"Storing an urn in a Hive Box locker costs only 55 yuan a year," a recent Weibo post by a netizen has propelled Hive Box, the leading player in the smart locker industry, to the top of Weibo's trending list.

However, the aforementioned rumor was subsequently debunked. On July 23, the netizen who posted the original Weibo apologized, stating, "Due to a previously reposted post, it caused misleading information and negative impacts. I sincerely apologize once again."

On the same day, Hive Box also responded through its official Weibo account, clarifying that Hive Box lockers have clear requirements for prohibited items, strictly forbidding the storage of urns and other related items. Users are advised to read carefully before storage and store such items in dedicated facilities, which better align with the relevant storage regulations of the Ministry of Civil Affairs.

Looking back at Hive Box's development, its birth is inseparable from the unwavering efforts of its founder Xu Yubin. Xu Yubin's entrepreneurial journey is itself an inspiring legend. Starting as an ordinary courier, he relied on his exceptional diligence, keen business acumen, and profound insight into the industry's future to become the head of Hive Box. Meanwhile, Xu Yubin's success is also inseparable from the strong support of his boss, Wang Wei, the founder of SF Express.

Although Hive Box has firmly established itself as a leader in the smart locker industry, its development journey has not been smooth sailing. For a long time, the shadow of losses has loomed over Hive Box. Statistics show that from 2016 to 2020, Hive Box accumulated losses exceeding 2 billion yuan.

To turn around its losses, Hive Box attempted to explore new revenue models, but it faced controversies due to suspected inducement of consumption through "tipping" messages and charging rules. Nowadays, to make its wings more "plump," Hive Box is vigorously expanding into laundry, housekeeping, and other sectors. However, with the recent tightening of regulations on "not delivering to the door," Hive Box, which relies on smart lockers as its primary revenue source, will face even more severe challenges.

Storing an urn in a Hive Box locker costs only 55 yuan a year?

In recent years, with the acceleration of urbanization and the intensification of population aging, cemetery resources have become increasingly scarce, leading to soaring prices. According to third-party platform reference prices cited by China News Service, cemetery prices in China's first-tier cities are generally high. Among them, the average starting price for a cemetery plot in Beijing is 83,100 yuan, around 99,900 yuan in Shanghai, 43,300 yuan in Guangzhou, and 64,100 yuan in Shenzhen.

As many families lament the high cost of cemeteries, a netizen recently posted on Weibo, "Storing an urn in a Hive Box locker costs only 55 yuan a year," which immediately attracted a large number of netizens to view and participate in the discussion.

According to the netizen, after her friend's father passed away, they couldn't afford a cemetery plot, and their home was too small to accommodate a separate room for the urn. Eventually, her friend followed her suggestion and placed the urn in a Hive Box locker. "Hive Box lockers offer an annual membership card, eliminating the need for detention fees. It only costs 55 yuan a year. Isn't that a great deal?"

Regarding storing an urn in a Hive Box locker, some netizens believed it was "much more cost-effective than buying a cemetery plot." However, others expressed discomfort, saying it was "a bit scary." Additionally, some netizens questioned the authenticity of the claim, asking, "Is this made up? How could anyone store something like that long-term? And wouldn't the lockers be regularly cleaned?"

As more and more netizens participated in the discussion, on July 23, the netizen who posted the original Weibo issued another post, stating, "Hive Box lockers have clear requirements for prohibited items, and urns and other items are recommended to be stored in dedicated facilities, which better align with the relevant storage regulations of the Ministry of Civil Affairs. Due to a previously reposted post, it caused misleading information and negative impacts. I sincerely apologize once again."

As this hot topic continued to escalate, Hive Box, at the center of the controversy, also responded. Hive Box staff stated that after investigation and verification, a Weibo user had posted misleading and false information about Hive Box storage on July 18, which violated social norms and ethics. Hive Box requested the user to delete the post and apologized on the Weibo platform on July 22.

Hive Box customer service also noted that couriers clean out any overdue packages in the lockers every week to avoid such incidents. Subsequently, the hashtag "Hive Box responds to storing an urn for only 55 yuan a year" briefly topped Weibo's trending list. As of press time, the topic had been read 120 million times.

According to a Weibo post by Hive Box on July 23, Hive Box's prohibited items list mentions that Hive Box smart lockers strictly forbid the storage of perishable items, living animals, animal carcasses, bones, ashes, and other items that violate public order and good customs or may cause discomfort to others.

