阿里巴巴 (BABA) 2015 Q2 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to Alibaba Group's September quarter 2014 results conference call. (Operator Instructions).

女士們先生們，美好的一天，謝謝你們的支持。歡迎參加阿里巴巴集團 2014 年 9 月季度業績電話會議。 （操作員說明）。

I would now like to turn the call over to Jane Penner, Head of Investor Relations of Alibaba Group. Please go ahead.

我現在想把電話轉給阿里巴巴集團投資人關係主管Jane Penner。請繼續。

Good day, everyone, and welcome to Alibaba Group's September quarter 2014 earnings conference call. With us today are Joe Tsai, Executive Vice Chairman; Jonathan Lu, Chief Executive Officer; Daniel Zhang, Chief Operating Officer; Maggie Wu, Chief Financial Officer.

大家好，歡迎參加阿里巴巴集團 2014 年 9 月季度財報電話會議。今天和我們在一起的還有執行副主席蔡崇信；陸兆禧，執行長；張勇，營運長；吳瑪琪，財務長。

Also, as you know, we distribute our earnings release through Alibaba Group's investor relations website located at www.alibabagroup.com. So please refer to our IR website for earnings releases as well as the supplementary slides that accompany the call.

此外，如您所知，我們透過阿里巴巴集團投資者關係網站 www.alibabagroup.com 發布收益報告。因此，請參閱我們的投資者關係網站，以了解收益發布以及電話會議隨附的補充幻燈片。

You can also visit our corporate website for the latest Company news and updates. This call is also being webcast from our IR section of the corporate website. A replay of the call will be available on our website later today.

您也可以造訪我們的公司網站，以了解最新的公司新聞和更新。本次電話會議也透過公司網站的 IR 部分進行網路直播。今天晚些時候，我們的網站上將提供電話會議的重播。

Now let me quickly cover the safe harbor. Today's discussion will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements involve inherent risks and uncertainties that may cause actual results to differ materially from our beliefs and expectations. Factors that could cause actual results to differ materially are set forth in today's press release.

現在讓我快速覆蓋安全港。今天的討論將包含根據1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。這些前瞻性陳述涉及固有的風險和不確定性，可能導致實際結果與我們的信念和預期存在重大差異。今天的新聞稿中列出了可能導致實際結果出現重大差異的因素。

To also understand these risks and uncertainties, please refer to our Form F1, as amended, originally filed with the US Securities & Exchange Commission on May 6, 2014. Any forward-looking statements that we made on this call are based on assumptions as of today, and we do not undertake any obligation to update these statements except as required under applicable law.

要了解這些風險和不確定性，請參閱我們的F1 表格（經修訂），該表格最初於2014 年5 月6 日向美國證券交易委員會提交。我們在本次電話會議中所做的任何前瞻性陳述均基於截至今天，除非適用法律要求，否則我們不承擔任何更新這些聲明的義務。

Please note that certain financial measures that we use on this call, such as non-GAAP EBITDA, including non-GAAP EBITDA margin, and non-GAAP net income, are expressed on a non-GAAP basis. We have also adjusted our net cash provided by operating activities, to remove purchases of property and equipment and intangible assets, excluding acquisition of land-use rights and construction in progress, and adjust for changes in loan receivables relating to micro loans of our SME loan business, which we refer to as free cash flow. Our GAAP results and reconciliations of GAAP to non-GAAP measures can be found in our earnings' press release.

請注意，我們在本次電話會議中使用的某些財務指標（例如非 GAAP EBITDA，包括非 GAAP EBITDA 利潤率和非 GAAP 淨利潤）是按非 GAAP 基礎表示的。我們也調整了經營活動提供的現金淨額，剔除購買財產和設備以及無形資產（不包括收購土地使用權和在建工程），並調整與中小企業貸款小額貸款相關的應收貸款變化業務，我們稱之為自由現金流。我們的 GAAP 結果以及 GAAP 與非 GAAP 指標的調整可以在我們的收益新聞稿中找到。

With that, I will now turn the call over to Joe.

這樣，我現在會把電話轉給喬。

Good evening, or good morning, depending on where you are. Thank you all for joining. Jonathan, Maggie, Daniel and I all look forward to discussing our business on our first earnings call as a public company.

晚上好，或早上好，取決於你在哪裡。感謝大家的加入。喬納森、瑪姬、丹尼爾和我都期待在我們作為上市公司的第一次財報電話會議上討論我們的業務。

In the quarter that ended in September, which is our fiscal second quarter, I'm pleased to report that we saw continued strong growth across our core operating metrics, which drove our strong financial results.

在九月結束的季度，也就是我們的第二財季，我很高興地報告說，我們的核心營運指標持續強勁成長，這推動了我們強勁的財務表現。

We grew gross merchandize volume across our China retail marketplaces, and we increased the number of active buyers across our ecosystem. As a result of this strong performance, we grew revenue significantly and we continue to expand our strong position and competitive advantage, as the unrivaled leader in mobile commerce across China.

我們增加了中國零售市場的商品總量，並增加了整個生態系統的活躍買家數量。由於這一強勁的業績，我們的收入顯著增長，並繼續擴大我們的強勢地位和競爭優勢，成為中國行動商務領域無與倫比的領導者。

Our business continues to perform well and our results highlight both the strength of our ecosystem and the strong foundation we have for sustainable future growth. My colleagues will provide you with a more in-depth look at our business operations and financial results. But before they do that, I want to highlight a few of our key growth areas.

我們的業務持續表現良好，我們的業績凸顯了我們生態系統的實力以及我們未來可持續成長的堅實基礎。我的同事將為您提供更深入的了解我們的業務營運和財務表現。但在此之前，我想先強調我們的一些關鍵成長領域。

We grew gross merchandise volume across our China retail marketplaces by 49%. The overall GMV growth of 49% year on year is an acceleration from the GMV growth rates achieved in the previous two quarters of 46% and 45%, respectively.

我們中國零售市場的商品總量成長了 49%。整體GMV年增49%，較前兩季分別實現的46%和45%的GMV增速加速。

One key reason for this strong GMV growth is the continued growth in active buyers. Our platform engages users with strong commercial intent. You will recall that an active buyer is someone who came to our retail marketplaces to make at least one purchase during the period of measurement.

GMV 強勁成長的關鍵原因是活躍買家的持續成長。我們的平台吸引具有強烈商業意圖的使用者。您可能還記得，活躍買家是指在衡量期間來到我們的零售市場至少進行一次購買的人。

For the 12 months ended September, our annual active buyers increased to 370 million -- sorry, 307 million. Annual active buyers for the year ending in September amounted to a 52% year-on-year increase, from 202 million a year ago, and continues to strong growth trend we have seen over the last several quarters.

截至 9 月的 12 個月中，我們的年度活躍買家增至 3.7 億——抱歉，是 3.07 億。截至 9 月的年度活躍買家數量比一年前的 2.02 億人年增 52%，並且持續維持過去幾季的強勁成長趨勢。

The robust growth of active buyers reflects the position of Taobao marketplace and Tmall as the first and most important destinations that Chinese consumers choose when they embark on a shopping journey, whether they are shopping through their desktop computer or mobile device.

活躍買家的強勁成長反映了淘寶市場和天貓作為中國消費者在開始購物之旅時選擇的第一個也是最重要的目的地的地位，無論他們是透過桌上型電腦還是行動裝置購物。

Overall, for context, when you consider 307 million active buyers, this means that a number of consumers that equals almost the entire population of the United States is shopping annually on our China retail marketplaces. Yet, 307 million Chinese consumers represents only about half of the Chinese Internet user population and less than a quarter of the total population of China. These numbers highlight the significant growth opportunities we have before us.

總體而言，考慮到 3.07 億活躍買家，這意味著每年在中國零售市場購物的消費者數量幾乎相當於美國的全部人口。然而，3.07億中國消費者僅佔中國網路使用者人口的一半左右，也不到中國總人口的四分之一。這些數字突顯了我們面臨的重大成長機會。

I next want to touch upon an area that I know you're intensely focused on, and that is our progress in mobile commerce. Alibaba continues to be the unrivalled leader in mobile. You are already well aware that Alibaba leads in the China mobile commerce market, with 86% share of total mobile GMV, according to iResearch.

接下來我想談談我知道你們非常關注的一個領域，那就是我們在行動商務方面的進展。阿里巴巴仍然是行動領域中無可匹敵的領導者。大家都知道，根據艾瑞諮詢的數據，阿里巴巴在中國行動商務市場處於領先地位，佔據行動 GMV 總額的 86% 份額。

You will also remember that our mobile Taobao app has been, and continues to be, the most popular mobile commerce app in China by monthly active users in every month for the past two years.

