京東 (JD) 2019 Q3 法說會逐字稿

Hello, and thank you for standing by for JD.com's Third Quarter 2019 Earnings Conference Call.

您好，感謝您出席京東2019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'd like to turn the meeting over to your host for today's conference, Jia Dong.

我想把會議交給今天會議的主持人賈東。

Thank you, and welcome to our third quarter 2019 earnings conference call.

謝謝，歡迎參加我們的 2019 年第三季度收益電話會議。

Joining me the call today are Mr. Richard Liu, JD.com Group CEO; Mr. Lei Xu, CEO of JD Retail; Mr. Zhenhui Wang, CEO of JD Logistics; Sidney Huang, CFO; and Jon Liao, our Chief Strategy Officer.

今天加入我的電話會議的是京東集團首席執行官劉強東先生；徐雷先生，京東零售首席執行官；王振輝先生，京東物流首席執行官；黃西尼，首席財務官；以及我們的首席戰略官 Jon Liao。

For today's agenda, our CFO Sidney Huang will discuss highlights for the third quarter of 2019, followed by Richard Liu, our CEO.

在今天的議程中，我們的首席財務官 Sidney Huang 將討論 2019 年第三季度的亮點，隨後我們的首席執行官劉強東將討論。

Other managements will join the Q&A session.

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 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 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。

I would now like to turn the call over to our CFO, Sidney Huang.

我現在想將電話轉給我們的首席財務官 Sidney Huang。

Thank you, Jia.

謝謝你，賈。

Hello, everyone.

大家好。

Thank you for joining us today.

感謝您今天加入我們。

We are very pleased to report another strong set of results for the third quarter 2019.

我們非常高興地報告 2019 年第三季度又一組強勁的業績。

Our net revenue growth continued to reaccelerate, reaching 28.7%, the highest growth rate in the past 5 quarters, driven by our lower-tier city penetration strategies.

在低線城市滲透策略的推動下，我們的淨收入增長繼續加速，達到28.7%，為過去5個季度的最高增長率。

In particular, the growth rate for electronics and home appliance categories in lower-tier cities was more than double that of Tier 1 and Tier 2 cities.

其中，低線城市的電子家電品類增速是一、二線城市的兩倍以上。

And the most other top 25 categories saw higher and accelerated growth rates in lower-tier cities as well.

大多數其他前 25 個類別在低線城市的增長率也更高且更快。

Overall, over 70% of new customers in Q3 came from lower-tier cities, which is a new record.

總體而言，第三季度新增客戶超過70%來自低線城市，創下新紀錄。

And the growth rates for both purchase orders and GMV in lower-tier cities reached the highest levels in the past 6 quarters.

而低線城市的採購訂單和GMV增速均創近6個季度最高水平。

In terms of traffic, due to innovative marketing activities and better user engagement through our upgraded mobile interface, the JD mobile MAU grew 36% in September, the highest growth rate in the past 8 months, while our mobile DAU, 35% in Q3, the fastest in 5 quarters.

在流量方面，由於創新的營銷活動以及通過升級的移動界面更好的用戶參與度，京東移動月活躍用戶在 9 月份增長了 36%，是過去 8 個月以來的最高增長率，而我們的移動 DAU 在第三季度增長了 35%， 5個季度以來最快。

This may surprise some people, who are not familiar with China's lower-tier city consumers and think they are only interested in low-priced，poor quality products, which have seemingly flourished on other platforms.

這可能會讓一些人感到驚訝，他們不熟悉中國二線城市的消費者，認為他們只對低價、劣質的產品感興趣，而這些產品似乎在其他平台上很受歡迎。

The reality is that consumption upgrade has been quietly occurring in these regions, where average consumers may have relatively lower absolute income, but have somewhat similar or even higher disposable income than Tier 1 city residents due to significantly lower housing costs.

現實情況是，這些地區的消費升級正在悄然發生，普通消費者的絕對收入可能相對較低，但由於住房成本大幅降低，可支配收入與一線城市居民有些相似甚至更高。

As these consumers learned to shop online, they gradually discovered the different value propositions, unique to different e-commerce platforms.

隨著這些消費者學會在網上購物，他們逐漸發現了不同電子商務平台所獨有的不同價值主張。

For JD.com, our obsession with customer experience since day 1 continued to help us win over the better half of middle-class consumers, even in those lower-tier cities.

對於京東來說，我們從第一天起就對客戶體驗的痴迷繼續幫助我們贏得了一半的中產階級消費者，即使是在那些二三線城市。

It is a universal truth that middle-class customers value quality assurance, everyday low prices, and first-class services, especially for high-value products such as 3C and home appliances, all products where consumers pay particular attention to the quality, such as the food, baby products, home furnishings, cosmetics and healthcare products.

中產消費者看重品質保證、天天低價、一流服務，這是人之常情，尤其是3C、家電等高價值產品，都是消費者特別注重品質的產品，比如食品、嬰兒用品、家居用品、化妝品和保健品。

For that, we thank our competitors for not only introducing e-commerce to many first-time users, but also providing easy benchmarks for us to readily differentiate and secure the most valuable customers.

為此，我們感謝我們的競爭對手不僅向許多首次用戶引入了電子商務，而且還為我們提供了簡單的基準，以便我們能夠輕鬆區分和確保最有價值的客戶。

This can be validated by our average ticket size of over RMB 200 in lower-tier cities, a very important indicator for the quality and sustainability of our customer base.

我們在低線城市平均票價超過200元就可以驗證這一點，這是我們客戶群質量和可持續性的一個非常重要的指標。

Thanks to lower-tier city consumers, our market-leading position in the electronics and home appliance categories has been further strengthened with revenue growth rate accelerating to 22% in the third quarter, the fastest in the past 5 quarters, amid everlasting competition and a slowing industry, which grew in low single digits in Q3 according to China's National Bureau of Statistics.

在低線城市消費者的推動下，我們在電子家電品類的市場領先地位進一步鞏固，第三季度收入增速加快至22%，為過去5個季度以來最快，競爭激烈，市場競爭激烈。根據中國國家統計局的數據，第三季度工業增速放緩，為低個位數增長。

In other words, we have been taking tremendous market share during the quarter.

換句話說，我們在本季度佔據了巨大的市場份額。

Some of you may wonder what happened to all the subsidies that people have been raving about from our competitors.

