京東 (JD) 2020 Q4 法說會逐字稿

Hello, and thank you for standing by for JD.com's Fourth Quarter and Full Year 2020 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

您好，感謝您出席京東 2020 年第四季度及全年業績電話會議。 （操作員指示）今天的會議正在錄製。如果您有任何異議，您可以此時斷開連接。

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

現在我想將會議交給今天會議的主持人李瑞宇。謝謝。請繼續。

Thank you, operator. And welcome to our Fourth Quarter and Full Year 2020 Earnings Conference Call. Joining me on the call today are Mr. Lei Xu, CEO of JD Retail; and Sandy Xu, our CFO. For today's agenda, Mr. Xu will share his thoughts on the recent business trends, followed by our CFO, Sandy, who will discuss highlights for the fourth quarter and full year 2020. Both of them will join the Q&A session.

謝謝你，接線員。歡迎參加我們的 2020 年第四季度和全年收益電話會議。今天和我一起參加電話會議的是京東零售首席執行官徐雷先生；和我們的首席財務官 Sandy Xu。在今天的議程中，徐先生將分享他對近期業務趨勢的看法，隨後我們的首席財務官 Sandy 將討論 2020 年第四季度和全年的亮點。他們兩人都將參加問答環節。

Before we continue, I refer you to our safe harbor statements in the earnings press release, which applies to this call as we may make forward-looking statements. Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to the most direct comparable GAAP measures.

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，因為我們可能會做出前瞻性聲明。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。請參閱我們的收益報告，其中包含非公認會計準則衡量標準與最直接可比的公認會計準則衡量標準的調節表。

Finally, please note that unless otherwise stated, all the figures mentioned during this conference call are in RMB. Now I would like to turn the call over to our CEO of JD Retail, Mr. Lei Xu.

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。現在我想把電話轉給京東零售首席執行官徐雷先生。

(foreign language)

（外語）

[Interpreted] Thank you, Ruiyu. Hello, everyone. Thank you for joining our Q4 earnings call. This is Xu Lei, CEO of JD Retail. I'm glad to take this opportunity today to share with you JD Retail's 2020 review and our outlook for the new year.

[翻譯]謝謝你，瑞宇。大家好。感謝您參加我們的第四季度財報電話會議。我是京東零售首席執行官徐雷。我很高興今天藉此機會與大家分享京東零售的2020年回顧以及我們對新一年的展望。

(foreign language)

（外語）

[Interpreted] 2020 was no ordinary year. We observed significant changes in the macro economy, the retail industry and the way our customers live their lives. The global pandemic greatly impacted society and everyone's lives. It also brought many uncertainties to the global economy.

【解讀】2020年是不平凡的一年。我們觀察到宏觀經濟、零售業以及客戶生活方式的重大變化。全球疫情大流行極大地影響了社會和每個人的生活。這也給全球經濟帶來了諸多不確定性。

(foreign language)

（外語）

[Interpreted] But great opportunities can be found amidst great challenges. With the profound changes in consumers' mindsets and behaviors during this period, China's online retail penetration continued to deepen. Consumers' needs, attention span, content forms and means of communication, all underwent many changes.

【解讀】但巨大挑戰中也蘊藏著巨大機遇。隨著這一時期消費者觀念和行為的深刻變化，中國網絡零售滲透率持續深化。消費者的需求、注意力廣度、內容形式、傳播方式都發生了很多變化。

(foreign language)

（外語）

[Interpreted] Consumer's demographics and use cases became increasingly segmented and diversified. The lower tier market, the silver economy, the users who were born after 1990s and the year 2000, the community economy, the on-demand consumption and many more engaging trends have presented us a wide range of growth opportunities.

[解讀]消費者的人口統計和使用案例變得越來越細分和多樣化。低線市場、銀髮經濟、90後、2000年用戶、社區經濟、按需消費等更多趨勢，給我們帶來了廣泛的增長機會。

(foreign language)

（外語）

[Interpreted] In the face of these challenges and opportunities, JD's business model has proven to be resilient through different economic cycles. We adopted a more open approach to running our business and continued to enhance our ability to enable our business partners.

【解讀】面對這些挑戰和機遇，事實證明，京東的商業模式在不同的經濟周期中具有韌性。我們採用更加開放的方式來經營我們的業務，並繼續增強我們為業務合作夥伴提供支持的能力。

Our long-standing business philosophy of noble principle of doing business served as our true north in navigating the uncertainties and changes. All these efforts have helped us to gain the trust of many more users and business partners. Over the past year, we have not only successfully withstood the challenges, but also seized the opportunities for further growth and iteration.

我們長期秉承的崇高經商原則的經營理念是我們應對不確定性和變化的正確方向。所有這些努力幫助我們贏得了更多用戶和商業夥伴的信任。過去的一年，我們不僅成功經受住了挑戰，也抓住了進一步成長和迭代的機遇。

(foreign language)

（外語）

[Interpreted] JD.com delivered a strong set of financial results in 2020. This is mainly attributable to our continuous investment, improving our users' experience and also always put our customer first in running our business.

【解讀】京東在2020年取得了強勁的財務業績，這主要歸功於我們的持續投入，改善用戶體驗，以及始終將客戶放在第一位的經營理念。

(foreign language)

（外語）

[Interpreted] By the end of Q4, we hit a new high with annual active customers for the past 12 months reaching 472 million. We saw accelerated user growth and added 110 million new active customers compared with a year ago. This is the largest expansion in our history. We continue to see exciting user growth in the lower-tier cities, which contributed over 80% of our new users for the first time in Q4 2020.

【解讀】截至第四季度末，我們再創新高，過去 12 個月的年度活躍客戶達到 4.72 億。我們看到用戶增長加速，與一年前相比新增 1.1 億活躍客戶。這是我們歷史上最大規模的擴張。我們繼續看到低線城市的用戶增長令人興奮，這些城市在 2020 年第四季度首次貢獻了超過 80% 的新用戶。

(foreign language)

（外語）

[Interpreted] We're even more delighted to see increased engagement from our customers. For example, the ARPU value or the ARPU from our 2015 customer cohorts increased more than 5x by 2020. And we also see a very active engagement of our JD Plus members.

[解釋]我們更高興地看到客戶的參與度有所提高。例如，到 2020 年，我們 2015 年客戶群體的 ARPU 值或 ARPU 值增長了 5 倍以上。我們還看到京東 Plus 會員的積極參與。

(foreign language)

（外語）

[Interpreted] In 2020, we maintained healthy growth in our core businesses and achieved significant progress in new business initiatives. JD Retail is JD's earliest and most mature core business. It plays a fundamental role in JD achieving its long-term strategic goals. We are pleased to say that in the past year, JD Retail realized high-quality and accelerated growth and meaningful and sustainable innovation.

【解讀】2020年，我們核心業務保持健康發展，新業務取得重大進展。京東零售是京東最早、最成熟的核心業務。它對京東實現長期戰略目標發揮著基礎性作用。我們很高興地說，過去的一年，京東零售實現了高質量加速增長和有意義、可持續的創新。

(foreign language)

（外語）

[Interpreted] Looking ahead in 2021 and beyond, as a supply chain-based technology and service provider, JD Retail will continue to focus on three key strategies: enhancing our middle platform capacities for supply chain and technology, our omnichannel strategy and our online marketplace ecosystem.

