SHANGHAI, March 8, 2018 /PRNewswire/ -- ZTO Express
(Cayman) Inc. (NYSE: ZTO) ("ZTO" or the "Company"), a leading
and fast-growing express delivery company in China, today announced its unaudited financial
results for the fourth quarter and fiscal year ended December 31, 2017[1].
Fourth Quarter 2017 Financial Highlights
- Revenues were RMB4,331.0 million
(US$665.7 million), an increase of
35.7% from the same period of 2016.
- Gross profit was RMB1,353.3
million (US$208.0 million), an
increase of 16.5% from RMB1,161.1
million in the same period of 2016.
- Net income was RMB1,221.9 million
(US$187.8 million), an increase of
65.2% from RMB739.8 million in the
same period of 2016.
- Adjusted EBITDA [2] was RMB1,424.3 million (US$218.9 million), an increase of 29.7% from
RMB1,098.4 million in the same period
of 2016.
- Adjusted net income [3] was RMB1,265.4million (US$194.5 million), an increase of 71.0% from
RMB740.1 million in the same period
of 2016.
- Basic earnings per American depositary share ("ADS
[4]") were RMB1.72
(US$0.26), compared to RMB1.04 in the same period of 2016.
- Diluted earnings per American depositary share ("ADS
[4]") were RMB1.71
(US$0.26), compared to RMB1.04 in the same period of 2016.
- Net cash provided by operating activities was RMB1,371.5 million (US$210.8 million), compared with RMB1,183.3 million in the same period of
2016.
Fiscal Year 2017 Financial Highlights
- Revenues were RMB13,060.1 million
(US$2,007.3 million), an increase of
33.4% from RMB9,788.8 million in
2016.
- Gross profit was RMB4,345.6
million (US$667.9 million), an
increase of 26.2% from RMB3,442.9
million in 2016.
- Net income was RMB3,158.9 million
(US$485.5 million), an increase of
54.0% from RMB2,051.6 million in
2016.
- Adjusted EBITDA was RMB4,452.0
million (US$684.3 million), an
increase of 37.6% from RMB3,234.5
million in 2016.
- Adjusted net income was RMB3,229.6
million (US$496.4 million), an
increase of 49.2% from RMB2,164.6
million in 2016.
- Basic earnings per American depositary share ("ADS") were
RMB4.41 (US$0.68), compared to RMB2.91 in 2016.
- Diluted earnings per American depositary share ("ADS") were
RMB4.40 (US$0.68), compared to RMB2.91 in 2016.
- Net cash provided by operating activities was RMB3,630.7 million (US$558.0 million), compared with RMB2,572.2 million in 2016.
Fourth Quarter 2017 Operational Highlights
- Parcel volume in the fourth quarter of 2017 for delivery
services was 2,015 million, an increase of 35.8% from 1,483 million
in the same period last year.
- Number of pickup/delivery outlets was around 29,000 as of
December 31, 2017.
- Number of network partners was over 9,500, which included over
3,800 direct network partners and over 5,700 indirect network
partners as of December 31,
2017.
- Number of line-haul vehicles was over 4,800 as of December 31, 2017, which included around 3,600
self-operated vehicles and around 1,200 vehicles owned and operated
by Tonglu Tongze Logistics Ltd., a transportation operator that
works exclusively for ZTO.
- Number of self-operated trucks increased to over 3,600 as of
December 31, 2017, from 3,250 as of
September 30, 2017, of which over
1,800 were high capacity 15-17-meter-long models as of December 31, 2017, compared to over 1,400 as of
September 30, 2017.
- Number of line-haul routes between sorting hubs was over 2,000
as of December 31, 2017.
- Number of sorting hubs was 82 as of December 31, 2017, among which 76 are operated by
the Company and 6 by the Company's network partners.
[1] An investor
relations presentation accompanies this earnings release and can be
found at ir.zto.com
[2] Adjusted EBITDA is a non-GAAP financial measure, which is
defined as net income before depreciation, amortization, interest
expenses and income tax expenses, and further adjusted to exclude
(i) shared-based compensation expense, (ii) gain on deemed disposal
of equity method investments and (iii) impairment of investment in
equity investee
[3] Adjusted net income is a non-GAAP financial measure, which is
defined as net income before (i) share-based compensation expense,
(ii) gain on deemed disposal of equity method investments, and
(iii) impairment of investment in equity investee
[4] One ADS represents one Class A ordinary share.
|
Acquisition of New Business
On October 1, 2017, the Company
acquired the core business of China Oriental Express Co., Ltd. and
its subsidiaries (the "COE Business"), a major freight forwarding
and international logistics services provider in Hong Kong and Shenzhen, for a consideration of HK$180.0 million in cash. The acquisition of the
COE Business demonstrates the Company's commitment to expand its
serving offerings to meet evolving needs of its customers from both
at home and abroad. The Company adopted the acquisition method to
account for the acquisition. Under the acquisition method, the
Company consolidated the operating results of the COE Business for
the three months ended December 31,
2017, and relevant net assets acquired in the consolidated
financial statements as of December 31,
2017. As a result of the acquisition, the Company recognized
intangible assets of RMB62.0 million
(US$9.53 million), representing the
fair market value of the customer relations of the COE Business,
and a goodwill of RMB84.4 million
(US$13.0 million), representing the
excess of acquisition cost over the fair market value of net
tangible assets acquired.
Management Remarks
Mr. Meisong Lai, Founder,
Chairman and Chief Executive Officer of ZTO, commented "We finished
the year strongly with parcel volume increasing 35.8% and 38.3% in
the fourth quarter and full year 2017, respectively. Our parcel
volume growth was significantly higher than the industry average
which demonstrates the effectiveness of our strategy. We believe
that our focus on service quality, technology, infrastructure and
network stability has set us apart from our peers.". "We are
optimistic about the growth prospects of the express delivery
industry in China. As China enters the new retail era and with
e-commerce continuing to grow, industry-wide parcel volume is
estimated to increase from 40.1 billion parcels in 2017 to
approximately 70 billion in 2020 according to the State Post
Bureau, which creates enormous growth opportunities for large scale
express delivery companies such as ZTO. Meanwhile, the recent
enactment of a series of industry-specific policies by the
government will create a favorable environment for the development
of the express delivery industry."
