Recently, Beijing Yanwen Logistics Co., Ltd. (hereinafter referred to as "Yanwen Logistics") submitted a form on the Shenzhen Stock Exchange, and updated a version of its prospectus in January 2022. According to the prospectus, Yanwen Logistics plans to be listed on the main board of the Shenzhen Stock Exchange. It had previously planned to land on the Shenzhen Stock Exchange's GEM .
The prospectus shows that Yanwen Logistics was established in April 1998 with Zhou Wenxing as its legal representative. Its main business is to provide comprehensive logistics services for cross-border export e-commerce businesses. The main products and services include international express delivery There are three categories of whole-process business, international express collection and processing business, and other business.
Yanwen Logistics plans to raise 900 million yuan through the IPO, which will be mainly used for the integration of intelligent sorting and transshipment, the 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 is no more than 20 million shares, accounting for no less than 25% of the total share capital after the issuance.
In the equity structure of Yanwen Logistics before this listing, Zhou Wenxing and Zeng Yan directly held 29.916% and 23.737% of the shares respectively, and indirectly held 6.653% of the shares, controlling a total of 60.306% of the company's shares. Among them, Zhou Wenxing is the chairman of Yanwen Logistics, and Zeng Yan is the vice chairman and general manager.
Meanwhile, Xie Zhiwei, Director, Deputy General Manager and Senior Director of Information Technology Center of Yanwen Logistics, holds 0.24% of the shares. In terms of institutions, Legend Capital holds 17.053% and 1.220% of the shares respectively through Beijing Junlian Huicheng Equity Investment Partnership (Limited Partnership) and Suzhou Junjunde Equity Investment Partnership (Limited Partnership). Logistics 18.273% equity.
In addition, Yida Capital , GF Xinde, C&D New Ventures, Wuzi Wealth, Qipu Investment, etc. are also investors of Yanwen Logistics. Among them, GF Xinde holds a total of 6.35%, Yida Capital holds 5.03%, and the remaining individual shareholders hold less than 5%.
According to Beiduo Finance, the sponsor of Yanwen Logistics, CITIC Securities, once said in its counseling summary report that Yanwen Logistics has a short period of time for its restructuring and establishment. With the rapid development of the company in the future, ’s internal control system It may not be able to fully adapt to the needs of business scale expansion, organizational structure and management and control model adjustments, and it may not be able to better control risks and promote enterprise growth.
In 2018, 2019 and 2020 and from January to June 2021 (the first half of the year), Yanwen Logistics' operating income was 2.869 billion yuan, 4.151 billion yuan, 6.218 billion yuan and 3.190 billion yuan respectively, and the operating performance continued to grow . Among them, the compound growth rate from 2018 to 2020 was 47.22%.
Among them, the whole process of international express delivery is the core business of Yanwen Logistics, which means that Yanwen Logistics completes cross-border parcels from the sender to the recipient according to the agreed logistics service method. Whole business. During the reporting period, such income accounted for 96.49%, 95.44%, 90.55% and 83.03% of its total income, respectively.
During the reporting period, the net profit of Yanwen Logistics was 15.672 million yuan, 30.1164 million yuan, 149 million yuan and 62.7603 million yuan respectively, with a compound growth rate of 207.90% from 2018 to 2020. During the same period, the company's main business gross profit margins were 3.48%, 3.68%, 5.47% and 5.27%.
In particular, the gross profit margin of Yanwen Logistics is much lower than the industry average. According to the prospectus, the average gross profit margins of the main business of comparable listed companies in the same period were 17.90%, 12.35%, 10.20% and 5.27%, respectively. Yanwen Logistics explained that the operating costs of cross-border logistics services are relatively high, resulting in relatively low gross profit margins.
As of the prospectus signing date, Yanwen Logistics has set up six distribution centers and 38 freight forwarding centers across the country, covering 17 provinces and cities across the country and serving more than 200 countries and regions around the world.In 2020, Yanwen Logistics handled 717 million tickets and handled 507 million tickets in the first half of 2021.
Yanwen Logistics announced that it has established long-term and stable cooperative relations with large cross-border e-commerce platforms and e-commerce independent stations such as AliExpress , Amazon , Wish, eBay , etc. Among them, Cainiao and Westlake Logistics are among the top five customers of its international express delivery business, international express collection and processing business.
's prospectus shows that during the reporting period, Yanwen Logistics' revenue from e-commerce platform customers accounted for 25.96%, 46.38%, 47.18% and 48.94% of its main business revenue during the same period, and gradually increased. Among them, rookie and Westlake Logistics are the top two customers of Yanwen Logistics. In the first half of 2021, the revenue from Cainiao and Westlake Logistics accounted for 24.70% and 23.64%, respectively.
From an industry perspective, my country's cross-border export e-commerce logistics service industry has many enterprises and fierce competition. According to relevant industry research reports, some comprehensive cross-border export e-commerce logistics service providers have outstanding advantages in the management and control capabilities of all aspects of export logistics and the ability to integrate and operate logistics resources, but their market share is still low.
In addition, other companies show strong regional and professionalism, focusing on business in specific regions or specific types of logistics products, and their business scale is relatively small. The overall market is characterized by low concentration, numerous industry players and scattered market shares.
According to the research of iResearch , there are many third-party B2C cross-border export e-commerce logistics service providers in my country. In this field, the main competitors of Yanwen Logistics are Zongteng and Difang, none of which have been listed. According to public data, the volume of Zongteng, and Quartet far exceeds that of Yanwen Logistics.
In addition, domestic express and integrated logistics service companies such as Post , SF Holding , Jingdong Logistics and “Three Links and One Delivery” are also increasing their layout of international business.Among them, SF Holding has positioned international business as one of its five new businesses. The revenue of this type of business in 2020 and the first half of 2021 will reach 5.973 billion yuan and 3.281 billion yuan respectively.
It is worth mentioning that in 2015, there was a media report that someone set up a stall in Bazhou City, Hebei Province to sell a number of postal express parcels that were not signed for and could not be returned, and the price was 10 yuan per piece. The results of the investigation showed that the batch of mail was the usual international small package mail delivered by Yanwen Logistics, which was returned because it could not be delivered overseas.
In this regard, Yanwen Logistics has publicly apologized, saying that the company found that the quantity was short when it processed the return of international small packages a month ago. At the same time, Yanwen Logistics promised to make rectifications to ensure that similar incidents do not happen again.
and Beijing postal company said that this behavior revealed that the postal department has not provided enough training and education for comprehensive service providers with different individual customers, and has not checked the processing requirements after mails are returned to the comprehensive service providers, which affects the terminal. customer service quality.
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