京東 (JD) 2014 Q3 法說會逐字稿

Hello, and thank you for standing by for JD.

您好，感謝您對京東的支持。

Com's third-quarter 2014 earnings conference call.

Com 2014 年第三季度收益電話會議。

(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, Ruiyu Li.

現在我想將會議交給今天會議的主持人李瑞宇。

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

謝謝您，運營商，歡迎參加我們的 2014 年第三季度收益電話會議。

Joining me today on the call are Richard Liu, Founder, Chairman and CEO, and Sidney Huang, our CFO.

今天與我一起參加電話會議的有創始人、董事長兼首席執行官劉強東 (Richard Liu) 和我們的首席財務官西德尼·黃 (Sidney Huang)。

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

在今天的議程中，管理層將討論 2014 年第三季度的亮點。

Following the prepared remarks, Haoyu Shen, CEO of JD Mall, will join Mr. Liu and Mr. Huang for the question and answer portion of the call.

在準備好發言後，京東商城首席執行官沈浩宇將與劉先生和黃先生一起參與電話會議的問答部分。

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

在我們繼續之前，我請您參閱我們在收益新聞稿中的安全港聲明，該聲明適用於本次電話會議，因為我們將做出前瞻性聲明。

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

此外，本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 a reconciliation of non-GAAP measures to the most directly comparable GAAP measures.

請參閱我們的收益報告，其中包含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表。

Finally, please note that, unless otherwise stated, all the 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。

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

我現在想把電話轉給我們的創始人、董事長兼首席執行官劉強東。

Thank you, Ruiyu, and hello, everyone.

謝謝瑞宇，大家好。

I'm pleased to report we saw excellent growth momentum in the third quarter, as we continue to build the most trusted e-commerce platform in China.

我很高興地報告，我們在第三季度看到了出色的增長勢頭，我們繼續打造中國最值得信賴的電子商務平台。

During the quarter, we had over 46m active customers on Jingdong platforms.

本季度，我們在京東平台上擁有超過 4600 萬活躍客戶。

That is an increase of 109% from last year.

比去年增長了 109%。

This helped us generate over RMB67b in GMV, an increase of 111%.

這幫助我們創造了超過 670 億元人民幣的 GMV，增長了 111%。

Central to our strategy is our 100% commitment to product authenticity.

我們戰略的核心是我們 100% 對產品真實性的承諾。

We recently launched a strategic initiative with the Ministry of Commerce to ensure quality remain of our site.

我們最近與商務部啟動了一項戰略計劃，以確保我們網站的質量。

Consumers and merchants understand that we have zero tolerance for fakes, which is an important part of why they choose Jingdong to provide superior customer experience.

消費者和商家明白我們對假貨零容忍，這是他們選擇京東提供卓越客戶體驗的重要組成部分。

We are also focused on building out a huge selection of products.

我們還致力於打造大量的產品選擇。

In the third quarter, we welcomed 13,000 new merchants to our B2C marketplace and saw particularly strong increases in apparel, home decor and sports selections.

第三季度，我們的 B2C 市場迎來了 13,000 家新商家，其中服裝、家居裝飾和運動產品的增長尤為強勁。

Another way that we deliver superior customer experience is through our nationwide fulfillment infrastructure.

我們提供卓越客戶體驗的另一種方式是通過我們全國范圍內的履行基礎設施。

Our seamless delivery network sets the benchmark for speed in the industry, with more than 80% of our direct sales orders delivered on the same day the order is placed or on the next day.

我們的無縫配送網絡樹立了行業速度標杆，超過 80% 的直銷訂單在下單當天或次日送達。

We also continue to develop our industry leading logistics network.

我們還繼續發展行業領先的物流網絡。

We recently launched our first Asia No.

我們最近推出了第一個亞洲第一。

1 warehouse in Shanghai.

上海1個倉庫。

This facility demonstrates our unrivalled capabilities in building e-commerce fulfillment infrastructure, and it will significantly improve our long-term operating efficiency.

該設施展示了我們在建設電子商務履行基礎設施方面無與倫比的能力，並將顯著提高我們的長期運營效率。

Over time, it will also enable third-party sellers to stock merchandise with Jingdong, so we can expand the benefits of our fulfillment efficiency and rapid delivery service to our marketplace customers.

隨著時間的推移，它還將使第三方賣家能夠在京東上庫存商品，這樣我們就可以將履行效率和快速配送服務的優勢擴大到我們的市場客戶。

In the third quarter, mobile orders increased by over 500% year-over-year, to almost 30% of the total orders.

第三季度，移動訂單同比增長超過500%，佔總訂單的近30%。

All of our mobile channels, including our native app and the Weixin and the Mobile QQ, level one entry points are performing extremely well.

我們所有的移動渠道，包括我們的原生應用程序以及微信和手機QQ，一級入口點都表現得非常好。

And these mobile channels have also been effective in strengthening our position in lower-tier cities.

這些移動渠道也有效地鞏固了我們在低線城市的地位。

While still in the early stage, our partnership with Tencent is making good progress.

雖然仍處於早期階段，但我們與騰訊的合作關係正在取得良好進展。

Tencent brings an unmatched user base to the Jingdong platforms and we see outstanding potential for further collaboration.

騰訊為京東平台帶來了無與倫比的用戶群，我們看到了進一步合作的巨大潛力。

Looking ahead, expanding product selection across our platforms, reaching a broader range of customers in high-growth markets and enhancing mobile offerings remain our key priorities.

展望未來，擴大我們平台的產品選擇、在高增長市場中接觸更廣泛的客戶以及增強移動產品仍然是我們的首要任務。

We are confident this strategy will help us build market share and further strengthen our industry leadership.

我們相信這一戰略將幫助我們擴大市場份額並進一步加強我們的行業領導地位。

Now I will turn the call over to Sidney Huang, our CFO.

現在我將把電話轉給我們的首席財務官 Sidney Huang。

Thank you.

謝謝。

Thank you, Richard, and hello, everyone.

謝謝理查德，大家好。

Let me spend the next few minutes to go through our Q3 financial results and Q4 outlook.

讓我用接下來的幾分鐘來回顧一下我們第三季度的財務業績和第四季度的前景。

We're very pleased with our third-quarter top-line and bottom-line results.

我們對第三季度的營收和淨利潤結果非常滿意。

Our GMV year-on-year growth accelerated to 111%, compared to 107% achieved in the second quarter.

我們的 GMV 同比增長加速至 111%，而第二季度實現了 107%。

Excluding the GMV contribution from Paipai and Wanggou marketplaces that were acquired from Tencent, our JD Mall GMV grew 97% year-on-year compared to 85% achieved in the second quarter.

剔除從騰訊收購的拍拍和網購市場的 GMV 貢獻，我們的京東商城 GMV 同比增長 97%，而第二季度實現了 85%。

This acceleration is a result of our constantly improving customer experience through highly disciplined quality assurance, enlarged product selection and superior delivery and post-sale services.

這種加速是我們通過嚴格的質量保證、擴大的產品選擇以及卓越的交付和售後服務不斷改善客戶體驗的結果。

It also benefited from our lower-tier city penetration initiatives and expanding mobile user base through our close collaboration with Tencent.

它還受益於我們的低線城市滲透計劃以及通過與騰訊的密切合作擴大移動用戶群。

The GMV composition continued its trend towards category diversification.

GMV構成延續品類多元化趨勢。

GMV from general merchandise categories grew 177% and accounted for 46% of total GMV.

百貨品類GMV增長177%，佔總GMV的46%。

If you look at the number of orders, nearly 70% of all fulfilled orders were for non-electronic products, and apparel and shoes is now the most popular physical goods category on JD platform in terms of orders placed and fulfilled.

從訂單數量來看，近70%的訂單都是非電子類產品，而服飾鞋帽是目前京東平台上訂單量和訂單量最多的實體品類。

In terms of GMV, apparel and shoes was the fastest growing category, with a year-on-year growth rate of over 300%.

從GMV來看，服裝鞋帽是增長最快的品類，同比增速超過300%。

Other fast growing categories included sports, jewelry and handbags and food and beverage.

其他快速增長的類別包括運動、珠寶和手袋以及食品和飲料。

GMV from our marketplace business grew 248% in Q3 and accounted for 40% of our GMV during the period.

