HANGZHOU, China, Nov. 13, 2019 /PRNewswire/ -- BEST Inc. (NYSE: BEST) ("BEST" or the "Company"), a leading integrated smart supply chain solutions and logistics services provider in China, today announced its unaudited financial results for the quarter ended September 30, 2019.
"BEST's third quarter results were highlighted by strong revenue growth and significant net loss reduction which saw us achieve positive non-GAAP net income for a second consecutive quarter and we remain on track to achieve our goal of achieving positive non-GAAP net income for the full year 2019," said Johnny Chou, Chairman and Chief Executive Officer of BEST. "Despite challenging market conditions, e-commerce grew at a healthy pace which contributed to accelerating demand for BEST's supply chain solutions and logistics services. BEST Express and Freight continued to gain market share and lower costs, while Supply Chain Management and Store+ optimized their operations and improved profitability. Our "Others" segments of UCargo, Global and Capital continued to expand and deliver strong growth as we capitalized on the significant opportunities in truckload services brokerage and geographic expansion in Southeast Asia. BEST is very well positioned to maintain our strong momentum as we enter into the fourth quarter, which is a peak season for our businesses, and as we execute our strategy of above-market growth and increased profitability."
"BEST delivered an excellent third quarter with strong revenue growth and margin improvement despite a competitive industry environment and the traditionally slow season for our businesses," said Jenny Pan, BEST's principal accounting officer. "We recorded solid revenue growth of 22% year-over-year on revenue of RMB8.7 billion. We also achieved positive non-GAAP net income for the first time during a third quarter period, with non-GAAP net income of RMB16.7 million compared to non-GAAP net loss of RMB101 million for the same period of last year. Gross profit margin increased by 0.4 percentage points year-over-year to 5.8%. EBITDA increased by 71% to RMB93 million while adjusted EBITDA increased to RMB114 million from RMB1.3 million for the same period of last year. Our company also generated positive operating cashflow of RMB237 million compared to RMB86 million for the same period of last year. In mid-September, we successfully completed a US$200 million convertible notes offering. As of September 30, 2019, our cash and cash equivalents, restricted cash and short-term investments were RMB4.8 billion which allows us to invest for the future and create long-term value for our shareholders."
FINANCIAL HIGHLIGHTS
For the Quarter Ended September 30, 2019:
- Revenue was RMB8,745.3 million (US$1,223.5 million), an increase of 21.6% year-over-year ("YoY"). Revenue ex-Store+ was RMB7,883.3 million (US$1,102.9 million), an increase of 25.1% YoY.
- Express Service Revenue increased 19.4% YoY to RMB5,202.2 million (US$727.8 million).
- Freight Service Revenue increased 25.8% YoY to RMB1,375.4 million (US$192.4 million).
- Supply Chain Management Service Revenue decreased 8.3% YoY to RMB450.9 million (US$63.1 million).
- Store+ Service Revenue decreased 2.7% YoY to RMB862.0 million (US$120.6 million).
- Others [1] Service Revenue increased 136.6% YoY to RMB854.9 million (US$119.6 million). - Gross Profit was RMB507.1 million (US$70.9 million), an increase of 30.0% YoY; and Gross Profit Margin was 5.8%, an increase of 0.4 percentage points YoY. Gross Profit ex-Store+ was RMB416.2 million (US$58.2 million), an increase of 30.6% YoY; and Gross Profit Margin ex-Store+ was 5.3%, an increase of 0.2 percentage points YoY.
- Net Loss was RMB6.7 million (US$0.9 million), an improvement of 86.9% YoY; and Non-GAAP Net Income [2] [3] was RMB16.7 million (US$2.3 million), compared to Non-GAAP Net Loss of RMB101.4 million in the same period of 2018. Net Income ex-Store+ was RMB93.2 million (US$13.0 million); and Non-GAAP Net Income ex-Store+ [2] [3] was RMB113.5 million (US$15.9 million).
- Diluted EPS [4] was negative RMB0.01 (US$0.001), compared to negative RMB0.13 in the same period of 2018; and Non-GAAP diluted EPS [3] [5] was RMB0.05 (US$0.007), compared to negative RMB0.26 in the same period of 2018.
- EBITDA [3] [6] was RMB93.4 million (US$13.1 million), compared to RMB54.7 million in the same period of 2018; and Adjusted EBITDA [3] [6] was RMB114.3 million (US$16.0 million), compared to RMB1.3 million in the same period of 2018. EBITDA [3] [6] ex-Store+ was RMB190.1 million (US$26.6 million); and Adjusted EBITDA [3] [6] ex-Store+ was RMB209.5 million (US$29.3 million).
- Net Cash Generated from Operating Activities was RMB237.3 million (US$33.2 million), compared to RMB86.3 million in the same period of 2018.
BUSINESS HIGHLIGHTS [7]
BEST Express:
Table 1 – BEST Express Key Operating Metrics
|
|
|
|
|
| Three Months Ended
|
| % Change
|
(in RMB, unless otherwise noted)
| September 30, 2018
| September 30, 2019
|
| YoY
|
Parcel Volume (in '000)
| 1,371,055
| 1,890,842
|
| 37.9%
|
BEST Express Market Share [8] (%)
| 10.8%
| 11.7%
|
| 0.9ppts
|
Average Revenue Per Parcel
| 3.18
| 2.75
|
| (13.4%)
|
Average Cost Per Parcel
| 3.02
| 2.62
|
| (13.2%)
|
Average Transportation Cost Per Parcel
| 0.86
| 0.75
|
| (12.7%)
|
Average Labor Cost Per Parcel
| 0.29
| 0.23
|
| (22.9%)
|
Average Lease Cost Per Parcel
| 0.11
| 0.10
|
| (5.1%)
|
Average Other Cost Per Parcel
| 0.17
| 0.11
|
| (34.6%)
|
Average Last-mile Cost Per Parcel
| 1.59
| 1.43
|
| (9.9%)
|
Gross Profit per Parcel
| 0.16
| 0.13
|
| (18.6%)
|
Hubs & Sortation Centers (as of period end)
| 117
| 94
|
| (19.7%)
|
- Strong volume growth and market share gain: Express parcel volume grew by 37.9% YoY to 1.89 billion, compared to industry-wide YoY growth rate of 27.6% [9] in the third quarter of 2019. The Company increased its market share to 11.7% in the third quarter of 2019, a YoY increase of 0.9 percentage points.