您還會記得，我們​​的行動淘寶應用程式在過去兩年中一直是並且繼續是中國每月活躍用戶數最受歡迎的行動商務應用程式。

Our reported results today show that our leadership position in mobile continues to strengthen. In September, we saw 217 million monthly active users across our mobile commerce apps, and the most important of which is the mobile Taobao app. This is an increase from the 188 million MAUs we reported for June. This is a net add of 29 million mobile users in just three months. For context, 29 million people is larger than the population of Texas.

我們今天報告的結果表明，我們在行動領域的領導地位繼續加強。 9 月份，我們的行動商務應用程式的月活躍用戶數為 2.17 億，其中最重要的是行動淘寶應用程式。這比我們 6 月報告的 1.88 億月活躍用戶數有所增加。這意味著短短三個月內淨增了 2,900 萬行動用戶。就背景而言，2900 萬人比德克薩斯州的人口還要多。

In the September quarter, we saw $32 billion in mobile GMV, up from $9 billion a year ago, representing more than the tripling of mobile GMV year on year. Today, we are reporting that mobile GMV now accounts for 35.8% of our total GMV for the September quarter, up significantly from 14.7% a year ago.

在 9 月這個季度，我們看到行動 GMV 達到了 320 億美元，高於一年前的 90 億美元，相當於行動 GMV 年比增加了三倍多。今天，我們報告稱，移動 GMV 目前佔 9 月季度總 GMV 的 35.8%，遠高於一年前的 14.7%。

With more than one-third of our China retail business on mobile, Alibaba is very much a mobile company. If you look at how much mobile business we do every year, for the 12 months ended September we saw $95 billion in mobile GMV on our China retail marketplaces. I don't think you can find another company in the world that drives $95 billion in consumer retail transactions through their mobile apps.

阿里巴巴有超過三分之一的中國零售業務是透過行動裝置完成的，因此阿里巴巴在很大程度上是一家行動公司。如果你看看我們每年的行動業務量，你會發現截至 9 月的 12 個月裡，我們的中國零售市場上的行動 GMV 達到了 950 億美元。我認為世界上找不到第二家公司能夠透過其行動應用程式推動 950 億美元的消費者零售交易。

Maggie will address mobile revenue in more detail, but we are reporting today that 29% of our total revenue across our China retail marketplaces is now being derived from mobile. This shows significant growth from the prior quarter that ended in June, when we had 19% of our revenue being derived from mobile. And looking at the year-on-year comparison, mobile revenue in this quarter represents a more than 1,000% increase from a year ago.

Maggie 將更詳細地討論行動收入，但我們今天報告稱，我們中國零售市場總收入的 29% 目前來自行動收入。這表明與 6 月結束的上一季相比出現了顯著增長，當時我們 19% 的收入來自行動業務。從年比來看，本季行動營收年增超過1000%。

As we have said many times, we don't manage the business by take rates. Having said that, we have decided to break out mobile take rates for your analysis, in order to bring more transparency into the progress we're making in monetizing our mobile transactions and traffic.

正如我們多次說過的，我們不透過費率來管理業務。話雖如此，我們決定細分行動裝置使用率供您分析，以便讓我們在行動交易和流量貨幣化方面取得的進展更加透明。

The mobile monetization rate, which is mobile revenue divided by mobile GMV on our China retail marketplaces increased to 1.87% in September quarter. This is a meaningful improvement from the 1.49% from just a quarter ago.

中國零售市場的行動貨幣化率（即行動收入除以行動 GMV）在 9 月季度增至 1.87%。與一個季度前的 1.49% 相比，這是一個有意義的進步。

We're clearly seeing sustainable progress in how we monetize mobile. That is because consumers who come to use our mobile apps to shop for goods and services have clear commercial intent, and we're able to effectively convert hat commercial intent into purchases. This benefits our merchants and increases their appetite and propensity to allocate more of their marketing dollars to our mobile interface.

我們清楚地看到行動貨幣化方面取得了可持續的進展。這是因為使用我們的行動應用程式購買商品和服務的消費者有明確的商業意圖，而我們能夠有效地將商業意圖轉化為購買。這對我們的商家有利，並增加了他們的胃口和傾向，將更多的行銷資金分配給我們的行動介面。

Looking ahead, we believe that the continued trend towards mobile provides us with a unique advantage to deliver a better consumer experience as well as more value to merchants. Because of the higher frequency of shopping through our mobile apps, and more personalized and location based data we can use to deliver a highly targeted experience, we believe the value of our ecosystem will continue to be enhanced by the consumer shift to mobile.

展望未來，我們相信，持續的行動趨勢為我們提供了獨特的優勢，可以為商家提供更好的消費者體驗以及更多價值。由於透過我們的行動應用程式購物的頻率更高，並且我們可以使用更個人化和基於位置的數據來提供高度針對性的體驗，因此我們相信，隨著消費者轉向行動設備，我們生態系統的價值將持續增強。

Taken together, the results we're reporting today show our strong foundation for future sustained growth, and I would now like to turn the call over to our CEO, Jonathan Lu, who will provide more color on our business for this quarter. Jonathan.

總而言之，我們今天報告的結果顯示了我們未來持續成長的堅實基礎，現在我想將電話轉給我們的執行長 Jonathan Lu，他將為我們本季的業務提供更多資訊。喬納森.

Thanks, Joe. Hello and welcome to our first earnings call. Joe gave a good overview of the progress we have made in our key operating metrics, and I want to give you a sense of how we achieved these results; namely, what we are doing to drive GMV and active buyers. Let's start with GMV growth.

謝謝，喬。您好，歡迎參加我們的第一次財報電話會議。喬很好地概述了我們在關鍵營運指標方面取得的進展，我想讓您了解我們如何實現這些成果；也就是說，我們正在採取哪些措施來推動 GMV 和活躍買家的成長。讓我們從 GMV 成長開始。

Tmall GMV continues to grow extremely well, but in the September quarter Taobao marketplace grow faster year on year than in the past three quarters; a clear acceleration of a very large business. This acceleration was due to a number of factors.

天貓 GMV 持續保持強勁成長，但 9 月季度淘寶市場較去年同期成長快於過去三個季度；一個非常大的企業的明顯加速。這種加速是由多種因素造成的。

First, we have made several production on Taobao to improve our buyers' experience, including a new recommendation engine based on data. Search results are now more personalized, which increases conversion rates.

首先，我們在淘寶上做了一些產品來改善我們的買家體驗，包括基於數據的新推薦引擎。搜尋結果現在更加個人化，從而提高了轉換率。

Second, we have promote new categories that are growing fast, including furniture and decoration, car accessories, household products, sports gear, and baby [maternity]. It's clear from the list of categories that our buyers are beginning to [lift] Alibaba. Taobao is now a destination that can meet every imaginable need.

二是推出快速成長的新品類，包括家具裝飾、汽車飾品、家居用品、運動用品、母嬰用品等。從類別清單中可以清楚地看出，我們的買家開始[舉起]阿里巴巴。淘寶現在是一個可以滿足您所有想像的需求的目的地。

Of course, GMV growth is fundamentally driven by our ability to attract and retain active buyers. Our extremely popular mobile Taobao app has been one important source of new buyers on our platform. We have recently added a feature to increase usage of the app, including hour specials and encourages mobile buyers to return several times a day.

當然，GMV 的成長從根本上來說是由我們吸引和留住活躍買家的能力所推動的。我們非常受歡迎的行動淘寶應用程式已成為我們平台上新買家的重要來源之一。我們最近添加了一項功能來提高應用程式的使用率，包括小時特價，並鼓勵行動買家每天多次返回。

In addition, more buyers from smaller cities are using our retail marketplace every year. Even though these new buyers initially transact less than buyers from first tier cities, we believe they will be an important engine of GMV growth in the future. In general, our data suggests that the longer a buyer stays on our platform, the more they spend across a greater variety of categories.

此外，每年都有更多來自小城市的買家使用我們的零售市場。儘管這些新買家最初的交易量低於一線城市的買家，但我們相信他們將成為未來GMV成長的重要引擎。一般來說，我們的數據表明，買家在我們平台上停留的時間越長，他們在各種類別上的花費就越多。

I want to mention a few highlights from our long marketplace business. We make good progress in our cloud computing business this quarter. At our Aliyun Worldwide Developer Conference in Hangzhou, we hosted more than 10,000 developers and planners from around the world. Cloud computing puts more small business on the same playing field as big corporations. And Ali Power is helping SMEs to start to build lasting and sustainable companies.

我想提一下我們長期市場業務的一些亮點。本季我們的雲端運算業務取得了良好進展。在杭州舉行的阿里雲全球開發者大會上，我們接待了來自世界各地的 10,000 多名開發者和規劃者。雲端運算使更多的小型企業與大企業處於同一競爭環境。阿里力量正在幫助中小企業開始建立持久、可持續的公司。

I also want to let you know that we are set to integrate our newly acquired business, UCWeb and AutoNavi. Both bring crucial strategic advantage to Alibaba; namely, mobile browsing and mapping products. The business leader of UCWeb, Yu Yongfu, has joined our senior leadership team and we feel very lucky to have him.

