On the evening of April 22, SF Holdings released its quarterly report. The report shows that in the first quarter of this year, SF Express achieved revenue of 42.62 billion yuan, an increase of 27.07% year-on-year (compared to the same period last year); the net loss attributable to shareholders of listed companies was 989 million yuan, a year-on-year decrease of 209.01%, and the net profit of the same period last year was 907 million yuan. , From profit to loss. On the same day, SF Express also announced the transfer of the chief financial officer: Wu Weiting, the chief financial officer, has applied for resignation from the position of member of the audit committee, chief financial officer and deputy general manager of the company’s board of directors on April 24, 2021 due to personal reasons. SF Express said that before the company’s board of directors appoints a new financial officer, director Chen Fei temporarily assumes the duties of the company’s financial officer. (The Paper)

In the first quarter, when the annual report was released, SF Express blew through the wind. There are two core reasons. The first is that during the Spring Festival, due to the return of employees of other express companies to their hometowns in previous years, the express industry is the home of SF Express, and there are basically no rivals except JD.com. However, this year, the promotion of local Chinese New Year, business as usual, and SF Express has no advantage. In order to cope with the peak of the Spring Festival, SF Express prepared a lot of temporary resources in advance, which led to a sharp increase in costs and ultimately a loss. Second, the proportion of economic products with extremely low gross profit has increased. With the intervention of emerging forces such as Extreme Rabbit, SF Express’s high-quality and high-price system has been severely impacted. Other express delivery speeds are getting faster and faster. SF’s advantage is getting smaller and smaller, and it is forced to cut prices. SF Express believes that it will return to the profit channel in the second half of the year. Personally, SF Express’s moat is still very wide, but it needs to be reformed. Let’s talk about the person in charge of finance. As mentioned above, SF Express’s loss has little to do with its finances, which is not the same as Ou Feiguang. According to the announcement: Wu Weiting, due to personal reasons, has applied for resignation from the positions of member of the audit committee, chief financial officer and deputy general manager of the company’s board of directors from April 24, 2021. Wu Weiting will continue to serve as a director of the company. At the same time, the company will hire Wu Weiting as a capital operation consultant for the company’s logistics industrial park.


