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Taylor.S

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2021-07-16

ok

Has SF Express, whose performance has changed dramatically from huge profits to its first loss, hit its ceiling?

2021-07-15

ok

JPMorgan warns Ark to repeat the "bull market trap" of the dot-com bubble era.

2021-08-10

wow?

Full Truck Alliance (Manbang) saw intraday volatility, rising rapidly by 5.18% in early trading

2021-07-06

??

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2021-06-26

?

Missfresh, the "first fresh food stock," opened below its issue price, falling more than 18% in early trading.

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22:15","market":"us","language":"zh","title":"Full Truck Alliance (Manbang) saw intraday volatility, rising rapidly by 5.18% in early trading","url":"https://stock-news.laohu8.com/highlight/detail?id=2157496203","media":"自选股智能写手","summary":"北京时间2021年08月06日22时15分，满帮股票出现异动，股价快速上涨5.18%。截至发稿，该股报12.58美元/股，成交量22.7179万股，换手率0.02%，振幅3.18%。机构评级方面，在所有2家参与评级的机构中，100%的券商给予买入建议，无券商给予持有、卖出建议。满帮股票所在的软件服务行业中，整体跌幅为0.66%。","content":"<p><html><body><article>At 22:15 Beijing time on August 6, 2021,<a href=\"https://laohu8.com/S/YMM\">Manbang</a>(YMM.us) stock saw unusual activity, with its share price rising rapidly by 5.18%. As of press time, the stock was trading at $12.58 per share, with a trading volume of 227,179 shares.<span>turnover rate</span>0.02%, amplitude 3.18%.</p><p>Recent financial reports show that the stock achieved...<span>Operating income</span>$374 million,<span>Net profit</span>-$503 million,<span>Earnings per share</span>- $3.04,<span>Gross profit</span>$183 million, P/E -490.20 times.</p><p>Regarding institutional ratings, among all two institutions participating in the rating, 100% of the securities firms gave a buy recommendation, while no securities firms gave a hold or sell recommendation.</p><p>In the software services industry, where Full Truck Alliance's stock is listed, the overall decline was 0.66%. Among its related stocks,<a href=\"https://laohu8.com/S/ANY\">Sphere 3D Corp.</a>New,<a href=\"https://laohu8.com/S/CETXP\">Cemtrex Inc</a>C/Wts 02/12/2022 (To Pur Com), Cornerstone Ondemand Inc Large Gains, Sphere 3D Corp New, Bit Digital, Inc, Exela Technologies Inc They were relatively active, with turnover rates of 252.26%, 23.51%, and 9.86% respectively. Stocks with significant fluctuations included: Sphere 3D Corp New, Alfi, Inc. Warrant 2020-14.01.25 on Alfi Inc, Bit Digital, Inc, The amplitudes were 36.34%, 19.18%, and 13.53%, respectively.</p><p>Full Truck Alliance (Manbang) Company Profile: Huochebang Technology Co., Ltd. provides comprehensive services to shippers and truck drivers through its subsidiaries and its mobile and website platforms. Its principal business is in China. The group's revenue primarily comes from shippers and truck drivers using its platform for freight matching services and value-added services.</p><p>(The above content refers to stock picks.)<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The machine writer's Money Call is completed and is for user reference only, not as a basis for trading.</p><p></article></body></html></p>","source":"tencent","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>Full Truck Alliance (Manbang) saw intraday volatility, rising rapidly by 5.18% in early trading</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\">\nFull Truck Alliance (Manbang) saw intraday volatility, rising rapidly by 5.18% in early trading\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">自选股智能写手</strong><span class=\"h-time small\">2021-08-06 22:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>At 22:15 Beijing time on August 6, 2021,<a href=\"https://laohu8.com/S/YMM\">Manbang</a>(YMM.us) stock saw unusual activity, with its share price rising rapidly by 5.18%. As of press time, the stock was trading at $12.58 per share, with a trading volume of 227,179 shares.<span>turnover rate</span>0.02%, amplitude 3.18%.</p><p>Recent financial reports show that the stock achieved...<span>Operating income</span>$374 million,<span>Net profit</span>-$503 million,<span>Earnings per share</span>- $3.04,<span>Gross profit</span>$183 million, P/E -490.20 times.</p><p>Regarding institutional ratings, among all two institutions participating in the rating, 100% of the securities firms gave a buy recommendation, while no securities firms gave a hold or sell recommendation.</p><p>In the software services industry, where Full Truck Alliance's stock is listed, the overall decline was 0.66%. Among its related stocks,<a href=\"https://laohu8.com/S/ANY\">Sphere 3D Corp.</a>New,<a href=\"https://laohu8.com/S/CETXP\">Cemtrex Inc</a>C/Wts 02/12/2022 (To Pur Com), Cornerstone Ondemand Inc Large Gains, Sphere 3D Corp New, Bit Digital, Inc, Exela Technologies Inc They were relatively active, with turnover rates of 252.26%, 23.51%, and 9.86% respectively. Stocks with significant fluctuations included: Sphere 3D Corp New, Alfi, Inc. Warrant 2020-14.01.25 on Alfi Inc, Bit Digital, Inc, The amplitudes were 36.34%, 19.18%, and 13.53%, respectively.</p><p>Full Truck Alliance (Manbang) Company Profile: Huochebang Technology Co., Ltd. provides comprehensive services to shippers and truck drivers through its subsidiaries and its mobile and website platforms. Its principal business is in China. The group's revenue primarily comes from shippers and truck drivers using its platform for freight matching services and value-added services.</p><p>(The above content refers to stock picks.)<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The machine writer's Money Call is completed and is for user reference only, not as a basis for trading.</p><p></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108062215357ddc4dd9&s=b\">自选股智能写手</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ba8d3cf09ea2b7adfee4a2057e1fd28a","relate_stocks":{"YMM":"满帮"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108062215357ddc4dd9&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2157496203","content_text":"北京时间2021年08月06日22时15分，满帮（YMM.us）股票出现异动，股价快速上涨5.18%。截至发稿，该股报12.58美元/股，成交量22.7179万股，换手率0.02%，振幅3.18%。最近的财报数据显示，该股实现营业收入3.74亿美元，净利润-5.03亿美元，每股收益-3.04美元，毛利1.83亿美元，市盈率-490.20倍。机构评级方面，在所有2家参与评级的机构中，100%的券商给予买入建议，无券商给予持有、卖出建议。满帮股票所在的软件服务行业中，整体跌幅为0.66%。其相关个股中，Sphere 3D Corp New、Cemtrex Inc C/Wts 02/12/2022 (To Pur Com)、Cornerstone Ondemand Inc涨幅较大，Sphere 3D Corp New、Bit Digital, Inc、Exela Technologies Inc较为活跃，换手率分别为252.26%、23.51%、9.86%，振幅较大的相关个股有Sphere 3D Corp New、Alfi, Inc. Warrant 2020-14.01.25 on Alfi Inc、Bit Digital, Inc，振幅分别为36.34%、19.18%、13.53%。满帮公司简介：货车帮科技有限公司通过其子公司，通过其移动和网站平台为托运人和卡车司机提供全面服务。其主要业务在中国。该集团的收入主要来自托运人和卡车司机在货运匹配服务和增值服务方面使用其平台。（以上内容为自选股智能机器写手Money Call完成，仅作为用户看盘参考，不作为交易依据。）","news_type":1,"symbols_score_info":{"YMM":1}},"isVote":1,"tweetType":1,"viewCount":4872,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170572112,"gmtCreate":1626444264336,"gmtModify":1703760328076,"author":{"id":"3579843540288977","authorId":"3579843540288977","name":"Taylor.S","avatar":"https://static.tigerbbs.com/2af0cdc1ea9e22afffde790c823953e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579843540288977","authorIdStr":"3579843540288977"},"themes":[],"title":"","htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":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":"Has SF Express, whose performance has changed dramatically from huge profits to its first loss, hit its 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 is waiting to break through its predicament.</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. Just a month earlier, SF Express had delivered an impressive report card to investors, with a net profit of 6.13 billion yuan in 2020.</p><p>The buzz surrounding the first-quarter losses had not yet subsided when, on June 30, news broke that SF Express would spin off its same-city business for an independent listing. Recently, SF City Express submitted its prospectus to the Hong Kong Stock Exchange. Data shows that SF City Express has accumulated losses of 1.556 billion yuan over three years. If SF Express successfully goes public, Wang Wei will gain a third listed company.<a href=\"https://laohu8.com/S/002352\">SF Holding</a>The businesses are also gradually being spun off and listed independently.</p><p>Wang Wei has always emphasized that SF Express is a logistics company, not an express delivery company. Today, in addition to its express delivery business, SF Express's supply chain and express logistics businesses are gradually emerging in its financial reports. While maintaining the continuous growth of its existing business, SF Express is also constantly expanding into new businesses, which it attributes to one of the reasons for this loss. However, judging from the financial report, the growth of the express delivery business is sluggish, and the investment in new businesses exceeds the output. SF Express has reached a crossroads in its corporate development.</p><p>The losses may be a reflection of the growing pains experienced by SF Express, which is at a turning point. On the evening of July 13, SF Express released its second-quarter financial report forecast, showing that its net profit for the quarter is expected to be between 1.629 billion and 1.819 billion yuan, and its net profit excluding non-recurring items is expected to be between 604 million and 734 million yuan. SF Express turned a profit, opening sharply higher with a market capitalization of 308.1 billion yuan. However, whether SF Express's express delivery business has reached its ceiling, and when the new business will turn a profit... these are still questions that SF Express needs to answer one by one as it emerges from its growing pains.</p><p><b>Performance \"takes a dramatic turn\"</b></p><p>On March 17, SF Express released its 2020 annual report, which showed impressive results. The annual report shows that Shunfeng's operating revenue in 2020 was 153.987 billion yuan, a year-on-year increase of 32.25%; Business volume reached 8.14 billion votes, a year-on-year increase of 68.5%; Net profit attributable to the parent company was 7.33 billion yuan, a year-on-year increase of 26.4%; Net profit attributable to the parent company after deducting non-recurring items was 6.13 billion yuan, an increase of 45.7% year-on-year.</p><p>However, less than a month after releasing its annual report, SF Express's performance changed dramatically. On the evening of April 8, SF Express released its first-quarter earnings forecast, stating that it would suffer a net loss of 900 million to 1.1 billion yuan in the first quarter of 2021. The next day, SF Express opened at the daily limit down, with its market capitalization falling to 331.3 billion yuan. In February of this year, SF Express's stock price also hit a record high, with a total market capitalization of 568.1 billion yuan. On the day SF Express hit its daily limit down, it also...<a href=\"https://laohu8.com/S/600233\">YTO Express</a>、<a href=\"https://laohu8.com/S/002120\">Yunda Express</a>、<a href=\"https://laohu8.com/S/603056\">Debon Logistics</a>All declines exceeded 3%.<a href=\"https://laohu8.com/S/002468\">Shentong Express</a>、<a href=\"https://laohu8.com/S/ZTO\">ZTO Express</a>The stock fell by more than 1%, with almost all express delivery stocks declining.</p><p>On April 9, SF Express held its 2020 annual shareholders' meeting. In response to investor questions, Wang Wei apologized for the first-quarter performance, saying, \"First, I would like to apologize to the shareholders because I believe we really didn't do a good job in the first quarter.\" Wang Wei admitted that there were oversights in management, and similar problems will not happen a second time.</p><p>Wang Wei's apology was not without merit. SF Express's first-quarter report shows that during the reporting period, operating revenue 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%. However, net profit attributable to the parent company was -989 million yuan, compared with a profit of 907 million yuan in the same period last year, a year-on-year decrease of 209.01%. The net profit attributable to the parent company after deducting non-recurring items 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 was there a loss of 1.1 billion yuan in the first quarter? SF Express provided five explanations in its financial report, including increased investment in new businesses, infrastructure construction driven by the growth of its express delivery business, increased costs of integrating network resources across various business lines due to overlapping resource allocation, employee subsidies during the Spring Festival, and pressure on the overall gross profit margin of its express delivery business.</p><p>The investment in new businesses is not difficult to understand. Wang Wei has always emphasized that SF Express is a logistics company, not a courier company. In addition to express delivery, SF Express began to expand into pharmaceuticals, cold transport, express logistics, supply chain, and same-city express delivery businesses very early on. SF Express has also increased its layout and investment in new businesses, including building its own airline and Ezhou Airport to serve Hubei's international logistics core.<a href=\"https://laohu8.com/S/HUBG\">hub</a>Project; Industrial park projects are located in 46 cities nationwide; Transfer station automation capacity upgrade projects, etc.</p><p>Data shows that in 2020, the net profits of SF Express, Express and others were 8.987 billion yuan, -908 million yuan and -1.125 billion yuan respectively. In other words, apart from the express delivery division, which mainly focuses on traditional express delivery, which is still profitable, the other new business segments are all operating at a loss.</p><p>\"Operating revenue increased by 27% year-on-year, while operating costs increased by 44%. Because operating revenue could not cover the increased operating costs, the company suffered losses.\" Wang Binxian, a brand consultant at Guangzhou Harman Consulting, believes that SF Express is currently positioned in a period of strategic transformation, transforming from an express delivery business to a service provider that provides integrated supply chain solutions. However, although the business of supply chain service providers is growing rapidly, its proportion in the overall business matrix is too small and far from reaching the status of the main express delivery business, resulting in a situation where revenue cannot cover expenditure.</p><p><b>submerge</b></p><p>The signal of SF Express's transformation and focus on new businesses stems from SF Express's 2018 financial report.</p><p>Before 2018, SF Express was still perceived as \"expensive\" and \"fast\". SF Express's 2018 financial report shows that time-sensitive express delivery accounted for 58.7% of its revenue. It focuses on the high-end market and uses high prices to obtain time-sensitive delivery, which was SF Express's initial positioning.</p><p>According to the \"Market Competition Analysis and Corporate Competition Strategy Research Report of Chinese Express Delivery Enterprises\" released by the Qianzhan Industry Research Institute, SF Express accounted for 59% of China's high-end express delivery market share in 2018. In addition, in the mid-to-high-end express delivery market, EMS and SF Express have captured nearly 80% of the market share.</p><p>In the same year, SF Express experienced its first revenue growth but a decline in net profit growth, meaning that revenue increased but profit did not increase. 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 declined 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>The company announced that its express delivery business will target individual users, positioning itself as a high-quality express delivery service. The four major express delivery companies (ZTO Express, YTO Express, STO Express, Best Express, and Yunda Express) have also begun to explore the high-end market. For example, YTO Express launched \"Commitment Delivery\" in July 2018, positioning itself in the mid-to-high-end market.</p><p>Wang Binxian believes that, on the one hand, the mid-to-high-end express delivery market has reached its ceiling, and on the other hand, the entry of new competitors has intensified market competition, putting increasing pressure on SF Express. As a result, SF Express turned its attention to the lower-tier market.</p><p>Since launching special offers for the e-commerce market in May 2019, SF Express has embarked on its expansion into lower-tier cities, partnering with...<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>We will cooperate, add \"special offers for cold freight\" services, and enter the mid-to-low-end e-commerce market with \"special offers and dedicated delivery\".