我們的市場業務 GMV 在第三季度增長了 248%，占同期 GMV 的 40%。

Excluding Paipai and Wanggou contribution, GMV from our JD Mall marketplace grew over 190% from a year ago as we continued to expand product selection, especially the long-tailed products in the general merchandise categories.

剔除拍拍和網購的貢獻，隨著我們繼續擴大產品選擇，尤其是日用百貨品類中的長尾產品，京東商城的 GMV 同比增長超過 190%。

Our net revenue grew 61% year-over-year, led by general merchandise categories, especially baby products and food and beverage, as well as the mobile devices and home appliance categories.

我們的淨收入同比增長 61%，其中百貨品類（尤其是嬰兒用品和食品和飲料）以及移動設備和家用電器品類帶動了增長。

Services and other revenues grew 184% year-on-year, driven by the higher marketplace GMV, increased advertising income from both 1P and 3P businesses, and the logistics revenue from our third-party merchant services.

受市場 GMV 提高、1P 和 3P 業務廣告收入增加以及第三方商戶服務物流收入的推動，服務和其他收入同比增長 184%。

Our non-GAAP gross margin further expanded meaningfully from the second quarter.

從第二季度開始，我們的非公認會計原則毛利率進一步顯著擴大。

The sequential improvement was mainly due to the fact that Q3 was a seasonally slow quarter in which we normally do not conduct major promotional activities.

環比改善主要是由於第三季度是季節性淡季，我們通常不會開展重大促銷活動。

As a result, our gross margin for the 1P business improved significantly on a sequential basis.

因此，我們 1P 業務的毛利率環比顯著提高。

On a year-over-year basis, however, gross margin for the product sales was largely in line with the same quarter last year.

然而，與去年同期相比，產品銷售的毛利率與去年同期基本持平。

And the improvement was primarily from the higher service revenues associated with both 1P and 3P operations discussed earlier.

這種改善主要來自與前面討論的 1P 和 3P 運營相關的更高的服務收入。

Now, let's move on to the operating expenses.

現在，讓我們繼續討論運營費用。

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

為了便於比較，我將重點關注這些業務線的非公認會計準則費用率。

First, the non-GAAP fulfillment expense ratio rose 30 basis points sequentially to 7.2%, compared to 6.9% in Q2.

首先，非 GAAP 履約費用率環比上升 30 個基點至 7.2%，而第二季度為 6.9%。

The increase was largely due to the expansion of our warehouse and delivery network into the lower-tier cities and our growing logistics services to third-party merchants.

這一增長主要是由於我們的倉庫和配送網絡擴展到低線城市以及我們向第三方商家提供的物流服務不斷增長。

The non-GAAP marketing expense ratio declined to 1.9% in Q3, compared to 2.6% in Q2 and 2.1% in the same quarter last year.

第三季度非 GAAP 營銷費用率下降至 1.9%，而第二季度為 2.6%，去年同期為 2.1%。

The sequentially lower marketing expense ratio reflected the seasonal nature of our business and our strategy to optimize our marketing dollars for maximum ROI results.

營銷費用率的連續下降反映了我們業務的季節性特徵以及我們優化營銷資金以實現最大投資回​​報率結果的策略。

The non-GAAP R&D expense ratio increased to 1.7% in the third quarter, up from 1.4% in Q2 and 1.3% in the same quarter last year.

第三季度非 GAAP 研發費用率升至 1.7%，高於第二季度的 1.4% 和去年同期的 1.3%。

The increase reflected the hiring of additional R&D talent for our growing business units and a midyear salary adjustment for the R&D staff.

這一增長反映出我們為不斷增長的業務部門聘用了更多研發人才，以及研發人員的年中薪資調整。

Lastly, the non-GAAP G&A expense ratio increased to 1%, up from 0.9% in both Q2 and the same quarter last year, mainly due to incremental G&A expenses related to our new business lines.

最後，非 GAAP G&A 費用率從第二季度和去年同期的 0.9% 上升至 1%，這主要是由於與我們的新業務線相關的 G&A 費用增加。

So, adding together, our non-GAAP operating expense ratio was 11.8% in the third quarter, which is the same level as in the second quarter.

因此，加起來，我們第三季度的非 GAAP 運營費用率為 11.8%，與第二季度的水平相同。

As our gross margin expanded meaningfully, our non-GAAP operating margin reached a positive 0.4%, the highest level in the past six quarters.

隨著我們的毛利率大幅增長，我們的非 GAAP 營業利潤率達到了 0.4%，為過去六個季度的最高水平。

As a result, our non-GAAP net income reached RMB371m, with a net margin of 1.3% in Q3, which was better than expected and set a record.

因此，第三季度我們的非美國通用會計準則淨利潤達到人民幣 3.71 億元，淨利潤率為 1.3%，好於預期並創下歷史記錄。

While our near-term strategic focus remains to be expanding our market share without pursuing a profit, the better than expected Q3 bottom line does provide an indication of our ability to generate substantial profit on a medium- to long-term basis, as we continue to grow and realize the economies of scale along the way.

雖然我們的近期戰略重點仍然是擴大市場份額而不追求利潤，但好於預期的第三季度淨利潤確實表明我們有能力在中長期基礎上產生可觀利潤，因為我們繼續一路發展並實現規模經濟。

For the near term, however, we would like to reiterate that our non-GAAP net margin outlook remains at breakeven to negative 1% for the fourth quarter of this year and for the full year 2015.

然而，就近期而言，我們想重申，我們的非 GAAP 淨利潤率預期今年第四季度和 2015 年全年仍處於盈虧平衡至負 1%。

Now let's look at our cash flow and working capital.

現在讓我們看看我們的現金流和營運資金。

We are pleased to deliver increased free cash flow in the third quarter, up 150% year-on-year and 278% sequentially, despite higher capital expenditures.

儘管資本支出增加，但我們很高興第三季度自由現金流增加，同比增長 150%，環比增長 278%。

Our operating cash flow was healthy, and inventory turnover and accounts payable turnover days were substantially consistent with the same quarter last year.

我們的經營現金流健康，存貨周轉率和應付賬款周轉天數與去年同期基本一致。

However, I would like to point out that several large Capex payments are back loaded, which are scheduled to be paid out in the fourth quarter.

不過，我想指出的是，幾筆大額資本支出已被推遲，預計將在第四季度支付。

Therefore, we do not expect any positive free cash flow in the last quarter of 2014.

因此，我們預計 2014 年最後一個季度不會出現任何正的自由現金流。

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

最後，讓我們討論一下第四季度的展望。

We expect our Q4 net revenue to be between RMB32b and RMB33b, representing a year-on-year growth between 59% and 64%.

我們預計第四季度淨收入將在人民幣 32 億元至人民幣 33 億元之間，同比增長 59% 至 64%。

This guidance indicates an accelerated growth rate in our net revenue as we invest more resources to our first-party general merchandise business.

該指引表明，隨著我們向第一方百貨業務投入更多資源，我們的淨收入將加速增長。

Now we can move on to the Q&A session.

現在我們可以進入問答環節。

(Operator Instructions).

（操作員說明）。

Eddie Leung, Merrill Lynch.

美林證券的梁艾迪。

Hi.

你好。

Good evening.

晚上好。

Thank you for taking my questions.

感謝您回答我的問題。

A pretty good result, so congratulations.

非常好的結果，所以恭喜。

Just a question on some of your new initiatives.

只是問一下你們的一些新舉措。

Sidney, I think you mentioned that part of the good result in the quarter, especially on the gross margin, is because of a higher proportion of revenues from services, so I guess you refer probably to marketing and logistics.

西德尼，我認為您提到本季度良好業績的一部分，特別是毛利率，是因為服務收入的比例較高，所以我猜您可能指的是營銷和物流。

So just wondering if you could share more color with us on your financial services, marketing services and logistics services you provide to your merchants.

所以想知道您是否可以與我們分享更多關於您為商家提供的金融服務、營銷服務和物流服務的信息。

Thanks.

謝謝。

Right.

正確的。

So, Eddie, firstly, if we're looking at it on a year-over-year basis, the improved gross margin mainly came from higher take rate revenue from the larger marketplace business.

因此，埃迪，首先，如果我們從同比角度來看，毛利率的提高主要來自於更大的市場業務的更高的採用率收入。

So that is the biggest contributor.

所以這是最大的貢獻者。

And secondly is the advertising revenue that will come from both our first-party and third-party businesses, because the first-party suppliers would also spend more dollars on JD's advertising platform because we now have a huge user base.

