Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 210.31 HKD per share and 26.54 USD per share [2][4]. Core Insights - The company reported a revenue of 9.96 billion RMB for Q1 2024, representing a year-on-year increase of 10.9%. The net profit attributable to shareholders was 1.448 billion RMB, down 13.0% year-on-year, while the adjusted net profit was 2.224 billion RMB, up 15.8% year-on-year. The total business volume reached 7.171 billion pieces, an increase of 13.9% year-on-year [1][4]. - The strategic focus has shifted towards enhancing service quality while maintaining reasonable business scale and profitability. In Q1 2024, the company achieved a better single-package profit level, with an adjusted profit per package of 0.31 RMB, an increase of 0.01 RMB year-on-year and 0.06 RMB quarter-on-quarter [1][4]. - The supply-demand environment is improving, with a forecasted business volume growth of 15%-18% for the year. The company’s capital expenditure decreased by 26.5% year-on-year in Q1 2024, indicating a continued reduction in scale [1][4]. Financial Summary - Revenue projections for 2024-2026 are 44.004 billion RMB, 49.424 billion RMB, and 54.317 billion RMB, respectively, with growth rates of 15%, 12%, and 10% [4]. - The expected EPS for 2024-2026 is 12.73 RMB, 14.89 RMB, and 17.42 RMB, respectively, with corresponding PE ratios of 13.46, 11.51, and 9.83 [4]. - The return on equity (ROE) is projected to increase from 15.86% in 2024 to 17.98% in 2026 [4].

Investment Rating - The investment rating for ZTO Express (2057.HK) is "Buy" with a maintained rating [4][12]. Core Insights - The company reported an adjusted net profit of 0.30 CNY per ticket, indicating an improvement in profitability [7]. - ZTO Express achieved a revenue of 99.6 billion CNY in Q1 2024, representing a year-on-year growth of 10.9%, while the net profit was 14.5 billion CNY, a decrease of 13.0% year-on-year, primarily due to a one-time impact from the sale of Cainiao shares [7][8]. - The company’s package volume reached 7.17 billion pieces in Q1 2024, reflecting a year-on-year increase of 13.9% [7]. Financial Data and Valuation - Revenue projections for ZTO Express are as follows: - 2023A: 38,419 million CNY - 2024E: 44,526 million CNY - 2025E: 50,234 million CNY - 2026E: 56,105 million CNY - The net profit forecasts are: - 2023A: 8,749 million CNY - 2024E: 10,542 million CNY - 2025E: 12,109 million CNY - 2026E: 13,963 million CNY - The company’s earnings per share (EPS) are projected to grow from 10.76 CNY in 2024 to 17.18 CNY in 2026 [6][8]. Cost and Profitability Analysis - The average revenue per ticket for the express business in Q1 2024 was 1.29 CNY, down 3.3% year-on-year, while the adjusted net profit per ticket was 0.31 CNY, up 1.7% year-on-year [7]. - The company maintained a healthy profit growth despite a slight decline in market share, focusing on quality and effective competition [7]. - The operating cash flow for Q1 2024 was 20 billion CNY, with capital expenditures of 17 billion CNY [7].

Investment Rating - The investment rating for the company is "Buy" [5][2] Core Views - The company achieved a revenue of 9.96 billion yuan in Q1 2024, representing a year-on-year growth of 10.9%. However, net profit decreased by 14.6% to 1.43 billion yuan, while adjusted net profit increased by 15.8% to 2.22 billion yuan [1][7] - The company maintained a price strategy focused on profitability, leading to a business volume of 7.171 billion pieces, which grew by 13.9% year-on-year but lagged behind industry peers [1][7] - The average price per delivery decreased by 2.5% year-on-year, a significant improvement from a decline of 18.2% in the previous quarter [1][7] - The company optimized its operating costs, with transportation and transfer costs per piece decreasing by 7.0% and 5.4% respectively, contributing to a stable profit margin [1][9] Summary by Sections Financial Performance - Q1 2024 revenue was 9.96 billion yuan, up 10.9% year-on-year - Q1 2024 net profit was 1.43 billion yuan, down 14.6% year-on-year - Adjusted net profit for Q1 2024 was 2.22 billion yuan, up 15.8% year-on-year [1][7] Business Volume and Pricing - Business volume reached 7.171 billion pieces, growing 13.9% year-on-year but underperforming compared to industry growth rates - The company’s market share decreased compared to the previous year but remains higher than competitors [1][7] Cost Management - The average transportation cost per piece was 0.47 yuan, down 7.0% year-on-year, while transfer costs were 0.30 yuan, down 5.4% year-on-year - The gross profit per piece for core express services was 0.42 yuan, showing an increase from previous periods [1][9] Capital Expenditure - Capital expenditure for Q1 2024 was 1.69 billion yuan, significantly lower than 2.3 billion yuan in the same period last year, indicating a peak in capital spending has passed [1][9]

M N 16 May 2024 CMB International Global Markets | Equity Research | Company Update ZTO Express (2057 HK) 1Q24 core earnings beat estimates; Shifted to profitable growth strategy Target Price HK$303.00 ZTO Express (ZTO) shifted the strategic focus to profitable growth in 1Q24, Up/Downside 74.5% enabling it to deliver core net profit of RMB1.9bn (+23% YoY), representing 19% Current Price HK$173.60 of our full-year forecast (run rate in 1Q23: 17.6%), which is better than our expectation. Looking forward, ZTO ...

