Financial Performance - Revenue for the year ended December 31, 2022, was RMB 46,736.15 million, representing a year-on-year increase of 52.3% from RMB 30,682.27 million in 2021[3]. - Gross profit for the same period was RMB 9,891.51 million, up 37.4% from RMB 7,197.28 million in 2021[3]. - The company reported a net profit of RMB 383.23 million for the year, a significant recovery from a net loss of RMB 1,072.82 million in 2021[3]. - Non-IFRS operating profit increased by 66.6% to RMB 1,959.16 million, compared to RMB 1,175.66 million in the previous year[3]. - Total revenue for 2022 reached RMB 46.7 billion, representing a year-on-year growth of 52.3%[10]. - Self-operated business revenue amounted to RMB 40.4 billion, showing a year-on-year increase of 54.2%[12]. - Gross profit for 2022 was RMB 9.9 billion, with a gross margin of 21.2%, down from 23.5% in 2021 due to changes in product mix and promotions[26]. - The company achieved a profit of RMB 400 million in 2022, a turnaround from a loss of RMB 1.1 billion in 2021[33]. - Service revenue grew by 41.4% to RMB 6.4 billion in 2022, driven by increased digital marketing service fees and platform usage[24]. - Financial income surged by 88.9% to RMB 864.3 million, mainly due to increased interest income from bank balances and financial products[31]. - The company's non-IFRS profit for the year ended December 31, 2022, was RMB 2,616.3 million, compared to RMB 1,402.1 million in 2021, representing a significant increase[35]. - The company reported a significant increase in cash and cash equivalents to RMB 18.72 billion as of December 31, 2022, compared to RMB 17.25 billion in 2021[48]. - The company experienced a net increase in cash and cash equivalents of RMB 744.2 million in 2022, compared to a net decrease of RMB 14.5 billion in 2021[37]. User Engagement and Services - The number of annual active users exceeded 154.3 million, with a net increase of 3.1 million compared to 2021[10]. - Daily consultation volume accelerated to over 300,000, reflecting enhanced service efficiency through innovative technology[10]. - The company has established 15 patient care centers covering over 41 diseases, significantly improving patient medication adherence[13]. - The company launched new online medical services including "Instant Consultation" and "Night Emergency" to enhance user experience[7]. - The company launched multiple innovative consultation service products, including "Instant Consultation" and "Online Expert," to improve user experience and service quality[18]. - The company has over 1,300 service merchants covering more than 500 cities and regions, providing diverse health services[19]. - The company aims to enhance user growth and engagement through the development of retail pharmacy and online healthcare services[64]. Strategic Initiatives and Partnerships - The company achieved strategic partnerships with dozens of health brands to enhance its supply chain and digital marketing capabilities[6]. - JD Health became the first internet healthcare company to pass the BSI ISO 27799 certification for personal health information security management[8]. - The company partnered with over 100 regional governments and media to launch official online medical service platforms, alleviating pressure on offline medical institutions[18]. - Strategic partnerships were formed with global pharmaceutical companies, enhancing supply chain efficiency and accessibility of innovative drugs[12]. - In 2022, the company collaborated with 19 brands, including Tongrentang Health and By-Health Group, to launch the "Precision Nutrition Navigation Plan" focusing on customized nutrition services[14]. Research and Development - Research and development expenses increased by 19.5% to RMB 1.067 billion in 2022, accounting for 2.3% of revenue, down from 2.9% in 2021[29]. - The company reported a significant increase in research and development expenses, which rose to RMB 105.6 million in 2022 from RMB 98.9 million in 2021[35]. - RMB 7.7 billion is earmarked for R&D, with no funds utilized to date[64]. Financial Management and Investments - The net cash generated from operating activities in 2022 was RMB 5,905.1 million, up from RMB 3,430.7 million in 2021, primarily due to a profit of RMB 383.2 million[38]. - The net cash used in investing activities for 2022 was RMB 42 billion, compared to RMB 178 billion in 2021, indicating a decrease in investment outflows[39]. - The net cash used in financing activities in 2022 was RMB 925.4 million, primarily due to share repurchases amounting to RMB 869 million[40]. - The company completed an acquisition of assets from JD.com, Inc. for a consideration not exceeding USD 355.4 million on June 29, 2022[41]. - The company plans to meet its liquidity requirements through cash generated from operations and net proceeds from global offerings[36]. Corporate Governance - The company has committed to maintaining high standards of corporate governance and compliance with the relevant regulations[57]. - The company has established a nomination committee and a remuneration committee in addition to the audit committee[61]. - The audit committee has reviewed the audited consolidated financial statements for the year ended December 31, 2022, ensuring compliance with accounting policies and internal controls[60].

