255亿深圳超级独角兽，IPO之际掌门人离场

Core Viewpoint - The departure of Xu Yubin, the founder and CEO of Fengchao, raises concerns about the company's future, especially as it approaches a critical IPO phase [1][5][19]. Company Overview - Xu Yubin, a key figure in Fengchao's development, started as a delivery worker and founded the company in 2015, leading it through significant expansion and growth [2][6]. - Under his leadership, Fengchao raised a total of 8.4 billion yuan in funding from 2015 to 2021 and achieved a valuation of 25.5 billion yuan, ranking 278th on the Hurun Global Unicorn List [3][23]. Financial Performance - Fengchao's revenue grew from 2.53 billion yuan in 2021 to 3.81 billion yuan in 2023, totaling 9.23 billion yuan over three years [10]. - Despite revenue growth, the company faced significant net losses exceeding 3.7 billion yuan from 2021 to 2023, primarily due to high operational costs [12][13]. Business Model and Innovations - To improve profitability, Fengchao introduced storage fees in April 2020, which increased the turnover rate of lockers from 65.7% in 2022 to 74.6% in early 2024 [15]. - The company also launched value-added services, including home services and laundry, which saw explosive growth in order volume [16][31]. Market Position and Competition - Fengchao remains a leading player in the last-mile logistics sector, handling 6.463 billion packages in 2023, but faces increasing competition from other players like Cainiao and Zhongtong [10][28]. - The company's market share in the last-mile delivery service has declined, with its revenue contribution dropping from 57.6% in 2021 to 40.8% in early 2024 [29]. Future Outlook - The leadership transition following Xu Yubin's departure may introduce new dynamics for Fengchao, which has been operating independently from its parent company, SF Express [22][33]. - The company is also adapting to regulatory changes and market pressures, focusing on expanding its services in high-traffic areas like train stations and tourist spots [26].