Jingdong PO prospectus details compression rate has no space

if there is no development of the third party service business, Jingdong gross margin is also unable to catch up with Amazon

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United States, reading the return of Liu Qiangdong, less than a month, it submitted a Jingdong IPO application. Jingdong or will become the first Chinese companies listed in the United States in 2014.

according to the prospectus disclosure, Jingdong 2011, in 2012 net revenues of 21 billion 130 million yuan, respectively, $41 billion 380 million, net loss of $1 billion 284 million, $1 billion 729 million. The first three quarters of 2013, Jingdong net revenues of $49 billion 216 million, compared with the same period last year, an increase of 28 billion 807 million yuan of $70%, net revenues of $60 million, while the same period last year was a net loss of $1 billion 424 million.

from the surface, Jingdong has been completed in the first three quarters of 2013 losses. However, if the interest income and financial interest, Jingdong in the above period is still a loss. Reported that in the first three quarters of 2013, Jingdong operating loss of $316 million, while the net interest income was $215 million, and other income from financial subsidies and other income of $164 million.

however, from the trend point of view, the loss of Jingdong has narrowed. On the one hand from Jingdong in 2013 on the cost of control, on the other hand, from a significant increase in Jingdong gross margin.

first, cost control

results show that from 2009 to 2012, Jingdong’s fee rate increased from 8.32% to 13.13%, while in the first quarter of 2013, Jingdong’s cost rate has been reduced to 10.4%.

how to reduce the cost of operating expenses over the past few years, in 2013, Jingdong in the logistics and distribution, market costs, the proportion of a larger proportion of the two inputs are to a large extent control. The technology, personnel input also has control, but these two categories of smaller proportion, the impact on the results is not.

in logistics costs, 2010, 2011 and 2012, the growth rate of investment in the Jingdong were 2.3 times, 2.17 times and 1.02 times; and the first three quarters of 2013, compared to the first three quarters of 2012, the Jingdong in the business of the investment growth rate is only 30.9% (far less than 70% of the revenue growth rate of Jingdong).

in the market cost, 2010, 2011 and 2012, the Jingdong in the business growth rate were 3.65 times, 1.25 times and 1.29 times; and the first three quarters of 2013, compared to the first three quarters of 2012, the Jingdong’s investment growth rate is only 18% (far less than 70% of the revenue growth rate of Jingdong).

two, the cost of compression space has been a bottleneck

but one problem is that Jingdong has further reduced the cost of space has been reported

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