Jumei.Com 2015 Revenue Growth Of Nearly 90%, Profit Fell 70%

After the launch of privatization in mid February, poly US missed the release of the 2015 Q4 earnings report, but the annual report submitted recently allowed the outside world to take a full look at its 2015 annual performance.

In the third quarter of 2014, business adjustment began. At the end of the year, jumei.com, which had no beauty platform operation mode, increased its revenue by nearly 90% in 2015, and its profit dropped by 70%.

Compared to 2014, 2015

Although there is no platform business mode for cosmetic products, all of them have become self-employed, but revenue growth is still strong, up 88.7% to 7 billion 340 million yuan over the same period, which is even higher than the 2014 revenue growth (30%).

The first is because of the revenue associated with the platform management model (called Marketplace Services in the United States annual report, hereinafter referred to as the platform service business) since 2012 has been a small proportion of the total revenue in the United States, 10.2% in 2012, 14.3% in 2013, and 13.6% in 2014.

In 2015, poly US platform services business revenue of 230 million yuan, down 56.6% compared to the same period, accounting for about 3% of total revenue.

There are still main reasons for the gathering.

Platform management mode.

Second, because the beauty products of the third party sellers on the platform are cut off, the United States has supplemented the stock of cosmetic products on the platform through direct licensing and cross border self-reliance.

In addition, according to the annual report of the poly American, the current self-employed products include cosmetic products, including maternal and infant, light luxury goods and health products.

In the third quarter of 2014, in order to eliminate the hidden dangers of counterfeit goods, poly America started the pformation of the third party beauty sellers on the lower shelf platform to pform the cosmetic products into full operation. The move soon brought about a lawsuit crisis in the US market, and several 10 law firms called on Investors to collectively prosecute the United States. The spearhead directed at the United States management did not disclose the previous pformation in advance, so that the third quarter of the new record low (GMV) (the gross volume of business pactions) increased the share price and brought losses to investors.

The internal business adjustment and external environment during this period are "earthquake" for poly America.

By the end of 2014, the third party was basically completed.

After adjustment, the self operated business revenue of poly America in 2015 (Merchandise Sales) was 7 billion 110 million yuan, an increase of 116.1% over the same period, and the revenue of platform services business was 230 million yuan, down 56.6% from the same period last year.

The two businesses will push us total net revenue to 7 billion 340 million yuan, up 88.7% over the same period last year.

The total net revenue increased by nearly 90%, but its operating profit in 2015 decreased by 58.3% to 150 million yuan, and net profit decreased 67.5% to 130 million yuan compared with the same period last year.

Poly us total net revenue of 3 billion yuan in 2013 also achieved a profit of 240 million yuan.

From the data level, the reason for the decrease in profits is that the growth of revenue costs is too fast and the performance cost of operating costs is growing too fast.

In terms of the cost of revenue, poly US revenue in 2015 was 5 billion 230 million yuan, up 122.6% from the same period last year, which substantially exceeded the total net revenue growth.

According to the annual report, the cost of poly US revenue is mainly composed of the inventory write-down and the cost of goods sold and the book value of the goods sold, and all of them come from the self business, because the US platform business is collecting service fees to third party sellers, not involving the preceding two items; the third party sellers who gather in the United States mainly sell brand clothing products.

This means that profit decline in poly America in 2015 is partly related to the decline in overall platform business revenue after the beauty platform business has been chopped down, because under the same scale revenue, the platform business profit margin (profit divided by revenue) is high, and the profit margin of self operated business is low.

In addition, from another point of view, that is, the aggregate net revenue growth of the United States has not caught up with the growth of the cost of revenues. The decline in profits in the US in 2015 may be due to the fact that the United States is pushing the sales price down.

In terms of operating costs, poly US 2015 operating cost of 1 billion 970 million yuan, an increase of 68.4% over the same period, although lower than the total net revenue growth, but the largest operating cost Fullfillment Expenses - an increase of 121% to 950 million yuan, higher than the total net revenue growth.

The implementation cost of poly us is mainly composed of the cost of goods distribution, as well as the operation and personnel management cost of logistics and customer service centers, including receiving, monitoring and warehousing in the process of entering commodities.

Before arrival, packing, packing, obtaining consumer payment, consumer services and other related costs.

In addition to the cost of performance, the other three cases of the operation cost of poly us in 2015 are: the marketing cost is 660 million yuan, up by 32%; the technology and content cost is 170 million yuan, up 21.4% over the same period; the general and management expenses 190 million yuan, up 90% over the same period.