其次是廣告收入將來自我們的第一方和第三方業務，因為第一方供應商也會在京東的廣告平台上花費更多的錢，因為我們現在擁有龐大的用戶基礎。

And third will be the logistics services that we provide to the third parties.

第三是我們向第三方提供的物流服務。

On that, we have mentioned in the past that we now deliver roughly 30% of the orders for our third-party merchants, and that percentage has been around -- at a fairly consistent level.

關於這一點，我們過去曾提到過，我們現在為第三方商家交付了大約 30% 的訂單，而且這個百分比一直處於相當穩定的水平。

But on a year-over-year basis, that does provide a meaningful lift to this non-GAAP gross margin.

但與去年同期相比，這確實顯著提升了非公認會計準則毛利率。

Okay?

好的？

It's not real gross margin, as I mentioned in the past, because the fulfillment cost is grouped into the fulfillment expenses.

正如我過去提到的，這不是真正的毛利率，因為履行成本被歸入履行費用。

Erica Poon Werkun, UBS.

艾麗卡·潘·韋爾昆 (Erica Poon Werkun)，瑞銀集團。

Hello, Richard, Sidney and Ruiyu.

你們好，理查德、西德尼和瑞宇。

Thank you for the presentation and congrats on your results.

感謝您的介紹並祝賀您的成果。

My question is related to Sidney's comment on reiterating the Q4 earnings guidance of breakeven to minus 1%.

我的問題與西德尼重申第四季度盈虧平衡盈利指引至-1%的評論有關。

Sidney, if you don't mind, just elaborate a little bit more on what you expect to be the mix shift between first party and the third party.

西德尼，如果您不介意的話，請詳細說明一下您期望第一方和第三方之間的混合轉變。

And some of the -- and operating expenditure, what do you see the most in terms of backend loading that will actually cause your Q4 to be maintaining at your former guidance?

以及運營支出，您認為在後端負載方面最重要的是什麼實際上會導致您的第四季度維持在之前的指導水平？

Thank you.

謝謝。

Sure.

當然。

So, from the pace of our promotional activities throughout the year, really, the Q4 would be very similar to Q2.

因此，從我們全年促銷活動的節奏來看，第四季度確實與第二季度非常相似。

So when you have heavy promotional activities such as the November 11 promotional period, you would see normally a lower gross margin on our product sales business, similar to the second quarter, and you would also see higher marketing expenses, again similar to the second quarter.

因此，當您進行大量促銷活動（例如 11 月 11 日促銷期）時，您通常會看到我們的產品銷售業務的毛利率較低，與第二季度類似，而且您還會看到更高的營銷費用，與第二季度類似。

So that would be, first and most foremost, the two major differences from the third quarter.

因此，這首先是與第三季度的兩個主要差異。

And we obviously also continue to look at a number of new business initiatives.

顯然，我們還在繼續研究一些新的業務計劃。

We do not break out the expenses on those new business lines, but they have always contributed to the meaningful increase in our various expense lines, as I mentioned earlier.

我們沒有詳細列出這些新業務線的費用，但正如我之前提到的，它們始終為我們各種費用線的有意義的增長做出了貢獻。

As far as you mentioned, anything back-loaded, there is -- on a P&L basis, there is nothing back-loaded.

正如你提到的，任何回載的東西，在損益表的基礎上，沒有任何回載的東西。

What I mentioned earlier was really Capex payments.

我之前提到的實際上是資本支出支付。

So, on cash payments, normally for construction related work payments tend to be back-loaded towards the yearend.

因此，就現金支付而言，通常與建築相關的工程付款往往會在年底前償還。

Ella Ji, Oppenheimer.

艾拉·吉，奧本海默。

Thank you, and congratulations on a solid quarter.

謝謝，並祝賀您取得了穩定的季度業績。

My question is relating to your mobile orders.

我的問題與您的移動訂單有關。

It represented almost 30% in the quarter and I think on the November 11 Singles Day it represented 40%.

該季度幾乎佔 30%，我認為 11 月 11 日雙十一時佔 40%。

So do you think this 40% is representative of the trend going forward?

那麼您認為這個 40% 代表了未來的趨勢嗎？

And can you talk about, for example, how many orders are from Tencent's QQ and WeChat?

您能否談談，例如，有多少訂單來自騰訊的QQ和微信？

And also, I think you mentioned previously that you wanted to convert those users from Tencent to your own mobile app.

而且，我想您之前提到過您希望將這些用戶從騰訊轉移到您自己的移動應用程序。

Can you give us an update on the progress?

您能給我們介紹一下最新進展嗎？

Thanks.

謝謝。

Hi.

你好。

This is Haoyu here.

這裡是浩宇。

Yes, we did mention that for the entire Q3 the percentage of orders fulfilled from mobile is around 30%, and we did also say that Singles Day, on that one day, the orders placed accounted for -- from mobile, including apps and WeChat and QQ, accounted for 40%.

是的，我們確實提到，整個第三季度，移動端完成的訂單比例約為 30%，我們也提到了雙十一，這一天，下的訂單佔了——來自移動端，包括應用程序和微信。和QQ，佔比40%。

But that 40% doesn't -- is not indicative of where we will end up for the entire Q4, because on Singles Day we have promotions and campaigns specifically for mobile users.

但這 40% 並不代表我們整個第四季度的最終結果，因為在雙十一我們有專門針對移動用戶的促銷和活動。

We really want to use that day, use that campaign to attract more new users onto our mobile platform.

我們真的很想利用這一天，利用該活動來吸引更多新用戶進入我們的移動平台。

So, again, the 40% is not indicative of what you will see for the entire Q4.

因此，再次強調，40% 並不代表整個第四季度的情況。

And as far as the breakout between our native app, QQ and WeChat, we don't break out those numbers.

至於我們的原生應用程序、QQ 和微信之間的突破，我們沒有公佈這些數字。

But what I can tell you is at this point app still accounts for the majority of our orders from mobile applications.

但我可以告訴你的是，目前應用程序仍然占我們移動應用程序訂單的大部分。

And yes, we mentioned a few times that our collaboration with Tencent Mobile QQ and Weixin is still in its early stage.

是的，我們多次提到我們與騰訊手機QQ和微信的合作仍處於早期階段。

So one goal for us is to really attract new users to the brand, to JD brand, so that they get used to our brand, get comfortable with our brand and eventually they may use our app.

所以我們的目標之一就是真正吸引新用戶到這個品牌、到京東品牌，讓他們習慣我們的品牌，對我們的品牌感到滿意，最終他們可能會使用我們的應用程序。

But also we're starting to see a lot of users, they like our entry point on WeChat and QQ.

但我們也開始看到很多用戶，他們喜歡我們在微信和QQ上的入口點。

They want to stay there and they make repeated purchases.

他們想留在那裡並重複購買。

And we're happy to see that as well.

我們也很高興看到這一點。

So we're really seeing -- starting to see the consumers' behavior shaping up, so I think we're keeping an open mind on this one.

所以我們確實開始看到消費者行為的變化，所以我認為我們對此保持開放的態度。

(Interpreted).

（解釋）。

So we've been doing this for a few months now.

所以我們已經這樣做了幾個月了。

On both WeChat and QQ, we're seeing steady improvement of conversion rates, and we're pretty confident that when we invest more into these two channels next year we'll see more progress on customer acquisition and also GMV from these two channels.

在微信和QQ上，我們看到轉化率穩步提高，我們非常有信心，當我們明年對這兩個渠道投入更多資金時，我們將看到這兩個渠道在客戶獲取和GMV方面取得更多進展。

Alicia Yap, Barclays.

艾麗西亞·葉 (Alicia Yap)，巴克萊銀行。

Hi.

你好。

Good evening, Richard, Sidney and Haoyu.

晚上好，理查德、西德尼和浩宇。

Thanks for taking my questions.

感謝您回答我的問題。

So I wanted to also follow up on the user profile, the customer profile.

所以我還想跟進用戶資料、客戶資料。

Is there any difference in terms of the purchasing behavior, the amount of the spending, categories of items that the users are buying between the user traffic coming from Tencent's properties versus your own organic traffic?

來自騰訊旗下的用戶流量與您自己的自然流量在購買行為、消費金額、購買商品類別等方面有什麼區別嗎？

And probably in relation to that is that on your apparel sales I think your management mentioned that it grew a very significant growth rate this quarter.