仅供机构投资者使用 证券研究报告|港股公司深度研究报告 2024年5月16日 中通快递(2057.HK)： 从经营领先到股东回馈领先 评级： 中通快递-W 恒生指数 评级： 买入 分析师：游道柱 3% 上次评级： 首次覆盖 邮箱：youdz@hx168.com.cn ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及B類普通股。對於需要股東投票的所有事 項，A類普通股持有人每股可投1票，而B類普通股持有人則每股可投10票。股東及有意投資者 務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存託股代表一股A 類普通股）於美國紐約證券交易所上市，代碼為ZTO。 ZTO Express (Cayman) Inc. 中通快遞（開曼）有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2057） 內幕消息 2024年第一季度未經審計財務業績公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.09條及《證券及期貨 條例》（第571章）第XIVA部刊發。 中通快遞（開曼）有限公司（「中通」或「本公司」）欣然公佈其根據美國證券交易委 員會（「美國證交會」）適用規則刊發的截至2024年3月31日止第一季度的未經審計 財務業績（「2024 ...

Investment Rating - The report assigns a "Buy" rating to ZTO Express, with a target market value of 173.8 billion HKD based on a 15x P/E ratio for the projected net profit of 10.526 billion CNY in 2024 [8][17]. Core Insights - ZTO Express has emerged as a leading player in the e-commerce express delivery sector, achieving significant market share and profitability through strategic innovations and operational efficiencies [3][18]. - The express delivery industry continues to exhibit growth potential, driven by increasing online shopping penetration and evolving consumer behaviors, despite a downward trend in the average value of packages [4][33]. - ZTO's operational transformation focuses on direct management, large-scale operations, and automation, which have significantly reduced costs and improved efficiency [5][24]. Summary by Sections Company Overview - ZTO Express was established in 2002 and has rapidly ascended to become a market leader in the e-commerce express delivery sector through various strategic initiatives [3][18]. - The company went public in the US in 2016 and in Hong Kong in 2020, enhancing its capital base and operational capabilities [19][20]. Industry Growth Potential - The e-commerce express delivery market is expected to grow, with the online retail sales of physical goods reaching 13.02 trillion CNY in 2023, a year-on-year increase of 8.4% [33]. - The penetration of online shopping is increasing, with the proportion of online retail sales in total social retail sales rising to 27.6% in 2023 [33]. Operational Efficiency - ZTO has achieved a 100% direct management rate for its trunk line vehicles since 2021, leading to a significant reduction in transportation costs from 0.83 CNY per item in 2016 to 0.45 CNY in 2023 [5][24]. - The company has also automated its sorting centers, increasing the number of automated sorting devices from 58 in 2017 to 464 in 2023, which has further reduced sorting costs [5][24]. Financial Performance - ZTO's net profit for 2024 is projected to be 10.526 billion CNY, with a compound annual growth rate of 16.0% from 2023 to 2026 [8][11]. - The company maintains a strong cash position, with a cash dividend of 0.62 USD per share in 2023 and a commitment to a dividend payout ratio of no less than 40% in 2024 [26][27].

