Thank you. Good day, everyone.

Welcome to JD.com's First Quarter 2026 Earnings Conference Call. With us today are CEO of JD.com, Ms.

Sandy Xu, and CFO, Mr. Ian Shan.

Sandy will kick off the call with her opening remarks, and Ian will discuss the financial results. Then we'll open the call to questions from analysts.

Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2025. Before turning the call over to Sandy, let me quickly cover the safe harbor.

Please be reminded, during this call, our comments and responses to your questions reflect management's view as of today only, and will include forward-looking statements. Please refer to our latest safe harbor statement in the earnings press release on the IR website, which applies to this call.

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

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

Thank you, Sean. Hello, everyone.

Thank you for joining our First Quarter 2026 Earnings Conference Call. We kicked off 2026 on firm ground.

In Q1, our total revenues grew by 4.9% year-on-year, marking a sequentially accelerated pace, as key growth drivers stayed firmly on track. We saw a sequential rebound in electronics and home appliances categories, while our general merchandise, marketplace, and marketing revenues maintained double-digit growth trajectory in the quarter.

Moreover, our profitability continued to see steady growth. JD Retail's operating margin expanded by 0.7 percentage point year-on-year to 5.6% in the quarter, nearing historical highs.

This expansion, achieved against a high comparison base for margin, underscores our operational resilience and healthy mix shift. Our new businesses segment also delivered a meaningful sequential loss reduction in the quarter, led by improved efficiency at JD Food Delivery, while Jingxi and international business maintained prudent investment discipline.

Overall, we are pleased with this strong start to the year, with our emerging growth drivers taking solid shape, while our profitability across all segments steadily trending upward. Moving to our operational highlights, I would like to share three areas of robust progress we made during the first quarter.

First, we maintained robust momentum in both user base expansion and engagement. In Q1, both our quarterly active customer and annual active customer base grew by over 20% year-on-year, with AAC hitting a new record.

This growth was powered by both healthy organic user growth in core JD Retail and strategic contributions from our new businesses, including food delivery and Jingxi. Notably, JD PLUS members, our most loyal and high-value user group, delivered another quarter of double-digit year-on-year growth in membership scale.

Beyond scale, the quality of our user engagement is reaching new heights. Our quarterly customer shopping frequency rose by a notable 37% year-on-year in Q1, a powerful testament to the synergies we are successfully unlocking across our core retail engine and new businesses initiatives.

This dual momentum in both scale and frequency provides a solid foundation for us to further optimize the overall value of our user ecosystem. As our user base continues its rapid growth over multiple consecutive quarters, our strategic focus is clear: fostering deeper loyalty and driving the upward migration of user quality are the key next steps towards advancing our long-term growth roadmap.

Second, our core retail business demonstrated strong resilience in Q1. We delivered revenues growth in line with expectations, while driving operating margin toward historical peaks, despite notable near-term headwinds, including the high trade-in base and rising product prices for electronics.

This performance underscores the enduring strength of our supply chain-driven model, which consistently enables us to navigate market cycles while delivering a steady, upward-trending performance. Q1 JD Retail's revenues grew by 1.8% year-on-year, with broad-based sequential acceleration across all revenue streams.

Looking at category performance in Q1, while revenues of electronics and home appliances were down 8.4% year-on-year, this still represents a sequential improvement. Moving ahead, while we navigate ongoing external headwinds in Q2, we remain confident in a stronger performance in electronics and home appliances in the second half of the year.

Our confidence is rooted in our continuous efforts to strengthen our supply chain capabilities, prioritize superior user experience, and drive systemic cost optimization and efficiency gains. Our general merchandise category remains a standout, with revenue growth accelerating sequentially to 14.9% year-on-year in Q1, led by supermarket, healthcare, home goods, apparel, among others.

Following six consecutive quarters of strong double-digit growth, general merchandise has contributed over half of our total GMV, solidifying its position as an increasingly important growth driver. We maintain a positive outlook for this momentum to continue throughout 2026, as we leverage our supply chain advantages and increasing scale benefits to continue to provide our users with diversified, reliable product offerings, competitive pricing, and premium services.

With a vast total addressable market and deepening user mindshare, we are well positioned to capture the significant market opportunities ahead. JD Retail's advertising and commission revenues have become a powerful engine for high-quality growth.

We are pleased to report another quarter of strong double-digit growth in retail advertising and commission revenues for Q1. This performance served as the primary catalyst for the 18.8% year-on-year growth in our total marketplace and marketing revenues at the group level.

As a higher-margin business, advertising and commission continues to structurally optimize our revenue mix, providing a resilient foundation for margin expansion. We expect advertising and commission revenues to remain an important growth driver for JD Retail throughout 2026, fueled by the following factors: our supply chain strength, expanding user base, enhanced 3P ecosystem, and traffic allocation efficiency, optimized AI-powered advertising conversion, and deepening synergies across our businesses.

Notably, JD Food Delivery business is already proving its strategic value, contributing an incremental 3% to retail advertising revenues in Q1. By effectively expanding our user touchpoints, food delivery is creating high-frequency monetization opportunities that complement our core retail operations.

In addition to top-line resilience, another compelling highlight this quarter is the encouraging expansion of JD Retail's profitability. Operating profit surged by 16.5% year-on-year to RMB15 billion, reaching a record high for quarterly profit and driving operating margin to 5.6%, against the challenging external complexities we outlined earlier.

This is fundamentally anchored in our supply chain strengths, which continue to yield expanding economies of scale and optimized procurement efficiencies. These strengths fueled a broad-based gross margin expansion across our categories, lifting Retail's gross margin to a remarkable 18.6% in the quarter, up 1.8 percentage points year-on-year.

