顺丰充值赠送金背后：预付卡沉淀资金是个“好生意”

Group 1 - The core viewpoint is that SF Express's new prepaid card, which claims a "4% benefit on recharge," is becoming a "digital burden" for many consumers due to the difficulty in utilizing the bonus funds [1] - Users have reported that their bonus funds remain idle and difficult to spend, with one user stating that after recharging 1,000 yuan, only 100 yuan of the principal remains, while over 50 yuan in bonus funds is stuck due to usage restrictions [1] - The underlying issue is attributed to ongoing price wars in the express delivery industry, which have pressured company profits, as evidenced by SF Holding's gross profit margin dropping from 20% in 2017 to 13% in Q3 of this year [1] Group 2 - The average revenue per order for SF Express has fallen to 13.47 yuan in November, nearly halving compared to the same period in 2017 [1] - The capital market has responded cautiously, with SF Holding's A-share price having decreased by two-thirds from its peak in 2021 [1]