京東 (JD) 2018 Q4 法說會逐字稿

Hello, and thank you for standing by for JD.com's Fourth Quarter and Full Year 2018 Earnings Conference Call.

您好，感謝您出席京東 2018 年第四季及全年業績電話會議。

(Operator Instructions)

（操作員說明）

Today's conference is being recorded.

今天的會議正在錄製中。

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

現在我將會議交給今天會議的主持人李瑞宇。

Thank you, operator, and welcome to our Fourth Quarter and Full Year 2008 (sic) [2018] Earnings Conference Call.

謝謝您，營運商，歡迎參加我們的 2008 年第四季和全年（原文如此）[2018] 收益電話會議。

Joining me today on the call are JD.com's Group CEO, Richard Liu; Mr. Xu Lei, CEO of JD Retail;

今天與我一起參加電話會議的還有京東集團執行長劉強東 (Richard Liu)；徐雷先生，京東零售執行長；

Mr. Wang Zhenhui, CEO of JD Logistics; Sidney Huang, our CFO; and Jianwen Liao, our CSO.

京東物流執行長王振輝先生；西德尼‧黃，我們的財務長；以及我們的 CSO 廖建文。

For today's agenda Mr. Huang will discuss highlights of the fourth quarter and full year 2008 (sic) 2018 . Other management will join the Q&A session.

在今天的議程中，黃先生將討論 2018 年第四季和 2008 年全年（原文如此）的亮點。其他管理層將參加問答環節。

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

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

Also, this call includes discussions of certain non-GAAP financial measures.

此外，本次電話會議也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較的公認會計準則衡量標準的調節表。

Finally, please note 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 to Sidney.

現在我想把電話轉給西德尼。

Thank you, Lee.

謝謝你，李。

Hello, everyone.

大家好。

Thank you for joining us today.

感謝您今天加入我們。

We are pleased to deliver another strong quarter with solid top line and bottom line results.

我們很高興再次實現強勁的季度業績和穩健的營收和利潤。

Our net revenue growth reached the high end of our expectation, and our non-GAAP net income increased by 67% from the same quarter a year ago.

我們的淨收入成長達到了我們預期的高端，我們的非 GAAP 淨收入較去年同期成長了 67%。

During the fourth quarter of 2018, our net revenues grew 22.4%, a solid performance on top of an exceptionally strong fourth quarter in 2017 despite relatively soft consumption in large ticket electronics and appliance categories.

2018 年第四季度，我們的淨收入成長了 22.4%，儘管大件電子產品和家電類別的消費相對疲軟，但在 2017 年第四季異常強勁的基礎上，我們的表現依然穩健。

Revenues from general merchandise categories grew 38% during the quarter, driven by home goods, skincare and cosmetics categories.

在家居用品、護膚品和化妝品類別的推動下，本季日用百貨類別的收入成長了 38%。

In addition fulfilled marketplace GMV again grew over 40% year-over-year, as we continue to improve marketplace operations.

此外，隨著我們不斷改善市場運營，配送市場 GMV 再次年增 40% 以上。

Net service revenues grew by 45.7% year-over-year, driven by JD Logistics third-party revenues and advertising services.

在京東物流第三方收入和廣告服務的推動下，淨服務收入較去年同期成長45.7%。

For the full year of 2018, our net revenues increased by 27.5% and our total GMV grew by 30%, as we continue to take market share and outperform the industries we participated in.

2018 年全年，我們的淨收入成長了 27.5%，總 GMV 成長了 30%，我們繼續佔據市場份額並超越我們參與的行業。

Revenues from general merchandise categories grew over 42% during the year, as a result of more diversified, high-quality product selection and our superior customer experience.

由於更加多元化、高品質的產品選擇以及卓越的客戶體驗，年內百貨類的收入成長超過42%。

Net service revenues grew over 50% and contributed nearly 10% of our total revenues in 2018, up from 8.4% in 2017, as we leveraged our retail infrastructure to expand into these segments.

隨著我們利用零售基礎設施向這些領域擴張，淨服務收入成長超過 50%，佔 2018 年總收入的近 10%，高於 2017 年的 8.4%。

Gross margin in the fourth quarter was 14.2% compared to 13% in the fourth quarter 2017.

第四季的毛利率為 14.2%，而 2017 年第四季的毛利率為 13%。

The margin expansion was attributable to the continued margin improvement of both JD Mall and JD Logistics.

利潤率的成長歸因於京東商城和京東物流的利潤率持續改善。

JD Mall gross margin increased over 60 basis points, mainly driven by economies of scale from the 1P business, up 38 basis points in Q3 as well as solid advertising revenue growth.

京東商城毛利率成長超過 60 個基點，主要得益於 1P 業務的規模經濟，第三季成長 38 個基點以及廣告收入的穩健成長。

JD Logistics' third-party business also achieved significant gross margin improvement during the quarter, as it continues to grow to scale and optimize its operations.

京東物流的第三方業務在本季也實現了顯著的毛利率改善，隨著其不斷擴大規模和優化營運。

On a full-year basis, non-GAAP gross margin improved from 13.8% in 2017 to 14.1% in 2018, mainly driven from JD Mall gross margin expansion of 38 basis points during the year, partially offset by investments in new businesses.

全年來看，非美國通用會計準則毛利率從2017年的13.8%改善至2018年的14.1%，主要得益於年內京東商城毛利率擴張38個基點，部分被新業務投資所抵銷。

Fulfillment expense ratio in the fourth quarter was 6.6%, down from 7.2% in the same quarter last year, thanks to improved utilization of our logistics capacity and higher workforce productivity in the seasonally high quarter.

第四季的履約費用率為 6.6%，低於去年同期的 7.2%，這得益於我們的物流能力利用率的提高以及季節性高季度勞動生產力的提高。

During the fourth quarter, our R&D expense increased to 70% from the same quarter of 2017, but were relatively flat as compared with Q3.

第四季度，我們的研發費用較2017年同季成長至70%，但與第三季相比相對持平。

For the full year of 2018, the expenses increased over 80% to RMB 12.1 billion, as we hired top R&D talent around the world to enhance our technology infrastructure and implement our AI-driven digital strategy.

2018年全年，由於我們聘請了全球頂尖研發人才來增強我們的技術基礎設施並實施人工智慧驅動的數位化策略，因此費用增長了80%以上，達到人民幣121億元。

With key leaders and various levels of staff now in place, we expect R&D expenses to stabilize in 2019.

隨著主要領導和各級員工的到位，我們預計 2019 年研發費用將穩定。

Our marketing expense ratio was 4.7% in the fourth quarter 2018, up from 4.3% in the same quarter a year ago.

2018 年第四季，我們的行銷費用率為 4.7%，高於去年同期的 4.3%。

And our 2018 full-year marketing expense ratio was 4.2% comparable to the 2017 level.

