京東 (JD) 2015 Q1 法說會逐字稿

Hello, and thank you for standing by for JD.com's first quarter 2015 earnings conference.

您好，感謝您出席京東2015年第一季度財報會議。

(Operator Instructions).

（操作員說明）。

This conference is being recorded.

本次會議正在錄製中。

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 2015 earnings call.

謝謝運營商，歡迎參加我們的 2015 年第一季度財報電話會議。

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 first quarter 2015.

在今天的議程中，管理層將討論 2015 年第一季度的亮點。

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

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

Also, this call includes 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 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 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。

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

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 welcome everyone.

謝謝瑞宇，歡迎大家。

We are off to a strong start in 2015, as our reputation for quality and service continues to drive rapid growth.

2015 年我們迎來了一個良好的開端，我們的質量和服務聲譽繼續推動著快速增長。

During the quarter, we enhanced Tuniu's leading online shopping experience.

本季度，我們增強了途牛領先的在線購物體驗。

We expanded our range of products under [agreement] with top international tailors, and we launched JD worldwide to build international brands, a complete solution to reach Chinese consumers.

我們根據與國際頂級裁縫公司的[協議]擴大了產品範圍，並在全球範圍內推出了京東來打造國際品牌，這是接觸中國消費者的完整解決方案。

We made good progress across our O2O initiatives and Internet finance business, as well as in (inaudible), such as auto through our partnership with Bitauto.

我們在 O2O 計劃和互聯網金融業務以及（聽不清）領域取得了良好進展，例如通過與易車的合作在汽車領域取得了良好進展。

In addition, in March, we launched our equity crowdfunding platform, which is helping Chinese entrepreneurs develop their businesses for long-term success.

此外，我們在三月份推出了股權眾籌平台，幫助中國企業家發展業務，取得長期成功。

This is an exciting time for JD.com.

對於京東來說，這是一個激動人心的時刻。

Chinese consumers increasingly demand high quality, authentic products, and a truly great service.

中國消費者越來越需要高品質、正宗的產品和真正優質的服務。

And there is huge demand for a new generation of smart products and services that bridge the gap between on and offline.

人們對能夠彌合線上和線下差距的新一代智能產品和服務有著巨大的需求。

All of these areas are key to our long-term growth, and our experience, reputation and execution capabilities give us a powerful advantage.

所有這些領域都是我們長期增長的關鍵，我們的經驗、聲譽和執行能力給我們帶來了強大的優勢。

Again, thank you for joining us today.

再次感謝您今天加入我們。

I will now turn over the call to Sidney.

我現在將把電話轉給西德尼。

Thank you, Richard, and hello, everyone.

謝謝理查德，大家好。

I'll spend the next 10 minutes to walk through our Q1 financial results and Q2 outlook.

我將用接下來的 10 分鐘來介紹我們第一季度的財務業績和第二季度的前景。

We're very encouraged by our continued robust growth in the first quarter.

我們對第一季度的持續強勁增長感到非常鼓舞。

Our year-on-year GMV growth was 99% overall, and 94% for JD Mall, excluding the effect from the marketplace business acquired from the Tencent transaction.

剔除騰訊交易收購的市場業務的影響，我們的整體 GMV 同比增長 99%，京東商城增長 94%。

Our net revenue year-on-year growth was 62% in Q1, above our internal expectations, due to strong performance in our 1P business during Chinese New Year holiday.

由於農曆新年假期期間我們的 1P 業務表現強勁，我們第一季度的淨收入同比增長 62%，高於我們的內部預期。

The GMV composition was largely consistent with the prior quarter.

GMV 構成與上一季度基本一致。

GMV from general merchandise categories grew 151% and accounted for more than 49% of total GMV during the quarter.

百貨品類 GMV 增長 151%，佔本季度總 GMV 的 49% 以上。

Apparel and shoes continued to be the fastest growing category, with a year-over-year growth of 230%.

服裝和鞋履仍然是增長最快的品類，同比增長230%。

Other fast-growing categories included home furnishing, watches and handbags, and other related products.

其他快速增長的品類包括家居、手錶和手袋以及其他相關產品。

GMV from our marketplace business grew 185% in Q1 and accounted for 42% of our GMV during the period.

我們的市場業務 GMV 在第一季度增長了 185%，占同期 GMV 的 42%。

More notably, if you exclude Paipai and Wanggou contributions, GMV from our B2C marketplace grew at an accelerated rate of 176% year over year, compared to 171% growth in Q4 last year.

更值得注意的是，如果排除拍拍和網購的貢獻，我們的 B2C 市場的 GMV 同比增速高達 176%，而去年第四季度的增速為 171%。

On a sequential basis, our overall marketplace GMV declined 1%, due to seasonality.

由於季節性因素，我們的整體市場 GMV 環比下降了 1%。

But our B2C marketplace managed to buck the industry trend with its GMV growing 3%, sequentially, from the seasonally strong fourth quarter.

但我們的 B2C 市場成功逆行業趨勢而行，其 GMV 較季節性強勁的第四季度環比增長了 3%。

Even better, our first-party GMV had a sequential growth of 5%, driven by strong principal business during the Chinese New Year season, while third-party merchants tend to slow down or take off for the holidays.

更好的是，在農曆新年期間主營業務強勁的推動下，我們的第一方 GMV 環比增長了 5%，而第三方商家往往會因假期放緩或起飛。

As a result, the 1P GMV contribution increased 2%, sequentially, to 58% of total GMV.

結果，1P GMV 貢獻環比增長了 2%，達到總 GMV 的 58%。

This seasonal mix shift highlights JD's competitive advantage of running a principal business that can ensure quality and consistency in customer experience throughout the year.

這種季節性的組合轉變凸顯了京東經營主營業務的競爭優勢，可以確保全年客戶體驗的質量和一致性。

Our direct sales revenue grew 59% year over year, led by food, beverage, baby products, and cosmetics, as well as the mobile and home appliance categories.

我們的直銷收入同比增長 59%，其中食品、飲料、母嬰用品、化妝品以及手機和家電品類帶動增長。

Services and other revenue grew 139% year over year, mainly driven by triple digit growth in commission, advertising and logistics service revenues.

服務和其他收入同比增長 139%，主要受到佣金、廣告和物流服務收入三位數增長的推動。

Our non-GAAP gross margin improved to 12.2%, up from 10% a year ago, as a result of higher first-party gross margin, and higher GMV contribution from the marketplace.

由於第一方毛利率提高以及市場 GMV 貢獻增加，我們的非 GAAP 毛利率從一年前的 10% 提高至 12.2%。

Sequentially, gross margin came down 50 basis points, reflecting the mix shift due to seasonality.

隨後，毛利率下降了 50 個基點，反映出季節性造成的組合變化。

Non-GAAP fulfillment expense ratio declined slightly to 7.2% in Q1, compared to 7.3% in Q4.

第一季度非 GAAP 履行費用率小幅下降至 7.2%，而第四季度為 7.3%。

The decrease was mainly due to relatively lower logistics service cost, given Q4's seasonally strong marketplace activities.

