Q3 2024 JD.com Inc Earnings Call
Okay.
Speaker Change: Hello, and thank you for standing by for JD Coms third quarter 'twenty 'twenty four earnings conference call.
Speaker Change: At this time all participants are in a listen only mode.
Speaker Change: After managements prepared remarks, there will be a question and answer session.
Speaker Change: Today's conference is being recorded.
Speaker Change: If you have any objections you may disconnect at this time.
Speaker Change: I would now like to turn the meeting or is it to your host for today's conference shown Zhang Director of Investor Relations. Please go ahead.
Speaker Change: Thank you.
Zhang: Everyone welcome to JD Com third quarter 2020 earnings conference call.
Zhang: For today's call.
Zhang: T D.
Zhang: EBITDA call distant issue will kick off with some opening remarks.
Zhang: And our CFO, Mr. Chen will discuss our financial results.
Zhang: And then we'll open the call to questions.
Before turning the call over to Cindy Let me quickly cover the safe Harbor.
Speaker Change: We remind you that during this call our comments and responses to your questions management's view as of today only.
Hello always include forward looking statements.
Please refer to our latest safe Harbor statement in the earnings press release.
I'll, let say, which applies to this call.
Certain non-GAAP financial measures.
Speaker Change: Also refer to the reconciliation of non-GAAP measures.
Speaker Change: Terrible got measures in the earnings press release.
Speaker Change: Also please note all figures mentioned in this call are RMB unless otherwise stated.
Sandy: Let me turn the call over to our seal Sandy.
Sandy: Hello, everyone.
Sandy: For joining us today to discuss our Q3 when she comes before he felt.
Sandy: We had a solid Q3 with improved operating and financial results.
Sandy: Our top line growth accelerated sequentially.
Sandy: Our active user base and shopping frequency expanded.
Sandy: Stronger momentum and our bottom line achieved another substantial upbeat.
Sandy: That's the heart of base. The achievement is allergy lens its focus on building supply chain capabilities and logistics infrastructure.
Sandy: Which enable us to continuously unleash should deliver.
Sandy: Delivering lower cost higher efficiency and best in class you would say Kevin.
Sandy: This is a key competitive strength that we are focused on.
Sandy: We face are ever changing macro and competitive landscape.
Sandy: <unk> has been dedicated to establishing caused supply chain capability since day one.
Sandy: Language, putting significant effort.
Sandy: Into building, our retail and logistics infrastructure.
Sandy: The country, two bedrooms are consumer and contributes to the real economy local areas nationwide.
Sandy: This enables us to play a key role in country beauty in their treating program, both online and offline.
Sandy: TB is best positioned to support this program not only with our strong user mindshare in home appliance and three C categories.
Sandy: More importantly, with our supply chain capabilities and our fulfillment infrastructure.
Sandy: Consumers are attracted to typhoon <unk>.
Sandy: Well the product selection.
Sandy: Our integrated service.
Hovering at least back some dismantling shipments to installation of the heavy I'll keep appliances.
Sandy: And smooth checkout process, you can treat in subsidies.
Sandy: The trading program has proven to be very effective.
Sandy: Unlocking consumption potential and it's driving the technologically technological upgrade of the entire industry chain.
Sandy: And we expect to continue to play our goal in this effort to better serve customers and suppliers.
Sandy: Emulates consumption and promote healthy industry development.
Sandy: Turning to general merchandise category.
Sandy: In Q3.
Sandy: Revenue increased by 8% year on year.
Healthy momentum that has been sustained for three consecutive quarters. This year.
Sandy: It was primarily attributable to our supermarket category, which delivered another double digit revenue growth year on year in the quarter.
Sandy: A key growth driver for us.
Sandy: The marquee category continued to injury cheap product portfolio in the quarter to cover different price tiers.
Sandy: It has also launched money she keeps such as direct shipments from suppliers to customers.
Sandy: <unk> gained strong traction among our users.
Sandy: As such.
Sandy: With improving user experience, we saw a healthy increase in both user base and user engagement in supermarket.
Sandy: Particularly with a robust 20% increase in shopping frequency during the quarter.
Sandy: Also notably we beat our fashion category apparel and sports and outdoor both recorded double digit revenue growth year on year during the quarter.
Sandy: Thanks to our athletes who can reach her election.
Sandy: User experience and drive user mindshare of shopping for closing on J D.
It's clear that our supply chain.
Sandy: Is at the core of our progress in accretion.
Sandy: And financials.
Sandy: Yeah addition to that going forward, we will continue to focus on a few key areas to drive our high quality sustainable growth in the long run.
Sandy: Hi.
Sandy: Growth and engagement we've.
Sandy: We've seen a sort of encouraging yourself.
Sandy: <unk> from our efforts and investments he uses.
The number of our quarterly active customers has been growing at double digit rates year on year for the last four quarters, you know go with Q3 being the highest.
Sandy: The growth was distributed across market here and user groups, including new and existing users.
Sandy: In addition in Q3 user shopping frequency maintained double digit young yokel hi.
Sandy: Primarily driven by our increased price competitiveness.
Good mix shifts and the wider coverage.
Sandy: Free shipping service.
Sandy: Our turnkey plus program is on the right track as we saw a certain metrics, including active member.
Sandy: Number and shopping frequency.
Sandy: Continuing to improve.
Sandy: Oh, there's progress in user growth and engagement.
Sandy: These speaks to the fact that we've been providing best in class experience to users of different income spectrums and Cmos.
Sandy: With the drive to put a price and service offerings.
Sandy: Oh, that's your bus momentum, we will continue to invest.
Sandy: Clean user growth and user experience.
Sandy: The addition to use this let me share some progress we made on price competitiveness and platform ecosystem.
We further improved our price competitiveness as we continue to leverage on the strength of our one P supply chain capabilities.
Sandy: Well, it's all in the three product offerings and watch label.
Sandy: As a result, we are better able to serve both our existing users.
Sandy: New users and our M P as full price competitiveness increased year on year for another quarter.
Sandy: Equally we saw a steeper trajectory of user base expansion and older volume growth and lower to your market.
Compared to back up higher to your market on our platform.
Sandy: No price is the very essence of retail and our commitment to that will never change.
Fourth our everyday low price user mindshare, we have launched a series of campaigns.
Sandy: Such as the mostly Super eight T cells that offers a selection of these content to put us on the 18th of every fund.
Sandy: The weekly Black Friday offering deals, that's mainly cabos supermarket category.
Sandy: The daily late night Flash sales, Yeah, Hey from golf offering deep discounts for a limited time and limited supply as well as the house price clothing promotion.
Sandy: These offerings are highly welcomed by our users.
Sandy: Last but not least we owe.
Also continue to make progress on our platform ecosystem.
Sandy: We on boarded more routine merchants during the quarter, particularly I 70, east and those from <unk> 2002.
Sandy: Expand our product offering.
Sandy: Different price tiers.
Sandy: As such.
Sandy: Our active merchant base maintained a very healthy year on year ago.
Sandy: More importantly, we also made solid progress in the quarter user engagement.
Sandy: Next to accelerate year on year ago Q3.
Sandy: The order volume and the number of users who purchased the product on our platform.
Both of which reached a record high growth levels in Q3.
Sandy: Our MTS for three P offering shows young yes, well.
Sandy: As to monetization commissions revenue returned to positive growth in Q3.
Sandy: In line with our expectation as the impact of these conflicts commission fees will be less.
Sandy: Advertising revenues in our retail business grew by double digits year on year, thanks to the healthy growth of our ecosystem and improving traffic allocation efficiency for both one P or three P merchant.
Sandy: That said, we're still at the very beginning of exploring the potential of our platform ecosystem to drive our business scale and profitability.
Sandy: We will continue to prioritize further optimizing our tools and infrastructure to better empower merchants chance well, they're improving user experience on our platform.
