Form 20-F
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Table of Contents
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM
20-F
 
 
(Mark One)
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
 
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020.
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
                    
 to 
                    
OR
 
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report
Commission file number:
001-36450
 
 
JD.com, Inc.
(Exact Name of Registrant as Specified in its Charter)
 
 
N/A
(Translation of Registrant’s Name into English)
 
 
Cayman Islands
(Jurisdiction of Incorporation or Organization)
 
 
20th Floor, Building A, No. 18 Kechuang 11 Street
Yizhuang Economic and Technological Development Zone
Daxing District, Beijing 101111
People’s Republic of China
(Address of Principal Executive Offices)
Sandy Ran Xu, Chief Financial Officer
Telephone: +86 10 8911-8888
Email: ir@jd.com
20th Floor, Building A, No. 18 Kechuang 11 Street
Yizhuang Economic and Technological Development Zone
Daxing District , Beijing 101111
People’s Republic of China
(Name, Telephone,
E-mail
and/or Facsimile Number and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
 
Title of Each Class
  
Trading Symbol(s)
  
Name of Each Exchange On Which Registered
American depositary shares (one American depositary
share representing two Class A ordinary shares, par value
US$0.00002 per share)
  
JD
  
The Nasdaq Stock Market LLC
(The Nasdaq Global Select Market)
Class A ordinary shares, par value
US$0.00002 per share
  
9618
  
The Stock Exchange of Hong Kong Limited
Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
(Title of Class)
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
(Title of Class)
 
 
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:
 
    2,668,894,636 Class A ordinary shares (excluding the 16,648,346 Class A ordinary shares issued to the depositary bank for bulk issuance of ADSs reserved for future issuances upon the exercise or vesting of awards granted under our Share Incentive Plan) and 444,250,851 Class B ordinary shares, par value US$0.00002 per share, as of December 31, 2020.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    ☒  Yes    ☐  No
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    ☐  Yes    ☒
 
 No
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒  Yes
    ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of
Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ☒  Yes 
 
 ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in
Rule 12b-2
of the Exchange Act.
 
Large accelerated filer      Accelerated filer  
       
Non-accelerated
filer
     Emerging growth company  
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards † provided pursuant to Section 13(a) of the Exchange Act.
 
 ☐
 
The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
 
U.S. GAAP  ☒    International Financial Reporting Standards as issued by the International Accounting Standards Board  ☐   
Other  ☐
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.    ☐  Item 17    ☐  Item 18
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    ☐  Yes    ☒  No
(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.    ☐  Yes    ☐  No 
 
 
 

Table of Contents
TABLE OF CONTENTS
 
  
 
1
 
  
 
3
 
  
 
4
 
Item 1.
  
  
 
4
 
Item 2.
  
  
 
4
 
Item 3.
  
  
 
4
 
Item 4.
  
  
 
64
 
Item 5.
  
  
 
112
 
Item 6.
  
  
 
135
 
Item 7.
  
  
 
145
 
Item 8.
  
  
 
149
 
Item 9.
  
  
 
151
 
Item 10.
  
  
 
151
 
Item 11.
  
  
 
164
 
Item 12.
  
  
 
165
 
  
 
  
 
171
 
Item 13.
  
  
 
171
 
Item 14.
  
  
 
171
 
Item 15.
  
  
 
171
 
Item 16A.
  
  
 
172
 
Item 16B.
  
  
 
172
 
Item 16C.
  
  
 
172
 
Item 16D.
  
  
 
172
 
Item 16E.
  
  
 
172
 
Item 16F.
  
  
 
173
 
Item 16G.
  
  
 
173
 
Item 16H.
  
  
 
174
 
  
 
  
 
175
 
Item 17.
  
  
 
175
 
Item 18.
  
  
 
175
 
Item 19.
  
  
 
175
 
  
 
  
 
182
 
 
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INTRODUCTION
Unless otherwise indicated or the context otherwise requires, references in this annual report to:
 
   
“ADSs” are to our American depositary shares, each of which represents two Class A ordinary shares;
 
   
“annual active customer accounts” are to customer accounts that made at least one purchase during the twelve months ended on the respective dates, including both online retail and online marketplace;
 
   
“CCASS” are to the Central Clearing and Settlement System established and operated by Hong Kong Securities Clearing Company Limited, a wholly-owned subsidiary of Hong Kong Exchange and Clearing Limited;
 
   
“China” or the “PRC” are to the People’s Republic of China, excluding, for the purposes of this annual report only, Hong Kong, Macau and Taiwan;
 
   
“Companies (WUMP) Ordinance” are to the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong), as amended or supplemented from time to time;
 
   
“CSRC” are to the China Securities Regulatory Commission;
 
   
“HK$” or “Hong Kong dollars” or “HK dollars” are to Hong Kong dollars, the lawful currency of Hong Kong;
 
   
“Hong Kong” or “HK” or “Hong Kong S.A.R.” are to the Hong Kong Special Administrative Region of the PRC;
 
   
“Hong Kong Listing Rules” are to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, as amended or supplemented from time to time;
 
   
“Hong Kong Share Registrar” are to Computershare Hong Kong Investor Services Limited;
 
   
“Hong Kong Stock Exchange” are to The Stock Exchange of Hong Kong Limited;
 
   
“JD Health” are to JD Health International Inc., a consolidated subsidiary of our company and the shares of which are listed on the Main Board of the Hong Kong Stock Exchange (Stock Code: 6618), and, except where the context otherwise requires, its subsidiaries and its consolidated variable interest entities and their subsidiaries;
 
   
“JD Logistics” are to JD Logistics Inc., a consolidated subsidiary of our company and, except where the context otherwise requires, its subsidiaries and its consolidated variable interest entities and their subsidiaries;
 
   
“Main Board” are to the stock market (excluding the option market) operated by the Hong Kong Stock Exchange which is independent from and operated in parallel with the Growth Enterprise Market of the Hong Kong Stock Exchange;
 
   
“ordinary shares” are to our Class A and Class B ordinary shares, par value US$0.00002 per share;
 
   
“SFC” are to the Securities and Futures Commission of Hong Kong;
 
   
“SFO” are to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as amended or supplemented from time to time; and
 
   
“we,” “us,” “our company” and “our” are to JD.com, Inc., its subsidiaries and its consolidated variable interest entities and their subsidiaries.
Summary of Risk Factors
An investment in our ADSs or Class A ordinary shares involves significant risks. Below is a summary of material risks we face, organized under relevant headings. These risks are discussed more fully in Item 3. Key Information—D. Risk Factors.
Risks Related to Our Business
Risks and uncertainties relating to our business include, but are not limited to, the following:
 
   
If we are unable to manage our growth or execute our strategies effectively, our business and prospects may be materially and adversely affected;
 
   
We incurred net losses in the past and we may not be able to maintain profitability in the future;
 
   
If we are unable to provide superior customer experience, our business and reputation may be materially and adversely affected;
 
