Q1 revenue exceeded expectations. Why did man Bang win headwind growth?

For many industries , Because of the Spring Festival holiday , The first quarter is an off-season in the traditional sense , Plus the impact of the epidemic , The impact on the logistics industry has also increased .

however , Man Gang （NYSE:YMM） On 6 month 8 Issued before the stock market of Japan and the United States 2022 year Q1 results , But it shows that the revenue growth exceeds the expectation 、 A state of continuous improvement in profitability . As a digital freight leader , How did man Gang achieve this positive growth ？

The core indicators grew steadily , Digital freight transportation is very resilient

Man Bang's first quarter financial report shows , During the reporting period, the company realized revenue 13.3 One hundred million yuan , Year-on-year growth 53.7%, Higher than previously expected 10.9 One hundred million yuan . Realization Non-GAAP Net profit 1.9 One hundred million yuan , Year-on-year growth 68%, Profitability continues to improve .

From the law of logistics industry , In the first quarter, due to multiple factors such as the Spring Festival holiday , Both the freight forwarding end and the logistics capacity itself will experience a cyclical decline . in addition , At the end of the first quarter, the epidemic situation was repeated in some areas , It also affects the operation of the logistics industry . however , Because of that , The growth of manbang also shows its development toughness in the field of digital freight .

Operational data , Man Bang clinched a deal in the first quarter GTV reach 536 One hundred million yuan , Year-on-year growth 4.2%, Number of performance orders 2520 ten thousand , Year-on-year growth 13.6%.

GTV Don't lie , It represents the influx and growth of freight demand . The increment of manbang is more from its own actions at the level of digital freight , This has driven the growth of transaction volume on manbang platform . According to the income structure , Core revenue sources —— The revenue of freight matching service increased year on year 60.9% to 11.186 One hundred million yuan .

About how this is achieved , Maybe it can be supplied from manbang transportation capacity , That is, the driver and the cargo owner find out the reason .

Man Bang's earnings conference call , Its chairman and CEO Zhang Hui mentioned , In the past 12 About months 350 Million active truck drivers completed the freight orders . meanwhile , Of platform owner members 12 The monthly retention rate and the next month retention rate of drivers responding to orders remain at 85% about .

as everyone knows , Because the business scope of manbang platform is to provide information services , Instead of participating in the transaction . So for it , The most critical issue is in the capacity network , Reach the owner 、 Carrier 、 Trust and balance among the three parties of the platform . Retention is a reflection of this , Only the other two parties' user activity and stickiness are guaranteed , In order to further carry out commercial activities such as membership .

Man Bang's management mentioned in the investor's telephone conference , In the first quarter, more non member shippers upgraded to members , This has to mention the man Gang's management of the platform ecology .

for instance , In the first quarter, manbang launched its first cargo owner credit rating system and growth mechanism , Since the system went online , Yes 66.6% The owner of the goods has the initiative to take points . therefore , The man Gang encourages the cargo owners , It can promote them to pay attention to the cultivation of good trading habits , Directly affect the freight logistics ecology .

in addition , Man Gang aims at the low-cost supply 、 The management of reselling goods is carried out “ Spring breeze action ”,2021 year 11 Month to 2022 year 3 During the month , Intercept low-cost sources 219 Ten thousand times , Send a low price reminder to the shipper 1902 Ten thousand times , After the reminder, the markup rate reaches 32.2%. Drivers are more efficient in finding goods and shippers , It improves the value of the platform to both parties .

Can guess , With more shippers and carriers because of convenient transactions 、 Ecological superiority choose manbang , The network effect of the platform will expand , Further attract more user groups .

Maybe , This is man Bang's flywheel . On this basis , Other businesses such as consigned goods that provide car search services for small and medium-sized direct customers , It can also better carry out . And revenue growth , Will also be driven by this logic .

The industry has accelerated its recovery , The manbang in the secondary market deserves attention ？

Under the aura of soaring revenue , Man Bang's net loss in the first quarter narrowed to 1.92 One hundred million yuan . It is worth mentioning that , This is achieved while its R & D investment is expanded . First quarter , Manbang's R & D investment increased from the same period last year 1.38 Billion , Up to this year's 2.21 One hundred million yuan .

actually , In the top-level design in the field of freight logistics ,《“ the 14th Five-Year Plan ” Digital economy development plan 》、《 Integrated transportation services “ the 14th Five-Year Plan ” development planning 》 And other national logistics policies , Both proposed to strengthen innovation , Requirements for creating smart logistics . Information and intelligence of digital freight transportation , It requires long-term investment in research and development .

Man Gang CEO Zhang Hui also believes that , In the medium and long term, China's logistics industry as a whole still maintains a strong development trend . Digitalization is the future trend of the logistics industry , In addition, the national level supports the accelerated introduction of modernization transformation policies , It is conducive to man Gang's continuous building of digitalization 、 Sustainability 、 Intelligent logistics industry chain .

from 2022 The overall operation situation of the logistics industry since , The impact of the epidemic is spreading . The China highway logistics freight rate index released by China Federation of logistics and purchasing shows , Rapid recovery of industry prosperity , Both supply and demand have improved .

Regarding this , Man Gang also gave positive expectations , It predicts 2022 The total net revenue in the second quarter of the year will be 15.6 One hundred million yuan to 16.4 One hundred million yuan , Year-on-year growth 39.4% to 46.3%.

In terms of operation mode , Due to man Bang's contribution to the circulation of transaction information , Road freight “ Three empty ”（ go without carrying anything 、 The vacancy 、 No load ） The situation is accelerating . This can be seen as seeking economy from efficiency , It is also one of the goals of digital freight . meanwhile , Due to the improvement of network density and freight efficiency , The role of manbang in reducing carbon emissions from road freight transport is becoming more and more prominent .

After the release of the first quarter financial report , Man Bang's share price once soared . From the overall valuation level , The man gang has already 5 At the end of the month, the sharp rebound exceeded 60%, It corresponds to the overall recovery of China stock market .

actually , Recently, the national development and Reform Commission has indicated that , Relevant departments will be coordinated , Create a relaxed environment for the full restoration of logistics operation . This means that the development conditions of the freight logistics industry will be more relaxed .

Over time , Manbang group may be able to double-click its own performance and valuation .

source ： American Stock Research Institute