Sandy: That's the right path for our Q3 moving into Q4.
Sandy: Just concluded Singles' day Grand promotion with basically your Cmos cheaper and better our supply chain.
Sandy: What brought into full display.
Sandy: Our team did a great job hunting product assortment for both to our <unk> offering.
Sandy: Providing competitive prices and suddenly you can sweep berseem coffee experience.
Sandy: We saw you dose response, well would you use a number in order volume.
Sandy: Recording double digit growth during the promotion.
Sandy: Finally, we are very encouraged by a more supportive policy environment.
Sandy: That aims to realize the huge potential of consumption in China and at the same time drive industry operate.
Sandy: For the 18th time in she under leased household income.
Sandy: We'll further appeal consumption coffee beans.
Sandy: Well, we see consumer sentiment starts to improve.
Sandy: We understand it takes time for the benefits of the policies to fleets who.
Sandy: We will continue to focus on executing our strategies in place.
Sandy: Our supply chain capabilities, and really tapping into our potentials to drive lower cost higher efficiency and best in class user experience.
Sandy: We believe this will lead us to further expand our market share and profit.
Sandy: With that I'll turn it over to Ian for our financial highlights. Thank you.
Ian: Oh, Thank you, Andy and Hello, everyone in Q3, our topline pool of salary paid from last quarter and all cases of the group total.
Total retail sell.
Ian: Driven by strength across our major business segments and categories.
Ian: Our general merchandise category continued with strong momentum in the quarter and more importantly, we saw a turnaround in revenue cool.
Ian: Tonics and home appliances category.
Ian: Due to our comprehensive support while China's nationwide treating cohort.
Ian: With our strong user mindshare.
Ian: <unk> capability and logistics services that we have built over the past two decades.
We're able to provide superior customer experience and bringing value to business partners and so far I T at large.
Ian: We also achieved an increase in profitability during the quarter.
Ian: I believe continuing to improve cost and efficiency.
It's really on the logistics side.
Ian: Both gross margin and a non-GAAP net margin expanded at a solid pace year over year in the quarter.
Moreover, we continue to return value to shareholders during the quarter, we completed our share repurchase program announced in March of this year and.
Ian: <unk> launched a new $5 billion share repurchase program.
The next three years through the end of August 2027.
Ian: In detail, we repurchased a total of 31 million class a ordinary shares.
Speaker Change: 10 to 15.5 million eight yes.
Speaker Change: <unk> accounted for 1.1% of our ordinary shares outstanding as of June 30, turnkey since equal.
Speaker Change: The total value of the shares we purchased in Q3 was approximately 300 and the $19 million.
Speaker Change: During the nine months ended September 30, 70 plentiful the total value of the share repurchase was $3 65 billion U S dollar.
Speaker Change: Which accounted for eight 1% of our ordinary shares outstanding as of the end of 'twenty 'twenty to do it.
Speaker Change: The program reflects our commitment to creating value for shareholders.
Speaker Change: That let me turn to our Q3 financial performance.
Speaker Change: Our net revenue grew by 5% year on year to RMB 260 billion in Q3.
Speaker Change: Which product revenues were up 5%.
Speaker Change: By category.
Speaker Change: So electronics and home appliances grew by 6% again Oh yeah.
Speaker Change: Cool improving sequentially in each of these three months.
Speaker Change: September was notably strong for home appliances MPC futile.
Due to our contributions with a trading program.
Speaker Change: Which has been proven very effective in <unk>.
Speaker Change: Hosting overall consumption.
Speaker Change: And I'm, saying this upbeat momentum with ping platform into four quarter to date, including doing a single state ground promotion.
Speaker Change: Of note.
Speaker Change: Our unparallel.
Speaker Change: <unk> capabilities and team focused on yoga series.
Speaker Change: That set us apart from our peers in the industry.
Speaker Change: Revenues of general merchandise recorded another solid growth of 8%, yeah, all year in the quarter.
Of which revenue.
Speaker Change: By market category.
Speaker Change: Apparel and the support that all dogs fashion category also double digit increase year on year.
Speaker Change: With massive pet and our investment in building the user experience and user mindshare.
Speaker Change: The general merchandise categories, we believe there's significant headroom for us.
Speaker Change: I suppose this will overtime.
Speaker Change: Service revenues grew by 7% year on year in Q3 of which the marketplace and marketing revenues up 6%.
And logistics and other services revenue was up 7%.
Speaker Change: Well market place and marketing Commission revenue returned to positive in the quarter.
The impact of our concrete speeds to merchants fully lap.
Speaker Change: Advertising revenue maintained solid momentum.
Speaker Change: Advertising revenues from JD retail, what we call it another double digit year on year growth in Q3.
Speaker Change: Operating metrics of our plan.
Speaker Change: Ecosystem showed positive progress in user engagements, including a steady increase in <unk> volume and active users who purchased three P products on our platform.
Speaker Change: Paul.
Paul: Now, let's turn to our Sacramento and fulfillment.
J D: J D retail revenues were up 6% young you in Q3.
J D: Thanks to the turnaround of electronics and home appliances, and the robust growth of general merchandise. Moreover, JD retail I would call. It another meaningful gross margin improvement in the quarter.
J D: We will continue to drive scale benefits off one piece.
J D: Favorable mix shift towards higher margin category and higher contribute house or AP as a result, we're able to pass those savings to our users.
J D: And offer them, a rich portfolio of quality products at different price tiers. The achievement in gross margin offset with increasing our up preaching expense.
J D: Partially in biopsy.
J D: We devoted efforts.
J D: To drive user growth and user engagement.
J D: As a result, JD retail's non-GAAP operating income increased by 6% year on year and all Crazy Margaret.
J D: <unk> at five 2% in Q3 compared to the same period last year.
J D: Now looking to JD logistics, JD logistics revenues increased by 7% year on year in Q3.
J D: He also healthy momentum in both internal and external revenues, which increased by 8% I think sustained year on year respectively.
J D: JD logistics continue to economy of scale and operating efficiency.
J D: All sorts of improvement across property lines during the quarter. In particular is now got operating income increased by 624% year on year and operating margin came in at 47%.
J D: 400.
J D: Compared to a year ago going forward, we expect JD logistics high efficiency and superior service will continue to benefit J D cool as a critical component of our integrated supply chain.
J D: Turning to new business.
In the quarter revenue was.
J D: It was down 26%, yeah, yeah mobility appeal to the adjustment of the <unk>.
Dennis: Thank you Dennis.
Dennis: GAAP operating loss.
Dennis: Then it was RMB 615 million in the quarter.
Dennis: Compared to a loss of RMB 192 million a year ago. The result was largely due to the increase the loss in <unk>.
Dennis: Okay.
Dennis: Moving onto our consolidated profit performance in Q3 at the group level.
Dennis: Profit grew by 16% year on year and gross margin grew by 165 bps to 17.3%.
Dennis: The 10th quarter in a row with our gross margin expansion.
Basic stuff.
Dennis: For all of our high quality development.
Dennis: All over our non-GAAP operating income increased by 18% year over year and operating margin came in at 5% in Q3.
Oh, Yeah, Oh, yeah.
Speaker Change: Now he's got net profit attributable to ordinary shareholders increased by 24% year on year and net margin came in at five 1%.
Speaker Change: 76, <unk> yeah yeah.
Speaker Change: We are well on track to achieve our long term margin target with some of the previous quarters already reaching it for.
Speaker Change: For the full year authentic plentiful, while coffee done to achieve double digit growth of our non-GAAP net profit.
Speaker Change: Our last 12 months' free cash flow as of the end of Q3 was RMB 54 billion.
Speaker Change: Compared to RMB 13, 9 billion in the same period last year. The decrease was a result of the timing difference of our working capital and the impact of the treatment program.
Which was partially offset by our increased profit and moderated capex.
