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Taylor.S
2021-07-16

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From a big profit to the first loss, SF Express, whose performance has changed, has hit the ceiling?

十八岁的顺丰，等待破局。 4月份，顺丰的一季度财报披露了上市以来的首次亏损，一季度净亏损11.34亿元。而在一个月前，顺丰刚给投资人交上一份成绩喜人的答卷，2020年净利润61.3亿元。一季度亏

From a big profit to the first loss, SF Express, whose performance has changed, has hit the ceiling?

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":170572112,"tweetId":"170572112","gmtCreate":1626444264336,"gmtModify":1703760328076,"author":{"id":3579843540288977,"idStr":"3579843540288977","authorId":3579843540288977,"authorIdStr":"3579843540288977","name":"Taylor.S","avatar":"https://static.tigerbbs.com/2af0cdc1ea9e22afffde790c823953e8","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-1","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Boss Tiger","description":"The transaction amount of the securities account reaches $100,000","bigImgUrl":"https://static.tigerbbs.com/c8dfc27c1ee0e25db1c93e9d0b641101","smallImgUrl":"https://static.tigerbbs.com/f43908c142f8a33c78f5bdf0e2897488","grayImgUrl":"https://static.tigerbbs.com/82165ff19cb8a786e8919f92acee5213","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.04.02","exceedPercentage":"60.24%","individualDisplayEnabled":0},"individualDisplayBadges":[],"fanSize":3,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>ok</p></body></html>","htmlText":"<html><head></head><body><p>ok</p></body></html>","text":"ok","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/170572112","repostId":1197922060,"repostType":4,"repost":{"id":"1197922060","kind":"news","pubTimestamp":1626443774,"share":"https://ttm.financial/m/news/1197922060?lang=en_US&edition=fundamental","pubTime":"2021-07-16 21:56","market":"sh","language":"zh","title":"From a big profit to the first loss, SF Express, whose performance has changed, has hit the ceiling?","url":"https://stock-news.laohu8.com/highlight/detail?id=1197922060","media":"中国新闻周刊","summary":"十八岁的顺丰，等待破局。\n\n4月份，顺丰的一季度财报披露了上市以来的首次亏损，一季度净亏损11.34亿元。而在一个月前，顺丰刚给投资人交上一份成绩喜人的答卷，2020年净利润61.3亿元。\n\n一季度亏","content":"<p>Eighteen-year-old SF Express, waiting to break the game.</p><p>In April, SF Express's first-quarter financial report disclosed its first loss since its listing, with a net loss of 1.134 billion yuan in the first quarter. A month ago, SF Express just handed in a gratifying answer sheet to investors, with a net profit of 6.13 billion yuan in 2020.</p><p>The heat of losses in the first quarter has not yet dissipated. On June 30, SF Express reported that it would split its intra-city business and go public independently. Recently, SF Express submitted a prospectus to the Hong Kong Stock Exchange. According to the data, SF Express has accumulated a loss of 1.556 billion yuan in three years. If SF Express is successfully listed in the same city, Wang Wei will gain the third listed company, and<a href=\"https://laohu8.com/S/002352\">SF Holdings</a>The business has gradually been divested and listed independently one by one.</p><p>Wang Wei has always emphasized that SF Express is a logistics company rather than an express delivery company. Today's SF Express, in addition to the express delivery business, supply chain, express logistics and other businesses are gradually emerging in the financial report. While maintaining the continuous growth of the old business, SF Express is also constantly expanding new businesses, which is also one of the reasons for this loss. However, judging from the financial report, the growth of express delivery business is weak, and the input of new business exceeds the output. SF Express has been at a fork in the road of enterprise development.</p><p>Loss may be the pain experienced by SF Express standing at a turning point. On the evening of July 13, SF Express's second-quarter financial report forecast showed that the net profit for this quarter is expected to be 1.629 billion to 1.819 billion yuan, and the non-net profit is expected to be 604 million to 734 million yuan. SF Express turned losses into profits, with a surge at the opening, with a market value of 308.1 billion yuan. But whether SF Express's business has ushered in a ceiling, and when will the new business turn losses into profits... These are still questions that SF Express needs to answer one by one when it comes out of the pain.</p><p><b>Performance \"changing face\"</b></p><p>On March 17, SF Express released its 2020 annual report, with gratifying results. The annual report shows that Shunfeng's operating income in 2020 will be 153.987 billion yuan, a year-on-year increase of 32.25%; The business volume was 8.14 billion tickets, a year-on-year increase of 68.5%; The net profit attributable to the parent was 7.33 billion yuan, a year-on-year increase of 26.4%; The net profit after deducting non-attribution to the parent was 6.13 billion yuan, a year-on-year increase of 45.7%.