京東 (JD) 2025 Q4 法說會逐字稿

Hello, and thank you for standing by for JD.com's Fourth Quarter and full year 2025 earnings conference call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the meeting over to your host for today's conference, Sean Zhang, Head of Investor Relations. Please go ahead.

大家好，感謝各位耐心等待京東2025年第四季及全年業績電話會議。（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。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 Fourth Quarter and Full Year 2025 Earnings Conference Call. With us today are CEO of JD.com; Ms. Sandy Xu; and CFO, Mr. Ian Shan.

謝謝。大家好。歡迎參加京東2025年第四季及全年業績電話會議。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 will kick off the call with our opening remarks, and Ian will discuss the financial results. then we'll open the call to questions from analysts. Please note, unless otherwise stated, all comparisons in this call will be against our results from the comparable period of 2024. Before turning the call over to Sandy, let me quickly cover the safe harbor.

Sandy將首先致開幕詞，Ian將討論財務業績。之後我們將開放分析師提問環節。請注意，除非另有說明，本次電話會議中的所有比較都將與我們 2024 年同期業績進行比較。在把電話轉給桑迪之前，讓我先簡單介紹一下安全港灣的狀況。

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 the earnings press release on our IR website, which applies to this call. We'll discuss certain non-GAAP financial measures -- please refer to the reconciliation of non GAAP measures to the comparable GAAP measure in the earnings press release. Please also note, all figures mentioned in this call are in RMB, unless otherwise stated.

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盈利新聞稿中的最新安全港聲明，該聲明適用於本次電話會議。我們將討論一些非GAAP財務指標－請參閱獲利新聞稿中非GAAP指標與可比較GAAP指標的調節表。另請注意，除非另有說明，本次通話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.

現在我把電話交給我們的執行長桑迪。

Thank you, Sean. Hello, everyone. Thank you for joining our fourth quarter and full year 2025 earnings conference call. We closed Q4 with results in line with expectations.

謝謝你，肖恩。大家好。感謝您參加我們2025年第四季及全年業績電話會議。第四季業績符合預期。

As we navigated short-term challenges while delivering on solid overall full year performance for 2025. During Q4, despite a high year-on-year comparison base, in electronics and home appliances, our top line remains resilient, thanks to the continued strong momentum in both our general merchandise categories and marketplace and marketing revenues. . Our profitability, our core business retail achieved a notable gross margin expansion in Q4 as we further leveraged our supply chain (inaudible).

在應對短期挑戰的同時，我們實現了 2025 年全年整體業績的穩健成長。第四季度，儘管電子產品和家用電器業務的同比基數較高，但由於一般商品類別以及市場和行銷收入持續強勁增長，我們的營收依然保持韌性。。我們的獲利能力，以及核心零售業務，在第四季度實現了顯著的毛利率成長，這得益於我們進一步優化了供應鏈。（聽不清楚）

We strategically invested some of these gains into our price competitiveness, particularly in electronics and home prices categories as well as in R&D capabilities and talent to secure a long-term edge slightly tempered retail margin expansion in the quarter, but the impact was well absorbed by our increasingly diversified profit streams, including high market marketplace and marketing services, and an improvement in categories such as supermarket and health care. Beyond core ratio, our new businesses continued to report steady efficiency gains.-- and a sequential decline in total investments. Beyond (inaudible) fluctuation, 2025 remains a year of solid execution where we delivered on our full year expectations.

我們將部分收益策略性地投資於價格競爭力，尤其是在電子產品和家居價格類別，以及研發能力和人才，以確保長期優勢。本季零售利潤率的擴張略有放緩，但這種影響被我們日益多元化的利潤來源很好地吸收了，包括高市場市場和行銷服務，以及超市和醫療保健等類別的改善。除了核心業務比率之外，我們的新業務繼續保持穩定的效率提升——但總投資額卻比去年同期下降。除了（聽不清楚）波動之外，2025 年仍然是穩健執行的一年，我們實現了全年預期目標。

We have made encouraging strides across our key long-term growth drivers, user base and engagement gained significant momentum and our core retail segment accelerated back to double-digit top line growth. (inaudible), we achieved this while expanding retail operating margin for the sixth consecutive year despite a highly competitive landscape, and we are expanding our (inaudible) with several promising new business initiatives. This solid progress is muted in our deepening supply chain capabilities, which remains the engine for delivering superior user experience, optimize and enhance operating efficiency.

我們在關鍵的長期成長驅動因素方面取得了令人鼓舞的進展，用戶基數和用戶參與度顯著提升，核心零售業務的營收成長也恢復到兩位數。儘管市場競爭異常激烈，我們仍連續第六年實現了零售營業利潤率的成長。此外，我們正在透過幾項前景廣闊的新業務措施來拓展我們的業務。這項穩步進展體現在我們不斷深化的供應鏈能力上，而供應鏈能力仍然是提供卓越用戶體驗、優化和提高營運效率的引擎。

This is the backbone of our business model, not only supporting our core retail business, but also fueling our expansion into the new markets, and our strategic initiatives. We are confident that these strategic pillars position us for more sustainable and profitable growth. Moving into our operational highlights, I'd like to share 3 highlights from Q4 and full year 2025 as well as our thoughts for 2026.

這是我們商業模式的支柱，不僅支撐著我們的核心零售業務，也推動我們向新市場擴張以及我們的策略性舉措。我們相信，這些策略支柱將使我們實現更永續、更獲利的成長。接下來，我想分享我們營運方面的亮點，包括 2025 年第四季和全年的 3 個亮點，以及我們對 2026 年的展望。

First, our user base expanded in both scale and debt outstanding (inaudible). Our active customers grew by 30% year-on-year in Q4, capping a year where we exceeded $700 million annual active customers. This growth was powered by the organic user growth of our core retail business and further accelerated by new strategic initiatives, including JD food delivery and (inaudible).

首先，我們的用戶群體規模和未償債務均有所增加。（聽不清楚）第四季度，我們的活躍客戶年增 30%，使我們全年的活躍客戶數量超過了 7 億美元。這項成長主要得益於我們核心零售業務的自然用戶成長，並因京東外送等新策略舉措的進一步加速而實現。（聽不清楚）

(inaudible) also hit a new wilestore, our active JD plan (inaudible) sustained double-digit forecasting a year-end on encouraging is the quality of user growth. Due to shopping (inaudible) by over 20% year-on-year for the full year, with broad-based gains across all user groups in new and existing as well as plus members. In addition to user acquisition, JD food delivery also played an important draw in this frequency lift.

（聽不清楚）也打入了一個新的 wilestore，我們積極的京東計劃（聽不清楚）維持了兩位數的預測，年底用戶成長的品質令人鼓舞。由於購物（聽不清楚）年增超過 20%，全年所有用戶群（包括新用戶、現有用戶和高級會員）均實現了廣泛增長。除了用戶獲取之外，京東外賣也對此次頻次提升起到了重要的推動作用。

We view the expansion of user base and engagement as a long-term strategic driver for our business and expected will further amplify in 2026 and beyond. Second, our core regions demonstrated remarkable in the pool, maintaining stable margins in the quarter despite short-term top line headwinds. On a full year basis, JD Retail delivered strong double-digit growth in both revenue and (inaudible) margins expanding by 52 bps to 4.6% viewed through a long-term net.

我們認為用戶群和用戶參與度的擴大是我們業務的長期策略驅動力，預計在 2026 年及以後將進一步增強。其次，我們的核心區域在業績池中表現出色，儘管短期內營收面臨不利因素，但仍維持了本季穩定的利潤率。從全年來看，京東零售在營收和（聽不清楚）利潤率方面均實現了強勁的兩位數成長，長期淨利潤​​率成長了 52 個基點，達到 4.6%。

This consistent trajectory of JD Retail's growth and margin expansion over multiple years stands as a powerful testament to the resilience of our supply chain-driven model. While our Q4 revenue edged down to 1.7% year-on-year due to subsidies of electronics and home appliance categories. We have proactively strengthened our supply chain capabilities and deepen user (inaudible).

