BEST Inc. (BEST): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la logística y el comercio electrónico, Best Inc. surge como una potencia, revolucionando los servicios de entrega en China y el sudeste asiático. Al combinar perfectamente la tecnología de vanguardia con una red expansiva de asociaciones estratégicas, Best ha creado un modelo de negocio sofisticado que transforma el transporte y la logística tradicionales. Su enfoque innovador no solo optimiza la entrega expresa, sino que también proporciona soluciones integrales que capacitan a las empresas y a los consumidores individuales por igual, lo que los convierte en un jugador fundamental en el panorama de logística digital.

Best Inc. (Best) - Modelo de negocio: asociaciones clave

Alianza estratégica con Alibaba Group

Best Inc. tiene una asociación estratégica con Alibaba Group, centrándose en la logística y la integración de comercio electrónico. A partir de 2024, la asociación implica:

• Infraestructura de logística compartida
• Integración de la plataforma de tecnología
• Optimización de servicio multiplataforma

Métricas de asociación	Valor
Volumen de envío colaborativo anual	342 millones de paquetes
Inversión conjunta en tecnología logística	$ 87.5 millones
Área de cobertura	23 provincias en China

Colaboraciones de la empresa de transporte

Best Inc. mantiene asociaciones con múltiples compañías de transporte regional:

• SF Express
• Yto express
• ZTO Express

Pareja	Valor de colaboración anual	Regiones de cobertura
SF Express	$ 62.3 millones	Sur de China
Yto express	$ 55.7 millones	China oriental
ZTO Express	$ 48.9 millones	China central

Asociaciones de proveedores de tecnología

Best Inc. colabora con proveedores de tecnología para soluciones de logística digital:

• Tecnologías Huawei
• Nube de tencent
• Baidu ai

Socio tecnológico	Inversión	Área de enfoque
Tecnologías Huawei	$ 42.6 millones	Seguimiento de logística de IoT
Nube de tencent	$ 37.2 millones	Infraestructura en la nube
Baidu ai	$ 33.5 millones	Logística de aprendizaje automático

Red de socios de franquicia

Best Inc. opera una extensa red de franquicias en China y el sudeste asiático:

• Total Franchise Partners: 1.247
• Países cubiertos: 6
• Ingresos anuales de franquicia: $ 215.6 millones

Región	Número de franquicias	Ingresos anuales
China continental	876	$ 152.3 millones
Sudeste de Asia	371	$ 63.3 millones

Best Inc. (Best) - Modelo de negocio: actividades clave

Servicios de entrega de última milla

Best Inc. opera una red integral de entrega de última milla con las siguientes métricas clave:

Métrico	Valor
Volumen diario de entrega de paquetes	3.4 millones de parcelas
Cobertura de entrega	Más de 2.800 condados en China
Estaciones de red de entrega	Más de 7,800 puntos de servicio

Transporte de paquetes expresos

La infraestructura de transporte de Best's Express incluye:

• Flota de 8,200 vehículos
• Rutas de transporte multiprovincial que cubren 31 provincias
• Tiempo de entrega promedio: 1-2 días hábiles

Desarrollo de la tecnología logística

Inversión tecnológica	Cantidad
Gasto de I + D (2023)	$ 124.5 millones
AI y patentes de aprendizaje automático	87 patentes registradas
Tamaño del equipo tecnológico	672 profesionales de tecnología

Soluciones de gestión de la cadena de suministro

Best proporciona servicios de cadena de suministro de extremo a extremo con las siguientes capacidades:

• Sistemas de gestión de almacenes que cubren 2.1 millones de metros cuadrados
• Seguimiento en tiempo real para el 98.6% de los envíos
• Integración con más de 12,500 clientes empresariales

Optimización de la plataforma digital

Métrica de plataforma digital	Actuación
Aplicación móvil usuarios activos mensuales	18.3 millones
Volumen de transacción de plataforma (2023)	$ 4.2 mil millones
Puntos finales de integración de API	214 sistemas conectados

Best Inc. (Best) - Modelo de negocio: recursos clave

Red de logística extensa

Best Inc. opera una red de logística integral:

• China: 31 provincias
• Sudeste de Asia: 6 países
• Área de cobertura total: aproximadamente 2.5 millones de kilómetros cuadrados

