Manbang (YMM.US) saw a significant 12% increase in its premarket stock price, driven by its strong Q4 and full-year performance.

On March 5, shares of digital freight platform YTOUCH (YTOUCH) rose 12.25% before the market opened, driven directly by the company's 2024 Q4 and full-year earnings report. The data showed that YTOUCH's full-year revenue in 2024 reached Rmb11.24bn, up 33.2% YoY; its adjusted operating profit under non-US GAAP was Rmb3.03bn, up 91.9% YoY; and its net profit for the year was approximately Rmb4.02bn, up 43.7% YoY. This "double high growth" in revenue and profit far exceeded market expectations, reflecting the company's leading position and qualitative change in profitability in the digital freight sector, becoming the core logic driving the stock price jump. The company's operating data showed strong growth and new highs. The number of fulfilled orders in 2024 reached 197mn for the first time, up 24.1% YoY. The number of active users of shippers in Q4 2024 reached 2.93mn, a new high, and the user scale continued to improve. This stock price surge reflected the market's revaluation of YTOUCH's growth logic. Previously, affected by the volatility of Chinese stocks and concerns about industry competition, the company's price-to-earnings ratio (TTM) fell below 15 times, significantly lower than the average of global logistics technology platforms. This report verified the sustainability of its profit model: in the context of macroeconomic pressure, the digital transformation of the logistics industry accelerated, and YTOUCH, as a platform company, showed strong anti-cyclical attributes. Major shareholders who increased their positions in Q4 included the Norwegian Global Pension Fund (one of the largest sovereign wealth funds in the world), Foresight Fund, First Beijing, JPMorgan, BlackRock, etc. These institutions are either long-term investors who have held shares in YTOUCH or new capital that has been heavily invested after a period of in-depth research, further verifying the market's high recognition of YTOUCH's long-term investment value. YTOUCH also announced that it will implement a semi-annual cash dividend policy starting in 2025, with a total dividend of approximately US$200mn in 2025. In addition, YTOUCH extended its share repurchase plan, which was originally scheduled to expire on March 12, 2025, to March 12, 2026, with a repurchase amount of US$200mn.