Core Viewpoint - JD.com aims to innovate annually, focusing all business operations around the supply chain [2][11][18] Group 1: Innovation Strategy - JD.com has maintained a rhythm of innovating a new business model every three years, but will now introduce one innovation project each year, with six projects currently in progress, including stablecoins [2][19] - The company has recently entered the food delivery market, with a significant focus on leveraging its supply chain capabilities [3][25] - JD.com plans to launch a unique business model for its food delivery service that differs from competitors like Meituan, aiming to address food safety and provide high-quality, cost-effective food options [9][26] Group 2: Supply Chain Focus - All of JD.com's business operations are centered around the supply chain, with the company not engaging in activities unrelated to it [5][29] - The company has established over 1,600 logistics centers in mainland China, with a self-operated product range exceeding 10 million items, showcasing its strong supply chain capabilities [30] - JD.com maintains a low retail cost structure of around 10%, comparable to global leaders like Costco and Amazon, which supports its competitive advantage [30][31] Group 3: Organizational Changes - Liu Qiangdong has returned to a strategic role within JD.com, restructuring the organization to enhance decision-making and operational efficiency [2][16] - A strategic execution committee has been formed, including Liu and other senior executives, to oversee key business decisions [2][11] Group 4: Market Position and Competition - JD.com has rapidly scaled its food delivery service, achieving over 25 million daily orders and employing more than 120,000 full-time delivery personnel within a short period [7][24] - The company is positioned to compete aggressively in the food delivery market, offering substantial incentives to attract merchants and delivery personnel [6][25]

Core Insights - Liu Qiangdong emphasizes that JD.com will innovate annually, moving away from the previous model of introducing a new business model every three years [2][6] - The company has launched six innovation projects, including stablecoins, and aims to maintain a focus on supply chain-related innovations [5][9] Business Strategy - JD.com has entered the food delivery market, with over 25 million daily orders and more than 120,000 full-time delivery personnel within just over 100 days of operation [4][11] - The company plans to differentiate its food delivery model from competitors like Meituan, focusing on the underlying fresh supply chain rather than just food sales [4][12] Organizational Changes - Liu Qiangdong has restructured JD.com's organizational framework, establishing a strategic execution committee to oversee key decisions [2][9] - The company is adopting a flatter organizational structure, allowing for more autonomy at the operational level while maintaining strategic oversight from upper management [2] Supply Chain Focus - JD.com’s business model is heavily centered around supply chain efficiency, with over 1,600 logistics centers and a self-operated product range exceeding 10 million items [13][14] - The company maintains a low retail cost structure, comparable to industry leaders like Costco and Amazon, with a retail cost of only 10% [14] Future Plans - JD.com is set to officially announce its entry into the hotel and travel sector, leveraging its supply chain capabilities to address high costs and inefficiencies in the industry [5][9] - The company aims to enhance customer experience through better product offerings, pricing, and services, all rooted in its supply chain strategy [9][10]

6月18日，京东官方公众号"京东黑板报"发布致全体酒店经营者的一封公开信，宣布将正式进军酒 旅行业。 ...

Core Viewpoint - JD.com is undergoing a strategic transformation by expanding into multiple business areas while focusing on supply chain innovation and efficiency [3][4]. Group 1: Business Expansion - JD.com is aggressively entering new markets such as food delivery, travel, and potentially ride-hailing, with a clear strategy to deepen its supply chain capabilities across 7-8 business segments [3][4]. - The company plans to launch a new business model for its food delivery service that will differ significantly from Meituan's approach, aiming to enhance food safety and cost-effectiveness [7]. - JD.com is set to officially enter the travel and hospitality sector, with plans to reduce costs for hotels and restaurants by 20% through supply chain efficiencies [11]. Group 2: Workforce and HR Challenges - As of mid-June, JD.com has over 120,000 full-time delivery personnel, with a daily onboarding rate of 3,000 to 4,000, facing challenges in human resources to support this rapid growth [8]. - The company has seen a significant increase in its workforce, with a net addition of over 150,000 employees in the second quarter alone, bringing the total to approximately 900,000 [20]. Group 3: Financial Performance and Cost Efficiency - JD.com's retail cost efficiency is at 10%, placing it among only five global companies achieving such low costs, which is crucial for its competitive advantage [27]. - The company has a turnover period of 30 days for inventory, with a goal to optimize it further, which could significantly enhance cash flow [28]. - The net profit margin is approximately 1% of the total transaction volume, with a total transaction amount exceeding 4 trillion yuan and net income of 115.88 billion yuan [29]. Group 4: International Strategy - JD.com’s international strategy focuses on local e-commerce, infrastructure, and workforce, aiming to bring 1,000 Chinese brands to overseas markets over the next five years [18][19]. - The company emphasizes that its international approach will not mimic Amazon's model, instead focusing on unique brand offerings that are not available through local retailers [18].

