There has been a very clear statement in China's express delivery industry. There are two kinds of express delivery companies in China, one is called SF Express, the other is called other express. SF Express has almost become the benchmark for the quality of express delivery companies in China, although SF Express had always had the highest fees in the express delivery industry, its reputation had always been well-known. However, recently SF Express, the No. 1 Express Delivery Company in China, seemed to be a little unhappy. His financial report was finally released.

First, SF Express's not very happy financial report

On March 15, 2019, China Express Yige SF Express finally announced its annual report card, the specific results are as follows:

From the perspective of overall revenue, in 2018, SF Holding achieved operating income of 90.943 billion yuan, an increase of 27.6%; the net profit attributable to listed companies was 4.556 billion yuan, down 4.57% from the same period last year; Net profit after deducting non-recurring profit and loss reached 3.484 billion yuan, down 5.92% year-on-year; Achieved earnings per share of 1.03 yuan.

According to the composition of SF & Fung's annual report, in 2018, traditional businesses, including the time-limited sector and the economic sector, still accounted for the majority of the total annual revenue of 73.76 billion yuan, an increase of 19.93 percent over the same period last year, it accounted for 81.1 percent of total revenue, down 5.19 percent from 86.29 percent in 2017.

From the perspective of business classification, in 2018, SF's new business revenue reached 17.189 billion yuan, a year-on-year increase of 75.93%, and its proportion of overall operating income increased from 13.71% in the previous year to 18.9%.Among them, the express business achieved a tax-free operating income of 8.055 billion yuan, a year-on-year increase of 82.98%, and the proportion of revenue increased from 6.18% in 2017 to 8.86%; The overall revenue of cold transportation and pharmaceutical business reached 4.244 billion yuan, a year-on-year increase of 84.88%, and the proportion of revenue increased from 3.22% to 4.67%; The intra-city business achieved an operating income of 995 million yuan excluding tax, a year-on-year increase of 172.22%; The operating income of international business was 2.629 billion yuan, a year-on-year increase of 28.67%.

In particular, the large investment in new business has also led to an increase in capital expenditure and debt ratio, and the financial report shows that in 2018, SF's asset-liability ratio was 48.45%, an increase of 2.22 percentage points from 46.23% in 2017.

And from the perspective of the horizontal comparison of the entire industry, the second echelon of "three links and one reach" in the ZTO Express has begun to catch up with SF Express, also according to the financial report we can compare, in 2018 ZTO Express achieved adjusted net profit of 4.201 billion yuan, SF Holding achieved a net profit attributable to the parent of 4.556 billion yuan, in SF Express profit fell by 4.57% at the same time, but ZTO Express profit growth of up to 30.1%, if only from the perspective of profit, it can be said that in a sense, Unless there is a fundamental reversal of the development trend of the two in 2019, it is only a matter of time before SF Express is caught up by ZTO Express.

Why is SF likely to be overtaken by the second echelon of express delivery? What happened to express brother SF?

2. What happened to express delivery guy sf-fon?

In fact, SF's problem does not seem to arise from today's day, in February 2017, SF successfully achieved a backdoor listing, and soon after listing, the stock price soared all the way to 230 billion yuan, but SF at this time is not the end, the highest moment SF's market value reached a shocking 300 billion yuan, such a high market value also made SF's head Wang Wei ascend to the throne of China's richest man.However, the good times did not last long, and after a month, the stock price began to fall high, according to Qixinbao's data, as of March 26, 2019, SF's share price was 35.07 yuan, with a total market value of 155.5 billion yuan, compared with the peak market value of 300 billion yuan, it has fallen by about half, such a result, combined with SF's declining profits, really makes people sweat for SF.

那么，顺丰的问题到底是什么呢？

First, traditional businesses are constantly being surpassed by rivals.The reason why SF Express will be so famous in China, is that he makes other express companies difficult to match the quality of service, it is undeniable that for a long time, SF Express service quality can be described as the top in China, basically can achieve 2 hours door-to-door pick-up, 24 hours to arrive in major areas of the country, such services in the pursuit of efficiency priority today has become SF has been surpassing other express companies the only way.However, the current express delivery market has long been not the express market of the year, on the one hand, the e-commerce express giants represented by Jingdong Express have joined the battle group, and Jingdong Express itself has the express quality that is not inferior to SF.On the other hand, the "three links and one reach" that was previously criticized by everyone for poor service quality has made great progress after Ma Yun's rookie blessing, under the role of rookie wrapping, they have achieved 2-hour door-to-door pick-up, users can freely choose the courier's door-to-door service time, in terms of the speed of complaining, Zhongtong and Shentong have also achieved next-day delivery.This has made SF's original firewall no longer exist, but has entered a fierce competition in the red sea, which has caused SF's main business to suffer great challenges.

二是大量并购的激进战略让顺丰并不顺利。对于顺丰来说，其掌门人王卫并不是一个小心谨慎的守成之君，而是一个敢作敢当的大力投资之人，回顾2018年，顺丰控股先后收购广东传统零担企业新邦物流、DHL香港和北京100%的股权，分别出资17亿元和55亿元；后参与美国物流服务平台Flexport新一轮1亿美元融资；并与夏晖集团、招商局和中国铁路总公司展开合作，发力冷链、海运等业务。根据公开市场资料显示，顺丰一年花费在收购和投资上面的钱高达70亿，但是投资绝对不是1+1=2这么简单的小学算术题，对于投资者来说，如何能够把并入的企业形成合力，组成产业梯队形成产业互补对于任何一家公司来说都是一个大问题，并购一个大企业都是不小的挑战，一年并购这么多，对于顺丰来说如何顺利消化并购企业，形成文化认同都已经成为最痛苦的问题。王卫这样的投资很大胆，但同样风险巨大。

Third, innovative business is the future, but not cash cattle.In July 2018, SF began to make efforts in the cold chain business, and established the new Xiahui cold chain company together with Xia Hui, and SF acquired DHL's business in China for 5.5 billion yuan to improve SF's supply chain capabilities.In order to support the development of new businesses, SF has invested so heavily that its gearing ratio reached 48.4% in 2018, which is higher than the gearing ratio of 46.2% in 2017.Of course, from a long-term perspective, the supply chain is indeed the future development direction, but from a large number of supply chain enterprises, this industry direction is very hot, but there are not many companies that really make money, so in front of SF, innovative business is an important foundation for the future, but it is not a cash cow that supports corporate funds.

我们客观的说，其实顺丰的整体发展还是较为稳健，如果不去主动将其横向和三通一达进行比较的话，顺丰的发展真的不能算差，但是中国物流产业是一个逆水行舟不进则退的产业，产业的发展往往不是一家企业所决定的，这让顺丰即使不愿意将自己和三通一达进行比较，但也迫不得已和他们进行短兵相接，从目前的情况来看，顺丰与三通一达的差距正在缩小，如果顺丰的整体业务布局不能在短时间内有所突破的话，那么在未来的一段时间，顺丰保持多年对三通一达的优势将会逐渐缩小，到底谁会成为中国物流产业笑到最后的赢家，这个问题也将不得不打上一个问号。

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