Dada's market value fell to $ 5 billion, is the JD executive "saving fire" is reliable?丨 Gold · Big Event

Author:36 氪 Time:2022.09.13

Industry: The current market value is objectively reflecting the company's fundamentals.

Text ｜ Wang Yanyu

Edit ｜ Pan Xinyi

Source | 36 氪 Finance (ID: krfinance)

Cover Source ｜ Vision China

After the Group's second quarter financial report on August 23, the stock price of Dada fell 10.5%on September 6, Eastern time in the United States. In the past year, Dada's stock price continued to decline. Until September 6, the latest closing price had fallen 78.6%year -on -year, and the company's market value evaporated more than $ 5 billion.

The performance of Dada Group in the second quarter gave the capital market for another reason to vote with foot. According to the financial report, in the second quarter of 2022, Dada Group's revenue increased by 55%year -on -year to 2.281 billion yuan, but it still had a net loss of 579 million yuan. This is the sixth year of its continuous losses since 2017.

Zhao Xiaomin, an expert in the express delivery industry and CEO of Guanye Capital, believes that Dada Group's current performance in the stock market reflects the company's fundamentals more objectively. "Because Dada has been listed for more than two years, there has been no signs of development to the positive level, whether it is scale, revenue, and profit indicators."

However, Zhao Xiaomin also pointed out, "For Dada's business model, the current profit index is not the most critical. More importantly, the user scale, the ability of solutions, and the ability to cover the national network. These three are solved. Profit losses will slowly narrow, and the company will eventually move towards a profitable channel. "

At the same time, combined with the external environment, after a series of incidents such as the Internet "antitrust", Ruixing Coffee financial fraud, and online education "double reduction" in 2021, the valuation environment faced in the U.S. stock market is not friendly. This also dragged down the share price performance of Dada Group to a certain extent.

However, observing Dada's above three indicators, Zhao Xiaomin believes that he temporarily ranked back in several major colleagues such as Meituan and Hummingbird. In addition, Zhao Xiaomin also mentioned: "Although JD.com has increased its holdings and blood transfusion on Dada, it has also announced personnel adjustment, but the market obviously does not pay."

On the day of the issuance of the financial report in the second quarter, Dada Group also issued a personnel adjustment announcement that announced the group's founder, Li Jiaqi, resigned as the CEO and the chairman of the company's board of directors. It will take effect on August 31, 2022. At the same time, the CEO of Jingdong Retail Singoli will be the chairman and chairman of the board of directors of Dada Group. He Huijian, former vice president of Dada Group, will be promoted to the president of the group, and is fully responsible for the group's daily work.

The founder resigned, and JD.com's senior management entered the host. This is another performance of Dada after Jingdong completed the completion of Dada Holdings and performance in February this year.

Zhao Xiaomin believes that JD.com fully takes over Dada. After the two teams are integrated, whether JD.com can use JD.com to further empower Dada and help them break through the scale bottlenecks is the focus of the next step in the market.

"Old Man" He Huijian returns to Dada

The combination of JD.com and Dada is the "holding group heating" under the tide of retail in the same city, and He Huijian's professional resume is also deeply bound with JD.com and Dada.

Earlier in June 2014, Lao Jiaqi, who had a master's degree in logistics engineering, established Dada to focus on the logistics crowdfunding of the real -time delivery link; less than a year later, in April 2015, JD.com's new business sector JD.com was officially launched at home. Essence

During this period, He Huijian, who had worked at Dada, joined JD.com and participated in the research and development and operation of JD.com. When it was enlarged to the external environment, the takeaway industry was fighting at that time, and the giants were injecting horse circles. Dada cuts in as a logistics service provider. In addition to the cakes of the cakes, its development has always been restricted by the amount of external orders.

At the same time, JD.com, which has real -time retail retail, is also subject to the lack of JD.com's instant delivery link. Hu Chuncai, an expert in the retail industry and the founder of Shanghai Shangyi Consulting, told 36 氪 analysis that although Jingdong's overall scale of the domestic distribution warehouse was led, but in the real -time delivery link, JD.com's density of the "capillaries" of various cities was still lacking.

The density of the "capillaries" that Hu Chuncai said refers to whether the density of the distribution warehouse and delivery staff built around the urban communities and business districts is high enough. However, it comes. JD.com's "Great Arterial" and 'Varicultic' in the country are very strong, but compared to Hema and other platforms, JD.com lacks retail formats. Therefore, it is relatively lacking in the penetration of 'capillaries' at the end of the city. "

At this time, Dada, who has experienced takeaway delivery training, is a good supplement to JD.com.

