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text｜xu feng, market value observer

text｜xu feng, market value observer

recently, the leading express delivery locker company fengchao holdings officially submitted its prospectus to the hong kong stock exchange. if the listing is successful, its actual controller wang wei will also reap his fifth ipo.

as the terminal business of the sf express empire, fengchao has stood out in the fierce market competition and has taken the top spot in the industry. after achieving profitability for the first time and striving for listing, what kind of capital story will it tell in the future?

【first turnaround】

nine years after its establishment, fengchao finally became profitable.

everyone is familiar with fengchao, but as a logistics solution provider, fengchao's main business, in addition to the well-known terminal delivery business, has also developed smart delivery and other value-added businesses including laundry and home delivery services.

judging from performance, fengchao's revenue growth has been relatively steady in recent years, reaching 2.526 billion, 2.891 billion, 3.812 billion and 1.904 billion from 2021 to the first five months of 2024, respectively. among them, the first five months of this year increased by 33.6% compared with the same period last year.

due to the huge expenditure on infrastructure construction and distribution costs in the express delivery cabinet industry, it has obvious asset-heavy characteristics and losses have always been an unavoidable topic, but fengchao has shown a trend of obvious improvement.