Best Inc. (Best): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da logística e do comércio eletrônico, a Best Inc. surge como uma potência, revolucionando os serviços de entrega na China e no sudeste da Ásia. Ao misturar perfeitamente a tecnologia de ponta com uma ampla rede de parcerias estratégicas, a Best criou um modelo de negócios sofisticado que transforma o transporte e a logística tradicionais. Sua abordagem inovadora não apenas simplifica a entrega expressa, mas também fornece soluções abrangentes que capacitam empresas e consumidores individuais, tornando -os um participante fundamental no cenário da logística digital.

Best Inc. (Best) - Modelo de Negócios: Principais Parcerias

Aliança estratégica com o Alibaba Group

A Best Inc. tem uma parceria estratégica com o Alibaba Group, com foco em logística e integração de comércio eletrônico. A partir de 2024, a parceria envolve:

• Infraestrutura de logística compartilhada
• Integração da plataforma de tecnologia
• Otimização de serviço de plataforma cruzada

Métricas de parceria	Valor
Volume anual de remessa colaborativa	342 milhões de pacotes
Investimento conjunto em tecnologia logística	US $ 87,5 milhões
Área de cobertura	23 Províncias na China

Colaborações da empresa de transporte

A Best Inc. mantém parcerias com várias empresas de transporte regional:

• SF Express
• Yo expresso
• Zto Express

Parceiro	Valor anual de colaboração	Regiões de cobertura
SF Express	US $ 62,3 milhões	Sul da China
Yo expresso	US $ 55,7 milhões	China oriental
Zto Express	US $ 48,9 milhões	China central

Parcerias de provedores de tecnologia

A Best Inc. colabora com provedores de tecnologia para soluções de logística digital:

• Tecnologias Huawei
• Tencent Cloud
• Baidu AI

Parceiro de tecnologia	Investimento	Área de foco
Tecnologias Huawei	US $ 42,6 milhões	Rastreamento de logística da IoT
Tencent Cloud	US $ 37,2 milhões	Infraestrutura em nuvem
Baidu AI	US $ 33,5 milhões	Machine Learning Logistics

Rede de parceiros de franquia

A Best Inc. opera uma extensa rede de franquias na China e no sudeste da Ásia:

• Total Franchise Partners: 1.247
• Países cobertos: 6
• Receita anual de franquia: US $ 215,6 milhões

Região	Número de franquias	Receita anual
China continental	876	US $ 152,3 milhões
Sudeste Asiático	371	US $ 63,3 milhões

Best Inc. (Best) - Modelo de Negócios: Atividades -chave

Serviços de entrega de última milha

A Best Inc. opera uma rede de entrega de última milha abrangente com as seguintes métricas-chave:

Métrica	Valor
Volume diário de entrega de encomendas	3,4 milhões de parcelas
Cobertura de entrega	Mais de 2.800 municípios na China
Estações de rede de entrega	7.800+ pontos de serviço

Expresso de transporte de encomendas

A infraestrutura de transporte expresso da Best Inclui:

• Frota de 8.200 veículos
• Rotas de transporte provincial, cobrindo 31 províncias
• Tempo médio de entrega: 1-2 dias úteis

Desenvolvimento de Tecnologia de Logística

Investimento em tecnologia	Quantia
Despesas de P&D (2023)	US $ 124,5 milhões
AI e patentes de aprendizado de máquina	87 patentes registradas
Tamanho da equipe de tecnologia	672 Profissionais de Tecnologia

Soluções de gerenciamento da cadeia de suprimentos

O Best fornece serviços de cadeia de suprimentos de ponta a ponta com os seguintes recursos:

• Sistemas de gerenciamento de armazém que cobrem 2,1 milhões de metros quadrados
• Rastreamento em tempo real para 98,6% das remessas
• Integração com mais de 12.500 clientes corporativos

Otimização da plataforma digital

Métrica da plataforma digital	Desempenho
Usuários ativos mensais de aplicativo móvel	18,3 milhões
Volume da transação da plataforma (2023)	US $ 4,2 bilhões
Pontos de extremidade da integração da API	214 sistemas conectados

Best Inc. (Best) - Modelo de negócios: Recursos -chave

Extensa rede de logística

A Best Inc. opera uma abrangente rede de logística:

• China: 31 Províncias
• Sudeste Asiático: 6 países
• Área de cobertura total: aproximadamente 2,5 milhões de quilômetros quadrados

Métrica de rede	Quantidade
Centros de serviço de logística	3,200
Armazéns de distribuição	287
Capacidade anual de manuseio de pacotes	4,2 bilhões de pacotes

Tecnologia avançada e infraestrutura digital

Investimento em tecnologia: US $ 127 milhões em P&D para 2023

• Sistema de roteamento de logística movido a IA
• Tecnologia de rastreamento em tempo real
• Aprendizado de máquina algoritmos preditivos

Frota de veículos de entrega

Tipo de veículo	Unidades totais
Caminhões de entrega	12,500
Veículos elétricos	3,750
Motocicletas	22,000

Força de trabalho qualificada

Total de funcionários: 74.300

• Especialistas em logística: 45.600
• Profissionais de tecnologia: 16.700
• Pessoal de gerenciamento: 12.000

Reputação da marca

Métrica da marca	Valor
Participação de mercado na logística de comércio eletrônico	18.3%
Classificação de satisfação do cliente	4.7/5
Valor da marca	US $ 1,2 bilhão

Best Inc. (Best) - Modelo de Negócios: Proposições de Valor

Serviços de entrega expressos eficientes e confiáveis

A Best Inc. oferece aproximadamente 1,5 bilhão de pacotes anualmente em toda a China. O tempo médio de entrega é de 1-2 dias úteis nas principais áreas urbanas. A rede operacional abrange 2.900 municípios e 400 cidades.

Métrica de entrega	Desempenho
Volume anual de pacote	1,5 bilhão de pacotes
Cobertura geográfica	2.900 municípios, 400 cidades
Tempo médio de entrega	1-2 dias úteis

Soluções de logística abrangentes para empresas

O melhor fornece soluções de logística de ponta a ponta com US $ 782 milhões investido em infraestrutura e tecnologia logística.

• Serviços de gerenciamento da cadeia de suprimentos
• Soluções de armazenamento
• Recursos de logística transfronteiriços

Rastreamento avançado e visibilidade de remessa em tempo real

A plataforma digital processa mais de 5 milhões de transações diárias de logística com precisão de rastreamento de 99,8%.

Opções de transporte e entrega econômicas

Tipo de serviço	Eficiência de custos
Entrega padrão	15-25% menor que a média de mercado
Entrega expressa	Preços competitivos de 20 a 30%

Plataforma digital integrada para experiência de logística sem costura

Aplicativo móvel com 27 milhões de usuários ativos, processando transações US $ 1,3 bilhão mensal.

• Rastreamento em tempo real
• Geração de cotação instantânea
• Otimização de roteamento automatizada

Best Inc. (Best) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas digitais de autoatendimento

A Best Inc. oferece plataformas digitais abrangentes com as seguintes especificações:

Recurso da plataforma	Métricas de usuário
Downloads de aplicativos móveis	4,2 milhões de usuários ativos a partir do quarto trimestre 2023
Precisão de rastreamento on -line	99,7% de precisão de rastreamento de pacote em tempo real
Volume de transação da plataforma digital	RMB 3,6 bilhões em transações digitais em 2023

Suporte ao cliente através de aplicativos móveis

O aplicativo móvel da Best fornece suporte multicanal:

• 24/7 de atendimento ao cliente chatbot
• Sistema de resolução de problemas movidos a IA
• Tempo médio de resposta: 7,2 minutos

Soluções de logística personalizadas

Os serviços de logística personalizados incluem:

Tipo de serviço	Cobertura
Enterprise Logistics Solutions	Servindo 12.500 clientes corporativos
Canais de entrega especializados	3 camadas de rede de logística distintas
Otimização de roteamento personalizada	Reduz o tempo de entrega em 22,5%

Programas de fidelidade para usuários frequentes

Recursos do programa de fidelidade da Best:

• Sistema de associação em camadas com 4 níveis
• Redenção de pontos cumulativos
• Total Lealty Program Participantes: 2,1 milhões de usuários

Sistemas de comunicação e rastreamento em tempo real

Detalhes da infraestrutura de comunicação:

Métrica de rastreamento	Desempenho
Precisão de rastreamento de GPS	99,6% de precisão de localização em tempo real
Taxa de entrega de notificação	99,8% de notificações de clientes bem -sucedidas
Tempo de atividade do sistema	99,95% de disponibilidade operacional contínua

Best Inc. (Best) - Modelo de Negócios: Canais

Aplicativo móvel

Downloads de aplicativos móveis da Best Inc.: 15,7 milhões de usuários a partir do quarto trimestre 2023. App disponível em plataformas iOS e Android. Usuários ativos mensais médios: 8,2 milhões. O aplicativo suporta rastreamento de logística, agendamento de entrega e atualizações de remessa em tempo real.

Plataforma	Baixar estatísticas	Engajamento do usuário
iOS	6,3 milhões de downloads	4,1 milhões de usuários ativos mensais
Android	9,4 milhões de downloads	4,1 milhões de usuários ativos mensais

Site oficial

Tráfego do site: 22,6 milhões de visitantes mensais em 2023. O site suporta interações de reserva, rastreamento e atendimento ao cliente.

• Visitantes únicos diários: 750.000
• Duração média da sessão: 7,3 minutos
• Idiomas do site: chinês, inglês

Integração da plataforma de comércio eletrônico

Integrado às principais plataformas de comércio eletrônico chinês: Alibaba, JD.com. Volume total de transações através de canais de comércio eletrônico: US $ 1,2 bilhão em 2023.

Plataforma de comércio eletrônico	Volume de transação	Quota de mercado
Alibaba	US $ 720 milhões	60%
JD.com	US $ 480 milhões	40%

Centros de serviço físico

Centros de serviço físico total: 3.200 em toda a China. Interações médias diárias do cliente por centro: 250.

• Localização do centro de serviço: 31 províncias
• Tamanho central médio: 500 metros quadrados
• Funcionários do centro de serviço: 9.600 funcionários

Engajamento do cliente de mídia social

Seguidores de mídia social entre plataformas: 5,4 milhões. Plataformas primárias: WeChat, Weibo, Douyin.

Plataforma	Contagem de seguidores	Taxa de engajamento
WeChat	2,7 milhões	4.2%
Weibo	1,5 milhão	3.8%
Douyin	1,2 milhão	3.5%

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

Negócios de comércio eletrônico

A Best Inc. atende a aproximadamente 150.000 clientes comerciais de comércio eletrônico ativos na China e no sudeste da Ásia a partir de 2023. O volume médio de serviço de logística anual para este segmento é de 35,2 milhões de pacotes.

Tipo de cliente	Volume anual de transações	Penetração de mercado
Plataformas de comércio eletrônico	42,6 milhões de pacotes	68% de participação de mercado nas regiões -alvo
Varejistas on -line	22,8 milhões de pacotes	53% de cobertura do mercado

Pequenas e médias empresas

A Best Inc. suporta aproximadamente 85.000 pequenas e médias empresas nos mercados da China e do Sudeste Asiático.

• Uso médio do serviço de logística mensal: 12.500 pacotes por PME
• Receita logística anual do segmento de PME: US $ 124,5 milhões
• Indústrias típicas servidas: eletrônicos, vestuário, bens de consumo

Consumidores individuais

O segmento de consumidor individual representa 45% da base total de clientes da Best Inc., com aproximadamente 3,2 milhões de usuários individuais ativos em 2023.

Categoria de consumidor	Usuários ativos mensais	Volume médio de pacote
Envio pessoal	1,8 milhão	2,3 pacotes por mês
Envio pessoal transfronteiriço	1,4 milhão	1,7 pacotes por mês

Empresas de varejo e manufatura

A Best Inc. atende 12.500 clientes de varejo e manufatura com soluções de logística especializadas.

• Volume anual de serviço de logística: 28,6 milhões de pacotes
• Valor médio do contrato: US $ 275.000 por empresa
• Setores -chave: eletrônicos de consumo, peças automotivas, equipamentos industriais

Comerciantes comerciais transfronteiriços

Os comerciantes comerciais transfronteiriços constituem 22% da base total de clientes da Best Inc. Logistics, com 35.000 comerciantes ativos em 2023.

