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1、JD.com Announces First Quarter 2023 ResultsBEIJING,May 11,2023(GLOBE NEWSWIRE)-JD.com,Inc.(NASDAQ:JD and HKEX:9618),a leading supply chain-based technology and serviceprovider,today announced its unaudited financial results for the quarter ended March 31,2023.First Quarter 2023 HighlightsNet revenue
2、s for the first quarter of 2023 were RMB243.0 billion(US$135.4 billion),an increase of 1.4%from the firstquarter of 2022.Net service revenues for the first quarter of 2023 were RMB47.4 billion(US$6.9 billion),an increase of34.5%from the first quarter of 2022.Income from operations for the first quar
3、ter of 2023 was RMB6.4 billion(US$0.9 billion),compared to RMB2.4 billion forthe same period last year.Non-GAAP2 income from operations was RMB7.9 billion(US$1.1 billion)for the first quarterof 2023,as compared to RMB4.7 billion for the first quarter of 2022.Operating margin of JD Retail before unal
4、locateditems for the first quarter of 2023 was 4.6%,compared to 3.6%for the first quarter of 2022.Net income attributable to the companys ordinary shareholders for the first quarter of 2023 was RMB6.3 billion(US$0.9 billion),compared to a net loss of RMB3.0 billion for the same period last year.Non-
5、GAAP net incomeattributable to the companys ordinary shareholders for the first quarter of 2023 was RMB7.6 billion(US$1.1 billion),ascompared to RMB4.0 billion for the same period last year.Diluted net income per ADS for the first quarter of 2023 was RMB3.93(US$0.57),compared to a diluted net loss p
6、erADS of RMB1.92 for the first quarter of 2022.Non-GAAP diluted net income per ADS for the first quarter of 2023 wasRMB4.76(US$0.69),compared to RMB2.53 for the same period last year.“JD saw strong growth in profitability in the first quarter as we continued to streamline our operations,optimize our
7、 product portfolio and expand ourservice offerings,”said Lei Xu,CEO of JD.com.“In the quarters ahead,we will further enhance our business structure in order to drive the expansionof our user base throughout China.JD.com has built Chinas most trusted brand in retail,and is uniquely positioned to prov
8、ide our loyal user base withthe superior quality,value,speed and selection they have come to expect,while maintaining the flexibility to seize upon multiple growth opportunitiesacross our businesses.”“During the first quarter,we were pleased to see service revenues grow to account for 20%of our tota
9、l revenues,helping deliver strong margins andreflecting our success in attracting a record number of third-party merchants to the JD.com platform,”said Sandy Xu,Chief Financial Officer ofJD.com.“We also see more encouraging trends in Q2,both financially and operationally,as we push forward our proac
10、tive adjustment.Lookingahead,we will continue to focus on the quality of our businesses while providing a superior platform for our merchants and suppliers in terms ofexposure,traffic and lower costs,in order to drive sustainable growth for the long term.”Business HighlightsEnvironment,Social and Go
11、vernanceIn January,JD Health actively contributed to support the epidemic prevention in rural areas.Together with the NationalRural Revitalization Administration and the Peoples Daily,JD Health launched an anti-epidemic project that providedapproximately six million packs of anti-epidemic medication
12、 to over 20,000 clinics,pharmacies,and other medical channelsat county and village level across the country.JD Health endeavors to enhance the medicine supply capabilities in ruralareas,and enable more people there to have easy access to medicines anytime at nearby locations.On May 5,2023,Fortune re
13、leased the“2023 China ESG Impact List.”JD.com was named on the list for two consecutiveyears,together with other 39 companies.This is a testament to JDs outstanding ESG efforts in the past year in buildinggreen supply chain,fighting against COVID and ensuring supplies,and supporting employee well-be
14、ing.JD RetailIn March,JD.com launched its first county-level home appliance and home goods store in Jintang county,Sichuanprovince.Targeting a differentiated“home scenario,”the store provides a diversified product portfolio of home appliancesand home goods and creates an integrated home solution bet
15、ter adapted to the needs of consumers in lower-tier markets.In addition,JD.com launched a new home appliance and electronics flagship store in Chengdu,offering more than 100,000SKUs.Through its innovative online and offline integration model,JD MALL,JD home appliance and electronics city-levelflagsh
16、ip stores,JD Home Appliance Stores and other offline stores have achieved equal SKU selection,price and servicecompared to its online channel.In February,Tesla launched its official flagship store on JD.com,offering a variety of auto products,including chargingequipment,premium accessories,selected
