Technology
ZTO Reports Second Quarter 2026 Unaudited Financial Results
Published
3 months agoon
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10.5 Billion Parcels Expanded Market Share to 19.9%
Adjusted Net Income Increased 50.3% to RMB3.1 Billion
SHANGHAI, Aug. 18, 2026 /PRNewswire/ — ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK: 2057), a leading and fast-growing express delivery company in China (“ZTO” or the “Company”), today announced its unaudited financial results for the second Quarter ended June 30, 2026[1]. The Company grew parcel volume by 6.5% year over year while maintaining high quality of service and customer satisfaction. Adjusted net income increased 50.3%[2] to RMB3.1 billion. Net cash generated from operating activities was RMB4.6 billion.
Second Quarter 2026 Financial Highlights
Revenues were RMB14,549.9 million (US$2,144.4 million), an increase of 23.0% from RMB11,831.8 million in the same period of 2025.Gross profit was RMB3,733.3 million (US$550.2 million), an increase of 26.8% from RMB2,944.4 million in the same period of 2025.Net income was RMB3,077.6 million (US$453.6 million), an increase of 56.7% from RMB1,964.6 million in the same period of 2025.Adjusted EBITDA[3] was RMB4,241.4 million (US$625.1 million), an increase of 20.0% from RMB3,534.9 million in the same period of 2025.Adjusted net income was RMB3,086.1 million (US$454.8 million), an increase of 50.3% from RMB2,052.7 million in the same period of 2025.Basic and diluted net earnings per American depositary share (“ADS”[4]) were RMB3.99 (US$0.59) and RMB3.78 (US$0.56), an increase of 64.9% and 59.5% from RMB2.42 and RMB2.37 in the same period of 2025, respectively.Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders[5] were RMB4.00 (US$0.59) and RMB3.79 (US$0.56), an increase of 58.1% and 52.8% from RMB2.53 and RMB2.48 in the same period of 2025 respectively.Net cash provided by operating activities was RMB4,563.6 million (US$672.6 million), compared with RMB2,168.2 million in the same period of 2025.
Operational Highlights for Second Quarter 2026
Parcel volume was 10,486 million, increased 6.5% from 9,847 million in the same period of 2025.Number of pickup/delivery outlets was over 31,000 as of June 30, 2026.Number of direct network partners was approximately 6,000 as of June 30, 2026.Number of self-owned line-haul vehicles was over 10,000 as of June 30, 2026.Number of line-haul routes between sorting hubs was over 3,600 as of June 30, 2026.Number of sorting hubs was 92 as of June 30, 2026, among which 87 are operated by the Company and 5 by the Company’s network partners.
[1] An investor relations presentation accompanies this earnings release and can be found at http://zto.investorroom.com.
[2] Adjusted net income is a non-GAAP financial measure, which is defined as net income before share-based compensation expense and non-recurring items such as impairment of Goodwill, impairment of investments in equity investees, gain/(loss) on disposal of equity investment and subsidiary and corresponding tax impact which management aims to better represent the underlying business operations.
[3] 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 the shared-based compensation expense and non-recurring items such as impairment of Goodwill, impairment of investments in equity investees, gain/(loss) on disposal of equity investment and subsidiary which management aims to better represent the underlying business operations.
[4] One ADS represents one Class A ordinary share.
[5] Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders is a non-GAAP financial measure. It is defined as adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted American depositary shares, respectively.
Mr. Meisong Lai, Founder, Chairman and Chief Executive Officer of ZTO, commented, “In the second quarter of 2026, ZTO remained focused on elevating service quality and customer experience, improving operational efficiency, and fostering fair, transparent network policies. We handled a total parcel volume of 10.5 billion, representing a 6.5% year–over–year increase, outpacing the industry average by 2.3 percentage points. Adjusted net income reached RMB 3.1 billion. Daily average retail parcel volume continued to grow faster than traditional e–commerce parcel volumes. This structural shift boosted parcel volumes while enhancing overall profit margins.”
Mr. Lai added, “China’s express–delivery industry continued to benefit from regulatory guidance, with broad–based profit expansion marking a shift in priorities toward value–driven development alongside volume growth. ZTO’s Quality–First commitment and consistent performance are backed by our industry–leading operational efficiency and fairness–oriented network governance. Deep–rooted in our Shared–Success philosophy and practices, we enable and support improved returns for our network partners and couriers, while delivering sound profitability for the company. Supported by constructive regulatory guidance and our competitive advantages — including advancing digital–technology capabilities and nurtured trust and cohesiveness across our franchise partner network — we are well positioned to navigate industry and economic cycles.”
Ms. Huiping Yan, Chief Financial Officer of ZTO, commented, “For the second quarter this year, our core express ASP rose 15.5% in the second quarter, supported by an improved revenue mix driven by higher–value key–account volumes, including rapidly expanding reverse–logistics business. Despite cost pressures stemming from oil–price volatility, combined unit sorting and transportation costs decreased by 2 cents, thanks to digitization and lean operations. SG&A, excluding SBC, represented approximately 3.8% of revenue, compared with 5.2% in the same period last year. Operating cash flow was RMB 4.6 billion, while capital expenditure totaled RMB 952 million.”
