ZTO Express (Cayman) Inc.
2Q21 Financial Details for Earnings Call
August 19, 2021
Financial Performance
2Q21 | 2Q20 | V% | Comments | |||
Parcel package volume (in Billion) | 5.77 | 4.60 | 25.6% | 3.1pts below industry avg.; attained 21.0% market share (21.5% @2Q20) | ||
(¥RMB in Million) | ¥7.01bn from core express delivery business, increased 18.1% | |||||
Revenues | 7,325 | 6,402 | 14.4% | |||
¥1.09bn from KA customers, increased 12.9% on ~28% KA volume growth | ||||||
COGS | -5,651 | -4,633 | 22.0% | ¥5.39bn from core express delivery business, increased 27.7% | ||
1) Line haul transportation costs increased 38.4% to ¥2.76bn | ||||||
2) Sorting hub operation costs increased 28.6% to ¥1.61bn | ||||||
3) ¥610mn KA costs increased 2.6% | ||||||
Gross profit | 1,674 | 1,769 | -5.4% | ¥1.63bn from core business, decreased 5.4% | ||
Gross profit % | 22.8% | 27.6% | -4.8pts | 23.2% for core express delivery business (29.0% @2Q20) | ||
SG&A | -394 | -312 | 26.1% | SG&A was 5.4% of revenues (4.9% @2Q20) | ||
Other operating income/(loss), net | 176 | 190 | ¥38.5mn gov't subsidies and tax rebates (¥95.4mn @2Q20), ¥95.8mn VAT super | |||
deduction (¥60mn @2Q20) | ||||||
Income from operations | 1,456 | 1,647 | -11.6% | |||
Operating profit % | 19.9% | 25.7% | -5.8pts | |||
Income from operations excluding SBC (Non GAAP) | 1,456 | 1,647 | -11.6% | |||
Operating profit % excluding SBC(Non GAAP) | 19.9% | 25.7% | -5.8pts | |||
Interest income (net) | 69 | 105 | -34.7% | |||
Fair value change at financial instruments | 32 | - | ||||
Foreign currency exchange gain/(loss) | -26 | 3 | ||||
Income before income tax and equity pickup | 1,531 | 1,754 | ||||
Income tax expenses | -255 | -298 | ||||
Equity pickup | -4 | -2 | ||||
Net income | 1,272 | 1,454 | -12.5% | |||
Net income% | 17.4% | 22.7% | -5.3pts | |||
Adjusted net income (Non GAAP) | 1,272 | 1,454 | -12.5% | |||
Adjusted net income (Non GAAP)% | 17.4% | 22.7% | -5.3pts | |||
EBITDA | 2,126 | 2,187 | -2.8% | |||
Adjusted EBITDA (Non GAAP) | 2,126 | 2,187 | -2.8% | |||
Adjusted Basic EPS (Non GAAP) (¥RMB in Yuan) | 1.56 | 1.85 | -15.7% |
* may contain rounding differences | 1 of 2 |
Unit Economics (RMB per parcel)
GAAP
ASP (excluding COE)
Cost of Revenue (excluding COE)
- transportation cost per parcel
- sorting hub cost per parcel
Gross profit (excluding COE)
SG&A excluding SBC (Non GAAP)
Adjusted income from operations (Non GAAP)
Cash and Capex (RMB in Million)
Operating cash flow
CapEx
Cash and Cash Equivalents
ZTO Express (Cayman) Inc.
2Q21 Financial Details for Earnings Call
August 19, 2021
2Q21 | 2Q20 | Impact (+/-) Comments (+positive/-negative impact) | ||
1.21 | 1.29 | -8 cents | Core ASP declined 5.9%: avg. parcel weight declined ~4 cent(-), volume incentives | |
increased ~4 cents(-) | ||||
0.93 | 0.92 | -1 cents | Core express delivery unit cost increased 1.7% | |
0.48 | 0.43 | -5 cents | Main drivers: | |
1) | National toll road fee waiver policy from Feb to May 2020 during COVID-19(-) | |||
2) | Lower domestic diesel price during the pandemic outbreak last year (-) | |||
3) | ~92% of parcel volume transported by self-owned trucks (~91% @2Q20)(+) | |||
4) | ~81% of self-owned trucks were high-capacity trucks (~78% @2Q20) (+) | |||
0.28 | 0.27 | -1 cents | Main drivers: | |
1) | 361 sets of automated sorting equipment in use (282 sets @ 2Q20) (+) | |||
2) | ~80% of volume processed by automation (~75% @2Q20) (+) | |||
0.28 | 0.37 | -9 cents | Combined effect of ASP decline and cost increase | |
0.07 | 0.07 | +0 cents | Stable corporate cost structure |
0.25 0.36 -11 cents
2Q21 | 2Q20 | Diff | Comments |
1,932 | 1,252 | 680 | |
2,225 | 2,250 | -26 | Approx.¥1500mn land use rights acquisition and sorting hub construction |
¥ 300mn self-owned trucks | |||
¥ 400mn automation equipment | |||
15,289 | 13,701 | 1588 | Excluding ¥2.14bn cash on deposits maturing in one year or longer |
* may contain rounding differences | 2 of 2 |
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ZTO Express (Cayman) Inc. published this content on 16 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 August 2021 07:43:01 UTC.