京東 (JD) 2025 Q2 法說會逐字稿

Hello and thank you for standing by for JD.Com second-quarter and interim 2025 earnings conference call. (Operator Instructions) Today's conference is being recorded. If you have objections, you may disconnect at this time.

您好，感謝您參加京東 2025 年第二季和中期收益電話會議。（操作員指示）今天的會議正在錄製。如果您有異議，此時您可以斷開連接。

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

Thank you, operator. Good day, everyone. Welcome to JD.Com's second-quarter and interim 2025 earnings conference call. With us today are our CEO of JD.Com, Ms. Sandy Xu; and our CFO, Mr. Ian Su Shan. Sandy will kick up the call with her open remark, and Ian will discuss the financial results. After that, we'll open the call to questions for analyst. Before turning the call over to Sandy, let me quickly cover the Safe Harbor.

謝謝您，接線生。大家好。歡迎參加京東2025年第二季及中期業績電話會議。今天與我們一起出席的有京東集團首席執行官徐珊女士和首席財務官蘇珊先生。桑迪將在電話會議上發表公開講話，伊恩將討論財務結果。之後，我們將開始向分析師提問。在將電話轉給桑迪之前，請容許我快速介紹安全港。

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. Please refer to our latest Safe Harbor statement in earnings press release on IR website, which applies to this call. We'll 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. Please also note, all figure mentioned today in this call are in RMB unless otherwise stated.

請注意，在本次電話會議中，我們對您的問題的評論和答案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 IR 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。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 GAAP 指標與可比較 GAAP 指標的對帳。另請注意，除非另有說明，本次電話會議中提到的所有數字均以人民幣為單位。

With that, let me turn the call over to our CEO, Sandy.

說完這些，讓我把電話轉給我們的執行長桑迪 (Sandy)。

Thank you, Sean. Hello, everyone. Thank you for joining our second-quarter 2025 earnings conference call. In the second quarter, we stay focused on providing the best user experience, lowering costs, and improving efficiency to drive healthy, sustainable growth. At the same time, we took some really exciting to further advance our long-term development.

謝謝你，肖恩。大家好。感謝您參加我們的 2025 年第二季財報電話會議。第二季度，我們將持續致力於提供最佳的使用者體驗、降低成本、提高效率，推動健康、永續的成長。同時，我們採取了一些真正令人興奮的措施來進一步推動我們的長期發展。

Looking at the overall performance. We are pleased to report a solid top line growth of 22% year-on-year in the second quarter, with the total revenues reaching RMB357 billion in the quarter. This strong momentum was driven by encouraging acceleration across most of our business lines, including electronics and home appliances, general merchandise categories, as well as service revenues.

縱觀整體表現。我們很高興地報告，第二季營收年增22%，總營收達到人民幣3,570億元。這一強勁勢頭得益於我們大多數業務線的令人鼓舞的加速增長，包括電子和家用電器、日用百貨類別以及服務收入。

Our non-GAAP net income attributable to ordinary shareholders in the quarter was RMB7.4 billion, compared to RMB14.5 billion in the same period last year, as a result of the investment and rapid growth in our new businesses, including our Food Delivery business.

本季度，我們非美國通用會計準則下歸屬於普通股股東的淨利潤為人民幣 74 億元，而去年同期為人民幣 145 億元，這得益於我們對包括食品外賣業務在內的新業務的投入和快速增長。

That said, our core business, JD Retail, continued to see healthy profitability improvement. JD Retail's non-GAAP operating profit increased by 38% year-on-year to RMB13.9 billion in the second quarter, with an operating margin of 4.5%, up from 3.9% in the same period last year. Overall, we are confident in our core Retail business while our new businesses, including JD Food Delivery, are progressing well as planned, aligning seamlessly with our strategic roadmap to drive long-term sustainable growth.

儘管如此，我們的核心業務京東零售的獲利能力仍持續健康提升。京東零售第二季非美國通用會計準則營業利潤年增38%至人民幣139億元，營業利益率為4.5%，高於去年同期的3.9%。總體而言，我們對我們的核心零售業務充滿信心，而包括京東食品配送在內的新業務正在按計劃順利推進，與我們的戰略路線圖無縫銜接，以推動長期可持續增長。

Behind these results, I'm particularly encouraged by the high morale and collaborative spirit across all the business teams at JD. Their collective effort forms a solid foundation that will continue to propel our upward momentum and the effective execution of our strategic goals.

這些成績的背後，京東所有業務團隊的高昂士氣和協作精神令我特別鼓舞。他們的共同努力奠定了堅實的基礎，將繼續推動我們的上升勢頭和戰略目標的有效執行。

I want to highlight three key progresses we achieved that underpinned our strong performance in the quarter and will sustain our healthy growth going forward. First, user growth and engagement stand out as a key achievement for us in Q2 as we continue to center on users and spare no effort in delivering the best possible user experience.

我想強調我們取得的三個關鍵進展，這些進展支撐了我們本季的強勁表現，並將維持我們未來的健康成長。首先，使用者成長和參與度是我們第二季度取得的一項重要成就，我們持續以使用者為中心，不遺餘力地提供最佳的使用者體驗。

Growth of our quarterly active customers, or the QAC, accelerated notably to over 40% year-on-year in Q2. And total QAC base reached a new milestone. The strong user momentum in the quarter was driven by both the accelerated growth of JD Retail's organic user base as well as incremental contributions from JD Food Delivery and (inaudible) business.

我們的季度活躍客戶（QAC）成長率在第二季顯著加快，年增超過 40%。整個QAC基地達到了一個新的里程碑。本季強勁的用戶成長勢頭得益於京東零售有機用戶群的加速成長以及京東食品配送和（聽不清楚）業務的增量貢獻。

In addition to user growth, we also see stronger user engagement. In particular, user shopping frequency on JD's platform rose by over 40% year-on-year in the second quarter, a notable improvement from previous quarters. For JD PLUS members, their shopping frequency grew by an even faster pace of over 50% year-on-year in Q2. This is a clear proof that our food delivery offerings resonate strongly with our highest quality user group.

除了用戶成長之外，我們還看到更強的用戶參與度。其中，第二季京東平台用戶購物頻率較去年同期成長超過40%，較前幾季大幅提升。京東PLUS會員購物頻率成長速度更快，第二季年增超過50%。這清楚地證明我們的食品配送服務與我們最優質的用戶群產生了強烈共鳴。

We also achieved record breaking results on the user front during the June 18 grand promotion this year, with the total number of purchasing users more than doubled year-on-year and total order volume surpassed 2.2 billion orders. The positive momentum in user growth and shopping behavior stands as a powerful testament to the synergies between our new business initiatives and core retail business. We will continue to deepen the synergies and unlock the greater value which we expect will strengthen overall user stickiness to our platform and drive higher lifetime value across the JD ecosystem.

