Jingdong's revenue growth rate Heat two year low VAT "continued" – e-commerce – cnBeta.COM



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In the "Bone Treatment", Jingdong announced its first quarter results for 2019. The financial report shows that the Jingong Q1 net profit of 3.3 billion yuan, a year-on-year increase of 215%, a record high. Net income is 121.1 billion yuan, higher than market expectations. At the same time, after the "brothers" started and laid off a lot of employees, the Financial Report also released the latest data from a group of employees: an increase of about 16,000 people over the same period last year.

China Dapeng technology

Overall, this is a "bright eye" transcript. However, its revenue growth rate has hit a new low in the last eight quarters.

What is more noteworthy is that the renewal of Jingdong and Tensing is also being finalized in the financial report: Tencent will continue to provide Jingdong with a prominent first-and second-level entrance on its vane platform, bringing traffic support to JD.

However, this agreement has changed from the previous five years to three years, the cost is to issue a certain number of class A common stock to ten, the price of more than 250 million dollars.

If there is no "continue", could Jingdong "remove" again?

5 years to 3 years Tencent "left to retreat"?

Hechat is a "big cake" and there are many people.

In August last year, Vichat announced a set of data, and its daily active users exceeded 1 billion. This means that this is a top-of-the-line app with 1 billion traffic.

Twelve squares, Jingdong lived for a long time, how big is the harvest?

In July last year, Liu Qiandudong gave an interview with Fortune magazine. He said, "The duty of vetchat is very important to us. So far, among all new customer customers, Whchat has brought in 1/4 new customers."

Every year, in the 6.18 and 11th shopping festivals, the "shopping" entrance on the Vehchat "Discovery" page will be changed to "JingDong Shopping." The left after the opening is the main location of the Jingdong Dodge activity, which is also great. Traffic support.

It is also one of the owners of the twelve squares, but only has a second entrance. Even so, it has gained huge amounts of traffic and assets. In this multi-share prospectus, it is stated that the secondary-level import of wechat is calculated as an immitable asset of 2,852 mexia dollars for a period of five years, equivalent to 570 million US dollars. There. Dollars per year, nearly 4 billion yuan.

But before, the agreement between Jingdong and Tent is five years.

On March 10, 2014, Jingdong and Tentong reached a strategic cooperation. The main cooperation content is: Tencent free of charge to JD.com's first class shopping portal on major social platforms such as WHCHAT and QC in five years.

By April this year, the agreement between the two officially expired. It has been speculated that JD.com's level of shopping is likely to change to a lot of competition. The emergence of strong implementation of this growth has created a huge contrast with JD's "wheeling" performance.

Fortunately, Jingdong announced the renewal of the news in Q1 financial report.

From this point of view, for tensent, which does not do e-commerce, Jingdong, but still great value. After all, it can compete with Alibaba, except for Jingdong and many others.

However, the contract period is also shortened to three years. Some analysts believe that tenants could be "returning the way" for themselves, too long in the last five years. "It's enough to see the development trend of a company in three years." After all, the fight is too strong and Tencent has the opportunity to pick up after three years. ".

The famed Jingdong entrance is different from the Jingdong app homepage. The first push

The famed Jingdong entrance is different from the Jingdong app homepage. First push 9.9.

For JD.com, the importance of Vechat level entry is evident.

For example, Jingdong is buying and selling, which is counted as a "tool" to compete with the fight. In the wired JingDong shopping, you can see the "9.9 layout" option on the first screen, which is different from JingDong's own app. In addition, six traffic portals, including dichat and mobile CC, provide huge traffic for Jingdong.

In short, JD's future growth potential, as well as the ability to sink the third and fourth-tier cities, is inseparable from aid for Vechat.

After 3 years, can JD borrow "vetchat" from whatchat to "overtake" in the sinking market?

Revenue growth rate hit a two year low

Check out the financial release data again. According to the disclosure, Jingdong Q1's net revenue was 121.1 billion yuan, a year-on-year increase of 20.9%. Among them, the net service income is 12.4 million yuan, a year-on-year increase of 44.0%.

Overall, its revenue is still growing, but its growth rate of 20.9% is slightly "weak". In the past, the growth rate of Q2 in 2017 was 42.9%. Since then, the growth curve has been falling decline to 20.9%, falling by 22% in two years, record low growth rate over the past two years.

Of course, the revenue growth rate of the e-commerce platform generally shows a downward trend. For example, in Alibaba, in its Q3 2019, the 41% growth rate also hit a two year low, and for the first time fell below 50% red, showing a continued downward trend.

Another highlight of the earnings report is net profit, which has reached a high level since listing.

Jingdong, which has been named "Loss King" all year round, has achieved constant profitability. In Q1, non-GAAP (Non-Gaap) net profit attributable to ordinary shareholders increased by 215% year-on-year to RMB 3.3 billion, compared to $ 1 billion in the same period last year. Jingdong also made the profit margin of Jingdong, the main position: the operating profit of retail sales reached 2.7%, up 0.6% over the same period last year.

It is noteworthy that the Jingong also released a group of employees: As of March 31, 2019, the number of Jingdong staff exceeded 179,000, an increase of about 16,000 over the same period last year. In the first quarter of this year, more than 1,000 people were up compared to the fourth quarter of last year.

The number of employees who do not fall back and the rise seems to be very different from the outside information: Since the beginning of last year, news of layoffs about Jingdong has been constant. Some say "There are hundreds of people leaving the Company one day ", and they are accompanied by screenshots from the queue to leave. Jingdong's resigned staff also revealed that China's internal staff was optimized. The small household appliance section, for example, the former business structure, was the third party brand with the Jingdong Sales Manager, and the sales manager reported. Custodian. After the adjustment, the manager manager of the sales manager was cut off.

In short, from Q1 financial reporting, although the negative news of the Jingdong is so rampant, the personal incident of Liu Qi Kyongong is not scattered, but the Jingdong's overall performance was considered a good growth momentum.

Under the organizational reform and whatchat help, can jingdong after the "healing" be "take away"?

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