DADA - Earnings call 3 2023 | Dada Nexus Limited

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Operator

Good morning, ladies and gentlemen, and thank you for standing by for Dada's Third Quarter 2023 earnings conference call. [Operator Instructions] As a reminder, today's conference is being recorded.

I will now turn the meeting over to your host for today's call, Ms. Caroline Dong, Head of Investor Relations for Dada. Please proceed, Caroline.

Caroline Dong

operator. you, Thank thank earnings and joining third our Hello, call. you XXXX conference quarter everyone, for

On discrepancy remarks be from CFO. call answer and highlights, and President; talk the the Chinese guidance. today our the then and that Huijian Mr. about the provided. discuss case statements Mr. original He, Mr. Jeff Please note Chen Beck the In and kindly in Chen, operations in Mr. during will original Q&A remarks will questions session, Dada, He company between we financials of version, translated should any translation and Jeff will the will the consecutive prevail. have

remind call, measures release during we earnings to website, Harbor discuss call. non-GAAP latest of which conference this that non-GAAP Safe this this forward-looking on release, measures. which GAAP refer in press applies we to to Before also measures. to call our financial earnings to the comparable will the our reconciliation Please a Also, our I'd statement certain begin, IR press you statements. like contains Please refer contains

Finally, ahead. call in He. is otherwise figures my stated, please President, now our to go are pleasure introduce Jeff, RMB. It this during please note Mr. that, mentioned unless conference all

Huijian He

you, today. you Thank Caroline, all thank us and for joining

Dada During efficiency. sustained the and its quarter gains of in operating Group made third XXXX, impressive further top-line growth

will detailed by percentage over points cooperation begin operating followed our X increased revenues to take our net Double during and XX who our results. will by XX% by hand and I year-over-year. I our will total from performance you shopping XX Beck, margin presentation Our updates JD.com through platforms. net with adjusted financial today's highlights then with on some festival, the improved

unveiled jobs. an discuss our and conference retail and or creating industry enabling in on-demand "Happiness held Group In let's JD.com [Foreign within Dada X-year Language], boosting cooperation consumption, a action retailers, Reach" themed First, and plan October, JD.com. with

XX five our JDDJ RMB aim than to next with on-demand of digital years, the retail partners, stores, million but on-demand commitment X not and transformation social cumulatively more us Now demonstrates our and ecosystem in only in employment the facilitate industry, Specifically, in along over responsibility. consumption drive of to trillion retail brick-and-mortar the confidence will Dada million X over potential also of JD.com achieve create shouldering our cooperation flexible strengthen these goals. opportunities. This and strong

festival. Next, would shopping provide some from Double I highlights to the like recent XX

home growth, high, with GMV For mom-and-baby liquor, JDDJ, grew products, an all-time including promotion the peak-day GMV furnishings throughout registering categories convenience and and stores. reached triple-digit robustly, multiple

on For million another orders million, the reached Dada the total XXX record XX during high Now, orders fulfilled fulfilled hit period. peak promotion and day of

third platforms. Let's expand China. to X and enhanced and we the move our further capability the JDDJ, partnerships our platform with operational quarter, our Starting highlights In strengthen technology retail in retailer on-demand cooperation. leading on innovation. Starting retailers with to continued with the for brands, in and

enrich to During broaden product deepen we cooperation our to continued with retailers this quarter, offerings. our and

JDDJ of thousand end had September, four onboarded than retail the hundred of more stores. As

with more we campaign established out delivery our of added we rolled in supermarket our supermarket now chains waiver among both engagement, category, supermarket category. supermarket repurchase at top the China. After to to XX chains across of saw and In as retention partnerships frequency have fee the top user XXX platform the increase the notable and country our supermarkets in by majority rate in evidenced users of we the end in July, improvement out

major leading with times store convenience made in chains, stores X more GMV than by our collaboration generated to our platform progress convenience on We also growing year-on-year.

