京東 (JD) 2021 Q3 法說會逐字稿

Hello, and thank you for standing by for JD.com's Third Quarter 2021 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. (Operator Instructions)

您好，感謝您參與京東 2021 年第三季度財報電話會議。 （操作員說明）今天的會議正在錄製中。 （操作員說明）

I would now like to turn the meeting over to your host for today's conference, Mr. Sean Zhang, Director of Investor Relations. Please go ahead, sir.

我現在想將會議轉交給今天會議的主持人，投資者關係總監 Sean Zhang 先生。請繼續，先生。

Thank you. Good evening, and good morning, everyone. Welcome to our Third Quarter 2021 Earnings Conference Call.

謝謝你。大家晚上好，早上好。歡迎參加我們的 2021 年第三季度收益電話會議。

Joining us on the call today are Mr. Lei Xu, President of JD.com; and Ms. Sandy Xu, CFO. For today's call, Lei will kick off with opening remarks; then Sandy will discuss the financial highlights. After that, we'll open the call to questions from analysts.

今天加入我們電話會議的還有京東總裁徐磊先生；和首席財務官 Sandy Xu 女士。今天的電話會議，雷將首先致開幕詞；然後桑迪將討論財務亮點。在那之後，我們將打開分析師提問的電話。

Before we continue, let me refer you to our latest safe harbor statement in the earnings press release on our IR website, which applies to this call as we'll make forward-looking statements. Also during this call, we'll discuss certain non-GAAP financial measures. Please also refer to our earnings release, which contains a reconciliation of non-GAAP measures to the comparable GAAP measures. Finally, please note that unless otherwise stated, all figures mentioned during this call are in RMB.

在我們繼續之前，讓我向您推薦我們在 IR 網站上的收益新聞稿中的最新安全港聲明，該聲明適用於本次電話會議，因為我們將做出前瞻性聲明。同樣在本次電話會議中，我們將討論某些非公認會計原則的財務措施。另請參閱我們的收益發布，其中包含非公認會計原則措施與可比公認會計原則措施的對賬。最後請注意，除非另有說明，本次電話會議中提及的所有數字均以人民幣為單位。

And now I would like to turn the call over to our President, Mr. Lei Xu.

現在我想把電話轉給我們的總裁徐雷先生。

[Interpreted] Hello, everyone. This is Lei Xu. Thank you for joining JD's third quarter earnings call. Starting from this earnings call, it's a great pleasure for me to take the position as President of JD.com and communicate with you in my new capacity.

[翻譯]大家好。這是徐磊。感謝您參加京東第三季度財報電話會議。從本次財報電話會議開始，我很高興擔任京東總裁，並以新的身份與大家交流。

As we all have observed, in the second half of this year, multiple headwinds have brought notable uncertainties and challenges to the world to China and retail industry, such as the COVID cases, the macroeconomic fluctuations, lacking of goods in a wide range of worldwide due to supply chain disruptions. The planet we live in is undergoing profound changes.

大家都看到，今年下半年，新冠肺炎疫情、宏觀經濟波動、全球大範圍缺貨等多重不利因素給中國和零售業帶來了全球的不確定性和挑戰。由於供應鏈中斷。我們生活的星球正在發生深刻的變化。

JD continued to deliver high-quality growth this quarter. While the external environment shifts, JD is able to continue to outperform the industry with more certainty and stronger resilience. This is due to our stronger control across our supply chains and entire business processes, which allow us to react more agilely to changes and ensure stable business operation and reliable fulfillment even in the face of extreme weathers, COVID and other special circumstances.

京東本季度繼續實現高質量增長。在外部環境發生變化的同時，京東能夠以更大的確定性和更強的韌性繼續跑贏行業。這是因為我們對供應鍊和整個業務流程的控制力更強，這使我們能夠更敏捷地應對變化，即使在極端天氣、COVID 和其他特殊情況下也能確保穩定的業務運營和可靠的履行。

Therefore, we are in a unique position to create greater value for our customers, business partners and the real economy. The core competencies in supply chain and logistic infrastructure, which we have been committed to building for 18 years have accumulated powerful advantages for us. These advantages have greatly differentiated us, particularly in terms of value creation and business resilience from the platform-based, traffic-driven companies.

因此，我們處於為我們的客戶、商業夥伴和實體經濟創造更大價值的獨特地位。我們18年致力於打造的供應鍊和物流基礎設施的核心競爭力，為我們積累了強大的優勢。這些優勢使我們大大區別開來，特別是在價值創造和業務彈性方面，與基於平台、流量驅動的公司相比。

First of all, our resilience is reflected by another solid set of results in Q3 despite macro and industry challenges. Our total revenues sustained healthy growth at 26% year-on-year even on a high comp from last year.

首先，儘管宏觀和行業面臨挑戰，但我們在第三季度的另一套穩健業績反映了我們的韌性。即使與去年相比，我們的總收入仍保持健康增長，同比增長 26%。

Regarding active users, in addition to the healthy growth rates in Q3, we are more pleased to see that our continuous improvement in user experience has resulted in stronger consumer mind share and engagement. In the latest Singles Day Grand Promotion, JD maintained strong growth momentum even on the basis of last year's accelerated growth. This demonstrates the rising recognition JD gained among customers, suppliers and brands. It is also a testament to JD's contribution in the recovery of the retail industry and real economy.

在活躍用戶方面，除了第三季度的健康增長率外，我們更高興地看到，我們在用戶體驗方面的持續改善帶來了更強的消費者心智份額和參與度。在最近的雙十一大促中，京東在去年加速增長的基礎上，依然保持著強勁的增長勢頭。這表明京東在客戶、供應商和品牌中的認可度不斷提高。這也證明了京東在零售業和實體經濟復甦中的貢獻。

In particular, JD has helped millions of online and off-line micro and SME to gain fair growth opportunities and reasonable profits. Moreover, the healthy growth momentum of our core regional business combined with further enhanced supply chain capacities and operating efficiency has put us in a stronger footing to firmly execute our long-term strategy.

尤其是京東幫助數百萬線上線下的小微和中小企業獲得了公平的成長機會和合理的利潤。此外，我們區域核心業務的健康增長勢頭，以及供應鏈能力和運營效率的進一步提升，為我們堅定地執行我們的長期戰略奠定了堅實的基礎。

And now let's take a closer look at how JD's resilience is reflected in our core retail business as well as the execution of JD Logistics and the new business long-term strategies.

現在讓我們仔細看看京東的韌性如何體現在我們的核心零售業務以及京東物流的執行和新的業務長期戰略中。

JD's marketplace ecosystem has made solid progress in this quarter. Starting from the second half of last year, we have introduced a series of smart operating tools, lowered the entry barriers for new merchants and provided integrated supply chain solutions to further optimize merchants' operating efficiency and growth path. Our efforts has generated initial success.

