京東 (JD) 2021 Q4 法說會逐字稿

Hello, and thank you for standing by for JD.com's Fourth Quarter and Full Year 2021 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. (Operator Instructions)

您好，感謝您等待京東 2021 年第四季度和全年收益電話會議。 （操作員說明）今天的會議正在錄製中。 （操作員說明）

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

我現在想將會議轉交給今天會議的主持人，投資者關係總監 Sean Zhang 先生。請繼續。

Thank you. Good evening and good morning, everyone. Welcome to our Fourth Quarter and Full Year 2021 Earnings Conference Call. Joining us on the call today are Mr. Lei Xu, President of JD.com and Ms. Sandy Xu, our CFO.

謝謝你。大家晚上好，早上好。歡迎參加我們的 2021 年第四季度和全年收益電話會議。今天加入我們電話會議的還有京東總裁徐磊先生和我們的首席財務官許珊迪女士。

For today's call, Lei will kick off with opening remarks, and Sandy will discuss the financial highlights. After that, we'll open the call to questions from analysts.

對於今天的電話會議，雷將首先致開幕詞，桑迪將討論財務亮點。在那之後，我們將打開分析師提問的電話。

Before we continue, let me remind you of today's call will include forward-looking statements, and please refer to our latest safe harbor statement in the earnings press release on our IR website, which applies to this call. Also during this call, we will discuss certain non-GAAP financial measures. Please also refer to our earnings release which contains a reconciliation of non-GAAP measures to the comparable GAAP measures. Finally, please note, unless otherwise stated, all figures mentioned in this call are in RMB. And now I'd like to turn the call over to our President, Mr. Xu?

在我們繼續之前，讓我提醒您今天的電話會議將包括前瞻性陳述，請參閱我們 IR 網站收益新聞稿中的最新安全港聲明，該聲明適用於本次電話會議。同樣在本次電話會議中，我們將討論某些非公認會計原則的財務措施。另請參閱我們的收益發布，其中包含非公認會計原則措施與可比公認會計原則措施的對賬。最後，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。現在我想把電話轉給我們的總裁徐先生？

[Interpreted] Hello, everyone. This is Lei Xu. Thank you for joining JD.com's 2021 Fourth Quarter and Full Year Earnings Call. JD continues to deliver high-quality growth amid the evolving macro consumption and industry environment in the fourth quarter. Total revenues recorded at 23% year-on-year growth in Q4 on a high [cone] and grew nearly 28% for the full year of 2021. This shows that we continued to outperform the industry and continued to -- contributed to the high-quality expansion of China's consumption.

[翻譯]大家好。這是徐磊。感謝您參加京東 2021 年第四季度及全年財報電話會議。京東第四季度在宏觀消費和行業環境不斷變化的情況下繼續實現高質量增長。總收入在第四季度錄得 23% 的高 [錐] 同比增長，並在 2021 年全年增長近 28%。這表明我們繼續跑贏行業，並繼續 - 為高——中國消費的質量擴張。

At the same time, we achieved a healthy profit growth in this quarter, thanks to improvements in efficiency driven by technology. Our progress demonstrates the increasing appreciation JD has earned among consumers and business partners. It also validates that good type of real economy-based enterprises have become important driving forces for growth in the retail industry and up and downstream entities. JD's business and investment strategies have always centered on users and business partners through different economic cycles, and our strategic determination and focus.

同時，得益於技術驅動的效率提升，我們在本季度實現了健康的利潤增長。我們的進步表明京東在消費者和業務合作夥伴中贏得了越來越多的讚賞。也印證了良好類型實體經濟企業已成為零售行業及上下游主體增長的重要動力。京東的商業和投資戰略始終圍繞著不同經濟周期的用戶和商業夥伴，以及我們的戰略決心和重點。

First, in terms of users, we saw synchronized increases of both user number and quality. In 2021, annual active users reached 570 million maintaining efficient and healthy growth, while the overall consumption industry underwent recovery. More importantly, we saw users' shopping frequency, range of categories purchase and (inaudible) improved in the fourth quarter. This was driven by our stronger user engagement and omnichannel initiatives. Here, I would like to reiterate 2 points with you that I have (inaudible).

一是用戶方面，用戶數量和質量同步增長。 2021年，年活躍用戶達到5.7億，保持高效健康增長，消費行業整體復甦。更重要的是，我們看到第四季度用戶的購物頻率、購買類別範圍和（聽不清）有所改善。這是由我們更強大的用戶參與度和全渠道計劃推動的。在這裡，我想與您重申我擁有的 2 點（聽不清）。

First, JD's goal is not to chase high growth and single operating financial metrics. In fact, we focus on healthy and sustainable growth of our business as a whole. Second, as China's Internet industry developed into a more mature stage, the traffic-driven growth model driven by subsidies is being replaced by the user quality and operating efficiency-oriented model. In such a new environment, we believe that JD's user growth and business operations are facing so-called (inaudible). Time is on our side. We have much to do as there are still many users need to be explored and satisfied. We always set higher spend (inaudible).

首先，京東的目標不是追求高增長和單一的經營財務指標。事實上，我們專注於整體業務的健康和可持續增長。其次，隨著中國互聯網產業發展進入更加成熟的階段，以補貼驅動的流量驅動增長模式正在被以用戶質量和運營效率為導向的模式所取代。在這樣的新環境下，我們認為京東的用戶增長和業務運營正面臨所謂的（聽不清）。時間站在我們這邊。我們還有很多工作要做，還有很多用戶需要探索和滿足。我們總是設置更高的支出（聽不清）。

And for our business partners, we have been striving to build an open and integrated ecosystem to meet the diversified needs of both suppliers and third-party merchants. In JD's ecosystem, it is very common for brands to run both 1P and 3P businesses at the same time as different models bring them different values. We are glad to see that 1P and supply chain have become mainstream topics in this industry in recent years with more companies working on each -- working on such initiatives. We are willing to share our experience to contribute to the industry's healthy development. However, we have to point out that we don't think 1P nearly means product procurement or even advancing payments for securing inventories. We believe 1P is about building a comprehensive system of supply chain management. The strength of the 1P model is to provide high-quality shopping experience to users and reoffering efficiency along the supply chain. So that business partners can enjoy better capital and inventory turnover.

而對於我們的商業夥伴，我們一直在努力構建一個開放的、一體化的生態系統，以滿足供應商和第三方商家的多樣化需求。在京東的生態中，品牌同時經營1P和3P業務是很常見的，因為不同的模式帶來不同的價值。我們很高興看到近年來 1P 和供應鏈已成為該行業的主流話題，越來越多的公司致力於這些話題——致力於此類舉措。我們願意分享我們的經驗，為行業的健康發展貢獻力量。但是，我們必須指出，我們認為 1P 幾乎不意味著產品採購甚至預付款以確保庫存。我們相信 1P 是關於建立一個全面的供應鏈管理系統。 1P模式的優勢在於為用戶提供優質的購物體驗，並沿供應鏈重新提供效率。使業務夥伴可以享受更好的資金周轉和庫存周轉。

In the time of uncertainty, JD has helped our business partners to cope with external changes with better operating efficiency and lower costs, sharing stability and uncertainty with them. As a result, JD has gained increasing recognition from all kinds of business partners. In the fourth quarter, both the type and number of business partners in our ecosystem continued to expand. In particular, the number of 1P suppliers achieved double-digit percentage growth, while further expanding (inaudible). The growth of third-party merchants also accelerated to the highest level in the past 3 years as we added more new merchants in Q4 than we did in the previous 3 quarters combined.

