Financial Data and Key Metrics Changes - Total revenues increased by 15% year-on-year to RMB 299 billion in Q3 2025, outpacing the group of MBS total retail sales [17] - Non-GAAP net profit was RMB 5.8 billion, with a non-GAAP net margin of 1.9%, both down year-on-year [24] - JD Retail's gross margin expanded year-on-year for 14 consecutive quarters, reaching 19.3% in Q3 [21] Business Line Data and Key Metrics Changes - JD Retail revenues grew by 11% year-on-year to RMB 251 billion, with general merchandise revenues up 19% year-on-year [8][18] - Marketplace and marketing revenues increased by 24% year-on-year, marking the highest growth since Q2 2022 [19][71] - Food delivery business achieved double-digit growth in GMV quarter-on-quarter, with a healthier order mix and narrowing operating loss [11][50] Market Data and Key Metrics Changes - Quarterly active customer number increased by over 40% year-on-year, surpassing 700 million in October [6][62] - User shopping frequency on the platform also rose by over 40% year-on-year [7] - Logistics and other service revenues grew by 35% year-on-year, driven by incremental delivery revenues from the food delivery business [20] Company Strategy and Development Direction - The company aims to expand market share in core retail while enhancing synergies across its business ecosystem [5] - Focus on product innovation, price optimization, and service enhancement to strengthen market position in home appliances and electronics [35][36] - International expansion is a key long-term strategy, with gradual establishment of a global retail network [39][40] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the general merchandise category and the food delivery business [10][15] - The company is committed to improving user experience and operational efficiency to drive sustainable growth [24][54] - Management highlighted the importance of AI applications in enhancing operational capabilities and user engagement [65][66] Other Important Information - The company unveiled its AI roadmap, launching several new AI products and applications across various sectors [14][65] - The food delivery business is expected to create synergies with JD Retail, enhancing user engagement and retention [63][64] Q&A Session Summary Question: Outlook for electronics and home appliances growth - Management acknowledged the high base effect from government training subsidies but emphasized ongoing product innovation and market share enhancement strategies [30][33] Question: International strategy post-acquisition - Management outlined a gradual approach to international expansion, focusing on establishing a local e-commerce model and enhancing user experience [39][40][42] Question: Duration of investment in food delivery - Management indicated a long-term commitment to food delivery, focusing on improving operational efficiency and user experience [48][50] Question: Strengthening competitive edge in general merchandise - Management highlighted ongoing efforts in product optimization, cost reduction, and enhancing user mind share in key categories [56][57] Question: Synergies from food delivery traffic - Management reported strong user retention and engagement from food delivery, with significant cross-category purchasing trends [61][62] Question: Latest AI strategy and investment - Management detailed the comprehensive AI capability framework and its applications across various sectors, emphasizing the potential for improved efficiency and user experience [65][66] Question: Ecosystem development and 3P merchants - Management reported over 200% year-on-year growth in active merchants and emphasized the importance of enhancing merchant operations and user mind share [70][71] Question: Profitability and margin outlook - Management expressed confidence in long-term margin expansion driven by ecosystem growth, supply chain advantages, and category mix optimization [76][77]