中国电商快递龙头，资产及管理双领军 [Table_CoverStock] — 中通快递-W（2057.HK）深度报告 [Tab2l0e_2Re4po年rtTi0m5e]月 13 日 左前明 能源行业首席分析师 执业编号 S1500518070001 联系电话 010-83326712 邮箱zuoqianming@cindasc.com [T able_CoverReportList] [Table_Title] 证券研究报告 中国电商快递龙头，资产及管理双领军 公司研究 [Table_ReportDate] 2024年05月13日 [Table_ReportType] 本期内容提要: 深度报告 [Table_Summary] [T中ab通le快_S递toc-kWA(n2d0R5an7k.]H K) 后起之秀，崛起为电商快递份额及盈利龙头 中通快递成立于2002年，晚于申通、韵达、圆通。公司成立后，通过率先 投资评级 买入 开启跨省际网络班车等业务拓展、率先推动有偿派费机制和全网一体化发展 战略等机制变革、率先布局转运中心直营化及分拣设备自动化等多维举措， ...

Investment Rating - The report maintains a "Buy" rating for ZTO Express (2057.HK) [1] Core Views - ZTO Express has established a strong competitive position through three key decisions: the launch of inter-provincial express services, the implementation of a paid delivery fee system, and the reform to a shareholding structure, which have collectively contributed to its market leadership and long-term sustainability [3][4][5] - The "co-construction and sharing" philosophy is identified as a core competitive advantage, promoting cost reduction across the entire logistics chain and facilitating product stratification, which is expected to enhance performance and profitability [4][5] Historical Review - ZTO Express was founded in 2002 and became the first private express company to launch inter-provincial services in 2005, significantly expanding its network coverage [3][19] - The company adopted a paid delivery fee model in 2009, which improved network stability and service quality, leading to a substantial increase in business volume [3][21] - The shareholding reform initiated in 2014 allowed for centralized management and aligned the interests of network partners, further solidifying ZTO's competitive edge [3][24] Future Outlook - The "co-construction and sharing" strategy is expected to drive down costs across the logistics chain, particularly at the last-mile delivery stage, which accounts for a significant portion of overall costs [4][53] - ZTO Express aims to penetrate the mid-to-high-end market segments, optimizing its business structure and enhancing profitability through product stratification [4][5] - The company is projected to achieve revenue of 429.76 billion, 484.31 billion, and 545.56 billion yuan for the years 2024 to 2026, with corresponding net profits of 100.77 billion, 118.07 billion, and 144.89 billion yuan [5]

Financial Performance - Revenue increased by 8.6% to RMB 38,418.9 million in 2023 compared to RMB 35,377.0 million in 2022[12] - Gross profit rose by 29.0% to RMB 11,662.5 million in 2023 from RMB 9,039.3 million in 2022[12] - Net profit grew by 31.5% to RMB 8,754.5 million in 2023 compared to RMB 6,659.0 million in 2022[12] - Adjusted EBITDA increased by 25.0% to RMB 14,107.3 million in 2023 from RMB 11,289.1 million in 2022[12] - Adjusted net profit rose by 32.3% to RMB 9,005.9 million in 2023 compared to RMB 6,806.0 million in 2022[12] - Basic adjusted earnings per ADS increased by 29.7% to RMB 11.14 in 2023 from RMB 8.59 in 2022[12] - Diluted adjusted earnings per ADS grew by 27.6% to RMB 10.90 in 2023 compared to RMB 8.54 in 2022[12] - Revenue increased by 8.6% from RMB 35,377.0 million in 2022 to RMB 38,418.9 million in 2023 due to post-pandemic recovery in express delivery demand[17] - Net profit for 2023 was RMB 8,754,457 thousand, compared to RMB 6,658,966 thousand in 2022[15] - Adjusted net profit for 2023 was RMB 9,005,920 thousand, up from RMB 6,805,999 thousand in 2022[15] - EBITDA for 2023 was RMB 13,857,799 thousand, compared to RMB 11,153,363 thousand in 2022[15] - Adjusted EBITDA for 2023 was RMB 14,107,290 thousand, up from RMB 11,289,073 thousand in 2022[15] - Net profit attributable to ordinary shareholders for 2023 was RMB 8,749,004 thousand, compared to RMB 6,809,056 thousand in 2022[16] - Adjusted net profit attributable to ordinary shareholders for 2023 was RMB 9,000,467 thousand, up from RMB 6,956,089 thousand in 2022[16] - Basic earnings per share for 2023 were RMB 10.83, compared to RMB 8.41 in 2022[16] - Diluted earnings per share for 2023 were RMB 10.60, compared to RMB 8.36 in 2022[16] - The core express business revenue increased by 9.8% from RMB 34,164.3 million in 2022 to RMB 37,512.1 million in 2023, driven by a 23.8% increase in parcel volume and an 11.3% decrease in parcel unit price[31] - The freight forwarding service revenue decreased by 25.2% in 2023 compared to 2022, primarily due to post-pandemic e-commerce price declines[32] - The total operating costs increased by 