The way to make money

China Network Technology July 15 (Reporter Li Ting) Recently, SF has submitted a listing of listed statements in the same city, sprinting the Hong Kong Stock Exchange’s immediate logistics first shares.

The predecessor of SF Tongcheng is the internal business department of SF holding, from March 2019, operates to apply for listing, SF is only for more than two years.

SF in SF, which is born with the golden key has a synergy, but the prospectus has exposed a lot of problems. The proportion of human outsourcing costs has reached more than 85% of operating costs. In the past three years, the loss is 1.56 billion yuan. In the external competition, the survival space was squeezed by the industry, and SF is in the same city.

The loss is increasing year by year

Shunfeng is the project in SF Holding Internal hatch. In 2016, Shunfeng City as a business unit, responsible for instant delivery services in the same city, mainly serving McDonald’s customers. In 2019, SF is separately peeled off, independent, corporate operation. As of 2020, Shunfeng has opened up food, business super, fresh, clothing, medicine, 3C digital, office urgency and other distribution scenarios, serving McDonald’s, Lao Niang, Xi Tea, Le Xize and Tianhong and other well-known brands.

The statement shows that the number of orders and revenue achievements in SFs in the same city have grown sharply over the past three years. From 2018 to 2020, the revenue was 990 million yuan, 211 billion yuan and 4.84 billion yuan. The total number of orders is increased from 79.8 million in 2018 to 21100 million in 2019, and further increased to 760 million in 2020, and the annual growth rate was 208.7%.

Shunfeng Tongcheng quoted Ai Rui consulting data in the presentation, as of March 31, 2021, SF Tongcheng is the largest independent third party real-time distribution service platform in China.

After the high growth, the business cost is high, mainly used to pay the bag ride costs and employee expenses. Among them, the cost of human outsourcing costs and accounting continues to rise, and even more than 1050 million yuan in the past three years, 211 billion yuan and 4.86 billion yuan, accounting for 85.4%, 86.4% and 96.6% respectively.

High cost expenditure dragged down the profitability of SF, recorded losses for three consecutive years, and the total amount increased year by year, the loss of 330 million yuan in 2018, expanded from 43.1% to 470 million yuan, 2020 An increase of 61.3% to 760 million yuan.

As of the end of 2020, SF Tongcheng Industrial Realized the total amount of reported assets of 1.41 billion yuan, the total liability is 1.05 billion yuan, and the net assets are 370 million yuan.

Inheriting SF gene

Shunfeng is born, let SFs have some natural advantages.

Ai Shen consulting CEO Zhang Yi believes that SF inherits SF Holdings.Express genes have brand advantages. In terms of use and reference, as well as logistics team distribution, benefit from SF holding professional and solid data systems and staff foundations. In addition, SFs can focus on the same city business.

Shunfeng City distribution speed, service guarantee, and commitment to the customer, follow the reputation of SF brand. SF Tongcheng can develop differentiated developments according to SF Holdings. In market expansion and market coverage, the central city is gradually layout to the second line, the third line and a broader market.

Shunfeng Tongcheng emphasizes itself to provide independent real-time distribution services, which is different from competitors affiliated to the centralized platform. SF Tongcheng believes that as an independent third party platform, it can provide tailored service, more attractive to the merchant.

For SF Holdings, the layout SF is more strategic. Chen Zhailin, chief analyst of Southwest Securities Transportation, in the development of \”There is a red sea\” in the real delivery market, and the same city distribution business can help SF Holdings to accumulate the accumulation of end consumption data without intervening business, thus aggregating B-terminal The big data system of the customer, or a new growth of future income is an indispensable part of its third-party logistics technology service provider.

Wang Pinhui, analyst, admission, believes that future SF supply chains, express delivery, aging, cold chains and other products can be landed in the same city.

For SF, the same city is resolved, Zhang Yi analyzes two reasons, one is that SF is in line with the listing conditions, and it can be a big business. Second, the original business of SF Holdings can make more teams achieve independent growth, gain benefits, and work achievements. The above reasons are conducive to SF holding, not in the innovation, and fall in the team.

From the future development trend, the instant delivery is full of imagination. According to the media consultation data, the size of the real-time distribution of China in 2020 has reached 5006 million, the annual order volume reached 21 billion. It is expected that the annual order quantity of China’s instant delivery service industry will increase to 64.3 billion, 52.3% in 52.3%.

The scale effect is weak and profitable

Before the food market bonus, Shunfeng faces a severe test.

Although the Lenon Holding the radius of SF, it is a unfavorable competitive position as the industry. The industry, which relies on the takeaway platform, and seizes the half-Wanjiang Mountain, leaving the market space for the track players.

Data of the Southwest Securities Development shows that the US group distribution and hungry is 27.8 million singles and 4.5 million individuals, respectively. The city share of 47.2%, hummingbird + point my market share is 20.7%, and the dual oligarchic market share is 67.9%. Dada City with the third party distribution platformThe rate is approximately 4.1%, and SF also accounts for about 1.2% of the market share.

From the perspective of open financial information, the third-party distribution platform is still in a loss of the mudmag, and the city has a total loss of 1.56 billion yuan for three consecutive years. Dada has a total loss of 6.7 billion yuan from 2017 to 2020.

Even if the business scale is expanded in the future, it is difficult to break the profit. Chen Zhailin believes that instant delivery has a weak scale, and the head company also assumes extremely high distribution costs. In the US group and Dada’s 即 logistics commercial model, the cost of rider accounts for 72% -74% of the one-ticket income, 2020 US group per single takeaway business revenue is 9.33 yuan, single takeaway business profit 0.4 yuan The takeaway business profit is only 4.3%. Dada per single gross profit of 0.96 yuan, gross profit margin 17.7%. It is worth noting that the US Treasury takeaway daily basis amount from 11 million units to 28 million single growth, single-piece distribution costs are still not reduced.

In terms of revenue structure, SF Tongcheng income not only partly from related transactions, but also highly rely on large customers. In 2019, the associated transactions with SF Holdings in 2019 and 2020 were 28.5.7 million yuan, 200 million yuan and 1.62 billion yuan, respectively, with a total revenue of the same period, 9.5% and 33.5%, accounting for increasing year by year. In addition to SF Holdings, the five major customers in SF Tongcheng are independent third parties, and the income accumulation in 2018-12020 is 67.7%, 67.1% and 61.2%, of which the maximum customer accounts is 22.7%, 19.4% and 33.6. %. Wang Pinhui speculated in the development of the report, five major customers are expected to include McDonald’s, Pizza Hut, Rui Fusing, Hi Tea, etc.

Zhang Yi believes that the business of SFs is relatively single, high for time-effectiveness, most business may be bulky goods, rather than document or light express delivery. Whether it can expand the field other than the commissary of goods in the same city, there is a certain challenge in the system, warehousing, distribution, and tools. However, if not extending this market, SF is the future growth space, how to form complementarily with the holding main industry, which is also launched in SFs, investors and market attention and expectations to get answers.