京東 (JD) 2019 Q4 法說會逐字稿

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

您好，感謝您出席京東 2019 年第四季度及全年業績電話會議。

(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, Jia Dong.

現在我想把會議交給今天會議的主持人賈東。

Thank you, and welcome to our fourth quarter and full year 2019 earnings conference call.

謝謝，歡迎參加我們的 2019 年第四季度和全年收益電話會議。

Joining me on 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, our CFO; and Jon Liao, our Chief Strategy Officer.

今天和我一起參加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；西德尼·黃，我們的首席財務官；以及我們的首席戰略官 Jon Liao。

For today's agenda, JD.com Group CEO, Richard Liu, will discuss highlights for the fourth quarter and full year 2019, followed by Sidney Huang, our CFO; and other management will join the Q&A session.

在今天的議程中，京東集團首席執行官劉強東將討論 2019 年第四季度和全年的亮點，隨後我們的首席財務官 Sidney Huang；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 CEO, Richard Liu.

我現在想把電話轉給我們的首席執行官劉強東。

Hello, everyone.

大家好。

This is Richard.

這是理查德.

Since day 1 of the coronavirus outbreak, we have done our at most to help people in Wuhan and throughout China.

自冠狀病毒爆發的第一天起，我們盡最大努力幫助武漢和全國人民。

Contributing as much aid as possible, we are in a unique position with our superior supply chain, logistics and technology.

我們提供盡可能多的援助，憑藉卓越的供應鏈、物流和技術，處於獨特的地位。

And we feel a strong sense of responsibility to provide robust support.

我們有強烈的責任感來提供強有力的支持。

Let me make a few moments to introduce specifically what we have been doing and its significance.

我花一些時間具體介紹一下我們一直在做的事情及其意義。

Just before the Chinese New Year, we put together a team methodically tasked with leading our efforts in addressing the epidemic.

就在農曆新年之前，我們組建了一個有條不紊的團隊，負責領導我們應對這一流行病的工作。

This team had a four-fold mission , to donate protective equipment and medical supplies, establish a dedicated express road, which, in part, relieve supply to assist Hubei province, provide support to people in heavily affected areas and offer supportive policies to merchants on our platform.

這支隊伍肩負著四重使命，捐贈防護物資和醫療物資、修建馳援湖北專用快速路、為疫情嚴重地區人民提供支持、為商戶提供支持政策。我們的平台。

JD took immediate action in donating critically immediate medical supplies to hospitals and charity organization in Wuhan, including a large amount of face masks and preventive medical materials that are in urgent demand and short in supply.

京東第一時間行動起來，向武漢的醫院和慈善組織捐贈了急需的急需醫療物資，其中包括大量急需且緊缺的口罩和預防醫療物資。

In addition to ensuring timely supply and the delivery of daily necessary for unmet need, JD Logistics opened a dedicated channel for relief materials across the country to assist Wuhan.

除了確保日常必需品的及時供應和配送以滿足未滿足的需求外，京東物流還開闢了全國救援物資專用通道馳援武漢。

As of now, we have transported over 50 million items of medical emergency materials to respond to the urgent needs for prevention and controls request by Hubei government.

截至目前，我們已累計運送醫療應急物資超5000萬件，滿足湖北省政府的緊急防控要求。

JD Logistics applied our advanced supply chain technology and experience and build the supply chain management platform to help manage emergency supply and ensure that delivery to the frontline in Hubei.

京東物流應用先進的供應鏈技術和經驗，搭建供應鏈管理平台，幫助管理應急供應，確保配送到湖北前線。

And at the same time, it is next-generation technologies, such as AI, in data and IoT, have been quickly deployed into a dozen emergency and epidemic prevention solutions to support the work in Hubei local government and the policies.

同時，人工智能、數據、物聯網等新一代技術已快速部署到十多個應急防疫解決方案中，支持湖北地方政府的工作和政策。

Ensuring the health and safety of our employees is always our top priority.

確保員工的健康和安全始終是我們的首要任務。

All of JD's frontline employees were provided with masks, disinfectants and other protective equipment immediately after the outbreak.

疫情發生後，京東立即為所有一線員工提供了口罩、消毒劑等防護用品。

Beyond employee care, JD Health are operating with over 30,000 doctors, launched free, 24/7 online medical consultation and psychological counseling services to people across China.

除了員工關懷之外，京東健康還與超過30,000名醫生合作，為全國人民提供免費、24/7的在線醫療諮詢和心理諮詢服務。

Regarding our merchants, we have offered a series of other policies, including subsidies, fee reductions and waivers and other benefits to help them at the time.

對於我們的商戶，我們當時也提供了一系列其他政策，包括補貼、費用減免等福利來幫助他們。

When SARS occurred 17 years ago, JD was a very small company, and we personally experienced than just how devastating epidemic situations can be to both businesses and people's lives.

17年前非典發生時，京東還是一家很小的公司，我們親身經歷了疫情給企業和人民生活帶來的毀滅性打擊。

That's why today, we will do everything we can within our power to serve our customers and our society.

這就是為什麼今天，我們將盡我們所能，為我們的客戶和我們的社會服務。

We sincerely hope the epidemic will be over soon.

我們衷心希望疫情早日結束。

But regardless of circumstances, we will always seek to improve the service experience for our customers and create value for our customers.

但無論情況如何，我們都會始終致力於改善客戶的服務體驗，為客戶創造價值。

This is a brief summary of how we are doing our part to provide aid during the epidemic.

這是我們在疫情期間如何儘自己的一份力量提供援助的簡要總結。

There's one more thing that I'd like to draw our attention to.

我還想提請大家注意一件事。

Today, we have announced that our CFO, Sidney Huang, will retire this coming September.

今天，我們宣布我們的首席財務官 Sidney Huang 將於今年 9 月退休。

Though this will come as new to you.

儘管這對你來說是新的。

It's something we've been planning carefully and are in a full position to action this year.

這是我們一直在仔細計劃的事情，並且今年已做好充分準備採取行動。

Just a few words about Sidney.

簡單介紹一下西德尼。

His professional expertise, integrity, humility and fairness have all earned him respect from my side and from others throughout the company since he joined us in 2013.

自 2013 年加入我們以來，他的專業知識、正直、謙遜和公平都為他贏得了我和整個公司其他人的尊重。

Along the way, he has overcome countless challenges and witnessed many of JD's most important milestones, including our successful IPO in the U.S., another remarkable expansion of our business.

一路走來，他克服了無數的挑戰，見證了京東的許多最重要的里程碑，包括我們在美國成功的首次公開募股，這是我們業務的又一次非凡擴張。

On behalf of JD, I would like to sincerely thank Sidney hard work for the past 6.5 years, and I wish him and his family all the best.

我謹代表京東，衷心感謝西德尼過去6.5年的辛勤工作，並祝愿他和他的家人一切順利。

Sandy Xu, who some of you may have met already, is a positive to be Sidney's successor.

桑迪·徐（Sandy Xu），你們中的一些人可能已經見過了，她對於成為西德尼的繼任者是積極的。

Sandy is a seasoned business leader with impressive credential.

桑迪是一位經驗豐富的商業領袖，擁有令人印象深刻的資歷。

Combined with her broad international perspective, I am confident that she will be a great CFO for JD going forward.

