【极兔与京东的启示：快递业兼并如何破解整合难题？】

物流指闻12-10

如今，电商增速换挡，价格战硝烟渐散，快递行业已经从“草莽群殴”迈入“巨头角力”新纪元。来源/快递观察家（ID：exobserver）作者/江夏近十年间，一场场动辄数十亿的资本并购，不断重塑着行业的版图与座次。业内收并购，有的成功，实现1+1＞2，有的失败，甚至1+1＜1。《快递观察家》发现，透过一系列“商战”，并购的结局，早在交易敲定前就已经埋下伏笔。其成败从不取决于交易金额的大小，而是在于收购方...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251210223951a73001a9&s=b><strong>物流指闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>如今，电商增速换挡，价格战硝烟渐散，快递行业已经从“草莽群殴”迈入“巨头角力”新纪元。来源/快递观察家（ID：exobserver）作者/江夏近十年间，一场场动辄数十亿的资本并购，不断重塑着行业的版图与座次。业内收并购，有的成功，实现1+1＞2，有的失败，甚至1+1＜1。《快递观察家》发现，透过一系列“商战”，并购的结局，早在交易敲定前就已经埋下伏笔。其成败从不取决于交易金额的大小，而是在于收购方...</p>\n\n<a 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problem?]","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89618":0.6,"01519":1.95,"09618":1.93,"06936":0.9,"JD":1.93},"content_text":"如今，电商增速换挡，价格战硝烟渐散，快递行业已经从“草莽群殴”迈入“巨头角力”新纪元。来源/快递观察家（ID：exobserver）作者/江夏近十年间，一场场动辄数十亿的资本并购，不断重塑着行业的版图与座次。业内收并购，有的成功，实现1+1＞2，有的失败，甚至1+1＜1。《快递观察家》发现，透过一系列“商战”，并购的结局，早在交易敲定前就已经埋下伏笔。其成败从不取决于交易金额的大小，而是在于收购方战略逻辑的清晰度、协同价值的真实性与后期整合的魄力、稳力之中。成功的并购，是补齐一块关键的战略拼图；失败的并购，则是吞下一颗致命的财务毒药。01十年收并购风云十年弹指一挥间，快递江湖的并购逻辑，也完成了从“清理门户”到“强强联合”的质变。最开始要从“清场时代”说起，也就是2017年前，行业狂飙突进的年代，淘汰赛率先从第二梯队开始，这一阶段的并购，多为资本对经营不善者的接盘，但结局不尽如人意。其中最经典的就是天天快递，作为与申通、顺丰同时代起跑的“元老”，天天的命运最为坎坷。2017年，试图构建物流护城河的苏宁以超40亿元的对价将天天收入麾下。然而，苏宁一手打造的“生态协同”，并没有想象中美好。在苏宁体系内，天天定位模糊，与主业协同微弱，沦为持续失血的“包袱”。数据显示，2017至2023年，天天累计亏损高达75.54亿元。最终，苏宁自身陷入困境，天天在2024年以仅1000万元的价格被出售，接盘方还需承担高达56亿元的负债。另一类典型失败是被母公司拖垮的案例，包括国通与速尔。国通前身CCES，曾被红楼集团掌门人朱宝良接盘，想要大展宏图。然而，随着朱宝良个人因罪入狱，失去资本输血的国通迅速瓦解。同样，曾专注B2B市场、表现不俗的速尔快递，因母公司友和道通集团航空业务重组失败及关联公司停摆，被集团性风险拖垮，最终退守一隅。第二阶段，从2020年开始，进入整合时代，主题是“巨头的战略卡位”。《快递观察家》认为，快递市场进入存量竞争，头部玩家通过并购进行关键卡位。该阶段的交易，目标明确，要么买下缺失的能力，要么买来宝贵的入场券。其中，最典型的还是极兔，堪称“买”出来的黑马传奇。作为后来者，极兔用资本换时间，通过收购实现“三级跳”。2021年，以约68亿元收购百世国内快递业务，获得关键的淘系平台入口和全国性网络。2023年，再以11.83亿元收购顺丰旗下持续亏损的丰网速运，进一步巩固电商件基本盘。