On November 20th, the digital freight platform Manbang Group (YMM. US) released its third quarter 2024 performance report before the US stock market. According to the financial report, Manbang's revenue scale and net profit reached new highs this quarter, and all business segments maintained healthy growth, continuing to demonstrate strong momentum. During the reporting period, Manbang achieved a revenue of 3.03 billion yuan (RMB, the same below), a year-on-year increase of 33.9%. The adjusted operating profit under non US accounting standards reached 880 million yuan, a year-on-year increase of 92.9%. The adjusted net profit under non US accounting standards was 1.24 billion yuan, a year-on-year increase of 50.2%, both reaching historical highs and exceeding market expectations.
Zhang Hui, Chairman of Manbang, stated that since the third quarter, Manbang's user base, matching efficiency, orders, and revenue and profit have all maintained healthy growth. Manbang continues to promote digital and intelligent logistics transformation, helping shippers save more money, and assisting drivers in taking on more orders, improving delivery efficiency, and making more money. In the third quarter, the group carried out a comprehensive renovation of the Yunman brand and deepened the dual membership mechanism for both the company and the goods, further enhancing the user base and stickiness. Looking ahead to the fourth quarter, Manbang will continue to increase its digital and intelligent product innovation, creating greater value for users and society.
The growth of new users and user stickiness are key indicators of the operational quality of Manbang. By actively recruiting new customers through multiple channels and optimizing the experience of novice shippers on the product side based on effective feedback from users, such as simplifying the shipping process, Manbang maintained strong growth in the number of new shippers this quarter. The average monthly active customers of shippers in the third quarter was 2.84 million, setting a new record and increasing by 33.6% compared to the same period last year.
Accurate user operation logic brings excellent performance. In the third quarter, Manbang's fulfilled orders increased by 22.1% year-on-year, with a record high of 51.9 million fulfilled orders and a fulfillment rate of 34.5%. This is mainly due to changes in the shipper structure and the resulting optimization of the order structure. In the third quarter, the proportion of direct customer fulfillment orders increased to 49%. Manbang stated that in the past quarter, the group has continued to deepen its digital and intelligent logistics transformation, helping enterprises further reduce costs and increase efficiency in the current macroeconomic environment, and gain logistics competitiveness; Looking ahead to the future, with the effective promotion of the platform's direct customer acquisition strategy, Manbang will further optimize its order structure and continuously improve its fulfillment efficiency.
With stable performance and significant growth potential, Manbang received increased holdings from multiple institutions, especially long-term investment institutions, in the third quarter, mainly from companies such as Fidelity International and FirstBeijing.