All things must be studied before they understand

All things must be studied before they can be understood. Lately it's always bad news, and I remember it, but it's not very clear. I opened the annual report, the annual report is no problem, crooked on each leaf is written "I am very strong" a few words. I can not sleep at all, carefully read the middle of the night, only from the word seam to see the word, full of written two words is "cheat"! --excerpt from Lu Xun's short story "Suning Diary"

Spend three nights watching 278 pages of Suning Annual report, feel that their time is wasted, because in "I am very strong" below I see more than Lu Xun two words: no hope.

I don't see it as an annual report published in the collapse of performance. The 57-page "board report" has no apologies for shareholders, no reflection on itself, nor a sense of urgency in the face of crisis, all of which are "we did well in the past" and "we will do better in the future". If it were not for a corner that said, "total profits fell 95.55% from a year earlier," I almost thought it was 2007 years.

Despite the fact that Suningyun has downplayed the overall failure of the past year, the facts can only be disguised and cannot be concealed, and there is a lot of valuable information in the annual report that gives us a clearer sense of the company's current dire situation.

Financially, as the business model has changed radically, the profit statement has declined, and the balance sheet and cash flow statement have increased in importance, because the core development path of Internet retailing enterprises is to continuously increase market share, continuously improve the turnover and utilization rate of assets, and push up the scale by reducing gross profit.

Suningyun Business cash flow net 2.238 billion yuan looks very beautiful, but the figure behind the mystery, cash flow growth does not come from the increase in sales, but "more of the adoption of bank acceptance to pay suppliers", that is, the use of financial instruments to extend the payment cycle caused.

2013 Suningyun business bills and accounts accounted for the total increase of 1.08 billion yuan, and 2012 and 2011 This number is 5.544 billion yuan and 8.027 billion yuan, to cope with the sharp reduction of the increase in the amount of the supplier does not want to play the financial game, can be prepared for the cash flow of suning this year must be difficult to see.

In addition, we can see that Suningyun's investment cash flow is over 10 billion, the capital expenditure is several times the net amount of the operating cash flow, it is strange that it can also spend 4.3 billion to buy the banking products (embodied in the trading financial assets, available for sale of financial assets and other receivables, the annual Report 275 pages), which is called " A skinny camel is bigger than a horse?

The capital expenditure is the profit killer, the heavy asset Enterprise's Day has much sad everybody can see. But the assets of the Amazon, Jingdong is also not light, suning go this way can not be said wrong, then how does it go?

After Jindong and weimin two years of speech, the two people have repeatedly mentioned the completion of logistics construction in 2015. However, this goal in the annual report has been quietly changed to "strive to complete the first round of the national Logistics Base in 2015 years ago layout." The difference, everyone's own taste.

Amazon and Jingdong dare to play heavy assets, because their delivery speed can not keep up with the user's single speed, capital expenditure growth rate is less than revenue growth, this is a virtuous circle. Su Ning this, ahead of the investment corresponding to the sales scale to improve the lag, money spent out of sight of benefits, into a vicious circle.

Up to the end of last year, there are 19 urban logistics bases in Suningyun, 17 are under construction, 22 are in place to complete the land contract, and the construction budget is 10 billion. Su Ning said these logistics Base can improve operational efficiency and reduce costs, but I see 2013 transport costs 1.122 billion, an increase of 61% (annual report 225 pages), the more transportation base more expensive is how?

Online business can be said to be worthless, revenue growth is not only lower than expected, but also to refresh the electricity quotient can do how bad the lower limit. After the implementation of the same price strategy last year, the overall gross profit rate fell 2.6% to 15.41%, three of the cost of the previous years from about 10% to 14.62%, which means that 15% is the bottom line, once below the loss is inevitable.

The total number of existing stores 1626, the traditional site of East China large area of the store net reduction of 55, 10 large areas only southwest, northwest and Japan's store net increase. Chongqing Branch to 3.841 billion revenue to obtain 184 million net profit, compared with Beijing branch revenue of 8.086 billion net profit only 154 million, Shanghai branch 5.696 billion revenue 73 million net profit, Guangdong and Shenzhen branch of the net interest rate is lower to about 1% (annual report 45 pages), Can be the future in the economically developed areas will continue to close the shop.

Finally, I'll turn over a few more scores. Page 10th of the annual report, "3, continuous promotion of service system capacity-building (3) Financial services", talk about the fund, insurance, small loans and internet finance, but there was no mention of the private banks have been fired, do not know that the concept of buying Suningyun to the idea of shareholders, will not be deceived feeling. "

August 2012 Weimin once said "Jing Dong is a child, Su ning to help it." Jindong Although not so exaggerated, but also is full of pride, but also immersed in the great victory in the United States of the beautiful memories, did not put the jingdong in the eye.

Jing Dong spent two years to tell Su Ning, it is not only a child, is a giant Goliath. What about Su ning? It doesn't look like David to me anyway. Now Zhang Dong and Sun Dong is probably no time to brush meager ridicule Daiju East, there is a song of Yong may be more in line with their current mood: someone to lose weight, someone starved to death, no food, starvation, there is no hope, there is no hope ...