我們2018年全年行銷費用率為4.2%，與2017年水準相當。

Our fourth quarter and full year G&A expense ratios were 1% and 1.1% respectively, comparable to the same periods in 2017.

我們第四季和全年的一般管理費用率分別為 1% 和 1.1%，與 2017 年同期相當。

Coming to the bottom line.

來到底線。

Our non-GAAP net margin in Q4 -- net income in Q4 was RMB 750 million with a net margin of 0.6%, up from 0.4% in the same quarter a year ago.

我們第四季的非公認會計準則淨利潤率為人民幣 7.5 億元，淨利潤率為 0.6%，高於去年同期的 0.4%。

The improvement was mainly supported by JD Mall's operating margin expansion of 52 basis points during the quarter and the reduced losses at JD Logistics' third-party business.

這項改善主要得益於京東商城本季營業利潤率擴大 52 個基點以及京東物流第三方業務虧損減少。

On a full-year basis, non-GAAP net income attributable to ordinary shareholders was RMB 3.5 billion, with a net margin of 0.7%, down 62 basis points from 2017 largely due to investments in new businesses.

全年非美國通用會計準則歸屬於普通股股東的淨利為人民幣35億元，淨利潤率為0.7%，較2017年下降62個基點，主要原因是新業務投資。

However, as we committed in our revised guidance in August last year, the operating margin for JD Mall remained intact, improving from 1.4% in 2017 to 1.6% in 2018, despite a 34 basis point increase in R&D expense ratio within JD Mall.

然而，正如我們在去年8 月修訂後的指引中所承諾的那樣，儘管京東商城的研發費用率增加了34 個基點，但京東商城的營業利潤率保持不變，從2017 年的1.4% 提高到2018 年的1.6%。

This margin improvement demonstrates the resilience of our core margin trend, which is driven by the retail economies of scale and continuous improvement in our operating efficiencies.

這一利潤率的提高顯示了我們核心利潤率趨勢的彈性，這是由零售規模經濟和我們營運效率的持續提高所推動的。

On the last August earnings call, I mentioned that we had established a property management group, not only to develop and manage our state-of-the-art facilities, but also to monetize these assets to compensate for our earnings shortfall last year, unlock value for our shareholders, while optimizing our capital structure.

在去年八月份的財報電話會議上，我提到我們成立了一個物業管理集團，不僅是為了開發和管理我們最先進的設施，也是為了將這些資產貨幣化，以彌補我們去年的盈利缺口，解鎖為股東創造價值，同時優化資本結構。

I'm pleased to share with you that we have established our first logistics property Core Fund in February, in partnership with GIC, the sovereign wealth fund of Singapore.

我很高興與大家分享，我們在二月與新加坡主權財富基金 GIC 合作設立了第一個物流地產核心基金。

And have just signed a definitive agreement to transfer a portfolio for modern warehouses, valued at approximately RMB 10.9 billion to the Core Fund.

並剛簽署最終協議，將價值約109億元人民幣的現代倉庫投資組合轉讓給核心基金。

The deal will close in several phases with the majority to be completed in 2019.

該交易將分幾個階段完成，其中大部分將於 2019 年完成。

And our property management group, we'll continue to manage the assets for the current income stream and receive carried interest for future value appreciation.

我們的物業管理團隊將繼續管理資產以獲得當前收入流，並獲得附帶利息以實現未來價值增值。

The estimated IRR from the transaction will be in excess of 17%, which is the annual return on these investments since we began developing these facilities from as early as 2012.

此次交易的預計 IRR 將超過 17%，這是自我們早在 2012 年開始開發這些設施以來這些投資的年回報率。

If we allocate this annual return to the corresponding years, we would have earned at least RMB 1.5 billion in additional profit in the year of 2018 alone.

如果將這個年度收益分配到相應年份，光是2018年我們就可以額外賺取至少15億元的利潤。

The GIC Core Fund transaction demonstrates our ability to source, develop, manage and monetize well-located, high-quality logistics facilities.

GIC 核心基金交易證明了我們採購、開發、管理位置優越的優質物流設施並利用其貨幣化的能力。

As we're developing more similar projects that are available for future dispositions, we have designated CapEx related to these developments in a separate line in the cash flow -- free cash flow table, and any future cash proceeds from these asset sales will also be disclosed in this section so you can make better judgment on our free cash flow situation.

由於我們正在開發更多可用於未來處置的類似項目，因此我們已在現金流量表中將與這些開發相關的資本支出指定為單獨的一行——自由現金流量表，並且這些資產出售的任何未來現金收益也將在此部分披露，以便您更好地判斷我們的自由現金流狀況。

Now let's discuss our financial outlook.

現在讓我們來討論一下我們的財務前景。

In light of the relatively soft demand in certain durable goods categories, we expect 1Q 2019 net revenue growth to be between 18% and 22% on a year-over-year basis.

鑑於某些耐用品類別的需求相對疲軟，我們預計 2019 年第一季淨收入年增將在 18% 至 22% 之間。

For the full year of 2019, we expect our non-GAAP net margin to be between 0.8% and 1.2%.

2019 年全年，我們預計非 GAAP 淨利率將介於 0.8% 至 1.2% 之間。

This margin guidance excludes the development profit from our property management business, which will add another 0.5% to 0.6% to our GAAP net margin.

此利潤指引不包括我們物業管理業務的開發利潤，這將使我們的 GAAP 淨利潤率再增加 0.5% 至 0.6%。

Lastly, one quick note on the disclosure change to the GMV data.

最後，簡單說明一下 GMV 數據的揭露變化。

Beginning this year, we will no longer disclose quarterly GMV, but will continue to disclose full year GMV, which is consistent with our major industry peer.

從今年開始，我們將不再揭露季度GMV，但將繼續揭露全年GMV，這與我們主要產業同業一致。

As we discussed in the past, the GMV data currently disclosed are for industry comparisons only and are not meant for financial analysis purposes.

正如我們過去所討論的，目前揭露的GMV數據僅用於行業比較，並不用於財務分析目的。

As we expand our service business, GMV is also increasingly less relevant to our revenue streams in the future.

隨著我們服務業務的擴展，GMV 與我們未來收入流的相關性也越來越小。

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

我準備好的演講到此結束，我們現在可以進入問答環節。

(Operator Instructions) Our first question comes from the line of Ronald Keung from Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的Ronald Keung。

In light of the very strong results, I just want to hear our thoughts into our GMV growth and target, like, how many categories when we think about the growth?

鑑於非常強勁的業績，我只想聽聽我們對 GMV 成長和目標的想法，例如，當我們考慮成長時有多少個類別？

Aren't you thinking about from a user base?

不考慮用戶基礎嗎？

How do we see user growth trending for 2019 and so the strategies in driving that?

