| | |
Page
|
| |||
| | | | F-2 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-7 | | | |
| | | | F-8 | | |
| | |
Notes
|
| |
As of
December 31, 2021 |
| |
As of June 30, 2022
|
| ||||||||||||
| | | | | |
RMB
|
| |
RMB
|
| |
US$
(Note 2) |
| |||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | |
Current assets
|
| | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | | | | 9,721,225 | | | | | | 9,927,765 | | | | | | 1,482,176 | | |
Restricted cash
|
| | | | | | | 27,736 | | | | | | 384,912 | | | | | | 57,466 | | |
Accounts receivable, net
|
| | | | | | | 933,444 | | | | | | 852,754 | | | | | | 127,313 | | |
Financing receivables, net
|
| | | | | | | 1,111,461 | | | | | | 939,689 | | | | | | 140,292 | | |
Short-term investment
|
| | | | | | | 2,845,319 | | | | | | 5,211,019 | | | | | | 777,985 | | |
Inventories
|
| | | | | | | 82,961 | | | | | | 28,746 | | | | | | 4,292 | | |
Advances to suppliers
|
| | | | | | | 667,855 | | | | | | 960,354 | | | | | | 143,377 | | |
Prepayments and other current assets
|
| | | | | | | 3,142,368 | | | | | | 2,738,674 | | | | | | 408,873 | | |
Amounts due from related parties
|
| |
8
|
| | | | 133,990 | | | | | | 133,362 | | | | | | 19,910 | | |
Total current assets
|
| | | | | | | 18,666,359 | | | | | | 21,177,275 | | | | | | 3,161,684 | | |
Investments in equity investees
|
| | | | | | | 3,730,448 | | | | | | 3,893,799 | | | | | | 581,329 | | |
Property and equipment, net
|
| |
3
|
| | | | 24,929,897 | | | | | | 26,848,485 | | | | | | 4,008,373 | | |
Land use rights, net
|
| | | | | | | 5,335,549 | | | | | | 5,437,844 | | | | | | 811,849 | | |
Intangible assets, net
|
| | | | | | | 35,634 | | | | | | 32,536 | | | | | | 4,857 | | |
Operating lease right-of-use assets
|
| | | | | | | 897,238 | | | | | | 810,107 | | | | | | 120,946 | | |
Goodwill
|
| | | | | | | 4,241,541 | | | | | | 4,241,541 | | | | | | 633,245 | | |
Deferred tax assets
|
| |
5
|
| | | | 934,848 | | | | | | 900,669 | | | | | | 134,466 | | |
Long-term investment
|
| | | | | | | 1,214,500 | | | | | | 2,360,500 | | | | | | 352,413 | | |
Long-term financing receivables, net
|
| | | | | | | 1,412,956 | | | | | | 1,514,933 | | | | | | 226,174 | | |
Other non-current assets
|
| | | | | | | 762,273 | | | | | | 656,721 | | | | | | 98,046 | | |
Amounts due from related parties-non current
|
| |
8
|
| | | | 611,100 | | | | | | 631,620 | | | | | | 94,298 | | |
TOTAL ASSETS | | | | | | | | 62,772,343 | | | | | | 68,506,030 | | | | | | 10,227,680 | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities (including amounts of the consolidated VIE without recourse to ZTO Express (Cayman) Inc. See Note 2(b))
|
| | | | | | | | | | | | | | | | | | | | | |
Short-term bank borrowings
|
| |
4
|
| | | | 3,458,717 | | | | | | 7,059,620 | | | | | | 1,053,974 | | |
Accounts payable
|
| | | | | | | 1,957,529 | | | | | | 1,910,929 | | | | | | 285,294 | | |
Notes payable
|
| | | | | | | 174,920 | | | | | | 245,000 | | | | | | 36,578 | | |
Advances from customers
|
| | | | | | | 1,226,549 | | | | | | 1,406,445 | | | | | | 209,977 | | |
Income tax payable
|
| | | | | | | 86,789 | | | | | | 145,728 | | | | | | 21,757 | | |
Amounts due to related parties
|
| |
8
|
| | | | 22,786 | | | | | | 43,890 | | | | | | 6,553 | | |
Operating lease liabilities, current
|
| | | | | | | 250,995 | | | | | | 218,634 | | | | | | 32,641 | | |
Acquisition consideration payable
|
| | | | | | | 22,942 | | | | | | — | | | | | | — | | |
| | |
Notes
|
| |
As of
December 31, 2021 |
| |
As of June 30, 2022
|
| ||||||||||||
| | | | | |
RMB
|
| |
RMB
|
| |
US$
(Note 2) |
| |||||||||
Dividends payable
|
| | | | | | | 708 | | | | | | 15,712 | | | | | | 2,346 | | |
Other current liabilities
|
| | | | | | | 5,794,380 | | | | | | 5,931,378 | | | | | | 885,528 | | |
