京東 (JD) 2025 Q1 法說會逐字稿

Hello, and thank you for standing by for JD.com's first-quarter 2025 earnings conference call. At this time, all participants are in listen-owned mode. After management prepared remarks, there will be a question and answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time.

您好，感謝您參加京東2025年第一季財報電話會議。此時，所有參與者都處於聆聽模式。管理階層準備好發言稿後，將進行問答環節。今天的會議正在錄製中。如果您有任何異議，您可以立即斷開連接。

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

現在，我想將會議交給今天會議的主持人、投資者關係總監 Sean Zhang。前進。

Thank you. Good day, everyone. Welcome to JD.com Q1 2025 earnings conference call. With us today is CEO of JD.com, Ms. Sandy Xu, she will kick off the call with her opening remarks; and our CFO, Ms. Ian Su Shan, will discuss the financial results. Then we'll open the call to question for analysts.

謝謝。大家好。歡迎參加京東2025年第一季財報電話會議。今天和我們一起參加會議的是京東集團首席執行官徐珊女士，她將以開場白開始會議；和我們的首席財務官 Ian Su Shan 女士將討論財務結果。然後我們將開始分析師提問環節。

Before turning the call over to Sandy, let me quickly cover the Safe Harbor. Please be reminded that during this call, our comments and responses to questions reflect management's view as of today only, and we'll include forward-looking statements. So please refer to our latest Safe Harbor statement in the earnings press release on our website, which applies to this call.

在將電話轉給桑迪之前，請容許我快速介紹安全港。請注意，在本次電話會議中，我們的評論和對問題的回答僅反映管理層截至今天的觀點，並且我們將包含前瞻性陳述。因此，請參閱我們網站上收益新聞稿中適用於本次電話會議的最新安全港聲明。

We'll discuss certain non-GAAP financial measures. So please refer to the reconciliation of non-GAAP measures to the comparable GAAP measure in the earnings press release. Please also note all figures mentioned in this call are in R&B, unless otherwise stated.

我們將討論某些非公認會計準則財務指標。因此，請參閱收益新聞稿中非 GAAP 指標與可比較 GAAP 指標的對帳。另請注意，除非另有說明，本次通話中提到的所有數字均為 R&B。

So now let me turn the call over to our CEO, Sandy. Sandy, please.

現在，讓我將電話轉給我們的執行長桑迪 (Sandy)。桑迪，請。

Thank you, Sean. Hello, everyone. Thank you for joining our earnings conference call today. Our business maintained robust momentum in the last quarter of 2024 and kicked off 2025 with an even stronger set of results in Q1.

謝謝你，肖恩。大家好。感謝您參加我們今天的收益電話會議。我們的業務在 2024 年最後一個季度保持了強勁勢頭，並在第一季以更強勁的業績拉開了 2025 年的序幕。

Our total revenues were up 16% year on year, a further acceleration from the prior quarter with healthy growth across the board. We meaningfully outpaced total retail sales and online retail sales of physical goods in the same quarter. We continued to enhance our supply-chain capabilities and solidified market leadership in our electronics and home appliances category.

我們的總營收年增16％，比上一季進一步加速，全面實現健康成長。我們在同一季度的零售總額和實體商品網上零售額均大幅超過其他任何公司。我們持續增強供應鏈能力，鞏固我們在電子和家用電器領域的市場領導地位。

While further tapping into the vast market potential in the general merchandise category and building up our user man share. Our business also continued to see healthy profit growth during the quarter. Our non-GAAP net profit was up 43% year on year to 12.8% billing R&B with net margin expanding by 82 [weeks] to 4.2%. This was primarily driven by year-over-year improvement in our gross margin, a trend that we've sustained for 12 quarters in a row as our team continues to focus on driving best-in-class user experience, lower cost and higher efficiency.

同時進一步挖掘百貨類別的龐大市場潛力，提升用戶佔有率。本季度，我們的業務利潤也持續保持健康成長。我們的非公認會計準則淨利潤年增 43%，其中 R&B 業務成長 12.8%，淨利潤率擴大 82 週，達到 4.2%。這主要得益於我們毛利率的逐年提高，由於我們的團隊繼續專注於提供一流的用戶體驗、降低成本和提高效率，我們已經連續 12 個季度保持了這一趨勢。

Let's first look at our category performance. We saw continued healthy demand for electronics and home appliances on our platform in Q1, leading to a further acceleration in revenue growth to 17% year over year. The healthy demand in this category demonstrates the underlying strength and vast potential of domestic consumption, as well as JD's unparalleled strengths in supply chain and the user man share.

我們先來看看我們的類別表現。我們看到第一季平台對電子產品和家用電器的需求持續旺盛，導致營收成長進一步加速至年增 17%。該品類的健康需求體現了國內消費的底氣和巨大潛力，也體現了京東在供應鏈和用戶佔有率方面無與倫比的優勢。

CD's business model enables us to seize structural opportunities in the industry driven by the government's consumption stimulus policies, the innovation of technologies, and continuous rollout of new product models.

CD的商業模式使我們能夠抓住政府消費刺激政策、技術創新和新產品模式不斷推出所推動的產業結構性機會。

We are confident to generate more vitality and resilience in our long-term growth in electronics and home appliances. Moving on to general merchandise. In Q1, revenue growth here also accelerated sequentially to 15% year on year. To break this down, supermarket category revenue growth hit double digits for the fifth consecutive quarter.

我們有信心在電子家電的長期成長中激發出更多的活力和韌性。接下來是日用百貨。第一季度，該業務的營收成長速度也較上年同期加快至 15%。具體來說，超市類別的營收成長連續第五個季度達到兩位數。

In particular, it had a robust promotion season during the Chinese Lunar New Year with the revenues and users both on a solid growth trajectory. The momentum of supermarket category is expected to carry on throughout 2025.

尤其是農曆新年期間的促銷季十分火爆，收入和用戶均呈現穩定成長的勢頭。預計超市類別的成長動能將持續到2025年。

This performance is the result of continued refinement across every stage of our retail supply chain from enhanced procurement capabilities and improved fulfillment efficiency to a stronger user experience and increased user mind share. Supermarket offers massive market scale with fragmented players and relatively low online penetration so we see a lot of headroom to step up our growth and profit improvement in this key category.

這項業績是我們零售供應鏈各階段不斷改進的結果，從增強採購能力、提高履行效率到增強用戶體驗、提高用戶心智份額。超市市場規模龐大，參與者分散，線上滲透率相對較低，因此我們認為這個關鍵類別具有很大的成長和利潤提升空間。

Our fashion category further accelerated revenue growth in Q1, driven by a continually enhanced assortment of brands and merchants, along with growing user recognition. Supported by our differentiated road map to scale our fashion business scale and strengthen user mind share, we anticipate strong operational tailwinds throughout the year. We expect supermarket, fashion, and other high-potential growth categories within general merchandise, which we are only beginning to unlock to further propel our long-term growth trajectory.

受品牌和商家種類不斷增強以及用戶認知度不斷提高的推動，我們的時尚類別在第一季進一步加速了營收成長。在我們擴大時尚業務規模和加強用戶心智份額的差異化路線圖的支持下，我們預計全年將出現強勁的營運順風。我們預計超市、時尚和日用百貨中的其他高潛力成長類別，我們才剛開始解鎖這些類別，以進一步推動我們的長期成長軌跡。

Moving on to user growth and engagement, another bright spot in Q1. During the quarter, our quarterly active customer number was up double digits year on year, with increased average user shopping frequency and notable acceleration. JD Plus recorded double digit year on year growth in both shopping frequency and ARPU in Q1. Overall, we are pleased with the robust user traction we have attained.

