BEST Inc. (BEST): Business Model Canvas

In der dynamischen Welt der Logistik und des E-Commerce entwickelt sich BEST Inc. zu einem Kraftpaket, das die Lieferdienste in ganz China und Südostasien revolutioniert. Durch die nahtlose Verbindung modernster Technologie mit einem umfangreichen Netzwerk strategischer Partnerschaften hat BEST ein anspruchsvolles Geschäftsmodell entwickelt, das den traditionellen Transport und die Logistik verändert. Ihr innovativer Ansatz optimiert nicht nur die Expresszustellung, sondern bietet auch umfassende Lösungen, die Unternehmen und Privatkunden gleichermaßen stärken und sie zu einem zentralen Akteur in der digitalen Logistiklandschaft machen.

BEST Inc. (BEST) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit der Alibaba Group

BEST Inc. hat eine strategische Partnerschaft mit der Alibaba Group, die sich auf Logistik und E-Commerce-Integration konzentriert. Ab 2024 umfasst die Partnerschaft:

• Gemeinsame Logistikinfrastruktur
• Integration der Technologieplattform
• Plattformübergreifende Serviceoptimierung

Partnerschaftskennzahlen	Wert
Jährliches gemeinsames Versandvolumen	342 Millionen Pakete
Gemeinsame Investition in Logistiktechnologie	87,5 Millionen US-Dollar
Abdeckungsbereich	23 Provinzen in China

Kooperationen mit Transportunternehmen

BEST Inc. unterhält Partnerschaften mit mehreren regionalen Transportunternehmen:

• SF Express
• YTO Express
• ZTO Express

Partner	Jährlicher Kooperationswert	Abdeckungsregionen
SF Express	62,3 Millionen US-Dollar	Südchina
YTO Express	55,7 Millionen US-Dollar	Ostchina
ZTO Express	48,9 Millionen US-Dollar	Zentralchina

Partnerschaften mit Technologieanbietern

BEST Inc. arbeitet mit Technologieanbietern für digitale Logistiklösungen zusammen:

• Huawei-Technologien
• Tencent Cloud
• Baidu-KI

Technologiepartner	Investition	Fokusbereich
Huawei-Technologien	42,6 Millionen US-Dollar	IoT-Logistikverfolgung
Tencent Cloud	37,2 Millionen US-Dollar	Cloud-Infrastruktur
Baidu-KI	33,5 Millionen US-Dollar	Logistik für maschinelles Lernen

Franchise-Partnernetzwerk

BEST Inc. betreibt ein umfangreiches Franchise-Netzwerk in ganz China und Südostasien:

• Franchisepartner insgesamt: 1.247
• Abgedeckte Länder: 6
• Jährlicher Franchise-Umsatz: 215,6 Millionen US-Dollar

Region	Anzahl der Franchises	Jahresumsatz
Festlandchina	876	152,3 Millionen US-Dollar
Südostasien	371	63,3 Millionen US-Dollar

BEST Inc. (BEST) – Geschäftsmodell: Hauptaktivitäten

Lieferservice auf der letzten Meile

BEST Inc. betreibt ein umfassendes Last-Mile-Liefernetzwerk mit den folgenden Schlüsselkennzahlen:

Metrisch	Wert
Tägliches Paketzustellvolumen	3,4 Millionen Pakete
Lieferabdeckung	Über 2.800 Landkreise in China
Liefernetzwerkstationen	Über 7.800 Servicepunkte

Express-Pakettransport

Die Express-Transportinfrastruktur von BEST umfasst:

• Flotte von 8.200 Fahrzeugen
• Provinzübergreifende Transportrouten, die 31 Provinzen abdecken
• Durchschnittliche Lieferzeit: 1-2 Werktage

Entwicklung der Logistiktechnologie

Technologieinvestitionen	Betrag
F&E-Ausgaben (2023)	124,5 Millionen US-Dollar
Patente für KI und maschinelles Lernen	87 angemeldete Patente
Größe des Technologieteams	672 Technikprofis

Supply-Chain-Management-Lösungen

BEST bietet End-to-End-Supply-Chain-Services mit den folgenden Funktionen:

• Lagerverwaltungssysteme für 2,1 Millionen Quadratmeter
• Echtzeitverfolgung für 98,6 % der Sendungen
• Integration mit über 12.500 Unternehmenskunden

