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极兔速递-W(01519) - 2024 - 中期财报
01519J&T EXPRESS(01519)2024-09-17 08:51

Revenue and Profit Growth - Revenue for the first half of 2024 reached 4.86billion,a20.64.86 billion, a 20.6% increase compared to 4.03 billion in the same period of 2023[9] - Express service revenue grew by 33.7% to 4.74billioninH12024,upfrom4.74 billion in H1 2024, up from 3.55 billion in H1 2023[9] - Gross profit surged by 176.8% to 535.7millioninH12024,comparedto535.7 million in H1 2024, compared to 193.5 million in H1 2023[9] - Adjusted EBITDA increased by 795.6% to 350.8millioninH12024,upfrom350.8 million in H1 2024, up from 39.2 million in H1 2023[9] - Operating profit turned positive at 115.0millioninH12024,comparedtoalossof115.0 million in H1 2024, compared to a loss of 1.64 billion in H1 2023[9] - Net cash from operating activities increased significantly to 345.6millioninH12024,upfrom345.6 million in H1 2024, up from 2.8 million in H1 2023[9] - Revenue increased to 4,861.7millioninH12024from4,861.7 million in H1 2024 from 4,030.4 million in H1 2023, with gross profit rising to 535.7millionfrom535.7 million from 193.5 million[36] - Operating profit improved to 115.0millioninH12024fromalossof115.0 million in H1 2024 from a loss of 1,636.2 million in H1 2023, reflecting significant operational improvements[36] - Adjusted EBITDA surged to 350.8millioninH12024from350.8 million in H1 2024 from 39.2 million in H1 2023, indicating strong financial recovery[36] - Total revenue increased by 20.6% from 4,030.4millioninthefirsthalfof2023to4,030.4 million in the first half of 2023 to 4,861.7 million in the first half of 2024, primarily driven by growth in express delivery services across 13 countries[39] - Express delivery service revenue grew by 33.7% from 3,546.2millioninthefirsthalfof2023to3,546.2 million in the first half of 2023 to 4,740.0 million in the first half of 2024, with parcel volume increasing by 38.3% from 7.97 billion to 11.01 billion pieces[40] - Revenue for the first half of 2024 increased to 4,861.7million,up20.64,861.7 million, up 20.6% compared to 4,030.4 million in the same period of 2023[108] - Gross profit surged to 535.7millioninH12024,asignificantincreasefrom535.7 million in H1 2024, a significant increase from 193.5 million in H1 2023[108] - Operating profit improved to 115.0millioninH12024,comparedtoanoperatinglossof115.0 million in H1 2024, compared to an operating loss of 1,636.2 million in H1 2023[108] - Net profit for H1 2024 was 31.0million,aturnaroundfromanetlossof31.0 million, a turnaround from a net loss of 666.8 million in H1 2023[108] - Basic earnings per share for H1 2024 were 0.003,comparedtoalosspershareof0.003, compared to a loss per share of 0.208 in H1 2023[108] - The company's comprehensive loss for H1 2024 was 40.6million,animprovementfrom40.6 million, an improvement from 676.6 million in H1 2023[109] - The company's profit attributable to owners for the six months ended June 30, 2024, was 27.589million,asignificantimprovementfromalossof27.589 million, a significant improvement from a loss of 1.670 billion in the same period in 2023[155] Parcel Volume and Market Share - The company handled 11.01 billion parcels in H1 2024, a 38.3% increase from 7.97 billion parcels in H1 2023[13] - Southeast Asia parcel volume grew by 42.0% to 2.04 billion parcels in H1 2024, with a market share of 27.4%[12][14] - China parcel volume increased by 37.1% to 8.84 billion parcels in H1 2024, capturing an 11.0% market share[12][14] - New markets parcel volume surged by 63.9% to 136.3 million parcels in H1 2024, with a 6.1% market share[12][14] - Company's market share in Southeast Asia increased to 27.4% in H1 2024, up 2.0 percentage points from 25.4% in 2023[15] - Company's market share in China rose to 11.0% in H1 2024, up 1.1 percentage points from 9.9% in H1 2023[15] - Company's market share in new markets reached 6.1% in H1 2024, up 0.1 percentage points from 6.0% in 2023[15] - Southeast Asia's total parcel volume is projected to reach 14.93 billion in 2024, up 17.1% from 2023[16] - Company processed 2.04 billion parcels in Southeast Asia in H1 2024, a 42.0% increase from 1.44 billion in H1 2023[20] - Southeast Asia's daily parcel volume reached 11.2 million in H1 2024, a 42.0% YoY increase[23] - China's e-commerce retail sales grew 8.8% YoY to RMB 6.0 trillion in H1 2024, with express delivery volume increasing 23.1% YoY