京東 (JD) 2015 Q3 法說會逐字稿

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

您好，感謝您出席京東 2015 年第三季度財報電話會議。

(Operator Instructions).

（操作員說明）。

Today's conference is being recorded.

今天的會議正在錄製中。

(Operator Instructions).

（操作員說明）。

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.

謝謝你，接線員。

And welcome to our third quarter 2015 earnings call.

歡迎參加我們的 2015 年第三季度財報電話會議。

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

今天和我一起參加電話會議的還有我們的創始人、董事長、首席執行官劉強東和首席財務官黃西德。

For today's agenda, management will discuss highlights for the third quarter 2015.

在今天的議程中，管理層將討論 2015 年第三季度的亮點。

Following the prepared remarks, Haoyu Shen, CEO of JD Mall, will join Mr. Liu and Mr. Huang for the Q&A session 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加電話會議的問答環節。

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

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

Also this call, including discussions of certain non-GAAP financial measures, please refer to our earnings release which contains a reconciliation of non-GAAP measures to the most directly comparable GAAP measures.

此外，本次電話會議，包括對某些非公認會計原則財務指標的討論，請參閱我們的收益發布，其中包含非公認會計原則指標與最直接可比的公認會計原則指標的調節表。

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

最後請注意，除非另有說明，本次電話會議中提到的所有數字均以人民幣為單位。

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 welcome, everyone.

謝謝瑞宇，歡迎大家。

We are pleased to announce another strong quarter of growth and profit.

我們很高興地宣布又一個強勁的季度增長和利潤。

JD.com has always been the leader in bringing Chinese consumers the best brands, with the [fastest], most convenient and worry-free shopping experience.

京東一直引領著為中國消費者帶來最好的品牌，以及【最快】、最便捷、無憂的購物體驗。

And with our world-class nationwide logistics coverage, I'm proud to say that over the last two months nearly 90% of Jingdong.com direct sale orders were delivered on the same or next day.

憑藉我們世界級的全國物流覆蓋，我很自豪地說，在過去的兩個月裡，近 90% 的京東直銷訂單都在當天或第二天送達。

And JD.com's mobile shopping experience continues to be the envy of the industry.

而京東的移動購物體驗持續令業界羨慕。

On November 11, more than 70% of orders were placed through our mobile platforms.

截至11月11日，超過70%的訂單是通過我們的移動平台下的。

As you may have read, we recently made the decision to close our C2C platform, Paipai.com as of December 31.

您可能已經讀到，我們最近決定從 12 月 31 日起關閉我們的 C2C 平台拍拍網。

We have worked very hard to develop Paipai.com, but at the end of the day, we have found that it is impossible to control counterfeits on our C2C e-commerce platform in China.

我們非常努力地發展拍拍網，但最終我們發現我們在中國的C2C電子商務平台上無法控制假貨。

The simple fact is that only a pure B2C event sales and [multi-players] platform can deliver a reliably, high-quality customer experience that is up to JD.com standard.

一個簡單的事實是，只有純粹的 B2C 活動銷售和[多人]平台才能提供符合京東標準的可靠、高質量的客戶體驗。

Thank you for dialing in today.

感謝您今天撥通。

And we will now turn the call over to Sidney.

我們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。

We're very encouraged by our topline growth in the third quarter, despite of intensified competition in the industry.

儘管行業競爭加劇，但我們對第三季度的營收增長感到非常鼓舞。

Excluding Paipai.com, our year-over-year core GMV growth was 76%, a very strong showing in light of the relatively slow consumption growth during the third quarter.

不包括拍拍網，我們的核心GMV同比增長為76%，鑑於第三季度消費增長相對緩慢，這一表現非常強勁。

This quarter also represents a more apples-to-apples comparison than the previous quarter, as we launched our mobile access on WeChat in late May of 2014 and our Mobile QQ in early August last year.

本季度也比上一季度有更多的同類比較，因為我們於 2014 年 5 月下旬推出了微信移動訪問，並於去年 8 月初推出了手機 QQ。

Our net revenue growth was 52% in Q3, above the midpoint of our guidance.

第三季度我們的淨收入增長率為 52%，高於我們指導的中值。

As we cautioned on our last earnings call, the slowing macroeconomic condition could impact our business, although the extent of such impact has been relatively small in the third quarter.

正如我們在上次財報電話會議上警告的那樣，宏觀經濟狀況放緩可能會影響我們的業務，儘管這種影響在第三季度相對較小。

We continue to be confident that with our differentiated value proposition and better customer experience, JD.com is in a better position than our competition to weather any macro headwind.

我們仍然相信，憑藉差異化的價值主張和更好的客戶體驗，京東比我們的競爭對手處於更有利的地位，能夠抵禦任何宏觀逆風。

During the third quarter our active customer accounts and average orders per customer have both seen healthy sequential growth over the seasonally strong second quarter.

在第三季度，我們的活躍客戶賬戶和每個客戶的平均訂單都比季節性強勁的第二季度實現了健康的連續增長。

Our GMV composition was largely consistent with the prior quarters.

我們的 GMV 構成與前幾個季度基本一致。

Since we are discontinuing our Paipai.com C2C operations, going forward we will focus our analysis on the core GMV excluding Paipai numbers.

由於我們將停止拍拍網 C2C 業務，因此未來我們將重點分析除拍拍數據之外的核心 GMV。

In the third quarter, our core GMV from general merchandise categories grew 98% and accounted for nearly 49% of total core GMV during the quarter.

第三季度，我們來自百貨品類的核心 GMV 增長了 98%，佔該季度核心 GMV 總額的近 49%。

Apparel and footwear continued to be the largest general merchandise category, with triple-digit year-over-year growth over a very strong prior-year quarter.

服裝和鞋類仍然是最大的一般商品類別，與去年同期非常強勁的季度相比，實現了三位數的同比增長。

Other fast-growing key categories included home furnishing, food and beverage, cosmetics and sporting goods, all growing at triple-digit rates.

其他快速增長的主要類別包括家居、食品和飲料、化妝品和體育用品，均以三位數的速度增長。

Core GMV from our marketplace business grew 121% in Q3 and accounted for nearly 45% of our core GMV during the period.

我們市場業務的核心 GMV 在第三季度增長了 121%，占同期核心 GMV 的近 45%。

Sequentially it grew 13% over the seasonally strong second quarter.

隨後，它比季節性強勁的第二季度增長了 13%。

A couple of highlights on our specialty business lines.

我們專業業務線的幾個亮點。

First, our flash sales business, launched in early 2014, saw its GMV growing over 300% on a year-over-year basis and contributed more than 1% of our total GMV in the third quarter.

首先，我們於2014年初推出的閃購業務，其GMV同比增長超過300%，佔第三季度總GMV的1%以上。

Apparel, cosmetics and accessories contribute the bulk of the business.

服裝、化妝品和配飾佔據了大部分業務。

Second, our cross-border business, launched in Q1 this year, also saw significant momentum, with a sequential growth rate of over 100% compared to the seasonally strong second quarter.

其次，我們今年第一季度推出的跨境業務也呈現出強勁的勢頭，與季節性強勁的第二季度相比，環比增長率超過100%。

Key categories included baby products, packaged food and cosmetics.

主要類別包括嬰兒用品、包裝食品和化妝品。

Our direct sales revenues grew 48.5% year over year, led by food and beverage, cosmetics, mobile and home appliance categories.

我們的直銷收入同比增長 48.5%，其中食品飲料、化妝品、手機和家電品類領先。

Services and other revenue grew 111% year over year, an acceleration from the second quarter growth.