另一边，京东的并购逻辑是典型的“补强型”。2020年，以约30亿元控股跨越速运，补强高端空运网络。2022年，以近90亿元的行业最高对价收购德邦股份，目标直指德邦深厚的直营快运网络和B端客户资源。申通则是试图通过并购实现“价值跃迁”。2024年，申通以3.62亿元收购菜鸟旗下丹鸟物流，标志申通的竞争逻辑又一次转向。和“买买买”对应的，是另一方的“卖卖卖”。在亿豹网看来，成功的剥离，和成功的收购同等重要。顺丰战略聚焦主业出售丰网，菜鸟回归全球化做减法，都是为了实现业务双赢。02佳话：为何1+1＞2？快递行业收并购风云未止，但已有的市场案例却分化严重。所谓“成功”的并购，其实是一场精心战略设计后的必然。首先，成功的并购方，在交易之前，就对自身短板和战略目标有清醒认知，并购是为了解决一个明确的战略命题。他们有着精准的战略协同，明白要买的是“缺失的拼图”，而非“多余的赘肉”。比如京东物流+德邦，京东强于仓配和消费端，但在大件零担的B端网络和客户认知上是短板。德邦的直营快运网，是京东构筑“一体化供应链物流服务”战略所必需的最后一块关键拼图。又比如中通快递+浙江星联，作为“通达系”龙头，中通在2024年面临净利润被顺丰反超、竞争加剧的局面。而在2025年底收购持有航空资源的浙江星联，能够快速补强航空货运能力，争夺高端时效件市场，是防御与升级并举的战略举措。此外，申通+丹鸟也算和谐，对申通而言，收购丹鸟不是简单的规模叠加，而是业务模式的跃迁，从加盟制经济件，一举切入高品质、高单价的直营快递赛道，实现对自身基因的突破。其次，是在交易后，特别注重交易结构和整合规划，尊重被收购方边界，平稳过渡，交易完成只是开始，真正的挑战在于整合。《快递观察家》获悉，京东收购德邦和跨越后，在相当长时间内保持了后者的品牌和运营独立性，最大程度避免了文化冲突和核心团队流失，先将协同效应聚焦在IT系统、干线资源、采购等后台层面，注重独立运营与后台协同。第三，则是时机，快递收并购，要顺应行业周期，在正确的时机出手。单从交易价格上来说，极兔出手的时机都很正确，包括收购百世和丰网，都是在两者因持续亏损、成为母公司“负担”时出手。此时标的估值相对理性，避免了行业高峰期的高溢价。而顺丰出售丰网、菜鸟出售丹鸟，都是在行业强调“反内卷”、从价格战转向价值战的政策窗口期。此时剥离非核心或亏损业务，既能获得市场理解，也能让资源更精准地投向核心增长引擎。然而，成功的收并购，需要综合以上三点，才能称为“成功”，也就是，需要考虑的是，“为什么买？买了之后如何整？什么时候买？”这三个核心问题。03怨偶：为何1+1＜1？成功的并购，都是相似的，失败的并购，却各有各的不幸。首先，最根本的失败就是自身战略失焦，为了并购而并购，不顾协同。苏宁+天天快递是典型失败案例。收购初衷“强化最后一公里”看似合理，但双方在网络模式、服务标准、企业文化上均不匹配，谈不上“协同”二字。其次，即便战略正确，但是粗暴的整合也会摧毁协同价值，导致整合灾难。极兔+百世快递初期整合就是教训。强行合并两套加盟商网络与操作系统，引发网点动荡、快件积压和服务质量暴跌。有区域加盟商因收购对价谈不拢导致网点拆分，反而抬高了区域运营成本，背后暴露的是极兔对企业文化、系统与利益的复杂性的低估。此外，快递企业的收购标的，或许本身就是“不良资产”，毕竟一次收购不仅是买资产，还是承接负债和未来的现金消耗。还是以百世快递与丰网为例，在被卖之前就已经连续多年亏损。如果快递企业在收购的时候，只看到网络价值，而低估了扭亏的难度和成本，就容易被财务“拖垮”。《快递观察家》发现，纵观快递行业十年并购史，成败泾渭分明。核心分野在于，快递企业究竟是为了实现长期战略，还是追求短期规模扩张。未来的快递竞争，是涵盖时效、成本、服务、科技与国际化的综合物流能力竞争。成功的并购，会是“战略洞察力、交易执行力、组织融合力”三位一体的综合呈现。而那些缺乏深思熟虑、只为抢夺份额而进行的并购，最后也会在时间的检验下，暴露不足。行业的并购浪潮不会停歇，下一场交易或许正在酝酿。来源/快递观察家（ID：exobserver）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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