This margin uplift was further amplified by a favorable revenue mix shift, particularly the increased contribution from high-margin streams, such as advertising and commission. We believe JD Retail's margin profile is a clear reflection of our evolving structural efficiencies, which we expect to provide further headroom for optimization going forward.

Moving on to our new businesses segment, we are beginning to see the fruits of our efficiency-oriented strategy, marked by a significant sequential narrowing of losses and deepening synergies with our core retail businesses. In Q1, JD Food Delivery achieved the steepest sequential reduction in loss to date.

While sustaining healthy order volumes, food delivery continued to improve its operating efficiency and diversify revenue streams, resulting in material improvement in unit economics. This progress underscores our commitment to rational, healthy development of the business, and reinforces our clear stance against involution within the sector.

We fully embrace the regulatory guidance and will continue to align our business strategy with full compliance, prioritizing operational efficiency and high-quality growth as we move forward. For Jingxi and Joybuy, both initiatives advanced steadily, in line with their strategic roadmap, while adhering to prudent investment discipline.

Jingxi continued to deepen its penetration in lower-tier markets, particularly tier 6 and rural townships, successfully tapping into new user growth opportunities for our platform. Joybuy has seen solid momentum since its official launch in March, with order volume and user retention trending healthily.

By the end of Q1, its same- and next-day delivery service spanned over 30 major European cities, serving a population of over 40 million. Collectively, the total investment in our new businesses segment narrowed by over 30% sequentially.

This was driven by our rational expansion strategy and an efficiency-first operating philosophy. Building on this solid execution in Q1, we now have clearer visibility to further deliver on our efficiency-oriented investment goals for the new business segment throughout the full year.

We also continue to integrate AI across our entire value chain, from demand identification and stimulation, 1P and 3P supply sourcing, to autonomous logistics and premium customer services. In particular, we made further headways in logistics automation.

In Q1, JD Logistics launched its next-generation Langzu Tech packer robotic arm. This proprietary technology is optimized for handling packages of diverse sizes and shapes, as well as automated cage loading.

This milestone marks the successful transition of this technology from the lab to real-world operations, and enables us to significantly boost our sorting efficiency and competitive edge. Additionally, our AI-powered digital human, JoyStreamer, has transitioned from a functional tool to an intelligent AI agent, with the number of merchants and live-streaming sessions that utilize this technology surging tenfold year-on-year in Q1.

Our goal is simple: to translate AI innovations into tangible retail experiences and sustainable value. We are well positioned to lead at the forefront of AI commerce and capture the vast opportunities ahead.

In summary, Q1 has been defined by strong execution and strategic consistency. Our performance across all segments has validated our roadmap, contributing to both resilient top-line growth and robust profitability.

With this solid foundation, we are confident in our full-year trajectory and long-term prospects. We will maintain the operational agility necessary to proactively navigate Q2 fluctuations, including a high trade-in base and rising product prices for electronics, while fully leveraging our supply chain-driven model.

Our commitment remains unwavering: to scale our business by delivering a premium user experience with continuous cost optimization and efficiency gains. With that, let me turn the call over to Ian.

Thank you, Sandy. Hello, everyone, and thanks for joining the call today.

In the first quarter, our strategic execution remained firmly on track, as we delivered a resilient overall financial performance. Total revenues grew by 5% year-on-year, while non-GAAP net profit attributable to ordinary shareholders came in at RMB7.4 billion, reflecting a strengthened sequential momentum across both our top and bottom lines.

Notably, our core retail segment returned to growth this quarter, while delivering healthy year-on-year profit expansion. We also recorded a significant sequential loss narrowing in our new business segment, led by consecutive loss reductions in food delivery.

Alongside our resilient financial results, we remain fully committed to shareholder return. During the first quarter, we repurchased a total of approximately 44.5 million Class A ordinary shares, equivalent to 22.3 million ADSs, for a total of US$631 million.

This represents around 1.6% of our total ordinary shares outstanding as of December 31st, 2025. In addition, we completed our annual cash dividend payment in April, totaling approximately US$1.4 billion, or $1 per ADS.

Our continuous execution of our shareholder return plan underscores our strong conviction in JD's long-term value creation. Now, let's go through our Q1 financial performance.

Our total net revenues were up 5% year-on-year to RMB316 billion in Q1. Breaking down the mix, product revenues were up 1% year-on-year, driven by a 15% surge in general merchandise, which effectively cushioned the temporary decline in electronics and home appliances against a high trade-in base.

Both categories saw sequential growth acceleration. Notably, general merchandise has extended its double-digit growth streak to six consecutive quarters.

Within this, supermarket outperformed by sustaining its double-digit growth momentum, which further accelerated in Q1 compared to the previous quarter. As we move ahead, we expect the impact of the high trade-in base and rising product price for electronics to persist in Q2, which will temper the growth trajectory of electronics and home appliances.

We remain confident in a stronger performance in the second half of the year. Service revenues grew by 21% year-on-year in Q1.

Within this, marketplace and marketing revenues rose 19%. Advertising revenues remained a key driver, posting its sixth consecutive quarter of double-digit growth.

By optimizing traffic allocation and conversion, we have effectively translated robust user engagement into superior ROI for our brands and merchants, a trend we expect to sustain throughout the year. Logistics and other service revenues were up 22% year-on-year.

This growth was driven by both incremental delivery revenues from our food delivery business and the robust performance across JD Logistics' diverse service offerings. Now, let's turn to our segment performance.

JD Retail revenues were up 2% year-on-year in Q1. While we continue to navigate near-term headwinds in electronics and home appliances, we remain confident in a second-half rebound in those categories.

Meanwhile, our emerging growth drivers, including general merchandise and marketplace and marketing services, are expected to sustain their robust momentum. JD Retail's gross margin expanded by 1.8 percentage points year-on-year to an impressive 18.6% in the quarter.

