京東 (JD) 2014 Q4 法說會逐字稿

Hello.

你好。

Thank you for standing for JD.com's fourth quarter and full year 2014 earnings conference call.

感謝您出席京東 2014 年第四季度及全年財報電話會議。

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 first quarter 2014 earnings conference call.

謝謝您，運營商，歡迎參加我們的 2014 年第一季度收益電話會議。

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還有創始人、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 fourth quarter and full year 2014.

在今天的議程中，管理層將討論 2014 年第四季度和全年的亮點。

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 our earnings press release which applies to this call we will make forward-looking statements.

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

Also, this call includes discussion 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指標。

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

請參閱我們的收益報告，其中包含我們將非公認會計準則衡量標準重新計算為最直接可比的公認會計準則衡量標準。

Finally, please note that unless otherwise stated all the figures mentioned during this conference call are all 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 Founder, Chairman and CEO Richard Liu.

現在，我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 (technical difficulty).

謝謝瑞宇，還有（技術難度）。

Our sense of authenticity and the user experience is breaking through with Chinese consumers.

我們的真實感和用戶體驗正在中國消費者中取得突破。

We had 96.6m active users on our platform from the -- for the full year of 2014 which represents a year-on-year growth rate of 104%.

2014 年全年，我們的平台上有 9660 萬活躍用戶，同比增長率為 104%。

And, at the same time, we are building much stronger relationship with our suppliers and merchants by simpler managing and [completing] creditor supply chain management processes, and constantly enhancing the services we offer to sellers on our marketplace platform.

與此同時，我們通過簡化管理和[完成]債權人供應鏈管理流程，並不斷增強我們在市場平台上為賣家提供的服務，與供應商和商家建立了更牢固的關係。

We grew to over 60,000 sellers on our marketplace as of December 31, 2014.

截至 2014 年 12 月 31 日，我們市場上的賣家數量已超過 60,000 名。

This is the pace of growth that is fast, but is manageable us to maintain our high standard, particularly that our sellers to ensure that they meet our stringent standards of quality.

這種增長速度很快，但我們可以保持高標準，特別是我們的賣家，以確保他們符合我們嚴格的質量標準。

Our strong results in the first quarter points to some of that exciting drivers for growth for the quarters ahead.

我們第一季度的強勁業績表明了未來幾個季度增長的一些令人興奮的驅動力。

I would like to share some of these.

我想分享其中一些。

First, we continue to increase mobile orders rapidly in Q4.

首先，我們第四季度移動訂單繼續快速增長。

36% of our orders came from mobile, up 372% from the same period of 2013.

我們的訂單中有 36% 來自移動端，比 2013 年同期增長了 372%。

Weixin and Mobile QQ are making meaningful contributions to mobile orders.

微信和手機QQ正在為移動訂單做出有意義的貢獻。

Clearly, our partnership is beginning to bear fruit.

顯然，我們的伙伴關係已開始結出碩果。

Second, our fulfillment network expansion efforts are delivering real results.

其次，我們的履行網絡擴張努力正在取得實實在在的成果。

As of the end of 2014, our delivery network covered 1,862 counties and districts across China, 40% more than a year ago.

截至2014年底，我們的配送網絡覆蓋全國1,862個縣區，比一年前增長40%。

For JD Mall, the number of orders from lower tier cities in the fourth quarter grew 126% from Q4 last year.

京東商城第四季度來自低線城市的訂單量較去年第四季度增長126%。

We believe that this is a promising and high growth area and we will continue to strengthen our user experience in lower tier cities through our mobile platforms, the enhanced product offerings, and improved fulfillment capabilities.

我們相信這是一個充滿希望和高增長的領域，我們將繼續通過我們的移動平台、增強的產品供應和改進的履行能力來加強我們在低線城市的用戶體驗。

Third, and most importantly, JD is increasingly distinguished as the most trusted platform in China for guaranteed quality and authenticity, and we are extending our leadership here.

第三，也是最重要的一點，京東日益成為中國最值得信賴的質量保證和正品平台，我們正在擴大我們的領導地位。

In the fourth quarter, we continued to establish important partnerships with key international brands which opened flagship stores on our site as well as companies like Bitauto who bring key vertical expertise to our site.

第四季度，我們繼續與在我們網站上開設旗艦店的主要國際品牌以及易車等為我們網站帶來關鍵垂直專業知識的公司建立了重要的合作夥伴關係。

We also worked close with the relation (inaudible) of the regions in China to further enhance our anti-[conflict] and share our expertise and knowledge.

我們還與中國各地區的關係（聽不清）密切合作，進一步加強我們的反[衝突]並分享我們的專業知識和知識。

These partnerships strengthen our reputation for our standard products.

這些合作夥伴關係增強了我們標準產品的聲譽。

The key to our success over the last year is simple.

我們去年成功的關鍵很簡單。

China's online shoppers trust the JD experience.

中國的在線購物者信任京東的體驗。

They know when they shop on our site they get quality, they get authenticity, they get superior service and they get all this delivered right to their door at an amazing speed.

他們知道，當他們在我們的網站上購物時，他們可以獲得品質、真實性、優質服務，並且所有這些都以驚人的速度直接送到家門口。

As we move into 2015, we are further positioned than ever to deliver our vision, our world-class online shopping experience to Chinese consumers.

進入 2015 年，我們比以往任何時候都更有能力向中國消費者傳遞我們的願景和世界一流的在線購物體驗。

I am excited for the year ahead and I am confident that we will continue to enhance our leadership in the industry.

我對未來的一年感到興奮，並相信我們將繼續增強我們在行業中的領導地位。

With that I will turn the call over to our CFO, Sidney Huang, who can provide more details on our financial performance for the quarter and the year.

接下來，我會將電話轉給我們的首席財務官 Sidney Huang，他可以提供有關我們本季度和本年度財務業績的更多詳細信息。

Thank you.

謝謝。

Thank you, Richard, and hello, everyone.

謝謝理查德，大家好。

I'll spend the next 10 minutes or so to walk through our Q4 financial results and Q1 outlook.

我將用接下來的 10 分鐘左右的時間來介紹我們第四季度的財務業績和第一季度的前景。

We're very pleased with our fourth quarter growth and margin trends.

我們對第四季度的增長和利潤趨勢感到非常滿意。

Our GMV year on year growth further accelerated to 119% compared to 111% achieved in the third quarter.

與第三季度的 111% 相比，我們的 GMV 同比增長進一步加快至 119%。

Excluding the GMV contribution from Paipai and Wanggou marketplaces that were acquired from Tencent, our JD Mall GMV grew 105% year on year compared to 97% achieved in the third 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 105%，而第三季度實現了 97%。

Our net revenue growth also accelerated to 73% year on year in Q4 versus 61% in Q3.

第四季度我們的淨收入同比增長也加速至 73%，而第三季度為 61%。

This acceleration benefits from a highly successful November promotion campaign which attracted millions of new customers to try out the JD shopping experience.

這一加速得益於 11 月份促銷活動的巨大成功，該活動吸引了數百萬新客戶嘗試京東購物體驗。

It is also a direct result of our continued focus on customer experience with our zero tolerance policy on counterfeits, constantly expanding product selection, and a fast delivery service.

這也是我們持續關注客戶體驗、對假貨零容忍政策、不斷擴大產品選擇和快速送貨服務的直接結果。

Finally, GMV from Weixin and Mobile QQ entry points more than doubled the Q3 level and became two important user acquisition channels for the JD platforms.

最後，微信和手機QQ入口的GMV較第三季度增長一倍以上，成為京東平台兩個重要的用戶獲取渠道。

Roughly 20% of our first time customers in Q4 were from these two mobile channels with similar recurring purchase behaviors as on other JD platforms.

第四季度，大約 20% 的首次客戶來自這兩個移動渠道，其重複購買行為與其他京東平台類似。

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 173% and for the first time accounted for more than half of total GMV during the quarter.

