On the evening of August 20, Alibaba released the first quarter of fiscal year 2021 (the second quarter of natural year 2020). According to the financial report, in the quarter, revenue was 153.75 billion yuan, up 34% year-on-year, and net profit was 39.47 billion yuan, up 28% year-on-year. Just two days ago, Jingdong, another big e-commerce giant, also handed in its first reply after going to Hong Kong for its second listing.

according to the financial report, in the second quarter of this year, Jingdong achieved a revenue of 2011 billion yuan, a year-on-year increase of 33.8%, and a net profit of 5.9 billion yuan, a year-on-year increase of 66.1%.

although the financial reports of Ali and Jingdong both exceeded the market expectations, by contrast, JD set a new high growth rate in nearly 10 quarters. In the first and second quarters of 2020, the year-on-year growth rate of Alibaba’s revenue dropped from 40% in the past to 22% and 34%. At the same time, Alibaba’s net increase in the number of annual active users in the first quarter was only half of that of JD. Behind this, to a large extent, was the manifestation of logistics capabilities.

if we say that the emergence of the epidemic has greatly accelerated the development of e-commerce live broadcasting industry, no one will doubt it. Not resigned to playing second fiddle, Taobao tiktok and Kwai Su are not willing to give up their voice. For a while, the live broadcast of the live broadcast of the is not lively.

but people only see the “bright” on the screen. Behind the live broadcast of the front-end flowers, logistics, as the back-end of the entire huge business system, is the basic ability to support the development of enterprises at the lowest level.

this can be seen from the acceleration of control and layout of express delivery companies by e-commerce giants after the epidemic eased. In April this year, 2% of Alibaba invested in Yunda and Jiqi “four links and one delivery”; in August, Jingdong invested 3 billion yuan to leap over express transportation to build a mass post express for the sinking market; pinduoduo cooperated closely with Bitu.

first of all, from the perspective of annual active users, compared with the first quarter of 2020, Jingdong net increased annual active users by 30 million in a single quarter, and annual active users increased from 321 million to 417 million. In contrast, the annual user growth of Ali economy is only 16 million, from 726 million to 742 million. As early as last quarter’s financial report telephone conference, Jingdong retail CEO Xu Lei said that the epidemic has brought the “return” of old users.

Alibaba’s core business revenue grew by 34% in the second quarter, and its total revenue reached 153.7 billion yuan. Jingdong also caught up, with a year-on-year growth of 33.8%, which also reached a new high in nearly 10 quarters. It should be noted that JD’s revenue growth rate has never exceeded 30% since Q2 of 2018, while Ali’s revenue growth rate was more than 40% before Q3 in 2019. In the first half of 2020, it has all the way dropped to 22% and 34% year-on-year growth rates.

according to the financial report, the proportion of general merchandise revenue of JD in total product revenue will rise to 40.3% in Q1 2020. However, this figure has already dropped to 37.8% in the first half of 2020, that is, six months’ financial report. It seems that JD has failed to grasp the window period and maintain the growth momentum.

but for Ali, during the epidemic period, its ability to control logistics companies was weak, and express delivery was unable to return to work, which also caused a great block to its revenue growth. In the first quarter, revenue growth reached a record low of 22%.

among them, it is worth noting that the performance of rookies is very bright. As of June this year, the number of packages handled by rookie post stations has increased by 100% year on year. Especially in cross-border logistics, while the global aviation industry has been largely suspended, the number of charter flights used by rookies per week has increased from 40 to nearly 150, and the number of imported central warehouses has also increased by 20 times. Cross border business benefited from this, and tmall Global’s payment Gmv increased by more than 40% year-on-year.

but for pinduoduo, it has the shortest time of establishment and still needs capital transfusion, and its involvement in logistics is the shallowest. In 2018, Huang Zheng, founder of pinduoduo, said in an interview with media before listing that pinduoduo would not touch logistics. Subsequently, pinduoduo’s logistics initiatives also adopted the asset light and open mode, namely, the “electronic bill” system launched in February 2019. “We don’t do purchasing and marketing, we don’t touch logistics and distribution. Ali has done a good job. Why do you do it? A lot of companies do everything because they don’t trust others. ” In April of the same year, Huang Zheng said in a letter to shareholders that pinduoduo’s logistics e-bill system has become the second largest e-bill system in the world in a short period of time.

this kind of organization is the most cost-effective way for pinduoduo with large single volume and low customer price, but it also causes low efficiency. In May this year, pinduoduo said that the daily average number of logistics packages had exceeded 65 million, an increase of 30% compared with the 50 million daily average number of in transit logistics packages in March 2020. However, from the perspective of users’ general use experience, the transportation time required by pinduoduo order is generally more than that of other platforms.

recently, the news of Jingdong’s suspension of Shentong has triggered heated discussions in the industry. The reason given by Jingdong is that the contract with Shentong has expired as early as June 2019, while Shentong said that Jingdong’s business volume accounted for a small proportion and had little impact. However, prior to this, Shentong also said that “Jingdong has always had a hegemonic culture. It has only its own culture, and without symbiosis, it will not be the last one.”.

in November 2016, JD announced the opening of logistics system. In April of the next year, Jingdong Logistics was independent. Soon after independence, Jingdong immediately began to block the third-party express companies. In July 2017, JD announced the suspension of Suning daily express service. Subsequently, a series of express companies such as Yuantong, EMS, Baishi and Debang were excluded from the list of merchants.

