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ZTO Reports Fourth Quarter 2024 and Full Year 2024 Unaudited Financial Results

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Annual Volume Increased to 34.0 Billion Parcels
RMB10.2 Billion Full Year Adjusted Net Income Grew 12.7% 
US$0.35 per Share Semi-Annual Dividend Announced

SHANGHAI, March 18, 2025 /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 fourth quarter and fiscal year ended December 31, 2024[1]. The Company grew parcel volume by 3.8 billion, or 12.6% year over year while maintaining high quality of service and customer satisfaction. Adjusted net income[2] increased 12.7% to reach RMB10.2 billion. Net cash generated from operating activities was RMB11,429.4 million.

Fourth Quarter 2024 Financial Highlights

Revenues were RMB12,919.7 million (US$1,770.0 million), an increase of 21.7% from RMB10,619.4 million in the same period of 2023.Gross profit was RMB3,759.7 million (US$515.1 million), an increase of 20.2% from RMB3,128.2 million in the same period of 2023.Net income was RMB2,446.8 million (US$335.2 million), an increase of 10.7% from RMB2,209.8 million in the same period of 2023.Adjusted EBITDA[3] was RMB4,615.3 million (US$632.3 million), an increase of 26.4% from RMB3,651.8 million in the same period of 2023.Adjusted net income[2] was RMB2,733.3 million (US$374.5 million), an increase of 23.4% from RMB2,214.4 million in the same period of 2023.Basic and diluted net earnings per American depositary share (“ADS”[4]) were RMB2.97 (US$0.41) and RMB2.89 (US$0.40), an increase of 9.2% and 8.6% from RMB2.72 and RMB2.66 in the same period of 2023, respectively.Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders[5] were RMB3.32 (US$0.45) and RMB3.24 (US$0.44), an increase of 21.6% and 21.3% from RMB2.73 and RMB2.67 in the same period of 2023, respectively.Net cash provided by operating activities was RMB2,806.3 million (US$384.5 million), compared with RMB3,923.3 million in the same period of 2023.

Fiscal Year 2024 Financial Highlights

Revenues were RMB44,280.7 million (US$6,066.4 million), an increase of 15.3% from RMB38,418.9 million in 2023.Gross profit was RMB13,717.1 million (US$1,879.2 million), an increase of 17.6% from RMB11,662.5 million in 2023.Net income was RMB8,887.6 million (US$1,217.6 million), an increase of 1.5% from RMB8,754.5 million in 2023.Adjusted EBITDA[3] was RMB16,354.9 million (US$2,240.6 million), an increase of 15.9% from RMB14,107.3 million in 2023.Adjusted net income[2] was RMB10,150.4 million (US$1,390.6 million), an increase of 12.7% from RMB9,005.9 million in 2023.Basic and diluted net earnings per American depositary share (“ADS”[4]) were RMB10.95 (US$1.50) and RMB10.70 (US$1.47), an increase of 1.1% and 0.9% from RMB10.83 and RMB10.60 in 2023.Adjusted basic and diluted net earnings per American depositary share attributable to ordinary shareholders were RMB12.52 (US$1.72) and RMB12.20 (US$1.67), an increase of 12.4% and 11.9% from RMB11.14 and RMB10.90 in 2023.Net cash provided by operating activities was RMB11,429.4 million (US$1,565.8 million), compared with RMB13,361.0 million in 2023.

Operational Highlights for Fourth Quarter 2024

Parcel volume was 9,665 million, an increase of 11.0% from 8,705 million in the same period of 2023.Number of pickup/delivery outlets was over 31,000 as of December 31, 2024.Number of direct network partners was over 6,000 as of December 31, 2024.Number of self-owned line-haul vehicles was over 10,000 as of December 31, 2024.Out of the over 10,000 self-owned trucks, over 9,400 were high capacity 15 to 17-meter-long models as of December 31, 2024, compared to over 9,200 as of December 31, 2023.Number of line-haul routes between sorting hubs was over 3,900 as of December 31, 2024, which is similar to the same period last year.Number of sorting hubs was 95 as of December 31, 2024, among which 91 are operated by the Company and 4 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 investments 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 investments 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, “During the fourth quarter, ZTO maintained high quality of services and customer satisfaction, and achieved 9.7 billion of parcel volume and 2.7 billion of adjusted net income. To increase retail parcel volume was one of the key objectives to enhance revenue mix, and our average daily retail parcel volume exceeded 7 million which increased nearly 50% over the same fourth quarter last year.”

Mr. Lai added, “As domestic economy slowly moves towards recovery, growth of China’s express delivery industry was relatively robust. Consumers are motivated by the value-preposition associated with on-line purchases and the trend of spending downgrade persisted where parcel unit pricing continued to be under pressure. We estimate that the industry growth for the year will likely be around 15% for the year of 2025.  We have re-anchored among our priority focuses of quality, volume and net profit, and it is paramount for us to achieve volume growth target above industry average for 2025.”

Ms. Huiping Yan, Chief Financial Officer of ZTO, commented, “For the fourth quarter of 2024, ZTO’s core express ASP increased 13 cents driven by improvements in key accounts’ mix offsetting negative impact from lower per parcel weight and volume incentive increases. Combined unit sorting and transportation costs decreased approximately 6 cents through productivity initiatives. Our SG&A excluding share-based compensation was 5% of revenue compared to 6.6% last year. Cash flow from operating activities was 2.8 billion, and capital spending was 1.2 billion.”

Ms. Yan added, “Slow to recover economic conditions caused a greater proportion of ecommerce packages being low-value or unprofitable.  Between strategic value and economic value, we are making conscientious trade-off decisions to ensure short-term and long-term impacts are properly balanced.  Profits driven by our unique competitive advantages, such as quality of services, scale and reach, operating efficiency and partner network stability, will remain intact.  Meanwhile，we are increasing our effort to support and enable network partners’ sustainable growth and prosperity. By expanding our leadership in volume market share, everyone under the ZTO brand can work better together to address market pricing pressure, last-mile cost increases, and any other challenges in the future.”

