GLONGHUI June 11丨BEST.US Group (BEST.US) announced the financial report for the first quarter of 2024. Total revenue for the first quarter of 2024 was RMB 1,942 million, up 13.24% year over year. Among them, the company's freight service revenue was RMB 1,223.5 million, up 16.3% year on year; revenue from supply chain management services was RMB 411 million, down 6.6% year on year; and global service revenue was RMB 280.9 million, up 42.6% year on year. The gross profit for the first quarter was RMB 55.2 million, and gross margin was 2.8%. Net loss (non-GAAP) for the first quarter was RMB 165 million, a year-on-year decrease of 32.93%. The loss per ADS diluted under non-GAAP was RMB 8.30. As of March 31, 2024, the company held cash and cash equivalents, restricted cash and short-term investments of RMB 2,095.8 billion.
In terms of operations, BEST Freight's revenue increased 16.3% year over year, gross margin was 3.4%, and up 3.6% year over year. BEST Supply Chain Management's revenue for the first quarter of 2024 fell 6.6% year over year; BEST Global's revenue for the first quarter increased 42.6% year over year, and package volume increased 39.4% year over year. Furthermore, in the first quarter of 2024, the volume of packages in Vietnam and Malaysia increased by 120.0% and 23.8% respectively, and the total number of packages in the cross-border business increased by 256.4% year-on-year.