百貨品類 GMV 增長 173%，首次佔本季度總 GMV 的一半以上。

Apparel and shoes continued to be the most popular category on JD platform in terms of orders fulfilled and saw sequential order increase of 70% during the quarter.

從訂單履行情況來看，服裝和鞋履仍然是京東平台上最受歡迎的品類，本季度訂單環比增長 70%。

In terms of GMV, the fastest growing category was again apparel and shoes with a year-on-year growth rate of 278%.

從GMV來看，增長最快的品類再次是服裝鞋帽，同比增速高達278%。

Other fast growing categories included home furnishings, watches and handbags, cosmetics and auto related products.

其他快速增長的類別包括家居用品、手錶和手袋、化妝品和汽車相關產品。

GMV from our marketplace business grew 220% in Q4 and accounted for 44% of our GMV during the period.

我們的市場業務 GMV 在第四季度增長了 220%，占同期 GMV 的 44%。

Excluding Paipai and Wanggou contributions, GMV from our JD Mall marketplace grew 171% from a year ago due to the category expansion discussed earlier.

排除拍拍和網購的貢獻，由於前面討論的品類擴張，京東商城的 GMV 比一年前增長了 171%。

Our direct sales revenues grew 67%, year over year, led by baby products, cosmetics, food and beverage, as well as mobile devices and home appliance categories.

我們的直銷收入同比增長 67%，其中嬰兒用品、化妝品、食品和飲料以及移動設備和家用電器類別帶動了增長。

Services and other revenues grew 199% year on year driven by commission income from the higher marketplace GMV, increased advertising income and the logistic service revenue.

受較高市場 GMV 帶來的佣金收入、廣告收入和物流服務收入增加的推動，服務和其他收入同比增長 199%。

Our non-GAAP gross margin further expanded from the Q3 level.

我們的非公認會計準則毛利率較第三季度水平進一步擴大。

The improvement was entirely driven by the increased service revenues, partially offset by a sequential decline in our 1P business gross margin as a result of our November promotion.

這一改善完全是由服務收入的增加推動的，部分被我們 1P 業務毛利率因 11 月份促銷而連續下降所抵消。

On a year-over-year basis, gross margin from our 1P product sales remained consistent with that of Q4 last year.

與去年同期相比，我們的 1P 產品銷售毛利率與去年第四季度保持一致。

Now let's go through the operating expenses.

現在我們來看看運營費用。

For 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原則費用率。

First, the non-GAAP fulfillment expense ratio rose slightly to 7.3% compared to 7.2% in Q3.

首先，非 GAAP 履行費用率小幅上升至 7.3%，而第三季度為 7.2%。

The increase was entirely due to our growing logistics service business, which has an expense ratio close to 100%.

這一增長完全是由於我們的物流服務業務不斷增長，其費用率接近100%。

Fulfillment expense ratio for our principal business actually declined due to better operating efficiency during this extremely busy quarter.

由於在這個極其繁忙的季度運營效率提高，我們主營業務的履行費用率實際上有所下降。

The non-GAAP marketing expense ratio increased to 3.3% in Q4 compared to 1.9% in Q3 and 2.6% in the same quarter last year.

第四季度非 GAAP 營銷費用率增至 3.3%，而第三季度為 1.9%，去年同期為 2.6%。

The sequential increase was mainly driven by the seasonality while the year-on-year increase was partly -- was due to our elevated marketing efforts during the November shopping festival and it affects our strategy to invest optimistically to drive growth and market share.

環比增長主要是由季節性因素推動的，而同比增長部分是由於我們在 11 月購物節期間加大了營銷力度，這影響了我們樂觀投資以推動增長和市場份額的策略。

Lastly, both non-GAAP R&D and G&A expense ratios remained fairly stable as compared to the previous quarter.

最後，與上一季度相比，非公認會計原則研發和一般管理費用比率保持相當穩定。

Therefore, adding together this, the sequentially higher non-GAAP operating expense ratio was almost entirely driven by the higher promotional spending during the quarter.

因此，綜合起來，非公認會計原則營業費用率的連續上升幾乎完全是由本季度較高的促銷支出推動的。

As we mentioned before, marketing is the most discretionary expense item and it can be adjusted relatively easily based on expected ROI of such spending.

正如我們之前提到的，營銷是最可自由支配的支出項目，可以根據此類支出的預期投資回報率相對容易地進行調整。

As a result, our non-GAAP net income was RMB84m with a non-GAAP net margin of 0.2% in the fourth quarter.

因此，第四季度我們的非 GAAP 淨利潤為 8400 萬元人民幣，非 GAAP 淨利潤率為 0.2%。

For the full year 2014, our non-GAAP net income was RMB363m with a non-GAAP net margin of 0.3%, which is consistent with 2013 margin level and slightly ahead of our breakeven to negative 1% net income, above our guided range.

2014 年全年，我們的非 GAAP 淨利潤為人民幣 3.63 億元，非 GAAP 淨利潤率為 0.3%，與 2013 年的利潤水平一致，略高於我們的盈虧平衡點負 1% 淨利潤，高於我們的指導範圍。

This is not by design, but a natural outcome from the better-than-expected top line growth and increasing scale economies.

這並非有意為之，而是好於預期的收入增長和不斷擴大的規模經濟的自然結果。

It also validates our belief that profit should not be our focus in the hyper-growth market where superior customer experience will drive scale and the scale will drive profitability.

它還驗證了我們的信念，即在高速增長的市場中，利潤不應該是我們的關注點，在這個市場中，卓越的客戶體驗將推動規模，而規模將推動盈利能力。

Looking back, we more than doubled our GMV size in 2014 to reach RMB260b and we grew our revenue by 66% to RMB115b.

回顧過去，2014 年我們的 GMV 規模增長了一倍多，達到人民幣 260 億，收入增長了 66% 達到人民幣 115 億。

The numbers speak for themselves.

數字不言而喻。

We believe our reinvestment made sense and we intend to continue this investment strategy in 2015.

我們相信我們的再投資是有意義的，我們打算在 2015 年繼續這一投資策略。

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。

As guided on our last earnings call, our fourth quarter free cash flow was negative, mainly driven by certain shorter payment terms and prepayment schemes designed to secure sought after merchandise such as the iPhone 6 as well as higher capital expenditures during the quarter.

正如我們上次財報電話會議所指出的，我們第四季度的自由現金流為負，這主要是由於某些較短的付款期限和旨在確保 iPhone 6 等搶手商品的預付款計劃以及本季度較高的資本支出所致。

On a full year basis, both of our operating cash flow and free cash flow were positive and healthy.

全年來看，我們的經營現金流和自由現金流均為正值且健康。

The inventory turnover and accounts payable turnover days were both consistent with the same period last year.

存貨周轉率和應付賬款周轉天數均與上年同期一致。

We intend to maintain positive operating cash flow for 2015 and beyond.

我們打算在 2015 年及以後保持正的經營現金流。

Lastly, let's discuss our financial outlook.

最後，讓我們討論一下我們的財務前景。

We expect our Q1 net revenue to be between RMB34.8b and RMB35.8b, representing a year-on-year growth between 54% and 58%.

我們預計第一季度淨收入將在人民幣 34.8 億元至人民幣 35.8 億元之間，同比增長 54% 至 58%。

This guidance reflects a slower-than-usual first half of January due to the late Chinese New Year holiday season as compared to the previous year.

該指引反映了由於農曆新年假期較去年較晚，1 月上半月的增長速度低於平常。

For 2015 non-GAAP bottom line, as I discussed earlier, we remain bullish on the e-commerce growth potential and will continue to invest in high ROI business initiatives to capture the market share.

對於 2015 年非 GAAP 利潤，正如我之前討論的，我們仍然看好電子商務的增長潛力，並將繼續投資於高投資回報率業務計劃，以佔領市場份額。

However, given our larger scale and operating discipline, improve our non-GAAP net margin outlook by narrowing the range to between breakeven to negative 0.5% for the full year 2015.

