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1、JD.com,Inc.23Q3 Financial and Operational HighlightsNov 2023DisclaimerThe following document has been prepared by JD.com,Inc.(“JD”or the“Company”)solely for informational purposes and should not be construed to be,directly or indirectly,in whole or in part,an offer to buy or sell and/or an invitatio
2、n and/or a recommendation and/or a solicitation of an offer to buy or sell any security or instrument or to participate in any investment or trading strategy,nor shall any part of it form the basis of,or be relied on in connection with,any contract or investment decision in relation to any securitie
3、s or otherwise.This document does not contain all relevant information relating to the Company or its securities,particularly with respect to the risks and special considerations involved with an investment in the securities of the Company.Nothing contained in this document shall be relied upon as a
4、 promise or representation as to the past or future performance of the Company.Past performance does not guarantee or predict future performance.You acknowledge that any assessment of the Company that may be made by you will be independent of this document and that you will be solely responsible for
5、 your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company.This document contains forward-looking statements.These stateme
6、nts are made under the“safe harbor”provisions of the U.S.Private Securities Litigation Reform Act of 1995.These forward-looking statements can be identified by terminology such as“will,”“expects,”“anticipates,”“future,”“intends,”“plans,”“believes,”“estimates,”“confident”and similar statements.Among
7、other things,the quotations from management in this announcement,as well as JD.coms strategic and operational plans,contain forward-looking statements.JD.com may also make written or oral forward-looking statements in its periodic reports to the U.S.Securities and Exchange Commission(the“SEC”),in an
8、nouncements made on the website of the Hong Kong Stock Exchange,in its annual report to shareholders,in press releases and other written materials and in oral statements made by its officers,directors or employees to third parties.Statements that are not historical facts,including statements about J
9、D.coms beliefs and expectations,are forward-looking statements.Forward-looking statements involve inherent risks and uncertainties.A number of factors could cause actual results to differ materially from those contained in any forward-looking statement,including but not limited to the following:JD.c
10、oms growth strategies;its future business development,results of operations and financial condition;its ability to attract and retain new customers and to increase revenues generated from repeat customers;its expectations regarding demand for and market acceptance of its products and services;trends
11、 and competition in Chinas e-commerce market;changes in its revenues and certain cost or expense items;the expected growth of the Chinese e-commerce market;laws,regulations and governmental policies relating to the industries in which JD.com or its business partners operate;potential changes in laws
12、,regulations and governmental policies or changes in the interpretation and implementation of laws,regulations and governmental policies that could adversely affect the industries in which JD.com or its business partners operate,including,among others,initiatives to enhance supervision of companies
13、listed on an overseas exchange and tighten scrutiny over data privacy and data security;risks associated with JD.coms acquisitions,investments and alliances,including fluctuation in the market value of JD.coms investment portfolio;natural disasters and geopolitical events;change in tax rates and fin
14、ancial risks;intensity of competition;and general market and economic conditions in China and globally.Further information regarding these and other risks is included in JD.coms filings with the SEC and the announcements on the website of the Hong Kong Stock Exchange.All information provided herein
15、is as of the date of this announcement,and JD.com undertakes no obligation to update any forward-looking statement,except as required under applicable law.This document also contains non-GAAP financial measures,the document of which is not intended to be considered in isolation or as a substitute fo
16、r the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America.In addition,the Companys calculation of these non-GAAP financial measures may be different from the calculation used by other companies,and therefore compara
17、bility may be limited.The reconciliation of those measures to the most comparable GAAP measures is contained within this document or available at our website http:/.This document speaks as of September 30,2023.Neither the delivery of this document nor any further discussions of the Company with any
18、of the recipients shall,under any circumstances,create any implication that there has been no change in the affairs of the Company since that date.1Solid Growth Momentum362.3 462.0 576.9 745.8 951.6 1,046.2 243.5 247.7 20020202120222022Q32023Q3Net Revenues(RMB Billions)24%2017 2022 CAGR33
19、1.8 416.1 510.7 651.9 815.7 865.1 197.0 195.3 -100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1,000.020020202120222022Q32023Q3General Merchandise RevenuesElectronics and Home Appliance RevenuesNet Product Revenues Breakdown30.5 45.9 66.2 93.9 135.9 181.2 46.5 52.4 -20.0 40.0 60.0 8
20、0.0 100.0 120.0 140.0 160.0 180.0 200.020020202120222022Q32023Q3Marketplace and Marketing RevenuesLogistics and Other Services RevenuesNet Service Revenues Breakdown(RMB Billions)(RMB Billions)30%2017 2022 CAGR17%26%2017 2022 CAGR81%Net Revenues Breakdown331.8 416.1 510.7 651.9 815.7 865.
21、1 197.0 195.3 30.5 45.9 66.2 93.9 135.9 181.2 46.5 52.4 20020202120222022Q32023Q3Net Product RevenuesNet Service Revenues(RMB Billions)21%2017 2022 CAGR43%Net Product Revenues YoY-1%Net Service Revenues YoY 13%Net Revenues YoY 2%Marketplace and MarketingYoY 3%Logistics and Other ServicesY
22、oY 19%General Merchandise YoY-2%Electronics and Home ApplianceYoY 0%2JD RetailJD LogisticsRevenues(RMB Billions)Operating Income/(Loss)(RMB Billions)211.9 35.8 2.4 5.0 212.1 41.7 2.9 3.8 -50.0 100.0 150.0 200.0 250.0Resilient performance in core categories Continued growth momentum(1)10.9 0.3-0.3 0.
