| FINANCIAL STATEMENTS SCHEDULE I |
FINANCIAL STATEMENTS SCHEDULE I ZTO EXPRESS (CAYMAN) INC. FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED BALANCE SHEETS (Amounts in thousands, except for share and per share data) | | | | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | | US$ | | | | | | | (Note 2(e)) | ASSETS | | | | | | | Cash and cash equivalents | | 1,082,454 | | 553,021 | | 79,081 | Short-term investment | | 222,293 | | 1,916,241 | | 274,019 | Investments in equity investees including subsidiaries and VIE, and amounts due from subsidiaries and VIE | | 68,088,895 | | 64,716,810 | | 9,254,380 | Prepayments and other current assets | | 8,693 | | 16,806 | | 2,404 | TOTAL ASSETS | | 69,402,335 | | 67,202,878 | | 9,609,884 | LIABILITIES AND EQUITY | | | | | | | Dividends payable | | 14,134 | | 19,659 | | 2,811 | Other current liability | | 55,728 | | 115,328 | | 16,492 | Convertible senior notes | | 7,270,081 | | 124,114 | | 17,748 | Short-term bank borrowing | | — | | 559,448 | | 80,000 | Total liabilities | | 7,339,943 | | 818,549 | | 117,051 | | | | | | | | Shareholders’ equity: | | | | | | | Ordinary shares (US$0.0001 par value; 10,000,000,000 shares authorized; 810,339,182 shares issued and 798,622,719 shares outstanding as of December 31, 2024; 795,528,169 shares issued and 790,812,316 shares outstanding as of December 31, 2025) | | 523 | | 513 | | 73 | Additional paid-in capital | | 24,389,905 | | 24,000,698 | | 3,432,054 | Treasury shares, at cost (7,774,535 and 1,801,637 shares as of December 31, 2024 and 2025, respectively) | | (1,131,895) | | (254,480) | | (36,390) | Retained earnings | | 39,098,553 | | 42,918,864 | | 6,137,316 | Accumulated other comprehensive loss | | (294,694) | | (281,266) | | (40,220) | Total shareholders’ equity | | 62,062,392 | | 66,384,329 | | 9,492,833 | TOTAL LIABILITIES AND EQUITY | | 69,402,335 | | 67,202,878 | | 9,609,884 |
FINANCIAL STATEMENTS SCHEDULE I ZTO EXPRESS (CAYMAN) INC. FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Amounts in thousands, except for share and per share data) | | | | | | | | | | | Year ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | US$ | | | | | | | | | (Note 2(e)) | Operating expenses: | | | | | | | | | General and administrative | | (260,613) | | (337,258) | | (249,902) | | (35,736) | Other operating income, net | | 52,968 | | 111,545 | | 24,079 | | 3,443 | Total operating expenses | | (207,645) | | (225,713) | | (225,823) | | (32,293) | Interest income | | 79,737 | | 120,854 | | 65,932 | | 9,428 | Interest expense | | (162,326) | | (151,209) | | (125,048) | | (17,882) | Gain from fair value change at financial instruments | | 58,682 | | 830 | | 42,813 | | 6,122 | Impairment of investment in equity investees | | — | | (479,931) | | — | | — | Foreign currency exchange gain | | — | | — | | 46,958 | | 6,715 | Loss before income tax and share of profit in subsidiaries, VIE and equity method investments | | (231,552) | | (735,169) | | (195,168) | | (27,910) | Income tax expense | | (26,270) | | (31,510) | | (7,231) | | (1,035) | Share of profit in subsidiaries, VIE and equity method investments | | 9,006,826 | | 9,583,514 | | 9,283,050 | | 1,327,463 | Net income attributable to ZTO Express (Cayman) Inc. | | 8,749,004 | | 8,816,835 | | 9,080,651 | | 1,298,518 | Net income attributable to ordinary shareholders | | 8,749,004 | | 8,816,835 | | 9,080,651 | | 1,298,518 | Other comprehensive (loss)/income, net of tax of nil | | | | | | | | | Foreign currency translation adjustment | | (104,052) | | (103,970) | | 13,428 | | 1,920 | Comprehensive income | | 8,644,952 | | 8,712,865 | | 9,094,079 | | 1,300,438 |