Mr. Lai further commented, "As we head into 2018, we will
continue to strategically devote resources towards key areas of our
business. First, we will continue implementing our responsibility
model centered around our sorting hubs. This means delegating
authority coupled with accountability to better integrate
resources, incentivizing local management to achieve higher parcel
volume growth, and enhancing operating efficiency. Second, we will
increase on-the-ground operational visibility and the reliability
of our data to enable us to make better business decisions and
benchmark our initiatives. With more effective decision-making, we
will be able to engage and empower our network partners to improve
their operating efficiency and network stability. Third, we will
continue to invest in the expansion of our network infrastructure,
such as automated sorting equipment and transport route
optimization in order to better capture growing demand and adapt to
a rapidly changing market environment. Above all, we will continue
to enhance service quality, and increase brand recognition and
customer satisfaction. I am confident that we have the right
strategy in place to seize market opportunities, strengthen our
competitive advantages, and achieve sustainable, profitable growth
in the long run."
Mr. James Guo, Chief Financial
Officer of ZTO, added, "We delivered another excellent quarter with
revenue and net income growing by 35.7% and 65.2% year-over-year,
respectively. Our market share in terms of parcel volume increased
to 15.5% in 2017 from 14.4% last year, a significant increase
compared to the growth rate of our market share in 2016. Meanwhile,
our net income per parcel increased to RMB0.51 in 2017 from RMB0.46 last year. Our gross margin was impacted
primarily by the acquisition of COE Business and increased costs of
serving key enterprise customers during the quarter. Excluding the
impact from the acquisition of COE Business, our operating margin
remained stable from the same period last year, driven by economies
of scale and increased operating efficiency. Net income for the
quarter was included a RMB285.9
million tax credit attributable to one of our subsidiaries
qualified as a High and New Technology Enterprise. Our strategy is
delivering strong results and I am confident in our ability to
continue generating strong growth in both top-and bottom-line going
forward."
Fourth Quarter 2017 Financial Results
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
RMB
|
|
%
|
|
RMB
|
|
US$
|
|
%
|
|
RMB
|
|
%
|
|
RMB
|
|
US$
|
|
%
|
|
(in thousands,
except percentages)
|
Express delivery
services
|
3,031,483
|
|
95.0
|
|
3,834,522
|
|
589,355
|
|
88.5
|
|
9,369,693
|
|
95.7
|
|
12,173,690
|
|
1,871,062
|
|
93.2
|
Freight forwarding
services
|
-
|
|
-
|
|
269,557
|
|
41,430
|
|
6.2
|
|
-
|
|
-
|
|
269,557
|
|
41,430
|
|
2.1
|
Sale of
accessories
|
159,036
|
|
5.0
|
|
201,764
|
|
31,011
|
|
4.7
|
|
419,075
|
|
4.3
|
|
591,716
|
|
90,945
|
|
4.5
|
Others
|
-
|
|
-
|
|
25,110
|
|
3,859
|
|
0.6
|
|
-
|
|
-
|
|
25,110
|
|
3,859
|
|
0.2
|
Total
revenues
|
3,190,519
|
|
100.0
|
|
4,330,953
|
|
665,655
|
|
100.0
|
|
9,788,768
|
|
100.0
|
|
13,060,073
|
|
2,007,296
|
|
100.0
|
Revenues were RMB4,331.0
million (US$665.7 million), an
increase of 35.7% from RMB3,190.5
million in the same period of 2016. Revenue from express
delivery services was RMB3,834.5
million (US$589.4 million), an
increase of 26.5% from RMB 3,031.5
million in the same period of 2016, primarily due to strong
growth in parcel volumes and increased revenues from major
enterprise customers. Revenue from sale of accessories was
RMB201.8 million (US$31.0 million), an increase of 26.9% from
RMB159.0 million during the same
period of 2016, mainly due to increased demand for thermal paper
used for the printing of digital waybills and ZTO-branded packaging
materials. COE Business, which the Company began consolidating from
October 1, 2017, contributed revenue
from freight forwarding services of RMB269.6
million (US$41.4 million)
during the fourth quarter of 2017. Other revenues are composed of
certain new service offerings such as cloud warehousing solutions
and other supplementary services.
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
|
|
%
of
|
|
|
|
|
|
%
of
|
|
|
|
%
of
|
|
|
|
|
|
%
of
|
|
RMB
|
|
revenues
|
|
RMB
|
|
US$
|
|
revenues
|
|
RMB
|
|
revenues
|
|
RMB
|
|
US$
|
|
revenues
|
|
(in thousands,
except percentages)
|
Line-haul
transportation cost
|
1,232,576
|
|
38.6
|
|
1,511,259
|
|
232,276
|
|
35.0
|
|
3,716,979
|
|
38.0
|
|
4,797,799
|
|
737,408
|
|
36.7
|
Sorting hub
cost
|
572,762
|
|
18.0
|
|
768,641
|
|
118,137
|
|
17.7
|
|
1,931,243
|
|
19.7
|
|
2,438,754
|
|
374,829
|
|
18.7
|
Freight forwarding
cost
|
-
|
|
-
|
|
260,429
|
|
40,028
|
|
6.0
|
|
-
|
|
-
|
|
260,429
|
|
40,028
|
|
2.0
|
Cost of accessories
sold
|
96,992
|
|
3.0
|
|
127,718
|
|
19,630
|
|
3.0
|
|
283,377
|
|
2.9
|
|
366,859
|
|
56,385
|
|
2.8
|
Other
costs
|
127,063
|
|
4.0
|
|
309,649
|
|
47,592
|
|
7.1
|
|
414,300
|
|
4.2
|
|
850,648
|
|
130,742
|
|
6.5
|
Total cost of
revenues
|
2,029,393
|
|
63.6
|
|
2,977,696
|
|
457,663
|
|
68.8
|
|
6,345,899
|
|
64.8
|
|
8,714,489
|
|
1,339,392
|
|
66.7
|
Total cost of revenues was RMB2,977.7 million (US$457.7 million), an increase of 46.7% from
RMB2,029.4 million in the same period
last year. Total cost of revenues includes RMB260.4 million in freight forwarding cost as a
result of the acquisition of COE Business during the fourth quarter
of 2017, which is mainly composed of shipping, last-mile delivery,
and cargo handling costs.
