HANGZHOU, November 23, 2023/PRNewswire/ -- Baishi Group (NYSE: BEST, “Baishi” or “Group”), a leading provider of smart supply chain solutions and logistics services in China and Southeast Asia, has released unaudited financial results for the third quarter of 2023.
Baishi Group Releases Results Report for the Third Quarter of 2023
Financial data shows that in the third quarter, the Group's revenue increased 9.7% year on year to 2.23 billion yuan, gross margin increased 4.2 percentage points year on year, and gross profit was 51.8 million yuan.
During the financial reporting period, Baishi Express's quality-focused and efficient measures continued to work. As single ticket revenue increased, its revenue increased 10.0% year over year to 1.46 billion yuan, and gross margin increased 6.2 percentage points year over year.
Baishi Supply Chain continues to maintain its leading position in the industry. Revenue increased 0.9% year over year to 470 million yuan, and gross margin reached 9.1%, an increase of 1.9 percentage points over the previous year.
Baishi International continued to optimize the organization and improve service quality, and revenue increased 30.2% year over year to 280 million yuan. The volume of express parcels in Southeast Asia increased by 44.9% year on year, with Vietnam and Malaysia increasing by 64.9% and 122.0% year on year, respectively. Cross-border business volume increased by 41.2% month-on-month.
As of the end of the quarter, the Group's cash and cash equivalents, restricted cash and short-term investments reached $2.36 billion.
In the future, the Group will continue to deepen its multi-business collaboration strategy, with supply chain business as the core, express delivery and international business as the carrier, to provide customers with high-quality global supply chain services.