可能與此相關的是，在您的服裝銷售方面，我認為您的管理層提到，本季度的增長率非常顯著。

I wonder if that mainly contributes to a different type of customer profile from, for example, Tencent, or is it mainly because of the new merchants that we are able to attract?

我想知道這是否主要是因為與騰訊等公司有不同類型的客戶檔案，或者主要是因為我們能夠吸引新的商家？

Thank you.

謝謝。

So, we do see the users from the Tencent -- the two Tencent properties, they tend to be from lower-tier cities.

所以，我們確實看到來自騰訊的用戶——騰訊的兩個資產，他們往往來自二三線城市。

That's in comparison to our PC and our own app, maybe because that's how their users -- the WeChat and QQ users are distributed.

這是與我們的 PC 和我們自己的應用程序相比，也許是因為他們的用戶（微信和 QQ 用戶）就是這樣分佈的。

And also we see the basket size, the order size, tends to be smaller on these two properties, which is not surprising, I guess, because these tend to be new users.

而且我們還看到，這兩個屬性的籃子大小、訂單大小往往較小，我想這並不奇怪，因為這些往往是新用戶。

And when it's a more involved purchase or a bigger ticket purchase, at this point anyway, people are probably still more comfortable with PC.

當涉及的購買量更大或門票金額更大時，無論如何，在這一點上，人們可能仍然更喜歡使用 PC。

As far as apparel, we do see apparel accounts for a pretty big percentage of purchases through the two Tencent properties.

就服裝而言，我們確實看到服裝在通過騰訊的兩家產品進行的購買中佔據了相當大的比例。

But also we're seeing -- especially in the past Singles Day campaign, we're seeing tremendous growth of apparel category in our PC and our own app as well.

但我們也看到——尤其是在過去的雙十一活動中，我們看到我們的電腦和我們自己的應用程序中的服裝類別出現了巨大的增長。

And I think you talked about are we adding more brands.

我想你談到了我們是否要增加更多品牌。

Yes, we are.

是的我們是。

Part of the growth of our apparel category is driven by us being able to attract more apparel brands, be it offline or online, to our platform.

我們的服裝類別增長的部分原因是我們能夠吸引更多的服裝品牌（無論是線下還是線上）到我們的平台。

Eric Wen, China Renaissance Securities.

溫家寶，華興證券。

Hi.

你好。

Thank you very much for taking my questions, Sidney, Haoyu and Liuzong.

非常感謝西德尼、浩宇和柳宗回答我的問題。

I have a question on your GMV.

我對你們的 GMV 有疑問。

Can you give us an update on the sequential GMV growth of the Paipai, QQ Buy business and give us some update on the timeline for the completion of the acquisition of 51Buy from Tencent, please?

您能給我們介紹一下拍拍、QQ買業務的GMV環比增長情況以及騰訊收購51Buy的完成時間表嗎？

Thanks.

謝謝。

Okay.

好的。

So, on Paipai, this is just the second quarter of our re-launch, so we are still refining our system and also our merchant base, and we are also working innovatively with Paipai and Weixin in close collaboration, especially the Weixin public accounts.

所以拍拍現在只是我們重新上線的第二個季度，所以我們還在完善我們的系統和我們的商戶基礎，我們也在與拍拍和微信密切合作，特別是微信公眾號進行創新性的合作。

So these are some of the new initiatives for paipai.com, but at this point the numbers are still fairly small.

這些是拍拍網的一些新舉措，但目前這個數字還相當小。

For Wanggou business, as we mentioned earlier, the business is winding down, so we actually see meaningful decline in the third quarter.

對於網購業務，正如我們之前提到的，該業務正在逐漸減少，因此我們實際上看到第三季度出現了大幅下降。

And for 51Buy, it's still a standalone company under Tencent, but we have opened a JD store on 51Buy where we sell our electronics products on that website.

對於51Buy來說，它仍然是騰訊旗下的一家獨立公司，但我們在51Buy上開設了京東店，在該網站上銷售我們的電子產品。

Robert Peck, Suntrust.

羅伯特·佩克，Suntrust。

Yes.

是的。

Hi, Sidney.

嗨，西德尼。

It's three quick questions, if you don't mind.

如果您不介意的話，這是三個簡短的問題。

One, high level, as you have more of the GMV mix shift going towards third party, how should investors look at your top-line growth?

一，高層，隨著您的 GMV 組合轉向第三方，投資者應該如何看待您的營收增長？

Is revenues the more appropriate metric, or it should be more of gross profit?

收入是更合適的指標，還是毛利潤更合適？

And then, as we look past 2015, how should investors think about 2016 net income leverages and margin there?

那麼，當我們回顧2015年時，投資者應該如何看待2016年的淨利潤槓桿率和利潤率？

And then lastly, as more and more of your GMV shifts to marketplace, could you just go through some of the competitive advantages and differentiation you have versus Alibaba?

最後，隨著越來越多的 GMV 轉移到市場，您能否介紹一下與阿里巴巴相比的一些競爭優勢和差異化？

Thanks so much.

非常感謝。

Sure.

當然。

So, first on revenue versus GMV, they are both very important metrics for us.

因此，首先是收入與 GMV，它們對我們來說都是非常重要的指標。

In fact, we have internally made it very clear that we want to take a balanced approach to both businesses, meaning 1P and 3P businesses.

事實上，我們內部已經非常明確地表示，我們希望對這兩個業務，即1P和3P業務採取平衡的做法。

So you will continue to see fairly balanced growth, but certainly marketplace, because we start from a smaller base, will probably continue to grow at a faster pace.

因此，您將繼續看到相當平衡的增長，但肯定是市場，因為我們從較小的基礎開始，可能會繼續以更快的速度增長。

But our 1P business should also continue to grow at a very significant pace.

但我們的 1P 業務也應該繼續以非常顯著的速度增長。

On the profitability, as I mentioned, third-quarter profitability was higher than expected, but we did not target this kind of profitability.

關於盈利能力，正如我提到的，第三季度的盈利能力高於預期，但我們並沒有以這種盈利為目標。

We do not intend to target such profitability next year.

我們不打算在明年設定這樣的盈利目標。

For 2016, I think it will be really based on what we have achieved next year and how we look at the competitive environment towards the second half of next year.

對於2016年，我認為這將真正基於我們明年所取得的成就以及我們如何看待明年下半年的競爭環境。

I think -- but regardless, the -- our ability to generate profit is less a question.

我認為——但無論如何——我們創造利潤的能力不再是一個問題。

The question is really when is optimal for the Company and also ultimately for our investors to begin pursue profitability.

問題實際上是什麼時候對公司以及最終對我們的投資者開始追求盈利能力來說是最佳的。

As far as the marketplace growth versus our competitor, we mentioned before that our core competency and our differentiation is to grow our product selection, but at the same time ensuring product quality and authenticity.

就我們與競爭對手相比的市場增長而言，我們之前提到過，我們的核心競爭力和差異化是增加我們的產品選擇，但同時確保產品質量和真實性。

So we have put in -- as Richard mentioned, put in several measures including a strategic partnership with the government to really have a very, very tight control over the quality of the products we sell and our third-party merchants sell on our marketplace.

因此，正如理查德提到的，我們採取了多項措施，包括與政府建立戰略合作夥伴關係，以真正對我們銷售的產品和我們的第三方商家在我們的市場上銷售的產品的質量進行非常非常嚴格的控制。

And secondly is our service level.

其次是我們的服務水平。

We are leveraging our logistics network to begin serve our third-party merchants on the delivery service, and we are targeting to begin our warehousing service to our merchants beginning next year.

我們正在利用我們的物流網絡開始為我們的第三方商家提供送貨服務，我們的目標是從明年開始為我們的商家提供倉儲服務。

So when the logistics services have been provided to our merchants, then our customers will ultimately benefit.

所以當物流服務提供給我們的商家時，最終受益的是我們的客戶。

They will receive the same level of service, both on the delivery speed and also on post-sale service level.

他們將獲得相同水平的服務，無論是交貨速度還是售後服務水平。

Thomas Chong, Citigroup.

托馬斯·莊，花旗集團。

Hi.

你好。

Good evening.

晚上好。

Thanks for taking my questions.

感謝您回答我的問題。

I have two questions.

