Dada is changed, JD.com "upper position"

Radar finance produce | Li Yihui edited | Deep Sea

Dada, who has been criticized for "JD.com", has closer relations with JD.com.

On August 23, Dada Group announced that the board of directors had confirmed that Jia Jiaqi Rongxiu and resigned as the CEO and the chairman of the company's board of directors. After Li Jiaqi left, the former vice president of Dada Group He Huijian was promoted to the president of Dada Group.

According to the data, Da Jiaqi founded Dada in 2014, and has since served as the chairman and CEO. It is reported that this time he stepped down by Ji Jiaqi, who took the initiative to propose that in the future, he will consider transforming investment and may serve as a entrepreneurial mentor.

On the same day, Dada Group released the second quarter of the second quarter of fiscal year in fiscal 2022 as of June 30, 2022. In the second quarter, Dada Group's total revenue was 2.281 billion yuan, a year -on -year increase of 55%; net loss was 579 million yuan, and the same period in 2021 was 640 million yuan, a narrowing of 9.6%year -on -year.

JD.com, which has been expressed in the first quarter of this year, has slowed down in the second quarter. The financial report disclosed by Dada in the same period shows that the net income of JD in the second quarter was 267.6 billion yuan, a year -on -year increase of 5.4%. Although the scale of revenue is slightly more market expectations, the growth rate has slowed significantly compared to 18%in the first quarter of this year.

At the aftermath of the financial report, JD CEO Xu Lei said that the second quarter of this year was the largest quarter of the challenge since listing. However, JD.com also has harvested. Under the reduction of "marketing expenditures" and "general and administrative expenses", its net profit attributable to ordinary shareholders under the same shareholders of non-American General Campaign is 6.5 billion yuan. In the same period last year, it was the same period last year. 4.6 billion yuan.

Regarding the deepening of cooperation with Dada, Xu Lei said that the consumption demand of users in the same city retail has grown rapidly, and the entire industry is entering the track. Xu Ran, CFO of Jingdong Group, bluntly said that Dada played a vital role in performing omni -channels or retail plans in the same city.

Some people in the industry believe that Dada is inseparable from JD.com, and JD.com needs Dada to win the business of the same city.

Dada founder stepped down, JD.com "upper position"

According to the announcement of Dada Group, the board of directors has confirmed that Dada founder, chairman and CEO of the board of directors and CEO of Ji Jiaqi resigned, which came into effect from August 31, 2022. The CEO of Jingdong Retail Singeli will serve as the chairman of the board of directors of Dada Group. He Huijian, former vice president of Dada Group, was promoted to the president of Dada Group and was appointed as a director. He comprehensively presided over the company's daily work and reported to the board of directors.

The resume shows that since March 2014, He Huijian has served as a leading position at JD.com, including research and development and product development supervisors, platform operation supervisors and general managers. Since April 2018, he has been the vice president of Dada. Earlier, He Huijian served as a senior R & D manager in IBM from 2006 to 2014.

It is reported that the chairman and CEO of the board of directors of the company were proposed by Xi Jiaqi. In the future, he will turn to the investment field, and at the same time he may be an entrepreneurial mentor to provide guidance services for entrepreneurs.

The same flower Shunian iFind shows that as of March 31, 2022, Ji Jiaqi directly held 7%of the shares of Dada Group, calculated based on the latest market value of US $ 1.63 billion, and Jia Jiaqi's net worth was about 114 million US dollars, about 783 million yuan, about 783 million yuan Essence

After replacing the high -level high -level, the Dada Group still maintains stable core management teams such as CTO Yang Jun and CFO Chen Zhaoming. The middle managers and grass -roots teams have been established in a complete establishment, and their business is properly advanced.

However, after this adjustment, Dada has formed a new board, and the number of directors has been adjusted from 7 to 6. In addition to the chairman of the board of directors, He Huijian, Zhu Xiaojing, President and CEO of Wal -Mart, also added Zhu Xiaojing as a director.

Radar Finance noticed that before taking the "first leader" of Dada, JD.com has increased its holdings several times, and has now expressed Dada's performance.

According to the data, Da Jiaqi founded Dada in 2014, mainly doing logistics crowdsourcing business and providing instant delivery services in the same city. At the beginning, Dada's service target was the takeaway platform. The barbaric growth period in the takeaway industry was quickly established by undertaking these takeaway orders.

