Net profit of Zhongtong in 2020 decreased by 23.7% year on year

Beijing business daily (reporter Zhao Qian) on March 18, Zhongtong announced its unaudited fourth quarter and full year performance in 2020. According to the data, in 2020, the total revenue was RMB 25.21 billion, with a year-on-year increase of 14%; the net profit was RMB 4.33 billion, with a year-on-year decrease of 23.7%; the gross profit was RMB 5.84 billion, with a year-on-year decrease of 11.8%; the net cash flow from operating activities was RMB 4.95 billion, with a year-on-year decrease of 6.304 billion. Zhongtong said that the net profit decline was mainly due to the fierce price competition and the one-time unrealized valuation income of RMB 755 million generated by the investment in rookie network in the fourth quarter of 2019.

From the perspective of business segments, the financial report shows that the express service revenue of Zhongtong in 2020 will reach 21.9 billion yuan, accounting for 86.9% of the total revenue from 88.7% in 2019; the proportion of freight forwarding service revenue will expand to 1.862 billion yuan, accounting for 7.4% of the total revenue from 5.6% in 2019.

In terms of cost, the total operating cost of Zhongtong reached 19.38 billion yuan, a year-on-year increase of 25.1%. Among them, the cost of sorting center and freight forwarder has been expanded. For example, the operating cost of the sorting center will reach 5.224 billion yuan in 2020, with a year-on-year increase of 27.1%. But on the other hand, the investment in automatic sorting equipment also helped Zhongtong control the single ticket sorting cost at 0.31 yuan, a year-on-year decrease of 9.4%. Zhongtong predicts that the annual package volume in 2021 will be in the range of 22.95-23.8 billion pieces, corresponding to a year-on-year growth of 35% – 40%.

From the perspective of logistics resources, Zhongtong financial report shows that in 2020, Zhongtong will have about 30000 pickup / dispatch outlets, more than 5350 direct network partners and about 10500 trunk vehicles, including about 9700 self owned vehicles and more than 750 vehicles owned and operated by Tonglu Tongze Logistics Co., Ltd. (a transport operator specialized in Zhongtong services). There are more than 3600 trunk transportation routes between sorting centers, 94 sorting centers, and the direct marketing rate is 89.4%.

At the same time, on the day of the announcement of the US stock results, Zhongtong’s Hong Kong stock market indicated that it would stop trading from 9 am today, and all structured products related to Zhongtong would also be suspended.

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