你們中的一些人可能想知道人們一直熱衷於我們的競爭對手的所有補貼都去了哪裡。

Well this time, our archrival itself confirmed publicly that subsidies cannot bring sustainable business.

那麼這一次，我們的主要競爭對手自己公開證實，補貼不能帶來可持續的業務。

It has learned the hard way from its own costly experience over the years.

多年來，它從自己代價高昂的經歷中吸取了慘痛的教訓。

Hundreds of millions of people may happily spend RMB 0.99 on an impulse and they may spend RMB 0.99 every day on petty items just for fun.

數以億計的人可能會心血來潮地花0.99元，每天花0.99元買一些小東西只是為了好玩。

But for serious purchases, most consumers don't just look at price alone.

但對於嚴肅的購買行為，大多數消費者不僅僅只看價格。

They will evaluate at least 2 other elements before any large purchase decisions.

在做出任何重大購買決定之前，他們將評估至少 2 個其他要素。

The first is trust.

首先是信任。

Can I trust the sellers on the platform?

我可以信任平台上的賣家嗎？

Are you selling authentic products?

你們賣的是正品嗎？

Will I get what I see or will I end up on the waitlist for months before getting that discounted item?

我會得到我看到的東西，還是會在等待名單上等待數月才能得到折扣商品？

The answers are mixed, at best, on the overcrowded marketplace platforms.

在過度擁擠的市場平台上，答案充其量是混雜的。

The second is service.

二是服務。

Do you have professional informed service for large appliances and return it easily if I don't like the product?

你們是否為大型電器提供專業的信息服務，並且如果我不喜歡該產品，可以輕鬆退貨嗎？

People may not care about a service when they buy a RMB 0.99 petty item because they can just throw it away.

當人們購買 0.99 元的小商品時，他們可能不會關心服務，因為他們可以把它扔掉。

But when they're buying large ticket products, they definitely care.

但當他們購買大件產品時，他們肯定會關心。

Here comes the hard truth.

殘酷的事實來了。

It takes years of heavy lifting, build the supply chain expertise, service capabilities, and fulfilling infrastructure needed, perfect the customer experience in those categories, and in that process to optimize operating efficiency while solidifying our competitive mode.

我們需要多年的艱苦努力，建立供應鏈專業知識、服務能力和所需的基礎設施，完善這些類別的客戶體驗，並在此過程中優化運營效率，同時鞏固我們的競爭模式。

The best example is 3 years ago, when the largest marketplace platform listed the largest off-line home appliance and electronics retailer in China to jointly attack us with massive subsidies throughout the past 3 years.

最好的例子是3年前，當時最大的電商平台列出了中國最大的線下家電零售商，三年來以巨額補貼聯合攻擊我們。

But they have failed rather miserably as we predicted 3 years ago, now widely reported in the Chinese press.

但正如我們三年前所預測的那樣，他們的失敗相當慘重，現在中國媒體對此進行了廣泛報導。

But anyone still worrying about subsidies hurting our core categories should refresh their memory and think again.

但任何仍然擔心補貼會損害我們核心品類的人都應該刷新記憶並重新思考。

It's driven by the same retail fundamentals that we have reiterated all these years.

它是由我們多年來重申的相同零售基本面推動的。

There's no shortcut in this business.

這個行業沒有捷徑。

By the same token, our general merchandise categories enjoyed accelerated growth of 36% in Q3, led by FMCG products, another extremely difficult category for a pure marketplace operator to reach meaningful scale with or without significant subsidies.

同樣的道理，我們的百貨品類在第三季度加速增長了 36%，其中以快速消費品產品為首，這是純市場運營商在有或沒有大量補貼的情況下很難達到有意義規模的另一個品類。

We are also pleased to see that net service revenue grew 47% year-over-year, the fastest in the past 4 quarters, and contributed 11.9% of our overall revenues, driven by strong momentum from third-party logistics and advertising revenues.

我們還很高興地看到，在第三方物流和廣告收入強勁勢頭的推動下，淨服務收入同比增長 47%，是過去 4 個季度最快的，占我們整體收入的 11.9%。

The external revenue has now contributed 40% to JD Logistics total revenues on a stand-alone basis, up from less than 20% just 2 years ago.

目前，外部收入佔京東物流單獨總收入的比例已從兩年前的不到20%上升到40%。

It has grown more than 300% from the same quarter of 2017 when we decided to expand logistics into a self-sustaining business, supported by its consistently top-ranked customer satisfaction scores in the industry.

與 2017 年同一季度相比，該季度增長了 300% 以上，當時我們決定將物流擴展為自給自足的業務，這得益於其在行業內始終排名第一的客戶滿意度得分。

In the third quarter, our gross margin was 14.9% compared to 15.4% in the same quarter last year.

第三季度，我們的毛利率為14.9%，而去年同期為15.4%。

This reflects the reinvestment of the first half one-time gains that I mentioned on our last earnings call.

這反映了我在上次財報電話會議上提到的上半年一次性收益的再投資。

Yet we have reinvested roughly 40% of the RMB 1.8 billion nonrecurring gains from the first half through the gross margin in Q3 to drive our lower-tier city strategies.

然而，我們將上半年 18 億元人民幣非經常性收益中的大約 40% 通過第三季度的毛利率進行了再投資，以推動我們的低線城市戰略。

It worked very well, and you have to admit, it's a much more effective strategy than the massive subsidies by some of our peers.

它的效果非常好，你必須承認，這是一個比我們一些同行的大量補貼更有效的策略。

The highest sales we achieved will give us the further economies of scale, in both procurement and operating efficiency, which will afford our customers even more pricing benefits, setting an even higher bar for competitors, while driving our further growth and margin expansion next year.

我們實現的最高銷售額將為我們在採購和運營效率方面帶來進一步的規模經濟，這將為我們的客戶提供更多的定價優勢，為競爭對手樹立更高的標準，同時推動我們明年的進一步增長和利潤率擴張。

This is the beauty of our 1P business model, a self-reinforcing virtuous cycle that has worked extremely well for all the number 1 third-party retailers, either by country or by category around the world.

這就是我們 1P 商業模式的美妙之處，這是一種自我強化的良性循環，對於全球所有排名第一的第三方零售商（無論是按國家還是按類別）都非常有效。

You have to be number 1 to enjoy this virtuous cycle, and you have to have a lower cost structure than everyone else.

你必須成為第一才能享受這種良性循環，並且你必須擁有比其他人更低的成本結構。

JD.com is number 1 in China and in multiple categories, and the snowball is just beiginning to roll.

