京東 (JD) 2018 Q3 法說會逐字稿

Hello, and thank you for standing by for JD.com Third Quarter 2018 Earnings Conference Call.

您好，感謝您出席京東2018年第三季度財報電話會議。

(Operator Instructions) Today's conference is being recorded.

（操作員指示）今天的會議正在錄製。

If you have any objections, you may disconnect at this time.

如果您有任何異議，您可以此時斷開連接。

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

現在我想將會議交給今天會議的主持人李瑞宇。

Thank you, operator, and welcome to our Q3 2008 (sic) [2018] Earnings Call.

謝謝您，運營商，歡迎參加我們的 2008 年第三季度（原文如此）[2018] 收益電話會議。

Joining today on the call are Richard Liu, our CEO; Lei Xu, our CMO and CEO of JD Mall; Sidney Huang, CFO; and Jon Liao, our Chief Strategy Officer.

我們的首席執行官 Richard Liu 也參加了今天的電話會議；徐雷，我們的首席營銷官兼京東商城首席執行官；黃西尼，首席財務官；以及我們的首席戰略官 Jon Liao。

For today's agenda, Mr. Huang will discuss highlights for the third quarter 2008 (sic) 2018 . Other management will join the Q&A session.

在今天的議程中，黃先生將討論 2008 年第三季度（原文如此）2018 年的亮點。其他管理層將參加問答環節。

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

在我們繼續之前，我請您參閱我們的收益新聞稿中的安全港聲明，該聲明適用於本次電話會議，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 direct 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 would like to turn the call over to Sidney.

現在我想把電話轉給西德尼。

Thank you, Li, and hello, everyone.

謝謝李老師，大家好。

Thank you for joining us today.

感謝您今天加入我們。

We are pleased to report healthy development in major financial metrics in the third quarter.

我們很高興地報告第三季度主要財務指標的健康發展。

Our core e-commerce business continued its solid performance on both the top line and bottom line, while new businesses encouraging progress.

我們的核心電子商務業務在營收和利潤方面均繼續保持穩健的表現，同時新業務也取得了令人鼓舞的進展。

Net revenues in the third quarter grew a decent 25.1% year-on-year, in spite of slowing consumption affecting the large ticket electronics and appliances categories.

儘管消費放緩影響了大宗電子產品和家電類別，但第三季度淨收入同比增長了 25.1%。

General merchandise revenues continued strong momentum, with over 40% in year-over-year growth during the quarter.

一般商品收入繼續保持強勁勢頭，本季度同比增長超過 40%。

Also notable is our fulfilled GMV, which grew over 30% in the third quarter, supported by better long-tail product performance as a result of our focus on improving marketplace operations since last year.

同樣值得注意的是，我們的實現 GMV 在第三季度增長了 30% 以上，這得益於我們自去年以來專注於改善市場運營，帶來更好的長尾產品表現。

Our preferred marketplace GMV grew over 40% across both electronics and general merchandise categories as we welcomed more than 20,000 merchants to our marketplace platform this quarter.

本季度我們的市場平台迎來了超過 20,000 家商家，因此我們的首選市場 GMV 在電子產品和日用百貨類別中均增長了 40% 以上。

Existing merchants also enjoyed our improving ecosystem, with both top-tier and the mid-tier merchants seeing reaccelerated growth on same-store sales in the quarter.

現有商家也受益於我們不斷改善的生態系統，頂級和中端商家的同店銷售額在本季度都出現了加速增長。

We are pleased to see JD.com remains one of the most attractive platforms for merchants in China to engage with end customers.

我們很高興看到京東仍然是中國商家與終端客戶互動最具吸引力的平台之一。

In addition, net service revenues grew 49% year-on-year and it contributed more than 10% of our total quarterly net revenues for the first time, supported by a strong growth in advertising and JD Logistics' third-party services.

此外，在廣告和京東物流第三方服務強勁增長的支撐下，淨服務收入同比增長49%，佔季度總淨收入的比例首次超過10%。

Gross margin was relatively stable year-over-year, thanks to the gross margin expansion from the core JD Mall business, offset by JD Logistics, which is in an investment phase but has seen sequential improvement in unit economics over the past 3 quarters.

毛利率同比相對穩定，這得益於京東商城核心業務的毛利率擴張，並被京東物流所抵消。京東物流正處於投資階段，但在過去三個季度單位經濟效益已連續改善。

Non-GAAP gross margin in the third quarter was 15.2% compared to 15.3% in the same quarter last year.

第三季度非公認會計準則毛利率為 15.2%，去年同期為 15.3%。

If we look at JD Mall, gross margin on our direct sales business improved 15 basis points on a year-over-year basis on top of a very strong third quarter last year, driven by a continuous increase in economies of scale across all key categories.

如果我們看看京東商城，在所有關鍵品類規模經濟持續增長的推動下，我們的直銷業務毛利率在去年第三季度非常強勁的基礎上同比提高了 15 個基點。

During the third quarter, we continued to invest in R&D and technology infrastructure.

第三季度，我們繼續投資研發和技術基礎設施。

Our R&D expenses totaled RMB 3.4 billion or 3.3% of total revenues, up approximately 120 basis points on the same quarter last year.

我們的研發費用總計人民幣34億元，佔總收入的3.3%，比去年同期增長約120個基點。

For the first 9 months of 2018, R&D expenses increased 88% to a total of RMB 8.6 billion.

2018年前9個月，研發費用增長88%至人民幣86億元。

We believe these investments are critical to position ourself for the next phase of growth.

我們相信這些投資對於我們下一階段的增長至關重要。

With the key leaders and the various teams now in place, we expect the R&D expense ratio to begin to stabilize going forward.

隨著主要領導和各個團隊的到位，我們預計研發費用率將開始穩定下來。

Our fulfillment expense ratio improved 20 basis points in the third quarter, driven by a better unit economics.

在單位經濟效益改善的推動下，我們的履行費用率在第三季度提高了 20 個基點。

Our marketing expenses ratio and G&A expense ratio was 3.9% and 1.3%, respectively, comparable to the same quarter of last year.

我們的營銷費用率和一般管理費用率分別為 3.9% 和 1.3%，與去年同期相當。

Non-GAAP operating margin was 0.6% in the third quarter compared to 1.8% last year, with the difference mostly attributable to the higher R&D expenses.

第三季度非 GAAP 運營利潤率為 0.6%，而去年為 1.8%，差異主要歸因於研發費用增加。

Non-GAAP operating margin for JD Mall was 2.2%, 0.1% lower than the same period last year.

