Core Viewpoint - JD.com has undergone a significant transformation under the leadership of founder Liu Qiangdong, who acknowledges the past five years as a period of stagnation and is now focused on innovation and international expansion [2][4][11]. Group 1: Business Strategy and Innovation - Liu Qiangdong stated that JD.com will introduce a new innovative business every year, with six current projects including stablecoins [2][5]. - The company has a history of launching new business models every three years, with past ventures including JD Logistics, JD Finance, JD Health, and JD Industrial [2][5]. - JD.com is not a diversified company; all its businesses are centered around supply chain principles [5][6]. Group 2: International Expansion - JD.com has established a foundation in Europe over the past three years and plans to bring 1,000 Chinese brands to international markets [3][16]. - The international strategy focuses on local e-commerce, building local teams, and ensuring compliance with local regulations [17][18]. - The company aims to reduce cross-border payment costs by 90% through stablecoin licenses, enhancing efficiency to under 10 seconds [4][10]. Group 3: Supply Chain and Cost Efficiency - JD.com operates over 1,600 logistics centers and has a self-operated product range exceeding 10 million items, with inventory turnover days between 30 to 50 [11][12]. - The retail cost structure is highly competitive, with a total retail cost of only 10%, comparable to global leaders like Costco and Amazon [11][12]. - The company emphasizes that its core competitiveness lies in cost, efficiency, and customer experience, aiming to optimize inventory turnover to 20-25 days [15][12]. Group 4: Brand and Market Position - JD.com has positioned itself as a leader in the home appliance sector, with a net profit margin of approximately 3-4%, adhering to the "three毛五" theory, which allocates two-thirds of profits to brand manufacturers [22][23]. - The company believes that enhancing brand profitability is crucial for the overall economic health of the country, promoting a cycle of innovation and quality improvement [22][24]. - JD.com has successfully captured a significant market share in the home appliance industry, outperforming traditional competitors like Gome and Suning [22][23].