- Line-haul transportation cost was RMB1,511.3 million (US$232.3 million), an increase of 22.6% from
RMB1,232.6 million in the same period
last year. The increase in line-haul transportation cost was in
line with the growth in parcel volume and was mainly due to an
increase of RMB216.3 million
(US$33.2 million) in trucking costs
associated with the Company's self-owned fleet, which included
fuel, tolls, drivers' compensation, depreciation and maintenance
expenses, and an increase of RMB102.7
million (US$15.8 million) in
outsourced transportation costs to cope with increased demand for
transportation services during China's peak online shopping season. As a
percentage of revenues, line-haul transportation cost accounted for
35.0%, a decrease from 38.6% from the same period last year, mainly
due to (i) economies of scale, (ii) increased use of self-owned,
more cost-efficient, higher capacity trailer trucks in place of
third-party trucks, and (iii) improved truck utilization through
optimized route planning and back-haul transportation.
- Sorting hub operating cost was RMB768.6 million (US$118.1
million), an increase of 34.2% from RMB572.8 million in the same period last year.
The increase was primarily due to (i) an increase of RMB145.4 million (US$22.3
million) in labor costs from wages hikes and additional
hiring to handle increased parcel volumes during China's peak online shopping season; (ii) an
RMB27.6 million (US$4.2 million) increase in depreciation and
amortization costs related to automated sorting facilities, and
(iii) an increase of RMB10.5 million
(US$1.6 million) in rental and
utility costs. As a percentage of revenues, sorting hub operating
cost accounted for 17.7%, a decrease from 18.0% in the same period
last year, mainly due to economies of scale and improved operating
efficiency as a result of the increased use of automation in the
Company's sorting facilities.
- Cost of accessories was RMB127.7
million (US$19.6 million), an
increase from RMB97.0 million in the
same period last year. The increase was relatively in line with
growth in the Company's revenue from the sale of accessories to its
network partners which includes thermal paper for digital waybill
printing, portable bar code readers, and ZTO-branded packaging
materials and uniforms. As a percentage of revenues, cost of
accessories remained at 3.0% as compared to the same period last
year.
- Other costs were RMB309.6
million (US$47.6 million), an
increase of RMB182.6 million compared
to the same period last year, primarily due to an increase of
RMB148.0 million (US$22.8 million) in dispatching costs associated
with serving enterprise customers. As a percentage of revenues,
other costs accounted for 7.1%, an increase from 4.0% in the same
period of 2016, mainly attributable to the increased costs of
serving enterprise customers.
Gross Profit was RMB1,353.3
million (US$208.0 million), an
increase of 16.5% from RMB1,161.1
million in the same [period last year. Gross margin
decreased to 31.2% from 36.4% in the same period last year. The
decrease in gross margin was mainly attributable to the
consolidation of COE Business, the increased cost of serving larger
enterprise customers, which has relatively lower gross margins than
serving smaller customers, and an increase in labor cost at our
sorting hubs during China's peak
online shopping season.
Total Operating Expenses were RMB127.5 million (US$19.6
million), a decrease of 31.1% from RMB185.1 million in the same period last
year.
- Selling, general and administrative expenses were
RMB222.5 million (US$34.2 million), an increase of 13.0% from
RMB196.9 million in the same period
last year. The increase was primarily due to a one-off fixed assets
disposal loss of RMB21.4 million
(US$3.3 million) when the Company
upgraded sorting hub equipment and facilities.
- Other operating income, net was RMB94.9 million (US$14.6
million), compared with RMB11.7
million in the same period last year. The increase was
mainly due to (i) an increase in government subsidies of
RMB63.4 million (US$9.7 million), and (ii) increased refund of
annual issuance and administration fees of RMB15.5 million (US$2.3
million) from the Company's ADS bank as part of its ADS
administration program.
Income from operations was RMB1,225.7 million (US$188.4 million), an increase of 25.6% from
RMB976.0 million in the same period
last year. Operating margin decreased to 28.3% from 30.6% in the
same period last year, mainly due to the acquisition of the
lower-margin COE Business.
Interest income was RMB53.0
million (US$8.1 million),
compared with RMB14.3 million in the
same period in 2016, primarily due to increased interest income
from cash and bank deposits as a result of the increase in cash and
cash equivalents after the Company's IPO in October 2016.
Interest expense was RMB2.5
million (US$0.4 million),
compared with RMB0.8 million in the
same period in 2016, as a result of increased bank borrowings
during the fourth quarter of 2017 compared to 2016.
Impairment of investment in equity investee included a
provision for impairment charge of RMB30.0
million (US$4.6 million)
related to the Company's investment in Wheat Commune Group Inc., a
campus-focused delivery and retail services provider in
China, as it revamped its business
model.
Foreign currency exchange loss was RMB14.8 million (US$2.3
million) compared to an exchange gain of RMB5.0 million in the same period last year,
which was mainly due to the depreciation of the onshore U.S.
dollar-denominated bank deposits against the Chinese Renminbi.
Net income was RMB1,221.9
million (US$187.8 million),
compared with RMB739.8 million in the
same period last year. Net margin increased to 28.2% from 23.2% in
the same period of 2016, which was mainly attributable to reduced
income tax after one of the Company's subsidiaries was recognized
as a High and New Technology Enterprise ("HNTE") by relevant PRC
authorities in December 2017. The
HNTE qualification allows the Company's subsidiary to enjoy a
reduced income tax rate of 15% from a statutory tax rate of 25% for
a three-year period starting January 1,
2017 through December 31,
2019. The Company's subsidiary recognized the full income
tax credit for 2017 in an amount of RMB285.9
million (US$43.9 million) in
the fourth quarter of 2017.