【解讀】展望2021年及未來，作為供應鏈技術與服務提供商，京東零售將繼續聚焦三大戰略：提升供應鏈與技術中台能力、全渠道戰略、線上市場生態系統。

(foreign language)

（外語）

[Interpreted] First, on the middle platform for supply chain and technology, JD has been investing intensively in the building of supply chain infrastructure for a long time. At the end of 2020, we managed more than 7 million SKUs of our direct sale products in over 900 warehouses across China.

【解讀】首先，在供應鍊和技術的中間平台上，京東長期以來一直在大力投入供應鏈基礎設施的建設。截至2020年底，我們在全國900多個倉庫管理著超過700萬個直銷產品SKU。

(foreign language)

（外語）

[Interpreted] During COVID-19, supply chain has impacted the development and cooperation among industries and enterprises around the world. The need for reliable supply chain is all the more imminent in an environment of increased uncertainties. What JD aspires to do is to build a middle platform ability that can be applied in more diverse use cases and channels.

【解讀】新冠肺炎疫情期間，供應鏈影響著全球各行業、企業間的發展與合作。在不確定性增加的環境中，對可靠供應鏈的需求更加迫切。京東想做的是打造一個可以應用於更多樣化的用例和渠道的中台能力。

(foreign language)

（外語）

[Interpreted] With this goal in mind, we have been investing unswervingly in supply chain and technologies to help merchants, both online and off-line, big and small, including brands and factories, to improve their operational efficiency, to enhance their customers' experience and to improve their risk-resistance capacity.

【解讀】帶著這個目標，我們堅定不移地投入供應鍊和技術，幫助線上線下、大大小小的商家，包括品牌和工廠，提高運營效率，提升客戶體驗。積累經驗，提高抗風險能力。

This will also help promote high-quality growth of the whole industry and create value for the entire society. For JD, this endeavor will further diversify our revenue stream and drive our service revenue in the future.

這也將有助於推動整個行業高質量發展，為全社會創造價值。對於京東來說，這一努力將進一步豐富我們的收入來源，並推動我們未來的服務收入。

(foreign language)

（外語）

[Interpreted] Second, in face of a broad range of business channels and use cases, our omnichannel strategy aims to increase the overall retail efficiency to satisfy customers' diverse needs to provide people with immediate access to products and services and to create value for merchants and customers. Our omnichannel business is complementary to JD platform's main retail model.

【解讀】第二，面對廣泛的業務渠道和用例，我們的全渠道戰略旨在提高整體零售效率，滿足客戶的多樣化需求，為人們提供即時獲取產品和服務的機會，為商家創造價值和客戶。我們的全渠道業務與京東平台的主要零售模式是互補的。

Omnichannel is not only a key strategy for JD, but also a new trend that all the retailers must address. The penetration rate of this model is still quite low among off-line businesses. We believe that there is a huge potential to integrate omnichannel and on-demand fulfillment element with many industries in the future.

全渠道不僅是京東的關鍵戰略，也是所有零售商必須應對的新趨勢。這種模式在線下業務中的滲透率還相當低。我們相信，未來全渠道和按需履行元素與許多行業的整合有著巨大的潛力。

(foreign language)

（外語）

[Interpreted] Today, JD's omnichannel business has already covered various off-line scenarios ranging from franchise stores, convenience stores, car maintenance stores, fresh groceries and fresh flowers to pharmaceuticals connecting with millions of off-line stores.

【解讀】如今，京東的全渠道業務已經覆蓋了從加盟店、便利店、汽修店、生鮮鮮花到醫藥等線下場景，連接數百萬線下門店。

In the future, based on our unique supply chain and technology ability, we will develop LBS-based technologies tailored to the on-demand consumption market. We will also continue to build up our omnichannel supply chain, omnichannel marketing and off-line store digitalization abilities to support their applications in many more industries, businesses and scenarios.

未來，我們將基於獨特的供應鍊和技術能力，開發針對按需消費市場的基於LBS的技術。我們還將繼續打造全渠道供應鏈、全渠道營銷和線下門店數字化能力，支持其在更多行業、業務和場景中的應用。

(foreign language)

（外語）

[Interpreted] Meanwhile, we will work on cultivating customers mind share of on-demand fulfillment through innovative measures, such as our omnichannel fulfillment initiative and cooperation with external partners such as the partnership between JD DJ and Dada Group.

[解讀]同時，我們將通過創新舉措，例如全渠道配送計劃以及與外部合作夥伴的合作（例如京東DJ與達達集團的合作），致力於培養客戶對按需配送的認知度。

In 2021, we will expand our coverage to more retail verticals and drive the quality growth of our omnichannel business. This will provide us additional monetization opportunities.

2021年，我們將覆蓋更多零售垂直領域，推動全渠道業務高質量增長。這將為我們提供額外的盈利機會。

(foreign language)

（外語）

[Interpreted] Third, on the building of an online market ecosystem, this is an area of great potential for JD. With several years of development, we have now established a good foundation for the online platform ecosystem. Notably, we have made good progress in building a healthy platform environment and improved the merchants' quality and users' experience.

【解讀】第三，關於線上市場生態的建設，這是京東極具潛力的領域。經過幾年的發展，我們已經建立了良好的在線平台生態系統基礎。值得注意的是，我們在構建健康的平台環境、提升商戶質量和用戶體驗方面取得了良好進展。

(foreign language)

（外語）

[Interpreted] We are pleased to see that the NPS, Net Promoter Scores, of our online marketplace continued to improve over the year. So far this year, our merchants' renewal rate is much higher than in the past, reflecting a significant improvement in merchant satisfaction and recognition of our platform.

[解讀] 我們很高興看到我們在線市場的 NPS（淨推薦值）在這一年中持續改善。今年以來，我們的商戶續約率遠高於往年，反映出商戶滿意度和對我們平台的認可度顯著提升。

Looking ahead, capitalizing our healthier industry environment, we will continue to experiment with new models and strategies to find the optimal strategies for JD's online marketplace. These attempts will still be guided by JD's ultimate business purpose to improve customers' shopping experience and provide an open and empowering platform for merchants.

展望未來，我們將利用更加健康的行業環境，繼續嘗試新的模式和策略，為京東在線市場找到最佳策略。這些嘗試仍將以京東的最終商業目的為指導，即改善消費者的購物體驗，為商家提供一個開放的賦能平台。

(foreign language)

（外語）

[Interpreted] While adhering to these strategic directions, we will continue to underpin our business foundation, keep an open mind, incubate new business and use innovation to face change. Whether it is our first -growth curve represented by our established business such as consumer electronics and consumer goods or our second growth curve represented by our growing business such as health care and MRO categories or the third growth curve represented by emerging business such as retail innovation, service and technology initiatives, JD Retail can always identify and incubate new growth opportunities.