Ms. Yan added, “ZTO’s long–standing profitable–growth strategy remains effective amid today’s subdued growth environment. Our steady market–share gains are bolstered by sustained government efforts against involution, as well as our ongoing focus on the stability of our unique franchise–partner network, which thrives on the equitable allocation of risks and rewards. We intend to further solidify our volume leadership. Considering evolving market dynamics and slowing industry parcel–volume growth for the full year, we have updated our annual parcel–volume growth guidance to 6–10% year–over–year.”
Second Quarter 2026 Unaudited Financial Results
Three Months Ended June 30,
Six Months Ended June 30,
2025
2026
2025
2026
RMB
%
RMB
US$
%
RMB
%
RMB
US$
%
(in thousands, except percentages)
Express delivery services
10,983,751
92.8
13,683,530
2,016,703
94.0
21,106,041
92.9
26,207,309
3,862,479
94.2
Freight forwarding services
180,257
1.5
218,349
32,181
1.5
359,477
1.5
374,259
55,159
1.3
Sale of accessories
635,770
5.4
624,942
92,105
4.3
1,196,066
5.3
1,202,617
177,244
4.3
Others
32,029
0.3
23,071
3,400
0.2
61,688
0.3
48,071
7,085
0.2
Total revenues
11,831,807
100.0
14,549,892
2,144,389
100.0
22,723,272
100.0
27,832,256
4,101,967
100.0
Total Revenues were RMB 14,549.9 million (US$ 2,144.4 million), increased 23.0% from RMB11,831.8 million in the same period of 2025. Revenue from the core express delivery business increased by 23.0% compared to the same period of 2025 as a result of a 6.5% growth in parcel volume and a 15.5% increase in parcel unit price. Within core express delivery revenue, key account revenue, generated by direct sales organizations, increased by 63.6% mainly driven by increase in e-commerce return parcels. Revenue from freight forwarding services increased by 21.1% compared to the same period of 2025. Revenue from sales of accessories, largely consisted of sales of thermal paper for digital waybills, decreased by 1.7%. Other revenues were mainly derived from financing services.
Three Months Ended June 30,
Six Months Ended June 30,
2025
2026
2025
2026
RMB
%
RMB
US$
%
RMB
%
RMB
US$
%
(in thousands, except percentages)
Line-haul transportation cost
3,290,945
27.8
3,375,579
497,499
23.2
6,774,009
29.8
6,905,747
1,017,781
24.8
Sorting hub operating cost
2,414,839
20.4
2,505,815
369,311
17.2
4,729,435
20.8
4,960,086
731,026
17.8
Freight forwarding cost
170,235
1.4
179,844
26,506
1.2
343,028
1.5
334,109
49,242
1.2
Cost of accessories sold
151,204
1.3
145,751
21,481
1.0
284,463
1.3
273,340
40,285
1.0
Other costs
2,860,187
24.2
4,609,650
679,378
31.7
4,958,720
21.8
8,390,500
1,236,607
30.2
Total cost of revenues
8,887,410
75.1
10,816,639
1,594,175
74.3
17,089,655
75.2
20,863,782
3,074,941
75.0
Total cost of revenues was RMB10,816.6 million (US$1,594.2 million), an increase of 21.7% from RMB8,887.4 million in the same period last year.
Line-haul transportation cost was RMB3,375.6 million (US$497.5 million), increased 2.6% from RMB3,290.9 million in the same period last year. The unit transportation cost decreased 3.0% or 1 cent mainly attributable to better economies of scale and improved load rate through more effective route planning offsetting higher diesel prices.
Sorting hub operating cost was RMB2,505.8 million (US$369.3 million), increased 3.8% from RMB2,414.8 million in the same period last year. The increase primarily consisted of (i) RMB84.5 million (US$12.5 million) increase in labor-associated costs partially offset by automation-driven efficiency improvements, and (ii) RMB14.8 million (US$2.2 million) increase in depreciation and amortization costs associated with automation facilities and equipment upgrades. As of June 30, 2026, there were 782 sets of automated sorting equipment in service, compared to 690 sets as of June 30, 2025.
Cost of accessories sold was RMB145.8 million (US$21.5 million), decreased by 3.6% compared with RMB151.2 million in the same period last year.
Other costs were RMB4,609.7 million (US$679.4 million), increased 61.2% from RMB2,860.2 million in the same period last year, which was mainly due to an increase of RMB1,620.4 million (US$238.8 million) for pickup and dispatching costs paid to network partners associated with serving key account customers, primarily for handling e-commerce return parcels.
Gross Profit was RMB3,733.3 million (US$550.2 million), increased by 26.8% from RMB2,944.4 million in the same period last year. Gross margin rate improved to 25.7% from 24.9% in the same period last year.
Total Operating Expenses were RMB505.3 million (US$74.5 million), compared to RMB469.3 million in the same period last year.
Selling, general and administrative expenses were RMB556.7 million (US$82.0 million), decreased by 10.7% from RMB623.6 million in the same period last year, mainly due to a RMB 40.8 million (US$6.0 million) allowance of credit losses relating to financing receivables recognized in the same period of last year.
Other operating income, net was RMB51.3 million (US$7.6 million), compared to RMB154.3 million in the same period last year. Other operating income mainly consisted of (i) RMB23.7 million (US$3.5 million) of government subsidies and tax rebates, and (ii) RMB27.6 million (US$4.1 million) of rental and other income.
