Announcement • Jul 23
ZTO Express (Cayman) Inc. to Report Q2, 2026 Results on Aug 19, 2026 ZTO Express (Cayman) Inc. announced that they will report Q2, 2026 results Pre-Market on Aug 19, 2026 Announcement • May 22
ZTO Express (Cayman) Inc. Announces Resignation of Di Xu as Non-Executive Director, Effective May 20, 2026 ZTO Express (Cayman) Inc. announced that Ms. Di XU has tendered her resignation as a non-executive director of the Company, with effect from May 20, 2026 given the recent termination of the investor rights agreement entered by and among the Company, the Company's founders and subsidiaries of Alibaba Group Holdings Limited in June 2018. Reported Earnings • May 21
First quarter 2026 earnings released: EPS: CN¥2.73 (vs CN¥2.50 in 1Q 2025) First quarter 2026 results: EPS: CN¥2.73 (up from CN¥2.50 in 1Q 2025). Revenue: CN¥13.3b (up 22% from 1Q 2025). Net income: CN¥2.12b (up 6.3% from 1Q 2025). Profit margin: 16% (down from 18% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Board Change • May 21
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. Non-Executive Director Di Xu was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 25
ZTO Express (Cayman) Inc. to Report Q1, 2026 Results on May 20, 2026 ZTO Express (Cayman) Inc. announced that they will report Q1, 2026 results Pre-Market on May 20, 2026 Announcement • Apr 17
ZTO Express (Cayman) Inc., Annual General Meeting, Jun 16, 2026 ZTO Express (Cayman) Inc., Annual General Meeting, Jun 16, 2026, at 14:00 China Standard Time. Location: 9/f, the center, 99 queens road central, central, Hong Kong Announcement • Feb 27
ZTO Express (Cayman) Inc. to Report Q4, 2025 Results on Mar 17, 2026 ZTO Express (Cayman) Inc. announced that they will report Q4, 2025 results After-Market on Mar 17, 2026 Announcement • Feb 04
ZTO Express (Cayman) Inc. Provides Earnings Guidance for the Full Year Ended December 31, 2025 ZTO Express (Cayman) Inc. provided earnings guidance for the full year ended December 31, 2025. The Company estimates that: its total revenues to range from RMB48,500.0 million to RMB50,000.0 million in 2025, an increase of approximately 9.5% to 12.9% from RMB44,280.7 million in 2024; and its gross profit to range from RMB 12,150.0 million to RMB 12,550.0 million in 2025, a decrease of approximately 8.5% to 11.4% from RMB 13,717.1 million in 2024. The estimated growth in total revenues is primarily driven by the increase in parcel volumes from 34.01 billion in 2024 to 38.52 billion in 2025, representing a year-over-year increase of 13.3%. Announcement • Jan 01
ZTO Express (Cayman) Inc. Announces Resignation of Tsun-Ming (Daniel) KAO as Independent Non-Executive Director, Effective December 31, 2025 ZTO Express (Cayman) Inc. announced that Mr. Tsun-Ming (Daniel) KAO has tendered his resignation as an independent non-executive director of the Company and a member of the nominating and corporate governance committee of the Board, due to his plan to commit more time on other professional endeavors, effective December 31, 2025. Announcement • Nov 20
ZTO Express (Cayman) Inc. Provides Production Guidance for the Year 2025 ZTO Express (Cayman) Inc. provided production guidance for the year 2025. Parcel volume for 2025 is expected to be in the range of 38.2 billion to 38.7 billion, representing a 12.3% to 13.8% increase year over year. Announcement • Oct 24
ZTO Express (Cayman) Inc. to Report Q3, 2025 Results on Nov 20, 2025 ZTO Express (Cayman) Inc. announced that they will report Q3, 2025 results at 4:00 PM, US Eastern Standard Time on Nov 20, 2025 Announcement • Jul 31
ZTO Express (Cayman) Inc. to Report Q2, 2025 Results on Aug 19, 2025 ZTO Express (Cayman) Inc. announced that they will report Q2, 2025 results After-Market on Aug 19, 2025 Announcement • Apr 25