今年618大促用戶量也創歷史新高，總購買用戶數較去年同期成長超過一倍，總訂單量突破22億單。用戶成長和購物行為的積極勢頭有力地證明了我們的新業務舉措與核心零售業務之間的協同作用。我們將繼續深化協同效應，釋放更大的價值，我們預計這將增強我們平台的整體用戶黏性，並推動整個京東生態系統的終身價值更高。

Secondly, our core business, JD Retail, continued to gain steady traction on the back of our further strengthened supply chain capabilities. In Q2, JD Retail achieved robust momentum on both top and bottom lines. By category, electronics and home appliances maintained a strong momentum in the quarter, with revenues up 23% year-on-year. This reflects our ever-evolving supply chain trend, which enables us to further enhance procurement capabilities and offer users extensive product selections, competitive price, and superior services. This strength has positioned us as a leader in the industry, both during periods of trading programs and throughout the day-to-day development.

其次，我們的核心業務京東零售在供應鏈能力進一步增強的帶動下持續穩定發展。第二季度，京東零售在營收和利潤方面均取得了強勁成長。從類別來看，電子及家電在本季保持強勁勢頭，營收年增23%。這反映了我們不斷發展的供應鏈趨勢，使我們能夠進一步增強採購能力，並為用戶提供廣泛的產品選擇、有競爭力的價格和優質的服務。這種優勢使我們無論是在交易計劃期間還是在日常發展過程中都成為行業領導者。

Our general merchandise business also delivered strong performance in the second quarter with revenues up 16% year-on-year. In particular, driven by our supply chain's strength. Our supermarket category further extended its streak of double-digit revenue growth to six consecutive quarters. Meanwhile, our fashion business continued to maintain double-digit year-on-year growth in revenues in Q2.

我們的百貨業務在第二季也表現強勁，營收年增 16%。尤其受到我們供應鏈實力的推動。我們的超市類別進一步延續了兩位數營收成長的勢頭，連續六個季度保持成長。同時，我們的時尚業務在第二季度繼續保持兩位數的同比增長。

The strong top line growth of JD Retail was coupled with an even stronger operating profit growth and the margin expansion in the quarter, progressing well toward its long-term target. The continued improvement in JD Retail's profitability is primarily driven by our stronger supply chain capabilities, which ultimately translate to better user experience, lower cost, and greater operating efficiency.

京東零售強勁的營收成長，加上本季更強勁的營業利潤成長和利潤率擴大，正朝著其長期目標穩步邁進。京東零售獲利能力的持續提升，主要得益於我們更強大的供應鏈能力，最終轉化為更好的用戶體驗、更低的成本和更高的營運效率。

Thirdly, we are also encouraged by the healthy development of our new business initiatives. JD Food Delivery business has experienced the rapid growth since its launch, with daily order volume increasingly exponentially in Q2 and several key milestones successfully achieved. We've made significant progress in onboarding high-quality merchants. And the number of full-time delivery drivers has increased rapidly. More importantly, JD Food Delivery has started to generate clear synergies with our core Retail business.

第三，新業務措施的健康發展也令我們感到鼓舞。京東外送業務自上線以來發展迅猛，第二季日訂單量呈指數級增長，並成功實現多個關鍵里程碑。我們在吸收優質商家方面取得了重大進展。全職送貨司機的數量也迅速增加。更重要的是，京東食品外送已經開始與我們的核心零售業務產生明顯的協同效應。

Beyond the user-related insights I just shared, we are also proactively capitalizing on the cross-selling opportunities brought by Food Delivery business. We are pleased to see the progress so far, particularly the increasing cross-sell ratio of new users brought in by Food Delivery. Supermarket categories, lifestyle services, and electronic accessories have benefited the most from this trend.

除了我剛才分享的與使用者相關的見解之外，我們也積極利用食品配送業務帶來的交叉銷售機會。我們很高興看到迄今為止的進展，特別是食品配送帶來的新用戶交叉銷售率的不斷提高。超市類別、生活方式服務和電子配件是這一趨勢的最大受益者。

Additionally, as our Food Delivery business scales, we believe it will further enrich our local supply of merchants and drive user traffic and engagement to all of our 30 merchants, helping establish a more dynamic and comprehensive 3P ecosystem on our platform.

此外，隨著我們的食品配送業務規模的擴大，我們相信它將進一步豐富我們當地的商家供應，並為我們所有的 30 家商家帶來用戶流量和參與度，幫助在我們的平台上建立更具活力和全面的 3P 生態系統。

For JD, the current priority for our Food Delivery business is to enhance core system capabilities, from optimizing order dispatching algorithms, to refining route planning technologies, all to strengthen JD Food Delivery's ability to better serve users and drive traffic and user growth to merchants on our platform.

對於京東而言，目前我們食品配送業務的首要任務是增強核心系統能力，從優化訂單調度演算法到完善路線規劃技術，所有這些都是為了增強京東食品配送更好地服務用戶的能力，並為我們平台上的商家帶來流量和用戶增長。

Driven by these efforts, we are encouraged to see that despite industry dynamics, JD Food Delivery has maintained a healthy order volume growth, especially for meal orders in Q3 quarter-to-date. I want to reiterate that we do not view our Food Delivery as a standalone business as it's deeply integrated with JD's broader ecosystem. We aim to further unlock synergies, not only between JD Food Delivery and JD Retail, but also with JD Logistics and other businesses across our ecosystem. This is where our strategic focus lies.

在這些努力的推動下，我們欣慰地看到，儘管行業動態如此，京東外賣仍然保持了健康的訂單增長，尤其是第三季度迄今為止的餐食訂單。我想重申，我們並不將食品配送視為一項獨立業務，因為它與京東更廣泛的生態系統深度整合。我們的目標是進一步釋放協同效應，不僅是京東食品配送和京東零售之間的協同效應，還包括與京東物流以及我們生態系統中的其他業務之間的協同效應。這就是我們的策略重點所在。

Going forward, we will stay focused on our strategic priorities and invest with high efficiency at appropriate pace amid the evolving dynamics in the food delivery market.

展望未來，我們將繼續專注於策略重點，並根據不斷變化的食品配送市場動態，以適當的節奏進行高效投資。

In addition to our robust operations and rising market position in the domestic market, we've also been proactively looking at opportunities to grow globally and taking some early exciting steps. Going global is a long-term vision and hosts strategic value for JD as we aim to leverage JD's unique advantages of supply chain know-how and technology.

除了我們在國內市場的強勁營運和不斷上升的市場地位之外，我們還積極尋找全球成長的機會，並採取了一些令人興奮的早期舉措。走向全球是一個長期願景，對京東來說具有戰略價值，因為我們旨在利用京東在供應鏈專業知識和技術方面的獨特優勢。

In recent years, JD Retail, JD Logistics, and JD Property all have taken steps to test and build out overseas retail formats, warehouse networks, transportation infrastructure, and local operational capabilities especially in Europe and the Middle East. We will share more color of our international development as we progress.

近年來，京東零售、京東物流、京東地產等紛紛在歐洲、中東等地區試水、佈局海外零售業態、倉儲網路、交通基礎建設以及在地化營運能力。我們將在前進的道路上，為國際化發展增添更多色彩。

To conclude, Q2 was a very productive quarter. We delivered both short-term results and strengthen our long-term strategic positioning. Our core retail business achieved accelerated top line growth alongside solid profit expansion, underscoring the resilience of our supply chain-based retail business model.