to 80.16 billion parcels[25] - The company's market share in China increased to 11.0% in H1 2024, up 1.1 percentage points YoY, ranking 6th among express operators[26] - China's parcel volume grew 37.1% YoY to 8.84 billion in H1 2024, outperforming the industry growth rate[27] - The company's parcel volume in new markets grew 63.9% YoY to 136.3 million in H1 2024, with market share increasing from 6.0% to 6.1%[33] Operational Efficiency and Cost Management - Company's single-ticket cost in Southeast Asia decreased by 15.5% year-over-year in H1 2024[21] - Southeast Asia's average delivery time decreased by 13.8% YoY in H1 2024, with loss and damage rates also declining[22] - China's single-ticket cost decreased from 0.34inH12023to0.34 in H1 2023 to 0.32 in H1 2024[28] - Single-ticket express revenue remained stable at 0.34inH12024,unchangedfromH12023,drivenbyoptimizede−commerceplatformparcelstructureandimprovedproductcategories[30]−Single−ticketexpresscostdecreasedfrom0.34 in H1 2024, unchanged from H1 2023, driven by optimized e-commerce platform parcel structure and improved product categories[30] - Single-ticket express cost decreased from 0.34 in H1 2023 to 0.32inH12024,asignificantreductionduetoscaleeffectsandrefinedoperationalmanagement[30]−SoutheastAsia′sper−parcelcostdecreasedfrom0.32 in H1 2024, a significant reduction due to scale effects and refined operational management[30] - Southeast Asia's per-parcel cost decreased from 0.71 in H1 2023 to 0.60inH12024,drivenbya42.00.60 in H1 2024, driven by a 42.0% YoY increase in parcel volume and operational optimization leveraging China's experience[48] - The number of Southeast Asia outlets reached 10,600 as of June 30, 2024, with 2,000 network partners, and per-parcel pickup and delivery costs decreased from 0.40 to 0.37[48]−SoutheastAsia′stransportationfleetgrewto3,800vehicles(1,500self−owned)asofJune30,2024,withper−parceltransportationcostsdecreasingfrom0.37[48] - Southeast Asia's transportation fleet grew to 3,800 vehicles (1,500 self-owned) as of June 30, 2024, with per-parcel transportation costs decreasing from 0.19 to 0.16[48]−SoutheastAsia′ssortingcentersdecreasedto119asofJune30,2024,with47automatedsortingsystems,andper−parcelsortingcostsdecreasedfrom0.16[48] - Southeast Asia's sorting centers decreased to 119 as of June 30, 2024, with 47 automated sorting systems, and per-parcel sorting costs decreased from 0.09 to 0.06[49]−China′sper−parcelrevenueremainedstableat0.06[49] - China's per-parcel revenue remained stable at 0.34 in H1 2024, while per-parcel costs decreased from 0.34to0.34 to 0.32 through operational optimization[50][51] - China's transportation fleet exceeded 5,900 vehicles (4,200 self-owned) as of June 30, 2024, with per-parcel transportation costs decreasing from 0.08to0.08 to 0.07[52] - China's sorting centers totaled 83 as of June 30, 2024, with 6 new automated sorting lines added in H1 2024, reducing per-parcel sorting costs from 0.06to0.06 to 0.05[52] - New markets' per-parcel revenue increased from 1.60inH12023to1.60 in H1 2023 to 2.14 in H1 2024, while per-parcel costs remained flat at 1.88[53][54]−Totaloperatingcostsandexpensesdecreasedby15.91.88[53][54] - Total operating costs and expenses decreased by 15.9% from 5,623.6 million in the first half of 2023 to 4,731.2millioninthefirsthalfof2024,primarilyduetoasignificantreductioninshare−basedpaymentsandexpensesfrom4,731.2 million in the first half of 2024, primarily due to a significant reduction in share-based payments and expenses from 1,426.9 million to 32.2million[56]−Fulfillmentcostsincreasedby29.932.2 million[56] - Fulfillment costs increased by 29.9% from 1,790.8 million in the first half of 2023 to 2,326.5millioninthefirsthalfof2024,drivenbynetworkexpansionandincreasedparcelvolume[57]−Employeecostsroseby23.32,326.5 million in the first half of 2024, driven by network expansion and increased parcel volume[57] - Employee costs rose by 23.3% from 540.0 million in the first half of 2023 to 665.7millioninthefirsthalfof2024,mainlyduetoincreasedheadcountandhigheraveragewages[57]−Otherlaborcostsincreasedby39.1665.7 million in the first half of 2024, mainly due to increased headcount and higher average wages[57] - Other labor costs increased by 39.1% from 213.3 million in the first half of 2023 to 296.7millioninthefirsthalfof2024,reflectinghigherparcelvolume[58]−SoutheastAsia′scostsgrewby20.2296.7 million in the first half of 2024, reflecting