Financial Statements — ZTO
Balance Sheet
(in billions CNY)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 | FY
2019 |
|---|
| Cash & Equivalents | 1.43 | 13.47 | 1.74 | 1.70 | 1.53 | 2.18 | 0.76 |
| Short-term Investments | 15.62 | 8.85 | 1.05 | 0.83 | 0.45 | 3.69 | 1.60 |
| Accounts Receivable | 0.18 | 1.50 | 0.57 | 0.82 | 0.93 | 0.75 | 0.68 |
| Inventory | 0.04 | 0.04 | 0.03 | 0.01 | 0.01 | 0.01 | 0.04 |
| Total Current Assets | 33.96 | 30.35 | 26.95 | 24.48 | 18.67 | 3.42 | 20.10 |
| Property, Plant & Equipment | 35.43 | 33.92 | 32.18 | 28.81 | 3.91 | 2.85 | 12.47 |
| Goodwill | 4.16 | 4.24 | 0.60 | 0.61 | 4.24 | 4.24 | 4.24 |
| Intangible Assets | 0.05 | 0.02 | 0.02 | 0.03 | 0.04 | 0.04 | 0.05 |
| Total Non-current Assets* | 57.06 | 61.99 | (14.49) | 54.05 | 44.11 | 5.65 | 25.79 |
| Total Assets | 91.02 | 92.34 | 12.46 | 78.52 | 62.77 | 9.07 | 45.89 |
| Short-term Debt | 1.56 | 1.30 | 1.09 | 0.78 | 0.54 | 0.22 | -- |
| Total Current Liabilities | 22.87 | 28.27 | 2.83 | 2.38 | 2.04 | 1.43 | 0.96 |
| Total Non-current Liabilities* | 1.02 | 1.39 | 1.14 | 1.11 | 0.13 | 0.12 | 0.12 |
| Total Liabilities | 23.89 | 29.67 | 3.97 | 3.49 | 2.17 | 1.55 | 1.08 |
| Retained Earnings | 42.92 | 39.10 | 5.11 | 4.27 | 3.56 | 3.22 | 16.73 |
| Total Stockholder Equity | 9.49 | 62.06 | 8.42 | 54.03 | 48.64 | 48.98 | 38.30 |
* Derived from reported values
Income Statement
(in billions USD) (except per-share rows)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 | FY
2019 |
|---|
| Total Revenue | 49.10 | 44.28 | 5.41 | 35.38 | 4.77 | 3.86 | 3.18 |
| Cost of Revenue | 36.83 | 30.56 | 26.76 | 26.34 | 23.82 | 2.97 | 2.22 |
| Gross Profit | 1.75 | 1.88 | 11.66 | 1.31 | 1.03 | 0.89 | 6.62 |
| Selling, General & Admin | 2.64 | 0.37 | 0.34 | 0.30 | 0.29 | 0.25 | 0.22 |
| Total Operating Expenses | 1.80 | 1.94 | 0.23 | 0.19 | 0.17 | 1.08 | 1.16 |
| Operating Income | 1.50 | 11.78 | 10.01 | 7.74 | 0.86 | 0.73 | 0.78 |
| Interest Expense | -- | -- | 0.29 | 0.19 | 0.02 | 0.01 | -- |
| Pretax Income | 11.05 | 11.68 | 10.69 | 1.20 | 0.90 | 0.77 | 0.97 |
| Tax Provision | 0.27 | 2.85 | 1.94 | 0.24 | 1.01 | 0.11 | 1.08 |
| Net Income | 9.08 | 8.82 | 1.23 | 6.81 | 0.75 | 0.66 | 0.82 |
| Basic EPS | 11.38 | 10.95 | 10.83 | 8.41 | 0.91 | 0.83 | 1.04 |
| Diluted EPS | 11.19 | 10.70 | 1.49 | 1.21 | 5.80 | 0.83 | 1.04 |
Cash Flow Statement
(in billions CNY)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 | FY
2019 |
|---|
| Operating Cash Flow | 11.97 | 11.43 | 1.88 | 11.48 | 7.22 | 4.95 | 6.30 |
| Capital Expenditures | 5.21 | 5.21 | 0.92 | 1.02 | 1.31 | 7.24 | 4.64 |
| Free Cash Flow* | 6.75 | 6.22 | 0.96 | 10.45 | 5.91 | (2.29) | 1.67 |
| Investing Cash Flow | (4.83) | (5.98) | (1.73) | (16.04) | (1.37) | (0.54) | (0.53) |
| Financing Cash Flow | (10.57) | (5.00) | (0.11) | 7.06 | (2.90) | 8.34 | (0.28) |
* Derived from reported values
Dividends Per Share
(USD)| Metric | FY
2023 |
|---|
| Dividends Per Share | 0.37 |
