阿里巴巴 (BABA) 2016 Q1 法說會逐字稿

Good day, ladies and gentlemen.

女士們，先生們，美好的一天。

Thank you for standing by, and welcome to Alibaba Group's June quarter 2015 results conference call.

感謝您的支持，歡迎參加阿里巴巴集團 2015 年 6 月季度業績電話會議。

(Operator Instructions).

（操作員說明）。

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

我現在想把這個電話轉給阿里巴巴集團投資者關係主管 Jane Penner。

Please go ahead.

請繼續。

Good day, everyone.

今天是個好日子。

And welcome to Alibaba Group's June quarter 2015 earnings conference call.

歡迎參加阿里巴巴集團 2015 年 6 月季度財報電話會議。

With us are Joe Tsai, Executive Vice Chairman; Daniel Zhang, Chief Executive Officer; and Maggie Wu, Chief Financial Officer.

與我們同行的是執行副主席蔡崇信；張勇，首席執行官；和首席財務官 Maggie Wu。

Also, as you know, we distribute our earnings release through Alibaba Group's investor relations website, located at www.alibabagroup.com.

此外，如您所知，我們通過阿里巴巴集團的投資者關係網站 www.alibabagroup.com 發布我們的收益報告。

So please refer to our IR website for earnings releases, as well as the supplementary slides that accompany the call.

因此，請參閱我們的 IR 網站以獲取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.

您還可以訪問我們的公司網站，了解最新的公司新聞和更新。

Please check it out.

請檢查一下。

This call is also being webcast from the IR section of our corporate website.

此次電話會議也從我們公司網站的 IR 部分進行網絡直播。

A replay of the call will be available on our website, later today.

今天晚些時候將在我們的網站上重播電話會議。

Now, let me cover -- quickly cover the Safe Harbor.

現在，讓我掩護——快速掩護安全港。

Today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995.

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作出的前瞻性陳述。

These forward-looking statements involve inherent risks and uncertainties that may cause actual results to differ materially from our current expectations.

這些前瞻性陳述涉及固有風險和不確定性，可能導致實際結果與我們當前的預期存在重大差異。

Factors that could cause actual results to differ materially are set forth in today's press release.

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 and Exchange Commission on May 6, 2014.

要了解這些風險和不確定性，請參閱我們的 F1 表格，經修訂，最初於 2014 年 5 月 6 日提交給美國證券交易委員會。

Any forward-looking statements that we make on this call are based on assumptions as of today; and we do not undertake any obligations to update these statements, except as required under applicable law.

我們在本次電話會議上所做的任何前瞻性陳述均基於截至今天的假設；並且我們不承擔更新這些聲明的任何義務，除非適用法律要求。

Please note that certain financial measures that we use on this call, such as non-GAAP, EBITDA, including non-GAAP EBITDA margins, and non-GAAP net income, are expressed on a non-GAAP basis.

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 淨收入，是在非 GAAP 基礎上表示的。

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 to adjust for changes in loan receivables relating to micro loans of our SME loan business, which we refer to as free cash flow.

我們還調整了經營活動提供的現金淨額，以剔除購買物業、設備和無形資產，不包括收購土地使用權和在建工程；並調整與我們中小企業貸款業務的小額貸款相關的應收貸款變化，我們將其稱為自由現金流。

Our GAAP results and reconciliation of GAAP to non-GAAP measures can be found in our earnings press release.

我們的 GAAP 結果以及 GAAP 與非 GAAP 措施的對賬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 Tsai.

有了這個，我現在將把電話轉給 Joe Tsai。

Thank you, Jane.

謝謝你，簡。

Good evening, or good morning, depending on where you are.

晚上好，早上好，取決於你在哪裡。

Thank you all for joining.

謝謝大家的加入。

I will kick off with a few brief comments, before Daniel and Maggie take you through this quarter.

在 Daniel 和 Maggie 帶領您完成本季度之前，我將先發表一些簡短的評論。

We had a very good quarter, with strong growth across our core operating metrics.

我們有一個非常好的季度，我們的核心運營指標增長強勁。

In the June quarter, the GMV of our China retail marketplaces reached RMB673 billion, which is $108 billion, representing year-on-year growth of 34%.

6 月當季，我們中國零售市場的 GMV 達到 6,730 億元人民幣，即 1,080 億美元，同比增長 34%。

For an ecosystem of our scale, we continue to see robust growth.

對於我們這種規模的生態系統，我們繼續看到強勁的增長。

To put things in perspective, the absolute dollar amount of additional GMV growth we had in June, compared to the same period last year, was about $28 billion in just one quarter.

從長遠來看，與去年同期相比，我們在 6 月份獲得的額外 GMV 增長的絕對金額僅在一個季度內就達到了約 280 億美元。

Our growth was driven not only by an increase in the number of consumers coming to our marketplaces to shop, but also the frequency and breadth of their consumption activity across more and more product categories.

我們的增長不僅受到到我們市場購物的消費者數量的增加的推動，而且還受到他們在越來越多的產品類別中消費活動的頻率和廣度的推動。

This reflects our ability to deliver excellent customer experience, and demonstrates that our platform is truly a part of everyday life of the Chinese consumer.

這反映了我們提供卓越客戶體驗的能力，並表明我們的平台確實是中國消費者日常生活的一部分。

We also experienced robust growth in mobile, and encouraging progress in mobile monetization.

我們還經歷了移動業務的強勁增長，並在移動貨幣化方面取得了令人鼓舞的進展。

In the June quarter this year, we achieved 307 million monthly active users on our mobile commerce apps, which is a net increase of 18 million from March; and a 63% year-on-year increase from the same period last year.

今年6季度，我們的移動商務應用月活躍用戶達到3.07億，比3月份淨增加1800萬；同比增長63%。

On monetization, our mobile revenue from China retail marketplaces was nearly RMB8 billion, representing year-on-year increase of 225%.

在貨幣化方面，我們來自中國零售市場的移動收入接近 80 億元人民幣，同比增長 225%。

Next, I would like to just say a few words about our strategic alliance with Suning, which we announced on Monday.