Fourth Quarter 2024 Unaudited Financial Results

Three Months Ended December 31,

2023

2024

RMB

%

RMB

US$

%

(in thousands, except percentages)

Express delivery services

9,759,253

91.9

12,024,132

1,647,299

93.1

Freight forwarding services

236,640

2.2

208,931

28,623

1.6

Sale of accessories

579,138

5.5

646,675

88,594

5.0

Others

44,403

0.4

39,964

5,476

0.3

Total revenues

10,619,434

100.0

12,919,702

1,769,992

100.0

Total Revenues were RMB12,919.7 million (US$1,770.0 million), an increase of 21.7% from RMB10,619.4 million in the same period of 2023. Revenue from the core express delivery business increased by 22.4% compared to the same period of 2023 driven by a 11.0% growth in parcel volume and a 10.3% increase in unit price. KA revenue, including delivery fees from direct sales organizations established to serve core express KA customers, increased by 275.9% as the proportion of higher-valued parcels such as returned parcels from e-commerce platforms continued to increase. Revenue from freight forwarding services decreased by 11.7% compared to the same period of 2023 mainly due to declining cross-border e-commerce pricing. Revenue from sales of accessories, largely consisted of sales of thermal paper used for digital waybills’ printing, increased by 11.7%. Other revenues were derived mainly from financing services.

Three Months Ended December 31,

2023

2024

% of

% of

RMB

revenues

RMB

US$

revenues

(in thousands, except percentages)

Line-haul transportation cost

3,964,208

37.3

3,913,823

536,192

30.3

Sorting hub operating cost

2,257,047

21.3

2,543,707

348,486

19.7

Freight forwarding cost

227,547

2.1

197,053

26,996

1.5

Cost of accessories sold

162,227

1.5

196,941

26,981

1.5

Other costs

880,156

8.3

2,308,459

316,257

17.9

Total cost of revenues

7,491,185

70.5

9,159,983

1,254,912

70.9

Total cost of revenues was RMB9,160.0 million (US$1,254.9 million), an increase of 22.3% from RMB7,491.2 million in the same period last year.

Line haul transportation cost was RMB3,913.8 million (US$536.2 million), a decrease of 1.3% from RMB3,964.2 million in the same period last year. The unit transportation cost decreased 13.0% or 6 cents mainly attributable to better economies of scale, decreased fuel price and improved load rate through more effective route planning.

Sorting hub operating cost was RMB2,543.7 million (US$348.5 million), an increase of 12.7% from RMB2,257.0 million in the same period of last year. The increase primarily consisted of (i) RMB211.2 million (US$28.9 million) increase in labor-associated costs, a net result of wage increases partially offset by automation-driven efficiency improvements and (ii) RMB58.4 million (US$8.0 million) increase in depreciation and amortization costs associated with expansion of automation equipment and facility upgrades to further improve transit efficiency. As of December 31, 2024, there were 596 sets of automated sorting equipment in service, compared to 464 sets as of December 31, 2023.

Cost of accessories sold was RMB196.9 million (US$27.0 million), increased by 21.4% compared with RMB162.2 million in the same period last year.

Other costs of RMB2,308.5 million (US$316.3 million) increased 162.3% from RMB880.2 million in the same period last year, which included costs for serving higher-valued enterprise customers that increased by RMB1,442.7 million (US$197.6 million).

Gross Profit was RMB3,759.7 million (US$515.1 million), increased by 20.2% from RMB3,128.2 million in the same period last year. Gross margin rate was 29.1% compared to 29.5% in the same period last year.

Total Operating Expenses were RMB306.5 million (US$42.0 million), compared to RMB373.2 million in the same period last year.

Selling, general and administrative expenses were RMB655.8 million (US$89.8 million), decreased by 6.4% from RMB700.4 million in the same period last year. There was a RMB85.6 million provision of losses from a credit loan provided to Shanghai Shuangcaiji Intelligent Technology Co., Ltd.(上海雙彩吉智能科技有限公司), an equipment supplier, in the same period last year.

Other operating income, net was RMB349.3 million (US$47.9 million), compared to RMB327.2 million in the same period last year. Other operating income mainly consisted of (i) RMB214.7 million (US$29.4 million) of government subsidies and tax rebates, (ii) RMB111.5 million (US$15.3 million) ADR fee rebate, and (iii) RMB23.1 million (US$3.2 million) of rental income and other income.

Income from operations was RMB3,453.2 million (US$473.1 million), an increase of 25.3% from RMB2,755.1 million for the same period last year. The operating margin rate increased to 26.7% from 25.9% in the same period last year.

Interest income was RMB221.9 million (US$30.4 million), compared with RMB201.4 million in the same period last year.

Interest expenses was RMB71.8 million (US$9.8 million), compared with RMB61.8 million in the same period last year.

Gain from fair value changes of financial instruments was RMB168.0 million (US$23.0 million), compared with a loss of RMB51.2 million in the same period last year. Such gain or loss from fair value changes of the financial instruments is quoted by commercial banks according to market-based estimation of future redemption prices.

Impairment of investment in equity investees was RMB258.6 million (US$35.4 million). Such provision for impairment 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 RMB1,059.1 million (US$145.1 million) compared to RMB636.6 million in the same period last year. Overall income tax rate increased by 8.1 percentage points year over year, mainly due to a RMB372.3 million (US$51.0 million) accrual of withholding tax on dividend payable to ZTO Express (Hong Kong) Limited.

Net income was RMB2,446.8 million (US$335.2 million), which increased by 10.7% from RMB2,209.8 million in the same period last year.

Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB2.97 (US$0.41) and RMB2.89 (US$0.40), compared to basic and diluted earnings per ADS of RMB2.72 and RMB2.66 in the same period last year, respectively.

Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB3.32 (US$0.45) and RMB3.24 (US$0.44), compared with RMB2.73 and RMB2.67 in the same period last year, respectively.

Adjusted net income was RMB2,733.3 million (US$374.5 million), compared with RMB2,214.4 million during the same period last year.

EBITDA[1] was RMB4,328.8 million (US$593.0 million), compared with RMB3,647.2 million in the same period last year.

Adjusted EBITDA was RMB4,615.3 million (US$632.3 million), compared to RMB3,651.8 million in the same period last year.

Net cash provided by operating activities was RMB2,806.3 million (US$384.5 million), compared with RMB3,923.3 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.

