BEST (BEST) 20-F 29 Apr 24 2023 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2023 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-38198
Entity Registrant Name	BEST Inc.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	2nd Floor, Block A, Huaxing Modern Industry Park
Entity Address, Address Line Two	No. 18 Tangmiao Road, Xihu District, Hangzhou
Entity Address, City or Town	Zhejiang Province
Entity Address, Postal Zip Code	310013
Entity Address, Country	CN
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Auditor Name	Ernst & Young Hua Ming LLP
Auditor Firm ID	1408
Auditor Location	Shanghai, The People’s Republic of China
Entity Central Index Key	0001709505
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Business Contact
Document and Entity Information
Contact Personnel Name	Ms. Gloria Fan
City Area Code	86
Local Phone Number	571-88995656
Contact Personnel Email Address	ir@best-inc.com
Entity Address, Address Line One	2nd Floor, Block A, Huaxing Modern Industry Park
Entity Address, Address Line Two	No. 18 Tangmiao Road, Xihu District, Hangzhou
Entity Address, City or Town	Zhejiang Province
Entity Address, Postal Zip Code	310013
Entity Address, Country	CN
ADS
Document and Entity Information
Title of 12(b) Security	American Depositary Shares, each representing twenty (20) Class A ordinary shares
Trading Symbol	BEST
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	5,692,393
Class A ordinary shares
Document and Entity Information
Title of 12(b) Security	Class A ordinary shares, par value $0.01 per share*
Entity Common Stock, Shares Outstanding	261,648,452
No Trading Symbol Flag	true
Class B ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding	94,075,249
Class C ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding	47,790,698

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Current assets:
Cash and cash equivalents (including cash and cash equivalents of the consolidated VIEs that can be used only to settle obligations of the consolidated VIEs of RMB 5,042 and RMB 27 (US$4) as of December 31, 2022 and 2023, respectively)	¥ 425,976	$ 59,997	¥ 533,481
Restricted cash	1,008,318	142,019	399,337
Short-term investments	35,888	5,055	725,043
Prepayments and other current assets (including prepayments and other current assets of the consolidated VIEs that can be used only to settle obligations of the consolidated VIEs of RMB 17,909 and nil as of December 31, 2022 and 2023, respectively)	674,100	94,945	777,842
Lease rental receivables	47,925	6,750	43,067
Inventories	7,794	1,098	16,480
Total current assets	3,090,197	435,245	3,262,942
Non-current assets:
Restricted cash	812,371	114,420	1,545,605
Non-current deposits	81,869	11,531	50,767
Operating lease right-of-use assets	1,293,526	182,189	1,743,798
Lease rental receivables	314	44	40,188
Long-term investments	156,859	22,093	156,859
Property and equipment, net	624,205	87,917	784,732
Intangible assets, net	93,173	13,123	75,553
Goodwill	54,135	7,625	54,135
Other non-current assets	46,913	6,608	75,666
Total non-current assets	3,163,365	445,550	4,527,303
Total assets	6,253,562	880,795	7,790,245
Current liabilities:
Accrued expenses and other liabilities (including accrued expenses and other liabilities of the consolidated VIEs without recourse to the primary beneficiary of RMB 20,741 and RMB 33,230 (US$4,690) as of December 31, 2022 and 2023, respectively)	1,091,573	153,745	1,145,654
Customer advances and deposits and deferred revenue (including customer advances and deposits and deferred revenue of the consolidated VIEs without recourse to the primary beneficiary of nil and RMB 34 (US$5) as of December 31, 2022 and 2023, respectively)	288,184	40,590	277,737
Operating lease liabilities (including operating lease liabilities of the consolidated VIEs without recourse to the primary beneficiary of RMB 376 and nil as of December 31, 2022 and 2023, respectively)	523,790	73,774	544,262
Financing lease liabilities (including financing lease liabilities of the consolidated VIEs without recourse to the primary beneficiary of RMB 10,383 and RMB 20 (US$3) as of December 31, 2022 and 2023, respectively)	418	59	11,873
Income tax payable	2,777	391	1,563
Short-term bank loans (including short-term bank loans of the consolidated VIEs without recourse to the primary beneficiary of RMB 110,142 and RMB 144,755(US$20,438) as of December 31, 2022 and 2023, respectively)	401,755	56,586	183,270
Long-term bank loan - current portion	794,679	111,928
Long-term borrowings - current portion	721	102	79,148
Convertible senior notes held by a related party-current	106,318	14,975	522,821
Total current liabilities	4,852,198	683,418	4,197,647
Non-current liabilities
Operating lease liabilities	862,514	121,483	1,292,057
Financing lease liabilities (including financing lease liabilities of the consolidated VIEs without recourse to the primary beneficiary of RMB 24,702 and RMB 370(US$52) as of December 31, 2022 and 2023, respectively)	1,231	173	26,024
Long-term bank loans	159,729	22,497	928,894
Long-term borrowings			381
Convertible senior notes held by a related party	424,962	59,855	522,744
Other non-current liabilities (including other non-current liabilities of the consolidated VIEs without recourse to the primary beneficiary of RMB 438 and RMB 17,346 (US$2,449) as of December 31, 2022 and 2023, respectively)	22,837	3,216	18,752
Total non-current liabilities	1,471,273	207,224	2,788,852
Total liabilities	6,323,471	890,642	6,986,499
Commitments and contingencies
Mezzanine Equity:
Convertible non-controlling interests	191,865	27,024	191,865
Total mezzanine equity	191,865	27,024	191,865
Shareholders' equity (deficit):
Treasury shares	(23,853)	(3,360)
Additional paid-in-capital	19,529,806	2,750,715	19,481,417
Accumulated deficit	(19,749,262)	(2,781,625)	(18,934,860)
Accumulated other comprehensive income	119,169	16,785	124,464
BEST Inc. shareholders' equity (deficit)	(98,152)	(13,825)	697,009
Non-controlling interests	(163,622)	(23,046)	(85,128)
Total shareholders' equity (deficit)	(261,774)	(36,871)	611,881
Total liabilities, mezzanine equity and shareholders' equity (deficit)	6,253,562	880,795	7,790,245
Class A ordinary shares
Shareholders' equity (deficit):
Ordinary shares	16,532	2,328	16,532
Class B ordinary shares
Shareholders' equity (deficit):
Ordinary shares	6,178	870	6,178
Class C ordinary shares
Shareholders' equity (deficit):
Ordinary shares	3,278	462	3,278
Nonrelated Party
Current assets:
Accounts and notes receivable, net	829,802	116,875	691,324
Current liabilities:
Accounts and notes payable (including accounts and notes payable of the consolidated VIEs without recourse to the primary beneficiary of RMB 22,379 and RMB 45,719 (US$6,456) as of December 31, 2022 and 2023, respectively)	1,640,864	231,110	1,430,004
Convertible senior notes held by a related party-current	78	11	77
Related Parties
Current assets:
Accounts and notes receivable, net	60,394	8,506	76,368
Current liabilities:
Accounts and notes payable (including accounts and notes payable of the consolidated VIEs without recourse to the primary beneficiary of RMB 22,379 and RMB 45,719 (US$6,456) as of December 31, 2022 and 2023, respectively)	1,119	158	1,315
Convertible senior notes held by a related party-current	106,240	14,964	522,744
Non-current liabilities
Convertible senior notes held by a related party	¥ 424,962	$ 59,855	¥ 522,744

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares
Cash and cash equivalents	¥ 425,976	$ 59,997	¥ 533,481
Allowance for doubtful accounts	250,104	35,226	263,956
Prepayments and other current assets	674,100	94,945	777,842
Accrued expenses and other liabilities	1,091,573	153,745	1,145,654
Customer advances and deposits and deferred revenue	288,184	40,590	277,737
Operating lease liabilities	523,790	73,774	544,262
Financing lease liabilities	418	59	11,873
Income tax payable	2,777	391	1,563
Short - term bank loans	401,755	56,586	183,270
Long-term borrowings - current portion	721	102	79,148
Operating lease liabilities	862,514	121,483	1,292,057
Financing lease liabilities	1,231	173	26,024
Long-term bank loan	159,729	22,497	928,894
Other non-current liabilities	22,837	3,216	18,752
Consolidated VIEs
Cash and cash equivalents	9,861	1,392	6,562
Prepayments and other current assets	25,632	3,619	33,064
Accrued expenses and other liabilities	33,230	4,690	20,390
Customer advances and deposits and deferred revenue	34	5
Operating lease liabilities | ¥			376
Financing lease liabilities	20	3	10,383
Short - term bank loans	144,755	20,438	110,142
Financing lease liabilities	370	52	24,702
Other non-current liabilities	17,346	2,449	438
Consolidated VIEs | Nonrecourse
Cash and cash equivalents	27	4	5,042
Prepayments and other current assets | ¥	0		17,909
Accrued expenses and other liabilities	33,230	4,690	20,741
Customer advances and deposits and deferred revenue	34	5	0
Operating lease liabilities | ¥	0		376
Financing lease liabilities	20	3	10,383
Short - term bank loans	144,755	20,438	110,142
Financing lease liabilities	370	52	24,702
Other non-current liabilities	¥ 17,346	$ 2,449	¥ 438
Class A ordinary shares
Ordinary shares, par value (in dollars per share) | $ / shares		$ 0.01
Ordinary shares, authorized shares	1,858,134,053	1,858,134,053	1,858,134,053
Ordinary shares, issued shares	261,648,452	261,648,452	255,648,452
Ordinary shares, outstanding shares	261,648,452	261,648,452	255,648,452
Class B ordinary shares
Ordinary shares, par value (in dollars per share) | $ / shares		$ 0.01
Ordinary shares, authorized shares	94,075,249	94,075,249	94,075,249
Ordinary shares, issued shares	94,075,249	94,075,249	94,075,249
Ordinary shares, outstanding shares	94,075,249	94,075,249	94,075,249
Class C ordinary shares
Ordinary shares, par value (in dollars per share) | $ / shares		$ 0.01
Ordinary shares, authorized shares	47,790,698	47,790,698	47,790,698
Ordinary shares, issued shares	47,790,698	47,790,698	47,790,698
Ordinary shares, outstanding shares	47,790,698	47,790,698	47,790,698
Nonrelated Party
Allowance for doubtful accounts	¥ 250,104	$ 35,226	¥ 263,956
Accounts and notes payable (including accounts and notes payable of the consolidated VIEs without recourse to the primary beneficiary of RMB 22,379 and RMB 45,719 (US$6,456) as of December 31, 2022 and 2023, respectively)	1,640,864	231,110	1,430,004
Nonrelated Party | Consolidated VIEs
Accounts and notes payable (including accounts and notes payable of the consolidated VIEs without recourse to the primary beneficiary of RMB 22,379 and RMB 45,719 (US$6,456) as of December 31, 2022 and 2023, respectively)	45,719	6,456	22,379
Nonrelated Party | Consolidated VIEs | Nonrecourse
Accounts and notes payable (including accounts and notes payable of the consolidated VIEs without recourse to the primary beneficiary of RMB 22,379 and RMB 45,719 (US$6,456) as of December 31, 2022 and 2023, respectively)	¥ 45,719	$ 6,456	¥ 22,379

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Revenue
Total revenue	¥ 8,315,844	$ 1,171,262	¥ 7,744,072	¥ 11,425,836
Cost of revenue
Total cost of revenue	(8,065,407)	(1,135,989)	(8,007,630)	(11,625,224)
Gross (loss) profit	250,437	35,273	(263,558)	(199,388)
Selling expenses	(256,621)	(36,144)	(237,918)	(260,219)
General and administrative expenses (including operating costs paid to a related party of RMB 13,608, RMB 9,041 and RMB 6,845 (US$964) for the years ended December 31, 2021, 2022 and 2023, respectively)	(737,775)	(103,913)	(889,345)	(881,498)
Research and development expenses	(115,917)	(16,327)	(144,181)	(180,204)
Impairment of long-lived assets	(94,699)	(13,338)
Other operating income, net	2,658	374	108,817	58,337
Total operating expenses	(1,202,354)	(169,348)	(1,162,627)	(1,263,584)
Loss from operations	(951,917)	(134,075)	(1,426,185)	(1,462,972)
Interest income	83,810	11,805	80,361	49,658
Interest expense (including interest expense to related parties of RMB 63,561, RMB 62,192 and RMB 35,108 (US$4,945) for the years ended December 31, 2021, 2022 and 2023, respectively)	(64,283)	(9,055)	(89,058)	(142,751)
Foreign exchange gain (loss)	(14,010)	(1,974)	(132,730)	44,556
Other income, net	6,613	931	31,677	265,822
(Loss) Gain on change in fair value of derivative assets and derivative liabilities	32,322	4,553	71,619	(14,918)
Loss before income taxes and share of net loss of equity investees	(907,465)	(127,815)	(1,464,316)	(1,260,605)
Income tax expense	(1,141)	(161)	(511)	(3,198)
Loss before share of net loss of equity investees	(908,606)	(127,976)	(1,464,827)	(1,263,803)
Share of net loss of equity investees | ¥				(58)
Net loss from continuing operations	(908,606)	(127,976)	(1,464,827)	(1,263,861)
Net income (loss) from discontinued operations, net of tax	15,222	2,144	(38,464)	1,473,489
Net income (loss)	(893,384)	(125,832)	(1,503,291)	209,628
Net loss from continuing operations attributable to non-controlling interests	(78,982)	(11,124)	(39,980)	(52,279)
Net income (loss) attributable to BEST Inc.	¥ (814,402)	$ (114,708)	¥ (1,463,311)	¥ 261,907
Basic
Continuing operations | (per share)	¥ (2.18)	$ (0.31)	¥ (3.63)	¥ (3.12)
Discontinued operations | (per share)	0.04	0.01	(0.10)	3.80
Diluted
Continuing operations | (per share)	(2.18)	(0.31)	(3.63)	(3.12)
Discontinued operations | (per share)	0.04	0.01	(0.10)	3.80
Basic net earnings (loss) per share attributable to Class A, Class B and Class C ordinary shareholders | (per share)	(2.14)	(0.30)	(3.73)	0.68
Diluted net earnings (loss) per share attributable to Class A, Class B and Class C ordinary shareholders | (per share)	(2.14)	(0.30)	(3.73)	0.68
Net earnings (loss) per ADS (1 ADS equals 20 Class A ordinary shares)
Basic net earnings (loss) per ADS | (per share)	(42.70)	(6.01)	(74.60)	13.60
Diluted net earnings (loss) per ADS | (per share)	¥ (42.70)	$ (6.01)	¥ (74.60)	¥ 13.60
Other comprehensive (loss) income, net of tax of nil
Foreign currency translation adjustments	¥ (5,295)	$ (746)	¥ 17,085	¥ (44,298)
Comprehensive loss from continuing operations	(913,901)	(128,722)	(1,447,742)	(1,308,159)
Comprehensive income (loss) from discontinued operations	15,222	2,144	(38,464)	1,473,489
Comprehensive loss from continuing operations attributable to non-controlling interests	(78,982)	(11,124)	(39,980)	(52,279)
Comprehensive income (loss) attributable to BEST Inc.	¥ (819,697)	$ (115,454)	¥ (1,446,226)	¥ 217,609
Class A ordinary shares
Basic
Continuing operations | (per share)	¥ (2.18)	$ (0.31)	¥ (3.63)	¥ (3.12)
Diluted
Continuing operations | (per share)	(2.18)	(0.31)	(3.63)	(3.12)
Discontinued operations | (per share)	0.04	0.01	(0.10)	3.80
Basic net earnings (loss) per share attributable to Class A, Class B and Class C ordinary shareholders | (per share)	(2.14)	(0.30)	(3.73)	0.68
Diluted net earnings (loss) per share attributable to Class A, Class B and Class C ordinary shareholders | (per share)	(2.14)	(0.30)	(3.73)	0.68
Net earnings (loss) per ADS (1 ADS equals 20 Class A ordinary shares)
Basic net earnings (loss) per ADS | (per share)	(42.70)	(6.01)	(74.60)	13.60
Diluted net earnings (loss) per ADS | (per share)	¥ (42.70)	$ (6.01)	¥ (74.60)	¥ 13.60
Shares used in net earnings (loss) per share computation:
Basic (in shares)	239,563,290	239,563,290	250,326,701	246,207,464
Diluted (in shares)	381,429,237	381,429,237	392,192,648	388,073,411
Class B ordinary shares
Basic
Continuing operations | (per share)	¥ (2.18)	$ (0.31)	¥ (3.63)	¥ (3.12)
Diluted
Continuing operations | (per share)	(2.18)	(0.31)	(3.63)	(3.12)
Discontinued operations | (per share)	0.04	0.01	(0.10)	3.80
Basic net earnings (loss) per share attributable to Class A, Class B and Class C ordinary shareholders | (per share)	(2.14)	(0.30)	(3.73)	0.68
Diluted net earnings (loss) per share attributable to Class A, Class B and Class C ordinary shareholders | (per share)	(2.14)	(0.30)	(3.73)	0.68
Net earnings (loss) per ADS (1 ADS equals 20 Class A ordinary shares)
Basic net earnings (loss) per ADS | (per share)	(42.70)	(6.01)	(74.60)	13.60
Diluted net earnings (loss) per ADS | (per share)	¥ (42.70)	$ (6.01)	¥ (74.60)	¥ 13.60
Shares used in net earnings (loss) per share computation:
Basic (in shares)	94,075,249	94,075,249	94,075,249	94,075,249
Diluted (in shares)	94,075,249	94,075,249	94,075,249	94,075,249
Class C ordinary shares
Basic
Continuing operations | (per share)	¥ (2.18)	$ (0.31)	¥ (3.63)	¥ (3.12)
Diluted
Continuing operations | (per share)	(2.18)	(0.31)	(3.63)	(3.12)
Discontinued operations | (per share)	0.04	0.01	(0.10)	3.80
Basic net earnings (loss) per share attributable to Class A, Class B and Class C ordinary shareholders | (per share)	(2.14)	(0.30)	(3.73)	0.68
Diluted net earnings (loss) per share attributable to Class A, Class B and Class C ordinary shareholders | (per share)	(2.14)	(0.30)	(3.73)	0.68
Net earnings (loss) per ADS (1 ADS equals 20 Class A ordinary shares)
Basic net earnings (loss) per ADS | (per share)	(42.70)	(6.01)	(74.60)	13.60
Diluted net earnings (loss) per ADS | (per share)	¥ (42.70)	$ (6.01)	¥ (74.60)	¥ 13.60
Shares used in net earnings (loss) per share computation:
Basic (in shares)	47,790,698	47,790,698	47,790,698	47,790,698
Diluted (in shares)	47,790,698	47,790,698	47,790,698	47,790,698
Freight delivery
Cost of revenue
Total cost of revenue	¥ (5,206,967)	$ (733,386)	¥ (5,114,937)	¥ (8,506,738)
Supply chain management
Cost of revenue
Total cost of revenue	(1,700,467)	(239,506)	(1,711,818)	(1,741,832)
Global
Cost of revenue
Total cost of revenue	(1,131,484)	(159,366)	(1,081,587)	(1,258,511)
Others
Cost of revenue
Total cost of revenue	(26,489)	(3,731)	(99,288)	(118,143)
Third parties
Revenue
Total revenue	8,029,690	1,130,958	7,347,297	10,886,138
Third parties | Freight delivery
Revenue
Total revenue	5,314,447	748,524	4,843,121	8,244,435
Third parties | Supply chain management
Revenue
Total revenue	1,824,984	257,043	1,678,619	1,476,743
Third parties | Global
Revenue
Total revenue	783,952	110,418	708,745	992,518
Third parties | Others
Revenue
Total revenue	106,307	14,973	116,812	172,442
Related Parties
Revenue
Total revenue	286,154	40,304	396,775	539,698
Related Parties | Freight delivery
Revenue
Total revenue	89,948	12,669	45,157
Related Parties | Supply chain management
Revenue
Total revenue	33,645	4,739	143,456	338,361
Related Parties | Global
Revenue
Total revenue	¥ 162,561	$ 22,896	¥ 208,162	¥ 201,337

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - Related Parties ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Operating costs paid to related party
Amount of related party transactions	¥ 6,845	$ 964	¥ 9,041	¥ 13,608
Interest expense to related parties
Amount of related party transactions	¥ 35,108	$ 4,945	¥ 62,192	¥ 63,561

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	¥ (893,384)	$ (125,832)	¥ (1,503,291)	¥ 209,628
Less: Net income (loss) from discontinued operations, net of tax	15,222	2,144	(38,464)	1,473,489
Net loss from continuing operations	(908,606)	(127,976)	(1,464,827)	(1,263,861)
Adjustments to reconcile net loss to net cash used in operating activities:
Share of net loss of equity investees				58
Fair value change of equity investments without readily determinable fair values under the measurement alternative				(58,643)
Change in fair value change of derivative assets and derivative liabilities	(32,322)	(4,552)	(71,619)	14,918
Impairment of long-term investments			12,312	10,691
Gain on disposal of a subsidiary	(939)	(132)
Depreciation and amortization	189,197	26,648	188,910	191,365
Lease expense to reduce operating lease right-of -use assets	486,767	68,560	713,799	769,005
Share-based compensation	48,344	6,809	72,096	107,681
Accretion (reversal) on secured bank borrowings and convertible senior notes held by third parties	(44,123)	(6,215)	51,445	81,290
Accretion on convertible senior notes held by a related party	1,453	205	1,342	5,949
Allowance for credit losses	76,911	10,833	201,155	64,366
Loss (gain) on disposal of property and equipment	9,141	1,287	(6,919)	10,386
Gain on disposal of long-term investments				(247,145)
Impairment of long-lived assets	94,699	13,338	0	0
Gain from the repurchase of convertible senior notes			(17,356)
Foreign exchange (gain) loss	14,010	1,974	132,730	(44,556)
Changes in operating assets and liabilities:
Accounts and notes receivable	(143,357)	(20,191)	93,451	(2,796,772)
Inventories	8,686	1,223	9,142	2,647
Prepayments and other current assets	(74,485)	(10,491)	20,404	(1,391,552)
Amounts due from related parties	14,612	2,058	50,211	57,211
Non-current deposits	(31,102)	(4,381)		3,850
Other non-current assets	14,923	2,102	(49,223)	11,166
Lease rental receivables - interest portion	(291)	(41)	4,748	(10,885)
Accounts and notes payable	212,578	29,941	76,854	2,697,827
Income tax payable	1,214	171	976	(13,963)
Customer advances and deposits and deferred revenue	10,447	1,471	(20,616)	17,672
Accrued expenses and other liabilities	(6,041)	(852)	(352,380)	1,626,075
Amounts due to related parties	(196)	(28)	(1,448)	(972)
Other non-current liabilities	(17,194)	(2,422)
Operating lease liabilities	(469,418)	(66,116)	(696,849)	(734,943)
Net cash used in continuing operating activities	(545,092)	(76,777)	(1,051,662)	(891,135)
Net cash used in discontinued operating activities			(66,174)	(1,912,826)
Net cash used in operating activities	(545,092)	(76,777)	(1,117,836)	(2,803,961)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(129,510)	(18,241)	(143,276)	(160,012)
Origination of lease rental and other financing receivables				(45,671)
Receipt of repayment on lease and other financing receivables-principal portion	36,466	5,136	554,195	1,165,834
Disposal of property and equipment and intangible assets to third parties	17,005	2,395	25,273	17,913
Disposal of property and equipment and intangible assets to a related party	14,015	1,974	16,013
Cash paid for business acquisitions (net of cash acquired of nil, for the year ended December 31, 2021)				(1,749)
Acquisition of intangible assets	(34,224)	(4,820)	(32,505)	(19,355)
Disposal of long-term investments				354,018
Acquisition of long-term investments				(50,000)
Proceeds from disposal of subsidiaries (net of cash disposed of RMB3,550,235, nil, andRMB445(US$63) for the year ended December 31, 2021, 2022 and 2023, respectively)	(445)	(63)		3,550,235
Proceeds from maturities of short-term investments	1,782,502	251,060	1,804,329	425,120
Purchase of short-term investments	(1,043,834)	(147,021)	(2,233,094)	(349,212)
Other investing activities, net	(13,000)	(1,831)	159,821	103,613
Net cash generated from continuing investing activities	628,975	88,589	150,756	4,990,734
Net cash used in discontinued investing activities				(448,016)
Net cash generated from investing activities	628,975	88,589	150,756	4,542,718
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term bank loans	415,690	58,549	110,142	906,341
Proceeds from long-term bank loans			138,635	701,085
Repayment of short-term bank loans	(200,270)	(28,207)	(530,495)	(2,245,093)
Repayment of long-term bank loans			(932)	(2,797)
Proceeds from loan from a related party				600,000
Repayment of loan from a related party				(600,000)
Proceeds from other financing activities			1,722	2,440
Principal repayment of financing lease liabilities	(1,193)	(168)	(1,772)	(1,481)
Proceeds from issuance of series A preferred shares of a subsidiary, net of issuance cost				191,865
Proceeds from long-term borrowings, net of issuance costs				585,529
Principal repayment of long-term borrowings	(27,045)	(3,809)	(301,765)	(378,829)
Redemption of convertible senior notes held by a related party	(503,318)	(70,891)	(746,538)
Redemption of convertible senior notes held by third parties			(617,368)
Principal repayment of other financing activities	(13,542)	(1,907)
Contributions from non-controlling interest shareholders				415
Proceeds from the exercise of share options	45	6	4	2,603
Repurchase of ordinary shares	(23,853)	(3,360)
Net cash used in continuing financing activities	(353,486)	(49,787)	(1,948,367)	(237,922)
Net cash used in discontinued financing activities				(337,838)
Net cash used in financing activities	(353,486)	(49,787)	(1,948,367)	(575,760)
Exchange rate effect on cash, cash equivalents and restricted cash	37,845	5,332	77,722	(55,970)
Net increase (decrease) in cash, cash equivalents and restricted cash	(231,758)	(32,643)	(2,837,725)	1,107,027
Cash, cash equivalents and restricted cash at the beginning of the year	2,478,423	349,079	5,316,148	4,209,121
Cash, cash equivalents and restricted cash at the end of the year	2,246,665	316,436	2,478,423	5,316,148
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	425,976		533,481	3,571,745
Restricted cash - current	1,008,318		399,337	675,159
Restricted cash - non-current	812,371		1,545,605	1,069,244
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	2,246,665		2,478,423	5,316,148
Supplemental disclosures of cash flow information:
Income taxes paid				17,161
Interest expense paid	102,840	14,485	87,387	152,348
Supplemental disclosures of non-cash investing and financing activities:
Purchase of property and equipment included in accrued expenses and other liabilities	70,015	9,861	71,234	29,545
Acquisition of property and equipment through financing leases	¥ 643	$ 91	¥ 37,897	¥ 3,972

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash acquired in business acquisitions, net	¥ 0
Net of cash disposed	3,550,235	¥ 445	$ 63	¥ 0
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	3,571,745	425,976	59,997	533,481
Restricted cash - current	675,159	1,008,318	142,019	399,337
Restricted cash - non-current	1,069,244	812,371	114,420	1,545,605
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	¥ 5,316,148	¥ 2,246,665	$ 316,436	¥ 2,478,423

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) ¥ in Thousands, $ in Thousands	Common stock CNY (¥) shares	Common stock USD ($) shares	Treasury Shares CNY (¥) shares	Treasury Shares USD ($) shares	Additional paid-in capital CNY (¥)	Additional paid-in capital USD ($)	Statutory Reserves CNY (¥)	Accumulated other comprehensive income CNY (¥)	Accumulated other comprehensive income USD ($)	Accumulated deficit CNY (¥)	Accumulated deficit USD ($)	Non-controlling interests CNY (¥)	Non-controlling interests USD ($)	CNY (¥) shares	USD ($) shares
Balance at beginning of the year at Dec. 31, 2020	¥ 25,988		¥ (211,352)		¥ 19,487,232		¥ 8,038	¥ 151,677		¥ (17,710,964)		¥ (26,015)		¥ 1,724,604
Balance at beginning of the year (in shares) at Dec. 31, 2020 | shares	386,119,349	386,119,349
Net income (loss) for the year										261,907		(21,749)		240,158
Net loss for the year														209,628
Other comprehensive loss								(44,298)						(44,298)
Reversal of statutory reserves							(7,871)			7,871
Share-based compensation					134,926									134,926
Adjustment of convertible noncontrolling interests										(30,530)				(30,530)
Purchase from non-controlling interest shareholders					(4,269)							1,262		(3,007)
Contributions from non-controlling interest shareholders												541		541
Newly deposited and issued to depository bank-Citibank, N.A. ("Citi") (in shares) | shares	5,000,000	5,000,000
Settlement of exercised share options and vested restricted shares with shares held by Citi (in shares) | shares	(170,492)	(170,492)
Settlement of exercised share options and vested restricted shares with treasury shares			98,321		(98,321)
Settlement of exercised share options and vested restricted shares with treasury shares (in shares) | shares	(2,974,987)	(2,974,987)
Exercise of share options and vesting of restricted shares					2,605									2,605
Exercise of share options and vesting of restricted shares (in shares) | shares	3,145,479	3,145,479
Balance at end of the year at Dec. 31, 2021	¥ 25,988		¥ (113,031)		19,522,173		167	107,379		(17,471,716)		(45,961)		2,024,999
Balance at end of the year (in shares) at Dec. 31, 2021 | shares	391,119,349	391,119,349
Net loss for the year										(1,463,311)		(39,980)		(1,503,291)
Other comprehensive loss								17,085						17,085
Reversal of statutory reserves							¥ (167)			167
Share-based compensation					72,096									¥ 72,096
Purchase of ordinary shares (in shares) | shares														27,029,700	27,029,700
Purchase from non-controlling interest shareholders					(1,547)							813		¥ (734)
Gain from early redemption of convertible senior notes					1,721									1,721
Settlement of exercised share options and vested restricted shares with shares held by Citi (in shares) | shares	(694,872)	(694,872)
Settlement of exercised share options and vested restricted shares with treasury shares					(113,031)
Settlement of exercised share options and vested restricted shares with treasury shares (in shares) | shares	(3,420,063)	(3,420,063)	113,031,000	113,031,000
Exercise of share options and vesting of restricted shares					5									5
Exercise of share options and vesting of restricted shares (in shares) | shares	4,114,935	4,114,935
Balance at end of the year at Dec. 31, 2022	¥ 25,988				19,481,417			124,464		(18,934,860)		(85,128)		611,881
Balance at end of the year (in shares) at Dec. 31, 2022 | shares	391,119,349	391,119,349
Net loss for the year										(814,402)		(78,982)		(893,384)	$ (125,832)
Other comprehensive loss								(5,295)						(5,295)
Share-based compensation					48,344									48,344
Purchase of ordinary shares (in shares) | shares	27,029,700	27,029,700
Purchase of ordinary shares			¥ (23,853)											(23,853)
Disposal of subsidiaries												488		488
Newly deposited and issued to depository bank-Citibank, N.A. ("Citi") (in shares) | shares	6,000,000	6,000,000
Settlement of exercised share options and vested restricted shares with shares held by Citi (in shares) | shares	(4,569,335)	(4,569,335)
Exercise of share options and vesting of restricted shares					45									45
Exercise of share options and vesting of restricted shares (in shares) | shares	4,569,335	4,569,335
Balance at end of the year at Dec. 31, 2023	¥ 25,988	$ 3,660	¥ (23,853)	$ (3,360)	¥ 19,529,806	$ 2,750,715		¥ 119,169	$ 16,785	¥ (19,749,262)	$ (2,781,625)	¥ (163,622)	$ (23,046)	¥ (261,774)	$ (36,871)
Balance at end of the year (in shares) at Dec. 31, 2023 | shares	424,149,049	424,149,049

