.8% increase in parcel volume and partially offset by a 11.3% decrease in unit price per parcel largely for incremental volume incentives in response to competition. Revenue from freight forwarding services increased 16.0% when compared to the same period of 2018. The increase in revenue from sales of accessories was in-line with the increase in the sale of thermal paper used for the printing of digital waybills. Other revenues are mainly associated with financing services and advertising services.



Three Months Ended June 30,


Six Months Ended June 30,



2018


2019


2018


2019



RMB


% of

revenues


RMB


US$


% of

revenues


RMB


% of

revenues


RMB


US$


% of

revenues



(in thousands, except percentages)

Line-haul transportation
     cost


1,272,267


30.3


1,695,866


247,031


31.3


2,455,904


31.7


3,289,873


479,224


32.9

Sorting hub cost


701,961


16.7


953,901


138,952


17.6


1,388,398


17.9


1,844,970


268,750


18.5

Freight forwarding cost


288,348


6.9


345,283


50,296


6.4


572,018


7.4


628,397


91,536


6.3

Cost of accessories sold


125,724


3.0


156,371


22,778


2.9


214,441


2.8


276,057


40,212


2.8

Other costs


352,365


8.4


503,651


73,364


9.2


622,182


8.0


930,214


135,502


9.2

Total cost of revenues


2,740,665


65.3


3,655,072


532,421


67.4


5,252,943


67.8


6,969,511


1,015,224


69.7

Total cost of revenues was RMB3,665.1 million (US$ 532.4million), an increase of 33.4% from RMB2,740.7 million in the same period last year.

Gross Profit was RMB1,768.6 million (US$257.6 million), an increase of 21.4% from RMB1,457.3million in the same period last year. Gross margin rate decreased to 32.6% from 34.7% year over year, which resulted from combined effects of increase in volume incentives, parcel volume increase, and cost productivity gains.

Total Operating Expenses were RMB275.8 million (US$40.2 million), compared to RMB268.4 million in the same period last year.

Income from operations was RMB1,492.7 million (US$217.4 million), an increase of 25.6% from RMB1,188.8 million for the same period last year. Operating margin rate decreased by 0.8 percentage point to 27.5% year over year while the gross margin rate decreased by 2.1 percentage points. This reflects sound corporate cost control and healthy scale leverage.   

Interest income was RMB144.5 million (US$21.0 million), compared with RMB70.7 million in the same period in 2018 primarily due to an increase in the amount of cash and interest-bearing bank deposits. In June 2018, the company received majority portion of the proceeds from the US$1.38 billion strategic investment led by Alibaba.

Foreign currency exchange gain, before tax was RMB22.3million (US$3.2 million) in the second quarter of 2019, resulted from the appreciation of the U.S. dollar against the Chinese renminbi in the second quarter of 2019.

Income tax expenses were RMB288.8 million (US$42.1 million) and the effective income tax rate was 17.4% for the second quarter of 2019. 

Net income was RMB1,365.1 million (US$198.8 million), a decrease of 8.5% from RMB1,492.2 million in the same period last year, which included one-time gains on disposal of equity investees of RMB424.5 million (net of income taxes), mainly composed of the share disposal of Shenzhen Feng Chao Technology Ltd. associated with the Hive Box operations.

Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB1.73 (US$0.25), compared with basic and diluted earnings per ADS attributable to ordinary shareholders of RMB2.07 in the same period last year.

Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB1.74 (US$0.25), compared with adjusted basic and diluted earnings per ADS attributable to ordinary shareholders of RMB1.52 in the same period last year.

Adjusted net income was RMB1,375.9 million (US$200.4 million), compared with adjusted net income of RMB1,095.7 million during the same period last year.

EBITDA was RMB1,952.0 million (US$284.3 million), compared with RMB2,042.0 million in the same period last year which included one-time gains on disposal of equity investees of RMB549.7 million.

Adjusted EBITDA was RMB1,962.8 million (US$285.9 million), compared to RMB1,520.2 million in the same period last year.

Net cash provided by operating activities was RMB1,992.8 million (US$290.3 million), compared with RMB1,475.8 million in the same period last year.

Business Outlook

The Company makes no changes to its previously stated annual guidance: parcel volume for 2019 is expected to be in the range of 11.51 billion to 11.93 billion, representing a 35% to 40% increase year over year, and the Company's adjusted net income is expected to be in the range of RMB4.8 billion to RMB5.2 billion, representing a 14.3% to 23.8% increase from the same period of 2018. Above estimates are subject to change.

