JD.com Stocks Fall 6.6% Despite Q3 Earnings Beat, Accelerating Sales
JD.com Stocks Fall 6.6% Despite Q3 Earnings Beat, Accelerating Sales
JD's top line accelerated from a 1.2% modest YoY increase for the previous quarter. The total net revenue advanced 5.1% YoY to RMB260.39 billion, whereas analysts polled by FactSet expected revenue would be RMB260.43 billion and LSEG data showed estimates of RMB261.45 billion. Net product revenues increased 4.8% YoY and net service revenues up 6.5% for the third quarter. The quarter ended September traditionally is a lull in Chinese consumption between major shopping festivals in June and November, while the Chinese government in August rolled out an expansive trade-in policy across multiple sectors, ranging from automobiles and home appliances to real estate, to boost consumption. Given the government's efforts to stimulate consumer spending, JD's revenue expansion miss suggests consumers still felt cautious on spending prior to Beijing's new round of stimulus bazooka unveiled late September.TMTPOST -- The American depositary receipts (ADRs) of JD.com fell as much as 7.1% at morning trading and finished around 6.6% lower Thursday. Shares closed at their lowest since September 25, wiping out all the gains following China's economic stimulus measures unveiled late September despite JD's earnings beat announced earlier Thursday.
TMTPOSt -- 京東的美國存託憑證（ADRs）在早盤交易中下跌了7.1%，週四收盤時約下跌了6.6%。股票收於自9月25日以來的最低點，抹去了9月底中國公佈經濟刺激措施後所有的漲幅，儘管京東在週四早些時候宣佈的業績超出預期。
JD posted mixed results for the quarter ended September 30. The bottom line topped Wall Street expectation though slowed from the previous quarter. On non-GAAP basis, the ajusted diluted net income per American depositary share (ADS) grew 29.5% year-over-year (YoY) to RMB8.68, or US$1.20, much better than analysts' estimate of RMB7.57 polled by FactSet. Net income surged 47.8% YoY to RMB11.7 billion, also beating anlaysts' projection. Adjusted net income,which excludes share-based compensation and fair-value changes of long-term investments, among other items, jumped 23.9% YoY to RMB13.2 billion, compared with a 69% YoY increase for the June quarter.
京東公佈了截至9月30日的季度 mixed results。儘管淨收入超過了華爾街的預期，但較上季度有所放緩。在非GAAP基礎上，每個美國存托股（ADS）調整後攤薄淨收入同比增長29.5%，達到8.68元人民幣（約合1.20美元），遠超分析師根據FactSet調查的7.57元人民幣的預期。淨利潤同比激增47.8%，達到117億元人民幣，也超出了分析師的預期。調整後的淨利潤，排除了基於股份的補償和長期投資公允價值變動等項目，同比增加23.9%，達到132億元人民幣，而6月份季度同比增長幅度爲69%。
Adjusted EBITDA, or earnings before interest, taxes, depreciation, and amortization, gained 17% YoY to RMB15.1 billion, exceeding analysts' projected RMB13.8 billion, and adjusted EBITDA margin was 5.8%, higher than estimated 5.27%. In comparison, the adjusted EBITDA climbed 30% with a margin of 4.6% for the June quarter.
調整後的息稅折舊攤銷前利潤（EBITDA）同比增長17%，達到151億元人民幣，超出了分析師預估的138億元人民幣，調整後的EBITDA利潤率爲5.8%，高於估算的5.27%。相比之下，6月份季度的調整後EBITDA增長30%，利潤率爲4.6%。
JD's top line accelerated from a 1.2% modest YoY increase for the previous quarter. The total net revenue advanced 5.1% YoY to RMB260.39 billion, whereas analysts polled by FactSet expected revenue would be RMB260.43 billion and LSEG data showed estimates of RMB261.45 billion. Net product revenues increased 4.8% YoY and net service revenues up 6.5% for the third quarter. The quarter ended September traditionally is a lull in Chinese consumption between major shopping festivals in June and November, while the Chinese government in August rolled out an expansive trade-in policy across multiple sectors, ranging from automobiles and home appliances to real estate, to boost consumption. Given the government's efforts to stimulate consumer spending, JD's revenue expansion miss suggests consumers still felt cautious on spending prior to Beijing's new round of stimulus bazooka unveiled late September.