Basic earnings per ADS were RMB1.72 (US$0.26),
compared with that of RMB1.04 in the
same period last year.
Diluted earnings per ADS were RMB1.71 (US$0.26),
compared with that of RMB1.04 in the
same period last year.
Adjusted net income was RMB1,265.4
million (US$194.5 million),
compared with that of RMB740.1
million during the same quarter last year.
EBITDA was RMB1,380.8
million (US$212.2 million),
compared with RMB1,098.2 million in
the same period last year.
Adjusted EBITDA was RMB1,424.3
million (US$218.9 million),
compared with RMB1,098.4 million in
the same period last year.
Net cash provided by operating activities was
RMB1,371.5 million (US$210.8 million), compared with 1,183.3 million
in the same period last year.
Fiscal Year 2017 Financial Results
Revenues were RMB13,060.1
million (US$2,007.3 million),
an increase of 33.4% from RMB9,788.8
million last year. The increase was mainly driven by a
growth in parcel volume, which increased to 6,219 million during
2017 from 4,498 million in 2016, and the expansion of the Company's
market share in terms of parcel volume. Revenue growth was also
attributable to the acquisition of the COE Business on October 1, 2017, which contributed RMB269.6 million (US$41.4
million) in revenue during the fourth quarter of 2017.
Total cost of revenues was RMB8,714.5 million (US$1,339.4 million), an increase of 37.3% from
RMB6,345.9 million in the same period
last year. The increase primarily resulted from increases in
line-haul transportation costs of RMB1,080.8
million (US$166.1 million),
sorting hub operating costs of RMB507.6
million (US$78.0 million),
operating costs to serve key enterprise customers of RMB508.2 million (US$78.1
million), and cost of accessories of RMB83.5 million (US$12.8
million). These increases were partially offset by a
decrease in waybill material cost of RMB86.7
million (US$13.3 million) as
end customers reduce their use of paper waybills, which were
replaced by digital ones. In addition, an aggregate of RMB275.2 million (US$42.3
million) of total cost of revenues in 2017 was attributable
to the COE Business the Company acquired on October 1, 2017.
- Line-haul transportation cost was RMB4,797.8 million (US$737.4 million), an increase of 29.1% from
RMB3,717.0 million last year. The
increase was in line with the increase in parcel volume and was
mainly due to an increase of RMB793.2
million (US$121.9 million)
associated with the Company's self-owned fleet which includes fuel,
tolls, drivers' compensation, depreciation and maintenance
expenses, and an increase of RMB380.6
million (US$58.5 million) in
outsourced transportation costs. In 2017, the Company continued to
use self-owned, more cost-efficient, higher capacity trucks in
place of outsourced trucks to enhance transportation efficiency. As
a result, depreciation expenses relating to the Company's expanding
self-owned fleet almost doubled, increasing by RMB106.8 million (US$16.4
million). The increased use of self-owned trucks partially
offset increases in fuel price and outsourced transportation costs,
especially during the peak seasons, such as the Double 11 sales
promotion period. As a percentage of revenues, line haul
transportation cost accounted for 36.7%, a decrease from 38.0% last
year.
- Sorting hub operating cost was RMB2,438.8 million (US$374.8 million), an increase of 26.3% from
RMB1,931.2 million last year. The
increase was mainly due to (i) increased labor costs of
RMB313.6 million (US$48.2 million) as a result of wage increases
and the hiring of additional employees to support parcel volume
growth, (ii) an increase of RMB103.1
million (US$15.9 million) in
depreciation expenses driven by the expansion of sorting hubs and
installation of more automated sorting equipment, and (iii) an
increase of RMB79.4 million
(US$12.2 million) in rental costs and
related utilities cost. As of December 31,
2017, 58 sets of automated sorting equipment have been
installed and put into operation in 43 sorting hubs. As a
percentage of revenues, sorting hub operating cost accounted for
18.7%, a decrease from 19.7% last year, primarily due to economies
of scale and an improvement in operating efficiency.
- Cost of accessories sold was RMB366.9 million (US$56.4
million), an increase from RMB283.4
million last year. The increase was in line with growth in
the Company's revenue from the sale of accessories to its network
partners which includes thermal paper for digital waybill printing,
portable bar code readers, ZTO-branded packaging materials and
uniforms. As a percentage of revenues, cost of accessories
accounted for 2.8% in 2017, slightly lower than that in 2016.
- Other costs were RMB850.6
million (US$130.7 million),
more than doubled from RMB414.3
million in 2016, primarily due to an increase in costs
associated with serving key enterprise customers of RMB508.2 million (US$78.1
million), which was partially offset by a decrease in
waybill material cost of RMB86.7
million (US$13.3 million) as
end customers reduced the use of paper waybills. As a percentage of
revenues, other costs accounted for 6.5%, an increase from 4.2% in
2016.
Gross Profit was RMB4,345.6
million (US$667.9 million), an
increase of 26.2% from RMB3,442.9
million last year. Gross profit margin decreased to 33.3%
from 35.2% in 2016, primarily due to the acquisition of COE
Business and an increase in business from enterprise customers,
both of which have relatively lower gross profit margins.
Total Operating Expenses were RMB597.1 million (US$91.8
million), a decrease of 11.4% from RMB673.9 million last year.
- Selling, general and administrative expenses were
RMB780.5 million (US$120.0 million), an increase of 10.6% from
RMB706.0 million in the last year.
The increase was primarily due to (i) RMB21.4 million of fixed assets disposal loss
arising from the upgrade of sorting hub facilities, (ii) an
increase of RMB18.7 million in
professional service charges for audit and legal services, (iii) an
increase of RMB15.6 million in sundry
office, utilities and communication charges, and (iv) an increase
of RMB13.2 million in wages and
social welfare expenses.
- Other operating income, net was RMB183.4 million (US$28.2
million), compared with RMB32.1
million last year, mainly due to the increase of government
subsidies by RMB137.4 million
(US$21.1 million).