</p><p>However, entering lower-tier markets inevitably involves trade-offs, and SF Express has since entered an era of trading price for volume. Data shows that SF Express's average ticket revenue in 2018, 2018, and 2020 was 23.26 yuan, 21.94 yuan, and 17.77 yuan, respectively. During the same period, SF Express's express parcel volume increased significantly, reaching 3.8 billion, 4.8 billion, and 8.1 billion pieces respectively. In particular, economic express delivery, which focuses on lower-tier markets, saw its revenue increase by 64% year-on-year to 44.148 billion yuan in 2020, accounting for 28.67% of total revenue.</p><p>China's express delivery industry is accelerating<a href=\"https://laohu8.com/S/300959\">Online and offline</a>With integrated development, lower-tier 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, SF Express's entry into lower-tier markets is of great significance. According to Hong Tao, director of the Institute of Business Economics at Beijing Technology and Business University, SF Express, which has entered the low-end market, is in competition with the four express delivery companies, ZTO Express, and ZTO Express. However, there are also significant differences, mainly reflected in the fact that they are more high-end in terms of level and have a wider variety of fresh produce categories.</p><p>\"Cold transportation of fresh produce and pharmaceuticals are cost-intensive sectors due to their industry characteristics. In addition, supply chain logistics is a long-term strategy to integrate resources and generate benefits.\" However, Hong Tao admitted that these new businesses will require some investment at the beginning, but in the long run, they will bring significant returns on investment.</p><p>It was precisely because of the significant growth of the express delivery sector in 2020 that SF Express's problem of \"increasing revenue but not increasing profits\" in 2018 was buried until the first quarter of 2021 before it exploded. SF Express reported a loss of 1.1 billion yuan in its first-quarter financial report due to a series of factors, including continued investment in new businesses and a slowdown in the growth of its traditional high-margin time-delivery business.</p><p><a href=\"https://laohu8.com/S/01282\">Baoxin Financial</a>Chief economist Zheng Lei said that SF Express's DNA is positioned in the high-end market. During the period of entering the lower-tier market, it may be more competitive for SF Express to find a group of specialized people to do specialized things and establish the low-end business as a sub-brand to compete with the four express delivery companies, ZTO Express and ZTO Express. According to Zheng Lei, SF Express's entry into the same-city express delivery sector is also one of its means to penetrate lower-tier markets. \"The gross profit margin of same-city express delivery is not high, and the market is not large in comparison. Splitting it off to operate independently is a normal business strategy for a large company.\"</p><p><b>Need to break the deadlock</b></p><p>With the advantages of traditional express delivery services gradually declining and new business expansion and increased investment, SF Express has entered a transformation stage in its corporate development.</p><p>Wang Wei once frankly stated that SF Express is committed to providing integrated logistics services in the future, targeting not the 400 billion yuan traditional express parcel market, but the 12 trillion yuan logistics market. SF Express has always clearly stated that it is an independent third-party technology-driven industry solutions service company. In addition to its traditional express delivery business, SF Express has been trying to develop new businesses and extend to the upstream and downstream of the industry chain, providing efficient, stable, agile digital and integrated supply chain services that run through procurement, production, distribution, sales and after-sales service.</p><p>According to Zheng Lei, SF Express's current strategy of digitalizing its service industry chain and supply chain is a forward-looking strategy designed to cope with the future digital economy era.</p><p>\"However, during the transformation process, we must pay attention to controlling the pace of expansion. The main problem SF Express is currently facing is that the expansion speed and profit speed are not matched, which will inevitably lead to an ugly financial statement.\" In Zheng Lei's view, SF Express's \"ambition\" is not limited to the express delivery business, but is more expressed in the logistics industry chain, and it will connect logistics intermediaries through self-construction and self-operation, and then seek new commercialization opportunities on this basis.</p><p>Therefore, 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 and express delivery. SF Express has been venturing into e-commerce since 2010. Back then, SF Express launched its first e-commerce platform, \"eCommerce Circle\"; In 2012, SF Express launched \"SF Preferred,\" focusing on fresh produce and food retail. In 2014, SF Express launched the O2O community store \"Heyke\", which focuses on four major services: product pre-order, online and offline shopping experience, convenient services, and self-delivery and self-pickup of express packages.</p><p>However, SF Express's forays into the e-commerce sector have all ended in failure. Until 2021, Wang Wei publicly admitted that due to a lack of merchant resources, SF Express could not do community e-commerce and would resolutely not touch commercial flow. Although it has not ventured into the e-commerce field again, SF Express has launched the fresh food delivery platform \"Fenghuotai\" by leveraging its own logistics infrastructure construction, mainly to integrate the supply chain around some agricultural areas.</p><p>In Hong Tao's view, seizing the development trend of digital transformation is something that no company can avoid. SF Express's new business is moving towards digitalization, which is precisely due to the integration of online and offline channels and the application of digital technology across all channels. However, Hong Tao does not deny that new businesses will inevitably bring significant investment. \"Because it is unfamiliar with the business and requires a lot of investment and planning, it will be compensated in the future business process. However, we should carefully study its profit model and strengthen refined management, that is, digital management, to achieve new growth profits.\"</p><p>In its financial report, SF Express emphasized that it expects to improve capacity utilization and network operation efficiency through operational measures such as network convergence, resource integration, and automated capacity upgrades. With the growth of business scale, it is expected to gradually release economies of scale in the second half of this year.</p><p>\"Once the company reaches a certain scale, its management level also needs to be on par with it, which is a new challenge for Wang Wei and his team,\" said Zheng Lei. He added that SF Express, which is in a transformation phase, needs to improve its management level in addition to continuous business exploration.</p><p>\"On the one hand, SF Express's business layout demonstrates its forward-looking nature and ambition; on the other hand, with no new businesses taking off and traditional businesses saturated, its investment activities appear aggressive. Overall, SF Express's corporate quality is high, but whether it can successfully transform and find new growth engines remains to be seen,\" said Wang Binxian.</p><p>China Newsweek interviewed SF Express regarding issues such as losses, penetration into lower-tier cities, and transformation, but had not received a response by 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>Has SF Express, whose performance has changed dramatically from huge profits to its first loss, hit its 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\">\nHas SF Express, whose performance has changed dramatically from huge profits to its first loss, hit its 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 is waiting to break through its predicament.</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. Just a month earlier, SF Express had delivered an impressive report card to investors, with a net profit of 6.13 billion yuan in 2020.</p><p>The buzz surrounding the first-quarter losses had not yet subsided when, on June 30, news broke that SF Express would spin off its same-city business for an independent listing. Recently, SF City Express submitted its prospectus to the Hong Kong Stock Exchange. Data shows that SF City Express has accumulated losses of 1.556 billion yuan over three years. If SF Express successfully goes public, Wang Wei will gain a third listed company.<a href=\"https://laohu8.com/S/002352\">SF Holding</a>The businesses are also gradually being spun off and listed independently.</p><p>Wang Wei has always emphasized that SF Express is a logistics company, not an express delivery company. Today, in addition to its express delivery business, SF Express's supply chain and express logistics businesses are gradually emerging in its financial reports. While maintaining the continuous growth of its existing business, SF Express is also constantly expanding into new businesses, which it attributes to one of the reasons for this loss. However, judging from the financial report, the growth of the express delivery business is sluggish, and the investment in new businesses exceeds the output. SF Express has reached a crossroads in its corporate development.</p><p>The losses may be a reflection of the growing pains experienced by SF Express, which is at a turning point. On the evening of July 13, SF Express released its second-quarter financial report forecast, showing that its net profit for the quarter is expected to be between 1.629 billion and 1.819 billion yuan, and its net profit excluding non-recurring items is expected to be between 604 million and 734 million yuan. SF Express turned a profit, opening sharply higher with a market capitalization of 308.1 billion yuan. However, whether SF Express's express delivery business has reached its ceiling, and when the new business will turn a profit... these are still questions that SF Express needs to answer one by one as it emerges from its growing pains.</p><p><b>Performance \"takes a dramatic turn\"</b></p><p>On March 17, SF Express released its 2020 annual report, which showed impressive results. The annual report shows that Shunfeng's operating revenue in 2020 was 153.987 billion yuan, a year-on-year increase of 32.25%; Business volume reached 8.14 billion votes, a year-on-year increase of 68.5%; Net profit attributable to the parent company was 7.33 billion yuan, a year-on-year increase of 26.4%; Net profit attributable to the parent company after deducting non-recurring items was 6.13 billion yuan, an increase of 45.7% year-on-year.</p><p>However, less than a month after releasing its annual report, SF Express's performance changed dramatically. On the evening of April 8, SF Express released its first-quarter earnings forecast, stating that it would suffer a net loss of 900 million to 1.1 billion yuan in the first quarter of 2021. The next day, SF Express opened at the daily limit down, with its market capitalization falling to 331.3 billion yuan. In February of this year, SF Express's stock price also hit a record high, with a total market capitalization of 568.1 billion yuan. On the day SF Express hit its daily limit down, it also...<a href=\"https://laohu8.com/S/600233\">YTO Express</a>、<a href=\"https://laohu8.com/S/002120\">Yunda Express</a>、<a href=\"https://laohu8.com/S/603056\">Debon Logistics</a>All declines exceeded 3%.<a href=\"https://laohu8.com/S/002468\">Shentong Express</a>、<a href=\"https://laohu8.com/S/ZTO\">ZTO Express</a>The stock fell by more than 1%, with almost all express delivery stocks declining.</p><p>On April 9, SF Express held its 2020 annual shareholders' meeting. In response to investor questions, Wang Wei apologized for the first-quarter performance, saying, \"First, I would like to apologize to the shareholders because I believe we really didn't do a good job in the first quarter.\" Wang Wei admitted that there were oversights in management, and similar problems will not happen a second time.</p><p>Wang Wei's apology was not without merit. SF Express's first-quarter report shows that during the reporting period, operating revenue 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%. However, net profit attributable to the parent company was -989 million yuan, compared with a profit of 907 million yuan in the same period last year, a year-on-year decrease of 209.01%. The net profit attributable to the parent company after deducting non-recurring items 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 was there a loss of 1.1 billion yuan in the first quarter? SF Express provided five explanations in its financial report, including increased investment in new businesses, infrastructure construction driven by the growth of its express delivery business, increased costs of integrating network resources across various business lines due to overlapping resource allocation, employee subsidies during the Spring Festival, and pressure on the overall gross profit margin of its express delivery business.</p><p>The investment in new businesses is not difficult to understand. Wang Wei has always emphasized that SF Express is a logistics company, not a courier company. In addition to express delivery, SF Express began to expand into pharmaceuticals, cold transport, express logistics, supply chain, and same-city express delivery businesses very early on. SF Express has also increased its layout and investment in new businesses, including building its own airline and Ezhou Airport to serve Hubei's international logistics core.<a href=\"https://laohu8.com/S/HUBG\">hub</a>Project; Industrial park projects are located in 46 cities nationwide; Transfer station automation capacity upgrade projects, etc.</p><p>Data shows that in 2020, the net profits of SF Express, Express and others were 8.987 billion yuan, -908 million yuan and -1.125 billion yuan respectively. In other words, apart from the express delivery division, which mainly focuses on traditional express delivery, which is still profitable, the other new business segments are all operating at a loss.</p><p>\"Operating revenue increased by 27% year-on-year, while operating costs increased by 44%. Because operating revenue could not cover the increased operating costs, the company suffered losses.\" Wang Binxian, a brand consultant at Guangzhou Harman Consulting, believes that SF Express is currently positioned in a period of strategic transformation, transforming from an express delivery business to a service provider that provides integrated supply chain solutions. However, although the business of supply chain service providers is growing rapidly, its proportion in the overall business matrix is too small and far from reaching the status of the main express delivery business, resulting in a situation where revenue cannot cover expenditure.</p><p><b>submerge</b></p><p>The signal of SF Express's transformation and focus on new businesses stems from SF Express's 2018 financial report.</p><p>Before 2018, SF Express was still perceived as \"expensive\" and \"fast\". SF Express's 2018 financial report shows that time-sensitive express delivery accounted for 58.7% of its revenue. It focuses on the high-end market and uses high prices to obtain time-sensitive delivery, which was SF Express's initial positioning.</p><p>According to the \"Market Competition Analysis and Corporate Competition Strategy Research Report of Chinese Express Delivery Enterprises\" released by the Qianzhan Industry Research Institute, SF Express accounted for 59% of China's high-end express delivery market share in 2018. In addition, in the mid-to-high-end express delivery market, EMS and SF Express have captured nearly 80% of the market share.</p><p>In the same year, SF Express experienced its first revenue growth but a decline in net profit growth, meaning that revenue increased but profit did not increase. 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 declined 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>The company announced that its express delivery business will target individual users, positioning itself as a high-quality express delivery service. The four major express delivery companies (ZTO Express, YTO Express, STO Express, Best Express, and Yunda Express) have also begun to explore the high-end market. For example, YTO Express launched \"Commitment Delivery\" in July 2018, positioning itself in the mid-to-high-end market.</p><p>Wang Binxian believes that, on the one hand, the mid-to-high-end express delivery market has reached its ceiling, and on the other hand, the entry of new competitors has intensified market competition, putting increasing pressure on SF Express. As a result, SF Express turned its attention to the lower-tier market.</p><p>Since launching special offers for the e-commerce market in May 2019, SF Express has embarked on its expansion into lower-tier cities, partnering with...