ZTO Express (Cayman) Inc. Announces Board Changes ZTO Express (Cayman) Inc. announced that the board of directors of the Company (the “Board”) has appointed Ms. Di Xu as a director of the Company, effective April 25, 2025. Mr. Xudong Chen has tendered his resignation as a director of the Company, effective April 25, 2025. Mr. Chen’s resignation was not due to any disagreement with the Company. Ms. Di Xu has been working at Alibaba Group Holding Limited (NYSE: BABA and HKEx: 9988 (HKD counter) and 89988 (RMB counter)) since 2017, and is currently serving as an investment director at Alibaba Group. Ms. Xu has also served as a non-executive director at Huitongda Network Co. Ltd. (HKEx: 9878) since February 2025 and Red Star Macalline Group Corporation Ltd. (HKEx: 1528 and Shanghai Stock Exchange: 601828) since August 2023. Prior to joining Alibaba Group, Ms. Xu served as an associate director of investment at CICC ALPHA (Beijing) Investment Fund Management Co. Ltd. from 2015 to 2017. From 2011 to 2013, she served as an investment analyst at International Financial Corporation. From 2010 to 2011, Ms. Xu worked as a research analyst at China International Capital Corporation Limited (HKEx: 3908 and Shanghai Stock Exchange: 601995). Ms. Xu obtained her bachelor’s degree in finance from Peking University in July 2009 and her master’s degree in business administration from the Wharton School of the University of Pennsylvania in June 2015. Ms. XU, aged 36, has been working at Alibaba Group Holding Limited (“Alibaba Group”) (a company whose shares are listed on the Stock Exchange (stock code: 9988 (HKD counter) and 89988 (RMB counter)) and the New York Stock Exchange (stock code: BABA)) since 2017, and is currently serving as an investment director at Alibaba Group. Ms. XU has also served as a non-executive director at Huitongda Network Co. Ltd. (a company whose shares are listed on the Stock Exchange (stock code: 9878)) since February 2025, and Red Star Macalline Group Corporation Ltd. (a company whose shares are listed on the Stock Exchange (stock code: 1528) and the Shanghai Stock Exchange (stock code: 601828)) since August 2023. Prior to joining Alibaba Group, Ms. XU served as an associate director of investment at CICC ALPHA (Beijing) Investment Fund Management Co. Ltd. from 2015 to 2017. From 2011 to 2013, she served as an investment analyst at International Financial Corporation. From 2010 to 2011, Ms. XU worked as a research analyst at China International Capital Corporation Limited (a company whose shares are listed on the Stock Exchange (stock code: 3908) and the Shanghai Stock Exchange (stock code: 601995)). Ms. XU obtained her bachelor’s degree in finance from Peking University in July 2009 and her master’s degree in business administration from the Wharton School of the University of Pennsylvania in June 2015. Announcement • Feb 25
ZTO Express (Cayman) Inc. to Report Q4, 2024 Results on Mar 18, 2025 ZTO Express (Cayman) Inc. announced that they will report Q4, 2024 results After-Market on Mar 18, 2025 Announcement • Oct 22
ZTO Express (Cayman) Inc. to Report Q3, 2024 Results on Nov 19, 2024 ZTO Express (Cayman) Inc. announced that they will report Q3, 2024 results After-Market on Nov 19, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €22.60, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Logistics industry in Europe. Total loss to shareholders of 4.0% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €43.71 per share. Upcoming Dividend • Sep 03
Upcoming dividend of US$0.34 per share Eligible shareholders must have bought the stock before 10 September 2024. Payment date: 17 October 2024. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of German dividend payers (4.8%). In line with average of industry peers (2.9%). Reported Earnings • Aug 21
Second quarter 2024 earnings released: EPS: CN¥3.24 (vs CN¥3.14 in 2Q 2023) Second quarter 2024 results: EPS: CN¥3.24 (up from CN¥3.14 in 2Q 2023). Revenue: CN¥10.7b (up 10% from 2Q 2023). Net income: CN¥2.61b (up 2.8% from 2Q 2023). Profit margin: 24% (down from 26% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Aug 02
