京東 (JD) 2025 Q3 法說會逐字稿

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

大家好，感謝各位耐心等待京東2025年第三季財報電話會議。（操作說明）今天的會議正在錄音。如果您有任何異議，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, Head of Investor Relations. Please go ahead.

現在我將把會議交給今天會議的主持人，投資者關係主管張先生。請繼續。

Thank you. Good day, everyone. Welcome to JD.com's third-quarter 2025 earnings conference call. With us today are CEO of JD.com, Ms. Sandy Xu; and CFO, Mr. Ian Shan. Sandy will kick off the call with her opening remarks, and Ian will discuss the financial results. Then we'll open the call to questions from analysts.

謝謝。大家好。歡迎參加京東2025年第三季財報電話會議。今天陪同我們出席的有京東首席執行官徐珊迪女士和首席財務官單先生。Sandy 將首先發表開場白，Ian 將討論財務表現。接下來我們將開放電話會議，接受分析師的提問。

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 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 our IR website, which applies to this call.

在把電話轉給桑迪之前，讓我先快速介紹一下安全港。請注意，在本次電話會議中，我們對您問題的評論和回答僅反映管理層截至今日的觀點，並將包含前瞻性陳述。請參閱我們投資者關係網站上發布的最新盈利新聞稿中的“安全港聲明”，該聲明適用於本次電話會議。

We will discuss certain non-GAAP financial measures. Please refer to the reconciliation of non-GAAP measures to the comparable GAAP measures in the earnings press release. Please also note all figures mentioned in this call today are in RMB, unless otherwise stated.

我們將討論一些非GAAP財務指標。請參閱獲利新聞稿中關於非GAAP指標與可比較GAAP指標的調節表。另請注意，除非另有說明，本次電話會議中提及的所有數字均以人民幣為單位。

Now let me turn the call over to our CEO, Sandy. Sandy, please?

現在我把電話交給我們的執行長桑迪。桑迪，好嗎？

Thank you, Sean. Hello, everyone. Thank you for joining our third-quarter 2025 earnings conference call.

謝謝你，肖恩。大家好。感謝您參加我們2025年第三季財報電話會議。

We achieved a set of solid results across our strategic priorities during the third quarter and further enhanced our capabilities to drive better user experience, lower cost, and higher efficiency. Our total revenues were up 15% year on year, sustaining our double-digit growth momentum.

第三季度，我們在各項策略重點領域都取得了紮實的成果，並進一步提升了我們在改善使用者體驗、降低成本和提高效率方面的能力。我們的總收入年增 15%，維持了兩位數的成長動能。

We are delighted to see growth of our general merchandise categories. And marketplace and marketing revenue continue to accelerate sequentially. Both are becoming our important growth drivers. Non-GAAP net profit came in at RMB5.8 billion in the quarter, with the core retail business margin continued to expand year on year.

我們很高興看到一般商品類別的成長。市場和行銷收入持續環比成長。兩者都正在成為我們重要的成長動力。本季非GAAP淨利為人民幣58億元，核心零售業務利潤率持續較去年同期成長。

Our Food Delivery business also sustained healthy expansion, while its loss narrowed in Q3 from the prior quarter as we continue to optimize operating efficiencies and improve unit economics. Overall, our business are making good progress along our long-term strategic road map.

我們的食品配送業務也保持了健康的成長勢頭，第三季度虧損較上一季度有所收窄，因為我們持續優化營運效率並改善單位經濟效益。整體而言，我們的業務正沿著長期策略路線圖穩步推進。

We are confident that our core retail business will steadily expand market share with healthy margin improvement. And new initiatives will create deeper synergies and drive healthier financial models, further strengthening our entire business ecosystem.

我們有信心，我們的核心零售業務將穩步擴大市場份額，利潤率也將穩步提升。新的措施將創造更深層的協同效應，推動更健康的財務模式，從而進一步加強我們的整個商業生態系統。

Among all the encouraging developments that underpin these results, I would like to point three most notable highlights for this quarter, which I believe should be the key takeaways from today's call. First, strong momentum in our user base and engagement.

在支撐這些業績的所有令人鼓舞的進展中，我想指出本季三個最值得注意的亮點，我認為這三點應該是今天電話會議的關鍵要點。首先，我們的用戶基礎和用戶參與度都呈現強勁成長動能。

Our quarterly active customer number was up over 40% year on year in Q3, sustaining the momentum built in the previous quarters, thanks to both organic growth of JD Retail as well as contributions from our new businesses such as JD Food Delivery and Jingxi. The consistent growth has led to our annual active customers exceeding 700 million in October, making a new milestone in our user expansion.

第三季度，我們的季度活躍用戶數量年增超過 40%，延續了前幾季的成長勢頭，這得益於京東零售的自然成長以及京東外賣和京西等新業務的貢獻。持續成長使我們的年度活躍用戶在 10 月超過 7 億，這標誌著我們在用戶成長方面取得了新的里程碑。

In particular, the number of JD PLUS members, our highest-quality user group, also recorded healthy growth in the quarter. In addition to user scale, user shopping frequency on our platform also increased by over 40% year on year in Q3, a pace we've sustained for two consecutive quarters.

尤其值得一提的是，作為我們最高品質的使用者群體，京東PLUS會員數量在本季也實現了健康成長。除了用戶規模之外，我們平台上的用戶購物頻率在第三季也較去年同期成長超過 40%，這一增速已連續兩季維持。

Notably, we saw meaningful shopping frequency increase across all user groups, including new users, existing users, and JD PLUS members. This user momentum is clear proof that we have stayed very focused on providing a better user experience amid evolving user demand.

值得注意的是，我們看到所有用戶群體（包括新用戶、現有用戶和京東PLUS會員）的購物頻率都有顯著增加。用戶成長勢頭充分證明，在不斷變化的用戶需求中，我們始終專注於提供更好的用戶體驗。

In return, our expanding and more active user pool further improves our engagement with users, deepens our user insight, and enables us to better address their demand. This virtuous cycle ultimately supports our sustainable growth in the long run.

作為回報，我們不斷擴大且更加活躍的用戶群進一步提高了我們與用戶的互動，加深了我們對用戶的了解，並使我們能夠更好地滿足他們的需求。這種良性循環最終將支持我們的長期永續發展。

Second, our core retail business remained strong in Q3. Retail revenues increased by 11% year on year in the quarter to RMB251 billion. There were a mix of contributors to this. While the high base effect for electronics and home appliances category started to kick in, sales of general merchandise as well as marketplace and marketing revenues continued to accelerate growth this quarter.

其次，我們的核心零售業務在第三季依然保持強勁。本季零售收入較去年同期成長11%，達到人民幣2,510億元。促成此事的原因有很多。雖然電子產品和家用電器類別的高基數效應開始顯現，但本季一般商品銷售額以及市場和行銷收入持續加速成長。

Profit wise, both JD Retail's gross margin and operating margin further expanded at a solid pace, demonstrating the continued scale benefits and operating efficiency gains of the business. Looking at the main categories, the electronics and home appliances category has been faced with a high base since the second half of Q3, which has been weighing on its growth momentum.

從利潤方面來看，京東零售的毛利率和營業利潤率均以穩健的速度進一步擴大，顯示該業務持續獲得規模效益和營運效率提升。從主要類別來看，電子產品和家用電器類別自第三季下半段以來一直面臨著較高的基數，這對其成長勢頭造成了壓力。

This is an industry-wide challenge, and we are working closely with brands and manufacturers to navigate through it. For example, we've been leveraging our market and user insights to support brands and manufacturers in developing new and customized product models. Meanwhile, we continue to lower the cost for brands and strive to secure the best prices for our customers, thanks to our supply chain capabilities.