It is worth mentioning that in addition to the aforementioned items, flammable, explosive, leaky, volatile, damp, perishable, moldy, deteriorated, toxic, radioactive, corrosive, mutagenic, infectious hazardous materials; drugs and drug paraphernalia, firearms (including imitations, main components), ammunition, controlled instruments; and valuables worth more than 2,000 yuan or other items whose cash value cannot be determined are also prohibited from being stored in Hive Box lockers.

The notice further states that if the law or the agreement with Hive Box is violated, Hive Box has the right to take reasonable and necessary measures to avoid risks and damage expansion (including but not limited to canceling orders, locking compartments, calling the police, cooperating with law enforcement agencies for evidence collection or inspection, disposing of or returning your items according to the law, etc.), without assuming any responsibility and reserving the right to claim corresponding compensation.

Founder Xu Yubin's Journey from Courier to Hive Box Leader

Many people may not know that Xu Yubin, the founder of Hive Box, which now has smart lockers scattered across cities, initially started as an ordinary courier.

Born in Meizhou, Guangdong, in the 1980s, Xu Yubin didn't have a significant academic advantage. After growing up, he moved to Shenzhen and became a courier for SF Express. Despite the hard work, Xu Yubin never complained and always diligently worked on the front lines of delivery.

His efforts paid off. Through unremitting hard work and sweat, Xu Yubin not only won the trust of customers but also gained the recognition of the company. He was later transferred to work as a warehouse manager and customer service representative, and was promoted to positions such as regional warehouse manager and operations director.

In 2009, fate took a turn. On a chance opportunity, Xu Yubin was sent by the company to South Korea for exchange and learning. This overseas trip was like a window, exposing Xu Yubin to advanced warehousing and logistics technology abroad.

During his visits and studies, Xu Yubin also discovered that DHL, one of the Big Four international couriers, processed packages with remarkable efficiency. At that time, Xu Yubin and his colleagues could handle about 70 to 80 packages per day on average, but DHL employees could process over a hundred packages per day each.

After careful observation and analysis, Xu Yubin discovered the reason behind this efficiency – it was all thanks to an innovative storage and transportation method: smart lockers. At that moment, an idea silently took root in Xu Yubin's heart, "With the booming development of e-commerce in China, the demand for last-mile logistics delivery will be intense, and this will be our future opportunity."

Upon returning to China, Xu Yubin immediately shared his idea with his boss, Wang Wei (founder of SF Express). After listening to Xu Yubin's idea, Wang Wei gave it high praise and quickly allocated valuable resources from the team's innovation project to support it.

Initially, Xu Yubin's team developed a product similar to a locker. However, the project did not go smoothly at first. Due to insufficient density of courier outlets and packages, system integration was extremely difficult, requiring the integration of PCs, routing, time control, and asset handovers. When the product was promoted to one or two thousand units, it became very challenging, and the project eventually fizzled out.

However, Xu Yubin did not give up. Later, based on the locker prototype, he developed a product that could connect the courier and logistics systems, but high costs once again became an obstacle for Xu Yubin, and the project was shelved again.

Despite repeated setbacks, Xu Yubin did not abandon his persistence. A turning point emerged by chance when Wang Wei discovered that Xu Yubin was still working on this project through a strategic report by a colleague. Wang Wei then invited him to discuss the project's feasibility again.

In 2015, SF Express joined forces with STO Express, ZTO Express, Yunda Express, and GLP Group to jointly establish Hive Box Technology. Among them, SF Express held a 35% stake, while STO Express, ZTO Express, and Yunda Express each held 20% stakes, and GLP held a 5% stake. Xu Yubin, who had persevered in this project, became the leader of this company.

However, STO Express, ZTO Express, and Yunda Express subsequently announced the transfer of their shares in Hive Box Technology. By June 2018, all Tongda Express companies had withdrawn from Hive Box's shareholder list. In December 2019, GLP also exited from Hive Box's shareholder list.

According to Tianyancha, Shenzhen Hive Box Technology Co., Ltd. is currently chaired by Xu Yubin, who also serves as general manager and legal representative. In terms of shareholding, Shenzhen Mingde Holding Development Co., Ltd., Shenzhen SF Investment Co., Ltd., Shenzhen Hive Box Technology Equity Investment Partnership (Limited Partnership), and Huizhou Zhongchang Jinqisheng Venture Capital Partnership (Limited Partnership) hold 61.21%, 31.27%, 5.87%, and 1.66% stakes in the company, respectively. Wang Wei is the beneficial owner of the company, holding a 76.58% stake.