【解讀】在堅持這些戰略方向的同時，我們將繼續夯實業務基礎，保持開放心態，孵化新業務，用創新面對變化。無論是以消費電子、消費品等老牌業務為代表的第一條增長曲線，還是以醫療保健、MRO品類等不斷增長的業務為代表的第二條增長曲線，還是以零售創新等新興業務為代表的第三條增長曲線、服務和技術舉措，京東零售總能發現並孵化新的增長機會。

(foreign language)

（外語）

[Interpreted] Here, I would like to emphasize JD's strategic positioning as a supply chain based technology and service provider. We uphold our long-term business philosophy.since day one of JD's business, we chose to tackle the hardest, but most valuable problems in the industry and society.

【解讀】在這裡，我想強調一下京東作為供應鏈技術和服務提供商的戰略定位。我們秉承長期的經營理念。從京東創業的​​第一天起，我們就選擇解決行業和社會中最困難、但最有價值的問題。

No matter how far we have come, as long as we remain committed to our customer-first core value and supply chain-based value creation, we'll always be able to go full steam ahead. This attitude embodies our long-standing business philosophy that is the noble principle of doing business.

無論我們走了多遠，只要我們始終堅持客戶至上的核心價值觀，堅持以供應鍊為基礎的價值創造，我們就一定能一路前行。這種態度體現了我們長期以來的經營理念，即做生意的崇高原則。

(foreign language)

（外語）

[Interpreted] The road ahead is long and winding, but taking one step ahead, we will preserve. We believe the core values and mission that JD has been abiding by are relevant to the new macroenvironment and industry development.

【解讀】前路漫漫，但勇往直前，我們會保全。我們認為，京東一直恪守的核心價值觀和使命與新的宏觀環境和行業發展相關。

JD will continue to innovate and invest in these strategic directions. We will constantly and continuously deliver our ability and create value for society, industries, our partners and our customers, and in turn, achieve long-term high-quality growth at JD.

京東將在這些戰略方向上持續創新和投入。我們將持續不斷地為社會、為行業、為合作夥伴、為客戶發揮能力、創造價值，實現京東的長期高質量發展。

(foreign language)

（外語）

[Interpreted] Thank you for your time. I'll now give the floor to our CFO, Sandy.

[已翻譯] 謝謝您的寶貴時間。現在我請我們的首席財務官桑迪發言。

Thank you, Lei. Hello, everyone. We are pleased to finish 2020 with the exceptional business and financial performance in the fourth quarter. We outperformed our expectations with accelerated user and top line growth and exciting progress in multiple new businesses, while maintaining solid bottom line performance and strong cash flow during the fourth quarter and throughout the full year 2020.

謝謝你，雷。大家好。我們很高興以第四季度出色的業務和財務業績結束 2020 年。我們的表現超出了我們的預期，用戶和營收的加速增長以及多項新業務的令人興奮的進展，同時在第四季度和 2020 年全年保持了穩健的盈利表現和強勁的現金流。

These results were driven by our relentless focus on customer experience and investments in supply chain capability, technology and logistics infrastructure over the past years, which has become a hallmark of JD.com. As we embrace change and position our business for the long run, JD has been at the forefront of many innovative initiatives and structural shifts that are taking place in China.

這些成績得益於我們過去幾年對客戶體驗的不懈關注以及對供應鏈能力、技術和物流基礎設施的投資，這已成為京東的標誌。隨著我們擁抱變革並為我們的業務進行長期定位，京東一直處於中國正在發生的許多創新舉措和結構性轉變的前沿。

In addition to the exciting developments at JD Retail that Lei just described, I would like to further elaborate on some operating and financial highlights. First, let me add more color on our user base. By the end of Q4, we hit a new high watermark for our annual active customers in the past 12 months at 472 million. We saw accelerated user growth to 30% year-on-year and added 110 million new active customers from a year ago.

除了雷軍剛才描述的京東零售令人興奮的發展之外，我還想進一步闡述一些運營和財務亮點。首先，讓我為我們的用戶群增添更多色彩。到第四季度末，我們的年度活躍客戶數量達到了過去 12 個月的新高，達到 4.72 億。用戶同比增長加速至 30%，較去年新增 1.1 億新活躍客戶。

In addition, we managed to grow our user base, while continuing to reduce our marketing expense ratio in 2020. This improved marketing efficiency was driven by our long-term user-centric operating philosophy and technology-driven marketing efficiency improvement, paving the way for our sustainable user growth going forward.

此外，2020年，我們在擴大用戶規模的同時，繼續降低營銷費用率。營銷效率的提升是我們長期以用戶為中心的經營理念和技術驅動營銷效率提升的結果，為我們的營銷效率提升奠定了基礎。我們未來的可持續用戶增長。

Let's turn to a number of our new business initiatives, which are making exciting progress. First, on JD Logistics.

讓我們來看看我們的一些新的業務舉措，這些舉措正在取得令人興奮的進展。首先是關於京東物流。

Began as JD Group's in-house logistics department in 2007, JD Logistics has been building logistics infrastructure and technologies as well as operational and industry know-how for over a decade. It has become the leading technology-driven supply chain solutions and logistics services provider in China. And operated over 900 warehouses with an aggregate gross floor area of 21 million square meters.

京東物流於 2007 年開始作為京東集團的內部物流部門，十多年來一直致力於建設物流基礎設施和技術以及運營和行業專業知識。已成為中國領先的技術驅動的供應鏈解決方案和物流服務提供商。經營倉庫900多個，總建築面積2100萬平方米。

On [February 15, 2021] (corrected by the company after the call), JD Logistics submitted a listing application form to apply for the listing of its shares on the Main Board of Hong Kong Stock Exchange. Please note that there is no guarantee as to whether and when the proposed listing will take place.

【2021年2月15日】（公司經催告後更正），京東物流提交了上市申請表，申請其股票在香港聯交所主板上市。請注意，我們無法保證擬議的上市是否以及何時進行。

Some of our smaller businesses are also experiencing rapid growth. For example, JD Property recently launched its first logistics properties development fund with some prestige strategic investor. So far, total AUM of JD Property's Core Funds and the Development Fund has exceeded RMB 19 billion. JD Property also entered into a definitive agreement for Series A financing. The total amount expected to be raised is approximately USD 700 million.

我們的一些小型企業也正在經歷快速增長。例如，京東地產最近與一些知名戰略投資者共同推出了首支物流地產開發基金。截至目前，京東地產核心基金和發展基金管理規模合計已超過190億元。京東地產還簽署了A輪融資的最終協議。預計籌集總額約為7億美元。

We also restructured some business units recently to better coordinate our internal resources and capture market opportunities. For example, we established Jingxi Business Group recently to further strengthen our supply chain capacity as we serve customers and empower SMEs in the lower-tier cities. To achieve better synergies, our social e-commerce platform Jingxi, convenience store business, Jingxitong, formerly known as Xintonglu, and community group purchase business, Jingxi Pinpin, were consolidated under the Jingxi Business Group banner.

我們最近還對一些業務部門進行了重組，以更好地協調內部資源並抓住市場機會。例如，我們最近成立了京西事業群，以進一步增強我們的供應鏈能力，服務客戶並賦能下線城市的中小企業。為實現更好的協同效應，我們的社交電商平台京喜、便利店業務京喜通（原名新通路）以及社區團購業務京喜拼品併入京喜事業集團旗下。

And in December, we announced that JD Cloud & AI business will merge with JD Digits, subject to the Board and regulatory approvals. The proposed reorg was designed to drive synergies in the development of innovative technologies and product solutions. This will allow JD.com to focus more on core retail and logistics business and gain more flexibility in allocating resources to new business.