我有兩個問題。

The first one is about the number of headcounts.

第一個是關於人數。

It seems the headcounts have a very slight decrease on a quarter-to-quarter basis.

員工人數似乎按季度略有下降。

Can management talk about where the headcount decreases are coming from, because I remember the technology staff should have a Q-on-Q increase?

管理層能否談談人員減少的原因，因為我記得技術人員應該環比增加？

And how should we think about the headcounts in 2015 and 2016?

我們應該如何看待2015年和2016年的員工人數？

And my second question is about the number of Asia No.

我的第二個問題是關於亞洲第一的數量。

1 warehouses to be completed in 2015 and 2016.

1個倉庫將於2015年和2016年竣工。

Thanks.

謝謝。

Okay.

好的。

So I will take the first question and Haoyu will take the second.

所以我回答第一個問題，浩宇回答第二個問題。

For the headcount, actually, the last disclosed number was as of July 31.

實際上，最後一次披露的人數是截至 7 月 31 日。

And the number was high because of the June 18 anniversary sale, when we hired a lot of staff, and we do not downsize them, so we just let it naturally run down through natural attrition.

而且這個數字很高，因為6月18日的周年慶促銷，當時我們僱傭了很多員工，我們並沒有裁員，所以我們只是通過自然減員讓它自然減少。

But the September end number is actually not indicative of our current scale.

但九月末的數字實際上並不代表我們目前的規模。

Given the November 11 promotional activities, we have actually expanded our headcount quite significantly from the September 30 level.

鑑於 11 月 11 日的促銷活動，我們的員工人數實際上較 9 月 30 日的水平大幅增加。

So there will be some volatility based on -- of headcount based on the seasonality of our business.

因此，根據我們業務的季節性，員工人數將會出現一些波動。

But generally, if you take a longer timeframe, it should be growing in line with our overall scale, and especially with the number of orders.

但一般來說，如果你需要更長的時間範圍，它應該與我們的整體規模，特別是訂單數量的增長保持一致。

So, in regard to Asia No.

那麼，就亞洲第一而言。

1, we have our first Asia No.

1、我們擁有第一個亞洲第一。

1 which is in Shanghai is already online, which is part of the Singles Day event.

上海的1已經上線，這是雙十一活動的一部分。

And right now we have three more in construction as we speak, and all of the three will be in production next year.

目前，我們還有另外三艘正在建設中，這三艘都將在明年投入生產。

Jiong Shao, Macquarie.

邵炯，麥格理。

Or good evening, rather.

或者說晚上好。

Thank you for taking my questions.

感謝您回答我的問題。

I have two follow-ups, if I may.

如果可以的話，我有兩個後續行動。

Firstly, I think, Sidney, you just highlighted that beginning of next year you're going to target your 3P merchants with your logistic offerings.

首先，Sidney，我認為您剛剛強調，明年初您將向 3P 商家提供物流服務。

I was wondering how much of your 3P sales today or orders today are currently carried out by your own logistics.

我想知道你們今天的 3P 銷售或今天的訂單中有多少目前是由你們自己的物流完成的。

And the second follow-up is on your apparel and shoes business, which you also highlight is a very promising area for you.

第二個後續行動是關於您的服裝和鞋子業務，您也強調這對您來說是一個非常有前途的領域。

Could you remind us what's the percentage of GMV for this category, apparel and shoes?

您能否提醒我們服裝和鞋子這一品類的 GMV 百分比是多少？

And what's the split between 1P and 3P today and where do you think it's going to go in the next couple of years?

今天 1P 和 3P 之間的區別是什麼？您認為未來幾年它會走向何方？

Thank you.

謝謝。

Okay.

好的。

So on the -- the question is so long, I forgot the first question.

所以關於這個問題太長了，我忘記了第一個問題。

The first question is -- I can answer that question -- is what percentages are we doing logistics for the third-party sellers.

第一個問題是——我可以回答這個問題——我們為第三方賣家做物流的比例是多少。

I think Sidney mentioned earlier that we deliver about 30% of the parcels for third-party sellers, and that ratio has been stable for a while now.

我想西德尼之前提到過，我們為第三方賣家運送了大約30%的包裹，而且這個比例已經穩定了一段時間了。

And as we are adding more capacity to our fulfillment centers, i.e.

隨著我們為我們的履行中心增加更多的容量，即

our warehouses, we expect that ratio to go up next year.

我們的倉庫，我們預計明年這個比率會上升。

And on the apparel question, right now it's substantially -- a substantial portion of that is through our marketplace business, but we are actually looking at 1P business mainly through the flash sales model for the apparel business.

在服裝問題上，目前，其中很大一部分是通過我們的市場業務實現的，但我們實際上主要通過服裝業務的閃購模式來研究 1P 業務。

GMV-wise, the contribution would be smaller than the number of orders, because the ticket size for apparel is generally smaller.

從 GMV 角度來看，貢獻將小於訂單數量，因為服裝的訂單規模通常較小。

Cynthia Meng, Jefferies.

辛西婭·孟，杰弗里斯。

Thank you, management, and congratulations for a good result.

謝謝管理層，並祝賀取得了好成績。

I have two questions regarding the penetration into lower-tier cities.

我有兩個關於低線城市滲透的問題。

Number one is can you give us some color on the revenue breakdown by tier of cities in China?

第一個問題，您能給我們介紹一下中國一線城市的收入細分情況嗎？

And number two, will management share with us your progress in deepening penetration into the lower-tier cities?

第二，管理層能否與我們分享你們在深化低線城市滲透方面的進展？

Alibaba publicly said they will push into rural e-commerce, and what will be JD's strategy in that space, or any update regarding your lower-tier city penetration strategy?

阿里巴巴公開表示將進軍農村電商，京東在該領域的戰略是什麼，或者您的低線城市滲透戰略有什麼更新嗎？

Thank you.

謝謝。

Right.

正確的。

Well, maybe let me first comment on the numbers and see if Richard and Haoyu will add on the strategy.

好吧，也許讓我先評論一下數字，看看理查德和浩宇是否會補充策略。

Just on the lower-tier city contribution, we realized that there's actually no standard definition of tier one and tier two cities.

就低線城市的貢獻而言，我們意識到一二線城市實際上並沒有標準的定義。

So, based on our own internal measure, we actually classified top 52 cities as tier one -- in the bucket of tier one and tier two.

因此，根據我們自己的內部衡量標準，我們實際上將排名前 52 的城市劃分為一級——分為一級和二級城市。

So beyond those top 52 cities, we have seen very meaningful improvement in terms of revenue and order contribution.

因此，除了這 52 個城市之外，我們在收入和訂單貢獻方面也看到了非常有意義的改善。

We roughly look at -- in terms of orders, on a year-over-year basis, we saw 145% increase, year-over-year increase, in terms of number of orders from lower-tier cities.

我們粗略地看一下——就訂單而言，同比增長了145%，來自低線城市的訂單數量同比增長了145%。

So it is growing meaningfully higher faster than the tier one and tier two cities.

因此，它的增長速度明顯高於一線和二線城市。

But we are still a little reluctant to disclose a percentage breakdown, because the definition -- there is no standard definition.

但我們仍然有點不願意透露百分比細目，因為定義——沒有標准定義。

So we will see if we can have a more industry standard in terms of classification before we release the actual percentage.

因此，在發布實際百分比之前，我們會看看在分類方面是否可以有一個更行業的標準。

(Interpreted).

（解釋）。

Penetration into lower-tier cities has been one of the top priorities of this year, and it will be still one of the priorities next year as well.

滲透低線城市是今年的首要任務之一，明年也將是首要任務之一。

And if you notice that in Q2 this year, that's the quarter when we added the most new counties and districts that we got into ever.

如果您注意到今年第二季度，我們就在這個季度添加了有史以來最多的新縣和區。

And actually, in Q3 we added close to 100 new counties and districts to our last mile coverage.

事實上，在第三季度，我們在最後一英里的覆蓋範圍內新增了近 100 個縣和區。

And we are exploring -- in Q4, we are going to do some pilots in terms of getting into villages around bigger cities.

我們正在探索 - 在第四季度，我們將在進入大城市周圍的村莊方面進行一些試點。

And we're thinking -- at this point, this very early stage, we're thinking about some sort of a franchise model that might work in these lower-tier cities.