the sale new in the Apple launch year. XX the during first iPhone XXX% series for compared officially smartphone increased sales sub-category, of the two in the the September, iPhone participated category, hours After was electronics debut. XX in sales to fourth launched consumer the to for on by products Moving JDDJ consecutive in

saw the OnePlus In Xiaomi, and OPPO, growth rapid as in such third addition, quarter. brands Android also

for For and attributable brands the efforts shopping the weekend computer support was and as significant marketing brands, accessories XGIMI growth such sub-category, GMV diverse new our Xiaotiancai, increased This to year-on-year. explore by events, scenarios. experienced and our to XX% Notably, quarter. Dell, during growth

stores enhanced offering channels, We appliance offering also brands home installation. major we needs this furnishing with we onboarded and in differentiated make with continued In progress appliance SKUs In our and X,XXX user experience new while appliance to newly to and the partnerships as quarter, the and diversified platform. by as Skyworth category. aim established sub-category, delivery home serve compared home appliance of onto such home one-stop Hisense BXC

Skechers, XX% GMV As Service, achieving with a year-on-year. The by rapid partnerships such apparel In category than partnerships such nearly furnishing including as services. In appliance home new Xx quarter, GMV growth, brands We home established Painting result, and well underwear year-on-year. as saw as increased Cosmo Hongdou, also of third Tourister. a in of the increasing new the as grew painting and number signed GMV year-on-year. merchants PEAK, Aimer, offering outdoor Xx recently Nippon with of of brands the such by Lady, American we category, with our brands brands more sub-category luggage as a breakthrough apparel

by in of our the SKUs. tripled category, GMV third year-on-year efforts core quarter, supplies more continuous in improving liquor the driven For the than

about cooperation Next, progress let's brands. deepening with on JDDJ's talk

sales for XX As sales on brands brand of platform help XX in and more a our which XXXX. XX in September, to in than than than officially Plan," and pioneer more billion aims leader a Billion launched billion RMB Brand achieve benchmark more "Double we with the RMB of OXO X brands, establish marketing

the we brands baijiu kept on-demand including with. pool and expanding. being partnerships Recently, partner Yanghe, first Moutai platform with cooperated brand leading they retail formed Our

also snack and brands dairy Lechun We Yanjin Simplove. established and with Food such new food such brands partnerships as as

Starting in enhance them help such OMO, via continued enhance September, JDDJ. Maxam our off dancing with through campaigns we collaborations brands such both competitions. Quaker, helping and innovative also OXO collaborated on reach marketing exposure users with We to to omni-channel and offline brands, as channels, multiple as them

XXX% the a in the volume. increase On a sales of XX% saw year-on-year order in remarkable increase Quaker in day and final event Shanghai,

Next, I'd innovation technology about our talk efforts. like to

omni-channel For in to play retailers, our role Haibo an important efficiency. improving operating OXO continued system

As in We been logic. more nearly Haibo XX,XXX of had Haibo counting the used end merchants algorithm upgraded deployed upgraded saw support who function visualized scenarios drop business stores. of a iterated to abnormalities. in additional the recently make Pilot stocktaking September, function inventory XX% system's efficient this through stocktaking and

Hongtu marketing first our For in tool on-demand improve Through for brands, upgraded marketing more grid opportunities demand in the to grid analysis, brands of data omni-channel industry, brands to status, helps efficiency. marketing campaigns marketing BXC terms technology. we and OXO supply September, further marketing identify the make Hongtu, their effective. we as grid-level plus their so released by consumer In retail both

rate third in FMCG, than year-on-year. I from present, quarter, increase new quarterly the with active used more At KA, our riders conversion chain to discuss decrease our leading quarter, merchants brands high to accelerated revenue increasing KAs merchants, consumer of business. first rate grow XX% on on-demand Now our revenue will continued third KA services rapidly digit rate. delivery continued to delivery or to expand growth XX% beverage particular, from double the platform and year-on-year. In and health now electronics, such cost the their acquisition XX% Dada In to marketing will Hongtu capacity, brands has delivery In the turn that as by the XX average and we customer Dada platform. the wellness. XX%. I by solution saw Hongtu China's by local on-demand categories been activities adopted Now, system Pilot manage to by

with partnerships In the existing formed Yoshinoya chains restaurant cooperation as addition, while brands in strengthening we KA new Tastien leading restaurant among our recently and with such category, partners.

service wider the CXC to number third CXC orders of SME XX% business, year-on-year. in quarter on of increased Moving SME selections, our variety to fulfilled and by the thanks a and

update on Lastly, delivery Dada autonomous Now's an service.