這是一個產業普遍面臨的挑戰，我們正與各大品牌和製造商緊密合作，共同應對這項挑戰。例如，我們一直在利用我們的市場和用戶洞察力來支持品牌和製造商開發新的和客製化的產品模型。同時，憑藉我們的供應鏈能力，我們不斷降低品牌成本，努力為客戶爭取最優惠的價格。

Although the high base effect is expected to linger the near term, it's clear that the advantages of our business model and market position in these categories remain intact. And we are confident in building on these strengths to unlock new growth potential in this market.

儘管預計高基數效應會在短期內持續存在，但很明顯，我們在這些類別中的商業模式和市場地位的優勢仍然完好無損。我們有信心利用這些優勢，在這個市場中釋放新的成長潛力。

General merchandise category recorded 19% year-on-year revenue growth in Q3, an impressive acceleration from a quarter ago. Within this category, revenues from supermarket, fashion and health categories maintained double-digit year-on-year growth in the quarter.

第三季度，一般商品類別的營收年增 19%，較上一季實現了顯著成長。在該類別中，超市、時尚和健康類別的收入在本季度保持了兩位數的同比增長。

The strong tailwind is expected to sustain into Q4. This is a result of our efforts in enhancing our product portfolio, price competitiveness, and service quality, which eventually translates to better user experience and stronger user mindshare. As we continue to tap into the huge market potential, we believe general merchandise will play a bigger role in supporting JD Retail's long-term growth.

預計強勁的順風將持續到第四季。這是我們不斷努力提升產品組合、價格競爭力和服務品質的結果，最終轉化為更好的使用者體驗和更強的使用者認知度。隨著我們不斷挖掘巨大的市場潛力，我們相信一般商品將在支持京東零售的長期成長中發揮更大的作用。

In addition to healthier category mix, another bright spot in our Q3 performance was marketplace and marketing revenues which, at the group level, grew 24% year on year in the quarter. It has remained on a double-digit growth trajectory for four consecutive quarters.

除了更健康的品類組合外，我們第三季業績的另一個亮點是市場和行銷收入，集團層級該季度同比增長了 24%。它已連續四個季度保持兩位數的成長勢頭。

In particular, growth of our advertising revenues has accelerated sequentially in every quarter this year and exceeded 20% year on year in Q3. This strong momentum mainly stems from the accelerated ad revenues generated by core JD Retail business.

尤其值得一提的是，今年以來，我們的廣告收入逐季加速成長，第三季年增超過 20%。這一強勁勢頭主要源自於京東零售核心業務廣告收入的加速成長。

Our improved ecosystem for both 1P business and 3P merchants, better AI-powered ad tools, and improved traffic allocation efficiency, all have contributed to the strong trend. As we move into Q4, we expect marketplace and marketing revenues to continue the healthy growth. Our platform ecosystem is taking good shape and gaining positive traction with suppliers and merchants, large and small.

我們為 1P 企業和 3P 商家改進的生態系統、更完善的 AI 廣告工具以及更高的流量分配效率，都為這一強勁趨勢做出了貢獻。進入第四季度，我們預計市場和行銷收入將繼續保持健康成長。我們的平台生態系統正在逐步成型，並獲得了大大小小的供應商和商家的正面回應。

The third highlight I want to share is our New Businesses. Within the segment, JD Food Delivery continued to make healthy progress in Q3. Its GMV achieved double-digit quarter-on-quarter growth in the quarter, driven by both order volume growth and a healthier order mix, with high-value orders contributing a vast majority of total orders.

我想分享的第三個亮點是我們的新業務。在該業務板塊中，京東外送在第三季度繼續保持良好的發展勢頭。本季其 GMV 實現了兩位數的環比增長，這得益於訂單量的增長和更健康的訂單結構，其中高價值訂單貢獻了總訂單的絕大部分。

While scaling up, the Food Delivery business also narrowed operating loss sequentially in Q3, thanks to the improving UE performance. This encouraging progress is achieved through our enriched supplies, increased operating efficiency, disciplined investment amid a competitive market, and our efforts to expand Food Delivery's revenue streams.

在擴大規模的同時，由於使用者體驗表現的改善，食品配送業務在第三季也環比收窄了營業虧損。這項令人鼓舞的進展得益於我們豐富的供應、更高的營運效率、在競爭激烈的市場中進行的嚴謹投資，以及我們為擴大食品配送收入來源所做的努力。

More importantly, Food Delivery continued to generate strong synergies with our retail business. In addition to user growth and engagement, the cohort cumulative cross-selling rate has been on an upward trend. Products from our supermarket, electronic accessories, and Jingxi categories remained the biggest beneficiaries of this trend.

更重要的是，食品配送業務持續與我們的零售業務產生強大的協同效應。除了用戶成長和參與度之外，用戶群的累積交叉銷售率也呈現上升趨勢。我們超市、電子配件和京西類產品仍然是這一趨勢的最大受益者。

Going forward, we will focus on further growing the Food Delivery business scale, UE optimization, and unlocking stronger synergies with Retail, Logistics, and other businesses across our ecosystem. Other new businesses, including both Jingxi and international business, are progressing well as planned.

展望未來，我們將專注於進一步擴大食品配送業務規模、優化用戶體驗，並與我們生態系統中的零售、物流和其他業務釋放更強大的協同效應。其他新業務，包括京西業務和國際業務，都按計畫順利進行。

Jingxi further penetrated into the lower-tier markets and grew its merchant and user base. Our international retail business is gradually establishing capabilities in the UK from Germany and Benelux regions, paving the way for our global expansion. Both are making solid steps in executing on their long-term strategies.

京西進一步滲透到低層市場，擴大了其商家和用戶群。我們的國際零售業務正逐步從德國和比荷盧經濟聯盟地區擴展到英國，為我們的全球擴張鋪路。雙方都在穩步推進其長期戰略的實施。

One more thing before I wrap up. We unveiled our AI road map during the 2025 JD Discovery Conference in September. I want to share a few exciting updates here. First, we launched a number of new AI products at the event, including TaTaTa, an all-purpose digital human assistant app; and JoyInside, an AI agent for robots, toys, devices, among others.

最後還有一件事。我們在9月舉行的2025京東探索大會上發布了我們的人工智慧路線圖。我想在這裡分享一些令人興奮的最新消息。首先，我們在本次活動中推出了一系列新的人工智慧產品，包括多用途數位人助理應用程式 TaTaTa；以及適用於機器人、玩具、設備等的 AI 代理 JoyInside。

Second, we introduced the industry-specific AI applications across four sectors of Retail, Healthcare, Logistics, and Industrial. Third, we also made upgrades to a few of our retail technology infrastructure, such as JD Streamer, our new digital human technology that provides e-commerce live streaming and short video production solutions.

其次，我們針對零售、醫療保健、物流和工業這四個行業推出了特定產業的人工智慧應用。第三，我們也對一些零售技術基礎設施進行了升級，例如京東直播（JD Streamer），這是我們新的數位人技術，可提供電子商務直播和短影片製作解決方案。

Joy Streamer has served over 40,000 brands so far with significantly lower cost and better sales performance compared to real human live streaming costs. In addition, we provide 24/7 nonstop AI customer service, which handled over 4.2 billion inquiries during our Double 11 grand promotion. We are excited about the potential of these AI applications as we foster a comprehensive AI ecosystem spanning across various industries.

Joy Streamer 目前已為超過 40,000 個品牌提供服務，與真人直播相比，成本顯著降低，銷售業績更佳。此外，我們還提供 24/7 全天候 AI 客服，在雙十一促銷活動期間處理了超過 42 億條諮詢。我們對人工智慧應用的潛力感到興奮，因為我們正在建立一個涵蓋各個行業的綜合人工智慧生態系統。

To conclude, Q3 was a productive quarter with all our business lines moving ahead steadily on our strategic road map. The user momentum on our platform was strong. Our core retail business is in solid shape, with multiple complementary long-term growth drivers and great potential for long-term margin improvement.