我們正在考慮——在這一點上，在這個非常早期的階段，我們正在考慮某種可能在這些低線城市發揮作用的特許經營模式。

And we're still very optimistic about the strategy and going forward, going into next year, we think this is still a priority.

我們仍然對該戰略非常樂觀，並展望明年，我們認為這仍然是一個優先事項。

Robert Lin, Morgan Stanley.

羅伯特·林，摩根士丹利。

(Spoken in Chinese).

（用中文說）。

So three questions from me.

我問三個問題。

One is, in terms of traffic for fourth quarter, we obviously know about Double 11, very strong.

一是，從第四季度的流量來看，我們顯然知道雙11，非常強勁。

We also think that iPhone 6 launch in October could be quite strong.

我們還認為 10 月份 iPhone 6 的發布可能會相當強勁。

So can you guys give us some more color in terms of GMV expectation, as well as gross margin and margin expectation?

那麼你們能給我們更多關於 GMV 預期、毛利率和利潤率預期的信息嗎？

Since GMV looks to be quite -- looks to be very strong, gross margin, either direct sales or marketplace, could be the offset, perhaps more on the margin side.

由於 GMV 看起來非常強勁，因此毛利率（無論是直接銷售還是市場銷售）可能會被抵消，也許更多的是在利潤方面。

The second question is the finance business.

第二個問題是金融業務。

Sidney, you mentioned RMB1.4b last quarter in terms of supplier finance balance.

Sidney，您提到上季度供應商財務餘額為 1.4 億元人民幣。

What would that be for, I guess, this quarter, third quarter?

我想，這個季度、第三季度的目的是什麼？

I guess the third question is more broadly for Liu-zong.

我想第三個問題對於柳宗來說更為廣泛。

We think the consumers in China, they are aging; they're not getting younger.

我們認為中國的消費者正在老齡化；他們不再年輕了。

So a lot of the Internet companies talking about younger post-1995 consumers are the core.

所以很多互聯網公司講的1995年後的年輕消費者是核心。

We actually think the opposite.

我們實際上認為相反。

How do you guys think about the older consumer positioning going forward?

你們如何看待未來老年消費者的定位？

Okay.

好的。

So let me get the first two questions.

那麼讓我回答前兩個問題。

First, on the fourth-quarter GMV, with the current momentum GMV should continue to grow significantly faster than the revenue growth.

首先，就第四季度的GMV而言，按照目前的勢頭，GMV的增長應該會繼續明顯快於收入的增長。

We cannot promise you if it could be an acceleration, given that we are beginning to take a more balanced approach to 1P and 3P business, but I can assure you that GMV will continue to grow much faster than our 1P business.

鑑於我們開始對 1P 和 3P 業務採取更加平衡的方法，我們無法向您保證這是否會加速，但我可以向您保證，GMV 將繼續比我們的 1P 業務增長得更快。

And margin-wise, as I mentioned earlier, it will probably have a little more similarity comparing to our second quarter, given the heavy promotional activities and also heavy marketing spending to go with that.

在利潤方面，正如我之前提到的，考慮到大量的促銷活動和與之相伴的大量營銷支出，與第二季度相比，它可能會更加相似。

So you will probably see our product sale gross margin coming down from the third-quarter level, but we could see higher advertising dollars in the fourth quarter.

因此，您可能會看到我們的產品銷售毛利率較第三季度水平有所下降，但我們可能會在第四季度看到更高的廣告收入。

So I can't really give you a direction, but that's the general lines that you can think about it.

所以我不能真正給你一個方向，但這是你可以考慮的一般思路。

On the second question, supplier financing, right now we have reached a decent penetration of our suppliers.

關於第二個問題，供應商融資，目前我們對供應商的滲透率已經達到了相當高的水平。

So if you look at the supplier financing balance at the end of second quarter and versus third quarter, they are actually fairly consistent.

因此，如果你看看第二季度末和第三季度末的供應商融資餘額，它們實際上相當一致。

That's because these two -- the Q3 was a seasonally slow quarter.

這是因為這兩個季度——第三季度是季節性放緩的季度。

So in terms of their inventory level, they are actually fairly close.

因此，就庫存水平而言，它們實際上相當接近。

As a result, the supplier finance balance would also be fairly close.

因此，供應商的財務平衡也將相當接近。

So, Q3, if we see meaningful pick up at our volume -- both volume and also inventory level towards the end of the year, then the supplier finance balance will also increase accordingly.

因此，在第三季度，如果我們看到我們的銷量（包括銷量和庫存水平）在年底出現有意義的回升，那麼供應商財務餘額也將相應增加。

(Spoken in Chinese).

（用中文說）。

So Richard just said that a few years ago, when we did customer research, what we found was 80% of our customers are between the age of 25 and 35, and right now that number probably has changed to 80% of the orders come from people between 20 and 45.

所以理查德剛才說，幾年前，當我們做客戶研究時，我們發現我們80%的客戶年齡在25歲到35歲之間，而現在這個數字可能已經變成80%的訂單來自20 至 45 歲之間的人。

So we're seeing a much wider range of our customers, both on a lower end and on a higher end.

因此，我們看到了更廣泛的客戶，包括低端和高端客戶。

So I think younger people and older people are both very important for us, as far as our target consumers, and we want to serve both of them.

所以我認為，就我們的目標消費者而言，年輕人和老年人對我們來說都非常重要，我們希望為他們提供服務。

The other thing that Richard just shared was young people tend to be very sensitive to delivery, the speed of delivery.

理查德剛才分享的另一件事是，年輕人往往對交付、交付速度非常敏感。

When a young person buys a consumer electronics product, he's probably very expectant of getting that parcel delivered quickly.

當年輕人購買消費電子產品時，他可能非常期望包裹能夠快速送達。

And if I may add two more points to this question, one is historically we tend to -- compared with some other platforms, we tend to serve people with higher income, more mature, higher spending power, so I think that is in our favor.

如果我可以對這個問題再補充兩點，一是從歷史上看，我們傾向於——與其他一些平台相比，我們傾向於服務於收入更高、更成熟、消費能力更高的人，所以我認為這對我們有利。

And also, on our platform we're seeing a lot of younger people buying from us for their parents.

而且，在我們的平台上，我們看到很多年輕人從我們這里為他們的父母購買。

And this is actually a great way for young people to -- because everybody is busy these days, to buy products for their parents, and they can be assured that by buying from Jingdong for their parents, for older customers, they can have peace of mind.

這對年輕人來說其實是一個很好的方式——因為現在大家都很忙，給父母買東西，他們可以放心，在京東給父母買，給老顧客買，他們就可以放心了。頭腦。

John Blackledge, Cowen.

約翰·布萊克利奇，考恩。

Great.

偉大的。

Thanks.

謝謝。

Just two quick questions.

只是兩個簡單的問題。

What was the 3Q revenue mix for electronics versus general merchandise?

電子產品與一般商品的第三季度收入結構是怎樣的？

And then the second question would be the third-quarter orders per active customer were slightly lower than the second quarter.

第二個問題是第三季度每個活躍客戶的訂單量略低於第二季度。

Is that just seasonality, or is there any other driver of the slightly lower order per active customer on a Q-over-Q basis?

這僅僅是季節性因素嗎？還是還有其他因素導致每個活躍客戶的訂單量在季度環比基礎上略有下降？

Thank you.

謝謝。

Sure.

當然。

So, on the electronics and general merchandise breakdown, I mentioned earlier that general merchandise did grow faster within our 1P business.

因此，關於電子產品和百貨商品的細分，我之前提到，百貨商品在我們的 1P 業務中確實增長更快。

So we do not break out those two categories on a quarterly basis, but general merchandise is growing at a faster pace.

因此，我們不會按季度細分這兩個類別，但一般商品的增長速度更快。

And the second question, on orders per customer, this has a lot to do with the second quarter having our anniversary sales event, so during which customers tend to place more orders, and also Q3 is a seasonally slower quarter.

第二個問題，關於每個客戶的訂單，這與第二季度有我們的周年銷售活動有很大關係，因此在此期間客戶往往會下更多訂單，而且第三季度是季節性較慢的季度。

So even though we attracted a lot more customers, but because of this seasonal pattern that the average orders per customer reduced.

因此，儘管我們吸引了更多的客戶，但由於這種季節性模式，每個客戶的平均訂單量減少了。

(Interpreted).