Company Share Purchase

On November 15, 2018, the Company announced a new share repurchase program whereby ZTO was authorized to repurchase its own Class A ordinary shares in the form of ADSs with an aggregate value of up to US$500 million during an 18-month period thereafter. The Company expects to fund the repurchase out of its existing cash balance. As of June 30, 2019, the Company has purchased an aggregate of 7,549,423 ADSs at an average purchase price of US$17.32, including repurchase commissions.

The Company believes that the share repurchase program represents ZTO's confidence in the overall market opportunities as well as ZTO's solid operating fundamentals and financial strength for sustained profitable growth and value creation for its shareholders. 

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 RMB6.8650 to US$1.00, the noon buying rate on June 28, 2019 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 adjusted EBITDA, adjusted net income, 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 adjusted EBITDA, adjusted net income and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders help identify underlying trends in ZTO's business that could otherwise be distorted by the effect of the expenses and gains that the Company includes in income from operations and net income. The Company believes that adjusted EBITDA, adjusted net income 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.

Adjusted EBITDA, adjusted net income 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 review the historical non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted EBITDA, adjusted net income 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 9:00 P.M. U.S. Eastern Time on Thursday, August 15, 2019 or 9:00 A.M. Beijing Time on Friday, August 16, 2019.

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

United States:

1-888-317-6003

Hong Kong:

852-5808-1995

China:

4001-206-115

International:

1-412-317-6061

Passcode:

9994827

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 accessible through August 22, 2019 by dialing the following numbers:

United States:

1-877-344-7529

International:

1-412-317-0088

Passcode:

10133925

A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://zto.investorroom.com.

About ZTO Express (Cayman) Inc.

ZTO Express (Cayman) Inc. (NYSE: ZTO) ("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 news release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to the Company's unaudited results for the second quarter of 2019, ZTO management quotes and the Company's financial outlook.

These forward-looking statements are not historical facts but instead represent only the Company's belief regarding expected results and events, many of which, by their nature, are inherently uncertain and outside of its control. The Company's actual results and other circumstances may differ, possibly materially, from the anticipated results and events indicated in these forward-looking statements. The financial results to which this news release is related are preliminary, unaudited and subject to audit adjustment. In addition, the Company may not meet its financial outlook included in this news release and may be unable to grow its business in the manner planned. The Company may also modify its strategy for growth. In addition, there are other risks and uncertainties that could cause the Company's actual results to differ from what it currently anticipates, including those relating to the development of the e-commerce industry in China, its significant reliance on the Alibaba ecosystem, 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. For additional information on these and other important factors that could adversely affect the Company's business, financial condition, results of operations, and prospects, please see its filings with the U.S. Securities and Exchange Commission.

All information provided in this press release and in the attachments is as of the date of the press release. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, after the date of this release, except as required by law. Such information speaks only as of the date of this release.

UNAUDITED CONSOLIDATED FINANCIAL DATA

Summary of Unaudited Consolidated Comprehensive Income Data:




Three Months Ended June 30,


Six Months Ended June 30,



2018


2019


2018


2019



RMB


RMB


US$


RMB


RMB


US$



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














Revenues


4,197,919


5,423,640


790,042


7,742,323


9,997,671


1,456,325

Cost of revenues


(2,740,665)


(3,655,072)


(532,421)


(5,252,943)


(6,969,511)


(1,015,224)

Gross profit


1,457,254


1,768,568


257,621


2,489,380


3,028,160


441,101

Operating income (expenses):













Selling, general and
     administrative


(269,178)


(305,350)


(44,479)


(684,801)


(863,128)


(125,729)

Other operating income, net


773


29,531


4,302


82,680


87,633


12,765

Total operating expenses


(268,405)


(275,819)


(40,177)


(602,121)


(775,495)


(112,964)

Income from operations


1,188,849


1,492,749


217,444


1,887,259


2,252,665


328,137

Other income (expenses):













Interest income


70,708


144,470


21,044


131,029


290,941


42,380

Interest expense


(3)


-


-


(776)


-


-

Gain/(loss) on disposal of
     equity investees


549,733


-


-


549,733


(529)


(77)

Foreign currency exchange
     gain/(loss), before tax


35,901


22,293


3,247


(852)


(3,662)


(533)

Income before income tax, and
     share of loss in equity
     method investments


1,845,188


1,659,512


241,735


2,566,393


2,539,415


369,907

Income tax expense


(350,858)


(288,803)


(42,069)


(505,138)


(480,661)


(70,016)

Share of loss in equity
     method investments


(2,104)


(5,614)


(818)


(11,574)


(12,013)


(1,750)

Net income


1,492,226


1,365,095


198,848


2,049,681


2,046,741


298,141

Net income attributable to
     noncontrolling interests


(1,141)


(5,614)


(818)


(1,837)


(6,547)


(954)

Net income attributable to
     ZTO Express (Cayman) Inc.