然而，考慮到我們規模較大和經營紀律，我們將 2015 年全年的非 GAAP 淨利潤率範圍縮小至盈虧平衡至負 0.5%，從而改善我們的非 GAAP 淨利潤率前景。

Now we can move to the Q&A session.

現在我們可以進入問答環節。

We're about to begin the question and answer section of today's call.

我們即將開始今天電話會議的問答部分。

(Operator Instructions).

（操作員說明）。

Eddie Leung, Bank of America Merrill Lynch.

埃迪·梁 (Eddie Leung)，美銀美林。

Hi.

你好。

Good evening.

晚上好。

Thank you 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 your repeat customers' purchase patterns.

第一個是關於回頭客的購買模式。

You mentioned that you have got quite some new customers but when we focus on your old customers could you share a bit more color on the, for example, the frequency of the purchases of your older customers as well as the ARPU trend of your older customers?

您提到您有相當多的新客戶，但是當我們關注您的老客戶時，您能否分享更多信息，例如老客戶的購買頻率以及老客戶的 ARPU 趨勢？

So that's my first question.

這是我的第一個問題。

And then, secondly, about your logistics capabilities helping your 3P merchants, could you share with us the percentage of your 3P merchants which use JD logistics services?

其次，關於您的物流能力對3P商家的幫助，您能否與我們分享一下您的3P商家使用京東物流服務的比例？

Thank you.

謝謝。

Okay, so on the first question, recall that at IPO we disclosed the 2008 customer cohort and we tracked them for the next five years.

好的，關於第一個問題，請回想一下，在 IPO 時，我們披露了 2008 年的客戶群體，並在接下來的五年內對他們進行了跟踪。

In year one it was 3.7 times a year purchase and by 2013 it was close to 17 times.

第一年，每年購買次數為 3.7 次，到 2013 年，這一數字接近 17 次。

And we actually calculated for 2014 it became 19 times so the purchase frequency continued to improve on a year-over-year basis.

我們實際上算了一下，2014 年已經變成了 19 次，所以購買頻率同比繼續提高。

And certainly for other year of customer cohorts this trend is also pretty consistent.

當然，對於其他年份的客戶群體來說，這種趨勢也相當一致。

Internally, we also measure the repurchase rate of customers during a year and it was also improved during 2014.

在內部，我們也衡量了一年內客戶的複購率，2014年也有所改善。

And, Haoyu, you can get second question.

浩宇，你可以回答第二個問題。

Yes, just a few more comments on the first question.

是的，對第一個問題再補充幾點。

We -- as Sidney mentioned, at IPO we did talk about some numbers in different cohorts.

正如西德尼提到的，我們在首次公開募股時確實討論了不同群體的一些數字。

I was just looking at some numbers today.

我今天只是看一些數字。

We looked at the 2008 cohorts and 2011 cohorts.

我們研究了 2008 年隊列和 2011 年隊列。

We do see over time, for example, for the 2008 cohorts over the past, say, six years they do increase the frequency of purchase from us and also, of course, the purchase amount every year, and the same applies to the 2011 cohort.

我們確實看到，隨著時間的推移，例如，對於 2008 年的群體來說，過去六年，他們確實增加了從我們這裡購買的頻率，當然，每年的購買金額也有所增加，這同樣適用於 2011 年的群體。

And another thing we found is for the older or more tenure customers they tend to buy more categories of merchandise from us so, typically, their basket size -- order size is actually smaller.

我們發現的另一件事是，對於年齡較大或長期使用的客戶，他們傾向於從我們這裡購買更多類別的商品，因此，通常他們的購物籃大小 - 訂單大小實際上較小。

And the new customers we tend to acquire them through traditional 3P products.

而新客戶我們傾向於通過傳統的3P產品來獲取。

Although from last year we're seeing apparel has increasingly become the first order category for new customers.

儘管從去年開始，我們看到服裝越來越成為新客戶的首要訂單類別。

On your second question, logistic services was three -- for third party merchants.

關於第二個問題，物流服務有三個——針對第三方商家。

We mentioned before that the main service we're offering to the merchants right now is delivery.

我們之前提到過，現在我們為商家提供的主要服務是配送。

Not so much warehouse, but delivery.

與其說是倉庫，不如說是交貨。

And the percentage of third party parcels that are delivered by JD logistics has been steadily increasing, but slowly.

京東物流配送的第三方包裹的比例一直在穩步增長，但速度緩慢。

And now just roughly we deliver about one-third of the third party parcels.

現在，我們大約運送了大約三分之一的第三方包裹。

So the growth rate has been stable.

所以增長率一直是穩定的。

More importantly, we want to offer warehouse services to our merchants and we're just getting the system ready, and in the next month or two we're going to market that service to our merchants more broadly.

更重要的是，我們希望為我們的商家提供倉儲服務，我們剛剛準備好系統，在接下來的一兩個月內，我們將更廣泛地向我們的商家推銷該服務。

And we do expect some pick-up there.

我們確實預計那裡會有一些回升。

Although it will probably take longer for the merchants to adopt the warehouse service than the delivery service because for the merchant the switch cost will be much higher as they adopt our warehouse services.

雖然商家採用倉儲服務可能會比送貨服務需要更長的時間，因為對於商家來說，採用我們的倉儲服務後，轉換成本會更高。

But we do offer them a better end-to-end service to their customers if they adopt the warehouse and the delivery services.

但如果他們採用倉庫和送貨服務，我們確實會為他們的客戶提供更好的端到端服務。

Understood.

明白了。

Thank you, Haoyu and Sidney.

謝謝浩宇和西德尼。

Thank you.

謝謝。

Erica Poon, UBS.

埃麗卡·潘，瑞銀。

Thank you, management.

謝謝你，管理層。

Thank you for your presentation.

謝謝您的介紹。

I've also got two questions.

我也有兩個問題。

The first one is just wondering whether you can give us a little bit more color on your Tencent relationship.

第一個只是想知道您是否可以給我們更多關於您與騰訊的關係的信息。

For example, what is the conversion rate, basket size, repeat purchases of the Tencent access?

比如騰訊接入的轉化率、購物籃規模、重複購買情況如何？

And the second question is about your profitability.

第二個問題是關於你的盈利能力。

Sidney, just now was giving us a new guidance for 2015 bottom line.

Sidney，剛才為我們提供了 2015 年利潤的新指導。

Would you now have better visibility into your profitability into 2016?

您現在是否可以更好地了解 2016 年的盈利能力？

Thank you.

謝謝。

The first question, the partnership, especially on Weixin and Mobile QQ with Tencent, as we mentioned in the prepared remarks, we're seeing now meaningful contribution from that partnership from the level one entry point.

第一個問題，合作夥伴關係，特別是與騰訊在微信和手機QQ上的合作夥伴關係，正如我們在準備好的發言中提到的那樣，我們現在從一級切入點看到了這種合作夥伴關係的有意義的貢獻。

And the recurring purchase is also good which is at a comparable level with other channels, PC or our own app.

而且重複購買也很好，與其他渠道、PC 或我們自己的應用程序處於可比水平。

And we're also seeing pretty good contribution and new customer acquisition from Weixin and Mobile QQ so it's --.

我們還看到微信和手機 QQ 做出了相當不錯的貢獻並吸引了新客戶，所以——。

And the conversion rate, I think you also asked about conversion rate.

還有轉化率，我想你也問過轉化率。

It is lower than the conversion rate on our app, as you might expect, but it's -- we're seeing good improvement over time.

正如您所料，它低於我們應用程序的轉化率，但隨著時間的推移，我們看到了良好的改進。

Yes, Erica, this is Sidney.

是的，艾麗卡，這是西德尼。

On your second question for 2016 and beyond, I think again comes back to how we -- whether there is higher investment opportunities that will enable us to drive growth and market share.

關於 2016 年及以後的第二個問題，我想再次回到我們如何——是否有更高的投資機會使我們能夠推動增長和市場份額。

S if we see that opportunity as strong as today, obviously we will continue to invest.

