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.
$Z拓是中國競爭激烈的物流市場中的領先參與者之一。儘管整個行業的標準化，但 $Z要擁有的利潤是其同行平均水平的 2 倍以上。
我們認為，實際上，$Z至顯然優越的利潤只是其潛在偽造財務報表的結果。
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.
我們相信 $Z拓低估了收入和成本來設計這些傑出的結果。我們的報告強調了證據的證據，包括不斷的資金籌集，會計不一致以及許多利益衝突，這些衝突與 $ZTO 的特殊利潤相矛盾。
Characteristic of notorious "China Hustles", $ZTO SAIC filings (PRC) present a totally different reality than its SEC financial statement.
臭名昭著的「中國交易」的特徵，$ZTOSAIC 文件（PRC）呈現與其 SEC 財務報表完全不同的現實。
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.
上汽備案顯示 $Z託的利潤實際上與其快遞同行相提並論。儘管上汽提交的 2019 年至 2021 年間的淨利潤率為 6.3％-10.6％，但該公司在其證券交易委員會財務報表中報告了淨利潤率為 15.5％-25.7％。