This expansion was attributable to our enhanced supply chain capabilities, which led to gross margin appreciation across all major categories. In addition, it also reflected a favorable mix shift, as our high-margin general merchandise and marketplace and marketing revenues outpaced the overall growth.

Consequently, JD Retail's non-GAAP operating income increased by 16% year-on-year to RMB15 billion in Q1, reaching the highest quarterly level for JD Retail, with operating margin rising 70 bps to 5.6%. This was achieved through a strategic balance of gross margin expansion, marketing efficiency, and increasing investment in R&D for long-term growth.

Notably, JD Retail's marketing expense ratio has declined year-on-year for three consecutive quarters, a strong testament to the deepening synergies with our new business initiatives. Moving to JD Logistics, its revenues grew by 29% year-on-year in Q1, driven by incremental contributions from food delivery.

On the profitability front, JD Logistics' non-GAAP operating income surged by 600% year-on-year in Q1. This exponential growth was driven by technological leverage from our AI and robotics initiatives, alongside broader operational optimization.

In our new business, revenues came in at RMB6.3 billion, reflecting a moderated pace due to the re-segmentation of our on-demand delivery revenues from new business to JD Logistics. Non-GAAP operating loss in new business narrowed significantly on a sequential basis to RMB10.4 billion, led by JD Food Delivery, while Jingxi and international business remained disciplined in their investments.

In particular, JD Food Delivery delivered its most significant sequential loss reduction since inception, driven by its improved unit economics, as we continue to boost operating efficiency and diversify revenue streams, combined with a disciplined, rational response to market dynamics. Turning to our consolidated profit performance.

Group-level gross margin expanded by 90 bps year-on-year to 16.8% in Q1. This expansion was primarily driven by the strong performance of JD Retail, serving as a clear validation of the structural progress as we have made in broadening and strengthening our margin drivers.

In terms of opex, total operating expense as a percentage of revenues increased year-on-year in the quarter, primarily reflecting increased marketing spending in JD Food Delivery and higher R&D investment to fuel our long-term growth and efficiency improvement. Consolidated non-GAAP net income attributable to ordinary shareholders was RMB7.4 billion in Q1, representing a non-GAAP net margin of 2.3%.

Regarding our liquidity, last 12 months free cash flow as of the end of Q1 stood at RMB22 billion, compared to RMB38 billion in the prior year. This primarily reflects cash outflows associated with the trade-in program, alongside fluctuations in operating income.

By the end of Q1, our cash and cash equivalents, restricted cash, and short-term investments totaled RMB216 billion. In summary, Q1 was another quarter that underscored the resilience and adaptability of our supply chain-driven model.

We achieved a sequential acceleration in top-line growth, while successfully navigating a complex external environment. Both JD Retail and new business delivered robust profitability improvements, and steadily moved along their strategic roadmaps.

Our scalable AI applications are increasingly transforming our core assets into a distinct competitive moat in the era of AI commerce. With this solid foundation, we are firmly committed to unlocking long-term value for our shareholders.

This commitment is underpinned by our proven track record of growth, a clear trend of margin expansion, and our solid shareholder returns. With that, I will turn it back to Sean.

Thank you.

Thank you, Sandy and Ian. For the Q&A session, you are welcome to ask questions in English or Chinese.

Our management will answer the questions in Chinese, and we'll provide English translation for convenience purpose only. In any case of discrepancy, please refer to our management's statement in the original language.

Operator, we can open the call for Q&A now.

Hey, Sandy, Ian, Sean, 晚上好。谢谢接受我的提问，也恭喜一个非常强劲的业绩。我有两个问题。第一个是关于增长的。我们看到一季度尽管这个高基数的压力，JD Retail 仍然实现这个超预期的增长，且在 3 月份这个大盘增长放缓的背景以下，我们还是保持一个稳健的表现。管理层可否观察到一些消费者行为的一些变化呢？尤其是在大电品类提价的环境以下。后续几个季度的增长趋势，我们应该如何展望？我第二个问题是关于利润率的。在这个宏观环境不确定的情况以下，行业竞争加剧，以及平台的补贴增加，但大电品类的也是在提价的背景以下，应该如何展望 JD Retail 的利润率的趋势呢？谢谢。我自己翻译一下。Thank you, management, for taking my questions, and congrats on the strong quarter. My first question is on the growth.

Despite facing a high base in the first quarter, JD Retail still delivered better-than-expected growth and maintained solid performance even as overall market decelerated in March. Has management observed any shift in consumer behavior, particularly in the context of price increase in the electronic categories?

How should we think about the growth trend over the next few quarters? My second question is about the margin.

Against the backdrop of macro uncertainty, intensified industry competition, and increased platform subsidies, alongside with a rising ASP in electronic products, how should we assess JDR margin trajectory going forward? Thank you.

谢谢

Kenny 的问题。那我先回答第一个关于增长的问题。在刚刚过去的一季度呢，大家也看到就是我们零售的表现还是很稳健的，收入的增速也在环比改善。那么大电品类虽然增速受到国补高基数的影响，但是我们也通过我们的供应链能力和平台的心智进一步赢得用户的信任，巩固了市场地位。那么日百品类呢收入增速非常强劲，保持了双位数，并加速到 15%，尤其是商超品类，持续九个季度双位数增长，也展现了京东在日百品类不断加强的用户心智。

Thank you, Kenny. Let me answer your first question regarding growth.

In Q1, JD Retail delivered a solid performance with revenue growth accelerating q-on-q for electronics and home appliances. While our growth was impacted by the high base from trade-in subsidies last year, we leverage our supply chain capabilities and strong user mindshare to win even greater trust from user, which helped us further consolidate our market leadership.