總而言之，第二季度是一個非常富有成效的季度。我們既取得了短期成果，也加強了我們的長期策略定位。我們的核心零售業務實現了加速的營收成長和穩健的利潤擴張，凸顯了我們基於供應鏈的零售業務模式的韌性。

Q2 also marked an important milestone in our long-term development as some of the key initiatives, both domestically and globally, steadily moved forward and started to show early tangible results. None of this happened overnight. These are the results of years of dedicated effort to strengthen our core supply chain capabilities, combined with extensive preparation to support our strategic expansion.

第二季也是我們長期發展的重要里程碑，因為一些國內和全球的重點措施正在穩步推進，並開始顯現出初步的實際成果。這一切都不是一夕之間發生的。這些都是我們多年來致力於加強核心供應鏈能力以及為支持策略擴張而進行大量準備的結果。

We always have a clear vision. Everything we do is centered on supply chain with our commitment to putting users first and elevating user experience. This will continue to drive every step of our long-term development and value creation for our users, business partners, and shareholders today and tomorrow in China and across the globe.

我們始終擁有清晰的願景。我們所做的一切都以供應鏈為中心，致力於將使用者放在第一位，提升使用者體驗。這將繼續推動我們今天和明天在中國和全球為用戶、業務合作夥伴和股東長期發展和創造價值的每一步。

With that, now let me turn the call over to our CFO, Ian.

現在，讓我將電話轉給我們的財務長伊恩 (Ian)。

Thank you, Sandy. Hello, everyone. In Q2, we delivered strong top line growth and robust margin improvement in core Retail business. Our total revenue growth for the second quarter was 22%, further accelerating from last quarter and significantly outpacing the growth of China's total retail sales. We saw double-digit growth across our major business lines including electronics and home appliances, general merchandise, and service revenues, all showing a solid momentum compared to previous quarters.

謝謝你，桑迪。大家好。在第二季度，我們的核心零售業務實現了強勁的營收成長和利潤率提升。我們第二季的總營收成長22%，比上一季進一步加快，並大幅超過中國社會消費品零售總額的成長。我們的主要業務線（包括電子和家用電器、百貨商品和服務收入）均實現了兩位數增長，與前幾季相比均顯示出強勁的勢頭。

Regarding profitability. Our gross margin reached 15.9% in Q2, marking the 13th consecutive quarter of gross margin expansion on a year-on-year basis, primarily driven by our core Retail business. Our non-GAAP net profit margin was down to 2.1%, mainly due to our investments in Food Delivery. Although near-term profitability is impacted by strategic investments, we remain confident that those efforts will position the company for sustained growth and long-term value creation.

關於盈利能力。我們第二季的毛利率達到15.9%，這是毛利率連續第13季年增，這主要得益於我們的核心零售業務。我們的非公認會計準則淨利率下降至 2.1%，主要原因是我們對食品配送的投資。儘管短期獲利能力受到策略性投資的影響，但我們仍然相信，這些努力將使公司實現持續成長和長期價值創造。

Now let's go to our financial results in Q2. Our top line growth maintained a strong momentum in the quarter. Total net revenues increased by 22% year-on-year to RMB357 billion in Q2. Breaking down the mix, product revenues were up 21%; with electronics and home appliances revenue up 23% year-on-year; and general merchandise revenues increasing by 16% year-on-year in the second quarter. Both showing further acceleration compared to previous quarters.

現在讓我們來看看第二季的財務表現。本季我們的營收成長保持強勁勢頭。第二季總淨營收年增22%至人民幣3,570億元。具體來看，第二季產品營收成長21%，其中電子及家電產品營收年增23%，日用百貨產品營收年增16%。與前幾季相比，這兩個數字均顯示出進一步的加速。

For electronics and home appliances, with government's ongoing stimulus policy and the revitalization of domestic consumption, JD is well-positioned to fulfill the demands of consumers and provide best-in-class user experience as JD has core competitive advantages in those categories, including strong user mindshare, robust product supply capabilities, as well as superior execution capabilities to effectively support local governments trading programs.

對於電子產品和家電，隨著政府持續的刺激政策和國內消費的復甦，京東能夠很好地滿足消費者的需求，並提供一流的用戶體驗，因為京東在這些類別中擁有核心競爭優勢，包括強大的用戶心智、強大的產品供應能力，以及卓越的執行能力，可以有效支持地方政府的交易計劃。

For general merchandise, major categories such as supermarket, fashion, home goods, and health all achieved double-digit revenue growth in Q2. We continue to see substantial untapped potential in our supermarket category, and we're confident in our ability to provide greater user experience with the best combination of product, price, and service in this category, while maintaining healthy growth momentum.

在百貨方面，超市、時尚、家居用品和健康等主要類別在第二季度均實現了兩位數的收入成長。我們繼續看到超市類別中巨大的未開發潛力，我們有信心透過該類別中產品、價格和服務的最佳組合為用戶體驗提供更好的體驗，同時保持健康的成長勢頭。

Service revenue saw a significant acceleration, rising 29% year-on-year in the second quarter. Notably, the growth rate of marketplace and the marketing revenues was 22% which has accelerated for six consecutive quarters. Both commission and advertising revenues maintain double-digit growth momentum in the second quarter.

服務收入大幅加速，第二季年增29%。值得注意的是，市場及行銷收入的成長率為22%，已連續六季加速。第二季佣金和廣告收入均保持兩位數的成長動能。

Key operating metrics of our platform ecosystem also showed meaningful progress in terms of both merchant base and user engagement. Logistics and other service revenues were up 34%. The growth rate of logistics and other service marked the eighth quarter high in Q2, primarily driven by our expanding Food Delivery business which generated additional delivery revenue.

我們平台生態系統的關鍵營運指標在商家基礎和使用者參與度方面也取得了有意義的進展。物流和其他服務收入成長34%。物流和其他服務的成長率在第二季度創下了第八個季度的新高，這主要得益於我們不斷擴大的食品配送業務，該業務產生了額外的配送收入。

Now let's turn to our segment performance. JD Retail revenues were up 21% year-on-year in Q2, driven by solid performance across many of our key categories. In addition, JD Retail continues to achieve year-on-year gross margin expansion, a trend sustained for 13 consecutive quarters. It also marked the highest level for any comparable quarter since inception. This strong track record has been primarily driven by the continued improvement of our supply chain capabilities.

現在讓我們來談談我們的分部表現。京東零售第二季營收年增 21%，這得益於我們許多關鍵品類的穩健表現。此外，京東零售毛利率持續實現年比擴張，這一趨勢已連續13個季度維持。這也創下了自成立以來任何可比季度的最高水平。這良好的業績記錄主要得益於我們供應鏈能力的持續提升。

In terms of operating income. In the second quarter, JD Retail's non-GAAP operating income was up 38% year-on-year to RMB13.9 billion and operating margin was up to 56 bps to 4.5%, maintaining a steady upward trend. We remain confident to further consolidate our market-leading position and drive steady profit improvement moving forward.

就營業收入而言。第二季度，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%至人民幣139億元，營業利潤率較去年同期成長56個基點至4.5%，維持穩定上升趨勢。我們仍然有信心進一步鞏固我們的市場領先地位並推動未來利潤的穩定成長。

Moving to JD Logistics. JD Logistics revenues were up 17% year-on-year for Q2, with both internal and external revenues sustaining double-digit growth momentum. As JD Logistics continue to invest in user experience, it's non-GAAP operating income in the quarter declined by 10.3% to RMB2 billion. That said, JD Logistics is prioritizing capacity building initiative, in last-mile pickup and delivery, as well as route optimization. These targeted investments are expected to lay the foundation for efficiency gains and margin expansion in the long term.

