双语阅读：京东商城扩张忙

　　　　The group – 360buy – that runs Jingdong Mall, China’s second-largest online retailer by transaction value, is preparing to ramp up acquisitions, adding to speculation about its plans to raise at least $1bn via a US listing.
　　　　京东商城集团(360buy)准备加大收购力度，此举强化了外界对于该集团谋求上市的预期。此前人们曾猜测，京东计划赴美上市，筹资至少10亿美元。以交易额计，京东是中国第二大网上零售商。
　　　　“We will do a lot of acquisitions in the second half of 2012,” Richard Liu, 360buy’s founder and chief executive, told the Financial Times in his first interview with foreign media. “The Chinese ecommerce sector has already entered its shakeout phase, and that phase will be over by the end of next year. We will take advantage of it.”
　　　　京东创始人兼首席执行官刘强东(Richard Liu)向英国《金融时报》表示：“2012年下半年我们会进行大量的收购。中国电子商务行业已进入洗牌阶段，这一阶段将在明年年底结束。我们会抓住这个机会。”这是刘强东首次接受外国媒体采访。
　　　　The moves are likely to intensify competition with Alibaba, which dominates China’s ecommerce market but is in the middle of a restructuring.
　　　　京东此举可能会加剧它与阿里巴巴(Alibaba)之间的竞争，后者目前是中国电商行业的“龙头老大”。不过，阿里巴巴正在经历重组。
　　　　When 360buy, which has hired Bank of America Merrill Lynch, Goldman Sachs, JPMorgan and UBS to advise on the plans, briefed analysts about its business late last month, it triggered rumours that it could go public in the US as early as September.
　　　　京东已聘请美银美林(Bank of America Merrill Lynch)、高盛(Goldman Sachs)、摩根大通(JPMorgan)和瑞银(UBS)为其收购计划提供咨询。上月底，京东曾向分析师介绍其业务状况，这引发了外界的猜测，认为它可能最早会在9月份赴美上市。
　　　　Mr Liu denied that the company was in a hurry to list. “We have enough cash until 2015,” he said.
　　　　刘强东否认京东正急于上市。他说：“我们的现金足够用到2015年。”
　　　　As of the end of 2011, 360buy had nearly $1bn in cash, according to analysts it has briefed.
　　　　曾听取京东介绍业务状况的分析师指出，截至2011年底，该公司拥有将近10亿美元现金。
　　　　Jingdong Mall recorded transaction volume last year of Rmb30bn ($4.7bn), more than three times the size of Amazon China and up 200 per cent from 2010, according to iResearch, a Beijing-based internet industry analyst.
　　　　总部位于北京的互联网行业研究机构艾瑞咨询(iResearch)的数据显示，去年京东的交易额为300亿元人民币（合47亿美元），是亚马逊中国(Amazon China)的三倍有余；若纵向相比，京东去年的交易额较2010年增长200%。
　　　　While Taobao and TMall, the consumer ecommerce sites of Alibaba, are China’s largest online retail sites, they do not hold inventory themselves but merely provide platforms for others to trade on – an important difference from Jingdong’s business model.
　　　　相比之下，阿里巴巴旗下的消费者电子商务网站——淘宝(Taobao)和天猫(TMall)——虽是中国最大的在线零售网站，但它们自身并不拥有库存，只是为他人提供交易平台。这是它们与京东在业务模式上的一个重要不同之处。
　　　　However, Jingdong has also started a similar platform business. After failing to attract luxury brands to its mall, it has begun allowing them to do their own trading on its site, giving them more control over their brands and prices. Mr Liu said the company would expand this business so that it would account for half its revenues, from less than 20 per cent currently.
　　　　不过，京东也已推出一种类似的平台业务。由于未能吸引到奢侈品品牌入驻京东商城，该公司开始允许它们在其网站上自行开展交易，给予它们对自身品牌及价格以更大的控制权。刘强东说，京东将扩大这一业务，会将其在总收入中所占的比重由目前的不到20%提高至50%。
　　　　Net revenue at 360buy has soared from Rmb2.9bn in 2009 to Rmb21bn last year. The company forecasts that the figure will more than double this year and rise almost tenfold to Rmb208bn by 2015.
　　　　去年，京东的净收入从2009年的29亿元人民币猛增至210亿元人民币。该公司预计，今年的净收入将增长一倍以上，2015年的净收入将增至2080亿元人民币，近乎为2009年的10倍。
　　　　But net losses more than doubled to over Rmb1bn last year, and 360buy does not expect to turn a profit until 2015. Its gross profit margin rose to 5.5 per cent from under 5 per cent in 2010, and is projected to increase to about 8 per cent this year and to more than 13 per cent by 2015.
　　　　不过，京东去年的净亏损增长了逾一倍，达到10亿元人民币以上；而且该公司预计，在2015年之前不会实现盈利。京东的毛利率从2010年的不足5%升至去年的5.5%，今年预计将达到8%左右，到2015年时则有望超过13%。
　　　　The company is pouring Rmb10bn into a nationwide logistics and delivery service during the next three years. While that plan, and a similar push by Alibaba, began as an attempt to deal with capacity bottlenecks and service quality shortcomings in the express delivery sector, 360buy now expects logistics to become an important driver of revenue.
　　　　京东将在今后三年投入100亿元人民币，提升在全国范围内的物流及配送服务。尽管这一计划（阿里巴巴也推出了类似举措）最初是为了应对快递行业的运能瓶颈及服务质量缺陷，但京东现在希望，物流能成为公司收入增长的重要推动力之一。
　　　　“We could become profitable tomorrow, but there is no value in that itself. We have to invest now,” said Mr Liu.
　　　　刘强东说：“我们明天就能实现盈利，但这本身没有任何意义。我们现在必须投资。”
　　　　The company has been handling orders from other domestic ecommerce companies on a test basis since February and will officially open to outside orders in August. It is negotiating with Dell to handle deliveries in China for the US computer company.
　　　　2月份以来，京东就一直在尝试处理来自国内其他电商企业的订单。它将于8月份正式开始承接外部订单。眼下，京东正与美国电脑公司戴尔(Dell)展开协商，打算为后者处理在中国市场上的配送。
　　　　“By 2015, I expect the external order volume to exceed internal orders handled by our delivery service,” Mr Liu said.
　　　　刘强东谈到，“预计到2015年时，我们配送服务处理的外部订单数量将超过内部订单。”