On November 15, 2019, Jingdong (NASDAQ:JD) released Q3 unaudited financial statements. According to this report, Q3 revenue reached 138.4 billion, a year-on-year increase of 28.7%; one-off gains from disposal of assets, operating profit of 1.99 billion ( 2018 Q3 operating loss 650 million ), non-operating profit margin of 1.47%; net profit of 550 million (not deducted ), net profit margin of 0.4% .
In 2019, JD.com canceled the disclosure of quarterly GMV (total transaction amount). Net profit under GAAP has been achieved in the past three quarters. Despite non-recurring factors ( such as Q1 other revenues of 6.9 billion, Q3 disposal assets income of 2.99 billion ), Jingdong finally can confidently declare a turnaround . The strange thing is that the huge loss of Jingdong market value is more than 70 billion US dollars, and the profitable Jingdong market value is less than 50 billion US dollars. Is it not known to Wall Street?
For JD.com, the cessation of disclosure of the quarterly GMV and efforts to continue to make profits under GAAP mark the beginning of a new era in the end of the old era – from the pursuit of transaction size growth to the pursuit of profit.
The pursuit of profit is the right way for the company, but Jingdong has a little helplessness.
Apply the Buddhist “Three Times” theory (Fairy Law 500 Years, 1000 Laws, and Last Law 10,000 Years) “Time” is a self-operated commodity, self-built logistics and Tmall Taobao misplaced competition; after listing in 2014, due to the pressure of valuation to pursue scale growth, a large number of third-party sellers to expand the transaction volume, this is Jingdong’s “image-like era”; The growth rate slowed down and could not be reversed and fell behind a lot ( 2018 Q4 Jingdong GMV 514.4 billion, a year-on-year increase of 27.4%; more than 2019 Q2 was 234.2 billion, year-on-year Increase 184%), turn to net profit, misplaced