17、apparel and other products totaling over 200 SKUs.Going forward,JD willfurther leverage its omnichannel advantages to promote the development of Teslas online store on its platform.In March,Longines,a renowned Swiss watchmaking brand,launched its official flagship store on JD.com,offeringconsumers a
18、 diverse collection of new and classic products.By leveraging JDs intelligent supply chain capabilities,theecosystem of authentic products,logistics fulfillment,and high-quality service assurance,JD will continue to build anefficient operating environment for business partners,while providing consum
19、ers best-in-class shopping experience.JD HealthIn February,JD Health further enhanced its service capability for rare diseases,and expand the aid scale to approximately20 million patients in China by launching the new“doctor-searching map for rare diseases.”JD Health also formed astrategic collabora
20、tion with Boao Winhealth Rare Disease Medical Center to effectively reduce the financial burden for raredisease patients.In February,JD Health officially announced the establishment of the intelligent medical engine on its online healthcareservice platform,which leverages the latest internet and AI
21、technologies and places medical values as fundamentals.Theengine aims to improve the efficiency and quality of doctors online diagnosis and treatment,and establishes JD HealthInternet Hospital as the first“integrated medical education and research”internet hospital in China.During the first quarter,
22、JD Health signed strategic cooperation agreements for 2023 with global pharmaceutical andhealthcare brands including H&H Group,Tongrentang Health,and Abbott Medical Nutrition.JD Health also reached astrategic partnership with Zoetis Inc.,a leading global animal healthcare company,to delve more deepl
23、y into the pethealthcare market through comprehensive cooperation and provide quality pet vaccines and medications to customers inChina.Going forward,JD Health will further strengthen its supply chain capabilities,optimize and open up its ecosystem,and continue to promote its omnichannel initiative,
24、with the goal of achieving quality growth together with its partners andmerchants.JD LogisticsIn February,JD Logistics and Master Kong Holdings Limited signed a strategic cooperation agreement on“IntelligentSupply Chain Transformation.”Under the agreement,the two parties will leverage technological
25、and digital tools tocooperate closely on supply chain consultation and planning,warehouse network planning,intelligent logistics,refinedmanagement,and exploration of differentiated service models,among others.The cooperation aims to improve the servicequality and customer experience across omnichann
26、els and diversified scenarios along the supply chain,and drive thetransformation of integrated supply chain for the FMCG industry.In the first quarter,JD Logistics announced the opening of its third self-operating warehouse and distribution center inCalifornia,United States.The new warehouse,togethe
27、r with the other existing ones,each of which with different functionalpositioning,have expanded JD Logisticss warehousing footprint to 1.3 million square feet in the U.S.,and furtherenhanced JD Logisticss supply chain service capabilities overseas.As of March 31,2023,JD Logistics operated over 1,500
28、 warehouses.Including warehouse space managed through theOpen Warehouse Platform,JD Logisticss warehouse network had an aggregate gross floor area of over 31 million squaremeters.3JD IndustrialsIn the first quarter,JD Industrials continued to drive the application of intelligent supply chain for ind
29、ustrial enterprises,byleveraging its Industrial Performance Neuroscience Programme(“IPNP”)that consists of a set of technological productsand aims to integrate the up-and down-stream along the industrial supply chain to act as a“neural network.”For example,in the cooperation JD Industrials IPNP help
30、s Foxconn to standardize massive SKU parameters,mitigate inventory risk andrelated cost of capital,and enable Foxconns suppliers with intelligent decision-making capabilities and improve theefficiency of the supply chain.DadaOn March 30,2023,JDDJ were among the first sales channels to launch the new
31、 Huawei P60 models.As Huaweis officialon-demand retail partner,JDDJ has had more than 2,000 Huawei authorized stores joining its platform that cover morethan 260 cities in China to ensure adequate inventories to better address customer demands.JD.coms on-demand retailhas become an important sales ch
32、annel for new mobile phone models and digital products with high recognition amongbrands and merchants.In April,YeeHoO,a high-end daily necessities brand for infants and children in China,initiated an in-depth collaborationwith JDDJ.There have been more than 200 YeeHoO offline stores in China launch
33、ed on JD App and JDDJ App,providingone-hour delivery services.The two parties will also work together to drive the digital transformation of offline stores,explore new growth models for omni-channel business,and provide consumers on-demand shopping experience of“onlineordering,offline shipping,and o
