v3.26.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2025
Consolidation of Variable Interest Entity  
Summary of DCN/DCD and derivative instruments measured and recorded at fair value

As of December 31, 

Significant Other Observable Inputs (Level 2)

2024

2025

  ​ ​ ​

RMB

  ​ ​ ​

RMB

Short-term investments

Wealth management products

3,533,370

5,908,915

Derivative assets recorded within other current assets

 

 

Foreign exchange option contracts

1,831

Foreign exchange forward contracts

 

43,192

 

Derivative liabilities recorded within other current liabilities

 

 

Foreign exchange option contracts

59,066

Foreign exchange forward contracts

 

 

16,399

Schedule of estimated useful lives for property and equipment

Leasehold improvements

  ​ ​ ​

Lesser of lease term or estimated useful life of 3 years

Furniture, office and electric equipment

3 to 5 years

Machinery and equipment

10 years

Vehicles

5-10 years

Buildings

20 years

Schedule of disaggregation of revenue

Year Ended December 31, 

2023

2024

2025

  ​ ​ ​

RMB

  ​ ​ ​

%

  ​ ​ ​

RMB

  ​ ​ ​

%

  ​ ​ ​

RMB

  ​ ​ ​

US$

  ​ ​ ​

%

Express delivery services

35,488,060

92.4

40,953,034

92.5

45,726,365

6,538,783

93.1

Freight forwarding services

 

906,802

 

2.4

 

885,410

 

2.0

 

808,000

115,542

1.7

Sale of accessories

 

1,876,624

 

4.9

 

2,300,392

 

5.2

 

2,444,323

349,534

5.0

Others

 

147,429

 

0.3

 

141,884

 

0.3

 

119,979

17,157

0.2

Total revenues

 

38,418,915

 

100.0

 

44,280,720

 

100.0

 

49,098,667

7,021,016

100.0

ZTO Express and its subsidiaries (the "VIE")  
Consolidation of Variable Interest Entity  
Schedule of financial statements after elimination of intercompany balances and transactions

As of December 31, 

  ​ ​ ​

2024

  ​ ​ ​

2025

RMB

RMB

Assets

Current assets:

Cash and cash equivalents

 

2,275,851

 

2,378,664

Restricted cash

 

15,337

 

6,943

Accounts receivable, net

 

1,310,556

 

1,109,195

Financing receivables, net

1,017,044

495,597

Short-term investment

1,298,995

1,220,068

Inventories

 

22,599

 

7,923

Advances to suppliers

 

172,859

 

87,014

Prepayments and other current assets

 

2,216,397

 

2,563,931

Amounts due from related parties (1)

 

13,209,626

 

14,442,090

Total current assets

 

21,539,264

 

22,311,425

Investments in equity investees

 

63,216

 

66,786

Property and equipment, net

 

5,199,152

 

6,562,964

Land use rights, net

 

1,261,660

 

1,861,744

Intangible assets, net

39,641

Operating lease right-of-use assets

498,461

356,451

Goodwill

 

4,157,111

 

4,157,111

Deferred tax assets

 

415,002

 

465,143

Long-term investment

1,013,000

1,060,000

Long-term financing receivables, net

713,192

891,465

Other non-current assets

 

153,013

 

459,403

TOTAL ASSETS

 

35,013,071

 

38,232,133

Liabilities

Current liabilities:

Short-term bank borrowings

 

9,493,958

 

9,997,971

Accounts payable

 

1,807,676

 

1,872,690

Advances from customers

 

1,518,925

 

1,784,726

Income tax payable

 

418,358

 

221,411

Amounts due to related parties

 

167,668

 

94,073

Operating lease liabilities, current

153,477

127,963

Other current liabilities

 

2,679,929

 

3,101,463

Total current liabilities

 

16,239,991

 

17,200,297

Non-current operating lease liabilities

338,499

231,108

Deferred tax liabilities

 

82,618

 

96,771

TOTAL LIABILITIES

 

16,661,108

 

17,528,176

(1)

Included amounts due from other consolidated subsidiaries of RMB13,183,246 and RMB14,416,724 as of December 31, 2024 and 2025, respectively.

Year ended December 31, 

  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

RMB

RMB

RMB

Total revenue

 

31,276,014

37,386,476

42,757,837

Net income (1)

 

2,003,952

3,177,733

2,351,994

Net cash (used in)/provided by operating activities (2)

 

(1,261,654)

(1,083,262)

1,574,423

Net cash used in investing activities

 

(536,180)

(1,279,070)

(2,296,716)

Net cash provided by financing activities

 

1,971,478

1,727,401

816,712

Net increase/(decrease) in cash and cash equivalents

 

173,644

(634,931)

94,419

Cash and cash equivalents and restricted cash at beginning of year

 

2,752,475

2,926,119

2,291,188

Cash and cash equivalents and restricted cash at end of year

 

2,926,119

2,291,188

2,385,607

(1)Included inter-company transportation fees, service fees and rental fees charged by other consolidated subsidiaries of RMB13,984,286, RMB16,150,224 and RMB15,565,737 for the years ended December 31, 2023, 2024 and 2025, respectively.

(2)

Included inter-company operating cash outflow of RMB17,985,836, RMB18,777,418 and RMB16,799,215 to other consolidated subsidiaries for the years ended December 31, 2023, 2024 and 2025, respectively.