京東在中國多個類別中排名第一，而雪球才剛剛開始滾動。

Another aspect of the snowball effect is operating leverage.

雪球效應的另一個方面是經營槓桿。

During the third quarter, our fulfillment expense ratio improved by 91 basis points, 6.5% compared to 7.4% in the same quarter last year.

第三季度，我們的履行費用率提高了 91 個基點，即 6.5%，而去年同期為 7.4%。

The improvement was driven by economies of scale as JD Logistics expanded its external order volume rapidly.

這一改善是由京東物流外部訂單量迅速擴大所帶來的規模經濟推動的。

benefiting both its 3P operating margin, and JD's 1P fulfillment expense ratio.

其 3P 營業利潤率和京東的 1P 履行費用率均受益。

Our marketing R&D and G&A expense ratios also improved meaningfully in the same quarter, driven by highly-effective management and operating leverage from higher sales.

在高效管理和較高銷售額帶來的運營槓桿的推動下，我們的營銷研發和一般行政費用率在同一季度也顯著改善。

As a result, non-GAAP operating margin reached at 2.2% in the third quarter, setting a new record.

結果，第三季度非 GAAP 運營利潤率達到 2.2%，創下新紀錄。

JD Retail, in particular, achieved the record segment operating margin of 3.3%, and it was achieved in the quarter of heavy new investments.

尤其是京東零售，實現了創紀錄的 3.3% 的細分業務利潤率，而且是在大量新投資的季度實現的。

I hope this solid performance can begin to shed light on our path to our committed, high single-digit, long-term profit margin for the JD Retail business.

我希望這一穩健的業績能夠開始為我們實現京東零售業務承諾的高個位數長期利潤率指明道路。

Our free cash flow also increased significantly year-over-year during the quarter, driven by lower CapEx and the proceeds from the Phase 1 closing of the GIC logistics core fund.

在資本支出下降和 GIC 物流核心基金第一階段關閉收益的推動下，本季度我們的自由現金流也同比大幅增長。

In our free cash flow table, as I mentioned in recent quarters, since JD Property Management Group was formed to pursue financial returns as

在我們的自由現金流表中，正如我在最近幾個季度提到的，自從京東物業管理集團成立以來，就是為了追求財務回報

a separately managed business.

單獨管理的企業。

We have broken out related CapEx into a separate line specifying the available for sale nature, which has been reported net of related proceeds on the sales.

我們已將相關資本支出分解為單獨的一行，指定可供出售的性質，並已扣除相關銷售收益後進行報告。

This is the second time when recorded a net cash inflow on design, following the first time in Q1 this year.

這是繼今年第一季度首次錄得設計現金流淨流入後，第二次錄得設計現金流淨流入。

We hope to see more cash inflows from this business in the future.

我們希望未來能從這項業務中看到更多的現金流入。

For the trailing 12 months, our free cash flow was RMB 15.6 billion, 50% higher than our non-GAAP net income in the same period, which was another bright spot in our business.

過去12個月，我們的自由現金流為人民幣156億元，比同期非美國通用會計準則淨利潤高出50%，這是我們業務的又一亮點。

Now let's discuss our fourth quarter financial outlook.

現在讓我們討論第四季度的財務前景。

We expect net revenues to grow between 21% and 25% on a year-over-year basis, in light of a highly successful single state promotion season, while taking into account the potentially slowing national retail sales growth based on the MBS report published yesterday.

鑑於單一州促銷季非常成功，同時考慮到根據昨天發布的 MBS 報告，全國零售銷售增長可能放緩，我們預計淨收入將同比增長 21% 至 25% 。

On the bright side, our October growth remained resilient, and we are clearly gaining market share.

從好的方面來看，我們 10 月份的增長仍然保持彈性，而且我們顯然正在贏得市場份額。

Finally, with better-than-expected earnings in the third quarter, we are raising the full year non-GAAP net income guidance to be between RMB 9.8 billion and RMB 10.5 billion, reflecting Q4 seasonality and continued reinvestment of the first half one-time gains discussed earlier.

最後，由於第三季度盈利好於預期，我們將全年非美國通用會計準則淨利潤指導上調至人民幣 98 億元至人民幣 105 億元，反映了第四季度的季節性因素和上半年的持續再投資前面討論過的收益。

At the midpoint of this guidance, we would grow our 2019 non-GAAP net income by over 200% from the 2018 level and grow a CAGR of 43% from the 2017 level.

在此指引的中期，我們的 2019 年非 GAAP 淨利潤將比 2018 年水平增長 200% 以上，複合年增長率將比 2017 年水平增長 43%。

More importantly, this robust earnings growth is on top of our ongoing reinvestment in our core business, which positions JD.com to enter to 2020 with tremendous growth momentum.

更重要的是，這種強勁的盈利增長是基於我們對核心業務的持續再投資，這使京東能夠以巨大的增長勢頭進入2020年。

This concludes my prepared remarks, and I will now turn the call to Richard for a few quick remarks.

我準備好的發言到此結束，現在我將致電理查德，讓他簡短地說幾句。

(foreign language) Thank you, Sidney.

（外語）謝謝你，西德尼。

Hello, everyone.

大家好。

I would like to take this opportunity to give you a brief introduction on our strategy plan in 2020, and for this year, as you have seen that we have achieved promising results in terms of our revenues and net margin as well as cash flow.

我想藉此機會向大家簡單介紹一下我們2020年的戰略規劃，以及今年的戰略規劃，大家也看到了，我們在營收、淨利潤、現金流方面都取得了可喜的成績。

And for the next year, based on the list of achievements of the previous 3 factors, we'll continue to work on increasing our GMV and -- customers base as well as technology services.

明年，基於前三個因素所取得的成就，我們將繼續致力於增加我們的 GMV 和客戶群以及技術服務。

And we believe that only by improving every aspects of the 4 elements, we'll achieve full quality growth of the whole company.

我們相信，只有把這四個要素的各個方面都完善起來，才能實現整個公司的全面有質量的增長。

(foreign language) And in the past 6 years, we have been investing heavily on investment of our technology services, and this has been quite larger than the growth of our revenues.

（外文）而且在過去的6年裡，我們一直在大力投資我們的技術服務，這已經遠遠大於我們收入的增長。

And and for this year, you have seen significant growth on the revenues of our technology services.

今年，您已經看到我們的技術服務收入顯著增長。

We actually achieved 3-digits growth this year.