用戶成長和參與度是第一季的另一個亮點。本季度，我們的季度活躍客戶數較去年同期成長兩位數，用戶平均購物頻率提升且成長率明顯。京東Plus第一季購物頻次和ARPU均實現年比兩位數成長。整體而言，我們對所獲得的強勁用戶吸引力感到滿意。

It's a reflection of the strong momentum of our core retail business and our ever-enhancing user experience. We constantly review and always strive to improve our user experience. Particularly in Q1, our team tackled a number of sticking points to further streamline our after-sales services and continued to increase AI adoption to improve efficiency, and the personalization of search and recommendation. AI shopping guide consultation, as well as delivery and after sales services, among others.

這體現了我們核心零售業務的強勁勢頭和不斷提升的用戶體驗。我們不斷審查並始終致力於改善我們的用戶體驗。特別是在第一季度，我們的團隊解決了一些癥結，進一步簡化了我們的售後服務，並繼續增加人工智慧的採用以提高效率以及搜尋和推薦的個人化。AI導購諮詢、外送、售後服務等。

We believe our user momentum will get stronger as we continue to optimize user experience and work on user synergies across our businesses. We've also made steady progress in executing our low-price strategy and building out our 3P ecosystem.

我們相信，隨著我們不斷優化用戶體驗並致力於跨業務的用戶協同效應，我們的用戶發展勢頭將更加強勁。我們在執行低價策略和建構 3P 生態系統方面也取得了穩步進展。

In Q1, our net promoter score, the NPS, on price competitiveness improved both year on year and sequentially, demonstrating that our low price efforts are better resonating with our users. Growth of older volume and user base in lower tier markets also continued to outpace that of higher tier markets on our platform.

第一季度，我們的價格競爭力淨推薦值（NPS）同比和環比均有所提升，表明我們的低價舉措更好地引起了用戶的共鳴。在我們平台上，低線市場的舊量和用戶群的成長也持續超過高線市場。

On the 3P ecosystem side as we further expanded merchant base and product offerings, both our 3P order volume and 3P buyers increased strongly year on year. This momentum also contributed to the robust growth of our marketplace and the marketing revenues, which were up 16% year on year in Q1, a meaningful pickup compared to preceding quarters.

在 3P 生態系統方面，隨著我們進一步擴大商家基礎和產品供應，我們的 3P 訂單量和 3P 買家數量均較去年同期強勁成長。這一勢頭也促進了我們市場和行銷收入的強勁增長，第一季同比增長 16%，與前幾季相比有顯著增長。

Over the years, we've built a very robust and scaled retail business with strong supply chain capabilities and best-in-class user experience. Retail remains the cornerstone of JD and serves as the foundation from which we will continue to pursue more exciting growth opportunities. One recent notable opportunity is our rapid growing food-delivery business.

多年來，我們建立了非常穩健且規模化的零售業務，擁有強大的供應鏈能力和一流的用戶體驗。零售仍然是京東的基石，也是我們繼續尋求更多令人興奮的成長機會的基礎。最近一個值得注意的機會是我們快速成長的食品配送業務。

Starting from core retail, JD is expanding into on-demand retail, meeting users diverse needs in different shipping scenarios -- shopping scenarios. Food delivery has the highest shopping frequency and contributes the majority of orders within on-demand retail.

京東從核心零售出發，向按需零售拓展，滿足用戶在不同的配送場景——購物場景下的多樣化需求。食品配送是購物頻率最高的，並佔據了按需零售中大部分訂單。

Moreover, food delivery is a vast market with abundant and high demand and opportunities. And JD has the right culture strength, including the established system for human network talents, as well as business model to effectively address these demands.

此外，外送市場廣闊，需求和機會豐富且高。而京東擁有適當的文化實力，包括已建立的人力網絡人才體系，以及有效滿足這些需求的商業模式。

It's important to note that at JD, we do not see food delivery as a standalone business. It's deeply rooted and well-integrated into JD's robust retail infrastructure and ecosystem, a pivotal differentiator.

值得注意的是，在京東，我們並不將食品配送視為一項獨立的業務。它深深紮根於京東強大的零售基礎設施和生態系統，並與之完美融合，這是一個關鍵的區別因素。

In a very brief time, JD food delivery has made remarkable headway in the aspects of order volume on board the merchants and right. In particular, as we speak, JD food-delivery order volume today is reaching close to 20 million orders, another important milestone that we expect to surpass very soon. This demonstrates our incentive, strategies, and strong execution at the right time.

京東外送在很短的時間內，在商家端和平台端的訂單量方面都取得了顯著的進展。特別是，就在我們說話的時候，京東外賣今天的訂單量已經接近2000萬單，這是另一個重要的里程碑，我們預計很快就會超越它。這在正確的時間反映了我們的激勵、策略和強大的執行力。

On-demand retail, with food delivery included, will generate powerful synergies with our core retail and other businesses such as daily health and drive overall growth and efficiency gain across the entire JD ecosystem in the years to come.

包括食品配送在內的按需零售將與我們的核心零售以及日常健康等其他業務產生強大的協同效應，並在未來幾年推動整個京東生態系統的整體成長和效率提升。

In addition to food delivery, we are excited to work on a number of other initiatives. For example, in April, we launched a RMB200 billion export-to-domestic sales program to work with export manufacturers to expand domestic market presence. It will also enrich product supplies on our platform, particularly those featuring great quality and low price.

除了食品配送之外，我們還很高興開展許多其他計劃。例如，今年4月，我們啟動了2,000億元人民幣的出口轉內銷計劃，與出口製造商合作擴大國內市場。這也將豐富我們平台上的產品供應，特別是那些物美價廉的產品。

In addition, we've also been driving the application of AI and automation technologies across the demand, supply, and fulfillment aspects of our entire ecosystem such as better connecting user demand with our product offerings, delivery options, improving efficiency of our warehousing and fulfillment operations. And developing AI enabled tools to create better cost effective for our 3P merchants.

此外，我們也一直在推動人工智慧和自動化技術在整個生態系統的需求、供應和履行方面的應用，例如更好地將用戶需求與我們的產品供應、交付選項聯繫起來，提高倉儲和履行營運的效率。並開發支援人工智慧的工具，為我們的 3P 商家創造更好的成本效益。

We are excited as AI is transforming the retail industry. As the largest retailer in China, we see abundant adoption scenarios. In summary, Q1 was very productive and exciting. Our core retail business progressed favorably with a robust growth on both top-line profits. And we are more excited as we are tap into a set of great growth opportunities to expand our future time.

我們很高興看到人工智慧正在改變零售業。作為中國最大的零售商，我們看到了豐富的應用場景。總而言之，第一季非常富有成效且令人興奮。我們的核心零售業務進展順利，營業利潤均實現強勁成長。我們更加興奮的是，我們正在挖掘一系列巨大的成長機會來擴大我們的未來。

Beyond our solid core business, we believe it is important for companies to hold a long-term perspective, remain steadfastly focused on its strategic priorities while maintaining flexibility to adapt to industry dynamics.

除了我們穩固的核心業務之外，我們認為，對於公司來說，保持長遠眼光、堅定不移地專注於其策略重點，同時保持靈活性以適應行業動態也很重要。

We believe JD today is on ever more solid footing, and we are making the necessary investments to support our sustainable long-term growth and bring value to society at large.

我們相信，如今的京東基礎更加穩固，我們正在進行必要的投資，以支持我們可持續的長期成長並為整個社會帶來價值。

This concludes my remarks. Now, let me pass it over to Ian.

