1月14日，官宣拟退市的德邦复牌，开盘后一字涨停，报收15.44元/股，总市值156亿元。上市八年间， 德邦攀登过业务巅峰，也掣肘于竞争泥沼。此次主动退市，德邦更倾向于履行被京东物流收购时的承 诺，给质疑同业竞争的投资人一个交代。 不到两年时间，百世、达达、安能、德邦相继退出资本市场。除了自身股价和市值低迷、成交量减少等 问题，物流行业竞争日益白热化的外部压力也迫使企业设法整合资源、以退为进。换句话说，资本不想 为无望的"故事"买单了，物流行业迎来深度资源整合的转折点。 38亿元"安抚"股民 值得关注的是，除了德邦，去年至今，百世、达达、安能相继退出资本市场，涵盖快递、快运和即时配 送赛道。从共性来看，这类主动退市的企业在资本市场均面临市值萎缩、股价低迷以及长期的盈利困 境。 以百世为例，在美股上市期间，百世的国内快递业务持续亏损，失去估值优势，最终在2021年将快递业 务卖给极兔，并在2025年3月从美股退市。类似的，达达2017—2024年累计亏损超百亿元，股价长期低 于IPO发行价，估值修复无望，在2025年6月从美股退市。 德邦的业绩表现也不尽如人意。2023—2024年，德邦的营业收入同比增速从15 ...

Core Viewpoint - The proactive delisting of Debon is a strategic move to fulfill commitments made during its acquisition by JD Logistics and to address concerns regarding competition among peers in the logistics industry [5][6][11]. Company Summary - Debon announced its intention to voluntarily withdraw its A-share listing on January 13, with a cash buyout offer from JD Logistics at RMB 19 per share, potentially valuing the buyout at approximately RMB 37.97 billion [5][6]. - The company has faced significant challenges, including a decline in stock price and market capitalization, leading to a decision to delist as a means to better integrate resources with JD Logistics [6][7]. - Debon's financial performance has been underwhelming, with a projected revenue growth rate dropping from 15.57% to 11.26% and a net profit loss of RMB 3.3 billion in Q3 2025, a decline of over 200% year-on-year [8][9]. Industry Summary - The logistics industry is experiencing a wave of delistings, with companies like Best, Dada, and Aneng also exiting the capital market due to shrinking market values and persistent profitability issues [8][11]. - The competitive landscape has intensified, with companies needing to adapt to a more challenging environment characterized by stringent regulations and a focus on high-quality service [9][12]. - The trend of delisting signifies a shift towards deeper resource integration and strategic realignment within the logistics sector, as companies seek to enhance operational efficiency and reduce costs [11][12].

1月14日，官宣拟退市的德邦复牌，开盘后一字涨停，报收15.44元/股，总市值156亿元。上市八年间，德邦攀登过业务巅峰，也掣肘于竞争泥沼。此次主动 退市，德邦更倾向于履行被京东物流收购时的承诺，给质疑同业竞争的投资人一个交代。 不到两年时间，百世、达达、安能、德邦相继退出资本市场。除了自身股价和市值低迷、成交量减少等问题，物流行业竞争日益白热化的外部压力也迫使企 业设法整合资源、以退为进。换句话说，资本不想为无望的"故事"买单了，物流行业迎来深度资源整合的转折点。 与此同时，京东物流立即向德邦股东发出拟现金选择权，以每股人民币19元的价格收购德邦目标股份，即德邦所有剩余股份。截至本公告日，德邦股东合计 持有202782159股德邦股份（不包括德邦库存股），拟现金选择权可能涵盖该等德邦股份。 京东物流表示，根据选择权价格并假设所有拟现金选择权均被德邦股东全部行使，拟现金选择权的价值预计约为人民币37.97亿元。这也意味着中小股东获 得了一定的退出机会。 38亿元"安抚"股民 曾是国内首个以IPO方式登陆A股的民营物流企业选择退市。1月13日晚间，德邦发布公告，宣布公司拟以股东会决议方式主动撤回A股股票在上海证 ...