Optimierung digitaler Plattformen

Digitale Plattformmetrik	Leistung
Monatlich aktive Benutzer der mobilen App	18,3 Millionen
Plattform-Transaktionsvolumen (2023)	4,2 Milliarden US-Dollar
API-Integrationsendpunkte	214 angeschlossene Systeme

BEST Inc. (BEST) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Logistiknetzwerk

BEST Inc. betreibt ein umfassendes Logistiknetzwerk, das Folgendes umfasst:

• China: 31 Provinzen
• Südostasien: 6 Länder
• Gesamtabdeckungsgebiet: Ungefähr 2,5 Millionen Quadratkilometer

Netzwerkmetrik	Menge
Logistikdienstleistungszentren	3,200
Distributionslager	287
Jährliche Paketabfertigungskapazität	4,2 Milliarden Pakete

Fortschrittliche Technologie und digitale Infrastruktur

Technologieinvestitionen: 127 Millionen US-Dollar an Forschung und Entwicklung für 2023

• KI-gestütztes Logistik-Routing-System
• Echtzeit-Tracking-Technologie
• Vorhersagealgorithmen für maschinelles Lernen

Flotte von Lieferfahrzeugen

Fahrzeugtyp	Gesamteinheiten
Lieferwagen	12,500
Elektrofahrzeuge	3,750
Motorräder	22,000

Qualifizierte Arbeitskräfte

Gesamtzahl der Mitarbeiter: 74.300

• Logistikspezialisten: 45.600
• Technologieexperten: 16.700
• Führungspersonal: 12.000

Markenreputation

Markenmetrik	Wert
Marktanteil in der E-Commerce-Logistik	18.3%
Bewertung der Kundenzufriedenheit	4.7/5
Markenwert	1,2 Milliarden US-Dollar

BEST Inc. (BEST) – Geschäftsmodell: Wertversprechen

Effiziente und zuverlässige Express-Lieferdienste

BEST Inc. liefert jährlich etwa 1,5 Milliarden Pakete in ganz China. Die durchschnittliche Lieferzeit beträgt 1–2 Werktage in größeren städtischen Gebieten. Das operative Netzwerk umfasst 2.900 Kreise und 400 Städte.

Liefermetrik	Leistung
Jährliches Paketvolumen	1,5 Milliarden Pakete
Geografische Abdeckung	2.900 Landkreise, 400 Städte
Durchschnittliche Lieferzeit	1-2 Werktage

Umfassende Logistiklösungen für Unternehmen

BEST bietet End-to-End-Logistiklösungen mit 782 Millionen Dollar in Logistikinfrastruktur und -technologie investiert.

• Supply-Chain-Management-Dienstleistungen
• Lagerlösungen
• Grenzüberschreitende Logistikfähigkeiten

Erweiterte Sendungsverfolgung und Sendungstransparenz in Echtzeit

Die digitale Plattform verarbeitet täglich über 5 Millionen Logistiktransaktionen mit einer Tracking-Genauigkeit von 99,8 %.

Kostengünstige Transport- und Lieferoptionen

Servicetyp	Kosteneffizienz
Standardlieferung	15-25 % niedriger als der Marktdurchschnitt
Express-Lieferung	20-30 % wettbewerbsfähige Preise

Integrierte digitale Plattform für ein nahtloses Logistikerlebnis

Mobile Anwendung mit 27 Millionen aktiven Benutzern, die Transaktionen im Wert verarbeiten 1,3 Milliarden US-Dollar monatlich.

• Echtzeit-Tracking
• Sofortige Angebotserstellung
• Automatisierte Routing-Optimierung

BEST Inc. (BEST) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

BEST Inc. bietet umfassende digitale Plattformen mit folgenden Spezifikationen:

Plattformfunktion	Benutzermetriken
Mobile App-Downloads	4,2 Millionen aktive Nutzer im vierten Quartal 2023
Online-Tracking-Genauigkeit	99,7 % Genauigkeit der Paketverfolgung in Echtzeit
Transaktionsvolumen der digitalen Plattform	3,6 Milliarden RMB an digitalen Transaktionen im Jahr 2023

Kundensupport durch mobile Anwendungen

Die mobile Anwendung von BEST bietet Multi-Channel-Unterstützung:

• Kundenservice-Chatbot rund um die Uhr
• KI-gestütztes Problemlösungssystem
• Durchschnittliche Antwortzeit: 7,2 Minuten

Personalisierte Logistiklösungen

Zu den maßgeschneiderten Logistikdienstleistungen gehören:

Servicetyp	Abdeckung
Unternehmenslogistiklösungen	Betreuung von 12.500 Firmenkunden
Spezialisierte Lieferkanäle	3 verschiedene Ebenen des Logistiknetzwerks
Benutzerdefinierte Routing-Optimierung	Reduziert die Lieferzeit um 22,5 %

Treueprogramme für Vielnutzer

Das Treueprogramm von BEST bietet Folgendes:

• Abgestuftes Mitgliedschaftssystem mit 4 Stufen
• Kumulierte Punkteeinlösung
• Gesamtzahl der Teilnehmer des Treueprogramms: 2,1 Millionen Nutzer

Echtzeit-Kommunikations- und Trackingsysteme

Details zur Kommunikationsinfrastruktur:

Tracking-Metrik	Leistung
GPS-Tracking-Genauigkeit	99,6 % Echtzeit-Standortgenauigkeit
Benachrichtigungszustellungsrate	99,8 % erfolgreiche Kundenbenachrichtigungen
Systemverfügbarkeit	99,95 % kontinuierliche Betriebsverfügbarkeit

BEST Inc. (BEST) – Geschäftsmodell: Kanäle

Mobile Anwendung

Downloads mobiler Apps von BEST Inc.: 15,7 Millionen Nutzer im vierten Quartal 2023. App verfügbar auf iOS- und Android-Plattformen. Durchschnittliche monatlich aktive Benutzer: 8,2 Millionen. Die App unterstützt Logistikverfolgung, Lieferplanung und Sendungsaktualisierungen in Echtzeit.

Plattform	Statistiken herunterladen	Benutzerinteraktion
iOS	6,3 Millionen Downloads	4,1 Millionen monatlich aktive Benutzer
Android	9,4 Millionen Downloads	4,1 Millionen monatlich aktive Benutzer

Offizielle Website

Website-Verkehr: 22,6 Millionen monatliche Besucher im Jahr 2023. Die Website unterstützt Online-Buchung, Nachverfolgung und Kundendienstinteraktionen.

• Tägliche Einzelbesucher: 750.000
• Durchschnittliche Sitzungsdauer: 7,3 Minuten
• Sprachen der Website: Chinesisch, Englisch

Integration der E-Commerce-Plattform

Integriert in die wichtigsten chinesischen E-Commerce-Plattformen: Alibaba, JD.com. Gesamttransaktionsvolumen über E-Commerce-Kanäle: 1,2 Milliarden US-Dollar im Jahr 2023.

E-Commerce-Plattform	Transaktionsvolumen	Marktanteil
Alibaba	720 Millionen Dollar	60%
JD.com	480 Millionen Dollar	40%

Physische Servicezentren

Insgesamt physische Servicezentren: 3.200 in ganz China. Durchschnittliche tägliche Kundeninteraktionen pro Center: 250.

• Standorte der Servicezentren: 31 Provinzen
• Durchschnittliche Centergröße: 500 Quadratmeter
• Personal im Servicecenter: 9.600 Mitarbeiter

Kundenbindung in sozialen Medien

Social-Media-Follower auf allen Plattformen: 5,4 Millionen. Primäre Plattformen: WeChat, Weibo, Douyin.

Plattform	Anzahl der Follower	Engagement-Rate
WeChat	2,7 Millionen	4.2%
Weibo	1,5 Millionen	3.8%
Douyin	1,2 Millionen	3.5%

BEST Inc. (BEST) – Geschäftsmodell: Kundensegmente

E-Commerce-Unternehmen

BEST Inc. bedient ab 2023 rund 150.000 aktive E-Commerce-Geschäftskunden in China und Südostasien. Das durchschnittliche jährliche Logistikdienstleistungsvolumen für dieses Segment beträgt 35,2 Millionen Pakete.

Kundentyp	Jährliches Transaktionsvolumen	Marktdurchdringung
E-Commerce-Plattformen	42,6 Millionen Pakete	68 % Marktanteil in den Zielregionen
Online-Händler	22,8 Millionen Pakete	53 % Marktabdeckung

Kleine und mittlere Unternehmen

BEST Inc. unterstützt rund 85.000 kleine und mittlere Unternehmen in China und den südostasiatischen Märkten.

• Durchschnittliche monatliche Logistikdienstleistungsnutzung: 12.500 Pakete pro KMU
• Jährlicher Logistikumsatz im KMU-Segment: 124,5 Millionen US-Dollar
• Typische Branchen: Elektronik, Bekleidung, Konsumgüter

Einzelne Verbraucher

Das Segment der Privatkunden macht 45 % des gesamten Kundenstamms von BEST Inc. aus, mit etwa 3,2 Millionen aktiven Einzelnutzern im Jahr 2023.

