On June 6th, Best Group released its unaudited financial performance for the first quarter of 2024.
The financial report shows that the group's revenue in the first quarter reached 1.942 billion yuan, a year-on-year increase of 13.2%. Meanwhile, the gross profit was 55.22 million yuan, with a year-on-year increase of 3.3 percentage points in gross profit margin. The improvement in performance is attributed to the group's adherence to and deepening of the three core policies of "quality leadership, cost leadership, and business leadership", and effectively promoting sustained business growth and market competitiveness through a focus on collaborative strategies.
In the first quarter, Baishi Express maintained a steady upward trend of development, with a revenue of 1.223 billion yuan, a year-on-year increase of 16.3%, and a total online cargo volume of 1.99 million tons, a year-on-year increase of 12.4%. With the support of the group's collaborative strategy, Baishi Express not only improves quality and efficiency, but also actively promotes cooperation with major customers and continuously improves the rural and township postal logistics system, making industry contributions to serving rural revitalization and local economic development.
In the first quarter, Best Supply Chain deepened cost control and optimized business structure, achieving a revenue of 411 million yuan. At the same time, the ability to digitize continues to improve, and blockchain technology has been applied in multiple industries and business scenarios. The scope of paperless transportation has expanded, effectively helping customers reduce costs and increase efficiency, further consolidating the leading position in the industry. At the same time, Baishi Supply Chain actively expands its overseas warehousing business, and its subsidiary Baishi Cloud Warehouse announced a comprehensive overseas strategy in May to enhance the global competitiveness of supply chain services.
In the context of the "the Belt and Road" initiative, Baishi International seized the development opportunities of emerging markets in Southeast Asia, and its international business income in the first quarter reached 281 million yuan, up 42.6% year on year. The total volume of cross-border business increased by 256.4% year-on-year, and the parcel volume in Southeast Asia increased by 39.4% year-on-year. Baishi International will continue to improve its B2B2C and cross-border business networks between China, Southeast Asia, and North America, providing customers with high-quality global supply chain services.
As of the end of the quarter, the group's cash and cash equivalents, restricted cash, and short-term investments amounted to RMB 2.096 billion.
In the future, the group will actively embrace artificial intelligence technology, accelerate the development of new quality productivity, further improve service efficiency and quality, and provide more efficient, intelligent, and green full chain supply chain solutions for global customers.