ZTO Express Q1 2021 Earnings Report: Revenue Up to CNY 6.4 Bn

Net revenue reached was 6.47 billion yuan, up 65.3% year-on-year.

Net profit was 530 million yuan, up 43.8% year-on-year.

ZTO Express’s Chairman Lai Meisong holds 27.3% of the shares as the largest shareholder, while Alibaba holds 8.7% of the shares as the second largest shareholder of the company.

In the fiscal year of 2020, the company reached 17 billion delivery units and expanded its market share to 20.4% in the express delivery industry.

The increase in revenue was due to year-over-year growth in parcel volume, along with a 12.4% decrease in price per ticket and weight per parcel.

In the first quarter of 2021, ZTO Express delivered 4.48 billion parcels, up 88.5% year-over-year. 

The company expanded its market share by 1.5% to 20.4% during the same period. 

 The parcel volume of ZTO express industry grew by 75.0% compared to last year, with ZTO Express parcel volume growing 13.5% faster than the industry average growth rate.

ZTO Express also saw a 66.8% year-over-year increase in freight forwarding service revenue in the first quarter of 2021.

In the first quarter of 2021, the company's total cost of revenue was $5.38 billion, up 73.6%.

As of March 31, 2021, ZTO Express had a total of approximately 30,000 pick-up/delivery points, over 5,350 direct network partners and over 10,450 long-haul vehicles. 

The company had 95 sorting and picking centers, 84 of which were operated by the company itself and 11 of that by the company's network partners.