For general merchandise category, revenue growth maintained a double-digit pace and further accelerated to 15% year-on-year. Notably, our supermarket category recorded double-digit growth for the ninth consecutive quarter.

This clearly shows that our growing user mindshare in the general merchandise category. 那么关于

3C 和家电行业的产品价格的影响，那首先受到全球存储成本上涨的影响，那我们也看到从 3 月起，手机和电脑品类都出现了行业性的大幅涨价。那此轮涨价的幅度大、覆盖面广，短期内呢确实会在一定程度上抑制部分消费需求。那同时呢，销售结构加速向中高端的机型和头部品牌集中。那越是在不确定的周期，那京东的特殊价值就会越发凸显。那我们也将发挥自营供应链的效率优势，给用户带来价格和服务上面更好的体验，那同时呢也给品牌带来更高效、更有确定性的销售。那另外呢，就是京东的确我们是对于相对高端和这个品牌类的商品，我们的优势也会更加明显，那我们也有信心我们的市场地位会进一步提升。

Regarding the impact of price hikes in the 3C and home appliance industries, yes, due to the rising memory cost, we have seen industry-wide price hikes for smartphones and PCs since March. This round of price increases is sharp and widespread.

In short term, it indeed dampens consumer demand to some extent. At the same time, we are seeing consumer purchase are shifting toward mid- to high-end models and top-tier brands.

In a challenging time, JD's unique proposition becomes even more clear. We will leverage our efficiency of our supply chain to bring user a better experience in both price and services.

At the same time, we'll help brand achieve more efficient sales with greater certainty. Our unique competitive edge is even more pronounced for the mid- to high-end models and top-tier brands.

Overall, as a result, we believe our market position will further solidify. 对，那展望今年后面几个季度，那在二季度呢的确我们会面对国补更高基数的硬仗。那么叠加涨价对于手机、电脑品类的消费情绪的影响，那么带电品类的销售预计还会阶段性的承压。那我们也将持续强化我们的用户心智，同时帮助品牌提供更确定性的销售。那么进入到下半年，我们对增速的回升会更有信心，尤其是家电品类，随着基数回归常态化，加上我们在全渠道销售网络建设也会进一步释放销售潜力。那同时呢，我们对日百品类和广告收入的增长充满信心。那京东的增长驱动力正在变得更加多元化，我们有信心在波动中实现全年的稳健增长。

Looking at the full year, the rest of the year, in the second quarter, sales of electronic and home appliances are expected to continue to face temporary pressure. This is due to the even higher base from trade-in program last year combined with the impact of price hikes on smartphones and PCs impacting consumer sentiment.

We will continue to strengthen our mindshare while helping brands achieve more certain sales. Moving into the second half this year, we have stronger confidence in a growth acceleration, especially for home appliance category, as the comparison base returns to normal and the continuous expansion of our omnichannel sales network further create greater sales potential for home appliance category.

At the same time, we are confident in the healthy growth for both general merchandise and advertising and commission revenues. JD's growth engines are becoming more diversified.

This gives us confidence to deliver healthy growth for the full year, even in a volatile year. 在一季度，那京东零售的净利润取得了双位数的增长，利润率也稳健的改善，那达到了

5.6%，那这主要得益于第一是毛利率的改善，那无论成熟的带电品类还是快速增长的日百品类，那我们通过供应链能力带动行业效率的提升，为品牌带来溢价的同时，也实现了自身盈利能力的改善，毛利率均实现了同比的提升。那同时呢，营销效率也在提升，那零售的市场费和费率已经连续三个季度同比优化。那随着外卖、惊喜等新业务有效带动整体的平台流量，我们也在更精准、更高效地配置营销资源，提升整体的投入的效率。最后呢，我们也非常重视研发的投入。那在我们毛利率和营销效率提高的同时，我们也高度重视研发的投入，尤其是在 AI 方面，那一季度的研发费用继续明显上涨，那预计在未来一段时间内，研发费用将保持持续增长的态势。我们认为这些投入将逐步转化为运营红利，实现 AI 驱动的效率提升，并带动整体费用结构的改善。

In the first quarter, JD Retail achieved double-digit growth in operating profit. Its operating margin also expanded steadily to 5.6%.

This was primarily driven by, first, gross margin expansion. For both our mature electronics and home appliances and fast-growing general merchandise categories, we have leveraged our supply chain capabilities to drive industry efficiency.

While creating value for brands, we have also enhanced our own profitability, achieving year-on-year expansion in gross margins across categories. In the meantime, marketing efficiency improvement: JD Retail's marketing expense and expense ratio have seen year-on-year optimization for three consecutive quarters.

As new businesses, including JD Food Delivery and Jingxi, effectively drive traffic growth for our platform, we are allocating marketing resources with greater precision and efficiency, thereby enhancing the overall return on our marketing expenses. Lastly, while improving our gross margin and marketing efficiency, we remain deeply committed to R&D development, particularly in AI.

In Q1, our R&D expense continued to meaningfully increase and is expected to maintain an upward trend for some time ahead. We believe such investment will gradually translate to operational benefits, driving AI-powered efficiency gains and further optimizing our overall cost structure.

未来的呢，一季度的表现会进一步验证了零售业务利润率长期稳步提升的能力，那我们高个位数的长期利润率目标是坚定不变的。Again，长期的利润驱动力包括自营能力，那我们会不断地加强自营供应链能力，发挥业务的规模优势，带动商品毛利率的持续稳步提升。那截至 Q1，零售毛利率已经连续 16 个季度同比提升，那且仍有提升的空间。第二呢是品类的提升，那么我们能看到包括商超等品类的利润率仍有较大的提升空间。此外，带电品类随着商品结构的优化，那长期来看也有利润率提升的空间。第三，平台生态。我们会持续推进平台生态的健康发展，佣金和广告等高利润率的收入快速增长，带动利润率提升。那我们在变现率上仍处于行业较低水平，还有很大的提升空间。长期看，京东作为以供应链为核心的中国最大的零售企业，我们有最丰富的 AI 和自动化技术的应用场景，那具有广大的巨大的空间可以持续提升体验、降低成本、提高效率。

Looking ahead, our Q1 performance already further validates JD Retail's ability to deliver steady margin expansion over time. We remain firmly committed to our long-term high-single-digit margin target.