- Continuous unit cost reduction: Reduced average cost per parcel by 13.2% to RMB2.62 in the third quarter of 2019, compared to RMB3.02 in the same period of 2018.
- Ongoing network optimization: Further reduced total number of hubs and sortation centers by 19.7% YoY to 94 as of September 30, 2019 to strengthen operating efficiency.
- Investment in technology application: Continued to invest in automation and digitalization, with 80 automated sorting lines and 967 dimension and weight scanning systems in use as of September 30, 2019. Digital waybill usage was 100% in the third quarter of 2019.
BEST Freight:
Table 2 – BEST Freight Key Operating Metrics
|
|
|
|
|
| Three Months Ended
|
| % Change
|
(In RMB, unless otherwise noted)
| September 30, 2018
| September 30, 2019
|
| YoY
|
Freight Volume (Tonne in '000)
| 1,474
| 1,885
|
| 27.9%
|
Average Revenue per Tonne
| 741.7
| 729.8
|
| (1.6%)
|
Average Cost Per Tonne
| 707.5
| 683.9
|
| (3.3%)
|
Average Transportation Cost Per Tonne
| 372.0
| 342.5
|
| (7.9%)
|
Average Labor Cost Per Tonne
| 96.0
| 83.8
|
| (12.8%)
|
Average Lease Cost Per Tonne
| 54.7
| 49.6
|
| (9.3%)
|
Average Other Cost Per Tonne
| 42.8
| 42.7
|
| (0.4%)
|
Average Last-mile Cost Per Tonne
| 141.9
| 165.5
|
| 16.6%
|
Gross Profit Per Tonne
| 34.3
| 45.8
|
| 33.7%
|
Hubs & Sortation Centers (as of period end)
| 120
| 99
|
| (17.5%)
|
Last-mile Service Stations (as of period end)
| 11,698
| 17,817
|
| 52.3%
|
- Solid volume growth: Freight volume increased by 27.9% YoY to 1,885,000 tonnes in the third quarter of 2019, significantly higher than the industry-wide growth.
- Continuous margin improvement: Gross profit margin reached 6.3% with a YoY increase of 1.7 percentage points in the third quarter of 2019, resulting from stable price level and continued unit cost reduction.
- Ongoing network optimization: Reduced the total number of hubs and sortation centers by 17.5% YoY to 99 as of September 30, 2019 to further enhance operating efficiency.
- Service coverage expansion: The total number of last-mile service stations operated by franchisee partners increased by 52.3% YoY to 17,817 as of September 30, 2019, which enhanced both density and breadth of coverage.
BEST Supply Chain Management:
- Strong order fulfillment volume growth: The total number of orders fulfilled by Cloud OFCs increased by 52.7% YoY to 86.3 million in the third quarter of 2019, of which total number of orders fulfilled by franchised Cloud OFCs increased by 112.8% YoY to 40.5 million.
- Significant improvement in gross profit margin: The gross profit margin improved by 4.1 percentage points YoY to 8.1% in the third quarter of 2019.
- Extensive nationwide network and services: Increased the total number of Cloud OFCs to 385, of which 280 Cloud OFCs were owned and operated by franchisees; managed over 3.0 million square meters of facilities as of September 30, 2019, of which 1.3 million square meters of facilities were owned and operated by franchisees.
BEST Store+:
- Strong network expansion: Continued to focus on developing branded stores. Total number of branded stores including franchised and self-operated stores increased by 161.0% YoY to 3,414 as of September 30, 2019, of which the number of franchised BEST-Neighbor stores increased by 198.0% to 3,066 as of September 30, 2019. Total number of membership stores increased by 3.6% YoY to 429,892 as of September 30, 2019.
- Significant increase in orders fulfilled for branded stores: Total number of orders fulfilled for branded stores increased by 53.6% YoY to 221,498 in the third quarter of 2019, representing 24.5% of total orders fulfilled, of which the total number of orders fulfilled for franchised BEST-Neighbor stores increased by 403% YoY to 99,856 in the third quarter of 2019.
- Gross profit margin improvement: Continued to focus on order quality enhancement of membership stores to improve profitability. As a result, gross profit margin increased by 2.5 percentage points YoY to 10.5% in the third quarter of 2019.
- Expanding to-customer ("2C") last-mile network: Continued to grow its 2C membership programs to develop online-to-offline business and last-mile services. As of September 30, 2019, branded stores had acquired over 1 million 2C members, representing a YoY increase of 222%.
Others:
- BEST UCargo:
- Rapid scaling of network: The number of registered agents on the platform increased by 16.4% YoY to 4,938 as of September 30, 2019; the number of registered trucks increased by 27.0% YoY to 307,114 as of September 30, 2019.
- Significant increase in transaction volume and revenue: The total number of transactions increased by 25.3% YoY to 170,198, of which external transactions increased by 223.8% YoY to 158,046; revenue generated from external customers increased by 174% to RMB702.0 million (US$99.4 million). - BEST Global:
- International service coverage expansion: Continued to develop cross-border solutions and broaden service offerings in international markets. As of September 30, 2019, BEST provided international service coverage in 19 countries and regions outside Mainland China, compared to 15 countries in the same period of 2018.
- Accelerated growth in Southeast Asia: Strong growth in express parcel volume and developing supply chain management services in Thailand and Vietnam. - BEST Capital:
- As of September 30, 2019, BEST Capital had provided financing solutions to 9,765 trucks in total, a YoY increase of 60.6% compared to September 30, 2018.
FINANCIAL RESULTS
For the Quarter Ended September 30, 2019:
Revenue
The following table sets forth a breakdown of revenue by business segment for the periods indicated.
