(电子商务研究中心讯)　　1P利润率信心;加倍关注市场。

　　管理层花了一些时间讨论了为市场开发更多的商业工具的计划，试图为阿里巴巴不断改进的店面提供一个可行的替代方案。该公司还重申了京东商城供应商的独特机会，利用该公司现有的1P实现工厂。我们将于下周对京东进行管理，并寻求更多关于京东对阿里巴巴计划“扩大B2C市场份额”的回应。“我们还寻求2Q趋势的清晰性。

　　女性人口的进步。

　　该公司还认为，它在管理京东商城和京东商城的品牌冲突方面取得了进展，并参照其与沃尔玛的关系，后者在京东物流(新产品等)中拥有大量库存，并通过自己的店面销售。在推动女性赞助历史上男性倾斜的平台上，最成功的因素之一是京东快速发展的FMCG业务。该公司经常寻求将服装和其他产品交叉销售给女性FMCG人口。我们相信，京东现在可以处理200米以上的SKU，这是支撑太古服装销售的必要条件。

　　物流方面的进度报告。

　　3PL的执行过程现在正被一个高个位数的商业基地所使用。使用JD fulfilment的商品往往是标准化的产品(如著名的酒类品牌，包括青岛啤酒)。利用京东物流的决定往往是数量的函数。管理层还反映了京东在推出新鲜和冷链物流方面的进展，尤其是在仓储方面。过去几年，该公司还曾提到改善客户群体。

　　重申核心信息。

　　在过去的一段时间里，通用汽车已经从过去的6%上升到9%，而且公司仍然认为通用汽车在长期的水平上是由19% - 20%的同行组成的。我们预计运营费用将保持稳定在12%左右。

　　1P margin confidence; redoubling focus on marketplace .

　　Management spent some time discussing plans to develop further merchant tools for the marketplace in an attempt to offer a viable alternative to Alibaba's ever-improving support of its storefronts. The company also reiterated the JD marketplace vendor's unique opportunity to leverage the company's existing 1P fulfillment plant. We take JD management on the road this coming week, and seek more detail on JD’s competitive response to Alibaba’s plans to“gain market share in B2C.”We also seek clarity on 2Q trends.

　　1P/3P dynamic; progress with female demographic .

　　The company also feels it has made progress in managing brand conflict selling between JD Mall and JD 1PL, referencing its relationship with Walmart, which both holds significant inventory in JD logistics (fresh products, etc) and sells through its own storefront. One of the most successful factors in driving up female patronage of an historically male-skewed platform has been JD's rapidly growing FMCG business. The company often seeks to cross-sell apparel and other products to its female FMCG demographic. We believe JD can now handle 2m+ SKU's, a competence necessary to support longer taiul apparel sales.

　　Progress report on logistics .

　　3PL fulfillment thru JD is now being used by a high-single-digits penetration into merchant base. Goods using JD fulfilment tend to be standarized products (such as famous alcohol brands including Tsingtao beer). The decision to leverage JD logistics is often a function of volumes. Management also reflected on JD's progress on rolling out fresh and cold chain logistics, particularly on the warehousing side. The company also made passing reference to an improving customer cohort over the past several years.

　　Reiteration of core messages .

　　1P GM has risen from a steady 6% over the recent past to 9%, and the company still considers the GM for JD's peer group of 19%-20% as realistic over the long term. We expect operating expenses to remain stable at roughly 12%. .

　　Please join our dbAccess China Internet Tour/BABA Investor Day cal .

　　Dial in details for the Mon June 12th 2pm HK time call are:International: +61 283733610; HK: 800906648; China Domestic: 4001203170. Conf ID is 37306470.（来源：德意志银行；文/Alan Hellawell；编选：中国电子商务研究中心）