京東的市場生態系統在本季度取得了紮實的進展。從去年下半年開始，我們推出了一系列智能運營工具，降低新商戶的准入門檻，提供一體化供應鏈解決方案，進一步優化商戶的運營效率和增長路徑。我們的努力取得了初步的成功。

I'd like to share a few progress our marketplace business made this quarter. First, growth of both total number and the types of merchants accelerated on both a year-on-year and sequential basis. In Q3, the number of third-party merchants joined JD tripled that of Q1 and Q2 combined, with apparel and home categories leading the growth.

我想分享本季度我們的市場業務取得的一些進展。一是商戶總數和商戶類型增速同比和環比均加快。第三季度，加入京東的第三方商家數量是第一季度和第二季度總和的三倍，其中服裝和家居品類的增長領先。

Second, merchants' operating efficiency, growth path and satisfaction level further improved. Third, the Net Promoter Scores, NPS, of our marketplace business continued to improve, particularly the NPS of apparel and home categories were at their all-time high.

二是商戶經營效率、增長路徑和滿意度進一步提升。第三，我們的市場業務的淨推薦值 NPS 繼續提高，尤其是服裝和家居品類的 NPS 處於歷史最高水平。

Going forward, we will leverage the healthier competition and development environment of the industry to continuously enrich our marketplace ecosystem, explore new models and formulate our differentiated strategic approaches. Our goal has always been to provide customers with better shopping experience and services open to empower merchants and build up JD's marketplace ecosystem.

展望未來，我們將利用行業更健康的競爭和發展環境，不斷豐富我們的市場生態，探索新模式，制定差異化戰略。我們的目標始終是為客戶提供更好的購物體驗和開放的服務，為商家賦能，構建京東的市場生態系統。

We made further progress in the implementation of our omnichannel strategy. In our view, the decentralization of the retail industry will continue, and our omnichannel strategy will serve as our second curve for growth to break the ceiling of JD's long-term growth. The strategy is also designed to facilitate further integration and the digital transformation of China's off-line retailers.

我們在實施全渠道戰略方面取得了進一步的進展。在我們看來，零售業的去中心化將繼續，我們的全渠道戰略將成為我們的第二條增長曲線，以打破京東長期增長的天花板。該戰略還旨在促進中國線下零售商的進一步整合和數字化轉型。

In the industry, JD possesses the most comprehensive supply chain capabilities that underpin the omnichannel model. In particular, the 3 comprehensive supply chain models, namely: the B2C centralized warehouse model; the F2C origin warehouse model; and the local retail model.

在業內，京東擁有最全面的全渠道供應鏈能力。特別是3種綜合供應鏈模式，即：B2C集中倉庫模式； F2C源倉模式；和本地零售模式。

At this stage, we focus on building our omnichannel capabilities, including decoupling our supply chain capabilities, digital operation and integrated marketing solutions. We will then apply these solutions to a wide range of shopping scenarios, both online and off-line and enable millions of brick-and-mortar merchants in a variety of industries, including FMCG, consumer electronics and home appliances, health care, apparel, home goods, live services, automobiles and many more.

在這個階段，我們專注於構建我們的全渠道能力，包括我們的供應鏈能力、數字化運營和整合營銷解決方案的脫鉤。然後，我們將把這些解決方案應用到廣泛的線上和線下購物場景，並賦能各行各業的數百萬實體商家，包括快速消費品、消費電子和家電、醫療保健、服裝、家居用品、生活服務、汽車等等。

In Q3, GMV of our omnichannel business grew by nearly triple digits year-on-year, within which the O2O on-demand retail business that JD jointly did with Dada Group recorded an accelerated growth. I highly recommend and invite you to visit our innovative off-line stores such as JD MALL that was launched at the end of the quarter in Xi'an; JD Super Experience Store, 7Fresh; and Jingxi community stores.

第三季度，全渠道業務GMV同比增長近三位數，其中京東與達達集團合作的O2O按需零售業務實現加速增長。我強烈推薦並邀請您參觀我們的創新線下商店，例如季末在西安推出的京東商城；京東超級體驗店，7Fresh；和京西社區店。

In addition to the steady growth trajectory of our core retail business, our logistics and new business has also made many robust growth this quarter.

除了我們核心零售業務的穩步增長軌跡，我們的物流和新業務在本季度也取得了許多強勁的增長。

On JD Logistics, I would like to highlight 2 positive trends. First, the long-term investments JDL has made in establishing integrated supply chain logistics service capacity started to bear fruit, as it serves more external customers and expands its addressable market. For example, JDL has been developing industry-specific solutions and gaining traction with clients in FMCG, fresh produce, 3Cs and home appliances, furniture, apparel and automobiles. Going forward, we expect external revenues of its integrated supply chain solution will be the main growth driver for JDL.

關於京東物流，我想強調兩個積極的趨勢。一是JDL長期投資打造綜合供應鏈物流服務能力初見成效，服務更多外部客戶，拓展潛在市場。例如，JDL 一直在開發行業特定的解決方案，並在快速消費品、生鮮、3C 和家電、家具、服裝和汽車等領域贏得客戶的青睞。展望未來，我們預計其集成供應鏈解決方案的外部收入將成為 JDL 的主要增長動力。

Second, JDL received a social security relief for its employees and other measures from government for its distinguished contribution in containing the COVID outbreak last year. Starting from Q3 last year, JDL invested these financial gains in network capacity expansion at large scale in lower-tier cities as well as in frontline worker recruitment, which created additional employment opportunities. The quick expansion of JDL's business and operation optimization this year have gradually mitigated the financial impact from these upfront investments in capacity. As a result, JDL's overall margin performance meaningfully improved in Q3 compared to the first half of the year.

其次，JDL 因其在去年遏制 COVID 爆發方面的傑出貢獻而獲得了員工的社會保障救濟和政府的其他措施。從去年第三季度開始，JDL 將這些財務收益投入到下線城市的大規模網絡擴容以及一線工人招聘中，從而創造了更多的就業機會。今年JDL業務的快速擴張和運營優化，逐漸緩解了這些前期產能投資帶來的財務影響。因此，與上半年相比，JDL 在第三季度的整體利潤率表現顯著改善。

Our Jingxi business is committed to serving mass consumers and merchants in the lower-tier markets in China, providing cost-effective products and services in support of their pursuits for a better life. The industry today is still characterized by high merchandise circulation costs, low efficiency of supply chain fulfillment, especially for fresh produce, while local small shopkeepers and the store owners are left underserved, and user experience is far from ideal. JD is better positioned to make breakthroughs on these fronts, where we have been working as -- where we have been working on our core business logic for many years.

