京東 (JD) 2015 Q4 法說會逐字稿

Hello and thank you for standing by for JD.com's fourth-quarter and full-year 2015 earnings conference call.

您好，感謝您出席京東 2015 年第四季度及全年財報電話會議。

(Operator Instructions).

（操作員說明）。

Today's conference is being recorded and if you have any objections, you may disconnect at this time.

今天的會議正在錄製中，如果您有異議，可以暫時斷開連接。

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

現在我想將會議交給今天會議的主持人李瑞宇。

Please go ahead.

請繼續。

Thank you, operator, and welcome to our fourth-quarter 2015 earnings call.

謝謝運營商，歡迎參加我們的 2015 年第四季度財報電話會議。

Joining today on the call are Richard Liu, CEO of JD.com, and Sidney Huang, our CFO.

今天參加電話會議的還有京東首席執行官劉強東和我們的首席財務官黃西德。

For today's agenda, management will discuss highlights for the fourth quarter and full year 2015.

在今天的議程中，管理層將討論 2015 年第四季度和全年的亮點。

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

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

在我們繼續之前，我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 includes discussions of certain non-GAAP financial measures.

此外，本次電話會議還討論了某些非公認會計準則財務措施。

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

請參閱我們的收益報告，其中包含非公認會計準則衡量標準與最直接可比的公認會計準則衡量標準的調節表。

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

最後請注意，除非另有說明，本次電話會議中提到的所有數字均以人民幣為單位。

Now, I'd like to turn the call over to our CEO, Richard Liu.

現在，我想將電話轉給我們的首席執行官劉強東。

Thank you, Ruiyu, and welcome, everyone.

謝謝瑞宇，歡迎大家。

Still the strong momentum continued throughout 2015, and we made excellent progress on our key strategic goals.

整個 2015 年，強勁勢頭仍在持續，我們在關鍵戰略目標上取得了巨大進展。

During the year, successful sales events like singles day and our uninterrupted service during the Chinese New Year holiday helped win new customers, and our expanding logistics network allowed us to further improve customer experience throughout China.

年內，雙十一等成功的銷售活動以及農曆新年期間的不間斷服務幫助我們贏得了新客戶，而我們不斷擴大的物流網絡使我們能夠進一步改善整個中國的客戶體驗。

Today, more and more customers are looking to Jingdong as they upgrade the quality of the products they buy and their overall shopping experience.

如今，越來越多的消費者將目光轉向京東，以提升所購買產品的質量和整體購物體驗。

Jingdong's long-term focus on quality, authentic products and a fast, reliable service has made us China's premium e-tailer, and the international sites now recognize this, which enables us to attract world-class products to our site.

京東長期注重質量、正品產品和快速、可靠的服務，使我們成為中國的優質電子零售商，國際網站現在也認識到這一點，這使我們能夠吸引世界一流的產品到我們的網站。

We expect this momentum to continue in 2016.

我們預計這一勢頭將在 2016 年持續下去。

I will now turn the call over to Sidney.

我現在將把電話轉給西德尼。

Thank you.

謝謝。

Thank you, Richard, and hello, everyone.

謝謝理查德，大家好。

We are very pleased with another quarter of robust growth, thanks to our highly successful Double 11 and Double 12 sales events and the rapid expansion of our customer base.

得益於雙 11 和雙 12 銷售活動的成功以及客戶群的快速擴張，我們對又一個季度的強勁增長感到非常高興。

Excluding Paipai.com, our year-over-year core GMV growth was 79% in the fourth quarter, while our net revenue grew 57%, both of which accelerated from Q3 growth levels and are above our internal targets.

不包括拍拍網，第四季度核心 GMV 同比增長 79%，淨收入增長 57%，兩者均較第三季度增長水平有所加快，且高於我們的內部目標。

Meanwhile, China's overall consumption growth also accelerated in the fourth quarter to over 11%, despite the slowing macroeconomic conditions.

與此同時，儘管宏觀經濟形勢放緩，中國第四季度整體消費增速也加快至11%以上。

We're encouraged by these trends and with our differentiated value proposition and better customer experience, we remain cautiously optimistic about our 2016 growth outlook.

我們對這些趨勢感到鼓舞，並憑藉我們差異化的價值主張和更好的客戶體驗，我們對 2016 年的增長前景保持謹慎樂觀。

Our core GMV composition remains largely consistent with prior quarters.

我們的核心 GMV 構成與前幾個季度基本保持一致。

In Q4, our core GMV from general merchandise categories grew 92% and accounted for 51% of total core GMV during the quarter.

第四季度，我們來自百貨品類的核心 GMV 增長了 92%，佔該季度核心 GMV 總額的 51%。

Apparel and footwear continued to be the largest general merchandise category, followed by food and beverage, baby products and home furnishing categories, all growing with strong momentum.

服裝鞋帽仍是最大的百貨品類，其次是食品飲料、母嬰用品和家居品類，增長勢頭強勁。

Core GMV from electronics and home appliance products saw an accelerated growth rate of 66% during the quarter, led by mobile devices and home appliance categories.

在移動設備和家電類別的帶動下，本季度電子和家電產品的核心 GMV 加速增長 66%。

Core GMV from our marketplace business grew 103% in Q4 and accounted for 45% of our core GMV during the period.

我們市場業務的核心 GMV 在第四季度增長了 103%，占同期核心 GMV 的 45%。

The triple-digit growth illustrates the strong momentum of our platform, which continues to take market share from alternative marketplaces.

三位數的增長說明了我們平台的強勁勢頭，該平台繼續從其他市場奪取市場份額。

Our net revenue grew 57% year over year, supported by strong growth in both direct sales and marketplace businesses.

在直銷和市場業務強勁增長的支持下，我們的淨收入同比增長 57%。

Our direct sales revenues grew 54%, led by food and beverage, cosmetics, mobile and home appliance categories.

我們的直銷收入增長了 54%，其中食品飲料、化妝品、手機和家電品類帶動增長。

Services and other revenue grew 101% year over year, mainly contributed by strong growth and healthy monetization of our platform.

服務和其他收入同比增長 101%，主要得益於我們平台的強勁增長和健康的貨幣化。

Our non-GAAP gross margin improved to 14%, up from 12.7% a year ago, as a result of a 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 12.7% 提高至 14%。

Non-GAAP gross margin on direct sales revenue declined slightly on a year-over-year basis due to a major promotional campaign for our general merchandise products, which was partially offset by the improving gross margin on our electronics and home appliance businesses.

由於我們的一般商品產品的大型促銷活動，非公認會計準則直銷收入毛利率同比略有下降，但我們的電子和家電業務毛利率的改善部分抵消了這一影響。

Non-GAAP fulfilment expense ratio was 8.2% in Q4, compared to 7.3% in the same quarter last year.

第四季度非 GAAP 履約費用率為 8.2%，而去年同期為 7.3%。

The higher fulfilment expense ratio was mainly due to our investment in O2O and the rural area penetration.

履約費用率較高主要是由於我們對O2O 的投資以及農村地區的滲透。

It is also related to the lower average order value, as a result of the recent category campaign discussed earlier.

這也與平均訂單價值較低有關，這是前面討論的最近類別活動的結果。

We are evaluating ways to improve order economics and expect to implement such measures in the coming months.

我們正在評估改善訂單經濟效益的方法，並預計在未來幾個月內實施這些措施。

The non-GAAP marketing expense ratio was 4.3% in Q4, compared to 3.3% in the same quarter last year.