<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>We will cooperate, add \"special offers for cold freight\" services, and enter the mid-to-low-end e-commerce market with \"special offers and dedicated delivery\".</p><p>However, entering lower-tier markets inevitably involves trade-offs, and SF Express has since entered an era of trading price for volume. Data shows that SF Express's average ticket revenue in 2018, 2018, and 2020 was 23.26 yuan, 21.94 yuan, and 17.77 yuan, respectively. During the same period, SF Express's express parcel volume increased significantly, reaching 3.8 billion, 4.8 billion, and 8.1 billion pieces respectively. In particular, economic express delivery, which focuses on lower-tier markets, saw its revenue increase by 64% year-on-year to 44.148 billion yuan in 2020, accounting for 28.67% of total revenue.</p><p>China's express delivery industry is accelerating<a href=\"https://laohu8.com/S/300959\">Online and offline</a>With integrated development, lower-tier 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, SF Express's entry into lower-tier markets is of great significance. According to Hong Tao, director of the Institute of Business Economics at Beijing Technology and Business University, SF Express, which has entered the low-end market, is in competition with the four express delivery companies, ZTO Express, and ZTO Express. However, there are also significant differences, mainly reflected in the fact that they are more high-end in terms of level and have a wider variety of fresh produce categories.</p><p>\"Cold transportation of fresh produce and pharmaceuticals are cost-intensive sectors due to their industry characteristics. In addition, supply chain logistics is a long-term strategy to integrate resources and generate benefits.\" However, Hong Tao admitted that these new businesses will require some investment at the beginning, but in the long run, they will bring significant returns on investment.</p><p>It was precisely because of the significant growth of the express delivery sector in 2020 that SF Express's problem of \"increasing revenue but not increasing profits\" in 2018 was buried until the first quarter of 2021 before it exploded. SF Express reported a loss of 1.1 billion yuan in its first-quarter financial report due to a series of factors, including continued investment in new businesses and a slowdown in the growth of its traditional high-margin time-delivery business.</p><p><a href=\"https://laohu8.com/S/01282\">Baoxin Financial</a>Chief economist Zheng Lei said that SF Express's DNA is positioned in the high-end market. During the period of entering the lower-tier market, it may be more competitive for SF Express to find a group of specialized people to do specialized things and establish the low-end business as a sub-brand to compete with the four express delivery companies, ZTO Express and ZTO Express. According to Zheng Lei, SF Express's entry into the same-city express delivery sector is also one of its means to penetrate lower-tier markets. \"The gross profit margin of same-city express delivery is not high, and the market is not large in comparison. Splitting it off to operate independently is a normal business strategy for a large company.\"</p><p><b>Need to break the deadlock</b></p><p>With the advantages of traditional express delivery services gradually declining and new business expansion and increased investment, SF Express has entered a transformation stage in its corporate development.</p><p>Wang Wei once frankly stated that SF Express is committed to providing integrated logistics services in the future, targeting not the 400 billion yuan traditional express parcel market, but the 12 trillion yuan logistics market. SF Express has always clearly stated that it is an independent third-party technology-driven industry solutions service company. In addition to its traditional express delivery business, SF Express has been trying to develop new businesses and extend to the upstream and downstream of the industry chain, providing efficient, stable, agile digital and integrated supply chain services that run through procurement, production, distribution, sales and after-sales service.</p><p>According to Zheng Lei, SF Express's current strategy of digitalizing its service industry chain and supply chain is a forward-looking strategy designed to cope with the future digital economy era.</p><p>\"However, during the transformation process, we must pay attention to controlling the pace of expansion. The main problem SF Express is currently facing is that the expansion speed and profit speed are not matched, which will inevitably lead to an ugly financial statement.\" In Zheng Lei's view, SF Express's \"ambition\" is not limited to the express delivery business, but is more expressed in the logistics industry chain, and it will connect logistics intermediaries through self-construction and self-operation, and then seek new commercialization opportunities on this basis.</p><p>Therefore, 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 and express delivery. SF Express has been venturing into e-commerce since 2010. Back then, SF Express launched its first e-commerce platform, \"eCommerce Circle\"; In 2012, SF Express launched \"SF Preferred,\" focusing on fresh produce and food retail. In 2014, SF Express launched the O2O community store \"Heyke\", which focuses on four major services: product pre-order, online and offline shopping experience, convenient services, and self-delivery and self-pickup of express packages.</p><p>However, SF Express's forays into the e-commerce sector have all ended in failure. Until 2021, Wang Wei publicly admitted that due to a lack of merchant resources, SF Express could not do community e-commerce and would resolutely not touch commercial flow. Although it has not ventured into the e-commerce field again, SF Express has launched the fresh food delivery platform \"Fenghuotai\" by leveraging its own logistics infrastructure construction, mainly to integrate the supply chain around some agricultural areas.</p><p>In Hong Tao's view, seizing the development trend of digital transformation is something that no company can avoid. SF Express's new business is moving towards digitalization, which is precisely due to the integration of online and offline channels and the application of digital technology across all channels. However, Hong Tao does not deny that new businesses will inevitably bring significant investment. \"Because it is unfamiliar with the business and requires a lot of investment and planning, it will be compensated in the future business process. However, we should carefully study its profit model and strengthen refined management, that is, digital management, to achieve new growth profits.\"</p><p>In its financial report, SF Express emphasized that it expects to improve capacity utilization and network operation efficiency through operational measures such as network convergence, resource integration, and automated capacity upgrades. With the growth of business scale, it is expected to gradually release economies of scale in the second half of this year.</p><p>\"Once the company reaches a certain scale, its management level also needs to be on par with it, which is a new challenge for Wang Wei and his team,\" said Zheng Lei. He added that SF Express, which is in a transformation phase, needs to improve its management level in addition to continuous business exploration.</p><p>\"On the one hand, SF Express's business layout demonstrates its forward-looking nature and ambition; on the other hand, with no new businesses taking off and traditional businesses saturated, its investment activities appear aggressive. Overall, SF Express's corporate quality is high, but whether it can successfully transform and find new growth engines remains to be seen,\" said Wang Binxian.</p><p>China Newsweek interviewed SF Express regarding issues such as losses, penetration into lower-tier cities, and transformation, but had not received a response by 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":6201,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147515680,"gmtCreate":1626363629740,"gmtModify":1703758811393,"author":{"id":"3579843540288977","authorId":"3579843540288977","name":"Taylor.S","avatar":"https://static.tigerbbs.com/2af0cdc1ea9e22afffde790c823953e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579843540288977","authorIdStr":"3579843540288977"},"themes":[],"title":"","htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/147515680","repostId":"2151834520","repostType":4,"repost":{"id":"2151834520","kind":"news","pubTimestamp":1626362795,"share":"https://ttm.financial/m/news/2151834520?lang=en_US&edition=fundamental","pubTime":"2021-07-15 23:26","market":"us","language":"zh","title":"JPMorgan warns Ark to repeat the \"bull market trap\" of the dot-com bubble era.","url":"https://stock-news.laohu8.com/highlight/detail?id=2151834520","media":"新浪财经","summary":"摩根大通的Shawn Quigg认为，Cathie Wood的旗舰ETF正在显示出很多泡沫性质，类似于2000年的增长股基金，投资者应考虑通过期权做空它。这位衍生品策略师认为，美国国债收益率下半年的上升可能会触发ARK Innovation ETF下跌。“进入牛市陷阱逆转，”Quigg在周四的客户报告中写道。Wood的Ark Investment Management在2021年取得漂亮开局，得益于电动汽车、生物技术和加密货币等板块以及居家防疫板块的上涨。摩根大通预计，在持续的复苏和经济重开中，周期性和价值资产将跑赢大盘。","content":"<p><img src=\"https://static.tigerbbs.com/87ce608eab68639f1fe2f00084bf67ee\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Shawn Quigg believes that Cathie Wood's flagship ETF is showing a lot of bubble properties, similar to the growth stock fund of 2000, and investors should consider shorting it through options.</p><p>This derivatives strategist believes that a rise in U.S. Treasury Bond yields in the second half of the year could trigger...<a href=\"https://laohu8.com/S/ARKK\">ARK Innovation ETF</a>(Code ARKK) fell. The fund has risen about 19% since mid-May.</p><p>“Entering a bull market trap reversal,” Quigg wrote in a client report on Thursday. \"Potential rising yields could be a catalyst for accelerating ARKK's decline, coupled with large conventional tech stocks continuing to outperform disruptive tech stocks, prompting ARKK to enter a sell-off phase.\"</p><p>The U.S. 10-year Treasury Bond yield has fallen more than 40 basis points from its recent high at the end of March to around 1.32%, helping to drive the ARKK rebound. Quigg believes this is a technical market trend that will reverse as the economy reopens and trading regains its footing for the rest of the year.</p><p>Wood's Ark Investment Management got off to a strong start in 2021, thanks to gains in sectors such as electric vehicles, biotechnology, and cryptocurrencies, as well as the stay-at-home sector. However, many of these themes have now declined, with the company's main ETF falling by more than 35% from mid-February to mid-May.</p><p>JPMorgan Chase expects cyclical and value assets to outperform the broader market amid the ongoing recovery and economic reopening. Value stocks have just recorded their worst monthly performance relative to growth stocks in 20 years, but the company's strategists believe this is just a pause in the upward trend and will recover later.</p><p>In its report, Quigg wrote that, given that “the stock may enter a broad sell-off phase,” investors are advised to buy ARKK’s October $105 put option—the strike price is about 11% lower than the ETF’s closing price on Wednesday—to take advantage of the still low implied volatility.</p>","source":"XLCJ","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>JPMorgan warns Ark to repeat the \"bull market trap\" of the dot-com bubble era.</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\">\nJPMorgan warns Ark to repeat the \"bull market trap\" of the dot-com bubble era.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-07-15 23:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/87ce608eab68639f1fe2f00084bf67ee\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Shawn Quigg believes that Cathie Wood's flagship ETF is showing a lot of bubble properties, similar to the growth stock fund of 2000, and investors should consider shorting it through options.</p><p>This derivatives strategist believes that a rise in U.S. Treasury Bond yields in the second half of the year could trigger...<a href=\"https://laohu8.com/S/ARKK\">ARK Innovation ETF</a>(Code ARKK) fell. The fund has risen about 19% since mid-May.</p><p>“Entering a bull market trap reversal,” Quigg wrote in a client report on Thursday. \"Potential rising yields could be a catalyst for accelerating ARKK's decline, coupled with large conventional tech stocks continuing to outperform disruptive tech stocks, prompting ARKK to enter a sell-off phase.\"</p><p>The U.S. 10-year Treasury Bond yield has fallen more than 40 basis points from its recent high at the end of March to around 1.32%, helping to drive the ARKK rebound. Quigg believes this is a technical market trend that will reverse as the economy reopens and trading regains its footing for the rest of the year.</p><p>Wood's Ark Investment Management got off to a strong start in 2021, thanks to gains in sectors such as electric vehicles, biotechnology, and cryptocurrencies, as well as the stay-at-home sector. However, many of these themes have now declined, with the company's main ETF falling by more than 35% from mid-February to mid-May.</p><p>JPMorgan Chase expects cyclical and value assets to outperform the broader market amid the ongoing recovery and economic reopening. Value stocks have just recorded their worst monthly performance relative to growth stocks in 20 years, but the company's strategists believe this is just a pause in the upward trend and will recover later.</p><p>In its report, Quigg wrote that, given that “the stock may enter a broad sell-off phase,” investors are advised to buy ARKK’s October $105 put option—the strike price is about 11% lower than the ETF’s closing price on Wednesday—to take advantage of the still low implied volatility.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2021-07-15/doc-ikqcfnca7093863.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3c98a67f9d2c9b888193e5e43f45c094","relate_stocks":{"JPM":"摩根大通","ARKK":"ARK Innovation ETF","ARKG":"ARK Genomic Revolution ETF","ARKQ":"ARK Autonomous Technology & Robotics ETF","ARKO":"ARKO Corp","ARKF":"ARK Fintech Innovation ETF","ARKOW":"ARKO Corp Warrant"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2021-07-15/doc-ikqcfnca7093863.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151834520","content_text":"摩根大通的Shawn Quigg认为，Cathie Wood的旗舰ETF正在显示出很多泡沫性质，类似于2000年的增长股基金，投资者应考虑通过期权做空它。\n这位衍生品策略师认为，美国国债收益率下半年的上升可能会触发ARK Innovation ETF（代码ARKK）下跌。该基金自5月中旬以来已上涨约19%。\n“进入牛市陷阱逆转，”Quigg在周四的客户报告中写道。“潜在的收益率上升可能是加速ARKK下跌的催化剂，加上大型常规性科技股继续跑赢破坏性科技股，促使ARKK进入抛售阶段。”\n美国10年期国债收益率已经从3月底的近期高点下跌逾40个基点，至1.32%左右，帮助推动了ARKK的反弹。Quigg认为这是一个技术性行情，随着经济重开交易在今年余下时间里重新立足，上述行情将逆转。\nWood的Ark Investment Management在2021年取得漂亮开局，得益于电动汽车、生物技术和加密货币等板块以及居家防疫板块的上涨。但其中许多主题现已没落，该公司的主要ETF从2月中旬到5月中旬下跌超过35%。\n摩根大通预计，在持续的复苏和经济重开中，周期性和价值资产将跑赢大盘。价值股相对于增长股刚刚创下20年来最差月表现，但该公司的策略师认为这只是上涨行情的一个停顿，接下来还会恢复。\nQuigg在报告中写道，鉴于“股票可能进入广泛的抛售阶段”，建议投资者买入ARKK 10月105美元认沽期权——行权价比该ETF周三收盘价低约11%——以利用依然很低的隐含波动率。","news_type":1,"symbols_score_info":{"JPM":0.9,"ARKO":0.9,"ARKOW":0.9,"ARKQ":0.9,"ARKK":0.9,"ARKG":0.9,"ARKF":0.9}},"isVote":1,"tweetType":1,"viewCount":5108,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157683753,"gmtCreate":1625580327272,"gmtModify":1703744282432,"author":{"id":"3579843540288977","authorId":"3579843540288977","name":"Taylor.S","avatar":"https://static.tigerbbs.com/2af0cdc1ea9e22afffde790c823953e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579843540288977","authorIdStr":"3579843540288977"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/157683753","repostId":"1176356810","repostType":4,"isVote":1,"tweetType":1,"viewCount":4892,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125931819,"gmtCreate":1624640151031,"gmtModify":1703842636034,"author":{"id":"3579843540288977","authorId":"3579843540288977","name":"Taylor.S","avatar":"https://static.tigerbbs.com/2af0cdc1ea9e22afffde790c823953e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579843540288977","authorIdStr":"3579843540288977"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/125931819","repostId":"1179112703","repostType":4,"repost":{"id":"1179112703","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624641115,"share":"https://ttm.financial/m/news/1179112703?lang=en_US&edition=fundamental","pubTime":"2021-06-26 01:11","market":"us","language":"zh","title":"Missfresh, the \"first fresh food stock,\" opened below its issue price, falling more than 18% in early trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1179112703","media":"老虎资讯综合","summary":"截止2021年3月31日的三个月，每日优鲜净营收为15.302亿元。","content":"<p>On June 25, the \"first fresh food e-commerce stock\"<a href=\"https://laohu8.com/S/MF\">Missfresh</a>The company officially listed on the US stock market with an IPO price of $13. It opened at $10.65 today, a drop of more than 18% in early trading, and its total market capitalization exceeded $2.5 billion.