接下來，我想就我們週一宣布的與蘇寧的戰略聯盟說幾句話。

Suning is the leading consumer electronics retail chain in China, with more than 1,600 stores in 289 cities.

蘇寧是中國領先的消費電子零售連鎖企業，在 289 個城市擁有 1,600 多家門店。

Under our agreement, Alibaba will invest $4.6 billion for 19.9% in Suning; and Suning will establish an online flagship store on Tmall, focusing on consumer electronics, home appliances, and baby products.

根據我們的協議，阿里巴巴將投資46億美元收購蘇寧易購19.9%的股份；蘇寧將在天貓開設線上旗艦店，主營消費電子、家電、嬰童產品。

The strategic implications of this partnership are threefold.

這種夥伴關係的戰略意義是三重的。

First, Suning's online store on Tmall will offer an extensive selection of high quality consumer electronics products, providing an unparalleled shopping experience on Tmall.

首先，蘇寧天貓商城將提供豐富的優質消費電子產品選擇，提供無與倫比的天貓購物體驗。

This reinforces Tmall as the premier platform for brands and retailers that wish to establish their online presence, and direct engagement with customers.

這加強了天貓作為品牌和零售商的首選平台，這些品牌和零售商希望建立自己的在線形象並直接與客戶互動。

Second, Suning has an extensive nationwide logistics and aftersales service network, with 65 national and regional distribution centers; 353 city-forwarding centers; and over 1,700 last-mile delivery stations.

二是蘇寧擁有廣泛的全國物流和售後服務網絡，擁有65個全國和區域配送中心； 353個城市轉運中心；以及超過 1,700 個最後一英里的配送站。

This covers almost all of the 2,800 counties and townships in China, as well as over 3,000 aftersales service locations, and over 5,000 affiliate servicing partners in 322 -- 320 cities.

這覆蓋了中國幾乎所有的2800個縣和鄉鎮，以及322-320個城市的3000多個售後服務網點和5000多個附屬服務合作夥伴。

This extensive network will tap into the intelligent data network of our logistics affiliate, Cainiao, and offer logistic services to customers on Tmall.

這個龐大的網絡將接入我們物流子公司菜鳥的智能數據網絡，並在天貓為客戶提供物流服務。

With this partnership, we will enhance our consumer experience as customers can expect to receive their orders in as fast as two hours.

通過這種合作關係，我們將增強我們的消費者體驗，因為客戶可以期望在兩個小時內收到他們的訂單。

Third, because of the large user base on our mobile commerce apps, we are able to leverage this customer base and data technology to bring the right customer to the right store location at the right time.

第三，由於我們的移動商務應用擁有龐大的用戶群，我們能夠利用這一客戶群和數據技術，在正確的時間將正確的客戶帶到正確的商店位置。

In addition, consumers can have an in-store experience to try products and enjoy aftersales service, while ordering and making payment and appointments on a mobile device in a seamless offline-to-online experience.

此外，消費者可以在店內體驗產品試用和售後服務，同時在移動設備上訂購、支付和預約，實現線下到線上的無縫體驗。

Our strength in mobile makes Alibaba the best partner to work with in terms of offline retailers, such as Suning, to develop the omnichannel strategies.

我們在移動方面的優勢使阿里巴巴成為與蘇寧等線下零售商合作發展全渠道戰略的最佳合作夥伴。

Now, Daniel will take you through an update of our major strategic initiatives and business developments.

現在，丹尼爾將帶您了解我們主要戰略計劃和業務發展的最新情況。

Thank you, Joe.

謝謝你，喬。

Hello, everyone.

大家好。

I'd like to review the progress and strategy for some key areas of our business, including mobile; logistics; cloud computing; international operations; mobile Internet services; local services; and consumer experience on our platform.

我想回顧一下我們業務的一些關鍵領域的進展和戰略，包括移動；後勤;雲計算;國際業務；移動互聯網服務；本地服務；和我們平台上的消費者體驗。

First, let's talk about our momentum in mobile.

首先，讓我們談談我們在移動領域的發展勢頭。

As Joe mentioned, we are having tremendous success in attracting consumers to transact on our mobile apps, and also in monetizing that mobile traffic.

正如喬所說，我們在吸引消費者使用我們的移動應用程序進行交易以及將移動流量貨幣化方面取得了巨大成功。

Mobile GMV, in the June quarter, was $60 billion, which represented 55% of total GMV.

六月季度的移動 GMV 為 600 億美元，佔總 GMV 的 55%。

We expect mobile GMV, as a percentage of total GMV, to keep growing as we continue to improve the user experience on our mobile apps.

隨著我們繼續改善移動應用程序的用戶體驗，我們預計移動 GMV 佔總 GMV 的百分比將繼續增長。

Mobile revenue represented 51% of our China commerce retail revenue in the June quarter, while the mobile monetization rate climbed to 2.16% in the period.

移動收入占我們六月季度中國商業零售收入的 51%，而移動貨幣化率在此期間攀升至 2.16%。

As buyers moved to mobile, advertisers are becoming more and more willing to commit advertising dollars to promote their product on mobile, which, in turn, improves auction pressure and bidding behavior.

隨著買家轉向移動設備，廣告商越來越願意投入廣告資金在移動設備上推廣他們的產品，這反過來又改善了拍賣壓力和競價行為。

We will continue to optimize our P4P services for advertisers and develop more sophisticated tools to help merchants to sell and promote their products on our mobile apps.

我們將繼續優化我們為廣告商提供的 P4P 服務，並開發更複雜的工具來幫助商家在我們的移動應用程序上銷售和推廣他們的產品。

Let's move on to logistics, which is a growing area of focus for us.

讓我們繼續討論物流，這是我們日益關注的領域。

Through our logistics affiliate, Cainiao, we have a ready-built delivery network of unrivalled scale.

通過我們的物流子公司菜鳥，我們擁有一個規模無與倫比的現成交付網絡。

We are increasing our emphasis on service quality and customer satisfaction.

我們越來越重視服務質量和客戶滿意度。

Consumers now enjoy next-day delivery services in 41 cities, including Beijing; Shanghai; Guangzhou; Shenzhen; and Hangzhou.

