Jingdong Logistics is expected to be listed in Hong Kong at the end of this month

On the evening of May 13, Jingdong Logistics heard through the Hong Kong Stock Exchange and announced the first quarter revenue. According to the data, the revenue in the first quarter was 22.4 billion yuan, up 64.1% year on year, and the gross profit was 230 million yuan, down 72.7% year on year; The total expenditure on sales and marketing, R & D and general administration was $2.2 billion; Operating costs and operating expenses, including share based payments, amounted to 400 million yuan.

Jingdong logistics said that gross profit margin was lower than the same period last year. In addition to COVID-19’s influence, the number of Jingdong logistics workers in the second half of 2020 has increased from about 170 thousand last year to about 260 thousand. In addition, Jingdong Logistics strengthened the warehouse area, the number of comprehensive transportation lines and other logistics infrastructure investment. By the end of 2020, Jingdong Logistics has operated more than 900 warehouses, including the cloud warehouse area managed by Jingdong Logistics, with a total storage area of about 21 million square meters.

On May 12, according to relevant media reports, Jingdong Logistics plans to launch the IPO from May 17 to May 21 and list in Hong Kong on May 28. Jingdong Logistics plans to issue 10% shares, with a valuation of about 35 billion US dollars, equivalent to about 225.3 billion yuan.

According to the prospectus it submitted, in 2018, 2019 and 2020, the revenue of Jingdong Logistics was 37.9 billion yuan, 49.8 billion yuan and 73.4 billion yuan respectively, of which the year-on-year growth in 2019 and 2020 was 31.6% and 47.2% respectively. Its net loss decreased from 2.8 billion yuan in 2018 to 11.7 million yuan in the first three quarters of 2020, showing a narrowing trend year by year.

In terms of external revenue, since the opening-up strategy was launched in 2017, the proportion of external customer revenue of JD logistics has increased from 29.9% in 2018 and 38.4% in 2019 to 46.6% in 2020. In 2020, the number of customers of Jingdong Logistics enterprises has exceeded 190000.

However, Jingdong Logistics also has to face the cost burden. According to the data, the operating costs in 2018, 2019 and the first three quarters of 2020 were 36.8 billion yuan, 46.4 billion yuan and 44.1 billion yuan respectively. Among them, outsourcing costs and rental costs increased significantly. Compared with the first three quarters of 2019 and 2020, the outsourcing cost increased from 10.7 billion yuan to 16.2 billion yuan, an increase of 51.9%. Jingdong Logistics explained that the rapid growth was due to the increased demand for supplier services, especially during the peak season when external services were needed to supplement its own resources, such as trunk transportation services.

According to the data, at present, the service products of JD logistics mainly include warehouse distribution service, express service, large goods service, cold chain service, cross-border service, etc.

Zhao Xiaomin, an expert in express delivery, believes that the market is very concerned about the way Jingdong Logistics is led by the new CEO of Jingdong Logistics. Secondly, the market is also concerned about how to make up for the shortcomings of aviation, integrate with the resources across express, and the operation strategy of Jingxi express. On a large scale, how can Jingdong Logistics reduce its dependence on Jingdong group and grow into a social logistics enterprise with all-round layout? All these will undergo cruel market test after its listing.

Jingdong Logistics said that in the next 12-36 months, the fund-raising will be mainly used to continue to upgrade and expand the six major logistics networks to maintain its competitive advantage; It is used to develop advanced technologies related to supply chain solutions and logistics services, including automation technology, data analysis and algorithms, and other underlying technologies; It is also used to expand the breadth and depth of integrated supply chain solutions, cultivate existing customers and attract potential customers.

Beijing Business News (reporter Zhao Qian)

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