京東商城的非公認會計原則營業利潤率為2.2%，比去年同期下降0.1%。

For the first 9 months of 2018, non-GAAP operating margin of JD Mall was 1.7%, comparable to the level in the same period last year, thanks to continued improvements on our core e-commerce gross margin, offset by higher R&D expenses at JD Mall.

2018 年前 9 個月，京東商城的非 GAAP 營業利潤率為 1.7%，與去年同期水平相當，這得益於我們核心電子商務毛利率的持續改善，但被 2018 年研發費用增加所抵消。京東商城。

Our operating cash flow remained positive after the seasonally high second quarter, while free cash flow was negative due to high CapEx during the quarter, including RMB 3.6 billion in land use rights and construction of warehouses and RMB 5 billion in IT infrastructure.

在第二季度季節性高位之後，我們的運營現金流保持為正值，而由於本季度資本支出較高，自由現金流為負值，其中包括 36 億元人民幣的土地使用權和倉庫建設以及 50 億元人民幣的 IT 基礎設施。

As of September 30, 2018, our cash position remains strong, with cash and short-term liquid investments totaling RMB 42.9 billion.

截至2018年9月30日，我們的現金狀況依然強勁，現金和短期流動投資總計人民幣429億元。

In addition, as we communicated last quarter, we are in the process of transferring some of our logistics real estate assets into a core fund, which should help unlock the hidden value of these assets and further strengthen our cash position.

此外，正如我們上季度所傳達的那樣，我們正在將部分物流房地產資產轉移到核心基金中，這將有助於釋放這些資產的隱藏價值並進一步增強我們的現金狀況。

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 Q4 2018 net revenue growth to be between 18% and 23% on a year-over-year basis.

我們預計 2018 年第四季度淨收入同比增長將在 18% 至 23% 之間。

Our Q4 guidance is relatively a part of retail sales in certain durable goods categories, as indicated in the latest National Bureau of Statistics report.

正如國家統計局最新報告所示，我們的第四季度指引相對而言是某些耐用品類別零售額的一部分。

Despite slowing retail sales according to the NBS data, we are encouraged by the double 11 promotion season, where most categories showed above the industry growth rates based on our brand partners' feedbacks and third-party industry report, and our marketplace continued to grow faster during the promotion season.

儘管國家統計局數據顯示零售額放緩，但雙十一促銷季令我們感到鼓舞，根據品牌合作夥伴的反饋和第三方行業報告，大多數品類的增長率高於行業增長率，我們的市場繼續以更快的速度增長促銷季期間。

This concludes my prepared remarks.

我準備好的發言到此結束。

We will now take your questions.

我們現在將回答您的問題。

(Operator Instructions) The first question is from the line of Eddie Leung from Merrill Lynch.

（操作員說明） 第一個問題來自美林證券的 Eddie Leung。

Could you comment on the macro environment, especially in the retail space?

您能否評論一下宏觀環境，尤其是零售領域？

And how does it affect your monetization strategy, as well as your logistic expansion plan?

它如何影響您的貨幣化策略以及您的物流擴張計劃？

And then just a follow-up question on the increase in the R&D investment.

接下來是關於研發投入增加的後續問題。

Could you talk a little bit about how various projects have helped your business in the past couple of quarters?

您能否談談過去幾個季度中各種項目如何幫助您的業務？

Any examples and used cases would be great.

任何示例和用例都會很棒。

Okay.

好的。

So I will start and others may contribute later.

所以我會開始，其他人稍後可能會做出貢獻。

So on the macro, I mentioned that we did see some impact on durable goods categories, and -- but during our latest promotion season, we actually saw JD continue to lead the industry growth when we check with our brand partners.

因此，在宏觀方面，我提到我們確實看到了對耐用品類別的一些影響，而且 - 但在我們最近的促銷季節，當我們與品牌合作夥伴核實時，我們實際上看到京東繼續引領行業增長。

But there seems to be some impact on the big ticket sized items.

但大宗商品似乎受到了一些影響。

While for general merchandise categories, we continue to see very healthy growth rate.

而對於一般商品類別，我們繼續看到非常健康的增長速度。

And in terms of impact, because we are a mass-market retailer, our scale gives us unique pricing competitive advantage.

就影響力而言，由於我們是一家大眾市場零售商，我們的規模賦予了我們獨特的定價競爭優勢。

So in -- even in an economically slowing time, we do believe our value proposition was clearly part of everyday low price and better services will continue to win customers.

因此，即使在經濟放緩的時期，我們也確實相信我們的價值主張顯然是日常低價的一部分，更好的服務將繼續贏得客戶。

So we do not see any major impact on our overall profitability trend moving into next year.

因此，我們認為明年的整體盈利趨勢不會受到任何重大影響。

Now on the logistics investment, the type of customer experience that this service can provide is clearly showing the JD unique advantage, not only on our first-party business, but as I mentioned earlier, our marketplace business has expanded faster.

現在在物流投資上，這種服務所能提供的客戶體驗類型清楚地顯示了京東獨特的優勢，不僅在我們的第一方業務上，而且正如我之前提到的，我們的市場業務擴展得更快。

And part of that growth is from our logistics services that are increasingly utilized by our top merchants.

這種增長的一部分來自我們的物流服務，我們的頂級商家越來越多地使用這些服務。

Just to add one more.

只是為了再添加一個。

While in terms of (inaudible) investment, of course, we continued to invest in the retail innovation, in terms of (inaudible) e-commerce.

當然，在（聽不清）投資方面，我們繼續投資於（聽不清）電子商務方面的零售創新。

I think that would be on the next point here on profitable growth for JD.

我認為這將是關於京東盈利增長的下一個要點。

But additionally, we mainly look into smart (inaudible), smart logistic and smart consumption in terms of a cushion (inaudible) efficiency in cost and the customer experience as well.

但此外，我們主要從成本緩衝（聽不清）效率和客戶體驗方面研究智能（聽不清）、智能物流和智能消費。

Next question comes from the line of Alicia Yap from Citi.

下一個問題來自花旗銀行的 Alicia Yap。

I have questions on the JD initiative on this Retail as a Service and overall JD positioning.

我對京東關於零售即服務的舉措以及京東的整體定位有疑問。

So could you help us understand a bit more about this Zu Chongzhi platform?

那麼您能幫助我們更多地了解一下這個祖沖之平台嗎？

Which industry vertical will that specifically target?

具體針對哪個垂直行業？

How is that service JD's offering different from the service provider by the bigger peer?

京東提供的服務與大型同行提供的服務有何不同？

And related to that, appreciate if management could also help us redefine JD positioning.

與此相關的是，如果管理層也能幫助我們重新定義京東的定位，我們將不勝感激。

Will JD continue to sign up global brands on your platform?

