极兔速递-W(01519) - 2023 - 年度财报

Global Expansion and Market Penetration - J&T Express achieved a peak daily order volume of 50 million in China in 2022[3] - The company expanded into 5 new countries during the pandemic, entering the Middle East, Latin America, and North Africa[3] - J&T Express operates in 17,508 islands in Indonesia, ensuring last-mile delivery even to remote locations[4] - In Saudi Arabia, the company's logistics network spans 5,000 kilometers, overcoming local transportation bottlenecks[4] - The company's global strategy focuses on deep penetration into every island, desert, and remote town[5] - J&T Express emphasizes the importance of respecting and understanding local cultures in its international expansion[4] - The company's entry into the Chinese market in 2019 was described as a high-risk, high-reward move[6] - J&T Express attributes 90% of its success to favorable market opportunities, particularly in Indonesia and China[6] - The company handled 18.81 billion parcels in 2023, a 29.0% YoY increase, with a 369.0% YoY growth in new markets[27] - The company's market share in Southeast Asia increased to 25.4% in 2023 from 22.5% in 2022[27] - The company's market share in China increased to 11.6% in 2023 from 10.9% in 2022[27] - The company's market share in new markets increased to 6.0% in 2023 from 1.6% in 2022[27] - The company achieved over 95% coverage in new markets and over 99% coverage at the county level in China[28] - The company processed a peak of over 16 million parcels per day during the "Double 12" period in Southeast Asia in 2023[29] - The company processed 3.24 billion parcels in Southeast Asia in 2023, a 28.9% YoY increase from 2.51 billion in 2022[30] - The company's market share in Southeast Asia increased to 25.4% in 2023, up 2.9 percentage points from 22.5% in 2022[30] - The company processed 230.3 million parcels in new markets in 2023, a 369.0% YoY increase from 49.1 million in 2022, with market share rising from 1.6% to 6.0%[43][44] - The company strengthened partnerships with cross-border and local e-commerce platforms in new markets, including Shopee, AliExpress, Shein, and Noon[45] - The company invested in infrastructure in new markets, operating 35 transit centers, over 200 trunk vehicles, and more than 1,300 service points as of December 31, 2023[46] - J&T Express holds a 25.4% market share in Southeast Asia by parcel volume in 2023, ranking first for four consecutive years[47] - In China, J&T Express achieved an 11.6% market share in 2023, ranking sixth and increasing by 0.7 percentage points compared to 2022[48] - J&T Express processed 32.4 billion parcels in Southeast Asia in 2023, leading the market[48] - In China, J&T Express handled 153.4 billion parcels in 2023, ranking sixth with an 11.6% market share[50] - J&T Express increased its market share in new markets from 1.6% in 2022 to 6.0% in 2023, a 4.4 percentage point increase[50] - J&T Express operates in Brazil, Mexico, Saudi Arabia, and Egypt, ranking in the top five by parcel volume in these markets in 2023[50] - J&T Express collaborates with major e-commerce platforms including Shopee, Lazada, TikTok, and Temu, enhancing its logistics service competitiveness[49] - The company’s regional agent model enables efficient network management and rapid market entry, reducing capital expenditure[52] - J&T Express focuses on technology R&D, such as developing an order management system tailored for overseas social e-commerce scenarios[49] - The company’s global network supports cross-border e-commerce by providing last-mile delivery services, leveraging its local infrastructure in Southeast Asia and new markets[51] - Geographic coverage in new markets has reached over 95%, with plans to further deepen and densify network coverage[58] - Focus on entering new markets in the Middle East and Latin America, leveraging existing market knowledge and capabilities[59] Financial Performance - Revenue for 2023 reached $8,849,251 thousand, a significant increase from$7,267,428 thousand in 2022[15] - Gross profit for 2023 was $472,798 thousand, compared to a gross loss of$270,238 thousand in 2022[15] - Operating loss for 2023 was $1,766,550 thousand, an increase from$1,389,565 thousand in 2022[15] - Total assets for 2023 amounted to $6,601,414 thousand, up from$5,935,559 thousand in 2022[15] - Adjusted net loss for 2023 was $432,277 thousand, an improvement from$1,488,297 thousand in 2022[15] - Non-current assets for 2023 were $3,464,108 thousand, up