京東零售多年來持續成長和利潤率擴張的趨勢，有力地證明了我們以供應鏈為驅動的商業模式的韌性。由於對電子產品和家用電器類別的補貼，我們第四季度的收入比去年同期略微下降了 1.7%。我們積極加強了供應鏈能力，並深化了使用者關係。（聽不清楚）

These efforts are already paying off with improved year-to-date in 2026. Furthermore, we expect to be benefiting from the resumed treating program this year, which will provide a constructive backdrop industry growth. Turning to general merchandise.

這些努力已經開始見效，2026 年迄今的業績有所改善。此外，我們預計今年將受益於恢復的治理計劃，這將為產業成長提供建設性的背景。轉入百貨區。

Its performance remains strong with revenue up 12.1% year-on year in Q4 and 15.3% for the full year. Supermarket revenue maintained double-digit growth in Q4. For the full year, supermarket growth reached mid-teens accompanied by steady growth and operating margin expansion.

其業績依然強勁，第四季營收年增 12.1%，全年營收年增 15.3%。第四季超市營收維持兩位數成長。全年來看，超市銷售額成長達到15%左右，同時維持了穩定成長和營業利益率的提升。

Our pension categories also achieved significant gains in both top line and internet share expansion throughout 2025, with healthy growth across user base, shopping frequency, ARPU and PK size. These results were driven entirely by the team's execution rather than external tailwinds. We are confident in sustaining the general merchandise momentum and our category mix continues to evolve towards a more diversified structure.

到 2025 年，我們的退休金業務在營收和網路份額擴張方面也取得了顯著成長，用戶群、購物頻率、ARPU 和 PK 規模均實現了健康成長。這些成績完全是團隊執行的結果，而不是外在有利因素造成的。我們有信心維持一般商品銷售的成長勢頭，我們的品類組合也將繼續朝著更多元化的結構發展。

Noting (inaudible) emerging growth driver for JD Retail is advertising revenue, which boosted our marketplace and marketing revenues to grow 15% in Q4 and 18.9% year-on-year for the full year. The robust growth was fueled by our optimized traffic allocation, enhanced conversion efficiency and the roll out of our AI-powered algorithms and agents for all (inaudible) the merchant.

（聽不清楚）京東零售的新興成長動力是廣告收入，這推動了我們的市場和行銷收入在第四季度增長了 15%，全年同比增長了 18.9%。強勁的成長得益於我們優化的流量分配、提高的轉換效率以及為所有（聽不清楚）商家推出的人工智慧演算法和代理。

We are also seeing strategic shifts where advertisers are reallocating budgets, towards platforms like JD as we are regarded as the most consistent daily sales platform the premium designation for Brand Beauty and the platform that offers the highest return throughout our products in life cycle. Notably, the synergy with Jan Food delivery is starting to better, contributing an incremental 2% to 3% to add revenue in Q4. We remain confident in sustaining our advertising revenue momentum in 2026.

我們也看到策略上的轉變，廣告主正在重新分配預算，轉向京東等平台，因為我們被認為是每日銷售最穩定的平台，是品牌美妝的優質之選，也是產品生命週期中回報最高的平台。值得注意的是，與 Jan Food 外帶的協同效應開始好轉，在第四季度貢獻了 2% 至 3% 的額外收入。我們仍有信心在 2026 年維持廣告收入的成長動能。

The third highlight is the solid progress of our new businesses. Within the segment, JD food delivery continued to drive healthy progress in Q4. We maintained steady order momentum while further optimizing our investment, further reducing the total investment scale by nearly 20% quarter-on-quarter.

第三個亮點是我們新業務的穩定進展。在該業務板塊中，京東外賣在第四季度繼續保持健康成長動能。我們在保持穩定訂單動能的同時，進一步優化了投資，使總投資規模環比減少了近 20%。

Since its inception, JD food delivery, hence sustained sequential loss reduction every single quarter, a direct result of our relentless focus on improving operating efficiency and an ROI-driven investment framework. In Q4, JD food delivery loss rate over GMV lagged significantly compared to a quarter ago while maintaining the scale momentum. More importantly, the strategic synergies with our core retail business are weakening.

自成立以來，京東外送持續每季虧損逐週減少，這直接得益於我們持續專注於提高營運效率和以投資報酬率為導向的投資框架。第四季，京東外送的GMV損失率較上一季顯著下降，但規模成長動能仍維持。更重要的是，與我們核心零售業務的策略協同效應正在減弱。

Beyond the strong user momentum mentioned earlier, both cohorts cumulative cross-selling rate and shopping frequency trended upward in Q4. Additionally, total active margins have increased by over (inaudible) which was also partially contributed by the high-quality restaurants that onboarded our platform. Looking at, JD Food delivery will continue to prioritize healthy volume growth while improving its unit economics at a greater level.

除了前面提到的強勁用戶成長動能外，兩個用戶群的累積交叉銷售率和購物頻率在第四季均呈現上升趨勢。此外，總活躍利潤率增加了超過（聽不清楚），這也部分歸功於加入我們平台的高品質餐廳。從目前來看，京東外送將繼續優先考慮銷售量的健康成長，同時大幅提升單位經濟效益。

We expect investment efficiency in food delivery to improve further this year compared to 2025 levels. Regarding our other new business initiatives, both (inaudible) and international business are progressing on track. (inaudible) continues to successfully penetrate lower tier markets, expanding both our interbase and user share.

我們預計今年食品配送領域的投資效率將比 2025 年的水準進一步提高。關於我們的其他新業務舉措，國內和國際業務均按計劃推進。 （聽不清楚）持續成功打入低階市場，擴大了我們的客戶群和用戶份額。

Furthermore, we are excited to allow us that unify our online retail business in Europe will officially launch this month. We are committed to redefining the local shopping experience by providing same-day and next-day delivery services, a move that opens up greater growth horizons for JD. We will continue to impact in these higher potential segments improved and controlled matter, build our long-term sustained development.

此外，我們很高興地宣布，我們在歐洲的線上零售業務將於本月正式啟動。我們致力於透過提供當日達和隔日達服務來重新定義本地購物體驗，此舉將為京東開闢更大的成長前景。我們將繼續在這些高潛力領域發揮影響力，改進和控制物質，建構我們的長期永續發展。

While executing our core opportunities, we are equally inspired by the transformative potential of AI by leveraging our deep supply chain capabilities -- we are inventing AI across our entire value chain, identifying and stimulating demand, sourcing 1P and 3P supply and pioneering autonomous logistics. Let me share a few samples of our AI initiatives.

在掌握核心機會的同時，我們也深受人工智慧變革潛力的鼓舞，並充分利用我們深厚的供應鏈能力——我們正在整個價值鏈中應用人工智慧，識別和刺激需求，採購 1P 和 3P 供應，並開創自主物流。讓我分享一下我們的一些人工智慧專案案例。

First, proprietary intelligence. Our large language model, joint AI now supports over 1,000 real world applications across customer experience, procurement, merchant services and operations. In 2025, joint AI's total token invocations surged nearly 100 fold from 2024, fueling faster, smarter decision making throughout the company.

首先是專有情報。我們的大型語言模型聯合人工智慧現在支援超過 1000 個現實世界的應用，涵蓋客戶體驗、採購、商家服務和營運等領域。2025 年，聯合人工智慧的總代幣調用量比 2024 年成長了近 100 倍，推動了公司更快、更聰明的決策。

Second. Demand calculation -- we are reading the shopping journey and enhancing user experience through AI-driven search and recommendations. Ian, our AI agent surpassed 150 million annual AAC in 2025 with over 20% user penetration driven (inaudible) in GMV.

第二。需求運算－我們正在了解使用者的購物歷程，並透過人工智慧驅動的搜尋和推薦來提升使用者體驗。我們的 AI 代理 Ian 在 2025 年實現了超過 1.5 億美元的年度 AAC 收入，用戶滲透率超過 20%（聽不清楚），GMV 也因此成長。

We expect to double this user base in 2026. Third. Logistics autonomation, parallel to the digital intelligence is our leadership in appointment logistics. In 2025, digital Logistics continued to redefine logistics efficiency.