京東會繼續在你們的平台上簽約國際品牌嗎？

And it seems that JD is moving away from the local brands and put more focus on servicing the international brand.

京東似乎正在從本土品牌轉向更專注於服務國際品牌。

So any change of JD visions of being the retailer?

那麼京東作為零售商的願景有什麼變化嗎？

Or is it JD shifting focus to become more a service provider?

還是京東正在將重心轉向服務提供商？

Yes.

是的。

Let me explain in the Retail as a Service concept first.

首先讓我解釋一下“零售即服務”的概念。

As I mentioned in my previous earnings call, we defined (inaudible) retail as (inaudible) retail, which means the retail industry will become even more recommended and decentralized than ever before.

正如我在之前的財報電話會議中提到的，我們將（聽不清）零售定義為（聽不清）零售，這意味著零售行業將變得比以往任何時候都更加推薦和去中心化。

So in this case, JD is moving away from a vertical industry model to more open model.

所以在這種情況下，京東正在從垂直行業模式轉向更加開放的模式。

So in other words, in past, the one reason why JD had become so successful is because we provide end-to-end solutions for retailers, so like JD Mall, we have JD Logistics, and so on and so forth.

所以換句話來說，在過去，京東如此成功的原因之一是因為我們為零售商提供端到端的解決方案，所以像京東商城，我們有京東物流等等。

So moving forward, we have to open up our retail structure to decouple our value chain.

因此，展望未來，我們必須開放我們的零售結構，以脫鉤我們的價值鏈。

So in other words, we wanted to provide our retail and logistics service to the other retailers as well, meaning if we look at another way in innovation, (inaudible) commerce, social commerce and so on and so forth, it can be conceivable for local -- illegal innovators to develop those heavy assets in the network base, the retail infrastructure.

換句話說，我們也想向其他零售商提供零售和物流服務，這意味著如果我們在創新、（聽不清）商務、社交商務等方面尋找另一種方式，那麼這是可以想像的當地——非法創新者開發網絡基礎、零售基礎設施中的重資產。

So in this case, the JD (inaudible) opened up a retail infrastructure to enable and empower more retail innovation.

因此，在這種情況下，京東（聽不清）開放了零售基礎設施，以實現和賦能更多的零售創新。

So this is how we define Retail as a Service, which basically consists of 2 component.

這就是我們如何定義零售即服務，它基本上由兩個組件組成。

Number one, of course, is JD will to focus on retail innovation as our main focus.

當然，第一是京東將把零售創新作為我們的主要關注點。

At the same time, we'll open up a lot of retail infrastructure like logistics, similar to (inaudible) to connect and enable retail innovation.

與此同時，我們將開放許多零售基礎設施，例如物流，類似於（聽不清），以連接和實現零售創新。

So that's how -- that's what we mean by Retail as a Service.

這就是我們所說的“零售即服務”的含義。

Good.

好的。

Sorry, what about the positioning as kind of a service provider versus the traditional retailer?

抱歉，服務提供商與傳統零售商的定位如何？

Yes.

是的。

Of course, the retail infrastructure will become the service providers for other retailers.

當然，零售基礎設施將成為其他零售商的服務提供者。

So we do expect, as indicated in our webinar, the service revenue has been growing significantly, and it's a part of our Retail as a Service strategy.

因此，正如我們的網絡研討會所示，我們確實預計服務收入將顯著增長，這是我們零售即服務戰略的一部分。

Next question is from the line of Ronald Keung from Goldman Sachs.

下一個問題來自高盛的 Ronald Keung。

We're presently to see -- pleasant to see the third -- 3P growth, the strong growth of 40%, which is above the industry growth over the quarter.

我們目前看到——很高興看到第三個——3P 增長，強勁增長 40%，高於本季度的行業增長。

Can you share like what categories have brought this healthy growth?

您能否分享一下哪些品類帶來了這種健康的增長？

Particularly, how did apparel performed during the quarter?

特別是服裝在本季度的表現如何？

And how does management see sort of the 2019 for your marketplace growth with the new e-commerce law coming up in the upcoming year?

隨著新電子商務法即將出台，管理層對 2019 年市場增長有何看法？

Sure.

當然。

So we have seen actually growth across multiple categories on our marketplace, mainly from long-tail products and the long-tail merchants.

因此，我們實際上看到了市場上多個類別的增長，主要來自長尾產品和長尾商家。

We added a fairly large number of new merchants now, with total over 200,000 merchants on our platform.

現在我們新增了相當多的商家，平台上的商家總數已經超過20萬家。

Both our electronics categories and general merchandise categories saw growth rate over 40%.

電子品類和百貨品類增速均超過40%。

So it is really a part of a result of our overall platform improvement.

所以這確實是我們整體平台改進結果的一部分。

We are also pleased to see that the general merchandise GMV as a total of our overall fulfilled GMV now surpassed 50% mark during the third quarter, which is, again, a great validation that JD continues to become a full category platform that attracts the customers and merchants across all the key categories.

我們也很高興地看到，第三季度百貨GMV占我們整體履行GMV的比例現已突破50%大關，這再次有力地證明了京東繼續成為吸引客戶的全品類平台以及所有關鍵類別的商家。

Next question is from the line of Alex Yao from JPMorgan.

下一個問題來自摩根大通的 Alex Yao。

Can you help us understand your top strategic focus for 2019 given the macro outlook for the emerging growth opportunities across off-line retail, logistics, et cetera, et cetera?

鑑於線下零售、物流等新興增長機會的宏觀前景，您能否幫助我們了解您 2019 年的首要戰略重點？

Where will you be focusing on for 2019?

2019年你將把重點放在哪裡？

And then related to that, how would you prioritize the financial resource allocation, i.e.

與此相關的是，您將如何確定財務資源分配的優先順序，即

in a macro consumption backdrop when your financial flexibility is relatively weaker, will you continue to invest aggressively across the new initiatives?

在宏觀消費背景下，當您的財務靈活性相對較弱時，您會繼續在新舉措上大舉投資嗎？

Or are these initiatives were still down a little bit pending on the macro condition?

或者這些舉措是否仍然因宏觀條件而有所下降？

Our overall growth strategy has always been long-term driven, so we'll continue to invest for various long-term initiatives.

我們的整體增長戰略始終是長期驅動的，因此我們將繼續投資於各種長期計劃。

However, after the last couple of years of investments, particularly, for example, in R&D areas, we have now have our key teams and key leaders in place.

然而，經過過去幾年的投資，特別是在研發領域的投資，我們現在已經擁有了關鍵團隊和關鍵領導者。

And some of our initiatives over the past 2 years have beginning to see some very positive results.

