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Jingdong doesn't like "saving money" for low profit margin operation
2021-08-31 06:09:56 【TechWeb】
TechWeb writing / Old meow
“IPO harvester ” JD.COM , The second quarter report card was handed over before the US stock market yesterday . When we looked around , JD continues to maintain growth momentum on several key data . however , In the new competitive environment of e-commerce industry , From the financial statements , You can also see , Another transformation of Jingdong .
Today, , For Jingdong 、 Ali , No longer willing to show their edge . While ensuring high-profile business progress , In terms of enviable profits , But no longer high-profile . This time, , Jingdong used a seemingly poor financial report to show this .
New business runs fast The old retail business is the most stable
For e-commerce enterprises , Sustained high-speed growth is the key to not falling behind and not being abandoned by the market . The two quarter , Jingdong's revenue broke through again 2000 One hundred million yuan , achieve 2538 One hundred million yuan , Year-on-year growth 26.2%. In terms of growth rate , JD is still on a fast growth track . however , Month on month... Of the previous quarter 39% In terms of the growth rate , Performance can only be said to be average . In contrast , Ali's Q2 The revenue growth rate exceeded 30%.
According to the information disclosed in Jingdong financial report , Jingdong's income mainly comes from two aspects , They are goods and services , Among them, the net service income reached 341 One hundred million yuan , Year-on-year growth 49.17%, The proportion of the total net income is 13.4%; Net Commodity income is 2197 element , It is still the main source of income of Jingdong . And this , It also reflects that Jingdong starts from “ goods ” towards “ goods + service ” Changing the way of thinking about new growth .
In terms of business division , Jingdong's three business lines have enjoyed good growth . In terms of volume , JD retail is still the revenue of the group , Contributed to 91% Revenue , achieve 2326 One hundred million yuan . however , In terms of growth rate , Although the retail business is stable , however 22.37% However, the growth rate of is lower than that of the overall revenue . In contrast , Although there is a certain gap between logistics and new business and retail in volume , But the growth rate is better than the overall growth rate , Reach respectively 45.71% and 60.25%.
This year, 618, Jingdong set a new record again . According to the official figures ,2021 year 6 month 1 Japan 0 these 6 month 18 Japan 24 when ,2021“ JD.COM 618,18 anniversary ” The cumulative order amount exceeds 3438 One hundred million yuan .
It is worth noting that , stay “ A choice ” Make complaints about Tucao and supervision , More and more brands are returning to Jingdong . According to the information disclosed by Jingdong on the teleconference after the release of the financial report , From the end of last year to the beginning of this year , Some new brands have joined in succession , And brands that left due to the rule of "one out of two" in the past returned to JD , Returning brands include Starbucks 、 Estee Lauder . For Jingdong , These returning brands , It can not only enrich the number of products on the platform , It can also attract more levels of consumers to return .
In a conference call after the financial report , Jingdong retail sub group CEO When talking about the changes in regulatory policies, Xu Lei said , The essence of these changes is when the industry is developing rapidly , The regulatory system has made adaptive improvements . We believe that these regulatory policies are not restrictions and pressure on the Internet and related industries , But by creating a fairer competitive environment and a more standardized business environment , Promote the long-term sustainable and healthy development of the industry . We believe in the general direction of regulatory policy , Contribute to the long-term development of JD's business .
One season new 3200 Million users hit a record high, and the incremental growth rate beat Ali again
Jingdong in transition , Give the greatest impression , Just focus on the growth of new users , And the activation of old users . There are users, there is a future , It's growth . Whether it's Jingdong , Or Ali and pinduoduo , We are increasing investment in the new .
Although compared with ALI and pinduo , JD still has a certain gap in the number of users , But in terms of growth rate alone , JD's performance is commendable , The growth rate of users in a single quarter once again exceeded that of Alibaba . data display , By 2021 year 6 month 30 Japan , Jingdong past 12 The number of active customers in the past three months has reached 5.32 Billion , A net increase over the same period last year 1.15 Billion , One season new 3200 Million hit an all-time high .