Total current liabilities
|
| | | | | | | 12,996,315 | | | | | | 16,977,336 | | | | | | 2,534,648 | | |
Deferred tax liabilities
|
| |
5
|
| | | | 292,356 | | | | | | 272,399 | | | | | | 40,668 | | |
Non-current operating lease liabilities
|
| | | | | | | 556,091 | | | | | | 518,552 | | | | | | 77,418 | | |
TOTAL LIABILITIES | | | | | | | | 13,844,762 | | | | | | 17,768,287 | | | | | | 2,652,734 | | |
Commitments and contingencies (Note 9) | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity | | | | | | | | | | | | | | | | | | | | | | |
Ordinary shares (US$0.0001 par value;
10,000,000,000 shares authorized; 826,943,309 shares issued and 808,448,289 shares outstanding as of December 31, 2021; 826,943,309 shares issued and 809,733,116 shares outstanding as of June 30, 2022) |
| | | | | | | 535 | | | | | | 535 | | | | | | 80 | | |
Additional paid-in capital
|
| | | | | | | 28,229,026 | | | | | | 27,090,866 | | | | | | 4,044,560 | | |
Treasury shares, at cost (11,683,474 and 11,185,518
shares as of December 31, 2021 and June 30, 2022, respectively) |
| | | | | | | (2,067,009) | | | | | | (1,977,983) | | | | | | (295,305) | | |
Retained earnings
|
| | | | | | | 22,716,799 | | | | | | 25,361,886 | | | | | | 3,786,430 | | |
Accumulated other comprehensive loss
|
| | | | | | | (242,104) | | | | | | (156,961) | | | | | | (23,434) | | |
ZTO Express (Cayman) Inc. shareholders’ equity | | | | | | | | 48,637,247 | | | | | | 50,318,343 | | | | | | 7,512,331 | | |
Non-controlling interests | | | | | | | | 290,334 | | | | | | 419,400 | | | | | | 62,615 | | |
Total Equity | | | | | | | | 48,927,581 | | | | | | 50,737,743 | | | | | | 7,574,946 | | |
TOTAL LIABILITIES AND EQUITY | | | | | | | | 62,772,343 | | | | | | 68,506,030 | | | | | | 10,227,680 | | |
|
| | | | | |
Six months ended June 30,
|
| |||||||||||||||
| | |
Notes
|
| |
2021
|
| |
2022
|
| ||||||||||||
| | | | | |
RMB
|
| |
RMB
|
| |
US$
(Note 2) |
| |||||||||
Revenues (including related party revenue of RMB28,357 and
RMB561,809 for the six months ended June 30, 2021 and 2022, respectively) |
| | | | | | | 13,797,597 | | | | | | 16,560,727 | | | | | | 2,472,451 | | |
Cost of revenues (including related party cost of revenues of RMB199,982 and RMB260,663 for the six months ended June 30, 2021 and 2022, respectively)
|
| | | | | | | (11,027,422) | | | | | | (12,738,426) | | | | | | (1,901,797) | | |
Gross profit | | | | | | | | 2,770,175 | | | | | | 3,822,301 | | | | | | 570,654 | | |
Operating (expenses)/income | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | | | | (1,014,230) | | | | | | (1,075,106) | | | | | | (160,509) | | |
Other operating income, net
|
| | | | | | | 332,590 | | | | | | 354,612 | | | | | | 52,942 | | |
Total operating expenses
|
| | | | | | | (681,640) | | | | | | (720,494) | | | | | | (107,567) | | |
Income from operations | | | | | | | | 2,088,535 | | | | | | 3,101,807 | | | | | | 463,087 | | |
Other income/(expenses) | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | | | | | 177,882 | | | | | | 229,588 | | | | | | 34,277 | | |
Interest expense | | | | | | | | (49,380) | | | | | | (82,737) | | | | | | (12,352) | | |
Gain/(loss) from fair value changes of financial
instruments |
| | | | | | | 48,130 | | | | | | (14,456) | | | | | | (2,158) | | |
Foreign currency exchange (loss)/gain | | | | | | | | (26,084) | | | | | | 106,940 | | | | | | 15,966 | | |
Income before income tax and share of loss in equity method investments
|
| | | | | | | 2,239,083 | | | | | | 3,341,142 | | | | | | 498,820 | | |
Income tax expense
|
| |
5
|
| | | | (404,497) | | | | | | (693,424) | | | | | | (103,525) | | |
Share of loss in equity method investments
|
| | | | | | | (28,835) | | | | | | (13,492) | | | | | | (2,014) | | |
