According to the Zhongtong Finance APP, on August 21, the digital freight platform Manbang Group (YMM.US) released its second-quarter 2024 financial report before the pre-market trading of the US stock market, once again demonstrating a steady growth momentum and outstanding financial performance. During the reporting period, Manbang achieved an operating revenue of 2.76 billion yuan (RMB, the same below), a year-on-year increase of 34.1%, and an adjusted operating profit under non-US GAAP reached 0.7 billion yuan, a year-on-year increase of 55.1%. Adjusted net profit under non-US GAAP reached 0.97 billion yuan, a year-on-year increase of 34.3%, both reaching historical highs, once again exceeding market expectations, and demonstrating the company's strong profitability and continuous growth potential.

Manbang Group Chairman Zhang Hui stated that in the first half of 2024, in the face of a complex and ever-changing macro environment, Manbang continues to firmly promote the digital and intelligent transformation of the logistics industry, empowering enterprises to have greater logistics competitiveness. With continued optimization of new user acquisition and operation, the monthly active shippers for sending goods once again reached a peak. Through the supply-side combination of 'grabbing goods quickly + driver level system + driver behavior score,' high-quality transportation capacity continues to increase. Looking forward to the second half of the year, Manbang is confident in leading the logistics industry to reduce costs and increase efficiency, creating greater value for users and society.

The role of digital and intelligent logistics has become prominent, and the platform's fulfillment order volume has reached a new high.

Logistics is the 'backbone' of the real economy and a leading and strategic industry in the national economy, connecting production, consumption, and trade. Reducing logistics costs and improving economic efficiency have been the focus of China's deployment for many years. In July of this year, the Third Plenary Session of the Twentieth Central Committee reiterated the need to improve the circulation system, accelerate the development of the Internet of Things, improve integrated circulation rules and standards, and reduce the overall social logistics costs. At the same time, the 'Decision' clearly stated the need to improve localized and adaptable new productive forces.

Manbang, as a representative of the new productive forces in the logistics industry, continues to increase investment in digital and intelligent infrastructure, promoting the reduction of logistics costs and the increase of efficiency through data integration. Manbang's second-quarter financial report shows that the efficiency of digital and intelligent logistics replacing traditional offline logistics continues to strengthen. During the reporting period, the platform's fulfillment order volume reached 49.1 million, again reaching a record high. In the first half of the year, the group's order fulfillment volume growth rate exceeded the national road freight volume growth rate, reaching a year-on-year increase of 25%.

The 'new combination' achieves innovative development. Electric vehicles have ushered in a historic moment, and the latest data released by the China Passenger Car Association on August 8th shows that the market share of new energy vehicles reached 51% in the domestic market in July, surpassing traditional fuel vehicles for the first time, resulting in a significant structural shift in the overall automotive market. In the freight field, the penetration rate of new energy vehicles also maintains a rapid growth trend, and Manbang is actively promoting the development of new energy transportation capacity. In the first half of 2024, the proportion of new energy transportation capacity in Manbang's fulfillment orders approached 20%, with the order growth rate doubling.

The platform's scale effect on both ends is strengthened, empowering companies with more competitive logistics capabilities.

Behind the impressive performance of the platform's order fulfillment volume is the dual scaling effect brought by the growth of shippers and driver user data. In the second quarter, key indicators such as active monthly shippers, active fulfillment drivers, and fulfillment rate of Manbang have all reached historic highs.

In the second quarter, the monthly active shippers of Manbang once again reached a peak of 2.65 million, a year-on-year increase of 32.8%. In response, Zhang Hui summarized during the pre-market investor conference call that Manbang is committed to becoming a one-stop shipping gateway for millions of small and medium shippers and continues to focus on high-quality customer acquisition through multiple channels. In the second quarter, Manbang's daily average number of first-time fulfillment users reached a new high. At the same time, Manbang further focuses on the user experience of new shippers, and through refined operational measures, improves the frequency of use and conversion efficiency of shippers after their first fulfillment.

In terms of drivers, as of the second quarter, the number of active fulfillment drivers of Manbang in the past 12 months reached a new peak of 3.98 million. The high stickiness is due to the combination of supply-side punches such as "snatching good goods," "driver rating system," and "driver behavior segmentation," as well as the benign growth of capacity driven by flow distribution and equity allocation, which promotes higher order acceptance speed and fulfillment efficiency.

Driven by both "good goods" and "good trucks," the fulfillment rate of Manbang continued to increase in the previous quarter, reaching a historical high of 33.7%. With the continuous growth of direct customers on the platform, the proportion of direct customer fulfillment orders also reached a new high of 48%. Using Manbang as a new productive force to reduce enterprise logistics costs and enhance logistics competitiveness has become a growing consensus among more and more direct customers. Manbang expresses confidence in further improving the overall fulfillment rate as the platform's product and service continue to upgrade, and the infrastructure of freight matching services continues to improve.

Received increased holding from several international banks and long-term funds.

Stable performance and continuous innovation capability have attracted many institutions, especially large long-term institutions, to increase their holdings and take positions in Manbang. In the second quarter, international renowned financial institutions such as JPMorgan, Morgan Stanley, Nomura Securities, and Goldman Sachs all significantly increased their holdings in Manbang. In addition, top long-term funds Fidelity International and Jinglin Asset continued to increase their holdings in this quarter, with the holdings of the two institutions exceeding $0.35 billion based on the closing price on June 28. Top European foreign banks such as DNB and well-known Swiss asset management company Pictet have also rebuilt their positions in Manbang this quarter. The increased allocations by many professional investors demonstrate the market's recognition and firm confidence in the long-term value of Manbang.