顺丰收购 DHL？

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

Warning: mysqli_query(): (HY000/1194): Table 'wp_options' is marked as crashed and should be repaired in /www/wwwroot/www.gzxlgj.com/wp-includes/wp-db.php on line 2169

顺丰收购 DHL 北京和香港业务，填补供应链物流短板

顺丰打算花 55 亿元收购敦豪北京、敦豪香港 100% 股权。未来十年按被收购公司每年实际收入的 2.5%，支付敦豪公司许可费。
顺丰曾在今年半年报中描绘过自己的业务分类：供应链管理、冷运、仓储管理、物流、快递等。几乎所有的业务分支都有对应的产品或者服务。除了供应链管理——顺丰标记其为“逐步开拓中”。

现在，它打算花 55 亿元收购敦豪北京、敦豪香港 100% 股权，以填补这一业务空缺。收购资金来源为自有资金和自筹款项。截至今年 9 月底，它账面现金及现金等价物余额约为 99 亿元。

顺丰还在公告中称，原则上股权交割不迟于明年 4 月底结束。但该交易尚需通过中国反垄断主管部门的集中审查，并需要向发改委、商务部、外管局备案或报告以及履行外汇登记等程序，存在交易终止的风险。届时交易双方将优先另行约定日期。

敦豪北京、敦豪香港是德国邮政敦豪集团（Deutsche Post DHL Group）的孙公司，为后者在中国大陆以及香港、澳门地区供应链业务的经营主体。根据敦豪公司（即 DHL）官网登载的内容，其供应链服务涉及行业包括汽车、消费品、能源化工、工程制造、生命医学、零售和技术服务。

供应链物流管理几乎囊括了一件商品从生产地流向消费者这一过程中的方方面面，一家优秀的供应链管理企业会对特定领域、行业有专门的解决方案。比如为能源、化工公司提供仓储安保、环境安全方面的建议，为医药公司提供冷链运输解决方案，为日用百货零售商提供仓库选址方面的看法等。对于这块业务刚起步但又想快速抢占市场份额的顺丰来说，收购有成熟业务的公司可能是一种捷径。

跨国物流集团如 UPS、联邦快递、TNT、敦豪等各自都有完备的供应物流业务。在 UPS 业务框架中，它更是其第三大收入来源。

如果交易最终获批通过，顺丰除了能获得这些供应链业务管理经验、技术储备和人才储备外，还将直接继承现有客户关系。由于顺丰和德国邮政敦豪集团还同时建立战略合作伙伴关系，顺丰预计将能持续获得敦豪的客户介绍及能力支持，并在公告中承认这笔并购降低了它在供应链物流领域的试错成本和推进时间。

根据公告披露的财务数据，敦豪北京和敦豪香港今年上半年收入约为 25.67 亿元、经调整后净利润 3955 万元。而且 2017 年全年收入和净利润为 21.04 亿元、1.89 亿元。官方解释汇兑损失、会计记账方式调整和为争取新客户而增加的前期投入，拖累了今年利润。

对于 55 亿元的交易定价，顺丰称按照现金流折线估值，并参考了国内外同行业公司的业务质量、未来前景、市场份额因素得出。同时约定了了对价调整机制，也就是对赌协议，即 2018 年经调整后净利润比 2.99 亿元低 10% 以上（低于 2.69 亿），针对低过 10%的部分，卖方将等额现金补上。比如如果净利润为 2.54 亿元，比约定数额低 15%，那么敦豪公司需补偿顺丰 0.15 亿元。

为了平衡双方的利益得失，顺丰同敦豪公司签署十年期合作条款，到期后各方可约定再延长十年或其他期限。在此期间，顺丰能获得 DHL 供应链在中国大陆、香港和澳门地区的商标使用许可，但需向敦豪公司支付年费，按标的公司每年实际收入的 2.5% 计收，双方约定了封顶和保底金额。