Focus on CHK and US stocks

After a year, JD changed its CEO again, and the three JD Hong Kong stock companies published their “report cards”

Securities Times · May 12, 2023 09:08

来源：证券时报
作者：钟恬

时隔一年再换CEO，京东再现高层地震！

5月11日，$京东集团-SW (09618.HK)$公告，现任首席财务官许冉将接替徐雷担任京东集团首席执行官兼执行董事，徐雷因个人原因“决定退休”，“把更多时间花在家庭上”，这意味着徐雷14年的京东生涯将划上句号。有业界人士猜测，刘强东或将重新掌舵，领导京东新一轮组织变革。

京东系三家港股公司京东集团、$京东物流 (02618.HK)$和$京东健康 (06618.HK)$分别披露今年一季度“成绩单”，各有亮点，其中京东集团一季度业绩同比亏转盈，实现净利润62.61亿元（人民币，下同）。

宣布管理层调整许冉担任CEO兼执行董事

今天，京东系三家港股公司京东集团、京东物流和京东健康分别发布管理层变动的内幕消息。其中，京东集团宣布，许冉将接替徐雷成为公司首席执行官兼执行董事，徐雷因个人原因退休，至于集团首席财务官空缺则由京东物流现任首席财务官单苏出任。

京东集团表示，徐雷将立即开始交接流程，以确保留有充足时间，在6月份退休前将首席执行官职务顺利交接予许冉。徐雷加入京东集团十余年来，曾担任多个高级职务，为公司的发展作出重大贡献。徐雷退休后，将担任京东集团顾问委员会首任理事长，继续为公司高质量发展贡献力量。现年48岁的徐雷于2009年1月正式加入京东，历任京东商城市场营销部负责人、无线业务部负责人、京东集团CMO 、京东零售首席执行官。

“能够与充满激情、拼搏敬业的京东集团管理团队一起工作，我感到十分荣幸。同时，也衷心感谢董事会和刘强东先生多年来的信任和大家的支持。”，徐雷表示，“在与许冉女士密切合作的多年，我深信凭借她所具备的对京东业务的深刻理解和远见、专业方面出色的成绩和高度的敬业精神，将胜任京东集团首席执行官这一职务。虽然我已决定退休，把更多时间花在家庭上，但对京东作为以供应链为基础的技术与服务企业的长期领先地位，以及其为用户、业务合作伙伴和社会创造价值的使命，我一如既往地保持信心。”

据介绍，接任徐雷的许冉是一位“学霸”，其毕业于北京大学并获得理学与经济学双学士学位。许冉自2020年6月起担任京东集团CFO，其于2018年7月加入京东集团。于2018年7月至2020年5月，其除担任京东零售的首席财务官外，亦先后兼任集团财务和集团税务的部门负责人。在加入京东集团之前，许冉是普华永道中天会计师事务所（特殊普通合伙）的审计合伙人，先后在普华永道的北京办事处及圣荷西办事处工作了近20年。许冉还担任京东科技董事。

许冉则回应，非常荣幸能成为京东集团的首席执行官，且十分感谢刘强东和董事会的信任，“刘强东先生和徐雷先生为京东的未来发展奠定了坚实的基础，也将继续为集团的战略规划提供宝贵的支持。我本人也期待继续带领集团推动可持续、高质量的发展，为用户、业务合作伙伴和社会创造更多价值。”

单苏自2022年5月起担任京东物流首席财务官。其于2021年12月加入京东集团。在此之前，自2019年10月至2021年11月其在Lavender Hill Capital Partners任职，并于2021年1月至2021年11月担任董事总经理。自2015年至2019年其在高盛亚洲有限公司投资银行部TMT组任职，并于2017年1月至2019年9月担任执行董事。据介绍，单苏获得了中国政法大学法学学士学位和华威大学法学硕士学位。

京东物流方面，则公告单苏辞任公司首席财务官及吴昊获委任为公司首席财务官；京东健康也公告称，曹冬因将于JD.com,Inc.担任新的职务，现已提呈辞任公司的首席财务官职务，邓卉已获委任为本、公司首席财务官，均自2023年5月11日起生效。

