德邦、安能等四大物流企业退市背后：顺丰系、京东系版图成型

南方都市报01-16

日前，德邦股份（603056）宣布被京东物流私有化并主动退市引发业内关注，受此影响，在资本市场，德邦股份在1月14日、1月15日连续2个交易日内日收盘价格涨幅偏离值累计达20%，构成股票交易异常波动情形。德邦两度发布公告称，公司目前日常经营活动正常，主营业务未发生变化，提醒广大投资者注意二级市场交易风险，理性决策，审慎投资。　　值得关注的是，与德邦同处零担快运领域、曾经的“加盟制快运第一股”...

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　　值得关注的是，与德邦同处零担快运领域、曾经的“加盟制快运第一股”安能物流也将于2月9日正式在港交所退市、股份停止交易。加上2025年京东物流完成收购跨越速运、达达被京东物流私有化并退市、申通快递完成收购丹鸟，以及百世集团从纽交所退市……物流行业正涌现越来越多的收购、兼并、整合事件。有分析指出，企业退市实质是“以退为进”，通过私有化获得战略调整空间，为下一阶段行业洗牌做准备，更反映出物流行业进一步迈向深度整合与生态竞争时代。　　退市有助于降本增效，获得战略调整空间　　2025年10月，拥有中国最大快运网络之一的安能物流（HK：9956）公告宣布，由大钲资本、淡马锡和淡明资本共同组成的财团拟通过协议安排（“提案”）的方式，以12.18港元/股的价格将公司私有化，公司将成为要约人的全资附属公司，并从香港联合交易所退市。据最新披露，安能物流的上市地位将自2026年2月9日四时正起生效。　　据公开资料，安能物流主要提供3-300公斤段的大件零担运输服务，根据行业机构的《2025年全网快运10强》，其货量排名第三，仅次于德邦（含京东快运）、顺丰快运。截至2025年6月30日，安能物流在中国各地拥有81家自营分拨中心、超3.8万家货运合作商及货运代理商网点，覆盖中国约99.6%县城和乡镇。　　对于退市，安能物流声称因公司面临全球疫情、经济下行以及日益激烈的市场竞争，股价长期承压，成交量低迷，通过资本市场融资的能力受到严重限制。而为维持上市地位，需投入相关费用以及大量时间和精力履行上市公司义务。退市将使公司能够立即节省成本，并将资源重新分配至核心业务，从而提升运营效率。退市后，安能在现有业务保留的基础上拟寻求新的战略与发展机遇。　　根据财报，2025年上半年，安能物流实现营业收入56.25亿元人民币，录得经调整净利润4.76亿元人民币，同比分别增长6.4%、10.7%。但受运输单价压力等因素影响，毛利率、经营利润率、净利润率都出现小幅下降。　　相比而言，直营制的德邦面临更明显的业绩压力——不仅此前一度试图押注的快递业务增长放缓，截至2025年9月30日的前三季度，德邦录得归母净利润2.77亿元，同比降幅扩大至153.54%，德邦的毛利率也连年下降至1.85%。　　有资深业内人士对南都记者指出，受宏观经济影响，货运企业利润率长期普遍承压。独立上市的安能面临盈利增长压力，而与资本实力雄厚的财团结合，可以获得更多“弹药”来应对竞争。安能物流被收购，可能是主动融入更大生态、参与行业整合的一步。而德邦股份选择终止上市，有助于实现管理效率的极致化，原本用于分红或维持上市地位的资源，可以投入到智能分拣和跨境供应链建设中，并与京东物流深度共享底层网络，实现全链路的降本增效。企业通过私有化获得战略调整空间，是为下一阶段行业洗牌做准备。　　“抱团竞争”取代“单打独斗”，兼并整合大势所趋　　近年来，伴随电商对大件商品的渗透，零担快运行业竞争加大，在行业整体价格挤压盈利空间的背景下，中国零担快运市场“小、散、乱”加速向头部集中，企业纷纷通过兼并重组、网络优化来扩大优势，围绕网络、技术、资本与生态协同能力开展全面比拼。　　2025年3月，百世集团宣布私有化完成，并正式停牌、从纽交所退市。此前，百世集团拥有快递、快运、供应链管理、国际物流四大板块业务，但受集团战略摇摆、业务多元而不聚焦、成本持续增长拖累等因素影响，百世自上市以来长期亏损。此后，为提升资产流动性，百世集团将中国区快递业务作价68亿元全部转让给极兔速递，进一步聚焦百世快运、百世国际和百世供应链业务。当前，伴随中国品牌出海潮和跨境电商发展，百世集团持续专注推行国际化战略。　　2025年3月，顺丰集团旗下的广东顺心快运有限公司与深圳德坤供应链有限公司宣布正式达成战略合作，顺心快运以5.5亿元战略投资入股德坤。由此形成了由“顺丰快运（直营制，主打高端高时效）+顺心捷达（加盟制，主打高性价比）+德坤物流（大票零担与专线物流）”组成的“顺丰系”快运网络。京东物流则是通过先后完成对跨越速运、达达、德邦的100%收购，强化了自身一体化全链路的物流供应链能力，形成“京东系”（京东物流+达达+跨越速运+德邦）的物流阵营。　　此外，行业其他玩家也动作频频：2025年底，中通快运被曝完成新一轮增资，此次引入的战略投资者中包括了淘宝中国、字节跳动等互联网巨头，此举也被业内视为中通快运加速向综合物流服务商转型。而主营B2B零担运输及仓配业务的壹米滴答在2025年进一步布局海外市场，服务中国出海企业，来打造全球化的快运网络。　　有物流企业观察人士对南都记者指出，如今的物流企业早已不再局限于运输，而是嵌入产业供应链，提供仓储管理、库存优化、分销配送等综合服务。同时，零担行业高度依赖宏观经济环境，制造业景气度、消费需求变化直接影响货量，企业需要从粗放式扩张转向精细化运营与生态构建，以具备抗周期能力。　　近年来，国家邮政局将推动行业兼并重组、加强资源整合作为引导快递业高质量发展的核心政策方向之一。业内观点普遍认为，安能物流、德邦两大企业，作为零担快运市场中加盟制与直营制企业的头部梯队代表，在半年内相继宣布退市，具有更典型的意义——反映出中国零担物流市场正处于从“规模扩张”向“质量与效率升级”转型的关键阶段。结合顺丰与极兔通过交叉持股拓展全球化物流网络、申通快递通过收购丹鸟提升业务和收入规模，这些资源整合与互补举措，都代表着“抱团竞争”将取代“单打独斗”，推动整个物流行业进入全产业链发展和生态竞争时代。 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