今年我們實際上實現了三位數的增長。

And in the future, for the next 5 years, we will continue to gain the benefits and the improvement on the revenues of our technology services, and this will be even bigger than our overall revenue growth.

未來，未來5年，我們將繼續獲得技術服務的收益和收入的提高，這將比我們整體收入的增長還要大。

And we believe the technology services revenue will be the key engine for the increase of our revenues and net income.

我們相信技術服務收入將成為我們收入和淨利潤增長的關鍵引擎。

[Interpreted] We have 2 strong bricks, and no matter it's our JD Retail, Logistics and JD Digits, the technology is our key driving forces.

【解讀】我們有兩塊堅固的磚頭，無論是我們的京東零售、物流還是京東數科，技術都是我們的關鍵驅動力。

Only through technology willbring us a long-term core competitiveness.

只有技術才能給我們帶來長期的核心競爭力。

Technology will always help us to bring up our users experience, lower the cost and improve our operating efficiency.

技術永遠會幫助我們提升用戶體驗、降低成本、提高運營效率。

And the second belief is that we strongly believe the income from technology services will bring even further benefits and returns and profits for our stakeholders.

第二個信念是，我們堅信技術服務的收入將為我們的利益相關者帶來更多的利益、回報和利潤。

And overall, we believe, for the next year, no matter it's on the revenues and other profits, we will achieve even better results.

總的來說，我們相信，明年無論是收入還是其他利潤，我們都會取得更好的成績。

Thank you, everyone.

謝謝大家。

We can now move to the Q&A session.

我們現在可以進入問答環節。

(Operator Instructions) Your first question comes from the line of Roland Keung from Goldman Sachs.

（操作員說明） 您的第一個問題來自高盛的Roland Keung。

Very strong results.

非常強勁的結果。

And a further accelerating of revenue particularly for the 1P retail and profitability.

收入進一步加速增長，尤其是 1P 零售和盈利能力。

So I would love to hear just your thoughts particularly as Richard talked about the 2020 strategy, just what do we see as the positive and may be less positive drivers just into the 2020 1P growth that could pick up a larger base, that could pick up a 5G?

因此，我很想听聽您的想法，特別是在理查德談到 2020 年戰略時，我們認為 2020 年 1P 增長的積極驅動因素和可能不太積極的驅動因素是什麼，這些增長可能會獲得更大的基數，可能會有所回升5G？

So anything you see are the drivers for the next year's 1P growth, and particularly for electronics, appliances and FMCG?

那麼您看到的任何東西都是明年 1P 增長的驅動力，特別是電子、電器和快速消費品領域？

My sense is mostly whether we are targeting a similar growth as last year, sort of above 20%.

我的感覺主要是我們的增長目標是否與去年類似，即 20% 以上。

Any color on that would be great.

任何顏色都會很棒。

[Interpreted] Let me just give you 2 reasons for the positive development of our 1P business.

【解讀】我簡單給大家講一下我們1P業務積極發展的2個原因。

First, JD is a retailing company based on the capacities of our very strong supply chain.

首先，京東是一家零售公司，擁有非常強大的供應鏈能力。

No matter in the past, now or in the future, will continue to improve our ability on the supply chain.

無論過去、現在還是未來，我們都會不斷提升我們在供應鏈上的能力。

And working together with our partners to increase our efficiencies and lower the cost on the supply chain side to provide unique advantages to this market.

並與我們的合作夥伴共同努力，提高我們的效率，降低供應鏈端的成本，為這個市場提供獨特的優勢。

And secondly, we attach great importance to users' experience, and we believe as a retailer, ensuring user experience is a must and for this year, we have done a lot of work overall across the company to ensure the enhancements of user experience.

其次，我們非常重視用戶的體驗，我們認為作為一個零售商，保證用戶體驗是必須的，今年我們整個公司做了很多工作來保證用戶體驗的提升。

And through our NPS monitoring, we have seen user's experience has very tangible progress.

而且通過我們的NPS監控，我們看到用戶的體驗有了非常明顯的進步。

Since we are continuing our investment on improving the user's experience, not only on the new customers and also our existing customers, we are looking every front to ensure they have unique experience shopping on our platform.

由於我們繼續投資改善用戶體驗，不僅是新客戶，還有現有客戶，因此我們正在全方位確保他們在我們的平台上擁有獨特的購物體驗。

So in all, our supply chain and our commitment to our user experience has ensured our 1P business fast development.

總而言之，我們的供應鍊和對用戶體驗的承諾保證了我們1P業務的快速發展。

Your next question comes from the line of Eddie Leung from Bank of America.

您的下一個問題來自美國銀行的 Eddie Leung。

Two quick questions about the lower-tier city competitions.

關於低線城市比賽的兩個簡單問題。

Number 1 about the users, just wondering, are we seeing a similar users using different apps, but buying different products?

第一，關於用戶，只是想知道，我們是否看到類似的用戶使用不同的應用程序，但購買不同的產品？

Or are we seeing a more unique user segment that coming to JD?

或者我們是否會看到一個更獨特的用戶群來到京東？

And then secondly, how our cooperation with Weixin and the off-line retail partner network can help us in the accommodation in the lower-tier cities?

其次，我們與微信以及線下零售合作夥伴網絡的合作可以如何幫助我們在低線城市的住宿？

[Interpreted] Since our Jingxi platform, which is mainly the new channel which targets the lower-tier city customers has been introduced online by the end of October, it has been less than 2 weeks since it was online.

【解讀】我們的京喜平台主要是針對二三線城市客戶的新渠道，自10月底上線以來，上線時間還不到兩週。

So based on the current results, I would just share a few observations.

因此，根據目前的結果，我只想分享一些觀察結果。

And for the Jingxi platform, it includes 2 access points, 1 is the first-tier access point on WeChat, and another is a standalone app we introduced a month ago.

而對於京喜平台來說，它包括2個接入點，一個是微信上的一級接入點，另一個是我們一個月前推出的獨立應用程序。

The characteristics of the users of Jingxi, the majority of them are coming from the lower-tier cities, and their shopping behavior is more social in-house and has a very high conversion rate.

京喜的用戶特點，大部分來自二三線城市，購物行為更加社交化，轉化率非常高。

But in terms of their ASP value and stickiness, it's relatively lower compared to the main site.

但就其ASP價值和粘性而言，與主站相比相對較低。

And in terms of the product, Jingxi platform products are quite different from our main site.