總之，第三季度是一個富有成效的季度，我們所有業務線都按照戰略路線圖穩步推進。我們平台的用戶成長勢頭強勁。我們的核心零售業務狀況良好，擁有多個互補的長期成長動力，並且具有巨大的長期利潤率提升潛力。

Beyond core retail, new businesses, including Food Delivery, Jingxi, and our international retail business, are on track for healthy development, both financially and operationally. Taken together, our businesses are operating in synergy, [bolstering] our conviction in the path ahead. We see great opportunities to further unlock the collaborative value of our business ecosystem and to position us well for sustainable, high-quality growth.

除了核心零售業務外，包括外帶、京西以及我們的國際零售業務在內的新業務，無論在財務上還是營運上，都正朝著健康發展的方向邁進。綜合來看，我們的各項業務正在協同運作，這增強了我們對未來道路的信心。我們看到了進一步釋放我們商業生態系統協作價值的巨大機遇，並為實現可持續的高品質成長奠定了良好的基礎。

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

那麼，現在讓我把電話交給伊恩。

Thank you, Sandy. Hello, everyone, and thank you for joining the call today. In the third quarter, we recorded a set of healthy performance across our business lines. Our total revenues were up 15% year on year, outpacing the growth of MBS total retail sales.

謝謝你，桑迪。大家好，感謝各位今天參加電話會議。第三季度，我們各業務線均取得了良好的業績。我們的總營收年增 15%，超過了 MBS 總零售額的成長速度。

This was supported by double-digit revenue growth in our core retail business. Despite the high base for electronics and home appliances, general merchandise and service revenues both delivered stronger growth in Q3 and recorded their fastest pace since the second-quarter 2023.

這得益於我們核心零售業務兩位數的收入成長。儘管電子產品和家用電器的基數很高，但第三季一般商品和服務收入均實現了更強勁的成長，並創下了自 2023 年第二季以來的最快成長速度。

In terms of profit, JD Retail achieved strong year-on-year expansion in both gross and operating margins in the quarter. And our Food Delivery business also saw a sequential reduction in investment scale. Overall, our business are moving in the right direction, and we are at a stronger position to drive sustainable growth for the long term.

在利潤方面，京東零售本季毛利率和營業利率均實現了強勁的同比增長。我們的食品配送業務的投資規模也較上季下降。整體而言，我們的業務正朝著正確的方向發展，我們更有能力推動長期永續成長。

Now let's go through our financial results in the third quarter. Total net revenues increased by a solid 15% year on year to RMB299 billion in Q3. Breaking down the mix, product revenues were up 10% year on year in Q3. Revenues of electronics and home appliances were up 5%, decelerating from last quarter due to the high base effect created by the trade-in program.

現在讓我們來看看第三季的財務表現。第三季總淨收入年增15%，達到人民幣2,990億元。從各收入來源來看，第三季產品營收年增 10%。電子產品和家用電器收入成長 5%，較上一季成長放緩，這是由於以舊換新計畫造成的高基數效應所致。

This is in line with our expectations. And we are confident that we are positioned to further solidify our leading market position as we leverage our supply chain advantages and stay focused on enhancing user experience, reducing costs, and improving efficiency. Revenues of general merchandise were up 19% year on year in the quarter, a notable highlight of our Q3 performance.

這符合我們的預期。我們有信心，透過利用供應鏈優勢，並繼續專注於提升用戶體驗、降低成本和提高效率，我們將進一步鞏固我們領先的市場地位。本季一般商品營收年增 19%，這是我們第三季業績的一個顯著亮點。

Growth in general merchandise has sustained double-digit growth for four consecutive quarters and further accelerated from the previous quarter. Within general merchandising, both supermarkets and fashion categories saw growth rate surpassing mid-teens in Q3.

一般商品銷售已連續四個季度保持兩位數成長，並且比上一季進一步加速。在一般商品零售領域，超市和時尚品類在第三季的成長率都超過了15%左右。

The results were mainly driven by our continuous efforts to enhance our operational capabilities, build up better user experience and mindshare alongside our growing market share. This gives us the confidence that the strong momentum in our general merchandise categories will continue going forward as we capture the huge potential in this market.

這些成果主要得益於我們不斷努力提升營運能力，建立更好的使用者體驗和品牌認知度，以及不斷成長的市場佔有率。這讓我們有信心，隨著我們抓住這個市場的巨大潛力，我們一般商品類別的強勁成長勢頭將繼續下去。

Service revenues were up 31% year on year in Q3, a solid acceleration compared to previous quarters. Notably, marketplace and marketing revenues increased 24% year on year, accelerating sequentially every quarter for seven quarters in a row.

第三季服務收入年增 31%，與前幾季相比實現了穩健成長。值得注意的是，市場和行銷收入年增 24%，連續七個季度每季都實現了環比增長。

Within this line, advertising revenues continue to see robust growth, mainly driven by the notable improvement of user engagement and better advertising tools that we provide for both suppliers and merchants at our core retail business.

在這個領域，廣告收入持續保持強勁成長，這主要得益於用戶參與度的顯著提高，以及我們為核心零售業務的供應商和商家提供的更好的廣告工具。

This demonstrates our more robust ecosystem and the strong growth in the number of merchants and users on our platform. We expect marketplace and marketing revenues to continue solid growth in Q4, contributing to both our top-line growth and margin performance. Logistics and other service revenues grew 35% year on year in Q3, mainly driven by the incremental delivery revenues from Food Delivery business.

這顯示我們的生態系統更加強大，平台上的商家和用戶數量也實現了強勁成長。我們預計第四季度市場和行銷收入將繼續保持穩健成長，從而促進我們的營收成長和利潤率表現。第三季物流及其他服務收入年增 35%，主要得益於食品配送業務的增量配送收入。

Now let's turn to our segment performance. JD Retail revenues were up 11% year on year in Q3. Our core retail business has built multiple growth drivers. And we believe growth of the general merchandise category and value-added services, including advertising, will be important pillars in Retail's long-term growth.

現在我們來看看各個細分市場的表現。京東零售第三季營收年增11%。我們的核心零售業務已經建立了多個成長動力。我們相信，一般商品類別和增值服務（包括廣告）的成長將是零售業長期成長的重要支柱。

JD Retail also saw healthy progress in margin expansion in the quarter. This gross margin has sustained year-on-year expansion for 14 quarters in a row and was up 1.3 percentage points to 19.3% in Q3. This was driven by a favorable mix shift towards higher-margin business, along with optimized procurement costs by leveraging our scale HVAC and supply chain advantages.

京東零售本季利潤率擴張也取得了良好進展。該毛利率已連續 14 個季度實現同比增長，第三季度增長 1.3 個百分點至 19.3%。這主要得益於業務組合向高利潤業務的有利轉變，以及透過利用我們在暖通空調和供應鏈方面的規模優勢來優化採購成本。

In addition, in Q3, JD Retail's non-GAAP operating income was up 28% year on year to RMB14.8 billion, and operating margin was up 76 bps to 5.9%, both continuing strong momentum.

此外，京東零售第三季非GAAP營業收入年增28%至人民幣148億元，營業利益率成長76個基點至5.9%，兩項指標均延續了強勁的成長動能。

Moving to JD Logistics, the Logistics revenues were up 24% year on year in Q3. Both internal and external revenues grew at a steady pace. And JD Logistics also saw incremental delivery service revenues generated by Food Delivery business.

再來看京東物流，其物流收入在第三季年增了 24%。內部收入和外部收入均穩定成長。京東物流的食品配送業務也帶來了配送服務收入的成長。

In terms of profit, JD Logistics non-GAAP operating income was compressed 39% year on year to RMB1.3 billion in the quarter, as it continued to invest in customer experience, service capabilities, and technology to enhance the efficiency of the entire logistics process.