服務和其他收入同比增長 111%，增速較第二季度有所加快。

This triple-digit growth rate demonstrated the strong momentum of our marketplace business and healthy monetization of the platform.

這種三位數的增長率證明了我們市場業務的強勁勢頭和平台的健康貨幣化。

Our non-GAAP gross margin improved to 13.4%, up from 12.2% a year ago as a result of higher GMV contribution from the marketplace.

由於市場 GMV 貢獻增加，我們的非 GAAP 毛利率從一年前的 12.2% 提高至 13.4%。

Non-GAAP gross margin on direct sales revenue declined slightly on a year-over-year basis, mainly due to short-term, brand-driven competition in the mobile device industry where several brands are selling their products at near-cost prices, which in turn temporarily affected the retail margin in the third quarter.

非公認會計準則直銷收入毛利率同比略有下降，主要是由於移動設備行業的短期品牌驅動競爭，多個品牌以接近成本的價格銷售其產品，這使得進而暫時影響了第三季度的零售利潤率。

We believe such a brand-driven competition is short term in nature.

我們認為這種品牌驅動的競爭本質上是短期的。

And we expect the mobile device gross margin to stay low in the fourth quarter, but will recover in 2016.

我們預計第四季度移動設備毛利率將保持在低位，但將在 2016 年恢復。

Non-GAAP fulfillment expense ratio was 7.7% in Q3, compared to 7.2% in the same quarter last year.

第三季度非 GAAP 履行費用率為 7.7%，而去年同期為 7.2%。

The higher fulfillment expense ratio was mainly driven by our investment in the O2O initiative and the lower average order value, as a result of higher revenue contribution from general merchandise categories.

較高的履行費用率主要是由於我們對O2O計劃的投資以及由於日用百貨類別的收入貢獻較高而導致平均訂單價值較低。

The non-GAAP marketing expense ratio was 3% in Q3, compared to 3.6% in Q2 and 1.9% in the same quarter last year.

第三季度非 GAAP 營銷費用率為 3%，而第二季度為 3.6%，去年同期為 1.9%。

The year-over-year increase was mainly driven by increased spending for the new business initiatives in Internet finance and O2O.

同比增長主要是由於互聯網金融和O2O新業務舉措的支出增加。

Our non-GAAP R&D and G&A expense ratios increased 22 basis points and 15 basis points respectively, compared to the prior-year levels, reflecting incremental investments in our new business lines.

與上年水平相比，我們的非 GAAP 研發費用率和一般管理費用率分別增加了 22 個基點和 15 個基點，反映了我們對新業務線的增量投資。

Altogether, our non-GAAP net margin was 0.1% in the third quarter compared to 1.3% in the same quarter last year.

總的來說，我們第三季度的非 GAAP 淨利潤率為 0.1%，而去年同期為 1.3%。

However, if we look at our core JD Mall business, the non-GAAP operating margin was similar to the prior-year level.

然而，如果我們看看我們的核心京東商城業務，非公認會計原則營業利潤率與上年水平相似。

So the decline in Group level operating margin was mainly driven by the investments in various new business initiatives.

因此，集團層面營業利潤率的下降主要是由於對各種新業務計劃的投資造成的。

Now let's discuss our cash flow.

現在我們來討論一下我們的現金流。

Our Q3 adjusted free cash flow was slightly negative.

我們第三季度調整後的自由現金流略有負值。

This is largely due to timing difference in our payables schedule and higher CapEx during the quarter.

這主要是由於我們的應付賬款計劃的時間差異和本季度較高的資本支出。

The accounts payable balances stayed relatively flat as of September 30 as compared to June 30.

截至9月30日，應付賬款餘額與6月30日相比保持相對持平。

Recall we had a very large cash inflow in Q2, partly driven by a higher payable balance versus the previous quarter end.

回想一下，我們在第二季度有大量現金流入，部分原因是應付餘額較上一季度末更高。

As the turnover days are calculated using the simple averages of the beginning and ending balances in the quarter, there is a delayed effect of the higher Q2 ending balance.

由於周轉天數是使用季度期初餘額和期末餘額的簡單平均值計算的，因此第二季度期末餘額較高會產生延遲效應。

As a result, the accounts payable turnover increased to 52 days in Q3, even though the actual payable balance was flat.

因此，儘管實際應付賬款餘額持平，但第三季度應付賬款周轉天數增加至 52 天。

To minimize the impact of these operational timing differences, we could look at the cash flow for the last 12 months, which would have less volatilities.

為了最大程度地減少這些運營時間差異的影響，我們可以查看過去 12 個月的現金流，該現金流的波動性較小。

We continue to expect our LTM free cash flow to be positive, excluding impact from Internet finance.

我們繼續預計長期自由現金流為正，排除互聯網金融的影響。

As disclosed in our free cash flow calculation, our Internet finance business continued to grow during the third quarter.

正如我們的自由現金流計算所披露的，我們的互聯網金融業務在第三季度持續增長。

Cash outflow totaled approximately RMB3.6b, including RMB1.6b to consumer financing and RMB2b to suppliers and merchants.

現金流出總計約3.6億元人民幣，其中1.6億元人民幣流向消費者融資，20億元人民幣流向供應商和商戶。

As mentioned on our last call, given the increasing cash outflow from this business, we started securitizing the loan portfolios.

正如我們在上次電話會議中提到的，鑑於該業務的現金流出不斷增加，我們開始將貸款組合證券化。

In October and November, we have completed two tranches of the consumer credit asset securitization, totaling over RMB2.1b in proceeds.

10月和11月，我們完成了兩期消費信貸資產證券化，募集資金總額超過2.1億元人民幣。

Our first supplier credit securitization is also underway and expected to close in the near future.

我們的首個供應商信貸證券化也在進行中，預計將在不久的將來完成。

Looking into 2016, we expect the Internet finance business to be self-funded, without any further cash outflow from the Group.

展望2016年，我們預計互聯網金融業務將實現自籌資金，集團不會出現進一步現金流出。

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 Q4 net revenue growth between 47% and 51% on a year-over-year basis.

我們預計第四季度淨收入同比增長在 47% 至 51% 之間。

This guidance reflects the solid growth momentum in our e-commerce core business, while incorporating some level of conservatism, given the competitive dynamic and uncertain macroeconomic condition.

該指引反映了我們電子商務核心業務的穩健增長勢頭，同時考慮到競爭動態和不確定的宏觀經濟狀況，同時也包含了一定程度的保守性。

For the non-GAAP bottom line, we maintain our previous guidance of between breakeven to negative 0.5% for the full year 2015.

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

This concludes my prepared remarks and we can now move to the Q&A session.

我準備好的發言到此結束，我們現在可以進入問答環節。

Operator.

操作員。

(Operator Instructions).

（操作員說明）。

Alicia Yap, Barclays.

艾麗西亞·葉 (Alicia Yap)，巴克萊銀行。

Hi.

你好。

Good morning and good evening, Richard, Sidney and Haoyu.

早上好，晚上好，理查德、西德尼和浩宇。

Thanks for taking my questions.

感謝您回答我的問題。

I have a quick questions regarding, I think JD recently signed a number of agreements with the foreign brands and launched various country malls on the marketplace.

我有一個簡單的問題，我認為京東最近與外國品牌簽署了許多協議，並在市場上推出了多個國家購物中心。

So can you give us some colors on the progress of these; any meaningful contributions to GMV in the future you would expect?

您能給我們一些關於這些進展的信息嗎？您期望未來對 GMV 有何有意義的貢獻？

And then related to that, is that, I wanted to get a sense, did the El Nino, the weather have any impact to JD merchandise sales in general, and then, particularly apparels got impacted?