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2023
ORGANIZATION AND BASIS OF PRESENTATION
ORGANIZATION AND BASIS OF PRESENTATION	1. The Company is a limited liability company incorporated in the Cayman Islands on March 3, 2008. The Company does not conduct any substantive operations on its own but instead conducts its primary business operations through its subsidiaries, variable interest entities (the “VIEs”) and VIEs’ subsidiaries, which are mainly located in the People’s Republic of China (the “PRC”). The accompanying consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and VIEs’ subsidiaries. The Company, its subsidiaries, VIEs and VIEs’ subsidiaries are hereinafter collectively referred to as the “Group”. On September 20, 2017, the Company completed its initial public offering (“IPO”) on the New York Stock Exchange. Prior to December 2021, the Group was principally engaged in the business of providing express delivery services, freight delivery services, supply chain management services, Store+ services, global logistic services and other value-added services. The Group’s principal geographic market is in the PRC. In November 2020, the Company approved a disposal plan to wind down its Dianjia.com services business by the end of December 31, 2020 and committed to a plan to sell its Wowo convenience stores (“Store+ disposal plan”) in order to increase focus on the Company’s core businesses. In November 2021, the Company completed the disposal transaction of Sichuan Wowo Supermarket Chain Co., Ltd. (“Sichuan Wowo”). In October 2021, the Company entered into a series of agreements with J&T Global Express Limited (“J&T”), a PRC limited liability company and a logistics services provider in China to sell its express delivery business in China. On December 9, 2021, the disposal was completed and Hangzhou BEST Network Technologies Co., Ltd. (“BEST Network”) and its subsidiaries were sold to J&T. As a result, the related historical financial results of Store + Subsequent to December 2021, the Group is principally engaged in the business of providing freight delivery services, supply chain management services, global logistic services and other value-added services. On November 6, 2023, The Company announces its receipt of a preliminary non-binding proposal to acquire all of the outstanding ordinary shares of the Company. The privatization is still in process. ​ 1. Details of the Company’s principal subsidiaries, VIEs and VIEs’ subsidiaries as of December 31, 2023 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Place of ​ Percentage of ​ ​ ​ incorporation, ​ ​ ​ equity interest ​ ​ ​ registration and ​ Date of ​ attributable ​ Name of Company ​ business ​ incorporation/acquisition ​ to the Company ​ Principal activities Subsidiaries: ​ ​ Eight Hundred Logistics Technologies Corporation ​ British Virgin Islands ​ May 22, 2007 ​ 100 % Investment holding (“BEST BVI”) (“BVI”) ​ ​ ​ ​ ​ BEST Logistics Technologies Limited ​ Hong Kong ​ May 29, 2007 ​ 100 % Investment holding (“BEST HK”) (“HK”) ​ ​ ​ ​ ​ BEST Capital Inc (“BEST Capital”) ​ Cayman Islands ​ December 13, 2017 ​ 100 % Investment holding BEST Capital Holding Limited ​ BVI ​ December 13, 2017 ​ 100 % Investment holding (“BEST Capital BVI”) ​ ​ ​ ​ ​ ​ ​ ​ BEST Store Network Limited (“Store Cayman”) ​ Cayman Islands ​ July 24, 2017 ​ 100 % Investment holding BEST Store Network Holding Limited ​ BVI ​ November 13, 2018 ​ 100 % Investment holding (“Store BVI”) ​ ​ ​ ​ ​ ​ ​ ​ BEST Store Network Management Limited ​ HK ​ November 16, 2018 ​ 100 % Investment holding (“Store HK”) ​ ​ ​ ​ ​ ​ ​ ​ BEST Capital Management Limited ​ HK ​ December 20, 2017 ​ 100 % Investment holding (“BEST Capital HK”) ​ ​ ​ ​ ​ ​ ​ ​ BEST Logistics Technologies (China) Co., Ltd. ​ PRC ​ April 23, 2008 ​ 100 % Freight delivery and Supply chain (“BEST China”) ​ ​ ​ ​ ​ management services BEST Store Network (Hangzhou) Co., Ltd. ​ PRC ​ May16, 2013 ​ 100 % Store + services (“BEST Store”) ​ ​ ​ ​ ​ ​ Zhejiang BEST Technology Co., Ltd. ​ PRC ​ July 26, 2007 ​ 100 % Logistics technical services (“BEST Technology”) ​ ​ ​ ​ ​ ​ Xinyuan Financial Leasing (Zhejiang) Co., Ltd. ​ PRC ​ January 15, 2015 ​ 100 % Financial services (“BEST Finance”) ​ ​ ​ ​ ​ ​ BEST Logistics Technologies (Ningbo Free Trade Zone) Co., Ltd. (“BEST Ningbo”) ​ PRC ​ May 22, 2015 ​ 100 % Supply chain VIEs ​ ​ Hangzhou BEST Information Technology Services Co., Ltd. (“BEST Information Technology”) ​ PRC ​ October 23, 2019 ​ Nil ​ UCargo transportation services Hangzhou Baijia Business Management Consulting Co., Ltd. (“Hangzhou Baijia”) ​ PRC ​ December 20, 2019 ​ Nil ​ Convenience store operations Yunnan Trust Plan (“Trust Plan”) ​ PRC ​ March 11, 2021 ​ Nil ​ Trust Plan VIEs’ subsidiaries: ​ ​ ​ ​ ​ ​ ​ ​ BEST UCargo Technologies (Hangzhou) Co., Ltd ​ PRC ​ September 8, 2017 ​ Nil ​ UCargo transportation services (“BEST UCargo”) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1. ORGANIZATION AND BASIS OF PRESENTATION (CONTINUED) To comply with PRC legal restrictions on foreign ownership and investment in, among other areas, domestic mail delivery services, value-added telecommunication business as well as tobacco retail business, the Company provides the services that may be subject to such restrictions in the PRC through the VIEs, namely BEST Network (prior to the disposal in December 2021), BEST Information Technology, and Hangzhou Baijia, which are all incorporated in the PRC and 100% owned by PRC individuals (the “nominee shareholders”). BEST Network holds a courier service operation permit that allows it to provide domestic mail delivery services in addition to parcel delivery services and an ICP license that allows it to provide value-added telecommunication services, all of which may constitute part of the Company’s comprehensive service offerings. Certain subsidiaries of BEST Information Technology have obtained ICP licenses that would allow them to provide value-added telecommunication services in connection with the BEST UCargo business. Sichuan Wowo, a subsidiary of Hangzhou Baijia, has obtained the tobacco monopoly retail license that would allow it to conduct tobacco retail business in connection with BEST Store+ business. The contractual arrangements entered into among the Company, the wholly-owned PRC subsidiaries, the VIEs, and the VIEs’ shareholders include (i) certain equity pledge agreements, shareholders’ voting rights proxy agreements, exclusive call option agreements and certain loan agreements, which provide the Company the power to direct the activities that most significantly affect the economic performance of the VIEs and to acquire the equity interests in the VIEs when permitted by the laws of mainland China, respectively; and (ii) certain exclusive technical services agreements, which allow the Company to receive substantially all of the economic risks and benefits generated from the operations of the VIEs and their subsidiaries (the “Contractual Agreements”). As a result of these Contractual Agreements, the Company has the power to direct the activities of the VIEs and their subsidiaries that most significantly impact their economic performance and is entitled to substantially all of the economic benefits from their operations. Therefore, the Company is the primary beneficiary of the VIEs and consolidates the VIEs and their subsidiaries in accordance with SEC Regulation SX-3A-02 and Accounting Standards Codification (“ASC”) 810-10, Consolidation: Overall The following is a summary of the Contractual Agreements. BEST Network The following is a summary of the material provisions of the contractual arrangements relating to BEST Technology, BEST Network and BEST Inc. Loan Agreements BEST Technology entered into loan agreements with the nominee shareholders of BEST Network on October 12, 2011 and February 15, 2015 respectively. Pursuant to this loan agreement, BEST Technology has granted an interest-free loans with an aggregate amount of RMB13,780 to the nominee shareholders of BEST Network, which may only be used for the purpose of a capital injection of BEST Network. The nominee shareholders of BEST Network undertook, among others, not to transfer any of its equity interests in BEST Network to any third party. The loans are only repayable by the nominee shareholders through a transfer of their equity interests in BEST Network to BEST Technology or its designated party unless the nominee shareholders are in breach of the agreements, in which BEST Technology can request immediate repayment of the loans. The loan agreements are effective until full repayment of the loans or BEST Technology agrees to waive the loan. ​ 1. ORGANIZATION AND BASIS OF PRESENTATION (CONTINUED) Exclusive Call Option Agreement Pursuant to the exclusive call option agreement among BEST Technology, BEST Network and nominee shareholders of BEST Network dated June 21, 2017, the nominee shareholders of BEST Network have granted BEST Technology (i) an exclusive option to purchase, when and to the extent permitted under PRC laws, all or part of the equity interests in BEST Network or all or part of the assets held by BEST Network and (ii) an exclusive right to cause the nominee shareholders to transfer their equity interest in BEST Network to BEST Technology or any designated third party. BEST Technology has the sole discretion to decide when to exercise the option, whether in part or full. The exercise price of the option to purchase all or part of the equity interests in BEST Network or assets held by BEST Network will be the minimum amount of consideration permitted under the then-applicable PRC laws. Any proceeds received by the nominee shareholders from the exercise of the option exceeding the loan amount, distribution of profits or dividends, shall be remitted to BEST Technology, to the extent permitted under PRC laws. The exclusive call option agreement will remain in effect until all the equity interests or the assets held by BEST Network are transferred to BEST Technology or its designated party. BEST Technology may terminate the exclusive call option agreement at their sole discretion, whereas under no circumstances may BEST Network or its nominee shareholders terminate this agreement. To ensure that the cash flow requirements of BEST Network’s daily operations are met and/or to set off any losses that may be incurred, the Company is obliged, only to the extent permissible under PRC laws, to provide financial support to BEST Network, whether or not BEST Network actually incurs any such operational loss. The Company will not request repayment if BEST Network or its nominee shareholders are unable to do so. Without the Company’s prior consent, BEST Network and its nominee shareholders shall not enter into any material agreements outside of the ordinary course of business. The Company, at its sole discretion, has the right to decide whether the option and other rights granted under the agreement will be exercised by the Company, BEST Technology or its designated party. Shareholders’ Voting Rights Proxy Agreement Pursuant to the shareholders’ voting rights proxy agreement among BEST Technology, BEST Network and its nominee shareholders dated June 21, 2017, each of BEST Network’s shareholders agreed to entrust all the rights to exercise their voting power to the person designated by BEST Technology. The nominee shareholders irrevocably authorize the person designated by BEST Technology as its attorney-in-fact (“AIF”) to exercise on such nominee shareholder’s behalf any and all rights that such shareholder has in respect of its equity interests in BEST Network. BEST Technology has the right to replace the authorized AIF at any time upon written notice but not consent from the other parties. The appointment of any individuals to exercise the powers and rights assigned pursuant to the shareholders’ voting rights proxy agreement requires the approval of the Company. All the activities in relation to such powers and rights assigned are directed and approved by the Company. The shareholders’ voting rights proxy agreement is valid as long as the nominee shareholders remain shareholders of BEST Network. The nominee shareholders may not terminate the shareholders’ voting rights proxy agreement or revoke the appointment of the AIF without BEST Technology’s prior written consent. ​ 1. ORGANIZATION AND BASIS OF PRESENTATION (CONTINUED) Equity Pledge Agreement Pursuant to the equity pledge agreement among BEST Technology, BEST Network and its nominee shareholders dated June 21, 2017, the nominee shareholders of BEST Network have pledged all of their equity interests in BEST Network in favor of BEST Technology to secure the performance by BEST Network and its nominee shareholders under the various contractual agreements, including the exclusive technical service agreement, loan agreements and exclusive call option agreement. The nominee shareholders further undertake that they will remit any distributions as a result in connection with such shareholder’s equity interests in BEST Network to BEST Technology, to the extent permitted by PRC laws. If BEST Network or any of their respective nominee shareholders breach any of their respective contractual obligations under the above agreements, BEST Technology, as pledgee, will be entitled to certain rights, including the right to sell, transfer or dispose the pledged equity interest. The nominee shareholders of BEST Network agree not to create any encumbrance on or otherwise transfer or dispose of their respective equity interest in BEST Network, without the prior consent of BEST Technology. All of the equity pledges have been registered with the relevant office of the Administration for Market Regulation in China. The equity pledge agreement will expire when all obligations under this equity pledge agreement or under the aforementioned loan agreement, exclusive call option agreement, shareholders’ voting rights proxy agreement and exclusive technical services agreement have been satisfied. Exclusive Technical Service Agreement Pursuant to the exclusive technical service agreement between BEST Technology and BEST Network dated June 21, 2017, BEST Technology has the exclusive right to provide services to BEST Network related to BEST Network’s business, including but not limited to the management, development and maintenance of software, databases and websites, training and recruitment of employees and other services required by BEST Network. In return, BEST Network agrees to pay a service fee that is based on a predetermined formula based on the financial performance of BEST Network. BEST Technology has the right to unilaterally adjust the service fee. The Exclusive Technical Service Agreement is valid for 20 years and will be automatically renewed on an annual basis unless terminated by BEST Technology at its sole discretion, whereas under no circumstances may BEST Network terminate this agreement. Through the design of the contractual agreements, the nominee shareholders of BEST Network effectively assigned their full voting rights to the Company, which gives the Company the power to direct the activities that most significantly impact BEST Network’s economic performance. In addition, BEST Technology is entitled to substantially all of the economic benefits from BEST Network. The Company and BEST Technology, as a group of related parties, hold all of the variable interests of BEST Network. The Company has been determined to be most closely associated with BEST Network within the group of related parties. As a result of these contractual Agreements, the Company is determined to be the primary beneficiary of BEST Network. On December 9, 2021, the Company closed the sale of the BEST Network to J&T. BEST Network was no longer the VIE of the Company and the related contractual agreements were terminated as of December 8, 2021. The operation results and cashflows of BEST Network and its subsidiaries prior to the disposal date on December 9, 2021 are reflected as discontinued operations (Note 4) in the consolidated statements of comprehensive income (loss) and cash flows for all periods presented. ​ 1. ORGANIZATION AND BASIS OF PRESENTATION (CONTINUED) BEST Information Technology To comply with changes to PRC laws and regulations that became effective in 2020 which prohibit foreign ownership of more than 50% of the equity interests in companies that engage in value-added telecommunication services, the Group effected a restructuring of its UCargo transportation services business. In October 2019, BEST China, the nominee shareholders of BEST Information Technology and the Company signed a series of contractual arrangements, through which, the Company obtained the power to direct the activities of BEST Information Technology that most significantly impact its economic performance and, is entitled to substantially all of the economic benefits from BEST Information Technology through BEST China. As a result, the Company is the primary beneficiary of BEST Information Technology and consolidates the entity in accordance with ASC 810-10. At the same time, BEST China transferred its equity interests in BEST UCargo and its subsidiaries to BEST Information Technology. As the restructuring transaction to transfer the assets and liabilities relating to the UCargo transportation services business described above are between entities under common control and do not change the control at the ultimate parent level, the transaction was accounted for as a common control transaction based on the carrying amount of the net assets transferred. The following is a summary of the material provisions of the contractual arrangements relating to BEST China, BEST Information Technology and BEST Inc. Loan Agreements BEST China entered into loan agreements with the nominee shareholders of BEST Information Technology in 2020, which replaced the original loan agreement entered into in 2019. Pursuant to this loan agreement, BEST China has granted an interest-free loan to each of BEST Information Technology’s nominee shareholders, which may only be used for the purpose of a capital contribution to BEST Information Technology. BEST China agreed not to ask the BEST Information Technology’s nominee shareholders to repay the loans unless the relevant nominee shareholder violates its undertakings provided in the loan agreements. BEST Information Technology’s equity holders undertook, among others, not to transfer any of its equity interests in BEST Information Technology to any third party. The loans are repayable by such equity holders through a transfer of their equity interests in BEST Information Technology to BEST China or its designated party, in proportion to the amount of the loans to be repaid. The loan agreements remain effective until the relevant loans are repaid in full or BEST China relinquishes its rights under the relevant loan agreements. ​ 1. ORGANIZATION AND BASIS OF PRESENTATION (CONTINUED) Exclusive Call Option Agreement Pursuant to the exclusive call option agreement among the Company, BEST China, Hangzhou Baisheng Investment Management Co., Ltd. (later renamed as BEST Information Technology) and its equity holders, dated October 23, 2019, BEST Information Technology’s equity holders have granted BEST China and the Company, or a party designated by the Company or BEST China, the exclusive and irrevocable call option rights to purchase part or all of their equity interests in BEST Information Technology at an exercise price equal to the minimum price as permitted by applicable PRC laws. BEST Information Technology has further granted BEST China and the Company, or a party designated by the Company or BEST China, an exclusive call option to purchase part or all of its assets also at an exercise price equal to the minimum price as permitted by applicable PRC laws. At the Company’s sole discretion, the Company has the right to decide whether the option and other rights granted under the agreement will be exercised by the Company, BEST China or a party designated by the Company. Each of BEST Information Technology’s equity holders may not, among other things, transfer any part of their equity interests to any party other than the Company or BEST China, or a party designated by the Company or BEST China, pledge or create or permit any security interest or similar encumbrance to be created on all or any part of its equity interests, increase or decrease the registered capital of BEST Information Technology, terminate or cause to terminate any material contracts of BEST Information Technology, or cause BEST Information Technology to declare or distribute profits, bonuses or dividends. The Company is obligated, to the extent permitted by PRC laws, to provide financing support to BEST Information Technology in order to meet the cash flow requirements of its ordinary operations and to offset any loss from such operations. The Company and BEST China are not entitled to request repayment if BEST Information Technology or its equity holders are unable to repay such financial support. The exclusive call option agreement remains in effect until all the equity interests or assets that are the subject of the agreement are transferred to the Company or BEST China, or a party designated by the Company or BEST China, or if the Company or BEST China unilaterally terminate the agreement with 30 days’ prior written notice. Unless otherwise provided by law, BEST Information Technology and its equity holders are not entitled to unilaterally terminate this agreement under any circumstances. Shareholders’ Voting Rights Proxy Agreement Pursuant to the shareholders’ voting rights proxy agreement among the Company, BEST China, Hangzhou Baisheng Investment Management Co., Ltd. (later renamed as BEST Information Technology) and its equity holders, dated October 23, 2019, each of BEST Information Technology’s equity holders has irrevocably authorized any person designated by BEST China, with the Company’s consent, to exercise its rights as an equity holder of BEST Information Technology in a manner approved by the Company, including but not limited to the rights to attend and vote at equity holders’ meetings and appoint directors and senior management. The proxy agreement remains effective until such time as the relevant equity holder no longer holds any equity interest in BEST Information Technology. ​ 1. ORGANIZATION AND BASIS OF PRESENTATION (CONTINUED) Equity Pledge Agreement Pursuant to the equity pledge agreement among BEST China, Hangzhou Baisheng Investment Management Co., Ltd. (later renamed as BEST Information Technology) and its equity holders, dated October 23, 2019, the relevant equity holders of BEST Information Technology have pledged all of their equity interests in BEST Information Technology as a continuing first priority security interest in favor of BEST China to secure the outstanding amounts advanced under the relevant loan agreements described above and to secure the performance of obligations by BEST Information Technology and/or its equity holders under the other contractual arrangements. BEST China is entitled to exercise its right to dispose of the pledged interests held by BEST Information Technology’s equity holders in the equity of BEST Information Technology and has priority in receiving payment by the application of proceeds from the auction or sale of such pledged interests, in the event of any breach or default under the loan agreements or other contractual arrangements, if applicable. The equity pledge agreement will expire when all obligations under this equity pledge agreement or under the aforementioned loan agreement, exclusive call option agreement, shareholders’ voting rights proxy agreement and exclusive technical services agreement have been satisfied. Exclusive Technical Services Agreement On October 23, 2019, Hangzhou Baisheng Investment Management Co., Ltd. (later renamed as BEST Information Technology) entered into an exclusive technical services agreement with BEST China, pursuant to which BEST China provides exclusive technical services to BEST Information Technology. In exchange, BEST Information Technology pays a service fee to BEST China that is based on a predetermined formula based on the financial performance of BEST Information Technology. During the term of this agreement, BEST China is entitled to adjust the service fee at its sole discretion without the consent of BEST Information Technology. BEST China will exclusively own any intellectual property arising from the performance of this agreement. This exclusive technical services agreement has an initial contract term of 20 years and may be automatically renewed for another 20 years unless BEST China notifies BEST Information Technology of its intent not to renew with at least three months’ prior notice. BEST China is entitled to terminate the agreement unilaterally with 30 days’ prior written notice, while BEST Information Technology is not entitled to unilaterally terminate this agreement under any circumstances. Through the design of the contractual agreements, the nominee shareholders of BEST Information Technology effectively assigned their full voting rights to the Company, which gives the Company the power to direct the activities that most significantly impact BEST Information Technology’s economic performance. In addition, BEST China is entitled to substantially all of the economic benefits from BEST Information Technology. The Company and BEST China, as a group of related parties, hold all of the variable interests of BEST Information Technology. The Company has been determined to be most closely associated with BEST Information Technology within the group of related parties. As a result of these contractual agreements, the Company is determined to be the primary beneficiary of BEST Information Technology. Hangzhou Baijia To comply with changes to PRC laws and regulations which prohibit foreign ownership of the equity interests in companies that engage in tobacco business, the Group effected a restructuring of its convenience store business. In April 2020, BEST Store, the nominee shareholders of Hangzhou Baijia and the Company signed a series of contractual arrangements, through which, the Company obtained the power to direct the activities of Hangzhou Baijia that most significantly impact its economic performance and, is entitled to substantially all of the economic benefits from Hangzhou Baijia through BEST Store. As a result, the Company is the primary beneficiary of Hangzhou Baijia and consolidates the entity in accordance with ASC810-10. At the same time, BEST Network transferred its equity interests in Sichuan Wowo and Shanxi Wowo Supermarket Chain Co., Ltd. (“Shanxi Wowo”) to Hangzhou Baijia. BEST Store, together with Sichuan Wowo and Shanxi Wowo, constituted the former Store+ reporting unit. As the restructuring transaction are between entities under common control and do not change the control at the ultimate parent level, the transaction was accounted for as a common control transaction based on the carrying amount of the net assets transferred. 1. ORGANIZATION AND BASIS OF PRESENTATION (CONTINUED) The following is a summary of the material provisions of the contractual arrangements relating to BEST Store, Hangzhou Baijia and BEST Inc. Loan Agreement BEST Store entered into a loan agreement with the nominee shareholders of Hangzhou Baijia in 2020. Pursuant to this loan agreement, BEST Store has granted an interest-free loan to each of Hangzhou Baijia’s nominee shareholders, which may only be used for the purpose of a capital contribution to Hangzhou Baijia. BEST Store agreed not to ask Hangzhou Baijia’s equity holders to repay the loans unless the relevant equity holder violates its undertakings provided in the loan agreements. Hangzhou Baijia’s nominee shareholders undertook, among others, not to transfer any of its equity interests in Hangzhou Baijia to any third party. The loans are repayable by such equity holders through a transfer of their equity interests in Hangzhou Baijia to BEST Store or its designated party, in proportion to the amount of the loans to be repaid. The loan agreements remain effective until the relevant loans are repaid in full or BEST Store relinquishes its rights under the relevant loan agreements. Exclusive Call Option Agreement Pursuant to the exclusive call option agreement among the Company, BEST Store, Hangzhou Baijia and its nominee shareholders, dated May 13, 2020, Hangzhou Baijia’s nominee shareholders have granted BEST Store and the Company, or a party designated by the Company or BEST Store, the exclusive and irrevocable call option rights to purchase part or all of their equity interests in Hangzhou Baijia at an exercise price equal to the minimum price as permitted by applicable PRC laws. Hangzhou Baijia has further granted BEST Store and the Company, or a party designated by the Company or BEST Store, an exclusive call option to purchase part or all of its assets also at an exercise price equal to the minimum price as permitted by applicable PRC laws. At the Company’s sole discretion, the Company has the right to decide whether the option and other rights granted under the agreement will be exercised by the Company, BEST Store or a party designated by the Company. Each of Hangzhou Baijia’s nominee shareholders may not, among other things, transfer any part of their equity interests to any party other than to the Company or BEST Store, or a party designated by the Company or BEST Store, pledge or create or permit any security interest or similar encumbrance to be created on all or any part of its equity interests, increase or decrease the registered capital of Hangzhou Baijia, terminate or cause to terminate any material contracts of Hangzhou Baijia, or cause Hangzhou Baijia to declare or distribute profits, bonuses or dividends. The Company is obligated, to the extent permitted by PRC laws, to provide financing support to Hangzhou Baijia in order to meet the cash flow requirements of its ordinary operations and to offset any loss from such operations. The Company and BEST Store are not entitled to request repayment if Hangzhou Baijia or its equity holders are unable to repay such financial support. The exclusive call option agreement remains in effect until all the equity interests or assets that are the subject of the agreement are transferred to the Company or BEST Store, or a party designated by the Company or BEST Store, or if the Company or BEST Store unilaterally terminate the agreement with 30 days’ prior written notice. Unless otherwise provided by law, Hangzhou Baijia and its equity holders are not entitled to unilaterally terminate this agreement under any circumstances. Shareholders’ Voting Rights Proxy Agreement Pursuant to the shareholders’ voting rights proxy agreement among the Company, BEST Store, Hangzhou Baijia and its equity holders, dated May 13, 2020, each of Hangzhou Baijia’s nominee shareholders has irrevocably authorized any person designated by BEST Store, with the Company’s consent, to exercise its rights as an equity holder of Hangzhou Baijia in a manner approved by the Company, including but not limited to the rights to attend and vote at equity holders’ meetings and appoint directors and senior management. The proxy agreement remains effective until such time as the relevant equity holder no longer holds any equity interest in Hangzhou Baijia. 1. ORGANIZATION AND BASIS OF PRESENTATION (CONTINUED) Equity Pledge Agreement Pursuant to the equity pledge agreement among BEST Store, Hangzhou Baijia and its equity holders, dated May 13, 2020, the relevant equity holders of Hangzhou Baijia have pledged all of their equity interests in Hangzhou Baijia as a continuing first priority security interest in favor of BEST Store to secure the outstanding amounts advanced under the relevant loan agreements described above and to secure the performance of obligations by Hangzhou Baijia and/or its nominee shareholders under the other contractual arrangements. BEST Store is entitled to exercise its right to dispose of the pledged interests held by Hangzhou Baijia’s nominee shareholders in the equity of Hangzhou Baijia and has priority in receiving payment by the application of proceeds from the auction or sale of such pledged interests, in the event of any breach or default under the loan agreements or other contractual arrangements, if applicable. All of the equity pledges have been registered with the relevant office of the Administration for Market Regulation in China. The equity pledge agreement will expire when all obligations under this equity pledge agreement or under the aforementioned loan agreement,

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). Principles of Consolidation The consolidated financial statements of the Group include the financial statements of the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries for which the Company is the primary beneficiary. All significant intercompany balances and transactions between the Company, its subsidiaries and VIEs have been eliminated on consolidation. Going Concern The intense market competition continues to have an adverse impact on the Group’s business operations and liquidity. The Company incurred net losses from continuing operations of RMB908,606 (US$127,976) and generated negative cash flows from continuing operating activities of RMB545,092 (US$76,777) during the year ended December 31, 2023, and had an accumulated deficit of RMB19,749,262 (US$2,781,625) and a working capital deficiency of RMB1,762,001 (US$248,173) as of December 31, 2023. As of December 31, 2023, the balance of the Group’s total cash and cash equivalents, current restricted cash and short-term investments was RMB1,470,182 (US$207,071). There is substantial doubt regarding the Group’s ability to continue as a going concern. Management has implemented cost saving plans to reduce discretionary operational expenses and secure additional financing including, but not limited to, obtaining additional credit facilities from banks in the normal course of business and re-financing certain existing notes payables. In the first quarter of 2024, the Group successfully obtained new financing of RMB220,000 (US$30,986) short-term bank loans on credit maturing in one year, which allows the Group to enhance liquidity. Although the Group has achieved encouraging results from its plans to reduce its costs and expenditures during 2023 and in the first quarter of 2024 for certain business segments, the Group may be required to significantly reduce or scale back its operations if the Group is unsuccessful in its efforts or is unable to raise additional financing in the near term. There are uncertainties as to whether, and there can be no assurance that the aforesaid plans can be successfully executed. Accordingly, the substantial doubt of the Company’s ability to continue as a going concern has not been alleviated for the next twelve months from the date of issuance of these consolidated financial statements. The accompanying consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classifications of liabilities that may be necessary should the Group be unable to continue as a going concern. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in the Group’s financial statements include, but are not limited to, allowance for credit losses, the estimated fair value less costs to sell for assets and liabilities of a business or asset group held-for-sale, cashflow projections used by the Company in its going concern assessment, fair value measurements of equity instruments without readily determinable fair values, incremental borrowing rates for operating lease liabilities, standalone selling prices related to lease and non-lease components in the Company’s lease arrangements, useful lives of long-lived assets, impairment assessment of long-lived assets and goodwill, realization of deferred tax assets, uncertain tax positions, share-based compensation, fair value of financial instruments and contingent liabilities. Management bases the estimates on historical experience and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could materially differ from those estimates. ​ 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Discontinued operations Classification and Measurement The Company reports the operating results and cash flows related to the disposal group as discontinued operations for all periods presented in the consolidated statements of comprehensive income (loss) and consolidated statements of cash flows, respectively. The Company recognized the difference of sale price and carrying value allocated to the discontinued operation as disposal gain or loss in net (loss) income from discontinued operations, net of tax in the consolidated statements of comprehensive income (loss). Allocation of Interest Expense to Discontinued Operations Convenience translation Amounts in U.S. dollars are presented for the convenience of the reader and are translated at the noon buying rate of RMB 7.0999 per US$1.00 on December 29, 2023 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. Foreign currency The functional currency of the Company’s subsidiaries located outside the PRC is determined based on the criteria of ASC Topic 830, Foreign Currency Matters Each entity in the Company maintains its financial records in its own functional currency. Transactions denominated in foreign currencies are measured at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are remeasured at the exchange rates prevailing at the balance sheet date. Nonmonetary items that are measured in terms of historical cost in foreign currency are remeasured using the exchange rates at the dates of the initial transactions. Exchange gains and losses are included in the consolidated statements of comprehensive income (loss). The Company uses the average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. Translation differences are recorded in accumulated other comprehensive income, a component of shareholders’ equity. Cash and cash equivalents Cash and cash equivalents consist of cash on hand and demand deposits or other highly liquid investments placed with banks or other financial institutions which are unrestricted as to withdrawal and use and have original maturities of less than three months. ​ 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Restricted cash The Company’s restricted cash mainly represents (a) deposits held in designated bank accounts for issuance of notes payable, short-term loans and long-term loans; (b) deposits held in designated bank accounts for the issuance of Trust Plan; and (c) security deposits required by the Company’s operating leases for sortation centers and warehouses. As of December 31, 2022 and 2023, the restricted cash related to the deposits held in designated bank accounts as pledged security of notes payable was RMB775,692 and RMB801,800 (US$112,931), respectively. As of December 31, 2022 and 2023, the restricted cash related to the deposits held in designated bank accounts for the issuance of Trust Plan was RMB16,650 and nil, respectively. As of December 31, 2022 and 2023, restricted cash related to the security deposit required by the Company’s operating leases for sortation centers and warehouses was RMB144,613 and RMB92,122 (US$12,975), respectively. Short-term investments The Company’s short-term investments comprise primarily of cash deposits at fixed or floating rates based on daily bank deposit rates with maturities ranging from three months to one year. Accounts and notes receivable, and allowance for credit losses Accounts and notes receivables are recognized and carried at the original invoiced or note amount less an allowance of credit losses. The Company maintains an allowance for credit losses in accordance with ASC 326, Credit Losses Property and equipment, net Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: ​ ​ ​ ​ Category Estimated Useful Life Machinery and electronic equipment ​ 3 Motor vehicles ​ 3 years Leasehold improvements ​ Lesser of useful life or lease term ​ Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive income (loss). Direct costs that are related to the construction of property and equipment, and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property and equipment, and the depreciation of these assets commences when the assets are ready for their intended use. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Business Combinations The Company accounts for its business combinations using the purchase method of accounting in accordance with ASC 805, Business Combinations The determination and allocation of fair values to the identifiable assets acquired, liabilities assumed and non-controlling interests is based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Company determines the discount rates to be used based on the risk inherent in the related entity’s current business model and industry comparisons. Goodwill The Company assesses goodwill for impairment in accordance with ASC 350-20, Intangibles—Goodwill and Other: Goodwill As of December 31, 2022 and 2023, goodwill was allocated to two reporting units including Freight delivery reporting unit and Global reporting unit (Note 12). The Company has the option to assess qualitative factors first to determine whether it is necessary to perform the quantitative test in accordance with ASC 350-20. In the qualitative assessment, the Company considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. If the Company believes, as a result of the qualitative assessment, that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. The quantitative impairment test compares the fair value of the reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess. ​ 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Intangible assets Intangible assets with finite lives are carried at cost less accumulated amortization. All intangible assets with finite lives are amortized using the straight-line method over the estimated useful lives. Intangible assets have weighted average estimated useful lives from the date of purchase/capitalization as follows: ​ ​ ​ ​ Category Estimated Useful Life Customer relationships 3.89 years Software 4.09 years ​ The Company capitalizes salaries and benefits of research and development personnel and other expenses that are directly attributable to the development of new technology system for internal use pursuant to ASC350-40 , Intangibles—Goodwill and Other—Internal use software three Impairment of long-lived assets The Group’s long-lived assets include fixed assets, intangible assets with finite lives and operating lease right-of-use assets. whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset may not be fully recoverable. The Group evaluates the recoverability of its long-lived assets individually or as a group at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of the other assets and liabilities. Whenever events or changes in circumstances indicate an asset (or group of assets) may not be recoverable, the carrying amount is compared to the sum of future undiscounted net cash flows expected to result from the use of the asset (or group of assets) and its eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the asset (or group of assets), the carrying amount of the asset (or the long-lived assets in the asset group on a pro rata basis using the relative carrying amounts) is reduced to the extent not lower than the fair value of the asset. The adjusted carrying amounts after an impairment charge represent the new cost basis and is depreciated over their remaining useful lives. Fair value of the asset (or group of assets) is determined by the Group based on the income approach using the discounted cash flow associated with the underlying asset(s), which incorporated certain assumptions including revenue growth rates, operating margin and operating expenses based on current economic condition, expectation of management and projected trends of current operating results. Considerable management judgement is used to estimate future cashflows, such as revenues expected to be generated from the usage of the assets and estimates of the price market participants would pay to lease the operating lease right-use assets. Actual results may vary significantly from the estimates as they are forward-looking and include assumptions about economic and market conditions with uncertain future outcomes. No impairment was recorded for the years ended December 31, 2021 and 2022. During the year ended December 31, 2023, due to the continued underperformances relative to the projected operating results of certain asset group in Global segment, the Group recorded an impairment loss of RMB94,699 (US$13,338) (Note 24). 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Transfer of financial assets The Company accounts for transfers of financial assets in accordance with ASC 860, Transfers and Servicing Pursuant to ASC 860, the issuance of debt securities securitized by the Company’s lease rental and other financing receivables arising from its financing lease business (Note 15) and the factoring of intercompany note receivables to domestic banks (Note 13) do not constitute a sale of the underlying financial assets for accounting purposes due to the recourse obligations retained by the Company. Therefore, these transactions are accounted for as borrowings on the consolidated balance sheets and the financial assets are not derecognized. Fair value measurements of financial instruments The Company applies ASC 820, Fair Value Measurements and Disclosures ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Includes other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs which are supported by little or no market activity. ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Financial instruments include cash and cash equivalents, restricted cash, accounts and notes receivables, certain other current assets, short-term investments, amounts due from related parties, long-term investments, certain other non-current assets, accounts and notes payable, short-term bank loans, derivative liabilities, long-term bank loans, long-term borrowings, convertible senior notes and amounts due to related parties, certain other current liabilities and certain other non-current liabilities. The carrying values of the financial instruments included in current assets and liabilities excluding derivative liabilities approximate their fair values due to their short-term maturities. The carrying amount of other non-current financial assets, long-term bank loans, convertible senior notes and other non-current financial liabilities approximates its fair value as the related interest rates approximate market rates for similar debt instruments of comparable maturities. The fair value of the Company’s derivatives assets and derivatives liabilities is determined utilizing market observable forward exchange rates (Note 25). 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Non-controlling interests Non-controlling interests are recognized to reflect the portion of the equity of majority-owned subsidiaries and VIEs which is not attributable, directly or indirectly, to the controlling shareholder. Non-controlling interests are presented as a separate component of equity in the consolidated balance sheets. Consolidated net loss on the consolidated statements of comprehensive income (loss) includes the net loss attributable to non-controlling interests. The cumulative results of operations attributable to non-controlling interests are recorded as non-controlling interests in the consolidated balance sheets. Convertible Non-controlling Interests Convertible non-controlling interests are recognized to reflect the portion of the equity of majority-owned subsidiaries and VIEs which is not attributable, directly or indirectly, to the controlling shareholder. Convertible non-controlling interests represent redeemable equity interests issued by the Company’s subsidiary to certain investors (Note 21) and have been classified as mezzanine equity in the consolidated balance sheets as these redeemable interests are contingently redeemable upon the occurrence of certain conditional event, which is not solely within the control of the Company. Convertible non-controlling interests are initially measured at fair value at issuance date and recorded at issuance price, net of issuance cost. Net income (loss) of the subsidiary attributable to the convertible non-controlling interests was subsequently recorded pursuant to ASC 810, Consolidation Distinguish Liabilities from Equity Revenue recognition Revenue is recognized when control of promised goods or services is transferred to the Company’s customers in an amount of consideration to which an entity expects to be entitled to in exchange for those goods or services. The Group presents value-added taxes as a reduction from revenues. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed. The Company’s revenue recognition policies are as follows: Freight delivery services The Company provides freight services that comprise of sorting, line-haul and feeder transportation services mainly to its franchisees, which are also the Company’s customers. The Company offers an integrated service to franchisee service stations that includes last-mile delivery service to end recipients and acts as the principal that is directly responsible for all shipments sent through its network, from the point when customers drop off the shipments at the Company’s first hub or sortation center all the way through to the point when the shipments are delivered to end recipients. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Revenue recognition (continued) Freight delivery services (continued) Customers are required to prepay for freight delivery services and the Company records such amounts as “Customer advances and deposits and deferred revenue” in the consolidated balance sheets. The transaction price the Company earns from its customers are based on the shipment’s weight and route to the end recipient’s destination. In addition, the Company provides certain discounts, incentives and rebates based on explicitly agreed upon terms with its customers that can decrease the transaction price and estimates variable consideration based on the most likely amount to be provided. The amount of variable consideration included in the transaction price is limited to the amount that will not result in a significant revenue reversal. The Company reviews the estimate of variable consideration and updates the transaction price at the end of each reporting period as necessary. Uncertainties related to the estimates of variable consideration are resolved in a short time frame. Adjustments to variable consideration are recognized in the period the adjustments are identified and were insignificant for the periods presented. The Company’s freight delivery services contracts with customers include only one performance obligation. Performance obligations are generally short-term in nature with transit days being a week or less for each shipment. The Company recognizes revenue over time as customers receive the benefit of the Company’s services as the goods are shipped from one location to another. As such, freight delivery services revenue is recognized proportionally as a shipment moves from origin to destination and the related costs are recognized as incurred. The Company uses an output method of progress based on time-in-transit as it best depicts the transfer of control to the customer. Freight delivery services revenue also includes initial non-refundable franchise fees. The initial non-refundable franchise fees are recognized over the franchise period due to the franchisees’ rights to access the Company’s logos and brand names which are considered symbolic intellectual properties. The initial non-refundable franchise fees are negotiated under a separate agreement and represent a very small percentage of revenue for all periods presented. UCargo service The Company services as a truckload capacity brokerage platform to provide truckload capacity sourcing solutions via real-time bidding to transportation service providers and customers. The Company is the principal to the transaction for these services and revenue from these transactions is recognized on a gross basis. Revenue is recognized proportionally as a shipment moves from origin to destination using an output method of progress based on time-in-transit while the related costs are recognized as incurred. Since January 1, 2022, due to the winding down of UCargo, the Company reported UCargo services together with Freight delivery services. Prior year’s comparative figure related to UCargo services revenue of RMB2,809,081 under “Revenue -Others” for the year ended December 31, 2021, has been reclassified to “Revenue - Freight delivery” to conform to the current year’s presentation. Supply chain management services The Company provide warehouse management, order fulfillment services and transportation services to its offline and online enterprise customers (“enterprise customers”). The Company enters into supply chain warehouse management service agreements with these customers to provide warehouse management and order fulfillment services through its self-operated order fulfillment centers and also enters into transportation services agreements to provide transportation services. The majority of these contracts having an effective term of one year. Order fulfillment services revenue is generated from various service fees charged on a volume basis in connection with various order fulfillment services, which may include in-warehouse processing, order fulfillment, express delivery, freight delivery and other value-added services. Pursuant to the warehouse management service agreements and transportation services agreements, enterprise customers have the right to terminate the contracts by providing a one-month advance notice. Therefore, even though the contract term for the majority of the contracts is one year, due to the termination rights provided to enterprise customers, warehouse management service agreements and transportation services agreements are considered month-to-month service contracts. Enterprise customers are billed on a monthly basis and make payments according to their granted credit terms which ranges from 5 to 240 days. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Revenue recognition (continued) Supply chain management services (continued) Under some situations, enterprise customers may request to add a transportation route or increase the warehouse rental space by entering into a separate contract with the Company. The additional services are considered distinct and the service fees are priced at their standalone selling prices, i.e. they cannot be purchased at a significant or incremental discount. Therefore, the Company accounts for this type of contract modification as a separate contract and the revenue recognized to date on the original contract is not adjusted. The warehouse management service agreements comprise various service offerings that can be purchased at the option of the customer. Although the service options are interrelated, none of the services modify the other services and they are not integrated to provide a combined output. Each of the service options is substantive and the enterprise customers cannot purchase each additional service at a significant and incremental discount. Therefore, each service is accounted for as a separate performance obligation. The Company is the primary obligor and does not outsource any portion of the order fulfillment services to supply chain franchisee partners. The Company recognizes warehouse management and order fulfillment services revenue upon completion of the services as that is when the Company transfers control of the services and has right to payment. For transportation services, the Company provides the service of arranging transportation and coordinating shipments to and from locations designated by its enterprise customers. Each transportation order for delivery of goods from origin to destination is considered a performance obligation. Performance obligations are generally short-term in nature with transit days being a week or less for each shipment. The Company recognizes transportation services revenue over time as customers receive the benefit of the services as the goods are shipped from origin to destination. As such, transportation services revenue is recognized proportionally as a shipment moves from origin to destination and the related costs are recognized as incurred. The Company use an output method of progress based on time-in-transit as it best depicts the transfer of control to the customer. A small percentage of revenue is also earned from supply chain franchisee partners that can access the Company’s supply chain network. These franchisee partners pay an initial non-refundable fee for a comprehensive operating manual and orientation training, as well as an agreed system usage fee for each order processed through the Company’s supply chain network. The initial non-refundable fees and system usage fees were insignificant for all periods presented. Global logistics services The Company primarily provides international logistic services in multiple countries and regions across North America, Europe and Asia, such as cross-border logistic coordination services and express delivery services. Revenue is recognized proportionally as a shipment moves from origin to destination using an output method of progress based on time-in-transit while the related costs are recognized as incurred. Other services Other services mainly represent SaaS software service and Capital service the Company provided to customers. SaaS software service The Company serves as a proprietary technology platform to provide solution services to the ecosystem participants. The Company is the principal to the transaction for these services and revenue from these transactions is recognized on a gross basis. Revenue is recognized ratably over the contract period and is initially recorded as “Customer advances and deposits and deferred revenue”. For the years ended December 31, 2021, 2022 and 2023, the revenue recognized from SaaS software service was RMB34,639, RMB41,286, and RMB58,823 (US$8,285), respectively. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Revenue recognition (continued) Capital service The Company serves as a financing platform to provide tailored financing solutions to BEST’s ecosystem participants, such as fleet and equipment financing lease service and factoring services. Revenue generated from provision of capital services primarily consists of interest income on lease rental and other financing receivables, which is recognized as revenue using the effective interest rate method. For the years ended December 31, 2021, 2022 and 2023, the revenue recognized from Capital service was RMB117,622, RMB29,899, and RMB8,609 (US$1,213), respectively. Express delivery services Prior to the disposal of BEST Network in December 2021, the Company provides express services in China that comprise of sorting, line-haul and feeder transportation services to its franchisee service stations, which are also the Company’s customers, when parcels (under 15 kg) are dropped off by the Company’s franchisee service station customers at the Company’s first hub or sortation center. The Company offers an integrated service to the franchised service stations that includes last-mile delivery service to end recipients and acts as the principal that is directly responsible for all parcels sent through its network, from the point when customers drop off the parcels at the Company’s first hub or sortation center all the way through to the point when the parcels are delivered to end recipients. Customers are required to prepay for express delivery services and the Company records such amounts as “customer advances and deposits and deferred revenue” in the consolidated balance sheets. The transaction price the Company earns from its customers are based on the parcel’s weight and route to the end recipient’s destination. In addition, the Company provides certain discounts, incentives and rebates based on explicitly agreed upon terms with its customers that can decrease the transaction price and estimates variable consideration based on the most likely amount to be provided. The amount of variable consideration included in the transaction price is limited to the amount that will not result in a significant revenue reversal. The Company reviews the estimate of variable consideration and updates the transaction price at the end of each reporting period as necessary. Uncertainties related to the estimates of variable consideration are resolved in a short time frame. Adjustments to variable consideration are recognized in the period the adjustments are identified and were insignificant for the periods presented. The Company’s express delivery services contracts with customers include only one performance obligation. Performance obligations are generally short-term in nature and with transit days being a week or less for each parcel. The Company recognizes revenue over time as

CONCENTRATION OF RISKS

CONCENTRATION OF RISKS	12 Months Ended
	Dec. 31, 2023
CONCENTRATION OF RISKS
CONCENTRATION OF RISKS	3. Concentration of credit risk Assets that potentially subject the Company to significant concentration of credit risk primarily consist of cash and cash equivalents, restricted cash, short - term investments, accounts and notes receivable and lease rental and other financing receivables. As of December 31, 2022 and 2023, RMB2,401,207 and RMB2,165,180 (US$304,986), respectively, of the Company’s cash and cash equivalents, restricted cash and notes receivable were primarily deposited in PRC state - owned financial institutions located in the PRC, which management believes are of high credit quality. PRC state - owned banks, such as Bank of China, are subject to a series of risk control regulatory standards, and PRC financial institutions regulatory authorities are empowered to take over the operation and management when any of those banks faces a material credit crisis. The Group does not foresee substantial credit risk with respect to cash and cash equivalents, restricted cash and short - term investments held at the PRC state - owned financial institutions. Meanwhile, the Group selected reputable international financial institutions with high rating rates to place its foreign currencies. The Group regularly monitors the rating of the international financial institutions to avoid any potential defaults. There has been no recent history of default in relation to these financial institutions. Accounts receivable are typically unsecured and derived from revenue earned from customers mainly in the PRC, which are exposed to credit risk. Notes receivable represents notes receivable issued by PRC state-owned reputable financial institutions from which the Company is entitled to receive the full face amount at its maturity. The risk is mitigated by credit evaluations the Company performs on its customers and its ongoing monitoring process of outstanding balances. The Company maintains reserves for estimated credit losses, which have generally been within its expectations. The Company is exposed to default risk on its lease rental and other financing receivables amounting to RMB233,786 and RMB54,994 (US$7,746) as of December 31, 2022 and 2023, respectively. The Company regularly reviews the creditworthiness and lease rental and other financing receivables are fully collateralized by assets the Company can repossess in the event of default. The Company assesses the allowance for credit losses related to lease rental and other financing receivables on currency convertibility on a quarterly basis, either on an individual or collective basis. The Company maintains reserves for estimated credit losses, which have generally been within its expectations. 3. Concentration of credit risk (continued) The Company is able to take as collateral certain operating assets which it is able to monitor and repossess for rapid utilization and/or monetization in the event of a default. In addition, as most of the parties to which the Company provides financial services are the Company’s ecosystem participants, the Company has substantial knowledge about their business and operations and can monitor their financial position and their usage of collateralized assets. Business, customer, political, social and economic risks The Company participates in a dynamic logistics and supply chain management industry and believes that changes in any of the following areas could have a material adverse effect on the Company’s future financial position, results of operations or cash flows: changes in the overall demand for services; competitive pressures due to new entrants; advances and new trends in new technologies and industry standards; changes in certain strategic relationships or customer relationships; regulatory considerations; and risks associated with the Company’s ability to attract and retain employees necessary to support its growth. The Company’s operations could be also adversely affected by significant political, economic and social uncertainties in the PRC. Business, customer, political, social and economic risks (continued) Domestic mail delivery service-related businesses and planned value-added telecommunication services in connection with UCargo business since 2020 are subject to significant restrictions under current PRC laws and regulations. Specifically, foreign investors are not allowed to invest in any domestic mail delivery service business. Currently, the Company conducts its operations in China through contractual arrangements entered between the Company, its PRC subsidiaries and VIEs. The relevant regulatory authorities may find the current contractual arrangements and businesses to be in violation of any existing or future PRC laws or regulations. If so, the relevant regulatory authorities would have broad discretion in dealing with such violations. In addition, if the current ownership structure of the Company and its contractual arrangements with the VIEs are found to be in violation of any existing or future PRC laws and regulations, the Company may be required to restructure its ownership structure and operations in the PRC to comply with the changing and new PRC laws and regulations. The Company may not be able to operate or control the VIEs, which may result in deconsolidation of the VIEs. No single customer or supplier accounted for more than 10% of revenues or cost of revenues for the years ended December 31, 2021, 2022 and 2023. Currency convertibility risk The Company transacts most of its business in RMB, which is not freely convertible into foreign currencies. On January 1, 1994, the PRC government abolished the dual rate system and introduced a single rate of exchange as quoted daily by the PBOC. However, the unification of the exchange rates does not imply that the RMB may be readily convertible into United States dollars or other foreign currencies. All foreign exchange transactions continue to take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. ​ 3. Foreign currency exchange rate risk From July 21, 2005, the RMB is permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. For RMB against U.S. dollars, there was appreciation of approximately 2.3%, 9.2% and 2.9% in the years ended December 31, 2021, 2022 and 2023, respectively. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollars in the future. To the extent that the Company needs to convert U.S. dollars into RMB for capital expenditures and working capital and other business purposes, appreciation of RMB against the U.S. dollar would have an adverse effect on the RMB amount the Company would receive from the conversion. Conversely, if the Company decides to convert RMB into U.S. dollars for the purpose of making payments for dividends on ordinary shares, strategic acquisitions or investments or other business purposes, appreciation of the U.S. dollar against RMB would have a negative effect on the U.S. dollar amount available to the Company. In addition, a significant depreciation of the RMB against the U.S. dollar may significantly reduce the U.S. dollar equivalent of the Company’s earnings or losses.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2023
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS	4. On November 18, 2021, the Company completed the disposal transaction of Sichuan Wowo with a cash consideration of RMB 250,000 and recognized a corresponding loss on disposal of RMB 34,276 in net income (loss) from discontinued operations in the consolidated statements of comprehensive income (loss) for the year ended December 31, 2021. In October 2021, the Company approved a disposal plan to sell BEST Network. All of the components of the Express segment are reported as discontinued operations in the consolidated statements of comprehensive income (loss) for the current year and all comparative periods in accordance with ASC 210-05 as the disposal plan of the express segment represented a strategic shift that had a major effect on the Company’s operations and financial results. On December 9, 2021, the Company completed the disposal transaction of BEST Network with cash consideration of RMB 3,876,286 and liabilities assumed by the buyer of RMB 5,612,888 . The Company recognized a gain on disposal of BEST Express of RMB 3,213,599 in net income (loss) from discontinued operations in the consolidated statements of comprehensive income (loss) for the year ended December 31, 2021. ​ 4. The following tables set forth statement of operations and cash flows of discontinued operations of Store + ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021* 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Revenue ​ 16,334,363 ​ — ​ — ​ — Cost of revenue (17,313,107) — — ​ — Gross loss (978,744) — — ​ — Selling expenses (364,917) — — ​ — General and administrative expenses (530,479) (31,617) — ​ — Research and development expenses (51,465) — — ​ — Other operating income ​ 243,391 ​ — ​ — ​ — Total operating expenses (703,470) (31,617) — ​ — Loss from discontinued operations (1,682,214) (31,617) — ​ — Interest income ​ 15,099 ​ — ​ — ​ — Interest expenses ​ (32,613) ​ — ​ — ​ — Foreign exchange loss (2,367) — — ​ — Gains on disposal 3,179,323 — — ​ — Other income 37,570 — 15,222 ​ 2,144 Other expense ​ (41,309) ​ (6,847) ​ — ​ — Income (Loss) before income taxes 1,473,489 (38,464) 15,222 ​ 2,144 Income tax expense ​ — ​ — ​ — ​ — Net income (loss) from discontinued operations 1,473,489 (38,464) 15,222 ​ 2,144 ​ * Including the financial results of discontinued operations of Store+ and BEST express delivery services from January 1, 2021 to November 30, 2021 and from January 1, 2021 to December 8, 2021, respectively. ​ During the years ended December 31, 2021, 2022 and 2023, total financial results presented in the Company’s continuing operations from the Discontinued Operations after the disposals transactions as intra-entity transactions are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 ​ 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Revenue ​ ​ Freight delivery 6,271 45,664 — ​ — Supply chain management 4,500 16,547 — ​ — Others 42,162 20,080 — ​ — Total revenue 52,933 82,291 — ​ — Cost of revenue ​ ​ ​ ​ Freight delivery (4,274) (34,262) — ​ — Supply chain management (3,390) (5,315) — ​ — Others (4,036) (13,761) — ​ — Total cost of revenue (11,700) (53,338) — ​ — Interest income 4,671 — — ​ — ​ During the year ended December 31, 2021, 2022 and 2023, the net cash inflows received by the Company’s continuing operations from the Discontinued Operations after the disposal transactions were RMB 43,678 , RMB 246,106 and nil , respectively.

