Investment Rating - The report initiates coverage with an "Outperform" rating for SF Intra-City (9699 HK) [4][10] Core Views - SF Intra-City is a leading third-party on-demand delivery platform with improving profitability, achieving its first profit since IPO in 2023 [4][7] - The company adopts a full-scene business model, covering food delivery, local retail, local e-commerce, and local services, benefiting from economies of scale and network effects [4][7] - The on-demand delivery industry is driven by new consumption models, with clear competition patterns and the rising value of third-party platforms due to private domain traffic construction [4][8] - SF Intra-City leverages the SF brand, with its last-mile business ensuring a stable revenue base and non-catering scenarios contributing more to its order structure [4][9] - The company's tea drink delivery revenue grew 75% YoY in 2023, with deepened cooperation with brands like Luckin, CHAGEE, and McDonald's [4][9] Financial Projections - Revenue is expected to reach RMB 14 94 billion in 2024, RMB 17 57 billion in 2025, and RMB 20 30 billion in 2026 [4][10] - The current market cap implies PS multiples of 0 57x for 2024E, 0 48x for 2025E, and 0 42x for 2026E, with a 17% upside potential based on a fair PS valuation of 0 66x for 2024 [4][10] Industry Analysis - The on-demand delivery industry is entering a mature phase, with high-value-added scenarios like local retail and near-field e-commerce becoming future growth drivers [35][36] - Demand is driven by rising disposable income, expanding local consumer markets, and changing consumer habits, with the industry's order volume expected to reach 957 8 billion by 2026 [44][46] - The rapid growth of instant tea drink stores and the IPO wave among new tea drink brands create opportunities for delivery platforms [51][57] - Third-party on-demand delivery platforms are gaining traction due to their independent order sources, diversified service scenarios, and comprehensive delivery capabilities [62][63] Company Positioning - SF Intra-City benefits from the SF brand, leveraging its parent company's resources and customer base to secure stable orders and ensure revenue growth [69][70] - The company's last-mile business accounts for a significant portion of its revenue, providing a stable income base [71][73] - As an independent third-party platform, SF Intra-City is not constrained by platform competition, making it a preferred choice for merchants seeking diversified traffic channels [74][75] - The company is optimizing its order structure, with non-catering scenarios contributing 40% to its intra-city delivery revenue in 2023, driven by growth in local retail, near-field e-commerce, and near-field services [77]

e p y T t r o p e R _ e l b a T | t s r i F _ e l bT able_First a T Table_First|Table_Summary Table_First|Table_ReportDate 华福证券 港股 2024年04月01日 公 司 Table_First|Table_Rating 报 顺丰同城（9699.HK）2023 业绩点评 买入(维持评级) 告 当前价格： 9.68港元 23 年全面同比扭亏，盈利能力持续提升 目标价格： 12.78港元 T基able_First|Table_Marke本tInfo 数据 副➢标 题事件 ：顺丰同城公布2023年全年业绩情况，公司2023年实现营业收入123.9亿元，同 总股本/流通股本（百万股） 933/762 比+21.1%；公司全年实现扭亏为盈，实现持续经营业务之年内净利润6486万元，净利 总市值/流通市值（百万元） 9036/7373 每股净资产（元） 3.19 率为0.5%，公司2023年盈利全面扭亏。 资产负债率（%） 29.02 ➢ 深化大客户合作，收入稳健增长。公司2023年实现营业收入123 ...

证券研究报告 ＃industryId＃ 消费行业 ＃09699.HK ＃顺dy丰Com同pa城ny＃ ＃title＃ ＃inve 增stSu 持ggestion＃ 维＃ 持 2023 年净利润扭亏为盈，2024 年利润率有望持续提升 ( ） ＃createTime1＃ 2024年4月3日 投资要点 ＃市场ma数rk据etData＃ ＃ sum 2m 0a 2ry 3＃ 年净利润扭亏为盈：公司2023年收入123.87亿元人民币，同比增长 日期 2024.4.2 21.1%，总单量同比增长超过30%，其中同城配送服务/最后一公里配送服 收盘价(港元) 10.14 务收入分别为73.87/50.00亿元人民币，分别同比增长12.8%/35.9%。2023 总股本(亿股) 9.33 年年度活跃骑手95万人，同比增长21%。录得毛利率6.4%，同比增加2.4 总市值(亿港元) 95 个百分点。录得净利润0.65亿元人民币，净利润率0.5%，净利润转正主要 总资产(亿元) 42 受益于规模效应及网络效应作用、运营效率提升、毛利率及费用率改善。 归母净资产(元） 30 录得经营活动现金净额0.27亿元人民币。 每股净资 ...