轉移到京東物流。京東物流第二季營收年增17%，內外營收均維持兩位數成長動能。由於京東物流持續投入用戶體驗，本季非美國通用會計準則營業收入下降10.3%至20億元。儘管如此，京東物流仍優先考慮最後一哩提貨和送貨以及路線優化方面的能力建設計劃。這些有針對性的投資預計將為長期提高效率和擴大利潤奠定基礎。

Turning to New Businesses. In Q2, New Businesses revenues tripled year-on-year. At the same time, it's non-GAAP operating loss widened to RMB14.8 billion, primarily driven by the rapid expansion of Food Delivery and Jingxi business. Despite near-term financial impact, this Food Delivery business has driven meaningful traffic and user growth and significantly boosted user shopping frequency. We have also observed a visible uplift in conversion and cross-selling with our core Retail business.

轉向新業務。第二季度，新業務營收年增三倍。同時，其非美國通用會計準則營業虧損擴大至148億元人民幣，主要受餐飲外送及京喜業務快速擴張的影響。儘管短期內受到財務影響，但這項食品配送業務已帶來有意義的流量和用戶成長，並顯著提高了用戶購物頻率。我們也觀察到核心零售業務的轉換率和交叉銷售明顯提升。

Moving forward, we will continue to focus on merchant supply, delivery efficiency, and user experience for Food Delivery business. Additionally, our Jingxi business also saw significant growth in the second quarter as we further penetrated into lower tier markets with extended offerings of value for money products.

未來，我們外送業務將持續專注於商家供應、配送效率和使用者體驗。此外，隨著我們進一步滲透到低線市場並擴大提供物有所值的產品，我們的京喜業務在第二季度也實現了顯著成長。

For our consolidated profit performance in the second quarter. Our gross profit was up 23% year-on-year to RMB56.6 billion. We have delivered 13 straight quarters of gross margin expansion year-on-year, reaching 15.9% in the second quarter. It was primarily driven by JD Retail's gross margin improvement, highlighting the high quality development of our core business.

對於我們第二季的綜合利潤表現。毛利年增23%至人民幣566億元。我們的毛利率已連續13季年增，第二季達到15.9%。主要得益於京東零售毛利率的提升，凸顯了核心業務的高品質發展。

Non-GAAP net income attributable to ordinary shareholders was RMB7.4 billion in Q2. Down 49% year-on-year and no--GAAP net margin declined to 2.1%. This near-term margin headwind mainly reflect our strategic investment in Food Delivery.

第二季非美國通用會計準則下歸屬於普通股股東的淨利為74億元。年減 49%，非 GAAP 淨利潤率下降至 2.1%。近期利潤率的逆風主要反映了我們對食品配送的策略性投資。

Our last 12-month free cash flow as of the end of the second quarter with RMB10 billion, compared to RMB56 billion in the same period last year. This was primarily due to cash outflows. Associated with the trading program and the decline in operating income. By the end of Q2, our cash and cash equivalent, restricted cash, and short-term investments totaled RMB223 billion.

截至第二季末，我們過去 12 個月的自由現金流為人民幣 100 億元，而去年同期為人民幣 560 億元。這主要是由於現金流出。與交易計劃和營業收入的下降有關。截至第二季末，我們的現金及現金等價物、受限現金及短期投資總額為人民幣2,230億元。

In summary, our second quarter performance was highlighted by robust top line growth. And happy margin extension of our core Retail segment, reflecting our strong execution capabilities and improving operational efficiency in a dynamic market environment.

總而言之，我們第二季的業績亮點是強勁的營收成長。我們核心零售部門的利潤率也得到了提高，這反映了我們強大的執行能力以及在動態市場環境中不斷提高的營運效率。

Looking ahead, we're excited about our new business initiatives and expected it will further accelerate growth in users and shopping frequencies, while creating great potential for generating synergies. With the continued momentum in our core business and well-executed new initiatives, we are confident in our long-term healthy growth.

展望未來，我們對新的業務舉措感到興奮，並預計它將進一步加速用戶和購物頻率的成長，同時創造巨大的協同效應潛力。憑藉核心業務的持續發展動能和良好執行的新舉措，我們對長期健康成長充滿信心。

With that, I will turn it back to Sean. Thank you.

說完這些，我就把它交還給肖恩。謝謝。

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

謝謝你，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來回答。我們僅出於方便的目的提供英語翻譯。如有任何差異，請參閱原文的管理聲明。接線員，我們可以開啟問答環節了。

(Operator Instructions)

（操作員指示）

Ronald Keung, Goldman Sachs.

高盛的 Ronald Keung。

(interpreted) Thank you, management, for taking my questions. First is on trading program that we've seen some temporary suspension of trading programs during June 18. And given some uncertainty about the magnitude or kind of extension of the program next year and some increased competition with other platforms as well, I just want to hear what is our electronics and strategy for the second half given the very strong for half growth and next year's strategy of growth and market targets.

（翻譯）謝謝管理層回答我的問題。首先是交易程序，我們發現 6 月 18 日期間有些交易程序被暫時中止。考慮到明年計劃的規模或擴展類型的一些不確定性，以及與其他平台的競爭加劇，我只想聽聽我們下半年的電子產品和戰略是什麼，考慮到上半年增長非常強勁，以及明年的增長戰略和市場目標。

Second is on Food Delivery with an intense competition of three players or more. Always, there's a contest between persistent execution and differentiation. So how should we think about JD's long-term commitment on this and particularly competing with the number one, which has the largest scale and number two with very deep pockets. Being a third player at this point could mean some foreseeable loss for a foreseeable period. So how do we assess the customer acquisition, cross-sell, and the eventual path to improving economics? Thank you.

第二項是“外帶”，三名或三名以上選手展開激烈角逐。堅持執行和差異化之間總是存在著競爭。那麼，我們應該如何看待京東在這方面的長期承諾，特別是與規模最大的第一名和資金雄厚的第二名的競爭。此時成為第三名球員可能意味著在可預見的時期內會遭受一些可預見的損失。那麼我們該如何評估客戶獲取、交叉銷售以及最終改善經濟的途徑？謝謝。

(interpreted) Thank you for your questions, Ronald. For your first question, during the implementation period of the trading program, JD has demonstrated a consistently solid performance and responsiveness. During the trading program period, the program itself has made significant progress in boosting consumption and driving industry upgrade this year. The government has also reiterated that the trading subsidy will be continued and with central funding being distributed in batches. During this period, JD has consistently taken a pro-active approach to the national policies, actively supporting the trading program and contributing to the effective implementation.

（翻譯）感謝您的提問，羅納德。對於您的第一個問題，在交易計劃實施期間，京東表現出了持續穩健的表現和回應能力。今年以來，深化貿易戰在促進消費、推動產業升級等方面取得了顯著進展。政府也重申將繼續提供交易補貼，並分批發放中央資金。在此期間，京東始終積極回應國家政策，積極支持交易計畫並推動其有效實施。

Our capabilities that enable us to achieve this include number one, our robust supply chain capability which ensure stable supplies of products along with reliable fulfillment and delivery services. Number two, our system and outline operational capabilities which enable us to quickly coordinate with the local government and facilitate the rapid implementation of the trading initiative across regions. Meanwhile, we have observed robust consumer demand on JD platform. In Q2, the revenue growth of our electronics and home appliance categories surpassed 20% year-on-year.