我們預計到 2026 年用戶數將翻倍。第三。物流自動化與數位智慧並行發展，使我們在預約物流領域保持領先地位。2025年，數位化物流將繼續重新定義物流效率。

As of the year-end, it's deployed over 20 flagship (inaudible) warehouses across China. We also launched this capacity internationally, launching our first (inaudible) tech facility in the U.K. to efficiently support a premium 211 same day and next day (inaudible) locally.

截至年底，該公司已在中國部署了 20 多個旗艦（聽不清楚）倉庫。我們也在國際上推出了這項能力，在英國推出了我們的第一個（聽不清楚）技術設施，以高效地支援本地優質的 211 當天和隔天（聽不清楚）服務。

So all, services innovation. Our long-time customer service handled over 4.2 billion user inquiries during the Double-11 promotion, achieving higher satisfaction with lower human intervention. Beyond operations, we are unlocking new consumption potential through Join Inside our AI agent for hardware, which has a target with for brands to introduce a range of AI products.

所以，一切都是服務創新。在雙十一促銷活動期間，我們長期服務的客服人員處理了超過 42 億條用戶諮詢，在減少人工幹預的情況下實現了更高的滿意度。除了營運之外，我們還透過「加入我們的硬體人工智慧代理」釋放新的消費潛力，該代理商的目標是幫助品牌推出一系列人工智慧產品。

Sales of joint insight integrated product (inaudible) during 11.11 compared to the (inaudible) promotion. By harnessing AI to redefine our competitive edge, we are further equipped to enhance our user experience, lower cost and improving operating efficiency. We are well positioned to capture the opportunities arising from AI to unlock new growth frontier for 2026 and beyond.

雙十一期間聯合洞察整合產品（聽不清楚）的銷售額與（聽不清楚）促銷期間的銷售額相比。透過利用人工智慧重新定義我們的競爭優勢，我們能夠進一步提升使用者體驗、降低成本並提高營運效率。我們已做好充分準備，抓住人工智慧帶來的機遇，為 2026 年及以後開闢新的成長領域。

Ultimately, placing us at the forefront of AI comers. In summary, 2025 was a year of constructive progress and strategic fortitude despite navigating short-term macro environment and high base comparisons, we remain steady fast in sharpening our supply chain edge and fortifying our foundation for the future.

最終，這將使我們站在人工智慧領域的前沿。總而言之，儘管面臨短期宏觀環境和高基數比較，2025 年仍是取得建設性進展和展現策略魄力的一年，我們穩步快速地提升供應鏈優勢，並為未來夯實基礎。

As we enter 2026, we are already seeing a consistent upward trend. Our user momentum remains robust. -- and the growth trajectory of our reoperate and the marketplace amounting services has carried over seemlessly into the new --

進入2026年，我們已經看到持續上升的趨勢。我們的用戶成長動能依然強勁。 ——而且，我們營運和市場服務的成長軌跡已無縫延續到新的階段。--

In the meantime, we have continued to strengthen our competitiveness advantages across product supply, price competitiveness and fulfillment experience. This operational strength, combined with our technological advances have disciplined our focused approach to new businesses.

同時，我們在產品供應、價格競爭力和履約經驗等方面不斷增強自身競爭力。這種營運實力，加上我們的技術進步，使我們對新業務採取了更專注的態度。

gives us great confidence in our 2026 outlook, we remain fully committed to driving sustainable, profitable growth and creating long-term value for our shareholders. With that, I will turn the call over to Ian.

這使我們對 2026 年的前景充滿信心，我們將繼續全力以赴推動可持續的獲利成長，並為股東創造長期價值。接下來，我將把電話交給伊恩。

Thank you, Sandy. Hello, everyone, and thanks for joining the call today. In Q4, our total revenues grew by 2% year-on-year, and non-GAAP net profit came in at RMB1.1 billion. While we face short-term headwinds in electronics and home appliances categories, our overall performance remained resilient.

謝謝你，桑迪。大家好，感謝各位今天參加電話會議。第四季度，我們的總營收年增2%，非GAAP淨利為人民幣11億元。儘管我們在電子產品和家用電器領域面臨短期不利因素，但我們的整體業績仍保持韌性。

This stability was driven by our strategic focus on diversifying growth drivers and profit streams alongside disciplined investment in our new business. . On a full year basis, we achieved meaningful progress across our core retail segment, new businesses and user growth and engagement, reinforcing our long-term sustainable development. As we drive business development, we remain firmly committed to delivering shareholder returns.

這種穩定性源自於我們對成長動力和利潤來源多元化的策略關注，以及對新業務的審慎投資。。全年來看，我們在核心零售業務、新業務以及用戶成長和參與方面都取得了實質進展，鞏固了我們的長期永續發展。在推動業務發展的同時，我們始終堅定地致力於為股東創造回報。

Our board has approved a total annual cash dividend of approximately USD1.4 billion for 2025, representing USD0.05 per ordinary share or USD1 per ADS. Furthermore, we remain active in terms of share buybacks. In 2025, we repurchased about 6.3% of our outstanding shares for a total of USD3 billion. All of the repurchased shares have been canceled.

我們的董事會已批准 2025 年年度現金股利總額約為 14 億美元，相當於每股普通股 0.05 美元或每股美國存託憑證 1 美元。此外，我們在股票回購方面仍然保持積極態勢。2025年，我們回購了約6.3%的流通股，總計30億美元。所有回購的股份均已註銷。

These efforts underscore our confidence in long term development. Now let's go through our Q4 and full year 2025 financial performance. Total net revenues for Q4 increased by 2% year-on-year to RMB352 billion. On the full year basis, total net revenues increased by 13% to RMB1.3 trillion in 2025.

這些努力凸顯了我們對長期發展的信心。現在讓我們來看看我們2025年第四季和全年的財務表現。第四季總淨收入年增2%，達到人民幣3,520億元。以全年計算，2025 年總淨收入成長 13%，達到 1.3 兆元。

Breaking down the mix, Product revenues faced a 3% dip in Q4, mainly due to a high trading base, but grew by 10% for the full year. By category, revenues of electronics and home appliances was down 12% in Q4, but up 7% for the full year. We have navigated this high base challenge in close collaboration with our partners and are encouraged by the improved momentum year-to-date in 2026.

從各季度收入組成來看，產品收入在第四季度下降了 3%，主要是由於交易基數較高，但全年增長了 10%。按類別劃分，第四季度電子產品和家用電器的收入下降了 12%，但全年增長了 7%。我們與合作夥伴緊密合作，克服了這一高基數挑戰，並對 2026 年迄今取得的良好勢頭感到鼓舞。

On the other hand, general merchandise delivered robust results with revenues up 12% in Q4 and 15% for the full year, led by sustained momentum in our supermarkets, fashion and health care categories throughout 2025. We believe this momentum will continue in 2026 as we further build our strength in these high-potential sectors. Service revenues grew by 20% year-on-year in Q4 and 24% for the full year.

另一方面，一般商品業務表現強勁，第四季營收成長 12%，全年成長 15%，這主要得益於超市、時尚和保健品類在 2025 年的持續成長動能。我們相信，隨著我們在這些高潛力領域進一步增強實力，這一勢頭將在 2026 年繼續保持。第四季服務營收年增 20%，全年年增 24%。

Notably, marketplace and marketing revenues were up 15% and 19% for the quarter and full year, respectively. A key driver of this was advertising revenues, which achieved double-digit growth across every quarter of 2025. We have enhanced advertising efficiency of our platform through leveraging technology as well as our certain user traffic and engagement.

值得注意的是，市場和行銷收入在本季和全年分別成長了 15% 和 19%。推動這一成長的關鍵因素是廣告收入，2025 年每季都實現了兩位數的成長。我們透過利用科技以及一定的用戶流量和參與度，提高了平台的廣告效率。

Looking into 2026, we expect marketplace and marketing revenues to maintain solid growth momentum, contributing to both top line growth and profitability. Additionally, logistics and other service revenues grew by 24% year-on-year in Q4 and 27% for the full year, mainly driven by the incremental delivery returns, revenues from our food delivery business. Now let's turn to our segment performance.