1.6% from RMB 26,337.7 million in 2022 to RMB 26,756.4 million in 2023[33] - The gross profit increased by 29.0% from RMB 9,039.3 million in 2022 to RMB 11,662.5 million in 2023, with the gross margin rising from 25.6% to 30.4%[35] - The total operating expenses increased by 27.0% from RMB 1,302.8 million in 2022 to RMB 1,654.6 million in 2023[36] - The interest income increased by 40.3% from RMB 503.7 million in 2022 to RMB 706.8 million in 2023[37] - The interest expense increased by 52.0% from RMB 190.5 million in 2022 to RMB 289.5 million in 2023[37] - The financial instruments fair value change income increased by 255.7% from RMB 46.2 million in 2022 to RMB 164.5 million in 2023[37] - The foreign exchange gain decreased by 36.5% from RMB 147.3 million in 2022 to RMB 93.5 million in 2023[37] - Income tax expense increased by 18.7% from RMB 1,633.3 million in 2022 to RMB 1,938.6 million in 2023, with the overall tax rate decreasing by 1.6% due to a tax refund of RMB 207.1 million received in the third quarter[38] - Net profit increased by 31.5% from RMB 6,659.0 million in 2022 to RMB 8,754.5 million in 2023[39] - The asset-liability ratio increased from 30.6% in 2022 to 31.9% in 2023[40] - Cash and cash equivalents, restricted cash, and short-term investments totaled RMB 12,333.9 million, RMB 686.6 million, and RMB 7,454.6 million respectively as of December 31, 2023, with 91.8% held by subsidiaries in China and 85.4% denominated in RMB[41] - Outstanding bank loan principal increased from RMB 5,394.4 million in 2022 to RMB 7,766.0 million in 2023, with a weighted average interest rate of 1.6% for short-term bank loans[41] - Capital expenditures totaled approximately RMB 6.7 billion in 2023, down from RMB 7.4 billion in 2022, with future capital expenditures to be funded by existing cash balances and other financing methods[46] - Capital commitments amounted to RMB 4.6 billion as of December 31, 2023, primarily related to the construction of office buildings, sorting centers, and warehouse facilities[46] - The company declared a final dividend of $0.62 per ADS and ordinary share for 2023, representing a 68% increase from 2022, with a payout ratio of 40%[26] - A semi-annual cash dividend policy was adopted starting in 2024, with total semi-annual dividends not less than 40% of the distributable profit for the fiscal year[27] - The share repurchase program was expanded by $500 million to a total of $2 billion, with the effective period extended to June 30, 2025[28] - The company expects the total parcel volume for 2024 to be in the range of 34.73 billion to 35.64 billion, representing a year-over-year growth of 15% to 18%[29] - The company's distributable reserves amounted to RMB 26.9 billion as of December 31, 2023[111] - The company approved a special dividend of $0.37 per ADS for 2022, payable to shareholders on record by April 6, 2023[109] - The company declared a final dividend of $0.62 per ADS and ordinary share for the fiscal year ending December 31, 2023, payable by April 10, 2024[109] - The company issued $1 billion in convertible senior notes in August 2022, with a 1.50% annual interest rate, maturing on September 1, 2027[108] - As of December 31, 2023, the $1 billion in convertible senior notes remain unexercised[108] - Less than 30% of the company's total revenue for the fiscal year ending December 31, 2023, came from its top five customers, and less than 30% of total procurement came from its top five suppliers[103] - The company made charitable donations totaling RMB 8.2 million during the reporting period[107] - The company maintains the required public float percentage as per listing rules[107] - No bonds were issued by the company during the reporting period[107] Operational Infrastructure - The company operates a network covering 99% of cities and counties in China, with approximately 6,000 direct network partners, over 31,000 pickup and delivery points, and more than 110,000 end stations as of December 31, 2023[20] - The logistics infrastructure includes 99 sorting centers, 464 automated sorting lines, and over 3,900 trunk lines served by more than 10,000 self-owned trucks, including over 9,200 high-capacity vehicles[21] - The company’s proprietary Zhongtian system supports daily high-throughput processing of over 100 million orders, utilizing real-time monitoring, order scheduling, and predictive algorithms[22] - The comprehensive unit cost for sorting and transportation decreased in 2023 compared