By zhiwo

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7 months ago

Wu Weiting will definitely resign. Because the development trend of the industry cannot be shifted by personal will. Wang Wei has conveyed to the capital market that the remaining three quarters of 2021 will not lose as much as the first quarter. But Wu Weiting, a financial steward with an annual salary of 4.5 million, knows very well that this is impossible unless SF Express changes the bow, stops losses in time, and stops blood transfusions to the e-commerce business. We need to systematically look at the inevitability behind such individual events as Wu Weiting’s resignation and SF Express’s loss. The express delivery industry is divided into the “time-sensitive parts” market and the “e-commerce parts” market. Time-sensitive parts have high requirements for express delivery speed and safety, and pursue the ultimate efficiency and safety. And what about e-commerce parts? We only need it to be cheap and able to be delivered, so we pursue the ultimate price-performance ratio. SF Express dominates the aging parts market. In the e-commerce parts market, Tongda is a courier group competing for hegemony, with Zhongtong leading the pack. The most essential reason for SF Express’s loss is that it wants to attack the e-commerce market. 1. An airplane, an hour, and a uniform can trace its roots. First of all, we must look at why SF Express succeeded in the time-sensitive parts market, and then we can know why it was frustrated in attacking the e-commerce parts market. My conclusion is that SF Express has achieved the absolute leading position in the time-sensitive parts market by relying on [one plane, one hour and one uniform]. First of all, from the perspective of the stability of timeliness, SF Express is far ahead. SF has its own aircraft and will also use part of its bulk aviation. In comparison, three links and one delivery only use bulk shipping to transport time-sensitive parts. The resources of Danshang Airlines are limited by the airline’s flight schedule and need to be booked in advance. The simplest example is that Tongda has booked a scattered flight at 8 o’clock in the evening of the same day. If the customer sends the package at 10 o’clock in the evening and hopes to arrive the next morning, the delivery will not be possible on the same day and can only wait for other flights. In this situation, SF Express can use its own aircraft to send it. Bulk shipping will cause natural timeliness instability and affect customer experience. SF Express not only has a local army like Sanhang, but also relies on its own central army. It also depends on the stability of the terminal timeliness. SF Express will still be faster than it can reach. The Tongda system is relatively slow in collecting and loading parts, mainly because the Tongda system adopts the franchise model, and the franchisee will consider the loading rate when transporting. That is, the delivery will not start immediately after receiving the loose parts, and the courier process will be started after the loading rate reaches a certain level. In comparison, SF Express’s rule of “receive one and send two” is much more stable and efficient. Customers place orders on their mobile phones. The courier picks up the items within “one hour” and dispatches them within “two hours”. The entire outlet may stay for only three hours. This kind of “one hour” certainty is of course hugely attractive to time-sensitive items. Anxiety is a common problem for human beings. SF Express is used to the anxious problems of consumers, and consumers will naturally give feedback. Third, in addition to timeliness, it also depends on the quality of other services. The difference in service quality is the difference between the direct sales model and the franchise model. From the perspective of its own expansion demands, the Tongda Department widely adopts the franchise model to seize the regional market when opening up territory. The franchise model can naturally obtain good market share data quickly, but it is accompanied by a problem that the quality of service is difficult to control. Consumers sometimes have disputes and disputes with couriers, most of which occur in franchised express companies with smaller company constraints and supervision. But the couriers of SF Express are their employees. SF Express’s strategy is the “asset-heavy direct operation model.” When Wang Wei treats SF employees, especially couriers, he never compromises, is vague and low-key. SF Express Courier was beaten, he stood up decisively and raised his arms and shouted; SF Express listed the bell, he invited the beaten courier together. Being so caring for couriers is of course related to Wang Wei’s personal character, but the essence is that the capital has chosen the aging track, and the aging track has chosen the direct mode, and the direct mode is destined for the courier. importance. At all times, SF Express delivery staff are uniformly dressed, and the package equipment also reflects this uniformity. It is tantamount to writing “SF Express, trustworthy” on the forehead. Even Sanbengzi shows the unity, safety, and professionalism of SF Express. 2. Attacking e-commerce parts-charge, charge, charge. Starting in 2020, Wang Wei has begun to make efforts in the e-commerce parts market. Under the epidemic, consumption habits will be changed, and people will be more inclined to buy goods online. But what disturbs SF Express is that the epidemic has also changed people’s working habits. The trend of paperless office is gradually prevailing, and it is difficult to see the trend of turning around in the future. If it does not attack the e-commerce parts market, from a 20-year perspective, SF Express may slowly shrink as the overall size of the time-sensitive parts market shrinks. Launching an offense at such a point in time, Wang Wei should have been fully grasped. SF Express’s 2020 annual report shows an absolute strength of 7 billion yuan in profit volume, which is SF’s rocket launcher. With this profit volume, SF Express has the confidence to attack new positions. But charging doesn’t mean it can be done overnight. The important feature of the e-commerce market is that the price side is highly uniform. When a Taobao shopkeeper delivers goods, he first considers his long-term courier company. The price is the most important factor for long-term cooperation. Once YTO’s offer surpasses Shentong, e-commerce sellers can switch express delivery companies with almost no switching costs. There is no differentiation on the price side, and the fighting among the e-commerce market leaders will only occur on the cost side. Crazy squeeze the profit space of franchisees and control expenses madly. Whoever keeps costs down is the winner. In 2020, Zhongtong will have a net profit of 4.3 billion yuan and a cost ratio of 77%; YTO will have a net profit of 1.8 billion yuan and a cost rate of 91%; Yunda will have a net profit of 1.6 billion yuan and a cost rate of 90%. Shentong’s net profit attributable to its parent is 37 million yuan, with a cost ratio of 97%. The data fully shows that in the e-commerce market, cost is everything. This also means that if Wang Wei uses the time-sensitive parts market to attack the e-commerce parts market, there will only be a dead end. What can SF Express do? SF Express can only charge, charge, and charge again. Use price subsidies to launch an assault on the deep binding relationship between Tongda and e-commerce platforms. Using profits as food and grass, blood transfusion e-commerce business segment, launched a charge against the market share of e-commerce components. Use the current load of time-sensitive parts to undertake some e-commerce parts, and initiate a charge for scale effect. To join with a branch network, SF Express does not have much franchise operation model and Tongda franchisee network to initiate a charge. 3. As a financial butler, 50-year-old Wu Weiting has achieved the ultimate. She assisted Wang Wei and sent SF Express to A shares, but in the cruel business battle of business transformation, Wu Weiting’s departure was inevitable. SF’s battle is not easy to fight. Wang Wei wants to give investors an explanation, to make investors continue to believe in SF. He has only two ways before him: let the soldiers slow down, and wait for the grain and grass in the rear. Or, continue to charge with all strength, watching the soldiers around you leave the battlefield like Wu Weiting.