展望 2026 年，我們預期市場和行銷收入將保持強勁的成長勢頭，從而促進營收成長和獲利能力提升。此外，物流和其他服務收入在第四季年增 24%，全年年增 27%，主要得益於外送配送收入的增加。現在我們來看看各個細分市場的表現。

JD Retail revenues down 2% year-on-year in Q4, but up 11% for the full year of 2025. The quarterly decline was primarily due to the high trading base for electronics and home appliances, which was largely mitigated by growth in general merchandise and advertising revenues. It's important to note that JD Retail is no longer a single growth driver business.

京東零售第四季營收年減 2%，但 2025 年全年營收預計成長 11%。本季下滑主要是由於電子產品和家用電器的交易基數較高，但一般商品和廣告收入的成長在很大程度上抵消了這一影響。值得注意的是，京東零售不再是單一成長驅動的業務。

we have successfully built a diversified growth metric that provides the business with multiple engines and strong resilience across different market conditions. Notefully, JD Retail's gross margin increased by 1.1 percentage points year-on-year in both Q4 and full year 2025. This consistent improvement has sustained across multiple years despite changes in the competitive landscape, reflecting our enhanced supply chain strength and a favorable mix shift.

我們已成功建立多元化的成長指標，為企業提供多個成長引擎，使其在不同的市場條件下具備強大的韌性。值得注意的是，京東零售2025年第四季和全年毛利率均較去年同期成長1.1個百分點。儘管競爭格局發生了變化，但多年來我們一直保持著持續的進步，這反映了我們供應鏈實力的增強和有利的產品組合轉變。

JD Retail's non-GAAP operating income in Q4 was down 2% year-on-year with operating margin holding steady at 3.2%. The temporary part in margin expansion this quarter was a strategic choice. We deployed supplementary subsidies for electronics and home appliances to offer competitive price and maintain market leadership while increasing OpEx through targeted investments in R&D and employee compensation to fuel future growth.

京東零售第四季非GAAP營業收入年減2%，營業利益率維持在3.2%不變。本季利潤率擴張的暫時性措施是一種策略選擇。我們為電子產品和家用電器提供額外補貼，以提供具有競爭力的價格並保持市場領先地位，同時透過對研發和員工薪酬的定向投資來增加營運支出，從而推動未來的成長。

On a full year basis, retail non-GAAP operating income in 2025 grew by 25% year-on-year, with operating margin improved by 52 bps to 4.6%. Taking a long-term view, JD Retail's margin trajectory remains very healthy, climbing consistently from 2.7% in 2019, while we initiated this segment reporting to 4.6% in 2025. And as we continue to emphasize hard margin advertising business and realized efficiency gains in categories such as supermarkets.

以全年計算，2025 年零售業非 GAAP 營業收入年增 25%，營業利潤率提高 52 個基點至 4.6%。從長遠來看，京東零售的利潤率走勢依然非常健康，從 2019 年的 2.7% 持續攀升，而我們最初預測該業務板塊的利潤率將在 2025 年達到 4.6%。我們繼續強調硬利潤廣告業務，並在超市等類別中實現了效率提升。

We remain steady and successful path towards our long-term margin targets. Moving to JD Logistics. Its revenues grew by 22% year-on-year in Q4 and 19% for the full year. With incremental contribution from food delivery, the profitability front JD Logistics non-GAAP operating income was down 17% year-on-year in 2025, but up 3% in Q4.

我們正穩步朝著長期利潤目標邁進，並且取得了成功。遷移至京東物流。該公司第四季營收年增 22%，全年營收年增 19%。受食品配送業務的逐步貢獻影響，京東物流獲利能力方面，2025 年非 GAAP 營業收入年減 17%，但第四季成長 3%。

JD Logistics remains committed to investing in elevating customer experience, expanding service capabilities in both domestic and overseas markets, and advancing AI and robotic technologies. We view this as essential investments that pave the way for (inaudible) long-term sustainable growth in both top and bottom line. New business revenue surged by 201% year-on-year in Q4 and 157% for the full year driven by the rapid scaling of food delivery, (inaudible) international business.

京東物流將持續致力於投資提升客戶體驗，拓展國內外市場的服務能力，並推動人工智慧和機器人技術的發展。我們認為這是一項至關重要的投資，為實現營收和利潤的長期永續成長鋪平了道路。第四季新業務收入年增 201%，全年年增 157%，主要得益於食品配送和國際業務的快速擴張。

The segment non-GAAP operating loss narrowed to RMB14.8 billion in Q4. This sequential improvement was primarily driven by the narrowing loss at JD food delivery, which achieved a notable reduction of about 20% in loss compared to the previous quarter, continuing its consistent trend of improvement since launch. As we enter 2026, our priority for food delivery remains to drive healthy order volume while deepening synergies with our core retail business.

第四季度，該業務部門的非GAAP營業虧損收窄至人民幣148億元。這項環比改善主要得益於京東外送虧損的收窄，與上一季相比，虧損顯著減少了約 20%，延續了自推出以來持續改善的趨勢。進入 2026 年，我們食品配送的首要任務仍然是推動健康的訂單量，同時加深與核心零售業務的協同效應。

We believe investment in food delivery has picked in 2025 and will trend downward this year if market competition trends towards becoming more rational. Beyond food delivery, we will continue to explore promising opportunities in Jingxi and international business with financial discipline to ensure long-term value creation. Moving to our consolidated profit performance.

我們認為，食品配送領域的投資在 2025 年開始回升，如果市場競爭趨於更理性，那麼今年的投資將會呈現下降趨勢。除了食品配送，我們將繼續探索京西及國際業務的有前景的機遇，並以嚴謹的財務紀律確保長期價值創造。接下來來看看我們的綜合獲利業績。

Group (inaudible) gross margin expanded by 32 bps year-on-year to 15.6% in Q4 and rough 18 bps to 16% for the full year. This improvement was primarily driven by a consistent (inaudible) expansion of JD Retail. Consolidated non GAAP net income attributable to ordinary shareholders was RMB1.1 billion in Q4 and RMB27 billion for the full year, representing a non-GAAP net margin of 0.3% and 2.1%, respectively.

集團（聽不清楚）毛利率第四季年增 32 個基點至 15.6%，全年年增約 18 個基點至 16%。這項改善主要得益於京東零售的持續擴張（聽不清楚）。第四季歸屬於普通股股東的合併非GAAP淨利為人民幣11億元，全年為人民幣270億元，非GAAP淨利潤分別為0.3%及2.1%。

Our near-term profitability mainly reflects our strategic investments in new business. We believe these initiatives will broaden the group's group potential, driving both sustainable growth and margin improvement over the long term. Our free cash flow for the full year of 2025 was RMB6 billion compared to RMB44 billion last year.

我們近期的獲利能力主要反映了我們對新業務的策略投資。我們相信這些舉措將拓寬集團的潛力，從長遠來看，這將推動永續成長和利潤率的提高。我們2025年全年的自由現金流為人民幣60億元，去年為人民幣440億元。

This primarily reflects cash outflows associated with the trading program alongside fluctuations in operating income. Our accounts receivable also recorded a sequential decline for 2 consecutive quarters, primarily due to the healthy recovery of the trading-related receivables. We conclude the year with a robust liquidity position with cash and cash equivalents, restricted cash and short-term investments totaling RMB225 billion as of year-end.

這主要反映了與交易計劃相關的現金流出以及營業收入的波動。由於貿易相關應收帳款的良好復甦，我們的應收帳款也連續兩季較上季下降。截至年底，我們擁有穩健的流動性狀況，現金及現金等價物、受限現金及短期投資總額達人民幣2,250億元。

In summary, 2025 was a year of solid strategic progress. We achieved strong growth in our user base. Accelerated core retail stock top line with margin expansion fueled by increasingly diversified drivers. Furthermore, our new business are now on a healthy promising operating track.