過去兩年我們的一些舉措已經開始看到一些非常積極的成果。

So we will continue to invest for the future, while we will obviously put more discipline, and at the same time, on our more developed, more growth business so that there will be a very good balance in the future.

因此，我們將繼續為未來投資，同時我們顯然會更加嚴格，同時我們的業務會更加發達、更具增長性，這樣未來就會有一個非常好的平衡。

We will always be mindful of the resources we have and strike a good balance of both long-term growth and the near-term financial results.

我們將始終關注我們擁有的資源，並在長期增長和近期財務業績之間取得良好的平衡。

Yes.

是的。

We -- I think we have to have a new growth mindset moving forward in terms of 3 different balances.

我認為我們必須有一種新的成長心態，在三種不同的平衡方面向前邁進。

Number one, a balance in the top line and the bottom line to make it more profitable.

第一，實現營收和利潤的平衡，以提高盈利能力。

That's the first one.

這是第一個。

Number two, to balance core business, forward business and the future business to make it more sustaining.

第二，平衡核心業務、遠期業務和未來業務，使其更具可持續性。

Number three, to balance net profit, people and the place to make it more sustainable.

第三，平衡淨利潤、人員和場所，使其更具可持續性。

So I think that's a new way we define our growth mindset.

所以我認為這是我們定義成長心態的新方式。

Next question comes from the line of Jerry Liu from UBS.

下一個問題來自瑞銀集團的Jerry Liu。

Sydney and Jon, from your comments so far on this call, I'm hearing about logistics unit economics improving, R&D expense ratios stabilizing, no macro impacts on the profitability trends and just now talking about balancing top line and bottom line.

悉尼和喬恩，從你們迄今為止在本次電話會議上的評論來看，我聽說物流部門的經濟狀況有所改善，研發費用比率趨於穩定，對盈利趨勢沒有宏觀影響，並且剛剛談論了平衡頂線和底線。

So despite year-to-date net margins being lower this year than last year, I'm hearing a lot of things that suggest maybe net margins can stabilize or improve as we head into next year.

因此，儘管今年迄今為止的淨利潤率低於去年，但我聽到很多消息表明，隨著我們進入明年，淨利潤率可能會穩定或改善。

Is that the right read?

這樣讀對嗎？

Sure.

當然。

Yes.

是的。

We have maintained that, on a long-term basis, our margin should gradually improve.

我們堅持認為，從長期來看，我們的利潤率應該逐步提高。

So this year because of JD Logistics was in an investing year.

所以今年對於京東物流來說是一個投資年。

So my last earnings call, we mentioned that this year will be more making sure that JD Mall will maintain a stable margin trend with some upside.

因此，我在上次財報電話會議上提到，今年將更加確保京東商城保持穩定的利潤率趨勢，並有一定的上升空間。

But if you look at from a couple more years or from last year to next year, we do see the margin continue to gradually improve.

但如果你再看幾年或從去年到明年，我們確實看到利潤率繼續逐步提高。

Obviously, there will be some of the other new business lines, like I mentioned, JD Logistics real estate business as part of the contribution as well.

顯然，還會有一些其他新業務線，就像我提到的，京東物流房地產業務也是貢獻的一部分。

So overall, we do intend to have the full intention to grow the business, investing for the long term, while gradually improving the bottom line.

因此，總的來說，我們確實打算全心全意地發展業務，進行長期投資，同時逐步提高利潤。

Next question is from the line of Thomas Chong from Crédit Suisse.

下一個問題來自瑞士信貸銀行的 Thomas Chong。

I have 2 questions.

我有 2 個問題。

My first question is about the customer growth during the quarter.

我的第一個問題是關於本季度的客戶增長。

We have seen negative sequential growth.

我們看到了環比負增長。

Can management explain about the reason and how we should think about the trend going forward?

管理層能否解釋一下原因以及我們應該如何看待未來的趨勢？

And my second question is about our CapEx.

我的第二個問題是關於我們的資本支出。

How should we think about the CapEx in 2019 and 2020 as a percentage of revenue, if there's any?

我們應該如何看待 2019 年和 2020 年的資本支出佔收入的百分比（如果有的話）？

Yes, I'll take the CapEx question first and Xu Lei will take on the on the user question.

是的，我將首先回答資本支出問題，徐雷將回答用戶問題。

So for CapEx, this is definitely a very heavy CapEx investment year.

所以對於CapEx來說，這絕對是CapEx投資非常重的一年。

Partly, it's driven by our logistics warehousing build-out and partly is because of our IT infrastructure, but both of which, we hope will complete the heaviest investing phase this year and there should be somewhat of a moderating trend moving into -- moving to next year.

部分原因是我們的物流倉儲擴建推動的，部分原因是我們的 IT 基礎設施，但我們希望這兩者都能完成今年最大規模的投資階段，並且應該會出現某種程度的緩和趨勢——轉向明年。

(foreign language) Let me take the question about users.

（外語）我來回答一下關於用戶的問題。

(foreign language) As the economy slows down and in the light of JD.com having already more than 100 billion, 300 billion users, I think at this particular stage, we need to focus more on the quality of growth -- quality of users.

（外文）隨著經濟放緩，鑑於京東已經有超過1000億、3000億的用戶，我認為在這個特殊階段，我們需要更多地關注增長的質量——用戶的質量。

(foreign language) As our logistics network penetrates into the lower-tier cities, we have recently started to step up our marketing efforts towards those areas.

（外語）隨著我們的物流網絡向低線城市的滲透，我們最近開始加大對這些地區的營銷力度。

(foreign language) And also, we find it very effective to attract new users, particularly lower-tier users and the [senile] users through initiatives in the area for decentralized and now open-shelf models like Google buying, Mini Programs and Kepler and et cetera.

（外語）此外，我們發現通過該領域的去中心化和開放式模式（如穀歌購買、小程序和開普勒）的舉措來吸引新用戶，特別是低層用戶和[老年]用戶非常有效。等等。

(foreign language) Some categories enjoy ample room for growth off-line, especially in lower-tier cities.

（外文）一些品類在線下有很大的增長空間，尤其是在二三線城市。

To capture this opportunity, we will integrate online with off-line operations, come up with new product models and create new off-line selling scenarios.

為了抓住這個機遇，我們將線上線下結合起來，推出新的產品模式，創造新的線下銷售場景。

(foreign language) And also, I like to add 2 more points.

（外語） 另外，我想補充兩點。

One is that we find there are plenty of middle income and the low-income people in first and second-tier cities.

一是我們發現一二線城市有大量的中等收入和低收入人群。

We have extensive market penetration and brand awareness, so we will tap into that segment, too.