Métrico de red	Cantidad
Centros de servicios logísticos	3,200
Almacenes de distribución	287
Capacidad anual de manejo de paquetes	4.200 millones de paquetes

Tecnología avanzada e infraestructura digital

Inversión tecnológica: $ 127 millones en I + D para 2023

• Sistema de enrutamiento logístico con IA
• Tecnología de seguimiento en tiempo real
• Algoritmos predictivos de aprendizaje automático

Flota de vehículos de entrega

Tipo de vehículo	Unidades totales
Camiones de entrega	12,500
Vehículos eléctricos	3,750
Motocicletas	22,000

Fuerza laboral hábil

Total de empleados: 74,300

• Especialistas en logística: 45,600
• Profesionales de tecnología: 16,700
• Personal de gestión: 12,000

Reputación de la marca

Métrico de marca	Valor
Cuota de mercado en la logística de comercio electrónico	18.3%
Calificación de satisfacción del cliente	4.7/5
Valor de marca	$ 1.2 mil millones

Best Inc. (Best) - Modelo de negocio: propuestas de valor

Servicios de entrega expresos eficientes y confiables

Best Inc. ofrece aproximadamente 1.500 millones de paquetes anuales en toda China. El tiempo promedio de entrega es de 1-2 días hábiles dentro de las principales áreas urbanas. La red operativa cubre 2,900 condados y 400 ciudades.

Métrica de entrega	Actuación
Volumen de paquete anual	1.500 millones de paquetes
Cobertura geográfica	2.900 condados, 400 ciudades
Tiempo de entrega promedio	1-2 días hábiles

Soluciones logísticas integrales para empresas

Best proporciona soluciones logísticas de extremo a extremo con $ 782 millones invertido en infraestructura y tecnología logística.

• Servicios de gestión de la cadena de suministro
• Soluciones de almacenamiento
• Capacidades logísticas transfronterizas

Seguimiento avanzado y visibilidad de envío en tiempo real

La plataforma digital procesa más de 5 millones de transacciones de logística diaria con una precisión de seguimiento del 99.8%.

Opciones de transporte y entrega rentables

Tipo de servicio	Eficiencia de rentabilidad
Entrega estándar	15-25% más bajo que el promedio del mercado
Entrega urgente	20-30% de precios competitivos

Plataforma digital integrada para una experiencia logística perfecta

Aplicación móvil con 27 millones de usuarios activos, vale la pena procesar transacciones $ 1.3 mil millones mensual.

• Seguimiento en tiempo real
• Generación de cotizaciones instantáneas
• Optimización de enrutamiento automatizada

Best Inc. (Best) - Modelo de negocios: relaciones con los clientes

Plataformas digitales de autoservicio

Best Inc. ofrece plataformas digitales completas con las siguientes especificaciones:

Característica de la plataforma	Métricas de usuario
Descargas de aplicaciones móviles	4.2 millones de usuarios activos a partir del cuarto trimestre 2023
Precisión de seguimiento en línea	99.7% de precisión de seguimiento de paquetes en tiempo real
Volumen de transacción de plataforma digital	RMB 3.6 mil millones en transacciones digitales en 2023

Atención al cliente a través de aplicaciones móviles

La aplicación móvil de Best proporciona soporte multicanal:

• Chatbot de servicio al cliente 24/7
• Sistema de resolución de problemas con AI
• Tiempo de respuesta promedio: 7.2 minutos

Soluciones logísticas personalizadas

Los servicios logísticos personalizados incluyen:

Tipo de servicio	Cobertura
Soluciones de logística empresarial	Atendiendo a 12,500 clientes corporativos
Canales de entrega especializados	3 niveles de red logísticos distintos
Optimización de enrutamiento personalizado	Reduce el tiempo de entrega en un 22.5%

Programas de fidelización para usuarios frecuentes

Características del programa de lealtad de Best:

• Sistema de membresía escalonada con 4 niveles
• Redención de puntos acumulativos
• Participantes del programa de lealtad total: 2.1 millones de usuarios

Sistemas de comunicación y seguimiento en tiempo real

Detalles de la infraestructura de comunicación:

Métrico de seguimiento	Actuación
Precisión de seguimiento del GPS	99.6% de precisión de ubicación en tiempo real
Tasa de entrega de notificaciones	99.8% Notificaciones de clientes exitosas
Tiempo de actividad del sistema	99.95% de disponibilidad operativa continua

Best Inc. (Best) - Modelo de negocio: canales

Aplicación móvil

Best Inc. Descargas de aplicaciones móviles: 15.7 millones de usuarios a partir del cuarto trimestre de 2023. Aplicación disponible en plataformas iOS y Android. Usuarios activos mensuales promedio: 8.2 millones. La aplicación admite el seguimiento logístico, la programación de entrega y las actualizaciones de envío en tiempo real.

Plataforma	Descargar estadísticas	Compromiso de usuario
iOS	6.3 millones de descargas	4.1 millones de usuarios activos mensuales
Androide	9.4 millones de descargas	4.1 millones de usuarios activos mensuales

Sitio web oficial

Tráfico del sitio web: 22.6 millones de visitantes mensuales en 2023. El sitio web admite la reserva en línea, el seguimiento y las interacciones de servicio al cliente.

• Visitantes únicos diarios: 750,000
• Duración promedio de la sesión: 7.3 minutos
• Idiomas del sitio web: chino, inglés

Integración de la plataforma de comercio electrónico

Integrado con las principales plataformas de comercio electrónico chino: Alibaba, JD.com. Volumen total de transacciones a través de canales de comercio electrónico: $ 1.2 mil millones en 2023.

Plataforma de comercio electrónico	Volumen de transacción	Cuota de mercado
Alibaba	$ 720 millones	60%
Jd.com	$ 480 millones	40%

Centros de servicio físico

Centros de servicio físico total: 3.200 en China. Interacciones diarias promedio de clientes por centro: 250.

• Ubicaciones del centro de servicio: 31 provincias
• Tamaño central promedio: 500 metros cuadrados
• Personal del centro de servicio: 9,600 empleados

Compromiso del cliente de las redes sociales

Seguidores de redes sociales en todas las plataformas: 5.4 millones. Plataformas principales: WeChat, Weibo, Douyin.

Plataforma	Recuento de seguidores	Tasa de compromiso
Veloz	2.7 millones	4.2%
Weibo	1.5 millones	3.8%
Douyin	1.2 millones	3.5%

Best Inc. (Best) - Modelo de negocio: segmentos de clientes

Negocios de comercio electrónico

Best Inc. atiende a aproximadamente 150,000 clientes comerciales activos de comercio electrónico en China y el sudeste asiático a partir de 2023. El volumen de servicio logístico anual promedio para este segmento es de 35.2 millones de paquetes.

Tipo de cliente	Volumen de transacción anual	Penetración del mercado
Plataformas de comercio electrónico	42.6 millones de paquetes	68% de participación de mercado en regiones objetivo
Minoristas en línea	22.8 millones de paquetes	53% de cobertura del mercado

Empresas pequeñas y medianas

Best Inc. admite aproximadamente 85,000 pequeñas y medianas empresas en los mercados de China y el sudeste asiático.

• Uso promedio del servicio de logística mensual: 12,500 paquetes por PYME
• Ingresos logísticos anuales del segmento de PYME: $ 124.5 millones
• Industrias típicas atendidas: electrónica, ropa, bienes de consumo

Consumidores individuales

El segmento de consumo individual representa el 45% de la base total de clientes de Best Inc., con aproximadamente 3.2 millones de usuarios individuales activos en 2023.

Categoría de consumidor	Usuarios activos mensuales	Volumen de paquete promedio
Envío personal	1.8 millones	2.3 paquetes por mes
Envío personal transfronterizo	1.4 millones	1.7 paquetes por mes

Empresas minoristas y manufactureras

Best Inc. atiende a 12,500 clientes minoristas y de fabricación con soluciones logísticas especializadas.

• Volumen anual del servicio de logística: 28.6 millones de paquetes
• Valor promedio del contrato: $ 275,000 por empresa
• Sectores clave: Electrónica de consumo, piezas automotrices, equipos industriales

Comerciantes comerciales transfronterizos

Los comerciantes comerciales transfronterizos constituyen el 22% de la base de clientes de logística total de Best Inc., con 35,000 comerciantes activos en 2023.

