The senior management positions of its companies even include the legal representative, executive director and general manager of Beijing Jingdong Century Trade Co., Ltd., which is the main operation body of JD. < / P > < p > he handed the baton to Xu Lei, who took his place to walk to the front of the stage and, together with Jingdong, galloped in the ebb and flow of China’s Internet, changed the direction of the tide, and became a part of the tide. Xu Lei has lived up to Liu qiangdong’s trust. Yesterday evening, JD released its financial results for the second quarter of 2020. The report showed that Jingdong achieved different degrees of growth in its core indicators such as revenue, profit and number of active users. Among them, the net income was 2011 billion yuan, with a year-on-year increase of 33.8%, and the net profit attributable to common shareholders under non US GAAP was 5.9 billion yuan, with a year-on-year increase of 66.1%. < p > < p > Liu qiangdong once again “expressed deep gratitude to JD employees and business partners”, but rarely appeared in public view. However, this does not mean that he does not participate in the relevant decision-making of Jingdong affairs. Recently, Jingdong Logistics invested 3 billion yuan to acquire the controlling interest of comprehensive express transportation enterprises. Liu qiangdong and Hu Haijian, founder and chairman of kuaijiang express, negotiated the deal directly, according to Huhu. Of course, JD needs Liu qiangdong, but it also has to consider a series of impacts that this key figure may have on the company, whether in terms of reputation or public opinion. Therefore, it may be the normal relationship between Liu qiangdong and Jingdong for a long time in the future. According to Kunshan daily, on July 15, Wu Xinming, Secretary of the Kunshan municipal Party committee of Jiangsu Province, met with Liu qiangdong, and the two sides had in-depth exchanges on deepening cooperation. In addition, on the afternoon of that day, Liu Qiang and his party also went to Nantong City, Jiangsu Province, and carried out an investigation in the company of Xu Huimin, Secretary of the municipal Party committee. There are three research directions: Modern command center of municipal governance, ecological restoration of five mountains along the river, and transformation of new and old kinetic energy in Innovation Zone of Nantong city. As an entrepreneur from Suqian of Jiangsu Province, Liu qiangdong once said, “I always hope that our Jiangsu Province will develop better and better, and the people’s life will become more and more happy.” Although Jingdong is headquartered in Beijing, the national customer service center, information R & D processing center, financial settlement center and logistics management center are all located in Suqian. According to Liu qiangdong’s plan, Jingdong will continue to invest in Jiangsu, bringing tax, employment, and new technology and business models to Jiangsu. From this logic, Liu qiangdong’s visit to Kunshan and Nantong may pave the way for future cooperation. In fact, Jingdong has a deep relationship with Nantong. Jingdong not only landed the “Asia No.1” logistics park in Nantong, but also signed a strategic cooperation framework agreement with Nantong municipal government in December 2018. The two sides jointly built Nantong airport into a logistics and air cargo hub of Jingdong, with frequent actions. In other words, Liu qiangdong said goodbye only to Jingdong’s face, and the Lizi project never stopped. He not only attended the morning meeting of Jingdong executives as usual, and returned to Jingdong as chairman of the board four months after he left office, but also set foot in investment together with his wife Zhang Zetian. Lu Qi’s extraordinary achievements and achievements are one of their investment targets. But back to Jingdong itself, in addition to conveying his will through internal letters, he has always been invisible on major occasions, including Hong Kong’s secondary listing. As a result, some e-commerce people who do not want to be named feel sorry to Sina Technology: “Liu qiangdong is not here. I always feel that there is something missing.” What is missing from < / P > < p >? It’s the shadow of the founder. But don’t forget that Liu still owns 15.1% of Jingdong and 78.4% of voting rights. In Jingdong, he is no longer the only star, but still a producer and director. < / P > < p > when Jingdong rang the bell on NASDAQ in 2014, Liu qiangdong harvested a golden bull customized by the latter, which is his own cattle. Almost everyone thinks that with the advent of China’s e-commerce duopoly era, Jingdong will be like Zhou Hongyi Daohe’s mentioned, “soaring”. < p > < p > despite Liu qiangdong’s own reasons, Jingdong’s main business is also in danger. In addition to the slowdown in revenue growth, in the third quarter of 2018, the number of active users of Jingdong showed a negative growth month on month for the first time. At the same time, the stock price can not hide the downturn, falling endlessly, the market value evaporated 40 billion US dollars. From the external point of view, pinduoduo emerged and rose rapidly, which not only grasped the hearts of users outside the third and fourth tier cities, but also turned the e-commerce Errenzhuan into a Three Kingdoms killing, and the pattern changed dramatically. Liu qiangdong pushed Xu Lei to the front of the stage and turned to focus on strategy, culture, team and new business. He left such a sentence to the executives: “Whoever doesn’t accept Xu Lei is not satisfied with me.” Xu Lei’s reform was radical. He summed up the changes of Jingdong Mall into four points: first, from the simple pursuit of numbers to the pursuit of quality growth; second, the change from simply focusing on goods to focusing on customers; third, from the vertical and vertical integration of organizational structure to the change of building blocks; fourth, the change of talent incentive orientation from creating numbers to creating value. “Only the truth, not only on the top, compared with the business philosophy, not the orders of the superior work.” < p > < p > this is actually the change of competitive thinking. With the increasing diversity of user consumption scenarios, the synergy between e-commerce businesses is greatly enhanced, so supply thinking and demand thinking