京東 (JD) 2023 Q2 法說會逐字稿

Hello, and thank you for standing by for JD.com's Second Quarter and Interim 2023 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the meeting over to your host for today's conference, Sean Zhang, Director of Investor Relations. Please go ahead.

您好，感謝您出席京東 2023 年第二季度和中期業績電話會議。 （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。現在我想將會議交給今天會議的東道主，投資者關係總監張肖恩。請繼續。

Thank you, Drew. Good day, everyone. Welcome to JD.com's Second Quarter and Interim 2023 Earnings Conference Call. For today's call, CEO of JD.com, Ms. Sandy Xu, will kick off with opening remarks. Our CFO, Mr. Ian Shan, will discuss the financial results. After that, we'll open the call to questions from analysts. Let me quickly cover the safe harbor.

謝謝你，德魯。今天是個好日子。歡迎參加京東 2023 年第二季度和中期業績電話會議。在今天的電話會議上，京東首席執行官徐珊迪女士將致開幕詞。我們的首席財務官 Ian Shan 先生將討論財務業績。之後，我們將開始接受分析師提問。讓我快速覆蓋安全港。

Please be reminded that during this call, our comments and responses to your questions reflect management's view as of today only and will include forward-looking statements. And please refer to our latest safe harbor statement in the earnings press release on our IR website, which applies to this call. We will discuss certain non-GAAP financial measures. Please also refer to the reconciliation of non-GAAP measures to the comparable GAAP measures in the earnings press release. Also please note all figures mentioned in this call are in RMB, unless otherwise stated. Now let me turn the call over to our CEO, Ms. Sandy Xu.

請注意，在本次電話會議中，我們的評論和對您問題的答复僅反映管理層截至今天的觀點，並將包括前瞻性陳述。請參閱我們的投資者關係網站上的收益新聞稿中最新的安全港聲明，該聲明適用於本次電話會議。我們將討論某些非公認會計準則財務指標。另請參閱收益新聞稿中非公認會計準則衡量標準與可比公認會計準則衡量標準的調節表。另請注意，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。現在讓我把電話轉給我們的首席執行官徐珊迪女士。

Thank you, Sean. Hello, everyone, and thanks for joining us today to discuss our Q2 results. Q2 was a productive quarter for JD. We delivered a solid performance with both top line and bottom line results exceeding our expectations. More importantly, during the quarter, we effectively executed our business and organizational development, further improved our supply chain capabilities and achieved many operational and financial milestones while navigating a challenging industry environment.

謝謝你，肖恩。大家好，感謝您今天加入我們討論我們的第二季度業績。第二季度對於京東來說是一個富有成效的季度。我們的業績表現穩健，營收和利潤都超出了我們的預期。更重要的是，在本季度，我們有效地執行了業務和組織發展，進一步提高了供應鏈能力，並在充滿挑戰的行業環境中實現了許多運營和財務里程碑。

We are encouraged by the progress we are making on these priorities. And I want to share some of the details with you. Let me start by reiterating JV's operating philosophy since our inception, which is to relentlessly strive for lower cost, higher efficiency and superior customer experience. This is at the heart of everything we do, and it primarily consists of 2 critical elements, namely customer experience and supply chain capabilities.

我們對這些優先事項所取得的進展感到鼓舞。我想與大家分享一些細節。首先我要重申一下JV自成立以來的經營理念，就是堅持不懈地追求更低的成本、更高的效率和更好的客戶體驗。這是我們所做一切的核心，它主要由兩個關鍵要素組成，即客戶體驗和供應鏈能力。

First, on customer experience, we always focus on providing best-in-class customer experience and continue to find ways to improve selection, speed, quality and value, in Chinese (foreign language). Particularly since the beginning of this year, we have done extra miles to improve our selection and value, while our quality and speed continue to lead the industry. On selection, we are taking solid steps to improve our platform ecosystem, which in JD's case means the prosperous co-existence of both our 1P and third-party marketplace businesses. Our platform ecosystems strategy is guided by our goal to continuously improve customer experience and both 1P and 3P models are means to this ad.

首先，在客戶體驗上，我們始終專注於提供一流的客戶體驗，並不斷尋找改進中文（外文）選擇、速度、質量和價值的方法。特別是今年年初以來，我們在提高選擇和價值方面付出了更多努力，同時我們的質量和速度繼續領先於行業。在選擇上，我們正在採取紮實的步驟來完善我們的平台生態系統，這對京東來說意味著我們的1P和第三方市場業務繁榮共存。我們的平台生態系統戰略以持續改善客戶體驗為目標，1P 和 3P 模式都是這則廣告的手段。

It was an exciting quarter for our third-party marketplace business. We feel that we are only at the early stage of realizing JD's marketplace business potential, but we were encouraged to see the number of 3P merchants more than double year-on-year and set an all-time record in Q2. As we improve our tools and traffic allocation mechanism to build a fire and effective operating environment.

對於我們的第三方市場業務來說，這是一個令人興奮的季度。我們認為，我們還處於實現京東市場業務潛力的早期階段，但看到 3P 商家數量同比增長一倍多，並在第二季度創下歷史記錄，我們感到鼓舞。隨著我們完善我們的工具和流量分配機制，構建火熱有效的運營環境。

With the improving operating environment, more 3P merchants brought a broad selection of products to our customers. Driving 3P marketplace GMV growth to accelerate over the last 2 consecutive quarters. Moreover, we have seen 2 consecutive quarters of double-digit 3P revenue growth, mainly driven by robust growth of advertising revenue as more 3P merchants allocate ad budget to JD's platform. On value, since the beginning of the year, we have launched new initiatives to enhance our reputation for providing value to users. Sometimes I hear people make the argument that JD's pursuit of low prices will inevitably impact user experience and our profitability. We know this argument is incorrect. Value means providing both low price and extra value, all services for the money customers pay. And not surprisingly, JD's supply chain capability is the key to delivering this with lower cost and higher efficiency generated through our (inaudible) team. We are able to provide more value and extra service to our customers.