在不確定的時期，京東以更好的運營效率和更低的成本幫助我們的商業夥伴應對外部變化，與他們共享穩定性和不確定性。因此，京東越來越受到各類商業夥伴的認可。第四季度，我們生態系統中的商業夥伴類型和數量都在不斷擴大。特別是 1P 供應商的數量實現了兩位數的百分比增長，同時進一步擴大（聽不清）。第三方商戶的增長也加速至過去 3 年的最高水平，因為我們在第四季度新增的商戶數量超過了前三個季度的總和。

We believe that a number of our business partners will continue to grow healthily in the future. Meanwhile, we have been constantly strengthening our win-win cooperation with our business partners, with further shortened inventory turnover days to the lowest level in the industry, despite the number of SKUs that we manage is now close to RMB 10 million. Our accounts payable days also shortened, which helped improve business partners' capital turnover efficiency. As such, JD has helped millions of online and offline suppliers and SMEs to gain their fair growth opportunities and a reasonable profit in support of the real economy. Going forward, we will cooperate with more partners, generate mutual benefits and facilitate each other's growth.

我們相信，我們的一些業務合作夥伴在未來將繼續健康成長。同時，我們不斷加強與業務合作夥伴的共贏合作，庫存周轉天數進一步縮短至行業最低水平，儘管目前我們管理的SKU數量已接近1000萬元人民幣。我們的應付賬款天數也縮短了，這有助於提高業務夥伴的資金周轉效率。因此，京東已幫助數百萬線上線下供應商和中小企業獲得公平的增長機會和合理的利潤，支持實體經濟。未來，我們將與更多的合作夥伴合作，互利共贏，共同發展。

A healthy growth momentum of our [foreign] retail businesses, our further enhanced supply chain capabilities and operational efficiency have put us in a strong footing to firmly execute our long-term strategy. Now let's take a closer look at the recent development of JD Logistics and new businesses.

我們[國外]零售業務的健康增長勢頭、我們進一步增強的供應鏈能力和運營效率為我們堅定地執行我們的長期戰略奠定了堅實的基礎。現在讓我們仔細看看京東物流近期的發展和新業務。

JDL achieved a series of milestones in 2021. Firstly, its total revenue grew rapidly and exceeded the RMB 100 billion mark for the full year. Second, the long-term investment in JDL made in establishing integrated supply chain logistics services started to bear fruit as it served to more external customers and expanded its total addressable market. This also led to better revenue structure for JDL as revenues from external customers grew at a faster pace and accounted for over 50% of total revenue for the first time on a full year basis. Our business partners can better focus on their core operations and achieve high-quality growth as JDL's integrated supply chain logistics services helped to drive their overall efficiency and competitiveness.

JDL在2021年實現了一系列里程碑。一是總收入快速增長，全年突破1000億元大關。其次，JDL長期投資建立綜合供應鏈物流服務開始見效，服務於更多外部客戶，擴大了總目標市場。這也為 JDL 帶來了更好的收入結構，因為來自外部客戶的收入增長更快，全年首次佔總收入的 50% 以上。我們的業務合作夥伴可以更好地專注於其核心業務並實現高質量增長，因為 JDL 的集成供應鏈物流服務有助於提升其整體效率和競爭力。

We are proud to see that revenues from customers using JDL integrated supply chain logistics services contributed over 70% of its total revenue for the full year. Moreover, driven by the expanding economies of scale and operational optimization, JDL achieved sequential margin improvement in 2021. In the future, JDL will continue to invest and upgrade its infrastructure capabilities and resources to provide larger scale and more diversified supply chain-based products and services to our business partners in China and abroad and further strengthening its industry-leading position as well as expand the market share.

我們很自豪地看到，使用 JDL 集成供應鏈物流服務的客戶收入貢獻了其全年總收入的 70% 以上。此外，在不斷擴大的規模經濟和運營優化的推動下，JDL 在 2021 年實現了利潤率的環比提升。未來，JDL 將繼續投資和升級其基礎設施能力和資源，以提供更大規模、更多元化的供應鏈產品和為國內外業務合作夥伴提供服務，進一步鞏固行業領先地位，擴大市場份額。

On the new business, Jingxi, which focuses on lower-tier markets undertook a series of iterations and optimization measures in 2021. By improving supply chain and fulfillment efficiency in lower tier markets, particularly for fresh produce and general merchandise as well as lowering merchandise circulation cost, Jingxi provided its better services to customers and help the local merchants generate more revenue with higher efficiency and cost of savings. Since the second half of 2021, Jingxi has led the industry in proactively focusing on selected markets as well as our efficiency and user experience to drive local supply chain capabilities and refinement of the UE model.

在新業務上，聚焦低線市場的京西在2021年採取了一系列迭代優化措施。通過提升低線市場尤其是生鮮和日雜商品的供應鍊和履約效率，降低商品流通量成本方面，京西為客戶提供更好的服務，幫助當地商戶以更高的效率和成本節省更多的收入。自 2021 年下半年以來，京西引領行業積極聚焦選定市場以及我們的效率和用戶體驗，推動本地供應鏈能力和 UE 模型的細化。

As a result, we are seeing better supply chain efficiency and cost structure in our selected markets. In particular, fulfillment cost per order continued to come down, while net promoter scores and merchant satisfaction levels further improved. We believe this is a sector that requires a long-term commitment over the next 5 to 10 years in order to build up supply chain infrastructure and gain consumer mind share. The inflated scale expansion driven by short-term marketing expenses are not sustainable. The recent industry trend also validates our view.

因此，我們在選定的市場中看到了更好的供應鏈效率和成本結構。特別是，每筆訂單的履行成本持續下降，而淨促銷員得分和商家滿意度進一步提高。我們認為這是一個需要在未來 5 到 10 年內做出長期承諾的行業，以建立供應鏈基礎設施並贏得消費者的心智份額。短期營銷費用帶動的規模膨脹是不可持續的。最近的行業趨勢也驗證了我們的觀點。

JD achieved a healthy and sustainable growth across all business lines in 2021. We also opened up our supply chain and service capabilities to provide reliable and steady support to our business partners and consumers amid a challenging macro environment. JD has and will continue to develop new growth drivers for the industry and create greater value for the society. 2022 is the third year since the pandemic broke out. We are still in the midst of many changes and uncertainties and the competitive landscape in China is ever evolving and sometimes can be enhanced. Companies must grasp the core business logic and consistently deliver on their long-term strategy.