與此相關的是，我想了解一下，厄爾尼諾現象、天氣對京東商品的整體銷售有什麼影響，然後，特別是服裝受到影響嗎？

Thank you.

謝謝。

Hi.

你好。

Hi, Alicia, this is Haoyu.

嗨，艾麗西亞，我是浩宇。

As far as JD worldwide, I think, so far we've opened seven country malls on JD Worldwide.

就京東全球購而言，我認為到目前為止，我們已經在京東全球購上開設了七個國家購物中心。

And we're seeing pretty good growth momentum.

我們看到了相當好的增長勢頭。

As Sidney just mentioned in his prepared remarks, if you look at Q3 versus Q2, we're seeing 100% growth, albeit on a small scale.

正如 Sidney 剛剛在他準備好的講話中提到的那樣，如果你對比第三季度和第二季度，我們會看到 100% 的增長，儘管規模很小。

It's not a very material part of our GMV yet, but we expect to grow into a bigger portion of the business.

這在我們的 GMV 中還不是一個非常重要的部分，但我們預計將在業務中佔據更大的份額。

As far as weather, we haven't seen any meaningful impact on our apparel sales.

就天氣而言，我們還沒有看到對我們的服裝銷售產生任何有意義的影響。

I've talked to my team recently, and we've just had a pretty successful Double 11 sales event.

我最近和我的團隊聊過，我們剛剛舉辦了一次相當成功的雙11促銷活動。

And apparel category grew very healthily.

服裝品類增長非常健康。

So, so far, we can't tell any meaningful impact of the weather.

因此，到目前為止，我們還無法判斷天氣有任何有意義的影響。

And just add a comment on just overall global brands growth rate.

只需添加對全球品牌整體增長率的評論即可。

We actually looked at, during November 11 shopping promotion, that 12-day period; out of the top 300 brands, the international brands actually grew faster than the domestic brands.

實際上，我們在 11 月 11 日購物促銷期間研究了這 12 天的時間段；在300強品牌中，國際品牌的增長速度實際上快於國內品牌。

So it's -- we have seen very, very encouraging results from our global brand expansion.

所以，我們在全球品牌擴張中看到了非常非常令人鼓舞的結果。

Eddie Leung, Merrill Lynch.

美林證券的梁艾迪。

Hi.

你好。

Good evening.

晚上好。

Thank you for taking my question.

感謝您回答我的問題。

My question is more about your logistics segment.

我的問題更多是關於你們的物流部門。

I remember last quarter you mentioned that, because the demand for cash on delivery started to reduce, so that affected the proportion of merchants using your logistics services.

我記得上個季度您提到過，因為貨到付款的需求開始減少，所以影響了使用您物流服務的商家比例。

So wondering if you could give us an update on that front?

想知道您能否向我們介紹這方面的最新情況？

And just a follow-up question, could you also give us an update on your logistics coverage in the rural areas?

後續問題，您能否向我們介紹一下您在農村地區的物流覆蓋範圍的最新情況？

I want to get a sense of the progress.

我想感受一下進展。

Thank you.

謝謝。

Well, the percentage of cash on delivery is still declining.

嗯，貨到付款的比例仍在下降。

In a sense it's a very good news for our business because that will reduce our costs and also increase the -- improve the efficiency of our last-mile delivery employees.

從某種意義上說，這對我們的業務來說是一個非常好的消息，因為這將降低我們的成本，並提高我們最後一英里送貨員工的效率。

But it does impact the percentage of parcel, third-party parcels handled by us.

但這確實影響了我們處理的包裹、第三方包裹的百分比。

So that continues to be the case.

所以情況仍然如此。

And we are still working with our merchants of different categories to prove to them that our logistics service has not only helped them to improve efficiency, reduce cost, but also help them to improve revenue to attract more sales on JD.

我們還在與不同品類的商家合作，向他們證明我們的物流服務不僅幫助他們提高了效率、降低了成本，還幫助他們提高了收入，吸引了更多的京東銷售額。

But this continues to be a long-term effort.

但這仍然是一項長期的努力。

And second question is coverage of rural, right?

第二個問題是農村的覆蓋範圍，對嗎？

Yes, coverage -- yes.

是的，報導——是的。

We continue to penetrate lower-tier cities.

我們繼續滲透低線城市。

Now the latest number shows, with our own employees we are already covering over 2,200 districts and counties in China.

現在最新的數據顯示，我們自己的員工已經覆蓋了中國2200多個區縣。

And we now cover now -- I think 90% of the products that are delivered by us are actually delivered on the same day or next day.

我們現在涵蓋了——我認為我們交付的產品 90% 實際上是在同一天或第二天交付的。

And we have a few other programs going on.

我們還有一些其他項目正在進行中。

One is to penetrate lower-tier cities, major appliances category, because that's a pretty special category that needs special handling.

一是滲透到二三線城市，大家電品類，因為這是一個比較特殊的品類，需要特殊處理。

And we have a partnership program called Jingdong Bang, now it's already in over, I think, 1.200 counties.

我們有一個名為“京東幫”的合作夥伴計劃，現在已經覆蓋了 1200 多個縣。

That's where we have these partnership programs and it's driving a lot of our major appliances' sales.

這就是我們開展這些合作夥伴計劃的地方，它推動了我們許多主要家電的銷售。

And Richard mentioned, in previous calls, that we have the [Nungsun Tui Wanlian] program, where we hire these agents, representatives, in villages to help us drive sales.

理查德在之前的電話中提到，我們有[Nungsun Tui Wanlian]計劃，我們在村莊僱用這些代理商、代表來幫助我們推動銷售。

And we've hacked the 100,000 mark as of Q3, I think, and they're helping us.

我認為截至第三季度我們已經突破了 100,000 個大關，他們正在幫助我們。

It's still in early stages; we're still training them, they're still learning how to promote JD with their neighbors and the villagers.

目前仍處於早期階段；我們仍在培訓他們，他們仍在學習如何向鄰居和村民推廣京東。

But it's -- we're still putting a lot of effort behind the penetration into lower-tier cities.

但我們仍在努力滲透到低線城市。

Alan Hellawell, Deutsche Bank.

艾倫·海拉威爾，德意志銀行。

Great.

偉大的。

Thank you very much.

非常感謝。

First of all, I was hoping you could give us maybe some more explicit update on JD Daojia.

首先，我希望您能給我們一些關於京東到家的更明確的更新。

Maybe you can talk to us about scale and what the impact of margins might be this year and going forward.

也許您可以與我們討論規模以及今年和未來利潤率的影響。

And then, secondly, I'm not sure if our calculations are correct but have we sensed a pretty significant increase in return rates on the business in the third quarter?

其次，我不確定我們的計算是否正確，但我們是否感覺到第三季度業務回報率出現了相當顯著的增長？

And, if so, could you give us a little color?

如果是這樣，你能給我們一點顏色嗎？

Thank you.

謝謝。

(Interpreted).

（解釋）。

So we started our Daojia outsourced business this April.

所以我們今年四月份開始了到家外包業務。

We have a dedicated team working on this.

我們有一個專門的團隊致力於此。

And up to now, we have over 10,000 stores on our platform.

截至目前，我們平台上已有超過10,000家商店。

And we already have over 300,000 registered crowdsourcing delivery employees -- not employees, delivery personnel.

我們已經擁有超過 30 萬註冊眾包配送員工——不是員工，而是配送人員。

And on Double 11, they delivered over 500,000 parcels for JD.

雙11，他們為京東配送的包裹超過50萬件。

And we're growing the business by over 30% month by month.

我們的業務逐月增長超過 30%。

In terms of GMV, it's still small compared with JD Mall.

