BEST (BEST) investor relations material

Executive summary

• Revenue grew 13.2% year-over-year to RMB1,942.0 million, driven by strong performance in Freight and Global segments.

• Gross profit turned positive at RMB55.2 million, with a gross margin of 2.8%, up from a gross loss last year.

• Net loss from continuing operations narrowed by 33% year-over-year to RMB172.1 million; non-GAAP net loss was RMB164.9 million.

• Adjusted EBITDA improved to negative RMB126.3 million from negative RMB206.8 million a year ago.

Financial highlights

• Diluted loss per ADS from continuing operations was RMB8.69, improved from RMB12.38 year-over-year.

• Cash and equivalents, restricted cash, and short-term investments totaled RMB2,095.8 million as of March 31, 2024.

• Net cash used in continuing operating activities was RMB138.5 million, down from RMB163.2 million last year.

• Adjusted EBITDA margin improved to -6.5% from -12.1% year-over-year.

Segment performance

• Freight revenue rose 16.3% year-over-year to RMB1,223.5 million, with gross margin up 3.6 percentage points to 3.4%.

• Supply Chain Management revenue declined 6.6% to RMB411.0 million due to discontinuation of unprofitable accounts.

• Global segment revenue surged 42.6% to RMB280.9 million, with parcel volumes up 39.4% and cross-border business volume up 256.4%.