總而言之，2025 年是取得堅實策略進展的一年。我們的用戶數量實現了強勁成長。核心零售股營收加速成長，利潤率擴張，主要得益於日益多元化的驅動因素。此外，我們的新業務目前正處於健康且前景光明的發展軌道上。

We have built a more resilient ecosystem, while our business segments operated with increasing synergies. Our focus remains clear. We will continue to focus on enhancing user experience, lowering costs. and improving operating efficiency to deliver strong performance across our retail business top line and profitability while advancing our new business initiatives, with a long-term perspective.

我們建構了一個更具韌性的生態系統，同時我們的業務部門也實現了越來越強的綜效。我們的目標依然明確。我們將繼續專注於提升用戶體驗、降低成本和提高營運效率，以在零售業務營收和盈利能力方面取得強勁表現，同時推進我們的新業務計劃，並著眼於長遠發展。

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 again, for the Q&A session. analysts are welcome to ask questions in Chinese or English. Our management will enter your question in Chinese and will provide English translation for convenience purpose only. In case of any discrepancy, please refer to our management statement in original language.

再次感謝Sandy主持問答環節。分析師可以用中文或英文提問。我們的管理人員會將您的問題以中文形式輸入，僅為方便起見提供英文翻譯。如有任何出入，請以我司原文管理聲明為準。

The question-and-answer session of this conference call will start in a moment. (Operator Instructions)

本次電話會議的問答環節即將開始。（操作說明）

Ronald Keung, Goldman Sachs.

Ronald Keung，高盛集團。

(spoken in foreign language)

（用外語說）

Firstly, on JD Retail 2026 growth as electronic compliances return to a more normalized base from the second half the general merchandise remains very healthy. So how should we think book growth rates for JD Retail in 2026 for the first half and second half and the differences given the base.

首先，關於京東零售2026年的成長，隨著下半年電子合規性恢復到更正常的水平，一般商品業務依然非常健康。那麼，考慮到基數，我們應該如何看待京東零售在 2026 年上半年和下半年的帳面成長率以及二者之間的差異？

Second is on the on-demand and food delivery -- how should we think of the path to further uneconomic improvement compared with the bigger competitors, how are we differentiating ourselves through supply chain, supply chain driven business models? And how should we think about your decombination amendment to this business and with the regulations and investigations on the delivery industry, would that also contribute to an economic improvement. Thank you.

其次是關於按需和食品配送——與更大的競爭對手相比，我們應該如何思考如何進一步實現非經濟性改進？我們如何透過供應鏈、供應鏈驅動的商業模式來脫穎而出？那麼，我們應該如何看待您對這項業務的拆分修正案，以及對配送業的監管和調查，這是否也會促進經濟改善？謝謝。

(spoken in foreign language)

（用外語說）

Okay. Thank you, Ronald. So for your first question, First, our general merchandise category continues a very healthy, robust growth trajectory. Looking back at 2025 the category achieved growth faster even factoring in the impact of treating programs on the other category.

好的。謝謝你，羅納德。對於你的第一個問題，首先，我們的一般商品類別繼續保持非常健康、強勁的成長動能。展望 2025 年，即使考慮到治療方案對其他類別的影響，該類別的成長速度也更快。

So general merchant category served as a primary growth engine for JD Retail. Categories such as -- subcategories such as supermarket fashion and health care all achieved very strong results. Looking into 2026, we remain very confident in sustaining this healthy momentum. Supermarket category still has significant potential in terms of user penetration and expansion of the subcategory.

因此，一般商品類別成為京東零售的主要成長引擎。諸如超市時尚和醫療保健等類別及其子類別都取得了非常強勁的業績。展望2026年，我們仍然非常有信心維持這種良好的發展動能。超市品類在用戶滲透率和子品類擴張方面仍具有巨大潛力。

Fashion category, we have completed many infrastructural work such as merchant recruitment last year and we'll further build growth momentum on this very strong foundation. Health care category, we expect to continue maintain its industry-leading position and user mind share. Regarding electronics and home appliance category is continue to face a high base effect in the short term. In 2026, the government treating program will continue, but we have to bear in mind that the government-backed cash subsidy were consumed much faster and more in first half 2025 compared to the second half 2025.

在時尚類別方面，我們去年完成了許多基礎設施建設工作，例如商家招募，我們將在此堅實的基礎上進一步保持成長勢頭。在醫療保健領域，我們預計將繼續保持行業領先地位和用戶心智份額。短期內，電子產品和家用電器類別仍將面臨較高的基數效應。2026年，政府治療計畫將繼續實施，但我們必須記住，與2025年下半年相比，2025年上半年政府支持的現金補貼消耗得更快、更多。

So for our electronic home complying category, including home appliances, cell phones, computers and digital products will remain affected by a high base in the first half of this year. However, we anticipate a sequential improvement in growth compared to the last quarter, fourth quarter of 2025 with more robust recovery expected in the second half 2026, and our market share remains very resilient. Furthermore, we have to bear in mind that memory chip costs keep rising. So prices mobile phones, digital products are expected to increase across the board.

因此，包括家用電器、手機、電腦和數位產品在內的電子家居合規類別，今年上半年仍將受到高基數的影響。然而，我們預計與上一季相比，2025 年第四季的成長將有所改善，預計 2026 年下半年將出現更強勁的復甦，我們的市場份額仍然非常穩定。此外，我們還必須考慮到記憶體晶片成本持續上漲。因此，預計手機、數位產品等各類產品的價格將會全面上漲。

This may dampen consumption and affect sales volume. But at the same time, the rise of AOB will partially outside the impact of lower sales to a certain extent. We'll continue to strengthen our user mind share and drive sales by further reinforcing our supply chain capability, expanding our proactive off-line presence and enhancing overall service experience. Meanwhile, AI and emerging technologies are creating numerous opportunity for innovation and new product categories further demonstrating our strength of supply chain.

這可能會抑制消費並影響銷售量。但同時，AOB 的上升將在一定程度上部分抵銷銷售額下降的影響。我們將繼續加強用戶心智份額，並透過進一步加強供應鏈能力、擴大積極的線下業務拓展以及提升整體服務體驗來推動銷售。同時，人工智慧和新興技術正在創造眾多創新和新產品類別的機會，進一步證明了我們供應鏈的實力。

While initial data contribution from this new AI-related products remain modest relative to our -- the current scale of this category, but we see significant opportunities and shift and we will work closely with brand owners and suppliers to respond rapidly and develop new products and meet evolving user needs through this swift application of new technology. Looking ahead to 2026. First, our growth drivers are becoming more diversified. General merchandise category maintains a healthy growth trend, while service revenue, including advertising will also sustain rapid growth momentum.

雖然與目前該類別的規模相比，這些新的人工智慧相關產品的初始數據貢獻仍然有限，但我們看到了巨大的機會和轉變，我們將與品牌所有者和供應商密切合作，透過快速應用新技術，迅速做出反應並開發新產品，以滿足不斷變化的用戶需求。展望2026年。首先，我們的成長動力正變得更加多元化。一般商品類別維持健康的成長趨勢，而包括廣告在內的服務收入也將維持快速成長動能。

Second, we expect Electronics home appliance category to remain impacted by a high base in the first half of this year and with growth in the second half to accelerate and better than the first half. Overall, we will maintain our market share and (inaudible) mind share. At the same time, we'll continuously leverage technological innovation to drive industry progress.

其次，我們預期今年上半年電子家電品類仍將受到高基數的影響，下半年成長速度將加快，並優於上半年。整體而言，我們將保持我們的市場份額和（聽不清楚）用戶心智份額。同時，我們將持續利用技術創新來推動產業進步。

Third, supported by the steady improvement in JD's traffic, user base and shopping frequency, we are confident to achieving -- in achieving healthy and high-quality growth for the full year 2026.

第三，在京東流量、用戶基數和購物頻率穩定提升的支持下，我們有信心實現——在2026年全年實現健康、高品質的成長。

(spoken in foreign language)

（用外語說）

Regarding your second question. So while food delivery business our food delivery business remains in its early stage in 2025. We actively invested in both operations and R&D. Looking at this year 2026, we'll continue to strengthen our capabilities and onboard more quality merchants and product and enhanced user experience.