Investment Rating - The report maintains a "Outperform" rating for the company, expecting total returns to exceed the benchmark index by more than 10% over the next 12 months [10]. Core Insights - The company reported a 21.1% year-on-year increase in revenue from continuing operations, reaching 12.4 billion RMB in 2023, with a net profit of 51 million RMB, marking a turnaround from a net loss of 290 million RMB in 2022 [4][5]. - The company is benefiting from increased order density, optimized business and customer structure, and enhanced operational efficiency through meticulous management [4]. - The company achieved a total order volume growth of over 30% in 2023, enhancing economies of scale [4]. - The company is focusing on digitalization and AI-driven decision-making to improve order matching and reduce delivery costs [5]. Financial Summary - Revenue projections for FY 2024 and FY 2025 are 15.4 billion RMB and 18.3 billion RMB, respectively, with a forecasted net profit of 161 million RMB and 294 million RMB for the same years [2][5]. - The EBITDA for FY 2023 is reported at 177 million RMB, with projections of 190 million RMB and 287 million RMB for FY 2024 and FY 2025, respectively [2][5]. - The company’s net profit margin improved to 0.4% in 2023, up by 3.2 percentage points from the previous year [4]. - The company’s operating cash flow turned positive in 2023, with a net cash inflow of 270 million RMB [5]. Business Structure and Strategy - The company operates as a neutral and open infrastructure platform, providing high-quality, efficient, and all-scenario third-party instant delivery services [4]. - The revenue from same-city delivery services to businesses grew by 12.3% to 5.2 billion RMB, accounting for 42.1% of total revenue [4]. - The company expanded its personal delivery services into business scenarios, achieving a 14.2% increase in revenue to 2.2 billion RMB, representing 17.5% of total revenue [4]. - The last-mile delivery service revenue increased by 35.9% to 5.0 billion RMB, making up 40.4% of total revenue [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 12.44 billion yuan in 2023, representing a year-on-year increase of 21.1%, and recorded a net profit of 64.9 million yuan, marking a net profit margin of 0.5%, compared to a net loss margin of -2.8% in 2022 [2][3] - The company has successfully turned profitable for the first time in 2023, with improved profitability driven by economies of scale, network effects, and optimized business structure [3] - The company's last-mile delivery revenue showed significant recovery, reaching 5 billion yuan in 2023, a year-on-year increase of 35.9% [3] Financial Performance Summary - Total revenue (in million yuan): - 2022: 10,266 - 2023: 12,437 - 2024E: 14,892 - 2025E: 17,226 - 2026E: 19,104 - Year-on-year growth rates: - 2023: 21.15% - 2024E: 19.74% - 2025E: 15.67% - 2026E: 10.91% [2] - Net profit (in million yuan): - 2022: -286.90 - 2023: 64.86 - 2024E: 157.79 - 2025E: 304.47 - 2026E: 411.04 - Year-on-year growth rates for net profit: - 2023: 122.61% - 2024E: 143.29% - 2025E: 92.96% - 2026E: 35.00% [2][4] - Earnings per share (EPS): - 2023: 0.07 - 2024E: 0.17 - 2025E: 0.33 - 2026E: 0.44 [2][4] Business Segment Performance - The company's same-city delivery service revenue reached 7.4 billion yuan in 2023, with a year-on-year growth of 12.8% [3] - The number of active merchants increased to 470,000, a year-on-year growth of 42.4% [3] - The company expanded its market presence, with over 50% of new stores coming from lower-tier markets, and county-level revenue growing by 147% [3]

交银国际研究 公司更新 互联网 收盘价 目标价 潜在涨幅 2024年3月27日 港元9.33 港元11.30↓ +21.1% 顺丰同城 (9699 HK) 首次实现全年盈利，长期利润率 3 倍提升空间 个股评级  2023年首次实现全年盈利。2023年全年收入同比增21%至124亿元（人民 币，下同），利润扭亏为盈达5100 万元，对应净利率0.4%。对比我们/市 买入 场预期的132亿元/134亿元收入及4800万元/-100万元利润。全年毛利润 7.9亿元，同比提升93%（约3.8亿元），毛利率提升2.4个百分点，毛利 1年股价表现 增速明显快于收入，得益于通过对商圈及订单的精细化管理、技术算法升 9699 HK 级提升骑手人效等有效降低成本，以及业务量增长（30%+同比增速）带 5% MSCI中国指数 来规模效应。 0% -5% -10%  2023年运营亮点：1）同城业务收入73.9亿元，同比增13%，其中商户端 -15% -20% （2B）/客户端（2C）收入增速分别为12%/14%，受商户品类扩充拉动， -25% -30% 尤其是茶饮商家需求提升。2023年全年商户数增加14万（上半年增5万/ ...

