香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及B類普通股。對於需要股東投票的所有事 項，A類普通股持有人每股可投1票，而B類普通股持有人則每股可投10票。股東及有意投資者 務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存託股代表一股A 類普通股）於美國紐約證券交易所上市，代碼為ZTO。 ZTO Express (Cayman) Inc. 中通快遞（開曼）有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2057） 截至2023年6月30日止六個月的 中期業績公告 中通快遞（開曼）有限公司董事會欣然公佈本集團截至2023年6月30日止六個月的 未經審計中期合併業績，連同2022年同期的比較數字，該等資料乃根據美國公認 會計準則編製。該等中期業績已由審計委員會審閱。本集團截至2023年6月30日 止六個月的簡明合併財務報表已由核數師按照香港會計師公會頒佈的香港審 ...

Financial Performance - For Q2 2023, the company reported a revenue of RMB 9,740.3 million (USD 1,343.3 million), representing a 12.5% increase from RMB 8,656.7 million in Q2 2022[5] - The adjusted net profit for Q2 2023 grew by 43.9% to RMB 2,531.0 million (USD 349.0 million), compared to RMB 1,758.7 million in the same period last year[5] - The gross profit for Q2 2023 was RMB 3,304.4 million (USD 455.7 million), which is a 50.0% increase from RMB 2,202.8 million in Q2 2022[5] - Basic and diluted earnings per American Depositary Share (ADS) were RMB 3.14 (USD 0.43) and RMB 3.07 (USD 0.42), representing increases of 40.8% and 37.7% respectively compared to Q2 2022[5] - Adjusted EBITDA for Q2 2023 was RMB 3,883.9 million (USD 535.6 million), a 34.3% increase from RMB 2,892.0 million in the same quarter last year[5] - Operating profit was RMB 2,878.8 million (USD 397.0 million), a 45.0% increase from RMB 1,985.5 million year-on-year, with operating profit margin improving from 22.9% to 29.6%[11] - Net profit was RMB 2,530.2 million (USD 348.9 million), a 43.9% increase from RMB 1,758.7 million in the same period last year[12] - Adjusted net profit for the first half of 2023 was RMB 4,450,774, up 58.5% from RMB 2,813,206 in the same period of 2022[29] - The company reported a total revenue of RMB 3,883,090 for Q2 2023, representing a year-over-year increase of 34.5%[29] - The adjusted EBITDA for the first half of 2023 was RMB 7,016,846, a 43.5% increase from RMB 4,894,033 in the first half of 2022[29] Operational Metrics - The company achieved a package volume of 7.7 billion, reflecting a year-on-year growth of 23.8%[4] - Package volume reached 7.677 billion, an increase of 23.8% compared to 6.203 billion in the same period of 2022[6] - Core express service revenue increased by 14.1%, driven by a 23.8% rise in package volume and a 7.8% decline in per-package pricing[8] - Operating cash flow for the quarter was RMB 3,761.6 million (USD 518.8 million), slightly down from RMB 3,780.8 million in Q2 2022[5] - Operating costs totaled RMB 6.436 billion (USD 887.6 million), a slight decrease of 0.3% from RMB 6.454 billion in the same period last year[9] - The company expects total package volume for the year to be between 29.27 billion and 30.24 billion pieces, representing a year-on-year growth of 20% to 24%[13] - The number of sorting centers increased to 96, with 87 operated by the company and 9 by network partners[6] - Direct network partners numbered approximately 6,000 as of June 30, 2023[6] - The company has over 10,000 owned vehicles, with 9,300 being high-capacity models between 15 to 17 meters in length[6] Financial Position - Revenue for the six months ended June 30, 2023, reached RMB 18,723,563, an increase from RMB 16,560,727 for the same period in 2022, representing a growth of approximately 13.1%[23] - Gross profit for the six months ended June 30, 2023, was RMB 5,827,833, up from RMB 3,822,301 in the same period of 2022, indicating a growth of about 52.5%[23] - Operating profit for the six months ended June 30, 2023, was RMB 4,829,217, compared to RMB 3,101,807 for the same period in 2022, reflecting an increase of approximately 55.7%[23] - Net profit attributable to ordinary shareholders for the six months ended June 30, 2023, was RMB 4,211,540, up from RMB 2,711,451 in the same period of 2022, marking a growth of around 55.1%[23] - As of June 30, 2023, total assets increased to RMB 82,054,548, up from RMB 78,523,586 as of December 31, 2022, representing a growth of approximately 2.0%[25] - Total liabilities rose to RMB 25,720,795, compared to RMB 24,051,116, indicating an increase of approximately 6.9%[25] - The total equity increased to RMB 56,333,753 as of June 30, 2023, from RMB 54,472,470 as of December 31, 2022, marking an increase of approximately 3.4%[25] Risks and Challenges - The company continues to face risks related to competition and reliance on third-party e-commerce platforms, which may impact operational performance[3] - The company is subject to various risks, including reliance on third-party e-commerce platforms and intense competition in the express delivery industry[21] Strategic Initiatives - The company maintains its full-year business volume growth guidance at 20%-24%[4] - The share repurchase plan allows the company to repurchase up to USD 1.5 billion worth of its Class A ordinary shares, with an average purchase price of USD 25.18 as of June 30, 