第四季度非 GAAP 營銷費用率為 4.3%，而去年同期為 3.3%。

The year-over-year increase was mainly driven by discretionary branding activities for the singles day events and for the promotion of our new Internet finance business and O2O initiatives.

同比增長主要是由於雙十一活動以及推廣我們的新互聯網金融業務和O2O舉措而進行的自主品牌活動。

We believe the increased marketing spending was highly effective, as demonstrated by the 71% growth in our active customer base over the past 12 months.

我們相信，營銷支出的增加非常有效，過去 12 個月我們的活躍客戶群增長了 71%，這證明了這一點。

Our non-GAAP R&D and G&A expense ratios increased 9 basis points and 21 basis points, respectively, compared to fourth quarter last year.

與去年第四季度相比，我們的非 GAAP 研發費用率和 G&A 費用率分別增加了 9 個基點和 21 個基點。

The changes were entirely due to additional spending by our new business lines.

這些變化完全是由於我們新業務線的額外支出。

We had an impairment charge as part of our yearend review, mainly due to the discontinuation of Paipai.com and the write-downs of Bitauto and a few smaller investments.

作為年終審查的一部分，我們計提了減值費用，主要是由於拍拍網的終止以及易車和一些較小投資的減記。

For Bitauto, the write-down is covered by the non-cash portion of the initial investment and reflects the market correction in its spot price over the past six months as a result of the macro driven sector downturn and the Company's proactive investments in auto e-commerce.

對於易車來說，減記由初始投資的非現金部分覆蓋，反映了過去六個月由於宏觀經濟驅動的行業低迷以及公司積極投資汽車電子而造成的現貨價格市場調整。 -商業。

We believe the auto e-commerce business is still in the early stage of its development cycle and we look forward to expanding our partnership in 2016.

我們認為汽車電子商務業務仍處於發展週期的早期階段，我們期待在 2016 年擴大我們的合作夥伴關係。

We remain highly confident in Bitauto management's ability to execute on its strategy and ultimately emerge out of this cyclical downturn as a strong winner.

我們對易車管理層執行戰略並最終擺脫週期性低迷並成為強有力的贏家的能力充滿信心。

Altogether, our non-GAAP net margin was negative 1.2% in the fourth quarter, which was entirely attributable to our new business lines.

總的來說，第四季度我們的非公認會計準則淨利潤率為負 1.2%，這完全歸功於我們的新業務線。

Excluding Internet finance and O2O, our core JD Mall business remained profitable on a non-GAAP basis in Q4.

排除互聯網金融和O2O，我們的核心京東商城業務按非公認會計準則計算，第四季度仍保持盈利。

For full year 2015, our overall non-GAAP net margin was within our guidance range of breakeven to negative 0.5%.

2015 年全年，我們的整體非 GAAP 淨利潤率處於盈虧平衡至負 0.5% 的指導範圍內。

Now let's discuss our cash flow and working capital.

現在讓我們討論一下我們的現金流和營運資金。

Our Q4 adjusted free cash flow was RMB266m and our full-year free cash flow remained strong at RMB7b excluding impact from Internet finance, which had a cash outflow of RMB14b in full year 2015.

第四季度調整後自由現金流為 2.66 億元人民幣，排除互聯網金融的影響（2015 年全年現金流出 140 億元人民幣），全年自由現金流仍保持在 70 億元人民幣的強勁水平。

Inventory turnover stayed low at 37 days in 2015, compared to 35 days in 2014.

2015 年庫存周轉時間保持在 37 天的低水平，而 2014 年為 35 天。

And accounts payable turnover was 45 days in 2015, 4 days longer than the prior year level, but still significantly lower than the general industry level.

2015年應付賬款周轉天數為45天，比上年水平增加4天，但仍明顯低於行業總體水平。

At the end of the cash flow section in the earnings release, we also disclose the full-year transaction volumes and the yearend balances of our key Internet financing business lines.

在財報現金流部分的最後，我們還披露了主要互聯網金融業務條線的全年交易量和年末餘額。

I know some of our investors are increasingly paying attention to our Internet finance exposure, so let me spend a few minutes on our thoughts about this unit and a couple of credit quality data points.

我知道我們的一些投資者越來越關注我們的互聯網金融敞口，所以讓我花幾分鐘談談我們對這個單位的想法和一些信用質量數據點。

We positioned our Internet finance unit as a financial technology company that strives to leverage our proprietary data and Internet technology, to improve efficiency while reducing cost in financial transactions.

我們將互聯網金融部門定位為一家金融科技公司，致力於利用我們的專有數據和互聯網技術，提高效率，同時降低金融交易成本。

Central to this strategy is our focus on developing proprietary risk management tools.

該戰略的核心是我們專注於開發專有風險管理工具。

We know it's hard and it will take years to achieve a convincing track record of superior risk management, but we are working very, very hard and have a decent early record in our first two years of operation.

我們知道這很困難，需要數年時間才能取得令人信服的卓越風險管理記錄，但我們正在非常非常努力地工作，並在運營的頭兩年中取得了不錯的早期記錄。

The accumulated non-performing assets before charge off, which is defined as receivables or loans 90 plus days past due, were approximately 0.2% of the total consumer and supply chain financing volume over the past two years.

過去兩年，核銷前累計不良資產（定義為逾期90天以上的應收賬款或貸款）約佔消費和供應鏈融資總額的0.2%。

And our coverage ratio, defined as allowance for bad debt over non-performing assets net of charge off, was over 300% as of December 31, 2015, which illustrates our prudent reserve policy.

截至2015年12月31日，我們的撥備覆蓋率（壞賬準備與已核銷的不良資產之比）超過300%，體現了我們審慎的準備金政策。

Once again, we understand it takes many years and at least a couple of credit cycles to demonstrate sustained risk management capabilities.

我們再次了解到，需要多年和至少幾個信貸週期才能展示持續的風險管理能力。

We did want to highlight that we are investing heavily in our risk assessment technologies, and so far we have a prudent record.

我們確實想強調，我們正在大力投資風險評估技術，到目前為止，我們擁有審慎的記錄。

And this is also one of the reasons that we were able to raise over $1b in a series A round recently that valued our Internet finance unit at over $7b in post money valuation.

這也是我們能夠在最近的 A 輪融資中籌集超過 10 億美元的原因之一，該輪融資使我們的互聯網金融部門的投後估值超過 70 億美元。

I'm pleased to announce that we just closed the deal today.

我很高興地宣布我們今天剛剛完成了交易。

We hope the series A round will allow the finance unit to be self-funded for its growth in 2016.

我們希望 A 輪融資能夠讓財務部門自籌資金以支持 2016 年的發展。

It is also management's intention that we gradually reduce our own balance sheet exposure and grow the business with our core technology, while leveraging external funds from our partners.

管理層還希望我們逐步減少自己的資產負債表風險，利用我們的核心技術發展業務，同時利用合作夥伴的外部資金。

We will update you when we achieve more milestones.

當我們實現更多里程碑時，我們會向您通報最新情況。

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 Q1 net revenue growth to be between 45% and 50% on a year-over-year basis.

我們預計第一季度淨收入同比增長將在 45% 至 50% 之間。

This guidance reflects the solid growth momentum in the first two months of 2016, despite a higher seasonality pattern observed throughout the industry.

該指引反映了 2016 年前兩個月的強勁增長勢頭，儘管整個行業出現了較高的季節性模式。

For the non-GAAP net income, we expect an overall non-GAAP net margin between positive 0.5% and negative 0.5% for the full year 2016.