而且從產品上來說，京喜平台的產品和我們主站有很大的不同。

On JD's main site, the products is mainly brand products.

京東主站上的商品以品牌商品為主。

On Jingxi platform, we are developing products based on China's manufacturer potential.

在京喜平台上，我們正​​在開發基於中國製造商潛力的產品。

Now we are working with over a hand full of industrial belts and in the future, it's going to develop into 1,000 industrial house.

目前我們已擁有超過一手的工業帶，未來將發展成為1000棟工業用房。

So identify the high-quality manufacturers and help them to bring the products on Jingxi platform to reach the customers from lower-tier cities.

因此，要尋找優質廠家，幫助他們將產品引入京喜平台，觸達低線城市的客戶。

And also we realized that the Jingxi users, their shopping preferences is rather complicated.

而且我們也意識到京喜用戶的購物偏好是相當複雜的。

They would like to be more interactive, and having more entertainment and human factors in their shopping behaviors.

他們希望購物行為更具互動性、更多娛樂性和人性化因素。

It's not a matter of very simple buying habit.

這不是一個非常簡單的購買習慣的問題。

So by using these feature, we will work on our own products as well as recheck module functions for user's buying behaviors on our platform.

因此，通過使用這些功能，我們將致力於我們自己的產品，並重新檢查用戶在我們平台上的購買行為的模塊功能。

I also want to share with the development and expansion of JD platform.

我也想分享一下京東平台的發展和拓展。

We've also identified those quality products and, for instance, who have very premium service ability to give them more presence on our main site.

我們還確定了那些優質的產品，例如，那些具有非常優質的服務能力的產品，可以讓他們在我們的主網站上獲得更多的關注。

And we believe there's a group of lower-tier city customers, they also having the willingness and need to shop on the site in the long run.

而且我們相信還有一批低線城市的客戶，他們也有長期在網站上購物的意願和需求。

And I just want to respond a little bit more on our relationship with Tencent.

我只是想就我們與騰訊的關係做出更多回應。

Tencent is our shareholders and very important partner.

騰訊是我們的股東，也是非常重要的合作夥伴。

And some of you have realized that at the end of October, WeChat has made certain rules to prevent some over promotional activities to impact the social interaction behaviors on WeChat.

還有一些人已經意識到，10月底，微信已經制定了一些規則，以防止一些過度的促銷活動影響微信的社交行為。

And these rules, I think, for the long term, is a good sign because for us, we always emphasize on the user's experience and this will help us to guarantee these aspects.

而這些規則，我認為，從長遠來看，是一個好兆頭，因為對於我們來說，我們始終強調用戶的體驗，這將有助於我們保證這些方面。

So I'll just add one more point on Eddy's first question, whether lower-tier cities users are buying from different apps for different categories, or just stick to 1 app?

因此，我就 Eddy 的第一個問題再補充一點，低線城市用戶是否會從不同類別的不同應用程序中進行購買，還是只堅持使用 1 個應用程序？

before we got more data from Jingxi, our survey in the lower-tier cities suggest that majority of the lower-tier city users do use multiple apps basically use multiple platforms.

在我們從京喜獲得更多數據之前，我們對低線城市的調查表明，大多數低線城市用戶確實使用多個應用程序，基本上使用多個平台。

And they will pick the platform based on the categories they are buying.

他們會根據購買的類別選擇平台。

So that's the current observation.

這就是目前的觀察結果。

In the Tier 1, Tier 2 cities, you may see relatively more users stick to 1 app for majority of their purchases.

在一、二線城市，您可能會看到相對較多的用戶堅持使用 1 個應用程序進行大部分購買。

Now with our Jingxi application, basically we are creating a dual-brand strategy, where our main app, JD app will continue to target the entire income consumers in the lower-tier cities, while the Jingxi app will target the relatively lower-income consumers in those regions.

現在我們的京喜應用基本上是在創建雙品牌戰略，我們的主應用京東應用將繼續針對低線城市的所有收入消費者，而京喜應用將針對收入相對較低的消費者在那些地區。

And then we can also then gain more insight on the lower-tier city consumers, so that we can better target them for promoting our JD main app, our core category product.

然後我們還可以更深入地了解二三線城市的消費者，以便我們能夠更好地針對他們來推廣我們的核心品類產品京東主應用程序。

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

您的下一個問題來自花旗集團的 Alicia Yap。

Congratulations on the strong set of results.

祝賀您取得瞭如此強勁的成績。

My questions is related to your C2M initiative on the appliance brands.

我的問題與你們針對家電品牌的 C2M 計劃有關。

What are some of your differentiator on attracting the brands to partner with JD?

在吸引品牌與京東合作方面，你們有何獨特之處？

And given the C2M model is also getting more competitive, if competitors going after the same brands, will they have any negative impact to JD margins?

鑑於C2M模式的競爭也越來越激烈，如果競爭對手追逐相同的品牌，是否會對京東的利潤率產生負面影響？

On the related question is that for the same appliance brand, is the C2M SKU has a higher or lower margin than the standardized SKU?

相關問題是，對於同一家電品牌，C2M SKU 的利潤率是高於標準化 SKU 還是低於標準化 SKU？

If you could share also roughly the percentage of GMB coming from C2M category this quarter and how much you expect that to grow into?

您能否大致分享一下本季度來自 C2M 類別的 GMB 的百分比以及您預計該比例將增長多少？

[Interpreted] Let me share with you some key achievements that we have made on C2M so far.

【解讀】我跟大家分享一下我們目前在C2M方面取得的一些關鍵成果。

And 2 to 3 years ago, we have started our C2M model, and this is started in the categories of IT product and have achieved amazing success.

而兩三年前，我們就開始了我們的C2M模式，這是從IT產品類別開始的，並取得了驚人的成功。

And on this IT categories, actually, our platform, over 70% of products are C2M to JD.

而在這個IT品類上，實際上我們的平台，70%以上的產品都是C2M到京東的。

And this has not only impacted all our platform but actually have quite deep influence to the China's IT industry, online and offline.

這不僅影響到我們所有的平台，實際上對中國的IT行業，線上線下都有相當深的影響。

And for this year, we have also made our strategic proposal to further categories especially on the 2 categories on home appliances and FMCG product.

今年我們還提出了進一步品類的戰略建議，特別是家電和快消品這兩個品類。

And compared with other online platforms, I believe there are 2 advantages to produce C2M products on JD platform.

