In March 2024, the three major domestic e-commerce companies successively released their 2023 annual financial reports, and the total revenue of the three e-commerce companies in 2023 reached 2.2 trillion, a year-on-year increase of 24.9%.
Comparison of the revenue of the three e-commerce companies
In 2023, JD.com's revenue will be 1,084.662 billion yuan, a year-on-year increase of 3.7%, ranking first;
Alibaba's revenue was 868.687 billion yuan, a year-on-year increase of 1.8%, ranking second;
Pinduoduo's revenue was 247.639 billion yuan, a year-on-year increase of 89.7%, ranking third.
Both JD.com and Ali have self-operated product sales included, of which JD.com is the highest, with product sales of 8,712.24 yuan in 2023, accounting for 80.3% of total revenue. Excluding sales of goods, JD.com's service revenue was 213.44 billion yuan, lower than Pinduoduo.
Alibaba's direct business accounts for a relatively low proportion, and the financial report mentions that Taotian Group's (Taobao, Tmall) direct business revenue accounts for nearly 12% of total revenue.
Comparison of the profits of the three e-commerce companies
In 2023, Alibaba's pre-tax profit will reach 89.185 billion, ranking first among the three [applause], ranking second with a profit margin of 10.3%, and ranking third in terms of growth rate with a year-on-year increase of 14.4%.
Pinduoduo's pre-tax profit reached 71.876 billion, ranking second among the three, with a profit margin of 29%, ranking first [applause], and a year-on-year increase of 98.2%, ranking second in terms of growth rate.
JD.com's pre-tax profit reached 31.65 billion, ranking third among the three, with a profit margin of 2.9%, ranking third, and a year-on-year increase of 128.2%, ranking first in growth rate [applause];
In profit performance, although JD.com has the highest growth rate, its base is too small, and its profit margin is the lowest among the three, while Pinduoduo is the best among the three in terms of increment and profit margin.
Comparison of the tax payment situation of the three e-commerce companies
PS: Income tax expense of listed companies = income tax payable + deferred tax liabilities - deferred tax assets
In 2023, Alibaba's income tax expenses will reach 15.549 billion yuan, ranking first among the three e-commerce companies [applause], and taxes and fees will account for 17.4% of pre-tax profits, ranking second among the three companies.
Pinduoduo's income tax expense reached 11.85 billion yuan, ranking second among the three e-commerce companies, and taxes accounted for 16.5% of the pre-tax profit, ranking third among the three companies.
JD.com's income tax expenses reached 8.393 billion yuan, ranking third among the three e-commerce companies, and taxes accounted for 26.5% of pre-tax profits, ranking first among the three companies [applause];
Because there may be income tax deferrals (which can be understood as deferrals) between enterprises, I summarize the tax payment situation of the three enterprises in the past three years to reduce the impact of the deferrals as much as possible.
In the three years from 2021 to 2023, Alibaba's tax payment will reach 71.542 billion yuan, and the comprehensive tax interest ratio (income tax/pre-tax profit) will be 21.6%; Note: The total profit in 2022 has included the 18.2 billion yuan fined.
Pinduoduo paid 18.51 billion yuan in taxes in three years, with a comprehensive tax margin of 15.7%;
JD.com paid 14.456 billion yuan in taxes in three years, with a comprehensive tax margin of 33.7;
It can be seen that although Jingdong's tax payment is relatively low, it has the highest proportion of tax profits, and even in the case of losses in 2021, it still pays taxes of 1.887 billion yuan, which is worthy of praise!
The above data are all from the financial reports of three listed companies, if you have any questions, please correct!
JD.com's financial report:
Pinduoduo's financial report
Alibaba's financial report