對於非 GAAP 淨利潤，我們預計 2016 年全年非 GAAP 淨利潤率將在正 0.5% 到負 0.5% 之間。

This guidance reflects our plan to meaningfully improve our core business margin, our commitment to investing in Internet finance, O2O and other emerging opportunities, and the flexibility to compete effectively in this highly dynamic sector.

該指引反映了我們有意義地提高核心業務利潤率的計劃、我們對投資互聯網金融、O2O 和其他新興機會的承諾，以及在這個充滿活力的行業中有效競爭的靈活性。

Finally, our free cash flow outlook from the core business remains positive, given our commitment to fast inventory turnover and our lower accounts payable cycle relative to our peers.

最後，鑑於我們對快速庫存周轉的承諾以及相對於同行較低的應付賬款週期，我們核心業務的自由現金流前景仍然樂觀。

We intend to manage our CapEx at a prudent level, generally within the operating cash inflows from our e-commerce business.

我們打算在審慎的水平上管理我們的資本支出，通常在我們電子商務業務的運營現金流入範圍內。

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, we're ready for questions.

接線員，我們準備好回答問題了。

(Operator Instructions).

（操作員說明）。

Eddie Leung, Merrill Lynch.

美林證券的梁艾迪。

Good evening.

晚上好。

Thank you for taking my questions.

感謝您回答我的問題。

I have a question on one of your main product categories, which is electronics.

我對你們的主要產品類別之一（電子產品）有疑問。

We have heard from some of the offline brands about the slower growth in smartphones, as well as to some extent home appliances, so just wondering if you could share a little bit of the outlook of this electronics business to us and how you guys can maintain pretty good growth despite potential headwinds in the electronics industry.

我們從一些線下品牌那裡聽說智能手機以及一定程度上的家用電器增長放緩，所以想知道您是否可以向我們分享一下這個電子業務的前景以及你們如何維持儘管電子行業存在潛在阻力，但增長仍相當不錯。

Thank you.

謝謝。

So, Eddie, consumer electronics is the strongest category for the Company because it started in the category.

因此，埃迪，消費電子產品是公司最強大的類別，因為它是從該類別起步的。

And if you talk about cameras and computers, laptops, these categories have been the slowest growing in our entire portfolio, although still very fast growth compared with offline retailers.

如果你談論相機和電腦、筆記本電腦，這些類別是我們整個產品組合中增長最慢的，儘管與線下零售商相比增長仍然非常快。

And cellphone has gone through very rapid growth in the past few years.

手機在過去幾年中經歷了非常快速的增長。

As smartphone becomes prevalent in China, the growth will definitely show down.

隨著智能手機在中國的普及，增長肯定會放緩。

If you look at the entire market, I think it's flat basically last year and it's not going to grow much faster this year, but as an online retailer we're still having very decent growth.

如果你看整個市場，我認為去年基本持平，今年增長也不會更快，但作為在線零售商，我們仍然有非常不錯的增長。

But it is -- I think for smartphone, the overall market has grown to a level where the growth rate is almost flat.

但事實是——我認為對於智能手機來說，整個市場已經增長到了增長率幾乎持平的水平。

And as far as home appliances, I actually just came back from one of our events which has kicked off our annual campaign for home appliances this afternoon, with over 100 brands and suppliers.

至於家用電器，實際上我剛剛從我們的一場活動中回來，該活動今天下午拉開了我們一年一度的家用電器活動的序幕，有超過 100 個品牌和供應商參加。

So we're seeing very good growth in that category.

因此，我們看到該類別的增長非常好。

We're still taking share very rapidly from offline retailers, so we're very bullish on that category.

我們仍在快速從線下零售商手中奪取份額，因此我們非常看好該類別。

So, overall, I think the entire market is definitely not growing very fast, but as an online retailer we're taking share from the offline guys and we're seeing much better growth than the industry overall.

因此，總的來說，我認為整個市場的增長速度肯定不是很快，但作為一家在線零售商，我們正在從線下零售商手中奪取份額，並且我們看到比整個行業更好的增長。

(Spoken in Chinese).

（用中文說）。

JD is already the largest retailer for a lot of these electronics and appliance categories, but it's only maybe 10%, if that, of the entire market.

京東已經是許多此類電子和電器類別的最大零售商，但它可能只佔整個市場的 10%（如果是的話）。

So for a few years to come, our growth will still be driven by people's move from offline to online, especially from the lower tier cities.

因此，未來幾年，我們的增長仍將由人們從線下轉向線上，特別是從低線城市轉移來推動。

If you go to Beijing, Shanghai, Shenzhen, you don't see those marketplaces in electronics any more, but if you go to lower tier cities, you're seeing a lot of volume in those offline markets.

如果你去北京、上海、深圳，你就看不到這些電子產品市場了，但如果你去二三線城市，你會看到這些線下市場的交易量很大。

And we're seeing people increasingly moving to online.

我們看到人們越來越多地轉向網絡。

Erica Poon Werkun, UBS.

艾麗卡·潘·韋爾昆 (Erica Poon Werkun)，瑞銀集團。

Great.

偉大的。

Thank you.

謝謝。

Question is on the net margin guidance.

問題在於淨利潤率指導。

Just wonder if you could just elaborate a little bit more on the sources of improved profitability on the e-commerce side, and then whether you can separately frame the size for the investments needed for the Internet finance and also the O2O, the JD Daojia.

只是想知道能否再詳細闡述一下電商方面盈利能力提高的來源，然後能否分別規劃一下互聯網金融和O2O、京東到家所需的投資規模。

And also separately, on fulfilment, just wondering how much of the 3P businesses you are fulfilling in terms of warehousing and also delivery.

另外，關於履行，只是想知道您在倉儲和交付方面履行了多少 3P 業務。

Thank you.

謝謝。

Yes.

是的。

Erica, I think the operating profit from our JD Mall business will come from, as we mentioned in the past, really scale economies.

Erica，我認為我們京東商城業務的營業利潤將來自，正如我們過去提到的，真正的規模經濟。

We illustrated in the past, for example, our 1P business gross margin remained substantially lower than the offline industry leaders.

例如，我們過去舉例說明，我們的1P業務毛利率仍然大幅低於線下行業領先者。

And part of that is driven and will be increasingly driven by our improving scale, where we can secure better and better rebates from suppliers as we continue to increase in volume.

其中一部分是由我們不斷擴大的規模推動的，並且將越來越多地推動這一趨勢，隨著我們銷量的不斷增加，我們可以從供應商那裡獲得越來越好的回扣。

There are also discretionary spending items, like we mentioned on branding activities in the fourth quarter, for example, and also on the logistics that we continue to improve in the lower tier cities and the rural areas.

還有可自由支配的支出項目，例如我們提到的第四季度的品牌活動，以及我們在低線城市和農村地區繼續改善的物流。

So this -- in 2015, it was still an investing year for a lot of those new regions, and in 2016 there's plenty of room to improve operating leverage.

因此，2015 年對於許多新地區來說仍然是投資年，而 2016 年運營槓桿還有很大的提升空間。

And so we deliberately leave a fairly large range to maintain operating flexibility in 2016, mainly for our new business lines.

所以我們特意留了一個相當大的幅度來保持2016年的經營靈活性，主要是為了我們的新業務線。

Because when you invest in a new line, especially in the highly competitive China Internet market, there is clearly uncertainty at the beginning of the year.

因為當你投資一條新線時，尤其是在競爭激烈的中國互聯網市場，年初顯然存在不確定性。

So we don't necessarily have a definitive range for those new investments.