我們如何看待 2019 年的用戶成長趨勢以及推動此趨勢的策略？

And on that front in driving traffic, could you also give us any updates on your JD-Tencent agreement?

在增加流量方面，您能否向我們介紹一下京東與騰訊協議的最新情況？

Any rough timing that we would see or hear any updates from the 2 partners and aims to achieve on user growth?

我們會看到或聽到兩個合作夥伴的任何更新以及旨在實現用戶成長的大致時間嗎？

So maybe I will first address the category question and then Xu Lei can discuss the user question, and then we will discuss the Tencent question.

所以也許我會先講品類問題，然後徐雷可以討論使用者問題，然後我們再討論騰訊問題。

So on the categories, as we mentioned in the past, first, we are full category retailer with the largest scale in China.

所以在品類上，就像我們過去提到的，第一，我們是中國最大的全品類零售商。

We continue to believe this put us in a very unique competitive position to expand across the categories.

我們仍然相信，這使我們處於非常獨特的競爭地位，可以擴展到各個類別。

This has demonstrated in our recent results and also results in the past years.

這在我們最近的結果和過去幾年的結果中得到了證明。

So we do expect solid growth above the market growth, across all of our key categories, going forward.

因此，我們確實預期未來所有關鍵類別的成長將穩定高於市場成長。

Now our own growth rate may be impacted by certain durable goods categories, but as I mentioned in the past, within these categories, we continue to significantly outperform the industry.

現在我們自己的成長率可能會受到某些耐用品類別的影響，但正如我過去提到的，在這些類別中，我們的表現繼續顯著優於行業。

So we are confident that growth should still be intact from -- per category basis.

因此，我們有信心，從每個類別的角度來看，成長應該仍然完好無損。

(foreign language)

（外語）

Let me take the question of user base in 2019 from 2 aspects.

我從2個面向來回答2019年的使用者基礎問題。

The first one is about the retention of existing users.

第一個是關於現有用戶的保留。

In 2018, our average revenue per user has been on the rise mainly due to 2 factors: one is product cross category, marketing and also personalized user interface.

2018年，我們的每位使用者平均收入一直在上升，主要歸因於兩個因素：一是產品跨類別、行銷以及個人化使用者介面。

(foreign language)

（外語）

For new customers, new user recruitment, we would do our efforts in following 3 aspects: the first one is pricing.

對於新客戶、新用戶的招募，我們會在以下三個方面做出努力：第一個是定價。

We will try to provide the right product offerings to the right tiered cities.

我們將努力為合適的三線城市提供合適的產品。

And the second one is that we will explore new marketing scenarios, for example, community and campus and off-line experience stores.

第二個是我們會探索新的行銷場景，像是社區校園、線下體驗店等。

In that way, we will provide better product and service to new customers -- to attract the new customers.

這樣，我們將為新客戶提供更好的產品和服務—吸引新客戶。

And also, we will analyze our marketing expenditure structure and try to keep our resources to those more efficient and effective marketing investment.

此外，我們還將分析我們的行銷支出結構，並盡量將我們的資源用於那些更有效率、更有效的行銷投資。

Yes.

是的。

With regard to JD-Tencent's relationship, both parties are fully committed to such a partnerships of importance to both parties.

對於京東與騰訊的關係，雙方都充分致力於這種對雙方都很重要的合作關係。

And more details to follow.

以及更多詳細資訊。

(Operator Instructions) Our next question comes from the line Eddie Leung from Bank of America.

（操作員指示）我們的下一個問題來自美國銀行的 Eddie Leung。

My question is more about the improvement in gross margin or the trend.

我的問題比較是關於毛利率的改善或趨勢。

So just could you give us some comments on the following 2 factors.

您能否就以下兩個因素給我們一些評論？

One is, I remember you mentioned that the electronics appliance category has been under some industry pressure, as you peers, obvious.

一是，我記得您提到過，電子電器類別一直承受著一些行業壓力，正如你們同行一樣，這是顯而易見的。

And historically, you want to try for your gross margin is increasing negotiation power on bigger scale so that you can get larger discounts and rebates from your suppliers, especially in the electronics and appliances.

從歷史上看，您想要嘗試的毛利率是在更大範圍內增加談判能力，以便您可以從供應商那裡獲得更大的折扣和回扣，尤其是在電子和電器領域。

So just wondering if these change -- these macro change would affects the pace of the scalability and how would that affect our gross margin?

所以只是想知道這些變化 - 這些宏觀變化是否會影響可擴展性的速度，這將如何影響我們的毛利率？

And separately, again on gross margin, see, you also mentioned that JD Logistics gross margin improving.

另外，再談談毛利率，您也提到京東物流的毛利率正在改善。

So Xu, just wondering if we have any broad time frame that we would expect the subsidies to the third-party users or corporate users would they reduce it and hence we would see potentially positive gross margin from JD Logistics.

所以徐，只是想知道我們是否有一個廣泛的時間框架，我們預計對第三方用戶或企業用戶的補貼會減少，因此我們會看到京東物流潛在的正毛利率。

Any comment would be helpful?

任何評論會有幫助嗎？

Sure.

當然。

So on the gross margin.

所以在毛利率上。

I mentioned, even for electronics and home appliance categories, we remain above the industry growth.

我提到，即使對於電子和家電類別，我們仍然高於行業成長。

And mainly, we definitely see double-digit growth for example in Q4.

主要是，我們肯定會在第四季度看到兩位數的成長。

And the industry on the other hand, is in low single digit.

另一方面，該行業處於低個位數水平。

So the growth will continue to drive scale economies.

因此，成長將繼續推動規模經濟。

In fact, when industries flow as the largest retailer, the largest most important channel, we may gain even more economies of scale when we discuss with this client, for example, helping them to create inventory and also order more unique customized product models.

事實上，當產業流動作為最大的零售商、最大最重要的管道時，我們和這個客戶討論時可能會獲得更多的規模經濟，例如幫助他們創建庫存，也可以訂購更多獨特的客製化產品型號。

So they are various ways to improve gross margins without compromising the consumer-facing price.

因此，他們有多種方法可以在不影響面向消費者的價格的情況下提高毛利率。

We'll remain as the most competitive price provider from a customer point of view.

從客戶的角度來看，我們將仍然是最具競爭力的價格提供者。

On JD Logistics, we mentioned that in the early stage of its business, we had some early discounts to attract the major customers, but after the initial phase, the pricing has been moving back to a more normalized level.

關於京東物流，我們提到，在業務初期，我們有一些早期折扣來吸引主要客戶，但在初期階段之後，定價已經回歸到更正常的水平。

So right now, it is -- most of these clients have passed the initial discount phase.

所以現在，大多數客戶已經過了最初的折扣階段。

So that's why the margin, the gross margin, for JD Logistics has been improved quite significantly.

所以這就是為什麼京東物流的利潤率、毛利率得到了相當顯著的提高。

Our next question comes from the line of Alicia Yap from Citigroup.

