Yanwen logistics plans to be listed on Shenzhen Stock Exchange: it is mainly engaged in international express business, and its gross profit margin is far lower than the industry level

In recent days, , Beijing Yanwen Logistics Co., Ltd （ Hereinafter referred to as “ Yanwen logistics ”） Submit the form at Shenzhen Stock Exchange , And in 2022 year 1 A prospectus was updated in September . According to the prospectus , Yanwen logistics plans to be listed on the main board of Shenzhen Stock Exchange , Previously, it had planned to land on the Shenzhen Stock Exchange gem .

The prospectus shows , Yanwen logistics was founded in 1998 year 4 month , The legal representative is zhouwenxing , Its main business is to provide comprehensive logistics services for cross-border export e-commerce , The main products and services include international express business 、 International express collection and processing business 、 Other businesses fall into three categories .

Yanwen logistics plan passed IPO raise 9 One hundred million yuan , It is mainly used for intelligent sorting and transfer integration 、 Construction of global cross-border logistics big data platform 、 Vehicle purchase and replenishment of working capital . According to the introduction , The number of shares issued this time shall not exceed 2000 Thousands of stocks , The proportion of the total share capital after the issuance shall not be less than 25%.

In the equity structure of Yanwen logistics before this listing , Zhouwenxing 、 Zeng Yan and his wife hold shares directly 29.916% and 23.737%, Indirect holding 6.653%, Total controlling company 60.306% Equity of . among , Zhou Wenxing is the chairman of Yanwen logistics , Zeng Yan is vice chairman 、 The general manager .

meanwhile , Director of Yanwen logistics 、 Deputy general manager 、 Xie Zhiwei, senior director of the information technology center, holds shares 0.24%. In terms of institutions , Junlian capital invests in the partnership through Beijing Junlian Huicheng equity （ Limited partnership ）、 Suzhou junjunde equity investment partnership （ Limited partnership ） Share holding 17.053%、1.220%, Total holding of Yanwen logistics 18.273% Equity of .

Besides , Yida capital 、 Guangfa Xinde 、 China Construction Development emerging Investment Co., Ltd 、 Mizi wealth 、 Qipu investment is also the investor of Yanwen logistics . among , GF Xinde holds a total of 6.35%, Yida capital holdings 5.03%, The shareholding ratio of other individual shareholders is insufficient 5%.

According to BeiDuo finance and Economics , CITIC Securities, the sponsor of Yanwen logistics, once said in its counseling summary report , Yanwen logistics restructuring has been established for a short time , In the future, with the rapid development of the company , The internal control system may not fully adapt to the expansion of business scale 、 The need to adjust the organizational structure and control mode , The risk cannot be well controlled 、 Promote the growth of enterprises .

2018 year 、2019 Years and 2020 Years and 2021 year 1-6 month （ In the first half of the year ）, The operating revenues of Yanwen logistics are 28.69 One hundred million yuan 、41.51 One hundred million yuan 、62.18 Million dollars 31.90 One hundred million yuan , Business performance continues to grow . among ,2018 to 2020 The compound annual growth rate is 47.22%.

among , The whole process business of international express is the core business of Yanwen logistics , It refers to that Yanwen logistics completes the whole process of cross-border parcel collection from the sender to the recipient according to the agreed logistics service . During the reporting period , Such revenue accounts for% of their total revenue respectively 96.49%、95.44%、90.55% and 83.03%.

During the reporting period , The net profits of Yanwen logistics are 1567.20 Ten thousand yuan 、3011.64 Ten thousand yuan 、1.49 Million dollars 6276.03 Ten thousand yuan ,2018 to 2020 The annual compound growth rate is 207.90%. At the same time , The gross profit margins of the company's main businesses are 3.48%、3.68%、5.47% and 5.27%.

In particular , The gross profit margin of Yanwen logistics is far lower than the industry average . The prospectus shows , The average gross profit margins of the main businesses of comparable listed companies in the same period were 17.90%、12.35%、10.20% and 5.27%. Yanwen logistics explained , The operation cost of cross-border logistics services is relatively high , As a result, the gross profit margin is relatively low .

As of the signing date of the prospectus , Yanwen logistics has set up six distribution centers and 38 A cargo collection and Transfer Center , Business coverage nationwide 17 provinces , The service is accessible to all over the world 200 Countries and regions .2020 year , The number of tickets handled by Yanwen logistics 7.17 Million pieces ,2021 The number of tickets handled in the first half of the year 5.07 Million pieces .

Yanwen logistics claims , Its relationship with global express 、 Amazon 、Wish、eBay And other large cross-border e-commerce platforms have established long-term and stable cooperative relations with e-commerce independent stations . among , rookie 、 Weishi logistics is listed in its international express business 、 The top five customers of international express in collecting and processing business .

The prospectus shows , During the reporting period, Yanwen logistics' revenue from e-commerce platform customers accounted for 25.96%、46.38%、47.18% and 48.94%, Gradually improve . among , Cainiao and Weishi logistics are the top two customers of Yanwen logistics .2021 In the first half of , The proportion of revenue from rookie and Weishi logistics is 24.70% and 23.64%.

From the perspective of industry , There are many enterprises engaged in cross-border export e-commerce logistics service industry in China 、 Competition is fierce . According to relevant industry research reports , Some comprehensive cross-border export e-commerce logistics service providers have outstanding advantages in the control ability of all links of export logistics and the integration and operation ability of logistics resources , But its market share is still low .

besides , Other enterprises show strong regional and professional , Focus on business in specific areas or specific types of logistics products , The business scale is small . The overall market shows low concentration 、 There are many industry participants 、 The characteristics of market share dispersion .

According to iResearch consulting research , China's third party B2C There are many cross-border export e-commerce logistics service providers . In this field , Yanwen logistics' main competitor is zongteng 、 Deliver to all directions , None of them has been listed . And according to public data , Longitudinal 、 The volume of disifang is far larger than that of Yanwen logistics .

Besides , Domestic express delivery and integrated logistics service enterprises such as postal 、 Shun Fung Holdings 、 JD logistics and “ Three connections and one connection ” And others are also adding weight to the layout of international business . among , SF Holdings has positioned its international business as one of its five new businesses , This kind of business 2020 Years and 2021 The income in the first half of the year reached 59.73 One hundred million yuan 、32.81 One hundred million yuan .

It is worth mentioning that ,2015 In, media reported that , In Bazhou City, Hebei Province, someone set up a stall to sell several postal express mails that were not signed and could not be returned , The price is per piece 10 element . Survey results show that , This batch of mail is the usual international small package mail delivered by Yanwen logistics , It was returned because it could not be delivered overseas .

Regarding this , Yanwen logistics has publicly apologized , Said that when the company handled the international small package returns a month ago, it found that the quantity was short , The mail sold by the stall is also within the scope of lost mail . meanwhile , Yanwen logistics promises to rectify , Ensure that similar events do not happen again .

Beijing Post said , This behavior exposed that the postal department did not provide enough training and education for comprehensive service providers with different individual customers , The inspection of the processing requirements after the mail is returned to the comprehensive service provider is not enough , It affects the service quality of end customers .