京東在2021年實現了各業務線的健康可持續增長。我們還開放了供應鍊和服務能力，在充滿挑戰的宏觀環境中為我們的業務合作夥伴和消費者提供可靠和穩定的支持。京東已經並將繼續為行業開發新的增長點，為社會創造更大的價值。 2022年是疫情爆發以來的第三年。我們仍處於許多變化和不確定性之中，中國的競爭格局在不斷發展，有時可以得到加強。公司必須掌握核心業務邏輯，並始終如一地實施其長期戰略。

In 2022 -- and also 2022 is the 19th year since JD's inception. Throughout our history, we have never [got] long and short-term and local gains and losses. Our core business logic is clear. Our business model and strategic positioning have always revolved around consumers and business partners. The resilience of our business model has been proven many times in the past. We believe we have a highly differentiated core competence that will lead us to a healthier and more sustainable growth trajectory in the long run. The results we achieved in 2021 have also set a strong foundation for our growth and market share expansion in 2022. We truly appreciate all your trust and support along the way. This concludes my remarks. Now I'll give the floor to Sandy.

2022年——也是2022年是京東成立的第19個年頭。縱觀我們的歷史，我們從來沒有[得到]長期和短期的局部收益和損失。我們的核心業務邏輯很清晰。我們的商業模式和戰略定位一直圍繞著消費者和商業夥伴。我們的商業模式的彈性在過去已被多次證明。我們相信，我們擁有高度差異化的核心競爭力，從長遠來看，這將使我們走上更健康、更可持續的增長軌跡。我們在2021年取得的成績也為我們在2022年的增長和市場份額的擴大奠定了堅實的基礎。我們衷心感謝您一路走來的信任和支持。我的發言到此結束。現在我請桑迪發言。

Thank you, Lei. Hello, everyone. We are pleased to finish 2021 with another strong set of results in the fourth quarter. Well, 2021 brought many uncertainties in the macro environment, supply chain and the consumption industry. We executed and delivered on our strategic priorities, continued to gain market share with a robust top line growth and achieved a solid bottom line. The results see volumes across the strength of our supply chain based business model in creating value for both our users and business partners, and driving long-term sustainable growth of our business in 2022 and beyond.

謝謝你，雷。大家好。我們很高興在 2021 年第四季度取得又一強勁的業績。那麼，2021年給宏觀環境、供應鏈、消費行業帶來了很多不確定性。我們執行並交付了我們的戰略重點，繼續以強勁的收入增長贏得市場份額，並實現了穩固的底線。結果顯示，我們基於供應鏈的業務模式在為我們的用戶和業務合作夥伴創造價值以及推動我們業務在 2022 年及以後的長期可持續增長方面發揮了巨大的作用。

Our net revenues achieved 23% year-on-year growth to RMB 276 billion in the fourth quarter and 28% year-on-year growth to RMB 952 billion for the full year of 2021. We continue to demonstrate notable resilience in our business and presently outperformed industry growth despite the relatively soft consumption trend in recent quarters. Our solid top line growth comes alongside our proactive strategic priority, improving user engagement and lifetime values. Our annual active user base reached a total of 570 million by the end of 2021. I think nearly 100 million users from a year ago. In particular, our quarterly average DAU grew over 25% year-on-year and hit an all-time high in Q4. This reflects the results of our strategic focus on improving user mind share and engagement. We are also gaining more wallet share from our expanding user base.

2021 年第四季度淨收入同比增長 23% 至 2760 億元人民幣，同比增長 28% 至 9520 億元人民幣。儘管最近幾個季度的消費趨勢相對疲軟，但目前的表現優於行業增長。我們穩健的收入增長伴隨著我們積極的戰略重點，提高了用戶參與度和終身價值。到 2021 年底，我們的年度活躍用戶群總計達到 5.7 億。我認為比一年前有近 1 億用戶。特別是，我們的季度平均 DAU 同比增長超過 25%，並在第四季度創下歷史新高。這反映了我們的戰略重點是提高用戶的思想分享和參與度。我們還從不斷擴大的用戶群中獲得了更多的錢包份額。

As we increasingly become the go-to destination for consumers' regular shopping, LTM GMV per user has been steadily changing up over time and increased year-over-year in every quarter in 2021, even as we continued to expand our total user base. Furthermore, our JD Plus numbers surpassed 25 million in the quarter and average member spending increased up by double-digit percentage points from a year ago. By end of Q4, the average annual spending of Plus members was 10x as much as that of non-Plus numbers. The encouraging progress in high-quality user growth and improving user engagement validate our relentless focus on superior customer experience over the years. Our revenue base saw further diversification. In Q4, our net product revenues grew at a solid 22% year-on-year, while net service revenues grew faster at 28% year-on-year against a high comparable base.

隨著我們越來越成為消費者日常購物的首選目的地，即使我們繼續擴大我們的總用戶群，每個用戶的 LTM GMV 隨著時間的推移一直在穩步上升，並且在 2021 年的每個季度都在逐年增加。此外，本季度我們的 JD Plus 會員數量超過 2500 萬，會員平均消費同比增長兩位數。到第四季度末，Plus 會員的平均年支出是非 Plus 會員的 10 倍。在高質量用戶增長和提高用戶參與度方面取得的令人鼓舞的進展證明了我們多年來對卓越客戶體驗的不懈關注。我們的收入基礎進一步多樣化。第四季度，我們的淨產品收入同比增長 22%，而淨服務收入同比增長 28%，可比基數較高。

Over a 2-year period, contribution from net service revenues increased from 12% to 15% of total revenue. Our marketplace and marketing revenues exceeded the RMB 20 billion mark in a single quarter for the first time in our history in Q4, growing at 27% year-on-year. This is a testament to our ongoing improvement in our platform ecosystem. Logistics and other services revenues grew by 30% year-on-year in Q4, maintaining hyper growth momentum.

在 2 年期間，來自淨服務收入的貢獻從總收入的 12% 增加到 15%。我們的市場和營銷收入在第四季度歷史上首次單季度突破 200 億元大關，同比增長 27%。這證明了我們在平台生態系統中的持續改進。第四季度物流及其他服務收入同比增長 30%，保持高速增長勢頭。

Now let's turn to our segment performance. First, in Q4, our core business, JD Retail delivered both solid top line growth and healthy margin improvement. JD Retail's revenues reached RMB 250 billion in Q4, growing at 21% year-on-year in the quarter. For the full year of 2021, JD Retail revenues grew 25% year-on-year to RMB 866 billion. Category-wise, we continue to see resilience in electronics and home appliance category with 22% revenue growth year-on-year in Q4. The power of JD's supply chain capability has been on full display against the global supply chain disruption. Our general merchandise revenues grew 23% year-on-year in Q4, outperforming the market amidst a challenging consumption environment. Order volume in our supermarket category has been consistently growing at around 30% 2-year CAGR in every quarter in 2021.

現在讓我們轉向我們的細分市場表現。首先，在第四季度，我們的核心業務京東零售實現了穩健的收入增長和健康的利潤率提升。京東零售第四季度營收達到人民幣2500億元，本季度同比增長21%。 2021年全年，京東零售收入同比增長25%至8660億元人民幣。品類方面，我們繼續看到電子和家電品類的彈性，第四季度收入同比增長 22%。京東的供應鏈能力在全球供應鏈中斷的情況下得到了充分展示。在充滿挑戰的消費環境中，我們的日用百貨收入在第四季度同比增長 23%，表現優於市場。 2021 年每個季度，我們超市類別的訂單量一直以 30% 左右的 2 年復合年增長率持續增長。

The strong growth of our supermarket category has helped drive more frequent user engagement and continued the greatest number of new users. Our 3P ecosystem also saw encouraging progress as more merchants appreciate the increased value add delivered by our ecosystem. We are pleased to see higher engagement and spending from our existing merchants. It's worth mentioning that we added more merchants to our marketplace business in Q4 than we did in the first 3 quarters combined. Our omnichannel business has been growing rapidly as our offline stores and business partners including some -- including home appliance franchise stores, (inaudible) and 7Fresh as well as our O2O initiatives achieved close to 80% year-on-year GMV growth in the full year of 2021. Exciting progress in our omnichannel business further demonstrates JD's position as a new type of real economy-based enterprise. It also bodes well for our growth in the coming years.