我們的京西業務致力於服務中國低端市場的大眾消費者和商家，提供高性價比的產品和服務，支持他們對美好生活的追求。今天的行業仍然存在商品流通成本高、供應鏈履行效率低的特點，尤其是生鮮農產品，而本地小店主和店主服務不足，用戶體驗遠非理想。京東更有能力在這些領域取得突破，這是我們多年來一直致力於核心業務邏輯的領域。

In our view, Jingxi business is in the sector that requires 5 to 10 years commitment to building up the infrastructure capabilities for short chain logistics and users' mind share. It is not the time to prioritize scale expansion at the current stage. Instead, Jingxi business will focus on building the core capabilities at the city level, exploring business models that create real value to local stakeholders while ensuring that we have a sound compliance base.

在我們看來，京西業務屬於需要5到10年致力於打造短鏈物流基礎能力和用戶心智份額的行業。現階段不是優先擴大規模的時候。相反，京西業務將專注於建設城市層面的核心能力，探索為當地利益相關者創造真正價值的商業模式，同時確保我們擁有良好的合規基礎。

Since July, Jingxi has proactively shifted focus on 10 selected provinces where we are pleased to see improving supply chain efficiency and cost structure in Q3. In particular, fulfillment cost per order has lowered by nearly 50% compared to that in the early stage of the business, and user experience have largely improved as well. More importantly, thanks to our focused effort and investment in infrastructure, revenues generated by local group leaders and mom-and-pop stores on Jingxi have been clearly climbing up.

自 7 月以來，京西主動將重點轉移到 10 個選定的省份，我們很高興看到第三季度供應鏈效率和成本結構有所改善。尤其是單筆訂單履行成本較業務初期降低近50%，用戶體驗也有較大提升。更重要的是，得益於我們對基礎設施的集中努力和投資，京西當地集團領導和夫妻店的收入明顯攀升。

I hope that my sharing today has showed that JD is a new type of real economy-based enterprise that has the traits of both real economy and digital technology capabilities. Such type of enterprises will play an even greater role in China's economic development in a new era. From a long-term perspective, JD is strategically positioned to generate compelling growth opportunities despite the current complex and evolving macro environment.

我希望我今天的分享能夠表明，京東是一種新型的實體經濟企業，兼具實體經濟和數字技術能力的特點。這類企業將在新時代中國經濟發展中發揮更大的作用。從長遠來看，儘管當前宏觀環境複雜且不斷變化，京東仍處於戰略地位，能夠創造引人注目的增長機會。

We remain fully confident in the future as we have been relentlessly working on the most difficult, the hardest, yet the most valuable things for all our shareholders, thanks to our core capabilities and a unique business model that we have built over years. That said, we still have a lot to do, and thank you all for your continuous trust and support for us along the way.

由於我們多年來建立的核心能力和獨特的商業模式，我們一直在堅持不懈地為所有股東做最困難、最困難但最有價值的事情，我們對未來充滿信心。儘管如此，我們還有很多工作要做，感謝大家一路以來對我們的持續信任和支持。

This concludes my remarks today. Now I'd like to give the floor to our CFO, Sandy, for more details.

我今天的發言到此結束。現在我想請我們的首席財務官 Sandy 發言以了解更多詳細信息。

Thank you, Xu, Lei. Hello, everyone.

謝謝徐磊。大家好。

We delivered a set of solid operating and financial results while making steady progress on many of our strategic priorities in Q3. This demonstrates our commitment to pursuing sustainable quality growth. We are encouraged by the overall strength and resilience of our unique business model, which continues to put us on a strong footing to navigate the unprecedented complexities in the macro environment.

我們在第三季度的許多戰略重點上取得穩步進展的同時，取得了一系列穩健的經營和財務業績。這表明我們致力於追求可持續的質量增長。我們對我們獨特商業模式的整體實力和彈性感到鼓舞，這繼續使我們在宏觀環境中處於前所未有的複雜性中處於有利地位。

Our total net revenues reached RMB 219 billion in Q3, representing 26% year-on-year growth and 27% 2-year CAGR, maintaining a strong growth momentum even on a high comp from last year. Our growth continued to outperform the industry, and we further gained market share in the quarter.

我們第三季度的總淨收入達到人民幣 2190 億元，同比增長 26%，2 年復合年增長率為 27%，即使在與去年相比較高的情況下仍保持強勁的增長勢頭。我們的增長繼續跑贏行業，並在本季度進一步擴大了市場份額。

Our top line growth was backed by sustained improvement in our user base and user engagement. We are very pleased to see a 25% year-on-year growth of our LTM active user base, reaching a total of RMB 552 million -- 552 million in Q3, with the addition of 111 million users from a year ago. We attached greater importance on improving our user experience and user engagement in Q3. Our mobile DAU grew even faster than active users, accelerating to over 30% year-on-year in September, which demonstrates our expanded consumer mind share.

我們的收入增長得益於我們的用戶群和用戶參與度的持續改善。我們很高興看到我們的 LTM 活躍用戶群同比增長 25%，達到人民幣 5.52 億元——第三季度為 5.52 億，比一年前增加了 1.11 億用戶。我們在第三季度更加重視改善用戶體驗和用戶參與度。我們的移動 DAU 增長速度甚至超過了活躍用戶，9 月份同比增長超過 30%，這表明我們擴大了消費者心智份額。

In addition to gaining mind share, we are also winning users' wallet share. Average order frequency for all our users increased 23% year-on-year, driven by both our new and existing users, while total order volume sustained a year-on-year growth of about 40% in Q3.

除了獲得心智份額，我們還贏得了用戶的錢包份額。在新老用戶的推動下，我們所有用戶的平均訂單頻率同比增長 23%，而第三季度總訂單量同比增長約 40%。

Within JD Retail, the number of categories users purchased expanded to a historical high even in the low season. In particular, users who have stayed with JD for more than a year tend to double the number of categories they purchase. These core JD users love the new products and categories that we introduced and are increasingly spending more on fresh produce, cosmetics, fashion and luxury goods. The improved user engagement is again driven by our continued focus on customers' experience.

在京東零售，即使在淡季，用戶購買的品類數量也創下歷史新高。尤其是在京東呆了一年以上的用戶，購買的品類數量往往會翻倍。這些京東核心用戶喜歡我們推出的新產品和新品類，並且越來越多地在新鮮農產品、化妝品、時尚和奢侈品上花費更多。我們對客戶體驗的持續關注再次推動了用戶參與度的提高。

Our NPS score has been on a steady growth trajectory, hitting all-time high this quarter as we continued to enrich our product offering and improve shopping experience, after sales and fulfillment services through technology.

