Founder, JD.com
刘强东最新访谈深度解析：为何他断言跨境电商必败、痛批白牌货有损国格？京东未来将靠物流、外卖与酒旅新业务，挑战亚马逊不碰的领域，实现制度胜利。
**啊啊啊啊啊！刘强东开喷拼多多：卖白牌垃圾货毁中国形象！ ** 姐妹们！东哥这次618访谈真的杀疯了！！！直接点名开撕啊！
About Richard Liu
In a June 2025 interview, Liu Qiangdong criticized cross-border e-commerce, stating that it "has no future" because countries will take action against the sale of low-quality goods. He also argued that selling white-label products "harms the national image" and that economies relying on such goods will never achieve quality. Liu emphasized that JD.com's core is logistics and supply chain management, and that the company focuses on reducing costs and improving efficiency. He stated that JD.com has moved its headquarters to a suburban area to improve operational efficiency. Liu has previously discussed the importance of building a management system that is not a family business, and he has said that if an industry is "chaotic and terrible," that represents a "huge opportunity." He has also stated that JD.com's retail business costs account for about 10% of its revenue, which he described as the lowest cost in the global retail industry. In earlier remarks, Liu said that the ultimate success of a company depends on its team, and that the core of JD.com's logistics model is to reduce product circulation and improve efficiency.
Transcript (145 segments)
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Narrator0:00
Hello everyone, welcome to Old Fan's storytelling YouTube channel. Today, let's talk about what Liu Qiangdong said during this year's 618 event.
Who did he pay tribute to? Who did he criticize? First, let's talk about the origin and decline of 618.
618 was originally JD.com's anniversary celebration, originating on June 18, 1998.
JD.com was founded in Zhongguancun, Beijing. It's truly a store celebration day; they were established on that day.
In 2010, JD.com first designated 618 as its anniversary sales node.
In 2013, it was formally upgraded to the 618 Shopping Festival, imitating Taobao's Double 11 model.
Subsequently, platforms like Tmall and Pinduoduo joined. Note that it's not easy for the internet to create a festival.
During Double 11, JD.com and Pinduoduo also participate. Now, Pinduoduo hasn't created its own festival.
Because they're always price-cutting and doing 'chop a knife' stuff. Now, the total GMV for 618 is no longer disclosed.
It's said that some people don't like internet-created festivals.
So now, Double 11 isn't as lively as before, and 618 isn't either. Everyone has stopped talking about it.
If you don't talk about it, these internet festivals will gradually be forgotten.
Now, the market structure is also changing. Live-streaming e-commerce, Douyin, and video accounts are capturing a lot of market share.
Although JD.com and Alibaba are all doing live-streaming e-commerce, they still lag behind Douyin in this area. Instant retail is also gradually developing.
Instant retail services like Meituan Flash Delivery and JD Instant Delivery, where you place an order and receive it in 20 to 30 minutes, are becoming more common.
Moreover, there are new challenges. The first is traffic decentralization. Previously, you could rely on a single big influencer like Li Jiaqi.
Now, you can't do that. You have to spread traffic out, because if a big influencer gets into trouble, you can't bear the responsibility.
Another challenge is the normalization of promotions, especially with government subsidies.
When is it not a promotion day? Every day is a promotion. With these layers of promotions, it's all confusing.
Government subsidies are also troublesome. Last week, I said some places had stopped subsidies, and someone commented that theirs was still ongoing.
It varies by province. It's said the central government plans to issue another 130 billion yuan in subsidies to boost consumption.
There's also a new rule: devices bought with government subsidies have restricted billing. You can open a personal invoice for repairs.
But you can't open a company invoice for reimbursement with a subsidized purchase. JD.com is still working hard on 618, since it's their store celebration.
Let's take a quick look at JD.com's sales this year.
For phone sales, the first place is the iPhone 16 Pro base model.
It dropped to under 6,000 yuan, benefiting from government subsidies, so people snapped it up. Second is the iPhone 16 Pro Max.
Third is the iPhone 16. Fourth is the Redmi K80. Fifth is the Redmi Turbo 4 Pro.
Sixth is the iPhone 14. Why? No one knows. Why is the iPhone 15 not selling well, but the iPhone 14 is?
Maybe the iPhone 14 is cheaper. Seventh is the Redmi Note 14 Pro.
Eighth is the Redmi 14C. Ninth is the OnePlus Ace 5, a sub-brand of OPPO.
Tenth is the iQOO Neo10, a sub-brand of Vivo. So in the top ten, there are four iPhones and four Redmi phones.
Then one OPPO and one Vivo. By brand, Apple is first in both sales volume and revenue.