下降的主要原因是考慮到第四季度市場活動季節性強勁，物流服務成本相對較低。

We expect the fulfillment expense ratio to increase in the next several quarters as we continue to invest in our O2O initiative, and our logistic infrastructure in lower tier cities, including county level service centers as part of our rural e-commerce strategy.

我們預計，隨著我們繼續投資 O2O 計劃以及低線城市的物流基礎設施（包括作為農村電子商務戰略一部分的縣級服務中心），履約費用率將在未來幾個季度上升。

The non-GAAP marketing expense ratio was 3% in Q1, compared to 3.3% in Q4 and 2.6% in the same quarter last year.

第一季度非 GAAP 營銷費用率為 3%，而第四季度為 3.3%，去年同期為 2.6%。

The sequential decrease was driven by seasonality, while the year-over-year increase was consistent with our enhanced marketing effort to raise our brand awareness this year.

環比下降是由季節性因素驅動的，而同比增長與我們今年為提高品牌知名度而加強的營銷努力一致。

We expect non-GAAP marketing expense ratio to remain above 3% in 2015.

我們預計 2015 年非 GAAP 營銷費用率將保持在 3% 以上。

Our non-GAAP R&D expense ratio also increased from 1.7% in the previous quarter to 1.8% this quarter, reflecting our R&D investment in existing and new business lines, such as financial services.

我們的非 GAAP 研發費用率也從上一季度的 1.7% 上升至本季度的 1.8%，反映了我們對金融服務等現有和新業務線的研發投資。

Altogether, our non-GAAP net margin was negative 0.6% in the first quarter, compared to negative 0.4% in the same quarter last year.

總的來說，我們第一季度的非 GAAP 淨利潤率為負 0.6%，而去年同期為負 0.4%。

However, if you just look at our core JD Mall business, both the non-GAAP operating margin and non-GAAP net margin improved meaningfully from the prior-year levels and were profitable during the quarter.

然而，如果你只看我們的核心京東商城業務，非美國通用會計準則營業利潤率和非美國通用會計準則淨利潤率均比上年水平大幅提高，並且在本季度實現盈利。

In other words, the non-GAAP net loss was entirely attributable to the new business lines where JD is investing for long-term growth and profitability for the years ahead.

換句話說，非公認會計準則淨虧損完全歸因於京東為未來幾年的長期增長和盈利能力而投資的新業務線。

Another important angle to gauge the health of our business is the cash flow and the working capital.

衡量我們業務健康狀況的另一個重要角度是現金流和營運資金。

We had a record quarter with over RMB2 billion in both operating cash flow and free cash flow.

我們的季度運營現金流和自由現金流均超過 20 億元人民幣，創歷史新高。

On the other hand, the inventory turnover remained low at 35 days, while accounts payable turnover was only 40 days.

另一方面，存貨周轉率仍維持在35天的低水平，而應付賬款周轉率僅為40天。

These working capital metrics reflect our industry-leading operating efficiency and significant potential to improve cash flow.

這些營運資本指標反映了我們行業領先的運營效率和改善現金流的巨大潛力。

We plan to maintain a positive operating cash flow from more active management of our working capital over the next five years.

我們計劃在未來五年內通過更積極地管理我們的營運資金來保持正的運營現金流。

Now let's discuss our financial outlook.

現在讓我們討論一下我們的財務前景。

We expect our Q2 net revenue growth between 52% and 56% on a year-over-year basis.

我們預計第二季度淨收入同比增長在 52% 至 56% 之間。

By now, we have finished four full quarters.

到目前為止，我們已經完成了四個完整的季度。

After integrating Tencent's e-commerce business in March 2014 we are very pleased that our organic growth remains robust with strong momentum.

2014 年 3 月整合騰訊電子商務業務後，我們很高興看到我們的有機增長依然強勁且勢頭強勁。

As for the non-GAAP bottom line, we maintain our previous guidance of between break even to a negative 0.5% for the full year 2015.

至於非 GAAP 利潤，我們維持之前對 2015 年全年盈虧平衡至負 0.5% 的指導。

While we are capable of making a profit at any time, as evidenced by our performance in the past two years, we remain convinced that it is in the best interest of our shareholders that we continue to invest opportunistically in the related new business lines, leveraging our skill and customer base to ensure sustained growth beyond the next three to five years.

雖然我們有能力隨時盈利，正如我們過去兩年的業績所證明的那樣，但我們仍然相信，我們繼續機會主義地投資於相關的新業務線，利用這些優勢，符合股東的最佳利益。我們的技能和客戶群可確保未來三到五年的持續增長。

Lastly, we are really excited about the newly announced strategic investment in tuniu.com.

最後，我們對途牛網新宣布的戰略投資感到非常興奮。

In addition to what's disclosed in the joint press release, I just wanted to add that Tuniu is specialized in packaged tour business, which has the perfect fit for leveraging our middle class customer base for cross-selling on JD's platform.

除了聯合新聞稿中披露的內容之外，我只想補充一點，途牛專注於跟團旅遊業務，這非常適合利用我們的中產階級客戶群在京東平台上進行交叉銷售。

Leisure travel is still an emerging trend in China, and the cultural differences and the language barrier will make organized tours a preferred choice for the mass consumers looking to travel overseas.

休閒旅遊在中國仍然是一種新興趨勢，文化差異和語言障礙將使跟團遊成為大眾消費者出境游的首選。

Tuniu and JD.com, through this strategic alliance, are best positioned to take advantage of this exciting trend.

途牛和京東通過這一戰略聯盟，最有能力利用這一令人興奮的趨勢。

With that, we will now move to the Q&A session, operator.

這樣，我們現在將進入問答環節，操作員。

(Operator Instructions).

（操作員說明）。

Eddie Leung, Merrill Lynch.

梁艾迪，美林證券。

Just I would like to get a sense on two so-called new initiatives.

我只是想了解一下兩項所謂的新舉措。

Could you share with us some of your strategy and plans for cross-border trade?

您能跟我們分享一下您在跨境貿易方面的一些策略和計劃嗎？

I think a lot of your competitors have been putting a lot of emphasis in that area.

我認為你們的很多競爭對手都非常重視這個領域。

And then secondly, any update about your online finance pieces would be great; if you can share any operating metrics that would be wonderful?

其次，有關您的在線金融作品的任何更新都會很棒；如果您可以分享任何運營指標，那就太好了？

Thanks.

謝謝。

Hi, Eddie, it's Haoyu.

嗨，艾迪，我是浩宇。

I'll take the cross-border business question.

我來回答一下跨境業務的問題。

We formally launched JD Worldwide April 2015; now we have [close to] 600 merchants online selling -- I think, the number of SKUs is in hundreds of thousands.

2015年4月，京東全球購正式上線；現在我們有[接近]600個商家在線銷售——我想，SKU的數量有幾十萬。

We do operate a few different models.

我們確實經營一些不同的型號。

We've rented bonded warehouses in a few cities in China, so we do direct import.

我們在中國的幾個城市租用了保稅倉庫，所以我們直接進口。

We also let some merchants use our rented bonded warehouse in these cities.

