"Because JD.COM sells electronic products, JD. COM package is either a mobile phone or a digital notebook. So all the express delivery companies in China, when they heard about JD.COM. COM products, oh, right away! Steal! "
"No one stole goods from Taobao, and finally opened a Nike, which is still fake ~"
"Anyway, the price of the products we sell is too high. So, I decided to do logistics. At that time, I found that the logistics industry in China was extremely poor, with low efficiency, high cost and poor service. "
"Since there is no decent company in the express delivery industry in China, it is an opportunity for me. I have a lot of business. If there is a problem in any industry, it is an opportunity for JD.COM. If an industry is perfect, JD.COM never touches it, because that means you have almost no chance. "
Ten years ago, in a public speech, Liu recalled why he decided to do self-operated logistics.
In just a few words, Dong Ge not only confessed the history, but also hacked a Taobao, diss the whole logistics industry and finally got a value.
This is an introduction.
16 On the evening of February 6, Jingdong Logistics, which was repeatedly rumored to be listed, finally formally submitted an application for offering shares to the Hong Kong Stock Exchange.
This is the third company listed by JD.COM Group after JD Health and JD.COM Mathematics.
Good enterprises will be torn to pieces. I have to say that JD.COM is indeed a pioneer in anti-monopoly.
Take a closer look. At present, 79. 12% of the equity structure of Jingdong Logistics still belongs to JD.COM Group.
JD.COM Group also indirectly holds 865,438+0.04% equity of JD Health, which has been listed on the other side.
Still a group of executives, the anti-monopoly is still not thorough enough.
Jokes are jokes.
The apparent reason is mainly the global water release and high liquidity expectation. After 202 1 year, domestic and foreign funds are pouring into Hong Kong stocks at an accelerated pace, making this capital market at its best stage in history.
Especially not long ago, the unexpected performance of Aauto Quicker made people once again clear the status quo of "more money and less standards". As a unicorn that has been prepared for many years, Jingdong Logistics should speed up its listing.
Why do you want to dismantle so many subsidiaries? Some people say that this is to capture the hot money in the capital market.
I think this statement is completely correct.
However, there is no need to criticize things within the scope of the rules.
The only thing worth mentioning is that JD Health still adopts the traditional A/B dual shares of JD.COM Group. Among them, Class A shares have one vote per share and Class B shares have 20 votes.
After the Mingzhou case, Dong Ge, as the second largest shareholder of JD.COM, was able to sit firmly on Diaoyutai after the stock fell like a bear, because his B shares gave him 80% of the voting rights.
According to the story of Wall Street, it was more like Liu's kingdom.
Even in technology companies where AB shares are common, Liu's control over them is rare.
According to The Wall Street Journal, JD.COM. According to the internal regulations of the company, the board of directors shall not hold a formal meeting without Liu.
In other words, there is no Liu, JD. The board of directors of COM will not be able to meet normally.
Although everyone feels that the personal bond with Liu is not as close as before, from the perspective of asset structure, investment can still be equal to investing in a strong brother.
Going back to AB mode, the theoretical risk is that after the spin-off and listing of JD Health, JD.COM can still control JD Health even if it reduces its holdings to 3%.
The same architecture, visible to the naked eye, will also be applied to Jingdong Logistics.
Let's stop here, and then go further, it is your cognitive judgment on human nature and modern business operation rules.
My side only provides a neutral viewpoint information, that is, "investing in JD.COM means investing in a strong brother".
There are two key messages about the prospectus of Jingdong Logistics.
The first is the problem of making money.
In this regard, the answer given by Jingdong Logistics is quite good.
As of the latest time (the first three quarters of 2020), Jingdong Logistics is still losing money, which is about 1 17 1 ten thousand yuan.
This is not uncommon. In our cognition, Jingdong Logistics was originally the "burning fuel tank" on this huge ship.
