According to the financial app Zhitong Finance, on August 21st, the digital freight platform Manbang Group (YMM.US) released its financial report for the second quarter of 2024 before the pre-market trading in the US stock market, once again demonstrating steady growth momentum and outstanding financial performance. During the reporting period, Manbang achieved a revenue of 2.76 billion yuan, representing a year-on-year growth of 34.1%. The adjusted operating profit under non-US GAAP reached 0.7 billion yuan, a year-on-year growth of 55.1%, and the adjusted net income under non-US GAAP reached 0.97 billion yuan, a year-on-year growth of 34.3%, both reaching historical highs and exceeding market expectations, highlighting the company's strong profitability and continuous growth potential.

Zhang Hui, Chairman of Manbang Group, stated that in the first half of 2024, despite the complex and ever-changing macroeconomic environment, Manbang continued to firmly promote the digitalization and intelligence of the logistics industry, empowering enterprises with stronger logistics competitiveness. With continuous optimization of customer acquisition and operational management, the number of active shippers reached a new peak. Through the combination of "instantly grabbing good goods + driver rating system + driver behavior scoring" on the supply side, high-quality transportation capacity continues to increase. Looking ahead to the second half of the year, Manbang is confident in leading the logistics industry in reducing costs and increasing efficiency, creating greater value for users and society.

The role of digitalization and intelligence in logistics has become prominent, with the platform's fulfillment order volume reaching a new high.

Logistics is the "artery" of the real economy and a leading and strategic industry in the national economy that connects production, consumption, and trade. Reducing logistics costs and improving the efficiency of economic operations have been the focus of our country's deployment for many years. In July of this year, the Third Plenary Session of the Twentieth Central Committee of the Communist Party of China reiterated the importance of improving the circulation system, accelerating the development of the Internet of Things, and establishing an integrated set of circulation rules and standards to reduce logistics costs for the whole society. At the same time, the Decision also clearly stated that "we must improve the institutional mechanisms for the development of new productive forces according to local conditions."

Manbang is precisely the representative of the new productive forces in the logistics industry. It continues to increase its investment in digitalization and intelligence infrastructure to reduce costs and increase efficiency in logistics through data integration. Manbang's financial report for the second quarter showed that the effectiveness of digitalization and intelligence in logistics, continuously replacing traditional offline logistics, has been strengthened. During the reporting period, the platform's fulfillment order volume reached a historical high of 49.1 million orders. In the first half of the year, the growth rate of the group's fulfillment order volume exceeded the growth rate of national highway freight volume, with a year-on-year growth of 25%.

"Innovation and development through the integration of the new and the new." New energy vehicles are experiencing a historic moment. The latest data released by the China Passenger Car Association on August 8th shows that the market share of new energy vehicles in domestic sales reached 51% in July, surpassing traditional fuel vehicles for the first time, causing a significant structural shift in the overall automotive market. In the freight field, the penetration rate of new energy vehicles is also growing rapidly, and Manbang is actively promoting the development of new energy transportation capacity. In the first half of 2024, new energy transportation capacity accounted for nearly 20% of Manbang's fulfillment orders, with the growth rate of new energy transportation capacity orders doubling.

The platform's dual-end scale effect is strengthening, empowering enterprises with stronger logistics competitiveness.

Behind the impressive performance of the platform's order fulfillment volume lies the dual-scale effect brought by the growth of shippers and driver users. In the second quarter, key indicators such as monthly active shippers, active fulfillment drivers, and fulfillment rate of Manbang Shipments have reached historical highs.

In the second quarter, Manbang Shipments' monthly active shippers hit a new peak again, reaching 2.65 million, an increase of 32.8% year-on-year. Zhang Hui summarized during the pre-market investor conference call, Manbang is committed to becoming a one-stop shipping entrance for millions of small and medium-sized shippers, and continues to focus on multi-channel high-quality customer acquisition. The daily average number of first-time fulfillment users reached a new high in the second quarter. At the same time, Manbang further focuses on the user experience of new shippers, and through refined operation methods, enhances the frequency of use and conversion efficiency after the fulfillment of shippers' first orders.

In terms of drivers, as of the second quarter, Manbang's active fulfillment drivers in the past 12 months reached a new peak of 3.98 million. The high stickiness is due to the combined fist of the supply side, including "grabbing good goods + driver level system + driver behavior segmentation," as well as the benign growth of capacity driven by traffic distribution and equity allocation, which promotes faster acceptance and fulfillment efficiency.

Driven by the dual factors of "good goods, good vehicles," the fulfillment rate of Manbang continued to increase on the basis of the previous quarter, reaching a historical high of 33.7%. With the continuous growth of direct customers, the share of direct customer fulfillment orders also reached a new high of 48%. Using Manbang as a new quality productivity to reduce enterprise logistics costs and enhance logistics competitiveness has become the common understanding of more and more direct customers. Manbang stated that with the continuous upgrade of platform products and services, as well as the continuous improvement of freight matching service infrastructure, it is confident in further improving the overall fulfillment rate.

Received increased holdings from multiple international banks and long-term funds.

Stable performance and continuous innovation capabilities have attracted numerous institutions, especially large long-term institutions, to increase their holdings and establish positions in Manbang. In the second quarter, internationally renowned financial institutions' asset management departments, including JPMorgan, Morgan Stanley, Nomura Securities, and Goldman Sachs, significantly increased their holdings in Manbang. In addition, top long-term funds Fidelity International and Greenwoods Asset Management continued to increase their holdings in this quarter. As of the closing price on June 28th, the two institutions' positions in Manbang exceeded USD 0.35 billion. European top foreign banks such as Nordea Bank and well-known Swiss asset management company Pictet also reestablished positions in Manbang this quarter. The increase in holdings by many professional investors demonstrates the market's recognition and firm confidence in Manbang's long-term value.