京東 (JD) 2014 Q2 法說會逐字稿

Hello and thank you for standing by for JD.com's second-quarter 2014 earnings conference call.

您好，感謝您出席京東 2014 年第二季度財報電話會議。

(Operator Instructions).

（操作員說明）。

Today's conference is being recorded.

今天的會議正在錄製中。

If you have any objections, you may disconnect at this time.

如果您有任何異議，您可以此時斷開連接。

I would now like to turn the meeting over to your host for today's conference, Ms. Ruiyu Li.

現在我想把會議交給今天會議的主持人李瑞宇女士。

Please go ahead, ma'am.

請繼續，女士。

Thank you, operator, and welcome to our second-quarter 2014 earnings conference call.

謝謝您，運營商，歡迎參加我們的 2014 年第二季度收益電話會議。

Joining me today on the call are Richard Liu, Chairman and CEO, and Sidney Huang, Chief Financial Officer.

今天與我一起參加電話會議的還有董事長兼首席執行官劉強東和首席財務官黃西德。

For today's agenda, management will discuss highlights for the second quarter 2014.

在今天的議程中，管理層將討論 2014 年第二季度的亮點。

Following their prepared remarks, Haoyu Shen, CEO of JD Mall will join Mr. Liu and Mr. Huang for the Q&A section of the call.

在他們準備好的發言之後，京東商城首席執行官沈浩宇將與劉先生和黃先生一起參加電話會議的問答部分。

Before we continue, I refer you to our Safe Harbor statement in the earnings press release which applies to this call as we will make forward-looking statements.

在我們繼續之前，我建議您參閱收益新聞稿中適用於本次電話會議的安全港聲明，因為我們將做出前瞻性聲明。

Also this call includes discussions of certain non-GAAP financial measures.

此次電話會議還討論了某些非公認會計準則財務措施。

Please refer to our earnings release which contains our reconciliation of non-GAAP measures to the most directly comparable GAAP measures.

請參閱我們的收益發布，其中包含我們對非公認會計準則衡量標準與最直接可比的公認會計準則衡量標準的調節。

Finally, please notice that unless otherwise stated all figures mentioned during this conference call are in RMB.

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。

Now I would like to turn the call over to our Chairman and CEO, Richard Liu.

現在我想把電話轉給我們的董事長兼首席執行官劉強東。

Good day, everyone.

今天是個好日子。

Welcome to our second-quarter 2014 earnings conference call.

歡迎參加我們的 2014 年第二季度收益電話會議。

Let me begin with a brief sector overview.

讓我首先簡要概述一下該行業。

The e-commerce market in China saw strong growth during the second quarter.

中國電子商務市場在第二季度出現強勁增長。

The long-term shift in China toward B2C continued feeding into Jingdong's strengths.

中國向 B2C 的長期轉變繼續增強了京東的優勢。

Within this context, Jingdong outperformed the industry further gaining market share.

在此背景下，京東跑贏行業，進一步搶占市場份額。

Jingdong's model of providing authentic goods, leading customer service and the convenient one day and next day delivery helped us gain traction.

京東提供正品商品、領先的客戶服務以及便捷的一日達和次日達的模式幫助我們獲得了吸引力。

But we remain focused on further strengthening our advantages in these areas and believe that Chinese consumers deserve to know that everything they buy is authentic.

但我們仍然專注於進一步加強我們在這些領域的優勢，並相信中國消費者應該知道他們購買的所有東西都是正品。

This creates a better customer experience and we continue to devote resources to ensure that products on our site are always real.

這創造了更好的客戶體驗，我們將繼續投入資源以確保我們網站上的產品始終是真實的。

Let me update you on our logistics.

讓我向您介紹我們的物流最新情況。

One of our foundations of Jingdong's success is our self-operated nationwide fulfillment infrastructure which is the largest among e-commerce companies in China.

京東成功的基礎之一是我們自營的全國配送基礎設施，這是中國電子商務公司中最大的。

Our rapid last mile delivery network creates a great experience that our customers know they can rely on.

我們快速的最後一英里交付網絡為我們的客戶帶來了值得信賴的卓越體驗。

It also helps our third-party merchants, simplifies their businesses, enhances customer experience and it builds loyalty.

它還幫助我們的第三方商家，簡化他們的業務，增強客戶體驗並建立忠誠度。

Expanding this network to high-growth markets is a top strategic priority and as of the second quarter our self-operated delivery network covered 1,780 counties and districts up from 1,404 counties and districts at the end of the first quarter.

將網絡擴展到高增長市場是我們的首要戰略重點，截至第二季度，我們的自營配送網絡已覆蓋 1,780 個縣區，而一季度末為 1,404 個縣區。

Going forward, we will continue to strengthen our network in fast-growing lower-tier cities.

展望未來，我們將繼續加強在快速增長的低線城市的網絡。

This will enable Jingdong to reach a much wider range of key consumer demographics.

這將使京東能夠覆蓋更廣泛的關鍵消費者群體。

Turning to mobile, creating the best mobile shopping experience is also core to our growth strategy.

轉向移動端，創造最佳的移動購物體驗也是我們增長戰略的核心。

Our mobile app is gaining strong traction while smart devices are becoming central to China's Internet users.

我們的移動應用程序正在獲得強大的吸引力，而智能設備正在成為中國互聯網用戶的核心。

Meanwhile, our close partnership with Tencent is vital to our mobile strategy.

同時，我們與騰訊的密切合作對於我們的移動戰略至關重要。

We recently introduced level-one access to Weixin and Mobile QQ which have more than 500 million active users.

我們最近推出了微信和手機QQ的一級訪問，這兩個平台的活躍用戶超過5億。

Structurally this game-changing initiative brings Jingdong's outstanding customer experience to China's two leading social communications platforms.

從結構上講，這一改變遊戲規則的舉措將京東卓越的客戶體驗帶入中國兩大領先的社交通訊平台。

Overall we are seeing strong positive trends with over 24% of our orders placed on mobile in the second quarter.

總體而言，我們看到了強勁的積極趨勢，第二季度超過 24% 的訂單來自移動設備。

Looking beyond Jingdong Mall, in addition to our leadership in B2C e-commerce, Jingdong also aims to provide a trusted C2C platform for buying authentic products online in China.

放眼京東商城之外，除了在B2C電子商務領域的領先地位外，京東還致力於為中國在線購買正品提供值得信賴的C2C平台。

We recently relaunched Paipai with the goal of bringing the Jingdong experience to our Chinese C2C e-commerce market with lower marketing costs, better search and access Jingdong's delivery network.

我們最近重新推出了拍拍，目標是將京東體驗引入中國 C2C 電子商務市場，以更低的營銷成本、更好的搜索和訪問京東的配送網絡。

We believe that the buyers and sellers will understand the clear advantages our platform offers.

我們相信買家和賣家都會了解我們平台提供的明顯優勢。

Turning to the future, we see many opportunities for Jingdong to extend our sector leadership where we will expand our range of products and our services, build our fulfillment infrastructure, optimize our mobile offerings and use technology like leveraging big data to continuously enhance customer experience.

展望未來，我們看到京東有很多機會來擴大我們的行業領導地位，我們將擴大我們的產品和服務範圍，建立我們的履行基礎設施，優化我們的移動產品，並利用大數據等技術來不斷增強客戶體驗。

We are excited about our future potential and are committed to our vision of bringing world-class online shopping to customers.

我們對未來的潛力感到興奮，並致力於實現為客戶帶來世界一流的在線購物的願景。

Now I will turn the call over to Sidney Huang, Jingdong's CFO.

現在我將把電話轉給京東首席財務官黃西德。

Thank you, Richard, and hello, everyone.