（解釋）。

We expect that GMV from non-electronic merchandise will exceed that of electronics next year.

我們預計明年非電子商品的 GMV 將超過電子商品。

Chao Wang, Nomura.

王超，野村。

Hi.

你好。

Thank you for taking my question.

感謝您回答我的問題。

I'm just wondering why sales and marketing expenses on a non-GAAP basis declined dramatically in the quarter, while active customer actually grew nicely.

我只是想知道為什麼本季度按非公認會計原則計算的銷售和營銷費用大幅下降，而活躍客戶實際上卻增長良好。

How should we think about the trend going forward?

我們應該如何看待未來的趨勢？

Does that mean user acquisition costs declined significantly?

這是否意味著用戶獲取成本大幅下降？

Thank you.

謝謝。

Right.

正確的。

So this is really our strategy of focusing the marketing dollars during the best time period, which would generate higher ROI.

因此，這實際上是我們將營銷資金集中在最佳時間段的策略，這將產生更高的投資回報率。

So what we believe, the third quarter is a season that does not have a lot of activities, so we decided to reduce the spending and shift it to more productive quarters.

所以我們認為，第三季度是一個沒有太多活動的季節，因此我們決定減少支出並將其轉移到生產力更高的季度。

But this is actually also a very good indication that the customer acquisition or transaction does not necessarily have a direct impact from the marketing dollars, especially the marketing dollars for branding purposes.

但這實際上也是一個很好的跡象，表明客戶獲取或交易不一定會受到營銷資金的直接影響，尤其是用於品牌目的的營銷資金。

So, normally, when you have large promotional activities in second quarter and fourth quarter, a meaningful amount of advertising dollars will be spent on branding activities.

因此，通常情況下，當你在第二季度和第四季度進行大型促銷活動時，大量的廣告費用將花在品牌活動上。

And so they will have a fairly meaningful impact, but not necessarily something that will impact your current quarter immediate customer acquisition.

因此，它們將產生相當有意義的影響，但不一定會影響您當前季度的直接客戶獲取。

Ida Yu, CICC.

於艾達，中金公司。

Hi.

你好。

Thank you for taking my questions.

感謝您回答我的問題。

Actually, I have two questions here.

其實我這裡有兩個問題。

The first one is in regard of the gross margin.

第一個是毛利率。

Based on my estimation, I noticed that actually the gross margin of direct sales reached seasonal high in Q3 this year, and the same thing happened last year Q3.

根據我的估計，我注意到今年第三季度直銷毛利率實際上達到了季節性高點，去年第三季度也發生了同樣的情況。

I was wondering what's the reason behind it.

我想知道這背後的原因是什麼。

And my second question is can you give us more color or more data on your November 11 sales?

我的第二個問題是，您能否向我們提供有關 11 月 11 日銷售情況的更多信息或更多數據？

And what is the revenue or GMV contributions to your Q4 number?

Q4 的收入或 GMV 貢獻是多少？

Thanks.

謝謝。

Right.

正確的。

So, on the gross margin for direct sales business, I actually mentioned during my prepared remarks that because Q3 has less promotional activities, so our product sales gross margin would be higher.

所以，關於直銷業務的毛利率，我在準備的發言中實際上提到，因為第三季度促銷活動較少，所以我們的產品銷售毛利率會更高。

And actually, both quarters are fairly consistent in that regard because, for example, when you participate in anniversary sales, we would normally have deeper discounts on the products we sell.

實際上，兩個季度在這方面相當一致，因為例如，當您參加週年紀念銷售時，我們通常會對我們銷售的產品提供更大的折扣。

So that's really the main reason.

這確實是主要原因。

And then, on the November 11 sales event, we actually run 12-day promotional activities, during which we have -- each day or two, we will have a different category.

然後，在 11 月 11 日的銷售活動中，我們實際上開展了為期 12 天的促銷活動，在此期間，每一兩天我們都會推出不同的類別。

So it's very different from our competitors.

所以它與我們的競爭對手有很大不同。

Some of them I understand will actually pre-sell long in advance and have customers put down payments, and then only to transact on November 11, on that one single day.

據我所知，其中一些實際上會提前很長時間進行預售，並讓客戶付款，然後只在 11 月 11 日這一天進行交易。

And for us, we spread out that promotional activities in 12 days.

對於我們來說，我們在 12 天內展開了促銷活動。

So that's why we -- I think it's actually not meaningful to compare our single-day volume, whether it's GMV or orders, versus some of our competitors.

所以這就是為什麼我們——我認為將我們的單日交易量（無論是 GMV 還是訂單）與我們的一些競爭對手進行比較實際上沒有意義。

But what I can say is we do see very meaningful growth, year-over-year growth, during those promotional periods.

但我可以說的是，在這些促銷期間，我們確實看到了非常有意義的增長，逐年增長。

And at this point we are very optimistic of having a very good quarter, which has been also partially indicated in our fourth-quarter guidance.

目前，我們對季度表現非常樂觀，這在我們的第四季度指導中也得到了部分體現。

(Interpreted).

（解釋）。

So during Double 11 sales we saw great growth of our GMV but, more importantly, our advantage in logistics again contributed to a great customer experience.

所以在雙11期間，我們看到了GMV的巨大增長，但更重要的是，我們在物流方面的優勢再次貢獻了良好的客戶體驗。

So we are able to fulfill all the orders according to our promise to our customers, and with very little customer complaints about the speed of delivery.

因此，我們能夠按照對客戶的承諾履行所有訂單，並且很少有客戶對交貨速度的抱怨。

Sean Zhang, 86 Research.

張肖恩，86 歲，研究。

Hello, management.

你好，管理層。

Congratulations on a strong quarter.

祝賀季度表現強勁。

I have a follow-up question on the marketplace business.

我有一個關於市場業務的後續問題。

And I noticed that if you look at the rough take rate, third-quarter take rate, actually it went down from 6.7% to 6.1% on the marketplace.

我注意到，如果你看一下粗略的採用率，第三季度的採用率，實際上市場上的採用率從 6.7% 下降到了 6.1%。

Could you tell us what's the driver behind that?

您能告訴我們背後的驅動力是什麼嗎？

On the mobile, I have a follow-up as well.

在移動設備上，我也有跟進。

And mobile already accounted for 30% of your GMV.

移動端已經佔 GMV 的 30%。

Can you give us some color on your mobile monetization?

您能給我們介紹一下您的移動貨幣化嗎？

Thank you.

謝謝。

Okay.

好的。

So, I will try to answer the first one and see if Haoyu can address the second one.

所以，我會嘗試回答第一個問題，看看浩宇是否可以解決第二個問題。

I think you are looking at the service revenue over GMV.

我認為您關注的是服務收入而不是 GMV。

Is that how you calculate the effective take rate?

這就是你計算有效率的方法嗎？

Yes, I know that's not an exact calculation, but it does give us a picture of the take rate.

是的，我知道這不是一個精確的計算，但它確實讓我們了解了拍攝率。

Right.

正確的。

So, yes, that's probably not -- because there are several components in it.

所以，是的，這可能不是——因為其中有幾個組件。

One reason I can explain is for the second quarter, because of our anniversary sales activities, our marketing dollars -- marketing revenue was actually higher than the third quarter.

我可以解釋的一個原因是第二季度，由於我們的周年銷售活動，我們的營銷資金——營銷收入實際上高於第三季度。

So that would be one reason, but it certainly would not contribute the difference you mentioned.

所以這只是原因之一，但它肯定不會造成你提到的差異。

So there are a number of other revenue components in the service revenue also, including logistics.

因此，服務收入中還有許多其他收入組成部分，包括物流。

So that's why I think that it's just not -- you cannot calculate the take rate just from these numbers.

所以這就是為什麼我認為這不是——你不能僅根據這些數字來計算採用率。

As far as mobile contribution, we mentioned it's around 30% of the orders fulfilled are from mobile.

就移動端貢獻而言，我們提到大約 30% 的訂單來自移動端。

This includes both our app and from Tencent properties.

這包括我們的應用程序和騰訊旗下的應用程序。

So it's not GMV.

所以這不是GMV。

It's number of orders.

是訂單數。

And if you look at GMV, it's lower because the orders tend to be smaller from mobile channels.

如果你看一下 GMV，就會發現它較低，因為來自移動渠道的訂單往往較小。

And I'm not sure what you mean by mobile monetization.