從GMV來看，與京東商城相比仍然較小。

We're still operating at a loss, as all the players, O2O players in China do but the loss is at a manageable level and lower than the industry level.

和中國所有的O2O玩家一樣，我們仍然處於虧損狀態，但虧損處於可控水平，低於行業水平。

Yes.

是的。

And then let me answer on the return rates.

然後讓我回答退貨率。

The return rates has been fairly consistent with prior quarters.

回報率與前幾個季度相當一致。

And if you're asking about the difference between GMV and revenue and -- on a year-over-year basis, there is a decline, as we explained before but on a sequential (technical difficulty).

如果你問的是 GMV 和收入之間的差異，那麼同比而言，就會出現下降，正如我們之前解釋的那樣，但是連續下降的（技術難度）。

So the year-over-year decline was partly due to the mobile expansion and partly due to payment success rate.

因此，同比下降的部分原因是移動擴張，部分原因是支付成功率。

But I think both have seen improvement on a sequential basis over the last couple of quarters.

但我認為在過去幾個季度中，兩者都取得了連續改善。

Erica Poon Werkun, UBS.

艾麗卡·潘·韋爾昆 (Erica Poon Werkun)，瑞銀集團。

Great, thank you.

太好了謝謝。

Can you share some additional color on Singles Day, such as categories and basket and how much traffic was coming from WeChat, etc?

您能否分享一下雙十一的一些額外亮點，例如類別和購物籃以及來自微信的流量等？

And what's that implication on your Q4 gross margin of the mix shift between 1P and 3P and also the product mix?

1P 和 3P 之間的混合轉變以及產品組合對第四季度的毛利率有何影響？

And also wanted to check whether you've seen any meaningful changes in the competitive landscape for [major] appliances?

還想檢查一下您是否看到[主要]家電的競爭格局發生了任何有意義的變化？

Thank you.

謝謝。

We have disclosed a lot of information.

我們已經披露了很多信息。

Post November 11 we mentioned a few categories such as 3C category, home appliance, both growing at triple digit on a year-over-year basis.

11月11日後我們提到了3C品類、家電等幾個品類，同比均以三位數增長。

And also for food and beverage growing at an even faster growth rate.

食品和飲料的增長速度甚至更快。

So overall we saw growth rate across all categories, actually very exciting for the period.

總的來說，我們看到了所有類別的增長率，這實際上非常令人興奮。

So -- but on the other hand, it's a short period of time out of the Q3 -- Q4 overall volumes.

所以，但另一方面，這是第三季度第四季度總體銷量的一小段時間。

So it doesn't really -- it's not necessarily indicative of the full-quarter performance.

所以它實際上並不一定代表整個季度的業績。

Just to add some qualitative color, basket sizes tend to be bigger on Double 11 or during sales, because all the sales are actually, has a certain amount, you reach this amount we give you some cash back.

只是為了增加一些定性的色彩，雙11或者促銷期間購物籃的尺寸往往會更大，因為所有的銷售實際上都是有一定數量的，你達到這個數量我們會給你一些現金返還。

So basket sizes tend to be higher.

因此籃子的尺寸往往更大。

And I think, in our press release, we did talk about just about half of the new customers, new-buying customers on that day actually came from the WeChat and the Mobile QQ.

我想，在我們的新聞稿中，我們確實談到了大約一半的新客戶，當天新購買的客戶實際上來自微信和手機QQ。

So it's increasingly becoming a major source of new customer acquisition for us.

因此，它日益成為我們獲取新客戶的主要來源。

And also, in Q2 -- in Q4, because it's a big season for apparel, so you tend to see faster growth of third party versus first party in Q4.

而且，在第二季度和第四季度，因為這是服裝的旺季，所以你往往會看到第四季度第三方的增長速度比第一季度更快。

And you also mentioned major appliances; I think we've mentioned that major appliances also had tremendous growth during the 11-day sales event.

您還提到了大家電；我想我們已經提到大家電在為期11天的促銷活動中也有巨大的增長。

And that, I think, we -- our leadership position in e-commerce in this category, major appliance category is probably unrivalled at this point.

我認為，我們在電子商務這一類別、大型家電類別中的領導地位目前可能是無與倫比的。

(Spoken in Chinese).

（用中文說）。

So Richard wants to talk more about the (multiple speakers).

所以理查德想更多地談論（多個發言者）。

Yes, go ahead.

好，去吧。

(Interpreted).

（解釋）。

So JD has long established its leadership position in electronics category overall.

因此，京東早已確立了其在電子品類整體的領導地位。

And we also are now very strong in general merchandise, especially after this round of sales, our sales in general merchandise is probably one of the biggest in China, among all the offline and online retailers.

而且我們現在百貨也非常強大，特別是經過這一輪銷售，我們的百貨銷售額可能是中國線下和線上零售商中最大的之一。

And apparel is probably one of the [last] categories we will establish leadership position eventually.

服裝可能是我們最終將建立領導地位的[最後]類別之一。

And, although, competitors, had this (inaudible) strategy versus brands and merchants, what I can tell you is very few, maybe a handful of brands didn't participate in our sales event, this Double 11.

而且，雖然競爭對手對品牌和商家有這種（聽不清）策略，但我能告訴你的是很少，也許少數品牌沒有參加我們的銷售活動，這個雙11。

Even this handful of merchants, they told us that they will stay on our platform after Double 11.

即使是這一小撮商家，他們也告訴我們，雙11之後他們會繼續留在我們平台。

So the management is fully confident that we will be a leader in the apparel category.

因此管理層對我們將成為服裝類別的領導者充滿信心。

In fact, the same apparel brands mentioned at post November 11, they will come back with more resources on our platform.

事實上，11 月 11 日後提到的相同服裝品牌，他們將在我們的平台上帶著更多資源回來。

So it's a great validation that JD.com is providing great value to these brands.

因此，這是京東為這些品牌提供巨大價值的有力證明。

Cynthia Meng, Jefferies.

辛西婭·孟，杰弗里斯。

Thank you, management.

謝謝你，管理層。

My question is in the logistics advantage you have.

我的問題是你們擁有的物流優勢。

We see that -- basically, last year, I remember, Richard and Shen dong, you talked about using 3C as the category to attract traffic.

我們看到——基本上，去年，我記得，理查德和沈東，你們談到用3C作為品類來吸引流量。

And JD also has the advantage of delivering to end users with the last-mile access.

京東還具有為最終用戶提供最後一英里訪問的優勢。

Now, in November 11, particularly in the 3C consumer electronics and home appliance category, Alibaba also advertised their alliance with Suning in delivering.

如今，11月11日，尤其是在3C消費電子和家電品類上，阿里巴巴也宣布與蘇寧聯手發貨。

So just wondering if management can give us your perspective, what do you see as the advantage in logistics?

所以想知道管理層是否可以向我們提供您的觀點，您認為物流的優勢是什麼？

Will this be high enough entry barrier, or do you see your competitive edge being -- having new competitor, from Suning and Alibaba, so your competitive edge is being flattened?

這是否是一個足夠高的進入壁壘，或者你是否認為你的競爭優勢——有了來自蘇寧和阿里巴巴的新競爭對手，所以你的競爭優勢正在被削弱？

Thank you.

謝謝。

Yes.

是的。

There are a lot of numbers floating around regarding the logistics network.

關於物流網絡有很多數字。

So -- but I think one key data point that Richard mentioned in his remarks, I think that's really the key.

所以，但我認為理查德在他的講話中提到的一個關鍵數據點，我認為這確實是關鍵。

We look at, over the past two months, nearly 90% of all of our direct sales orders are being delivered within the same day or next day.