我們擁有廣泛的市場滲透率和品牌知名度，因此我們也將進軍該細分市場。

(foreign language) We will also work to boost our retention rate and the ARPU, average revenue per user, by enhancing our cross-category penetration.

（外語）我們還將通過提高跨品類滲透率來努力提高留存率和 ARPU（每用戶平均收入）。

We'll now go on to the next question from Grace Chen from Morgan Stanley.

我們現在繼續回答摩根士丹利的 Grace Chen 提出的下一個問題。

We'll move on to our next question from the line of Jin Yoon from New Street Research.

我們將繼續討論 New Street Research 的 Jin Yoon 提出的下一個問題。

Sidney, in your prepared remarks, you talked about strength in advertising.

西德尼，在您準備好的發言中，您談到了廣告的力量。

Can you just talk about the drivers behind that in the quarter?

您能談談本季度背後的驅動因素嗎？

Any potential structural meaningful changes you have seen in the recent quarter as well?

您在最近一個季度還看到了任何潛在的、有意義的結構性變化嗎？

(foreign language) Let me take the question.

（外語）我來回答這個問題。

The consumer's growth in our advertising income is mainly due to the optimization of our algorithm and the improvement in technology capacity.

消費者我們廣告收入的增長主要得益於我們算法的優化和技術能力的提升。

Our ECPM is at constant rise.

我們的 ECPM 不斷上升。

(foreign language) Since JD's retail business includes both direct retail and marketplace platform, we will balance advertising income with user experience.

（外文）由於京東的零售業務包括直營零售和電商平台，我們會平衡廣告收入和用戶體驗。

Also, in the utilization of traffic, we will try to strike a balance between retail sales and advertising monetization.

另外，在流量的利用上，我們會盡量在零售額和廣告變現之間取得平衡。

(foreign language) As our algorithm optimized, we have changed the composition of our advertising products, cutting down on CPD and jacking up RTD.

（外文）隨著算法的優化，我們改變了廣告產品的構成，減少了CPD，提高了RTD。

However, our advertising income has still maintained a very good revenue growth momentum.

不過我們的廣告收入仍然保持著非常好的收入增長勢頭。

We aim to get win-win situation with both the ad monetization and merchant satisfaction.

我們的目標是實現廣告變現和商家滿意度的雙贏。

We'll now move on to the next question from James Lee from Mizuho Securities.

我們現在轉向瑞穗證券 (Mizuho Securities) 詹姆斯·李 (James Lee) 提出的下一個問題。

Yes.

是的。

And this question is for Richard specifically.

這個問題是專門針對理查德的。

Maybe can you help us understand how your role will be changed at the firm going forward, given that a new leadership team has been put in place?

也許您能幫助我們了解，鑑於新的領導團隊已經就位，您在公司的角色將如何變化？

And what's your key focus going forward?

您未來的重點是什麼？

And what business segment will you be focusing on personally?

您個人將重點關注哪個業務領域？

(foreign language) I'll see the (inaudible) the leadership team of JD has already been put in place, and they're staying very steady, good job.

（外語）我會看到（聽不清）京東的領導團隊已經就位，而且他們保持著非常穩定的狀態，幹得很好。

(foreign language) For me personally, I will focus more on new businesses.

（外語）對於我個人來說，我會更加關注新業務。

For mature businesses, our team can handle that.

對於成熟的企業，我們的團隊可以處理這個問題。

(foreign language) Since some fintech raised a question about our growth strategy for next year, so I'd like to take this opportunity to say a few words about that.

（外文）由於有金融科技人士對我們明年的增長戰略提出了疑問，所以我想藉此機會簡單說一下。

(foreign language) As was just mentioned, our R&D expenditure for the first 9 months, from January to September, experienced a growth of 88% year-on-year, and the number actually hasn't included Jingdong (inaudible) R&D expenditure.

（外文）剛才提到，我們前9個月的研發支出，從1月到9月，同比增長了88%，這個數字實際上還沒有包括京東（聽不清）的研發支出。

(foreign language) We have started a lot of new R&D projects.

（外語）我們已經啟動了很多新的研發項目。

And also, we encourage competition across -- among different R&D teams.

此外，我們鼓勵不同研發團隊之間的競爭。

For example, our store-based technology, we encourage them to complete.

比如我們基於商店的技術，我們鼓勵他們去完成。

(foreign language) In the past year, we've tried out in many ways.

（外文）這一年來，我們做了很多嘗試。

And now actually, we can see the future, see the direction very clearly.

現在實際上，我們可以看到未來，非常清楚地看到方向。

So we are now deploying our teams to the right R&D projects to the right direction.

因此，我們現在正在將我們的團隊部署到正確的研發項目中，朝著正確的方向發展。

(foreign language) So for next year, the total amount of R&D expenditure might not increase, will not grow.

（外文）所以明年研發經費總額可能不會增加，不會增長。

(foreign language) At the same time, the net profitability of JD Logistics will boost a lot.

（外文）與此同時，京東物流的淨利潤將大幅提升。

(foreign language) So I do think next year our net profit performance will be better than this year.

（外語）所以我確實認為明年我們的淨利潤表現會比今年更好。

(foreign language) In terms of growth, the customer will grow faster than investor average to gain more market share.

（外文）在增長方面，客戶將比投資者平均增長得更快，以獲得更多的市場份額。

(foreign language) Just in terms of cash flow, this year, the underwrites cost and logistics -- the investment be coming this year, so put our cash flow position into quite a strong pressure.

（外文）就現金流而言，今年承保成本和物流——今年就要投資，所以給我們的現金流狀況帶來了相當大的壓力。

For next year, there should be a pressure.

明年應該會有壓力。

Next year, I do say we will improve a lot in this area.

明年，我確實說我們將在這方面取得很大進步。

(foreign language) In a nutshell, next year, we will grow much higher than the investor average and we will improve on our gross profit and also net profit.

（外語）簡而言之，明年我們的增長將遠遠高於投資者的平均水平，我們的毛利和淨利潤都會提高。

(foreign language) And with this consistent investment in R&D for so many years, I do think next year, we can get the results.

（外語）憑藉多年來對研發的持續投入，我確實認為明年我們就能取得成果。

We will do better in technology income.

我們在技術收入方面會做得更好。

(foreign language) For me, I personally focus on 4 things: one is strategy, the other is culture, and then team and then new businesses.

（外語）對我來說，我個人關註四件事：一是戰略，二是文化，然後是團隊，然後是新業務。

I will continue with the next question from Wendy Huang from Macquarie.

我將繼續回答麥格理的 Wendy Huang 提出的下一個問題。

I just had 2 quick questions.