Financial Performance - JD Health's total revenue for the first half of 2022 reached RMB 20.2 billion, representing a year-on-year growth of 48.3%[8] - Revenue increased by 48.3% from RMB 136 billion for the six months ended June 30, 2021, to RMB 202 billion for the six months ended June 30, 2022[25] - Sales of pharmaceutical and health products rose by 48.6% from RMB 118 billion to RMB 175 billion during the same period, driven by an increase in active users and online penetration[25] - Service revenue from online platforms and digital marketing grew by 46.2% from RMB 19 billion to RMB 27 billion, attributed to an increase in advertisers and sales from third-party merchants[25] - Revenue for the six months ended June 30, 2022, was RMB 20,225,212 thousand, a significant increase from RMB 13,637,832 thousand in the same period of 2021, representing a growth of approximately 48.5%[113] - Gross profit for the same period was RMB 4,414,559 thousand, up from RMB 3,307,459 thousand, indicating a gross margin improvement[113] - The net profit attributable to the owners of the company for the six months ended June 30, 2022, was RMB 222,958 thousand, compared to a loss of RMB 454,213 thousand in the prior year[114] User Growth and Engagement - The number of annual active users increased to 131.3 million, with a net addition of 2.27 million users compared to the previous year[8] - Daily consultation volume in healthcare services exceeded 250,000 during the reporting period[8] - Daily online consultation inquiries exceeded 250,000, driven by the introduction of new consultation services such as "Expert Online" and "Night Emergency"[16] - The average Days of Therapy (DOT) for users increased by 62% due to the upgrade of the JD Pharmacy single disease care center, enhancing patient compliance[13] Business Operations and Strategy - The self-operated business segment generated revenue of RMB 17.5 billion, showing a year-on-year increase of 48.6%[10] - JD Health has expanded its offline self-operated DTP pharmacies to 26 provincial-level administrative regions, enhancing the integration of online and offline membership systems[10] - The company has strengthened cooperation with pharmaceutical companies and health product suppliers to enhance supply chain management capabilities[10] - JD Health's cold chain capability for pharmaceuticals now covers over 240 cities, expanding the variety and fulfillment capacity of cold chain medicines[10] - The company continues to focus on digital healthcare services, aligning with national policies promoting the development of internet healthcare[7] - The strategic positioning emphasizes user health-centered value creation and collaboration with partners for comprehensive healthcare services[8] - The company is committed to enhancing user experience through refined operations and technological upgrades[8] Research and Development - Over 400 ongoing I-III phase clinical trial projects have been launched in collaboration with CROs and pharmaceutical companies, accelerating new drug development and market entry[12] - The company is focusing on consumer health products, launching various health consumption scenarios and providing professional health information through online services[13] Financial Position and Cash Flow - As of June 30, 2022, cash and cash equivalents amounted to RMB 16.7 billion, down from RMB 17.3 billion as of December 31, 2021, with net cash generated from operating activities of RMB 2.26 billion[37] - The net cash generated from operating activities was RMB 2.3 billion, an increase from RMB 1.9 billion for the same period in 2021, primarily due to a profit of RMB 200 million during the period[39] - The net cash used in investing activities for the six months ended June 30, 2022, was RMB 2.8 billion, compared to RMB 15 billion for the same period in 2021, mainly due to deposits in fixed-term savings[40][41] - The net cash used in financing activities for the six months ended June 30, 2022, was RMB 631.5 million, significantly higher than RMB 26.2 million for the same period in 2021, primarily due to share repurchases[42] Corporate Governance and Compliance - The company remains committed to maintaining high standards of corporate governance and has adopted the new corporate governance code effective from January 1, 2022[103] - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2022[105] - The company has confirmed compliance with the standard code for securities transactions by directors for the six months ended June 30, 2022[104] Shareholder Information - As of June 30, 2022, JD.com had a total of 3,178,400,261 shares issued, with Liu Qiangdong holding 404,141,973 shares, representing 12.9% of beneficial ownership and 74.1% of total voting rights[58] - Liu Qiangdong directly held 368,007,423 Class B shares and 36,134,550 Class A shares, with a significant portion of voting rights attributed to him through various entities[61] - The company has granted stock options under its employee incentive plan, with Liu Qiangdong eligible