Financial Performance - Revenue for the fiscal year 2023 reached 7,267.428 million in 2022[1] - Adjusted net loss improved significantly to 1,488.297 million in 2022[1] - Adjusted EBITDA turned positive at 894.090 million in 2022[1] - Gross profit for 2023 was 270.238 million in 2022[57] - The company reported a net loss of 1,572.567 million in 2022[57] - Adjusted EBITDA for 2023 was 894,090 thousand[108] - The company reported a net loss attributable to owners of 1,656,168 thousand in 2022[110] - Basic loss per share for 2023 was 26.3 cents, compared to a basic earnings per share of 54.8 cents in 2022[110] Regional Revenue and Market Share - Southeast Asia segment revenue grew to 2,381.726 million in 2022, with a market share increase to 25.4% from 22.5%[3][4] - China segment revenue increased to 4,096.177 million in 2022, with a market share rise to 11.6% from 10.9%[3][4] - New markets segment revenue surged to 81.767 million in 2022, with market share jumping to 6.0% from 1.6%[3][4] - Southeast Asia revenue increased by 10.6% from 2,633.4 million in 2023, with parcel volume growing by 28.9% to 3.24 billion pieces and market share reaching 25.4%[67] - China revenue grew by 27.7% from 5,229.3 million in 2023, with parcel volume increasing by 27.6% to 15.34 billion pieces and market share reaching 11.6%[68] - New markets revenue surged by 299.7% from 326.8 million in 2023, driven by a 369.0% increase in parcel volume to 230.3 million pieces and market share rising to 6.0%[68] Parcel Volume and Delivery Metrics - Southeast Asia parcel volume grew by 28.9% to 3,240.0 million pieces in 2023, up from 2,513.2 million pieces in 2022[4] - China parcel volume increased by 27.6% to 15,341.4 million pieces in 2023, up from 12,025.6 million pieces in 2022[4] - New markets parcel volume soared by 369.0% to 230.3 million pieces in 2023, up from 49.1 million pieces in 2022[4] - The company processed 18.81 billion parcels in 2023, a 29.0% YoY increase from 14.59 billion in 2022[19] - Southeast Asia parcel volume increased by 28.9% YoY in 2023, with average delivery time reduced by 6.5% and customer complaint rate continuously declining[26][27] - China parcel volume reached 15.34 billion in 2023, a 27.6% YoY increase, capturing 11.6% market share and ranking 6th among Chinese peers[29][30] - New market parcel volume grew by 369.0% year-over-year, with per-parcel revenue decreasing from 1.42 in 2023[75] Operational Efficiency and Cost Management - Southeast Asia's per-parcel cost decreased from 0.67 in 2023, an 11.8% reduction[27] - Southeast Asia adjusted EBITDA reached 0.40 in 2022 to 0.09 to 0.08 to 2.05 in 2022 to 0.40 in 2022 to 0.95 in 2022 to 0.76 in 2022 to 189.74 billion in 2023, with e-commerce penetration reaching 18.2%, up 2.6 percentage points[6] - Social e-commerce retail transaction volume reached 163.79 billion in 2019 to 109.96 billion in 2023, a 27.1% YoY increase, with a projected CAGR of 21.3% from 2024 to 2028[15] - E-commerce penetration rate in new markets was 14.7% in 2023, expected to grow to 32.5% by 2028[15] Strategic Initiatives and Expansion - The company plans to expand into the Middle East and Latin America markets, leveraging existing market knowledge and capabilities[55] - The company will invest in automation equipment and AI technology to enhance sorting efficiency and accuracy in its logistics centers[54] - The company will increase the use of RFID technology and invest in intelligent management systems to monitor and optimize energy and water usage[56] - The company's express delivery business spans 13 countries, including 5 new market countries: Saudi Arabia, UAE, Mexico, Brazil, and Egypt[18] - The company's network covers over 99% of county-level regions in China and over 95% in new markets, with 8,500 network partners and 19,600 service points[20] - The company operates 237 transit centers, over 3,900 trunk lines, and more than 9,600 trunk vehicles, including over 5,100 self-owned vehicles[20] - The company strengthened partnerships with global and local e-commerce platforms, including Shopee, AliExpress, Shein, Temu, TikTok, and Kwai, to enhance cross-border and local logistics services[37] Corporate Governance and Compliance - The company has deviated from the Corporate Governance Code by having Mr. Li Jie serve as both Chairman and CEO, citing his extensive experience and the need for consistent leadership[116] - The company did not purchase, sell, or redeem any of its listed securities during the year ended December 31, 2023[118] - The Board of Directors does not recommend the payment of a final dividend for the year ended December 31, 2023[120] - The Audit Committee reviewed the audited consolidated financial statements for the year ended December 31, 2023, and discussed accounting policies, risk management, and internal controls with senior management and auditors[121] - The company has adopted the Standard Code for Securities Transactions by Directors and confirmed that all directors complied with the code during the reporting period[117] - The company will continue to review and strengthen its corporate governance practices to ensure compliance with the Corporate Governance Code[117] Financial Risks and Capital Expenditure - Foreign exchange risk: If the RMB appreciates or depreciates by 5% against the USD, the pre-tax loss for 2022 and 2023 would decrease or increase by 4,055,000 respectively[92] - Foreign exchange risk: If the Indonesian Rupiah appreciates or depreciates by 5% against the USD, the pre-tax profit for 2022 and 2023 would decrease or increase by 2,185,000 respectively[92] - Foreign exchange risk: If the Thai Baht appreciates or depreciates by 5% against the USD, the pre-tax loss for 2022 and 2023 would increase or decrease by 185,000 respectively[92] - Foreign exchange risk: If the Vietnamese Dong appreciates or depreciates by 5% against the USD, the pre-tax profit for 2023 would increase or decrease by 451,000[93] - Foreign exchange risk: If the Singapore Dollar appreciates or depreciates by 5% against the USD, the pre-tax loss for 2022 and 2023 would increase or decrease by 35,000 respectively[94] - Foreign exchange risk: If the Philippine Peso appreciates or depreciates by 5% against the USD, the pre-tax profit for 2022 and 2023 would decrease or increase by 4,454,000 respectively[94] - Capital expenditure: Total capital expenditure for 2023 and 2022 was 580.7 million respectively[95] - Capital expenditure commitments: As of December 31, 2023, the company had capital expenditure commitments of 117,311 thousand for buildings and 63,789,000, resulting in goodwill of 342.0 million in cash from operating activities in 2023, compared to 1,483.2 million as of December 31, 2023[91] - The company's debt-to-asset ratio improved to 62.4% as of December 31, 2023, from 184.0% in 2022[91] - Cash flow from operating activities improved to 519,817 thousand in 2022[103] - Cash and cash equivalents at the end of 2023 were 1,504,048 thousand at the end of 2022[103] Accounting and Financial Reporting - The company adopted new or revised accounting standards effective January 1, 2023, with no material impact on financial statements[104] - The company expects no significant impact from future adoption of new or revised accounting standards, except for IAS 1 amendments[106] - Trade receivables as of the end of 2023 amounted to 319,037 thousand due within 1 month[114] - Trade payables as of the end of 2023 totaled 433,167 thousand due within 3 months[115]
极兔速递-W(01519) - 2023 - 年度业绩