On the evening of September 2 1, Shentong Express announced that Deutsche Bank Investment, the controlling shareholder of the company, and the actual controller signed the revised and rebuilt Stock Option Agreement with Alibaba. According to the agreement, Alibaba invested 3.295 billion yuan to indirectly acquire 65,438+00.35% shares of Shentong Express and indirectly hold 25% shares of Shentong Express listed company.

Shentong's net profit fell 96% in the first half of the year.

What is the performance level of Shentong Express promoted by Ali under the epidemic situation? Judging from the information disclosed in the semi-annual report, I am afraid it is not optimistic.

According to the semi-annual report of Shentong Express in 2020, in the first half of this year, the company completed about 35170,000 pieces of business, a year-on-year increase of16.48%; Realized operating income of 9.26 billion yuan, down 6.21%year-on-year; The net profit attributable to shareholders of listed companies was 70,677,800 yuan, a year-on-year decrease of 9 1.5 1%.

As far as the reasons for the decline in performance are concerned, on the one hand, the decline in operating income was interpreted by Shentong as "increasing market policy support"; On the other hand, it is the increase in operating costs (up 4. 1 1% year-on-year) and sales expenses (up 9.52% year-on-year). In the first half of 2020, the gross profit margin of Shentong Express was 4.29%, down 1 1.69% year-on-year.

In this regard, Shentong Express said that the reasons for the decline in the gross profit margin of express delivery services are: First, Shentong increased its market policy support, maintained network stability and increased market share; At the same time, affected by the epidemic situation, in order to maximize market business, Shentong implemented a navigation policy and increased navigation subsidies; The reason for the decrease in gross profit margin of other income was that Yuncang project was a key new business during the reporting period, and Shentong increased its investment in infrastructure, equipment and personnel of Yuncang project, resulting in a decrease in gross profit margin in a short time.

At the time of a sharp decline in performance, technical empowerment has become the lifeline of Shentong, and the financial and technical support from Ali Department is particularly important.

In the semi-annual report, Shentong said that it would continue to implement the strategy of leading by science and technology, take scientific and technological innovation as an important support to improve service quality and market share, intensify scientific and technological innovation, and promote the company to further realize informationization, digitalization and intelligence.

Among them, Shentong also mentioned that it will "fully rely on cooperation with Ali and rookie business systems" and "realize more business innovation with Ali products" to accelerate the revival of Shentong Express.

However, even if the performance drops sharply, the brokerage research reports still give an overweight rating. For example, Guosen Securities pointed out in the semi-annual review of Shentong Express that considering that Alibaba is expected to become the controlling shareholder of the company in the future, it will further empower Shentong and give it an "overweight" rating.

TF Securities Research Report pointed out that in the first quarter of 2020, the competition in the express delivery industry was fierce, and the unit price of Shentong Express decreased by 0.65 yuan/ticket to 2.63 yuan/ticket. Excluding the dispatching fee, the unit price was 1.20 yuan/ticket, which decreased by 0.47 yuan/ticket year-on-year, resulting in revenue growth slower than business growth by nearly 23 percentage points. COVID-19 epidemic has a great impact on Shentong's performance, so Shentong's profit forecast for 2020-2022 is lowered, but its overweight rating is maintained.

A Li Ji Qi San Yi Tong Da

The announcement said that this transaction has a follow-up. According to the agreement, from the effective date of the agreement to February 27th, 2022, Ali Network has the right to purchase the newly established company controlled by Deutsche Bank Investment and the 0/00% equity of Gongzhirun/KLOC-0 or 4.9% equity of Shentong Express and the listed company 16. 1% equity.

This means that before February 27, 2022 12, Ali is still eligible to buy about 20% of the shares from Shentong. If Ali exercises the right, then Ali's shares will reach 45% and become the absolute largest shareholder of Shentong Express.

It is uncertain whether Ali will become a major shareholder of Shentong Express. But it has become an indisputable fact that Ali has dominated the largest express empire in China.

On September 65, 438+0, 2020, Jiaolong Group, Tong Yuan founder Yu Weijiao and his wife Zhang Xiaojuan signed the Share Transfer Agreement with Ali Network, intending to transfer 379 million shares to Ali Network at a price of 65,438+07.406 yuan per share, accounting for 65,438+02% of the company's total share capital.

After the agreement is completed, the concerted parties Ali Network, Ali Venture Capital and Cainiao Supply Chain will jointly hold 22.5% of the equity of Tong Yuan, while the total shareholding ratio of Jiaolong Group, Yu Huijiao and Zhang Xiaojuan will be reduced from 53.65% to 465,438+0.65%, and Yu Huijiao and Zhang Xiaojuan will still be the actual controllers of the company.

In addition to taking a stake in Tong Yuan, Ali and his rookie reached a strategic investment agreement with ZTO Express in May, 20 18, and invested13.8 billion US dollars in ZTO Express, holding about 10%, becoming its second largest shareholder.

On April 29th, 2020, Dayun released its 20 19 annual report, revealing that Ali has become the seventh largest shareholder of the company, holding 2% of the shares.

In addition, Ali also invested in Baishi Group, holding about 65,438+billion shares of Baishi Group, accounting for 37.2% of Baishi A shares and 33% of Baishi's total share capital, with 46.2% of voting rights as its largest shareholder.

The market generally believes that continuing to increase its holdings of Shentong Express shows that Ali, as an e-commerce platform, attaches great importance to the construction of logistics system. At the same time, the deepening of the equity binding between Tongda and Ali will also accelerate the optimization of the industry competition pattern.

This article comes from car home, the author of the car manufacturer, and does not represent car home's position.