Before commenting on the JD Quarterly Report, I recommend that you read the article we wrote earlier --It wasn't just price that made JD fallMuch of the logic and analysis is actually continued in this year's quarterly report, so I won't go into detail here.
Let's talk about opinions first:
1. For the first time, JD's two main categories, electronic appliances and Nippon 100, both showed negative year-on-year growth. This is probably because a large number of products in these two fields participated in JD's 10 billion subsidy. Judging from the current internal situation in China's e-commerce industry, the price war cannot bring any advantage to JD;
2. In the first quarter, non-GAAP net profit increased sharply by 68% to 7.9 billion yuan, up 8% month-on-month. Due to the decline in commodity revenue, the main driving force behind the sharp increase in net profit was cost reduction, and there is room for cost reduction, and the marginal effects brought about by it are already showing signs of weakening;
3. Communicate with a leading computer manufacturer. Although preparations should be made to participate, I don't have much hope for this year's “618.” Some of the more popular categories will have some reluctance to sell and insure the price. The core essence is that there are too few categories in demand; there is no way to guarantee one's own profit without doing this.
Let's look at the data again:
In the first quarter of this year, JD Group achieved positive year-on-year revenue growth, reaching 243 billion yuan, up 1.4% year on year, down 1.8% month on month; non-GAAP net profit of 7.9 billion yuan, up 68% year on year, up 8% month on month; operating cash flow was -21.61 billion yuan, an increase of nearly 58 times year on year.
From the core...