結合她廣闊的國際視野，我相信她將成為京東未來的一名出色的首席財務官。

Thank you.

謝謝。

Now, I'd like to turn it over to Sidney.

現在，我想把它交給西德尼。

Thank you very much, Richard, for the kind words.

理查德，非常感謝你的客氣話。

Hello, everyone.

大家好。

Thank you for joining us today.

感謝您今天加入我們。

I'll go through the quarterly updates and financial outlook before giving a few words on the succession plan.

在對繼任計劃進行一些介紹之前，我將先介紹一下季度更新和財務前景。

We are pleased to deliver another strong set of results for the fourth quarter of 2019.

我們很高興在 2019 年第四季度交付又一組強勁的業績。

Our net revenue growth exceeded the high end of our guidance, reaching 26.6%, driven by a highly successful Singles Day promotion season and our previously announced reinvestment strategies focusing on everyday low prices, enhance the user engagement and logistic services in lower-tier regions.

在雙十一促銷季非常成功以及我們之前宣布的專注於每日低價、增強低線地區用戶參與度和物流服務的再投資策略的推動下，我們的淨收入增長超出了我們指導的上限，達到26.6%。

The strong top line growth was accompanied by robust user growth and strong traffic momentum.

強勁的收入增長伴隨著強勁的用戶增長和強勁的流量勢頭。

In particular, we saw 28 million net additional customers since September 2019, reaching a total of 362 million active customers in the past 12 months.

特別是，自 2019 年 9 月以來，我們淨新增客戶 2800 萬，過去 12 個月活躍客戶總數達到 3.62 億。

This is our biggest quarterly net addition for the past 3 years.

這是我們過去三年來最大的季度淨增量。

In the meantime, our mobile DAU grew 38% in Q4, the fastest in 8 quarters.

與此同時，我們的移動 DAU 在第四季度增長了 38%，是 8 個季度以來最快的。

We continued to make progress in lower-tier regions across China through innovative marketing activities, more diverse product offerings and improved logistics services.

我們通過創新的營銷活動、更多樣化的產品供應和改進的物流服務，繼續在中國低線地區取得進展。

Similar to Q3, over 70% of new customers in Q4 came from lower-tier cities.

與第三季度類似，第四季度超過 70% 的新客戶來自低線城市。

Category-wise, general merchandise achieved accelerated growth of 37%, the highest growth rate for the past 4 quarters, led by food and beverage, fresh produce, cosmetics, health care and home products.

分品類來看，日用百貨實現37%的加速增長，創近4個季度最高增速，其中食品飲料、生鮮、化妝品、保健品和家居用品領漲。

Net service revenues grew by 44% year-over-year and contributed 12.3% to our overall revenues, driven by strong momentum from third-party logistics and advertising revenues.

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 44%，佔整體收入的 12.3%。

For the full year of 2019, our net revenues increased by 24.9% to RMB 577 billion or USD 83 billion and continued to outgrow the industry across most major categories, thanks to the continuously improving and differentiated customer experience.

2019 年全年，我們的淨收入增長 24.9%，達到 5,770 億元人民幣（830 億美元），並且得益於不斷改善和差異化的客戶體驗，在大多數主要類別上繼續領先於行業。

In particular, gross margin -- gross merchandise -- general merchandise revenues grew by 34% during the year as we successfully cultivated customer shopping behavior in traditionally off-line focused categories, such as FMCG.

特別是，由於我們成功培養了傳統線下重點品類（例如快速消費品）的客戶購物行為，年內毛利率（商品總收入）增長了 34%。

Net service revenues were over 44% and contributed 11.5% to our total revenues in 2019, up from 9.9% in 2018, as we leveraged our supply chain and technology capabilities to better serve our business partners.

由於我們利用供應鍊和技術能力更好地為業務合作夥伴服務，淨服務收入超過 44%，佔 2019 年總收入的 11.5%，高於 2018 年的 9.9%。

Fulfilled gross margin, defined as revenue minus cost and fulfillment expenses and divided by revenue, remained relatively stable at 7.6% in the fourth quarter compared to the same quarter last year, despite heavy reinvestments in everyday low prices and logistics service level in lower-tier regions.

儘管對日常低價和低線物流服務水平進行了大量再投資，但第四季度的履約毛利率（定義為收入減去成本和履行費用並除以收入）仍相對穩定，為 7.6%。地區。

On a full year basis, fulfilled gross margin expanded 88 basis points in 2019, which we believe was a better measure of the improving fundamentals across varying categories, driven by economies of scale and technology-based efficiency.

就全年而言，2019 年實現毛利率擴大了 88 個基點，我們認為這是在規模經濟和技術效率推動下，更好地衡量不同類別基本面改善的指標。

Specifically, the fulfillment expense ratio in the fourth quarter was 6.4%, down from 6.6% in the same quarter of 2018.

具體而言，第四季度履約費用率為6.4%，低於2018年同季度的6.6%。

For the full year of 2019, the fulfillment expense ratio improved 52 basis points to 6.4%, the best level in 6 years since our IPO.

2019 年全年，履行費用率改善 52 個基點至 6.4%，為 IPO 以來 6 年來的最佳水平。

Even though we have been providing the most competitive compensation benefits to our logistics staff, we have now become the hallmark of JD.com's premium service to consumers nationwide.

儘管我們一直為物流員工提供最具競爭力的薪酬福利，但現在我們已成為京東為全國消費者提供優質服務的標誌。

Our marketing expense ratio was 4.8% in the fourth quarter of 2019, comparable to the same quarter last year.

2019年第四季度我們的營銷費用率為4.8%，與去年同期相當。

And the full year marketing expense ratio in 2019 is 3.9%, down from 4.2% in 2018, reflecting our more refined marketing strategy with improving ROI.

2019年全年營銷費用率為3.9%，較2018年的4.2%有所下降，反映出我們的營銷策略更加精細，投資回報率不斷提高。

Our R&D and G&A expenses in the fourth quarter was relatively stable compared to the prior year quarter.

與去年同期相比，我們第四季度的研發和一般行政費用相對穩定。

On a full year basis, R&D and G&A expense ratios improved 9 basis points and 17 basis points, respectively, compared to 2018.

全年來看，與 2018 年相比，研發費用率和一般管理費用率分別提高了 9 個基點和 17 個基點。

As a result, our non-GAAP operating income increased 125% to RMB 704 million in Q4.

因此，第四季度我們的非 GAAP 營業收入增長 125% 至人民幣 7.04 億元。

On a full year basis, our non-GAAP operating income jumped 364% to RMB 8.9 billion, and our GAAP operating income reached RMB 9 billion, slightly higher than the non-GAAP measure as we conservatively excluded the RMB 3.9 billion gain on sale of development properties during 2019.

全年來看，我們的非 GAAP 營業收入躍升 364% 至 89 億元人民幣，而我們的 GAAP 營業收入達到 90 億元人民幣，略高於非 GAAP 衡量標準，因為我們保守地排除了銷售 39 億元人民幣的收益。 2019年開發物業。

This is nevertheless a core income for our logistics asset management business, so it is part of a new business operating income.

但這是我們物流資產管理業務的核心收入，因此它是新業務運營收入的一部分。

From the group level, we continue to exclude it from our non-GAAP operating income and non-GAAP net income due to its relatively nonrecurring nature at this time.