因此，我們不一定對這些新投資有明確的範圍。

Now, internally we do have budget, but I think it is something subject to change.

現在，我們內部確實有預算，但我認為它可能會發生變化。

But overall, I think we have a very strong internal budget for our core business in terms of profitability, which leaves us plenty of room to invest in both new business initiatives and potential special events that drive our core business.

但總的來說，我認為我們的核心業務在盈利能力方面擁有非常強大的內部預算，這為我們留下了足夠的空間來投資新的業務計劃和推動我們核心業務的潛在特別活動。

To your question about providing logistics services to our merchants, we are delivering about 25% parcels for our third party sellers and we are serving a much smaller percentage of their parcel warehouse sites.

對於您關於向我們的商家提供物流服務的問題，我們正在為第三方賣家運送大約 25% 的包裹，而我們為他們的包裹倉庫站點的比例要小得多。

At this point, it's a single percentage point.

此時，它只是一個百分點。

But since the end of last year, I think we're making progress on getting people onto our warehouse platform.

但自去年年底以來，我認為我們在讓人們進入我們的倉庫平台方面取得了進展。

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。

Just two quick questions.

只是兩個簡單的問題。

We'd love an update on your cross-border initiatives, maybe its weighting in GMV, how we should begin to think about margin structure now that we're quite a way into it.

我們希望了解你們跨境計劃的最新情況，也許是它在 GMV 中的權重，既然我們已經深入研究了，我們應該如何開始考慮利潤結構。

And then, if you don't mind, just following a little more on O2O operation, what your incremental geographic coverage goals are and to what extent we feel the need to apply subsidies and whether it will be more or less intense relative to last year.

然後，如果您不介意的話，再稍微關註一下O2O運營，您的增量地理覆蓋目標是什麼，以及我們認為需要在多大程度上申請補貼，以及相對於去年是否會更加嚴格或更加寬鬆。

Thank you.

謝謝。

Yes.

是的。

So for O2O right now, we are in 12 cities and we intend to penetrate the consumer base in those 12 cities before moving into new cities.

所以對於O2O來說，我們目前在12個城市，我們打算滲透到這12個城市的消費者基礎，然後再進入新的城市。

So, in other words, we wanted to -- we target to achieve enough critical mass and scale economies before expanding further into other cities.

因此，換句話說，我們的目標是在進一步擴展到其他城市之前實現足夠的臨界質量和規模經濟。

We don't have a definitive investment amount, as I mentioned earlier, but we do have clearly a competitive advantage in this area because not only we work with some of the best partners, such as [Junghwei], but we also -- potentially we have great supply chain partners in our fresh food categories.

正如我之前提到的，我們沒有明確的投資金額，但我們在這一領域確實擁有明顯的競爭優勢，因為我們不僅與一些最好的合作夥伴合作，例如[Junghwei]，而且我們也 - 潛在地我們在生鮮食品領域擁有優秀的供應鏈合作夥伴。

(Spoken in Chinese).

（用中文說）。

Yes.

是的。

So I know a lot of people are curious about our O2O business and some compare us to Instacart in the United States.

所以我知道很多人對我們的O2O業務很好奇，有些人把我們比作美國的Instacart。

One very different position for us is we focus on the fresh produce category, versus Instacart is delivering a more broader grocery category.

對我們來說，一個非常不同的立場是我們專注於新鮮農產品類別，而 Instacart 則提供更廣泛的雜貨類別。

So for us, we focus exclusively on fresh produce, and for other grocery products we can fulfil them through our own JD Mall 1P platform.

所以對我們來說，我們只專注於生鮮農產品，對於其他雜貨產品，我們可以通過我們自己的京東商城1P平台來完成。

(Spoken in Chinese).

（用中文說）。

So, for fresh products, especially the mid-tier to the day-to-day fresh products, it is very difficult for either 1P business or platform business to operate effectively.

所以，對於生鮮產品，尤其是中端到日化的生鮮產品來說，無論是1P業務還是平台業務，想要有效運營都非常困難。

So we believe O2O model is the only effective way to deliver these fresh products to consumers' hands.

所以我們相信O2O模式是將這些生鮮產品送到消費者手中的唯一有效方式。

But for high end and also organic fresh products, clearly there is a way for us to operate on a 1P basis.

但對於高端有機新鮮產品，顯然我們有一種在 1P 基礎上運營的方法。

(Spoken in Chinese).

（用中文說）。

Yes.

是的。

So we expect the O2O initiative will be a long-term investment for us, as we did in the past with our other business lines.

因此，我們預計 O2O 計劃對我們來說將是一項長期投資，就像我們過去對其他業務線所做的那樣。

The biggest challenge today for our O2O initiative is the non-standardization of the fresh food packaging.

如今，我們的 O2O 計劃面臨的最大挑戰是生鮮食品包裝的非標準化。

So we are working with our supermarket partners to standardize some of this fresh product packaging, so that we can fulfil them more effectively.

因此，我們正在與超市合作夥伴合作，對一些生鮮產品的包裝進行標準化，以便我們能夠更有效地履行它們。

(Spoken in Chinese).

（用中文說）。

Yes.

是的。

So we're most pleased that with the initial results we can see that repeat purchase rate on JD O2O is much higher than our JD Mall traditional business, so this is very, very encouraging.

所以我們最高興的是，通過初步結果，我們可以看到京東O2O的重複購買率遠高於我們京東商城的傳統業務，所以這是非常非常令人鼓舞的。

I think you also had a question about cross-border business.

我想您也有關於跨境業務的問題。

We really started the business in Q2 of last year and Q4 is a big quarter for cross-border for imports, so we had very good growth actually in Q4.

我們去年第二季度才真正開始業務，第四季度是跨境進口的大季度，所以第四季度我們實際上有很好的增長。

It's still a small business for the Company.

對於公司來說，這仍然是一項小業務。

It's just about 1% of the Company right now.

目前僅占公司股份的1%左右。

And it's not profitable, but we are working to improve the profitability of that business this year without sacrificing healthy growth.

它並不盈利，但我們今年正在努力提高該業務的盈利能力，同時又不犧牲健康增長。

And the big categories are baby products, food and supplement and skincare and cosmetics.

其中最大的品類是嬰兒用品、食品和補充劑以及護膚品和化妝品。

We think it's a good (inaudible) selection for our customers.

我們認為這對我們的客戶來說是一個很好的（聽不清）選擇。

Operator, next question, please?

接線員，請問下一個問題嗎？

Cynthia Meng, Jefferies.

辛西婭·孟，杰弗里斯。

Thank you, management, for giving us the opportunity and congratulations for a strong result.

感謝管理層給我們機會並祝賀我們取得了優異的成績。

My question is with respect to mobile.

我的問題是關於移動設備的。

Can management give us some more color on the mobile GMV contribution and the average ticket size per order on mobile compared to the PC users?

與 PC 用戶相比，管理層能否為我們提供更多關於移動 GMV 貢獻以及移動設備上每個訂單的平均訂單金額的信息？

And any color with respect to contribution from Weixin directed traffic and the conversion rate?

微信定向流量和轉化率的貢獻有何體現？

That would be helpful.

那會有幫助的。

My second question is with respect to lower tier city expansion.

我的第二個問題是關於低線城市的擴張。

Maybe management can give us some more update on that front.

也許管理層可以給我們提供更多這方面的最新信息。

Thank you.

謝謝。

On mobile, I think we mentioned in our release that in Q4 it accounted for 61.4% of total orders.