higher parcel volume[58] - Southeast Asia's costs grew by 20.2% from 1,026.0 million in the first half of 2023 to 1,232.7millioninthefirsthalfof2024,drivenbya42.01,232.7 million in the first half of 2024, driven by a 42.0% increase in parcel volume[59] - China's costs increased by 25.4% from 2,220.2 million in the first half of 2023 to 2,784.4millioninthefirsthalfof2024,withparcelvolumerisingby37.12,784.4 million in the first half of 2024, with parcel volume rising by 37.1%[60] - New markets' costs surged by 64.2% from 156.2 million in the first half of 2023 to 256.6millioninthefirsthalfof2024,supportedbya63.9256.6 million in the first half of 2024, supported by a 63.9% increase in parcel volume[60] - Gross margin improved from 4.8% in the first half of 2023 to 11.0% in the first half of 2024, with significant improvements in China and new markets[61] - Sales, general, and administrative expenses decreased by 78.4% from 1,767.9 million in the first half of 2023 to 381.7millioninthefirsthalfof2024,largelyduetoreducedshare−basedpayments[64]−SoutheastAsia:AdjustedEBITDAincreasedby12.9381.7 million in the first half of 2024, largely due to reduced share-based payments[64] - Southeast Asia: Adjusted EBITDA increased by 12.9% from 184.1 million in the first half of 2023 to 207.8millioninthefirsthalfof2024,withadjustedEBITDAmarginsof14.8207.8 million in the first half of 2024, with adjusted EBITDA margins of 14.8% and 13.7% respectively[66] - China: Adjusted EBITDA turned from a loss of 45.0 million in the first half of 2023 to a profit of 198.9millioninthefirsthalfof2024,withadjustedEBITDAmarginsimprovingfrom−2.0198.9 million in the first half of 2024, with adjusted EBITDA margins improving from -2.0% to 6.6%[66] - Cross-border: Adjusted EBITDA loss narrowed from 11.3 million in the first half of 2023 to 7.2millioninthefirsthalfof2024[67]−Newmarkets:AdjustedEBITDAlosssignificantlyimprovedfrom7.2 million in the first half of 2024[67] - New markets: Adjusted EBITDA loss significantly improved from 55.2 million in the first half of 2023 to 7.8millioninthefirsthalfof2024,withtheadjustedEBITDAmarginimprovingfrom−41.67.8 million in the first half of 2024, with the adjusted EBITDA margin improving from -41.6% to -2.7%[67] - Financial costs: Total financial costs remained stable at 45.0 million in the first half of 2024 compared to 44.6millioninthefirsthalfof2023,primarilyduetointerestexpensesonborrowings[68]−Otherincome:Totalotherincomedecreasedto44.6 million in the first half of 2023, primarily due to interest expenses on borrowings[68] - Other income: Total other income decreased to 3.1 million in the first half of 2024 from 12.2millioninthefirsthalfof2023,mainlyduetochangesinsubsidypolicies[69]−Cashflow:Operatingcashflowsignificantlyincreasedto12.2 million in the first half of 2023, mainly due to changes in subsidy policies[69] - Cash flow: Operating cash flow significantly increased to 345.6 million in the first half of 2024 from 2.8millioninthefirsthalfof2023,withcashandcashequivalentstotaling2.8 million in the first half of 2023, with cash and cash equivalents totaling 1,428.2 million as of June 30, 2024[71] - Capital expenditure: Total capital expenditure decreased to 165.2millioninthefirsthalfof2024from165.2 million in the first half of 2024 from 250.6 million in the first half of 2023[73] - Capital commitments: Total capital commitments decreased to 111.8millionasofJune30,2024,from111.8 million as of June 30, 2024, from 134.9 million as of December 31, 2023[74] - The company has 152,145 full-time employees as of June 30, 2024, with competitive compensation packages based on qualifications, expertise, and experience[76] - The company invested approximately 457.0millioninHuisenGlobalLimited′sconvertiblebondsin2022,withanadditional457.0 million in Huisen Global Limited's convertible bonds in 2022, with an additional 58.0 million investment in May 2023[76] - As of June 30, 2024, the fair value of the convertible bonds held in Huisen Global Limited is approximately 484.9million,representing7.3484.9 million, representing 7.3% of the company's total assets[76] - The company recognized a fair value change income of approximately 1.4 million from the Huisen Global Limited investment in the first half of 2024[76] - The company has pledged restricted deposits of 