The key drivers of this include: first, our 1P capabilities. We'll continue to enhance our 1P supply chain strength and leverage scale benefits to drive consistent product sales gross margin expansion.

JD Retail's gross margin has delivered year-on-year improvement for 16 consecutive quarters, and we believe there is still upside potential. Second, category improvement: we see meaningful margin upside in categories, including supermarket.

Additionally, as we continue to optimize the product mix within our electronics and home appliances categories, we expect further margin expansion over the long term. Third, platform ecosystem: we've been driving the healthy development of our platform ecosystem.

This will support our high-margin service revenues, such as commission and advertising, to grow at a robust pace, contributing to our overall margin expansion. That said, we're still at a lower take rate level compared to the industry, and we believe there is substantial potential for improvement for us.

In the long term, as China's largest retailer with supply chain at its core, JD has the industry's most diverse applications scenarios for AI and automation. This presents significant potential for us to continuously enhance user experience, reduce costs, and drive greater efficiencies.

Okay. Thank you, Kenny.

We can go to the next analyst.

Sandy, Ian Shan AI Agent 这边。那这个国际这边，随着我们 Joybuy 现在在欧洲六个国家落地了，那想看我们应该如何判断这个短期内投入的力度，然后来实行一个单量的一个目标或者单量一个体量。那如果从一个未来三年去讲的一个长期去讲，那 Joybuy 的投入对我们新业务的这块的整体亏损会有什么影响？然后预期的这个 ROI 应该怎么去想？第二呢就想问这个 AI Agent，现在有不同的这些 AI assistant 来驱动消费者的这个搜索和购买的这个决策。那京东如何发挥这个作为中国最大的这个自营电商的这个零售商的这个特有的这种优势？那面对未来现在有 agent-to-agent 这种的交互方式和潜在的一些合作，那京东在这方面的进攻和防御策略是有哪些？那我翻译一下。Thank you, management, for taking my questions. First is about international.

Since that you've launched Joybuy across six countries in Europe, how should we frame the near-term investment intensity to drive a critical order volume scale, and how to think about the longer-term impact on a kind of next-few-year basis on new business loss and the ROI from this investment? My second is on AI agents, which are increasingly driving consumer search and purchasing.

How will JD leverage the unique moat as China's largest retailer in this? What are your defensive or offensive strategies in light of agent-to-agent interactions and on partnerships?

Thank you. 谢谢

Ronald 的问题。首先关于 Joybuy，Joybuy 是在 3 月 16 日正式上线。那么依托我们的供应链优势和本地化运营，目前我们与全球的优质品牌合作，向欧洲用户提供具有价格竞争力的全品类的商品供给。那同时，依托我们在欧洲自建的物流网络，我们也把 211 的物流配送时效引入了欧洲。那 Joybuy 在权威用户评价网站 Trustpilot 上面也保持着极高的用户评分，优质的商品与卓越的履约体验已经初步赢得当地消费者的信任。

Thank you, Ronald, for your question. First, on Joybuy.

Joybuy was officially launched on March 16. It leveraged JD's supply chain capabilities and localized operation.

Now Joybuy partners with top global brands to offer European users a full category of products at competitive pricing. At the same time, backed by our self-built logistics network in Europe, Joybuy is bringing JD's signature same- and next-day delivery speed that we offer in China to European consumers.

Currently, Joybuy maintains an encouragingly high user rating on Trustpilot, a leading consumer review platform. Our high-quality products and excellent delivery experience are helping us winning trust of local customers.

那么从投入上来看呢，我们会按照既定的战略去推进。那随着业务规模的增长，整体的投入可能会随之逐步上涨，但同时，随着单量的增长，我们运营的规模效应也会逐步的显现，单均的损益也会持续的改善。所以整体我们在国际业务的投入还是有纪律性的。 In terms of investment, in Q1, investment of our international business remains stable q-on-q as we keep improving operating efficiency.

Over the next few quarters, where we will execute our established strategy, as our business grows healthily, the overall investment may gradually increase as well. That said, as order volume grows, the economy of scale will kick in and continuously improve our unit economics.

Overall, we believe our international business investment is highly manageable and remains in line with our initial expectations. 那么展望未来的话，国际业务是京东坚定不移的长期战略。我们也会逐步的推进业务的布局和能力建设，也会在业务拓展的过程中继续遵守财务纪律，同时关注投入产出的效率，实现业务健康可持续的增长。那么在能力建设上，我们也会围绕着包括商品供应链、物流履约和技术系统这些供应链能力上去投入，那么为欧洲的消费者提供更多有竞争力的商品供给和更好的体验，那么进一步确立我们

Joybuy 在欧洲的差异化优势。那么从长期来看，这些投入也将转化为用户长期留存的确定性，那么伴随规模效应逐步释放，将会提升我们长期的 ROI。那我们也相信凭借着京东最核心的供应链壁垒，包括高效的自营模式，叠加我们物流履约的能力，那京东在全球范围内同样具有重构行业效率和用户体验的潜力。

Looking ahead, international expansion is a long-term strategy for JD. We will steadily expand our footprint and build our capabilities.