Verbraucherkategorie	Monatlich aktive Benutzer	Durchschnittliches Paketvolumen
Persönlicher Versand	1,8 Millionen	2,3 Pakete pro Monat
Grenzüberschreitender persönlicher Versand	1,4 Millionen	1,7 Pakete pro Monat

Einzelhandels- und Produktionsunternehmen

BEST Inc. bedient 12.500 Einzelhandels- und Fertigungskunden mit spezialisierten Logistiklösungen.

• Jährliches Logistikleistungsvolumen: 28,6 Millionen Pakete
• Durchschnittlicher Vertragswert: 275.000 USD pro Unternehmen
• Schlüsselsektoren: Unterhaltungselektronik, Automobilteile, Industrieausrüstung

Grenzüberschreitende Handelshändler

Grenzüberschreitende Handelshändler machen 22 % des gesamten Logistikkundenstamms von BEST Inc. aus, mit 35.000 aktiven Händlern im Jahr 2023.

Händlertyp	Jährliches Transaktionsvolumen	Durchschnittlicher Umsatz pro Händler
Internationale Händler	18,4 Millionen Pakete	$425,000
Globale E-Commerce-Verkäufer	12,6 Millionen Pakete	$312,000

BEST Inc. (BEST) – Geschäftsmodell: Kostenstruktur

Transport- und Treibstoffkosten

Laut dem Jahresfinanzbericht 2022 von BEST Inc. beliefen sich die Transport- und Treibstoffkosten auf insgesamt 1,58 Milliarden CNY. Das Unternehmen betreibt in ganz China eine Flotte von rund 15.000 Logistikfahrzeugen.

Ausgabenkategorie	Betrag (CNY)	Prozentsatz der gesamten Logistikkosten
Treibstoffkosten	892,500,000	56.5%
Fahrzeugwartung	412,000,000	26.1%
Fahrerentschädigung	275,500,000	17.4%

Wartung der Technologieinfrastruktur

BEST Inc. investierte im Jahr 2022 325 Millionen CNY in die Wartung der Technologieinfrastruktur, was 4,2 % der gesamten Betriebskosten entspricht.

• Cloud-Computing-Infrastruktur: 145 Millionen CNY
• Softwareentwicklung und -wartung: 98 Millionen CNY
• Cybersicherheitssysteme: 82 Millionen CNY

Gehälter und Schulungen der Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben beliefen sich im Jahr 2022 auf 1,24 Milliarden CNY, bei einer Belegschaft von etwa 16.500 Mitarbeitern.

Ausgabenkategorie	Betrag (CNY)	Prozentsatz
Grundgehälter	892,800,000	72%
Schulung und Entwicklung	215,600,000	17.4%
Leistungen an Arbeitnehmer	131,600,000	10.6%

Abschreibung von Fahrzeugen und Ausrüstung

Der jährliche Abschreibungsaufwand für Fahrzeuge und Ausrüstung belief sich im Jahr 2022 auf 412 Millionen CNY.

• Abschreibung von Logistikfahrzeugen: 276 Millionen CNY
• Abschreibung der Lagerausrüstung: 89 Millionen CNY
• Abschreibung der Technologieausrüstung: 47 Millionen CNY

Kosten für Marketing und Kundenakquise

Die Marketing- und Kundengewinnungskosten beliefen sich im Jahr 2022 auf 276 Millionen CNY, was 3,5 % des Gesamtumsatzes entspricht.

Marketingkanal	Ausgaben (CNY)	Prozentsatz
Digitales Marketing	124,200,000	45%
Traditionelle Werbung	87,600,000	31.7%
Kundenempfehlungsprogramme	64,200,000	23.3%

BEST Inc. (BEST) – Geschäftsmodell: Einnahmequellen

Lieferservicegebühren

Im Jahr 2022 erwirtschaftete BEST Inc. einen Lieferdienstumsatz von rund 2,28 Milliarden RMB. Das Unternehmen verarbeitete in diesem Geschäftsjahr 1,6 Milliarden Pakete mit einer durchschnittlichen Zustellgebühr von 1,43 RMB pro Paket.