12月，我們宣布京東雲及人工智能業務將與京東數科合併，但須經董事會和監管部門批准。擬議的重組旨在推動創新技術和產品解決方案開發的協同效應。這將使京東能夠更加專注於核心零售和物流業務，並在新業務資源配置上獲得更大的靈活性。

Within our retail business, JD Health achieved an important milestone with the successful listing on the Hong Kong Stock Exchange on December 8, 2020, with a gross proceeds of approximately HKD 31 billion. As a technology-driven platform centered on the supply chain of pharmaceutical and healthcare products and healthcare services, JD Health aims to provide easily accessible, convenient, high-quality and affordable healthcare products and services covering a user's full lifespan.

在零售業務方面，京東健康於2020年12月8日在香港聯交所成功上市，實現了重要里程碑，募集資金總額約310億港元。作為一家以醫藥保健品供應鍊和醫療保健服務為核心的科技驅動平台，京東健康旨在為用戶提供易獲得、便捷、優質、實惠的覆蓋用戶全生命週期的醫療保健產品和服務。

JD has demonstrated a proven track record of successfully incubating, developing and growing new businesses from our core B2C e-commerce business. We believe this is enabled by our relentless focus on superior customer experience and our efforts in building and investing in supply chain capabilities and technology infrastructure.

京東在核心 B2C 電子商務業務中成功孵化、開發和發展新業務方面擁有良好的記錄。我們相信，這得益於我們對卓越客戶體驗的不懈關注以及我們在供應鏈能力和技術基礎設施建設和投資方面的努力。

This creates a virtuous cycle, allowing us to identify new opportunities to empower external business partners and grow beyond our core e-commerce business. Therefore, we will continue to invest in exciting new initiatives that can drive long-term sustainable growth for our group.

這創造了一個良性循環，使我們能夠找到新的機會來增強外部業務合作夥伴的能力並超越我們的核心電子商務業務。因此，我們將繼續投資於令人興奮的新舉措，以推動我們集團的長期可持續增長。

Our financial performance reflects the trajectory of our long-term development. Our net revenues grew 31.4% year-on-year to RMB 224 billion in the fourth quarter, continuing our strong growth momentum with a successful promotion season.

我們的財務業績反映了我們長期發展的軌跡。第四季度我們的淨收入同比增長31.4%至人民幣2,240億元，在成功的促銷季中延續了強勁的增長勢頭。

More importantly, we are driving our top line in more expansive ways. Our electronics and home appliance categories increased 25% year-on-year during Q4, continuing to outperform the industry by a large margin. General merchandise revenue continued to grow faster at 34% year-on-year in Q4, led by the FMCG, healthcare, cosmetics and home product categories. Order volume for the supermarket category grew by 45% year-on-year in Q4.

更重要的是，我們正在以更廣泛的方式推動我們的營收增長。第四季度電子家電品類同比增長25%，繼續大幅跑贏行業。第四季度百貨收入繼續較快增長，同比增長 34%，其中快速消費品、醫療保健、化妝品和家居用品類別領先。第四季度超市品類訂單量同比增長45%。

Another key metric shows that we are growing our top line in a more diversified way is our net service revenue growth, which accelerated to 53% year-on-year in Q4, the highest growth we had in the past 11 quarters. This is mainly driven by the strong growth momentum of JD Logistics' external revenue as well as our advertising revenue.

另一個關鍵指標表明我們正在以更加多元化的方式實現營收增長，即我們的淨服務收入增長，第四季度同比增速加速至 53%，這是我們過去 11 個季度以來的最高增速。這主要得益於京東物流外部收入以及廣告收入的強勁增長勢頭。

For the full year of 2020, net revenue reached RMB 746 billion, with year-on-year growth accelerating to 29.3% from 24.9% in 2019. Electronics and home appliance revenue recorded solid growth of 22% year-on-year amid challenging market conditions, while general merchandise revenue grew 38% year-on-year in 2020. Net service revenues grew by 42% and accounted for 12.6% of our total revenue in 2020.

2020年全年淨收入達人民幣7,460億元，同比增速由2019年的24.9%加速至29.3%。電子及家電收入在市場充滿挑戰的情況下同比穩健增長22% 2020年，百貨收入同比增長38%。淨服務收入增長42%，佔2020年總收入的12.6%。

Our non-GAAP operating margin improved by 13 basis points year-on-year to 0.5% in Q4 and up 52 basis points year-on-year to 2.1% for the full year 2020. JD Retail's operating margin came in at 1.5% in Q4 and reached 2.8% on a full year basis in 2020, up 28 basis points from 2019, mainly driven by improved operating efficiency and to a lesser extent the relief of social security during the COVID-19 pandemic.

第四季度我們的非 GAAP 營業利潤率同比提高 13 個基點至 0.5%，2020 年全年同比提高 52 個基點至 2.1%。京東零售 2020 年營業利潤率為 1.5%。 2020 年第四季度全年增長率達到 2.8%，較 2019 年上升 28 個基點，主要是由於運營效率提高以及在較小程度上受到 COVID-19 大流行期間社會保障緩解的推動。

The margin improvement in 2020 was realized even as we shift our category mix towards the high-frequency but small ticket size consumer staple categories that are still in the early stage of realizing earnings potential and proactively reinvest some of our social security benefit in value creation for our users and the logistics infrastructure. We are well on track of our long-term margin trajectory.

儘管我們將品類組合轉向高頻但小額消費必需品類別（這些類別仍處於實現盈利潛力的早期階段），並主動將部分社會保障福利再投資於價值創造，但 2020 年的利潤率仍實現了改善。我們的用戶和物流基礎設施。我們的長期利潤率軌跡進展順利。

Moving to the bottom line. Our Q4 non-GAAP net income attributable to ordinary shareholders was RMB 2.4 billion and non-GAAP net margin improved 59 basis points year-over-year to 1.1%. Our full year 2020 non-GAAP net income attributable to ordinary shareholders reached RMB 16.8 billion, up 57% as compared to RMB 10.7 billion last year.

移動到底線。第四季度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 24 億元，非美國通用會計準則淨利潤率同比提高 59 個基點至 1.1%。 2020年全年非美國通用會計準則歸屬於普通股股東的淨利潤達到人民幣168億元，較去年的人民幣107億元增長57%。

Non-GAAP net margin for the full year 2020 improved 39 basis points year-over-year to 2.3%. Again, our profitability has improved meaningfully in 2020 even as we incurred additional expenses related to COVID-19 and exclude the benefit of the social security relief, which had about 25 basis point impact.

2020 年全年非 GAAP 淨利潤率同比提高 39 個基點至 2.3%。同樣，儘管我們產生了與 COVID-19 相關的額外費用，並且不包括社會保障救濟的好處，但我們的盈利能力在 2020 年仍顯著改善，該福利產生了約 25 個基點的影響。

It's worth highlighting that we continue to strengthen our financial position while stepping up support to our business partners. Our inventory turnover days further reduced to 33.3 days in the last 12 months, one of the lowest among the top global retailers and our own historical record again despite of the continuous expansion of total SKUs directly managed by us. This is achieved through the continuous improvement of our technology and operating efficiency.

