$ZTO

ZTO Express (Cayman) Inc.

CIK:0001677250|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Revenues (including related party revenue of RMB594,859, RMB314,005 and RMB418,557 for the years ended December 31, 2023, 2024 and 2025, respectively)	¥ 49,098,667	$ 7,021,016	¥ 44,280,720	¥ 38,418,915
Cost of revenues (including related party cost of revenues of RMB1,351,977, RMB1,315,905and RMB1,255,195 for the years ended December 31, 2023, 2024 and 2025, respectively)	(36,827,226)	(5,266,223)	(30,563,628)	(26,756,389)
Gross profit	12,271,441	1,754,793	13,717,092	11,662,526
Operating (expenses)/income
Selling, general and administrative	(2,637,560)	(377,166)	(2,690,017)	(2,425,253)
Other operating income, net	840,980	120,259	749,784	770,651
Total operating expenses	(1,796,580)	(256,907)	(1,940,233)	(1,654,602)
Income from operations	10,474,861	1,497,886	11,776,859	10,007,924
Other income/(expenses)
Interest income	747,072	106,830	993,535	706,765
Interest expense	(248,612)	(35,551)	(337,919)	(289,533)
Gain from fair value changes of financial instruments	126,038	18,023	202,886	164,517
Gain/(loss) on disposal of equity investees, subsidiaries and others	37,034	5,296	(10,518)	5,485
Impairment of investment in equity investees \| ¥			(931,367)
Impairment of goodwill	(84,431)	(12,073)	0	0
Foreign currency exchange gain/(loss)	1,542	221	(17,930)	93,543
Income before income tax and share of gain in equity method investments	11,053,504	1,580,632	11,675,546	10,688,701
Income tax expense	(1,905,236)	(272,445)	(2,845,361)	(1,938,600)
Share of income in equity method investments	87,393	12,497	57,410	4,356
Net income	9,235,661	1,320,684	8,887,595	8,754,457
Net income attributable to non-controlling interests	(155,010)	(22,166)	(70,760)	(5,453)
Net income attributable to ZTO Express (Cayman) Inc.	9,080,651	1,298,518	8,816,835	8,749,004
Net income attributable to ordinary shareholders	¥ 9,080,651	$ 1,298,518	¥ 8,816,835	¥ 8,749,004
Net earnings per share attributable to ordinary shareholders
Basic \| (per share)	¥ 11.38	$ 1.63	¥ 10.95	¥ 10.83
Diluted \| (per share)	¥ 11.19	$ 1.6	¥ 10.7	¥ 10.6
Weighted average shares used in calculating net earnings per ordinary share
Basic	797,634,860	797,634,860	804,875,816	807,739,616
Diluted	820,802,763	820,802,763	838,441,916	838,948,683
Net income	¥ 9,235,661	$ 1,320,684	¥ 8,887,595	¥ 8,754,457
Other comprehensive (loss)/income, net of tax of nil
Foreign currency translation adjustment	13,428	1,920	(103,970)	(104,052)
Comprehensive income	9,249,089	1,322,604	8,783,625	8,650,405
Comprehensive income attributable to non-controlling interests	(155,010)	(22,166)	(70,760)	(5,453)
Comprehensive income attributable to ZTO Express (Cayman) Inc.	¥ 9,094,079	$ 1,300,438	¥ 8,712,865	¥ 8,644,952

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Operating activities
Net income	¥ 9,235,661	$ 1,320,684	¥ 8,887,595	¥ 8,754,457
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation	229,250	32,782	318,692	254,976
Depreciation and amortization	3,379,478	483,259	3,023,406	2,875,209
Loss on disposal of property and equipment	71,351	10,203	152,400	10,160
Loss on disposal of land use rights			26,809
Impairment of property and equipment	46,000	6,578	23,152	76,616
Provision for credit losses	66,795	9,552	114,686	142,131
Amortization of issuance cost of convertible senior notes	28,606	4,091	42,518	40,473
Deferred income tax	(536,227)	(76,679)	292,542	157,782
(Gain)/loss on disposal of equity investees, subsidiaries and others	(37,034)	(5,296)	10,518	(5,485)
Impairment of goodwill	84,431	12,073	0	0
Impairment of investment in equity investees			931,367
Share of income in equity method investments	(87,393)	(12,497)	(57,410)	(4,356)