就利潤而言，京東物流本季非GAAP營業收入年減39%至人民幣13億元，因為該公司持續投資於客戶體驗、服務能力和技術，以提高整個物流流程的效率。

These efforts aim to boost JD Logistics competitiveness in products and services, and strengthen its market position, which over time, will translate into sustainable margin expansion. Our net new business generated RMB15.6 billion in revenues, a steady growth compared to last quarter. This was driven by the continued expansion of our Food Delivery, Jingxi, and international business.

這些措施旨在提升京東物流在產品和服務方面的競爭力，並鞏固其市場地位，從長遠來看，這將轉化為可持續的利潤成長。我們的淨新增業務創造了156億元人民幣的收入，與上一季相比實現了穩步增長。這主要得益於我們的外送業務、京西業務和國際業務的持續擴張。

Non-GAAP operating loss of new business slightly widened sequentially to RMB15.7 billion. To break this down, Food Delivery saw a sequential reduction in its investment in Q3. Our Food Delivery business continues to scale with a healthier financial model, with expanded revenue streams, disciplined spending in users, and increased operating efficiency.

非GAAP新業務營業虧損月增至人民幣157億元。具體來說，外送業務在第三季的投資季減。我們的食品配送業務在更健康的財務模式下持續發展壯大，收入來源不斷擴大，用戶支出受到嚴格控制，營運效率不斷提高。

As to other new business, both Jingxi and international business increased investments compared to a quarter ago. They're in a rapid development stage and are important pillars in JD's long-term strategies. Going forward, we will continue to scale up the new business and further unlock synergies to set the stage for our future growth.

至於其他新業務，京西業務和國際業務的投資均比上一季增加。它們正處於快速發展階段，是京東長期策略的重要支柱。展望未來，我們將繼續擴大新業務規模，進一步釋放綜效，為未來的成長奠定基礎。

At the same time, we are committed to improving UE performance and aim to drive healthy and sustainable bottom-line growth in the long run. For our consolidated profit performance in Q3, our gross profit was up 12% year on year to RMB50 billion.

同時，我們致力於提升用戶體驗，並力求長期實現健康、可持續的獲利成長。第三季綜合獲利表現方面，毛利年增12%，達到人民幣500億元。

And gross margin was 17%, slightly reduced by 0.4 percentage points. This was primarily due to margin dilution from the Food Delivery business and JD Logistics, which offset JD Retail's solid gross margin expansion in the quarter.

毛利率為17%，略微下降了0.4個百分點。這主要是由於外送業務和京東物流的利潤率下降，抵消了京東零售本季強勁的毛利率成長。

Consolidated non-GAAP net income attributable to ordinary shareholders was RMB5.8 billion in Q3, and non-GAAP net margin was 1.9%, both down year on year. This near-term headwinds in profit mainly reflect our investments in Food Delivery.

第三季歸屬於普通股股東的合併非GAAP淨利為人民幣58億元，非GAAP淨利潤率為1.9%，均較去年同期下降。短期內利潤下滑主要反映了我們對食品配送領域的投資。

Our last 12-month free cash flow as of the end of Q3 was RMB13 billion compared to RMB34 billion in the same period last year. This was primarily due to cash outflows associated with the trade-in program and the decline in operating income. By the end of the third quarter, our cash and cash equivalents, restricted cash, and short-term investments totaled RMB211 billion.

截至第三季末，我們過去 12 個月的自由現金流為人民幣 130 億元，去年同期為人民幣 340 億元。這主要是由於以舊換新計劃相關的現金流出和營業收入下降所致。截至第三季末，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2,110億元。

In summary, we're encouraged by the solid progress in both core retail and new business. Retail has built a growth metric with multiple drivers and a clear path to our long-term margin target. Food Delivery is growing with a healthier financial model.

總而言之，我們對核心零售和新業務的穩定進展感到鼓舞。零售業已建立起一個由多個驅動因素構成的成長指標，並制定了一條實現長期利潤目標的清晰路徑。外賣產業正以更健康的財務模式蓬勃發展。

And other new business, including lower-tier market and international business, are also making solid steps for the next chapter. All our businesses are on the right track, starting to generate notable synergies with one another and collectively contributing to our high-quality development in the long term.

其他新興業務，包括低端市場和國際業務，也正在為下一階段的發展穩步邁進。我們所有業務都走在正確的軌道上，開始彼此產生顯著的協同效應，並共同為我們長期的高品質發展做出貢獻。

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

好了，現在我把麥克風交還給肖恩。謝謝。

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

謝謝桑迪和伊恩。在問答環節，歡迎您用英文或中文提問，我們的管理人員將以中文回答您的問題。我們僅為方便起見提供英文翻譯。如有任何出入，請以我方管理階層聲明原文為準。

Operator, we'll open the call for a Q&A session now.

接線員，我們現在開始進行問答環節。

(Operator Instructions) Kenneth Fong.

（操作說明）Kenneth Fong。

(interpreted) Thank you, management, for taking my question. My first question is on the government trade-in subsidies.

（翻譯）謝謝管理層回答我的問題。我的第一個問題是關於政府的以舊換新補貼。

As the year-on-year comparison base is getting higher into the second -- into the fourth quarter, can management share the growth outlook for the electronics and home appliances grow for JD Retail? And financially, as the trade-in subsidies fade and volume kind of slower in terms of growth year on year, how should we think about the margin impact on JD Retail?

隨著第二季到第四季同比基數不斷增加，管理層能否分享一下京東零售電子產品和家電業務的成長前景？從財務角度來看，隨著以舊換新補貼的逐步取消，銷售量年增率放緩，我們該如何看待這對京東零售利潤率的影響？

My second question is on the overseas development. Post the recent acquisition on some company overseas and JD JOY by commenced operation, can management share about this overseas strategy, including the scale and the pace of investment? Thank you.

我的第二個問題是關於海外發展。在近期收購了一些海外公司以及京東JOY開始營運之後，管理層能否分享一下這項海外策略，包括投資規模和速度？謝謝。

(interpreted) Thanks for your question, Kenny. Yes, since last year, the trade-in program has stimulated consumer demand and contributed to the sales of home appliance and PCs. So this created an inevitable high base for the industry, which is within the market expectation.

（翻譯）謝謝你的提問，肯尼。是的，自去年以來，以舊換新計畫刺激了消費者需求，促進了家用電器和個人電腦的銷售。因此，這為該行業創造了一個不可避免的高基數，這也在市場預期之內。

Although the trade-in program has caused short-term fluctuation in the consumer demand, more substantial impact is driving industry upgrade and promoting products that are innovative, intelligent, and green and ultimately, leading to high-quality growth of the industry.

雖然以舊換新計畫在短期內引起了消費者需求的波動，但其更深遠的影響是推動了產業升級，促進了創新、智慧和綠色產品的開發，最終實現了產業的高品質成長。

Since the trade-in program, JD has actively supported the implementation of the policy. As such, we have further enhanced our market share and supply chain capability in the related categories and especially on our [one key] model.

自以舊換新計畫推出以來，京東一直積極支持該政策的實施。因此，我們在相關類別，特別是我們的[一鍵式]模式上，進一步提高了市場份額和供應鏈能力。

The continuous enhancement of our core advantage differentiate JD and build our long-term growth foundation will continue to leverage our strength in product price and service, with the goal to further strengthen user mindshare and consolidate and expand our market share will focus on a few areas.

京東將繼續發揮其核心優勢，不斷提升自身競爭力，以此建立長期成長基礎，並持續發揮產品價格和服務方面的優勢，旨在進一步增強用戶心智，鞏固和擴大市場份額，並將重點放在以下幾個方面。

So this area includes, first, on the product innovation, we'll collaborate with brands to launch more customized products, driving product upgrades and innovation. Price optimization will also leverage our scale advantage and supply chain capability to further optimize cost, offering user more competitive price.