</p><p><img src=\"https://static.tigerbbs.com/a26741e6bf10a3c331c1b43354d5e31c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>In this IPO, Missfresh issued a total of 21 million American Depositary Shares (ADSs) (including 24.15 million greenshoes). Based on the issue price of US$13, Missfresh's IPO will raise approximately US$300 million.</p><p>At the listing ceremony, Xu Zheng, founder and CEO of Missfresh, said that going public is not Missfresh's goal or end, but a new starting point for us to fulfill our mission and realize our vision. The digitalization of community retail has reached the eve of a major explosion, and facing the second half of the competition, Missfresh will never stop exploring the community retail industry.</p><p><img src=\"https://static.tigerbbs.com/8a45b68d6410257cdce765e8be0dc67b\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\"></p><p><b>The company is developing a 10 trillion yuan community retail market, with the main model being (A+B) x N.</b></p><p>Missfresh was founded in October 2014. Its founders, Xu Zheng and Zeng Bin, had previously...<a href=\"https://laohu8.com/S/00992\">Lenovo Group</a>He worked there for over ten years and became a senior executive at Lenovo Joyvio Group. In May 2015, Missfresh pioneered its pre-warehouse instant retail business, becoming a mobile e-commerce platform focused on providing consumers with high-quality fresh produce, covering all categories including fruits and vegetables, seafood, meat and poultry, dairy and snacks. As of March 31, 2021, Missfresh had established 631 pre-positioned warehouses in 16 cities in China, with a cumulative transaction volume of over 31 million users and an average delivery time of 39 minutes.</p><p>On June 9th, Missfresh officially submitted its prospectus to the U.S. Securities and Exchange Commission. The most interesting part of the prospectus details its updated (A+B)XN strategy this year.<b>A: Front-end warehouse instant retail, B: Smart market, N: Retail cloud</b>This reveals its ambitions in the larger community retail sector. Compared to the past, more people's understanding of Missfresh is still limited to online fresh food shopping. However, on the eve of its IPO, Missfresh quietly announced its platform-based model. Missfresh's transformation from a vertical self-operated company to a platform-based company is actually a shift from a trading company to a road-building company, and it also places itself in a larger market.</p><p><img src=\"https://static.tigerbbs.com/9f1b9b7e8f3af7ffa0d9b3758f5340ef\" tg-width=\"550\" tg-height=\"698\" referrerpolicy=\"no-referrer\"></p><p>Missfresh's diversified layout breaks through its limited definition of \"fresh food e-commerce\". In the future, Missfresh will continue to leverage its advantages and pay close attention to market trends, leveraging its strengths and following the trend.</p><p>According to the prospectus, Missfresh's net revenue was approximately RMB 3.5467 billion in 2018, increased to RMB 6.0014 billion in 2019, and reached RMB 6.1304 billion in 2020. For the three months ended March 31, 2020, Missfresh's net revenue was RMB 1.6898 billion, and for the three months ended March 31, 2021, net revenue was RMB 1.5302 billion. GMV increased from RMB 4.7259 billion in 2018 to RMB 7.614.7 billion in 2020, with a compound annual growth rate of 26.9%. Data shows that the average order value of Missfresh's forward warehouse instant retail is 94.6 yuan.</p><p>Missfresh pioneered the pre-warehouse model in May 2015. Currently, it has opened 631 pre-warehouses in 16 first- and second-tier cities across the country, providing consumers with more than 4,300 express delivery products with an average delivery time of 39 minutes. Currently, it has more than 31 million transaction users and a GMV of 7.6 billion yuan in 2020. In the second half of 2020, Missfresh launched its smart farmers' market business, planning to promote the standardization of farmers' markets and upgrade them to small fresh food community shopping malls. As of May 31, 2021, it had signed operating agreements with 54 farmers' markets in 14 cities and was operating in 33 farmers' markets in 10 cities.</p><p>In addition, according to the prospectus, Missfresh's average order value of RMB 94.6 is the highest in the industry, its fulfillment expense ratio has continued to decline from 34.9% in 2018 to 25.7% in 2020, and its fulfillment profit margin (gross profit margin minus fulfillment expense ratio) is higher than the industry average.</p><p><b>Community retail digitalization is on the eve of a major explosion.</b></p><p>In terms of users, from 2018 to 2020, Missfresh had 5.1 million, 7.2 million and 8.7 million active users respectively, with an average spending of 558.0 yuan, 690.4 yuan and 712.8 yuan. Given that Missfresh defines effective users as \"transaction users whose product payments after deducting discounts and coupons exceed the cost of selling the relevant products,\" it therefore has a group of positive profit-contributing users whose number and transaction volume are increasing year by year.</p><p><img src=\"https://static.tigerbbs.com/d67526d2a1198afcce6a244be378ea5f\" tg-width=\"590\" tg-height=\"353\" referrerpolicy=\"no-referrer\"></p><p>In addition, Missfresh's average order value is 94.6 yuan, which is higher than other forward warehouse companies in the industry. The proportion of its core users (users who place orders four or more times within at least one month in a given year) among transaction users increased from 14.9% in 2018 to 21.1% in 2020. As of March 31, 2021, the annual consumption of core users reached 2,106 yuan.</p><p>In his speech, Xu Zheng mentioned, \"Although today is an important moment in Youshion's seven years of entrepreneurship, as a company that aims to create value continuously, aggressively, and in the long term, I hope that every Youshion employee can maintain the entrepreneurial mindset of Always Day One.\"</p><p>He stated that as a company that aims to pursue long-term value, MissFresh will maintain the \"always day one\" mentality, continue to explore the field of digital community retail, enable more families to enjoy a high-quality shopping experience, and help more merchants achieve efficient management and operation.</p><p>The digitalization of community retail is the largest and fastest-growing market in China in the future. According to data from iResearch Consulting, the scale of the community retail industry is expected to increase from 11.9 trillion yuan to 15.7 trillion yuan from 2020 to 2025, while the online penetration rate of community retail will increase from 20.9% to 45.5%. This means that by 2025, the scale of China's digital community retail industry will reach 7.2 trillion yuan.</p><p>As Xu Zheng said, going public is a new starting point. The digitalization of community retail has reached the eve of a major explosion. In the second half of the competition, community retail platforms are facing not only a battle for business, but also a battle for capital.</p>","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>Missfresh, the \"first fresh food stock,\" opened below its issue price, falling more than 18% in early trading.</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\">\nMissfresh, the \"first fresh food stock,\" opened below its issue price, falling more than 18% in early trading.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-26 01:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 25, the \"first fresh food e-commerce stock\"<a href=\"https://laohu8.com/S/MF\">Missfresh</a>The company officially listed on the US stock market with an IPO price of $13. It opened at $10.65 today, a drop of more than 18% in early trading, and its total market capitalization exceeded $2.5 billion.</p><p><img src=\"https://static.tigerbbs.com/a26741e6bf10a3c331c1b43354d5e31c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>In this IPO, Missfresh issued a total of 21 million American Depositary Shares (ADSs) (including 24.15 million greenshoes). Based on the issue price of US$13, Missfresh's IPO will raise approximately US$300 million.</p><p>At the listing ceremony, Xu Zheng, founder and CEO of Missfresh, said that going public is not Missfresh's goal or end, but a new starting point for us to fulfill our mission and realize our vision. The digitalization of community retail has reached the eve of a major explosion, and facing the second half of the competition, Missfresh will never stop exploring the community retail industry.</p><p><img src=\"https://static.tigerbbs.com/8a45b68d6410257cdce765e8be0dc67b\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\"></p><p><b>The company is developing a 10 trillion yuan community retail market, with the main model being (A+B) x N.</b></p><p>Missfresh was founded in October 2014. Its founders, Xu Zheng and Zeng Bin, had previously...<a href=\"https://laohu8.com/S/00992\">Lenovo Group</a>He worked there for over ten years and became a senior executive at Lenovo Joyvio Group. In May 2015, Missfresh pioneered its pre-warehouse instant retail business, becoming a mobile e-commerce platform focused on providing consumers with high-quality fresh produce, covering all categories including fruits and vegetables, seafood, meat and poultry, dairy and snacks. As of March 31, 2021, Missfresh had established 631 pre-positioned warehouses in 16 cities in China, with a cumulative transaction volume of over 31 million users and an average delivery time of 39 minutes.</p><p>On June 9th, Missfresh officially submitted its prospectus to the U.S. Securities and Exchange Commission. The most interesting part of the prospectus details its updated (A+B)XN strategy this year.<b>A: Front-end warehouse instant retail, B: Smart market, N: Retail cloud</b>This reveals its ambitions in the larger community retail sector. Compared to the past, more people's understanding of Missfresh is still limited to online fresh food shopping. However, on the eve of its IPO, Missfresh quietly announced its platform-based model. Missfresh's transformation from a vertical self-operated company to a platform-based company is actually a shift from a trading company to a road-building company, and it also places itself in a larger market.</p><p><img src=\"https://static.tigerbbs.com/9f1b9b7e8f3af7ffa0d9b3758f5340ef\" tg-width=\"550\" tg-height=\"698\" referrerpolicy=\"no-referrer\"></p><p>Missfresh's diversified layout breaks through its limited definition of \"fresh food e-commerce\". In the future, Missfresh will continue to leverage its advantages and pay close attention to market trends, leveraging its strengths and following the trend.</p><p>According to the prospectus, Missfresh's net revenue was approximately RMB 3.5467 billion in 2018, increased to RMB 6.0014 billion in 2019, and reached RMB 6.1304 billion in 2020. For the three months ended March 31, 2020, Missfresh's net revenue was RMB 1.6898 billion, and for the three months ended March 31, 2021, net revenue was RMB 1.5302 billion. GMV increased from RMB 4.7259 billion in 2018 to RMB 7.614.7 billion in 2020, with a compound annual growth rate of 26.9%. Data shows that the average order value of Missfresh's forward warehouse instant retail is 94.6 yuan.</p><p>Missfresh pioneered the pre-warehouse model in May 2015. Currently, it has opened 631 pre-warehouses in 16 first- and second-tier cities across the country, providing consumers with more than 4,300 express delivery products with an average delivery time of 39 minutes. Currently, it has more than 31 million transaction users and a GMV of 7.6 billion yuan in 2020. In the second half of 2020, Missfresh launched its smart farmers' market business, planning to promote the standardization of farmers' markets and upgrade them to small fresh food community shopping malls. As of May 31, 2021, it had signed operating agreements with 54 farmers' markets in 14 cities and was operating in 33 farmers' markets in 10 cities.</p><p>In addition, according to the prospectus, Missfresh's average order value of RMB 94.6 is the highest in the industry, its fulfillment expense ratio has continued to decline from 34.9% in 2018 to 25.7% in 2020, and its fulfillment profit margin (gross profit margin minus fulfillment expense ratio) is higher than the industry average.</p><p><b>Community retail digitalization is on the eve of a major explosion.</b></p><p>In terms of users, from 2018 to 2020, Missfresh had 5.1 million, 7.2 million and 8.7 million active users respectively, with an average spending of 558.0 yuan, 690.4 yuan and 712.8 yuan. Given that Missfresh defines effective users as \"transaction users whose product payments after deducting discounts and coupons exceed the cost of selling the relevant products,\" it therefore has a group of positive profit-contributing users whose number and transaction volume are increasing year by year.</p><p><img src=\"https://static.tigerbbs.com/d67526d2a1198afcce6a244be378ea5f\" tg-width=\"590\" tg-height=\"353\" referrerpolicy=\"no-referrer\"></p><p>In addition, Missfresh's average order value is 94.6 yuan, which is higher than other forward warehouse companies in the industry. The proportion of its core users (users who place orders four or more times within at least one month in a given year) among transaction users increased from 14.9% in 2018 to 21.1% in 2020. As of March 31, 2021, the annual consumption of core users reached 2,106 yuan.</p><p>In his speech, Xu Zheng mentioned, \"Although today is an important moment in Youshion's seven years of entrepreneurship, as a company that aims to create value continuously, aggressively, and in the long term, I hope that every Youshion employee can maintain the entrepreneurial mindset of Always Day One.\"</p><p>He stated that as a company that aims to pursue long-term value, MissFresh will maintain the \"always day one\" mentality, continue to explore the field of digital community retail, enable more families to enjoy a high-quality shopping experience, and help more merchants achieve efficient management and operation.</p><p>The digitalization of community retail is the largest and fastest-growing market in China in the future. According to data from iResearch Consulting, the scale of the community retail industry is expected to increase from 11.9 trillion yuan to 15.7 trillion yuan from 2020 to 2025, while the online penetration rate of community retail will increase from 20.9% to 45.5%. This means that by 2025, the scale of China's digital community retail industry will reach 7.2 trillion yuan.</p><p>As Xu Zheng said, going public is a new starting point. The digitalization of community retail has reached the eve of a major explosion. In the second half of the competition, community retail platforms are facing not only a battle for business, but also a battle for capital.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/26dac0b9aef9b62cf45137413315ab61","relate_stocks":{"MF":"MindForge Inc."},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179112703","content_text":"6月25日，“生鲜电商第一股”每日优鲜正式登陆美股，公司IPO定价13美元，今日开盘报10.65美元，盘初跌幅超18%，总市值超25亿美元。\n\n每日优鲜在本次IPO中总计发行2100万股（含绿鞋2415万股）美国存托股票（ADS），以13美元发行价计算，每日优鲜IPO募资额约为3亿美元。\n每日优鲜创始人兼CEO徐正在上市仪式上表示，上市并不是每日优鲜的目标和终点，而是我们践行使命、实现愿景的新起点。社区零售数字化已经来到大爆发的前夜，面临着下半场的竞争，每日优鲜将永无止境地在社区零售的行业探索。\n\n布局10万亿的社区零售市场，主要模式为（A+B）x N\n每日优鲜成立于2014年10月，创始人徐正和曾斌此前曾在联想集团供职十余年，并出任联想佳沃集团高管。2015年5月，每日优鲜首创前置仓即时零售业务，成为一家专注于为消费者提供优质生鲜的移动电商，覆盖水果蔬菜、海鲜肉禽、牛奶零食等全品类。截至2021年3月31日，每日优鲜已在中国16个城市建立了631个前置仓，累计交易用户超3100万，并提供平均39分钟达的服务。\n6月9日，每日优鲜正式向美国证券交易委员会递交招股说明书，其中最有意思的部分则是详细展示了今年更新的（A+B）x N 战略（A：前置仓即时零售，B：智慧菜场，N：零售云），透露了其在更大的社区零售赛道中的野心。相比以往，更多人对每日优鲜的理解还停留在生鲜网购。但上市前夕的每日优鲜，悄然了宣告自己的平台化模式，每日优鲜从垂直自营公司到平台化的转型，其实就是从贸易型公司转向筑路型公司，而它也将自己置身于一个更大的市场里。\n\n每日优鲜的多元化布局，打破了其“生鲜电商”的局限定义，在未来每日优鲜会继续发挥自身的优势比并且时刻关注市场动向，发挥自身的优势，顺势而为。\n招股书数据显示，2018年，每日优鲜的净营收约为35.467亿元，2019年增至60.014亿元，2020年达到61.304亿元。截止2020年3月31日的三个月，每日优鲜的净营收为16.898亿元，截止2021年3月31日的三个月，净营收为15.302亿元。GMV从2018年的47.259亿元增长到2020年的76.147亿元人民币，复合年增长率为26.9%。数据显示，每日优鲜前置仓即时零售的平均客单价为94.6元。\n每日优鲜于2015年5月首创前置仓模式，目前已在全国16个一二线城市开设631个前置仓，为消费者提供超4300款极速达商品、平均39分钟达的服务。目前其累计交易用户3100多万，2020年GMV76亿元。2020年下半年，每日优鲜推出智慧菜场业务，计划推动菜市场标准化以及向小型生鲜社区商场升级。截至2021年5月31日，其已与14个城市的54家菜场签订运营协议，并在10个城市的33家菜场展开运营。\n另外，招股书数据显示，每日优鲜94.6元的平均客单价为行业最高，履约费用率从2018年的34.9%持续降至2020年的25.7%，履约利润率（毛利率扣除履约费用率）高于行业平均水平。\n社区零售数字化已经来到大爆发的前夜\n在用户方面，从2018年到2020年，每日优鲜有效用户数量分别为510万、720万和 870万，有效用户平均消费额别为558.0元、690.4元和712.8元。鉴于每日优鲜将有效用户定义为“扣除折扣和优惠券后产品付款大于相关销售产品成本的交易用户”，它因此拥有一批数量和交易额均逐年增加的正向利润贡献用户。\n\n此外，每日优鲜平均客单价为94.6元，高于行业其他前置仓企业。其核心用户（某一年份至少一个月内下单4次或以上的用户）在交易用户中的占比从2018年的14.9%，增加到2020年的21.1%，截至2021年3月31日，核心用户年消费额达2106元。\n徐正在演讲中提到，“尽管今天是优鲜创业7年来的重要时刻，但作为一家以持续地、疯狂地、长期地创造价值为目标的企业，我希望每个优鲜人都能保持Always Day One的创业心态。”\n他表示，作为一家以追求长期价值为目标的企业，每日优鲜会保持always day one的心态，继续在社区零售数字化领域做探索，让更多家庭享受到优质购物体验，帮助更多商家实现高效管理和运营。\n社区零售数字化是未来中国增量最大、增速最快的市场。根据艾瑞咨询数据，从2020年到2025年，社区零售行业规模预计会从11.9万亿增至15.7万亿，社区零售线上化渗透率则会从20.9%增至45.5%，这意味着到2025年，中国数字化社区零售的行业规模将达到7.2万亿。\n正如徐正所说，上市是新起点。