</p><p>However, less than a month after the publication of the annual report, SF Express's performance changed dramatically. On the evening of April 8, SF Express released its first-quarter performance forecast, saying that the net profit loss in the first quarter of 2021 will be 900 million to 1.1 billion yuan. The next day, SF Express fell to the limit at the opening, and its market value fell to 331.3 billion yuan. In February this year, SF Express's share price hit a record high, with a total market value of 568.1 billion yuan. On the day SF Express fell to the limit, with<a href=\"https://laohu8.com/S/600233\">YTO Express</a>、<a href=\"https://laohu8.com/S/002120\">Yunda shares</a>、<a href=\"https://laohu8.com/S/603056\">Debon shares</a>The decline exceeded 3%,<a href=\"https://laohu8.com/S/002468\">STO Express</a>、<a href=\"https://laohu8.com/S/ZTO\">ZTO Express</a>It fell more than 1%, and express delivery stocks fell almost across the board.</p><p>On April 9, SF Express held the 2020 Annual General Meeting of Shareholders. When answering questions from investors, Wang Wei apologized for the performance of the first quarter. \"First of all, I would like to apologize to shareholders, because I think the first quarter really didn't operate well.\" Wang Wei admitted frankly that there was negligence in management, and similar problems will not occur a second time.</p><p>Wang Wei's apology is not unreasonable. SF Express's first quarter report shows that during the reporting period, operating income was 42.62 billion yuan, compared with 33.541 billion yuan in the same period last year, a year-on-year increase of 27.07%, but the net profit attributable to the parent was-989 million yuan, and the profit in the same period last year was 907 million yuan, a year-on-year decrease of 209.01%; The net profit after deducting non-attribution to the parent was-1.134 billion yuan, compared with a profit of 832 million yuan in the same period last year, a year-on-year decrease of 236.28%.</p><p>Why did there be a loss of 1.1 billion yuan in the first quarter? SF Express gave five explanations in its financial report, including increased investment in new businesses, infrastructure construction under the growth of express delivery business, increased cost of integrating network resources in various business lines due to overlapping resources, employee subsidies during the Spring Festival, and pressure on the overall gross profit margin of express delivery business.</p><p>The investment about new business is not difficult to understand. Wang Wei has always stressed that SF Express is a logistics company rather than an express delivery company. In addition to express delivery business, SF Express has started to deploy medicine, cold transportation, express logistics, supply chain, intra-city express delivery and other businesses very early. For new business, SF Express has also increased its layout and investment, including self-built airlines and self-built Ezhou Airport to serve Hubei International Logistics Core<a href=\"https://laohu8.com/S/HUBG\">hub</a>Projects; Industrial park projects in 46 cities across the country; Transfer station automation capacity upgrade project, etc.</p><p>The data shows that in 2020, the net profits of SF Express, Express and others will be 8.987 billion yuan,-908 million yuan, and-1.125 billion yuan respectively. In other words, except for the express delivery segment, which is mainly based on the traditional express delivery business, which is still profitable, other new business segments are at a loss.</p><p>\"Operating income increased by 27% year-on-year, and operating costs increased by 44%. Because operating income could not cover the increased operating costs, it led to losses.\" Wang Binxian, a brand consultant of Guangzhou Harman Consulting, believes that SF Express's positioning at this stage is a strategic transformation period, from express delivery business to a service provider providing integrated supply chain solutions. However, although the business of supply chain service providers is growing rapidly, its proportion in the entire business matrix is too small, far from reaching the status of the main business of express delivery, so it presents a situation where income cannot meet expenditures.</p><p><b>submerge</b></p><p>The signal of SF Express's transformation and development of new businesses comes from SF Express's 2018 financial report.</p><p>Before 2018, the impression of SF Express was still \"expensive\" and \"fast\". According to the financial report of SF Express in 2018, time-limit express delivery accounted for 58.7% of revenue, focusing on the high-end market and exchanging high prices for time-limit. This is the initial positioning of SF Express for itself.</p><p>According to the \"Market Competition Analysis and Enterprise Competition Strategy Research Report of China's Express Delivery Enterprises\" released by Qianzhan Industry Research Institute, in 2018, SF Express accounted for 59% of China's high-end express delivery market share. In addition, in the mid-to-high-end express delivery market, EMS and SF Express divided up nearly 80% of the market share.</p><p>In the same year, SF Express experienced a revenue growth but a decline in net profit growth for the first time, that is, an increase in revenue but no increase in profits. In that year, SF Express's revenue increased from 71.3 billion yuan to 90.9 billion yuan, a year-on-year increase of 27.6%, but its net profit attributable to the parent company fell from 5.2% in 2017 to 3.83%, to 3.48 billion yuan.