Speaker Change: By the end of Q3.
Speaker Change: Our cash and cash equivalents restricted cash and short term investments.
Speaker Change: Added up to a total of RMB 197 billion.
Speaker Change: Okay.
Speaker Change: To conclude we had a very solid Q3 with both top and bottom lines trending in the right their action.
Speaker Change: Looking ahead, we're more confident in the economic environment and the tendency of domestic consumption.
Speaker Change: Look forward to fully utilizing our core capabilities.
Speaker Change: To play our role in the implementation of the government's stimulus magers.
Speaker Change: We will continue to execute our strategy and supply chain.
Speaker Change: Price competitiveness and platform ecosystem.
Speaker Change: To create value for our users fitness partners and shareholders along the way.
Speaker Change: I will turn it back to Sean Thank you.
Sean: Thank you Ian.
Speaker Change: For the Q&A session.
Speaker Change: Youre welcome to ask questions in Chinese or English and you are and our management will answer your question in the language you asked will provide English translation when necessary for convenience purposes, only in case of any discrepancy.
Speaker Change: Please refer to our men's with Orange language. Okay. Now operator, we can open the call for Q&A session.
Speaker Change: Thank you the question and answer session of this conference call will start in a moment.
Speaker Change: In order to be fair to all callers, who wish to ask questions. We will take one question at a time from each caller.
Speaker Change: If you have more than one question. Please request to join the question queue again. After your first question has been addressed.
Speaker Change: If you wish to ask a question. Please press star one on your telephone and wait for your name to be announced.
Speaker Change: If you wish to cancel your request please press star two.
Speaker Change: If you're on a speakerphone please pick up the handset to ask your question.
Speaker Change: Your first question comes from Ronald Keung from Goldman Sachs. Please go ahead.
Yeah, Sandy Yeah, Sean na.
Speaker Change: <unk> shall woman sequel.
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Speaker Change: Yeah. That's all my time to all do I mean, yeah, you already do have me, Dan well I mean, that's all the time David.
Speaker Change: Alex will logically Johan Xinjiang. So you are in a nutshell 17, gentlemen, Jim Don and Jeff.
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Speaker Change: Oh sure I'm I'm, Paul B J.
Speaker Change: Alright.
Speaker Change:
Speaker Change: Thank you management for taking the question I have a question on our growth and we've seen the trading.
Speaker Change: Appliance training programs could you help us just quantify the boost to third quarter and potentially into the fourth quarter and how is the sustainability of this heading into next year for the policy wide boost to appliance and then excluding the appliance.
Speaker Change: Cheese and supermarket general merchandize W. P.
Speaker Change: Price competitiveness to sustain the strategy for next year, if we wanted to keep the target of growing above retail industry grow. Thank you.
Okay.
Speaker Change: She says Arnold Thank you I'm not too.
Speaker Change: Sure of course, you don't ship the Angel Lucy with highly Sealy adopt a jacuzzi herself. We just don't trust. That's the only of alcohol yourself repeating Johan here now muti, sometimes chunk will cause the tough on me that they'll catch on shallow now yes. It does.
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Speaker Change: Say, Joe for similar improvement up until some though nothing don't want me ask Cynthia to fishing towards realizing gone dark green that you ship a crisis that you may have to go a woman.
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Speaker Change:
Speaker Change: What kind of tangible she should I still don't know because I thought should be in the high school in Shanghai, the teaching nickel into July how should the IMU and then towards the end. So say you feel quite cynically you two don't die taller doors that Chile, so called Suzhou, China Xiaomi and that's also in the leap F O call them and see them between now and the year.
Speaker Change: Bastian pistol and John D C U.
Speaker Change: Quite a tsunami.
Speaker Change: No Michael Schneider, who do my shopping chunky since you you'll go to the young class C. In particular, you don't want to put on the couch at NOLA manner.
Speaker Change: Until today.
Speaker Change: Bob I was hoping to Zappia initial shock.
Ron: Thank you Ron I'll take your first question.
In recent months the government has been going out at Cri stimulus measures, including the trading policy Moshe light.
Ron: Of course economic growth in consumption and the soft first half showing positive progress and I know the comprehensive Oh.
Oh sure.
J D: J D has swiftly respond.
J D: By increasing inventory.
J D: Sufficiency.
J D: The program.
J D: Reaching our expenses.
Events in supply chain management.
J D: All participants.
J D: Energy products and.
J D: Services as comparison to.
To a broad base of Chinese consumers. So here, what I want to emphasize that our suites to risk off trade in program is due to our years of experience in extra fleet, providing trading services, which has made us technologically prepared.
J D: The amount of Cui compatible for such initiative.
J D: Additionally, <unk> unique supply chain capabilities, including all including our self operating model.
J D: Mistakes and fulfillment capabilities and large items.
J D: And combined with our strong user mindshare in the home.
J D: This category.
J D: I prefer to partner and preferred supplier for our.
J D: Customers are trading program.
J D: And number two question so.
J D: So question on that kind of well me $10. Your question the cool pool, which should go a lot since you bought it sometimes from so that that got tissue creates hometown D. E. Shaw attacking kidney, there's some secret sauce to someday. He's here. So if I send them Finfet Shanghai, a key you didn't publish online pick a corporate the sochua no bias towards nimbleness.
J D: And tissue candela, she's off because it sounds to me that she shifts number one maintain patients too often sofia, but an option either CTO yet guns here if I.
J D: He'll come into that decision.
J D: Now much of course, 90 donor tissue donkey social distance to ship tone to it he called us to ship.
Speaker Change: Sure Ali Backstop for trading program, we've seen promising outcomes so far.
Speaker Change: National Bureau of Statistics reported that September sales alcohol household appliances and comes from the line.
Speaker Change: Onyx.
Speaker Change: Significantly compared to July and August.
Speaker Change: So this trend you saw some new York J.
Speaker Change: <unk> Dot com, where the trading program has driven our increased demand of sales.
Speaker Change: September our sales on these categories increased sequentially in each after three months and carefully I'm going to go to either schnell of geoscience.
Speaker Change: San Francisco tissue corporate itself, what Hamiel lunch initiative on Flash now you found me and that's usually something to tell you could tell me a call at home. So she had been pushing so that you don't don't take took a dump truck no mam.
Speaker Change: You should not rely upon me until she thought she just stipulate, yes, we showed our China Tianjin.
Speaker Change: It's a pumpkin pie, Sean that's out there with him a quote and I assure you didnt adult teeth. So you'll you see chunky Tuesday on a completely neutral does seem Joe namath.
Speaker Change: Oh come on tissue that you werent athleisure and tissue.
Speaker Change: What that's going to take.
Speaker Change: Oh, sorry for the phone call you talked about where you're seeing some union to do stuff like that that will be all that's just she comes out of state need US Hydrogel couple quick what I felt like teens. Your question. The pendulum hopefully more that's how long that's helpful. Let me again, they just don't tell you and she thought she takes he just selfish I know a bunch of them.
Speaker Change: So at the same time. It is also noteworthy that the full potential of stock trading policy.
Speaker Change: To be fully realized in Q3.
Speaker Change: Hearts cause us almost all.
Speaker Change: Costumers haven't been fully aware of this policy. It takes some time for them to be agile.
Speaker Change: And did you take advantage of this opportunity and policy.
Speaker Change: On the other side future proof.
Production capacity.
Hi.
Speaker Change: For some subsidized products may not be fully match into short term.
Speaker Change: And the manufacturers.
Speaker Change: Require time to ramp up production.
Speaker Change: Additionally, at the recent National People's Congress meeting the government's just unveiled to introduce more forceful fiscal stimulus plan. They see all next year's economic and social development of Jackson.
Speaker Change: And expanding the trading program waitress scale and categories of consumer goods.
I'm not sure included in this reported flat.