值得強調的是，我們繼續加強我們的財務狀況，同時加大對業務合作夥伴的支持。儘管我們直接管理的 SKU 總量不斷擴大，但我們的庫存周轉天數在過去 12 個月中進一步減少至 33.3 天，為全球頂級零售商中最低的之一，並再次刷新了我們的歷史記錄。這是通過不斷改進我們的技術和運營效率來實現的。

Our free cash flow for the trailing 12 months hit a new record of RMB 35 billion, grew 80% from a year ago. As of December 31, 2020, cash and cash equivalents, restricted cash and short-term investments added up to a total of RMB 151 billion. We believe our solid profitability and financial position provide us with a strong foundation for investments in a range of growth opportunities.

我們過去 12 個月的自由現金流創下人民幣 350 億元的新紀錄，較去年同期增長 80%。截至2020年12月31日，現金及現金等價物、限制性現金和短期投資合計人民幣1,510億元。我們相信，我們堅實的盈利能力和財務狀況為我們投資一系列增長機會奠定了堅實的基礎。

In summary, JD.com capped off a challenging year of increased uncertainties with a remarkable performance. We further improved our technologies and tools, enhanced our ability to serve users and ecosystem partners, which paved the way for our future growth. We continue to witness a deepening of online penetration across many categories and the technology-driven transformation in many aspects of consumers' daily life and to the society in China.

總而言之，京東以出色的表現結束了充滿不確定性的充滿挑戰的一年。我們進一步完善了技術和工具，增強了服務用戶和生態夥伴的能力，為我們未來的發展鋪平了道路。我們繼續見證中國各品類的在線滲透不斷加深，以及技術驅動的消費者日常生活和社會各方面的變革。

We expect to maintain the growth momentum that we generated in 2020 on multiple fronts in 2021 in spite of continuous macro challenges and the high comparable base impact. We also expect our long-term margin trajectory will continue. However, we do not forecast short-term margins as we believe JD.com is still in a fast-growing stage in an enviable growth market with many exciting opportunities.

儘管宏觀挑戰持續存在且可比基數影響較高，但我們預計 2021 年將在多個領域保持 2020 年產生的增長勢頭。我們還預計我們的長期利潤率軌跡將持續下去。然而，我們不預測短期利潤率，因為我們相信京東仍處於快速增長階段，在一個令人羨慕的增長市場中，有許多令人興奮的機會。

With our core retail supply chain and logistics capabilities, JD is well established with convincing value proposition to benefit from the secular trends and drive the long-term sustainable growth of our business in 2021 and beyond. This concludes my prepared remarks.

憑藉我們的核心零售供應鍊和物流能力，京東擁有令人信服的價值主張，可以從長期趨勢中受益，並推動我們業務在 2021 年及以後的長期可持續增長。我準備好的發言到此結束。

Let's open the call for questions. Thank you.

讓我們開始提問吧。謝謝。

(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。

Just a couple of quick follow-ups after your presentation. Firstly, your user growth is pretty impressive, very strong. Wondering if there is any impact on the ticket size?

演示結束後只需進行一些快速跟進即可。首先，你們的用戶增長非常令人印象深刻，非常強勁。想知道票價是否有影響？

If the ticket size is coming down because of new users, does it affect the operating leverage of your logistics pieces? Seems like the fulfillment cost as a percentage of sales is a bit higher than our expectations. So just wondering your thought.

如果由於新用戶的增加，票數減少了，這是否會影響您的物流部門的運營槓桿？履行成本佔銷售額的百分比似乎比我們的預期要高一些。所以只是想知道你的想法。

And then I think Xu Lei mentioned the renewal rate of your platform merchants improved last year. So just wondering how quickly is the number of marketplace and merchants are growing because of the improved renewal rate?

然後我記得徐雷提到去年你們平台商家的續費率有所提高。那麼，只是想知道，由於續訂率的提高，市場和商家的數量增長速度有多快？

Thanks, Eddie. This is Sandy. Let me take your first question regarding the fulfilled margin.

謝謝，艾迪。這是桑迪。讓我回答你關於已履行保證金的第一個問題。

So I think for gross margin, we would look at 1P and 3P separately. If we look at the pure B2C gross margin in Q4, it went down a little bit, but if we include advertising revenue in relation to our 1P product, that is how internally we manage the operating results. The gross profit margin for 1P actually slightly increased. So this is after considering all of our reinvestments in Q4 for the additional profits that we generated from the first 9 months in the year.

所以我認為對於毛利率，我們會分別考慮1P和3P。如果我們看一下第四季度的純 B2C 毛利率，它會略有下降，但如果我們包括與 1P 產品相關的廣告收入，這就是我們內部管理經營業績的方式。 1P的毛利率實際上略有上升。因此，這是在考慮了我們在第四季度對今年前 9 個月產生的額外利潤進行的所有再投資之後的結果。

As I mentioned at the earnings call last quarter, we plan to reinvest some of the additional profits generated from the first 9 months in the fourth quarter to really provide value to our customers and also to reinvest to build our logistics infrastructure. So again, to emphasize that the gross margin for 1P actually slightly increased compared to the same quarter last year.

正如我在上季度的財報電話會議上提到的，我們計劃將第四季度前 9 個月產生的部分額外利潤進行再投資，以真正為我們的客戶提供價值，並再投資於建設我們的物流基礎設施。再次強調，1P 的毛利率實際上與去年同期相比略有增加。

If you look at the fulfilled gross margin for 1P, there is also a slight improvement from last year compared to the Q4. And we see very meaningful improvement for the full year compared with last year by about 20 basis points. So this is driven by the steady improvement of gross margin by many categories, including the category mix shift towards lower-margin supermarket category. So the relief of social benefits has no impact on the improvement for the full year of our fulfilled gross margin as we had the onetime VAT benefit in 2019. So the amount is almost the same.

如果你看一下1P的實現毛利率，與去年相比，第四季度也略有改善。我們看到全年的改善非常有意義，與去年相比，提高了約 20 個基點。因此，這是由許多類別的毛利率穩步提高推動的，包括類別組合向利潤率較低的超市類別的轉變。因此，社會福利的減免對我們全年實現毛利率的改善沒有影響，因為我們在 2019 年獲得了一次性增值稅福利。因此金額幾乎相同。

Really, what's dragging down the total fulfilled gross margin were also -- is the 3P revenue contribution. We can see that the contribution for -- from the 3P revenue went down a little bit in the fourth quarter, even though the 3P contributed more GMV in Q4 as compared to Q4 last year. We were quite encouraged by the healthy performance of our marketplace business model, but the category mix within the marketplace business model also changed slightly.

事實上，拖累總毛利率的還有 3P 收入貢獻。我們可以看到，儘管 3P 在第四季度貢獻的 GMV 高於去年第四季度，但 3P 收入的貢獻在第四季度略有下降。我們對市場業務模式的健康表現感到非常鼓舞，但市場業務模式中的品類組合也略有變化。

The health care, supermarket, electronics and home appliance categories outperformed the apparel and home products. So that means the categories with relatively lower take rate are growing faster than categories with higher take rates under our marketplace business model. Again, we believe this is a healthy move and a good indicator of our efforts in building a better marketplace ecosystem, particularly for our historically strong 1P categories.