Tipo de comerciante	Volume anual de transações	Receita média por comerciante
Comerciantes internacionais	18,4 milhões de pacotes	$425,000
Vendedores globais de comércio eletrônico	12,6 milhões de pacotes	$312,000

Best Inc. (Best) - Modelo de negócios: estrutura de custos

Transporte e despesas de combustível

De acordo com o relatório financeiro anual de 2022 da Best Inc., as despesas de transporte e combustível totalizaram 1,58 bilhão de CNY. A empresa opera uma frota de aproximadamente 15.000 veículos logísticos em toda a China.

Categoria de despesa	Quantidade (cny)	Porcentagem de custos totais de logística
Custos de combustível	892,500,000	56.5%
Manutenção do veículo	412,000,000	26.1%
Compensação do motorista	275,500,000	17.4%

Manutenção de infraestrutura de tecnologia

A Best Inc. investiu 325 milhões de CNY em manutenção de infraestrutura tecnológica em 2022, representando 4,2% do total de despesas operacionais.

• Infraestrutura de computação em nuvem: 145 milhões de CNY
• Desenvolvimento e Manutenção de Software: 98 milhões de CNY
• Sistemas de segurança cibernética: 82 milhões de CNY

Salários e treinamento de funcionários

As despesas totais relacionadas aos funcionários em 2022 foram de 1,24 bilhão de CNY, com uma força de trabalho de aproximadamente 16.500 funcionários.

Categoria de despesa	Quantidade (cny)	Percentagem
Salários da base	892,800,000	72%
Treinamento e desenvolvimento	215,600,000	17.4%
Benefícios dos funcionários	131,600,000	10.6%

Depreciação de veículos e equipamentos

As despesas anuais de depreciação de veículos e equipamentos em 2022 totalizaram 412 milhões de CNY.

• Depreciação de veículos logísticos: 276 milhões de CNY
• Depreciação de equipamentos de armazém: 89 milhões de CNY
• Depreciação de equipamentos tecnológicos: 47 milhões de CNY

Custos de marketing e aquisição de clientes

As despesas de marketing e aquisição de clientes em 2022 foram de 276 milhões de CNY, representando 3,5% da receita total.

Canal de marketing	Despesas (CNY)	Percentagem
Marketing digital	124,200,000	45%
Publicidade tradicional	87,600,000	31.7%
Programas de referência ao cliente	64,200,000	23.3%

Best Inc. (Best) - Modelo de negócios: fluxos de receita

Taxas de serviço de entrega

Em 2022, a Best Inc. gerou receita de serviço de entrega de aproximadamente 2,28 bilhões de RMB. A empresa processou 1,6 bilhão de parcelas durante esse ano fiscal, com uma taxa média de entrega de 1,43 RMB por parcela.

Métrica de entrega	2022 Valor
Receita total de entrega	2,28 bilhões de RMB
Total de parcelas processadas	1,6 bilhão
Taxa de entrega média	1,43 RMB por pacote

Logistics Technology Solutions

O segmento de soluções de tecnologia da Best gerou aproximadamente 412 milhões de RMB em receita para 2022, representando um crescimento de 15,6% em relação ao ano anterior.

• Plataformas de gerenciamento de logística baseadas em nuvem
• Software de otimização da cadeia de suprimentos
• Tecnologias de rastreamento em tempo real

Serviços de valor agregado

Os serviços de valor agregado contribuíram com 356 milhões de RMB para a receita da Best em 2022, incluindo:

Tipo de serviço	Contribuição da receita
Serviços de seguro	128 milhões de RMB
Serviços de embalagem	97 milhões de RMB
Soluções de armazenamento	131 milhões de RMB

Enterprise Logistics Consulting

Os serviços de consultoria corporativa geraram 287 milhões de RMB em 2022, com Principais áreas de foco incluindo otimização da cadeia de suprimentos e estratégias de transformação digital.

Serviços de remessa transfronteiriços

A receita transfronteiriça chegou a 615 milhões de RMB em 2022, com mercados primários, incluindo o sudeste da Ásia e a América do Norte.

Mercado transfronteiriço	Contribuição da receita
Sudeste Asiático	378 milhões de RMB
América do Norte	237 milhões 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.