關於你的第二個問題。因此，儘管我們的食品配送業務在 2025 年仍處於早期階段。我們積極投資於營運和研發。展望 2026 年，我們將持續增強自身能力，引進更多優質商家和產品，並提升使用者體驗。

At the same time, we'll begin generating revenue through offering merchant services, achieving an orderly and rational monetization. So our goal is to sustain healthy scaling of this business while continuously improving operational efficiency. We expect total investment in food delivery to decrease in 2026 compared to 2025. Well, that also, of course, depends on the market competition dynamics.

同時，我們將透過提供商家服務開始創造收入，實現有序且合理的獲利。因此，我們的目標是在維持業務健康成長的同時，持續提高營運效率。我們預計 2026 年食品配送領域的總投資將比 2025 年有所下降。當然，這也取決於市場競爭的動態。

How we do this? First, JD delivery differentiating advantage includes our commitment to our positioning in high-quality food delivery. Second, superior service quality driven by full-time wider. Third, the synergetic integration across TV ecosystem, leveraging on our strong supply chain advantage. In terms of improving UE, we have clear drivers First, more diversified revenue streams; second, continuous optimization of subsidy efficiency, including targeted subsidy tailored to different users and regions; third, enhanced delivery efficiency driven by economic scale that accompany healthy order volume growth.

我們該如何做到這一點？首先，京東外送的差異化優勢在於我們致力於將自己定位為高品質食品配送商。其次，全職人員帶來的卓越服務品質。第三，利用我們強大的供應鏈優勢，實現電視生態系統的協同整合。在提升用戶體驗方面，我們有明確的驅動因素：第一，更加多元化的收入來源；第二，不斷優化補貼效率，包括針對不同用戶和地區的定向補貼；第三，隨著訂單量的健康增長，透過規模經濟提高交付效率。

It's also worth noting that our (inaudible) fresh kitchen which is a highly innovative and differentiated business model is progressing well. It's deeply integrated with JD supply chain capability, leverage strong synergy with our on-demand retail business. As of the end of February, Sunfresh Kitchen operational footprint has expanded to over 50 kitchen locations and we welcome analysts and investors to trade out. Regarding the long-term positioning, food delivery and on-demand retail is a long-term strategy for JD, will drive our strategic progress with a long-term perspective, continuously enhancing operational efficiency to drive profitability improvement.

值得一提的是，我們（聽不清楚）新鮮廚房作為一種高度創新和差異化的商業模式，目前進展順利。它與京東供應鏈能力深度整合，與我們的按需零售業務具有強大的協同效應。截至 2 月底，Sunfresh Kitchen 的營運規模已擴展到 50 多個廚房地點，我們歡迎分析師和投資者進行交易。從長遠來看，外送和按需零售是京東的長期策略，將以長遠的眼光推動我們的策略發展，不斷提高營運效率，從而提升獲利能力。

At the same time, we'll continue to unlock potential synergy between food delivery and our core retail business, filling the company's long-term healthy growth. In 2025, our food delivery provided -- proved to be a strategic engine for user growth, effectively acquiring new users and significantly boosting purchase frequency across our platform. In 2026, we expect to see a further unlocking of synergies driven by robust cross-selling and incremental growth in advertising revenue.

同時，我們將繼續挖掘食品配送和我們核心零售業務之間的潛在協同效應，從而實現公司的長期健康成長。2025 年，我們的食品配送服務被證明是用戶成長的策略引擎，有效地獲取了新用戶，並顯著提高了我們平台上的購買頻率。預計到 2026 年，在強勁的交叉銷售和廣告收入的逐步成長的推動下，協同效應將進一步釋放。

Lastly, regarding the food delivery regulation, first, we support and welcome regulatory oversight that maintains a fair and competitive market environment. As they foster a healthy development of the industry. Second, we remain steadfast in our opposition in evolutionary competition within the sector. Third, we are committed to driving high-quality evolution of quality food delivery, high-quality food delivery through continuous innovation in our supply chain model.

最後，關於食品配送監管，首先，我們支持並歡迎能夠維持公平競爭市場環境的監管。因為它們促進了產業的健康發展。第二，我們仍然堅定地反對產業內的演化競爭。第三，我們致力於透過供應鏈模式的不斷創新，推動高品質食品配送的高品質發展。

Thank you. Next question, please.

謝謝。下一個問題。

Kenneth Fong, UBS.

Kenneth Fong，瑞銀集團。

Hi, Sandy, Ian, Sean (spoken in foreign language) My first question is about the profitability and investment in new business. under the backdrop of macro uncertainties and yet the accelerated investment in overseas and (inaudible) business, how should management balance the growth as well as the profitability? What level of investment should we expect for 2026 for this new business? And how should it affect the group earnings? And my second question is about the overseas business. Can management share some update on the (inaudible) acquisition progress, time line and the impact on financials post consolidation from the strategic angle, how would (inaudible) position? And what kind of benefit or synergy should we expect from the group level, i.e., retail, logistics and the whole supply chain point of view? Thank you.

嗨，Sandy、Ian、Sean（用外語說）我的第一個問題是關於獲利能力和新業務投資。在宏觀經濟不確定，但海外和（聽不清楚）業務投資加速成長的背景下，管理階層該如何平衡成長和獲利能力？預計到 2026 年，這項新業務將獲得多少投資？那會對集團收益產生什麼影響？我的第二個問題是關於海外業務的。管理階層能否分享（聽不清楚）收購的進度、時間表以及合併後對財務的影響，從策略角度來看，（聽不清楚）將如何定位？那麼，從集團層面，也就是從零售、物流和整個供應鏈的角度來看，我們應該預期什麼樣的效益或綜效呢？謝謝。

(spoken in foreign language)

（用外語說）

Regarding our thoughts on investment and profitability from a long-term perspective, we are confident in the prospects of the China market and our own business development. Based on our views of the market opportunities, we have made long-term strategic investments, including in our international business, lower tier markets and on-demand retail. At the same time, we have been committed to investing in R&D and technologies by enhancing our foundational capabilities and expanding our service scope. We believe we will continue to unlock new growth opportunities, which will also drive our long-term profitability.

從長遠角度來看，我們對投資和獲利能力的看法是，我們對中國市場的前景和我們自身的業務發展充滿信心。基於我們對市場機會的看法，我們進行了長期策略投資，包括對我們的國際業務、低層市場和按需零售業務的投資。同時，我們致力於透過增強基礎能力和擴大服務範圍，加大對研發和技術的投入。我們相信，我們將繼續發掘新的成長機會，這也將推動我們的長期獲利能力。

JD's high single-digit long-term margin target remains unchanged. In terms of JD Retail, we expect to see healthy growth of retail's profit in 2026 and our long-term target for JD Retail, which is high single-digit profit margin also remains unchanged. Key growth drivers of this, including improvement in product sales gross margin brought by our enhancing supply chain capabilities, robust growth in high-margin business, such as advertising, as well as continued margin improvement in categories, including supermarket. JD Retail's low benefit will also continue to play out.

京東的長期高個位數利潤率目標保持不變。就京東零售而言，我們預計2026年零售利潤將實現健康成長，我們對京東零售的長期目標——高個位數利潤率——也保持不變。推動此成長的關鍵因素包括：供應鏈能力的提升帶來了產品銷售毛利率的提高；廣告等高利潤業務的強勁成長；以及超市等品類利潤率的持續提高。京東零售的低收益局面也將持續。

and its operational efficiency will have further room to improve as we increasingly adopt AI technology. In terms of our investments in new businesses for JD food delivery, its loss narrowed by nearly 20% quarter-on-quarter in Q4. We continue to maintain a healthy scale expansion while narrowing its loss ratio with improved operating efficiency and revenue growth during the quarter. Looking at 2026, we will continue to drive healthy scale growth of the food delivery business and further unlock its synergies with core JD Retail.