Core Viewpoint - JD.com is expanding into the hotel and restaurant sectors by leveraging its supply chain capabilities to reduce costs and create new business channels for these industries [3][6]. Group 1: Business Strategy - JD.com has launched the "JD Hotel PLUS Membership Program," offering hotel operators up to three years of zero commission [3]. - The company aims to optimize supply chain costs for the hotel and restaurant industries, which are experiencing growing demand due to a booming tourism market [3]. - JD.com has established a new division dedicated to the hotel and restaurant sectors to facilitate this expansion [3]. Group 2: Supply Chain Focus - JD.com's business model is entirely centered around supply chain management, with all its operations designed to support this core function [6]. - The company claims it can reduce the average gross margin in the industrial goods sector from 60% to 20%, significantly lowering customer costs [6]. Group 3: Future Plans and Workforce - JD.com plans to introduce a new business model for food delivery that will differ significantly from competitors like Meituan [7]. - The company anticipates a record increase in its workforce, expecting to add 180,000 employees in the second quarter, bringing the total to 900,000 [7]. - JD.com is also exploring supply chain services for various sectors, including beauty, medical aesthetics, and healthcare [7]. Group 4: Leadership and Management Transition - JD.com’s founder, Liu Qiangdong, expressed a desire to eventually hand over domestic operations to the current CEO, Sandy Xu, while he focuses on international business [10]. - Liu previously stepped back from daily operations to allow for a smoother transition to professional management within the company [9].

Core Insights - JD.com is expanding into the food delivery and hotel markets, aiming to leverage its supply chain capabilities to optimize costs and improve service quality [2][6] - The company has launched a zero-commission model for hotel operators to attract participation in its new hotel membership program [2][6] - JD.com’s strategy focuses on enhancing customer experience, reducing costs, and improving efficiency, with a commitment to not exploit employees [3][5] Expansion into Food Delivery - JD.com announced its food delivery service in February, utilizing a zero-commission model to attract merchants and offering benefits to delivery personnel [4][5] - The daily order volume for JD's food delivery has surpassed 25 million, with over 1.5 million restaurants onboard and more than 120,000 full-time delivery personnel [4] - The company aims to differentiate its food delivery model from Meituan by focusing on the underlying supply chain rather than just front-end sales [5][6] Hotel and Travel Market Entry - JD.com is entering the hotel market with a focus on optimizing the supply chain for hotel operations, aiming to reduce costs and improve service quality [2][6] - The company is actively recruiting talent from competitors in the travel sector, indicating a strategic push into this market [5][6] Supply Chain-Centric Strategy - JD.com’s business model revolves around supply chain management, with plans to enhance existing models rather than create entirely new ones [3][6] - The company is committed to continuous innovation, with six new projects, including stablecoin initiatives, in the pipeline [3][7] International Business Strategy - JD.com is focusing on local e-commerce strategies rather than cross-border e-commerce, with plans to establish a self-operated logistics network in Saudi Arabia [6] - The company aims to support 1,000 Chinese brands in international markets, emphasizing local procurement and sales [6][7] Innovation and Future Outlook - JD.com plans to maintain a culture of innovation, accepting that not all projects will succeed but believing that risk-taking is essential for long-term success [8] - The company is exploring stablecoin technology to enhance global payment efficiency and reduce costs significantly [7][8]