隨著經營環境的改善，越來越多的3P商家為消費者帶來了更多的產品選擇。推動 3P 市場 GMV 增長在過去連續兩個季度加速。此外，我們已經看到連續兩個季度實現兩位數的 3P 收入增長，這主要是由於越來越多的 3P 商家將廣告預算分配給京東平台而帶來的廣告收入的強勁增長。在價值方面，今年以來，我們推出了新舉措，以提升我們為用戶提供價值的聲譽。有時我聽到有人說京東追求低價將不可避免地影響用戶體驗和我們的盈利能力。我們知道這個論點是不正確的。價值意味著提供低價和超值，所有服務都是客戶支付的錢。毫不奇怪，京東的供應鏈能力是我們（聽不清）團隊以更低的成本和更高的效率實現這一目標的關鍵。我們能夠為客戶提供更多價值和額外服務。

Take our RMB 10 billion discount program as an example. As we continue to enrich its value for many selections of 3P merchandises, which is resonating with our customers. 3P GMV contribution with this program has gradually increased to over 50% in July. Also, with this program moving ahead, we were still able to maintain a healthy bottom line in Q2, which Ian will elaborate shortly. This is a strong proof of how we leveraged our supply team and managed our business effectively to serve our users better.

以我們的百億元優惠計劃為例。隨著我們不斷豐富3P商品的多種選擇的價值，這引起了我們客戶的共鳴。該項目的3P GMV貢獻在7月份已逐步提升至50%以上。此外，隨著該計劃的推進，我們仍然能夠在第二季度保持健康的利潤，伊恩將很快對此進行詳細闡述。這是我們如何利用我們的供應團隊並有效管理我們的業務以更好地服務我們的用戶的有力證明。

Another proof is that our core categories, including 3C and home appliances, continued to benefit from our robust supply chain capabilities, which enable us to provide steady supply at low prices and high-quality services at the same time. As a result, we further gained market share in these core categories in the quarter.

另一個證明是，我們的核心品類，包括3C和家電，繼續受益於我們強大的供應鏈能力，這使我們能夠以低廉的價格提供穩定的供應，同時提供高質量的服務。因此，本季度我們進一步提高了這些核心類別的市場份額。

During the quarter, we observed strong user engagement trends including higher purchase frequency and ARPU on our app. In particular, the number of repeat customers continued to grow by double digits, while the average GMV per user increased by high single digits. The number of JD PLUS members continues to grow over 20% year-over-year and reached 36 million in Q2. All these are strong testaments that on top of our speed and quality. User recognition of our improved selection value gets stronger as our supply chain capabilities continue to serve as the backlog of our resilient business performance.

在本季度，我們觀察到強勁的用戶參與趨勢，包括我們應用程序上更高的購買頻率和 ARPU。特別是，回頭客數量持續以兩位數增長，而每用戶平均GMV則以高個位數增長。京東PLUS會員數量繼續同比增長20%以上，第二季度達到3600萬。所有這些都是我們速度和質量的有力證明。隨著我們的供應鏈能力繼續成為我們彈性業務績效的積壓，用戶對我們改進的選擇價值的認可變得更加強烈。

In the last 2 quarters this year, we have been (inaudible) executing our strategic priorities including our platform ecosystem and enhancing our customer experience with superior selection, speed, quality and value. As we have talked a lot about our business development today. Now I'd like to share some color on the progress of our organizational restructuring. We launched this initiative in Q2 in which we focused to flatten our management structure and delegate greater decision-making power to the operational units that are closer to users. Our goal is to improve organizational efficiency and incentivize entrepreneurship even at the frontline level.

在今年的最後兩個季度，我們一直在（聽不清）執行我們的戰略重點，包括我們的平台生態系統，並通過卓越的選擇、速度、質量和價值來增強我們的客戶體驗。正如我們今天談論了很多我們的業務發展。下面我想跟大家分享一下我們組織架構調整的進展情況。我們在第二季度推出了這一舉措，重點是管理結構扁平化，並將更大的決策權下放到離用戶更近的運營部門。我們的目標是提高組織效率並激勵一線人員的創業精神。

So far, the restructuring is progressing as expected. We've completed reassigning responsibilities and citing KPIs for each of the operational units and are now in the process of checking and assessing execution as well as further streamlining the (inaudible) in operation and iterating our business supporting systems. The restructuring involves a lot of efforts and it takes time to bring its effectiveness into full play. But we've seen that under the new structure, our operational units are more incentivized and showcase enhanced professionalism and executive capabilities. It's really encouraging to see our decisions and efforts start to pay off and yield early positive results as JD continues to execute these strategies.

目前，重組工作正在按預期進展。我們已經完成了每個運營單元的職責重新分配和 KPI 引用，現在正在檢查和評估執行情況，以及進一步精簡（聽不清）運營和迭代我們的業務支撐系統。此次重組涉及的工作量很大，其成效的發揮還需要時間。但我們看到，在新的架構下，我們的運營部門更有動力，專業精神和執行能力也得到了提升。隨著京東繼續執行這些戰略，看到我們的決定和努力開始得到回報並取得早期積極成果，真是令人鼓舞。

From a long-term perspective, we are more confident than ever in our ability to deliver healthy and sustainable growth and continue to see new opportunities to innovate and drive our business growth going forward. At our 20th anniversary this June 18, we introduced our ambitious 35711 Vision. The vision includes our goals in the next 20 years of establishing 3 enterprises with over RMB 1 trillion in revenues and RMB 7 billion in net profit. Having 5 JD subsidiaries ranked on the Fortune Global 500 list and 7 publicly listed companies with over RMB 100 billion market cap, while contributing RMB 100 billion in taxes and creating over 1 million jobs as a group.

從長遠來看，我們對實現健康可持續增長的能力比以往任何時候都更有信心，並繼續看到創新和推動業務增長的新機會。今年 6 月 18 日，在我們成立 20 週年之際，我們推出了雄心勃勃的 35711 願景。願景包括未來20年建立3家營收超萬億元、淨利潤超70億元的企業。京東旗下擁有5家世界500強企業、7家千億元以上上市公司，集團貢獻稅收超千億元，創造就業崗位超100萬個。

This is a vision that (inaudible) for sustained growth for the next 20 years and our commitment to positive social impact. It also highlights our unshakable confidence in and commitment to China's long-term economic development. As we look ahead to the second half of the year and the future, we are focused on the healthy growth of our business and investing in exciting new opportunities, driven by our unchanged long-term strategies that center around cost efficiency and customer experience and a deeper sense of mission. We believe we are well positioned to create long-term value for our users, business partners, shareholders and the society at large. With that, I'll turn it over to Ian for our financial highlights. Thank you.