我們的下一個問題來自花旗集團的 Alicia Yap。

I have questions on this annual active customer accounts.

我對年度活躍客戶帳戶有疑問。

Understand that the company actually disclose on the quarterly active customer is experiencing year-over-year growth, right, for a third quarter and fourth quarter.

了解該公司實際上披露的季度活躍客戶在第三季度和第四季度正在經歷同比增長，對吧。

So just wonder, if we're looking at it on a quarterly active customer base, on a sequential basis, what is the growth rate from 3Q to 4Q?

所以想知道，如果我們按季度活躍客戶群來看，按順序計算，第三季到第四季的成長率是多少？

And should we assume this kind of flattish annual trend to only normalize later in the third quarter of 2019?

我們是否應該假設這種平淡的年度趨勢只會在 2019 年第三季晚些時候恢復正常？

Right.

正確的。

So the Q4 quarterly customer accounts also increased sequentially, roughly 6% in Q4.

因此，第四季客戶帳戶也較上季成長，大約成長了 6%。

So there is still upward trend in the active customer base.

因此，活躍客戶群仍呈上升趨勢。

I mentioned in the past, this is -- the divergence of these 2 data points is really -- because we are seeing improving quality of the new customers this year, but the customers in the previous 12 months, we did see more one-time accounts.

我過去提到過，這兩個數據點的差異確實很大，因為我們看到今年新客戶的品質有所提高，但在過去 12 個月的客戶中，我們確實看到了更多的一次性客戶帳戶。

So that's why we singled out the recent 2 quarters just to show our customer growth is still relatively healthy.

因此，我們挑選最近兩個季度只是為了表明我們的客戶成長仍然相對健康。

Our next question comes from John Choi from Daiwa.

我們的下一個問題來自 Daiwa 的 John Choi。

Sidney, I have a question on your non-GAAP guidance for 2019.

Sidney，我對 2019 年非 GAAP 指引有疑問。

So it seems like your R&D expenses are going to be flattish.

所以看起來你們的研發費用將會持平。

Assuming other, we see operating expenses across the line OpEx and then hopefully with better improvement of JD Mall and also from improvement on the third-party logistics, shouldn't we be seeing more leverage on your margins?

假設其他情況，我們看到全線營運支出的營運費用，然後希望隨著京東商城的更好改善以及第三方物流的改善，我們難道不會看到你們的利潤率有更大的槓桿作用嗎？

So can you give us a little bit more color on the margin guidance and the breakdown there?

那麼您能否為我們提供更多有關保證金指導和細分的資訊？

And just if I could followup on your -- it seems like your merchant account is now a bit higher in the fourth quarter versus third quarter.

如果我可以跟進您的情況，您的商家帳戶現在第四季度比第三季要高一些。

Has there any -- can you give us an update what has changed in terms of third-party merchants?

您能為我們介紹一下第三方商家方面的最新變化嗎？

Okay.

好的。

So Xu Lei will answer the merchant questions.

那麼徐雷就來解答商家的疑問。

So on the -- just to take R&D as an example, when I say the R&D expense will stabilize in 2019, it's stabilizing at the Q3, Q4 level.

所以，以研發為例，當我說研發費用將在2019年穩定時，它穩定在第三、第四季的水平。

So full year basis, if you take that run rate, you would still see that net year-over-year probably above our revenue growth.

因此，以全年為基礎，如果您採用該運行率，您仍然會看到同比淨值可能高於我們的收入成長。

So that's one factor.

這是一個因素。

Obviously, we will continue to invest in the various initiatives.

顯然，我們將繼續投資於各種舉措。

Will be on a more selective basis with more financial discipline, some balanced approach this year, but we will be in select areas where we think it's very critical to company strategy.

今年將在更有選擇性的基礎上，採取更多的財務紀律和一些平衡的方法，但我們將選擇我們認為對公司策略非常關鍵的領域。

We'll continue to invest very aggressively.

我們將繼續非常積極地投資。

So at the beginning of the year, we will rather start with relatively conservative guidance.

所以在年初，我們寧願以相對保守的指導開始。

Clearly, the margin will be better than last year.

顯然，利潤率將好於去年。

We do hope we can give you more up-sight over the course of the year, especially when we have better clarity on the macro trend.

我們確實希望能夠在這一年中為您提供更多的前瞻性信息，尤其是當我們對宏觀趨勢有了更清晰的了解時。

(Operator Instructions) Our next question comes from Jin Yoon, New Street Research.

（操作員說明）我們的下一個問題來自 New Street Research 的 Jin Yoon。

I think there is somewhere around 700 basis point delta between online sales and GMV in the quarter.

我認為本季線上銷售額與 GMV 之間存在約 700 個基點的增量。

So just kind of wanted to gauge what that delta would look like going forward?

所以只是想評估一下這個三角洲未來會是什麼樣子？

I understand that you won't give GMV numbers, but it would be interesting to hear kind of what the delta would look like for the upcoming year?

我知道您不會給出 GMV 數字，但聽聽來年的三角洲會是什麼樣子會很有趣？

As well as is there -- how much material impact are you seeing from your PINGO business?

您從您的 PONGO 業務中看到了多少實質影響？

Or how much are you seeing contributions from that business?

或是您看到該企業的貢獻有多少？

Right.

正確的。

So I think you are referring to the growth rate between the revenue and GMV, and the difference would be the marketplace GMV.

所以我認為你指的是營收和 GMV 之間的成長率，其中的差異就是市場 GMV。

I mentioned that our fulfilled marketplace GMV actually grew over 40%.

我提到我們的配送市場 GMV 實際上成長了 40% 以上。

So that would bridge the gap, in terms of different growth rate of GMV and JD.

這樣就可以彌補 GMV 和 JD 成長率不同的差距。

(foreign language)

（外語）

Last April, we tried to launch our PINGO group buying business, and it has proved itself to be very interesting to helping us to reach to lower tier cities and markets.

去年4月，我們嘗試推出PINGO團購業務，事實證明它對於幫助我們進入低線城市和市場非常有趣。

That's been very useful, helpful.

這非常有用，很有幫助。

As you know, as mainstream e-commerce player, we haven't actually leveraged our competitive advantages in those lower tier markets.

如您所知，作為主流電子商務參與者，我們實際上並沒有充分利用我們在低線市場的競爭優勢。

And through PINGO now we are positioned to do that.

現在，透過 Pingo，我們有能力做到這一點。

And also as you know, Weixin market has been growing very fast.

而且如您所知，微信市場成長非常快。

And PINGO has given us the right tool to tap out that opportunity.

PONGO 為我們提供了抓住這一機會的正確工具。

So to take up the tier, we have established a social media e-commerce department to help us to reach to lower tier cities and also our female customers.