我們還讓一些商家使用我們在這些城市租用的保稅倉庫。

We also do direct shipping, mostly through third-party merchants.

我們還進行直接運輸，主要是通過第三方商家。

So it's in its early days and we think overseas shopping has a very good fit with JD's customer base, and JD's association with authenticity and choice.

所以現在還處於早期階段，我們認為海外購物非常適合京東的客戶群，以及京東與真實性和選擇的聯繫。

So we have it looks like a very promising business for us, but it's in early days right now.

因此，這對我們來說看起來是一項非常有前途的業務，但目前還處於早期階段。

Can I ask you [a further question] on that front?

我可以在這方面問你[一個進一步的問題]嗎？

When you select products, how can you avoid cannibalization between the existing brand of products on your platform versus those imported products?

當您選擇產品時，如何避免平台上現有品牌的產品與進口產品之間的相互蠶食？

In a lot of cases, there's not much cannibalization because of the selection, so a lot of SKUs are just not available in China.

很多情況下，由於選擇的原因並沒有太多的蠶食，所以很多SKU在中國是買不到的。

In cases where there's similar SKUs, at this point we don't look into that too much because the market's there, the consumer demand is there.

如果存在類似的 SKU，目前我們不會過多關注，因為市場就在那裡，消費者需求就在那裡。

So we just meet our customers' demand.

所以我們只是滿足客戶的需求。

And on your second question, Eddie, on Internet finance, we see robust growth in our consumer finance business.

關於埃迪的第二個問題，關於互聯網金融，我們看到我們的消費金融業務強勁增長。

We have gradually extended the target customer base against a selected group of JD customers.

我們已針對選定的京東客戶群體逐步擴大了目標客戶群。

And we also, through public media, you probably saw that we have some new initiatives on equity [core] funding, and a number of other new products.

我們還通過公共媒體，您可能看到我們在股權[核心]融資方面有一些新舉措，以及許多其他新產品。

But generally, they are still in fairly early stage, other than the supply chain financing and also consumer financing products.

但總的來說，除了供應鏈金融和消費金融產品外，它們還處於相當早期的階段。

So at this point, we have not disclosed any metrics, but will probably do so over the next few quarters.

因此，目前我們尚未披露任何指標，但可能會在接下來的幾個季度內披露。

(interpreted) I wanted to add a few words about cross-border e-commerce.

（口譯）我想補充幾句關於跨境電商的事情。

We're really focusing on two things this year for this business.

對於這項業務，我們今年真正關注的是兩件事。

The first one is to work with customs and bonded warehouses in different cities.

一是與不同城市的海關、保稅倉庫合作。

Right now, we're already working with three cities, and right now, as we speak, we're working with two other cities.

目前，我們已經與三個城市合作，現在，正如我們所說，我們正在與另外兩個城市合作。

So hopefully, by the end of the year, we'll have five cities that we can do this business through.

因此，希望到今年年底，我們將有五個城市可以開展這項業務。

And the second thing is really on selection.

第二件事實際上是關於選擇。

We've gone to these overseas recruiting trips, so to speak; we've been to Korea, France and Japan, and we're going to Australia soon.

可以這麼說，我們參加過這些海外招聘旅行；我們已經去過韓國、法國和日本，我們很快就會去澳大利亞。

We're going to those countries to recruit sellers, and looking at different merchandises that will fit Chinese consumers' needs.

我們將前往這些國家招募賣家，尋找適合中國消費者需求的不同商品。

So again it's early, but the numbers are looking promising and we will continue to invest in this business.

所以現在還為時過早，但數字看起來很有希望，我們將繼續投資這項業務。

And, again, it's a good fit with our brand image.

而且，這也非常符合我們的品牌形象。

(Operator Instructions).

（操作員說明）。

Erica Poon Werkun, UBS.

艾麗卡·潘·韋爾昆 (Erica Poon Werkun)，瑞銀集團。

My question is on your customer add.

我的問題是關於您的客戶添加。

Just wondering if you can share how many new active customer you added in Q1, and how many of those are from the Tencent, Weixin and QQ access point?

只是想知道您是否可以分享您在第一季度新增了多少活躍客戶，其中有多少來自騰訊、微信和QQ接入點？

And relatedly, I also wanted to understand on the Tencent relationship, wondering if you can share some other metrics such as traffic data, GMV contribution, etc?

與此相關，我也想了解一下與騰訊的關係，不知道您是否可以分享一些其他指標，例如流量數據、GMV 貢獻等？

Thank you.

謝謝。

We had disclosed a couple of metrics last quarter.

上季度我們披露了一些指標。

With the November 11 shopping festival, we saw a huge increase from those two entry points.

在 11 月 11 日購物節期間，我們看到這兩個入口點的銷量大幅增長。

So sequentially, because of the seasonality and a lesser promotional quarter, you don't necessarily see the same amount of new customer adds.

因此，由於季節性和促銷季度較少，您不一定會看到相同數量的新客戶添加。

But in terms of the contribution to new customer acquisition, the percentage was still close.

但就對新客戶獲取的貢獻而言，百分比仍然接近。

Last time we mentioned about roughly 20%, and in Q1, it's still fairly close to that number, even without the November 11 type of red dot promotion.

上次我們提到大約 20%，在第一季度，即使沒有 11 月 11 日的紅點促銷活動，它仍然相當接近這個數字。

So it's still very, very healthy.

所以它仍然非常非常健康。

So customer base also sequentially increased on a quarterly basis, even though Q4 was a really strong quarter.

因此，儘管第四季度是一個非常強勁的季度，但客戶群也按季度連續增長。

But starting this year, we will only disclose annual active customers.

但從今年開始，我們將只披露年度活躍客戶。

So you can see that, on a trailing 12-months basis, we did see a 90% growth in the first quarter.

所以你可以看到，在過去 12 個月的基礎上，我們確實看到第一季度增長了 90%。

Alicia Yap, Barclays.

艾麗西亞·葉 (Alicia Yap)，巴克萊銀行。

Congratulations on a solid quarter.

祝賀本季度業績穩定。

I have a question regarding the JD voucher.

我有一個關於京東優惠券的問題。

So can management elaborate a little bit on this initiative?

那麼管理層能否詳細說明一下這一舉措？

I understand it is still on a testing mode and may be limited to Beijing, or maybe some other city.

據我所知，它仍處於測試模式，可能僅限於北京，或者其他城市。

So I wanted to know how has been the traction so far, and should we expect this category to have a meaningful contribution down the road?

所以我想知道到目前為止的吸引力如何，我們是否應該期望這個類別在未來做出有意義的貢獻？

And if you could also provide the margin profile for this fresh food category?

您是否也可以提供該生鮮食品類別的利潤概況？

Thanks.

謝謝。

(interpreted) We formally launched our auto business recently.

（解說）我們最近正式啟動了汽車業務。

As you might know, we've been testing this for over one year now, and we think we have fixed, we finalized the business model.

如您所知，我們已經對此進行了一年多的測試，我們認為我們已經修復並最終確定了業務模型。

Right now, as you know, we're only in Beijing, but we're testing, as we speak, in Shanghai already.