這是（聽不清）未來 20 年持續增長的願景，也是我們對積極社會影響的承諾。這也凸顯了我們對中國經濟長遠發展堅定不移的信心和決心。展望下半年和未來，我們將重點關注業務的健康增長，並投資於令人興奮的新機遇，這是由我們不變的以成本效率和客戶體驗為中心的長期戰略推動的。更深層次的使命感。我們相信，我們有能力為用戶、業務合作夥伴、股東和整個社會創造長期價值。至此，我將把它交給伊恩來了解我們的財務要點。謝謝。

Thank you, Sandy. Hello, everyone. We're happy to report that JD delivered both revenues and profitability ahead of our expectation. We continue to execute our proactive business development and made solid progress across several of our priorities, including building a robust marketplace ecosystem, enhancing user mind share, our value proposition of selection, speed, quality and value and delivering healthy profitability. Such results validate our strategic focus and we are confident in the underlying strength of our business momentum. With that, let's turn to our financial results in Q2.

謝謝你，桑迪。大家好。我們很高興地報告，京東的收入和盈利能力都超出了我們的預期。我們繼續積極主動地進行業務發展，並在幾個優先事項上取得了紮實的進展，包括建立強大的市場生態系統，提高用戶心智份額，我們的選擇、速度、質量和價值的價值主張，以及提供健康的盈利能力。這些結果驗證了我們的戰略重點，我們對我們業務勢頭的潛在實力充滿信心。接下來，讓我們看看第二季度的財務業績。

Our net revenues grew by 8% year-on-year to RMB 288 billion in Q2. Breaking down the revenue mix. Product revenues were up 3% year-on-year in Q2. By category, electronics and home appliances, revenues grew by a remarkable 11% year-on-year in Q2, mainly driven by the strong growth of home appliance and mobile phones, both of which have outpaced the industry growth during the quarter. Our further reinforced market leadership in these categories showed our strong user mindshare, robust supply chain capabilities and industry-leading service quality, which are all key differentiators for JD.

第二季度我們的淨收入同比增長 8% 至人民幣 2880 億元。打破收入結構。第二季度產品收入同比增長3%。按品類來看，電子及家電第二季度營收同比大幅增長11%，主要得益於家電和手機的強勁增長，這兩項業務在本季度均超過了行業增速。我們在這些類別中進一步鞏固的市場領導地位表明我們強大的用戶認知度、強大的供應鏈能力和行業領先的服務質量，這些都是京東的關鍵差異化因素。

General merchandise revenues were down 9% year-on-year in Q2, primarily due to the soft performance of our supermarket category, which was partially impacted by the relatively high base in the same period last year due to COVID. That said, I would like to reiterate our confidence in Supermarket's future performance. as its operating efficiency has improved significantly with a healthier product mix.

第二季度百貨收入同比下降 9%，主要是由於我們的超市類別表現疲軟，部分受到去年同期因新冠疫情影響而基數相對較高的影響。儘管如此，我想重申我們對超市未來業績的信心。由於其運營效率顯著提高，產品結構更加健康。

Service revenues grew by 30% year-on-year in Q2, of which marketplace and marketing revenues were up 9% year-on-year. I would like to highlight that revenues generated by third-party merchants grew faster than 1P in the quarter, driven by 3P advertising revenues. As we roll out more supportive measures for merchants, we saw notable acceleration in merchant base expansion in the quarter. It's also encouraging to see that our traffic conversion rate had a meaningful improvement that indicates our traffic allocation algorithm is driving co-development of our 1P and 3P business effectively.

第二季度服務收入同比增長30%，其中市場和營銷收入同比增長9%。我想強調的是，在 3P 廣告收入的推動下，本季度第三方商家產生的收入增長速度快於 1P。隨著我們為商家推出更多支持措施，我們看到本季度商家基礎擴張顯著加速。令人鼓舞的是，我們的流量轉化率有了有意義的提高，這表明我們的流量分配算法正在有效地推動我們的1P和3P業務的共同發展。

Turning back to our service revenues. Logistics and other service revenues grew by 52% year-on-year in Q2. Excluding impact from Deppon's consolidation, organic growth of logistics and other service revenues was 12% year-on-year. Now let's turn to our segment performance. JD Retail revenues grew 5% year-on-year in the quarter as we continue to fine-tune our operations that focus on improving efficiency and building core capabilities since Q4 last year. Regarding JD Retail's profitability, gross margin continued to expand year-on-year in Q2. Our proactive efforts have clearly driven higher operating efficiency of our supply chain, even as we took firm steps to address value on our platform.

回到我們的服務收入。第二季度物流及其他服務收入同比增長52%。剔除德邦整合的影響，物流及其他服務收入同比有機增長12%。現在讓我們轉向我們的細分市場表現。自去年第四季度以來，我們不斷調整運營，專注於提高效率和建設核心能力，本季度京東零售收入同比增長 5%。從京東零售盈利能力來看，二季度毛利率同比繼續擴大。儘管我們採取了堅定的措施來解決平台上的價值，但我們的積極努力顯然提高了供應鏈的運營效率。

JD Retail's non-GAAP operating margin came in at 3.2%, slightly declined compared to Q2 last year. As we made proactive efforts to invest in user experience, which has already started to show in the improvement of our user engagement. The slight year-on-year operating margin decline was also partially due to an abnormally high margin in Q2 last year on the COVID impact. While we aggressively cut back operating expenses, including marketing spending, we maintain our goal to drive sustainable growth and improve profitability of our core retail business in the long term.

京東零售的非 GAAP 營業利潤率為 3.2%，與去年第二季度相比略有下降。隨著我們積極投資於用戶體驗，這已經開始體現在用戶參與度的提高上。營業利潤率同比小幅下降的部分原因是去年第二季度受新冠疫情影響利潤率異常高。在我們積極削減運營支出（包括營銷支出）的同時，我們仍堅持推動可持續增長並提高核心零售業務長期盈利能力的目標。

In terms of users, as we continue to expand supplies and address value on our platform, JD Retail saw a year-on-year increase in user shopping frequency and retention in Q2, which led to a higher average GMV per user in the quarter. This was also partially contributed by the expansion of our core user base. Overall, we're happy with strong user quality metrics which is a result of our focus on user quality and user experience.