But as Meituan and Hungry have received hundreds of millions of dollars financing, the takeaway platform has begun to build its own logistics. In the middle of 2015, Meituan and Hungry went on to the Meituan special delivery and hummingbird distribution.

In 2016, Dada's management of more than 1.3 million distributors, with an average daily delivery volume exceeding one million orders, but at this time, the space for the delivery market for the takeaway distribution market has narrowed sharply.

Fortunately, Jingdong extended an olive branch. In April 2016, JD Group used JD.com's assets, JD Group's business resources, and 200 million US dollars in cash in exchange for New Dada, which is about 47.4%of the shares from Dada JD.com, becoming a single largest shareholder.

Speaking of the reason for choosing Jingdong, Ji Jiaqi once said that he hoped to develop independently. In his opinion, Meituan is too strong, and Ali is too huge.

In June 2020, Dada was renamed "Dada Group" and was listed on Nasdaq. In March last year, JD.com announced that it would spend $ 800 million to increase its holdings, and the shareholding ratio after the holdings reached 51%. In February of this year, JD.com used US $ 546 million in cash and several strategic resources as a consideration to increase its holdings, and the shareholding ratio rose to about 52%, becoming the largest shareholder of Dada Group. According to 36 氪, on March 1 this year, JD.com officially and expressed Da Group, but it brought a loss of 200 million yuan to Jingdong in the first quarter.

JD.com has slowed down, and Dada still loses money

While Dada announced the adjustment of management, the two companies announced their second quarterly reports.

The financial report shows that JD.com's second quarter revenue was 267.6 billion yuan, an increase of 5.4%year -on -year; operating profit was 3.8 billion, a year -on -year increase of 450%; the net profit attributable to ordinary shareholders was 4.4 billion yuan, while the same period last year was 800 million yuan. Increased by about 450%.

Compared with 18%in the first quarter of the previous year and 26.23%in the second quarter of last year, the number of single -digit revenue declined significantly.

At the aftermath of the financial report, Xu Lei bluntly said that the second quarter of this year was the largest quarterly challenge since listing. He said that alcohol sales, mobile phone industry, and clothing sales were greatly challenged. With the supply chain capacity and good user quality, JD.com has less affected by industry companies.

Public information shows that the total retail sales of consumer goods in April and May this year are declining year -on -year. As a result, the e -commerce industry has been under pressure. For the first time in Ali's revenue, the revenue of Vipshop fell 17%year -on -year.

In addition, JD.com's user growth has also slowed down. According to the financial report, the 12 months ended June 30, 2022, JD.com's annual active users of the year were 580.8 million. This data increased by 531.9 million annual active users in the same period last year, an increase of about 49 million.

However, if the number of active users disclosed with Q1 as of March 31, 2022, the number of active users of 580.5 billion yuan, JD during the Q2 period of 2022 increased only 300,000 annual active users.

According to industry analysis, the poor growth of users is related to the strategic contraction of JD.com in the sinking market. On June 8 this year, according to the "Science and Technology Daily Daily" report, Jingxi's community group buying platform Jingxi's community group purchase platform, Jingxi, can further shrink the business line, which may only retain the business of Beijing and Zhengzhou.

On the one hand, the negative impact of this move is that JD.com's growth stops. Xu Lei pointed out that the adjustment of Jingxi business will bring short -term user loss. In the future, it will re -capture users who have lost this part of the loss through the same city retail business.

On the other hand, it is the abandonment of the sinking market and promoting fee control measures to allow BOE 3.8 billion yuan in operating profits in the second quarter, exceeding market expectations.

Among them, on the expense side, in the 2022 Q2 JD marketing expenditure of 9.477 billion yuan, a year -on -year decrease of 10.4%; the general and administrative expenses also decreased by 11.5%from the same period last year to 2.3 billion yuan. R & D expenditure increased by 9.0%to 4. billion yuan.

In addition, Non-IFRS, which was adjusted by JD 222 in Q2 in Q2 in 2022, achieved a profit of 213 million yuan. It was a loss of 360 million yuan in the same period last year and a year-on-year turn.

Compared with JD.com's strategy to reduce losses, Dada is still in the quagmire of losses.

According to the second quarterly report, the company's total revenue in Q2 in 2022 reached 2.281 billion yuan, a year -on -year increase of 55%; net loss was 579 million yuan, and the net loss was 640 million yuan in the same period last year, which was narrowed year -on -year.