從集團層面來看，由於其目前相對非經常性的性質，我們繼續將其排除在我們的非公認會計原則營業收入和非公認會計原則淨利潤之外。

On a segment basis, non-GAAP operating income of JD Retail Group increased by 95% to RMB 13.8 billion in 2019, with an operating margin of 2.5%, up 92 basis points from the 2018 level.

按部門劃分，2019年京東零售集團非美國通用會計準則營業收入增長95%至人民幣138億元，營業利潤率為2.5%，較2018年增長92個基點。

The non-GAAP expense ratio dropped to 12.3%, the lowest level in 4 years.

非公認會計原則費用率降至12.3%，為4年來的最低水平。

Moving to the bottom line.

移動到底線。

Our full year non-GAAP net income attributable to ordinary shareholders increased by 211% to RMB 10.7 billion in 2019, mainly supported by our expanding fulfilled gross margin and improving operating efficiency, both driven by economies of scale.

2019年，我們全年非美國通用會計準則歸屬於普通股股東的淨利潤增長211%，達到人民幣107億元，這主要得益於我們在規模經濟的推動下實現毛利率的擴大和運營效率的提高。

On a GAAP basis, net income attributable to ordinary shareholders reached a record RMB 12.2 billion, which included RMB 3.5 billion of fair value change in long-term investments.

按美國通用會計準則計算，歸屬於普通股股東的淨利潤達到創紀錄的122億元人民幣，其中長期投資公允價值變動為35億元人民幣。

Our free cash flow for the trailing 12 months also set a new record of RMB 19.5 billion, driven by over RMB 20 billion of operating cash flow and over RMB 2 billion of net cash flow from our Logistics property management business.

在超過200億元人民幣的經營現金流和超過20億元人民幣的物流物業管理業務淨現金流的推動下，我們過去12個月的自由現金流也創下了195億元人民幣的新紀錄。

Our trailing 12-month free cash flow was 86% higher than our non-GAAP net income in the same period.

我們過去 12 個月的自由現金流比同期的非 GAAP 淨利潤高出 86%。

In summary, JD.com finished a remarkable year with robust revenue growth, solid profitability and free cash flow and most importantly, accelerating user growth.

總而言之，京東以強勁的收入增長、穩健的盈利能力和自由現金流，以及最重要的是加速的用戶增長，結束了非凡的一年。

This is supported by our customer centric focus, evidenced by the continuously improving net promotion scores, our #1 internal KPI as well as our persistent investments in tech-based infrastructure and in our people.

這得到了我們以客戶為中心的關注的支持，不斷提高的淨促銷分數、我們排名第一的內部 KPI 以及我們對技術基礎設施和員工的持續投資就證明了這一點。

This long-term approach to running our business has also proven it's unique advantage as we provide aid and support in the battle against the coronavirus during recent weeks.

這種長期的業務經營方式也證明了它的獨特優勢，因為我們在最近幾週為抗擊冠狀病毒提供了援助和支持。

Thanks to our use of investments in our self-operated proprietary supply chain and logistics network, JD.com was able to resume full operations very quickly after the Chinese New Year and has been in a unique position to provide broad product selections and uninterrupted timely service to our customers in most parts of the country as people turn to e-commerce for daily groceries and other necessities.

得益於對自營供應鍊和物流網絡的投資，京東能夠在農曆新年後迅速恢復全面運營，並在提供廣泛的產品選擇和不間斷的及時服務方面處於獨特的地位隨著人們轉向電子商務購買日常雜貨和其他必需品，我們向全國大部分地區的客戶提供服務。

We are very privileged to have been a unique force in fighting this challenging battle.

我們非常榮幸能夠成為這場充滿挑戰的戰鬥中的獨特力量。

As a result, while large ticket durable goods and discretionary products have been negatively affected by the outbreak, the consumer stable categories, such as groceries, fresh produce, health care and household products, are in greater online demand during the past 5 weeks.

因此，雖然大宗耐用品和非必需品受到疫情的負面影響，但過去5週，食品雜貨、生鮮農產品、醫療保健和家居用品等消費者穩定品類的在線需求卻更大。

And JD.com was among the few companies and in many cases, the only major platform that could fulfill the orders.

京東是為數不多的幾家公司之一，在很多情況下，也是唯一能夠履行訂單的主要平台。

Although these are not the most profitable categories and we also implemented strict policies to prohibit any price increases during this time, we're happy to be in a position to support people's livelihood in this difficult time and become a lifeline for millions of our existing and new customers.

雖然這些不是最賺錢的品類，而且我們在這段時間也實施了嚴格的禁止漲價的政策，但我們很高興能夠在這個困難時期支持民生，成為我們數百萬人的生命線。新客戶。

Now on the financial outlook.

現在談談財務前景。

It is obviously difficult to assess, given the uncertain nature of the coronavirus situation.

鑑于冠狀病毒情況的不確定性，這顯然很難評估。

However, based on the past 2 months' preliminary results, we do expect our net revenues to continue growing in double digits in the first quarter, thanks to the resilience of our unique business model.

然而，根據過去兩個月的初步業績，我們預計第一季度的淨收入將繼續以兩位數增長，這要歸功於我們獨特的商業模式的彈性。

In fact, the level of user activities on our platform has accelerated in recent weeks.

事實上，最近幾週我們平台上的用戶活動水平有所加快。

Daily active customers and the number of fulfilled orders have both been growing at a faster pace than the level in the prior year.

每日活躍客戶和已履行訂單數量的增長速度均高於上年水平。

So we hope after the COVID-19 is over, we can quickly resume the robust growth momentum as well as the improving margin trend.

因此，我們希望在 COVID-19 結束後，我們能夠迅速恢復強勁的增長勢頭以及不斷改善的利潤率趨勢。

With the greater consumer mindshare we have earned during this turbulent time with our existing and new engaged customers, we are more confident about our market position and our mid- to long-term growth prospects.

在這個動蕩的時期，我們在現有和新客戶中贏得了更多的消費者關注，我們對我們的市場地位和中長期增長前景更加充滿信心。

Lastly, regarding the CFO succession plan.

最後，關於CFO繼任計劃。

I would like to point out this is a preplanned and a well-prepared transition.

我想指出的是，這是一個預先計劃、準備充分的過渡。

Many of you have met with Sandy in the 3 international NDRs we conducted together last year.

你們中的許多人在我們去年一起進行的 3 次國際 NDR 中見過桑迪。

She's a highly seasoned financial executive and has also earned tremendous respect internally through her outstanding contribution to JD Retail's financial and operational improvement in 2019 as JD Retail's CFO.

她是一位經驗豐富的財務高管，作為京東零售首席財務官，她在 2019 年為京東零售的財務和運營改善做出了傑出貢獻，在內部贏得了極大的尊重。

So I feel fortunate to have been able to pass my role into good hands before I reach 55, the ideal retirement age I had planned for myself.

因此，我感到很幸運，能夠在 55 歲之前將我的角色交給好人，這是我為自己規劃的理想退休年齡。

It's been truly an honor to have served JD.com over the past 6.5 years and work with so many talented colleagues who have grown the company by over 700% in 6 years.