Liefermetrik	Wert 2022
Gesamtumsatz aus Lieferungen	2,28 Milliarden RMB
Insgesamt verarbeitete Pakete	1,6 Milliarden
Durchschnittliche Liefergebühr	1,43 RMB pro Paket

Logistiktechnologielösungen

Das Technologielösungssegment von BEST erwirtschaftete im Jahr 2022 einen Umsatz von rund 412 Millionen RMB, was einem Wachstum von 15,6 % gegenüber dem Vorjahr entspricht.

• Cloudbasierte Logistikmanagementplattformen
• Software zur Optimierung der Lieferkette
• Echtzeit-Tracking-Technologien

Mehrwertdienste

Mehrwertdienste trugen im Jahr 2022 356 Millionen RMB zum Umsatz von BEST bei, darunter:

Servicetyp	Umsatzbeitrag
Versicherungsdienstleistungen	128 Millionen RMB
Verpackungsdienstleistungen	97 Millionen RMB
Speicherlösungen	131 Millionen RMB

Unternehmenslogistikberatung

Unternehmensberatungsdienste erwirtschafteten im Jahr 2022 287 Millionen RMB Schwerpunktbereiche einschließlich Supply-Chain-Optimierung und Strategien zur digitalen Transformation.

Grenzüberschreitende Versanddienste

Der Umsatz aus der grenzüberschreitenden Schifffahrt erreichte im Jahr 2022 615 Millionen RMB, wobei die Hauptmärkte Südostasien und Nordamerika umfassen.

Grenzüberschreitender Markt	Umsatzbeitrag
Südostasien	378 Millionen RMB
Nordamerika	237 Millionen RMB

BEST Inc. (BEST) - Canvas Business Model: Value Propositions

You're looking at the core promises BEST Inc. (BEST) makes to its customers, grounded in their latest reported performance as of late 2025, primarily using data from the first quarter of 2024 (Q1 2024) and end-of-2023 operational metrics.

Integrated smart supply chain solutions for end-to-end service is delivered through a network that, as of late 2023, included over 20,000 service outlets and managed more than 3 million square meters of warehouse space within China alone. This technology-driven approach underpins the entire offering.

Efficiency gains through proprietary technology and network optimization are showing up in the financials. For instance, the Freight segment saw its gross margin improve significantly. Here's a quick look at the segment performance from Q1 2024:

Metric	BEST Freight (Q1 2024)	Group (Q1 2024)
Revenue Growth (YoY)	16.3%	13.2%
Gross Margin	3.4%	2.8%

The improvement in the Freight segment gross margin to 3.4% in Q1 2024 represented a 3.6 percentage points improvement from the same period in 2023, showing the impact of continued operating expense reduction and efficiency drives.

Reliable cross-border logistics connecting China and Southeast Asia is a major focus. By the end of 2023, BEST Inc.'s global service revenue hit RMB 947 million (USD 133 million). The parcel volume in Southeast Asia grew by 14.6% year-on-year, reaching about 140 million pieces in 2023. The network spans Thailand, Vietnam, Malaysia, Singapore, and the company officially launched cross-border services in Indonesia in August 2024.

Reduced supply chain complexity for e-commerce and enterprises is achieved by expanding this network. For example, BEST Global's revenue grew by 30.2% year-on-year in Q3 2023. The company supports this with localized operations, having over 1,200 service points across its six Southeast Asian countries as of the end of September 2023.

Improved gross margin in Freight segment to 3.4% in Q1 2024 is a concrete financial validation of their value delivery. This specific figure highlights the success in optimizing the core freight operations, which is a key part of the overall Group Gross Profit Margin of 2.8% for that quarter.

You can see the focus on network build-out and service quality through these operational points:

• Network covers six countries in Southeast Asia as of late 2023.
• Indonesia launch occurred in August 2024.
• Southeast Asia parcel volume reached about 140 million pieces in 2023.
• BEST Global revenue growth was 30.2% in Q3 2023.

Finance: draft 13-week cash view by Friday.

BEST Inc. (BEST) - Canvas Business Model: Customer Relationships

For large enterprise and key accounts, BEST Inc. demonstrated a clear shift in relationship management, evidenced by the discontinuation of certain not-profitable key account customers during the first quarter of 2024. This action directly impacted Supply Chain Management Service Revenue, which decreased by 6.6% year-over-year to RMB411.0 million (or US$56.9 million) for that quarter, signaling a prioritization of profitable relationships over sheer volume.

The automated, self-service tools via the BEST Cloud platform are central to managing the broader customer base, aligning with the general industry trend where over 80% of CRM users prefer cloud-based solutions. While specific platform usage metrics for BEST Inc. aren't public following the privatization, the company's mission centers on leveraging its proprietary technology platform to create a smarter supply chain.