Core Insights - JD.com is focusing on supply chain optimization as the core of all its business operations, including new ventures into food delivery and travel services [1][12][21] - The company aims to differentiate its food delivery service by leveraging its supply chain, with a new business model expected to address food safety issues [1][35] - JD.com has a long-term strategy of launching new business models every three years, with a history of successful expansions into logistics, finance, and healthcare [4][21] Business Expansion and Strategy - JD.com is set to officially announce its travel business, which is also centered around supply chain efficiency [3][38] - The company has introduced a "BIGBOSS plan" to streamline its organizational structure, reducing management layers to five [5][39] - JD.com has established over 1,600 logistics centers and aims to optimize inventory turnover days to between 20-25 days [23][31] Financial Performance and Projections - JD.com projects a net revenue of 1.1588 trillion yuan (approximately 164 billion USD) for 2024, with a net profit exceeding 40 billion yuan (approximately 5.6 billion USD) [4][27] - The company has committed to significant employee benefits, including full social insurance payments for its delivery personnel, with an average pre-tax salary exceeding 13,000 yuan (approximately 1,800 USD) [22][27] Innovation and Future Projects - JD.com is pursuing six innovative projects, including the application for global stablecoin licenses to reduce cross-border payment costs by 90% [6][36] - The company emphasizes continuous innovation while focusing on existing supply chain-related business models rather than diversifying into entirely new areas [7][36] Social Responsibility and Corporate Culture - JD.com has a strong commitment to social responsibility, having paid over 100 billion yuan (approximately 14 billion USD) in social insurance over 18 years [11][27] - The company promotes a flat organizational structure to empower frontline employees and ensure cultural and strategic continuity [9][40] Competitive Landscape - JD.com acknowledges competition in the food delivery sector, particularly with Meituan, but emphasizes its unique supply chain approach [10][35] - The company aims to enhance the quality and safety of food delivery services, setting it apart from competitors [1][35]

Core Viewpoint - JD.com positions itself not merely as an internet company but as a "technology and service enterprise based on supply chain," aiming to create value for employees, shareholders, and society [2][14]. Group 1: Discussion on Food Delivery - JD.com's food delivery business has exceeded expectations, with daily order volume surpassing 25 million within three months of launch [6]. - The company believes that competition in the food delivery sector can lead to healthier industry development rather than severe internal competition [6]. - JD.com is committed to a long-term strategy focused on quality food delivery, rather than short-term performance metrics [7]. - The "Seven Fresh Food MALL" initiative aims to enhance the quality of restaurants on the platform and promote overall industry upgrades [8][9]. Group 2: Discussion on Delivery Riders - The number of full-time delivery riders has surpassed 120,000, with expectations to exceed 150,000 by the end of the current quarter [12]. - Average income for full-time riders in first-tier cities is approaching 13,000 yuan, significantly higher than their previous earnings [10][12]. - JD.com emphasizes the importance of creating job opportunities and providing social security benefits for its employees [14]. Group 3: Discussion on Business Strategy - JD.com does not prioritize high profit margins in a single industry but aims for a sustainable business model with reasonable profitability [17]. - The company is focused on improving product algorithms and addressing operational challenges through user feedback [18][20]. - JD.com maintains a consistent strategic direction in local life services, including food delivery, while remaining open to innovation in other areas [19].

