Dada Nexus Ltd (DADA) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by for Dada's third-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, today's conference call is being recorded.

早安，女士們、先生們，感謝你們出席達達 2024 年第三季財報電話會議。（操作員說明）提醒一下，今天的電話會議正在錄音。

I will now turn the meeting over to your host for today's call, Ms. Iris Liu from Investor Relations for Dada. Please proceed, Iris.

現在我將會議交給今天電話會議的主持人，達達投資者關係部的 Iris Liu 女士。請繼續，艾麗絲。

Thank you, operator. Hello, everyone, and thank you for joining our third-quarter 2024 earnings conference call. On the call today from Dada, we have Mr. Henry Jun Mao, CFO. Mr. Mao will talk about our operations, company highlights, and the financials. He will be available to answer questions during Q&A session.

謝謝你，接線生。大家好，感謝您參加我們的 2024 年第三季財報電話會議。今天，財務長毛亨利先生接受了 Dada 的電話會議。毛先生將談論我們的營運、公司亮點和財務狀況。他將在問答環節回答問題。

Before we begin, I'd like to remind you that this conference call contains forward-looking statements. Please refer to our latest Safe Harbor statement in the earnings press release on our IR website, which applies to this call.

在開始之前，我想提醒您，本次電話會議包含前瞻性陳述。請參閱我們的投資者關係網站上的收益新聞稿中最新的安全港聲明，該聲明適用於本次電話會議。

Also, during this call, we'll discuss certain non-GAAP financial measures. Please also refer to our earnings press release, which contains a reconciliation of non-GAAP measures to the comparable GAAP measures. Finally, please note that, unless otherwise stated, all figures mentioned during this conference call are in RMB.

此外，在本次電話會議中，我們將討論某些非公認會計準則財務指標。另請參閱我們的收益新聞稿，其中包含非 GAAP 衡量標準與可比較 GAAP 衡量標準的調整表。最後請注意，除非另有說明，本次電話會議中提到的所有數字均以人民幣為單位。

It is now my pleasure to introduce our CFO, Mr. Mao. Mr. Mao, please go ahead.

現在我很高興向您介紹我們的財務長毛先生。毛先生，請講。

Thank you, Iris, and thank you, all, for joining us. In the third quarter of 2024, our high-quality growth accelerated further.

謝謝你，艾里斯，也謝謝大家加入我們。2024年第三季度，我們高品質發展進一步加速。

For JD NOW, year-on-year growth in monthly transacting users and orders through the JD App continued strong momentum, increasing by over 100% this quarter. JD NOW continued to engage with more high-quality JD users and its penetration rate among JD users continued to increase sequentially quarter over quarter. For Dada NOW, net revenues registered 46% year-on-year growth for the first nine months of the year. We continued to optimize our overall operating efficiency, with non-GAAP loss margin, once again, narrowed on a sequential basis in the third quarter.

對JD NOW來說，京東App的月交易用戶和訂單量較去年同期成長持續強勁勢頭，本季成長超過100%。京東NOW持續接觸更多優質京東用戶，京東用戶滲透率較上季持續提升。Dada NOW 今年前 9 個月的淨收入年增 46%。我們持續優化整體營運效率，第三季非公認會計準則虧損率再次較上季收窄。

Dada Group's total net revenues in the third quarter were RMB2.4 billion. Net revenues from JD NOW were RMB930 million. Net revenues from Dada NOW increased by 39% year on year to RMB1.5 billion, as we consistently strengthened partnerships with our chain merchants and further enhanced delivery service quality. Non-GAAP net loss in the third quarter was RMB59 million. Non-GAAP net loss ratio was 2.4%, narrowing by 3.7 percentage points compared to the previous quarter, primarily due to sequentially improved cost efficiency as well as optimized consumer subsidy efficiency.

達達集團第三季​​淨營收總額為人民幣24億元。京東NOW的淨收入為人民幣9.3億元。達達NOW淨收入年增39%至人民幣15億元，持續加強與連鎖商戶的合作，進一步提升配送服務品質。第三季非美國通用會計準則淨虧損為人民幣 5,900 萬元。非美國通用會計準則淨虧損率為2.4%，較上季收窄3.7個百分點，主要得益於成本效率的環比提升以及消費者補貼效率的最佳化。

Now let's turn to the operating highlights for our two platforms, JD NOW and Dada NOW. Starting with JD NOW platform, in the third quarter, we remained focused on driving the growth of JD NOW on the JD App, strengthening user mindshare and consistently enriching our offerings to better meet users' diverse needs in on-demand retail. We continued to provide quality products and instant delivery to more and more JD users, and fueled by customer experience optimization, users' repurchase rates also registered remarkable growth sequentially. It is worth noting that during the Double 11 shopping festival, JD NOW's peak-day online order volume reached a new high.