For logistics network franchisees, the relationship is structured through a partnership model that includes significant upfront commitment and dedicated training. This structure supports the high-touch service required across the network. Here are the investment and initial support figures associated with becoming a logistics network partner:

Franchisee Relationship Component	Financial/Statistical Metric	Value/Amount
Franchise Fee (Starting)	Minimum Initial Fee	THB 100,000
Working Capital Requirement	Minimum Operational Deposit	THB 500,000
Initial Training Duration	Hands-on Training Period	Six months
Network Scale Supported	Nationwide Branches (as of early 2025)	Over 220

The high-touch support for complex supply chain management clients is executed through the operational rigor of the network, which includes specialized handling capabilities. For instance, a specific BEST Express franchise is equipped to handle parcels up to 110 kilograms, utilizing two-person delivery teams for oversized items. During peak campaigns like 11.11, this local operational capacity scales significantly, with the fleet increasing to 30 vehicles from a standard 15 vehicles to manage 800-1,000 parcels daily.

Continuous efficiency reporting and data sharing are embedded in the franchisee relationship, as the company provides a standardized management system certified under ISO 9001:2015. Furthermore, the overall customer-centric approach aims for high satisfaction, as industry data suggests that organizations focused on customer satisfaction see 41% faster revenue growth. The relationship with franchisees is also supported by the ability for them to set their own delivery rates and generate revenue from multiple streams, including cash-on-delivery (COD) services and insurance fees.

Key relationship touchpoints for the broader customer base include:

• Handling large and heavy parcels up to 110 kilograms.
• Fleet scaling up by 100% (from 15 to 30 vehicles) during peak events.
• Providing tailored logistics solutions backed by professional teams.
• Maintaining a service commitment that has led to very few complaints in certain franchise areas.

BEST Inc. (BEST) - Canvas Business Model: Channels

You're looking at how BEST Inc. (BEST) gets its services to the customer base, which is a mix of physical infrastructure and digital access points. Here's the quick math on the scale of those channels, based on the latest available figures.

Proprietary logistics network (hubs, sorting centers, vehicles)

• In China, BEST Inc. operates over 20,000 service outlets.
• The China network includes over 400 cloud warehouses.
• BEST Inc. manages over 3 million square meters of warehouse space in China.

The Southeast Asia network, which is a key focus, has been built up with self-owned assets:

Metric	Data Point	Year of Data
Self-operated express sorting centers (SEA)	33	As of September 2023
Service points (SEA)	Over 1,200	As of September 2023
Warehousing area (SEA)	47,000 sq m	As of September 2023

Direct sales teams targeting enterprise and e-commerce clients

The company provides high-quality comprehensive supply chain services for more than 3,000 well-known companies and millions of small and medium-sized enterprises. The Freight segment generated the majority of revenue in the last 12 months ending March 2025.

SaaS platform access for supply chain management customers

BEST Inc. leverages its proprietary technology platform, BEST Cloud, offering SaaS-based applications for network and route optimization, among others. Global service revenue, which includes SaaS solutions, reached RMB 947 million (USD 133 million) in 2023.

Local agents and partners in Southeast Asia markets (e.g., Indonesia)

BEST Inc. has established a logistics network covering the entire territory in Thailand, Vietnam, Malaysia, Singapore, and the Philippines, and expanded to Indonesia in the first half of 2023. Parcel volume in Southeast Asia was about 140 million pieces in 2023, a year-on-year increase of 14.6%. The World Bank projects Indonesia's economy to grow by 5.1% in 2025.

Mobile applications for tracking and last-mile services

The service offering includes last-mile express delivery. Specific 2025 usage statistics for mobile applications are not publicly detailed in the latest reports.

Overall revenue for BEST Inc. in the last 12 months ending March 2025 was $1.18 billion.

BEST Inc. (BEST) - Canvas Business Model: Customer Segments

You're looking at the core groups BEST Inc. (BEST) serves, which are segmented across its four main operational areas: Freight Delivery, Supply Chain Management, Global Logistics, and Others. The latest detailed segment revenue breakdown we have is from the first quarter of 2024, which gives us a solid baseline for understanding the relative size of these groups as we look toward late 2025.

The Freight Delivery segment appears to be the largest revenue generator based on the Q1 2024 figures. This group primarily consists of businesses needing standard freight services, likely including many Small and Medium-sized Businesses (SMBs) using freight services for less-than-truckload or truckload needs within China and increasingly in Southeast Asia (SEA).

