Technology

ZTO Reports Second Quarter 2024 Unaudited Financial Results

Published

5 months ago

August 20, 2024

Robust Profitable Growth amidst Consumption Mix-shift
Adjusted Net Income Grew 10.9% to RMB2.8 Billion
US$0.35 per Share Interim Dividend Announced

SHANGHAI, Aug. 20, 2024 /PRNewswire/ — ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK: 2057), a leading and fast-growing express delivery company in China (“ZTO” or the “Company”), today announced its unaudited financial results for the second quarter ended June 30, 2024[1]. The Company grew parcel volume by 10.1% year over year while maintaining high quality of service and customer satisfaction. Adjusted net income increased 10.9%[2] to reach RMB2.8 billion. Cash generated from operating activities was RMB3.5 billion.

Second Quarter 2024 Financial Highlights

Revenues were RMB10,726.0 million (US$1,475.9 million), an increase of 10.1% from RMB9,740.3 million in the same period of 2023.Gross profit was RMB3,620.5 million (US$498.2 million), an increase of 9.6% from RMB3,304.4 million in the same period of 2023.Net income was RMB2,614.0 million (US$359.7 million), an increase of 3.3% from RMB2,530.2 million in the same period of 2023.Adjusted EBITDA[3] was RMB4,339.7 million (US$597.2 million), an increase of 11.7% from RMB3,883.9 million in the same period of 2023.Adjusted net income was RMB2,805.7 million (US$386.1 million), an increase of 10.9% from RMB2,531.0 million in the same period of 2023.Basic and diluted net earnings per American depositary share (“ADS”[4]) were RMB3.24 (US$0.45) and RMB3.16 (US$0.43), an increase of 3.2% and 2.9% from RMB3.14 and RMB3.07 in the same period of 2023, respectively.Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders[5] were RMB3.48 (US$0.48) and RMB3.38 (US$0.47), an increase of 10.8% and 10.1% from RMB3.14 and RMB3.07 in the same period of 2023, respectively.Net cash provided by operating activities was RMB3,480.1 million (US$478.9 million), compared with RMB3,761.6 million in the same period of 2023.

Operational Highlights for Second Quarter 2024

Parcel volume was 8,452 million, an increase of 10.1% from 7,677 million in the same period of 2023.Number of pickup/delivery outlets was over 31,000 as of June 30, 2024.Number of direct network partners was over 6,000 as of June 30, 2024.Number of self-owned line-haul vehicles was approximately 10,000 as of June 30, 2024.Out of the approximately 10,000 self-owned trucks, over 9,200 were high capacity 15 to 17-meter-long models as of June 30, 2024, compared to over 9,300 as of June 30, 2023.Number of line-haul routes between sorting hubs was over 3,800 as of June 30, 2024, compared to approximately 3,800 as of June 30, 2023.Number of sorting hubs was 96 as of June 30, 2024, among which 90 are operated by the Company and 6 by the Company’s network partners.

(1) An investor relations presentation accompanies this earnings release and can be found at http://zto.investorroom.com.

(2) Adjusted net income is a non-GAAP financial measure, which is defined as net income before share-based compensation expense and non-recurring items such as impairment of investment in equity investees, gain/(loss) on disposal of equity investment and subsidiary and corresponding tax impact which management aims to better represent the underlying business operations.

(3) Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income before depreciation, amortization, interest expenses and income tax expenses, and further adjusted to exclude the shared-based compensation expense and non-recurring items such as impairment of investment in equity investees, gain/(loss) on disposal of equity investment and subsidiary which management aims to better represent the underlying business operations.

(4) One ADS represents one Class A ordinary share.

(5) Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders is a non-GAAP financial measure. It is defined as adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted American depositary shares, respectively.

Mr. Meisong Lai, Founder, Chairman and Chief Executive Officer of ZTO, commented, “For the second quarter this year, we continued to advance our re-balanced strategy that prioritizes quality over quantity by enhancing volume mix, improving operational efficiencies, helping to reduce last mile delivery costs, and increase profitability for outlets and couriers. With 8.5 billion parcels, our market share decreased 2.0 points to 19.6%, and our adjusted earnings increased 10.9% to 2.8 billion. We are on track to double the retail volume by the end of the year, aiming to gradually but steadfastly differentiate ourselves from the rest of the “Tongda” in brand recognition and customer satisfaction, and further our leadership in profitable growth.”

Mr. Lai added, “China express delivery industry maintained relatively high growth, however, competition remained intense, the industry is under increased pressure. It is crucial for us to ensure fairness and maintain stability across the network. Our last-mile initiatives to drive up the ratio of retail parcel pickup to delivery will provide opportunities for franchise and couriers to earn more and ultimately provide greater pricing advantage for the front end in the long run.”

Ms. Huiping Yan, Chief Financial Officer of ZTO, commented, “Core express ASP was flat at 1.24 while the impact of volume incentives and average parcel weight decline were offset by increases in non-ecommerce parcel mix. Combined unit sorting and transportation cost decreased 2 cents mainly driven by improvements in fleet operations with better resource utilizations. SG&A as a percentage of revenue remained stable at approximately 5.5%. Cash flow from operating activities was 3.5 billion, and capital spending was 1.3 billion.”

Ms. Yan added, “Volume is not unimportant because it enables scale-leverage. We are getting better at weighing risks and opportunities in order to achieve appropriate level of profit and maximize value creation. We are reiterating our 2024 volume growth guidance of 15% to 18%. Strengthening long-term competitive advantage, breaking away from homogenized product offering that is conducive for unproductive price competition and building healthier and stronger partner-network and entrepreneurial courier excellence will prepare us for the vast opportunities ahead the logistic industry.”