下面我們就來看看京東NOW和達達NOW這兩個平台的營運亮點。從JD NOW平台開始，第三季我們仍然專注於推動JD NOW在京東App上的成長，加強用戶心智佔有率，不斷豐富我們的產品，以更好地滿足用戶對按需零售的多樣化需求。我們持續為越來越多的京東用戶提供優質產品和即時配送，在客戶體驗優化的推動下，用戶復購率也較上季成長顯著。值得注意的是，雙11期間，京東NOW高峰日線上訂單量再創新高。

On the demand side, following the launch of the new JD NOW section and the JD NOW tab on the JD App's homepage in this May, we gradually expanded the service coverage of JD NOW to more cities nationwide, providing more users with the convenient JD NOW on-demand retail services with quality products and instant delivery right to their doorsteps.

需求端，繼今年5月京東App首頁新增「京東快」版塊和「京東快」標籤後，我們逐步將「京東快」的服務覆蓋範圍擴大到全國更多城市，為更多用戶提供便利的「京東快」按需零售服務，提供優質產品和即時送貨上門服務。

With the enhancement of our location-based service capabilities, we have recently launched JD NOW Brand Flagship Stores, joined hands with more than 100 renowned brands from categories including food and beverages, personal care, consumer electronics, and more. This initiative connects brands and retailers directly with the most relevant consumers, delivering authentic products to consumers' doorstep in as fast as 9 minutes.

隨著地點服務能力的增強，我們近期推出了京東NOW品牌旗艦店，攜手食品飲料、個人護理、消費電子等領域的100多個知名品牌。該舉措將品牌和零售商與最相關的消費者直接聯繫起來，最快 9 分鐘將正品產品送到消費者家門口。

Leveraging JD's superior technology-driven supply chain capabilities, JD NOW Brand Flagship Stores emphasize brand value proposition and foster local user engagement to attract user traffic for online and offline retailers, boosting marketing effectiveness for brand owners. During the quarter, the number of cross-category visits by users in the JD NOW section on the JD App continued to increase sequentially, as our category expansion brought diversified choices to consumers, further accelerating the year-on-year growth rate of orders placed through the JD App channel.

借助京東卓越的技術驅動供應鏈能力，JD NOW品牌旗艦店強調品牌價值主張並培養本地用戶參與度，為線上和線下零售商吸引用戶流量，提高品牌所有者的營銷效果。本季度，京東App「JD NOW」版塊的用戶跨品類訪問量持續環比增長，品類拓展為消費者帶來了多元化的選擇，訂單同比增速進一步加快通過京東App通路。

In the meanwhile, we introduced exclusive benefits such as price discounts and coupons for JD PLUS members to attract them to experience JD NOW's convenient on-demand retail service and capture their mindshare. The daily average transacting PLUS members for JD NOW continued its growth momentum in the third quarter, increasing notably by more than 50% quarter over quarter.

同時，我們也為JD PLUS會員推出價格折扣、優惠券等專屬福利，吸引他們體驗JD NOW便利的隨選零售服務，吸引他們的注意。京東NOW PLUS會員日均交易量第三季延續成長勢頭，季增幅顯著超過50%。

On the supply side, we continued to work on five fronts to comprehensively enhance our supply capabilities. In terms of store coverage, we continued to enrich our product offerings in existing categories such as supermarkets, convenience stores, and consumer electronics. As of the end of September, the number of operating stores increased by over 70% year on year to more than 600,000 stores.