刘强东或将重新掌舵京东

有业内人士猜测，随着徐雷退休，一度退居幕后的京东集团董事会主席刘强东或许将更多出现在业务前线，领导京东新一轮组织变革。

有内部人士称，刘强东去年底强势回归后，主导了多轮组织、战略和经营目标的调整，包括削减组织汇报层级、将“低价战略”作为京东零售未来三年核心方向等，所以其近期或将重新成为京东的战略最终决定人。

对于此次管理层变动，刘强东首先感谢了徐雷，“我谨代表董事会对徐雷先生为京东集团做出的突出贡献表示真诚感谢。作为首席执行官期间，徐雷深厚的判断决策能力和领导能力对公司的发展至关重要。我们衷心祝愿徐雷荣退后一切顺利，并期待他作为顾问委员会首任理事长继续贡献力量。”

刘强东也表示了对许冉、单苏的看好，“我们相信，许冉女士作为集团首席执行官，单苏先生作为首席财务官，将继续有力地领导京东集团未来的发展。许冉作为首席财务官期间表现突出，并为业务发展和战略决策提供了深刻见解和大力支持。此外，单苏担任京东物流首席财务官期间的出色表现及专业成就使其成为继任京东集团首席财务官的理想人选。”

对于其与许冉的战略定位，刘强东表示：“未来我将继续投身于京东的长期战略、年轻人才发展以及乡村振兴中，许冉将领导管理团队并负责公司的日常运营。”

目前京东系实控的上市公司共有5家，分别为京东集团、京东健康、京东物流、$达达集团 (DADA.US)$以及$德邦股份 (603056.SH)$，再加上在A股排队等待上市的京东数科，和已向联交所递表的京东产发、京东工业，京东系上市公司有望拓展至8家。

三家公司齐晒一季度“成绩单”

三家港股公司还于今天一起交出2023年一季度“成绩单”。

其中，京东集团公告，一季度实现收入为2430亿元，同比增加1.4%。归属于公司普通股股东的净利润为63亿元，去年同期为净亏损30亿元。经营利润方面，一季度京东的经营利润为64亿元，去年同期为24亿元；非美国通用会计准则下的经营利润为79亿元，2022年第一季度为47亿元。

刚刚公告即将退休的徐雷表示，一季度，京东盈利水平显著提升，主要得益于在精细化运营、优化商品组合，以及丰富服务范围等方面所做出的努力。其表示，在未来几个季度中，公司将进一步完善业务架构，以服务全中国更广泛的用户群体，“京东打造了中国最值得信赖的零售品牌，已经形成独特的优势，在满足用户所期待的多、快、好、省的购物体验的同时，保持灵活性以抓住业务发展中的增长机遇。”

许冉则表示，很高兴地看到在一季度里，服务收入增长至总收入的20%，不仅为健康的利润率做出贡献，也体现出公司在招商方面的巨大成功：加入京东平台的第三方商家数量达到历史新高，“随着我们主动进行的业务调整的推进，二季度我们也看到了更多财务上和经营上的向好趋势。展望未来，我们将继续关注业务质量，打造优质的平台，在商品露出机会、流量和低成本经营方面为商家和供货商提供助力，以推动长期可持续增长。”

京东物流公告，一季度总收入达367.3亿元，同比增长34.3%。毛利约16.36 亿元，同比增长11.9%；期间亏损约10.37亿元，同比收窄23.2%。期内京东物流一体化供应链收入达184.5亿元，头部客户合作粘性持续增强。与此同时，以上门服务、211限时达为代表的极致服务带动包含快递、快运等在内的其他客户收入同比大增93.4%，达到182.8亿元。