我們超市類別的強勁增長有助於推動更頻繁的用戶參與，並繼續保持最大數量的新用戶。我們的 3P 生態系統也取得了令人鼓舞的進展，因為越來越多的商家讚賞我們的生態系統帶來的增加的附加值。我們很高興看到現有商家的參與度和支出增加。值得一提的是，我們在第四季度為我們的市場業務增加了比前三個季度的總和還要多的商家。我們的全渠道業務一直在快速增長，因為我們的線下商店和業務合作夥伴包括一些——包括家電特許經營店、（聽不清）和 7Fresh 以及我們的 O2O 計劃，全年 GMV 同比增長接近 80% 2021年，全渠道業務取得令人矚目的進展，進一步彰顯京東作為新型實體經濟企業的地位。這也預示著我們未來幾年的增長。

Moving on to JD Retail's profitability. Operating margins increased to 2.1% this quarter, up from 1.9% a year ago, thanks to the expansion (inaudible) gross margin. On a full year basis, JD Retail's operating margins reached 3.1%, a 10 basis points improvement from a year ago and 32 bps improvement from 2 years ago. Our core business is well on track to realize sustainable margin improvement while optimizing for a healthy category mix and exploring new business strategies to expand our time in the long run.

轉向京東零售的盈利能力。由於毛利率的擴大（聽不清），本季度的營業利潤率從一年前的 1.9% 上升至 2.1%。全年來看，京東零售的營業利潤率達到 3.1%，比一年前提高了 10 個基點，比兩年前提高了 32 個基點。我們的核心業務有望實現可持續的利潤率提升，同時優化健康的品類組合併探索新的業務戰略以延長我們的長期時間。

JD Logistics or JDL achieved remarkable milestones in 2021 and concluded the year with strong top line growth and sequential margin improvement. Its Q4 revenues grew by 28% year-on-year [RMB 230 billion]. Full year basis, JDL's revenues grew 43% year-on-year to RMB 105 billion. This was mainly driven by the growth in the number of external integrated supply chain logistics customers as well as their increasing ARPU. Contribution of external revenues reached a historic high and accounted for 57% of JDL's total revenues for the full year of 2021. We are proud to see JDL deliver margin improvement while quickly ramping up its external business. JDL achieved positive operating margin in both Q4 and the second half of 2021. These results also demonstrate JDL's ability to both infrastructure utilization and improve operating efficiency while maintaining robust top line growth. Revenues of our new business segment accelerated its growth pace sequentially to 45% year-on-year to reach RMB 8.2 billion in Q4, and grew 48% to RMB 26 billion full year basis.

京東物流或 JDL 在 2021 年取得了顯著的里程碑，並以強勁的收入增長和連續利潤率提高結束了這一年。其第四季度收入同比增長 28% [人民幣 2300 億元]。全年計算，JDL 的收入同比增長 43% 至人民幣 1050 億元。這主要是由於外部綜合供應鏈物流客戶數量的增長及其ARPU的增加。外部收入的貢獻達到了歷史新高，佔 JDL 2021 年全年總收入的 57%。我們很自豪地看到 JDL 在迅速擴大外部業務的同時實現了利潤率的提高。 JDL 在第四季度和 2021 年下半年均實現了正營業利潤率。這些結果也證明了 JDL 在保持強勁收入增長的同時，能夠同時利用基礎設施和提高運營效率。第四季度，新業務板塊收入同比增長 45%，達到 82 億元人民幣，全年增長 48%，達到 260 億元人民幣。

Revenues of our Jingxi business grew over [40%] quarter-on-quarter in Q4, mainly led by the Jingxi Pinpin business, which regained growth momentum after we proactively (inaudible) resources in selected markets in Q3 last year. We are committed to better allocating resources to improve our local supply chain capabilities, to empower a broader spectrum of our business partners, many of which are local SMEs and to serve new and existing customers. We will continuously drive innovation and improvement in the supply chain infrastructure while firmly committing to better UE for our new business.

京西業務的收入在第四季度環比增長超過[40%]，主要由京西拼品業務帶動，在我們去年第三季度在選定市場積極（聽不清）資源後，該業務恢復了增長勢頭。我們致力於更好地分配資源以提高我們當地的供應鏈能力，為我們更廣泛的業務合作夥伴提供支持，其中許多是當地的中小企業，並為新老客戶提供服務。我們將不斷推動供應鏈基礎設施的創新和改進，同時堅定地致力於為我們的新業務提供更好的 UE。

Moving to the consolidated bottom line. Our Q4 non-GAAP net income attributable to ordinary shareholders was RMB 3.6 billion with non-GAAP net margin of 1.3%, up from 1.1% in the same period last year. Our full year non-GAAP net income attributable to ordinary shareholders was RMB 17.2 billion, up from RMB 16.8 billion a year ago. While we continued to deliver solid operational and financial results, we also increased support to our business partners in a time of uncertainty. We have consistently kept our inventory turnover well below 35 days, despite that the number of SKUs under our management continued to expand. We continued to share our efficiency gains with our business partners as we shortened the LTM account payable turnover days from 47 days a year ago to 45 days at the end of 2021.

移動到合併的底線。我們第四季度非美國通用會計準則歸屬於普通股股東的淨利潤為人民幣 36 億元，非美國通用會計準則淨利潤率為 1.3%，高於去年同期的 1.1%。我們全年非公認會計原則歸屬於普通股股東的淨利潤為人民幣 172 億元，高於一年前的人民幣 168 億元。在我們繼續提供穩健的運營和財務業績的同時，我們也在不確定時期增加了對業務合作夥伴的支持。儘管我們管理的 SKU 數量繼續擴大，但我們始終將庫存周轉率保持在 35 天以下。隨著我們將 LTM 應付賬款周轉天數從一年前的 47 天縮短至 2021 年底的 45 天，我們繼續與業務合作夥伴分享我們的效率收益。

Our business partners highly appreciate the increased supply chain efficiency and faster turnover of cash and goods from their collaboration with us. As we are getting stronger, we are creating greater value for everyone along the supply chain. Our free cash flow for trailing 12 months this quarter remained healthy at RMB 26.2 billion. At the end of Q4, cash, cash equivalents, restricted cash and short-term investments added up to a sum of RMB 191 billion. In summary, JD had a year of increased uncertainties and macro headwinds with remarkably resilient performance. This is a cumulative result of our 19 years of [unwavering] efforts in building our core competence and committing to our right way to success business philosophy. I truly believe we have set a solid foundation for long-term sustainable growth.

