Best Inc. Financial Report: In Q4 2022, Best Inc.'s revenue was 1.98 billion yuan, and its net loss narrowed by 52.4% year-on-year

Recently, Best Inc. released its unaudited financial results for the fourth quarter of 2022 and the full year of 2022.

The financial report shows that Best Inc.'s revenue for the whole year of 2022 was 7.74 billion yuan ; revenue in the fourth quarter was 1.98 billion yuan ; Best Express' gross profit margin increased by 10.4 percentage points year-on-year; Best Supply Chain's gross profit margin increased by 6.3 percentage points to 4.4%; and Best International's cross-border business volume surged 173% month-on-month.

Zhou Shaoning, Chairman and CEO of Best Inc., said that in 2023, the group will continue to promote synergies among express, supply chain, and international businesses, strengthen the construction of B2B2C and cross-border business networks, and enhance sustainable growth and profitability. It is expected that express and supply chain will achieve profitability in the second quarter , and achieve positive cash flow and strong profit growth throughout the year; the international business will achieve profitability in some markets.

In the fourth quarter of 2022, Best Inc.'s net loss shrank significantly by 52.4% year-on -year. In 2022, Best Inc. repurchased 1.4 billion yuan of convertible bonds. As of the end of the year, Best Inc. had 3.2 billion yuan in cash and cash equivalents, restricted cash, and short-term investments.

BEST Express: In 2022, BEST Express's annual revenue was 4.89 billion yuan, and its net loss narrowed by 28.5% . Its freight volume reached 8.7 million tons, of which e-commerce parcels accounted for 21.2%. In the fourth quarter, BEST Express's revenue was 1.3 billion yuan, and its freight volume reached 2.2 million tons. Its net loss narrowed by 69.3% year-on-year.

Best Supply Chain: In 2022, Best Supply Chain's annual revenue was 1.82 billion yuan, and its gross profit margin increased by 2.1 percentage points to 6.1% ; the volume of transported goods increased by 53.6% year-on-year. In the fourth quarter, Best Supply Chain's revenue increased by 2.7% year-on-year to 500 million yuan, and its net loss narrowed by 81.3% year-on-year; the volume of transported goods increased by 82.1% year-on-year.

Best Express International: In 2022, Best Express International's annual revenue was 920 million yuan, and the parcel volume in Southeast Asia reached 120 million pieces. In the fourth quarter, Best Express International's revenue was 200 million yuan, and the parcel volume was 25.4 million pieces. The parcel volume in Singapore and Malaysia increased by 13.7% and 20.3% year-on-year respectively.

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