to 2022 due to ongoing digitalization and intelligent upgrades[23] - The company operates under a network partner model, providing express delivery services in China[50] Corporate Governance and Leadership - The company has not separated the roles of Chairman and CEO, currently held by Mr. Lai Meisong, to ensure consistent internal leadership and more effective strategic planning[137] - The Board of Directors includes 3 executive directors, 2 non-executive directors, and 5 independent non-exec directors, maintaining a balance of power and efficient decision-making[137] - The company has established formal and informal channels to ensure the Board receives independent views and opinions, with half of the Board members being independent non-exec directors[142] - Independent non-exec directors' independence is assessed annually, and they can seek independent professional advice at the company's expense if needed[142] - Directors are required to retire by rotation at least once every three years, with Mr. Huang Qin, Mr. Herman Yu, and Mr. Gao Zunming set to retire at the 2024 AGM[143] - Mr. Chen Xudong, appointed as a non-exec director on June 15, 2023, will retire at the AGM but is eligible for re-election[143] - The company has adopted a code of conduct for securities transactions that is no less stringent than the Model Code for Securities Transactions by Directors of Listed Issuers[138] - The company received an exemption from strict compliance with certain provisions of the Model Code for a trading plan by Mr. Wang Jilei[139] - All directors and relevant employees confirmed compliance with the code of conduct and the Model Code during the reporting period[139] - The company has complied with all code provisions of the Corporate Governance Code except for the separation of Chairman and CEO roles[137] - The board of directors held 8 meetings during the reporting period[144] - The company held one annual general meeting, one extraordinary general meeting, and 11 committee meetings during the reporting period[144] - The next annual general meeting is scheduled for June 18, 2024[144] - The audit committee held 4 meetings during the reporting period[150] - The audit committee reviewed and approved the financial results for the fourth quarter and the consolidated financial statements for the fiscal years ending December 31, 2022, and December 31, 2023[150] - The audit committee met with the company's independent auditor, Deloitte Touche Tohmatsu[150] - The audit committee reviewed the effectiveness of the company's internal audit function and its responsibilities under the corporate governance code[150] - The audit committee discussed accounting policies, internal controls, and financial reporting matters with senior management[150] - The independent auditor audited the consolidated financial statements of the group[150] - The compensation committee held three meetings during the reporting period to review and propose executive and director compensation terms[152] - The compensation range for senior management in 2023 was between RMB 1 million and RMB 6 million, with 3 executives earning RMB 1-5 million and 1 executive earning RMB 5-6 million[153] - The nomination and corporate governance committee held two meetings to review board structure, diversity policy, and director succession planning[155] - The environmental, social, and governance (ESG) committee held two meetings to adopt ESG policies and review performance metrics[157] - The company has established a director nomination policy to ensure board diversity and alignment with business needs[158] - The company has adopted a Board Diversity Policy, with 10 directors including 9 male and 1 female (10% of the board)[159] - As of December 31, 2023, the company has 23,554 employees, with 15,072 male (64%) and 8,482 female (36%)[160] - The company approved a semi-annual cash dividend policy, with at least 40% of distributable profits to be paid as dividends starting from 2024[161] - No significant fraud or misconduct impacting financial statements or operations was found in 2023[162] - The company has adopted an Anti-Corruption Policy to ensure ethical business practices and compliance with anti-corruption laws[163] - All directors have met continuous professional development requirements through training and reading materials[164] - The board is responsible for preparing the financial statements for the year ended December 31, 2023, with no significant uncertainties