京东更新IPO文件暴露出哪些问题？

京东向SEO提交F1更新文件，增加了2013年全年的财务数据，营收693.4亿元人民币，运营亏损5.79亿元人民币，净亏损为4990万元人民币。对比两次提交的财务数据，疑问也就变得越来越多。

上次京东提交的F1文件中，前三季度净营收6000万人民币，盈利的来源是政府补贴和利息收入、退税等。最新的数据是全年净亏损4990万元人民币，加上前三季度的净营收6000万元人民币，则京东Q4的累计净亏损达到1.099亿元人民币。既然前三季度已经实现盈利，为何第四季度亏损一亿多呢？

前三季度京东的盈利来源是利息收入和财政补贴、退税，这些并不是京东的主营业务，而且是非常不稳定的收入。导致亏损的原因可能就是，利息收入减少了或者补贴取消了。但前三季度的营收是492.16亿元人民币，平均每季度的营收约164亿元人民币，Q4的营收是201.24亿元人民币，按理来说利息收入这块是增长的。那么，可能就是政府补贴和退税减少了。

从目前的分析来看，政府补贴和退税减少的可能性比较大，前三季度盈利的6000万元并非全部，光政府补贴就达到1.64亿。如果前三季度没有政府补贴，京东的净亏损则为1.04亿元人民币，而Q4的净亏损比前三季度还要高。前三季度的利息收入2.22亿元，按照这个利率来算Q4的利息收入约为9000万元人民币。哪怕没有政府补贴，Q4也不该有巨额亏损。钱都亏哪里去了呢？这就不得而知了。反正这些都是投资人的钱。 

但有一点是显而易见的，京东的盈利能力非常弱，这与其自身的模式相关。如果没有政府补贴和退税，京东分分钟就是赔本赚吆喝，这从Q4的净营收可以窥见一斑。而政府补贴和退税在未来显然会被取消，政府不可能一直包养一家不赚钱的公司，相信没有哪个国家的政府会这么干，那可都是纳税人交给国家的血汗钱。那么，京东还能靠什么赚钱呢？

京东现在唯一能赚钱的，就是搬运费和利息收入了。京东自营业务并不赚钱，赚的无非就是搬运费，这一块很难撑起京东这么一大摊子。那么，京东未来可以依赖的就是扣点和利息收入了。扣点这块的收入可以保障，利息这块就很难说了。现在各大平台都在抢商家，拖延回款必定不是长久之久。自营那块的账期资金，未来也赚不到利息了，供应商都在搞直营了，再像以前那样拖款人家就不会跟你玩了，人家也要保证自己的资金周转。

而从这次披露的股权结构来看，刘强东依然是京东的大股东，老虎基金以18.1%保持第二大股东，腾讯则以14.3位列第三。按照腾讯投资京东的协议，上市时再购买5%的话，将以19.3%成为京东第二大股东。未来易迅网并入京东是没有悬念的，那腾讯是否会控股京东呢？

不过，玩来玩去，京东未来的业务会跟天猫一样，唯一的区别可能就是，京东还有一家搬运公司，而天猫没有。就像那句歌词唱的：长大后我就成了你。http://www.huihui.cn/share/32293982
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