我們的 NPS 分數一直處於穩定增長的軌道上，本季度創下歷史新高，因為我們繼續通過技術豐富我們的產品供應並改善購物體驗、售後服務和履行服務。

Category-wise, we would like to highlight that the growth of our net service revenues was over 43% year-on-year compared to 23% growth of net product revenue. Net service revenues contributed a historical high of 15% to our net total revenue. Marketplace and advertising revenues continued a high growth of 35% year-on-year, a notable acceleration from 24% that we achieved in the same period last year. This is a strong testament of our continuous efforts to improve our marketplace ecosystem, which drove an influx and higher engagement with third-party merchants across almost all categories. We expect our marketplace business to continue to gain momentum in the coming quarters.

在類別方面，我們想強調的是，我們的淨服務收入同比增長超過 43%，而淨產品收入增長 23%。淨服務收入為我們的淨總收入貢獻了 15% 的歷史新高。市場和廣告收入繼續保持同比 35% 的高增長，與去年同期的 24% 相比顯著加快。這有力地證明了我們不斷努力改善我們的市場生態系統，這推動了幾乎所有類別的第三方商家的湧入和更高的參與度。我們預計我們的市場業務將在未來幾個季度繼續增長。

Logistics and other services revenues grew by 53% year-on-year, mainly driven by the hyper growth of JD Logistics external revenue, which I will discuss more shortly.

物流及其他服務收入同比增長 53%，主要受京東物流外部收入超速增長的推動，我稍後會詳細討論。

Now let's look at our segment performance. First, our core business JD Retail's revenues reached RMB 198 billion in Q3, with a 23% year-on-year growth and a 2-year CAGR of 25%. The power of JD's supply chain capability was on full display against the global supply chain constraints. Our electronics and home appliance revenues maintained resilient growth of 19% year-on-year, significantly outpacing the industry's low-single-digit growth in the same quarter. We are also delighted to see GMV growth of our third-party sales in these categories accelerated to 45% year-on-year, significantly outpacing that of our 1P business.

現在讓我們看看我們的細分市場表現。一是核心業務京東零售第三季度營收1980億元，同比增長23%，2年復合增長率為25%。京東的供應鏈能力在全球供應鏈約束下得到充分展示。我們的電子和家電收入保持同比 19% 的彈性增長，顯著超過同季度行業低個位數的增長。我們也很高興看到我們在這些類別的第三方銷售的 GMV 增長同比加速至 45%，大大超過我們的 1P 業務。

General merchandise revenues grew 29% year-on-year and 32% 2-year CAGR in Q3. This was mainly driven by the 35% 2-year CAGR of our supermarket 1P order volume growth in the quarter. I want to share a few observations of our supermarket categories.

第三季度日用百貨收入同比增長 29%，兩年復合年增長率為 32%。這主要受本季度超市 1P 訂單量增長 35% 的 2 年復合年增長率推動。我想分享一些對我們超市類別的觀察。

First, supermarket categories were again the largest contributor of our new users in this quarter. Second, the average number of orders per user for supermarket categories continued to increase and reached its all-time highest level. Third, users are purchasing more high-frequency supermarket products on JD, including food and beverage, fresh produce and baby and maternity products. All these have helped drive our daily user engagement meaningfully.

首先，超市品類再次成為本季度新增用戶的最大貢獻者。二是超市品類用戶人均訂單量持續增長，創歷史新高。第三，用戶在京東上購買更多高頻超市產品，包括食品飲料、生鮮和母嬰產品。所有這些都有助於有意義地推動我們的日常用戶參與。

Moving on to JD Retail's margin. Its fulfilled gross margin was similar to that of Q3 last year. And operating margin was 4.0%, which retained largely stable compared to its all-time high in Q3 last year. Again, we are successfully shifting our category mix towards high-frequency items that can better engage customers and experimenting new business strategies, such as omnichannel and Shop Now, without compromising our margin trajectory. We remain confident in healthy category expansion and long-term margin improvement of our core retail business.

轉向京東零售的利潤。其實現的毛利率與去年第三季度相似。營業利潤率為 4.0%，與去年第三季度的歷史高點相比基本保持穩定。同樣，我們正在成功地將我們的類別組合轉向高頻商品，這些商品可以更好地吸引客戶並嘗試新的業務策略，例如全渠道和 Shop Now，而不會影響我們的利潤率軌跡。我們對核心零售業務的健康品類擴張和長期利潤率提升充滿信心。

Our strategic investments also made steady progress in Q3. JD Logistics, JDL, maintained its growth trajectory in the quarter, with revenues growing 43% year-on-year to RMB 25.7 billion, mainly driven by the growth in the number of external integrated supply chain logistics customers and their average revenue per customer. External revenues continued to account for over 50% of JDL's total revenue while reaching a historic high in this quarter.

我們的戰略投資在第三季度也取得了穩步進展。京東物流（JDL）在本季度保持增長軌跡，收入同比增長 43% 至 257 億元人民幣，主要受外部綜合供應鏈物流客戶數量和客戶平均收入增長的推動。外部收入繼續佔 JDL 總收入的 50% 以上，並在本季度創下歷史新高。

JD Logistics' operating loss ratio was 2.8%, on track to achieve a better margin profile compared to that in the first half of 2021, as JDL continues to ramp up utilization and improve operating efficiency.

京東物流的經營虧損率為 2.8%，與 2021 年上半年相比有望實現更好的利潤率，因為京東不斷提高利用率並提高運營效率。

The number of warehouses operated and managed by JDL has steadily expanded to approximately 1,300, with an aggregated gross floor area of over 23 million square meters.

JDL經營和管理的倉庫數量穩步擴大至約1,300個，總建築面積超過2,300萬平方米。

Our New businesses segment revenues grew 33% year-on-year to RMB 5.7 billion in Q3. JD Property recorded a gain from sales of logistics facilities of RMB 579 million in the quarter. Growth of our international business continued to accelerate in Q3.

第三季度，我們的新業務部門收入同比增長 33% 至人民幣 57 億元。京東地產本季度實現物流設施銷售收益5.79億元。我們的國際業務在第三季度繼續加速增長。

For our Jingxi business, we want to highlight that during the quarter, it achieved a notable improvement in both user experience and operating efficiency, which are our strategic priorities over scale. As we started to proactively focus our Jingxi Pinpin business in selected markets, we are able to better allocate resources to improve our supply chain for fresh produce and short chain logistics infrastructure capacity, empower the local merchants and achieve better UE.

對於我們的京西業務，我們想強調的是，在本季度，它在用戶體驗和運營效率方面都取得了顯著改善，這是我們的戰略重點，而不是規模。隨著我們開始積極將京西拼品業務集中在選定的市場，我們能夠更好地配置資源，以改善我們的生鮮供應鍊和短鏈物流基礎設施能力，為當地商家賦能，實現更好的用戶體驗。

On the back of our 1P supply chain capacity, we also helped local merchants and farmers to grow quickly on our Jingxi platform. As a result of this strategic shift, the operating loss of New businesses was RMB 2.1 billion as compared to RMB 1.2 billion in the same period last year.

