SF One Knight’s single-day income exceeds 10,000 and rewards over 7,000 corporate users: the company’s share price halved the huge loss of intra-city business

Recently, pictures posted on the Internet show that the actual income of a SF Express Intra-City Knight on April 9 was 10,067.75 yuan. After checking in the background, it was confirmed that the SF In-city Knight completed a total of 60 intra-city delivery orders, which were placed by corporate users, and the total amount of order commission accrued reached 10,067.75 Yuan.

According to SF Express, the basic commission is 534 yuan, various special rewards are about 1,678 yuan, and user rewards are about 7,856 yuan. That is to say, the average income of the knight excluding rewards is about 36.9 yuan per order, and the average reward per order is about 131 yuan.

In addition to the above-mentioned cases where the daily income exceeds 10,000, in fact, recently there are screenshots of riders with a monthly income of more than 40,000 since April, and there are less than 30,000 to 20,000.

On March 30, SF Express released its first annual performance report after its listing. According to the financial report, as of December 31, 2021, SF Express’s intra-city revenue was 8.174 billion yuan, a year-on-year increase of 68.8%. The gross profit turned from negative to positive, with a gross profit of 94.8 million yuan. However, the annual net loss reached 899 million yuan, an increase of 18% year-on-year compared with the 758 million yuan loss in 2020, and this is the fourth consecutive year that SF Express has recorded a loss.

Four months after its listing, the stock price halved. SF Express has lost four consecutive years in the same city. Labor costs are high, and operating costs and revenue have basically maintained a trend of synchronous growth. During the reporting period, operating costs increased by 61% year-on-year to 8.08 billion yuan.

According to the prospectus, the operating costs of SF Express mainly include labor outsourcing costs and employee welfare expenses related to hired riders. The company had more than 606,000 active riders last year, an increase of 32% year-on-year. From 2018 to 2021, the proportion of outsourced labor costs to total operating costs will be 85%, 86%, 96% and 88%, respectively.

On December 14, 2021, SF Express was listed on the Hong Kong Stock Exchange with an issue price of HK$16.42. As of the close on April 11, the share price of SF Express closed at HK$7.07 per share, with a market value of HK$6.712 billion. Compared with the issue price, the decline was as high as 57% in less than four months.

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