我們看到，在過去的兩個月裡，我們所有直銷訂單中近 90% 都是在當天或第二天交付的。

I think that's a figure, if you ask any competition, it will be, luckily, half of that, if not less.

我認為這是一個數字，如果你問任何競爭，幸運的是，它會是這個數字的一半，甚至更少。

So I think that's one very important data point for investors to keep in mind, because sometimes competition will refer to areas they cover, but it doesn't really tell you whether all the customers in that city, for example, are getting delivery within the same day.

因此，我認為這是投資者需要牢記的一個非常重要的數據點，因為有時競爭會涉及他們所覆蓋的區域，但它並不能真正告訴你該城市的所有客戶是否都在該城市內獲得送貨服務。同一天。

They will say to you, we cover so many cities with one-day delivery, but the actual coverage is far less just on average.

他們會對你說，我們一日達覆蓋了這麼多城市，但實際覆蓋率遠遠低於平均水平。

It just says that maybe somebody in that particular region will get same-day delivery.

它只是說也許該特定地區的某人會收到當日送達服務。

So I think that's a very, very important distinction.

所以我認為這是一個非常非常重要的區別。

Clearly if you, also, if you do any consumer survey through third-party, independent research firms, the result will also speak for themselves.

顯然，如果您通過第三方獨立研究公司進行任何消費者調查，結果也會說明一切。

(Spoken in Chinese).

（用中文說）。

So one thing that Richard -- that's Richard -- Richard encouraged you all to do is to place a few orders with us and place a few orders with our competitors, see what kind of delivery speed you will get.

所以理查德——理查德——理查德鼓勵大家做的一件事就是向我們下一些訂單，並向我們的競爭對手下一些訂單，看看你們會得到什麼樣的交貨速度。

And we've been working on this network in the past eight years and Richard believes that we are probably at least five years ahead of anybody.

在過去的八年裡，我們一直致力於這個網絡，理查德相信我們可能比任何人至少領先五年。

Tian Hou, T.H. Capital.

侯天 H.首都。

Yes, good evening, management.

是的，晚上好，管理層。

I have a question related to your warehouse.

我有一個關於你們倉庫的問題。

And in the press release you mentioned you newly added two Asian number 1 warehouses in Wuhan and Guangzhou.

您在新聞稿中提到，您在武漢和廣州新增了兩個亞洲第一倉庫。

So along with the previous one, so you have three now, so I wonder what kind of capacity does this increasing bring you up to?

那麼加上前一個，現在你有三個了，所以我想知道這個增加會給你帶來什麼樣的能力？

And how far has this capacity, relative to your needs?

相對於您的需求，這種能力有多遠？

And are you going to build up more in the near future?

在不久的將來你會建造更多嗎？

That's the warehouse issue.

這就是倉庫的問題。

Yes, so the one in Wuhan and the one in Guangzhou officially went online last quarter.

是的，所以武漢的和廣州的在上季度就正式上線了。

And I think in the -- in the Double 11 press release we mentioned that the Asian number 1 in Guangzhou fulfilled 500,000 orders on that day.

我想在雙11新聞稿中我們提到，廣州的亞洲第一當天完成了50萬份訂單。

The design capacity is not that high but at peak it can do that much capacity.

設計容量不是那麼高，但在高峰時可以做到那麼大的容量。

And these more modern warehouses do help us to increase fulfillment capacity, especially in large cities where the land is scarce.

這些更現代化的倉庫確實幫助我們提高了履行能力，尤其是在土地稀缺的大城市。

So we're continuing to -- we have a -- in all of our hub cities, plus a few more central cities, we are going to build Asian number 1 and we'll have more come online in the next year or two.

因此，我們將繼續——我們有——在我們所有的中心城市以及更多的中心城市，我們將打造亞洲第一，並且在未來一兩年內我們將有更多的城市上線。

George Meng, Goldman Sachs.

喬治·孟，高盛。

Hey, good evening, management.

嘿，晚上好，管理層。

Thank you very much for taking my question.

非常感謝您回答我的問題。

My question is now on your marketplace.

我的問題現在在你們的市場上。

As this is becoming increasingly more important -- the marketplace business -- do you have plans to better help your brand partners to do more like ominchannel?

隨著市場業務變得越來越重要，您是否有計劃更好地幫助您的品牌合作夥伴做更多類似全渠道的事情？

Since many brands already have offline presence, do you -- how do you think about this?

由於許多品牌已經擁有線下業務，您對此有何看法？

How do you help them not only achieve success on your platform but also do well in the overall omnichannel distribution?

您如何幫助他們不僅在您的平台上取得成功，而且在整體全渠道分銷中取得良好表現？

Or you don't really have plans to do that and just focus more on your platform because from their standpoint, a lot of them are actually worrying about the conflicts between different channels, in particular online and offline channels.

或者你並沒有真正的計劃這樣做，只是更多地關注你的平台，因為從他們的角度來看，他們中的很多人實際上擔心不同渠道之間的衝突，特別是線上和線下渠道之間的衝突。

Thank you very much.

非常感謝。

We do have some efforts going on already helping some of our merchants increase their sales of their offline stores.

我們確實已經在努力幫助一些商家提高線下商店的銷售額。

For example, we're working with a couple of apparel brands who have extensive offline store fronts and we're helping them to share inventory between the physical stores and their warehouses for their online sales.

例如，我們正在與幾個擁有廣泛線下店面的服裝品牌合作，我們正在幫助他們在實體店和倉庫之間共享庫存以進行在線銷售。

So a customer -- if a customer places an order online, if the e-commerce warehouse doesn't have the inventory but a nearby store has that particular SKU, that order can be fulfilled by that store.

因此，如果客戶在網上下訂單，如果電子商務倉庫沒有庫存，但附近的商店有特定的 SKU，則該訂單可以由該商店履行。

The customer can either pick up that piece of merchandise in a store or the store can use couriers to send that piece of merchandise to the customer.

顧客可以在商店提取該商品，或者商店可以使用快遞員將該商品發送給顧客。

So we're definitely aligned with our merchants as far as driving their online sales and offline sales.

因此，在推動線上銷售和線下銷售方面，我們絕對與商家保持一致。

Thomas Chong, Citigroup.

托馬斯·莊，花旗集團。

Hi, thanks, management, for taking my questions.

您好，謝謝管理層回答我的問題。

I have three questions.

我有三個問題。

The first question about the flash sales.

第一個問題是關於閃購的。

Can management talk a bit about your expectation in terms of the GMV contribution going down the road and how many brands are you cooperating right now?

管理層能否談談您對未來 GMV 貢獻的期望以及您目前正在合作的品牌有多少？

My second question is about the headcount.

我的第二個問題是關於人數。

Given the headcount right now is already over 90,000, what's the headcount expansion plan in 2016?

目前員工人數已經超過9萬，2016年的員工擴張計劃是什麼？

And my last question is about the pricing of the app store.

我的最後一個問題是關於應用商店的定價。

Can management also talk about the trend in the fourth quarter and going forward?

管理層能否談談第四季度和未來的趨勢？

Thanks.

謝謝。

The first question about flash sales.

第一個問題是關於閃購的。

Sidney mentioned in this prepared remarks that we had tremendous growth in Q2 and it now accounts for more than 1% of our GMV.

西德尼在準備好的發言中提到，我們在第二季度取得了巨大的增長，現在占我們 GMV 的 1% 以上。

It's mostly apparel, cosmetics and accessories and home.

主要是服裝、化妝品、配飾和家居。

We -- I don't have the exact count of how many brands we work with but we work with a lot of brands on their overstock inventory and also we work a lot -- we work with a lot of the same brands for their end season merchandise in our apparel business.