如果我們看到像今天這樣強大的機會，顯然我們將繼續投資。

But, on the other hand, we do get scale benefits so we will not.

但另一方面，我們確實獲得了規模效益，所以我們不會。

At this point, we'll stick to the current guidance for 2015 and we will update you in the second half of this year.

目前，我們將堅持 2015 年的當前指導，並將在今年下半年向您更新。

Great.

偉大的。

Thank you, both.

謝謝你倆。

No problem.

沒問題。

Alicia Yap, Barclays Capital.

艾麗西亞·葉 (Alicia Yap)，巴克萊資本。

Hi.

你好。

Good evening, Richard, Sidney and Haoyu.

晚上好，理查德、西德尼和浩宇。

Congratulations on a solid quarter.

祝賀本季度業績穩定。

I also have two questions.

我還有兩個問題。

Number one is regarding the mobile GMV.

第一個是移動 GMV。

So, can you elaborate a little bit more detail what type of product categories mainly contribute to the mobile GMV?

那麼，您能否更詳細地闡述一下哪些類型的產品類別主要貢獻移動 GMV？

For example, also any average selling price difference on the mobile GMV compared to the ASP on the PC?

例如，與 PC 上的 ASP 相比，移動 GMV 的平均售價是否存在差異？

And then among the 36% of mobile GMV, is it mainly -- how much of it's come from the 1P versus the 3P?

那麼，在 36% 的移動 GMV 中，主要是——其中有多少來自 1P 和 3P？

And if I can sorry, this is still part of the first question is based on your data tracking, is most of this mobile GMV come from the lower tier city, customers that actually might only have mobile as their only Internet devices, or is it come from the first and the second tier cities customer where during the fragmented time spent it actually complete it on the mobile?

抱歉，這仍然是第一個問題的一部分，基於您的數據跟踪，大部分移動 GMV 是否來自低線城市，實際上可能只將移動設備作為唯一互聯網設備的客戶，或者是來自一二線城市的客戶在碎片化的時間裡究竟在哪裡完成了手機上的操作？

That's still your first question?

這還是你的第一個問題嗎？

That's pretty loaded.

這是相當負載的。

Yes.

是的。

Second question is very short.

第二個問題很短。

That's fine.

沒關係。

I'll answer the -- your first question.

我將回答你的第一個問題。

So, the 36% we mentioned in our release and prepared remarks is not GMV percentage.

因此，我們在新聞稿和準備好的評論中提到的 36% 並不是 GMV 百分比。

It's a percentage of orders placed.

這是所下訂單的百分比。

So, we don't disclose the percentage GMV.

因此，我們不透露 GMV 百分比。

But you can expect the percentage GMV should be lower because the ASP is lower from mobile.

但您可以預期 GMV 百分比應該較低，因為移動設備的 ASP 較低。

But if you look at two of our main mobile channels, one being app, the other is Weixin and Mobile QQ, the ASP order size on our app is lower than what you see on our PC.

但如果你看看我們的兩個主要移動渠道，一個是應用程序，另一個是微信和手機QQ，我們應用程序上的ASP訂單規模低於你在PC上看到的。

And the ASP on Weixin and Mobile QQ is even lower and this is probably driven by categories -- by a different category mix from different channels.

微信和手機QQ的平均售價甚至更低，這可能是由品類驅動的——來自不同渠道的不同品類組合。

And I think if you compare -- our app is probably more similar to our PC category mix.

我認為如果你比較的話——我們的應用程序可能與我們的 PC 類別組合更相似。

But if you look at Weixin and Mobile QQ you tend to see more purchases in apparel and general merchandise categories, hence the lower ASP.

但如果你看看微信和手機QQ，你往往會發現服裝和百貨品類的購買量較多，因此平均售價較低。

And we do see more -- a higher percentage of customers from lower tier cities for Weixin and Mobile QQ channels.

我們確實看到更多——來自二線城市的微信和手機QQ渠道的客戶比例更高。

Not so much from our app.

我們的應用程序沒有那麼多。

I see.

我懂了。

I see.

我懂了。

Great.

偉大的。

That's very helpful.

這非常有幫助。

The second question is regarding the 60,000 merchants on your marketplace platform right now.

第二個問題是關於目前您的市場平台上的 60,000 個商家。

Can you share roughly some of the breakdown in terms of percentage coming from, let's say, apparels, cosmetics and also percentage from overseas versus domestic?

您能否大致分享一下來自服裝、化妝品的百分比以及來自海外與國內的百分比的詳細情況？

Thank you.

謝謝。

The vast majority is domestic and the big categories are apparel, home decoration, cosmetics, food.

絕大多數是國內的，大類是服裝、家居裝飾、化妝品、食品。

These are the major categories.

這些是主要類別。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝。

Ella Ji, Oppenheimer & Co.

Ella Ji，奧本海默公司

Good evening and congratulations on strong quarter.

晚上好，祝賀季度表現強勁。

I also have two questions.

我還有兩個問題。

First, relating to your GMV contribution from 3P, I see it's -- 3P is growing definitely faster than 1P.

首先，關於 3P 對 GMV 的貢獻，我認為 3P 的增長速度肯定比 1P 快。

I wonder if management can talk about your outlook of GMV from marketplaces in the next two to three years.

我想知道管理層是否可以談談您對未來兩到三年市場 GMV 的展望。

This definitely is a more profitable business for you.

這對您來說絕對是一項更有利可圖的業務。

But, in the meanwhile, we all know that it is also more challenging to maintain high quality of products and services.

但與此同時，我們都知道，保持高質量的產品和服務也更具挑戰性。

So I wonder if you can share your thoughts on maintaining the percentage between first party and third party.

所以我想知道您是否可以分享一下您對維持第一方和第三方之間的比例的想法。

And that's my first question.

這是我的第一個問題。

Thank you.

謝謝。

(Interpreted) 1P business focuses on standard merchandise.

（解釋）1P業務專注於標準商品。

But, as you know, the market size for non-standard products merchandise is much bigger than the products.

但是，如您所知，非標產品的市場規模遠大於產品。

Over time, as you already see this quarter, the GMV from marketplace has already overtaken the GMV from first party.

隨著時間的推移，正如您在本季度所看到的那樣，市場的 GMV 已經超過了第一方的 GMV。

So I would not be surprised that most of our GMV will be from third party merchants.

因此，我們的大部分 GMV 來自第三方商家，我不會感到驚訝。

Quality control, as Richard mentioned in his prepared remarks, we've got all our merchants with very stringent standards.

質量控制，正如理查德在他準備好的發言中提到的那樣，我們所有的商家都有非常嚴格的標準。

Despite their fast growth, we only have right now about 60,000 merchants on our platform not like some other platforms with the minimum of merchants.

儘管增長速度很快，但我們平台上目前只有大約 60,000 家商戶，不像其他一些平台的商戶數量最少。

So we do want to maintain very high quality group of merchants on our side.

所以我們確實希望保持我們這邊非常高質量的商家群體。

Every platform over time has developed its culture.

隨著時間的推移，每個平台都發展出了自己的文化。

We -- because of our heritage, we are platformed as authenticity and quality of services.

我們——由於我們的傳統，我們以服務的真實性和質量為平台。

We have zero tolerance for fake products.

我們對假貨零容忍。

Once we've found merchants selling fake products or not providing high standard products, merchandise or services, we will de-list them and shut down the sources.

一旦發現商家銷售假冒產品或不提供高標準的產品、商品或服務，我們將對其進行下架並關閉來源。

Over time, to be a successful seller on our platform, the only way to do that is to sell high quality products and provide high quality services to our JD customers.

隨著時間的推移，要成為我們平台上的成功賣家，唯一的方法就是向京東客戶銷售高質量的產品並提供高質量的服務。

Thank you.

謝謝。

(Spoken in Chinese).

（用中文說）。

And then my second question is relating to your sales and marketing spending.

我的第二個問題與您的銷售和營銷支出有關。

We saw this is a big step up in 4Q.

