ZTO Express Balance Sheet

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	9,390	13,465	12,334	11,693	9,721	14,213
Short-Term Investments	15,899	9,031	7,559	5,884	2,998	3,767
Cash & Short-Term Investments	25,289	22,496	19,893	17,577	12,719	17,980
Cash Growth	10.35%	13.09%	13.18%	38.19%	-29.26%	9.38%
Accounts Receivable	1,252	1,515	578.37	848.45	976.82	761
Other Receivables	-	402.84	135.1	253.19	194.12	78.67
Receivables	1,988	3,200	1,991	2,284	2,282	1,383
Inventory	48.25	38.57	28.07	40.54	82.96	53.07
Prepaid Expenses	-	93.63	102.44	119.94	133.02	111.42
Restricted Cash	22.85	37.52	686.57	895.48	27.74	133.2
Other Current Assets	5,817	4,488	4,252	3,558	3,421	2,664
Total Current Assets	33,165	30,354	26,954	24,475	18,666	22,325
Property, Plant & Equipment	35,844	34,482	32,853	29,622	25,827	19,441
Long-Term Investments	7,791	13,889	15,626	11,273	4,945	5,066
Goodwill	4,157	4,242	4,242	4,242	4,242	4,242
Other Intangible Assets	6,290	6,187	5,660	5,472	5,371	4,403
Long-Term Deferred Tax Assets	1,039	984.57	879.77	750.1	934.85	720.56
Other Long-Term Assets	720.35	919.33	701.76	816.84	762.27	537.29
Total Assets	90,542	92,340	88,465	78,524	62,772	59,205
Accounts Payable	2,274	2,518	2,611	2,452	2,155	1,979
Accrued Expenses	-	1,952	1,596	1,525	1,437	1,184
Short-Term Debt	11,627	9,514	7,766	5,394	3,459	1,433
Current Portion of Long-Term Debt	-	7,270	-	-	-	-
Current Portion of Leases	152.02	183.37	186.25	229.72	251	246.39
Current Income Taxes Payable	260.21	488.89	333.26	228.42	86.79	48.63
Current Unearned Revenue	1,720	1,565	1,746	1,375	1,227	1,120
Other Current Liabilities	8,040	4,782	5,823	5,201	4,381	3,337
Total Current Liabilities	24,074	28,273	20,061	16,405	12,996	9,348
Long-Term Debt	289.35	-	7,030	6,789	-	-
Long-Term Leases	294.87	377.72	455.88	510.35	556.09	502.48
Long-Term Deferred Tax Liabilities	517.85	1,015	638.2	346.47	292.36	254.99
Total Liabilities	25,176	29,665	28,185	24,051	13,845	10,105
Common Stock	0.52	0.52	0.53	0.54	0.54	0.55
Additional Paid-In Capital	24,361	24,390	24,202	26,718	28,229	30,614
Retained Earnings	41,153	39,099	36,301	29,459	22,717	21,039
Treasury Stock	-548.93	-1,132	-510.99	-2,063	-2,067	-2,579
Comprehensive Income & Other	-258.22	-294.69	-190.72	-86.67	-242.1	-95.57
Total Common Equity	64,707	62,062	59,802	54,029	48,637	48,979
Minority Interest	658.89	612.44	478.66	443.92	290.33	120.89
Shareholders' Equity	65,366	62,675	60,280	54,472	48,928	49,100
Total Liabilities & Equity	90,542	92,340	88,465	78,524	62,772	59,205
Total Debt	12,363	17,345	15,438	12,923	4,266	2,182
Net Cash (Debt)	12,925	5,151	4,455	4,654	8,454	15,798
Net Cash Growth	179.36%	15.62%	-4.26%	-44.95%	-46.49%	1.04%
Net Cash Per Share	15.54	6.14	5.31	5.67	10.31	19.84
Filing Date Shares Outstanding	797.73	798.62	804.72	808.09	809.73	827.13
Total Common Shares Outstanding	797.73	798.62	804.72	809.25	808.45	828.87
Working Capital	9,091	2,080	6,892	8,070	5,670	12,977
Book Value Per Share	81.11	77.71	74.31	66.76	60.16	59.09
Tangible Book Value	54,260	51,634	49,900	44,315	39,025	40,335
Tangible Book Value Per Share	68.02	64.65	62.01	54.76	48.27	48.66
Buildings	-	24,775	21,732	14,996	11,728	6,940
Machinery	-	16,582	15,428	14,281	13,329	11,266
Construction In Progress	-	4,649	4,930	7,373	5,572	4,313
Leasehold Improvements	-	1,174	1,085	923.29	769.22	599.3

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