我的發言到此結束。現在，讓我把它交給伊恩。

Thank you, Sandy, and hello, everyone. We had a robust start of the year amid the steady rebound in China's macroeconomy and consumption. In Q1, our total revenues growth accelerated to 16% year on year.

謝謝你，桑迪，大家好。今年以來，隨著中國宏觀經濟和消費持續回暖，我們取得了較好的開局。第一季度，我們的總營收年增16%。

We recorded a double-digit growth, and acceleration across our major revenue stream including electronics and home appliances, general merchandise, and service revenues, particularly marketplace and marketing. This performance stands as a strong proof of our ever-enhancing supply chain capabilities and user experience.

我們的主要收入來源（包括電子產品和家用電器、日用百貨和服務收入，尤其是市場和行銷）均實現了兩位數的成長和加速。這項成績有力地證明了我們不斷提升的供應鏈能力和使用者體驗。

In terms of profitability. Our growth margin expanded by 60 bps year on year to 15.9% in Q1. Sustaining a 12 quarter streak of year on year improvement. Non-GAAP net income attributable to ordinary shareholders was up 43% to RMB is RMB13 billion with non-GAAP net margin expanding by 82 bps to 4.2%.

就盈利能力而言。我們第一季的成長幅度較去年同期擴大了 60 個基點，達到 15.9%。連續 12 個季度保持同比增長。非美國通用會計準則下歸屬於普通股股東的淨利潤年增43%至130億元人民幣，非美國通用會計準則下淨利潤率年增82個基點至4.2%。

Alongside our strong financial results, we remain dedicated to delivering shareholder returns. In April, we completed annual cash dividend payouts of USD1.44 billion. Or $1 per ADS.

除了強勁的財務表現外，我們仍然致力於為股東帶來回報。四月份，我們完成了14.4億美元的年度現金分紅。或每 ADS 1 美元。

In terms of share buybacks, year-to-date in 2025, we repurchased a total of 80.7 million Class A ordinary shares equivalent to 40.4 million ADS.

在股票回購方面，2025 年年初至今，我們共回購了 8,070 萬股 A​​ 類普通股，相當於 4,040 萬股 A​​DS。

Which accounted for 2.8% of our ordinary shares outstanding as of December 31, 2024. The program demonstrated our dedication to creating value for our shareholders and our strong conviction in JD's long-term growth and financial performance.

占我們截至 2024 年 12 月 31 日已發行普通股的 2.8%。該計劃體現了我們致力於為股東創造價值以及對京東長期成長和財務表現的堅定信念。

Now, let's turn to our Q1 financial performance. Our net revenues grow by 16% year on year to RMB301 billion in Q1. Breaking down the mix, product revenues grow by 16% year on year, of which electronics and home appliances revenues were up 17%, and general merchandise revenues were up 15%. Both at a faster pace compared to the prior quarter.

現在，讓我們來看看第一季的財務表現。第一季度，我們的淨營收年增16%，達到人民幣3,010億元。分產品來看，產品營收年增16%，其中電子及家電產品營收成長17%，百貨產品營收成長15%。與上一季相比，兩者增速均有所加快。

For electronics and home appliances, we saw sustained strong consumption momentum in China as the government continued to implement stimulus policies. JD is well positioned with our supply chain advantages to fulfill consumer demands, providing best in class trading experience and further enhance our market position and user mindshare. Within general merchandise, both our supermarket and the fashion categories recorded double-digit revenue growth in QR with further acceleration from a quarter ago.

對於電子產品和家電而言，隨著政府持續實施刺激政策，我們看到中國消費動能持續強勁。京東憑藉其供應鏈優勢，能夠滿足消費者的需求，提供一流的交易體驗，進一步提升我們的市場地位與使用者心智。在百貨商品方面，我們的超市和時尚類別均在 QR 中實現了兩位數的收入成長，並且比上一季進一步加速。

General merchandise remains an important engine for our long-term sustainable growth as it represents huge market potential. And we will persistently strive to improve our operations and user experience in this category.

百貨商品仍然是我們長期可持續成長的重要引擎，因為它具有巨大的市場潛力。並且我們會持續努力改善該類別的營運和用戶體驗。

Service revenues growth also accelerated to 14% year on year in Q1. Within services, marketplace and marketing revenues were up 16%. And logistics and other service revenues were up 13%. For marketplace and marketing, its group pa continue to accelerate sequentially in Q1, and both commission and advertising revenues maintain double-digit growth momentum.

第一季服務收入年增至 14%。在服務領域，市場和行銷收入成長了 16%。物流和其他服務收入成長13%。在市場和行銷方面，集團盈利在第一季繼續環比加速，佣金和廣告收入均保持兩位數的成長動能。

This was a result collectively driven by many improving trends on our platform, including the increasing user traffic and engagement, our improving traffic allocation efficiency, as well as our expanding 3P merchant base and product offerings.

這一結果是由我們平台上的許多改進趨勢共同推動的，包括不斷增加的用戶流量和參與度、不斷提高的流量分配效率，以及不斷擴大的 3P 商家基礎和產品供應。

Now, let's turn to our segment performance. JD retail achieved robust growth in both top line and profitability. Its revenues were up 16% year on year in Q1, driven by a solid performance across all major categories.

現在，讓我們來談談我們的分部表現。京東零售的營收和獲利能力均實現了強勁成長。由於所有主要類別的強勁表現，其第一季營收年增 16%。

In addition, in Q1, JD retail's gross margin continued to improve for the 12th consecutive quarter as we continue to boost our procurement capabilities and accelerated growth of our high margin revenue streams.

此外，在第一季度，由於我們持續提升採購能力並加速高利潤收入流的成長，京東零售的毛利率連續第12季持續改善。

In terms of operating income in Q1, JD retail's non-GAAP operating income was up 38% year on year to RMB13 billion, and the operating margin was [RMB760], 4.9%. We are well on track to continue to drive healthy top line and profit trajectory for JD retail as we move forward.

營業收入方面，第一季京東零售非美國通用會計準則營業收入較去年同期成長38%至130億元，營業利益率為4.9%。隨著我們不斷前進，我們將繼續為京東零售帶來健康的營收和利潤軌跡。

Next, JD Logistics. JD logistics revenues grow by 11% year on year in Q1, with both internal and external revenues sustaining double-digit growth momentum. Its soft performance in terms of non-GAAP operating income in the quarter was in line with the expectations as it's proactively invested to upgrade fulfillment capacity and user experiences.

接下來是京東物流。京東物流第一季營收年增11%，內外營收均維持兩位數成長動能。由於該公司積極投資以升級履行能力和用戶體驗，本季非公認會計準則營業收入的疲軟表現符合預期。

In addition, JD logistics has been working on increasing automation levels across its work stream such as warehousing, sorting, (inaudible) and last mile delivery. This enables JD Logistics to improve its frontline employee productivity and safety as well as to further optimize its operational efficiency.

此外，京東物流一直致力於提高倉儲、分類、（聽不清楚）和最後一哩交付等工作流程的自動化水準。這使得京東物流能夠提高其第一線員工的工作效率和安全性，並進一步優化其營運效率。

Moving to new business in Q1, revenues of new business turned around to a positive growth of 18% year on year. At the same time, this non-GAAP operating loss widened to RMB1.3 billion.

轉入第一季新業務，新業務營收年減為盈，成長18%。同時，非美國通用會計準則經營虧損擴大至13億元。

Both were mainly driven by the fast growth of our [Qincy] business in Q1, a key pillar for us to penetrate into low-tier markets with a broad assortment of value-for-money products to better serve user demands and expand our user base there.