34、ne-hour or faster delivery of apparel for infants and youngsters.”Since its launch in July 2021,Dadas autonomous delivery service platform has leveraged its advantages as astandardized open platform and built numerous on-demand delivery scenarios and strong capabilities in order distribution,route p
35、lanning,human-vehicle interaction,and last-mile delivery.In collaboration with unmanned vehicle developers,theplatform has been applied by 7Fresh,Yonghui and Sams Club.As of March 31,2023,the platform has supporteddeliveries of over 100,000 supermarket orders,further strengthening its leading positi
36、on in autonomous delivery forsupermarkets in China.First Quarter 2023 Financial ResultsNet Revenues.For the first quarter of 2023,JD.com reported net revenues of RMB243.0 billion(US$35.4 billion),representing a 1.4%increase fromthe same period of 2022.Net product revenues decreased by 4.3%,while net
37、 service revenues increased by 34.5%for the first quarter of 2023,ascompared to the same period of 2022.Cost of Revenues.Cost of revenues increased by 0.4%to RMB206.9 billion(US$30.1 billion)for the first quarter of 2023 from RMB206.2 billion forthe first quarter of 2022.Fulfillment Expenses.Fulfill
38、ment expenses,which primarily include procurement,warehousing,delivery,customer service and payment processingexpenses,decreased by 0.7%to RMB15.4 billion(US$2.2 billion)for the first quarter of 2023 from RMB15.5 billion for the first quarter of 2022.Fulfillment expenses as a percentage of net reven
39、ues was 6.3%for the first quarter of 2023,compared to 6.5%for the same period last year.Marketing Expenses.Marketing expenses decreased by 8.0%to RMB8.0 billion(US$1.2 billion)for the first quarter of 2023 from RMB8.7 billion forthe first quarter of 2022.Research and Development Expenses.Research an
40、d development expenses decreased by 4.5%to RMB4.2 billion(US$0.6 billion)for the firstquarter of 2023 from RMB4.4 billion for the first quarter of 2022.General and Administrative Expenses.General and administrative expenses was RMB2.5 billion(US$0.4 billion)for the first quarter of 2023,keptrelative
41、ly steady as compared to RMB2.5 billion for the first quarter of 2022.Income from Operations and Non-GAAP Income from Operations.Income from operations for the first quarter of 2023 was RMB6.4 billion(US$0.9 billion),compared to RMB2.4 billion for the same period last year.Non-GAAP income from opera
42、tions was RMB7.9 billion(US$1.1 billion)forthe first quarter of 2023,as compared to RMB4.7 billion for the first quarter of 2022.Operating margin of JD Retail before unallocated items for the firstquarter of 2023 was 4.6%,compared to 3.6%for the first quarter of 2022.Non-GAAP EBITDA.Non-GAAP EBITDA
43、increased by 56.6%to RMB9.5 billion(US$1.4 billion)for the first quarter of 2023 from RMB6.1 billion forthe first quarter of 2022.Share of Results of Equity Investees.Share of results of equity investees was a loss of RMB0.8 billion(US$0.1 billion)for the first quarter of 2023,as compared to RMB1.1
44、billion for the first quarter of 2022.The loss for the first quarter of 2022 and 2023 was primarily due to share of losses fromcertain equity investees.Others,net.Other non-operating income was RMB2.8 billion(US$0.4 billion)for the first quarter of 2023,as compared to other non-operating loss ofRMB3
45、.9 billion for the first quarter of 2022.The increase was primarily due to a loss of RMB3.6 billion recognized resulting from the change of Dadasshare price prior to the closing of the acquisition of Dada in the first quarter of 2022,and the fair value change of investment securities.Net Income/(Los
46、s)Attributable to the Companys Ordinary Shareholders and Non-GAAP Net Income Attributable to the Companys OrdinaryShareholders.Net income attributable to the companys ordinary shareholders for the first quarter of 2023 was RMB6.3 billion(US$0.9 billion),compared to a net loss of RMB3.0 billion for t
47、he same period last year.Non-GAAP net income attributable to the companys ordinary shareholders forthe first quarter of 2023 was RMB7.6 billion(US$1.1 billion),as compared to RMB4.0 billion for the same period last year.Diluted EPS and Non-GAAP Diluted EPS.Diluted net income per ADS for the first qu
48、arter of 2023 was RMB3.93(US$0.57),compared to a dilutednet loss per ADS of RMB1.92 for the first quarter of 2022.Non-GAAP diluted net income per ADS for the first quarter of 2023 was RMB4.76(US$0.69),compared to RMB2.53 for the first quarter of 2022.Cash Flow and Working CapitalAs of March 31,2023,
49、the companys cash and cash equivalents,restricted cash and short-term investments totaled RMB203.2 billion(US$29.6billion),compared to RMB226.2 billion as of December 31,2022.For the first quarter of 2023,free cash flow of the company was as follows:For the three months ended March 31,2022March 31,2