for up to 13,160,000 Class A shares[61] Employee Compensation and Incentives - The total employee compensation and benefits expense, including share-based payment expenses, amounted to RMB 1.5 billion for the six months ended June 30, 2022, unchanged from the same period in 2021[48] - The total compensation for directors and other key management personnel was RMB 377,716 thousand for the six months ended June 30, 2022, down from RMB 570,644 thousand in the same period of 2021, a decrease of 33.8%[181] - The company aims to attract and retain talent through its equity incentive plans, which include both stock options and restricted share units[154] Market Expansion and Future Outlook - The company is focused on expanding its health management platform, positioning itself as a go-to health management service provider[188] - The company is actively exploring new strategies for market expansion and product development in the health sector[188]

Financial Performance - Total revenue for 2021 reached RMB 30,682.27 million, a 58% increase from RMB 19,382.57 million in 2020[5] - Gross profit for 2021 was RMB 7,197.28 million, up 46% from RMB 4,917.30 million in 2020[5] - The company reported a net loss of RMB 1,072.82 million for 2021, compared to a net loss of RMB 17,234.90 million in 2020, indicating a significant reduction in losses[5] - Non-IFRS profit for 2021 was RMB 1,402.10 million, a substantial increase from RMB 732.12 million in 2020[5] - Revenue increased by 58.3% from RMB 19.4 billion in 2020 to RMB 30.7 billion in 2021, driven by a rise in active user numbers and online penetration of pharmaceutical sales[37] - Service revenue rose by 72.7% from RMB 2.6 billion in 2020 to RMB 4.5 billion in 2021, attributed to an increase in digital marketing service fees and commissions from third-party merchants[38] Assets and Liabilities - Total assets increased to RMB 48,002.22 million in 2021, up from RMB 43,994.55 million in 2020[6] - The total liabilities increased to RMB 8,147.63 million in 2021, up from RMB 4,743.20 million in 2020, indicating increased leverage[6] - Current assets amounted to RMB 45,705.48 million in 2021, compared to RMB 42,704.77 million in 2020, reflecting strong liquidity[6] - The equity attributable to owners of the company rose to RMB 39,853.39 million in 2021, compared to RMB 39,250.84 million in 2020[6] Operational Efficiency and Strategy - The company is focused on enhancing its operational efficiency and improving profitability in the coming years[7] - The company plans to continue expanding its market presence and investing in new technologies and products[7] - The company aims to create long-term sustainable value for shareholders and society by focusing on quality growth and universal healthcare[9] - The company is committed to integrating digital economy with the physical economy in the healthcare sector, promoting high-quality development[18] Healthcare Services and Innovations - In 2021, the company focused on enhancing its "retail pharmacy + healthcare services" ecosystem, aligning with national policies to promote the rapid development of the "Internet + healthcare" sector[8] - The company aims to become the "chief health steward" for the nation, emphasizing user health needs and integrating online and offline healthcare services[9] - The company established a comprehensive drug safety system covering the entire process of medication, exceeding industry standards, and formed the "JD Health Internet Medical Expert Committee" to enhance service quality[15] - The company made significant advancements in its pharmaceutical supply chain and healthcare services, including innovations in chronic disease medication follow-up and strategic partnerships with renowned pharmaceutical companies[12] - The company provided efficient healthcare consultation services to millions of users by connecting quality medical resources and integrating various health services[12] User Engagement and Growth - Annual active user count reached 123.3 million, an increase of 3.36 million compared to 2020[19] - Daily consultation volume exceeded 190,000, indicating a rapid growth in healthcare service capabilities[19] - The company aims to enhance user growth and engagement through supply chain improvements and technology investments[101] Research and Development - R&D expenses increased by 46.6% from RMB 609.1 million in 2020 to RMB 892.9 million in 2021, accounting for 2.9% of revenue, down from 3.1% in 2020[43] - Approximately 30% of the net proceeds is expected to be used for research and development, focusing on digital infrastructure and AI-assisted services[102] Corporate Governance and Leadership - JD.com is committed to maintaining high standards of corporate governance and financial transparency through its independent board members and audit committees[77][79] - The management team has a strong background in finance and operations, with key members holding advanced degrees from prestigious institutions[75][76][78] - 徐雷 has been appointed as CEO