1,491,085


1,359,481


198,030


2,047,844


2,040,194


297,187

Net income attributable to
     ordinary shareholders


1,491,085


1,359,481


198,030


2,047,844


2,040,194


297,187

Net earnings per share
     attributable to ordinary
     shareholders













Basic


2.07


1.73


0.25


2.86


2.60


0.38

Diluted


2.07


1.73


0.25


2.86


2.59


0.38

Weighted average shares used
     in calculating net earnings
     per ordinary share













Basic


721,183,933


786,106,219


786,106,219


715,978,664


786,069,533


786,069,533

Diluted


722,033,183


786,385,711


786,385,711


716,706,186


786,262,099


786,262,099

Other comprehensive income,
     net of tax of nil:













Foreign currency translation
     adjustment


554,487


293,376


42,735


287,984


(50,852)


(7,407)

Comprehensive income


2,046,713


1,658,471


241,583


2,337,665


1,995,889


290,734

Comprehensive income
     attributable to
     noncontrolling interests


(1,141)


(5,614)


(818)


(1,837)


(6,547)


(954)

Comprehensive income
     attributable to ZTO Express
     (Cayman) Inc.


2,045,572


1,652,857


240,765


2,335,828


1,989,342


289,780

 

 

Unaudited Consolidated Balance Sheets Data:




As of



December 31, 2018


June 30, 2019



RMB


RMB


US$



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








ASSETS







Current assets:







Cash and cash equivalents


4,622,554


7,111,684


1,035,934

Restricted cash


400


979


143

Accounts receivable, net of allowance for doubtful accounts
     of RMB13,996 and RMB16,347 at December 31, 2018
     and June 30, 2019, respectively


596,995


573,624


83,558

Financing receivables, net of allowance for doubtful
     accounts of RMB4,139 and RMB6,739 at December 31,
     2018 and June 30, 2019, respectively


517,983


507,096


73,867

Short-term investment


13,599,852


9,260,975


1,349,013

Inventories


43,813


35,354


5,150

Advances to suppliers


337,874


328,199


47,808

Prepayments and other current assets


1,507,996


2,124,817


309,512

Amounts due from related parties


6,600


79,625


11,599

Total current assets


21,234,067


20,022,353


2,916,584

Investments in equity investees


2,207,410


2,200,334


320,515

Property and equipment, net


9,035,704


9,671,468


1,408,808

Land use rights, net


1,969,176


2,169,262


315,989

Intangible assets, net


54,227


51,128


7,448

Right-of-use assets[6]


-


656,653


95,652

Goodwill


4,241,541


4,241,541


617,850

Deferred tax assets


318,063


324,548


47,276

Other non-current assets


622,669


1,194,426


173,986

TOTAL ASSETS


39,682,857


40,531,713


5,904,108

LIABILITIES AND EQUITY







Current liabilities







Accounts payable


1,311,807


1,185,274


172,655

Advances from customers


436,710


902,012


131,393

Income tax payable


405,683


167,105


24,342

Amounts due to related parties


132,216


67,324


9,807

Lease liabilities[6]


-


232,067


33,804

Acquisition consideration payable


19,581


22,942


3,342

Dividends payable


1,699


3,723


542

Other current liabilities


2,833,769


2,729,341


397,573

Total current liabilities


5,141,465


5,309,788


773,458

Lease liabilities[6]


-


385,183


56,108

Deferred tax liabilities


157,940


155,470


22,647

Acquisition consideration payable


22,942


-


-

Other non-current liabilities


90,961


90,822


13,230

TOTAL LIABILITIES


5,413,308


5,941,263


865,443


[6] In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize a right-of-use asset and lease
liability on their balance sheet for all leases. The Group adopted this ASU on January 1, 2019 using the modified retrospective approach and
will not restate comparative periods




As of



December 31, 2018


June 30, 2019



RMB


RMB


US$








Shareholders' equity














Ordinary shares (US$0.0001 par value; 10,000,000,000 shares
     authorized, 811,267,551 shares issued and 785,463,859 shares
     outstanding as of December 31, 2018; 803,718,128 shares
     issued and 782,114,477 shares outstanding as of June 30, 2019)


523


518


75

Additional paid-in capital


24,137,681


22,337,619


3,253,841

Treasury shares, at cost


(1,545,077)


(1,438,257)


(209,506)

Retained earnings


11,052,395


13,092,589


1,907,150

Accumulated other comprehensive income


571,716


520,864


75,872

ZTO Express (Cayman) Inc. shareholders' equity


34,217,238


34,513,333


5,027,432

Noncontrolling interests


52,311


77,117


11,233

Total Equity


34,269,549


34,590,450


5,038,665

TOTAL LIABILITIES AND EQUITY


39,682,857


40,531,713


5,904,108

 

