Comparison of the data of the Business-to-consumer: only the goods will be highly valued

Absrtact: With the rapid growth of company revenues and the prospect of China's digital economy growth, Beijing East will be listed in the U.S. securities market around 23rd this month. As China's largest web site, the Beijing-East IPO has been a concern. Recent Beijing-East update of prospectus information

With the rapid growth of company revenues and the prospect of China's digital economy, Jingdong will be listed in the U.S. securities market around 23rd this month. As China's largest web site, the Beijing-East IPO has been a concern.

BEIJING-East recently updated prospectus data show that the first quarter of Beijing's net revenue of 22.657 billion yuan, an increase of 65.1%. Jing Dong net loss 3.795 billion, reached the most in the last two years, Jing Dong Net loss rate of 16.7%.

Jing Dong in the past few years the loss of many, less profit, and more losses for a large loss, profit quarterly profit relatively small, the loss to the Beijing-East listing germination shadow. But Jingdong before the listing of Tencent strategic investment, and the integration of Tencent's electric business, and Tencent's micro-letter cooperation is also in the midst of the expansion, micro-letter will be to the Beijing-East mobile end diversion, Beijing East Prospects can still be expected.

Earlier, the company has just landed on the new NYSE, the first day rose 9.91% to close at 24.18 U.S. dollars, although the United States after the stock price has fallen, the current valuation remains at 3 billion U.S. dollars, which opened a good head to the Beijing-East listing.

Tencent Science and technology inventory when, only product will, gathers the United States data, to Jingdong, when, only goods will, gathers the United States four business enterprise revenue scale, gross profit margin and net profit comparison, hope to be able to offer the investor with the clear reference before the Beijing-east listing.

Jingdong scale Advantage is obviously close to when nearly 14 times times

According to the prospectus, the net revenue for the first quarter of 2014 was 22.657 billion yuan, up 65.1% from 13.725 billion yuan a year earlier, and 13% from the 20.124 billion yuan in the previous quarter.

The number of active users in the first quarter of Jingdong reached 33.4 million, the same period last year was 16.6 million, the number of orders was 129.3 million, the same period last year was 57.6 million, GMV (total commodity trading) was 44.1 billion yuan, the same period last year was 24 billion yuan.

And when, only the goods will, gathers the United States and other business enterprises, Beijing East under the capital support, the past few years the scale advantage is very obvious. When the net revenue for the first quarter of 2014 was 1.7358 billion yuan, it grew by 30.1% over a year earlier, but decreased by 12% in the previous quarter.

From the data, in the first quarter of 2012 it was about 8 times times the size of the east, and the gap had widened to nearly 14 times times the first quarter of 2014. Only the product will grow relatively fast in the past few years, but currently has nearly 6 times times the gap with Jingdong.

Poly U.S. gross margin of up to 44% Jing Dong Bottom

From Jingdong, only goods will, when, when, Poly-Mei Gross profit margin, the United States has been maintained at 30% to 44% levels, and gross profit margin is a higher trend, only products will remain between 21% to 25%.

When and Jingdong gross profit margin is relatively low, which, when the gross margin after a period of time after the trough again, to the first quarter of 2014 18%, similar to department stores, clothing and other analog sales increase when the gross margin. Jing Dong Gross margin is only 10%.

The reason why the gross margin of each family is so different is that different categories in the 3C category of the lowest gross margin, followed by books, again is clothing, the highest is cosmetics, Jingdong mainly 3C products as the leading, when the book-oriented, only goods will be mainly clothing, poly beauty is cosmetic-oriented, The different categories of families lead to different gross profit margins.

Of course, for the United States, has been encountering cosmetics is fake doubt, Poly-Mei gifted straight branded genuine discount, but the Lauder, Clinique official said that the sales channel authorized by Lauder only designated department stores counters, Lauder, Silk Orchid and other brand official website and independent stores, as well as the state-day cat flagship store, But does not include gathers the United States excellent product and so on cosmetics electric business.

BEIJING-East continued substantial losses logistics warehousing investment

From the data comparison, 2012 is the electric business enterprise continued to burn money year, when in 2012 years to burn more than 400 million yuan, Jingdong is burning more than 1.7 billion yuan, into 2013 years after the whole industry obviously rational many, when in the last quarter of 2013 to achieve profitability, and in the first quarter of 2014 again profit, The profit scale is 2 million yuan.

Beijing East 2013 years ago, after a small profit in the three quarter, the fourth quarter again loss of 110 million yuan, into the first quarter of 2014 more losses of 3.795 billion yuan, however, the Beijing-east substantial loss is not the business itself.

The prospectus shows that in the first quarter of 2014, Jingdong accounted for a sum of 3.67 billion yuan, about 606 million U.S. dollars in equity spending, accounting for the total of 4% of the capital, the main stake is the Beijing East Board of Directors awarded to Jingdong CEO Liu.

In addition, the capital expenditure of the first quarter was 633 million yuan, the same period last year, 258 million yuan, the first quarter of the purchase of office buildings cost 191 million yuan, the purchase cost of land use is 106 million yuan.

Signs that the Beijing-East with heavy asset logistics as a moat determined, 2014 Shanghai Asia will be completed in 2015, the establishment of another 6 Asian number, which will have to invest a lot of money, the future of Beijing is expected to continue to lose money.

Only the product will and the United States in the net profit performance is better, only the goods will continue to profit since the fourth quarter of 2012, to the first quarter of 2014 profit of 165 million yuan, gathers the United States 2013 fourth quarter deficit 93 million yuan, but the 2014 first quarter profit 103 million yuan.

Beijing East before the listing of the latest valuation of about 15 billion U.S. dollars, and as of May 20, only the goods will be valued at 9.1 billion yuan, the United States is valued at 3.3 billion U.S. dollars, when the $780 million, to a certain extent fooled when the share price is underestimated, only the goods will be overvalued.