Workflow
中通快递-W(02057) - 2023 - 年度业绩
02057ZTO EXPRESS(02057)2024-03-19 22:12

Revenue and Profit Growth - Revenue increased by 8.6% to RMB 38,418.9 million in 2023 compared to RMB 35,377.0 million in 2022[2] - Gross profit rose by 29.0% to RMB 11,662.5 million in 2023 from RMB 9,039.3 million in 2022[2] - Net income attributable to ordinary shareholders grew by 28.5% to RMB 8,749.0 million in 2023 from RMB 6,809.1 million in 2022[2] - Adjusted EBITDA increased by 25.0% to RMB 14,107.3 million in 2023 compared to RMB 11,289.1 million in 2022[2] - Adjusted net income rose by 32.3% to RMB 9,005.9 million in 2023 from RMB 6,806.0 million in 2022[2] - Basic adjusted earnings per ADS increased by 29.7% to RMB 11.14 in 2023 from RMB 8.59 in 2022[2] - Revenue increased by 8.6% from RMB 35,377.0 million in 2022 to RMB 38,418.9 million in 2023, driven by the recovery of express demand post-pandemic[7] - Net profit attributable to ordinary shareholders rose from RMB 6,809,056 thousand in 2022 to RMB 8,749,004 thousand in 2023[6] - Adjusted net profit attributable to ordinary shareholders increased from RMB 6,956,089 thousand in 2022 to RMB 9,000,467 thousand in 2023[6] - Basic earnings per share attributable to ordinary shareholders grew from RMB 8.41 in 2022 to RMB 10.83 in 2023[6] - Gross profit increased by 29.0% from RMB 9,039.3 million in 2022 to RMB 11,662.5 million in 2023, with gross margin rising from 25.6% to 30.4%[25] - Net profit increased by 31.5% from RMB 6,659.0 million in 2022 to RMB 8,754.5 million in 2023[29] - Total revenue for 2023 reached RMB 38,418.915 million (USD 5,411.191 million), a 8.6% increase from 2022[58] - Net profit attributable to non-controlling interests increased from RMB 6,658,966 thousand in 2022 to RMB 8,754,457 thousand in 2023, a growth of 31.5%[49] - Net profit attributable to ZTO Express (Cayman) Inc. rose from RMB 6,809,056 thousand in 2022 to RMB 8,749,004 thousand in 2023, an increase of 28.5%[49] - Basic earnings per share increased from RMB 8.41 in 2022 to RMB 10.83 in 2023, a growth of 28.8%[49] Operating Costs and Expenses - Operating costs increased by 1.6% to RMB 26,756.4 million in 2023 compared to RMB 26,337.7 million in 2022[2] - Depreciation expenses rose by 7.9% to RMB 2,740.8 million in 2023 from RMB 2,540.9 million in 2022[5] - Interest expenses increased by 52.0% to RMB 289.5 million in 2023 from RMB 190.5 million in 2022[5] - Income tax expenses grew by 18.7% to RMB 1,938.6 million in 2023 compared to RMB 1,633.3 million in 2022[5] - Total operating costs for 2023 were RMB 26,756.4 million, accounting for 69.6% of total revenue[23] - Total operating costs increased by 1.6% from RMB 26,337.7 million in 2022 to RMB 26,756.4 million in 2023[24] - Total operating expenses increased by 27.0% from RMB 1,302.8 million in 2022 to RMB 1,654.6 million in 2023[26] - Interest expenses increased by 52.0% from RMB 190.5 million in 2022 to RMB 289.5 million in 2023[27] - Current income tax expense rose to RMB 1,780.818 million in 2023, a 28.2% increase from 2022[66] - Deferred income tax expense decreased by 35.5% to RMB 157.782 million in 2023 from RMB 244.616 million in 2022[66] - The company's effective tax rate increased to 19.71% in 2023 from 18.14% in 2022[66] - Share-based compensation expenses increased to RMB 158.278 million in 2023 from RMB 109.614 million in 2022[67] Logistics and Infrastructure - The company operates a network covering 99% of cities and counties in China, with approximately 6,000 direct network partners and over 31,000 pickup and delivery points[10] - The logistics infrastructure includes 99 sorting centers, 464 automated sorting lines, and over 10,000 self-operated trucks serving more than 3,900 trunk lines[12] - The company's proprietary Zhongtian system supports daily high-throughput processing of over 100 million orders with real-time monitoring and intelligent routing algorithms[13] - The company continues to invest in logistics infrastructure to enhance sorting and transportation efficiency, reducing unit costs in 2023 compared to 2022[13] - The company aims to build an ecosystem of integrated logistics services, including express, LTL, cross-border, warehousing, aviation, cold chain, and commercial solutions[9] - The company supports network partners in expanding rural and urban end stations to improve market penetration and service capabilities[11] - The company's core express delivery business revenue increased by 