如您所知，目前我們只在北京，但正如我們所說，我們已經在上海進行測試。

So by the end of Q2, hopefully, we'll get to four cities, Beijing, Shanghai, Guangzhou, and Shenzhen.

因此，到第二季度末，我們希望能夠到達北京、上海、廣州和深圳這四個城市。

And we're adding more provincial capitals by the end of the year.

到今年年底，我們還將增加更多省會城市。

So we're looking closely looking at the numbers every day.

因此，我們每天都在密切關注這些數字。

It's growing very fast, and it's very much liked by our customers.

它的增長速度非常快，並且非常受到我們客戶的喜歡。

Right now, we're really focusing on growing customer base and we are working with supermarkets.

目前，我們真正專注於擴大客戶群，並且正在與超市合作。

And the take rate is very low at this point, but that's not our focus at this point.

目前的採用率非常低，但這不是我們目前的重點。

What we really want to do, going forward, is crowdsourcing logistics, and we believe this model will enable us to serve more customers.

未來我們真正想做的是眾包物流，我們相信這種模式將使我們能夠服務更多的客戶。

By end of May, we will open up and recruit crowdsourcing delivery personnel.

5月底前，我們將開放並招募眾包配送人員。

Can you help me, what is crowdsourcing delivery?

你能幫我看看什麼是眾包配送嗎？

These are basically freelancers, if you will, contractors, not specific JD employees, and they do delivery for orders placed on JD.com.

這些基本上是自由職業者（如果你願意的話）、承包商，而不是特定的京東員工，他們為京東下的訂單提供送貨服務。

So it's a delivery model of [uber].

所以這是[uber]的交付模式。

That's right.

這是正確的。

Okay.

好的。

Alright, great.

好吧，太棒了。

Thank you.

謝謝。

Mark Miller, William Blair.

馬克·米勒，威廉·布萊爾。

Could you share with us your visibility on the backlog of third-party sellers, their interest in utilizing your fulfillment capabilities?

您能否與我們分享您對第三方賣家積壓訂單的了解以及他們對利用您的履行能力的興趣？

And then, is that a business that can be material as you progress through 2015?

那麼，隨著 2015 年的進展，這項業務是否會變得重要？

And the ramp up in that, is that more constrained by your own capacity and logistics' considerations?

而這方面的提升，是否更多地受到自身產能和物流考慮的限制？

Or is that a service that you need to market and build interest, and show that it accelerates the volume for sellers?

或者您需要這項服務來營銷和建立興趣，並表明它可以加速賣家的銷量？

It's not so much backlog in terms of merchants waiting to use our services.

等待使用我們服務的商家並不是積壓太多。

As we mentioned in the previous call, we do handle about 30% of the merchants parcels already in terms of last-mile delivery.

正如我們在之前的電話會議中提到的，我們已經處理了大約 30% 的商戶包裹的最後一英里配送。

I think what we will focus on, going forward, is convince more and more of them to use our warehouses.

我認為我們未來的重點是說服越來越多的人使用我們的倉庫。

Our warehouse space has been a constraint, capacity wise, but not so much any more.

我們的倉庫空間在容量方面一直受到限制，但現在已經不再那麼嚴重了。

So at this point, we're really focusing on selling into these merchants to use our warehouses.

因此，目前我們真正關注的是向這些商家銷售產品以使用我們的倉庫。

It takes more convincing for them to use our warehouses than just to use our last-mile delivery services.

讓他們使用我們的倉庫比僅僅使用我們的最後一英里送貨服務更需要說服力。

But we've made some progress.

但我們已經取得了一些進展。

As you might know, we've started working with UNIQLO recently, the Japanese fast retail business.

如您所知，我們最近開始與日本快速零售企業優衣庫合作。

And they're using our not only last-mile delivery, but also our warehouses.

他們不僅使用我們的最後一英里送貨服務，還使用我們的倉庫。

But it will take some time.

但這需要一些時間。

Great.

偉大的。

And if I could ask one other question?

我能否再問一個問題？

The take rate on third-party sales continues to migrate down, at least that computed percentage.

第三方銷售的接受率繼續下降，至少是計算得出的百分比。

Can you share with us the dynamics in terms of how we think about that contribution?

您能否與我們分享一下我們如何看待這一貢獻的動態？

Thanks.

謝謝。

The take rate is stable.

拿貨率穩定。

But it does vary by category.

但它確實因類別而異。

So some fluctuation from quarter to quarter may be due to the mix shift.

因此，季度之間的一些波動可能是由於混合變化造成的。

Because for example, in the fourth quarter during November 11 festival, there will be more apparel sales, which has higher take rate.

因為比如第四季度11月11日節日期間，服裝銷售會比較多，拿貨率會比較高。

And comparatively speaking, Q1 there will be more buying for food and beverage and other kind of New Year season gifts.

相對而言，第一季度食品飲料等新年禮物的購買量將會增加。

So the take rate will be a little bit different from the mix.

因此，採用率會與組合略有不同。

Ella Ji, Oppenheimer.

艾拉·吉，奧本海默。

Congratulations on solid quarter.

祝賀季度業績穩定。

First, I have a quick follow-up relating to your worldwide business.

首先，我對您的全球業務進行快速跟進。

So your logistics in the delivery services has been one of your key differentiations.

因此，您的物流配送服務一直是您的關鍵優勢之一。

Could you also talk about your services for the worldwide segment?

您能否談談您為全球市場提供的服務？

If now we've added one more step, which is customs clearance, do you still think your logistics and deliveries are better than other competitors on the market?

如果現在我們多了一步，就是清關，您還認為你們的物流和交付比市場上其他競爭對手更好嗎？

And so far, what is the average delivery time for the orders made on the worldwide?

到目前為止，全球訂單的平均交貨時間是多少？

And then the next question is relating to your partnership with Tuniu, I just want to clarify that if Tuniu is going to be your sole operator on JD Travel?

那麼下一個問題是關於你們與途牛的合作關係，我只想澄清一下，途牛是否會成為你們京東旅遊的唯一運營商？

And if that's right, I understand that Tuniu is mostly an outbound online travel agency.

如果是這樣的話，據我了解，途牛主要是一家出境在線旅行社。

So is it fair to say that your travel channel is going to be focused on outbound travel only?

那麼，你們的旅遊頻道將只專注於出境旅遊，這樣說公平嗎？

Thank you.

謝謝。

(interpreted) For the cross-border business, for the high velocity, high frequency SKUs, our goal is to stock them in bonded warehouses in China.

（解讀）對於跨境業務，對於高周轉、高頻率的SKU，我們的目標是把它們存放在中國的保稅倉庫。

And so far, the customs clearance time is very fast.

而且到目前為止，清關時間非常快。

We'll do direct shipping for the long tail SKUs, considering the inventory risk, then naturally the customer experience will not be as good as the SKUs that go through the bonded warehouses.

對於長尾SKU我們會直接發貨，考慮到庫存風險，那麼客戶體驗自然不會像通過保稅倉的SKU那麼好。

Depending on the categories in countries, it takes anywhere between four to 15 days to arrive.