supermarkets financial the as date, quarter positioning significant up, China. concludes solid updates for social To riders. is operational also has a autonomous we our continuous X-year To healthy and and consumers, our delivery largest with year-on-year on-demand set autonomous growth in the we digitalization forth for Along revenue in platforms. our XXX,XXX for delivered our of consolidate supermarkets. That than consisting believe to our improvement in orders to wrap continue fulfilled with our improvement strong in results, unique platform another consumption, vibrant in delivery Now's we model the open more growth two line which of employment, Dada Therefore, delivery platform bottom-line. with We surrounding and in creates realize owners, value. plan community business brand performance, strategy retailers,

to Thank shareholders. I returns sustained drive over pass you. to go this now We continue Beck will the strategy will to call through our financials. execute to for

Zhaoming Chen Beck

Thanks Jeff.

X.X the marketing contributed net give are by performance, third JDDJ. mainly percentage by growth items due will by increasing going numbers, basis. just increase billion, to result to to judge the in Before noted. Total to Net GMV. increased figures XX% advance. JDDJ the year-over-year we And to services a revenue go all by merchants. billion, be of I'm useful We revenue RMB the delivery Now in volume intra-city of otherwise billion. increased therefore in increases year-over-year as the revenue in from housekeeping RMB driven on chain service comparisons Dada in online RMB X.X revenues believe also promotional unless increase in The activities a the to X.X XX% to revenues few mainly the quarter Net our order way XX% to all of from are changes increased RMB, over most

RMB XX quarter XX, to XX expenses significant decreased costs a side. efficient for incentives and rider in net the primarily operational acquisition over to reduced advertising of XXX result our year commitment to of to margin to delivery loss attributable and related an with ordinary expenses, to JDDJ cost we efficiency. control volume a expense increase increasing chain share-based points XX was mainly Moving net shareholders measures. R&D expenses marketing RMB was amortization support RMB in consumers. G&A cost Dada marketing to Selling well over a loss was of business enhanced with amortized XXXX, compensation RMB the expenses by Non-GAAP billion. million, million R&D Non-GAAP of as the as given the year. primarily which of cooperation expenses merchants. RMB and as to X.X of decreased as Operations services X.X%, billion, provided was XXXX, and personnel to decrease improving loss non-compete as of in various decreased lower million, and decrease RMB to X.X third decreased agreement compared a due and X percentage result as were in JDDJ expenses, XXXX. order substantially million, due improvement of June increase related intra-city The in a

RMB had an the cash equivalents, we XXXX, short-term increase of compared and XX, as cash X.X billion investments, September achieving XXXX. as in end of of As cash, restricted with balance

expect quarter In terms of rate we be for billion X.X the X.X billion, XX%. fourth RMB of outlook, growth representing to to between year-over-year total revenue and a XX% the RMB of XXXX,

begin remarks. to thank This ready we concludes the now our Q&A Operator, session, prepared are you.

Operator

from Your first Instructions] Goldman [Operator comes Ronald Sachs. Keung with question

Ronald Keung

question the growth first think along trends on-demand in should my XQ slightly or our and Singles' seen year Day, we growth, on year-on-year guidance, of recent is how So of how next And products? we trends are discretionary your the slower about we've see for the what on drivers the on do consumption sequential growth? based

rebalancing XX on JD how to and do the been? JD second the question any the the myself. on the XB, And subsidy me [Foreign cooperation traffic, Let translate Language] and we of updates And with ourselves any is my in change has kind with billion cooperation cooperation? allocation see our program traffic JD,

Huijian He

Language] [Foreign

Caroline Dong

you of Thank your first you a overall update our for brief Double shopping the festival. Ronald. [Interpreted] performance question, XX give I'll on

late all As quite running a event way mid-November. the to long from we through all mid- know, starting it's and October

extent; first not consumer traveling an during strong affected we and our was the of demand some supermarket for growth X b, and the were side a, outdoor expected. to of of as on increase So electronics smartphone brands to frequency category purchasing both some X demand in and, softer factors, had the categories weeks October, supermarket due as

Huijian He

[Foreign Language]

Caroline Dong

of top [Interpreted] shopping efforts XX delivery and the the primarily the especially rate, to thanks During customer X-hour festival, our that savings decent a the prioritizing we've supermarket on however, value seen recovery of convenience provide. in category, Double of we in growth

Huijian He

[Foreign Language]

Caroline Dong

decent seen the supermarket day we peak on of growth we've historic XX, November made [Interpreted] especially category. the for breakthroughs,