在我們的1P供應鏈能力的背後，我們也幫助當地的商家和農民在我們的京喜平台上快速成長。由於這一戰略轉變，新業務的經營虧損為人民幣21億元，而去年同期為人民幣12億元。

We remain fully committed to empowering local SMEs, including mom-and-pop stores, by providing supply chain support and creating diverse revenue streams for them. While we expect the operating loss ratio to GMV to gradually narrow down as we continue to optimize the operating efficiency.

我們仍然完全致力於通過提供供應鏈支持並為他們創造多樣化的收入來源來增強本地中小企業的能力，包括夫妻店。雖然我們預計隨著我們繼續優化運營效率，運營虧損率與 GMV 的比率將逐漸收窄。

Moving to the consolidated bottom line. Our non-GAAP net income attributable to ordinary shareholders was RMB 5.0 billion, with non-GAAP net margin of 2.3% compared to 3.2% in the same period last year. The decrease is mainly attributable to normalized marketing expenses and increased investments in logistics and new business segments for our long-term strategic positioning.

移動到合併的底線。我們的非美國通用會計準則歸屬於普通股股東的淨利潤為人民幣50億元，非美國通用會計準則淨利潤率為2.3%，而去年同期為3.2%。減少的主要原因是標準化營銷費用以及為我們的長期戰略定位增加對物流和新業務部門的投資。

Notably, since 2012, we have maintained inventory turnover days consistently below 40 days despite the significant increase in the number of SKUs under our management. By Q3 this year, we further shortened our inventory turnover days by 4 days to 30 days in the last 12 months, thanks to our continuously improving supply chain managing capacity. We then passed on this efficiency gain to further increase our support for our business partners, as we also shortened our LTM accounts payable days by 4 days to 46 days. This is another example how JD's unique business model and the relentless focus on building processing capacity can really create value for all our business partners in the real economy.

值得注意的是，自 2012 年以來，儘管我們管理的 SKU 數量顯著增加，我們的庫存周轉天數一直保持在 40 天以下。到今年第三季度，我們在過去 12 個月中將庫存周轉天數進一步縮短了 4 天至 30 天，這得益於我們不斷提高的供應鏈管理能力。然後，我們將這一效率收益傳遞給我們，以進一步增加對業務合作夥伴的支持，因為我們還將 LTM 應付賬款天數縮短了 4 天至 46 天。這是京東獨特的商業模式和對處理能力建設的不懈關注如何真正為我們在實體經濟中的所有商業夥伴創造價值的又一個例子。

Our LTM free cash flow this quarter came in at RMB 28.5 billion, which remained largely stable year-on-year. As of September 30, 2021, cash, cash equivalents, restricted cash and short-term investments added up to a total of RMB 196 billion, up from RMB 178 billion at the end of Q2 or RMB 127 billion a year ago.

本季度我們的 LTM 自由現金流為人民幣 285 億元，同比基本保持穩定。截至 2021 年 9 月 30 日，現金、現金等價物、受限制現金和短期投資總計 1960 億元人民幣，高於第二季度末的 1780 億元人民幣或一年前的 1270 億元人民幣。

In summary, JD showed remarkable resilience again in face of macro and supply chain headwinds, with a solid top line growth and steady profitability in our core business. This showcases our resolute commitment and effective implementation of our strategies, which we are very proud of, and we want to say our greatest appreciation to our hundreds of thousands of employees.

綜上所述，京東在宏觀和供應鏈逆風面前再次表現出顯著的韌性，核心業務收入增長穩健，盈利能力穩定。這展示了我們對戰略的堅定承諾和有效實施，我們對此感到非常自豪，我們要向數十萬員工表示最崇高的敬意。

Finally, I want to reiterate that JD's sustainable growth will continue in the new era, where our 18 years of trailblazing efforts in building our core competence and our right way to success business philosophy will continue to be rewarded.

最後，我想重申，京東的可持續發展將在新時代繼續發展，我們18年的核心競爭力和成功之道的經營理念將繼續得到回報。

With that, let's now move to the Q&A. Thank you.

有了這個，讓我們現在進入問答環節。謝謝你。

Operator, we can open the floor for Q&A now. Thank you.

接線員，我們現在可以開始問答環節了。謝謝你。

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

（操作員說明）第一個問題來自高盛的 Ronald Keung。

(foreign language) So my question is on JD retail margins. We've seen that the margins were strong in the third quarter despite strong growth in supermarkets. Just want to hear your strategies in private labels, omnichannel and a fast-growing marketplace. And how would that kind of couple with the category mix that could drive the overall blended margins? Are we on track to put our -- reiterating our long-term margin target of mid- to high single digits?

（外語）所以我的問題是關於京東零售利潤率。我們已經看到，儘管超市增長強勁，但第三季度的利潤率依然強勁。只想听聽您在自有品牌、全渠道和快速增長的市場中的策略。以及如何與可以推動整體混合利潤率的類別組合相結合？我們是否有望實現我們的 - 重申我們的中高個位數的長期利潤率目標？

Thanks, Ronald. Let me take this question. Yes, your understanding is correct. As we are experimenting new areas, new business models, including omnichannel, including the Shop Now business model, overall, our financial model may be affected a little bit. For example, for omnichannel business, we may leverage the warehouse and inventory of off-line business partners. We would share the gross profit with them, but at the same time, we will also save the fulfillment cost. So the fulfilled gross margin remains stable, while you may see a decline in the gross margin because of the growth of this new business model.

謝謝，羅納德。讓我來回答這個問題。是的，你的理解是正確的。由於我們正在嘗試新的領域，新的商業模式，包括全渠道，包括 Shop Now 商業模式，總體而言，我們的財務模式可能會受到一點影響。例如，對於全渠道業務，我們可能會利用線下業務合作夥伴的倉庫和庫存。我們將與他們分享毛利，但同時我們也將節省履行成本。因此，已實現的毛利率保持穩定，而由於這種新業務模式的增長，您可能會看到毛利率下降。

And then our gross margin will also be affected by the category mix shift as we have been discussing in the past couple of years. However, what we have seen this quarter is because of the higher growth of 3P business, that kind of offset the impact from the category mix shift towards higher frequency revenue contribution from the supermarket products, which has relatively lower fulfilled gross margin. So overall, for Q3, if you look at the fulfilled gross margin for JD Retail, it was relatively stable compared to same quarter last year.

然後我們的毛利率也將受到過去幾年我們一直在討論的類別組合轉變的影響。然而，我們本季度看到的是由於 3P 業務的較高增長，這抵消了品類組合轉向超市產品更高頻率的收入貢獻的影響，超市產品的已實現毛利率相對較低。因此，總體而言，對於第三季度，如果您查看京東零售的已實現毛利率，與去年同期相比相對穩定。

So looking ahead, I would say our expectation on the margin profile or margin trajectory remain unchanged. In the short term, we may be facing the drag from the category mix shift as well as the change of the business model. But as JD has been continuously building our capabilities in the supply chain through -- and improve the operating efficiency of inventory management through technology, so we can gradually improve the margin, I would say, in the long term steadily.