我們實現這一目標的能力包括：第一，我們強大的供應鏈能力，確保穩定的產品供應以及可靠的履行和交付服務。第二，我們的體系和概要運作能力，使我們能夠快速與地方政府協調，並促進跨地區的貿易措施快速實施。同時，我們觀察到京東平台的消費需求強勁。第二季度，我們電子、家電品類營收年增超過20%。

Secondly, I want to highlight that the trading policy itself is an opportunity now with competitive advantage of JD. But we have a clear strategy to strengthen our market share. We focus on product price and service, leverage our supply chain capabilities, scale and omnichannel expertise. We have sustained market share expansion throughout Q2 and Q3 to-date.

其次，我想強調的是，交易政策本身現在就是一個機會，也是京東的競爭優勢。但我們有明確的策略來加強我們的市場份額。我們專注於產品價格和服務，利用我們的供應鏈能力、規模和全通路專業知識。迄今為止，我們在第二季和第三季持續擴大市場份額。

First, in terms of product structure optimization, leveraging the national subsidy, JD partners up with Brands to accelerate product development, innovation, to launch new products such as smart home appliances and customized product. These efforts have helped better satisfy users' demand and quality replacement and advances industry upgrades.

一是在產品結構優化方面，京東借助國家補貼政策，攜手品牌商加速產品研發創新，推出智慧家電、客製化產品等新品。這些努力有利於更好地滿足用戶需求和品質更新換代，促進產業升級。

In terms of price advantage, we continue to expand our price advantage by leveraging our expertise in bulk purchasing product customization, and we always strive to reduce procurement costs and lower the price for our users. In terms of service capability enhancement, we continue to advance our integrated delivery and installation services, offering the industry best trading experience.

在價格優勢方面，我們利用大量採購產品客製化的專業優勢，不斷擴大價格優勢，始終致力於降低採購成本，為使用者提供更優惠的價格。在服務能力提升方面，我們持續推動配送安裝一體化服務，提供業界最佳的交易體驗。

So lastly, in the long term, JD will leverage its supply chain advantages in electronics and home appliances to actively drive industry upgrade and strengthen our user mindshare. We are confident in sustaining growth that is outpacing the industry, thereby solidifying and expanding our market share.

最後，從長遠來看，京東將利用其在電子和家電領域的供應鏈優勢，積極推動產業升級並增強用戶心智份額。我們有信心保持領先於行業的成長，從而鞏固和擴大我們的市場份額。

On your second question regarding Food Delivery, which is a heated topic that attracted a lot of attention lately, and we have a shared recently some of our thoughts. Here, I just want to share some of the highlights. So again, food delivery and on-demand retail is the key long-term strategic direction for JD with our commitment to improve on user experience, cost and efficiency. We continue to establish and enhance the operational and system capability related to the on-demand retail business and optimize user experience. As shared before, we have identified and met needs across the industry among merchants, riders, and users. And we are effectively addressing these needs through our quality food delivery model.

關於您的第二個問題，關於外賣，這是最近大家關注的熱門話題，我們也分享了一些想法。在這裡，我只想分享一些亮點。所以，再次強調，食品配送和按需零售是京東的長期關鍵策略方向，我們致力於改善使用者體驗、成本和效率。我們不斷建立和提升按需零售業務相關的營運和系統能力，優化用戶體驗。正如之前所分享的，我們已經識別並滿足了商家、騎士和用戶在整個行業中的需求。我們透過優質食品配送模式有效地滿足了這些需求。

Looking at some of the specific progress we made in Q2 on the rider side, at the end of Q2, the number of full-time food delivery riders on JD have exceeded 150,000. JD full-time employment system ensures that rider can work with dignity and security, which in turn also enhances our delivery experience. Both our order punctuality and service quality are steadily improving.

從我們第二季在騎手方面取得的一些具體進展來看，截至第二季末，京東全職外帶騎手數量已經超過15萬。京東的全職僱用制度確保了騎士能夠有尊嚴、有保障地工作，這也提升了我們的配送體驗。我們的訂單準時性和服務品質都在穩步提高。

On the supply side, we focus on quality food delivery, which is an important differentiation of JD Food Delivery. We onboarded over 1.5 million high-quality restaurant in the second quarter. Moreover, the proportion of orders from meals continued to rise. And we are helping quality restaurant achieve higher sales. We are also constantly innovating at the source of supply chain, launching a new innovative business model called 7Fresh Kitchen model to help consumer enjoy quality and affordable meals.

在供給側，我們專注於優質外賣，這是京東外賣的重要差異化優勢。我們在第二季度吸收了超過 150 萬家優質餐廳。而且，餐點訂單佔比持續上升。我們正在幫助優質餐廳實現更高的銷售額。我們也在供應鏈源頭不斷創新，推出7Fresh Kitchen模式的創新商業模式，幫助消費者享受到優質又實惠的餐點。

In terms of system capabilities, our food delivery R&D and operation teams are rapidly reiterating to enhance system functionality, including order dispatching efficiency, algorithm improvement, subsidy efficiency, and advertising system to provide a better experience for users, merchants, and riders.

在系統能力方面，我們的外送研發和營運團隊正在快速迭代提升系統功能，包括訂單派送效率、演算法改進、補貼效率、廣告系統等，為使用者、商家、騎士提供更好的體驗。

In terms of synergy, I want to emphasize that JD Food Delivery is deeply integrated into JD overall ecosystem. After more than a quarter of operation, JD Food Delivery started to generate synergistic value with our core business. This is within our initial expectation. First, JD Food Delivery is driving notable traffic and user growth in Q2. DAU of JDF and QAC as well as user engagement all have improved significantly as well as shopping frequency.

在綜效方面，我想強調的是，京東外送深度融入了京東整體生態系統。經過一個多季度的運營，京東外賣開始與核心業務產生協同價值。這在我們最初的預期之內。首先，京東外送第二季度流量和用戶量顯著成長。JDF和QAC的DAU、用戶參與度以及購物頻率均有顯著提升。

The conversion rate of food delivery user purchasing B2C e-commerce products is steadily increasing. This include new food delivery user cross-buying e-commerce products and the improvement in shopping frequency among existing users. So we have observed strong cross-selling that is taking place. We aim to enhance this synergy as we develop several capacity in Q2, which will be launched in the third quarter. Furthermore, there's also synergy potential between Food Delivery and the Retail business in terms of marketing spending. Our team will evaluate the ROI across different marketing channels and boost overall marketing efficiencies.

