Electricity Supplier Self Built Logistics "Performance Price Ratio" Greatly Reduced

In less than ten years, many express companies have come to the fore through the brutal survival of the fittest.

The situation is pressing. In February, it was still unable to wait for IPO to be listed as a coach, because STO,

Separately announced the asset restructuring plan with Aidi and Da Yang.

In addition, Baishi express and Zhong Tong express will be listed in Hongkong or the United States; rhyme express and postal express will strive to IPO or backdoor; full peak express will be listed on the new third board this year; the 600 million day A express Daily Express will be listed in two years.

The situation is gratifying. More than half of China's top ten express companies will become public companies in 2016.

The rapid growth of many excellent express companies has greatly reduced the "performance price ratio" of self built logistics.

To do business is inseparable from express delivery, but as Liu Qiangdong said, "China has no UPS and FedEx."

"Without conditions and creating conditions" is the creed of several generations of entrepreneurs in China, but the paths are different.

In order to deliver the link, Ali and third party logistics co-exist symbiotic, Jingdong is doing its best to build logistics system.

When the first round of US $10 million was raised in 2007, Jingdong began to build its own logistics system, including warehousing, sorting centers, trunk pportation, distribution stations and distribution staff.

Media commented on Jingdong's self built Logistics: "everyone knows."

And user experience ignored by many people. "

On the contrary, the experience of Jingdong self built logistics is well known, but the high cost has been ignored by many people.

In order to match the processing capacity with the growing business needs, Jingdong has continued capital investment: from warehousing, logistics facilities to new vehicles, to the purchase of pport vehicles, to the upgrading of information systems and supporting hardware.

The Jingdong self built logistics system includes 213 warehouses distributed in 50 cities, with a total area of over 4 million square meters, and warehousing and distribution personnel up to 74 thousand and 900.

In addition, three customer service centers in Suqian, Yangzhou and Chengdu also have 5864 full-time customer service.

So far, Jingdong's direct investment in land acquisition, warehousing and acquisition of related equipment has totaled 3 billion 200 million yuan.

(Note: Jingdong has 7 cities.

The total area is more than 2 million 700 thousand square meters, including 126 general warehouses, 7 large commodity warehouses, and sorting facilities. In 19 cities, the "front warehouse" has a total area of 667 thousand square meters, which is used for hoarding goods with high frequency. In 24 cities, there are reserve warehouses with a total area of 753 thousand square meters, and 5367 sorting centers in 2356 urban and rural areas.

As of December 31, 2015, the value of the Jingdong fixed assets, construction projects and intangible assets was 6 billion 230 million yuan, 1 billion 270 million yuan and 5 billion 260 million yuan respectively, and the total non current assets amounted to 27 billion yuan.

As a result, we all see that Ali has seized the historical opportunity to become the king of the electricity supplier, and the Jingdong has been using the self purchase + self built shopping experience to fight against it.

The reputation of "self run + Jingdong distribution" is the core competitiveness of Jingdong, but it is a dumb fan to make money in the end.

Through the following two steps, though we can not calculate the profit and loss value quantitatively, we still need to know whether it is qualitative or not.

Before the listing, the gross profit margin of Jingdong's proprietary business rose steadily. In 2012, Q1 was 6.5%, and Q2 reached 7.5% in 2014.

After the listing, the caliber of Jingdong's disclosure has changed, and the revenue cost of direct business will no longer be disclosed separately.

I don't know whether people are good or numbers are difficult.

But this data is too important to calculate in accordance with the clues in the earnings report.

Since the third party sellers do not enter the Jingdong warehouse at all, the calculation based on inventory turnover information is only directed against Jingdong's proprietary business.

The calculation steps are as follows:

1) annual turnover times

In 2013, 2014 and 2015, Jingdong's "inventory turnover days" were 34.2 days, 34.8 days and 36.9 days respectively. The number of annual inventory turnover times was 10.526, 10.345 and 9.756 times respectively.

2) annual average amount of stock

The average amount of stock in 2013, 2014 and 2015 was 5 billion 570 million yuan, 9 billion 289 million yuan and 16 billion 366 million yuan respectively.

3) cost of sales

The annual turnover of inventory is calculated by dividing the annual sales cost by the average annual inventory average value (Note: inventory is accounted for by purchasing cost).

Conversely, the "turnover" is multiplied by the "average amount of stock" to get the "selling cost", that is, the purchase cost of goods sold throughout the year.

In 2013, 2014 and 2015, the selling costs of Jingdong's proprietary business were 58 billion 630 million yuan, 96 billion 90 million yuan and 159 billion 660 million yuan respectively, which were equivalent to 87.5%, 88.5% and 95.2% of self operated business revenue respectively.

4) gross profit margin

The "selling cost" is the purchase cost of the goods sold. When calculating gross margin, it also deducts the platform operation cost (bandwidth, servers, operation and maintenance personnel salaries, etc.) that the proprietary business should apportion.

Although we do not know the gross profit margin of Jingdong since 2014, we can calculate the annual ceiling.

In 2013, the gross profit margin of Jingdong and the gross profit margin of self operated businesses were also disclosed, which were 9.9% and 7.9% respectively.

As a whole, the profit margin of the third party sellers is much higher than that of self employment.

According to the above steps, the result is that the gross profit margin of Jingdong in 2013 is not higher than 12.5% (100%-87.5%=12.5%).

#7.9%<12.5%, verified by pass.

It can be more safely considered that in 2013, 2014 and 2015, the gross profit margin of Jingdong's direct business is not higher than 12.5%, 11.5% and 4.8% respectively.

In 2015, Jingdong's self operated revenue amounted to 167 billion 700 million yuan. The scale was quite modest. If the gross profit margin was less than 4.8%, it was indeed worrying.