京東今日發布了截至 6 月 30 日的 2024 年第二季報：淨營收為 2,914 億元，年增 1.2%。歸屬於普通股股東的淨利為 126 億元，而 2023 年同期淨利為 66 億元。不依美國通用會計準則，歸屬於普通股股東的淨利為 145 億元，而 2023 年同期淨利為 86 億元。
財報發布後，京東 CEO 許冉、京東 CFO 單蘇出席了分析師電話會議，對財報進行了解讀，並回答了分析師提問。
以下即為本次電話會議分析師問答環節主要內容：瑞銀分析師Kenneth Fong：我有兩個問題，第一個問題關於公司的低價策略及行業變化，京東最近推出了“超級18”的每月促銷活動，在某些平台慢慢轉向銷售額（GMV）導向的背景下，公司的低價策略會有什麼改變嗎？
第二個問題是關於平台生態以及變現的，京東在過去一年加速商家入駐，建立用戶心智，優化平台的健康生態，我們也慢慢看到一些效果，平台也在加速商家變現，那麼我們該怎麼去思考公司加速變現的路徑以及時間點？
許冉：我來先回答第一個問題，關於低價戰略，首先我們的低價戰略是沒有變化的，其實我們過去這二十年來一直都在堅持成本效率體驗。在使用者體驗方面，其實之前我們也講過多次，最關鍵的三個要素就是產品、價格和服務，價格其實是使用者體驗非常重要的一部分。低價策略是最核心的，還是要堅持使用者體驗第一，去不斷提升我們的使用者體驗，是我們一切業務的出發點和最關鍵的決策要素。
首先，京東是以供應鏈為基礎的零售商，低價，以及背後的低成本，也是我們零售的本質和最基礎的營運能力。我們一直都在保證商品的品質和服務的基礎上去提升價格競爭力。低價其實是我們透過規模經濟帶來的低成本，和透過技術不斷提升而帶來的更高的營運效率，所以它並不是透過補貼的方式去獲得短期的不可持續的價格下降。
除了我們的自營業務之外，我們也透過吸引更多的第三方商家，更多的產業帶和白牌商家來幫助我們豐富產業帶的商品，豐富低價商品的供給，去滿足不同消費人群多樣性的需求。比如說我們的京喜業務，透過跟廠商直接採購，源頭直髮的模式來取得低價。所以，我們的低價並不是以犧牲商品的品質和服務體驗，以及壓榨合作夥伴的利益為前提的，而是依靠規模效應和技術驅動的供應鏈持續創新，去擠掉中間的價格水分，提升效率，從而實現低價。
過去一段時間我們也圍繞著低價推進了一系列的項目和優化，包括我們自營採購成本的降低，低價貨盤的豐富，以及百億補貼，9 塊 9 包郵頻道等。今年，我們也堅定地推進低價策略，並且強化這些能力的打造，我們也看到用戶對京東的低價策略很正向的回饋，透過「超級18」活動和我們進一步強化京東618 以及天天低價的用戶心智，我們希望進一步提升用戶在低價方面的體驗。
最後我也想強調，其實京東一直關注的核心業務指標並沒有發生變化，我們認為健康的業務發展是要綜合的去看GMV、利潤和現金流的表現，而且不論在什麼時候，這三個指標都需要去平衡，缺一不可。因此，我們在追求極致的使用者體驗，包括價格競爭力的同時，也會非常重視業務的健康可持續的成長。
單蘇：關於第二個問題，京東的平台生態是要達到自營和 pop 商家的共同繁榮，一起提供最優質的使用者體驗。我們是以自營來吸引用戶，提供獨特的體驗，然後 pop 商家來滿足用戶多元化的需求。因此，京東平台生態的發展核心是提升使用者體驗，變現是平台生態的自然健康成長的結果。
京東的平台生態建設是一個長期的策略，還有很大的提升空間。之前跟大家闡述我們平台建設的整體思路和節奏，首先是招商和擴大生態規模，豐富貨盤，促進商家的成長和活躍。 pop 商家能夠幫助我們豐富產品供給，提升使用者體驗，是京東平台不可或缺的補充。二季度，我們的活躍商家數持續維持年比高速成長的趨勢。
同時，我們非常關注用戶的參與情況和用戶體驗，包括第三方商家服務的用戶數，訂單量和GMV 等指標，我們觀察到，二季度第三方商家成交用戶和訂單量均取得加速增長，pop商家的GMV 也維持了高於大盤的成長速度。最後，我們也會看到 pop 生態的變現和自然健康成長。
Second, at this stage, we continue to see positive progress in the development of some platform ecosystems, including the gradual stabilization of commission income in the second quarter. Our support policies for merchants last year included commission reductions and exemptions, cancellation of platform usage fees, etc. The impact on the base is gradually smaller. In the second half of the year, our expected commission income will gradually stabilize and resume growth along with the growth of third-party merchants’ GMV, and advertising revenue in the second quarter will continue to grow faster than GMV. We believe that advertising is the result of a natural choice made by merchants on business operations. We are also upgrading the advertising capabilities of our products, and then innovating advertising models to provide brand merchants, small and medium-sized merchants, etc. with an easier-to-use and more efficient growth path. , and then promote the business growth of merchants, thereby driving a natural increase in advertising revenue. Finally, we will firmly promote the construction of the platform ecosystem in accordance with the established strategy. In the long run, as our platform ecosystem gradually improves, the third-party order volume and GMV proportion will exceed that of self-operated products, and then our commission and advertising revenue will naturally and healthily grow.
