Research On Financial Performance Of SF Holdings Under Heavy Asset Management Model

In recent years,information technology has changed people’s lives.On the one hand,with the increasing demand of consumers for online shopping and the continuous development of e-commerce industry,it provides direction and opportunities for the rapid development of logistics enterprises.On the other hand,the state has issued a series of documents to encourage the logistics industry to improve the supply chain construction,support logistics enterprises to participate in the supply chain management of the manufacturing industry,and issued a series of favorable policies to promote the rapid development of the logistics industry.At present,most logistics enterprises choose the asset light business model,while SF holdings does the opposite.Through the asset heavy business model,it occupies the medium and high-end market and is in the forefront of the industry.At present,the logistics enterprises that adopt the heavy asset business model include JD logistics and SF holdings.As a leading enterprise whose main business is logistics services,the case selection of SF Holdings’ heavy asset business model is typical.Therefore,through the research and analysis of the operation before and after the transformation of SF Holdings’ heavy asset business model,it will help to provide reference for the future long-term development strategy of SF holdings and provide experience and inspiration for other enterprises’ heavy asset transformation.At the beginning,this paper introduces the relevant theoretical basis of asset-based business model,financial performance and evaluation methods through literature analysis;Secondly,with the help of case analysis,this paper studies the motivation and advantages of the transformation of SF Holdings’ heavy asset business model.The guidance of macro policies,the drive of enterprise strategic transformation and the intensification of industry competition promote the transformation of SF Holdings’ business model,which brings network effect,brand effect and scale effect.Thirdly,it focuses on the analysis of the financial performance and the value creation ability of the company’s shareholders after the transformation of SF holding’s business model.The research results show that under the heavy asset business model,the operating income increases rapidly,the scale of fixed assets continues to rise,the solvency is relatively stable,the asset operation ability is enhanced,the profitability continues to improve,the cash flow of operating activities is sufficient and can create corporate value for shareholders.Finally,it analyzes the four problems existing in the heavy asset operation mode of SF holdings,such as the increase of capital demand,the slowdown of profit growth caused by the rise of costs and expenses,the gradual emergence of short-term debt risk,and the impact of long-term capital investment on the profitability.It also puts forward to actively expand diversified financing channels,promote cost optimization and timeliness improvement through four networks financing,improve the pricing ability of products in the medium and high-end market Accelerate the penetration of new business growth and other countermeasures.