Income from operations was RMB3,748.4 million (US$576.1 million), an increase of 35.4% from
RMB2,769.0 million last year.
Operating margin increased to 28.7% from 28.3% last year, primarily
due to the increase of government subsidies and tightened control
of general and administrative expenses.
Interest income was RMB166.3
million (US$25.6 million),
compared with RMB44.8 million in
2016, primarily due to increased interest income from bank deposits
as a result of increase in cash and cash equivalents after the
Company's IPO in October 2016.
Interest expense was RMB15.7
million (US$2.4 million),
compared with RMB13.0 million in
2016, primarily due to the slight increase in bank borrowings to
fulfil working capital needs.
Impairment of investment in equity investee
mainly included a provision for impairment charge of
RMB30.0 million (US$4.6 million) related to the Company's
investment in Wheat Commune Group Inc., a campus-focused delivery
and retail services provider in China.
Foreign currency exchange net loss was RMB48.1 million (US$7.4
million) was mainly due to the depreciation of the onshore
U.S. dollar-denominated bank deposits against the Chinese
Renminbi.
Net income was RMB3,158.9
million (US$485.5 million),
compared with RMB2,051.6 million in
2016. The increase of net income included a one-off adjustment for
reduced income tax after a subsidiary of the Company became
qualified for the status of a HNTE in the fourth quarter of 2017,
which is eligible for a reduced income tax rate of 15% for a
three-year period starting January 1,
2017. The qualification for HNTE is expected to reduce
income tax expenses by RMB285.9
million (US$43.9 million) for
2017, which was fully recorded as a tax credit in the fourth
quarter of 2017.
Basic earnings per ADS were RMB4.41 (US$0.68),
compared with basic and diluted earnings per ADS of RMB2.91 last year.
Diluted earnings per ADS were RMB4.40 (US$0.68),
compared with basic and diluted earnings per ADS of RMB2.91 last year.
Adjusted net income was RMB3,229.6
million (US$496.4 million),
compared with adjusted net income of RMB2,164.6 million during last year.
EBITDA was RMB4,381.3
million (US$673.4 million),
compared with RMB3,121.6 million last
year.
Adjusted EBITDA was RMB4,452.0
million (US$684.3 million),
compared with RMB3,234.5 million last
year.
Net cash provided by operating activities was
RMB3,630.7 million (US$558.0 million), compared with 2,572.2 million
last year.
Business Outlook
Going forward, the Company will issue quarterly guidance on
parcel volume and adjusted net income rather than revenues.
Providing guidance on parcel volume and adjusted net income is
directly in line with the Company's strategic focus on increasing
its market share while achieving profitable growth. As the Company
also uses these two key metrics, among others, to make major
business decisions and measure management performance, it believes
that these two metrics provide more meaningful information to
investors for making investment decisions.
Based on current market conditions and current operations, the
Company's parcel volume for the first quarter of 2018 is expected
to be in the range of 1,504 million to 1,527 million, representing
a 28.0% to 30.0% increase year over year, and the Company's
adjusted net income is expected to be in the range of RMB670 million (US$103.0
million) to RMB700 million
(US$107.6 million), representing a
33.1% to 39.1% increase from the same period of 2017. These
estimates represent management's current and preliminary view,
which are subject to change.
Special Dividend
The board of directors has approved a special dividend of
US$0.20 per ADS for 2017, which is
expected to be paid on March 29, 2018
to shareholders of record as of the close of business on
March 23, 2018.
Share Repurchase
On May 21, 2017, the Company
announced a share repurchase program whereby ZTO is authorized to
repurchase its own Class A ordinary shares in the form of ADSs with
an aggregate value of up to US$300
million during the 12-month period thereafter. As of
December 31, 2017, the Company has
purchased an aggregate of 9,759,888 ADSs at an average purchase
price of US$14.12, including
repurchase commissions.
The Company believes that the share repurchase program
represents ZTO's confidence in its cash flow and the long-term
outlook for the express delivery industry in China. ZTO's fast-growing strategy,
asset-light business model and solid operation sallow the Company
to generate strong cash flow. The Company believes that the share
repurchase program is consistent with the goal of increasing
shareholders' value.
2018 Share Grant to Management and Employee
On March 7, 2018, ZTO granted
certain ADSs representing the right to receive 831,245 Class A
ordinary shares of the Company to certain director, executive
officers and employees pursuant to the 2016 Share Incentive Plan.
In addition, the Company granted economic rights associated with
906,849 Class A ordinary shares through its employee share holding
platform to certain executive officers and employees at nil
subscription consideration. These share awards vested immediately
upon grant.
Exchange Rate
This announcement contains translation of certain Renminbi
amounts into U.S. dollars at specified rates solely for the
convenience of readers. Unless otherwise noted, all translations
from Renminbi to U.S. dollars were made at the exchange rate of
RMB6.5063 to US$1.00, the noon buying rate on December 31, 2017 as set forth in the H.10
statistical release of the Board of Governors of the Federal
Reserve Systems.
Use of Non-GAAP Financial Measures
The Company uses adjusted EBITDA and adjusted net income, each a
non-GAAP financial measure, in evaluating ZTO's operating results
and for financial and operational decision-making purposes.
Reconciliations of the Company's non-GAAP financial measures to
its U.S. GAAP financial measures are shown in tables at the end of
this earnings release, which provide more details about the
non-GAAP financial measures.
The Company believes that adjusted EBITDA and adjusted net
income help identify underlying trends in ZTO's business that could
otherwise be distorted by the effect of the expenses and gains that
the Company includes in income from operations and net income. The
Company believes that adjusted EBITDA and adjusted net income
provide useful information about its operating results, enhance the
overall understanding of its past performance and future prospects
and allow for greater visibility with respect to key metrics used
by ZTO's management in its financial and operational
decision-making.
