Core Insights - JD.com is focusing on the "Billion Yuan Agricultural Subsidy" project, which aims to optimize agricultural product prices by 20% through a three-year investment of 10 billion yuan [1][2] - The company plans to establish over 1 million acres of "JD Bases" in collaboration with more than 100 agricultural product industrial belts this year [1][2] - JD.com is enhancing its fresh food supply chain and logistics capabilities to compete with major rivals like Hema [3][4] Group 1: Agricultural Subsidy and Base Plans - The "Billion Yuan Agricultural Subsidy" project is directly collaborating with local farmers and cooperatives, with JD.com accounting for 30%-40% of the total procurement in some villages [2] - JD.com has already established over 100 "JD Bases" covering nearly 10 categories, including fruits and seafood [2] - The company aims to increase the number of agricultural products covered by the subsidy project to 40,000 [1] Group 2: Operational Strategy - JD.com is utilizing a model of direct procurement and cold chain logistics to address procurement costs and quality control issues [3] - The company is focusing on high-demand agricultural products and conducting on-site assessments in production areas [3] - The strategy includes optimizing logistics costs and enhancing fulfillment rates to improve efficiency in fresh product sales [4] Group 3: Market Competition and Trends - The trend of e-commerce platforms establishing agricultural bases has been ongoing, with competitors like Alibaba and Pinduoduo also investing in similar initiatives [5] - JD.com has a competitive advantage in selling agricultural products to high-value customers, but the sustainability of subsidies remains a concern [5] - The branding and quality of agricultural products are becoming increasingly important, as consumers have a wide range of purchasing options [5]