One of the reasons for Feng Chao ’s overtime charging has caused widespread controversy is that the outside world expressed doubts about whether the express cabinet is profitable.

Last weekend, the open letter to Fengchao issued by the Central Huanhuayuan Industrial Committee of Shanghai ’s first community to deactivate Fengchao express cabinets caused great concern. The open letter believes that Fengchao cabinets that have been put into use have a daily profit rate of 240% or even more. It is completely possible to self-produce blood, not to mention a large number of cabinet sticker advertisements, cabinet machine screens and mobile phone advertising income. If a machine is regarded as a store, the initial estimate is that it is completely self-sufficient and a virtuous circle.

The open letter calculated an account for Fengchao: Fengchao charged the courier for the use of the fee, and Fengchao cabinets are divided into three grids: large, medium and small, and each charge 0.45 yuan , 0.4 yuan and 0.35 yuan per order. Taking the Central Huayuan Community as an example, the average daily rental income (including electricity fee) of each express cabinet is more than ten yuan. 80 squares, based on the median value of 0.4 yuan per order for the third-coupon payment, the daily income is at least 36 yuan.

In this regard, any swordsman of the Central Huayuan Community Business Committee admitted in an interview with a reporter from www.thepaper.cn that he really did not consider when calculating the accounts Some hidden costs, such as R & D costs and depreciation costs, are mainly from the perspective of the owner to calculate the cost of visualization. Although there will definitely be loopholes, more cannot be carefully considered, only easy to understand To analyze.


So, does the express cabinet business make money? How to calculate this account?

First look at Fengchao ’s financial statement data.

The financial data disclosed in the announcement shows that in 2016, Fengchao ’s annual revenue was 22.55 million yuan, with a net loss of 250 million yuan; in 2017, Fengchao ’s annual revenue RMB 308 million with a net loss of RMB 385 million; Fengchao ’s revenue in the first five months of 2018 was RMB 288 million with a net loss of RMB 249 million; in 2019, Fengchao ’s annual revenue was RMB 1.614 billion with a loss of RMB 781 million; 2020 In the first quarter of this year, Fengchao’s revenue was 334 million yuan and a loss of 245 million yuan.

According to the development trend of the past years, Fengchao is in a state of losing money year after year, and as the revenue expands, the amount of losses is also increasing.

According to the previous disclosure by Tianfeng Securities Delivery Jiang Ming team, Fengchao and China Post Express are the courier operators with the highest market share. As of March 31, 2020, Fengchao currently invested about 178,000 express cabinets, with cabinets accounting for approximately 44%; China Post Express accounted for approximately 25%. In May this year, after Fengchao acquired China Post Express, its market share will expand to 69%.

Then, if we divide the loss in 2019 by the number of courier cabinets as of the end of March this year, it is roughly estimated that the annual distribution loss of Fengchao courier cabinets exceeds 4000 yuan.

Specifically look at the cost structure of the express cabinet.

According to the Beijing Youth Daily report, the cost of the express cabinet mainly involves three major parts: hardware, maintenance personnel and venue costs. The cost of a group of cabinets (hardware) ranges from 18,000 to 60,000 yuan. The increase and decrease of operation and maintenance personnel is positively related to the number and coverage of express cabinets. The cost of the venue is generally directly related to the amount of express delivery, location, demand, and whether it is exclusive.

According to Guoxin Securities Research Report, high property rental cost is a major pain point in the smart express box industry, accounting for about 40% -50% of operating costs.

According to a reporter from Pengpai, the site fee (including electricity fee) of Shanghai ’s first deactivation of Zhonghuan Garden in Fengchao Community is 5500 yuan / year In Hangzhou, the management fee (including electricity fee, site fee and safety inspection fee, etc.) of the first decommissioning of Dongxin Park in Fengchao Community is between five and six thousand yuan.

According to the Beijing Business Daily, the current property rent paid in the industry is about 5000 to 8000 yuan / year / group (about 100 grids).

Beijing Youth Daily reported that the 5,000 yuan venue fee is only a median in the industry, and in the express cabinet industry of horse racing, 10,000 yuan in rent It is also normal. Some organizations have estimated that the initial operating investment of a group of express cabinets is at least about 40,000 yuan.

Let’s look at the composition of income again.

The Industrial Securities Research Report pointed out that the three major businesses of the intelligent express cabinet: receiving and sending, advertising, and community O2O business. 1. The receiving and sending business is mainly a service fee charged to both the courier and the recipient. 2. The advertising fee is obtained by printing advertisements on the counter and