50、023March 31,2023 RMBRMBUS$(In millions)Net cash used in operating activities(3,485)(21,607)(3,146)Less:Impact from JD Baitiao receivables included in the operating cash flow(1,734)(582)(85)Less:Capital expenditures,net of related sales proceeds Capital expenditures for development properties(2,676)(
51、2,145)(312)Other capital expenditures*(902)(1,068)(156)Free cash flow(8,797)(25,402)(3,699)*Including capital expenditures related to the companys headquarters in Beijing and all other CAPEX.Net cash provided by investing activities was RMB16.7 billion(US$2.4 billion)for the first quarter of 2023,co
52、nsisting primarily of the decrease inshort-term investments,partially offset by cash paid for capital expenditures.Net cash provided by financing activities was RMB1.3 billion(US$0.2 billion)for the first quarter of 2023,consisting primarily of proceeds from JDIndustrials non-redeemable series B pre
53、ferred share financing and net proceeds from bank loans,partly offset by cash paid for share repurchase.Inthe first quarter of 2023,the company has repurchased approximately 3.8 million of its ADSs for approximately RMB1.1 billion(US$0.2 billion)underits share repurchase program.For the twelve month
54、s ended March 31,2023,free cash flow of the company was as follows:For the twelve months ended March 31,2022March 31,2023March 31,2023 RMBRMBUS$(In millions)Net cash provided by operating activities 46,325 39,697 5,780(Less)/Add:Impact from JD Baitiao receivables included in the operating cash flow(
55、467)908 132 Less:Capital expenditures,net of related sales proceeds Capital expenditures for development properties(14,563)(16,974)(2,471)Other capital expenditures(4,122)(4,641)(676)Free cash flow 27,173 18,990 2,765 Supplemental InformationThe company reports four segments,JD Retail,JD Logistics,D
56、ada and New businesses.JD Retail,including JD Health and JD Industrials,amongother components,mainly engage in online retail,online marketplace and marketing services in China.JD Logistics includes both internal and externallogistics businesses.Dada is a local on-demand delivery and retail platform
57、in China.New businesses mainly include JD Property,Jingxi and overseasbusinesses.The table below sets forth the segment operating results:For the three months ended March 31,2022March 31,2023March 31,2023 RMBRMBUS$(In millions)Net revenues:JD Retail217,524 212,358 30,922 JD Logistics27,351 36,728 5,
58、348 Dada688 2,576 375 New businesses5,756 3,450 502 Inter-segment eliminations*(11,664)(12,156)(1,770)Total consolidated net revenues239,655 242,956 35,377 Operating income/(loss):JD Retail7,891 9,844 1,433 JD Logistics(661)(1,123)(164)Dada(191)(217)(32)New businesses(2,386)(157)(21)Including:gain o
59、n sale of development properties 472 69 Total segment operating income4,653 8,347 1,216 Unallocated items*(2,244)(1,920)(280)Total consolidated operating income2,409 6,427 936 *The inter-segment eliminations mainly consist of revenues from supply chain solutions and logistics services provided by JD
60、 Logistics to JD Retail,on-demand delivery and retail services provided by Dada to JD Retail and JD Logistics,and property leasing services provided by JD Property to JDLogistics.*Unallocated items include share-based compensation,amortization of intangible assets resulting from assets and business
61、acquisitions,effects ofbusiness cooperation arrangements,and impairment of goodwill and intangible assets,which are not allocated to segments.The table below sets forth the revenue information:For the three months ended March 31,2022March 31,2023March 31,2023 RMBRMBUS$(In millions)Electronics and ho
62、me appliances revenues118,368116,99917,036General merchandise revenues86,04878,56511,440Net product revenues204,416195,56428,476 Marketplace and marketing revenues17,67619,0622,776Logistics and other service revenues17,56328,3304,125Net service revenues35,23947,3926,901 Total net revenues239,655242,
63、95635,377 Conference CallJD.coms management will hold a conference call at 8:00 am,Eastern Time on May 11,2023,(8:00 pm,Beijing/Hong Kong Time on May 11,2023)todiscuss the first quarter of 2023 financial results.Please register in advance of the conference using the link provided below and dial in 1
64、5 minutes prior to the call,using participant dial-in numbers,thePasscode and unique access PIN which would be provided upon registering.You will be automatically linked to the live call after completion of thisprocess,unless required to provide the conference ID below due to regional restrictions.P
65、RE-REGISTER LINK:https:/s1.c- ID:10030318A telephone replay will be available for one week until May 18,2023.The dial-in details are as follows:US:+1-855-883-1031International:+61-7-3107-6325Hong Kong:800-930-639Mainland China:400-120-9216Passcode:10030318Additionally,a live and archived webcast of
66、the conference call will also be available on the JD.coms investor relations website at http:/.About JD.comJD.com is a leading supply chain-based technology and service provider.The companys cutting-edge retail infrastructure seeks to enable consumersto buy whatever they want,whenever and wherever t
