On the evening of December 9, Liu Qiangdong, founder and chairman of the board of directors of Jingdong, suddenly spoke out on the company's intranet and replied to a long article with thousands of words, saying that Jingdong needs to make changes, otherwise there is no way out, "Jingdong's foundation is still there, I believe we will definitely get out of the trough.。Any person and any company will go through several peaks and valleys to achieve greatness.。"

Liu Qiangdong also reflected on his management style, he said: "There are so many problems, of course, is my mismanagement, I am very self-blame, but in any case, I will not lie flat, also hope that the brothers will not lie flat。Liu Qiangdong said, "Now the organization is huge, bloated and inefficient, and it really takes time to change."。"He is still in the network pain batch, many people say every day innovation, but every day is plagiarism to follow others。

It is worth noting that Liu Qiangdong is not the only recent big man who has been shouting at employees on the company's intranet.。Not long ago, on November 29, when the market value of Pinduoduo was about to surpass that of Ali, Alibaba founder Jack Ma also replied to employees in the company: "I hope you can put forward more constructive opinions and suggestions, especially innovative ideas."。I believe everyone in Ali today is watching and listening.。I firmly believe that Ali will change, Ali will change。"

What did the employees say?？

According to the news, the employee posted a long article on the company's intranet on December 6, expressing his views on the problems Jingdong is currently experiencing.。

The employee said that Jingdong's current promotion mechanism is too complex, the promotion of poor initiative, the need to concentrate efforts to mobilize the resources of the whole category。In addition, the implementation of the existing low-price strategy is not comprehensive enough, although every day in the work of price comparison, but it is not enough to do so, not only to achieve the same price with friends, but to be lower than friends, or to carry out "active price break," so that friends follow up.。You can't just use a single explosive to make a low-cost strategy.。

The employee also said that Jingdong's current low-cost strategy needs to be implemented more thoroughly and everyone should be in place.。In addition, the current Jingdong platform ecology is not complete enough, the linkage between departments is also poor, at the end of the article, the employee wishes "hope that the company is getting better and better."。

Insiders revealed that before Liu Qiangdong named the article in response, this internal post did not receive much attention within Jingdong。Up to now, the original post has been removed from the home page of Jingdong intranet。

Pinduoduo's Three Quarterly Reports Bright Eyes Jingdong Feels Pressure

Both Jack Ma's outcry and Liu Qiangdong's comments highlight the embarrassment and unease of traditional e-commerce giants such as Ali and Jingdong in the face of the rise of Pinduoduo against the trend during the earnings season.。

On November 28, Pinduoduo released its third quarter 2023 results as of September 30.。Data show that Pinduoduo earned 688 revenue during the reporting period.400 million yuan, up 93.9%, a very bright performance; while achieving U.S. GAAP net profit of 155.400 million yuan, net profit margin as high as 22.6%。Stimulated by the news, the day of the fight more U.S. stock prices soared 18%, and in the next day against Ali, so that Wall Street side of the eye。

In contrast, Jingdong's revenue in the third quarter was 247.7 billion yuan, although the volume is still there, but growth has been in a bottleneck, up only 2% year-on-year.。The Company's cumulative revenue for the first three quarters of the fiscal year was $778.6 billion, up only 4% from $750.8 billion in the same period last fiscal year.。

In the first three quarters of this year, JD's merchandise revenue fell 0.9%, this data did not even beat the national total online retail sales in January-September 11.6% growth。In general, revenue from JD Retail was $212.1 billion in the third quarter, up only slightly from 0.1%, almost stagnant。

At the same time, since the beginning of this year, Jingdong's personnel is also turbulent, made a number of sudden adjustments。On May 11, Xu Lei, then CEO of Jingdong Group, resigned from the company for personal reasons, and the CEO position will be held by Xu Ran, then CFO of Jingdong Group.。On June 26, Jingdong Logistics issued an announcement on the Hong Kong Stock Exchange, announcing that Jingdong Logistics CEO Yu Rui had resigned as executive director, chief executive officer and authorized representative due to personal physical reasons, with Hu Wei taking over.。