我也想讓您知道，我們準備好整合我們新收購的業務 UCWeb 和高德。兩者都為阿里巴巴帶來了至關重要的戰略優勢；即行動瀏覽和地圖產品。 UCWeb業務負責人余永福已經加入我們的高階領導團隊，我們對他的加入感到非常幸運。

Finally, I want to call your attention to 11/11, an important day for Alibaba and shopping, and successful phenomenon for China. At Alibaba, we are proud we have created an ecosystem that has revolutionized the China retail landscape in service of the little guys. 11/11 was started in 2009 for merchants and consumers during the seasonal changeover, putting a major gap in the traditional offline retail vendor in China.

最後，我想請大家注意11/11，這是阿里巴巴和購物的重要日子，也是中國的成功現象。在阿里巴巴，我們很自豪我們創建了一個生態系統，為小型企業服務，徹底改變了中國零售格局。 11/11始於2009年，針對商家和消費者的季節轉換，為中國傳統線下零售業帶來了重大缺口。

In 2013, 11/11 achieved a milestone of surpassing Black Friday and Cyber Monday combined in online GMV. This year, 11/11 will expand its scope to include cross-border retail for the first time ever. This is in response to the increasing capacity around Chinese consumers for imported goods from foreign brands, as well as the ability by China small business to provide quality products amongst global consumers.

2013年，11/11的線上GMV超越了黑色星期五和網路星期一的總和。今年，11/11將首次擴大跨國零售範圍。這是為了因應中國消費者對外國品牌進口商品的能力不斷增強，以及中國小型企業向全球消費者提供優質產品的能力。

On this day, you truly see Alibaba's ecosystem at work; our robust telco infrastructure, scalable logistic network, and the magnitude of the active participants and wallet share on our platform.

這一天，你真正看到了阿里巴巴的生態系統在發揮作用；我們強大的電信基礎設施、可擴展的物流網路以及我們平台上的活躍參與者和錢包份額的規模。

Now, we will hand over to Maggie who will walk everyone through our financial performance in the quarter.

現在，我們將交給 Maggie，她將向大家介紹我們本季的財務表現。

Thank you, Jonathan. Hello, everyone. Joe and Jonathan [described our operating metrics] in September quarter, so now I will walk through the details of monetization and our financial performance.

謝謝你，喬納森。大家好。喬和喬納森在九月季度[描述了我們的營運指標]，所以現在我將詳細介紹貨幣化和我們的財務表現的細節。

First, the highlights; GMV grew 49% year over year to RMB556 billion (inaudible). Revenue grew 54% year over year to RMB16.8 million and was up 6.5% sequentially. Our blended monetization rate was steady at 2.30% versus 2.31% a year ago.

一、亮點； GMV 年增 49% 至 5,560 億元（聽不清楚）。營收年增 54% 至人民幣 1,680 萬元，季增 6.5%。我們的混合貨幣化率穩定在 2.30%，而一年前為 2.31%。

Non-GAAP EBITDA margin was 51%, down from 59% in the year ago period. I'll dig into the details on this in a few moments. By the way, the non-GAAP EBITDA was also called our adjusted EBITDA, same thing.

非 GAAP EBITDA 利潤率為 51%，低於去年同期的 59%。稍後我將深入探討這一點的細節。順便說一句，非 GAAP EBITDA 也稱為我們的調整後 EBITDA，同樣的意思。

Non-GAAP net income grew 15% year over year to RMB6.8 billion. Non-GAAP diluted EPS was RMB2.79, an increase of 9.4% compared to RMB2.55 in the same quarter 2013.

非美國通用會計準則淨利潤年增 15% 至人民幣 68 億元。非美國通用會計準則攤薄後每股收益為人民幣 2.79 元，較 2013 年同季度的人民幣 2.55 元增長 9.4%。

So moving on to monetization. I want to make it very clear that we managed the business to promote growth in GMV [and] active buyers, not to maximize our own monetization rate. We feel the monetization rate is merely an output of our success in driving GMV active buyers as well as improving the customer experience and their return.

因此，繼續貨幣化。我想明確表示，我們管理業務是為了促進 GMV 和活躍買家的成長，而不是最大化我們自己的貨幣化率。我們認為，貨幣化率只是我們成功推動 GMV 活躍買家以及改善客戶體驗和回報的結果。

That said, we are monetizing our [GMV] very well. The blended monetization rate across PC and mobile devices is stable at 2.3%, consistent with prior years. This blended rate is lower sequentially due to the strong GMV growth on Taobao Marketplace where GMVs are less monetized, since this is literally still a free marketplace.

也就是說，我們的 [GMV] 貨幣化得很好。 PC 和行動裝置的混合貨幣化率穩定在 2.3%，與往年一致。由於淘寶市場的 GMV 成長強勁，混合率較上季較低，而淘寶市場的 GMV 貨幣化程度較低，因為這實際上仍然是一個自由市場。

As Joe noted, our performance in mobile this quarter has been particularly strong. The mobile monetization rate increased to 1.87% from 1.49% in June quarter, and from 0.61% in the year ago period. Our mobile monetization rate is now 74%; that is our PC monetization rate.

正如喬指出的那樣，本季我們在行動領域的表現尤其強勁。行動貨幣化率從六月季度的 1.49% 和去年同期的 0.61% 上升至 1.87%。我們的行動貨幣化率為 74%；這就是我們的 PC 貨幣化率。

Year on year, our revenue grew 54%. We got a small revenue tailwind from consolidating UCWeb and AutoNavi. But even without revenue from these new businesses, our revenue growth this quarter would have increased 48% year on year.

我們的營收年增 54%。我們透過整合 UCWeb 和高德軟體獲得了小小的收入推動力。但即使沒有這些新業務的收入，我們本季的營收成長將年增 48%。

As you can see from the chart detailing the revenue growth of our major businesses, we have strong growth of all of our models [of the total Group].

正如您從詳細介紹我們主要業務收入成長的圖表中看到的那樣，我們[整個集團]的所有型號都有強勁增長。

Before diving into details of margins, let me be very clear that we do not manage to a margin target. Instead, we have made, and will continue to make, strategic investments to grow our revenue on [a true] (inaudible) and to strengthen our ecosystem for long term.

在深入探討利潤率細節之前，讓我先非常明確地指出，我們並沒有達到利潤率目標。相反，我們已經並將繼續進行戰略投資，以增加我們的收入[真正]（聽不清楚）並長期加強我們的生態系統。

In the September quarter, lower non-GAAP EBITDA margin was largely driven by our reinvestment made in the following areas, as planned.

在九月季度，非公認會計準則 EBITDA 利潤率下降主要是由於我們按計劃在以下領域進行了再投資。

Number one, consolidation of newly acquired businesses, mainly UCWeb and AutoNavi.

第一，整合新收購的業務，主要是UCWeb和高德。

Number two, investments in new initiatives, including our mobile operating system, local services and digital entertainment.

第二，對新措施的投資，包括我們的行動作業系統、本地服務和數位娛樂。

Number three, tactical brand marketing to promote our China retail marketplaces during this quarter, where intense global interest in Alibaba enhances the attractiveness of marketing campaigns.

第三，本季的戰術品牌行銷旨在推廣我們的中國零售市場，全球對阿里巴巴的強烈興趣增強了行銷活動的吸引力。

We are not providing margin or expense guidance, but our overall view is that our core business and cash flows are very healthy. So we have the [capacity] to continue to invest in new initiatives, such as category expansion, including digital entertainment, [marketing] strategy, etc., and other efforts to attract new users, to improve [digital] and user experience and to extend our products and services.

我們不提供利潤或費用指導，但我們的總體觀點是我們的核心業務和現金流非常健康。因此，我們有[能力]繼續投資新舉措，例如品類擴展，包括數位娛樂、[行銷]策略等，以及其他吸引新用戶、改善[數位]和用戶體驗的努力，並擴展我們的產品和服務。

Now let's talk about our operating expenses. Pre-SBC cost of revenue was RMB4.4 billion; pre-SBC operating expense was RMB4.5 billion; pre-SBC development expense was RMB1.9 billion; pre-sales and marketing expense was RMB1.6 billion; and pre-SBC general admin expense was [RMB978 million].

現在我們來談談我們的營運費用。 SBC之前的收入成本為人民幣44億元； SBC之前的營運費用為人民幣45億元； SBC之前的開發費用為人民幣19億元；預售及行銷費用為16億元人民幣； SBC 之前的一般管理費用為 [9.78 億元人民幣]。

Sales and marketing expense increased largely due to brand expanding to promote our Group businesses during this quarter, when intense global interest in Alibaba enhanced the effectiveness of marketing campaigns.

銷售和行銷費用的增加主要是由於本季為推廣集團業務而進行的品牌擴張，全球對阿里巴巴的濃厚興趣提高了行銷活動的有效性。

Additionally, the consolidation of marketing expense in acquired, as well as an increase in spending on new business initiatives, contributed to an increase of sales and marketing expense in this quarter.