Adjusted EBITDA and adjusted net income should not be considered
in isolation or construed as an alternative to net income or any
other measure of performance or as an indicator of the Company's
operating performance. Investors are encouraged to review the
historical non-GAAP financial measures to the most directly
comparable GAAP measures. Adjusted EBITDA and adjusted net income
presented here may not be comparable to similarly titled measures
presented by other companies. Other companies may calculate
similarly titled measures differently, limiting their usefulness as
comparative measures to ZTO's data. ZTO encourages investors and
others to review the Company's financial information in its
entirety and not rely on a single financial measure.
Conference Call Information
ZTO's management team will host an earnings conference call at
8:00 PM U.S. Eastern Time on
Thursday, March 8, 2018 (9:00 AM Beijing Time on March 9, 2018).
Dial-in details for the earnings conference call are as
follows:
United
States:
|
1-888-317-6003
|
Hong Kong:
|
852-5808-1995
|
Mainland
China:
|
4001-206115
|
International:
|
1-412-317-6061
|
Passcode:
|
1432694
|
Please dial in ten minutes before the call is scheduled to begin
and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the
following numbers until March 15,
2018:
United
States:
|
1-877-344-7529
|
|
|
International:
|
1-412-317-0088
|
|
|
Passcode:
|
10117597
|
Additionally, a live and archived webcast of the conference call
will be available at http://zto.investorroom.com.
About ZTO Express (Cayman) Inc.
ZTO Express (Cayman) Inc. (NYSE: ZTO) ("ZTO" or the "Company")
is a leading and fast-growing express delivery company in
China. ZTO provides express
delivery service as well as other value-added logistics services
through its extensive and reliable nationwide network coverage in
China.
ZTO operates a highly scalable network partner model, which the
Company believes is best suited to support the significant growth
of e-commerce in China. The
Company leverages its network partners to provide pickup and
last-mile delivery services, while controlling the mission-critical
line-haul transportation and sorting network within the express
delivery service value chain.
For more information, please visit http://ir.zto.com.
Safe Harbor Statement
This news release contains "forward-looking" statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements include but are not
limited to the Company's unaudited results for the fourth quarter
of 2017, ZTO management quotes and the Company's financial
outlook.
These forward-looking statements are not historical facts but
instead represent only the Company's belief regarding expected
results and events, many of which, by their nature, are inherently
uncertain and outside of its control. The Company's actual results
and other circumstances may differ, possibly materially, from the
anticipated results and events indicated in these forward-looking
statements. Announced results for the fourth quarter and fiscal
year of 2017 are preliminary, unaudited and subject to audit
adjustment. In addition, the Company may not meet its financial
outlook included in this news release and may be unable to grow its
business in the manner planned. The Company may also modify its
strategy for growth. In addition, there are other risks and
uncertainties that could cause the Company's actual results to
differ from what it currently anticipates, including those relating
to the development of the e-commerce industry in China, its significant reliance on the Alibaba
ecosystem, risks associated with its network partners and their
employees and personnel, intense competition which could adversely
affect the Company's results of operations and market share, any
service disruption of the Company's sorting hubs or the outlets
operated by its network partners or its technology system. For
additional information on these and other important factors that
could adversely affect the Company's business, financial condition,
results of operations, and prospects, please see its filings with
the U.S. Securities and Exchange Commission.
All information provided in this press release and in the
attachments is as of the date of the press release. The Company
undertakes no obligation to update any forward-looking statement,
whether as a result of new information, future events or otherwise,
after the date of this release, except as required by law. Such
information speaks only as of the date of this release.
UNAUDITED
CONSOLIDATED FINANCIAL DATA
|
Summary of
Unaudited Consolidated Comprehensive Income Data:
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
2016
|
|
2017
|
|
2016
|
|
2017
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
(in thousands,
except for share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
3,190,519
|
|
4,330,953
|
|
665,655
|
|
9,788,768
|
|
13,060,073
|
|
2,007,296
|
Cost of
revenues
|
(2,029,393)
|
|
(2,977,696)
|
|
(457,663)
|
|
(6,345,899)
|
|
(8,714,489)
|
|
(1,339,392)
|
Gross
profit
|
1,161,126
|
|
1,353,257
|
|
207,992
|
|
3,442,869
|
|
4,345,584
|
|
667,904
|
Operating income
(expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
(196,870)
|
|
(222,459)
|
|
(34,191)
|
|
(705,995)
|
|
(780,517)
|
|
(119,963)
|
|
Other operating
income, net
|
11,728
|
|
94,913
|
|
14,588
|
|
32,104
|
|
183,368
|
|
28,183
|
Total operating
expenses
|
(185,142)
|
|
(127,546)
|
|
(19,603)
|
|
(673,891)
|
|
(597,149)
|
|
(91,780)
|
Income from
operations
|
975,984
|
|
1,225,711
|
|
188,389
|
|
2,768,978
|
|
3,748,435
|
|
576,124
|
Other income
(expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
14,263
|
|
52,950
|
|
8,138
|
|
44,791
|
|
166,325
|
|
25,564
|
|
Interest
expense
|
(834)
|
|
(2,452)
|
|
(377)
|
|
(12,986)
|
|
(15,668)
|
|
(2,408)
|
|
Gain on deemed
disposal of equity method investments
|
—
|
|
—
|
|
—
|
|
9,551
|
|
—
|
|
—
|
|
Impairment of
investment in equity investee
|
—
|
|
(30,000)
|
|
(4,611)
|
|
—
|
|
(30,000)
|
|
(4,611)
|
|
Foreign currency
exchange gain (loss), before tax
|
4,955
|
|
(14,763)
|
|
(2,269)
|
|
9,977
|
|
(48,149)
|
|
(7,400)
|
Income before income
tax, and share of loss in equity method investments
|
994,368
|
|
1,231,446
|
|
189,270
|
|
2,820,311
|
|
3,820,943
|
|
587,269
|
|
Income tax
expense
|
(251,547)
|
|
(8,759)
|
|
(1,346)
|
|
(731,987)
|
|
(646,361)
|
|
(99,344)
|
|
Share of loss in
equity method investments
|
(3,010)
|
|
(813)
|
|
(125)
|
|
(36,721)
|
|
(15,682)
|
|
(2,410)
|
Net income
|
739,811
|
|
1,221,874
|
|
187,799
|
|
2,051,603
|
|
3,158,900
|
|
485,515
|
Net loss attributable
to noncontrolling interests
|
389
|
|
431
|
|
66
|
|
2,252
|
|
763
|
|
117
|
Net income
attributable to ZTO Express (Cayman) Inc.