7 months ago

First of all, the issue of the resignation of the financial officer. As the so-called “Chunjiang Plumbing Duck Prophet”, the resignation of financial executives cannot be said to have problems with the company, but if we can analyze other information together, then we can still find some clues about listed companies from it. If it is to resign and not hold any position in SF Express, then the problem is really not small. To know that a certain financial executive I know, every time his resignation can be said to be a weather vane in the capital market. He left his job six months before the LeTV Thunder, asked the reason, and signed a non-disclosure agreement. Later, he switched to Hammer Technology and resigned four or five months before the incident. When he left Hammer Technology, we were thinking about which company he would go to next, so this company should pay attention. Haha Shunfeng wrote that “Wu Weiting will continue to serve as a director of the company, and at the same time, the company will hire Wu Weiting as a capital operation consultant for the company’s logistics industrial park.” It does not seem to be completely retired. If something really happens, the listed company will negotiate with the financial executives. Time of resignation, to avoid over-speculation. Secondly, analyze the loss of the next quarter. SF Express has already analyzed it very clearly. SF Express’s losses are only quantitative short-term losses. If the reasons for these losses in the second and third quarters disappear, there should be no big problem. That is to say, SF Express is still the leader in the express delivery industry in the short term, but there are deep-seated long-term issues that SF Express must know internally, but it is not written in the external announcement. What’s the problem? That is the quality of profitability and the sustainability of profitability. At present, SF Express has a large stall, and fixed costs account for a relatively large portion. However, in terms of revenue, each e-commerce company has its own courier. For example, Jingdong has its own, and Taobao has its own courier like other e-commerce companies. SF Express must ensure its own service advantages, maintain its price advantage, and also consider cost factors. For SF Express, it needs to be considered for its future development.

7 months ago

A few days ago, SF Express’s loss in the first quarter was on the overheating list, and the reason for the loss was also very clear. Da Shenshi and Xingkong have already stated clearly, mainly due to two reasons: ① Because of the epidemic, SF Express’s comparative advantage has disappeared; Join and grab the cake. Today’s focus is the resignation of the head of SF Finance’s finance for “personal reasons”. Ms. Wu Weiting, female, born in 1971, a permanent resident of Hong Kong Special Administrative Region, China, graduated from the University of New South Wales in Sydney, Australia, with a bachelor’s degree in accounting and information systems, and a certified public accountant in Australia. Director of KPMG (Hong Kong, China) from 1994 to 2013, Director of Tyson Holdings from 2013 to 2016, President of the Finance Division of Shenzhen SF Tyson Holdings (Group) Co., Ltd. from 2013 to 2015, and from 2015 to 2016 Served as the Chief Financial Officer of Shenzhen SF Tyson Holdings (Group) Co., Ltd. Since December 28, 2016, he has served as director, deputy general manager and chief financial officer of SF Holdings. Is there a problem with the ability and decision-making of the person in charge of finance? of course not! From the above resume, she has been the director of KPMG, and her professional ability is definitely second to none. The reason for the loss is mainly from external factors. The person in charge of finance is purely a backhand! The capital market only looks at the results. If you lose money and bring losses to shareholders, then vote with your feet. Some time ago, SF’s stock price dropped sharply. Under such a background, someone has to take the blame! There are two main persons responsible for an enterprise: the legal representative and the person in charge of finance. If something goes wrong, the person in charge of finance will most likely be back! Let me talk about the real case of my previous group! There was a problem with the overseas company, and the financial manager made a fraud. It was later discovered by an audit that the group’s financial officer in charge of this sector directly dismissed the get out of class, and someone had to take it back. Also, have you seen it in the name of the people? The reason why this TV series is so popular is that the characters in the series can find the prototype. In the play, ordinary people died of 2 financial affairs: one for Dafengchang, and one for Shanshui Group!