"我现在就是想把京东带好，因为走到今天，它早就已经不再属于哪个人了。" 文 丨 管艺雯 宋玮 编辑 丨 宋玮 明天就是 618 购物节，位于北京亦庄的京东总部大堂，"战斗战斗，只做第一" 的红色横幅高悬 于顶。 2025 年，京东进入了久违的全员战斗状态。 它做外卖，3 个月时间，用上百亿的补贴迅速拿下 2500 万订单，打破了外卖市场几年的稳定格 局，它发力即时零售，自建前置仓卖自营的生鲜、酒水、美妆。接下来，京东还要进军酒旅。 整个行业充满疑问：京东为什么要做外卖？京东想做一切吗？ 6 月 17 日傍晚，京东集团创始人、董事局主席刘强东首次分享了京东做外卖、酒旅的逻 辑："京东做所有业务只围绕供应链。" 刘强东说，京东做餐饮、做酒旅，都是为了背后的供应链去做铺垫。"我们做外卖，如果能做到外卖三 分天下，餐饮店不需要去选边站，没有任何平台有能力对它们二选一的时候，那最后比拼得还是 —— 谁的成本好、价格低、服务品质好。" 但供应链是一个更复杂、更难以赚钱、需要更长时间精细运营的生意。从 2017 到 2024 年，美团围绕 食杂零售业务（美团优选、美团快驴、小象超市）投入了近千亿元。 京东在做外卖上投入了很 ...

Summary of Conference Call Notes Industry Overview - The conference call discusses the performance of major e-commerce platforms during the 2025 618 shopping festival, focusing on Alibaba (Taobao/Tmall), JD.com, Douyin, Pinduoduo, and Kuaishou [1][3][8]. Key Points and Arguments E-commerce Strategies - **Alibaba (Taobao/Tmall)**: Utilized 88VIP large consumption coupons instead of traditional discounts to reduce return rates and enhance GMV quality [1][3]. - **JD.com**: Implemented a multi-theme, multi-session operational strategy, including special sales for 3C home appliances [3][4]. - **Pinduoduo**: Continued to emphasize low-price strategies, offering discounts such as 30 off 200 [3][4]. - **Douyin and Kuaishou**: Focused on direct discounts and live-streaming promotions to drive sales [3][4]. Growth Metrics - Payment growth rates during the pre-sale period were as follows: - Taobao/Tmall: 9.2% - JD.com: 9% - Douyin: 18.2% - Pinduoduo: 12.8% - Kuaishou: 11.1% [4]. - Package collection volume increased by 18.3%, and delivery volume rose by 23%, indicating pressure on average transaction value [4]. Category Performance - **Home Appliances**: - Taobao/Tmall accounted for 45% of transaction volume, followed by JD.com (23%) and Pinduoduo (17%) [5]. - Kuaishou showed the highest growth rate at 37.3% [5]. - **Fashion**: - Taobao/Tmall held a 50.4% share, with Douyin at 29% and Pinduoduo at 13% [5]. - Kuaishou's growth rate was 13.2% [5]. - **Beauty**: - Taobao/Tmall had a 45% share, Douyin 31%, and JD.com 10.8% [6]. - **Mother and Baby Products**: - Taobao/Tmall dominated with a 50% share, while Douyin and Kuaishou showed growth rates close to 20% [6]. Instant Retail - Instant retail emerged as a highlight, with significant promotions from Meituan, Alibaba, and JD.com [7]. - Meituan's liquor sales surged 70 times year-on-year in the first 12 hours, and 3C product orders doubled [7]. Market Performance - Overall, Alibaba and JD.com met expectations during the 618 shopping festival, while Douyin and Pinduoduo showed signs of slowing growth [8][9]. JD.com's Investment in Travel - JD.com increased investments in the travel market, adding a new travel section in its app and addressing issues with OTA bundled sales [10]. - Price strategies included significant discounts for new users, with hotel prices undercutting competitors by 20% to 25% [10][11]. Alibaba's Investment in Delivery - Alibaba's food delivery business showed high ROI, leveraging Ele.me's local services to enhance app activity [12]. - Increased subsidies during the 618 period aimed to boost user engagement and reduce advertising costs [12]. Future Outlook - **Alibaba**: Valuation appears safe with potential growth of 18% to 20% expected, but monitoring of customer management revenue growth is necessary [13]. - **JD.com**: Valuation is low, but significant investments in various sectors may pressure profits. Caution is advised regarding subsidy adjustments impacting core business [14].