</p><p>Also in 2018,<a href=\"https://laohu8.com/S/02618\">JD Logistics</a>Announce the individual user field of its express delivery business, positioning high-quality express delivery; Sitong Yida (namely Zhongtong, Yuantong, Shentong, Baishi, and Yunda) have also begun to explore the high-end market. For example, Yuantong launched \"Promise Da\" in July 2018 to position the mid-to-high-end market.</p><p>Wang Binxian believes that on the one hand, the ceiling of the mid-to-high-end express delivery market has reached; on the other hand, the entry of new competitors has intensified market competition, and the pressure on SF Express has increased. As a result, SF Express set its sights on the sinking market.</p><p>Since the launch of special special packages for the e-commerce market in May 2019, SF Express has embarked on the road of sinking, and<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>Cooperation, adding \"special discount for cold transportation\" service, and entering the low-end e-commerce market with \"special discount and special distribution\".</p><p>But when entering the sinking market, there must be trade-offs. Since then, SF Express has also started an era of price-for-volume. The data shows that the average ticket revenue of SF Express from 2018 to 2020 is 23.26 yuan, 21.94 yuan, and 17.77 yuan respectively. During the same period, the volume of SF Express increased significantly, reaching 3.8 billion, 4.8 billion and 8.1 billion respectively. In particular, economic express delivery, which focuses on the sinking market, saw its revenue increase by 64% year-on-year to 44.148 billion yuan in 2020, accounting for 28.67% of the total revenue.</p><p>China's express delivery industry accelerates<a href=\"https://laohu8.com/S/300959\">Online and Offline</a>Integrated development, sinking markets such as urban and rural areas are very active, and 20% of express parcels are<a href=\"https://laohu8.com/S/000061\">Agricultural products</a>。 Therefore, it is of great significance for SF Express to enter the sinking market. According to Hong Tao, director of the Institute of Business Economics of Beijing Technology and Business University, SF Express, which entered the low-end market, has a competitive relationship with Sitong and Yida. However, there are also obvious differences, mainly manifested in high-end levels and more fresh products in categories.</p><p>\"Cold transportation of fresh products and medicine are costly departments, which is due to their industry characteristics. In addition, supply chain logistics is a long-term strategy to integrate resources and generate benefits.\" But Hong Tao admits that these new businesses will have some investment at the beginning, but in the long run, it will bring a larger return on investment.</p><p>It is precisely because of the substantial growth of the economic express delivery sector in 2020 that SF Express's thunder of \"increasing revenue without increasing profits\" in 2018 was buried until the first quarter of 2021 before it exploded. Due to a series of factors such as the continuous investment in new business and the slowdown in the growth rate of the traditional high-margin time-sensitive express delivery business, SF Express disclosed a loss of 1.1 billion yuan in its first quarter financial report.</p><p><a href=\"https://laohu8.com/S/01282\">Glory Sun Financial</a>Chief economist Zheng Lei said that SF Express's own genes are positioned in the high-end market, and during the period of entering the sinking market, it will find a group of specialized people to do specialized things, and set up the low-end business into a sub-brand with Sitong Yida. Competition may be more competitive for SF Express. In Zheng Lei's view, SF Express's entry into the intra-city express delivery field is also one of its means to enter the sinking market. \"The gross profit margin of intra-city express delivery is not high, and the market is not large in comparison. It is a normal business strategy of a large company to split it and operate independently.\"</p><p><b>To be broken</b></p><p>The advantages of traditional express delivery business have gradually declined, new business has expanded and investment has increased, and SF Express has reached the transformation stage of enterprise development.</p><p>Wang Wei once said frankly that SF Express is committed to providing comprehensive logistics services in the future, not targeting the 400 billion traditional express mail market, but the 12 trillion logistics market. SF Express has always made it clear that it is an independent third-party technology-driven industry solution service company. In addition to the traditional express delivery business, SF Express has been trying to develop new businesses, extending to the upstream and downstream of the industrial chain, and providing efficient, stable and agile digital and integrated supply chain services throughout procurement, production, circulation, sales, after-sales.</p><p>In Zheng Lei's view, SF Express's current strategy of digital transformation to the service industry chain and supply chain is a forward-looking strategy to cope with the future digital economy era.