ACCOUNTS AND NOTES RECEIVABLE,

ACCOUNTS AND NOTES RECEIVABLE, NET	12 Months Ended
	Dec. 31, 2023
ACCOUNTS AND NOTES RECEIVABLE, NET
ACCOUNTS AND NOTES RECEIVABLE, NET	5 . Accounts and notes receivable, net, consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Accounts receivable 950,666 1,078,242 151,867 Notes receivable 4,614 1,664 234 Allowance for credit losses (263,956) (250,104) (35,226) Accounts and notes receivable, net 691,324 829,802 116,875 ​ The movements in the allowance for credit losses were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Balance at beginning of the year (204,124) (227,593) (263,956) (37,177) Additions (31,291) (43,295) (4,277) (602) Write-offs 7,822 6,932 18,129 2,553 Balance at end of the year (227,593) (263,956) (250,104) (35,226) ​ For the years ended December 31, 2021, 2022 and 2023, the Company has not recognized any gain or loss on the date of transfer of the derecognized notes receivable. No gains or losses were recognized from the continuing involvement, both during the year or cumulatively. The endorsement has been made evenly throughout the year. ​

PREPAYMENTS AND OTHER CURRENT A

PREPAYMENTS AND OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2023
PREPAYMENTS AND OTHER CURRENT ASSETS
PREPAYMENTS AND OTHER CURRENT ASSETS	6. PREPAYMENTS AND OTHER CURRENT ASSETS Prepayments and other current assets consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Value-added taxes (“VAT”) recoverable ​ 283,001 304,683 42,914 Receivables from failed sale-leaseback transactions (1) ​ 176,210 104,181 14,674 Rental and other deposits ​ 88,972 52,985 7,462 Fair value accounting of financial instruments ​ 49,077 10,917 1,538 Factoring receivables (2) ​ 39,105 ​ 52,840 ​ 7,442 Interest receivables ​ 28,112 ​ 73,874 ​ 10,405 Others ​ 167,688 190,095 26,774 Allowance for credit losses (3) ​ (54,323) ​ (115,475) ​ (16,264) ​ ​ 777,842 674,100 94,945 (1) Failed sale-leaseback transactions as buyer-lessor The Company has certain failed sales-leaseback transactions of certain motor vehicles and logistic equipment in which the Company acts as buyer-lessor but the seller-lessee does not transfer the control of the leased asset to the Company. The Company uses effective interest rate method in the computation of interest income which is recorded as Capital services revenues in “Revenue – Others” in the consolidated statements of comprehensive income (loss). Interest income was insignificant for the years ended December 31, 2021, 2022 and 2023. As of December 31, 2022 and 2023, the Company recorded receivables from failed sale-leaseback transactions due within one year of RMB176,210 and RMB104,181 (US$14,674), respectively, under the “Prepayments and other current assets”. As of December 31, 2022 and 2023, the Company recorded receivables from failed sale-leaseback transactions due over one year of RMB25,811 and nil, net of allowance for credit losses of RMB7,621 and nil, respectively, under “Other non-current assets”. (2) Factoring receivables The Company provides factoring service to provide capital as a lender to certain third-party suppliers who transfer their rights to future cash receipts from accounts receivable with recourse through a factoring arrangement to fund their operations and improve their credit position within one year. The Company uses effective interest rate method in the computation of interest income which is recorded as Capital services revenues in “Revenue – Others” in the consolidated statements of comprehensive income (loss). Interest income was RMB34,956, RMB7,536 and RMB5,058 (US$712) for the years ended December 31, 2021, 2022 and 2023, respectively. As of December 31, 2022 and 2023, the allowance for credit losses of factoring receivables were nil and RMB516 (US$73), respectively. (3) Allowance for credit losses The movements in the allowance for credit losses were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ ​ 2021 ​ 2022 ​ 2023 ​ 2023 ​ RMB RMB RMB US$ Balance at beginning of the year (12,196) (33,746) (54,323) (7,651) Additions (21,550) (31,358) (77,293) (10,886) Write‑offs — 10,781 16,141 2,273 Balance at end of the year (33,746) (54,323) (115,475) (16,264) ​

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2023
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	7. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Machinery and electronic equipment 677,471 744,126 104,808 Leasehold improvements 683,804 674,716 95,032 Motor vehicles 179,769 216,535 30,498 Construction in progress 49,193 20,223 2,848 ​ 1,590,237 1,655,600 233,186 Less: accumulated depreciation (805,505) (936,696) (131,931) Impairment ​ — ​ (94,699) ​ (13,338) ​ 784,732 624,205 87,917 ​ The Group acquired certain machinery and electronic equipment by entering into financing leases. The gross amount and the accumulated depreciation of these machinery and electronic equipment were RMB48,336 and RMB7,772, respectively, as of December 31, 2022 and RMB6,169 (US$869) and RMB3,604 (US$508), respectively, as of December 31, 2023. Future minimum lease payments are disclosed in Note 9. Depreciation expense of property and equipment, including assets under financing leases, was RMB183,332, RMB176,341 and RMB172,404 (US$24,283) for the years ended December 31, 2021, 2022 and 2023, respectively. The Company recorded nil, nil and RMB94,699 (US$13,338) of impairment charges for the years ended December 31, 2021, 2022 and 2023, respectively. As of December 31, 2022 and 2023, the balances of construction in progress were RMB49,193 and RMB20,223 (US$2,848), respectively, which were related to the construction of warehouses, hubs and sortation centers and related equipment.

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	12 Months Ended
	Dec. 31, 2023
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET	8. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Customer relationships 10,449 10,449 1,472 Software 106,071 183,526 25,849 Capitalized internal use software in progress ​ 44,423 ​ 1,381 ​ 194 ​ ​ 160,943 ​ 195,356 ​ 27,515 Less: accumulated amortization (85,390) (102,183) (14,392) ​ 75,553 93,173 13,123 ​ Amortization expense of intangible assets was RMB8,033, RMB12,569 and RMB16,793 (US$2,365) for the years ended December 31, 2021, 2022 and 2023, respectively. Estimated amortization expense relating to the existing intangible assets with finite lives for each of the next five years is as follows: ​ ​ ​ ​ ​ ​ ​ RMB US$ 2024 ​ 26,517 ​ 3,735 2025 20,317 ​ 2,862 2026 20,284 ​ 2,856 2027 15,436 ​ 2,174 2028 10,619 ​ 1,496 ​ ​ 93,173 ​ 13,123 ​ No impairment losses were recognized for the years ended December 31, 2021, 2022 and 2023, respectively.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
LEASES
LEASES	9. Leases of motor vehicles and logistic equipment as Lessor The Company provides direct financing and sales-type leases of motor vehicles and logistic equipment, primarily to transportation service providers that meet the Company’s credit assessment requirements. The lease terms range two The net investment in direct financing and sales-type leases are presented as “Lease rental receivables” on the consolidated balance sheets as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB US$ Current assets: ​ ​ Direct financing leases ​ 42,295 ​ 25,688 3,618 Sales-type leases ​ 772 ​ 22,237 3,132 ​ ​ 43,067 ​ 47,925 ​ 6,750 Non-current assets: ​ ​ ​ ​ ​ Direct financing leases ​ 30,682 ​ — — Sales-type leases ​ 9,506 ​ 314 44 ​ ​ 40,188 ​ 314 ​ 44 Total ​ 83,255 ​ 48,239 6,794 ​ For the years ended December 31, 2021, 2022 and 2023, the Company recorded RMB45,644, RMB5,389 and RMB2,319 (US$327) of interest income from direct financing and sales-type leases as a lessor in “Revenue – Others” on the consolidated statements of comprehensive income (loss). The net investment in direct financing and sales-type leases consisted of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Total minimum lease payments receivable 136,188 67,522 9,509 Less: Executory costs — — — Minimum lease payments receivable 136,188 67,522 9,509 Less: Allowance for credit losses (42,313) (14,937) (2,104) Net minimum lease payments receivable 93,875 52,585 7,405 Unguaranteed residuals — — — Less: Unearned income (10,620) (4,346) (611) Net investment in financing leases 83,255 48,239 6,794 Current portion 43,067 47,925 6,750 Non-current portion 40,188 314 44 ​ 9. LEASE (CONTINUED) Leases of motor vehicles and logistic equipment as Lessor (continued) Future minimum lease payments to be received for the direct financing and sales-type leases for each of the five succeeding fiscal years as of the December 31, 2023 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ ​ 2023 ​ RMB US$ For the year ending December 31, 2024 52,253 7,359 For the year ending December 31, 2025 332 46 Thereafter — — Total minimum lease payments 52,585 7,405 Unearned income ​ (4,346) ​ (611) Net investment in direct financing and sales-type leases ​ 48,239 ​ 6,794 ​ Financing and operating leases as Lessee The Company has operating leases for certain offices, warehouses, hub and sortation center facilities and equipment and financing leases for certain machinery and electronic equipment as a lessee. The Company’s lease agreements include lease payments that are fixed, do not contain material residual value guarantees or variable lease payments. The leases have remaining lease terms of up to twenty years. Certain lease agreements include terms with options to extend the lease, however none of these have been recognized in the Company’s operating lease ROU assets or operating lease liabilities since those options were not reasonably certain to be exercised. The Company’s leases do not contain restrictions or covenants that restrict the Company from incurring other financial obligations. The Company’s lease agreements may contain lease and non-lease components. Non-lease components primarily include payments for maintenance and utilities. Consideration for lease and non-lease components are allocated on a relative standalone selling price basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31 ​ ​ 2021 ​ 2022 2023 2023 ​ RMB ​ RMB ​ RMB ​ US$ Operating lease cost ​ 674,892 ​ 671,422 ​ 608,066 ​ 85,644 Short-term lease cost ​ 100,766 ​ 116,107 ​ 4,415 ​ 622 Financing lease cost: ​ ​ ​ ​ ​ ​ ​ ​ Amortization of ROU assets ​ 1,293 ​ 2,313 ​ 242 ​ 34 Interest ​ 169 ​ 202 ​ 88 ​ 12 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total lease cost ​ 777,120 ​ 790,044 ​ 612,811 ​ 86,312 ​ ​ 9. LEASE (CONTINUED) Financing and operating leases as Lessee (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31 ​ ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Other information ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ Operating cash flows from operating leases 745,032 ​ 770,580 612,224 ​ 86,230 Operating cash flows from financing leases 169 ​ 202 88 ​ 12 Financing cash flows from financing leases 1,481 ​ 1,772 1,193 ​ 168 ROU assets obtained in exchange for new operating lease liabilities 780,576 ​ 560,056 328,599 ​ 46,282 ROU obtained in exchange for new finance lease liabilities 1,493 ​ 38,134 643 ​ 91 Weighted-average remaining lease term (in years): ​ ​ ​ ​ ​ ​ Operating leases 5.03 ​ 4.58 3.46 ​ — Financing leases 2.79 ​ 2.99 1.60 ​ — Weighted-average discount rate: ​ ​ ​ ​ ​ ​ Operating leases 7.67 % 7.86 % 7.52 % ​ Financing leases 5.19 % 5.67 % 6.17 % ​ ​ For the year ended December 31, 2021, total lease costs of RMB740,554, RMB1,035, and RMB34,069 were recorded in cost of revenue, selling expenses, general and administrative expenses, respectively. For the year ended December 31, 2022, total lease costs of RMB755,519, RMB1,616, and RMB30,394 were recorded in cost of revenue, selling expenses, general and administrative expenses, respectively. For the year ended December 31, 2023, total lease costs of RMB566,296 (US$80,043), RMB2,044 (US$288), and RMB42,141 (US$5,935) were recorded in cost of revenue, selling expenses, general and administrative expenses, respectively. Future minimum lease payments for operating and financing leases as of December 31, 2023 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases Financing leases ​ ​ RMB US$ ​ RMB US$ For the year ended December 31, 2024 ​ 604,939 ​ 85,203 ​ 862 ​ 121 For the year ended December 31, 2025 ​ 405,398 ​ 57,099 ​ 389 ​ 55 For the year ended December 31, 2026 ​ 253,910 ​ 35,762 ​ 260 ​ 37 For the year ended December 31, 2027 ​ 134,735 ​ 18,977 ​ 149 ​ 21 For the year ended December 31, 2028 ​ 72,142 ​ 10,161 ​ 92 ​ 13 Thereafter ​ 218,284 ​ 30,745 ​ — ​ — Total minimum lease payments ​ 1,689,408 ​ 237,947 ​ 1,752 ​ 247 Less: imputed interest ​ 303,104 ​ 42,690 ​ 103 ​ 15 Total lease liability balance ​ 1,386,304 ​ 195,257 ​ 1,649 ​ 232 Minimum payments related to leases not yet commenced as of December 31, 2023 ​ 46,110 ​ 6,494 ​ — ​ — ​

LONG-TERM INVESTMENTS

LONG-TERM INVESTMENTS	12 Months Ended
	Dec. 31, 2023
LONG-TERM INVESTMENTS
LONG-TERM INVESTMENTS	10 . LONG-TERM INVESTMENTS ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Equity investments without readily determinable fair value ​ 156,859 156,859 22,093 Total Long-term Investments ​ 156,859 156,859 22,093 ​ The total carrying value of equity investments without readily determinable fair value as of December 31, 2022 and 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Initial cost basis 57,241 ​ 57,241 ​ 8,062 Cumulative unrealized gains 116,930 ​ 116,930 ​ 16,469 Cumulative unrealized losses (including impairment) (17,312) ​ (17,312) ​ (2,438) Total carrying value 156,859 ​ 156,859 ​ 22,093 ​ There is no orderly transactions for an identical or similar investment of the same issuer identified during the years ended December 31, 2022 and 2023. Total unrealized and realized gains and losses of equity securities without readily determinable fair values for the years ended December 31, 2021, 2022 and 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31 ​ ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Gross unrealized gains 58,643 — — — Gross unrealized losses (including impairment) (1) (5,000) (12,312) — — Net unrealized gains (loss) on equity securities held 53,643 (12,312) — — Net realized gains on equity securities sold 247,145 — — — Total net gains (loss) recognized 300,788 (12,312) — — (1) Nil gross unrealized losses (downward adjustments excluding impairment) were recognized for the years ended December 31, 2021, 2022 and 2023. In 2021 and 2022, the Company believed that there was a decline in value that was other-than-temporary and recorded impairment of RMB 5,000 and RMB 12,312 in “Other expense” in the consolidated statements of comprehensive income (loss), respectively. No impairment losses were recognized for the year ended December 31, 2023. ​ 10 . LONG-TERM INVESTMENTS (CONTINUED) In 2021, the Company disposed partial equity interests in the equity investments without readily determinable fair value with the carrying amount of RMB100,149 for a cash consideration of and RMB347,294 and realized a gain on disposal of RMB247,145, which was included in “Other income” in the consolidated statement of comprehensive income (loss) for the year ended December 31, 2021. Among which, the Company sold 1.0% share of equity investment without readily determinable fair value with the carrying amount of RMB71,667 to Zhejiang Cainiao Supply Chain Management Co. Ltd (“Cainiao”), a related party of the Company, with cash consideration RMB220,000 and realized a gain on disposal of RMB148,333.

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2023
GOODWILL
GOODWILL	11. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freight ​ ​ ​ delivery Global Total Balance as of December 31, 2022 5,580 ​ 48,555 54,135 Balance as of December 31, 2023 5,580 ​ 48,555 54,135 Balance as of December 31, 2023 (US$) 786 ​ 6,839 7,625 ​ No impairment losses were recognized for the years ended December 31, 2021, 2022 and 2023.

SHORT-TERM AND LONG-TERM BANK L

SHORT-TERM AND LONG-TERM BANK LOANS	12 Months Ended
	Dec. 31, 2023
SHORT-TERM AND LONG-TERM BANK LOANS
SHORT-TERM AND LONG-TERM BANK LOANS	12. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Short-term bank loans guaranteed by subsidiaries within the Group — 239,000 33,662 Secured bank borrowings (a) ​ 110,142 ​ 162,755 ​ 22,924 Pledged short-term bank loans (b) ​ 73,128 ​ — ​ — Total short-term bank loans 183,270 401,755 56,586 Long-term bank loans pledged by deposits, current portion ​ — ​ 794,679 ​ 111,928 ​ ​ 183,270 ​ 1,196,434 ​ 168,514 ​ ​ ​ ​ ​ ​ ​ Long-term bank loans pledged by deposits ​ 928,894 ​ 159,729 ​ 22,497 Total 1,112,164 1,356,163 191,011 ​ Short-term bank loans consisted of several bank loans denominated in RMB. The weighted average interest rate for the outstanding bank loans as of December 31, 2022 and 2023, was 1.74% and 1.60%, respectively. (a) (b) 12. Long-term bank loans were denominated in US$. The deposits in restricted cash pledged for long-term bank loans was RMB917,650 and RMB919,320 (US$129,484) as of December 31, 2022 and 2023, respectively. Long-term bank loans amounted to RMB794,679 (US$111,928) will mature in 2024 and long-term bank loans amounted to RMB159,729 (US$22,497) will mature in 2025. The weighted average interest rate for the outstanding borrowings as of December 31, 2022 and 2023, was 1.06% and 1.32%, respectively.

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2023
ACCRUED EXPENSES AND OTHER LIABILITIES.
ACCRUED EXPENSES AND OTHER LIABILITIES	13. Accrued expenses and other liabilities consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Salary and welfare payable 624,166 631,772 88,983 Customer deposits ​ 218,366 ​ 180,945 ​ 25,486 Accrued expenses ​ 86,270 ​ 57,686 ​ 8,125 Accrual for purchases of property and equipment 71,234 70,014 9,861 Other tax payables 12,005 10,362 1,459 Fair value accounting of financial instruments ​ 5,452 ​ — ​ — Others 128,161 140,794 19,831 ​ 1,145,654 1,091,573 153,745 ​

LONG-TERM BORROWINGS

LONG-TERM BORROWINGS	12 Months Ended
	Dec. 31, 2023
LONG-TERM BORROWINGS
LONG-TERM BORROWINGS	14. ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Long-term borrowings-current: Secured borrowings from Houfu ​ 54,011 ​ — ​ — Secured borrowings from Chengdu Gongtou 25,137 721 102 ​ 79,148 721 102 Long-term borrowings-non-current: ​ ​ Secured borrowings from Chengdu Gongtou 381 — — ​ 381 — — ​ Yunnan Trust Plan In March 2021, BEST Finance transferred certain lease receivables with remaining lease terms ranging from 18 months to 36 months originated from its finance leasing services business with future cash flows of RMB577,347 at a discount price of RMB449,671 to Yunnan International Trust Co., Ltd., a third party, which then created Yunnan Trust Plan (the “Trust Plan”). The Trust Plan contemporaneously issued Senior and Junior level debt securities of RMB319,610 and RMB130,061, respectively. The annual yield of the Senior securities is 8% and was all acquired by Sinolink Yong Fu Assets management (“Sinolink”), a related party of Yunnan International Trust Co., Ltd., BEST Finance acquired all the Junior securities which are exposed to all expected losses and entitled to receive all residual returns of the Trust Plan. The Senior debt securities mature in 14 months and the Junior debt securities mature in 33 months. BEST Finance repays the cash collected from the individual lessee of the lease receivables to the Trust Plan, with the principal amount of Senior debt securities and interest of Junior debt securities paid firstly in installments and then the principal amount of Junior debt securities in installments. The residual returns will be repaid to Junior debt securities holders at the end of the Trust Plan. 14. LONG-TERM BORROWINGS (CONTINUED) BEST Finance is responsible to provide management and collection services over the transferred lease receivable assets and the Company provides guarantees to Yunnan Trust to secure the full repayment of the principal and interest of the holder of the Senior securities and the expected interest return rate of the Trust Plan. The Company has the power to direct the activities that most significantly impacts the economic performance of the Trust Plan and provides payment collection services for the underlying lease rental receivables and holds significant variable interests in the Trust Plan through the Junior debt securities and the guarantee provided, from which the Company has the obligation to absorb losses of the Trust Plan that could potentially be significant to the Trust Plan. Accordingly, the Company is considered the primary beneficiary of the Trust Plan and consolidates the Trust Plan’s assets, liabilities, results of operations, and cash flows in the consolidated financial statements. As a result of the series of transactions described above, the Senior level debt securities of the Trust Plan issued to external investors were considered borrowings from external investors. During the year ended December 31, 2022, the Company made repayments of RMB84,365 to Yunnan Trust. The Senior level debt securities of the Trust Plan were fully repaid during 2022. Secured borrowings from Houfu Concurrently with the set-up of the Trust Plan, BEST Finance transferred the beneficial rights of another set of lease rental receivables with future cash flows of RMB166,149 to Ningbo Houfu Business management consulting partnership (“Houfu”), a related party of Sinolink, at a discounted price of RMB133,200. The proceeds received from Houfu were used by BEST Finance to acquire the Junior debt securities of the Trust Plan. BEST Finance agreed to transfer all the benefits it received from the Junior debt securities in the Trust Plan including the principal and interest of the Junior debt securities to repay its obligations to Houfu in installments over 33 months with BEST Finance’s rights in Junior debt securities as collateral. Since the Company has continuing involvement with the lease receivables transferred to Houfu by providing guarantee to the performance of the transferred lease receivables and the transferred financial assets are not legally isolated from the Company, the transferred lease receivables were not derecognized and are accounted for as secured borrowings in the consolidated financial statements. During the years ended December 31, 2022 and 2023, the Company made principal repayments of RMB131,851 and RMB1,349 (US$190) ,respectively, to Houfu. The weighted average effective interest rate for the outstanding secured borrowings from Houfu was 37.27% as of December 31, 2022. The secured borrowings from Houfu were fully repaid as of December 31, 2023. Secured borrowings from Chengdu Gongtou In August 2021, BEST Finance transferred the beneficial rights of certain lease receivables with future cash flows of RMB161,031 to Chengdu Gongtou Finance Lease Limited (“Chengdu Gongtou”) at their present value of RMB135,858. Since the Company has continuing involvement with the lease receivables transferred to Chengdu Gongtou by providing guarantee to the performance of the transferred lease receivables and the transferred financial assets are not legally isolated from the Company, the transferred lease receivables were not derecognized and are accounted for as secured borrowings in the consolidated financial statements. The Company will repay the secured borrowings to Chengdu Gongtou in installments of 33 months. During the year ended December 31, 2022 and 2023, the Company made repayments totaled RMB85,549 and RMB25,300 (US$3,563), respectively. The weighted average effective interest rate for the outstanding secured borrowings from Gongtou was 18.85% and 18.85% as of December 31, 2022 and 2023, respectively. The outstanding balance as of December 31, 2023 of RMB721(US$102) will be repaid in 2024.

CONVERTIBLE SENIOR NOTES

CONVERTIBLE SENIOR NOTES	12 Months Ended
	Dec. 31, 2023
CONVERTIBLE SENIOR NOTES.
CONVERTIBLE SENIOR NOTES	15. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ ​ 2022 ​ 2023 ​ 2023 ​ ​ RMB RMB US$ Current liabilities: ​ Convertible Senior Notes held by a related party-current ​ ​ ​ ​ 2025 Convertible Notes ​ 522,744 ​ 106,240 ​ 14,964 ​ Convertible Senior Notes held by third parties-current ​ ​ ​ ​ 2024 Convertible Notes ​ 77 ​ 78 ​ 11 ​ ​ 522,821 106,318 14,975 ​ Non-current liabilities: ​ Convertible Senior Notes held by a related party-non-current ​ ​ ​ ​ 2025 Convertible Notes 522,744 424,962 59,855 ​ ​ 522,744 424,962 59,855 ​ ​ 1) 2024 Convertible Notes On September 17, 2019, the Company issued US$200,000 convertible senior notes (the “2024 Convertible Notes”) to several initial purchasers, of which US$100,000 were issued to Alibaba.com Hong Kong Limited (“Alibaba HK”), an entity affiliated with Alibaba Group Holding Limited (“Alibaba Group”), a principal shareholder of the Company and US$100,000 to third parties, respectively. The 2024 Convertible Notes are senior, unsecured obligations of the Company, and interest is payable semi-annually in arrears at a rate of 1.75% per annum on April 1 and October 1 of each year, beginning on April 1, 2021. The 2024 Convertible Notes will mature on October 1, 2024 unless redeemed, repurchased or converted prior to such date. The 2024 Convertible Notes holders have the right, at their option, to convert the outstanding principal amount of the 2024 Convertible Notes, in whole or in part in integral multiples of $1 principal amount (i) upon satisfaction of one or more of the conversion conditions as defined in the indenture for the 2024 Convertible Notes prior to the close of business day immediately preceding October 1, 2024; or (ii) anytime on or after October 1, 2024 until the close of business on the second scheduled trading day immediately preceding the maturity date (the “Conversion Option”). The initial conversion rate for the 2024 Convertible Notes is 7.0922 of the Company’s American depositary shares (“ADSs”) per US$1,000 principal amount of the Notes, which is equivalent to an initial conversion price of US$141.00 per ADS, subject to certain anti-dilution and make-whole fundamental change adjustments but is not adjusted for any accrued and unpaid interest. Upon conversion, the Company is required to deliver ADSs to such converting holders and both issuer and holders have no other settlement options. The holders may require the Company to repurchase all or a portion of the 2024 Convertible Notes for cash on September 30, 2022 at a repurchase price equal to 100% of the principal amount of the 2024 Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. In 2022, the Company repurchased US$199,989 (equivalent to RMB1,379,364) aggregate principal amount of the 2024 Convertible Notes requested by the holders. Following settlement of the repurchase, the repurchase amount which was fully accreted was derecognized and US$11 (equivalent to RMB78) aggregate principal amount of the 2024 Convertible Notes remained outstanding and was included in “Convertible senior notes held by third parties-current” as of December 31, 2023 as it will mature on October 1, 2024. ​ 15. 1) 2024 Convertible Notes (continued) If certain events of default, changes in tax laws of the relevant taxing jurisdiction or fundamental change as defined in the indenture for the 2024 Convertible Notes were to occur, the outstanding obligations under the 2024 Convertible Notes could be immediately due and payable (the “Contingent Redemption Options”). The Company will pay additional interest, at its election, as the sole remedy relating to the failure to comply with certain reporting obligations as defined in the indenture of the 2024 Convertible Notes. In addition, the 2024 Convertible Notes provide its holders with additional interest equal to the fair value of any dividends received by the holders of the Company’s ordinary shares (the “Contingent Interest Features”). The Company evaluated the embedded conversion features contained in the 2024 Convertible Notes and determined that the Conversion Option was not required to be bifurcated because it met the scope exception provided for under ASC 815-10-15-74(a). The Company also evaluated the embedded Contingent Redemption Options and Contingent Interest Features contained in the 2024 Convertible Notes in accordance with ASC 815 to determine if these features require bifurcation. The Contingent Redemption Options were not required to be bifurcated because they are considered to be clearly and closely related to the debt host, as the 2024 Convertible Notes were not issued at a substantial discount and are redeemable at par. The Contingent Interest Features are not considered to be clearly and closely related to the debt host and met the definition of a derivative. However, the fair value of the Contingent Interest Features on the issuance date and at December 31, 2022 and 2023 was not significant. In addition, the Company assessed whether the additional interest payments need to be accrued as a liability in accordance with ASC 450. Since the likelihood of the occurrence of such default events is determined to be remote, the Company did not accrue additional interest expense for the years ended December 31, 2022 and 2023. The Company will continue to assess the accrual for these additional interest payment liabilities at each reporting date. In connection with the issuance of the 2024 Convertible Notes, the Company also purchased capped call options on the Company’s ADS with certain counterparties at a price of US$22,500 (equivalent to RMB159,138), which was recorded as a reduction of the Company’s additional paid-in capital on the consolidated balance sheet with no subsequent changes in fair value recorded. The capped call exercise price is equal to the 2024 Convertible Notes’ initial conversion price and the cap price is US$200.00 per ADS, subject to certain adjustments under the terms of the capped call transactions. The capped call transactions are expected to reduce potential dilution to existing holders of the ordinary shares and ADSs of the Company upon conversion of the 2024 Convertible Notes with such reduction subject to a cap. The net proceeds from the issuance of the 2024 Convertible Notes were US$194,457 (equivalent to RMB1,375,355), after deducting underwriting discounts and offering expenses of US$5,543 (equivalent to RMB39,205) from the initial proceeds of US$200,000. ​ 15. 1) 2024 Convertible Notes (continued) As of December 31, 2022 and 2023, the principal amount of the 2024 Convertible Notes was RMB77 and RMB78 (US$11) respectively, unamortized debt discount was nil and nil respectively, and the net carrying amount of the 2024 Convertible Notes was RMB77 and RMB78 (US$11) respectively. For the years ended December 31, 2022 and 2023, the amount of interest cost recognized relating to both the contractual interest coupon and amortization of the discount on the 2024 Convertible Notes was RMB21,768 and nil, respectively. As of December 31, 2023, the 2024 Convertible Notes will be accreted up to the principal amount of US$11 (equivalent to RMB78) over a remaining period of 0.75 years. 2) 2025 Convertible Notes On June 3, 2020, the Company issued US$150,000 convertible senior notes to Alibaba HK. The 2025 Convertible Notes are senior, unsecured obligations of the Company, and interest is payable semi-annually in arrears at a rate of 4.5% per annum on July 1 and January 1 of each year, beginning on January 1, 2022. The 2025 Convertible Notes will mature on June 3, 2025 unless redeemed, repurchased or converted prior to such date. The 2025 Convertible Notes holders have the right to convert all or any portion of the 2025 Convertible Notes held by it into ordinary shares, or at the sole discretion of the noteholder, into ordinary shares in the form of ADS at any time on or after the thirty-first trading day after May 27, 2020 up to the close of business of the second business day immediately preceding June 3, 2025 (“the 2025 Convertible Notes Conversion Option”). The initial conversion rate for the 2025 Convertible Notes is 823.723 of the Company’s American depositary shares (“ADSs”) per US$100,000 principal amount of the 2025 Convertible Notes, which is equivalent to an initial conversion price of US$121.40 per ADS, subject to certain anti-dilution and make-whole fundamental change adjustments but is not adjusted for any accrued and unpaid interest. Upon conversion, the Company is required to deliver ADSs to such converting holders and both issuer and holders have no other settlement options. The holders may require the Company to repurchase all or a portion of the 2025 Convertible Notes for cash within a period of ninety days starting from June 3, 2023 at a repurchase price equal to 100% of the principal amount of the 2025 Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date (the “Early Redemption Rights”). If certain events of default, changes in tax laws of the relevant taxing jurisdiction or fundamental change as defined in the indenture for the 2025 Convertible Notes were to occur, the outstanding obligations under the 2025 Convertible Notes could be immediately due and payable (the “2025 Convertible Notes Contingent Redemption Options”). The Company will pay additional interest, at its election, as the sole remedy relating to the failure to comply with certain reporting obligations as defined in the indenture of the 2025 Convertible Notes. In addition, the 2025 Convertible Notes provide its holders with additional interest equal to the fair value of any dividends received by the holders of the Company’s ordinary shares (the “2025 Convertible Notes Contingent Interest Features”). The Company evaluated the embedded conversion features contained in the 2025 Convertible Notes and determined that the 2025 Convertible Notes Conversion Option was not required to be bifurcated because it met the scope exception provided for under ASC 815-10-15-74(a). 15. 2) 2025 Convertible Notes (continued) The Company also evaluated the embedded 2025 Convertible Notes Contingent Redemption Options and 2025 Convertible Notes Contingent Interest Features in accordance with ASC 815 to determine if these features require bifurcation. The 2025 Convertible Notes Contingent Redemption Options were not required to be bifurcated because they are considered to be clearly and closely related to the debt host, as the 2025 Convertible Notes were not issued at a substantial discount and are redeemable at par. The 2025 Convertible Notes Contingent Interest Features are not considered to be clearly and closely related to the debt host and met the definition of a derivative. However, the fair value of the 2025 Convertible Notes Contingent Interest Features on the issuance date and at December 31, 2022 and 2023 was not significant. In addition, the Company assessed whether the additional interest payments need to be accrued as a liability in accordance with ASC 450. Since the likelihood of the occurrence of such default events is determined to be remote, the Company did not accrue additional interest expense for the year ended December 31, 2022 and 2023. The Company will continue to assess the accrual for these additional interest payment liabilities at each reporting date. The net proceeds from the issuance of the 2025 Convertible Notes were US$149,340 (equivalent to RMB1,061,421), after deducting offering expenses of US$660 (equivalent to RMB4,689) from the initial proceeds of US$150,000 (equivalent to RMB1,066,110). As of December 31, 2022, the principal amount of the 2025 Convertible Notes was RMB1,046,074, unamortized debt discount was RMB586 and the net carrying amount of the 2025 Convertible Notes was RMB1,045,488. As of December 31, 2023, the principal amount of the 2025 Convertible Notes was RMB531,202 (US$74,818), unamortized debt discount was nil and the net carrying amount of the 2025 Convertible Notes was RMB531,202 (US$74,818). On April 14, 2023, the Company signed an amendment with Alibaba HK and modified the Early Redemption Rights of the 2025 Convertible Notes. The Group and Alibaba HK agreed that Alibaba HK would not require the Company to repurchase all of the 2025 Convertible Notes in 2023. Alibaba HK instead required the Company to repurchase one half of the notes, or US$75,000 aggregate principal amount, in 2023. The Group have granted an extra repurchase option to Alibaba HK such that Alibaba HK would be able to require the Group to repurchase the other half of the 2025 Convertible Notes, or US$75,000 aggregate principal amount, within 90 days after June 3, 2024. Besides, the Group and Alibaba HK also agreed that the account receivables in BEST HK due from BEST China is pledged for the 2025 Convertible Notes held by Alibaba HK. The Group accounted for the amendments to the 2025 Convertible Notes as a debt modification, which did not result in a debt extinguishment pursuant to ASC 470-50, Debt—Modifications and Exchanges In July 2023, the Company repurchased US$75,000 (equivalent to RMB503,318) aggregate principal amount of the 2025 Convertible Notes requested by the holders. Following settlement of the repurchase, the repurchase amount which was fully accreted was derecognized and US$75,000 (equivalent to RMB531,202) aggregate principal amount of the 2025 Convertible Notes remained outstanding. In December 2023, all of the 2025 Convertible Notes held by Alibaba HK was transferred to Alibaba China. In April 2024, the Company signed an amendment term sheet with Alibaba China and further modified the Early Redemption Rights of the 2025 Convertible Notes (Note 29). For the years ended December 31, 2022 and 2023, the amount of interest cost recognized relating to both the contractual interest coupon and amortization of the discount on the 2025 Convertible Notes was RMB48,708 and RMB35,395 (US$4,985), respectively. As of December 31, 2023, the 2025 Convertible Notes will be accreted up to the principal amount of US$15,000 (equivalent to RMB106,240) over a remaining period of 0.42 years and the principal amount of US$60,000 (equivalent to RMB424,962) over a remaining period of 1.35 years.

TAXATION

TAXATION	12 Months Ended
	Dec. 31, 2023
TAXATION
TAXATION	16. TAXATION Cayman Islands Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. British Virgin Islands Under the current laws of the British Virgin Islands, BEST BVI, BEST Capital BVI and Store BVI are not subject to tax on income or capital gains. In addition, upon payments of dividends by BEST BVI, BEST Capital BVI and Store BVI to its shareholders, no withholding tax is imposed. Hong Kong The subsidiaries incorporated in Hong Kong are subject to income tax at the rate of 16.5% on the estimated assessable profits arising in Hong Kong. For the years ended December 31, 2021, 2022 and 2023, the Company did not make any provisions for Hong Kong profit tax as there were no assessable profits derived from or earned in Hong Kong for any of the periods presented. Under the Hong Kong tax law, BEST HK, BEST Capital HK and Store HK are exempted from income tax on their foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. PRC The Company’s subsidiaries, VIEs and subsidiaries of the VIEs domiciled in the PRC are subject to the statutory rate of 25%, in accordance with the Enterprise Income Tax law (the ‘‘EIT Law’’), which was effective since January 1, 2008 except for the following entity which is eligible for a preferential tax rate. BEST Technology is qualified as High and New Technology Enterprise and is subject to a preferential statutory tax rate of 15% for three years from 2022 to 2024. Dividends, interests, rent or royalties payable by the Company’s PRC subsidiaries, to non-PRC resident enterprises, and proceeds from any such non-resident enterprise investor’s disposition of assets (after deducting the net value of such assets) shall be subject to 10% withholding tax, unless the respective non-PRC resident enterprise’s jurisdiction of incorporation has a tax treaty or arrangements with China that provides for a reduced withholding tax rate or an exemption from withholding tax. The Company’s loss before income taxes and share of net loss of equity investees consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ RMB RMB RMB US$ PRC ​ (954,592) ​ (1,053,407) ​ (369,844) ​ (52,093) Non-PRC ​ (306,013) ​ (410,909) ​ (537,621) ​ (75,722) ​ ​ (1,260,605) ​ (1,464,316) ​ (907,465) ​ (127,815) ​ ​ 16. TAXATION (CONTINUED) ​ The current and deferred components of income tax expense appearing in the consolidated statements of comprehensive income (loss) are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Current income tax (3,198) (511) (1,141) (161) Deferred income tax — — — — ​ (3,198) (511) (1,141) (161) ​ A reconciliation of the differences between the PRC statutory tax rate and the Company’s effective tax rate for enterprise income tax from continuing operations is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Loss before income taxes and share of net loss of equity investees (1,260,605) (1,464,316) (907,465) ​ (127,815) ​ PRC statutory income tax rate ​ 25 % 25 % 25 % 25 % Income tax computed at the statutory tax rate 315,151 366,079 226,866 ​ 31,953 ​ Non-deductible expenses (112,363) (20,250) (41,138) ​ (5,794) ​ Effect of different tax rates in different jurisdictions and preferential tax rate 447,053 (68,037) (42,203) ​ (5,944) ​ R&D expenses super-deduction 25,756 14,223 15,868 ​ 2,235 ​ Non-taxable income ​ 6,525 ​ 6,395 ​ 4,575 ​ 644 ​ Provision to return ​ 14,568 ​ (74,577) ​ 17,752 ​ 2,500 ​ Deferred tax expenses ​ (21,245) ​ (1,462) ​ (8,212) ​ (1,157) ​ Tax rate change ​ 2,890 ​ (483) ​ 8,531 ​ 1,202 ​ Expired tax loss (112,725) (160,285) (18,784) ​ (2,645) ​ Change in valuation allowance (568,808) (62,114) (164,396) ​ (23,155) ​ ​ (3,198) (511) (1,141) ​ (161) ​ ​ The principal components of the deferred tax assets and liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Deferred tax assets, non-current Accrued expenses 278,341 298,208 ​ 42,002 Customer advances and deposits 10,431 7,139 ​ 1,006 Allowance for credit losses and inventory provision 101,187 99,327 ​ 13,990 Allowance for long-term investment ​ 3,078 ​ 3,078 ​ 434 Impairment of long-lived asset ​ — ​ 23,675 ​ 3,335 Loss from inter-company loan forgiveness ​ — 128,959 ​ 18,163 Depreciation and amortization expense 18,961 8,476 ​ 1,194 Net operating losses carry forward 1,410,903 ​ 1,419,440 ​ 199,924 Lease liabilities ​ 467,623 355,341 ​ 50,049 Total deferred tax assets 2,290,524 2,343,643 ​ 330,097 Valuation allowance* (1,818,282) (1,982,678) ​ (279,256) Total deferred tax assets net of valuation allowance 472,242 ​ 360,964 ​ 50,841 ​ 16. TAXATION (CONTINUED) Deferred tax (continued) * The Group operates through subsidiaries, VIEs and subsidiaries of VIEs and valuation allowance is considered for each of the entities on an individual basis. The Group recorded valuation allowance against deferred tax assets of those entities that are in a three-year cumulative financial loss position and are not forecasting profits in the near future as of December 31, 2022 and 2023. In making such determination, the Group also evaluates a variety of factors including the Group’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Deferred tax liabilities ​ ​ ​ ​ ​ ​ Fair value changes of equity investments ​ (29,232) ​ (29,232) ​ (4,117) Accrued revenue recognition difference ​ (3,765) ​ (5,016) ​ (707) Right-of-use assets ​ (439,245) ​ (326,716) ​ (46,017) Total deferred tax liabilities ​ (472,242) ​ (360,964) ​ (50,841) ​ As of December 31, 2022 and 2023, the Company has net operating losses from continuing operations of RMB5,621,989 and RMB5,719,812 (US$805,619), mainly from its PRC subsidiaries and VIEs. The tax losses in the PRC can be carried forward for five years to offset future taxable income, and the period is extended to ten years for entities that qualify as a HNTE. The PRC subsidiaries’ net operating losses will expire from years 2024 to 2033 if not utilized. As of December 31, 2023, the Company intends to permanently reinvest the undistributed earnings from foreign subsidiaries to fund future operations. As of December 31, 2023, the total amount of undistributed earnings from its PRC subsidiaries as well as VIEs was RMB31,642 (US$4,457). The amount of unrecognized deferred tax liabilities for temporary differences related to investments in foreign subsidiaries are not determined because such a determination is not practicable. Unrecognized tax benefits As of December 31, 2022 and 2023, the Company recorded an unrecognized tax benefit of RMB94,572 and RMB88,530 (US$12,468) respectively, of which nil and nil, respectively, are presented on a net basis against the deferred tax assets related to tax loss carry forwards on the consolidated balance sheets. It is possible that the amount of uncertain tax position will change in the next twelve months; however, an estimate of the range of the possible outcomes cannot be made at this time. As of December 31, 2022 and 2023, unrecognized tax benefits of RMB58,813 and RMB64,997 (US$9,155), respectively, if ultimately recognized, will impact the effective tax rate. A rollforward of unrecognized tax benefits is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 ​ 2023 ​ 2023 ​ ​ RMB ​ RMB ​ US$ Beginning balance 78,800 94,572 ​ 13,320 Additions 15,772 6,184 ​ 870 Decreases — (12,226) ​ (1,722) Ending balance 94,572 88,530 ​ 12,468 ​ During the years ended December 31, 2021, 2022 and 2023, the Company did not record any interest expense or penalty accrued in relation to the unrecognized tax benefit. In general, the PRC tax authority has up to five years to conduct examinations of the Company’s tax filings. Accordingly, the tax years ended December 31, 2018 through December 31, 2023 of the PRC subsidiaries, the VIEs and its subsidiaries remain open to examination by the tax authorities.