67、hey want it.The company has opened its technology and infrastructure to partners,brands andother sectors,as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries.Non-GAAP MeasuresIn evaluating the business,the company considers and uses non-G
68、AAP measures,such as non-GAAP income/(loss)from operations,non-GAAPoperating margin,non-GAAP net income/(loss)attributable to the companys ordinary shareholders,non-GAAP net margin,free cash flow,non-GAAPEBITDA,non-GAAP EBITDA margin,non-GAAP net income/(loss)per share and non-GAAP net income/(loss)
69、per ADS,as supplemental measures toreview and assess operating performance.The presentation of these non-GAAP financial measures is not intended to be considered in isolation or asa substitute for the financial information prepared and presented in accordance with accounting principles generally acc
70、epted in the United States ofAmerica(“U.S.GAAP”).The company defines non-GAAP income/(loss)from operations as income/(loss)from operations excluding share-basedcompensation,amortization of intangible assets resulting from assets and business acquisitions,effects of business cooperation arrangements,
71、gainon sale of development properties and impairment of goodwill and intangible assets.The company defines non-GAAP net income/(loss)attributable tothe companys ordinary shareholders as net income/(loss)attributable to the companys ordinary shareholders excluding share-based compensation,amortizatio
72、n of intangible assets resulting from assets and business acquisitions,effects of business cooperation arrangements and non-competeagreements,gain/(loss)on disposals/deemed disposals of investments and others,reconciling items on the share of equity method investments,loss/(gain)from fair value chan
73、ge of long-term investments,impairment of goodwill,intangible assets and investments,gain in relation to sale ofdevelopment properties and tax effects on non-GAAP adjustments.The company defines free cash flow as operating cash flow adjusting the impactfrom JD Baitiao receivables included in the ope
74、rating cash flow and capital expenditures,net of the proceeds from sale of development properties.Capital expenditures include purchase of property,equipment and software,cash paid for construction in progress,purchase of intangible assets andland use rights.The company defines non-GAAP EBITDA as no
75、n-GAAP income/(loss)from operations plus depreciation and amortization excludingamortization of intangible assets resulting from assets and business acquisitions.Non-GAAP basic net income/(loss)per share is calculated bydividing non-GAAP net income/(loss)attributable to the companys ordinary shareho
76、lders by the weighted average number of ordinary sharesoutstanding during the periods.Non-GAAP diluted net income/(loss)per share is calculated by dividing non-GAAP net income/(loss)attributable to thecompanys ordinary shareholders by the weighted average number of ordinary shares and dilutive poten
77、tial ordinary shares outstanding during theperiods,including the dilutive effect of share-based awards as determined under the treasury stock method.Non-GAAP net income/(loss)per ADS isequal to non-GAAP net income/(loss)per share multiplied by two.The company presents these non-GAAP financial measur
78、es because they are used by management to evaluate operating performance and formulatebusiness plans.Non-GAAP income/(loss)from operations,non-GAAP net income/(loss)attributable to the companys ordinary shareholders andnon-GAAP EBITDA reflect the companys ongoing business operations in a manner that
79、 allows more meaningful period-to-period comparisons.Freecash flow enables management to assess liquidity and cash flow while taking into account the impact from JD Baitiao receivables included in theoperating cash flow and the demands that the expansion of fulfillment infrastructure and technology
80、platform has placed on financial resources.Thecompany believes that the use of the non-GAAP financial measures facilitates investors to understand and evaluate the companys current operatingperformance and future prospects in the same manner as management does,if they so choose.The company also beli
81、eves that the non-GAAPfinancial measures provide useful information to both management and investors by excluding certain expenses,gain/loss and other items that are notexpected to result in future cash payments or that are non-recurring in nature or may not be indicative of the companys core operat
82、ing results andbusiness outlook.The non-GAAP financial measures have limitations as analytical tools.The companys non-GAAP financial measures do not reflect all items of incomeand expense that affect the companys operations or not represent the residual cash flow available for discretionary expendit
