Every crisis in the history of SF is an opportunity. The past “three passes and three reforms” has been completed. What will happen in the future? Those who become kings must bear the burden on their shoulders. Rome was not built in a day, and SF’s market value growth is bound to be bumpy. < p > < p > after rising for seven consecutive days, the share price of SF holdings broke through the 90 yuan mark for the first time. At the close of the market the day before yesterday, Shunfeng’s share price rose again by 4.58% to 91.3 yuan per share, with a total market value of 416.03 billion yuan, a record high. Since February 24, 2017, the share price of SF Holdings has increased by 85.2%. < p > < p > on the Forbes Global real-time rich list, Wang Wei ranked 33rd with us $33.6 billion (RMB 226.2 billion), surpassing sun Zhengyi and Xu Jiayin. The last two ranked 34th and 35th with us $33.5 billion and US $32.8 billion respectively. < p > < p > before August 28, Wang Wei also sent a red envelope to all the staff of Shunfeng, 888 yuan per person. According to the relevant calculation data, according to the existing staff size of SF, Wang Wei needs to “pay out of his own pocket” 500 million yuan. Unlike those successful people who often appear in front of the media and the public, Wang Wei seldom shows up and talks to the outside world. The impression of him seems to have remained in a photo that happened to flow out many years ago. Wang Wei is just 50 years old this year. At the age of knowing destiny, Shun Feng express, which he founded in 1993, is also nearly 30 years old. SF Express has experienced many “boom and bust”, three of which are the most well-known changes. It is in this way that every self correction of the fork in the road makes SF express gradually consolidate its leading position. How about Shunfeng after the three passes? < / P > < p > the competition in the field of large logistics is becoming more and more fierce. Facing the competition between rookie logistics and Jingdong Logistics, can SF break through the tight encirclement by virtue of its strong delivery capacity and the scale effect brought by the construction of leading chassis functional modules? However, Wang Wei had nothing to lose at that time. In the early 1990s, more than 80000 manufacturing plants in Hong Kong moved northward to the mainland, of which more than 53000 were located in the Pearl River Delta region of Guangdong Province. The young Wang Wei works in a printing and dyeing factory in Shunde. At that time, many Hong Kong clothing and printing and dyeing companies moved most of their factories to the mainland in order to save costs and only opened shops in Hong Kong. Many factories send people to the docks to help deliver printing and dyeing samples to Hong Kong. < / P > < p > in Shunde printing and dyeing factory, it is difficult to send samples to Hong Kong for customers to check. As it takes time to clear the customs, many people will seek help at the wharf to deliver the samples to Hong Kong. These people carried backpacks and luggage to and from Hong Kong and Guangdong every day. Those who helped people carry goods were known as “parallel cargo men”. Wang Wei is one of them. < p > < p > Wang Wei shared his ideas with some friends who often delivered goods, and all of them were answered in the affirmative. Later, Wang Wei rented a small shop with an area of just 30 square meters in Portland Street, Hong Kong. Wang Wei contacted his close friends and put forward his own ideas. Five of his friends were very interested. < p > < p > Wang Wei, who just started his business, relies on the low price strategy which is completely opposite to the current high-end. At that time, others charged 70 yuan for delivery of the same weight of goods, while SF charged only 40 yuan. < p > < p > relying on such a low price strategy, SF has snatched a small part of its business from its competitors at the beginning, and has grown rapidly, thus monopolizing 70% of the land freight from Guangdong to Hong Kong. < p > < p > in 1996, SF started from Shunde, expanded its tentacles beyond Guangdong Province and began to enter the inland market. About 1999, SF opened a franchise, which is commonly known as the franchise model. This enables SF to expand its “express kingdom” rapidly. < p > < p > in less than five years, SF has eaten most of the express delivery from the mainland to Hong Kong. At that time, seven out of ten trucks on the road to Hong Kong were printed with SF logo. There is no doubt that the franchise model has played a great role in promoting the rapid development of SF, but the problems also arise. The extensive management inherent in franchise leads to nonstandard brand service and a large number of customer complaints. Franchisees often carry private goods in freight transportation, and some franchisees even use SF brand to solicit business for themselves, seeking private interests for the public and damaging the interests of the company. < / P > < p > it can be said that the problems faced by other express companies are all those experienced by SF at that time. Combined with the unique environment of that era, the situation was even worse. Due to this extremely irregular environment, SF was once called “Mouse Club” by its peers. Wang Wei’s comment on this is: “although the franchise model has greatly stimulated the enthusiasm of the branches to open the market, it also makes all customer resources in the hands of the branches, poor management and coordination, and unbalanced service level and ability. More importantly, no matter what happens to the branch, the head office must take full responsibility. ” In the end, he made up his mind. In 1999, Wang Wei, who gradually withdrew from the company’s management, returned to SF to solve the problem of franchisees. Wang Wei gives franchisees two choices: either take money to leave, or stay as a manager. This kind of toughness makes franchisees feel threatened. < / P > < p > cut people’s wealth more than any hatred. Logistics industry is a mixture of good and bad people, many people have a very complex social background. In the process of regaining power, Wang Wei encountered great