</p><p>\"But in the process of transformation, we should pay attention to controlling the pace of expansion. The main problem facing SF Express at present is that the expansion speed and profit speed do not match, which will inevitably lead to ugly financial statements.\" In Zheng Lei's view, SF Express's \"ambition\" is not limited to the express delivery business, but more exposed at the end of the logistics industry chain, and through self-construction and self-operation, it opens up the logistics intermediate links, and then looks for new commercialization opportunities on this basis.</p><p>Because of this, it is not surprising that SF Express has previously explored e-commerce. The upstream of the logistics industry chain is still dominated by e-commerce express delivery. Since 2010, SF Express has been testing the waters in e-commerce. In that year, SF Express launched its first E-commerce platform \"E Business Circle\"; In 2012, SF Express launched \"SF Express Preferred\", focusing on fresh and food retail; In 2014, SF Express launched the O2O community store \"Heike\", which focuses on four major services: pre-order of goods, offline experience of online shopping, convenience service and self-delivery of express mail.</p><p>However, SF Express's involvement in the e-commerce field has failed. Until 2021, Wang Wei publicly admitted that due to the lack of merchant resources, SF Express cannot be a community e-commerce company, and will resolutely not touch the business flow. Although it has no longer set foot in the field of e-commerce, SF Express has launched the fresh food distribution platform \"Fenghuotai\" by virtue of its own logistics infrastructure construction, which mainly integrates the supply chain around some agricultural areas.</p><p>In Hong Tao's view, grasping the development trend of digital transformation is unavoidable for any enterprise. The digital development of SF Express's new business is precisely due to the integrated development of online and offline and omni-channel digital applications. But Hong Tao does not deny that new business will inevitably bring greater investment. \"Because I am unfamiliar with it, and I need a lot of investment and layout at the beginning, I will be compensated in the future business process. However, I should carefully study its profit model and strengthen refined management, that is, digital management, so as to achieve its new growth profits. appear.\"</p><p>SF Express emphasized in its financial report that it expects to improve capacity utilization and network operation efficiency through business measures such as network integration, resource integration, and automated capacity upgrades. With the growth of business scale, it is expected to gradually release scale effects in the second half of this year.</p><p>\"When the company reaches a certain scale, the management level also needs to be equal to it, which is a new challenge for Wang Wei and his team.\" Zheng Lei said that SF Express, which is in the transformation stage, in addition to continuous business exploration, more importantly, it needs to improve its management level.</p><p>\"On the one hand, SF Express's business layout shows its advancement and self-motivation; on the other hand, when new businesses have not exploded and traditional businesses are saturated, investment activities are radical. Overall, SF Express's corporate quality is high-quality, but it will take time to verify whether the transformation can be successful and new growth engines can be found.\" Wang Binxian said.</p><p>China News Weekly interviewed SF Express on issues related to losses, sinking, transformation, etc., but had not received a reply as of press time.</p>","source":"inewsweek","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>From a big profit to the first loss, SF Express, whose performance has changed, has hit the ceiling?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFrom a big profit to the first loss, SF Express, whose performance has changed, has hit the ceiling?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国新闻周刊</strong><span class=\"h-time small\">2021-07-16 21:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Eighteen-year-old SF Express, waiting to break the game.</p><p>In April, SF Express's first-quarter financial report disclosed its first loss since its listing, with a net loss of 1.134 billion yuan in the first quarter. A month ago, SF Express just handed in a gratifying answer sheet to investors, with a net profit of 6.13 billion yuan in 2020.</p><p>The heat of losses in the first quarter has not yet dissipated. On June 30, SF Express reported that it would split its intra-city business and go public independently. Recently, SF Express submitted a prospectus to the Hong Kong Stock Exchange. According to the data, SF Express has accumulated a loss of 1.556 billion yuan in three years. If SF Express is successfully listed in the same city, Wang Wei will gain the third listed company, and<a href=\"https://laohu8.com/S/002352\">SF Holdings</a>The business has gradually been divested and listed independently one by one.