Jitu's acquisition of Baishi express may be a win-win situation: one party stops bleeding and the other expands market share

10月29日，白石集团宣布将以68亿元的价格将其白石快车出售给吉图。该交易预计将于2022年上半年完成。

On October 29, Baishi group announced that it would sell its Baishi express to Jitu at a price of 6.8 billion yuan. The transaction is expected to be completed in the first half of 2022.

白石集团创始人、董事长兼首席执行官周少宁发出内部信函称，根据协议，集团将把国内快递相关公司的股权、资产、网点、中转中心、人员、技术和系统转让给吉途快递。"此次业务转移仅涉及国内快递业务，对国际、快递和供应链业务没有影响。"

Zhou Shaoning, founder, chairman and CEO of Baishi group, sent an internal letter saying that according to the agreement, the group will transfer the equity, assets, outlets, transfer centers, personnel, technology and systems of domestic express related companies to Jitu express. "This business transfer only involves domestic express business, which has no impact on international, express and supply chain business."

根据财务报告，2020年，白石集团实现收入300亿元，其中快递收入194.18亿元，占比近65%。在外部世界，快递业务的出售意味着白石集团为了生存正在断臂。

According to the financial report, in 2020, Baishi group achieved a revenue of 30 billion yuan, of which the express revenue was 19.418 billion yuan, accounting for nearly 65%. In the outside world, the sale of express business means that Baishi group is breaking its arms to survive.

自2020年起，白石集团高级副总裁兼白石国际总经理周健、白石财务总会计师兼高级副总裁兼总经理郭磊、白石集团快递业务部高级副总裁兼总经理周绍华相继离职。在"四通一通"的梯队中，白石的利润压力最大。2015年至2020年，白石集团累计亏损约64亿元。

Since 2020, Zhou Jian, senior vice president of Baishi group and general manager of Baishi international, Guo Lei, chief accounting officer, senior vice president and general manager of Baishi finance, and Zhou Shaohua, senior vice president and general manager of Express Business Department of Baishi group, have left one after another. In the echelon of "four connections and one access", Baishi has the greatest profit pressure. From 2015 to 2020, Baishi group has accumulated a loss of about 6.4 billion yuan.

快递业专家赵晓敏认为，吉图收购白石集团快递业务是为了双方都能得到所需。白石可以轻装上阵，专注于快递和国际业务。目前，快递的市场份额排名第二；白石集团的国际业务也在迅速发展，尤其是在东南亚。"出售快递业务后，白石可能迎来新的发展机遇"，吉图也可能借此机会进入淘大系统，提升资产价值，更有利于未来融资。

Zhao Xiaomin, an expert in the express industry, believes that Jitu's acquisition of the express business of Baishi group is for both sides to get what they need. Baishi can pack light and focus on express and international business. At present, express has ranked second in market share; The international business of Baishi group is also developing rapidly, especially in Southeast Asia. "After selling the express business, Baishi may usher in new development opportunities." and Jitu may also take this opportunity to access Amoy system, improve its asset value, and be more conducive to its future financing.

由于阿里是白石集团的最大股东，而吉图早期90%的业务来自品多多，出于竞争的需要，阿里似乎会强烈反对吉图收购白石。

As Ali is the largest shareholder of Baishi group, and 90% of the early business of Jitu came from pinduoduo, it seems that Ali will strongly oppose Jitu's acquisition of Baishi out of the need of competition.

然而，许多知情人士告诉财经，出售白石快递是白石集团创始人团队经过一年考虑后做出的决定。"在交易决策过程中，阿里最大限度地尊重创始人团队的意见。"上述知情人士告诉《财经》，"白石接入的阿里巴巴业务将保持正常运营，不受交易影响。这也是阿里对互联互通的积极态度。"

However, many people familiar with the matter told finance and economics that the sale of Baishi express was a decision made by the founder team of Baishi group after a year of consideration. "During the transaction decision-making process, Ali respected the opinions of the founder team to the greatest extent." the aforementioned person close to the transaction told Caijing, "the Alibaba business accessed by Baishi will maintain normal operation and will not be affected by the transaction. This is also Ali's positive attitude towards interconnection."