23、3 11.0 0.3-0.1-0.1 Diversified Businesses in a Wide Spectrum of Sectors(1)The company reports four segments,JD Retail,JD Logistics,Dada and New businesses.JD Retail,including JD Health and JD Industrials,among other components,mainly engage in online retail,online marketplace and marketing services
24、in China.JD Logistics includes both internal and external logistics businesses.Dada is a local on-demand delivery and retail platform in China.New businesses mainly include JD Property,Jingxi and overseas businesses.2022Q32023Q32022Q32023Q3New BusinessesRationalized Investment for long-term sustaina
25、ble business2022Q32023Q3Dada2022Q32023Q3Synergistic growth in intra-city business 3JD Group Non-GAAP Net Profit(2)5.03.510.716.817.228.210.0 10.61.4%0.7%1.9%2.3%1.8%2.7%4.1%4.3%(8.0%)2.0%0.05.010.015.020.025.030.035.040.020020202120222022Q32023Q3Non-GAAP Net ProfitNon-GAAP Net Margin(RMB
26、Billions)(1)JD Logistics and other subsidiaries within JD Group(including JD Retail),on an annual basis,engage an industry consultant or conduct researches on comparable companies to determine the applicable market rates for the services provided under the Supply Chain Solutions and Logistics Servic
27、es Framework Agreement.(2)Non-GAAP net income attributable to ordinary shareholders;refer to the companys quarterly results for Non-GAAP adjustments.JD Retail Operating Income(1)8.210.97.99.88.111.0 3.4%5.2%3.0%4.6%3.2%5.2%(2.0%)0.02.04.06.08.010.012.014.016.018.02022Q22022Q32022Q42023Q12023Q22023Q3
28、JD Retail-Operating IncomeJD Retail-Operating Margin(RMB Billions)Improving operating efficiency&economies of scale in core business over the long termDrivers of ProfitabilityFast growth from marketing service and logistic business+Resilient Core Profitability with the Benefits of Scale+Investment i
29、n improving user experience(2)Financial discipline in investment and spending+413.5 20.5 42.6 44.8 57.6 58.8 200212022TTM2023Q3Adjusted Operating Cash Flow(RMB Billions)(7.9)19.534.926.235.639.4200212022TTM2023Q3Free Cash Flow(RMB Billions)Free Cash Flow CharacteristicsOutstand
30、ing cash conversion cycle results in operating cash flow greater than net profitDevelopment properties as a long-term cash flow positive business+Robust Cash Flow Generation21.41.17.718.622.0200212022TTM2023Q319.4Capital Expenditures(RMB Billions)Other CapexCapital expenditures for develo
31、pment properties,net of related sales proceeds(2.4)5(1)Refer to public disclosures for Non-GAAP adjustment items.Unaudited Selected Financial Data(RMB Millions)2022Q32022Q42023Q12023Q22023Q3Net revenues243,535 295,446 242,956 287,931 247,698 Non-GAAP operating expensesCost of revenues-207,299-253,86
32、6-206,901 -246,471-208,912Fulfillment-13,990-16,512-15,067-16,444-14,883Marketing-7,210-11,615-7,651-10,760-7,623Research and development-3,617-3,875-3,763-3,834-3,525General and administrative-1,493-2,326-1,699-1,746-1,658Non-GAAP income from operations(1)9,926 7,252 7,875 8,676 11,097 Non-GAAP net
33、 income attributable to ordinary shareholders(1)10,040 7,659 7,591 8,557 10,637 Non-GAAP operating margin(1)4.1%2.5%3.2%3.0%4.5%GAAP operating margin3.6%1.6%2.6%2.9%3.8%Non-GAAP net margin(1)4.1%2.6%3.1%3.0%4.3%GAAP net margin2.4%1.0%2.6%2.3%3.2%Unaudited Selected Financial Data6(1)Refer to public d
34、isclosures for definitions of turnover days.(2)Free cash flow is defined as operating cash flow adding back or subtracting the impact JD Technology related credit products included in the operating cash flow,and less capital expenditures,net of proceeds from disposals of long-lived assets.Supplement
35、al Information2022Q32022Q42023Q12023Q22023Q3Inventory turnover days(1)TTM31.733.232.4 31.730.8Accounts payable turnover days(1)TTM50.452.551.3 52.852.6Accounts receivable turnover days(1)TTM4.04.54.8 5.0 5.4Free Cash Flow(2)TTM(RMB Billions)25.835.619.033.5 39.4Supplemental Financial Information and
36、 Business Metrics7Cities with Asia No.1 smart industrial parks(4)Nationwide Warehouse Network&Last-mile ReachRapid Expansion&Best-in-Class Fulfillment CapabilitiesProvide best-in-class customer experience(1)Map and data as of September 30,2023.(2)Including floor area managed under JDL Open Warehouse
37、 Platform.The numbers also include warehouses managed by Deppon Logistics Co.,Ltd.(3)The number also includes delivery personnel from Deppon Logistics Co.,Ltd.(4)Starting from the interim results announcement for the six months ended June 30,2022,JDL further adjusted and raised the classification st
38、andard for the Asia No.1 industrial parks,including but not limited to the GFA,the investment scale,and the level of automation.ShenyangBeijingXiamenNanningNational Customer Service CenterCustomer Service CenterHaikouSuperior Services through Nationwide Logistics Network Warehouses1,600+warehousesGFA(2)32+million sq.m.Deliverypersonnel(3)300,000+pplGeographic CoverageAlmost allcounties&districts in ChinaGuangzhouDongguanHarbinTianjinQingdaoZhengzhouChangchunXianWuhanHefeiShanghaiKunshanHangzhouChongqingChengduNanchangChangshaUrumqiDeyangYiwuWenzhouHengyang8