FINANCIAL STATEMENTS SCHEDULE I ZTO EXPRESS (CAYMAN) INC. FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED STATEMENTS OF CASH FLOWS (Amounts in thousands, except for share and per share data) | | | | | | | | | | | Year ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | US$ | | | | | | | | | (Note 2(e)) | Cash flows from operating activities: | | | | | | | | | Net income | | 8,749,004 | | 8,816,835 | | 9,080,651 | | 1,298,518 | Adjustments to reconcile net income to net cash used by operating activities | | | | | | | | | Share-based compensation | | 254,976 | | 318,692 | | 229,250 | | 32,782 | Fair value change at financial instruments | | (58,682) | | (830) | | (42,813) | | (6,122) | Impairment of investment in equity investees | | — | | 479,931 | | — | | — | Share of profit in subsidiaries and VIE | | (9,006,826) | | (9,583,514) | | (9,283,050) | | (1,327,463) | Changes in operating assets and liabilities: | | | | | | | | | Prepayments and other current assets | | — | | (12,474) | | (27,895) | | (3,989) | Other current liabilities | | 87,973 | | 41,241 | | 17,404 | | 2,489 | Net cash provided by (used in) operating activities | | 26,445 | | 59,881 | | (26,453) | | (3,785) | Cash flows from investing activities: | | | | | | | | | Payment and collection of loans to and investments in subsidiaries, VIE and equity investees | | 1,561,076 | | 6,893,615 | | 12,583,211 | | 1,799,375 | Purchases of short-term investment | | (6,188,527) | | (992,274) | | (3,723,088) | | (532,395) | Maturity of short-term investment | | 7,723,557 | | 1,858,056 | | 2,004,440 | | 286,631 | Purchases of long-term investment | | (69,101) | | — | | — | | — | Net cash provided by investing activities | | 3,027,005 | | 7,759,397 | | 10,864,563 | | 1,553,611 | Cash flows from financing activities: | | | | | | | | | Payment of dividends | | (2,072,509) | | (5,605,451) | | (3,755,452) | | (537,022) | Repurchase of convertible notes | | — | | — | | (7,003,850) | | (1,001,537) | Repurchase of ordinary shares | | (1,006,451) | | (1,157,472) | | (1,252,741) | | (179,140) | Proceeds from short-term borrowing | | 1,362,060 | | 1,000,000 | | 581,696 | | 83,181 | Repayment of short-term borrowing | | (1,379,140) | | (1,000,567) | | — | | — | Net cash used in financing activities | | (3,096,040) | | (6,763,490) | | (11,430,347) | | (1,634,518) | Effect of exchange rate changes on cash, cash equivalents | | (19,466) | | 17,785 | | 62,804 | | 8,984 | Net change in cash, cash equivalents | | (62,056) | | 1,073,573 | | (529,433) | | (75,708) | Cash, cash equivalents, beginning of year | | 70,937 | | 8,881 | | 1,082,454 | | 154,789 | Cash, cash equivalents, end of year | | 8,881 | | 1,082,454 | | 553,021 | | 79,081 |
| | | | | | | | | | | Year ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | US$ | | | | | | | | | (Note 2(e)) | Supplemental disclosure on non-cash information | | | | | | | | | Cash dividends declared in payables | | 7 | | 12,543 | | 6,118 | | 875 |
FINANCIAL STATEMENTS SCHEDULE I ZTO EXPRESS (CAYMAN) INC. FINANCIAL INFORMATION OF PARENT COMPANY NOTES TO SCHEDULE I 1) | Schedule I has been provided pursuant to the requirements of Rule 12-04(a) and 5-04(c) of Regulation S-X, which require condensed financial information as to the financial position, changes in financial position and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. The Company does not include condensed financial information as to the changes in equity as such financial information is the same as the consolidated statements of changes in shareholders’ equity. |
2) | The condensed financial information has been prepared using the same accounting policies as set out in the consolidated financial statements except that the equity method has been used to account for investments in its subsidiaries and VIE. For the parent company, the Company records its investments in subsidiaries and VIE under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures. Such investments are presented on the Condensed Balance Sheets as “Investments in equity investees including subsidiaries and VIE, and amounts due from subsidiaries and VIE” and the subsidiaries and VIE’s profit or loss as “Share of profit in subsidiaries, VIE and equity method investments” on the Condensed Statements of Operations and Comprehensive Income. |
3) | As of December 31, 2024 and 2025, there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or guarantees of the Company. |
4) | Translations of balances in the additional financial information of Parent Company- Financial Statements Schedule I from RMB into US$ as of and for the year ended December 31, 2025 are solely for the convenience of the readers and were calculated at the rate of 6.9931, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 31, 2025. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2025, or at any other rate. |
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