在移動方面，我想我們在新聞稿中提到，第四季度它佔總訂單的 61.4%。

And we've had almost two months now in Q1, and what I can tell you is we're seeing continued growth in that number.

第一季度已經過去近兩個月了，我可以告訴你的是，我們看到這個數字持續增長。

We don't disclose GMV contribution from mobile, but that number is lower than the percentage of orders because the ticket size still is smaller.

我們沒有透露移動端的 GMV 貢獻，但這個數字低於訂單百分比，因為訂單規模仍然較小。

But as you can understand, when it accounts for increasingly higher percentage of total GMV, that order size naturally converges to the overall average.

但正如你所理解的，當它佔總 GMV 的比例越來越高時，訂單規模自然會收斂到整體平均水平。

So it's going up; it's getting closer to the PC numbers or the overall numbers.

所以它正在上升；它越來越接近PC數字或總體數字。

And as far as contribution from WeChat and Mobile QQ, the two Tencent properties, we're continuing to see good progress in terms of order contribution and GMV contribution, especially after Double 11.

就微信和手機QQ這兩個騰訊旗下產品的貢獻而言，我們在訂單貢獻和GMV貢獻方面繼續看到良好的進步，尤其是在雙11之後。

Because during Double 11 we had campaigns and it's a good time for us to acquire new users from these two channels.

因為雙11期間我們有活動，是我們通過這兩個渠道獲取新用戶的好時機。

So after that we're seeing DAU and these numbers go up, and we're also seeing reasonable improvement on conversion.

因此，在那之後，我們看到 DAU 和這些數字有所上升，而且我們還看到轉化率有了合理的改善。

So we're going to continue to focus on working with the Tencent team closely to improve the productivity of those two channels.

因此，我們將繼續專注於與騰訊團隊密切合作，以提高這兩個渠道的生產力。

And for lower tier cities, order contribution is around 45% in Q3 -- in Q4.

對於二三線城市來說，第三季度和第四季度的訂單貢獻率約為 45%。

(Spoken in Chinese).

（用中文說）。

So we had a big year last year, actually, in the penetration of lower tier cities, and this we -- as Richard said, we are seeing this year, 2016, as the -- so the last year we really get the vast majority of the job done.

所以去年我們在低線城市的滲透率方面實際上是一個重要的一年，正如理查德所說，我們看到今年，2016 年，所以去年我們確實獲得了絕大多數完成的工作。

But end of this year we'll cover 400,000 villages in China, and the total is 600,000, I believe.

但到今年年底，我們將覆蓋中國40萬個村莊，我相信總數將達到60萬個。

(Spoken in Chinese).

（用中文說）。

This will mark, by and large, the end of almost 10 years of JD's continued increasing coverage of the entire country.

這將總體上標誌著京東近10年來持續擴大全國覆蓋範圍的結束。

(Spoken in Chinese).

（用中文說）。

Once we've finished the coverage, we will work on continuing to reduce costs and to innovations.

一旦我們完成了覆蓋範圍，我們將致力於繼續降低成本和創新。

One example is we've got permission from two county governments to use drones to deliver packages in China, and we hope by end of this year we'll have more places where we can really deliver our JD package to our customers using drones.

一個例子是，我們已經獲得了兩個縣政府的許可，可以在中國使用無人機運送包裹，我們希望到今年年底，我們將有更多的地方可以真正使用無人機將京東包裹運送給我們的客戶。

Operator.

操作員。

Sean Zhang, 86Research.

張肖恩，86Research。

Thank you, management, for taking my question and congratulations on a strong quarter.

感謝管理層提出我的問題，並祝賀本季度業績強勁。

I remember Richard's speech at Yabuli forum.

我記得理查德在亞布力論壇上的講話。

He said that he's expecting over 50% contribution in 1P business coming from general merchandise, and now general merchandise already contributed 51% total GMV.

他表示，預計1P業務的50%以上貢獻來自百貨，目前百貨已經貢獻了總GMV的51%。

I want to know what percentage of 1P GMV coming from the general merchandise.

我想知道1P GMV 來自日用百貨的比例是多少。

And is 1P general merchandise growing faster or slower than the overall general merchandise GMV?

1P百貨商品的GMV增速是快於還是慢於百貨商品整體GMV？

And on a second question, you mentioned you have 4m square meter warehouse capacity right now.

關於第二個問題，你提到你現在有400萬平方米的倉庫容量。

Can you give us any color how we see this number go up next year and what kind of growth rate?

您能否告訴我們明年這個數字將如何上升以及增長率是多少？

That would be helpful.

那會有幫助的。

Thank you.

謝謝。

So, for our 1P business, general merchandise is definitely growing much, much faster than our electronics categories.

因此，對於我們的 1P 業務來說，一般商品的增長速度肯定比我們的電子產品類別快得多。

So if you look at -- I'll just quickly give you a sense.

所以如果你看一下——我會很快給你一個感覺。

Within 1P, general merchandise is growing at triple digit, but the contribution today is still relatively lower but it is quickly catching up.

在1P內，日用百貨正以三位數的速度增長，但今天的貢獻仍然相對較低，但正在迅速追趕。

Yes.

是的。

So we have 4m square meters and you can expect the growth pretty much consistent with our 1P business growth, as well as our development of the third party fulfilment services.

因此，我們有 400 萬平方米，您可以預期增長與我們的 1P 業務增長以及我們第三方履行服務的發展非常一致。

So you can take our revenue growth rate and add a margin on top of that to estimate the warehousing square meters growth.

因此，您可以根據我們的收入增長率並在此基礎上添加利潤來估計倉儲平方米的增長。

Thomas Chong, Citigroup.

托馬斯·莊，花旗集團。

Hi.

你好。

Thanks, management, for taking my questions.

謝謝管理層回答我的問題。

I have two questions.

我有兩個問題。

My first question is can management comment about your fresh sales initiative and what's the contribution to your GMV right now?

我的第一個問題是，管理層能否評論一下你們的新銷售計劃以及目前對你們的 GMV 的貢獻是什麼？

And my second question is about the new initiative in payment.

我的第二個問題是關於支付方面的新舉措。

Can management talk about your expectation in terms of your payment initiative and how many users you would like to achieve for your [Cosit] ecosystem?

管理層能否談談您對支付計劃的期望以及您希望為您的 [Cosit] 生態系統實現多少用戶？

Thanks.

謝謝。

Our fresh sales continued to grow very, very fast in Q4.

我們的生鮮銷售額在第四季度繼續非常非常快地增長。

I think it's over 300% growth year over year off a small base, and in absolute terms it's over 1% of the Company's GMV.

我認為，在小基數的基礎上，同比增長超過 300%，從絕對值來看，它占公司 GMV 的 1% 以上。

And we will continue to see very fast growth this year.

今年我們將繼續看到非常快速的增長。

Yes.

是的。

On the payment adoption rate, we do see increasing bundling of our customers and bundling of their credit cards and debit cards to our payment solution.

在支付採用率方面，我們確實看到越來越多的客戶捆綁在一起，並將他們的信用卡和借記卡捆綁到我們的支付解決方案中。

So, right now, our focus is still mainly on adoption of our consumers to -- on the JD platform, basically paying for JD purchases using JD payment.

所以，現在我們的重點仍然主要是讓我們的消費者在京東平台上基本上使用京東支付來支付京東購買的費用。

We do have some initiatives partnering with third party and external merchants, but it's still in very early stage.

我們確實有一些與第三方和外部商家合作的舉措，但仍處於早期階段。

Thanks.

謝謝。

George Meng, Goldman Sachs.

