On May 21, the digital freight platform Man Bang Group (YMM. US) released its financial report for the first quarter of 2024 in front of the US stock market. According to the data, Manbang's key operational indicators continued to improve in this quarter, and the performance rate, the proportion of direct customer performance orders and other figures reached a new record high. The value created by the platform for both drivers and cargo owners was further verified.
During the reporting period, Manbang recorded an operating income of 2.27 billion yuan (RMB, the same below), a year-on-year increase of 33.3%, and an operating profit of 490 million yuan under non US accounting standards, a year-on-year increase of 78.2%; Net profit recorded under non US accounting standards was 760 million yuan, up 46.9% year on year.
Zhang Hui, Chairman of Manbang Group, said that, as we enter 2024, Manbang will continue to firmly promote the development of digital and intelligent logistics industry and help the industry reduce costs and increase efficiency. Manbang is committed to becoming a one-stop delivery portal for tens of millions of small and medium-sized enterprises, so the growth of new users is an important task of Manbang. With the refined launch operation and effective product strategy, the number and quality of both ends of the platform have been improved simultaneously, driving the transaction efficiency to a new high, further proving the growth flywheel of network effect and huge user growth potential. Looking forward to this year, under the favorable environment, Manbang will continue to optimize its products and operations to create greater value for users and the industry.
Users bring healthy growth of dual end users to the root
The logistics upgrading iteration brought by digitalization has been proved to be a powerful tool for enterprises to effectively reduce costs and increase efficiency. In the first quarter of this year, the government work report emphasized "the implementation of logistics cost reduction action". Looking forward to 2024, reducing logistics costs, as an important measure to improve economic operation efficiency, will receive more and more attention and support. At a time when cost reduction and efficiency increase of enterprises are becoming more and more a proposition of the times, Manbang has devoted itself to the digitalization of logistics for many years, taking it as its own responsibility to enable enterprises to be more competitive in logistics, providing users with ultimate services, accumulating strong algorithm capabilities, accumulating massive transaction data, attracting many direct customers of enterprises, and forming a dual growth flywheel with more goods and more vehicles.
During the reporting period, the average monthly activity of shippers of Manbang reached 2.14 million, with a year-on-year growth of 22.3%, which exceeded the growth rate of the past two quarters, indicating the continuous improvement of the penetration rate of shippers' users, including the rapid growth of the scale of direct customers' shippers. At the same time, the activity of high-frequency shippers on the platform also remained at a high level, and the 12-month rolling retention rate of shippers' members in the first quarter remained above 80%.
With the further expansion of the platform transaction scale, the number of active drivers who performed contracts in the past 12 months has continued to grow to 3.91 million, and the retention rate of drivers who responded to orders in the next month has increased to 90%, about 5 percentage points higher than the historical level in the same period. The management of Manbang predicted that driver users' dependence on the platform would continue to increase under the growth flywheel.
New quality productivity inspires new momentum Order high-quality growth
The penetration and force of new quality productivity of logistics in the real economy appear. With the continued rapid growth of the scale of direct customer shippers on the platform, the proportion of direct customer fulfillment orders also reached a historical high of 47%. In the first quarter, Manbang's fulfilled orders reached 39.3 million, a year-on-year increase of 29.6%, which continued to be significantly ahead of the growth rate of the road freight market, reflecting the continuous improvement of the penetration rate of the digital intelligent logistics platform. With the improvement of efficiency brought about by the upgrading of mechanisms, technologies and services, such as "drivers act in minutes and grab good goods in seconds", the performance rate of Manbang platform hit a new historical high again after the fourth quarter of 2023, reaching 33.5%, an increase of nearly 6 percentage points year on year.
"We should promote industrial innovation with scientific and technological innovation, especially with disruptive technologies and cutting-edge technologies to stimulate new industries, new models, new drivers, and develop new quality productivity." At the Central Economic Work Conference held at the end of 2023, "new quality productivity" became the key word in 2024. "Accelerating the development of new quality productivity" was written into the 2024 government work report and listed as one of the top ten tasks in 2024. In this context, Manbang continues to strengthen technological innovation, deepen service efficiency, and strive to create new quality productivity in the logistics industry.
In the first quarter, the effect of the "driver behavior minutes+seconds to grab good goods" mechanism of Manbang platform was prominent. The driver behavior score is composed of "service commitment score, service score, mileage score, activity score", etc. It objectively evaluates the driver service in multiple dimensions, and guides the driver to actively provide high-quality services. Seizing good goods in seconds identifies high-quality sources of goods through algorithms, comprehensively calculates the matching degree between drivers and the source of goods, driver behavior grading factors, matches the source of goods to the most appropriate driver, effectively improves the matching efficiency and quality, encourages drivers to improve service quality and efficiency, improves the stickiness of dual end users, and attracts many new drivers to join through good goods.
mechanism continued Overweight
Stable performance and continuous innovation ability have attracted institutions to continue to be optimistic about the prospects of Manbang. According to the information disclosed in the market in the first quarter, the international top long-term institution Invesco has increased its holdings for four consecutive quarters, and many foreign institutions, including Morgan Stanley, Bank of America, UBS and Goldman Sachs, have increased their holdings. In addition, Man Bang is also the Chinese concept stock with the largest increase in positions of Greenwood Jinglin Assets in the first quarter of 2024, ranking among the top ten heavy positions of Jinglin, and its market value of positions currently exceeds $100 million.
Disclaimer: The content of this article is the enterprise publicity information published or reproduced on this website, which only represents the author's personal views, and has nothing to do with this website. For readers' reference only, please verify the relevant content by yourself.