此外，收購行銷費用的整合以及新業務計劃支出的增加導致本季銷售和行銷費用的增加。

Our adjusted effective tax rate was 17.6%, up slightly sequentially.

調整後的有效稅率為 17.6%，比上一季略有上升。

We also generated RMB8.9 billion of free cash flow in the September quarter. CapEx expenditure was RMB3.4 billion, an increase from RMB1.1 billion in the year ago period and RMB1.3 billion in the June quarter. This sequential CapEx increase was due to the purchase of land for office space, and the cost of the land was around RMB1.4 billion.

我們在九月季度也產生了 89 億元人民幣的自由現金流。資本支出為人民幣 34 億元，高於去年同期的 11 億元和第二季的 13 億元人民幣。資本支出較上月增加是由於購買辦公用地土地所致，土地成本約為人民幣14億元。

The non-real estate CapEx increased due to the investment in Ali Cloud and our data platform, as well as non-real estate CapEx acquired by [UC and AutoNavi].

非房地產資本支出的增加是由於對阿里雲和我們的數據平台的投資，以及[UC和高德]收購的非房地產資本支出。

Our cash and the cash equivalent position, as of September quarter, is very strong at RMB88 billion. In addition, we have RMB21.8 billion in short-term investments.

截至 9 月份季度，我們的現金和現金等價物部位非常強勁，達到 880 億元。此外，我們還有短期投資218億元。

So that's all for our prepared remarks. Now, let's open the floor for questions.

這就是我們準備好的發言的全部內容。現在，讓我們開始提問。

(Operator Instructions). Alex Yao, JPMorgan.

（操作員說明）。亞歷克斯·姚，摩根大通。

Congratulations on a very solid quarter, the first as a public company. My first question is about the monetization rates. Can you comment on what is driving the improvement of the mobile monetization rate during the quarter? Is there any one-off event attributable to the increase, or you guys drive a lot of sales and marketing effort to drive the merchant adoption?

恭喜這個季度非常穩健，這是作為上市公司的第一個季度。我的第一個問題是關於貨幣化率。您能否評論一下是什麼推動了本季行動貨幣化率的提高？是否有任何一次性事件導致這一增長，或者你們推動了大量的銷售和行銷工作來推動商家採用？

And then secondly, on the PC monetization rate, if my calculation is correct, it seems to decline a little bit compared to the same period last year. Why did the PC side decline? Thank you.

其次，在PC變現率上，如果我的計算正確的話，與去年同期相比似乎有所下降。 PC端為何衰退？謝謝。

Okay, I'll take this question. For the mobile monetization rate, I think the key reason for that increase in the mobile monetization rate is that continued increase of the mobile traffic because today, more and more Chinese people, they get used to shopping online via mobile device.

好吧，我來回答這個問題。對於行動變現率，我認為行動變現率成長的關鍵原因是行動流量的持續成長，因為今天越來越多的中國人習慣透過行動裝置在線上購物。

On the other hand, when our merchant witness the behavior change and they will spend -- actually today, they are spending more money on the mobile side to bid for the [key work] and buy the online marketing servicing. I think these are the key reasons for the increase of the mobile monetization.

另一方面，當我們的商家見證行為變化時，他們會花錢——實際上今天，他們在行動端花費更多的錢來競標[關鍵工作]併購買線上行銷服務。我認為這些都是行動貨幣化成長的關鍵原因。

Alex, this is Maggie. In terms of the PC [take rate], it's lower than previous quarter, slightly. And the reason is that we have a very strong GMV growth on Taobao Marketplace. If you look at the growth rate, it's actually accelerating compared with previous quarters. And the Taobao Marketplace GMVs are relatively less monetized, since this still literally a free marketplace. So that's the reason.

亞歷克斯，這是瑪姬。就PC [使用率]而言，比上一季略有下降。原因是我們在淘寶市場的 GMV 成長非常強勁。如果你看一下成長率，與前幾季相比，它實際上正在加速。淘寶市場的 GMV 貨幣化程度相對較低，因為這實際上仍然是一個自由市場。這就是原因。

Having said that, we manage the business to promote overall growth of GMV active buyers; really take away it's just the output is the result. And we look at PC and mobile as an [integrated] marketplace.

話雖如此，我們管理業務是為了促進GMV活躍買家的整體成長；真正帶走的只是輸出就是結果。我們將 PC 和行動裝置視為一個[整合]市場。

Got it. That's very helpful.

知道了。這非常有幫助。

Alan Hellawell, Deutsche Bank.

艾倫‧海拉威爾，德意志銀行。

Congratulations on your first quarter out of the gate. I had a question about the interplay between commissions and marketing services revenue. If I'm not mistaken, commissions in the quarter may have doubled year on year, and marketing services may have risen by a bit more than 30%. I was wondering if you could just give a little bit of color as to what the drivers were between these different trajectories, whether you do it as a function of PC or mobile, but get some color there?

恭喜您第一季的表現。我有一個關於佣金和行銷服務收入之間相互作用的問題。如果我沒記錯的話，本季的佣金可能比去年同期翻了一番，行銷服務可能上漲了 30% 多一點。我想知道您是否可以就這些不同軌跡之間的驅動因素提供一點顏色，無論您將其作為 PC 還是行動裝置的功能，但在那裡獲得一些顏色？

And would simply love to get a refresh on how you are contemplating your M&A strategy over the next couple of quarters. Thank you very much.

我很想了解您如何考慮未來幾季的併購策略。非常感謝。

I'll take the commission versus online marketing revenue question, then [Joe] will talk about our M&A strategy.

我將回答佣金與線上行銷收入的問題，然後[Joe]將談論我們的併購策略。

Yes, you are right, actually commission revenue growth faster year on year then the online marketing revenue growth. As we disclosed, in the announcement, that our retail revenue consists 33.5% commission revenue in the quarter, compared to 24.8%. And the reason for the relatively slower growth on the online marketing is pretty much the same reason as when we talk about PC take rates.

是的，你是對的，實際上佣金收入的年成長速度快於網路行銷收入的成長速度。正如我們在公告中所揭露的那樣，本季我們的零售收入佔佣金收入的 33.5%，而這一比例為 24.8%。網路行銷成長相對緩慢的原因與我們談論 PC 使用率的原因幾乎相同。

It has Taobao GMV growth so much faster and, when we look at the PC versus mobile GMV mix, Taobao has a higher PC GMV percentage than in Tmall. And, as I said, Taobao is relatively less monetized, so that's the impact which resulted to a slower growth; not really slower, but just compared to the much faster growth on the commission.

淘寶的 GMV 成長速度要快得多，當我們比較 PC 與行動 GMV 的組合時，淘寶的 PC GMV 百分比高於天貓。而且，正如我所說，淘寶的貨幣化程度相對較低，因此這就是導致成長放緩的影響；並不是真的慢，只是與佣金成長更快相比。

Alan, this is Joe; thanks for the question on M&A. You ask about M&A strategy for the next couple of quarters, but I think we always look at M&A as a long-term strategic thing, so the horizon is much longer than the two quarters.

艾倫，這是喬；感謝您提出有關併購的問題。你問到未來幾季的併購策略，但我認為我們始終將併購視為長期策略性的事情，因此視野比兩季要長得多。

And the kind of criteria that we use in terms of making investments and acquiring companies is that, number one, we always like opportunities that will help us add more users and also additional engagement of these users in terms of converting them into e-commerce users.

我們在投資和收購公司方面使用的標準是，第一，我們總是喜歡能夠幫助我們增加更多用戶的機會，以及這些用戶在將他們轉化為電子商務用戶方面的額外參與度。

And number two, we are always interested in improving customer experience. So, for example, we have previously said we have a partnership with the higher logistics business where we had both a commercial relationship on logistics, as well as an equity relationship to bring the two companies closer together, in order to bring a better logistics service to the large appliance category, and that has worked out really well for us.

第二，我們始終致力於改善客戶體驗。例如，我們之前說過我們與更高的物流企業有合作夥伴關係，我們既有物流方面的商業關係，也有股權關係，使兩家公司更加緊密地聯繫在一起，以便帶來更好的物流服務到大型家電類別，這對我們來說效果非常好。

And number three, we are always interested in adding additional product and service categories that will enhance our position, in terms of getting the consumer's wallet share. So that's what we're looking at in terms of the strategy.

第三，我們始終有興趣增加額外的產品和服務類別，以提高我們在贏得消費者錢包份額方面的地位。這就是我們在戰略方面所關注的。

Thank you.

謝謝。

Yes, I just want to add a little bit to the Taobao GMV growth, because I keep saying that it grows faster, and there are reasons behind. We see this as very positive because Taobao is our core traffic engine and the critical source of eventually monetized for all of the marketplace, including Tmall. So we have making a lot of efforts to grow the GMV in Taobao Marketplace.

