Qian Ming was sent from Aufei Temple
A product of the Collision School| Public Account ai7gua
Liu Qiangdong, low-key for a long time, There will be another listed company.
On the evening of September 11, Jingdong finance evolved from the JD Digital Technology submitted a prospectus to the Shanghai Stock Exchange and was accepted.
As the”pro son” of JD, Liu Qiangdong has a very high appearance rate in the prospectus:The chairman of the board of directors, who holds more than 50%of the share capital before the issuance, and nearly 75%of the voting rights, is the actual control of JD Digital Science people.
Before the listing, the valuation of JD has approached 200 billion yuan. Based on this calculation alone, Liu Qiangdong’s shares are worth more than 100 billion yuan.
If you are Jingdong users, especially those who frequently use Jingdong Baitiao, Liu Qiangdong In the net worth of hundreds of billions, there is also your contribution.
From the perspective of major customers, nearly 30%of the revenue of JD comes from Jingdong. From a specific business perspective, in the first half of 2020, Jingdong Baitiao contributed 1.8 billion yuan in revenue.
Nevertheless, JD Digital Science still lost 680 million in the first half of 2020.
In the first half of the year, revenue exceeded 10 billion, 30%of which came from Jingdong
Jingdong The predecessor of Digital Science is Jingdong Finance, in 2013 from Jingdong CFOChen Shengqiang led the team to operate independently, mainly centered on Jingdong mall started business, and successively launched supply chain financial products Jingbao, Jingxiaodai (for merchants) and consumer finance business Jingdong Baitiao.
Beginning in 2018, JD Finance has been renamed to JD Mathematics, promoting the core business to provide”financial technology” and”digital technology”.
The prospectus disclosed that in 2017, 2018, 2019 and the first half of this year, Jingdong Data Science Revenues were 9.1 billion yuan, 13.6 billion yuan, 18.2 billion yuan, and 10.3 billion yuan respectively.
From the perspective of the business sector, JD Digital Science’s revenue sources have three types of customers:financial institutions, Merchants and enterprises, government and other customers.
Among them, providing services for merchants and enterprises is Jingdong Digital Science’s main source of income, and the core product is JD white bars, rapid growth in scale, annual number of active users, Compound growth rate reached 52%, and reached 55.45 million by the first half of 2020.
Jingdong Baitiao’s scale and revenue are growing rapidly, but Jingdong digital science merchants and enterprises The revenue of the sector is gradually slowing down. In 2017, it was accounted for 7.3 billion yuan, contributing over 80%of revenue, but in 2019 and beyond, the growth rate was less than 9%.
At the same time, the revenue contributed by the provision of digital services for financial institutions has gradually increased, reaching 4.1 billion yuan in the first half of 2020, accounting for 41%of total revenue, and companies and merchants have dropped to 52%.
From the perspective of various business development trends in the past few years,JD The growth momentum of Digital Science is gradually shifting to serving financial institutions. According to the prospectus, this part of the business model is to divert financial institutions to help them promote loans, sell wealth management and insurance products.
As of the end of June 2020, JD Digital Science has recommended more than 2 million deposit users, Over 22 million personal and small and micro enterprise loan users; recommended over 67 million users of wealth management products for fund companies and securities companies; recommended over 45 million users for insurance companies.
Although JD Digital Science has become more and more capable of providing services to financial institutions, It receives more and more, but its number one customer has basically not changed in the past three and a half years.
According to the prospectus, from 2017 to 2019 and the first half of 2020, Jingdong from span data-stock-id=”oqJD” class=”stock-word”>JD’s revenues were 2.7 billion, 4 billion, 5.3 billion, and 3.1 billion, respectively, accounting for 30%of the operating income in the same period, 29%, 29%and 30%.
JD is not only its largest customer, but also its largest supplier. In addition, the income of JD Mathematics also comes from Jingdong The transactions between third-party merchants and consumers on the retail platform of Jingdong rely to a certain extent on JingdongApplication scenarios of retail.
In spite of this, in the first half of 2020, JD Mathematics still handed in a loss-making transcript.
Loss of 680 million yuan, equity incentives exceeding 1 billion yuan
From 2017 to the first half of 2020, Jingdong The gross profit margin of Digital Science has increased from less than 55%to 67%, and the ability to make money has been continuously strengthened.
JD Digital Science said, companies and financial institutions, merchants and enterprises, government and other customers and other fields Digital risk management technology cooperation has become more mature. With the continuous improvement of the company’s service capabilities such as marketing and customer acquisition and product operation, the gross profit margin has generally maintained an upward trend.
However, in the first half of 2020, JD Digital Technology lost 680 million yuan.
According to the prospectus, in the first half of 2020, Jingdong Digital Science’s sales expenses, management expenses, and R&D expenses have all increased. In particular, management expenses reached 1.6 billion yuan-exceeding the expenditure for the entire year of 2019.
JD Digital Science explained that this is a revision of the equity incentives for some core managers, and share-based payment The expenses reached 1.06 billion yuan, causing the company to lose money.
Judging from the form disclosed by JD Digital Science, Liu Qiangdong, Zhang Wei and other board members, Wang Senior executives such as Song, Fu Tong, Su Yalei, and core technical personnel such as Zheng Yu and Wu Xuejun all hold equity incentive shares. However, Chen Shengqiang, the founder and CEO of JD, did not appear in the table.
AlthoughJD Digital Technology’s net loss in the first half of the year reached 680 million yuan, but its cash flow and current assets were stable. In the first half of 2020, the cash flow from operating activities was 4.6 billion. Assets are 45.3 billion.
20 billion is raised, 72%of which goes to digital construction
Disclosure in the prospectus, JD Digital Technology plans to raise more than 20 billion yuan of funds through this sci-tech innovation board listing, 72%of which will be used to invest in various digital construction projects.
This is JD.com The next direction of Digital Science is to find new growth points for the company’s further development.
Providing digital services for the government and other customers is a new story told in the prospectus of JD . From 2017 to the first half of 2020, the compound growth rate will reach 239%. However, the scale of revenue is small, 580 million yuan in the first half of 2020, accounting for 5.6%.
JD Digital Science said that it has launched digital upgrades in the areas of smart marketing and smart cities. Technological solutions to improve industrial efficiency.
The intelligent marketing product is Jingdong Molybdenum Media, with more than 15 million self-operated and affiliate media points, covering There are more than 300 cities nationwide and more than 600 million people.
In terms of smart cities, JD did not give too much business data. Large room for development.
Before the pig raising was promoted in a rush, there was no mention of a word in the prospectus.