Shulou(Shulou.com)11/24 Report--

On the evening of November 18, JD.com Group (NASDAQ:JD,HK:9618) released its results for the third quarter of 2022. According to the financial report, JD.com Group's revenue in the third quarter was 243.54 billion yuan, an increase of 11.4 percent over the same period last year, and the market expected 242.808 billion yuan; net profit 6 billion yuan, net loss 2.8 billion yuan in the same period last year, market expected net profit 4.857 billion yuan; adjusted net profit of 10 billion yuan, 5 billion yuan in the same period last year.

After the release of the results, JD.com retail sub-group CEO Xu Lei and JD.com CFO Xu ran attended the analyst conference call to interpret the results and answer analysts' questions.

The following is the main content of the question and answer session of the analyst in this conference call:

Goldman Sachs analyst Ronald Keung: the company has reached a new stage of development, especially when it was mentioned earlier that new businesses such as logistics and Dada are no longer a drag on the profit level of the whole group, so what new growth points and investment opportunities will management focus on in the future?

In addition, the growth of the supermarket business under JD.com Retail may have slowed down in the third quarter, but the profit margin has reached a new high. how do we plan to balance and maximize retail business growth, premium advantage and healthy and stable profit margins next year?

Xu Lei: JD.com has persisted for 19 years, that is, we will insist on experience cost and efficiency at all business levels. This is what we should adhere to when we do any new or old business. In to C business, we are very concerned about product price service. If there are any changes, it should be said that our biggest change this year is that we focused on the strategic main waterway, and at the beginning of this year, we made a judgment based on the overall economic situation and the state of the supply chain. At present, our changes or adjustments at that time should be very timely, and they should also be the fastest in the industry. What we can confirm is that although this year's epidemic and economic downturn have caused difficulties for many enterprises, the future should be for the better, and there are already signs of recovery, clear signs. But what is uncertain is how fast the signs of recovery will be, so for our management, it is more important to adhere to the current strategic direction and see clearly the development of changes in the whole market and industry in the future. And the strength of the economic recovery, maintain investment.

As for retail, as we mentioned last quarter, what will not change in the future are the four major retail strategies, including the improvement of supply chain capabilities, sinking the market, and the development of ecological and urban retail. Specific to the large business category, the growth rate in the third quarter is indeed lower than before, there are a variety of reasons, among which the impact of the epidemic is still relatively obvious. But at the same time, we can tell you very clearly that the health, profit, and category management ability of the super business should go up to a new level this year, and the penetration rate of our super users in the main station has exceeded 50%. The growth of the number of consumer users has also far exceeded the overall growth. At the same time, we have also done a lot of innovation or layout of the sinking market of business in the same city.

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