The Zhitong Finance App learned that on March 28, Beijing time, Monster Charging (EM.US) announced unaudited performance reports for the fourth quarter and full year of 2023.

In 2023, Monster Charging's mobile charging business GMV increased by more than 27% year-on-year, and the annual order volume reached 656 million. Fourth-quarter order volume increased 32.8% year over year.

According to financial reports, Monster Charging's revenue in 2023 was 3 billion yuan (note: Starting from the second quarter of 2023, the confirmed revenue of Monster Charging's agent business was adjusted from full amount to net amount), an increase of 4.2% over the previous year. Under non-US accounting standards (Non-Gaap), Monster Charging's adjusted net profit in 2023 was 108 million yuan. Compared with a net loss of 683 million yuan in 2022, it strongly turned a loss into a profit.

Cai Guangyuan, CEO of Monster Charging, said, “Our business underwent a critical transformation in 2023. Not only did net profit turn loss into profit, but GMV also reached a record high. While the shared charging network continues to expand, our business data continues to climb, creating new milestones and further consolidating Monster Charging's leading position in the industry.”

Overall, in 2023, Monster Charging will focus on the two major strategies of “maintaining steady growth+improving operational efficiency” to promote “rapid increase in quantity and quality”. As scale effects and network effects continue to be unleashed, Monster Charging not only achieved year-on-year growth in net profit for four consecutive quarters, but also built a strong scale advantage. As of December 31, 2023, Monster Charging had a total of 1,234,000 POI (points) nationwide, with a cumulative total of 391.5 million registered users and 9.2 million online shared power banks, up 23.8%, 17.3%, and 36.6%, respectively. Achieving continuous breakthroughs in market penetration.

Xu Peifeng, president of Monster Charging, said, “In 2023, we will integrate the direct management model with the proxy model, cover more regions and scenarios through dual model collaborative development, and expand the shared charging network. By actively recruiting new agency partners, we have strengthened our penetration in existing regions and are continuously exploring the development potential of new regions. Furthermore, with the dual-mode network effect and Monster Charging's brand effect mutually reinforcing, we have a significant advantage in expanding cooperation with chain brand merchants. The continued recovery of the offline economy has laid the foundation for business development. We will continue to promote business growth and enhance profitability through the 'direct management+agent' dual model collaboration.”

Throughout 2023, Monster Charging added more than 4,300 new agent partners, and the proportion of agent sites increased to 72.8%. The agency business contributed 1.8 billion yuan in revenue to Monster Charging, an increase of 49.3% over the previous year.

Facing the continuous expansion of the charging network and user scale, Monster Charging gives full play to the advantages of full-scenario penetration and dual-mode development, efficiently connecting users, agents, and merchants to continuously enrich the supply of charging resources. At the same time, it stimulates new demand, provides new supply, and improves matching and operational efficiency through continuous optimization on the operational, technical, and brand sides, thereby driving continuous growth in business scale.

Take the brand as an example. Benefiting from the release of offline consumption potential and continued recovery in traffic, the domestic mobile charging market is in strong demand. Monster Charging is based on offline consumer demand, iterates product innovation capabilities, and enhances the user experience at multiple levels. More than 10 custom products such as Zootopia, Hua Chenyu, Zhang Jie, and Snoopy, brand activities such as power bank recycling programs, and digital yuan cross-border linkage have played an important role in innovating the charging experience and improving user stickiness and retention.

In addition to its main business, Monster Charging's advertising business and new business showed a strong growth trend. In 2023, other revenue represented by advertising and new businesses reached RMB 89.4 million, an increase of 264% over the previous year. Monster Charging continues to innovate and incubate new business areas.

By the end of 2023, Monster Charge's cash and cash equivalents, short-term investments, and restricted cash reached RMB 3.3 billion, with sufficient cash reserves.

Monster Charging CFO Xin Yi said, “In 2023, Monster Charging showed a clear recovery trend, turning losses into profits and achieving positive operating cash flow. The rapid development of the agency business has led to the growth of the company's business scale, and has also led tens of thousands of agents to achieve return on revenue and create more employment opportunities. In 2024, under the premise of steady operation, we will also continue to explore new businesses, so that we have a wider track and space to create diverse value for our customers and investors.”

Looking ahead, Monster Charging's management is confident about the future and direction of the shared charging business, and stated that it “will forge ahead and create more value for users, shareholders, partners, and other stakeholders.”