Gain of fair value changes of financial instruments	(126,038)	(18,023)	(202,886)	(164,517)
Foreign currency exchange loss/(gain)	(1,542)	(221)	17,930	(93,543)
Changes in operating assets and liabilities:
Accounts receivable	229,042	32,753	(941,506)	244,416
Financing receivables	493,191	70,525	(47,032)	(179,780)
Inventories	(2,079)	(297)	(10,495)	12,463
Advances to suppliers	70,286	10,051	38,360	27,578
Prepayments and other current assets	(730,266)	(104,427)	(549,154)	(753,431)
Amounts due from related parties	(1,848)	(264)	26,313	89,695
Operating lease right-of-use assets	168,234	24,057	105,877	57,665
Long-term financing receivables	(218,006)	(31,174)	86,935	323,437
Other non-current assets	232,187	33,202	(216,371)	(103,587)
Accounts payable	85,604	12,241	(93,615)	364,578
Advances from customers	264,360	37,803	(180,580)	371,036
Amounts due to related parties	(90,629)	(12,960)	(31,917)	185,545
Income tax payable	(200,243)	(28,634)	155,632	109,106
Operating lease liabilities	(160,046)	(22,886)	(81,042)	(9,469)
Other current liabilities	(524,706)	(75,035)	(413,288)	577,812
Net cash provided by operating activities	11,968,419	1,711,461	11,429,436	13,360,967
Cash flows from investing activities
Purchases of property and equipment	(5,214,279)	(745,632)	(5,208,156)	(6,528,833)
Purchases of land use rights	(860,089)	(122,991)	(693,973)	(140,948)
Purchases of short-term investment	(15,108,228)	(2,160,448)	(13,732,405)	(11,261,190)
Maturity of short-term investment	16,565,265	2,368,801	15,705,822	9,798,273
Purchases of long-term investment	(1,360,000)	(194,477)	(3,918,647)	(10,090,353)
Maturity of long-term investment	252	36	836,137	5,240,732
Investments in equity investees	(18,009)	(2,575)	(52,444)
Cash returned from the investments in equity investees	686,293	98,139
Net cash received from disposal of equity investees	107	15	719,777	413,931
Acquisition of subsidiaries, net of cash acquired	(86,931)	(12,431)
Net cash in (out) in relation to disposal of a subsidiary	220,406	31,518	(3,179)	62,998
Collection of amounts due from related parties	145,000	20,735	170,000	6,600
Loan to employees	(63,242)	(9,043)	(128,681)	(66,590)
Collection of loan to employees	68,680	9,821	160,655	169,049
Proceeds from disposal of property and equipment and others	197,669	28,265	164,370	143,580
Net cash used in investing activities	(4,827,106)	(690,267)	(5,980,724)	(12,252,751)
Cash flows from financing activities
Proceeds from short-term borrowings	18,322,010	2,620,013	19,712,958	12,279,050
Repayment of short-term borrowings	(16,899,802)	(2,416,641)	(17,965,557)	(9,924,563)
Proceeds from long-term borrowings	216,000	30,888
Repurchase of ordinary shares	(1,252,741)	(179,140)	(1,157,472)	(1,006,451)
Payment of dividends	(3,755,452)	(537,022)	(5,605,451)	(2,072,509)
Capital contribution from non-controlling interest shareholder	9,092	1,300	20,342	19,348
Payment of subsidiary dividends to non-controlling interests	(24,960)	(3,569)
Acquisition of non-controlling interests of subsidiaries				(64,711)
Net cash used in financing activities	(10,567,203)	(1,511,090)	(4,995,180)	(769,836)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(58,340)	(8,343)	26,105	109,843
Net change in cash, cash equivalents and restricted cash	(3,484,230)	(498,239)	479,637	448,223
Cash, cash equivalents and restricted cash at beginning of year	13,530,947	1,934,900	13,051,310	12,603,087
Cash, cash equivalents and restricted cash at end of year	10,046,717	1,436,661	¥ 13,530,947	¥ 13,051,310
Long-term borrowing
Cash flows from financing activities
Repayment of long-term borrowings and convertible bond	(177,500)	(25,382)
Convertible bond
Cash flows from financing activities