隨著人工智慧技術的應用日益廣泛，其營運效率還有進一步提升的空間。就我們對京東外送新業務的投資而言，第四季虧損環比收窄近 20%。本季度，我們繼續保持健康的規模擴張，同時透過提高營運效率和收入成長來縮小虧損率。展望 2026 年，我們將繼續推動食品配送業務的健康規模成長，並進一步釋放其與京東零售核心業務的綜效。

If the industry competition trends towards more rationality, we expect our investment in JD food delivery in 2026 to decline from the 2025 level. For international business, we will gradually increase our investment on a controlled scale. We will maintain financial discipline in the investment. For (inaudible), it has focused on lower-tier markets and a nonbranded product supply.

如果產業競爭趨向更理性化，我們預期 2026 年對京東外送的投資將低於 2025 年的水準。對於國際業務，我們將逐步加強投資力度，並控制投資規模。我們將保持投資方面的財務紀律。對於（聽不清楚），它專注於低端市場和非品牌產品供應。

It has made a meaningful penetration improvement, particularly in Tier 6 and the lower cities. This has helped expand our user growth boundaries as it offers differentiated product offerings from our main apps. We expect to increase our investment in (inaudible) little bit but we believe UE to continue to improve in 2026, delivering healthy and sustainable business growth. (inaudible) At the current stage, it is under regulatory review, we will update the market in due course.

它的滲透率有了顯著提高，尤其是在六線及以下城市。這有助於擴大我們的用戶成長範圍，因為它提供了與我們主要應用程式不同的產品。我們預計會略微增加對（聽不清楚）的投資，但我們相信UE將在2026年繼續進步，實現健康可持續的業務成長。（聽不清楚）目前，該項目正在接受監管審查，我們將在適當的時候向市場通報最新情況。

Steve is our full category online retail platform in Europe. It is scheduled to officially launch in March. Building overseas supply chain capabilities is a long-term initiative that takes time and continued efforts. Based on its trial operations, by has received a very positive user feedback, especially on the performance side.

Steve 是我們在歐洲的全品類線上零售平台。預計三月正式上線。建立海外供應鏈能力是一項長期工程，需要時間和持續的努力。根據其試運行情況來看，該產品已收到非常積極的用戶回饋，尤其是在性能方面。

The (inaudible) experience will be a key differentiator for Joy Buy. We are building our own delivery network in Europe, and the joy Express has been launched recently. . It provides same and next-day delivery in major cities across the city, Germany, France and the Netherlands along with services such as store-to-door delivery. We welcome all analysts and investors to try out our services.

（聽不清楚）體驗將成為 Joy Buy 的關鍵差異化因素。我們正在歐洲建立自己的配送網絡，joy Express 近期已正式推出。。它為德國、法國和荷蘭等主要城市提供當日達和隔日達服務，以及送貨上門等服務。我們歡迎所有分析師和投資者試用我們的服務。

Expo synergies, first, our supply chain capabilities, while helping Chinese brands expand globally, we also aim to bring more high quality working brands into the Chinese market, further strengthening our global supply chain capabilities. Second, our logistics as to by expense in Europe, the synergy between retail and the logistics in our overseas business will be further strengthened, reinforcing (inaudible) competitive edge. Third, on the technology front, JD's long-standing expertise and robust infrastructure will continue to empower our international business.

首先，透過世博會，我們運用自身的供應鏈能力，在幫助中國品牌拓展全球市場的同時，也致力於將更多高品質的實用品牌引進中國市場，進一步增強我們的全球供應鏈能力。其次，就我們在歐洲的物流成本而言，我們將進一步加強海外業務零售與物流之間的綜效，進而增強（聽不清楚）競爭優勢。第三，在技術方面，京東長期累積的專業技術和強大的基礎設施將繼續為我們的國際業務提供支援。

Next question, please operator.

下一個問題，請問接線生。

Next question, please, operator.

下一個問題，接線生。

Alicia Yap, Citigroup.

Alicia Yap，花旗集團。

Hello, thank you. Good evening. (spoken in foreign language)

您好，謝謝。晚安.（用外語說）

So in light of the potential slower retail sales growth outlook this year, what is the growth rate management have in mind for your general merchandise GMV and revenue growth how can JD continue to grow faster in this category, meet the competition and also slower consumption. And what are the specific differentiated areas are JD able to drive sales in this segment? And second question is that can management share your thoughts on how JD might prepare and position to embrace the upcoming threats and opportunity from the (inaudible)?

鑑於今年零售銷售成長前景可能放緩，管理階層對一般商品GMV和營收成長的預期成長率為何？京東如何在這個品類中持續保持快速成長，應對競爭和消費放緩的挑戰？那麼，京東在這個細分市場中能夠推動銷售的具體差異化領域是什麼？第二個問題是，管理層能否分享一下您對京東如何做好準備並定位以應對即將到來的威脅和機會的看法？（聽不清楚）？

(spoken in foreign language)

（用外語說）

Thank you, Alicia, for your first question on the general merchandise category, we shared in the opening remarks that the category is maintaining healthy momentum. So looking back at our track record, the general merchandise category have maintained double-digit growth for the past 5 consecutive quarters first and notably outperforming the industry. This is driven by our evolving supply chain capability and a remarkable improvement in operational efficiency expertise. This lay solid conditions for continued growth in this category.

謝謝艾莉西亞提出的第一個關於一般商品類別的問題，我們在開場白中提到，該類別目前保持著良好的增長勢頭。回顧我們的業績記錄，一般商品類別在過去連續 5 個季度保持了兩位數的成長，並且明顯優於行業平均水平。這得益於我們不斷提升的供應鏈能力和營運效率的顯著進步。這為該領域持續成長奠定了堅實的基礎。

So we are -- we remain very confident in the healthy momentum of general merchant category in 2026. The sustained growth driver includes first huge market potential with ample room for growth in categories such as supermarket fashion and health care. Second, user growth. So new business, including food delivery, Gini have brought growth in traffic, user and shopping frequency on JD platform.

因此，我們仍對2026年一般零售商品類的健康發展動能充滿信心。持續成長的驅動因素包括：首先，市場潛力巨大，在超市時尚和醫療保健等領域仍有充足的成長空間。其次，用戶增長。因此，包括外帶、Gini 等新業務為京東平台帶來了流量、用戶和購物頻率的成長。

So we are also accelerating internal synergy and we have observed healthy cross-selling trends in categories like supermarkets. Third, continuously strengthen supply chain capability and user mind share so from a category perspective, our supermarket category leverages JD unique 1T model to deliver an excellent user experience and at the same time, competitive pricing. Meanwhile, our fashion category has seen notable improvement in building underlying capability, including search and recommendation in 2025 as well as attracting more high-quality brands to deepen their collaboration with us.

因此，我們也在加速內部協同效應，我們已經觀察到超市等品類中健康的交叉銷售趨勢。第三，不斷加強供應鏈能力和使用者心智份額，從品類角度來看，我們的超市品類利用京東獨特的1T模式，提供卓越的使用者體驗，同時提供具有競爭力的價格。同時，我們的時尚品類在建立基礎能力方面取得了顯著進步，包括2025年的搜尋和推薦功能，以及吸引更多優質品牌深化與我們的合作。

We are also applying AI to achieve more precise and personalized matching in search and recommendation. In Q4 '25, we recorded double-digit growth -- year-on-year growth in both sports and outdoor and apparel revenues. In terms of our differentiated advantage in this category, first and foremost, the core mode of JD 1T model is the key. This includes more diverse product selection more competitive pricing and more rigorous quality control.

我們還應用人工智慧技術，以實現更精準、更個人化的搜尋和推薦匹配。2025 年第四季度，我們實現了兩位數的成長——體育用品、戶外用品和服裝收入均實現了同比增長。就我們在該類別中的差異化優勢而言，首先也是最重要的是京東 1T 車型的核心模式是關鍵。這包括更多樣化的產品選擇、更具競爭力的價格和更嚴格的品質控制。

Second, leveraging on the core capability of JD Logistics, we offer high-quality fulfillment experience faster, more accurate and door-to door delivery service. Third, from the brand standpoint, JD is the most consistent daily sales platform. JD is the premier destination for brand building and the platform that offers the highest return throughout our product entire life cycle. So we provide brands with stable and efficient sales performance.