這兩項業績的成長主要得益於我們 [Qincy] 業務在第一季的快速成長，這是我們透過提供各種物有所值的產品滲透到低線市場以更好地滿足用戶需求並擴大低線市場用戶群的關鍵支柱。

JD food delivery by segment is also recorded on the new business. And it just started to scale at the end of Q1, the financial impact was not meaningful in the quarter. We are making very fast progress and gaining traction with consumers, merchants and riders with our differentiated business philosophy and model. In particular, we have good ROI for user acquisition.

京東外送分項業務也記錄在新業務中。而且它在第一季末才開始擴大規模，對該季度的財務影響並不大。我們憑藉著差異化的經營理念和模式，取得了快速的發展，並獲得了消費者、商家和騎士的青睞。特別是，我們在用戶獲取方面擁有良好的投資報酬率。

Closer to date in Q2, we've seen more tangible results from JD food deliveries user traffic, retention, as well as the great potential, to synergize with our retail business and the entire ecosystem.

截至第二季度，我們看到了京東外送用戶流量、留存率等方面更加切實的成果，以及與我們的零售業務和整個生態系統產生協同效應的巨大潛力。

Next, let's turn to our consolidated profit performance. In Q1, at the group level, our gross profit was up 20% year on year for RMB48 billion. Growth margin was up 60bps, up to 15.9%. It's primarily driven by JD rate of gross margin improvement, highlighting the high-quality development of our [cogminis].

接下來我們來看看我們的綜合利潤表現。一季度，集團毛利年增20%，達到480億元。成長幅度上升60個基點，達到15.9%。這主要得益於京東毛利率的提高，凸顯了我們業務的高品質發展[科格米尼]。

Non-GAAP net income attributable to ordinary shareholders at the group level increased by 43% year on year to RMB13 billion in Q1. With non-GAAP net margin of 82 bps to 4.2%. Our last 12 months free cash flow as of the end of Q1 was RMB38 billion compared to RMB61 billion in the same period last year. This was primarily due to cash outflows associated with the trading program and our efforts to secure product supplies to meet robust consumer demand. And this partially offset by our profit expansion.

一季度非美國通用會計準則下歸屬於集團普通股股東的淨利潤年增43%至130億元人民幣。非公認會計準則淨利率為 82 個基點至 4.2%。截至第一季末，我們過去 12 個月的自由現金流為人民幣 380 億元，而去年同期為人民幣 610 億元。這主要是由於與交易計劃相關的現金流出以及我們為確保產品供應以滿足強勁的消費者需求所做的努力。這部分被我們的利潤擴張所抵銷。

By the end of Q1, or cash and cash equivalent, restricted cash, and short-term investments total RMB203 billion.

截至第一季末，現金及現金等價物、受限現金、短期投資總額為2,030億元。

In summary, the strong performance in Q1 once again validates the effectiveness of our long-term strategic road map and our strong execution, particularly for confidence for JD retail to steadily unleash its potential in both scale and operational efficiency improvement. At the same time, we are proactively making exciting headway into new business to build powerful synergies across the JD ecosystem and explore long-term opportunities.

綜上所述，第一季的強勁表現再次驗證了我們長期策略路線圖的有效性和強大的執行力，尤其對京東零售在規模和營運效率提升方面穩步釋放潛力充滿信心。同時，我們積極開拓新業務，在京東生態系統中建立強大的協同效應，並探索長期機會。

It takes tremendous efforts, but eventually, will generate greater value for our customers, shareholders, and the society at large. With that, I will turn it back to Sean. Thank you.

這需要付出巨大的努力，但最終將為我們的客戶、股東和整個社會創造更大的價值。說完這些，我就把它交還給肖恩。謝謝。

Thank you, Sandy, and Ian. For the Q&A session, you're welcome to ask questions in Chinese or English, and our management will answer your questions in the language you ask. We'll provide English translation for convenience purpose only. In case of any discrepancy, please refer to our management statement in the original language.

謝謝你，桑迪和伊恩。在問答環節，歡迎您使用中文或英文提問，我們的管理階層將使用您提出的語言回答您的問題。我們僅出於方便的目的提供英語翻譯。如果有任何差異，請參閱我們原文的管理聲明。

Operator, we can open the call for a Q&A session. Thank you.

接線員，我們可以開啟問答環節了。謝謝。

(Operator Instructions)

（操作員指示）

Ronald Keung, Goldman Sachs.

高盛的 Ronald Keung。

Sandy and Sean, (spoken in Chinese) thank you Sandy Sean and Ian. Two questions from me. One is on our food delivery. What do we see as the medium term result for the food delivery initiative beyond maybe three to six months on the two quarters of pretty intense investments, and how do we see as the food delivery industry landscape in the medium term?

Sandy 和 Sean，（用中文說）謝謝 Sandy、Sean 和 Ian。我有兩個問題。一個是關於我們送餐的事情。在兩個季度相當密集的投資之後，我們認為外賣計劃在未來三到六個月的中期結果會如何？我們如何看待中期外送產業的前景？

Second question is on JD retail with the acceleration that you've commented on across categories, also the marginal expansion that we've seen. What have we done in driving, particularly, apparel and general merchandise strength, and what is our strategy in sustaining just overall healthy momentum beyond the training program into the second half? Thank you.

第二個問題是關於京東零售的，您提到了各個類別的加速發展，以及我們所看到的邊際擴張。我們在推動服裝和日用百貨商品成長方面做了哪些工作？除了訓練計畫之外，我們在下半年維持整體健康動能的策略是什麼？謝謝。

(spoken in Chinese)

（用中文說）

Thank you, Ronald. Let me first take the question on on-demand retail and food delivery that people really focus on. So I shared my thoughts regarding on-demand retail and food delivery business in the opening remarks. Let me elaborate further here.

謝謝你，羅納德。首先，我來回答大家比較關注的隨選零售和食品配送的問題。因此，我在開場白中分享了我對按需零售和食品配送業務的看法。讓我在這裡進一步闡述。

First, from a strategic perspective, on-demand retail and food-delivery business is a natural extension from JD's core retail business. So with the goal to provide user with a more diverse shopping experience and scenarios, food delivery has the highest order volume mix and frequency within on-demand retail. Therefore, JD food delivery business is deeply rooted in JD overall business ecosystem. It is not a stand-alone business. We believe on-demand retail, including food delivery, will create great synergy with JD existing business in terms of users, supply chain, and fulfillment going forward.

首先，從策略角度來看，按需零售和外送業務是京東核心零售業務的自然延伸。因此，為了提供用戶更多樣化的購物體驗和場景，食品配送在按需零售中擁有最高的訂單量組合和頻率。因此，京東外送業務深植於京東整體業務生態系統。它不是一個獨立的業務。我們相信，包括食品配送在內的按需零售將與京東現有業務在用戶、供應鏈和履行方面產生巨大的協同效應。

(spoken in Chinese)

（用中文說）

Yeah. So food delivery is a massive market with significant demand waiting to be fulfilled. So first, food delivery market in China is still growing rapidly with ample room for multiple platforms to thrive.

是的。因此，食品配送是一個巨大的市場，有大量的需求等待滿足。首先，中國的外送市場仍在快速成長，為多個平台的蓬勃發展提供了充足的空間。

Currently, there are demands from users, merchants, and riders waiting to be fulfilled, including user demand for food safety and quality, merchants' demand for reasonable commissions, and riders' demand for better protection.

目前，使用者、商家、騎士等方面都有亟待滿足的需求，包括使用者對食品安全品質的需求、商家對合理佣金的需求、騎士對更好保障的需求等。

JD has the right strength, culture, advantage to address such demands, including JD's better and cheaper brand awareness, the $0.35 principle that insists on taking only reasonable profit and its strong logistic operation and management capabilities. So JD is both capable and willing to address this demand.