Income from operations was RMB3,227.9 million (US$475.7 million), increased 30.4% from RMB2,475.1 million for the same period last year. The operating margin rate increased to 22.2% from 20.9% in the same period last year.
Interest income was RMB155.7 million (US$22.9 million), compared with RMB208.7 million in the same period last year.
Interest expenses was RMB70.6 million (US$10.4 million), compared with RMB98.1 million in the same period last year.
Gain from fair value changes of financial instruments was RMB45.4 million (US$6.7 million), compared with a loss of RMB3.6 million in the same period last year. Such gain or loss from fair value changes of the financial instruments is quoted by commercial banks according to market-based estimation of future redemption prices.
Income tax expenses were RMB258.6 million (US$38.1 million) compared to RMB575.5 million in the same period last year. The overall income tax rate was 7.7%, down 15.2 percentage points year over year. The decline was mainly attributable to an income tax refund of RMB344.3 million (US$50.7 million) received by Shanghai Zhongtongji Network Technology Co., Ltd. (上海中通吉網絡技術有限公司), a wholly owned subsidiary of the Company, upon its recognition as a “Key Software Enterprise” qualifying for a preferential tax rate of 10% for tax year 2025.
Net income was RMB3,077.6 million (US$453.6 million), which increased by 56.7% increase from RMB1,964.6 million in the same period last year.
Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB3.99 (US$0.59) and RMB3.78 (US$0.56), compared to basic and diluted earnings per ADS of RMB2.42 and RMB2.37 in the same period last year, respectively.
Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB4.00 (US$0.59) and RMB3.79 (US$0.56), compared with RMB2.53 and RMB2.48 in the same period last year, respectively.
Adjusted net income was RMB3,086.1 million (US$454.8 million), compared with RMB2,052.7 million during the same period last year.
EBITDA[1] was RMB4,231.3 million (US$623.6 million), compared with RMB3,446.8 million in the same period last year.
Adjusted EBITDA was RMB4,241.4 million (US$625.1 million), compared to RMB3,534.9 million in the same period last year.
Net cash provided by operating activities was RMB4,563.6 million (US$672.6 million), compared with RMB2,168.2 million in the same period last year.
[1] EBITDA is a non-GAAP financial measure, which is defined as net income before depreciation, amortization, interest expenses and income tax expenses which management aims to better represent the underlying business operations.
Appointment of New Independent Director
The Board of Directors of the Company (the “Board”) has announced that Mr. Wei Zhu has been appointed as an independent director, effective August 19, 2026.
Mr. Zhu has over 35 years of experience in management consulting, investment banking, private equity investment and large-scale corporate management. From April 2026, Mr. Zhu has served as a director and advisor to Shanghai Xforceplus Information Technology Co., Ltd. and its affiliate for AI technology. From June 2024 to February 2026, Mr. Zhu served as co-head of North Asia at Alvarez & Marsal. From 2018 to 2021, Mr. Zhu served as chairman of Greater China at Accenture plc and was appointed to Accenture’s global management committee in 2020. Previously, Mr. Zhu served as global co-head of Standard Chartered Bank’s private equity business from 2009 to 2017, senior managing director and head of CVC Capital Partners from 2008 to 2009, managing director at Goldman Sachs Gao Hua Securities Company Limited from 2005 to 2008, senior partner and president of Greater China at Roland Berger from 2004 to 2005, and president of Greater China at A.T. Kearney from 2001 to 2003. Mr. Zhu has served as an independent director of Shanghai Foreign Service Holding Group Co., Ltd. since September 2021. Mr. Zhu received a Bachelor in Foreign Service from Georgetown University in 1986 and an MBA from the University of Chicago in 1992.
Shareholder Return Update
As disclosed in March 2026, the Board has approved an enhanced return mechanism, pursuant to which the Company targets an aggregate annual shareholder return ratio of no less than 50% of its adjusted net income for the prior fiscal year, comprising both cash dividends and share repurchases.
As of the end of the second quarter, the Company had repurchased an aggregate of 31,788,692 Class A Ordinary Shares for US$740 million (including repurchase commissions) in 2026, equivalent to 52% of its adjusted net income for 2025. As such, the Board did not recommend the distribution of an interim dividend for the first half of 2026.
In March 2026, the Board also approved a new share repurchase program (the “New Program”), authorizing share repurchases of up to US$1.5 billion of its shares over a 24-month period, effective from March 20, 2026 to March 20, 2028. As of the end of the second quarter of 2026, the Company had repurchased an aggregate of 6,161,216 ADSs for US$138 million (including repurchase commissions) under the New Program, leaving US$1.36 billion of capacity under the authorisation.
Business Outlook
Based on current market and operating conditions, the Company revises its previously stated annual guidance. Parcel volume for 2026 is expected to increase by 6.0% to 10.0% year over year, representing a parcel volume range of 40.8 billion to 42.4 billion. Such estimates represent management’s current and preliminary view, which are subject to change.
Exchange Rate
This announcement contains translation of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB 6.7851 to US$ 1.00, the noon buying rate on June 30, 2026 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 EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders, and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders, 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 such non-GAAP measures help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of the related expenses and gains that the Company includes in income from operations and net income, and 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 the Company’s management in its financial and operational decision-making.
EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders 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 compare the historical non-GAAP financial measures to the most directly comparable GAAP measures. EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders 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 8:30 PM U.S. Eastern Time on Tuesday, August 18, 2026 (8:30 AM Beijing Time on Wednesday, August 19, 2026).
