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The competition among online retailers will focus on logistics, supply chains and new technologies, Cao said, adding that e-commerce players should expand their offline consumption offerings and apply more cutting-edge technologies.

The company will continue to grow both its traffic and products. Its vending machines are expected to reach more customers in campuses, airports, gas stations and other leisure locations, Qian said.

The company's net profits attributable to its shareholders totaled 11.84 billion yuan (.68 billion), and its revenue rose 31.5 percent year-on-year to 139.32 billion yuan, according to a statement issued by the company Tuesday evening.

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The company plans to invest more in oil and gas exploration in the next few years to raise the company's output and reserves, Yang said, adding "this will be our major direction".

The company's iQOO, a niche brand set up last March to target young users, rolled out a flagship handset series iQOO 3, which supports both standalone and non-standalone 5G networks and empowered by Qualcomm Snapdragon 865.

The composite new orders subindex rose at the steepest rate since February 2018 last month, with both manufacturers and services providers recording stronger new order growth, according to the report. Surveyed services providers generally linked the upturn to new product releases and firmer client demand.

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The company was launched to enable Chinese clients to easily trade overseas stocks on foreign exchanges, especially in the US, according to CEO Tianhua Wu.

The company released a report on Friday saying that Huazhong Agricultural University in Wuhan, Hubei province; Zhejiang University and Hangzhou Normal University in Hangzhou, Zhejiang province; Sichuan University in Chengdu, Sichuan province; and Jiangnan University in Wuxi, Jiangsu province, topped the list of universities where students were making use of express delivery to smart lockers.

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The company's strategic investment assets, including Ant Finance, Sina Weibo, and Sun Art Retail Group, are worth billion at the current stage, said Alibaba CFO Wu Wei.

The company said it is ready and willing to engage with the US government to come up with effective measures to ensure product security.