</p><p>Wang Wei has always emphasized that SF Express is a logistics company rather than an express delivery company. Today's SF Express, in addition to the express delivery business, supply chain, express logistics and other businesses are gradually emerging in the financial report. While maintaining the continuous growth of the old business, SF Express is also constantly expanding new businesses, which is also one of the reasons for this loss. However, judging from the financial report, the growth of express delivery business is weak, and the input of new business exceeds the output. SF Express has been at a fork in the road of enterprise development.</p><p>Loss may be the pain experienced by SF Express standing at a turning point. On the evening of July 13, SF Express's second-quarter financial report forecast showed that the net profit for this quarter is expected to be 1.629 billion to 1.819 billion yuan, and the non-net profit is expected to be 604 million to 734 million yuan. SF Express turned losses into profits, with a surge at the opening, with a market value of 308.1 billion yuan. But whether SF Express's business has ushered in a ceiling, and when will the new business turn losses into profits... These are still questions that SF Express needs to answer one by one when it comes out of the pain.</p><p><b>Performance \"changing face\"</b></p><p>On March 17, SF Express released its 2020 annual report, with gratifying results. The annual report shows that Shunfeng's operating income in 2020 will be 153.987 billion yuan, a year-on-year increase of 32.25%; The business volume was 8.14 billion tickets, a year-on-year increase of 68.5%; The net profit attributable to the parent was 7.33 billion yuan, a year-on-year increase of 26.4%; The net profit after deducting non-attribution to the parent was 6.13 billion yuan, a year-on-year increase of 45.7%.</p><p>However, less than a month after the publication of the annual report, SF Express's performance changed dramatically. On the evening of April 8, SF Express released its first-quarter performance forecast, saying that the net profit loss in the first quarter of 2021 will be 900 million to 1.1 billion yuan. The next day, SF Express fell to the limit at the opening, and its market value fell to 331.3 billion yuan. In February this year, SF Express's share price hit a record high, with a total market value of 568.1 billion yuan. On the day SF Express fell to the limit, with<a href=\"https://laohu8.com/S/600233\">YTO Express</a>、<a href=\"https://laohu8.com/S/002120\">Yunda shares</a>、<a href=\"https://laohu8.com/S/603056\">Debon shares</a>The decline exceeded 3%,<a href=\"https://laohu8.com/S/002468\">STO Express</a>、<a href=\"https://laohu8.com/S/ZTO\">ZTO Express</a>It fell more than 1%, and express delivery stocks fell almost across the board.</p><p>On April 9, SF Express held the 2020 Annual General Meeting of Shareholders. When answering questions from investors, Wang Wei apologized for the performance of the first quarter. \"First of all, I would like to apologize to shareholders, because I think the first quarter really didn't operate well.\" Wang Wei admitted frankly that there was negligence in management, and similar problems will not occur a second time.</p><p>Wang Wei's apology is not unreasonable. SF Express's first quarter report shows that during the reporting period, operating income was 42.62 billion yuan, compared with 33.541 billion yuan in the same period last year, a year-on-year increase of 27.07%, but the net profit attributable to the parent was-989 million yuan, and the profit in the same period last year was 907 million yuan, a year-on-year decrease of 209.01%; The net profit after deducting non-attribution to the parent was-1.134 billion yuan, compared with a profit of 832 million yuan in the same period last year, a year-on-year decrease of 236.28%.</p><p>Why did there be a loss of 1.1 billion yuan in the first quarter? SF Express gave five explanations in its financial report, including increased investment in new businesses, infrastructure construction under the growth of express delivery business, increased cost of integrating network resources in various business lines due to overlapping resources, employee subsidies during the Spring Festival, and pressure on the overall gross profit margin of express delivery business.</p><p>The investment about new business is not difficult to understand. Wang Wei has always stressed that SF Express is a logistics company rather than an express delivery company. In addition to express delivery business, SF Express has started to deploy medicine, cold transportation, express logistics, supply chain, intra-city express delivery and other businesses very early. For new business, SF Express has also increased its layout and investment, including self-built airlines and self-built Ezhou Airport to serve Hubei International Logistics Core<a href=\"https://laohu8.com/S/HUBG\">hub</a>Projects; Industrial park projects in 46 cities across the country; Transfer station automation capacity upgrade project, etc.</p><p>The data shows that in 2020, the net profits of SF Express, Express and others will be 8.987 billion yuan,-908 million yuan, and-1.125 billion yuan respectively. In other words, except for the express delivery segment, which is mainly based on the traditional express delivery business, which is still profitable, other new business segments are at a loss.