ZTO Express Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	49,099	44,281	38,419	35,377	30,406
Revenue Growth (YoY)	10.88%	15.26%	8.60%	16.35%	20.59%
Cost of Revenue	36,827	30,564	26,756	26,338	23,816
Gross Profit	12,271	13,717	11,663	9,039	6,589
Selling, General & Admin	2,638	2,667	2,349	2,077	1,876
Other Operating Expenses	-840.98	-749.78	-770.65	-774.58	-789.5
Operating Expenses	1,797	1,917	1,578	1,303	1,086
Operating Income	10,475	11,800	10,085	7,736	5,503
Interest Expense	-248.61	-337.92	-289.53	-190.52	-126.5
Interest & Investment Income	747.07	993.54	706.77	503.72	363.89
Earnings From Equity Investments	87.39	57.41	4.36	5.84	-32.42
Currency Exchange Gain (Loss)	1.54	-17.93	93.54	147.25	-56.47
Other Non Operating Income (Expenses)	126.04	202.89	164.52	46.25	52.91
EBT Excluding Unusual Items	11,188	12,698	10,764	8,249	5,704
Impairment of Goodwill	-84.43	-	-	-	-
Gain (Loss) on Sale of Investments	37.03	-941.89	5.49	43.27	2.36
Asset Writedown	-	-23.15	-76.62	-	-
Pretax Income	11,141	11,733	10,693	8,292	5,707
Income Tax Expense	1,905	2,845	1,939	1,633	1,005
Earnings From Continuing Operations	9,236	8,888	8,754	6,659	4,701
Minority Interest in Earnings	-155.01	-70.76	-5.45	150.09	53.5
Net Income	9,081	8,817	8,749	6,809	4,755
Net Income to Common	9,081	8,817	8,749	6,809	4,755
Net Income Growth	2.99%	0.78%	28.49%	43.20%	10.26%
Shares Outstanding (Basic)	798	805	808	809	820
Shares Outstanding (Diluted)	821	838	839	820	820
Shares Change (YoY)	-2.10%	-0.06%	2.28%	0.04%	2.99%
EPS (Basic)	11.38	10.95	10.83	8.41	5.80
EPS (Diluted)	11.19	8.18	10.60	8.36	5.80
EPS Growth	36.87%	-22.88%	26.87%	44.11%	7.05%
Free Cash Flow	11,968	6,221	6,832	4,412	-1,140
Free Cash Flow Per Share	14.58	7.42	8.14	5.38	-1.39
Dividend Per Share	4.826	5.109	4.396	-	-
Dividend Growth	-5.54%	16.22%	-	-	-
Gross Margin	24.99%	30.98%	30.36%	25.55%	21.67%
Operating Margin	21.33%	26.65%	26.25%	21.87%	18.10%
Profit Margin	18.50%	19.91%	22.77%	19.25%	15.64%
Free Cash Flow Margin	24.38%	14.05%	17.78%	12.47%	-3.75%
EBITDA	13,854	14,823	12,960	10,407	7,725
EBITDA Margin	28.22%	33.48%	33.73%	29.42%	25.41%
D&A For EBITDA	3,379	3,023	2,875	2,671	2,222
EBIT	10,475	11,800	10,085	7,736	5,503
EBIT Margin	21.33%	26.65%	26.25%	21.87%	18.10%
Effective Tax Rate	17.10%	24.25%	18.13%	19.70%	17.62%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.