我們看到這是第四季度的一大進步。

I wonder, Sidney, if you can break down and provide some color for us.

我想知道，西德尼，你是否可以分解並為我們提供一些顏色。

For example how much is spent to acquire new customers versus maintaining or increase the shopping frequencies of existing customers?

例如，花多少錢來獲取新客戶與維持或增加現有客戶的購物頻率？

And also, for example, how much is spent on mobile versus PC.

此外，例如，移動設備與 PC 上的花費是多少。

And then, relating to that, we understand that you participated in the Weixin Red Envelope promotion event during the Chinese New Year.

另外，與此相關的是，我們了解到您在過年期間參加了微信紅包促銷活動。

Can you talk about the result -- the performance of the result?

您能談談結果——結果的表現嗎？

And also, on an accounting basis, where shall we expect to see all these coupon spending to reflect on your P&L.

而且，在會計基礎上，我們期望在哪裡看到所有這些優惠券支出反映在您的損益表上。

Okay.

好的。

So, I'll get the first part.

所以，我會得到第一部分。

So for the marketing spending in Q4, you can assume that vast majority of the incremental marketing expenses were brand advertising expenses.

因此，對於第四季度的營銷支出，可以假設增量營銷支出絕大多數是品牌廣告支出。

So they're not necessarily all -- necessarily traffic.

所以它們不一定是全部——一定是流量。

The traffic acquisition costs will be one, consistent with our volume growth, And then, two, is as we expand our marketing service to third party merchants, we begin to acquire outside advertising resources and re-sell to the merchants.

流量獲取成本將是一，與我們的銷量增長一致，然後，二，當我們將營銷服務擴展到第三方商家時，我們開始獲取外部廣告資源並將其轉售給商家。

So for that part though the direct cost is not included in cost of revenue.

因此，對於這一部分，直接成本不包含在收入成本中。

So that is not actually in the marketing expenses.

所以這實際上並不在營銷費用中。

So -- but majority will be brand advertising in Q4 related to our November promotion.

所以，但大多數將在第四季度進行與我們 11 月促銷相關的品牌廣告。

And then second contributor would be we did increase some spending for -- because of our expanded advertising business unit.

第二個貢獻者是我們確實增加了一些支出——因為我們擴大了廣告業務部門。

And on whether -- the split between mobile and PC, because it's brand advertising so it's not this really, not much to related to a split between PC and mobile.

至於是否——移動設備和 PC 之間的劃分，因為這是品牌廣告，所以實際上與 PC 和移動設備之間的劃分沒有太大關係。

And for the Red Envelope, maybe Haoyu can talk about impact, but accounting wise they will be in our marketing expenses in Q1.

對於紅包，也許浩宇可以談論影響，但從會計角度來看，它們將計入我們第一季度的營銷費用。

So the Red Envelope spending, other than for branding purposes, it's also for new customer acquisition purposes because, by default, people who get the cash red envelope from us, they will subscribe to our public account, Weixin.

所以紅包支出除了為了品牌宣傳之外，也是為了獲取新客戶，因為默認情況下，從我們這裡得到現金紅包的人會訂閱我們的公眾號微信。

So I was just looking at some numbers today.

所以我今天只是看一些數字。

We're starting to do targeted marketing to those new subscribers, so to speak and there we're seeing some good, early results.

我們開始對這些新訂閱者進行有針對性的營銷，可以說，我們已經看到了一些良好的早期結果。

Robert Lin, Morgan Stanley.

羅伯特·林，摩根士丹利。

Hi management and congratulations on the results.

嗨，管理層，祝賀結果。

I guess I have three questions.

我想我有三個問題。

I think obvious question for this year remains your gross margin expansion both on your 1P and 3P perspective.

我認為今年明顯的問題仍然是從 1P 和 3P 角度來看，您的毛利率是否擴張。

So, first question just thinking about your gross margin for 1P business, I think your general merchandise is probably about 20% of your 1P business.

所以，第一個問題只是考慮一下你們 1P 業務的毛利率，我認為你們的百貨業務可能佔 1P 業務的 20% 左右。

Can the management provide some color on if that split is correct and how should we think about your general merchandise margin versus your electronic and home appliance margin for this year.

管理層能否提供一些信息，說明這種分割是否正確，以及我們應該如何考慮您今年的一般商品利潤與電子和家用電器利潤。

So and then I guess the relevant question to that is third-party business, I think you got some incremental this year.

所以我想與此相關的問題是第三方業務，我認為今年你得到了一些增量。

I think one is obviously Tencent advertising and second is the auto deferred revenue recognition in the second half this year.

我認為一是明顯是騰訊廣告，二是今年下半年汽車遞延收入確認。

Incrementally what do you think that will contribute to your net revenue line for other revenues?

您認為這會對您的其他收入的淨收入線產生怎樣的增量貢獻？

That's my first question.

這是我的第一個問題。

Right.

正確的。

So on the gross margin between different categories, as I mentioned in Q4, for example, on a year-over-year basis for product sales, gross margin remained pretty consistent.

因此，就不同類別之間的毛利率而言，正如我在第四季度提到的，例如，就產品銷售而言，毛利率保持相當穩定。

So this is part of our strategy to continue to provide the customers with the best price possible.

因此，這是我們繼續為客戶提供最優惠價格戰略的一部分。

And given that general merchandise generally do carry higher margin, so you can see that our promotional -- the magnitude of our promotion is still fairly strong, because, on a branded basis, actually the product sale gross margin remained pretty much the same.

鑑於一般商品通常確實具有較高的利潤率，所以你可以看到我們的促銷——我們促銷的幅度仍然相當強勁，因為，在品牌的基礎上，實際上產品銷售毛利率幾乎保持不變。

So in terms of split, we will probably -- we should disclose in our 20-F a breakdown, so you will see that number in the near future.

因此，就拆分而言，我們可能 - 我們應該在 20-F 中披露細分，以便您在不久的將來會看到該數字。

And for the second part, currently we -- for the Bitauto at least, we do not factor in any income at this point because it's still in early stage.

對於第二部分，目前我們——至少對於易車來說，我們目前不考慮任何收入，因為它仍處於早期階段。

Obviously, we have a very high expectation for a much better shopping experience for consumers, for auto consumers on our site.

顯然，我們對為消費者、為我們網站上的汽車消費者提供更好的購物體驗抱有很高的期望。

But before we get enough clarity, we should certainly not account for anything; certainly not in our current year net guidance.

但在我們得到足夠的清晰之前，我們當然不應該解釋任何事情；當然不在我們今年的淨指導中。

In Q1 obviously there's also no effect from this transaction.

在第一季度，這筆交易顯然也沒有產生任何影響。

Right, okay.

對了，好吧。

Sorry, what was the other -- other than Bitauto, what's the other --

抱歉，另一個是什麼——除了易車，另一個是什麼——

Was the Tencent advertising referral.

被騰訊廣告推薦。

Well, that's just part of -- yes, yes, because remember we also -- we had a very, very robust advertising platform from our own team set up last year.

嗯，這只是 - 是的，是的，因為記住我們 - 去年我們自己的團隊建立了一個非常非常強大的廣告平台。

So we've seen very strong growth in our advertising business, both within our own platform and also through Guangdiantong the Tencent platform.

因此，我們的廣告業務增長非常強勁，無論是在我們自己的平台內，還是通過騰訊平台的廣點通。

Okay.

好的。

I guess this question is more a broader bit picture.

我想這個問題是一個更廣泛的問題。

Internet finance is one major initiative.

互聯網金融是一項重大舉措。

Can the management provide some color on what is the key focus area that we're investing in, whether it's smart homes or it's Internet finance, M&A prospects like -- and how that's going to impact both on the top line and your cost structure this year?

管理層能否提供一些信息，說明我們投資的重點領域是什麼，無論是智能家居還是互聯網金融、併購前景等——以及這將如何影響營收和成本結構。年？

(Interpreted).

（解釋）。

We've had very fast growth in our finance business, although the impact on P&L is still very small.