|
740,200
|
|
1,222,305
|
|
187,865
|
|
2,053,855
|
|
3,159,663
|
|
485,632
|
Change in redemption
value of convertible redeemable preferred shares
|
(13,577)
|
|
—
|
|
—
|
|
(133,568)
|
|
—
|
|
—
|
Net income
attributable to ordinary shareholders
|
726,623
|
|
1,222,305
|
|
187,865
|
|
1,920,287
|
|
3,159,663
|
|
485,632
|
Net earnings per
share/ADS attributable to ordinary shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
1.04
|
|
1.72
|
|
0.26
|
|
2.91
|
|
4.41
|
|
0.68
|
|
Diluted
|
1.04
|
|
1.71
|
|
0.26
|
|
2.91
|
|
4.40
|
|
0.68
|
Weighted average
shares used in calculating net earnings per ordinary
share/ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
691,687,671
|
|
712,237,048
|
|
712,237,048
|
|
634,581,307
|
|
717,138,526
|
|
717,138,526
|
|
Diluted
|
691,734,407
|
|
712,788,475
|
|
712,788,475
|
|
634,581,307
|
|
717,599,562
|
|
717,599,562
|
Other comprehensive
income, net of tax of nil:
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
278,868
|
|
(177,137)
|
|
(27,225)
|
|
308,398
|
|
(590,545)
|
|
(90,765)
|
Comprehensive
income
|
1,018,679
|
|
1,044,737
|
|
160,574
|
|
2,360,001
|
|
2,568,355
|
|
394,750
|
Comprehensive loss
attributable to noncontrolling interests
|
389
|
|
431
|
|
66
|
|
2,252
|
|
763
|
|
117
|
Comprehensive income
attributable to ZTO Express (Cayman) Inc.
|
1,019,068
|
|
1,045,168
|
|
160,640
|
|
2,362,253
|
|
2,569,118
|
|
394,867
|
Unaudited
Consolidated Balance Sheets Data:
|
|
|
As
of
|
December
31,
|
|
December
31,
|
2016
|
|
2017
|
RMB
|
|
RMB
|
|
US$
|
(in thousands,
except for share and per share data)
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
11,287,789
|
|
5,425,024
|
|
833,811
|
|
|
Restricted
cash
|
635,366
|
|
348,710
|
|
53,596
|
|
|
Accounts receivable,
net of allowance for doubtful accounts of RMB5,124 and RMB13,798 at
December 31, 2016 and 2017, respectively
|
197,803
|
|
287,835
|
|
44,239
|
|
|
Financing
receivables
|
—
|
|
64,030
|
|
9,841
|
|
|
Short-term
investment
|
—
|
|
5,224,559
|
|
803,000
|
|
|
Inventories
|
33,959
|
|
34,231
|
|
5,261
|
|
|
Advances to
suppliers
|
646,666
|
|
263,574
|
|
40,511
|
|
|
Prepayments and other
current assets
|
379,055
|
|
719,983
|
|
110,659
|
|
|
Amounts due from
related parties
|
5,400
|
|
9,900
|
|
1,522
|
|
Total current
assets
|
13,186,038
|
|
12,377,846
|
|
1,902,440
|
|
Investments in equity
investees
|
537,175
|
|
610,160
|
|
93,780
|
|
Property and
equipment, net
|
4,065,562
|
|
6,473,010
|
|
994,883
|
|
Land use rights,
net
|
1,302,869
|
|
1,602,908
|
|
246,362
|
|
Intangible assets,
net
|
—
|
|
60,424
|
|
9,287
|
|
Goodwill
|
4,157,111
|
|
4,241,541
|
|
651,913
|
|
Deferred tax
assets
|
109,030
|
|
152,763
|
|
23,479
|
|
Other non-current
assets
|
45,953
|
|
308,986
|
|
47,490
|
TOTAL
ASSETS
|
23,403,738
|
|
25,827,638
|
|
3,969,634
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Short-term bank
borrowing
|
450,000
|
|
250,000
|
|
38,424
|
|
|
Accounts
payable
|
636,422
|
|
889,139
|
|
136,658
|
|
|
Advances from
customers
|
229,724
|
|
258,965
|
|
39,802
|
|
|
Income tax
payable
|
418,310
|
|
221,926
|
|
34,109
|
|
|
Amounts due to
related parties
|
131,425
|
|
114,913
|
|
17,662
|
|
|
Acquisition
consideration payable
|
—
|
|
130,004
|
|
19,981
|
|
|
Other current
liabilities
|
1,656,590
|
|
2,281,067
|
|
350,593
|
|
Total current
liabilities
|
3,522,471
|
|
4,146,014
|
|
637,229
|
|
Deferred tax
liabilities
|
130,520
|
|
157,320
|
|
24,180
|
|
Acquisition
consideration payable
|
—
|
|
22,942
|
|
3,526
|
|
Other non-current
liabilities
|
—
|
|
60,045
|
|
9,229
|
TOTAL
LIABILITIES
|
3,652,991
|
|
4,386,321
|
|
674,164
|
|
|
|
As
of
|
|
December
31,
|
|
December
31,
|
|
2016
|
|
2017
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares
(US$0.0001 par value; 10,000,000,000 shares authorized, 731,406,440
shares issued and 720,564,604 shares outstanding as of December 31,
2016; and 710,804,716 shares outstanding as of December 31,
2017)
|
471
|
|
471
|
|
72
|
|
Additional paid-in
capital
|
15,940,206
|
|
15,975,980
|
|
2,455,463
|
|
Treasury shares, at
cost
|
—
|
|
(914,611)
|
|
(140,573)
|
|
Retained
earnings
|
3,509,707
|
|
6,669,369
|
|
1,025,063
|
|
Accumulated other
comprehensive (loss) income
|
294,649
|
|
(295,896)
|
|
(45,478)
|
ZTO Express
(Cayman) Inc. shareholders' equity
|
19,745,033
|
|
21,435,313
|
|
3,294,547
|
|
Noncontrolling
interests
|
5,714
|
|
6,004
|
|
923
|
Total
Equity
|
19,750,747
|
|
21,441,317
|
|
3,295,470
|
TOTAL LIABILITIES
AND EQUITY
|
23,403,738
|
|
25,827,638
|
|
3,969,634
|
Summary of
Unaudited Consolidated Cash Flow Data:
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