根據國家/地區的類別，需要 4 到 15 天才能到達。

On the Tuniu question, we only give Tuniu exclusive right to operate the packaged tour and some related leisure travel channels.

關於途牛的問題，我們只給予途牛獨家運營跟團遊和一些相關休閒旅遊頻道的權利。

We do allow Tuniu to be a preferred partner in hotel booking services, but that's not exclusive.

我們確實允許途牛成為酒店預訂服務的首選合作夥伴，但這並不是排他性的。

So we will still maintain our own travel channel, but we will give Tuniu exclusive access to several sub-channels within the travel category.

所以我們仍然會保留自己的旅遊頻道，但是我們會給途牛獨家訪問旅遊類別中的幾個子頻道。

Thank you.

謝謝。

Cynthia Meng, Jefferies.

辛西婭·孟，杰弗里斯。

Congratulations for a strong quarter.

祝賀季度表現強勁。

I've a question on the mobile GMV contribution.

我對移動 GMV 貢獻有疑問。

Can management give us more color on the average ticket price per order on mobile, compared to PC?

與 PC 相比，管理層能否為我們提供更多關於移動設備上每個訂單的平均票價的信息？

And related to that, actually, related to the market price strategy, can you give us some more color, for the long term, how management thinks about the third party marketplace GMV contribution would be for the whole Company?

與此相關的是，實際上，與市場價格策略相關，您能否給我們更多的信息，從長遠來看，管理層如何看待第三方市場 GMV 對整個公司的貢獻？

And where is JD's competitive differentiation in the third-party marketplace, compared to other players in the market.

與市場上的其他參與者相比，京東在第三方市場的競爭優勢在哪裡？

Thank you.

謝謝。

Okay, so Haoyu will take the first question.

好的，浩宇回答第一個問題。

The first question, I guess, was about the GMV contribution from mobile.

我想第一個問題是關於移動端對 GMV 的貢獻。

We don't disclose that number, right?

我們不會透露這個數字，對吧？

We disclose the percent of orders.

我們披露訂單的百分比。

Right.

正確的。

So you're talking about ticket size?

那麼你是在談論門票的大小嗎？

Ticket size has been, actually on both PC and mobile, fairly consistent over the last several quarters.

事實上，過去幾個季度，PC 端和移動端的門票規模都相當穩定。

For Q1 in particular, we actually saw some increase in average order size, we think partly because we can -- now everyone is under suspension for the lottery tickets, which has low ticket sales.

特別是對於第一季度，我們實際上看到平均訂單規模有所增加，我們認為部分原因是我們可以——現在每個人都被暫停購買彩票，而彩票銷量很低。

But I think excluding that effect, it should be fairly consistent.

但我認為排除這種影響，它應該相當一致。

But mobile, generally, will have a lower ticket size than the PC average order value.

但一般來說，移動設備的訂單金額會低於 PC 的平均訂單價值。

I think we mentioned in the release that, in Q1, mobile accounted for 42% of our orders.

我想我們在新聞稿中提到，在第一季度，移動訂單占我們訂單的 42%。

So as far as GMV, that percentage will be lower but not very low, but we don't disclose that number.

所以就 GMV 而言，這個百分比會更低，但不會很低，但我們不會透露這個數字。

And on your question about third-party marketplace growth, Q1, if you look at these numbers sequentially, Q1 versus Q4, the Q4 is a big quarter for marketplace.

關於您關於第三方市場增長的問題，第一季度，如果您按順序查看這些數字，第一季度與第四季度相比，第四季度是市場的一個重要季度。

So if you compare first-party versus marketplace, the growth was similar from Q4 to Q1.

因此，如果比較第一方和市場，第四季度和第一季度的增長是相似的。

But, going forward, we think marketplace, the growth will continue to outpace the growth of first-party business, but we don't have a set goal.

但是，展望未來，我們認為市場的增長將繼續超過第一方業務的增長，但我們沒有設定目標。

I think Richard mentioned before that it's very possible, in the next few years, that the majority of our GMV will be from marketplace sellers.

我想理查德之前提到過，在接下來的幾年裡，我們的大部分 GMV 很可能來自市場賣家。

(interpreted) The overall market size for the category is dominated by marketplaces much larger than the standardized products usually handled by a joint model.

（解釋）該類別的整體市場規模由比通常由聯合模式處理的標準化產品大得多的市場主導。

You also asked the question of what's our differentiator versus some other platforms.

您還問了我們與其他平台的區別是什麼的問題。

I think we talked about this many times before.

我想我們之前已經討論過很多次了。

For merchants, we have higher income customers, and for the merchants we offer logistic services for them, so both of these can be very strong differentiators in the market.

對於商家來說，我們有收入較高的客戶，對於商家來說，我們為他們提供物流服務，所以這兩者都可以成為市場上非常強大的差異化因素。

Alex Yao, JPMorgan.

亞歷克斯·姚，摩根大通。

I just want to ask about the category expansion strategy for both of your 1P and 3P business now that you have investments in Tuniu and, obviously, you are pushing forward for the travel categories.

我想問一下，既然你們投資了途牛，而且顯然你們正在推進旅遊品類，那麼你們的1P和3P業務的品類擴張策略是怎樣的？

Any update on a two to three years view will be helpful.

任何兩到三年的更新都會有所幫助。

Thank you.

謝謝。

Yes.

是的。

We are a full category online retailer so we already cover all the essential categories.

我們是一家全品類在線零售商，因此我們已經涵蓋了所有基本類別。

The strategic alliance with Tuniu, and also with Bitauto last quarter, was really to expand our capabilities in more specialized verticals where vertical expertise was very important.

與途牛以及上季度與易車的戰略聯盟實際上是為了擴展我們在更專業的垂直領域的能力，而垂直專業知識非常重要。

So this has not changed our vertical expansion strategy.

所以這並沒有改變我們的垂直擴張策略。

We are in these verticals.

我們處於這些垂直領域。

It is really just a matter of execution in each and every of these categories.

這實際上只是每個類別的執行問題。

I mentioned a few categories in my prepared remarks, which ones are growing faster.

我在準備好的發言中提到了幾個類別，哪些類別增長得更快。

But I can tell you, just for our marketplace business, the vast majority of those categories are growing at triple digits.

但我可以告訴你，僅就我們的市場業務而言，其中絕大多數類別都以三位數的速度增長。

So we are making very good progress across all our categories.

因此，我們在所有類別上都取得了非常好的進展。

Gene Munster, Piper Jaffray.

吉恩·蒙斯特，派珀·賈弗雷。

I add my congratulations.

我補充一下我的祝賀。

In the past, you talked about JD growing at, or better than, overall e-commerce growth rates and the question is twofold.

過去，您談到京東的增長速度等於或高於電子商務的整體增長率，但問題是雙重的。

First is, do you still feel long term that that will be the case?

首先，從長遠來看，您是否仍然認為情況會如此？

And second is, now that you've had some time to think about and digest Alibaba's strategy, post IPO, has anything changed in how they're approaching the market that may be impacting how you feel about your ability to grow at or above e-commerce growth rates longer term?

