Financial Performance - Adjusted net profit for the fiscal year reached RMB 10.2 billion, an increase of 12.7%[9] - Revenue for Q4 was RMB 12.9 billion (USD 1.77 billion), up 21.7% from RMB 10.6 billion in the same period last year[13] - Net profit for Q4 was RMB 2.45 billion (USD 335.2 million), reflecting a 10.7% increase from RMB 2.21 billion in Q4 2023[13] - Total revenue for the fiscal year was RMB 44.28 billion (USD 6.07 billion), a 15.3% increase from RMB 38.42 billion in 2023[13] - Operating profit increased by 25.3% to RMB 3,453.2 million (USD 473.1 million), with an operating margin rising from 25.9% to 26.7%[25] - Net profit grew by 10.7% to RMB 2,446.8 million (USD 335.2 million), compared to RMB 2,209.8 million in the same period last year[28] - Adjusted net profit reached RMB 2,733.3 million (USD 374.5 million), up from RMB 2,214.4 million year-over-year[29] - Gross profit increased by 17.6% to RMB 13,717.1 million (USD 1,879.2 million), with a gross margin improvement from 30.4% to 31.0%[40] - Operating profit for Q4 2024 was RMB 3,453,171, a 25.3% increase compared to RMB 2,755,095 in Q4 2023[69] - Net profit for the year 2024 was RMB 8,887,595, reflecting a 1.5% increase from RMB 8,754,457 in 2023[69] Revenue Growth - Total package volume increased to 34 billion, representing a year-on-year growth of 12.6%[10] - Total revenue for Q4 2024 was RMB 12.92 billion (USD 1.77 billion), a 21.7% increase from RMB 10.62 billion in Q4 2023, driven by a 22.4% growth in core express service revenue[19] - The core express service revenue growth was supported by a 10.3% increase in average ticket price and an 11.0% increase in package volume[19] - The direct customer business revenue grew by 275.9%, driven by an increase in high-value packages from e-commerce platforms[19] - The company expects core express service revenue to grow by 15.7%, driven by a 12.6% increase in package volume and a 2.7% rise in unit price[35] - The company expects package volume for 2025 to be between 40.8 billion and 42.2 billion, representing a year-over-year growth of 20% to 24%[55] Operating Costs and Cash Flow - Operating cash flow for the fiscal year was RMB 11.43 billion (USD 1.57 billion), down from RMB 13.36 billion in 2023[13] - Operating costs for Q4 2024 totaled RMB 9.16 billion (USD 1.25 billion), a 22.3% increase from RMB 7.49 billion in the same period last year[20] - Total operating costs increased by 14.2% to RMB 30,563.6 million (USD 4,187.2 million) from RMB 26,756.4 million[36] - The net cash flow from operating activities was RMB 11,429.4 million (USD 1,565.8 million), down from RMB 13,361.0 million last year[50] - Cash flow from operating activities was RMB 2,806.3 million (USD 384.5 million), down from RMB 3,923.3 million in the previous year[32] Dividends and Share Repurchase - The company announced a semi-annual dividend of USD 0.35 per share[9] - The company declared a cash dividend of USD 0.35 per American Depositary Share for the six months ending December 31, 2024, with a payout ratio of 40%[53] - The company has repurchased shares totaling USD 1,222.0 million, with remaining funds available for repurchase amounting to USD 778.0 million[54] Company Operations and Strategy - ZTO Express is a leading and rapidly growing express delivery company in China, operating a highly scalable network partner model to support the fast growth of e-commerce in the country[64] - The company operates a network partner model that provides collection and last-mile delivery services while offering critical trunk transportation and sorting network services[64] - The company plans to achieve a business volume growth rate exceeding the industry average by 2025, targeting an industry growth rate of around 15%[17] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[69] Risks and Forward-Looking Statements - The company relies significantly on third-party e-commerce platforms, which poses inherent risks and uncertainties[67] - The earnings call will include forward-looking statements that may involve risks, including intense competition and potential service disruptions[67] - The company is subject to various risks that could materially affect its operating performance and market share[67] Financial Metrics and Comparability - The company emphasizes the importance of comparing non-GAAP financial metrics with the most directly comparable GAAP metrics, highlighting that adjusted EBITDA and net income should not be considered in isolation[59] - ZTO Express's financial metrics may not be directly comparable to those of other companies due to different calculation methods[59] - ZTO Express encourages investors to review the company's financial information comprehensively rather than relying on a single financial metric[59] Assets and Liabilities - Total assets increased to RMB 92,340,330 in 2024, up from RMB 88,465,221 in 2023, marking a growth of 4.3%[71] - Total liabilities increased to RMB 29,665,497 in 2024, up from RMB 28,184,813 in 2023, indicating a growth of 5.3%[71] - The company’s total equity reached RMB 62,674,833 in 2024, up from RMB 60,280,408 in 2023, reflecting a growth of 4.0%[71]
中通快递-W(02057) - 2024 Q4 - 季度业绩