83、ures.Further,thesenon-GAAP measures may differ from the non-GAAP information used by other companies,including peer companies,and therefore theircomparability may be limited.The company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S.GAAP performan
84、ce measure,all of which should be considered when evaluating performance.The company encourages you to review the companysfinancial information in its entirety and not rely on a single financial measure.CONTACTS:Investor RelationsSean Zhang+86(10)8912-6804IRJD.comMedia Relations+86(10)8911-6155Press
85、JD.comSafe Harbor StatementThis announcement contains forward-looking statements.These statements are made under the“safe harbor”provisions of the U.S.Private SecuritiesLitigation Reform Act of 1995.These forward-looking statements can be identified by terminology such as“will,”“expects,”“anticipate
86、s,”“future,”“intends,”“plans,”“believes,”“estimates,”“confident”and similar statements.Among other things,the business outlook and quotations frommanagement in this announcement,as well as JD.coms strategic and operational plans,contain forward-looking statements.JD.com may also makewritten or oral
87、forward-looking statements in its periodic reports to the U.S.Securities and Exchange Commission(the“SEC”),in announcementsmade on the website of the Hong Kong Stock Exchange,in its annual report to shareholders,in press releases and other written materials and in oralstatements made by its officers
88、,directors or employees to third parties.Statements that are not historical facts,including statements about JD.comsbeliefs and expectations,are forward-looking statements.Forward-looking statements involve inherent risks and uncertainties.A number of factorscould cause actual results to differ mate
89、rially from those contained in any forward-looking statement,including but not limited to the following:JD.coms growth strategies;its future business development,results of operations and financial condition;its ability to attract and retain newcustomers and to increase revenues generated from repea
90、t customers;its expectations regarding demand for and market acceptance of its productsand services;trends and competition in Chinas e-commerce market;changes in its revenues and certain cost or expense items;the expected growthof the Chinese e-commerce market;laws,regulations and governmental polic
91、ies relating to the industries in which JD.com or its business partnersoperate;potential changes in laws,regulations and governmental policies or changes in the interpretation and implementation of laws,regulations andgovernmental policies that could adversely affect the industries in which JD.com o
92、r its business partners operate,including,among others,initiativesto enhance supervision of companies listed on an overseas exchange and tighten scrutiny over data privacy and data security;risks associated withJD.coms acquisitions,investments and alliances,including fluctuation in the market value
93、of JD.coms investment portfolio;impact of the COVID-19pandemic;natural disasters and geopolitical events;change in tax rates and financial risks;intensity of competition;and general market and economicconditions in China and globally.Further information regarding these and other risks is included in
94、 JD.coms filings with the SEC and theannouncements on the website of the Hong Kong Stock Exchange.All information provided herein is as of the date of this announcement,and JD.comundertakes no obligation to update any forward-looking statement,except as required under applicable law.JD.com,Inc.Unaud
95、ited Interim Condensed Consolidated Balance Sheets(In millions,except otherwise noted)As of December 31,2022March 31,2023March 31,2023 RMBRMBUS$ASSETS Current assets Cash and cash equivalents 78,86174,37310,830Restricted cash 6,2546,397931Short-term investments 141,095122,44017,829Accounts receivabl
96、e,net(including JD Baitiao of RMB3.1 billion and RMB1.8 billion as ofDecember 31,2022 and March 31,2023,respectively)(1)20,57615,5832,269Advance to suppliers 3,8382,914424Inventories,net 77,94963,2999,217Prepayments and other current assets 15,15614,7622,149Amount due from related parties 6,1425,347
97、779Assets held for sale 1,203Total current assets 351,074305,11544,428Non-current assets Property,equipment and software,net 55,08057,2968,343Construction in progress 11,1619,8051,428Intangible assets,net 9,1398,7981,281Land use rights,net 33,84833,9394,942Operating lease right-of-use assets 22,2672
98、1,9833,201Goodwill 23,12323,1233,367Investment in equity investees 57,64157,1218,317Investment securities 11,61110,4761,525Deferred tax assets 1,5361,460213Other non-current assets 18,77021,9203,192Total non-current assets 244,176245,92135,809Total assets 595,250551,03680,237 JD.com,Inc.Unaudited In
99、terim Condensed Consolidated Balance Sheets(In millions,except otherwise noted)As of December 31,2022March 31,2023March 31,2023 RMBRMBUS$LIABILITIES Current liabilities Short-term debts 12,14614,2802,079Accounts payable 160,607121,43217,682Advance from customers 33,71329,9384,359Deferred revenues 3,