在用戶方面，隨著我們不斷擴大平台供應和解決平台價值，京東零售在第二季度的用戶購物頻率和留存率同比增長，這導致該季度每個用戶的平均 GMV 更高。這也部分歸功於我們核心用戶群的擴大。總的來說，我們對強大的用戶質量指標感到滿意，這是我們關注用戶質量和用戶體驗的結果。

JD Logistics saw a 31% revenue growth year-on-year in Q2, excluding the impact of consolidation of Deppon, the growth rate was 5%. Thanks to the resilient growth from external customers. In Q2, revenues from external customers reached 69% of JD Logistics' revenue. In terms of profitability, JDL's non-GAAP operating margin was 1.2% in the quarter, a jump of 113 bps from a year ago, primarily driven by its optimized business structure and customer mix and better economies of scale and business expansion. .

京東物流第二季度營收同比增長31%，剔除德邦合併影響，增速為5%。得益於外部客戶的強勁增長。第二季度，來自外部客戶的收入佔京東物流收入的69%。盈利能力方面，JDL 本季度非 GAAP 營業利潤率為 1.2%，同比增長 113 個基點，主要得益於其優化的業務結構和客戶結構以及更好的規模經濟和業務擴張。 。

Dada reported revenue of RMB 2.8 billion and non-GAAP operating loss of RMB 29 million for the quarter, a substantial improvement compared to a year ago, primarily driven by better operating efficiency and economies of scale. Intra-city on demand retail business remains an important pillar in our strategic positioning and we're encouraged to see that Dada and Shop Now have expanded to cooperate with 300,000 off-line stores and are providing on-demand retail services in more than 2,000 counties, districts and cities.

達達報告本季度營收為人民幣 28 億元，非美國通用會計準則運營虧損為人民幣 2900 萬元，與去年同期相比大幅改善，主要得益於運營效率和規模經濟的改善。同城按需零售業務仍然是我們戰略定位的重要支柱，我們欣喜地看到達達和 Shop Now 已擴大與 30 萬家線下商店的合作，並在超過 2,000 個縣提供按需零售服務、地區和城市。

Revenues from new business come down to RMB 4.3 billion in Q2 as we further scale back (inaudible) and international business on a year-on-year basis, while JD Property maintained its robust growth momentum. New business saw a turnaround of profitability and recorded an operating profit of RMB 1.1 billion, primarily due to the gain from the third (inaudible) closing of JDP in Q2 as well as the narrowing losses from (inaudible) and International business, both of which were minimal for the quarter.

由於我們進一步縮減（聽不清）和國際業務，第二季度新業務收入下降至人民幣 43 億元，而京東地產保持了強勁的增長勢頭。新業務扭虧為盈，實現營業利潤 11 億元人民幣，主要得益於第二季度 JDP 第三次（聽不清）交割的收益，以及（聽不清）和國際業務虧損的收窄。本季度最少。

Moving to the consolidated bottom line. We recorded RMB 8.6 billion non-GAAP net income attributable to ordinary shareholders in Q2, up 32% year-over-year. Non-GAAP net margin reached 3%, up 55 bps from a year ago, which set a new record for our June promotion quarter. Finally, our last 12 months free cash flow as of June 30 was RMB 33 billion, increased by 21% on a year-on-year basis. This was mainly driven by our improved profitability, which led to a higher operating cash flow as well as further optimized cash conversion cycle.

轉向綜合底線。第二季度，我們實現非美國通用會計準則歸屬於普通股股東的淨利潤 86 億元人民幣，同比增長 32%。非 GAAP 淨利潤率達到 3%，較去年同期增長 55 個基點，創下 6 月促銷季度的新紀錄。最後，截至6月30日，我們過去12個月的自由現金流為人民幣330億元，同比增長21%。這主要是由於我們的盈利能力提高，從而帶來了更高的經營現金流以及進一步優化的現金周轉週期。

To conclude my remarks, as we continue to improve our operations, we saw multiple encouraging trends in Q2. We are confident that we'll emerge stronger with a healthy and sustainable business structure and enhanced cloud capabilities to unlock our group's potential. With that, I will turn it over to Sean. Thank you.

最後，隨著我們繼續改善運營，我們在第二季度看到了多個令人鼓舞的趨勢。我們相信，憑藉健康、可持續的業務結構和增強的雲能力，我們將變得更加強大，以釋放我們集團的潛力。這樣，我就把它交給肖恩。謝謝。

Thank you, Ian. For the Q&A session, you are welcome to ask questions in English or Chinese. And our management will answer your questions in the language you ask. We'll provide English translation when necessary for convenience purpose only. In the case of any discrepancy, please refer to our management's statements in the original language. Operator, we can open the call for Q&A. Thank you. .

謝謝你，伊恩。在問答環節，歡迎您用英語或中文提問。我們的管理層將用您提出的語言回答您的問題。僅為方便起見，我們將在必要時提供英文翻譯。如有任何差異，請參閱我們管理層的原始聲明。接線員，我們可以打開問答電話。謝謝。 。

(Operator Instructions) The first question comes from Ronald Keung with Goldman Sachs.

（操作員說明）第一個問題來自高盛的Ronald Keung。

(foreign language)

（外語）

[Interpreted] Congratulations on the second quarter growth performance exceeded management's own expectations with the electronics appliance being strong and faster 3P growth versus 1P. I just want to hear management's view on the performance by categories in the second quarter and the outlook for these with the business restructuring any KPIs that you're tracking and the outlook just for overall growth into the second half taking into the account of macro and the business restructuring.

[解讀] 恭喜第二季度業績增長超出了管理層的預期，電子電器業務表現強勁，3P 增長較 1P 更快。我只是想听聽管理層對第二季度各類別業績的看法，以及對您正在跟踪的任何關鍵績效指標進行業務重組的展望，以及考慮到宏觀和經濟形勢對下半年整體增長的展望。業務重組。

(foreign language)

（外語）

[Interpreted] Thank you, Roland, for your questions. Despite challenges in the macroeconomic and consumption landscape during Q2, we have remained dedicated to solidifying user mindshare towards our price competitiveness, fostering and open platform ecosystem and moving forward with our efforts to further optimize business structure. The outcomes achieved thus far have surpassed our expectations. JD's business model has shown remarkable resilience in the face of the ongoing consumption environment. By constantly enhancing supply chain capabilities, we have ensured a more reliable product supply at lower cost and high-quality services during the promotional season, resulting in further market share expansion in our core advantages categories.