因此，展望未來，我想說我們對保證金狀況或保證金軌蹟的預期保持不變。短期內，我們可能會面臨品類組合轉變以及商業模式變化的拖累。但隨著京東不斷通過技術提升我們在供應鏈中的能力，並通過技術提高庫存管理的運營效率，所以我們可以逐步提高利潤率，我想說，從長遠來看，是穩定的。

And also, as I mentioned before, for many of our categories, our current procurement price is still higher compared to the off-line channels. So as we continue to grow in scale, we can gradually realize the scale benefit as well. So in short, our long-term market trajectory remain unchanged for JD Retail.

而且，正如我之前提到的，對於我們的許多類別，我們目前的採購價格與線下渠道相比仍然更高。所以隨著我們規模的不斷擴大，我們也可以逐步實現規模效益。所以簡而言之，我們對京東零售的長期市場軌跡保持不變。

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。

(foreign language) I'm asking on behalf of Eddie. I'm wondering, the potential impact from the macro factor such as the lockdown or the weakness of real estate, any impact to our category growth trend?

（外語）我代表埃迪問。我想知道，宏觀因素的潛在影響，例如鎖定或房地產疲軟，對我們的類別增長趨勢有何影響？

[Interpreted] This is Xu, Lei. Let me take your questions.

【解釋】我是徐磊。讓我回答你的問題。

And from the macro level, we do see quite a lot of challenges, especially in the second half of the year, especially relatively weak consumption demand and the tight supply chain from the upstream and also the rising price of raw materials, coupled with the COVID cases and extreme weather, et cetera. This all have posed a lot challenges for the retail industry, and thus, certain product categories were impacted by the shortage of chips and other component parts. We anticipate we foresee this shortage of supply of the chips and so on will continue to last into the first half of next year. And for JD.com, we have always been holding our strengths with our core capacities in supply chain, which have helped us to deliver more stable performance in this time of uncertainties.

而從宏觀層面，我們確實看到了很多挑戰，尤其是下半年，特別是消費需求相對疲軟，上游供應鏈吃緊，原材料價格上漲，再加上新冠肺炎疫情病例和極端天氣等。這都給零售業帶來了很大的挑戰，因此，某些產品類別受到芯片和其他零部件短缺的影響。我們預計我們預計這種芯片供應短缺等情況將持續到明年上半年。而對於京東來說，我們一直以供應鏈的核心能力保持優勢，這有助於我們在不確定的時期提供更穩定的業績。

And on the point of a weaker consumption demand, I want to highlight here that for the main consumption group, the customers group with the JD, they feature more like the urban residents, and they shop with their families. They have more plans and have more certain shopping plans when they're shopping on JD's platform. So this is the main factor of our consumer base, and they are taking the majority of the proportion of our platform. So in such way, we are getting smaller or limited impact on this overall trend. But however, under these circumstances, I also want to point out that for those kind of random shopping and endpoint shopping for some companies or platforms who are featuring more of this kind of shopping will get a better hit -- or will get a larger, greater hit.

而在消費需求疲軟這一點上，我想在這裡強調一下，對於主要的消費群體，京東的客戶群體，他們的特點更像是城市居民，他們和家人一起購物。他們在京東平台購物時，有更多的計劃，更有確定的購物計劃。所以這是我們消費群的主要因素，他們佔據了我們平台的大部分比例。因此，通過這種方式，我們對這一整體趨勢的影響越來越小或有限。但是，在這種情況下，我也想指出，對於一些公司或平台來說，這種隨機購物和端點購物會獲得更好的衝擊——或者會得到更大的衝擊，更大的打擊。

And also facing these challenges of the shortage of supplies and the rise of the price from the upstream, and we can see that in this Q4 and the next Q1, the price rise will be transmitted or passed on to the consumer side. As I emphasized, that JD will focus on our core strategy and supply chain, and this will give us a better position to tighten our cooperation with our partners. And our merchant partners would like to close with us more closely and to use our strength to help them to improve their cost and efficiencies, and we will also take as much effort as possible to help them and help the customers to offset the fluctuation in the prices.

並且也面臨著供應短缺和上游價格上漲的這些挑戰，我們可以看到，在這個Q4和下一個Q1，價格上漲將傳導或傳遞到消費端。正如我所強調的，京東將專注於我們的核心戰略和供應鏈，這將使我們能夠更好地加強與合作夥伴的合作。而我們的商戶合作夥伴也願意與我們更緊密地合作，用我們的力量幫助他們提高成本和效率，我們也會盡最大的努力幫助他們，幫助客戶抵消價格波動的影響。價格。

And on the impact of the real estate, on the home appliances category, actually, this is not an impact only happen now as you see on the news. If you observe the overall, the 1-year performance, you can see that the performance of home appliances categories on JD platform is outgrowing the industry average the whole year.

而關於房地產的影響，對家電類別的影響，實際上，這並不是你在新聞上看到的現在才發生的影響。如果從整體來看，1年的表現，可以看到京東平台家電品類的全年表現都超過了行業平均水平。

And this can be achieved for several reasons. First is our B2C model on our main sites, and we have been introducing more and emerging and new brands, new products and high-end products the home and -- home appliances product on our platform and to upgrade our product mix. And at the same time, the consumers are looking to buy more high-quality and better quality products. At the same time, this is coupled with our premium services, including some worry-free change of the products or some trade-ins. And all these have driven up the sales and performance of this category.

這可以實現有幾個原因。首先是我們主站點的B2C模式，我們一直在我們的平台上引入更多的新興品牌、新產品和高端產品以及家電產品，併升級我們的產品結構。同時，消費者也在尋求購買更優質、更優質的產品。同時，這與我們的優質服務相結合，包括一些產品的無憂更換或一些以舊換新。所有這些都推動了這一類別的銷售和業績。

And secondly, actually, a few years ago, we already started to deploy our lower-tier markets. So they have also bearing some fruit. For the offline market, the off-line market sales of the home appliances is gaining an increasing share of our overall categories and helping us to gain more new users and new markets.

其次，實際上，幾年前，我們已經開始佈局我們的低端市場。所以他們也結出了一些果子。線下市場，家電的線下市場銷售額在我們整體品類中的份額越來越大，幫助我們獲得更多的新用戶和新市場。

And thirdly, we also paid a lot of attention to work closely with our partners on the production of -- customers who manufacture products and also differentiated products. In all the 3 points, I need to say that this home appliances industry has been quite fluctuated market. And under difficult circumstances, our special efforts and our differentiated strength in these 3 points have help us -- have helped us to achieve continued growth in the home and home appliance industry -- home appliance category. Thank you.