是的，我只是想為淘寶GMV成長加一點，因為我一直說它成長得更快，背後是有原因的。我們認為這是非常積極的，因為淘寶是我們的核心流量引擎，也是包括天貓在內的所有市場最終貨幣化的關鍵來源。所以我們做了很多努力來提高淘寶市場的GMV。

Angela Moh, Morgan Stanley.

安吉拉‧莫，摩根士丹利。

Again, congratulations on the results. Just a couple of questions from me; on the average spend, if we just take the number of buyers and back out the average in the [purse per buyer], that's down about 2% year on year. Is that something that you guys are worried about? Because you mentioned that the number of categories and new products have actually increased, so maybe you could comment a little bit on that?

再次恭喜結果。我只想問幾個問題；就平均支出而言，如果我們只計算買家數量並剔除[每個買家的錢包]中的平均支出，則比去年同期下降約 2%。這是你們擔心的事情嗎？因為你提到品類和新產品的數量實際上有所增加，所以也許你可以對此發表一些評論？

The second question is more on the recent announcement of the investment of about, I think, RMB10 billion over five years on the [Taobao station]. Do you also need to give us a little bit more color on (inaudible)?

第二個問題更多的是最近宣布的五年內對[淘寶站]的投資，我認為大約是100億元人民幣。您是否還需要給我們更多的色彩（聽不清楚）？

Right, the second question, the line's not that good. Could you please repeat the second question, Angela?

對了，第二個問題，線路不太好。安琪拉，你能重複第二個問題嗎？

Right, so the second question is, recently we saw an announcement about investment of, I think, about RMB10 billion over five years on Taobao station, if you're going down into the rules and [of setting up this station], [if we could have] a little bit more in terms of the execution of this?

是的，所以第二個問題是，最近我們看到一個公告，關於淘寶站五年內投資大約100億人民幣，如果你深入到規則和[建立這個站]，[如果我們可以]在執行方面多做一點嗎？

Yes, okay. I'll answer the first, the GMV per buyer question, then Daniel will answer to the rule one.

是的，好的。我將回答第一個問題，即每位買家的 GMV 問題，然後丹尼爾將回答第一條規則。

The slight decline of the [so-called drop] for GMV per annual active buyer does not really worry us. It just slightly decreased due to the significant growth of the buyers in the past year. We have been talking about the [mobile] platform is that the longer consumers stay, the more they spend annually.

年度活躍買家 GMV 的輕微下降（所謂的下降）並沒有真正讓我們擔心。由於去年買家的大幅成長，這一數字略有下降。我們一直在談論的[行動]平台是消費者停留的時間越長，他們每年花的錢就越多。

So normally, the new buyers' spending levels are relatively lower but will catch up as they buy some more categories [or consumables]. So if you really break it down rather than look at it on the average of that spending level, we do see that [trend].

因此，通常情況下，新買家的支出水平相對較低，但隨著他們購買更多類別（或消費品），他們的支出水平會迎頭趕上。因此，如果你真正將其分解而不是根據支出水平的平均值來看待，我們確實會看到這種[趨勢]。

This is Jonathan; I'll take the second question. Right now, there is 34% of the Chinese people in urban areas use the e-commerce, but only 9% of Chinese people in rural areas use e-commerce, so we consider this is a big opportunity for long-term. Our vision is that we'll enable the farmers to sell their farm products to city people and globally. At the same time, we encourage China's 600 million farmers to buy online from Taobao. So this is a long-term view.

這是喬納森；我來回答第二個問題。目前，中國城市地區有34%的人使用電子商務，但只有9%的農村地區的中國人使用電子商務，所以我們認為這是一個長期的大機會。我們的願景是讓農民能夠將農產品出售給城市居民和全球各地。同時，我們鼓勵中國6億農民透過淘寶網購買。所以這是一個長期的觀點。

(inaudible), Credit Suisse.

（聽不清楚），瑞士信貸。

Congrats on the strong quarter. My first question is on AliTrip, I wonder if you have any updated strategy or investment plans or any area of focus for the AliTrip new subsidiary?

恭喜季度表現強勁。我的第一個問題是關於阿里旅行的，請問您對阿里旅行新子公司有什麼更新的策略或投資計畫或重點領域嗎？

And then I think the other questions I have may be in terms of the other income line. I suppose this mainly comes from the Ant Financial. I wonder any kind of sense or directionally, how does the margin trend coming along from the Ant Financial side or any details we can have.

然後我認為我的其他問題可能與其他收入線有關。我想這主要來自於螞蟻金服。我想知道螞蟻金服方面的利潤率趨勢如何，或者我們能掌握的任何細節。

This is Daniel; I will take the first question about travel. Actually, late last month, we just re-launched a new branding of our travel business and the purpose was quite clear. We believe that the travel market is a fierce market for Chinese people. And today, if we all look on the market, we want to launch our services to the Chinese consumers, not only for the [tourist] marketplace, but also for bringing more Chinese people to other countries.

這是丹尼爾；我先回答第一個問題，關於旅行。事實上，上個月末，我們剛剛重新推出了旅遊業務的新品牌，目的非常明確。我們認為，旅遊市場對中國人來說是一個激烈的市場。今天，如果我們都放眼市場，我們希望向中國消費者推出我們的服務，不僅是為了[旅遊]市場，也是為了將更多的中國人帶到其他國家。

But we don't want to do this like other does, as the [OTA]. We will still stick to our platform model. We will try to connect the service provider, the hotels, the airlines and the [sightseeing], connect with end customers directly. I think recently, we made an investment in a Chinese software [ERP] company, a travel ERP company, which is based here in (inaudible). And the purpose is that we want to work with them to connect with the system of the hotels and restaurants, so that the merchants of the hotels and the restaurants can supply their inventories on a [real time] basis. And by this way, they can sell their products so much more efficiently.

但我們不想像其他人（例如 [OTA]）那樣這樣做。我們仍然會堅持我們的平台模式。我們將嘗試連接服務提供者、酒店、航空公司和[觀光]，直接與最終客戶聯繫。我想最近，我們投資了一家中國軟體 [ERP] 公司，一家旅遊 ERP 公司，總部位於（聽不清楚）。目的是我們希望與他們合作，與酒店和餐廳的系統進行連接，以便酒店和餐廳的商家可以[即時]供應他們的庫存。透過這種方式，他們可以更有效地銷售產品。

Yes, (inaudible), your question about our small [micro Ant Finance Group profitability], you can see from our disclosure that our profit sharing from the Group is slightly down. The reason behind it is that based on our risk structure agreement, the 49.9% profit sharing having changed to 37.5% (inaudible). But currently, the profit is mainly coming from Alipay. Other businesses are still in the very initial stage.

是的，（聽不清楚），你關於我們的小[微型螞蟻金服集團盈利能力]的問題，你可以從我們的披露中看到，我們從集團獲得的利潤分成略有下降。背後的原因是，根據我們的風險結構協議，49.9%的利潤分享已更改為37.5%（聽不清楚）。但目前，利潤主要來自支付寶。其他業務仍處於起步階段。

And one thing I do want to mention about this [deduction]. Overall, Ant Small Micro Finance Group is still in its early investing stage, and growing profit is definitely not their priority. So we do not expect very high [or] significant profit-sharing growth.

關於這個[推論]，我確實想提一件事。整體而言，螞蟻小微金融集團仍處於早期投資階段，獲利絕對不是他們的首要任務。因此，我們預期利潤分享成長不會非常高或顯著。

[Carlos Kirjner, Bernstein].

[卡洛斯·基耶納，伯恩斯坦]。

Two questions. Can you give us some direction on how much more user cohorts have spent as they stayed longer in the platform? For example, if you take users who join two, three or five years ago, how much more are they spending today versus in their first year?

兩個問題。您能否告訴我們，隨著用戶在平台上停留時間的延長，他們的支出增加了多少？例如，如果您考慮兩年、三年或五年前加入的用戶，那麼他們今天的支出與第一年相比要多多少？

Second, can you also give us some direction on what EBITDA would have been ex the impact of UCWeb and AutoNavi, and talk a bit about the rationale for developing your own OS, given the strength of android and iOS? Thank you.

其次，您能否給我們一些指導，說明在 UCWeb 和高德的影響下，EBITDA 會是多少，並談談考慮到 Android 和 iOS 的優勢，開發自己的作業系統的理由？謝謝。

Yes, let me share with you some color on this average spending per buyer. As I said that the longer a customer stays with us, they more they're going to spend annually on our platform.

是的，讓我與您分享每個買家的平均支出的一些細節。正如我所說，客戶在我們這裡停留的時間越長，他們每年在我們平台上花費的錢就越多。

I'll give you an example, like a customer who stays with us for one year's time, their average annual spending level is somewhere around RMB1,000. And for the ones who stay with us for five years' time, their spending level is somewhere around RMB15,000. And then for the ones staying as long as 10 years, their level is going to be about RMB30,000. So this is the trend we see so far as our consumer base for their spending patterns.