1,183,251
|
|
1,371,547
|
|
210,803
|
|
2,572,243
|
|
3,630,684
|
|
558,026
|
Net cash used in
investing activities[6]
|
|
(1,088,111)
|
|
(722,335)
|
|
(111,021)
|
|
(3,085,040)
|
|
(8,294,547)
|
|
(1,274,849)
|
Net cash provided
by/used in financing activities
|
|
9,343,847
|
|
(201,873)
|
|
(31,027)
|
|
9,415,093
|
|
(1,061,558)
|
|
(163,158)
|
Effect of exchange
rate changes on cash and cash equivalents, and restricted
cash
|
|
279,680
|
|
(111,894)
|
|
(17,198)
|
|
302,097
|
|
(424,000)
|
|
(65,167)
|
Net increase in cash
and cash equivalents, and restricted cash
|
|
9,718,667
|
|
335,445
|
|
51,557
|
|
9,204,393
|
|
(6,149,421)
|
|
(945,148)
|
Cash and cash
equivalents, and restricted cash at beginning of period
|
|
2,204,488
|
|
5,438,289
|
|
835,850
|
|
2,718,762
|
|
11,923,155
|
|
1,832,555
|
Cash and cash
equivalents, and restricted cash at end of period[7]
|
|
11,923,155
|
|
5,773,734
|
|
887,407
|
|
11,923,155
|
|
5,773,734
|
|
887,407
|
|
[6] The amount of cash used in
investing activities mainly includes purchases of the fixed term
bank deposits with an original maturity of six months to one year.
For the fourth quarter of 2017 and the fiscal year of 2017, the
Company purchased approximately RMB2.5 billion (US$380.0 million),
and RMB10.1 billion (US$1.5 billion) of such deposits,
respectively.
[7] In November 2016, the FASB
issued ASU No. 2016-18 ("ASU 2016-18"), Statement of Cash Flows
(Topic 230) - Restricted Cash. This ASU requires amounts generally
described as restricted cash and restricted cash equivalents to be
included with cash and cash equivalents when reconciling
beginning-of-period and end-of-period total amounts shown on the
statement of cash flows. The provisions of ASU 2016-18 are
effective for reporting periods beginning after December 15, 2017
and are to be applied retrospectively; early adoption is permitted.
We elected, as permitted by the standards, to early adopt ASU
2016-18 in the first quarter of 2017. In connection with the
adoption of this update, we have reclassified RMB408.6 million
(RMB75.3 million from operating activities and RMB333.3 million
from financing activities) and RMB369.0 million (RMB35.7 million
from operating activities and RMB333.3 million from financing
activities) of restricted cash to the cash, cash equivalents, and
restricted cash balance in the three-month and twelve-month periods
ended December 31, 2016, respectively, to be consistent with the
2017 presentation.
|
Reconciliations of
GAAP and Non-GAAP Results
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(in thousands,
except for share and per share data)
|
|
|
|
Net income
|
|
739,811
|
|
1,221,874
|
|
187,799
|
|
2,051,603
|
|
3,158,900
|
|
485,515
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
|
251
|
|
13,492
|
|
2,074
|
|
122,502
|
|
40,727
|
|
6,259
|
Impairment of
investment in equity investee
|
|
|
|
30,000
|
|
4,611
|
|
|
|
30,000
|
|
4,611
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on deemed disposal
of equity method investment
|
|
—
|
|
—
|
|
—
|
|
(9,551)
|
|
—
|
|
—
|
Adjusted net
income
|
|
740,062
|
|
1,265,366
|
|
194,484
|
|
2,164,554
|
|
3,229,627
|
|
496,385
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
739,811
|
|
1,221,874
|
|
187,799
|
|
2,051,603
|
|
3,158,900
|
|
485,515
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
99,032
|
|
135,002
|
|
20,749
|
|
301,668
|
|
522,853
|
|
80,361
|
Amortization
|
|
6,963
|
|
12,760
|
|
1,961
|
|
23,310
|
|
37,512
|
|
5,765
|
Interest
expenses
|
|
834
|
|
2,452
|
|
377
|
|
12,986
|
|
15,668
|
|
2,408
|
Income tax
expenses
|
|
251,547
|
|
8,759
|
|
1,346
|
|
731,987
|
|
646,361
|
|
99,344
|
EBITDA
|
|
1,098,187
|
|
1,380,847
|
|
212,232
|
|
3,121,554
|
|
4,381,294
|
|
673,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
|
251
|
|
13,492
|
|
2,074
|
|
122,502
|
|
40,727
|
|
6,259
|
Impairment of
investment in equity investee
|
|
|
|
30,000
|
|
4,611
|
|
|
|
30,000
|
|
4,611
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on deemed disposal
of equity method investments
|
|
—
|
|
—
|
|
—
|
|
(9,551)
|
|
—
|
|
—
|
Adjusted
EBITDA
|
|
1,098,438
|
|
1,424,339
|
|
218,917
|
|
3,234,505
|
|
4,452,021
|
|
684,263
|
For investor and media inquiries, please contact:
ZTO
Ms. Sophie Li
Director of Investor Relations
E-mail: ir@zto.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In the U.S.
Mr. Tip Fleming
Phone: +1-917-412-3333
Email: tfleming@Christensenir.com
View original
content:http://www.prnewswire.com/news-releases/zto-reports-fourth-quarter-and-fiscal-year-2017-unaudited-financial-results-300610943.html
SOURCE ZTO Express (Cayman) Inc.