喬治·孟，高盛。

Thanks, management, for taking my question.

謝謝管理層回答我的問題。

Actually, a follow-up question from last quarter.

實際上，這是上個季度的後續問題。

So last time you guys mentioned about your omni-channel offering to your brand partners, such as some of the apparel brands, to help them do O2O, basically.

上次你們提到你們向品牌合作夥伴（例如一些服裝品牌）提供全渠道產品，基本上是幫助他們做 O2O。

I think now you took this one step forward by signing a strategic cooperation agreement with Li-Ning last December.

我想現在你們又向前邁出了一步，去年12月與李寧公司簽署了戰略合作協議。

So can you elaborate a little bit more on this?

您能詳細說明一下嗎？

What's the progress so far and what's your plan going forward?

目前進展如何？接下來的計劃是什麼？

Is it just O2O or eventually Li-Ning will also use JD logistics for all its fulfilment, including warehousing for both online and offline?

僅僅是O2O還是最終李寧也將使用京東物流來完成其所有的配送，包括線上和線下的倉儲？

And do you also have plans to sign similar contracts with more brands going forward?

未來您是否還計劃與更多品牌簽署類似的合同？

If so, I think you just mentioned you have 4m square meters of warehouses and six Asia No.

如果是這樣，我想你剛才提到你有400萬平方米的倉庫和六個亞洲第一。

1 warehouses self-built.

自建倉庫1個。

So can you update us on the proportion between self-built and rented warehouses?

那麼您能否介紹一下自建倉庫和租用倉庫的比例？

In the past, I think you had Asia No.

過去，我認為你們擁有亞洲第一。

1 already online in Shanghai.

1 已在上海上線。

Now you have six.

現在你有六個了。

Does that mean the warehouses in Shenyang, Wuhan and Guangzhou are all online now?

是不是意味著沉陽、武漢、廣州的倉庫現在都上線了？

Thank you very much.

非常感謝。

So, the collaboration with Li-Ning is we took over their northern China logistics for logistics services to their stores and also to their resellers.

因此，與李寧的合作是我們接管了他們的華北物流，為他們的商店和經銷商提供物流服務。

And we also -- if they're successful, we also intend to roll this out in other regions for them and we'll also probably help them with their e-commerce logistics as well.

如果他們成功，我們也打算在其他地區為他們推出這一服務，我們也可能會幫助他們進行電子商務物流。

And the initiative we mentioned last time, as far as working with the apparel brand stores, leverage their inventory for e-commerce, we continue to do that and continue to make progress.

我們上次提到的舉措，就與服裝品牌店合作，利用他們的庫存進行電子商務而言，我們將繼續這樣做並不斷取得進展。

And if you look at our entire floor space, which is over 4m, still a pretty small percentage is self-built, which is Asia No.

如果你看一下我們整個建築面積，超過4m，仍然有相當小的比例是自建的，這是亞洲第一。

1. We have six online now.

1.我們現在有六個在線。

As we have more of these warehouses come online, the percentage will go up.

隨著越來越多的倉庫上線，這一比例將會上升。

I think we mentioned we have six in production, but these warehouses are built and they do come online in phases.

我想我們提到我們有六個正在生產中，但這些倉庫已經建成，並且確實分階段上線。

For example, in Wuhan we do have a few structures in production right now, but we're still building more structures so it's really a phased process.

例如，在武漢，我們現在確實有一些建築物正在生產中，但我們仍在建造更多的建築物，因此這實際上是一個分階段的過程。

(Spoken in Chinese)

（以中文發言）

Richard just added that in most of these hub cities where we build Asia No.

理查德剛剛補充說，在我們建造亞洲第一的大多數樞紐城市中。

1, they do come in phases, phase one, phase two, phase three.

1，它們確實分階段進行，第一階段，第二階段，第三階段。

Really, we pace that according to our sales growth.

實際上，我們根據銷售增長來調整進度。

Vivian Hao, JPMorgan.

郝薇薇，摩根大通。

Hi.

你好。

Thank you for taking my question.

感謝您回答我的問題。

I have two questions here.

我在這裡有兩個問題。

Given the headcount expansion in fulfilment personnel, how do we see the fulfilment costs as a percentage of revenue trending this year?

鑑於履行人員人數的增加，我們如何看待今年履行成本佔收入的百分比趨勢？

And also, do we consider engaging cross-sourcing logistic partners for JD Daojia to be more cost efficient?

另外，我們是否考慮為京東到家引入跨源物流合作夥伴，以提高成本效率？

My second question is on the margin dilution that you mentioned during the prepared remarks from O2O and Internet finance.

我的第二個問題是關於您在準備發言中提到的O2O和互聯網金融的利潤稀釋問題。

Can you provide more color on the respective margin profile for the business?

您能否提供有關該企業各自利潤概況的更多信息？

And also, what is the revenue contribution from O2O and JD Finance, respectively?

另外，O2O 和京東金融的收入貢獻分別是多少？

Thank you.

謝謝。

As far as the logistic costs as a percentage of revenue, it goes up, but we -- on a sort of day-to-day basis, we manage logistic costs per order.

就物流成本佔收入的百分比而言，它有所上升，但我們在日常基礎上管理每個訂單的物流成本。

So, in RMB terms we continue to see that number go down, which is quite amazing considering we already have -- we are the leading e-commerce operator in China.

因此，以人民幣計算，我們繼續看到這個數字下降，考慮到我們已經是中國領先的電子商務運營商​​，這是相當驚人的。

But as we have more innovation in our processes and as we grow in our scale, we continue to see logistic costs per order go down.

但隨著我們在流程上進行更多創新以及規模不斷擴大，我們發現每個訂單的物流成本持續下降。

As a percentage of revenue in relation to basket size, as Sidney mentioned, in Q4 we're seeing -- we did a preview campaign on consumables which tend to have a small basket size.

正如西德尼提到的，作為與籃子大小相關的收入百分比，我們在第四季度看到 - 我們對籃子大小往往較小的消耗品進行了預覽活動。

So, as the mix shifts in our categories, this will drive the change of basket size.

因此，隨著我們品類的組合發生變化，這將推動購物籃規模的變化。

But also, as Sidney mentioned, we are looking into different ways to encourage customers to increase their basket size so that our economics will be better, but we're very vigilant on these metrics.

而且，正如西德尼提到的，我們正在尋找不同的方法來鼓勵客戶增加購物籃規模，以便我們的經濟效益會更好，但我們對這些指標非常警惕。

Yes.

是的。

On the respective margin profiles, as I mentioned, in Q4, excluding Internet finance and O2O, our core business net margin, non-GAAP net margin was positive.

就各自的利潤率情況而言，正如我提到的，第四季度，排除互聯網金融和O2O，我們的核心業務淨利潤率、非公認會計原則淨利潤率為正。

So because it was fairly -- there's a fairly steep loss in Q4 on a non-GAAP basis, you can have a sense that basically that entire loss was attributable to those new business lines.

因此，因為按非公認會計準則計算，第四季度的虧損相當大，所以你可以感覺到，基本上全部虧損都歸因於這些新業務線。

So you get a sense on the extent of investments we are making in those two businesses.

因此，您可以了解我們在這兩項業務上的投資規模。

And also, we mentioned that for 2016 on a core business basis our operating margin is budgeted to improve significantly from the current level for JD Mall business.

此外，我們還提到，2016 年，在核心業務的基礎上，我們的營業利潤率預計將比京東商城業務目前的水平大幅提高。

But we wanted to remain some flexibility at the beginning of the year in terms of the extent of investment in those new areas.

