Poly-U.S. gross margin with open platform to increase the proportion of the decline

Absrtact: The total amount of net transactions (net GMV) in 2013 is about 817 million U.S. dollars, net income of 483 million U.S. dollars, net profit of about 25 million dollars. As of last December, it has been profitable for 7 consecutive quarters. The income of Poly-mei excellent products is divided into two parts: commodity sales and open platform service. Its

The total net deal (NET GMV) in 2013 was about 817 million U.S. dollars, net income of 483 million U.S. dollars, net profit of about 25 million dollars. As of last December, it has been profitable for 7 consecutive quarters.

The income of Poly-mei excellent products is divided into two parts: commodity sales and open platform service. Among them, merchandise sales income of 413 million U.S. dollars, accounting for 85.5% of total income, open Platform services revenue of 69.946 million U.S. dollars, accounting for 14.5% of total income.

The net turnover of the open platform services is $404 million, as the total of 817 million US dollars, with merchandise sales earning $413 million. In other words, the income conversion rate of the United States Open platform service is 17%.

If only from the commodity sales business, poly-Mei's average gross profit margin of 31.4%. The average gross profit margin of the United States is 24.5% per cent of total net transactions from all businesses.

It is noteworthy that with the increase in the proportion of open platform services, the average gross margin of the United States declined. And let the United States to enhance the overall gross profit margin method is not sacrificing market size, the promotion of independent brand sales accounted for.

The good news is that the operating profit margin of poly-Mei is increasing year by year, which should benefit from the effective control of the cost rate.

To the United States and the only product will be a comparison.

In 2013, the net income of the commodities meeting was 1.7 billion U.S. dollars, with a profit of $52.3 million.

With the United States accounted for more than 14.5% of the open platform business, only the goods will be the main revenue of merchandise sales business revenue.

Only the gross profit margin of the product will be 24%, compared to the beauty of merchandise sales gross profit margin (31.4%) low, mainly because of the different core categories.

However, if the ratio of gross profit to platform net turnover is seen, the difference between Poly-Mei and only goods will be small, 24.5% and 24% respectively.

If from the two operating profit and platform net turnover ratio view, gathers the beauty is 4.68%, but only goods will be 3.17%. Here is the gap between the United States accounted for 14.5% of the open platform revenue reasons, and only goods will mainly for the sale of goods.

If from both net profit and platform net turnover ratio view, gathers the United States and only goods will be nearly same, both are more than 3%.

From the main cost rate, poly-American 2012, 2013 warehousing Logistics rates were 8.8%, 7.2%, the market cost rate is 11.16%, 6.38% respectively. And only goods will be the same period of storage logistics cost rate is 12.5%, 11.2%, the market cost rate is 4.2%, 4.4% respectively.

On the surface, poly-US warehousing logistics cost rate is much lower than the only goods, but in fact this ratio of the denominator is including the third party open platform water, including the total platform net turnover, if the single from the commodity sales business, poly-US warehousing logistics cost rate than the only goods will be higher.

Of course, there is no denying that the results of Poly-Mei excellent products are very sexy, the growth rate is very rapid.

In terms of order volume, the total order number of the 2013 Poly-Mei Excellent products reached about 36 million, while 2012 was 16 million single, with a 125% growth rate.

In terms of active users, the total number of active users in 2013 was 10.54 million, compared with 118.8% in 2012.

In terms of new users, 2013, the total number of new users in the United States was 8.22 million, compared with 2012 4.17 million 97% growth. and marketing costs only 43% growth.

In addition, in 2013, the total number of repeat customers in the United States accounted for 62%, higher than last year's 56.3%, repeat business orders accounted for 88.9% of the total order, higher than last year's 86.6%.

Also noteworthy is the performance of Poly-Mei products in the Mobile field. As of December 2013, the mobile end of the turnover accounted for GMV (2013, Poly-Mei GMV about 6 billion yuan, not net GMV) of 43%, as of March 2014, the proportion of 49%. In short, there were more than 2 billion yuan trading flows from mobile phones in 2013.

In the future, the development pattern of Poly-Mei excellent products and only products will become more and more convergent, and the category overlap will become more and more high. As of December 31, 2013, the fair value of poly-US $1.7 billion. The valuation is equivalent to the one that was at the time with the only commodities meeting, where the United States found a balance between net income and value. According to the current situation, poly-US valuation can be more than 3 billion U.S. dollars.