我舉個例子，例如一個客戶在我們這裡待了一年，他的年平均消費水準在1000元左右。而對於那些在我們這裡待了五年的人來說，他們的消費水準在15,000元左右。那麼停留時間長達10年的，他們的水平大概是3萬元左右。因此，這是我們迄今為止所看到的消費者基礎的消費模式的趨勢。

Okay, Carlos, this is Joe Tsai. Your question, I think, is about why we're investing to develop our OS. Operating system is a very long-term strategic project for Alibaba, especially for the China market. As you probably know, that Google has a strong franchise in android and, although a lot of phones in China are operating on the android system, there is not a lot of Google services that operate with these phones.

好的，卡洛斯，這是蔡喬恩。我認為你的問題是關於我們為什麼要投資開發我們的作業系統。作業系統對於阿里巴巴來說是一個非常長期的策略項目，尤其是對於中國市場。您可能知道，Google在 Android 領域擁有強大的特許經營權，儘管中國的許多手機都在 Android 系統上運行，但在這些手機上運行的 Google 服務並不多。

And the whole thinking behind developing an operating system is that it's not just an operating system. It makes sense if you have overlaid a number of Internet services on top of that operating system, for example maps, for example for us in our case e-commerce, and we feel that we are a very strong Internet service company in China, and developing an OS for the mobile device, not just phones, but also other mobile devices, will be a long-term winning strategy for us.

開發作業系統背後的整個想法是，它不僅僅是一個作業系統。如果您在該作業系統之上疊加了許多互聯網服務，例如地圖，例如我們的電子商務案例，那麼這是有意義的，我們認為我們是中國非常強大的互聯網服務公司，並且為移動設備（不僅僅是手機，也包含其他行動裝置）開發作業系統，將是我們的長期制勝策略。

And I just want to emphasize that it's a very long-term game; the dominant players today may not be dominant tomorrow. So that's why we're continuing to invest in our OS.

我只是想強調這是一個非常長期的遊戲；今天占主導地位的球員明天可能不再占主導地位。這就是我們繼續投資作業系統的原因。

Piyush Mubayi, Goldman Sachs.

皮尤什·穆巴伊，高盛。

Can I just ask you the question about, I think Carlos asked this question earlier, would it be possible to break down the higher expenses for the quarter between the impact of consolidation and the higher spending of the core business? That's the first question.

我可以問你一個問題嗎？我認為卡洛斯早些時候問過這個問題，是否有可能將本季度的較高支出分解為整合的影響和核心業務的較高支出？這是第一個問題。

And second, you've got a strategic position in ASEAN with the investment in Singapore; could you give us a sense of how you'd like to see this evolve? Thank you.

其次，透過對新加坡的投資，你們在東協取得了戰略地位；您能否告訴我們您希望這種情況如何發展？謝謝。

Yes, for the investment we make [UC], if we exclude the impact of that company from the non-GAAP EBITDA, our non-GAAP EBITDA margin would have been somewhere around 54%.

是的，對於我們進行的投資 [UC]，如果我們從非 GAAP EBITDA 中排除該公司的影響，我們的非 GAAP EBITDA 利潤率將約為 54%。

Yes, and for the global strategy, we believe that South East Asia is a very important area, we have [good growth] and in this area a lot of Chinese people living there and they are familiar with Taobao, and they like to buy to buy from Taobao.

是的，對於全球戰略，我們認為東南亞是一個非常重要的地區，我們有[良好的增長]，並且在這個地區有很多中國人居住在那裡，他們熟悉淘寶，他們喜歡購買從淘寶購買。

So today, what we are doing there, that we try to [provide for] to collaborate with our partners to make the logistics system and the network system ready. For example, early this year we made an investment in Singapore Post and the reason is very obvious; we want to work with them to build up the logistics network in the South East Asia to help our merchant to deliver products to this region more efficiently.

所以今天，我們正在做的事情是，我們嘗試與我們的合作夥伴合作，使物流系統和網路系統做好準備。例如今年年初我們投資了新加坡郵政，原因很明顯；我們希望與他們合作，建立東南亞的物流網絡，幫助我們的商家更有效地將產品運送到該地區。

Thomas Chong, Citigroup.

湯瑪斯莊，花旗集團。

My question is about [Juhuasuan]; given recently there a lot of news flow talking about the development of Juhuasuan, can you comment about the long-term strategy for this business line, and whether you are doing your own merchandising to grab the share for the discount retail [step] in China? Thanks.

我的問題是關於【聚划算】的；鑑於最近有很多新聞在談論聚划算的發展，您能否評論一下這個業務線的長期策略，以及您是否正在做自己的商品以搶佔中國折扣零售的份額？謝謝。

Okay. This is Daniel; I will answer this question. For Juhuasuan is a very unique platform. People -- for Taobao the platform is the purpose to first to [set] our Taobao seller to help them to sell in the model of good buying the products to the Taobao consumers, and we limited, limited SKUs but very big stock levels, so that the merchant can sell overnight, so without any distribution cost.

好的。這是丹尼爾；我來回答這個問題。對於聚划算來說是一個非常獨特的平台。人們－對淘寶來說，這個平台的目的是首先要[設定]我們的淘寶賣家，幫助他們以好買的模式把產品賣給淘寶消費者，而且我們的SKU有限，但是庫存水準非常大，所以商家可以隔夜出售，因此無需任何分銷成本。

So the sales could be very efficient, and the other purpose for the Juhuasuan is not only to help our merchants to sell products, but also to help them to promote their [stockroom]. So in this case, a merchant will use Juhuasuan as a marketing platform and they will give some products to be promoted in the Juhuasuan platform, to give people aware of their stockroom and go into their stockroom for the peak purchase.

這樣銷售就可以非常有效率，而聚划算的另一個目的不僅是幫助我們的商家銷售產品，還可以幫助他們宣傳他們的【庫房】。那麼在這種情況下，商家就會利用聚划算作為行銷平台，他們會贈送一些產品在聚划算平台上進行促銷，讓人們知道他們的庫存，並進入他們的庫存進行高峰購買。

Alicia Yap, Barclays.

艾麗西亞·葉 (Alicia Yap)，巴克萊銀行。

Congrats on the strong quarter. My question is regarding the AliExpress. I wanted to know what are the categories that's most attracted to the global consumer on this marketplace, and how should we think about this marketplace with the upcoming November 11 promotion? Thank you.

恭喜季度表現強勁。我的問題是關於速賣通的。我想知道這個市場上最吸引全球消費者的品類是什麼，以及我們應該如何看待即將到來的 11 月 11 日促銷活動？謝謝。

Yes, AliExpress is a platform to help Chinese consumers and Chinese merchants to sell to the consumers in other countries. And when you look at the top selling categories in AliExpress, actually in different countries the top selling categories could be very different.

是的，速賣通是一個幫助中國消費者和中國商家向其他國家的消費者銷售產品的平台。當你查看速賣通中最暢銷的類別時，實際上在不同的國家/地區，最暢銷的類別可能會非常不同。

And today, for example, in Russia apparel is obviously the number one category, because everybody in Russia and the consumer market is not so mature, and people cannot find good apparel, good jacket with high quality but low price.

比如說今天，在俄羅斯，服裝顯然是第一大類，因為俄羅斯的每個人以及消費市場還不是那麼成熟，人們找不到高品質但價格低廉的好服裝、好夾克。

But China is famous for the manufacturing base of apparel, and for other countries, actually for some countries, consumer electronics and the digital products and phones are very popular.

但中國是著名的服裝製造基地，對其他國家來說，實際上對一些國家來說，消費性電子產品、數位產品和手機非常受歡迎。

For this coming 11/11, AliExpress will also join this campaign and they will sell -- actually they will promote the products and as well as the brands of the merchants on the platform, and to the people in other countries.

在即將到來的 11/11，全球速賣通也將加入這項活動，他們將進行銷售——實際上，他們將在平台上向其他國家的人們推廣產品和商家的品牌。

Eddie Leung, Merrill Lynch.

美林證券的梁艾迪。

I have two questions. The first one is about your active buyers; could you share with us some metrics about the retention rate you have seen of your active buyers in the past, let's say, year, as well as the organic user growth you have seen on your platform?

我有兩個問題。第一個是關於您的活躍買家；您能否與我們分享一些有關您在過去（比如說一年）中看到的活躍買家保留率的指標，以及您在平台上看到的有機用戶成長？

And then secondly, about your merchant base, could you give us the number of merchants on your Taobao and Tmall platforms in the past quarter? Thank you.

其次，關於您的商家基礎，您能否告訴我們過去一個季度淘寶和天貓平台上的商家數量？謝謝。

Yes, for the first question, the active buyer retention, as Maggie mentioned just now, our platform has a very good [thickness] to the consumers. People usually start with some light category, what we call light category, for example like virtual items, people for the new customers they will start with some virtual items like [perfect cards], cell phone card games, and when they get used to online shopping they will switch, they will buy items from other categories, and they will spend more and more money on our platform.