Dial-in details for the earnings conference call are as follows:
United States:
1-888-317-6003
Hong Kong:
800-963-976
Mainland China:
4001-206-115
International:
1-412-317-6061
Passcode:
1904847
Please dial in 15 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 August 24, 2026:
United States:
1-855-669-9658
International:
1-412-317-0088
Passcode:
8514365
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 and SEHK: 2057) (“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://zto.investorroom.com.
Safe Harbor Statement
This announcement 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 and quotations from management in this announcement contain forward-looking statements. ZTO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “HKEX”), in its interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of the HKEX, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including but not limited to statements about ZTO’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: risks relating to the development of the e-commerce and express delivery industries in China; its significant reliance on certain third-party e-commerce platforms; 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; ZTO’s ability to build its brand and withstand negative publicity, or other favorable government policies. Further information regarding these and other risks is included in ZTO’s filings with the SEC and the HKEX. All information provided in this announcement is as of the date of this announcement, and ZTO does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
UNAUDITED CONSOLIDATED FINANCIAL DATA
Summary of Unaudited Consolidated Comprehensive Income Data:
Three Months Ended June 30,
Six Months Ended June 30,
2025
2026
2025
2026
RMB
RMB
US$
RMB
RMB
US$
(in thousands, except for share and per share data)
Revenues
11,831,807
14,549,892
2,144,389
22,723,272
27,832,256
4,101,967
Cost of revenues
(8,887,410)
(10,816,639)
(1,594,175)
(17,089,655)
(20,863,782)
(3,074,941)
Gross profit
2,944,397
3,733,253
550,214
5,633,617
6,968,474
1,027,026
Operating (expenses)/income:
Selling, general and administrative
(623,587)
(556,667)
(82,043)
(1,361,098)
(1,372,331)
(202,257)
Other operating income, net
154,274
51,326
7,565
607,943
177,037
26,092
Total operating expenses
(469,313)
(505,341)
(74,478)
(753,155)
(1,195,294)
(176,165)
Income from operations
2,475,084
3,227,912
475,736
4,880,462
5,773,180
850,861
Other income/(expenses):
Interest income
208,732
155,709
22,949
407,124
321,654
47,406
Interest expense
(98,112)
(70,627)
(10,409)
(166,988)
(120,899)
(17,818)
(Loss)/gain from fair value changes of
financial instruments
(3,635)
45,410
6,693
32,978
100,354
14,790
Loss on disposal of equity investees,
subsidiary and others
(714)
(8,829)
(1,301)
(567)
(8,351)
(1,231)
Impairment of Goodwill
(84,431)
–
–
(84,431)
–
–
Foreign currency exchange gain/(loss) before
tax
16,419
6,936
1,022
12,375
(21,898)
(3,227)
Income before income tax, and share of
income in equity method investments
2,513,343
3,356,511
494,690
5,080,953
6,044,040
890,781
Income tax expense
(575,531)
(258,640)
(38,119)
(1,107,105)
(810,820)
(119,500)
Share of income/(expense) in equity method
investments
26,747
(20,299)
(2,992)
29,892
708
104
Net income
1,964,559
3,077,572
453,579
4,003,740
5,233,928
771,385
Net income attributable to non-controlling
interests
(26,227)
(26,681)
(3,932)
(72,161)
(64,704)
(9,536)
Net income attributable to ZTO Express
(Cayman) Inc.
1,938,332
3,050,891
449,647
3,931,579
5,169,224
761,849
Net income attributable to ordinary
shareholders
1,938,332
3,050,891
449,647
3,931,579
5,169,224
761,849
Net earnings per share attributed to
ordinary shareholders
Basic
2.42
3.99
0.59
4.92
6.71
0.99
Diluted
2.37
3.78
0.56
4.81
6.44
0.95
Weighted average shares used in calculating
net earnings per ordinary share/ADS
Basic
799,752,637
765,053,979
765,053,979
799,123,030
770,575,485
770,575,485
Diluted
833,990,437
814,969,973
814,969,973
833,360,830
809,872,825
809,872,825
Net income
1,964,559
3,077,572
453,579
4,003,740
5,233,928
771,385
Other comprehensive income/(expense),
net of tax of nil:
Foreign currency translation adjustment
41,831
22,572
3,327
50,532
12,650
1,864
Comprehensive income
2,006,390
3,100,144
456,906
4,054,272
5,246,578
773,249
Comprehensive (income)/loss attributable to
non-controlling interests
(26,227)
(26,681)
(3,932)
(72,161)
(64,704)
(9,536)
Comprehensive income attributable to ZTO
Express (Cayman) Inc.