[解釋]謝謝羅蘭的提問。儘管第二季度宏觀經濟和消費形勢面臨挑戰，我們仍然致力於鞏固用戶對我們價格競爭力的認知，培育和開放平台生態系統，並努力進一步優化業務結構。目前取得的成果超出了我們的預期。面對持續的消費環境，京東的商業模式表現出了非凡的韌性。通過不斷提升供應鏈能力，確保了促銷季期間更可靠、更低成本的產品供應和優質服務，核心優勢品類市場份額進一步擴大。

For instance, as the retail estate market and demand of durable goods are still recovering, the overall home appliances market has faced pressure. However, JD's Home Appliances business meaningfully outperformed the industry and continue to gain market share. We attribute this achievement to JD's strong user mindshare and match the shopping experience we provide and the competent supply chain that we have been diligently built over the years.

例如，由於零售房地產市場和耐用品需求仍在復蘇，整體家電市場面臨壓力。然而，京東的家電業務明顯優於行業，並繼續獲得市場份額。我們將這一成就歸功於京東強大的用戶認知度，與我們提供的購物體驗以及我們多年來努力打造的優質供應鏈相匹配。

(foreign language)

（外語）

Interpreted Furthermore, our 3C categories showcased the strong performance. This can be attributed to our robust supply chain capabilities, competitive pricing and deep user mindshare, exceptional shopping experience, including convenient trading services and our active development in the O2O market. Notably, our sales of mobile phones achieved a double-digit growth rate in Q2, surpassing the industry level.

解讀 此外，我們的3C品類也展現出強勁的表現。這可以歸功於我們強大的供應鏈能力、有競爭力的價格和深厚的用戶認知度、卓越的購物體驗（包括便捷的交易服務）以及我們在O2O市場的積極發展。值得注意的是，第二季度我們的手機銷量實現兩位數增長，超越行業水平。

(foreign language)

（外語）

Interpreted So as I just mentioned in my opening remarks, it is worth highlighting that we have made significant progress in the development of an open platform ecosystem this year with both merchant base and product supply expanding at a faster pace. A growth of 3P GMV has also accelerated over the past 2 quarters. Moreover, since the start of the year, despite we have introduced a series of supporting policies for our new merchants such as lowering platform service fees and take rates. Our 3P revenue growth rate continued to outpace that of 1P in the first 2 quarters, remaining a double-digit range.

解讀 正如我剛才在開場白中提到的，值得強調的是，今年我們在開放平台生態建設方面取得了重大進展，無論是商戶規模還是產品供給都在加快擴大。過去兩個季度，3P GMV 的增長也有所加快。而且，今年以來，儘管我們針對新商戶推出了降低平台服務費、提成費率等一系列支持政策。前兩個季度，我們的 3P 收入增長率繼續超過 1P，保持在兩位數範圍內。

(foreign language)

（外語）

Interpreted Certainly, there are other categories that require our continued efforts and improvement. For example, the supermarket category's growth momentum is impacted by the category mix optimization and also the resurgence of the off-line (inaudible) after the COVID and a high comparison base from the previous year. However, we have witnessed a significant increase in the number of third-party merchants and product offerings in the general merchandise categories on our platform, including the supermarket category.

當然，還有其他類別需要我們不斷努力和改進。例如，超市品類的增長動力受到品類組合優化的影響，也受到疫情后線下（聽不清）的複蘇以及去年較高的比較基數的影響。然而，我們看到我們平台上的一般商品類別（包括超市類別）的第三方商家數量和產品供應量顯著增加。

We're also continuing to strengthen our supply chain capabilities and optimize fulfillment. Our strategic execution and organizational restructuring efforts are gradually yielding results, providing momentum for healthier growth in the supermarket category for the second half of the year. From a long-term perspective, we firmly believe that our supermarket category holds a less potential as a key driver for the growth of JD.com.

我們還繼續加強我們的供應鏈能力並優化履行。我們的戰略執行和組織架構調整逐步取得成效，為下半年超市品類健康發展提供了動力。從長遠來看，我們堅信超市品類作為京東增長關鍵驅動力的潛力較小。

(foreign language)

（外語）

[Interpreted] So Ronald to answer your second question from (inaudible) our primary focus is our user performance as we promote the strategy for price competitiveness. In Q2, we saw improving user engagement trends, especially both ARPU and the scale of our core user base continued to grow. These trends indicate that our efforts to enhance user experience have been successful in earning greater recognition among them as well as their wallet share.

[解釋]羅納德回答你的第二個問題（聽不清），我們的主要關注點是我們的用戶表現，因為我們提倡價格競爭力的策略。在第二季度，我們看到用戶參與度趨勢不斷改善，特別是 ARPU 和核心用戶群規模持續增長。這些趨勢表明，我們在增強用戶體驗方面的努力已經成功地贏得了他們的認可以及他們的錢包份額。

(foreign language)

（外語）

Interpreted Take the RMB 10 billion subsidy program, for example, the program has been effective in boosting shopping frequency and cross-category purchases on the platform. and also the platform -- sorry, also the program contributed meaningfully to attract new users and activate low shopping frequency users.

解讀 以百億補貼計劃為例，該計劃有效提升了平台購物頻次和跨品類購買。還有平台——抱歉，該程序也為吸引新用戶和激活低購物頻率用戶做出了有意義的貢獻。

(foreign language)

（外語）

Interpreted Secondly, in terms of our open ecosystem, we placed significant emphasizes on the diversity of merchants and products as well as merchants operating efficiency on our platform. Since the start of the year, we have simplified the joining procedures for merchants and increased our supporting measures for them such as lowering their operating costs, providing more operating tools and setting up clear guidelines for merchants, et cetera. As a result, we have witnessed a rapid growth in the number of new merchants joining our platform and recorded a 3-digit year-on-year increase in merchant space in Q2. By enriching our pool of merchants and expanding our product offerings, we are better able to meet the diverse shopping demand of our users. This will serve as a key driver for our future revenue and profit growth.