社区零售数字化已经来到大爆发的前夜，在下半场的竞争中，社区零售平台们，面临的不仅仅是业务之争，还有资本之争。","news_type":1,"symbols_score_info":{"MF":0.9}},"isVote":1,"tweetType":1,"viewCount":5051,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":170572112,"gmtCreate":1626444264336,"gmtModify":1703760328076,"author":{"id":"3579843540288977","authorId":"3579843540288977","name":"Taylor.S","avatar":"https://static.tigerbbs.com/2af0cdc1ea9e22afffde790c823953e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579843540288977","idStr":"3579843540288977"},"themes":[],"title":"","htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":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":"Has SF Express, whose performance has changed dramatically from huge profits to its first loss, hit its 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 is waiting to break through its predicament.</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. Just a month earlier, SF Express had delivered an impressive report card to investors, with a net profit of 6.13 billion yuan in 2020.</p><p>The buzz surrounding the first-quarter losses had not yet subsided when, on June 30, news broke that SF Express would spin off its same-city business for an independent listing. Recently, SF City Express submitted its prospectus to the Hong Kong Stock Exchange. Data shows that SF City Express has accumulated losses of 1.556 billion yuan over three years. If SF Express successfully goes public, Wang Wei will gain a third listed company.<a href=\"https://laohu8.com/S/002352\">SF Holding</a>The businesses are also gradually being spun off and listed independently.</p><p>Wang Wei has always emphasized that SF Express is a logistics company, not an express delivery company. Today, in addition to its express delivery business, SF Express's supply chain and express logistics businesses are gradually emerging in its financial reports. While maintaining the continuous growth of its existing business, SF Express is also constantly expanding into new businesses, which it attributes to one of the reasons for this loss. However, judging from the financial report, the growth of the express delivery business is sluggish, and the investment in new businesses exceeds the output. SF Express has reached a crossroads in its corporate development.</p><p>The losses may be a reflection of the growing pains experienced by SF Express, which is at a turning point. On the evening of July 13, SF Express released its second-quarter financial report forecast, showing that its net profit for the quarter is expected to be between 1.629 billion and 1.819 billion yuan, and its net profit excluding non-recurring items is expected to be between 604 million and 734 million yuan. SF Express turned a profit, opening sharply higher with a market capitalization of 308.1 billion yuan. However, whether SF Express's express delivery business has reached its ceiling, and when the new business will turn a profit... these are still questions that SF Express needs to answer one by one as it emerges from its growing pains.</p><p><b>Performance \"takes a dramatic turn\"</b></p><p>On March 17, SF Express released its 2020 annual report, which showed impressive results. The annual report shows that Shunfeng's operating revenue in 2020 was 153.987 billion yuan, a year-on-year increase of 32.25%; Business volume reached 8.14 billion votes, a year-on-year increase of 68.5%; Net profit attributable to the parent company was 7.33 billion yuan, a year-on-year increase of 26.4%; Net profit attributable to the parent company after deducting non-recurring items was 6.13 billion yuan, an increase of 45.7% year-on-year.</p><p>However, less than a month after releasing its annual report, SF Express's performance changed dramatically. On the evening of April 8, SF Express released its first-quarter earnings forecast, stating that it would suffer a net loss of 900 million to 1.1 billion yuan in the first quarter of 2021. The next day, SF Express opened at the daily limit down, with its market capitalization falling to 331.3 billion yuan. In February of this year, SF Express's stock price also hit a record high, with a total market capitalization of 568.1 billion yuan. On the day SF Express hit its daily limit down, it also...<a href=\"https://laohu8.com/S/600233\">YTO Express</a>、<a href=\"https://laohu8.com/S/002120\">Yunda Express</a>、<a href=\"https://laohu8.com/S/603056\">Debon Logistics</a>All declines exceeded 3%.<a href=\"https://laohu8.com/S/002468\">Shentong Express</a>、<a href=\"https://laohu8.com/S/ZTO\">ZTO Express</a>The stock fell by more than 1%, with almost all express delivery stocks declining.</p><p>On April 9, SF Express held its 2020 annual shareholders' meeting. In response to investor questions, Wang Wei apologized for the first-quarter performance, saying, \"First, I would like to apologize to the shareholders because I believe we really didn't do a good job in the first quarter.\" Wang Wei admitted that there were oversights in management, and similar problems will not happen a second time.</p><p>Wang Wei's apology was not without merit. SF Express's first-quarter report shows that during the reporting period, operating revenue 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%. However, net profit attributable to the parent company was -989 million yuan, compared with a profit of 907 million yuan in the same period last year, a year-on-year decrease of 209.01%. The net profit attributable to the parent company after deducting non-recurring items 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 was there a loss of 1.1 billion yuan in the first quarter? SF Express provided five explanations in its financial report, including increased investment in new businesses, infrastructure construction driven by the growth of its express delivery business, increased costs of integrating network resources across various business lines due to overlapping resource allocation, employee subsidies during the Spring Festival, and pressure on the overall gross profit margin of its express delivery business.</p><p>The investment in new businesses is not difficult to understand. Wang Wei has always emphasized that SF Express is a logistics company, not a courier company. In addition to express delivery, SF Express began to expand into pharmaceuticals, cold transport, express logistics, supply chain, and same-city express delivery businesses very early on. SF Express has also increased its layout and investment in new businesses, including building its own airline and Ezhou Airport to serve Hubei's international logistics core.<a href=\"https://laohu8.com/S/HUBG\">hub</a>Project; Industrial park projects are located in 46 cities nationwide; Transfer station automation capacity upgrade projects, etc.</p><p>Data shows that in 2020, the net profits of SF Express, Express and others were 8.987 billion yuan, -908 million yuan and -1.125 billion yuan respectively. In other words, apart from the express delivery division, which mainly focuses on traditional express delivery, which is still profitable, the other new business segments are all operating at a loss.</p><p>\"Operating revenue increased by 27% year-on-year, while operating costs increased by 44%. Because operating revenue could not cover the increased operating costs, the company suffered losses.\" Wang Binxian, a brand consultant at Guangzhou Harman Consulting, believes that SF Express is currently positioned in a period of strategic transformation, transforming from an express delivery business to a service provider that provides integrated supply chain solutions. However, although the business of supply chain service providers is growing rapidly, its proportion in the overall business matrix is too small and far from reaching the status of the main express delivery business, resulting in a situation where revenue cannot cover expenditure.</p><p><b>submerge</b></p><p>The signal of SF Express's transformation and focus on new businesses stems from SF Express's 2018 financial report.</p><p>Before 2018, SF Express was still perceived as \"expensive\" and \"fast\". SF Express's 2018 financial report shows that time-sensitive express delivery accounted for 58.7% of its revenue. It focuses on the high-end market and uses high prices to obtain time-sensitive delivery, which was SF Express's initial positioning.</p><p>According to the \"Market Competition Analysis and Corporate Competition Strategy Research Report of Chinese Express Delivery Enterprises\" released by the Qianzhan Industry Research Institute, SF Express accounted for 59% of China's high-end express delivery market share in 2018. In addition, in the mid-to-high-end express delivery market, EMS and SF Express have captured nearly 80% of the market share.</p><p>In the same year, SF Express experienced its first revenue growth but a decline in net profit growth, meaning that revenue increased but profit did not increase. 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 declined 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>The company announced that its express delivery business will target individual users, positioning itself as a high-quality express delivery service. The four major express delivery companies (ZTO Express, YTO Express, STO Express, Best Express, and Yunda Express) have also begun to explore the high-end market. For example, YTO Express launched \"Commitment Delivery\" in July 2018, positioning itself in the mid-to-high-end market.</p><p>Wang Binxian believes that, on the one hand, the mid-to-high-end express delivery market has reached its ceiling, and on the other hand, the entry of new competitors has intensified market competition, putting increasing pressure on SF Express. As a result, SF Express turned its attention to the lower-tier market.</p><p>Since launching special offers for the e-commerce market in May 2019, SF Express has embarked on its expansion into lower-tier cities, partnering with...<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>We will cooperate, add \"special offers for cold freight\" services, and enter the mid-to-low-end e-commerce market with \"special offers and dedicated delivery\".</p><p>However, entering lower-tier markets inevitably involves trade-offs, and SF Express has since entered an era of trading price for volume. Data shows that SF Express's average ticket revenue in 2018, 2018, and 2020 was 23.26 yuan, 21.94 yuan, and 17.77 yuan, respectively. During the same period, SF Express's express parcel volume increased significantly, reaching 3.8 billion, 4.8 billion, and 8.1 billion pieces respectively. In particular, economic express delivery, which focuses on lower-tier markets, saw its revenue increase by 64% year-on-year to 44.148 billion yuan in 2020, accounting for 28.67% of total revenue.</p><p>China's express delivery industry is accelerating<a href=\"https://laohu8.com/S/300959\">Online and offline</a>With integrated development, lower-tier 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, SF Express's entry into lower-tier markets is of great significance. According to Hong Tao, director of the Institute of Business Economics at Beijing Technology and Business University, SF Express, which has entered the low-end market, is in competition with the four express delivery companies, ZTO Express, and ZTO Express. However, there are also significant differences, mainly reflected in the fact that they are more high-end in terms of level and have a wider variety of fresh produce categories.</p><p>\"Cold transportation of fresh produce and pharmaceuticals are cost-intensive sectors due to their industry characteristics. In addition, supply chain logistics is a long-term strategy to integrate resources and generate benefits.\" However, Hong Tao admitted that these new businesses will require some investment at the beginning, but in the long run, they will bring significant returns on investment.</p><p>It was precisely because of the significant growth of the express delivery sector in 2020 that SF Express's problem of \"increasing revenue but not increasing profits\" in 2018 was buried until the first quarter of 2021 before it exploded. SF Express reported a loss of 1.1 billion yuan in its first-quarter financial report due to a series of factors, including continued investment in new businesses and a slowdown in the growth of its traditional high-margin time-delivery business.</p><p><a href=\"https://laohu8.com/S/01282\">Baoxin Financial</a>Chief economist Zheng Lei said that SF Express's DNA is positioned in the high-end market. During the period of entering the lower-tier market, it may be more competitive for SF Express to find a group of specialized people to do specialized things and establish the low-end business as a sub-brand to compete with the four express delivery companies, ZTO Express and ZTO Express. According to Zheng Lei, SF Express's entry into the same-city express delivery sector is also one of its means to penetrate lower-tier markets. \"The gross profit margin of same-city express delivery is not high, and the market is not large in comparison. Splitting it off to operate independently is a normal business strategy for a large company.\"</p><p><b>Need to break the deadlock</b></p><p>With the advantages of traditional express delivery services gradually declining and new business expansion and increased investment, SF Express has entered a transformation stage in its corporate development.</p><p>Wang Wei once frankly stated that SF Express is committed to providing integrated logistics services in the future, targeting not the 400 billion yuan traditional express parcel market, but the 12 trillion yuan logistics market. SF Express has always clearly stated that it is an independent third-party technology-driven industry solutions service company. In addition to its traditional express delivery business, SF Express has been trying to develop new businesses and extend to the upstream and downstream of the industry chain, providing efficient, stable, agile digital and integrated supply chain services that run through procurement, production, distribution, sales and after-sales service.</p><p>According to Zheng Lei, SF Express's current strategy of digitalizing its service industry chain and supply chain is a forward-looking strategy designed to cope with the future digital economy era.</p><p>\"However, during the transformation process, we must pay attention to controlling the pace of expansion. The main problem SF Express is currently facing is that the expansion speed and profit speed are not matched, which will inevitably lead to an ugly financial statement.\" In Zheng Lei's view, SF Express's \"ambition\" is not limited to the express delivery business, but is more expressed in the logistics industry chain, and it will connect logistics intermediaries through self-construction and self-operation, and then seek new commercialization opportunities on this basis.</p><p>Therefore, 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 and express delivery. SF Express has been venturing into e-commerce since 2010. Back then, SF Express launched its first e-commerce platform, \"eCommerce Circle\"; In 2012, SF Express launched \"SF Preferred,\" focusing on fresh produce and food retail. In 2014, SF Express launched the O2O community store \"Heyke\", which focuses on four major services: product pre-order, online and offline shopping experience, convenient services, and self-delivery and self-pickup of express packages.</p><p>However, SF Express's forays into the e-commerce sector have all ended in failure. Until 2021, Wang Wei publicly admitted that due to a lack of merchant resources, SF Express could not do community e-commerce and would resolutely not touch commercial flow. Although it has not ventured into the e-commerce field again, SF Express has launched the fresh food delivery platform \"Fenghuotai\" by leveraging its own logistics infrastructure construction, mainly to integrate the supply chain around some agricultural areas.</p><p>In Hong Tao's view, seizing the development trend of digital transformation is something that no company can avoid. SF Express's new business is moving towards digitalization, which is precisely due to the integration of online and offline channels and the application of digital technology across all channels. However, Hong Tao does not deny that new businesses will inevitably bring significant investment. \"Because it is unfamiliar with the business and requires a lot of investment and planning, it will be compensated in the future business process. However, we should carefully study its profit model and strengthen refined management, that is, digital management, to achieve new growth profits.\"</p><p>In its financial report, SF Express emphasized that it expects to improve capacity utilization and network operation efficiency through operational measures such as network convergence, resource integration, and automated capacity upgrades. With the growth of business scale, it is expected to gradually release economies of scale in the second half of this year.</p><p>\"Once the company reaches a certain scale, its management level also needs to be on par with it, which is a new challenge for Wang Wei and his team,\" said Zheng Lei. He added that SF Express, which is in a transformation phase, needs to improve its management level in addition to continuous business exploration.