ZTO Express (Cayman) Inc. to Report Q2, 2024 Results on Aug 20, 2024 ZTO Express (Cayman) Inc. announced that they will report Q2, 2024 results After-Market on Aug 20, 2024 Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €22.60, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Logistics industry in Europe. Total loss to shareholders of 7.7% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €17.43 per share. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: CN¥1.77 (vs CN¥2.07 in 1Q 2023) First quarter 2024 results: EPS: CN¥1.77 (down from CN¥2.07 in 1Q 2023). Revenue: CN¥9.96b (up 11% from 1Q 2023). Net income: CN¥1.43b (down 15% from 1Q 2023). Profit margin: 14% (down from 19% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • May 17
ZTO Express (Cayman) Inc. Announces Appointment of Jingxi Zhu as President ZTO Express (Cayman) Inc. announced appointment of Mr. Jingxi Zhu, vice president of information technology of the Company, has been appointed as the president of the Company to be primarily responsible for the overall operational executions. Mr. Zhu will continue to oversee technology and information matters of the Company. Mr. Zhu has been the head of information technology of the Company since July 2003 and has served as vice president of information technology since September 2016. Mr. Zhu received an EMBA from Renmin University of China in 2021. Buy Or Sell Opportunity • May 17
Now 32% overvalued after recent price rise Over the last 90 days, the stock has risen 28% to €21.80. The fair value is estimated to be €16.48, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 29%. For the next 3 years, revenue is forecast to grow by 9.9% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Announcement • May 01
ZTO Express (Cayman) Inc. to Report Q1, 2024 Results on May 15, 2024 ZTO Express (Cayman) Inc. announced that they will report Q1, 2024 results After-Market on May 15, 2024 Buy Or Sell Opportunity • Apr 26
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to €20.00. The fair value is estimated to be €16.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 29%. For the next 3 years, revenue is forecast to grow by 9.8% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Reported Earnings • Apr 21
Full year 2023 earnings released: EPS: CN¥10.83 (vs CN¥8.41 in FY 2022) Full year 2023 results: EPS: CN¥10.83 (up from CN¥8.41 in FY 2022). Revenue: CN¥38.4b (up 8.6% from FY 2022). Net income: CN¥8.75b (up 28% from FY 2022). Profit margin: 23% (up from 19% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Apr 21
ZTO Express (Cayman) Inc., Annual General Meeting, Jun 18, 2024 ZTO Express (Cayman) Inc., Annual General Meeting, Jun 18, 2024, at 14:00 China Standard Time. Location: 9/F, The Center, 99 Queen's Road Central, Central Hong Kong Agenda: To receive and consider the audited consolidated financial statements of the Company and the reports of the directors and auditor of the Company for the year ended December 31, 2023; to re-elect Mr. Xudong CHEN as non-executive Director, subject to his earlier resignation or removal; to re-elect Mr. Qin Charles HUANG as independent non-executive Director, subject to his earlier resignation or removal; to re-elect Mr. Tsun-Ming (Daniel) KAO as independent non-executive Director, subject to his earlier resignation or removal; to authorize the Board to fix the remuneration of the Directors; to re-appoint Deloitte Touche Tohmatsu as auditor of the Company; and to consider other matters. Buy Or Sell Opportunity • Apr 02
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 5.8% to €20.20. The fair value is estimated to be €16.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 29%. For the next 3 years, revenue is forecast to grow by 9.8% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Declared Dividend • Mar 25
Dividend of US$0.61 announced Shareholders will receive a dividend of US$0.61. Ex-date: 9th April 2024 Payment date: 29th April 2024 Dividend yield will be 3.2%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 23% per year over the past 5 years and payments have been stable during that time. EPS is expected to grow by 30% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 20