謝謝理查德，大家好。

I would like to spend the next few minutes to go through our Q2 financial results and our Q3 outlook.

我想用接下來的幾分鐘時間來回顧一下我們第二季度的財務業績和第三季度的前景。

We are quite pleased with our second-quarter topline and bottom-line results.

我們對第二季度的營收和利潤結果非常滿意。

Our GMV more than doubled from the same period last year benefiting from our continuously improving customer experience, enhanced brand recognition, lower tier city penetration initiatives and our strategic collaboration with Tencent.

受益於我們不斷改善的客戶體驗、增強的品牌認知度、低線城市滲透計劃以及與騰訊的戰略合作，我們的GMV較去年同期增長了一倍多。

Even excluding the GMV contribution from Paipai and Wanggou, which are the two marketplace platforms acquired from Tencent, our JD.com GMV grew 85% year-over-year and 31% sequentially, a very strong showing given our large size.

即使排除從騰訊收購的拍拍和網購這兩個市場平台的 GMV 貢獻，我們的京東 GMV 同比增長 85%，環比增長 31%，考慮到我們的規模，這是一個非常強勁的表現。

The GMV composition also showed an encouraging trend towards further category diversification.

GMV構成也呈現出品類進一步多元化的令人鼓舞的趨勢。

GMV contribution from electronics and home appliances decreased from 61% in Q1 2014 to 55% in Q2.

電子及家電的GMV貢獻從2014年第一季度的61%下降至第二季度的55%。

GMV from general merchandise categories grew 167% and accounted for 45% of total GMV.

百貨品類GMV增長167%，佔總GMV的45%。

If you look at the number of orders, well over two-thirds of all orders are now for non-electronic products.

如果你看一下訂單數量，現在超過三分之二的訂單都是非電子產品。

Of the general merchandise categories, apparel and shoes, sporting goods, packaged food, jewelry and handbags are the fastest growing subcategories.

在一般商品類別中，服裝和鞋子、體育用品、包裝食品、珠寶和手袋是增長最快的子類別。

GMV from our marketplace business grew 246% in Q2 and accounted for 38% of our GMV during the period.

我們的市場業務 GMV 在第二季度增長了 246%，占同期 GMV 的 38%。

This has clearly accelerated our original timetable of reaching 40% of GMV from our marketplace by 2016 thanks to the incremental GMV from the acquired Tencent e-commerce platforms.

得益於收購的騰訊電商平台帶來的增量 GMV，這明顯加快了我們原定的到 2016 年達到市場 GMV 40% 的時間表。

But even excluding PaiPai and Wanggou contribution, our POP marketplace GMV grew nearly 150% from a year ago as the number of third-party merchants grew 130% during the same period.

但即使排除拍拍和網購的貢獻，我們的 POP 市場 GMV 也比一年前增長了近 150%，而同期第三方商家數量增長了 130%。

The strong growth in our marketplace demonstrated our commitment and progress in bringing more longtail products to our customers.

我們市場的強勁增長證明了我們在為客戶提供更多長尾產品方面的承諾和進展。

Our net revenues grew 64% year-over-year and 26% sequentially.

我們的淨收入同比增長 64%，環比增長 26%。

The revenue growth reflects largely our 1P business momentum with home appliances and general merchandise leading the growth.

收入增長主要反映了我們的 1P 業務勢頭，其中家電和日用百貨引領增長。

Services and other revenues began with a lower base and grew 186% year-over-year and 82% sequentially driven by the higher marketplace GMV, increased advertising income and the logistics revenues from our third-party merchant services.

服務和其他收入一開始基數較低，但在較高的市場 ​​GMV、廣告收入以及來自第三方商家服務的物流收入的推動下，同比增長 186%，環比增長 82%。

This leads to my discussion on the gross margin.

這就引出了我對毛利率的討論。

Before I continue, I would like to note that gross margin in our case is not a GAAP measure partly due to the difficulty in separating fulfillment costs for third-party logistic services from our own fulfillment expenses.

在繼續之前，我想指出，我們案例中的毛利率不是公認會計準則衡量標準，部分原因是很難將第三方物流服務的履行成本與我們自己的履行費用分開。

Therefore, we do not show gross profit on our income statements and this analysis is for your information only.

因此，我們不會在損益表中顯示毛利潤，此分析僅供您參考。

So if you take our total net revenues minus the cost of revenues you will get a gross margin of 11% for the second quarter 2014 compared to 8.9% in the same period last year.

因此，如果將我們的總淨收入減去收入成本，您將得到 2014 年第二季度的毛利率為 11%，而去年同期為 8.9%。

The improvement is mainly a result of the higher service revenues discussed earlier.

這一改善主要是由於前面討論的服務收入增加。

However, this is not to say that the higher gross margin was all contributed by our 3P business.

然而，這並不是說較高的毛利率全部是由我們的3P業務貢獻的。

In particular, a substantial amount of advertising income came from the suppliers of our 1P business as JD.com increasingly becomes a powerful distribution channel for brand owners.

特別是，隨著京東日益成為品牌所有者的強大分銷渠道，大量廣告收入來自我們1P業務的供應商。

Now let's discuss the operating expenses.

現在我們來討論一下運營費用。

For ease of comparison, I will focus on the non-GAAP expense ratios of these expense lines.

為了便於比較，我將重點關注這些費用項目的非公認會計準則費用率。

First, the non-GAAP fulfillment expense ratio rose 96 basis points to 6.86% compared to 5.9% in Q1 2014.

首先，非 GAAP 履行費用率上升 96 個基點，達到 6.86%，而 2014 年第一季度為 5.9%。

Of the 96 basis point difference, an estimated 30 basis points can be attributable to the extended logistic services to our third-party merchants if we assume the incremental fulfillment cost is the same as the incremental logistics revenues booked under services and others.

如果我們假設增量履行成本與服務和其他項下預訂的增量物流收入相同，則在 96 個基點差異中，估計有 30 個基點可歸因於向第三方商家提供的擴展物流服務。

This estimate is a decent proxy because our current strategy is to price these services at breakeven to a slight loss in order to attract merchants to try our service offerings.

這個估計是一個不錯的代理，因為我們當前的策略是將這些服務定價為盈虧平衡至輕微虧損，以吸引商家嘗試我們的服務產品。

Nearly 30% of our POP marketplace orders were delivered by our delivery staff in Q2.

第二季度，我們的 POP 市場訂單中近 30% 是由我們的送貨人員交付的。

The remaining 66% -- no, the remaining 66 basis point increase in fulfillment expense ratio is mainly due to two short-term reasons.

剩下的66%——不，剩下的66個基點履約費用率上升主要是由於兩個短期原因。

One is the seasonal increase in the number of fulfillment employees hired in anticipation of our anniversary sales events to ensure a smooth customer experience during the midyear peak shopping season.

一是我們因週年紀念銷售活動而僱傭的履行員工數量出現季節性增長，以確保年中購物旺季期間的順暢客戶體驗。

The other is the short-term overcapacity resulting from the integration of Tencent logistics employees in certain overlapping regions.

另一個是騰訊物流員工在某些重疊區域的整合導致的短期產能過剩。

The non-GAAP marketing expense ratio remained at 2.6%, the same as the previous quarter but higher than 2.4% in the same quarter last year as we continue to invest in brand advertising and the lower tier city marketing activities.

由於我們繼續投資品牌廣告和低線城市營銷活動，非公認會計準則營銷費用率保持在 2.6%，與上一季度持平，但高於去年同期的 2.4%。

The non-GAAP R&D expense ratio increased to 1.4% compared to 1.2% in the prior quarter and the same quarter last year.

非 GAAP 研發費用率上升至 1.4%，而上一季度和去年同期為 1.2%。

The increase reflects the additional R&D and mobile technology talent from the Tencent transaction and our commitment to hire more experienced R&D staff.