但我們希望在年初在這些新領域的投資規模上保持一定的靈活性。

(Spoken in Chinese).

（用中文說）。

So, as the core retail e-commerce business improves its profitability and then we also think that the new business -- the absolute loss, absolute investment for these new businesses in absolute terms will not increase a lot year over year.

所以，隨著核心零售電商業務盈利能力的提高，然後我們也認為新業務——這些新業務的絕對虧損、絕對投資，按絕對值計算，同比不會增加很多。

So combine these two dynamics, you will see our overall profitability of the Company will improve over time.

因此，結合這兩種動力，您會看到我們公司的整體盈利能力將隨著時間的推移而提高。

(Spoken in Chinese).

（用中文說）。

Recently two couriers, major couriers in China, I think they are called STO and YTO, ramped up in China, so we did get a chance to see their numbers.

最近有兩家快遞公司，中國的主要快遞公司，我想他們叫申通快遞和圓通，在中國崛起，所以我們確實有機會看到他們的數量。

If you look at their number for price per parcel, on average in China it's about RMB13 per parcel, over RMB13 per parcel.

如果你看一下他們每個包裹的價格數字，在中國平均每個包裹大約是13元人民幣，超過13元一個包裹。

And if we look at our internal numbers as far as delivery is concerned, it's lower than that.

如果我們看看我們的內部數據，就交付而言，它比這個要低。

So we are very encouraged by these numbers and we're even more convinced than before that because of our scale, because of our innovation, doing this internally, in-house, was a very good decision we made years ago.

因此，我們對這些數字感到非常鼓舞，而且我們比以前更加確信，因為我們的規模，因為我們的創新，在內部進行這項工作，是我們多年前做出的一個非常好的決定。

Tian Hou, TH Capital.

侯天，泰合資本。

Yes.

是的。

Good evening, Richard, Haoyu and Sidney.

晚上好，理查德、浩宇和西德尼。

The question is related to your crowdfunding business, and we witnessed that Taobao also had such business and recently growing pretty rapidly.

這個問題和你的眾籌業務有關，我們看到淘寶也有這樣的業務，而且最近發展得很快。

So how do you see this online crowdfunding market is evolving in the future and what is JD.com's advantage over others?

那麼您如何看待這個在線眾籌市場未來的發展以及京東相對於其他公司的優勢是什麼？

So that's number one question.

這是第一個問題。

I have a second one, following on the JD Finance.

我還有第二個，是在京東金融之後的。

I remember one quarter I asked a question regarding how do we record GMV or revenue from JD Finance.

我記得有一個季度我問了一個問題，關於我們如何記錄京東金融的GMV或收入。

At that time, the revenue was recorded as something against the cost.

當時，收入是作為成本來記錄的。

And as JD Finance has developed in much more variety, I wonder how do we record the GMV revenue from JD Finance now?

隨著京東金融的多元化發展，我想知道現在京東金融的GMV收入如何記錄？

Thank you.

謝謝。

That's all my questions.

這就是我的所有問題。

Yes.

是的。

So, for crowdfunding, I'll take a shot first.

所以，對於眾籌，我會先嘗試一下。

We have both product crowdfunding and equity crowdfunding, right?

我們既有產品眾籌，也有股權眾籌，對吧？

So for product side, we do have a 1P platform to support the latest innovative products that are on our crowdfunding side of the business.

因此，對於產品方面，我們確實有一個 1P 平台來支持我們眾籌業務方面的最新創新產品。

And we are the pioneer in this business, so despite of multiple players in the market, we continue to be confident in maintaining our market leadership.

我們是這項業務的先驅，因此儘管市場上有多個參與者，我們仍然有信心保持我們的市場領先地位。

For equity crowdfunding, then this is more about the ecosystem that you build around this business by introducing various third party service providers like marketing firms, branding, design firms.

對於股權眾籌來說，這更多的是關於你通過引入各種第三方服務提供商（如營銷公司、品牌、設計公司）圍繞該業務構建的生態系統。

So we have built an ecosystem to support our crowdfunding partners -- our equity crowdfunding partners to develop their business.

因此，我們建立了一個生態系統來支持我們的眾籌合作夥伴——我們的股權眾籌合作夥伴發展他們的業務。

Now, having said that, this is still a fairly new business so we're not saying that this is -- we have clearly -- we can claim victory.

現在，話雖如此，這仍然是一項相當新的業務，所以我們並不是說我們可以宣布勝利。

I think every player still has a fair chance to try their best and become a leader in this industry.

我認為每個玩家仍然有公平的機會去盡力並成為這個行業的領導者。

So we will see in the next few quarters how we continue to develop this business.

因此，我們將在接下來的幾個季度看到我們如何繼續發展這項業務。

For GMV from our Internet finance business, only the crowdfunding product side will be recorded in GMV terms.

對於我們互聯網金融業務的GMV，只有眾籌產品側會記錄在GMV中。

None of the other businesses will be part of the GMV that we disclose.

其他業務均不會成為我們披露的 GMV 的一部分。

And internally we look at gross transaction volume, which we actually disclose in our earnings release on the financing side.

在內部，我們關注總交易量，我們實際上在融資方面的收益發布中披露了這一數據。

So it's gross transaction volume not -- especially on the supplier side.

所以它不是總交易量——尤其是在供應商方面。

For revenue, if it's the interest income from supplier financing it will continue to be recorded as a reduction to cost.

對於收入，如果是來自供應商融資的利息收入，它將繼續記錄為成本減少。

If it's interest from consumers, yes, that will be recorded as part of revenue.

如果是來自消費者的興趣，是的，這將被記錄為收入的一部分。

But because right now the interest level is still fairly low, we have just recently started differentiated pricing, this list based pricing.

但因為現在利息水平還相當低，所以我們最近才開始實行差異化定價，即基於清單的定價。

So at this point the revenue contribution is still very, very small.

所以目前來說收入貢獻還是非常非常小的。

Robert Peck, Suntrust.

羅伯特·佩克，Suntrust。

Yes.

是的。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

Sidney, I was wondering two items higher level.

西德尼，我想知道兩個更高級別的項目。

One, could you talk about any impact, if any, from just the general economy slowdown or gyrations in the stock markets on GMV growth?

第一，您能否談談整體經濟放緩或股市波動對 GMV 增長的影響（如果有的話）？

And then, number two, your competitor talked about the impact of weather during the quarter.

然後，第二，你的競爭對手談到了本季度天氣的影響。

I was wondering if you could give us any quantification on the impact, if any at all, on weather.

我想知道您能否給我們提供有關天氣影響的量化數據（如果有的話）。

Thanks so much.

非常感謝。

Sure.

當然。

Yes.

是的。

So I mentioned at beginning of my remarks that despite of the economic slowdown, the consumption growth -- overall consumption growth in China was still quite healthy with accelerating rate of 11% plus in the fourth quarter, up from 10% plus in the previous nine months.

所以我在演講一開始就提到，儘管經濟放緩，但消費增長——中國整體消費增長仍然相當健康，第四季度增速達到11%以上，高於前九個季度的10%以上幾個月。

So that is a good validation of our assessment in the past that despite of the macro slowdown, the consumption growth remains healthy.

因此，這很好地驗證了我們過去的評估，即儘管宏觀經濟放緩，但消費增長仍然健康。

And we mentioned a few drivers for that in the past.

我們過去提到過一些驅動因素。

But, again, there could be a lagging effect of the macro slowdown on the consumption, so we remain still -- that's why we remain cautiously optimistic about our outlook.

