全网SEO推广论坛官网：谷歌钱包难推广的原因与燕文物流上市前景分析
全网SEO推广论坛官网：谷歌钱包难推广的原因与燕文物流上市前景分析
Global SEO Promotion Forum: Why Google Wallet Struggles to Gain Traction & YANWEN Logistics' IPO Prospects
出品｜后浪调研小组 作者丨董昕毅 图片｜图虫创意
Produced by | Post Wave Research Group Author丨Dong Xinyi Images丨Tuchong Creativity
编者按：文中"跨境物流"均指"跨境出口电商物流"。
Editor's Note: "Cross-border logistics" in this article refers specifically to "cross-border e-commerce export logistics".
A股中不乏跨境电商大卖，但服务商至今仍然"缺席"。2014年，跨境电商大卖环球易购"借壳"A股上市公司百圆裤业。
While there are many cross-border e-commerce sellers listed on the A-share market, service providers remain "absent". In 2014, cross-border e-commerce giant Globalegrow went public through a backdoor listing via A-share company Baiyuan Pants.
商业模式分析：
Business Model Analysis:
跨境物流的商业模式可以归纳为两种主要发货方式：直发和海外仓模式。数据显示，2021年这两种模式占比分别约为60%和40%。
The business model of cross-border logistics can be categorized into two main shipping methods: direct shipping and overseas warehouse models. Data shows that in 2021, these two models accounted for approximately 60% and 40% respectively.
燕文物流作为直发模式中的佼佼者，其商业模式优势在于：
As a leader in the direct shipping model, YANWEN Logistics' business model advantages include:
- 将重资产运营的跨境"干线运输"外包，减轻资金压力
- Outsourcing capital-intensive "trunk transportation" to reduce financial pressure
- 国内"干线运输"环节采用全直营模式，保持掌控力
- Adopting a fully self-operated model for domestic "trunk transportation" to maintain control
- 深度绑定跨境电商平台和卖家，47.18%营收来自平台，50.67%来自卖家
- Deep integration with cross-border e-commerce platforms and sellers, with 47.18% revenue from platforms and 50.67% from sellers
盈利状况：
Profitability Status:
2018-2020年燕文物流的毛利率分别为3.5%、3.7%及5.5%；净利率分别为0.55%、0.73%、2.39%。这样的盈利水平甚至低于银行定期存款利率。
From 2018 to 2020, YANWEN Logistics' gross margins were 3.5%, 3.7%, and 5.5% respectively; net profit margins were 0.55%, 0.73%, and 2.39%. Such profitability is even lower than bank fixed deposit interest rates.
核心竞争力：
Core Competitiveness:
燕文物流计划通过以下方式构建核心竞争力：
YANWEN Logistics plans to build core competitiveness through:
- 专线业务占比从2018年的4%增长至2020年40%
- Special line business increased from 4% in 2018 to 40% in 2020
- 投入1.46亿建设全球跨境物流大数据平台
- Investing 146 million in building a global cross-border logistics big data platform
行业展望：
Industry Outlook:
跨境物流行业未来可能像国内快递行业一样，最终剩下3-5家头部企业。目前各细分领域仍有机会，包括海外仓和专线业务。
The cross-border logistics industry may eventually have 3-5 leading companies, similar to China's domestic express industry. Currently, opportunities still exist in various segments, including overseas warehouses and special line businesses.
值得注意的是，国内快递巨头如顺丰、京东物流等也开始布局跨境物流，这将改变现有行业生态。
It's worth noting that domestic express giants like SF Express and JD Logistics are also entering the cross-border logistics market, which will reshape the current industry landscape.