消費者現在在北京等41個城市享受次日達服務；上海;廣州;深圳;和杭州。

And this will be extended to 50 cities by the end of this year.

到今年年底，這將擴大到50個城市。

We have also launched same-day delivery of groceries, initially starting with Beijing and Shanghai, which has been very successful.

我們還推出了雜貨當日達，最初從北京和上海開始，非常成功。

Through strategic investments, we are making substantial progress in enhancing customer experience in specific product categories, including white goods, through our partner with RRS, the logistics arm of Haier Electronics.

通過戰略投資，我們通過與海爾電器物流部門 RRS 的合作夥伴，在提升特定產品類別（包括白色家電）的客戶體驗方面取得了重大進展。

Our partnership with Suning will further improve user experience in the consumer electronics and home appliance category.

我們與蘇寧的合作將進一步提升消費電子和家電品類的用戶體驗。

Next, I'd like to discuss our cloud computing business, which had triple-digit growth in the June quarter.

接下來，我想討論一下我們的雲計算業務，該業務在 6 月季度實現了三位數的增長。

We are the number one market leader in cloud computing services in China, and we are beginning to reap the results of years of investment in this business.

我們是中國雲計算服務市場的第一大領導者，我們開始在這項業務上取得多年投資的成果。

The acceleration of our cloud computing business during June quarter was driven by an increase in the number of our paying customers; as well as an increase in the usage of our cloud computing services, including more complex offerings, such as content delivery networks and data services.

我們的雲計算業務在 6 月季度的加速是由我們的付費客戶數量增加推動的；以及我們雲計算服務的使用增加，包括更複雜的產品，例如內容交付網絡和數據服務。

In addition to having the most comprehensive service offering in China, our cloud business has a growing and a diversified customer base across public and private industries, including eCommerce; financial services; gaming; and many others.

除了在中國提供最全面的服務之外，我們的雲業務在包括電子商務在內的公共和私營行業擁有不斷增長的多元化客戶群；金融服務;賭博;和許多其他人。

Let's move on to our cross-border business.

讓我們繼續我們的跨境業務。

In recent months, we have made substantial progress in providing international brands access to Chinese consumers shopping on our marketplaces.

近幾個月來，我們在為中國消費者提供在我們的市場購物的國際品牌方面取得了重大進展。

More and more brands view our Tmall platform as the only eCommerce channel to develop their China business.

越來越多的品牌將我們的天貓平台視為發展其中國業務的唯一電子商務渠道。

In June, we also announced partnership with 12 countries to launch Country Pavilions, which are created vertical shopping sites designed to promote popular products and authentic specialty products from selected small and medium business from each country.

6 月，我們還宣布與 12 個國家合作推出 Country Pavilions，這是一個垂直購物網站，旨在推廣來自每個國家選定的中小企業的熱門產品和正宗特色產品。

Last week, we appointed Michael Evans as President of Alibaba Group.

上週，我們任命邁克爾·埃文斯為阿里巴巴集團總裁。

He will lead the team to drive increased levels of cross-border commerce between China and the world.

他將帶領團隊推動中國與世界之間的跨境貿易水平的提高。

We are thrilled to welcome Mike to join Alibaba.

我們很高興歡迎 Mike 加入阿里巴巴。

Now, for mobile Internet services.

現在，用於移動互聯網服務。

Mobile value-added services are critical to user experience and expanding our ecosystem.

移動增值服務對於用戶體驗和擴展我們的生態系統至關重要。

During the past year, we have successfully integrated the mobile Internet business of UCWeb, the number one mobile browser in China, and the most popular third-party mobile browser in India and Indonesia.

過去一年，我們成功整合了中國第一大手機瀏覽器、印度、印尼最受歡迎的第三方手機瀏覽器UCWeb的移動互聯網業務。

UCWeb has achieved over 330 million MAUs in June 2015, on a global basis.

2015 年 6 月，UCWeb 在全球範圍內的月活躍用戶數已超過 3.3 億。

With the scale of UCWeb's mobile users, our mobile Internet services division is well positioned to execute growth strategies in mobile search, app distribution, and mobile gaming communities.

憑藉 UCWeb 的移動用戶規模，我們的移動互聯網服務部門能夠很好地執行移動搜索、應用程序分發和移動遊戲社區的增長戰略。

Now, I'd like to discuss recent development in local services.

現在，我想討論一下本地服務的最新發展。

During the June 2015 quarter, we announced that -- a joint venture, operating under the trade mark Koubei, with our affiliate Ant Financial, to execute our strategic plan in local service sector.

在 2015 年 6 月季度，我們宣布與我們的附屬公司螞蟻金服成立合資企業，以口碑運營，以執行我們在本地服務領域的戰略計劃。

Koubei's services will initially cover take-out food; restaurants, other entertainment establishments; convenience stores; hospitals; and pharmacies.

口碑的服務最初將包括外賣；餐廳、其他娛樂場所；便利店；醫院；和藥房。

Users can access these services through either mobile Taobao app, or Alipay Wallet, the mobile wallet app operated by Ant Finance, which enable a close look of online-to-offline interaction between consumers and the physical stores through mobile payment.

用戶可以通過手機淘寶應用程序或螞蟻金服運營的手機錢包應用程序支付寶錢包訪問這些服務，通過移動支付，可以近距離觀察消費者與實體店之間的線上線下互動。

We believe that combining our leadership position in mobile commerce with Ant Financial's leadership position in mobile payments will put us in a unique position to capture growth opportunity in this market, which is projected to be over RMB300 billion in GMV in 2015, according to iResearch.

我們相信，將我們在移動商務領域的領先地位與螞蟻金服在移動支付領域的領先地位相結合，將使我們處於獨特的地位，以抓住這個市場的增長機會，據艾瑞諮詢，預計 2015 年該市場的 GMV 將超過人民幣 3,000 億元。

Finally, I want to say a few words on our continuing efforts to create an outstanding consumer experience on our platform.

最後，我想談談我們為在我們的平台上創造卓越的消費者體驗所做的持續努力。

Our China retail marketplaces continue to be the destination for consumers to find the broadest selection of quality products.