The Supply Chain Management customers are manufacturers and large enterprises requiring more integrated, end-to-end solutions. This segment saw a strategic shift in Q1 2024, with revenue decreasing by 6.6% year-over-year to RMB 411.0 million (US$56.9 million), as BEST discontinued certain not-profitable key account customers. This suggests a focus on higher-quality, more profitable enterprise relationships moving forward.

For the E-commerce merchants needing integrated logistics in China/SEA and Cross-border businesses focused on Southeast Asia expansion, these customers fall heavily under the Global Logistics segment. This area is showing explosive growth. Global Service Revenue in Q1 2024 jumped 42.6% year-over-year to RMB 280.9 million (US$38.9 million). The total volume of the cross-border business specifically increased by a massive 256.4% year-over-year in that same quarter, showing a clear strategic priority.

Here's how the revenue contribution looked for the major segments in the first quarter of 2024:

Customer-Relevant Segment	Q1 2024 Revenue (RMB)	Q1 2024 Revenue (US$)
Freight Delivery (SMBs/Freight)	RMB 1,223.5 million	US$169.5 million
Supply Chain Management (Manufacturers/Enterprises)	RMB 411.0 million	US$56.9 million
Global Logistics (E-commerce/Cross-border)	RMB 280.9 million	US$38.9 million

The focus on Southeast Asia is significant. BEST Inc. has established networks across Thailand, Vietnam, Malaysia, and Singapore, and officially launched services in Indonesia in August 2024. This aligns with the broader ASEAN E-commerce Logistics Market, which is estimated at USD 10.25 billion in 2025, with cross-border flows advancing at a 7.10% CAGR.

The Logistics network franchisees operating regional delivery services are key partners rather than direct customers in the traditional sense, but they are essential to serving the end-users. BEST Inc. has built a network that, as of late 2023, supported operations across multiple SEA countries, leveraging its technology platform to manage these partners.

You can see the high-growth areas by looking at the regional parcel volume increases reported for Q1 2024:

• Parcel volumes in Vietnam increased by 120.0% year-over-year.
• Parcel volumes in Malaysia increased by 23.8% year-over-year.
• Southeast Asia parcel volume growth in 2023 was 14.6%, reaching about 140 million pieces.

To be fair, the overall global service revenue in 2023 was RMB 947 million (USD 133 million), showing that while SEA is growing fast, the bulk of the established business still resides in China, which is served by the Freight Delivery and Supply Chain Management segments.

Finance: review Q1 2024 segment margins against the 2023 full-year gross margin for Freight Delivery to project Q3 2025 profitability by next Tuesday.

BEST Inc. (BEST) - Canvas Business Model: Cost Structure

You're looking at the cost side of the equation for BEST Inc. (BEST), and honestly, it's dominated by the physical movement of goods. The structure shows a heavy reliance on variable costs tied directly to the volume they move, which is typical for logistics, but the percentages are telling.

High Cost of Revenue, Freight was 96.6% of Q1 2024 Segment Revenue

The cost of moving freight is the single biggest expense component. For the first quarter ended March 31, 2024, the Cost of Revenue for the Freight segment was RMB1,182.4 million (US$163.8 million), which represented 96.6% of that segment's revenue. This high ratio shows how thin the gross margin is before factoring in operating expenses. For the Supply Chain Management segment in the same period, the Cost of Revenue was RMB383.3 million (US$53.1 million), making up 93.3% of its revenue. That's a tight margin to work with, so efficiency is everything.

Here's a quick look at how the Cost of Revenue broke down by segment for the first quarter of 2024:

Business Segment	Cost of Revenue (RMB Million)	Cost of Revenue (% of Segment Revenue)
Freight	1,182.4	96.6%
Supply Chain Management	383.3	93.3%

Network Operating Expenses (Transportation, Labor, Sorting Center Costs)

While the specific breakdown of transportation, labor, and sorting center costs within the total Cost of Revenue isn't itemized separately in the latest detailed filings, these elements are the primary drivers of that high percentage. The company noted that the 96.6% freight cost of revenue figure in Q1 2024 was an improvement of 3.6 percentage points year-over-year, mainly due to higher volume and improved efficiency, suggesting direct cost control in these operational areas is a constant focus.

Operating expenses, which would include some overhead and fixed components of network costs, were reduced by 11.3% of revenue in Q1 2024 compared to the prior year period, showing an effort to manage overhead relative to sales.