from$3,089,262 thousand in 2022[15] - Current assets for 2023 were $3,137,306 thousand, compared to$2,846,297 thousand in 2022[15] - Total equity for 2023 was $2,479,599 thousand, a significant improvement from a deficit of$4,984,248 thousand in 2022[15] - Revenue for 2023 reached $8,849,251 thousand, compared to$7,267,428 thousand in 2022[62] - Gross profit for 2023 was $472,798 thousand, a significant improvement from a gross loss of$270,238 thousand in 2022[62] - Adjusted EBITDA for 2023 was $146,694 thousand, compared to a loss of$894,090 thousand in 2022[62] - Total revenue increased by 21.8% from $7,267.4 million in 2022 to$8,849.3 million in 2023, driven by growth in express services across 13 countries[65] - Express service revenue grew by 24.7% from $6,483.0 million in 2022 to$8,086.8 million in 2023, with parcel volume increasing by 29.0% from 14.59 billion to 18.81 billion[66] - Southeast Asia revenue increased by 10.6% from $2,381.7 million in 2022 to$2,633.4 million in 2023, with parcel volume rising by 28.9% from 2,513.2 million to 3,240.0 million[71] - China revenue grew by 27.7% from $4,096.2 million in 2022 to$5,229.3 million in 2023, with parcel volume increasing by 27.6% from 12,025.6 million to 15,341.4 million[72] - New markets revenue surged by 299.7% from $81.8 million in 2022 to$326.8 million in 2023, with parcel volume growing by 369.0% from 49.1 million to 230.3 million[72] - Cross-border revenue decreased by 6.8% from $707.8 million in 2022 to$659.8 million in 2023 due to business transformation adjustments[72] - Rental income increased by 23.7% from $44.4 million in 2022 to$54.9 million in 2023, driven by vehicle leasing in Southeast Asia and reusable bag leasing in China[68] - Sales of accessories revenue rose by 39.8% from $23.7 million in 2022 to$33.2 million in 2023, primarily due to increased sales of express-related materials[69] - Other income grew by 70.6% from $8.6 million in 2022 to$14.6 million in 2023, mainly due to increased transportation income[69] - Southeast Asia's single-ticket revenue decreased from $0.95 in 2022 to$0.81 in 2023, attributed to promotional activities and strategic price adjustments[73] - Southeast Asia's single-ticket cost decreased from $0.76 in 2022 to$0.67 in 2023, driven by operational optimizations and leveraging China's express delivery experience[74] - The number of Southeast Asia outlets exceeded 10,600, managing over 2,400 network partners, with single-ticket pickup and delivery costs reduced from $0.43 to$0.40[74] - Southeast Asia's transportation fleet grew to over 3,300 vehicles, with single-ticket transportation costs decreasing from $0.22 to$0.17[74] - China's single-ticket revenue remained stable at $0.34 in 2023, with single-ticket costs dropping from$0.40 to $0.34 due to refined management[76][77] - China's transportation fleet exceeded 6,100 vehicles, with single-ticket transportation costs reduced from$0.09 to $0.07[78] - New market single-ticket revenue decreased from$1.67 in 2022 to $1.42 in 2023, while single-ticket costs dropped from$2.05 to $1.41[79][80] - Total operating costs and expenses increased by 21.9$8,677.7 million in 2022 to $10,580.0 million in 2023, primarily due to rising fulfillment costs[81] - Fulfillment costs increased by 25.7$3,320.2 million in 2022 to $4,172.9 million in 2023, accounting for 45.7$1,290.3 million in 2022 to $1,194.0 million in 2023, primarily due to a decline in share-based compensation expenses[82] - Southeast Asia revenue grew by 13.5$1,905.7 million in 2022 to $2,163.1 million in 2023, driven by a 28.9$4,760.9 million in 2022 to $5,170.4 million in 2023, with parcel volume rising by 27.6$100.8 million in 2022 to $325.2 million in 2023, supported by a 369.0$894.1 million in 2022 to a profit of $146.7 million in 2023[90] - Southeast Asia's adjusted EBITDA rose by 13.3$331.6 million in 2022 to $375.7 million in 2023, with margins improving from 13.9$30.7 million in 2023, compared to a loss of $722.7 million in 2022[91] - Cross-border adjusted EBITDA loss increased to$107.0 million in 2023 from $95.1 million in 2022, primarily due to one-time costs from the shutdown of cross-border parcel business in Q4 2023[92] - New markets adjusted EBITDA loss improved to$81.7 million in 2023 from $73.7 million in 2022, with adjusted EBITDA rate improving from -90.2$80.3 million in 2023 compared to $77.5 million in 2022, mainly due to interest expenses on borrowings[93] - Other income decreased to$46.3 million in 2023 from $98.1 