這一增長反映了騰訊交易帶來的額外研發和移動技術人才，以及我們聘請更有經驗的研發人員的承諾。

Lastly, the non-GAAP G&A expense ratio remained stable at approximately 0.9%.

最後，非 GAAP G&A 費用率穩定在 0.9% 左右。

As a result, non-GAAP operating margin was negative 0.8% compared to a negative 1% in the second quarter last year.

結果，非 GAAP 營業利潤率為負 0.8%，而去年第二季度為負 1%。

Our non-GAAP bottom line was roughly at breakeven in the second quarter which is better than expected.

我們的非公認會計準則利潤在第二季度大致達到盈虧平衡，這比預期要好。

However, I would like to reiterate that our current strategic focus is to grow our scale and enhance our customer experience.

不過，我想重申，我們當前的戰略重點是擴大規模並增強客戶體驗。

Our better than expected Q2 bottom line does not in any way reflect a change in our strategy and our non-GAAP net margin outlook remains at breakeven to negative 1% for the remainder of this year as well as for the year 2015.

我們好於預期的第二季度盈利無論如何都不能反映出我們戰略的變化，並且我們的非公認會計準則淨利潤率展望在今年剩餘時間以及 2015 年仍保持在盈虧平衡至負 1% 的水平。

Now let's turn to our cash flow and working capital.

現在讓我們來看看我們的現金流和營運資金。

We are pleased to see a positive free cash flow in the second quarter despite the increased CapEx spending.

儘管資本支出增加，但我們很高興看到第二季度自由現金流為正。

Our inventory turnover and accounts payable turnover days are generally in line with previous quarters.

我們的庫存周轉率和應付賬款周轉天數與前幾個季度基本一致。

I just want to explain one technical detail here.

我只想在這裡解釋一個技術細節。

As disclosed in our earnings release, our supplier financing business has grown significantly over the past six months with RMB1.4 billion balance as of June 30.

正如我們的財報所披露的，我們的供應商融資業務在過去六個月中顯著增長，截至 6 月 30 日餘額為人民幣 14 億元。

This amount offsets the accounts payable on the balance sheet but in calculating accounts payable turnover days, we added back to reflect the underlying payment terms to our suppliers.

該金額抵消了資產負債表上的應付賬款，但在計算應付賬款周轉天數時，我們加了回來以反映對供應商的基本付款條件。

Similarly for free cash flow calculation even though the market practice is to classify our Internet finance activities and operating cash flow as they are deemed to be related to our e-commerce business, we added back the changes in supplier and consumer financing balances to the free cash flow analysis to reflect the underlying core business cash flow.

同樣，對於自由現金流量計算，儘管市場慣例是將我們的互聯網金融活動和經營現金流量分類，因為它們被認為與我們的電子商務業務相關，但我們將供應商和消費者融資餘額的變化加回到自由現金流量中。現金流量分析能夠反映基礎核心業務的現金流量。

Here I would like to give you a quick update on CapEx.

在這裡，我想向您簡要介紹一下資本支出的最新情況。

Based on our first-half actual spending and second-half forecast, we now expect our CapEx in 2014 to be between RMB3.5 billion and RMB4.5 billion with part of the difference pushed into next year due to the lengthy land acquisition process typical in China.

根據我們上半年的實際支出和下半年的預測，我們目前預計 2014 年的資本支出將在人民幣 35 億元至人民幣 45 億元之間，由於典型的漫長的土地收購過程，部分差額將推遲到明年。在中國。

Lastly, let's discuss our third-quarter outlook.

最後，讓我們討論一下第三季度的前景。

We expect our Q3 net revenue to be between [RMB28 billion and RMB29 billion] (corrected by company after the call) representing year-over-year growth between 55% and 61%.

我們預計第三季度淨收入將在[人民幣280億元至人民幣290億元]之間（由公司在電話會議後修正），同比增長55%至61%。

We do not provide GMV guidance but its growth rate is expected to be significantly higher than the revenue growth rate fueled by our marketplace expansion.

我們不提供 GMV 指導，但預計其增長率將顯著高於我們的市場擴張推動的收入增長率。

Sequentially, however, there will be little increase for both GMV and net revenue due to the seasonal high of the second quarter and the lack of holidays or shopping events in the third quarter.

然而，由於第二季度的季節性高點以及第三季度缺乏假期或購物活動，GMV 和淨收入將不會有太大增長。

In the meantime, we will remain focused on improving our customer experience while executing our growth strategies.

與此同時，我們將繼續專注於改善客戶體驗，同時執行我們的增長戰略。

With that I will turn the call back to the operator for the Q&A session.

之後，我會將電話轉回給接線員進行問答環節。

(Operator Instructions).

（操作員說明）。

Eddie Leung, Merrill Lynch.

梁艾迪，美林證券。

Good evening.

晚上好。

Thank you for taking my question.

感謝您回答我的問題。

My question is on your mobile channel.

我的問題是關於您的移動頻道的。

You mentioned that it is about 24% of the orders coming from mobile.

您提到大約 24% 的訂單來自移動設備。

Just wondering how can you compare the conversion rate as far as the order size of your mobile users versus your PC users?

只是想知道如何比較移動用戶與 PC 用戶的轉化率以及訂單規模？

Any color would be very helpful.

任何顏色都會非常有幫助。

Hi, Eddie.

嗨，艾迪。

This is Haoyu.

這是浩宇。

We are in a pretty early stage right now in our mobile strategy.

我們的移動戰略目前正處於相當早期的階段。

When we look at our mobile strategy, it is a few different things.

當我們審視我們的移動戰略時，會發現有一些不同的事情。

We have our own app and we also have our Level I entry point on Weixin and recently QQ as well.

我們有自己的應用程序，在微信和最近的QQ上也有一級入口點。

So those key metrics are very different across different channels.

因此，這些關鍵指標在不同渠道上有很大不同。

So typically you see conversion rate is, conversion is defined by number of orders divided by unique visitor, for example, is higher on apps and it is typically lower on Weixin and we expect the conversion -- it is the early days for Mobile QQ, right, but we think that will also be lower than what we see on our app.

所以通常你會看到轉化率是，轉化率是由訂單數除以獨立訪問者來定義的，例如，在應用程序上較高，在微信上通常較低，我們預計轉化率 - 這是手機QQ的早期，是的，但我們認為這也會低於我們在應用程序上看到的值。

And as far as basket size, it is also lower, lower than -- the app is slightly lower than what you see on PC and on the other two entry points, the basket size is even lower.

就購物籃大小而言，它也更低，低於——該應用程序比您在 PC 上看到的略低，而在其他兩個入口點，購物籃大小甚至更低。

I think this is because for the communication tools, people tend to shop on impulse versus for our own app and on PCs and customers tend to come with a shopping desire to begin with.

我認為這是因為對於通訊工具，人們傾向於衝動購物，而不是我們自己的應用程序和個人電腦，客戶往往一開始就有購物慾望。

Right.

正確的。

And we are definitely planning to improve the conversion rate on the two new channels, Mobile QQ and Weixin.

我們肯定計劃提高手機QQ和微信這兩個新渠道的轉化率。

Got that.

了解。

Very clear.

非常清楚。

Thanks.

謝謝。

Erica Werkun, UBS Bank.

艾麗卡·韋爾昆 (Erica Werkun)，瑞銀銀行。

Good evening, management.

晚上好，管理層。

Thank you for the presentation.

謝謝您的介紹。

My question is if you can just share with us some of your operational updates on some of the key categories such as 3C apparel, cosmetics, packaged food, etc., whenever you feel comfortable sharing with us?