1,980,163
3,073,463
452,974
3,982,111
5,181,874
763,713
Unaudited Consolidated Balance Sheets Data:
As of
December 31,
June 30,
2025
2026
RMB
RMB
US$
(in thousands, except for share data)
ASSETS
Current assets:
Cash and cash equivalents
10,011,533
9,906,896
1,460,096
Restricted cash
29,129
44,638
6,579
Accounts receivable, net
1,287,475
1,627,114
239,807
Financing receivables
674,880
488,569
72,006
Short-term investment
15,620,892
21,400,891
3,154,101
Inventories
40,648
31,002
4,569
Advances to suppliers
719,277
760,403
112,070
Prepayments and other current assets
5,102,997
5,208,995
767,711
Amounts due from related parties
477,865
606,988
89,459
Total current assets
33,964,696
40,075,496
5,906,398
Investments in equity investees
1,951,910
2,159,811
318,317
Property and equipment, net
35,433,509
35,956,197
5,299,288
Land use rights, net
6,762,240
6,900,233
1,016,969
Intangible assets, net
52,758
39,599
5,836
Operating lease right-of-use assets
398,082
231,129
34,064
Goodwill
4,157,111
4,157,111
612,682
Deferred tax assets
1,103,655
1,234,137
181,889
Long-term investment
5,221,110
6,520,491
961,001
Long-term financing receivables
1,039,946
969,868
142,941
Other non-current assets
938,980
499,473
73,613
TOTAL ASSETS
91,023,997
98,743,545
14,552,998
LIABILITIES AND EQUITY
Current liabilities
Short-term bank borrowing
10,934,419
11,621,408
1,712,784
Accounts payable
2,577,229
2,605,564
384,013
Advances from customers
1,833,131
1,872,809
276,018
Income tax payable
279,541
314,134
46,298
Amounts due to related parties
796,660
626,792
92,378
Operating lease liabilities
139,787
89,207
13,147
Dividends payable
19,659
19,625
2,892
Other current liabilities
6,288,714
6,816,229
1,004,587
Total current liabilities
22,869,140
23,965,768
3,532,117
Long-term bank borrowing
18,000
17,000
2,505
Non-current operating lease liabilities
261,257
126,648
18,666
Deferred tax liabilities
615,073
710,382
104,697
Convertible senior notes
124,114
10,185,580
1,501,169
TOTAL LIABILITIES
23,887,584
35,005,378
5,159,154
Shareholders’ equity
Ordinary shares (US$0.0001 par value; 10,000,000,000 shares authorized;
795,528,169 shares issued and 790,812,316 shares outstanding as of December
31, 2025; 769,900,693 shares issued and 760,321,796 shares outstanding
as of June 30, 2026)
513
495
73
Additional paid-in capital
24,000,698
22,188,334
3,270,156
Treasury shares, at cost
(254,480)
(1,181,259)
(174,096)
Retained earnings
42,918,864
42,910,215
6,324,183
Accumulated other comprehensive loss
(281,266)
(268,616)
(39,589)
ZTO Express (Cayman) Inc. shareholders’ equity
66,384,329
63,649,169
9,380,727
Non-controlling interests
752,084
88,998
13,117
Total Equity
67,136,413
63,738,167
9,393,844
TOTAL LIABILITIES AND EQUITY
91,023,997
98,743,545
14,552,998
Summary of Unaudited Consolidated Cash Flow Data:
Three Months Ended June 30,
Six Months Ended June 30,
2025
2026
2025
2026
RMB
RMB
US$
RMB
RMB
US$
(in thousands)
Net cash provided by operating activities
2,168,208
4,563,570
672,586
4,531,184
7,352,615
1,083,641
Net cash used in investing activities
(1,163,517)
(3,529,923)
(520,246)
(4,321,982)
(10,704,472)
(1,577,644)
Net cash (used in)/provided by financing activities
(117,713)
(2,433,546)
(358,660)
(378,804)
3,397,527
500,734
Effect of exchange rate changes on cash, cash
equivalents and restricted cash
(19,706)
(84,631)
(12,473)
(32,266)
(134,798)
(19,867)
Net increase/(decrease) in cash, cash equivalents
and restricted cash
867,272
(1,484,530)
(218,793)
(201,868)
(89,128)
(13,136)
Cash, cash equivalents and restricted cash at
beginning of period
12,461,807
11,442,119
1,686,360
13,530,947
10,046,717
1,480,703
Cash, cash equivalents and restricted cash at end of
period
13,329,079
9,957,589
1,467,567
13,329,079
9,957,589
1,467,567
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows:
As of
June 30,
June 30,
2025
2026
RMB
RMB
US$
(in thousands)
Cash and cash equivalents
13,291,796
9,906,896
1,460,096
Restricted cash, current
22,684
44,638
6,579
Restricted cash, non-current
14,599
6,055
892
Total cash, cash equivalents and restricted cash
13,329,079
9,957,589
1,467,567
Reconciliations of GAAP and Non-GAAP Results
Three Months Ended June 30,
Six Months Ended June 30,
2025
2026
2025
2026
RMB
RMB
US$
RMB
RMB
US$
(in thousands, except for share and per share data)
Net income
1,964,559
3,077,572
453,579
4,003,740
5,233,928
771,385
Add:
Share-based compensation expense (1)
2,994
1,197
176
223,263
222,316
32,765
Impairment of Goodwill
84,431
–
–
84,431
–
–
Loss on disposal of equity investees and
subsidiary, net of income taxes
714
7,294
1,075
593
6,899
1,017
Adjusted net income
2,052,698
3,086,063
454,830
4,312,027
5,463,143
805,167
Net income
1,964,559
3,077,572
453,579
4,003,740
5,233,928
771,385
Add:
Depreciation
770,270
777,399
114,574
1,559,378
1,690,048
249,082
Amortization
38,306
47,086
6,940
76,125
96,297
14,192
Interest expenses
98,112
70,627
10,409
166,988
120,899
17,818
Income tax expenses
575,531
258,640
38,119
1,107,105
810,820
119,500
EBITDA
3,446,778
4,231,324
623,621
6,913,336
7,951,992
1,171,977
Add:
