丰巢核心业务商业模式遭质疑？巨额亏损、创始人立场、对赌协议触发连锁反应IPO停滞

Core Viewpoint - The resignation of Fengchao's founder and CEO Xu Yubin has raised concerns among investors about the company's future prospects, interpreted as a loss of confidence in the IPO outlook [1][10]. Business Model Challenges - Fengchao's core business model of last-mile delivery services is facing significant scrutiny, with over 37,000 complaints on the Black Cat Complaints platform regarding issues such as lost packages, unreasonable fees, and system malfunctions [2][6]. - Complaints highlight that delivery personnel often place packages in smart lockers without recipient consent, violating regulations that require prior agreement [2][3]. Financial Performance - Fengchao's financials reveal a weak profitability trend, with revenues of 2.526 billion, 2.891 billion, and 3.812 billion yuan from 2021 to 2023, while net losses totaled 2.078 billion yuan over the same period [7][10]. - The company's primary revenue source, last-mile delivery services, generated 1.455 billion, 1.686 billion, and 1.836 billion yuan from 2021 to 2023, with a compound annual growth rate of 8% [7]. Legal and Operational Issues - A lawsuit with investor Asia Investment Capital has stalled Fengchao's IPO plans, as the company failed to submit required documents on time, leading to the expiration of its prospectus [1][12]. - The company has incurred significant liabilities due to a revised agreement with Asia Investment Capital, increasing current liabilities from 3.196 billion yuan to 6.618 billion yuan [10][11]. Management Changes - The departure of Xu Yubin, who has been with the company for a decade, is seen as a critical blow to Fengchao, coinciding with ongoing operational and financial challenges [10][12].