供給側，我們繼續從五個面向著力，全面提升供給能力。門市覆蓋方面，我們持續豐富超市、便利商店、消費性電子等現有品類的產品種類。截至9月底，經營門市數量較去年同期成長超70%，達到超過60萬家。

In the supermarket category, JD NOW deepened its collaboration with major supermarket chains with average daily delivery order volumes continuing to grow during the quarter. In the convenience store category, we launched over 1,000 stores of internationally renowned brand, Lawson, in July. We also deepened collaboration with other leading domestic convenience store brands in terms of store count. The product offerings from convenience stores resonate well with our on-demand retail consumers. In the third quarter, the average daily delivery order volume in the convenience store category increased by more than 50% year on year.

超市品類方面，京東NOW深化與各大連鎖超市的合作，本季日均配送訂單量持續成長。便利商店品類方面，7月國際知名品牌羅森進駐1,000多家門市。我們也深化與國內其他領先便利商店品牌在門市數量的合作。便利商店提供的產品與我們的按需零售消費者產生了很好的共鳴。第三季度，便利商店品類日均配送訂單量較去年同期成長超過50%。

In the consumer electronics category, we deepened our cooperation with existing brands and merchants. During the launch of new mobile phone models, we leveraged over 10,000 store coverage and provided users with instant delivery service for new phones in as fast as 9 minutes.

在消費性電子產品類上，我們深化了與現有品牌和商家的合作。在新手機上市過程中，我們利用萬餘家門市覆蓋，為用戶提供最快9分鐘的新機即時配送服務。

On the date of release of the Apple iPhone 16 series, sales increased by double digits compared with the same period last year when the iPhone 15 series were released. Xiaomi, Huawei, and other mobile phone brands also experienced remarkable year-on-year growth in the quarter. Additionally, we also made progress in our essential accessories category to better address users' immediate needs. Year to date, we have added thousands of stores of brands such as Pisen and Ugreen.

蘋果iPhone 16系列發表當日，銷售量較去年iPhone 15系列發佈時同期成長兩位數。小米、華為等手機品牌本季年成長也顯著。此外，我們還在必備配件類別上取得了進展，以更好地滿足用戶的即時需求。今年迄今為止，我們已經增加了數千家品牌商店，例如 Pisen 和 Ugreen。

We further enhanced price competitiveness. As of the end of September, the proportion of highly priced competitive products increased by 3 percentage points as compared with June this year. We continued to optimize the "Top Brands for RMB1" section on the landing page of the JD NOW tab, offering consumers various value-for-money products priced as low as RMB1.

價格競爭力進一步增強。截至9月底，高價競品佔比較今年6月提升3個百分點。我們持續優化京東NOW首頁「1元熱門品牌」板塊，提供消費者各種低至1元的超值商品。

In terms of inventory, we continued to expand and explore offerings in the supermarket brand promotion section, carefully selecting the flagship SKUs of the top supermarkets with differentiated price advantages and providing users with a trusted and diverse selection of products.

庫存方面，我們在商超品牌推廣板塊持續拓展和探索，精選具有差異化價格優勢的頂級商超旗艦SKU，為用戶提供值得信賴的多元化商品選擇。

On the content side, we further enriched product information and enhanced product attractiveness. In the third quarter, to further facilitate the purchase decision-making process, we enriched product information for merchants listed in the JD NOW tab, including product description as well as applicable discounts and coupons. As a result, our click-through rate increased by 2 percentage points, and our conversion rate increased by 5 percentage points sequentially, a clear sign that enriching product information improves customer experience and enhances product appeal.

內容方面，進一步豐富產品訊息，增強產品吸引力。第三季度，為了進一步促進購買決策過程，我們豐富了京東NOW選項卡中列出的商戶的產品信息，包括產品描述以及適用的折扣和優惠券。結果，我們的點擊率環比增長了 2 個百分點，轉換率環比增長了 5 個百分點，這清楚地表明豐富的產品資訊可以改善客戶體驗並增強產品吸引力。

Furthermore, we believe that providing more cost-effective services are key to winning more users and meeting the demand-driven nature of on-demand retail. As reported earlier, we lowered the delivery fee waiver threshold to RMB29 at the end of this February. This initiative effectively enhanced user experience and strengthened user mindshare, contributing to the continued growth momentum in JD NOW's order volume through the JD App over the past few quarters.

此外，我們相信提供更具成本效益的服務是贏得更多用戶並滿足按需零售的需求驅動本質的關鍵。如同先前所報道的，我們在今年 2 月底將運費豁免門檻降低至 29 元人民幣。這項措施有效提升了使用者體驗，增強了使用者認知度，推動了過去幾季京東App下單量的持續成長動能。

Additionally, we endeavored to provide users with shorter and more accurate estimated delivery times on the payment page through optimized algorithms and further accelerated the fulfillment process. The average fulfillment time for JD NOW orders this quarter was shortened by more than 20% year over year.

