ZTO Express Financial Overview
Strong Unit Economics
(RMB/Unit)
Non-GAAP Operating Profit
0.37
0.32
0.32 0.34
0.35
0.37
0.32
0.24
0.25
Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
Non-GAAP Adjusted Net Income¹
0.32
0.33
0.28
0.29
0.28
0.30
0.31
0.20
0.20
Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
Non-GAAP Adjusted EBITDA²
0.47 0.47 0.52 0.50 0.51
0.46
0.43
0.38
0.35
Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
II
I
ZTO
中通快递
ZTO EXPRESS
ASP³
1.39 1.45
1.46
1.34 1.36
1.40
1.24
1.24
1.17
Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
Unit Cost of Revenue³
1.05 1.14
0.97
0.98
1.04
1.00
0.99
0.81
0.82
Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
Total Opex4
0.06
0.06
0.05
0.05
0.04
0.04
0.04
0.04
0.03
Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
Notes:
1. Adjusted net income 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
2. Adjusted EBITDA 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
3. Excluding freight forwarding business
4. Including other operating income and excluding SBC
33
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