</p><p>\"Operating income increased by 27% year-on-year, and operating costs increased by 44%. Because operating income could not cover the increased operating costs, it led to losses.\" Wang Binxian, a brand consultant of Guangzhou Harman Consulting, believes that SF Express's positioning at this stage is a strategic transformation period, from express delivery business to a service provider providing integrated supply chain solutions. However, although the business of supply chain service providers is growing rapidly, its proportion in the entire business matrix is too small, far from reaching the status of the main business of express delivery, so it presents a situation where income cannot meet expenditures.</p><p><b>submerge</b></p><p>The signal of SF Express's transformation and development of new businesses comes from SF Express's 2018 financial report.</p><p>Before 2018, the impression of SF Express was still \"expensive\" and \"fast\". According to the financial report of SF Express in 2018, time-limit express delivery accounted for 58.7% of revenue, focusing on the high-end market and exchanging high prices for time-limit. This is the initial positioning of SF Express for itself.</p><p>According to the \"Market Competition Analysis and Enterprise Competition Strategy Research Report of China's Express Delivery Enterprises\" released by Qianzhan Industry Research Institute, in 2018, SF Express accounted for 59% of China's high-end express delivery market share. In addition, in the mid-to-high-end express delivery market, EMS and SF Express divided up nearly 80% of the market share.</p><p>In the same year, SF Express experienced a revenue growth but a decline in net profit growth for the first time, that is, an increase in revenue but no increase in profits. In that year, SF Express's revenue increased from 71.3 billion yuan to 90.9 billion yuan, a year-on-year increase of 27.6%, but its net profit attributable to the parent company fell from 5.2% in 2017 to 3.83%, to 3.48 billion yuan.</p><p>Also in 2018,<a href=\"https://laohu8.com/S/02618\">JD Logistics</a>Announce the individual user field of its express delivery business, positioning high-quality express delivery; Sitong Yida (namely Zhongtong, Yuantong, Shentong, Baishi, and Yunda) have also begun to explore the high-end market. For example, Yuantong launched \"Promise Da\" in July 2018 to position the mid-to-high-end market.</p><p>Wang Binxian believes that on the one hand, the ceiling of the mid-to-high-end express delivery market has reached; on the other hand, the entry of new competitors has intensified market competition, and the pressure on SF Express has increased. As a result, SF Express set its sights on the sinking market.</p><p>Since the launch of special special packages for the e-commerce market in May 2019, SF Express has embarked on the road of sinking, and<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>Cooperation, adding \"special discount for cold transportation\" service, and entering the low-end e-commerce market with \"special discount and special distribution\".</p><p>But when entering the sinking market, there must be trade-offs. Since then, SF Express has also started an era of price-for-volume. The data shows that the average ticket revenue of SF Express from 2018 to 2020 is 23.26 yuan, 21.94 yuan, and 17.77 yuan respectively. During the same period, the volume of SF Express increased significantly, reaching 3.8 billion, 4.8 billion and 8.1 billion respectively. In particular, economic express delivery, which focuses on the sinking market, saw its revenue increase by 64% year-on-year to 44.148 billion yuan in 2020, accounting for 28.67% of the total revenue.</p><p>China's express delivery industry accelerates<a href=\"https://laohu8.com/S/300959\">Online and Offline</a>Integrated development, sinking markets such as urban and rural areas are very active, and 20% of express parcels are<a href=\"https://laohu8.com/S/000061\">Agricultural products</a>。 Therefore, it is of great significance for SF Express to enter the sinking market. According to Hong Tao, director of the Institute of Business Economics of Beijing Technology and Business University, SF Express, which entered the low-end market, has a competitive relationship with Sitong and Yida. However, there are also obvious differences, mainly manifested in high-end levels and more fresh products in categories.</p><p>\"Cold transportation of fresh products and medicine are costly departments, which is due to their industry characteristics. In addition, supply chain logistics is a long-term strategy to integrate resources and generate benefits.\" But Hong Tao admits that these new businesses will have some investment at the beginning, but in the long run, it will bring a larger return on investment.</p><p>It is precisely because of the substantial growth of the economic express delivery sector in 2020 that SF Express's thunder of \"increasing revenue without increasing profits\" in 2018 was buried until the first quarter of 2021 before it exploded. Due to a series of factors such as the continuous investment in new business and the slowdown in the growth rate of the traditional high-margin time-sensitive express delivery business, SF Express disclosed a loss of 1.1 billion yuan in its first quarter financial report.