Share-based compensation expense
2,994
1,197
176
223,263
222,316
32,765
Impairment of Goodwill
84,431
–
–
84,431
–
–
Loss on disposal of equity investees and
subsidiary
714
8,829
1,301
567
8,351
1,231
Adjusted EBITDA
3,534,917
4,241,350
625,098
7,221,597
8,182,659
1,205,973
(1) Net of income taxes of nil
Reconciliations of GAAP and Non-GAAP Results
Three Months Ended June 30,
Six Months Ended June 30,
2025
2026
2025
2026
RMB
RMB
US$
RMB
RMB
US$
(in thousands, except for share and per share data)
Net income attributable to ordinary
shareholders
1,938,332
3,050,891
449,647
3,931,579
5,169,224
761,849
Add:
Share-based compensation expense (1)
2,994
1,197
176
223,263
222,316
32,765
Impairment of Goodwill
84,431
–
–
84,431
–
–
Loss on disposal of equity investees
and subsidiary, net of income taxes
714
7,294
1,075
593
6,899
1,017
Adjusted Net income attributable to
ordinary shareholders
2,026,471
3,059,382
450,898
4,239,866
5,398,439
795,631
Weighted average shares used in
calculating net earnings per ordinary
share/ADS
Basic
799,752,637
765,053,979
765,053,979
799,123,030
770,575,485
770,575,485
Diluted
833,990,437
814,969,973
814,969,973
833,360,830
809,872,825
809,872,825
Net earnings per share/ADS attributable to
ordinary shareholders
Basic
2.42
3.99
0.59
4.92
6.71
0.99
Diluted
2.37
3.78
0.56
4.81
6.44
0.95
Adjusted net earnings per share/ADS
attributable to ordinary shareholders
Basic
2.53
4.00
0.59
5.31
7.01
1.03
Diluted
2.48
3.79
0.56
5.18
6.73
0.99
(1) Net of income taxes of nil
For investor and media inquiries, please contact:
ZTO Express (Cayman) Inc.
Investor Relations
E-mail: ir@zto.com
Phone: +86 21 5980 4508
View original content:https://www.prnewswire.com/news-releases/zto-reports-second-quarter-2026-unaudited-financial-results-302854342.html
SOURCE ZTO Express (Cayman) Inc.
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Technology
Cambodia Takes Bakong Global, Connecting ASEAN with Japan and Africa
Published
3 hours agoon
November 15, 2026By
PHNOM PENH, Cambodia, Nov. 15, 2026 /PRNewswire/ — Cambodia is taking its national digital payment system, Bakong, onto the global stage, unveiling initiatives spanning international card payments, stablecoin and bond tokenisation pilots with Japan, and a remittance corridor with Rwanda.
The announcements were made at the inaugural Black Swan Summit Cambodia, co-hosted by the National Bank of Cambodia (NBC) and the Singapore-headquartered Global Finance & Technology Network (GFTN), in collaboration with three Cambodian ministries: the Ministry of Post and Telecommunications, the Ministry of Commerce, and the Ministry of Industry, Science, Technology and Innovation.
Held alongside the Sommet de la Francophonie, the two-day summit has attracted over 5,000 registered participants from 60 countries, including policymakers, central bankers, investors and technology leaders, to advance financial connectivity between ASEAN, Africa and other international markets.
From National Payment System to Global Network
Cambodia has built a digital payments infrastructure that has transformed domestic financial access. It is now extending that infrastructure internationally through three initiatives:
Bakong to the World: Bakong users will be able to create Visa or Mastercard virtual cards through the app, enabling contactless payments overseas.
Japan–Cambodia stablecoin remittances: NBC and SBI Group will explore stablecoin-based cross-border transfers, with funds received through Bakong wallets.
Government bond tokenisation: NBC and SBI Bank will pilot the tokenisation of Cambodian government bonds on the Canton Network, exploring new approaches to trading and settlement.
Bakong has also contributed to the growing use of Cambodia’s national currency. The riel’s share of transactions on the platform increased from 17% in 2020 to 58% in 2025.
A Model for Emerging Economies
Cambodia’s financial transformation is rooted in an extraordinary history. Following the destruction of its banking system and the abolition of its currency between 1975 and 1979, the riel was reintroduced on 20 March 1980.
Rather than replicate conventional financial infrastructure, Cambodia has built a digital-first payments ecosystem. Today, Bakong connects approximately 38 million accounts in a country of 17 million people. In 2025, it processed 1.3 billion transactions worth US$241.84 billion, equivalent to approximately 4.5 times Cambodia’s GDP.
For emerging economies seeking to expand financial inclusion, strengthen domestic currencies and connect to global markets, Cambodia offers an example of how public digital infrastructure can accelerate financial development.
Bridging ASEAN and the Francophone World
The summit also marks a step towards connecting Southeast Asia with Francophone economies, particularly in Africa.
Two initiatives signal this ambition:
Cambodia–Rwanda remittance corridor: The National Bank of Cambodia and the National Bank of Rwanda are working to connect Bakong with Rwanda’s RSwitch payment infrastructure, initially facilitating remittances from Cambodia to Rwanda.