我們的中國零售市場繼續成為消費者尋找最廣泛優質產品的目的地。

We continue to enhance the customer experience by offering efficient logistic services, and increasing the number of brands selling high quality products.

我們通過提供高效的物流服務和增加銷售高品質產品的品牌數量不斷提升客戶體驗。

In addition, we are taking steps to improve the quality and health of our marketplaces through proprietary data technology, and collaboration with government agencies in China, to minimize counterfeits and fictitious transactions.

此外，我們正在採取措施通過專有數據技術以及與中國政府機構的合作來改善我們市場的質量和健康狀況，以盡量減少假冒和虛假交易。

We believe the efficacy of our technology-driven approach, as well as our commitment to gain the trust of consumers and brands, are increasingly driving bad actors off our platforms.

我們相信，我們以技術為導向的方法的有效性，以及我們贏得消費者和品牌信任的承諾，正越來越多地將不良行為者趕出我們的平台。

Now, I will hand over to Maggie to give you a financial review.

現在，我將交給 Maggie 進行財務審查。

Thank you, Daniel.

謝謝你，丹尼爾。

Hello, everyone.

大家好。

Here are some financial highlights.

以下是一些財務亮點。

GMV grew 34% year over year to RMB673 billion.

GMV 同比增長 34% 至人民幣 6,730 億元。

Excluding the effect of the suspended lottery business, GMV would have increased by 36% year over year.

剔除暫停彩票業務的影響，GMV 將同比增長 36%。

Revenue grew 28% year over year to RMB20.2 billion.

收入同比增長28%至人民幣202億元。

Without the suspension of the lottery sales and the transfer of our SME loan business to Ant Financial, which we already communicated in earlier quarters, our year-on-year revenue growth would have been 36%.

如果沒有我們在前幾個季度已經傳達的暫停彩票銷售和將我們的中小企業貸款業務轉移到螞蟻金服，我們的收入同比增長將達到 36%。

Non-GAAP EBITDA margin was 52%, down from 54% in the year-ago period, representing increased strategic investments, as we communicated in previous quarters.

非美國通用會計準則 EBITDA 利潤率為 52%，低於去年同期的 54%，表明戰略投資增加，正如我們在前幾個季度所傳達的那樣。

Non-GAAP net income grew 30% year over year to RMB9.5 billion.

Non-GAAP 淨利潤同比增長 30% 至人民幣 95 億元。

Diluted non-GAAP EPS, excluding SBC and amortization of intangible assets and certain other items was RMB3.68; an increase of 21% compared to RMB3.05 in the same quarter of 2014.

不包括 SBC 和無形資產攤銷和某些其他項目的攤薄非公認會計原則每股收益為人民幣 3.68 元；與 2014 年同期的人民幣 3.05 元相比增長了 21%。

Now, let's get into the details.

現在，讓我們進入細節。

In the June quarter, our blended monetization rate was 2.33% versus 2.52% in the year-ago period.

在 6 月季度，我們的混合貨幣化率為 2.33%，而去年同期為 2.52%。

The year-on-year decrease was primarily caused by the higher percentage of total GMV contributed by mobile GMV, which has a lower monetization rate.

同比下降主要是由於移動 GMV 佔總 GMV 的比例較高，而移動 GMV 的貨幣化率較低。

It was also driven by a decrease in PC monetization rate, which was partially offset by the year-on-year increase in mobile monetization rate.

它還受到個人電腦貨幣化率下降的推動，這部分被移動貨幣化率的同比增長所抵消。

Our mobile monetization rate improved significantly to 2.16%, from 1.73% in March quarter.

我們的移動貨幣化率從 3 月季度的 1.73% 顯著提高至 2.16%。

This is due to our great achievement and development of our mobile business, and efforts on the improved monetization.

這是由於我們在移動業務方面取得的巨大成就和發展，以及在改善貨幣化方面的努力。

So PC monetization declined from the year-ago quarter.

因此，PC 貨幣化比去年同期有所下降。

We expect this trend to continue.

我們預計這一趨勢將繼續下去。

But given our confidence in our long-term ability to monetize mobile traffic, we do not see it as a significant or a lasting headwind to our business.

但鑑於我們對通過移動流量獲利的長期能力充滿信心，我們認為這不會對我們的業務造成重大或持久的不利影響。

Going forward, we expect improvements in mobile monetization to be driven by our proven ability to deliver value to buyers on mobile devices, and increase their engagement on our platform.

展望未來，我們預計移動貨幣化的改進將由我們在移動設備上為買家提供價值並增加他們在我們平台上的參與度的能力所推動。

This will, in turn, incent advertisers to allocate more of their budgets to mobile on our platform; a trend we're seeing already.

反過來，這將激勵廣告商將更多預算分配給我們平台上的移動設備；我們已經看到的趨勢。

Remember, improvement in mobile monetization may not always be linear, given the seasonality and other factors that change each quarter.

請記住，考慮到每個季度的季節性和其他因素，移動貨幣化的改善可能並不總是線性的。

We continue to believe that in the long term the mobile monetization rate will approach, or even exceed, historical PC monetization rates.

我們仍然相信，從長遠來看，移動貨幣化率將接近甚至超過歷史 PC 貨幣化率。

Year on year, our revenue grew 28% to RMB20.2 billion, primarily driven by increase in new active buyers.

收入同比增長 28% 至人民幣 202 億元，主要受新活躍買家增加的推動。

The lower year-on-year revenue growth was due to three factors.

收入同比增長下降是由於三個因素。

Number one, the suspension of the online lottery business in late February 2015; a decrease in revenue from the SME loan business that we transferred to Ant Financial; lower pricing for ads on Juhuasuan, a change we made in April to acquire high quality merchants.

第一，2015年2月下旬暫停網上彩票業務；我們轉讓給螞蟻金服的中小企業貸款業務的收入減少；降低聚划算的廣告價格，這是我們在 4 月份為獲得優質商家所做的更改。

If we exclude lottery sales and SME loan business revenue from the year-ago period, total revenue would have increased by 36% year on year in June quarter.

如果我們從去年同期剔除彩票銷售和中小企業貸款業務收入，6 月份季度的總收入將同比增長 36%。

China commerce retail revenue grew 24% year on year in June quarter.