我們的金融業務增長非常快，儘管對損益的影響仍然很小。

This year's focus on finance business is our payment, consumer finance and core funding.

今年金融業務的重點是我們的支付、消費金融和核心資金。

We're going to focus on two groups of demographics.

我們將重點關注兩組人口統計數據。

One is college students.

一類是大學生。

The other is rural residents.

另一個是農村居民。

We have started a small hardware business unit, so we're going to explore in that area as well.

我們已經成立了一個小型硬件業務部門，因此我們也將在該領域進行探索。

At this point we don't have anything concrete to share with you yet on the hardware business.

目前我們還沒有任何關於硬件業務的具體信息可以與您分享。

Okay.

好的。

I guess my last question is just on marketing spend.

我想我的最後一個問題只是關於營銷支出。

I think if I look at your number versus BAT, I think your gross profit compared to like Alibaba's and Tencent's revenue is about 22%, 23%.

我想，如果我看一下你們與 BAT 的數據，我認為你們的毛利潤與阿里巴巴和騰訊的收入相比大約是 22%、23%。

But your marketing spend could be as big as 40% to 60% of Alibaba and Tencent.

但你的營銷支出可能高達阿里巴巴和騰訊的40%至60%。

Obviously that's a quite high level and understandably, because you're trying to gain market share.

顯然，這是一個相當高的水平，也是可以理解的，因為你正在努力獲得市場份額。

But how are we allocating this marketing spend and what return do we think is justifiable so that we don't -- we could dial back on this marketing spend or -- just a little more context on marketing spend.

但是，我們如何分配這些營銷支出以及我們認為什麼回報是合理的，這樣我們就不會——我們可以減少這些營銷支出，或者——只是更多地了解營銷支出的背景。

Right.

正確的。

So Robert, as I mentioned, actually most of the marketing spend, especially in the fourth quarter, was related to brand advertising.

正如我提到的，羅伯特實際上大部分營銷支出，尤其是第四季度的支出，都與品牌廣告有關。

So those are very discretionary expenses that are not really directly driving, not driving the near-term revenue or near-term GMV.

因此，這些都是非常可自由支配的支出，並不能真正直接推動，也不能推動近期收入或近期 GMV。

So this is -- we think this high level of spending, using your metrics, is was, well, because of the growth, right.

所以，我們認為，根據你們的指標，這種高水平的支出是因為增長，對的。

So if you take gross margin, for example, as a proxy for other companies' revenue, our gross margin also grew 100 -- over 110% in the fourth quarter on a year-over-year basis.

因此，如果你以毛利率作為其他公司收入的代表，我們第四季度的毛利率也同比增長了 100%，超過 110%。

So with this kind of growth, the marketing spending is definitely worthwhile, with very high ROI.

所以有了這樣的增長，營銷支出絕對是值得的，投資回報率非常高。

Right.

正確的。

But if our growth rate slows down to the BAT level, then obviously the ROI will be reduced and we will -- we can certainly re-evaluate the ROI and adjust the market spending.

但如果我們的增長率放緩至 BAT 水平，那麼顯然投資回報率將會降低，我們當然可以重新評估投資回報率並調整市場支出。

But if I can just follow up on that, I think that Liu Zong before was talking about 20% of fourth quarter customers' add was coming from WeChat or -- and Mobile QQ.

但如果我能跟進一下，我認為劉總之前談到第四季度20%的客戶添加來自微信或手機QQ。

And you guys naturally have this advantage because you have this partnership with Tencent.

你們自然有這個優勢，因為你們和騰訊有這種合作關係。

And that marketing dollar is spent somewhere else.

而這些營銷資金都花在了其他地方。

And I think mobile's app -- mobile investment in terms of user acquisition is relatively limited.

我認為移動應用——在用戶獲取方面的移動投資相對有限。

So I'm just trying to figure out what other avenue of marketing, besides offline, especially in mobile, can you spend on that will surprise on the upside in terms of marketing spend.

因此，我只是想弄清楚，除了線下營銷之外，尤其是移動營銷，還有哪些其他營銷途徑可以在營銷支出方面帶來驚喜。

Yes.

是的。

Maybe I can add some more color.

也許我可以添加更多顏色。

So it's true that we are a big offline marketer.

所以我們確實是一個大型的線下營銷商。

You can see that we spend a lot on offline, TV, outdoors and focus media type.

你可以看到我們在線下、電視、戶外、焦點媒體類型上投入了很多。

And for the online part we are still spending a lot of money on PC to drive traffic, performance based and on search engines on third party sites.

對於在線部分，我們仍然在 PC 上花費大量資金來推動流量、基於第三方網站搜索引擎的性能。

And we are spending a lot of money on mobile app installation as well, although mobile advertising is still new.

儘管移動廣告仍然是新事物，但我們也在移動應用程序安裝上花費了大量資金。

People are still trying to figure out how to do advertising once app is installed.

人們仍在試圖弄清楚安裝應用程序後如何做廣告。

You are right, that at this point most of the spending on mobile is for installation of apps.

你是對的，目前移動設備上的大部分支出都是用於安裝應用程序。

But going forward we expect we'll spend more on mobile advertising, other than for the purpose of apps installation.

但展望未來，我們預計除了應用程序安裝之外，我們還將在移動廣告上投入更多資金。

So I think at this point we are -- initially it was, such as going to campus, going to rural areas, these all require major marketing spend, be it offline or online.

所以我認為在這一點上，我們最初是，比如走進校園、走進農村，這些都需要大量的營銷支出，無論是線下還是線上。

So I think going forward, I can't speak for Sidney, but I think as long as we can afford to spend on marketing to drive growth, I think we'll continue to do that.

因此，我認為展望未來，我不能代表西德尼發言，但我認為只要我們有能力在營銷上投入以推動增長，我認為我們將繼續這樣做。

Yes.

是的。

The other element is also the -- our marketing service to third party merchants and suppliers.

另一個要素也是——我們為第三方商家和供應商提供的營銷服務。

So this year we are planning -- we have been actually expanding our spending to acquire traffic through our affiliated marketing partners.

因此，今年我們正在計劃 - 我們實際上一直在擴大支出，以通過我們的附屬營銷合作夥伴獲取流量。

So at the beginning you may not fully utilize those acquired traffic to -- for the purpose of your merchants' advertising dollars.

因此，一開始您可能不會充分利用這些獲得的流量來——為了您的商家的廣告收入。

So for those not -- when we acquire -- basically they are not fully utilized by the merchants.

因此，對於那些沒有的——當我們收購時——基本上它們沒有被商人充分利用。

So the incremental part will be also utilized by our own business, which will come as -- account marketing expenses.

因此，增量部分也將用於我們自己的業務，這將作為賬戶營銷費用。

So this is -- you can consider that as a cost of developing our own advertising business, but it certainly also has marketing benefits to our own business.

所以，你可以將其視為發展我們自己的廣告業務的成本，但它肯定也對我們自己的業務帶來營銷效益。

Great.

偉大的。

Thank you.

謝謝。

Cynthia Meng, Jefferies.

辛西婭·孟，杰弗里斯。

Hello.

你好。

Thank you for giving us the chance and congratulations for a good set of results.

感謝您給我們機會並祝賀我們取得了良好的成績。

I have two questions.

我有兩個問題。

Last quarter I remember Liu Zong you mentioned something about the expanded demographics of your core user -- of your core customers now including more females.

上個季度，我記得劉總提到過一些關於核心用戶人口統計數據擴大的事情——你的核心客戶現在包括更多的女性。

Is there any update in the light of that description of your core customer base and also if there's any color on the location of your customer base, that will be great as you build out your product categories and penetrating into the lower tier cities, which will be interesting?

根據您的核心客戶群的描述是否有任何更新，以及您的客戶群的位置是否有任何顏色，這對於您構建產品類別並滲透到低線城市來說將是非常好的有趣嗎？

Second question is on can management give us some more color when the construction of the mega warehouses in Guangzhou, Wuhan and Shenyang are expected to be completed.