100、3512,355343Taxes payable 5,9263,592523Amount due to related parties 48825938Accrued expenses and other current liabilities 42,57044,3616,459Operating lease liabilities 7,6887,9641,160Liabilities held for sale 72Total current liabilities 266,561224,18132,643Non-current liabilities Deferred revenues 1
101、,1071,001146Unsecured senior notes 10,22410,0911,469Deferred tax liabilities 6,5116,344924Long-term borrowings 20,00919,2452,802Operating lease liabilities 14,97814,4932,110Other non-current liabilities 1,7371,676245Total non-current liabilities 54,56652,8507,696Total liabilities 321,127277,03140,33
102、9 MEZZANINE EQUITY 59059286 SHAREHOLDERS EQUITY Total JD.com,Inc.shareholders equity(US$0.00002 par value,100,000 million sharesauthorized,3,180 million shares issued and 3,133 million shares outstanding as of March 31,2023)213,366211,50630,798Non-controlling interests 60,16761,9079,014Total shareho
103、lders equity 273,533273,41339,812Total liabilities,mezzanine equity and shareholders equity 595,250551,03680,237 (1)JD Technology performs credit risk assessment services for JD Baitiao business and absorbs the credit risk of the underlying Baitiao receivables.Facilitated by JD Technology,the compan
104、y periodically securitizes Baitiao receivables through the transfer of those assets to securitization plans andderecognizes the related Baitiao receivables through sales type arrangements.JD.com,Inc.Unaudited Interim Condensed Consolidated Statements of Operations(In millions,except per share data)F
105、or the three months ended March 31,2022March 31,2023March 31,2023 RMBRMBUS$Net revenues Net product revenues204,416 195,564 28,476 Net service revenues35,239 47,392 6,901 Total net revenues239,655 242,956 35,377 Cost of revenues(206,209)(206,938)(30,133)Fulfillment(15,486)(15,371)(2,237)Marketing(8,
106、705)(8,005)(1,166)Research and development(4,384)(4,186)(610)General and administrative(2,462)(2,501)(364)Gain on sale of development properties 472 69 Income from operations(2)(3)2,409 6,427 936 Other income/(expenses)Share of results of equity investees(1,081)(821)(120)Interest expense(345)(590)(8
107、6)Others,net(4)(3,898)2,792 407 Income/(Loss)before tax(2,915)7,808 1,137 Income tax expenses(603)(1,609)(234)Net income/(loss)(3,518)6,199 903 Net loss attributable to non-controlling interests shareholders(532)(62)(9)Net income attributable to mezzanine equity classified as non-controlling interes
108、tsshareholders5 Net income/(loss)attributable to the companys ordinary shareholders(2,991)6,261 912 Net income/(loss)per share:Basic(0.96)1.99 0.29 Diluted(0.96)1.96 0.29 Net income/(loss)per ADS:Basic(1.92)3.99 0.58 Diluted(1.92)3.93 0.57 JD.com,Inc.Unaudited Interim Condensed Consolidated Statemen
109、ts of Operations(In millions,except per share data)For the three months ended March 31,2022March 31,2023March 31,2023 RMBRMBUS$(2)Includes share-based compensation expenses as follows:Cost of revenues(32)(37)(5)Fulfillment(227)(199)(29)Marketing(149)(135)(20)Research and development(415)(332)(48)Gen
110、eral and administrative(1,028)(771)(113)(3)Includes amortization of business cooperation arrangement and intangible assets resulting from assets and business acquisitions as follows:Fulfillment(73)(105)(15)Marketing(217)(219)(32)Research and development(38)(90)(13)General and administrative(64)(32)(
111、5)(4)Others are other non-operating income/(loss),primarily consist of gains/(losses)from fair value change of long-term investments,gains/(losses)from business and investment disposals,impairment of investments,government incentives,foreign exchange gains/(losses),interest income andgains/(losses)f
112、rom fair value change of short-term investments.JD.com,Inc.Unaudited Non-GAAP Net Income Per Share and Per ADS(In millions,except per share data)For the three months ended March 31,2022March 31,2023March 31,2023 RMBRMBUS$Non-GAAP net income attributable to the companys ordinary shareholders 4,0327,5
113、911,105 Weighted average number of shares:Basic 3,1163,1393,139Diluted 3,1163,1803,180Diluted(Non-GAAP)3,1883,1803,180 Non-GAAP net income per share:Basic 1.292.420.35Diluted 1.262.380.35 Non-GAAP net income per ADS:Basic 2.594.840.70Diluted 2.534.760.69JD.com,Inc.Unaudited Interim Condensed Consoli
114、dated Statements of Cash Flows and Free Cash Flow(In millions)For the three months ended March 31,2022March 31,2023March 31,2023 RMBRMBUS$Net cash used in operating activities(3,485)(21,607)(3,146)Net cash provided by investing activities 4,562 16,692 2,431 Net cash provided by financing activities
115、12,695 1,255 183 Effect of exchange rate changes on cash,cash equivalents and restricted cash(459)(726)(106)Net increase/(decrease)in cash,cash equivalents and restricted cash 13,313(4,386)(638)Cash,cash equivalents and restricted cash at beginning of period,including cash andcash equivalents classi