而與其他線上平台相比，我認為在京東平台上生產C2M產品有兩個優勢。

First of all, we are a company driven by technology.

首先，我們是一家以技術驅動的公司。

We have a vast data in returns of our users comments and searching data and reviewing data.

我們擁有大量的用戶評論、搜索數據和評論數據的數據。

And combining all this data and working together with our partners will help us to generate the most tailor-made product in a timely manner.

結合所有這些數據並與我們的合作夥伴合作將幫助我們及時生成最量身定制的產品。

And secondly, per say, JD is a retail platform and especially our 1P business.

其次，京東是一個零售平台，尤其是我們的1P業務。

So this gives us an advantage to work closely together with our brand, our partners together on producing those C2M products.

因此，這使我們有優勢與我們的品牌、我們的合作夥伴密切合作，共同生產這些 C2M 產品。

And in between, we have our capacities on the supply chain.

在這兩者之間，我們在供應鏈上擁有我們的能力。

This gave us a better responsibility and the capacity to produce the most effective product together with the partners, and the partners will become more and more willing to work with us to reach success.

這讓我們有了更好的責任感，也更有能力與合作夥伴一起生產出最有效的產品，合作夥伴也會越來越願意與我們一起走向成功。

And we have realized that for different categories and industries, the progress to produce C2M product will be different.

我們已經意識到，對於不同的品類和行業，生產C2M產品的進度會有所不同。

And some of them are doing C2M product to avoid press conflict.

其中一些公司正在做C2M產品，以避免媒體衝突。

And by doing C2M, more tailor-made product, will help them to reduce the conflict opportunities.

而通過做C2M，更加量身定制的產品，會幫助他們減少衝突的機會。

And for some of the brand partners, they want to go deeper into China's market to the lower-tier cities, and we know that based on our traditional supply chain, this is not an easy way.

而對於一些品牌合作夥伴來說，他們想要深入中國市場到二三線城市，我們知道基於我們傳統的供應鏈，這並不是一條容易的路。

And for JD, we would like to be the company on this process with our partners to together reach new users in the lower-tier cities together.

對於京東來說，我們希望成為這個過程中的公司，與我們的合作夥伴一起共同觸達低線城市的新用戶。

That's why based on our powerful supply chain, it will be very unique opportunity for our brand partners to work with us to be more attractive to reach our customers in the lower-tier cities.

這就是為什麼基於我們強大的供應鏈，這對我們的品牌合作夥伴來說將是一個非常獨特的機會與我們合作，以更具吸引力吸引我們在低線城市的客戶。

And in terms of the margin, because different brands have different goals and different format.

在利潤方面，因為不同的品牌有不同的目標和不同的格式。

It's very difficult to give a unified measurement, but generally speaking, the C2M price is very competitive and there is always ways we can also make reasonable interest profit out of that.

很難給出統一的衡量標準，但總的來說，C2M的價格非常有競爭力，我們總有辦法從中獲得合理的利息利潤。

And the overall, you have already seen the success we have made on the IT categories, and it has occupied a strong market share, and we believe this will be copied in other categories as well.

總體來說，大家已經看到了我們在IT品類上取得的成功，佔據了很大的市場份額，我們相信這也會在其他品類上複製。

And in the future, we'll continue our efforts on C2M, and increase the proportion of their products on our platform.

未來我們會繼續在C2M方面發力，增加他們的產品在我們平台上的佔比。

Thank you

謝謝

So just to put in layman's terms, just to give you an example on C2M margin, it's a triple-win situation.

所以，通俗地說，就是給大家舉一個C2M利潤率的例子，這是一個三贏的局面。

So for example, because a lot of the brands will try to protect their offline retail network.

例如，因為許多品牌會盡力保護其線下零售網絡。

So they will monitor the sales price, which limit our ability to give more value to consumers.

因此他們會監控銷售價格，這限制了我們為消費者提供更多價值的能力。

So for select -- only very large brands can do that.

因此，對於精選來說，只有非常大的品牌才能做到這一點。

And then at the same time, they would also resist giving us even lower procurement price just to prevent us from selling lower price to consumers.

同時，他們也會拒絕給我們更低的採購價格，只是為了阻止我們以更低的價格賣給消費者。

So that by C2M, we can really break through both.

那麼通過C2M，我們就可以真正突破這兩個問題。

One is that because it's a customized product, so we wouldn't disrupt the brands offline retail channels.

一是因為它是定制產品，所以我們不會擾亂品牌的線下零售渠道。

So we can price the products lower to give consumers more benefit.

所以我們可以把產品定價更低，讓消費者得到更多實惠。

Two is that, because of that same reason, and we tend to buy a very large volume for the C2M products.

二是，由於同樣的原因，我們傾向於購買大量的C2M產品。

So we can get even lower procurement price.

所以我們可以獲得更低的採購價格。

So we can also maintain very healthy margins.

因此我們也可以保持非常健康的利潤率。

And while we can also support the brands to sell a much larger volume through our powerful channel.

同時我們還可以通過我們強大的渠道支持品牌銷售更大的銷量。

So it's a triple-win situation for the C2M.

所以這對於C2M來說是一個三贏的局面。

Your next question comes from the line of Thomas Chong from Jefferies.

您的下一個問題來自 Jefferies 的 Thomas Chong。

I have a question about JD Logistics.

我有一個關於京東物流的問題。

Can management comment about the strategy in 2020?

管理層能否評論一下2020年的戰略？

And how should we think about the topline and the margins as we go through the year?

在這一年中，我們應該如何考慮營收和利潤？

Any color would be great.

任何顏色都會很棒。

[Interpreted] [Wang Zhenhui] of JD Logistics.

【解讀】京東物流的【王振輝】。

Next year, our JD Logistics strategy will continue to focus on the efficiency increase and user's experience enhancement.

明年，我們京東物流的戰略將繼續聚焦於效率提升和用戶體驗提升。

And will also step up efforts on reaching the lower-tiers market by expanding our logistic network.

並將通過擴大我們的物流網絡，加大力度進入低線市場。

And we'll also work further on improving our progress and our capacity to further open the external market.

我們還將進一步提高進一步開放外部市場的進度和能力。

And we'll will also step up efforts on our technology deployment, and the revenues from technology will continue to grow next year.

我們也會加大技術部署力度，明年技術收入還會繼續增長。

And for our external orders, revenues from external orders has accounted for over 40% of the overall revenues of JD Logistics.