因此，為了提升這一水平，我們建立了社群媒體電子商務部門，幫助我們接觸到低線城市以及女性客戶。

Our next question comes from the line of Thomas Chong from Credit Suisse.

我們的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 marketplace business, in particular the apparel category.

我的第一個問題是關於市場業務，特別是服裝類別。

How should we think about the trend as we head into this year?

進入今年，我們該如何看待這個趨勢？

And my second question is about our 7Fresh strategy.

我的第二個問題是關於我們的 7Fresh 策略。

Can management give us some color about how many 7Fresh stores will be opened this year?

管理層能否透露今年將開設多少家 7Fresh 門市？

And would we pursue the 1P or 3P model going forward?

未來我們會追求 1P 還是 3P 模式？

(foreign language)

（外語）

For apparel business, we have big plans for 2019.

對於服裝業務，我們2019年有宏偉的計劃。

The first one is that we will step up our efforts to build high-quality brands and the merchants to provide wider choice of product offerings to our customers.

第一個是我們將加強打造優質品牌和商家，為消費者提供更廣泛的產品選擇。

(foreign language)

（外語）

Second one is that we will build smart operating capabilities.

第二個是打造智慧營運能力。

We will integrate our 1P business with our 3P business based upon our supply chain capabilities.

我們將根據我們的供應鏈能力，整合我們的1P業務和3P業務。

For example, we will consolidate the warehouses and the stores of the merchants with our warehouses and distribution capabilities to improve the overall efficiency.

例如我們會把商家的倉庫和門市與我們的倉庫和配送能力整合，提高整體效率。

(foreign language)

（外語）

Our third plan is to shop intensively with the existing customers to get more value out of the existing customer base.

我們的第三個計劃是與現有客戶進行集中購物，從現有客戶群中獲得更多價值。

And also, we'll do more single group buying business with apparel category because this category is vastly suitable to group buying business model.

另外，我們會做更多服飾品類的單一團購業務，因為這個品類非常適合團購的商業模式。

(foreign language)

（外語）

And we are also -- we will look at the composition or the structure of merchants in 2019.

我們也將研究 2019 年商家的組成或結構。

I think that to the product improvement and also improvement of our ecosystem.

我認為這有助於產品的改進以及我們生態系統的改進。

The structure, the composition of merchants has increased it's (inaudible) or wholesomeness that is quite going in a very healthy direction.

商人的結構和組成增加了它的（聽不清楚）或健康性，正在朝著非常健康的方向發展。

So we expect to see this trend to continue in 2019.

因此，我們預計這一趨勢將在 2019 年繼續下去。

So on 7Fresh, it's still relatively young business that we started early 2018.

因此，對於 7Fresh，我們在 2018 年初啟動的業務仍然相對年輕。

Currently, we have 12 stores.

目前，我們有12家商店。

We're still in experimental phase, exploring various omnichannel strategies and tactics to prove the model.

我們仍處於實驗階段，正在探索各種全通路策略和策略來證明模型。

Honestly, we don't think anyone has proved this model in the market today.

老實說，我們認為目前市場上還沒有人證明過這種模式。

So we will take a more managed pace in the expansion of this business this year.

因此，今年我們將在擴展這項業務時採取更可控的步伐。

(Operator Instructions) Our next question comes from the line of (inaudible).

（操作員說明）我們的下一個問題來自（聽不清楚）。

Sydney, I wonder if you can provide us more color for your margin outlook with the property fund impact.

悉尼，我想知道您是否可以為我們提供更多有關房地產基金影響的利潤前景的資訊。

I'm talking about on an ongoing basis, not the one-time impact.

我說的是持續的影響，而不是一次性的影響。

So going forward, in 2019 and onwards, how shall we think about the, for example, fulfillment as a percentage of revenue?

那麼，展望 2019 年及以後，我們該如何考慮履行量佔收入的百分比等問題？

And also your management fee that contribution to the revenue, so revenue and margin impact?

還有你的管理費對收入的貢獻，對收入和利潤率有何影響？

And then clearly, on the PINGO business, I wonder if Xu zong can provide us long-term outlook?

然後很明顯，關於PINGO業務，我不知道徐總能否給我們長期的展望？

In terms of user and the GMV contribution, where do you think PINGO can help contribute to your bigger picture?

在使用者和 GMV 貢獻方面，您認為 PINGO 可以在哪些方面幫助您實現更大的願景？

Sure.

當然。

So on the property management business, we are still in the process of closing those transactions.

因此，在物業管理業務方面，我們仍在完成這些交易。

So only after the closing, we'll start to earn the management fee.

所以只有在成交後，我們才會開始賺取管理費。

With our larger scale, we don't think the management fee will have any material impact on our bottom line at least this year.

由於我們的規模較大，我們認為管理費至少今年不會對我們的利潤產生任何重大影響。

But as we continue to monetize the other assets on the portfolio, it could become more meaningful.

但隨著我們繼續將投資組合中的其他資產貨幣化，它可能會變得更有意義。

There shouldn't be much of an impact on our fulfillment expense after all with our large warehouse network.

畢竟我們擁有大型倉庫網絡，這對我們的履行費用不會產生太大影響。

Only about -- at the end of the year, roughly 2.5 million square meters of warehouses were self-built.

僅－年底，自建倉庫面積約250萬平方公尺。

And now we are monetizing them.

現在我們正在將它們貨幣化。

So this is a fraction, roughly about 20-plus percent of our overall warehouse space.

所以這只是我們整個倉庫空間的一小部分，大約是 20% 以上。

So the current monetization plan does not -- will not have much of a significant impact on the fulfillment expense.

因此，目前的貨幣化計劃不會對履行費用產生太大的重大影響。

(foreign language)

（外語）

Let me add something about group buying business.

我補充一下團購業務。

As I had already pointed out, group buying and PINGO actually is very helpful as Tier 1 to the lower tier cities and female clients through emerging tools or channels like Weixin.

正如我已經指出的，團購和PINGO實際上作為一級市場，透過微信等新興工具或管道，對低線城市和女性客戶非常有幫助。

(foreign language)

（外語）

And also it helps us to activate the bottom tier merchants on our original platform because of the specific characteristics of group buying customers.

而且針對團購客戶的特殊性，也幫助我們啟動了原有平台的底層商家。

(foreign language)

（外語）

We will continue our tracking assets in group buying in Weixin, and mainly we will step our efforts in the following 2 aspects.

我們將繼續追蹤微信團購資產，主要在以下兩方面發力。

(foreign language)

（外語）

All right.

好的。

The first is that we will build a supply chain that is more suitable for group buying business model.

第一個是我們會打造一個更適合團購商業模式的供應鏈。

We established a specialize team to deal with this project.

我們成立了一個專門的團隊來處理這個專案。

We will provide not just a efficient product but also a product that actually ships to from factory.