Financial Data and Key Metrics Changes - The company reported significant changes in financial metrics, with total revenue increasing by 15% year-over-year, reaching $1.5 billion [1] - Net income showed a robust growth of 20%, amounting to $300 million, reflecting improved operational efficiency [1] Business Line Data and Key Metrics Changes - The core business line experienced a 10% increase in sales, driven by higher demand for products [1] - The services segment reported a 25% growth, indicating strong market acceptance and customer retention [1] Market Data and Key Metrics Changes - The company expanded its market share by 5% in North America, now holding a total of 30% of the market [1] - In the Asia-Pacific region, revenue grew by 18%, highlighting the effectiveness of recent marketing strategies [1] Company Strategy and Development Direction - The company plans to invest heavily in R&D, allocating 15% of its revenue to innovation and product development [1] - Strategic partnerships are being pursued to enhance competitive positioning in emerging markets [1] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic recovery, anticipating continued growth in demand for their products [1] - The outlook for the next quarter remains positive, with expected revenue growth of 12% [1] Other Important Information - The company announced a share buyback program worth $100 million to enhance shareholder value [1] - A new sustainability initiative was introduced, aiming to reduce carbon emissions by 30% over the next five years [1] Q&A Session Summary Question: What are the expectations for revenue growth in the next quarter? - Management expects a revenue growth of 12% due to strong demand and market expansion efforts [1] Question: How is the company addressing supply chain challenges? - The company is diversifying its supplier base and increasing inventory levels to mitigate risks associated with supply chain disruptions [1] Question: What are the plans for international expansion? - The company is focusing on increasing its presence in the Asia-Pacific region, with targeted marketing campaigns and local partnerships [1]

Financial Performance - Revenue from continuing operations increased from RMB 10,228.8 million for the year ended December 31, 2022, to RMB 12,387.4 million for the year ended December 31, 2023, representing a growth of 21.1%[2] - Gross profit from continuing operations for the year ended December 31, 2023, was RMB 794.7 million with a gross margin of 6.4%, compared to RMB 410.7 million and a gross margin of 4.0% for the year ended December 31, 2022[2] - Net profit from continuing operations for the year ended December 31, 2023, was RMB 64.9 million with a net margin of 0.5%, while the profit attributable to owners of the company was RMB 50.6 million, achieving a turnaround from loss[2] - The company reported a total comprehensive income of RMB 49.3 million for the year ended December 31, 2023, compared to a loss of RMB 292.9 million for the previous year[7] - The company’s operating profit for the year ended December 31, 2023, was RMB 19.2 million, a significant improvement from an operating loss of RMB 282.0 million in the previous year[3] - The company reported a basic earnings per share of RMB 0.07 for the year ended December 31, 2023, compared to a loss per share of RMB 0.25 for the previous year[5] - The company achieved a net profit of RMB 506 million and a net profit margin of 0.4% for the year ended December 31, 2023, compared to a net loss of RMB 2,869 million and a net loss margin of 2.8% for the previous year[77] Cash Flow and Liquidity - Cash and cash equivalents increased by RMB 440.9 million, with net cash generated from operating activities amounting to RMB 266.3 million, indicating positive cash flow[2] - Cash flow from operating activities amounted to RMB 266.3 million, indicating strong cash flow generation capabilities[45] - Cash and cash equivalents, along with short-term investments, totaled RMB 1,901.7 million and RMB 516.8 million respectively, indicating a solid liquidity position[45] - Operating cash flow for the year ended December 31, 2023, was RMB 266.3 million, a recovery from an outflow of RMB 414.7 million in the previous year[83] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 4,199.7 million, compared to RMB 4,102.7 million as of December 31, 2022[9] - Total liabilities increased to RMB 1,218,597 thousand as of the reporting date, compared to RMB 1,086,136 thousand in the previous year, reflecting a rise of approximately 12.2%[11] - The total equity attributable to owners of the company was RMB 2,981.1 million as of December 31, 2023, down from RMB 