因此，這一領域首先包括產品創新，我們將與品牌合作推出更多客製化產品，推動產品升級和創新。價格優化也將利用我們的規模優勢和供應鏈能力進一步優化成本，為用戶提供更具競爭力的價格。

And on the service, so we're offering omnichannel consumer service will build a seamless online and offline shopping experience for our customer. For example, we have been strengthening our offline presence in home appliance and 3C categories, focusing on large stores like JD Mall, JD Home Appliance City flagship stores in the high-tier cities, and smaller ones such as JD Home Appliance stores in the low-tier market.

在服務方面，我們將提供全通路消費者服務，為我們的客戶打造無縫的線上線下購物體驗。例如，我們一直在加強在家庭電器和 3C 品類的線下佈局，重點發展京東商城、京東家電城旗艦店等大型門市，以及京東家電門店等小型門市，尤其是在低線城市。

In addition, we also provide differentiated service, including integrated delivery and installation, offering better user experience and more efficient service to our users. With these efforts, we'll further consolidate our market share. As of Q3, we have built -- we have over 20 JD malls nationwide. And the number of Appliance City flagship stores exceeded 100.

此外，我們還提供差異化服務，包括一體化交付和安裝，為用戶提供更好的用戶體驗和更有效率的服務。透過這些努力，我們將進一步鞏固我們的市場份額。截至第三季度，我們已經建成——我們在全國擁有超過20家京東商城。Appliance City旗艦店的數量超過了100家。

In terms of profit margin, we'll continue to offer users the best value for money product to ensure better user experience and mindshare. Additionally, whether during the trade-in program or in a normalized phase going forward, our team will leverage supply chain capabilities and enhance collaboration with brands.

在利潤率方面，我們將繼續為用戶提供最具性價比的產品，以確保更好的用戶體驗和更高的用戶滿意度。此外，無論是在以舊換新計畫期間或未來的正常階段，我們的團隊都將運用供應鏈能力，加強與品牌的合作。

So overall, we are confident in our user mindshare and market share in the home appliance and 3C categories. JD will continue to strengthen our capabilities and strategic positioning, working very closely with brands to address short-term challenges and support the long-term healthy development of the industry.

總的來說，我們對我們在家用電器和3C品類中的使用者心智佔有率和市場份額充滿信心。京東將持續加強自身實力與策略定位，與各品牌緊密合作，因應短期挑戰，支持產業的長期健康發展。

Additionally, our growth drivers are now more diversified. We have seen sustained sales growth acceleration in categories such as supermarket, health, fashion, and service revenue from advertising, which are emerging as new growth engines for JD.

此外，我們的成長動力現在更加多元化。我們看到，超市、健康、時尚等品類的銷售成長持續加速，廣告服務收入也成為京東新的成長引擎。

Furthermore, as I just have shared, both our user base and shopping frequency have been on a stronger growth trend. During JD Double 11 grand promotion, the number of our shopping customer increased by 40% year on year. This set of momentum will support our healthy growth next year and give us more confidence in the long term.

此外，正如我剛才所說，我們的用戶群和購物頻率都呈現強勁的成長趨勢。在京東雙十一促銷活動期間，我們的購物顧客數量年增了 40%。這一發展勢頭將支持我們明年的健康成長，並增強我們對長期發展的信心。

Regarding your second question on JD's international business. So first, from the strategic perspective, international expansion has always been a key long-term strategy for JD. As the largest retailer in China, we aim to gradually establish a highly efficient global retail network so that we can deliver JD's premium shopping experience to consumers worldwide.

關於您提出的第二個問題，即京東的國際業務。首先，從戰略角度來看，國際擴張一直是京東的關鍵長期策略。作為中國最大的零售商，我們的目標是逐步建立高效的全球零售網絡，以便將京東的優質購物體驗帶給全球消費者。

We recognize the international market is very big. For example, Europe is the second largest consumer electronics market in the world, only second to China. And there are still many great areas to improve user experience. We also aim to seize the opportunity of Chinese supply chain going global, leveraging our supply chain advantage to better support Chinese brands in their international expansion.

我們認識到國際市場非常龐大。例如，歐洲是世界第二大消費性電子產品市場，僅次於中國。使用者體驗方面仍有許多值得提升的空間。我們也希望抓住中國供應鏈走向全球的機遇，利用我們的供應鏈優勢，更能支持中國品牌走向國際市場。

In terms of business model, unlike other cross-border e-commerce platforms, we leverage our supply chain capabilities, commit to a local e-commerce approach and localization strategy. We collaborate with high-quality brands and suppliers around the world to create mutually beneficial partnership. In terms of progress, currently, Joybuy, our European online retail business, is in the test phase in countries including the UK, France, Germany, and the Netherlands.

在商業模式方面，與其他跨境電商平台不同，我們運用自身的供應鏈能力，致力於在地化電商模式和在地化策略。我們與世界各地的高品質品牌和供應商合作，建立互利共贏的夥伴關係。就進展而言，目前我們的歐洲線上零售業務 Joybuy 正在英國、法國、德國和荷蘭等國家進行測試。

This marks an important step in JD's international strategy. We'll continue to enhance user experience and build in key -- build our key capabilities in areas including, first, expanding product offerings and collaboration with premium global brands; second, enhancing logistics capability to improve the efficiency and stability of warehousing and delivery; third, investing in R&D to optimize the product functionality and enhancing shopping experience.

這標誌著京東國際戰略邁出了重要一步。我們將持續提升用戶體驗，並在以下領域建立關鍵能力：第一，擴大產品供應範圍，與全球高端品牌合作；第二，提升物流能力，提高倉儲和配送的效率和穩定性；第三，增加研發投入，優化產品功能，提升購物體驗。

We welcome investor analysts based in Europe to experience our Joybuy app and provide us your experience. Regarding CECONOMY, the transaction is still subject to the regulatory approval. We'll provide you guys further updates when appropriate.

我們歡迎歐洲的投資分析師體驗我們的 Joybuy 應用，並與我們分享您的體驗。關於 CECONOMY，該交易仍需獲得監管部門的批准。我們會適時向大家提供進一步的更新資訊。

So from the investment standpoint, this is a gradual process. We will continue to advance our international expansion strategy steadily while maintain a gradual and prudent financial discipline.

所以從投資的角度來看，這是一個循序漸進的過程。我們將持續穩定地推動國際擴張策略，同時保持循序漸進、審慎穩健的財務紀律。

We will prioritize investment efficiency and make dynamic adjustments to adhere healthy and sustainable -- to achieve healthy and sustainable growth. Overall, the scale of the investment in our international business will not be substantial for JD.com. And we'll carefully manage the investment pace and scale.

我們將優先考慮投資效率，並進行動態調整，以堅持健康可持續的成長模式，從而實現健康可持續的成長。整體而言，京東對國際業務的投資規模不會很大。我們將謹慎管理投資的速度和規模。

Operator, we can take the next question.

操作員，我們可以回答下一個問題了。

Ronald Keung, Goldman Sachs.

Ronald Keung，高盛集團。

(interpreted) Thank you, management. Two questions. The first is on Food Delivery. What is the duration that the JD will be committed to invest at this loss-making period as part of customer acquisition? And what's the progress in improving economics and commissions and business models like the 7Fresh and even coffee across the 7Fresh brands?

（翻譯）謝謝管理層。兩個問題。首先是關於外帶配送。京東將在這段虧損期內持續投資以獲得客戶，投資期間有多長？那麼，在改善經濟效益、佣金和商業模式方面，像 7Fresh 這樣的公司，甚至 7Fresh 旗下所有品牌的咖啡業務，取得了哪些進展？

Second question is on general merchandise, seeing very healthy growth there in 3P. So how do we plan to further strengthen the competitive edge in the three key categories, supermarket, health, and apparel in terms of speed, selection, quality and price? Thank you.

