ZTO Express Balance Sheet

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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
Cash & Equivalents	11,407	10,012	13,465	12,334	11,693	9,721
Short-Term Investments	19,079	15,810	9,031	7,559	5,884	2,998
Cash & Short-Term Investments	30,486	25,821	22,496	19,893	17,577	12,719
Cash Growth	32.42%	14.78%	13.09%	13.18%	38.19%	-29.26%
Accounts Receivable	1,772	1,308	1,515	578.37	848.45	976.82
Other Receivables	-	672.72	402.84	135.1	253.19	194.12
Receivables	2,304	2,738	3,200	1,991	2,284	2,282
Inventory	39.04	40.65	38.57	28.07	40.54	82.96
Prepaid Expenses	-	86.38	93.63	102.44	119.94	133.02
Restricted Cash	29.13	29.13	37.52	686.57	895.48	27.74
Other Current Assets	5,995	5,250	4,488	4,252	3,558	3,421
Total Current Assets	38,853	33,965	30,354	26,954	24,475	18,666
Property, Plant & Equipment	36,565	35,832	34,482	32,853	29,622	25,827
Long-Term Investments	8,456	7,173	13,889	15,626	11,273	4,945
Goodwill	4,157	4,157	4,242	4,242	4,242	4,242
Other Intangible Assets	6,921	6,815	6,187	5,660	5,472	5,371
Long-Term Deferred Tax Assets	1,192	1,104	984.57	879.77	750.1	934.85
Other Long-Term Assets	645.04	938.98	919.33	701.76	816.84	762.27
Total Assets	97,779	91,024	92,340	88,465	78,524	62,772
Accounts Payable	2,420	2,621	2,518	2,611	2,452	2,155
Accrued Expenses	-	1,681	1,952	1,596	1,525	1,437
Short-Term Debt	11,089	10,934	9,514	7,766	5,394	3,459
Current Portion of Long-Term Debt	-	-	7,270	-	-	-
Current Portion of Leases	120.38	139.79	183.37	186.25	229.72	251
Current Income Taxes Payable	287.95	279.54	488.89	333.26	228.42	86.79
Current Unearned Revenue	1,717	1,833	1,565	1,746	1,375	1,227
Other Current Liabilities	8,054	5,380	4,782	5,823	5,201	4,381
Total Current Liabilities	23,689	22,869	28,273	20,061	16,405	12,996
Long-Term Debt	10,365	142.11	-	7,030	6,789	-
Long-Term Leases	218.72	261.26	377.72	455.88	510.35	556.09
Long-Term Deferred Tax Liabilities	628.47	615.07	1,015	638.2	346.47	292.36
Total Liabilities	34,901	23,888	29,665	28,185	24,051	13,845
Common Stock	0.5	0.51	0.52	0.53	0.54	0.54
Additional Paid-In Capital	22,796	24,001	24,390	24,202	26,718	28,229
Retained Earnings	39,859	42,919	39,099	36,301	29,459	22,717
Treasury Stock	-245.97	-254.48	-1,132	-510.99	-2,063	-2,067
Comprehensive Income & Other	-291.19	-281.27	-294.69	-190.72	-86.67	-242.1
Total Common Equity	62,119	66,384	62,062	59,802	54,029	48,637
Minority Interest	758.65	752.08	612.44	478.66	443.92	290.33
Shareholders' Equity	62,877	67,136	62,675	60,280	54,472	48,928
Total Liabilities & Equity	97,779	91,024	92,340	88,465	78,524	62,772
Total Debt	21,793	11,478	17,345	15,438	12,923	4,266
Net Cash (Debt)	8,693	14,344	5,151	4,455	4,654	8,454
Net Cash Growth	46.38%	178.45%	15.62%	-4.26%	-44.95%	-46.49%
Net Cash Per Share	10.70	17.48	6.14	5.31	5.67	10.31
Filing Date Shares Outstanding	766.48	790.81	798.62	804.72	808.09	809.73
Total Common Shares Outstanding	766.48	790.81	798.62	804.72	809.25	808.45
Working Capital	15,164	11,096	2,080	6,892	8,070	5,670
Book Value Per Share	81.04	83.94	77.71	74.31	66.76	60.16
Tangible Book Value	51,041	55,412	51,634	49,900	44,315	39,025
Tangible Book Value Per Share	66.59	70.07	64.65	62.01	54.76	48.27
Buildings	-	29,834	24,775	21,732	14,996	11,728
Machinery	-	17,778	16,582	15,428	14,281	13,329
Construction In Progress	-	2,277	4,649	4,930	7,373	5,572
Leasehold Improvements	-	1,266	1,174	1,085	923.29	769.22

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