On the evening of November 20th, the digital freight platform Manbang released its financial report for the third quarter of 2023. The company's revenue for the quarter was 2.26 billion yuan, a year-on-year increase of 25.2%; Under non US accounting standards, the net profit was 830 million yuan, a year-on-year increase of 67.6%, and both the revenue scale and net profit reached new highs.
From a business perspective, both major business segments of Man Bang achieved double-digit growth. Among them, the revenue of platform vehicle and cargo matching services was 1.9 billion yuan, a year-on-year increase of 25.8%; The revenue of value-added services was 360 million yuan, a year-on-year increase of 22.1%.
In terms of user data, during the reporting period, the average monthly active users of shippers in Manbang reached 2.13 million, a year-on-year increase of 15.0%. The penetration rate of shippers' users continued to increase, with 3.79 million active drivers performing contracts in the past 12 months, and the number of active users on both ends reaching a historic high. The management of the company stated during the financial report investor conference that the increase in the monthly active users of shipping shippers mainly comes from high-quality direct customer shippers, reflecting the huge growth potential of the small and medium-sized direct customer market.
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 market disclosure information in the third quarter, the former IPO shareholder of the company, Sequoia, as well as well-known investment institutions such as Alkeon and Matthews, increased their holdings in Man Bang this quarter. In addition, the top international long-term institution Invesco has continued to increase its holdings in the full band since the previous quarter, with a total holdings of approximately $170 million.
Recently, the MSCI Overseas China Index revealed that it will be included in the full band and will officially take effect after the market closes on November 30th. The newly included Chinese concept stocks this time are only one member of Manbang, and this selection will help further enhance the recognition of Manbang among international investors. According to statistics, as of now, Man Bang has been banned by CSI, FTSE, S& The P and MSCI four major indices are included.
According to financial reports, Man Bang continued to implement its stock repurchase plan this quarter. Since announcing a $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.