我的問題是，您是否可以隨時與我們分享您在3C服裝、化妝品、包裝食品等一些關鍵品類上的一些運營動態？

Thank you.

謝謝。

Yes, I mentioned earlier that home appliances and general merchandise led growth from a revenue line perspective.

是的，我之前提到，從收入線的角度來看，家電和日用品引領了增長。

If you look at GMV, among the general merchandise categories, apparel and shoes, sporting goods, packaged foods, jewelry and handbags, those are some of the categories that we saw with above-average growth rates.

如果你看一下 GMV，在一般商品類別中，服裝和鞋子、體育用品、包裝食品、珠寶和手袋，這些都是我們看到的增長率高於平均水平的類別。

Would you be able to share with us some of the revenue breakdown or GMV breakdown from these categories?

您能否與我們分享這些類別的一些收入明細或 GMV 明細？

Yes, right now we are not disclosing the exact breakdowns.

是的，目前我們還沒有透露具體的細節。

Understand.

理解。

Thank you.

謝謝。

Alicia Yap, Barclays.

艾麗西亞·葉 (Alicia Yap)，巴克萊銀行。

Good evening, Richard and Sidney Haoyu, and Ruiyu, thanks for taking my questions.

晚上好，理查德·浩宇、西德尼·浩宇以及瑞宇，感謝您回答我的問題。

I have a question I think on how you just now you mentioned about the mobile behavior is a little bit more impulse spending and also slightly lower conversion rate on the apps versus, for example, the other integrations.

我有一個問題，我認為您剛才提到的移動行為是如何增加一點衝動支出，並且與其他集成相比，應用程序的轉化率也略低一些。

So would you have a plan to launch different type of interface or maybe the SKU for your own app versus the one that linked through the QQ or the Weixin?

那麼，您是否計劃為您自己的應用程序推出不同類型的界面或 SKU，而不是通過 QQ 或微信鏈接的界面？

For example, would you have any interest or plan to launch like the flash sales for the smaller products on the QQ?

例如，您是否有興趣或計劃在QQ上推出類似小型產品的限時搶購活動？

Thank you.

謝謝。

If you looked at our interface -- user interface on our app versus Weixin and Mobile QQ, they are already very different because we do have hypothesis on people's mindset when they come to these applications or entry points if you will.

如果你看一下我們的界面——我們應用程序上的用戶界面與微信和手機QQ的用戶界面，它們已經非常不同了，因為我們確實對人們在訪問這些應用程序或入口點時的心態進行了假設。

But again, everything mobile is in early stage and we do for example when we think about Weixin and Mobile QQ, it is very different from app, right?

但同樣，所有移動設備都處於早期階段，例如當我們想到微信和手機QQ時，它與應用程序有很大不同，對吧？

It is in a social network context how to do e-commerce in that context more effectively.

在社交網絡背景下如何更有效地開展電子商務。

It is something that we are going to experiment with.

這是我們要嘗試的事情。

As far as whether we will launch a separate app for flash sale, not at this point I think.

至於我們是否會推出一個單獨的閃購應用程序，我認為目前還不會。

Overall for flash sale model, we are still exploring, we are doing a lot of testing and really ramping up that business.

總體而言，對於閃購模式，我們仍在探索，我們正在進行大量測試並真正擴大該業務。

So at this point, we don't -- once we have that business, we will definitely integrate that into our main app and integrate it into our entry point but you never say never so maybe when the business becomes at a certain scale we may think about launching a separate app.

因此，在這一點上，一旦我們擁有了該業務，我們肯定會將其集成到我們的主應用程序中，並將其集成到我們的入口點中，但你永遠不會說永遠不會，所以也許當業務達到一定規模時，我們可能會考慮推出一個單獨的應用程序。

At this point, no.

在這一點上，沒有。

Robert Peck, SunTrust.

羅伯特·佩克，SunTrust。

Wondering if you could maybe talk a little bit more about the advertising business.

想知道您是否可以多談談廣告業務。

It seems we may have had an inflection point in that business this quarter.

看來本季度我們的業務可能出現了拐點。

Can you give us any color on the revenues generated by it and the margins on it and maybe the expectations of that going forward given the increased interest from clients?

您能否給我們介紹一下它所產生的收入和利潤率，以及考慮到客戶興趣的增加，您對未來的期望嗎？

We did launch the -- I think we probably mentioned in the press release -- we did launch our advertising platform officially in 2Q so I think that helps.

我們確實推出了——我想我們可能在新聞稿中提到過——我們確實在第二季度正式推出了我們的廣告平台，所以我認為這有幫助。

It is essentially a platform for our vendors and our suppliers to buy ads on our own website on JD's website and also we have a platform for them to bid on other media.

它本質上是我們的供應商和我們的供應商在京東網站上購買我們自己的網站上的廣告的平台，我們也有一個平台供他們在其他媒體上競價。

It is sort of a DSP sort of arrangement so we helped them to buy traffic from other websites.

這是一種 DSP 類型的安排，因此我們幫助他們從其他網站購買流量。

So the advertising revenue we get from sales of our own traffic and also what they are bidding on other websites both are accounted for as advertising revenue.

所以我們從自己的流量銷售中獲得的廣告收入以及他們在其他網站上競價的廣告收入都算作廣告收入。

And are you able to breakout how much revenue that was during the quarter or just a margin profile on that.

您能否詳細列出該季度的收入或只是利潤率概況。

Is that a very high margin business?

這是一個利潤率非常高的業務嗎？

It is definitely higher-margin than our traditional business but at this point I don't think we are planning to break down the items within the service and others line item.

這肯定比我們的傳統業務利潤率更高，但目前我認為我們不打算分解服務中的項目和其他項目。

Just from an accounting perspective as I mentioned, the gross margin is not a GAAP measure here so basically all the related costs is booked through our marketing expense line.

正如我提到的，僅從會計角度來看，毛利率不是公認會計準則衡量標準，因此基本上所有相關成本都是通過我們的營銷費用項目記入的。

All right.

好的。

Thank you very much.

非常感謝。

Cynthia Meng, Jefferies Asset Management.

辛西婭·孟，傑富瑞資產管理公司。

Thank you, management, for giving us the chance.

謝謝領導給我們這個機會。

My question is on the push to lower tier cities.

我的問題是關於向低線城市推進的問題。

Can management give us some color or update on the push to the lower tier markets and any plan to do it on your own with more promotions or through M&A to go into the lower tier cities?

管理層能否給我們一些關於向低線市場進軍的信息或最新信息，以及是否有計劃通過更多促銷或通過併購進入低線城市自行開展？

Also if possible we would appreciate some color on the initial observation that management could share from the launching of mobile through Weixin and Mobile QQ JD shopping app?

另外，如果可能的話，我們希望管理層能分享一些關於通過微信和手機QQ京東購物應用程序推出移動設備的初步觀察結果？

Thank you.

謝謝。

(Speaking Chinese)

（說中文）

So let me translate.

那我來翻譯一下吧。

So in the second quarter, we accomplished two initiatives.

所以在第二季度，我們完成了兩項舉措。

One is we significantly expanded our delivery network to cover more counties and districts.

一是大幅拓展配送網絡，覆蓋更多縣區。

We opened up delivery stations in more than 300 -- roughly 20% increase in the second quarter so we can cover more of these lower tier cities.

我們開設了 300 多個配送站，第二季度大約增加了 20%，這樣我們就可以覆蓋更多的低線城市。

Then the second initiative is we call it our one city, one billboard in 146 cities, we have a very large advertising billboard in probably the most visible area in the city center to really call attention to the local residents.

第二個舉措是我們稱之為我們的一個城市，146個城市的一個廣告牌，我們在市中心最顯眼的區域有一個非常大的廣告牌，以真正引起當地居民的注意。

So the next step we want to expand our SKUs that are more suitable for lower tier city consumers so this is another initiative that we are still working on in the third quarter.

