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Investments in equity investees (Tables)

12 Months Ended

Dec. 31, 2023

Investments in equity investees

Schedule of investments in equity investees


		As of December 31,
		2022		2023
		RMB		RMB
Investments accounted for under equity method:
ZTO Supply Chain Management Co., Ltd. (“ZTO LTL”) ⁽¹⁾		152,549		205,827
ZTO Yun Leng Network Technology (Zhejiang) Co., Ltd. (“ZTO YL”) ⁽²⁾		51,420		35,959
Tonglu Antong Management LLP (“Antong”) ⁽³⁾		146,051		117,995
Others		220,336		171,476
Total investments accounted for under the equity method		570,356		531,257
Investments accounted for as equity investments without readily determinable fair values:
Cai Niao Smart Logistics Network Limited (“Cai Niao”) ⁽⁴⁾		1,116,085		1,143,797
Zhejiang Yizhan Network Technology Co., Ltd. (“Cainiao Post”)⁽⁴⁾		1,075,000		1,075,000
Zhijiang New Industries Limited (“ZJ New Industries”) ⁽⁴⁾		500,000		—
ZTO Supply Chain Management Co., Ltd. (“ZTO LTL”) ⁽¹⁾		578,105		582,526
Others		110,998		122,539
Total investments accounted for equity investments without readily determinable fair values		3,380,188		2,923,862
Total investments in equity investees		3,950,544		3,455,119

(1)

ZTO LTL

ZTO LTL is engaged in provision of less-than-truckload transportation services in China. The Company obtained significant influence over ZTO LTL through owning 18% equity interest in common stock of ZTO LTL at a total consideration of US$14,017 (RMB99,519), which is accounted for using the equity method. The Company also invested US$83,817 (RMB582,526) in preferred stock of ZTO LTL, which is accounted for under the Measurement Alternative as the underlying preferred shares are not considered in-substance common stock and have no readily determinable fair value.

(2)

ZTO YL

The Company obtained significant influence over ZTO YL through owning 18% equity interest of ZTO YL at a total consideration of RMB90,000, which is accounted for using the equity method.

(3)

Antong

In 2021 and 2022, the Company invested RMB70,000 and RMB49,000 in Tonglu Antong Management LLP, respectively. As a limited partner, the Company has ability to exercise significant influence over operating activities of Antong but doesn’t have controlling financial interest in it. Therefore, the investment is accounted for using the equity method.

(4)Investments accounted for as equity investments without readily determinable fair values

The Company obtained 1% equity interest of Cai Niao, which provides a platform that connects with a network of logistics providers through a proprietary logistics information system and facilitates the delivery of packages across the PRC. The Company doesn’t have significant influence over the investee, therefore, accounts for the investment as an equity investment without readily determinable fair values.

In May 2018, the Company entered into a subscription and contribution agreement with four other leading express delivery companies in the PRC, to obtain 15% equity interest in Cainiao Post, Cai Niao’s network of last-mile delivery stations, in an amount of RMB1,075,000. As of December 31, 2022 and 2023, the Company held 13.75% and 13.75% equity interest in Cainiao Post, respectively. Since the Company doesn’t have significant influence over Cainiao Post, this investment is accounted for as an equity investment without readily determinable fair values.

In October 2018, the Company entered into an investment agreement with several investment corporations to establish a new investment company, named ZJ New Industries and obtained 2% equity interest in ZJ New Industries at a total consideration of RMB500,000. For the year ended December 31, 2023, the Company disposed its 2% equity interest in ZJ New Industries at a cash consideration of RMB507,032, resulting in a disposal gain of RMB7,032.

The Company recognized impairment losses totaling nil, RMB26,328, and nil related to equity investments for the years ended December 31, 2021, 2022 and 2023, respectively.