第二個問題是關於一般商品，我們看到第三方商品銷售領域成長非常健康。那麼，我們計劃如何進一步加強在超市、健康和服裝這三大關鍵類別的競爭優勢，包括速度、選擇、品質和價格？謝謝。

(interpreted) Thank you, Ronald, for your question. Both Food Delivery and on-demand retail is a long-term strategy for JD. We aim to drive healthy and sustainable growth of the business. We have been optimizing operational efficiency and improving UE. So in Q3, we remain very rational amid the intensified competition in the industry.

（翻譯）謝謝你的提問，羅納德。外送和按需零售都是京東的長期策略。我們的目標是推動業務健康、永續成長。我們一直在優化營運效率並改善用戶體驗。因此，在第三季度，儘管產業競爭加劇，我們仍然保持非常理性的態度。

Our Food Delivery business is currently in its first stage of development. Our goal for this stage is to establish better user mindshare and market share in the quality Food Delivery sector. We will be committed to providing high-quality Food Delivery service to our existing premium user while attracting new users.

我們的外送業務目前處於發展初期階段。我們此階段的目標是在優質食品配送領域建立更好的使用者認知度和市場份額。我們將致力於為現有高級用戶提供高品質的送餐服務，同時吸引新用戶。

Additionally, as you guys know, what we're good at is supply chain. So we'll continue to deepen our supply chain effort such as through our innovative 7Fresh Kitchen model to offer differentiated experience and service to our users.

此外，你們也知道，我們擅長的是供應鏈。因此，我們將繼續深化供應鏈建設，例如透過我們創新的 7Fresh Kitchen 模式，為使用者提供差異化的體驗和服務。

So in the third quarter, JD Food Delivery maintained healthy growth trend. JD Food Delivery GMV achieved double-digit growth quarter on quarter. Alongside order volume growth, we also delivered a healthier order mix with a proportion of meal orders steadily rising and contributing to a vast majority of our total order.

因此，京東外賣在第三季度保持了良好的成長勢頭。京東外送GMV環比實現兩位數成長。隨著訂單量的成長，我們的訂單結構也更加健康，餐飲訂單的比例穩定上升，佔總訂單量的絕大部分。

At the same time, average price per order also increased quarter on quarter compared to Q2 amid intensified competition. So this is remarkable. While scaling up overall investment in Food Delivery -- in JD Food Delivery business in Q3 narrowed sequentially, thanks to the UE improvement, the revenue contribution of Food Delivery is still limited, as we are implementing a commission-free policy for merchants and only started to generate limited advertising revenues.

同時，由於競爭加劇，每筆訂單的平均價格也比第二季較上季上漲。這真是令人驚嘆。儘管京東外送業務的整體投資規模有所擴大——第三季度京東外賣業務的環比增長有所放緩，這得益於用戶體驗的改善，但由於我們對商家實行免佣金政策，且廣告收入才剛開始增長，外賣業務的收入貢獻仍然有限。

That said, our team has made solid progress in improving operational efficiency, including enriching supplies. The number of high-quality restaurant merchants continue to grow in the quarter. And we also further improved our subsidy efficiency, with refined operations and tailored subsidy strategy to different regions, user groups, and order types.

儘管如此，我們的團隊在提高營運效率方面取得了實質進展，包括豐富供應。本季優質餐飲商家數量持續成長。此外，我們也透過改善營運和針對不同地區、使用者群體和訂單類型的客製化補貼策略，進一步提高了補貼效率。

In addition, as we continue to upgrade our underlying system capability, we have seen better operating efficiency. We also launched our new business, 7Fresh Kitchen model, in July, which address full safety concerns through supply chain innovation. Our goal is to ensure that consumers can enjoy their meals with peace of mind and at the same time, help quality restaurant improve profitability.

此外，隨著我們不斷提升底層系統能力，我們的運作效率也提高了。我們在 7 月也推出了新的商業模式 7Fresh Kitchen，透過供應鏈創新全面解決安全問題。我們的目標是確保消費者能夠安心享受用餐體驗，同時幫助優質餐廳提高獲利能力。

Since its launch, 7Fresh Kitchen has been welcomed by our customers with a rapid increase in its order volume. It has also boosted sales and order growth of other quality restaurants within the 3-kilometer range. By the end of this year, people will see more 7Fresh Kitchen in the region of Beijing.

自推出以來，7Fresh Kitchen 受到了顧客的歡迎，訂單量迅速增長。它還帶動了方圓 3 公里內其他優質餐廳的銷售和訂單成長。今年底，北京地區的人們將會看到更多7Fresh Kitchen餐廳。

Looking ahead, we'll drive our strategic progress with a long-term perspective and focus on long-term ROI. Our goal is to create a sustainable business that drives healthy order growth and at the same time, gradually unlock scale, effect, and enhance operations with better UE.

展望未來，我們將以長遠的眼光推動策略發展，並專注於長期投資報酬率。我們的目標是打造永續發展的業務，推動健康的訂單成長，同時逐步釋放規模、效果，並透過更好的使用者體驗提升營運效率。

Ultimately, JD Food Delivery should be a self-sustaining business. Moreover, Food Delivery is deeply integrated into JD overall ecosystem. We believe there is significant potential for synergies in user momentum, supply, and fulfillment within our ecosystem.

最終，京東外送應該成為一個能夠自給自足的事業。此外，外送業務已深度融入京東整體生態系統。我們相信，在我們的生態系統中，用戶動量、供應和履行方面存在著巨大的協同效應潛力。

The way of our business working together is not simply adding one and cutting another. JD user acquisition costs -- in the long term, JD user acquisition cost will decrease. And at the group level, we are committed to driving sustainable growth while maintaining profitable and cash flow sufficient.

我們公司的合作方式並非簡單地增加一個，削減另一個。京東用戶獲取成本－從長遠來看，京東用戶獲取成本將會降低。在集團層面，我們致力於推動永續成長，同時保持獲利能力和充足的現金流。

Regarding your question about our general merchandise category, as I mentioned before, it has sustained a four-quarter consecutive double-digit growth. Key categories, especially supermarket, health, fashion, and home goods, all delivered very strong growth.

關於您提出的關於我們一般商品類別的問題，正如我之前提到的，該類別已經連續四個季度保持了兩位數的增長。主要品類，尤其是超市、健康、時尚和家居用品，均實現了非常強勁的成長。

We see significant growth potential in general merchandise, including supermarket and fashion, as our users have substantial unmet demand. We have clear growth strategy for each of these key categories.

我們看到一般商品（包括超市和時尚）領域存在巨大的成長潛力，因為我們的用戶有大量未滿足的需求。我們針對每個關鍵類別都制定了明確的成長策略。

First, on supermarket categories, we focus on improving user mindshare and user penetration through promotions such as -- through our promotions such as Black Friday and Super 18, we'll build stronger user mindshare of our supermarket offering. Supermarket category will also take the opportunity of our rapid user growth on the platform to drive healthy -- higher penetration and conversion.

首先，在超市品類方面，我們專注於透過促銷活動（例如黑色星期五和超級18）來提高用戶心智份額和用戶滲透率，從而增強用戶對我們超市產品的認知度。超市品類也將利用我們平台上使用者快速成長的機會，推動健康發展－提高滲透率和轉換率。

We have been optimizing costs and improving operational efficiencies through our supply chain capability, providing more competitive price to our user which validates the economic scale of our 1P model. Our supermarket category has made solid progress in this area and build strong competitive competitiveness compared to other models online and offline.

我們透過供應鏈能力優化成本、提高營運效率，為使用者提供更具競爭力的價格，這驗證了我們 1P 模式的經濟規模。我們的超市品類在這方面取得了穩定進展，與其他線上線下模式相比，已經建立了強大的競爭力。

At the same time, we will collaborate with brands, further refine our operations, and build categories with strong JD mindshare and growth potential such as liquor, baby and mom products, and household cleaning categories. All have already established strong user mindshare. We expect to make breakthroughs in other categories as well.