我們 - 我沒有確切的數字與我們合作的品牌有多少，但我們與很多品牌合作處理他們的積壓庫存，而且我們也做了很多工作 - 我們與很多相同的品牌合作以達到他們的目的我們的服裝業務中的季節性商品。

So we have a full range of solutions for these brands.

所以我們為這些品牌提供了全方位的解決方案。

And we also offer logistic services.

我們還提供物流服務。

And we do have pretty good programs in handling logistics for flash sales business.

我們在處理閃購業務的物流方面確實有相當好的計劃。

(Interpreted) We've had this business for about two years, over one year now, and we've -- I think we've established pole market position in this category.

（解釋）我們從事這項業務大約兩年了，現在一年多了，我認為我們已經在這一類別中建立了領先的市場地位。

And more importantly our fulfillment capability provided by dozens of warehouses all over China will assure the customer experience of flash sales will be superior to what customers can get from some other platform.

更重要的是，我們遍布中國的數十個倉庫提供的履行能力將確保閃購的客戶體驗將優於客戶從其他平台獲得的體驗。

We are gaining the confidence from many brands, many merchants and we are very comfortable -- we are very optimistic that in the next few years this business will continue to grow very rapidly.

我們正在獲得許多品牌、許多商家的信任，我們感到非常放心——我們非常樂觀地認為，在未來幾年內，這項業務將繼續快速增長。

Yes, from apparel brands in particular.

是的，尤其是服裝品牌。

And then I just -- let me quickly address your second question on headcounts.

然後我只是——讓我快速回答你關於人數的第二個問題。

We did actually announce that our plan for the next years, we expect to reach 150,000 people by the end of next year.

我們確實宣布了未來幾年的計劃，預計到明年年底將達到 15 萬人。

(Spoken in Chinese).

（用中文說）。

Okay sorry, so let me rephrase so.

好吧，抱歉，讓我重新表述一下。

So we announced that we will add at least 40,000 headcount.

所以我們宣布我們將增加至少40,000名員工。

There was a third question, I didn't get the --

還有第三個問題，我沒聽懂——

Sean Zhang, 86Research.

張肖恩，86Research。

Thank you, management, and congratulations on the healthy quarter.

謝謝管理層，並祝賀本季度的健康發展。

My question is in light with the -- your core user growth above 60% and in light of the increasing overall migration, how do you view your partnership with Tencent?

我的問題是，鑑於您的核心用戶增長超過 60%，並且考慮到整體遷移的不斷增加，您如何看待與騰訊的合作關係？

Would you share with us some color on that, like the percentage of traffic, percentage of GMV from Weixin and Mobile QQ?

您能否與我們分享一些相關信息，例如微信和手機QQ的流量百分比、GMV百分比？

And also, we're interesting in your [Jingding Zhuhai] the Tencent JD plan.

另外，我們對你們的[珠海京鼎]騰訊京東計劃很感興趣。

Would you share with us so far how many -- through this plan, how many brands have done advertisement on Weixin and QQ?

您能否跟我們分享一下，到目前為止，通過這個計劃，有多少品牌在微信和QQ上做了廣告？

And what kind of new ad formats we will see in the future apart from the daily movement as we are seeing right now?

除了我們現在看到的日常活動之外，未來我們還會看到什麼樣的新廣告格式？

Thank you.

謝謝。

We value the partnership with Tencent very much and that partnership adds a lot of value to JD.

我們非常重視與騰訊的合作關係，這種合作關係為京東增加了很多價值。

So we -- the entry point on WeChat's been around for a year and a half.

所以我們——微信的入口點已經存在了一年半了。

And the entry point on Mobile QQ's been around for over a year now.

而手Q這個入口點已經存在一年多了。

And in the past just about a year and a half, we are seeing steady growth of number of orders and GMV in absolute numbers and also in percentage terms.

在過去大約一年半的時間裡，我們看到訂單數量和 GMV 的絕對數量和百分比都在穩步增長。

And we were very happy to see that growth.

我們很高興看到這種增長。

And I think one reason is the growth -- the MAU growth or DAU growth of these two apps but also, I think, that's a testament to the effort of the team to work closely -- in working closely with Tencent's team in exploring e-commerce in a social context.

我認為原因之一是增長——這兩個應用程序的月活躍用戶增長或日活躍用戶增長，而且我認為，這證明了團隊密切合作的努力——與騰訊團隊密切合作探索電子商務。社會背景下的商業。

And as I mentioned earlier, November 11, over half of the first-time customers are actually from Mobile QQ and WeChat.

正如我之前提到的，11月11日，超過一半的首次客戶實際上來自手機QQ和微信。

And as far as the Jingding Zhuhai for the 11 -- for the November campaign, I think we had about 50 brands working with us and Weixin to spend money on [Loman] app.

就珠海金鼎 11 月的活動而言，我認為大約有 50 個品牌與我們和微信合作，在 [Loman] 應用程序上花錢。

And I think the integration of social data and our transaction data to enable the brand to do marketing, do branding with Tencent and eventually lead transaction and sales to JD's shopping entry points on WeChat and QQ, so far proved to be very effective and we'll continue to work together and to give the merchants better ROI and give customers better experience.

我認為社交數據和我們的交易數據的整合，使品牌能夠做營銷，與騰訊一起做品牌，最終將交易和銷售引導到京東的微信和QQ上的購物入口點，到目前為止證明是非常有效的，我們”我們將繼續共同努力，為商家帶來更好的投資回報率，為客戶帶來更好的體驗。

(Interpreted) Traditionally there were two types of advertising.

（解釋）傳統上有兩種類型的廣告。

One is branding -- brand oriented, the other is performance based.

一是品牌化——以品牌為導向，二是以績效為導向。

And they were never integrated.

而且他們從來沒有整合過。

And Jingding Zhuhai is the first time that Tencent and JD give the brands and merchants opportunity to integrate their brand-oriented advertisement and performance advertising together meaning they do branding on Tencent and transaction on JD.

而珠海京鼎是騰訊和京東首次為品牌商和商家提供將品牌廣告和效果廣告整合在一起的機會，即在騰訊做品牌，在京東做交易。

So they very much like it and we'll keep it fully on.

所以他們非常喜歡它，我們將繼續保持它。

Jin Yoon, Mizuho Securities.

Jin Yoon，瑞穗證券。

Hey, good evening, guys.

嘿，晚上好，伙計們。

Are you guys actively pursuing sales campaigns for Black Friday and Double 12?

你們是否正在積極開展黑色星期五和雙12促銷活動？

If so, what -- do you have a sense of what percentage GMV these three sales days represent in the quarter?

如果是這樣，您是否了解這三個銷售日的 GMV 在本季度中所佔的百分比？

Thanks, guys.

多謝你們。

(Interpreted).

（解釋）。

So Black Friday, yes, especially from the JD-wide standpoint, we are going to have campaigns then.

所以黑色星期五，是的，特別是從京東的角度來看，我們將在那時開展活動。

And December 12, yes.

12 月 12 日，是的。

We will have some campaign around that and we're still thinking about what category we'll be focusing on.

我們將圍繞這個開展一些活動，我們仍在考慮我們將關注哪個類別。

But we can't predict how much GMV that's going to generate.

但我們無法預測它將產生多少 GMV。

Chi Tsang, HSBC.

曾志，匯豐銀行。

Great thank you very much for taking my question.

非常感謝您提出我的問題。

I was wondering ifyou could give us some commentary regarding how the economic slowdown is impacting your business in the tier 1, tier 2 cities versus some of the lower-tier cities?

我想知道您能否給我們一些關於經濟放緩對您在一二線城市和一些二線城市的業務有何影響的評論？

And secondly, I'm wondering if you're seeing any signs of stability or maybe improvement in the overall consumption environment?