在過去的 6.5 年里為京東服務，並與這麼多才華橫溢的同事一起工作，讓公司在 6 年內增長了 700% 以上，我真的很榮幸。

And I want to thank Richard for giving me this invaluable opportunity and for the friendship and trust we have built along the way.

我要感謝理查德給我這個寶貴的機會以及我們一路走來建立的友誼和信任。

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

我準備好的發言到此結束，我們現在可以進入問答環節。

The question-and-answer session of this conference call will start in a moment.

本次電話會議的問答環節馬上開始。

(Operator Instructions) Your first question comes from the line of Eddie Leung of Bank of America.

（操作員指令） 您的第一個問題來自美國銀行的Eddie Leung。

Best wishes to everyone, and thank you, Sydney, for all the help in the past.

向大家致以最良好的祝愿，並感謝悉尼過去提供的所有幫助。

Just a follow-up question on what you guys mentioned in the past about your strategy in fourth quarter and perhaps near term before the outbreak.

只是一個關於你們過去提到的關於第四季度以及疫情爆發前不久的策略的後續問題。

I remember you guys mentioned that in the near term, you would plan to invest your onetime gains in the first half of 2019 in sales and marketing in the fourth quarter.

我記得你們提到，近期你們計劃將2019年上半年的一次性收益投資到第四季度的銷售和營銷上。

So just wondering how much in the fourth quarter was specific because of these initiatives?

那麼只是想知道第四季度有多少具體是由於這些舉措而產生的？

And how much was on an ongoing basis?

持續的金額是多少？

And then, secondly, I also remember one strategy you mentioned would be to drive the value-added services, such as advertising revenues and logistic revenues, and would not be aggressively pushing for commission raise or the supplier volume rebates and hence, potentially the so-called commission rates or first-party gross margins might not be growing very fast.

其次，我還記得您提到的一項策略是推動增值服務，例如廣告收入和物流收入，並且不會積極推動佣金上漲或供應商數量回扣，因此，潛在的-所謂的佣金率或第一方毛利率可能不會增長很快。

So just wondering, could you give us an update on the 3P commission rates as well as the gross margin trends of your 1P pieces given your strategy mentioned before?

所以只是想知道，根據您之前提到的策略，您能否向我們介紹一下 3P 佣金率以及 1P 作品的毛利率趨勢的最新情況？

Okay.

好的。

Thank you, Eddie.

謝謝你，艾迪。

Let me try to answer your questions.

讓我嘗試回答你的問題。

This is Sidney.

這是西德尼。

Yes, we have mentioned in the prior earnings call that we had a onetime gain in the first half.

是的，我們在之前的財報電話會議中提到，我們在上半年獲得了一次性收益。

We also have mentioned in our last earnings call that we have spent part of it in Q3.

我們在上次財報電話會議中還提到，我們在第三季度花費了部分資金。

And basically, we have spent the remaining balance in the fourth quarter.

基本上，我們在第四季度就用完了剩餘的餘額。

So that's why you see that our fulfillment gross margin didn't really expand much as we reinvested.

這就是為什麼你會看到我們的履行毛利率並沒有隨著我們的再投資而真正增加太多。

But our operating margin for Q4 still improved from same quarter last year, because Q4 was a seasonal quarter that we'll be basically giving priority to promotions and giving back to customers.

但我們第四季度的營業利潤率仍然比去年同期有所提高，因為第四季度是季節性季度，我們基本上會優先考慮促銷和回饋客戶。

So it's not a quarter to pursue profitability to begin with.

因此，這不是一個從一開始就追求盈利的季度。

On your second question, I don't know if I get your question right.

關於你的第二個問題，我不知道我的問題是否正確。

But yes, if you're asking about our strategy between commission and advertising, we are giving certain merchants on volume-based discounts.

但是，是的，如果您詢問我們在佣金和廣告之間的策略，我們會向某些商家提供基於數量的折扣。

And we are not at a stage to provide or pursue commissions but rather, encouraging merchants to be more active by spending more on advertising, whereby driving traffic and growth.

我們現在不是提供或追求佣金的階段，而是鼓勵商家通過在廣告上投入更多資金來更加積極，從而推動流量和增長。

So that strategy has not changed.

所以這一策略沒有改變。

I see.

我懂了。

Could you also talk about the gross margin trend of your 1P pieces?

能否談談你們1P件的毛利率趨勢？

Similarly, I think you guys mentioned that probably, it would not be appropriate to push for higher supplier rebates in the near term as you want them to spend more marketing dollars.

同樣，我認為你們提到，短期內推動更高的供應商回扣可能是不合適的，因為您希望他們花費更多的營銷資金。

Sure.

當然。

Yes.

是的。

So if it's on gross margin, we are planning this on a full year basis.

因此，如果是毛利率，我們會在全年的基礎上進行規劃。

So if you look at our full year gross margin, it was definitely -- showed improving trend.

因此，如果你看看我們全年的毛利率，你會發現它確實呈現出改善的趨勢。

But as I mentioned in prior quarters as well as on this call, we would like investors to pay more attention to fulfilled gross margins, which is gross margin minus fulfillment expense ratio.

但正如我在前幾個季度以及本次電話會議中提到的那樣，我們希望投資者更多地關注履約毛利率，即毛利率減去履約費用率。

This is because different categories have different gross margin and fulfillment cost characteristics.

這是因為不同的品類具有不同的毛利率和履行成本特徵。

Some categories may have higher gross margin but also higher fulfillment expense ratio.

某些類別的毛利率可能較高，但履行費用率也較高。

So if you want to understand and also analyze the different products, categories or analyze the company's overall margin -- gross margin trend, it would be better to look at a fulfilled gross margin, which, as I mentioned earlier, improved 88 basis points for full year 2019.

因此，如果你想了解並分析不同的產品、類別或分析公司的整體利潤率——毛利率趨勢，最好看看實現的毛利率，正如我之前提到的，該毛利率提高了88個基點2019 年全年。

Your next question comes from the line of Ronald Keung of Goldman Sachs.

你的下一個問題來自高盛的羅納德·姜（Ronald Keung）。

And congratulations on the strong results for Richard, Xu Lei, Sidney and Wang Zong.

祝賀理查德、徐雷、西德尼和王總取得的優異成績。

So my question would be on the virus impact and kind of the longer-term implications of that.

所以我的問題是關於病毒的影響及其長期影響。

So we've heard some of the near-term strengths in user growth.

因此，我們聽說了用戶增長方面的一些近期優勢。

And just thinking on a longer-term perspective what's our strategy in retaining these users, particularly maybe for some first-time users that came to your platform over the past month buying JD supermarket and buying groceries, what's our strategy in retaining those customers for long-term growth?

從更長遠的角度思考，我們留住這些用戶的策略是什麼，特別是對於過去一個月來到你的平台購買京東超市和購買雜貨的首次用戶，我們長期留住這些客戶的策略是什麼長期增長？

And would management aim to provide maybe a full year profit guidance?

管理層是否會提供全年利潤指引？

I'm thinking is it managed plant and maybe guide this only after a settling of the virus outbreak?

我在想它是否對工廠進行了管理，也許只有在病毒爆發穩定後才進行指導？

Or any color on the full year profit guidance would also be appreciated.