Huijian He

[Foreign Language]

Caroline Dong

[Interpreted] going is Overall, different categories. into the recovering consumption market

tourism and and entertainment physical spending including However, the services, spending outpace dining accommodation, goods. continue and in to

outdoor in need service consumption. In prominent less for retail is addition, scenarios the on-demand for

Huijian He

Language] [Foreign

Caroline Dong

we trends, to about the continue user the in these experience ourselves highly to optimizing penetration position strength which in increase long will [Interpreted] and light the supply our focus are on OXO for In of optimistic. on the consolidating we side term,

Huijian He

[Foreign Language]

Caroline Dong

update JD.com, the on with Starting our cooperation [Interpreted] Dada To strengthen an provide to and with our continued you with quarter. both JD Now with cooperation JDDJ during JDDJ.

base we penetrate the the in third by XX% user JD's year-over-year. with to First, close number continued Xiaoshigou quarter of to increasing users

Huijian He

[Foreign Language]

Caroline Dong

growth our growth new as access points [Interpreted] user on gained JD has on Our to been app. traffic entry outpacing JD the we

LBS feature incremental the gradually the subsidy enables exposure. example, and billion generate For now sale our channels, integrated XX is flash being into merchants which to

Huijian He

[Foreign Language]

Caroline Dong

Apart point also are interest touch from incremental the user the making interfaces. we [Interpreted] existing in gains, progress

bulky efficiency. prioritize user search items improving the products In testing terms including recently, while produce and been enhance to and fresh to and has audio heavy example, categories, of experience results, for JD.com

Huijian He

Language] [Foreign

Caroline Dong

as of JD's [Interpreted] team product forward terms Fujin continuous time, pushing BAU And have we design AOV. the significant same rate Nearby known together we with in to in development are Hub, conversion growth. and At previously the the refined page [indiscernible], drive the increase

Huijian He

Language] [Foreign

Caroline Dong

like [Interpreted] JD on algorithm eBay observations and platform. share JD's the impact Now of to thoughts changing some on I'd

Huijian He

[Foreign Language]

Caroline Dong

stem [Interpreted] X provides to in user and products not a dimensions that supply We and is high-quality JD with able from service provide services. Therefore, faster of delivery, chain. competitive experience also strength our users Xiaoshigou prices all Xiaoshigou partners' but in the our product, only better retail believe prices

growth will we term. in traffic result, believe benefit new a allocation As long the JD's Xiaoshigou's mechanism

Huijian He

[Foreign Language]

Caroline Dong

as of quality terms well and self-evident. in delivery as is speediness diversity product advantage Xiaoshigou's [Interpreted]

service. So I Xiaoshigou on to of elaborate the would price our like more competitiveness

Huijian He

[Foreign Language]

Caroline Dong

we provide categories fresh enables and consumers heavy [Interpreted] of and which experience product in strong merchants who items as competitive With off-line built particular chain them such have with retail usually just with years in already we retail, in are bulky prices, capabilities, cooperating to produce supply mentioned.

Huijian He

Language] [Foreign

Caroline Dong

conducting personnel costs for on top OXO addition, off-line little requires of existing business In [Interpreted] retailers. stores other rental and incremental

expense room our Xiaoshigou selling consumers provide ratio, the offer the more retail Given for items. our a to partners lower money for and on significant there lower prices with is channel value

Huijian He

[Foreign Language]

Caroline Dong

maintained March, at Looking began JD results Since pricing to our factor [Interpreted] operational has remarkable JD exposure search the our among emphasize results. growth. in

search average supermarkets increased example, For Xiaoshigou's of in XX%. QX, daily the exposure by category

Huijian He

Language] [Foreign

Caroline Dong

[Interpreted] November testimony In our price-competitive of Xiaoshigou overall XX% XX shopping the in stayed festival, price a during addition, the products percentage Xiaoshigou of the highly of at above competitiveness products.