Therefore, after the establishment of Dada and Jingdong in 2014 and 2015, in April 2016, the two sides began a fit. At the beginning, the two parties cooperated with the establishment of a new company. JD.com received approximately 47.4%of the new company's shares for the Group's resources, JD.com's business resources, and 200 million US dollars.

Later, in 2018, JD.com invested 500 million US dollars in Dada with Wal -Mart. Before the listing of Dada in 2020, JD.com held a total of 45.3%of the shares.

After the listing of Dada Group, JD.com's infiltration of its control is still continuing. In March 2021, JD.com announced that it will subscribe for the newly issued ordinary shares of Dada for $ 800 million. After the transaction is completed, JD.com will hold a total of 51%of the shares. By February 2022, JD.com spent 546 million US dollars and several strategic resources as a consideration to increase its holdings in consideration, and officially obtained Dada controlling stake. In the first quarter of this year, Dada's performance has merged into Jingdong Financial Report. Half a year later, the founder of Dada Group resigned, and the company's decision -making level ushered in the "Jingdong Department". He Huijian, who had left Dada, also returned in this process in this process, and currently take over the daily work of the group.

Hu Chuncai analyzed that Dada's high -level coaches may come from the needs of Jingdong integrated remote distribution and instant distribution. "Dada had a relatively certain independent decision -making power before, but the two businesses were not under the leadership of the same decision maker, and resource integration may be relatively inefficient, or it is easy to cause differences. Come to lead, the synergy effect should be better. "

"Holding the group for heating" in losses

In addition to the needs of Jingdong to improve its own business territory, this acquisition that costs billions of dollars has been completed, and its subsequent revenue, JD.com also needs to explain to shareholders.

Judging from the transcripts of the Dada Group in recent years, if the majority of shareholders want to see the six -year transaction have a substantial feedback, they have to be more patient. According to the latest data from the financial report, by the end of June 2022, Dada Group's cumulative loss has reached 10.356 billion yuan in the past five and a half years.

Combining the performance since listing, from 2020 to the first half of 2022, the company's revenue recorded 5.74 billion yuan, 6.866 billion yuan, and 4.306 billion yuan, respectively. 100 million yuan, 2.471 billion yuan, 1.183 billion yuan.

However, from the perspective of losses and profitability, Dada Group has improved in the second quarter. Among them, the net loss rate of Non-Gaap narrowed 20 percentage points year-on-year, narrowing by 6 percentage points from the previous month, and continuous optimization for five consecutive quarters. At the same time, JD.com's direct profit margin achieved righteousness in the second quarter.

However, Dada Group's dependence on JD.com has also risen further. Dada Group's second quarter report showed that during the reporting period, JD.com ’s home business accounted for about 64%of the company's total revenue, and Dada Express delivery revenue accounted for about 35%. In 2017, Jingdong's home business contribution ratio was only 26%.

The anti -audience bag business, Dada's revenue realized in the first half of this year was 1.439 billion yuan, which was lower than 1.488 billion yuan in the same period last year.

Of course, it is a shortcut to rely on "good dad" to achieve revenue growth. However, from the perspective of Jingdong itself, the total transaction volume lags behind. Compared with the GMV of 84.2 billion yuan in Meituan Shipping last year, JD.com arrived at home only 43.1 billion yuan last year.

According to the latest data from Dada Group, JD.com's 12 -month GMV as of the end of June this year was 54.6 billion yuan, which was still less than the level of Meituan flash purchase last year.

The "Research White Paper Study of the Instant Retail Open Platform Model" released by the China Chain Management Association and others shows that by 2025, the scale of open platform models in real -time retail will reach approximately 1.2 trillion yuan. In the trillion -scale market, in addition to Meituan Flash Shopping, Hema, Tmall Supermarket, etc., JD.com and Dada may usher in more competitors to enter the venue.

Zhao Xiaomin told 36 氪 that after JD.com took over Dada, in the future, it is necessary to pay attention to whether Dada can use Jingdong to break through the scale to produce substantial reversal. Judging from the cold reaction of the group's senior management adjustment, the task of the new management has been very arduous in the future.

36 The official public account of its subsidiary