RESTRICTED NET ASSETS

RESTRICTED NET ASSETS	12 Months Ended
	Dec. 31, 2023
RESTRICTED NET ASSETS
RESTRICTED NET ASSETS	17. The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Group’s PRC subsidiaries only out of its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s PRC subsidiaries. In accordance with the Regulations on Enterprises with Foreign Investment of China and its Articles of Association, the Company’s PRC subsidiaries, being a foreign-invested enterprise established in the PRC, are required to provide certain statutory reserves, namely the general reserve fund, enterprise expansion fund and staff welfare and bonus fund, all of which are appropriated from net profit as reported in its PRC statutory accounts. The Company’s PRC subsidiaries are required to allocate at least 10% of its annual after-tax profit to the general reserve fund until such fund has reached 50% of its registered capital based on the enterprise’s PRC statutory accounts. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the Board of Directors of the PRC subsidiaries. These reserves can only be used for specific purposes and are not transferable to the Company in the form of loans, advances, or cash dividends. In accordance with the PRC Company Laws, the Company’s VIEs and the subsidiaries of the VIEs must make appropriations from their annual after-tax profits as reported in their PRC statutory accounts to non-distributable reserve funds, namely statutory surplus fund, statutory public welfare fund and discretionary surplus fund. The VIEs and the subsidiaries of the VIEs are required to allocate at least 10% of their after-tax profits to the statutory surplus fund until such fund has reached 50% of their respective registered capital. Appropriations to the discretionary surplus fund are made at the discretion of the Board of Directors of the VIEs and the subsidiaries of the VIEs. These reserves can only be used for specific purposes and are not transferable to the Company in the form of loans, advances, or cash dividends. For the years ended December 31, 2021, and 2022, the Company’s PRC subsidiaries had reversed RMB7,871 and RMB167 of statutory reserves, respectively, which are included in shareholder’s equity. The Group did not appropriate or reverse any statutory reserves for the year ended December 31, 2023. Under PRC laws and regulations, there are restrictions on the Company’s PRC subsidiaries, the VIEs and the subsidiaries of the VIEs with respect to transferring certain of their net assets to the Company either in the form of dividends, loans, or advances. Amounts restricted include paid-in capital and surplus reserves of the Company’s PRC subsidiaries and the VIEs and the subsidiaries of the VIEs, totaling RMB5,269,936 (US$742,255) as of December 31, 2023; therefore in accordance with Rules 504 and 4.08(e) (3) of Regulation SX, the condensed parent company only financial statements as of December 31, 2022 and 2023 and for each of the three years in the period ended December 31, 2023 are disclosed in Note 28. Furthermore, cash transfers from the Company’s PRC subsidiaries to its subsidiaries outside of China are subject to PRC government control of currency conversion. Shortages in the availability of foreign currency may restrict the ability of the PRC subsidiaries and consolidated VIEs to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2023
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE	18. Basic and diluted earnings (loss) per share for each of the years presented are calculated as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2022 ​ 2023 ​ ​ ​ Class A Class B Class C Class A Class B Class C Class A Class A Class B Class B Class C Class C ​ ​ ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ US$ ​ RMB ​ US$ ​ RMB ​ US$ Basic earnings (loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ Net loss from continuing operations attributable to ordinary shareholders—basic ​ (768,670) (293,707) (149,205) (909,443) (341,778) (173,626) (521,059) ​ (73,391) ​ (204,618) ​ (28,820) ​ (103,947) ​ (14,641) Net income (loss) from discontinued operations, net of tax ​ 934,833 357,198 181,458 (24,552) (9,225) (4,687) 9,561 ​ 1,346 ​ 3,754 ​ 529 ​ 1,907 ​ 269 Net income (loss) attributable to ordinary shareholders—basic ​ 166,163 63,491 32,253 (933,995) (351,003) (178,313) (511,498) ​ (72,045) ​ (200,864) ​ (28,291) ​ (102,040) ​ (14,372) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of ordinary shares outstanding—basic ​ 246,207,464 94,075,249 47,790,698 250,326,701 94,075,249 47,790,698 239,563,290 ​ 239,563,290 ​ 94,075,249 ​ 94,075,249 ​ 47,790,698 ​ 47,790,698 Continuing operations ​ ​ (3.12) ​ (3.12) ​ (3.12) ​ (3.63) ​ (3.63) ​ (3.63) ​ (2.18) ​ (0.31) ​ (2.18) ​ (0.31) ​ (2.18) ​ (0.31) Discontinued operations ​ ​ 3.80 ​ 3.80 ​ 3.80 ​ (0.10) ​ (0.10) ​ (0.10) ​ 0.04 ​ 0.01 ​ 0.04 ​ 0.01 ​ 0.04 ​ 0.01 Basic earnings (loss) per share ​ 0.68 0.68 0.68 (3.73) (3.73) (3.73) (2.14) ​ (0.30) ​ (2.14) ​ (0.30) ​ (2.14) ​ (0.30) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings (loss) per ADS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings (loss) per ADS (1 ADS equals 20 Class A ordinary shares) ​ ​ 13.60 ​ 13.60 ​ 13.60 ​ (74.60) ​ (74.60) ​ (74.60) ​ (42.70) ​ (6.01) ​ (42.70) ​ (6.01) ​ (42.70) ​ (6.01) ​ ​ 18. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2022 ​ 2023 ​ ​ Class A ​ Class B ​ Class C ​ Class A ​ Class B ​ Class C ​ Class A ​ Class A ​ Class B ​ Class B ​ Class C ​ Class C ​ RMB RMB RMB RMB RMB RMB RMB US$ RMB US$ RMB US$ Diluted loss per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss from continuing operations attributable to ordinary shareholders—basic ​ (768,670) ​ (293,707) ​ (149,205) ​ (909,443) ​ (341,778) ​ (173,626) ​ (521,059) ​ (73,391) ​ (204,618) ​ (28,820) ​ (103,947) ​ (14,641) Net income (loss) from discontinued operations, net of tax ​ 934,833 ​ 357,198 ​ 181,458 ​ (24,552) ​ (9,225) ​ (4,687) ​ 9,561 ​ 1,346 ​ 3,754 ​ 529 ​ 1,907 ​ 269 Net income (loss) attributable to ordinary shareholders—basic ​ 166,163 ​ 63,491 ​ 32,253 ​ (933,995) ​ (351,003) ​ (178,313) ​ (511,498) ​ (72,045) ​ (200,864) ​ (28,291) ​ (102,040) ​ (14,372) Reallocation of net loss from continuing operations attributable to ordinary shareholders as a result of conversion of Class C and Class B to Class A ordinary shares (Note 20) ​ (442,912) ​ — ​ — ​ (515,404) ​ — ​ — ​ (308,565) ​ (43,460) ​ — ​ — ​ — ​ — Reallocation of net income (loss) from discontinued operations, net of tax attributable to ordinary shareholders as a result of conversion of Class C and Class B to Class A ordinary shares (Note 20) ​ 538,656 ​ — ​ — ​ (13,912) ​ — ​ — ​ 5,662 ​ 798 ​ — ​ — ​ — ​ — Reallocation of net income (loss) attributable to ordinary shareholders as a result of conversion of Class C and Class B to Class A ordinary shares (Note 20) ​ 95,744 ​ — ​ — ​ (529,316) ​ — ​ — ​ (302,903) ​ (42,662) ​ — ​ — ​ — ​ — Net income (loss) attributable to ordinary shareholders—diluted ​ 261,907 ​ 63,491 ​ 32,253 ​ (1,463,311) ​ (351,003) ​ (178,313) ​ (814,401) ​ (114,707) ​ (200,864) ​ (28,291) ​ (102,040) ​ (14,372) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of ordinary shares outstanding—basic 246,207,464 94,075,249 47,790,698 250,326,701 94,075,249 47,790,698 239,563,290 ​ 239,563,290 ​ 94,075,249 ​ 94,075,249 ​ 47,790,698 ​ 47,790,698 Conversion of Class C and Class B to Class A ordinary shares (Note 20) 141,865,947 — — 141,865,947 — — 141,865,947 ​ 141,865,947 ​ — ​ — ​ — ​ — Weighted average number of ordinary shares for continuing operations outstanding - diluted 388,073,411 94,075,249 47,790,698 392,192,648 94,075,249 47,790,698 381,429,237 ​ 381,429,237 ​ 94,075,249 ​ 94,075,249 ​ 47,790,698 ​ 47,790,698 Weighted average number of ordinary shares for discontinued operations outstanding - diluted 388,073,411 94,075,249 47,790,698 392,192,648 94,075,249 47,790,698 381,429,237 ​ 381,429,237 ​ 94,075,249 ​ 94,075,249 ​ 47,790,698 ​ 47,790,698 Weighted average number of ordinary shares outstanding - diluted ​ 388,073,411 ​ 94,075,249 ​ 47,790,698 ​ 392,192,648 ​ 94,075,249 ​ 47,790,698 ​ 381,429,237 ​ 381,429,237 ​ 94,075,249 ​ 94,075,249 ​ 47,790,698 ​ 47,790,698 Continuing operations (3.12) (3.12) (3.12) (3.63) (3.63) (3.63) (2.18) ​ (0.31) ​ (2.18) ​ (0.31) ​ (2.18) ​ (0.31) Discontinued operations 3.80 3.80 3.80 (0.10) (0.10) (0.10) 0.04 ​ 0.01 ​ 0.04 ​ 0.01 ​ 0.04 ​ 0.01 Diluted earnings (loss) per share 0.68 0.68 0.68 (3.73) (3.73) (3.73) (2.14) ​ (0.30) ​ (2.14) ​ (0.30) ​ (2.14) ​ (0.30) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings (loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings (loss) per ADS (1 ADS equals 20 Class A ordinary shares) ​ 13.60 ​ 13.60 ​ 13.60 ​ (74.60) ​ (74.60) ​ (74.60) ​ (42.70) ​ (6.01) ​ (42.70) ​ (6.01) ​ (42.70) ​ (6.01) ​ For the years ended December 31, 2021, 2022 and 2023, the two-class method is applicable because the Company has three classes of ordinary shares outstanding, Class A, Class B and Class C ordinary shares, respectively (Note 20). The effects of all outstanding share options, restricted share units, convertible senior notes were excluded from the computation of diluted loss per share relating to the continuing operation and discontinued operations for the years ended December 31, 2021, 2022 and 2023, as the effects would be antidilutive on the loss from continuing operations.

SHARE-BASED PAYMENTS

SHARE-BASED PAYMENTS	12 Months Ended
	Dec. 31, 2023
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS	19. 2008 Stock Incentive Plan (the “2008 Plan”) On June 4, 2008, the shareholders and Board of Directors of the Company approved the 2008 Plan, which is administrated by the Board of Directors and has a term of 10 years from the date of adoption. Under the 2008 Plan, the Company reserved 10,000,000 ordinary shares of the Company to its eligible employees, directors and officers of the Group and consultants. The purpose of the 2008 Plan is to attract and retain key employees, directors, officers and consultants of outstanding ability and to motivate them to exert their best efforts on behalf of the Company by providing incentives through granting awards. On October 25, 2011 and January 15, 2015, the shareholders and Board of Directors of the Company approved a resolution to increase the share option pool under the 2008 Plan to 16,239,033 and 20,934,684 ordinary shares, respectively. The options granted under the 2008 Plan have a contractual term of 15 years and will become vested (but not exercisable) either (i) immediately upon grant; or (ii) with respect to 25% of the options on the first anniversary of the vesting period, and thereafter in thirty-six equal monthly installments of 2.09% each on the last day of every month that has elapsed following the first anniversary of the vesting period until the options are 100% vested. The grantee can exercise vested options after the commencement date of exercise and before the earlier of: 1) its contractual term (i.e. 15 years after its grant date); or 2) 90 days after the grantee terminates their employment if the vested options have not been exercised. The commencement date of exercise is upon the Company’s IPO. In July 2017, 12,599,520 vested options were exercised pursuant to a conditional one-time waiver of the “exercisable upon the Company’s IPO” condition by the Company (the “early exercise”). The early exercise was not considered substantive for accounting purposes in accordance with ASC 718-10-55-31. 2017 Stock Incentive Plan (the “2017 Plan”) In September 2017, the Company’s shareholders and Board of Directors approved the 2017 Plan (the “2017 Plan”). The 2017 Plan provides for an aggregate amount of no more than 10,000,000 Class A ordinary shares to be issued. In addition, the number of Class A ordinary shares available to be issued under the 2017 Plan will automatically be increased by a maximum of 2% of the Company’s total outstanding shares at the end of the preceding calendar year on January 1, 2019 and on every January 1 thereafter for eight years, provided that the aggregate amount of shares which may be subject to awards granted under the 2017 Plan does not exceed 10% of the Company’s total outstanding shares at the end of the preceding calendar year. The options granted under the 2017 Plan have a contractual term of 10 years and will become vested with respect to 25% of the options on the first anniversary of the vesting period, and thereafter in thirty-six equal monthly installments of 2.09% each on the last day of every month that has elapsed following the first anniversary of the vesting period until the options are 100% vested. The grantee can exercise vested options after the commencement date of exercise and before the earlier of: 1) its contractual term (i.e. 10 years after its grant date); or 2) 90 days after the grantee terminates their employment if the vested options have not been exercised. The restricted Class A ordinary shares (“Restricted Shares”) granted under the 2017 Plan have the same terms as the share options except that Restricted Shares do not require exercise and will become vested with respect to 25% of the Restricted Shares on the first, second, third and fourth anniversary of the vesting period until the Restricted Shares are 100% vested. ​ 19. Options granted to employees A summary of the employee share option activity under the 2008 Plan is stated below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ average ​ ​ ​ ​ ​ ​ Weighted- ​ average ​ remaining ​ Aggregate ​ ​ Number of ​ average ​ grant-date ​ contractual ​ intrinsic ​ options exercise price fair value term Value ​ ​ ​ ​ US$ ​ US$ ​ Years ​ US$ Outstanding, December 31, 2022 1,055,042 ​ 0.75 ​ 7.02 ​ 9.02 ​ — Granted — ​ — ​ — ​ — ​ — Exercised ​ — ​ — ​ — ​ — ​ — Forfeited/Expired (96,672) ​ 0.75 ​ 6.82 ​ — ​ — Outstanding, December 31, 2023 958,370 ​ 0.75 ​ 7.04 ​ 8.08 ​ — Vested as at December 31, 2023 17,237,222 ​ 0.67 ​ 2.37 ​ 4.71 ​ — Exercisable as at December 31, 2023 958,370 ​ 0.75 ​ 7.04 ​ 8.08 ​ — ​ The aggregate intrinsic value in the table above represents higher of the difference between the closing share price on the last trading day in 2023 and the option’s respective exercise price or zero. Total intrinsic value of options exercised for the years ended December 31, 2021, 2022 and 2023 was RMB884,679, nil and nil respectively. No share option awards were granted to employees during the years ended December 31, 2021, 2022 and 2023. The total fair value of the equity awards vested under 2008 Plan during the years ended December 31, 2021, 2022 and 2023 were RMB8,583, nil and nil, respectively. There were no new grants of share option awards during the years ended December 31, 2021, 2022 and 2023 , respectively. The options granted have been fully vested as of December 31, 2023. As of December 31, 2023, there were no remaining unrecognized employee share-based compensation expenses. 19. Options granted to non-employees A summary of the non-employee share option activity under the 2008 Plan is stated below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ‑ ​ ​ ​ ​ ​ ​ ​ Weighted ‑ ​ average ​ ​ ​ ​ ​ ​ Weighted ‑ ​ average ​ remaining ​ Aggregate ​ ​ Number of ​ average ​ grant ‑ date ​ contractual ​ intrinsic ​ ​ options ​ exercise price ​ fair value ​ term ​ Value ​ ​ ​ ​ US$ ​ US$ ​ Years ​ US$ Outstanding, December 31, 2022 ​ 1,439,177 0.70 2.47 5.65 — Granted ​ — ​ — ​ — ​ — ​ — Exercised ​ (43,400) ​ 0.01 ​ 0.24 ​ — ​ — Forfeited (28,000) ​ 0.50 ​ 0.12 ​ — ​ — Outstanding, December 31, 2023 1,367,777 ​ 0.73 ​ 2.58 ​ 4.91 ​ — Vested at December 31, 2023 1,838,173 ​ 0.65 ​ 2.43 ​ 4.37 ​ — Exercisable at December 31, 2023 1,367,777 ​ 0.73 ​ 2.58 ​ 4.91 ​ — ​ The aggregate intrinsic value in the table above represents the difference between the closing stock price on the last trading day in 2023 and the option’s respective exercise price or zero. Total intrinsic value of options exercised for the years ended December 31, 2021, 2022 and 2023 was RMB20,457, nil and nil, respectively. No share option awards were granted to non-employees during the years ended December 31, 2021, 2022 and 2023.. The options granted have been fully vested as of December 31, 2023. As of December 31, 2023, there were no remaining unrecognized non-employee share-based compensation expenses. ​ 19. Restricted Shares The following table summarizes the Company’s Restricted Shares activity under the 2017 Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ average ​ ​ Number of ​ grant-date ​ shares fair value ​ ​ ​ ​ US$ Outstanding, December 31, 2022 7,133,593 2.54 Granted ​ 2,449,200 ​ 0.13 Vested ​ (4,419,335) ​ 1.85 Forfeited ​ (346,315) ​ 2.45 Outstanding, December 31, 2023 4,817,143 1.95 Vested and expected to vest as at December 31, 2023 13,480,316 ​ ​ The weighted average grant-date fair value of Restricted Shares granted during the year ended December 31, 2021, 2022 and 2023 was US$2.17, US$0.69 and US$0.13, which was derived from the fair value of the underlying ordinary shares. As of December 31, 2023, there was RMB21,300 (US$3,019) of total unrecognized share-based compensation expenses related to unvested Restricted Shares expected to vest which are expected to be recognized over a weighted-average period of 1.54 years. Total unrecognized compensation cost may be adjusted for actual forfeitures occurring in the future. During the year ended December 31, 2021, 2022 and 2023, the Company granted 80,000, 160,000 and 150,000 Restricted Shares to non-employees, which were fully vested during the year. Modification of Restricted Shares related to the disposal of BEST Network On November 16, 2021, the Board of Directors of the Company approved the 1,235,896 restricted shares granted but not vested upon certain BEST Express employees shall be accelerated and to be vested all at once upon the closing of the disposal of BEST Network. There is no incremental compensation cost from the modification. The Company recognized the remaining unrecognized share-based compensation expenses related to these restricted shares of RMB18,181 during the year ended December 31, 2021 for the accelerated vesting of restricted shares due to the disposal. The following table summarizes the total share-based compensation expense recognized by the Company: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Cost of revenue 345 321 198 ​ 28 Selling expenses ​ 9,654 ​ 3,523 ​ 2,084 ​ 294 General and administrative expenses 88,361 63,280 42,491 ​ 5,984 Research and development expenses ​ 9,321 ​ 4,972 ​ 3,571 ​ 503 Share-based compensation expenses from continuing operations ​ 107,681 ​ 72,096 ​ 48,344 ​ 6,809 Share-based compensation expenses from discontinued operations 27,245 — — ​ — Total share-based compensation expenses 134,926 72,096 48,344 ​ 6,809 ​ ​ 19. Options granted by subsidiaries 2020 Equity Incentive Plan of BEST Asia Inc (the “2020 BEST Asia Plan”) On December 31, 2020, the shareholders and Board of Directors of BEST Asia Inc (“BEST Asia”) approved 2020 BEST Asia Plan, which is administrated by the Board of Directors of BEST Asia. Under the 2020 BEST Asia Plan, BEST Asia reserved 75,000,000 ordinary shares of BEST Asia to its eligible employees, directors and officers of BEST Asia and consultants. The purpose of the 2020 BEST Asia Plan is to attract and retain key employees, directors and officers of outstanding ability and to motivate them to exert their best efforts on behalf of BEST Asia by providing incentives through granting awards. The options granted under the 2020 BEST Asia Plan to purchase the ordinary shares of BEST Asia have a contractual term of 10 years and will become vested either (i) immediately upon grant; or (ii) with respect to 25% of the options on the first anniversary of the vesting period, and thereafter in thirty-six equal monthly installments of 2.09% each on the last day of every month that has elapsed following the first anniversary of the vesting period until the options are 100% vested. Under the 2020 BEST Asia Plan, all share options granted are not exercisable until the completion of BEST Asia’s IPO. The options granted to employees are accounted for as equity awards and measured at their grant date fair values. Given that the inability of the grantees to exercise these options until the completion of the IPO constitutes a performance condition that is not considered probable until the IPO completion date, no share-based compensation expenses was recognized for the year ended December 31, 2021, 2022 and 2023. Upon the IPO completion date, the Company will immediately recognize the deferred compensation expenses associated with options that are vested as the IPO completion date and recognize the remaining compensation expenses over the remaining service requisite period using the accelerated method. A summary of the employee equity award activity under the 2020 BEST Asia Plan is stated below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ options ​ ​ Outstanding, December 31, 2022 42,952,900 Granted 10,427,000 Forfeited (10,615,230) Outstanding, December 31, 2023 42,764,670 Vested and expected to vest as at December 31, 2023 42,764,670 Exercisable as at December 31, 2023 — ​ 19. Options granted by subsidiaries (continued) 2022 BEST CloudSoft Plan (continued) In 2022, the shareholders and Board of Directors of the Company approved the 2022 BEST CloudSoft Plan, which is administrated by the Board of Directors of the Company. BEST CloudSoft Inc. reserved 30,000,000 ordinary shares of BEST CloudSoft Inc. to its eligible employees, directors and officers BEST CloudSoft Inc. and consultants. The purpose of the 2022 BEST CloudSoft Plan is to attract and retain the services of employees, directors and consultants considered essential to the success of the Company. The options granted under the 2022 BEST CloudSoft Plan to purchase the ordinary share of BEST CloudSoft Inc. have a contractual term of 10 years and will become vested either (i) immediately upon grant; or (ii) with respect to 25% of the options on the first anniversary of the vesting period, and thereafter in thirty-six equal monthly installments of 2.09% each on the last day of every month that has elapsed following the first anniversary of the vesting period until the options are 100% vested. Under the 2022 BEST CloudSoft Plan, all share options granted are not exercisable until the completion of BEST CloudSoft Inc.’s IPO. The options granted to employees are accounted for as equity awards and measured at their grant date fair values. Given that the inability of the grantees to exercise these options until the completion of the IPO constitutes a performance condition that is not considered probable until the IPO completion date, no share-based compensation expenses was recognized for the year ended December 31 2023. Upon the IPO completion date, the Company will immediately recognize the deferred compensation expenses associated with options that are vested as the IPO completion date and recognize the remaining compensation expenses over the remaining service requisite period using the accelerated method. A summary of the employee equity award activity under the 2022 BEST CloudSoft Plan is stated below: ​ ​ ​ ​ ​ Number of ​ ​ options ​ ​ ​ Outstanding, December 31, 2022 12,850,000 Granted 4,595,000 Forfeited (267,870) Expired ​ (58,360) Outstanding, December 31, 2023 17,118,770 Vested and expected to vest as at December 31, 2023 17,118,770 Exercisable as at December 31, 2023 — ​

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2023
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	20. The Company has three classes of ordinary shares, Class A, Class B and Class C. The participating rights (liquidation and dividend rights) of the Class A, Class B and Class C ordinary shares are identical, except with respect to voting and conversion rights. Holders of Class A, Class B and Class C ordinary shares shall vote together as one class on all resolutions submitted to a vote by the shareholders (except with respect to the modification of the rights of any class of ordinary shares). Each share of Class A, Class B and Class C ordinary shares entitle the holder thereof to one vote per share, fifteen votes per share and thirty votes per share on all matters subject to vote at the Company’s general meetings, respectively, and each share of Class B and Class C ordinary share is convertible into one Class A ordinary share at any time at the option of the holder thereof. Each holder of Class B ordinary shares or Class C ordinary shares can exercise their conversion right by delivering a written notice to the Company that specifies the number of Class B or Class C ordinary shares they elect to convert into Class A ordinary shares. In no event shall Class A ordinary shares be convertible into Class B or Class C ordinary shares, Class B ordinary shares be convertible into Class C ordinary shares, nor shall Class C ordinary shares be convertible into Class B ordinary shares. In November 2019, the Board of Directors of the Company authorized a share repurchase program (“2019 Share Repurchase Program”), pursuant to which the Company is authorized to repurchase its own issued and outstanding ADSs up to an aggregate value of US$100,000 from the open market over a period of 18 months in accordance with applicable securities laws from time to time. During the year ended December 31, 2020, the Company repurchased an aggregate of 319,752.50 ADSs, representing 6,395,050 Class A ordinary shares under the 2019 Share Repurchase Program, at an average price of US$93.80 per ADS, for RMB211,352 (US$29,768). These repurchased shares are intended to be used for grants under the 2017 Plan. The remaining shares are recorded as Treasury shares during the years ended December 31, 2021, 2022 and 2023, the Company did not repurchase any ADSs under the 2019 Share Repurchase Program. During the years ended December 31, 2021, 2022 and 2023, 2,974,987, 3,420,063 and nil repurchased Class A ordinary shares are granted under 2017 Plan. As of December 31, 2022 and 2023, there were no repurchased shares outstanding under the 2019 Share Repurchase Program. On March 10, 2023, the Board of Directors of the Company authorized a share repurchase program, under which the Company could repurchase up to US$20,000 worth of its outstanding American Depositary Shares from the open market over a 12-month The ratio of the ADSs to Class A ordinary shares changed from one (1) ADS to one (1) Class A ordinary share, to one (1) ADS to five (5) Class A ordinary shares, effective at the start of trading on May 20, 2022. The ratio of ADSs to Class A ordinary shares changed from one (1) ADS to five (5) Class A ordinary shares, to one (1) ADS to twenty (20) Class A ordinary shares, effective at the start of trading on April 4, 2023. ​

CONVERTIBLE NON-CONTROLLING INT

CONVERTIBLE NON-CONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2023
CONVERTIBLE NON-CONTROLLING INTERESTS
CONVERTIBLE NON-CONTROLLING INTERESTS	21. CONVERTIBLE NON-CONTROLLING INTERESTS ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Balance at beginning of the year 191,865 191,865 27,024 Balance at end of the year 191,865 191,865 27,024 ​ On June 30, 2021, BEST Asia, a wholly-owned subsidiary of the Company, issued 150,000,000 convertible series A preferred shares (the “BEST Asia Series A Preferred Shares”) to Taobao China Holding Limited, a related party investor, at a price of US$0.20 per share for a total cash consideration of US$30,000 (equivalent to RMB193,803). The BEST Asia Series A Preferred Shares holder have the rights, at its option, to convert the outstanding principal amount of the BEST Asia Series A Preferred Shares to the ordinary shares of BEST Asia at any time with the initial conversion price of US$0.20 per share subject to certain anti-dilution adjustment. The BEST Asia Series A Preferred Shares are redeemable upon the occurrence of a deemed liquidation event, which is not solely within the control of the Company. Therefore, the BEST Asia Series A Preferred Shares are contingently redeemable and are classified as convertible non-controlling interests in mezzanine equity. As the underlying shares of BEST Asia are not publicly traded, the embedded conversion features do not qualify for bifurcation accounting and recognized as part of the convertible non-controlling interests. The Company initially recognized US$29,700 (equivalent to RMB191,865) of convertible non-controlling interests at issuance price, net of issuance costs of US$300 (equivalent to RMB1,938). Since the management determined that the conditional event is not probable to occur, no accretion is subsequently made to the redemption value.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	22 . a) Related Parties ​ Name of Related Parties Relationship with the Group Zhejiang Cainiao Supply Chain Management Co. Ltd (“Cainiao”) ​ Entity controlled by a principal shareholder of the Group ​ Alibaba Cloud Computing Co. Ltd (“Ali Cloud”) ​ Entity controlled by a principal shareholder of the Group ​ Alibaba.com Hong Kong Limited (“Alibaba HK”) ​ Entity controlled by a principal shareholder of the Group ​ Alibaba.com China Limited (“Alibaba China”) ​ Entity controlled by a principal shareholder of the Group ​ Alibaba (China) Network Technology Co., Ltd (“Alibaba Technology”) ​ Entity controlled by a principal shareholder of the Group ​ Lazada Express Limited (“Lazada”) ​ Entity controlled by a principal shareholder of the Group ​ Taobao China Holding Limited (“Taobao”) ​ Entity controlled by a principal shareholder of the Group ​ Zhejiang ALOG Supply Chain Management Co,Ltd (“ALOG”) ​ Entity controlled by a principal shareholder of the Group ​ ​ 22 . ​ b) The Group had the following related party transactions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Rendering of express delivery, freight delivery and supply chain management services: Cainiao 418,806 237,045 160,977 ​ 22,673 Lazada ​ 120,892 ​ 148,628 ​ 105,766 ​ 14,897 ALOG ​ — ​ 11,102 ​ 19,411 ​ 2,734 ​ ​ 539,698 ​ 396,775 ​ 286,154 ​ 40,304 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 ​ 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Commission fee paid to related party: Lazada — 2,526 — — ​ 22 . b) The Group had the following related party transactions: (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ RMB RMB RMB US$ Operating costs paid to related party: ​ ​ ​ ​ ​ ​ ​ ​ Ali Cloud 13,608 9,041 6,845 964 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ RMB RMB RMB US$ Proceeds of the disposal of machinery and electronic equipment assets received from related party: ALOG — 16,013 12,659 1,783 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ RMB RMB RMB US$ Repurchase of convertible senior notes held by related party (Note 15): Alibaba HK — 746,538 503,318 70,891 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ RMB RMB RMB US$ Interest expense of convertible senior notes accrued to related party (Note 15): Alibaba HK 62,887 62,192 35,015 4,932 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ RMB RMB RMB US$ Borrowings received from related party: Alibaba Technology 600,000 — — — ​ ​ 22 . b) The Group had the following related party transactions: (continued) ​ On August 19, 2021, BEST China signed a bridge loan agreement with Alibaba (China) Network Technology Co., Ltd. (“Alibaba Technology”) with a total principal amount of RMB600,000 with a term of one year and payable upon the completion of disposal of BEST Network. The effective interest rate per annum of the Bridge Loan is 0.36%. The Group repaid the borrowings on December 17, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ RMB RMB RMB US$ Borrowings repaid to related party: Alibaba Technology 600,000 — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ RMB RMB RMB US$ Interest expense of borrowings accrued to related party: Alibaba Technology 674 — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 ​ 2023 2023 ​ RMB RMB RMB US$ Cash proceeds from the disposal of an equity investment (Note 10): Cainiao 220,000 — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ RMB RMB RMB US$ Issuance of BEST Asia Series A Preferred Shares to a related party (Note 21): Taobao 193,803 — — — ​ 22 . ​ c) The Group had the following related party balances at the end of the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 ​ 2023 ​ ​ RMB ​ RMB ​ US$ Amounts due from related parties: ​ ​ ​ ​ ​ ​ Cainiao ​ 45,377 ​ 34,408 ​ 4,846 Ali Cloud ​ 370 ​ 534 ​ 75 Lazada ​ 24,895 ​ 20,382 ​ 2,871 ALOG ​ 5,726 ​ 5,070 ​ 714 ​ ​ 76,368 ​ 60,394 ​ 8,506 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Amounts due to related parties: ​ ​ ​ ​ ​ ​ Alibaba HK ​ 131 ​ 78 ​ 11 Ali Cloud ​ 446 ​ 1,041 ​ 147 Cainiao ​ 241 ​ — ​ — Lazada ​ 497 ​ — ​ — ​ ​ 1,315 ​ 1,119 ​ 158 ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ ​ 2022 ​ 2023 ​ 2023 ​ RMB RMB US$ Convertible senior notes held by a related party – current: Alibaba HK/China* ​ 522,744 ​ 106,240 ​ 14,964 Convertible senior notes held by a related party – non-current: ​ ​ ​ ​ ​ ​ Alibaba HK/China 522,744 424,962 59,855 * ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Convertible non-controlling interests held by related party: Taobao 191,865 191,865 27,024 ​

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2023
SEGMENT REPORTING
SEGMENT REPORTING	23 . Since January 1, 2021, the Company reported segments as five operating segments: (1) Express delivery services, (2) Freight delivery services (“Freight delivery”), (3) Supply chain management services (“Supply chain management”), (4) Global logistic services (“Global”), (5) Other services (“Others”). Since the Express business was disposed in December 2021 and are reflected in the consolidated financial statements as discontinued operations, it is not reflected in the segment disclosures. Since then, the Company reports its financial results in four operating segments: (1) Freight delivery, or the Freight segment, (2) Supply chain management, or the Supply Chain Management segment, (3) Global logistics, or the Global segment, (4) Others segment. Since January 1, 2022, due to the winding down of Ucargo, the Company reported Ucargo services together with Freight delivery services. Prior year’s comparative figure related to Ucargo services revenue of RMB2,809,081 under “Revenue – Others” for the year ended December 31, 2021 has been reclassified to “Revenue – Freight delivery” to conform to the current year’s presentation. The Company continues to report its financial results in four operating segments: (1) Freight delivery, or the Freight segment, (2) Supply chain management, or the Supply Chain Management segment, (3) Global logistics, or the Global segment, (4) Others segment. The chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer. The CODM uses multiple performance measures in evaluating the performance of the operating segments and allocating assets but determined that gross profit/loss is the measurement principle that is most consistent with those used in measuring the corresponding amounts in the Company’s consolidated financial statements in accordance with ASC 280-10-50-28. The Company’s reportable segments are strategic business units that offer different services. They are managed separately because each business requires different technology and market strategies. The changes in reportable segments align with the manner in which the Company’s CODM currently receives and uses financial information to allocate resource and evaluate the performance of reporting segments. The accounting policy of the segments are the same as those described in the summary of significant accounting policies in the consolidated financial statements. Inter-segment sales are accounted for as if the sales were to third parties, that is, at current market prices. The Company currently does not allocate assets to its operating segments, as the CODM does not use such information to allocate resources to or evaluate the performance of the operating segments. The Company retrospectively revised prior period segment information to conform to current period presentation. 23. SEGMENT REPORTING (CONTINUED) The table below provides a summary of the Company’s operating segment results for the years ended December 31, 2021, 2022 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Revenue: Freight delivery 8,353,703 ​ 4,890,823 ​ 5,412,204 ​ 762,293 Supply chain management ​ 1,820,239 ​ 1,852,153 ​ 1,857,429 ​ 261,613 Global 1,194,146 ​ 963,505 ​ 949,738 ​ 133,768 Others ​ 172,447 ​ 116,859 ​ 106,393 ​ 14,985 Inter-segment* (114,699) ​ (79,268) ​ (9,920) ​ (1,397) Consolidated revenue 11,425,836 ​ 7,744,072 ​ 8,315,844 ​ 1,171,262 Gross (loss) profit: ​ ​ ​ ​ Freight delivery ​ (262,303) ​ (226,659) ​ 197,429 ​ 27,807 Supply chain management 73,272 ​ 110,257 ​ 158,162 ​ 22,276 Global ​ (64,656) ​ (164,680) ​ (184,970) ​ (26,052) Others ​ 54,299 ​ 17,524 ​ 79,816 ​ 11,242 Inter-segment* — — — — Consolidated gross (loss) profit ​ (199,388) ​ (263,558) ​ 250,437 ​ 35,273 (*) The inter segment eliminations mainly consist of services provided by Freight delivery and Global segments to the Supply chain management services segment, for the years ended December 31, 2021, 2022 and 2023, respectively. ​ The Company’s operations are primarily based in China, where the Company derives a substantial portion of their revenues. The following table presents revenues generated in domestic and overseas markets for the years ended December 31, 2021, 2022 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ PRC 10,231,981 6,827,165 7,369,331 1,037,948 Non-PRC 1,193,855 916,907 946,513 133,314 ​ 11,425,836 7,744,072 8,315,844 1,171,262 ​ The following table presents the Group’s revenue from contracts with customers disaggregated by the revenue recognition time: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ 2023 ​ RMB RMB RMB US$ Revenue recognized at point of time 335,787 282,165 505,440 71,190 Revenue recognized over time 11,090,049 7,461,907 7,810,404 1,100,072 ​ 11,425,836 7,744,072 8,315,844 1,171,262 ​ ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2023
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	24. The following tables illustrate the fair value measurement hierarchy of the Company’s financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measurements as at December 31, 2022 using ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ prices in ​ Significant ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ active ​ observable ​ unobservable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ markets ​ inputs ​ inputs ​ ​ ​ ​ Fair value ​ ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) ​ Total ​ adjustment ​ Impairment ​ ​ RMB RMB ​ RMB RMB RMB US$ RMB US$ Recurring fair value measurement for: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets — 50,231 — ​ 50,231 7,283 50,231 ​ 7,283 ​ — ​ — Derivative liabilities — (18,644) — (18,644) (2,703) (3,726) ​ (540) ​ — ​ — Non-recurring fair value measurement for: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity investments without readily determinable fair value ​ — ​ — ​ 156,859 ​ 156,859 ​ 22,742 ​ — ​ — ​ (12,312) ​ (1,785) ​ ​ — ​ 31,587 ​ 156,859 ​ 188,446 ​ 27,322 ​ 46,505 ​ 6,743 ​ (12,312) ​ (1,785) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measurements as at December 31, 2023 using ​ ​ Quoted ​ Significant ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ prices in ​ observable ​ unobservable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ active markets ​ inputs ​ inputs ​ ​ ​ ​ Fair value ​ ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Total ​ adjustment ​ Impairment ​ RMB RMB RMB RMB RMB US$ RMB US$ Recurring fair value measurement for: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ — ​ 16,433 ​ — ​ 16,433 ​ 2,315 ​ 16,433 ​ 2,315 ​ — ​ — Derivative liabilities ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Non-recurring fair value measurement for: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, net ​ — ​ — ​ — ​ — ​ — ​ (94,699) ​ (13,338) ​ (94,699) ​ (13,338) Equity investments without readily determinable fair value ​ — ​ — ​ 156,859 ​ 156,859 ​ 22,093 ​ — ​ — ​ — ​ — ​ ​ — ​ 16,433 ​ 156,859 ​ 173,292 ​ 24,408 ​ (78,266) ​ (11,023) ​ (94,699) ​ (13,338) ​ ​ 24. For equity securities accounted for under the measurement alternative, when there are observable price changes in orderly transactions for identical or similar investments of the same issuer, the investments are re-measured to fair value (Note 10). The non-recurring fair value measurements to the carrying amount of an investment usually requires management to estimate a price adjustment for the different rights and obligations between a similar instrument of the same issuer with an observable price change in an orderly transaction and the investment held by the Company. These non-recurring fair value measurements were measured as of the observable transaction dates. The valuation methodologies involved require management to use the observable transaction price at the transaction date and other unobservable inputs (level 3) such as expected volatility and probability of exit events as it relates to liquidation and redemption preferences. When there is impairment of equity securities accounted for under the measurement alternative and equity method investments, the non-recurring fair value measurements are measured at the date of impairment. Estimating the fair value of investees without observable market prices is highly judgmental due to the subjectivity of the unobservable inputs (level 3) used in the valuation methodologies used to determine fair value, especially considering the increased market volatility in the global financial markets after the COVID-19 outbreak. The Group recognized unrealized gain of RMB58,643, nil and nil for measuring equity investments at fair value resulting from the observable price changes occurring in the years ended December 31, 2021, 2022 and 2023, respectively. The Group recognized impairment of RMB5,000, RMB12,312 and nil for equity investments at fair value in the years ended December 31, 2021, 2022 and 2023, respectively. Derivative assets and liabilities represent the Group’s freestanding forward exchange rate contracts with banks to reduce volatility in the Company’s economic value caused by foreign currency fluctuations. The freestanding forward exchange rate contracts did not qualify for hedge accounting. The derivative assets and derivative liabilities are recorded in the consolidated statements balance sheets measured at fair value. Below is the details: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Prepayments and other current assets 49,077 10,917 1,538 Other non-current assets 1,154 5,516 777 Total derivative assets 50,231 16,433 2,315 Accrued expenses and other liabilities 5,452 — — Other non-current liabilities 13,192 — — Total derivative liabilities 18,644 — — ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	25. Capital expenditure commitments The Group has commitments for the construction of warehouses and equipment of RMB36,347 (US$5,119) at December 31 2023, which are scheduled to be paid within one year. Contingencies From time to time, the Group is subject to legal proceedings, investigations, and claims incidental to the conduct of its business. The Group is currently not involved in any legal or administrative proceedings that may have a material adverse impact on the Group’s business, financial position or results of operations.

EMPLOYEE DEFINED CONTRIBUTION P

EMPLOYEE DEFINED CONTRIBUTION PLAN	12 Months Ended
	Dec. 31, 2023
EMPLOYEE DEFINED CONTRIBUTION PLAN
EMPLOYEE DEFINED CONTRIBUTION PLAN	26. Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the Group’s PRC subsidiaries, VIEs and its subsidiaries make contributions to the government for these benefits based on certain percentages of the employees’ salaries. The Group has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefits, which were expensed as incurred, were RMB181,689, RMB155,642 and RMB121,630 (US$17,131) for the years ended December 31, 2021, 2022 and 2023, respectively.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	12 Months Ended
	Dec. 31, 2023
ACCUMULATED OTHER COMPREHENSIVE INCOME.
ACCUMULATED OTHER COMPREHENSIVE INCOME	27. ​ ​ ​ ​ ​ ​ RMB Balance as of January 1, 2021 151,677 Foreign currency translation adjustments, net of tax of nil ​ (44,298) Balance as of December 31, 2021 107,379 Foreign currency translation adjustments, net of tax of nil 17,085 Balance as of December 31, 2022 124,464 Foreign currency translation adjustments, net of tax of nil (5,295) Balance as of December 31, 2023 119,169 Balance as of December 31, 2023 (US$) ​ 16,785 ​ There have been no reclassifications out of accumulated other comprehensive income to net loss for all the periods presented.

