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Business is booming but losing money every year, what happened to the subway?

Business is booming but losing money every year, what happened to the subway?

The following article comes from NetEase Digital Reading, and the author is NetEase Digital Reading

Author: Xin'er Kulolo

Sources:

NetEase Number Reading

(ID:datablog163)

Squeezing the subway to work in a big city can be said to be a nightmare for all migrant workers.

During the morning and evening rush hours, you don't have to walk on your own to get on and off the bus, everyone can do the suspension technique, and personal belongings can be damaged in battle.

It is not recommended to bring glutinous rice chicken, tea eggs and other foods on the bus, it will be squeezed beyond recognition. It's not surprising that half a slipper and a headset appeared on the ground, which were the wreckage of the "war".

According to the China Urban Rail Transit Association, one of the most crowded metro lines in 2022, Shanghai Metro Line 9 has a peak hourly cross-sectional passenger flow, that is, the number of people taking the line during peak hours, reaching 56,800.

It stands to reason that with such a high passenger flow, the subway company should make a lot of money. But the reality is that the subway in many cities is not only not profitable, but also loses money year after year.

Most of the city's subways are losing money

As of the end of 2022, Chinese mainland

(Unless otherwise noted, the subway data in this article do not include Hong Kong, Macao and Taiwan, China)

A total of 55 cities have opened urban rail transit.

Through statistics, we found that among the 31 urban metro companies that have published their 2022 annual reports, only five cities are still profitable after deducting government subsidies, namely Wuhan, Shenzhen, Jinan, Shanghai and Changzhou.

The remaining 26 cities are all losing money. In a slightly better situation, they can barely maintain a balance of payments by relying on government subsidies.

Business is booming but losing money every year, what happened to the subway?

Government subsidies related to the company's day-to-day activities are included in the "other income" in the annual reports of each metro company, and seven of them exceed 5 billion yuan.

Taking Nanjing Metro as an example, the government's subsidies are divided into three types: fare discounts, operating subsidies and special subsidies. Looking at it this way, in order to make the subway run normally, the government's money bag has not contributed less.

Affected by the epidemic in 2022, it is not surprising that the subway passenger flow will decrease, and there will be huge losses. But looking back at 2019 before the epidemic, the financial situation of many urban subways is not optimistic, such as Chengdu, Nanjing, Changchun, Qingdao and Xi'an Metro, all of which lost more than one billion yuan.

Business is booming but losing money every year, what happened to the subway?

Because the loss is too ruthless, it has forced the subway companies in many cities to "open up sources and reduce expenditures". The "open source" method is simple and crude, which is to increase the price of subway tickets in disguise.

For example, from September 2023, the "6% discount after 15 times" in the Guangzhou and Foshan Metro in the past will be replaced by a "full discount" - passengers can enjoy a 20% discount on the part of the cumulative actual expenditure of 80-200 yuan on the Guangzhou-Foshan Metro bus in a natural month, and a 5% discount on the part exceeding 200 yuan.

Suppose you are a migrant worker who wants to take the subway to the "Devil's Hell West" Tiyu West Road every day, take the subway 44 times a month to work, and the single fare is five yuan, which used to cost 162 yuan a month for commuting, but after the implementation of the new preferential policy, it has risen to 192 yuan, which costs 30 yuan more, which is equivalent to the price of two bowls of pork knuckle noodles.

There are many ways for the subway company to "reduce expenditure", such as learning from the charter wife in all power-consuming projects.

Since April last year, Hangzhou has opened the "compensatory holiday mode" in order to save electricity, suspending the operation of some escalators during off-peak hours. For this reason, some netizens ridiculed:

Hangzhou Metro Elevator took the lead in realizing the 8-hour working system, and also had two days off.

In 2022, Shenzhen Metro will carry out LED lighting renovation of the public lighting system of Lines 1, 3 and 5, which can save 11.42 million kilowatt-hours of electricity per year.

It's just that compared to the high cost of subway operation, these money-saving measures are just a drop in the bucket.

How hard it is to make money on the subway

The reasons why the subway loses money can be summed up in the same way: "spend more" and "earn less".