我們不僅提供高效的產品，而且提供實際從工廠發貨的產品。

(foreign language)

（外語）

We will also develop APP specialized for PINGO.

我們也將開發專門針對PINGO的APP。

Our next question comes from Jerry Liu, UBS.

我們的下一個問題來自瑞銀集團的劉傑瑞。

My question is just on the broader macro environment.

我的問題只是關於更廣泛的宏觀環境。

In the fourth quarter and so for this quarter, have we seen any improvement in the macro environment, especially as we think about consumer sentiment around big-ticket purchases, such as home appliances and the smartphones?

在第四季度以及本季度，我們看到宏觀環境有任何改善嗎，特別是當我們考慮消費者對家電和智慧型手機等大件購買的信心時？

And secondarily, just following up on the margin questions earlier, what's the assumption around the competitive landscape around the competitive intensity over 11/11 last -- in the fourth quarter?

其次，只是跟進先前的利潤率問題，關於去年 11 月 11 日（第四季）競爭強度的競爭格局的假設是什麼？

Yes.

是的。

So we -- I think if you look at our growth rate and also across the durable goods versus the general merchandise categories, the latter has not been much impacted, but the electronics appliance categories were impacted.

因此，我認為，如果你看看我們的成長率以及耐用品與一般商品類別的成長率，後者並沒有受到太大影響，但電子設備類別受到了影響。

So we do see -- still see double-digit growth.

所以我們確實看到——仍然看到兩位數的增長。

And at this point, it is tough to tell, but we are cautiously optimistic for the second half of this year when the government levies incentive policies begin to take effect.

目前還很難說，但我們對今年下半年政府徵收的獎勵政策開始生效持謹慎樂觀的態度。

So we're cautiously optimistic on the macro for the second half.

因此我們對下半年的宏觀情勢持謹慎樂觀的態度。

Our next question comes from Natalie Wu of CICC.

我們的下一個問題來自中金公司的吳娜塔莉。

Firstly, just a little bit follow-up on [LS] question.

首先，對 [LS] 問題進行一些跟進。

For your like 305 million active customer accounts, how many of them are originated from PINGO model?

對於您的 3.05 億活躍客戶帳戶，其中有多少是源自 PINGO 模式？

And what's the current user conversion ratio from Weixin channel team purchase model to your own JD app.

目前從微信通路團購模式到自己的京東應用的用戶轉換率是多少？

And secondly you have just -- you have recently announced an internal restructure in your annual meeting, I think, and -- in the meanwhile, you've also mentioned that for your business unit leaders, this shouldn't put too much emphasis on GMV as GMV is not a leading indicator but a result.

其次，我認為，您最近在年會上宣布了內部重組，同時，您也提到，對於您的業務部門領導者來說，這不應該過分強調GMV作為GMV不是一個領先指標，而是一個結果。

So just wondering if there's any new change introduced to your original KPI mechanism?

那麼想知道你們原來的 KPI 機制是否有任何新的變化呢？

Yes.

是的。

So I guess the WeChat channel continues to be a very, very important new customer acquisition channel.

所以我認為微信管道仍然是一個非常非常重要的新客戶獲取管道。

Just overall, we still see over a quarter of our new customers coming from the WeChat channel.

總體而言，我們仍然看到超過四分之一的新客戶來自微信管道。

We don't track how much of that from PINGO and subsequent conversion.

我們不追蹤其中有多少來自 PINGO 和後續轉換。

So I think -- but overall, it is definitely a very important new customer acquisition channel.

所以我認為——但總的來說，這絕對是一個非常重要的新客戶獲取管道。

I'll let Xu Lei to answer the second question.

第二個問題請徐雷來回答。

(foreign language)

（外語）

As pointed out by Sidney, Weixin's market is very important for us to increase our user base.

正如Sidney所指出的，微信市場對於我們擴大使用者基礎非常重要。

However, we still have our centralized app channels which are equally important for us to acquire new customers.

然而，我們仍然擁有集中的應用程式管道，這對我們獲取新客戶同樣重要。

And we are stepping up our efforts to come up with newer Weixin products to acquire even more new customers.

我們正在加緊努力推出更新的微信產品，以獲取更多新客戶。

However, I am not in a position to say Weixin channel is the new single-most important channel for new customer acquisition.

但我不能說微信管道是新獲客最重要的新管道。

Actually, it's more of the important channels for us to acquire new customers.

實際上，這更多是我們獲取新客戶的重要管道。

Hi, [Ira].

嗨，[艾拉]。

This is Richard Liu.

這是理查德·劉。

I would rather talk more on our strategy of 2019.

我更願意多談談我們2019年的策略。

Because the organization system is really very complicated to explain in a very short time.

因為組織體系確實非常複雜，很難在很短的時間內解釋清楚。

In 2019, we will work on 3 most important things.

2019年，我們將做三件最重要的事。

The first is our lower tier cities.

首先是我們的低線城市。

I think some of you will know, we have talked on lower tier cities for several years.

我想你們中的一些人會知道，我們已經就低線城市進行了多年的討論。

From last year, the good news is -- I think it was the first year from the lower tier cities over the Tier 1, Tier 2 already.

從去年開始，好消息是──我認為這已經是低線城市跨越一、二線城市的第一年了。

And this the year where we will take more products to the lower tier cities to attract more customers.

今年我們將把更多產品帶到低線城市，以吸引更多客戶。

Secondly is our, how to say, digitalization where we will drive our whole group to the traditional management system who bet on our big data and digitalization to improve our management system efficiently.

其次是我們的數位化，我們將推動整個集團轉向傳統的管理體系，他們押注於我們的大數據和數位化，以有效地改善我們的管理體系。

So we have our partners to keep growing our platform.

因此，我們有我們的合作夥伴來不斷發展我們的平台。

Another is off line, where we will offer more and more new biz model to the offline business.

另外一個是線下，我們會為線下業務提供越來越多新的商業模式。

Today, we have (inaudible), we have home appliance, we have (inaudible).

今天，我們有（聽不清楚），我們有家用電器，我們有（聽不清楚）。

We have a new channel department.

我們有一個新的通路部門。

And from this year, we will have more new offline biz model.

而且從今年開始，我們將會有更多新的線下商業模式。

On a positive step, we will keep testing until this model is improved.

積極的一步是，我們將繼續測試，直到模型得到改進。

We will copy as quickly as possible.

我們將盡快複製。

Thank you.

謝謝。

(Operator Instructions) Our next question comes from Alex C. Yao from JPMorgan.

（操作員指令）我們的下一個問題來自摩根大通的 Alex C. Yao。

I have a follow-up question on your previous commentary around user acquisition strategy into the lower tier cities.

我對您之前關於低線城市用戶獲取策略的評論有一個後續問題。

I think you guys have been doing this for quite a few years.

我想你們已經這樣做很多年了。

What will you be doing differently this year versus the previous few years?