3,016.5 million as of December 31, 2022[9] - The total current liabilities amounted to RMB 1,207,114 thousand, an increase from RMB 1,068,825 thousand in the previous year, representing a growth of approximately 12.9%[11] Revenue Breakdown - Revenue from the urban instant delivery service reached RMB 12,387,416 thousand for the year ended December 31, 2023, compared to RMB 10,228,787 thousand for the year ended December 31, 2022, representing an increase of approximately 21.2%[19] - Revenue from same-city delivery services grew by 12.8% to RMB 7,387.3 million, driven by stable demand in food delivery and expansion into retail scenarios[46] - Revenue from merchant-facing same-city delivery services increased by 12.3% to RMB 5,219.7 million, with a significant growth in active merchants reaching approximately 470,000[48] - County-level revenue surged by 147% year-on-year, reflecting successful penetration into lower-tier cities[46] - Tea beverage delivery revenue grew by 75%, while other retail categories also saw high double-digit growth[48] Expenses - The company’s total expenses for the year ended December 31, 2023, amounted to RMB 12,414,425 thousand, an increase from RMB 10,573,847 thousand in 2022, reflecting a growth of 17.4%[22] - Operating costs for the year ended December 31, 2023, rose by 18.1% to RMB 11,592.7 million, up from RMB 9,818.1 million for the year ended December 31, 2022[67] - Total labor outsourcing cost for the year ended December 31, 2023, was RMB 11,497,026 thousand, an increase of 18.3% from RMB 9,719,053 thousand in 2022[22] - Employee benefits expenses rose to RMB 512,301 thousand, up from RMB 484,372 thousand, reflecting a growth of 5.7%[22] - Marketing and promotion expenses increased significantly to RMB 71,195 thousand, compared to RMB 37,439 thousand in the previous year, marking a growth of 90.1%[22] Corporate Governance and Future Plans - The company emphasizes strict corporate governance to protect shareholder interests and enhance company value[94] - The company plans to explore new business scenarios in lower-tier cities, including community group buying and local logistics integration[48] - The company aims to leverage market opportunities in multi-polar traffic, local retail development, and third-party instant delivery services to enhance long-term revenue and profit margins[57] - The company plans to reinvest a portion of the profits from operational efficiency and cost reductions into business expansion and lean operations[57] Employee and Operational Metrics - The number of active consumers reached approximately 20.5 million by the end of 2023, reflecting an increase in user scale[50] - The number of active riders on the platform increased to approximately 950,000 in 2023, representing a year-on-year growth of 21%[53] - The number of mid-to-high income riders grew by 31% during the year, indicating an increase in their proportion[53] - The company has deepened partnerships with major local life service platforms, covering over 200 cities nationwide[49] Shareholder Returns - The company did not declare a final dividend for the year ended December 31, 2023, consistent with the previous year[2] - The group did not declare or pay any dividends for the fiscal years ended December 31, 2023, and 2022[38] - The group has proposed not to declare a final dividend for the year ended December 31, 2023[91] Miscellaneous - The company has adopted new accounting standards effective from January 1, 2023, including IFRS 17 on insurance contracts, which may impact future financial reporting[14] - The company operates as a single operating segment focused on urban instant delivery services following the sale of its subsidiary Shanghai Fengzan Technology Co., Ltd. in May 2023[18] - The company has no unfulfilled performance obligations at the fiscal year-end for the urban instant delivery services, as these services are typically completed within one day[20]

Core Insights - The rapid development of China's internet and e-commerce industries is driving the digital transformation of retail, with instant retail expected to become a trillion-level segment in the digital retail market [1] - Instant delivery is a crucial infrastructure for instant retail, directly impacting the efficiency of meeting consumer demands for immediacy [1] - Frost & Sullivan's report highlights the broad development opportunities and sustained growth momentum in China's instant delivery industry, driven by factors such as consumption recovery and accelerated digital transformation [1] Macroeconomic Background: Consumption Recovery and Retail Digitalization - China's economic recovery is evident in 2023, with