CONDENSED FINANCIAL INFORMATION

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY	12 Months Ended
	Dec. 31, 2023
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY	28. Condensed Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ Notes 2022 2023 2023 ​ ​ ​ ​ RMB ​ RMB ​ US$ Current assets: Cash 6,703 2,142 ​ 302 Prepayments and other current assets ​ ​ ​ 3,420 ​ 3,186 ​ 449 Total current assets ​ ​ ​ 10,123 ​ 5,328 ​ 751 Non-current assets: ​ ​ ​ ​ Other non-current assets ​ ​ ​ 719 ​ — ​ — Investments in subsidiaries and VIEs and subsidiaries of VIEs 2,135,384 750,869 ​ 105,756 Total non-current assets: ​ ​ ​ 2,136,103 ​ 750,869 ​ 105,756 Total assets 2,146,226 756,197 ​ 106,507 Current liabilities: ​ ​ ​ ​ Accrued liabilities and other payables — 1,333 ​ 186 Convertible senior notes held by a related party-current ​ 15, 22 ​ 522,744 ​ 106,240 ​ 14,964 Convertible senior notes held by third parties-current ​ 15 ​ 77 ​ 78 ​ 11 Total current liabilities ​ ​ ​ 522,821 ​ 107,651 ​ 15,161 Non-current liabilities: ​ ​ ​ ​ Long-term payable due to subsidiaries 403,652 321,736 ​ 45,316 Convertible senior notes held by a related party 522,744 424,962 ​ 59,855 Total non-current liabilities ​ ​ ​ 926,396 ​ 746,698 ​ 105,171 Total liabilities ​ ​ ​ 1,449,217 ​ 854,349 ​ 120,332 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ Notes 2022 2023 2023 ​ ​ RMB RMB US$ Shareholders’ equity Class A ordinary shares (par value of US $0.01 per share as of December 31, 2022 and 2023; 1,858,134,053 shares authorized as of December 31, 2022 and 2023; 255,648,452 an 261,648,452 shares issued and outstanding as of December 31, 2022 and 2023, respectively) 20 16,532 16,532 2,328 Class B ordinary shares (par value of US$0.01 per share as of December 31, 2022 and 2023; 94,075,249 shares authorized, issued and outstanding as of December 31, 2022 and 2023, respectively) 20 6,178 6,178 870 Class C ordinary shares (par value of US $0.01 per share as of December 31, 2022 and 2023; 47,790,698 shares authorized, issued and outstanding as of December 31, 2022 and 2023, respectively) 20 3,278 3,278 462 Treasury shares 20 — (23,853) (3,360) Additional paid in capital 19,481,417 19,529,806 2,750,715 Accumulated deficit (18,934,860) (19,749,262) (2,781,625) Accumulated other comprehensive income 124,464 119,169 16,785 Total shareholders’ equity (deficit) 697,009 (98,152) (13,825) Total liabilities and shareholders’ equity (deficit) 2,146,226 756,197 106,507 ​ ​ 28. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (CONTINUED) Condensed Statements of Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Operating expenses General and administrative expenses (44,897) (40,747) (52,260) ​ (7,364) Operating loss (44,897) (40,747) (52,260) ​ (7,364) Share of losses of subsidiaries and VIEs and subsidiaries of VIEs (2,826,751) (1,371,524) (727,236) ​ (102,428) Gain on disposal ​ 3,213,599 ​ — ​ — ​ — Other income, net ​ — ​ 17,329 ​ — ​ — Interest expense (80,044) (68,369) (34,906) ​ (4,916) Net income (loss) attributable to ordinary shareholders ​ 261,907 (1,463,311) (814,402) ​ (114,708) Other comprehensive (loss) income, net of tax of nil ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustments ​ (44,298) ​ 17,085 ​ (5,295) ​ (746) Comprehensive income (loss) 217,609 (1,446,226) (819,697) ​ (115,454) ​ Condensed Statements of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Net cash used in operating activities (111,208) (119,115) (95,847) ​ (13,500) Net cash generated from investing activities 82,099 1,492,777 618,412 ​ 87,102 Net cash generated from (used in) financing activities 2,604 (1,373,764) (527,126) ​ (74,244) Net decrease in cash and cash equivalents (26,505) (102) (4,561) ​ (642) Cash and cash equivalents at beginning of the year 33,310 6,805 6,703 ​ 944 Cash and cash equivalents at end of the year 6,805 6,703 2,142 ​ 302 ​ Basis of presentation For the presentation of the parent company only condensed financial information, the Company records its investments in subsidiaries and VIEs and subsidiaries of VIEs under the equity method of accounting as prescribed in ASC 323. Such investments are presented on the condensed balance sheets as “Investments in subsidiaries and VIEs and subsidiaries of VIEs” and the subsidiaries’ and VIEs’ and subsidiaries of VIEs’ losses as “Share of losses of subsidiaries and VIEs and subsidiaries of VIEs” on the condensed statements of comprehensive income (loss). The subsidiaries did not pay any dividends to the Company for the periods presented. The Company does not have significant commitments or long-term obligations as of the period end other than those presented. The parent company only financial statements should be read in conjunction with the Company’s consolidated financial statements.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
SUBSEQUENT EVENTS.
SUBSEQUENT EVENTS	29. SUBSEQUENT EVENTS ​ On April 22, 2024, the Company and Alibaba China entered into an agreement to amend the Early Redemption Rights of the 2025 Convertible Notes, pursuant to which Alibaba China will require the Company to repurchase the 2025 Convertible Notes with aggregated principal of US$ 15,000 (RMB 106,240 equivalent) and accrued interests before August 30, 2024 and to repurchase the remaining portion, or US$60,000 (RMB 424,962 equivalent) with accrued interest on May 10, 2025. Accordingly, the Company classified the extended portion of the 2025 Convertible Notes as non-current liabilities as of December 31, 2023. Besides, the Group and Alibaba China also agreed that the Company and BEST China cannot transfer or sell certain key businesses and core assets without written consent from Alibaba China.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation	Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”).
Principles of Consolidation	Principles of Consolidation The consolidated financial statements of the Group include the financial statements of the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries for which the Company is the primary beneficiary. All significant intercompany balances and transactions between the Company, its subsidiaries and VIEs have been eliminated on consolidation.
Going Concern	Going Concern The intense market competition continues to have an adverse impact on the Group’s business operations and liquidity. The Company incurred net losses from continuing operations of RMB908,606 (US$127,976) and generated negative cash flows from continuing operating activities of RMB545,092 (US$76,777) during the year ended December 31, 2023, and had an accumulated deficit of RMB19,749,262 (US$2,781,625) and a working capital deficiency of RMB1,762,001 (US$248,173) as of December 31, 2023. As of December 31, 2023, the balance of the Group’s total cash and cash equivalents, current restricted cash and short-term investments was RMB1,470,182 (US$207,071). There is substantial doubt regarding the Group’s ability to continue as a going concern. Management has implemented cost saving plans to reduce discretionary operational expenses and secure additional financing including, but not limited to, obtaining additional credit facilities from banks in the normal course of business and re-financing certain existing notes payables. In the first quarter of 2024, the Group successfully obtained new financing of RMB220,000 (US$30,986) short-term bank loans on credit maturing in one year, which allows the Group to enhance liquidity. Although the Group has achieved encouraging results from its plans to reduce its costs and expenditures during 2023 and in the first quarter of 2024 for certain business segments, the Group may be required to significantly reduce or scale back its operations if the Group is unsuccessful in its efforts or is unable to raise additional financing in the near term. There are uncertainties as to whether, and there can be no assurance that the aforesaid plans can be successfully executed. Accordingly, the substantial doubt of the Company’s ability to continue as a going concern has not been alleviated for the next twelve months from the date of issuance of these consolidated financial statements. The accompanying consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classifications of liabilities that may be necessary should the Group be unable to continue as a going concern.
Use of estimates	Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in the Group’s financial statements include, but are not limited to, allowance for credit losses, the estimated fair value less costs to sell for assets and liabilities of a business or asset group held-for-sale, cashflow projections used by the Company in its going concern assessment, fair value measurements of equity instruments without readily determinable fair values, incremental borrowing rates for operating lease liabilities, standalone selling prices related to lease and non-lease components in the Company’s lease arrangements, useful lives of long-lived assets, impairment assessment of long-lived assets and goodwill, realization of deferred tax assets, uncertain tax positions, share-based compensation, fair value of financial instruments and contingent liabilities. Management bases the estimates on historical experience and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could materially differ from those estimates.
Discontinued operations	Discontinued operations Classification and Measurement The Company reports the operating results and cash flows related to the disposal group as discontinued operations for all periods presented in the consolidated statements of comprehensive income (loss) and consolidated statements of cash flows, respectively. The Company recognized the difference of sale price and carrying value allocated to the discontinued operation as disposal gain or loss in net (loss) income from discontinued operations, net of tax in the consolidated statements of comprehensive income (loss). Allocation of Interest Expense to Discontinued Operations
Convenience translation	Convenience translation Amounts in U.S. dollars are presented for the convenience of the reader and are translated at the noon buying rate of RMB 7.0999 per US$1.00 on December 29, 2023 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.
Foreign currency	Foreign currency The functional currency of the Company’s subsidiaries located outside the PRC is determined based on the criteria of ASC Topic 830, Foreign Currency Matters Each entity in the Company maintains its financial records in its own functional currency. Transactions denominated in foreign currencies are measured at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are remeasured at the exchange rates prevailing at the balance sheet date. Nonmonetary items that are measured in terms of historical cost in foreign currency are remeasured using the exchange rates at the dates of the initial transactions. Exchange gains and losses are included in the consolidated statements of comprehensive income (loss). The Company uses the average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. Translation differences are recorded in accumulated other comprehensive income, a component of shareholders’ equity.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents consist of cash on hand and demand deposits or other highly liquid investments placed with banks or other financial institutions which are unrestricted as to withdrawal and use and have original maturities of less than three months.
Restricted cash	Restricted cash The Company’s restricted cash mainly represents (a) deposits held in designated bank accounts for issuance of notes payable, short-term loans and long-term loans; (b) deposits held in designated bank accounts for the issuance of Trust Plan; and (c) security deposits required by the Company’s operating leases for sortation centers and warehouses. As of December 31, 2022 and 2023, the restricted cash related to the deposits held in designated bank accounts as pledged security of notes payable was RMB775,692 and RMB801,800 (US$112,931), respectively. As of December 31, 2022 and 2023, the restricted cash related to the deposits held in designated bank accounts for the issuance of Trust Plan was RMB16,650 and nil, respectively. As of December 31, 2022 and 2023, restricted cash related to the security deposit required by the Company’s operating leases for sortation centers and warehouses was RMB144,613 and RMB92,122 (US$12,975), respectively.
Short-term investments	Short-term investments The Company’s short-term investments comprise primarily of cash deposits at fixed or floating rates based on daily bank deposit rates with maturities ranging from three months to one year.
Accounts and notes receivable, and allowance for credit losses	Accounts and notes receivable, and allowance for credit losses Accounts and notes receivables are recognized and carried at the original invoiced or note amount less an allowance of credit losses. The Company maintains an allowance for credit losses in accordance with ASC 326, Credit Losses
Property and equipment, net	Property and equipment, net Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: ​ ​ ​ ​ Category Estimated Useful Life Machinery and electronic equipment ​ 3 Motor vehicles ​ 3 years Leasehold improvements ​ Lesser of useful life or lease term ​ Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive income (loss). Direct costs that are related to the construction of property and equipment, and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property and equipment, and the depreciation of these assets commences when the assets are ready for their intended use.
Business Combinations	Business Combinations The Company accounts for its business combinations using the purchase method of accounting in accordance with ASC 805, Business Combinations The determination and allocation of fair values to the identifiable assets acquired, liabilities assumed and non-controlling interests is based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Company determines the discount rates to be used based on the risk inherent in the related entity’s current business model and industry comparisons.
Goodwill	Goodwill The Company assesses goodwill for impairment in accordance with ASC 350-20, Intangibles—Goodwill and Other: Goodwill As of December 31, 2022 and 2023, goodwill was allocated to two reporting units including Freight delivery reporting unit and Global reporting unit (Note 12). The Company has the option to assess qualitative factors first to determine whether it is necessary to perform the quantitative test in accordance with ASC 350-20. In the qualitative assessment, the Company considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. If the Company believes, as a result of the qualitative assessment, that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. The quantitative impairment test compares the fair value of the reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess.
Intangible assets	Intangible assets Intangible assets with finite lives are carried at cost less accumulated amortization. All intangible assets with finite lives are amortized using the straight-line method over the estimated useful lives. Intangible assets have weighted average estimated useful lives from the date of purchase/capitalization as follows: ​ ​ ​ ​ Category Estimated Useful Life Customer relationships 3.89 years Software 4.09 years ​ The Company capitalizes salaries and benefits of research and development personnel and other expenses that are directly attributable to the development of new technology system for internal use pursuant to ASC350-40 , Intangibles—Goodwill and Other—Internal use software three
Impairment of long-lived assets	Impairment of long-lived assets The Group’s long-lived assets include fixed assets, intangible assets with finite lives and operating lease right-of-use assets. whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset may not be fully recoverable. The Group evaluates the recoverability of its long-lived assets individually or as a group at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of the other assets and liabilities. Whenever events or changes in circumstances indicate an asset (or group of assets) may not be recoverable, the carrying amount is compared to the sum of future undiscounted net cash flows expected to result from the use of the asset (or group of assets) and its eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the asset (or group of assets), the carrying amount of the asset (or the long-lived assets in the asset group on a pro rata basis using the relative carrying amounts) is reduced to the extent not lower than the fair value of the asset. The adjusted carrying amounts after an impairment charge represent the new cost basis and is depreciated over their remaining useful lives. Fair value of the asset (or group of assets) is determined by the Group based on the income approach using the discounted cash flow associated with the underlying asset(s), which incorporated certain assumptions including revenue growth rates, operating margin and operating expenses based on current economic condition, expectation of management and projected trends of current operating results. Considerable management judgement is used to estimate future cashflows, such as revenues expected to be generated from the usage of the assets and estimates of the price market participants would pay to lease the operating lease right-use assets. Actual results may vary significantly from the estimates as they are forward-looking and include assumptions about economic and market conditions with uncertain future outcomes. No impairment was recorded for the years ended December 31, 2021 and 2022. During the year ended December 31, 2023, due to the continued underperformances relative to the projected operating results of certain asset group in Global segment, the Group recorded an impairment loss of RMB94,699 (US$13,338) (Note 24).
Transfer of financial assets	Transfer of financial assets The Company accounts for transfers of financial assets in accordance with ASC 860, Transfers and Servicing Pursuant to ASC 860, the issuance of debt securities securitized by the Company’s lease rental and other financing receivables arising from its financing lease business (Note 15) and the factoring of intercompany note receivables to domestic banks (Note 13) do not constitute a sale of the underlying financial assets for accounting purposes due to the recourse obligations retained by the Company. Therefore, these transactions are accounted for as borrowings on the consolidated balance sheets and the financial assets are not derecognized.
Fair value measurements of financial instruments	Fair value measurements of financial instruments The Company applies ASC 820, Fair Value Measurements and Disclosures ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Includes other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs which are supported by little or no market activity. ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Financial instruments include cash and cash equivalents, restricted cash, accounts and notes receivables, certain other current assets, short-term investments, amounts due from related parties, long-term investments, certain other non-current assets, accounts and notes payable, short-term bank loans, derivative liabilities, long-term bank loans, long-term borrowings, convertible senior notes and amounts due to related parties, certain other current liabilities and certain other non-current liabilities. The carrying values of the financial instruments included in current assets and liabilities excluding derivative liabilities approximate their fair values due to their short-term maturities. The carrying amount of other non-current financial assets, long-term bank loans, convertible senior notes and other non-current financial liabilities approximates its fair value as the related interest rates approximate market rates for similar debt instruments of comparable maturities. The fair value of the Company’s derivatives assets and derivatives liabilities is determined utilizing market observable forward exchange rates (Note 25).
Non-controlling interests	Non-controlling interests Non-controlling interests are recognized to reflect the portion of the equity of majority-owned subsidiaries and VIEs which is not attributable, directly or indirectly, to the controlling shareholder. Non-controlling interests are presented as a separate component of equity in the consolidated balance sheets. Consolidated net loss on the consolidated statements of comprehensive income (loss) includes the net loss attributable to non-controlling interests. The cumulative results of operations attributable to non-controlling interests are recorded as non-controlling interests in the consolidated balance sheets.
Convertible Non-controlling Interests	Convertible Non-controlling Interests Convertible non-controlling interests are recognized to reflect the portion of the equity of majority-owned subsidiaries and VIEs which is not attributable, directly or indirectly, to the controlling shareholder. Convertible non-controlling interests represent redeemable equity interests issued by the Company’s subsidiary to certain investors (Note 21) and have been classified as mezzanine equity in the consolidated balance sheets as these redeemable interests are contingently redeemable upon the occurrence of certain conditional event, which is not solely within the control of the Company. Convertible non-controlling interests are initially measured at fair value at issuance date and recorded at issuance price, net of issuance cost. Net income (loss) of the subsidiary attributable to the convertible non-controlling interests was subsequently recorded pursuant to ASC 810, Consolidation Distinguish Liabilities from Equity
Revenue recognition	Revenue recognition Revenue is recognized when control of promised goods or services is transferred to the Company’s customers in an amount of consideration to which an entity expects to be entitled to in exchange for those goods or services. The Group presents value-added taxes as a reduction from revenues. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed. The Company’s revenue recognition policies are as follows: Freight delivery services The Company provides freight services that comprise of sorting, line-haul and feeder transportation services mainly to its franchisees, which are also the Company’s customers. The Company offers an integrated service to franchisee service stations that includes last-mile delivery service to end recipients and acts as the principal that is directly responsible for all shipments sent through its network, from the point when customers drop off the shipments at the Company’s first hub or sortation center all the way through to the point when the shipments are delivered to end recipients. Freight delivery services (continued) Customers are required to prepay for freight delivery services and the Company records such amounts as “Customer advances and deposits and deferred revenue” in the consolidated balance sheets. The transaction price the Company earns from its customers are based on the shipment’s weight and route to the end recipient’s destination. In addition, the Company provides certain discounts, incentives and rebates based on explicitly agreed upon terms with its customers that can decrease the transaction price and estimates variable consideration based on the most likely amount to be provided. The amount of variable consideration included in the transaction price is limited to the amount that will not result in a significant revenue reversal. The Company reviews the estimate of variable consideration and updates the transaction price at the end of each reporting period as necessary. Uncertainties related to the estimates of variable consideration are resolved in a short time frame. Adjustments to variable consideration are recognized in the period the adjustments are identified and were insignificant for the periods presented. The Company’s freight delivery services contracts with customers include only one performance obligation. Performance obligations are generally short-term in nature with transit days being a week or less for each shipment. The Company recognizes revenue over time as customers receive the benefit of the Company’s services as the goods are shipped from one location to another. As such, freight delivery services revenue is recognized proportionally as a shipment moves from origin to destination and the related costs are recognized as incurred. The Company uses an output method of progress based on time-in-transit as it best depicts the transfer of control to the customer. Freight delivery services revenue also includes initial non-refundable franchise fees. The initial non-refundable franchise fees are recognized over the franchise period due to the franchisees’ rights to access the Company’s logos and brand names which are considered symbolic intellectual properties. The initial non-refundable franchise fees are negotiated under a separate agreement and represent a very small percentage of revenue for all periods presented. UCargo service The Company services as a truckload capacity brokerage platform to provide truckload capacity sourcing solutions via real-time bidding to transportation service providers and customers. The Company is the principal to the transaction for these services and revenue from these transactions is recognized on a gross basis. Revenue is recognized proportionally as a shipment moves from origin to destination using an output method of progress based on time-in-transit while the related costs are recognized as incurred. Since January 1, 2022, due to the winding down of UCargo, the Company reported UCargo services together with Freight delivery services. Prior year’s comparative figure related to UCargo services revenue of RMB2,809,081 under “Revenue -Others” for the year ended December 31, 2021, has been reclassified to “Revenue - Freight delivery” to conform to the current year’s presentation. Supply chain management services The Company provide warehouse management, order fulfillment services and transportation services to its offline and online enterprise customers (“enterprise customers”). The Company enters into supply chain warehouse management service agreements with these customers to provide warehouse management and order fulfillment services through its self-operated order fulfillment centers and also enters into transportation services agreements to provide transportation services. The majority of these contracts having an effective term of one year. Order fulfillment services revenue is generated from various service fees charged on a volume basis in connection with various order fulfillment services, which may include in-warehouse processing, order fulfillment, express delivery, freight delivery and other value-added services. Pursuant to the warehouse management service agreements and transportation services agreements, enterprise customers have the right to terminate the contracts by providing a one-month advance notice. Therefore, even though the contract term for the majority of the contracts is one year, due to the termination rights provided to enterprise customers, warehouse management service agreements and transportation services agreements are considered month-to-month service contracts. Enterprise customers are billed on a monthly basis and make payments according to their granted credit terms which ranges from 5 to 240 days. Supply chain management services (continued) Under some situations, enterprise customers may request to add a transportation route or increase the warehouse rental space by entering into a separate contract with the Company. The additional services are considered distinct and the service fees are priced at their standalone selling prices, i.e. they cannot be purchased at a significant or incremental discount. Therefore, the Company accounts for this type of contract modification as a separate contract and the revenue recognized to date on the original contract is not adjusted. The warehouse management service agreements comprise various service offerings that can be purchased at the option of the customer. Although the service options are interrelated, none of the services modify the other services and they are not integrated to provide a combined output. Each of the service options is substantive and the enterprise customers cannot purchase each additional service at a significant and incremental discount. Therefore, each service is accounted for as a separate performance obligation. The Company is the primary obligor and does not outsource any portion of the order fulfillment services to supply chain franchisee partners. The Company recognizes warehouse management and order fulfillment services revenue upon completion of the services as that is when the Company transfers control of the services and has right to payment. For transportation services, the Company provides the service of arranging transportation and coordinating shipments to and from locations designated by its enterprise customers. Each transportation order for delivery of goods from origin to destination is considered a performance obligation. Performance obligations are generally short-term in nature with transit days being a week or less for each shipment. The Company recognizes transportation services revenue over time as customers receive the benefit of the services as the goods are shipped from origin to destination. As such, transportation services revenue is recognized proportionally as a shipment moves from origin to destination and the related costs are recognized as incurred. The Company use an output method of progress based on time-in-transit as it best depicts the transfer of control to the customer. A small percentage of revenue is also earned from supply chain franchisee partners that can access the Company’s supply chain network. These franchisee partners pay an initial non-refundable fee for a comprehensive operating manual and orientation training, as well as an agreed system usage fee for each order processed through the Company’s supply chain network. The initial non-refundable fees and system usage fees were insignificant for all periods presented. Global logistics services The Company primarily provides international logistic services in multiple countries and regions across North America, Europe and Asia, such as cross-border logistic coordination services and express delivery services. Revenue is recognized proportionally as a shipment moves from origin to destination using an output method of progress based on time-in-transit while the related costs are recognized as incurred. Other services Other services mainly represent SaaS software service and Capital service the Company provided to customers. SaaS software service The Company serves as a proprietary technology platform to provide solution services to the ecosystem participants. The Company is the principal to the transaction for these services and revenue from these transactions is recognized on a gross basis. Revenue is recognized ratably over the contract period and is initially recorded as “Customer advances and deposits and deferred revenue”. For the years ended December 31, 2021, 2022 and 2023, the revenue recognized from SaaS software service was RMB34,639, RMB41,286, and RMB58,823 (US$8,285), respectively. Capital service Contract assets and liabilities The Company enters into contracts with its customers, which may give rise to contract liabilities (deferred revenue) and contract assets (unbilled revenue). The payment terms and conditions within the Company’s contracts vary by the type of service and customers. When the timing of revenue recognition differs from the timing of payments made by customers, the Company recognizes either unbilled revenue (its performance precedes the billing date) or deferred revenue (customer payment is received in advance of performance). Contract assets represent unbilled amounts resulting from provision of transportation services as the Company has an unconditional right to payment only once all delivered goods reach their destination. Contract assets are classified as current and the full balance is reclassified to accounts receivables when the right to payment becomes unconditional. The balance of contract assets was insignificant as of December 31, 2022 and 2023. Contract liabilities are included in “Customer advances and deposits and deferred revenue” in the consolidated balance sheets. Contract liabilities represent the amount of consideration received upfront from customers related to in-transit shipments that has not yet been recognized as revenue based on our selected measure of progress and non-refundable franchise fees which are recognized over the franchise period. The Company classifies contract liabilities as current based on the timing of when the Company expects to recognize revenue, which typically occurs within a week after period-end. The balances of contract liabilities arising from contracts with customers as of December 31, 2022 and 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at Balance at Balance at ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ 2022 ​ 2023 ​ 2023 ​ ​ RMB ​ RMB ​ US$ ​ ​ ​ ​ ​ ​ ​ Contract liabilities 90,505 103,863 14,629 ​ Revenue recognized in the years ended December 31, 2021, 2022 and 2023 that was included in the contract liabilities balance at the beginning of the period was RMB81,951, RMB80,003 and RMB70,082 (US$9,871), respectively. This revenue was driven primarily by freight delivery performance obligations being satisfied. For contract costs associated with obtaining a contract such as commissions incurred with obtaining a contract, the Company capitalizes the incremental contract costs and amortizes the capitalized contract costs using a straight-line basis over the term of the contract. The capitalized contract costs as of December 31, 2022 and 2023 and the related amortization for the years ended December 31, 2021, 2022 and 2023 was insignificant.
Cost of revenue	Cost of revenue Cost of revenue consists primarily of transportation costs including cost of freight delivery accessories, operating costs for the delivery platforms, hubs and sortation centers, operating costs for the supply chain management network, last-mile delivery service fees, salaries and benefits of related personnel, depreciation, rental costs, and other related operating costs.
Selling expenses	Selling expenses Advertising costs are expensed when incurred and are included in selling expenses in the consolidated statements of comprehensive income (loss). For the years ended December 31, 2021, 2022 and 2023, advertising expenses were RMB16,871, RMB8,775 and RMB6,504 (USD$916), respectively.
Government subsidies	Government subsidies Government subsidies primarily consist of financial subsidies received from local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. There are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. For the government subsidies with no further conditions to be met, the amounts are recorded as “Other operating income” if the subsidies are of operating nature, or as non-operating income in “Other income” if the subsidies are of non-operating nature, or as a reduction of specific cost or expenses if such subsidies are intended to compensate such amounts. The government subsidies with certain operating conditions are recorded as liabilities when received and will be recorded as “Other operating income” or “Other income” or as a reduction of specific cost or expenses when the conditions are met. The Company adopted Accounting Standards Update (“ASU”) No. 2021-10, Government Assistance (Topic 832): Disclosure by Business Entities about Government Assistance (ASU 2021-10)
Leases	Leases The Company determines whether an arrangement is or contains a lease at inception. Sales-type, direct financing and operating leases as Lessor The Company classifies a lease as a sales-type lease when the lease meets any one of the following criteria at lease commencement: a. The lease transfers ownership of the underlying asset to the lessee by the end of the lease term. b. The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise. c. The lease term is for a major part of the remaining economic life of the underlying asset. d. The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset. e. The underlying asset is of such a specialized nature that it is expected to have no alternative use to the Company at the end of the lease term. For sales-type leases, when collectability is probable at lease commencement, the Company derecognizes the underlying asset and recognizes the net investment in the lease which is the sum of the lease receivable. Initial direct costs are expensed, at the commencement date, if the fair value of the underlying asset is different from its carrying amount. Interest income is recognized in financing income over the lease term using the interest method. When none of the criteria above are met, the Company classifies a lease as either a direct financing lease or an operating lease. The Company will classify the lease as a direct financing lease if (i) the present value of the sum of lease payments and any residual value guaranteed by the lessee and any other third party unrelated to the Company equals or exceeds substantially all the fair value of the underlying asset; and (ii) it is probable that the Company will collect the lease payments plus any amount necessary to satisfy a residual value guarantee. If both of the criteria above are not met, the Company will classify the lease as an operating lease. The standard requires lessors within the scope of ASC 942, Financial Services – Depository and Lending Sale-leaseback transactions as Lessor When the Company enters into sale-leaseback transactions as lessor, it assesses whether a contract exists and whether the seller-lessee satisfies a performance obligation by transferring control of an asset when determining whether the transfer of an asset shall be accounted for as a sale of the asset. If the seller-lessee transfers the control of the leased asset to the Company, it accounts for the purchase of the leased asset in accordance with ASC360. The subsequent leaseback of the asset is accounted for in accordance with ASC842 in the same manner as any other lease. If the seller-lessee does not transfer the control of the leased asset to the Company, it is a failed sales-leaseback transaction which is accounted for as a financing. The Company does not recognize the transferred asset and records the amounts paid as other financing receivables for which the current portion is included in “Prepayments and other current assets” and the non-current portion is included in “Other non-current assets” in the consolidated balance sheets.
Financing lease and operating lease as Lessee	Financing lease and operating lease as Lessee The Company classifies a lease as a financing lease when the lease meets any one of the criteria specified as (a) to (e) in the “Sales-type, direct financing and operating leases as Lessor” policy at lease commencement. When none of the criteria are met, the Company classifies a lease as an operating lease. For both operating and financing leases, the Company records a lease liability and corresponding right-of-use (ROU) asset at lease commencement. Lease terms are based on the non-cancellable term of the lease and may contain options to extend the lease when it is reasonably certain that the Company will exercise the option. Lease liabilities represent the present value of the lease payments not yet paid, discounted using the discount rate for the lease at lease commencement. The Company estimates its incremental borrowing rate for its leases at the commencement date to determine the present value of future lease payments when the implicit rate is not readily determinable in the lease. In estimating its incremental borrowing rate, the Company considers its credit rating and publicly available data of borrowing rates for loans of similar amount, currency and term as the lease. Operating leases are presented as “Operating lease ROU assets” and “Operating lease liabilities”. Lease liabilities that become due within one year of the balance sheet date are classified as current liabilities. At lease commencement, operating lease ROU assets represent the right to use underlying assets for their respective lease terms and are recognized at amounts equal to the lease liabilities adjusted for any lease payments made prior to the lease commencement date, less any lease incentives received and any initial direct costs incurred by the Company. After lease commencement, operating lease liabilities are measured at the present value of the remaining lease payments using the discount rate determined at lease commencement. Operating lease ROU assets are measured at the amount of the lease liabilities and further adjusted for prepaid or accrued lease payments, the remaining balance of any lease incentives received, unamortized initial direct costs and impairment of the ROU assets, if any. Operating lease expense is recognized as a single cost on a straight-line basis over the lease term. Financing lease are included in “Property and equipment” and “Financing lease liabilities” on the consolidated balance sheets. Lease liabilities that become due within one year of the balance sheet date are classified as current liabilities. Financing lease ROU assets are amortized on a straight-line basis from the lease commencement date. After initial measurement, the carrying value of financing lease liabilities are increased to reflect interest at a constant rate and reduced to reflect any lease payments made during the period. Leases that have a term of 12 months or less at the commencement date (“short-term leases”) are not included in operating lease ROU assets and operating lease liabilities. Lease expense for the short-term leases are recognized on a straight-line basis over the lease term. Sale-leaseback transactions as Lessee When the Company enters into sale-leaseback transactions as a seller-lessee, it applies the requirements in ASC 606 by assessing whether a contract exists and whether it satisfies a performance obligation by transferring control of an asset when determining whether the transfer of an asset shall be accounted for as a sale of the asset. If the Company transfers the control of an asset to the buyer-lessor, it accounts for the transfer of the asset as a sale and recognizes a corresponding gain or loss on disposal. The subsequent leaseback of the asset is accounted for in accordance with ASC842 in the same manner as any other lease. If the Company does not transfer the control of an asset to the buyer-lessor, the failed sale-leaseback transaction is accounted for as a financing. The Company does not derecognize the transferred asset and accounts for proceeds received as borrowings for which the current portion is included in “Accrued expenses and other liabilities” and the non-current portion is included in “Other non-current liabilities” in the consolidated balance sheets.
Research and Development Expenses	Research and Development Expenses Research and development expenses primarily consist of salaries and benefits for research and development personnel and depreciation of property and equipment. The Company expenses research and development costs as they are incurred, except for the costs incurred in the development phase for the development of internal use software that fulfill the capitalization criteria under ASC 350-40. The Company amortizes the capitalized costs over their estimated useful lives. The amount of the capitalized research and development expenses during the years ended December 31, 2021, 2022 and 2023 was RMB 16,477, RMB33,252 and RMB31,881 (US$4,490), respectively, which was recorded in “Intangible Assets – net” on the consolidated balance sheets.
Comprehensive income (loss)	Comprehensive income (loss) Comprehensive income (loss) is defined as the changes in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income
Income taxes	Income taxes The Company follows the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes The Company accounted for uncertainties in income taxes in accordance with ASC 740. Interest and penalties arising from underpayment of income taxes shall be computed in accordance with the related PRC tax law. The amount of interest expense is computed by applying the applicable statutory rate of interest to the difference between the tax position recognized and the amount previously taken or expected to be taken in a tax return. Interest and penalties are recognized in accordance with ASC 740 as income tax expense in the consolidated statements of comprehensive income (loss). The Company recognizes in its consolidated financial statements the impact of a tax position if a tax return position or future tax position is “more likely than not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Company’s estimated liability for unrecognized tax benefits included in “Other non-current liabilities” in the consolidated balance sheets is periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statute of limitations. The actual benefits ultimately realized may differ from the Company’s estimates. As each audit is concluded, adjustments, if any, are recorded in the Company’s consolidated financial statements. Additionally, in future periods, changes in facts, circumstances, and new information may require the Company to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur.
Share-based compensation	Share-based compensation Awards granted to employees and non-employees The Company had granted awards to employees and non-employees and the Company’s subsidiary had granted awards that are exercisable in the underlying entity’s ordinary shares. The Company determines whether an award should be classified and accounted for as a liability award or equity award. All the Company’s share-based awards to employees and non-employees were classified as equity awards and are recognized in the consolidated financial statements based on their grant date fair values. For awards only with service conditions, the Company has elected to recognize compensation expense using the straight-line method for awards granted with graded vesting provided that the amount of compensation cost recognized at any date is at least equal to the portion of the grant date value of the options that are vested at that date. For awards with performance and service conditions, the Company uses the accelerated method for awards granted with graded vesting. The Company accounts for forfeitures as they occur. The Company, with the assistance of an independent third-party valuation firm, determined the fair value of the share options granted to employees and non-employees. The binomial option pricing model was applied in determining the estimated fair value of the options granted by the Company to employees and non-employees. Modification of awards A change in the terms or conditions of the awards is accounted for as a modification of the award. Incremental compensation cost is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the fair value of the awards and other pertinent factors at the modification date. For vested awards, the Company recognizes incremental compensation cost in the period the modification occurs. For unvested awards, the Company recognizes over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. If the fair value of the modified award is lower than the fair value of the original award immediately before modification, the minimum compensation cost the Company recognizes is the cost of the original award.
Long-term investments	Long-term investments The Company accounts for investments in an investee over which the Company does not have significant influence and which do not have readily determinable fair value using the measurement alternative, which is defined as cost, less impairments, adjusted by observable price changes. The Company makes a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Company estimates the investment’s fair value in accordance with ASC 820. If the fair value is less than the investment’s carrying value, the Company recognizes an impairment loss equal to the difference between the carrying value and fair value. Investments in entities in which the Company can exercise significant influence and holds an investment in voting common stock or in-substance common stock (or both) of the investee but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC 323, Investments-Equity Method and Joint Ventures The Company accounts for long-term held-to-maturity debt securities in accordance with ASC 320, Investments-Debt Securities .
Derivative Instruments	Derivative Instruments ASC 815, Derivatives and Hedging
Earnings (Loss) per share	Earnings (Loss) per share In accordance with ASC 260, Earnings Per Share Diluted earnings (loss) per share is calculated by dividing net earnings (loss) attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of the ordinary shares issuable upon the conversion of the Company’s convertible senior notes using the if-converted method and ordinary shares issuable upon the exercise of the share options and vesting of restricted share units, using the treasury stock method. Ordinary share equivalents are excluded from the computation of diluted loss per share if their effects would be antidilutive. Loss from continuing operations is the control number for determining whether including potential common shares in the diluted EPS computation would be antidilutive. The control number applies to the denominator for the per-share amounts relating to discontinued operations. Preferred shares issued by the Company’s subsidiary, which are classified as convertible non-controlling interests in mezzanine equity, do not affect the Company’s basic earnings per share. The Company includes its subsidiary’s diluted earnings per share in the Company’s diluted earnings per share only when the effect is dilutive.
Segment reporting	Segment reporting In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the chief operating decision maker (“CODM”), or decision making group, in deciding how to allocate resources and in assessing performance. The Company’s CODM is the Chief Executive Officer and each of its major service lines is a discrete operating and reportable segment. There were changes to the Company’s disclosure for reportable segments in 2022 and prior period segment information were retrospectively revised to conform to current period presentation (Note 24).
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Tables)	12 Months Ended
	Dec. 31, 2023
ORGANIZATION AND BASIS OF PRESENTATION
Schedule of details of the Company's principal subsidiaries, VIE and VIE's subsidiaries	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Place of ​ Percentage of ​ ​ ​ incorporation, ​ ​ ​ equity interest ​ ​ ​ registration and ​ Date of ​ attributable ​ Name of Company ​ business ​ incorporation/acquisition ​ to the Company ​ Principal activities Subsidiaries: ​ ​ Eight Hundred Logistics Technologies Corporation ​ British Virgin Islands ​ May 22, 2007 ​ 100 % Investment holding (“BEST BVI”) (“BVI”) ​ ​ ​ ​ ​ BEST Logistics Technologies Limited ​ Hong Kong ​ May 29, 2007 ​ 100 % Investment holding (“BEST HK”) (“HK”) ​ ​ ​ ​ ​ BEST Capital Inc (“BEST Capital”) ​ Cayman Islands ​ December 13, 2017 ​ 100 % Investment holding BEST Capital Holding Limited ​ BVI ​ December 13, 2017 ​ 100 % Investment holding (“BEST Capital BVI”) ​ ​ ​ ​ ​ ​ ​ ​ BEST Store Network Limited (“Store Cayman”) ​ Cayman Islands ​ July 24, 2017 ​ 100 % Investment holding BEST Store Network Holding Limited ​ BVI ​ November 13, 2018 ​ 100 % Investment holding (“Store BVI”) ​ ​ ​ ​ ​ ​ ​ ​ BEST Store Network Management Limited ​ HK ​ November 16, 2018 ​ 100 % Investment holding (“Store HK”) ​ ​ ​ ​ ​ ​ ​ ​ BEST Capital Management Limited ​ HK ​ December 20, 2017 ​ 100 % Investment holding (“BEST Capital HK”) ​ ​ ​ ​ ​ ​ ​ ​ BEST Logistics Technologies (China) Co., Ltd. ​ PRC ​ April 23, 2008 ​ 100 % Freight delivery and Supply chain (“BEST China”) ​ ​ ​ ​ ​ management services BEST Store Network (Hangzhou) Co., Ltd. ​ PRC ​ May16, 2013 ​ 100 % Store + services (“BEST Store”) ​ ​ ​ ​ ​ ​ Zhejiang BEST Technology Co., Ltd. ​ PRC ​ July 26, 2007 ​ 100 % Logistics technical services (“BEST Technology”) ​ ​ ​ ​ ​ ​ Xinyuan Financial Leasing (Zhejiang) Co., Ltd. ​ PRC ​ January 15, 2015 ​ 100 % Financial services (“BEST Finance”) ​ ​ ​ ​ ​ ​ BEST Logistics Technologies (Ningbo Free Trade Zone) Co., Ltd. (“BEST Ningbo”) ​ PRC ​ May 22, 2015 ​ 100 % Supply chain VIEs ​ ​ Hangzhou BEST Information Technology Services Co., Ltd. (“BEST Information Technology”) ​ PRC ​ October 23, 2019 ​ Nil ​ UCargo transportation services Hangzhou Baijia Business Management Consulting Co., Ltd. (“Hangzhou Baijia”) ​ PRC ​ December 20, 2019 ​ Nil ​ Convenience store operations Yunnan Trust Plan (“Trust Plan”) ​ PRC ​ March 11, 2021 ​ Nil ​ Trust Plan VIEs’ subsidiaries: ​ ​ ​ ​ ​ ​ ​ ​ BEST UCargo Technologies (Hangzhou) Co., Ltd ​ PRC ​ September 8, 2017 ​ Nil ​ UCargo transportation services (“BEST UCargo”) ​ ​ ​ ​ ​ ​ ​ ​
Schedule of carrying amounts of the assets, liabilities and the results of operations of the VIE and its subsidiaries	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ ASSETS Current assets: Cash and cash equivalents 6,562 9,861 1,392 Accounts and notes receivable, net 41,357 41,767 5,897 Prepayments and other current assets 33,064 25,632 3,619 Amounts due from Group companies 233,032 302,018 42,642 Inventories ​ 44 ​ 18 ​ 3 Total current assets 314,059 379,296 53,553 Non-current assets: ​ ​ ​ Operating lease right-of-use assets ​ — ​ — ​ — Property and equipment, net 128,672 118,018 16,663 Intangible assets, net ​ — ​ — ​ — Restricted cash ​ 1,474 ​ 1,460 ​ 206 Total non-current assets 130,146 119,478 16,869 Total assets 444,205 498,774 70,422 LIABILITIES ​ ​ ​ Current liabilities: ​ ​ ​ Accounts and notes payable 22,379 45,719 6,456 Accrued expenses and other liabilities ​ 20,390 ​ 33,230 ​ 4,690 Customer advances and deposits and deferred revenue ​ — ​ 34 ​ 5 Operating lease liabilities 376 — — Financing lease liabilities ​ 10,383 ​ 20 ​ 3 Amounts due to Group companies 393,834 404,371 57,093 Short-term bank loans ​ 110,142 ​ 144,755 ​ 20,438 Total current liabilities 557,504 628,129 88,685 Non-current liabilities: ​ ​ ​ ​ ​ ​ Financing lease liabilities ​ 24,702 ​ 370 ​ 52 Other non-current liabilities ​ 438 ​ 17,346 ​ 2,449 Total non-current liabilities 25,140 17,716 2,501 Total liabilities 582,644 645,845 91,186 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Revenue from continuing operations 3,116,599 380,358 589,084 82,971 Revenue from discontinued operations ​ 16,486,807 ​ — ​ — ​ — Total revenue ​ 19,603,406 ​ 380,358 ​ 589,084 ​ 82,971 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss from continuing operations ​ (104,999) ​ (12,182) ​ (8,707) ​ (1,226) Net loss from discontinued operations ​ (1,936,791) ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash(used in) generated from continuing operating activities ​ (266,070) ​ 152,483 ​ 158,887 ​ 22,379 Net cash used in discontinued operating activities (1,938,454) — — — Net cash used in continuing investing activities (349,795) (28,269) (37,916) (5,340) Net cash used in discontinued investing activities (448,016) — — — Net cash generated from (used in) continuing financing activities 242,350 (252,218) (117,680) (16,575) Net cash generated from discontinued financing activities ​ 2,136,199 ​ — ​ — ​ — Exchange rate effect on cash, cash equivalents and restricted cash in continuing operating activities ​ (18) ​ 176 ​ (8) ​ —
Schedule of the assets, liabilities and cash flows of the consolidated Plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, ​ ​ 2022 ​ 2023 ​ 2023 ​ RMB RMB US$ Cash and cash equivalents ​ 5,042 ​ 27 ​ 4 Amounts due from related parties 35,877 — — Prepayments and other current assets ​ 17,909 ​ — ​ — Total current assets 58,828 27 4 Total assets 58,828 27 4 ​ ​ ​ ​ ​ ​ ​ Amounts due to related parties 54,011 4 1 Accrued expenses and other liabilities 351 — — Total current liabilities 54,362 4 1 Amounts due to related parties ​ 4,466 ​ 23 ​ 3 Total non-current liabilities 4,466 23 3 Total liabilities 58,828 27 4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Revenue from third parties ​ 80,029 ​ 31,598 ​ 1,707 ​ 240 Cost of revenue ​ 64,312 ​ 37,135 ​ 7,872 ​ 1,109 Net income (loss) 5,493 (8,775) (6,702) (944) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Net cash generated from (used in) operating activities ​ 53,373 ​ 21,385 ​ (36,074) ​ (5,081) Net cash (used in) generated from investing activities (233,203) 184,929 31,059 4,375 Net cash generated from (used in ) financing activities 115,996 (227,438) — — ​

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of estimated useful lives of assets	​ ​ ​ ​ Category Estimated Useful Life Machinery and electronic equipment ​ 3 Motor vehicles ​ 3 years Leasehold improvements ​ Lesser of useful life or lease term
Schedule of estimated useful lives of intangible assets	​ ​ ​ ​ Category Estimated Useful Life Customer relationships 3.89 years Software 4.09 years
Schedule of opening and closing balances of contract liabilities arising from contracts with customers	​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at Balance at Balance at ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ 2022 ​ 2023 ​ 2023 ​ ​ RMB ​ RMB ​ US$ ​ ​ ​ ​ ​ ​ ​ Contract liabilities 90,505 103,863 14,629

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2023
DISCONTINUED OPERATIONS
Schedule of assets, liabilities, statement of operations and cash flows of discontinued operations which were included in the Company's consolidated financial statements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021* 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Revenue ​ 16,334,363 ​ — ​ — ​ — Cost of revenue (17,313,107) — — ​ — Gross loss (978,744) — — ​ — Selling expenses (364,917) — — ​ — General and administrative expenses (530,479) (31,617) — ​ — Research and development expenses (51,465) — — ​ — Other operating income ​ 243,391 ​ — ​ — ​ — Total operating expenses (703,470) (31,617) — ​ — Loss from discontinued operations (1,682,214) (31,617) — ​ — Interest income ​ 15,099 ​ — ​ — ​ — Interest expenses ​ (32,613) ​ — ​ — ​ — Foreign exchange loss (2,367) — — ​ — Gains on disposal 3,179,323 — — ​ — Other income 37,570 — 15,222 ​ 2,144 Other expense ​ (41,309) ​ (6,847) ​ — ​ — Income (Loss) before income taxes 1,473,489 (38,464) 15,222 ​ 2,144 Income tax expense ​ — ​ — ​ — ​ — Net income (loss) from discontinued operations 1,473,489 (38,464) 15,222 ​ 2,144 ​ * Including the financial results of discontinued operations of Store+ and BEST express delivery services from January 1, 2021 to November 30, 2021 and from January 1, 2021 to December 8, 2021, respectively. ​
Summary of total financial results presented in continuing operations from Discontinued Operations after the disposals transactions as intra-entity transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 ​ 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Revenue ​ ​ Freight delivery 6,271 45,664 — ​ — Supply chain management 4,500 16,547 — ​ — Others 42,162 20,080 — ​ — Total revenue 52,933 82,291 — ​ — Cost of revenue ​ ​ ​ ​ Freight delivery (4,274) (34,262) — ​ — Supply chain management (3,390) (5,315) — ​ — Others (4,036) (13,761) — ​ — Total cost of revenue (11,700) (53,338) — ​ — Interest income 4,671 — — ​ —

ACCOUNTS AND NOTES RECEIVABLE_2

ACCOUNTS AND NOTES RECEIVABLE, NET (Tables)	12 Months Ended
	Dec. 31, 2023
ACCOUNTS AND NOTES RECEIVABLE, NET
Schedule of accounts and notes receivable, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Accounts receivable 950,666 1,078,242 151,867 Notes receivable 4,614 1,664 234 Allowance for credit losses (263,956) (250,104) (35,226) Accounts and notes receivable, net 691,324 829,802 116,875
Schedule of movements in allowance for credit losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Balance at beginning of the year (204,124) (227,593) (263,956) (37,177) Additions (31,291) (43,295) (4,277) (602) Write-offs 7,822 6,932 18,129 2,553 Balance at end of the year (227,593) (263,956) (250,104) (35,226)

PREPAYMENTS AND OTHER CURRENT_2

PREPAYMENTS AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
PREPAYMENTS AND OTHER CURRENT ASSETS
Schedule of prepayments and other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Value-added taxes (“VAT”) recoverable ​ 283,001 304,683 42,914 Receivables from failed sale-leaseback transactions (1) ​ 176,210 104,181 14,674 Rental and other deposits ​ 88,972 52,985 7,462 Fair value accounting of financial instruments ​ 49,077 10,917 1,538 Factoring receivables (2) ​ 39,105 ​ 52,840 ​ 7,442 Interest receivables ​ 28,112 ​ 73,874 ​ 10,405 Others ​ 167,688 190,095 26,774 Allowance for credit losses (3) ​ (54,323) ​ (115,475) ​ (16,264) ​ ​ 777,842 674,100 94,945 (1) Failed sale-leaseback transactions as buyer-lessor The Company has certain failed sales-leaseback transactions of certain motor vehicles and logistic equipment in which the Company acts as buyer-lessor but the seller-lessee does not transfer the control of the leased asset to the Company. The Company uses effective interest rate method in the computation of interest income which is recorded as Capital services revenues in “Revenue – Others” in the consolidated statements of comprehensive income (loss). Interest income was insignificant for the years ended December 31, 2021, 2022 and 2023. As of December 31, 2022 and 2023, the Company recorded receivables from failed sale-leaseback transactions due within one year of RMB176,210 and RMB104,181 (US$14,674), respectively, under the “Prepayments and other current assets”. As of December 31, 2022 and 2023, the Company recorded receivables from failed sale-leaseback transactions due over one year of RMB25,811 and nil, net of allowance for credit losses of RMB7,621 and nil, respectively, under “Other non-current assets”. (2) Factoring receivables The Company provides factoring service to provide capital as a lender to certain third-party suppliers who transfer their rights to future cash receipts from accounts receivable with recourse through a factoring arrangement to fund their operations and improve their credit position within one year. The Company uses effective interest rate method in the computation of interest income which is recorded as Capital services revenues in “Revenue – Others” in the consolidated statements of comprehensive income (loss). Interest income was RMB34,956, RMB7,536 and RMB5,058 (US$712) for the years ended December 31, 2021, 2022 and 2023, respectively. As of December 31, 2022 and 2023, the allowance for credit losses of factoring receivables were nil and RMB516 (US$73), respectively. (3) Allowance for credit losses The movements in the allowance for credit losses were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ ​ 2021 ​ 2022 ​ 2023 ​ 2023 ​ RMB RMB RMB US$ Balance at beginning of the year (12,196) (33,746) (54,323) (7,651) Additions (21,550) (31,358) (77,293) (10,886) Write‑offs — 10,781 16,141 2,273 Balance at end of the year (33,746) (54,323) (115,475) (16,264) ​
Schedule of movements in allowance for credit losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ ​ 2021 ​ 2022 ​ 2023 ​ 2023 ​ RMB RMB RMB US$ Balance at beginning of the year (12,196) (33,746) (54,323) (7,651) Additions (21,550) (31,358) (77,293) (10,886) Write‑offs — 10,781 16,141 2,273 Balance at end of the year (33,746) (54,323) (115,475) (16,264) ​