Net income | | | | | | | | 1,805,751 | | | | | | 2,634,226 | | | | | | 393,281 | | |
Net loss attributable to non-controlling interests
|
| | | | | | | 20,046 | | | | | | 77,225 | | | | | | 11,529 | | |
Net income attributable to ZTO Express (Cayman) Inc. | | | | | | | | 1,825,797 | | | | | | 2,711,451 | | | | | | 404,810 | | |
Net income attributable to ordinary shareholders | | | | | | | | 1,825,797 | | | | | | 2,711,451 | | | | | | 404,810 | | |
Net earnings per share attributable to ordinary
shareholders |
| |
7
|
| | | | | | | | | | | | | | | | | | |
Basic
|
| | | | | | | 2.21 | | | | | | 3.35 | | | | | | 0.5 | | |
Diluted
|
| | | | | | | 2.21 | | | | | | 3.35 | | | | | | 0.5 | | |
Weighted average shares used in calculating net earnings per ordinary share
|
| | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | | | | 827,755,090 | | | | | | 809,214,926 | | | | | | 809,214,926 | | |
Diluted
|
| | | | | | | 827,755,090 | | | | | | 809,214,926 | | | | | | 809,214,926 | | |
| |
|
| |
|
| |
|
| |
|
| ||||||||||
Net income | | | | | | | | 1,805,751 | | | | | | 2,634,226 | | | | | | 393,281 | | |
Other comprehensive (loss)/income, net of tax of nil | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | | | | (84,260) | | | | | | 85,143 | | | | | | 12,712 | | |
Comprehensive income | | | | | | | | 1,721,491 | | | | | | 2,719,369 | | | | | | 405,993 | | |
Comprehensive loss attributable to non-controlling
interests |
| | | | | | | 20,046 | | | | | | 77,225 | | | | | | 11,529 | | |
Comprehensive income attributable to ZTO
Express(Cayman) Inc. |
| | | | | | | 1,741,537 | | | | | | 2,796,594 | | | | | | 417,522 | | |
| | |
ZTO EXPRESS (CAYMAN) INC. Shareholders’ Equity
|
| | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||
| | |
Ordinary shares
|
| |
Additional
paid-in capital |
| |
Treasury
shares, at cost |
| |
Retained
earnings |
| |
Accumulated
other comprehensive loss |
| |
Total
|
| |
Non-controlling
interests |
| |
Total
Equity |
| ||||||||||||||||||||||||||||||
| | |
Number of
outstanding shares |
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||||||||||||||
Balance at January 1, 2021 | | | | | 828,869,972 | | | | | | 553 | | | | | | 30,613,948 | | | | | | (2,578,870) | | | | | | 21,038,753 | | | | | | (95,571) | | | | | | 48,978,813 | | | | | | 120,885 | | | | | | 49,099,698 | | |
Net income/(loss) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,825,797 | | | | | | — | | | | | | 1,825,797 | | | | | | (20,046) | | | | | | 1,805,751 | | |
Foreign currency translation adjustments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (84,260) | | | | | | (84,260) | | | | | | — | | | | | | (84,260) | | |
Acquisition of non-controlling
interests of subsidiaries |
| | | | — | | | | | | — | | | | | | (16,301) | | | | | | — | | | | | | — | | | | | | — | | | | | | (16,301) | | | | | | (47,028) | | | | | | (63,329) | | |
Share-based compensation and
ordinary shares issued for share- based compensation |
| | | | 1,161,362 | | | | | | — | | | | | | 229,052 | | | | | | 49,496 | | | | | | (30,521) | | | | | | — | | | | | | 248,027 | | | | | | — | | | | | | 248,027 | | |
Repurchase of ordinary shares | | | | | (3,028,386) | | | | | | — | | | | | | — | | | | | | (549,985) | | | | | | — | | | | | | — | | | | | | (549,985) | | | | | | — | | | | | | (549,985) | | |
Non-controlling interest recognized
from partial disposal |
| | | | — | | | | | | — | | | | | | 1,850 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,850 | | | | | | 11,083 | | | | | | 12,933 | | |
Capital contribution from non-controlling interest holders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 44,541 | | | | | | 44,541 | | |