</p><p>\"On the one hand, SF Express's business layout demonstrates its forward-looking nature and ambition; on the other hand, with no new businesses taking off and traditional businesses saturated, its investment activities appear aggressive. Overall, SF Express's corporate quality is high, but whether it can successfully transform and find new growth engines remains to be seen,\" said Wang Binxian.</p><p>China Newsweek interviewed SF Express regarding issues such as losses, penetration into lower-tier cities, and transformation, but had not received a response by 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>Has SF Express, whose performance has changed dramatically from huge profits to its first loss, hit its 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\">\nHas SF Express, whose performance has changed dramatically from huge profits to its first loss, hit its 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 is waiting to break through its predicament.</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. Just a month earlier, SF Express had delivered an impressive report card to investors, with a net profit of 6.13 billion yuan in 2020.</p><p>The buzz surrounding the first-quarter losses had not yet subsided when, on June 30, news broke that SF Express would spin off its same-city business for an independent listing. Recently, SF City Express submitted its prospectus to the Hong Kong Stock Exchange. Data shows that SF City Express has accumulated losses of 1.556 billion yuan over three years. If SF Express successfully goes public, Wang Wei will gain a third listed company.<a href=\"https://laohu8.com/S/002352\">SF Holding</a>The businesses are also gradually being spun off and listed independently.</p><p>Wang Wei has always emphasized that SF Express is a logistics company, not an express delivery company. Today, in addition to its express delivery business, SF Express's supply chain and express logistics businesses are gradually emerging in its financial reports. While maintaining the continuous growth of its existing business, SF Express is also constantly expanding into new businesses, which it attributes to one of the reasons for this loss. However, judging from the financial report, the growth of the express delivery business is sluggish, and the investment in new businesses exceeds the output. SF Express has reached a crossroads in its corporate development.</p><p>The losses may be a reflection of the growing pains experienced by SF Express, which is at a turning point. On the evening of July 13, SF Express released its second-quarter financial report forecast, showing that its net profit for the quarter is expected to be between 1.629 billion and 1.819 billion yuan, and its net profit excluding non-recurring items is expected to be between 604 million and 734 million yuan. SF Express turned a profit, opening sharply higher with a market capitalization of 308.1 billion yuan. However, whether SF Express's express delivery business has reached its ceiling, and when the new business will turn a profit... these are still questions that SF Express needs to answer one by one as it emerges from its growing pains.</p><p><b>Performance \"takes a dramatic turn\"</b></p><p>On March 17, SF Express released its 2020 annual report, which showed impressive results. The annual report shows that Shunfeng's operating revenue in 2020 was 153.987 billion yuan, a year-on-year increase of 32.25%; Business volume reached 8.14 billion votes, a year-on-year increase of 68.5%; Net profit attributable to the parent company was 7.33 billion yuan, a year-on-year increase of 26.4%; Net profit attributable to the parent company after deducting non-recurring items was 6.13 billion yuan, an increase of 45.7% year-on-year.</p><p>However, less than a month after releasing its annual report, SF Express's performance changed dramatically. On the evening of April 8, SF Express released its first-quarter earnings forecast, stating that it would suffer a net loss of 900 million to 1.1 billion yuan in the first quarter of 2021. The next day, SF Express opened at the daily limit down, with its market capitalization falling to 331.3 billion yuan. In February of this year, SF Express's stock price also hit a record high, with a total market capitalization of 568.1 billion yuan. On the day SF Express hit its daily limit down, it also...<a href=\"https://laohu8.com/S/600233\">YTO Express</a>、<a href=\"https://laohu8.com/S/002120\">Yunda Express</a>、<a href=\"https://laohu8.com/S/603056\">Debon Logistics</a>All declines exceeded 3%.<a href=\"https://laohu8.com/S/002468\">Shentong Express</a>、<a href=\"https://laohu8.com/S/ZTO\">ZTO Express</a>The stock fell by more than 1%, with almost all express delivery stocks declining.</p><p>On April 9, SF Express held its 2020 annual shareholders' meeting. In response to investor questions, Wang Wei apologized for the first-quarter performance, saying, \"First, I would like to apologize to the shareholders because I believe we really didn't do a good job in the first quarter.\" Wang Wei admitted that there were oversights in management, and similar problems will not happen a second time.</p><p>Wang Wei's apology was not without merit. SF Express's first-quarter report shows that during the reporting period, operating revenue 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%. However, net profit attributable to the parent company was -989 million yuan, compared with a profit of 907 million yuan in the same period last year, a year-on-year decrease of 209.01%. The net profit attributable to the parent company after deducting non-recurring items 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 was there a loss of 1.1 billion yuan in the first quarter? SF Express provided five explanations in its financial report, including increased investment in new businesses, infrastructure construction driven by the growth of its express delivery business, increased costs of integrating network resources across various business lines due to overlapping resource allocation, employee subsidies during the Spring Festival, and pressure on the overall gross profit margin of its express delivery business.</p><p>The investment in new businesses is not difficult to understand. Wang Wei has always emphasized that SF Express is a logistics company, not a courier company. In addition to express delivery, SF Express began to expand into pharmaceuticals, cold transport, express logistics, supply chain, and same-city express delivery businesses very early on. SF Express has also increased its layout and investment in new businesses, including building its own airline and Ezhou Airport to serve Hubei's international logistics core.<a href=\"https://laohu8.com/S/HUBG\">hub</a>Project; Industrial park projects are located in 46 cities nationwide; Transfer station automation capacity upgrade projects, etc.</p><p>Data shows that in 2020, the net profits of SF Express, Express and others were 8.987 billion yuan, -908 million yuan and -1.125 billion yuan respectively. In other words, apart from the express delivery division, which mainly focuses on traditional express delivery, which is still profitable, the other new business segments are all operating at a loss.</p><p>\"Operating revenue increased by 27% year-on-year, while operating costs increased by 44%. Because operating revenue could not cover the increased operating costs, the company suffered losses.\" Wang Binxian, a brand consultant at Guangzhou Harman Consulting, believes that SF Express is currently positioned in a period of strategic transformation, transforming from an express delivery business to a service provider that provides integrated supply chain solutions. However, although the business of supply chain service providers is growing rapidly, its proportion in the overall business matrix is too small and far from reaching the status of the main express delivery business, resulting in a situation where revenue cannot cover expenditure.</p><p><b>submerge</b></p><p>The signal of SF Express's transformation and focus on new businesses stems from SF Express's 2018 financial report.</p><p>Before 2018, SF Express was still perceived as \"expensive\" and \"fast\". SF Express's 2018 financial report shows that time-sensitive express delivery accounted for 58.7% of its revenue. It focuses on the high-end market and uses high prices to obtain time-sensitive delivery, which was SF Express's initial positioning.</p><p>According to the \"Market Competition Analysis and Corporate Competition Strategy Research Report of Chinese Express Delivery Enterprises\" released by the Qianzhan Industry Research Institute, SF Express accounted for 59% of China's high-end express delivery market share in 2018. In addition, in the mid-to-high-end express delivery market, EMS and SF Express have captured nearly 80% of the market share.</p><p>In the same year, SF Express experienced its first revenue growth but a decline in net profit growth, meaning that revenue increased but profit did not increase. 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 declined 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>The company announced that its express delivery business will target individual users, positioning itself as a high-quality express delivery service. The four major express delivery companies (ZTO Express, YTO Express, STO Express, Best Express, and Yunda Express) have also begun to explore the high-end market. For example, YTO Express launched \"Commitment Delivery\" in July 2018, positioning itself in the mid-to-high-end market.</p><p>Wang Binxian believes that, on the one hand, the mid-to-high-end express delivery market has reached its ceiling, and on the other hand, the entry of new competitors has intensified market competition, putting increasing pressure on SF Express. As a result, SF Express turned its attention to the lower-tier market.</p><p>Since launching special offers for the e-commerce market in May 2019, SF Express has embarked on its expansion into lower-tier cities, partnering with...<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>We will cooperate, add \"special offers for cold freight\" services, and enter the mid-to-low-end e-commerce market with \"special offers and dedicated delivery\".</p><p>However, entering lower-tier markets inevitably involves trade-offs, and SF Express has since entered an era of trading price for volume. Data shows that SF Express's average ticket revenue in 2018, 2018, and 2020 was 23.26 yuan, 21.94 yuan, and 17.77 yuan, respectively. During the same period, SF Express's express parcel volume increased significantly, reaching 3.8 billion, 4.8 billion, and 8.1 billion pieces respectively. In particular, economic express delivery, which focuses on lower-tier markets, saw its revenue increase by 64% year-on-year to 44.148 billion yuan in 2020, accounting for 28.67% of total revenue.</p><p>China's express delivery industry is accelerating<a href=\"https://laohu8.com/S/300959\">Online and offline</a>With integrated development, lower-tier 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, SF Express's entry into lower-tier markets is of great significance. According to Hong Tao, director of the Institute of Business Economics at Beijing Technology and Business University, SF Express, which has entered the low-end market, is in competition with the four express delivery companies, ZTO Express, and ZTO Express. However, there are also significant differences, mainly reflected in the fact that they are more high-end in terms of level and have a wider variety of fresh produce categories.</p><p>\"Cold transportation of fresh produce and pharmaceuticals are cost-intensive sectors due to their industry characteristics. In addition, supply chain logistics is a long-term strategy to integrate resources and generate benefits.\" However, Hong Tao admitted that these new businesses will require some investment at the beginning, but in the long run, they will bring significant returns on investment.</p><p>It was precisely because of the significant growth of the express delivery sector in 2020 that SF Express's problem of \"increasing revenue but not increasing profits\" in 2018 was buried until the first quarter of 2021 before it exploded. SF Express reported a loss of 1.1 billion yuan in its first-quarter financial report due to a series of factors, including continued investment in new businesses and a slowdown in the growth of its traditional high-margin time-delivery business.</p><p><a href=\"https://laohu8.com/S/01282\">Baoxin Financial</a>Chief economist Zheng Lei said that SF Express's DNA is positioned in the high-end market. During the period of entering the lower-tier market, it may be more competitive for SF Express to find a group of specialized people to do specialized things and establish the low-end business as a sub-brand to compete with the four express delivery companies, ZTO Express and ZTO Express. According to Zheng Lei, SF Express's entry into the same-city express delivery sector is also one of its means to penetrate lower-tier markets. \"The gross profit margin of same-city express delivery is not high, and the market is not large in comparison. Splitting it off to operate independently is a normal business strategy for a large company.\"</p><p><b>Need to break the deadlock</b></p><p>With the advantages of traditional express delivery services gradually declining and new business expansion and increased investment, SF Express has entered a transformation stage in its corporate development.</p><p>Wang Wei once frankly stated that SF Express is committed to providing integrated logistics services in the future, targeting not the 400 billion yuan traditional express parcel market, but the 12 trillion yuan logistics market. SF Express has always clearly stated that it is an independent third-party technology-driven industry solutions service company. In addition to its traditional express delivery business, SF Express has been trying to develop new businesses and extend to the upstream and downstream of the industry chain, providing efficient, stable, agile digital and integrated supply chain services that run through procurement, production, distribution, sales and after-sales service.</p><p>According to Zheng Lei, SF Express's current strategy of digitalizing its service industry chain and supply chain is a forward-looking strategy designed to cope with the future digital economy era.</p><p>\"However, during the transformation process, we must pay attention to controlling the pace of expansion. The main problem SF Express is currently facing is that the expansion speed and profit speed are not matched, which will inevitably lead to an ugly financial statement.\" In Zheng Lei's view, SF Express's \"ambition\" is not limited to the express delivery business, but is more expressed in the logistics industry chain, and it will connect logistics intermediaries through self-construction and self-operation, and then seek new commercialization opportunities on this basis.</p><p>Therefore, 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 and express delivery. SF Express has been venturing into e-commerce since 2010. Back then, SF Express launched its first e-commerce platform, \"eCommerce Circle\"; In 2012, SF Express launched \"SF Preferred,\" focusing on fresh produce and food retail. In 2014, SF Express launched the O2O community store \"Heyke\", which focuses on four major services: product pre-order, online and offline shopping experience, convenient services, and self-delivery and self-pickup of express packages.</p><p>However, SF Express's forays into the e-commerce sector have all ended in failure. Until 2021, Wang Wei publicly admitted that due to a lack of merchant resources, SF Express could not do community e-commerce and would resolutely not touch commercial flow. Although it has not ventured into the e-commerce field again, SF Express has launched the fresh food delivery platform \"Fenghuotai\" by leveraging its own logistics infrastructure construction, mainly to integrate the supply chain around some agricultural areas.</p><p>In Hong Tao's view, seizing the development trend of digital transformation is something that no company can avoid. SF Express's new business is moving towards digitalization, which is precisely due to the integration of online and offline channels and the application of digital technology across all channels. However, Hong Tao does not deny that new businesses will inevitably bring significant investment. \"Because it is unfamiliar with the business and requires a lot of investment and planning, it will be compensated in the future business process. However, we should carefully study its profit model and strengthen refined management, that is, digital management, to achieve new growth profits.