Financial Performance - Adjusted net profit increased by 15.8% to RMB 2.224 billion in Q1 2024[3] - Revenue reached RMB 9.960 billion (USD 1.379 billion), a 10.9% increase from RMB 8.983 billion in Q1 2023[4] - Gross profit rose by 19.0% to RMB 3.002 billion (USD 415.8 million) from RMB 2.523 billion in the same period last year[4] - Adjusted EBITDA increased by 16.8% to RMB 3.660 billion (USD 507.0 million) compared to RMB 3.133 billion in Q1 2023[4] - Basic and diluted earnings per American Depositary Share (ADS) decreased by 14.5% to RMB 1.77 (USD 0.25) compared to RMB 2.07 in Q1 2023[4] - Net profit decreased by 13.0% to RMB 1,447.7 million (USD 200.5 million) compared to RMB 1,664.8 million in the same period last year[12] - Adjusted net profit was RMB 2,224.0 million (USD 308.0 million), up from RMB 1,919.8 million in the same period last year[12] - The company’s total comprehensive income for the three months ended March 31, 2024, was RMB 1,365,417, compared to RMB 1,689,607 for the same period in 2023, a decrease of about 19%[24] Operational Metrics - Package volume grew by 13.9% to 7.171 billion pieces compared to Q1 2023[5] - The core revenue from express delivery services grew by 11.0% year-on-year, attributed to a 13.9% increase in package volume, despite a 2.5% decline in unit price[7] - Operating cash flow was RMB 2.031 billion (USD 281.3 million), down from RMB 2.738 billion in Q1 2023[4] - Operating costs increased by 7.7% year-on-year to RMB 6.96 billion (USD 963.7 million)[8] - The unit transportation cost decreased by 7.0%, benefiting from improved economies of scale and optimized routing[9] - The company maintains a business volume guidance of 34.73 billion to 35.64 billion packages for the year, with a growth rate of 15%-18%[6] - The company expects package volume for 2024 to be between 34.73 billion and 35.64 billion, representing a year-over-year growth of 15% to 18%[13] Investments and Acquisitions - The company reported an investment impairment of RMB 478.4 million (USD 66.3 million) due to Alibaba's offer to acquire all outstanding shares of Cainiao Smart Logistics Network[11] - The company accepted Alibaba's offer to acquire its entire stake in Cainiao for approximately USD 94.3 million, with an investment cost of USD 54.0 million[14] Taxation and Expenses - Income tax expense was RMB 566.3 million (USD 78.4 million), an increase from RMB 455.0 million in the same period last year, with an overall tax rate increase of 6.8 percentage points[12] Leadership Changes - The company appointed Mr. Zhu Jingxi as the new CEO, previously serving as Vice President of Information Technology[15] Cash Flow and Assets - Cash flow from operating activities was RMB 2,031,020 thousand, compared to RMB 2,737,974 thousand for the same period in 2023, indicating a decrease of 25.8%[27] - The company's cash and cash equivalents amounted to RMB 12,583,834 thousand, a slight increase from RMB 12,333,884 thousand as of December 31, 2023, representing a growth of 2.02%[26] - The total assets as of March 31, 2024, were RMB 89,875,357 thousand, down from RMB 88,465,221 thousand as of December 31, 2023, reflecting a decline of 1.58%[26] - The total liabilities as of March 31, 2024, were RMB 31,485,000 thousand, a decrease from RMB 28,184,813 thousand as of December 31, 2023, reflecting a decline of 1.5%[26] - The company's total equity increased to RMB 58,390,357 thousand as of March 31, 2024, from RMB 60,280,408 thousand as of December 31, 2023, indicating a decrease of 3.1%[26] Currency and Exchange Rates - The exchange rate used for conversion is RMB 7.2203 to USD 1 as of March 29, 2024[16]
中通快递(02057) - 2024 Q1 - 季度业绩