是的，第一個問題，活躍買家留存，剛才Maggie提到的，我們的平台對消費者來說有非常好的[厚度]。人們通常會從一些輕品類開始，我們所說的輕品類，比如說像虛擬物品，人們對於新客戶來說他們會從一些虛擬物品開始，比如【完美卡牌】，手機卡牌遊戲，當他們習慣了網路之後他們會轉向購物，他們會購買其他類別的商品，他們會在我們的平台上花越來越多的錢。

So when you look at our active buyer every quarter in the past few quarters, you can see the net adds is very material. And we are confident that these people will be spending more in the future as they get used to shopping online.

因此，當您查看過去幾季每季的活躍買家時，您會發現淨增加量非常大。我們相信，隨著這些人習慣了網上購物，他們將來會花更多的錢。

Erica Poon Werkun, UBS.

艾麗卡‧潘‧韋爾昆 (Erica Poon Werkun)，瑞銀集團。

Congratulations on your result. My first question is about mobile GMV. We have seen continued fast growth in the mobile GMV contribution; how do you see that contribution to trend over the next couple of years, and how do you expect that to influence the Company's average take rates, and also gross margin?

恭喜你的結果。我的第一個問題是關於移動 GMV。我們看到行動端 GMV 貢獻持續快速成長；您如何看待未來幾年這種趨勢的貢獻？您預計這將如何影響公司的平均轉換率和毛利率？

The second question is on 11/11; I'm just wondering if you expect it to be a bigger event this year versus last year? Could you share with us how many sellers are participating this year versus last year, and if there is any early indication on consumer responses? Thank you.

第二個問題是11/11；我只是想知道您是否預計今年的活動會比去年更大？您能否與我們分享今年與去年相比有多少賣家參加，以及是否有任何關於消費者反應的早期跡象？謝謝。

Right, in terms of the mobile GMV, as presented total GMV were already 35.8%, we see it still going up and we believe that, in the following quarters, you will see the increasing trend. However, we do see PC as it grow in the e-commerce, people will not switch 100% to mobile. Having said that to us mobile is just another PC screen, so what we are focusing on are the people behind the screen.

對了，就行動GMV而言，目前總GMV已經是35.8%，我們認為它還在上升，我們相信在接下來的幾個季度，你會看到上升的趨勢。然而，我們確實看到隨著PC在電子商務中的發展，人們不會100%轉向行動裝置。話雖如此，行動裝置對我們來說只是另一個電腦螢幕，所以我們關注的是螢幕後面的人。

So to us, separating the mobile GMV and PC GMV is really for the purpose of -- at this early stage for mobile programs, investors aren't really concerned and would like to know [ARPU] on the mobile front. Going forward, to us it's really indicated on one marketplace, the users are the ones we [target] to focus on.

因此，對我們來說，將行動 GMV 和 PC GMV 分開的真正目的是——在行動專案的早期階段，投資者並不真正關心並希望了解行動領域的 [ARPU]。展望未來，對我們來說，這確實表明在一個市場上，用戶是我們[目標]關注的對象。

So the take rate, the monetization, you have seen that mobile take rates grow really fast and whereas a lot of times that [worried] the mobile take rate could be [and are], the expectation is that mobile take rate is approaching PCs. The reason are take rate reflect the value we have provided to the merchant, and we do believe that we have a higher chance to provide higher value to our customers.

因此，就採用率、貨幣化而言，您已經看到行動採用率成長非常快，雖然很多時候[擔心]行動採用率可能[並且確實]，但預期行動採用率正在接近 PC。原因是成交率反映了我們為商家提供的價值，我們確實相信我們有更高的機會為客戶提供更高的價值。

What I mean by saying that is, first of all, we see more customers we can provide service to for this mobile platform, so it's more buyers, more merchants. And secondly, is a high engagement. We do see people come more and more often, many times than [one or two weeks], and [then worry] about we could utilize on the data side to drive and to provide more value to our customers.

我的意思是，首先，我們看到更多的客戶可以為這個行動平台提供服務，因此有更多的買家、更多的商家。其次，是高參與度。我們確實看到人們來得越來越頻繁，次數超過了[一兩週]，並且[然後擔心]我們可以利用數據方面來驅動並為我們的客戶提供更多價值。

So in summary, we do see the mobile take rate to keep grow, and approach PC.

總而言之，我們確實看到行動裝置的使用率持續成長，並接近 PC。

And I just wanted to talk a little bit about just taking a step back to talk about mobile monetization. As you can see, we're disclosing mobile revenue as a percentage of our total China retail marketplace revenues. We're one of the very few companies in China that has really generated substantial revenues from mobile, and clearly disclose it.

我只是想退一步談談行動貨幣化。正如您所看到的，我們揭露了行動收入佔中國零售市場總收入的百分比。我們是中國極少數真正從行動領域獲得大量收入的公司之一，並且明確披露了這一點。

And the reason why mobile monetization rates continue to increase is that when we look at a user, they're a consumer. When they come to use our mobile app, their commercial intent is extremely strong. In fact, that commercial intent is no different from when they visit a desktop computer.

行動貨幣化率持續成長的原因是，當我們看待用戶時，他們是消費者。當他們開始使用我們的行動應用程式時，他們的商業意圖非常強烈。事實上，這種商業意圖與他們訪問桌上型電腦時沒有什麼不同。

When they come to the Taobao app, they want to buy something. And that leads to very strong conversion rates, which then benefits the merchants, which then allows the merchant to have the confidence to allocate more of their marketing budgets on us.

當他們來到淘寶應用程式時，他們想買東西。這會帶來非常高的轉換率，從而使商家受益，從而使商家有信心將更多的行銷預算分配給我們。

So our mobile users actually generate transactions. And as I said, over the last 12 months $95 billion of GMV are generated on our mobile platform. So we see that this strong commercial intent applies across the board, whether it's on desktop or mobile.

所以我們的行動用戶實際上產生了交易。正如我所說，在過去 12 個月裡，我們的行動平台產生了 950 億美元的 GMV。因此，我們看到這種強烈的商業意圖廣泛適用，無論是在桌面還是行動裝置上。

This is Daniel. I will take the second question, 11/11. That will be a one week ahead, for this year's 11/11 and this will be our sixth 11/11 promotion. Last year's promotions was very successful. The sales model was [RMB5.8 billion], which is very huge. And this year, we don't want to focus on a single number; instead, we want to achieve some other objectives.

這是丹尼爾.我將回答第二個問題，11/11。今年的 11/11 促銷活動將提前一周，這將是我們第六次 11/11 促銷活動。去年的促銷非常成功。銷售模型是【58億元】，非常巨大。今年，我們不想專注於單一數字；相反，我們想要實現一些其他目標。

First is that globalization, we want this year to be the starting point of our global Singles Day promotion, and we're really trying to bring more and more of these high quality products via our platform to Chinese people. I'm sure many of you have heard the story of Cottrell, and they have very successful in our [pre-sale] campaign, which is just published.

首先是全球化，我們希望今年成為我們全球雙十一促銷的起點，我們真的很努力透過我們的平台將越來越多的優質產品帶給中國人。我相信你們很多人都聽過科特雷爾的故事，他們在我們剛剛發布的[預售]活動中取得了非常成功的成功。

And the other thing we focus on is mobile. As you can see, more and more Chinese consumers, they shopping via mobile device. We want to our 11/11 promotion could be more [fit] to Chinese consumers' experience, and to give [there] a good experience and look and feel, and shopping selections in our mobile site.

我們關注的另一件事是移動。正如您所看到的，越來越多的中國消費者透過行動裝置購物。我們希望我們的 11/11 促銷活動能夠更適合中國消費者的體驗，並在我們的行動網站上提供良好的體驗、外觀和感覺以及購物選擇。

And the last one is how to introduce -- how to attract more and more participant in our ecosystem to this big campaign. This year, for example, we invited 100 of game developers to develop small games, and 10s of thousand of shopper -- 10s of thousand of merchant, they use these small games in the storefront, to interact with consumers.

最後一個是如何介紹——如何吸引越來越多的生態系統參與者參與這個大活動。例如今年，我們邀請了100個遊戲開發者來開發小遊戲，還有幾十萬的購物者──幾十萬的商家，他們在店面使用這些小遊戲，與消費者互動。

We also have a lot of movie stars, and they are interacting with their fans, and they help us to distribute the coupon to these fans.

我們還有很多電影明星，他們在和他們的粉絲互動，他們幫助我們把優惠券發給這些粉絲。

So generally speaking, November 11 is not a game for Alibaba Company. It's a game -- it's a big day for the ecosystem. Today in China, and tomorrow we think is a global day for consumers and merchants, and ecosystem in e-commerce.

