京东（纪要）：外卖 UE 尚难评估，回购均价 $37

Financial Overview - JD's total revenue for Q1 2024 reached RMB 2,430 million, showing a year-on-year growth of 16%, surpassing the growth of physical goods retail and online sales [2][3] - Non-GAAP net profit increased by 43% to RMB 128 million, with a net profit margin of 4.2% [3] - Gross profit margin has improved for 12 consecutive quarters [3] Business Segments - JD Retail revenue was RMB 2,124 million, with an operating profit margin of 4.6% [2] - JD Logistics revenue reached RMB 367 million, with a year-on-year growth of 34.3% [2] - The performance of the department store category is expected to be strong throughout the year [4] User Engagement - Active customer numbers and shopping frequency saw double-digit growth in Q1, with some business segments experiencing an increase in ARPU [4] - The implementation of AI and optimization of after-sales services are expected to enhance user engagement and drive growth [4] Pricing Strategy - The low-price strategy has shown significant results, with improvements in NPS (Net Promoter Score) and price competitiveness, particularly in lower-tier markets [5] - The expansion of the 3P ecosystem has led to a strong increase in third-party order volume and buyer numbers, contributing to a 16% year-on-year growth in platform business and marketing revenue [6] New Business Initiatives - The food delivery service has been identified as a key growth area, with nearly 20 million daily orders, leveraging JD's system and fulfillment advantages [7] - A RMB 200 billion "export to domestic sales" initiative was launched to enhance the supply of quality products on the platform [7] - AI and automation technologies are being integrated into the ecosystem to optimize user demand matching and improve fulfillment efficiency [8]