In the meantime, we will strictly maintain our financial discipline and focus on ROI to drive healthy, sustainable growth. In terms of capability building, we'll focus our investment on key supply chain areas, including product fulfillment, technology systems, and etc.

This will allow us to bring a more competitive price product offering to European users, improve delivery experience, and further differentiate the Joybuy experience. Over the long run, this investment will translate into better user retention, unlock economic scale, and drive long-term ROI.

We are confident that JD's core supply chain moat, especially our highly efficient 1P model combined with strong logistics capabilities, give us the potential to redefine industry efficiency and user experience on a global scale. 那么关于第二个

AI 的问题，那我们认为首先不论技术如何演变，无论是有 agents 来协助用户完成购买动作，还是用户自己完成，那其实零售行业的底层逻辑并不会改变，那它始终还是以体验、成本、效率为核心，去满足用户对产品、价格、服务的不断追求。那这个也是京东在过去 20 多年深耕供应链所构筑的核心护城河。那我们会利用 AI、robotics、自动化这些新技术去持续地提升用户的体验，同时呢降低我们自己的运营成本和提升效率。那这里我会举几个例子。

Regarding the second question on AI, we believe, no matter how technology evolves, the essence of retail remains unchanged. It has always centered on delivering better user experience, lower cost, and higher efficiency to meet users' continuous pursuit of better product, price, and service.

This is also the core moat of JD that we have been building over the past two decades of deep investment in supply chain. Today, we are leveraging new technologies, including AI and robotics, to further enhance the user experience, while reducing costs and improving efficiency.

Now, let me walk you through a few examples. 那么在用户端或者说需求端，我们正在全面升级我们自研的

AI Agent 京言，帮助我们更加精准的识别、激发和匹配用户的需求。那么在京东的 App 里面可以为用户提供更加高效、便捷的购物体验。

On the demand side, we are making a comprehensive upgrade with our self-developed AI agent called Jingyan to help us more precisely identify, stimulate, and match consumer demands. Jingyan has provided a more efficient and convenient shopping experience within the JD app.

那么我们看到在一季度，京言的季度活跃用户数同比增长超过了

200%，而用户的使用次数同比增长超过了 300%。

In Q1, we have seen Jingyan demonstrated strong growth momentum, with its quarterly active user growing by over 200% year-on-year, while the growth of user engagement was even more robust, increasing by over 300% year-on-year. 那么在内部的工作流或者说平台能力上，我们的采销

Agent 可以协助我们的采销分析前端市场的需求、洞察商机，进而寻找更加合适的商家和商品，以及完成日常商家和商品管理、库存管理、营销活动等经营动作，帮助采销可以更加高效的运营和决策。那与此同时呢，我们也搭建了一系列的 AI 工具来帮助我们平台上面的第三方商家提升他们的运营效率，包括营销素材的生成、数字人 JoyStreamer 直播，还有 AI 客服等等。

On internal workflow, our procurement and sales agent can analyze front-end market demand to uncover new business opportunities, and then source more suitable merchants and products. Our procurement and sales agent can also automate routine operational tasks, such as merchant and product management, inventory management, and marketing activities, enabling our procurement team to operate and make decision with greater efficiency.

At the same time, we have developed a suite of AI tools to help merchants enhance their operational efficiency, including marketing content generation, JoyStreamer, our digital human livestreaming solution, and AI-powered customer service. 那么在物流的履约端，我们也正在广泛的应用

AI 和机器人技术来持续提升机器人和自动化的覆盖率。目前京东朗族系列的机器人已经覆盖物流的全链路，并且在全球范围内逐步的规模化应用，逐步产生降本增效的效果。

On the fulfillment side, we are broadly deploying AI and robotic technology to continuously drive up our automation and robotics coverage. Currently, JD's Langzu Tech series of robots is able to cover the entire logistics chain, and has been deployed at a global scale, gradually delivering cost reduction and efficiency gains.

那么可以看到，我们正在通过

agents 的应用来打通和升级我们一个又一个的工作环节，那最终将逐步串联起整个 workflow，其实也就是实现了 agent-to-agent 的形式。那么通过 agents 取代了很多低效的中间环节，最终实现运营效率的提升。

Therefore, you can see, by deploying these agents, we are connecting and upgrading individual process into a seamless, end-to-end workflow, which essentially building an agent-to-agent framework. By replacing inefficient intermediary layers, we are positioned to realize a step change in the overall efficiency.

Thank you, Ronald. We can go to the next analyst.

Hello, 晚上好。管理层，谢谢接受我的提问。恭喜强劲的业绩。两个问题。第一个问题是，随着外卖行业竞争格局的逐步改善，京东仍致力于在这个领域持续的投入，以驱动新用户获取和业务的交叉销售。请教管理层，就是京东外卖的业务的目标是否含实现盈利？然后此外呢，京东是否计划和友商同步的实现盈亏平衡？还是说我们会将外卖的业务视为一项长期的战略投资，并打算在可能较长的时间内维持小幅的亏损或者是接近盈利平衡的状态？然后第二个问题是，管理层如何看待商超行业未来的竞争格局？因为有大型的连锁超市、电商，还有即时零售之间，请问未来市场份额将如何分配？在这些模式中，京东更倾向于布局哪种模式呢？还有哪种模式的压力前景会更好？此外，就是说行业的竞争格局的演变，请教管理层有哪些见解和思考？我自己翻译一下。As the food delivery landscape gradually improves, we understand that JD remains committed to investing in this area to drive new user acquisition and also cross-selling. Can management share whether the goal is to operate the business profitably, or furthermore, does JD actually aim to break even at the same time as the competitors, or does management view food delivery as a long-term strategic investment that will continue to operate at a slight loss or maybe just near a break-even point?

Then second question is that what is management's view on the future FMCG and also the fresh category landscape? What could be the shares split between the large supermarket chain, the online, the on-demand, the quick commerce?