Distribution of dividends | | | | | — | | | | | | — | | | | | | (1,345,157) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,345,157) | | | | | | — | | | | | | (1,345,157) | | |
Cancellation of ordinary shares | | | | | — | | | | | | (7) | | | | | | (387,311) | | | | | | 1,060,855 | | | | | | (673,537) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Balance at June 30, 2021 | | | | | 827,002,948 | | | | | | 546 | | | | | | 29,096,081 | | | | | | (2,018,504) | | | | | | 22,160,492 | | | | | | (179,831) | | | | | | 49,058,784 | | | | | | 109,435 | | | | | | 49,168,219 | | |
| | |
ZTO EXPRESS (CAYMAN) INC. Shareholders’ Equity
|
| | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||
| | |
Ordinary shares
|
| |
Additional
paid-in capital |
| |
Treasury
shares, at cost |
| |
Retained
earnings |
| |
Accumulated
other comprehensive (loss)/income |
| |
Total
|
| |
Non-controlling
interests |
| |
Total
Equity |
| ||||||||||||||||||||||||||||||
| | |
Number of
outstanding shares |
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||||||||||||||||||||
Balance at January 1, 2022 | | | | | 808,448,289 | | | | | | 535 | | | | | | 28,229,026 | | | | | | (2,067,009) | | | | | | 22,716,799 | | | | | | (242,104) | | | | | | 48,637,247 | | | | | | 290,334 | | | | | | 48,927,581 | | |
Net income/(loss) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,711,451 | | | | | | — | | | | | | 2,711,451 | | | | | | (77,225) | | | | | | 2,634,226 | | |
Foreign currency translation adjustments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 85,143 | | | | | | 85,143 | | | | | | — | | | | | | 85,143 | | |
Acquisition of non-controlling interests of subsidiaries
|
| | | | — | | | | | | — | | | | | | (5,060) | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,060) | | | | | | (34,069) | | | | | | (39,129) | | |
Share-based compensation and ordinary shares issued for share based compensation
|
| | | | 1,284,827 | | | | | | — | | | | | | 156,318 | | | | | | 89,026 | | | | | | (66,364) | | | | | | — | | | | | | 178,980 | | | | | | — | | | | | | 178,980 | | |
Non-controlling interest recognized
from partial disposal |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 49,159 | | | | | | 49,159 | | |
Capital contribution from non-controlling interest holders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 191,201 | | | | | | 191,201 | | |
Distribution of dividends | | | | | — | | | | | | — | | | | | | (1,289,418) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,289,418) | | | | | | — | | | | | | (1,289,418) | | |
Balance at June 30, 2022 | | | | | 809,733,116 | | | | | | 535 | | | | | | 27,090,866 | | | | | | (1,977,983) | | | | | | 25,361,886 | | | | | | (156,961) | | | | | | 50,318,343 | | | | | | 419,400 | | | | | | 50,737,743 | | |
| | |
Six months ended June 30,
|
| |||||||||||||||
| | |
2021
|
| |
2022
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
(Note 2) |
| |||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | |
Net cash provided by operating activities
|
| | | | 2,409,357 | | | | | | 4,886,147 | | | | | | 729,483 | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (3,960,992) | | | | | | (3,243,620) | | | | | | (484,260) | | |
Purchases of land use rights
|
| | | | (544,074) | | | | | | (93,018) | | | | | | (13,887) | | |
Investments in equity investees
|
| | | | (185,187) | | | | | | (85,000) | | | | | | (12,690) | | |
Purchases of short-term investments
|
| | | | (10,477,021) | | | | | | (4,608,177) | | | | | | (687,983) | | |
Maturity of short-term investments
|
| | | | 11,050,276 | | | | | | 2,254,609 | | | | | | 336,604 | | |
Purchases of long-term investment
|
| | | | (305,000) | | | | | | (1,430,000) | | | | | | (213,493) | | |
Maturity of long-term investment
|
| | | | — | | | | | | 284,000 | | | | | | 42,400 | | |
Loan to employees
|
