ZTO Express Financial Overview
Strong Profitability and Margins
Income from Operations and Margin
Net Income and Margin
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ZOTTO
ZTO EXPRESS
(RMB million)
(RMB million)
Year-over-Year Growth
Year-over-Year Growth
16%
31%
76%
36%
60%
20%
75%
45%
11%
-5%
35%
64%
38%
65%
22%
90%
44%
24%
29.6%
26.0%
25.9%
I
20.3%
21.2% 21.6%
I
24.9%
22.3% 1
22.9%
24.3%
21.7%
26.7%
19.0% 1
2,530
2,879
18.5%
2,350
18.4%
2,460
2,175
2,424
15.5%
2,129
1,895
2,054
1,748
1,759
1,360
14.1%
1,116
1,986
1,665
1,950
11.1%
1,148
876
Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
Operating profit
Operating margin %
Adjusted EBITDA¹ and Margin
Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
Net income
Net Profit margin %
Adjusted Net Income² and Margin
(RMB million)
(RMB million)
Year-over-Year Growth
Year-over-Year Growth
17%
29%
36%
36%
52%
24%
56%
34%
15%
-5%
35%
35%
38%
63%
22%
82%
44%
25%
I
39.9%
33.4% 33.5%
34.4% 34.9%
37.9%
26.0%
26.6%
29.7%
2,739
20.3% 20.9% 21.5%
i 21.4%
25.8%
3,884
18.9%
25.3%
3,397 3,133
3,439
2,531 2,341
2,892 2,998
1,968
2,002
15.5%
1,148
2,120
1,745
13.3%
1,759
1,873
1,920
1,055
Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
Notes:
Adjusted EBITDA
Adjusted EBITDA margin %
Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
Adjusted net income
Adjusted net income margin%
1. 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 (i) shared-based compensation
expense; (ii) gain on disposal of equity investees, (iii) impairment of equity investments and (iv) unrealized gain from investment in equity investee
2. Adjusted net income is a non-GAAP financial measure, which is defined as net income before (i) share-based compensation expense, (ii) gain on disposal of equity investees, (iii) impairment of equity investments and (iv)
unrealized gain from investment in equity investee
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