港股上市难产，丰巢科技创始人徐育斌辞任CEO为哪般？

Core Viewpoint - The resignation of Xu Yubin, founder and CEO of Fengchao, raises questions about the future development of the company, which has been seen as a potential leader in the express cabinet market [1]. Company Background - Xu Yubin, born in 1978 and a graduate of Jiangxi Normal University, entered the express delivery industry in 2009 and was a core executive at SF Express before founding Fengchao Technology in April 2015 [1]. - Fengchao was initially funded by SF Express, with a registered capital increase of 450 million yuan in June 2015, supported by major players like Shentong, Yunda, Zhongtong, and ProLogis [1]. - By 2021, Fengchao completed a $400 million B+ round of financing, achieving a valuation of 9 billion yuan, with significant shareholders including China Post and Sequoia Capital [1]. Business Operations - As of May 31, 2024, Fengchao's network covers 31 provinces with 330,000 smart cabinets, expanding its service range to approximately 209,000 communities [2]. - The company reported revenues of 2.526 billion yuan in 2021, 3.135 billion yuan in 2022, and 3.812 billion yuan in 2023, with a total loss of 3.779 billion yuan from 2021 to 2023 [3][4]. - In 2023, Fengchao spent 1.898 billion yuan on cabinet construction, rent, and depreciation, accounting for 55.8% of total sales costs [3]. Financial Performance - The revenue from last-mile delivery services, primarily from express delivery personnel, was 1.455 billion yuan in 2021, 1.686 billion yuan in 2022, and 1.836 billion yuan in 2023, with a decline in its proportion of total revenue from 57.6% in 2021 to 40.8% by May 31, 2024 [4]. - The company has faced challenges in profitability, particularly with consumer resistance to fees for delayed packages, which may have contributed to Xu Yubin's resignation [5].