此外，我們致力於透過優化演算法，為用戶在支付頁面提供更短、更準確的預計配送時間，進一步加快配送流程。本季京東NOW訂單平均履行時間較去年同期縮短20%以上。

As a result of the above-mentioned measures, the penetration of JD NOW among JD users continued to increase quarter over quarter, user mindshare was further enhanced, and the supply density and quality continued to improve, resulting in sequentially accelerated order volume growth in the third quarter.

透過上述舉措，京東NOW在京東用戶的滲透率持續較上季提升，使用者認知度進一步提升，供貨密度與品質持續提升，帶動全國訂單量較上季加速成長。

In terms of user scale, as the user mindshare of on-demand retail through the JD App continued to increase, both our click-through rate and transaction conversion rate through the JD App increased in the third quarter, resulting in our overall user conversion rate more than doubling on a sequential basis. JD NOW continued its strong growth momentum in average monthly transacting users on the JD App, growing by more than 100% year over year, with high-frequency users growing even faster. The number of high-frequency users through the JD App more than doubled in the quarter.

從用戶規模來看，隨著京東App按需零售的用戶認知度持續提升，第三季京東App的點擊率和交易轉換率均有所提升，整體用戶轉換率有所提升。多。京東NOW京東App月均交易用戶數持續保持強勁成長勢頭，較去年同期成長超過100%，高頻用戶成長速度更快。本季透過京東 App 的高頻用戶數量增加了一倍以上。

In terms of user stickiness, our 30-day repeat purchase rate of users of the JD NOW section on the JD App experienced a significant increase from the previous quarter, with the repeat purchase rates of new and existing customers both growing. Additionally, we continued to improve user satisfaction in the quarter, demonstrated by a decrease in calls per order by over 10% year on year, also continually optimized sequentially.

從用戶黏著度來看，京東App「京東NOW」版塊用戶30天復購率較上季大幅提升，新舊客戶復購率雙雙成長。此外，本季我們持續提高用戶滿意度，每筆訂單的來電量年減了 10% 以上，並且持續優化。

On the supply side, we remain committed to expanding product categories and store coverage. We believe that our quality-focused supply enrichment strategy will lay a solid foundation for our mindshare gains in the long term. The daily average JD NOW orders through the JD App continued to grow by over 100% year on year, accelerating further from the previous quarter. This was mainly thanks to the growing user base, strengthened user mindshare, and continuous improvements in our service quality.

在供應方面，我們仍然致力於擴大產品類別和商店覆蓋範圍。我們相信，從長遠來看，我們以品質為中心的供應豐富策略將為我們的心智份額增長奠定堅實的基礎。京東App的JD NOW日均訂單量較去年同期持續成長超100%，較上季進一步加速。這主要得益於使用者基礎的不斷擴大、使用者認知度的增強以及我們服務品質的不斷提高。

Next, I would now like to turn to Dada NOW, our local on-demand delivery platform. In the third quarter, Dada NOW continued to grow rapidly. Net revenues from Dada NOW increased by 39% year on year to RMB1.5 billion, driven by our strengthened partnerships with chain merchants and further enhanced delivery service quality. In the third quarter, driven by a significant growth in the number of new stores, our key accounts or chain merchants business saw overall revenue growth north of 30% year on year, with net revenues of restaurant and beverage KAs growing more than 100% year on year and over 40% quarter over quarter.

接下來，我想談談我們本地的按需配送平台 Dada NOW。第三季度，達達NOW持續快速成長。得益於與連鎖商戶加強合作以及進一步提升配送服務質量，達達NOW淨收入年增39%至人民幣15億元。第三季度，在新店數量大幅成長的帶動下，大客戶或連鎖商家業務整體營收年增超過30%，其中餐飲KA淨收入年增超過100%年成長超過 40%，較上季成長超過 40%。

When we reported earnings for the second quarter this year, we disclosed the number of orders delivered and gross billings of our on-demand delivery business for the first time. In the third quarter, the number of orders delivered by Dada NOW increased by 36% year on year to 648 million, and the gross billings of Dada NOW grew by 33% year on year to RMB3.10 billion. Meanwhile, we continued to leverage technology to refine operations, optimize delivery routes and dynamically adjust subsidies to further strengthen our price competitiveness and expand market share.