我們的業務合作夥伴高度讚賞與我們合作提高的供應鏈效率和更快的現金和貨物周轉。隨著我們變得越來越強大，我們正在為供應鏈上的每個人創造更大的價值。本季度過去 12 個月的自由現金流保持健康，為 262 億元人民幣。第四季度末，現金、現金等價物、限制性現金和短期投資合計1910億元。總而言之，京東在不確定性和宏觀逆風增加的一年中表現出顯著的彈性。這是我們 19 年 [堅定不移] 努力打造我們的核心競爭力和致力於我們正確的成功之路的經營理念的累積結果。我真的相信我們已經為長期可持續增長奠定了堅實的基礎。

Looking ahead to 2022, while we remain mindful about the near-term macro volatility, we aim to continue to gain market share with a set of proactive sustainable and high-quality growth strategies and at the same time, remain on track of our long-term margin improvement trajectory. I would also like to take this chance to welcome our new shareholders, many of whom are [old friends] to join the journey with us soon. This concludes my prepared remarks. We can now move to the Q&A. Thank you.

展望 2022 年，在關注近期宏觀波動的同時，我們的目標是通過一系列積極的可持續和高質量增長戰略繼續獲得市場份額，同時保持我們的長期-期限利潤率改善軌跡。我也想藉此機會歡迎我們的新股東，他們中的許多人是[老朋友]很快就會加入我們的旅程。我準備的發言到此結束。我們現在可以轉到問答環節。謝謝你。

(Operator Instructions) And our first question comes from Ronald Keung from Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Ronald Keung。

So we've seen the recent macro weakness, Xu Lei, could you talk about that and COVID disruptions, higher oil price. Just wondering what management, could you share just how do you see JD Retail growth this year? Whether given some moderation in general merchandise revenue that we've seen in the fourth quarter, what are the strategies for JD Supermarket and your marketplace. And with these in mind, any potential implications for margins this year?

所以我們已經看到了最近的宏觀疲軟，徐磊，你能談談這和 COVID 的中斷，油價上漲。只是想知道哪個管理層，您能分享一下您如何看待京東零售今年的增長嗎？考慮到我們在第四季度看到的一般商品收入有所放緩，京東超市和您的市場的策略是什麼。考慮到這些，對今年的利潤率有何潛在影響？

[Interpreted] And this is Xu Lei to answer a question on the macro environment. We do face a slowdown macro environment with a lot of uncertainties, such as the macroeconomic conditions and weak consumption demand and the rising price of raw materials on the supply chain and fierce industry competition and COVID disruption, and all this add has posed pressures on China's retail industries. And in face of all these uncertainties, we continue to stick to our business logic and our strategies, and this will be carried out in the following 3 ways.

【解讀】這是徐磊回答的宏觀環境問題。我們確實面臨宏觀經濟放緩、消費需求疲軟、供應鏈原材料價格上漲、行業競爭激烈、新冠肺炎疫情等諸多不確定性因素，這一切都給中國經濟帶來了壓力。零售行業。面對所有這些不確定性，我們繼續堅持我們的業務邏輯和我們的策略，這將通過以下三種方式進行。

And first, JD's development has always been centered on creating unique value for our customers' matters on the product, services and user experience, and these have helped us to enhance the mind share among our customers and deliver the sustained development -- the sustained growth.

首先，京東的發展始終圍繞著為客戶在產品、服務和用戶體驗方面創造獨特價值，這些都幫助我們增強了客戶的心智分享，實現了持續發展——持續增長.

And second, we pay high attention of our business partners, and in the time of uncertainty, we are making full use of our capacities on supply chain to support our business brands and the merchants to help them on the financial and the good inventory turnover. So by all the support, they're able to deliver predictable and stable growth under all these external changes.

其次，我們高度重視我們的業務合作夥伴，在不確定的時期，我們正在充分利用我們在供應鏈上的能力來支持我們的業務品牌和商家，幫助他們財務和良好的庫存周轉。因此，通過所有的支持，他們能夠在所有這些外部變化下實現可預測且穩定的增長。

And thirdly, in face of those COVID challenges by leveraging JD's fundamental capabilities on supply chains and warehousing, et cetera, we can maintain a stable sales momentum in those COVID-hit areas. At the same time, we are supporting the government and the people to provide the leading necessities to the people in need and to fulfill our social responsibilities. And all this effort has been largely recognized by the people and by the government and further enhance our brand or our JD's reputation in the society.

第三，利用京東在供應鍊和倉儲等方面的基礎能力，面對這些新冠疫情挑戰，我們可以在受疫情影響的地區保持穩定的銷售勢頭。同時，我們支持政府和人民群眾為困難群眾提供生活必需品，履行社會責任。而這一切的努力，在很大程度上得到了人民和政府的認可，進一步提升了我們的品牌或京東在社會上的美譽度。

So we are confident in our resilient business model and our core capacity from supply chains. And all this has proven to be viable in the past, and it will also help us to outperform the market.

因此，我們對我們有彈性的商業模式和供應鏈的核心能力充滿信心。而這一切在過去都被證明是可行的，也將幫助我們跑贏市場。

And for the outlook in the future, we will continue an optimistic attitude and to achieve sustainable and healthy growth on each different categories and different -- each business and also gain a greater market share.

而對於未來的前景，我們將繼續保持樂觀的態度，在每個不同的品類和不同的業務上實現持續健康的增長，同時也獲得更大的市場份額。

And also, I want to share my feelings and the facts as we paid a lot of visits to our business partners by the end of last year and early this year. They've all expressed that they will pay great attention and attach great importance to the collaboration with JD and have a high expectation on the collaboration with JD in the year 2022.

此外，我想分享我的感受和事實，因為我們在去年底和今年年初訪問了我們的業務合作夥伴。他們都表示將高度重視和重視與京東的合作，對2022年與京東的合作寄予厚望。

And a few words on the supermarket categories, it has -- a lot of changes are taking place. And our brand partners, they are feeling the pressures from the rising price from the upstream and also a fast change in consumption demand. And in the past few years, the traditional sales channel has been affected by various factors, and all this has brought a lot of uncertainty for the manufacturer's operation.

關於超市類別的幾句話，它已經發生了很多變化。而我們的品牌合作夥伴，也感受到了來自上游價格上漲以及消費需求快速變化的壓力。而過去幾年，傳統的銷售渠道受到各種因素的影響，這一切都給廠商的經營帶來了很大的不確定性。

So we're going to address these categories in 4 aspects. First, to the consumers, we will focus on bringing new products and new categories to the new consumers and bring them quality products and build up their mind share as JD Super is their go-to place to buy supermarket category products.

因此，我們將從 4 個方面來處理這些類別。首先，對於消費者，我們將專注於為新消費者帶來新產品和新品類，為他們帶來優質的產品，建立他們的心智份額，因為京東超市是他們購買超市類產品的首選場所。

And on the cooperation with our brand partners, we will strengthen synergies with them on supply chain, on marketing and warehousing, et cetera to deepen our cooperation and synergies on all aspects.

在與品牌合作夥伴的合作上，我們將加強與他們在供應鏈、營銷、倉儲等方面的協同，深化各方面的合作和協同。

And also JD Super is very important categories in our omnichannel strategies. It has the highest penetration rate across all the categories. And in the future, we will continue to collaborate with more and more business partners to develop omnichannel strategies in diversified shopping scenarios.