Fiscal Year 2024 Financial Results

Year Ended December 31,

2023

2024

RMB

%

RMB

US$

%

(in thousands, except percentages)

Express delivery services

35,488,060

92.4

40,953,034

5,610,543

92.5

Freight forwarding services

906,802

2.4

885,410

121,301

2.0

Sale of accessories

1,876,624

4.9

2,300,392

315,152

5.2

Others

147,429

0.3

141,884

19,438

0.3

Total revenues

38,418,915

100.0

44,280,720

6,066,434

100.0

Total Revenues were RMB44,280.7 million (US$6,066.4 million), an increase of 15.3% from RMB38,418.9 million last year. Revenue from the core express delivery business increased by 15.7% driven by a 12.6% growth in parcel volume and a 2.7% increase in unit price. KA revenue, including delivery fees from direct sales organizations established to serve core express KA customers, increased by 100.7% as the proportion of higher-valued parcels such as returned parcels from e-commerce platforms continued to increase. Revenue from freight forwarding services decreased by 2.4% compared to last year mainly due to declining cross-border e-commerce pricing. Revenue from sales of accessories, largely consisted of sales of thermal paper used for digital waybills’ printing, increased by 22.6%. Other revenues were derived mainly from financing services.

Year Ended December 31,

2023

2024

% of

% of

RMB

revenues

RMB

US$

revenues

(in thousands, except percentages)

Line-haul transportation cost

13,591,627

35.4

13,966,446

1,913,395

31.5

Sorting hub operating cost

8,253,522

21.5

9,163,784

1,255,433

20.7

Freight forwarding cost

854,533

2.2

828,270

113,473

1.9

Cost of accessories sold

513,391

1.3

651,729

89,287

1.5

Other costs

3,543,316

9.2

5,953,399

815,612

13.4

Total cost of revenues

26,756,389

69.6

30,563,628

4,187,200

69.0

Total cost of revenues was RMB30,563.6 million (US$4,187.2 million), an increase of 14.2% from RMB26,756.4 million last year.

Line haul transportation cost was RMB13,966.4 million (US$1,913.4 million), an increase of 2.8% from RMB13,591.6 million last year. The unit transportation cost decreased by 8.9% or 4 cents mainly attributable to better economies of scale and improved load rate through more effective route planning.

Sorting hub operating cost was RMB9,163.8 million (US$1,255.4 million), an increase of 11.0% from RMB8,253.5 million last year. The increase primarily consisted of (i) RMB542.6 million (US$74.3 million) increase in labor-associated costs, a net result of wage increases partially offset by automation-driven efficiency improvement, and (ii)RMB288.3 million (US$39.5 million) increase in depreciation and amortization costs associated with automated equipment and facility upgrades to further improve transit efficiency.

Cost of accessories sold was RMB615.7 million (US$89.3 million), increased by 26.9% compared with RMB513.4 million last year.

Other costs of RMB5,953.4 million (US$815.6 million) increased 68.0% from RMB3,543.3 million in 2023, which included costs for serving higher-valued enterprise customers that increased by RMB2,452.0 million (US$335.9 million).

Gross Profit was RMB13,717.1 million (US$1,879.2 million), increased 17.6% from RMB11,662.5 million last year as a combined result of revenues growth and cost productivity gain. Gross margin rate improved to 31.0% from 30.4% last year.

Total Operating Expenses were RMB1,940.2 million (US$265.8 million), compared to RMB1,654.6 million last year.

Selling, general and administrative expenses were RMB2,690.0 million (US$368.5 million), increased by 10.9% from RMB2,425.3 million last year, mainly due to (i) RMB72.4 million(US$9.9 million) increase in headquarter facility expenses, (ii) RMB47.6 million (US$6.5 million) increase in depreciation and amortization costs associated with administrative equipment and facilities, and (iii) RMB47.6 million (US$6.5 million) increase in compensation and benefit expenses.

Other operating income, net was RMB749.8 million (US$102.7 million), compared to RMB770.7 million last year. Other operating income mainly consisted of (i) RMB488.9 million (US$67.0 million) of government subsidies and tax rebates, (ii) RMB171.3 million (US$23.5 million) of rental and other income, and (iii) RMB111.5 million (US$15.3 million) ADR fee rebate.

Income from operations was RMB11,776.9 million (US$1,613.4 million), an increase of 17.7% from RMB10,007.9 million last year. The operating margin rate increased to 26.6% from 26.0% last year.

Interest income was RMB993.5 million (US$136.1 million), compared with RMB706.8 million last year.

Interest expenses was RMB337.9 million (US$46.3 million), compared with RMB289.5 million last year.

Gain from fair value changes of financial instruments was RMB202.9 million (US$27.8 million), compared with a gain of RMB164.5 million last year. Such gain or loss from fair value changes of the financial instruments is quoted by commercial banks according to market-based estimation of future redemption prices.

Impairment of investment in equity investees was RMB931.4 million (US$127.6 million), included the provision for impairment of (i) RMB479.9 million (US$65.8 million) related to a tender offer initiated by Alibaba Group Holding Limited (阿里巴巴集團控股有限公司) to purchase all the outstanding shares of Cainiao Smart Logistics Network Limited (菜鳥智慧物流網絡有限公司), as the offer price was below the carrying amount, and (ii) RMB451.5 million (US$61.8 million) of 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).

Foreign currency exchange Loss, before tax was RMB17.9 million (US$2.5 million), mainly due to the appreciation of the onshore U.S. dollar-denominated bank deposits against the Chinese Renminbi.

Income tax expenses were RMB2,845.4 million (US$389.8 million) compared to RMB1,938.6 million last year. Overall income tax rate increased by 6.3% percentage points year over year, mainly due to (i) the accrual of RMB 518.3 million (US$ 71.0 million) in withholding tax on dividend payable to ZTO Express (Hong Kong) Limited, and (ii) an income tax refund of RMB207.1 million (US$ 28.4 million) received in the third quarter of 2023 by Shanghai Zhongtongji Network Technology Co., Ltd.(上海中通吉網絡技術有限公司), a wholly-owned subsidiary of the Company, for being recognized as a “Key Software Enterprise” that was qualified for a preferential tax rate of 10% for tax year 2022.

Net income was RMB8,887.6 million (US$1,217.6 million), which increased by 1.5% from RMB8,754.5 million last year.

Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB10.95 (US$1.50) and RMB10.70 (US$1.47), compared to basic and diluted earnings per ADS of RMB10.83 and RMB10.60 last year, respectively.

Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB12.52 (US$1.72) and RMB12.20 (US$1.67), compared with RMB11.14 and RMB10.90 last year, respectively.

Adjusted net income was RMB10,150.4 million (US$1,390.6 million), compared with RMB9,005.9 million last year.

EBITDA[1] was RMB15,094.3 million (US$2,067.9 million), compared with RMB13,857.8 million last year.

Adjusted EBITDA was RMB16,354.9 million (US$2,240.6 million), compared to RMB14,107.3 million last year.

Net cash provided by operating activities was RMB11,429.4 million (US$1,565.8 million), compared with RMB13,361.0 million last year.

Recent Developments

Appointment of Nominating and Corporate Governance Committee Member

The board of directors (the “Board”) has appointed Ms. Fang Xie, an independent non-executive director, as a member of the nominating and corporate governance committee of the Board, effective March 19, 2025. Following the appointment, the nominating and corporate governance committee consists of four independent non-executive directors, namely Mr. Frank Zhen Wei (as the chairman), Mr. Qin Charles Huang, Mr. Tsun-Ming Daniel Kao and Ms. Fang Xie.

Declaration of Semi-Annual Dividend

The board of directors (the “Board”) has approved a cash dividend of US$0.35 per ADS and ordinary share for the six months ended December 31, 2024, to holders of its ordinary shares and ADSs as of the close of business on April 10, 2025. 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 April 10, 2025 (Hong Kong Time). The payment date is expected to be April 22, 2025 for holders of Class A and Class B ordinary shares, and April 29, 2025 for holders of ADSs.

Company Share Repurchase Program

The Board has approved its share repurchase program in November 2018 and made subsequent modifications, whereby the latest modification increased the aggregate value of shares that may be repurchased to US$2.0 billion and extended the effective period through June 30, 2025. As of December 31, 2024, the Company had purchased an aggregate of 50,546,707 ADSs for US$1,222.0 million on the open market, including repurchase commissions. The remaining funds available under the share repurchase program is US$778.0 million.

Business Outlook

Based on current market and operating conditions, the Company’s parcel volume for 2025 is expected to be in the range of 40.8 billion to 42.2 billion, representing a 20% to 24% 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 RMB7.2993 to US$1.00, the noon buying rate on December 31, 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, March 18, 2025 (8:30 AM Beijing Time on March 19, 2025).

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:

9429827

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 March 25, 2025:

United States:

1-877-344-7529

International:

1-412-317-0088

Passcode:

8404611

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 reports 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 December 31,

Year Ended December 31,

2023

2024

2023

2024

RMB

RMB

US$

RMB

RMB

US$

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

Revenues

10,619,434

12,919,702

1,769,992

38,418,915

44,280,720

6,066,434

Cost of revenues

(7,491,185)

(9,159,983)

(1,254,912)

(26,756,389)

(30,563,628)

(4,187,200)

Gross profit

3,128,249

3,759,719

515,080

11,662,526

13,717,092

1,879,234

Operating (expenses)/income:

Selling, general and administrative

(700,357)

(655,825)

(89,848)

(2,425,253)

(2,690,017)

(368,531)

Other operating income, net

327,203

349,277

47,851

770,651

749,784

102,720

Total operating expenses

(373,154)

(306,548)

(41,997)

(1,654,602)

(1,940,233)

(265,811)

Income from operations

2,755,095

3,453,171

473,083

10,007,924

11,776,859

1,613,423

Other income/(expenses):

Interest income

201,383

221,927

30,404

706,765

993,535

136,114

Interest expense

(61,804)

(71,784)

(9,834)

(289,533)

(337,919)

(46,295)

(Loss)/gain from fair value changes of

financial instruments

(51,247)

168,003

23,016

164,517

202,886

27,795

(Loss)/gain on disposal of equity
   investees, subsidiary and others

(4,589)

(21,212)

(2,906)

5,485

(10,518)

(1,441)

Impairment of investment in equity

investees

–

(258,551)

(35,421)

–

(931,367)

(127,597)

Foreign currency exchange gain/(loss)

before tax

17,972

(318)

(44)

93,543

(17,930)

(2,456)

Income before income tax, and share of

(loss)/gain in equity method

2,856,810

3,491,236

478,298

10,688,701

11,675,546

1,599,543

Income tax expense

(636,621)

(1,059,086)

(145,094)

(1,938,600)

(2,845,361)

(389,813)

Share of (loss)/gain in equity method
   investments

(10,376)

14,659

2,008

4,356

57,410

7,865

Net income

2,209,813

2,446,809

335,212

8,754,457

8,887,595

1,217,595

Net income attributable to

non-controlling interests

(17,507)

(64,119)

(8,784)

(5,453)

(70,760)

(9,694)

Net income attributable to ZTO Express

(Cayman) Inc.

2,192,306

2,382,690

326,428

8,749,004

8,816,835

1,207,901

Net income attributable to ordinary

shareholders

2,192,306

2,382,690

326,428

8,749,004

8,816,835

1,207,901

Net earnings per share attributed to

ordinary shareholders

Basic

2.72

2.97

0.41

10.83

10.95

1.50

Diluted

2.66

2.89

0.40

10.60

10.70

1.47

Weighted average shares used in

calculating net earnings per ordinary

share/ADS

Basic

806,082,185

803,354,580

803,354,580

807,739,616

804,875,816

804,875,816

Diluted

837,291,253

836,920,680

836,920,680

838,948,683

838,441,916

838,441,916

Net income

2,209,813

2,446,809

335,212

8,754,457

8,887,595

1,217,595

Other comprehensive income/

(expenses), net of tax of nil:

Foreign currency translation adjustment

70,677

(124,108)

(17,003)

(104,052)

(103,970)

(14,244)

Comprehensive income

2,280,490

2,322,701

318,209

8,650,405

8,783,625

1,203,351

Comprehensive income attributable to

non-controlling interests

(17,507)

(64,119)

(8,784)

(5,453)

(70,760)

(9,694)

Comprehensive income attributable to

ZTO Express (Cayman) Inc.