而對於我們的外部訂單來說，外部訂單收入已經佔京東物流整體收入的40%以上。

For the next year the ratio continues to grow.

明年這一比例將繼續增長。

In terms of the fulfillment of the profit, we will seek further improvement in stability.

在利潤的實現上，我們將尋求穩定性的進一步提高。

Seeing the results from this quarter, our fulfillment fee ratio has been dropped, thanks to our increasing scale.

從本季度的業績來看，由於我們的規模不斷擴大，我們的履行費用比率已經下降。

And since we are continuing to going down into the lower-tier cities, it will have some short-term impact on our cost.

由於我們正在繼續深入低線城市，這將對我們的成本產生一些短期影響。

But in the long run, we believe the fulfillment fee are still having a space to improve.

但從長遠來看，我們認為配送費用仍有提升空間。

Your next question comes from the line of John Choi from Daiwa.

您的下一個問題來自大和的 John Choi。

Congratulations on the great set of results.

祝賀您取得瞭如此出色的成績。

I have a question on the user growth, and obviously, as we go into lower-tier cities, thus, we start to see a user growth acceleration.

我有一個關於用戶增長的問題，顯然，當我們進入低線城市時，我們開始看到用戶增長加速。

Can management give some color on what kind of user growth momentum we'll further see throughout 2020 and onwards?

管理層能否透露我們將在 2020 年及以後進一步看到什麼樣的用戶增長勢頭？

How much opportunity do you see if you compare it to yourself and your peers?

如果您與自己和同行進行比較，您會看到多少機會？

And secondly, just quickly on Richard I think mentioned about the technology, given that industrial internet is one of the key themes that a lot of the other internet companies are talking about.

其次，我認為理查德很快就提到了這項技術，因為工業互聯網是許多其他互聯網公司正在談論的關鍵主題之一。

Can you provide us how this will change our business strategy for JD?

您能否告訴我們這將如何改變我們京東的業務戰略？

And what are the areas that we're looking into?

我們正在研究哪些領域？

[Interpreted] On the question about user's growth.

【解讀】關於用戶成長的問題。

And as I mentioned in last quarter's call, we are targeting our efforts for the user growth on the both new customers acquisitions and old customers maintenance.

正如我在上季度的電話會議中提到的，我們的目標是通過新客戶獲取和老客戶維護來實現用戶增長。

In the first half of the year, we have done a series of internal organization optimization.

上半年，我們做了一系列內部組織優化。

And on the existing customers, we are setting up our efforts on their operation to increase their activity on our platform, and their maintenance on our platform, their ARPU value and satisfaction rate keeps going up.

而對於現有客戶，我們正在加大運營力度，增加他們在我們平台上的活躍度，以及他們在我們平台上的維護，他們的ARPU值和滿意度不斷上升。

And also I want to emphasize that we focus on benevolent growth of our users.

我還想強調，我們專注於用戶的仁慈成長。

And we want to supply users through the fragmented space and a unsustainable way.

而我們希望通過碎片化的空間和不可持續的方式來供給用戶。

And we believe that eventually the quality of the users will be manifested through our careful and healthy fostering process.

我們相信，最終用戶的品質將通過我們精心、健康的培育過程得以體現。

On the maintenance of our users, what we pursues is the indicators improving all aspects.

在用戶的維護上，我們追求的是各方面指標的提升。

It's not only mere number improvement to see how many users we have acquired in a short period of time.

我們在短時間內獲得了多少用戶，這不僅僅是數字的提高。

So I don't know if Richard has heard the question, but I think quickly share that the technology services we have in mind is more about the retail structure that we have accumulated over the years.

所以我不知道理查德是否聽到了這個問題，但我想趕緊分享一下，我們心目中的技術服務更多的是我們多年來積累的零售架構。

The call we had retail-as-a-service concept.

我們的電話會議提出了零售即服務的概念。

So much of the technology know-how and is already being transformed into solutions, and we have seen a demand from the industry for these solutions.

如此多的技術知識已經轉化為解決方案，我們已經看到了行業對這些解決方案的需求。

So those could be clearly the starting point.

所以這些顯然可能是起點。

There will be more in the pipeline that we will discuss more when we have products available.

當我們有產品可用時，我們將進一步討論更多的內容。

Your next question comes from the line of Tina Long from Crédit Suisse.

您的下一個問題來自瑞士信貸銀行 (Crédit Suisse) 的蒂娜·朗 (Tina Long)。

Congratulations again on the results.

再次祝賀結果。

I have 1 quick follow-up on Jingxi first.

我首先對靖西進行了 1 次快速跟進。

I know that we recently launched it, but I want to know in 2020, have we earmarked like a meaningful amount of sales and marketing expense to promote it?

我知道我們最近推出了它，但我想知道在 2020 年，我們是否指定了大量的銷售和營銷費用來推廣它？

Will that have any impact on the overall sales and marketing ratio?

這會對整體銷售和營銷比率產生影響嗎？

And my main question is actually on the GP margin.

我的主要問題實際上是關於總利潤率。

I understand that third quarter GP margin was impacted because of reinvestment of the first half one-off gain.

據我了解，由於上半年一次性收益的再投資，第三季度的毛利率受到了影響。

So I want to know, after we reinvest all the gains for the remainder of the year, in 2020, are we going to see a uptrend from GP margin from a year-over-year perspective?

所以我想知道，在我們將今年剩餘時間的所有收益進行再投資之後，2020 年，從同比角度來看，我們是否會看到 GP 利潤率呈上升趨勢？

[Interpreted] Xu, Lei of JD Retail.

【解讀】京東零售徐雷。

On the question about Jingxi.

關于靖熙的問題。

The Jingxi platform is one of our business model to raise further margin.

京喜平台是我們進一步提高利潤率的業務模式之一。

And as I mentioned that we will seek different ways and different models to grow our market.

正如我提到的，我們將尋求不同的方式和不同的模式來擴大我們的市場。

So the Jingxi platform will not make a great impact on our marketing fee next year.

所以京喜平台不會對我們明年的營銷費用產生很大的影響。

As I just said in our last question, we are seeking a comprehensive improvement on the indicators.

正如我剛才在上一個問題中所說，我們正在尋求指標的全面提升。

So we want to pursue like why indicators growth for about.

因此，我們想要追求諸如指標增長的原因。

And so on the second question, generally, obviously, we haven't done our 2020 budget process.

