On June 11, Gelonghui reported the financial report for the first quarter of 2024 of Best Inc. (BEST.US). The total revenue for the first quarter of 2024 was RMB 1.942 billion, a year-on-year increase of 13.24%. Among them, the company's cargo service revenue was RMB 1.2235 billion, a year-on-year increase of 16.3%; supply chain management service revenue was RMB 411 million, a year-on-year decrease of 6.6%; global service revenue was RMB 280.9 million, a year-on-year increase of 42.6%. The gross profit for the first quarter was RMB 55.2 million, with a gross margin of 2.8%. The net loss (Non-GAAP) for the first quarter was RMB 165 million, a year-on-year decrease of 32.93%. Non-GAAP diluted loss per ADS was RMB 8.30. As of March 31, 2024, the company held cash and cash equivalents, restricted cash and short-term investments of RMB 2.0958 billion.

On the operation side, BEST Freight's revenue increased by 16.3% year-on-year, with a gross margin of 3.4%, a year-on-year increase of 3.6%. BEST Supply Chain Management's revenue for the first quarter of 2024 decreased by 6.6% year-on-year, while BEST Global's revenue for the first quarter increased by 42.6%, and the parcel volume increased by 39.4% year-on-year. In addition, in the first quarter of 2024, the parcel volume in Vietnam and Malaysia increased by 120.0% and 23.8% respectively, and the total parcel volume of cross-border business increased by 256.4% year-on-year.