中國商業零售收入在 6 月份季度同比增長 24%。

Adjusting for the lottery sales, it would have grown 29% year on year.

調整彩票銷售額後，該數字將同比增長 29%。

Commission revenue would have grown 42% year on year.

佣金收入將同比增長 42%。

Cloud computing and Internet infrastructure revenue grew 106% year on year, reflecting the accelerated growth of our cloud computing business.

雲計算和互聯網基礎設施收入同比增長106%，反映了我們雲計算業務的加速增長。

Other revenue grew 82% year on year in June quarter, driven by the consolidation of UCWeb and AutoNavi.

在 UCWeb 和高德合併的推動下，6 月當季其他收入同比增長 82%。

Also, please note that in June quarter last year we had interest income from SME loan business; and we no longer book this revenue, pursuant to the restructuring of our relationship with Ant Financial completed in February.

另外，請注意去年六月季度我們有來自中小企業貸款業務的利息收入；根據我們與螞蟻金服在 2 月份完成的關係重組，我們不再記入這筆收入。

In the June quarter, our non-GAAP EBITDA margin was 52%; lower than 54% in the year-ago quarter.

在 6 月季度，我們的非 GAAP EBITDA 利潤率為 52%；低於去年同期的 54%。

The lower margin is consistent with our message previous quarters: that we will continue to make significant investments into new and existing business to fuel long-term revenue and profit growth.

較低的利潤率與我們前幾個季度的信息一致：我們將繼續對新業務和現有業務進行重大投資，以推動長期收入和利潤增長。

We continue to believe that a non-GAAP EBITDA margin in our core business in the high 50%s will remain stable, going forward.

我們繼續相信，我們核心業務的非公認會計原則 EBITDA 利潤率將保持在 50% 的高位，未來將保持穩定。

In FY16, we will continue to invest a portion of our free cash flow in new business, and the growth of our new investment spending to grow as a percentage of revenue.

2016 財年，我們將繼續將部分自由現金流投資於新業務，並將我們的新投資支出的增長作為收入的百分比增長。

Now let's talk about our operating expenses.

現在讓我們談談我們的運營費用。

Non-GAAP cost of revenue was RMB5.7 billion; non-GAAP product development expenses was RMB2 billion; non-GAAP sales and marketing expense was RMB1.7 billion; non-GAAP general and administrative expenses was RMB1 billion.

非公認會計原則的收入成本為人民幣 57 億元；非美國通用會計準則產品開發費用為人民幣20億元；非美國通用會計準則銷售和營銷費用為人民幣 17 億元；非公認會計原則一般和管理費用為人民幣 10 億元。

Non-GAAP cost of revenue as a percentage of revenue increased year over year, primarily due to an increase in traffic acquisition costs as a result of the expansion of our third-party affiliate marketing ecosystem; and an increase in costs associated with our new business initiatives, mainly, our mobile operating system and over-the-top services.

非 GAAP 收入成本佔收入的百分比同比增加，主要是由於我們的第三方聯屬網絡營銷生態系統的擴展導致流量獲取成本增加；以及與我們的新業務計劃相關的成本增加，主要是我們的移動操作系統和 OTT 服務。

Non-GAAP product development expenses as a percentage of revenue decreased slightly year over year, as we stopped paying royalty fees to Yahoo after our IPO in mid-September.

非 GAAP 產品開發費用佔收入的百分比同比略有下降，因為我們在 9 月中旬首次公開募股後停止向雅虎支付特許權使用費。

Excluding that factor, non-GAAP product development expenses and the non-GAAP G&A as a percentage of revenue were stable year over year.

排除該因素，非 GAAP 產品開發費用和非 GAAP G&A 佔收入的百分比同比穩定。

Sales and marketing expenses as a percentage of revenue increased, due to the investment mentioned above.

由於上述投資，銷售和營銷費用佔收入的百分比有所增加。

We generated strong free cash flow of RMB9.5 billion in the June quarter.

我們在 6 月季度產生了 95 億元人民幣的強勁自由現金流。

Capital expenditures in the June quarter were RMB1.8 billion; an increase from RMB1.3 billion in the year-ago period, and from RMB1.5 billion in the March quarter.

6 月當季資本支出為人民幣 18 億元；較去年同期的人民幣 13 億元和第三季度的人民幣 15 億元有所增加。

Our cash and cash equivalents position as of June 30, 2015 is very strong at RMB104 billion.

截至 2015 年 6 月 30 日，我們的現金和現金等價物頭寸非常強勁，達到 1,040 億元人民幣。

In addition, we have RMB11 billion in short-term investments.

此外，我們還有人民幣110億元的短期投資。

Finally, you will notice that we've added a new slide this quarter that shows the value of our major strategic assets, which is $33 billion.

最後，您會注意到我們在本季度添加了一張新幻燈片，顯示了我們主要戰略資產的價值，即 330 億美元。

So, that's the end of our prepared remarks.

所以，這就是我們準備好的評論的結尾。

Operator, please open the line for Q&A.

接線員，請打開問答線路。

Thank you.

謝謝你。

(Operator Instructions).

（操作員說明）。

Alicia Yap, Barclays.

艾麗西亞·雅普，巴克萊銀行。

Joe, Daniel, Maggie, and Jane, thanks for taking my questions.

Joe、Daniel、Maggie 和 Jane，感謝您提出我的問題。

I have a question related to your marketplace.

我有一個與您的市場有關的問題。

I wanted to get a sense on the balance between the Tmall and the Taobao.

我想了解天貓和淘寶之間的平衡。

It does look like you guys are preparing all these Tmall national more, and then attracting a lot of the cross-border, as well as the brands.

看來你們這些天貓國貨都在做更多的準備，然後吸引了很多跨界，還有品牌。

So I wanted to get a sense of if you will be preparing to give more resources to support these bigger brands on your Tmall platform.

因此，我想了解您是否準備在您的天貓平台上提供更多資源來支持這些更大的品牌。

And, if so, will there be any impact to the smaller merchants on your platform?

如果是這樣，對您平台上的小商戶會有什麼影響嗎？

How would you be balancing between the commission revenue versus the search advertising revenue?