2,262,983

2,258,582

309,425

8,644,952

8,712,865

1,193,657

 

 

 

Unaudited Consolidated Balance Sheets Data:

As of

December 31,

December 31,

2023

2024

RMB

RMB

US$

(in thousands, except for share data)

ASSETS

Current assets

Cash and cash equivalents

12,333,884

13,465,442

1,844,758

Restricted cash

686,568

37,517

5,140

Accounts receivable, net

572,558

1,503,706

206,007

Financing receivables

1,135,445

1,178,617

161,470

Short-term investment

7,454,633

8,848,447

1,212,232

Inventories

28,074

38,569

5,284

Advances to suppliers

821,942

783,599

107,353

Prepayments and other current assets

3,772,377

4,329,664

593,162

Amounts due from related parties

148,067

168,160

23,038

Total current assets

26,953,548

30,353,721

4,158,444

Investments in equity investees

3,455,119

1,871,337

256,372

Property and equipment, net

32,181,025

33,915,366

4,646,386

Land use rights, net

5,637,101

6,170,233

845,318

Intangible assets, net

23,240

17,043

2,335

Operating lease right-of-use assets

672,193

566,316

77,585

Goodwill

4,241,541

4,241,541

581,089

Deferred tax assets

879,772

984,567

134,885

Long-term investment

12,170,881

12,017,755

1,646,426

Long-term financing receivables

964,780

861,453

118,019

Other non-current assets

701,758

919,331

125,948

Amounts due from related parties-non current

584,263

421,667

57,766

TOTAL ASSETS

88,465,221

92,340,330

12,650,573

LIABILITIES AND EQUITY

Current liabilities

Short-term bank borrowing

7,765,990

9,513,958

1,303,407

Accounts payable

2,557,010

2,463,395

337,484

Advances from customers

1,745,727

1,565,147

214,424

Income tax payable

333,257

488,889

66,978

Amounts due to related parties

234,683

202,766

27,779

Operating lease liabilities

186,253

183,373

25,122

Dividends payable

1,548

14,134

1,936

Convertible senior notes

–

7,270,081

995,997

Other current liabilities

7,236,716

6,571,492

900,290

Total current liabilities

20,061,184

28,273,235

3,873,417

Non-current operating lease liabilities

455,879

377,717

51,747

Deferred tax liabilities

638,200

1,014,545

138,992

Convertible senior notes

7,029,550

–

–

TOTAL LIABILITIES

28,184,813

29,665,497

4,064,156

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;
810,339,182 shares issued and 798,622,719 shares outstanding as of December 31,
2024)

525

523

72

Additional paid-in capital

24,201,745

24,389,905

3,341,403

Treasury shares, at cost

(510,986)

(1,131,895)

(155,069)

Retained earnings

36,301,185

39,098,553

5,356,480

Accumulated other comprehensive loss

(190,724)

(294,694)

(40,373)

ZTO Express (Cayman) Inc. shareholders’ equity

59,801,745

62,062,392

8,502,513

Noncontrolling interests

478,663

612,441

83,904

Total Equity

60,280,408

62,674,833

8,586,417

TOTAL LIABILITIES AND EQUITY

88,465,221

92,340,330

12,650,573

 

 

 

Summary of Unaudited Consolidated Cash Flow Data:

Three Months Ended December 31,

Year Ended December 31,

2023

2024

2023

2024

RMB

RMB

US$

RMB

RMB

US$

(in thousands)

Net cash provided by operating activities

3,923,285

2,806,349

384,468

13,360,967

11,429,436

1,565,826

Net cash provided by / (used in) investing

activities

1,181,169

2,974,348

407,484

(12,252,751)

(5,980,724)

(819,356)

Net cash used in financing activities

(2,166,101)

(4,031,871)

(552,364)

(769,836)

(4,995,180)

(684,337)

Effect of exchange rate changes on cash,

cash equivalents and restricted cash

4,450

34,377

4,710

109,843

26,105

3,577

Net increase in cash, cash equivalents

and restricted cash

2,942,803

1,783,203

244,298

448,223

479,637

65,710

Cash, cash equivalents and restricted

cash at beginning of period

10,108,507

11,747,744

1,609,434

12,603,087

13,051,310

1,788,022

Cash, cash equivalents and restricted

cash at end of period

13,051,310

13,530,947

1,853,732

13,051,310

13,530,947

1,853,732

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

December 31,

December 31,

2023

2024

RMB

RMB

US$

(in thousands)

Cash and cash equivalents

12,333,884

13,465,442

1,844,758

Restricted cash, current

686,568

37,517

5,140

Restricted cash, non-current

30,858

27,988

3,834

Total cash, cash equivalents and restricted cash

13,051,310

13,530,947

1,853,732

 

 

 

Reconciliations of GAAP and Non-GAAP Results

Three Months Ended December 31,

Year Ended December 31,

2023

2024

2023

2024

RMB

RMB

US$

RMB

RMB

US$

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

Net income

2,209,813

2,446,809

335,212

8,754,457

8,887,595

1,217,595

Add:

Share-based compensation expense [1]

–

6,768

927

254,976

318,692

43,661

Impairment of investment in equity
   investees [1]

–

258,551

35,421

–

931,367

127,597

Loss / (gain) on disposal of equity
   investees, subsidiary and others, net
   of income taxes

4,589

21,212

2,906

(3,513)

12,705

1,741

Adjusted net income

2,214,402

2,733,340

374,466

9,005,920

10,150,359

1,390,594

Net income

2,209,813

2,446,809

335,212

8,754,457

8,887,595

1,217,595

Add:

Depreciation

705,117

714,289

97,857

2,740,819

2,882,579

394,912

Amortization

33,855

36,793

5,041

134,390

140,827

19,293

Interest expenses

61,804

71,784

9,834

289,533

337,919

46,295

Income tax expenses

636,621

1,059,086

145,094

1,938,600

2,845,361

389,813

EBITDA

3,647,210

4,328,761

593,038

13,857,799

15,094,281

2,067,908

Add:

Share-based compensation expense

–

6,768

927

254,976

318,692

43,661

Impairment of investment in equity
   investees

–

258,551

35,421

–

931,367

127,597

Loss / (gain) on disposal of equity
   investees, subsidiary and others,
   before income taxes