因此，下一步我們希望擴大更適合低線城市消費者的 SKU，這是我們第三季度仍在努力的另一項舉措。

The launch of level-one entry points on Mobile QQ will also help us in the penetrating efforts.

手Q推出一級入口也將有助於我們的滲透。

So now with these initiatives we expect to see more results in improving business volume from lower tier cities starting in Q4 of this year.

因此，現在通過這些舉措，我們預計從今年第四季度開始，將在改善低線城市的業務量方面看到更多成果。

(Speaking Chinese)

（說中文）

So on the Weixin entry point, since we started in late May, we have seen improving conversion ratio and also improving UV value.

所以在微信入口點上，從5月下旬開始，我們看到轉化率有所提高，UV值也有所提高。

However, there are no precedents in this kind of mobile interface historically so both teams are still working very closely on this new entry point.

然而，這種移動界面歷史上沒有先例，因此兩個團隊仍在這個新的切入點上密切合作。

We have over 1000 R&D and product development staff in Shenzhen working side by side with the Tencent team so that we can create more user-friendly interface.

我們在深圳有超過1000名研發和產品開發人員與騰訊團隊並肩工作，以便我們能夠創造出更加人性化的界面。

In fact, we have recently started a contest to aim to reward the best design for our Weixin entry point interface and we gave RMB8 million bonus reward in total to various winning teams.

事實上，我們最近發起了一項競賽，旨在獎勵微信入口界面的最佳設計，我們向各個獲勝團隊提供了總計人民幣800萬元的獎金。

So both Tencent and JD.com R&D teams can participate.

所以騰訊和京東的研發團隊都可以參與。

We have seen a lot of very, very positive feedback and participation.

我們看到了很多非常非常積極的反饋和參與。

(Speaking Chinese)

（說中文）

So I believe both Weixin and Mobile QQ are two gold mines.

所以我認為微信和手機QQ都是兩個金礦。

We have not fully explored the great potential in those two entry points.

我們還沒有充分發掘這兩個切入點的巨大潛力。

Just a bit more color to add to what Richard and Sidney said.

只是為理查德和西德尼的話增添一點色彩。

So far we found it to be -- both Weixin I guess and Mobile QQ to be a great channel for us to reach new customers and to reach people in lower tier cities and also we found it to be a great channel to launch new products to sell hot items if you will.

到目前為止，我們發現微信和手機QQ都是我們接觸新客戶和低線城市人群的絕佳渠道，而且我們發現它也是向消費者推出新產品的絕佳渠道。如果你願意的話，可以賣熱門商品。

Just to add on that if you look at our active customers in Q2, we had over 38 million versus about 31 million** in Q1 so a net add of 7 million new customers so that actually is a validation of what Haoyu just mentioned attracting new customers.

補充一點，如果你看看我們第二季度的活躍客戶，我們的活躍客戶數量超過 3800 萬，而第一季度約為 3100 萬**，因此淨增加了 700 萬新客戶，這實際上驗證了浩宇剛才提到的吸引新客戶顧客。

Ella Ji, Oppenheimer.

艾拉·吉，奧本海默。

Thank you.

謝謝。

Congratulations on a strong quarter.

祝賀季度表現強勁。

I just wonder if management can share with us in 2Q GMV and revenue, how much of that is your organic versus the one that you acquired from the Tencent partnership?

我只是想知道管理層是否可以與我們分享第二季度的 GMV 和收入，其中有多少是你的有機收入與你從騰訊合作夥伴關係中獲得的收入？

I mentioned earlier if you look at a total GMV, if you exclude Paipai and Wanggou, our GMV would grow 85% on a year-over-year basis and from a revenue perspective because both Paipai and Wanggou are marketplace businesses, so the revenue could be basically ignored in this case so substantially all of the 64% revenue growth came from organic sources.

我之前提到，如果你看總GMV，如果排除拍拍和網購，我們的GMV同比增長85%，從收入角度來看，因為拍拍和網購都是市場業務，所以收入可以在這種情況下基本上可以忽略不計，因此 64% 的收入增長基本上全部來自有機來源。

Got it.

知道了。

If I can sneak in one more.

如果我能再偷偷溜進去一次就好了。

Relating to your fulfillment expenses, first of all, we are seeing -- I think you indicated some delays in building other warehouses due to land acquisition process.

關於你們的履行費用，首先，我們看到——我認為你們表示，由於土地徵用過程，建設其他倉庫出現了一些延誤。

Can you give us an update when do you think additional warehouses can -- you know started to construct?

您能否告訴我們最新情況，您認為何時可以開始建造額外的倉庫？

Also, we have discussed previously that those Asia No.

此外，我們之前已經討論過那些亞洲第一。

1 are highly automatic and will help with your efficiencies.

1 高度自動化，有助於提高您的效率。

How about the benefits in P&L, how much and when do you think we can start to see the savings in P&L to show up?

損益表中的好處怎麼樣？您認為我們什麼時候可以開始看到損益表中的節省體現在多少？

So far for Asia No.

到目前為止，亞洲第一。

1, our first mega warehouse has started in operations in late June as we disclosed.

1、據我們透露，我們的第一個大型倉庫已於 6 月底開始運營。

So this one has been put into operation but it will take some time to get to full capacity because it is a very large warehouse.

所以這個已經投入使用了，但是需要一些時間才能滿負荷運轉，因為它是一個非常大的倉庫。

It is probably going to take six to 12 months to get to the full capacity level and before that you may not see any cost savings but it does create a great technology know-how for our future warehousing build up.

可能需要 6 到 12 個月才能達到滿負荷水平，在此之前您可能看不到任何成本節省，但它確實為我們未來的倉儲建設創造了出色的技術知識。

On the other projects, right now the Shenyang, Guangzhou and Wuhan ones are still in construction so we expect those to be put in operation next year.

至於其他項目，目前沉陽、廣州和武漢的項目仍在建設中，預計明年將投入運營。

(Speaking Chinese)

（說中文）

So even though a single Asia No.

因此，儘管亞洲第一。

1 warehouse is fairly large but because we already have a very large warehouse capacity nationwide already, so any single Asia No.

1號倉庫是相當大的，但是因為我們已經在全國范圍內擁有非常大的倉庫容量，所以任何一個亞洲1號倉庫都可以。

1 warehouse would not have a huge impact on our overall capacity.

1個倉庫不會對我們的整體產能產生很大的影響。

Thank you.

謝謝。

Gene Munster, Piper Jaffray.

吉恩·蒙斯特，派珀·賈弗雷。

Good evening and congratulations and my question is a follow-up from the previous question as far as the build out of the fulfillment centers that gets pushed a little bit into 2015.

晚上好，恭喜你，我的問題是上一個問題的後續問題，涉及到 2015 年物流中心的建設。

How should we think about that having an impact on revenue growth?

我們應該如何看待這對收入增長的影響？

I realize you don't give guidance but as these fulfillment centers start to get opened up, would they have some longer-term positive impact on revenue growth that would be helpful to think about when we are modeling 2014 and 2015?

我知道您沒有提供指導，但隨著這些履行中心開始開放，它們是否會對收入增長產生一些長期的積極影響，這有助於我們在 2014 年和 2015 年建模時考慮這一點？

We have been operating at a very fast growth pace over the past 10 years without the big Asia No.

過去10年，我們在沒有亞洲第一大企業的情況下一直以非常快的速度運營。

1 warehouses so we can continue to grow.

1 個倉庫，以便我們能夠繼續發展。

If we need capacity, we can always lease the warehouses in various locations.