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2023
PROPERTY AND EQUIPMENT, NET
Schedule of property and equipment, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Machinery and electronic equipment 677,471 744,126 104,808 Leasehold improvements 683,804 674,716 95,032 Motor vehicles 179,769 216,535 30,498 Construction in progress 49,193 20,223 2,848 ​ 1,590,237 1,655,600 233,186 Less: accumulated depreciation (805,505) (936,696) (131,931) Impairment ​ — ​ (94,699) ​ (13,338) ​ 784,732 624,205 87,917

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2023
INTANGIBLE ASSETS, NET
Schedule of intangible assets, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Customer relationships 10,449 10,449 1,472 Software 106,071 183,526 25,849 Capitalized internal use software in progress ​ 44,423 ​ 1,381 ​ 194 ​ ​ 160,943 ​ 195,356 ​ 27,515 Less: accumulated amortization (85,390) (102,183) (14,392) ​ 75,553 93,173 13,123
Schedule of estimated amortization expense relating to existing intangible assets	​ ​ ​ ​ ​ ​ ​ RMB US$ 2024 ​ 26,517 ​ 3,735 2025 20,317 ​ 2,862 2026 20,284 ​ 2,856 2027 15,436 ​ 2,174 2028 10,619 ​ 1,496 ​ ​ 93,173 ​ 13,123

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
LEASES
Schedule of lease rental receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB US$ Current assets: ​ ​ Direct financing leases ​ 42,295 ​ 25,688 3,618 Sales-type leases ​ 772 ​ 22,237 3,132 ​ ​ 43,067 ​ 47,925 ​ 6,750 Non-current assets: ​ ​ ​ ​ ​ Direct financing leases ​ 30,682 ​ — — Sales-type leases ​ 9,506 ​ 314 44 ​ ​ 40,188 ​ 314 ​ 44 Total ​ 83,255 ​ 48,239 6,794 ​
Schedule of net investment in direct financing and sales-type leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Total minimum lease payments receivable 136,188 67,522 9,509 Less: Executory costs — — — Minimum lease payments receivable 136,188 67,522 9,509 Less: Allowance for credit losses (42,313) (14,937) (2,104) Net minimum lease payments receivable 93,875 52,585 7,405 Unguaranteed residuals — — — Less: Unearned income (10,620) (4,346) (611) Net investment in financing leases 83,255 48,239 6,794 Current portion 43,067 47,925 6,750 Non-current portion 40,188 314 44
Schedule of future minimum lease payments to be received	​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ ​ 2023 ​ RMB US$ For the year ending December 31, 2024 52,253 7,359 For the year ending December 31, 2025 332 46 Thereafter — — Total minimum lease payments 52,585 7,405 Unearned income ​ (4,346) ​ (611) Net investment in direct financing and sales-type leases ​ 48,239 ​ 6,794
Schedule of components of lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31 ​ ​ 2021 ​ 2022 2023 2023 ​ RMB ​ RMB ​ RMB ​ US$ Operating lease cost ​ 674,892 ​ 671,422 ​ 608,066 ​ 85,644 Short-term lease cost ​ 100,766 ​ 116,107 ​ 4,415 ​ 622 Financing lease cost: ​ ​ ​ ​ ​ ​ ​ ​ Amortization of ROU assets ​ 1,293 ​ 2,313 ​ 242 ​ 34 Interest ​ 169 ​ 202 ​ 88 ​ 12 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total lease cost ​ 777,120 ​ 790,044 ​ 612,811 ​ 86,312
Schedule of other information about leases for lessee	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31 ​ ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Other information ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ Operating cash flows from operating leases 745,032 ​ 770,580 612,224 ​ 86,230 Operating cash flows from financing leases 169 ​ 202 88 ​ 12 Financing cash flows from financing leases 1,481 ​ 1,772 1,193 ​ 168 ROU assets obtained in exchange for new operating lease liabilities 780,576 ​ 560,056 328,599 ​ 46,282 ROU obtained in exchange for new finance lease liabilities 1,493 ​ 38,134 643 ​ 91 Weighted-average remaining lease term (in years): ​ ​ ​ ​ ​ ​ Operating leases 5.03 ​ 4.58 3.46 ​ — Financing leases 2.79 ​ 2.99 1.60 ​ — Weighted-average discount rate: ​ ​ ​ ​ ​ ​ Operating leases 7.67 % 7.86 % 7.52 % ​ Financing leases 5.19 % 5.67 % 6.17 % ​
Schedule of future minimum lease payments for operating and financing leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases Financing leases ​ ​ RMB US$ ​ RMB US$ For the year ended December 31, 2024 ​ 604,939 ​ 85,203 ​ 862 ​ 121 For the year ended December 31, 2025 ​ 405,398 ​ 57,099 ​ 389 ​ 55 For the year ended December 31, 2026 ​ 253,910 ​ 35,762 ​ 260 ​ 37 For the year ended December 31, 2027 ​ 134,735 ​ 18,977 ​ 149 ​ 21 For the year ended December 31, 2028 ​ 72,142 ​ 10,161 ​ 92 ​ 13 Thereafter ​ 218,284 ​ 30,745 ​ — ​ — Total minimum lease payments ​ 1,689,408 ​ 237,947 ​ 1,752 ​ 247 Less: imputed interest ​ 303,104 ​ 42,690 ​ 103 ​ 15 Total lease liability balance ​ 1,386,304 ​ 195,257 ​ 1,649 ​ 232 Minimum payments related to leases not yet commenced as of December 31, 2023 ​ 46,110 ​ 6,494 ​ — ​ — ​

LONG-TERM INVESTMENTS (Tables)

LONG-TERM INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
LONG-TERM INVESTMENTS
Schedule of long-term investments	​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Equity investments without readily determinable fair value ​ 156,859 156,859 22,093 Total Long-term Investments ​ 156,859 156,859 22,093
Schedule of total carrying value of equity investments without readily determinable fair value	The total carrying value of equity investments without readily determinable fair value as of December 31, 2022 and 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Initial cost basis 57,241 ​ 57,241 ​ 8,062 Cumulative unrealized gains 116,930 ​ 116,930 ​ 16,469 Cumulative unrealized losses (including impairment) (17,312) ​ (17,312) ​ (2,438) Total carrying value 156,859 ​ 156,859 ​ 22,093 ​ There is no orderly transactions for an identical or similar investment of the same issuer identified during the years ended December 31, 2022 and 2023. Total unrealized and realized gains and losses of equity securities without readily determinable fair values for the years ended December 31, 2021, 2022 and 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31 ​ ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Gross unrealized gains 58,643 — — — Gross unrealized losses (including impairment) (1) (5,000) (12,312) — — Net unrealized gains (loss) on equity securities held 53,643 (12,312) — — Net realized gains on equity securities sold 247,145 — — — Total net gains (loss) recognized 300,788 (12,312) — — (1) Nil gross unrealized losses (downward adjustments excluding impairment) were recognized for the years ended December 31, 2021, 2022 and 2023. In 2021 and 2022, the Company believed that there was a decline in value that was other-than-temporary and recorded impairment of RMB 5,000 and RMB 12,312 in “Other expense” in the consolidated statements of comprehensive income (loss), respectively. No impairment losses were recognized for the year ended December 31, 2023. ​

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2023
GOODWILL
Schedule of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freight ​ ​ ​ delivery Global Total Balance as of December 31, 2022 5,580 ​ 48,555 54,135 Balance as of December 31, 2023 5,580 ​ 48,555 54,135 Balance as of December 31, 2023 (US$) 786 ​ 6,839 7,625

SHORT-TERM AND LONG-TERM BANK_2

SHORT-TERM AND LONG-TERM BANK LOANS (Tables)	12 Months Ended
	Dec. 31, 2023
SHORT-TERM AND LONG-TERM BANK LOANS
Schedule of short-term and long-term bank loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Short-term bank loans guaranteed by subsidiaries within the Group — 239,000 33,662 Secured bank borrowings (a) ​ 110,142 ​ 162,755 ​ 22,924 Pledged short-term bank loans (b) ​ 73,128 ​ — ​ — Total short-term bank loans 183,270 401,755 56,586 Long-term bank loans pledged by deposits, current portion ​ — ​ 794,679 ​ 111,928 ​ ​ 183,270 ​ 1,196,434 ​ 168,514 ​ ​ ​ ​ ​ ​ ​ Long-term bank loans pledged by deposits ​ 928,894 ​ 159,729 ​ 22,497 Total 1,112,164 1,356,163 191,011 (a) (b)

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
ACCRUED EXPENSES AND OTHER LIABILITIES.
Schedule of accrued expenses and other liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Salary and welfare payable 624,166 631,772 88,983 Customer deposits ​ 218,366 ​ 180,945 ​ 25,486 Accrued expenses ​ 86,270 ​ 57,686 ​ 8,125 Accrual for purchases of property and equipment 71,234 70,014 9,861 Other tax payables 12,005 10,362 1,459 Fair value accounting of financial instruments ​ 5,452 ​ — ​ — Others 128,161 140,794 19,831 ​ 1,145,654 1,091,573 153,745 ​

LONG-TERM BORROWINGS (Tables)

LONG-TERM BORROWINGS (Tables)	12 Months Ended
	Dec. 31, 2023
LONG-TERM BORROWINGS
Schedule of long-term borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Long-term borrowings-current: Secured borrowings from Houfu ​ 54,011 ​ — ​ — Secured borrowings from Chengdu Gongtou 25,137 721 102 ​ 79,148 721 102 Long-term borrowings-non-current: ​ ​ Secured borrowings from Chengdu Gongtou 381 — — ​ 381 — —

CONVERTIBLE SENIOR NOTES (Table

CONVERTIBLE SENIOR NOTES (Tables)	12 Months Ended
	Dec. 31, 2023
CONVERTIBLE SENIOR NOTES.
Schedule of convertible senior notes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ ​ 2022 ​ 2023 ​ 2023 ​ ​ RMB RMB US$ Current liabilities: ​ Convertible Senior Notes held by a related party-current ​ ​ ​ ​ 2025 Convertible Notes ​ 522,744 ​ 106,240 ​ 14,964 ​ Convertible Senior Notes held by third parties-current ​ ​ ​ ​ 2024 Convertible Notes ​ 77 ​ 78 ​ 11 ​ ​ 522,821 106,318 14,975 ​ Non-current liabilities: ​ Convertible Senior Notes held by a related party-non-current ​ ​ ​ ​ 2025 Convertible Notes 522,744 424,962 59,855 ​ ​ 522,744 424,962 59,855 ​ ​

TAXATION (Tables)

TAXATION (Tables)	12 Months Ended
	Dec. 31, 2023
TAXATION
Schedule of company's loss before income taxes and share of net loss of equity investees	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ RMB RMB RMB US$ PRC ​ (954,592) ​ (1,053,407) ​ (369,844) ​ (52,093) Non-PRC ​ (306,013) ​ (410,909) ​ (537,621) ​ (75,722) ​ ​ (1,260,605) ​ (1,464,316) ​ (907,465) ​ (127,815)
Schedule of current and deferred components of income tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Current income tax (3,198) (511) (1,141) (161) Deferred income tax — — — — ​ (3,198) (511) (1,141) (161)
Schedule of reconciliation of the differences between the PRC statutory tax rate and the Company's effective tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Loss before income taxes and share of net loss of equity investees (1,260,605) (1,464,316) (907,465) ​ (127,815) ​ PRC statutory income tax rate ​ 25 % 25 % 25 % 25 % Income tax computed at the statutory tax rate 315,151 366,079 226,866 ​ 31,953 ​ Non-deductible expenses (112,363) (20,250) (41,138) ​ (5,794) ​ Effect of different tax rates in different jurisdictions and preferential tax rate 447,053 (68,037) (42,203) ​ (5,944) ​ R&D expenses super-deduction 25,756 14,223 15,868 ​ 2,235 ​ Non-taxable income ​ 6,525 ​ 6,395 ​ 4,575 ​ 644 ​ Provision to return ​ 14,568 ​ (74,577) ​ 17,752 ​ 2,500 ​ Deferred tax expenses ​ (21,245) ​ (1,462) ​ (8,212) ​ (1,157) ​ Tax rate change ​ 2,890 ​ (483) ​ 8,531 ​ 1,202 ​ Expired tax loss (112,725) (160,285) (18,784) ​ (2,645) ​ Change in valuation allowance (568,808) (62,114) (164,396) ​ (23,155) ​ ​ (3,198) (511) (1,141) ​ (161) ​
Schedule of components of deferred tax	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Deferred tax assets, non-current Accrued expenses 278,341 298,208 ​ 42,002 Customer advances and deposits 10,431 7,139 ​ 1,006 Allowance for credit losses and inventory provision 101,187 99,327 ​ 13,990 Allowance for long-term investment ​ 3,078 ​ 3,078 ​ 434 Impairment of long-lived asset ​ — ​ 23,675 ​ 3,335 Loss from inter-company loan forgiveness ​ — 128,959 ​ 18,163 Depreciation and amortization expense 18,961 8,476 ​ 1,194 Net operating losses carry forward 1,410,903 ​ 1,419,440 ​ 199,924 Lease liabilities ​ 467,623 355,341 ​ 50,049 Total deferred tax assets 2,290,524 2,343,643 ​ 330,097 Valuation allowance* (1,818,282) (1,982,678) ​ (279,256) Total deferred tax assets net of valuation allowance 472,242 ​ 360,964 ​ 50,841 ​ 16. TAXATION (CONTINUED) Deferred tax (continued) * The Group operates through subsidiaries, VIEs and subsidiaries of VIEs and valuation allowance is considered for each of the entities on an individual basis. The Group recorded valuation allowance against deferred tax assets of those entities that are in a three-year cumulative financial loss position and are not forecasting profits in the near future as of December 31, 2022 and 2023. In making such determination, the Group also evaluates a variety of factors including the Group’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Deferred tax liabilities ​ ​ ​ ​ ​ ​ Fair value changes of equity investments ​ (29,232) ​ (29,232) ​ (4,117) Accrued revenue recognition difference ​ (3,765) ​ (5,016) ​ (707) Right-of-use assets ​ (439,245) ​ (326,716) ​ (46,017) Total deferred tax liabilities ​ (472,242) ​ (360,964) ​ (50,841)
Schedule of roll-forward of unrecognized tax benefits	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 ​ 2023 ​ 2023 ​ ​ RMB ​ RMB ​ US$ Beginning balance 78,800 94,572 ​ 13,320 Additions 15,772 6,184 ​ 870 Decreases — (12,226) ​ (1,722) Ending balance 94,572 88,530 ​ 12,468

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
EARNINGS (LOSS) PER SHARE
Schedule of basic and diluted earnings (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2022 ​ 2023 ​ ​ ​ Class A Class B Class C Class A Class B Class C Class A Class A Class B Class B Class C Class C ​ ​ ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ RMB ​ US$ ​ RMB ​ US$ ​ RMB ​ US$ Basic earnings (loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ Net loss from continuing operations attributable to ordinary shareholders—basic ​ (768,670) (293,707) (149,205) (909,443) (341,778) (173,626) (521,059) ​ (73,391) ​ (204,618) ​ (28,820) ​ (103,947) ​ (14,641) Net income (loss) from discontinued operations, net of tax ​ 934,833 357,198 181,458 (24,552) (9,225) (4,687) 9,561 ​ 1,346 ​ 3,754 ​ 529 ​ 1,907 ​ 269 Net income (loss) attributable to ordinary shareholders—basic ​ 166,163 63,491 32,253 (933,995) (351,003) (178,313) (511,498) ​ (72,045) ​ (200,864) ​ (28,291) ​ (102,040) ​ (14,372) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of ordinary shares outstanding—basic ​ 246,207,464 94,075,249 47,790,698 250,326,701 94,075,249 47,790,698 239,563,290 ​ 239,563,290 ​ 94,075,249 ​ 94,075,249 ​ 47,790,698 ​ 47,790,698 Continuing operations ​ ​ (3.12) ​ (3.12) ​ (3.12) ​ (3.63) ​ (3.63) ​ (3.63) ​ (2.18) ​ (0.31) ​ (2.18) ​ (0.31) ​ (2.18) ​ (0.31) Discontinued operations ​ ​ 3.80 ​ 3.80 ​ 3.80 ​ (0.10) ​ (0.10) ​ (0.10) ​ 0.04 ​ 0.01 ​ 0.04 ​ 0.01 ​ 0.04 ​ 0.01 Basic earnings (loss) per share ​ 0.68 0.68 0.68 (3.73) (3.73) (3.73) (2.14) ​ (0.30) ​ (2.14) ​ (0.30) ​ (2.14) ​ (0.30) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings (loss) per ADS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings (loss) per ADS (1 ADS equals 20 Class A ordinary shares) ​ ​ 13.60 ​ 13.60 ​ 13.60 ​ (74.60) ​ (74.60) ​ (74.60) ​ (42.70) ​ (6.01) ​ (42.70) ​ (6.01) ​ (42.70) ​ (6.01) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2022 ​ 2023 ​ ​ Class A ​ Class B ​ Class C ​ Class A ​ Class B ​ Class C ​ Class A ​ Class A ​ Class B ​ Class B ​ Class C ​ Class C ​ RMB RMB RMB RMB RMB RMB RMB US$ RMB US$ RMB US$ Diluted loss per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss from continuing operations attributable to ordinary shareholders—basic ​ (768,670) ​ (293,707) ​ (149,205) ​ (909,443) ​ (341,778) ​ (173,626) ​ (521,059) ​ (73,391) ​ (204,618) ​ (28,820) ​ (103,947) ​ (14,641) Net income (loss) from discontinued operations, net of tax ​ 934,833 ​ 357,198 ​ 181,458 ​ (24,552) ​ (9,225) ​ (4,687) ​ 9,561 ​ 1,346 ​ 3,754 ​ 529 ​ 1,907 ​ 269 Net income (loss) attributable to ordinary shareholders—basic ​ 166,163 ​ 63,491 ​ 32,253 ​ (933,995) ​ (351,003) ​ (178,313) ​ (511,498) ​ (72,045) ​ (200,864) ​ (28,291) ​ (102,040) ​ (14,372) Reallocation of net loss from continuing operations attributable to ordinary shareholders as a result of conversion of Class C and Class B to Class A ordinary shares (Note 20) ​ (442,912) ​ — ​ — ​ (515,404) ​ — ​ — ​ (308,565) ​ (43,460) ​ — ​ — ​ — ​ — Reallocation of net income (loss) from discontinued operations, net of tax attributable to ordinary shareholders as a result of conversion of Class C and Class B to Class A ordinary shares (Note 20) ​ 538,656 ​ — ​ — ​ (13,912) ​ — ​ — ​ 5,662 ​ 798 ​ — ​ — ​ — ​ — Reallocation of net income (loss) attributable to ordinary shareholders as a result of conversion of Class C and Class B to Class A ordinary shares (Note 20) ​ 95,744 ​ — ​ — ​ (529,316) ​ — ​ — ​ (302,903) ​ (42,662) ​ — ​ — ​ — ​ — Net income (loss) attributable to ordinary shareholders—diluted ​ 261,907 ​ 63,491 ​ 32,253 ​ (1,463,311) ​ (351,003) ​ (178,313) ​ (814,401) ​ (114,707) ​ (200,864) ​ (28,291) ​ (102,040) ​ (14,372) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of ordinary shares outstanding—basic 246,207,464 94,075,249 47,790,698 250,326,701 94,075,249 47,790,698 239,563,290 ​ 239,563,290 ​ 94,075,249 ​ 94,075,249 ​ 47,790,698 ​ 47,790,698 Conversion of Class C and Class B to Class A ordinary shares (Note 20) 141,865,947 — — 141,865,947 — — 141,865,947 ​ 141,865,947 ​ — ​ — ​ — ​ — Weighted average number of ordinary shares for continuing operations outstanding - diluted 388,073,411 94,075,249 47,790,698 392,192,648 94,075,249 47,790,698 381,429,237 ​ 381,429,237 ​ 94,075,249 ​ 94,075,249 ​ 47,790,698 ​ 47,790,698 Weighted average number of ordinary shares for discontinued operations outstanding - diluted 388,073,411 94,075,249 47,790,698 392,192,648 94,075,249 47,790,698 381,429,237 ​ 381,429,237 ​ 94,075,249 ​ 94,075,249 ​ 47,790,698 ​ 47,790,698 Weighted average number of ordinary shares outstanding - diluted ​ 388,073,411 ​ 94,075,249 ​ 47,790,698 ​ 392,192,648 ​ 94,075,249 ​ 47,790,698 ​ 381,429,237 ​ 381,429,237 ​ 94,075,249 ​ 94,075,249 ​ 47,790,698 ​ 47,790,698 Continuing operations (3.12) (3.12) (3.12) (3.63) (3.63) (3.63) (2.18) ​ (0.31) ​ (2.18) ​ (0.31) ​ (2.18) ​ (0.31) Discontinued operations 3.80 3.80 3.80 (0.10) (0.10) (0.10) 0.04 ​ 0.01 ​ 0.04 ​ 0.01 ​ 0.04 ​ 0.01 Diluted earnings (loss) per share 0.68 0.68 0.68 (3.73) (3.73) (3.73) (2.14) ​ (0.30) ​ (2.14) ​ (0.30) ​ (2.14) ​ (0.30) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings (loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings (loss) per ADS (1 ADS equals 20 Class A ordinary shares) ​ 13.60 ​ 13.60 ​ 13.60 ​ (74.60) ​ (74.60) ​ (74.60) ​ (42.70) ​ (6.01) ​ (42.70) ​ (6.01) ​ (42.70) ​ (6.01)

SHARE-BASED PAYMENTS (Tables)

SHARE-BASED PAYMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
SHARE-BASED PAYMENTS
Schedule of total share-based compensation expense recognized	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Cost of revenue 345 321 198 ​ 28 Selling expenses ​ 9,654 ​ 3,523 ​ 2,084 ​ 294 General and administrative expenses 88,361 63,280 42,491 ​ 5,984 Research and development expenses ​ 9,321 ​ 4,972 ​ 3,571 ​ 503 Share-based compensation expenses from continuing operations ​ 107,681 ​ 72,096 ​ 48,344 ​ 6,809 Share-based compensation expenses from discontinued operations 27,245 — — ​ — Total share-based compensation expenses 134,926 72,096 48,344 ​ 6,809
2008 Plan
SHARE-BASED PAYMENTS
Schedule of the employee share option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ average ​ ​ ​ ​ ​ ​ Weighted- ​ average ​ remaining ​ Aggregate ​ ​ Number of ​ average ​ grant-date ​ contractual ​ intrinsic ​ options exercise price fair value term Value ​ ​ ​ ​ US$ ​ US$ ​ Years ​ US$ Outstanding, December 31, 2022 1,055,042 ​ 0.75 ​ 7.02 ​ 9.02 ​ — Granted — ​ — ​ — ​ — ​ — Exercised ​ — ​ — ​ — ​ — ​ — Forfeited/Expired (96,672) ​ 0.75 ​ 6.82 ​ — ​ — Outstanding, December 31, 2023 958,370 ​ 0.75 ​ 7.04 ​ 8.08 ​ — Vested as at December 31, 2023 17,237,222 ​ 0.67 ​ 2.37 ​ 4.71 ​ — Exercisable as at December 31, 2023 958,370 ​ 0.75 ​ 7.04 ​ 8.08 ​ —
Schedule of the non-employee share option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ‑ ​ ​ ​ ​ ​ ​ ​ Weighted ‑ ​ average ​ ​ ​ ​ ​ ​ Weighted ‑ ​ average ​ remaining ​ Aggregate ​ ​ Number of ​ average ​ grant ‑ date ​ contractual ​ intrinsic ​ ​ options ​ exercise price ​ fair value ​ term ​ Value ​ ​ ​ ​ US$ ​ US$ ​ Years ​ US$ Outstanding, December 31, 2022 ​ 1,439,177 0.70 2.47 5.65 — Granted ​ — ​ — ​ — ​ — ​ — Exercised ​ (43,400) ​ 0.01 ​ 0.24 ​ — ​ — Forfeited (28,000) ​ 0.50 ​ 0.12 ​ — ​ — Outstanding, December 31, 2023 1,367,777 ​ 0.73 ​ 2.58 ​ 4.91 ​ — Vested at December 31, 2023 1,838,173 ​ 0.65 ​ 2.43 ​ 4.37 ​ — Exercisable at December 31, 2023 1,367,777 ​ 0.73 ​ 2.58 ​ 4.91 ​ —
2017 Plan
SHARE-BASED PAYMENTS
Schedule of the Restricted Shares activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ average ​ ​ Number of ​ grant-date ​ shares fair value ​ ​ ​ ​ US$ Outstanding, December 31, 2022 7,133,593 2.54 Granted ​ 2,449,200 ​ 0.13 Vested ​ (4,419,335) ​ 1.85 Forfeited ​ (346,315) ​ 2.45 Outstanding, December 31, 2023 4,817,143 1.95 Vested and expected to vest as at December 31, 2023 13,480,316 ​
2020 BEST Asia Plan
SHARE-BASED PAYMENTS
Schedule of the Restricted Shares activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ options ​ ​ Outstanding, December 31, 2022 42,952,900 Granted 10,427,000 Forfeited (10,615,230) Outstanding, December 31, 2023 42,764,670 Vested and expected to vest as at December 31, 2023 42,764,670 Exercisable as at December 31, 2023 —
2022 BEST CloudSoft Plan
SHARE-BASED PAYMENTS
Schedule of the Restricted Shares activity	​ ​ ​ ​ ​ Number of ​ ​ options ​ ​ ​ Outstanding, December 31, 2022 12,850,000 Granted 4,595,000 Forfeited (267,870) Expired ​ (58,360) Outstanding, December 31, 2023 17,118,770 Vested and expected to vest as at December 31, 2023 17,118,770 Exercisable as at December 31, 2023 — ​

CONVERTIBLE NON-CONTROLLING I_2

CONVERTIBLE NON-CONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2023
CONVERTIBLE NON-CONTROLLING INTERESTS
Schedule of convertible non controlling interest	​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Balance at beginning of the year 191,865 191,865 27,024 Balance at end of the year 191,865 191,865 27,024

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
Schedule of related parties, their related transactions and balances	a) Related Parties ​ Name of Related Parties Relationship with the Group Zhejiang Cainiao Supply Chain Management Co. Ltd (“Cainiao”) ​ Entity controlled by a principal shareholder of the Group ​ Alibaba Cloud Computing Co. Ltd (“Ali Cloud”) ​ Entity controlled by a principal shareholder of the Group ​ Alibaba.com Hong Kong Limited (“Alibaba HK”) ​ Entity controlled by a principal shareholder of the Group ​ Alibaba.com China Limited (“Alibaba China”) ​ Entity controlled by a principal shareholder of the Group ​ Alibaba (China) Network Technology Co., Ltd (“Alibaba Technology”) ​ Entity controlled by a principal shareholder of the Group ​ Lazada Express Limited (“Lazada”) ​ Entity controlled by a principal shareholder of the Group ​ Taobao China Holding Limited (“Taobao”) ​ Entity controlled by a principal shareholder of the Group ​ Zhejiang ALOG Supply Chain Management Co,Ltd (“ALOG”) ​ Entity controlled by a principal shareholder of the Group ​ b) The Group had the following related party transactions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Rendering of express delivery, freight delivery and supply chain management services: Cainiao 418,806 237,045 160,977 ​ 22,673 Lazada ​ 120,892 ​ 148,628 ​ 105,766 ​ 14,897 ALOG ​ — ​ 11,102 ​ 19,411 ​ 2,734 ​ ​ 539,698 ​ 396,775 ​ 286,154 ​ 40,304 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 ​ 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Commission fee paid to related party: Lazada — 2,526 — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ RMB RMB RMB US$ Operating costs paid to related party: ​ ​ ​ ​ ​ ​ ​ ​ Ali Cloud 13,608 9,041 6,845 964 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ RMB RMB RMB US$ Proceeds of the disposal of machinery and electronic equipment assets received from related party: ALOG — 16,013 12,659 1,783 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ RMB RMB RMB US$ Repurchase of convertible senior notes held by related party (Note 15): Alibaba HK — 746,538 503,318 70,891 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ RMB RMB RMB US$ Interest expense of convertible senior notes accrued to related party (Note 15): Alibaba HK 62,887 62,192 35,015 4,932 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ RMB RMB RMB US$ Borrowings received from related party: Alibaba Technology 600,000 — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ RMB RMB RMB US$ Borrowings repaid to related party: Alibaba Technology 600,000 — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ RMB RMB RMB US$ Interest expense of borrowings accrued to related party: Alibaba Technology 674 — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 ​ 2023 2023 ​ RMB RMB RMB US$ Cash proceeds from the disposal of an equity investment (Note 10): Cainiao 220,000 — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ RMB RMB RMB US$ Issuance of BEST Asia Series A Preferred Shares to a related party (Note 21): Taobao 193,803 — — — c) The Group had the following related party balances at the end of the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 ​ 2023 ​ ​ RMB ​ RMB ​ US$ Amounts due from related parties: ​ ​ ​ ​ ​ ​ Cainiao ​ 45,377 ​ 34,408 ​ 4,846 Ali Cloud ​ 370 ​ 534 ​ 75 Lazada ​ 24,895 ​ 20,382 ​ 2,871 ALOG ​ 5,726 ​ 5,070 ​ 714 ​ ​ 76,368 ​ 60,394 ​ 8,506 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Amounts due to related parties: ​ ​ ​ ​ ​ ​ Alibaba HK ​ 131 ​ 78 ​ 11 Ali Cloud ​ 446 ​ 1,041 ​ 147 Cainiao ​ 241 ​ — ​ — Lazada ​ 497 ​ — ​ — ​ ​ 1,315 ​ 1,119 ​ 158 ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ ​ 2022 ​ 2023 ​ 2023 ​ RMB RMB US$ Convertible senior notes held by a related party – current: Alibaba HK/China* ​ 522,744 ​ 106,240 ​ 14,964 Convertible senior notes held by a related party – non-current: ​ ​ ​ ​ ​ ​ Alibaba HK/China 522,744 424,962 59,855 * ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Convertible non-controlling interests held by related party: Taobao 191,865 191,865 27,024 ​

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2023
SEGMENT REPORTING
Schedule of Company's operating segment results	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Revenue: Freight delivery 8,353,703 ​ 4,890,823 ​ 5,412,204 ​ 762,293 Supply chain management ​ 1,820,239 ​ 1,852,153 ​ 1,857,429 ​ 261,613 Global 1,194,146 ​ 963,505 ​ 949,738 ​ 133,768 Others ​ 172,447 ​ 116,859 ​ 106,393 ​ 14,985 Inter-segment* (114,699) ​ (79,268) ​ (9,920) ​ (1,397) Consolidated revenue 11,425,836 ​ 7,744,072 ​ 8,315,844 ​ 1,171,262 Gross (loss) profit: ​ ​ ​ ​ Freight delivery ​ (262,303) ​ (226,659) ​ 197,429 ​ 27,807 Supply chain management 73,272 ​ 110,257 ​ 158,162 ​ 22,276 Global ​ (64,656) ​ (164,680) ​ (184,970) ​ (26,052) Others ​ 54,299 ​ 17,524 ​ 79,816 ​ 11,242 Inter-segment* — — — — Consolidated gross (loss) profit ​ (199,388) ​ (263,558) ​ 250,437 ​ 35,273 (*) The inter segment eliminations mainly consist of services provided by Freight delivery and Global segments to the Supply chain management services segment, for the years ended December 31, 2021, 2022 and 2023, respectively.
Schedule of revenues generated in domestic and overseas markets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ PRC 10,231,981 6,827,165 7,369,331 1,037,948 Non-PRC 1,193,855 916,907 946,513 133,314 ​ 11,425,836 7,744,072 8,315,844 1,171,262 ​
Schedule of Group's revenue from contracts with customers disaggregated by the revenue recognition time	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2022 ​ 2023 ​ 2023 ​ RMB RMB RMB US$ Revenue recognized at point of time 335,787 282,165 505,440 71,190 Revenue recognized over time 11,090,049 7,461,907 7,810,404 1,100,072 ​ 11,425,836 7,744,072 8,315,844 1,171,262 ​

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
FAIR VALUE MEASUREMENTS
Schedule of fair value measurement hierarchy of the financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measurements as at December 31, 2022 using ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ prices in ​ Significant ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ active ​ observable ​ unobservable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ markets ​ inputs ​ inputs ​ ​ ​ ​ Fair value ​ ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) ​ Total ​ adjustment ​ Impairment ​ ​ RMB RMB ​ RMB RMB RMB US$ RMB US$ Recurring fair value measurement for: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets — 50,231 — ​ 50,231 7,283 50,231 ​ 7,283 ​ — ​ — Derivative liabilities — (18,644) — (18,644) (2,703) (3,726) ​ (540) ​ — ​ — Non-recurring fair value measurement for: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity investments without readily determinable fair value ​ — ​ — ​ 156,859 ​ 156,859 ​ 22,742 ​ — ​ — ​ (12,312) ​ (1,785) ​ ​ — ​ 31,587 ​ 156,859 ​ 188,446 ​ 27,322 ​ 46,505 ​ 6,743 ​ (12,312) ​ (1,785) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measurements as at December 31, 2023 using ​ ​ Quoted ​ Significant ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ prices in ​ observable ​ unobservable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ active markets ​ inputs ​ inputs ​ ​ ​ ​ Fair value ​ ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Total ​ adjustment ​ Impairment ​ RMB RMB RMB RMB RMB US$ RMB US$ Recurring fair value measurement for: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ — ​ 16,433 ​ — ​ 16,433 ​ 2,315 ​ 16,433 ​ 2,315 ​ — ​ — Derivative liabilities ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Non-recurring fair value measurement for: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, net ​ — ​ — ​ — ​ — ​ — ​ (94,699) ​ (13,338) ​ (94,699) ​ (13,338) Equity investments without readily determinable fair value ​ — ​ — ​ 156,859 ​ 156,859 ​ 22,093 ​ — ​ — ​ — ​ — ​ ​ — ​ 16,433 ​ 156,859 ​ 173,292 ​ 24,408 ​ (78,266) ​ (11,023) ​ (94,699) ​ (13,338)
Schedule of fair value of derivative assets and derivative liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ 2022 2023 2023 ​ ​ RMB ​ RMB ​ US$ Prepayments and other current assets 49,077 10,917 1,538 Other non-current assets 1,154 5,516 777 Total derivative assets 50,231 16,433 2,315 Accrued expenses and other liabilities 5,452 — — Other non-current liabilities 13,192 — — Total derivative liabilities 18,644 — — ​

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	12 Months Ended
	Dec. 31, 2023
ACCUMULATED OTHER COMPREHENSIVE INCOME.
Schedule of accumulated other comprehensive income	​ ​ ​ ​ ​ ​ RMB Balance as of January 1, 2021 151,677 Foreign currency translation adjustments, net of tax of nil ​ (44,298) Balance as of December 31, 2021 107,379 Foreign currency translation adjustments, net of tax of nil 17,085 Balance as of December 31, 2022 124,464 Foreign currency translation adjustments, net of tax of nil (5,295) Balance as of December 31, 2023 119,169 Balance as of December 31, 2023 (US$) ​ 16,785

CONDENSED FINANCIAL INFORMATI_2

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Tables)	12 Months Ended
	Dec. 31, 2023
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
Schedule of Condensed Balance Sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ Notes 2022 2023 2023 ​ ​ ​ ​ RMB ​ RMB ​ US$ Current assets: Cash 6,703 2,142 ​ 302 Prepayments and other current assets ​ ​ ​ 3,420 ​ 3,186 ​ 449 Total current assets ​ ​ ​ 10,123 ​ 5,328 ​ 751 Non-current assets: ​ ​ ​ ​ Other non-current assets ​ ​ ​ 719 ​ — ​ — Investments in subsidiaries and VIEs and subsidiaries of VIEs 2,135,384 750,869 ​ 105,756 Total non-current assets: ​ ​ ​ 2,136,103 ​ 750,869 ​ 105,756 Total assets 2,146,226 756,197 ​ 106,507 Current liabilities: ​ ​ ​ ​ Accrued liabilities and other payables — 1,333 ​ 186 Convertible senior notes held by a related party-current ​ 15, 22 ​ 522,744 ​ 106,240 ​ 14,964 Convertible senior notes held by third parties-current ​ 15 ​ 77 ​ 78 ​ 11 Total current liabilities ​ ​ ​ 522,821 ​ 107,651 ​ 15,161 Non-current liabilities: ​ ​ ​ ​ Long-term payable due to subsidiaries 403,652 321,736 ​ 45,316 Convertible senior notes held by a related party 522,744 424,962 ​ 59,855 Total non-current liabilities ​ ​ ​ 926,396 ​ 746,698 ​ 105,171 Total liabilities ​ ​ ​ 1,449,217 ​ 854,349 ​ 120,332 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31 ​ Notes 2022 2023 2023 ​ ​ RMB RMB US$ Shareholders’ equity Class A ordinary shares (par value of US $0.01 per share as of December 31, 2022 and 2023; 1,858,134,053 shares authorized as of December 31, 2022 and 2023; 255,648,452 an 261,648,452 shares issued and outstanding as of December 31, 2022 and 2023, respectively) 20 16,532 16,532 2,328 Class B ordinary shares (par value of US$0.01 per share as of December 31, 2022 and 2023; 94,075,249 shares authorized, issued and outstanding as of December 31, 2022 and 2023, respectively) 20 6,178 6,178 870 Class C ordinary shares (par value of US $0.01 per share as of December 31, 2022 and 2023; 47,790,698 shares authorized, issued and outstanding as of December 31, 2022 and 2023, respectively) 20 3,278 3,278 462 Treasury shares 20 — (23,853) (3,360) Additional paid in capital 19,481,417 19,529,806 2,750,715 Accumulated deficit (18,934,860) (19,749,262) (2,781,625) Accumulated other comprehensive income 124,464 119,169 16,785 Total shareholders’ equity (deficit) 697,009 (98,152) (13,825) Total liabilities and shareholders’ equity (deficit) 2,146,226 756,197 106,507
Schedule of Condensed Statements of Comprehensive Income (Loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Operating expenses General and administrative expenses (44,897) (40,747) (52,260) ​ (7,364) Operating loss (44,897) (40,747) (52,260) ​ (7,364) Share of losses of subsidiaries and VIEs and subsidiaries of VIEs (2,826,751) (1,371,524) (727,236) ​ (102,428) Gain on disposal ​ 3,213,599 ​ — ​ — ​ — Other income, net ​ — ​ 17,329 ​ — ​ — Interest expense (80,044) (68,369) (34,906) ​ (4,916) Net income (loss) attributable to ordinary shareholders ​ 261,907 (1,463,311) (814,402) ​ (114,708) Other comprehensive (loss) income, net of tax of nil ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustments ​ (44,298) ​ 17,085 ​ (5,295) ​ (746) Comprehensive income (loss) 217,609 (1,446,226) (819,697) ​ (115,454)
Schedule of Condensed Statements of Cash Flows	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2022 2023 2023 ​ ​ RMB ​ RMB ​ RMB ​ US$ Net cash used in operating activities (111,208) (119,115) (95,847) ​ (13,500) Net cash generated from investing activities 82,099 1,492,777 618,412 ​ 87,102 Net cash generated from (used in) financing activities 2,604 (1,373,764) (527,126) ​ (74,244) Net decrease in cash and cash equivalents (26,505) (102) (4,561) ​ (642) Cash and cash equivalents at beginning of the year 33,310 6,805 6,703 ​ 944 Cash and cash equivalents at end of the year 6,805 6,703 2,142 ​ 302

ORGANIZATION AND BASIS OF PRE_3

ORGANIZATION AND BASIS OF PRESENTATION (Details)	12 Months Ended
	Dec. 31, 2023
BEST BVI
ORGANIZATION AND BASIS OF PRESENTATION
Percentage of equity interest in subsidiary attributable to the Company	100%
BEST HK
ORGANIZATION AND BASIS OF PRESENTATION
Percentage of equity interest in subsidiary attributable to the Company	100%
BEST Capital
ORGANIZATION AND BASIS OF PRESENTATION
Percentage of equity interest in subsidiary attributable to the Company	100%
BEST Capital BVI
ORGANIZATION AND BASIS OF PRESENTATION
Percentage of equity interest in subsidiary attributable to the Company	100%
Store Cayman
ORGANIZATION AND BASIS OF PRESENTATION
Percentage of equity interest in subsidiary attributable to the Company	100%
Store BVI
ORGANIZATION AND BASIS OF PRESENTATION
Percentage of equity interest in subsidiary attributable to the Company	100%
Store HK
ORGANIZATION AND BASIS OF PRESENTATION
Percentage of equity interest in subsidiary attributable to the Company	100%
BEST Capital HK
ORGANIZATION AND BASIS OF PRESENTATION
Percentage of equity interest in subsidiary attributable to the Company	100%
BEST China
ORGANIZATION AND BASIS OF PRESENTATION
Percentage of equity interest in subsidiary attributable to the Company	100%
BEST Store
ORGANIZATION AND BASIS OF PRESENTATION
Percentage of equity interest in subsidiary attributable to the Company	100%
Zhejiang Best Technology Co. LTD [Member]
ORGANIZATION AND BASIS OF PRESENTATION
Percentage of equity interest in subsidiary attributable to the Company	100%
BEST Finance
ORGANIZATION AND BASIS OF PRESENTATION
Percentage of equity interest in subsidiary attributable to the Company	100%
BEST Ningbo
ORGANIZATION AND BASIS OF PRESENTATION
Percentage of equity interest in subsidiary attributable to the Company	100%
Yunnan Trust Plan
ORGANIZATION AND BASIS OF PRESENTATION
Percentage of equity interest in VIE attributable to the Company	0%
BEST Information Technology
ORGANIZATION AND BASIS OF PRESENTATION
Percentage of equity interest in VIE attributable to the Company	0%
Hangzhou Baijia
ORGANIZATION AND BASIS OF PRESENTATION
Percentage of equity interest in VIE attributable to the Company	0%
BEST Ucargo
ORGANIZATION AND BASIS OF PRESENTATION
Percentage of equity interest in VIE attributable to the Company	0%

ORGANIZATION AND BASIS OF PRE_4

ORGANIZATION AND BASIS OF PRESENTATION - Contractual Agreements (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)
BEST Network
Contractual Agreements
Interest-free loans	¥ 13,780
BEST Network | Exclusive Technical Support and Service Agreement
Contractual Agreements
Agreement term	20 years
BEST China | Exclusive Technical Services Agreement
Contractual Agreements
Agreement term	20 years
Contract renewable term	20 years
Hangzhou Baijia | Exclusive Technical Services Agreement
Contractual Agreements
Agreement term	20 years
Contract renewable term	20 years