4,589

21,212

2,906

(5,485)

10,518

1,441

Adjusted EBITDA

3,651,799

4,615,292

632,292

14,107,290

16,354,858

2,240,607

(1)   Net of income taxes of nil

 

 

 

Reconciliations of GAAP and Non-GAAP Results

Three Months Ended December 31,

Year Ended December 31,

2023

2024

2023

2024

RMB

RMB

US$

RMB

RMB

US$

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

Net income attributable to ordinary
   shareholders

 

2,192,306

2,382,690

326,428

8,749,004

8,816,835

1,207,901

Add:

Share-based compensation expense [1]

–

6,768

927

254,976

318,692

43,661

Impairment of investment in equity
   investees [1]

–

258,551

35,421

–

931,367

127,597

Loss / (gain) on disposal of equity
   investees, subsidiary and others, net
   of income taxes

4,589

21,212

2,906

(3,513)

12,705

1,741

Adjusted Net income attributable to
   ordinary shareholders

2,196,895

2,669,221

365,682

9,000,467

10,079,599

1,380,900

Weighted average shares used in
   calculating net earnings per ordinary
   share/ADS

Basic

806,082,185

803,354,580

803,354,580

807,739,616

804,875,816

804,875,816

Diluted

837,291,253

836,920,680

836,920,680

838,948,683

838,441,916

838,441,916

Net earnings per share/ADS attributable
   to ordinary shareholders

Basic

2.72

2.97

0.41

10.83

10.95

1.50

Diluted

2.66

2.89

0.40

10.60

10.70

1.47

Adjusted net earnings per share/ADS
   attributable to ordinary shareholders

Basic

2.73

3.32

0.45

11.14

12.52

1.72

Diluted

2.67

3.24

0.44

10.90

12.20

1.67

(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-fourth-quarter-2024-and-full-year-2024-unaudited-financial-results-302404755.html

SOURCE ZTO Express (Cayman) Inc.

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Technology

Alibaba’s Joe Tsai emphasized Trust as the 5th BEYOND Expo closed

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10 minutes ago

on

May 28, 2025

By

‘Fund at First Pitch’ attracts Global Investors with Future Tech

MACAO, May 28, 2025 /PRNewswire/ — The 5th BEYOND Expo 2025 wrapped up at The Venetian® Macao’s Cotai Expo after delivering a packed program of events that brought to life its vision of “Empowering Asia, Bridging the World”. Following four days of talks by tech leaders and visionaries, the Expo closed with the finals of Fund at First Pitch and a fireside chat with Alibaba Group Chairman Joe Tsai, illustrating the Expo’s commitment to supporting tech innovation in Asia. This year’s BEYOND Expo attracted more than 800 companies, 800 investors and 25,000 visitors, across sectors from AI, HealthTech and Clean Energy to Robotics and SportsTech, making it the biggest BEYOND Expo yet and one of the largest annual pan-Asian technology gatherings.

In a fireside chat with BEYOND Expo Co-Founder Jason Ho, Alibaba Group Chairperson Joe Tsai shared his views on Chinese companies going overseas, the challenges of doing business in the current business climate and the role of sport in global entertainment. He emphasized the importance of trust in business as part of a company’s mission. “Trust is built up over time. It’s very difficult to establish trust overnight. It’s all about people working together to achieve a goal. I think it’s easier if you have a common goal that you’re aiming for, then you can work on the details of establishing that trust. At Alibaba, from day one, we had a mission. The mission is to make it easy to do business anywhere because we wanted to help small businesses to use the internet platform to aspire globally. And that’s something that stayed true to us even today. So, our mission 26 years ago is the same mission today.”

He also highlighted how there are benefits to being a Chinese company but localization and cultural understanding remain key to success. “China today is recognized globally, especially in technology. People do look to China when it comes to AI, consumer internet, and cloud computing. China is definitely a heavyweight player in the global market, and for Alibaba being in the Chinese market because approximately 80%+ of our revenues still come from China. We do get recognized globally because China is a big country and a very important country in the whole global technology race.”

Talking about the future of technology he said “We’ve done very well with AI and large language models, AI is able to understand knowledge, and now able to reason. But spatial intelligence is where there still needs to be more advances in order for the robotics industry to move forward”.

BEYOND Expo included discussions about SportsTech. As Joe Tsai explained how the Brooklyn Nets can become a cultural concept and a global brand that extends beyond basketball. NIP Group CEO and the Macau E-Sports Federation Chairman Mario Ho shared his vision for the future of e-sports. Sports featured prominently throughout the Expo, with a popular demonstration arena set up the NBA, sports technology solutions from cycling to tennis, and exhibitor visits by former NBA stars Yao Ming and Metta World Peace.

BEYOND Expo’s Fund at First Pitch (FAFP) aims to encourage innovation and attract investment funding for winners. JumpStart Media Executive Chairman James Kwan chaired the 2025 Fund at First Pitch. Judges included Artest Management Group (AMG) Chairman, Metta World Peace; Gobi Partners Co-founder and Chairperson Thomas Tsao, and Lingotto Innovation Managing Partner & Co-Head Morgan Samet who quizzed five finalists and gave company valuations as they pitched their ideas. Gobi Partners is a leading Asia-focused venture capital firm with US$1.6 billion in assets under management (AUM) which has invested in over 380 startups. Lingotto Innovation is an investment company wholly owned by Exor which is owned by the Italian Agelli family. Innovative technology investments include Neura Robotics and Optalysys.

Finalists of ‘Fund at First Pitch’ were AI Green Limited, with a 100% bio-based polyurethane formulation for coatings that is bio-based, carbon-reducing, affordable, waterproof, recyclable, and durable. EcoLution is a Finnish-Chinese JV promoting low-carbon farming by upcycling by-products such as tofu. Healytec is a sports recovery tech company with a portable, lightweight hot and cold recovery device that reaches from +45 degrees to -10 creating a new standard in the market. AI4C is an AI agent that can connect to existing systems such as enterprise systems, including CRM, ERP, office automation to create greater efficiencies. 11Talk is an AI language-learning app tailored to the needs of Chinese learners. Past years of Fund at First Pitch have resulted in millions of dollars of funding.