京東有實力、有文化、有優勢來滿足這樣的需求，包括京東更好更便宜的品牌知名度、堅持只拿合理利潤的0.35美元原則、強大的物流運營管理能力。因此，京東有能力、也有意願滿足這項需求。

(spoken in Chinese)

（用中文說）

So let me elaborate a little bit further here. JD brand image of better and cheaper. JD has already built the mind share of better and cheaper among our nearly 600 million annual active customers, which will help our food delivery business quickly build user trust and meet user demand for safe and quality meals.

因此，讓我在這裡進一步詳細說明。京東的品牌形象較好、較便宜。京東已經在近6億年度活躍用戶中建立了「更好、更便宜」的消費觀念，這將有助於我們的外送業務快速建立用戶信任，滿足用戶對安全優質餐食的需求。

Of course, as you know, JD also established the industry's strictest merchant onboarding review standards and management system, which will further enhance user mind share and trust for JD.

當然，大家也知道，京東也建立了業界最嚴格的商家入駐審核標準和管理體系，這將進一步提升使用者對京東的信任度。

(spoken in Chinese)

（用中文說）

Regarding $0.35 principle, it is a principle that our founder insisted on and JD adheres to since day one of our operation, which is maintaining healthy yet only reasonable profit margin. By lowering commission rates and providing better traffic support to quality merchants, we can enable merchants to focus on food quality. This is a positive cycle. So for example, merchants joining JD food delivery platform before May 2025 will enjoy zero commission for the year.

關於0.35美元原則，這是我們創辦人堅持的原則，也是京東從營運第一天起就堅持的原則，即保持健康而合理的利潤率。透過降低佣金率、提供優質商家更好的流量支持，讓商家更專注於食品品質。這是一個良性循環。例如，2025年5月前加入京東外送平台的商家，當年可享有零佣金。

(spoken in Chinese)

（用中文說）

The logistic operation management capability. So JD existing on-demand retail delivery network and system, as well as our rich experience in B2C e-commerce logistic operation management, can be directly applied to food delivery by providing. Full social insurance, including the five insurance and one housing fund in China for the full-time delivery riders and offering accident insurance and health insurance for part-time riders. JD can improve rider retention and satisfaction, therefore providing our user with better services.

物流運作管理能力。因此，京東現有的按需零售配送網路和系統，以及我們在B2C電商物流營運管理的豐富經驗，可以直接應用於食品配送。完善的社會保險，為專職騎士購買國內五險一金，為兼職騎士購買意外險、健康險。京東可以提高乘客的留存率和滿意度，從而為我們的用戶提供更好的服務。

(spoken in Chinese)

（用中文說）

Regarding specific business objectives, our current focus for food delivery is one on user and merchant experience, number two on business scale, number three on investment ROI.

從具體的業務目標來看，目前我們在外賣方面的重點是：一是使用者和商家的體驗，二是業務規模，三是投資報酬率。

Food delivery business can generate great synergies with JD's existing business. Our mid- to long-term goal is to further strengthen the synergy effect and operational capability across JD ecosystem, providing sustainable growth driver for in the long term.

外送業務可以與京東現有業務產生很大的綜效。我們的中長期目標是進一步加強京東生態的協同效應和營運能力，為長期提供可持續的成長動力。

(spoken in Chinese)

（用中文說）

So, as of today, our system and operation capabilities still have a long way to go. We still have a lot of homework to do. Our focus is to -- right now is to improve operational efficiency on our system.

所以，到今天為止，我們的體系和營運能力還有很長的路要走。我們還有很多作業要做。我們的重點是－現在要提高我們系統的營運效率。

(spoken in Chinese)

（用中文說）

Ronald, for your second question, in the first quarter, we achieved a broad-based growth. General merchandise category also maintained its momentum of double-digit revenue growth year on year with both supermarkets and fashion categories hitting double-digit growth and further accelerating on a sequential basis. Over the past two years, our team has been relentlessly enhancing operational capabilities and user experience, which is generating results and helping to unlock the growth potential of the general merchandise category.

羅納德，關於您的第二個問題，在第一季度，我們實現了廣泛的成長。百貨類目也維持了同比雙位數收入成長的勢頭，其中超市類目和時尚類目均實現雙位數增長，且環比增速進一步加快。過去兩年，我們的團隊不斷提升營運能力和使用者體驗，取得了成效，釋放了百貨類的成長潛力。

(spoken in Chinese)

（用中文說）

To take a closer look for fashion category, including apparel over the past year, we made a lot of efforts in building user mind share attracting more users to use JD as their choice for apparel needs this year. We will further expand our brand selection and the merchant base. We will also leverage our supply chain advantages to reinforce our differentiated user mind share, such as value for money and the professionalism for core fashion categories.

仔細觀察過去一年包括服裝在內的時尚類別，我們在建立用戶心智份額方面做出了很多努力，以吸引更多用戶今年使用京東作為服裝需求的選擇。我們將進一步擴大我們的品牌選擇和商家基礎。我們還將利用我們的供應鏈優勢來加強我們差異化的用戶心智份額，例如物有所值和核心時尚類別的專業性。

Additionally, we will provide users with more new releases and best-selling SKUs. This will also empower brands and merchants to achieve higher quality growth on our platform.

此外，我們還將為用戶提供更多新品和暢銷產品。這也將賦能品牌和商家在我們的平台上實現更高品質的成長。

(spoken in Chinese)

（用中文說）

The supermarket category team has been continuously enhancing its operational capabilities over the past two years, achieving double digit revenue growth for five consecutive quarters with the momentum continuing to pick up.

超市品類團隊近兩年不斷提升營運能力，連續五季實現兩位數營收成長，且成長動能持續回升。

The total addressable market of Chinese supermarket industry is massive. JD can leverage its efficient one-business model and the supply chain advantages while further unlocking the synergies brought by food delivery and on-demand retail to meet users diverse needs across different shopping scenarios.

中國超市產業的總目標市場非常巨大。京東可以利用其高效的單一業務模式和供應鏈優勢，同時進一步釋放食品配送和按需零售帶來的協同效應，滿足用戶在不同購物場景下的多樣化需求。

(spoken in Chinese)

（用中文說）

While we see the growth momentum of general merchandise, we will continue to focus on user growth and user experience as well as ecosystem development to drive sustainable revenue growth this year and beyond.

雖然我們看到了日用百貨的成長勢頭，但我們將繼續關注用戶成長和用戶體驗以及生態系統發展，以推動今年及以後的可持續收入成長。

In terms of user growth and user experience, our quarterly active customers have maintained double-digit growth for six consecutive quarters, with Q1 accelerating to over 20% year on year, and effective driver for our revenue growth. Going forward, we will further refine our user operation capabilities and provide high-quality shopping experience across core retail, on-demand retail, and the food delivery business, sustaining healthy growth in both user base and engagement throughout the year.

在用戶成長和用戶體驗方面，我們的季度活躍客戶數連續六個季度保持兩位數成長，其中Q1年增超過20%，成為營收成長的有效驅動力。未來，我們將進一步完善用戶營運能力，在核心零售、隨選零售和外送業務領域提供高品質的購物體驗，全年維持用戶群和參與度的健康成長。

(spoken in Chinese)

（用中文說）

In terms of platform ecosystem, as 3P user experience continued to improve on our platform, we saw rapid growth in our 3P user base and order volume, which outpaced the overall growth of JD retail with a more established 3P ecosystem and a stronger user mind share towards our 3P offerings, we expect 3P to gradually analog growth potential in the mid to long term.