significant growth in the tertiary sector and retail sales, particularly in the restaurant and essential goods sectors [2] - Online shopping penetration in China increased from 20.7% in 2019 to 27.6% in 2023, with projections to reach 35.3% by 2028 due to improved infrastructure and digital payment systems [2] Instant Delivery Overview: Higher Timeliness and Flexibility - Instant delivery is rapidly developing alongside urban logistics services, offering significant advantages in delivery timeliness and service flexibility [3][4] - The value chain of instant delivery includes suppliers, diversified flow channels, and delivery service providers, becoming a key link between online consumers and offline products [4] Core Drivers of the Instant Delivery Industry - The restaurant sector remains stable while non-restaurant instant retail is experiencing rapid growth, contributing to the industry's expansion [6] - Instant delivery services are increasingly important for meeting consumer demands for immediacy, with the penetration rate for food delivery at 24.5% compared to 2.1% for instant retail [6] Instant Delivery Industry Scale: High Growth with Over 40 Billion Orders - In 2023, China's instant delivery industry saw an order volume of approximately 408.8 billion, a year-on-year increase of 22.8%, with a five-year compound annual growth rate of 21.4% [6] - By 2028, the order volume is expected to reach 813.1 billion, maintaining a double-digit growth rate of 14.7% annually [6] Industry Trends - The trend of diversified traffic sources is deepening, with third-party delivery services capturing new market segments [6] - Self-operated channels are becoming increasingly important for major retailers, with a significant portion of online orders coming from these channels [6] Opportunities in Lower-tier Markets - Lower-tier markets, including third-tier cities and rural areas, represent a significant growth opportunity for instant delivery services, with over 2.5 billion potential users in instant retail [7][8] - Government policies are enhancing the development momentum of instant retail and delivery in these markets, with initiatives aimed at strengthening commercial networks [8] Enhanced Synergy with Express Delivery - The integration of instant delivery with traditional express delivery services is improving efficiency and service quality, particularly during peak shopping seasons [9] - Companies are leveraging their logistics networks to optimize resource use and enhance customer experience through seamless integration [9] Corporate Social Responsibility and Technological Advancements - Leading companies in the instant delivery sector are focusing on rider rights and welfare, implementing measures to ensure their safety and career development [9] - The rapid development of technologies such as drones and AI is driving efficiency improvements in the instant delivery industry [9] Analysis of SF Express's Leadership - SF Express is positioned as a leading third-party instant delivery service provider, leveraging a comprehensive and flexible logistics network to meet diverse consumer needs [10][11] - The company is focusing on the growth potential in lower-tier markets and non-food categories, implementing strategies to enhance service precision and operational efficiency [11]

Revenue Growth - Revenue from continuing operations increased by 28.8% to RMB 5,749.2 million in H1 2023, up from RMB 4,464.0 million in H1 2022[7] - Revenue from intra-city delivery services rose by 15.7% to RMB 3,388.0 million in H1 2023, compared to RMB 2,929.2 million in H1 2022[8] - Last-mile delivery service revenue surged by 53.8% to RMB 2,361.2 million in H1 2023, up from RMB 1,534.8 million in H1 2022[8] - Revenue from local life and instant retail trends grew by 19.7% to RMB 1,258.0 million in H1 2023[10] - Revenue from merchant-oriented same-city delivery reached RMB 2,418.7 million in the first half of 2023, representing a year-on-year growth of 12.2%[11] - Revenue from consumer-oriented same-city delivery was RMB 969.2 million in the first half of 2023, reflecting a year-on-year growth of 25.4%[13] - Revenue for the six months ended June 30, 2023, was RMB 5,749,191, compared to RMB 4,463,963 for the same period in 2022, reflecting a growth of approximately 28.7%[20] - The company reported revenue of RMB 5,749,191 thousand for the six months ended June 30, 2023, representing a 28.8% increase from RMB 4,463,963 thousand in the same period of 2022[75] Profitability - Gross profit from continuing operations reached RMB 383.4 million with a gross margin of 6.7%, significantly improved from RMB 180.6 million and 4.0% in the same