我只有兩個簡單的問題。

Why is -- on the competitive landscape in the logistics space, so why you are expanding aggressively into third-party logistics with several initiatives in the past few quarters?

為什麼——在物流領域的競爭格局上，為什麼你們在過去幾個季度通過多項舉措積極擴張到第三方物流領域？

But on the other hand, we also noticed in (inaudible), they are fighting back in business.

但另一方面，我們也注意到（聽不清），他們正在商業上進行反擊。

They're set to build a large automatic building center in Shenyang as well.

他們還將在瀋陽建造一個大型自動化建築中心。

So maybe if you can give any color on that will be great.

所以也許如果你能給它任何顏色那就太好了。

And similar things, Richard, is on core.

理查德，類似的事情是核心。

I just wonder if you can give us any update on the allegation against the (inaudible) case.

我只是想知道您是否可以向我們提供有關針對（聽不清）案件的指控的任何最新信息。

Okay.

好的。

So on the logistics, as we mentioned in the past, JD Logistics has used the unrivaled infrastructure by serving our own first-party e-commerce business.

所以在物流方面，正如我們過去提到的，京東物流通過服務我們自己的第一方電子商務業務，利用了無與倫比的基礎設施。

And along the way, earn a great customer -- no, very, very good service quality and -- over the years.

一路走來，贏得了一個偉大的客戶——不，非常非常好的服務質量——多年來。

So -- and as we continue to implement our retail infrastructure strategy, the service strategy, we have seen merchants actually and the brand came to us to provide similar logistics services to these third-party partners.

因此，當我們繼續實施我們的零售基礎設施戰略、服務戰略時，我們實際上看到商家和品牌來找我們，為這些第三方合作夥伴提供類似的物流服務。

So this has been a theme that we mentioned since earlier of this year.

這是我們從今年早些時候就提到的一個主題。

And obviously, with the sales growth this year at a triple digit for the past several quarters, clearly, there are very unique value being provided by the JD Logistics.

顯然，隨著今年過去幾個季度銷售額的三位數增長，京東物流顯然提供了非常獨特的價值。

And on your second question, I just want to answer that.

關於你的第二個問題，我只想回答一下。

We really do not have any new information to share with you.

我們確實沒有任何新信息可以與您分享。

And honestly, we cannot further comment because it is important that we respect the due process of the U.S. justice system.

老實說，我們無法進一步發表評論，因為尊重美國司法系統的正當程序非常重要。

As you see, Richard has been back to work as usual in the company and the situation did not and is not expected to have any material impact on JD operations.

正如你所看到的，Richard 已經回到公司正常工作，這種情況沒有也不預計會對京東運營產生任何實質性影響。

Our strong senior leadership team, with most of its members having spent 5 to 10 years with the company, continues to effectively guide our company towards its goal to grow our business and serve our customers.

我們強大的高級領導團隊，其中大多數成員都在公司工作了 5 到 10 年，繼續有效地指導我們公司實現發展業務和服務客戶的目標。

So as the purpose of today's call is to discuss our earnings results, so we would appreciate you limit -- limiting further questions to this topic.

由於今天電話會議的目的是討論我們的盈利結果，因此我們希望您能限制對此主題的進一步問題。

Thank you.

謝謝。

We'll take the next questions from Jialong Shi from Nomura.

接下來我們將回答來自野村證券 (Nomura) 的史嘉龍 (Jialong Shi) 的提問。

I will ask my question first in Chinese, then I will translate into English myself.

我會先用中文問我的問題，然後我自己翻譯成英文。

(foreign language) So I have 2 questions.

（外語）所以我有兩個問題。

My first question is about 7Fresh.

我的第一個問題是關於7Fresh的。

I just wonder what management's store open planned under 7Fresh initiative and whether or not 7Fresh will be accounted as a part of JD Mall.

我只是想知道管理層在7Fresh計劃下計劃開什麼店，以及7Fresh是否會被計入京東商城的一部分。

And how shall we assess the margin impact from 7Fresh for this year and next year?

我們該如何評估7Fresh今年和明年的利潤率影響？

And for JD Logistics, and I just wonder if the management can provide an update on the progress of capitalizing the JD Logistics, some of JD Logistics resources, which CFO mentioned on last quarterly call.

至於京東物流，我只是想知道管理層是否可以提供有關京東物流資本化進展的最新信息，首席財務官在上一季度電話會議上提到了京東物流的一些資源。

And now I just wonder how should we assess the margin impact from this initiative.

現在我只是想知道我們應該如何評估這一舉措對利潤的影響。

Sure.

當然。

So for 7Fresh, we expect, in aggregate, a dozen or so stores by end of this year and probably another 20-plus stores in the first half of next year.

因此，對於 7Fresh，我們預計到今年年底總共將有十幾家門店，明年上半年可能還會有 20 多家門店。

Now because we want to be -- expand the business in a prudent manner, we're actually opening the stores in a very careful and be well prepared for orders' initial preparations.

現在，因為我們想要以謹慎的方式擴展業務，所以我們實際上正在非常謹慎地開設商店，並為訂單的初步準備做好充分準備。

So in terms of impact on the margins, we do not expect any material impact on our overall margin.

因此，就對利潤率的影響而言，我們預計不會對我們的整體利潤率產生任何重大影響。

And for the current performance of the existing stores, we are actually pretty comfortable that, on a single-store basis, the margin should be breakeven and turn positive in a relatively short period of time.

而就現有門店目前的業績來看，我們其實還是比較滿意的，單店利潤率應該會在相對較短的時間內實現盈虧平衡並轉正。

And for the logistics assets, we are transferring some of the existing assets into a core fund.

對於物流資產，我們正在將一些現有資產轉入核心基金。

And we've received a very good initial investor interest, very good indication.

我們已經收到了非常好的初始投資者興趣，這是非常好的跡象。

We still expect that transaction to happen in the first half of next year.

我們仍然預計該交易將在明年上半年發生。

Next question comes from the line of Natalie Wu from CICC.

下一個問題來自中金公司的Natalie Wu。

Just wondering, for the contract with Tencent regarding the Weixin level 1 access point should be terminated next year, can management update us the following the newer progress?

只是想知道，與騰訊有關微信一級接入點的合同將於明年終止，管理層能否向我們通報最新進展？

Yes.

是的。

Since the Tencent investment into JD, we have been collaborating really well in a number of fronts in terms investment, in terms of off-line retailing such as (inaudible), right, and (inaudible) as well.

自從騰訊投資京東以來，我們在投資方面、線下零售方面（例如（聽不清）、對、（聽不清））在很多方面都合作得非常好。

I think for the next level of collaboration, of course, we will extend the ground base for creating the assets to multiple fronts such as social commerce and to the business as well.