Second Quarter 2024 Unaudited Financial Results

Three Months Ended June 30,

Six Months Ended June 30,

2023

2024

2023

2024

RMB

US$

RMB

US$

(in thousands, except percentages)

Express delivery services

8,998,444

92.4

9,875,923

1,358,972

92.1

17,387,187

92.9

19,116,095

2,630,462

92.4

Freight forwarding services

238,872

2.5

233,242

32,095

2.2

431,597

2.3

435,989

59,994

2.1

Sale of accessories

467,778

4.8

580,422

79,869

5.4

836,616

4.5

1,065,484

146,615

5.2

Others

35,230

0.3

36,377

5,006

0.3

68,163

0.3

68,402

9,413

0.3

Total revenues

9,740,324

100.0

10,725,964

1,475,942

100.0

18,723,563

100.0

20,685,970

2,846,484

100.0

Total Revenues were RMB10,726.0 million (US$1,475.9 million), an increase of 10.1% from RMB9,740.3 million in the same period of 2023. Revenue from the core express delivery business increased by 10.4% compared to the same period of 2023 as a result of a 10.1% growth of parcel volume and stable parcel unit price. KA revenue including delivery fees from direct sales organizations, established to serve core express KA customers, increased by 73.9% as the proportion of higher-value customers continue to increase. Revenue from freight forwarding services decreased by 2.4% compared to the same period of 2023. Revenue from sales of accessories, largely consisted of sales of thermal paper used for digital waybills’ printing, increased by 24.1%. Other revenues were mainly derived from financing services.

Three Months Ended June 30,

Six Months Ended June 30,

2023

2024

2023

2024

RMB

% of

RMB

US$

% of

RMB

% of

RMB

US$

% of

revenues

(in thousands, except percentages)

Line-haul

transportation cost

3,199,832

32.9

3,283,123

451,773

30.6

6,381,652

34.1

6,654,616

915,706

32.2

Sorting hub

operating cost

1,934,666

19.9

2,227,670

306,538

20.8

3,948,037

21.1

4,395,871

604,892

21.3

Freight

forwarding cost

222,272

2.3

216,724

29,822

2.0

405,244

2.2

405,106

55,744

2.0

Cost of

accessories sold

126,700

1.3

160,093

22,030

1.5

234,128

1.3

293,140

40,337

1.4

Other costs

952,429

9.7

1,217,877

167,585

11.3

1,926,669

10.2

2,314,675

318,510

11.1

Total cost of

revenues

6,435,899

66.1

7,105,487

977,748

66.2

12,895,730

68.9

14,063,408

1,935,189

68.0

Total cost of revenues was RMB7,105.5 million (US$977.7 million), an increase of 10.4% from RMB6,435.9 million in the same period last year.

Line haul transportation cost was RMB3,283.1 million (US$451.8 million), an increase of 2.6% from RMB3,199.8 million in the same period last year. The unit transportation cost decreased 6.8% or 3 cents mainly attributable to better economies of scale, optimized line-haul route planning and improved load rate.

Sorting hub operating cost was RMB2,227.7million (US$306.5 million), an increase of 15.1% from RMB1,934.7 million in the same period last year. The increase primarily consisted of (i) RMB154.6 million (US$21.3 million) increase in labor-associated costs, a net result of wage increases partially offset by automation-driven efficiency improvements and (ii) RMB73.9 million (US$10.2 million) increase in depreciation and amortization costs associated with expansion of automation equipment and facility upgrades to further improve the transit efficiency. As a result, sorting hub operating cost per unit increased 4.6% or 1 cent. As of June 30, 2024, there were 515 sets of automated sorting equipment in service, compared to 460 sets as of June 30, 2023.

Cost of accessories sold was RMB160.1 million (US$22.0 million), increased 26.4% compared with RMB126.7 million in the same period last year.

Other costs were RMB1,217.9 million (US$167.6 million), an increase of 27.9% from RMB952.4 million in the same period last year. The increase was mainly driven by RMB338.3 million (US$46.6 million) increase in costs associated with serving higher-value enterprise customers, level of which is consistent with related revenue increases.

Gross Profit was RMB3,620.5 million (US$498.2 million), increased by 9.6% from RMB3,304.4 million in the same period last year. Gross margin rate was 33.8% compared to 33.9% in the same period last year.

Total Operating Expenses were RMB405.3 million (US$55.8 million), compared to RMB425.7 million in the same period last year.

Selling, general and administrative expenses were RMB593.0 million (US$81.6 million), increased by 17.5% from RMB504.6 million in the same period last year, mainly due to the increases of compensation and benefits.

Other operating income, net was RMB187.7 million (US$25.8 million), compared to RMB79.0 million in the same period last year. Other operating income mainly consisted of (i) RMB147.1 million (US$20.2 million) of government subsidies and tax rebates, and (ii) RMB40.6 million (US$5.6 million) of rental and other income.

Income from operations was RMB3,215.2 million (US$442.4 million), an increase of 11.7% from RMB2,878.8 million for the same period last year. Operating margin rate increased to 30.0% from 29.6% in the same period last year.

Interest income was RMB288.1 million (US$39.6 million), compared with RMB167.1 million in the same period last year.

Interest expenses was RMB115.9 million (US$15.9 million), compared with RMB72.2 million in the same period last year.

Gain from fair value changes of financial instruments was RMB54.9 million (US$7.5 million), compared with a gain of RMB51.6 million in the same period last year. Such gain or loss from fair value changes of the financial instruments are quoted by commercial banks according to market-based estimation of future redemption prices.

Impairment of investment in equity investee was RMB194.5 million (US$26.8 million). Such provision for impairment charge was related to the Company’s investment in Zhejiang Yizhan Network Technology Co., Ltd.(浙江驛棧網絡科技有限公司), a subsidiary of Cainiao Smart Logistics Network Ltd.(菜鳥智慧物流網絡有限公司).

Income tax expenses were RMB665.0 million (US$91.5 million) compared to RMB575.6 million in the same period last year. Overall income tax rate increased by 1.8 percentage points year over year mainly due to RMB54.0 million accrual of withholding tax on distributable earnings planned for dividend payment to ZTO Express (Hong Kong) Limited attributable for the second quarter.

Net income was RMB 2,614.0 million (US$359.7 million), which increased by 3.3% from RMB2,530.2 million in the same period last year.

Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB3.24 (US$0.45) and RMB3.16 (US$0.43), compared to basic and diluted earnings per ADS of RMB3.14 and RMB3.07 in the same period last year, respectively.

Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB3.48 (US$0.48) and RMB3.38 (US$0.47), compared with RMB3.14 and RMB3.07 in the same period last year, respectively.

Adjusted net income was RMB2,805.7 million (US$386.1 million), compared with RMB2,531.0 million during the same period last year.

EBITDA[1] was RMB4,150.1 million (US$571.1 million), compared with RMB3,883.1 million in the same period last year.

Adjusted EBITDA was RMB4,339.7 million (US$597.2 million), compared to RMB3,883.9 million in the same period last year.

Net cash provided by operating activities was RMB3,480.1 million (US$478.9 million), compared with RMB3,761.6 million in the same period last year.

(1) EBITDA is a non-GAAP financial measure, which is defined as net income before depreciation, amortization, interest expenses and income tax expenses which management aims to better represent the underlying business operations.

Declaration of Interim Dividend Payment

The board of directors (the “Board”) has approved an interim cash dividend of US$0.35 per ADS and ordinary share for the six months ended June 30, 2024, to holders of its ordinary shares and ADSs as of the close of business on September 10, 2024. The dividend payment represents a 40% dividend payout ratio. For holders of Class A and Class B ordinary shares, in order to qualify for entitlement to the dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company’s Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong no later than 4:30 p.m. on September 10, 2024 (Hong Kong Time). The payment date is expected to be October 10,2024 for holders of Class A and Class B ordinary shares, and October 17,2024 for holders of ADSs.

Business Outlook

Based on current market and operating conditions, the Company maintains its previously stated annual guidance. Parcel volume for 2024 is expected to be in the range of 34.73 billion to 35.64 billion, representing a 15% to 18% increase year over year. Such estimates represent management’s current and preliminary view, which are subject to change.

Exchange Rate

This announcement contains translation of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB7.2672 to US$1.00, the noon buying rate on June 28,2024 as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve Systems.

Use of Non-GAAP Financial Measures

The Company uses EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders, and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders, each a non-GAAP financial measure, in evaluating ZTO’s operating results and for financial and operational decision-making purposes.

Reconciliations of the Company’s non-GAAP financial measures to its U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures.

The Company believes that such Non-GAAP measures help identify underlying trends in ZTO’s business that could otherwise be distorted by the effect of the related expenses and gains that the Company includes in income from operations and net income. The Company believes that EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by ZTO’s management in its financial and operational decision-making.

EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders should not be considered in isolation or construed as an alternative to net income or any other measure of performance or as an indicator of the Company’s operating performance. Investors are encouraged to compare the historical non-GAAP financial measures to the most directly comparable GAAP measures. EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to ZTO’s data. ZTO encourages investors and others to review the Company’s financial information in its entirety and not rely on a single financial measure.

Conference Call Information

ZTO’s management team will host an earnings conference call at 8:30 PM U.S. Eastern Time on Tuesday, August 20, 2024 (8:30 AM Beijing Time on August 21, 2024).

Dial-in details for the earnings conference call are as follows:

United States:

1-888-317-6003

Hong Kong:

800-963-976

Mainland China:

4001-206-115

Singapore:

800-120-5863

International:

1-412-317-6061

Passcode:

6523012

Please dial in 15 minutes before the call is scheduled to begin and provide the passcode to join the call.

A replay of the conference call may be accessed by phone at the following numbers until August 27, 2024:

United States:

1-877-344-7529

International:

1-412-317-0088

Passcode:

9226740

Additionally, a live and archived webcast of the conference call will be available at http://zto.investorroom.com.

About ZTO Express (Cayman) Inc.

ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK:2057) (“ZTO” or the “Company”) is a leading and fast-growing express delivery company in China. ZTO provides express delivery service as well as other value-added logistics services through its extensive and reliable nationwide network coverage in China.

ZTO operates a highly scalable network partner model, which the Company believes is best suited to support the significant growth of e-commerce in China. The Company leverages its network partners to provide pickup and last-mile delivery services, while controlling the mission-critical line-haul transportation and sorting network within the express delivery service value chain.

For more information, please visit http://zto.investorroom.com.

Safe Harbor Statement

This announcement contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and other similar expressions. Among other things, the business outlook and quotations from management in this announcement contain forward-looking statements. ZTO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “HKEX”), in its interim and annual report to shareholders, in announcements, circulars or other publications made on the website of the HKEX, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including but not limited to statements about ZTO’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: risks relating to the development of the e-commerce and express delivery industries in China; its significant reliance on certain third-party e-commerce platforms; risks associated with its network partners and their employees and personnel; intense competition which could adversely affect the Company’s results of operations and market share; any service disruption of the Company’s sorting hubs or the outlets operated by its network partners or its technology system; ZTO’s ability to build its brand and withstand negative publicity, or other favorable government policies. Further information regarding these and other risks is included in ZTO’s filings with the SEC and the HKEX. All information provided in this announcement is as of the date of this announcement, and ZTO does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

UNAUDITED CONSOLIDATED FINANCIAL DATA

Summary of Unaudited Consolidated Comprehensive Income Data:

Three Months Ended June 30,

Six Months Ended June 30,

2023

2024

2023

2024

RMB

US$

RMB

US$

(in thousands, except for share and per share data)

Revenues

9,740,324

10,725,964

1,475,942

18,723,563

20,685,970

2,846,484

Cost of revenues

(6,435,899)

(7,105,487)

(977,748)

(12,895,730)

(14,063,408)

(1,935,189)

Gross profit

3,304,425

3,620,477

498,194

5,827,833

6,622,562

911,295

Operating (expenses)/income:

Selling, general and administrative

(504,607)

(592,978)

(81,596)

(1,291,214)

(1,489,619)

(204,978)

Other operating income, net

78,957

187,698

25,828

292,598

348,955

48,018

Total operating expenses

(425,650)

(405,280)

(55,768)

(998,616)

(1,140,664)

(156,960)