ORGANIZATION AND BASIS OF PRE_5

ORGANIZATION AND BASIS OF PRESENTATION - Assets, liabilities and the results of operations of the VIE (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Mar. 31, 2024 CNY (¥)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Current assets:
Cash and cash equivalents	¥ 425,976		¥ 533,481	¥ 3,571,745			$ 59,997
Prepayments and other current assets	674,100		777,842				94,945
Inventories	7,794		16,480				1,098
Total current assets	3,090,197		3,262,942				435,245
Non-current assets:
Non-current deposits	81,869		50,767				11,531
Operating lease right-of-use assets	1,293,526		1,743,798				182,189
Property and equipment, net	624,205		784,732				87,917
Intangible assets, net	93,173		75,553				13,123
Long-term investments	156,859		156,859				22,093
Other non-current assets	46,913		75,666				6,608
Restricted cash	812,371		1,545,605	1,069,244			114,420
Total non-current assets	3,163,365		4,527,303				445,550
Total assets	6,253,562		7,790,245				880,795
Current liabilities:
Accrued expenses and other liabilities	1,091,573		1,145,654				153,745
Customer advances and deposits and deferred revenue	288,184		277,737				40,590
Operating lease liabilities	523,790		544,262				73,774
Financing lease liabilities	418		11,873				59
Short - term bank loans	401,755		183,270		¥ 220,000	$ 30,986	56,586
Total current liabilities	4,852,198		4,197,647				683,418
Financing lease liabilities	1,231		26,024				173
Long-term bank loan	159,729		928,894				22,497
Other non-current liabilities	22,837		18,752				3,216
Total non-current liabilities	1,471,273		2,788,852				207,224
Total liabilities	6,323,471		6,986,499				890,642
Total revenue	8,315,844	$ 1,171,262	7,744,072	11,425,836
Net loss from continuing operations	(908,606)	(127,976)	(1,464,827)	(1,263,861)
Net income/(loss) from discontinued operations	15,222	2,144	(38,464)	1,473,489
Net cash(used in) generated from continuing operating activities	(545,092)	(76,777)	(1,051,662)	(891,135)
Net cash used in discontinued operating activities			(66,174)	(1,912,826)
Net cash used in continuing investing activities	628,975	88,589	150,756	4,990,734
Net cash used in discontinued investing activities				(448,016)
Net cash generated from (used in) continuing financing activities	(353,486)	(49,787)	(1,948,367)	(237,922)
Net cash generated from discontinued financing activities				(337,838)
Exchange rate effect on cash, cash equivalents and restricted cash in continuing operating activities	37,845	$ 5,332	77,722	¥ (55,970)
Consolidated VIEs
Current assets:
Cash and cash equivalents	9,861		6,562				1,392
Prepayments and other current assets	25,632		33,064				3,619
Inventories	18		44				3
Total current assets	379,296		314,059				53,553
Non-current assets:
Property and equipment, net	118,018		128,672				16,663
Restricted cash	1,460		1,474				206
Total non-current assets	119,478		130,146				16,869
Total assets	498,774		444,205				70,422
Current liabilities:
Accrued expenses and other liabilities	33,230		20,390				4,690
Customer advances and deposits and deferred revenue	34						5
Operating lease liabilities			376
Financing lease liabilities	20		10,383				3
Short - term bank loans	144,755		110,142				20,438
Total current liabilities	628,129		557,504				88,685
Financing lease liabilities	370		24,702				52
Other non-current liabilities	17,346		438				2,449
Total non-current liabilities	17,716		25,140				2,501
Total liabilities	¥ 645,845		¥ 582,644				91,186
Percentage of revenue contribution by VIE	7%	7%	5%	27%
Total revenue	¥ 589,084	$ 82,971	¥ 380,358	¥ 19,603,406
Net loss from continuing operations	(8,707)	(1,226)	(12,182)	(104,999)
Net income/(loss) from discontinued operations				(1,936,791)
Net cash(used in) generated from continuing operating activities	158,887	22,379	152,483	(266,070)
Net cash used in discontinued operating activities				(1,938,454)
Net cash used in continuing investing activities	(37,916)	(5,340)	(28,269)	(349,795)
Net cash used in discontinued investing activities				(448,016)
Net cash generated from (used in) continuing financing activities	(117,680)	(16,575)	(252,218)	242,350
Net cash generated from discontinued financing activities				2,136,199
Exchange rate effect on cash, cash equivalents and restricted cash in continuing operating activities	(8)		176	(18)
Consolidated VIEs | Continuing operations
Current liabilities:
Total revenue	589,084	82,971	380,358	3,116,599
Consolidated VIEs | Discontinued operations
Current liabilities:
Total revenue				16,486,807
Nonrelated Party
Current assets:
Accounts and notes receivable, net	829,802		691,324				116,875
Current liabilities:
Amounts due to related parties	1,640,864		1,430,004				231,110
Total revenue	8,029,690	1,130,958	7,347,297	10,886,138
Nonrelated Party | Consolidated VIEs
Current assets:
Accounts and notes receivable, net	41,767		41,357				5,897
Current liabilities:
Amounts due to related parties	45,719		22,379				6,456
Related Parties
Current assets:
Accounts and notes receivable, net	60,394		76,368				8,506
Current liabilities:
Amounts due to related parties	1,119		1,315				158
Total revenue	286,154	$ 40,304	396,775	¥ 539,698
Related Parties | Consolidated VIEs
Current assets:
Accounts and notes receivable, net	302,018		233,032				42,642
Current liabilities:
Amounts due to related parties	¥ 404,371		¥ 393,834				$ 57,093

ORGANIZATION AND BASIS OF PRE_6

ORGANIZATION AND BASIS OF PRESENTATION - Assets, liabilities and cash flows of the Consolidated Plan (Details) ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2021 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Assets, liabilities and cash flows of the Consolidated Plan
Cash and cash equivalents		¥ 425,976		¥ 533,481	¥ 3,571,745	$ 59,997
Prepayments and other current assets		674,100		777,842		94,945
Total current assets		3,090,197		3,262,942		435,245
Total non-current assets		3,163,365		4,527,303		445,550
Total assets		6,253,562		7,790,245		880,795
Long-term borrowings - current portion		721		79,148		102
Accrued expenses and other liabilities		(1,091,573)		(1,145,654)		(153,745)
Total current liabilities		4,852,198		4,197,647		683,418
Total non-current liabilities		1,471,273		2,788,852		207,224
Total liabilities		6,323,471		6,986,499		890,642
Net revenue		8,315,844	$ 1,171,262	7,744,072	11,425,836
Cost of revenue		8,065,407	1,135,989	8,007,630	11,625,224
Net income		(814,402)	(114,708)	(1,463,311)	261,907
Net cash used in operating activities		(545,092)	(76,777)	(1,117,836)	(2,803,961)
Net cash generated from (used in) investing activities		628,975	88,589	150,756	4,542,718
Net cash generated from financing activities		(353,486)	(49,787)	(1,948,367)	(575,760)
Yunnan Trust Plan
Assets, liabilities and cash flows of the Consolidated Plan
Lease receivable with future cash flow transferred	¥ 577,347
Lease receivable with future cash flow transferred discounted amount	¥ 449,671
Consolidated Plan | Yunnan Trust Plan
Assets, liabilities and cash flows of the Consolidated Plan
Cash and cash equivalents		27		5,042		4
Prepayments and other current assets				17,909
Total current assets		27		58,828		4
Total assets		27		58,828		4
Accrued expenses and other liabilities				(351)
Total current liabilities		4		54,362		1
Total non-current liabilities		23		4,466		3
Total liabilities		27		58,828		4
Net revenue		1,707	240	31,598	80,029
Cost of revenue		7,872	1,109	37,135	64,312
Net income		(6,702)	(944)	(8,775)	5,493
Net cash used in operating activities		(36,074)	(5,081)	21,385	53,373
Net cash generated from (used in) investing activities		31,059	4,375	184,929	(233,203)
Net cash generated from financing activities				(227,438)	115,996
Related Parties
Assets, liabilities and cash flows of the Consolidated Plan
Amounts due from related parties		60,394		76,368		8,506
Amounts due to related parties		1,119		1,315		158
Net revenue		286,154	$ 40,304	396,775	¥ 539,698
Related Parties | Consolidated Plan | Yunnan Trust Plan
Assets, liabilities and cash flows of the Consolidated Plan
Amounts due from related parties				35,877
Amounts due to related parties		4		54,011		1
Amounts due to related parties		¥ 23		¥ 4,466		$ 3

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Liquidity and Going Concern (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Mar. 31, 2024 CNY (¥)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net loss from continuing operations	¥ (908,606)	$ (127,976)	¥ (1,464,827)	¥ (1,263,861)
Net cash used in continuing operating activities	(545,092)	$ (76,777)	(1,051,662)	¥ (891,135)
Accumulated deficit	(19,749,262)		(18,934,860)				$ (2,781,625)
Working capital deficiency	1,762,001						248,173
Total cash position	1,470,182						207,071
Short - term bank loans	¥ 401,755		¥ 183,270		¥ 220,000	$ 30,986	$ 56,586

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Convenience translation (Details)	Dec. 31, 2023 $ / ¥
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Convenience translation rate (USD to RMB)	7.0999

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted cash (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Restricted cash
Restricted cash	¥ 1,008,318	$ 142,019	¥ 399,337	¥ 675,159
ABS Plans and Trust Plan
Restricted cash
Restricted cash	0		16,650
Security Deposit
Restricted cash
Restricted cash	92,122	12,975	144,613
Pledged | Pledged Security
Restricted cash
Restricted cash	¥ 801,800	$ 112,931	¥ 775,692

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and equipment, net (Details)	Dec. 31, 2023
Machinery and electronic equipment | Minimum
Property and equipment, net
Estimated useful life	3 years
Machinery and electronic equipment | Maximum
Property and equipment, net
Estimated useful life	10 years
Motor vehicles
Property and equipment, net
Estimated useful life	3 years

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Details) - segment	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Freight Delivery And Global Reporting Unit
Number of reporting units tested for goodwill	2	2

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible assets (Details)	12 Months Ended
	Dec. 31, 2023
Customer relationships
Intangible assets
Estimated useful life	3 years 10 months 20 days
Software
Intangible assets
Estimated useful life	4 years 1 month 2 days
Software Development | Minimum
Intangible assets
Estimated useful life	3 years
Software Development | Maximum
Intangible assets
Estimated useful life	5 years

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment of long-lived assets held-for-use other than goodwill (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total impairment loss	¥ 94,699	$ 13,338	¥ 0	¥ 0

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue recognition (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total revenue	¥ 8,315,844	$ 1,171,262	¥ 7,744,072	¥ 11,425,836
Balances of contract liabilities and contract assets
Contract liabilities	103,863		90,505		$ 14,629
Revenue recognized included in contract liability balance at the beginning of the period	70,082	9,871	80,003	81,951
SaaS software service
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total revenue	58,823	8,285	41,286	34,639
Capital
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total revenue	8,609	$ 1,213	¥ 29,899	¥ 117,622
UCargo
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total revenue	¥ 2,809,081
Minimum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Customer credit terms	5 days	5 days
Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Customer credit terms	240 days	240 days

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Selling expenses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Selling expenses
Advertising expenses	¥ 6,504	$ 916	¥ 8,775	¥ 16,871

SUMMARY OF SIGNIFICANT ACCOU_13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Leases
Total cash originations from sales-type and direct financing leases	¥ 0		¥ 0	¥ 45,606
Total Cash Receipts From Sales-Type And Direct Financing Leases	¥ 39,966	$ 5,629	¥ 318,674	¥ 546,221

SUMMARY OF SIGNIFICANT ACCOU_14

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Research and Development Expenses (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Capitalized research and development expenses	¥ 31,881	$ 4,490	¥ 33,252	¥ 16,477

SUMMARY OF SIGNIFICANT ACCOU_15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Derivative instruments (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Notional amount of derivative liabilities	$ 132,000			$ 242,500
Gain (loss) on change in fair value of derivative liabilities	$ 4,553	¥ 32,322	¥ (71,619)

CONCENTRATION OF RISKS (Details

CONCENTRATION OF RISKS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021	Dec. 31, 2023 USD ($)
Default risk
CONCENTRATION OF RISKS
Cash and cash equivalents and restricted cash and notes receivable	¥ 2,165,180	¥ 2,401,207		$ 304,986
Lease rental and other financing receivables	¥ 54,994	¥ 233,786		$ 7,746
Foreign currency exchange rate risk
CONCENTRATION OF RISKS
Foreign currency exchange rate appreciation	2.90%	9.20%	2.30%

DISCONTINUED OPERATIONS - Narra

DISCONTINUED OPERATIONS - Narrative (Details) - CNY (¥) ¥ in Thousands			12 Months Ended
	Dec. 09, 2021	Nov. 18, 2021	Dec. 31, 2021
Wowo | Disposed of by sale
DISCONTINUED OPERATIONS
Disposal transaction with cash consideration		¥ 250,000
Gain (loss) on disposal			¥ (34,276)
Gain (Loss) on Disposal, Income Statement Location			Net income/(loss) from discontinued operations
BEST Express | Held for sale
DISCONTINUED OPERATIONS
Disposal transaction with cash consideration	¥ 3,876,286
Liabilities assumed	¥ 5,612,888
Gain (loss) on disposal			¥ 3,213,599
Gain (Loss) on Disposal, Income Statement Location			Net income/(loss) from discontinued operations

DISCONTINUED OPERATIONS - State

DISCONTINUED OPERATIONS - Statement of operations (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Statement of operations and cash flows of discontinued operations
Net income (loss) from discontinued operations	¥ 15,222	$ 2,144	¥ (38,464)	¥ 1,473,489
Held for sale | Store+ And Best Express
Statement of operations and cash flows of discontinued operations
Revenue				16,334,363
Cost of revenue				(17,313,107)
Gross loss				(978,744)
Selling expenses				(364,917)
General and administrative expenses			(31,617)	(530,479)
Research and development expenses				(51,465)
Other operating income				243,391
Total operating expenses			(31,617)	(703,470)
Loss from discontinued operations			(31,617)	(1,682,214)
Interest income				15,099
Interest expenses				(32,613)
Foreign exchange loss				(2,367)
Gains on disposal				3,179,323
Other income	15,222	2,144		37,570
Other expense			(6,847)	(41,309)
Income (Loss) before income taxes	15,222	2,144	(38,464)	1,473,489
Net income (loss) from discontinued operations	¥ 15,222	$ 2,144	¥ (38,464)	¥ 1,473,489

DISCONTINUED OPERATIONS - Dispo

DISCONTINUED OPERATIONS - Disposals transactions (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)
DISCONTINUED OPERATIONS
Total revenue	¥ 8,315,844	$ 1,171,262	¥ 7,744,072		¥ 11,425,836
Total cost of revenue	(8,065,407)	(1,135,989)	(8,007,630)		(11,625,224)
Interest income	83,810	11,805	80,361		49,658
Discontinued operations
DISCONTINUED OPERATIONS
Total revenue			82,291		52,933
Total cost of revenue			(53,338)		(11,700)
Interest income					4,671
Net cash inflows received by the Company's continuing operations from the Discontinued Operations after the disposal transactions | $		0		$ 246,106		$ 43,678
Freight delivery
DISCONTINUED OPERATIONS
Total cost of revenue	(5,206,967)	(733,386)	(5,114,937)		(8,506,738)
Freight delivery | Discontinued operations
DISCONTINUED OPERATIONS
Total revenue			45,664		6,271
Total cost of revenue			(34,262)		(4,274)
Supply chain management
DISCONTINUED OPERATIONS
Total cost of revenue	(1,700,467)	(239,506)	(1,711,818)		(1,741,832)
Supply chain management | Discontinued operations
DISCONTINUED OPERATIONS
Total revenue			16,547		4,500
Total cost of revenue			(5,315)		(3,390)
Others
DISCONTINUED OPERATIONS
Total cost of revenue	¥ (26,489)	$ (3,731)	(99,288)		(118,143)
Others | Discontinued operations
DISCONTINUED OPERATIONS
Total revenue			20,080		42,162
Total cost of revenue			¥ (13,761)		¥ (4,036)

ACCOUNTS AND NOTES RECEIVABLE_3

ACCOUNTS AND NOTES RECEIVABLE, NET (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
ACCOUNTS AND NOTES RECEIVABLE, NET
Allowance for credit losses	¥ (250,104)	$ (35,226)	¥ (263,956)	$ (37,177)	¥ (227,593)	¥ (204,124)
Nonrelated Party
ACCOUNTS AND NOTES RECEIVABLE, NET
Accounts receivable	1,078,242	151,867	950,666
Notes receivable	1,664	234	4,614
Allowance for credit losses	(250,104)	(35,226)	(263,956)
Accounts and notes receivable, net	¥ 829,802	$ 116,875	¥ 691,324

ACCOUNTS AND NOTES RECEIVABLE_4

ACCOUNTS AND NOTES RECEIVABLE, NET - Movements in allowance for doubtful accounts (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
ACCOUNTS AND NOTES RECEIVABLE, NET
Balance at beginning of the year	¥ (263,956)	$ (37,177)	¥ (227,593)	¥ (204,124)
Additions	(4,277)	(602)	(43,295)	(31,291)
Write-offs	18,129	2,553	6,932	7,822
Balance at end of the year	¥ (250,104)	$ (35,226)	¥ (263,956)	¥ (227,593)

ACCOUNTS AND NOTES RECEIVABLE_5

ACCOUNTS AND NOTES RECEIVABLE, NET - Group derecognized notes receivable (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ACCOUNTS AND NOTES RECEIVABLE, NET
Notes receivable, gain (loss) recognized from continuing involvement	¥ 0	¥ 0	¥ 0

PREPAYMENTS AND OTHER CURRENT_3

PREPAYMENTS AND OTHER CURRENT ASSETS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
PREPAYMENTS AND OTHER CURRENT ASSETS
Value-added taxes ("VAT") recoverable	¥ 304,683	$ 42,914	¥ 283,001
Receivables from failed sale-leaseback transactions	104,181	14,674	176,210
Rental and other deposits	52,985	7,462	88,972
Fair value accounting of financial instruments	10,917	1,538	49,077
Factoring receivables	52,840	7,442	39,105
Interest receivables	73,874	10,405	28,112
Others	190,095	26,774	167,688
Allowance for credit losses	(115,475)	(16,264)	(54,323)	$ (7,651)	¥ (33,746)	¥ (12,196)
PREPAYMENTS AND OTHER CURRENT ASSETS	¥ 674,100	$ 94,945	¥ 777,842

PREPAYMENTS AND OTHER CURRENT_4

PREPAYMENTS AND OTHER CURRENT ASSETS - Narrative (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
PREPAYMENTS AND OTHER CURRENT ASSETS
Receivables from failed sale-leaseback transactions due within one year	¥ 104,181		¥ 176,210		$ 14,674
Interest income	5,058	$ 712	7,536	¥ 34,956
Factoring receivables, allowance for credit losses	516		0		$ 73
Other non-current assets
PREPAYMENTS AND OTHER CURRENT ASSETS
Receivables from failed sale-leaseback transactions due over one year	0		25,811
Allowance for credit losses	¥ 0		¥ 7,621

PREPAYMENTS AND OTHER CURRENT_5

PREPAYMENTS AND OTHER CURRENT ASSETS - Allowance for credit losses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
PREPAYMENTS AND OTHER CURRENT ASSETS
Balance at beginning of the year	¥ (54,323)	$ (7,651)	¥ (33,746)	¥ (12,196)
Additions	(77,293)	(10,886)	(31,358)	(21,550)
Writeoffs	16,141	2,273	10,781
Balance at end of the year	¥ (115,475)	$ (16,264)	¥ (54,323)	¥ (33,746)

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	¥ 1,655,600		¥ 1,590,237		$ 233,186
Less: accumulated depreciation	(936,696)		(805,505)		(131,931)
Impairment	(94,699)		0	¥ 0	(13,338)
Property and equipment, net, Total	624,205		784,732		87,917
Depreciation expense including assets under financing leases	172,404	$ 24,283	176,341	¥ 183,332
Machinery and electronic equipment
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	744,126		677,471		104,808
Financial leased assets
Finance leased assets, gross	6,169		48,336		869
Finance leased assets, accumulated depreciation	3,604		7,772		508
Leasehold improvements
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	674,716		683,804		95,032
Motor vehicles
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	216,535		179,769		30,498
Construction in progress
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	¥ 20,223		¥ 49,193		$ 2,848

INTANGIBLE ASSETS, NET (Details

INTANGIBLE ASSETS, NET (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
INTANGIBLE ASSETS, NET
Intangible assets, gross	¥ 195,356		¥ 160,943		$ 27,515
Less: accumulated amortization	(102,183)		(85,390)		(14,392)
Intangible Assets, net	93,173		75,553		13,123
Amortization expense of intangible assets	16,793	$ 2,365	12,569	¥ 8,033
Customer relationships
INTANGIBLE ASSETS, NET
Intangible assets, gross	10,449		10,449		1,472
Software
INTANGIBLE ASSETS, NET
Intangible assets, gross	183,526		106,071		25,849
Capitalized internal use software in progress
INTANGIBLE ASSETS, NET
Intangible assets, gross	¥ 1,381		¥ 44,423		$ 194

INTANGIBLE ASSETS, NET - Impair

INTANGIBLE ASSETS, NET - Impairment (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Estimated amortization expense relating to existing intangible assets
2024	¥ 26,517			$ 3,735
2025	20,317			2,862
2026	20,284			2,856
2027	15,436			2,174
2028	10,619			1,496
Estimated amortization expense in the next five years	93,173			$ 13,123
Impairment losses on intangible assets	¥ 0	¥ 0	¥ 0

LEASES - Lessor - Lease Rental

LEASES - Lessor - Lease Rental Receivables (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Current assets:
Direct financing leases	¥ 25,688	$ 3,618	¥ 42,295
Sales-type leases	22,237	3,132	772
Current assets	47,925	6,750	43,067
Non-current assets:
Direct financing leases			30,682
Sales-type leases	314	44	9,506
Non-current assets	314	44	40,188
Net investment in direct financing and sales-type leases	¥ 48,239	$ 6,794	¥ 83,255

LEASES - Lessor - Net investmen

LEASES - Lessor - Net investment in direct financing and sales-type leases (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Lessor, Lease, Description [Line Items]
Interest income from direct financing and sales-type leases	¥ 2,319	$ 327	¥ 5,389	¥ 45,644
Net investment in direct financing and sales-type leases
Total minimum lease payments receivable	67,522		136,188		$ 9,509
Minimum lease payments receivable	67,522		136,188		9,509
Less: Allowance for credit losses	(14,937)		(42,313)		(2,104)
Net minimum lease payments receivable	52,585		93,875		7,405
Less: Unearned income	(4,346)		(10,620)		(611)
Net investment in direct financing and sales-type leases	48,239		83,255		6,794
Current portion	47,925		43,067		6,750
Non-current portion	¥ 314		¥ 40,188		$ 44
Minimum
Lessor, Lease, Description [Line Items]
Direct financing lease term of contract	2 years				2 years
Sales-type lease term of contract	2 years				2 years
Maximum
Lessor, Lease, Description [Line Items]
Direct financing lease term of contract	10 years				10 years
Sales-type lease term of contract	10 years				10 years

LEASES - Lessor - Future minimu

LEASES - Lessor - Future minimum lease payments to be received (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Future minimum lease payments to be received for direct financing and sales-type leases
For the year ending December 31, 2024	¥ 52,253	$ 7,359
For the year ending December 31, 2025	332	46
Net minimum lease payments receivable	52,585	7,405	¥ 93,875
Less: Unearned income	(4,346)	(611)	(10,620)
Net investment in direct financing and sales-type leases	¥ 48,239	$ 6,794	¥ 83,255

LEASES - Financing and operatin

LEASES - Financing and operating leases as Lessee (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Lease, Cost [Abstract]
Operating lease cost	¥ 608,066	$ 85,644	¥ 671,422	¥ 674,892
Short-term Lease, Cost	4,415	622	116,107	100,766
Financing lease cost:
Amortization of ROU assets	242	34	2,313	1,293
Interest	88	12	202	169
Total lease cost	612,811	86,312	790,044	777,120
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	612,224	86,230	770,580	745,032
Operating cash flows from financing leases	88	12	202	169
Financing cash flows from financing leases	1,193	168	1,772	1,481
ROU assets obtained in exchange for new operating lease liabilities	328,599	46,282	560,056	780,576
ROU obtained in exchange for new finance lease liabilities	¥ 643	$ 91	¥ 38,134	¥ 1,493
Weighted-average remaining lease term (in years):
Operating leases	3 years 5 months 15 days	3 years 5 months 15 days	4 years 6 months 29 days	5 years 10 days
Financing leases	1 year 7 months 6 days	1 year 7 months 6 days	2 years 11 months 26 days	2 years 9 months 14 days
Weighted-average discount rate:
Operating leases	7.52%	7.52%	7.86%	7.67%
Financing leases	6.17%	6.17%	5.67%	5.19%
Maximum
Lessee, Lease, Description [Line Items]
Remaining Lease Term	20 years	20 years
Cost of revenues
Weighted-average discount rate:
Total operating and short-term lease costs	¥ 566,296	$ 80,043	¥ 755,519	¥ 740,554
Selling expenses
Weighted-average discount rate:
Total operating and short-term lease costs	2,044	288	1,616	1,035
General and administrative expenses
Weighted-average discount rate:
Total operating and short-term lease costs	¥ 42,141	$ 5,935	¥ 30,394	¥ 34,069

LEASES - Future minimum lease p

LEASES - Future minimum lease payments for operating and financing leases as lessee (Details) - Dec. 31, 2023 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Operating Leases
For the year ended December 31, 2024	¥ 604,939	$ 85,203
For the year ended December 31, 2025	405,398	57,099
For the year ended December 31, 2026	253,910	35,762
For the year ended December 31, 2027	134,735	18,977
For the year ended December 31, 2028	72,142	10,161
Thereafter	218,284	30,745
Total minimum lease payments	1,689,408	237,947
Less: imputed interest	303,104	42,690
Total lease liability balance	1,386,304	195,257
Minimum payments related to leases not yet commenced as of December 31, 2023	46,110	6,494
Financing leases
For the year ended December 31, 2024	862	121
For the year ended December 31, 2025	389	55
For the year ended December 31, 2026	260	37
For the year ended December 31, 2027	149	21
For the year ended December 31, 2028	92	13
Total minimum lease payments	1,752	247
Less: imputed interest	103	15
Total lease liability balance	¥ 1,649	$ 232

LONG-TERM INVESTMENTS - Classif

LONG-TERM INVESTMENTS - Classifications (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
LONG-TERM INVESTMENTS
Equity investments without readily determinable fair value	¥ 156,859	$ 22,093	¥ 156,859
Total Long-term Investments	¥ 156,859	$ 22,093	¥ 156,859

LONG-TERM INVESTMENTS - Equity

LONG-TERM INVESTMENTS - Equity investments without readily determinable fair value - Tabular Information (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
LONG-TERM INVESTMENTS
Initial cost basis	¥ 57,241	$ 8,062	¥ 57,241
Cumulative unrealized gains	116,930	16,469	116,930
Cumulative unrealized losses (including impairment)	(17,312)	(2,438)	(17,312)
Total carrying value	¥ 156,859	$ 22,093	¥ 156,859

LONG-TERM INVESTMENTS - Total u

LONG-TERM INVESTMENTS - Total unrealized and realized gains and losses of equity investments without readily determinable fair value (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity Securities without Readily Determinable Fair Value [Line Items]
Gross unrealized gains			¥ 58,643
Gross unrealized losses (including impairment)		¥ (12,312)	(5,000)
Net unrealized gains (loss) on equity securities held		(12,312)	53,643
Net realized gains on equity securities sold			247,145
Total net gains (loss) recognized		(12,312)	300,788
Gross unrealized losses (downward adjustments excluding impairment)	¥ 0	0	0
Impairment losses	¥ 0
Other expense
Equity Securities without Readily Determinable Fair Value [Line Items]
Gross unrealized losses (including impairment)		¥ (12,312)	¥ (5,000)

LONG-TERM INVESTMENTS - Equit_2

LONG-TERM INVESTMENTS - Equity investments without readily determinable fair value (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Equity method investment
Equity investments without readily determinable fair value, carrying amount		¥ 156,859	$ 22,093	¥ 156,859
Cash consideration	¥ 354,018
Net realized gains on equity securities sold	247,145
Cainiao
Equity method investment
Equity investments without readily determinable fair value, carrying amount	71,667
Cash consideration	220,000
Net realized gains on equity securities sold	¥ 148,333
Percent of share of equity investment without readily determinable fair value	1%
Shanghai Fast Storehouse Intelligent Technology Co., Ltd
Equity method investment
Equity investments without readily determinable fair value, carrying amount	¥ 100,149
Cash consideration	347,294
Net realized gains on equity securities sold	¥ 247,145

GOODWILL (Details)

GOODWILL (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Changes in goodwill
Goodwill at beginning of period	¥ 54,135
Goodwill at end of period	54,135	$ 7,625	¥ 54,135
Impairment losses	0		0	¥ 0
Freight delivery
Changes in goodwill
Goodwill at beginning of period	5,580
Goodwill at end of period	5,580	786	5,580
Global
Changes in goodwill
Goodwill at beginning of period	48,555
Goodwill at end of period	¥ 48,555	$ 6,839	¥ 48,555

SHORT-TERM AND LONG-TERM BANK_3

SHORT-TERM AND LONG-TERM BANK LOANS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Mar. 31, 2024 CNY (¥)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Short Term And Long Term Bank
Short - term bank loans	¥ 401,755		¥ 183,270		¥ 220,000	$ 30,986	$ 56,586
Total Short term and long term bank loans pledged by deposits current	1,196,434		183,270				168,514
Long-term bank loan	159,729		928,894				22,497
Total	1,356,163		1,112,164				191,011
Restricted cash	1,008,318		399,337	¥ 675,159			142,019
Restricted cash	812,371		1,545,605	1,069,244			114,420
Securitization debt.
Short Term And Long Term Bank
Face value	164,205		110,142	475,491			$ 23,128
Proceeds from short-term debt	¥ 161,455	$ 22,741	¥ 108,365	¥ 462,170
Securitization debt. | Minimum
Short Term And Long Term Bank
Effective interest rate	1.16%						1.16%
Securitization debt. | Maximum
Short Term And Long Term Bank
Effective interest rate	4.59%						4.59%
Short-term bank loans
Short Term And Long Term Bank
Long-term debt, weighted average interest rate (as a percent)	1.60%		1.74%				1.60%
Short-term bank loans | Pledged
Short Term And Long Term Bank
Restricted cash	¥ 0		¥ 81,150
Short-term bank loans guaranteed by subsidiaries within the Group
Short Term And Long Term Bank
Short - term bank loans	239,000						$ 33,662
Pledged short term bank loans
Short Term And Long Term Bank
Short - term bank loans			73,128
Secured bank borrowings
Short Term And Long Term Bank
Short - term bank loans	162,755		110,142				22,924
Secured bank borrowings | Pledged
Short Term And Long Term Bank
Intercompany notes receivables	162,755		¥ 110,142				22,924
Long-term bank loans pledged by deposits
Short Term And Long Term Bank
Long-term bank loans pledged by deposits, current portion	¥ 794,679						$ 111,928
Long term bank loan
Short Term And Long Term Bank
Long-term debt, weighted average interest rate (as a percent)	1.32%		1.06%				1.32%
Long term bank loan - 2025	¥ 159,729						$ 22,497
Long term bank loan - 2024	794,679						111,928
Long term bank loan | Pledged
Short Term And Long Term Bank
Restricted cash	¥ 919,320		¥ 917,650				$ 129,484

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
ACCRUED EXPENSES AND OTHER LIABILITIES.
Salary and welfare payable	¥ 631,772	$ 88,983	¥ 624,166
Customer deposits	180,945	25,486	218,366
Accrued expenses	57,686	8,125	86,270
Accrual for purchases of property and equipment	70,014	9,861	71,234
Other tax payables	10,362	1,459	12,005
Fair value accounting of financial instruments			5,452
Others	140,794	19,831	128,161
Total	¥ 1,091,573	$ 153,745	¥ 1,145,654

LONG-TERM BORROWINGS - Classifi

LONG-TERM BORROWINGS - Classifications (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
LONG-TERM BORROWINGS
Long-term borrowings - current portion	¥ 721	$ 102	¥ 79,148
Long-term borrowings - non-current			381
Chengdu Gongtou Plan
LONG-TERM BORROWINGS
Long-term borrowings - current portion	¥ 721	$ 102	25,137
Long-term borrowings - non-current			381
Houfu
LONG-TERM BORROWINGS
Long-term borrowings - current portion			¥ 54,011

LONG-TERM BORROWINGS - Addition

LONG-TERM BORROWINGS - Additional Information (Details) ¥ in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Aug. 31, 2021 CNY (¥)	Mar. 31, 2021 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
LONG-TERM BORROWINGS
Principal Repayment Of Borrowings From External Investors			¥ 27,045	$ 3,809	¥ 301,765	¥ 378,829
Long-term borrowings - current portion			721		79,148		$ 102
Long-term borrowings - non-current					381
Total outstanding borrowings			721				102
Houfu
LONG-TERM BORROWINGS
Lease receivable with future cash flow transferred		¥ 166,149
Lease receivable with future cash flow transferred discounted amount		¥ 133,200
Debt securities maturity period		33 months
Long-term borrowings - current portion					54,011
Repayments on the borrowings			1,349	190	¥ 131,851
Weighted average effective interest rate for the outstanding secured borrowings					37.27%
Chendu Gongtou
LONG-TERM BORROWINGS
Weighted average effective interest rate					18.85%
Lease receivable with future cash flow transferred	¥ 161,031
Present value of lease receivable with future cash flow transferred	¥ 135,858
Debt securities maturity period	33 months
Repayments on the borrowings			¥ 25,300	$ 3,563
Yunnan Trust Plan
LONG-TERM BORROWINGS
Lease receivable with future cash flow transferred		¥ 577,347
Lease receivable with future cash flow transferred discounted amount		¥ 449,671
Principal Repayment Of Borrowings From External Investors					¥ 84,365
Yunnan Trust Plan | Sinolink
LONG-TERM BORROWINGS
Debt securities yield percentage		8%
Yunnan Trust Plan | Senior level debt securities
LONG-TERM BORROWINGS
Debt securities maturity period		14 months
Yunnan Trust Plan | Senior level debt securities | Sinolink
LONG-TERM BORROWINGS
Debt securities		¥ 319,610
Yunnan Trust Plan | Junior level debt securities
LONG-TERM BORROWINGS
Debt securities		¥ 130,061
Debt securities maturity period		33 months
Yunnan Trust Plan | Minimum
LONG-TERM BORROWINGS
Remaining lease term		18 months
Yunnan Trust Plan | Maximum
LONG-TERM BORROWINGS
Remaining lease term		36 months
Chengdu Gongtou Plan
LONG-TERM BORROWINGS
Weighted average effective interest rate			18.85%	18.85%
Long-term borrowings - current portion			¥ 721		25,137		$ 102
Long-term borrowings - non-current					381
Repayments on the borrowings					¥ 85,549

CONVERTIBLE SENIOR NOTES - Clas

CONVERTIBLE SENIOR NOTES - Classifications (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
CONVERTIBLE SENIOR NOTES
Convertible senior notes, current	¥ 106,318	$ 14,975	¥ 522,821
Convertible senior notes, non-current	424,962	59,855	522,744
Related Parties
CONVERTIBLE SENIOR NOTES
Convertible senior notes, current	106,240	14,964	522,744
Convertible senior notes, non-current	424,962	59,855	522,744
Related Parties | 2025 Convertible Notes
CONVERTIBLE SENIOR NOTES
Convertible senior notes, current	106,240	14,964	522,744
Convertible senior notes, non-current	424,962	59,855	522,744
Third parties
CONVERTIBLE SENIOR NOTES
Convertible senior notes, current	78	11	77
Third parties | 2024 Convertible Notes
CONVERTIBLE SENIOR NOTES
Convertible senior notes, current	¥ 78	$ 11	¥ 77

CONVERTIBLE SENIOR NOTES - Addi

CONVERTIBLE SENIOR NOTES - Additional information (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands					1 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 03, 2020 USD ($) $ / shares	Sep. 17, 2019 CNY (¥) $ / Options	Sep. 17, 2019 USD ($)	Jul. 31, 2023 CNY (¥)	Jul. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥) ¥ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2023 USD ($) $ / shares	Jul. 31, 2023 USD ($)	Apr. 14, 2023 USD ($) D	Jun. 03, 2020 ¥ / shares	Sep. 17, 2019 USD ($) $ / Options
CONVERTIBLE SENIOR NOTES
Accretion expected							¥ 424,962			$ 60,000,000
Remaining discount amortization period (in years)							1 year 4 months 6 days			1 year 4 months 6 days
2025 Convertible Notes
CONVERTIBLE SENIOR NOTES
Debt instrument repurchase days | D												90
Convertible notes, amount outstanding					¥ 531,202						$ 75,000,000
Amount redeemed					¥ 503,318	$ 75,000,000
Alibaba HK | Debt to Repurchased After 3 June, 2024
CONVERTIBLE SENIOR NOTES
Repurchase amount												$ 75,000,000
Alibaba HK | Debt to Repurchased in Period 2023
CONVERTIBLE SENIOR NOTES
Repurchase amount												$ 75,000,000
Third parties
CONVERTIBLE SENIOR NOTES
Face amount of debt														$ 100,000,000
2024 Convertible Notes
CONVERTIBLE SENIOR NOTES
Face amount of debt							¥ 78		¥ 77	$ 11,000				$ 200,000,000
Stated interest rate of debt			1.75%											1.75%
Initial conversion rate | (per share)							¥ 7.0922			$ 141
Principal amount considered for conversion										$ 1,000
Redemption price (as a percent)	100%
Capped call options			¥ 159,138											$ 22,500,000
Cap price | $ / Options			200											200
Proceeds from issuance of notes			¥ 1,375,355	$ 194,457,000
Underwriting discounts and offering expenses			¥ 39,205	5,543,000
Proceeds from issuance of notes, gross				$ 200,000,000
Unamortized debt discount | ¥							¥ 0		0
Interest cost recognized relating to contractual interest coupon and amortization of discount | ¥							¥ 0		21,768
Remaining discount amortization period (in years)							9 months			9 months
Aggregate scheduled maturities of Notes							¥ 78		77	$ 11,000
Convertible notes, amount outstanding							78			11,000
Debt equivalent | ¥							78
Amount redeemed							1,379,364	$ 199,989,000
2024 Convertible Notes | Maximum
CONVERTIBLE SENIOR NOTES
Face amount of debt										11,000
2024 Convertible Notes | Related Parties | Alibaba HK
CONVERTIBLE SENIOR NOTES
Face amount of debt														$ 100,000,000
2025 Convertible Notes
CONVERTIBLE SENIOR NOTES
Face amount of debt							531,202		1,046,074	74,818,000
Initial conversion rate | (per share)		$ 121.40											¥ 823.723
Principal amount considered for conversion		$ 100,000,000
Redemption price (as a percent)		100%
Proceeds from issuance of notes							1,061,421	149,340,000
Underwriting discounts and offering expenses							4,689	660,000
Proceeds from issuance of notes, gross							1,066,110	150,000,000
Unamortized debt discount | ¥							0		586
Net carrying amount of Notes							531,202		1,045,488	74,818,000
Interest cost recognized relating to contractual interest coupon and amortization of discount							35,395	$ 4,985,000	¥ 48,708
Accretion expected							¥ 106,240			$ 15,000,000
Remaining discount amortization period (in years)							5 months 1 day			5 months 1 day
2025 Convertible Notes | Related Parties | Alibaba HK
CONVERTIBLE SENIOR NOTES
Face amount of debt		$ 150,000,000
Stated interest rate of debt		4.50%

TAXATION (Details)

TAXATION (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
TAXATION
Income tax rate (as a percent)	25%	25%	25%	25%
Company's net loss before income tax
PRC	¥ (369,844)	$ (52,093)	¥ (1,053,407)	¥ (954,592)
Non-PRC	(537,621)	(75,722)	(410,909)	(306,013)
Loss before income taxes and share of net loss of equity investees	(907,465)	(127,815)	(1,464,316)	(1,260,605)
Components of income tax expense
Current income tax	(1,141)	(161)	(511)	(3,198)
Income tax expense (benefit), total	¥ (1,141)	$ (161)	¥ (511)	¥ (3,198)
British Virgin Islands
TAXATION
With holding tax	0%	0%
Hong Kong
TAXATION
With holding tax	0%	0%	0%	0%
Income tax rate (as a percent)	16.50%	16.50%	16.50%	16.50%
Assessable profits	¥ 0		¥ 0	¥ 0
PRC
TAXATION
Income tax rate (as a percent)	25%	25%
Withholding income tax on dividends distributed by an FIE to its immediate holding company outside China (as a percent)	10%	10%
PRC | BEST Technology
TAXATION
Preferential tax rate (as a percent)	15%	15%

TAXATION - Reconciliation of In

TAXATION - Reconciliation of Income Tax Expense (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Reconciliation of the differences between the PRC statutory tax rate and effective tax rate
Loss before income taxes and share of net loss of equity investees	¥ (907,465)	$ (127,815)	¥ (1,464,316)	¥ (1,260,605)
PRC statutory income tax rate	25%	25%	25%	25%
Income tax computed at the statutory tax rate of 25%	¥ 226,866	$ 31,953	¥ 366,079	¥ 315,151
Non-deductible expenses	(41,138)	(5,794)	(20,250)	(112,363)
Effect of different tax rates in different jurisdictions and preferential tax rate	(42,203)	(5,944)	(68,037)	447,053
R&D expenses super-deduction	15,868	2,235	14,223	25,756
Non-taxable income	4,575	644	6,395	6,525
Provision to return	17,752	2,500	(74,577)	14,568
Deferred tax expense	(8,212)	(1,157)	(1,462)	(21,245)
Tax rate change	(8,531)	(1,202)	483	(2,890)
Expired tax loss	(18,784)	(2,645)	(160,285)	(112,725)
Change in valuation allowance	(164,396)	(23,155)	(62,114)	(568,808)
Income tax expense (benefit), total	¥ (1,141)	$ (161)	¥ (511)	¥ (3,198)

TAXATION - Components of Deferr

TAXATION - Components of Deferred tax (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Deferred tax assets, non-current
Accrued expenses	¥ 298,208	$ 42,002	¥ 278,341
Customer advances and deposits	7,139	1,006	10,431
Allowance for credit losses and inventory provision	99,327	13,990	101,187
Allowance for long-term investment	3,078	434	3,078
Impairment of long-lived asset	23,675	3,335
Loss from inter-company loan forgiveness	128,959	18,163
Depreciation and amortization expense	8,476	1,194	18,961
Net operating losses carry forward	1,419,440	199,924	1,410,903
Lease liabilities	355,341	50,049	467,623
Total deferred tax assets	2,343,643	330,097	2,290,524
Valuation allowance	(1,982,678)	(279,256)	(1,818,282)
Total deferred tax assets net of valuation allowance	360,964	50,841	472,242
Deferred tax liabilities
Fair value changes of equity investments	(29,232)	(4,117)	(29,232)
Accrued revenue recognition difference	(5,016)	(707)	(3,765)
Right-of-use assets	(326,716)	(46,017)	(439,245)
Total deferred tax liabilities	(360,964)	(50,841)	(472,242)
Net tax operating losses	5,719,812	805,619	¥ 5,621,989
Undistributed earnings from PRC subsidiaries as well as VIEs	¥ 31,642	$ 4,457

TAXATION - Unrecognized tax ben

TAXATION - Unrecognized tax benefits (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
TAXATION
Unrecognized tax benefits	¥ 88,530	$ 12,468	¥ 94,572	$ 13,320	¥ 78,800
Unrecognized tax benefit presented on a net basis against deferred tax asset	0		0
Unrecognized tax benefits if recognized that will impact effective tax rate	¥ 64,997	$ 9,155	¥ 58,813

TAXATION - Schedule of unrecogn

TAXATION - Schedule of unrecognized tax benefits (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
TAXATION
Beginning balance	¥ 94,572	$ 13,320	¥ 78,800
Additions	6,184	870	15,772
Decreases	(12,226)	(1,722)
Ending balance	¥ 88,530	$ 12,468	¥ 94,572

RESTRICTED NET ASSETS (Details)

RESTRICTED NET ASSETS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Contractual Agreements
Minimum percentage of after tax profits to be allocated to general reserve fund	10%
Maximum threshold, expressed as a percentage of an entity's general reserve fund to its registered capital, for which allocations of after-tax profits to the general reserve fund are required	50%
Appropriations made to statutory reserves	¥ 0	¥ 167	¥ 7,871
Restricted paid-in capital of the Company's PRC subsidiary and consolidated VIEs	¥ 5,269,936			$ 742,255
Consolidated VIEs
Contractual Agreements
Minimum percentage of after tax profits to be allocated to general reserve fund	10%
Maximum threshold, expressed as a percentage of an entity's general reserve fund to its registered capital, for which allocations of after-tax profits to the general reserve fund are required	50%