几位白石管理人员也表示，虽然阿里是白石的股东之一，但白石的实际控制人始终是创始人周少宁。阿里只扮演投资者的角色，不干涉白石的日常业务决策，包括出售快递业务。

Several Baishi management personnel also said that although Ali is one of the shareholders of Baishi, the actual controller of Baishi has always been the founder Zhou Shaoning. Ali only plays the role of investor and does not interfere with Baishi's daily business decisions, including the sale of express business.

据了解，白石销售快递业务的直接原因是中国快递业参与者众多，竞争激烈。价格竞争作为快递企业生存的主要手段，直接考验着快递企业的生存能力。此外，快递业是一个强调基本能力建设的行业。如果它慢，它就会一步一步地慢。一体化是快递业良性发展的必然趋势。

It is understood that the direct reason why Baishi sells express business is that China's express industry has many players and fierce competition. Price competition, as the main means, directly tests the viability of express companies. Moreover, express is an industry that emphasizes basic capacity-building. If it is slow, it will be slow step by step. The integration is an inevitable trend for the benign development of express industry.

一位接近吉图的人士表示，未来，白石快线网络和吉图快线网络可能会并网，而不是合并。在中国的快递行业，没有一家企业能够同时讲述国内外的故事。如果Jitu拿到这两张票，它很可能会跑出去赶上SF和其他传统巨头。

A person close to Jitu said that in the future, Baishi express network and Jitu express network may be connected to the grid rather than merged. In China's express delivery industry, there is no enterprise that can tell both domestic and international stories well. If Jitu gets these two tickets, it is most likely to run out and catch up with SF and other traditional giants.

白石快递总经理左晓青可能会继续从事快递业务。毕竟，他已经与周少宁在一起很长一段时间了，吉途的管理层仍然在选择一位新的白石快递经理，因为吉途快递是一个职业经理人体系，处于发展初期，人才短缺。

Zuo Xiaoqing, general manager of Baishi express, may stay in the express business. After all, he has been with Zhou Shaoning for a long time, and the management of Jitu is still choosing a new Baishi Express Manager, because Jitu express is a professional manager system and in the early stage of development, so there is a shortage of talents.

白石的一位加盟商表示，广东、福建、贵州等地的白石目前有两到三个平行网络。除了白石自己的业务外，它还经营丰旺或吉图。

A franchisee of Baishi said that Baishi in Guangdong, Fujian, Guizhou and other places now has two or three networks in parallel. In addition to Baishi's own business, it also carries Fengwang or Jitu.

陷入新一轮价格战

Fall in a new round of price war

白石不是没有努力的。事实上，在2020年之前，白石一直处于快速发展的上升势头，离盈亏平衡只有一步之遥。

Baishi is not without efforts. In fact, before 2020, Baishi has been in the upward momentum of rapid progress, only one step away from breakeven.

自2017年上市以来，白石发展迅速。2019年的亏损从两年前的9.2亿元缩减至1.2亿元。该年的收入、净利润、市场份额和市场价值达到历史最高水平。

Since its listing in 2017, Baishi has developed rapidly. The loss in 2019 narrowed to 120 million yuan from 920 million yuan two years ago. The revenue, net profit, market share and market value of that year reached an all-time high.

新冠病毒-19在2020年初突然爆发，使旧金山获得了历史上最高的季度增长率，其业务量激增了75%。这些增量大多来自电子商务优惠部分，而不是其传统优势领域的商业部分。前几年，SF的市场份额远远落后于通达100。这样的表现大大增强了SF的信心，并加强了其对电子商务零部件市场的反击。

COVID-19 suddenly broke out in early 2020, which allowed SF to gain the highest quarterly growth rate in the history, with its business volume surging by 75%. Most of these increments come from e-commerce preferential parts, rather than commercial parts in its traditional advantage fields. In the previous years, SF's market share had been far behind Tongda 100. Such performance has greatly increased SF's confidence and strengthened its counter attack on the e-commerce parts market.