同時，我們將與品牌合作，進一步完善運營，打造京東品牌認知度高、成長潛力大的品類，例如酒類、母嬰用品和家居清潔用品等。它們都已經建立了強大的使用者認知度。我們期望在其他領域也能取得突破。

Overall, our strategy for the general merchandise category is very clear. We are confident in the growth potential and market opportunity in the general merchant sector as we enhance operation and user mindshare. General merchandise is an important pillar of JD growth metrics and will support our long-term sustainable growth.

整體而言，我們對一般商品類別的策略非常明確。我們對一般商戶領域的成長潛力和市場機會充滿信心，我們將持續提升營運效率和使用者認知度。一般商品是京東成長指標的重要支柱，並將支持我們的長期永續發展。

We can take the next question, operator?

我們可以回答下一個問題了嗎，接線生？

Alicia Yap, Citigroup.

Alicia Yap，花旗集團。

(interpreted) So can management share with us the synergies on general merchandise category that benefit from the Food Delivery traffic? Most of your Food Delivery users come from loyal JD user. And what is the retention rate of the newly acquired user through the Food Delivery?

（翻譯）那麼管理階層能否與我們分享一下，食品配送流量帶來的一般商品品類綜效？你們的外送用戶大多來自京東的忠實用戶。透過外送服務新獲取的用戶的留存率是多少？

Would you be able to quantify and share the core whole of new Food Delivery users who become active user of JD core retail user? And second question is can management update us on your latest AI strategy and investment? Can you elaborate how AI has helped on JD's core business? And how do we think about the financial impact? Thank you.

您能否量化並分享成為京東核心零售用戶的新外送用戶的核心總數？第二個問題是，管理階層能否向我們介紹貴公司最新的人工智慧策略和投資情況？能否詳細說明一下人工智慧是如何幫助京東的核心業務發展的？那麼，我們該如何看待財務影響呢？謝謝。

(interpreted) Thank you, Alicia, for your questions. I will take the first one. So as JD Food Delivery drives healthy development, we also see it's generating deeper synergies with JD Retail, first, on the user growth and user engagement side.

（翻譯）謝謝你，艾莉西亞，你的提問很有幫助。我選第一個。因此，隨著京東外送推動健康發展，我們也看到它與京東零售產生了更深層的協同效應，首先是在用戶成長和用戶參與方面。

In Q3, DAU of JD app maintained a rapid growth, with growth rates leading the industry. Our quarterly active customer and user shopping frequency both recorded over 40% year-on-year growth in the quarter.

第三季度，京東 app 的每日活躍用戶數保持快速成長，成長率領先產業。本季度，我們的活躍客戶和用戶購物頻率均較去年同期成長超過 40%。

As we continue to provide quality Food Delivery, we have seen JD Food Delivery's user retention rate maintained at a relatively high level and at the same time, boost our overall user engagement and user shopping frequency. While serving our high-quality existing users, our Food Delivery business also attracts new users to our platform.

隨著我們持續提供優質的外送服務，京東外送的用戶留存率一直保持在較高水平，同時，我們的整體用戶參與度和用戶購物頻率也得到了提升。在服務現有優質用戶的同時，我們的外送業務也吸引了新用戶加入我們的平台。

Our annual active customer number surpassed the milestone of 700 million in October, reflecting our expanding user base and increasing user stickiness. At the same time, we will be accelerating the deployment and further optimizing our user conversion strategies and tools based on the preferences of Food Delivery users.

10 月份，我們的年度活躍用戶數量突破了 7 億大關，這反映出我們的用戶群不斷擴大，用戶黏性也在不斷提高。同時，我們將根據外送用戶的偏好，加快部署並進一步優化我們的用戶轉換策略和工具。

We have been providing retail product selection and recommendation in a more precise way, thus driving better user conversion. We have seen that the conversion rate of the new users acquired by JD Food Delivery has been trending up month by month.

我們以更精準的方式提供零售產品選擇和推薦，從而提高了用戶轉換率。我們看到，京東外送新用戶的轉換率呈現逐月上升趨勢。

And for the earliest group of such users, their cohort conversion has reached close to 50% in Q3. Second, on the cross-sell side, we will see a stronger trend of cross-category purchases of Food Delivery users, particularly of our general merchandise category including supermarket products and live services.

對於最早一批此類用戶而言，他們在第三季的用戶轉換率已接近 50%。其次，在交叉銷售方面，我們將看到外送用戶跨品類購買的趨勢更加明顯，尤其是我們的一般商品類別，包括超市產品和即時服務。

We believe Food Delivery will create new growth momentum to our general merchandise category as it attracts new users and drives up shopping frequency of our existing users. In addition, JD Food Delivery has also accelerated the development of our on-demand retail business. We will build a dedicated to the team that pays close attention to this area.

我們相信，食品配送將為我們的一般商品類別帶來新的成長動力，因為它能夠吸引新用戶並提高現有用戶的購物頻率。此外，京東外送也加速了我們按需零售業務的發展。我們將組建一支專門負責這一領域的團隊。

Going forward, we will continue to accelerate the synergies between Food Delivery and core retail business in terms of user momentum, cross-category purchases and marketing. In addition, we will tap into more synergies of our broader business ecosystem driving healthy progress in our user base expansion, revenue growth, and efficiency improvement.

展望未來，我們將持續加速食品配送與核心零售業務在用戶成長動能、跨品類購買和行銷方面的綜效。此外，我們將充分利用我們更廣泛的商業生態系統的協同效應，推動用戶群擴大、收入成長和效率提升方面的健康發展。

(interpreted) I'll answer the second question. So we are in the new area where we see a lot of new opportunities in AI and significant value of business model reform. JD has built a solid comprehensive AI capability framework that covers infrastructure, models, platforms, application scenarios, and products.

（翻譯）我將回答第二個問題。因此，我們正處於一個全新的領域，在這個領域中，我們看到了人工智慧領域的許多新機會以及商業模式改革的巨大價值。京東已建構一套完善的人工智慧能力框架，涵蓋基礎設施、模型、平台、應用場景和產品。

Over the next three years, we will make a sustained investment to foster a trade-in RMB scale AI ecosystem across various industries. So at our JD conference in September, we have unveiled JD AI strategy road map and launched flagship AI product, including our JD AI, TaTaTa, an all-purpose digital human assistance; and JoyInside and AI agents for robot toys, devices, and among others.

未來三年，我們將持續投資，在各產業培育以舊換新規模的人民幣人工智慧生態系統。因此，在9月的京東大會上，我們發布了京東AI戰略路線圖，並推出了旗艦AI產品，包括京東AI、TaTaTa（一款全能型數字人助手）、JoyInside以及用於機器人玩具、設備等的AI代理。

In terms of application, JD differentiation is that we have extensive application scenarios, including retail, logistics, healthcare, and industry -- other industry sectors. So taking both retail and logistics, as example, in retail use case, we are providing merchants with over 50 AI tools, such as AI systems, AI agent for advertising allocation, and MDM to help them help merchants enhance efficiency and lower cost in content generation, marketing, supply chain management, and customer service.

在應用方面，京東的優勢在於我們擁有廣泛的應用場景，包括零售、物流、醫療保健、工業等產業領域。以零售和物流為例，在零售用例中，我們為商家提供 50 多種 AI 工具，例如 AI 系統、用於廣告分配的 AI 代理和 MDM，以幫助他們提高內容生成、行銷、供應鏈管理和客戶服務的效率並降低成本。

We also redefined e-commerce experience in the AI era. We launched a smart search and recommendation function. Through natural language interaction, it can precisely understand user needs and delivering a huge breakthrough in shopping efficiency and truly personalized shopping experience.

我們也重新定義了人工智慧時代的電子商務體驗。我們推出了智慧搜尋和推薦功能。透過自然語言交互，它可以精準理解用戶需求，在購物效率和真正個人化的購物體驗方面實現巨大突破。

In the logistics use case, while our logistic robots have been deployed across more than 20 provinces in China and over 10 countries globally, covering the entire logistics chain from warehousing, sorting to transportation and distribution.