Use the loss of logistics to prop up the competition barrier of the whole B2C e-commerce model, and use the quality of service to gain the trust of high-net-worth people.
Therefore, judging the problem of making money in Jingdong Logistics still depends on gross profit.
According to the prospectus, in 20 18, the gross profit of jingdong logistics was 108 billion yuan, and the gross profit margin was only 2.9%.
In 20 19, the gross profit increased to 3.43 billion yuan, and the gross profit rate increased to 6.9%.
In the first three quarters of 2020, affected by the epidemic, the government further increased its subsidies to Jingdong Logistics. In the first three quarters of 2020, it subsidized Jingdong Logistics by 298 million yuan.
In the end, the gross profit of Jingdong Logistics in this period was 5.42 billion yuan, and the gross profit margin also reached 10.9%.
Generally speaking, the positive trend is very obvious.
According to the prospectus, the accumulated revenue of Jingdong Logistics in the first three quarters reached 49.5 billion yuan, and the revenue generated by integrated supply chain customers accounted for 79. 1%.
Another interesting detail is that in the prospectus, Jingdong Logistics specifically mentioned SF Express, saying:
"Compared with SF, Jingdong Logistics has obvious advantages in warehousing and distribution services, large-scale commodity logistics services and logistics technical services. And can provide customers with integrated supply chain logistics services. "
Deny that SF is its own competitor.
If you boast, you don't have to look closely. The core selling point is "supply chain logistics service", which is in the same strain as nearly 80% of the income sources.
The other part is customers from outside.
According to the prospectus, the proportion of revenue of external customers of Jingdong Logistics has been increasing, from 29.9% in 20 18 and 38.4% in 20 19 to 43.4% in the first nine months of 2020.
Therefore, in the impression of the outside world, Jingdong Logistics mainly earns its own money and does "business from left pocket to right pocket"-this phenomenon has begun to become a thing of the past.
Combining the above two points, it boils down to one sentence: "JD. COM began to earn money from outsiders, relying on the supply chain empowerment ability of logistics. "
Because Jingdong Logistics was born in the e-commerce system, it is genetically different from the external logistics company that was born in the grass roots.
One of the obvious advantages is the natural pursuit of "inventory management" and the data technology ability of "sales forecast".
After accumulating a lot, Jingdong Logistics has also begun to export this ability to help B-end enterprise customers optimize supply chain logistics.
Home appliance enterprises such as Midea Group and Gree Electric can provide "one-stop" services such as goods distribution, raw material distribution, last mile installation and warehousing management for their nationwide supply chain logistics needs.
However, in terms of absolute strength, the data shows that by July 2020, the fleet size of SF Airlines has increased to 60. In the first half of this year alone, the total volume of SF Airlines' all-cargo international routes exceeded 40,000 passengers.
In addition, in order to meet the urgent international air transport demand for epidemic prevention materials and other goods in the external market, SF International quickly opened 18 international all-cargo flights from China to America, Europe, South Asia and Southeast Asia.
In terms of technology, SF Technology's intelligent logistics system research and development and industrialization projects based on artificial intelligence technology have also landed.
Comprehensive use of artificial intelligence, machine learning, big data and other technologies to land business, assist decision-making, strengthen resource integration and logistics process optimization.
Around this point of logistics, it has been deeply rooted in the hearts of the people.
In the short term, there are some differences between the business models of Jingdong Logistics and SF Express, but as time goes by, both parties will step on each other's service territory.
From a strategic point of view, Jingdong Logistics is doing a big and comprehensive thing.
Try to provide a complete package from the customer's point of view.
First of all, we grabbed the plates of Suning Logistics and Gome, and then quickly disappeared, such as Coca-Cola's national distributors and other channels.
Finally, it is fully infiltrated into manufacturing and agriculture. Provide services in raw materials, transportation of finished products, national distribution and even classified packaging, and * * * build with China Speed 3.0.