From the perspective of the sub -business sector, the net revenue delivered by Dada in the second quarter was 816 million yuan, an increase of 37.4%year -on -year from 594 million yuan in the same period last year; the net revenue from JD.com was 1.466 billion yuan, which was compared to the same period last year. It was 86.3%year -on -year for 881 million yuan, and it has become the pillar business of Dada Group.

Since its establishment and listing, the Dada Group has not made profit. The net profit of Q2 in 2022 is still in a state of losses, but the losses have narrowed. The financial report shows that in the second quarter, the net profit margin of Non-Gaap was optimized by 20 percentage points year-on-year; of which, the profit margin of JD.com's business turned right.

The reason is that the cost and expense are too high is the main cause of losses. For example, due to the increase in order volume, the cost of rider increased, and the operating and support cost of Dada Group in the second quarter was 1.431 billion yuan, which was higher than 1.137 billion yuan in the same period last year.

In addition, Dada's sales and marketing expenditures in this quarter were 1.19 billion yuan, an increase of 44.4%year -on -year, mainly due to the rise in consumer incentives for JD.com and their advertising and marketing costs.

At the end of the period, the total amount of cash, cash equivalent held by Dada Group was 4.350 billion yuan, which was 1.765 billion yuan at the end of last year.

Deepening cooperation is intended to grab the beach instant retail?

In addition to focusing on the main business and optimizing operating efficiency, how can JD.com seek new growth in the face of retail trough?

After analysts throwing similar problems, Xu Lei responded that JD.com will deploy the market, retail and build supply chain capabilities at the tactical level.

Especially in the same city retail, he said that JD.com used to provide the supply of goods online, and the lack of service supply, such as pets and auto market, can only complete the supply of goods online, and the same city retail can serve consumption more comprehensively and consumption. By. "The entire industry is entering this track, but JD.com still needs to make a rational judgment. The design of the three parties of the platform, the brand of the brand, the three parties of the brand, and the offline companies are the premise." Business, including many products and systems, is still in the process of integration.

As Dada, who has the ability to have instant delivery capabilities, has been in his arms, Jingdong has already moved in the same city retail.

In September last year, JD.com released the "hour purchase" of retail brands in the same city, integrating JD.com's merchant resources, and opened a exclusive "near" entrance on the homepage of the main station app. Delivery.

At present, JD.com purchased and JD.com has access to over 150,000 offline physical stores across the country, covering more than 1,700 counties and cities.

In fact, looking at this industry, retail and instant retail in the same city have become another war after the community group purchase.

According to the "Research White Paper Study of the Instant Retail Open Platform Model" issued by the China Chain Operation Association (CCFA), the definition of instant retail is: consumers place an order through online trading platforms, offline physical retailers ) Logistics execution of on-site services, the products provided include foods and beverages, fruits and fruits, fresh, medicine health, digital 3C and other products. The time limit for delivery is usually 30-60 minutes.

The white paper pointed out that instant retail has entered a period of rapid development and has become an important driving force for the transformation and development of the retail industry.

In addition to JD.com, Meituan and Ali are also deploying real -time retail.

The name of the same city retail business in Meituan is "flash purchase". At the "2021 Meituan Flash Purchase Digital Retail Conference" in September last year, Wang Yizhong, senior vice president of Meituan and president of the home business group, said that the Internet retail market will change from "Everything Store" to "Everything Now" (Everything is home).

The industry speculates that Dada's JD.com has completed a GMV of about 30 billion in the first half of the year. In contrast, the GMV of Meituan's flash purchase is around 50 billion.

Recently, he will be hungry with Douyin. He is considered to be in real -time retail instead of takeaway. Coupled with the real -time retail forces such as Tao Xianda, Hema, Tmall Supermarket, the track has been slightly crowded.

On the other hand, JD.com has little relationship with local living business. Now it can be purchased through JD.com and JD hours to enter the real -time retail field. Dada's role is crucial. And Dada's end distribution ability is not only the focus of the giant's attention, but also what JD.com needs.

For Dada, as JD.com fuses deeper on all levels, it has a comprehensive brand of marking JD.

However, Meituan has a deep foundation in the field of local life. From the upgraded "retail+technology" strategy, it can be seen its ambition to retail. Nowadays, JD.com Dada confronts Meituan in the retail field of the same city.

- END -