Because iPhones are expensive. Xiaomi is second in both. Third is OPPO, fourth is Vivo.
Fifth is Huawei. Huawei's sales are worse, but their phones are expensive, so revenue is fifth.
Once subsidies and discounts kick in, nothing can compete with iPhones.
The rest are low-end phones like Redmi. This year, Liu Qiangdong had to come out and talk.
He had to create some buzz. So on the afternoon of June 17, JD.com's founder and chairman Liu Qiangdong gave an interview to media like China Entrepreneur at JD.com headquarters in Yizhuang, Beijing.
He said a lot of things that professional managers wouldn't dare to say, worth listening to.
Many clips were widely shared on short video platforms.
Note his title: Founder and Chairman of JD.com, not CEO. The current CEO is a woman named Xu Ran.
What did Liu Qiangdong say? First, three widely circulated clips.
The first one is funny: he said cross-border e-commerce has no future because the relevant countries will definitely crack down on you.
The U.S. has already acted, and Europe will eventually. If you sell cheap junk there, they won't be happy.
First, cross-border e-commerce steals local jobs and tax revenue, so they'll come after you.
Second, the cross-border e-commerce model can only sell cheap goods, and you can't compete.
He said this severely damages China's national image.
He mentioned that for a while, the quality of Chinese manufacturing had improved, and foreigners were starting to see that Chinese products were usable.
But now, selling super cheap junk for one or two euros has made Westerners think China is still producing garbage.
Selling white-label cheap goods is harmful. Without brands, the country's social and economic development will never have quality.
If a country always relies on junk and white-label products, the economy can never improve.
Factories producing junk can't make money, so they squeeze workers, can't pay social insurance and good wages.
Squeezed workers can't consume, so they buy junk, creating a vicious cycle.
Brand companies need to make more money so they can invest in R&D, produce better products, hire more talent, and raise wages.
Higher wages mean workers buy brand products, benefiting retailers, brands, consumers, and workers.
He emphasized that selling white-label goods damages the national image, raising it to that level.
Everyone is sharing this because it criticizes someone—who sells white-label goods and cheap junk?
We'll summarize Liu Qiangdong's interview and identify who he paid tribute to and who he criticized. That's criticism.
The third point: overtime is unavoidable. He said, 'I'm not a god. If you don't compete, you die.'
'Countless JD employees work overtime during 618. I really can't do anything about it.'
'I know I'll be criticized, but in this brutally competitive industry, if JD doesn't fight, I won't survive.'
This point has resonated widely on Douyin.
What else did he say? First, he talked about vision.
He visited UPS headquarters in a remote suburb, not in the city center.
He asked the CEO why such a big Fortune 500 company would have its headquarters so far from the city.
The CEO replied that big companies should be responsible to the city and shouldn't be in the city center. So JD moved its headquarters to Yizhuang.
Many people criticized the move, saying it was inconvenient. Some even resigned.
He said he learned from UPS. Now JD Group has 600,000 employees.
If all 600,000 were in Chaoyang or Haidian, they'd paralyze several blocks.
That's another criticism: 'I have a conscience.' Then he talked about adopting orphans.
In JD's early days, each employee would adopt an orphan.
With 100 employees, they'd adopt 100 orphans; with 1,000, they'd adopt 1,000.
Later, there were too many employees to find enough orphans, so they donate regularly.
He's always claimed a strong sense of social responsibility, which he says won't change.
Second, everything revolves around logistics. What is JD's core?
It's not e-commerce or food delivery; it's logistics.
Every three years, JD launches new businesses: JD Logistics, JD Finance, JD Industrial, JD Health, JD Property Development.
Two businesses might sound unclear: JD Industrial doesn't manufacture; it handles industrial supply chains.
For a factory needing supplies, storage, and inter-factory distribution, JD steps in to manage the logistics.
You order on our platform, we stock near you, deliver instantly, no extra storage fees. We handle everything.
That's JD Industrial. The other is JD Property Development.
This manages logistics infrastructure like warehouses and sorting centers.
It also handles industrial park operations, connecting them to warehouses.
Factories in the park can order raw materials via an app, and JD delivers and ships finished goods.
They also offer smart property services and energy management.
Over the past five years, Liu Qiangdong was essentially retired, doing nothing. But he said that's wrong, and now he's pushing forward.
Next steps: food delivery, already in competition; hotel and travel; overseas expansion; and stablecoins.
Everything revolves around the supply chain, including stablecoins for quick, low-cost settlement.
Hotels: JD will offer booking, but its real goal is one-stop hotel supply chain management.
Hotels can order linens, cups, shampoo, etc., through JD for reliable, timely delivery.