million in 2022, primarily due to policy changes affecting subsidy income[94] - Cash and cash equivalents totaled$1,483.2 million as of December 31, 2023, with operating cash flow of $342.0 million compared to cash used in operations of$519.8 million in 2022[95] - The company's debt-to-asset ratio improved to 62.4% as of December 31, 2023, from 184.0% as of December 31, 2022[95] - Capital expenditures totaled $474.6 million in 2023, down from$580.7 million in 2022[98] - The company acquired Shenzhen Fengwang Information for $63.8 million in May 2023, recognizing goodwill of$33.6 million[100] - The company had 149,186 full-time employees as of December 31, 2023[101] - The company's restricted deposits as collateral amounted to $32.6 million as of December 31, 2023, compared to$41.7 million in the previous year[103] - The company holds convertible bonds issued by Huisen Global Limited with a fair value of approximately $483.5 million, representing 7$3.2 million on its investment in Huisen Global Limited's convertible bonds in 2023[104] - Huisen Global Limited plans to expand into new markets including the Philippines, Vietnam, Mexico, and Singapore, in addition to its existing presence in Indonesia and Malaysia[104] - The company has no significant investment or capital asset plans as of December 31, 2023[104] - The company has no significant contingent liabilities as of December 31, 2023[104] - The company raised a net amount of HKD 3,553.50 million from its global offering, with 30% allocated to expanding logistics networks, 30% to entering new markets, 30% to R&D and technological innovation, and 10% for general corporate purposes[161] - As of December 31, 2023, the company had utilized HKD 167.8 million of the net proceeds from the global offering, with HKD 286.5 million remaining unused[162] - The company listed on the Hong Kong Stock Exchange on October 27, 2023, issuing 326,550,400 B shares at HKD 12.00 per share[160] - The company plans to fully utilize the remaining net proceeds from the global offering by the end of 2027[162] Market Trends and Industry Growth - Southeast Asia's nominal GDP reached $3.8 trillion in 2023, with a year-on-year growth of 6.5$1.0 trillion in 2023, with a year-on-year growth of 5.2%[17] - Southeast Asia's e-commerce retail market transaction volume grew by 22.6% YoY to $189.74 billion in 2023, with e-commerce penetration reaching 18.2$81.95 billion in 2023, accounting for 43.2% of the total e-commerce retail market, with a YoY growth of 36.2%[18] - Southeast Asia's express delivery market handled 12.75 billion parcels in 2023, a YoY increase of 14.4%, with a projected CAGR of 15.0% from 2024 to 2028[19] - China's GDP exceeded RMB 126.1 trillion in 2023, growing by 5.2% YoY, with consumption contributing 82.5% to economic growth[20] - China's e-commerce retail market reached RMB 13.0 trillion in 2023, with a YoY growth of 8.4% and an e-commerce penetration rate of 27.6%[21] - China's social e-commerce market grew from $163.79 billion in 2019 to$742.67 billion in 2023, with a CAGR of 45.9%[21] - China's express delivery industry handled 132.07 billion parcels in 2023, a YoY increase of 19.4%, with service quality improving significantly[22] - New market nominal GDP grew by 8.0% YoY in 2023, reaching $5.9 trillion, with a projected CAGR of 5.1$109.96 billion in 2023, a 27.1% YoY increase, with a projected CAGR of 21.3% from 2024 to 2028[24] - New market express delivery parcel volume reached 3.87 billion in 2023, a 25.0% YoY increase, with a projected CAGR of 18.3% from 2024 to 2028[25] - The global e-commerce retail transaction volume is projected to grow at a CAGR of 9% from 2024 to 2028, with the company's 13 markets exceeding this growth rate[57] - Southeast Asia e-commerce and express delivery market projected to grow at a CAGR of 17.7% and 15.0% respectively over the next five years[58] Operational Efficiency and Cost Management - The company's average single-ticket cost in Southeast Asia decreased by 11.8% YoY to $0.67 in 2023 from$0.76 in 2022[33] - Adjusted EBITDA in Southeast Asia reached $375.7 million in 2023, a 13.3% YoY increase, with an adjusted EBITDA margin of 14.3%, up 0.4 percentage points from 13.9% in 2022[34] - The company's average delivery time in Southeast Asia decreased by 6.5% YoY in 2023, while customer complaint rates continued to decline[32] - The company's cost reduction strategy in Southeast Asia, driven by operational optimization and leveraging China's experience, enabled