On the other hand, from the beginning of April this year, under the leadership of Zhao Jiazhen, executive director and co-CEO of the Group, the Group has focused on "high-quality development strategy," aiming at the sinking market and establishing "10 billion ecological" projects.。In the third quarter of 6-18 has passed, 11-11 has not arrived, Pinduoduo with the help of harvest festival, national goods festival, more reading month, National Day promotion and other series of activities, and constantly give consumers promotional experience, as far as possible to meet the diversified needs of consumers.。

Specific to the consumer side, Pinduoduo side through tens of billions of subsidies, so that the original high-quality and high-priced goods become more cost-effective, the other side is to continue to promote service capacity building, improve the platform "good service" user mind.。After two quarters of tempering, the path to achieve high-quality consumption has taken shape, so that it can still deliver a bright earnings performance in the third quarter of the traditional e-commerce consumption off-season.。

Look at Jingdong, although since Liu Qiangdong returned to implement a comprehensive low-cost strategy, Jingdong's wolf culture has increased, but the full category of subsidies led to the dispersion of resources, but let the most trusted Jingdong self-operated 3C home appliances lost their charm.。Data show that since the implementation of a comprehensive low-cost strategy, Jingdong only subsidized the initial and big push when the user data has increased, most of the other months of DAU growth rate is lackluster, and even user stickiness is also lower than the same period last year.。It can be said that Jingdong's subsidies are not up to the point.。

Jingdong's share price has fallen more than this year.50%

As of today's Hong Kong stock close, Jingdong Group-SW fell more than 6% to 98.HK $25。

On the news, Jingdong burst negative。News that Jingdong U.S. stocks will be removed from the NASDAQ 100 index components, and is scheduled to take effect before U.S. stocks on December 18, Jingdong system fell in early trading.。

In terms of stock price trends, the share prices of Jingdong companies have been in a continuous downward trend this year.。Earlier this year, JD Group-SW shares topped HK $200。On January 6, Jingdong shares rose 13.68% to 247.HK $57 closed, while shares reached HK $248 on 27 January.。Since then, Jingdong's share price has fallen all the way down to around HK $100, and the share price has fallen by more than 50% in nine months.。

A week ago, Damo had issued a report saying it expected mainland tech stocks to slightly outperform mainland stocks this year, but individual stocks were expected to diverge。For next year, Damo said that the situation next year will still be subject to weak macro factors, dominated by non-market risk of individual share performance, the market should pay attention to the content of adaptable leading shares, shares with unique growth potential and artificial intelligence concepts.。

It is worth noting that in the list of preferred "increase in shareholding" recommended by Damo, Pinduoduo is listed, while Ali, Meituan, Jingdong, etc. are listed as "synchronized with the market."。

Attached: Liu Qiangdong internal reply full text:

I'm in the car, jittery typing may be wrong, I hope you understand。I think this brother is so good.。It can be said that every word to the company's pain point, are real problems, and must be changed.。Otherwise we have no way out。

Every day we say that customers are the first, but we think about ourselves as the center in our work! We often say that we only do the first in battle, but we defend everywhere, never thinking about how to take the initiative to attack! Many people talk about innovation every day, but they just copy and follow others every day.。

There are so many problems, of course, is my mismanagement, I am very self blame。But in any case, I won't lie flat, and I hope my brothers will never lie flat, now the organization is huge, bloated and inefficient, and it does take time to change.。

Hope brothers more patience, today there are many brothers dare to tell the truth, insist on fighting, Jingdong foundation is still in, I believe we will be out of the bottom。Any person and any company will go through several peaks and troughs to achieve greatness.。

I thank the brother's sincere advice, I can feel that he loves the company, really thank you brother。And thanks to every brother who works hard。We work together to change!