ZTO Express (Cayman) Inc. Announces Final Dividend for the Year Ended December 31, 2023, Payable on 22 April 2024 ZTO Express (Cayman) Inc. announced final cash dividend of USD 0.62 per share for the Year Ended December 31, 2023, payable on 22 April 2024. Ex-dividend date is on 09 April 2024 with Record date is on 10 April 2024. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: CN¥10.83 (vs CN¥8.41 in FY 2022) Full year 2023 results: EPS: CN¥10.83 (up from CN¥8.41 in FY 2022). Revenue: CN¥38.4b (up 8.6% from FY 2022). Net income: CN¥8.75b (up 28% from FY 2022). Profit margin: 23% (up from 19% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Mar 14
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 8.2% to €19.80. The fair value is estimated to be €16.05, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Reported Earnings • Nov 18
Third quarter 2023 earnings released: EPS: CN¥2.91 (vs CN¥2.39 in 3Q 2022) Third quarter 2023 results: EPS: CN¥2.91 (up from CN¥2.39 in 3Q 2022). Revenue: CN¥9.08b (up 1.5% from 3Q 2022). Net income: CN¥2.35b (up 21% from 3Q 2022). Profit margin: 26% (up from 22% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Oct 13
ZTO Express (Cayman) Inc. to Report Q3, 2023 Results on Nov 16, 2023 ZTO Express (Cayman) Inc. announced that they will report Q3, 2023 results at 4:00 PM, US Eastern Standard Time on Nov 16, 2023 Announcement • Sep 18
ZTO Express (Cayman) Inc.(SEHK:2057) dropped from FTSE All-World Index (USD) ZTO Express (Cayman) Inc.(SEHK:2057) dropped from FTSE All-World Index (USD) Announcement • Aug 31
ZTO Express (Cayman) Reiterates Operating Guidance for the Full Year of 2023 Based on current market and operating conditions, the ZTO Express (Cayman) Inc. reiterates that its parcel volume for 2023 is expected to be in the range of 29.27 billion to 30.24 billion, representing a 20% to 24% increase year over year. Further, the Company remains committed to achieve at least 1.5 percentage point increase in volume market share for the entire year. All aforementioned estimates represent management's current and preliminary view, which are subject to change. Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: CN¥3.14 (vs CN¥2.23 in 2Q 2022) Second quarter 2023 results: EPS: CN¥3.14 (up from CN¥2.23 in 2Q 2022). Revenue: CN¥9.74b (up 13% from 2Q 2022). Net income: CN¥2.54b (up 41% from 2Q 2022). Profit margin: 26% (up from 21% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, while revenues in the Logistics industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Jul 23
ZTO Express (Cayman) Inc. to Report Q2, 2023 Results on Aug 29, 2023 ZTO Express (Cayman) Inc. announced that they will report Q2, 2023 results at 4:00 PM, US Eastern Standard Time on Aug 29, 2023 Buying Opportunity • May 31
Now 22% undervalued Over the last 90 days, the stock is up 3.5%. The fair value is estimated to be €30.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings is also forecast to grow by 18% per annum over the same time period. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: CN¥2.07 (vs CN¥1.12 in 1Q 2022) First quarter 2023 results: EPS: CN¥2.07 (up from CN¥1.12 in 1Q 2022). Revenue: CN¥8.98b (up 14% from 1Q 2022). Net income: CN¥1.67b (up 84% from 1Q 2022). Profit margin: 19% (up from 12% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • May 11
ZTO Express (Cayman) Inc., Annual General Meeting, Jun 14, 2023 ZTO Express (Cayman) Inc., Annual General Meeting, Jun 14, 2023, at 14:00 China Standard Time. Location: 9/F, The Center 99 Queen's Road Central Central Hong Kong Agenda: To receive and consider the audited consolidated financial statements of the Company and the report of the auditor of the Company for the year ended December 31, 2022; To authorize the Board to fix the remuneration of the Directors; To re-appoint Deloitte Touche Tohmatsu as auditor of the Company to hold office until the conclusion of the next annual general meeting of the Company and to authorize the Board to fix its remuneration for the year ending December 31, 2023; To grant a general mandate to the directors to issue, allot, and deal with additional Class A Ordinary Shares of the Company not exceeding 20% of the total number of issued and outstanding shares of the Company as at the date of passing of this resolution; To grant t a general mandate to the directors to repurchase Class A Ordinary Shares of the Company not exceeding 10% of the total number of issued and outstanding shares of the Company as at the date of passing of this resolution. Upcoming Dividend • Mar 29