Table 3 – Breakdown of Revenue by Business Segment
|
|
| Three Months Ended
|
|
|
| September 30, 2018
|
| September 30, 2019
|
|
|
(In '000, except for %)
| RMB
| % of
Revenue
|
| RMB
| US$
| % of
Revenue
|
| % Change
YoY
|
Express
| 4,357,527
| 60.6%
|
| 5,202,214
| 727,817
| 59.5%
|
| 19.4%
|
Freight
| 1,093,331
| 15.2%
|
| 1,375,411
| 192,427
| 15.7%
|
| 25.8%
|
Supply Chain Mgmt.
| 491,633
| 6.8%
|
| 450,854
| 63,077
| 5.2%
|
| (8.3%)
|
Others
| 361,293
| 5.0%
|
| 854,853
| 119,598
| 9.8%
|
| 136.6%
|
Revenue ex-Store+
| 6,303,784
| 87.7%
|
| 7,883,332
| 1,102,919
| 90.1%
|
| 25.1%
|
Store+
| 885,518
| 12.3%
|
| 861,964
| 120,593
| 9.9%
|
| (2.7%)
|
Revenue
| 7,189,302
| 100.0%
|
| 8,745,296
| 1,223,512
| 100.0%
|
| 21.6%
|
- Express Service Revenue increased by 19.4% YoY to RMB5,202.2 million (US$727.8 million) from RMB4,357.5 million, primarily due to 37.9% YoY increase in parcel volume, which was offset by a 13.4% YoY decrease in average selling price per parcel.
- Freight Service Revenue increased by 25.8% YoY to RMB1,375.4 million (US$192.4 million) from RMB1,093.3 million, primarily due to 27.9% YoY increase in freight volume.
- Supply Chain Management Service Revenue decreased by 8.3% YoY to RMB450.9 million (US$63.1 million) from RMB491.6 million, primarily due to discontinuation of projects with low profitability and focus on growing franchised Cloud OFC business.
- BEST Store+ Service Revenue decreased by 2.7% YoY to RMB862.0 million (US$120.6 million) from RMB885.5 million, primarily due to a decrease in the number of orders fulfilled for membership stores resulting from ongoing efforts to improve order quality and margins.
- Others Service Revenues increased by 136.6% YoY to RMB854.9 million (US$120.0 million) from RMB361.3 million, primarily due to increased revenue generated from BEST UCargo's external customers, BEST Global's expanded operations and BEST Capital's financing solutions to ecosystem participants.
Cost of Revenue
The following table sets forth a breakdown of cost of revenue by business segment for the periods indicated.
Table 4 – Breakdown of Cost of Revenue by Business Segment
|
|
| Three Months Ended
|
| % of Revenue
Change
YoY
|
|
| September 30, 2018
|
| September 30, 2019
|
|
|
(In '000, except for %)
| RMB
| % of
Revenue
|
| RMB
| US$
| % of
Revenue
|
|
|
Express
| (4,139,558)
| 95.0%
|
| (4,957,398)
| (693,565)
| 95.3%
|
| 0.3ppts
|
Freight
| (1,042,820)
| 95.4%
|
| (1,289,098)
| (180,351)
| 93.7%
|
| (1.7ppts)
|
Supply Chain Mgmt.
| (472,045)
| 96.0%
|
| (414,197)
| (57,948)
| 91.9%
|
| (4.1ppts)
|
Others
| (330,659)
| 91.5%
|
| (806,469)
| (112,829)
| 94.3%
|
| 2.8ppts
|
Cost of Revenue ex-Store+
| (5,985,082)
| 94.9%
|
| (7,467,162)
| (1,044,693)
| 94.7%
|
| (0.2ppts)
|
Store+
| (814,299)
| 92.0%
|
| (771,078)
| (107,878)
| 89.5%
|
| (2.5ppts)
|
Cost of Revenue
| (6,799,381)
| 94.6%
|
| (8,238,240)
| (1,152,571)
| 94.2%
|
| (0.4ppts)
|
Cost of Revenue was RMB8,238.2 million (US$1,152.6 million) or 94.2% of revenue in the quarter ended September 30, 2019, compared to RMB6,799.4 million or 94.6% of revenue in the same quarter of 2018. The decrease of 0.4 percentage point in cost of revenue as a percentage of revenue was primarily attributable to increased operating efficiency.
Gross Profit was RMB507.1 million (US$70.9 million), a YoY increase of 30.0% compared to RMB389.9 million in the same quarter of 2018. Gross Profit Margin was 5.8%, compared to 5.4% in the same quarter of 2018. Gross Profit ex-Store+ was RMB416.2 million (US$58.2 million), an increase of 30.6% YoY; and Gross Profit Margin ex-Store+ was 5.3%, an increase of 0.2 percentage points YoY.
Operating Expenses
The following table sets forth a breakdown of operating expenses and adjusted operating expenses by category for the periods indicated.