Tipo de comerciante	Volumen de transacción anual	Ingresos promedio por comerciante
Comerciantes internacionales	18.4 millones de paquetes	$425,000
Vendedores globales de comercio electrónico	12,6 millones de paquetes	$312,000

Best Inc. (Best) - Modelo de negocio: Estructura de costos

Gastos de transporte y combustible

Según el Informe Financiero Anual de 2022 de Best Inc., los gastos de transporte y combustible totalizaron 1.58 mil millones de CNY. La compañía opera una flota de aproximadamente 15,000 vehículos logísticos en China.

Categoría de gastos	Cantidad (CNY)	Porcentaje de costos de logística total
Costos de combustible	892,500,000	56.5%
Mantenimiento del vehículo	412,000,000	26.1%
Compensación del conductor	275,500,000	17.4%

Mantenimiento de la infraestructura tecnológica

Best Inc. invirtió 325 millones de CNY en mantenimiento de la infraestructura tecnológica en 2022, lo que representa el 4.2% de los gastos operativos totales.

• Infraestructura de computación en la nube: 145 millones de CNY
• Desarrollo y mantenimiento de software: 98 millones de CNY
• Sistemas de ciberseguridad: 82 millones de CNY

Salarios y capacitación de los empleados

Los gastos totales relacionados con los empleados para 2022 fueron 1.24 mil millones de CNY, con una fuerza laboral de aproximadamente 16,500 empleados.

Categoría de gastos	Cantidad (CNY)	Porcentaje
Salarios base	892,800,000	72%
Capacitación y desarrollo	215,600,000	17.4%
Beneficios para empleados	131,600,000	10.6%

Depreciación de vehículos y equipos

Los gastos anuales de depreciación para vehículos y equipos en 2022 ascendieron a 412 millones de CNY.

• Depreciación de los vehículos logísticos: 276 millones de CNY
• Depreciación del equipo de almacén: 89 millones de CNY
• Depreciación del equipo tecnológico: 47 millones de CNY

Costos de marketing y adquisición de clientes

Los gastos de marketing y adquisición de clientes para 2022 fueron 276 millones de CNY, lo que representa el 3.5% de los ingresos totales.

Canal de marketing	Gasto (CNY)	Porcentaje
Marketing digital	124,200,000	45%
Publicidad tradicional	87,600,000	31.7%
Programas de referencia de clientes	64,200,000	23.3%

Best Inc. (Best) - Modelo de negocio: Fleujos de ingresos

Tarifas de servicio de entrega

En 2022, Best Inc. generó ingresos del servicio de entrega de aproximadamente 2.28 mil millones de RMB. La compañía procesó 1.600 millones de parcelas durante ese año fiscal, con una tarifa de entrega promedio de 1.43 RMB por paquete.

Métrica de entrega	Valor 2022
Ingresos totales de entrega	2.28 mil millones de RMB
Total de parcelas procesadas	1.600 millones
Tarifa de entrega promedio	1.43 RMB por paquete

Soluciones de tecnología logística

El segmento de Best's Technology Solutions generó aproximadamente 412 millones de RMB en ingresos para 2022, lo que representa un crecimiento del 15,6% del año anterior.

• Plataformas de gestión de logística basadas en la nube
• Software de optimización de la cadena de suministro
• Tecnologías de seguimiento en tiempo real

Servicios de valor agregado

Los servicios de valor agregado contribuyeron con 356 millones de RMB a los ingresos de Best en 2022, que incluyen:

Tipo de servicio	Contribución de ingresos
Servicios de seguro	128 millones de RMB
Servicios de embalaje	97 millones de RMB
Soluciones de almacenamiento	131 millones de RMB

Consultoría de logística empresarial

Los servicios de consultoría empresarial generaron 287 millones de RMB en 2022, con áreas de enfoque clave incluyendo optimización de la cadena de suministro y estrategias de transformación digital.

Servicios de envío transfronterizos

Los ingresos por envío transfronterizo alcanzaron 615 millones de RMB en 2022, con mercados primarios, incluidos el sudeste de Asia y América del Norte.

Mercado transfronterizo	Contribución de ingresos
Sudeste de Asia	378 millones de RMB
América del norte	237 millones de 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.