外送用戶購買B2C電商產品的轉換率正穩定提升。其中包括新的外送用戶交叉購買電商產品以及現有用戶購物頻率的提高。因此，我們觀察到正在發生的強勁交叉銷售。我們的目標是增強這種協同效應，因為我們在第二季開發了多項產能，並將於第三季推出。此外，在行銷支出方面，食品配送和零售業務之間也具有協同潛力。我們的團隊將評估不同行銷管道的投資報酬率並提高整體行銷效率。

Regarding the long term unit economic improvement, we have noticed the competition started to intensify since July. But we're currently focusing on improving the platform system enhancing experience of users, merchants, and riders. The (inaudible) of JD Food Delivery is gradually improving. Moving forward, we don't believe the low-quality competition create any value to the industry. So we're focusing on more refined subsidy strategy tailored to different regions and user group and to improve the fulfillment efficiency fueled by economic scale, enhanced system capability, collectively to improve the profitability of our Food Delivery business.

就長期單位經濟效益改善而言，我們注意到自7月以來競爭開始加劇。但我們目前專注於改進平台系統，增強使用者、商家和騎士的體驗。京東外賣的（聽不清楚）正在逐步改善。展望未來，我們認為低品質的競爭不會為產業創造任何價值。因此，我們專注於針對不同地區和使用者群體制定更精細的補貼策略，並透過經濟規模、增強系統能力來提高履行效率，從而共同提高我們的食品配送業務的獲利能力。

In the long term, we view this business is a long-term business initiative on JD. This is a 5-, 10-, even 20-year initiative. This is not a one-quarter or two-quarter business model. So the Food Delivery business will gradually leverage economic scale to boost efficiency. And we will continue to unlock the huge synergistic potential between Food Delivery and core Retail business to support the company's long-term healthy growth.

從長遠來看，我們認為這項業務是京東的長期業務舉措。這是一項5年、10年、甚至20年的計畫。這不是一個季度或兩個季度的商業模式。因此，外送業務將逐步利用經濟規模來提高效率。並將繼續釋放外送與核心零售業務之間的巨大協同潛力，支持公司長期健康成長。

Thank you, Ronald. We can take the next question.

謝謝你，羅納德。我們可以回答下一個問題。

Kenneth Fong, UBS.

瑞銀的 Kenneth Fong。

(interpreted) Thank you management for taking my question. My first question is about the investment in New Businesses. Management mentioned that we have a series of new business initiatives to invest in. Can management share about the direction and strategy for this New Businesses investment? From a financial perspective, how would this affect the revenue growth and our profit targets? And how should we think about the impact, if any, to the shareholder return policy, including dividends and share repurchase?

（翻譯）感謝管理層回答我的問題。我的第一個問題是關於新業務的投資。管理層提到我們有一系列新的業務計劃可供投資。管理階層能否分享這項新業務投資的方向和策略？從財務角度來看，這將如何影響收入成長和我們的利潤目標？我們應該如何看待其對股東回報政策（包括股利和股票回購）的影響（如果有的話）？

And my second question is about the strong growth behind the general merchandise categories. We noticed that these categories have shown a few consecutive quarters of various robust growth. Can management share the drivers behind and its sustainability, going forward? Thank you.

我的第二個問題是關於日用百貨類別背後的強勁成長。我們注意到這些類別已經連續幾季呈現出不同程度的強勁成長。管理層能否分享背後的驅動力以及未來的可持續性？謝謝。

(interpreted) Thank you for your question. Can you let me first address your question regarding the JD strategy for New Businesses initiatives? So within JD, we look at new business in terms of innovation, of business model, adoption of new technology. So as you have observed, JD continues to explore and innovate in new directions with synergistic potential with our current core business.

（翻譯）感謝您的提問。您能否先讓我回答有關京東新業務策略舉措的問題？因此，在京東，我們從創新、商業模式、新技術的採用等方面來看新業務。正如您所觀察到的，京東正在不斷探索和創新新的方向，與我們目前的核心業務產生協同潛力。

So in terms of new business model, I can name JD Food Delivery, JD International business, and Jingxi business are the innovation of business model. At the same time, we are boosting innovation by new technology increasing in various business scenarios such as, for example, the adoption of AI across various business scenarios, The example is (inaudible) logistics, equipment, and warehouse automation.

所以從新的商業模式來說，我可以說京東外送、京東國際業務、京喜業務是商業模式的創新。同時，我們正在透過各種業務場景中新技術的增加來推動創新，例如在各種業務場景中採用人工智慧，例如（聽不清楚）物流、設備和倉庫自動化。

We believe we are in that great era of technology core development. So JD must fully embrace innovation. We have numerous internal innovation projects, and we are encouraging every team of JD to embody a spirit of innovation.

我們相信我們正處於技術核心發展的偉大時代。因此京東必須全力擁抱創新。我們內部有許多創新項目，我們鼓勵京東的每個團隊都體現創新精神。

JD's internal innovation also centered around supply chain, leveraging our unique supply chain advantage and capability to enhance user experience as always our core focus. This exploration is a natural extension of JD's core business, both domestically and internationally. We are committed to deepen our presence in the retail market by continuously enhancing our existing business capability while exploring on-demand retail and expanding into low-tier markets.

京東內部的創新也圍繞著供應鏈展開，運用我們獨特的供應鏈優勢與能力，提升使用者體驗始終是我們的核心關注。這項探索是京東核心業務在國內和國際的自然延伸。我們致力於透過不斷增強現有業務能力，同時探索按需零售和拓展低線市場，深化我們在零售市場的存在。

At the same time, as China's largest retailer, international expansion has always been a key strategy for JD and we aim to build a more efficient global retail network to provide an exceptional shopping experience for consumer worldwide and become a leading global retailer. This is a long-term goal.

同時，身為中國最大的零售商，國際化擴張一直是京東的重要策略，我們致力於建立更有效率的全球零售網絡，為全球消費者提供卓越的購物體驗，成為全球領先的零售商。這是一個長期目標。

We believe that this new business exploration and investment will further strengthen JD's supply chain advantage and enhance user experience, driving continued growth in our user base and user engagement. This gave us the confidence in achieving a sustainable positive cycle of scale growth, efficiency improvement, and profit increase.

我們相信，此次新業務的探索和投資將進一步加強京東的供應鏈優勢，提升用戶體驗，並推動用戶群和用戶參與度的持續成長。這讓我們有信心實現規模成長、效率提升、利潤增加的可持續良性循環。

Steadily progressing towards our long term probability goals, JD's track record has repeatedly demonstrated that our commitment to investment in efficiencies and this will remain unchanged. We always adopt a small step, quick progress kind of approach to explore and drive development of innovative business.

京東正穩步朝著我們的長期機率目標邁進，其業績記錄已多次證明我們致力於投資於效率，而這項承諾將保持不變。我們始終採取小步快轉的方式探索和推動創新業務的發展。

(interpreted) While actively explore new business opportunities. We will continue to create value and return to our shareholders. First, in the first half of this year, our total share repurchase valued at about $1.5 billion. And our current 5 billion share repurchase program, the remaining amount was $3.5 billion as of the date of this announcement.

(翻譯) 同時積極探索新的商業機會。我們將持續為股東創造價值、回報股東。首先，今年上半年，我們的股票回購總額約15億美元。而我們目前的50億股股票回購計劃，截至本公告發布之日，剩餘金額為35億美元。

Secondly, we have paid out cash dividends to our shareholders for four consecutive years. This April, we completed the payment of about $1.44 billion annual cash dividend for the year of 2024. And we will continue to do so going forward. We will return to our shareholders through growth, dividends, and share buybacks going forward.

