顺丰充值赠送金“陷阱”背后：预付卡沉淀资金是个“好生意”

Core Viewpoint - The express delivery industry is experiencing a price war, leading to pressure on company profitability, particularly for SF Holding, which has seen a significant decline in its gross profit margin and single-ticket revenue [2][10][12]. Group 1: Financial Performance - SF Holding's gross profit margin has decreased from 20% in 2017 to 13% in Q3 2024, with a net profit margin of 3.7% remaining stable year-on-year [11]. - In November 2024, the single-ticket revenue dropped to 13.47 yuan, nearly halving compared to 22.17 yuan in 2017 [12]. - For the first three quarters of 2025, SF Holding reported a total business volume of 12.15 billion tickets, a year-on-year increase of 28.3%, and revenue of 225.3 billion yuan, up 8.9% [11]. Group 2: Customer Experience and Issues - Users of SF Holding's "New Express Card" have reported difficulties in utilizing the promotional "gift money," which is often left unused due to complex rules [4][6]. - The rules for using the gift money require a 9:1 ratio with the principal amount, and specific conditions must be met for its use, leading to frustration among customers [7][8]. - A secondary market has emerged where intermediaries buy back unused gift money at a significant discount, indicating dissatisfaction with the redemption process [9]. Group 3: Market Position and Competition - The express delivery market is undergoing consolidation, with smaller companies exiting, leaving a few major players, including SF Holding, to compete [11]. - SF Holding's stock price has declined significantly, losing two-thirds of its value since its peak in 2021, reflecting market skepticism despite stable operational performance [3][15]. - The company faces ongoing pressure from competitors and changing market dynamics, particularly in the e-commerce return logistics sector [14].