我不確定你所說的移動貨幣化是什麼意思。

Tian Hou, TH Capital.

侯天，泰合資本。

Hi, Richard, Sidney and Haoyu.

嗨，理查德、西德尼和浩宇。

I have a couple of quick questions.

我有幾個簡單的問題。

One is related to your gross margin for your online direct sales.

其中之一與在線直銷的毛利率有關。

So certainly Ida said it's 6.9% in Q3 this year and last year.

所以艾達肯定表示今年第三季度和去年的增長率都是 6.9%。

So given that your direct sales -- online direct sales GMV grew 67%, and also on your cost line you also have some -- the interest income from your financing, so putting the scale of economy as well as additional credit from financing, and don't we supposed to see an upside in your gross margin?

因此，考慮到你的直銷——在線直銷 GMV 增長了 67%，而且在你的成本線上，你還有一些——來自融資的利息收入，所以把經濟規模以及來自融資的額外信貸，以及難道我們不應該看到你們的毛利率有所上升嗎？

That's number one.

這是第一。

I wonder why we didn't see that.

我想知道為什麼我們沒有看到這一點。

The number two is how much credit comes from your financing activities?

第二個問題是你的融資活動有多少信貸？

Third one is a quick one.

第三個是很快的。

In terms of the GMV from electronic and home appliances, would you please give a breakdown in terms of how much from your direct sales, how much from marketplace?

就電子家電的GMV而言，您能否詳細說明一下，有多少來自你們的直銷，有多少來自市場？

That's all my three questions.

這就是我的三個問題。

Thank you.

謝謝。

Okay.

好的。

Now those are very good questions.

這些都是非常好的問題。

I think the general merchandise did grow faster, but actually the pace was actually fairly close to the average.

我認為百貨確實增長得更快，但實際上增速相當接近平均水平。

So there is some higher growth.

所以有一些更高的增長。

But we also look at the other categories, for electronics, are also growing very fast.

但我們也看到其他類別，例如電子產品，也增長得非常快。

So we do have the potential to expand that gross margin as we continue to grow scale.

因此，隨著我們規模的不斷擴大，我們確實有潛力擴大毛利率。

But at this time, we do not believe, as we mentioned, that we'll continue to put our priority on expanding our market share.

但正如我們所提到的，目前我們並不認為我們會繼續把擴大市場份額作為首要任務。

So even in the third quarter, since you look at it this closely, what we can say is we are not in the mode of monetizing our scale.

因此，即使在第三季度，既然你仔細觀察了它，我們可以說我們還沒有處於將規模貨幣化的模式。

In fact, to the extent possible, we have always pursued growth over higher gross margin.

事實上，我們一直盡可能地追求增長而不是更高的毛利率。

Basically, we are giving this benefit to the consumers.

基本上，我們正​​在向消費者提供這種好處。

Okay?

好的？

And your question on how much the supplier financing is contributing to the gross margin, the number is still fairly small because it's -- we calculate it's actually less than 0.1%, but it's getting close to 0.1% impact.

你的問題是供應商融資對毛利率的貢獻有多大，這個數字仍然相當小，因為我們計算出它實際上不到 0.1%，但它的影響已經接近 0.1%。

Alan Hellawell, Deutsche Bank.

艾倫·海拉威爾，德意志銀行。

Hi.

你好。

Thank you very much.

非常感謝。

Now that we're into the peak e-commerce season, seemingly all third-party courier firms have raised pricing by 25% to 30%, and we assume that goes through Chinese New Year.

現在正進入電商旺季，貌似所有第三方快遞公司的價格都上調了25%到30%，我們假設這個價格會持續到農曆新年。

How does this impact translate for a leading P1 model like yourselves?

對於像您這樣的領先 P1 模型來說，這種影響如何轉化？

And then secondly, there just seems to be particularly high profile discounting drives introduced this season.

其次，本季似乎推出​​了特別高調的折扣活動。

I noticed that Gome is claiming that its discounting has resulted in 72% of products compared being cheapest on its platform.

我注意到國美聲稱，其折扣導致 72% 的產品在其平台上變得最便宜。

Are you willing to get more aggressive on pricing?

您願意在定價上更加激進嗎？

And what might that imply to the P&L?

這對損益表意味著什麼？

Thank you.

謝謝。

Sorry.

對不起。

Could you repeat the first part of the question?

你能重複一下問題的第一部分嗎？

What was -- you were saying something about 25%.

你說的是 25% 左右。

Yes.

是的。

It seems as though all of the courier firms we've surveyed have increased their delivery pricing by 25% to 30%, and we expect that to continue to February.

我們調查的所有快遞公司似乎都將送貨價格提高了 25% 至 30%，我們預計這種情況將持續到 2 月份。

I'm not sure if you would make the same observation, but in any event it wouldn't be surprising.

我不確定你是否會做出同樣的觀察，但無論如何，這並不奇怪。

And given this inflation in delivery rates, how should we think about it given that you're significantly a P1 player?

考慮到交付率的膨脹，考慮到您是 P1 玩家，我們應該如何看待它？

Yes.

是的。

Haoyu, do you want to take that?

浩宇，你想要那個嗎？

Yes.

是的。

I'm not sure what your question is about.

我不確定你的問題是關於什麼的。

We do have pressure on our labor costs, that's for sure.

我們的勞動力成本確實面臨壓力，這是肯定的。

Everybody has that.

每個人都有這個。

But we manage by streamlining our processes, both in our warehouses and in our last mile delivery.

但我們通過簡化倉庫和最後一英里交付的流程來進行管理。

And the key is when the order density goes up, we can benefit from that.

關鍵是當訂單密度上升時，我們可以從中受益。

And we do deliver -- on the other hand, we do deliver for our third-party sellers, and we want to have every intention to stay competitive on pricing at this point.

我們確實提供服務，另一方面，我們確實為第三方賣家提供服務，並且我們希望在這一點上保持定價競爭力。

So we don't have any sort of plans as of yet, right now, to increase our price going into the New Year.

因此，我們目前還沒有任何計劃在新年之前提高價格。

Right.

正確的。

But I guess, given the third parties raising price, at least part of that, if not all of them, will be absorbed by consumers on other platforms.

但我想，鑑於第三方提高價格，至少部分（如果不是全部）將被其他平台上的消費者吸收。

So I think this price increase will actually benefit JD, as we have a very low threshold for free delivery.

所以我認為這次提價實際上對京東有利，因為我們免費送貨的門檻非常低。

And so that should be -- if anything, should be a positive.

所以這應該是——如果有的話，應該是積極的。

And on the price competition question, you mentioned about some of our competitors claim that they are being more aggressive.

關於價格競爭問題，您提到我們的一些競爭對手聲稱他們更加激進。

For any of those players who have an online and offline presence, they are discounting -- when they announce these kinds of discounts, normally it applies to only a very small selection of the online products.

對於那些擁有線上和線下業務的玩家來說，他們正在打折——當他們宣布此類折扣時，通常只適用於極少數在線產品。

And you can simply look at their gross margin at the quarter end; you would know that any discount they claim to have will certainly be applicable to a very small selection.

你可以簡單地看看他們季度末的毛利率；您會知道他們聲稱的任何折扣肯定適用於非常小的選擇。

I have just one point to add there, on major appliances.

我只想補充一點，關於主要家電。

We've been investing in this category for a few years now, and we've become a very, very meaningful player in this category.

我們已經在這個類別上投資了幾年，我們已經成為這個類別中非常非常有意義的參與者。

And actually, in the Singles Day event, we were very happy about what we're seeing in that category.

實際上，在雙十一活動中，我們對在該類別中看到的內容感到非常高興。

So I think we are -- against any competitor, we have every intention to stay competitive, and we are at that size.

所以我認為，面對任何競爭對手，我們都致力於保持競爭力，而且我們也處於這樣的規模。

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。

Once again, thank you for joining us today.

再次感謝您今天加入我們。

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。

Thanks for your continued support and we're looking forward to talking with you in the future.

感謝您一直以來的支持，我們期待將來與您交談。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This concludes the presentation.

演示到此結束。

You may now disconnect.

您現在可以斷開連接。

Good day.

再會。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call.

該文字記錄中標記（翻譯）的部分是由現場通話中的口譯員說出的。

The interpreter was provided by the Company sponsoring this Event.

口譯員由贊助本次活動的公司提供。