Income from operations

2,878,775

3,215,197

442,426

4,829,217

5,481,898

754,335

Other income/(expenses):

Interest income

167,108

288,077

39,641

259,020

533,098

73,357

Interest expense

(72,218)

(115,855)

(15,942)

(143,928)

(199,771)

(27,489)

Gain from fair value changes of

financial instruments

51,640

54,862

7,549

207,213

97,582

13,428

Loss/(gain) on disposal of equity investees,

subsidiary and others

(764)

11,683

1,608

(764)

12,134

1,670

Impairment of investment in equity investee

–

(194,452)

(26,757)

–

(672,816)

(92,583)

Foreign currency exchange gain

before tax

81,134

15,178

2,089

70,921

20,562

2,829

Income before income tax, and share of

loss in equity method

3,105,675

3,274,690

450,614

5,221,679

5,272,687

725,547

Income tax expense

(575,585)

(665,011)

(91,509)

(1,030,592)

(1,231,316)

(169,435)

Share of gain in equity method

investments

123

4,318

594

3,947

20,373

2,803

Net income

2,530,213

2,613,997

359,699

4,195,034

4,061,744

558,915

Net loss/(income) attributable to non-
controlling

interests

10,991

(2,195)

(302)

16,506

(23,896)

(3,288)

Net income attributable to ZTO Express

(Cayman) Inc.

2,541,204

2,611,802

359,397

4,211,540

4,037,848

555,627

Net income attributable to ordinary

shareholders

2,541,204

2,611,802

359,397

4,211,540

4,037,848

555,627

Net earnings per share attributed to

ordinary shareholders

Basic

3.14

3.24

0.45

5.21

5.01

0.69

Diluted

3.07

3.16

0.43

5.10

4.90

0.67

Weighted average shares used in

calculating net earnings per ordinary

share/ADS

Basic

808,967,248

806,668,101

808,916,820

805,806,731

Diluted

840,176,316

839,697,501

840,125,888

838,836,131

Net income

2,530,213

2,613,997

359,699

4,195,034

4,061,744

558,915

Other comprehensive income/(loss),

net of tax of nil:

Foreign currency translation adjustment

(161,168)

(35,230)

(4,848)

(141,897)

(117,560)

(16,177)

Comprehensive income

2,369,045

2,578,767

354,851

4,053,137

3,944,184

542,738

Comprehensive loss/(income) attributable to

non-controlling interests

10,991

(2,195)

(302)

16,506

(23,896)

(3,288)

Comprehensive income attributable to ZTO

Express (Cayman) Inc.

2,380,036

2,576,572

354,549

4,069,643

3,920,288

539,450

Unaudited Consolidated Balance Sheets Data:

As of

December 31,

June 30,

2023

2024

RMB

US$

(in thousands, except for share data)

ASSETS

Current assets:

Cash and cash equivalents

12,333,884

10,542,131

1,450,646

Restricted cash

686,568

22,253

3,062

Accounts receivable, net

572,558

687,792

94,643

Financing receivables

1,135,445

1,070,565

147,315

Short-term investment

7,454,633

9,898,796

1,362,120

Inventories

28,074

28,095

3,866

Advances to suppliers

821,942

860,573

118,419

Prepayments and other current assets

3,772,377

4,657,146

640,845

Amounts due from related parties

148,067

170,038

23,398

Total current assets

26,953,548

27,937,389

3,844,314

Investments in equity investee

3,455,119

2,095,453

288,344

Property and equipment, net

32,181,025

33,180,203

4,565,748

Land use rights, net

5,637,101

5,780,463

795,418

Intangible assets, net

23,240

20,141

2,771

Operating lease right-of-use assets

672,193

521,130

71,710

Goodwill

4,241,541

583,655

Deferred tax assets

879,772

846,558

116,490

Long-term investment

12,170,881

14,034,434

1,931,202

Long-term financing receivables

964,780

1,000,306

137,647

Other non-current assets

701,758

931,597

128,192

Amounts due from related parties-non current

584,263

514,583

70,809

TOTAL ASSETS

88,465,221

91,103,798

12,536,300

LIABILITIES AND EQUITY

Current liabilities

Short-term bank borrowing

7,765,990

10,390,800

1,429,822

Accounts payable

2,557,010

2,200,315

302,773

Advances from customers

1,745,727

1,643,280

226,123

Income tax payable

333,257

317,156

43,642

Amounts due to related parties

234,683

154,446

21,252

Operating lease liabilities

186,253

154,257

21,226

Dividends payable

1,548

20,616

2,837

Other current liabilities

7,236,716

7,208,199

991,881

Total current liabilities

20,061,184

22,089,069

3,039,556

Non-current operating lease liabilities

455,879

328,909

45,259

Deferred tax liabilities

638,200

495,408

68,170

Convertible bond

7,029,550

7,216,538

993,029

TOTAL LIABILITIES

28,184,813

30,129,924

4,146,014

Shareholders’ equity

Ordinary shares (US$0.0001 par value; 10,000,000,000 shares authorized;
812,866,663 shares issued and 804,719,252 shares outstanding as of

December 31, 2023; 812,866,663 shares issued and 806,668,101 shares

outstanding as of June 30, 2024)

525

Additional paid-in capital

24,201,745

24,477,250

3,368,182

Treasury shares, at cost

(510,986)

(377,156)

(51,898)

Retained earnings

36,301,185

36,634,344

5,041,054

Accumulated other comprehensive loss

(190,724)

(308,284)

(42,421)

ZTO Express (Cayman) Inc. shareholders’ equity

59,801,745

60,426,679

8,314,989

Noncontrolling interests

478,663

547,195

75,297

Total Equity

60,280,408

60,973,874

8,390,286

TOTAL LIABILITIES AND EQUITY

88,465,221

91,103,798

12,536,300

Summary of Unaudited Consolidated Cash Flow Data:

Three Months Ended June 30,

Six Months Ended June 30,

2023

2024

2023

2024

RMB

US$

RMB

US$

(in thousands)

Net cash provided by operating activities

3,761,604

3,480,095

478,877

6,499,578

5,511,115

758,355

Net cash used in investing activities

(3,541,559)