其次，既然你已經有一些時間來思考和消化阿里巴巴的戰略，IPO後，他們進入市場的方式是否發生了任何變化，這可能會影響你對你的增長能力的看法？ - 長期商業增長率？

Thank you.

謝謝。

Right.

正確的。

We have been growing significantly faster than the industry and also our largest competitor.

我們的增長速度明顯快於行業，也是我們最大的競爭對手。

In particular, over the past several quarters we have seen, in a number of areas, accelerating growth.

特別是，在過去的幾個季度中，我們在許多領域看到了加速增長。

So the track record does provide strong evidence that our unique model is working; our focus on customer experience, focus on quality and service is definitely giving us a competitive edge versus our competitors in the industry.

因此，跟踪記錄確實提供了強有力的證據，證明我們獨特的模式正在發揮作用。我們對客戶體驗、對質量和服務的關注無疑使我們比行業競爭對手更具競爭優勢。

So yes, we don't not believe there's anything changed from our strategy point of view.

所以，是的，從我們的戰略角度來看，我們不相信有任何改變。

(interpreted) The only rule in e-commerce business is whoever can provide the best and that the best customer experience always wins.

（解讀）電商行業的唯一規則就是誰能提供最好的服務，最好的客戶體驗永遠是贏家。

Robert Lin, Morgan Stanley.

羅伯特·林，摩根士丹利。

Congratulations on the results.

祝賀結果。

I've two questions here.

我這裡有兩個問題。

I notice that you guys have tested the personalization of the homepage, essentially to change [your domain] and some of the articles I've read is that the initial feedback has been positive.

我注意到你們已經測試了主頁的個性化，主要是為了更改[您的域名]，我讀過的一些文章表明最初的反饋是積極的。

Can you just comment on why your initiative is different than other marketplaces like Taobao and the initial conversion rate, as well as the potential for long rollout too, the timing of the rollout for this year?

您能否簡單評論一下為什麼您的舉措與淘寶等其他市場不同，以及最初的轉化率，以及長期推出的潛力，以及今年推出的時間？

Second question is your third-party margin; there is a substantial decrease.

第二個問題是你的第三方保證金；出現大幅下降。

Now I notice, Sidney, you said it's a mix issue.

現在我注意到，西德尼，你說這是一個混合問題。

Are there any other factors that is contributing to that decline, meaning your warehousing services or your logistics services tracking down, besides just a mix shift?

除了混合轉變之外，是否還有其他因素導致這種下降，即您的倉儲服務或物流服務的下降？

Can you provide that color?

你能提供那個顏色嗎？

Thank you.

謝謝。

I'll take the homepage question.

我來回答主頁問題。

We did revamp our homepage in the first quarter, after a lot of testing and we added more personalization components in our homepage, but I think we are not doing enough yet.

經過大量測試，我們在第一季度對主頁進行了改造，並在主頁中添加了更多個性化組件，但我認為我們做得還不夠。

This is just a start.

這只是一個開始。

I think, as we grow our customer base, as we grow the number of orders every day, we get more data about our customers.

我認為，隨著我們客戶群的擴大，隨著每天訂單數量的增加，我們會獲得更多有關客戶的數據。

As they purchase, visit our site more frequently, we get more data about them, so we'll keep improving personalization.

隨著他們更頻繁地購買和訪問我們的網站，我們會獲得更多有關他們的數據，因此我們將不斷改進個性化服務。

And recently, we made a few very good hires, technology hires on this front, so you should expect to see more in that respect from us.

最近，我們在這方面聘用了一些非常優秀的技術人員，因此您應該期待從我們這裡看到更多這方面的人員。

But nothing in particular to add.

但沒有什麼特別要補充的。

On your second question for sequential gross margin change, there are really three key elements.

關於毛利率連續變化的第二個問題，實際上存在三個關鍵要素。

The first is commission, and I mentioned about the mix shift because Q4 was a stronger quarter for apparel which happened to have the highest commission rate.

第一個是佣金，我提到了混合轉變，因為第四季度是服裝行業表現強勁的季度，而該季度恰好具有最高的佣金率。

The second element is advertising.

第二個要素是廣告。

It also coincides with high promotional quarters, so Q21 and Q4, we'll see higher advertising revenue as a percent of total revenue.

它還恰逢促銷季，因此第二季度和第四季度，我們將看到廣告收入佔總收入的百分比更高。

So that also has impact on sequential decline in Q1.

因此，這也對第一季度的環比下降產生了影響。

And then third element is the logistics services, and because the marketplace activities slow down in Q1 because of Chinese New Year, so the outsourced third-party logistics services also were impacted.

第三個要素是物流服務，由於一季度市場活動因農曆新年而放緩，因此外包的第三方物流服務也受到了影響。

So all three, actually, had a seasonal effect basically, and that's what you should look at on a year-over-year basis, which we do see improvement across all three elements.

所以，實際上，這三個因素基本上都有季節性影響，這就是你應該逐年關注的，我們確實看到所有三個因素都有所改善。

Ida Yu, CICC.

於艾達，中金公司。

Congratulations for the great quarter.

祝賀這個偉大的季度。

I have one question here.

我在這裡有一個問題。

As I noticed that online direct sales GMV maintained very strong growth momentum and its portion also increased to 58% in Q1 from the previous quarter, and I think Sidney mentioned that it was due to the seasonality.

我注意到線上直銷GMV保持了非常強勁的增長勢頭，第一季度佔比也比上一季度增加到58%，我想Sidney提到這是由於季節性因素。

I'm also wondering what is the trend, going forward, and will the Company devote more resources to develop direct sales business for better quality control.

我也想知道未來的趨勢是什麼，公司是否會投入更多資源發展直銷業務，以更好地控制質量。

And also, can you also share with us what other categories that will lead this strong growth in direct sales?

另外，您能否與我們分享一下還有哪些品類將帶動直銷的強勁增長？

Thanks.

謝謝。

Right.

正確的。

So as I mentioned, Q1 was really mainly driven by seasonality, because third-party merchants tend to take off during the holidays.

正如我所提到的，第一季度實際上主要是由季節性驅動的，因為第三方商家往往會在假期期間起飛。

So it's more seasonality than Company strategy.

因此，季節性因素比公司戰略更具季節性。

We will continue to focus on both direct sales and marketplace businesses, as Richard and Haoyu, mentioned earlier because of the underlying market is larger for the long-tail products.

我們將繼續專注於直銷和市場業務，正如Richard和浩宇之前提到的，因為長尾產品的基礎市場更大。

So we do expect marketplace will continue to outgrow the principal business in the foreseeable future.

因此，我們確實預計在可預見的未來，市場的增長將繼續超過主營業務。

So Q1 was more of a seasonality issue rather than Company's strategic shift.

因此，第一季度更多的是季節性問題，而不是公司的戰略轉變。

What was the second part of the question?

問題的第二部分是什麼？

(spoken in Chinese).

（用中文說）。

Okay.

好的。

Sean Zhang, 86Research.

張肖恩，86Research。

Congratulations on a strong quarter.

祝賀季度表現強勁。

So my understanding is, JD's still in a very rapid growth stage.