您將如何在佣金收入與搜索廣告收入之間取得平衡？

For our marketplace strategy, I think, we have a very clear strategy in our marketplaces.

對於我們的市場戰略，我認為，我們在市場上有一個非常明確的戰略。

And Tmall and Taobao have different positions.

而天貓和淘寶的定位不同。

On Taobao, we want to render our consumers this experience of in-depth selections, and to enjoy the fun of discovery.

在淘寶上，我們希望給消費者這種深度選擇的體驗，享受發現的樂趣。

So, in Taobao, actually, we have hundreds of billions of items in Taobao.

所以，在淘寶，實際上，我們在淘寶上有上千億的商品。

And Taobao itself serves as a shopping destination.

淘寶本身就是一個購物目的地。

So today in Taobao, what we are doing is trying to help more and more manufacturers and small businesses to create their own brands on Taobao and to start their direct business, to build their direct sales to the ultimate customers.

所以今天在淘寶，我們正在做的就是幫助越來越多的製造商和小企業在淘寶上創建自己的品牌並開始他們的直銷業務，建立他們對最終客戶的直銷。

While on Tmall, our strategy is that this is a marketplace which brands and their authorized distributors do their business direct to the consumer.

在天貓上，我們的策略是，這是一個品牌及其授權經銷商直接面向消費者開展業務的市場。

So we'll focus on the quality products and quality services.

因此，我們將專注於優質的產品和優質的服務。

Taobao and Tmall, they share the entrance, especially in the shopping search, but they have different positions.

淘寶和天貓，他們共享入口，尤其是在購物搜索方面，但他們的定位不同。

And we think both are very important to Chinese consumers, because they can find different value in the two marketplaces.

而且我們認為兩者對中國消費者都非常重要，因為他們可以在兩個市場中找到不同的價值。

I see.

我懂了。

Great.

偉大的。

Then, second question is regarding the Juhuasuan.

然後，第二個問題是關於聚划算的。

After adjusting your pricing and reallocating the resources support, have you seen any meaningful (technical difficulty) on the merchant [tractions], and the transaction value that you could share with us?

在調整定價和重新分配資源支持後，您是否看到商家 [牽引] 有任何有意義的（技術難度），以及您可以與我們分享的交易價值？

And what is the overall strategy for Juhuasuan, going forward?

聚划算未來的總體戰略是什麼？

Thank you.

謝謝你。

We definitely see a very positive trend after this adjusting of the pricing, the trend of attracting more high quality merchants come to our Juhuasuan platform.

在這次定價調整之後，我們肯定看到了一個非常積極的趨勢，吸引更多優質商家來到我們聚划算平台的趨勢。

Maybe, Daniel, you want to share about the Juhuasuan strategy?

也許，Daniel，你想分享一下聚划算的策略嗎？

Our Juhuasuan strategy is very clear.

我們的聚划算戰略非常明確。

We position Juhuasuan as a promotion platform for our merchants to promote their hot-selling items.

我們將聚划算定位為商家推廣熱銷商品的推廣平台。

Today, the Juhuasuan, and what Juhuasuan is doing is work with the merchants to have a detailed plan across the year to decide which day they will do a good promotion for particular storefront, or a particular selection of products.

今天的聚划算，聚划算正在做的是和商家一起制定一個詳細的全年計劃，決定哪一天他們會為特定的店面或特定的產品進行良好的促銷。

So we match this -- because of the low price, because of the heavy promotion in Juhuasuan, so Juhuasuan has a unique value among consumers.

所以我們匹配這個——因為價格低，因為在聚划算的大力推廣，所以聚划算在消費者中具有獨特的價值。

Every day, Juhuasuan enjoys independent [user] traffic to the products, which create a lot of value to the merchants, to help them to get the people as a first try and to promote their products; and further, to bring the traffic back to their storefront, which will be benefit for their day-to-day operation.

聚划算每天都在享受產品的獨立流量，為商家創造了很多價值，幫助他們獲得第一手的人，推廣他們的產品；此外，將流量帶回他們的店面，這將有利於他們的日常運營。

Right, thank you.

好的，謝謝。

Robert Lin, Morgan Stanley.

羅伯特·林，摩根士丹利。

I have two questions here.

我在這裡有兩個問題。

Obviously, I think we talked about our Tmall differentiation relative to the Taobao marketplace, and it's very clear, year to date, of progress.

顯然，我認為我們談到了天貓相對於淘寶市場的差異化，而且今年迄今為止的進展非常明顯。

I just want to get a bigger sense on the strategy on the mobile Tmall app, for example.

例如，我只是想更深入地了解移動天貓應用的策略。

We've talked about getting a lot of brands, talking about the Netflix-like business for Tmall.

我們談到了獲得很多品牌，談到天貓的類似 Netflix 的業務。

Can you put us in context what the progress of Tmall app, and how we intend to differentiate relative Taobao, going forward?

您能否介紹一下天貓應用程序的進展情況，以及我們打算如何區分相對於淘寶，未來？

Then, I guess the second question is on mobile [mall position rate].

然後，我猜第二個問題是關於移動[商城倉位率]。

We notice that in second quarter we were able to increase our mobile [outload].

我們注意到，在第二季度，我們能夠增加我們的移動 [outload]。

Just wanted to see management comment on how effective that mobile outload increase was, and how -- what was the potential for increase in the second half this year?

只是想看看管理層對移動外賣增長的效果如何，以及今年下半年增長的潛力有多大？

For Tmall app, we launched two new versions in the last quarter.

對於天貓應用，我們在上個季度推出了兩個新版本。

And the purpose of the launch, the new version, is to try to give the unique services and the contents on Tmall app, which could be different from Taobao, for Taobao mobile app, so that people can have a unique value in the Tmall app.

而此次推出新版本的目的，就是嘗試將天貓APP上可能有別於淘寶的獨特服務和內容，賦予淘寶手機APP，讓人們在天貓APP中擁有獨一無二的價值。 .

We observed good feedback, and the users -- in terms of the user stickiness, and frequency of visiting.

我們在用戶粘性和訪問頻率方面觀察到了良好的反饋和用戶。

On the other side, actually, because we positioned Taobao app as a super-app, so you can find the entrance in Taobao app, which is the entrance to Tmall.

