Grizzly Research Tweets "$ZTO Boasts Margins >2x the Average of Its Peers.; It Is Our View That $ZTO 'S Apparently Superior Margins Are, in Fact, Just the Result of Its Potentially Falsified Financial Statements."
Grizzly Research Tweets "$ZTO Boasts Margins >2x the Average of Its Peers.; It Is Our View That $ZTO 'S Apparently Superior Margins Are, in Fact, Just the Result of Its Potentially Falsified Financial Statements."
SAIC filings reveal $ZTO 's margins are actually on par with its express delivery peers. While SAIC filings show 6.3%-10.6% net margins between 2019 and 2021, the company reports 15.5%-25.7% net margins in its SEC financial statements.
$ZTO is one of the leading players in the intensely competitive Chinese logistics market. Despite standardization across the industry, $ZTO boasts margins >2x the average of its peers.
It is our view that $ZTO 's apparently superior margins are, in fact, just the result of its potentially falsified financial statements.
$ZTO是竞争激烈的中国物流市场的主要参与者之一。尽管整个行业都实现了标准化，但$ZTO的利润率是同行平均水平的2倍以上。
我们认为，$ZTO看似优越的利润率实际上只是其可能伪造的财务报表的结果。
We believe $ZTO has underreported revenue and costs to engineer these standout results. Our report highlights corroborating evidence, including incessant capital raising, accounting inconsistencies, and numerous conflicts of interest which contradict $ZTO 's exceptional margins.
我们认为，$ZTO低估了创造这些出色业绩的收入和成本。我们的报告重点介绍了确凿的证据，包括持续的资金筹集、会计不一致以及许多与$ZTO的卓越利润率相矛盾的利益冲突。
Characteristic of notorious "China Hustles", $ZTO SAIC filings (PRC) present a totally different reality than its SEC financial statement.
$ZTO SAIC申报（PRC）是臭名昭著的 “China Hustles” 的特征，它呈现的现实与其美国证券交易委员会的财务报表完全不同。
SAIC filings reveal $ZTO 's margins are actually on par with its express delivery peers. While SAIC filings show 6.3%-10.6% net margins between 2019 and 2021, the company reports 15.5%-25.7% net margins in its SEC financial statements.
上汽集团的文件显示，$ZTO的利润率实际上与其快递同行持平。虽然上汽集团的文件显示2019年至2021年间净利润率为6.3％-10.6％，但该公司在美国证券交易委员会财务报表中报告的净利润率为15.5％-25.7％。