(4,666,289)

(642,103)

(9,408,160)

(7,044,941)

(969,416)

Net cash used in by financing activities

(1,974,295)

(1,103,622)

(151,863)

(1,133,723)

(973,492)

(133,957)

Effect of exchange rate changes on cash, cash

equivalents and restricted cash

104,871

(3,526)

(485)

95,934

35,077

4,827

Net decrease in cash, cash equivalents

and restricted cash

(1,649,379)

(2,293,342)

(315,574)

(3,946,371)

(2,472,241)

(340,191)

Cash, cash equivalents and restricted cash at

beginning of period

10,306,095

12,872,411

1,771,303

12,603,087

13,051,310

1,795,920

Cash, cash equivalents and restricted cash at end of

period

8,656,716

10,579,069

1,455,729

8,656,716

10,579,069

1,455,729

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows:

As of

June 30,

2023

2024

RMB

US$

(in thousands)

Cash and cash equivalents

7,781,443

10,542,131

1,450,646

Restricted cash, current

851,899

22,253

3,062

Restricted cash, non-current

23,374

14,685

2,021

Total cash, cash equivalents and restricted cash

8,656,716

10,579,069

1,455,729

Reconciliations of GAAP and Non-GAAP Results

Three Months Ended June 30,

Six Months Ended June 30,

2023

2024

2023

2024

RMB

US$

RMB

US$

(in thousands, except for share and per share data)

Net income

2,530,213

2,613,997

359,699

4,195,034

4,061,744

558,915

Add:

Share-based compensation expense (1)

–

6,768

931

254,976

305,155

41,991

Impairment of investment in equity investee (1)

–

194,452

26,757

–

672,816

92,583

Loss/(gain) on disposal of equity investees

and subsidiary, net of income taxes

764

(9,496)

(1,307)

764

(9,947)

(1,369)

Adjusted net income

2,530,977

2,805,721

386,080

4,450,774

5,029,768

692,120

Net income

2,530,213

2,613,997

359,699

4,195,034

4,061,744

558,915

Add:

Depreciation

671,283

720,930

99,203

1,322,968

1,473,049

202,698

Amortization

33,791

34,345

4,726

68,584

68,325

9,402

Interest expenses

72,218

115,855

15,942

143,928

199,771

27,489

Income tax expenses

575,585

665,011

91,509

1,030,592

1,231,316

169,435

EBITDA

3,883,090

4,150,138

571,079

6,761,106

7,034,205

967,939

Add:

Share-based compensation expense

–

6,768

931

254,976

305,155

41,991

Impairment of investment in equity investee

–

194,452

26,757

–

672,816

92,583

Loss/(gain) on disposal of equity investees

and subsidiary

764

(11,683)

(1,608)

764

(12,134)

(1,670)

Adjusted EBITDA

3,883,854

4,339,675

597,159

7,016,846

8,000,042

1,100,843

(1) Net of income taxes of nil

Reconciliations of GAAP and Non-GAAP Results

Three Months Ended June 30,

Six Months Ended June 30

2023

2024

2023

2024

RMB

US$

RMB

US$

(in thousands, except for share and per share data)

Net income attributable to ordinary

shareholders

2,541,204

2,611,802

359,397

4,211,540

4,037,848

555,627

Add:

Share-based compensation expense (1)

–

6,768

931

254,976

305,155

41,991

Impairment of investment in equity investee (1)

–

194,452

26,757

–

672,816

92,583

Loss/(gain) on disposal of equity investees

and subsidiary, net of income taxes

764

(9,496)

(1,307)

764

(9,947)

(1,369)

Adjusted Net income attributable to

ordinary shareholders

2,541,968

2,803,526

385,778

4,467,280

5,005,872

688,832

Weighted average shares used in

calculating net earnings per ordinary

share/ADS

Basic

808,967,248

806,668,101

808,916,820

805,806,731

Diluted

840,176,316

839,697,501

840,125,888

838,836,131

Net earnings per share/ADS attributable to

ordinary shareholders

Basic

3.14

3.24

0.45

5.21

5.01

0.69

Diluted

3.07

3.16

0.43

5.10

4.90

0.67

Adjusted net earnings per share/ADS

attributable to ordinary shareholders

Basic

3.14

3.48

0.48

5.52

6.21

0.85

Diluted

3.07

3.38

0.47

5.40

6.06

0.83

(1) Net of income taxes of nil

For investor and media inquiries, please contact:

ZTO Express (Cayman) Inc.
Investor Relations
E-mail: ir@zto.com
Phone: +86 21 5980 4508

View original content:https://www.prnewswire.com/news-releases/zto-reports-second-quarter-2024-unaudited-financial-results-302226521.html

SOURCE ZTO Express (Cayman) Inc.

Technology

CES 2025: The Global Stage for Innovation, Connecting the World, Creating the Future

Published

4 hours ago

January 11, 2025

Where Technology Meets Humanity to Create Extraordinary Possibilities

LAS VEGAS, Jan. 10, 2025 /PRNewswire/ — CES® 2025, the most powerful tech event in the world, welcomed over 141,000 attendees from around the globe. With more than 4500 exhibitors, including 1400 startups, and more than 6000 media attendees, CES highlights the innovation and technology trends addressing global challenges and shaping the future.

“CES is where innovation comes to life,” said Gary Shapiro, CEO and Vice Chair, Consumer Technology Association (CTA)®, owner and producer of CES. “From the largest companies to trailblazing startups, the entire tech ecosystem is at the show. CES is the stage for groundbreaking product launches, transformative partnerships, and serendipitous business moments that define the future of technology.”

CES 2025 by the Numbers*

4500+ exhibitors, including 1400 startups141,000+ attendees, of which 40% were international from over 150 countries, regions, and territories6000+ global media, content creators, and industry analystsOver 60% of Fortune 500 companies300+ conference sessions with 1200+ speakers27,000+ news stories and content

*pre-audit figures

“From groundbreaking innovations that improve lives to transformative ideas that redefine industries, CES is a celebration of the art of the possible, showcasing how technology enriches our world and inspires a brighter future for all,” said Kinsey Fabrizio, President, CTA. “The evolution of CES has surged at this year’s show, where creativity, connectivity, and innovation inspire with visionary keynotes, thought-provoking conference sessions, and mind-blowing exhibits.”