解讀 其次，在開放生態方面，我們非常重視平台上商戶和產品的多樣性以及商戶的運營效率。今年以來，我們簡化了商戶的入會手續，加大了對商戶的支持力度，比如降低商戶的運營成本、提供更多的運營工具、為商戶制定明確的指引等。因此，我們看到加入我們平台的新商戶數量快速增長，第二季度商戶空間同比增長了三位數。通過豐富我們的商戶群體並擴大我們的產品供應，我們能夠更好地滿足用戶多樣化的購物需求。這將成為我們未來收入和利潤增長的關鍵驅動力。

(foreign language)

（外語）

Interpreted Thirdly, we've been taking efforts to enhance supply chain capabilities. A direct reflection is that we are able to continue to provide high-quality services to our users while promoting the strategy for price competitiveness. This is also demonstrated by our further market share gain in our core categories. At the same time, our supply chain capabilities also help us to deliver consistent growth in our fulfillment gross margin.

解讀 三是著力提升供應鏈能力。一個直接的體現就是我們能夠在繼續推進價格競爭戰略的同時，繼續為用戶提供高質量的服務。我們在核心類別中進一步擴大市場份額也證明了這一點。與此同時，我們的供應鏈能力也幫助我們實現履行毛利率的持續增長。

(foreign language)

（外語）

Interpreted So I just want to add that as we previously shared. So for this year, our focused KPIs will be focused on our GMV profitability and cash flow. .

解釋所以我只想補充一下我們之前分享的內容。因此，今年我們的重點 KPI 將集中在 GMV 盈利能力和現金流上。 。

(foreign language)

（外語）

Interpreted

解釋

And your last question regarding the outlook of the second half of the year, as Sandy shared earlier, despite of uncertainties from the macroeconomic and industrial environment, our business has continued to demonstrate healthy improvement. We will remain committed to our long-term strategies and are confident that our core business growth will maintain robust momentum.

最後一個關於下半年展望的問題，正如Sandy早些時候所分享的，儘管宏觀經濟和行業環境存在不確定性，但我們的業務繼續呈現健康改善的態勢。我們將繼續致力於我們的長期戰略，並對我們的核心業務增長將保持強勁勢頭充滿信心。

The next question comes from Thomas Chong with Jefferies.

下一個問題來自 Jefferies 的 Thomas Chong。

(foreign language)

（外語）

[Interpreted] My first question is about our 3P strategies as well as the GMV contribution in future? And my second question is about our category expansion strategies, can management share the latest update, given we are seeing a very fast growth in the number of merchants. Thank you.

[解讀]我的第一個問題是關於我們的3P策略以及未來的GMV貢獻？我的第二個問題是關於我們的品類擴張策略，鑑於我們看到商家數量增長非常快，管理層能否分享最新的更新。謝謝。

(foreign language)

（外語）

[Interpreted] So first, I will answer your questions on the user's recruitment. So there are several measures. So first of all, we will expand our efforts in attracting merchants and also lower the barriers and making it more streamlined to welcome our platform and streamline the processes and also bring down the fixed cost for the merchants to operate on our platform.

【解讀】首先我來回答一下大家關於用戶招募的問題。所以有幾個措施。所以首先我們會加大招商力度，降低門檻，讓平台更受歡迎，簡化流程，降低商家在我們平台上運營的固定成本。

(foreign language)

（外語）

Interpreted And secondly is on the merchants operating side, we will foster a fair environment for everyone to compete on our platform. This competition is not only between our 1P and our 3P merchants, but also among our top merchants. So we will make a very clear growth path for the merchants to grow their business on our platform, which is in line with our value proposition and do adequate publicities and the promotions among other merchants.

解讀 其次是在商家運營方面，我們會營造一個公平的環境，讓大家在我們的平台上競爭。這個競爭不僅是我們1P和3P商家之間的競爭，也是我們頂級商家之間的競爭。所以我們會為商家在我們平台上發展業務制定一個非常清晰的成長路徑，這符合我們的價值主張，並在其他商家之間進行充分的宣傳和促銷。

(foreign language)

（外語）

Interpreted And also, we will provide sufficient tools to support our merchants to operate on our platform, including the data support and also on the cultivation of our -- their skills to operate at JD's platform to improve their operating efficiency.

解讀：還有，我們會提供足夠的工具來支持我們的商家在我們的平台上運營，包括數據支持，也包括我們的——他們在京東平台運營技能的培養，以提高他們的運營效率。

(foreign language)

（外語）

Interpreted Yes. As to the achievements for this quarter, I just mentioned earlier that the overall number of merchants in Q2 grew by 3 digits. And especially, we see the increasing number of merchants from the categories of supermarket, fashion, home goods, et cetera. And their 3P revenues also grew at double-digit rate which are all higher than the 1P revenue.

解釋為是。關於這個季度的成績，我剛才提到，第二季度商戶總數增長了3位數。尤其是，我們看到超市、時尚、家居用品等品類的商家數量不斷增加。他們的3P收入也以兩位數的速度增長，均高於1P收入。

(foreign language)

（外語）

Interpreted So for the outlook of our 3P business. So overall, we also want to reiterate that both 1P and the 3P, we're developing to be aligned with our consumer-centric value proposition, which is superior selection, speed, quality and value. And with the ultimate goal to increase their wallet share on JD.com.

對我們 3P 業務的前景進行如此解讀。因此，總的來說，我們還想重申，我們正在開發的 1P 和 3P 都是為了與我們以消費者為中心的價值主張保持一致，即卓越的選擇、速度、質量和價值。最終目標是增加他們在京東的錢包份額。

(foreign language)

（外語）

Interpreted So we will do our best to strike a balance between cost efficiency and consumer experience. So to allow our users to choose between our 1P offering and the 3P offerings based on the product, price, services. So to do our best to cater to the diversified needs of different users. So our long-term objectives for our 3P is to have its proportion of GMV accounts for about 60% of the overall JD platform.

解讀 所以我們會盡力在成本效率和消費者體驗之間取得平衡。因此，讓我們的用戶根據產品、價格、服務在 1P 產品和 3P 產品之間進行選擇。所以要盡力滿足不同用戶的多樣化需求。所以我們3P的長期目標是GMV佔整個京東平台的60%左右。

(foreign language)

（外語）

[Interpreted] And also, I would like to share more about on the category side, as we see the economy recovery, it's still an ongoing situation and the fact that the mismatches of the high temperatures and the different time scheduling of the cell phones, et cetera. However, it is important to note that the overall performance in Q3 is not only influenced by the macro environment and function trends, but also these kind of seasonalities. And additionally, their ongoing efforts from our active efforts to further optimize our business structure. Nevertheless, overall, we are confident in the development momentum and the improvement of the health of our business.