Table 5 – Breakdown of Operating Expenses and Adjusted Operating Expenses by Category
|
|
| Three Months Ended
|
| % of Revenue
Change
YoY
|
| September 30, 2018
|
| September 30, 2019
|
|
(In '000, except for %)
| RMB
| % of
Revenue
|
| RMB
| US$
| % of
Revenue
|
|
Selling Expenses
| (235,681)
| 3.3%
|
| (212,714)
| (29,760)
| 2.4%
|
| (0.9ppts)
|
Adjusted for SBC
Expenses
| (1,837)
| 0.0%
|
| (2,571)
| (360)
| 0.0%
|
| 0.0ppts
|
Adjusted Selling
Expenses
| (233,844)
| 3.3%
|
| (210,143)
| (29,400)
| 2.4%
|
| (0.9ppts)
|
General and
Administrative Expenses
| (264,784)
| 3.7%
|
| (275,667)
| (38,567)
| 3.2%
|
| (0.5ppts)
|
Adjusted for SBC
Expenses
| (20,500)
| 0.3%
|
| (15,595)
| (2,182)
| 0.2%
|
| (0.1ppts)
|
Adjusted General and
Administrative Expenses
| (244,284)
| 3.4%
|
| (260,072)
| (36,385)
| 3.0%
|
| (0.5ppts)
|
Research and
Development Expenses
| (42,922)
| 0.6%
|
| (64,522)
| (9,027)
| 0.7%
|
| 0.1ppts
|
Adjusted for
SBC Expenses
| (2,240)
| 0.0%
|
| (2,291)
| (321)
| 0.0%
|
| 0.0ppts
|
Adjusted Research and
Development Expenses
| (40,682)
| 0.6%
|
| (62,231)
| (8,706)
| 0.7%
|
| 0.1ppts
|
Total Operating
Expenses
| (543,387)
| 7.6%
|
| (552,903)
| (77,354)
| 6.3%
|
| (1.4ppts)
|
Adjusted for
SBC Expenses
| (24,577)
| 0.3%
|
| (20,457)
| (2,862)
| 0.2%
|
| (0.1ppts)
|
Adjusted Total
Operating Expenses
| (518,810)
| 7.2%
|
| (532,446)
| (74,492)
| 6.1%
|
| (1.2ppts)
|
Selling Expenses were RMB212.7 million (US$29.8 million) or 2.4% of revenue in the quarter ended September 30, 2019, compared to RMB235.7 million or 3.3% of revenue in the same quarter of 2018. The decrease in selling expenses as a percentage of revenue was primarily attributable to economies of scale and improved operating efficiencies. Selling Expenses ex-Store+ were RMB74.5 million, representing 0.9% of ex-Store+ revenue.
General and Administrative Expenses were RMB275.7 million (US$38.6 million) or 3.1% of revenue in the quarter ended September 30, 2019, compared to RMB264.8 million or 3.7% of revenue in the same quarter of 2018. The decrease in general and administrative expenses as a percentage of revenue was primarily attributable to economies of scale and improved operating efficiencies. General and Administrative Expenses ex-Store+ was RMB232.8 million, representing 3.0% of ex-Store+ revenue.
Research and Development Expenses were RMB64.5 million (US$9.0 million) or 0.7% of revenue in the quarter ended September 30, 2019, compared to RMB43.0 million, or 0.6% of revenue in the same quarter of 2018. The increase in research and development expenses was primarily attributable to the hiring of additional IT professionals. Research and Development Expenses ex-Store+ were RMB54.8 million, representing 0.7% of ex-Store+ revenue.
Share-based compensation ("SBC") Expenses included in the cost and expense items above in the quarter ended September 30, 2019 were RMB21.0 million (US$2.9 million), compared to RMB25.2 million in the same quarter of 2018. In the third quarter of 2019, approximately RMB0.5 million (US$0.07 million) was allocated to cost of revenue, RMB2.6 million (US$0.4 million) was allocated to selling expenses, RMB15.6 million (US$2.2 million) was allocated to general and administrative expenses, and RMB2.3 million (US$0.3 million) was allocated to research and development expenses.
Net Loss and Non-GAAP Net Income
Net loss in the quarter ended September 30, 2019 was RMB6.7 million (US$0.9 million), an improvement of 86.9% compared to RMB51.1 million in the same quarter of 2018. Excluding the impact of SBC expense and amortization of intangible assets resulting from business acquisitions, non-GAAP Net Income in the quarter ended September 30, 2019 was RMB16.7 million (US$2.3 million), compared to non-GAAP Net Loss of RMB101.4 million in the same quarter of 2018. Ex-Store+ non-GAAP Net Income in the quarter ended September 30, 2019 was RMB113.5 million (US$15.9 million).
Diluted EPS and non-GAAP diluted EPS
Diluted EPS in the quarter ended September 30, 2019 was negative RMB0.01 (US$0.001) based on a weighted average of 388.7 million diluted shares outstanding during the quarter, an improvement of 92.4% compared to negative RMB0.13 on a weighted average of 387.1 million diluted shares outstanding during the same period of 2018. Excluding SBC expense and amortization of intangible assets resulting from business acquisitions, non-GAAP diluted EPS in the quarter ended September 30, 2019 was RMB0.05 (US$0.007), compared to negative RMB0.26 in the same period of 2018. A reconciliation of diluted EPS to non-GAAP diluted EPS is included at the end of this results announcement.
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA was RMB114.3 million (US$16.0 million), improved from RMB1.3 million in the quarter ended September 30, 2018. Adjusted EBITDA Margin was 1.3%, improved from 0.02% in the quarter ended September 30, 2018. The improvement of RMB113.0 million (US$15.8 million), or 1.28 percentage points, was primarily attributable to strong revenue growth and improved operating efficiency. Adjusted EBITDA [3] [6] ex-Store+ was RMB209.5 million (US$29.3 million). Adjusted EBITDA Margin ex-Store+ was 2.7%.
The following table sets forth a breakdown of adjusted EBITDA and adjusted EBITDA margin for the three months ended September 30, 2019 by segment [10], and a reconciliation of the Company's net loss by segment [11] to EBITDA, adjusted EBITDA and adjusted EBITDA margin.
Table 6 – Breakdown and Reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin by Segment [11]
|
|
| Three Months Ended September 30, 2019
|
(In RMB'000)
| BEST (ex-Store+)
|
| Store+
|
| Unallocated [11]
|
| Total
|
Net Income/(Loss)
| 140,866
|
| (99,927)
|
| (47,635)
|
| (6,696)
|
Add
|
|
|
|
|
|
|
|
Depreciation & Amortization
| 94,127
|
| 3,570
|
| 7,904
|
| 105,601
|
Interest Expense
| -
|
| -
|
| 12,023
|
| 12,023
|
Income Tax Expense
| 4,076
|
| (385)
|
| (0)
|
| 3,691
|
Subtract
|
|
|
|
|
|
|
|
Interest Income
| -
|
| -
|
| (21,242)
|
| (21,242)
|
EBITDA
| 239,069
|
| (96,742)
|
| (48,950)
|
| 93,377
|
Add
|
|
|
|
|
|
|
|
Share-based
Compensation Expenses
| 12,754
|
| 1,617
|
| 6,588
|
| 20,959
|
Adjusted EBITDA
| 251,823
|
| (95,125)
|
| (42,362)
|
| 114,336
|
Adjusted EBITDA Margin
| 3.2%
|
| (11.0%)
|
| n/m
|
| 1.3%
|
The following table sets forth a breakdown of non-GAAP net income/loss for the three months ended September 30, 2019 by segment, and a reconciliation of the Company's net loss by segment to non-GAAP net income.