\"</p><p>In its financial report, SF Express emphasized that it expects to improve capacity utilization and network operation efficiency through operational measures such as network convergence, resource integration, and automated capacity upgrades. With the growth of business scale, it is expected to gradually release economies of scale in the second half of this year.</p><p>\"Once the company reaches a certain scale, its management level also needs to be on par with it, which is a new challenge for Wang Wei and his team,\" said Zheng Lei. He added that SF Express, which is in a transformation phase, needs to improve its management level in addition to continuous business exploration.</p><p>\"On the one hand, SF Express's business layout demonstrates its forward-looking nature and ambition; on the other hand, with no new businesses taking off and traditional businesses saturated, its investment activities appear aggressive. Overall, SF Express's corporate quality is high, but whether it can successfully transform and find new growth engines remains to be seen,\" said Wang Binxian.</p><p>China Newsweek interviewed SF Express regarding issues such as losses, penetration into lower-tier cities, and transformation, but had not received a response by 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":6201,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147515680,"gmtCreate":1626363629740,"gmtModify":1703758811393,"author":{"id":"3579843540288977","authorId":"3579843540288977","name":"Taylor.S","avatar":"https://static.tigerbbs.com/2af0cdc1ea9e22afffde790c823953e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579843540288977","idStr":"3579843540288977"},"themes":[],"title":"","htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/147515680","repostId":"2151834520","repostType":4,"repost":{"id":"2151834520","kind":"news","pubTimestamp":1626362795,"share":"https://ttm.financial/m/news/2151834520?lang=en_US&edition=fundamental","pubTime":"2021-07-15 23:26","market":"us","language":"zh","title":"JPMorgan warns Ark to repeat the \"bull market trap\" of the dot-com bubble era.","url":"https://stock-news.laohu8.com/highlight/detail?id=2151834520","media":"新浪财经","summary":"摩根大通的Shawn Quigg认为，Cathie Wood的旗舰ETF正在显示出很多泡沫性质，类似于2000年的增长股基金，投资者应考虑通过期权做空它。这位衍生品策略师认为，美国国债收益率下半年的上升可能会触发ARK Innovation ETF下跌。“进入牛市陷阱逆转，”Quigg在周四的客户报告中写道。Wood的Ark Investment Management在2021年取得漂亮开局，得益于电动汽车、生物技术和加密货币等板块以及居家防疫板块的上涨。摩根大通预计，在持续的复苏和经济重开中，周期性和价值资产将跑赢大盘。","content":"<p><img src=\"https://static.tigerbbs.com/87ce608eab68639f1fe2f00084bf67ee\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Shawn Quigg believes that Cathie Wood's flagship ETF is showing a lot of bubble properties, similar to the growth stock fund of 2000, and investors should consider shorting it through options.</p><p>This derivatives strategist believes that a rise in U.S. Treasury Bond yields in the second half of the year could trigger...<a href=\"https://laohu8.com/S/ARKK\">ARK Innovation ETF</a>(Code ARKK) fell. The fund has risen about 19% since mid-May.</p><p>“Entering a bull market trap reversal,” Quigg wrote in a client report on Thursday. \"Potential rising yields could be a catalyst for accelerating ARKK's decline, coupled with large conventional tech stocks continuing to outperform disruptive tech stocks, prompting ARKK to enter a sell-off phase.\"</p><p>The U.S. 10-year Treasury Bond yield has fallen more than 40 basis points from its recent high at the end of March to around 1.32%, helping to drive the ARKK rebound. Quigg believes this is a technical market trend that will reverse as the economy reopens and trading regains its footing for the rest of the year.</p><p>Wood's Ark Investment Management got off to a strong start in 2021, thanks to gains in sectors such as electric vehicles, biotechnology, and cryptocurrencies, as well as the stay-at-home sector. However, many of these themes have now declined, with the company's main ETF falling by more than 35% from mid-February to mid-May.</p><p>JPMorgan Chase expects cyclical and value assets to outperform the broader market amid the ongoing recovery and economic reopening. Value stocks have just recorded their worst monthly performance relative to growth stocks in 20 years, but the company's strategists believe this is just a pause in the upward trend and will recover later.</p><p>In its report, Quigg wrote that, given that “the stock may enter a broad sell-off phase,” investors are advised to buy ARKK’s October $105 put option—the strike price is about 11% lower than the ETF’s closing price on Wednesday—to take advantage of the still low implied volatility.</p>","source":"XLCJ","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>JPMorgan warns Ark to repeat the \"bull market trap\" of the dot-com bubble era.</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\">\nJPMorgan warns Ark to repeat the \"bull market trap\" of the dot-com bubble era.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-07-15 23:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/87ce608eab68639f1fe2f00084bf67ee\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Shawn Quigg believes that Cathie Wood's flagship ETF is showing a lot of bubble properties, similar to the growth stock fund of 2000, and investors should consider shorting it through options.</p><p>This derivatives strategist believes that a rise in U.S. Treasury Bond yields in the second half of the year could trigger...<a href=\"https://laohu8.com/S/ARKK\">ARK Innovation ETF</a>(Code ARKK) fell. The fund has risen about 19% since mid-May.</p><p>“Entering a bull market trap reversal,” Quigg wrote in a client report on Thursday. \"Potential rising yields could be a catalyst for accelerating ARKK's decline, coupled with large conventional tech stocks continuing to outperform disruptive tech stocks, prompting ARKK to enter a sell-off phase.\"</p><p>The U.S. 10-year Treasury Bond yield has fallen more than 40 basis points from its recent high at the end of March to around 1.32%, helping to drive the ARKK rebound. Quigg believes this is a technical market trend that will reverse as the economy reopens and trading regains its footing for the rest of the year.</p><p>Wood's Ark Investment Management got off to a strong start in 2021, thanks to gains in sectors such as electric vehicles, biotechnology, and cryptocurrencies, as well as the stay-at-home sector. However, many of these themes have now declined, with the company's main ETF falling by more than 35% from mid-February to mid-May.</p><p>JPMorgan Chase expects cyclical and value assets to outperform the broader market amid the ongoing recovery and economic reopening. Value stocks have just recorded their worst monthly performance relative to growth stocks in 20 years, but the company's strategists believe this is just a pause in the upward trend and will recover later.</p><p>In its report, Quigg wrote that, given that “the stock may enter a broad sell-off phase,” investors are advised to buy ARKK’s October $105 put option—the strike price is about 11% lower than the ETF’s closing price on Wednesday—to take advantage of the still low implied volatility.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2021-07-15/doc-ikqcfnca7093863.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3c98a67f9d2c9b888193e5e43f45c094","relate_stocks":{"JPM":"摩根大通","ARKK":"ARK Innovation ETF","ARKG":"ARK Genomic Revolution ETF","ARKQ":"ARK Autonomous Technology & Robotics ETF","ARKO":"ARKO Corp","ARKF":"ARK Fintech Innovation ETF","ARKOW":"ARKO Corp Warrant"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2021-07-15/doc-ikqcfnca7093863.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151834520","content_text":"摩根大通的Shawn Quigg认为，Cathie Wood的旗舰ETF正在显示出很多泡沫性质，类似于2000年的增长股基金，投资者应考虑通过期权做空它。\n这位衍生品策略师认为，美国国债收益率下半年的上升可能会触发ARK Innovation ETF（代码ARKK）下跌。该基金自5月中旬以来已上涨约19%。\n“进入牛市陷阱逆转，”Quigg在周四的客户报告中写道。“潜在的收益率上升可能是加速ARKK下跌的催化剂，加上大型常规性科技股继续跑赢破坏性科技股，促使ARKK进入抛售阶段。”\n美国10年期国债收益率已经从3月底的近期高点下跌逾40个基点，至1.32%左右，帮助推动了ARKK的反弹。Quigg认为这是一个技术性行情，随着经济重开交易在今年余下时间里重新立足，上述行情将逆转。\nWood的Ark Investment Management在2021年取得漂亮开局，得益于电动汽车、生物技术和加密货币等板块以及居家防疫板块的上涨。但其中许多主题现已没落，该公司的主要ETF从2月中旬到5月中旬下跌超过35%。\n摩根大通预计，在持续的复苏和经济重开中，周期性和价值资产将跑赢大盘。价值股相对于增长股刚刚创下20年来最差月表现，但该公司的策略师认为这只是上涨行情的一个停顿，接下来还会恢复。\nQuigg在报告中写道，鉴于“股票可能进入广泛的抛售阶段”，建议投资者买入ARKK 10月105美元认沽期权——行权价比该ETF周三收盘价低约11%——以利用依然很低的隐含波动率。","news_type":1,"symbols_score_info":{"JPM":0.9,"ARKO":0.9,"ARKOW":0.9,"ARKQ":0.9,"ARKK":0.9,"ARKG":0.9,"ARKF":0.9}},"isVote":1,"tweetType":1,"viewCount":5108,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896003047,"gmtCreate":1628525886789,"gmtModify":1703507656976,"author":{"id":"3579843540288977","authorId":"3579843540288977","name":"Taylor.S","avatar":"https://static.tigerbbs.com/2af0cdc1ea9e22afffde790c823953e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579843540288977","idStr":"3579843540288977"},"themes":[],"title":"","htmlText":"wow?","listText":"wow?","text":"wow?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896003047","repostId":"2157496203","repostType":2,"repost":{"id":"2157496203","kind":"news","pubTimestamp":1628259335,"share":"https://ttm.financial/m/news/2157496203?lang=en_US&edition=fundamental","pubTime":"2021-08-06 22:15","market":"us","language":"zh","title":"Full Truck Alliance (Manbang) saw intraday volatility, rising rapidly by 5.18% in early trading","url":"https://stock-news.laohu8.com/highlight/detail?id=2157496203","media":"自选股智能写手","summary":"北京时间2021年08月06日22时15分，满帮股票出现异动，股价快速上涨5.18%。截至发稿，该股报12.58美元/股，成交量22.7179万股，换手率0.02%，振幅3.18%。机构评级方面，在所有2家参与评级的机构中，100%的券商给予买入建议，无券商给予持有、卖出建议。满帮股票所在的软件服务行业中，整体跌幅为0.66%。","content":"<p><html><body><article>At 22:15 Beijing time on August 6, 2021,<a href=\"https://laohu8.com/S/YMM\">Manbang</a>(YMM.us) stock saw unusual activity, with its share price rising rapidly by 5.18%. As of press time, the stock was trading at $12.58 per share, with a trading volume of 227,179 shares.<span>turnover rate</span>0.02%, amplitude 3.18%.</p><p>Recent financial reports show that the stock achieved...<span>Operating income</span>$374 million,<span>Net profit</span>-$503 million,<span>Earnings per share</span>- $3.04,<span>Gross profit</span>$183 million, P/E -490.20 times.</p><p>Regarding institutional ratings, among all two institutions participating in the rating, 100% of the securities firms gave a buy recommendation, while no securities firms gave a hold or sell recommendation.</p><p>In the software services industry, where Full Truck Alliance's stock is listed, the overall decline was 0.66%. Among its related stocks,<a href=\"https://laohu8.com/S/ANY\">Sphere 3D Corp.</a>New,<a href=\"https://laohu8.com/S/CETXP\">Cemtrex Inc</a>C/Wts 02/12/2022 (To Pur Com), Cornerstone Ondemand Inc Large Gains, Sphere 3D Corp New, Bit Digital, Inc, Exela Technologies Inc They were relatively active, with turnover rates of 252.26%, 23.51%, and 9.86% respectively. Stocks with significant fluctuations included: Sphere 3D Corp New, Alfi, Inc. Warrant 2020-14.01.25 on Alfi Inc, Bit Digital, Inc, The amplitudes were 36.34%, 19.18%, and 13.53%, respectively.</p><p>Full Truck Alliance (Manbang) Company Profile: Huochebang Technology Co., Ltd. provides comprehensive services to shippers and truck drivers through its subsidiaries and its mobile and website platforms. Its principal business is in China. The group's revenue primarily comes from shippers and truck drivers using its platform for freight matching services and value-added services.</p><p>(The above content refers to stock picks.)<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The machine writer's Money Call is completed and is for user reference only, not as a basis for trading.</p><p></article></body></html></p>","source":"tencent","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>Full Truck Alliance (Manbang) saw intraday volatility, rising rapidly by 5.18% in early trading</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\">\nFull Truck Alliance (Manbang) saw intraday volatility, rising rapidly by 5.18% in early trading\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">自选股智能写手</strong><span class=\"h-time small\">2021-08-06 22:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>At 22:15 Beijing time on August 6, 2021,<a href=\"https://laohu8.com/S/YMM\">Manbang</a>(YMM.us) stock saw unusual activity, with its share price rising rapidly by 5.18%. As of press time, the stock was trading at $12.58 per share, with a trading volume of 227,179 shares.<span>turnover rate</span>0.02%, amplitude 3.18%.</p><p>Recent financial reports show that the stock achieved...<span>Operating income</span>$374 million,<span>Net profit</span>-$503 million,<span>Earnings per share</span>- $3.04,<span>Gross profit</span>$183 million, P/E -490.20 times.</p><p>Regarding institutional ratings, among all two institutions participating in the rating, 100% of the securities firms gave a buy recommendation, while no securities firms gave a hold or sell recommendation.</p><p>In the software services industry, where Full Truck Alliance's stock is listed, the overall decline was 0.66%. Among its related stocks,<a href=\"https://laohu8.com/S/ANY\">Sphere 3D Corp.</a>New,<a href=\"https://laohu8.com/S/CETXP\">Cemtrex Inc</a>C/Wts 02/12/2022 (To Pur Com), Cornerstone Ondemand Inc Large Gains, Sphere 3D Corp New, Bit Digital, Inc, Exela Technologies Inc They were relatively active, with turnover rates of 252.26%, 23.51%, and 9.86% respectively. Stocks with significant fluctuations included: Sphere 3D Corp New, Alfi, Inc. Warrant 2020-14.01.25 on Alfi Inc, Bit Digital, Inc, The amplitudes were 36.34%, 19.18%, and 13.53%, respectively.</p><p>Full Truck Alliance (Manbang) Company Profile: Huochebang Technology Co., Ltd. provides comprehensive services to shippers and truck drivers through its subsidiaries and its mobile and website platforms. Its principal business is in China. The group's revenue primarily comes from shippers and truck drivers using its platform for freight matching services and value-added services.</p><p>(The above content refers to stock picks.)<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The machine writer's Money Call is completed and is for user reference only, not as a basis for trading.</p><p></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108062215357ddc4dd9&s=b\">自选股智能写手</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ba8d3cf09ea2b7adfee4a2057e1fd28a","relate_stocks":{"YMM":"满帮"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108062215357ddc4dd9&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2157496203","content_text":"北京时间2021年08月06日22时15分，满帮（YMM.us）股票出现异动，股价快速上涨5.18%。截至发稿，该股报12.58美元/股，成交量22.7179万股，换手率0.02%，振幅3.18%。最近的财报数据显示，该股实现营业收入3.74亿美元，净利润-5.03亿美元，每股收益-3.04美元，毛利1.83亿美元，市盈率-490.20倍。机构评级方面，在所有2家参与评级的机构中，100%的券商给予买入建议，无券商给予持有、卖出建议。满帮股票所在的软件服务行业中，整体跌幅为0.66%。其相关个股中，Sphere 3D Corp New、Cemtrex Inc C/Wts 02/12/2022 (To Pur Com)、Cornerstone Ondemand Inc涨幅较大，Sphere 3D Corp New、Bit Digital, Inc、Exela Technologies Inc较为活跃，换手率分别为252.26%、23.51%、9.86%，振幅较大的相关个股有Sphere 3D Corp New、Alfi, Inc. Warrant 2020-14.01.25 on Alfi Inc、Bit Digital, Inc，振幅分别为36.34%、19.18%、13.53%。满帮公司简介：货车帮科技有限公司通过其子公司，通过其移动和网站平台为托运人和卡车司机提供全面服务。其主要业务在中国。该集团的收入主要来自托运人和卡车司机在货运匹配服务和增值服务方面使用其平台。（以上内容为自选股智能机器写手Money Call完成，仅作为用户看盘参考，不作为交易依据。）","news_type":1,"symbols_score_info":{"YMM":1}},"isVote":1,"tweetType":1,"viewCount":4872,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157683753,"gmtCreate":1625580327272,"gmtModify":1703744282432,"author":{"id":"3579843540288977","authorId":"3579843540288977","name":"Taylor.S","avatar":"https://static.tigerbbs.com/2af0cdc1ea9e22afffde790c823953e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579843540288977","idStr":"3579843540288977"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/157683753","repostId":"1176356810","repostType":4,"isVote":1,"tweetType":1,"viewCount":4892,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125931819,"gmtCreate":1624640151031,"gmtModify":1703842636034,"author":{"id":"3579843540288977","authorId":"3579843540288977","name":"Taylor.S","avatar":"https://static.tigerbbs.com/2af0cdc1ea9e22afffde790c823953e8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579843540288977","idStr":"3579843540288977"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/125931819","repostId":"1179112703","repostType":4,"repost":{"id":"1179112703","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624641115,"share":"https://ttm.financial/m/news/1179112703?lang=en_US&edition=fundamental","pubTime":"2021-06-26 01:11","market":"us","language":"zh","title":"Missfresh, the \"first fresh food stock,\" opened below its issue price, falling more than 18% in early trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1179112703","media":"老虎资讯综合","summary":"截止2021年3月31日的三个月，每日优鲜净营收为15.302亿元。","content":"<p>On June 25, the \"first fresh food e-commerce stock\"<a href=\"https://laohu8.com/S/MF\">Missfresh</a>The company officially listed on the US stock market with an IPO price of $13. It opened at $10.65 today, a drop of more than 18% in early trading, and its total market capitalization exceeded $2.5 billion.