2023[15] - The company operates a scalable network partner model to support the rapid growth of e-commerce in China[20] - The management team held an earnings conference call on August 29, 2023, to discuss performance and future outlook[19] Non-GAAP Metrics - The company uses non-GAAP financial metrics such as EBITDA, adjusted EBITDA, and adjusted net income to assess operational performance and inform financial decisions[17] - The company emphasizes the importance of non-GAAP metrics for understanding core business trends and future prospects[17] - The company encourages investors to review comprehensive financial data rather than relying solely on individual financial metrics[17] - The company’s performance metrics may not be directly comparable to those of other companies due to different calculation methods[17] - The company does not undertake any obligation to update forward-looking statements unless required by applicable law[21]

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ZTO Express (Cayman), Inc. (NYSE:ZTO) Q1 2023 Earnings Conference Call May 17, 2023 8:30 PM ET Company Participants Sophie Li - IR Director Meisong Lai - Founder, Chairman & CEO Huiping Yan - CFO Conference Call Participants Ronald Keung - Goldman Sachs Qianlei Fan - Morgan Stanley Xu Lu - Citi Operator Good day and welcome to the ZTO Express First Quarter 2023 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded. ...

1Q 2023 INVESTOR PRESENTATION Safe Harbor Statement and Disclaimer This presentation contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and other similar expressions. Among other things, the business outlook ...

Financial Performance - Adjusted net profit for Q1 2023 was RMB 1,919.8 million, representing a year-on-year growth of 82.1%[4] - Revenue for Q1 2023 was RMB 8,983.2 million, up 13.7% from RMB 7,904.1 million in the same period last year[4] - Gross profit for Q1 2023 was RMB 2,523.4 million, a 55.8% increase compared to RMB 1,619.5 million in Q1 2022[4] - Net profit for Q1 2023 was RMB 1,664.8 million, reflecting a 90.2% increase from RMB 875.5 million in Q1 2022[4] - Adjusted EBITDA for Q1 2023 was RMB 3,133.0 million, up 56.5% from RMB 2,002.1 million in the same period last year[4] - Basic and diluted earnings per ADS for Q1 2023 were RMB 2.07 and RMB 2.03, respectively, representing growth of 84.8% and 81.3% year-on-year[4] - The gross profit was RMB 2,523.4 million (USD 367.4 million), a 55.8% increase from RMB 1,619.5 million year-on-year, with the gross margin improving from 20.5% to 28.1%[11] - Operating profit reached RMB 1,950.4 million (USD 284.0 million), up 74.7% from RMB 1,116.3 million in the same period last year, with the operating margin increasing from 14.1% to 21.7%[11] - Net profit attributable to ordinary shareholders for Q1 2023 was RMB 1,670,336, a 84.5% increase from RMB 906,270 in Q1 2022[24] Market Position and Growth - Total package volume reached 6.3 billion, with market share increasing by 1.8 percentage points to 23.4%[3] - The company raised its full-year business volume growth guidance to 20%-24%[3] - The company maintained a market share of 23.4%, an increase of 1.8 percentage points[7] - The company plans to increase its full-year business volume guidance due to sustained industry growth momentum[7] - The total package volume reached 6.297 billion, an increase of 20.5% compared to 5.226 billion in the same period of 2022[5] - Core express service revenue grew by 16.1%, driven by a 20.5% increase in package volume and a 3.7% decrease in average revenue per package[8] Operating Costs and Expenses - Operating costs totaled RMB 6.460 billion (USD 940.6 million), an increase of 2.8% from RMB 6.285 billion in the previous year[9] - The average cost per package decreased by 12.8%, contributing to improved profitability[7] - The cost of trunk transportation was RMB 3,181.8 million (USD 463.3 million), an increase of 7.7% compared to RMB 2,954.0 million in the same period last year[10] - The total operating expenses were RMB 573.0 million (USD 83.4 million), up from RMB 503.2 million in the same period last year[11] Cash Flow and Investments - Operating cash flow for Q1 2023 was RMB 2,738.0 million, compared to RMB 1,105.4 million in Q1 2022[4] - The net cash generated from operating activities was RMB 2,738.0 million (USD 398.7 million), compared to RMB 1,105.4 million in the same period last year[12] - The net cash used in investing activities for Q1 2023 was RMB (5,866,601) thousand, compared to RMB (3,314,751) thousand in Q1 2022, indicating an increase in investment outflows[26] - The net cash generated from financing activities decreased to RMB 840,572 thousand in Q1 2023 from RMB 2,580,645 thousand in Q1 2022, a decline of approximately 67%[26] - The total cash, cash equivalents, and restricted cash at the end of Q1 2023 was RMB 10,306,095 thousand, down from RMB 12,603,087 thousand at the end of 2022, a