Financial Performance - Revenue for the second quarter was RMB 8,656.7 million (USD 1,292.4 million), an 18.2% increase from RMB 7,325.1 million in the same quarter of 2021[5] - Adjusted net profit grew by 38.2% to RMB 1,758.7 million (USD 262.6 million), compared to RMB 1,272.2 million in the same quarter of 2021[5] - The gross profit was RMB 2,202.8 million (USD 328.9 million), reflecting a 31.6% increase from RMB 1,673.6 million in the same quarter of 2021[5] - Operating cash flow for the quarter was RMB 3,780.8 million (USD 564.5 million), up from RMB 1,932.4 million in the same quarter of 2021[5] - The adjusted EBITDA was RMB 2,892.0 million (USD 431.8 million), a 36.0% increase from RMB 2,125.7 million in the same quarter of 2021[5] - Operating profit rose by 36.4% to RMB 1,985.5 million (USD 296.4 million) from RMB 1,455.7 million in the same period last year, with an operating margin increase from 19.9% to 22.9%[15] - Net profit increased by 38.2% to RMB 1,758.7 million (USD 262.6 million) compared to RMB 1,272.2 million in the same period last year[16] - The company reported a net profit of RMB 2,711,451 for the six months ended June 30, 2022, compared to RMB 1,825,797 for the same period in 2021, marking a growth of approximately 48.6%[35] Market and Operational Metrics - The company reported a package volume of 6.203 billion, representing a 7.5% increase compared to the same period in 2021[6] - The company's market share increased by 2 percentage points to 23%[4] - The total package volume reached 6.2 billion, with a market share increase of 2.0 percentage points to 23.0%[7] - Core express business unit price increased by 10.5% year-on-year, contributing to an 18.8% revenue growth in core express services[9] - The number of sorting centers reached 98, with 87 operated by the company and 11 by network partners[6] - As of June 30, 2022, the company had approximately 11,000 owned vehicles, with 9,250 being high-capacity models[6] Cost and Expense Management - Operating costs rose by 14.2% to RMB 6.5 billion (USD 963.5 million), driven by increased transportation and sorting center operational costs[10] - Total operating expenses were RMB 217.3 million (USD 32.4 million), slightly down from RMB 218.0 million in the same period last year[15] - Sales, general and administrative expenses increased by 16.0% to RMB 456.9 million (USD 68.2 million) from RMB 394.0 million in the same period last year, primarily due to increased compensation and benefits[15] Cash Flow and Investments - Net cash flow from operating activities was RMB 3,780.8 million (USD 564.5 million), significantly higher than RMB 1,932.4 million in the same period last year[17] - The company reported a net cash used in investing activities of RMB (6,924,369) for the six months ended June 30, 2022, compared to RMB (4,556,458) for the same period in 2021, indicating an increase in investment outflows[32] - Capital expenditures were RMB 1.5 billion, with plans to adjust investment strategies based on demand[7] Shareholder Value and Future Outlook - The company announced a share repurchase plan with authorization to repurchase up to USD 1 billion of its Class A ordinary shares, extending the plan until June 30, 2023[19] - The company aims to continue expanding market share and enhancing profitability while supporting network partners to improve their profit quality[7] - The company maintains its annual business volume guidance, expecting a total package volume of 24.96 to 25.86 billion pieces in 2022, representing a year-over-year growth of 12% to 16%[18] Tax and Financial Position - The overall effective tax rate increased by 3.4 percentage points to 25% due to a higher proportion of income from local operating entities compared to those eligible for a preferential tax rate of 15%[16] - As of June 30, 2022, total assets amounted to RMB 68,506,030, an increase from RMB 62,772,343 as of December 31, 2021, representing a growth of approximately 9.8%[31] - Total current liabilities as of June 30, 2022, were RMB 16,977,336, compared to RMB 12,996,315 as of December 31, 2021, marking an increase of 30.5%[31] - The company’s total liabilities as of June 30, 2022, were RMB 17,768,287, an increase from RMB 13,844,762 as of December 31, 2021, representing a growth of 28.3%[31] - The total equity as of June 30, 2022, was RMB 50,737,743, a decrease from RMB 48,927,581 as of December 31, 2021, reflecting a decline of 1.6%[31] Earnings Per Share - The basic and diluted earnings per American Depositary Share (ADS) were RMB 2.23 (USD 0.33), a 42.9% increase from RMB 1.56 in the same quarter of 2021[5] - Basic earnings per share for the three months ended June 30, 2022, was RMB 2.23, up from RMB 1.56 in the same period of 2021, indicating a growth of approximately 42.7%[35] - Diluted earnings per share for the six months ended June 30, 2022, was RMB 3.57, compared to RMB 1.56 for the same period in 2021, showing an increase of about 128.2%[35]
中通快递(02057) - 2022 - 中期财报