   
Uncertainties relating to the growth and profitability of the retail industry in China in general, and the online retail industry in particular, could adversely affect our revenues and business prospects;
 
   
Any harm to our JD brand or reputation may materially and adversely affect our business and results of operations;
 
   
If we are unable to offer products that attract purchases from new and existing customers, our business, financial condition and results of operations may be materially and adversely affected;
 
1

Table of Contents
   
If we are unable to manage our nationwide fulfillment infrastructure efficiently and effectively, our business prospects and results of operations may be materially and adversely affected;
 
   
We face intense competition. We may not be able to maintain or may lose market share and customers if we fail to compete effectively;
 
   
Our expansion into new product categories and substantial increase in the number of products may expose us to new challenges and more risks;
 
   
If we fail to manage our inventory effectively, our results of operations, financial condition and liquidity may be materially and adversely affected; and
 
   
Our ADSs may be delisted under the Holding Foreign Companies Accountable Act if the PCAOB is unable to inspect auditors who are located in China. The delisting of our ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment. Additionally, the inability of the PCAOB to conduct inspections deprives our investors with the benefits of such inspections.
Risks Related to Our Corporate Structure
Risks and uncertainties relating to our corporate structure include, but are not limited to, the following:
 
   
If the PRC government deems that the contractual arrangements in relation to our variable interest entities do not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations;
 
   
We rely on contractual arrangements with our variable interest entities and their shareholders for a portion of our business operations, which may not be as effective as direct ownership in providing operational control;
 
   
Any failure by our variable interest entities or their shareholders to perform their obligations under our contractual arrangements with them would have a material and adverse effect on our business; and
 
   
The shareholders of our variable interest entities may have potential conflicts of interest with us, which may materially and adversely affect our business and financial condition.
Risks Related to Doing Business in China
We are also subject to risks and uncertainties relating to doing business in China in general, including, but are not limited to, the following:
 
   
Changes in China’s or global economic, political or social conditions or government policies could have a material and adverse effect on our business and operations;
 
   
Uncertainties with respect to the PRC legal system could adversely affect us;
 
   
We are subject to consumer protection laws that could require us to modify our current business practices and incur increased costs; and
 
   
We may be adversely affected by the complexity, uncertainties and changes in PRC regulation of internet-related business and companies.
Risks Related to Our ADSs and Class A Ordinary Shares
In addition to the risks described above, we are subject to general risks relating to our ADSs and Class A ordinary shares, including, but not limited to, the following:
 
   
The trading price of our ADSs has been and is likely to continue to be, and the trading price of our Class A ordinary shares can be, volatile, which could result in substantial losses to holders of our Class A ordinary shares and/or ADSs;
 
   
We adopt different practices as to certain matters as compared with many other companies listed on the Hong Kong Stock Exchange;
 
   
We cannot guarantee that any share repurchase program will be fully consummated or that any share repurchase program will enhance long-term shareholder value, and share repurchases could increase the volatility of the price of our Class A ordinary shares and/or ADSs and could diminish our cash reserves; and
 
   
If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, the market price for our Class A ordinary shares and/or ADSs and trading volume could decline.
 
2

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FORWARD-LOOKING INFORMATION
This annual report on
Form 20-F
contains forward-looking statements that reflect our current expectations and views of future events. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “future,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include statements relating to, among other things:
 
   
our goals and strategies;
 
   
our future business development, financial conditions and results of operations;
 
   
the expected growth of the retail and online retail markets in China;
 
   
our expectations regarding demand for and market acceptance of our products and services;
 
   
our expectations regarding our relationships with customers, suppliers and third-party merchants;
 
   
our plans to invest in our fulfillment infrastructure and technology platform as well as new business initiatives;
 
   
competition in our industry; and
 
   
relevant government policies and regulations relating to our industry.
We would like to caution you not to place undue reliance on these forward-looking statements and you should read these statements in conjunction with the risk factors disclosed in “Item 3.D. Key Information—Risk Factors.” Those risks are not exhaustive. We operate in a rapidly evolving environment. New risks emerge from time to time and it is impossible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statement. We do not undertake any obligation to update or revise the forward-looking statements except as required under applicable law. You should read this annual report and the documents that we reference in this annual report completely and with the understanding that our actual future results may be materially different from what we expect.
Our reporting currency is the Renminbi, or RMB. This annual report contains translations of RMB and Hong Kong dollar amounts into U.S. dollars at specific rates solely for the convenience of the reader. Unless otherwise stated, all translations of RMB and Hong Kong dollars into U.S. dollars and from U.S. dollars into RMB in this annual report were made at a rate of RMB6.5250 to US$1.00 and HK$7.7534 to US$1.00, the respective exchange rates on December 31, 2020 set forth in the H.10 statistical release of the Federal Reserve Board. We make no representation that any RMB, Hong Kong dollar or U.S. dollar amounts referred to in this annual report could have been, or could be, converted into U.S. dollars, RMB or Hong Kong dollars, as the case may be, at any particular rate or at all.
 
3

Table of Contents
PART I
 
Item 1.
Identity of Directors, Senior Management and Advisers
Not applicable.
 
Item 2.
Offer Statistics and Expected Timetable
Not applicable.
 
Item 3.
Key Information
 
A.
Selected Financial Data
The following table presents the selected consolidated financial information of our company. As of June 30, 2017, we deconsolidated our finance business operated by Beijing Jingdong Financial Technology Holding Co., Ltd. (now known as Jingdong Digits Technology Holding Co., Ltd., or JD Digits), as a result of the reorganization of JD Digits. Accordingly, the historical financial results of JD Digits are reflected as discontinued operations in our consolidated financial statements for periods from January 1, 2016 to June 30, 2017. Please see “Item 4. Information on the Company—A. History and Development of the Company” for further information. The selected consolidated statements of operations data for the years ended December 31, 2018, 2019 and 2020, selected consolidated balance sheets data as of December 31, 2019 and 2020 and selected consolidated cash flow data for the years ended December 31, 2018, 2019 and 2020 have been derived from our audited consolidated financial statements, which are included in this annual report beginning on
page F-1.
The selected consolidated statements of operations data for the years ended December 31, 2016 and 2017, selected consolidated balance sheets data as of December 31, 2016, 2017, and 2018 and selected consolidated cash flow data for the years ended December 31, 2016 and 2017 have been derived from our audited consolidated financial statements not included in this annual report. Our historical results do not necessarily indicate results expected for any future periods. The selected consolidated financial data should be read in conjunction with, and are qualified in their entirety by reference to, our audited consolidated financial statements and related notes and “Item 5. Operating and Financial Review and Prospects” below. Our consolidated financial statements are prepared and presented in accordance with U.S. GAAP.
 