Speaker Change: We believe extending the trading policy, which further supports consumer spending.
Speaker Change: Okay well.
Speaker Change: <unk> of course are tweaking himself if he don't want to thank the phe should put into <unk>.
Speaker Change: You've got yourself, a number completely out of the 900 Cmos chicken Eli title.
Speaker Change: Yeah. The thing comes out that aren't I don't feel here without doing the initial rule then you will try and Sophie since into two shifts. So you want me she die somebody who's seen them go she's got to teach a girl and show her yes core chico's because I'm glad that you filed your tissue social how should not familiar based on purchase she thought she'd been caught out they'll come to you.
Speaker Change: Sean backup not almost you mentioned all of them are condos as Sean mentioned, Xiaomi and see choppy, but they're not generic options laid off selfish CTO tissue doesn't have shown Archie, especially to complete your whole life and don't pay your question no I don't do that.
Well, partly it's very fast for some time.
Speaker Change: For me it sounds this has to be out sandy yeah, let kishore holdco women bag instantly somehow Hirsch I'm sure later wouldnt be an elite yogurt tea going with your opinion of course, yes.
Speaker Change: We believe the government trading program.
Speaker Change: Oh, that's boosting short term consumption, but also export terminal housing development in key industries, creating jobs on increasing household income and REIT door consumer confidence.
Speaker Change: <unk> French consumer confidence benefits, the entire Rachel and all sorts of manufacturing sector and we hope the policy will continue unexpected to other categories to sustain this meaningful momentum.
Speaker Change: Currently the base program remains attractive to consumers.
Speaker Change: During JD Singles' day ground promotion, where all of our home appliances and computer sales continued to grow steadily and.
Speaker Change: Moreover, the trading program has increased the traffic.
Speaker Change: On Jd's platform, where can they change to in housing of in.
In housing our supply chain across all categories.
Speaker Change: Tonics supermarket on the question of central casting.
Speaker Change: Cost efficiency and user experience to deliver cheaper and better shopping experiences to our customers.
Speaker Change: So I hope you have them in tissue or even sometimes yeah, no I'm not sure. What she said you need I will Miss you don't laid out to you yeah and jump in salaries that she please see a woman goes down.
Speaker Change: Did I tell yeah, let's call it the loyalty.
Speaker Change: Michelle Center size chocolate single Nisha, a woman she goes don't always tension. So she she quotation a woman cleanly and they'll clean more Saudi she put her in Saudi women does seem to go down, but let's just keep that I can see there are some things that go up now that you might not see 15, Potshot here, which does she does go up and up.
Speaker Change: She's a pop marsha too simple shall.
Speaker Change: Shall I see come to the U two five height that sounds yeah I'll go into the detail you'll do the shopping center landline Super Tuesday.
Speaker Change: Yeah sure.
Speaker Change: Our Houston, Chicago way without or with me at that fell off Oklahoma that he had a totally chabal imho das shouldn't do is touch on top here later he says since you how many cameras shopping should send down there I think I'll, just say you tumbling himself working too Jim that would've insertion.
Speaker Change: They didn't own PP&E, Yeah E T. L. P. There didn't you.
Speaker Change: Regarding your second question.
Speaker Change: Those strategies. This year, we have steadily advanced our strategic plan focusing on user experience optimizing cost.
Speaker Change: So chassis.
Speaker Change: So housing.
Speaker Change: I'm proud of our ongoing strategies includes a continuous lowering our one P procurement costs are scaling our supply chain and increasing efficiency that allow us to call that.
Speaker Change: At a competitive price and.
Speaker Change: At the same time to increase the supply so for non <unk> products.
Speaker Change: We are introducing more white label sellers and affordable products through our channels like three P. M. G business models to cater to the diverse shopping.
Speaker Change: Across user groups.
Speaker Change: The same time, we strive to.
Speaker Change: I'm from.
Speaker Change: The everyday low price.
Speaker Change: By our promotional matrix.
Speaker Change: Mike.
Speaker Change: So the monthly Super 18 sales weekly Black Friday on supermarket categories T V late March flash sale events.
Speaker Change: Yeah, Yeah whole woman, there's a bunch in late night, yet tissue box you don't quite useful in that penalty comes from Josh that could be issued that shows how can they know women, who need it which will come on being politicians tell me now most SMT donor tissue Shlomi should've, sometimes who should comment that you can alleviate that throughput gotcha, no myself with shifting the nature of a woman's side to it.
Speaker Change: That's definitely a contact with me, it's that's how long pickups related to you know what maybe it's all of my football shocked people know or don't know Martha Sanchez a woman.
Speaker Change: So don't feel like it's still a show me sure that sometimes.
Speaker Change: So on the general merchandise category so carefully.
It also maintained healthy growth and continuing to outperform the market.
Speaker Change: Just specifically on the supermarket category with full coverage of our reform.
Speaker Change: Great.
Speaker Change: Betsy based approach not to double digit revenue growth in Q3, along with improved profitability.
Speaker Change: And other fresh categories since September we have increased the investments.
Speaker Change: Right, mainly focusing on reinforcing isn't this just might share off of shopping for clothing, I'm J D and these forecasts contributed to double digit year on year growth.
Speaker Change: Categories and.
Speaker Change: Other sub categories in Q3.
Speaker Change: Is there a PK similarity search on us.
Speaker Change: Since I'm not so sure Amanda T cell phone three P that you will not get a lot of Chicago to be also contain comments, Tim you want to put that.
Speaker Change: My Mom statistical for me unless you show them, how it should ease off since you're watching tweets insurance almost have age adults should end up with sort of chunky fashion.
Speaker Change: Statisticians Museum, Pneumatocele I call or maybe it was since impart because you're selling back on its own. So we're trying to what's your shopping list.
So and then thirdly on the strengthening our platform ecosystem on the three parts.
Speaker Change: I've already mentioned I won't repeat them.
Speaker Change: A lot of how the growth has been achieved or across different matrix, where restaurant. We see there are still plenty of room to improve in many aspects. So overall, we are confident in our.
Speaker Change: Our ability to sustain or faster than market growth rates.
Speaker Change: We continue expanding our market share. Thank you.
Speaker Change: Yeah. Thank you.
Speaker Change: Oh.
Speaker Change: Okay.
Speaker Change: Thank you. Your next question comes from Alicia Yapp from Citigroup. Please go ahead.
Speaker Change: Hi, Good evening I'll gladly turn washout cause is it just you just saw what does he wasn't golf. He says I can't tell you that yes, yeah, well Orlando a wider when can you guys. Just your thinking is Oh My God also Dodgers and also your junk food because I need your question Cecilia Oh Geez, you'll find these hunger when when when things change.
Speaker Change: Yes, I don't want to just go Jack you ended your question chosen jobs, especially in a two or three things usually Mandel told you that tells us that Jesus quench without me She's a woman show up on your end I feel glad agenda. She don't mean, she's dancing Joseph Schwartz the ideas have been Super Yoga policy. So the whole could indulge a woman.
Speaker Change: So as far as what a well know really well.
Speaker Change: Oh Gee. This is how you go to table, though what Dino Hachoo, Sir Hello claimed that I couldn't quite see that sugar Daddy as she chose to go to a woman. This shelf aha adopting though one eight times at the end I'll tell you spoke of Jin Jiang are the quite quickly.
Speaker Change: We also saw her knowledge and Glenn anytime. She has always had used all on me I know you said James Allen She don't meet the whole Oh go once you do for treating these old she's also doctor alcohol.
I need a new engine that would also told me he has a whole a T O N E.
Speaker Change: Ah yes.
Speaker Change: All he owns it and took a little need education. The whole so it's up and she says tender and you watch allocation dancing going and she said she said Oh, how the Leno and she said Oh no fault, she's got 800, or so sometimes a new logo Sherman Danielle is it somebody I know you've got total funding certainty that you can lever and great.