但同樣，宏觀經濟放緩對消費可能會產生滯後效應，因此我們保持不變——這就是為什麼我們對前景保持謹慎樂觀的原因。

Yes.

是的。

The weather, I think some people asked this question last time as well.

天氣，我想上次也有人問過這個問題。

We haven't seen any meaningful impact from weather, and personally I don't even know it's a cold winter or it's a warm winter because people say different things.

我們還沒有看到天氣帶來任何有意義的影響，就我個人而言，我什至不知道這是一個寒冷的冬天還是一個溫暖的冬天，因為人們有不同的說法。

There are colder days; there are warmer days.

有更冷的日子；還有溫暖的日子。

Operator?

操作員？

Operator, next question, please.

接線員，請下一個問題。

Operator?

操作員？

Operator, are you still there?

接線員，你還在嗎？

Jin Yoon, Mizuho Securities.

Jin Yoon，瑞穗證券。

Good evening, guys.

晚上好，伙計們。

Just a couple of things.

只是幾件事。

Starting with the gross margins, with high competition in lower end handsets hurting gross margins in 2015, can we assume as they anniversary this year 1P gross margin should improve throughout 2016?

從毛利率開始，低端手機的激烈競爭損害了 2015 年的毛利率，我們是否可以假設，在今年 1P 週年慶之際，2016 年 1P 毛利率應該會有所改善？

And second question is I think you said you finished a round of financing for your Internet finance business.

第二個問題，我想你說你的互​​聯網金融業務已經完成了一輪融資。

Can you talk about what percentage of that business you own and is there a floor to that number going forward?

您能否談談您擁有該業務的比例是多少？未來該數字是否有上限？

Thanks.

謝謝。

Right.

正確的。

For 1P gross margin, I think overall we expect upward trend in 2016, whether it's through the mobile phone which has a meaningful contribution but it's not something that would actually impact the overall trend.

對於1P毛利率，我認為總體而言，我們預計2016年將呈上升趨勢，無論是通過手機，它都會做出有意義的貢獻，但它不會真正影響整體趨勢。

But overall, we do see both gross margin and operating margin to improve for our core e-commerce business.

但總體而言，我們確實看到我們核心電子商務業務的毛利率和營業利潤率都有所改善。

For our Internet finance, you can have a quick calculation.

對於我們的互聯網金融，你可以快速算一筆賬。

We raised RMB6.65b on top of RMB40b in pre-money valuation, so that's about 15% equity stake to the external investors and we maintain 85% at this point.

在投前估值 400 億人民幣的基礎上，我們籌集了 6.65 億人民幣，因此外部投資者持有約 15% 的股權，目前我們維持 85% 的股權。

Just some more color, looking on 1P gross margin.

再多一些顏色，看看 1P 毛利率。

We look at these numbers by category.

我們按類別查看這些數字。

We look at each category to say that we want -- over time want to see gross margin improvement on each category.

我們審視每個類別，表示我們希望隨著時間的推移，看到每個類別的毛利率有所提高。

But at the end it's a blended number so it depends on the mix shift, because different categories do have different gross margin profiles, so at the end it's a weighted number.

但最終它是一個混合數字，因此它取決於混合變化，因為不同的類別確實有不同的毛利率概況，所以最終它是一個加權數字。

We do see, for example, in Q4 we had a big campaign on consumables and there is some gross margin pressure for that category.

例如，我們確實看到，在第四季度，我們針對消耗品開展了一場大型活動，該類別存在一些毛利率壓力。

We'll probably continue to see pretty intense competition this year in that category, so there will be some pressure for that category.

今年我們可能會繼續看到該類別的競爭非常激烈，因此該類別將會面臨一些壓力。

Jialong Shi, Nomura.

石家龍，野村。

Hi.

你好。

Good evening, management.

晚上好，管理層。

Thanks for taking my call.

感謝您接聽我的電話。

I have a question about your Internet finance business.

我有一個關於你們互聯網金融業務的問題。

I understand quite a few Chinese companies are now doing this Internet consumption loan or supplier chain finance business.

據我了解，現在有不少中國企業在做這種互聯網消費貸或者供應鏈金融業務。

So I was wondering, compared to your competitors, what are JD's competitive edge in this Internet finance business?

所以我想知道，與你們的競爭對手相比，京東在互聯網金融業務上的競爭優勢是什麼？

And also, how much of your Q4 GMV is linked to the consumption loan you provide for customers?

還有，你們第四季度的GMV有多少是和你們為客戶提供的消費貸款掛鉤的？

Thank you.

謝謝。

(Spoken in Chinese)

（以中文發言）

So for all new products or just as part of general philosophy, JD focuses on improving customer experience.

因此，對於所有新產品或只是作為總體理念的一部分，京東都專注於改善客戶體驗。

So if you look at our Jingdong Baitiao, the consumer financing product, it definitely improved the overall user experience on JD shopping.

所以如果你看看我們的京東白條這個消費金融產品，它確實改善了京東購物的整體用戶體驗。

So that's a very, very important aspect.

所以這是一個非常非常重要的方面。

We also mentioned about risk management, which we focus a large part of our R&D on the risk management, so we hope it will be a differentiated advantage.

我們還提到了風險管理，我們研發的很大一部分都集中在風險管理上，所以我們希望這是一個差異化的優勢。

We also have -- with JD Mall business, we have unique consumer insight which can help us in both building the risk management model, but also developing more uniquely customer friendly products.

我們還擁有——通過京東商城業務，我們擁有獨特的消費者洞察力，這可以幫助我們建立風險管理模型，還可以開發更獨特的客戶友好型產品。

So Richard mentioned -- the last point is we have our own internal strict guideline on what kind of products we will develop.

所以理查德提到——最後一點是我們對我們將開發什麼樣的產品有自己的內部嚴格指導方針。

In the past couple of years, when there was a huge rush to P2P products, we stayed away from that business and never really got close to it because it didn't really match or fit our internal risk management appetite and policy.

在過去的幾年裡，當P2P產品出現巨大熱潮時，我們遠離了該業務，並且從未真正接近過它，因為它並不真正符合或不符合我們內部風險管理的偏好和政策。

(Spoken in Chinese)

（以中文發言）

So, in addition to our customer first philosophy, our JD Finance business definitely is embracing the innovative spirit and coming up with actually quite a few number ones.

所以，除了我們的客戶至上的理念之外，我們的京東金融業務肯定也秉承創新精神，並提出了相當多的創新精神。

We are the first company to introduce consumer financing for Jingdong Baitiao for e-commerce, and we are the first in introducing product crowdfunding and also equity crowdfunding business in China.

我們是第一家推出京東白條電商消費金融的公司，也是國內第一家推出產品眾籌和股權眾籌業務的公司。

So we intend to continue to innovate and really generate positive surprises to our consumers.

因此，我們打算繼續創新，真正為消費者帶來積極的驚喜。

And if we can achieve that, we are confident that our JD Finance business will bring -- just like JD Mall, bring significant value to our shareholders.

如果我們能夠實現這一目標，我們相信我們的京東金融業務將為我們的股東帶來巨大的價值，就像京東商城一樣。

We are now approaching to the end of the conference call.

我們現在電話會議即將結束。

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

現在我將把電話轉給京東的李瑞宇致閉幕詞。

Thank you, operator.

謝謝你，接線員。

Thank you for joining us today.

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 looking forward to talking to you in the coming months.

感謝您一直以來的支持，並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.

演示到此結束。

You may now disconnect.

您現在可以斷開連接。

Good day.

再會。