京东2024Q1财务梳理和业绩会纪要：营收利润双超预期

Financial Data and Key Metrics - Revenue for Q1 2024 reached 2600.5 billion yuan, up 7.0% YoY, exceeding Bloomberg consensus of 2583.5 billion yuan [6] - Non-GAAP net profit attributable to shareholders was 8.9 billion yuan, a 17.2% YoY increase, surpassing Bloomberg consensus of 7.41 billion yuan [6] - Gross margin improved by 0.5 percentage points YoY to 15.3%, driven by lower operating cost growth compared to revenue [13] - Fulfillment gross margin rose by 0.3 percentage points YoY to 8.8% [39] - Adjusted net profit margin stood at 3.4%, up from 3.1% in Q1 2023 [59] Business Line Performance - Product revenue grew 6.6% YoY to 2085.1 billion yuan, driven by strong recovery in supermarket categories [9] - Service and other revenue increased 8.8% YoY to 515.4 billion yuan, with logistics and other services up 13.8% [9][38] - Electronics and home appliances revenue rose 5.3% YoY to 1232.1 billion yuan, while daily necessities revenue grew 8.6% YoY to 853.0 billion yuan [55] Market and Operational Highlights - JD Logistics expanded overseas services, providing comprehensive supply chain solutions for MINISO in Australia and Malaysia [12] - Inventory turnover days remained efficient at 29.0 days (TTM) [20] - Active users and purchase frequency showed double-digit growth in Q1 2024 [45] Strategic Direction and Industry Competition - JD emphasized its supply chain advantages and user experience as core differentiators for sustainable growth [2][17] - The company is focusing on platform ecosystem development, attracting over 1 million POP merchants with accelerated growth for four consecutive quarters [3] - JD aims to balance growth and profitability through continuous investment in user experience and market share expansion [30][46] Management Commentary on Business Environment and Outlook - Management expressed confidence in maintaining growth above retail sales growth while ensuring stable profitability [46] - The company sees significant potential in online penetration for categories like home appliances, home furnishings, and FMCG [28] - JD expects the trade-in policy to drive incremental growth in home appliances, with over 16 million users participating in trade-in programs since 2023 [49] Other Important Information - JD repurchased 98.3 million Class A ordinary shares (equivalent to 49.2 million ADS) for 1.3 billion between January 1 and May 15, 2024 [18] - The company launched an AI digital human livestream featuring founder Richard Liu, attracting over 20 million views in the first hour [20] Q&A Summary Q1: How will JD maintain or regain market share? - JD is confident in achieving growth above retail sales growth while maintaining stable profitability through supply chain optimization and user experience enhancement [45][46] Q2: How will JD balance growth and profitability? - The company plans to drive GMV growth through continuous investment in product quality and service, leveraging supply chain advantages for profit growth [30] Q3: What is JD's outlook on the trade-in policy? - JD expects the trade-in policy to stimulate replacement demand, with over 16 million users participating in trade-in programs since 2023 [49] Q4: What is the growth outlook for FMCG category? - JD sees FMCG as a key growth driver, with online penetration still having significant room for expansion [28][34] Q5: What is JD's strategy for content ecosystem development? - JD aims to enhance user engagement through innovative content initiatives like AI digital human livestreams, with over 20 million views in the first hour [20][51] Q6: What is JD's shareholder return policy? - The company has a 3 billion share repurchase program, with $1.3 billion completed by May 15, 2024, and$2.3 billion remaining [18][52] Q7: What are JD's expectations for 618 and industry competition? - JD is optimistic about 618 performance, emphasizing its supply chain advantages and differentiated user experience [2][53]