當我們報告今年第二季的收益時，我們首次揭露了按需配送業務的交付訂單數量和總帳單。第三季度，達達NOW配送訂單數年增36%至6.48億，達達NOW總流水年增33%至31億元。同時，我們持續利用科技手段精細化營運、優化配送路線、動態調整補貼，進一步增強價格競爭力，擴大市場佔有率。

This concludes our operational updates for the two platforms. In the third quarter, we continued to strengthen user stickiness by enhancing user mindshare, attracting more high-quality JD users to the JD NOW service. Both monthly transacting users and orders through the JD App maintained notable growth year on year, more than doubling in the quarter. Dada NOW also continued its rapid growth momentum, driven by the share gains in merchant business, especially restaurant KAs, and order volume growth.

我們對兩個平台的營運更新到此結束。第三季度，我們持續透過提升用戶認知度來增強用戶黏性，吸引更多優質京東用戶使用JD NOW服務。京東App月交易用戶數和訂單量較去年同期維持顯著成長，本季成長一倍以上。在商家業務尤其是餐廳KA的份額成長以及訂單量成長的推動下，達達NOW也持續保持快速成長動能。

Going forward, we will continue to focus and execute on our high-quality growth strategy, improve user experience across the board, enhance our efforts to increase the mindshare of our on-demand retail business and further leverage the synergies between our on-demand retail and on-demand delivery platforms to drive longer-term sustainable growth.

未來，我們將繼續聚焦和執行高品質成長策略，全面提升用戶體驗，並加大按需零售業務的關注度，進一步發揮按需零售業務之間的協同效應。持續增長。

With that, I will now go over our financials for the quarter. Before we go over the numbers, just a few housekeeping items. We believe year-over-year comparisons are the most useful way to evaluate our performance, and as a result, all percentage change that I'm going to give will be on year-over-year basis. And all figures are in RMB, unless otherwise noted.

現在，我將回顧我們本季的財務狀況。在我們回顧這些數字之前，先介紹一些家務用品。我們相信同比比較是評估我們績效的最有用的方法，因此，我將給出的所有百分比變化都將基於同比。除非另有說明，所有數字均以人民幣為單位。

Total net revenues in the third quarter was RMB2.4 billion. Net revenues from JD NOW was RMB930 million, mainly due to a decrease in online advertising and marketing services revenues, and a decrease in fulfillment services and others revenues as a result of the full rollout of delivery fee waiver program for orders exceeding RMB29 since February 2024.

第三季總淨收入為人民幣24億元。京東NOW淨收入為人民幣9.3億元，主要由於線上廣告和行銷服務收入減少，以及自2024年2月起全面推出超過人民幣29元的訂單運費減免計劃導致配送服務和其他收入減少。

Net revenues from Dada NOW increased by 39% to RMB1.5 billion, mainly driven by an increase in order volume of intra-city delivery services provided to various chain merchants. For the first nine months of 2024, net revenues from Dada NOW increased by 46% to RMB4.1 billion. Specifically, revenues from intra-city delivery services and the revenues from last-mile delivery services increased by 45% and 76% in the first nine months of 2024, respectively.

達達NOW的淨收入成長39%至人民幣15億元，主要是由於各連鎖商家提供的同城配送服務訂單增加所致。2024年前9個月，達達NOW的淨收入成長46%，達到人民幣41億元。具體而言，2024年前9個月同城配送服務收入和最後一公里配送服務收入分別成長45%和76%。

Moving over to cost and expense side, operations and support costs in the third quarter were RMB1.7 billion. The increase was primarily due to an increase in rider cost as a result of the increasing order volume of intra-city delivery services provided to various chain merchants, offset by a decrease in online advertising and marketing services costs. Selling and marketing expenses decreased to RMB717 million, primarily due to a decrease in promotional activities initiated by us on the JD NOW platform. General and administrative expenses were RMB108 million. The increase was primarily due to an increase in provision for credit loss and litigation-related expenses. Research and development expenses were RMB90 million.