BEYOND Expo Closing Ceremony @ The Venetian® Macao’s Cotai Expo

BEYOND Expo 2025 was held at The Venetian® Macao’s Cotai Expo. Since opening, Cotai Expo has been a leading conference, meetings and exhibition venue in Macao, and is one of the largest MICE venues in Asia, with approximately 71,000 square metres of exhibition space. It is also part of Sands® Resorts Macao, which attracts top event planners from around the world due to its 150,000 square metres of MICE space, world-class entertainment venues, award-winning accommodation, spectacular recreation and leisure options, unrivalled shopping experiences, and dynamic dining options. Sands Resorts Macao’s newest hotel, located within The Londoner® Macao, is Londoner Grand, which marks a bold new chapter in luxury for discerning travellers and event planners.

About BEYOND Expo

The BEYOND International Technology Innovation Expo (BEYOND Expo) is Asia’s leading annual technology event. Serving as a dynamic platform since 2021, BEYOND Expo not only showcases global technological innovations but also provides a unique opportunity to foster innovation upgrades across diverse industries and regions.

BEYOND Expo has attracted participation from Asia’s Fortune 500 companies, multinational corporations, unicorn companies, and emerging startups. Through a multifaceted approach involving expos, summits, and various activities, BEYOND Expo has successfully cultivated an innovative ecosystem, propelling collective development in the Asia-Pacific region and the global technology innovation industry. www.beyondexpo.com

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Technology

The World’s Only Samsung Electronics Leveraged and Inverse Products Debut in Hong Kong Today

Published

10 minutes ago

on

May 28, 2025

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HONG KONG, May 28, 2025 /PRNewswire/ — CSOP Asset Management Limited (CSOP), one of Asia’s largest ETF issuers and a pioneer in leveraged and inverse products (L&I products), announces the launch of the CSOP Samsung Electronics Daily (2x) Leveraged Product (HKD counter: 7747.HK,  USD counter: 9747.HK) and CSOP Samsung Electronics Daily (-2x) Inverse Product (HKD counter: 7347.HK,  USD counter: 9347.HK) on the Hong Kong Stock Exchange (HKEX) on 28 May 2025. These groundbreaking products—the world’s only L&I products tracking Samsung Electronics—are designed to empower investors with strategic tools to capitalize on short-term volatility and hedge risks in Korea’s most iconic stock, now accessible in a time zone-aligned market, following the successful launch of Asia’s first batch of nine single stock L&I products in Hong Kong in March 2025.

Samsung Electronics (Samsung), a global tech titan, dominates as Korea’s largest publicly traded company by market capitalization, and is consistently included in the world’s top listed companies by market value with 5.16 million domestic shareholders[1]. Nevertheless, no L&I products for Samsung are available in the global market. However, Hong Kong’s proximity to Korean trading hours (vs. U.S./Europe) and CSOP’s expertise in L&I products solutions position these L&I products as a game-changer for tactical trading and hedging.

In order to track the two times daily performance and two times inverse of the daily performance (before fees and expenses) of the common stock of Samsung Electronics Co Ltd, the two products deploy a swap-based synthetic replication strategy, with a listing price of about 7.8 HKD (1 USD) per unit, trading lot of 100, and management fee of 1.6% of the ETF’s net asset value per year.

For investors who are bullish on Samsung, leveraged product can help them gain greater exposure to Samsung, while inverse product can serve as a hedging tool during short-term volatility in Samsung’s share price. For investors seeking tactical positioning during regional trading hours, instruments such as Samsung L&I products offer efficient exposure adjustment capabilities. L&I products offer several advantages, including no margin calls, zero collateral requirements, no financing costs, transparent pricing and capped maximum leverage.

“We are pleased to announce the listing of CSOP Samsung Electronics Daily (2x) Leveraged Product and CSOP Samsung Electronics Daily (-2x) Inverse Product on the Hong Kong Stock Exchange.” said, Ms. Ding Chen, CEO of CSOP Asset Management “As a leading ETF issuer in the APAC region with a 99% market share in leveraged and inverse products in Hong Kong[2], CSOP is committed to offering diversified investment options. The introduction of Samsung Electronics’ only L&I products globally in Hong Kong offers chances to capitalize on short-term market fluctuations.”

As Korea’s largest publicly traded company by market capitalization, Samsung dominates global markets through its four core divisions: 1) Semiconductors, 2) Display Panels, 3) Mobile Communications, and 4) Consumer Electronics[3]. The company holds world leadership positions across key sectors, serving as the largest manufacturer of OLED panels, televisions, smartphones, and DRAM memory chips[4]. Its semiconductor division ranks among Asia’s top two producers, contributing to Samsung’s consistent inclusion in the world’s top 50 listed companies by market value[5].

About CSOP Asset Management
For over a decade, CSOP has successfully established itself as one of the leading ETF issuers in Hong Kong, with second largest AUM and demonstrated innovative product development. As of 31 March 2025, the total AUM of CSOP reached 23.5 billion USD by building a healthy ETF ecosystem and managing 56 ETPs and 3 mutual funds in Hong Kong and Singapore markets*. In 2025, 5 out of the top 10 most actively traded ETFs/ETPs in Hong Kong are managed by CSOP**.

Asia’s First batch of Single Stock Leveraged & Inverse Products on HKEX

Product Name

HKD counter

USD counter

CSOP NVIDIA Daily (2x) Leveraged Product

7788.HK

9788.HK

CSOP NVIDIA Daily (-2x) Inverse Product

7388.HK

9388.HK

CSOP Tesla Daily (2x) Leveraged Product

7766.HK

9766.HK

CSOP Tesla Daily (-2x) Inverse Product

7366.HK

9366.HK

CSOP Coinbase Daily (2x) Leveraged Product

7711.HK

9711.HK

CSOP Coinbase Daily (-2x) Inverse Product

7311.HK

9311.HK

CSOP MicroStrategy Daily (2x) Leveraged Product

7799.HK

9799.HK

CSOP MicroStrategy Daily (-2x) Inverse Product

7399.HK

9399.HK

CSOP Berkshire Daily (2x) Leveraged Product

7777.HK

9777.HK

*Source: CSOP
** Source: Bloomberg, from 1 January 2025 to 31 March 2025

Disclaimer and Important Notices

NONE OF THE SUB-FUNDS (“SUB-FUNDS”) MENTIONED IN THIS DOCUMENT, CSOP LEVERAGED AND INVERSE SERIES AND CSOP ASSET MANAGEMENT LIMITED (“CSOP”) ARE AFFILIATED WITH THE CORRESPONDING COMPANIES OF THE UNDERLYING SECURITIES OF THE SUB-FUNDS (THE “CORRESPONDING COMPANIES”).