在物流應用案例中，我們的物流機器人已在中國 20 多個省份和全球 10 多個國家部署，涵蓋了從倉儲、分類到運輸和配送的整個物流鏈。

Looking ahead, the expanding deployment of logistic robots, autonomous vehicles, and drones will further reduce logistic costs in the society, increase our business partner efficiency, and keep optimizing shopping experience for our consumers.

展望未來，物流機器人、自動駕駛汽車和無人機的持續部署將進一步降低社會物流成本，提高我們商業夥伴的效率，並持續優化我們消費者的購物體驗。

Okay, operator, we can take the last question.

好的，接線員，我們可以回答最後一個問題了。

Thomas Chong, Jefferies.

Thomas Chong，傑富瑞集團。

(interpreted) Thanks, management, for taking my question. My first question is about our ecosystem development, including the number of 3P merchants, contribution, as well as the expectation over the next few quarters. And my second question is about the outlook in terms of our profitability and margin in the next few years. Thank you.

（翻譯）謝謝管理層回答我的問題。我的第一個問題是關於我們的生態系統發展，包括第三方商家的數量、貢獻以及未來幾季的預期。我的第二個問題是關於未來幾年我們的獲利能力和利潤率前景。謝謝。

(interpreted) Thank you, Thomas. We've actually made solid progress in developing our platform ecosystem, with a set of indicators growing at a very rapid pace. So in Q3, our active merchant number grew by over 200% year on year.

（翻譯）謝謝你，托馬斯。我們在發展平台生態系統方面取得了實質進展，一系列指標都在快速成長。因此，在第三季度，我們的活躍商家數量年增超過 200%。

We have onboarded more top-tier merchants as well as merchants from industrial belts, providing users further enriched product offering. Meanwhile, our Food Delivery business has also brought in a large number of quality restaurants to merchants. We have also seen positive feedback from users.

我們引進了更多頂級商家以及來自產業帶的商家，為用戶提供更豐富的商品選擇。同時，我們的外送業務也為商家引進了大量優質餐廳。我們也收到了用戶的正面回饋。

In Q3, the number of users who shopped our 3P offerings grew at a fast pace of over 50% year on year, outpacing the growth of our total users. Reflected in the financial results, our commission and advertising revenues have been on a very rapid growth trajectory with growth rates accelerating to 24% year on year in Q3, which is the highest to date since Q2 2022.

第三季度，瀏覽我們第三方產品的用戶數量年增超過 50%，增速超過了我們總用戶數的成長速度。從財務表現可以看出，我們的佣金和廣告收入一直處於非常快速的成長軌道上，第三季年成長率加速至 24%，這是自 2022 年第二季以來的最高水準。

We believe our platform ecosystem has a lot of potential. In particular, we will further explore industrial belts to onboard more merchants. We will also continue to expand our full delivery merchant base to enrich local supplies for our 3P ecosystem.

我們相信我們的平台生態系統擁有巨大的潛力。我們將進一步探索產業鏈，以吸引更多商家進駐。我們將繼續擴大我們的全通路配送商戶基礎，以豐富我們第三方生態系統的本地供應。

In addition, we will continue to strengthen our platform infrastructure and provide more tech tools to merchants, with the goal to help them enhance operating efficiency on our platform. We will also optimize merchant operation rules and traffic allocation efficiency to create a clear growth path and a fair ecosystem for our 3P merchants.

此外，我們將繼續加強平台基礎設施建設，並為商家提供更多技術工具，以協助他們提高在我們平台上的營運效率。我們也將優化商家營運規則和流量分配效率，為我們的第三方商家創造清晰的成長路徑和公平的生態系統。

In addition to that, we will continue to strengthen user mindshare of our 3P offerings. We will see that for our 3P-driven categories such as fashion category, users have built a growing mindshare of shopping for clothing on JD.com.

除此之外，我們將持續提升用戶對我們第三方產品的認知。我們將看到，對於我們以 3P 為驅動的類別，例如時尚類別，用戶在京東購買服裝的觀念已經日益增強。

We are committed to developing our platform ecosystem, achieving win-win outcomes with our 3P merchants and better serving our users. Platform ecosystem business will also be our long-term driver for both revenue growth and profitability expansion.

我們致力於發展平台生態系統，與第三方商家實現雙贏，更好地服務用戶。平台生態系統業務也將是我們實現收入成長和獲利能力擴張的長期驅動力。

For your second question, in Q3, JD Retail continued to see steady profit growth. This further validates our confidence in Retail's long-term margin trajectory. The main drivers for this include: first, the healthy development of our platform ecosystem will drive growth momentum in our commission and advertising revenues, which will be a contributor to our margin expansion.

關於你的第二個問題，京東零售在第三季繼續保持了穩定的利潤成長。這進一步印證了我們對零售業長期利潤率走勢的信心。其主要驅動因素包括：首先，我們平台生態系統的健康發展將推動佣金和廣告收入的成長勢頭，這將有助於我們擴大利潤率。

Second, as we continue to build up our supply chain advantages and the scale effect of our core Retail business, we are confident to further lower cost and improve our operating efficiency, which will lead to better margin performance.

其次，隨著我們不斷增強供應鏈優勢和核心零售業務的規模效應，我們有信心進一步降低成本並提高營運效率，從而帶來更好的利潤率表現。

To note, JD Retail's gross margin has been expanding year on year for 14 consecutive quarters. Third, our category mix shift will also impact our margin performance. Currently, the operating efficiency and margin performance of most of our categories and brands have been improving.

值得注意的是，京東零售的毛利率已連續14季逐年成長。第三，品類組合的變動也會影響我們的利潤率表現。目前，我們大多數品類和品牌的營運效率和利潤率都在提高。

In particular, our supermarket category has built stronger procurement capabilities and differentiated product offerings. We see meaningful potential to further increase supermarket margins going forward. Meanwhile, as we continue to optimize the product mix for electronics and home appliances, we also see room to increase these categories' margins in the long term.

尤其值得一提的是，我們的超市品類已建立了更強大的採購能力和差異化的產品供應。我們看到未來超市利潤率還有很大的進步空間。同時，隨著我們不斷優化電子產品和家用電器的產品組合，我們也看到了這些品類長期利潤率提升的空間。

In terms of investments in our New Businesses, we will be centered around supply chain capabilities to make investments such as in Food Delivery, international, and Jingxi businesses. As we further enhance our supply, performance, and services and broaden coverage in categories, customers and regions, we see more growth potential of our businesses.

在對新業務的投資方面，我們將以供應鏈能力為中心，投資於食品配送、國際業務和京西業務等。隨著我們進一步提升供應、績效和服務，並擴大在品類、客戶和地區的覆蓋範圍，我們看到了業務更大的成長潛力。

As the new initiatives generate deeper synergies with our existing businesses, we expect to see improvements in operating efficiency and profitability of our broader business ecosystem. Finally, our high single-digit margin target for the long term remains unchanged.

隨著新措施與我們現有業務產生更深層的協同效應，我們預期我們更廣泛的業務生態系統的營運效率和獲利能力將會提升。最後，我們長期維持高個位數利潤率的目標不變。

That's a wrap, operator.

任務完成了，操作員。

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

電話會議即將結束。我將把電話交給京東的張先生，請他作總結發言。

Thank you for joining us on the call today, and thanks for your questions. If you have further questions, please do not hesitate to contact me and the IR team. We appreciate your interest in JD.com and look forward to talking with you again next quarter. Thank you. Have a good day.

感謝您今天參加我們的電話會議，也感謝您提出的問題。如果您還有其他疑問，請隨時與我和投資者關係團隊聯繫。感謝您對京東的關注，期待下季再次與您洽談。謝謝。祝你有美好的一天。

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

感謝您參加今天的電話會議。演講到此結束。您現在可以斷開連線了。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.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。