ZTO Express Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Year	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Net Income	8,749	6,809	4,755	4,312	5,674	4,383	3,160	1,920	1,303	406.43
Depreciation & Amortization	2,875	2,671	2,222	1,840	1,265	853.72	560.37	324.98	158.06	64.01
Share-Based Compensation	254.98	178.98	248.03	264.15	316.67	249.48	40.73	122.5	116.8	0
Other Operating Activities	1,482	1,821	-4.41	-1,466.08	-951.19	-1,082.17	-130.07	70.91	527.33	601.31
Operating Cash Flow	13,361	11,479	7,220	4,951	6,304	4,404	3,631	2,572	2,134	1,072
Operating Cash Flow Growth	16.39%	58.99%	45.84%	-21.47%	43.15%	21.30%	41.15%	20.54%	99.11%	-
Capital Expenditures	-6,526.2	-7,299.78	-9,209.5	-9,150.97	-5,108.15	-3,909.55	-2,826.74	-2,689.21	-1,475.86	-790.08
Acquisitions	172.06	206.93	-458.24	-550.4	-19.58	687.43	0	-100.45	192.91	-242.3
Change in Investments	-5,898.61	-8,949.04	911.21	6,152	1,464	-9,664.9	-5,489.89	-315.43	-193.8	-95.4
Other Investing Activities	-	-	-	-	-	14.39	22.08	20.05	27.02	11.48
Investing Cash Flow	-12,252.75	-16,041.89	-8,756.53	-3,549.34	-3,664.21	-12,872.63	-8,294.55	-3,085.04	-1,449.75	-1,116.3
Dividends Paid	-2,072.51	-1,323.21	-1,353.97	-1,649.31	-1,270.77	-895.14	0	0	-115	0
Share Issuance / Repurchase	-1,006.45	-84.55	-3,810.59	8,543	-762.89	8,122	-857.66	9,264	0	316
Debt Issued / Paid	2,354	8,203	2,026	1,433	0	-250	-200	141.06	50	-154.74
Other Financing Activities	-45.36	262.81	234.78	10.35	51.36	65.16	-3.9	10	1,934	9.8
Financing Cash Flow	-769.84	7,058	-2,903.99	8,337	-1,982.31	7,042	-1,061.56	9,415	1,869	171.06
Exchange Rate Effect	109.84	338.11	-150.43	-656.14	-3.21	275.68	-424	302.1	1.88	0
Net Cash Flow	448.22	2,834	-4,590.73	9,083	654.46	-1,150.78	-6,149.42	9,204	2,555	126.52
Free Cash Flow	6,835	4,180	-1,989.29	-4,200.22	1,196	494.5	803.95	-116.97	658.08	281.67
Free Cash Flow Growth	63.53%	-	-	-	141.87%	-38.49%	-	-	133.63%	-
Free Cash Flow Margin	17.79%	11.81%	-6.54%	-16.66%	5.41%	2.81%	6.16%	-1.19%	10.81%	7.22%
Free Cash Flow Per Share	8.46	5.16	-2.43	-5.28	1.53	0.66	1.12	-0.18	1.10	0.47

Source: Financials are provided by Nasdaq Data Link and sourced from audited reports submitted to the Securities and Exchange Commission (SEC).