Upcoming dividend of US$0.36 per share at 1.3% yield Eligible shareholders must have bought the stock before 05 April 2023. Payment date: 28 April 2023. Trailing yield: 1.3%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (2.9%). Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: CN¥8.41 (vs CN¥5.80 in FY 2021) Full year 2022 results: EPS: CN¥8.41 (up from CN¥5.80 in FY 2021). Revenue: CN¥35.4b (up 16% from FY 2021). Net income: CN¥6.81b (up 43% from FY 2021). Profit margin: 19% (up from 16% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 2.9% decline forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year and the company’s share price has also increased by 4% per year. Announcement • Feb 14
ZTO Express (Cayman) Inc. to Report Q4, 2022 Results on Mar 15, 2023 ZTO Express (Cayman) Inc. announced that they will report Q4, 2022 results After-Market on Mar 15, 2023 Buying Opportunity • Dec 21
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €31.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings is also forecast to grow by 17% per annum over the same time period. Reported Earnings • Nov 23
Third quarter 2022 earnings released: EPS: CN¥2.39 (vs CN¥1.43 in 3Q 2021) Third quarter 2022 results: EPS: CN¥2.39 (up from CN¥1.43 in 3Q 2021). Revenue: CN¥8.94b (up 21% from 3Q 2021). Net income: CN¥1.93b (up 66% from 3Q 2021). Profit margin: 22% (up from 16% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 4.5% decline forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 4% per year. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorated over the past week After last week's 28% share price decline to €16.70, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Logistics industry in Europe. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €26.09 per share. Reported Earnings • Aug 19
Second quarter 2022 earnings released: EPS: CN¥2.23 (vs CN¥1.56 in 2Q 2021) Second quarter 2022 results: EPS: CN¥2.23 (up from CN¥1.56 in 2Q 2021). Revenue: CN¥8.66b (up 18% from 2Q 2021). Net income: CN¥1.81b (up 40% from 2Q 2021). Profit margin: 21% (up from 18% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 19% compared to a 6.2% decline forecast for the Logistics industry in Germany. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Aug 18
ZTO Express (Cayman) Inc. Provides Operating Guidance for the Full Year 2022 ZTO Express (Cayman) Inc. provided operating guidance for the full year 2022. For the period, the company expected parcel volume to be in the range of 24.96 billion to 25.86 billion, representing a 12% to 16% increase year over year. Such estimates represent management's current and preliminary view, which are subject to change. Announcement • Jul 29
ZTO Express (Cayman) Inc. to Report Q2, 2022 Results on Aug 17, 2022 ZTO Express (Cayman) Inc. announced that they will report Q2, 2022 results After-Market on Aug 17, 2022 Announcement • Jun 02
ZTO Express (Cayman) Inc., Annual General Meeting, Jun 22, 2022 ZTO Express (Cayman) Inc., Annual General Meeting, Jun 22, 2022, at 14:00 China Standard Time. Location: Building One, No. 1685 Huazhi Road Road, Qingpu District Sanghai China Agenda: To discuss Company affairs with management. Board Change • Jun 01
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Daniel Kao was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 28
