HANGZHOU, March 28, 2024 /PRNewswire/ -- Best Group (NYSE: BEST, “Best” or “Group”), a leading provider of smart supply chain solutions and logistics services in China and Southeast Asia, announced unaudited financial results for the fourth quarter of 2023 and the full year of 2023.

According to financial data, Baishi Group achieved significant revenue and profit growth in 2023.Fourth quarterRevenue reached 2,236 billion yuan, up 12.9% year on year, and annual revenue reached 8.316 billion yuan, up 7.4% year on year. The implementation of the Group's three policies of “leading quality, leading cost, and leading management” has had obvious results. The gross margin for the whole year and fourth quarter increased 6.4 percentage points and 8.3 percentage points, respectively, over the same period last year, demonstrating the Group's strong development momentum in the field of digital transformation and global supply chain services. As of December 31, 2023, the Group's total cash and cash equivalents, restricted cash, and short-term investments amounted to RMB 2.3 billion.

In terms of business development, by improving service quality and efficiency, Baishi Express achieved revenue of 1,502 billion yuan in the fourth quarter, up 19.1% year on year, and freight volume increased 15.5% year on year. The annual revenue was 5.404 billion yuan, up 10.6% year on year, and the annual freight volume reached 9.28 million tons. Thanks to the deepening of collaborative strategies, Baishi Express has established closer business links with the Group's strategic customers and platform customers, laying a solid foundation for development in 2024.

With its excellent service quality and strong digital intelligence capabilities, Baishi Supply Chain achieved annual revenue of 1,859 billion yuan, and gross margin increased to 8.5%. It is worth mentioning that Southeast Asia has become a key area for Chinese companies' “going global” strategy. In this context, Baishi Supply Chain is developing warehousing and distribution business in Southeast Asia to create a full-link supply chain overseas solution for customers.

In 2023, Baishi International achieved significant business growth by continuously optimizing the organizational structure and improving service quality and network coverage. Thanks to Chinese companies actively exploring overseas markets and seeking new growth engines and development opportunities, Baishi International's cross-border business has ushered in rapid development. In particular, in the fourth quarter, the volume of cross-border business increased by 55.6% month-on-month. Meanwhile, with the improvement of service quality, the volume of packages in Southeast Asia increased 60.1% year on year in the fourth quarter. Among them, the volume of packages in Vietnam and Malaysia increased by 173.0% and 27.3% year on year, respectively. Looking at the full year, Baishi International's revenue was 947 million yuan, and the volume of packages in Southeast Asia was about 140 million, an increase of 14.6% over the previous year.

Looking forward to the future, Baishi Group will continue to promote focus and collaboration strategies, deepen digital transformation, and provide customers around the world with more efficient and intelligent supply chain solutions through technological innovation and service upgrades. At the same time, the Group will continue to deeply cultivate the Southeast Asian market to meet growing market demand and actively expand new business areas to achieve broader market coverage and deeper customer service.