The Corresponding Companies do not sponsor or endorse the offering of the Sub-Funds, nor are they involved with the Sub-Funds in any way. Investing in the Sub-Funds is not equivalent to investing in the Corresponding Companies. Investors have no ownership rights in the Corresponding Companies. Investors in the Sub-Funds will not have voting rights and will not be able to influence management of the Corresponding Companies but will be exposed to the performance of the relevant securities of the Corresponding Companies.

The Sub-Funds are authorized by the Securities and Futures Commission (“SFC”) in Hong Kong. Such authorization does not imply any official recommendation by the SFC. This document is for general information only and does not constitute any kind of advice in any way and shall not be considered as an offer or solicitation to deal in any investment products. If you wish to receive advice on investment, please consult your professional legal, tax and financial advisers.

Investment involves risks. Investors should refer to the Prospectus and the Product Key Facts Statement for further details, including product features and risk factors. This document is not applicable in jurisdictions where the distribution of this document is restricted.

This document is not legally binding. CSOP takes no responsibility for the contents of this document and expressly disclaim any liability for any loss arising from or in reliance upon the whole or any part of the contents of this document. Any information or any part of this document should not be copied, reproduced, or distributed to any parties without the written consent of CSOP.

The Sub-Funds are leveraged and inverse products. They are different from conventional exchange traded funds. Each of the Sub-Funds is concentrated in a single underlying stock. Given the non-diversified and leveraged and inverse nature, the Sub-Funds are subject to extreme price volatility and may become non-viable within a short period. The Sub-Funds only targets sophisticated trading-oriented investors who understand the potential consequences of seeking daily leveraged or inverse results. Under exceptional circumstances where the Sub-Funds become non-viable, CSOP may use its discretion to deviate from the investment strategy or take defensive measures, which may include liquidating swap positions and suspending trading of the Sub-Funds and CSOP will issue a notice to inform investors.

The Sub-Funds are not intended for holding longer than one day as the performance of the Sub-Funds over a longer period may deviate from and be uncorrelated to the leveraged or inverse performance of the underlying stocks over the period. The Sub-Funds are designed to be used for short term trading or hedging purposes, and are not intended for long term investment.

This document is prepared and issued by CSOP and has not been reviewed by the SFC in Hong Kong.

[1] Source: Korea Securities Depository, as of the end of 2024.

[2] Source: HKEX, CSOP Asset Management, as of 30 April 2025.

[3] Source: Bloomberg and Korea Securities Depository, as of 10 February 2025.

[4] Source: Wind, 2024.

[5] Source: Global ranking. Samsung Website, as of 16 April 2025.

 

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SOURCE CSOP Asset Management

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GreenPower Announces Second Tranche of Term Loan

Published

10 minutes ago

on

May 28, 2025

By

VANCOUVER, BC, May 27, 2025 /CNW/ — GreenPower Motor Company Inc. (Nasdaq: GP) (TSXV: GPV) (“GreenPower” and the “Company”), a leading manufacturer and distributor of all-electric, purpose-built, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, announces the second tranche of its previously announced secured term loan offering for an aggregate principal amount of U.S. $500,000 (collectively, the “Loans”). Please refer to the Company’s news release dated May 13, 2025 for more details regarding the term loan offering.

The Company anticipates closing the second tranche of U.S. $500,000 from companies associated with the CEO and a Director of the Company (together, the “Lenders”). Management anticipates that the Company will allocate the net proceeds from the Loans towards production costs, supplier payments, payroll and working capital.

As an inducement for the Loans, the Company will issue non-transferable share purchase warrants (each, a “Loan Bonus Warrant”) to one of the Lenders, with the number of Loan Bonus Warrants to be determined by the principal amount of the applicable Loan divided by the Market Price (as such term is defined in the Policies of the TSX Venture Exchange)(the “Market Price”). Each Loan Bonus Warrant will entitle the holder to purchase one common share of the Company (each, a “Share”) at an exercise price equal to the Market Price of the Shares on the closing date for a period of twenty-four (24) months. In addition, two Lenders will be issued Shares (each a “Loan Bonus Share“), with the number of Loan Bonus Shares to be determined by taking 20% of principal amount of the applicable Loans divided by the Market Price.

The Lenders are each considered to be a “related party” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) and each of the Loans and issuance of Loan Bonus Warrants and Loan Bonus Shares, as applicable, is considered to be a “related party transaction” within the meaning of MI 61-101 but each is exempt from the formal valuation requirement and minority approval requirements of MI 61-101 by virtue of the exemptions contained in section 5.5(a) and 5.7(a) as the fair market value, in each case, of the Loans, the Loan Bonus Warrants and the Loan Bonus Shares, as applicable, is not more than 25% of the Company’s market capitalization.

All securities issued in connection with the Loans will be subject to a statutory hold period of four months plus a day from the closing of the Initial Loan in accordance with applicable securities legislation.

For further information contact:

Fraser Atkinson, CEO
(604) 220-8048

Brendan Riley, President
(510) 910-3377

Michael Sieffert, CFO
(604) 563-4144

About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo van and a cab and chassis.  GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. GreenPower was founded in Vancouver, Canada with primary operational facilities in southern California. Listed on the Toronto exchange since November 2015, GreenPower completed its U.S. IPO and NASDAQ listing in August 2020. For further information go to www.greenpowermotor.com

Forward-Looking Statements

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “upon”, “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include, but are not limited to, statements with respect to the expectations of management regarding the use of proceeds of the Loan. Although the Company believes that and the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including that the proceeds of the Loan may not be used as stated in this news release, and those additional risks set out in the Company’s public documents filed on SEDAR+ at www.sedarplus.ca and with the United States Securities and Exchange Commission filed on EDGAR at www.sec.gov. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.  ©2025 GreenPower Motor Company Inc. All rights reserved.

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SOURCE GreenPower Motor Company

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