Goldman Sachs analyst Ronald Keung: Congratulations to the company for its second-quarter profit, which far exceeded expectations. In terms of finding a balance between profit and cash flow growth, we see that the profit in the second quarter may be the most impressive among all the company's core indicators. In the second half of the year, how will the company balance these three indicators, namely GMV growth, absolute profit and cash flow? Regarding the full-year target, will there be some adjustments for the second half of the year because the profit in the first half of the year far exceeded the target, or will the full-year target continue to be maintained? How does the company judge the competitive landscape of the e-commerce industry in the second half of the year?
Shan Su: Let me answer the question about growth and profits. Therefore, we believe that sustainable growth comes from excellent user experience, so JD.com will continue to invest firmly in user experience while strengthening its competitive advantages in self-operation and logistics. Profit comes from the continuous improvement of cost advantages and efficiency improvements. In terms of assessment, we also maintain balanced and healthy growth in GMV profits and cash flow.
It can be seen from the second quarter financial report that JD.com has achieved high-quality operating results. As I have communicated with you before, due to the short-term factors of high base in summer categories, such as air conditioners and other products, the revenue growth rate in the second quarter slowed down. However, the quality of our operations has been significantly improved. The group's net profit reached a record high of 14.5 billion, and the overall net profit rate reached 5% for the first time. One of the main drivers of profit margin improvement is the improvement of supply chain efficiency, which has led to a significant year-on-year improvement in gross profit margin. In the second quarter, gross profit margin increased by 137 basis points year-on-year. It is worth noting that the gross profit margin has improved year-on-year for nine consecutive quarters starting from the second quarter of 2022. This also reflects the high-quality growth of JD.com’s business. The operating awareness and operating capabilities of the business units are also constantly strengthening, and they pay more attention to creating Long-term sustainable competitiveness and return on investment ensure JD.com’s balance between growth and profit.
Second, JD.com will continue to dynamically balance growth and profits in the second half of the year. We will continue to invest firmly in user experience, new customer acquisition, and market share acquisition. At the same time, the capabilities of business units are constantly being strengthened, and operating efficiency is also continuously improved. This will lead to continued improvements in the efficiency of the entire supply chain, bringing low prices to users while also driving improvements in the company's overall operating efficiency and profits. .
Looking at the whole year, our goal is to have a full-year growth rate that exceeds the growth rate of total retail sales. We will maintain disciplined investment in improving user experience and market share. It is expected that JD Group’s profit margins and profits will increase year-on-year. In the long run, there is no contradiction between business growth and profits, and there is a positive cycle. JD.com's business model is based on the supply chain and user experience as the core. We will focus on improving long-term supply chain capabilities and improving user experience, and make corresponding business investments to bring about improvements in user experience and market position. By continuously improving and generating long-term sustainable profits, we are confident that we can achieve our goal of long-term high single-digit profit margins.
Xu Ran: Let me add something about the competitive landscape. China has the largest e-commerce market in the world and a very mature infrastructure suitable for the development of e-commerce. We believe that the scale of China's e-commerce market will continue to grow in the long term. At the same time, we also believe that JD Retail has unique and solid self-operated supply chain capabilities, and
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