   
For the Year Ended December 31,
 
   
2016
   
2017
   
2018
   
2019
   
2020
 
   
RMB
   
RMB
   
RMB
   
RMB
   
RMB
   
US$
 
   
(in millions, except for share, per share and per ADS data)
 
Selected Consolidated Statements of Operations Data:
           
Net revenues
(1)
:
           
Net product revenues
    237,944       331,824       416,109       510,734       651,879       99,905  
Net service revenues
    20,346       30,508       45,911       66,154       93,923       14,394  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total net revenues
 
 
         258,290
 
 
 
          362,332
 
 
 
         462,020
 
 
 
         576,888
 
 
 
         745,802
 
 
 
         114,299
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Cost of revenues
    (222,935     (311,517     (396,066     (492,467     (636,694     (97,578
Fulfillment
    (18,560     (25,865     (32,010     (36,968     (48,700     (7,464
Marketing
    (10,159     (14,918     (19,237     (22,234     (27,156     (4,162
Research and development
    (4,453     (6,652     (12,144     (14,619     (16,149     (2,475
General and administrative
    (3,436     (4,215     (5,160     (5,490     (6,409     (982
Impairment of goodwill and intangible assets
    —         —         (22     —         —         —    
Gain on sale of development properties
    —         —         —         3,885       1,649       253  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Income/(loss) from operations
(2)(3)(4)
 
 
(1,253
 
 
(835
 
 
(2,619
 
 
8,995
 
 
 
12,343
 
 
 
1,891
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Other income/(expense):
           
 
4

Table of Contents
   
For the Year Ended December 31,
 
   
2016
   
2017
   
2018
   
2019
   
2020
 
   
RMB
   
RMB
   
RMB
   
RMB
   
RMB
   
US$
 
   
(in millions, except for share, per share and per ADS data)
 
Share of results of equity investees
    (2,782     (1,927     (1,113     (1,738     4,291       658  
Interest income
                 1,227                    2,530                    2,118                    1,786                    2,753                      422  
Interest expense
    (619     (964     (855     (725     (1,125     (172
Others, net
    1,544       1,317       95       5,375       32,557       4,989  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Income/(loss) before tax
    (1,883     121       (2,374     13,693       50,819       7,788  
Income tax expenses
    (166     (140     (427     (1,803     (1,482     (227
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net income/(loss) from continuing operations
 
 
(2,049
 
 
(19
 
 
(2,801
 
 
11,890
 
 
 
49,337
 
 
 
7,561
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net income/(loss) from discontinued operations, net of tax
 
 
(1,365
 
 
7
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net income/(loss)
 
 
(3,414
 
 
(12
 
 
(2,801
 
 
11,890
 
 
 
49,337
 
 
 
7,561
 
Net loss from continuing operations attributable to
non-controlling
interests shareholders
    (48     (135     (311     (297     (75     (12
Net loss from discontinued operations attributable to
non-controlling
interests shareholders
    (4     (5     —         —         —         —    
Net income from continuing operations attributable to mezzanine equity classified as
non-controlling
interests shareholders
    —         —         2       3       7       1  
Net income from discontinued operations attributable to mezzanine equity classified as
non-controlling
interests shareholders
    445       281       —         —         —         —    
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net income/(loss) attributable to ordinary shareholders
 
 
(3,807
 
 
(153
 
 
(2,492
 
 
12,184
 
 
 
49,405
 
 
 
7,572
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Including:
Net loss from discontinued operations attributable to ordinary shareholders
    (1,806     (269     —         —         —         —    
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net income/(loss) from continuing operations attributable to ordinary shareholders
 
 
(2,001
 
 
116
 
 
 
(2,492
 
 
12,184
 
 
 
49,405
 
 
 
7,572
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net income/(loss) per share
           
Basic
           
Continuing operations
    (0.71     0.04       (0.87     4.18       16.35       2.51  
Discontinued operations
    (0.64     (0.09     —         —         —         —    
Net income/(loss) per share
    (1.36     (0.05     (0.87     4.18       16.35       2.51  
Diluted
           
Continuing operations
    (0.71     0.04       (0.87     4.11       15.84       2.43  
Discontinued operations
    (0.64     (0.09     —         —         —         —    
Net income/(loss) per share
    (1.36     (0.05     (0.87     4.11       15.84       2.43  
Net income/(loss) per ADS(
5
)
           
Basic
           
Continuing operations
    (1.43     0.08       (1.73     8.37       32.70       5.01  
Discontinued operations
    (1.29     (0.19     —         —         —         —    
Net income/(loss) per ADS
    (2.71     (0.11     (1.73     8.37       32.70       5.01  
Diluted
           
 
5

Table of Contents
    
For the Year Ended December 31,
 
    
2016
   
2017
   
2018
   
2019
    
2020
 
    
RMB
   
RMB
   
RMB
   
RMB
    
RMB
    
US$
 
    
(in millions, except for share, per share and per ADS data)
 
Continuing operations
     (1.43     0.08       (1.73     8.21        31.68        4.86  
Discontinued operations
     (1.29     (0.18     —         —          —          —    
Net income/(loss) per ADS
     (2.71     (0.11     (1.73     8.21        31.68        4.86  
Weighted average number of shares:
              
Basic
     2,804,767,889       2,844,826,014       2,877,902,678       2,912,637,241        3,021,808,985        3,021,808,985  
Diluted
     2,804,767,889       2,911,461,817       2,877,902,678       2,967,321,803        3,109,024,030        3,109,024,030  
 
(1)
Our net revenues include net product revenues and net service revenues. Product sales is further divided into sales of electronics and home appliances products and sales of general merchandise products. Net revenues from electronics and home appliances products include revenues from sales of computer, communication and consumer electronics products as well as home appliances. Net revenues from general merchandise products mainly include revenues from sales of food, beverage and fresh produce, baby and maternity products, furniture and household goods, cosmetics and other personal care items, pharmaceutical and healthcare products, books, automobile accessories, apparel and footwear, bags and jewelry. Net service revenues are further divided into revenues from online marketplace and marketing and revenues from logistics and other services. The following table breaks down our total net revenues by these categories, by amounts and as percentages of total net revenues:
 
    
For the Year Ended December 31,
 
    
2016
    
2017
    
2018
    
2019
    
2020
 
    
RMB
    
%
    
RMB
    
%
    
RMB
    
%
    
RMB
    
%
    
RMB
    
US$
    
%
 
    
(in millions, except for percentages)
 
Electronics and home appliances revenues
     179,822        69.6        236,269        65.2        280,059        60.6        328,703        57.0        400,927        61,445        53.8  
General merchandise revenues
     58,122        22.5        95,555        26.4        136,050        29.5        182,031        31.5        250,952        38,460        33.6  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Net product revenues
     237,944        92.1        331,824        91.6        416,109        90.1        510,734        88.5        651,879        99,905        87.4  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Marketplace and marketing revenues
     17,074        6.6        25,391        7.0        33,532        7.2        42,680        7.4        53,473        8,195        7.2  
Logistics and other service revenues
     3,272        1.3        5,117        1.4        12,379        2.7        23,474        4.1        40,450        6,199        5.4  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Net service revenues
     20,346        7.9        30,508        8.4        45,911        9.9        66,154        11.5        93,923        14,394        12.6  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total net revenues
     258,290        100.0        362,332        100.0        462,020        100.0        576,888        100.0        745,802        114,299        100.0  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
(2)
Includes share-based compensation expenses as follows:
 