7 months ago

The financial controller (Controller) is the company’s main manager, and has position-related legal responsibilities and even criminal responsibilities for the company’s actions (“Accounting Law”, “Tax Collection Management Law”, etc.), and has even greater control over the company’s operations than management. A more complete understanding. Some of the answers felt that it was because the company’s business did not meet expectations that led to the resignation of the person in charge of finance. It was because they did not understand the position and thought in the same way as ordinary finance employees. When the company encounters operating difficulties, it is the management team that needs to be adjusted. The main income of the financial officer will not be linked to the company’s performance, so as to avoid the risk control function of the board of directors due to the interests of the management personnel. . If you have worked as a senior executive in a company, the person in charge of finance should least like to deal with it. The slightly risky thing is that this can’t work, that can’t work, you don’t sign, and you don’t give advice. In addition to common tax-related legal responsibilities, if there are illegal and criminal behaviors in a company (white gloves, bribery, etc.), because money transactions are usually involved, the person in charge of finance is easily involved as the main participant (signature). When the person in charge of finance resigns in the company, in addition to someone digging a wall, he has an irreconcilable conflict with the company’s management. He feels criminal risks and can only express his innocence by resigning and stay away from job risks. Of course, these are general cases.

7 months ago

This wave of operations of SF Express has made many students who study finance fearful. They work together to make money and go to the boss, and lose money financially? It seems that this wave of SF Express is not authentic, but you have to look carefully. In addition to being the chief financial officer, Ms. Wu Weiting is also the deputy general manager of SF Express and a member of the Audit Committee of the Board of Directors. In other words, this is a proper senior executive of SF Express who directly participates in the board of directors. It is too simple to take a financial title. Maybe this wave of operations is that Ms. Wu looks down on SF Express and wants to find another job? The company’s profit is due to its good business marketing strategy. The company’s loss is due to financial accounting errors. It is really a bit unreasonable. The basic financial data is not all derived from the business. Finance is too difficult

