On November 20th, the digital freight platform YMM. US released its third quarter financial report for 2023 before the US stock market. The financial report showed that the revenue scale and net profit of YMM reached a new high in this quarter, and all business sectors achieved comprehensive growth.
During the reporting period, Man Bang recorded a revenue of 2.26 billion yuan (RMB, the same below), a year-on-year increase of 25.2%. Non US accounting standards recorded a net profit of 830 million yuan, a year-on-year increase of 67.6%, corresponding to a net profit margin of 36.5%, which continued to improve compared to the previous two quarters, indicating a continuous improvement in monetization efficiency and ability.
Specifically, both major business sectors of Man Bang achieved double-digit growth. The revenue of platform vehicle and goods matching services was 1.9 billion yuan, a year-on-year increase of 25.8%, and the revenue of value-added services was 360 million yuan, a year-on-year increase of 22.1%.
Zhang Hui, Chairman of Man Bang Group, stated that since the third quarter, Man Bang's various businesses have steadily improved. With the gradual improvement and refinement of product functions and services, the user scale and number of fulfillment orders have achieved significant growth, reflecting the strong network effect of Man Bang's nationwide network and the extremely high moat behind the unique business model.
According to financial reports, Man Bang continued to implement its stock repurchase plan this quarter. Since announcing its $500 million repurchase plan in March, as of November 17th, Man Bang has repurchased a total of approximately 22.8 million ADSs from the public market, valued at approximately $147 million. Man Bang stated that it will continue to provide feedback to shareholders through robust repurchase methods in the future.