第三，我們還非常重視與合作夥伴在生產產品和差異化產品的客戶方面的密切合作。在這三點中，我不得不說，這個家電行業一直是一個相當波動的市場。而在困難的情況下，我們的特殊努力和我們在這三點上的差異化優勢幫助我們——幫助我們實現了家電行業——家電品類的持續增長。謝謝你。

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。

(foreign language) Congratulations on a very strong set of results. Given that we have done very well in our 11.11 campaign, just want to get a sense from the management what has been learned from 11.11, in particular, from the behavior of the merchants as well as the consumer behavior for this year. And separately, because of the strong 11.11, how should we think about our JD Retail performance in the fourth quarter? Any qualitative color will be grateful.

（外語）恭喜取得了非常強的成績。鑑於我們在 11.11 活動中做得很好，只是想從管理層那裡了解一下從 11.11 中學到的東西，特別是從今年商家的行為和消費者的行為中學到的東西。另外，由於 11.11 的強勁表現，我們應該如何看待京東零售在第四季度的表現？任何定性的顏色將不勝感激。

[Interpreted] This is Xu, Lei. Let me share something about the Singles Day Grand Promotion, and we have already released our performance and results and sales details. So I will not elaborate on this part.

【解釋】我是徐磊。讓我分享一下光棍節大促銷，我們已經發布了我們的表現和結果以及銷售細節。所以這部分我就不細說了。

And the one major change we have made in this year's Singles Day is that we kicked off all the discount activities at 8:00 p.m., 4 hours earlier. And this decision has actually made during our June 18 heavy festival period. So it gave us 3 to 4 months' time for the preparation. We have done a lot of communications and preparations internally and externally. So with this campaign, it's very well received by all parties from consumers, brand partners and logistics partners. This has given more convenience for our consumers to shop as well as our partners to prepare and reduce their cost, and they can operate at more ease.

而今年光棍節我們做出的一個重大改變是，我們在晚上 8:00，提前 4 小時啟動了所有的折扣活動。而這個決定，其實是在我們6月18日重度節日期間做出的。所以它給了我們3到4個月的準備時間。我們在內部和外部都做了很多溝通和準備。因此，通過此次活動，受到了消費者、品牌合作夥伴和物流合作夥伴各方的好評。這為我們的消費者購物以及我們的合作夥伴準備和降低成本提供了更多便利，並且他們可以更輕鬆地操作。

And secondly, during this year's Singles Day, we have been making big progress in our marketplace ecosystem as well as omnichannel deployment. And for this, we have also made a lot of preparations before and which has been very well received and involved a lot of our merchants' participation. So overall performance of our marketplace merchants are surprisingly well and even in those categories that we do not traditionally have the advantage. So those less advantageous categories, they also get very good results.

其次，在今年的雙十一期間，我們在市場生態系統以及全渠道部署方面取得了重大進展。而為此，我們之前也做了很多準備，得到了很好的好評，也有很多商家的參與。因此，我們的市場商家的整體表現出人意料地好，甚至在我們傳統上沒有優勢的那些類別中也是如此。所以那些不太有利的類別，他們也得到了很好的結果。

Of course, this is only a onetime campaign, which already proved -- that validated our models and innovations and the efforts we have made. And in the following periods, there's still a lot of work for us to do.

當然，這只是一次性的活動，已經證明——驗證了我們的模型和創新以及我們所做的努力。在接下來的時間裡，我們還有很多工作要做。

Okay. Let me add on the outlook for Q4. So there are few factors I would like to highlight for JD Retail. One is that the user growth is still is -- the growth driver for JD Retail, we expect JD Retail continue to deliver quality growth in terms of total user base, user engagement and stickiness as they continue to reinforce the consumers mind share.

好的。讓我補充一下第四季度的前景。因此，對於京東零售，我想強調的因素很少。一是用戶增長仍然是京東零售的增長動力，我們預計京東零售在總用戶群、用戶參與度和粘性方面將繼續實現高質量增長，因為它們將繼續加強消費者的心智份額。

Second, the supply chain disruptions for certain products remain unchanged and existing as we just discussed. So this will affect the growth of our 1P business to a certain extent, in particular, the mobile phones and electronics categories. However, as Xu, Lei mentioned, based on the strengths of our supply chain capacity, we expect that we can create even more value and certainties for our business partners in this changing environment and continue to outpace the industry growth for these categories.

其次，正如我們剛剛討論的那樣，某些產品的供應鏈中斷保持不變並存在。所以這會在一定程度上影響我們1P業務的增長，尤其是手機和電子品類。然而，正如徐雷所說，基於我們供應鏈能力的優勢，我們希望在這種不斷變化的環境中，我們可以為我們的業務合作夥伴創造更多的價值和確定性，並繼續超過這些品類的行業增長。

And then third, with the implementation of 3P ecosystem and omnichannel strategy, since the beginning of this year, the 3P business is growing well on our platform. And so the 3P merchants served as a great supplement of our 1P business for the categories that are facing supply chain disruptions. So overall, we expect that the growth of 3P will be faster than 1P in Q4, similar to what you have seen in Q3.

第三，隨著3P生態和全渠道戰略的實施，今年以來，我們平台的3P業務發展良好。因此，對於面臨供應鏈中斷的品類，3P商家是我們1P業務的重要補充。所以總體而言，我們預計第四季度 3P 的增長將快於 1P，類似於您在第三季度看到的情況。

And fourth, we see that the seasonality is getting stronger this year, similar to the first half year. Users' mind share for big promotions is also getting stronger. They are better educated. So there was pent-up demand from October and consumption demand from December being released early during the 11.11 Shopping Festival. So overall, we expect JD Retail to largely maintain the growth momentum from Q3.

第四，我們看到今年的季節性越來越強，與上半年相似。大促銷的用戶心智份額也越來越強。他們受過更好的教育。因此，11.11 購物節期間，10 月份的需求被壓抑，12 月份的消費需求提前釋放。因此，總體而言，我們預計京東零售將基本保持第三季度的增長勢頭。

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 result. I have a pretty simple question. First is regarding your consumer spending cohort. For those that newly added last 2 years, what are the typical spending pattern as compared to the older user who were already on JD platform like 10 years ago? So if you can give us some color, it would be helpful. (foreign language)

祝賀你取得了不錯的成績。我有一個非常簡單的問題。首先是關於您的消費者支出群體。對於最近兩年新加入的用戶，與 10 年前已經在京東平台上的老用戶相比，典型的消費模式是什麼？所以如果你能給我們一些顏色，那會很有幫助。 （外語）

[Interpreted] And this is Xu, Lei. I want to share with you some observations on the new users on this platform. Actually, since last year, we have seen some very remarkable features. And in the past, we believe that actually most of the people who shop online, they're already online. However, there are 2 groups of people characterized by ages are rising rapidly on the Internet. Besides, as I mentioned before, from the lower-tier market on the regional perspective, over 70% of users, new users are from the lower-tier market. And beyond them, there are 2 groups -- age groups of people. One is the consumers aged 45 years or above. They are going online later than those people from 25 to 30 years -- to 35 years old.