What will be the preferred model that JD want, and which model will be more profitable? Then any views and thoughts on the competition landscape evolving?

Thank you. 谢谢。首先就是一季度京东外卖在保持规模健康的同时，也实现了自成立以来幅度最大的环比减亏，外卖的

UE 模型在明显改善。在外卖收入上，随着经营改善以及广告系统的完善，一季度外卖所产生的佣金和广告收入环比增长接近两倍。那同时面对行业的补贴竞争，我们也始终保持理性，根据不同的用户群体、不同的地域，不断地提升精细化运营和营销的效率，并且通过供应链模式创新推进外卖的发展。那我们也在全面落实行业的监管要求，始终坚持合规经营。

First, in Q1, while keeping healthy order volume, JD Food Delivery achieved the biggest sequential loss reduction to date, with solid progress in UE improvement. On food delivery's revenues, as we continued to optimize operations and upgrade advertising system, total revenues of commission and advertising surged nearly two times on quarter-on-quarter basis in Q1.

At the same time, we maintained a rational approach amidst industry-wide subsidy competition. We continued to refine our operations and marketing efficiency across different user groups and regions.

Furthermore, through supply chain innovation, we are advancing the growth of this business. We also fully implement regulatory requirements, and remain committed to compliant operations.

同时，外卖这个业务最终一定会实现盈利的。但是我想提醒一下，京东外卖不是一个独立业务，我们在持续加快释放外卖的协同价值。在用户上，我们先看规模，外卖持续的带动京东整体的流量和用户的健康增长。Q1 京东 DAU 和季度购买用户数同比增长均超过 20%，年活跃用户规模达到历史的新高，这也促进了我们整体广告收入的增长。看活跃度呢，外卖业务更好地满足了京东现有的高质量用户的需求，带动了京东整体购频同比增长 37%。在交叉上面，外卖用户的跨品类购买行为在加强，尤其是在商超等日百品类以及京东秒送业务上。 We

believe our food delivery business will eventually achieve profitability. However, JD Food Delivery is not a stand-alone business.

We've been unlocking its synergistic value within our business ecosystem. On users' front, first, user scale: JD Food Delivery has been driving healthy growth in traffic and user base for our platform.

In Q1, both our DAU and quarterly active customers increased by over 20% year-on-year, and the number of our annual active customers reached a record high. This also contributed to our advertising revenue growth.

Second, user engagement: as food delivery effectively fulfills the demands of our existing high-quality users, it helped to drive a 37% year-on-year increase in user shopping frequency on our platform. Third, cross-sales: we've also seen stronger cross-category purchases among food delivery users, particularly in supermarket categories and our on-demand retail offerings.

在供给上，外卖丰富了京东上面基于地理位置，包括餐饮、商超、日百等多品类商品和商家的供给，也可以更好地加强我们和品牌的合作关系。在履约上，我们正在打通和测试外卖履约和物流的协同效应，打造高效的最后一公里的配送的基础设施，提升京东即时配送的能力和效率，并且促进物流运营和管理的进一步协同和提升。 On the supply side, food delivery also enriches the location-based supply on our platform, spanning categories from dining and supermarket to general merchandise.

This also enables us to deepen partnerships with merchants and brands. On the fulfillment side, we've been unlocking and testing synergies between food delivery and logistics fulfillment to develop a robust last-mile infrastructure.

This not only enhances our on-demand delivery capacity, but accelerates the coordination and optimization of our overall logistics operations and management. 外卖和即时零售是京东重要的长期战略方向，我们会以长期的视角推动业务的健康发展。

Food delivery and on-demand retail are long-term strategies for JD. We will drive healthy development of the businesses through a long-term perspective.

好，那我来回答

Alicia 关于商超的问题。那首先，中国的商超业态具有巨大的市场规模，体量近 10 万亿元的级别，但是目前市场格局还是呈现高度分散的特征，这也意味着在效率和成本上面还有很大的优化空间。那这也让我们看到这个行业的线上渗透率也有广阔的提升空间。那既有以京东超市为代表的深耕确定性体验的自营电商模式，也有偏重丰富度的平台电商模式。同时，这两年即时零售也在快速的发展。那这些模式并非简单的此消彼长，而是通过在效率、时效、丰富度的不同侧重，在更多维度上满足了用户在不同场景下的商超消费需求。

Let me answer Alicia's second question on supermarket. First, China's supermarket sector has a massive market size, nearing RMB10 trillion in scale, yet it remains highly fragmented.

This indicates significant room for potential cost optimization and efficiency gain, as well as for the growth in online penetration. Within the supermarket category, we operate multiple models, including 1P model, which focus on delivering a reliable consumer experience; 3P platform model, which offers selection and diversity; and additionally, the on-demand retail model, which has been growing rapidly on JD in recent years.

These models are not simply replacing one another. Instead, they address diverse consumer demands across different shopping scenarios by emphasizing distinct advantage in efficiency, timeliness, and selection.

那么京东超市作为深耕供应链的

B2C 零售商，在商品的选择、供应链及仓储管理、成本价格的优势以及用户体验上有巨大的优势。那尽管行业的竞争激烈，作为中国规模最大的超市，那京东超市也展现出了极强的增长韧性，已经连续实现九个季度的收入双位数的稳健增长。那关于盈利能力，我们也通过发挥规模的优势和供应链能力在持续提升超市的盈利能力。那么展望未来，京东超市在毛利率、履约费用率等方面都还有很大的提升空间。那我们也将继续保持稳健增长的同时，逐步提升我们的盈利能力。那我们很有信心我们的规模优势会进一步释放出它的效果。那我们相信最终商超行业的竞争也会回归到体验、成本、效率的本质。那么京东超市凭借不断提升的自营供应链能力，可以为用户提供更好的商品、更低的价格，同时呢也能够帮助品牌持续带来确定性的增量销售。那我们对京东超市长期健康增长充满信心，它也会成为我们未来几年重要的增长驱动力。

As a B2C retailer with deep supply chain expertise, JD Supermarket hold significant competitive advantage across product selections, supply chain, and warehouse management, cost and price competitiveness, and user experience. Despite intense market competition, as the largest supermarket in China, JD Supermarket has demonstrated remarkable growth resilience, achieving double-digit revenue growth for nine consecutive quarter.