關於第二個問題，總的來說，顯然我們還沒有完成 2020 年的預算流程。

So I can't give you a definitive answer.

所以我無法給你一個明確的答案。

But in general, all else being equal, gross margin should expand for the same categories because of the economies of scale, as we mentioned in the past.

但總的來說，在其他條件相同的情況下，由於規模經濟，同一類別的毛利率應該會擴大，正如我們過去提到的那樣。

But I just wanted to also point out that the gross margin and expense line, sometimes you should look at them holistically.

但我也想指出，毛利率和費用線，有時你應該全面地看待它們。

I'll give you 1 example, and sometimes and more often than not, lower price if used effectively, can be the best marketing spending.

我舉1個例子，有時而且更多時候，如果有效利用較低的價格，可能是最好的營銷支出。

In other words, you can save marketing cost by promotions.

換句話說，您可以通過促銷來節省營銷成本。

And so sometimes lower gross margin could mean lower marketing expense as well.

因此，有時較低的毛利率也可能意味著較低的營銷費用。

Clearly, that's what happened in Q3.

顯然，這就是第三季度發生的情況。

Our marketing expense ratio actually decreased by 0.6%, more than compensate the gross margin shortfall.

我們的營銷費用率實際上下降了0.6%，足以彌補毛利率的缺口。

So you really have to look at this gross margin and expense lines in a holistic fashion.

因此，您確實必須以整體方式看待毛利率和費用線。

Just add a few things from Xu, Lie.

補充一下徐烈的一些事情。

[Interpreted] I Just want to add that since the end of last year, we have made our strategy to grow our business based on quality development and sustainability.

[解讀]我想補充一點，從去年年底開始，我們就制定了以質量發展和可持續發展為基礎的業務發展戰略。

So you have seen from all the numbers the past 3 quarters this year, these are all the demonstrations of our commitment on the quality growth.

所以大家看到今年過去三個季度的所有數字，這些都體現了我們對高質量增長的承諾。

And in the future, we will stick to this principle to achieve quality and sustainable growth.

未來，我們將堅持這一原則，實現有質量、可持續的增長。

Your next question comes from the line of Natalie Wu from CICC.

您的下一個問題來自中金公司吳娜塔莉。

Congratulations on the solid results.

祝賀取得了紮實的成果。

Just curious, can you share some things with us about the incremental margin profile from your lower-tier city orders?

只是好奇，您能與我們分享一些有關您的低線城市訂單增量利潤概況的信息嗎？

And also about the tick rate on Jingxi, wonder is it different relative to your JD platform?

還有京喜的tick rates，不知道和你們京東平台有什麼不同嗎？

Yes.

是的。

Let me quickly answer the first question.

讓我快速回答第一個問題。

We haven't really internally analyzed in a very detailed way, but we have the same price in lower-tier city and higher-tier cities and cost structure is also similar.

我們內部並沒有進行非常詳細的分析，但我們在低線城市和高線城市的價格是相同的，成本結構也相似。

So in general, the cost structure and the margin profile should be rather similar.

因此，總的來說，成本結構和利潤狀況應該相當相似。

But there are differences in, for example, category consumption pattern that might be different.

但也存在差異，比如品類消費模式可能不同。

But we have not analyzed this in more detail, but they should be more or less the similar.

不過我們還沒有對此進行更詳細的分析，但它們應該或多或少是相似的。

But what about the fulfillment expenses?

但是履約費用呢？

Fulfillment expenses, in terms of order density, clearly, Tier 1 city will clearly enjoy most benefit.

就訂單密度而言，履行費用顯然，一線城市將受益最大。

But we have covered 99% of counties and districts, and we don't necessarily have the same fulfillment promise in the very remote areas.

但我們已經覆蓋了99%的縣區，在非常偏遠的地區我們不一定有同樣的兌現承諾。

We do cover 90%, roughly 90% of the orders within 24 hours, and they tend to be in Tier 1, Tier 2 cities, and in major town areas in the most populated lower-tier cities.

我們確實覆蓋了90%，大約90%的訂單是在24小時內完成的，而且這些訂單往往集中在一、二線城市，以及人口最多的二線城市的主要城鎮地區。

So it's actually well-designed to optimize the cost structure in the lower-tier city as well.

因此，它實際上也是為了優化低線城市的成本結構而精心設計的。

[Interpreted] Xue Lei of JD Retail.

【解讀】京東零售薛雷。

I'll add on this question.

我來補充一下這個問題。

It is true that different categories will have different performance in the lower-tier cities, for example, for iPhone and Huawei smartphones, the growth mainly comes from lower-tier cities.

誠然，不同品類在低線城市會有不同的表現，比如iPhone和華為智能手機，增長主要來自於低線城市。

And for the big-size refrigerators, lower-city customers like them very much because they have a larger house.

而對於大尺寸的冰箱，下城的顧客非常喜歡，因為他們有更大的房子。

And also for the luxury products, the lower-tier city customers are buying more and more on our platform because the traditional channels do not support their purchase needs.

對於奢侈品來說，二三線城市的消費者在我們的平台上購買的數量也越來越多，因為傳統渠道無法滿足他們的購買需求。

But all this examples can not get the conclusion that the lower-tier cities like the big-ticket product.

但所有這些例子並不能得出低線城市喜歡大價產品的結論。

So we have to really analysis it and with different categories.

所以我們必須真正地分析它並分不同的類別。

And what about the take rate on Jingxi?

那麼京西的拿貨率又如何呢？

Right now, it's 0.6% covering the payment cost.

目前，支付費用為 0.6%。

[Interpreted] And for the take rate in the Jingxi platform, in general, we will have a very low take rate to encourage merchants on our platform.

【解讀】還有京喜平台的拿率，一般來說我們都會有一個很低的拿率，來鼓勵我們平台上的商家。

Most of the products will have 0.6%, and for some of the products will be above 1 point.

大部分產品會有0.6%，部分產品會在1點以上。

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 Jia Dong, for closing remarks.

現在我將把電話轉給京東的賈東，請他做總結髮言。

Once again, thank you for joining us today.

再次感謝您今天加入我們。

Please don't hesitate 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 you continued support, and we look forward to talking with you in the coming months.

感謝您一直以來的支持，我們期待在未來幾個月與您交談。

Thank you all for your participation in today's conference.

感謝大家參加今天的會議。

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。

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]

[本文字記錄中標記為[已翻譯]的部分是由現場通話中的口譯員朗讀的。]