Di Yi Cai Jing Zi Xun·2025-12-28 06:32Core Viewpoint - The promotional "4% recharge benefit" of SF Express's new speed transport card is becoming a "digital chicken rib" for many consumers, as the "gift money" remains unused due to complex rules and restrictions [2][4][10]. Group 1: Consumer Experience - Many users report that their "gift money" is difficult to consume, with some having significant amounts stuck in their accounts due to stringent usage rules [4][6]. - The rules for using the gift money are not easily noticeable, requiring users to navigate through multiple conditions to utilize it effectively [6][9]. - A consumer example illustrates that even with a small balance of gift money, users face challenges in making payments due to system restrictions [9][10]. Group 2: Financial Performance - SF Express's gross profit margin has declined from 20% in 2017 to 13% in the third quarter of 2024, indicating increasing pressure on profitability [2][12]. - The company's total business volume reached 12.15 billion packages in the first three quarters of 2025, a year-on-year increase of 28.3%, but revenue growth does not translate into profit growth [12]. - The average revenue per package has dropped significantly, with a reported decline of 8.49% in November 2024 compared to the previous year [12][13]. Group 3: Market Dynamics - The express delivery industry is experiencing intense price wars, leading to a consolidation of smaller companies and increased competition among major players [12][14]. - SF Express has a large user base, with over 240,000 active monthly customers and more than 780 million individual members, which contributes to the accumulation of unused gift money [11][12]. - The company is adjusting its strategies in response to market pressures, including a shift in e-commerce return logistics to other service providers [14]. Group 4: Stock Market Performance - Despite stable operational performance, SF Express's stock price has declined significantly, losing two-thirds of its value since its peak in February 2021 [3][15]. - The introduction of an employee incentive plan has added pressure to the stock price, as it requires accounting for stock-based compensation [15]. - The company's recent IPO in Hong Kong and subsequent stock dilution have also negatively impacted its stock performance [17].