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.