京东物流表示，期内持续深耕一体化供应链核心赛道，在快速消费品、家电家具、服装、3C、汽车和生鲜等行业，为客户提供行业特定的一体化解决方案和服务产品，并不断拓展与客户的合作范围和合作深度。截至2023年3月31日，公司在美国的自营仓管理面积已超130万平方英尺，多个仓拥有不同的功能定位，使我们在海外的供应链服务能力得到进一步提升。仓储网络已几乎覆盖全国所有的县区，包括由公司运营的1500多个仓库和由云仓生态平台上第三方业主经营的2000多个云仓。公司仓储网络总管理面积超过3100万平方米，包括云仓生态平台上云仓的管理面积。

京东健康则公告京东健康称一季度收入139.5亿元，同比增长54.2%。一季度非国际财务报告准则经营盈利11.6亿元，同比增107.8%。截至2023年3月31日，年度活跃用户数超过159.7百万，2023年第一季度期内日均问诊量超过40万。

京东健康表示，2023年第一季度期内，京东健康与健合集团、同仁堂健康、雅培等全球医药健康品牌签署2023年战略合作协议，同时与全球动物制药领跑者硕腾达成战略合作，双方将深耕中国宠物健康市场，在宠物疫苗、兽药领域开启全面合作。未来，京东健康将进一步强化供应链能力、优化和开放生态、持续推进全渠道布局，京东健康将与合作伙伴及商家共同实现高质量的增长。

编辑/jayden

Source: Securities Times
Author: Zhong Tian

After a year's time of changing CEOs again, Jingdong experienced a high-rise earthquake again!

5/11,$JD-SW (09618.HK)$It was announced that Xu Ran, the current chief financial officer, will succeed Xu Lei as CEO and executive director of JD Group.Xu Lei “decided to retire” due to personal reasons and “spent more time with his family”, which meant that Xu Lei's 14-year career in Jingdong would come to an end. Some people in the industry speculate that Liu Qiangdong may return to the helm and lead a new round of organizational change in JD.

JD is one of the three Hong Kong stock companies, JD Group,$JD LOGISTICS (02618.HK)$with$JD HEALTH (06618.HK)$The “report cards” for the first quarter of this year were disclosed separately, and each had its own highlights. Among them, the JD Group's first-quarter results turned a year-on-year loss to profit, achieving net profit of 6.261 billion yuan (RMB, same below).

Announcing Management Restructuring Xu Ran as CEO and Executive Director

Today, the three Hong Kong stock companies of JD, JD Group, JD Logistics, and JD Health each released insider information on management changes. Among them,The JD Group announced that Xu Ran will succeed Xu Lei as the company's CEO and executive director. Xu Lei will retire due to personal reasons. As for the group's chief financial officer vacancies, Shan Su, the current chief financial officer of JD Logistics, will take over.

The JD Group said that Xu Lei will immediately begin the handover process to ensure sufficient time is left to smoothly hand over the CEO position to Xu Ran before retiring in June. Since joining the JD Group for more than ten years, Xu Lei has held many senior positions and made significant contributions to the company's development. After Xu Lei retires, he will serve as the first chairman of the JD Group Advisory Committee and continue to contribute to the company's high-quality development. Xu Lei, now 48, officially joined JD in January 2009. He has served as head of the marketing department of JD Mall, head of the wireless business department, CMO of JD Group, and CEO of JD Retail.

“I am very honored to be working with the passionate and dedicated management team of the JD Group. At the same time, I would also like to sincerely thank the board of directors and Mr. Liu Qiangdong for their trust and support over the years.” Xu Lei said, “After working closely with Ms. Xu Ran for many years, I am convinced that with her deep understanding and vision of JD's business, outstanding professional achievements, and high level of professionalism, she will be competent for the position of CEO of the JD Group. Although I have decided to retire and spend more time with my family, I remain confident in JD's long-term leadership as a supply-chain-based technology and services company and its mission to create value for users, business partners, and society.”