在平台生態系統方面，隨著我們平台上第三方平台用戶體驗的不斷提升，我們的第三方平台用戶群和訂單量快速增長，增長超過了京東零售的整體增長。憑藉更成熟的第三方平台生態系統和更強大的用戶口碑，我們預計第三方平台將在中長期逐步釋放成長潛力。

Thank you. Let's go to the second, question, please.

謝謝。請進入第二個問題。

[Ken Fung], CBS.

[Ken Fung]，哥倫比亞廣播公司。

(spoken in Chinese) JD has achieved a remarkable result in the food delivery business with a daily volume already close to 20 million a day. Can management share with us some of the key metrics like user retention, cross-selling opportunity with the retail business, short term, medium term and long term unit economic targets?

（中文）京東在外賣業務上取得了令人矚目的成績，日均外賣成交量已經接近2000萬單。管理階層能否與我們分享一些關鍵指標，例如用戶留任率、與零售業務的交叉銷售機會、短期、中期和長期單位經濟目標？

After our investment in food delivery business, we have witnessed a very strong user growth in engagement level. So how should we think about the financial impact for this new investment and the strategy?

在我們投資食品配送業務之後，我們見證了用戶參與度的強勁成長。那麼我們該如何看待這項新投資和策略的財務影響？

And my second question is related to AI. A different e-commerce platform have used AI to improve advertising ROI. As JD3P ecosystem continues to improve, can management share with us how AI has helped enhance JD advertising system and algorithm? Other than advertising, how is AI being applied to our other business segments, too? Thank you.

我的第二個問題與人工智慧有關。不同的電子商務平台已經使用人工智慧來提高廣告投資報酬率。隨著JD3P生態系統的不斷完善，管理層能否與我們分享AI如何幫助增強京東廣告系統和演算法？除了廣告之外，人工智慧還如何應用在我們的其他業務領域？謝謝。

S(spoken in Chinese)

S（中文口語）

Thank you, Kenny, for your question. Yes, our team is paying close attention to this data right now. If you don't achieve 20 million today, it will be -- it will happen very soon in the near future. This is an important milestone, and we feel very encouraged by this progress.

謝謝你，肯尼，提出這個問題。是的，我們的團隊現在正在密切關注這些數據。如果今天達不到 2000 萬，那麼在不久的將來它就會實現。這是一個重要的里程碑，我們對這項進展感到非常鼓舞。

In a very brief time of three months after the launch of JD food delivery, we have groundbreaking progress and very positive results. On the user side, food delivery daily order volume are growing very rapidly. We have gradually observed food delivery positive impact on traffic and user acquisition as well as boosting overall traffic conversion rate.

京東外送上線短短三個月時間，就取得了突破性的進展和非常積極的成果。在用戶端，外送日訂單量成長十分迅速。我們逐漸觀察到外送對流量和用戶獲取的正面影響，並提高了整體流量轉換率。

Currently, repeat rate among food delivery users are very healthy since food delivery business is integrated in JD app, we are also seeing initial cross-selling trend emerging on JD's platform primarily in supermarket and lifestyle service categories.

目前，由於外送業務已整合到京東應用程式中，外送用戶的重複率非常健康，我們也看到京東平台上出現了初步的交叉銷售趨勢，主要集中在超市和生活方式服務類別。

(spoken in Chinese)

（用中文說）

On the merchant side, we expanded from zero to over l one million onboarded stores in a short period of time, and merchants onboarding demand remain exceptionally strong and we feel the pressure for sure with a lot of stores that are currently under the system connecting process. This also enable us to rapidly expand our location-based product offering.

在商家方面，我們在短時間內從零擴展到超過一百萬家進駐商店，商家進駐需求仍然異常強勁，我們肯定會感受到壓力，因為許多商店目前正在進行系統連接。這也使我們能夠快速擴展基於位置的產品供應。

(spoken in Chinese)

（用中文說）

On the writer's side, we see same momentum. So the responses from writer are very positive with many writers showing great enthusiasm. We even don't have sufficient uniforms for new signed up JD riders. So definitely seeing very strong interest from a large number of riders eager to join JD platform.

從作者的角度來看，我們也看到了同樣的動力。因此作家們的反應非常積極，許多作家表現出了極大的熱情。我們甚至沒有足夠的製服供新註冊的 JD 騎手使用。因此，我們肯定看到大量騎手對加入京東平台表現出濃厚興趣。

All this demonstrated the immense potential of the industry. We are seeing very strong demand from all three parties. Well, this also validating our precise understanding of user demand and our strong execution capability, our team.

這一切都彰顯了該產業的巨大潛力。我們看到三方都有非常強勁的需求。嗯，這也驗證了我們對使用者需求的準確理解和我們團隊強大的執行能力。

We have to say we are still in the stage of building our fundamental capabilities.

應該說，我們還處於基礎能力建構的階段。

(spoken in Chinese)

（用中文說）

We also fully realized that JD delivery is still in the very early stage with rapid development. We have to note that JD full delivery is only launched within a few dozen days. So some of the operational initiatives are still being implemented, and the system optimization is still ongoing. We're able to -- I think we're able to share more details, including Yu Yee, and cross-category synergies at a later stage.

我們也充分認識到，京東配送還處於非常早期的階段，發展非常迅速。值得注意的是，京東全配送上線才短短幾十天。因此，一些營運措施仍在實施中，系統優化仍在進行中。我認為我們可以稍後分享更多細節，包括 Yu Yee 和跨類別協同效應。

Our current focus is to work on enhancing user experience, upgrading operational capabilities, building a healthier ecosystem for merchants, and providing secure employment for riders. Our investment will be centered around to -- centered around better meeting the needs of these three parties, namely user, merchants, and riders.

我們目前的重點是致力於提升使用者體驗、提升營運能力、為商家建立更健康的生態系統、為騎士提供穩定的就業機會。我們的投資將圍繞著更好地滿足用戶、商家和騎士這三方的需求。

The woman (spoken in Chinese)

女人（用中文說）

So therefore, we enter -- we made a strategic decision to enter the food delivery business with the focus on building a sustainable long-term business rather than achieving short-term financial targets for any particular quarter of the year. We're confident that as the business grows, it will gradually realize economic scale and operational efficiency improvements. More importantly, being deeply rooted within JD overall ecosystem, the food delivery business holds significant synergetic potential with our on-demand retail and our core retail operations going forward including driving incremental growth in user traffic, purchase frequency, and cross-selling, while enhancing efficiency and reducing costs through optimized delivery network citation and data-driven technology enhancement.

因此，我們做出了進入食品配送業務的策略決策，重點是建立可持續的長期業務，而不是實現一年中任何特定季度的短期財務目標。我們相信，隨著業務的成長，將逐步實現經濟規模和營運效率的提升。更重要的是，外送業務深深紮根於京東整體生態系統，未來將與我們的按需零售和核心零售業務產生巨大的協同潛力，包括推動用戶流量、購買頻率和交叉銷售的增量增長，同時透過優化配送網絡引用和數據驅動的技術增強來提高效率、降低成本。

(spoken in Chinese)

（用中文說）

Let me share my thoughts on your second question on the AI adoption advertising. We are actively embracing the tremendous opportunity presented by AI and automation. We firmly believe these technologies will profoundly transfer the retail industry, not only by enhancing operational efficiency and reducing costs, but also by significantly improving user experience and innovating business models. Currently, we are testing and applying AI technologies across numerous retail scenarios and the entire supply chain network.