Valuation Soars, but Profits Remain "Unplump"

Over the years, Hive Box has leveraged technology to explore and satisfy customized needs across multiple scenarios, covering a range of smart terminal products such as smart lockers, intelligent micro-warehouses, package storage lockers, and government service lockers, deeply cultivating diversified services for the last mile.

In the "2024 Hurun Global Unicorn Index" released by Hurun Research Institute in April this year, Hive Box Technology ranked 270th with an enterprise valuation of 25 billion yuan. In contrast, Hive Box Technology's valuation was 7 billion yuan in the "2019 Hurun Global Unicorn Active Investors Top 100 List." Over the years, Hive Box Technology's valuation has increased by 18 billion yuan.

Despite its leading position in the industry, Hive Box has long faced the challenge of losses. According to Time Finance, since its comprehensive expansion in 2016, Hive Box has been in a money-burning state. From 2016 to 2020, Hive Box accumulated losses exceeding 2 billion yuan.

Facing years of losses, Hive Box has had to actively explore diversified revenue streams. In this context, Hive Box attempted to seek revenue growth from users, which led to some considerable skepticism.

In October 2019, Hive Box smart lockers were embroiled in a controversy over suspected induced consumption through "tipping" messages. At that time, some consumers found that when retrieving packages from Hive Box lockers, the screen displayed that the package had been stored for seven hours and required a one-yuan tip to open the locker and retrieve the package. However, after paying, consumers discovered that the payment step could be skipped.

In 2020, Hive Box introduced membership services and new overtime charging rules, but these moves sparked strong dissatisfaction among many consumers, with some residential communities even directly unplugging the charging cables of Hive Box lockers in protest.

Subsequently, the State Post Bureau summoned the principal responsible person of Hive Box Technology, requiring the company to actively take measures, proactively assume social responsibility, study solutions, adjust and improve charging mechanisms, and respond to reasonable user demands. Facing public opinion and regulatory pressure from relevant departments, Hive Box eventually had to make concessions and adjust its charging rules to appease public anger.

Meanwhile, as consumers' expectations for courier service quality continue to rise, particularly their insistence on "door-to-door delivery," Hive Box's smart locker business faces increasingly severe challenges. Since March 1 this year, the newly revised "Measures for the Administration of the Express Delivery Market" will officially come into effect, stipulating that unauthorized use of smart parcel lockers, express delivery service stations, and other means to deliver parcels without the user's consent will be subject to fines ranging from 10,000 to 30,000 yuan for serious violations.

Perhaps influenced by the new regulations, in March this year, some smart lockers were dismantled in some areas. In response, Hive Box stated that the relocation was a normal operational behavior to optimize resources for smart parcel lockers. Hive Box customer service explained that the reasons for the removal of Hive Box lockers may be related to circuit repairs, locker malfunctions, or the need to change locations after consultations with property management, and were not related to the new express regulations.

To break through the dilemma and find new growth points, Hive Box has also actively expanded its business boundaries in recent years, seeking new opportunities in diversified development. Radar Finance has noticed that on Hive Box's mini-program, in addition to conventional functions such as package pickup, express delivery, and storage, there are also menus for laundry and shoe cleaning, housekeeping services, fresh food malls, and Hive Box live streaming.

According to Jiemian News, Hive Box has built a laundry and care factory in Zhongshan, covering an area of 4,200 square meters. Hive Box claims that it took only 45 days from construction to commissioning, which was delivered in October 2023 and officially put into use in November.

Some analysts believe that as a smart locker-focused business, Hive Box's profit model is relatively simple, mainly relying on storage fees from couriers, overtime storage fees from users, and revenue from value-added services such as advertising. However, these revenues are not yet sufficient to cover its high operating costs, including equipment, depreciation, maintenance fees, rent, and labor costs.

Therefore, in terms of profit models, Hive Box needs to continuously explore and innovate to seek more diversified and sustainable revenue sources. However, whether expanding into the laundry and housekeeping markets can help Hive Box break free from its loss dilemma remains to be seen by time and the market.