第二個問題是，當廣州、武漢、沉陽的巨型倉庫建設預計完工時，管理能否給我們更多的色彩。

And is there any change or guidance to the CapEx plans this year versus 2014?

與 2014 年相比，今年的資本支出計劃是否有任何變化或指導？

Thank you.

謝謝。

Okay.

好的。

I'll take the first one.

我就拿第一個。

So we don't have the latest female/male split.

所以我們沒有最新的女性/男性分裂。

But just based on the category expansion I discussed earlier, for example apparel, just apparel orders grew sequentially 70%.

但僅根據我之前討論的品類擴張（例如服裝），僅服裝訂單就環比增長了 70%。

And volume wise actually was bigger.

而且體積實際上更大。

So you can see that female definitely is becoming a bigger and bigger contributor to the JD business.

所以你可以看到，女性對京東業務的貢獻肯定越來越大。

And lower tier cities we mentioned that in terms of number of orders it grew 126%.

我們提到的低線城市訂單數量增長了 126%。

That's JD Mall alone.

僅此而已。

So it grew much faster than the tier one and tier two cities.

所以它的增長速度遠遠快於一二線城市。

So those two demographic groups are definitely benefiting from our diversifying business strategy.

因此，這兩個人口群體肯定會從我們的多元化業務戰略中受益。

On the warehouse open up I will let Haoyu to comment, but CapEx wise we did have some lagging behind CapEx spending that will -- from 2004 to 2015 -- 2014 to 2015.

關於倉庫開放，我會讓浩宇發表評論，但就資本支出而言，我們確實有一些落後的資本支出支出，從 2004 年到 2015 年，從 2014 年到 2015 年。

So we will see some higher CapEx spending, but at this point we do not have a definitive number.

因此，我們將看到一些更高的資本支出，但目前我們還沒有確切的數字。

But management will try our best to maintain a positive free cash flow.

但管理層將盡力維持正的自由現金流。

I cannot promise you.

我無法向你保證。

But as I mentioned earlier, for operating cash flow it's definitely positive.

但正如我之前提到的，對於經營現金流來說，這絕對是積極的。

But we will plan our CapEx spending throughout the year and making sure that we can achieve healthy free cash flow.

但我們將計劃全年的資本支出，並確保我們能夠實現健康的自由現金流。

Yes.

是的。

The three mega warehouses we are building, as you know the one in Shanghai is already in production.

我們正在建設的三個大型倉庫，如你所知，上海的一個已經投入使用。

The one in Guangzhou is going through government inspection as we speak.

就在我們說話的時候，廣州的一家正在接受政府檢查。

The one in Wuhan will hopefully be in production by mid this year.

武漢的工廠預計將於今年年中投入生產。

The one in Shenyang will be in production at the end of this year.

沉陽的工廠將於今年年底投產。

Great.

偉大的。

Thank you.

謝謝。

Alan Hellawell, Deutsche Bank.

艾倫·海拉威爾，德意志銀行。

Thank you very much and congratulations on the quarter.

非常感謝並祝賀本季度。

A simple question.

一個簡單的問題。

What was iPhone 6 and 6 Plus contribution to GMV?

iPhone 6 和 6 Plus 對 GMV 的貢獻是多少？

And can we estimate how much it might have driven up ARPU in the quarter and whether there might be any incipient impact, assuming it normalizes?

我們能否估計一下它可能會在本季度推高 ARPU 多少，以及假設它正常化是否會產生任何初期影響？

Thank you.

謝謝。

Yes.

是的。

We don't -- it's not the number rumored, certainly, and actually a very small fraction of what was rumored.

我們不知道——當然，這不是傳聞中的數字，而且實際上只是傳聞中的一小部分。

So it is a meaningful contributor but it's nothing that will cause any one-time spike.

因此，它是一個有意義的貢獻者，但不會導致任何一次性峰值。

And also, without a star product like that, you will have demand for other products and so we do not expect the iPhone phenomenon to be a big one-time issue.

而且，如果沒有這樣的明星產品，你就會對其他產品產生需求，因此我們預計 iPhone 現像不會成為一個大的一次性問題。

So would it be possibly 1% or 2% of the ARPU delta or not even?

那麼它可能是 ARPU 增量的 1% 或 2% 還是甚至都不是？

I have to check, but -- yes.

我必須檢查一下，但是——是的。

It's not a big, any significant event.

這不是一個大的、任何重要的事件。

Thank you.

謝謝。

Robert Peck, Suntrust.

羅伯特·佩克，Suntrust。

Yes, hi.

是的，嗨。

Thank you for taking my question.

感謝您回答我的問題。

Just two quick questions.

只是兩個簡單的問題。

One, Sidney, I was wondering if you could walk us through the pace of the quarter.

第一，西德尼，我想知道你是否可以向我們介紹一下本季度的進度。

We obviously already have two months of the quarter in the bag, and as we think about that pace going through the cadence of the rest of the year, 2Q, 3Q and 4Q growth, can you just give us a feel for how you envision that shaping up?

顯然，我們已經掌握了本季度的兩個月，當我們考慮今年剩餘時間的節奏、第二季度、第三季度和第四季度的增長時，您能否讓我們感受一下您的設想塑造？

And I just have a follow-up question.

我還有一個後續問題。

Well just for the pace on Q1, as I mentioned, January we had a first half of January slower than expected because the holiday shopping season normally starts one month before the New Year's holiday.

就第一季度的進度而言，正如我所提到的，一月上半月的增速比預期慢，因為假日購物季通常在新年假期前一個月開始。

So this year, because of the later than usual Chinese New Year holiday, so first half of January was pretty quiet so that basically led to a relatively weaker January.

所以今年因為春節假期比往年晚，所以1月上半月比較平靜，基本上導致1月相對疲軟。

And -- but from here, otherwise Q1 should be a pretty robust quarter given that there is very limited Tencent contribution in Q1 last year.

而且，但從這裡開始，考慮到去年第一季度騰訊的貢獻非常有限，第一季度應該是一個相當強勁的季度。

There was only 20 days.

時間只有20天。

But starting Q2, you will be -- there will be less incremental contribution from the Tencent transaction.

但從第二季度開始，騰訊交易的增量貢獻將會減少。

So, at least from a GMV perspective, growth rate will not be as high as in the previous quarters.

所以，至少從GMV的角度來看，增速不會像前幾個季度那麼高。

And then a quick follow-up question.

然後是一個快速的後續問題。

Obviously the Tencent partnership has started off tremendously well so far.

顯然，到目前為止，與騰訊的合作關係已經開始得非常順利。

As you think about the competitive landscape and maybe some of the lesser players with market share in the market like an Amazon, does it make sense to pursue any business development deals, to work together, potentially opening up even more international customers for JD?

當您考慮競爭格局以及一些像亞馬遜這樣在市場上佔據市場份額的較小參與者時，尋求任何業務開發交易、共同合作、有可能為京東開拓更多國際客戶是否有意義？

Thanks.

謝謝。

Well, we are always very open minded for any partnership, whether it's strategic or from a business perspective.

嗯，我們對任何合作夥伴關係始終持開放態度，無論是戰略還是商業角度。

But until something materializes, there's not much can be discussed.

但在事情具體化之前，沒有太多可以討論的。

Thank you.

謝謝。

You're welcome.

不客氣。

Mark Miller, William Blair.

馬克·米勒，威廉·布萊爾。

Yes, hi.

是的，嗨。

Good evening.

晚上好。

Where do you see the best opportunities right now to broaden the product offering?

您認為目前擴大產品範圍的最佳機會在哪裡？

And given the very strong growth in apparel and shoes, what is the management's view of the outlook for a flash sale offering?

鑑於服裝和鞋子的強勁增長，管理層對閃購產品的前景有何看法？

Flash sales is, for the most part, apparel and shoes; some home decoration.

限時搶購主要是服裝和鞋子；一些家居裝飾。

And we really just started the business last year and we're going to see -- the goal for this year for that business unit is quite ambitious.