It is worth noting that , Among these new growth users , Sinking the market has played a great role , exceed 70% The goods purchased by active users are delivered to third to sixth tier cities . meanwhile , In a conference call , JD.COM CFO Xu ran said , The quarter on quarter growth of Jingxi's daily sales and sales exceeded 300%, The number of active users is growing faster , It is expected that the growth trend of order frequency and order volume of new and old users will continue in the second half of the year .
however , Compared with the barbaric growth era of the early development of the Internet , Now the cost of new users is also rising . In order to attract new and activate old users in the second quarter of JD , The investment in marketing has also increased significantly , The second quarter reached 106 One hundred million yuan , Year-on-year growth 56%, And this growth rate also exceeds the growth rate of revenue .
Deliberately not saving money ？ What is Jingdong thinking
Compared with the data of revenue highlights , The two quarter , JD's performance in profit , But it has become the “ Failure in writing ”. data display , JD's operating profit in the second quarter was 3 One hundred million yuan （ about 4,660 Thousands of dollars ）; The net profit attributable to common shareholders is 7.9 Billion , fell 95.2%. Non US GAAP （Non-GAAP） The net profit attributable to common shareholders is 46 One hundred million yuan , fell 22%. Although JD is still profitable , However, the last year-on-year decline in profit data dates back to the first quarter of last year, when the epidemic was the most serious .
If only from the financial report data , The loss of logistics business and new business is the main factor of profit decline . As the core business of the group , Although the revenue growth of retail business is running slower , But profits have taken a big banner . In contrast , The revenue growth of logistics business and new business is bright , But the loss data is also eye-catching . among , The operating loss of the new business exceeded 30 One hundred million yuan , The operating losses of logistics business also have 3.6 One hundred million yuan . In contrast , In the same period last year, the logistics business had 21 Operating profit performance of 100 million yuan .
What's interesting is that , Not just JD , At this stage, major enterprises like to “ hide ” get up , Don't want to be a head bird , Be as low-key as possible . For Jingdong , The decline in profits does not mean that business is not doing well , The money earned is quickly invested in new businesses and benefits to employees , Continue to operate with low profit margin , It has become the current strategic direction of JD .
According to the data released in the financial report , By 2021 year 6 month 30 Japan , The number of employees of listed companies and non listed companies of JD system is nearly 40 ten thousand people （ In addition to part-time personnel and interns, the number of listed companies exceeds 32 10000 employees ）, Compared with the same period last year 12 ten thousand people , Employee compensation 、 Welfare benefits have been steadily improved .
First half of this year , Jingdong Logistics is 26 The average monthly salary paid by 10000 front-line employees exceeds 1.1 Ten thousand yuan , At the same time, it also provides six insurances and one fund for logistics brother, including accidental injury commercial insurance . Jingdong group recently announced , since 2021 year 7 month 1 The day begins 2023 year 7 month 1 Japan , In two years , The average annual salary of employees will be increased from 14 The salary gradually rose to 16 pay ; Besides , JD also provides employees with services such as " The settlement plan "、 Employee Assistance Fund 、 Children's reunion allowance for overtime employees during the Spring Festival 、 Special environmental subsidies 、 And a series of benefits such as COVID-19 insurance. .
In addition to expanding the scale of employment and employee compensation and benefits , Jingdong has also entered a new round of investment period , And this also determines that you can't hesitate to spend money , If you move late, you may have to spend more money and time to catch up . In research and development , data display , from 2017 Since the beginning of the year, the company has been fully transforming to technology , JD system has invested nearly in technology 700 One hundred million yuan . also , Over the past year , JD continues to increase investment in infrastructure . By 2021 year 6 month 30 Japan , JD logistics has been operating for about 1200 A warehouse , Including the cloud warehouse area of JD logistics management , The total area of Jingdong Logistics Warehouse is about 2300 Thousands of square meters .
Continuous technical investment , It also improved JD's operation efficiency in the later stage . data display , The two quarter , When self operated commodities reach 900 ten thousand SKU On the basis of , Jingdong will further reduce inventory turnover days to 31 God , Performance cost rate reduced to 5.8%.
in addition , In a conference call , Xu Lei also revealed that ,“ A choice ” After supervision , For returning or newly added brands , JD has implemented support plans for businesses at different levels , Including the spring seedling plan for new brands , Including the planning for the growth path of key customers .
“ JD has long adhered to the correct and successful business values , In essence, it is in line with the principle of good business ”, This is the Jingdong development view given by Xu Lei . In this strategic context , The continuous low profit margin is also the norm in the future . And in the new regulatory environment , JD is also ushering in a new round of opportunities and challenges . It's just , Compared with the past, I want to do “ top student ”, Now how to fulfill social responsibility quickly is more important .
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