First of all, the cost of subway construction includes land acquisition and demolition, land construction, purchase of vehicles and mechanical and electrical equipment, etc., and each project is a "gold swallowing beast". Taking the third phase of Shanghai Metro Line 19 as an example, the total investment of 44.5 kilometers exceeds 60.5 billion yuan, and the average investment per kilometer is 1.36 billion yuan.

Moreover, the construction of the subway is only the first step, and the annual operating costs in the future are astronomical.

Operating costs include interest, depreciation, labor costs, energy consumption, and maintenance expenses. According to the statistics of China Urban Rail Transit Association, the operating costs of rail transit enterprises in China in 2019

(Excludes overhaul updates)

The median is $11.26 million per kilometre.

Taking Fuzhou Metro as an example, the operating costs in 2019 were as high as 1.345 billion, of which financial expenses and depreciation accounted for 70%. This is because a lot of the money for the construction of the subway was borrowed back then, so the subway company had to pay high interest every year.

In addition, the labor cost of Fuzhou Metro is also a large expense, spending more than 200 million yuan per year, and there are various service fees and energy consumption fees.

Business is booming but losing money every year, what happened to the subway?

How expensive is subway operation?

Ordinary passengers can see security personnel, station staff, and train personnel responsible for the operation of subway vehicles. In addition, there are people who are responsible for vehicles, communications, signals, and power supply behind the scenes that we can't see, such as the average 60-70 people per kilometer of subway in a first-tier city.

Not only the high cost, but also the single revenue generation channel of the subway is also an important reason for the loss. Many urban subways only rely on selling tickets to "return to blood", and whether they can cover the cost depends entirely on the flow of people and fares.

Don't look at the subway in big cities seems to be always overcrowded, but in fact, the "passenger intensity" of most urban subways is not up to standard.

The State Council has repeatedly stressed that the initial passenger intensity of China's subways should not be "less than 7,000 passengers per kilometer per day".

By the end of 2022, only six of China's 55 cities with metro connectivity met the passenger traffic intensity standard, namely Guangzhou, Shenzhen, Shanghai, Xi'an, Changsha and Beijing, according to the Urban Rail Association.

Even in 2019, when passenger traffic was higher, more than half of the cities did not reach the 0.7 standard line.

Business is booming but losing money every year, what happened to the subway?

These cities are either short in operation, expanding to the suburbs, and underpopulating, resulting in suburban traffic intensity. In addition to the morning and evening rush hours, it is the norm of the day to be in the carriage.

Besides, the fact that the ticket price is not high is not difficult to understand. After all, the public service attribute of the subway in China is stronger, which also determines that it is difficult for the subway company to make a profit by selling tickets.

In 2022, the average ticket income per person-kilometer of China's urban rail is 0.26 yuan, which is equivalent to a person taking 10 kilometers at a time, which will cost about 2.6 yuan. Compared with the average operating cost of 1.49 yuan per person-kilometer, it can be said that each person takes one kilometer of subway, and the subway company will lose almost one dollar.

Business is booming but losing money every year, what happened to the subway?

For example, the average fare of Shenzhen Metro in 2022 is 2.31 yuan/person. If the total operating cost of 10.231 billion yuan is evenly spread to the passenger volume of 1.6 billion passengers, it is roughly estimated that its operating cost is 6.39 yuan per person, which means that every time Shenzhen residents take the subway, the subway company will have to "post upside down" four pieces.

The subway can make a profit, mainly by the side business

The subway will lose money, which is actually a world-class problem, and the subway in many cities around the world is losing money.

But there are also cities that have come up with new ways to revitalize the asset of the subway, and the typical representative is Hong Kong.

Hong Kong adopts TOD

(transit-oriented development)

model, i.e. a "public transport"-oriented urban development model. To put it bluntly, it is to develop properties with subway stations as the core, and then feed back the subway operation after making money.

It is not difficult to understand the reason behind the subway company, the subway company bought the land around the subway, and built its own commercial, office and residential areas, etc., after the subway was opened, the land price and housing prices rose with the tide, and the subway company naturally made money.

This approach has attracted many mainland cities, such as Shenzhen, which is closest to Hong Kong.

Shenzhen was the first city in the mainland to introduce the "TOD model", and the gross profit margin of its subway operation business has been negative for many years, and it has not made any money at all, but it has achieved profitability by developing real estate.

In 2022, the operating income of Shenzhen Metro's "station-city integrated development" business will be 16.048 billion yuan, accounting for nearly 70% of its total revenue.