According to reports, Xu Ran, who succeeded Xu Lei, is a “student bully” who graduated from Peking University with a double bachelor's degree in science and economics. Xu Ran has been the CFO of JD Group since June 2020 and joined JD Group in July 2018. From July 2018 to May 2020, in addition to being the chief financial officer of JD Retail, he also served as the head of the group's finance and group taxation departments. Prior to joining the JD Group, Xu Ran was an audit partner of PricewaterhouseCoopers Zhongtian Certified Public Accountants (Special General Partnership) and worked at PwC's Beijing office and San Jose office for nearly 20 years. Xu Ran also serves as a director of JD Technology.

Xu Ran responded that he is very honored to be the CEO of JD Group and is very grateful to Liu Qiangdong and the board of directors for their trust. “Mr. Liu Qiangdong and Mr. Xu Lei have laid a solid foundation for JD's future development and will continue to provide valuable support for the Group's strategic planning. I personally look forward to continuing to lead the Group in promoting sustainable, high-quality development and creating more value for users, business partners and society.”

Shan Su has been the chief financial officer of JD Logistics since May 2022. It joined the JD Group in December 2021. Prior to that, he worked for Lavender Hill Capital Partners from October 2019 to November 2021, and was the managing director from January 2021 to November 2021. From 2015 to 2019, he served in the TMT Group of the Investment Banking Division of Goldman Sachs Asia Limited and was an executive director from January 2017 to September 2019. According to reports, Shan Su obtained a bachelor's degree in law from China University of Political Science and Law and a master's degree in law from the University of Warwick.

In terms of JD Logistics, it was announced that Shan Su has resigned as the company's chief financial officer and Wu Hao has been appointed as the company's chief financial officer; JD Health also announced that since Cao Dong will take a new position at JD.com, Inc., he has now proposed to resign as the company's chief financial officer. Deng Hui has been appointed as the company's chief financial officer, all effective from May 11, 2023.

Liu Qiangdong may return to the helm of JD

Some industry insiders speculate that with Xu Lei's retirement, Liu Qiangdong, chairman of the board of directors of JD Group, who once retreated behind the scenes, may appear more on the front line of business to lead a new round of organizational change in JD.

According to some insiders, after Liu Qiangdong's strong return at the end of last year, he led many rounds of organizational, strategic, and business goal adjustments, including reducing the organizational reporting level and using the “low price strategy” as the core direction of JD retail for the next three years, so in the near future, he may once again become the final decision maker of JD's strategy.

Liu Qiangdong first thanked Xu Lei for this management change. “On behalf of the board of directors, I would like to sincerely thank Mr. Xu Lei for his outstanding contributions to the JD Group. During her time as CEO, Xu Lei's deep judgment and leadership skills were critical to the company's development. We sincerely wish Xu Leirong all the best after his resignation and look forward to his continued contributions as the first Chairman of the Advisory Committee.”

Liu Qiangdong also expressed his optimism for Xu Ran and Shan Su. “We believe that Ms. Xu Ran, as the Group's CEO and Mr. Shan Su as the chief financial officer, will continue to strongly lead the future development of the JD Group. Xu Ran excelled during her time as chief financial officer and provided deep insight and strong support for business development and strategic decisions. Furthermore, Shan Su's outstanding performance and professional achievements during her time as chief financial officer of JD Logistics made him an ideal candidate to succeed JD Group's chief financial officer.”

Regarding his strategic position with Xu Ran, Liu Qiangdong said, “In the future, I will continue to participate in JD's long-term strategy, young talent development, and rural revitalization. Xu Ran will lead the management team and be responsible for the company's daily operations.”

Currently, there are 5 listed companies controlled by JD, namely JD Group, JD Health, JD Logistics,$Dada Nexus (DADA.US)$as well$Deppon Logistics (603056.SH)$In addition to JD Mathematics, which is waiting in line for listing on A-shares, and JD Industrial, which have already submitted forms to the Stock Exchange, the number of JD listed companies is expected to expand to 8.

The three companies published their “report cards” for the first quarter

The three Hong Kong stock companies also handed over their “report cards” for the first quarter of 2023 together today.