of JD.com since April 2022, leading the company's daily operations and driving its strategic transformation towards mobile[73] Related Party Transactions - The company has established ongoing related party transactions with JD.com and its affiliates during the reporting period[178] - The company paid JD.com a transaction amount of RMB 1,271,666 thousand under the technology and traffic support service framework agreement[180] - The company paid JD.com RMB 1,712,477 thousand under the logistics service framework agreement, with a suggested annual cap of RMB 2,600,000 thousand[180] Financial Position and Cash Flow - Cash and cash equivalents decreased from RMB 32.3 billion at the end of 2020 to RMB 17.3 billion at the end of 2021[55] - Net cash generated from operating activities was RMB 3.4 billion in 2021, down from RMB 3.7 billion in 2020, primarily due to a loss of RMB 1.1 billion[56] - The company plans to meet liquidity requirements through cash generated from operations and net proceeds from the IPO[55] Employee Compensation and Structure - Total employee compensation and benefits expenses, including share-based payment expenses, amounted to RMB 3.4 billion for the year ended December 31, 2021, representing a year-on-year increase of 238.9% compared to RMB 1 billion for the year ended December 31, 2020[64] - The company had a total of 3,305 employees as of December 31, 2021, with 69.1% in procurement, 10.7% in sales and marketing, and 17.5% in R&D[63]

Financial Performance - Total revenue for the first half of 2021 reached RMB 13.6 billion, representing a year-on-year growth of 55.4%[11] - Revenue increased by 55.4% from RMB 8.8 billion for the six months ended June 30, 2020, to RMB 13.6 billion for the six months ended June 30, 2021[29] - Revenue from pharmaceutical and health products rose by 52.9% from RMB 7.7 billion to RMB 11.8 billion, driven by an increase in active users and online penetration[29] - Service revenue grew by 73.0% from RMB 1.1 billion to RMB 1.9 billion, attributed to an increase in the number of advertisers and third-party merchant sales[29] - Gross profit was RMB 3.3 billion with a gross margin of 24.3%, down from a gross margin of 25.3% in the previous period[31] - The company reported a loss of RMB 454.2 million for the six months ended June 30, 2021, compared to a loss of RMB 5.36 billion in the same period of the previous year[36] - The company reported a net loss of RMB 454,213 thousand for the six months ended June 30, 2021, compared to a net loss of RMB 5,360,915 thousand for the same period in 2020[80] - The company reported financial income of RMB 231,408 thousand for the six months ended June 30, 2021, compared to RMB 60,327 thousand in the same period of 2020[79] User Growth and Engagement - The number of annual active users as of June 30, 2021, reached 10.9 million, an increase of over 1.88 million compared to December 31, 2020[11] - The average daily consultation volume on the platform exceeded 160,000 during the reporting period, indicating strong growth in healthcare service capabilities[11] - The company has over 130,000 doctors and medical experts, covering more than 12,000 hospitals, with an average of over 160,000 online consultations per day as of June 30, 2021[18] - User data indicated an increase in active users to 30 million, up from 24 million in the previous year, representing a growth rate of 25%[157] Strategic Initiatives and Partnerships - The company aims to create a one-stop internet healthcare management platform by continuously deepening its retail pharmacy and online healthcare services[10] - The company established a strategic partnership with major pharmaceutical companies, enhancing its supply chain network and online channel capabilities[13] - The company is committed to leveraging digital technology to support industry upgrades and create more value for all parties in the supply chain[10] - The company is focused on providing accessible, convenient, and affordable healthcare products and services to the public[10] - The company has signed cooperative agreements with multiple medical institutions, enhancing the integration of online and offline medical services[19] - The company has deepened partnerships with upstream brands to enhance cancer early screening services, focusing on high-risk groups for colorectal cancer and collaborating on liver and lung cancer services[21] Operational Efficiency and Innovations - The ongoing digital transformation in the healthcare industry is expanding and refining health products and services[9] - The company is committed to continuous innovation in medical services, leveraging technology to improve user experience and healthcare delivery[23] - The integration of smart medical solutions aims to enhance operational efficiency for hospitals and improve patient management through digitalization[23] - The company is expanding its service capabilities to include smart hardware and health insurance, enhancing chronic disease management through remote monitoring[20] Financial