| | | | (237,315) | | | | | | (58,893) | | | | | | (8,792) | | |
Others
|
| | | | 102,855 | | | | | | 55,730 | | | | | | 8,320 | | |
Net cash used in investing activities
|
| | | | (4,556,458) | | | | | | (6,924,369) | | | | | | (1,033,781) | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | |
Proceeds from short-term borrowing
|
| | | | 3,360,405 | | | | | | 4,594,520 | | | | | | 685,944 | | |
Repayment of short-term borrowing
|
| | | | (1,401,862) | | | | | | (1,040,457) | | | | | | (155,336) | | |
Repurchase of ordinary shares
|
| | | | (549,985) | | | | | | — | | | | | | — | | |
Proceeds from non-controlling interest recognized from partial disposal
|
| | | | 12,933 | | | | | | 26,217 | | | | | | 3,914 | | |
Proceeds from capital contribution from non-controlling interest shareholder
|
| | | | 44,541 | | | | | | 191,201 | | | | | | 28,545 | | |
Payment of dividends
|
| | | | (1,352,241) | | | | | | (1,308,611) | | | | | | (195,370) | | |
Others
|
| | | | (63,329) | | | | | | (39,357) | | | | | | (5,876) | | |
Net cash provided by financing activities | | | | | 50,462 | | | | | | 2,423,513 | | | | | | 361,821 | | |
Effect of exchange rate changes on cash, cash equivalents and restricted
cash |
| | | | (100,613) | | | | | | 172,835 | | | | | | 25,803 | | |
Net change in cash, cash equivalents and restricted cash
|
| | | | (2,197,252) | | | | | | 558,126 | | | | | | 83,326 | | |
Cash, cash equivalents and restricted cash at beginning of period
|
| | | | 14,360,092 | | | | | | 9,769,361 | | | | | | 1,458,527 | | |
Cash, cash equivalents and restricted cash at end of period
|
| | | | 12,162,840 | | | | | | 10,327,487 | | | | | | 1,541,853 | | |
| | |
As of June 30,
|
| |||||||||||||||
| | |
2021
|
| |
2022
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
(Note 2) |
| |||||||||
Cash and cash equivalents | | | | | 12,098,453 | | | | | | 9,927,765 | | | | | | 1,482,176 | | |
Restricted cash | | | | | 51,716 | | | | | | 384,912 | | | | | | 57,466 | | |
Restricted cash, non-current(1) | | | | | 12,671 | | | | | | 14,810 | | | | | | 2,211 | | |
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows
|
| | | | 12,162,840 | | | | | | 10,327,487 | | | | | | 1,541,853 | | |
| | |
As of
December 31, 2021 |
| |
As of June 30, 2022
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Assets | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | | 930,942 | | | | | | 1,070,419 | | | | | | 159,809 | | |
Accounts receivable, net | | | | | 671,277 | | | | | | 561,073 | | | | | | 83,766 | | |
Financing receivables, net | | | | | 977,920 | | | | | | 803,412 | | | | | | 119,946 | | |
Short-term investment | | | | | 320,000 | | | | | | 670,000 | | | | | | 100,028 | | |
Inventories | | | | | 30,214 | | | | | | 21,989 | | | | | | 3,283 | | |
Advances to suppliers | | | | | 55,013 | | | | | | 55,984 | | | | | | 8,358 | | |
Prepayments and other current assets | | | | | 1,924,196 | | | | | | 1,393,637 | | | | | | 208,065 | | |
Amounts due from related parties(1) | | | | | 440,190 | | | | | | 5,868,997 | | | | | | 876,218 | | |
Total current assets | | | | | 5,349,752 | | | | | | 10,445,511 | | | | | | 1,559,473 | | |
Investments in equity investees | | | | | 300,380 | | | | | | 347,454 | | | | | | 51,874 | | |
Property and equipment, net | | | | | 5,866,534 | | | | | | 5,983,268 | | | | | | 893,278 | | |
Land use rights, net | | | | | 1,194,308 | | | | | | 1,179,776 | | | | | | 176,136 | | |
Operating lease right-of-use assets | | | | | 870,831 | | | | | | 754,941 | | | | | | 112,710 | | |
Goodwill | | | | | 4,157,111 | | | | | | 4,157,111 | | | | | | 620,640 | | |
Deferred tax assets | | | | | 650,709 | | | | | | 733,337 | | | | | | 109,484 | | |
Long-term investment | | | | | — | | | | | | 600,000 | | | | | | 89,578 | | |