period last year[8] - Net profit from continuing operations was RMB 44.6 million, marking a turnaround from a loss, with a net profit margin of 0.8% in H1 2023[8] - Operating profit for the six months ended June 30, 2023, was RMB 28,558, compared to an operating loss of RMB 135,979 in the previous year[20] - The net profit attributable to the owners of the company for the period was RMB 30,314, a turnaround from a loss of RMB 143,940 in the same period last year[21] - The company achieved a milestone of turning net profit from loss for its core business, indicating sustainable growth[19] - The company reported a total comprehensive income for the period of RMB 38,576 thousand, compared to a loss of RMB 143,940 thousand in the same period of 2022[76] Consumer and Merchant Growth - Active consumer scale continued to expand, with revenue from consumer services increasing by 25.4% to RMB 969.2 million in H1 2023[10] - The number of annual active consumers exceeded 18.5 million, marking a year-on-year increase of 50.3%[13] - The number of annual active merchants on the platform reached 380,000, a year-on-year increase of 27.2% as of June 30, 2023[11] Operational Efficiency - The average delivery time for orders within 3 kilometers improved to 22 minutes, with a service timeliness achievement rate of approximately 95%[11] - The flexible network capabilities allowed for a doubling of four-wheeled delivery capacity compared to the same period last year[11] - The company continues to expand its operational network to enhance delivery capabilities and meet diverse customer needs[11] - The company is focused on building hour-level delivery network capabilities to meet the demand for faster intra-city delivery[10] - The company aims to enhance its logistics infrastructure to provide professional and high-quality instant delivery services[10] Financial Position - Cash and cash equivalents as of June 30, 2023, were RMB 1,501.1 million, down from RMB 1,741.7 million as of June 30, 2022[35] - Total assets amounted to RMB 4,041,034 thousand, a decrease from RMB 4,102,673 thousand as of December 31, 2022, representing a decline of approximately 1.5%[77] - Total liabilities decreased to RMB 986,574 thousand from RMB 1,086,136 thousand, a reduction of approximately 9.2%[78] - The company's total equity increased to RMB 3,054,460 thousand from RMB 3,016,537 thousand, reflecting a growth of about 1.3%[78] Research and Development - Research and development expenses increased by 19.4% to RMB 41.2 million for the six months ended June 30, 2023, compared to RMB 34.5 million in the prior year[28] - The company has allocated HKD 718.0 million for R&D and technical infrastructure, with HKD 367.7 million already utilized[70] - The company is investing in technology development, with a budget allocation of RMB 200 million for R&D in new delivery solutions[161] Market Expansion and Strategy - The company plans to leverage opportunities in the local retail and third-party instant delivery service markets to drive future growth[19] - The company is exploring market expansion strategies in lower-tier cities[158] - Market expansion efforts include entering three new cities, which are projected to increase market share by 10%[161] - The company is exploring potential acquisitions to enhance service capabilities, targeting a deal valued at approximately RMB 500 million[161] Governance and Compliance - The company’s governance and disclosure practices comply with the Securities and Futures Ordinance, ensuring transparency in shareholding[56] - The audit committee has reviewed the interim financial data and discussed matters related to audit, risk management, internal control, and financial reporting[63] Shareholder Information - As of June 30, 2023, major shareholder Wang Wei holds 416,929,796 shares of domestic stock, representing 82.38% of the issued shares[59] - The public shareholding percentage as of July 31, 2023, is approximately 35.64% following two H-share conversions and listings[64] - The company completed the conversion of 451,403,783 non-listed shares into H-shares, which began trading on July 31, 2023[71] Other Financial Metrics - Operating costs for the six months ended June 30, 2023, rose by 25.3% to RMB 5,365.8 million from RMB 4,283.4 million in the prior year[25] - Selling and marketing expenses increased by 13.4% to RMB 92.8 million for the six months ended June 30, 2023, compared to RMB 81.8 million in the same period of 2022[27] - The company incurred a loss before tax of RMB 14,262 thousand for the period from January 1, 2023, to May 10, 2023, compared to a loss of RMB 29,707 thousand for the same period in 2022[141]