9.8% 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[21] - 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-on-year growth of 15% to 18%[19] - The company's total revenue for 2023 was RMB 38,418.9 million, with express delivery services accounting for 92.4% of the total revenue[20] - The company's freight forwarding service revenue decreased by 25.2% in 2023, primarily due to post-pandemic e-commerce price declines[22] - Express delivery services accounted for 92.4% of total revenue in 2023, generating RMB 35,488.060 million (USD 4,998.389 million)[58] - Freight forwarding services revenue decreased to RMB 906.802 million (USD 127.720 million) in 2023, down 25.2% from 2022[58] Financial Position and Cash Flow - The company has increased its share repurchase program by 500milliontoatotalof500 million to a total of 2 billion, extending the program's validity to June 30, 2025[18] - The company has adopted a semi-annual cash dividend policy starting in 2024, with a minimum payout ratio of 40% of distributable profits[17] - The company declared a cash dividend of 0.62perADSandordinaryshareforthe2023fiscalyear,representinga680.62 per ADS and ordinary share for the 2023 fiscal year, representing a 68% increase compared to 2022[16] - The company voluntarily converted its secondary listing status on the Hong Kong Stock Exchange to a primary listing status, effective May 1, 2023[15] - The company has been actively contributing to sustainable development and has published ESG annual reports since 2019[14] - Interest income increased by 40.3% from RMB 503.7 million in 2022 to RMB 706.8 million in 2023[27] - The debt-to-asset ratio increased from 30.6% in 2022 to 31.9% in 2023[30] - 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[30] - Outstanding bank loan principal increased from RMB 5,394.4 million in 2022 to RMB 7,766.0 million in 2023[30] - The weighted average interest rate on drawn borrowings was 1.6% for the year ended December 31, 2023[30] - No significant investments were made or held by the company as of December 31, 2023[31] - The company had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[31] - The company's cash and cash equivalents, restricted cash, and short-term investments amounted to RMB 26,619 million as of December 31, 2023, with a potential decrease of RMB 2,420 million if the RMB appreciates by 10% against the USD[31] - The company incurred capital expenditures of approximately RMB 6.7 billion for the year ended December 31, 2023, compared to RMB 7.4 billion in the previous year[33] - The company's capital commitments as of December 31, 2023, were RMB 4.6 billion, primarily related to the construction of office buildings, sorting centers, and warehouse facilities[33] - Total assets increased from RMB 78.52 billion in 2022 to RMB 88.47 billion in 2023, a growth of 12.7%[46] - Cash and cash equivalents rose from RMB 11.69 billion in 2022 to RMB 12.33 billion in 2023, an increase of 5.5%[46] - Total liabilities grew from RMB 24.05 billion in 2022 to RMB 28.18 billion in 2023, up 17.2%[47] - Revenue increased from RMB 35.38 billion in 2022 to RMB 38.42 billion in 2023, a growth of 8.6%[48] - Gross profit rose from RMB 9.04 billion in 2022 to RMB 11.66 billion in 2023, an increase of 29.0%[48] - Operating profit grew from RMB 7.74 billion in 2022 to RMB 10.01 billion in 2023, up 29.3%[48] - Interest income increased from RMB 503.72 million in 2022 to RMB 706.77 million in 2023, a growth of 40.3%[48] - Total equity rose from RMB 54.47 billion in 2022 to RMB 60.28 billion in 2023, an increase of 10.7%[47] - Short-term investments grew from RMB 5.75 billion in 2022 to RMB 7.45 billion in 2023, up 29.6%[46] - Inventory decreased from RMB 40.54 million in 2022 to RMB 28.07 million in 2023, a decline of 30.8%[46] - Net cash generated from operating activities grew from RMB 11,479,308 thousand in 2022 to RMB 13,360,967 thousand in 2023, an increase of 16.4%[50] - Cash used in investing activities decreased from RMB 16,041,890 thousand in 2022 to RMB 12,252,751 thousand in 2023, a reduction of 23.6%[50] - Cash and cash equivalents increased from RMB 11,692,773 thousand in 2022 to RMB 12,333,884 thousand in 2023, a growth of 5.5%[51] - Restricted cash decreased from RMB 895,483 thousand in 2022 to RMB 686,568 thousand in 2023, a reduction of 23.3%[51] - Total cash, cash equivalents, and restricted cash increased from RMB 12,603,087 thousand in 2022 to RMB 13,051,310 thousand