ZTO Express Financial Overview
Continuous Cost Efficiencies and Productivity Gains
Cost of Revenues - Breakdown
(RMB million)
(RMB million)
Gross Profit and Margin
ZIO
中通快递
ZTO EXPRESS
33.9%
I
21.2%
24.4%
25.4%
27.3% 28.1% 28.1%
29.8%
1 20.5%
-323
1,193
238
3,304
308
301
85
1,059
307
1,106
-284
1,179
183
222
2,773 1
1,068
148
974
952
2,444
2,523
2,706
954
83
120
113
107
127
2,251
2,203
92
2,015
2,140
1,636
1,880
1,891 1,934
2,013
1,935 2,048
1,568
1,620
2,840
3,351
2,954
3,030 3,102
3,394
3,182 3,200
3,246
Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
■Line-Haul Transportation Cost Sorting Hub Cost
Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
Gross Profit
Gross Margin
■ Other Costs
(RMB)
■ Cost of Accessories Sold
■Freight Forwarding Cost
Cost of Revenues per Parcel¹
Key Observations on 3Q 2023 Results
Line-haul transportation cost
Better economies of scale (+)
Improved load rate (+)
Real-time data monitoring and analytics to optimize route planning(+)
Diesel price declined, decreased ~1 cents (+)
Sorting hub cost
-
Better economies of scale (+)
Improved standardization in operating procedures with improved labor productivity
(+)
Increased automation, 482 sets of automated sorting equipment in use (441 sets @
3Q22) (+)
0.06
0.05
0.20
0.05
0.05
0.05
0.17
0.02
0.19
0.01
0.02
0.18
0.18
0.02
0.02
0.36
0.32
0.29
0.30
0.30
0.50
0.53
0.57
0.49
0.49
www
0.04
0.03
0.18
0.15
0.02
0.02
0.12
8.93
0.32
0.32
0:02
0.25
0.27
0.51
0.51
0.42
0.43
Q3 2021
Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
■Line-Haul Transportation Cost
Other Costs
Sorting Hub Cost
Cost of Accessories Sold
Gross profit
Freight Forwarding Cost
Note:
1. Cost of revenues per parcel is calculated based on cost of revenues divided by the number of parcels handled in a given quarter
Gross profit increased as the result of increased revenue and cost productivity gain
36View entire presentation