另一方面，其實因為我們把淘寶APP定位為超級APP，所以你可以在淘寶APP裡面找到入口，也就是天貓的入口。

A lot of people also enter into Tmall app via Taobao super-app, so this also bring Tmall a lot of traffic.

很多人也是通過淘寶超級APP進入天貓APP的，這也給天貓帶來了很大的流量。

But we will continue to work on the Tmall app, to bring more and more independent traffic to Tmall mobile app.

但我們會繼續在天貓APP上努力，為天貓手機APP帶來越來越多的獨立流量。

Yes, Rob, I'll answer your question on the mobile take rate.

是的，Rob，我會回答你關於移動端佔用率的問題。

We're very happy to see that strong progress was made on the mobile take rate.

我們很高興看到移動端的使用率取得了顯著進步。

As buyers move to mobile, advertisers are more and more willing to commit advertising dollars to attract them, which improves the auction dynamics and bidding behavior.

隨著買家轉向移動設備，廣告商越來越願意投入廣告費用來吸引他們，這改善了拍賣動態和出價行為。

So, we made a lot of efforts in improving the user experience on mobile.

因此，我們在改善移動用戶體驗方面做出了很多努力。

And overall, we remain bullish on mobile monetization, and the mobile take rate should approach PCs, or even higher.

總體而言，我們仍然看好移動貨幣化，移動端的使用率應該會接近 PC，甚至更高。

Ming Zhao, 86Research.

趙明，86 研究。

This is Sean Zhang, asking the question of behalf of Ming Zhao.

這是肖恩，代表明昭問這個問題。

We have two questions.

我們有兩個問題。

First one is on monetization, as well.

第一個也是關於貨幣化的。

We are very encouraged to see mobile monetization jump in the quarter; it's well within our expectation.

我們很高興看到本季度移動貨幣化的增長；這完全在我們的預期之內。

But just, we have a question on the PC take rate.

但是，我們有一個關於 PC 佔用率的問題。

It seems that PC take rate actually dropped QonQ, even with a higher contribution from Tmall.

看起來 PC 使用率實際上下降了 QonQ，即使天貓的貢獻更高。

Can we get some color on the reason behind that?

我們可以對這背後的原因有所了解嗎？

Second question would be a follow up on the Tmall.

第二個問題是對天貓的跟進。

As independent traffic portal, is there anything you can share with us, how do we approach that?

作為獨立的流量入口，有什麼可以和我們分享的，我們如何處理？

We know both PC and mobile Taobao is a super-traffic kind of portal.

我們知道PC和手機淘寶都是一種超級流量的門戶。

Do we have any strategies to promote independently Taobao app -- sorry, Tmall app, or Tmall PC?

我們有什麼策略來獨立推廣淘寶app——對不起，天貓app，還是天貓PC？

Thank you.

謝謝你。

For the first question, for PC take rate, first, we do observe an increasing shift of consumers to mobile.

對於第一個問題，對於 PC 使用率，首先，我們確實觀察到消費者越來越多地轉向移動設備。

But we still observe that on PC we still have huge traffic on PC.

但我們仍然觀察到，在 PC 上，我們仍然在 PC 上擁有巨大的流量。

And if you look at our search [PV,] and on the PC, we still flat compared to previous quarter.

如果您查看我們的搜索 [PV,] 和 PC，與上一季度相比，我們仍然持平。

The reason why PC take rate declined is because of less marketing revenue on the PC side, which is driven by the -- actually, the reason is that we, on the free search, on our organic search we add more and more features in the personalization, which greatly improved the CTR in the organic search.

PC 使用率下降的原因是因為 PC 端的營銷收入減少了，這是由 - 實際上，原因是我們，在免費搜索中，在自然搜索中，我們添加了越來越多的功能。個性化，大大提高了自然搜索的點擊率。

This will have an adverse impact on the P4P, so which finally without being a decline in the P4P revenue on PC.

這將對P4P產生不利影響，因此最終不會導致PC上的P4P收入下降。

For the second question, first, Tmall, actually, we are in very unique position.

對於第二個問題，第一，天貓，其實我們處於非常獨特的位置。

Tmall and Taobao are integrated marketplaces.

天貓和淘寶是綜合市場。

In the PC terms, they are integrated.

在 PC 方面，它們是集成的。

In the mobile terms, they're still integrated because, as I said before, visitors can enter into Tmall from Taobao mobile app.

在移動方面，它們仍然是集成的，因為正如我之前所說，訪問者可以從淘寶移動應用程序進入天貓。

They can click the first button in Taobao mobile app, which is Tmall, and enter into Tmall home page in the mobile side.

他們可以點擊淘寶手機APP中的第一個按鈕天貓，在手機端進入天貓首頁。

On top of that, we still continue to promote Tmall apps.

最重要的是，我們仍在繼續推廣天貓應用程序。

And the most important thing is we try to create a unique experience on the Tmall's mobile app, which include product new launch, which include a lot of services which people cannot find on the mobile Taobao app.

而最重要的是，我們嘗試在天貓的手機應用上創造獨特的體驗，包括新品發布，包括很多人們在手機淘寶應用上找不到的服務。

We think the unique experience is a key to attract people to visit Tmall mobile app independently.

我們認為獨特的體驗是吸引人們獨立訪問天貓移動應用的關鍵。

But we are happy to promote Taobao and Tmall mobile app to position these two apps to meet the different demands of consumers.

但我們很樂意推廣淘寶和天貓移動應用，將這兩個應用定位，以滿足消費者的不同需求。

Thank you.

謝謝你。

Eric Sheridan, UBS.

埃里克·謝里丹，瑞銀。

My question is around the macro environment in China.

我的問題是關於中國的宏觀環境。

Was curious, as the June quarter developed, what you might have seen in terms of [end demand] and consumption patterns in China.

很好奇，隨著 6 月季度的發展，您可能會從 [終端需求] 和中國的消費模式方面看到什麼。

Whether that impacted the business and caused any headwinds versus some of the sector with tailwinds you're seeing as eCommerce penetration grows, and what that might mean for the rest of the year?