京東超市也是我們全渠道戰略中非常重要的品類。它在所有類別中的滲透率最高。未來，我們將繼續與越來越多的商業夥伴合作，在多元化的購物場景中製定全渠道戰略。

And for the supermarket categories, we continue to improve its supply chain and made a lot of innovations in this aspect such as our warehouse stores and other methods and other new innovations. And for this category, its profitability continue to improve, and we are close to the breakeven point.

而對於超市品類，我們不斷完善其供應鏈，在這方面做了很多創新，比如我們的倉儲門店等方式等新的創新。而對於這個品類來說，它的盈利能力不斷提高，我們已經接近盈虧平衡點。

And also our marketplace in the 3P ecosystem, we have done the following 4 efforts. And first is that we continue to do the refined management on our third-party merchants. And third -- and second, we make efforts to help them to lower down their operating costs and alleviate their burden to run on our platform. And thirdly, we provide those [two teams] to help them to do better operations on our platform. And at the same time, we are also exploring more and more ways to support those small and medium-sized companies and brands to thrive on our marketplace ecosystem.

以及我們在 3P 生態系統中的市場，我們做了以下 4 項努力。一是我們繼續對第三方商戶進行精細化管理。第三 - 第二，我們努力幫助他們降低運營成本並減輕他們在我們平台上運行的負擔。第三，我們提供這兩個團隊來幫助他們在我們的平台上進行更好的運營。同時，我們也在探索越來越多的方法來支持這些中小型公司和品牌在我們的市場生態系統中茁壯成長。

And as mentioned that in this quarter, for the 3P merchants, their overall number is even more than the Q1 to Q3 combined and they have demonstrated very high engagement during the Singles Day Grand Promotion. Thank you.

如前所述，在本季度，對於 3P 商家來說，他們的總數甚至超過了 Q1 到 Q3 的總和，並且他們在雙十一大促期間表現出了非常高的參與度。謝謝你。

So this is Sandy. I can add some color on outlook for JD Retail. So first, in terms of the macro-environment and consumption, so far, we see that the overall consumption in Q1 or even first half year 2022 to be relatively conservative. And then secondly, category-wise, we expect that the supermarket home products, health care products, corporate business, including [MRO] will generate higher growth compared to our overall average. And then third, omnichannel business, as Lei mentioned, we will continue to be one of our strategic focuses and deliver hyper growth in 2022. And fourth, we also expect that 3P to grow faster than 1P as we have been optimizing our 3P ecosystems and tools for merchants as Lei just mentioned. So we expect JD Retail continue to deliver quality growth in terms of user base, user engagement and stickiness, which is a long-term growth driver for our retail business. Overall, although the retail consumption is currently under pressure to a certain extent, we are confident that we will deliver higher growth than the industry average.

這就是桑迪。我可以為京東零售的前景添加一些顏色。所以首先，從宏觀環境和消費來看，到目前為止，我們看到2022年第一季度甚至上半年的整體消費相對保守。其次，在品類方面，我們預計超市家居產品、保健品、企業業務，包括 [MRO] 將比我們的整體平均水平產生更高的增長。第三，全渠道業務，正如雷軍所說，我們將繼續成為我們的戰略重點之一，並在 2022 年實現高速增長。第四，我們還預計 3P 的增長速度將超過 1P，因為我們一直在優化我們的 3P 生態系統和就像雷剛才提到的商人工具。因此，我們預計京東零售在用戶基礎、用戶參與度和粘性方面將繼續實現高質量增長，這是我們零售業務的長期增長動力。總體而言，雖然目前零售消費面臨一定壓力，但我們有信心實現高於行業平均水平的增長。

Our next question comes from Eddie Leung from Bank of America.

我們的下一個問題來自美國銀行的 Eddie Leung。

Just a question on competition. Could you guys share your thoughts with us on the growing market share of the e-commerce broadcasting platforms. How do you think about the impact on your business? And how are you going to deal with their growing market share?

只是一個關於競爭的問題。你們能否與我們分享您對電子商務廣播平台不斷增長的市場份額的看法。您如何看待對您的業務的影響？你將如何應對他們不斷增長的市場份額？

[Interpreted] About the e-commerce. The e-commerce by live stream and short video platform, they are still undergoing a fast development period, which is in line with our previous predictions. For these business models, it can attract and satisfy some shopping demand of some people based on their interest and they're still developing fast, thanks to the traffic dividend. And given their business models and people's recognition of this platform, we believe these live streaming e-commerce will generate a long-term impact to those platform e-commerce players.

[解釋] 關於電子商務。直播電商和短視頻平台的電商，還處於快速發展期，這與我們之前的預測是一致的。對於這些商業模式，它可以根據他們的興趣吸引和滿足一些人的一些購物需求，並且由於流量紅利，他們仍在快速發展。鑑於他們的商業模式和人們對這個平台的認可，我們相信這些直播電商將對這些平台電商產生長期影響。

While we see some challenges, at the same time, we do see there's opportunities and the same to collaborate with these traffic platforms.

雖然我們看到了一些挑戰，但與此同時，我們確實看到了與這些流量平台合作的機會和同樣的機會。

Even consumers' shopping demands are diversified. For JD.com, we see most people come to our platform for planned shopping or shopping for their families. So we are less affected by their emergence.

甚至消費者的購物需求也是多樣化的。對於京東，我們看到大多數人來到我們的平台是為了計劃購物或為家人購物。所以我們受它們出現的影響較小。

And second, we see that branded merchants, while they enter these traffic fields to do operations, in their operating efficiencies, they're encountering a lot of -- quite a lot of difficulties, and they also need some help.

第二，我們看到品牌商，在進入這些流量領域進行運營的同時，在運營效率上，遇到了很多——很多困難，也需要一些幫助。

And thirdly, we believe that for all kinds of new business models, after they pass their dividend period, they all need to come down to the work and serve their customers and better provide a win-win collaboration with their business partners.

第三，我們認為，對於各種新的商業模式，在過了紅利期後，都需要下功夫服務客戶，更好地與商業夥伴合作共贏。

So compared with platform e-commerce players, JD, we have -- for JD.com, we have complete supply chain infrastructure and the fulfillment capabilities, customer services and the skills for the platform governance and so on. All this can help us to reduce the supply chain circulation cost, which process at a very unique and differentiated competitiveness.

因此，與平台電子商務玩家京東相比，我們擁有——對於京東，我們擁有完整的供應鏈基礎設施和履行能力、客戶服務和平台治理技能等。這一切都可以幫助我們降低供應鏈流通成本，使其具有非常獨特和差異化的競爭力。

So we continue to have an open attitude towards all these emerging new business models and by building our capacities on omnichannel and the supply chains, we are exploring diversified touch points to reach our customers in diversified shopping channels and user cases. And we will also continue to collaborate with these content platforms and support merchant partners to operate on this traffic field.

因此，我們繼續對所有這些新興的新商業模式持開放態度，並通過建立我們在全渠道和供應鏈方面的能力，我們正在探索多元化的接觸點，以在多元化的購物渠道和用戶案例中接觸我們的客戶。而我們也會繼續與這些內容平台合作，支持商家合作夥伴在這個流量領域進行運營。

And I also want to add that besides JD Retail, for our JD Logistics, they also have collaborations with both live stream and short video platforms to provide both way transportation and logistics support, which also represents huge opportunities for JD Logistics.