其次，我想知道整體消費環境是否有任何穩定或改善的跡象？

Thanks so much.

非常感謝。

Yes, as I mentioned earlier, we suspect the macroeconomic headwind may have some impact on our business.

是的，正如我之前提到的，我們懷疑宏觀經濟逆風可能會對我們的業務產生一些影響。

But at this point, the extent of this impact, if any, should be very small because clearly we have not seen much of an impact, given the growth we had in Q3 and our expected growth in Q4.

但就目前而言，這種影響的程度（如果有的話）應該非常小，因為考慮到我們在第三季度的增長和我們對第四季度的預期增長，顯然我們還沒有看到太大的影響。

So the impact on tier 1, tier 2 or tier cities would probably have a similar -- will have a similar response to that.

因此，對一線、二線或一線城市的影響可能會產生類似的反應。

If you look at our Q3 lower tier city growth rate, it's clearly growing faster than the tier 1, tier 2 cities.

如果你看一下我們第三季度低線城市的增長率，你會發現它的增長速度明顯快於一、二線城市。

But the tier 1, tier 2 remain very healthy in their own growth rates.

但第一、第二梯隊的增長率仍然非常健康。

So we still see very robust growth rate.

所以我們仍然看到非常強勁的增長率。

The -- in fact, if you look at October, consumption growth released by the government, it actually improved and reached 11%, which was the highest in this year on a monthly basis.

事實上，如果你看看政府公佈的10月份消費增長，它實際上有所改善，達到了11%，這是今年月度最高的。

So there is good reason to believe that the overall consumption rate is not much affected by the slower macro.

因此，我們有充分的理由相信，總體消費率並未受到宏觀經濟放緩的太大影響。

(Spoken in Chinese).

（用中文說）。

So Richard's just added a few words of his opinion on the overall economy.

理查德只是補充了他對整體經濟的一些看法。

He believes that when the economy starts doing well, it's actually a great opportunity for the competitive players to do well, do consolidate the industry.

他認為，當經濟開始表現良好時，這實際上是競爭者表現出色、整合行業的絕佳機會。

Yes, as I actually mentioned in the past, top-20 brands in the US contributed over 40% of the overall retail volume while in China, top-20 contributed only about 13% last year.

是的，正如我過去提到的，去年美國前 20 名品牌貢獻了整體零售量的 40% 以上，而在中國，前 20 名品牌僅貢獻了 13% 左右。

So any economic slowdown could actually facilitate or accelerate industry consolidation.

因此，任何經濟放緩實際上都可能促進或加速行業整合。

And JD as one of the most competitive players and also already the largest retailer in the industry should actually enjoy the benefit of this accelerated industry consolidation.

而京東作為最具競爭力的參與者之一，也已經是行業內最大的零售商，實際上應該享受到這種加速的行業整合的好處。

So in addition to paying attention to our year-over-year growth rate, we encourage investors also look at the relative growth rate compared to the industry competition, both online and offline.

因此，除了關注我們的同比增長率外，我們還鼓勵投資者關注與行業競爭相比的相對增長率，無論是線上還是線下。

And we continue to be confident that we'll gain market share in the future.

我們仍然對未來獲得市場份額充滿信心。

Natalie Wu, CICC.

吳娜塔莉，中金公司。

Hi, thank you for taking my question.

你好，謝謝你回答我的問題。

I have two quick questions.

我有兩個簡單的問題。

The first one is related to -- I'm just wondering how -- have you noticed any difference on retention rates and maybe cohort data between new users attracted through WeChat, Mobile QQ and your own JD app?

第一個是關於——我只是想知道——你是否注意到通過微信、手機QQ和你自己的京東應用程序吸引的新用戶之間的保留率和隊列數據有什麼差異？

And the second question is can you update us your supplier finance balance this quarter?

第二個問題是您能否向我們更新本季度的供應商財務餘額？

And how much does it contribute to your online direct sales GVM currently?

目前對你們線上直銷GVM的貢獻有多大？

Thank you.

謝謝。

The overall retention rate across different categories have been pretty stable and whether it's WeChat or our own mobile app and PC.

無論是微信還是我們自己的移動應用程序和 PC，不同類別的整體留存率都相當穩定。

So it's been pretty stable and generally in an upward trend.

所以它非常穩定並且總體呈上升趨勢。

But relatively speaking, the retention rate, WeChat and Mobile QQ would be a little lower than on mobile app.

但相對而言，微信和手機QQ的留存率會比手機APP低一些。

This is fairly natural given that some of the returning customers would probably download JD app and become app users.

這是很自然的，因為一些回頭客可能會下載京東應用程序並成為應用程序用戶。

So that's really the reason.

這就是真正的原因。

But otherwise we see pretty stable retention rates.

但除此之外，我們看到了相當穩定的保留率。

On internet finance, we mentioned -- I think you were asking about the contribution to GMV.

關於互聯網金融，我們提到——我想你問的是對GMV的貢獻。

So that must be consumer credit.

所以這一定是消費信貸。

The amount we disclosed in the earnings release, actually, the ending balance about RMB5.3b.

我們在財報中披露的金額，實際上，期末餘額約為人民幣 5.3 億。

The transaction volume in the third quarter contributed about 6% of our overall GMV.

第三季度的交易量約占我們整體GMV的6%。

So it did have healthy growth.

所以它確實有健康的增長。

But it's still a very small portion of our overall GMV volume.

但它仍然只占我們總體 GMV 總量的很小一部分。

Wendy Huang, Macquarie.

溫迪·黃，麥格理。

Thanks, management, and congratulations on solid results.

謝謝管理層，並祝賀取得了可喜的成果。

I have some housekeeping questions.

我有一些家政問題。

First, you mentioned your headcount target by the end of next year.

首先，您提到了明年年底的員工人數目標。

I understand it's probably a little bit early to talk about next year's margin outlook but since you already provided color on headcount, can you maybe also comment on the marketing expenditure, fulfillment cost, etc.

我知道現在談論明年的利潤前景可能有點早，但既然您已經提供了員工人數的信息，您是否也可以評論一下營銷支出、履行成本等。

which actually may affect the margin next year?

這實際上可能會影響明年的利潤率？

And then secondly, the take rate actually declined in the third quarter.

其次，第三季度的採用率實際上有所下降。

Could you provide some color as to the reasons behind the decline in Q3?

您能否提供一些關於第三季度下降背後的原因？

And whether we should actually expect further decline going forward and the reason behind that?

我們是否真的應該預期未來會進一步下降以及其背後的原因？

Lastly, I think you have done some very good investment recently, such as investment in Yonghui.

最後，我覺得你們最近做了一些非常好的投資，比如對永輝的投資。

Can you comment on your recent integration with Yonghui?

您能否評價一下最近與永輝的整合？

And also is there any more like M&S you are eyeing on especially given recent alliance between [BABA and Suning] where you considered to invest in (inaudible), why or why not?

另外，是否還有像瑪莎百貨這樣的公司，您正在關注，特別是考慮到最近[阿里巴巴和蘇寧]之間的聯盟，您考慮投資（聽不清），為什麼或為什麼不？

Thank you.

謝謝。

Sidney Huang So -- okay, so as for next year, I think the only guidance we could give is for the core margin on JD Mall business.

Sidney Huang So——好吧，對於明年，我認為我們唯一能給出的指導是京東商城業務的核心利潤率。

We believe the margin will trend up next year comparing to this year.

我們相信明年的利潤率將比今年有所上升。

However, at Group level, because we are committed to investing in new innovative areas to secure growth over the medium to long term so we will also reserve the flexibility to invest in these new initiatives.