Speaker Change: Turns out that he got to border Oh.
Oh, what did they qualify as that Joe. Thanks for taking my questions. Two questions first is that split that JD has been benefiting problems applies training stimulus and also with the stabilization is also real estate sector.
Like he has attractors it'd be mindful of plants are will be added after the Q and I was walking into the fall, but in that start lately house, a new concerned about the growth driver into next year, especially for the second half of next year and worried that that might be a high base of fall apart in cells and also J D growth.
Speaker Change: My slow down we would try to argue that Ah Israel, I say actually stabilize further stabilize our which could actually drive more sustainable demand for a price and it may not necessarily.
Speaker Change: Our role Oh, well off the graph with J D. So what is management view for these appreciate if we can address all the various J D growth driver into the next year or second question is one of the pick up was off a better that aspect of profit.
Speaker Change: The last quarter that we deliver are likely to have driven by JD logistics margin improvement and also JD retail cost optimization and then also the efficiency improvement just J D. Also has to leave a bad good profit improvement already this year.
We head into next year 2025 can management provide any preliminary thoughts in terms of the investment spending that you might want to invest and how what overall margins and profit growth outlook heading into next year. Thank you.
Speaker Change: It's just early shopping Lindsay I know was set up without the Eagle M C.
Speaker Change: What woman to lease it till she took your question here.
I'm not sure that was Hershey Golar computer she got conga and that's where you want to should have puts and takes should we elect to keep but she's very savvy instantly. The selfie are coming through and out of Chicago chicken he or she Charles don't go out two years now I don't think that you mean that shows all the home you'll try and focus is now to ship now one well or could in the Columbia ship.
Speaker Change: So pieces easily then some towns you should do your woman, who do women to Shantallow, a whole bunch of but you know what she does though he outcome value C C to email them or I should say when the tidewater.
Speaker Change: But oh now according to the tune down she don't leave our tissue comes on Peacock on diesel and heating with Alcoa ECL Wichita, knocking over my head shields to Tien shifts you guys sure Tirewoman, though to go talk to the totally of Shah Nomura woman pick a country. We don't put out here, who you don't put its own job now Yahoo.
Speaker Change: Teachers, who treat all women Tcl, where maybe it might be telling you shouldn't need up shouldn't lead to Coojong People's hometowns that are shopping our core down now microbial sure sat in Chicago, who sauce, Yeah, Let me see here, China that assumption not to stay with me at the total your total her daughter Leach, we don't just see you with Osaka.
Speaker Change: No yeah, I hope that answers the.
Speaker Change: He says I'm going to show up and up.
Speaker Change: She got compassion Python should see the fact that so you just got though I should push a woman.
Speaker Change: She does sometimes she don't leave us.
Speaker Change: And thank you Alicia for your question I'll address the first part on the gross so I'll say just a mesh into I believe your stock's trading policies of the government introduced a is playing a little leverage on it.
Speaker Change: It's not only a short term local consumption will increase for the home appliances categories are more play I wrote you a bush consumption with the the job creators and the increase of household income to restore consumption confidence so in my opinion.
The confidence our consumption confidence.
Speaker Change: My story, it's more meaningful to help Chinese gross in terms of our specific categories and our targeted groups. So I'll come back to Europe, we remain cautiously optimistic for the overall economic and job functions worse.
And in terms of our companies from our growth drivers.
Speaker Change: Continue to carry out our long term strategic plans, mainly focused on first to continue to bolster off to foster our users' experience.
Speaker Change: And continuing to invest on those categories that have high growth potential and expand our product offering.
Speaker Change: A wider range of prices etcetera.
Speaker Change: The lower tier markets and introduce more products from the industrial balance et cetera, we are making steady efforts to invest in these businesses and thirdly, we'll continue to invest in our platform ecosystem to provide driving environments and we want to continue to grow.
Speaker Change: So Alicia Eric why don't you live in San Diego, a whole thing.
Speaker Change: And second thing on the she turns her asanga she's only equal would be go sure.
Speaker Change: So you can go with the Oems.
Speaker Change: On the Google, who as salary Yoshi Jones, she found full life Hong Kong Saputo tool vendors have all that's actually no. It does seem to be looser.
Speaker Change: C C T shirt.
Speaker Change: So I'll tell you over in Hong Kong going during their salary back on something that we knew that she has a future.
Speaker Change: Downloads they felt that either via the Q shows well you are not competing laser goes out and kind of walnuts and peanuts.
Speaker Change: You can call them Theyre, all horizontals that you can go with them.
Speaker Change: And the T cell <unk> turnkey the vehicles of the Npls that child. She can be prevented you call. When you said boldly and do that should see T shirts.
Speaker Change: So regarding the prospects of profits.
Speaker Change: To share our thoughts.
Speaker Change: First our long term profit margin improvement will be driven by three key factors.
J D strength in supply chain scale and efficiency, we're continuing to drive margin growth.
Speaker Change: You can see our Q3 earnings we saw a continuous increasing our net margins, which is mainly due to the gross profit margin improvement in product supply chain and JD logistics profit growth driven by cost management and efficiency improvement.
Speaker Change: And the second driver is our category mix.
There is still significant potential for margin improvement in many categories.
Speaker Change: The supermarket category.
Speaker Change: Additionally, favorable category mix shift itself can also lead to higher margin.
Third driver is our one pizza for three P mix aspirational for three P business grows over time our platform.
Speaker Change: Also positively impact all of our module gross.
Speaker Change: Whole short liquidity across whole guar enforce your telephone.
Speaker Change: These two sundar from Susana <unk> 40, yes, Austin job growth in the Oakland minimally invasive.
Speaker Change: But I think there's a thumbs down same thing youll see that told you the whole way from seafood, you Chancellor kind of linearly.
Speaker Change: Well, they're staying home project for you and tell you that future or she says he says.
Speaker Change: Single chunk to go live in the mirror and maybe moved out so with that I'll go virtual cheeky at all.
Speaker Change: And do you see the Cingal, so alere and junior well north of that.
Speaker Change: Yeah sure sure gains in diabetic awful.
Speaker Change: Hum.
Speaker Change: So in line with JD is long term strategies and in response to the macroeconomic and market changes.
Speaker Change: Investing in areas that enhance user experience strengthen our core supply chain capabilities and build user mindshare in specific categories.
Speaker Change: Maintaining strategic full constant mantra plenty is crucial.
Speaker Change: And it's not a success.
Speaker Change: Our profit margin will continue to improve over a long fight alongside healthy business growth and increased operating efficiency.
Speaker Change: <unk> long term profit margin goal to reach a high single digits as.
Speaker Change: As far as specific growth our profit guidance, we will share at appropriate time.
Speaker Change: Thank you next question. Please thank you.
Speaker Change: Thank you. Your next question comes from Kenneth Fong from UBS. Please go ahead.
Speaker Change: We also have social cohesion T Rowe whereby once U a.
Speaker Change: Equally if youre going to musical thinking Oh, Paludal once you either keep doing what kind of dog was hoping something.
Speaker Change: It won't be digital route.
Speaker Change: non-GAAP diluted somewhat.
Speaker Change: Okay.
Why do people Cooper from that region.
Speaker Change: And as you can tell us.
Speaker Change: Well.
Speaker Change: Why do you think we'll see the whole waterfront.
Speaker Change: You bet.
Chris: Sure Chris.
Chris: I'm going to go do it.
Chris: Somebody can travel well.
Chris: But once you do ship argued dongguan Guangdong.
She will get moved out so well.
Chris: <unk> been doing quite well.
Ooh, Juke, which I'll be wrong of course won't be a whole sugar you didnt functionally almost always going to have to hold off on it.
Chris: It May go hopefully you got a one P wave.
D P that you either more shallow well.