</p><p><a href=\"https://laohu8.com/S/01282\">Glory Sun Financial</a>Chief economist Zheng Lei said that SF Express's own genes are positioned in the high-end market, and during the period of entering the sinking market, it will find a group of specialized people to do specialized things, and set up the low-end business into a sub-brand with Sitong Yida. Competition may be more competitive for SF Express. In Zheng Lei's view, SF Express's entry into the intra-city express delivery field is also one of its means to enter the sinking market. \"The gross profit margin of intra-city express delivery is not high, and the market is not large in comparison. It is a normal business strategy of a large company to split it and operate independently.\"</p><p><b>To be broken</b></p><p>The advantages of traditional express delivery business have gradually declined, new business has expanded and investment has increased, and SF Express has reached the transformation stage of enterprise development.</p><p>Wang Wei once said frankly that SF Express is committed to providing comprehensive logistics services in the future, not targeting the 400 billion traditional express mail market, but the 12 trillion logistics market. SF Express has always made it clear that it is an independent third-party technology-driven industry solution service company. In addition to the traditional express delivery business, SF Express has been trying to develop new businesses, extending to the upstream and downstream of the industrial chain, and providing efficient, stable and agile digital and integrated supply chain services throughout procurement, production, circulation, sales, after-sales.</p><p>In Zheng Lei's view, SF Express's current strategy of digital transformation to the service industry chain and supply chain is a forward-looking strategy to cope with the future digital economy era.</p><p>\"But in the process of transformation, we should pay attention to controlling the pace of expansion. The main problem facing SF Express at present is that the expansion speed and profit speed do not match, which will inevitably lead to ugly financial statements.\" In Zheng Lei's view, SF Express's \"ambition\" is not limited to the express delivery business, but more exposed at the end of the logistics industry chain, and through self-construction and self-operation, it opens up the logistics intermediate links, and then looks for new commercialization opportunities on this basis.</p><p>Because of this, it is not surprising that SF Express has previously explored e-commerce. The upstream of the logistics industry chain is still dominated by e-commerce express delivery. Since 2010, SF Express has been testing the waters in e-commerce. In that year, SF Express launched its first E-commerce platform \"E Business Circle\"; In 2012, SF Express launched \"SF Express Preferred\", focusing on fresh and food retail; In 2014, SF Express launched the O2O community store \"Heike\", which focuses on four major services: pre-order of goods, offline experience of online shopping, convenience service and self-delivery of express mail.</p><p>However, SF Express's involvement in the e-commerce field has failed. Until 2021, Wang Wei publicly admitted that due to the lack of merchant resources, SF Express cannot be a community e-commerce company, and will resolutely not touch the business flow. Although it has no longer set foot in the field of e-commerce, SF Express has launched the fresh food distribution platform \"Fenghuotai\" by virtue of its own logistics infrastructure construction, which mainly integrates the supply chain around some agricultural areas.</p><p>In Hong Tao's view, grasping the development trend of digital transformation is unavoidable for any enterprise. The digital development of SF Express's new business is precisely due to the integrated development of online and offline and omni-channel digital applications. But Hong Tao does not deny that new business will inevitably bring greater investment. \"Because I am unfamiliar with it, and I need a lot of investment and layout at the beginning, I will be compensated in the future business process. However, I should carefully study its profit model and strengthen refined management, that is, digital management, so as to achieve its new growth profits. appear.\"</p><p>SF Express emphasized in its financial report that it expects to improve capacity utilization and network operation efficiency through business measures such as network integration, resource integration, and automated capacity upgrades. With the growth of business scale, it is expected to gradually release scale effects in the second half of this year.</p><p>\"When the company reaches a certain scale, the management level also needs to be equal to it, which is a new challenge for Wang Wei and his team.\" Zheng Lei said that SF Express, which is in the transformation stage, in addition to continuous business exploration, more importantly, it needs to improve its management level.