如果我們需要容量，我們可以隨時租賃不同地點的倉庫。

I don't see any impact on our GMV or the revenue growth.

我認為這對我們的 GMV 或收入增長沒有任何影響。

(Speaking Chinese)

（說中文）

So the strategic significance of opening Asia No.

所以說開放亞洲的戰略意義第一。

1 warehouses is really to allow us to provide our third-party merchants warehousing services.

1個倉庫實際上是讓我們為我們的第三方商家提供倉儲服務。

And so that we can provide a more integral logistics services including both warehousing and delivery to our merchants which in turn will improve our user experience.

這樣我們就可以為我們的商戶提供更完整的物流服務，包括倉儲和配送，從而改善我們的用戶體驗。

That makes sense.

這就說得通了。

Thank you.

謝謝。

John Blackledge, Cowen and Company.

約翰·布萊克利奇，考恩公司。

Thank you.

謝謝。

I have two questions.

我有兩個問題。

I know you don't guide to GMV growth but could you give us a sense of the drivers of GMV growth in the third quarter?

我知道您不會指導 GMV 增長，但您能否讓我們了解一下第三季度 GMV 增長的驅動因素？

And then my second question is drivers of CapEx and how we should think about the CapEx, the sales ratio over the long term?

然後我的第二個問題是資本支出的驅動因素以及我們應該如何考慮資本支出，即長期的銷售比率？

Thank you.

謝謝。

(Speaking Chinese)

（說中文）

So yes, if you look at, as I mentioned in my prepared remarks, the Q3 GMV growth is actually -- although it is fairly high, I mean revenue growth, but on a sequential basis, it has a fairly limited upside given the seasonal changes.

所以，是的，如果你看一下，正如我在準備好的發言中提到的那樣，第三季度的 GMV 增長實際上是——儘管它相當高，我指的是收入增長，但從環比來看，考慮到季節性因素，它的上升空間相當有限。變化。

Our Q3 is a seasonally low quarter.

我們的第三季度是季節性低季。

So we will just continue focusing on the current categories that we have been in and grow our business through our platform.

因此，我們將繼續專注於我們目前所處的類別，並通過我們的平台發展我們的業務。

On the CapEx, we have disclosed in our prospectus that we expect to spend about 1 billion to 1.2 billion over the next three years so currently we do not have any change to that original CapEx plan.

在資本支出方面，我們在招股說明書中披露，我們預計未來三年將支出約10億至12億美元，因此目前我們對原始資本支出計劃沒有任何改變。

So that is 1 billion to 1.2 billion in total for the next three years.

因此，未來三年的總金額為 10 億至 12 億。

Ida Yu, CICC.

於艾達，中金公司。

Good evening.

晚上好。

Can you just give us more update about your June 18 operation side and can you also share some of your opinion to see the competition between Suning and Guomei as you see they both announced a price war in August so how would you see that?

您能否給我們介紹一下您6月18日運營方面的更多最新情況？您能否也分享一些您對蘇寧和國美之間競爭的看法，因為您看到他們在8月份都宣布了價格戰，您對此有何看法？

Thank you.

謝謝。

On June 18, we had a very short press release.

6 月 18 日，我們發布了一份非常簡短的新聞稿。

Our order number more than doubled from a year ago and basically we received very, very good reception from consumers and because of our well-prepared logistics network, so we actually also ensure timely delivery.

我們的訂單量比一年前增加了一倍多，基本上受到了消費者非常非常好的歡迎，而且因為我們準備好的物流網絡，所以我們實際上也保證了及時交貨。

Just to add to what Sidney said, so overall in Q2, we see very good results in our home appliance sector.

補充一下西德尼所說的，總的來說，在第二季度，我們看到家電行業取得了非常好的業績。

We are really gaining share from an entire market perspective.

從整個市場的角度來看，我們確實正在獲得份額。

So we did notice that some of the other players are gearing up on the e-commerce business but what is important for us is to focus on what we do.

因此，我們確實注意到其他一些參與者正在準備開展電子商務業務，但對我們來說重要的是專注於我們所做的事情。

(Speaking Chinese)

（說中文）

So to respond to the question on the price war, Richard is saying that today any simple price war will not be effective at least as effective as several years ago because today consumers in China will look for a variety of attributes in their shopping decision so they will look at the quality of products, the variety of products available and the service level as well as the price.

因此，在回答有關價格戰的問題時，理查德表示，今天任何簡單的價格戰都不會像幾年前那樣有效，因為今天中國的消費者在購物決策中會考慮多種因素，因此他們將關注產品的質量、可用產品的種類、服務水平以及價格。

So price is only one attribute in this whole shopping decision-making process.

所以價格只是整個購物決策過程中的一個因素。

So a simple price war should not have a very effective consequence.

因此，簡單的價格戰不會產生非常有效的後果。

Thank you very much.

非常感謝。

Mark Miller, William Blair.

馬克·米勒，威廉·布萊爾。

Thank you and good evening.

謝謝你，晚上好。

Regarding the third-party is using JD's fulfillment capabilities beyond the Asia 1 fulfillment center, what are the other things you are doing to try to get them to adopt the service?

關於第三方正在使用京東亞洲一號運營中心以外的運營能力，您還採取了哪些其他措施來嘗試讓他們採用該服務？

And then once the Asia 1 facility is running and you have broad coverage, how high do you think that penetration can go for third parties?

一旦 Asia 1 設施投入運行並且覆蓋範圍廣泛，您認為第三方的滲透率可以達到多高？

Then from a third-party seller standpoint, what kind of savings do they see using JD's services compared to shipping on their own?

那麼從第三方賣家的角度來看，與自己運輸相比，他們認為使用京東的服務可以節省哪些費用？

Thank you.

謝謝。

So right now as we mentioned, we handle about 30% of the parcels sold by third-party merchants on our site and as Richard mentioned.

因此，正如我們所提到的，我們現在處理第三方商家在我們網站上出售的大約 30% 的包裹，正如理查德所提到的。

But this is only the last mile, not many merchants are putting their inventory in our warehouse yet because we don't have much extra capacity for them to use.

但這只是最後一英里，還沒有多少商家將庫存放入我們的倉庫，因為我們沒有太多額外的容量供他們使用。

But once we have more warehouses constructed such as Asia No.

但是一旦我們建造了更多的倉庫，比如亞洲一號倉庫。

1, we will have more capacity for them to put their stock into our warehouses and only by doing this can we offer them the best service.

1、我們將有更多的能力讓他們將庫存放入我們的倉庫，只有這樣我們才能為他們提供最好的服務。

If you think about it, if the packages sold by the third-party merchants come out of our warehouses and go into our last mile system, it is really controlled -- the end-to-end experience is controlled by us.

你想一想，如果第三方商家賣的包裹從我們的倉庫出來，進入我們的最後一公里系統，那就真的是受控的——端到端的體驗是由我們控制的。

It will be very similar or the same to what we are offering to our own merchandise.

它將與我們為自己的商品提供的產品非常相似或相同。

So we are really very much looking forward to providing the combined warehouse and last mile service to our merchants.

所以我們非常期待為我們的商戶提供倉儲和最後一公里的綜合服務。

At this point we don't know what is the sort -- what the ceiling is -- what is the highest percent we can reach as for as possible we can handle warehouse wise, and last mile wise.

在這一點上，我們不知道類型是什麼——上限是什麼——我們可以達到的最高百分比是多少，我們可以盡可能地處理倉庫方面和最後一英里方面的問題。

But the price is not, competition; our price is not what we are focusing on.

但價格不是，競爭；我們的價格不是我們關注的重點。

I don't think our merchants are getting much cheaper price from us.