或者全年利潤指導的任何顏色也將受到讚賞。

Sure.

當然。

Yes.

是的。

So let me take a first shot and then see if other management will have anything to add.

因此，讓我先嘗試一下，然後看看其他管理層是否有任何補充。

So -- yes.

所以——是的。

So on the long-term outlook for how we can leverage this increasing user base, our strategy has always been the same, is to provide differentiated customer experience through our everyday low prices, through our best-in-class service level, through expanding product categories and better interactive user engagement.

因此，從長遠來看，我們如何利用不斷增長的用戶群，我們的策略始終如一，就是通過我們日常的低價、一流的服務水平、不斷擴大的產品來提供差異化的客戶體驗。類別和更好的交互式用戶參與度。

So that strategy has never changed.

所以這一策略從未改變過。

And we do hope through this latest event, through this coronavirus outlook, some of our advantages becoming more recognized by our consumer base.

我們確實希望通過這次最新的活動，通過對冠狀病毒的展望，我們的一些優勢能夠得到我們的消費者群體的更多認可。

So this is -- you will never exactly know what will happen.

所以這就是——你永遠不會確切地知道會發生什麼。

But on the other hand, we do become definitely more confident in our ability to attract and retain our customers.

但另一方面，我們確實對自己吸引和留住客戶的能力更加有信心。

And then on the margin, as I mentioned earlier, we do hope once the coronavirus situation stabilizes, we will resume our increasing margin trend.

然後，在利潤方面，正如我之前提到的，我們確實希望一旦冠狀病毒情況穩定下來，我們將恢復利潤率上升的趨勢。

So yes, we will be giving the margin, full year margin outlook once we have better clarities on the corona situation and that the trend will be consistent for the periods post the coronavirus.

因此，是的，一旦我們對新冠病毒情況有了更好的了解，並且在冠狀病毒爆發後的時期內趨勢將保持一致，我們將給出利潤率、全年利潤率前景。

[Interpreted] Xu Lei from J.D. Retail.

【解讀】京東零售徐雷。

Let me share with you some observations we have seen during this coronavirus period on our performance of our businesses and our future prospects.

讓我與大家分享一下我們在新冠疫情期間對我們業務表現和未來前景的一些觀察。

And indeed, this coronavirus has -- the market has taken a hard hit.

事實上，這種冠狀病毒已經使市場受到了沉重打擊。

There's a lot of challenges.

有很多挑戰。

For example, the consumers' demand has been oppressed and limited for the short period of time.

例如，消費者的需求在短時間內受到壓制和限制。

However, we also see some good signs such as we see more old customers are returning to our platform, and some inactive users on our platform are becoming more and more active.

然而，我們也看到了一些好的跡象，例如我們看到更多的老客戶返回我們的平台，我們平台上的一些不活躍用戶變得越來越活躍。

We are wakening them up.

我們正在喚醒他們。

And from the current traffic structure, we can see that there are more and more new comers.

而且從目前的流量結構我們可以看到，新來的人越來越多。

New users are being more active and doing repeated purchases on our platform.

新用戶更加活躍，並且在我們的平台上進行重複購買。

And in the future, by leveraging our refined operating with these existing and new users, to improve their users experience and increase their stickiness with our platform.

未來，通過我們對這些現有用戶和新用戶的精細化運營，改善他們的用戶體驗，增加他們對我們平台的粘性。

And also because of the epidemic situation, we have fully demonstrated the competitiveness advantage of our business model.

而且也因為疫情，我們充分展現了我們商業模式的競爭優勢。

More as more merchants have realized that the significance to strengthen collaboration with us.

越來越多的客商已經認識到與我們加強合作的意義。

We have been working more deepen in terms of stocking their products in other warehouses and working to develop the omnichannel collaboration.

我們一直在更加深入地在其他倉庫儲存他們的產品，並致力於發展全渠道合作。

And all these efforts has been accelerated after the epidemic.

而這一切的努力，在疫情之後都得到了加速。

And in terms of the categories, we see a very faster growth in the categories of consumer goods, fresh produce and health-related products.

從品類來看，消費品、生鮮、健康相關品類增長非常快。

And through this epidemic fight, we believe that more and more people, including the customers, industries, even the government, will pay more attention on the significance of the Internet and e-commerce can play into stabilizing the market, especially for the fresh produce and health-related categories.

而通過這次抗擊疫情，我們相信越來越多的人，包括消費者、行業，甚至政府，都會更加關注互聯網和電商對於穩定市場的意義，特別是對於生鮮農產品來說。以及與健康相關的類別。

And through our services to provide high-quality and low-cost services, we will provide more value to the society.

並通過我們的服務提供高質量、低成本的服務，為社會提供更多的價值。

Thank you.

謝謝。

Next question.

下一個問題。

Your next question comes from the line of Jerry Liu of UBS.

你的下一個問題來自瑞銀集團（UBS）的傑里·劉（Jerry Liu）。

And Sidney, wish you all the best on your upcoming retirement.

西德尼，祝您即將退休一切順利。

My question is still on margins.

我的問題仍然是邊緣問題。

First is in the first quarter, just given the virus outbreak and some of the relief programs we have, where should we expect margins?

首先是第一季度，考慮到病毒的爆發和我們擁有的一些救濟計劃，我們應該期望利潤率在哪裡？

I know this is a bit of a one-off situation.

我知道這有點一次性。

And then if we look longer-term at more normalized margins, can we talk about what will drive JD Retail fulfilled margins higher and also an outlook on logistics -- logistics margins?

然後，如果我們從更長期的角度來看更正常化的利潤率，我們能否談談什麼將推動京東零售的履行利潤率更高，以及物流的前景——物流利潤率？

Okay.

好的。

So maybe I'll talk about the short-term and long-term margins on retail and then maybe Zhenhui will talk a bit on the logistics side.

所以也許我會談談零售業的短期和長期利潤，然後振輝也許會談談物流方面的問題。

So yes.

所以是的。

Q1 is very difficult to assess, given during the epidemic, obviously, we were -- we spend no cost, no effort to support the local people in Hubei, for example, donated a lot of materials, provided logistics services for free.

Q1很難評估，考慮到疫情期間，顯然，我們——我們沒有花費任何成本、沒有任何努力來支持湖北當地的人民，比如捐贈了大量的物資，免費提供物流服務。

So various initiatives clearly will impact the bottom line.

因此，各種舉措顯然會影響利潤。

But on the other hand, based on the current situation, actually, we do believe our margin situation, while not as good as, obviously, in the prior year quarter, but we should perform relatively on a relative basis compared to other companies in general that we should do relatively better.

但另一方面，根據目前的情況，實際上，我們確實相信我們的利潤率狀況，雖然顯然不如上年同期，但與其他公司相比，我們的表現應該相對較高我們應該做得相對更好。

That's all I can say at this point.

目前我能說的就是這些。

So I don't think you need to worry about dramatic losses.

所以我認為你不需要擔心巨大的損失。

You don't need to worry about too big volatility.

您無需擔心太大的波動。

But there's clearly some negative impact.

但顯然存在一些負面影響。

And -- but we are holding up relatively, just relatively well.

而且——但我們的表現相對較好，只是相對較好。

On the long term, we continue to drive growth, drive -- at the same time, drive our scale.

