We Believe Financials are Fake and Insiders are Stealing from the Company. It is our view that ZTO’s apparently superior margins are, in fact, just the result of its potentially falsified financial statements. 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.