刘强东把德邦玩明白了

Ofweek维科网01-19

作者| 方乔编辑| 汪戈伐京东物流花了近四年时间，终于要把德邦彻底变成自己人。德邦股份在1月13日发布公告，决定主动从上交所退市。这家做了28年物流、上市6年的公司，正式向A股告别。控股股东京东物流开出每股19元的价格收购剩余股份，比停牌前涨了35%，算下来总估值在190亿元左右。如果所有小股东都接受这个价格，京东需要再掏出38亿元。这个溢价比例，已经超过A股主动退市公司的常规水平。次日复牌，德邦...

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汪戈伐京东物流花了近四年时间，终于要把德邦彻底变成自己人。德邦股份在1月13日发布公告，决定主动从上交所退市。这家做了28年物流、上市6年的公司，正式向A股告别。控股股东京东物流开出每股19元的价格收购剩余股份，比停牌前涨了35%，算下来总估值在190亿元左右。如果所有小股东都接受这个价格，京东需要再掏出38亿元。这个溢价比例，已经超过A股主动退市公司的常规水平。次日复牌，德邦股价直接涨停，报收15.44元。退市早有预兆，2022年京东物流以近90亿元买下德邦控制权时，就说过要让它退市。当时京东卓风承诺，五年内解决两家公司的同业竞争问题。现在看来，这个承诺正在兑现。德邦不是个例，最近几年百世、达达、安能这些物流公司都选择了私有化退市。德邦选择退市，跟行业现状和整合难度都有关系。快递快运行业这几年过得不容易，价格战打了一轮又一轮，不少公司账面都不好看。德邦的财报能看出这个趋势。被京东收购那年，归母净利润同比涨了345.37%。2023年和2024年继续增长，分别涨了13.32%和15.41%，比被收购前表现好。但2025年前三季度突然转为亏损2.77亿元，同比下滑超过150%。公司把业绩下滑解释为“产品结构调整”，但根本原因还是整合遇到了障碍。德邦是上市公司，跟京东物流深度合作时处处受限。两家的业务有重叠，快递、快运、供应链很难分清楚。在这种情况下，A股对同业竞争的监管要求成了最大的麻烦。市场之前猜测过京东会把资产注入德邦，或者借德邦的壳回A股。但这些办法实际操作起来都很困难。并且往德邦注入京东物流的资产解决不了同业竞争，还会让业务更复杂。京东物流是红筹架构，想在A股主板上市条件很严格。如果要注入资产，得先拆红筹架构，涉及税务和股权重组，成本高、时间长。相比之下，直接退市最简单。退市后，德邦从上市公司变成京东物流的内部业务部门，同业竞争问题自然就没了。这比走那些复杂的审批流程快多了。德邦在公告里说得很清楚，退市后品牌和运营保持独立，资产、人员、业务都不会受影响，同时会跟京东物流的资源打通。德邦这次退市，也算是给当年的收购画上句号。2022年到现在，创始团队已经退出，京东的人全面接管了管理层。物流场地、运输网络这些核心资源也在陆续整合。成为非上市公司后，德邦不用再考虑信息披露的节奏，也不用背短期盈利的压力，可以把资源投到智能分拣、跨境供应链这些长期项目上。德邦退市只是京东物流整合版图的一步棋。德邦在快运行业曾经很强，1996年做零担业务起家，2013年营收94亿元，是行业第二名的两倍。2018年上市，拿到“快运第一股”的名号，市值最高时到过240亿元。创始人崔维星很重视培养人才，德邦是第一家做校园招聘的物流公司。但上市后崔维星决定进军快递市场，公司名字都改成了德邦快递。结果快递巨头“三通一达”反过来切进快运，顺丰也把快运当成重点，德邦两头受压。2021年上半年，扣非后净利润同比跌了366.6%，业绩第一次崩了。同一时期，对手安能物流营收做到96.45亿元，净利润4.08亿元，抢走了“零担之王”的位置。崔维星发现这是资本实力的较量，德邦百亿规模，在千亿巨头面前太小了。他开始找买家。2022年京东物流出手，花近90亿元拿下控制权。收购完成后，创始团队陆续离场，京东的人接管了公司。京东物流买德邦有明确目的，2021年京东物流上市，市值一度超过2500亿港元。但在大件快运这块，京东主要靠外部合作，服务质量不稳定。正好B端有新能源车、制造业升级带来的大货需求，C端消费升级也在推动大件快运市场。德邦有3万多个自营网点、143个分拨中心、1.5万辆货车，正好补上京东的缺口。收购后整合动作很快，2023年6月，德邦花1.06亿元买了京东物流83个转运中心的部分资产。两个月后，德邦接手了京东快运业务的中转和运输。这些整合直接反映在财报上。2023年德邦营收362.79亿元，涨了15.61%;2024年营收突破400亿，到了403.63亿元，涨了11.26%。德邦不是京东唯一私有化的公司，2025年4月，即时配送平台达达宣布跟京东达成私有化协议，变成京东全资子公司。京东持有跨越速运的股份也到了100%。“京邦达跨”的组合逐渐成型。物流行业的竞争模式在变，从单个公司的较量变成了生态体系的对抗。京东物流市值770多亿港元，德邦退市后，怎么把即时配送、供应链、零担快运整合成一个体系，降低内部协同成本，是接下来的重点。免责声明：本文内容仅供参考，文内信息或所表达的意见不构成任何投资建议，请读者谨慎作出投资决策。","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,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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