resistance and was often threatened and intimidated. There are even rumors that a huge reward has been offered for Wang Wei’s life. < p > < p > after experiencing these threats, Wang Wei thought for a long time. Wang Wei, who was born in a highly educated family, looked more like a social person when facing the threat: you can’t take my life, but I will still accept your rights. < p > < p > Wang Wei began to reduce travel, transferred most of the cooperation negotiations to his home, reduced dining out, only took RV, always in groups of bodyguards, rarely accepted media interviews, and even his company’s internal magazine did not appear. < / P > < p > in 2002, the three-year repossession ended. SF has completed the comprehensive rectification from franchising to direct marketing, and has set up its headquarters in Shenzhen, positioning itself as a high-end domestic express service brand. SF began to become a real logistics giant. Today, no matter where Wang Wei goes, there are always many bodyguards around him. Maybe it’s the scars of that era. Wang Wei has never been a satisfied person. After 2010, the “double 11” triggered a huge demand for e-commerce. Wang Wei believes that he can also rely on a comprehensive SF express network to build an offline retail network. < p > < p > in 2010, the e-commerce platform “Shunfeng e-business circle” was launched for the first time. In 2012, Shunfeng shopping mall opened. In 2013, fresh food and room temperature products were distributed throughout the country. In 2014, the offline physical store “heidian” officially opened with more than 500 stores. < p > < p > SF’s offline retailing is not within the scope of its ability, so many places actually violate the essence of retail. For example, the shopping experience is relatively poor. At first, SF’s offline stores could only place orders on the spot by scanning QR codes, and then deliver them to their homes. Consumers could not pick up the goods on the spot. This also caused SF to lose nearly 1.6 billion yuan in this business in the next two years. After 2017, SF reduced its investment in offline retail and other non major business areas. Instead, it focuses more on major logistics industries. For example, it invested in the construction of Shunfeng Ezhou airport, and increased heavy cargo, cold chain and urban internal distribution. Logistics people earn logistics money. In the long run, these investments increase competition barriers for SF. < p > < p > Wang Wei’s last fortune moment was in 2017. In February of that year, SF holdings backed Dingtai new materials and completed the listing within 7 months. The revaluation effect of the capital market increased Wang Wei’s net asset value from 30 billion yuan to 150.45 billion yuan, ranking third in the New Fortune 500 list, second only to Wang Jianlin and Ma Yun, and even higher than Ma Huateng’s 141.1 billion yuan. < p > < p > after a short stay at the peak, SF’s share price began to fall in September 2017, and Wang Wei’s net asset value also fell all the way, reaching nearly half at the lowest point. SF missed the trend of e-commerce and its gross margin continued to decline. At this time, rookie network and Jingdong Logistics continue to seize the city in the logistics industry, so that the capital cast a vote of no confidence. However, in 2020, when many companies were under pressure due to the epidemic, SF express launched a counterattack. In the first half of 2020, the operating revenue was 71.13 billion yuan, with a year-on-year increase of more than 40%, which was almost twice the growth rate of previous years. The gross profit rate also hit the bottom and rebounded, rising from 13% at the end of 2019 to 16% in the first quarter and 18.65% in the second quarter. In recent years, in the face of the continuous shrinkage of the basic business package, SF has been hoping to rapidly develop its e-commerce express business, but the progress is not satisfactory. According to the calculation of CICC securities, in the e-commerce express market in 2019, Tongda system, which is composed of Zhongtong, Yuantong, Shentong, Baishi and Yunda, is the absolute overlord, accounting for 88% of the total. Zhongtong takes the lead with 22% of the share, while SF is only 3%. < / P > < p > why has SF not made a breakthrough in the explosive growth of e-commerce express? The reason is the price. High cost makes it fail in e-commerce. Compared with Tongda system, the unit price of SF express for end customers is very high. For example, in the long-distance (such as Shenzhen Beijing) express delivery, the single ticket income of SF products has been maintained at 22-23 yuan / kg in the past four years, which is higher than that of the second echelon Jingdong express, Zhongtong, Yunda and EMS, and about 5 yuan higher than that of the third echelon Yuantong; in the medium and long-distance transportation (such as Shenzhen Shanghai), Shunfeng is 7-8 yuan higher than the second echelon, while in the provincial express delivery Among them, the price of standard express products of SF is between 12-13 yuan, that of Tongda is between 7-9 yuan, and that of SF express is about 5 yuan higher. The high price of SF comes from its extremely fast speed and high quality. However, the timeliness requirement of e-commerce documents is not high, and the delivery delay of Tongda system is still within the scope of customer acceptance. At the same time, the value of e-commerce goods is usually not high, the median is about 200 yuan, and the high price of each order of SF accounts for almost 11% of the value of goods, which obviously affects the choice of stores. Therefore, SF can only obtain large b-end orders with high value of goods. < / P > < p > high cost makes SF miss the e-commerce boom promoted by the rise of Taobao, wechat and pinduoduo. Especially in 2018, pinduoduo has become a major business growth point in the express industry. However, as pinduoduo is mainly aimed at low-end cities and focuses on the cost-effective c2m mode, the express cost of platform merchants has been reduced to the lowest. On the pinduoduo platform, Tongda sets the price for merchants in the range of 5-5.5 yuan / kg