其次，依托京東物流的核心能力，我們提供更快捷、更精準、更有效率的門到門配送服務，帶來高品質的物流體驗。第三，從品牌角度來看，京東是最穩定的日常銷售平台。京東是品牌建立的首選平台，也是在產品整個生命週期中提供最高回報的平台。因此，我們為品牌提供穩定且有效率的銷售業績。

For the second question, we see AI (inaudible) commerce as a greater opportunity for JD evolution than a challenge. First, agenetic commerce is still in early stage and mainly affect the front-end user traffic. Our view is that no matter how traffic patterns change, the core retail business remains as user experience, cost and efficiency. So as we stay focused on optimizing product price and service, JV supply chain strength will yield even greater synergy further widening our competitive mode in the Agentic era.

對於第二個問題，我們認為人工智慧（聽不清楚）商務對於京東的發展而言，與其說是挑戰，不如說是機會。首先，基因編輯商務仍處於早期階段，主要影響前端使用者流量。我們認為，無論交通模式如何變化，零售業務的核心仍然是用戶體驗、成本和效率。因此，在我們繼續專注於優化產品價格和服務的同時，合資供應鏈的實力將產生更大的協同效應，進一步拓寬我們在代理商時代的競爭模式。

At the same time, we are accelerating our technology investment while driving the adoption of our in-house large language model, we remain committed to an open ecosystem, actively collaborating with industry-leading external AI LLM providers. We are evolving into a leading technology commerce company, spending entire spectrum from supply chain to customers as JD run a 1P business model with in-house fulfillment logistics service capability the technology and AI application scenario is abundant. So this really differentiates us from platform business model. I'll briefly give some examples.

同時，我們正在加速技術投資，推動採用我們自主研發的大型語言模型，我們仍然致力於開放的生態系統，並積極與業界領先的外部人工智慧語言模型提供者合作。我們正在發展成為一家領先的科技商務公司，從供應鏈到客戶，京東採用1P商業模式，擁有內部物流服務能力，技術和人工智慧應用情境非常豐富。所以這確實使我們與平台商業模式區分開來。我簡單舉幾個例子。

On the demand side, we are reshaping the shopping journey and enhancing user experience through AI-driven search and recommendation. On the supply side, we leverage AI to continuously enhance operational efficiency in AI in areas such as sourcing, pricing, inventory management, replacing manual labor. We are also expanding our application in the physical world in terms of fulfillment, automation and after-sale services. Beyond operation, we are unlocking new consumption potential as well through applying AI, such as Joy Insight, our AI agent for hardware.

在需求方面，我們正在透過人工智慧驅動的搜尋和推薦來重塑購物流程並提升用戶體驗。在供應方面，我們利用人工智慧不斷提高採購、定價、庫存管理等領域的營運效率，以取代人工勞動。我們也正在實體世界拓展應用，包括物流配送、自動化和售後服務。除了營運之外，我們還透過應用人工智慧（例如我們的硬體人工智慧代理 Joy Insight）來釋放新的消費潛力。

As I mentioned before, the sales of Joy Insight integrated products searched 20-fold during 11.11 compared to the June '18 promotion. So you can see we are leveraging, we are very proactively leveraging AI to reshape our competitive advantage and continue to optimize our user experience at the same time, drive cost efficiency. Looking ahead, we are very confident and believe we are well positioned to capture the strategic opportunity to solidify our leadership in AI-driven e-commerce.

正如我之前提到的，Joy Insight 整合產品在 11.11 期間的銷售量比 2018 年 6 月的促銷活動成長了 20 倍。因此，您可以看到，我們正在積極利用人工智慧來重塑我們的競爭優勢，同時不斷優化用戶體驗，提高成本效益。展望未來，我們非常有信心，並相信我們已經做好充分準備，抓住策略機遇，鞏固我們在人工智慧驅動的電子商務領域的領導地位。

Next question, please.

下一個問題。

Thomas Chong, Jefferies.

Thomas Chong，傑富瑞集團。

(Operator Instructions) Good evening. Thanks management for taking my question. I have two questions. First, can management share about the latest developments on shareholders.

（操作說明）晚上好。感謝管理層解答我的問題。我有兩個問題。首先，管理階層能否向股東們介紹最新的進展？

And second, can management talk about any changes to the regulatory environment for internet platform companies and how should we think about it? Thank you.

其次，管理階層能否談談網路平台公司監管環境的任何變化，以及我們該如何看待這些變化？謝謝。

(spoken in foreign language)

（用外語說）

Thank you, Thomas. Despite the long-term strategic investment we made in 2025, we remain committed to shareholder returns through both dividends and share buybacks. We declared the 2025 annual cash dividend of USD1 per ADS, stable compared to last year. The total dividend amount is USD1.4 billion. This underscores our commitment to delivering consistent cash returns to shareholders based on our sustainable profitability and cash flow in the long term.

謝謝你，托馬斯。儘管我們在 2025 年進行了長期策略投資，但我們仍然致力於透過股利和股票回購來回報股東。我們宣布2025年每股美國存託股份（ADS）派發1美元的年度現金股息，與去年持平。股息總額為14億美元。這凸顯了我們致力於在長期可持續獲利能力和現金流的基礎上，為股東帶來持續現金回報的承諾。

In addition, we repurchased USD3 billion worth of shares in 2025, representing 6.3% of the total outstanding shares as of the end of 2024. All the repurchase shares have been canceled. We remain firmly committed to shareholder returns through healthy business development, dividends and share buybacks. At the same time, we will remain focused on the healthy growth of our business scale, profitability and cash flow and make strategic investments for the long term with reaching value and sharing JD's long-term success with our shareholders.

此外，我們在 2025 年回購了價值 30 億美元的股票，佔 2024 年底已發行股票總數的 6.3%。所有回購股份均已註銷。我們始終堅定致力於透過健康的業務發展、股利和股票回購來為股東帶來回報。同時，我們將繼續專注於業務規模、獲利能力和現金流的健康成長，並進行長期策略投資，以實現價值，與股東共享京東的長期成功。

I'll take the last question. Regulators continuously promote the senate development -- the healthy development of the platform economy, ensuring sector's long-term sustainability. So we welcome regulatory guidance the government's commitment is to support compliance, corporate development rather than remain unchanged. We believe regular oversized, it's not a constraint, but rather a catalyst for driving healthy, high-quality industry growth.

我來回答最後一個問題。監管機構不斷推動平台經濟的健康發展，確保該產業的長期永續性。因此，我們歡迎監管指導，政府的承諾是支持合規和企業發展，而不是維持現狀。我們認為，常規的超大尺寸產品不是一種限制，而是推動產業健康、高品質成長的催化劑。

So JD has always prioritized compliant operation as the cornerstone of our business, whether it is antimonopoly measures, tax standardization or preservation of involution (inaudible) competition -- prevention of evolutionary competition, this effort aligns perfectly with JD long standing philosophy of compliance. So under a normalized regulatory environment, fair growth opportunity are created as we prevent best money to drive some good. So as a result, over the long term, the advantage of JD compliant a sustainable business model will become increasingly prominent. Thank you.

因此，京東始終將合規營運作為業務的基石，無論是反壟斷措施、稅收標準化或維護非演化競爭（防止演化競爭），這項努力都與京東長期以來秉持的合規理念完美契合。因此，在正常的監管環境下，透過阻止資金過度流入，就能創造公平的成長機會，從而帶來一些益處。因此，從長遠來看，京東符合永續商業模式的優勢將變得越來越突出。謝謝。

We are now approaching the end of the conference call. I will turn the call over to JD.com, 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 all your questions. If you have further questions, please contact me and our IR team. We appreciate your interest in JD.com and look forward to talking with you again next quarter. Thank you.

感謝您今天參加我們的電話會議，也感謝您提出的所有問題。如果您還有其他疑問，請聯絡我和我們的投資者關係團隊。感謝您對京東的關注，期待下季再次與您洽談。謝謝。

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

感謝您參加今天的會議。演講到此結束。您現在可以斷開連線了。