從長遠來看，我們將繼續推動增長，同時推動我們的規模。

And as we communicated in the past that with the scale and customer base, that we can have more creative ways to enhance margin, most likely from our better relationship with the suppliers, with customized products, as Xu Lei mentioned in the past quarters.

正如我們過去所傳達的那樣，憑藉規模和客戶群，我們可以有更多創造性的方法來提高利潤，很可能來自我們與供應商更好的關係，通過定制產品，正如徐雷在過去幾個季度提到的那樣。

We can do more of those direct from factory to consumers actually in our mature categories.

實際上，在我們成熟的品類中，我們可以做更多從工廠直接到消費者的工作。

And we have done a lot of that, made a lot of progress in 2019.

2019 年我們已經做了很多工作，取得了很多進展。

And we expect to make more progress this year.

我們預計今年會取得更多進展。

So that will be one.

所以這就是其中之一。

And then two will be on the logistics side with the scale economies, we can also have better and better unit economics on the fulfillment side so we can drive fulfilled gross margin.

然後兩個將在物流方面具有規模經濟，我們也可以在履行方面擁有越來越好的單位經濟效益，這樣我們就可以提高履行的毛利率。

[Interpreted] Zhenhui of JD Logistics.

【解讀】京東物流振輝。

As we just already mentioned, the epidemic situation is still ongoing.

正如我們剛才已經提到的，疫情仍在持續。

As all of you have already seen that JD Logistics has done a tremendous job in fighting against this epidemic, no matter is from our CSR responsibility or our fulfillment commitment, we are doing our best.

大家都看到了，京東物流在抗擊疫情方面做了大量的工作，無論是我們的企業社會責任，還是我們的履行承諾，我們都在盡力而為。

You've seen that in terms of orders, our JD Logistics staff has been working relentlessly and stay in their position to fulfill all the orders to our consumers, including those preventative medical supplies and emergency supplies to the epic center of Hubei Province.

大家看到，在訂單方面，我們京東物流的工作人員一直在堅持不懈地堅守在自己的崗位上，完成消費者的所有訂單，包括向湖北省中心地區提供的預防性醫療物資和應急物資。

And at the same time, the health and safety of our employees is always our top priority.

與此同時，員工的健康和安全始終是我們的首要任務。

Since the outbreak of the epidemic, we have immediately supplied all kinds of preventative equipment to our frontline employees.

疫情發生以來，我們第一時間為一線員工提供各類防護物資。

I do believe as the epidemic situation is getting better, more and more customers will be -- our brand and reputation will be widely recognized by more and more customers.

我相信，隨著疫情的好轉，越來越多的客戶——我們的品牌和信譽將會得到越來越多客戶的廣泛認可。

And this will ensure our longer-term sustainable value and growth.

這將確保我們的長期可持續價值和增長。

As we have done, compared with 2018, for 2019, we have made a lot of improvement in our margin.

正如我們所做的那樣，與 2018 年相比，2019 年我們的利潤率有了很大的提高。

And for this coming year, we're going to do the same to improve our margins.

在來年，我們將採取同樣的措施來提高利潤率。

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

你的下一個問題來自 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 our future strategies in expanding our competitive strengths compared to peers?

管理層能否評論一下我們與同行相比擴大競爭優勢的未來戰略？

And my second question is relating to social e-commerce, Jingxi.

我的第二個問題是關於社交電商，京喜。

Can management talk about our target for this year and how we should think about the MAU and the annual customer growth for this year?

管理層能否談談我們今年的目標以及我們應該如何考慮今年的月活躍用戶數和年度客戶增長？

[Interpreted] This is Wang Zhenhui.

[解讀]我是王振輝。

And in terms of the JD Logistics market positioning, we have positioned ourselves as a comprehensive logistics solution provider with the supply chain at our core.

而從京東物流的市場定位來看，我們將自己定位為以供應鍊為核心的綜合物流解決方案提供商。

And this has been based on our nationwide 6 major logistic networks.

這是基於我們全國六大物流網絡。

And all this make us very different from other logistic players on the market.

所有這些使我們與市場上其他物流參與者截然不同。

And we have 3 purposes and identifiers for our business models.

我們的商業模式有 3 個目的和標識符。

And for the first, we strive to provide the premier and the best users experience for our customers.

首先，我們努力為客戶提供一流、最佳的用戶體驗。

And secondly, by leveraging our integrated logistics solution with our warehousing and our delivery rate, and together with our transaction flows, we will short the link between the product to reach our customers and improve the distance of the link as much as possible.

其次，通過我們的綜合物流解決方案，包括我們的倉儲和我們的交貨率，以及我們的交易流，我們將縮短產品到達客戶之間的鏈接，並儘可能地縮短鏈接的距離。

By Q4 in 2019, we are managing over 16.9 million square meters of warehouse across the country.

截至2019年第四季度，我們在全國管理著超過1690萬平方米的倉庫。

And thirdly, which take us apart from other competitors is that our logistic and business growth is driven by our technology based on supply chain technologies.

第三，我們與其他競爭對手的區別在於，我們的物流和業務增長是由我們基於供應鏈技術的技術驅動的。

And based on the 3 points I just mentioned, that enables us to provide whole year, very sustainable and good quality services to our customers and our clients, even including this epidemic turbulent time.

基於我剛才提到的三點，這使我們能夠為我們的客戶和客戶提供全年的、非常可持續的、優質的服務，甚至包括這次疫情動蕩的時期。

In the future, we'll continue our competitiveness in all these areas, especially to enhance user's experience and putting more value to our clients.

未來，我們將繼續在這些領域保持競爭力，特別是增強用戶體驗，為客戶創造更多價值。

[Interpreted] This is Xu Lei.

【解讀】我是徐磊。

I'll answer the question about the social e-commerce.

我來回答一下關於社交電商的問題。

And on the Weixin platform, we have the first tier and the second-tier access.

而在微信平台上，我們有第一層和第二層的訪問權限。

Now for the second-tier access, it's reflected as the Jingdong shopping tab, which is extension -- actually an extension of our main sight model.

現在對於第二層的訪問，體現為京東購物標籤，這是擴展——實際上是我們主視線模型的擴展。

And for the first-tier answer's point, which we have already presented in the last quarter and we branded our Jingxi platform, which is the channel we targeted mainly to the lower-tier markets.

對於第一層答案，我們已經在上個季度提出過，我們品牌化了京喜平台，這是我們主要針對低線市場的渠道。

And through a few [months] (corrected by company after the call) of development on Jingxi platform before the epidemic outbreak, the sales -- or the orders on Jingxi platform has exceeded 1 million daily orders have exceeded 1 million orders.

而通過疫情爆發前京喜平台幾個月的發展（經公司通報更正），京喜平台的銷量——或者說訂單量已經突破100萬單，日訂單量已經突破100萬單。

And we have seen that most of the new customers coming to Jingxi platform are from lower-tier cities.

而且我們看到，進入京喜平台的新客戶大部分來自二三線城市。

Their shopping behavior is more like social interactions, being more impulsive in shopping decisions and have a very high conversion rate.

他們的購物行為更像社交，購物決策更加衝動，轉化率非常高。

And however, compared with the other main site users, Jingxi platform's new users in terms of the stickiness and their repeated shopping tendencies are still relatively low.