    
For the Year Ended December 31,
 
    
2016
   
2017
   
2018
   
2019
   
2020
 
    
RMB
   
RMB
   
RMB
   
RMB
   
RMB
   
US$
 
    
(in millions)
 
Cost of revenues
     (17     (28     (72     (82     (98     (15
Fulfillment
     (332     (426     (419     (440     (646     (99
Marketing
     (87     (136     (190     (259     (347     (53
Research and development
     (470     (671     (1,163     (1,340     (1,400     (215
General and administrative
     (1,154     (1,520     (1,816     (1,573     (1,664     (255
 
(3)
Includes amortization of business cooperation arrangement and intangible assets resulting from assets and business acquisitions as follows:
 
    
For the Year Ended December 31,
 
    
2016
   
2017
   
2018
   
2019
   
2020
 
    
RMB
   
RMB
   
RMB
   
RMB
   
RMB
   
US$
 
    
(in millions)
 
Fulfillment
     (93     (164     (168     (165     (193     (30
Marketing
     (1,222     (1,222     (1,232     (637     (692     (106
Research and development
     (46     (84     (98     (99     (99     (15
General and administrative
     (248     (308     (308     (308     (309     (47
 
6

Table of Contents
(4)
In April 2017, leveraging our advanced technology and logistics expertise, we established JD Logistics, a new business group under JD.com, to provide logistics services to businesses across a wide range of industries. As JD Logistics has changed from supporting the overall JD platform to an independently operated business unit, cost related to the logistics services provided to third parties, including both third-party merchants and suppliers on the JD platform and other business partners, are reclassified from fulfillment expenses to cost of revenues. The amount of fulfillment expenses that has been reclassified to conform to other periods’ presentation was RMB2,561 million for the year ended December 31, 2016.
(5)
Each ADS represents two Class A ordinary shares.
 
    
As of December 31,
 
    
2016
    
2017
    
2018
    
2019
    
2020
 
    
RMB
    
RMB
    
RMB
    
RMB
    
RMB
    
US$
 
    
(in millions, except for share data)
 
Selected Consolidated Balance Sheets Data:
                 
Cash and cash equivalents
     15,567        25,688        34,262        36,971        86,085        13,193  
Restricted cash
     2,294        4,110        3,240        2,941        4,434        680  
Short-term investments
     6,548        8,588        2,036        24,603        60,577        9,284  
Accounts receivable, net
     16,141        16,359        11,110        6,191        7,112        1,090  
Inventories, net
     28,909        41,700        44,030        57,932        58,933        9,032  
Property, equipment and software, net
     7,023        12,574        21,083        20,654        22,597        3,463  
Land use rights, net
     2,448        7,051        10,476        10,892        11,125        1,705  
Operating lease
right-of-use
assets
     —          —          —          8,644        15,484        2,373  
Investment in equity investees
     14,629        18,551        31,357        35,576        58,501        8,966  
Investment securities
     1,060        10,028        15,902        21,417        39,085        5,990  
Total assets
     160,374        184,055        209,165        259,724        422,288        64,718  
Accounts payable
     46,036        74,338        79,985        90,428        106,818        16,371  
Accrued expenses and other current liabilities
     10,513        15,118        20,293        24,656        30,035        4,603  
Non-recourse securitization debt
     11,549        17,160        4,398        —          —          —    
Unsecured senior notes
     6,831        6,447        6,786        6,912        12,854        1,970  
Long-term borrowings
     —          —          3,088        3,139        2,936        450  
Operating lease liabilities
     —          —          —          8,717        15,763        2,416  
Total liabilities
     119,154        131,666        132,337        159,099        200,669        30,754  
Total mezzanine equity
     7,057        —          15,961        15,964        17,133        2,626  
Total JD.com, Inc. shareholders’ equity
     33,893        52,041        59,771        81,856        187,543        28,742  
Number of outstanding ordinary shares
     2,836,444,397        2,852,663,429        2,894,296,355        2,924,315,263        3,103,499,039        3,103,499,039  
 
    
For the Year Ended December 31,
 
    
2016
   
2017
   
2018
   
2019
   
2020
 
    
RMB
   
RMB
   
RMB
   
RMB
   
RMB
   
US$
 
    
(in millions)
 
Selected Consolidated Cash Flows Data:
            
Net cash provided by continuing operating activities
     9,467       29,342       20,881       24,781       42,544       6,520  
Net cash used in discontinued operating activities
     (1,227     (2,486     —         —         —         —    
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net cash provided by operating activities
(6)
     8,240       26,856       20,881       24,781       42,544       6,520  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net cash used in continuing investing activities
     (17,069     (21,944     (26,079     (25,349     (57,811     (8,860
Net cash used in discontinued investing activities
     (28,412     (17,871     —         —         —         —    
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net cash used in investing activities
(6)
     (45,481     (39,815     (26,079     (25,349     (57,811     (8,860
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net cash provided by continuing financing activities
     8,649       5,180       11,220       2,572       71,072       10,892  
Net cash provided by discontinued financing activities
     32,050       14,055       —         —         —         —    
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net cash provided by financing activities
     40,699       19,235       11,220       2,572       71,072       10,892  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Effect of exchange rate changes on cash, cash equivalents and restricted cash
     727       (642     1,682       406       (5,082     (779
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net increase in cash, cash equivalents and restricted cash
     4,185       5,634       7,704       2,410       50,723       7,773  
Cash, cash equivalents and restricted cash at beginning of year
     19,979       24,164       29,798       37,502       39,912       6,117  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Cash, cash equivalents and restricted cash at end of year, including cash and cash equivalents classified within assets held for sale
     24,164       29,798       37,502       39,912       90,635       13,890  
Less: cash, cash equivalents and restricted cash of discontinued operations at end of year
     6,303       —         —         —         —         —    
Less: cash, cash equivalents, and restricted cash classified within assets held for sale at end of year
     —         —         —         —         116       17  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Cash, cash equivalents and restricted cash of continuing operations at end of year
     17,861       29,798       37,502       39,912       90,519       13,873  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
7

Table of Contents
 
(6)
As a result of new accounting guidance adopted on January 1, 2018, the consolidated statements of cash flows were retrospectively adjusted to include restricted cash in cash and cash equivalents when reconciling the
beginning-of-period
and
end-of-period
total amounts shown on the statement of cash flows. The impact of the retrospective reclassification on cash flows of operating activities for the years ended December 31, 2016 and 2017 was a decrease of RMB527 million and an increase of RMB2,035 million, respectively. The impact on cash flows of investing activities for the years ended December 31, 2016 and 2017 was an increase of RMB2,787 million and a decrease of RMB2,317 million, respectively.
 