decrease of about 18%[27] Operational Metrics - The number of sorting centers reached 97, with 88 operated by the company and 9 by network partners[5] - The number of direct network partners was over 5,900 as of March 31, 2023[5] - The number of automated sorting equipment in operation increased to 454 sets as of March 31, 2023, compared to 422 sets a year earlier[10] Risks and Challenges - The company has a significant reliance on third-party e-commerce platforms, which poses inherent risks[23] - The company faces intense competition that may adversely affect its operational performance and market share[23] - The company’s financial data is subject to inherent risks and uncertainties that could lead to actual results differing significantly from forward-looking statements[23] - The company’s brand establishment and ability to withstand negative reporting are critical for its market position[23] Non-GAAP Metrics - The company utilizes non-GAAP financial metrics such as EBITDA, adjusted EBITDA, and adjusted net income to assess operational performance and inform financial decisions[17] - The management believes that these non-GAAP metrics help identify fundamental business trends and provide useful information regarding operational performance[17] - The company encourages investors to review its financial data comprehensively rather than relying on a single financial metric[17] - The company emphasizes that non-GAAP metrics should not be considered as alternatives to net income or other performance indicators[17] Future Plans - The company plans to continue expanding its market presence and investing in new technologies and products[24] - The earnings conference call is scheduled for May 17, 2023, at 8:30 PM Eastern Time[19] - The company has authorized a share repurchase plan with a total value of up to USD 1.5 billion, effective until June 30, 2024[15]

Share Structure and Governance - As of March 31, 2023, the total number of Class A ordinary shares outstanding is 609,171,784, which excludes 11,671,525 Class A ordinary shares repurchased in the form of American Depositary Shares[7]. - The number of Class B ordinary shares held by Mr. Lai Meisong and Zto Lms Holding Limited is 206,100,000, representing approximately 77.6% of the voting power for shareholder voting matters[3]. - If all Class B ordinary shares are converted into Class A ordinary shares, the company will issue 206,100,000 Class A ordinary shares, which would account for approximately 33.9% of the total outstanding Class A ordinary shares as of March 31, 2023[4]. - The company operates under a dual-class voting structure, where each Class A ordinary share has one vote and each Class B ordinary share has ten votes[2]. - The company emphasizes the potential risks associated with investing in companies with a dual-class voting structure, as the interests of different voting power beneficiaries may not always align with those of other shareholders[4]. - The company has a significant concentration of voting power, which may impact corporate governance and decision-making processes[4]. Financial Performance - In the fiscal years 2020, 2021, and 2022, revenue contributions from ZTO Express accounted for 94.1%, 97.7%, and 90.4% of the company's total revenue respectively[13]. - Total revenue for 2022 reached RMB 35,376,996, an increase of 16.5% compared to RMB 30,405,839 in 2021[62]. - Gross profit for 2022 was RMB 9,039,275, representing a gross margin of approximately 25.5%[62]. - Operating profit for 2022 was RMB 7,736,481, up 40.4% from RMB 5,503,011 in 2021[62]. - Net profit attributable to shareholders for 2022 was RMB 6,809,056, a growth of 43.5% compared to RMB 4,754,827 in 2021[62]. - The company reported a net income of RMB 2 billion for the last fiscal year, a 30% increase compared to the previous year[27]. Cash Flow and Investments - The company reported a cash transfer of RMB 2,580 million to its Cayman, British Virgin Islands, and Hong Kong subsidiaries in 2022, compared to RMB 1,250 million in 2021 and RMB 10,011 million in 2020[54]. - The total cash received by the company's subsidiaries from the company was RMB 20,739 million in 2022, an increase from RMB 15,974 million in 2021 and RMB 11,646 million in 2020[54]. - The company has established a cash transfer mechanism through loans and investments among its subsidiaries, ensuring liquidity within the group despite restrictions on direct capital contributions[50]. - The company reported a net cash inflow from operating activities of RMB 11,479,308 for 2022, compared to RMB 7,220,217 in 2021[64]. Regulatory and Legal Risks - The company faces various legal and operational risks related to conducting business in China, including regulatory approvals and potential changes in laws[16]. - The company is subject to the new regulations from the China Securities Regulatory Commission regarding overseas financing activities, which require filing