Position and Cash Flow - For the six months ended June 30, 2021, the net cash generated from operating activities was RMB 1,933.9 million, a significant increase from RMB 359.7 million for the same period in 2020, reflecting a year-over-year growth of 437%[42] - The net cash used in investing activities for the six months ended June 30, 2021, was RMB 15,027.4 million, compared to RMB 3,097.1 million in the same period of 2020, indicating a substantial increase in investment outflows[43] - The company reported a decrease in cash and cash equivalents by RMB 13,119.6 million for the six months ended June 30, 2021, compared to a decrease of RMB 1,829.7 million in the same period of 2020[41] - The ending cash and cash equivalents as of June 30, 2021, were RMB 18,980.4 million, a significant increase from RMB 3,200.3 million at the end of June 30, 2020[41] Employee and Compensation - Total employee compensation expenses, including share-based payment expenses, amounted to RMB 1,528.4 million for the six months ended June 30, 2021, representing a 501.6% increase compared to RMB 254.1 million for the same period in 2020[47] - The company had a total of 2,576 full-time employees as of June 30, 2021, with 65.4% in procurement, 11.6% in sales and marketing, and 20.5% in research and development[47] Future Outlook and Growth Potential - The company plans to enhance its business integration with the real economy, focusing on digital rural construction and improving grassroots medical service levels[27] - Future growth potential in the retail pharmacy business is anticipated due to changing consumer habits and accelerated industry digital transformation[27] - The company expects to achieve a revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion strategies[157] - A strategic acquisition of a local logistics firm is anticipated to enhance operational capabilities and reduce delivery times by 30%[157] Governance and Compliance - The audit committee has reviewed the unaudited consolidated financial statements for the six months ending June 30, 2021, ensuring compliance with accounting policies and internal controls[74] - The company has adopted and complied with all applicable provisions of the Corporate Governance Code as of June 30, 2021[72] Market Expansion and Product Development - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[157] - The company has launched a new health management platform, aiming to capture a significant share of the growing health tech market[160] - The company is implementing a new customer loyalty program expected to increase repeat purchases by 20%[157]

Financial Performance - Total revenue for 2020 reached RMB 19,382,568 thousand, a significant increase from RMB 10,842,140 thousand in 2019, representing an increase of approximately 79%[7] - Gross profit for 2020 was RMB 4,917,298 thousand, up from RMB 2,812,272 thousand in 2019, reflecting a growth of about 75%[7] - The company reported a net loss of RMB 17,234,897 thousand for 2020, compared to a net loss of RMB 971,805 thousand in 2019, indicating a substantial increase in losses[7] - Non-IFRS profit for the year was RMB 748,918 thousand, compared to RMB 344,053 thousand in 2019, showing an increase of approximately 118%[7] - Total revenue for 2020 reached RMB 19.4 billion, a significant increase of 78.8% year-on-year[19] - Active user count on the platform grew to 89.8 million, an increase of 33.7 million compared to 2019[19] - Self-operated business revenue reached RMB 16.8 billion, with a year-on-year growth of 77.8%[21] - Revenue increased by 78.8% from RMB 10.8 billion in 2019 to RMB 19.4 billion in 2020, driven by sales of pharmaceutical and health products[36] - Active user growth and increased online penetration contributed to a 85.4% rise in service revenue from RMB 1.4 billion in 2019 to RMB 2.6 billion in 2020[36] Assets and Equity - Total assets as of December 31, 2020, amounted to RMB 43,994,548 thousand, a significant rise from RMB 8,676,677 thousand in 2019[8] - Equity attributable to owners of the company reached RMB 39,250,843 thousand in 2020, compared to a negative equity of RMB 459,031 thousand in 2019[8] User Engagement and Services - The annual active user count reached 89.8 million by December 31, 2020[13] - The company’s online medical consultation platform provided free consultations to over 10 million users by April 30, 2020[11] - The company’s internet hospital achieved an average daily consultation volume exceeding 100,000, which is more than five times the daily volume in 2019[13] - The retail pharmacy now offers over 20 million SKUs and has more than 12,000 third-party merchants on its online platform[13] - The company launched a chronic disease patient assistance platform that helped nearly 20,000 patients with urgent medication needs[11] - The "京东家医" service offers 24/7 health consultations and a range of family doctor services, including appointment scheduling with over 2,700 hospitals[15] Strategic Initiatives and Market Position - The company