第二，我們已經連續四年向股東派發現金分紅。今年4月，我們完成了2024年度約14.4億美元的年度現金股利的發放。我們今後將繼續這樣做。未來我們將透過成長、股利和股票回購來回報我們的股東。

Lastly, we will also strengthen our execution of core businesses and proactively take on new growth opportunities. We aim to build a business model for the long term, driving steady sustainable growth in revenues and profits along the way and sharing our business success with our shareholders.

最後，我們也將加強核心業務的執行，積極掌握新的成長機會。我們的目標是建立一個長期的商業模式，推動收入和利潤的穩定永續成長，並與股東分享我們的商業成功。

(interpreted) Regarding the second question about our general merchandise category, as you have noticed, in Q2, the general merchandise revenue growth has recorded four consecutive quarters of steady acceleration. The major category, supermarket category, which is the largest contributor to the GM revenue, has maintained a double-digit growth for six consecutive quarters. This is primary due to our team's continuous effort to enhance operational capability over the past two years. We believe this will continue to drive the steady growth of our supermarket business.

(翻譯)關於第二個問題，關於我們的日用百貨類別，正如您所注意到的，在第二季度，日用百貨收入增長已經連續四個季度穩步加速。其中，超市類別作為集團營收貢獻最大的類別，已連續六季維持兩位數成長。這主要歸功於我們團隊在過去兩年中持續努力提升營運能力。我們相信這將繼續推動我們超市業務的穩定成長。

Moving forward, JD Supermarket will continue to enhance in the following areas. The first one is the Jingxi model which represents our unique business model and distinctive capability. We can further reduce procurement cost, improve supply chain efficiency and offer better products at lower price to our user.

未來，京東超市將在以下幾個方面持續提升。第一個是京西模式，代表了我們獨特的商業模式和特色能力。我們可以進一步降低採購成本，提高供應鏈效率，提供使用者更低價格、更優質的產品。

Second, we aim to improve user conversion. We have observed initial cross-sell by (inaudible) our users in supermarket category. To embrace the massive traffic generated by Food Delivery, JD Supermarket team will implement, refine operational strategy including optimized product recommendation and marketing campaign to better meet the user needs.

第二，我們致力於提高用戶轉換率。我們觀察到（聽不清楚）我們的用戶在超市類別中進行初步交叉銷售。為了迎接外送帶來的大量流量，京東超市團隊將實施、完善營運策略，包括優化產品推薦和行銷活動，以更好地滿足用戶需求。

I also want to share some view to address the on-demand retail opportunity. We maintain strong confidence in JD Supermarket operation strengths. And we will also aim to seize the opportunity of on-demand retail. We recognize on-demand retail serve as a complementary channel addressing specific urgent needs. It currently has limitation in product variety and cost-effectiveness compared to the traditional B2C e-commerce.

我還想分享一些觀點來解決按需零售機會。我們對京東超市的營運實力保持著強烈的信心。我們也將致力於抓住按需零售的機會。我們認識到按需零售是滿足特定緊急需求的補充管道。目前與傳統B2C電商相比，其在產品種類、性價比等方面有其限制。

In the broader retail market, instant retail remain a relatively small segment. JD Supermarket will strategically expand into on-demand retail to fulfill diverse consumption use case, particularly for the time-sensitive categories. But we'll always focus on building the core e-commerce operational capabilities.

在更廣泛的零售市場中，即時零售仍然是一個相對較小的領域。京東超市將策略性地擴展到按需零售，以滿足多樣化的消費用例，特別是對時間敏感的類別。但我們將始終專注於打造核心電子商務營運能力。

We remain confident in the sustained robust growth of our general merchandise category. This year, the growth of this category has been achieved without the impact of trading and subsidy and is primarily driven by the enhanced capability of our team, positioning this category as a key growth driver for our business going forward.

我們對於百貨類別的持續強勁成長仍然充滿信心。今年該品類的成長是在沒有受到交易和補貼影響的情況下實現的，主要得益於我們團隊能力的提升，使其成為我們未來業務的主要成長動力。

Okay. Thank you. We can take the next question.

好的。謝謝。我們可以回答下一個問題。

Joyce Ju, Bank of America.

美國銀行的 Joyce Ju。

(interpreted) I will translate my questions. My first question is on user and traffic trends. Company saw substantial user and traffic growth in the second quarter. Could management share more colors on user profiles, behaviors, and retentions, and also user growth strategies and targets down to the road? My second question is on bottom line outlook. How does management budget investment for growth opportunities? And how shall we expect margin and profit for the next couple of years and even like in the company's probability trend over the longer term? Thank you very much.

（翻譯）我會翻譯我的問題。我的第一個問題是關於使用者和流量趨勢。公司第二季用戶和流量大幅成長。管理層能否分享更多關於用戶資料、行為和保留的信息，以及未來的用戶成長策略和目標？我的第二個問題是關於底線前景。管理階層如何為成長機會制定預算投資？我們如何預期未來幾年的利潤率和利潤，甚至公司長期的機率趨勢如何？非常感謝。

For your first question, in Q2, we saw strong user growth with quarterly active customers and shopping frequency, both up over 40% year-on-year. This marks the most robust user momentum we have seen in recent years. On one hand, our core Retail business has seen improvements in user acquisition and retention primarily driven by our low price strategy and the platform system development over the past two years. These efforts have enriched our product supplies and enhance the user experience.

對於您的第一個問題，在第二季度，我們看到了強勁的用戶成長，季度活躍客戶和購物頻率均比去年同期成長超過 40%。這是我們近年來看到的最強勁的用戶成長勢頭。一方面，過去兩年來，我們的核心零售業務在用戶獲取和保留方面取得了進步，這主要得益於我們的低價策略和平台系統的發展。這些努力豐富了我們的產品供應，提升了使用者體驗。

Moreover, improvement in user conversion efficiency, coupled with our efforts to create more engaging content and other operational refinements have further supported either attraction and the retention (inaudible).

此外，用戶轉換效率的提升，加上我們努力創造更具吸引力的內容和其他營運改進，進一步支持了吸引力和留存率。（聽不清楚）。

On the other hand, JD Food Delivery has achieved a rapid growth within less than six months of its launch, providing new growth momentum for user traffic, active users, and user shopping frequency on JD's platform. Food Delivery business has brought in an increasing number of young users and significantly boosted JD PLUS members shopping frequency by over 50% year-on-year in Q2.

另一方面，京東外送上線不到半年就實現了快速成長，為京東平台的用戶流量、活躍用戶、用戶購物頻次提供了新的成長動力。餐飲外送業務吸引了越來越多的年輕用戶，帶動京東PLUS會員購物頻次大幅提升，第二季較去年同期成長超過50%。

We will continue to accelerate cross-selling from Food Delivery to on-demand Retail and B2C e-commerce, including efforts to enhance engagement with existing users and convert new users to our e-commerce offerings, thereby driving rapid growth in JD's overall user base and user shopping frequency.

我們將繼續加速從食品配送到按需零售和B2C電子商務的交叉銷售，包括努力增強與現有用戶的互動並將新用戶轉化為我們的電子商務產品，從而推動京東整體用戶群和用戶購物頻率的快速成長。

Looking at the long term, JD's goal is to serve the 1 billion e-commerce users in China as we continue to focus on enhancing user experience, lowering costs, and driving greater efficiency. We see great potential for improvement in areas such as user scale, diversify the service scenarios, a wider range of products and service offerings, and our ability to offer higher quality services to our users. We have been making strategic investments in these areas to deliver long term sustainable growth in our user base and user value.