B.
Capitalization and Indebtedness
Not applicable.
 
C.
Reasons for the Offer and Use of Proceeds
Not applicable.
 
D.
Risk Factors
Risks Related to Our Business
If we are unable to manage our growth or execute our strategies effectively, our business and prospects may be materially and adversely affected.
Our business has continued to grow in recent years, and we expect continued growth in our business and revenues. We plan to further invest in technologies, expand our fulfillment infrastructure and increase our product and service offerings. For example, in 2020, we recruited new employees in connection with the expansion of our fulfillment infrastructure and additional research and development personnel to strengthen our supply chain-based technology and service capability, and we will continue to invest resources in training, managing and motivating our workforce. We also plan to continue to build our warehouses and establish new fulfillment facilities in additional locations across China, including smaller, less developed areas. In addition, as we continue to increase our product and service offerings, we will need to work with a large number of new suppliers and third-party merchants efficiently and establish and maintain mutually beneficial relationships with our existing and new suppliers and third-party merchants. To support our growth, we also plan to implement a variety of new and upgraded managerial, operating, financial and human resource systems, procedures and controls. All these efforts will require significant managerial, financial and human resources. We cannot assure you that we will be able to effectively manage our growth or to implement all these systems, procedures and control measures successfully or that our new business initiatives will be successful. If we are not able to manage our growth or execute our strategies effectively, our expansion may not be successful and our business and prospects may be materially and adversely affected.
We incurred net losses in the past and we may not be able to maintain profitability in the future.
We had net losses of RMB2,801 million in 2018 and had net income of RMB11,890 million and RMB49,337 million (US$7,561 million) in 2019 and 2020, respectively. We had an accumulated deficit of RMB24,038 million and RMB11,913 million, and retained earnings of RMB37,418 million (US$5,735 million) as of December 31, 2018, 2019 and 2020, respectively.
We cannot assure you that we will be able to continue to generate net profits in the future. Our ability to achieve and maintain profitability depends in large part on our ability to increase our gross margin by obtaining more favorable terms from our suppliers as our business further grows in scale, managing our product mix, expanding our online marketplace and offering value-added services with higher margins. Accordingly, we intend to continue to invest for the foreseeable future in our technology platform and fulfillment infrastructure to support an even larger selection of products and to offer additional value-added services. As a result of the foregoing, we may not be able to maintain our profitability in the future.
 
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If we are unable to provide superior customer experience, our business and reputation may be materially and adversely affected.
The success of our business hinges on our ability to provide superior customer experience, which in turn depends on a variety of factors. These factors include our ability to continue to offer authentic products at competitive prices, source products to respond to customer demands, maintain the quality of our products and services, attract and regulate third-party merchants on our online marketplace, and provide timely and reliable delivery, flexible payment options and superior after-sales service.
We rely primarily on our own fulfillment infrastructure, and to a lesser extent on third-party couriers, to deliver our products. Interruptions or failures in our delivery services or third-party couriers could prevent the timely or successful delivery of our products. These interruptions may be due to unforeseen events that are beyond our control or the control of our third-party couriers, such as inclement weather, natural disasters, virus outbreaks, transportation disruptions or labor unrest. If our products are not delivered on time or are delivered in a damaged state, customers may refuse to accept our products and have less confidence in our services. Furthermore, our own delivery personnel and those of third-party couriers act on our behalf and, in most instances, interact with our customers personally. We maintain cooperation arrangements with a number of third-party couriers to deliver our products to our customers in those areas not covered by our own fulfillment infrastructure and for a portion of our bulky item deliveries, and we need to effectively manage these third-party service providers to ensure the quality of customer services. We have in the past received customer complaints from time to time regarding our delivery and return and exchange services. In addition, we have opened our fulfillment infrastructure by offering logistics services to third parties. If we are not able to manage our logistics services successfully, opening these services to third parties could divert the resources available to our retail business and affect customer experience. Any failure to provide high-quality delivery services to our customers may negatively impact the shopping experience of our customers, damage our reputation and cause us to lose customers. In certain instances, our customers may be referred to our affiliates when using our services. Even though we do not necessarily have control over these affiliates, any negative customer experience associated with them may adversely affect our brand and reputation.
We operate three
24-7 customer
service centers in Suqian, Yangzhou and Chengdu, handling all kinds of customer queries and complaints regarding our products and services. As of December 31, 2020, we had over 12,000 customer service representatives at these three centers. There is no assurance that we will be able to maintain a low turnover rate of existing employees and provide sufficient training to new employees to meet our standards of customer service or that an influx of less experienced personnel will not dilute the quality of our customer service. If our customer service representatives fail to provide satisfactory service, or if waiting times are too long due to the high volume of calls from customers at peak times, our brand and customer loyalty may be adversely affected. In addition, any negative publicity or poor feedback regarding our customer service may harm our brand and reputation and in turn cause us to lose customers and market share.
Uncertainties relating to the growth and profitability of the retail industry in China in general, and the online retail industry in particular, could adversely affect our business, prospects and results of operations.
We generate the majority of our revenues from online retail. While online retail has existed in China since the 1990s, only recently have certain large online retail companies become profitable. The long-term viability and prospects of various online retail business models in China remain relatively untested. Our future results of operations will depend on numerous factors affecting the development of the online retail industry in China, which may be beyond our control. These factors include:
 
   
the growth of internet, broadband, personal computer and mobile penetration and usage in China, and the rate of any such growth;
 
   
the consumers’ trust and confidence level towards online retail in China, as well as changes in customer demographics and consumer tastes and preferences;
 
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the selection, price and popularity of products as well as promotions that we and our competitors offer online;
 
   
whether alternative retail channels or business models that better address the needs of consumers emerge in China; and
 
   
the development of fulfillment, payment and other ancillary services associated with online purchases.
A decline in the popularity of online shopping in general, or any failure by us to adapt our mobile apps and websites and to improve the online shopping experience of our customers in response to trends and consumer requirements, may adversely affect our net revenues and business prospects.
Furthermore, the retail industry is very sensitive to macroeconomic changes, and retail purchases tend to decline during recessionary periods. The majority of our net revenues are derived from retail sales in China. Many factors outside of our control, including inflation and deflation, currency exchange rate fluctuation, volatility of stock and property markets, interest rates, tax rates and other government policies and unemployment rates can adversely affect consumer confidence and spending, which could in turn materially and adversely affect our growth and profitability. Unfavorable developments in domestic and international politics, including military conflicts, political turmoil and social instability, may also adversely affect consumer confidence and reduce spending, which could in turn materially and adversely affect our growth and profitability.
Any harm to our JD brand or reputation may materially and adversely affect our business and results of operations.
We believe that the recognition and reputation of our JD (
京东
) brand among our customers, suppliers and third-party merchants have contributed significantly to the growth and success of our business. Maintaining and enhancing the recognition and reputation of our brand are critical to our business and competitiveness. Many factors, some of which are beyond our control, are important to maintaining and enhancing our brand. These factors include our ability to:
 
