Financial Performance - Adjusted net profit for the fiscal year 2023 reached RMB 9 billion, an increase of 32.3%[3] - Revenue for Q4 2023 was RMB 10,619.4 million (USD 1,495.7 million), a growth of 7.6% compared to Q4 2022[5] - Gross profit for Q4 2023 was RMB 3,128.2 million (USD 440.6 million), up 12.8% year-over-year[5] - Net profit for Q4 2023 was RMB 2,209.8 million (USD 311.2 million), an increase of 3.8% from Q4 2022[5] - Total revenue amounted to RMB 10,619.4 million (USD 1,495.7 million), representing a growth of 7.6% from RMB 9,871.3 million in 2022[10] - Gross profit reached RMB 11,662.5 million ($1,642.6 million), a 29.0% increase from RMB 9,039.3 million last year, improving the gross margin from 25.6% to 30.4%[19] - Net profit amounted to RMB 8,754.5 million ($1,233.0 million), a 31.5% increase from RMB 6,659.0 million last year[20] - Adjusted net profit was RMB 9,005.9 million ($1,268.5 million), up from RMB 6,806.0 million last year[20] - Total revenue for the year ended December 31, 2023, reached RMB 8,749,004, an increase from RMB 6,809,056 in 2022, marking a growth of approximately 28.5%[41] Operational Metrics - Total package volume for the year reached 30.2 billion, expanding market share to 22.9%[3] - The company maintained high service quality and customer satisfaction while increasing its package volume by 5.8 billion, a year-over-year growth of 23.8%[4] - The total package volume reached 8.705 billion, an increase of 32.0% compared to 6.593 billion in the same period of 2022[7] - The company utilized 464 sets of automated sorting equipment as of December 31, 2023, compared to 458 sets a year earlier, enhancing overall sorting operational efficiency[12] - The company operates a highly scalable network partner model, which is deemed suitable for supporting the rapid growth of e-commerce in China[31] Cash Flow and Investments - Operating cash flow for the fiscal year 2023 was RMB 13,361.0 million (USD 1,881.9 million), compared to RMB 11,479.3 million in 2022[6] - Capital expenditures for 2023 were RMB 6.7 billion, with cash flow from operating activities increasing by 16.4% to RMB 13.4 billion[9] - The company reported a net cash outflow from investing activities of RMB 12.25 billion for the year 2023, compared to an outflow of RMB 16.04 billion in 2022, indicating improved cash management[36] - The net cash used in financing activities for the year 2023 was RMB 769 million, compared to an outflow of RMB 1.71 billion in 2022, indicating a reduction in financing costs[36] Shareholder Returns - The company plans to distribute a cash dividend of USD 0.62 per share for 2023, with a dividend payout ratio of no less than 40% for 2024[9] - The company declared a cash dividend of $0.62 per American Depositary Share, representing a 68% increase from the previous fiscal year, with a payout ratio of 40%[22] - The board approved a semi-annual cash dividend policy starting in 2024, with total annual dividends not less than 40% of distributable profits[23] - The company announced a $500 million expansion of its share repurchase program[4] - The share repurchase program was expanded to $2 billion, with a remaining available fund of $437.0 million as of December 31, 2023[24] Future Outlook - The company expects total package volume for 2024 to be between 34.73 billion and 35.64 billion pieces, representing a year-on-year growth of 15% to 18%[25] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[41] Risks and Management - The company faces inherent risks and uncertainties that could lead to significant differences between actual results and forward-looking statements, including reliance on third-party e-commerce platforms[32] - The company emphasizes that non-GAAP metrics should not be considered in isolation from GAAP metrics, and encourages investors to review comprehensive financial data[28] - The management believes that these non-GAAP metrics help identify fundamental business trends and provide useful insights into past performance and future prospects[28] - The management team will discuss performance summaries, user data, future outlook, and guidance during the earnings call[30] Earnings Call Information - The upcoming earnings conference call is scheduled for March 19, 2024, at 8:30 PM ET, with dial-in details provided for various regions[30]
中通快递(02057) - 2023 Q4 - 季度业绩