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競爭激烈程度好比方程式賽車比賽
When it comes to delivery, Chinese tech titans take divergent routes
在配送方面，中國科技巨頭各辟蹊徑
In 2019 RICHARD LIU told couriers working for JD.com that the Chinese e-commerce giant he founded would cancel their base pay after a 2.8bn yuan ($438m) loss the previous year, its 12th consecutive one in the red. Riders would make only a commission on deliveries. If the company did not cut back on spending, Mr Liu warned, it would go bust in two years.
2019年，劉強東對京東快遞員表示，由于自己創立的中國電子商務巨頭京東去年虧損了28億元人民幣（合4.38億美元），而且已連續12年出現財政赤字，因此將取消快遞員底薪制。騎手只能通過配送賺取傭金。劉強東警告稱，如果公司不削減開支，兩年后就會破產。
Far from collapsing, two years on JD Logistics, JD.com’s delivery division, is on a roll, fuelled by a boom in Chinese e-commerce. Its parent company’s revenues jumped by 39%, year on year, in the first quarter, to 203bn yuan. On May 26th Pinduoduo, an upstart rival that also offers customers delivery by JD Logistics couriers, reported quarterly sales of 22bn yuan, 239% higher than a year ago.
由于中國電子商務的蓬勃發展，京東物流（京東的快遞部門）未來兩年的業務非但沒有崩潰，反而漲勢如虹。第一季度，其母公司收入同比增長39%，達到2030億元人民幣。作為京東的新興競爭對手，拼多多也同樣由京東物流快遞員為客戶提供配送服務。拼多多于5月26日公布其季度銷售額為220億元人民幣，同比增長239%。
The State Post Bureau expects logistics companies to deliver more than 100bn parcels this year, twice as many as in 2018. Overall spending on logistics in China is projected to hit 16trn yuan in 2021 and surpass 19trn yuan by 2025. That would make it the world’s largest market.
據國家郵政局預計，物流企業今年將派送1000多億件包裹，是2018年的兩倍。預計中國物流總支出2021年將達到16萬億元，到2025年將突破19萬億元，中國將因此成為世界最大的物流市場。
Domestic and foreign investors have been pouring money into the industry, say lawyers working on deals involving such businesses. JD Logistics has attracted investments from big private-equity groups such as Sequoia China and Hillhouse Capital. The market buzz around the firm is as frenetic as the pace at which its 190,000 workers fulfil and ferry orders. On May 21st it raised $3.2bn in Hong Kong’s second-largest initial public offering this year. Its shares are scheduled to begin trading on May 28th. The company’s backers are betting that its Amazon-like approach of creating a fully integrated delivery network has more mileage than a similar offering from SF Express, a stodgier incumbent similar to FedEx, or a rival model championed by Alibaba, which has plumped for a more distributed system.
從事物流業務交易方面的律師表示，國內外投資者一直在向該行業注資。京東物流已吸引了紅杉中國、高瓴資本集團等大型私募股權集團的投資。京東物流引發的市場熱和19萬名快遞員接單派貨的速度一樣瘋狂。京東物流于5月21日在香港首次公開募股融資32億美元，成為今年香港第二大上市公司。其股票定于5月28日開始交易。京東物流的出資人們打賭，其仿照亞馬遜建立的完全一體化配送網絡，相較于順豐快遞更古板的配送模式（類似于聯邦快遞）有更大優勢，也強于全力支持分散配送的阿里巴巴所推崇的競爭模式。
JD Logistics is the only large Chinese delivery service to grow out of an e-commerce parent. It became a separate entity from JD.com in 2017, in part so that it could take orders from other online retailers. It still delivers the bulk of JD.com’s packages but a large chunk of its revenues now comes from orders outside the group. By owning much of its technology, lorries and warehouses, and directly employing staff, the firm has been able to ensure faster delivery times while monitoring quality. It operates China’s largest integrated logistics system, covering a good’s entire journey and including a fully autonomous fulfilment centre in Shanghai and driverless vehicles. The system can also flip into reverse, sending customer feedback to product designers that, JD Logistics claims, helps it produce better products and bolster brands.
京東物流是唯一一家由電子商務母公司培養起來的大型中國快遞服務公司。2017年，京東物流脫離京東，成為了一個獨立的實體公司，部分原因是它可以接受其他在線零售商的訂單。京東物流仍然配送京東的大部分包裹，但它現在的大部分收入來自外部訂單。通過擁有大量的技術、貨車和倉庫，以及直接雇傭員工，京東物流能夠在監控質量的同時確保更快的配送時間。它運營著中國最大的一體化物流系統，涵蓋了貨物的整個運輸過程，包括在上海的全自動訂單履約中心和無人配送車。京東物流聲稱，該系統還可以逆向運行，將客戶反饋發送給產品設計師，幫助其生產更好的產品并改善品牌。
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