Operator

comes question Jefferies. from Your Chong next with Thomas

Thomas Chong

And economics first think go QX. we drivers XXXX? behind? in are management take should is that Can question expense about front, ratio My duty JDDJ the unit the What about and share about we economics rate on for different the as how items? into

And we as size in opportunities is As is the prepared my But mentioned second OXO huge. competitive we the the market see the hand, about is other China? in remarks, also the intense quite on question also landscape well.

the front, management So about about thoughts what And just Language] from expecting that some XXXX? is that on we are [Foreign years? get to in how coming in direct landscape long-term the the think I want we margin

Zhaoming Chen Beck

This Thank Beck. you, is Thomas.

question address and second first question. the can I'll So take Jeff your

monetization to So passed our further year-over-year rider decreased is operation Q-on-Q, which is the in QX, in packing increased which basis, either X.X%, in the through historically. campaign. was consumer XX% same year-over-year basis terms cost, X.X%, costs which our like of seasonality of basically first costs summer JDDJ monetization time XX% increased the Q-on-Q threshold And or a because a the we decreasing was while QX, basis. on incentives And rate of is to including decreased time, the in the in was like on

have basically, just so a -- enhance example, online the narrated on commission platform, at driver terms previously, is manufacturing further cost could basis. And consumer traditional second will to in be and margin, the question keep the will a which And year-over-year last decrease we localized about like of side XXXX, operation to the as in time, like also terms also so terms still, rate. the we of, margin further the marketing version. we direct increase in for and our incentive in e-commerce same your long-term major And expenses question, our to of JDDJ talked

platform. So in like GMV operating profit the against the of terms generated through

neutral So X% percentage of GMV model, as a JDDJ. platform targeted it for long-term our model, should as are marketplace so profit we non-GAAP be as operating

Huijian He

Language] [Foreign

Caroline Dong

speaks I'd their to Yes, fact respective about share like industry of believe vibrantly to great And the grow The second more areas in landscape. on-demand [Interpreted] prioritizing different we on potential. question players leading are some international the business of thoughts retail your the strength. easily accommodate competitive can that companies its

Huijian He

Language] [Foreign

Caroline Dong

with our neutral platforms. systems short pay It's our as a know-how result accumulated strength solid. to extensive firstly, an retailers' remains was empowering various is our time This other and and ecosystem positioning JDDJ, as merchants platform a built. and partnership Merchant replicate well of For services. open and in [Interpreted] rock by expertise as hard in

in onboarded chains instance, the category, the XXX in For XX top China. out of supermarket we've

such & addition, in users. of with the teamed categories abundance is basis baby, In smartphones attract most mom we've of also in us supply and the for retain high-quality as chain China. This to retailers and continuously leading up

Huijian He

Language] [Foreign

Caroline Dong

demand inherently XX% remain retail efficient into we merchandise us long one JD's are in which we more Secondly, means Currently, are their retail purposeful higher Internet the more penetrating another. base, potential head-on quality in consumers. among companies focusing run. limited speed, them JD confident and [Interpreted] the in on shoppers, mindset And own believe huge JD's it's user of on-demand users user enjoy base on-demand we for for penetrating cultivating And the convert competition users. delivery since among who to of

Huijian He

Language] [Foreign

Caroline Dong

efficiency value balancing efforts on profitability The the and JDDJ of optimizing to few of [Interpreted] growth significantly combination And in in monetizing significantly delivery monetization. the In near growth through our higher that has run, profitability improved rate. increasing a with compared players, other online JDDJ gains, of also by top subsidies, has share believe marketing improving online higher long past thirdly, test breakeven. and quarters marketing of we sustainable market and potential profitability we AOV

Operator

question comes from next Citi. Your with Alicia Yap

Alicis a Yap

[Foreign regarding Singles' Language] weeks Singles' question electronics October, Day's before our Day, then first rebound. and comment the first the My on and category follow-up of is the X the supermarket management a

And category? Singles' so trend post supermarket and just that is the you're demand expecting wondering for what Day non-supermarket

on is question And then riders. cost of second the

delivery? understand there which specific I And So the this depending in of order into servicing? is higher Do is that of costs? can intra-city we demand you the XQ given rider a related higher during chain on are anything type in that potentially to colder Is the related increase resulted cost it riders this promotional the season and XQ cost weather? expect rider a merchants

Zhaoming Chen Beck

Thank you, Alicia.