As one of the most transparent trade shows, CES adheres to rigorous auditing standards established by UFI, The Global Association of the Exhibition Industry. To maintain the integrity of its reports, CES engages independent auditors, fostering trust among stakeholders.

“CES reaffirms its status as the largest audited annual business event,” said Fabrizio. “We look forward to releasing third-party confirmation in the spring, because at CTA we believe auditing is not just a nice-to-have, but the gold standard for global business events.”

Catch all the highlights and announcements from CES 2025 – including all conference programming—via CES YouTube and the CES Tech Talk Podcast. Watch the CES 2025 State of the Industry Address here.

CES 2025 Highlights

Artificial Intelligence – CES 2025 connected the dots between humanity and AI through powerful exhibits and programming. From AI-driven productivity tools to breakthroughs in medical advancements, products and services on the show floor demonstrated that artificial intelligence is not just a technology trend but a transformative force improving lives worldwide.
Exhibitors included: AMD, Hisense, LG, NVIDIA, Qualcomm, Samsung, Siemens, TCL

Digital Health – This year, CES 2025 saw tremendous energy at the Venetian where attendees witnessed the category’s seamless alignment with the smart living experience. CES has cemented itself as a premier convenor for the healthcare industry, bringing together trailblazers to explore biotechnology, telehealth, and wellness advancements that enhance patient care and longevity. Attendees celebrated the vibrant and dynamic environment that underscored how technology is transforming everyday life, particularly in health and wellness.
Exhibitors & Sponsors included: AARP, Abbott, Eyebot, FlowBeams, Lumia Health, OnMed, Panasonic, ResMed, Withings

Energy Transition – With the growth of high-power demand technologies like AI, cloud, and other data center innovations, the energy transition to zero carbon sources was a significant focus at CES 2025. Experimental energy solutions including battery and energy storage technologies, emerging energy sources like green hydrogen, and small modular nuclear reactors were highlights on the show floor.
Exhibitors included: Eaton, Jackery, Otrera, SK, Sony Honda Mobility

Mobility – Mobility innovation spanned construction, agriculture, marine tech, and advanced air travel. At CES 2025, self-driving and electric technologies enhanced planes and boats, and EV market growth brought new models from global OEMs to the show. Automation in construction and industry enhanced safety and addressed workforce gaps in labor-intensive roles.
Exhibitors included: Aptera Motors, BMW, Bosch, Brunswick, Caterpillar, Daedong, Garmin, Honda, Invo Station, John Deere, Kubota, Mobileye, Oshkosh, Scout Motors, Sumitomo Rubber, Scout Motors, Suzuki, Waymo, Xpeng AeroHT, Zeekr

Quantum – CES 2025 featured the latest innovations in quantum technologies, offering a glimpse into the future. Quantum technology uses properties of quantum mechanics to enable three distinct disciplines: improved networking, computing, and sensing. Innovations at the show demonstrated how quantum computing, working alongside AI, will allow for breakthroughs in research and computing for finance, chemistry, materials, logistics, and more.
Exhibitors included: Integrated Quantum Photonic, IonQ, QSIMPLUS, Quandela, SK

Sustainability – Sustainability is a crucial trend shaping technology innovation, especially in the context of energy transition. CES featured key advancements including new battery technologies, alternative material development like graphene, and off-grid renewable energy solutions. The show also put a spotlight on innovations such as synthetic microbes, bioplastics, and self-healing concrete that will contribute to sustainable construction.
Exhibitors included: Hydrific, Lyten, Melliens, Panasonic

Startups – Eureka Park was completely full, with 1400 startups from 39 countries including country pavilions representing Africa, European Union (EU), France, Italy, Israel, Japan, Korea, Netherlands, Switzerland, and Ukraine. Eureka Park is where innovators, investors, and the media meet to highlight and get hands-on with the technologies that will shape our collective future in core areas including accessibility, AI, digital health, and sustainability.

Keynotes

NVIDIA
NVIDIA founder and CEO Jensen Huang on Monday drew 6300 attendees to unveil the GeForce RTX 50, surpassing the RTX 4090 in performance, and introduced Agentic AI, a real-time assistant to streamline consumer workflows. Huang also showcased the Cosmos World Foundation Model and generative AI tools to advance robotics navigation. Highlighting AI-driven innovation, Huang announced a partnership with Toyota to develop next-gen autonomous vehicles using the safety-certified NVIDIA DriveOS.

Panasonic Holdings Corporation
Panasonic Holdings Group CEO Yuki Kusumi shared Panasonic Group’s vision for sustainability, artificial intelligence, and the health of future generations. DJ and record producer Steve Aoki jump-started the keynote with a performance before Mr. Kusumi, joined on stage by Marvel actor Anthony Mackie and other Panasonic Group leaders, delivered Panasonic’s “Well Into the Future” message. As an extension of the current Panasonic Well portfolio, Panasonic announced Umi, a holistic digital family wellness platform and coach.

SiriusXM
Jennifer Witz, CEO, SiriusXM, joined Ashley Flowers, #1 female podcaster in the U.S. and host of the hit podcast Crime Junkie, on the C Space stage to deliver a keynote on the intersection of technology, creativity, and storytelling in audio. The conversation covered the importance of authenticity, how AI is changing the creative landscape, and adapting consumer interests.

X Corp.
Linda Yaccarino, CEO, X Corp., spoke with award-winning journalist Catherine Herridge about how the company is defining the future of digital communication. The conversation focused on X’s transformational work to create a “global newsroom in your pocket.” Yaccarino highlighted the significance of Meta’s announcement that the company will follow X’s lead in adopting a community notes approach to content moderation.

