Text | AI Finance and Economics Society Liu Xueer
Edit | Sun Jing
On the evening of November 16, JD.com released its third quarter 2020 financial report, and the quarterly competition of the Big Three of e-commerce companies officially ended.
Alibaba and JD.com are strong, and they can maintain 30% of revenue with 100 billion yuan in revenue The growth rate. Among them, Ali is still the well-deserved boss, with the most annual active users, and the most profitable; JD.com continued to be stable in the quarter, riveting enough in user growth, and net income is higher than expected; Pinduoduo is terrifying, and it is crazy to spend money to attract customers. The annual active user gap with Ali narrowed to 25 million, and the first quarterly profit was achieved.
The people who eat melons watch the excitement, while the calm capital market uses real gold Silver voting. After the release of the financial report, the Alibaba US stock market fell 2%, JD.com fell 7.41%, and Pinduoduo rose 20%.
Ali will make the most money, and Jingdong’s service revenue will increase significantly
In terms of revenue, JD.com ranked No. with 174.2 billion yuan First, this is because JD is mainly self-operated e-commerce, and its revenue mainly comes from direct sales of goods, while Tmall, Taobao, and Pinduoduo, as platform e-commerce, earn advertising fees and service fees. Ali's revenue is also good, reaching 155 billion yuan. The upstart Pinduoduo's revenue is not a fraction of the top two, only 14.2 billion yuan.
Among them, Pinduoduo’s revenue growth rate is the highest, with a year-on-year growth rate reaching 89%, higher than 30% of Ali and 29.2% of JD. However, compared with the past, the revenue growth of Pinduoduo and Alibaba has shown a slowdown. Among them, Pinduoduo has dropped from 123% in the same period in 2019 to 89% today. Jingdong is the only revenue. For companies that are growing faster, revenue growth in the same period in 2019 was 28%, and now the growth rate is up 1.2 percentage points.
From the income structure of each family, Ali and JD’s sources are becoming more diverse In particular, Alibaba’s cloud computing revenue in the quarter increased by 60% year-on-year to 14.8 billion yuan, contributing 10% to total revenue, and Cainiao’s revenue also increased by 73% year-on-year.
JD comes from two net services of platform and advertising services, logistics and other services Revenue reached 22.8 billion yuan, an increase of 42% year-on-year, accounting for more than 13% of overall net income for the first time. Pinduoduo still relies on e-commerce to make money, and its revenue comes from advertising, marketing and transaction commissions, of which the former is the largest.
Of course, Ali is still the strongest family, with a net profit of 47.09 billion in the quarter Yuan, Jingdong’s net profit attributable to ordinary shareholders is 7.6 billion yuan, and Pinduoduo’s net profit under non-US accounting standards is 460 million yuan. In terms of profitability, the three are tens of billions, billions, and billions.
Pinduoduo is the most popular in attracting customers
In terms of the number of annual active buyers, the gap between Pinduoduo and Ali has further narrowed to 25 million.
Pinduoduo users are gaining momentum. As of the end of September, the annual active buying The number of homes reached 731.3 million, an increase of 36% year-on-year, equivalent to a year-on-year increase of 195 million. Ali's China retail market has 757 million annual consumers, a year-on-year growth rate of only 9%, an increase of 64 million in a year. Morgan Stanley even analyzed that Pinduoduo had more active users than Ali for many years, and it will be realized as soon as the fourth quarter.
JD has achieved remarkable user growth in the third quarter, as of the end of September , The number of active buying users in the past 12 months reached 441.6 million, a year-on-year increase of 32%. Although it was not as high as Pinduoduo, the growth rate hit a three-year high, with a net increase of 107 million in one year, of which new activity came from the sinking market Users accounted for nearly 80%.
Pinduoduo’s growth is inseparable from marketing subsidies. In the quarter, its sales and marketing expenses were as high as 10 billion yuan, an increase of 46% year-on-year, including the “ten billion subsidies" for wool that users often use.
In contrast, Ali is not so "willful", marketing expenses The rate (marketing expenses as a percentage of total revenue) is only 8%, while Pinduoduo’s indicator is as high as 70%, which is equivalent to spending 70 yuan on promotion for every 100 yuan in revenue.
JD’s active user growth slowed down in the quarter
It looks peaceful, but the capital market is turbulent, voting with real money.
Among them, Pinduoduo’s capital response is the best. Japan’s stock price rose by 20%. According to Forbes’s real-time rich list, Huang Zheng’s fortune soared by US$8 billion, making him the fourth richest person in China.
This is the exact opposite of Pinduoduo’s capital response in the second quarter. In the last quarter, Pinduoduo was questioned about the decline in GMV growth, ARPU (average revenue per user) growth stagnated from the previous quarter, and the company’s market value once evaporated hundreds of billions of dollars. It can still achieve its first quarterly profit.
Morgan Stanley even analyzed that Pinduoduo’s revenue increased in the quarter The strength is mainly driven by the continuous growth of active buyers, which means that the company has a lot of room for growth in the future and can effectively balance the relationship between strong growth and company profitability.
Ali and JD.com are not so comfortable. Among them, JD’s decline is even more pronounced.
Due to the fact that the number of monthly active mobile users grew less than expected, Ali released the financial report On November 5, US stocks fell 3% before the market, and closed 2.69% on the 5th. JD.com was even more miserable. US stocks fell to 6% before the market, and closed down 7.41% on the 16th.
It turned out that although Jingdong’s net income, adjusted income per ADS, annual Active users are higher than expected, but Jingdong’s operating profit is not satisfactory. The quarter was 4.4 billion yuan, down 8% year-on-year, and its operating profit margin fell from 3.69% in the same period last year to 2.52%.
In addition, in the number of active purchasers in the past 12 months, JD In the third quarter, there was a single-quarter increase of 24.2 million, and the second quarter of a single-quarter increase of 30 million, the chain growth rate has slowed down.
This article was originally produced by AI Finance and Economics, the account of "Finance World" Weekly. Please do not use any channels or platforms without permission Reprinted. Offenders must be investigated.