讓我分享一下關於人工智慧採用廣告的第二個問題的想法。我們正在積極擁抱人工智慧和自動化帶來的巨大機會。我們堅信這些技術將深刻改變零售業，不僅提高營運效率、降低成本，更能顯著改善使用者體驗、創新商業模式。目前，我們正在眾多零售場景和整個供應鏈網路中測試和應用AI技術。

(spoken in Chinese)

（用中文說）

On the demand side, we are leveraging AI to better identify and stimulate user demand, enhancing the pre precise matching between demand and supply. For example, we are using AI to reform the search recommendation system.

在需求側，我們利用人工智慧來更好地識別和激發用戶需求，增強需求和供給之間的精準匹配。例如我們正在利用AI來改革搜尋推薦系統。

In the meantime, we are actively exploring innovative applications, including more efficient air power-shopping assistance. On the supply side, we are consistently upgrading a series AI-power tools for merchants to reduce cost and improve efficiency.

同時，我們也積極探索創新應用，包括更有效率的空中輔助購物。在供給側，我們持續升級一系列人工智慧工具，幫助商家降低成本，提高效率。

Concurrently, we are enhancing the productivity of AI one of JD, 1P ,procurement, and self-operations through AI optimizing efficiency during sourcing, product selection and pricing. Leveraging JD's unique supply chain advantage and experience, we are developing AI agents to significantly boost productivity for our sales and human personnel.

同時，我們正透過AI優化尋源、選購品、定價等環節的效率，提升京東、1P、採購、自營等環節的AI生產力。利用京東獨特的供應鏈優勢和經驗，我們正在開發人工智慧代理，以顯著提高銷售和人員的工作效率。

(spoken in Chinese)

（用中文說）

Of course, on the fulfillment side, not only AI, but also automation holds a lot of potential for efficiency gain, while implementing robotics automation technology across standardized warehouse process to enhance operational efficiency at every stage reducing employment workload and drive productivity and reduce operational costs through our warehouse operations.

當然，在履行方面，不​​僅是人工智慧，而且自動化都具有很大的效率提升潛力，同時在標準化倉庫流程中實施機器人自動化技術，可以提高每個階段的營運效率，減少員工工作量，提高生產力，並透過我們的倉庫運作降低營運成本。

(spoken in Chinese)

（用中文說）

In terms of AI applications for advertising business, our advertising R&D team is leveraging AI large language model to enhance a algorithm and recommendation effectiveness. Driving higher ad conversion rates and accelerating the ad-revenue growth. We are actively, developing and implementing a power advertising agents that can execute complex ad campaigns through simple commands for merchants, with particularly focused on serving the over 1 million merchants who have joined JD Platform in the past two years.

在廣告業務的AI應用方面，我們的廣告研發團隊正在利用AI大型語言模型來增強演算法和推薦效果。提高廣告轉換率並加速廣告收入成長。我們正在積極開發和實施強大的廣告代理，可以透過簡單的命令為商家執行複雜的廣告活動，特別專注於服務過去兩年加入京東平台的100多萬商家。

We believe AI agents can help merchants enhance ad efficiency and contain effectiveness while significantly reducing operational cost and complexity for business. Currently, our advertising revenue has continuously achieved double-digit growth. With accelerating momentum, we firmly believe there is significant potential for monetization, particularly through AI large language model driven efficiency gains that will fuel sustainable long-term growth.

我們相信人工智慧代理可以幫助商家提高廣告效率和控制效果，同時大幅降低業務的營運成本和複雜性。目前，我們的廣告收入連續實現兩位數的成長。隨著勢頭的加速，我們堅信貨幣化潛力巨大，特別是透過人工智慧大型語言模型驅動的效率提升，這將推動可持續的長期成長。

(spoken in Chinese)

（用中文說）

Of course, I forgot to mention AI there's a great, potential for adoption in advertising content generation. So in summary, we believe JD differentiated capability and extensive scenario across the entire supply chain provide the most fertile ground for widespread AI adoption in retail and supply chain operation, presenting us with unique opportunity to deeply integrate AI into every retail scenarios, ultimately enhancing operational efficiency, enhancing user experience, and unlocking long-term revenue and profit growth potential. Thank you.

當然，我忘了提到人工智慧在廣告內容生成方面具有巨大的應用潛力。綜上所述，我們認為京東差異化的能力和覆蓋整個供應鏈的廣泛場景，為人工智慧在零售和供應鏈運營中的廣泛應用提供了最肥沃的土壤，為我們提供了將人工智慧深度融入每個零售場景的獨特機會，最終提高營運效率，增強用戶體驗，並釋放長期收入和利潤成長潛力。謝謝。

Thank you. The next question is from Alicia. Go ahead.

謝謝。下一個問題來自艾麗西亞。前進。

This is Alicia (spoken in Chinese)

這是艾莉西亞（用中文說）

Thank you, Alicia. I'll answer your question regarding 618. So, first of all, this year's JD 618 campaign is centered around better and cheaper, aiming to enhance consumer mindshare by offering a wider range of product and use case, as well as a bunch of straightforward discounts.

謝謝你，艾莉西亞。我來回答你關於618的問題。因此，首先，今年的京東 618 活動以更好、更便宜為主題，旨在透過提供更廣泛的產品和用例以及一系列直接的折扣來提升消費者的認知度。

So in terms of schedule, following our tradition, this year's JD 618 campaign starts at 8 PM on May 31. Before this, we'll launch a so-called heartbeat shopping festival to meet consumer demand, bringing constant shopping surprises to user. The heart, the Heartbeat Shopping festival has officially started 8 PM. tonight, China time, and we welcome all investor analysts to jump in and experience it firsthand and help support consumption in China.

所以從時間安排上來說，按照我們的傳統，今年的京東618活動將於5月31日晚上8點開始。在此之前，我們將推出「心動購物節」來滿足消費者的需求，為用戶帶來持續不斷的購物驚喜。心動，心跳購物節已於晚上 8 點正式開始。今晚，中國時間，我們歡迎各位投資者分析師參與進來，親身體驗，幫助支持中國的消費。

In terms of marketing campaigns, this year, there are more shopping scenarios and promotional activities. This year also marks the debut of the national trading subsidy and JD food delivery debut on JD 618 campaign offering user and ultimate value for money experience with extra subsidies.

在行銷活動方面，今年的購物場景和促銷活動更加豐富。今年也推出了全國交易補貼和京東外送首次亮相京東618活動，為用戶提供額外補貼和極致性價比體驗。

In terms of merchant support, this year, JD 618 will provide multiple subsidy and traffic incentives for brands and merchants, focusing on content ecosystem and advertising to help merchants achieve explosive sales, a sustainable operations resulting in more predictable growth.

在商家扶持方面，今年京東618將為品牌商和商家提供多重補貼及流量激勵，聚焦內容生態和廣告投放，助力商家實現爆發式銷售，實現可持續運營，獲得更可預期的增長。

(spoken in Chinese)

（用中文說）

Since the beginning of this year, driven by a series of policies to boost consumption, the overall consumption trend has continued to improve, which will also promote the ongoing economic growth. Leveraging the ultimate user experience, JD has achieved healthy growth in both user-based and scale with the consumer market, picking up. And all preparation that we have done for the JD 618 campaign, we are more confident about the user growth and sales this year during JD 618 campaign and bringing consumer with better and cheaper shopping experiences.

今年以來，在一系列促進消費的政策推動下，消費整體情勢持續向好，這也將對經濟持續成長起到促進作用。憑藉著極致的用戶體驗，京東隨著消費市場的回暖，實現了用戶基礎和規模的健康成長。而我們為京東618所做的所有準備，讓我們對今年京東618的用戶成長和銷售更有信心，為消費者帶來更好、更實惠的購物體驗。

(spoken in Chinese)

（用中文說）

Alicia, regarding your question about JD's long term growth and emerging target, first, JD's business model is built on supply chain capabilities and centered around the user experience. Our long term investment will focus on enhancing user experience, driving user growth, and strengthening our advantages in one business model and the logistics services.