Table 7 – Breakdown and Reconciliation of non-GAAP net income by Segment
|
|
|
| Three Months Ended September 30, 2019
|
(In RMB'000)
| BEST (ex-Store+)
|
| Store+
|
| Unallocated
|
| Total
|
Net Income/(Loss)
| 140,866
|
| (99,927)
|
| (47,635)
|
| (6,696)
|
Add
|
|
|
|
|
|
|
|
Share-based Compensation Expenses
| 12,754
|
| 1,617
|
| 6,588
|
| 20,959
|
Amortization of Intangible Assets
Resulting from Business Acquisitions
| 930
|
| 1,541
|
| -
|
| 2,471
|
Non-GAAP Net Income/(Loss)
| 154,550
|
| (96,769)
|
| (41,047)
|
| 16,734
|
Cash and Cash Equivalents, Restricted Cash and Short-term Investments
As of September 30, 2019, cash and cash equivalents, restricted cash and short-term investments were RMB4,778.3 million (US$668.5 million), compared to RMB4,045.7 million as of June 30, 2019.
Net Cash Generated from Operating Activities
Net cash generated from operating activities was RMB237.3 million (US$33.2 million) for the third quarter of 2019, compared to RMB86.3 million in the same period of 2018.
Capital Expenditures ("CAPEX")
CAPEX was RMB523.0 million (US$73.2 million), or 6.0% of total revenue in the quarter ended September 30, 2019, compared to CAPEX of RMB412.2 million, or 5.7% of total revenue, in the same period of 2018. The increase in CAPEX was primarily due to the upgrade of automation systems in major hubs, sortation centers and Cloud OFCs, including investments in high-speed automated sorting, dimension and weight scanning systems.
SHARES OUTSTANDING
As of the date of this press release, the Company had approximately 389.2 million ordinary shares outstanding [12]. Each ADS represents one Class A ordinary share.
FINANCIAL GUIDANCE
Based on current market conditions and current operations, and after taking into account the lower average selling price per parcel for Express and the lower revenue growth for Store+, we adjusted our full fiscal year 2019 revenue guidance to be in the range of RMB34.9 to RMB35.1 billion. This represents management's current and preliminary expectation, which is subject to change.
COMPANY SHARE REPURCHASE
On November 13, 2019, the Company announced that the board of directors of the Company has authorized a share repurchase program whereby BEST may repurchase up to US$100 million worth of its outstanding American depositary shares ("ADSs") from time to time during the next 18 months.
MANAGEMENT APPOINTMENT
On November 13, 2019, the Company announced that Ms. Gloria Fan has been appointed as Chief Financial Officer ("CFO"), effective November 18, 2019.
CORPORATE RESPONSIBILITY
On September 19, 2019, the Company released its inaugural environmental, social and governance (ESG) report. The report, capturing the Company's ESG actions between January 2016 and June 2019, covers six major areas, including business introduction, environment, community, business partners, workplace and corporate governance. It revealed the Company's key initiatives around the issues that have the most direct impact to the sustainable growth of BEST and the logistics and supply chain industry.
For the full BEST Inc. 2019 ESG report, please visit: http://www.best-inc.com/#/investor/esg
WEBCAST AND CONFERENCE CALL INFORMATION
The Company will hold a conference call at 7:30 am U.S. Eastern Time on November 13, 2019 (8:30 pm Beijing Time, the same day), to discuss its financial results and operating performance for the second quarter 2019.
Participants may access the call by dialing the following numbers:
United States :
| +1-888-317-6003
|
Hong Kong :
| 800-963976 or +852-5808-1995
|
Mainland China :
| 4001-206115
|
International :
| +1-412-317-6061
|
Participant Elite Entry Number :
| 1252658
|
A replay of the conference call will be accessible through November 20, 2019 by dialing the following numbers:
United States :
| +1-877-344-7529
|
International :
| +1-412-317-0088
|
Replay Access Code :
| 10136660
|
Please visit the Company's investor relations website http://ir.best-inc.com/ on November 13, 2019 to view the earnings release prior to the conference call. A live and archived webcast of the conference call and a corporate presentation will be available at the same site.
ABOUT BEST INC.
BEST Inc. (NYSE: BEST) is a leading integrated smart supply chain solutions and logistics services provider in China. Through its proprietary technology platform and extensive networks, BEST offers a comprehensive set of logistics and value-add services, including express and freight delivery, supply chain management and last-mile services, truckload service brokerage, international logistics and financial services. BEST's mission is to empower business and enrich life by leveraging technology and business model innovation to create a smarter, more efficient supply chain. For more information, please visit: http://www.best-inc.com/en/.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as BEST's strategic and operational plans, contain forward-looking statements. BEST may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about BEST's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: BEST's goals and strategies; BEST's future business development, results of operations and financial condition; BEST 's ability to maintain and enhance its ecosystem; BEST 's ability to continue to innovate, meet evolving market trends, adapt to changing customer demands and maintain its culture of innovation; and fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in BEST's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and BEST does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
USE OF NON-GAAP FINANCIAL MEASURES
In evaluating its business, BEST considers and uses non-GAAP measures, such as non-GAAP net loss/income, non-GAAP net loss/profit margin, adjusted EBITDA, adjusted EBITDA margin, EBITDA, adjusted selling expenses, adjusted general and administrative expenses, adjusted research and development expenses, and non-GAAP diluted EPS, as supplemental measures in the evaluation of the Company's operating results and in the Company's financial and operational decision-making. The Company believes these non-GAAP financial measures that help identify underlying trends in the Company's business that could otherwise be distorted by the effect of the expenses and gains that the Company includes in loss from operations and net loss. The Company believes that these non-GAAP financial measures provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures" in the results announcement.
