Jingdong Data: See Who Is Doing Things Steadfastly And Who Is Boasting.

At present, the whole business area has been completed, and each of them has its own advantages to carry forward, and the defects need to be compensated.

In terms of the overall supply chain, Suning, Jingdong and Gome are most comparable in home appliances and 3C.

In the early years, Suning and Gome hit the ground, and now a Jingdong became "War Within Three Kingdoms".

The only advantage of Jingdong listing is that Liu Qiangdong can't rush around, and there's a pile of public data in it. So the electricity supplier world is still in the same period this year. We are going to take the data from all sides to really compare it to see who is doing things steadfastly and who is boasting.

Su Ningyun's capital expenditure is ahead of Jingdong and Gome, mainly in logistics and sunning stores. After sunning its alliance with Suning, Suning received 14 billion of its cash and will continue to invest more in the future.

After Gome's turmoil in 2009,

Take the strategy of contraction, and low capital expenditure runs smoothly.

Before the listing of Jingdong, capital expenditure grew slowly, which was related to the pressure of the company before listing. After the listing, the company's cash reserves were sufficient, and the company's investment in fixed assets increased significantly.

Jingdong: explosive growth of open platform business. From 2011 to 2014, the gross profit margin of Jingdong entered a fast rising channel. In the future, as the open platform business, Internet financial business, precision advertising business, O2O business, cloud service business, big data business, and logistics services constantly improve, the steady increase of Jingdong's gross profit margin is a big probability event.

Suning: integration of 2013-2014 years online and offline. Gross profit margin in the 2 quarter of 2014 is the lowest point in 2009-2014 years. After the integration is smooth, Suning cloud business gross profit margin is expected to remain stable. In the future, with the development of open platform business, logistics business and financial business, gross profit margin will gradually increase.

Gome: in 2012, the industry boom was low and Gome was internally adjusted. In the 2 quarter of 2012, Gome gross margin was the lowest in history. Gome gradually increased the proportion of differentiated products and kept the momentum of gross profit growth in 2013.

In the 1 quarter of 2014, the cost rate was around 10%; in 2013,

By greatly reducing the cost of orders, the operating cost rate gradually declined. In 2014, with the increase of logistics costs and the increase of marketing expenses, the overall cost rate of Jingdong gradually increased.

It will continue to increase investment in brand promotion, marketing and other aspects, strengthen staff compensation motivation, and increase the company's expense ratio (sales cost + management cost). As a successor to the traditional e-commerce industry and a pioneer in Internet retailing, the Suning cost rate will continue to run at a high level in the future.

Gome: in 2013, Gome increased the cost control in the group, especially in terms of rent and personnel remuneration. In 2013, the cost level decreased significantly compared with 2012. The cost rates in 2014 were basically equal to that in 2013; but in the future, as the company increased its investment in electricity providers, Gome will have a substantial increase in brand marketing and personnel remuneration, and the overall cost rate (management fees + sales expenses) will improve in the future.

Jingdong, Suning and Gome all have their own layout in consumer finance, supply chain finance and Internet financing.

The latest is Suning's license for consumer finance, while Jingdong has no license.

The Bank of Suning applied in 2013, all the articles were in conformity with the approval, and the Jingdong did not apply for the qualification of private banks.

Payment tools: Suning owns Yi Fu Bao; Jingdong owns online banking online; Gome lacks its own payment tools, and the traffic and data of payment and liquidation of e-commerce platform are all through third parties, which is extremely unfavorable for Gome to build its own ecosystem.

Crowd raising and insurance: Jingdong leads Suning; but in the insurance field, Suning's insurance is better than Jingdong; Gome does not involve it at present.

Private banks: Suning is under development, with the support of policies, it is expected to accelerate; the financial conditions of Jingdong do not meet the bidding rules of private banks; Gome has no trend.

From the trend, in the context of increasing competition among channel providers, the upstream suppliers' conversion costs have been reduced, and all kinds of channel providers have increased the rate of return to upstream suppliers to enhance their attraction. In the 2010-2013 year, sunning cloud accounts payable turnover was basically the same as that of Jingdong. In 2014, sunning cloud account payable turnover shortened, reflecting sunning's increase in the speed of payment to suppliers; Gome's data were higher than Suning and Jingdong; the data of Jingdong mall remained at 40 days, and the turnover days in 2012-2014 years gradually dropped.