Delta Air Lines at Sphere
The first keynote at Sphere in CES history wowed over 8000 attendees! The immersive experience spotlighted Delta Air Lines’ innovations in seamless travel, onboard experiences, and the future of flight. Ed Bastian, CEO, Delta Air Lines, announced Delta Concierge and partnerships with Airbus, DraftKings, Joby, Uber, and YouTube. Special guests included actress Viola Davis, football legend Tom Brady, and GRAMMY-winning icon Lenny Kravitz.

Volvo Group
Martin Lundstedt, President and CEO, Volvo Group, emphasized the company’s commitment to building a safer, more sustainable, and more productive future. He called on policymakers and industry leaders to accelerate the transition to zero emission vehicles and discussed the company’s partnership with Aurora, aimed at advancing the development of safer, self-driving vehicles.

Accenture
Julie Sweet, Chair and CEO, Accenture, discussed how data, AI, and new ways of working are transforming industries and addressing global challenges with Julia Boorstin, CNBC senior media & tech correspondent. Sweet emphasized the need for businesses to build trust in AI technologies, especially as AI becomes increasingly autonomous in a society where trust is scarce. She also highlighted Accenture’s 25th annual Tech Vision, which explores the paths leaders can take when AI is ubiquitous.

Waymo
Tekedra Mawakana, co-CEO, Waymo, spoke with Bloomberg Technology’s Ed Ludlow on the company’s progress in developing its self-driving technology, Waymo Driver. Mawakana emphasized safety and expanding its autonomous ride-hailing service to new cities while showcasing advancements in technology and outlining a vision for a safer and more accessible future.

Conference Programming
CES 2025 offered more than 300 conference sessions, exploring how tech solves some of the world’s greatest challenges.

C Space – C Space at ARIA brought together thousands of senior-level marketing professionals to explore the intersection of technology, media, and branding. Attendees heard from leading industry innovators from brands like Reddit, NBCUniversal, and Microsoft Advertising about how technology is shaping the future of storytelling, consumer engagement, and brand strategy. C Space sessions emphasized the importance of creativity and authenticity in navigating the ever-evolving digital landscape.CES Creator Space – The first-ever CES Creator Space, presented by Sony, gathered storytellers to network, create content, and relax in between visiting exhibitors. Sessions led by industry experts helped creators elevate their craft, featuring discussions on storytelling, content monetization, brand partnerships, rights and ownership, and more.Digital Health Summit brought together the entire health ecosystem to learn, network, and explore the role technology plays in advancing and reforming medicine, healthcare, and consumer wellness.Great Minds series explored the intersection of technology and humanity. Speakers included C-Suite executives, philanthropists, influencers, government leaders, entrepreneurs, venture capitalists, and more.Innovation for All Track included dedicated programming focused on ensuring all voices are represented in technology and innovation, bringing together thought leaders for a series of engagement opportunities, dynamic session content, and networking events.Innovation Policy Summit advanced CTA’s Innovation Agenda. CES brought together policymakers and government guests from around the world to discuss domestic and global tech policy issues including AI, privacy, trade, competition, and more. Conference sessions featured high-level government speakers from the White House, Department of Commerce, Department of Homeland Security, Department of Transportation, Federal Communications Commission, Federal Maritime Commission, Federal Trade Commission, and more.Mobility Stage made its debut in West Hall, exploring the future of mobility tech on the CES show floor. Topics included AI, connected vehicles, software, supply chain, and more.Quantum Means Business, a multi-session conference track developed with Quantum World Congress, gathered some of the brightest quantum minds, showcasing breakthroughs that were once confined to science fiction. Industry leaders from IBM, Microsoft, and beyond shared insights into how quantum, paired with advancements in AI and machine learning, creates unparalleled opportunities across industries.Startup Stage in Eureka Park brought together visionaries to discuss AI, health, startup funding, and more.

Celebrities at CES
Celebrity brand ambassadors like Alexis Ohanian, Denim Richards, Karlie Kloss, Maria Shriver, Mark Cuban, Martha Stewart, Meghan Trainor, Sophia Bush, Stevie Wonder, Terry Crews, Tim Meadows, Tunde Oyeneyin, and will.i.am attended the show. Read more about CES 2025 celebrity guest participation here.

Visit CES or the CES App, sponsored by Panasonic, for keynotes, sessions, and product announcements. View the high-res image gallery and download B-roll. Check out news from this week with CTA press releases including CTA’s U.S. Consumer Technology One-Year Industry Forecast, CES 2025 Green Grants, CTA 2025 Global Innovation Scorecard, CES 2025 Open, and a new investment in Quantum Word Congress.

We’ll DIVE IN again as CES returns to Las Vegas January 6-9, 2026.

About CES®:
CES is the most powerful tech event in the world – the proving ground for breakthrough technologies and global innovators. This is where the world’s biggest brands do business and meet new partners, and the sharpest innovators hit the stage. Owned and produced by the Consumer Technology Association (CTA) ®, CES features every aspect of the tech sector. CES 2025 takes place Jan. 7-10, 2025, in Las Vegas. Learn more at CES.tech and follow CES on social.

About Consumer Technology Association (CTA)®:
As North America’s largest technology trade association, CTA is the tech sector. Our members are the world’s leading innovators – from startups to global brands – helping support more than 18 million American jobs. CTA owns and produces CES® – the most powerful tech event in the world. Find us at CTA.tech. Follow us @CTAtech.

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SOURCE Consumer Technology Association

Technology

KNEX Technology CTO Gustavo Gonzalez Elected 2025 President-Elect of OATUG

Published

6 hours ago

January 11, 2025

Gustavo Gonzalez, KNEX Technology’s CTO, has been elected 2025 President-Elect of OATUG, emphasizing his dedication to Oracle innovation, collaboration, and leadership, including Ascend 2025’s strategic initiatives.

IRVINE, Calif., Jan. 10, 2025 /PRNewswire-PRWeb/ — KNEX Technology, a leading Oracle Cloud solutions provider, is proud to announce that its Chief Technology Officer, Gustavo Gonzalez, has been elected as the 2025 President-Elect of the Oracle Applications & Technology Users Group (OATUG). This esteemed appointment highlights Gonzalez’s longstanding commitment to advancing innovation and collaboration within the Oracle community.