   
provide a compelling shopping experience to customers;
 
   
maintain the popularity, attractiveness, diversity, quality and authenticity of the products we offer;
 
   
maintain the efficiency, reliability and quality of our fulfillment services;
 
   
maintain or improve customers’ satisfaction with our after-sale services;
 
   
support third-party merchants to provide satisfactory customer experience through our online marketplace;
 
   
increase brand awareness through marketing and brand promotion activities; and
 
   
preserve our reputation and goodwill in the event of any negative publicity, including those on customer service, customer and supplier relationships, internet security, product quality, price or authenticity, or other issues affecting us or other online retail businesses in China.
A public perception
that non-authentic,
counterfeit or defective goods are sold on our mobile apps and websites or that we or third-party service providers do not provide satisfactory customer service, even if factually incorrect or based on isolated incidents, could damage our reputation, diminish the value of our brand, undermine the trust and credibility we have established and have a negative impact on our ability to attract new customers or retain our current customers. If we are unable to maintain our reputation, enhance our brand recognition or increase positive awareness of our websites, products and services, as well as products sold by third-party merchants through our online marketplace, it may be difficult to maintain and grow our customer base, and our business and growth prospects may be materially and adversely affected.
 
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Any actual or alleged illegal activities by our employees (including our senior management) could subject us to liability or negative publicity. These activities may also affect our employees’ ability or willingness to continue to serve our company or dedicate their full time and efforts to our company and negatively affect our brand and reputation, resulting in an adverse effect on our business, operating results and financial condition.
If we are unable to offer products that attract purchases from new and existing customers, our business, financial condition and results of operations may be materially and adversely affected.
Our future growth depends on our ability to continue to attract purchases from new customers and existing customers. Constantly changing consumer preferences have affected and will continue to affect the retail industry, in particular the online retail industry. We must stay abreast of emerging consumer preferences and anticipate product trends that will appeal to existing and potential customers. We have been making progress in leveraging artificial intelligence, or AI, technologies to generate personalized recommendations to customers for products in which they may be interested. Each product page typically has recommendations of similar products or other products that are often purchased together with that product. In addition, our mobile apps and websites make recommendations to customers according to a comprehensive dataset compiled based on customers’ shopping behavior. Our ability to make individually tailored recommendations is dependent on our business intelligence system, which tracks, collects and analyzes our users’ browsing and purchasing behavior, to provide accurate and reliable information. Our customers choose to purchase products on our mobile apps and websites due in part to the attractive prices that we offer, and they may choose to shop elsewhere if we cannot match the prices offered by other websites or by physical stores, or if we cannot maintain a steady supply of products they desire. If our customers cannot find their desired products on our mobile apps and websites at attractive prices, they may lose interest in us and visit our mobile apps and websites less frequently or even stop visiting our mobile apps and websites altogether, which in turn may materially and adversely affect our business, financial condition and results of operations.
If we are unable to manage our nationwide fulfillment infrastructure efficiently and effectively, our business prospects and results of operations may be materially and adversely affected.
We believe that our own nationwide fulfillment infrastructure, consisting of strategically located warehouses and delivery and pickup stations, is essential to our success. As of December 31, 2020, our warehouse network covered almost all counties and districts across China, consisting of over 900 warehouses operated by us and over 1,400 cloud warehouses operated by third-party warehouse owner-operators under JD Logistics Open Warehouse Platform. As of December 31, 2020, our warehouse network had an aggregate GFA of approximately 21 million square meters, including the GFA of the cloud warehouses under JD Logistics Open Warehouse Platform.
Our comprehensive fulfillment facilities covered almost all the counties and districts across China, and we had 242,452 warehouse and delivery personnel as of December 31, 2020. We are constructing our warehouses to increase our storage capacity and to restructure and reorganize our fulfillment workflow and processes. In April 2017, we opened up our fulfillment infrastructure to third-parties and established a new business group, JD Logistics, to provide integrated supply chain solutions and logistics services to third-party businesses across a wide range of industries. JD Logistics provides these businesses with comprehensive supply chain solutions, including warehousing and distribution services, express and freight services and other value-added services. In October 2018, JD Logistics opened up its leading logistics network to consumers, offering parcel delivery service to users in certain regions. Leveraging our extensive delivery network, users in these areas can conveniently send items intra-city and throughout most of mainland China with our same fast and reliable delivery service. In April 2019, JD Logistics introduced its new cold chain service which utilizes idle capacity in the industry to offer cold chain transport services. Combined with JD Logistics’s previously launched cold chain services, it has formed a
one-stop
shop from Factory to Business to Customer (F2B2C) cold chain delivery system to meet the service demands of manufacturers, third-party merchants, and consumers. JD Logistics has experienced rapid growth since its inception. However, the increase in demand for our logistics services may result in additional challenges in operating our fulfillment infrastructure. For example, increasing volume of parcels may cause delay for our delivery services, or we may be required to make significant capital expenditure to further expand our existing fulfillment facilities to handle the increasing orders both from our online marketplace and from third-party businesses. In addition, the development of logistics business is capital intensive. To address such capital requirement, in February 2018, we entered into definitive agreements with third-party investors for the financing of JD Logistics. JD Logistics raised a total amount of US$2.5 billion by issuing series A preference shares to third-party investors, who owned an aggregate of approximately 19% stake in JD Logistics on a fully diluted basis. In August 2020, JD Logistics issued additional series A preference shares to third-party investors in exchange for US$64.0 million. On February 16, 2021, JD Logistics, through its joint sponsors, submitted a listing application form (Form A1) to the Hong Kong Stock Exchange to apply for the listing of, and permission to deal in, the shares of JD Logistics on the Main Board of the Hong Kong Stock Exchange. There is no assurance as to whether or when the proposed listing may take place. We will remain the controlling shareholder of JD Logistics, assuming the completion of the proposed listing. Despite such arrangement and capital injection, JD Logistics may require additional capital resources due to further developments or changed business conditions. JD Logistics may seek to obtain a credit facility or sell additional equity or debt securities. The sale of additional equity securities could result in dilution of our equity stake in JD Logistics, and the investors may have a strategy or objective different from ours with respect to JD Logistics or impose conditions that could restrict the operations of JD Logistics. The incurrence of indebtedness would result in increased debt service obligations and could result in operating and financial covenants that would restrict its operations. It is uncertain whether financing will be available in amounts or on terms acceptable, if at all. In addition, JD Logistics may from time to time need to adjust certain elements of its operations in response to evolving economic conditions and business needs. These adjustments, however, may not be sufficient to allow JD Logistics to address the various challenges it faces or improve its results of operations and financial performance as expected. Furthermore, if the compensation package offered is not competitive in the market, JD Logistics may not be able to provide sufficient incentives to or maintain stable and dedicated warehousing, delivery personnel and other labor support, which may result in disruption to or delay in its delivery services. Any failure to address these risks and uncertainties could materially and adversely affect JD Logistics’s results of operations and financial performance and its prospects of achieving profitability, which could have a material adverse impact on our business development, financial conditions and results of operations.
 