 

Summary of Unaudited Consolidated Cash Flow Data:




Three Months Ended June 30,


Six Months Ended June 30,



2018


2019


2018


2019



RMB


RMB


US$


RMB


RMB


US$



(in thousands)














Net cash provided by operating
     activities


1,475,795


1,992,804


290,285


1,689,970


2,626,074


382,532

Net cash provided by/(used in)
     investing activities[7]


(5,649,363)


1,498,752


218,318


(7,246,921)


2,394,117


348,742

Net cash provided by/(used in)
     financing activities


6,620,184


(2,493,043)


(363,153)


5,815,067


(2,507,052)


(365,193)

Effect of exchange rate changes
     on cash, cash equivalents and
     restricted cash


231,350


21,803


3,177


141,807


(23,430)


(3,413)

Net increase in cash, cash
     equivalents and restricted cash


2,677,966


1,020,316


148,627


399,923


2,489,709


362,668

Cash, cash equivalents and
     restricted cash at beginning of
     period


3,495,691


6,092,347


887,450


5,773,734


4,622,954


673,409

Cash, cash equivalents and
     restricted cash at end of period


6,173,657


7,112,663


1,036,077


6,173,657


7,112,663


1,036,077


[7] The amount of cash provided by investing activities mainly includes mature of the fixed term bank deposits with an original maturity of three
months to one year. For the second quarter of 2019, the amounts of cash flow in for receiving the short-term investment are approximately
RMB2,288.6 million (US$333.4 million), and the amounts of cash flow out for purchasing the short-term investment are approximately
RMB3,736.7 million in the same period last year

 

 

Reconciliations of GAAP and Non-GAAP Results




Three Months Ended June 30,


Six Months Ended June 30,



2018


2019


2018


2019



RMB


RMB


US$


RMB


RMB


US$



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














Net income


1,492,226


1,365,095


198,848


2,049,681


2,046,741


298,141

Add:













Share-based compensation expense


27,983


10,800


1,573


227,727


295,065


42,981

(Gain)/loss on disposal of
     equity investees, net of
     income taxes


(424,521)


-


-


(424,521)


529


77

Adjusted net income


1,095,688


1,375,895


200,421


1,852,887


2,342,335


341,199














Net income


1,492,226


1,365,095


198,848


2,049,681


2,046,741


298,141

Add:













Depreciation


186,200


283,409


41,283


362,397


554,832


80,820

Amortization


12,693


14,676


2,138


23,363


25,969


3,783

Interest expenses


3


-


-


776


-


-

Income tax expenses


350,858


288,803


42,069


505,138


480,661


70,016

EBITDA


2,041,980


1,951,983


284,338


2,941,355


3,108,203


452,760














Add:













Share-based compensation
     expense


27,983


10,800


1,573


227,727


295,065


42,981

(Gain)/loss on disposal of
     equity investees, before
     income taxes


(549,733)


-


-


(549,733)


529


77

Adjusted EBITDA


1,520,230


1,962,783


285,911


2,619,349


3,403,797


495,818

 

 



Three Months Ended June 30,


Six Months Ended June 30,



2018


2019


2018


2019



RMB


RMB


US$


RMB


RMB


US$



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














Net income attributable to ordinary
     shareholders


1,491,085


1,359,481


198,030


2,047,844


2,040,194


297,187

Add:













Share-based compensation
     expense


27,983


10,800


1,573


227,727


295,065


42,981

(Gain)/loss on disposal of equity
     investees, net of income taxes


(424,521)


-


-


(424,521)


529


77

Adjusted net income attributable to
     ordinary shareholders


1,094,547


1,370,281


199,603


1,851,050


2,335,788


340,245














Weighted average shares used
     in calculating net earnings
     per ordinary share













Basic


721,183,933


786,106,219


786,106,219


715,978,664


786,069,533


786,069,533

Diluted


722,033,183


786,385,711


786,385,711


716,706,186


786,262,099


786,262,099

Net earnings per share
     attributable to ordinary
     shareholders













Basic


2.07


1.73


0.25


2.86


2.60


0.38

Diluted


2.07


1.73


0.25


2.86


2.59


0.38














Adjusted net earnings per share
     attributable to ordinary
     shareholders













Basic


1.52


1.74


0.25


2.59


2.97


0.43

Diluted


1.52


1.74


0.25


2.58


2.97


0.43

 

For investor and media inquiries, please contact:

ZTO Express
Investor Relations Department
Phone: +86-21-6978 7037
E-mail: ir@zto.com

 

SOURCE ZTO Express (Cayman) Inc.


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