轉向成本和費用方面，第三季的營運和支援成本為 17 億元人民幣。此成長主要是由於向各連鎖商家提供的同城配送服務訂單量增加導致騎士成本增加，但被線上廣告和行銷服務成本下降所抵銷。銷售及行銷費用減少至人民幣7.17億元，主要是因為我們在京東NOW平台發起的促銷活動減少。一般及行政費用為人民幣1.08億元。增加的主要原因是信用損失撥備和訴訟相關費用增加。研發費用為人民幣9,000萬元。

Non-GAAP net loss was RMB59 million. Non-GAAP net loss margin was 2.4%, sequentially narrowing by 3.7 percentage points.

非美國通用會計準則淨虧損為 5,900 萬元。非公認會計原則淨虧損率為2.4%，季減3.7個百分點。

This concludes my prepared remarks. Operator, we are now ready to begin the Q&A session. Thank you.

我準備好的發言到此結束。接線員，我們現在準備開始問答環節。謝謝。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Thomas Chong, Jefferies.

托馬斯莊，杰弗里斯。

(spoken in Chinese)

(用中文說)

Hi, good morning. Thanks, management, for taking my question. My question is about the macro and industry landscape. How do we see the recent government support policies and consumer sentiment trend? What are our thoughts about the competitive landscape for the on-demand retail business? Thank you.

嗨，早安。謝謝管理層回答我的問題。我的問題是關於宏觀和產業格局。如何看待近期政府的扶持政策與消費者情緒走勢？我們對按需零售業務的競爭格局有何看法？謝謝。

Thank you, Thomas, for your question. Well, we definitely believe that boosting consumer confidence is an important growth driver for China's economy. Also, we remain optimistic about the growth prospects of on-demand retail, being one of the fastest-growing subsectors within China consumption category.

謝謝托馬斯的提問。那麼，我們堅信，提振消費者信心是中國經濟成長的重要動力。此外，我們對按需零售的成長前景保持樂觀，因為它是中國消費類別中成長最快的次產業之一。

Well, in terms of consumer preference, we continue to observe that growing consumer demand for convenience across various categories. We believe that there is significant room for JD NOW's on-demand retail to increase its penetration among JD users. Therefore, we are firmly committed to invest in our business.

就消費者偏好而言，我們持續觀察到消費者對各個類別便利性的需求不斷增長。我們認為，JD NOW 的按需零售在京東用戶的滲透率還有很大的提升空間。因此，我們堅定地致力於投資我們的業務。

Our integration with the JD ecosystem still has huge upside and user mindshare is gaining momentum. As you can see for the past quarters to best serve the evolving needs of our users as a platform providing both on-demand retail and delivery services, we are actively enriching high-quality supply across a wide range of categories to provide consumers with more choices.

我們與京東生態系統的整合仍然具有巨大的優勢，使用者的關注度正在不斷增強。正如您所看到的，在過去的幾個季度中，作為提供按需零售和送貨服務的平台，為了最好地滿足用戶不斷變化的需求，我們正在積極豐富各種類別的高品質供應，為消費者提供更多選擇。

As I mentioned earlier at the end of the September, the number of operating stores increased by over 70% year on year to more than 600,000 stores. And also back in this summer during the Paris Olympic Games period, jointly with brand owners and local retailers, we further enriched our product offerings, echoing users' game watching and shopping enthusiasm. For instance, we launched a late night feast channel, providing the night-time audience with rich selections of snacks and beverages.

正如我之前在9月底提到的，經營門市數量年增超過70%，達到超過60萬家。同樣在今年夏天巴黎奧運期間，我們與品牌商和當地零售商一起，進一步豐富了產品種類，呼應了用戶的觀賽和購物熱情。例如，我們推出了深夜盛宴頻道，為夜間觀眾提供豐富的小吃和飲料選擇。

And I think Dada's unique competitive advantages also lies in the synergies between the JD NOW and the Dada NOW, two platforms. In the first nine months of this year in terms of revenue growth, Dada NOW significantly outperformed the on-demand delivery industry. This primarily is attributable to our share gains in restaurants and beverage KA chain merchants business contributing another strong growth engine to our business.

