On March 7th, the digital freight platform YMM. US released its fourth quarter and full year performance reports for the year ended December 31, 2023, ahead of the US stock market.
In the fourth quarter of 2023, Manbang achieved a revenue of 2.41 billion yuan (RMB, the same below), a year-on-year increase of 25.3%, and a net profit of 730 million yuan (64.4%) under non US accounting standards.
For the entire year of 2023, both Manbang's operating revenue and net profit under non US accounting standards reached historic highs. During the reporting period, the operating revenue was 8.44 billion yuan, a year-on-year increase of 25.3%. The net profit under non US accounting standards was approximately 2.8 billion yuan, a year-on-year increase of 100.4%, doubling from last year's level and significantly improving profitability.
According to the financial report, Manbang achieved a net profit of 410 million yuan for the same period in 2022, marking the first full year profit since its listing in 2021. By the end of fiscal year 2023, Manbang has achieved profitability for two consecutive full fiscal years.
Man Bang held a performance conference call before the market, and the management revealed that multiple operational data of the platform reached new highs in the fourth quarter of 2023.
In terms of user data, the monthly active number of shippers reached 2.24 million, a year-on-year increase of nearly 19%, reaching a historic high. Among them, the number of direct customers and shippers continued to grow, with the increase mainly coming from low-frequency direct customers or non member shippers. The number of active drivers in the past 12 months has reached 3.88 million. The scale of users on both ends of the company and goods continues to expand.
Looking further at the shipowner side, as the platform's penetration rate of high-quality direct customer shippers increases, the shipowner user structure continues to optimize, driving the fulfillment rate to continuously increase. In the fourth quarter, the proportion of fulfilled orders from direct customers and shippers exceeded 45% for the first time, setting a new historical high.
In terms of performance data, in the fourth quarter of 2023, the number of fulfilled orders reached 45.8 million, a year-on-year increase of over 40%, and the performance rate reached a historic high of 32%. In 2023, the total number of fulfilled orders reached 160 million, a year-on-year increase of 33.4%.
The continuous growth of user scale and order quantity reflects strong user demand, which is highly consistent with the trend of small and medium-sized enterprises increasingly seeking more efficient and cost-effective online logistics solutions.
The management of Manbang stated that the platform operation data confirms the overall trend of China's highway logistics shifting from traditional inefficient offline models to cost-effective online models. In 2023, while complying with the trend of improving efficiency and reducing costs in the freight industry, the platform will continue to promote the online, digital, and intelligent development of the highway freight industry. At the same time, it will gain insight into the urgent needs of millions of small and medium-sized enterprises in China for high-quality, high flexibility, cost friendly, and comprehensive service supply of transportation capacity. It will focus on building a one-stop logistics platform, and better empower small and medium-sized enterprise users with digital technology by polishing product functions and improving operational efficiency, Effectively reducing the cost burden of its logistics process, thereby bringing better profits to its commercial flow.