醫療保健、超市、電子及家電品類表現優於服裝及家居用品。因此，這意味著在我們的市場業務模式下，採用率相對較低的類別比採用率較高的類別增長得更快。我們再次相信，這是一個健康的舉措，也是我們為建立更好的市場生態系統所做努力的良好指標，特別是對於我們歷史上強勁的 1P 類別。

(foreign language)

（外語）

[Interpreted] And to answer your second question, you have all known that JD's reputation is the strongest in terms of the consumers' impression of our service experience.

【解讀】回答你的第二個問題，大家都知道，從消費者對我們服務體驗的印象來看，京東的聲譽是最強的。

(foreign language)

（外語）

[Interpreted] And through the year, you can see that the number of merchants on our platform has enjoyed a steady growth.

【解讀】一年來，大家可以看到我們平台上的商家數量一直在穩步增長。

(foreign language)

（外語）

[Interpreted] As the consumers have a higher expectation on our service, we will also have a higher expectations on the qualities and the products from our merchants on the platform.

【解讀】隨著消費者對我們的服務有了更高的期望，我們也會對平台上商家的品質和產品有更高的期望。

(foreign language)

（外語）

[Interpreted] During the last year, we have done some screening work over low efficiency and low operation merchants, and still, we see the overall number of our merchants on the platform is steadily growing. And this year, we have been recruiting more high quality merchants. They have -- they are more experienced and running their business in a more efficient way.

【解讀】去年我們對低效率、低運營商戶做了一些篩選工作，但我們看到平台上的商戶總體數量在穩步增長。今年，我們不斷招募更多優質商家。他們更有經驗，並且以更有效的方式經營業務。

(foreign language)

（外語）

[Interpreted] So we will pay a close attention on the efficiency of our internal platform and also the operational efficiency of our merchants on the platform and how well they are running their stores.

【解讀】所以我們會密切關注我們內部平台的效率，還有我們平台上商家的運營效率以及他們的店鋪運營情況。

And for this year, the cut-off time for the merchants renewal is on March 30. So we have seen the renewal rate is much higher than in the past. And we've also seen the improvement of our merchants satisfaction rate of our platform. Thank you for the questions.

而今年，商戶續費的截止時間是3月30日。所以我們看到續費率比過去高了很多。我們也看到了我們平台的商家滿意度的提高。謝謝你的提問。

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）。

Congratulations on the strong 2020 performance. I think my question would be on both of you, Lei Xu and Sandy, you mentioned about a lot of new business, which are very exciting. And I could see you just launched Jingxi, also all the different initiatives in -- both in the kind of new businesses.

祝賀 2020 年的強勁表現。我想我的問題是問你們倆，徐雷和桑迪，你們提到了很多新業務，非常令人興奮。我可以看到你們剛剛推出了京喜，還有所有不同的舉措——無論是在新業務方面。

How should we think about our kind of plan to invest in these? I think, because, of course, JD Retail is very strong on itself, but given some of the exciting initiatives, could you go through these initiatives maybe one by one or the biggest key? And how should we think about our commitment or the plan to invest in terms of magnitude?

我們應該如何考慮我們的投資計劃？我認為，當然，因為京東零售本身非常強大，但考慮到一些令人興奮的舉措，您能否一一介紹這些舉措或最大的關鍵？我們應該如何考慮我們的承諾或投資計劃的規模？

Thanks, Ronald. This is Sandy. Maybe let me take the question regarding Jingxi and then Lei can comment on some other new initiatives.

謝謝，羅納德。這是桑迪。也許讓我來回答關於京西的問題，然後雷可以評論其他一些新舉措。

So in Q4, as I mentioned, we did a restructuring for our Jingxi Business Group to really try to generate synergies from the three separate business units. We see there is a great opportunity in this group purchase business -- group purchase industry or the fresh produce category. So we firmly believe there is a structural opportunity, the huge market size and highly fragmented supply chain with lots of opportunities and potential to improve the operating efficiency through technology and innovative business model.

因此，正如我提到的，在第四季度，我們對京西事業群進行了重組，以真正嘗試從三個獨立的業務部門中產生協同效應。我們看到這個團購業務有很大的機會——團購行業或者生鮮品類。因此，我們堅信存在結構性機會、巨大的市場規模和高度分散的供應鏈，有很多機會和潛力可以通過技術和創新的商業模式來提高運營效率。

And we also see that the group purchase business model works better for smaller ticket size items in the lower-tier market as it can generate better fulfillment efficiency through short chain logistics and be more efficient in inventory management and marketing, especially for perishable and non-food products and provide users from the lower tiers markets with better experience.

我們還發現，團購業務模式更適合低線市場的小票商品，因為它可以通過短鏈物流產生更好的履行效率，並在庫存管理和營銷方面更加高效，特別是對於易腐爛和非生鮮商品。食品，為低線市場的用戶提供更好的體驗。

So even though at present, most players in this market build their food purchase business model primarily driven by traffic, we believe by end of the day, it will go back to the basis of retail business, i.e. platforms will compete on cost of products, operating efficiency and customer experience.

因此，儘管目前這個市場上的大多數參與者都建立了主要由流量驅動的食品購買業務模式，但我們相信到一天結束時，它將回歸到零售業務的基礎，即平台將在產品成本上進行競爭，運營效率和客戶體驗。

So we see this to be a long-term initiative and ultimate goal is to improve the operating efficiency of supply chain, the wholesale and retail business in the lower-tier market through technology and improve people's living standards. JD is fully dedicated in this initiative, and we will take a somewhat differentiated approach to be more focused on supply chain and logistics network and try to leverage our existing capabilities.

所以我們認為這是一個長期的舉措，最終目標是通過技術提高供應鏈、下線市場的批發和零售業務的運營效率，提高人們的生活水平。京東全力投入這一舉措，我們將採取一些差異化的方式，更加專注於供應鍊和物流網絡，並嘗試利用我們現有的能力。

So we launched our Pinpin business in certain cities from January, and it's still in a very early stage. We were entering into this group purchase business, we need to build localized supply chain, short chain logistics network as well as technologies and tools to support their operations.

所以我們從一月份開始就在一些城市推出了拼拼業務，目前還處於非常早期的階段。我們進入這個團購業務，我們需要建立本地化的供應鏈、短鏈物流網絡以及支持其運營的技術和工具。

We also need to recruit group leaders, business development teams and educate our new users, step by step, city by city. So there are lots of areas need investments. But we are now starting entirely from the scratch. We test it, we have been testing the group purchase business model for a while in a very small scale.

我們還需要逐步、逐個城市地招募團隊領導、業務開發團隊並教育我們的新用戶。所以有很多領域需要投資。但我們現在完全從頭開始。我們測試一下，我們已經在很小的範圍內測試團購業務模式一段時間了。

For our convenience store business, Xintonglu, now renamed Jingxitong, we already established some B2B supply chain primarily in the FMCG category, including some localized supply chain. We also have existing B2B logistics network and localized business development teams in certain regions of the country. Jingxitong now has over 1 million SME customers, and some of these convenience store owners can naturally be turned to the group leaders of our Jingxi Pinpin business.

