Release Date: March 06, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Q: How should we think about JD's growth drivers over this year and next year, especially beyond electronics and appliances? What are the investment priorities for the supermarket category? A: Xu Ran, CEO, explained that JD achieved solid double-digit growth across major categories in 2024, driven by long-term investments in user experience, cost, and efficiency. In 2025, JD plans to leverage supply chain efficiency and superior customer service to boost growth, particularly in general merchandise, user experience, and platform ecosystem. The supermarket category will focus on improving operational capabilities and supply chain efficiency to provide users with more value-for-money products.
Q: Can management share the strategy and scale of investment in new initiatives like fashion and instant retail? How will these affect growth and profitability? A: Ian Su Shan, CFO, stated that JD's investments focus on supply chain capabilities and user experience, aiming to scale up business and improve efficiency. For established categories like electronics, JD will optimize supply chain efficiency for steady profit improvement. In new businesses like on-demand retail, JD is exploring differentiated models and enriching high-quality supplies, with a focus on ROI and financial discipline.
Q: What is JD's strategy on AI, and how is it being deployed to enhance business operations? A: Xu Ran, CEO, highlighted that JD actively adopts AI across various business scenarios to drive innovation and efficiency. AI is used to enhance user experience through improved search and recommendations, provide tools for merchants, and optimize supply chain management. JD is integrating AI into daily workflows to boost efficiency and reduce costs, with AI playing an increasingly important role in operations.
Q: How should we think about the growth rate for electronics versus general merchandise categories in 2025? A: Ian Su Shan, CFO, noted that JD has built strong user mindshare in both electronics and general merchandise. While electronics may face a high base impact, general merchandise is expected to sustain robust growth, driven by categories like supermarkets and fashion. JD's multiple growth drivers, including user base expansion and platform ecosystem development, will fuel long-term sustainable growth.
Q: Can you update us on JD's latest shareholder return progress and strategy? A: Ian Su Shan, CFO, reported that JD is committed to returning value to shareholders through dividends and buybacks. In 2024, JD increased its annual dividend by 32% and repurchased 8.1% of outstanding shares. In 2025, JD plans to continue its USD5 billion share buyback program and maintain its annual cash dividend policy, reflecting confidence in long-term development.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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