Repayment of long-term borrowings and convertible bond	¥ (7,003,850)	$ (1,001,537)

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets
Cash and cash equivalents	¥ 10,011,533	$ 1,431,630	¥ 13,465,442
Restricted cash	29,129	4,165	37,517
Accounts receivable, net	1,287,475	184,106	1,503,706
Financing receivables, net	674,880	96,507	1,178,617
Short-term investment (including the fair value measured investments of RMB3,533,370 and RMB5,908,915 as of December 31, 2024 and 2025, respectively)	15,620,892	2,233,758	8,848,447
Inventories	40,648	5,813	38,569
Advances to suppliers	719,277	102,855	783,599
Prepayments and other current assets	5,102,997	729,719	4,329,664
Amounts due from related parties	¥ 477,865	$ 68,334	¥ 168,160
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related Party	Related Party	Related Party
Total current assets	¥ 33,964,696	$ 4,856,887	¥ 30,353,721
Investments in equity investees	1,951,910	279,119	1,871,337
Property and equipment, net	35,433,509	5,066,924	33,915,366
Land use rights, net	6,762,240	966,987	6,170,233
Intangible assets, net	52,758	7,544	17,043
Operating lease right-of-use assets	398,082	56,925	566,316
Goodwill	4,157,111	594,459	4,241,541
Deferred tax assets	1,103,655	157,821	984,567
Long-term investment	5,221,110	746,609	12,017,755
Long-term financing receivables, net	1,039,946	148,710	861,453
Other non-current assets	¥ 938,980	$ 134,272	919,331
Amounts due from related parties-non current			¥ 421,667
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related Party	Related Party	Related Party
TOTAL ASSETS	¥ 91,023,997	$ 13,016,257	¥ 92,340,330
Current liabilities (including amounts of the consolidated VIE without recourse to ZTO Express (Cayman) Inc. See Note 2(b))
Short-term bank borrowings	10,934,419	1,563,601	9,513,958
Accounts payable	2,577,229	368,539	2,463,395
Advances from customers	1,833,131	262,134	1,565,147
Income tax payable	279,541	39,974	488,889
Operating lease liabilities, current	139,787	19,989	183,373
Dividends payable	19,659	2,811	14,134
Convertible senior notes			7,270,081
Total current liabilities	22,869,140	3,270,242	28,273,235
Long-term bank borrowings	18,000	2,574
Non-current operating lease liabilities	261,257	37,359	377,717
Deferred tax liabilities	615,073	87,954	1,014,545
Convertible senior notes	124,114	17,748
Total Liabilities	23,887,584	3,415,877	29,665,497
Commitments and contingencies (Note 17)
Shareholders' equity
Ordinary shares (US$0.0001 par value; 10,000,000,000 shares authorized; 810,339,182 shares issued and 798,622,719 shares outstanding as of December 31, 2024; 795,528,169 shares issued and 790,812,316 shares outstanding as of December 31, 2025)	513	73	523
Additional paid-in capital	24,000,698	3,432,054	24,389,905
Treasury shares, at cost (7,774,535 and 1,801,637 shares as of December 31, 2024 and 2025, respectively)	(254,480)	(36,390)	(1,131,895)
Retained earnings	42,918,864	6,137,316	39,098,553
Accumulated other comprehensive loss	(281,266)	(40,220)	(294,694)
ZTO Express (Cayman) Inc. shareholders' equity	66,384,329	9,492,833	62,062,392
Non-controlling interests	752,084	107,547	612,441
Total Equity	67,136,413	9,600,380	62,674,833
TOTAL LIABILITIES AND EQUITY	91,023,997	13,016,257	92,340,330
Related Party
Current assets
Amounts due from related parties	477,865		168,160
Amounts due from related parties-non current			421,667
Current liabilities (including amounts of the consolidated VIE without recourse to ZTO Express (Cayman) Inc. See Note 2(b))
Other current liabilities	796,660	113,921	202,766
Nonrelated Party
Current liabilities (including amounts of the consolidated VIE without recourse to ZTO Express (Cayman) Inc. See Note 2(b))
Other current liabilities	¥ 6,288,714	$ 899,273	¥ 6,571,492