7 months ago

When SF Express issued its financial report before, it gave the reasons for the loss of nearly 1 billion in the first quarter: probably the following 5: 1. The company has basically completed the forward-looking layout of various diversified logistics tracks, and the logistics market space is large enough And it is in a critical period of increasing concentration. After just a few years of development, the company’s many new business segments have ranked first in the subdivision field. The company is in a critical period of new business development. In order to expand market share and build long-term core competitiveness, the company continues to increase its pre-investment in new business. A more complete track and product matrix will bring the company a wider user group, a larger market space, and a better scale of collaboration. With the rapid growth of new businesses, pattern dividends and scale dividends will be gradually released. One sentence summary: We are engaged in new business and spent a lot of money. 2. The epidemic last year slowed the company’s capital expenditure investment to a certain extent, and the upward trend of customer demand was obvious. The company’s business volume grew rapidly, resulting in capacity bottlenecks in multiple links of express. In order to ensure the timeliness and service stability, the company began to increase temporary resource input from the fourth quarter of last year to undertake the increase, resulting in cost pressure in the fourth quarter of last year and the first quarter of this year. At the same time, since the fourth quarter of last year, the company has increased capital expenditures, upgraded the automatic production capacity of the transit field, and improved resource efficiency. It is expected to further alleviate the bottleneck pressure of production capacity in the second quarter of this year, and begin to release economies of scale in the second half of this year. One sentence summary: Our old business has been upgraded, we have spent a lot of money, the cost has become higher, and we have made a lot of less money. 3. Based on the large-scale land transportation product business volume, the company re-examined the resource allocation of each business line, fully integrated the express network, express network, warehousing network and franchise network field, line and other resources, aiming to build a more professional and larger scale The company’s operating network, build service competitiveness, and enhance customer experience. In the initial stage of integration, there will be overlapping resources allocation. It is expected to achieve results in the third quarter of this year, achieving differentiated service experience, complementary resource integration, and better network efficiency; at the same time, it will help the company build an extremely time-efficient land transportation network to improve the Timeliness and service experience of each product. One sentence summary: I will make money in the third quarter of this year. 4. In order to meet the arrangement of e-commerce platforms and customers not to close during the Spring Festival, and to respond to the advocacy of reducing personnel turnover, the company provided a record high in subsidies for first and second-line employees in the first quarter. Although operating costs have risen in the short term, it effectively guarantees the efficient operation of customer express delivery during the Spring Festival, fulfills corporate social responsibility, and enhances the centripetal force and cohesion of employees. The ultimate customer experience and warm employee care will be transformed into productivity, helping the company continue to achieve its mid- and long-term business goals. One sentence summary: We gave a lot of subsidies to the courier brother during the Spring Festival, and spent a lot of money. 5. During the outbreak of the epidemic last year, the company adhered to its services, and the delivery of anti-epidemic materials and online consumer goods further drove the high growth of time-sensitive parts. The growth rate in the first quarter of this year was affected by this high base; at the same time, due to the arrangement of non-closing Spring Festival in some regions , Differentiated part of the bulk order business, and the growth of the bulk order business in time-sensitive parts was lower than expected; the company launched express and new standard express products in April this year. This upgrade is expected to bring new momentum to the growth of time-sensitive parts. One sentence summary: It used to grow too fast, and it seems to be slow now, but we will continue to grow fast. And SF’s stock price has fallen by nearly 50% from February to now! Cut directly in the waist! But the resignation of Wu Weiting of SF Finance has made everyone wonder if this is causing the finances to take the blame. Some people ridicule: the restaurant business is not good, and the cashier is laid off? There was even a poll on Weibo: Wu Weiting will serve as the head of SF’s finance from December 28, 2016. The salary is also very high. Last year, she paid a salary of 4.45 million, ranking second among SF executives. It was cool on the second day. Even so, it was 910,000 less than her salary in 2018. It’s just that the position of CFO has never been a good place to sit. It holds the company’s financial lifeline and is also at the center of the company’s power. Therefore, the risk is not small. Many CFOs are in jail and ruined. The first priority of many CFOs is to help companies raise funds and go public. After this important task is completed, many CFOs who have just enjoyed the IPO highlight will leave. Wu Weiting used to work for KPMG (Hong Kong) for nearly 20 years. After that, she spent 141 days working vigorously and helping SF Express backdoor listing. It can be said that the historical mission was accomplished extremely well. Perhaps it is just that when the company enters another stage of development, it is more necessary for the company to ensure efficient profit or reduction of losses while developing. The financial department of a company is extremely important. The first to know about the company’s operating conditions, future directions, business risks, and other issues is generally the person in charge of finance. Perhaps her resignation estimate is more active than passive. Wait for it, as SF Express said, in the third quarter, regain its glory. For more content, please pay attention to Zunjia Finance, Hong Kong and US A shares 0 commission ~ risk warning: The content in the article has its own specific position, investment is risky, and trading needs to be cautious. Zunjia strives but cannot guarantee that the above content is completely accurate and reliable, and does not assume any responsibility for the profit or loss arising from the operation of relying on or using third-party information.

