菜鸟官宣上市，持续亏损，难题何解？

IPO日报2023-05-19

菜鸟集团正式官宣上市！5月18日晚间，阿里巴巴宣布，董事会已经批准启动菜鸟集团上市，预计在未来12个到18个月完成上市计划。就在10天前，有消息传称，菜鸟计划于2024年初在香港IPO，旨在筹集高达20亿美元。对此，菜鸟回应称“暂无明确上市计划”。那么，菜鸟集团此时公布上市的原因是什么？来源：公司官网分拆上市据悉，菜鸟集团是一家客户价值驱动的全球化产业互联网公司，目前已形成面向商家、消费者和物流...

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湜哥贼6
2023-05-19
湜哥贼6
很棒
- 湜哥贼6:
  [爱心][爱心][爱心]
- 湜哥贼6:
  [微笑][微笑][微笑][微笑]

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What is the solution to the problem?","themeId":"","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/78f7e7a9a1a469aa40d88648665f4527","symbols_score_info":{"09988":1},"content_text":"菜鸟集团正式官宣上市！5月18日晚间，阿里巴巴宣布，董事会已经批准启动菜鸟集团上市，预计在未来12个到18个月完成上市计划。就在10天前，有消息传称，菜鸟计划于2024年初在香港IPO，旨在筹集高达20亿美元。对此，菜鸟回应称“暂无明确上市计划”。那么，菜鸟集团此时公布上市的原因是什么？来源：公司官网分拆上市据悉，菜鸟集团是一家客户价值驱动的全球化产业互联网公司，目前已形成面向商家、消费者和物流合作伙伴3类客户的5大核心服务板块：全球物流、智慧供应链、消费者物流、全球地网和物流科技。具体来看，菜鸟提供面向商家的综合供应链服务、面向消费者的物流服务、面向物流企业的基础设施服务。股权结构方面，阿里巴巴披露其持有菜鸟集团67%的股权。菜鸟集团目前的董事长是阿里巴巴集团执行副主席蔡崇信，董事兼CEO是万霖，此外淘天集团CEO戴珊、阿里国际数字商业集团CEO蒋凡和阿里巴巴集团首席人才官蒋芳担任着菜鸟集团的董事。也就是说，本次上市为分拆上市。对此，网经社电子商务研究中心特约研究员陈虎东表示，业务体系成熟之后，分拆上市的方式其实是科技公司的常态，不仅有助于业务独立运营，而且有助于单独的业务体系摆脱传统大组织变革滞后的羁绊，毕竟大组织的运营方式在很大程度上已经满足不了当前科技发展的速度。财务数据方面，根据阿里巴巴财报，截至2023年3月31日止三个月，菜鸟的收入主要来自其国内及国际一站式物流服务及供应链管理解决方案，抵消跨分部交易的影响后收入为人民币136.19亿元，较2022年同期的人民币115.82亿元增长18%，主要是由于国际物流履约解决方案服务每单平均收入增加，以及对消费者物流服务需求的增加所致。在抵消跨分布交易的影响前菜鸟的单季度总收入合计为人民币189.15亿元，较2022年同期的人民币164.51亿元增长15%。菜鸟分部截至2023年3月31日止三个月的经调整EBITA为亏损人民币319百万元（46百万美元），2022年同期为亏损人民币912百万元。截至2023年3月31日止的年度营收（抵消跨分部交易），菜鸟为556.81亿元，同比2022年的年营收461.07亿元增加了21%。其年营收在阿里集团的占比从2022年的5%提升至6%。2023财年，菜鸟的经调整EBITA为亏损人民币3.91亿元，2022财年为亏损人民币14.65亿元。亏损减少的主要原因是，国际物流履约解决方案服务的经营业绩有所改善，消费者物流服务和国内物流履约解决方案服务的运营效率有所提高。如何扭亏如将时间线拉长，可以看出菜鸟集团的业绩增长趋势。2021财年，在剔除集团内公司间的交易后，菜鸟网络收入实现同比68%的稳健增长，达到人民币372.58亿元，占集团总收入的5%。也就是说，2020财年-2023财年，菜鸟集团的收入从372.58亿元，持续增长至556.81亿元，增长幅度接近50%。虽然菜鸟集团的收入快速增长，但是其目前仍处于亏损状态。2023财年菜鸟集团的经调整EBITA为亏损人民币3.91亿元。如何扭亏为盈似乎是菜鸟集团迫在眉睫的事。而如今寻求上市，原因之一或许是长期亏损之下，经营现金流为负，意图通过上市增加募资渠道。目前，已在港交所完成上市的物流领域企业包括京东物流、中通快递、圆通速递国际、安能物流、快狗打车等，以及顺丰集团旗下顺丰同城、顺丰房托、嘉里物流。同时，货拉拉等公司处于港股IPO进程中。IPO日报发现，上述部分公司如快狗打车、货拉拉等似乎存在行业通病，例如两家公司近年来的抽佣率均明显提高。为了扭亏为盈，一方面，货拉拉调整了针对司机的收费模式，使得佣金率激增；另一方面，货拉拉还减少了对消费者的补贴，并且压缩了期间费用。那么，菜鸟为了扭亏为盈，是否会采取类似的措施？如是，与之而来的问题是，未来针对商家和消费者的优惠持续减少，商家和消费者还会继续选择菜鸟吗？菜鸟的盈利模式又能否长久？需要指出的是，目前，菜鸟集团受到的市场争议并不小。在黑猫投诉平台上，最近30天里菜鸟收到了500多次投诉，有多位网友投诉菜鸟裹裹的物流配送或丢失包裹问题，也有网友投诉菜鸟驿站的服务问题。","kind":null,"is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":652653816,"gmtCreate":1684500738835,"gmtModify":1684500740368,"author":{"id":"3466644954429116","authorId":"3466644954429116","name":"湜哥贼6","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","crmLevel":5,"crmLevelSwitch":0,"idStr":"3466644954429116","authorIdStr":"3466644954429116"},"htmlText":"很棒","listText":"很棒","text":"很棒","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/652653816","repostId":2336128085,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":7986651,"gmtCreate":1684672309704,"gmtModify":1684672313472,"authorId":3466644954429116,"author":{"id":3466644954429116,"idStr":"3466644954429116","authorId":3466644954429116,"name":"湜哥贼6","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"currentWearingBadge":{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-4","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"明星虎友","description":"加入老虎社区2000天","bigImgUrl":"https://static.tigerbbs.com/dddf24b906c7011de2617d4fb3f76987","smallImgUrl":"https://static.tigerbbs.com/53d58ad32c97254c6f74db8b97e6ec49","grayImgUrl":"https://static.tigerbbs.com/6304700d92ad91c7a33e2e92ec32ecc1","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.02.14","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":652653816,"type":1,"supId":7986650,"prevId":0,"content":"<span 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