Listed JD Logistics: breaking through again

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JD logistics was officially listed in Hong Kong recently , As a well-known player in the express industry , The listing of JD logistics has attracted much attention . Now let's review the listing process of JD logistics ,2021 year 2 month 16 JD logistics submitted to the Hong Kong stock exchange IPO apply ,4 month 29 Japan JD logistics was approved IPO apply ,5 month 28 Officially listed on April , Ticker “2618.HK”.

Own resources

Jingdong Logistics is the core of Jingdong group 2007 Logistics business established in , The original intention is to meet the express logistics demand of JD e-commerce platform .2012 Jingdong Logistics Company was officially established in ,2017 Jingdong Logistics Group was established in , Start to gradually undertake external orders .

Compared with ordinary express companies , When Jingdong Logistics was founded, it was endowed with characteristics different from general logistics companies . General express companies undertake logistics outsourcing services from third-party customers , For example, three links and one Da undertake Taobao 、 Jitu undertakes to spell a lot, etc , Jingdong Logistics has brought its own big platform Jingdong Mall since its appearance .

in addition , JD logistics has established its own six logistics networks , Warehousing network 、 Integrated transportation network 、 Last mile distribution network 、 Big network 、 Cold chain network and cross-border network , The logistics network is very comprehensive .

Across the country , JD logistics has also established a number of warehouses , As many as 900 Multiple . In response to customer needs “ fast ” aspect , JD logistics gives full play to its advantages in warehousing ,“ Transport by warehouse ”. JD logistics analyzes the shopping habits of users everywhere according to big data , Stock up ahead of time , Once the consumer places an order , Deliver immediately at the warehouse nearest to the place of distribution , Great savings in delivery time .

All in all , Compared with other logistics companies , Jingdong Logistics is backed by Jingdong , Resources are unique . At the same time, JD logistics has also left a fast and good impression on customers with its own characteristics and advantages , The revenue is getting better . However, JD logistics' mode of re investment , It also determines that it is difficult to make profits in the early stage .

It is difficult to lose money

The prospectus disclosed before the listing of JD logistics , JD logistics' revenue has increased year by year for three consecutive years , from 2018 Year of 378.73 Million dollars 2019 Year of 498.48 One hundred million yuan , Gradually rise to 2020 Year of 733.75 One hundred million yuan , The revenue capacity has been significantly improved .

however , The operating cost of JD logistics remains high . As disclosed in the prospectus 2020 The operating cost of JD logistics in was 670.81 One hundred million yuan , The outsourcing cost is the most , Employee welfare expenses take the second place . among , Employee welfare expenses are 260.61 One hundred million yuan , Proportion in operating cost 35.5%; The outsourcing cost is 260.87 One hundred million yuan , Proportion in operating cost 35.6%.

Before, JD logistics employed more employees by itself , Compared with other logistics companies, they use less outsourcing services , In addition, JD logistics has a high base of five insurances and one fund paid to employees , So the employee welfare expenses were very high .

With the increasing burden of JD logistics in the development process , Gradually reduce the payment base of employees' five insurances and one fund .2019 Jingdong Logistics micro blogged in , To the extent permitted by the policy , Adjust the employee's provident fund contribution ratio in accordance with laws and regulations . But as the number of employees increases , The effect of this measure is offset , Employee benefits are still high .

For outsourcing costs , Due to the expansion and sinking of JD logistics business , In the integrated transportation network, in addition to the self-supporting transportation team , It will also outsource the fleet of third-party transportation service providers to make up for the shortage of JD logistics transportation trunk network . There are also sorting from express companies and other service providers 、 Outsourcing labor costs such as distribution , Therefore, the outsourcing cost is also increasing year by year .

So with the increase of employee welfare expenses and outsourcing costs , The operating cost of JD logistics cannot be reduced , It also shows a trend of increasing year by year , from 2018 Year of 367.93 Billion yuan to 2020 Year of 670.81 One hundred million yuan .

So all along , The problem of serious losses has been accompanied by JD logistics . Disclosed in the prospectus , from 2018 - 2020 During the year , JD logistics has been in a state of loss , Lose money separately 28 One hundred million yuan 、22 Million dollars 40 One hundred million yuan , Losses have been widening .

Due to the large labor demand in the logistics industry 、 The characteristic of large capital investment , Therefore, JD logistics is also difficult to solve the problem of loss in the short term .