我認為，對於下一階段的合作，我們當然會將創建資產的基礎擴展到社交商務和業務等多個領域。

So right now, we are continuing our discussion, and we should have more updates in the near future.

所以現在我們正在繼續我們的討論，在不久的將來我們應該會有更多的更新。

Next question is from the line Tian Hou from T.H. Capital.

下一個問題來自 T.H. 的Tian Hou。首都。

The question is related to the category expansion.

這個問題與品類擴展有關。

So as you mentioned, the general merchandise the first time was about 50%.

所以正如你提到的，百貨第一次大概是50%左右。

I remember since the day JD become a company, this has been the goal and seems like the final review accomplished that.

我記得自從京東成為一家公司的那一天起，這就是目標，似乎最終的審查已經實現了這一目標。

And however, given the fact that cellphones and home appliances increasing (inaudible), what's the company's strategy in expanding in other categories rapidly to really offset this (inaudible) in other 2 major categories?

然而，考慮到手機和家用電器的增長（聽不清），該公司在其他類別快速擴張以真正抵消其他兩個主要類別的增長（聽不清）的戰略是什麼？

(foreign language)

（外語）

Yes, sure.

是的，當然。

So as we mentioned in the past, JD as a platform has always invested, first, in the overall marketplace operations, including merchant experience.

正如我們過去提到的，京東作為一個平台，一直首先投資於整個市場運營，包括商家體驗。

We talked about for some time.

我們討論了一段時間。

And also, from our overall strategic planning point of view, Jon mentioned the last time that we, in addition to growing our more established business, we have been also investing in some of the so-called the $100 billion club into some of the new categories.

而且，從我們整體戰略規劃的角度來看，喬恩上次提到，我們除了發展更成熟的業務外，還投資了一些所謂的千億美元俱樂部，進入了一些新的領域。類別。

So it's really a result of all of these efforts that helped us expand our general merchandise categories.

因此，這確實是所有這些努力的結果，幫助我們擴大了我們的百貨商品類別。

So we did mention some of the categories in the past.

所以我們過去確實提到過一些類別。

Obviously, our home products, FMCG, our fresh products, also our -- a number of other ones that we mentioned along the years.

顯然，我們的家居產品、快速消費品、我們的新鮮產品，還有我們多年來提到的許多其他產品。

Because when you look at these categories, we do see fairly consistent growth across all of these categories.

因為當你查看這些類別時，我們確實看到所有這些類別的增長相當一致。

So it is really the power of the overall platform rather than any particular focus on just one of them.

因此，這實際上是整個平台的力量，而不是僅關注其中一個平台。

Next question is from the line of Binnie Wong from HSBC.

下一個問題來自匯豐銀行的 Binnie Wong。

My first question is on the Retail as a Service strategy.

我的第一個問題是關於零售即服務戰略。

So I think in the last few quarters, we have been seeing that we have been gaining traction as we open up to a wide range of partners.

因此，我認為在過去的幾個季度中，隨著我們向廣泛的合作夥伴開放，我們已經獲得了越來越多的關注。

So can management update -- share with us any progress update in terms of like the number of partners or any use cases of how our strategy has improved the productivity for our retail partners?

那麼管理層是否可以與我們分享任何進展更新，例如合作夥伴數量或我們的策略如何提高零售合作夥伴生產力的任何用例？

And also, update on any monetization strategy in this area will be very helpful.

此外，該領域任何貨幣化策略的更新都將非常有幫助。

And my second question is a follow-up on the growth strategy, right?

我的第二個問題是增長戰略的後續行動，對吧？

Because we -- I think you mentioned or has mentioned that the decline in the annual active customers this quarter was because you want to focus on the quality.

因為我們——我認為您提到或已經提到過，本季度年度活躍客戶的下降是因為您想關注質量。

So we, of course, see the GMV per customer has been improving.

因此，我們當然看到每個客戶的 GMV 一直在提高。

So I just want to see that, that focus isn't mainly the driver for the GMV increase like the quality customer.

所以我只是想看到，這種關注並不是像優質客戶那樣是 GMV 增長的主要驅動力。

Is it mainly from the consumption upgrade?

主要是來自消費升級嗎？

Or is that because that we -- the customers are buying in more categories?

或者是因為我們——客戶正在購買更多類別的產品？

So how should we think of that?

那麼我們應該如何看待這一點呢？

And second to that is that, on the loyalty program, because we see good progress, right, on the premium membership.

其次是在忠誠度計劃上，因為我們看到高級會員資格方面取得了良好的進展。

How much higher is the users that have the premium membership?

擁有高級會員資格的用戶增加了多少？

How much bigger basket size are they buying versus those that do not have this premium membership?

與那些沒有高級會員資格的人相比，他們購買的購物籃尺寸大多少？

Yes.

是的。

So try to limit 2 questions each person.

所以盡量限制每個人提出 2 個問題。

I'll try to answer the first one and then Xu Lei can answer on the Plus membership program.

我會嘗試回答第一個問題，然後徐雷可以回答有關 Plus 會員計劃的問題。

So for the 2B business, I mentioned first our service revenue has surpassed 10% of total revenue for the first time.

所以對於2B業務，我首先提到我們的服務收入第一次超過了總收入的10%。

So a lot of that is happening, obviously, mainly with JD Logistics is one of them.

顯然，很多這樣的事情正在發生，主要是京東物流就是其中之一。

But also, on our Mini Program on the, we call it Project Kepler internally, as Xu Lei mentioned earlier.

而且，在我們的小程序上，我們內部稱之為開普勒項目，正如徐雷之前提到的。

These are all also generating a meaningful progress for our merchants, brands and also for our customers and the partners.

這些也為我們的商家、品牌以及我們的客戶和合作夥伴帶來了有意義的進步。

So some of these are -- in terms of revenue contributions, it's still small.

所以其中一些——就收入貢獻而言，仍然很小。

But clearly, we are gaining traction in these areas.

但顯然，我們在這些領域正在獲得牽引力。

Xu Lei?

徐雷？

(foreign language) In the third quarter, Plus members have exceeded 10 million.

（外文）第三季度，Plus會員突破1000萬。

These are our core users with the strongest purchasing power, performing great in terms of buying frequency and average revenue per user, ARPU.

這些是我們購買力最強的核心用戶，在購買頻率和每用戶平均收入（ARPU）方面表現出色。

(foreign language) We will continue to optimize and invest in membership benefits with more and more brands and partners becoming aware of the value to those Plus members.

（外文）我們將不斷優化和投入會員權益，讓越來越多的品牌和合作夥伴意識到Plus會員的價值。

A co-membership and value-added service will be our focus for the next stage.