7 months ago

I have strong personal feelings for the company SF Express. I have been a headhunter for a period of time. During the whole year of 2014, I worked on SF Express projects. I once helped a business unit of SF Express find a supply chain director and a supply chain manager. Other positions were also involved and benefited. Yu Shunfeng gave me the feeling of “a monthly salary of over 10,000” when I first entered the workplace. You see, they are all linked to money, which shows how sincere my relationship is! So, even if it can’t be compared with those experts, I personally feel that I am more qualified to talk about SF Express than ordinary people who eat melons. The current public opinion environment always goes to extremes for a company. It is either “to kill” or “to kill”. For the object of “to kill”, it is not tolerant of others to say nothing. The object of “” also wished “to step on 10,000 feet so that it will never turn over.” In fact, this is all wrong. It is easy for the general public to be blinded with this sentiment and cannot see the truth behind the matter. For a company, it is also very unfair to be treated this way. For the loss-making financial report two weeks ago, Wang Wei apologized, which has caused SF Express to experience a baptism of public opinion. Now the resignation of the chief financial officer has pushed SF Express to the forefront. There are many interpretations of SF Express’s losses from the outside world. Aside from those who have gone down the street, there are two opposing views: One is that because of the popularity of electronic invoices and electronic contracts, SF Express has lost a lot of business express. . Another in-depth interpretation is that the trend of integration of e-commerce and express delivery has made SF Express’s previous advantages less obvious. Let’s say one by one, it is certain that the popularization of electronic invoices and contracts will impact SF’s business. When I was working on the SF Express project, I talked to my little brother SF Express, who said that he is particularly envious of the SF employees who pick up express in dense business districts. My monthly salary is over 10,000. Yes, and it is easier than pure express delivery. From the income of this kind of business service employees, it is not difficult to see the status of this business in the entire SF Express system. Of course, in addition to its excellent performance, SF Businessware also benefits from the foil of its peers. Yes, I’m talking about EMS, which is several blocks behind SF Express in terms of service and speed. But for a large company like SF Express, it is indeed a bit too one-sided to blame the loss on a business loss. Therefore, there is this second interpretation. There is no strong e-commerce company behind SF Express to provide data support. . If you sort it out, you will find that there is a strong e-commerce company behind the several big sects of express delivery today. “Four connections and one connection” are backed by Ali through the medium of Cainiao, JD Express is backed by JD e-commerce, and the recent rise of Polar Rabbit There is Pinduoduo at the back. Backed by large e-commerce companies, logistics companies can be supported by user purchase behavior data. With this data, logistics companies can set up front-end warehouses in various regions of the country, because they can build warehouses in places closest to consumers. , The “same-day delivery, next-day delivery, and next-day delivery” has become a reality, so SF Express’s original “fast” advantage has been greatly weakened. This interpretation is still quite tenable. There is a saying that artificial intelligence is said to be. In fact, there is so much intelligence as many people as there are people. The growth of artificial intelligence needs data to feed. Only if the total amount of data is large enough and the data dimension is rich enough, artificial intelligence will gradually iterate forward. There is nothing wrong with this conclusion itself, but some people use this conclusion to say that SF Express lacks foresight and has not actively embraced e-commerce, which has led to its current passivity. I can’t agree with this inference, at least it doesn’t seem to be the case in my opinion. SF Express’s deployment of e-commerce cannot be said early, but it is not too late. Brother, what I have been doing in 14 years is SF Express’s e-commerce project. Specifically, it’s SF Heike’s project. At that time, when the O2O concept just emerged, SF Express went straight into it. You can’t say that SF Express lacks courage, not to mention, in Heike Before, B2C fresh food e-commerce SF Optimal has been online for some time. While doing the Heike project, SF Express’s e-commerce warehousing, honors and other projects are also being promoted. These are all personally participated by the B company where I work. In addition, in terms of internal structure, SF Express was also active at the time. Promote the establishment of a shared service center in a functional direction. This shared service center has the shadow of a “big company in the middle of the stage” that has been hotly discussed in recent years. Therefore, it is not advisable to derive the process from the results. From the perspective of the actual process, it is absolutely impossible to deny the efforts made by SF Express in the field of e-commerce. Therefore, in my opinion, SF Express’s current e-commerce data shortcomings are not due to lack of courage and vision, but precisely because SF Express’s ambitions are too great. He sees the value of e-commerce data to logistics, but hopes to generate this data. The platform is also its own. SF Express is actually a very closed company, and its temperament is significantly different from other express logistics companies. Needless to say, the prefix of the national prefix like post; “Four connections and one connection” belong to the Tonglu gang, and they have an unclear relationship with each other. When the era of e-commerce comes, they are integrated by rookies as a whole. It also seems logical; JD Logistics was piled up by burning money based on Liu Qiangdong’s personal will and foresight, and it is the most popular “logistics under the guidance of e-commerce”. SF Express is different from them. If you take the mobile phone operating system as an analogy, SF Express is like Apple’s IOS operating system, and other companies are like Android. What are the characteristics of the IOS operating system, easy to use, really fragrant, but very closed. When smartphones first emerged, the experience of IOS could be used to beat Android, but after so many years, although IOS has its own advantages, Android is getting better and better. This is the result of openness and closedness. An open Android can become ignorant of one’s own mother through iterations of all parties, but IOS can’t. Since you have chosen the closed road, you will be quiet in the years. It also isolates you from the outside world to stimulate you. Combined with the aforementioned “artificial intelligence” point of view, the artificial intelligence fed by one company is definitely different from the artificial intelligence fed by multiple companies, even if this company is the leader in the industry. Seeing this, some friends will say, “Since you know that closure is a problem, then open it appropriately, and the problem will not be solved.” How easy it is! Li Yunlong said in Liangjian, “Any army has its own tradition. What is tradition? Tradition is a kind of character and temperament. This kind of tradition and character was created by the first military chief when this army was formed. It’s determined by his personality and temperament. He injected his soul into this unit. From then on, no matter how years go by and personnel changes, the soul of this unit will always be there!” The corporate gene is inscribed in the bones, and it is not easy to change. of. As a small store that started as a Guangdong-Hong Kong express in Shunde, SF Express has grown to become the leader of China’s express delivery industry. This step by step is low-key and pragmatic. Low-key is the style of this company, and it is also the style of Wang Wei. Wang Weizao I injected my own character and temperament into this company. Before SF Express started its e-commerce business, it was difficult for you to find a picture of Wang Wei on the Internet. This is simply unimaginable in the Internet era. After starting e-commerce business, with the increase in attendance, Wang Wei’s Rongcai is well known by more people. To some extent, SF Express is a very “autistic” company. This “autistic” is not derogatory, but is precisely the key to SF’s rise. In that era when there were many franchise points for express delivery, Wang Wei was able to withstand the pressure to bring the express delivery points back to direct sales. For this reason, he did not hesitate to offend a lot of franchisees. Since then, every express delivery point of SF Express must be directly operated. Only then did SF Express have a good reputation for its services, and laid the foundation for its future take-off. The corporate gene is a kind of fixed internal and external behaviors formed by the company in order to survive. This is also a personality and a temperament. Once formed, it is really difficult to change. The reason is simple. A strong man needs courage and courage to break his wrist, but this wrist is still powerful. Can you really get it? Of course, this is not something that people like me should worry about. There are smart brains everywhere in SF Express. I hope that these people can get through the current predicament under the leadership of Mr. Wang. Having said so much, what I want to express in the final analysis is my opening sentence “I have strong personal feelings for SF Express”. Just like the line in “Tea House”, “I love the Qing Dynasty, I’m afraid it’s over!”

