JD.com, Inc.

Thank you. Thank you.

Good evening and good day, everyone. Welcome to JD.com's second quarter and interim 2022 earnings conference call. Let me introduce the management team on the call today. CEO of JD.com, Mr. Lei Xu, will kick off with opening remarks. Our CFO, Ms. Sandy Xu, will discuss the financial highlights. After that, we'll open the call to questions from analysts. I would like to remind you that during this call, our comments and responses to your questions reflect management's view as of today only. and we'll include forward-looking statements. And please refer to our latest Safe Harbor statement in the earnings press release on our IR website, which applies to this call. We'll discuss certain non-GAAP financial measures. Please also refer to the reconciliation of non-GAAP measures to the comparable GAAP measures in our press release. Also, please note, unless otherwise stated, all figures mentioned in this call are in RMB. And now, I'd like to turn the call over to Mr. Xu, our CEO. Mr. Xu. Hello, investors.

Thank you for attending the second quarter of the 2022 Sino-Turkish Economic Forum. In the past two quarters, the pandemic has hit many places across the country. There have been many factors, such as the global economic and external environment, that have caused the retail industry to face a huge challenge. China's GDP has increased by 0.4 percent in the same way as China's, and the share price has dropped by 4.6 percent in the same way. the lowest increase in the past two years. Despite facing many difficulties, Jingdong not only helps users and partners to spend time together, but especially during the time of support for Shanghai, Beijing, and other local anti-epidemic protection in the country, Jingdong accumulated a total of 2 billion yuan, including investment and compensation for merchants. At the same time, it also continues to achieve a good increase in the overall profit margin, and the operating efficiency and return rate steadily improve, showing the resilience and momentum of passing through the economic cycle, China's economy has gone through a very long period of high-speed development, but economic development is bound to exist for a period of time, which will therefore bring institutional challenges to the development of the enterprise. The enterprise needs to have a long-term thinking frame to achieve the necessary based on long-term strategic structure and ability construction, so that it can develop steadily during the period of fluctuation, show greater value, and obtain longer-term opportunities for development. This is a fundamental difference in the business concept of pursuing short-term explosive growth.