On profitability, we continue to enhance the profitability of supermarket category by leveraging our scale advantage and supply chain capabilities. Looking ahead, we still see substantial runway for improvement in both gross margin and our fulfillment expense ratio, allowing us to and this result from our scale and sustain steady growth while gradually expanding our profitability.

We believe that competition in supermarket sector will ultimately return to the focus on user experience, cost, and efficiency. By leveraging our continuously improving self-operated supply chain capability, JD Supermarket delivers better product at lower price to customer, while helping brands achieve consistent and incremental sales.

We are highly confident that in the long term healthy growth in the long-term healthy growth of supermarket, which is becoming a key growth engine for us in the coming years.

Thank you, Alicia. Let's go to the next analyst, please.

3P 商家在数量、占比，还有未来几个季度的预期。第二个问题是管理层可以分享一下我们回归股东最新的情况。Hi, good evening. Thanks, management, for taking my questions.

I have two questions. My first question is about the latest updates about our ecosystem strategies, including number of 3P merchants, contribution, as well as the outlook over the next few quarters.

My second question is about capital return. Can management share the latest updates about the return to shareholders?

Thank you. 京东的平台生态的核心始终是围绕体验、成本和效率的，那通过不同的模式为用户提供最优的产品、价格和服务的组合，满足多样化的体验需求。我们的生态建设取得了不错的进展，和大家分享一季度各项指标保持快速的增长势头。那一季度京东活跃商家数保持同比三位数的增速，我们引入了更多的优质品牌和产业带商家，为用户提供更丰富的商品供给。那同时外卖业务也给我们带来了大量的品质的餐饮的商家，进一步扩大了我们的服务领域。我们也看到了用户的积极反馈，那京东

3P 购买的用户数的增速持续地跑赢大盘，那这也带动了 3P 订单量的快速增长，那一季度 3P 的单量占比超过 50%。

Our platform ecosystem always centers on user experience, lower costs, and enhanced efficiency. By leveraging different business models, we provide the best combination of products, price, and services to meet diverse consumer needs.

We've made solid progress in our platform ecosystem development. Let me share a few key indicators that maintain rapid growth in Q1.

First, our active merchant base: it maintained a triple-digit year-on-year growth rate in Q1. We've onboarded more high-quality brands and industrial belt merchants, providing users with a more diverse product supply.

Meanwhile, our food delivery business has also brought in a large number of quality restaurant merchants, further expanding our service scope. Second, users: we've seen positive feedback from users.

The number of users who shopped 3P offerings on our platform grow at a fast pace, outpacing the growth of our total users. This also supported the fast growth of 3P order volume, which accounted for over 50% of our total orders in Q1.

那从财务结果看，那

Q1 3P 的 GMV 增速快于大盘。那更重要的是，我们的佣金及广告收入已经连续六个季度实现了双位数的增长。那这种高利润率的收入占比的持续提升，正带动京东整体盈利能力的改善。长期来看，我们相信 3P 的 GMV 占比将会超过自营，那平台生态也将成为支撑京东收入增长和利润扩张的重要驱动力。

From a financial perspective, in Q1, our 3P GMV grew faster than 1P and total GMV. More importantly, our marketplace and marketing revenues have delivered double-digit growth for six consecutive quarters.

The increasing contribution from these high-margin revenue streams continues to drive our overall profitability. Over the long term, we believe 3P GMV contribution will surpass 1P.

Our platform ecosystem will become a key driver for both our revenue growth and margin expansion. 那关于回馈股东，那今年一季度，公司回购了约

4,450 万的普通股，差不多 2,230 万的 ADSs，那回购总额是 6.31 亿美金，那相当于截止 2025 年 12 月 31 日流通股总数的 1.6%。那还剩余接近 14 亿美金，明年 8 月到期，预计我们会按照节奏进行。那同时，公司也在 3 月宣布了 2025 年的年度的现金股利，已经按照计划在 4 月完成派发，那每 ADS 派息 1 美金。那展望未来，我们将继续坚定地通过分红和回购回馈股东，那与此同时，我们也会持续关注业务规模、利润和现金流的长期健康的增长趋势，那通过不同的方式和股东分享京东业务的成功。

Regarding shareholder return, in the first quarter, we repurchased a total of around 44.5 million ordinary shares, equivalent to 22.3 million ADSs, for a total of US$631 million, representing 1.6% of our total ordinary shares outstanding as of the end of 2025. The remaining amount of our ongoing repurchase program is US$1.4 billion, and the expired date will be in August next year.

We expect to continue to execute our share buyback at planned pace. In addition, we announced the annual cash dividend of $1 per ADS for the year of 2025 in March, and completed payment in April, as planned.

Going forward, we remain committed to returning value to our shareholders through dividends and share buybacks. At the same time, we will maintain focus on achieving healthy long-term growth in business scale, profitability, and cash flows.

We aim to share JD's success with our shareholders in multiple ways.

Thank you. That's all the question we can take today.

Let me just wrap up since we are running over time. Thank you for joining us on the call today and thanks for your questions.

If you have further question, please contact me and our team. We appreciate your interest in JD.com, look forward to talking with you again next quarter.

Thank you.