但與其他主站用戶相比，京喜平台新增用戶的粘性和重複購物傾向仍然較低。

And in the future, in addition to the new customer acquisition efforts we will do on Jingxi platform, will also pay more attention on the whole life cycle of user's experience on this platform.

而未來我們除了在京喜平台上做新的獲客工作外，也會更加關注用戶在這個平台上的整個生命週期的體驗。

And besides the user's differentiation, there's some other differences compared with our main site because all these shopping behaviors based on social e-commerce engagement through those more interactive marketing tools.

除了用戶的差異化之外，與我們的主網站相比還存在一些其他差異，因為所有這些購物行為都基於通過那些更具互動性的營銷工具進行的社交電子商務參與。

This will help us to reach further to those new customers in the third to 6-tier cities.

這將有助於我們進一步接觸三至六線城市的新客戶。

And the second difference is the Jingxi platform will be helpful for us to extend our products in the long tail and help us find new supply chains.

第二個區別是京喜平台將有助於我們產品的長尾延伸，幫助我們找到新的供應鏈。

And so far, we have collaborated closely with the manufacturers from over 100 industrial belts.

迄今為止，我們已與100多個產業帶的製造商密切合作。

And in the future, we will develop this number to 1,000 industrial belts.

未來，我們將把這個數字發展到1000個產業帶。

And different from our existing supply chains for the main site region but most of the suppliers are from the selling locations.

與我們現有的主站點區域供應鏈不同，但大多數供應商來自銷售地點。

The Jingxi platform supply chain will be mainly supplied by those industrial belts, which is the manufacturer and the producers.

京西平台供應鏈將主要由那些產業帶供應，即製造商和生產者。

So because of this difference, in the future, we will work more closely with JD Logistics to fulfill the whole process of supply chain.

所以正因為這個差異，未來我們會和京東物流更加緊密地合作，完成供應鏈的全流程。

And also, we have observed a very explosive growth of the mini apps on the Weixin platform.

此外，我們還觀察到微信平台上的小應用程序呈爆炸式增長。

So in addition to developing our own mini apps on our Weixin platform, we will also leverage the advantages of our technologies and our products to be more interactive with other mini apps on WeChat.

因此，除了在微信平台上開發自己的小應用外，我們還將利用我們的技術和產品優勢，與微信上的其他小應用進行更多的互動。

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

你的下一個問題來自瑞士信貸銀行的蒂娜·朗。

And best wishes to Sidney.

並向西德尼致以最美好的祝愿。

I have 2 quick questions.

我有兩個簡單的問題。

The first one is on the first quarter guidance.

第一個是關於第一季度的指導。

So we guided for at least 10% revenue growth.

因此我們預計收入增長至少 10%。

Can we get a little bit more details, splitting like categories as well as 1P versus 3P?

我們能否獲得更多詳細信息，如類別以及 1P 與 3P 的劃分？

Because it seems that because of the logistic constraints, probably some merchants are having difficulty selling products.

因為看來因為物流的限制，可能有些商家的產品銷售有困難。

So are we also giving them some support and also that impacts the revenue growth from the 3P part?

那麼我們是否也給予他們一些支持，這也會影響 3P 部分的收入增長？

And second question is on the logistic as well.

第二個問題也與後勤有關。

So can you probably give us update on the percentage of order from external orders as of 2019 as well as probably our target for 2020?

那麼您能否向我們介紹截至 2019 年外部訂單百分比的最新情況以及我們 2020 年的目標？

And in terms of the logistic segment margin, because in third quarter 2019, we have already achieved OP margin level breakeven for that particular quarter.

就物流部門利潤率而言，因為在 2019 年第三季度，我們已經實現了該季度運營利潤率的盈虧平衡。

So probably, can you give us some update on the full year margin level for logistics part and as well as 2020's target?

那麼，您能否給我們介紹一下物流部分全年利潤率水平以及 2020 年目標的最新情況？

Okay.

好的。

Thank you, Tina.

謝謝你，蒂娜。

So for Q1 guidance, at this point, we sort of mentioned some of the FMCG categories, fresh produce, home products, health care products, these are the categories growing much, much faster than usual.

所以對於第一季度的指導，在這一點上，我們提到了一些快速消費品品類，生鮮農產品、家居產品、保健品，這些品類的增長速度比平時快得多。

And we are actually very strong in all of these categories from an online platform perspective.

從在線平台的角度來看，我們實際上在所有這些類別中都非常強大。

So we have seen a lot of growth, a lot of new users coming into these categories.

所以我們看到了很大的增長，很多新用戶進入這些類別。

So this is what we have seen so far.

這就是我們迄今為止所看到的。

Now the coronavirus situation in March is still unknown.

目前，3月份的新冠病毒疫情情況仍不明朗。

So we have tried to take into consideration the potential downside.

因此，我們試圖考慮潛在的不利因素。

But so far, we've been doing relatively well again, just on a relative basis, and we guided double-digit revenue growth.

但到目前為止，我們再次表現相對較好，只是在相對基礎上，我們指導了兩位數的收入增長。

So that's mainly on our 1P business.

這主要是我們的 1P 業務。

3P, depending on the type of merchants, obviously, if the merchants relying on third party logistics, then it would be very difficult at this point for them to fulfill.

3P，取決於商家的類型，顯然，如果商家依賴第三方物流，那麼在這一點上他們就很難履行。

And if they have used JD Logistics, then their operation is much less impacted.

如果他們使用了京東物流，那麼他們的運營受到的影響就會小得多。

So that's basically on the Q1 guidance.

這基本上是第一季度的指導。

On the logistics, we have not disclosed the order numbers in 2019 and also outlook for 2020 because the number of orders have become very -- depending on the type of products.

在物流方面，我們沒有透露 2019 年的訂單數量以及 2020 年的展望，因為訂單數量變得非常依賴於產品類型。

And also now, we have 2 platforms of both our main app and also Jingxi.

現在，我們有主應用程序和京喜兩個平台。

So the characteristics of the order volume are very different.

所以訂單量的特徵有很大不同。

So when you look at the number of orders, it actually doesn't help providing useful information unless you actually dig lot deeper into the different types of the orders.

因此，當您查看訂單數量時，它實際上無助於提供有用的信息，除非您實際上更深入地研究了不同類型的訂單。

So I think, especially with social commerce, what I can tell you is for -- on Jingxi, for example, the number of orders are very large but average ticket size is very low.

所以我想，特別是在社交電商方面，我可以告訴你的是——比如在京喜，訂單量非常大，但平均訂單金額非常低。

So you really have to -- I think in the end, if you look at the revenue, look at the GMV contribution.

所以你真的必須——我認為最後，如果你看看收入，看看 GMV 貢獻。

And on logistics margin, we also look at on a full year basis.

在物流利潤方面，我們也以全年為基礎進行考察。

So in Q4, we also made some extra investments in customer experience, especially in the lower-tier markets.

因此，在第四季度，我們還在客戶體驗方面進行了一些額外的投資，尤其是在低線市場。

And we also enhanced the service level across the country.

我們還提高了全國范圍內的服務水平。

So Q4 was on a relative basis.

所以第四季度是相對的。

We did make some extra investments.

