极兔速递-W(01519) - 2024 - 中期业绩

Financial Performance - Revenue for the six months ended June 30, 2024, reached $4.86 billion, a 20.6$535.7 million, marking a 176.8% year-over-year growth[2] - Adjusted EBITDA for the period was $350.8 million, a 795.6$115.0 million, compared to a loss of $1.64 billion in the same period of 2023[2] - Net cash flow from operating activities reached$345.6 million, a significant improvement from $2.8 million in the previous year[2] - Revenue grew by 20.6$4,861.7 million in H1 2024, driven by growth in express delivery services across 13 countries[33] - Adjusted EBITDA for H1 2024 was $350.8 million, a significant improvement from$39.2 million in H1 2023[30] - The company's gross profit increased to $535.7 million in H1 2024, up from$193.5 million in H1 2023[30] - Adjusted EBIT improved to $118.2 million in H1 2024, compared to a loss of$212.8 million in H1 2023[30] - Revenue for the first half of 2024 was $4.862 billion, an increase of 20.6$4.030 billion in the same period of 2023[75] - Gross profit for the first half of 2024 was $535.732 million, a significant increase of 176.8$193.540 million in 2023[75] - Net profit for the first half of 2024 was $31.026 million, a turnaround from a net loss of$666.769 million in 2023[75] - Basic earnings per share for the first half of 2024 were $0.003, compared to a loss per share of$0.208 in 2023[75] - Total comprehensive loss for the first half of 2024 was $40.635 million, an improvement from a loss of$676.591 million in 2023[76] - Operating cash flow for the first six months of 2024 was $345.63 million, a significant increase from$2.8 million in the same period in 2023[77] - Net cash used in investing activities for the first six months of 2024 was $266.31 million, compared to$366.04 million in 2023[77] - Net cash used in financing activities for the first six months of 2024 was $114.71 million, compared to a net cash inflow of$64.17 million in 2023[77] - Total segment revenue for the first six months of 2024 was $4.86 billion, with Southeast Asia contributing$1.52 billion and China contributing $2.99 billion[82] - Adjusted EBITDA for the first six months of 2024 was$350.78 million, a significant improvement from $39.17 million in 2023[82] - The company reported a net profit of$31.03 million for the first six months of 2024, compared to a net loss of $666.77 million in 2023[83] - Basic earnings per share for the first six months of 2024 were$0.003, compared to a loss per share of $0.208 in 2023[85] - Diluted loss per share for the six months ended June 30, 2024, was$0.003, compared to a loss of $0.222 for the same period in 2023[87] - The company's net profit attributable to owners for the six months ended June 30, 2024, was$27.589 million, a significant improvement from a net loss of $640.967 million in the same period in 2023[87] Market Share and Parcel Volume - The company handled 11.01 billion parcels in the first half of 2024, a 38.3$1,246.1 million in the first half of 2023 to $1,520.0 million in the first half of 2024, with parcel volume growing by 42.0$2,203.1 million in the first half of 2023 to $2,998.3 million in the first half of 2024, with parcel volume increasing by 37.1$132.8 million in the first half of 2023 to $291.6 million in the first half of 2024, with parcel volume growing by 63.9$0.34 in H1 2023 to $0.32 in H1 2024, driven by scale effects and operational optimization[22] - Southeast Asia single-ticket cost decreased from$0.71 in the first half of 2023 to $0.60 in the first half of 2024, driven by a 42.0$0.40 in the first half of 2023 to $0.37 in the first half of 2024[44] - Single-ticket sorting cost: The company reduced its single-ticket sorting cost from$0.09 in the first half of 2023 to $0.06 in the first half of 2024, driven by increased automation and employee training[45] - China single-ticket cost: The overall single-ticket cost in China decreased from$0.34 in the first half of 2023 to $0.32 in the first half of 2024, with transportation costs dropping from$0.08 to $0.07 and sorting costs from$0.06 to $0.05[46][48] - New market single-ticket cost: Single-ticket cost in new markets remained flat at$1.88 in the first half of 2024, despite rapid parcel volume growth and scale effects[50] - Total operating costs: The company's total operating costs and expenses decreased by 15.9% from $5,623.6 million in the first half of 2023 to$4,731.2 million in the first half of 2024, primarily due to reduced share-based payments and expenses[51] - Fulfillment costs: Fulfillment costs increased by $535.7 million in the first half of 2024 compared to the same period in 2023, driven by growth in parcel volume[51] - Fulfillment costs increased by 29.9$1,790.8 million in H1 2023 to $2,326.5 million in H1 2024, accounting for 44.4$540.0 million in H1 2023 to $665.7 million in H1 2024, driven by increased headcount and higher average wages[52] - Other labor costs surged by 39.1$213.3 million in H1 2023 to $296.7 million in H1 2024 due to increased parcel volume[53] - Southeast Asia costs grew by 20.2$1,026.0 million in H1 2023 to $1,232.7 million in H1 2024, with parcel volume increasing by 42.0$2,220.2 million in H1 2023 to $2,784.4 million in H1 2024, with parcel volume rising by 37.1$156.2 million in H1 2023 to $256.6 million in H1 2024, driven by a 63.9$1,767.9 million in H1 2023 to $381.7 million in H1 2024, primarily due to reduced share-based payments[58][59] Regional Performance - Southeast Asia adjusted EBIT grew by 45.9$134.8 million in H1 2024, with an