同时，另一个"玩家"吉图的加入，直接加剧了依靠补贴低价抢占市场份额的竞争强度。据媒体报道，吉图创始人李杰的口头禅是"加盟商准备先失去两年"。

At the same time, the admission of another "player" Jitu directly intensifies the competition intensity of relying on subsidies to grab market share at a low price. According to media reports, a mantra of Li Jie, founder of Jitu, is that "franchisees are ready to lose two years first".

在极端兔子引发的新一轮"价格战"下，快递公司获得的单程票收入迅速下降，成本控制最弱的白石率先感受到压力。2020年上半年，白石快运收入51.52亿元，同比下降5.4%。财务报告解释说，"套餐单价同比下降20.7%，主要是由于激烈的市场竞争。"周少宁在当时的财务报告电话会议上表示，"为了提高利润率和利润率，我们不会盲目跟随市场或其他同行的定价。"

Under the new round of "price war" triggered by extreme rabbit, the single ticket income obtained by express companies decreased rapidly, and Baishi, which has the weakest cost control, took the lead in feeling the pressure. In the first half of 2020, the revenue of Baishi express was 5.152 billion yuan, a year-on-year decrease of 5.4%. The financial report explained that "the package unit price decreased by 20.7% year-on-year mainly due to the fierce market competition." Zhou Shaoning said at the financial report telephone conference at that time, "in order to improve the profit margin and profit margin, we will not blindly follow the pricing of the market or other peers."

但半年多后的2021年3月，为了扭转下滑趋势，白石不得不降低义乌的收货价格，快递业务量迅速流向白石。随后吉图和几家通达快递也加入了"价格战"。直到白石和吉图受到当地监管部门的处罚，快递公司才召回价格。

But more than half a year later, in March 2021, in order to reverse the decline, Baishi had to lower the receiving price in Yiwu, and the express business volume quickly flowed to Baishi. Then Jitu and several Tongda express also joined the "price war". Until Baishi and Jitu were punished by the local regulatory authorities, the express companies recalled the price.

但导致白石快运出售的这轮价格战在短期内既不是开始，也不是结束。在过去的十年中，快递业一直伴随着价格战，中小型快递公司每隔几年就会退出。"严格地说，白石快递这次也很幸运。它只是被出售了，业务将继续运营，但还没有完全结束。在这方面，我们还应该感谢阿里和其他投资者对交易决定的理解，"白石快递的一位知情人表示。

But this round of price war that led to the sale of Baishi express is neither the beginning nor the end in the short term. In the past decade, the price war has always been accompanied by the express industry, and small and medium-sized express companies will be out every few years. "Strictly speaking, Baishi express is also lucky this time. It is only sold and the business will continue to operate, but it is not completely out. In this regard, we should also thank Ali and other investors for their understanding of the transaction decision," said an insider of Baishi express.

根据国家邮政局的数据，2020年，国内快递业务总量为833.6亿，而10年前为36.7亿。然而，该行业的特快车票单价已从10年前的20.65元降至2020年的10.55元，几乎减半。

According to the data of the State Post Office, in 2020, the domestic express business volume totaled 83.36 billion, compared with 3.67 billion 10 years ago. However, the unit price of express tickets in the industry has dropped from 20.65 yuan 10 years ago to 10.55 yuan in 2020, which is almost halved.

一些快递行业专家认为，快递物流行业的龙头企业通过价格战来清理行业、提高集中度，以牺牲短期利润换取更大的市场份额，这一直是快递物流行业的国际惯例。20世纪80年代和90年代，美国快递业经过两轮12年的价格战，逐渐形成了UPS、联邦快递和美国邮政的行业格局。

Some experts in the express industry believe that it has always been the international practice of the express logistics industry for the leading enterprises to clear the industry and improve the concentration through price war at the expense of short-term profits in exchange for greater market share. In the 1980s and 1990s, the American Express industry gradually formed the industry pattern of UPS, FedEx and USPS through two rounds of 12-year price war.