我認為我們的商家並沒有從我們這裡得到便宜得多的價格。

I think the key here the pitch for us to our merchants is once we handle logistics, the entire logistic process for them they can sell more because customer experience will be much better.

我認為，我們向商家推銷的關鍵是，一旦我們處理好物流，整個物流流程對他們來說就可以銷售更多，因為客戶體驗會更好。

Wendy Huang, Standard Chartered Bank.

Wendy Huang，渣打銀行。

Can you provide the GMV or orders breakdown by different payment channels?

能否提供不同支付渠道的GMV或訂單明細？

And also, do you have any plans to further utilize Tencent's Tenpay and Weixin payments?

另外，您有進一步利用騰訊財付通和微信支付的計劃嗎？

And also one more housekeeping question about your P&L.

還有一個關於您的損益表的管理問題。

I think there is over 300 million adjustment items related to the marketing amortization from the business acquisition.

我認為有超過3億的調整項目與業務收購的營銷攤銷相關。

Is that something related to your transaction with Tencent and also should we expect this item to be recurring for the future quarters?

這是否與您與騰訊的交易有關？我們是否應該預期該項目在未來幾個季度會重複出現？

Thank you.

謝謝。

Let me answer the last question first.

我先回答最後一個問題。

Yes, the amortization is related to the Tencent transaction and it will recur for the next five years.

是的，該攤銷與騰訊交易相關，並將在未來五年內重複攤銷。

The bulk of it will be the same for the next five years but part of that will be amortized in a shorter period.

其中大部分在未來五年內將保持不變，但其中一部分將在更短的時間內攤銷。

So for the payment question, right now if you look at our principal -- the overall -- out of all of our orders, over half of the orders were paid through credit cards and the remaining was through cash on delivery.

因此，對於付款問題，現在如果你看看我們所有訂單的主體（總體），超過一半的訂單是通過信用卡支付的，其餘的是通過貨到付款。

Right.

正確的。

So if you look at our traditional PC, I would think it is probably similar in our app's case.

因此，如果您看看我們的傳統 PC，我認為我們的應用程序的情況可能類似。

The majority is still COD but it is not really cash, it is probably credit cards on delivery and the rest would be online payment and online -- the percentage of online payment is going up gradually but not very fast.

大部分還是貨到付款，但不是真正的現金，可能是信用卡貨到付款，剩下的就是網上支付和網上支付——網上支付的比例正在逐漸上升，但速度不是很快。

As far as payment Weixin entry point, I think the majority would still offer COD of course but then as far as online payment, I think the majority is Weixin pay.

就支付微信入口而言，我認為大多數人當然還是會提供COD，但就在線支付而言，我認為大多數人都是微信支付。

And we do plan to have both Weixin and our own payment solution available on our PC end.

我們確實計劃在 PC 端提供微信和我們自己的支付解決方案。

Okay, that is great.

好吧，那太好了。

Jiong Shao, Macquarie.

邵炯，麥格理。

Thank you for taking my question.

感謝您回答我的問題。

I have a follow-up question on your mobile product.

我對你們的移動產品有一個後續問題。

Would you be able to share with us the rough mix in terms of your mobile traffic into your own mobile app, the Weixin level-one access and Mobile QQ level access?

您能否與我們分享一下您自己的移動應用、微信一級訪問和手Q級別訪問的移動流量的粗略組合？

What currently the mix looks like and what do you think the mix will look like say three years from now?

目前的組合是什麼樣子，您認為三年後的組合會是什麼樣子？

As Haoyu mentioned earlier, this is really too early at this point, any breakdown is not going to be very meaningful.

正如浩宇之前所說，現在確實還為時過早，任何崩潰都沒有多大意義。

I think our focus is to enhance the overall customer adoption on mobile for JD shopping.

我認為我們的重點是提高京東移動購物的整體客戶採用率。

So we still look at it as the whole package instead of looking at the different various channels.

因此，我們仍然將其視為整個包，而不是查看不同的各種渠道。

Longer-term we certainly hope most shopping activities will happen on the JD app because that is a more complete shopping experience especially with the user interface.

從長遠來看，我們當然希望大多數購物活動將發生在京東應用程序上，因為這是一種更完整的購物體驗，尤其是用戶界面。

Thanks, Sidney.

謝謝，西德尼。

I just want to also quickly make a correction.

我也只是想快速修正一下。

I think I may have misspoken about the revenue outlook.

我想我可能對收入前景說錯了。

It should be RMB28 billion to RMB29 billion, consistent with what is in the earnings release.

應該是人民幣280億元到人民幣290億元，與財報中的數據一致。

Sean Zhang, 86Research.

張肖恩，86Research。

Thank you for taking my question.

感謝您回答我的問題。

My first question is the comparison between JD and Tmall.

我的第一個問題是京東和天貓的比較。

We get this question a lot.

我們經常聽到這個問題。

The investors ask what is the driver for a merchant to come to JD or choosing JD as their number one choice for marketplace?

投資者詢問商家來到京東或選擇京東作為平台的第一選擇的動力是什麼？

My second question is I see your gross profit margin increasing quarter on quarter.

我的第二個問題是，我看到你們的毛利率逐季增加。

This is the result of we proactively increased our bargaining power or is this the result of the change of product mix?

這是我們主動增強議價能力的結果，還是產品結構變化的結果？

What is the trend going forward in the next two years?

未來兩年的趨勢是什麼？

Thank you.

謝謝。

(Speaking Chinese)

（說中文）

So first, JD.com through our past 10 years has accumulated a very large customer base with very good consumption abilities.

所以第一，京東經過10年的積累，積累了非常大的客戶群，具有非常好的消費能力。

So this is actually the best consumer class, middle-class consumers who are paying attention to the quality of products and services.

所以這實際上是最好的消費階層，中產階級的消費者，他們注重產品和服務的質量。

Secondly, even for the merchants, we believe merchants will prefer to be selling their products on a platform that is known for authentic product offerings instead of mixed with a very large number of merchants selling products from gray channels.

其次，即使對於商家來說，我們相信商家也更願意在以正品產品而聞名的平台上銷售他們的產品，而不是與大量通過灰色渠道銷售產品的商家混在一起。

(Speaking Chinese)

（說中文）

So third, JD marketplace platform provides a fair playing ground for the merchants which is certainly very, very important for the merchants to conduct business.

第三，京東市場平台為商家提供了一個公平的競爭環境，這對於商家開展業務來說當然非常非常重要。

(Speaking Chinese)

（說中文）

So just to share one data point, through our past two year of efforts we have now attracted most of the name brands in the apparel category onto our JD POP platform.

分享一個數據，通過我們過去兩年的努力，我們現在已經吸引了大部分服裝類別的知名品牌進入我們的京東POP平台。

The next question comes from Tian Hou from TH Capital.

接下來的問題來自泰合資本的侯天。

Good evening.

晚上好。

Thanks to the management for taking my question.

感謝管理層提出我的問題。

My question is related to the Internet finance.

我的問題是關於互聯網金融的。

So there are lots of reports and talking about that to your entry into Internet finance business.

所以有很多報導和談論你進入互聯網金融業務。

So currently we saw two products.

目前我們看到了兩種產品。

One is the Jingbaobei the other one is Jingdongbaitiao.

一種是京寶寶貝，另一種是京東白條。

So I wonder what is the progress on these two product fronts and when you get revenue from those two products, how do you record them?

所以我想知道這兩個產品方面的進展如何，當你從這兩個產品獲得收入時，你如何記錄它們？

So that is the number one question.

這是第一個問題。

Number two is there are some press reports talking about O2O and such as you want to utilize your logistic infrastructure to serve your clients by cooperating with local convenience stores to deliver general merchandise products.

第二是有一些媒體報導談論O2O，比如你想利用你的物流基礎設施來服務你的客戶，與當地的便利店合作運送百貨產品。

Can you elaborate on that and what is your strategy on that front?

