Vip.Com'S "Demon"

Similar to Ali and Jingdong, the main driving force of vip.com's revenue is the growth of active users.
In March 4, 2018, vip.com flagship store was launched on Jingdong; in April 8th of the same year, vip.com entered WeChat's "Nine Palace"; in 2018 Q2, the number of active users in the quarter reached 29 million 800 thousand, an increase of 6% over the previous year; in 2018 Q4, the number of active users reached 32 million 400 thousand, an increase of 13% compared with the same period last year; the number of active users reached 60 million 500 thousand in 2018, an increase of 22% over the same period, but the sales revenue increased by only 14.5%.
At the same time, accept the "two masters" blessing, user growth has improved but not amazing, it seems that Tencent, Jingdong can only help vip.com to this point.
In a country with a population of 1 billion 400 million, only 30 million and 60 million of vip.com's active users in the quarter and the year are considered niche businesses. The sinking market is also heavy with thunder or heavy rain, otherwise the number of active users in the quarter will not linger at 30 million throughout the year.
The quarterly GMV is divided by the number of orders to get the unit price; the quarterly sales income is divided by the number of active users, and the amount of consumption per person per quarter is obtained. The two groups had obvious seasonal fluctuations, and the peaks and troughs were in the four and three quarters respectively.
The peak value per capita consumption in 2017 was 821 yuan, while Q4 in 2018 was 772 yuan, which was 49 yuan lower.
The lowest per capita quarterly consumption in 2018 appeared in the three quarter, which was 643 yuan. In the three quarter of 2019, the per capita consumption was 577 yuan, which was 66 yuan lower.
In 2019, the Q3 passenger price was 248 yuan, which was 36 yuan lower than that of Q3 in 2018.
Tencent and Jingdong help the number of active users still grow weak. It seems that "demographic dividend" and "sinking market" have little to do with vip.com. In July 2019, vip.com made a continuous move: the acquisition of Shanshan (business group), the alliance of fast hands, the intention is quite obvious - to break through the bottleneck of user growth.
"Profit gene"
Liang Jianzhang once said, "Ctrip's blood is flowing with profitable genes," and vip.com has such a gene. In 2012, Q4, vip.com made its first quarterly profit. By 2019, Q3 had been profitable for 28 consecutive quarters and never suffered any losses.
Profitable Chinese Internet companies can count them without two hands - Ali, Tencent, Baidu, NetEase and Ctrip, of which Ctrip and Baidu have suffered single quarterly losses in recent years. In the field of electricity supplier, "only two" keeps Ali and vip.com.
Because of the category, the gross profit margin of vip.com is much higher than that of Jingdong. In 2019, Q3 gross profit was 4 billion 230 million and gross profit margin was 21.6%.
Amazon has a bad head - putting performance fees into fees, stealing money and making profits, Jingdong and vip.com are naturally different.
But after eliminating the cost of performance, the real gross profit margin of vip.com is still over 10%. In 2019, the gross gross profit and gross profit margin of Q3 were 2 billion 650 million and 13.5% respectively. Jingdong in the open platform business significantly increased gross profit and regardless of logistics costs, the gross profit margin is only this level.
Vip.com's cost control ability is very strong, and the three expenses of market, R & D and administration account for 10% of the total revenue. In 2019, the three items of Q3 cost were 720 million, 400 million and 680 million respectively (three of the fees included 210 million equity incentive cost), and the cost rates were 3.7%, 2 and 3.5% respectively.
In the first three quarters of 2019, Jingdong's market cost totaled 14 billion, accounting for 3.4% of revenue; vip.com's total market cost was 2 billion 380 million, accounting for 3.7% of its revenue; and the combined market cost was 17 billion 900 million, accounting for 92.7% of revenue. It is different from Jingdong and vip.com mode, and can not be compared directly. But regardless of any business, marketing should spend 90% of its revenue on guard.
Recently, the slogan "the slogan" from Japan's Buddhist temple has been popular. Vip.com's return to sale, contraction of financial services and the abandonment of self logistics are the actions of a series of actions, which are "not to give up profits except life and death".
Seeing the heart for a long time and maintaining profits for 28 consecutive quarters shows that vip.com's stability does not necessarily surprise you, but it will not alarm you.
Vip.com's share price and its performance have been out of touch with "demon".