丰巢IPO因何停滞？知情人士回应

Core Viewpoint - The resignation of Xu Yubin, the founder and CEO of Fengchao, has brought the company's stalled IPO process back into public attention, with ongoing legal disputes affecting its progress [2][7]. Group 1: IPO Process and Legal Issues - Fengchao submitted its IPO application to the Hong Kong Stock Exchange in August 2022, but the application became invalid in February 2025 due to the failure to submit supplementary documents within the required timeframe [2]. - The IPO process has been hindered by a lawsuit filed by one of its investors, Asia Forge (Cayman) Ltd., which is linked to Asia Investment Capital, over disagreements regarding a buyback agreement [2][7]. - The lawsuit has created significant uncertainty, potentially delaying the IPO review process and complicating the company's shareholder structure [9][10]. Group 2: Financial Performance - Fengchao has reported continuous losses over the past three years, with total losses exceeding 3.7 billion yuan from 2021 to 2023, although it achieved a net profit of 72 million yuan in the first half of 2024 [10][11]. - The company's revenue has shown some growth, increasing from approximately 2.53 billion yuan in 2021 to 3.81 billion yuan in 2023, but the cost of sales has also risen, leading to significant gross losses in previous years [11]. - The number of paid packages stored in Fengchao's smart lockers has increased from about 430 million in 2021 to 517 million in 2023, indicating a growing penetration rate [12]. Group 3: Business Model and Revenue Streams - Fengchao generates revenue from various services, including fees charged to couriers for last-mile delivery services, which increased from 14.55 billion yuan in 2021 to 18.36 billion yuan in 2023 [13]. - However, the contribution of last-mile delivery services to total revenue has decreased from approximately 58% in 2021 to 48.2% in 2023, and further down to 40.8% in the first five months of 2024 [13].