[解讀]另外，我想在品類方面分享更多，當我們看到經濟復甦時，這仍然是一個持續的情況，事實上，高溫和手機不同時間安排的不匹配，等等。但值得注意的是，第三季度的整體表現不僅受到宏觀環境和功能趨勢的影響，還受到此類季節性因素的影響。此外，他們的持續努力也源於我們進一步優化業務結構的積極努力。儘管如此，總體而言，我們對發展勢頭和業務健康狀況的改善充滿信心。

(foreign language)

（外語）

Interpreted And as mentioned earlier, we expect supermarket category to show an improving trend with better growth rate in the second half of the year compared with the first half. With our dedicated forecast on enhancing the operational quality of this category, such as optimizing product category mix, improving sales channel structures and enhancing operational capabilities, we are confident to see positive profitability trends of the supermarket category. Long term speaking, supermarket category remains one of the key drivers of our growth.

解讀 正如前面提到的，我們預計下半年超市品類將呈現好轉態勢，增速較上半年更好。通過我們對提升該品類經營質量的專門預測，如優化品類結構、改善銷售渠道結構、增強運營能力，我們有信心看到超市品類盈利的積極趨勢。從長遠來看，超市品類仍然是我們增長的主要推動力之一。

(foreign language)

（外語）

Interpreted In the fashion category, we remain committed to expanding brands and merchants, enriching product offerings, optimizing the category structure and traffic allocation. By focusing on these key areas, we aim to maintain an improving growth trajectory of the fashion category.

解讀 在時尚品類，我們繼續致力於拓展品牌和商家，豐富產品線，優化品類結構和流量配置。通過專注於這些關鍵領域，我們的目標是保持時尚品類不斷改善的增長軌跡。

The next question comes from Alicia Yap with Citigroup.

下一個問題來自花旗集團的 Alicia Yap。

(foreign language)

（外語）

[Interpreted] With the first half and the 618 promotion event behind us, can management share with us how do you rate your execution performance so far year-to-date, which areas you believe JD has met your initial expectation? In which areas JD still need to improve or need to modify initial strategy to achieve the performance that you want?

【解讀】上半年和618促銷活動已經過去，管理層能否與我們分享一下您如何評價您年初至今的執行力？您認為京東在哪些方面達到了您最初的預期？京東在哪些方面還需要改進或需要修改初始策略才能達到您想要的業績？

(foreign language)

（外語）

[Interpreted] Thanks Alicia. So I just mentioned that actually in this quarter, we have taken measures to promote our everyday low price and to foster our open platform strategies, all have seen some positive progress. So on the user side, we've steadily implemented a series of actions to further optimize our price strategies and enhance user experience which has been well received by consumers, exceeding our expectations, whereas with the success of the grand promotion, it also like indirectly proof that users still have a very strong mentality towards promotions, which also means that it takes a relatively long period of time for users to change their mindset. Therefore, our commitment to promoting the everyday low price daily sales model needs time and dedication.

[解釋] 謝謝艾麗西亞。所以我剛才提到，實際上在這個季度，我們採取了一些措施來推動我們的日常低價，以及培育我們的開放平台戰略，都看到了一些積極的進展。所以在用戶方面，我們穩步實​​施了一系列的行動，進一步優化我們的價格策略，提升用戶體驗，受到了消費者的好評，超出了我們的預期，而隨著大促的成功，也間接證明用戶對於促銷的心態仍然非常強烈，這也意味著用戶需要較長的一段時間才能改變心態。因此，我們致力於推動天天低價的銷售模式需要時間和奉獻精神。

(foreign language)

（外語）

Interpreted And on the merchant acquisition part, it also takes time for the marketplace ecosystem to flourish. And although we have made good progress in attracting merchants, there's still significant room for improvement in platform operations and traffic allocation mechanism, et cetera.

解讀 在商家獲取方面，市場生態系統的蓬勃發展也需要時間。雖然我們在招商方面取得了不錯的進展，但在平台運營、流量分配機制等方面還有很大的改進空間。

The next question comes from Eddy Wang with Morgan Stanley.

下一個問題來自摩根士丹利的 Eddy Wang。

(foreign language)

（外語）

[Interpreted] My question is on the new business. We have heard some news flow talking about we will refocus on (inaudible) business. But if you look at the second quarter, the narrow loss of the new business actually has been quite significant. So I just wanted to ask what's our focus of the new business in the next 12 to 18 months.

[解讀]我的問題是關於新業務的。我們聽到一些新聞報導稱我們將重新專注於（聽不清）業務。但如果你看看第二季度，新業務的微幅虧損實際上已經相當嚴重了。所以我只是想問一下，未來12到18個月我們新業務的重點是什麼。

(foreign language)

（外語）

[Interpreted] Thank you, Eddy. Our primary focus remains on enhancing our supply chain capabilities, establishing an open ecosystem and developing on-demand retail and other long-term capabilities. On-demand retail includes our recently updated Shop Now service, which is a key component of our new retail strategy. Our innovative retail business integrates our (inaudible) community group buying business, distributed warehousing, and (inaudible) Fresh.

[翻譯]謝謝你，艾迪。我們的首要重點仍然是增強供應鏈能力、建立開放的生態系統以及發展按需零售和其他長期能力。按需零售包括我們最近更新的 Shop Now 服務，這是我們新零售戰略的關鍵組成部分。我們的創新零售業務整合了我們的（聽不清）社區團購業務、分佈式倉儲和（聽不清）生鮮業務。

Its main purpose is to create synergies within our supply chain operations. Currently, we are in the experimental phase, testing different models to enhance synergies in supply chain, and to generate a higher revenue to meet customers' demand and improve their shopping experience. Even when the business model proved viable in certain markets, we still will take a step-by-step approach and to test it city by city. So the overall investment is manageable. It won't affect our expectations for the full year profitability.

其主要目的是在我們的供應鏈運營中創造協同效應。目前，我們正處於實驗階段，測試不同的模式，以增強供應鏈的協同效應，產生更高的收入，以滿足客戶的需求並改善他們的購物體驗。即使商業模式在某些市場被證明是可行的，我們仍然會採取循序漸進的方式，逐個城市進行測試。所以總體投資是可控的。這不會影響我們對全年盈利能力的預期。

Yes, I think (inaudible) should be to generate higher synergy instead of higher revenue. So scale is not our top priority for these new businesses at this stage.