31.2millionascollateralasofJune30,2024[77]−HuisenGlobalLimited,inwhichthecompanyholdssignificantinvestment,isfocusingonexpandingoverseasmarketswhilemaintainingastablepresenceinChina[78]−AsofJune30,2024,thecompanyhasnosignificantinvestmentorcapitalassetplans[78]−ThecompanyhasnosignificantcontingentliabilitiesasofJune30,2024[79]−LiJieholdsapproximately11.1131.2 million as collateral as of June 30, 2024[77] - Huisen Global Limited, in which the company holds significant investment, is focusing on expanding overseas markets while maintaining a stable presence in China[78] - As of June 30, 2024, the company has no significant investment or capital asset plans[78] - The company has no significant contingent liabilities as of June 30, 2024[79] - Li Jie holds approximately 11.11% of the company's issued shares through controlled entities[81] - Tencent Holdings Limited holds approximately 6.81% of the company's issued shares through controlled entities[84] - Li Jie holds 979,333,410 Class A shares, representing approximately 55.56% of the total voting rights for non-reserved matters[90] - Tencent holds a total of 533,278,240 Class B shares through its subsidiaries[86] - Boyu Capital Fund IV, L.P. and related entities hold a total of 460,820,640 Class B shares[87] - The 2024 Share Incentive Plan has an authorized limit of 881,216,623 shares available for grant[89] - The company has a dual-class share structure with Class A shares having 10 votes per share and Class B shares having 1 vote per share[90] - Conversion of all Class A shares to Class B shares would result in 979,333,410 Class B shares, representing approximately 12.50% of total Class B shares[91] - The Pre-IPO Share Incentive Plan involved the issuance of 38,000,000 Class A shares to NP Investment Platform Limited[88] - Guangdong Oujia Holdings Co., Ltd. holds approximately 65.9% of Team Spirit Group Limited, which owns 373,175,910 Class B shares[85] - The company's global offering raised a net amount of HKD 3,553.50 million, with 30% (HKD 1,066.05 million) allocated to expanding logistics networks, 30% (HKD 1,066.05 million) for entering new markets, 30% (HKD 1,066.05 million) for R&D and technological innovation, and 10% (HKD 355.35 million) for general corporate purposes and working capital[96] - As of June 30, 2024, the company had utilized USD 286.5 million of the net proceeds, with USD 58.0 million spent on logistics network expansion, USD 83.0 million on service expansion, USD 129.0 million on R&D and technological innovation, and USD 16.5 million on general corporate purposes[97] - The company plans to fully utilize the remaining net proceeds by the end of 2027[97] - The company has appointed Shang Quanxi and Zheng Chengjie as joint company secretaries, with an exemption granted by the Stock Exchange for Shang Quanxi's qualification, valid for three years from her appointment date[94] - The company's board of directors has deviated from the Corporate Governance Code by having Mr. Li Jie serve as both Chairman and CEO, citing his extensive experience and the need for consistent leadership[93] - The company has established an audit committee, corporate governance committee, nomination committee, and remuneration committee to oversee governance and financial matters[101] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period and holds no treasury shares as of June 30, 2024[98] - The company has confirmed that all directors complied with the standard code for securities transactions during the reporting period, with no violations detected[95] - The company secured a financing agreement with a total facility of up to 674.0 million in USD, HKD 1,362.0 million, and RMB 2,871.4 million[103] - The financing agreement has a term of 36 months from the date of the first drawdown[103] - The company did not declare an interim dividend for the period ending June 30, 2024[103] - The company's financial costs increased to 62.2millioninH12024,upfrom62.2 million in H1 2024, up from 56.0 million in H1 2023[108] - Total assets increased to 6,653,998thousandasofJune30,2024,comparedto6,653,998 thousand as of June 30, 2024, compared to 6,601,414 thousand at the end of 2023[110] - Non-current assets decreased to 3,277,133thousandfrom3,277,133 thousand from 3,464,108 thousand, primarily due to a reduction in intangible assets and investment properties[110] - Current assets rose to 3,376,865thousand,upfrom3,376,865 thousand, up from 3,137,306 thousand, driven by an increase in cash and cash equivalents and prepayments[110] - Total liabilities increased to $4