[解釋]這是徐磊。我想和大家分享一些關於這個平台上新用戶的觀察。實際上，從去年開始，我們已經看到了一些非常顯著的特點。過去，我們認為實際上大多數在線購物的人已經在線。然而，有兩類以年齡為特徵的人群正在互聯網上迅速崛起。此外，正如我之前提到的，從區域的低端市場來看，超過 70% 的用戶、新用戶來自低端市場。除了他們之外，還有兩個群體——年齡組的人。一是45歲或以上的消費者。他們上網的時間比那些人晚 25 到 30 歲——到 35 歲。

However, when they start to shopping online, they have been demonstrating a very strong purchasing power, thanks to the education of all kinds of e-commerce platforms they get access to before. And after a period of time when they are customized to the online shopping habits, they find JD, and they find shopping with JD is more at ease and to give them more guarantees. So their shopping power start to manifest [stage] on JD's platform.

然而，當他們開始在網上購物時，他們已經表現出非常強大的購買力，這要歸功於他們之前接觸過的各種電子商務平台的教育。一段時間後，他們根據網購習慣定制了京東，發現京東購物更放心，更有保障。於是，他們的購物力開始在京東平台上展現[舞台]。

And the second group is Gen Z, people aged between 18 to 25 years old. They have demonstrated also an increasing consumption demand and purchasing power on our platform beyond our imagination. So for those newcomers shoppers on our platform, there are value in the midst of time to catch on -- to ramp up. They often take [6] months' time or after they shop for 4 to 5 times, they will start to accelerate their online shopping activities in terms of their shopping frequencies and the money they spend on these platforms. So this is a very remarkable trend we have seen very different from 4, 5 years ago.

第二組是 Z 世代，年齡在 18 至 25 歲之間。他們還展示了我們平台上不斷增長的消費需求和購買力，超出了我們的想像。因此，對於我們平台上的那些新來的購物者來說，在這段時間裡趕上潮流是有價值的——提升。他們通常需要 [6] 個月的時間或在他們購物 4 到 5 次之後，就他們的購物頻率和他們在這些平台上的花費而言，他們將開始加速他們的在線購物活動。所以這是一個非常顯著的趨勢，我們看到了與 4、5 年前截然不同的趨勢。

This is Sandy. I'll add on one point. I think 10 years ago, most users they came to our platform to make their first purchase on electronic products, mainly computers or mobile phones. But as I discussed just now that in Q3, supermarket categories contributed the most new users to our platform. So we can see that the consumers' mind share on supermarket categories is getting stronger and stronger.

這是桑迪。我會補充一點。我想 10 年前，大多數用戶來到我們的平台是為了第一次購買電子產品，主要是電腦或手機。但正如我剛才所討論的，在第三季度，超市類別為我們的平台貢獻了最多的新用戶。由此我們可以看到，消費者對超市品類的認知度越來越強。

Your next question comes from the line of Robin Zhu from Bernstein.

您的下一個問題來自 Bernstein 的 Robin Zhu。

(foreign language) So my question is JD this year likely benefited from both the poor performance of Suning and share gains from peer platforms. Just want management to share some thoughts on how durable these tailwinds are. When do these tailwinds become -- to be annualized and become less apparent?

（外語）所以我的問題是京東今年可能受益於蘇寧的糟糕表現和同行平台的分享收益。只是希望管理層就這些順風的持久性分享一些想法。這些順風什麼時候變得 - 被年度化並且變得不那麼明顯了？

[Interpreted] And to share a bit about our electronic products, this includes IT, digital products, telecom products and home appliances, which are traditionally advantageous categories on JD's platform. And on these categories, we are not nearly a retailer to sell these products. Actually, we have gone a long way to collaborate with the partners on their integrated supply chain, their R&D and [Sichuan] products' production, especially during this special time of as we face the uncertainties of the global supply chain challenges. This helped us to perform better together with our partners than the overall market performance.

【解讀】再分享一下我們的電子產品，包括IT、數碼產品、電信產品和家電，這些都是京東平台上的傳統優勢品類。在這些類別中，我們幾乎不是銷售這些產品的零售商。實際上，我們在與合作夥伴的綜合供應鏈、研發和[四川]產品生產方面進行了很長的合作，特別是在我們面臨全球供應鏈挑戰的不確定性的特殊時期。這幫助我們與合作夥伴一起表現得比整體市場表現更好。

And for this category, maybe a specific, a certain point, we are facing competitions from external. But more importantly, we focus on the development of this industry. We focus on the consumers' actual needs and try to satisfy them. So this is what we have been oriented on doing ourselves better to meet the demand of our customers and partners.

而對於這個品類，也許是一個特定的、某一點，我們面臨著來自外部的競爭。但更重要的是，我們專注於這個行業的發展。我們關註消費者的實際需求，並努力滿足他們。因此，這就是我們一直致力於更好地滿足客戶和合作夥伴的需求。

And for the apparel and home categories, it's quite a different stories and is not our traditional advantageous categories, and their development in the past is not as we expected. But there's a huge potential to develop. And with the ban of the pick one from two in the past 2 years, we have been stepping up our efforts in building the teams and the systems and the ecosystems in these categories. And for this year, we still have a stellar performance in the Singles Day Grand Promotion, and we're setting up and accelerate our investments and expectations in this category. Thank you.

而對於服飾和家居品類來說，則是完全不同的故事，不是我們傳統的優勢品類，過去的發展也不是我們想像的那樣。但發展潛力巨大。在過去的 2 年裡，隨著禁止二選一的禁令，我們一直在加緊努力建設這些類別的團隊、系統和生態系統。今年，我們在光棍節大促銷中仍然有出色的表現，我們正在建立和加速我們在這一類別的投資和期望。謝謝你。

We are now approaching the end of the conference call. I will now turn the call over to JD.com's Sean Zhang for closing remarks.

我們現在接近電話會議的尾聲。我現在將把電話轉給京東的 Sean Zhang 來做閉幕詞。

Thank you for joining our call today. We look forward to talking with you again next quarter. Thank you.

感謝您今天加入我們的電話會議。我們期待下個季度再次與您交談。謝謝你。

Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Good day. Thank you all.

感謝您參加今天的會議。介紹到此結束。您現在可以斷開連接。再會。謝謝你們。

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

[此成績單中標記為 [已翻譯] 的部分由現場通話中的口譯員朗讀。]