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We also plan to continue the establishment of fulfillment facilities at additional locations, including those smaller and less developed areas, to further enhance our ability to deliver products to customers directly ourselves. As we continue to add fulfillment and warehouse capability and expand our reach to those smaller, less-developed areas, our fulfillment network becomes increasingly complex and challenging to operate. We cannot assure you that we will be able to acquire land use rights and set up warehouses, or lease suitable facilities for the delivery stations, on commercially acceptable terms or at all. Moreover, the order density in those smaller, less developed areas may not be sufficient to allow us to operate our own delivery network in a cost-efficient manner. We may not be able to recruit a sufficient number of qualified employees in connection with the expansion of our fulfillment infrastructure. In addition, the expansion of our fulfillment infrastructure may strain our managerial, financial, operational and other resources. If we fail to manage such expansion successfully, our growth potential, business and results of operations may be materially and adversely affected. Even if we manage the expansion of our fulfillment infrastructure successfully, it may not give us the competitive advantage that we expect if improved third-party fulfillment services become widely available at reasonable prices to retailers in China.
We face intense competition. We may not be able to maintain or may lose market share and customers if we fail to compete effectively.
The retail industry in China, in particular the online retail industry, is intensely competitive. We compete for customers, orders, products and third-party merchants. Our current or potential competitors include major
e-commerce
companies in China that offer a wide range of general merchandise product categories, major traditional retailers in China that are moving into online retailing, online retail companies in China focused on specific product categories, and physical retail stores including
big-box
stores that also aim to offer a
one-stop
shopping experience. See “Item 4.B. Information on the Company—Business Overview—Competition.” In addition, new and enhanced technologies may increase the competition in the retail industry. New competitive business models may appear, for example based on new forms of social media or social commerce.
Increased competition may reduce our margins and market share and impact brand recognition, or result in significant losses. When we set prices, we have to consider how competitors have set prices for the same or similar products. When they cut prices or offer additional benefits to compete with us, we may have to lower our own prices or offer additional benefits or risk losing market share, either of which could harm our financial condition and results of operations.
Some of our current or future competitors may have longer operating histories, greater brand recognition, better supplier relationships, larger customer bases, higher penetration in certain regions or greater financial, technical or marketing resources than we do. Those smaller companies or new entrants may be acquired by, receive investment from or enter into strategic relationships with well-established and well-financed companies or investors which would help enhance their competitive positions. Some of our competitors may be able to secure more favorable terms from suppliers, devote greater resources to marketing and promotional campaigns, adopt more aggressive pricing or inventory policies and devote substantially more resources to their websites, mobile apps and systems development than us. We cannot assure you that we will be able to compete successfully against current or future competitors, and competitive pressures may have a material and adverse effect on our business, financial condition and results of operations.
 
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Our expansion into new product categories and substantial increase in the number of products may expose us to new challenges and more risks.
In recent years, we have expanded our product offerings to include a wide range of products including apparel and footwear, bags, watches, jewelry, household goods, cosmetics, personal care products, baby and maternity products, food and beverages, fresh produce, fitness equipment, autoparts, pharmaceutical products, nutritional supplements, healthcare equipment, industrial products, and books and virtual goods. Expansion into diverse new product categories and substantially increased number of products and stock keeping units involves new risks and challenges. Our lack of familiarity with these products and lack of relevant customer data relating to these products may make it more difficult for us to anticipate customer demand and preferences. We may misjudge customer demand, resulting in inventory buildup and possible inventory write-down. It may also make it more difficult for us to inspect and control quality and ensure proper handling, storage and delivery. We may experience higher return rates on new products, receive more customer complaints about them and face costly product liability claims as a result of selling them, which would harm our brand and reputation as well as our financial performance. Furthermore, we may not have much purchasing power in new categories of products and we may not be able to negotiate favorable terms with suppliers. We may need to price aggressively to gain market share or remain competitive in new categories. It may be difficult for us to achieve profitability in the new product categories and our profit margin, if any, may be lower than we anticipate, which would adversely affect our overall profitability and results of operations. We cannot assure you that we will be able to recoup our investments in introducing these new product categories.
If we fail to manage our inventory effectively, our results of operations, financial condition and liquidity may be materially and adversely affected.
Our scale and business model require us to manage a large volume of inventory effectively. We depend on our demand forecasts for various kinds of products to make purchase decisions and to manage our inventory. Demand for products, however, can change significantly between the time inventory is ordered and the date by which we target to sell it. Demand may be affected by seasonality, new product launches, changes in product cycles and pricing, product defects, changes in consumer spending patterns, changes in consumer tastes with respect to our products and other factors, and our customers may not order products in the quantities that we expect. In addition, when we begin selling a new product, it may be difficult to establish supplier relationships, determine appropriate product selection, and accurately forecast demand. The acquisition of certain types of inventory may require significant lead time and prepayment, and they may not be returnable.
Our net inventories have increased significantly in recent periods, from RMB44,030 million as of December 31, 2018, to RMB57,932 million as of December 31, 2019 and further to RMB58,933 million (US$9,032 million) as of December 31, 2020. Our annual inventory turnover days were 38.7 days in 2018, 35.8 days in 2019 and 33.3 days in 2020. Annual inventory turnover days are the quotient of average inventory over the immediately preceding five quarters, up to and including the last quarter of the annual period, to cost of revenues of retail business for that annual period, and then multiplied by 360 days. As we plan to continue expanding our product offerings, we expect to include more products in our inventory, which will make it more challenging for us to manage our inventory effectively and will put more pressure on our warehousing system.
If we fail to manage our inventory effectively, we may be subject to a heightened risk of inventory obsolescence, a decline in inventory values, and significant inventory write-downs or write-offs. In addition, we may be required to lower sale prices in order to reduce inventory level, which may lead to lower gross margins. High inventory levels may also require us to commit substantial capital resources, preventing us from using that capital for other important purposes. Any of the above may materially and adversely affect our results of operations and financial condition.
On the other hand, if we underestimate demand for our products, or if our suppliers fail to supply quality products in a timely manner, we may experience inventory shortages, which might result in missed sales, diminished brand loyalty and lost revenues, any of which could harm our business and reputation.
 