"四通一大理"的"技校"

"Technical school" of "four links and one Dali"

当然，价格战可能只是导火索，而不是所有的原因。能否经得起价格战，关键在于快递公司是否有足够强大的基础网络容量，能否以低成本支撑网络的有效运营。

Of course, the price war may only be a fuse, not all the reasons. Whether it can withstand the price war is whether the express company has strong enough basic network capacity and can support the effective operation of the network at low cost.

白石的气质始终与四通一达的其他前四名保持着一定的距离感。圆通、中通、申通、云达总部均设在上海青浦，只有白石总部设在杭州。周少宁的背景也不同于其他几位express创始人。其他人来自浙江省桐庐农村，从零开始，而宁波人周少宁有一份技术精英的简历：他是世界著名贝尔实验室的中国高管，负责全球数据和无线通信部门的技术总监；曾任UT Starcom全球高级副总裁兼中国区总裁，为中国通信企业创造了年销售额25亿美元的销售奇迹；他还曾担任谷歌全球副总裁兼大中华区总裁。与李开复、王淮南一起，他被称为谷歌中国的"三驾马车"。

Baishi's temperament has always maintained a certain sense of distance from the other top four of four links and one da. Yuantong, Zhongtong, Shentong and Yunda are all headquartered in Qingpu, Shanghai, and only Baishi is headquartered in Hangzhou. Zhou Shaoning's background is also different from several other express founders. Others came from rural Tonglu, Zhejiang Province and started from scratch, while Zhou Shaoning, a native of Ningbo, has a resume of technical elites: he was a Chinese executive in the world-famous Bell Labs and the technical director in charge of global data and wireless communication departments; He once served as senior vice president of UT Starcom worldwide and President of China, creating a sales miracle for Chinese communication enterprises with annual sales of US $2.5 billion; He also served as Google's global vice president and President of Greater China. Together with Li Kaifu and Wang Huainan, he is known as the "troika" of Google China.

拥有计算机和工程背景的周少宁进入快递业后，以"技术流"闻名，并在不同场合强调使用智能技术推动物流业。相比之下，与其他公司相比，白石对基础物流设施的投资关注较少。

After Zhou Shaoning, with computer and engineering background, entered the express industry, he was famous for "technology flow" and emphasized the use of intelligent technology to drive the logistics industry on different occasions. In contrast, Baishi pays less attention to the investment in underlying logistics facilities than other companies.

一位参观过通达100总部的人士向我们介绍了燃烧的财经，"中通和圆通在上海青浦取得土地后，他们建造了现代化的高层办公楼作为总部，但白石总部位于杭州市中心的华兴现代工业园，甚至办公楼都是出租的。"

A person who has visited Tongda 100 headquarters introduced to burning finance and economics, "after Zhongtong and Yuantong took the land in Qingpu, Shanghai, they have built modern high-rise office buildings as their headquarters, but Baishi headquarters is located in Huaxing modern industrial park in the downtown area of Hangzhou, and even the office buildings are rented."

界面新闻研究显示，在几家采用特许经营模式的快递巨头中，只有白石不买地。据wind统计，截至2019年上半年，只有一家白石集团披露了零土地使用权。就金额而言，即使是土地使用权最少的云达，每年的摊销金额也为7300万元。

Interface news research shows that among the several express giants that adopt the franchise mode, only Baishi does not buy land. According to wind statistics, as of the first half of 2019, only one Baishi group disclosed zero amount of land use right. In terms of amount, even Yunda, which has the least land use right, has an annual amortization amount of 73 million yuan.

白石运营中心也采用租赁模式。白石只对租赁场地进行了一些修改，以满足场地的需要，并且没有自己的车辆。相反，它采用外包和融资租赁的模式来建设干线运输车队。

Baishi's operation center also uses the lease mode. Baishi only made a few modifications to the leased site to meet the needs of the site, and did not own vehicles. Instead, it adopted the mode of outsourcing and financial leasing to build a fleet for trunk transportation.