emphasized its commitment to building a digital-driven health management platform focused on the pharmaceutical and health product supply chain[10] - The COVID-19 pandemic accelerated the growth of the "Internet + Healthcare" sector, leading to increased user engagement and market recognition[10] - The company plans to continue expanding its healthcare services and product offerings to enhance user experience and health management capabilities[10] - The company signed cooperation agreements with several global pharmaceutical companies, including AstraZeneca and Pfizer, to enhance drug service offerings[16] - The company aims to strengthen supply chain capabilities and expand healthcare service offerings in response to the growing health awareness post-COVID-19[17] - By 2030, the Chinese health market is projected to exceed RMB 21 trillion, indicating a strong growth trajectory[17] Operational Efficiency and Cost Management - Operating costs rose by 80.1% from RMB 8 billion in 2019 to RMB 14.5 billion in 2020, aligned with the growth in retail pharmacy business[37] - Fulfillment expenses grew by 70.5% from RMB 1.2 billion in 2019 to RMB 2 billion in 2020, while the percentage of fulfillment expenses to revenue decreased from 10.8% to 10.3%[39] - Sales and marketing expenses surged by 92.3% from RMB 746 million in 2019 to RMB 1.43 billion in 2020, increasing as a percentage of revenue from 6.9% to 7.4%[40] - R&D expenses rose by 80.1% from RMB 338.2 million in 2019 to RMB 609.1 million in 2020, maintaining a consistent percentage of revenue at 3.1%[41] - General and administrative expenses increased by 322.0% from RMB 124.9 million in 2019 to RMB 527.2 million in 2020, with the percentage of these expenses to revenue rising from 1.2% to 2.7%[42] Cash Flow and Financing - Cash and cash equivalents increased to RMB 32.3 billion as of December 31, 2020, up from RMB 5 billion at the end of 2019[48] - Net cash generated from operating activities for 2020 was RMB 3.7 billion, a substantial increase from RMB 409.5 million in 2019[49] - Net cash used in investing activities was RMB 7.8 billion in 2020, compared to RMB 1.4 billion in 2019[51] - Net cash generated from financing activities reached RMB 32 billion in 2020, significantly higher than RMB 6.5 billion in 2019[52] - The company had no outstanding borrowings as of December 31, 2020, indicating a strong capital structure[53] Governance and Compliance - The company emphasizes the importance of compliance and internal audit, with a dedicated Chief Compliance Officer overseeing these functions[67] - The company has a diverse board with members involved in various sectors, including healthcare, law, and education, which may enhance its strategic decision-making[66] - The company has established indemnity provisions for directors, effective as of the year ended December 31, 2020[93] - The independent non-executive directors confirmed that there are no conflicts of interest requiring disclosure between the group and the controlling shareholder[96] - The company has adopted an insider trading policy that is at least as stringent as the standards set out in the Listing Rules Appendix 10[184] Future Outlook and Strategic Plans - The company plans to enhance user growth and engagement through supply chain improvements and diversified delivery options[85] - The company aims to leverage AI, big data, and supply chain capabilities to provide high-quality healthcare products and services, responding to the "Healthy China 2030" initiative[33] - The company is focused on integrating retail pharmacy and healthcare services through its online health management platform, creating a closed-loop service model[34] - The company is likely to pursue new strategies and technologies, as indicated by the diverse expertise of its board members in various fields[69] Related Party Transactions - The independent auditor confirmed that there were no issues regarding the disclosure of related party transactions that were not approved by the board[176] - Independent non-executive directors confirmed that the ongoing related party transactions were conducted in the ordinary course of business and on normal commercial terms[153] - The company has established contractual arrangements to gain effective control over its consolidated affiliated entities due to foreign investment restrictions in certain sectors in China[156] Employee and Leadership Changes - Total employee compensation expenses, including share-based payments, amounted to RMB 1,000.3 million for the year ended December 31, 2020, representing a 267.7% increase compared to RMB 272.0 million for the year ended December 31, 2019[55] - As of December 31, 2020, the total number of full-time employees was 2,099, with 62.2% in procurement, 14.0% in sales and marketing, 21.0% in R&D, and 2.8% in general and administrative roles[55] - The company has seen significant leadership changes, with multiple directors resigning and new appointments made, indicating a potential shift in strategic direction[69]