Business is booming but losing money every year, what happened to the subway?

Taking the first phase of the Shenzhen Metro project as an example, according to the radius of 500 meters around the subway station, the average value of the surrounding properties per kilometer of the first phase of the Shenzhen Metro is 1.56 billion yuan.

In addition to Shenzhen, metro groups in Wuhan, Changzhou and other cities have also followed suit, and have achieved profitability through the "TOD model".

However, there are exceptions, and Shanghai Metro's profit model does not rely only on TOD, but also finds another way to engage in a variety of side businesses, such as financial leasing and commercial factoring, where the Shanghai Metro Group sells subway vehicles to subsidiaries, and then rents them back for use at lower prices, effectively alleviating its own financial pressure.

Business is booming but losing money every year, what happened to the subway?

In addition, Shanghai Metro has even built a distributed photovoltaic power station on the roof of rail transit, generating nearly 30 million yuan in revenue in 2022, effectively making up for the lack of subway ticket revenue.

So, if there are so many ready-made methods, why do there still urban subways lose money?

The reasons behind this are complex.

Some cities are not as active as the real estate market in big cities such as Shenzhen, while others are limited by policy restrictions, such as Qingdao Metro, which rarely has underground commerce, and the proportion of commercial stations on top of the subway is also low.

Some cities actually don't need the subway so much, and building the subway is more like "decorating the façade". Dong Liming, a professor at Peking University's School of Environment, said that the subway needs to form a transportation network to be efficient. In some second- and third-tier cities, it is meaningless to build only one or two lines totaling tens of kilometers. In addition, the construction and maintenance costs are too high, and it is easy to become a burden on the local economy.

However, in the final analysis, as an important part of the city's infrastructure and public transportation system, the subway is ultimately for the public, and it is good to be profitable, but passengers are most concerned about whether it is really convenient for daily travel.

So even if migrant workers experience the Spring Festival on the subway every day when they commute, they can still endure it by gritting their teeth, who makes the subway cheap and punctual?

Resources:

[1]. China Urban Rail Transit Association. (2023). 2022 Annual Statistics and Analysis Report of Urban Rail Transit.

[2]. Jiang Yue. (2019). Thoughts and Suggestions on the Subsidy Mechanism of Subway Operation: A Case Study of Nanjing. Modern Urban Studies, 6.

[3]. Guangdong Provincial People's Government. (2023). Guangzhou public transport fare discount adjustment plan will be implemented from September 1.

[4]. Shenzhen News Network. (2022). More than ninety percent of citizens choose public transportation to travel.

[5]. Li Wenxing, & Yin Shuai. (2012). Cost Composition Analysis of Urban Rail Transit, Transportation Systems Engineering and Information Technology, 12(2), 9-14.

[6]. National Development and Reform Commission. (2018). Shanghai Urban Rail Transit Phase III Construction Plan.

[7]. China Urban Rail Transit Association. (2021). Urban Rail Transit Development Strategy and "14th Five-Year Plan" Development Ideas Report.

[8]. Ministry of Transport. (2018). Regulations on the Operation and Management of Urban Rail Transit.

[9]. BJMTR. (2018). Rail transit needs sixty or seventy staff per kilometer, and there will be a gap of about 25,000 in the next three years.

[10]. National Development and Reform Commission. (2015). Notice of the National Development and Reform Commission on Strengthening the Management of Urban Rail Transit Planning and Construction.

[11]. Central People's Government. (2018). Opinions of the General Office of the State Council on Further Strengthening the Management of Urban Rail Transit Planning and Construction.

[12]. China Urban Rail Transit Association. (2020). 2019 Annual Statistics and Analysis Report of Urban Rail Transit.

[13]. Shenzhen Metro Group Co., Ltd. Shenzhen Metro Group Co., Ltd. 2022 Annual Report.

[14]. Shenzhen Metro Group Co., Ltd. (2023).2020 Fifth Shenzhen Metro Group Co., Ltd. Corporate Bond Prospectus.

[15]. Shanghai Shentong Metro Co., Ltd. (2023). 2022 Social Responsibility Report of Shanghai Shen Metro Co., Ltd.

[16]. Yuan Yixue. (2015).“ China Science News.

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