聯合會員和增值服務將是我們下一階段的重點。

(foreign language) Our co-membership project with IT has been doing very well.

（外語）我們與IT的聯合會員項目進展得非常好。

So we'll look at expanding from videos to travel to entertainment, catering, knowledge (inaudible) and et cetera.

因此，我們將考慮從視頻擴展到旅遊、娛樂、餐飲、知識（聽不清）等等。

That's it.

就是這樣。

Our next question is from the line of Susanna Chui from RBS (sic) [DBS].

我們的下一個問題來自 RBS（原文如此）[DBS] 的 Susanna Chui。

Could management update 7Fresh operating data?

管理層能否更新7Fresh的運營數據？

For example, so sales per square meter versus their traditional supermarket and the online order contribution.

例如，每平方米的銷售額與傳統超市和在線訂單貢獻的比較。

And could management share how your retail strategy differentiate from their competitors?

管理層能否分享一下您的零售策略與競爭對手有何不同？

Yes.

是的。

On 7fresh, because the current scale is still relatively small, I did mentioned last quarter that sales per square meters is roughly 3 to 4x of the traditional off-line retail sales figures.

在7fresh上，因為目前規模還比較小，我上個季度確實提到過，每平方米的銷售額大約是傳統線下零售額的3到4倍。

Sorry, I lost the second question.

抱歉，我失去了第二個問題。

Can you ask the second question again?

你能再問第二個問題嗎？

Yes, sure.

是的，當然。

I would like to -- management to share how is your retail strategy differentiate with your others competitors, yes.

我想與管理層分享一下你們的零售策略與其他競爭對手有何不同，是的。

I think what we're doing in -- I mean, because we look at retail for the future in a different strategy, as such we have a different strategy.

我認為我們正在做的事情——我的意思是，因為我們以不同的策略看待未來的零售業，因此我們有不同的策略。

From JD's standpoint, we move from a vertically integrated model to become more open model.

從京東的角度來看，我們從垂直整合的模式轉向更加開放的模式。

And comparative's speaking, our competition is moving from the open model to become more a vertically integrated model.

相對而言，我們的競爭正在從開放模式轉向垂直整合模式。

So that's the simple way to put it.

這就是簡單的表達方式。

Next question is from the line of Hans Chung from KeyBanc Capital.

下一個問題來自 KeyBanc Capital 的 Hans Chung。

I have a question regarding the JD Logistics, and the management team mentioned earlier the profitability will improve a lot next year.

我有一個關於京東物流的問題，管理團隊剛才提到明年盈利能力會提高很多。

So I just want to know, is it driven by that like pricing or new customer growth or the cost reduction initiatives?

所以我只想知道，它是由定價、新客戶增長還是成本削減舉措等因素驅動的？

And then follow-up is, when will we start to see the logistics start to breakeven?

接下來是，我們什麼時候可以開始看到物流開始盈虧平衡？

Yes, sure.

是的，當然。

It's actually from multiple areas.

它實際上來自多個地區。

So we mentioned because it was the initial year, we did expand the capacities at the beginning so that we can have ample capacity to serve the new customers very well.

所以我們提到因為是第一年，我們一開始確實擴大了產能，這樣我們就有足夠的能力來很好地服務新客戶。

And so initially, there was some overcapacity, that was one initially.

因此，最初存在一些產能過剩，這是最初的一個。

Then two is that we offered discounted trial period for the customers to try out our services.

第二是我們為客戶提供折扣試用期來試用我們的服務。

Part of the reason for that is our supply chain management services involving the integrated warehouse and delivery service.

部分原因是我們的供應鏈管理服務涉及綜合倉儲和配送服務。

So for the warehousing part, there is a natural kind of a start-up cost because the merchant and brands tend to have their own warehouses, existing warehouses.

因此，對於倉儲部分來說，存在一種自然的啟動成本，因為商家和品牌往往擁有自己的倉庫，現有的倉庫。

So any migration to our service may incur initial incremental cost.

因此，任何遷移到我們的服務都可能會產生初始增量成本。

So our initial trial period essentially lowered the barrier for this initial service period.

所以我們最初的試用期基本上降低了這個最初服務期的門檻。

And as we move past those initial periods, obviously, also with the capacity, warehouse capacity better utilized, loss ratio will gradually shrink.

隨著我們度過這些初始時期，顯然，隨著容量、倉庫容量的更好利用，損失率將逐漸縮小。

So that's actually a fairly natural outcome after the initial investing phase.

因此，這實際上是初始投資階段後相當自然的結果。

So for the third quarter, which is actually a seasonally low quarter, we were very pleased to see continued narrowing on loss ratio because the business volume still grew on a sequential basis for this particular business, which continued to have better -- improving the utilization for our overall capacity.

因此，對於第三季度，實際上是季節性低季度，我們很高興看到虧損率持續收窄，因為該特定業務的業務量仍然環比增長，該業務繼續表現更好——提高利用率對於我們的整體能力。

We are now approaching the end of the conference call.

我們現在電話會議即將結束。

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

現在我將把電話轉給京東的李瑞宇致閉幕詞。

Thanks, operator, and thank you, everyone, for joining us today.

謝謝接線員，也謝謝大家今天加入我們。

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。

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.

演示到此結束。

You may now disconnect.

您現在可以斷開連接。

Good day.

再會。

DISCLAIMER

免責聲明

JD.com would like to clarify that the role and responsibilities of Chairman and CEO Richard Liu have not changed, and that the company does not have a new management team.

京東謹此澄清，董事長兼首席執行官劉強東的角色和職責沒有變化，公司也沒有新的管理團隊。

A question raised during the Q3 2018 earnings call on November 19, 2018, and subsequent dialogue led to misleading news reports that misinterpreted statements made by Mr. Liu.

2018 年 11 月 19 日的 2018 年第三季度財報電話會議上提出的一個問題以及隨後的對話導致了誤導性的新聞報導，曲解了劉先生的聲明。

As the CEO of a large, global company with a wide-ranging portfolio, Mr. Liu has long overseen the company's broad strategic direction.

作為一家擁有廣泛投資組合的大型跨國公司的首席執行官，劉先生長期負責公司的總體戰略方向。

As stated on the earnings call, he will continue to focus on the firm's strategy, teams, culture and new businesses.

正如在財報電話會議上所說，他將繼續關注公司的戰略、團隊、文化和新業務。

His intention in making the statement was to emphasize that JD.com has a seasoned management team that is effectively running the company's day-to-day operations, and that the team is executing well.

他發表聲明的目的是強調京東擁有一支經驗豐富的管理團隊，有效地管理著公司的日常運營，並且團隊執行力良好。