對於我們的便利店業務，新通路（現已更名為京喜通），我們已經建立了一些主要在快速消費品類別的B2B供應鏈，包括一些本地化的供應鏈。我們還在國內某些地區擁有現有的B2B物流網絡和本地化業務開發團隊。京喜通現在有超過100萬中小企業客戶，其中一些便利店老闆自然可以轉向我們京喜拼拼業務的集團領導。

Our existing centralized procurement platform, the middle platform, mentioned by Lei just now, for FMCG, home products or other categories can support Pinpin shipment and provide users of Pinpin with more product selection. At the same time, that should generally still benefit for core retail through sales on Pinpin's channel.

我們現有的集中採購平台，剛才雷老師提到的中間平台，針對快消品、家居品或者其他品類，可以支持拼拼發貨，給拼拼用戶提供更多的商品選擇。與此同時，通過拼拼渠道的銷售，這通常仍然有利於核心零售業。

So we are working with various business partners, including China Dili, as the manufacturing basis for agricultural products to strengthen our supply chain capability further upstream and try to source the best value product for our users. At the same time, helping the existing market players on the supply chain with digital transformation, including the agricultural products wholesale market.

因此，我們正在與包括中國帝力在內的各個商業夥伴合作，作為農產品的製造基地，進一步增強我們上游的供應鏈能力，努力為我們的用戶採購最有價值的產品。同時，幫助包括農產品批發市場在內的供應鏈上現有市場主體進行數字化轉型。

Our Jingxi e-commerce platform aim to serve the users from the lower-tier cities, and they have accumulated a lot of loyal users since its establishment. Based on our initial test in a small group of users, we are pleased to see a good conversion of Jingxi users to Pinpin users.

我們的京喜電商平台主要服務於低線城市的用戶，自成立以來已經積累了大量的忠實用戶。根據我們對小群用戶的初步測試，我們很高興看到京喜用戶向拼拼用戶的良好轉化。

So we believe JD Group's existing teams and capabilities in the lower-tier cities form a good basis to drive our Jingxi business, although not sufficient to support the growth of the new business as we can quickly replicate, adjust and apply our existing securities, industry know-how and capabilities to the new model.

因此，我們相信京東集團在下線城市的現有團隊和能力為推動我們的京西業務奠定了良好的基礎，儘管不足以支持新業務的增長，因為我們可以快速復制、調整和應用我們現有的證券、行業新模式的專業知識和能力。

Pinpin can also help increase the engagement of the users and merchants from the lower-tier markets, including convenience stores for Jingxi and Jingxitong business as well as supporting our main app. So these are also the logic of reorganizing and consolidating the three business units into one business group.

拼拼還可以幫助提高來自低線市場的用戶和商家的參與度，包括京喜和京喜通業務的便利店以及支持我們的主要應用程序。所以這也是將三個事業部重組整合為一個事業群的邏輯。

Most importantly, JD is fully dedicated in this initiative. We sent our best people to this new business group, and they also got supply chain support from our core retail and logistics business groups.

最重要的是，京東全力投入這一舉措。我們派出了最優秀的人才到這個新的業務集團，他們也得到了我們核心零售和物流業務集團的供應鏈支持。

So talking about the investment, we have put aside sufficient budget to start and grow the business as we need to invest in many areas, as I just mentioned. And we will evaluate the ROI for the investments and make sure adequate adjustments based on the market situation.

所以說到投資，我們已經留出了足夠的預算來啟動和發展業務，因為我們需要在很多領域進行投資，正如我剛才提到的。我們會評估投資的投資回報率，並根據市場情況進行適當的調整。

It's pretty difficult to accurately predict at this stage how much we are going to spend on these new initiates. As you can see, the market is very dynamic with many, many players. What I can tell you is our strategy is not to acquire users through short-term and crazy subsidies, but to really invest in building the hardcore capabilities and technology to run the business and create long-term value for our users and business partners and the society.

現階段很難準確預測我們將在這些新項目上花費多少錢。正如您所看到的，市場充滿活力，參與者眾多。我可以告訴你的是，我們的策略不是通過短期瘋狂的補貼來獲取用戶，而是真正投資建設硬核能力和技術來運營業務，為我們的用戶、商業夥伴和客戶創造長期價值。社會。

So this is also consistent with our group's operating philosophy. To improve the transparency of our communication with investors, we plan to take out the operating results of Jingxi Business Group from JD Retail segment and report under new business starting from Q1 this year. We are excited about this business opportunity, and we look forward to sharing more with the investors as we develop the business.

所以這也符合我們集團的經營理念。為了提高與投資者溝通的透明度，我們計劃從今年第一季度開始，將京西事業群的經營業績從京東零售板塊中剔除出來，並在新業務下進行報告。我們對這個商機感到興奮，並期待在發展業務時與投資者分享更多信息。

(foreign language)

（外語）

[Interpreted] Now let me add something on the new business.

[解讀]現在我就新業務補充一下。

(foreign language)

（外語）

[Interpreted] And not only for the e-commerce, but essentially for all the retail business, we will focus on the customers, products and the platform.

【解讀】而且不光是電商，本質上所有的零售業務，我們都會關注客戶、產品和平台。

(foreign language)

（外語）

[Interpreted] So since the beginning of JD Retail's development, we started from our products, and we start to expand our product selection. So we do our first-party and then the third-party product offering.

【解讀】所以從京東零售發展之初，我們就從我們的產品出發，開始擴大我們的產品選擇。因此，我們先提供第一方產品，然後提供第三方產品。

And for the next step, we focused on our customers, and we start with providing products to the targeted customer cohorts who are interested in the customer -- consumer electronics and digital products, and then we will continue to expand our consumer base to more people in the lower-tier cities and senior users, et cetera.

下一步，我們以客戶為中心，首先向對客戶感興趣的目標客戶群提供產品——消費電子和數碼產品，然後繼續將我們的消費群擴大到更多人低線城市和高級用戶等。

(foreign language)

（外語）

[Interpreted] And in terms of the platform, we started to build our platform in a centralized way, and then now we are moving to more decentralized formats. And in the past two years, we have been exploring new formats with the off-line businesses and our omnichannel initiatives.

【解讀】就平台而言，我們開始以中心化的方式構建我們的平台，然後現在我們正在轉向更加去中心化的形式。在過去的兩年裡，我們一直在探索線下業務和全渠道的新業態。

So this is now the basic JD's business logic. And behind that, the most important thing is that we are thinking and doing things to see what type of pain points, what we can solve the pain points about bringing down the cost and improve the efficiencies and giving better shopping experiences for our customers.

所以這就是現在京東的基本業務邏輯。而這背後，最重要的是我們在思考、做事，看什麼樣的痛點，我們能解決哪些痛點，降低成本，提高效率，給顧客帶來更好的購物體驗。

So this you can see is the process we are looking for some solutions for the pain points and also whether there will be new ways to find -- there will be new or more leading or robust models or methodologies to do retail.

所以你可以看到，這就是我們尋找痛點解決方案的過程，以及是否會找到新的方法——是否會有新的、更領先的、更穩健的零售模式或方法。

(foreign language)

（外語）

[Interpreted] So we have seen that in the past years, JD Retail has incubated JD Health and JD MRO. And all of this being created based in our principle to solving some pain points and create value for this industry.