Benchmarking Shunfeng

Although JD logistics lost money , However, the market valuation of JD logistics after its listing is still considerable , Second only to SF . Although JD logistics is more about going out of its own way in Logistics , But in the logistics industry of a red sea , It is difficult for JD logistics not to compare with SF, which is similar to its business .

Liuqiangdong once predicted that only two express delivery companies could survive , One is SF , One is Jingdong . On the one hand, liuqiangdong has confidence in JD logistics , On the other hand, it also shows his recognition of SF .

In business , The main business scope of JD logistics and SF is also very similar , All involve express delivery 、 Express transportation 、 Cold chain 、 Supply chain, etc , Therefore, the competition between the two companies in the logistics market is still very fierce .

But in the logistics mode , JD logistics and SF are still inconsistent , JD logistics pays more attention to warehousing , SF pays more attention to the logistics trunk network .

end 2020 year , On ground transportation , SF owns 5.6 Million self operated and outsourced transport vehicles ,10.5 Ten thousand pickup and dispatch vehicles , JD logistics' self operated fleet vehicles and other vehicles are only 7500 car ; SF opened high-speed rail to reach the product flow direction 451 individual , Jingdong Logistics cooperates with the railway corporation 250 A main railway line .

In air transportation , SF owns 61 Self operated aircraft and 14 Outsourced aircraft , The number of bulk routes reached 2027 strip , Total number of flights 4.94 Ten thousand times ; JD logistics has 260 Air cargo routes .

In terms of storage , SF cannot rival JD logistics , SF owns e-commerce warehouses 154 seat , Food cold storage 62 seat , Pharmaceutical warehouse 12 seat ; JD logistics warehousing is 900 Multiple , Far more than SF .

Because JD logistics is short in the logistics trunk network , So if JD logistics wants to steal from SF “ business ” It's not easy . Not just SF , It is not easy to realize "four connections and one arrival" in the same way as SF Logistics .

according to 36 Krypton reported , Small and medium-sized e-commerce businesses generally choose to ship goods from manufacturers , And in this mode , The short board of JD logistics is weaker than the trunk line, which makes the single piece price of JD logistics higher than that of "four supplies and one delivery" .

So in the logistics market , SF is not only the benchmarking competitor of JD logistics , Other logistics companies are also surrounded by tigers .

Seeking breakthrough

In the face of fierce competition , According to the prospectus , JD logistics has been in the dilemma of insolvency for several consecutive years ,2018 - 2020 In, the asset liability ratios of JD logistics were 103.22%、105.21%、105.29%. Once the enterprise's asset liability ratio exceeds 100%, It means that the enterprise has no net assets ,2020 The net assets of JD logistics in -28.94 One hundred million yuan , The enterprise is in a state of insolvency .

And according to public information , since 2018 In, JD logistics obtained A Round of funding 25 In addition to the financing of USD 100 million , JD logistics has not obtained any more financing .

Another cut-off 2020 year , The net cash of JD logistics is still in a negative stage , The net cash flow is -23.02 One hundred million yuan . Although the net cash flow from operating activities of the enterprise is positive , However, the net flow from investment and financing activities is still negative , Respectively -87.71 Million dollars -37.77 One hundred million yuan .

It can be seen that the cash flow generated by the operating activities of JD logistics can not cover the cash flow losses generated by investment and financing , And JD logistics is a “ Heavy assets ” The enterprise , The expenditure on fixed assets is not small , The cash expenditure of corresponding investment activities will not decrease .

Therefore, listing is a way for JD logistics to establish financing channels independently of JD , The funds raised from the listing may help to improve the financial situation of JD logistics .

Another reason is that almost the leading companies in the logistics industry have completed the step of listing , Are trying to seize the external market . According to the 《2020 year -2021 Analysis of China Express business volume structure in 》, At present, international / The express business volume of Hong Kong, Macao and Taiwan accounts for only 2.2%, There is still much room for competition in the external express market .

therefore , The combined effect of internal and external factors prompted JD express to choose to go public . At the same time, listing also means that JD logistics is releasing signals to the external market , It may be possible to obtain resources from the external market , Improve competitiveness .

But in the face of a number of listed logistics companies , Whether JD logistics can achieve a breakthrough in its listing is still unknown . Listing is just a new starting point , JD logistics still has a long way to go after listing .

writing / Financial external reference ,ID：jrwaican