Francophone Africa payment connectivity: H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia, underscored the shared vision of exploring cross-border payment connectivity with Francophone African payment systems, with potential initial use cases focusing on remittances and small-value trade.
These initiatives advance South–South cooperation, demonstrating how emerging economies can collaborate directly on interoperable financial infrastructure without relying exclusively on traditional international payment networks.
The summit continues on 16 November, with discussions on economic corridors, payment interoperability, financial resilience and regulatory cooperation.
Leadership Perspectives
H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia, said: “Cambodia knows what it means to lose a financial system and rebuild trust in money. Bakong has expanded access and the use of the riel. Now we are connecting it to the world. Sovereignty and openness are not opposites. Inclusion must be measured not just by whether people can pay, but by whether they can withstand shocks.”
Sopnendu Mohanty, Group CEO, Global Finance & Technology Network (GFTN), said: “Cambodia shows that emerging economies can build financial infrastructure around their own needs rather than inherit systems designed elsewhere. The next challenge is connecting these platforms internationally. From African payment links to Japanese fintech pilots, Black Swan Summit Cambodia demonstrates how emerging markets can open new channels for trade, investment and financial inclusion.”
For more information: www.cambodia.blackswansummit.com
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/cambodia-takes-bakong-global-connecting-asean-with-japan-and-africa-302939651.html
SOURCE Global Finance & Technology Network (GFTN)
Technology
APEC 2026 Host City Promotional Video Shenzhen: Where the Future Takes Shape Released Worldwide
Published
8 hours agoon
November 15, 2026By
SHENZHEN, China, Nov. 14, 2026 /CNW/ — Shenzhen: Where the Future Takes Shape, the official promotional video for the host city of the 2026 Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting, was released worldwide on November 15, as APEC Economic Leaders’ Week got underway in Shenzhen.
Presented by the Publicity Department of the CPC Shenzhen Municipal Committee and produced by Shenzhen Media Group, the video takes “Where the Future Takes Shape” as its central theme.
It brings together Shenzhen’s pioneering reforms, its achievements in building a modern, people-centered city, and the theme of 2026 APEC “China Year,” “Building an Asia-Pacific Community to Prosper Together.” Through the story of Shenzhen, the video offers international audiences a vivid look at Chinese modernization in practice, while extending a warm welcome to guests from across the Asia-Pacific and beyond. It also reflects the host city’s commitment to openness and its vision of working with regional partners to create a better future.
Shenzhen itself takes center stage in the video. Through six dimensions — innovative, livable, beautiful, resilient, culturally advanced, and smart — the production captures the city’s character during this landmark year and showcases its vitality and appeal to audiences worldwide.
The Chinese- and English-language versions premiered simultaneously across Shenzhen Media Group’s platforms, including Shenzhen TV’s 4K Ultra HD channel, its international channel, and the international social media network of “Shenzhen Channel”.
Featuring more than 260 shots, 99% of them newly filmed in 2026, this six-minute film brings Shenzhen to life–from cutting-edge innovation and vibrant urban spaces to stunning natural landscapes and cultural diversity.
Discover a city where the future is already taking shape, and where people from across the Asia-Pacific are invited to come together, share opportunities, and build a brighter, more prosperous future.
At this moment, Shenzhen is at its best.
As the video’s closing narration declares:
In 2026, the world gathers in Shenzhen to write a new chapter in building an Asia-Pacific Community to prosper together.
Gather in Shenzhen.
Witness miracles.
Together, let’s create a brighter future!
View original content to download multimedia:https://www.prnewswire.com/news-releases/apec-2026-host-city-promotional-video-shenzhen-where-the-future-takes-shape-released-worldwide-302939610.html
SOURCE Shenzhen Media Group
Technology
IP GUANGDONG debuts at the Media Center of APEC Economic Leaders’ Week
Published
10 hours agoon
November 15, 2026By
GUANGZHOU, China, Nov. 15, 2026 /PRNewswire/ — This is a news report from South.
The media center for the 2026 Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Week opened on November 11 in the host city of Shenzhen, Guangdong Province, southern China.
Located in Hall 2 of the Shenzhen Convention and Exhibition Center in Futian District, the APEC media center spans around 15,000 square meters. It will offer services including meeting updates, radio and television broadcast feeds, press briefings, and smart news gathering and production tools for nearly 5000 Chinese and international journalists.
IP GUANGDONG, a community open to anyone who wants to share Guangdong’s stories with the world, has set up a themed space called “A Home for Asia-Pacific Friends” at the APEC media center. The space offers Chinese and international journalists a friendly, homelike atmosphere and has been a popular photo spot since opening day.
What unique experiences does IP GUANGDONG offer at the APEC media center? Here is a first look.
Bringing Guangdong’s hospitality to the front lines of reporting
Openness, innovation and cooperation are the three priorities for the APEC China 2026, and they also reflect Guangdong’s approach to welcoming guests. Through “A Home for Asia-Pacific Friends,” IP GUANGDONG is using the occasion to build friendships and offer thoughtful, welcoming services to journalists from around the world. Reporters coming to Shenzhen may be unfamiliar with the city, find it hard to source material, have little space to film on camera or lack equipment, so IP GUANGDONG has set up a range of support services in the themed space.
