The new business continues to lose from Dada, and it is difficult to increase the annual active users!Jingdong's net profit in the first half of the year still dropped by 69%

In the first half of this year, JD.com was still in an increasing increasing increasing profit. The net income achieved 507.255 billion yuan, an increase of 11%year -on -year.

"Investment Times" researcher Lu Gong

JD Group Co., Ltd. (hereinafter referred to as JD.com, 9618.HK) in the second quarter of revenue, is it sustainable?

A few days ago, the e -commerce platform Jingdong handed over the second quarter transcript. During the data, the company's net profit was increased year -on -year, and the net profit attributable to shareholders of listed companies (hereinafter referred to as the net profit of the mother) reversed the losses in the first quarter and increased to 4.4 billion yuan. In this regard, JD CEO Xu Lei said, "This is mainly due to the very tough business model and the leading efficient supply chain and operating capabilities in the industry."

In response to this quarterly results, some people in the industry have different views. The analysis believes that the growth in JD in the second quarter is related to the company's cost reduction measures. The announcement disclosed that JD.com's marketing expenditure, general and administrative expenses in the second quarter decreased by 10.38%and 11.54%year -on -year, respectively. So, will the reduction of costs affect a certain impact on the company's user's new speed?

In addition, throughout the semi -annual performance, although JD.com reversed the loss in 2021 in the first half of this year, the net profit of homemates still declined by more than 60%year -on -year. Specific to various businesses, the company's new business and Dada, which merged in February this year, are also in a state of loss. When can the two achieve profitability?

In response to the aforementioned situation, the relevant person in charge of JD told the Investment Times researcher that in terms of user growth, JD.com continued to become the largest paid membership system in the industry, with high consumption, high activity, and loyalty. Quality development is injecting continuous motivation, while driving high -speed growth in specialized businesses such as Jingdong Health and Jingdong Fresh. The company also builds a "three networks" system for cargo networks, warehouses, and cloud nets with a solid site in a chain network, which can effectively improve the ability to allocate resources, thereby crossing the economic cycle and steady growth.

The net profit is reduced by 60 %

In terms of revenue, JD.com has maintained a growth trend in recent years. The total revenue has increased from 362.332 billion yuan in 2017 to 951.592 billion yuan in 2021. In the first half of this year, revenue exceeded 500 billion yuan. The annual total income is expected to exceed the scale of trillion yuan.

In terms of quarterly, JD.com's second quarter performance was better, and revenue increased by 5.4%year -on -year to 267.6 billion yuan, which was higher than the industry average growth rate. Among them, net service revenue was 41.6 billion yuan, a year -on -year increase of 21.9%, accounting for 15.5%of net income, a record high.

At the same time, the company continued to keep the company's low profit margin operation in the second quarter of this year, with a net profit margin of 2.4%.

It should be noted that although the net profit in the second quarter has achieved double increase, from the perspective of the semi -annual data, JD.com only reversed the losses in the previous year in the first half of this year, and continued to increase the increasing income. Among them, net income was 507.25 billion yuan, an increase of 11%year -on -year, and the net profit of the mother -in -law decreased by 68.61%year -on -year to 1.385 billion yuan.

The analysis believes that the current JD.com urgently requires high -speed growth and stability in profitability, and the low profit margin operation in the second quarter may increase the company's profit slowly, which is not conducive to the company's overall profitability of this year. At the same time, whether the stable performance of JD in the second quarter is sustainable, it is still waiting to be verified.

In addition, the researcher of "Investment Times" noticed that in recent years, the impact of the "618" shopping festival on JD.com also seems to have weakened. During the period of stretching, in the second quarter of 2020 and the second quarter of 2021, JD.com ’s season -on -month revenue increased by 37.55%and 24.90%, respectively. By the second quarter of this year, the increase has been further dropped to 11.64%.

JD.com has not been audited during the concise merging business status (million yuan)

Data source: company financial report

When did Dada make a profit with the new business?

From the perspective of the various business lines, from the development in 2019 to the first half of this year, the various businesses of JD.com have not shown a profit state at the same time.

From 2019 to 2021, JD.com's new business has been losing money for a long time, with a total of over 17 billion yuan in losses; while JD Logistics Business has suffered 508 million yuan and 1.827 billion yuan in 2019 and 2021. Among them, the new businesses mainly include JD.com, Jingxi, overseas business and technological innovation.

In the first half of this year, JD.com ’s reported business increased to four, and only JD Retailing items to achieve profitability were 16.064 billion yuan, and the other three business sectors were losing money. Although Jingdong Logistics made a profit of 36 million yuan in the second quarter of this year, due to the loss of more than 600 million yuan in the first quarter, the business lost 625 million yuan throughout the business in the first half of the year.

Let's take a look at Dada, which was reported by JD.com this year. "Investment Times" researcher noticed that Dada had been losing money for a long time before being paid to the table. In just four years from 2018 to 2021, Dada's net losses belonged to ordinary shareholders exceeded 9 billion yuan, and the annual losses were expanded.

During the 618th anniversary of this year, the number of users purchased by JD hours increased by 400%year -on -year. Delivery units increased by 83%year -on -year. However, it is reflected in the financial data, but it was Dada's expansion in the second quarter of losses, that is, the losses increased from 191 million yuan in the first quarter of this year to 424 million yuan in the second quarter. In the first half of this year, the loss exceeded 600 million yuan. As for JD.com's new business, it has not yet reversed long -term losses. Although its losses have narrowed year -on -year in the first half of this year, if it will lose 4.418 billion yuan in half a year, the business loss may expand throughout the year this year.

Sinking market users to pull new is difficult

It is reported that JD.com intends to split the Jingxi business group. In response, some people in the industry analyzed that this move may have a large loss with the business of the business for a long time, which is not conducive to the company's profitability. The impact on Jingdong may be reflected in the new aspect of the sinking market.

In response to the above statement, JD.com told the "Investment Times" researcher that the user experience is always the starting point and end of JD.com. In the second quarter of this year, the company adopted a series of measures to improve the user experience, such as 95%of Zhejiang Province's self -operated orders to realize the day. Or the next day, etc. In the past two years, in addition to logistics and consumer services, Jingdong Retail has invested more than 40 billion yuan in user services.

From the data perspective, JD.com stated that "As of July this year, the number of JD PLUS members has exceeded 30 million, an increase of 5 million from the end of last year, and it has continued to become the largest paid member system in the industry."

However, it should be noted that in the past two years, JD.com's performance is slightly worried about the growth of active users of the year. It is reported that the second quarter of this year is the seventh quarter of the year -on -year growth rate of JD.com's active users. Data disclosed that the year -on -year growth rate fell from 32.1%in the third quarter of 2020 to 30.3%in the fourth quarter of the same year, and then decreased all the way. In 2021, each quarter was 29.0%, 27.4%, 25.0%, and 20.7%. In the second quarter, it was further reduced to 16.2%and 9.2%, with only one digit.

Some analysts believe that JD users still have a lot of room for growth. However, from the comprehensive environment and the overall operating status of the company, the company may only obtain a broader user scale by exploring the sinking market. If the news of splitting the Jingxi business group is true, it is not good news for JD.com's annual active user situation that has declined continuously.

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