So is this Beck.

address X me your Let questions.

the it's question, first for just like So so weekend. the

we finished campaign. So the Double like XX

time enough there it's evaluate, I the comment still daily So there's trend. campaign's some X don't sales give to XX is us to days for Double for -- you like think or just post color

second rider of so So the in the terms cost. question, about

in is key of amount dollar within and the especially has XX% and our business business it rider increased growing as accounts year-over-year the Q-on-Q cost growing level absolute still have by before. overall discussed yes, growing by cost, XX%, [indiscernible] terms is level which the of we So our is of of robustly, or on either

so time -- and summer or And of unit season, terms basically in level on takes same as the the the of more recruit But like retain efficient like basically the compared order it's the business in the is per QX, just a season. spring riders cost like basis. like growing. or to cost [indiscernible] because level usually to is is autumn it in this So overall per year-over-year

a believe basis, we decrease on unit a for the QX, will on riders cost per in our year-over-year basis. So year-over-year

Operator

comes from Bank question Lei Next with Zhang of America.

Lei Zhang

RMB your number during question on My [Foreign more that noticed can [ us can we first color QX? regarding related Secondly, on in progress from XX streaming model? more you this? our movement the is impact live live you Language] thoughts And regarding I delivery [indiscernible] ] Double share have streaming disclosed And XX. give to

Huijian He

Language] [Foreign

Caroline Dong

repeat Since stable. the question. all your supermarket rates of that, our while conversion July, fee campaign after delivery AOV waiver covered rates we for remained both you basically increased, largely and orders. end Thank purchase [Interpreted] has found And that

retention rate AOV Specifically, in July, And by the while over our improved was substantially XX%. XX%, unchanged. increased the next compared conversion also rate supermarkets over overall August by of with the month, category

Huijian He

Language] [Foreign

Caroline Dong

third second to category experience. the compared the quarter initiative, [Interpreted] our And GMV to the long-term accelerated supermarket in the growth the Therefore, XXXX the improve thanks initiative program year-over-year a of be user will quarter. of in with

Huijian He

Language] [Foreign

Caroline Dong

margin manageable terms of of cost shared the P&L of for panels, the the since waiver in is And in merchant and is the dozens delivery [Interpreted] on direct impact our us bids the impact, JDDJ by us. fee and of

Huijian He

Language] [Foreign

Caroline Dong

[Interpreted] live To answer your about streaming. second question

tenfold our launched we've and promotion rising As streaming to 'XX streaming and that with teams sections consumers events promotion. via Singles' yields note exceeding money more during them live supermarkets, versus GMV consumer categories, X And the just did streaming time was frontline with total engaged within live in brands the of for some live with electronics the including that hour. grew million. than of popularity products transacted operational see Day multiple merchants June engaged first value JDDJ home taken the appliances. retailers The ended, with RMB we -- deliverable results X total This together attracting initial offer

Huijian He

Language] [Foreign

Caroline Dong

we regular to immersive are our encourage with streaming live local so host sessions, merchants experience. also going optimize on business. with provide are the on-demand exploration integrate as to to the we more process still to stage our the future, capability LBS Overall, shopping platform users live the in and live plan further In [Interpreted] product the We to streaming enhance for better streaming.

Operator

question Wei Xiong comes with next UBS. from The

Wei Xiong

GMV is also Now year share the outgrowing the year? Could expect that and that to And And in Dada housekeeping the continue next My secondly, quarter? question. Language] is our AOV revenue impact quarter. question how fourth as shift, first Do this mix JDDJ quarter quarter well? next [Foreign mix just trend in we revenue the fourth this margin we see growth management our that outlook trend a in would and

Zhaoming Chen Beck

Okay.

X So basically, expect about year. platforms speeds we or grow similar the in will the following quarters first in still question, the so next

the mix. second for question So about GMV

still XX% total category supermarket broader for amount. of electronics the in the account for of XX% XC of close the So accounting average value. is GMV while GMV the And amount, to terms the order

in So XXX. RMB like QX. is update AOV the QX, This like the is for

Operator

come We for now of end Ms. have to Dong remarks. session. to closing the hand Caroline back Q&A I'll our

Caroline Dong

Thank you, operator. In in closing, on behalf of you Dada's management team, your for we'd call. like to participation thank today's

require please today. to If us information, feel joining further Thank the free you directly. call. us you concludes reach out any to for This

Operator

That today. does for participating. Thank conclude our conference you for

now may You disconnect.

an that transcript by are this the interpreter on spoken [Interpreted] live call.] of marked present [Portions were

Dada Nexus Limited (DADA) 15 Nov 232023 Q3 Earnings call transcript