As of March 15th, Ali’s market value was the first, and JD.com was the second best.
Editor’s note: This article comes from ” Tencent News “, author Li Ruchao.
Although people have habitually listed Pinduoduo as one of the three giants of domestic e-commerce in more and more occasions, a number of financial indicators show that there are still many gaps between Pinduoduo and Ali Jingdong.
In the just-released financial report for the fourth quarter of the natural year 2019, Ali’s revenue reached nearly 16 times of Pinduoduo. Even if only considering the income of Ali e-commerce, Ali has reached nearly 8 times of Pinduoduo.
Considering that Pinduoduo and Ali’s e-commerce revenue structure is highly similar, this comparison can reflect that the gap between them and Ali is still quite large.
In terms of transaction scale, the total GMV of Pinduoduo in the past 12 months in the fourth quarter exceeded RMB 1 trillion for the first time, reaching RMB 106.6 billion. Compared with JD.com ’s 20,854 billion yuan in the same period, Pinduoduo is also only half of JD.com.
Although Huang Zhi claimed in an internal letter last year that his “real GMV” has surpassed JD. However, the definition of “real GMV” is ambiguous. From a financial point of view, do n’t spell out Ali and JD There is still a gap.
And at a more critical user “quality” level, spoilers are at a disadvantage. Calculating the consumption of active users of the three platforms, Pinduoduo will be 1702.1 yuan in 2019, and JD.com 5761 yuan, which is less than one-third of JD.com.
Although Ali has not released the relevant figures for 2019, if calculated based on the figures released in the first quarter of 2019, it will be 8575 yuan. The gap between Pinduoduo and it is even greater.
However, Pinduoduo also has a lot of amazing data.
In the fourth quarter of 2019, Pinduo ’s multi-year active users have rapidly climbed to 585.2 million, surpassing JD ’s 362 million, and are approaching Taobao ’s 711 million.
Considering that Pinduoduo has a net increase of 48.9 million in this quarter, far exceeding Ali’s 18 million, it can be seen that if Pinduoduo can maintain this growth rate, it may be only a matter of time to catch up with Ali.
At least in terms of the number of users, nearly 600 million people are currently using Pinduoduo, which has directly approached Ali’s leading position in user penetration.
Not only is the growth in user size, but Pinduoduo’s revenue growth rate also tops the three platforms. In the fourth quarter, Pinduoduo’s total revenue reached 90.9 %%, far higher than 38% of Ali and 26.6% of JD.com.
It can be seen that as of now, Ali’s leading position is still solid, and JD.com still has a firm foothold in the high-end market; although Pinduoduo is slightly inferior at this stage, the crazy growth rate is enough for AlijingEast is nervous.
Annual active users: Pinduoduo has a net increase of nearly 50 million in the quarter, which is 2.7 times that of Ali
Pin Duoduo’s active user growth this quarter is still outstanding.
It can be seen from the figure that, in terms of user scale, Pinduoduo has distanced itself from JD.com and is catching up with Ali.
In terms of incremental trading, Pinduoduo has a net increase of 48.9 million in a single quarter, which is 2.7 times that of Ali 18 million. JD.com this quarter is the first complete quarter of the online Jingxi platform, with a quarterly net increase of 27.6 million, which not only exceeded Ali’s single-quarter net increase, but also hit its highest value in eight quarters.
It can be seen that although all three platforms have good growth, Pinduoduo still tops the list of active users. Although Ali has a large inventory, it is lower in growth than Pinduoduo and JD.com.
GMV level: Ali’s leading edge is obvious, Pinduoduo is only half of JD.
In terms of GMV, Pinduoduo ’s 12-month GMV announced at the end of the quarter was 106.6 billion, a year-on-year growth rate of 113%. Jingdong’s GMV for the same period was 2,085.4 billion, a year-on-year increase of 24.36%.
Alibaba has not released GMV figures for the same period. Taking its latest published level as a reference, its 12-month GMV was 5,727 billion, a growth rate of 19%.
This shows that Pinduoduo continues to have an advantage in growth. However, judging from the amount of GMV, the gap between Pinduoduo and the other two platforms is still large. Ali clearly has a clear lead in GMV, which is difficult to shake in the short term.
Revenue growth: Pinduoduo is the highest, but the base is the smallest
This is finally reflected in net profit. Ali’s 46.493 billion yuan net profit is 57 times that of JD.com, with a loss of 815.6 million yuan.
Free cash flow level: Ali is the best, Pinduoduo has not been announced
As of the end of December 31, Jingdong’s free cash flow was 19.5 billion; Ali’s free cash flow was 78.3 billion. Since both companies are profitable, their operating cash flows are both positive and their cash flows are healthy.
Pinduoduo has not released the number.
According to Pinduoduo’s financial report, Pinduoduo’s cash, cash equivalents and restricted cash amounted to 33.346 billion yuan. After excluding restrictive cash, Pinduoduo’s cash and cash equivalents were 5.768 billion yuan.
But even this number still shows that the remaining funds of Pinduoduo are not excluded from capital expenditure.
This also means that Pinduoduo’s free cash flow may be lower than 5.768 billion yuan, or even the possibility of a negative value is not ruled out.
Market value: Ali is the first, and JD.com is the second best
Although in the second half of last year, Pinduoduo achieved a lead over Jingdong’s market value for a long time. However, since the third-quarter financial report released in November last year, Pinduoduo plunged more than 20% in a single day, JD.com’s market value returned to second place.
As of March 15, Jingdong’s market value was 58.06 billion U.S. dollars, which was higher than Pinduoduo’s 39.24 billion U.S. dollars. Ali’s market value still maintains an advantage of 518.63 billion US dollars, which is nearly 9 times that of JD.