The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the Company's current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for, or superior to, U.S. GAAP results. In addition, the Company's calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.
[1] Others include BEST Global, BEST Capital, BEST UCargo and other new initiatives.
|
[2] Non-GAAP net income/loss represents net income/loss excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, and fair value change of equity investments (if any).
|
[3] See the sections entitled "Use of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures" for more information about the non-GAAP measures referred to within this results announcement.
|
[4] Diluted earnings per share, or Diluted EPS, is calculated by dividing net profit attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period.
|
[5] Non-GAAP diluted earnings per share, or non-GAAP diluted EPS, represents diluted earnings per share excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, and fair value change of equity investments (if any).
|
[6] EBITDA represents net loss excluding depreciation, amortization, interest expense and income tax expense and minus interest income. Adjusted EBITDA represents EBITDA excluding share-based compensation expenses and fair value change of equity investments (if any).
|
[7] All numbers presented have been rounded to the nearest integer, tenth, or hundredth, and year-over-year comparisons are based on figures before rounding.
|
[8] Express market share calculated as the Company's parcel volume as a percentage of aggregate national express delivery parcel volume for the relevant period, based on data published by State Post Bureau of the PRC.
|
[9] Based on data published by State Post Bureau of the PRC.
- For July 2019 data, see State Post Bureau of the PRC Published Post Industry Operation Statistics for July 2019, State Post Bureau of the PRC, August 14, 2019, available in Chinese at http://www.spb.gov.cn/xw/dtxx_15079/201908/t20190814_1900591.html
- For August 2019 data, see State Post Bureau of the PRC Published Post Industry Operation Statistics for August 2019, State Post Bureau of the PRC, September 12, 2019, available in Chinese at http://www.spb.gov.cn/xw/dtxx_15079/201909/t20190912_1926315.html
- For September 2019 data, see State Post Bureau of the PRC Published Post Industry Operation Statistics for September of 2019, State Post Bureau of the PRC, October 16, 2019, available in Chinese at http://www.spb.gov.cn/xw/dtxx_15079/201910/t20191016_1947156.html
|
[10] Segments consist of all business units other than BEST Store+, BEST Store+ and unallocated expenses.
|
[11] Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.
|
[12] The total number of shares outstanding excludes shares reserved for future issuances upon exercise or vesting of awards granted under the Company's share incentive plans.
|
BEST INC.
Summary of Unaudited Condensed Consolidated Income Statements
|
(In Thousands)
|
|
| Three Months Ended September 30,
| Nine Months Ended September 30,
|
| 2018
| 2019
| 2018
| 2019
|
| RMB
| RMB
| US$
| RMB
| RMB
| US$
|
Revenue
|
|
|
|
|
|
|
Express
| 4,357,527
| 5,202,214
| 727,817
| 11,759,488
| 14,912,047
| 2,086,272
|
Freight
| 1,093,331
| 1,375,411
| 192,427
| 2,886,028
| 3,669,126
| 513,330
|
Supply Chain Management
| 491,633
| 450,854
| 63,077
| 1,388,662
| 1,583,308
| 221,513
|
Store+
| 885,518
| 861,964
| 120,593
| 2,229,436
| 2,206,044
| 308,637
|
Others
| 361,293
| 854,853
| 119,598
| 661,783
| 2,037,475
| 285,053
|
Total Revenue
| 7,189,302
| 8,745,296
| 1,223,512
| 18,925,397
| 24,408,000
| 3,414,805
|
Cost of Revenue
|
|
|
|
|
|
|
|
Express
| 4,139,558
| 4,957,398
| 693,565
| 11,283,283
| 14,296,092
| 2,000,097
|
Freight
| 1,042,820
| 1,289,098
| 180,351
| 2,798,694
| 3,466,109
| 484,926
|
Supply Chain Management
| 472,045
| 414,197
| 57,948
| 1,311,021
| 1,474,029
| 206,224
|
Store+
| 814,299
| 771,078
| 107,878
| 2,038,955
| 1,962,020
| 274,497
|
Others
| 330,659
| 806,469
| 112,829
| 576,363
| 1,889,921
| 264,410
|
Total Cost of Revenue
| 6,799,381
| 8,238,240
| 1,152,571
| 18,008,316
| 23,088,171
| 3,230,154
|
Gross Profit
| 389,921
| 507,056
| 70,941
| 917,081
| 1,319,829
| 184,651
|
Selling Expenses
| (235,681)
| (212,714)
| (29,760)
| (655,775)
| (619,203)
| (86,630)
|
General and Administrative
Expenses
| (264,784)
| (275,667)
| (38,568)
| (747,181)
| (863,913)
| (120,866)
|
Research and
Development Expenses
| (42,922)
| (64,522)
| (9,027)
| (126,436)
| (181,058)
| (25,331)
|
Total Operating Expenses
| (543,387)
| (552,903)
| (77,355)
| (1,529,392)
| (1,664,174)
| (232,827)
|
Loss from Operations
| (153,466)
| (45,847)
| (6,414)
| (612,311)
| (344,345)
| (48,176)
|
Interest Income
| 28,436
| 21,242
| 2,972
| 77,126
| 71,291
| 9,974
|
Interest Expense
| (18,960)
| (12,023)
| (1,682)
| (53,759)
| (52,767)
| (7,382)
|
Foreign Exchange (Loss)/Gain
| (375)
| 661
| 92
| (7,607)
| (3,405)
| (476)
|
Other Income
| 104,620
| 38,225
| 5,348
| 136,042
| 91,860
| 12,852
|
Other Expense
| (8,362)
| (5,216)
| (730)
| (16,658)
| (13,136)
| (1,838)
|
Loss before Income Tax
and Share of Net Loss of
Equity Investees
| (48,107)
| (2,958)
| (414)
| (477,167)
| (250,502)
| (35,046)
|
Income Tax Expense
| (2,971)
| (3,691)
| (516)
| (6,971)
| (11,793)
| (1,650)
|
Loss before Share of Net
Loss of Equity Investees
| (51,078)
| (6,649)
| (930)
| (484,138)
| (262,295)
| (36,696)
|
Share of Net Income/(Loss)
of Equity Investees
| 24
| (47)
| (7)
| (266)
| (183)
| (26)
|
Net Loss
| (51,054)
| (6,696)
| (937)
| (484,404)
| (262,478)
| (36,722)
|
Net gain/(loss) attributable to
non-controlling interests
| 141
| (3,214)
| (450)
| 141
| (8,644)
| (1,209)
|
Net loss attributable to
Best Inc.