Among them,The JD Group announced that it achieved revenue of 243 billion yuan in the first quarter, an increase of 1.4% over the previous year. Net profit attributable to the company's common shareholders was 6.3 billion yuan, compared to a net loss of 3 billion yuan for the same period last year.In terms of operating profit, JD's operating profit in the first quarter was 6.4 billion yuan, compared to 2.4 billion yuan in the same period last year; operating profit under non-US GAAP was 7.9 billion yuan, compared to 4.7 billion yuan in the first quarter of 2022.

Xu Lei, who just announced his upcoming retirement, said that in the first quarter, JD's profit level increased significantly, mainly due to efforts to refine operations, optimize the product portfolio, and expand the range of services. It said that in the next few quarters, the company will further improve its business structure to serve a wider range of users across China. “JD has built the most trustworthy retail brand in China and has developed a unique advantage. While satisfying the many, fast, good and economical shopping experiences that users expect, it maintains flexibility to seize growth opportunities in business development.”

Xu Ran, on the other hand, said that she is happy to see that in the first quarter, service revenue grew to 20% of total revenue, which not only contributed to a healthy profit margin, but also showed the company's great success in terms of investment: the number of third party merchants that joined the JD platform reached a record high. “As our proactive business adjustments progressed, we also saw more positive financial and operational trends in the second quarter. Looking ahead, we will continue to focus on business quality, create a high-quality platform to help merchants and suppliers in terms of product exposure opportunities, traffic, and low-cost operations to drive long-term sustainable growth.”

JD Logistics announced that total revenue for the first quarter reached 36.73 billion yuan, an increase of 34.3% over the previous year. Gross profit was about 1,636 billion yuan, an increase of 11.9% over the previous year; losses during the period were about 1,037 million yuan, a year-on-year decrease of 23.2%.The revenue of JD Logistics's integrated supply chain reached 18.45 billion yuan during the period, and cooperation with leading customers continued to increase. At the same time, the ultimate service represented by door-to-door service and 211 time-limited delivery led to a 93.4% year-on-year increase in revenue from other customers, including express delivery, express delivery, etc., reaching 18.28 billion yuan.

JD Logistics said that during the period, it will continue to cultivate the core track of the integrated supply chain, provide customers with industry-specific integrated solutions and service products in industries such as FMCG, home appliances and furniture, clothing, 3C, automobiles and fresh food, and continue to expand the scope and depth of cooperation with customers. As of March 31, 2023, the company's proprietary warehouse management area in the US has exceeded 1.3 million square feet. Multiple warehouses have different functional positions, further improving our overseas supply chain service capabilities. The warehousing network has covered almost all counties and districts in the country, including more than 1,500 warehouses operated by the company and more than 2,000 cloud warehouses operated by third party owners on the Yuncang Ecological Platform. The total management area of the company's warehouse network exceeds 31 million square meters, including the management area of Yuncang on the Yuncang Ecological Platform.

JD Health, on the other hand, announced that JD Health reported revenue of 13.95 billion yuan in the first quarter, an increase of 54.2% over the previous year. Non-IFRS operating profit in the first quarter was 1.16 billion yuan, an increase of 107.8% over the previous year.As of March 31, 2023, the number of annual active users exceeded 159.7 million, and the average number of daily consultations during the first quarter of 2023 exceeded 400,000.

JD Health said that during the first quarter of 2023, global medical and health brands such as JD Health and Jianhe Group, Tongrentang Health, and Abbott signed a strategic cooperation agreement for 2023, and also reached a strategic cooperation with global veterinary pharmaceutical leader Shuo Teng. The two sides will further cultivate the Chinese pet health market and begin comprehensive cooperation in the fields of pet vaccines and veterinary drugs. In the future, JD Health will further strengthen supply chain capabilities, optimize and open up the ecosystem, and continue to promote the omni-channel layout. JD Health will work with partners and merchants to achieve high-quality growth.

Editor/jayden

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Focus on CHK and US stocks

时隔一年京东再换CEO，京东系三家港股公司齐晒“成绩单”