OATUG has played a pivotal role in my professional growth, and it is a privilege to contribute to this community which has enriched my career. As President-Elect, I look forward to collaborating with my peers to strengthen the Oracle user community and further its impact on businesses worldwide.

In his new role, Gonzalez will work closely with the OATUG leadership team throughout 2025, preparing to serve as OATUG President in 2026. He will focus on empowering Oracle professionals worldwide by fostering knowledge-sharing, community engagement, and professional development. OATUG, a globally recognized organization, supports its members in overcoming challenges, enhancing the value of Oracle solutions, and driving organizational success.

“OATUG has played a pivotal role in my professional growth, and it is a privilege to contribute to this community which has enriched my career,” said Gustavo Gonzalez. “As President-Elect, I look forward to collaborating with my peers to strengthen the Oracle user community and further its impact on businesses worldwide.”

Gonzalez’s election underscores his dedication to giving back to the Oracle ecosystem. A key focus of his role will include shaping OATUG’s strategic initiatives, such as the annual Ascend Conference, which unites Oracle users, thought leaders, and technology innovators for unparalleled learning and networking opportunities.

The upcoming Ascend 2025 Conference, scheduled for June 8–11 in Orlando, Florida, promises to build on the success of the 2024 event, which attracted more than 1,800 attendees. With early bird registration now open, Gonzalez aims to ensure the conference continues to deliver transformative insights and experiences for the Oracle community.

About OATUG

The Oracle Applications & Technology Users Group (OATUG) is the premier global organization for Oracle users, providing year-round education, networking, and advocacy. OATUG empowers its members to unlock the full potential of Oracle solutions, fostering innovation and collaboration across industries.

About KNEX Technology

KNEX Technology is a trusted leader in Oracle Cloud solutions, delivering cutting-edge products and services to help businesses achieve their objectives. Through its innovative approach and customer-focused strategies, KNEX enables organizations to navigate the complexities of today’s technology landscape. For more information, visit www.knextech.com.

Media Contact

Husna Gyasi, KNEX Technology, 1 (949) 232-0786, husna.ghayaisi@knextech.com, https://knextech.com/

Twitter, LinkedIn

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SOURCE KNEX Technology

Technology

Dr. Gerard van Belle Appointed Director of Science at Lowell Observatory, Charting a Bold Future for Research

Published

7 hours ago

January 11, 2025

Dr. van Belle to guide scientific exploration and foster innovation in the next era of astronomical research

FLAGSTAFF, Ariz., Jan. 10, 2025 /PRNewswire/ — Lowell Observatory is pleased to announce the appointment of Dr. Gerard van Belle as the new Director of Science. Van Belle, who has been an astronomer at the observatory since 2011, has been serving as the interim Director of Science.

In his new role, van Belle will lead a diverse team of astronomers and planetary scientists. He will spearhead the observatory’s new Science Vision, which focuses on advancing research capabilities and implementing cutting-edge technological improvements supporting Lowell’s leadership in astronomical research.

Under his leadership, the science department will continue to advance Lowell Observatory’s mission to pursue the study of astronomy, including the study of our solar system and its evolution, and to conduct pure research in astrophysical phenomena.

Van Belle’s own research focuses on fundamental stellar parameters, including the sizes, shapes, masses, distances, and temperatures of various types of stars. He is also renowned for his expertise in optical and near-infrared astronomical interferometry.

He earned his bachelor’s degree in physics from Whitman College in 1990, followed by a master’s degree from The Johns Hopkins University in 1993, and a Ph.D. in physics from the University of Wyoming in 1996.

Throughout his career, van Belle has been instrumental in the development and commissioning of major optical interferometers worldwide, including the Palomar Testbed Interferometer, the Keck Interferometer, and the Very Large Telescope Interferometer. His pioneering work in stellar surface imaging earned him the inaugural Edward Stone Award for Outstanding Research Publication at NASA’s Jet Propulsion Laboratory in 2002.

In 2011, van Belle joined Lowell Observatory’s science staff, where he applied high-resolution astronomical techniques to detect nearby exoplanets and map stellar surfaces. He served as the Director of the Navy Precision Optical Interferometer (NPOI) in Flagstaff, Arizona, from 2017 to 2018, and subsequently as its Chief Scientist until 2022.

Notably, van Belle was among the astronomers who voted against the definition of ‘planet’ advanced during the 2006 International Astronomical Union (IAU) conference in Prague, which relegated Pluto to being a ‘dwarf planet’ (which according to the IAU resolution is not a planet).

His extensive experience and dedication to advancing astronomical research make him a valuable leader for Lowell Observatory’s scientific endeavors.

“I am honored to take on this role at such a pivotal time for Lowell Observatory,” said van Belle. “Our Science Vision will guide us in exploring new frontiers in astronomy while strengthening our commitment to public engagement and education.”

Executive Director Dr. Amanda Bosh expressed her confidence in van Belle’s leadership: “Gerard’s extensive experience and dedication to our mission make him the ideal person to lead our scientific endeavors. I look forward to working closely with him as we embark on this exciting new chapter for Lowell Observatory.”

For more information about Lowell Observatory’s research and public programs, visit lowell.edu.

About Lowell Observatory
Founded in 1894, Lowell Observatory in Flagstaff, Arizona, is a renowned nonprofit research institution. It is the site of historic and groundbreaking discoveries, including the first evidence of the expanding universe and the discovery of Pluto. Today, Lowell’s astronomers utilize global ground-based and space telescopes, along with NASA spacecraft, for diverse astronomical and planetary science research. The observatory hosts more than 100,000 visitors annually for educational tours, presentations, and telescope viewing through a suite of world-class public telescopes.

View original content to download multimedia:https://www.prnewswire.com/news-releases/dr-gerard-van-belle-appointed-director-of-science-at-lowell-observatory-charting-a-bold-future-for-research-302348440.html

SOURCE Lowell Observatory