adjusted EBIT margin of 8.9%[16] - China's e-commerce retail sales grew by 8.8% YoY to RMB 6.0 trillion in H1 2024[17] - China business achieved adjusted EBITDA of $198.9 million in H1 2024, with an EBITDA margin of 6.6$59.6 million in H1 2024, a significant improvement from a loss of $183.1 million in H1 2023[23] - The company expanded into rural markets, reducing shipping costs for remote areas and improving e-commerce experiences, while launching agricultural support projects[21] - New market's nominal GDP reached$5.9 trillion in 2023, with an 8.0% YoY growth, and e-commerce penetration is expected to grow from 14.7% in 2023 to 32.5% by 2028[25] - New market's express delivery industry is projected to grow at an 18.5% CAGR, reaching 9.25 billion parcels by 2028, with a fragmented competitive landscape[25] - Southeast Asia's adjusted EBITDA increased by 12.9% from $184.1 million in H1 2023 to$207.8 million in H1 2024, with adjusted EBITDA margins of 14.8% and 13.7% respectively[61] - China's adjusted EBITDA turned from a loss of $45.0 million in H1 2023 to a profit of$198.9 million in H1 2024, with adjusted EBITDA margins improving from -2.0% to 6.6%[61] - New markets' adjusted EBITDA loss narrowed significantly from $55.2 million in H1 2023 to$7.8 million in H1 2024, with adjusted EBITDA margins improving from -41.6% to -2.7%[62] - Cross-border adjusted EBITDA loss decreased from $11.3 million in H1 2023 to$7.2 million in H1 2024[62] - Unallocated adjusted EBITDA loss increased from $33.5 million in H1 2023 to$40.8 million in H1 2024, mainly due to fair value changes in financial assets[62] Infrastructure and Network Expansion - The company operates in 13 countries, including seven Southeast Asian nations, China, and five new markets[6] - Company operates 237 transit centers, 254 automated sorting lines, and over 4,100 trunk lines with more than 9,900 vehicles, including 5,700 self-owned vehicles[8] - Company's network covers over 99% of county-level regions in China and over 95% in new markets[8] - Company has 8,000 network partners and 19,900 service points as of June 30, 2024[8] - The company operates 35 transfer centers, over 200 mainline vehicles, and more than 2,200 service points in new markets as of June 30, 2024[28] - The company added 800 new service points and invested in two automated sorting lines in new markets during H1 2024[28] - Southeast Asia operations: As of June 30, 2024, the company operates 119 transfer centers in Southeast Asia, a decrease of 29 compared to June 30, 2023. The company has optimized the layout of transfer centers and upgraded key centers with automated sorting equipment, increasing the number of automated sorting systems to 47, up by 11 from the previous year[45] - China network partners: As of June 30, 2024, the company has over 6,000 network partners and operates approximately 7,100 service points in China, with a slight decrease in service points compared to the previous year[47] - China transportation fleet: The company operates over 5,900干线 vehicles in China, with over 4,200 being self-owned, an increase of more than 1,000 self-owned vehicles compared to June 30, 2023[48] Revenue Composition and Business Segments - Express delivery services accounted for 97.5% of total revenue in H1 2024, up from 88.0% in H1 2023[33] - Cross-border services revenue decreased to $51.9 million in H1 2024 from$448.5 million in H1 2023, representing a shift in revenue composition[33] - Express service revenue increased by 33.7% from $3,546.2 million in the first half of 2023 to$4,740.0 million in the first half of 2024, driven by growth in parcel volume from 7.97 billion to 11.01 billion pieces, a 38.3% increase[34] - Cross-border service revenue decreased by 88.4% from $448.5 million in the first half of 2023 to$51.9 million in the first half of 2024 due to business transformation and discontinuation of small parcel services[35] - Rental income grew by 22.3% from $23.3 million in the first half of 2023 to$28.5 million in the first half of 2024, primarily from property leasing in Southeast Asia and increased leasing of reusable bags in China[36] - Sales of accessories revenue surged by 237.7% from $8.5 million in the first half of 2023 to$28.6 million in the first half of 2024, driven by increased sales of thermal paper and waterproof bags[37] - Southeast Asia single-ticket revenue decreased from $0.87 in the first half of 2023 to$0.74 in the first half of 2024 due to promotional activities and strategic price adjustments to maintain competitiveness[42] - China single-ticket revenue: The single-ticket revenue in China remained stable at $0.34 in the first half of 2024, unchanged from the same period in 2023, due to optimized e-commerce platform parcel structure and improved cargo categories[47] - New market single-ticket revenue: Single-ticket revenue in new markets increased from$1.60 in the first half of 2023 to $2.14 in the first half of 2024, driven by changes in business volume structure and increased high-quality non-platform customers[49] Strategic Initiatives and Future Plans - The company plans to further expand market share, deepen partnerships with e-commerce platforms, and strengthen infrastructure in new markets[29] - The company increased brand customer acquisition, partnering with notable brands like Red Dragonfly and Wang Xiao Lu, enhancing brand value and customer structure[24] - Automation equipment investment in network endpoints increased, improving operational efficiency and reducing costs for both the