must keep up. Xu Lei’s goal in 2020 is very clear – Jingdong’s four core indicators of retail turnover, revenue, users and profit will all achieve accelerated growth. “If you don’t grow up, you’ll exit. Speeding up is our inevitable choice.” Together with Jingdong, Xu Lei has gone through what he called “the most violent year of internal and external environmental changes in the history of Jingdong”, and has also moved towards the secondary listing of Jingdong in Hong Kong. On June 18, this year, at the scene of Jingdong’s second listing ceremony, Xu Lei, who created 618 promotion nodes by himself, together with three Jingdong employees and three customer representatives, sounded the gong for listing. It is said that the Gong weighs 200.618 kg and was specially made by veteran artists for more than 200000 yuan. < p > < p > Liu qiangdong did not show up, but the members of the Strategic Executive Committee of Jingdong group made their debut collectively for the first time. They are equivalent to the core management of Jingdong, and they are also the proof that the talent echelon training of Jingdong group has reached a higher level. Xu Lei once proposed to speed up the flattening of the organization, strengthen the front-line authorization, so that more young people can go to the core positions. Change is what he has been doing. The report card of Jingdong, which is operated by Xu Lei, looks good. In the fourth quarter of 2019, the number of new active users in a single quarter even exceeded that of Alibaba for the first time. Last night, JD released its first financial results after its second listing in Hong Kong. The report showed that the net income of Jingdong in this quarter was 2011 billion yuan, and the net income in a single quarter exceeded 200 billion yuan for the first time, with a year-on-year increase of 33.8%, and the growth rate returned to more than 30% after two years. Among them, the net income of commodity sales was 178.2 billion yuan, with a year-on-year increase of 33.5%; the net income of service was 22.9 billion yuan, with a year-on-year growth of 36.4%; it is worth noting that the net sales revenue of daily necessities reached 64 billion yuan, with a year-on-year increase of 45.4%, both higher than the overall growth rate of Jingdong’s net income. As of June 30, 2020, the number of active purchasing users of JD in the past 12 months has reached 4174.4 million, with a year-on-year increase of 29.9%, a month on month growth of 7.9%, and a single quarter increase of 30 million. There is no lack of 618 promotion factors among them. Xu Lei said that “this year’s 618 Shopping Festival can be said to be the best year for Jingdong.”. However, expenses also rose. In this quarter, the revenue cost of JD was 172.4 billion yuan, up 34.5% year-on-year, and the cost of performance was 12 billion yuan, up 30.6% year-on-year, reaching the highest level in recent three years. In addition, the gross profit rate of JD reached 14.3% in this quarter, which was lower than that in the same period of last year. Jingdong explained that the revenue cost in the second quarter of 2019 was reduced due to the VAT reform. The gross margin, which includes the cost of performance, was 8.3%, flat with the previous quarter. Xu Lei disclosed that with the scale effect, the performance fee rate will show a downward trend. The results of refined operation are gradually reflected. For Jingdong, which has just turned losses into profits in 2019, continuous profit is considered as real landing. However, Xu Lei mentioned at the analysts’ meeting after the financial report that Jingdong had a stronger growth in consumer goods, fresh food and medical products than in previous years. Wang Zhenhui, CEO of Jingdong Logistics Group, also said that this year, Jingdong Logistics will regard big business supermarket as a very important category. In fact, in April this year, Jingdong retail integrated the original consumer goods business unit, new channel business unit, 7fresh and No.1 store to establish a large business super Omni channel business group. Feng Yi was appointed as the person in charge and reported to Xu Lei. Local retail has become one of Jingdong’s new track bets. < p > < p > and Jingdong’s understanding of traffic is also updating. In May 27th this year, the Kwai Tong signed a strategic cooperation agreement with Jingdong group to carry out in-depth cooperation in the supply chain and jointly create a short video live business ecosystem. Specifically, Jingdong retail provides fast selling stores with self operated products, and sells Kwai Kwai products. Kwai Kwai users can complete the purchase directly in the fast shop, without jumping, and enjoy the distribution and customer service of Jingdong. Each one takes what he needs from Jingdong Kwai. The Kwai has a regular channel of cash flow, and Jingdong can also help to improve the sunken market layout while making up the missing part of the live broadcast business. < p > < p > The Unicorn hatched by Jingdong is growing. Following the listing of dada group’s US shares, there have been rumors about the listing of Jingdong Digital Technology Co., Ltd. and Jingdong health Co., Ltd. has also disclosed in the prospectus of its secondary listing in Hong Kong that it has applied to the Hong Kong stock exchange for exemption so as to split up a subsidiary entity and list on the Hong Kong Stock Exchange within three years. < p > < p > of course, opportunities are ahead and challenges remain. Liu qiangdong once said at the Davos Forum in 2018 that JD will become the first domestic e-commerce enterprise in the next four years. At that time, he talked about retirement frequently, but he didn’t expect that the day of retiring behind the scenes would come so quickly, and the battlefield of e-commerce industry would never stop fighting. < / P > < p > 2020 is a year for Jingdong to meet changes. External pressures including competition and economic environment fluctuations accelerate its original transformation process. Jingdong needs to make profits the norm – increasing the proportion of platform business and optimizing the performance fee rate are the top priority, and the business problems remain to be solved. In the old days, the foundation laid by Liu qiangdong is bearing fruit under the management of Xu Lei, and Jingdong still needs to tell a new story.