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BEST Inc. (NYSE: BEST) is a premier smart supply chain solutions and logistics services provider, primarily operating in China and Southeast Asia. The company uses its proprietary technology platform to enable participants in its ecosystem to manage their business operations via various SaaS-based applications. BEST Inc. applies its technological innovations to network and route optimization, swap bodies, sorting line automation, smart warehouses, and store management, among others. The company offers a broad array of integrated services and solutions across the supply chain, encompassing warehouse management, order fulfillment, express delivery, freight, and other related services.
BEST Inc. serves a diverse client base, including multinational corporations and small and medium-sized enterprises. Its express delivery services are complemented by door-to-door integrated cross-border supply chain services, facilitating international express, less-than-truckload, fulfillment, and freight forwarding through its extensive network of transportation and warehouse partners. With a focus on digital transformation, the company continues to enhance service quality and operational efficiency, ensuring a smarter, more efficient supply chain.
Recent achievements include solid financial performance in the second quarter of 2023, with notable improvements in gross margin and net loss reduction. Both BEST Freight and BEST Supply Chain Management reported positive operating cash flow. The company also saw significant growth in its cross-border business. Strategic partnerships, such as the recent collaboration with Techcombank for promoting cashless payments, demonstrate BEST Inc.'s commitment to innovation and enhancing customer experience.
Despite facing challenges such as compliance with NYSE listing standards, BEST Inc. remains steadfast in its mission to empower businesses and enrich life through technology. The ongoing strategic initiatives and refocusing plans aim to drive sustainable growth and long-term value creation.
For the latest updates and detailed information, please visit the company’s investor relations website: http://www.best-inc.com/en/.
BEST Inc., a leading provider of smart supply chain and logistics services, has officially launched cross-border supply chain services and SaaS solutions in Indonesia. This expansion marks a significant step in BEST's strategic layout in Southeast Asia, following investments in Thailand, Vietnam, Malaysia, Singapore, and the Philippines. BEST's global service revenue in 2023 reached RMB 947 million (USD 133 million), with parcel volume in Southeast Asia increasing by 14.6% to about 140 million pieces.
Indonesia, as the largest economy in Southeast Asia, is expected to grow by 5% in 2024 and 5.1% in 2025 and 2026, according to the World Bank. BEST Inc. aims to leverage its technological advantages and expand its service network to meet customer needs in this promising market.
BEST Inc. (NYSE: BEST) has entered into a definitive agreement for a 'going private' transaction with BEST Global Partners and Phoenix Global Partners. The merger, valued at approximately $54.2 million, will make BEST an indirect, wholly-owned subsidiary of BEST Global Partners. Each American Depository Share (ADS) will be exchanged for $2.88 in cash, representing a premium of 25.2% over the closing price on June 18, 2024. The transaction is expected to close in Q3 2024, subject to shareholder approval and customary closing conditions. Upon completion, BEST’s ADSs will be delisted from the NYSE.
BEST Inc. (NYSE: BEST) announced its unaudited financial results for Q1 2024, reporting revenue of RMB1,942.0 million (US$269.0 million), a 13.2% increase year-over-year. Gross profit was RMB55.2 million (US$7.6 million), reversing a gross loss from the previous year. Net loss from continuing operations improved to RMB172.1 million (US$23.8 million) from RMB257.6 million in Q1 2023. Diluted loss per ADS from continuing operations was RMB8.69 (US$1.20), down from RMB12.38. Adjusted EBITDA was negative RMB126.3 million (US$17.5 million), an improvement from negative RMB206.8 million.
BEST Freight saw a 16.3% revenue growth, while BEST Global's revenue increased by 42.6%, driven by e-commerce and cross-border business growth. However, BEST Supply Chain Management's revenue declined by 6.6% due to discontinuation of non-profitable key accounts. Operating expenses were reduced by 11.3% of revenue. Cash and cash equivalents stood at RMB2,095.8 million (US$290.3 million). The company terminated its share repurchase program, having repurchased 1,265,685 ADSs for US$3.3 million.
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