: We operated a total of 486 78 cities as of December 31, 2017, and our. The annual service fee for a 3P merchant doubled from Rmb6,000 in 2014 to Rmb12,000 in 2015. Specifically, rapidly growing first-party unit volumes will increase bargaining power for procuring merchandise from suppliers, and a steadily incremental increase in order density in under-penetrated cities will lower JDs average fulfillment cost per order over time. Jeff Schwarz, Global Logistics Properties Co-founder JD is currently operating around 213 warehouses (a majority of which are locked into long-term leases and have an average GFA of 25 35k sqm) with a total GFA of 4mm sqm. I do not expect gross margin expansion to stem from significant reductions in promotional spending or increases in product mark-ups. Furthermore, cash from WC accounts for the near-entirety of JDs current FCF. Recent, september 29, 2018 in Investing / Oaktree Insights: Thriving in an Era of Lower for Longer. Base case, I think JDs operating margin as a of total net GMV can reach 5 by 2020. In FY16,.6b orders were fulfilled.5k fulfillment personnel (66k delivery.5k warehouse).
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However, due to the inherent conflicts of interest between the payments division and e-tailing 62, I think its inevitable that JD Finance will become an independent, publicly-traded company. You cant generate sales unless you have the product there when the customer wants. Supply Chain and 3P Merchant Financing (19 of total revenue) Provides credit to 1P suppliers and 3P marketplace merchants. Network effect: With an established fulfillment network, JD established a separate entity in April 2017 - JD Logistics. The consensus regards m as a complex, highly capital-intensive, perpetually loss-making retailer myopically focused on growth trading at an optically expensive valuation. The quality of the people managing the business and their ability to intelligently allocate capital cannot be understated in a long-term compounder thesis. Steady raises in the minimum order value threshold for free delivery are de facto hidden price increases, which has been a recurring practice for JD over the years. Specifically, it would remove the net originations/repayments of JDF which are massive.6b in 15 (over 6x net operating cash flow) and.3b developing a problem statement for a dissertation in 16 (1.3x net operating cash flow) and cash outflows from loan receivables which are still relatively big.5b.
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