EARNINGS (LOSS) PER SHARE (Deta

EARNINGS (LOSS) PER SHARE (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Denominator:
Continuing operations | (per share)	¥ (2.18)	$ (0.31)	¥ (3.63)	¥ (3.12)
Continuing operations | (per share)	(2.18)	(0.31)	(3.63)	(3.12)
Discontinued operations | (per share)	0.04	0.01	(0.10)	3.80
Basic (loss) income per share (in dollars per share) | (per share)	(2.14)	(0.30)	(3.73)	0.68
Diluted (loss) income per share (in dollars per share) | (per share)	(2.14)	(0.30)	(3.73)	0.68
Basic net (loss) earnings per ADS (1 ADS equals 20 Class A ordinary shares) (in dollars per share) | (per share)	(42.70)	(6.01)	(74.60)	13.60
Diluted net (loss) earnings per ADS (1 ADS equals 20 Class A ordinary shares) (in dollar per share) | (per share)	¥ (42.70)	$ (6.01)	¥ (74.60)	¥ 13.60
Class A ordinary shares
Numerator:
Net loss from continuing operations attributable to ordinary shareholders-basic	¥ (521,059)	$ (73,391)	¥ (909,443)	¥ (768,670)
Net (loss) income from discontinued operations, net of tax	9,561	1,346	(24,552)	934,833
Net (loss) income attributable to ordinary shareholders-basic	(511,498)	(72,045)	(933,995)	166,163
Reallocation of net loss from continuing operations attributable to ordinary shareholders as a result of conversion of Class C and Class B to Class A ordinary shares	(308,565)	(43,460)	(515,404)	(442,912)
Reallocation of net (loss) income from discontinued operations, net of tax attributable to ordinary shareholders as a result of conversion of Class C and Class B to Class A ordinary shares	5,662	798	(13,912)	538,656
Reallocation of net (loss) income attributable to ordinary shareholders as a result of conversion of Class C and Class B to Class A ordinary shares	(302,903)	(42,662)	(529,316)	95,744
Net (loss) income attributable to ordinary shareholders-diluted	¥ (814,401)	$ (114,707)	¥ (1,463,311)	¥ 261,907
Denominator:
Weighted average number of ordinary shares outstanding-basic	239,563,290	239,563,290	250,326,701	246,207,464
Conversion of Class C and Class B to Class A ordinary shares	141,865,947	141,865,947	141,865,947	141,865,947
Weighted average number of ordinary shares for continuing operations outstanding - diluted	381,429,237	381,429,237	392,192,648	388,073,411
Weighted average number of ordinary shares for discontinued operations outstanding - diluted	381,429,237	381,429,237	392,192,648	388,073,411
Weighted average number of ordinary shares outstanding - diluted	381,429,237	381,429,237	392,192,648	388,073,411
Continuing operations | (per share)	¥ (2.18)	$ (0.31)	¥ (3.63)	¥ (3.12)
Continuing operations | (per share)	(2.18)	(0.31)	(3.63)	(3.12)
Discontinued operation (in dollars per share) | (per share)	0.04	0.01	(0.10)	3.80
Discontinued operations | (per share)	0.04	0.01	(0.10)	3.80
Basic (loss) income per share (in dollars per share) | (per share)	(2.14)	(0.30)	(3.73)	0.68
Diluted (loss) income per share (in dollars per share) | (per share)	(2.14)	(0.30)	(3.73)	0.68
Basic net (loss) earnings per ADS (1 ADS equals 20 Class A ordinary shares) (in dollars per share) | (per share)	(42.70)	(6.01)	(74.60)	13.60
Diluted net (loss) earnings per ADS (1 ADS equals 20 Class A ordinary shares) (in dollar per share) | (per share)	¥ (42.70)	$ (6.01)	¥ (74.60)	¥ 13.60
Class B ordinary shares
Numerator:
Net loss from continuing operations attributable to ordinary shareholders-basic	¥ (204,618)	$ (28,820)	¥ (341,778)	¥ (293,707)
Net (loss) income from discontinued operations, net of tax	3,754	529	(9,225)	357,198
Net (loss) income attributable to ordinary shareholders-basic	(200,864)	(28,291)	(351,003)	63,491
Net (loss) income attributable to ordinary shareholders-diluted	¥ (200,864)	$ (28,291)	¥ (351,003)	¥ 63,491
Denominator:
Weighted average number of ordinary shares outstanding-basic	94,075,249	94,075,249	94,075,249	94,075,249
Weighted average number of ordinary shares for continuing operations outstanding - diluted	94,075,249	94,075,249	94,075,249	94,075,249
Weighted average number of ordinary shares for discontinued operations outstanding - diluted	94,075,249	94,075,249	94,075,249	94,075,249
Weighted average number of ordinary shares outstanding - diluted	94,075,249	94,075,249	94,075,249	94,075,249
Continuing operations | (per share)	¥ (2.18)	$ (0.31)	¥ (3.63)	¥ (3.12)
Continuing operations | (per share)	(2.18)	(0.31)	(3.63)	(3.12)
Discontinued operation (in dollars per share) | (per share)	0.04	0.01	(0.10)	3.80
Discontinued operations | (per share)	0.04	0.01	(0.10)	3.80
Basic (loss) income per share (in dollars per share) | (per share)	(2.14)	(0.30)	(3.73)	0.68
Diluted (loss) income per share (in dollars per share) | (per share)	(2.14)	(0.30)	(3.73)	0.68
Basic net (loss) earnings per ADS (1 ADS equals 20 Class A ordinary shares) (in dollars per share) | (per share)	(42.70)	(6.01)	(74.60)	13.60
Diluted net (loss) earnings per ADS (1 ADS equals 20 Class A ordinary shares) (in dollar per share) | (per share)	¥ (42.70)	$ (6.01)	¥ (74.60)	¥ 13.60
Class C ordinary shares
Numerator:
Net loss from continuing operations attributable to ordinary shareholders-basic	¥ (103,947)	$ (14,641)	¥ (173,626)	¥ (149,205)
Net (loss) income from discontinued operations, net of tax	1,907	269	(4,687)	181,458
Net (loss) income attributable to ordinary shareholders-basic	(102,040)	(14,372)	(178,313)	32,253
Net (loss) income attributable to ordinary shareholders-diluted	¥ (102,040)	$ (14,372)	¥ (178,313)	¥ 32,253
Denominator:
Weighted average number of ordinary shares outstanding-basic	47,790,698	47,790,698	47,790,698	47,790,698
Weighted average number of ordinary shares for continuing operations outstanding - diluted	47,790,698	47,790,698	47,790,698	47,790,698
Weighted average number of ordinary shares for discontinued operations outstanding - diluted	47,790,698	47,790,698	47,790,698	47,790,698
Weighted average number of ordinary shares outstanding - diluted	47,790,698	47,790,698	47,790,698	47,790,698
Continuing operations | (per share)	¥ (2.18)	$ (0.31)	¥ (3.63)	¥ (3.12)
Continuing operations | (per share)	(2.18)	(0.31)	(3.63)	(3.12)
Discontinued operation (in dollars per share) | (per share)	0.04	0.01	(0.10)	3.80
Discontinued operations | (per share)	0.04	0.01	(0.10)	3.80
Basic (loss) income per share (in dollars per share) | (per share)	(2.14)	(0.30)	(3.73)	0.68
Diluted (loss) income per share (in dollars per share) | (per share)	(2.14)	(0.30)	(3.73)	0.68
Basic net (loss) earnings per ADS (1 ADS equals 20 Class A ordinary shares) (in dollars per share) | (per share)	(42.70)	(6.01)	(74.60)	13.60
Diluted net (loss) earnings per ADS (1 ADS equals 20 Class A ordinary shares) (in dollar per share) | (per share)	¥ (42.70)	$ (6.01)	¥ (74.60)	¥ 13.60

SHARE-BASED PAYMENTS (Details)

SHARE-BASED PAYMENTS (Details) ¥ in Thousands, $ in Thousands

1 Months Ended

12 Months Ended

Nov. 16, 2021 CNY (¥) shares

Sep. 30, 2017 shares

Jun. 04, 2008 installment shares

Sep. 30, 2017 installment shares

Jul. 31, 2017 shares

Dec. 31, 2023 CNY (¥) shares

Dec. 31, 2023 USD ($) shares

Dec. 31, 2022 CNY (¥) shares

Dec. 31, 2021 CNY (¥) shares

Dec. 31, 2020 installment

Jan. 15, 2015 shares

Oct. 25, 2011 shares

SHARE-BASED PAYMENTS

Recognized the remaining unrecognized share-based compensation expenses | ¥

¥ 0

Share-based compensation

¥ 48,344

$ 6,809

¥ 72,096

¥ 107,681

Restricted Shares

SHARE-BASED PAYMENTS

Granted (in shares)

1,235,896

Incremental compensation cost | ¥

¥ 0

Recognized the remaining unrecognized share-based compensation expenses | ¥

¥ 18,181

2008 Plan

SHARE-BASED PAYMENTS

Term of the award plan

10 years

Contractual term (in years)

15 years

Termination term (in days)

90 days

Shares authorized (in shares)

10,000,000

20,934,684

16,239,033

Early exercise (in shares)

12,599,520

2008 Plan | Option granted to nonemployee

SHARE-BASED PAYMENTS

Granted (in shares)

0

0

0

0

2017 Plan

SHARE-BASED PAYMENTS

Contractual term (in years)

10 years

Annual increase program term (in years)

8 years

Termination term (in days)

90 days

Shares authorized (in shares)

10,000,000

10,000,000

Annual increase in reserved shares (as a percent of outstanding shares)

2%

2%

Threshold for outstanding shares (as percent of outstanding shares)

10%

10%

Percentage of shares vested

100%

2017 Plan | Restricted Shares

SHARE-BASED PAYMENTS

Percentage of shares vested

100%

On the first anniversary | 2008 Plan

SHARE-BASED PAYMENTS

Percentage of shares vested

25%

100%

100%

On the first anniversary | 2017 Plan

SHARE-BASED PAYMENTS

Percentage of shares vested

25%

After the first anniversary in thirty-six equal monthly installments | 2008 Plan

SHARE-BASED PAYMENTS

Percentage of shares vested

2.09%

Number of equal monthly installment | installment

36

After the first anniversary in thirty-six equal monthly installments | 2017 Plan

SHARE-BASED PAYMENTS

Percentage of shares vested

2.09%

Number of equal monthly installment | installment

36

After the first anniversary in thirty-six equal monthly installments | 2020 Plan.

SHARE-BASED PAYMENTS

Number of equal monthly installment | installment

36

On the first, second, third and fourth anniversary | 2017 Plan | Restricted Shares

SHARE-BASED PAYMENTS

Percentage of shares vested

25%

SHARE-BASED PAYMENTS - Options

SHARE-BASED PAYMENTS - Options granted to employees (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2021 CNY (¥) shares
Number of options
Number of options, Granted (in shares) | shares		0	0	0
2008 Plan | Options granted to employees
Number of options
Number of options, Beginning of the year (in shares) | shares		1,055,042
Number of options, Forfeited/Expired (in shares) | shares		(96,672)
Number of options, End of the year (in shares) | shares		958,370	1,055,042
Vested and expected to vest, End of the year (in shares) | shares	17,237,222	17,237,222
Exercisable, End of the year (in shares) | shares	958,370	958,370
Weighted-average exercise price
Weighted-average exercise price, Beginning of the year (in dollars per share)	$ 0.75
Weighted-average exercise price, Forfeited/Expired (in dollars per share)	0.75
Weighted-average exercise price, End of the year (in dollars per share)	0.75
Weighted-average exercise price, Vested and expected to vest at end of the year (in dollars per share)	0.67
Weighted-average exercise price, Exercisable at end of the year (in dollars per share)	0.75
Weighted-average grant-date fair value
Weighted-average grant-date fair value, Beginning of the year (in dollars per share)	7.02
Weighted-average grant-date fair value, Forfeited/Expired (in dollars per share)	6.82
Weighted-average grant-date fair value, End of the year (in dollars per share)	7.04
Weighted-average grant-date fair value, Vested and expected to vest at end of the year (in dollars per share)	2.37
Weighted-average grant-date fair value, Exercisable at end of the year (in dollars per share)	$ 7.04
Weighted-average remaining contractual term
Weighted-average remaining contractual term (in years)		8 years 29 days	9 years 7 days
Weighted-average remaining contractual term, Vested and expected to vest at end of the year (in years)		4 years 8 months 15 days
Weighted-average remaining contractual term, Exercisable at end of the year (in years)		8 years 29 days
Intrinsic value of options exercised | ¥		¥ 0	¥ 0	¥ 884,679
Total fair value of the equity awards vested | ¥		¥ 0	¥ 0	¥ 8,583
2017 Plan | Options granted to employees
Number of options
Number of options, Granted (in shares) | shares		0	0	0

SHARE-BASED PAYMENTS - Option_2

SHARE-BASED PAYMENTS - Options granted to non-employees (Details) $ / shares in Units, ¥ in Thousands		12 Months Ended
	Nov. 16, 2021 shares	Dec. 31, 2023 CNY (¥) $ / shares shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2022 CNY (¥) $ / shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2021 $ / shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2023 USD ($) shares
Number of options
Number of options, Granted (in shares) | shares			0		0		0
Weighted-average remaining contractual term
Recognized the remaining unrecognized share-based compensation expenses | ¥		¥ 0	¥ 0
Options granted to non-employees. | Stock Incentive Plan 2008 [Member]
Number of options
Number of options, Beginning of the year (in shares) | shares			1,439,177
Number of options, Exercised (in shares) | shares			(43,400)
Number of options, Forfeited (in shares) | shares			(28,000)
Number of options, End of the year (in shares) | shares			1,367,777		1,439,177
Vested and expected to vest, End of the year (in shares) | shares		1,838,173	1,838,173					1,838,173
Exercisable, End of the year (in shares) | shares		1,367,777	1,367,777					1,367,777
Weighted-average exercise price
Weighted-average exercise price, Beginning of the year (in dollars per share)		¥ 0.70
Weighted-average exercise price, Exercised (in dollars per share)		0.01
Weighted-average exercise price, Canceled (in dollars per share)		0.50
Weighted-average exercise price, End of the year (in dollars per share)		0.73		$ 0.70
Weighted-average exercise price, Vested and expected to vest at end of the year (in dollars per share)		0.65
Weighted-average exercise price, Exercisable at end of the year (in dollars per share)		0.73
Weighted-average grant-date fair value
Weighted-average grant-date fair value, Beginning of the year (in dollars per share)		2.47
Weighted-average grant-date fair value, Exercised (in dollars per share)		¥ 0.24
Weighted-average grant-date fair value, Canceled (in dollars per share)		0.12
Weighted-average grant-date fair value, End of the year (in dollars per share)		¥ 2.58		$ 2.47
Weighted-average grant-date fair value, Vested and expected to vest at end of the year (in dollars per share)		2.43
Weighted-average grant-date fair value, Exercisable at end of the year (in dollars per share)		¥ 2.58
Weighted-average remaining contractual term
Weighted-average remaining contractual term (in years)			4 years 10 months 28 days		5 years 7 months 24 days
Weighted-average remaining contractual term, Vested and expected to vest at end of the year (in years)			4 years 4 months 13 days
Weighted-average remaining contractual term, Exercisable at end of the year (in years)			4 years 10 months 28 days
Intrinsic value of options exercised | ¥			¥ 0		¥ 0		¥ 20,457
Number of options, Exercised (in shares) | shares			43,400
Unrecognized share-based compensation expenses of unvested and vested but not exercisable | $								$ 0
Restricted Stock Units (RSUs) [Member]
Number of options
Granted (in shares) | shares	1,235,896
Weighted-average remaining contractual term
Recognized the remaining unrecognized share-based compensation expenses | ¥				$ 18,181	¥ 18,181
Restricted Stock Units (RSUs) [Member] | Stock Incentive Plan 2017 [Member]
Number of options
Number of options, Beginning of the year (in shares) | shares			7,133,593
Number of options, Granted (in shares) | shares			2,449,200
Number of options, Vested and issued (in shares) | shares			(4,419,335)
Number of options, Forfeited (in shares) | shares			(346,315)
Number of options, End of the year (in shares) | shares			4,817,143		7,133,593
Vested and expected to vest, End of the year (in shares) | shares		13,480,316	13,480,316					13,480,316
Weighted-average grant-date fair value
Weighted-average grant-date fair value, Granted (in dollars per share)		¥ 0.13		$ 0.69		$ 2.17
Beginning balance (in dollars per share)		2.54
Granted (in dollars per share)		0.13
Vested and issued (in dollars per share)		1.85
Forfeiture due to disposal of BEST Network (in dollars per share)		2.45
Ending balance (in dollars per share)		1.95		2.54
Weighted-average remaining contractual term
Weighted average grant-date fair value of equity awards granted		¥ 0.13		$ 0.69		$ 2.17
Unrecognized share-based compensation expenses of unvested and vested but not exercisable		¥ 21,300	¥ 21,300					$ 3,019,000
Estimated weighted-average amortization period			1 year 6 months 14 days
Restricted shares to non-employees | Stock Incentive Plan 2017 [Member]
Number of options
Number of options, Granted (in shares) | shares			150,000		160,000		80,000

SHARE-BASED PAYMENTS - Restrict

SHARE-BASED PAYMENTS - Restricted Shares (Details) - Restricted Shares - $ / shares		12 Months Ended
	Nov. 16, 2021	Dec. 31, 2023
Number of restricted shares
Granted (in shares)	1,235,896
2017 Plan
Weighted-average grant-date fair value
Beginning balance (in dollars per share)		$ 2.54
Granted (in dollars per share)		0.13
Vested and issued (in dollars per share)		1.85
Forfeiture due to disposal of BEST Network (in dollars per share)		2.45
Ending balance (in dollars per share)		$ 1.95

SHARE-BASED PAYMENTS - Total sh

SHARE-BASED PAYMENTS - Total share-based compensation cost recognized (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
SHARE-BASED PAYMENTS
Share-based compensation expenses from continuing operations	¥ 48,344	$ 6,809	¥ 72,096	¥ 107,681
Share-based compensation expenses for discontinued operations				27,245
Total share-based compensation expenses	48,344	6,809	72,096	134,926
Cost of revenues
SHARE-BASED PAYMENTS
Total share-based compensation expenses	198	28	321	345
Selling expense
SHARE-BASED PAYMENTS
Total share-based compensation expenses	2,084	294	3,523	9,654
General and administrative expenses
SHARE-BASED PAYMENTS
Total share-based compensation expenses	42,491	5,984	63,280	88,361
Research and development expenses
SHARE-BASED PAYMENTS
Total share-based compensation expenses	¥ 3,571	$ 503	¥ 4,972	¥ 9,321

SHARE-BASED PAYMENTS - Option_3

SHARE-BASED PAYMENTS - Options granted by subsidiaries (Details)	12 Months Ended
	Dec. 31, 2023 shares	Dec. 31, 2022 installment shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares
Number of options
Number of options, Granted (in shares)	0	0	0
2020 BEST Asia Plan
SHARE-BASED PAYMENTS
Shares authorized (in shares)				75,000,000
Contractual term (in years)				10 years
Number of options
Number of options, Beginning of the year (in shares)	42,952,900
Number of options, Granted (in shares)	10,427,000
Number of options, Forfeited/Expired (in shares)	(10,615,230)
Number of options, End of the year (in shares)	42,764,670	42,952,900
Vested and expected to vest, End of the year (in shares)	42,764,670
2020 BEST Asia Plan | On the first anniversary
SHARE-BASED PAYMENTS
Percentage of shares vested				25%
2020 BEST Asia Plan | After the first anniversary in thirty-six equal monthly installments
SHARE-BASED PAYMENTS
Percentage of shares vested				2.09%
2020 BEST Asia Plan | On the first, second, third and fourth anniversary
SHARE-BASED PAYMENTS
Percentage of shares vested				100%
Equity Incentive Plan of BEST CloudSoft Inc. 2022 [Member]
SHARE-BASED PAYMENTS
Shares authorized (in shares)		30,000,000
Contractual term (in years)		10 years
Number of options
Number of options, Beginning of the year (in shares)	12,850,000
Number of options, Granted (in shares)	4,595,000
Number of options, Forfeited (in shares)	(267,870)
Number of options, Expired (in shares)	(58,360)
Number of options, End of the year (in shares)	17,118,770	12,850,000
Vested and expected to vest, End of the year (in shares)	17,118,770
Equity Incentive Plan of BEST CloudSoft Inc. 2022 [Member] | On the first anniversary
SHARE-BASED PAYMENTS
Percentage of shares vested		25%
Equity Incentive Plan of BEST CloudSoft Inc. 2022 [Member] | After the first anniversary in thirty-six equal monthly installments
SHARE-BASED PAYMENTS
Percentage of shares vested		2.09%
Number of equal monthly installment | installment		36
Equity Incentive Plan of BEST CloudSoft Inc. 2022 [Member] | On the first, second, third and fourth anniversary
SHARE-BASED PAYMENTS
Percentage of shares vested		100%

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands

1 Months Ended

12 Months Ended

Mar. 10, 2023 CNY (¥) shares

Mar. 10, 2023 USD ($) $ / shares shares

Nov. 30, 2019 USD ($)

Dec. 31, 2023 CNY (¥) shares

Dec. 31, 2022 shares

Dec. 31, 2021 CNY (¥) shares

Dec. 31, 2021 USD ($) $ / shares shares

Dec. 31, 2023 USD ($) shares

Apr. 04, 2023

Apr. 03, 2023

May 20, 2022

May 19, 2022

SHAREHOLDERS' EQUITY

Number of shares repurchased

27,029,700

Treasury shares

¥ 23,853

$ 3,360

Payments for repurchase of shares

¥ 211,352

$ 29,768

Number of shares represented by one american depository receipt

20

5

5

1

ADS

SHAREHOLDERS' EQUITY

Period of share repurchase program

12 months

12 months

Number of shares repurchased

1,265,685

1,265,685

319,752.50

319,752.50

Average price | $ / shares

$ 13.94

$ 93.80

Payments for repurchase of shares

¥ 23,853

$ 3,360

ADS | 2019 Share Repurchase Program

SHAREHOLDERS' EQUITY

Aggregate authorized amount to be repurchased | $

$ 100,000

Period of share repurchase program

18 months

ADS | 2025 Share Repurchase Program

SHAREHOLDERS' EQUITY

Aggregate authorized amount to be repurchased | $

$ 20,000

Common Class A [Member]

SHAREHOLDERS' EQUITY

Conversion ratio

1

1

Shares issued from depositary bank upon the exercise of share options and vesting of Restricted Shares (in shares)

0

3,420,063

2,974,987

2,974,987

Voting rights

one

Number of shares repurchased

27,029,700

27,029,700

Common Class A [Member] | 2019 Share Repurchase Program

SHAREHOLDERS' EQUITY

Number of shares repurchased

6,395,050

6,395,050

Common Class B [Member]

SHAREHOLDERS' EQUITY

Voting rights

fifteen

Common Class C [Member]

SHAREHOLDERS' EQUITY

Voting rights

thirty

CONVERTIBLE NON-CONTROLLING I_3

CONVERTIBLE NON-CONTROLLING INTERESTS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
CONVERTIBLE NON-CONTROLLING INTERESTS
Balance at beginning of the year	¥ 191,865	$ 27,024	¥ 191,865
Balance at end of the year	¥ 191,865	$ 27,024	¥ 191,865

CONVERTIBLE NON-CONTROLLING I_4

CONVERTIBLE NON-CONTROLLING INTERESTS - Additional information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Jun. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2021 CNY (¥) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Jun. 30, 2020 $ / shares
CONVERTIBLE NON-CONTROLLING INTERESTS
Temporary Equity, Shares Issued, New Issues | shares	150,000,000	150,000,000
Temporary Equity, Issue Price Per Share	$ 0.20
Proceeds From Issuance Of Temporary Equity, Net			$ 29,700	¥ 191,865
Payments Of Offering Expenses Relating To Temporary Equity			$ 300	¥ 1,938
Proceeds From Issuance Of Temporary Equity, Gross	$ 30,000	¥ 193,803
Preferred Stock, Convertible, Conversion Price					$ 0.20

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) ¥ in Thousands, $ in Thousands		12 Months Ended
	Aug. 19, 2021 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
RELATED PARTY TRANSACTIONS
Convertible senior notes, current		¥ 106,318		¥ 522,821		$ 14,975
Convertible senior notes, non-current		424,962		522,744		59,855
BEST China | Bridge Loan Agreement with Alibaba (China) Network Technology Co., Ltd
RELATED PARTY TRANSACTIONS
Face value	¥ 600,000
Term (in years)	1 year
Effective interest rate	0.36%
Rendering of express delivery, freight delivery and supply chain management services
RELATED PARTY TRANSACTIONS
Amount of related party transactions		286,154	$ 40,304	396,775	¥ 539,698
Related Parties
RELATED PARTY TRANSACTIONS
Amounts due from related parties		60,394		76,368		8,506
Amounts due to related parties		1,119		1,315		158
Convertible senior notes, current		106,240		522,744		14,964
Convertible senior notes, non-current		424,962		522,744		59,855
Related Parties | Operating costs paid to related party
RELATED PARTY TRANSACTIONS
Amount of related party transactions		6,845	964	9,041	13,608
Related Parties | Cainiao
RELATED PARTY TRANSACTIONS
Amounts due from related parties		34,408		45,377		4,846
Amounts due to related parties				241
Related Parties | Cainiao | Rendering of express delivery, freight delivery and supply chain management services
RELATED PARTY TRANSACTIONS
Amount of related party transactions		160,977	22,673	237,045	418,806
Related Parties | Cainiao | Cash proceeds from the disposal of an equity investment
RELATED PARTY TRANSACTIONS
Amount of related party transactions					220,000
Related Parties | Ali Cloud
RELATED PARTY TRANSACTIONS
Amounts due from related parties		534		370		75
Amounts due to related parties		1,041		446		147
Related Parties | Ali Cloud | Operating costs paid to related party
RELATED PARTY TRANSACTIONS
Amount of related party transactions		6,845	964	9,041	13,608
Related Parties | Alibaba HK
RELATED PARTY TRANSACTIONS
Amounts due to related parties		78		131		11
Convertible senior notes, current		106,240		522,744		14,964
Convertible senior notes, non-current		424,962		522,744		59,855
Related Parties | Alibaba HK | Repurchase of convertible senior notes held by related party
RELATED PARTY TRANSACTIONS
Amount of related party transactions		503,318	70,891	746,538
Related Parties | Alibaba HK | Interest expense of convertible senior notes accrued to related party
RELATED PARTY TRANSACTIONS
Amount of related party transactions		35,015	4,932	62,192	62,887
Related Parties | Alibaba Technology | Borrowings received from related party
RELATED PARTY TRANSACTIONS
Amount of related party transactions					600,000
Related Parties | Alibaba Technology | Borrowings repaid to related party
RELATED PARTY TRANSACTIONS
Amount of related party transactions					600,000
Related Parties | Alibaba Technology | Interest expense of borrowings accrued to related party
RELATED PARTY TRANSACTIONS
Amount of related party transactions					674
Related Parties | Lazada
RELATED PARTY TRANSACTIONS
Amounts due from related parties		20,382		24,895		2,871
Amounts due to related parties				497
Related Parties | Lazada | Rendering of express delivery, freight delivery and supply chain management services
RELATED PARTY TRANSACTIONS
Amount of related party transactions		105,766	14,897	148,628	120,892
Related Parties | Lazada | Commission fee paid to related party
RELATED PARTY TRANSACTIONS
Amount of related party transactions				2,526
Related Parties | Taobao | Issuance of BEST Asia Series A Preferred Shares to a related party
RELATED PARTY TRANSACTIONS
Amount of related party transactions					¥ 193,803
Related Parties | Taobao | Convertible non-controlling interests held by related parties
RELATED PARTY TRANSACTIONS
Convertible non controlling interests held by related parties		191,865		191,865		27,024
Related Parties | ALOG
RELATED PARTY TRANSACTIONS
Amounts due from related parties		5,070		5,726		$ 714
Related Parties | ALOG | Rendering of express delivery, freight delivery and supply chain management services
RELATED PARTY TRANSACTIONS
Amount of related party transactions		19,411	2,734	11,102
Related Parties | ALOG | Proceeds of the disposal of machinery and electronic equipment assets received from related party
RELATED PARTY TRANSACTIONS
Amount of related party transactions		¥ 12,659	$ 1,783	¥ 16,013

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) segment	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 CNY (¥) segment	Dec. 31, 2021 CNY (¥)
SEGMENT REPORTING
Number of operating segments | segment	4	4	4
Total revenue	¥ 8,315,844	$ 1,171,262	¥ 7,744,072	¥ 11,425,836
Gross (loss) profit	250,437	35,273	(263,558)	(199,388)
Capital
SEGMENT REPORTING
Total revenue	8,609	1,213	29,899	117,622
Operating segment
SEGMENT REPORTING
Total revenue	8,315,844	1,171,262	7,744,072	11,425,836
Gross (loss) profit	250,437	35,273	(263,558)	(199,388)
Operating segment | Freight delivery
SEGMENT REPORTING
Total revenue	5,412,204	762,293	4,890,823	8,353,703
Gross (loss) profit	197,429	27,807	(226,659)	(262,303)
Operating segment | Supply chain management
SEGMENT REPORTING
Total revenue	1,857,429	261,613	1,852,153	1,820,239
Gross (loss) profit	158,162	22,276	110,257	73,272
Operating segment | Others
SEGMENT REPORTING
Total revenue	106,393	14,985	116,859	172,447
Gross (loss) profit	79,816	11,242	17,524	54,299
Operating segment | Global
SEGMENT REPORTING
Total revenue	949,738	133,768	963,505	1,194,146
Gross (loss) profit	(184,970)	(26,052)	(164,680)	(64,656)
Operating segment | UCargo | Revision of Prior Period, Adjustment
SEGMENT REPORTING
Total revenue | ¥				2,809,081
Inter-segment
SEGMENT REPORTING
Total revenue	¥ (9,920)	$ (1,397)	¥ (79,268)	¥ (114,699)

SEGMENT REPORTING - Revenues ge

SEGMENT REPORTING - Revenues generated in domestic and overseas markets (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Revenues generated in domestic and overseas markets
Total revenue	¥ 8,315,844	$ 1,171,262	¥ 7,744,072	¥ 11,425,836
Operating segment
Revenues generated in domestic and overseas markets
Total revenue	8,315,844	1,171,262	7,744,072	11,425,836
Operating segment | PRC
Revenues generated in domestic and overseas markets
Total revenue	7,369,331	1,037,948	6,827,165	10,231,981
Operating segment | Non-PRC
Revenues generated in domestic and overseas markets
Total revenue	¥ 946,513	$ 133,314	¥ 916,907	¥ 1,193,855

SEGMENT REPORTING - Revenue fro

SEGMENT REPORTING - Revenue from contracts with customers disaggregated by the revenue recognition (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
SEGMENT REPORTING
Total revenue	¥ 8,315,844	$ 1,171,262	¥ 7,744,072	¥ 11,425,836
Revenue recognized at point of time
SEGMENT REPORTING
Total revenue	505,440	71,190	282,165	335,787
Revenue recognized over time
SEGMENT REPORTING
Total revenue	¥ 7,810,404	$ 1,100,072	¥ 7,461,907	¥ 11,090,049

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair value measurement
Derivative assets	¥ 16,433		¥ 50,231			$ 2,315
Derivative liabilities			(18,644)
Impairment of long-lived assets	94,699	$ 13,338	0		¥ 0
Impairment losses, Equity investments without readily determinable fair value	0
Derivative liabilities impairment	(94,699)	(13,338)
Unrealized gains (upward adjustments)					58,643
Gross unrealized gains					58,643
Impairment of equity investments at fair value	0		12,312		5
Prepayments and other current assets
Fair value measurement
Derivative assets	10,917		49,077			1,538
Other non-current assets
Fair value measurement
Derivative assets	5,516		1,154			777
Accrued expenses and other liabilities
Fair value measurement
Derivative liabilities			(5,452)
Other non-current liabilities
Fair value measurement
Derivative liabilities			(13,192)
Fair Value Measurement
Fair value measurement
Derivative liabilities impairment	173,292	24,408
Fair value adjustments
Fair value measurement
Derivative liabilities impairment	(78,266)	(11,023)
Significant observable inputs (Level 2) | Fair Value Measurement
Fair value measurement
Unrealized gains (upward adjustments)	0		0		58,643
Gross unrealized gains	0		0		¥ 58,643
Significant observable inputs (Level 2) | Fair value adjustments
Fair value measurement
Derivative liabilities impairment	16,433
Significant unobservable inputs (Level 3) | Fair value adjustments
Fair value measurement
Derivative liabilities impairment	156,859
Recurring fair value measurement | Fair Value Measurement
Fair value measurement
Derivative assets	16,433		(50,231)			2,315	$ (7,283)
Derivative liabilities			(18,644)				(2,703)
Recurring fair value measurement | Fair value adjustments
Fair value measurement
Derivative assets	16,433		(50,231)			2,315	(7,283)
Derivative liabilities			(3,726)				(540)
Recurring fair value measurement | Significant observable inputs (Level 2) | Fair Value Measurement
Fair value measurement
Derivative assets			(50,231)
Derivative liabilities			(18,644)
Recurring fair value measurement | Significant observable inputs (Level 2) | Fair value adjustments
Fair value measurement
Derivative assets	16,433
Non-recurring fair value measurement
Fair value measurement
Impairment of long-lived assets	(94,699)	$ (13,338)
Impairment losses, Equity investments without readily determinable fair value			(12,312)	$ (1,785)
Non-recurring fair value measurement | Fair Value Measurement
Fair value measurement
Equity investments without readily determinable fair value	156,859		156,859			22,093	22,742
Fair value			188,446				27,322
Non-recurring fair value measurement | Fair value adjustments
Fair value measurement
Property and equipment, net	(94,699)					$ (13,338)
Fair value			46,505				$ 6,743
Non-recurring fair value measurement | Significant observable inputs (Level 2) | Fair Value Measurement
Fair value measurement
Fair value			31,587
Non-recurring fair value measurement | Significant unobservable inputs (Level 3) | Fair Value Measurement
Fair value measurement
Equity investments without readily determinable fair value			156,859
Fair value			¥ 156,859
Non-recurring fair value measurement | Significant unobservable inputs (Level 3) | Fair value adjustments
Fair value measurement
Equity investments without readily determinable fair value	¥ 156,859

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair value of derivative assets and liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Fair value measurement
Total derivative assets	¥ 16,433	$ 2,315	¥ 50,231
Total derivative liabilities			18,644
Prepayments and other current assets
Fair value measurement
Total derivative assets	10,917	1,538	49,077
Other non-current assets
Fair value measurement
Total derivative assets	¥ 5,516	$ 777	1,154
Accrued expenses and other liabilities
Fair value measurement
Total derivative liabilities			5,452
Other non-current liabilities
Fair value measurement
Total derivative liabilities			¥ 13,192

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Dec. 31, 2023 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
COMMITMENTS AND CONTINGENCIES
Capital expenditure commitment	¥ 36,347	$ 5,119

EMPLOYEE DEFINED CONTRIBUTION_2

EMPLOYEE DEFINED CONTRIBUTION PLAN (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
EMPLOYEE DEFINED CONTRIBUTION PLAN
Amounts of employee benefits expensed	¥ 121,630	$ 17,131	¥ 155,642	¥ 181,689

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Accumulated Other Comprehensive Income
Balance at beginning of the year	¥ 697,009
Balance at end of the year	(98,152)	$ (13,825)	¥ 697,009
Reclassifications out of accumulated other comprehensive income to net loss	0		0	¥ 0
Accumulated other comprehensive income
Accumulated Other Comprehensive Income
Balance at beginning of the year	124,464		107,379	151,677
Balance at end of the year	119,169	$ 16,785	124,464	107,379
Foreign currency translation adjustments
Accumulated Other Comprehensive Income
Other comprehensive (loss)/income, net of tax	(5,295)		17,085	(44,298)
Other comprehensive income, tax	¥ 0		¥ 0	¥ 0

CONDENSED FINANCIAL INFORMATI_3

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - Condensed Balance Sheets (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Current assets:
Cash	¥ 425,976	$ 59,997	¥ 533,481		¥ 3,571,745
Prepayments and other current assets	674,100	94,945	777,842
Total current assets	3,090,197	435,245	3,262,942
Non-current assets:
Other non-current assets	46,913	6,608	75,666
Total non-current assets:	3,163,365	445,550	4,527,303
Total assets	6,253,562	880,795	7,790,245
Current liabilities:
Accrued liabilities and other payables	1,091,573	153,745	1,145,654
Convertible senior notes, current	106,318	14,975	522,821
Total current liabilities	4,852,198	683,418	4,197,647
Non-current liabilities:
Convertible senior notes, non-current	424,962	59,855	522,744
Total non-current liabilities	1,471,273	207,224	2,788,852
Total liabilities	6,323,471	890,642	6,986,499
Shareholders' equity
Treasury shares	(23,853)	(3,360)
Additional paid-in-capital	19,529,806	2,750,715	19,481,417
Accumulated deficit	(19,749,262)	(2,781,625)	(18,934,860)
Accumulated other comprehensive income	119,169	16,785	124,464
Total shareholders' equity (deficit)	(98,152)	(13,825)	697,009
Total liabilities and shareholders' equity (deficit)	6,253,562	880,795	7,790,245
Reportable legal entities | Parent
Current assets:
Cash	2,142	302	6,703	$ 944	¥ 6,805	¥ 33,310
Prepayments and other current assets	3,186	449	3,420
Total current assets	5,328	751	10,123
Non-current assets:
Other non-current assets | ¥			719
Investments in subsidiaries and VIEs and subsidiaries of VIEs	750,869	105,756	2,135,384
Total non-current assets:	750,869	105,756	2,136,103
Total assets	756,197	106,507	2,146,226
Current liabilities:
Accrued liabilities and other payables	1,333	186
Total current liabilities	107,651	15,161	522,821
Non-current liabilities:
Long-term payable due to subsidiaries	321,736	45,316	403,652
Total non-current liabilities	746,698	105,171	926,396
Total liabilities	854,349	120,332	1,449,217
Shareholders' equity
Treasury shares	(23,853)	(3,360)
Additional paid-in-capital	19,529,806	2,750,715	19,481,417
Accumulated deficit	(19,749,262)	(2,781,625)	(18,934,860)
Accumulated other comprehensive income	119,169	16,785	124,464
Total shareholders' equity (deficit)	(98,152)	(13,825)	697,009
Total liabilities and shareholders' equity (deficit)	756,197	106,507	2,146,226
Class A ordinary shares
Shareholders' equity
Ordinary shares	¥ 16,532	$ 2,328	¥ 16,532
Parenthetical disclosures
Ordinary shares, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01
Ordinary shares, authorized shares	1,858,134,053	1,858,134,053	1,858,134,053	1,858,134,053
Ordinary shares, issued shares	261,648,452	261,648,452	255,648,452	255,648,452
Ordinary shares, outstanding shares	261,648,452	261,648,452	255,648,452	255,648,452
Class A ordinary shares | Reportable legal entities | Parent
Shareholders' equity
Ordinary shares	¥ 16,532	$ 2,328	¥ 16,532
Class B ordinary shares
Shareholders' equity
Ordinary shares	¥ 6,178	$ 870	¥ 6,178
Parenthetical disclosures
Ordinary shares, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01
Ordinary shares, authorized shares	94,075,249	94,075,249	94,075,249	94,075,249
Ordinary shares, issued shares	94,075,249	94,075,249	94,075,249	94,075,249
Ordinary shares, outstanding shares	94,075,249	94,075,249	94,075,249	94,075,249
Class B ordinary shares | Reportable legal entities | Parent
Shareholders' equity
Ordinary shares	¥ 6,178	$ 870	¥ 6,178
Class C ordinary shares
Shareholders' equity
Ordinary shares	¥ 3,278	$ 462	¥ 3,278
Parenthetical disclosures
Ordinary shares, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01
Ordinary shares, authorized shares	47,790,698	47,790,698	47,790,698	47,790,698
Ordinary shares, issued shares	47,790,698	47,790,698	47,790,698	47,790,698
Ordinary shares, outstanding shares	47,790,698	47,790,698	47,790,698	47,790,698
Class C ordinary shares | Reportable legal entities | Parent
Shareholders' equity
Ordinary shares	¥ 3,278	$ 462	¥ 3,278
Related Parties
Current liabilities:
Convertible senior notes, current	106,240	14,964	522,744
Non-current liabilities:
Convertible senior notes, non-current	424,962	59,855	522,744
Related Parties | Reportable legal entities | Parent
Current liabilities:
Convertible senior notes, current	106,240	14,964	522,744
Non-current liabilities:
Convertible senior notes, non-current	424,962	59,855	522,744
Third parties
Current liabilities:
Convertible senior notes, current	78	11	77
Third parties | Reportable legal entities | Parent
Current liabilities:
Convertible senior notes, current	¥ 78	$ 11	¥ 77

CONDENSED FINANCIAL INFORMATI_4

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - Condensed Statements of Comprehensive Income (Loss) (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Operating expenses
General and administrative expenses	¥ (737,775)	$ (103,913)	¥ (889,345)	¥ (881,498)
Operating loss	(951,917)	(134,075)	(1,426,185)	(1,462,972)
Gain on disposal				247,145
Other income, net	6,613	931	31,677	265,822
Interest expense	(64,283)	(9,055)	(89,058)	(142,751)
Foreign currency translation adjustments	(5,295)	(746)	17,085	(44,298)
Comprehensive income (loss)	(819,697)	(115,454)	(1,446,226)	217,609
Parent | Reportable legal entities
Operating expenses
General and administrative expenses	(52,260)	(7,364)	(40,747)	(44,897)
Operating loss	(52,260)	(7,364)	(40,747)	(44,897)
Share of losses of subsidiaries and VIEs and subsidiaries of VIEs	(727,236)	(102,428)	(1,371,524)	(2,826,751)
Gain on disposal				3,213,599
Other income, net			17,329
Interest expense	(34,906)	(4,916)	(68,369)	(80,044)
Net income (loss) attributable to ordinary shareholders	(814,402)	(114,708)	(1,463,311)	261,907
Other comprehensive (loss) income, net of tax of nil	0		0	0
Foreign currency translation adjustments	5,295	746	(17,085)	44,298
Comprehensive income (loss)	¥ (819,697)	$ (115,454)	¥ (1,446,226)	¥ 217,609

CONDENSED FINANCIAL INFORMATI_5

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - Condensed Statements of Cash Flows (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Condensed Statements of Cash Flows
Net cash used in operating activities	¥ (545,092)	$ (76,777)	¥ (1,117,836)	¥ (2,803,961)
Net cash generated from investing activities	628,975	88,589	150,756	4,542,718
Net cash generated from (used in) financing activities	(353,486)	(49,787)	(1,948,367)	(575,760)
Net decrease in cash and cash equivalents	(231,758)	(32,643)	(2,837,725)	1,107,027
Cash and cash equivalents at beginning of the year	533,481		3,571,745
Cash and cash equivalents at end of the year	425,976	59,997	533,481	3,571,745
Parent | Reportable legal entities
Condensed Statements of Cash Flows
Net cash used in operating activities	(95,847)	(13,500)	(119,115)	(111,208)
Net cash generated from investing activities	618,412	87,102	1,492,777	82,099
Net cash generated from (used in) financing activities	(527,126)	(74,244)	(1,373,764)	2,604
Net decrease in cash and cash equivalents	(4,561)	(642)	(102)	(26,505)
Cash and cash equivalents at beginning of the year	6,703	944	6,805	33,310
Cash and cash equivalents at end of the year	¥ 2,142	$ 302	¥ 6,703	¥ 6,805

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) ¥ in Thousands, $ in Thousands	May 10, 2025 CNY (¥)	May 10, 2025 USD ($)	Apr. 22, 2024 CNY (¥)	Apr. 22, 2024 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Subsequent Event
Convertible senior notes held by a related party					¥ 424,962	$ 59,855	¥ 522,744
Subsequent event | 2025 Convertible Notes
Subsequent Event
Repurchase amount	¥ 424,962	$ 60,000
Convertible senior notes held by a related party			¥ 106,240	$ 15,000