是的，我認為（聽不清）應該是產生更高的協同效應，而不是更高的收入。所以現階段對於這些新業務來說，規模並不是我們的首要任務。

And that question comes from [Kenneth Wong] with Credit Suisse.

這個問題來自瑞士信貸銀行的 [Kenneth Wong]。

(foreign language)

（外語）

[Interpreted] My first question is that we noticed that the e-commerce platforms are increasingly use low price strategy as a key focus and a key initiative. Users are more frequent to compare prices among different platforms. And platforms are also becoming more commoditized and similar. How would JD differentiate going forward and how should we think about the development for the overall China e-commerce industry going forward? And my second question is that we noticed that we are reentering the community group purchase. Can you share with us the strategy and how it is different from Jingxi that we invested before.

【解讀】我的第一個問題是，我們注意到電商平台越來越多地將低價策略作為重點和關鍵舉措。用戶更頻繁地比較不同平台之間的價格。平台也變得更加商品化和相似。京東未來將如何實現差異化？我們該如何思考中國電商行業的整體發展？我的第二個問題是，我們注意到我們正在重新進入社區團購。您能跟我們分享一下這個策略嗎？它和我們之前投資的京喜有什麼不同。

(foreign language)

（外語）

[Interpreted] Thank you, Kenny. At JD.com, we have constantly focused on strengthening our differentiated competitiveness. So our core advantages lies in our supply chain based business model by continuously developing our capabilities on supply chain and user experience, we can guarantee high-quality, low price and reliable product supplies. And also we can effectively matching products with our users, creating a superior sharing experience and further building users trust in jd.com. And we also want to reiterate that for not only e-commerce but all the retailers from day 1 of our existence, our core competitiveness or the assets of our business, it's the low price. So that's why we have always anchored on our business philosophy on cost efficiency and customer experience.

[翻譯]謝謝你，肯尼。在京東，我們不斷致力於增強差異化競爭力。所以我們的核心優勢在於我們基於供應鏈的商業模式，通過不斷發展我們的供應鏈能力和用戶體驗，我們可以保證高品質、低價格和可靠的產品供應。我們還可以有效地將產品與用戶匹配，創造卓越的分享體驗，進一步建立用戶對京東的信任。我們還想重申，不僅對於電子商務，而且對於我們成立第一天起的所有零售商來說，我們的核心競爭力或我們業務的資產，就是低價。這就是為什麼我們始終堅持成本效率和客戶體驗的經營理念。

So in fact, actually, we're very welcome, and we're looking forward to welcome our users to compare prices across platforms before they place the order decisions as we are very confident in our supply chain capabilities and the low price and high-quality services we can provide based on our distinct 1P services, which benefit from our scale advantages.

所以事實上，實際上，我們非常歡迎，我們期待歡迎我們的用戶在下訂單決定之前跨平台比較價格，因為我們對我們的供應鏈能力以及低價和高價非常有信心。基於我們獨特的1P服務，我們可以提供優質的服務，這得益於我們的規模優勢。

(foreign language)

（外語）

Interpreted So as I introduced earlier that we continue to focus on strengthen users' mindshare towards our superior selection, speed, quality and value offering. So now we want to leverage our established advantages in speed and quality, while at the same time, we're continuously working on expanding our platform ecosystem by attracting more merchants and enhancing its diversity and richness, this will enable us to cater to more verified demand of our users to work more on the selection and value part.

正如我之前介紹的那樣，我們將繼續致力於增強用戶對我們卓越的選擇、速度、質量和價值的認知度。因此，現在我們希望利用我們在速度和質量方面的既定優勢，同時，我們不斷致力於通過吸引更多商家並增強其多樣性和豐富性來擴展我們的平台生態系統，這將使我們能夠迎合更多經過驗證的客戶我們的用戶要求在選擇和價值部分上下更多的功夫。

(foreign language)

（外語）

Interpreted So at the same time, we have made significant efforts to ensure and improve the user experience, including first, maintaining efficient management for merchants entry and product management and secondly, continuously enhancing the scale effect of our 1P business to drive down procurement costs and pass on the benefit to users. In the meantime, raising the standards of our 1P services to ensure the best user experience; and lastly, emphasizing on the core criteria of product, price and service in our platform operations.

同時，我們在保證和提升用戶體驗方面也做出了很大的努力，包括一是保持商家入駐和產品管理的高效管理，二是不斷增強1P業務的規模效應，降低採購成本和將利益讓利給用戶。同時，提高1P服務標準，確保最佳的用戶體驗；最後，強調我們平台運營中的產品、價格和服務的核心標準。

(foreign language)

（外語）

Interpreted With regards to (inaudible), we have mentioned previously. Our community group buying business and the team have maintained its presence throughout. Following our business optimization last year, (inaudible) has shifted its focus to Beijing and the surrounding regions. The team is now exploring the local short chain supply chain model, especially on fresh products, refining its product offerings, enhancing user experience, optimizing business processes and improving its UE. Currently, (inaudible) is conducting small-scale pilots to test this model and the overall investment is manageable.

解釋 關於（聽不清），我們之前已經提到過。我們的社區團購業務和團隊始終保持著存在感。繼去年我們的業務優化之後，（聽不清）已經將重心轉移到了北京及周邊地區。目前，團隊正在探索本土短鏈供應鏈模式，尤其是生鮮產品，完善產品體系，提升用戶體驗，優化業務流程，提升用戶體驗。目前（聽不清）正在小規模試點測試這一模式，總體投資可控。

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.

我們現在電話會議即將結束。現在我將把電話轉給京東的張肖恩（Sean Zhang）做總結髮言。

Thank you for joining us on our call today and for your questions. If you have further questions, please contact me and IR team. We appreciate your interest in JD.com and look forward to talking to you again next quarter. Thank you. .

感謝您今天參加我們的電話會議並提出問題。如果您還有其他問題，請聯繫我和 IR 團隊。我們感謝您對京東的興趣，並期待下季度再次與您交談。謝謝。 。

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

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。晚上好。

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

[本文字記錄中標記為[已翻譯]的部分是由現場通話中的口譯員朗讀的。]