ZTO Reports Third Quarter 2021 Unaudited Financial Results

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ZTO Express, a leading and fast-growing express delivery company in China announced today its unaudited financial results for the third quarter ended September 30, 2021. The company delivered a parcel volume growth of 23.3% while maintaining high customer satisfaction and an industry-top level of quality of earnings. Adjusted net income reached RMB1,147.9 million which grew 13.7% over that of last year's normalized for one-time tax refund. Cash generated from operating activities totaled RMB1,787.1 million.

Third Quarter 2021 Financial Highlights

  • Revenues were RMB7,390.7 million (US$1,147.0 million), an increase of 11.3% from RMB6,638.8 million in the same period of 2020.
  • Gross profit was RMB1,568.3 million (US$243.4 million), an increase of 12.7% from RMB1,391.0 million in the same period of 2020.
  • Net income was RMB1,147.9 million (US$178.1 million), a decrease of 5.2% from RMB1,210.3 million in the same period of 2020. Normalized for the one-time 2019 income tax refund received in 2020, net income increased 13.7% year over year.
  • Adjusted EBITDA was RMB1,967.7 million (US$305.4 million), an increase of 17.4% from RMB1,675.4 million in the same period of 2020.
  • Adjusted net income was RMB1,147.9 million (US$178.1 million), a decrease of 5.2% from RMB1,210.3 million in the same period of 2020.Normalized for the one-time 2019 income tax refund received in 2020, adjusted net income increased 13.7% year over year.
  • Basic and diluted net earnings per American depositary share ("ADS") were RMB1.43 (US$0.22), a decrease of 6.5% from RMB1.53 in the same period of 2020.
  • Adjusted basic and diluted net earnings per American depositary share attributable to ordinary shareholders were RMB1.43 (US$ 0.22), a decrease of 6.5% from RMB1.53 in the same period of 2020.
  • Net cash provided by operating activities was RMB1,787.1 million (US$277.4 million), compared with RMB1,480.4 million in the same period of 2020.

Operational Highlights for Third Quarter 2021

  • Parcel volume was 5,700 million, an increase of 23.3% from 4,623 million in the same period of 2020.
  • Number of pickup/delivery outlets was over 30,300 as of September 30, 2021.
  • Number of direct network partners was over 5,600 as of September 30, 2021.
  • Number of line-haul vehicles was approximately 10,500 as of September 30, 2021, which included approximately 10,400 self-owned vehicles and approximately 100 vehicles owned and operated by Tonglu Tongze Logistics Ltd., a transportation operator that works exclusively for ZTO.
  • Out of the approximately 10,400 self-owned trucks, approximately 8,450 were high capacity 15 to 17-meter-long models as of September 30, 2021, compared to over 8,150 as of June 30, 2021.
  • Number of line-haul routes between sorting hubs was over 3,600 as of September 30, 2021, compared to approximately 3,600 as of June 30, 2021.
  • Number of sorting hubs was 96 as of September 30, 2021, among which 85 are operated by the Company and 11 by the Company's network partners.

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