而且我認為達達獨特的競爭優勢還在於京東NOW和達達NOW這兩個平台之間的綜效。今年前9個月，從收入成長率來看，達達NOW明顯跑贏了按需配送業。這主要歸功於我們在餐飲KA連鎖商家業務中的份額成長，為我們的業務提供了另一個強勁的成長引擎。

So we believe that the two platforms will together fuel the growth in order volume and the density, build up economies of scale and improve overall delivery efficiency. So this can be in turn shown in the constant enhanced fulfillment service quality of JD NOW and the Dada NOW this quarter. The average fulfillment time for JD NOW orders this quarter was shortened by more than 20% on a year-over-year basis, reinforcing our user mindset of quality products at instant delivery.

因此，我們相信這兩個平台將共同推動訂單量和密度的成長，建立規模經濟並提高整體交付效率。這反過來又可以體現在京東NOW和達達NOW本季不斷提升的配送服務品質。本季京東NOW訂單平均履行時間較去年同期縮短20%以上，強化了使用者對優質產品即時交付的認知。

So I would like to summarize that we believe that our competitive edge lies in the continually enriching product offerings on the supply side, the deep integration with JD.com on the demand side, and synergistic gains between JD NOW and Dada NOW. So these factors, all together, help us to increase our user mindshare, our market share within the on-demand retail and delivery industry as we ride on the industry growth. Hope that answers questions.

所以我總結一下，我們認為我們的競爭優勢在於供應端不斷豐富的產品，需求端與京東的深度融合，以及京東NOW和達達NOW的協同效益。因此，隨著行業的成長，這些因素共同幫助我們提高了用戶的關注度，以及我們在按需零售和配送行業中的市場份額。希望能解答問題。

(Operator Instructions)

（操作員說明）

Alicia Yap, Citigroup.

艾莉西亞葉 (Alicia Yap)，花旗集團。

Hi. Thank you, management. I have couple questions. First is that, can management elaborate a little bit the user profile that you acquire -- or through the JD channels given you have already deepened your collaborations recently? So just wondering if you can highlight a little bit what type of user profile that is successfully gathered from the JD channel. And then, especially if you see any meaningful uptake in the recent single-stage promotion period from the JD channel.

你好。謝謝你，管理階層。我有幾個問題。首先，管理層能否詳細說明您獲得的用戶資料——或者考慮到您最近已經加深了合作，透過京東管道獲得的用戶資料？所以想知道您是否可以重點介紹一下從京東渠道成功收集到的用戶資料類型。然後，特別是如果您在最近的單階段促銷期間從京東渠道看到任何有意義的吸收。

And then overall, if you can also just comment a little bit on whether you have seen some improvement in consumption spending, especially on JD NOW business, where -- if the macros actually drive a little bit of the confidence level in the consumer consumption. So let me translate very quickly.

總的來說，您是否也可以評論一下您是否看到消費支出有所改善，特別是在京東現在的業務上，宏觀經濟是否確實推動了消費者消費的信心水平。那麼讓我快速翻譯一下。

(spoken in Chinese)

(用中文說)

Thank you, Alicia, for your question. As we all know, since the beginning of this year, we have continued to execute our strategy of focusing on user experience, fully embracing the JD.com app ecosystem. As we all remember, starting from this May, following our brand upgrade from JDDJ previously to JD NOW, we have further increased touch points with the JD App, primarily by launching the JD NOW section on JD App's homepage and adding a parallel tab for JD NOW.

謝謝艾莉西亞的提問。眾所周知，今年以來，我們持續執行聚焦使用者體驗的策略，全面擁抱京東應用生態。大家都記得，從今年5月份開始，我們的品牌從之前的JDDJ升級為JD NOW之後，我們進一步增加了與JD APP的接觸點，主要是在JD APP首頁推出了JD NOW版塊，並增加了JD NOW的平行標籤。

So we believe the strategy paves the way for our sustainable growth in the future, given that the users from JD.com are highly relevant to the on-demand retail consumption scenarios. So they typically have stronger purchasing power, higher demands for quality and timeliness; therefore, we have been endeavoring to provide quality services to engage more JD users and beyond.

因此，我們相信，鑑於京東的用戶與按需零售消費場景高度相關，該策略為我們未來的永續成長鋪平了道路。因此他們通常具有較強的購買力，對品質和時效性的要求較高；因此，我們一直致力於提供優質服務來吸引更多的京東用戶及其他用戶。

In the third quarter of this year, we see a strong trend of improvement in core operational metrics. First step to the enriched product information and optimized operations, we have effectively converted more users traffic with JD.com. The click-through rate of various major JD NOW entry points within the JD app has increased significantly quarter over quarter.