您能詳細說明一下嗎？您在這方面的策略是什麼？

Also you get also developed into online travel channel, so what is the progress and the strategy on that front?

另外你們也向在線旅遊頻道發展，那麼這方面的進展和策略是怎樣的？

That is all my questions.

這就是我所有的問題。

Thank you.

謝謝。

Okay, so let me take the first question and Richard or Haoyu will take the next two.

好的，我來回答第一個問題，理查德或浩宇來回答接下來的兩個問題。

Just for the Internet finance, we mentioned earlier the supplier financing business has seen tremendous growth over the past six months.

就互聯網金融而言，我們前面提到供應商融資業務在過去六個月中出現了巨大的增長。

The ending balance at June 30 was roughly RMB1.4 billion.

截至6月30日，期末餘額約為人民幣14億元。

The revenue from that accounting wise is actually quite interesting.

會計方面的收入實際上非常有趣。

Based on the accounting rules, the revenue is actually counted as a reduction to cost of revenues.

根據會計準則，收入實際上計為收入成本的減少。

So that is in the cost.

所以這就是成本。

And then for consumer financing, Jingdongbaitiao right now, we are also seeing fairly meaningful growth but the balance is actually very, very insignificant at this point.

然後對於消費金融，京東白條現在我們也看到了相當有意義的增長，但目前的餘額實際上非常非常微不足道。

This is still in an experimental phase.

這仍處於實驗階段。

(Speaking Chinese)

（說中文）

In the second quarter basically we have connected an increasing number of off-line convenience stores.

第二季度基本上我們接入了越來越多的線下便利店。

Right now it is still in the process of integrating the inventory systems and we expect to have a more meaningful impact or really to fully go out to the consumers in the fourth quarter.

目前還在整合庫存系統的過程中，我們預計會在第四季度產生更有意義的影響或者真正全面走向消費者。

So is that going to be a revenue going forward or it is going to be revenue reduction on the fulfillment side?

那麼，這將是未來的收入還是履行方面的收入減少？

What is that impact going to be?

那會產生什麼影響呢？

So the revenue model will be actually similar to our POP marketplace.

所以收入模式實際上與我們的 POP 市場類似。

Basically we'll have a take rate from those transactions.

基本上我們會從這些交易中獲得一個佣金率。

It will be in other service revenues.

它將計入其他服務收入中。

Okay, that is good.

好的，非常好。

What about the travel channel?

旅遊頻道呢？

So we have had our travel channel for a while now.

我們的旅遊頻道已經有一段時間了。

We do sell airline tickets and hotel room nights.

我們確實出售機票和酒店住宿。

We do that really to complement our selection, really to make sure that our customers, if they do want to buy travel products, we offer them on our site.

我們這樣做實際上是為了補充我們的選擇，實際上是為了確保我們的客戶如果確實想購買旅行產品，我們會在我們的網站上提供這些產品。

Okay.

好的。

Very, very helpful.

非常非常有幫助。

Thank you.

謝謝。

That is all of my questions.

這就是我所有的問題。

Eric Wen, China Renaissance Securities.

溫家寶，華興證券。

I have two questions.

我有兩個問題。

The first question is Sidney, if you can share some color on your food beverage and alcohol category of business?

第一個問題是 Sidney，您能否分享一下您的食品飲料和酒類業務的一些情況？

And the second is your home electronics business, what (technical difficulty) and if the companies plan to spend any additional (technical difficulty)?

第二個是你的家用電子業務，什麼（技術難度）以及公司是否計劃額外花費（技術難度）？

Sorry.

對不起。

We are losing you.

我們正在失去你。

So let me first answer your first question on the -- I believe you were asking about food and beverage growth.

因此，讓我首先回答你的第一個問題——我相信你問的是食品和飲料的增長。

I mentioned earlier it was growing above average during the second quarter so it is a very strong performing category.

我之前提到過，第二季度的增長高於平均水平，因此它是一個表現非常強勁的類別。

For home appliance, it is also a very strong growing category, growing above average from a revenue perspective.

對於家用電器來說，它也是一個增長非常強勁的類別，從收入角度來看，其增長高於平均水平。

But we lost you on the remainder of the question.

但我們在問題的其餘部分失去了你。

(Speaking Chinese)

（說中文）

So Richard just added some points on our wine and liquor category.

所以理查德只是在我們的葡萄酒和烈酒類別上添加了一些要點。

In Q2, JD became the only online platform that is authorized by the top eight liquor brands in China including Maotai and Wuliangye, all eight of them.

第二季度，京東成為唯一獲得茅台、五糧液等八大中國白酒品牌授權的線上平台。

So we are the only one that is authorized to buy all of them.

因此，我們是唯一有權購買所有這些產品的人。

And then we also formed a professional team to work on imported wine from all over the world so we believe this is a very promising category going forward.

然後我們還組建了一個專業團隊來研究來自世界各地的進口葡萄酒，所以我們相信這是一個非常有前途的類別。

Okay, thanks very much.

好的，非常感謝。

I can hear very clearly.

我聽得很清楚。

My second part of the question is your home electronics business and if I may, if you are still hearing me, Sidney, can you give us some indication of your profitability of your supply chain finance?

我的問題的第二部分是你的家用電子業務，如果可以的話，如果你還在聽我說話，西德尼，你能給我們一些關於你的供應鏈金融盈利能力的信息嗎？

I heard you mention your (technical difficulty) RMB1.4 billion.

我聽到你提到你的（技術難度）14億人民幣。

Can you comment on what interest rate you are generating and that is all of my questions.

您能否評論一下您所產生的利率，這就是我的所有問題。

Thanks.

謝謝。

So for the electronics category if you exclude home appliances, the mobile devices category was also growing very nicely but IT digital products category is growing slower than the Company average which has been the trend.

因此，對於電子產品類別來說，如果排除家用電器，移動設備類別的增長也非常好，但IT數碼產品類別的增長速度低於公司平均水平，這是趨勢。

And the gross margin for Q2 in particular because it is our anniversary sales season, normally the gross margin will not be the highest during the year among the different quarters.

特別是第二季度的毛利率，因為這是我們的周年銷售季，通常毛利率不會是一年中各個季度中最高的。

But we are working to improve profitability for our home electronics category because we are the market leader in those categories.

但我們正在努力提高家用電子產品類別的盈利能力，因為我們是這些類別的市場領導者。

For the supplier financing, the effective interest rate I believe is roughly 9%, in the neighborhood of 9%.

對於供應商融資，我認為實際利率大約是9%，在9%左右。

So it is not really a pure financing business.

所以它並不是真正的純粹的融資業務。

This is also to provide a service to our suppliers.

這也是為了給我們的供應商提供服務。

Thank you very much.

非常感謝。

Congratulations on the strong growth.

祝賀您的強勁增長。

We are now approaching the end of the conference call.

我們現在電話會議即將結束。

I will now turn the call over to JD.com's Ruiyu Li for closing remarks.

現在我將把電話轉給京東的李瑞宇致閉幕詞。

Thank you, operator.

謝謝你，接線員。

Thank you all for joining us today.

感謝大家今天加入我們。

Please feel free to contact us if you have any further questions.

如果您還有任何疑問，請隨時與我們聯繫。

We are looking forward to talking with you in the future.

我們期待將來與您交談。

Thank you for your participation in today's conference call.

感謝您參加今天的電話會議。

That does conclude today's presentation.

今天的演講到此結束。

You may disconnect.

您可以斷開連接。

Good day.

再會。

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** THIS NUMBER DOES NOT INCLUDE ACTIVE CUSTOMERS OF PAIPAI AND WANGGOU

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