Recently, JD Digits officially submitted its prospectus to the Shanghai Stock Exchange. The Science and Technology Innovation Board will officially usher in the "first digital technology stock", with an estimated valuation of approximately RMB 200 billion. In the prospectus, a new pan-ToB service company that is different from traditional ToB companies has appeared on paper.
In recent years, whether in terms of strategic layout or business evolution, Chen Shengqiang, the head of JD Digital, has emphasized on many occasions “growth as the core”, “openness” and “***” "Built" two-wheel drive is no lie. Among all the information disclosed to the public, in addition to the eye-catching data, two are particularly eye-catching. How did JD Digits evolve from a low-key "pioneer" to an ecological-level "blood-former" to achieve a valuation of 200 billion in one fell swoop? The answer may be gleaned from this:
First, it is the first time that JD Digits has disclosed its revenue model: implementing the core business logic of "customer-centered", JD Digits divides its services according to its service industry and customer type. The main business is divided into three parts: digital solutions for financial institutions, digital solutions for merchants and enterprises, and digital solutions for governments and other customers. It has achieved full coverage of ToF, ToB, and ToG, and has been transformed into a new industry digital service company.
Judging from the two major highlights, it can be observed that what supports the clear revenue model established by JD Digits is the evolutionary path of development strategy that adheres to the logic of growth and pursues long-term value. Creating and sharing incremental value has always been the targeted elixir of industrial digitalization among JD Digital’s values.
Looking back on its two major iterations and three major development stages, the road for a good company is always getting wider and wider.
As we all know, JD Digits’ 7-year development path was born out of digital finance, grew in financial technology, and evolved and prospered in digital technology. Accompanied by a number of "firsts", "firsts" and gradually participating in a number of national key scientific research projects, its business expansion at each stage not only shows the development context of a typical digital technology enterprise, but also fully demonstrates the digitalization process of an industry. Overview:
In the entry stage of industrial digitalization, today’s familiar digital technologies such as AI, IoT, and big data were still in their infancy at the time. Helping the industry solve bugs was the first priority to assist enterprises at this stage in digitalization. Mission: In the early days, based on JD.com’s existing supply chain and strong self-built logistics system, JD Digits single-handedly promoted proliferation services with supply chain finance and consumer finance as breakthrough points, seeking to digitize existing processes and expand scenarios. boundary. In the later period, successive projects such as the "AI Optimized Thermal Power Generation" project in cooperation with the National Energy Group and the digital farming and animal husbandry solution based on IoT devices led by "Pig Face Recognition" were still aimed at tapping existing value and reducing costs. Efficiency enhancement is still the core keyword.
Following this, meeting the development needs of various industries and key enterprises has become the focus: JD Digits keenly captured the strong digital transformation needs of banks, and immediately increased investment in financial cloud, and from this During the period, it continued to export data middle-end, intelligent decision-making and operation systems and architectural capabilities to financial institutions in a componentized manner, helping financial institutions improve their R&D efficiency, operational efficiency and open banking. At the same time, it realized the switch from the financial model to The technological model of changing lanes and overtaking started a long-term tug-of-war process of continuous exploration and mutual learning that continues to this day.
Therefore, the emergence of a new "TIE" model makes digital ecology the golden key for JD Digits to break the old pattern and create a new balance.
Judging from its appearance at the Service Trade Fair to the recent asset management conference held by JD Digits, JD Digits has currently interpreted the TIE model through the two fields of smart cities and financial management. Two nested " The "digital ecology" system is working:
At the top level, the "one core and two wings" system based on the city's operating system (that is, with "city governance modernization" as the core, develops "AI+ industry development that serves enterprises" and "Lifestyle Service Industry") use a city-specific big data and AI platform that integrates collection, storage, management, analysis, and visualization to help the government conduct macro-monitoring of city operations, solve refined management problems, and achieve Data security is connected; on the other hand, it provides industrial partners with professional, standardized, intelligent, and platform-based AI component services, allowing many companies to develop their own applications on the city operating system and deeply participate in the construction of smart cities. This system directly leverages the government and industry parties to build a virtuous cycle of mutual support, mutual linkage, and synergy. It uses "digital ecology" to help the government build smart cities. It not only pursues safety, stability, and better social governance, but also We also hope to promote industrial growth and improve people's livelihood.
Industry and people’s livelihood are closely related. If digital technology is the greatest common denominator of industries, then there is no doubt that JD Digits regards financial technology, which has entered the deep water zone, as the greatest common denominator for the linkage between industries and between industries and external resources. JD Digits serves the digitization of financial institutions. Based on the two "integrated vertical and horizontal" service systems of T1 Financial Cloud and JT? Asset Management Technology Platform, it is not only a simple information display and transaction matching platform, nor is it limited to packaging or modularization Customized operating systems and solutions, but as an open platform that deeply connects finance and real industries, enables the two fields of finance and industry to have closer scene connections based on the new variable of "data", creating another layer of "digital" Ecology" allows financial services to intervene in the industrial growth model earlier and more effectively, taking digitalization as the core logic, and simultaneously building the "second growth scenario" of financial institutions.
Looking at the history of changes in JD Digital’s overall strategic development and business layout, the birth of the connection (TIE) model is no accident. JD Digits strives to explore long-term value and use master's ingenuity to create "irreplaceability" that exceeds profit targets: without continuous accumulation, there will never be a magic weapon that comes from heaven.
The TIE model is not a castle in the air. Its bottom layer is actually the most fundamental "user + data + technology + industry know-how" of JD Digits. Among them, data and users are the key elements that distinguish JD Digital from traditional technology companies. Both come from the use of digital technology by JD Digital in digital scenarios such as retail, travel, tourism, campuses, bulk commodities, agriculture, animal husbandry, and ports. Practice, through the "digital ecology" cycle advocated by the TIE model, once again affects the process of industrial digitalization.
From the information disclosed in the prospectus, it can be learned that Mathematics is continuing to increase technology investment and talent team building, and more than 70% of the funds raised will be directly used for projects related to technology and digital service upgrades. It can be predicted that based on a solid foundation, JD Digits will continue to use its own digital technology and ecology to establish a digital platform to empower real enterprises, help industries upgrade their business models, help industries achieve digital transformation, deeply expand industry value space, and ultimately promote the real economy. and capital markets were upgraded.