我們確實做了一些額外的投資。

But on a full year basis, as Zhenhui mentioned earlier, we saw very meaningful improvement on logistics margin.

但從全年來看，正如振輝之前提到的，我們看到物流利潤率有了非常有意義的改善。

And he also expects the margin will further improve in 2020.

他還預計2020年利潤率將進一步提高。

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

您的下一個問題來自花旗集團的 Alicia Yap。

Congratulations on the solid results.

祝賀取得了紮實的成果。

And Sidney, congrats on your planned retirements and also congrats, Sandy, for taking on the new role.

西德尼，祝賀你計劃退休，也祝賀桑迪擔任新職務。

My question is some follow-up questions on the first quarter top line guidance.

我的問題是關於第一季度營收指引的一些後續問題。

So Sidney, just wanted to make sure your 10% at least, your 10% growth is only based on 2 months of the indication that you could see until yesterday and you have not factored in the growth potential in March.

所以西德尼，只是想確保至少 10%，你的 10% 增長只是基於 2 個月的跡象，直到昨天你才能看到，而且你還沒有考慮到 3 月份的增長潛力。

And then just on roughly, even advertising, will advertising be negatively impacted in the first quarter?

那麼粗略地說，即使是廣告，第一季度廣告會受到負面影響嗎？

And should we assume -- is it fair to assume electronics will be the only category?

我們是否應該假設——假設電子產品將是唯一的類別是否公平？

So the electronics and appliance will be the only category that experienced a year-over-year decline.

因此，電子和電器將是唯一同比下降的類別。

The rest of other categories will actually still have the year-over-year growth and maybe some categories will exceed the growth rate that we experienced in the fourth quarter.

其余其他類別實際上仍將實現同比增長，也許某些類別將超過我們在第四季度經歷的增長率。

And just lastly, similar on the top line is that I understand you won't give guidance beyond 1Q.

最後，最重要的是，我知道您不會提供超過第一季度的指導。

But given the demands and the softness in the big-ticket item likely to be temporary, do you expect a strong pickup in the second quarter, especially with your June 18 promotional campaign, especially for those big ticket items that is delay purchasing?

但考慮到需求和大件商品的疲軟可能只是暫時的，您是否預計第二季度會有強勁回升，特別是在 6 月 18 日的促銷活動中，尤其是那些延遲購買的大件商品？

[Interpreted] Xu Lei from JD Retail on the advertising question.

【解讀】京東零售徐雷談廣告問題。

And overall, we have seen during this epidemic period of time, thanks to our 1P business, the advertising business actually see quite strong growth.

總體來說，我們看到在這次疫情期間，得益於我們的1P業務，廣告業務實際上看到了相當強勁的增長。

And secondly, since last year, we have been working more closely with some of our merchants and -- to support their warehousing and stocking collaboration with us.

其次，自去年以來，我們一直在與一些商家進行更密切的合作，並支持他們與我們的倉儲合作。

And this has already been done in early 2020.

這在 2020 年初就已經完成了。

And this has also enabled us to -- enable the 1P business and products to have an amazing performance during this epidemic time.

這也使得我們能夠——讓1P業務和產品在這次疫情期間有驚人的表現。

For most of our suppliers and merchants, most of them are midsize or large companies.

對於我們大多數的供應商和商家來說，他們大多數是中型或大型公司。

So relatively speaking, there are immunities abilities to -- in these epidemics, especially their supply chains.

所以相對來說，在這些流行病中，特別是它們的供應鏈，是有免疫能力的。

It's more resilient than those SMEs.

它比那些中小企業更有彈性。

And on the advertising industry, we have seen overall, across the country, this industry has taken a hard hit, and this loss has already been reflected.

而在廣告行業上，我們看到整體來說，在全國范圍內，這個行業受到了很大的打擊，這個損失已經體現出來了。

However, thanks to JD's business models and our advertising business is very closely related to our sales and we also leverage our advantages of our self-operated model with our merchants, we have seen a strong advertising demand from our 1P merchants during this period of time.

不過，得益於京東的商業模式，我們的廣告業務與我們的銷售關係非常密切，而且我們也利用我們與商家自營模式的優勢，我們在這段時間看到了我們1P商家的強勁廣告需求。

And in the specifically, the category of home appliances, as many of you have seen that their performance has been quite negative in this special time.

具體來說，在家用電器類別中，正如你們許多人所看到的那樣，在這個特殊時期它們的表現相當消極。

However, there are 2 good signs we can see in this category.

然而，我們可以在這一類別中看到兩個好跡象。

First of all, we believe the consumer's demand for home appliances are still there.

首先，我們認為消費者對家電產品的需求依然存在。

This has sort of improved by some of our surveys and interviews with our customers.

通過我們對客戶的一些調查和採訪，這種情況有所改善。

And we believe as the epidemic situation get under control, the demand from consumers will come around.

我們相信，隨著疫情得到控制，消費者的需求將會回升。

And indeed, there are like bigger challenges for those home appliances that need to have the home delivery services and installations.

事實上，對於那些需要送貨上門服務和安裝的家用電器來說，面臨著更大的挑戰。

But according to our statistics, as the epidemic situation is getting better, for some regions, the need for these home appliances has been coming back.

但根據我們的統計，隨著疫情的好轉，對於一些地區來說，這些家電的需求已經有所回升。

And this will be on a better track as the situations get under control.

隨著局勢得到控制，這將走上更好的軌道。

And in 2019, we do see the growth performance of the home appliances across the industry is not satisfying.

而2019年，我們確實看到整個行業的家電增長表現並不令人滿意。

However, the growth in this category on JD platform is much higher than the whole industry.

但京東平台該品類的增速遠高於整個行業。

Though this category has been suffering from the more challenges and difficulties during this epidemic time, we will make some adjustment properly.

雖然這個品類在疫情期間遇到了更多的挑戰和困難，但我們會適當做出一些調整。

However, we are confident that there will not be a negative growth through the year.

不過，我們有信心全年不會出現負增長。

Let me also add a couple of data points.

讓我還添加幾個數據點。

So because Alicia, you actually were referring to electronics categories and the concern whether it would be a negative growth quarter in Q1.

因為艾麗西亞，你實際上指的是電子產品類別以及第一季度是否會出現負增長的擔憂。

While Xu Lei mentioned the large appliances were negatively affected, but there are actually some of the small appliances, such as those used in kitchens, were actually doing quite well as people now all stay home and cook their own food.

徐雷雖然提到大家電受到了負面影響，但實際上有一些小家電，比如廚房用的小家電，其實表現還不錯，現在大家都呆在家裡自己做飯。

And also, another bright spot is the computers and laptops because now, students are all staying home and studying remotely, and we actually saw pretty healthy demand for the computers and the laptops.

此外，另一個亮點是電腦和筆記本電腦，因為現在學生都呆在家里遠程學習，我們實際上看到了對電腦和筆記本電腦的相當健康的需求。

So I do not see the electronics, as a whole category, would be negative in Q1.

因此，我認為電子產品作為一個整體類別在第一季度不會出現負面影響。

In fact, we should still see positive growth even for electronics during the first quarter.

事實上，即使是電子產品，我們在第一季度仍然應該看到正增長。

All right.

好的。

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 your 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 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。

[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。]