【解讀】所以我們看到，在過去的幾年裡，京東零售孵化了京東健康和京東MRO。所有這一切都是基於我們的原則創建的，旨在解決一些痛點並為這個行業創造價值。

And we have seen that in JD's development history and this has happened to many other companies as well, when we are considering to enter a new market, we'll first look at the scale of the market. However, we'll think deeper and see whether this new business will truly create long-term value for the industry and for the society.

我們看到，在京東的發展歷史中，很多其他公司也發生過這樣的情況，當我們考慮進入一個新市場時，我們首先會看市場的規模。但我們會更深入地思考，看看這項新業務是否真正能為行業和社會創造長期價值。

So this is, as I mentioned, the basic logic when we are making our decisions to enter a new business or not. So eventually, we'd love to create a sustainable and constant value to the society and our customers.

正如我所提到的，這是我們決定是否進入新業務時的基本邏輯。因此，最終，我們希望為社會和客戶創造可持續且恆定的價值。

Yes, it also supplements our businesses other than the retail business. For JD Logistics, it will continue to build technology and infrastructure to further expand its product and service offerings. And we also have JD International. So we have a small operation in Southeast Asia. They are in the fast hyper growth stage, but still in the investment stage.

是的，它也補充了我們零售業務以外的業務。對於京東物流來說，它將繼續建設技術和基礎設施，以進一步擴大其產品和服務範圍。我們還有京東國際。所以我們在東南亞有一個小規模的業務。他們處於快速增長階段，但仍處於投資階段。

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。

Congrats on the solid results. Just very quickly, I wonder, have you already generated any revenue from community group buy in the fourth quarter? Just wondering your FMCG category, have you seen any impact given the rising intensity of these community group buy platform from the peers?

祝賀取得了紮實的成果。很快，我想知道，第四季度社區團購已經有收入了嗎？只是想知道您的快速消費品類別，鑑於同行這些社區團購平台的強度不斷上升，您是否看到了任何影響？

And then just quickly on the first quarter Chinese New Year. So any qualitative color that you could share with us, given this year is also another -- a little bit special year given the stay in the cities measure. So what have you observed in terms of the category demand as compared to the normal Chinese New Year period? Any category that you have seen are abnormally strong this year?

然後很快就到了第一季度的農曆新年。因此，您可以與我們分享的任何定性顏色，考慮到今年也是另一個——考慮到在城市中的停留時間，這是一個有點特殊的一年。那麼與正常的春節期間相比，您在品類需求方面觀察到了什麼？今年你見過哪些品類表現異常強勁？

(foreign language)

（外語）

[Interpreted] This is Xu Lei. We'll answer the questions related to FMCG and Chinese New Year brand promotion.

【解讀】我是徐磊。我們將解答有關快消品和春節品牌推廣的問題。

(foreign language)

（外語）

[Interpreted] And overall speaking, we have seen the forecast of the community group buying in these -- in the following areas: first is the fresh produce and also the FMCGs and some may related to the digital products, but mainly focusing on the first two.

【解讀】總體來說，我們看到了社區團購的預測，主要有以下幾個方面：首先是生鮮，還有快消品，還有一些可能和數碼產品有關，但主要集中在第一個。二。

(foreign language)

（外語）

[Interpreted] And we don't see a quite big impact of -- we don't see the JD's business has been having a big impact from the fast development of community group buying. I think this is mainly related to our customers' shopping behaviors and their mindset -- mind shares and also their preference on our product.

[解讀]我們沒有看到社區團購的快速發展對京東的業務產生很大的影響。我認為這主要與我們客戶的購物行為和他們的心態有關——心態分享以及他們對我們產品的偏好。

(foreign language)

（外語）

[Interpreted] And it's also worth mentioning that some of our SKUs has been of some favorable items that some community group buying companies want to work with them through our supply chain, enabling our business formats.

【解讀】還有值得一提的是，我們的一些SKU已經是一些比較優惠的單品了，一些社區團購公司想通過我們的供應鏈跟他們合作，賦能我們的業態。

(foreign language)

（外語）

[Interpreted] And regarding the question about the Spring Festival -- shopping festival because compared with last year's COVID situation, this year, there's some major changes on the consumption, we do see a healthy consumption results and our consumers' participation in this year's shopping festival.

[解讀]關於春節購物節的問題，因為與去年的疫情情況相比，今年的消費發生了一些重大的變化，我們確實看到了健康的消費結果以及消費者今年購物的參與度節日。

(foreign language)

（外語）

[Interpreted] We have seen some categories enjoying a very fast growth rate during this year's spring festival grand promotion, such as the gift, beauty products and food and also home appliances. The home appliances suffered from the pandemic the most last year. And this year, the demand is coming back fast.

【解讀】今年的春節大促中，我們看到一些品類增長速度非常快，比如禮品、美妝食品、家電等。去年受疫情影響最嚴重的是家電。今年，需求正在快速恢復。

And in contrast, some categories, which had a good sales performance last year, such as some home cleaning, health care and masks, they're coming back to the normal level. So generally speaking, we do see this is a very healthy consumption trend.

相比之下，一些去年銷售表現不錯的品類，比如一些家居清潔、保健品、口罩等，現在已經恢復到正常水平。所以總的來說，我們確實看到這是一個非常健康的消費趨勢。

(foreign language)

（外語）

[Interpreted] And one more point to add is that because the government encouraged people to stay at their working place to celebrate the New Year, we do see a surge of remote orders among our platform. The remote orders are those orders the buyers that make the orders and sending to the recipients living in other cities.

【解讀】還有一點需要補充的是，由於政府鼓勵人們留在工作地點過年，我們確實看到我們平台上的遠程訂單激增。遠程訂單是買家下訂單並發送給居住在其他城市的收件人的訂單。

And the sales of the remote -- the numbers of remote order actually doubled on our platform. And also because of the staycation, a lot of merchants continue to operate their business on the platform during the grand promotion and even extent their working hours there. So we do see they are very engaging and very active in participating in this sales event.

遠程訂單的銷量在我們的平台上實際上翻了一番。也因為宅度假的緣故，不少商家在大促期間繼續在平台上營業，甚至延長了在平台上的工作時間。所以我們確實看到他們非常積極地參與這次銷售活動。

Yes. And on the revenue contribution from community group purchase in Q4, we're only experimented in very small-scale in the fourth quarter in one or two cities. So you can ignore the revenue contribution.

是的。而從第四季度社區團購的收入貢獻來看，我們第四季度只在一兩個城市進行了非常小規模的嘗試。所以你可以忽略收入貢獻。

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

我們現在電話會議即將結束。現在我將把電話轉給京東的李瑞宇致閉幕詞。

Thanks, operator. Thank you for joining us today on the call. Please feel free to contact us if you have any further questions. We look forward to talking with you in the coming months. Thank you.

謝謝，接線員。感謝您今天加入我們的電話會議。如果您還有任何疑問，請隨時與我們聯繫。我們期待在未來幾個月與您交談。謝謝。

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

感謝您參加今天的會議。演示到此結束。您現在可以斷開連接。再會。