另外我想補充一點，除了京東零售，我們京東物流還與直播平台和短視頻平台合作，提供單程運輸和物流支持，這對京東物流來說也是巨大的機會。

Our next question comes from Thomas Chong from Jefferies.

我們的下一個問題來自 Jefferies 的 Thomas Chong。

(foreign language).

（外語）。

[Interpreted] And let me answer your question about the user growth in this quarter. And on the overall industries, we have seen a weak growth, no matter if general on the online side. But for JD.com, we continue to build our business surrounding our users' experience, and we've achieved healthy growth and hit our yearly target.

[解釋]讓我回答你關於本季度用戶增長的問題。在整個行業上，我們看到增長疲軟，無論在線方面是否普遍。但對於京東來說，我們繼續圍繞用戶體驗構建業務，我們實現了健康增長並達到了我們的年度目標。

So here, I just want to emphasize again that our business principle is to deliver sustainable and quality growth. So in terms of the new users' acquisition in Q4, we have seen their OP has been improved by 11%. And for our existing customers, their shopping frequencies have been improved by 3% and their OP has increased by 4.5%. And all this has demonstrated again our principles for sustainability and quality growth.

所以在這裡，我只想再次強調，我們的經營原則是實現可持續和高質量的增長。所以在第四季度的新用戶獲取方面，我們看到他們的 OP 提升了 11%。對於我們現有的客戶，他們的購物頻率提高了 3%，他們的 OP 增加了 4.5%。所有這一切再次證明了我們的可持續性和質量增長原則。

And for 2022, we will continue to focus on the users' growth quality and the refined usage management and also make dynamic policy adjustments during this process. We see our users growth feeling at still very high, and we expect a healthy users growth in the following years.

2022年，我們將繼續關注用戶的增長質量和精細化的使用管理，並在此過程中進行動態的政策調整。我們看到我們的用戶增長感覺仍然非常高，我們預計未來幾年用戶將保持健康增長。

And the users growth are mainly coming from 2 aspects. First is on our categories, as we are successfully expanding our categories, this will continue to drive our users acquisition. For example, for the JD Super, supermarket categories with FMCGs continue to be the engine for the new user acquisition. And for the other category, it's consumer electronics, we have a very strong mind share among our consumers, even though we are under this supply shortage at this moment. We continue to see more and more consumers mind share is building up in this category, and we continue to gain larger wallet share in this category.

而用戶增長主要來自兩個方面。首先是我們的類別，隨著我們成功擴展我們的類別，這將繼續推動我們的用戶獲取。例如，對於京東超市，超市類快消品繼續成為新用戶獲取的引擎。而對於另一個類別，它是消費電子產品，我們在消費者中擁有非常強大的思想份額，即使我們目前處於供應短缺的狀態。我們繼續看到越來越多的消費者在這個類別中的心智份額正在增加，我們繼續在這個類別中獲得更大的錢包份額。

And second part of the users' growth opportunity comes from our marketplace ecosystem and our omnichannel business and this will bring us diversified channels and diversified approaches to reach new consumers -- new users. And the ecosystem we provide with our merchants and brands as well as our offline ecosystem will also contribute to the growth of new users.

用戶增長機會的第二部分來自我們的市場生態系統和我們的全渠道業務，這將為我們帶來多樣化的渠道和多樣化的方法來接觸新的消費者——新用戶。我們為商家和品牌提供的生態系統以及線下生態系統也將有助於新用戶的增長。

Okay. Let me take the question on OpEx and margins. On the bottom line of JD Retail, we need to take into consideration of a few changes in our business model and category mix shift. First, the supermarket category will continue to outgrow our overall retail business while its operating margin is on the track of steady improvement, but still lower than our average margin level. And second, 3P business will grow faster than 1P. That somehow mitigates the impact from the category mix shift. And third, omnichannel grows faster than online retail as this business model is still in relatively early stage. So it is currently still in a slight loss making position, but we'll again improve their UE year-over-year. So overall, we are facing dynamic internal macro environment changes and -- which will affect our bottom line performance. The management team will adjust our investment strategy from time to time.

好的。讓我來回答一下關於 OpEx 和利潤的問題。在京東零售的底線上，我們需要考慮到我們的商業模式和品類組合轉變的一些變化。首先，超市品類的增長將繼續超過我們的整體零售業務，而其營業利潤率正在穩步提高，但仍低於我們的平均利潤率水平。其次，3P業務的增長速度將超過1P。這以某種方式減輕了類別組合轉變的影響。第三，全渠道的增長速度快於在線零售，因為這種商業模式仍處於相對早期的階段。所以它目前仍處於輕微虧損狀態，但我們將再次逐年提高他們的 UE。因此，總體而言，我們正面臨動態的內部宏觀環境變化——這將影響我們的底線表現。管理團隊會不時調整我們的投資策略。

And for Q1, I want to remind everyone that as a sponsorship fee for the CCTV Spring Festival Gala as well as the related promotion expenses were all reported in one single quarter. Our marketing expense ratio and operating margin will be slightly affected in the short term, but we will adjust our pace of annual marketing spending and the impact to our marketing spending for the whole year 2022 is manageable. So I want to emphasize again that for JD Retail, we pursue sustainable quality growth, and we are well on track of our long-term margin trajectory.

而對於第一季度，我想提醒大家的是，作為央視春晚的讚助費以及相關的宣傳費用，都是一個季度報告的。我們的營銷費用率和營業利潤率在短期內會受到輕微影響，但我們會調整年度營銷支出的步伐，對我們2022年全年的營銷支出的影響是可控的。因此，我想再次強調，對於京東零售，我們追求可持續的質量增長，並且我們正走在長期利潤率軌蹟的軌道上。

And for JD Logistics, I believe their management team also shared some color in their earnings call. For the margin performance, if you remember, we've made heavy investments in capacity in the second half of 2020 and gradually ramped up the utilization in 2021. In '22, the investments in capacity will be in line with -- largely in line with the business development. So the utilization of capacity is expected to be further optimized. At the same time, we will continue to improve the operating efficiency. So the UE for JD Logistics will also improve compared to 2021.

對於京東物流，我相信他們的管理團隊在財報電話會議上也分享了一些色彩。對於利潤率表現，如果您還記得的話，我們在 2020 年下半年對產能進行了大量投資，並在 2021 年逐步提高利用率。在 22 年，產能投資將與 - 基本一致隨著業務的發展。因此，產能利用率有望進一步優化。同時，我們將不斷提高運營效率。所以京東物流的UE也將比2021年有所改善。

For our new business, we see that the competitors' industry [length] now become more rational. Companies compete on the core capabilities rather than burning capital. So we see that the competitive environment is more healthy. JD has been pursuing sustainable growth, and we will continue to do so. So we always balance investments in new initiatives and our profitability of our core business. So for new business initiatives, we are very -- we are always very cautious in investments to ensure the investments can generate adequate ROI for our investors and create true value for the supply chain and business partners. So we never pursue short-term KPI through subsidy. We will evaluate the market situation and make adjustments from time to time to our investments again.