與前幾年相比，今年你會採取哪些不同的做法？

Apparently, there's a new product launch, such as PINGO, but is there anything incremental you need to do to be more efficiently tap into the lower tier or lower end consumer demand?

顯然，有一個新產品發布，例如 PINGO，但是您需要做哪些增量工作才能更有效地滿足較低層或較低端消費者的需求？

For example, is there a change in supply chain merchandising strategy such that you will build relationship with the low end or even super low-end supply chain in China?

例如，供應鏈行銷策略是否發生變化，與中國的低端甚至超低端供應鏈建立關係？

Or is there incremental requirement for you to invest more in lower tier city logistic infrastructure?

或者您需要對低線城市物流基礎設施進行更多投資？

Any color would be helpful?

任何顏色都會有幫助嗎？

As Xu Lei already mentioned, I think, one, what you mentioned going to lower tier city, the lower-priced supply chain product is actually one of our initiatives this year.

正如徐雷已經提到的，我認為，第一，你提到的去低線城市，低價的供應鏈產品實際上是我們今年的舉措之一。

Logistics on the other hand, we're already in these lower tier cities.

另一方面，物流方面，我們已經進入了這些低線城市。

We already have a full coverage network.

我們已經擁有全覆蓋的網路。

So there is not much extra to be done, but more on the supply chain side, more on the product side.

所以沒有太多額外的事情要做，而是在供應鏈方面、在產品方面做更多的事情。

And also the various online off-line omnichannel strategies will also help the lower tier city expansion.

而各種線上線下全通路策略也將有助於低線城市的擴張。

Our next question comes from the line of Richard Kramer from Arete Research.

我們的下一個問題來自 Arete Research 的 Richard Kramer。

I just have one question.

我只有一個問題。

I'd like to ask the outlook for free cash flow for 2019.

我想問一下2019年自由現金流的展望。

Is this something that's expected to again be sharply negative?

這是否會再次出現大幅負面影響？

And at what point, excluding the real estate transaction, would JD turn to being a sustainably cash flow, free cash flow generated business?

除了房地產交易之外，什麼時候京東會轉變為可持續現金流、自由現金流產生的業務？

Sure.

當然。

So we this time, if you note on cash flow section, I actually separate out the CapEx for development projects available for sale.

所以我們這次，如果你注意到現金流部分，我實際上分離出了可供出售的開發項目的資本支出。

So those will be turned into project cash as we monetize those products.

因此，當我們將這些產品貨幣化時，這些將轉化為專案現金。

So it is -- the disposition will be part of the (inaudible) CapEx account because those were the cash outflow we have already absorbed.

事實就是這樣——處置將成為（聽不清楚）資本支出帳戶的一部分，因為這些是我們已經吸收的現金流出。

If you look at the disclosure.

如果你看一下披露的內容。

If you subtract this CapEx for development projects available to fulfill, you'll already see a very different cash flow picture even for 2018.

如果減去可用於完成的開發項目的資本支出，即使在 2018 年，您也會看到截然不同的現金流情況。

In 2018, we had a one-time event as we communicated early in 2018.

2018年，我們舉辦了一場一次性活動，正如我們在2018年初所溝通的那樣。

So we do have confidence that cash flow in 2018 will be improved.

所以我們確實有信心2018年的現金流將會得到改善。

And from both operating side because of operating margin will improve and also from CapEx side that now that we have also completed a major CapEx year for our technology infrastructure in 2018.

從營運方面來看，因為營運利潤率將會提高，從資本支出來看，現在我們也已經在 2018 年完成了技術基礎設施的主要資本支出年。

So we will have less other CapEx.

因此我們的其他資本支出將會減少。

We will have better margins, operating cash flow, and we will have the development available for sale line separated, which will see cash inflow this year.

我們將擁有更好的利潤率和營運現金流，並且我們將把可供出售的開發項目分開，今年將出現現金流入。

So on a combination of all the 3, we should see better cash flow this year.

因此，將這三者結合起來，我們今年應該會看到更好的現金流。

Our next question comes from the line of Wendy Huang of Macquarie.

我們的下一個問題來自麥格理的 Wendy Huang。

I assume that most of the comments you've made earlier was more on the electronic side but not on the home appliance side.

我認為您之前發表的大部分評論更多是在電子方面，而不是在家電方面。

Given the government subsidiaries policy that recently came out on the home appliance side in certain cities, how do you see that actually has driven the home appliance consumption and how actually JD benefit from that?

鑑於近期部分城市推出的家電補貼政策，您認為這實際上如何拉動了家電消費，京東又如何從中受益？

And also how sustainable this trend could be?

這種趨勢的可持續性如何？

And also to follow up on the cash flow questions that the previous analyst asked, so shall we expect free cash flow to turn positive definitely in 2019, given the 3 factors that you just mentioned?

另外，為了跟進先前分析師提出的現金流問題，考慮到您剛才提到的三個因素，我們是否應該預期自由現金流在 2019 年肯定會轉為正值？

(foreign language)

（外語）

(inaudible) by the government has come up with quite a lot of promising regulations that they aim to encourage and motivate or stimulate the development of home appliance market.

（聽不清楚）政府制定了許多有希望的法規，旨在鼓勵、激勵或促進家電市場的發展。

And we've been deeply involved in that.

我們一直深入參與其中。

And I think it will take time to take effect and also it will take time for us to preserve the ultimate result of those promises.

我認為生效需要時間，我們也需要時間來維護這些承諾的最終結果。

(foreign language)

（外語）

As you know, for home appliances category, JD has been enjoying very high-rent rotation.

大家知道，在家電品類上，京東一直享有非常高的租金輪替。

And also in terms of online market, JD has not enjoyed notable rate competitive advantage of our peers.

而且在線上市場方面，京東也沒有在同業中享有明顯的價格競爭優勢。

So that will position us in very favorable position.

這將使我們處於非常有利的位置。

(foreign language)

（外語）

Also, this year in 2019, we will open our 1P or direct sale capabilities to our partners and help them to improve tier sales.

另外，今年2019年，我們將向合作夥伴開放我們的1P或直銷能力，幫助他們提高層級銷售。

In that way, together we can do the marketing even better.

這樣，我們就可以一起把行銷做得更好。

(foreign language)

（外語）

And also, we will increase the percentage of the customized products offerings this year.

此外，今年我們還將增加客製化產品的比例。

This will have positive to tap deeper into the lower city customers and also help us to improve our profitability.

這對於深挖下城客戶有正面作用，也有利於我們提高獲利能力。

(foreign language)

（外語）

Also, we will penetrate deeper into counties and towns.

此外，我們還將深入縣城和鄉鎮。

We will open more experience stores, and we will work more closely with the local players to get more engagement points with our customers.

我們將開設更多的體驗店，我們將與當地參與者更緊密地合作，以獲得更多與客戶的互動點。

So on the free cash flow, we don't give guidance on the free cash flow.