</p><p>\"On the one hand, SF Express's business layout shows its advancement and self-motivation; on the other hand, when new businesses have not exploded and traditional businesses are saturated, investment activities are radical. Overall, SF Express's corporate quality is high-quality, but it will take time to verify whether the transformation can be successful and new growth engines can be found.\" Wang Binxian said.</p><p>China News Weekly interviewed SF Express on issues related to losses, sinking, transformation, etc., but had not received a reply as of press time.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/zjKNTvs84P41d14L4Qu_oQ\">中国新闻周刊</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a40e26bb9c0c4dbd8bc81dc6fddea16a","relate_stocks":{"002352":"顺丰控股"},"source_url":"https://mp.weixin.qq.com/s/zjKNTvs84P41d14L4Qu_oQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197922060","content_text":"十八岁的顺丰，等待破局。\n\n4月份，顺丰的一季度财报披露了上市以来的首次亏损，一季度净亏损11.34亿元。而在一个月前，顺丰刚给投资人交上一份成绩喜人的答卷，2020年净利润61.3亿元。\n\n一季度亏损的热度还未散去，6月30日，顺丰又传出将拆分同城业务独立上市的消息。近日，顺丰同城向港交所递交招股书，数据显示，顺丰同城三年累计亏损15.56亿元。如果顺丰同城顺利上市的话，王卫将收获第三家上市公司，而顺丰控股的业务，也逐渐一一剥离独立上市。\n\n王卫一直强调，顺丰是一家物流公司而非快递公司。如今的顺丰，在快递业务之外，供应链、快运物流等业务逐渐在财报中崭露头角。在保持老业务持续增长的同时，顺丰也在不断拓展新业务，而这也被其归为此次亏损的原因之一。但从财报来看，快递业务增长疲软，新业务投入大于产出，顺丰已经走在了企业发展的岔路口。\n\n亏损，或许是站在转折节点上的顺丰历经的阵痛。7月13日晚，顺丰二季度财报预告显示，预计本季度净利润为16.29亿-18.19亿元，预计扣非净利润为6.04亿-7.34亿元，顺丰扭亏为盈，开盘大涨，市值3081亿元。但顺丰快递业务是否迎来天花板、新业务何时扭亏为盈……这仍旧都是顺丰走出阵痛时需要一一解答的问题。\n\n业绩“变脸”\n\n3月17日，顺丰发布了2020年年报，成绩喜人。年报显示，2020年顺风营业收入为1539.87亿元，同比增长了32.25%；业务量81.4亿票，同比增长68.5%；归母净利润73.3亿元，同比增长26.4%；扣非归母净利润61.3亿元，同比增长45.7%。\n\n但在公布年报后不到一个月时间里，顺丰业绩大变脸。4月8日晚间，顺丰发布第一季度业绩预告称，2021年第一季度净利润亏损9亿元至11亿元。第二天顺丰开盘即跌停，市值跌至3313亿元，而今年2月顺丰股价还创下历史新高，总市值达5681亿元。顺丰跌停当天，连带着圆通速递、韵达股份、德邦股份跌幅均超3%，申通快递、中通快递跌超1%，快递股几乎全线下跌。\n\n4月9日，顺丰召开2020年度股东大会。在回答投资者提问时，王卫就第一季度业绩表现道歉，“首先跟股东做一个道歉，因为我认为第一个季度真的没有经营好。”王卫坦言，在管理上有疏忽，类似的问题不会出现第二次。\n\n王卫的道歉并非没有道理。顺丰第一季度报告显示，报告期内，营业收入426.2亿元，去年同期营收为335.41亿元，同比增长27.07%，但归母净利润为-9.89亿元，去年同期盈利9.07亿元，同比下降209.01%；扣非归母净利润为-11.34亿元，去年同期盈利8.32亿元，同比下降236.28%。\n\n为什么会在第一季度出现11亿元的亏损？顺丰在财报中给了五点解释，分别包括新业务投入加大、快递业务增长下的基础设施建设、资源重叠投放导致整合各业务线网络资源成本提升、春节员工补贴以及快递业务整体毛利率压力。\n\n关于新业务的投入并不难理解。王卫一直强调，顺丰是一家物流公司而并非快递公司。除了快递业务外，顺丰很早就开始布局医药、冷运、快运物流、供应链、同城急送等业务。而对于新业务，顺丰也加大了布局和投入，包括自建航空公司，自建鄂州机场服务湖北国际物流核心枢纽项目；全国布局46个城市的产业园项目；中转站自动化产能升级项目等。\n\n数据显示，2020年顺丰速运、快运和其他净利润为别为89.87亿元、-9.08亿元、-11.25亿元。换句话说，除了以传统快递业务为主的速运分部还在盈利外，其他新业务部分都处于亏损状态。\n\n“营业收入同比增加27%，营业成本增加44%，因营业收入覆盖不了增加的营业成本，所以导致亏损。”广州哈曼咨询品牌顾问王缤娴认为，顺丰在现阶段的定位是战略转型期，从快递业务转型到提供一体化供应链解决方案的服务商。然而供应链服务商的业务虽然增速很快，但在整个业务矩阵的占比太小，远远达不到快递主营业务的地位，所以呈现出收不抵支的局面。\n\n下沉\n\n顺丰转型发力新业务的信号，源于顺丰2018年的财报。\n\n2018年以前，顺丰快递给人的印象还停留在“贵”和“快”。2018年顺丰财报显示，时效快递占营收的58.7%，主打高端市场，用高价换取时效，这是最开始顺丰给自己的定位。\n\n前瞻产业研究院发布的《中国快递企业市场竞争分析及企业竞争策略研究报告》指出，2018年，顺丰占据中国高端快递市场份额的59%。此外，在中高端快递市场，EMS、顺丰瓜分了近八成市场份额。\n\n同年，顺丰首次出现了营收增长但净利润增长下滑，即增收不增利的情况。当年，顺丰营收从713亿元增长至909亿元，同比增长27.6%，但其归母净利润从2017年的5.2%下滑至3.83%，为34.8亿元。\n\n同样是在2018年，京东物流宣布旗下快递业务个人用户领域，定位高品质快递；四通一达（即中通、圆通、申通、百世、韵达）也开始向高端市场进行探索，如圆通在2018年7月推出“承诺达”，定位中高端市场。\n\n王缤娴认为，一方面是中高端快递市场天花板已至，一方面是新对手的进入加剧了市场竞争，顺丰压力备增。由此，顺丰将目光投向了下沉市场。\n\n从2019年5月推出针对电商市场的特惠专件起，顺丰就开启了下沉之路，与唯品会合作、新增“冷运特惠”服务、以“特惠专配”切入中低端电商市场。\n\n但打入下沉市场，必有取舍，顺丰自此也开启了以价换量的时代。数据显示，顺丰2018年-2020年票均收入分别为23.26元、21.94元、17.77元。而同期，顺丰快件量大幅提升，分别为38亿件、48亿件和81亿件。尤其是主打下沉市场的经济快递，在2020年营收同比增加64%达441.48亿元，占总营收比例达到28.67%。\n\n中国快递业加快线上线下融合发展，城市及农村等下沉市场十分活跃，快递包裹中有20%的包裹是农产品。因此，顺丰进入下沉市场意义十分重大。在北京工商大学商业经济研究所所长洪涛看来，打入低端市场的顺丰与四通一达具有竞争关系，但是，也存在着明显区别，主要表现在层次上偏高端、类别上具有较多的生鲜产品。\n\n“生鲜产品冷运及医药是耗费成本较大的部门，这是由于其行业特点所致。此外，供应链物流是一种整合资源，产生效益的长远之策。”但洪涛坦言，这些新业务刚开始时会有些投资，但是长期而言，会带来较大的投资回报的。\n\n也正是因2020年经济快递板块的大幅增长，2018年顺丰“增收不增利”的雷一直埋到了2021年一季度才爆炸。由于新业务持续性投入，传统高毛利的时效快递业务增速放缓等一系列因素，顺丰一季度财报披露亏损11亿元。\n\n宝新金融首席经济学家郑磊表示，顺丰本身的基因就定位在高端市场，而进入下沉市场期间，找一群专门的人来做专门的事情，将低端业务成立成一个子品牌与四通一达进行竞争，对于顺丰来说或许会更有竞争力。在郑磊看来，顺丰进入同城急送领域也是其打入下沉市场的手段之一。“同城急送的毛利率并不高，市场相比而言也并不大，将其拆分独立运营反倒是一个大公司正常的经营策略。”\n\n有待破局\n\n传统快递业务优势逐渐下降，新业务扩张和投入加大，顺丰走到了企业发展的转型阶段。\n\n王卫曾坦言，顺丰未来致力于提供综合物流服务，所针对的不是4000亿传统快件市场，而是12万亿大物流市场。顺丰也一直明确自己是一家独立第三方科技驱动的行业解决方案服务公司，除了传统快递业务外，顺丰一直在试图发展新的业务，向产业链上下游延伸，提供贯穿采购、生产、流通、销售、售后的高效、稳定、敏捷的数字化、一体化的供应链服务。\n\n在郑磊看来，顺丰目前向服务产业链、供应链数字化转型的战略，属于前瞻性战略，用以应对未来的数字经济时代。\n\n“但在转型的过程中要注意把控扩张节奏。顺丰目前面临的主要问题是，扩张速度和盈利速度并不匹配，这必然导致财务报表会很难看。”在郑磊看来，顺丰的“野心”不止于快递业务，而更多地表露在物流产业链端，并通过自建自营打通物流中间环节，进而在此基础上寻找新的商业化机会。\n\n也正因为如此，顺丰此前对电商的探索也不足为奇。物流产业链的最上游仍然还是以电商快递为主。而顺丰从2010年开始，就不断在电商试水。当年顺丰推出第一个电商平台“E商圈”；2012年顺丰推出“顺丰优选”，主打生鲜和食品零售；2014年，顺丰又推出O2O社区店“嘿客”，主打商品预购、网购线下体验、便民服务、快件自寄自取四大服务。\n\n但顺丰涉足电商领域均已失败而告终。直到2021年，王卫曾公开坦言，由于缺乏商户资源来源，顺丰做不了社区电商，也坚决不会碰商流。尽管没有再涉足电商领域，但顺丰凭借自身物流基础设施建设，上线了生鲜配送平台“丰伙台”，主要围绕一些农产地进行供应链整合。\n\n在洪涛看来，抓住数字化转型的发展趋势，是任何企业都不可回避的。而顺丰新业务朝向数字化发展，也正是由于线上线下融合发展，全渠道数字化应用。但洪涛也并不否认，新业务必然会带来较大的投入。“因为不熟悉，且开始需要大量的投入与布局，在未来的业务过程中会得到补偿，但是，应认真研究其盈利模式，加强精细化管理，也就是数字化管理从而实现其新的增长利润的出现。”\n\n顺丰在财报中曾强调，预计通过网络融合、资源整合、自动化产能升级等经营举措，提升产能利用率及网络运营效率，伴随业务规模增长，有望在今年下半年开始逐步释放规模效应。\n\n“当公司达到一定的规模之后，管理水平也需要与之持平，这对于王卫及其团队来说，是一个新的挑战。”郑磊表示，处在转型阶段的顺丰，除了业务上的不断探索之外，更重要的还需要提高管理水平。\n\n“一方面，顺丰的商业布局，可以看出它的超前性和上进心；另一方面，在新业务没有爆发，传统业务饱和的情况下，投资活动又显得激进。整体而言顺丰的企业质地是优质的，但能否转型成功和找到新的增长引擎，有待时间考证。”王缤娴说道。\n\n中国新闻周刊就亏损、下沉、转型等相关问题采访顺丰，截至发稿未获回复。","news_type":1,"symbols_score_info":{"002352":0.9}},"isVote":1,"tweetType":1,"viewCount":2740,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFla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