然而，在集團層面，由​​於我們致力於投資新的創新領域以確保中長期增長，因此我們也將保留投資這些新舉措的靈活性。

So we will give more definitive guidance at the beginning of next year for full-year 2016.

因此，我們將在明年初為 2016 年全年提供更明確的指導。

But I think that what's clear is our JD Mall business should be more profitable next year.

但我認為，很明顯的是，我們的京東商城業務明年應該會更有利可圖。

And on the take rate, there's a slight -- if you look at the service revenue versus core GMV in our marketplace there's a slight decrease.

就採用率而言，如果你看看我們市場上的服務收入與核心 GMV，就會發現略有下降。

The reason was we looked at -- it's really on the blended commission.

原因是我們研究過——它確實是混合佣金。

So because we have, for some of our businesses with lower margin -- the [off-sales] business, we did move some of the long tail items to marketplace.

因此，因為我們的一些利潤率較低的業務——[非銷售]業務，我們確實將一些長尾產品轉移到市場上。

So because these categories are having lower margins in general, so the take rates on those categories are also relatively lower.

由於這些類別的利潤率總體較低，因此這些類別的接受率也相對較低。

So it's really as mix, a slight mix shift.

所以這實際上是一種混合，一種輕微的混合轉變。

But as far as the take rate, on the same category, it's been quite stable.

但就採用率而言，在同一類別中，它是相當穩定的。

And Richard will comment on the last point.

理查德將對最後一點發表評論。

(Interpreted) JD over time has established supply-chain management expertise on many categories, but fresh produce supply chain is very special.

（解讀）京東長期以來在很多品類上都建立了供應鏈管理專業知識，但生鮮供應鏈非常特殊。

And we invested in Yonghui to complement our lack of capability in the supply chain of this category.

我們投資永輝，是為了補充我們在這個品類供應鏈上的能力不足。

Yonghui is well recognized as the leader in fresh-produce supply chain management.

永輝是公認的生鮮供應鏈管理領域的領導者。

It's an important partnership for us and from both sides, we have a dedicated team working on it.

這對我們來說是一個重要的合作夥伴關係，對於雙方來說，我們都有一個專門的團隊致力於此。

And our -- you'll see some actions at the beginning of December.

我們的——您將在 12 月初看到一些行動。

So one more comment about Daojia.

所以再來評論一下到家。

In the annual conference of retailers which was just held a few weeks ago, the CEO of (inaudible) supermarket in Ningbo had a conversation or had a speech about his experience working with [Jingding] Daojia.

在幾週前剛剛舉行的零售商年會上，寧波（聽不清）超市的首席執行官就他與[京鼎]到家合作的經歷進行了對話或演講。

Thirty-one of his (inaudible) stores are now working with Jingding Daojia and the sales of these 31 stores increased by 20% since he started working with Jingding Daojia.

他的31家（聽不清）商店現在與京鼎到家合作，自從他與京鼎到家合作以來，這31家商店的銷售額增長了20%。

We believe that next year, when we officially start working with Yonghui in fresh produce e-commerce, it will bring a lot of value to the Company.

我們相信明年正式與永輝在生鮮電商方面的合作，將會給公司帶來很大的價值。

Robert Lin, Morgan Stanley.

羅伯特·林，摩根士丹利。

Thanks for taking the question.

感謝您提出問題。

So I guess I have a few questions.

所以我想我有幾個問題。

So the flash sales, I think Sidney mentions about 1% GMV.

所以對於閃購，我認為 Sidney 提到了大約 1% 的 GMV。

But on an absolute basis, that's quite a meaningful number.

但從絕對角度來看，這是一個相當有意義的數字。

It's about RMB1.2b.

大約是RMB1.2b。

That's almost [12%] of VIP shop.

這幾乎是 VIP 商店的 [12%]。

Can you comment on percentage of your buyers that are actually buying these flash sales events products?

您能否評論一下實際購買這些閃購活動產品的買家的百分比？

Do you see impulse purchase slowing because of the slowing macro?

您是否認為衝動購買會因宏觀經濟放緩而放緩？

And maybe three years out, what do you think this flash even business should contribute to your overall GMV?

也許三年後，您認為閃現業務應該對您的整體 GMV 做出什麼貢獻？

So that's one.

這就是其中之一。

The second question is your -- essentially your Tencent cooperation on the data sharing and brand advertising.

第二個問題是您的——本質上是您與騰訊在數據共享和品牌廣告方面的合作。

Will there be changes in the economics?

經濟會發生變化嗎？

I see that you guys are data sharing.

我看到你們正在共享數據。

But we only get 25% of the advertising cut.

但我們只得到25%的廣告分成。

But this is very valuable data we're sharing here.

但這是我們在這里分享的非常有價值的數據。

Do you think that we should get a bigger cut of the overall advertising that we're providing to Tencent?

您認為我們應該從向騰訊提供的整體廣告中獲得更大的分成嗎？

And third, it's about Suning.

第三，關於蘇寧。

Essentially the [1p] gross margin.

本質上是[1p]毛利率。

If Suning were to be very aggressive on pricing the next couple of quarters, will we follow ar should we be more rational?

如果蘇寧未來幾個季度的定價非常激進，我們是否會跟隨AR，我們是否應該更加理性？

So that's my questions.

這就是我的問題。

(Spoken in Chinese).

（用中文說）。

So Richard (technical difficulty) the third question about Suning.

那麼理查德（技術難度）第三個問題是關於蘇寧的。

He said that we've been in a price war with Suning for over three years now and you all have seen the results and we have no further comment.

他說，我們和蘇寧的價格戰已經三年多了，結果大家都看到了，我們不做進一步評論。

So first two questions --

所以前兩個問題——

(Spoken in Chinese)

（以中文發言）

So flash sales just had a 300% growth, so it's very, very fast.

所以限時銷售增長了 300%，所以速度非常非常快。

It's almost the growth rate that JD Mall overall had in the first seven years.

這幾乎是京東商城前七年整體的增速。

But we should be able to maintain a 100% year-over-year growth.

但我們應該能夠保持100%的同比增長。

Over 100%.

超過100%。

Over 100% year-over-year growth the next two years.

未來兩年同比增長超過100%。

Three years.

三年了。

Two, three years.

兩年、三年。

All right, the second question is about the partnership with Tencent.

好，第二個問題是關於與騰訊的合作。

Yes, I think that both companies are focusing on delivering value for our mutual -- we see these customers and merchants brands as our mutual customers.

是的，我認為兩家公司都專注於為我們共同創造價值——我們將這些客戶和商家品牌視為我們共同的客戶。

And it's very hard to quantify who delivers what percentage of value to our customers.

而且很難量化誰為我們的客戶提供了多少百分比的價值。

So as part of the deal, we get 20% cut of the advertising dollar.

因此，作為交易的一部分，我們獲得 20% 的廣告費分成。

And I think both parties are happy about it.

我認為雙方對此都很高興。

We are now approaching the end of the conference call.

我們現在電話會議即將結束。

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

現在我將把電話轉給京東的李瑞宇，她將作總結髮言。

Thank you, operator.

謝謝你，接線員。

Once again, thank you for joining us today.

再次感謝您今天加入我們。

Thank you for your continuous support.

感謝您一直以來的支持。

And we look forward to talking with you in the coming months.

我們期待在未來幾個月與您交談。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This concludes the presentation, you may now disconnect.

演示到此結束，您現在可以斷開連接。

Good day.

再會。

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

該文字記錄中標記（翻譯）的部分是由現場通話中的口譯員說出的。

The interpreter was provided by the Company sponsoring this Event.

口譯員由贊助本次活動的公司提供。