京東的營收在上一個季度同比小幅增長1.2%後加速。總淨營業收入同比增長5.1%，達到2603.9億元人民幣，而分析師依據FactSet的調查預計營業收入爲2604.3億元人民幣，LSEG數據顯示的預期爲2614.5億元人民幣。淨產品收入同比增長4.8%，而第三季度淨服務收入增長6.5%。截至9月底的季度通常是在6月和11月主要購物節之間的消費低谷，而中國政府在8月份推出了一項覆蓋汽車、家電股以及房地產業等多個領域的大規模以舊換新政策，以促進消費。考慮到政府刺激消費的努力，京東的收入增長不及預期表明消費者在9月底之前對支出仍然持謹慎態度，侷限於北京新一輪的刺激措施公佈之前。
JD said in a statment that the government-backed trade-in program have been launched on JD platform since August 26 and the trade-in offerings have been well received by customers. JD CEO Sandy Xu highlighted the significant push in the trade-in program. "The National Bureau of Statistics reported that September sales of household appliances and consumer electronics grew significantly compared to July and August. So, this trend is also mirrored on JD.com, where the trade-in program has driven our increased demand of sales for home appliances and computer in September. Our sales on these categories increased sequentially in each of the three months in the third quarter," Xu told analysts on an earnings conference.
京東在一份聲明中表示，自8月26日起，政府支持的以舊換新計劃已在京東平台上線，消費者反響良好。京東首席執行官徐華強調了以舊換新計劃的顯著推送。"國家統計局報告稱，9月份家電和消費電子產品的銷售與7月和8月相比顯著增長。因此，這一趨勢在京東也得到了反映，以舊換新計劃推動了我們9月份家電和計算機的銷售需求增加。這些品類在第三季度的三個月中，銷售額也逐月增長，"徐華在業績會上告訴分析師。
Xu noted the potential of the trade-in policy has yet to be fully realized in the third quarter, partly because some of the consumers hasn't been completely aware of this policy, let alone to take advantage of the policy. On the other side, the high demand for some subsidized goods may not be met due to limited production capacity. "While we see consumer sentiment starts to improve, we understand it takes time for the benefits of the policies to feed through," Xu said.
徐華指出，以舊換新政策的潛力在第三季度尚未充分實現，部分原因是一些消費尚未完全意識到這一政策，更不用說利用這一政策了。另一方面，由於生產能力有限，一些補貼商品的高需求可能無法滿足。"儘管我們看到消費者信心開始改善，但我們明白政策的好處需要時間才能顯現，"徐華說。
Xu expressed optimism on the more forceful fiscal stimulus plans unveiled recently and the expansion of the trade-in program in greater scale. Xu said the policy remains attractive to consumers as reflected during JD's Singles Day Grand Promotion in the fourth quarter, where JD's home appliances and computer sales continue to grow steadily."We hope the policy will continue and expand to other categories to sustain this meaningful momentum," said Xu.
徐華對近期公佈的更強有力的財政刺激計劃和大規模擴展以舊換新計劃表示樂觀。徐華表示，該政策對消費者仍然具有吸引力，這在京東第四季度的雙十一活動中得到了體現，京東的家電和計算機銷售保持穩定增長。"我們希望該政策能持續並擴展到其他品類，以維持這一重要的勢頭，"徐華說。
By segment, JD Retails brought RMB224.99 billion with a 6.1% YoY increase, compared with a gain of 1.5% in the June quarter. Operating income of the core business stood at RMB11.61 billion with a 5.5% YoY increase following a rise of 24.2% three months earlier. Revenue from JD Logistics gained 6.6% YoY to RMB44.34 billion following a 7.7% increase in the second quarter. Operating income for the June quarter soared 624.3% YoY to RMB2.09 billion. Revenue from New Businesses, which includes Dada, JD Property,Jingxi and overseas businesses, dropped 25.7% YoY to RMB4.64 billion, compared with a 35% decline for the second quarter. The segment widened operating loss 220% YoY to RMB615 million for the third quarter.
按板塊劃分，京東零售實現營業收入2249.9億人民幣，同比增長6.1%，而6月季度的增幅爲1.5%。核心業務的營業收入爲116.1億人民幣，同比增長5.5%，相比三個月前增長24.2%。京東物流的營業收入同比增長6.6%，達到443.4億人民幣，此前第二季度增長7.7%。6月季度的營業收入猛增624.3%，達到20.9億人民幣。新業務的營業收入，包括達達、京東地產、京喜和境外業務，同比下降25.7%，達到46.4億人民幣，而第二季度的下降幅度爲35%。這一板塊的營業虧損在第三季度同比擴大220%，達到61500萬元。
譯文內容由第三人軟體翻譯。