116、fied within assets held for sale 76,693 85,156 12,399 Less:cash,cash equivalents,and restricted cash classified within assets held for sale atbeginning of period (41)(5)Cash,cash equivalents,and restricted cash at beginning of period 76,693 85,115 12,394 Cash,cash equivalents and restricted cash at
117、end of period 90,006 80,770 11,761 Net cash used in operating activities(3,485)(21,607)(3,146)Less:Impact from JD Baitiao receivables included in the operating cash flow(1,734)(582)(85)Less:Capital expenditures,net of related sales proceeds Capital expenditures for development properties(2,676)(2,14
118、5)(312)Other capital expenditures(902)(1,068)(156)Free cash flow(8,797)(25,402)(3,699)JD.com,Inc.Supplemental Financial Information and Business Metrics Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023 Free cash flow(in RMB billions)trailing twelve months(“TTM”)27.227.725.835.619.0Inventory turnover days(5)TTM 3
119、0.231.531.733.232.4Accounts payable turnover days(6)TTM 45.049.450.452.551.3Accounts receivable turnover days(7)TTM 3.23.64.04.54.8(5)TTM inventory turnover days are the quotient of average inventory over the immediately preceding five quarters,up to and including the lastquarter of the period,to co
120、st of revenues of retail business for the last twelve months,and then multiplied by 360 days.(6)TTM accounts payable turnover days are the quotient of average accounts payable for retail business over the immediately preceding fivequarters,up to and including the last quarter of the period,to cost o
121、f revenues of retail business for the last twelve months,and then multiplied by360 days.(7)TTM accounts receivable turnover days are the quotient of average accounts receivable over the immediately preceding five quarters,up to andincluding the last quarter of the period,to total net revenues for th
122、e last twelve months and then multiplied by 360 days.Presented are the accountsreceivable turnover days excluding the impact from JD Baitiao.JD.com,Inc.Unaudited Reconciliation of GAAP and Non-GAAP Results(In millions,except percentage data)For the three months ended March 31,2022March 31,2023March
123、31,2023 RMBRMBUS$Income from operations 2,409 6,427 936 Add:Share-based compensation 1,851 1,474 215 Add:Amortization of intangible assets resulting from assets and business acquisitions 258 336 49 Add:Effects of business cooperation arrangements 134 110 16 Reversal of:Gain on sale of development pr
124、operties (472)(69)Non-GAAP income from operations 4,652 7,875 1,147 Add:Depreciation and other amortization 1,414 1,624 236 Non-GAAP EBITDA 6,066 9,499 1,383 Total net revenues 239,655 242,956 35,377 Non-GAAP operating margin 1.9%3.2%3.2%Non-GAAP EBITDA margin 2.5%3.9%3.9%JD.com,Inc.Unaudited Reconc
125、iliation of GAAP and Non-GAAP Results(In millions,except percentage data)For the three months ended March 31,2022March 31,2023March 31,2023 RMBRMBUS$Net income/(loss)attributable to the companys ordinary shareholders(2,991)6,261 912 Add:Share-based compensation 1,593 1,256 183 Add:Amortization of in
126、tangible assets resulting from assets and business acquisitions 198 222 32 Add:Reconciling items on the share of equity method investments(8)389 840 122 Add:Impairment of goodwill,intangible assets,and investments 26 4 Add/(Reversal of):Loss/(Gain)from fair value change of long-term investments 1,23
127、4(876)(128)Reversal of:Gain on sale of development properties (364)(53)Add/(Reversal of):Net loss/(gain)on disposals/deemed disposals of investments andothers 3,549(21)(3)Add:Effects of business cooperation arrangements and non-compete agreements 123 110 16(Reversal of)/Add:Tax effects on non-GAAP a
128、djustments(63)137 20 Non-GAAP net income attributable to the companys ordinary shareholders 4,032 7,591 1,105 Total net revenues 239,655 242,956 35,377 Non-GAAP net margin 1.7%3.1%3.1%(8)To exclude the GAAP to non-GAAP reconciling items on the share of equity method investments,and share of amortiza
129、tion of intangibles not ontheir books._1 The U.S.dollar(US$)amounts disclosed in this announcement,except for those transaction amounts that were actually settled in U.S.dollars,arepresented solely for the convenience of the readers.The conversion of Renminbi(RMB)into US$in this announcement is base
130、d on the exchange rateset forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31,2023,which was RMB6.8676 toUS$1.00.The percentages stated in this announcement are calculated based on the RMB amounts.2 See the sections entitled“Non-GAAP Measures”
131、and“Unaudited Reconciliation of GAAP and Non-GAAP Results”for more information about thenon-GAAP measures referred to in this announcement.3 The numbers also include warehouses managed by Deppon Logistics Co.,Ltd.(“Deppon”,Shanghai Stock Exchange code:603056)and itssubsidiaries(collectively,“Deppon Group”).In the third quarter of 2022,JD Logistics completed the acquisition of the controlling interest in Deppon andbegan to consolidate its financial results.