所以整體來說，11月11日對阿里巴巴公司來說並不是一場遊戲。這是一場遊戲——對生態系統來說這是一個重要的日子。今天在中國，明天我們認為是消費者和商家以及電子商務生態系統的全球日。

Ming Zhao, 86Research.

趙明，86研究。

I have two questions. First question is, we don't see the guidance, so is this the Company's policy of not giving guidance for the future quarter or future year? Or can you share some color about the December quarter, in terms of GMV or revenue? That's my first question.

我有兩個問題。第一個問題是，我們沒有看到指導，那麼這是公司不對未來季度或未來年度提供指導的政策嗎？或者您能分享一些關於 12 月份季度的 GMV 或收入方面的資訊嗎？這是我的第一個問題。

The second question is about the coming of the Smart Logistics. Maggie, you just mentioned that profit sharing percentage change has led to slightly decline in below the line other income. Does that mean there is really nothing is significant number there for the Smart Logistics? Or in the future, if that company is aggressively investing, we're going to see some loss there? Thank you.

第二個問題是關於智慧物流的到來。瑪吉，您剛才提到利潤分享百分比變化導致線下其他收入略有下降。這是否意味著智慧物流真的沒有什麼可觀的？或者在未來，如果該公司積極投資，我們會看到一些損失？謝謝。

It's Maggie. Yes, it's our Company policy, not giving out guidance. The reason is because we're really long-term view, rather than focusing on the near-term profitability or revenue, etc. So we will be continuing to communicate with investor and analysts closely on our business progress, and report and not giving guidance.

是瑪吉。是的，這是我們公司的政策，不提供指導。原因是因為我們確實是長遠的眼光，而不是專注於短期的獲利能力或收入等。所以我們將繼續與投資者和分析師密切溝通我們的業務進展，並報告而不是給予指導。

So in terms of profit sharing, if you are talking about profit sharing with the Small Micro Financial Group, this for the logistic the Tangyao Group, we're not having a profit sharing arrangement, neither we consolidate them. Because that's the company we own [38%], so not having controlling there.

所以在利潤分享方面，如果你談論的是與小微金融集團的利潤分享，這是對於唐耀集團的物流，我們沒有利潤分享安排，我們也沒有合併它們。因為那是我們擁有的公司 [38%]，所以沒有控制權。

So a profit sharing with Small Micro Financial Group, what I'm trying to say is that that group business has tremendous potential, but it's still in the very early stage. They are not really after a high profitability -- high growth in the profit, so we do not expect a significant profit sharing from that group in any near term.

所以和小微金融集團的利潤分成，我想說的是，這個集團的業務有巨大的潛力，但還處於非常早期的階段。他們並不是真正追求高獲利能力——利潤的高成長，因此我們預計短期內不會從該集團獲得大量利潤分享。

For the Smart Logistics, we have actually accounting for that part of investments, and the total investment commitment for that company is 48% of RMB5 billion. So that give you a sense about the impact.

對於智慧物流，我們實際上佔了這部分投資，該公司的總投資承諾是50億元人民幣的48%。這樣您就可以了解其影響。

[Scott Devitt, Stifel].

[斯科特·德維特，斯蒂菲爾]。

A separate question on China Smart Logistics. Could you just provide an update on the progress of it? And then generally, any improvements or changes in merchant delivery times, or other fulfillment measures that you track in the quarter?

關於中國智慧物流的另一個問題。可否介紹一下最新進展？那麼一般來說，商家交貨時間或您在本季度追蹤的其他履行措施有任何改進或變化嗎？

And then secondly, could you talk a bit more about international efforts, and the way you're thinking about growth outside of China? Thus far, Alibaba's benefited internationally, partially through organic growth, and also made some minority investments. And I'm wondering how you would depict future growth in international markets, organic versus acquired. Thank you.

其次，您能多談談國際方面的努力，以及您對中國以外地區成長的看法嗎？到目前為止，阿里巴巴在國際上受益匪淺，部分是透過有機成長，也進行了一些少數股權投資。我想知道您如何描述國際市場的未來成長（有機成長與收購成長）。謝謝。

For the first question, China Smart Logistics, point number one, we are still working closely with our logistic partners to connect our system with their system, so that we can track the status of the orders for every single orders generate on our platform. And today, our order system from our 14 major Company partners, actually, we have already connect the system with them. And today, we are working heavily with them to prepare for the coming November 11 and, hopefully, we can track the every single order from November 11 from our system integration.

對於第一個問題，中國智慧物流，第一點，我們仍在與我們的物流合作夥伴密切合作，將我們的系統與他們的系統連接起來，以便我們可以跟踪我們平台上生成的每一個訂單的訂單狀態。今天，我們的訂單系統來自我們14個主要公司合作夥伴，實際上我們已經與他們連接了該系統。今天，我們正在與他們密切合作，為即將到來的 11 月 11 日做準備，希望我們能夠透過系統整合追蹤 11 月 11 日以來的每一個訂單。

And point number two, for the hardware infrastructure, today we are still looking at the infrastructure resources, [planning] right in the critical areas. And we have already made some investment to acquire some planning right too. But when we launch this warehouses and we construct, and we will basically share this resources with our logistic partners, to help them to extend their capacities.

第二點，對於硬體基礎設施，今天我們仍在關注基礎設施資源，在關鍵領域進行[規劃]。我們也已經進行了一些投資以獲得一些規劃權。但是當我們啟動這個倉庫並進行建設時，我們基本上會與我們的物流合作夥伴分享這些資源，以幫助他們擴大產能。

And for the second question for the international expansion, today we view the global strategy is one of the important strategy in our Group. But we will start with cross-border right now and, as we said, today when we look at the cross-border, we try to leverage what we have today, Basically, there are two things.

對於第二個問題，國際擴張，今天我們認為全球策略是我們集團的重要策略之一。但我們現在將從跨境開始，正如我們所說，今天當我們考慮跨境時，我們嘗試利用我們今天擁有的東西，基本上有兩件事。

Firstly, we have the few consumer [rate] in China, and China is the largest consumer market in the world. So what we are doing right now is to help more and more overseas merchants. Most of them, they don't have China presence right now to help them sell their products and services via our common marketplace to Chinese consumers.

首先，我們中國的消費量是很少的，而中國是世界上最大的消費市場。所以我們現在所做的就是幫助越來越多的海外商家。他們中的大多數人目前在中國沒有業務，無法幫助他們透過我們的共同市場向中國消費者銷售產品和服務。

And the second step we have is that China is the largest merchant -- manufacturing base. And today, our AliExpress platform we help Chinese merchants to sell to the consumers in other countries.

我們的第二步是中國是最大的商業－製造基地。今天，我們的全球速賣通平台幫助中國商家向其他國家的消費者銷售產品。

Sir, we just have time for one more question.

先生，我們還有時間再問一個問題。

[Mark Delaney, RBC Capital Markets].

[馬克·德萊尼，加拿大皇家銀行資本市場]。

I'd just like to follow up on an earlier question about Alipay. Any more details you can provide on how that investment is faring for you? And overall, the increased penetration of Alipay across the Alibaba platform, and off of Alibaba? Thank you.

我想跟進一下之前關於支付寶的問題。您能否提供更多有關該投資對您的影響的詳細資訊？整體而言，支付寶在阿里巴巴平台以及阿里巴巴以外的滲透率有所提升？謝謝。

Yes, Mark. First of all, Alipay is (inaudible), now we change name to Small Macro Financial Group. This is a totally separate Group business. But having said that, the growth of Alipay business is very well. It's still a private company; they're not providing a public disclosure [to our side].

是的，馬克。首先，支付寶是（聽不清楚），現在我們改名為小宏金融集團。這是一項完全獨立的集團業務。但話雖如此，支付寶業務的成長還是非常好的。它仍然是一家私人公司；他們沒有[向我們這邊]提供公開披露。

But what I can share is that the business grows very well. [TPV] total, or payment volume grows very well, and their mobile business, AliWallet, is very healthy growth trend. And the impact to our [ATH Group] are really two lines. One line is the [cost-setting fees] we paid to Alipay. So that still stays at the same charge level, which is [a receivable to] Alibaba Group. And the other line is the profit sharing, [a discount] on -- yes, [talk about] the Alipay.

但我可以分享的是，業務發展得非常好。 [TPV]整體來說，還是支付量成長非常好，而且他們的行動業務，阿里錢包，是非常健康的成長趨勢。對我們[ATH 集團] 的影響其實是兩條線。其中一行是我們支付給支付寶的【成本設定費用】。因此，費用仍保持在相同水平，這是阿里巴巴集團的[應收帳款]。另一條線是利潤分享，[折扣]——是的，[談論]支付寶。

With that, operator, I think we need to close the call.

接線員，我想我們需要結束通話了。

Thank you. Ladies and gentlemen, thank you for participating in today's conference. This concludes our program, you may all disconnect and have a wonderful day.

謝謝。女士們、先生們，感謝你們參加今天的會議。我們的節目到此結束，大家可以斷開連結並度過美好的一天。