Long-term financing receivables, net | | | | | 1,117,003 | | | | | | 1,269,667 | | | | | | 189,556 | | |
Other non-current assets | | | | | 384,630 | | | | | | 430,816 | | | | | | 64,319 | | |
Total assets | | | | | 19,891,258 | | | | | | 25,901,881 | | | | | | 3,867,048 | | |
Liabilities | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | |
Short-term bank borrowings | | | | | 2,821,457 | | | | | | 5,720,000 | | | | | | 853,974 | | |
Accounts payable | | | | | 1,556,649 | | | | | | 1,421,204 | | | | | | 212,180 | | |
Notes payable | | | | | 129,920 | | | | | | — | | | | | | — | | |
Advances from customers | | | | | 1,213,797 | | | | | | 1,394,920 | | | | | | 208,256 | | |
Income tax payable | | | | | — | | | | | | 12,330 | | | | | | 1,841 | | |
Amounts due to related parties | | | | | 14,434 | | | | | | 41,625 | | | | | | 6,214 | | |
Operating lease liabilities, current | | | | | 238,973 | | | | | | 204,664 | | | | | | 30,556 | | |
Other current liabilities | | | | | 2,555,280 | | | | | | 4,544,369 | | | | | | 678,456 | | |
Total current liabilities | | | | | 8,530,510 | | | | | | 13,339,112 | | | | | | 1,991,477 | | |
Non-current operating lease liabilities | | | | | 533,740 | | | | | | 485,447 | | | | | | 72,475 | | |
Deferred tax liabilities | | | | | 112,543 | | | | | | 104,860 | | | | | | 15,655 | | |
Total liabilities | | | | | 9,176,793 | | | | | | 13,929,419 | | | | | | 2,079,607 | | |
| | |
Six months ended June 30,
|
| |||||||||||||||
| | |
2021
|
| |
2022
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Total revenue | | | | | 13,365,661 | | | | | | 16,234,689 | | | | | | 2,423,775 | | |
Net income(1) | | | | | 381,265 | | | | | | 1,296,627 | | | | | | 193,581 | | |
Net cash used in operating activities(2) | | | | | (1,382,221) | | | | | | (2,290,008) | | | | | | (341,889) | | |
Net cash used in investing activities | | | | | (533,004) | | | | | | (469,058) | | | | | | (70,029) | | |
Net cash provided by financing activities | | | | | 1,958,543 | | | | | | 2,898,543 | | | | | | 432,741 | | |
Net increase in cash and cash equivalents | | | | | 43,318 | | | | | | 139,477 | | | | | | 20,823 | | |
Cash and cash equivalents and restricted cash at beginning of period
|
| | | | 776,725 | | | | | | 930,942 | | | | | | 138,986 | | |
Cash and cash equivalents and restricted cash at end of period | | | | | 820,043 | | | | | | 1,070,419 | | | | | | 159,809 | | |
| | |
Six months ended June 30,
|
| |||||||||||||||||||||||||||
| | |
2021
|
| |
2022
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |||||||||||||||
Express delivery services | | | | | 12,325,745 | | | | | | 89.3 | | | | | | 15,151,869 | | | | | | 2,262,114 | | | | | | 91.5 | | |
Freight forwarding services | | | | | 806,540 | | | | | | 5.8 | | | | | | 661,044 | | | | | | 98,691 | | | | | | 4.0 | | |
Sale of accessories | | | | | 574,311 | | | | | | 4.2 | | | | | | 631,754 | | | | | | 94,318 | | | | | | 3.8 | | |
Others | | | | | 91,001 | | | | | | 0.7 | | | | | | 116,060 | | | | | | 17,328 | | | | | | 0.7 | | |
Total revenues | | | | | 13,797,597 | | | | | | 100.0 | | | | | | 16,560,727 | | | | | | 2,472,451 | | | | | | 100.0 | | |
| | |
As of
December 31, 2021 |
| |
As of June 30, 2022
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Buildings | | | | | 11,728,192 | | | | | | 13,233,985 | | | | | | 1,975,782 | | |
Machinery and equipment | | | | | 6,378,741 | | | | | | 6,801,804 | | | | | | 1,015,483 | | |
Leasehold improvements | | | | | 769,215 | | | | | | 871,189 | | | | | | 130,065 | | |
Vehicles | | | | | 6,184,635 | | | | | | 6,161,493 | | | | | | 919,887 | | |
Furniture, office and electric equipment | | | | | 765,551 | | | | | | 777,509 | | | | | | 116,079 | | |