in 2023, a growth of 3.6%[51] - Short-term investments matured increased from RMB 6,713,982 thousand in 2022 to RMB 9,798,273 thousand in 2023, a growth of 45.9%[50] - Long-term investments matured increased from RMB 284,000 thousand in 2022 to RMB 5,240,732 thousand in 2023, a significant growth of 1745.3%[50] - Accounts receivable decreased by 30.1% to RMB 613.541 million in 2023 from RMB 941.971 million in 2022[62] - Accounts payable increased by 6.4% to RMB 2,557.010 million in 2023 from RMB 2,402.692 million in 2022[64] - The company repurchased 42,501,325 American Depositary Shares (ADS) in 2023 at an average price of 25.01, fully paid by December 31, 2023[71] - Dividends per share for 2021 and 2022 were 0.25and0.25 and 0.37, with total payments of 202,433(RMB1,289,418)and202,433 (RMB 1,289,418) and 299,319 (RMB 2,055,723) respectively[72] - A special dividend of 0.62perADSandordinarysharefor2023wasapprovedonMarch19,2024,tobepaidtoshareholdersonrecordasofApril10,2024[72]EmployeeandManagement−ThetotalnumberofemployeesasofDecember31,2023,was23,554,withanadditional63,000outsourcedemployees[34]−EmployeecompensationcostsfortheyearendedDecember31,2023,totaledRMB3,226.5million,upfromRMB2,967.5millioninthepreviousyear[34]−Thecompanyhasnotexperiencedanysignificantlabordisputesduringthereportingperiod[35]−Thecompanycontinuestoinvestinemployeetrainingandeducationprograms,includingcomprehensiveonboardingandongoingtraining[36]−Thecompanyhasadoptedamanagementsecuritiestradingcodetoregulatesecuritiestransactionsbydirectorsandrelevantemployees[37]−Thecompany′sboardofdirectorsincludesChairmanandExecutiveDirectorLaiMeisong,ExecutiveDirectorsWangJileiandHuHongqun,Non−ExecutiveDirectorsLiuXingandChenXudong,andIndependentNon−ExecutiveDirectorsWeiZhen,HuangQin,YuZhengjun,GaoZunming,andXieFang[78]ShareRepurchaseandEquity−Thecompanyrepurchasedatotalof5,941,076AmericanDepositaryShares(ADS)ontheNYSEduringthereportingperiod,withatotalcostof0.62 per ADS and ordinary share for 2023 was approved on March 19, 2024, to be paid to shareholders on record as of April 10, 2024[72] Employee and Management - The total number of employees as of December 31, 2023, was 23,554, with an additional 63,000 outsourced employees[34] - Employee compensation costs for the year ended December 31, 2023, totaled RMB 3,226.5 million, up from RMB 2,967.5 million in the previous year[34] - The company has not experienced any significant labor disputes during the reporting period[35] - The company continues to invest in employee training and education programs, including comprehensive onboarding and ongoing training[36] - The company has adopted a management securities trading code to regulate securities transactions by directors and relevant employees[37] - The company's board of directors includes Chairman and Executive Director Lai Meisong, Executive Directors Wang Jilei and Hu Hongqun, Non-Executive Directors Liu Xing and Chen Xudong, and Independent Non-Executive Directors Wei Zhen, Huang Qin, Yu Zhengjun, Gao Zunming, and Xie Fang[78] Share Repurchase and Equity - The company repurchased a total of 5,941,076 American Depositary Shares (ADS) on the NYSE during the reporting period, with a total cost of 141,415,550 (before fees)[41] - The highest price paid per ADS during the repurchase was 25.00,andthelowestpricewas25.00, and the lowest price was 21.85[42] - The company granted 4,386,320 share units in 2023, equivalent to 877,264 ordinary shares, with a market value of USD 26.27 per share[67] - The company's 2016 Equity Incentive Plan has a cap of 21,000,000 shares as of December 31, 2022, and no further increases will be made after May 1, 2023[68] - In 2022 and 2023, the company granted 497,956 and 535,955 restricted stock units respectively, with associated equity incentive expenses of RMB 69,366 (audited) and RMB 96,698 (unaudited)[69] - Basic and diluted earnings per share for 2022 were RMB 8.41 and RMB 8.36, while for 2023 they were RMB 10.83 and RMB 10.60[70] Legal and Regulatory Compliance - The company operates under the "Securities and Futures Ordinance" (Chapter 571 of the Hong Kong Law), which is subject to amendments, supplements, or other modifications[76] - The company's shares consist of Class A and Class B ordinary shares, as defined by the context[76] - The company adheres to U.S. Generally Accepted Accounting Principles (GAAP)[76] - ZTO ES Holding Limited is a company registered in the British Virgin Islands[76]