今年第三季度，我們看到核心營運指標有強勁的改善趨勢。透過豐富產品資訊和優化運營，我們有效地為京東轉化了更多的用戶流量。京東應用內各主要「JD NOW」入口點的點擊率較上季大幅成長。

And as I mentioned earlier in my prepared remarks, our average monthly transacting users and orders through the JD App grew by over 100% year on year, continued the very strong growth momentum. It is also worth noting that the total number of new transacting users of JD NOW has also been growing at an increasing scale quarter over quarter, contributing to the continued sequentially increased penetration rate on a broader JD user base.

正如我之前在準備好的發言中提到的，我們透過京東App的月均交易用戶和訂單同比增長超過100%，延續了非常強勁的成長勢頭。另外值得注意的是，京東NOW的新增交易用戶總數也逐季成長，推動了更廣泛的京東用戶基礎的滲透率持續提高。

And JD NOW users repeat purchase rates within the JD App has also been fueled by the enriched product offerings and high-quality services. So the repeat purchase rate of JD NOW consumers through the core JD channels sequentially increased by over 10 percentage points in the third quarter.

豐富的產品種類和優質的服務也推動了JD NOW用戶在京東App內的重複購買率。因此，第三季京東NOW消費者透過京東核心通路的重複購買率季增了10個百分點以上。

And our continued efforts in serving the high-quality JD PLUS managers have also yield measurable results this quarter. The daily average transacting JD PLUS members for JD NOW continued its continued growth momentum, growing by high-double-digits quarter over quarter.

我們在服務高素質JD PLUS經理方面的持續努力在本季度也取得了可衡量的成果。京東NOW的京東PLUS會員日均交易量持續維持持續成長勢頭，較上季達到高兩位數成長。

Also, further investment in Dada by JD.com this quarter strongly reflected the unique role that Dada fulfills in on-demand retail and the delivery industry within JD.com's broader ecosystem. So, well, I think we are very optimistic in the company's long-term growth and development.

此外，本季京東對達達的進一步投資有力地反映了達達在京東更廣泛的生態系統中的按需零售和配送行業中發揮的獨特作用。所以，我認為我們對公司的長期成長和發展非常樂觀。

And one more thing, I think, as you may have probably already noticed, we have recently launched the JD NOW Brand Flagship Stores, joined hands with more than 100 renowned brands. By offering authentic products deliverable in as fast as 9 minutes, emphasizing brand value, engaging consumers through membership, promotional activities and more, JD NOW Brand Flagship Stores directly connect the consumption brands with the most relevant nearby on-demand retail consumers and meanwhile, provide retailers with more exposures.

還有一件事，我想大家可能已經注意到了，我們最近推出了京東NOW品牌旗艦店，攜手100多個知名品牌。京東NOW品牌旗艦店透過提供正品最快9分鐘送達，強調品牌價值，透過會員、促銷活動等方式吸引消費者，將消費品牌與附近最相關的按需零售消費者直接連接起來，同時擁有更多曝光度的零售商。

As we further integrate into JD.com, we believe that the brand flagship stores will harness the technology-driven supply chain advantages of JD.com in the longer term. And this enables us to provide our users with the right selection of products and also enables us to holistically allocate resources. I hope that answer your question. Thank you.

隨著我們進一步融入京東，我們相信品牌旗艦店將長期利用京東的技術驅動供應鏈優勢。這使我們能夠為用戶提供正確的產品選擇，也使我們能夠整體分配資源。我希望能回答你的問題。謝謝。

Thank you. As there are no further questions at this time, I'll now hand back to Ms. Liu for any closing remarks.

謝謝。由於目前沒有其他問題，我現在將請劉女士做總結發言。

Thank you, operator. In closing, on behalf of Dada's management team, we would like to thank you for your participation in today's call. If you require any further information, please feel free to reach out to us directly. Thank you for joining us today. This concludes the call. Thank you.

謝謝你，接線生。最後，我們謹代表達達管理團隊感謝您參加今天的電話會議。如果您需要任何進一步的信息，請隨時直接與我們聯繫。感謝您今天加入我們。通話就此結束。謝謝。