</p><p><img src=\"https://static.tigerbbs.com/a26741e6bf10a3c331c1b43354d5e31c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>In this IPO, Missfresh issued a total of 21 million American Depositary Shares (ADSs) (including 24.15 million greenshoes). Based on the issue price of US$13, Missfresh's IPO will raise approximately US$300 million.</p><p>At the listing ceremony, Xu Zheng, founder and CEO of Missfresh, said that going public is not Missfresh's goal or end, but a new starting point for us to fulfill our mission and realize our vision. The digitalization of community retail has reached the eve of a major explosion, and facing the second half of the competition, Missfresh will never stop exploring the community retail industry.</p><p><img src=\"https://static.tigerbbs.com/8a45b68d6410257cdce765e8be0dc67b\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\"></p><p><b>The company is developing a 10 trillion yuan community retail market, with the main model being (A+B) x N.</b></p><p>Missfresh was founded in October 2014. Its founders, Xu Zheng and Zeng Bin, had previously...<a href=\"https://laohu8.com/S/00992\">Lenovo Group</a>He worked there for over ten years and became a senior executive at Lenovo Joyvio Group. In May 2015, Missfresh pioneered its pre-warehouse instant retail business, becoming a mobile e-commerce platform focused on providing consumers with high-quality fresh produce, covering all categories including fruits and vegetables, seafood, meat and poultry, dairy and snacks. As of March 31, 2021, Missfresh had established 631 pre-positioned warehouses in 16 cities in China, with a cumulative transaction volume of over 31 million users and an average delivery time of 39 minutes.</p><p>On June 9th, Missfresh officially submitted its prospectus to the U.S. Securities and Exchange Commission. The most interesting part of the prospectus details its updated (A+B)XN strategy this year.<b>A: Front-end warehouse instant retail, B: Smart market, N: Retail cloud</b>This reveals its ambitions in the larger community retail sector. Compared to the past, more people's understanding of Missfresh is still limited to online fresh food shopping. However, on the eve of its IPO, Missfresh quietly announced its platform-based model. Missfresh's transformation from a vertical self-operated company to a platform-based company is actually a shift from a trading company to a road-building company, and it also places itself in a larger market.</p><p><img src=\"https://static.tigerbbs.com/9f1b9b7e8f3af7ffa0d9b3758f5340ef\" tg-width=\"550\" tg-height=\"698\" referrerpolicy=\"no-referrer\"></p><p>Missfresh's diversified layout breaks through its limited definition of \"fresh food e-commerce\". In the future, Missfresh will continue to leverage its advantages and pay close attention to market trends, leveraging its strengths and following the trend.</p><p>According to the prospectus, Missfresh's net revenue was approximately RMB 3.5467 billion in 2018, increased to RMB 6.0014 billion in 2019, and reached RMB 6.1304 billion in 2020. For the three months ended March 31, 2020, Missfresh's net revenue was RMB 1.6898 billion, and for the three months ended March 31, 2021, net revenue was RMB 1.5302 billion. GMV increased from RMB 4.7259 billion in 2018 to RMB 7.614.7 billion in 2020, with a compound annual growth rate of 26.9%. Data shows that the average order value of Missfresh's forward warehouse instant retail is 94.6 yuan.</p><p>Missfresh pioneered the pre-warehouse model in May 2015. Currently, it has opened 631 pre-warehouses in 16 first- and second-tier cities across the country, providing consumers with more than 4,300 express delivery products with an average delivery time of 39 minutes. Currently, it has more than 31 million transaction users and a GMV of 7.6 billion yuan in 2020. In the second half of 2020, Missfresh launched its smart farmers' market business, planning to promote the standardization of farmers' markets and upgrade them to small fresh food community shopping malls. As of May 31, 2021, it had signed operating agreements with 54 farmers' markets in 14 cities and was operating in 33 farmers' markets in 10 cities.</p><p>In addition, according to the prospectus, Missfresh's average order value of RMB 94.6 is the highest in the industry, its fulfillment expense ratio has continued to decline from 34.9% in 2018 to 25.7% in 2020, and its fulfillment profit margin (gross profit margin minus fulfillment expense ratio) is higher than the industry average.</p><p><b>Community retail digitalization is on the eve of a major explosion.</b></p><p>In terms of users, from 2018 to 2020, Missfresh had 5.1 million, 7.2 million and 8.7 million active users respectively, with an average spending of 558.0 yuan, 690.4 yuan and 712.8 yuan. Given that Missfresh defines effective users as \"transaction users whose product payments after deducting discounts and coupons exceed the cost of selling the relevant products,\" it therefore has a group of positive profit-contributing users whose number and transaction volume are increasing year by year.</p><p><img src=\"https://static.tigerbbs.com/d67526d2a1198afcce6a244be378ea5f\" tg-width=\"590\" tg-height=\"353\" referrerpolicy=\"no-referrer\"></p><p>In addition, Missfresh's average order value is 94.6 yuan, which is higher than other forward warehouse companies in the industry. The proportion of its core users (users who place orders four or more times within at least one month in a given year) among transaction users increased from 14.9% in 2018 to 21.1% in 2020. As of March 31, 2021, the annual consumption of core users reached 2,106 yuan.</p><p>In his speech, Xu Zheng mentioned, \"Although today is an important moment in Youshion's seven years of entrepreneurship, as a company that aims to create value continuously, aggressively, and in the long term, I hope that every Youshion employee can maintain the entrepreneurial mindset of Always Day One.\"</p><p>He stated that as a company that aims to pursue long-term value, MissFresh will maintain the \"always day one\" mentality, continue to explore the field of digital community retail, enable more families to enjoy a high-quality shopping experience, and help more merchants achieve efficient management and operation.</p><p>The digitalization of community retail is the largest and fastest-growing market in China in the future. According to data from iResearch Consulting, the scale of the community retail industry is expected to increase from 11.9 trillion yuan to 15.7 trillion yuan from 2020 to 2025, while the online penetration rate of community retail will increase from 20.9% to 45.5%. This means that by 2025, the scale of China's digital community retail industry will reach 7.2 trillion yuan.</p><p>As Xu Zheng said, going public is a new starting point. The digitalization of community retail has reached the eve of a major explosion. In the second half of the competition, community retail platforms are facing not only a battle for business, but also a battle for capital.</p>","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>Missfresh, the \"first fresh food stock,\" opened below its issue price, falling more than 18% in early trading.</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\">\nMissfresh, the \"first fresh food stock,\" opened below its issue price, falling more than 18% in early trading.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-26 01:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 25, the \"first fresh food e-commerce stock\"<a href=\"https://laohu8.com/S/MF\">Missfresh</a>The company officially listed on the US stock market with an IPO price of $13. It opened at $10.65 today, a drop of more than 18% in early trading, and its total market capitalization exceeded $2.5 billion.</p><p><img src=\"https://static.tigerbbs.com/a26741e6bf10a3c331c1b43354d5e31c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>In this IPO, Missfresh issued a total of 21 million American Depositary Shares (ADSs) (including 24.15 million greenshoes). Based on the issue price of US$13, Missfresh's IPO will raise approximately US$300 million.</p><p>At the listing ceremony, Xu Zheng, founder and CEO of Missfresh, said that going public is not Missfresh's goal or end, but a new starting point for us to fulfill our mission and realize our vision. The digitalization of community retail has reached the eve of a major explosion, and facing the second half of the competition, Missfresh will never stop exploring the community retail industry.</p><p><img src=\"https://static.tigerbbs.com/8a45b68d6410257cdce765e8be0dc67b\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\"></p><p><b>The company is developing a 10 trillion yuan community retail market, with the main model being (A+B) x N.</b></p><p>Missfresh was founded in October 2014. Its founders, Xu Zheng and Zeng Bin, had previously...<a href=\"https://laohu8.com/S/00992\">Lenovo Group</a>He worked there for over ten years and became a senior executive at Lenovo Joyvio Group. In May 2015, Missfresh pioneered its pre-warehouse instant retail business, becoming a mobile e-commerce platform focused on providing consumers with high-quality fresh produce, covering all categories including fruits and vegetables, seafood, meat and poultry, dairy and snacks. As of March 31, 2021, Missfresh had established 631 pre-positioned warehouses in 16 cities in China, with a cumulative transaction volume of over 31 million users and an average delivery time of 39 minutes.</p><p>On June 9th, Missfresh officially submitted its prospectus to the U.S. Securities and Exchange Commission. The most interesting part of the prospectus details its updated (A+B)XN strategy this year.<b>A: Front-end warehouse instant retail, B: Smart market, N: Retail cloud</b>This reveals its ambitions in the larger community retail sector. Compared to the past, more people's understanding of Missfresh is still limited to online fresh food shopping. However, on the eve of its IPO, Missfresh quietly announced its platform-based model. Missfresh's transformation from a vertical self-operated company to a platform-based company is actually a shift from a trading company to a road-building company, and it also places itself in a larger market.</p><p><img src=\"https://static.tigerbbs.com/9f1b9b7e8f3af7ffa0d9b3758f5340ef\" tg-width=\"550\" tg-height=\"698\" referrerpolicy=\"no-referrer\"></p><p>Missfresh's diversified layout breaks through its limited definition of \"fresh food e-commerce\". In the future, Missfresh will continue to leverage its advantages and pay close attention to market trends, leveraging its strengths and following the trend.</p><p>According to the prospectus, Missfresh's net revenue was approximately RMB 3.5467 billion in 2018, increased to RMB 6.0014 billion in 2019, and reached RMB 6.1304 billion in 2020. For the three months ended March 31, 2020, Missfresh's net revenue was RMB 1.6898 billion, and for the three months ended March 31, 2021, net revenue was RMB 1.5302 billion. GMV increased from RMB 4.7259 billion in 2018 to RMB 7.614.7 billion in 2020, with a compound annual growth rate of 26.9%. Data shows that the average order value of Missfresh's forward warehouse instant retail is 94.6 yuan.</p><p>Missfresh pioneered the pre-warehouse model in May 2015. Currently, it has opened 631 pre-warehouses in 16 first- and second-tier cities across the country, providing consumers with more than 4,300 express delivery products with an average delivery time of 39 minutes. Currently, it has more than 31 million transaction users and a GMV of 7.6 billion yuan in 2020. In the second half of 2020, Missfresh launched its smart farmers' market business, planning to promote the standardization of farmers' markets and upgrade them to small fresh food community shopping malls. As of May 31, 2021, it had signed operating agreements with 54 farmers' markets in 14 cities and was operating in 33 farmers' markets in 10 cities.</p><p>In addition, according to the prospectus, Missfresh's average order value of RMB 94.6 is the highest in the industry, its fulfillment expense ratio has continued to decline from 34.9% in 2018 to 25.7% in 2020, and its fulfillment profit margin (gross profit margin minus fulfillment expense ratio) is higher than the industry average.</p><p><b>Community retail digitalization is on the eve of a major explosion.</b></p><p>In terms of users, from 2018 to 2020, Missfresh had 5.1 million, 7.2 million and 8.7 million active users respectively, with an average spending of 558.0 yuan, 690.4 yuan and 712.8 yuan. Given that Missfresh defines effective users as \"transaction users whose product payments after deducting discounts and coupons exceed the cost of selling the relevant products,\" it therefore has a group of positive profit-contributing users whose number and transaction volume are increasing year by year.</p><p><img src=\"https://static.tigerbbs.com/d67526d2a1198afcce6a244be378ea5f\" tg-width=\"590\" tg-height=\"353\" referrerpolicy=\"no-referrer\"></p><p>In addition, Missfresh's average order value is 94.6 yuan, which is higher than other forward warehouse companies in the industry. The proportion of its core users (users who place orders four or more times within at least one month in a given year) among transaction users increased from 14.9% in 2018 to 21.1% in 2020. As of March 31, 2021, the annual consumption of core users reached 2,106 yuan.</p><p>In his speech, Xu Zheng mentioned, \"Although today is an important moment in Youshion's seven years of entrepreneurship, as a company that aims to create value continuously, aggressively, and in the long term, I hope that every Youshion employee can maintain the entrepreneurial mindset of Always Day One.\"</p><p>He stated that as a company that aims to pursue long-term value, MissFresh will maintain the \"always day one\" mentality, continue to explore the field of digital community retail, enable more families to enjoy a high-quality shopping experience, and help more merchants achieve efficient management and operation.</p><p>The digitalization of community retail is the largest and fastest-growing market in China in the future. According to data from iResearch Consulting, the scale of the community retail industry is expected to increase from 11.9 trillion yuan to 15.7 trillion yuan from 2020 to 2025, while the online penetration rate of community retail will increase from 20.9% to 45.5%. This means that by 2025, the scale of China's digital community retail industry will reach 7.2 trillion yuan.</p><p>As Xu Zheng said, going public is a new starting point. The digitalization of community retail has reached the eve of a major explosion. In the second half of the competition, community retail platforms are facing not only a battle for business, but also a battle for capital.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/26dac0b9aef9b62cf45137413315ab61","relate_stocks":{"MF":"MindForge Inc."},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179112703","content_text":"6月25日，“生鲜电商第一股”每日优鲜正式登陆美股，公司IPO定价13美元，今日开盘报10.65美元，盘初跌幅超18%，总市值超25亿美元。\n\n每日优鲜在本次IPO中总计发行2100万股（含绿鞋2415万股）美国存托股票（ADS），以13美元发行价计算，每日优鲜IPO募资额约为3亿美元。\n每日优鲜创始人兼CEO徐正在上市仪式上表示，上市并不是每日优鲜的目标和终点，而是我们践行使命、实现愿景的新起点。社区零售数字化已经来到大爆发的前夜，面临着下半场的竞争，每日优鲜将永无止境地在社区零售的行业探索。\n\n布局10万亿的社区零售市场，主要模式为（A+B）x N\n每日优鲜成立于2014年10月，创始人徐正和曾斌此前曾在联想集团供职十余年，并出任联想佳沃集团高管。2015年5月，每日优鲜首创前置仓即时零售业务，成为一家专注于为消费者提供优质生鲜的移动电商，覆盖水果蔬菜、海鲜肉禽、牛奶零食等全品类。截至2021年3月31日，每日优鲜已在中国16个城市建立了631个前置仓，累计交易用户超3100万，并提供平均39分钟达的服务。\n6月9日，每日优鲜正式向美国证券交易委员会递交招股说明书，其中最有意思的部分则是详细展示了今年更新的（A+B）x N 战略（A：前置仓即时零售，B：智慧菜场，N：零售云），透露了其在更大的社区零售赛道中的野心。相比以往，更多人对每日优鲜的理解还停留在生鲜网购。但上市前夕的每日优鲜，悄然了宣告自己的平台化模式，每日优鲜从垂直自营公司到平台化的转型，其实就是从贸易型公司转向筑路型公司，而它也将自己置身于一个更大的市场里。\n\n每日优鲜的多元化布局，打破了其“生鲜电商”的局限定义，在未来每日优鲜会继续发挥自身的优势比并且时刻关注市场动向，发挥自身的优势，顺势而为。\n招股书数据显示，2018年，每日优鲜的净营收约为35.467亿元，2019年增至60.014亿元，2020年达到61.304亿元。截止2020年3月31日的三个月，每日优鲜的净营收为16.898亿元，截止2021年3月31日的三个月，净营收为15.302亿元。GMV从2018年的47.259亿元增长到2020年的76.147亿元人民币，复合年增长率为26.9%。数据显示，每日优鲜前置仓即时零售的平均客单价为94.6元。\n每日优鲜于2015年5月首创前置仓模式，目前已在全国16个一二线城市开设631个前置仓，为消费者提供超4300款极速达商品、平均39分钟达的服务。目前其累计交易用户3100多万，2020年GMV76亿元。2020年下半年，每日优鲜推出智慧菜场业务，计划推动菜市场标准化以及向小型生鲜社区商场升级。截至2021年5月31日，其已与14个城市的54家菜场签订运营协议，并在10个城市的33家菜场展开运营。\n另外，招股书数据显示，每日优鲜94.6元的平均客单价为行业最高，履约费用率从2018年的34.9%持续降至2020年的25.7%，履约利润率（毛利率扣除履约费用率）高于行业平均水平。\n社区零售数字化已经来到大爆发的前夜\n在用户方面，从2018年到2020年，每日优鲜有效用户数量分别为510万、720万和 870万，有效用户平均消费额别为558.0元、690.4元和712.8元。鉴于每日优鲜将有效用户定义为“扣除折扣和优惠券后产品付款大于相关销售产品成本的交易用户”，它因此拥有一批数量和交易额均逐年增加的正向利润贡献用户。\n\n此外，每日优鲜平均客单价为94.6元，高于行业其他前置仓企业。其核心用户（某一年份至少一个月内下单4次或以上的用户）在交易用户中的占比从2018年的14.9%，增加到2020年的21.1%，截至2021年3月31日，核心用户年消费额达2106元。\n徐正在演讲中提到，“尽管今天是优鲜创业7年来的重要时刻，但作为一家以持续地、疯狂地、长期地创造价值为目标的企业，我希望每个优鲜人都能保持Always Day One的创业心态。”\n他表示，作为一家以追求长期价值为目标的企业，每日优鲜会保持always day one的心态，继续在社区零售数字化领域做探索，让更多家庭享受到优质购物体验，帮助更多商家实现高效管理和运营。\n社区零售数字化是未来中国增量最大、增速最快的市场。根据艾瑞咨询数据，从2020年到2025年，社区零售行业规模预计会从11.9万亿增至15.7万亿，社区零售线上化渗透率则会从20.9%增至45.5%，这意味着到2025年，中国数字化社区零售的行业规模将达到7.2万亿。\n正如徐正所说，上市是新起点。社区零售数字化已经来到大爆发的前夜，在下半场的竞争中，社区零售平台们，面临的不仅仅是业务之争，还有资本之争。","news_type":1,"symbols_score_info":{"MF":0.9}},"isVote":1,"tweetType":1,"viewCount":5051,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}