Core Insights - The Chinese government has emphasized the importance of high-quality completion of the "14th Five-Year Plan," with a focus on the successful implementation of the old-for-new policy in the home appliance sector [1][2] - The old-for-new policy has led to significant sales growth, with over 2.9 trillion yuan in sales generated and approximately 400 million people benefiting from subsidies [1] - JD.com has actively responded to the policy, enhancing its service capabilities and expanding its coverage to support the old-for-new initiative across various product categories [1][2] Group 1: Policy Impact - The old-for-new policy has maintained double-digit growth in retail sales of home appliances since September of the previous year [1] - The policy has been further strengthened and expanded in 2023, contributing to the overall economic growth and consumer spending [1][2] Group 2: JD.com's Initiatives - JD.com has introduced a comprehensive "three exemptions and four unlimited" service model to enhance consumer experience, including free pickup, disassembly, and transportation of old appliances [2] - The company has achieved nationwide coverage for integrated service capabilities for major appliance categories, reducing service visits from multiple to just 1-2 [2] - JD.com has established six recycling centers across the country, covering over 60 subcategories, which improves user benefits and reduces reverse logistics costs [2] Group 3: Digital Innovation - JD.com has implemented a digital model for recycling, allowing for traceable and transparent operations throughout the entire process [2] - Consumers can track service progress and the status of their old appliances, ensuring compliance and transparency in the recycling process [2] Group 4: Future Outlook - The ongoing release of benefits from the old-for-new policy, combined with innovative service models from companies like JD.com, is expected to unlock greater potential for consumer engagement and contribute to high-quality economic growth [2]

Core Insights - JD.com has launched its "Heart-Pounding Shopping Season" on May 13, integrating the "trade-in" national subsidy for the first time during the 618 shopping festival, enhancing consumer experience with additional benefits [1][3] - The company announced a special incentive fund exceeding 10 million yuan to reward outstanding engineers involved in the trade-in service, aiming to improve service quality [1][3] Group 1: Trade-in Service Development - Under the national "Two New" policy, consumer demand for upgrading has been stimulated, leading to higher expectations for service experiences [3] - JD.com has established a comprehensive recycling solution since 2016, covering over 200 categories including home appliances, furniture, and electronics, with a 500% year-on-year increase in search volume for "trade-in" in 2024 [3][4] - The company has successfully recycled over 20 million old appliances through its trade-in service in 2024 [3] Group 2: Service Innovations - JD.com has introduced a "three-free and four-unlimited" trade-in service, which includes free pickup, disassembly, and transportation, allowing consumers to trade in old appliances without leaving home [4] - The company aims to simplify the trade-in process by providing integrated services for delivery, installation, disassembly, and cleaning [4] - During the current shopping season, JD.com offers substantial discounts, with consumers able to save up to 2,000 yuan on home appliances, and JD PLUS members can receive over 3,000 yuan in super subsidies [4] Group 3: Future Outlook - JD.com plans to continue enhancing its service advantages and deepen collaborations to optimize the trade-in process, ensuring subsidies effectively benefit more consumers and promote sustainable development in the home appliance industry [5]