長期來看，京東的目標是服務中國10億電商用戶，我們將持續致力於提升用戶體驗、降低成本、提高效率。我們看到，在用戶規模、服務場景多樣化、產品和服務種類更加豐富、為用戶提供更高品質服務的能力等方面，都有著巨大的提升潛力。我們一直在這些領域進行策略性投資，以實現我們的用戶群和用戶價值的長期永續成長。

For your question about the profitability, JD's profit margin may fluctuate with industry dynamics and our investment pace in the short term. However, our long term goal to achieve a high single-digit profit margin remains unchanged, especially the profit margin of our core Retail business has been on a very healthy trend.

關於獲利能力的問題，京東的利潤率短期內可能會隨著產業動態和我們的投資節奏而波動。然而，我們實現高個位數利潤率的長期目標保持不變，尤其是我們核心零售業務的利潤率一直呈現非常健康的趨勢。

The drivers of our core Retail property expansion include, first, increased supply chain efficiency, which has been reducing cost and improving efficiency for both upstream and downstream players along the supply chain; and at the same time, driving improvements in our own profits, including higher gross margin of product sales as well as logistics cost reductions and efficiency gains.

我們核心零售物業擴張的驅動因素包括：第一，提高供應鏈效率，從而降低成本並提高供應鏈上下游參與者的效率；同時，推動我們自身利潤的提高，包括提高產品銷售毛利率以及物流成本降低和效率提升。

Second, better profitability across categories. For example, our supermarket category still has a lot of room to improve its margin performance and our well-established categories, such as electronics and home appliances, also have a potential for margin improvement. Third, development of our 3P ecosystem. As the proportion of our 3P business goes up over time, marketplace and marketing revenue will also have rapid growth, which will benefit our margin performance.

二是各品類獲利能力提升。例如，我們的超市類別仍有大幅提升利潤率的空間，而電子產品和家用電器等成熟品類也具有提升利潤率的潛力。第三，發展我們的3P生態系。隨著我們3P業務佔比的不斷上升，市場和行銷收入也將快速成長，這將有利於我們的利潤率表現。

Regarding our thoughts on new business investment. We aim to unlock greater growth potentials with the new opportunities. We are confident this will drive long-term growth in users, GMV, and profits. The early-stage investment will impact JD Group's margin in the short term. But in the long term, the New Businesses will gradually evolve into new growth drivers, creating greater synergies with our core business, and ultimately enhancing our profitability. In the process, we will also focus on our strategies, invest with discipline and focus on ROI. We will maintain flexibility to balance our efforts and inputs based on actual results.

關於我們對新業務投資的想法。我們的目標是利用新的機會釋放更大的成長潛力。我們相信這將推動用戶、GMV 和利潤的長期成長。前期投資將在短期內影響京東集團的利潤率。但從長遠來看，新業務將逐步發展成為新的成長動力，與我們的核心業務產生更大的協同效應，最終提高我們的獲利能力。在此過程中，我們還將專注於我們的策略，嚴格投資並專注於投資回報率。我們將保持靈活性，根據實際結果平衡我們的努力和投入。

Thank you, Joyce. Let's take the last question, please.

謝謝你，喬伊斯。請讓我們回答最後一個問題。

Thomas Chong, Jefferies.

湯瑪斯‧張 (Thomas Chong)，傑富瑞 (Jefferies)。

(interpreted) Thanks, management, for taking my question. My question is about our overseas expansion. Can management share about your thoughts about the next few years' strategies as well as the reasons (inaudible) Ceconomy, what's the logic behind? Thank you.

（翻譯）謝謝管理層回答我的問題。我的問題是關於我們的海外擴張。管理階層能否分享您對未來幾年策略的想法以及原因（聽不清楚）Ceconomy，背後的邏輯是什麼？謝謝。

(interpreted) Thank you, Thomas, for your question. As I have mentioned, as the largest retailer in China, international expansion has always been a key strategy for JD. But our international expansion strategy differ notably from other cross-border e-commerce model. Our international business focused on supply chain capability.

（翻譯）托馬斯，謝謝你的提問。正如我所提到的，身為中國最大的零售商，國際擴張一直是京東的關鍵策略。但我們的國際擴張策略與其他跨境電子商務模式有顯著不同。我們的國際業務專注於供應鏈能力。

So on one hand, we aim to seize the opportunity of the Chinese premium brand going global, helping them efficiently expand into international markets, while providing overseas consumers is cost-effective product.

所以一方面我們力求抓住中國高端品牌走出去的機遇，幫助它們有效率地拓展國際市場，同時為海外消費者提供高性價比的產品。

On the other hand, JD is also committed to localization, meaning, developing local retail and e-commerce business, establishing local teams and workforce, conduct local procurement and local fulfillment. So to build a long-term mutual beneficial relationship with participant in local market. Moreover, JD will emphasize on selling branded high-quality product.

另一方面，京東也致力於在地化，發展本地零售和電商業務，建立本地團隊和勞動力，進行本地採購和本地履行。因此要與當地市場的參與者建立長期互惠互利的關係。此外，京東將專注於銷售品牌優質產品。

JD has been operating in Europe for three years, steadily building our retail e-commerce, property and logistics warehouse infrastructure, while accumulating extensive experience. So since 2022, we have been piloting innovative retail model in Europe. And we plan to officially launch our retail e-commerce platform called, Joybuy, later this year, and we will share more updates later on.

京東在歐洲營運三年來，穩步建造零售電商、物業和物流倉儲基礎設施，並累積了豐富的經驗。因此自2022年以來，我們一直在歐洲試行創新零售模式。我們計劃在今年稍後正式推出名為 Joybuy 的零售電子商務平台，稍後我們將分享更多更新。

Regarding the proposed acquisition of Ceconomy, we believe the European market as well as Ceconomy's brand strength, supply chain capability, and market position in European market, hold significant value for JD. And both party can achieve synergistic results. On the other hand, JD can provide online operation expertise and technology know-how. So the transaction is subject to regulatory approval currently. We will provide further update as appropriate.

對於擬議收購 Ceconomy，我們認為歐洲市場以及 Ceconomy 的品牌實力、供應鏈能力和在歐洲市場的市場地位對京東來說具有重要價值。且雙方能夠取得協同效應。另一方面，京東可以提供線上營運專業知識和技術訣竅。因此該交易目前需獲得監管部門的批准。我們將根據需要提供進一步的更新。

Thank you. So that's the last question.

謝謝。這是最後一個問題。

Thank you. We are now approaching the end of this conference call. I will now turn the call over to Sean Zhang for closing remarks.

謝謝。我們現在即將結束本次電話會議。現在我將把電話交給 Sean Zhang 做結束語。

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

謝謝。感謝大家今天參加電話會議。如果您還有其他問題，請聯絡我和 IR 團隊。感謝您對京東的關注，期待下個季度再次與您洽談。謝謝。

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

感謝大家參加今天的會議。演講到此結束。您現在可以斷開連線。再會。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。