我們去年才剛剛開始這項業務，我們將會看到——該業務部門今年的目標非常雄心勃勃。

And after Chinese New Year we're seeing a good start.

農曆新年之後，我們看到了一個良好的開端。

So -- yes that is looking good.

所以——是的，這看起來不錯。

(Interpreted) So Richard just said we started the business in all seriousness last year, in 2014.

（解釋）理查德剛剛說，我們是在去年 2014 年認真開始這項業務的。

So we're not going to give you a year-over-year growth because it will be very, very high.

所以我們不會給你帶來同比增長，因為它會非常非常高。

Yes, but if you look at the sequential growth from Q3 to Q4, it's over 100%.

是的，但如果你看看第三季度到第四季度的環比增長，你會發現它超過了 100%。

Yes and the growth rates for this year will be much higher than JD's growth rate overall.

是的，今年的增長率將遠高於京東的整體增長率。

It's still a small part of our overall business, but we think in two, three years it will become a more meaningful component of our business.

它仍然只是我們整體業務的一小部分，但我們認為在兩三年內它將成為我們業務中更有意義的組成部分。

Excellent.

出色的。

Thank you.

謝謝。

And then I have a question on the ultimate investment in fulfillment.

然後我有一個關於實現的最終投資的問題。

Is there, in the next couple of years, a leverage point that you expect on fulfillment, or do we anticipate it's going to continue to rise in terms of the investment?

在接下來的幾年裡，您期望實現的槓桿點是否存在，或者我們預計它會在投資方面繼續上升？

I guess I'm looking at the automation with the channel one warehouses and whether you'd just get a broad enough network that you can begin to bring that down at some point in the near term.

我想我正在研究第一通道倉庫的自動化，以及您是否可以獲得足夠廣泛的網絡，以便您可以在短期內的某個時候開始將其降低。

Thank you.

謝謝。

Right.

正確的。

This is also depending on the growth of the business and also how successful our warehousing services offered to the third-party merchants.

這也取決於業務的增長以及我們為第三方商家提供的倉儲服務的成功程度。

So it's actually a function of that and from that perspective, if the CapEx continues to rise, it would be actually very good news

所以這實際上是一個函數，從這個角度來看，如果資本支出繼續上升，這實際上是一個非常好的消息

Gene Munster, Piper Jaffray.

吉恩·蒙斯特，派珀·賈弗雷。

Good evening and I'll add my congratulations on the quarter.

晚上好，我將對本季度表示祝賀。

A question just in terms of if you could recap in terms of cohort analysis.

一個問題是你是否可以回顧一下隊列分析。

A typical customer, once you get them, how does the spending change, I guess, 6, 12, 24 months after you capture that customer?

一個典型的客戶，一旦你獲得了他們，我猜，在你獲得該客戶後的 6、12、24 個月內，支出會如何變化？

Thank you.

謝謝。

Yes.

是的。

Gene I don't have those numbers in front of me.

吉恩 我面前沒有這些數字。

But as I said, I was looking -- today I was looking at 2008 cohorts and 2011 cohorts.

但正如我所說，我今天正在研究 2008 年和 2011 年的群體。

We do see, over time, every year they place some orders with us.

隨著時間的推移，我們確實看到他們每年都會向我們下一些訂單。

They buy more stuff from us.

他們從我們這裡購買更多的東西。

But the average order size goes down because they venture into more categories other than the traditional 3C categories.

但平均訂單規模下降是因為他們涉足傳統 3C 類別以外的更多類別。

But I can't give you exact numbers now.

但我現在無法給你確切的數字。

Yes.

是的。

But overall spending, annual spending is also increasing.

但總體支出，每年的支出也在增加。

And also the 19 times on average that includes the dormant customers.

包括休眠客戶在內的平均 19 次。

So if you exclude those dormant customers, the 2008 customers that are still active today will actually buy on average more than 30 times a year.

因此，如果排除那些休眠客戶，那麼今天仍然活躍的 2008 年客戶實際上每年平均購買次數超過 30 次。

So it is actually a very good number.

所以這實際上是一個非常好的數字。

That was 30 times their original spend?

這是他們原來花費的 30 倍？

Well year one was 3.7 times.

第一年是 3.7 倍。

So if it's more than 3 times -- in terms of order frequency it would be (multiple speakers).

因此，如果超過 3 倍——就順序頻率而言，就是（多個發言者）。

Frequency, okay.

頻率還可以吧

Got it okay.

明白了，沒問題。

That's helpful.

這很有幫助。

Thank you.

謝謝。

You're welcome.

不客氣。

Sean Zhang, 86 Research.

張肖恩，86 歲，研究。

Thank you management.

謝謝管理。

Congratulations on the strong quarter.

祝賀季度表現強勁。

My question is on the top line growth.

我的問題是關於營收增長。

I look at your mobile growth, which grew 370% and 49% Q-on-Q.

我看看你們的移動增長情況，環比增長了 370% 和 49%。

Can you give us some color on the growth of your own native app versus Weixin and Mobile QQ app?

您能否給我們介紹一下您自己的原生應用程序相對於微信和手機QQ應用程序的增長情況？

And secondly I also see acceleration of your auto revenue almost tripled this quarter.

其次，我還看到本季度你們的汽車收入幾乎增加了兩倍。

And I just wondered, could you give us a breakdown in terms of what's the percentage of commission, what's the percentage of advertising revenue and fulfillment.

我只是想知道，您能否給我們詳細介紹一下佣金百分比、廣告收入百分比和履行情況。

The last quarter I remember management said advertising accounted for roughly a quarter of auto revenue.

我記得上個季度，管理層表示廣告約佔汽車收入的四分之一。

Just wondering if your advertising business has taken off, so what's the percentage now?

只是想知道您的廣告業務是否已經起飛，那麼現在的百分比是多少？

Thank you.

謝謝。

So yes, as I mentioned earlier, we do not currently break down the volume between app and Weixin.

所以，是的，正如我之前提到的，我們目前沒有細分應用程序和微信之間的數量。

But certainly a lot -- a very large majority of the volume still come from our own mobile app.

但肯定有很多——很大一部分數量仍然來自我們自己的移動應用程序。

But, on the other hand, the two Tencent channels are great contributors to new user acquisitions and also pretty good recurring purchases as well on both its own -- those own channels and also some of them actually begin purchasing on JD's app as well.

但另一方面，騰訊的兩個渠道對新用戶獲取做出了巨大貢獻，而且本身的經常性購買也相當不錯——這些渠道本身以及其中一些渠道實際上也開始在京東的應用程序上進行購買。

And then for -- sorry what's the second question?

然後——抱歉，第二個問題是什麼？

The second question is I saw an acceleration of your auto revenue tripled this quarter.

第二個問題是，我看到你們的汽車收入本季度增長了兩倍。

Just want a --

只是想要一個——

Right.

正確的。

Yes.

是的。

Right.

正確的。

So you can see the commission income will be more or less in line with the marketplace GMV growth.

所以你可以看到佣金收入或多或少會與市場GMV的增長保持一致。

And advertising still to be the second largest component in the service revenue.

廣告仍然是服務收入的第二大組成部分。

And also logistics service revenue is also fast growing and is the third-largest service category.

物流服務收入也在快速增長，成為第三大服務類別。

So all three are actually making very meaningful contribution.

所以這三個人實際上都在做出非常有意義的貢獻。

Thank you very much.

非常感謝。

Sure.

當然。

We're now approaching the end of the conference call.

電話會議即將結束。

We'll now turn the call over to JD.com's Ruiyu Li for her closing remarks.

我們現在將電話轉給京東的李瑞宇，她將作總結髮言。

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。

Thank you for your continued support and we look forward to speaking with you again.

感謝您一直以來的支持，我們期待再次與您交談。

This does conclude our today's conference.

我們今天的會議到此結束。

Thank you all for participating.

感謝大家的參與。

You may all disconnect.

你們都可以斷開連接。

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。