所以我的理解是，京東仍然處於非常快速的增長階段。

I think the biggest driver for me is user growth and the market penetration.

我認為對我來說最大的驅動力是用戶增長和市場滲透。

So 90% user growth year over year, is that a surprise to management as well?

用戶同比增長 90%，這對管理層來說也是一個驚喜嗎？

Or going forward, what do you see the trend will be?

或者展望未來，您認為趨勢會是什麼？

And I also see that your order growth actually fell behind the user growth and also, what will be the trend for order growth, going forward?

我還看到你們的訂單增長實際上落後於用戶增長，而且，未來訂單增長的趨勢是什麼？

Thank you.

謝謝。

Yes, so the 90% customer growth is fairly consistent.

是的，所以 90% 的客戶增長是相當一致的。

It actually slowed down a bit from previous quarters on a year-over-year basis, as we continue to become with larger size.

實際上，隨著我們規模的不斷擴大，與前幾個季度相比，增速實際上有所放緩。

The order number is actually consistent with my earlier comment on average ticket size.

訂單號實際上與我之前對平均票數的評論一致。

So we suspect partly the reason for lottery tickets, even though -- the GMV contribution was very small, but the ticket size was also really, really small.

因此，我們懷疑部分原因是彩票，儘管 GMV 貢獻非常小，但彩票規模也非常非常小。

So that's why it actually impacts the number of orders.

這就是為什麼它實際上影響了訂單數量。

But other than that, there's really nothing unusual, other than we hope that the average order size is improving when customers buying more products in each order.

但除此之外，確實沒有什麼不尋常的，除了我們希望當客戶在每個訂單中購買更多產品時，平均訂單規模會有所改善。

Thomas Chong, Citi.

托馬斯·莊，花旗銀行。

I have two questions.

我有兩個問題。

The first question is about the number of third-party merchants in your 3P business.

第一個問題是關於你的3P業務中第三方商家的數量。

It seems that it is quite stable at about 60,000.

看起來還算穩定在6萬左右。

Can management provide us some color about your expectations in the upcoming quarters?

管理層能否向我們提供一些有關您對未來幾個季度的預期的信息？

And secondly, for fulfillment, can management share some color about the fulfillment as a percentage of revenue that comes from your warehousing and delivery services provided to third-party partners?

其次，對於履行，管理層是否可以分享一些有關履行情況的信息，即來自您向第三方合作夥伴提供的倉儲和配送服務的收入的百分比？

Thanks.

謝謝。

On the merchants for the current quarter, it's fairly consistent, as we continue to closely monitor the quality of our merchant base.

就本季度的商家而言，情況相當一致，因為我們繼續密切監控商家基礎的質量。

We are also increasing the annual service fees for each merchant, so really in a effort to continue to focus on the larger and more established merchant base.

我們還提高了每個商戶的年度服務費，因此確實是為了繼續專注於更大、更成熟的商戶群體。

But longer term, we do see that number to increase.

但從長遠來看，我們確實看到這個數字會增加。

I think our target is somewhere round the 100,000 merchants, that would be probably optimal.

我認為我們的目標是大約 100,000 個商家，這可能是最佳的。

As far as fulfillment as percent of revenue for third-party, it's very difficult to separate, because the same delivery staff will deliver for both 1P and 3P parcels.

就第三方履行收入的百分比而言，很難分開，因為相同的送貨人員將為 1P 和 3P 包裹提供送貨服務。

So it's impossible actually to separate them.

所以實際上不可能將它們分開。

That's why we have no longer -- even the gross margin is a non-GAAP measure.

這就是為什麼我們不再採用非公認會計準則衡量標準，甚至連毛利率也不再採用。

But it's somewhere -- if you just take a look at revenue and assume expense is same as the revenue because we're running at break-even at this point, it's roughly 1% to slightly higher, depending on the quarter.

但它是存在的——如果你只看一下收入並假設費用與收入相同，因為我們目前處於盈虧平衡狀態，那麼它大約是 1% 到略高，具體取決於季度。

Just add to what Sidney just said about the number of merchants.

再加上西德尼剛才所說的商家數量。

We always have quite high criteria when it comes to recruiting merchants to our platform.

在招募商家加入我們的平台時，我們始終有很高的標準。

We do offer a pretty good selection at this point already, so we're not looking to grow this marketplace into a very crowded marketplace.

目前我們確實已經提供了相當不錯的選擇，因此我們不希望將這個市場發展成為一個非常擁擠的市場。

We do want to offer selection but, at the same time, to make sure that every merchant can make reasonable money on our platform.

我們確實希望提供選擇，但同時確保每個商家都能在我們的平台上賺到合理的錢。

So going forward, we're definitely going to add more to our platform, but in a very measured way.

因此，展望未來，我們肯定會在我們的平台上添加更多內容，但會以一種非常謹慎的方式進行。

Eric Wen, Blue Lotus.

溫家寶，藍蓮花。

My question is regarding your operating cash flow.

我的問題是關於你們的經營現金流。

It looks like our operating cash flow has more than doubled during the quarter and you generated about RMB2.1 million and it was a positive change in working capital in this quarter.

看起來我們的運營現金流在本季度增加了一倍多，產生了約 210 萬元人民幣，這是本季度營運資金的積極變化。

Now I understand that coming off inventory buildup in Q4, we always have a positive cash flow in Q1, but can I get your comment on how scalable this cash flow, in fact, is in the future Q1s and if there's any one-time effect in this quarter?

現在我明白，隨著第四季度的庫存積累結束，我們在第一季度總是有正的現金流，但我能否請您評論一下這種現金流實際上在未來第一季度的可擴展性以及是否有任何一次性影響在這個季度？

Thanks.

謝謝。

Right, so there is a little one-time effect.

是的，所以有一點一次性的效果。

As you recall that, in Q4, we mentioned a few reasons for a negative operating cash flow.

您還記得，在第四季度，我們提到了運營現金流為負的幾個原因。

One of reason was we had some prepayments to start up for the Chinese New Year holiday season.

原因之一是我們有一些預付款來啟動農曆新年假期。

So that, obviously, in Q1 would be reversed.

因此，顯然，第一季度的情況將會逆轉。

But I think, even longer term on a sustainable basis, there is very good potential to sustain a positive operating cash flow.

但我認為，即使從長期來看，在可持續的基礎上，維持正運營現金流的潛力也很大。

I did mention, in my earlier remarks about working capital, our accounts payable days outstanding was only 40 days this quarter, which is probably the lowest in the industry.

我在之前關於營運資金的評論中確實提到過，本季度我們的應付賬款周轉天數僅為 40 天，這可能是行業中最低的。

So at some point, this payable cycle will gradually increase, which will certainly add a lot of cash flow to our business.

所以到了某個時候，這個應付週期會逐漸增加，這肯定會給我們的業務增加大量的現金流。

So we haven't really pulled the trigger, but the change should be moving up in the next three to five years.

所以我們還沒有真正扣動扳機，但這種變化應該會在未來三到五年內推進。

(interpreted) If you look at payable situations at other offline retailers of similar size, they tend to have much longer payable days, sometimes around 100 days.