Chris: There's some open shop My hotel room I tend to call. The most you called those out you get people made that wait for Youll ship, well, Judy probably usual.
Speaker Change: My first question is about competition, maybe bachman doing double 11 equaled the peplum, hoping investing aggressively bogeys.
Speaker Change: So can management share your view on debt. According to industry competitive landscape also for India for basketball and fortress investment how should we think about.
Speaker Change: Jay.
Speaker Change: Well My second question is on the expansion.
Speaker Change: Alcoa and cosmetic categories, well because of the news well we saw good year. It won't be we won't be there was definitely a coke, making an equal to a degree.
Speaker Change: So can management share more about that would it be one P or three P. M.
Speaker Change: Operation and any results.
Speaker Change: Sure.
Speaker Change: More medium to longer term, what is J D competitive advantage versus peers and more efficiently.
Speaker Change: Thank you.
Speaker Change: Okay.
Speaker Change: Well I hope that means while you always seem to go through paludal onto your thoughts enrolment. There Gwen this is ulcers goldcorp, so selfish shoes from Paul.
Speaker Change: G O Steakhouse circle against all 500, Unquote Gulf Wilson book, RCT or should they don't say five other choices homegoods useful so shea.
Speaker Change: All ill shoot for short Delta in six weeks, where she can answer those station or a father.
It's always a bit her she's a wholesome barbell shouldn't cohorts using Colombia seem to bulk where you're doing things on either your ciliary tissues Salt Lake Josef is going to be selfish people, who say Oh, it's always been something that I think there's inbound Dolby.
Speaker Change: Oh, Hi, Kenny Thanks.
Speaker Change: Thanks for your question I'll take the question.
Speaker Change: Industry competition them to our Investor event, so first.
Speaker Change: First of all I want to address that so we hope that continues to hold the view that China.
Speaker Change: E Commerce and retail markets supported by favorable demographic structuring distribution along ways. The wells most of about ecommerce infrastructure.
Speaker Change: <unk> robust logistics payment systems, social media integration et cetera, So there's still significant room for e-commerce to expand its market penetration and with the implementation of supportive measures to boost consumption, including the recent trading policy.
Speaker Change: We're seeing positive momentum.
Fresh gross energy in E Commerce.
Speaker Change: The whole therapeutic on Pacifico, Jon Moeller toll road down where she's going to Delta T. J O 40, yeah. So youll have been dose. So we'll know what I'll do it for them, but it's all the P. M. A C in insurance how your father, if he doesn't elite startup.
Speaker Change: Illegal hotels Youll tenders in the Jackson and going Oh, No you get then the lead cancer John saw.
Speaker Change: Chico's shows you this whole rule being put on the child who's injured, but particularly those seem to be cutting back 40 inch out cycles Union a woman she adhesions, our living rooms down between your own kind of hostile half wall man Vishal I'm gonna slip on a call with them from the engineering, our hotels, yes, legal and was there anything going on with Joe.
Speaker Change: Yeah, Paul Youll see some them to London.
Speaker Change: Hum.
Speaker Change: Pulp Trumping it takes a little white box it doesn't tell the thing that we need to weigh your food tea going totally should they go to yes, no. That's helpful. Don Cesar Nokia Nicole shortly at that it's easy to see in Q4.
Speaker Change: It kills them to go real whole foods tissue box, she's always looking downturn she churches yeah.
Speaker Change: Jack will that she should not whether he or she is getting out of your wholesale down tissue box prices in dollar Shoogle no Basel seem to shallow.
Speaker Change: Thats out there and then also given that in two ways internally its own goyal, who associated of coking I noticed that you called out Ito zoom or dish or a woman who will go over time.
Hopefully you'll hold the jingle a really cool alright, Sean Charles Susana <unk>, no well me, it's up to them to Toronto.
Speaker Change: So there still are crazy woman warehouse demand growing something notable changes that go to all critical millennial, who you'll always see a hooks ranch well it seem on the Gulf with it.
So given these ecommerce development momentum.
Speaker Change: We will maintain focus on enhancing user experience and driving future growth developing our differentiated supply chain capabilities based on cost efficiency.
Speaker Change: Here is the beauty of our core capabilities and our competitive edge.
Speaker Change: Making targeted investments in self operating supply chain.
Speaker Change: <unk> service for sustainable long term growth at the same time I'm continuously strengthening our Houston mindshare here ourselves.
Speaker Change: Updates and user experience over the past year with focus on enhancing user experience by increasing price competitiveness lowering the free shipping thresholds for our self help projects products and improving our free hungry services now we have extensive 90 services from <unk>.
Products, such as free shipping for owner over 15, nylon and the free home return services. Additionally, we've introduced innovative services like compensation for delayed shipping to constantly exceed user expectation and a lot of like these improvements on your for experience. We are actively working on.
Speaker Change: Some new users in Q3, we achieved a double digit year on year user growth, which accelerated momentum.
We expect this growth to continue.
Speaker Change: And in terms of a strengthening customer mind share in key categories and JD has become the go to destination for home appliances computers mobile phones and electronic categories as we support the government's trading policy. We also take the opportunity to further integrate our services.
Enforce user trust all of these categories and in general merchandise categories like market supermarket assertion, we continue to build a stronger year for my share our promotional campaign on the apparel category launching this September it's up.
Speaker Change: Prime example, often California user awareness and engagement in apparel.
Speaker Change: Category.
Speaker Change: Okay.
Speaker Change: Our <unk> controller.
Speaker Change: With all the bells.
Speaker Change: In total the cheese.
Speaker Change: One of them $10.
Speaker Change: We seem to have the T shirt woman's polo downhill Cherokee show single agent either following your pool.
Speaker Change: Thank you Sir.
Speaker Change: Looking down there on two wheels, they know how to think about which you can.
Speaker Change: Okay.
Speaker Change: Jonathan.
Kansas Star nickel metal, who sort of thinking about gosh shock us if that's useful.
Speaker Change: Core market. So your tissue boxes always would've been job. So there is no.
Speaker Change: Things don't they don't see a huge ending though it was a temporary salary keygen total redundancy show them try you bought the you called out what's useful.
Speaker Change: So I think that's something you'll ship faster.
Speaker Change: That support and ongoing dialogue with one dual gender listen you know, they're going to get into the other people who are involved in.
Speaker Change: Our project children are kind of warmer triangle. It seems things are kind of getting in trouble as long as we've been John.
Speaker Change: So here. We also are pleased to share the single arm phase, whereas promotion performance, which overall exceeded our expectation with the J D C licensed user mindshare.
Speaker Change: Notable improvement in user traffic, we saw about a P. P. S unique visits witnessed significant increase jewelry shopping festival and both the active users on all of US during their shopping festival experience to foster growth and number of active users achieved double digit growth and the average.
Speaker Change: Daily active customers increased by over 20% at the same time, a year for shopping frequency maintained double digit year on year. So all in all we will continue to invest in reducing cost improving efficiency any passengers you experience focusing our unique strengths in supply chain and Houston San Antonio.
Speaker Change: At the same time, well closely monitor T&D profits cash flow and other key metrics to achieve a balanced high quality growth.
Speaker Change: The full year, we're confident that JD gross profit will exceed double digit growth.
Speaker Change: Yeah hold what else, we got Yakov antibody could be S. N C economy going to tell women. So there's all these songs from Asia. So search for them and we have told you my.
Speaker Change: So we don't insulation, our mission small seafood.
Going forward for.
Speaker Change: Shandong <unk>.
Speaker Change: Well suddenly jumping tempting he contributed a fool I see consulting on pool my conjunction symbol now on me a quick she does that all you see me about are these all pseudomonas genre accounted for some of them.
Speaker Change: Not boku foods onto him too I don't know.
He shall woman.
Speaker Change: So please don't see we'd like to catch all woman with Ctrip.
She does have my compensation on a well known fact yonker will keep high frequency low to.