procedures for future securities issuance outside of mainland China[47]. - The company may face penalties from the China Securities Regulatory Commission if it fails to comply with the new overseas listing regulations, potentially impacting its business and financial performance[47]. - The company faces regulatory risks related to providing loans and direct investments to its Chinese entities, which may significantly impact liquidity and the ability to expand operations[55]. - The company is subject to significant regulatory scrutiny from the Chinese government, which could limit its ability to issue securities and impact investor confidence[94]. Market and Operational Strategy - The company expects a continued growth trajectory in the Chinese express delivery market, projecting a market growth rate of 15% annually over the next five years[27]. - The company plans to expand its service network by adding 1,000 new delivery points in key urban areas by the end of the next fiscal year[27]. - The company is investing RMB 500 million in new technology to enhance package sorting and tracking capabilities, aiming to reduce delivery times by 25%[27]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its service offerings[27]. - The company plans to diversify its service offerings and expand its customer base, which may involve substantial financial and management resources[125]. Operational Efficiency and Challenges - The average cost per package decreased to RMB 5.00, down from RMB 6.00 in the previous year, indicating improved operational efficiency[29]. - The company relies heavily on sorting centers and network partners for operational efficiency, with potential service disruptions posing significant risks to business operations[112]. - The company faces risks related to network partners' performance, which could impact customer satisfaction and brand reputation[105]. - The company has significantly increased technology spending, but it may not fully meet the growing business demands, risking competitive disadvantage[113]. - The company’s operational performance relies on key metrics such as package volume and unit cost, which may differ from third-party estimates, potentially impacting its reputation and business[163]. Compliance and Cybersecurity - The company must comply with complex and evolving laws regarding cybersecurity and data protection, with potential breaches harming its reputation and operational performance[163]. - The company is subject to the Data Security Law, which mandates security review procedures for data activities that may affect national security, effective from September 1, 2021[166]. - The company must comply with the Cybersecurity Review Measures, which require critical information infrastructure operators to undergo cybersecurity reviews when procuring products and services that may impact national security[166]. - The company faces potential significant adverse impacts on future financing activities if it fails to comply with national security laws related to foreign investment and data security[172]. Human Resources and Labor Costs - As of December 31, 2022, the company employed 24,888 employees and over 59,000 outsourced personnel, indicating a labor-intensive operational model[115]. - The company anticipates continued increases in labor costs due to competition for workforce stability and rising wages, particularly during peak promotional periods[115]. - Attracting, training, and retaining qualified personnel is critical for the company's future success, particularly in the express delivery and e-commerce sectors[149]. Competitive Landscape - The competitive landscape includes major domestic express companies, with pricing pressures leading to potential declines in market share and profitability[108]. - Major e-commerce platforms like Alibaba and JD may develop their own delivery capabilities, posing a threat to the company's market share[108]. - The company may need to subsidize network partners to maintain competitiveness, which could negatively affect gross margins[108]. Strategic Partnerships and Acquisitions - The company has a strategic partnership with Alibaba and Cainiao Network, which involved an investment of $1.38 billion for approximately 10% equity, highlighting the importance of this relationship for future operations[102]. - The company made a strategic investment of approximately $168 million to acquire about 15% equity in Cainiao Station, enhancing its delivery capabilities[175]. Environmental and Geopolitical Factors - The ongoing geopolitical tensions, such as the conflict between Ukraine and Russia, have led to increased fuel prices, potentially adversely affecting the company's gross margin[155]. - The company is sensitive to the economic conditions in China and globally, with any severe or prolonged downturn potentially causing significant adverse effects on its business and financial condition[160].