affecting the company's ability to continue as a going concern[165] - The company's risk management and internal control systems are reviewed annually by the Board of Directors, ensuring they are effective and adequate[166] - The company paid RMB 18.64 million for audit services and RMB 920,000 for non-audit services (tax and other consulting services) in 2023[169] - Shareholders can request a special general meeting if they hold at least 10% of the voting rights, and the meeting must be held within 21 days of the request[171] - The company adopted a new set of articles of association on May 1, 2023, allowing for electronic or hybrid general meetings[175] - The Board of Directors adopted a shareholder communication policy on April 20, 2023, to enhance investor relations and ensure timely and accurate information disclosure[174] Shareholder Structure and Equity - Lai Meisong holds 206,100,000 Class B ordinary shares, representing 100% of the Class B shares[177] - Lai Meisong holds 4,989,947 Class A ordinary shares, representing 0.82% of the Class A shares[177] - Wang Jilei holds 42,181,499 Class A ordinary shares, representing 6.95% of the Class A shares[177] - Lai Meisong holds 195,000,000 shares in TuXi Tech (Cayman) Inc., representing 12.46% of the issued shares[181] - Lai Meisong holds 120,000,000 shares in Zhejiang Tongyu Smart Industry Development Co., Ltd., representing 75% of the issued shares[181] - Lai Meisong holds 206,100,000 shares in ZTO Express (Cayman) Inc., representing 34.35% of the issued shares[181] - Wang Jilei holds 45,000,000 shares in TuXi Tech (Cayman) Inc., representing 2.87% of the issued shares[181] - Wang Jilei holds 60,000,000 shares in ZTO Express (Cayman) Inc., representing 10% of the issued shares[181] - Hu Hongqun holds 2,500,000 shares in TuXi Tech (Cayman) Inc., representing 0.15% of the issued shares[181] - Hu Hongqun holds 120,000,000 shares in Zhejiang Tongyu Smart Industry Development Co., Ltd., representing 75% of the issued shares[181] - SCTS Capital Pte. Ltd. holds 118,585,225 A类普通股 (L) representing 19.55% of the total shares[184] - Alibaba Group Holding Limited holds 71,941,287 A类普通股 (L) representing 11.86% of the total shares[184] - Alibaba ZT Investment Limited holds 57,870,370 A类普通股 (L) representing 9.54% of the total shares[185] - Mr. Jianfa Lai holds 66,252,639 A类普通股 (L) representing 10.92% of the total shares[185] - Invesco Advisers, Inc. holds 42,154,941 A类普通股 (L) representing 6.95% of the total shares[185] - JPMorgan Chase & Co. holds 40,743,250 A类普通股 (L) representing 6.71% of the total shares[185] - Zto Lms Holding Limited holds 206,100,000 B类普通股 (L) representing 100.00% of the total shares[185] - Alibaba is considered the beneficial owner of 71,941,287 A类普通股 held by Ali ZT, Cainiao Smart, NRF, Taobao, and Cainiao Hong Kong[186] - Mr. Jianfa Lai has the right to direct the sale of 33,598 A类普通股 held by ZTO ES[187] - Mr. Jilei Wang has the right to direct the sale of 120,000 A类普通股 held by ZTO ES[188] - 3,616,200 Class A ordinary shares (long position) and 619,800 Class A ordinary shares (short position) are held through physically settled listed derivatives[189] - 3,741,666 Class A ordinary shares (short position) are held through physically settled unlisted derivatives[189] - 456,093 Class A ordinary shares (long position) and 674,302 Class A ordinary shares (short position) are held through cash-settled unlisted derivatives[189] - 3,304,415 Class A ordinary shares (long position) and 12,816 Class A ordinary shares (short position) are held through listed derivatives that are convertible instruments[189] - Lai Meisong holds an interest in 206,100,000 Class B ordinary shares through Zto Lms Holding Limited[189] - The 2016 Plan has a cap of 21,000,000 shares and no new shares will be issued for awards under the plan[192] - As of March 31, 2024, 5,592,500 Class A ordinary shares in the form of restricted share units have been granted under the 2016 Plan[192] - The 2016 Plan allows for the granting of stock options, restricted shares, or other types of awards approved by the plan administrator[194] - The 2016 Plan has a remaining term of approximately two years and can be amended or terminated by the board of directors[199] - Awards under the 2016 Plan are evidenced by award agreements that specify the terms, conditions, and restrictions of each award[195] - 361,035 restricted share units were vested during the reporting period[200] - 23,830 restricted share units were