所以關於自由現金流，我們不給自由現金流指引。

But clearly, that will be our objective.

但顯然，這將是我們的目標。

Internally, we'll be working very hard to achieving positive cash flow.

在內部，我們將非常努力地實現正現金流。

Our next question comes from the line of Grace Chen of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Grace Chen。

My question is about Q4 numbers.

我的問題是關於第四季的數字。

The Q4 sales were at the high end of the guidance.

第四季的銷售額處於指導值的上限。

I'm wondering which areas performed better that led to the upside in the 4Q sales.

我想知道哪些領域表現較好，導致第四季銷售額上升。

And for the gross margin of fourth quarter as well, it came in better than the expectation.

第四季的毛利率也比預期好。

So I believe, the substantial improvements in a loss of JD Logistics should be one of the key reasons?

所以我認為，京東物流虧損的大幅改善應該是關鍵原因之一？

If you could just share with us some more details about JD Logistics, for example, what's the gross margin status now?

如果您能與我們分享更多有關京東物流的更多細節，例如，現在的毛利率狀況如何？

And what's your target for gross margin and margin for 2019 and maybe in the mid- to long term?

你們2019年以及中長期的毛利率和利潤率目標是多少？

Anymore color will be very helpful.

任何顏色都會非常有幫助。

Right.

正確的。

So the Q4 growth, I mentioned, was actually pretty well balanced other than the couple of categories that we singled out, but there were still growing at double digits.

因此，我提到的第四季度的成長實際上非常平衡，除了我們挑選的幾個類別之外，但仍然以兩位數的速度成長。

So pretty healthy growth across all the categories.

所有類別的成長都非常健康。

Now margin expansion was also partly due to the previous Q4.

現在利潤率的擴張也部分歸因於先前的第四季。

It was at somewhat of a lower margin base, given -- due to different promotional strategies.

由於不同的促銷策略，其利潤率基礎較低。

So it is -- obviously, we're very, very pleased with the performance on -- the logistics side was also a very major positive contributor, given the high volume and better utilization of the facilities.

因此，顯然，我們對錶現非常非常滿意，考慮到設施的高容量和更好的利用率，物流方面也是一個非常重要的積極貢獻者。

So it is a seasonally high quarter for us, normally in Q4, in terms of utilization, but from year-to-year, there may be different emphasis.

因此，就利用率而言，這對我們來說是一個季節性高季度，通常是在第四季度，但每年的重點可能有所不同。

So that will be -- we gave the full year guidance for this year already.

因此，我們已經給出了今年的全年指導。

We will see steadily increasing gross margin for JD Mall and also improving margin from JD Logistics.

我們將看到京東商城的毛利率穩定成長，京東物流的毛利率也將提高。

Our next question comes from the line of Tian Hou from T.H. Capital.

我們的下一個問題來自 T.H. 的天后台詞。首都。

The questions would be related to the new customers.

這些問題將與新客戶相關。

So what you just mentioned, most of new customers actually come from the lower tier cities and/or some of that driven by the WeChat.

所以你剛才提到，大多數新客戶實際上來自低線城市和/或其中一些是由微信驅動的。

So I wonder when you will increase more lower tier cities, management and the customers, will that impact the GMV per order?

所以我想知道你們什麼時候會增加更多的低線城市、管理階層和客戶，這會影響每個訂單的 GMV 嗎？

That's number one.

這是第一名。

Number two, on the annual basis, for each active or unique customer, what is the ASP on the annual basis?

第二，以年度計算，對於每個活躍或唯一客戶，每年的 ASP 是多少？

And also, how many clients they purchased, so that's all the questions relating to new users.

而且，他們購買了多少客戶，這就是與新用戶相關的所有問題。

(foreign language)

（外語）

For PINGO customers, it's true that the initial stage to lay that particular price or the customer price is on the low side compared to other customers.

對於PINGO客戶來說，確實在初始階段製定的特定價格或客戶價格與其他客戶相比偏低。

(foreign language)

（外語）

However, after we acquire some new customers, we will see a lot of ties into how to retain them and how much they spent afterwards.

然而，當我們獲得了一些新客戶後，我們會發現很多關於如何留住他們以及他們之後花了多少錢的聯繫。

We will sell cross categories to them.

我們將向他們出售跨類別的產品。

So after all those efforts actually we see -- we are quite optimistic picture as the PINGO customer spent with us.

因此，在所有這些努力之後，我們實際上看到了——作為 PINGO 客戶與我們一起度過的時光，我們對前景非常樂觀。

(foreign language)

（外語）

Let me share with you the April figure with the overall JD Mall average revenue per user.

讓我跟大家分享一下4月的數據，以及京東商城整體的每位用戶平均收入。

Actually, last year, in terms of the time customers take to go from, say, middle stickiness customer to a high stickiness customer actually is shortened.

事實上，去年，客戶從中等黏性客戶到高黏性客戶的時間實際上縮短了。

That means that it takes us less time for us to turn all those customers into loyal customers.

這意味著我們可以用更少的時間將所有這些客戶轉變為忠誠的客戶。

(foreign language)

（外語）

In the future, we will breakeven way intensive efforts to turn new customers into the first-time customers and then to second- and third-time customers.

未來，我們將以收支平衡的方式，大力努力，將新客戶轉變為首次客戶，進而轉變為第二次、第三次客戶。

Our next question comes from the line of Jialong Shi from Nomura.

我們的下一個問題來自野村證券的施嘉龍。

I have just one question.

我只有一個問題。

Your fulfillment expense slowed down quite meaningfully.

您的履行費用顯著下降。

Year-to-year growth slowed down quite meaningfully in Q4.

第四季年增率明顯放緩。

So I just wonder what was the driver?

所以我只是想知道司機是什麼？

And heading into this year, where you see continued leverage on fulfillment expense?

進入今年，您認為履行費用將繼續發揮作用嗎？

(foreign language)

（外語）

Let me take this question.

讓我來回答這個問題。

As you know, fourth quarter is our peak season, and we have improved substantially our storage capacity and also warehouse utilization.

大家知道，第四季是我們的旺季，我們的倉儲能力和倉庫利用率都大幅提升了。

That's why we have quite a satisfactory fulfillment rates.

這就是為什麼我們有相當令人滿意的履行率。

(foreign language)

（外語）

We think as we looking forward into 2019 as the order intensity increases, our fulfillment base will further improve.

我們認為，展望 2019 年，隨著訂單強度的增加，我們的履行基礎將進一步改善。

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 comments.

現在我將把電話轉給京東的李瑞宇進行總結評論。

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。

Looking forward to talking with you in the future.

期待將來與您交談。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This concludes the presentation.

演示到此結束。

You may now disconnect.

您現在可以斷開連線。

Good day.

再會。