7 months ago

The industry has entered a period of deep integration. E-commerce giants will gradually penetrate into the express delivery industry, and the integration of e-commerce and express delivery can make the customer experience the ultimate. The social division of labor has become unsustainable, and customers are increasingly demanding cost performance, but the extremely refined division of labor will bring greater costs. Once the basic business of express delivery is consolidated and the express company has stepped on the pit, e-commerce companies will start to move around, strategically invest in express companies or simply organize express delivery teams by themselves, e-commerce-express integrated operations, reduce costs, and improve customer service . The same is true for catering and takeaway. Many catering giants already have their own delivery teams. The express delivery platform will gradually become smaller, and the customers it serves will gradually become marginalized. The world will be united for a long time, and it will be divided for a long time. Now we are in this big stage of integration.

7 months ago

Regarding the loss in the first quarter and the resignation of the chief financial officer, the estimated loss of 900 to 1.1 billion yuan in the first quarter is reasonable but unexpected. SF Express’s three major business segments, Express, Express, intra-city and new businesses, except Express, Express, intra-city and new businesses are all at a loss stage. However, this loss has already appeared a few years ago. I think the problem with SF Express is not the loss of express and intra-city and new business, but the insufficient investment and incomplete strategy. As a listed company, the drawbacks have also emerged, that is, more or less subject to the pressure of “performance”, and dare not invest on a large scale for fear of causing book losses. The market is cruel. If you don’t want to lose money, it doesn’t mean that you won’t lose. SF Express currently has no safe haven and can only fight it with all its strength. I personally think that the resignation of Wu Weiting, the head of finance, is justified. I think her problem is mainly because it did not provide early warning and response measures for the loss in the first quarter. As soon as the report was reported in the first quarter, the biggest impact was not the decline in stock prices, but the 22 billion yuan in private placement. The fixed increase plan from the end of 2020 and the beginning of 2021 has entered the critical moment of finalizing the board. Suddenly a huge loss of the first quarter report came. Even if the fixed increase can proceed normally, the financing amount will be greatly reduced. According to the current stock price , The fixed increase amount is expected to drop to about 14 billion yuan (a decrease of about 30%). This vain loss of about 7 billion yuan in financing is almost equivalent to SF Express’s one-year profit. It’s strange that Boss Wang is not angry.

7 months ago

I don’t know if I should say these words. SF Express made headlines with a large loss before. If an “excellent” finance is written, it will not be so serious, not to mention that some accruals and expenditures can be pushed to the next quarter (if it has already been done, I didn’t say so). At least it’s useful for people who don’t know much about professionalism, and then cooperate with public relations, and the people who eat melons don’t know much. It’s a big deal. So, when I change people, I think it’s the result of dissatisfaction with his ability.

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