| (51,195)
| (3,482)
| (487)
| (484,545)
| (253,834)
| (35,513)
|
Net loss attributable to ordinary shareholders
| (51,195)
| (3,482)
| (487)
| (484,545)
| (253,834)
| (35,513)
|
Summary of Unaudited Condensed Consolidated Balance Sheets
|
(in thousands)
|
|
| As of December 31, 2018
|
| As of September 30, 2019
|
| RMB
|
| RMB
| US$
|
Assets
|
|
|
|
|
Current Assets
|
|
|
|
|
Cash and Cash Equivalents
| 1,630,444
|
| 2,138,107
| 299,132
|
Restricted Cash
| 1,278,326
|
| 1,273,351
| 178,148
|
Accounts and Notes Receivables
| 1,046,844
|
| 1,138,325
| 159,258
|
Inventories
| 151,031
|
| 162,005
| 22,665
|
Prepayments and Other Current Assets
| 1,904,846
|
| 2,210,508
| 309,261
|
Short‑term Investments
| 1,007,329
|
| 1,195,819
| 167,301
|
Amounts Due from Related Parties
| 197,488
|
| 133,274
| 18,646
|
Lease Rental Receivables
| 613,439
|
| 634,852
| 88,819
|
Total Current Assets
| 7,829,747
|
| 8,886,241
| 1,243,230
|
Non‑current Assets
|
|
|
|
|
Property and Equipment, Net
| 2,064,657
|
| 2,761,205
| 386,307
|
Intangible Assets, Net
| 143,810
|
| 124,606
| 17,433
|
Long‑term Investments
| 214,339
|
| 217,300
| 30,401
|
Goodwill
| 469,076
|
| 490,986
| 68,691
|
Non‑current Deposits
| 77,043
|
| 113,440
| 15,871
|
Other Non‑current Assets
| 45,531
|
| 186,103
| 26,037
|
Restricted Cash
| 90,638
|
| 171,014
| 23,926
|
Lease Rental Receivables
| 1,431,441
|
| 1,150,623
| 160,978
|
Operating Lease Right-of-use Assets
| -
|
| 4,067,499
| 569,064
|
Total non‑current Assets
| 4,536,535
|
| 9,282,776
| 1,298,708
|
Total Assets
| 12,366,282
|
| 18,169,017
| 2,541,938
|
Liabilities and Shareholders' Equity
|
|
|
|
|
Current Liabilities
|
|
|
|
|
Securitization Debt
| -
|
| 108,443
| 15,172
|
Short‑term Bank Loans
| 1,782,900
|
| 1,939,500
| 271,346
|
Accounts and Notes Payable
| 2,851,557
|
| 3,033,122
| 424,349
|
Income Tax Payable
| 5,767
|
| 4,502
| 630
|
Customer Advances and Deposits and
Deferred Revenue
| 1,219,230
|
| 1,446,731
| 202,405
|
Accrued Expenses and Other Liabilities
| 2,238,785
|
| 2,036,637
| 284,935
|
Capital Lease Obligation
| 2,851
|
| 1,722
| 241
|
Operating Lease Liabilities
| -
|
| 823,677
| 115,237
|
Amounts Due to Related Parties
| 12,429
|
| 3,291
| 460
|
Total Current Liabilities
| 8,113,519
|
| 9,397,625
| 1,314,775
|
Non-current Liabilities
|
|
|
|
|
Securitization Debt
| -
|
| 18,251
| 2,553
|
Convertible Bond
| -
|
| 1,376,633
| 192,598
|
Capital Lease Obligation
| 745
|
| 2,101
| 294
|
Deferred Tax Liabilities
| 25,356
|
| 23,123
| 3,235
|
Other Non‑current Liabilities
| 86,504
|
| 136,332
| 19,074
|
Operating Lease Liabilities
| -
|
| 3,347,937
| 468,394
|
Total Non‑current Liabilities
| 112,605
|
| 4,904,377
| 686,148
|
Summary of Unaudited Condensed Consolidated Balance Sheets (Cont'd)
|
(In Thousands)
|
|
|
|
|
| As of December 31, 2018
|
| As of September 30, 2019
|
| RMB
|
| RMB
| US$
|
Total Liabilities
| 8,226,124
|
| 14,302,002
| 2,000,923
|
Shareholders' Equity
|
|
|
|
|
Ordinary Shares
| 25,988
|
| 25,988
| 3,636
|
Additional Paid‑In Capital
| 19,407,460
|
| 19,322,587
| 2,703,329
|
Accumulated Deficit
| (15,419,256)
|
| (15,673,090)
| (2,192,746)
|
Accumulated Other
Comprehensive Income
| 123,923
|
| 189,150
| 26,463
|
BEST Inc. Shareholders' Equity
| 4,138,115
|
| 3,864,635
| 540,682
|
Non-controlling Interests
| 2,043
|
| 2,380
| 333
|
Total Shareholders' Equity
| 4,140,158
|
| 3,867,015
| 541,015
|
Total Liabilities and Shareholders' Equity
| 12,366,282
|
| 18,169,017
| 2,541,938
|
Summary of Unaudited Condensed Consolidated Statements of Cash Flows
|
(In Thousands)
|
|
| Three Months Ended September 30,
| Nice Months Ended September 30,
|
| 2018
| 2019
| 2018
| 2019
|
| RMB
| RMB
| US$
| RMB
| RMB
| US$
|
Net Cash Generated from
/(Used in)
Operating Activities
| 86,310
| 237,337
| 33,205
| (91,784)
| 366,029
| 51,209
|
Net Cash Used in
Investing Activities
| (1,610,214)
| (556,306)
| (77,830)
| (1,343,500)
| (1,383,557)
| (193,567)
|
Net Cash Generated from
Financing Activities
| 150,667
| 897,235
| 125,528
| 230,219
| 1,558,732
| 218,075
|
Exchange Rate Effect on