ZTO Express (Cayman) Inc. Announces Management Changes ZTO Express (Cayman) Inc. announced the appointment of Mr. Hongqun Hu as a director of the Company on May 27, 2022 with immediate effect. Mr. Hu has served as the chief operating officer of the company since June 2017. Mr. Jianfa Lai tendered resignation to the board of directors of the Company seeking to resign, for personal reasons, from his positions with the Company. The board of directors accepted his resignation on May 27, 2022 with immediate effect. Mr. Lai confirmed to the board of directors that his resignation does not involve any disagreement with the Company with regard to its business, finance, accounting, or any other affairs. Mr. Meisong Lai, chairman of the board and chief executive officer of the Company, will assume Jianfa Lai’s responsibilities as vice president of operations in the interim. Announcement • May 26
ZTO Express (Cayman) Inc. Revises Production Guidance for the Year 2022 ZTO Express (Cayman) Inc. revised production guidance for the year 2022. Taking into account the current market conditions and the uncertainties associated with COVID-19, the Company revises its annual parcel volume projection to be in the range of 24.96 billion to 25.86 billion, representing a 12% to 16% increase year over year. Announcement • May 07
ZTO Express (Cayman) Inc. to Report Q1, 2022 Results on May 25, 2022 ZTO Express (Cayman) Inc. announced that they will report Q1, 2022 results After-Market on May 25, 2022 Reported Earnings • Apr 30
Full year 2021 earnings released: EPS: CN¥5.80 (vs CN¥5.42 in FY 2020) Full year 2021 results: EPS: CN¥5.80 (up from CN¥5.42 in FY 2020). Revenue: CN¥30.4b (up 21% from FY 2020). Net income: CN¥4.75b (up 10% from FY 2020). Profit margin: 16% (down from 17% in FY 2020). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 21% while the industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 31
Upcoming dividend of US$0.24 per share Eligible shareholders must have bought the stock before 07 April 2022. Payment date: 26 April 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of German dividend payers (3.7%). Lower than average of industry peers (2.9%). Reported Earnings • Mar 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: CN¥5.80 (up from CN¥5.42 in FY 2020). Revenue: CN¥30.4b (up 21% from FY 2020). Net income: CN¥4.75b (up 10% from FY 2020). Profit margin: 16% (down from 17% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 22%, compared to a 4.8% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €20.60, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 11x in the Logistics industry in Europe. Total returns to shareholders of 27% over the past three years. Announcement • Feb 10
ZTO Express (Cayman) Inc. to Report Q4, 2021 Results on Mar 15, 2022 ZTO Express (Cayman) Inc. announced that they will report Q4, 2021 results on Mar 15, 2022 Reported Earnings • Nov 19
Third quarter 2021 earnings released: EPS CN¥1.43 (vs CN¥1.53 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: CN¥7.39b (up 11% from 3Q 2020). Net income: CN¥1.17b (down 2.9% from 3Q 2020). Profit margin: 16% (down from 18% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improved over the past week After last week's 17% share price gain to €25.40, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 16x in the Logistics industry in Europe. Total returns to shareholders of 74% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €25.15 per share. Reported Earnings • Aug 19
Second quarter 2021 earnings released: EPS CN¥1.56 (vs CN¥1.85 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: CN¥7.33b (up 14% from 2Q 2020). Net income: CN¥1.29b (down 11% from 2Q 2020). Profit margin: 18% (down from 23% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Aug 19
ZTO Express (Cayman) Inc. Provides Operating Guidance for the Full Year 2021 ZTO Express (Cayman) Inc. provided operating guidance for the full year 2021. Parcel volume for 2021 is expected to be in the range of 22.95 billion to 23.80 billion, representing a 35% to 40% increase year over year. Announcement • May 21
ZTO Express (Cayman) Inc. Provides Production Guidance for the Year 2021 ZTO Express (Cayman) Inc. provided production guidance for the year 2021. The company makes no changes to its previously stated annual volume guidance. Based on the current market conditions and current operations, the company's parcel volume for 2021 is expected to be in the range of 22.95 billion to 23.80 billion, representing a 35% to 40% increase year over year. Above estimates represent management's current and preliminary view, which are subject to change. Announcement • Mar 18