根据租赁费数据，截至2019年6月30日，白石通过经营租赁使用权形成的非流动资产占总资产的23.88%；相比之下，申通、圆通、运达和顺丰快递巨头披露的长期待摊费用中的场地租赁费仅占总资产的1.5%。

According to the lease fee data, as of June 30, 2019, the non current assets of Baishi through operating lease use rights accounted for 23.88% of the total assets; In contrast, the venue rental fee in the long-term deferred expenses disclosed by Shentong, Yuantong, Yunda and Shunfeng express giants accounts for only 1.5% of the total assets.

换句话说，从财务结果来看，租赁模式可能对利润没有贡献。

In other words, from the financial results, the leasing model may not contribute to profits.

2019年前三季度，白石集团的研发费用占净利润的70%，而第二大集团SF的研发费用仅占净利润的22%。据wind统计，除中通未披露研发费用外，白石集团是特许经营系统技术研发投入最多的公司。

The R & D expenses of Baishi group accounted for 70% of the net profit in the first three quarters of 2019, while the R & D expenses of SF, the second largest, accounted for only 22% of the net profit. According to wind statistics, except that Zhongtong did not disclose its R & D expenses, Baishi group is the company that invested the most in technology R & D in the franchise system.

据一位熟悉通达快递业务模式的人士分析，快递公司能否在快递价格战的背景下生存和发展，关键在于成本控制的竞争，而成本控制的关键在于转运成本。谁能将转运成本降到最低，谁就能在激烈的价格战中生存下来，以相对较低的价格抢占竞争对手的市场份额，确保自己不赔钱，甚至不微利。

According to the analysis of a person familiar with the express business model of Tongda department, whether the express company can survive and grow under the background of express price war lies in the competition of cost control, and the key of cost control lies in the transshipment cost. Whoever can minimize the transshipment cost can survive the fierce price war, grab the market share of competitors at a relatively low price, and ensure that he does not lose money or even make a small profit.

自2017年以来，中通已后来居上，其市场份额和利润率一直是通达100的领导者。秘密在于，中通的转运成本是通达100快递中最低的。这背后与中通的能力建设战略密切相关，如增加换乘中心和干线的直接运营，主导省际穿梭巴士的布局，自购土地，建设现代化换乘中心。近年来，其他几家桐庐快递公司也向类似方向增加了投资。

Since 2017, Zhongtong has come from behind, and its market share and profit margin have long been the leader of Tongda 100. The secret is that the transshipment cost of Zhongtong is the lowest among Tongda 100 express. Behind this, it is closely related to the capacity construction strategies of Zhongtong, such as increasing the direct operation of transfer centers and trunk lines, leading the layout of inter provincial shuttle buses, self purchased land and building modern transfer centers. Several other Tonglu express companies have increased investment in similar directions in recent years.

这位人士认为，白石的重点布局已经逐渐拉开了基本网络能力与其他竞争对手之间的差距。"基本能力需要长期建设，如果发展缓慢，就会发展缓慢，最终落后"。

This person believes that the focus of Baishi's layout has gradually opened the gap between basic network capabilities and other competitors. "Basic capabilities should be built for a long time. If they are slow, they will be slow and eventually fall behind".

卖了快车，白石还剩下什么

What's left of Baishi after selling the express

知情人士告诉fuel finance，"白石决定出售快递业务。一方面，它可以改善财务状况。同时，它也希望通过这一转型，专注于供应链、国际物流和其他业务，并在更加差异化的市场中获得机会。"

People close to the acquisition told fuel finance, "Baishi decided to sell the express business. On the one hand, it can improve the financial situation. At the same time, it also hopes to take this transformation to focus on supply chain, international logistics and other businesses and obtain opportunities in a more differentiated market."