Cash, Cash Equivalents, and
Restricted Cash
| 50,150
| 41,930
| 5,866
| 51,412
| 41,860
| 5,856
|
Net (Decrease)/Increase in
Cash and Cash
Equivalents, and Restricted Cash
| (1,323,087)
| 620,196
| 86,769
| (1,153,653)
| 583,064
| 81,573
|
Cash and Cash
Equivalents, and Restricted
Cash at Beginning
of Period
| 3,152,263
| 2,962,276
| 414,437
| 2,982,829
| 2,999,408
| 419,633
|
Cash and Cash
Equivalents, and Restricted
Cash at End of Period
| 1,829,176
| 3,582,472
| 501,206
| 1,829,176
| 3,582,472
| 501,206
|
RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES
The table below sets forth a reconciliation of the Company's net loss to EBITDA, adjusted EBITDA and adjusted EBITDA margin for the periods indicated:
Table 8 – Reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin
|
|
| Three Months Ended September 30,
|
| Nine Months Ended September 30,
|
| 2018
| 2019
|
| 2018
| 2019
|
(In '000)
| RMB
| RMB
| US$
|
| RMB
| RMB
| US$
|
Net Loss
| (51,054)
| (6,696)
| (937)
|
| (484,404)
| (262,478)
| (36,722)
|
Add
|
|
|
|
|
|
|
|
Depreciation &
Amortization
| 112,241
| 105,601
| 14,775
|
| 329,148
| 383,426
| 53,644
|
Interest Expense
| 18,960
| 12,023
| 1,682
|
| 53,759
| 52,767
| 7,382
|
Income Tax Expense
| 2,971
| 3,691
| 516
|
| 6,971
| 11,793
| 1,650
|
Subtract
|
|
|
|
|
|
|
|
Interest Income
| (28,436)
| (21,242)
| (2,972)
|
| (77,126)
| (71,291)
| (9,974)
|
EBITDA
| 54,682
| 93,377
| 13,064
|
| (171,652)
| 114,217
| 15,980
|
Add
|
|
|
|
|
|
|
|
Share-based
Compensation
Expenses
| 25,185
| 20,959
| 2,932
|
| 81,927
| 69,214
| 9,683
|
Fair value change of
equity investments
| (78,528)
| -
| -
|
| (78,528)
| -
| -
|
Adjusted EBITDA
| 1,339
| 114,336
| 15,996
|
| (168,253)
| 183,431
| 25,663
|
Adjusted EBITDA Margin
| 0.02%
| 1.3%
| 1.3%
|
| (0.9%)
| 0.8%
| 0.8%
|
The table below sets forth a reconciliation of the Company's net loss to non-GAAP net loss/income, non-GAAP net profit margin for the periods indicated:
Table 9 – Reconciliation of non-GAAP Net Loss and Non-GAAP Net Loss Margin
|
|
| Three Months Ended September 30,
| Nine Months Ended September 30,
|
| 2018
| 2019
| 2018
| 2019
|
|
(In '000)
| RMB
| RMB
| US$
| RMB
| RMB
| US$
|
Net Loss
| (51,054)
| (6,696)
| (937)
| (484,404)
| (262,478)
| (36,722)
|
Add
|
|
|
|
|
|
|
Share-based
Compensation Expenses
| 25,185
| 20,959
| 2,932
| 81,927
| 69,214
| 9,683
|
Amortization of Intangible
Assets Resulting from
Business Acquisitions
| 3,040
| 2,471
| 346
| 8,991
| 8,133
| 1,138
|
Fair value change of
equity investments
| (78,528)
| -
| -
| (78,528)
| -
| -
|
Non-GAAP (Loss)/ Net
Income
| (101,357)
| 16,734
| 2,341
| (472,014)
| (185,131)
| (25,901)
|
Non-GAAP Net (Loss)/
Profit Margin
| (1.4%)
| 0.2%
| 0.2%
| (2.5%)
| (0.8%)
| (0.8%)
|
The table below sets forth a reconciliation of the Company's diluted EPS to non-GAAP diluted EPS for the periods indicated:
Table 10 – Reconciliation of Diluted EPS and Non-GAAP Diluted EPS
|
|
| Three Months Ended September 30,
|
| Nine Months Ended September 30,
|
| 2019
|
| 2019
|
(In '000)
| RMB
| US$
|
| RMB
| US$
|
Net Loss Attributable to Ordinary
Shareholders
| (3,482)
| (487)
|
| (253,834)
| (35,513)
|
Add
|
|
|
|
|
|
Share-based Compensation Expenses
| 20,959
| 2,932
|
| 69,214
| 9,683
|
Amortization of Intangible Assets Resulting
from Business Acquisitions
| 2,471
| 346
|
| 8,133
| 1,138
|
Add back: Interest accretion related to
convertible bonds
| 1,257
| 176
|
| -
| -
|
Non-GAAP Net Profit/(Loss) Attributable to
Ordinary Shareholders for Computing
Non-GAAP Diluted EPS
| 21,205
| 2,967
|
| (176,487)
| (24,691)
|
Weighted Average Diluted Shares
Outstanding During the Quarter
|
|
|
|
|
|
Diluted
| 388,750,617
| 388,750,617
|
| 388,213,043
| 388,213,043
|
Diluted (Non-GAAP)
| 397,229,787
| 397,229,787
|
| 388,213,043
| 388,213,043
|
Diluted EPS
| (0.01)
| (0.001)
|
| (0.65)
| (0.09)
|
Add
|
|
|
|
|
|
Non-GAAP adjustment to net loss per
share
| 0.06
| 0.01
|
| 0.20
| 0.03
|
Non-GAAP Diluted EPS
| 0.05
| 0.01
|
| (0.45)
| (0.06)
|
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SOURCE BEST Inc.