IP GUANGDONG is a shared platform for Guangdong’s international image, and its library holds more than 50,000 high-quality images and videos from and about the province. Its “Visual Content Station,” located within the themed space, allows Chinese and international journalists to quickly purchase and license high-quality images and footage of Guangdong, providing a one-stop solution to difficulties in sourcing content and uncertainty over usage rights.
In the age of new media, news production moves at almost lightning speed. With a Pocket camera in one hand and a microphone in the other, a single reporter can gather and edit news right at the scene.
To support this way of working, IP GUANGDONG has teamed up with its partner DJI to set up a dedicated DJI service station, where Chinese and international journalists can borrow Osmo Pocket 4 cameras. Reporters can register on site with valid media credentials and borrow a camera for their reporting. During breaks, they can also capture the beauty and variety of Shenzhen, sharing their images with the world through IP GUANGDONG.
Discovering and sharing stories behind Guangdong products
Guangdong goods have continued to attract attention online and offline this year. Their global reach is underpinned not only by Guangdong’s strength in smart manufacturing, but also by the cultural appeal embedded in its products. Every Guangdong product has a story worth telling. Drawing on this rich source of news stories, IP GUANGDONG has teamed up with its partners to display a diverse selection of finely crafted Guangdong products at the themed space’s service counter, giving journalists a place to discover local creations and find inspiration.
Reflecting the current boom in designer collectible toys, IP GUANGDONG is showcasing a range of representative designer toy brands and characters from Guangdong. Highlights include dolls featuring Xiyangyang and Lerongrong, the mascots of the 15th National Games, who have just turned two. Also on display are 3D metal puzzles from Piececool and original characters Laura and the panda Mr. PA from ToyCity. Both companies behind these two brands are based in Dongguan, known as China’s designer toy capital. Also featured are Guangdong’s “three teas”: Yingde black tea, Chaozhou Dancong tea and Zijin cicada tea. Rich in positive symbolism, they offer a vivid introduction to Lingnan culture.
By introducing the products on display in this compact showcase, IP GUANGDONG will work with visiting journalists to explore the stories behind them and share with the world the message that “Guangdong products make the world better.”
Exploring Guangdong without leaving the venue
The IP GUANGDONG themed space also invites visitors to enjoy interactive experiences. Between assignments, journalists can relax and take away their own memories of Guangdong from the APEC China 2026.
At the center of the space, IP GUANGDONG has installed a photo booth where journalists can create personalized postcards featuring Guangdong’s landmarks and scenery. Visitors simply step inside, have their photo taken and choose their favorite Guangdong backdrop. Their custom postcard is generated on the spot, taking them on a virtual tour of the province without leaving the venue.
All 16 landmark images were captured by IP GUANGDONG creators. They include Zhao Junhui’s photograph of the Shenzhen International Exchange Center, the main APEC meeting venue; Liu Shihui’s image of Danxiashan in Shaoguan; Luo Jinping’s view of the “Sea of Pineapples” in Zhanjiang; and Qiu Xuqing’s photograph of the Zhongshan Memorial Pavilion in Shantou Small Park. Each image reveals a different facet of Lingnan’s beauty and reflects the platform’s vision: “Everyone creates, everyone showcases, everyone shares.”
IP GUANGDONG has also prepared 2,000 surprise gift bags for Chinese and international journalists. The bags contain Guangdong specialty snacks, everyday essentials, small cultural and creative gifts, and postcards from the “Snacks of Guangdong” series illustrated by guest contributor XiaoLin Comics. These gifts bring an element of surprise and fun to journalists’ day.
A space to connect: Say “Hello, friend!”
The APEC media center is both a place for Chinese and international journalists to work efficiently and a setting for face-to-face conversation and for sharing observations and experiences. The IP GUANGDONG themed space includes a dedicated area for interviews, discussions and cultural exchanges.
As visitors enter, they are greeted by the words “Hello, friend!” in 12 major languages used across APEC member economies.
On the columns flanking the space, IP GUANGDONG and Chinese tech brand HONOR present “Home Through the Lenses of Asia-Pacific Creators,” a collection of photographs created collaboratively by contributors from around the world. Images from across the Asia-Pacific are displayed alongside scenes of Lingnan, bringing different cultures into conversation through photography.
On the way from the work area to the dining area, journalists can enjoy a calming visual interlude at “Asia-Pacific Perspectives: Impressions of Guangdong,” an illustration exhibition jointly produced by IP GUANGDONG and China Daily. It features 40 selected works by illustrators from APEC member economies, including China, the US, Russia, Japan, Singapore and Indonesia. Guangdong’s streets and lanes, natural landscapes and the warmth of the Asia-Pacific family come to life in their illustrations. Journalists are invited to slow down, glimpse one another’s lives in familiar scenes, unwind and feel a little closer.
Don’t miss out! It’s giveaway time!
How to claim your IP GUANGDONG surprise gift bag
Dates and times: November 11–19, 9:30 a.m.–12:30 p.m. and 2:00–6:00 p.m.
How to claim: Scan the QR codes to follow IP GUANGDONG’s WeChat Official Account and WeChat Channels account. Then scan the registration QR code to join the platform and upload your first snapshot to receive a surprise gift bag.
Availability: Limited to 200 bags per day, on a first-come, first-served basis.
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/ip-guangdong-debuts-at-the-media-center-of-apec-economic-leaders-week-302939601.html
SOURCE South
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