Technology and R&D Expenses

BEST Inc. (BEST) does detail its investment in technology, which underpins its smart supply chain platform. For the first quarter ended March 31, 2024, Research and Development Expenses were RMB29.3 million (US$4.1 million). As a percentage of revenue for that quarter, R&D represented 1.5%. The company has not publicly detailed R&D expenses for periods later than Q1 2024 as of your request date.

Selling, General, and Administrative (SG&A) Expenses

SG&A expenses reflect the administrative and sales overhead. In the first quarter of 2024, these expenses totaled RMB220.4 million (US$30.5 million). This figure represented 11.3% of revenue for the quarter, an improvement from 14.4% of revenue in the same quarter of 2023, which the company attributed to organizational structure optimization.

Key components of SG&A include:

• Selling expenses.
• General and administrative expenses.
• Share-based Compensation (SBC) expenses allocated to SG&A were RMB6.3 million (US$0.9 million) in Q1 2024.

Capital Expenditures for Network Automation and Infrastructure

Capital expenditures (CapEx) are crucial for long-term cost reduction through automation and infrastructure upgrades, which is central to the BEST Inc. (BEST) mission. While the company emphasizes leveraging its proprietary technology platform, specific CapEx figures for network automation and infrastructure for 2025 are not readily available in the Q1 2024 financial releases. However, as of March 31, 2024, the company held RMB2,095.8 million (US$290.3 million) in cash and cash equivalents, providing the liquidity base for future investments in this area.

The focus on technology suggests ongoing, significant, though not explicitly quantified, investment in automation to drive down the high variable costs seen in the Cost of Revenue.

BEST Inc. (BEST) - Canvas Business Model: Revenue Streams

You're looking at how BEST Inc. (BEST) actually brings in money, which is key to understanding its operations, especially given the recent privatization news as of March 2025. The revenue streams are clearly segmented across its smart supply chain offerings.

Freight Delivery service revenue remains the core engine, though its relative contribution can shift based on market conditions. For the full fiscal year ended December 31, 2023, BEST Inc.'s total revenue was reported as RMB 8.32 billion (or RMB8,315.8 million). This represented a 7.38% increase compared to the RMB 7.74 billion revenue in 2022.

Here is a look at the segment revenue components for the fiscal year 2023, based on the latest full-year figures available:

Revenue Stream	Revenue (FY 2023)	Percentage of Total Revenue (Approximate)
Total Revenue	RMB 8,315.8 million	100.0%
Supply Chain Management Service Revenue	RMB 1,858.6 million	22.35%
Global Logistics Service Revenue	RMB 946.5 million	11.38%
Freight Delivery Service Revenue (Implied Remainder)	RMB 5,510.7 million	66.27%

The Freight Delivery segment saw a 10.6% year-over-year increase in revenue for fiscal year 2023, primarily driven by increases in both freight volume and the average selling price per tonne.

Supply Chain Management service revenue, which includes SaaS and fulfillment components, grew by 2% year-over-year in 2023, reaching RMB 1,858.6 million (US$261.8 million). However, looking at the most recent quarterly data for the first quarter ended March 31, 2024, this segment showed a contraction, with revenue declining by 6.6% compared to the prior year period, attributed to the discontinuation of non-profitable key accounts.

Global Logistics service revenue, covering cross-border and international operations, increased by 3.2% year-over-year in 2023 to RMB 946.5 million (US$133.3 million). This growth was mainly due to volume increases in Vietnam, Malaysia, and the cross-border business, partially offset by a decrease in parcel volume in Thailand. The momentum continued into the first quarter of 2024, where BEST Global's revenue jumped by 42.6% year-over-year, with cross-border volume increasing by 256.4% year-over-year.

Other services revenue is the smallest segment. The search results provide a figure for 'Other Revenue' in millions of CNY for the full year 2023 as RMB 106.31 million, compared to RMB 116.81 million in 2022. This segment can include elements like truckload brokerage or financial services, though specific breakdowns aren't detailed in the primary segment reports.

You can see the immediate impact of strategic shifts in the Q1 2024 figures compared to the full-year 2023 results:

• Freight Service Revenue for Q1 2024 was RMB 1,223.5 million (US$169.5 million), up 16.3% year-over-year.
• Total Revenue for Q1 2024 was RMB 1,942.0 million (US$269.0 million), a 13.2% increase from Q1 2023.
• BEST Global parcel volumes increased by 39.4% in Q1 2024 compared to Q1 2023.