（解釋）如果你看看其他類似規模的線下零售商的付款情況，你會發現他們的付款天數往往更長，有時在 100 天左右。

We only have about 40 days and this shows our strong support to our suppliers.

我們只有大約40天的時間，這表明我們對供應商的大力支持。

Having said that, it also indicates that we have a lot of potential to further improve our cash situation.

話雖如此，這也表明我們有很大的潛力進一步改善我們的現金狀況。

And we're not going to increase our payable days abruptly, but I think, over the next few years, we do have the potential to increase that by some days every year.

我們不會突然增加應付天數，但我認為，在接下來的幾年裡，我們確實有潛力每年增加一些天數。

Tian Hou, TH Capital.

侯天，泰合資本。

Question related to your expansion.

與您的擴展相關的問題。

In the tier 1 cities like what we live in Beijing, we saw JD deliver everywhere and from morning to the night and very active.

在我們北京這樣的一線城市，我們看到京東送貨無處不在，從早到晚，非常活躍。

So as Company's expansion strategy, you are going to lower tier cities.

因此，作為公司的擴張戰略，你將走向低線城市。

And that will related to the lower tier cities, warehousing, deliverings and labor.

這將涉及低線城市、倉儲、配送和勞動力。

So I wonder what the fulfillment cost is going to look like comparing in the tier 1, tier 2 city merchants or purchase.

所以我想知道與一級、二級城市商家或購買相比，履行成本會是什麼樣子。

That's the number one question.

這是第一個問題。

So the second one is really related to your overseas direct [haitao] program.

所以第二個確實和你們的海外直銷節目有關。

Haitao is such a big new thing, new trend and, however, it's very complicated.

海淘是一個很大的新事物、新趨勢，但它非常複雜。

It is product sourcing from all over the world.

它是來自世界各地的產品採購。

How do you resolve this very complex product sourcing issue?

您如何解決這個非常複雜的產品採購問題？

That's two questions.

這是兩個問題。

On the first, as you know, since last year, we started expanding into the lower tier cities by really building up delivery stations in third to six tier cities.

首先，大家知道，從去年開始，我們開始向低線城市擴張，真正在三六線城市建立配送站。

So there will be inefficiency at the beginning, but as the order density improves throughout the year we do see improvement on efficiency.

所以一開始效率會很低，但隨著全年訂單密度的提高，我們確實看到了效率的提高。

We do select the areas with very good population density.

我們確實選擇了人口密度非常好的地區。

If you look at the latest coverage, we now cover about 1,961 counties and districts out of 2,800 nationwide.

如果你看一下最新的覆蓋範圍，我們現在覆蓋了全國2,800個縣區中的大約1,961個。

So these are still highly populated areas.

所以這些仍然是人口稠密的地區。

We do see good potential to have highly efficiency last-mile operations in those areas.

我們確實看到了在這些地區進行高效最後一英里運營的巨大潛力。

In terms of the delivery service, we do not target -- also in those smaller areas we don't target same-day delivery, for example.

在送貨服務方面，我們不瞄準——例如，在那些較小的地區，我們也不瞄準當天送貨。

Our objective is to have as many of these areas covered by next-day delivery services, and we're seeing a great improvement over the past 12 months.

我們的目標是讓次日達服務覆蓋盡可能多的這些區域，並且在過去 12 個月中我們看到了巨大的進步。

I'll add to what Sidney said about fulfillment into lower tier cities.

我將補充西德尼所說的關於低線城市的履行情況。

We have, over the past years, been through this process many times.

在過去的幾年裡，我們已經多次經歷過這個過程。

We were only in the first tier cities in the early years.

早年我們只在一線城市。

When we go to second tier cities, we always had six months or a year when it's very uneconomical when we do deliveries ourselves.

當我們去二線城市時，我們自己送貨總是有六個月或一年的時間，非常不經濟。

But having people in JD uniform on the ground and delivering parcels to our customers is the most powerful marketing tool for us.

但讓身著京東制服的人員在現場為客戶遞送包裹對我們來說是最有力的營銷工具。

And very quickly we see order density going up and the cost per order will take care of itself.

很快我們就會看到訂單密度上升，每個訂單的成本也將自行下降。

Now we're going to fourth tier, fifth tier and even sixth tier cities and we're confident that, as our order density goes up, we will benefit tremendously.

現在我們要進軍四線、五線甚至六線城市，我們相信，隨著訂單密度的提高，我們將受益匪淺。

Your second question about haitao.

你的第二個問題是關於海濤的。

Yes, it is a very complicated business, a lot of SKUs, so there are a few things we're doing, as Richard mentioned earlier, that we've been -- one thing we do is we go to these different countries, we work with the government, and we do these conferences to try to recruit sellers onto our platform.

是的，這是一項非常複雜的業務，有很多 SKU，所以我們正在做一些事情，正如理查德之前提到的，我們所做的一件事就是我們去這些不同的國家，我們與政府合作，我們召開這些會議來嘗試招募賣家進入我們的平台。

We also work with different models.

我們還與不同的模型合作。

We work directly with brands; we work with distributors a lot at this point as well, and also we are talking to multi-brand retailers in different countries as well.

我們直接與品牌合作；目前我們也與經銷商進行了很多合作，並且我們也在與不同國家的多品牌零售商進行洽談。

So we're trying a few different approaches.

所以我們正在嘗試幾種不同的方法。

(interpreted) For the brands that really meet Chinese consumers' needs, right now we are probably working with distributors importing to China.

（解讀）對於真正符合中國消費者需求的品牌，目前我們可能正在與經銷商合作進口到中國。

But over time, we want to work directly with the brands to get their authorization to become their authorized reseller in China, doing it through a first-party model.

但隨著時間的推移，我們希望直接與品牌合作，通過第一方模式獲得他們的授權，成為他們在中國的授權經銷商。

John Choi, Daiwa.

約翰·崔，大和。

A very brief question on your flash sales initiatives.

關於您的閃購活動的一個非常簡短的問題。

Could management share any progress and more color to share with us, and also any idea on the contribution to the GMV.

管理層能否與我們分享任何進展和更多色彩，以及對 GMV 貢獻的任何想法。

Thank you.

謝謝。

It's probably, I would say, about half of the business -- maybe more than half is apparel and shoes.

我想說，這可能占到一半以上的業務——也許一半以上是服裝和鞋子。

We don't disclose exact numbers, but it's still, if we look at the Q1 numbers, it's still growing very fast sequentially and also year over year.

我們沒有透露確切的數字，但如果我們看一下第一季度的數據，它仍然在連續快速增長，並且逐年增長。

And a significant portion of that business now uses our warehouses and delivery, but if you look at overall, it's still a small number, but growing fast.

現在該業務的很大一部分使用我們的倉庫和交付，但如果你從整體上看，它仍然是一個很小的數字，但增長很快。

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, Ruiyu Li, for closing remarks.

我現在將電話轉給京東李瑞宇，他將致閉幕詞。

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。

Thank you for your continued support, and we are looking forward to talking with you in the future.

感謝您一直以來的支持，我們期待著將來與您交談。

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。

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。