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We may not be able to sustain our historical growth rates.
We have experienced rapid growth since we commenced our online retail business in 2004. However, there is no assurance that we will be able to maintain our historical growth rates in future periods. Our revenue growth may slow or our revenues may decline for any number of possible reasons, such as decreased consumer spending, increased competition, slowdown in the growth or contraction of the retail or online retail industry in China, fulfillment bottlenecks, emergence of alternative business models, changes in government policies or general economic conditions, and natural disasters or virus outbreaks. If our growth rate declines, investors’ perceptions of our business and business prospects may be adversely affected and the market price of our Class A ordinary shares and/or ADSs could decline.
If we are unable to conduct our marketing activities cost-effectively, our results of operations and financial condition may be materially and adversely affected.
We have incurred significant expenses on a variety of different marketing and brand promotion efforts designed to enhance our brand recognition and increase sales of our products. Our brand promotion and marketing activities may not be well received by customers and may not result in the levels of product sales that we anticipate. We incurred RMB19,237 million, RMB22,234 million and RMB27,156 million (US$4,162 million) of marketing expenses in 2018, 2019 and 2020, respectively. Marketing approaches and tools in the consumer products market in China are evolving. This further requires us to enhance our marketing approaches and experiment with new marketing methods to keep pace with industry developments and customer preferences. Failure to refine our existing marketing approaches or to introduce new marketing approaches in a cost-effective manner could reduce our market share, cause our net revenues to decline and negatively impact our profitability.
If we fail to manage and expand our relationships with suppliers, or otherwise fail to procure products on favorable terms, our business and growth prospects may suffer.
We source products from third-party suppliers for our retail business. We had over 31,000 suppliers as of December 31, 2020. Our suppliers include domestic and cross-border manufacturers, distributors and resellers. Maintaining strong relationships with these suppliers is important to the growth of our business. In particular, we depend significantly on our ability to procure products from suppliers on favorable pricing terms. We typically enter into
one-year
framework agreements with suppliers on an annual basis, and these framework agreements do not ensure the availability of products or the continuation of particular pricing practices or payment terms beyond the end of the contractual term. In addition, our agreements with suppliers typically do not restrict the suppliers from selling products to other buyers.
We cannot assure you that our current suppliers will continue to sell products to us on commercially acceptable terms, or at all, after the term of the current agreement expires. Even if we maintain good relationships with our suppliers, their ability to supply products to us in sufficient quantity and at competitive prices may be adversely affected by economic conditions, labor actions, regulatory or legal decisions, customs and import restrictions, natural disasters or other causes. In the event that we are not able to purchase merchandise at favorable prices, our revenues and cost of revenues may be materially and adversely affected. In the event any distributor or reseller does not have authority from the relevant manufacturer to sell certain products to us, such distributor or reseller may cease selling such products to us at any time. In addition, our annual accounts payable turnover days for retail business were 60.2 days in 2018, 54.5 days in 2019 and 47.1 days in 2020.
Annual accounts payable turnover days are the quotient of average accounts payable for retail business over the immediately preceding five quarters, up to and including the last quarter of the annual period, to cost of revenues of retail business for that annual period, and then multiplied by 360 days. If our suppliers cease to provide us with favorable payment terms, our requirements for working capital may increase and our operations may be materially and adversely affected. We will also need to establish new supplier relationships to ensure that we have access to a steady supply of products on favorable commercial terms. If we are unable to develop and maintain good relationships with suppliers that would allow us to obtain a sufficient amount and variety of authentic and quality merchandise on acceptable commercial terms, it may inhibit our ability to offer sufficient products sought by our customers, or to offer these products at competitive prices. Any adverse developments in our relationships with suppliers could materially and adversely affect our business and growth prospects. Any disputes with suppliers could adversely affect our reputation and subject us to damages and negative publicity. In addition, as part of our growth strategy, we plan to further expand our product offerings. If we fail to attract new suppliers to sell their products to us due to any reason, our business and growth prospects may be materially and adversely affected.
 
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Any interruption in the operation of our regional fulfillment centers, front distribution centers, other additional warehouses, delivery stations or pickup stations for an extended period may have an adverse impact on our business.
Our ability to process and fulfill orders accurately and provide high-quality customer service depends on the smooth operation of our regional fulfillment centers, front distribution centers, other additional warehouses, and our delivery and pickup stations. Our fulfillment infrastructure may be vulnerable to damage caused by fire, flood, power outage, telecommunications failure,
break-ins,
earthquake, human error and other events. If any of our regional fulfillment centers were to operate at a lower capacity or rendered incapable of operations, then we may be unable to fulfill any orders in a timely manner or at all in any of the provinces that rely on that center. For example, business operations at our fulfillment centers could be disrupted if any of our employees working therein are suspected of being infected with a novel strain of coronavirus
(“COVID-19”),
since it could require our employees to be quarantined and/or our offices to be disinfected. In addition, those events that could damage our fulfillment infrastructure, such as fire and flood, may also result in damages to our inventory stored in or delivered through our fulfillment infrastructure, and in such event, we would incur losses as a result. We do not carry business interruption insurance other than in connection with the fixed business premises of our 7FRESH business, and the occurrence of any of the foregoing risks could have a material adverse effect on our business, prospects, financial condition and results of operations.
We may not be able to recoup the investments we make to expand and upgrade our fulfillment and technology capabilities.
We have invested significant resources in expanding and will continue to expand our fulfillment infrastructure and upgrade our technology platform. In connection with our expansion of our fulfillment infrastructure, we had paid an aggregate of approximately RMB25.5 billion (US$3.9 billion) for the acquisition of land use rights, building of warehouses and purchase of warehousing equipment as of December 31, 2020. We sold certain of our development properties since 2019 and had received an aggregate of proceeds of RMB12.7 billion (US$1.9 billion) as of December 31,2020. We seek to realize development profits and recycle capital from development properties to fund new developments and scale the business. This initiative, however, may not always be successful. See “Item 4. Information on the Company—A. History and Development of the Company” for further information. We also paid significant amounts for upgrading our technology platform during the same periods. We expect to continue to invest in our fulfillment and technology capabilities for a number of years. We also intend to continue to add resources to our fulfillment infrastructure and upgrade our technology platform as we focus on expanding our product selection and offering new services. We are likely to recognize the costs associated with these investments earlier than some of the anticipated benefits, and the return on these investments may be lower, or may develop more slowly, than we expect. We may not be able to recover our capital expenditures or investments, in part or in full, or the recovery of these capital expenditures or investments may take longer than expected. As a result, the carrying value of the related assets may be subject to an impairment charge, which could adversely affect our financial condition and results of operation.
Moreover, our heavy investment in building our own fulfillment infrastructure may put us at a competitive disadvantage against those competitors who primarily rely on third-party fulfillment services and focus their investment on improving other aspects of their businesses. We have designed our own fulfillment infrastructure to satisfy our business and operation requirements and to accommodate our fast growth, but there is no guarantee that we will be successful in meeting our objectives or that our own fulfillment structure will function more effectively and efficiently than third-party solutions.
We use third-party couriers to deliver some orders, and our third-party merchants use couriers to deliver a significant number of orders. If these couriers fail to provide reliable delivery services, our business and reputation may be materially and adversely affected.