對於我們的新業務，我們看到競爭對手的行業[長度]現在變得更加理性。公司在核心能力上競爭，而不是燒錢。所以我們看到競爭環境更加健康。京東一直在追求可持續發展，我們將繼續這樣做。因此，我們始終平衡對新計劃的投資和核心業務的盈利能力。因此，對於新的業務計劃，我們非常 - 我們在投資方面始終非常謹慎，以確保投資能夠為我們的投資者產生足夠的投資回報率，並為供應鍊和業務合作夥伴創造真正的價值。所以我們從不通過補貼來追求短期的KPI。我們會評估市場情況，不時對我們的投資作出調整。

So overall, given the uncertainties in internal macro-environment, we would put more weight on profitability this year on the management's KPI and growth. So for new business initiatives, we expect them to deliver hyper growth while control the investment to improve the UE and annual investment will not exceed what we incurred in 2021. Finally, at the group level, as a reminder, we completed the acquisition of (inaudible) and Dada in Q1, and we will start to consolidate them from March this year. While, we don't expect them to have a significant or material impact on the top line and bottom line, but due to we previously reported investments in Dada as an equity method investment, so the P&L presentation or loss pickup from Dada will be changed to different line items.

因此，總體而言，鑑於內部宏觀環境的不確定性，我們今年將更加重視管理層的 KPI 和增長的盈利能力。因此，對於新的業務計劃，我們預計它們將實現高速增長，同時控制改善 UE 的投資，年度投資不會超過我們在 2021 年的投資額。最後，在集團層面，提醒一下，我們完成了對 (聽不清）和達達在第一季度，我們將從今年 3 月開始整合它們。雖然，我們預計它們不會對收入和利潤產生重大或實質性影響，但由於我們之前將達達的投資報告為權益法投資，因此達達的損益表或虧損回升將發生變化到不同的訂單項。

Thank you, Thomas. Can we have the last question, please?

謝謝你，托馬斯。請問最後一個問題好嗎？

Our last question comes from James Lee from Mizuho.

我們的最後一個問題來自瑞穗的 James Lee。

Just wondering if you can share maybe some of the new learnings of JDDJ as you integrate more this omnichannel delivery on your platform. Just curious what you've seen in terms of cross-selling rate. Any key reasons people are buying omnichannel versus not buying? And how should we think about the demand in general? Is it more incremental or substitutional versus your core e-commerce offering?

只是想知道當您在您的平台上集成更多這種全渠道交付時，您是否可以分享一些 JDDJ 的新知識。只是好奇你在交叉銷售率方面看到了什麼。人們購買全渠道而不是購買的任何關鍵原因？我們應該如何看待總體需求？與您的核心電子商務產品相比，它更具增量性還是替代性？

[Interpreted] And on the questions on the on-demand retail, as I explained -- I shared with you in the previous calls that JD are building different kinds of supply chain based on the changing demands of our consumers. And for the on-demand retail is one of the fast-growing competition field.

[解讀]關於按需零售的問題，正如我所解釋的——我在之前的電話會議中與大家分享過，京東正在根據消費者不斷變化的需求構建不同類型的供應鏈。而對於按需零售來說，也是快速增長的競爭領域之一。

We think that the on-demand retail does not help us to break the ceiling for our long-term retail sales growth, but it also help us to create deep connection with the real economy-based offline retail ecosystem and to support the overall retail industry's digital transformation.

我們認為，按需零售並不能幫助我們打破長期零售增長的天花板，但它也有助於我們與實體經濟的線下零售生態建立深度連接，支持整體零售行業的發展。數字化轉型。

On-demand retail is an important part of JD's omnichannel strategies and is an important extension for our existing shopping scenarios and itself, it's a trillion dollar market with a lot of potential. And we also want to take full -- we want to fully use our current capacities on supply chain to use this business model to provide richer choices of quality products to serve our customers in a more timely manner.

按需零售是京東全渠道戰略的重要組成部分，是對我們現有購物場景及其本身的重要延伸，這是一個具有巨大潛力的萬億市場。我們也想充分利用我們現有的供應鏈能力，利用這種商業模式，提供更豐富的優質產品選擇，更及時地為客戶服務。

And also for some heavyweights products or those products that require cold chain or higher standard transportation like fresh foods and other coaching products, we will leverage the LBS-based local delivery services which has a better user experience for our customers compared with our B2C model because they have a lower cost and will be more time-sensitive to reach our customers.

對於一些重量級產品或者需要冷鍊或更高標準運輸的產品，如生鮮和其他教練產品，我們將利用基於LBS的本地交付服務，與我們的B2C模式相比，為我們的客戶提供更好的用戶體驗，因為他們的成本更低，並且在接觸我們的客戶方面更加及時。

And Shop Now program, which is also -- which is our on-demand retail service can help us to expand our goods resources to connect with the market resources and supplement to our online inventories, so we can collaborate with more offline stores to create more traffic and a win-win cooperation.

而 Shop Now 計劃，也就是我們的按需零售服務，可以幫助我們擴展商品資源，對接市場資源，補充我們的線上庫存，讓我們可以與更多的線下商店合作，創造更多交通，合作共贏。

And in 2021, based on JD's supply chain logistics, we have made some explorations attempts on the on-demand retail based on our users' demand and tens of millions of users on JD has experience for that. And for this business, it has achieved $10 billion scale at this moment.

而在2021年，我們在京東供應鏈物流的基礎上，根據用戶的需求，在按需零售上做了一些探索嘗試，京東數千萬用戶都有這方面的經驗。而對於這項業務，此刻已經實現了100億美元的規模。

Just one correction for this JD's online retail, it has achieved RMB 10 billion, not dollars, market scale at this moment. And for 2022, we'll continue to build our supply chain and fulfillment capabilities and strengthen consumers' mind share on this business. And also, we will continue to construct our capabilities on this business surrounding our local community resources and our O2O operating system to further empower our merchants and partners and to enable them more retail -- on-demand retail services and also the on-demand retail will help JD to increase the stickiness and engagement on the OP value of JD users. There's a lot of work for us to do. Thank you.

京東的這家線上零售只要一次修正，就已經達到了100億元人民幣的市場規模，而不是美元。到 2022 年，我們將繼續建立我們的供應鍊和履行能力，並加強消費者對該業務的看法。此外，我們將繼續圍繞我們的本地社區資源和我們的 O2O 操作系統構建我們的業務能力，以進一步賦能我們的商家和合作夥伴，並為他們提供更多的零售——按需零售服務以及按需零售將幫助京東提高京東用戶對OP價值的粘性和參與度。我們有很多工作要做。謝謝你。

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

謝謝你。我們現在接近電話會議的尾聲。我現在將把電話轉給京東，肖恩·張（Sean Zhang）做閉幕詞。

Thanks for joining us on the call today and for your questions -- if you have any further questions, please contact us and our team. We appreciate your interest in JD.com and look forward to talking to you next quarter. Thank you.

感謝您今天加入我們的電話會議並提出您的問題 - 如果您有任何其他問題，請聯繫我們和我們的團隊。感謝您對京東的關注，期待下個季度與您交流。謝謝你。

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

感謝您參加今天的會議。介紹到此結束。您現在可以斷開連接。再會。