Additionally, JD can sell flight-plus-hotel packages to its affluent customers.
JD will assure customers that hotel supplies are JD-exclusive, boosting brand trust.
Food delivery is different from Meituan; it's an extension of fresh food logistics.
New businesses are coming soon. Stablecoins are for global procurement settlement.
He mentioned building a logistics center in Europe over several years, sourcing locally.
JD is the largest retail partner for major consumer brands worldwide, due to JD Direct.
For example, Coca-Cola just delivers to the nearest JD warehouse, and JD handles the rest.
Third-party sellers can't match JD's sales, so JD is the biggest partner.
They will gradually export Chinese brands, avoiding white-label goods to protect the national image.
JD won't compete with Amazon overseas; it will sell items Amazon doesn't.
JD's core is lowest cost, highest efficiency, and best experience through technology.
These three factors are typically an impossible triangle, but JD claims to improve all three.
For example, Suning took 20% profit in appliance sales, squeezing brands.
Suning earned more than brands, which was wrong. They also delayed payments for 120 days on average.
JD keeps profit around 10%, so brands earn more than JD.
He explained that JD's reported profit includes advertising, interest, and service income.
Internal advertising on JD has higher conversion than Douyin, similar to Amazon.
Customers on JD intend to buy, so ad conversion is high.
JD pays suppliers promptly, with a 59-day payment cycle.
JD wants to shorten that cycle to improve efficiency.
Who did Liu Qiangdong pay tribute to? First, UPS for being responsible by moving headquarters to the suburbs.
Second, Midea, Haier, and Gree for being leaders in appliances, as JD is the top seller in that category.
Then he paid tribute to Yu Donglai for improving worker benefits, paying social insurance on actual wages.
He said JD spends 18 billion yuan annually on social insurance, but it's morally right.
He also praised Yu Donglai for keeping profits low and raising salaries.
Happy employees provide better service.
Who did he criticize? First, Meituan.
He criticized Meituan for food safety issues, saying JD's food delivery model will solve that.
Second, Pinduoduo for selling white-label junk.
Third, ByteDance for having its headquarters in Haidian, causing traffic jams.
He discussed his retirement plans. He stepped back due to lack of confidence in managing a 300,000-person company.
He wanted to ensure succession by professional managers, not by family.
He praised Haier and Midea for successful succession by professional managers. Gree wasn't mentioned, as Dong Mingzhu is still active.
He criticized founders who work until their 80s and pass the company to their children, like Zong Qinghou of Wahaha.
He also mentioned Liu Yonghao of New Hope, who passed to his daughter, and Ren Zhengfei of Huawei, who hasn't declared a successor.
Also Cao Dewang, Tao Huabi of Laoganma, and Dong Mingzhu—all working past 70.
He wants JD to be managed by institutions and professional managers, not by aging founders who pass to their children.
JD's profit margin is low, but that's intentional: they reduce costs, lower service fees, and pay employees more.
For comparison, Kweichow Moutai has a 52.3% profit margin, Meituan 10.6%, Xiaomi 7.4%, Pinduoduo 28.5%, Tencent 29.4%.
Huawei's margin is 7.3%, Alibaba's 7.6%, JD.com's only 3.5%. JD has 900,000 employees, the most.
ByteDance has high margins at 21%, with 110,000-150,000 employees.
What's next for JD? Food delivery with a new model: JD Kitchens.
Instead of relying on outside restaurants, JD will build centralized kitchens where food is prepared under surveillance.
All ingredients come from JD's supply chain, ensuring safety. If needed, JD provides supply chain finance so sellers can withdraw money immediately.
For hotels, JD will offer supply chain management and finance, plus booking services.
Overseas, Liu Qiangdong wants to focus on helping 1,000 Chinese brands succeed globally through JD's logistics.
He aims to sell products not available on Amazon or local retailers.
Logistics relies on finance, using stablecoins for fast payments and loans.
JD's advantage is internal integration: with its customer base, delivery, sourcing, and finance, it can outcompete Meituan.
JD's success comes from institutional design, not just low profit.
CEO Xu Ran has a financial background from PwC, like Daniel Zhang of Alibaba who had issues.
Founders and CEOs need to cooperate well: founders set strategy and institutions, CEOs ensure execution.
Liu Qiangdong, as chairman, defines the system and strategy. If he leaves, can the professional CEO sustain it? Time will tell.
In summary, Liu Qiangdong came out again as an influencer. His talk is worth listening to, more interesting than professional managers' empty speeches.
Where JD will end up is uncertain. We'll likely see many interesting stories along the way.
That's the interview Liu Qiangdong gave on June 17. We've shared some highlights for you.