2021年第二季度，白石的总负债为175亿元，资产负债率为95.21%，高于其他几家特许快递公司和SF。例如，中期资产负债率为19.75%，SF为57.04%。

In the second quarter of 2021, Baishi's total liabilities were 17.5 billion yuan, with an asset liability ratio of 95.21%, higher than several other franchised express companies and SF. For example, the asset liability ratio of midterm is 19.75%, and that of SF is 57.04%.

白石原中层经理李志伟今年9月对《南方周末》表示，"过去一段时间，白石一直找不到钱，负债率高，业绩差。"近年来，白石还通过股权融资、票据融资和上市融资积极补充现金流。

Li Zhiwei, a former middle-level manager of Baishi, told Nanfang Weekend in September this year, "in the past period of time, Baishi has been unable to find money, high debt ratio and poor performance." in recent years, Baishi has also been actively replenishing cash flow through equity financing, bill financing and listing financing.

据上述熟悉通达快递业务模式的人士分析，白石集团近年来的资金消费点不仅仅是快递，而是在金融、便利店、国际等领域的多元化扩张。

According to the analysis of the above-mentioned people familiar with the express business model of Tongda department, the capital consumption point of Baishi group is not only express, but also diversified expansion in finance, convenience stores, international and other fields in recent years.

对于想做全面物流供应链服务的白石来说，在摆脱快递业务后，开战可能不是一件好事。

For Baishi, who wants to do comprehensive logistics supply chain services, it may not be a good thing to go to battle light after getting rid of the express business.

事实上，成立于2007年的白石直到2010年才收购汇通快递的在线快递业务。

In fact, Baishi, established in 2007, did not acquire the online express business of Huitong express until 2010.

尽管快递收入占白石总收入的一半以上，但还远远不够。在周少宁的心目中，一直有一个想法：利用信息技术和人工智能，打造综合的线上线下物流和供应链服务能力，包括快递、快递、仓储配送供应链管理、国际和跨境电商物流等。

Although express accounts for more than half of Baishi's revenue, it is far from all. In Zhou Shaoning's mind, there has always been an idea: use information technology and artificial intelligence to create comprehensive online and offline logistics and supply chain service capabilities, including express, express, warehouse distribution supply chain management, international and cross-border e-commerce logistics, etc.

每一项业务都需要巨额投资。在削减便利店和快递业务后，白石的战略收缩可以止住流血点，并为战略性新兴业务的发展回报资金。

Each of these businesses requires huge investment. After cutting down the convenience store and express business, the strategic contraction of Baishi can stop the bleeding point and return the funds for the development of strategic emerging businesses.

在供应链、货运和跨境物流方面，每条轨道都有1000亿的市场规模。然而，该行业仍处于小、散、乱的发展阶段。规模化程度不高，信息升级潜力巨大。Baishi以前也打下了一定的基础。

In terms of supply chain, freight and cross-border logistics, each track has a market scale of 100 billion. However, the industry remains in the development stage of small, scattered and chaotic. The degree of scale is not high, and there is great potential for information upgrading. Baishi has also laid a certain foundation before.

在供应链方面，白石在服装内衣、食品美容、小家电、3C数码等行业拥有众多优质客户资源，可以为客户提供从工厂到仓库、经销商、门店、消费者的全环节供应链优化。

In terms of supply chain, Baishi has many high-quality customer resources in clothing and underwear, food and beauty, small household appliances, 3C digital and other industries, which can provide customers with full link supply chain optimization from factories to warehouses, dealers, stores and consumers.

白石也是国际物流"四通一通"的先锋。自2016年以来，白石已将其跨境物流服务扩展至澳大利亚、日本和其他国家。自2018年以来，白石先后在泰国、越南、马来西亚、新加坡、柬埔寨等国家开展了本地快递服务。今年8月，白石还开通了从中国到泰国、越南、马来西亚、新加坡和柬埔寨的全方位跨境物流服务，负责包裹的收集和出境以及海外的登陆和配送。

Baishi is also the vanguard of "four links and one access" in international logistics. Since 2016, Baishi has expanded its cross-border logistics services to Australia, Japan and other countries. Since 2018, Baishi has successively carried out local express services in Thailand, Vietnam, Malaysia, Singapore, Cambodia and other countries. In August this year, Baishi also opened a full link cross-border logistics service from China to Thailand, Vietnam, Malaysia, Singapore and Cambodia, responsible for the collection and outbound of parcels and the landing and distribution abroad.