Construction in progress | | | | | 5,571,941 | | | | | | 6,661,574 | | | | | | 994,546 | | |
Total | | | | | 31,398,275 | | | | | | 34,507,554 | | | | | | 5,151,842 | | |
Accumulated depreciation | | | | | (6,468,378) | | | | | | (7,659,069) | | | | | | (1,143,469) | | |
Property and equipment, net | | | | | 24,929,897 | | | | | | 26,848,485 | | | | | | 4,008,373 | | |
| | |
As of
December 31, 2021 |
| |
As of June 30, 2022
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
The PRC domestic commercial banks | | | | | 2,821,457 | | | | | | 5,720,000 | | | | | | 853,974 | | |
Oversea commercial banks | | | | | 637,260 | | | | | | 1,339,620 | | | | | | 200,000 | | |
Total | | | | | 3,458,717 | | | | | | 7,059,620 | | | | | | 1,053,974 | | |
| | |
Six months ended June 30,
|
| |||||||||||||||
| | |
2021
|
| |
2022
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Current tax expenses | | | | | 599,244 | | | | | | 679,202 | | | | | | 101,402 | | |
Deferred tax (benefits)/expenses | | | | | (194,747) | | | | | | 14,222 | | | | | | 2,123 | | |
Total | | | | | 404,497 | | | | | | 693,424 | | | | | | 103,525 | | |
| | |
Six months ended June 30,
|
| |||||||||||||||
| | |
2021
|
| |
2022
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Numerator: | | | | | | | | | | | | | | | | | | | |
Net income attributable to ordinary shareholders in computing basic and diluted earnings per share
|
| | | | 1,825,797 | | | | | | 2,711,451 | | | | | | 404,810 | | |
Shares (Denominator): | | | | | | | | | | | | | | | | | | | |
Weight average ordinary shares outstanding – basic | | | | | 827,755,090 | | | | | | 809,214,926 | | | | | | 809,214,926 | | |
Weight average ordinary shares outstanding – diluted | | | | | 827,755,090 | | | | | | 809,214,926 | | | | | | 809,214,926 | | |
Earnings per share – basic
|
| | | | 2.21 | | | | | | 3.35 | | | | | | 0.5 | | |
Earnings per share – diluted
|
| | | | 2.21 | | | | | | 3.35 | | | | | | 0.5 | | |
Name of related parties
|
| |
Relationship with the Company
|
|
Tonglu Tongze Logistics Ltd. and its subsidiaries | | | Majority equity interests held by the employees of the Company | |
Shanghai Mingyu Barcode Technology Ltd. | | |
Controlled by brother of chairman of the Company
|
|
Shanghai Kuaibao Network Technology Ltd. | | | The Company’s equity investee | |
ZTO Supply Chain Management Co., Ltd. and its subsidiaries | | | The Company’s equity investee | |
ZTO Cloud Warehouse Technology Co., Ltd. and its subsidiaries | | | The Company’s equity investee | |
ZTO Yun Leng Network Technology
(Zhejiang) Co., Ltd. and its subsidiaries |
| | The Company’s equity investee | |
Zhejiang Tongyu Intelligent Industry
Development Co., Ltd. |
| | The Company’s equity investee | |
Zhongkuai (Tonglu) Future City Industrial Development Co.,Ltd | | | Controlled by chairman of the Company | |
Youmi Technology (Zhejiang) Co., Ltd. | | | The Company’s equity investee | |
Tonglu Antong Enterprise Management Partnership and its subsidiaries | | | The Company’s equity investee | |
Tuxi Honor Holding Limited | | |
Controlled by brother of chairman of the Company
|
|
ZTO Freight (Cayman) Inc. and its subsidiaries | | | The Company’s equity investee | |
| | |
Six months ended June 30,
|
| |||||||||||||||
Transactions
|
| |
2021
|
| |
2022
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Revenues: | | | | | | | | | | | | | | | | | | | |
Transportation revenue from ZTO Cloud Warehouse Technology Co., Ltd. and its subsidiaries
|
| | | | 26,642 | | | | | | 201,871 | | | | | | 30,139 | | |
Express delivery service revenue derived from Tonglu Antong Enterprise Management Partnership and its subsidiaries
|
| | | | — | | | | | | 308,503 | | | | | | 46,058 | | |
Others | | | | | 1,715 | | | | | | 51,435 | | | | | | 7,679 | | |