Speaker Change: <unk> has been doing cheap plastic combative Quincy income hometown job now with me it sounds like he was he a quota in Chile, Chongqing Hubei lights on kind of let me jump times in doing something like Assembly now says the computational women. That's the reason they don't mess with Ghansham timberland tissue solar you see it or don't know.
Speaker Change: But of course, we don't do them to figure shouldn't also show them that you should count power woman centric option H&R procedures now with me a kind of a T. Lewis well don't tell our lifestyle down the Gulf actually does seem cool.
Speaker Change: Tigger financial sheets again, not a golfer who should make jamba or you come out you know who should go pizza dough to tell you don't get a lot coming from job.
Speaker Change: So Tony Thank you very much for recognizing all of our efforts and especially <unk> and the beauty categories.
Speaker Change: We've seen we've been steadily increasing our investment in these categories with the key go to enhance user experience as part of our long term strategy.
Speaker Change: B with user interest and engagement with J D power offerings.
Speaker Change: Spending of our product selection, especially the good quality fashionable product selections and emphasizing premium services.
Speaker Change: We've been launching and will continue to plan promotions, including the 50% off campaign on the apparel category.
Speaker Change: Appeal users and increase the record that the promotion specifically on the beauty products.
Speaker Change: We are strengthening our partnerships with domestic and emerging beauty brands expressed a high expectation to work together on exploring market potential common growth in these categories and so far our upfront billings than discount program has expanded to cover the entire beauty category.
Speaker Change: In popularity among users and on the power products in September we launched several initiatives to boost jd's presence in apparel categories, such as the 50% off campaign and the London fashion show showcasing our brand abroad grant selection and competitive pricing.
Speaker Change: And all these campaigns have attracted new users with high purchasing power.
Speaker Change: Greater order values and high repurchase rate within a months.
Speaker Change: Especially during the singles day ground promotion, we've seen new active users in fashion and beauty and their shopping frequency are both the chiefs to housing.
Speaker Change: Hum.
Speaker Change: Oh Boy you women, even more sure Luke Chen no woman.
Speaker Change: I think she Thompson I see some people functionally tool.
Speaker Change: You show me and so at that time took a piece of it.
Speaker Change: The top on the leap now so you can do some sense, though not go more <expletive> I should say you don't put a sensor.
Speaker Change: Now to see that Hulu the cingal the Chilean.
Speaker Change: Got her yield element to the function of tissue, that's a little high sugar cookies. So she attempting chocolate before no matter 10, picciano with many of which you see youll find a woman.
Speaker Change: The government the presale conducting to it no matter what size chocolate.
Speaker Change: Truth be told me it was really see Peru that whole dongle, who she's a she's a T and how can you work with the.
Speaker Change: Oh sure exactly how much that Bush I want me, how you've had to fool me no necessity to on our Monday, John can make turned to easily adopt E. Portal. How are you thinking about how people without you.
Speaker Change: I think you should go like Intel and attempting to go attack that you'll have seen U K Fisher frankly doing that just yet.
In terms of the operating models don't currently most professional products on our platform come from Sleepy sellers at the same time. We're also stepping up efforts I'll offer one P operational capabilities, but definitely the users will have the final say to choose between one P. M to three P and in terms of the investments we're continuing to focus.
Speaker Change: Oh.
Speaker Change: Oh, that's <unk> services.
Speaker Change: We will continue to badger, our algorithm to promote to introduce more tailor made products to their relevance come from us and we will also invest improve the price competitiveness at all for me.
Speaker Change: More affordable price.
Speaker Change: Affordable product on those categories.
Speaker Change: Along with more differentiated services and with that said we.
Speaker Change: We welcome all the analysts and all these all our partners to to use and experience our apparel and fashion categories. Andrew for any suggestions are we're very happy to hear from you. Thank you.
Speaker Change: Thank you Tim This is Andrew ships.
Speaker Change: Thank you. Your next question comes from Thomas Chong from Jefferies. Please go ahead.
Speaker Change: Uh-huh says look what are you telling me that it's all about that's even with vehicle than tissue. One one is long term what is frankly, when something you saw Jason from London to shovel, there's always Edison. She brings her some of them you got to be felt in many years.
Speaker Change: Otherwise you go into that one.
Speaker Change: I wanted to go through.
Speaker Change: So just a moment.
Speaker Change: Oh excuse me.
Speaker Change: Good evening, Thanks management for taking my question. My first question is about the macro.
Speaker Change: 10 minutes from <unk> comment about the recent macro policies measures have any positive impact to consumer sentiment.
Speaker Change: And my second question is about capital returns all time.
Speaker Change: Let me turn my comments about the latest update on the share holders because the buyback and dividends. Thank you.
Speaker Change: She sits almost 70.
Speaker Change:
Speaker Change: Two additional TNT the mm three times since then they'll play for sure. Yes. This is since you don't want Glenn Tillotson element, you should kind of be selfish or that you'll see Jim can show not only yourself are not a whole not somehow woman. She thought it does so you just don't perceive to finally put to bed.
Speaker Change: And from CN Bahar number you go kind of to me no shortage of work, we shall now or something.
Speaker Change: You see a partial mohan that filter that has kept me crazy, but that's just wrong.
Thank you Thomas for the question. So my short answer is yes.
Speaker Change: Current macro.
Speaker Change: Policies SaaS being taking a positive effect on the overall consumption sentiment and we expect as visa policies continues to take effect. This will help to improve the economic fundamentals and to help recover and improve.
Household income which will all.
Speaker Change: Providing more LNG and job that calculation to the consumption potential.
Speaker Change: Coming for a fight on the front of your food all of those other ones.
Speaker Change: And so I think people will notice anything that's using local walkway Bob.
Speaker Change: Chancellor kind of one off what you were saying Huntsinger logistical challenge entering the approval for full function.
Speaker Change: The Google <unk>.
Speaker Change: Joseph will go to John Jim Lynch incentive Dortmund, but it feels like all those down a little bit on imaging.
Speaker Change: <unk> did you Ali Shah.
Speaker Change: Shar, you're essentially easier low tier two bucket.
Speaker Change: So FMT doable for Golar, you send into eternity.
Speaker Change: You can finish it.
Speaker Change: Teachers are finishing in the Gulf.
Speaker Change: What's your lifestyle.
Speaker Change: Sure.
Speaker Change: And was that true symbol of female senior where she makes them look like they would see as well.
Speaker Change: There's no doubt your chances on diesel fuel.
Speaker Change: On those things.
Speaker Change: As shown by me and we'll know once you're in luck Shai E G.
Speaker Change: So what do you see he or she thinks it was being done.
Speaker Change: Oh no.
Speaker Change #100: Charles to Photoshop, or mcquade to choose a toll golf what he calls.
Speaker Change #101: Okay. That's helpful.
Speaker Change #101: So the whole thing.
Speaker Change #101: But you can go.
Speaker Change #101: And regards to.
Speaker Change #101: Shareholder return.
Speaker Change #101: Have confidently accept your take.
Speaker Change #101: Our shareholder return plan over the first three quarters of the yeah, and we remain committed to delivering returns through multiple channels.
Speaker Change #101: Business growth.
Speaker Change #101: And our share repurchase progress over the first three quarters.
Speaker Change #101: Repurchase to $3.
Speaker Change #101: 65 billion.
Speaker Change #101: All those scores of shares totaling approximately $255 3 million ordinary shares.
Speaker Change #101: $427 6 million in Avs represented eight 1% of total shares outstanding.
Speaker Change #101: 2023, and in Q3 alone, we repurchased approximately $319 million worth of shares and we have fully utilized for the repurchase amount authorized under the E billing all the.
Speaker Change #101: Share repurchase program and in Q3, we announced a new three year repurchase program totaling 5 billion U S dollar.
Speaker Change #101: Rich will expect huge with aim.