获得吉图某区域一级代理权的王胜表示，吉图的经营模式是"直销为主，特许代理为辅"。大部分直销区域也由oppo和维梧团队的员工负责，而选择加入Jitu的首批渠道商户大多是原oppo和维梧。

According to Wang Sheng, who won the first-class agency right in a certain region of Jitu, the business model of Jitu is "direct sales first, supplemented by franchise agents". Most of the direct sales regions are also in the charge of employees from oppo and vivo teams, and most of the first batch of channel merchants who chose to join Jitu were original oppo and vivo.

王生告诉《燃烧财经》，他早就听说白石将自己卖给兔子的消息，但对于最终商定的价格，他说实际价格可能比他原来想象的要高。"我没想到最终交易价格会超过白石现有的市场价值，但对于这个结果，我认为双方都是有利的。"

Wang Sheng told burning finance that he had heard of the news that Baishi sold itself to the rabbit for a long time, but for the finally agreed price, he said that the actual price may be more than he originally thought. "I didn't expect that the final transaction price was more than the existing market value of Baishi, but for this result, I think both sides are beneficial."

"吉图在国内业务开展之初就收购了龙邦快递，并借龙邦快递的外壳获得了快递市场牌照。吞下白石后，一定不是白石的外壳，而是白石的真正内涵。"王生认为，吉图目前虽然势头强劲，但仍"极不稳定"与多年来主导行业的接入系统相比，"首先,白石的网点遍布全国,；第二，白石积累了许多物流人才，他们在行业中奋斗了多年；最后，我认为最重要的是，吉图可以在白石的帮助下与淘宝建立联系。"

"Jitu acquired Longbang express at the beginning of its domestic business and obtained the express market license by borrowing the shell of Longbang express. After swallowing Baishi, it must not be the shell of Baishi, but the real content of Baishi." Wang Sheng believes that although Jitu has a strong momentum now, it is still "deeply unstable" compared with the access system that has dominated the industry for many years, "First, Baishi has scattered its outlets all over the country; second, Baishi has accumulated many logistics talents who have been struggling in the industry for many years for so many years; finally, I think the most important thing is that Jitu can connect with Taobao with the help of Baishi."

"虽然白石的声誉不好，但问题与吉图相似，大部分投诉集中在物流速度和人员服务上，从市场份额来看，吉图吞下白石后，市场份额有了很大提高，我们一直在努力逐步优化投诉，"王生说，尽管吉图总部尚未发布与当地白石门店合作的通知，但他认为近期应该有进一步的整合规划，对收购白石后吉图的发展更具信心。

"Although the reputation of Baishi is not good, the problems are similar to that of Jitu, and most of the complaints are focused on Logistics speed and personnel services, in terms of market share, Jitu has greatly improved its market share after swallowing Baishi, and we have been trying to optimize the complaints step by step," said Wang Sheng, Although the headquarters of Jitu has not issued a notice on cooperation with local Baishi outlets, he feels that there should be further integration planning in the near future, and expresses more confidence in the development of Jitu after the acquisition of Baishi.

*图片来自微博@extreme rabbit express，有些图片来自visual China。

*The pictures are from microblog @ extreme rabbit express, and some pictures are from visual China.

*王生是文中的别名。

*Wang Sheng is an alias in the text.

*免责声明：在任何情况下，本协议中表达的信息或意见均不得构成对任何人的投资建议。

*Disclaimer: under no circumstances shall the information or opinions expressed herein constitute investment advice to anyone.

Link：https://new.qq.com/omn/20211030/20211030A01SDN00.html

update time：2021-10-31 11:25:04