Financial Performance - Total revenue for ZTO Express in 2022 reached RMB 35,376,996, an increase from RMB 30,405,839 in 2021, reflecting a growth of approximately 16.5%[81] - Gross profit for the year 2022 was RMB 9,039,275, compared to RMB 6,589,377 in 2021, indicating a significant increase of about 37.2%[81] - Net income for ZTO Express in 2022 was RMB 6,658,966, up from RMB 4,701,327 in 2021, representing a growth of approximately 41.6%[81] - For the year ended December 31, 2022, ZTO Express reported consolidated total revenue of RMB 25,214,290, a significant increase from RMB 23,734,103 in 2021, representing an increase of approximately 6.6%[83] - The net income for ZTO Express for the year ended December 31, 2022, was RMB 4,326,446, compared to RMB 4,312,213 in 2021, indicating a slight increase of 0.3%[83] Assets and Liabilities - Total assets increased from RMB 62,772,343 in 2021 to RMB 78,523,586 in 2022, representing a growth of approximately 25%[64] - Total liabilities surged from RMB 13,844,762 in 2021 to RMB 24,051,116 in 2022, indicating an increase of around 73.5%[64] - Total current liabilities amounted to RMB 16,405,324, with short-term bank borrowings at RMB 5,394,423 and accounts payable at RMB 2,202,692[70] - Total liabilities were reported at RMB 24,051,116, including convertible senior bonds of RMB 6,788,971 and deferred tax liabilities of RMB 346,472[70] - The company reported a significant increase in total current assets to RMB 18,666,359, driven by a rise in prepayments and other current assets to RMB 3,142,368[72] Cash Flow - Net cash provided by operating activities reached RMB 11,479,308 in 2022, up from RMB 7,220,217 in 2021, marking a growth of approximately 59.5%[64] - The company reported a net increase in cash and cash equivalents of RMB 2,833,726 in 2022, compared to a net decrease of RMB (4,590,731) in 2021[64] - The net cash provided by operating activities for the year ended December 31, 2022, was RMB 10,658,257, a substantial increase from RMB 6,155,051 in 2021, reflecting a growth of approximately 73.5%[86] - The company reported a net cash used in investing activities of RMB 12,189,004 for the year ended December 31, 2022, compared to RMB 10,808,233 in 2021, indicating an increase in investment outflows[86] Investments - Net cash used in investing activities was RMB (16,041,890) in 2022, compared to RMB (8,756,533) in 2021, reflecting a significant increase in investment outflows[64] - The company has made substantial investments in property and equipment, netting RMB 24,929,897, which supports its operational capabilities[72] - The company incurred significant capital expenditures of approximately RMB9.2 billion, RMB9.3 billion, and RMB7.4 billion (US$1,074.7 million) in 2020, 2021, and 2022, respectively, for property and equipment and land use rights[177] Market and Competition - ZTO Express generated over 90% of its total parcel volume from e-commerce platforms in December 2022, highlighting the company's reliance on the e-commerce industry for growth[104] - The company faced intense competition in the logistics sector, which could adversely affect its market share and operational results[89] - The company faces intense competition from major domestic express delivery companies, which may lead to downward pricing pressure and affect market share[118] - The company’s future growth is contingent upon the development of the e-commerce industry and the emergence of New Retail in China, which are influenced by various external factors[104] Operational Challenges - The company has experienced service disruptions due to COVID-19, resulting in delays and lower-than-expected parcel volume in 2022[123] - Customer demand is difficult to forecast, leading to potential capacity and resource shortages during peak seasons, which may adversely affect financial results[172] - The company may face legal liabilities due to violations of labor laws by outsourcing firms, which could adversely affect its market reputation and financial condition[134] - The company is at risk of service disruptions caused by network partners' performance issues, which could negatively impact customer satisfaction and financial performance[115] Regulatory and Compliance - The company is subject to various PRC laws and regulations, including the requirement to obtain and maintain Courier Service Operation Permits for express delivery services[148][158] - The company is compliant with relevant PRC laws regarding the provision of financial services to qualified network partners, but there are risks related to potential regulatory changes[169] - The company may face significant costs and uncertainties related to compliance with existing and future PRC laws and regulations concerning data security and personal information protection[203] - The company may face penalties and constraints on its business due to non-compliance with competition laws and regulations in the PRC[225] Strategic Initiatives - ZTO Express plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and customer service[81] - The company plans to further diversify service offerings and expand the customer base, which may involve significant financial and managerial resources[145] - The company intends to explore international expansion initiatives, which may involve risks such as changes in local economic and political conditions[215] - The company may selectively pursue strategic alliances and acquisitions to expand service offerings and improve technology systems[204]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) ...

ZTO Express (Cayman), Inc. (NYSE:ZTO) Q4 2022 Earnings Conference Call March 15, 2023 8:30 PM ET Company Participants Huiping Yan - CFO Sophie Li - IR Director Meisong Lai - Founder, Chairman & CEO Conference Call Participants Operator Thank you for standing by, and welcome to the ZTO Express Fourth Quarter and Fiscal Year 2022 Financial Results Conference Call. [Operator Instructions]. I would now like to turn the conference over to Ms. Sophie Li, Director of Capital Markets. Thank you, Sophie. Please go a ...