However, SF is only making every effort to make a single breakthrough, and increasing the capacity and efficiency around logistics and transportation through aircraft and technical means. There are not so many stories to tell.
In this regard, I just want to say one enterprise, Xiaomi.
At the beginning, Xiaomi's idea was to develop ecology and engage in the Internet model. Mobile phones don't let you make money, but make money by selling services. Strive to build an ecological chain, a long-term model, and "get in the way."
But in 20 16, it will almost collapse, because other competitors represented by Huawei in the market are very honest, selling a mobile phone to earn a share of money, and the single-point mode of profit superposition of single products is "dividing the spoils".
Xiaomi realized this, left his cognition in the category of cost performance, and instead spread out luggage, patch panels, charging treasures and other businesses, making profits bit by bit.
Another company refused to admit it, and finally "ecologically turned" to the United States and refused to come back.
JD.COM is a centralized enterprise.
Centralization has the advantages of centralization, low decision-making cost, long-winded elite and quick turn-this point, we can understand too well.
In the middle of last year, on the eve of JD.COM. After returning to Hong Kong stocks, he put forward a lot of strategic thinking about Liu.
Late at night on May 19, Liu sent a letter entitled "Who is JD? COM ",6000 words long.
My understanding is that JD.COM is prepared to give up the traffic business (or just defend the status quo) and make great strides on the road of 2B enterprises in a "technology-enabled society".
Among them, the original sentence with clear intention is:
"We will unswervingly transform into a technology-driven supply chain service company."
“JD。 The strategic positioning of COM Group: We are a technology and service enterprise based on supply chain. "
After more than half a year's observation, I think Dong Ge is not joking, and a series of related landing actions are extremely fast.
The first big move is to be the leader of live e-commerce.
After reaching a strategic cooperation with Aauto quickless, JD.COM no longer insisted that the trading scene must be on his own website, but turned completely behind the scenes with the mode of e-commerce in Aauto quickless.
From paying advertising fees for diversion to faster Aauto (e-commerce status), it has changed to charging faster Aauto's supply chain technical service fee (supply chain service provider status).
However, the separation and listing of Jingdong Logistics and JD.COM Digital Branch revealed more information and showed JD.COM's established achievements. COM, and laid the corresponding structural organization.
According to the prospectus, in 2020, the number of customers of Jingdong Logistics enterprises will exceed 1.9 million, and its integrated supply chain solutions will cover FMCG, clothing, home appliances, furniture, 3C, automobiles, fresh food and other industries.
JD.COM Digital's prospectus also mentioned that digital solutions for businesses and enterprises, as well as digital solutions for the government and other customers, are rapidly rising and becoming the revenue pillars of this enterprise.
And all this is what we said before: technical empowerment around the supply chain.
This is a huge blue ocean market, from the upstream raw materials trading to processing into products, and then through the distribution network, relying on the logistics system to send products to the terminal.
In this process, the functional network connecting manufacturers, suppliers, distributors and terminals belongs to the category of supply chain.
Now all the giants, big and small, from the Internet to logistics to retail to hardware manufacturers, are more or less actively deployed in this field.
Some are research institute models (Ali, Tencent), some are single-point breakthrough models (Huawei, Xiaomi, SF), and some have internalized this system into their own business scope for a long time and have been constantly improving it (Wal-Mart, Suning, Apple, etc.). ).
But JD. The strategic intention of COM is obviously stronger than that of other companies.
This is undoubtedly a huge dream.
Perhaps, JD.COM will grow into the lowest technical service provider, Jingdong Logistics will help every enterprise to realize JIT (Zero Inventory Production Mode) smoothly, and JD.COM Mathematics will install the brain of algorithm optimization for every enterprise, and all enterprises cannot do without it.
Or perhaps, JD.COM will only become a crutch for SMEs. When it grows up, it will be kicked away.
The "exclusive seller of air" is really promising, but it's also a bit scary, isn't it?