Jingdong said that the suspension of Shentong this time, “Ali’s refusal to access Jingdong Logistics has become the main reason for breaking up”. In other words, JD logistics considers itself a third-party company, and Alibaba’s failure to access JD logistics is also a “ban”.

last year, Ali purchased 49% of Shentong’s equity with 4.67 billion yuan, becoming its largest shareholder. Prior to this, Ali has repeatedly controlled the mainstream express companies in the market through investment. Among them, 26.8% of Baishi’s shares are held, 46% of the voting rights are held; US $1.38 billion has been invested in Zhongtong express, about 10% of the shares are held; Yunfeng fund, affiliated to Lianhe group, holds about 11% of Yuantong, and the news of 2% equity participation has been heard this year. So far, Ali has collected “four links and one access”.

although rookies claim that the average growth rate of “four links and one access” is over 40%, almost all the companies invested by Ali are in an embarrassing situation of “increasing but not increasing revenue”.

in the first half of 2020, Shentong’s service business income was 1.792 billion yuan, with a year-on-year growth of only 1.32%, almost stagnating. The business volume was 866 million, with a year-on-year increase of 39.69%. Based on comprehensive calculation, the single ticket income of express delivery business was only 2.07 yuan, a year-on-year decrease of 27.37%. At the same time, the company’s net profit attributable to shareholders of listed companies also decreased by 90%.

similarly, the express companies such as Zhongtong and Yuantong also had similar situation. In the second quarter, the business volume of Zhongtong express was 4.6 billion, with a year-on-year increase of 47.9%, but the growth rate of revenue was less than that of single volume, with a year-on-year growth of only 18.0% to 6.4 billion yuan. The latest data of Yuantong also shows that in 2019, Yuantong completed 9.115 billion pieces of business, with a year-on-year increase of 36.78%, but its revenue was 31.151 billion yuan, only 13.42% higher than that in 2018. At the same time, cash flow generated by Yuantong’s operating activities also decreased – 414.77% to – 720 million yuan.

in March last year, Ali United rookies announced in an open letter that they hoped to reduce logistics costs from 16% of GDP to 5%. But Jingdong’s performance in the first half of this year has gradually approached this target. According to the financial report, Jingdong’s performance fee rate per order decreased from 6.1% in the first half of last year to 5.9% in the same period of this year.

under the epidemic situation, the express industry is in a state of stagnation, which has sounded the alarm for the e-commerce giants. Although the epidemic situation is not normal, the perfect logistics experience is still an important factor determining the final choice of consumers.

rookies said that during the seven years since its establishment, the company has formed three business sectors: consumer logistics service, business service and logistics enterprise service.

at the same time, in addition to continuing the original stock express business, tmall global has already occupied more than half of the market share of cross-border e-commerce after integrating koala. Similarly, rookie’s cross-border business can also undertake more than half of cross-border e-commerce express, which can undoubtedly reduce the operating cost of rookie’s overseas warehouse and accelerate the industry integration.

in addition, rookie also used its offline post station to undertake more service business. In the first half of this year, the rookie post station carried out a strategic upgrade, from a single package service to a group purchase, laundry, recycling and other digital community services, from relying on the entire Ali economy to looking for new growth points.

for Jingdong Logistics, accelerating independence has also become its main theme. In the first half of 2020, Jingdong Logistics and other revenue was nearly 15.4 billion yuan, 10 billion yuan in the same period last year, with an increase of more than 50%. According to an open letter recently issued by Wang Zhenhui, CEO of Jingdong Logistics, in the past eight years, Jingdong Logistics has laid out more than 750 large warehouses and about 18 million square meters of logistics infrastructure throughout the country. The logistics network covers 100% of the districts and counties in the mainland. Using the logistics capacity that has not yet reached saturation, it launched the “24-hour delivery of thousands of counties and towns” and began to “dig for gold” in the sinking market.

while continuing to invest heavily in the development of warehousing, Jingdong acquired striding express with a total of 3 billion yuan in this quarter. At the same time, its heavy Post Express is also referring to and benchmarking the franchise mode of Tongda system, aiming at high cost-effective express delivery, aiming at 3kg small e-commerce packages, and proposing the goal of “the best performance price ratio in China”.

for pinduoduo, at least in the short term, express delivery will not become a project that it will spend a lot of money on. However, the relationship between pinduoduo and polar rabbit has caused many conjectures. From the capital level, the two companies are not related, but cooperate closely.

Li Jie, the founder of polar rabbit, is the founder and former CEO of oppo Indonesia. He has a deep background of oppo department, while Huang Zheng, founder of pinduoduo, is a close disciple of Duan Yongping, the big man behind ov.

as a cross-border integrated logistics service provider originated in Indonesia, it is regarded as a rising star in the express industry, and it will not start to prepare for its launch in the second half of 2019. It is reported that at present, Jitu has been connected to pinduoduo, Dangdang, Suning e-commerce platforms, and its business is steadily advancing. According to Jitu, by the end of March, the number of outlets had exceeded 1500, and the number of employees had exceeded 15000. However, it is still unknown how much the market can be stirred up by Jitu. After all, 1500 outlets are only 1 / 20 of Zhongtong’s 30000 outlets.

what’s more, the smaller express delivery companies have fallen before the epidemic. In 2019, the second and third line express brands including Guotong express, such as Fengda express and Quanfeng express have been eliminated one after another, including the new Express brand “promised to express” launched by Yuantong Express’s parent company, which was also called off after a short water trial for one year.

the logistics industry is not “profitable” or “huge market” as imagined. “Four links and one access” is still in the quagmire of “no incremental revenue increase”. After the epidemic, the warehousing and logistics capacity created by Jingdong Logistics needs to tap third-party e-commerce orders to maintain business saturation.

as the infrastructure for the development of e-commerce, logistics may be a drag on the loss of enterprises, or it may be a sharp weapon to promote the growth of revenue. It is no longer just a “moat” to maintain the advantages of e-commerce.

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