Speaker Change #101: Total number of shares.
Speaker Change #101: And on the progress we completed a $1 2 billion U S dollars dividend distribution for 'twenty kind of for the first half of the year and plan to continue with a steady dividend payment based on profitability.
Speaker Change #101: For the long term, we are dedicated to reward shareholders through share repurchase dividends and the strong operational performance sharing the value created by all of our business success. Thank you.
Speaker Change #102: Thank you so much.
Last question please.
Speaker Change #103: Thank you. Your next question comes from Jiang XI from Nomura. Please go ahead.
Speaker Change #104: Thank you Bonnie thank you.
I'm glad to do that one.
Speaker Change #105: Can you just is that one John Jim bolt on top.
Speaker Change #104: Okay.
Speaker Change #104: How much of it you'll be more hesitant.
Speaker Change #104: Yeah.
Speaker Change #104: And don't take U K tour James Goldman.
Also within our culture.
Speaker Change #104: Our balance yourself yeah.
Speaker Change #104: I wanted to just not wanting to touch and Don Todd. Thank God Streeteasy at the end of June.
Speaker Change #106: Bye bye.
Speaker Change #106: Jos.
Speaker Change #107: Watching it keeps it at that but the key findings.
Speaker Change #108: So I have to I have two questions. My first question I thought about your ideas of our market. So I was just wondering one if that's all right on the margin of JD supermarket business and what was the rationale.
Speaker Change #109: Sorry that you exit.
Speaker Change #110: Alright, great.
Speaker Change #111: That's my Angel place to pay by check My second question I have thought about.
Speaker Change #111: E J P. So just wondering what does J D.
Speaker Change #111: Sure.
Speaker Change #111: And what are you all start against our.
Speaker Change #111: Niche that potential.
Speaker Change #112: Thank you.
Speaker Change #112: Yeah.
Speaker Change #113: So this is Alan Levin here, a national footprint in Egypt offshore men, they kind of thrown out here with some temporal thing assure mobilized hometown shiga.
Speaker Change #113: So it's really all of that still need T. Now so I'm talking about potential maybe bumps and they joined us, but that doesn't that kind of a general merchandise.
Right now, it's one social promotion like kind of you'd be June quarter young fresh Italian so it's really all about fashion with changes of hernia.
Speaker Change #113: Well my kind of goes to the Honeywell grew more than half now tissue grew more how should she found that how does you don't do you shouldn't Ddos Tcf.
Speaker Change #113: Tcf I talk with aperture that now marching into its all women to know tells you to unleash domains to getting the whole way it don't show them. They teach out and so it's an old house you should see transition soccer, she and I will talk to you see a potential temporary Sean Tully you win more you see how they can lean on you don't have mail yeah, Yeah, you've got mail I thought a woman that Trotsky mobile now.
Speaker Change #113: Mega made sure that our patents sent me nobody lives should hold US income from channel. Let me ask you two my sense in that number to me and I know, sometimes it's also Egypt box Shlomi Shaw.
Speaker Change #113: Now with me, it's actually I see that you don't want mentioned Sundar seen elite now if I'll call them and that's been the Calpine elite Nomura do you mind, especially at home a woman.
Speaker Change #113: He goes to eastern part and I can now say to all of my grandmother's. He's shown you see a woman since you have the you know the Heidelberg home that's come on Pimco EMEA conduction Toyota dealership. He has actually put the T cell.
Speaker Change #113: C. A T mobile I don't have with me a halfway she goes from Guadalajara attempted that before lie.
Speaker Change #113: These youngsters she tissue alone.
Speaker Change #114: Yeah. Thanks, Yeah, so young with Ctrip.
Speaker Change #115: Thank you John for your question. The supermarket category has always been a core part of our business one of the most important driver of our future growth. It represents the largest segment among our general merchandise categories and by sales volume surpasses any supermarket chain store in China.
Speaker Change #115: Well at the same time, it's also worth noting that China supermarket factories box.
Speaker Change #115: Decentralized compared with other countries.
Speaker Change #115: Countries.
Speaker Change #115: September GTC apart marked its 10th anniversary and I'm.
Speaker Change #115: Precise during the celebration to the media that the supermarket business is one of the key battlefield that will shape <unk> future in the coming decade.
Speaker Change #115: Admittedly given its carbon scale and profitability did you steal for steel have a way to go to reach our long term expectations. However, we see significant potential in this category and remain confident in its healthy growth trajectory.
Speaker Change #115: So for this year JD Super have achieved double digit year on year growth driven by our you'll have.
Speaker Change #115: Operational capabilities, so where we'll continue to strengthen our core capabilities.
Speaker Change #115: One P management in terms of the scales, our refined operations and reform in warehouse network et cetera to drive off the profitability and cash.
Speaker Change #116: Can you just entering our product offerings.
And other differentiated services to improve the user experience to our users mindshare in pursuit.
Speaker Change #116: A market category.
Speaker Change #116: Yeah.
Speaker Change #116: Should it be until now Josh email me all T cells as you know who.
Speaker Change #116: Not as a whole when he or she says I don't totally it's hosted a movie whore each year. So that's helpful.
And our strategic investment in your way match the initial objectives, we set at the beginning.
Speaker Change #116: Of the collaboration.
Speaker Change #116: The recent shareholding change reflects our proactive decision to sharpen our focus on Jd's core business areas.
Speaker Change #117: How are you going to use some pea shooter that.
<unk> no muscles in the pick a woman Biogen can probably shouldn't try to her and she will put on them more shoe leather even critical chico's. So youre attempting stucco, we're not taking a trip here. What do you think you can go and I'm sure you clean your tongue.
Speaker Change #117: Two of them end up here.
Or something that's going to do see to pick a high should we don't see there you know who the sanction so the courtroom no mam.
Speaker Change #117: So you can kind of woman some pizza totally equally more so leaving a coffee shop has she'll come back actually from Cynthia.
Speaker Change #118: And regarding the question on about three P development, our platform ecosystem development go.
Speaker Change #118: Centered around and how can user experience, we aim to offer the faster products <unk> services through a mix of sales models with three P. Playing a key role in expanding our selection of products on France. So eventually this will be our users natural choice and building.
Speaker Change #118: Our robust platform ecosystem.
Speaker Change #118: Asia remains a substantial room for improvement in our VP operations business scale and profit contribution to the platform.
Speaker Change #119: The tissue of medical assisting EG is essential I mentioned, how does he to social harsh on talking to them should have shown up in Shanghai that U T. I shouldn't you think the tragedy, so you're starting with EMEA EMEA with tissue does she set out for you the whole hooked onto them that's shrunk down the local hub. She told me when I hear you.
Speaker Change #119: What you don't see them could I tell you no mom well, maybe I should see that as a non Gulf South actually thinking now my own congressional bad sorry until they want men are teaching children, who are leaving the topics you don't eat.
Speaker Change #119: And Oh for a quite a period of time, we have been investing in.
Speaker Change #119: Platforms infrastructures and providing all sorts out the merchant tools of course, there's still a way to go to better our our supplies two of our merchants and to help them to better to do the traffic allocation and user acquisition et cetera to create a win win situation so overtime.
The platform ecosystem.
Speaker Change #119: Amy to having to become a long term growth driver generating increased revenue and profitability.
Speaker Change #120: Thank you.
Speaker Change #121: Thank you we are now approaching the end of the conference call I will now turn the call over to J D. Dotcoms shown Jones for closing remarks.
Speaker Change #121: Thank you for joining us today on the call and thank you for all the great questions that the Rep. If you have further questions. Please contact me and our team. We really appreciate your interest in <unk> Com and look forward to talking to you again next quarter. Thank you.
Speaker Change #122: Thank you for your participation participation in today's conference. This concludes the presentation you may now disconnect good day.
Speaker Change #122: Yeah.
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