ZTO Express (Cayman) Inc. Not Provides Earnings Guidance ZTO Express (Cayman) Inc. are not providing earnings guidance, given careful considerations for the level of uncertainties and the competitive dynamics in the marketplace. Announcement • Mar 17
ZTO Express (Cayman) Inc. Announces Change to Board Composition ZTO Express (Cayman) Inc. announced the appointment of a new director to its board of directors: Mr. Zheng Liu, effective immediately. Mr. Lin Wan has concurrently resigned from his position as a director of the Board. After the change, the Board will continue to consist of nine members, five of whom are independent directors. Mr. Zheng Liu has been the Chief Financial Officer of Cainiao Network since February 2016. From June 2010 to February 2016, Mr. Liu served as Senior Finance Director with Alibaba Group and was responsible for financial operations of TMall, Taobao and Alibaba.com. Executive Departure • Mar 17
Director has left the company On the 16th of March, Lin Wan's tenure as Director ended after 2.8 years in the role. We don't have any record of a personal shareholding under Lin's name. Lin is the only executive to leave the company over the last 12 months. Is New 90 Day High Low • Feb 13
New 90-day high: €31.60 The company is up 14% from its price of €27.80 on 13 November 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Logistics industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €31.34 per share. Announcement • Feb 05
ZTO Express (Cayman) Inc. to Report Q4, 2020 Results on Mar 17, 2021 ZTO Express (Cayman) Inc. announced that they will report Q4, 2020 results After-Market on Mar 17, 2021 Is New 90 Day High Low • Jan 26
New 90-day high: €28.20 The company is up 14% from its price of €24.80 on 28 October 2020. The German market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Logistics industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €29.91 per share. Is New 90 Day High Low • Dec 01
New 90-day low: €23.20 The company is down 19% from its price of €28.80 on 02 September 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Logistics industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €33.07 per share. Analyst Estimate Surprise Post Earnings • Nov 20
Revenue beats expectations Revenue exceeded analyst estimates by 6.0%. Over the next year, revenue is forecast to grow 24%, compared to a 2.3% growth forecast for the Logistics industry in Germany. Reported Earnings • Nov 20
Third quarter 2020 earnings released: EPS CN¥1.53 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: CN¥6.64b (up 26% from 3Q 2019). Net income: CN¥1.20b (down 8.1% from 3Q 2019). Profit margin: 18% (down from 25% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 22% per year. Announcement • Oct 28
ZTO Express (Cayman) Inc. to Report Q3, 2020 Results on Nov 19, 2020 ZTO Express (Cayman) Inc. announced that they will report Q3, 2020 results on Nov 19, 2020 Is New 90 Day High Low • Oct 16
New 90-day low: €24.20 The company is down 23% from its price of €31.40 on 17 July 2020. The German market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Logistics industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €28.25 per share. Announcement • Sep 29
ZTO Express (Cayman) Inc. has completed a Follow-on Equity Offering in the amount of HKD 9.81 billion. ZTO Express (Cayman) Inc. has completed a Follow-on Equity Offering in the amount of HKD 9.81 billion.
Security Name: Class A Ordinary Shares
Security Type: Common Stock
Securities Offered: 45,000,000
Price\Range: HKD 218
Discount Per Security: HKD 1.744
Transaction Features: New Market Listing; Sponsor Backed Offering Announcement • Jul 17
ZTO Express (Cayman) Inc. to Report Q2, 2020 Results on Aug 12, 2020 ZTO Express (Cayman) Inc. announced that they will report Q2, 2020 results at 5:00 PM, China Standard Time on Aug 12, 2020 