| | | | | 28,357 | | | | | | 561,809 | | | | | | 83,876 | | |
Cost of revenues: | | | | | | | | | | | | | | | | | | | |
Transportation service fees paid to Tonglu Tongze Logistics Ltd. and its subsidiaries
|
| | | | 50,374 | | | | | | 127 | | | | | | 19 | | |
Transportation service fees paid to ZTO Supply Chain Management Co., Ltd. and its subsidiaries
|
| | | | 39,326 | | | | | | 47,247 | | | | | | 7,054 | | |
Transportation service fees paid to ZTO Freight (Cayman) Inc. and its subsidiaries
|
| | | | — | | | | | | 31,743 | | | | | | 4,739 | | |
Transportation service fees paid to ZTO Yun Leng Network Technology (Zhejiang) Co., Ltd. and its subsidiaries
|
| | | | — | | | | | | 29,756 | | | | | | 4,442 | | |
Purchases of supplies from Shanghai Mingyu Barcode Technology Ltd. | | | | | 98,937 | | | | | | 117,462 | | | | | | 17,537 | | |
Others | | | | | 11,345 | | | | | | 34,328 | | | | | | 5,125 | | |
| | | | | 199,982 | | | | | | 260,663 | | | | | | 38,916 | | |
Other operating income: | | | | | | | | | | | | | | | | | | | |
Rental income from ZTO Supply Chain Management Co., Ltd. and its subsidiaries
|
| | | | 18,189 | | | | | | 6,892 | | | | | | 1,029 | | |
Rental income from ZTO Cloud Warehouse Technology Co., Ltd. and its subsidiaries
|
| | | | 16,117 | | | | | | 11,474 | | | | | | 1,713 | | |
Others | | | | | 5,924 | | | | | | 4,683 | | | | | | 699 | | |
| | | | | 40,230 | | | | | | 23,049 | | | | | | 3,441 | | |
Other income: | | | | | | | | | | | | | | | | | | | |
Interest income derived from Zhongkuai (Tonglu) Future City Industrial Development Co., Ltd
|
| | | | 19,811 | | | | | | 16,981 | | | | | | 2,535 | | |
Others | | | | | 66 | | | | | | 2,657 | | | | | | 397 | | |
| | | | | 19,877 | | | | | | 19,638 | | | | | | 2,932 | | |
| | |
As of
December 31, |
| |
As of June 30,
|
| ||||||||||||
| | |
2021
|
| |
2022
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Amounts due to related parties | | | | | | | | | | | | | | | | | | | |
Shanghai Mingyu Barcode Technology Ltd.
|
| | | | 3,049 | | | | | | 9,577 | | | | | | 1,430 | | |
ZTO Supply Chain Management Co., Ltd. and its subsidiaries
|
| | | | 9,983 | | | | | | 10,211 | | | | | | 1,524 | | |
Tonglu Antong Enterprise Management Partnership and its
subsidiaries |
| | | | 9,751 | | | | | | 24,099 | | | | | | 3,598 | | |
Others
|
| | | | 3 | | | | | | 3 | | | | | | 1 | | |
Total | | | | | 22,786 | | | | | | 43,890 | | | | | | 6,553 | | |
| | |
As of
December 31, |
| |
As of June 30,
|
| ||||||||||||
| | |
2021
|
| |
2022
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||
Amounts due from related parties | | | | | | | | | | | | | | | | | | | |
ZTO Cloud Warehouse Technology Co., Ltd. and its subsidiaries(1)
|
| | | | 41,118 | | | | | | 45,616 | | | | | | 6,810 | | |
Tonglu Tongze Logistics Ltd. and its subsidiaries
|
| | | | 22,262 | | | | | | 21,160 | | | | | | 3,159 | | |
Youmi Technology (Zhejiang) Co., Ltd(5)
|
| | | | 14,494 | | | | | | 7,545 | | | | | | 1,126 | | |
Zhongtong Yunleng Network Technology (Zhejiang) Co., Ltd. and its
subsidiaries(2) |
| | | | 49,501 | | | | | | 49,992 | | | | | | 7,464 | | |
Shanghai Kuaibao Network Technology Ltd.(3)
|
| | | | 6,510 | | | | | | 6,600 | | | | | | 985 | | |
Others
|
| | | | 105 | | | | | | 2,449 | | | | | | 366 | | |
Total | | | | | 133,990 | | | | | | 133,362 | | | | | | 19,910 | | |
Amounts due from related parties-non current | | | | | | | | | | | | | | | | | | | |
Zhongkuai (Tonglu) Future City Industrial Development Co., Ltd(4)
|
| | | | 539,000 | | | | | | 557,000 | | | | | | 83,158 | | |
Zhejiang Tongyu Intelligent Industry Development Co., Ltd.(4)
|
| | | | 72,100 | | | | | | 74,620 | | | | | | 11,140 | | |
Total | | | | | 611,100 | | | | | | 631,620 | | | | | | 94,298 | | |