Alicia，關於你所提到的京東的長期成長和新興目標，首先，京東的商業模式建立在供應鏈能力之上，以使用者體驗為中心。我們的長期投資將專注於提升用戶體驗、推動用戶成長以及加強我們在單一商業模式和物流服務方面的優勢。

(spoken in Chinese)

（用中文說）

Specifically, first, in terms of user experience and user growth, we have been continuously enriching the supply of quality products on our platform and our ability to serve users meeting their diverse demands. For example, our efforts in Jingqi business.

具體來說，第一，在使用者體驗與使用者成長方面，我們不斷豐富平台優質產品的供給，並不斷提升服務使用者多樣化需求的能力。例如我們在精騎業務上的努力。

On-demand retail and food delivery have helped to accelerate user growth. The high frequency, high volume orders have also supplemented user data for the entire JD ecosystem, generating cross-selling opportunities and the synergies with our core business.

按需零售和食品配送有助於加速用戶成長。高頻率、高容量的訂單也補充了整個京東生態系統的用戶數據，產生了交叉銷售機會以及與我們核心業務的協同效應。

(spoken in Chinese)

（用中文說）

In terms of our one key capabilities, we have been improving our operations in categories such as electronics and home appliances and general merchandise, including supermarket and fashion categories. For example, we've been strengthening the -- or capabilities including category planning capabilities of our procurement and sales team. We aim to create a differentiated product supply advantage through capabilities like customization and exclusive sales.

就我們的一鍵能力而言，我們一直在改進電子、家電和百貨商品等類別的運營，包括超市和時尚類別。例如，我們一直在加強採購和銷售團隊的能力，包括品類規劃能力。我們旨在透過客製化和獨家銷售等能力創造差異化的產品供應優勢。

At the same time, we are constantly strengthening our industry leading supply chain system, leveraging the scale benefits to drive down procurement costs and improve efficiency.

同時，我們不斷強化業界領先的供應鏈體系，利用規模優勢降低採購成本，提高效率。

In terms of our logistics capabilities, we have made efforts to further upgrade our last mile fulfillment network and the capabilities. In addition, we will be leveraging automation and AI technologies to progressively implement intelligent solutions across all logistics operations with the aim to drive sustainable cost reduction and efficiency gains.

在物流能力方面，我們努力進一步升級最後一哩路的履行網絡和能力。此外，我們將利用自動化和人工智慧技術，逐步在所有物流營運中實施智慧解決方案，以推動可持續的成本降低和效率提升。

(spoken in Chinese)

（用中文說）

We are confident that these efforts will further strengthen JD supply chain advantages and continue to enhance user experience and mindshare on our enriched products, price competitiveness, and the service quality. This will drive better user growth and engagement and the position. Us for accelerated growth going forward. In the long run, our profit margins will continue to improve with the expansion of our business scale and increase the operational efficiency. JD's long term goal of achieving high single digit net margin remains unchanged.

我們相信，這些努力將進一步加強京東的供應鏈優勢，並持續提升使用者對我們豐富的產品、價格競爭力和服務品質的體驗和認知度。這將推動更好的用戶成長、參與度和地位。我們未來將加速成長。長期來看，隨著業務規模的擴大及營運效率的提高，我們的利潤率將持續提升。京東實現高個位數淨利潤率的長期目標保持不變。

Next question, please.

請回答下一個問題。

Thank you. The next question Thomas Jeffrey.

謝謝。下一個問題是托馬斯·傑弗裡。

(spoken in Chinese) Travel don't worry about the [Huang]. Thanks for taking my questions. My first question is about the trading program and subsidies to electronic categories. How should we think about the trend for smartphones and home appliances over the next few quarters? And my second question is about capital return. Can management comment about the latest updates on shareholders return like my back.

（用中文說）旅行不用擔心[黃]。感謝您回答我的問題。我的第一個問題是關於交易計劃和電子產品類別的補貼。我們該如何看待未來幾季智慧型手機和家電的趨勢？我的第二個問題是關於資本回報。管理階層能否就股東回報的最新消息發表評論？

Thank you.

謝謝。

Thomas, (spoken in Chinese)

湯瑪斯，（用中文說）

Thank you, Thomas. Since last year, a series of stimulus policies introduced by the government have already shown positive results. The trading program not only boosted consumer demand and driven sales of home appliances and mobile phones but also promoted the industry's shift towards offering more high-end and intelligent product selection. We are seeing significant potential in Chinese consumer market.

謝謝你，托馬斯。去年以來，政府推出的一系列刺激政策已取得積極成效。這項交易不僅刺激了消費需求，帶動了家電、手機等產品的銷售，也推動了產業轉向更高階、更智慧的產品方向。我們看到中國消費市場的巨大潛力。

(spoken in Chinese)

（用中文說）

We also expect to see very strong momentum of the electronic category, including mobile phone and home appliance categories in the second quarter.

我們也預期第二季電子類別（包括手機和家電類別）的成長動能將非常強勁。

(spoken in Chinese)

（用中文說）

We'll continue to enhance our supply chain and service cap capabilities to provide users with better shopping experience, converting potential demand into sales, increasing our market share in the electronics categories.

我們將持續提升供應鏈和服務能力，為用戶提供更好的購物體驗，將潛在需求轉化為銷售額，提高我們在電子產品類別的市場份額。

(spoken in Chinese)

（用中文說）

Now let me update the latest progress of our shareholder return. Year-to-date in 2025, we have repurchased a total of around 80.7 million ordinary shares equivalent to 40.4 million (inaudible) for a total of about USD1.5 billion US dollars. This represented about 2.8% of our ordinary shares outstanding as of December 31, 2024. Our average share buyback price was $37.18 per ADS. In addition, in March, we announced annual cash dividend for the year of 2024 and completed the dividend payment in this totaling $1.44 billion US dollars or $1 per ADF.

現在我來更新一下我們股東回報的最新進展。截至 2025 年底，我們共回購了約 8,070 萬股普通股，相當於 4,040 萬股（聽不清楚），總價值約 15 億美元。這約占我們截至 2024 年 12 月 31 日已發行普通股的 2.8%。我們的平均股票回購價格為每股 ADS 37.18 美元。此外，我們在3月份宣布了2024年度現金股息，並完成了本次股息支付，總額為14.4億美元，即每股ADF 1美元。

(spoken in Chinese)

（用中文說）

Going forward, we remain committed to give back to our shareholders through dividends and share buybacks. At the same time, we will keep focused on achieving long term healthy growth in business skill, profitability, and the cash flow. We aim to share our success with the shareholders through various ways.

展望未來，我們將持續致力於透過股利和股票回購回饋股東。同時，我們將繼續致力於實現業務技能、獲利能力和現金流的長期健康成長。我們致力於透過各種方式與股東分享我們的成功。

Okay. Thank you, Thomas.

好的。謝謝你，托馬斯。

Thank you. We are now approaching the end of the conference call. I will now turn the call over to JD.com. Shaun saying further remarks

謝謝。我們現在即將結束電話會議。現在我將電話轉給京東。肖恩進一步表示

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

感謝大家今天參加我們的電話會議，也感謝你們的提問。如果您還有其他問題，請聯絡我和我們的團隊。感謝您對京東的關注，期待下個季度與您洽談。謝謝。

For your participation.

感謝您的參與。

In state conference. This includes the consultation. Good day.

在州會議上。這包括諮詢。再會。