隨著電子商務滲透率的增長，這是否影響了業務並導致了一些不利因素，而您看到的一些行業順風順風，這對今年剩餘時間意味著什麼？

Thank you so much.

太感謝了。

We closely monitor the Chinese economy and consumer behaviors.

我們密切關注中國經濟和消費者行為。

But, as we always said, we manage our business and we execute our growth strategy for the long term.

但是，正如我們一直說的那樣，我們管理我們的業務並執行我們的長期增長戰略。

The short-term movement won't affect our long-term strategy.

短期走勢不會影響我們的長期戰略。

If you look at our number we reported this quarter, and we still enjoy very strong growth.

如果您查看我們本季度報告的數字，我們仍然享有非常強勁的增長。

If you look at our active buyers, actually, [averagely], these active buys make purchases more than 50 times a year on our platforms, which illustrate the strength of our ecosystem.

如果你看看我們的活躍買家，實際上，[平均而言]，這些活躍買家每年在我們的平台上購買超過 50 次，這說明了我們生態系統的實力。

Actually, people will buy a large, a wide product assortment on our platform for their daily lives.

實際上，人們會在我們的平台上為他們的日常生活購買大量、廣泛的產品種類。

They are not only coming here for shopping with a very specific shopping purpose; more often, they just come here to enjoy lifestyles.

他們來這裡不僅是為了購物，而且購物目的非常明確。更多的時候，他們只是來這裡享受生活方式。

On the macro economy, we will continue to closely monitor the change of macro economy and consumer behavior.

宏觀經濟方面，我們將繼續密切關注宏觀經濟和消費者行為的變化。

But we are confident to [growth] our business in the long term.

但我們有信心長期[增長]我們的業務。

Thank you.

謝謝你。

Carlos Kirjner, Bernstein.

卡洛斯·基爾內爾，伯恩斯坦。

I have two questions.

我有兩個問題。

The first one, I wanted to ask you to compare a specific driver of mobile versus PC GMV.

第一個，我想請您比較移動設備與 PC GMV 的特定驅動程序。

Can you help us understand if the portion of GMV driven by ads on your site versus organically for sellers is fundamentally different for PC versus mobile?

您能否幫助我們了解由您網站上的廣告驅動的 GMV 部分與由賣家自然驅動的 GMV 部分在 PC 和移動設備上是否存在根本不同？

In other words, are people going to sell their items through organic link more on PC, or more on mobile, or similarly for advertising links?

換句話說，人們會更多地通過自然鏈接在 PC 上銷售他們的商品，還是更多地在移動設備上，或者類似的廣告鏈接？

Second, following up Daniel's comments on the impact of personalization on the PC monetization, why can't personalization also benefit the CTR of paid links?

第二，跟進Daniel關於個性化對PC變現的影響的評論，為什麼個性化不能也有利於付費鏈接的點擊率？

In other words, shouldn't your paid search team be catching up with the organic one and stop this erosion of PC monetization?

換句話說，您的付費搜索團隊不應該趕上自然搜索團隊並阻止這種對 PC 貨幣化的侵蝕嗎？

Thank you.

謝謝你。

In terms of our efforts on the GMC growth for PC and mobile, as you know, we're more focused on the people, the buyer/consumers, and so rather than just treat it, this PC and mobile, as two separate marketplaces.

如您所知，就我們對 PC 和移動設備的 GMC 增長所做的努力而言，我們更關注人、買家/消費者等，而不是僅僅將 PC 和移動設備視為兩個獨立的市場。

People's behavior is that they [clearly spoke].

人們的行為是他們[清楚地說話]。

They search and click on mobile, then they get transaction done on PC, or vice-versa.

他們在手機上搜索並點擊，然後在 PC 上完成交易，反之亦然。

All of our efforts attracting the consumers is mainly related with the improvement of user experience.

我們所有吸引消費者的努力主要與用戶體驗的改善有關。

For your second question, actually, we do add a lot of personalized features in our ads business.

對於您的第二個問題，實際上，我們確實在廣告業務中添加了許多個性化功能。

But we still primarily focus on -- actually, the P4P business primarily based on the bidding of -- the bidding price, the cost -- the bidding price.

但我們仍然主要關注 - 實際上，P4P 業務主要基於投標 - 投標價格，成本 - 投標價格。

We do observe that the personalization will narrow down the product pool who participate in bidding and will affect the bidding behavior.

我們確實觀察到個性化會縮小參與競標的產品池，並會影響競標行為。

So, the P4P business will probably still primarily be driven by bidding.

因此，P4P 業務可能仍將主要由競價驅動。

But we will -- actually, we are adding more personalized features to make sure people get the relevant recommendation.

但我們會 - 實際上，我們正在添加更多個性化功能，以確保人們獲得相關推薦。

Thanks.

謝謝。

Alan Hellawell, Deutsche Bank.

Alan Hellawell，德意志銀行。

Thank you.

謝謝你。

I was hoping to go back, first, to the new relationship with Suning.

首先，我希望回到與蘇寧的新關係。

I assume that 3C is, maybe, our second-largest category behind apparel.

我認為 3C 可能是我們僅次於服裝的第二大類別。

And assuming we extend Suning as wide a berth as it might seek on our platform, and with Suning at least initially offering probably materially better logistics capabilities compared to its other neighbors on Tmall, how do we think about the many 3C merchants that are already on our marketplace?

假設我們在我們的平台上盡可能擴大蘇寧的舖位，並且與天貓上的其他鄰居相比，蘇寧至少最初提供的物流能力可能比其他鄰居要好得多，我們如何看待已經在網上的許多 3C 商家我們的市場？

And how might this impact them?

這對他們有何影響？

It's a good question.

這是個好問題。

Actually, everybody understands, Suning has very strong strengths in consumer electronics, home appliance.

其實大家都明白，蘇寧在消費電子、家電方面的實力非常強。

And Suning participate in our top -- our marketplaces open a Tmall -- opening a Tmall operation that will bring us a large selection of the products and premium services.

蘇寧參與了我們的頂級——我們的市場開設了天貓——開設了天貓業務，這將為我們帶來大量的產品和優質服務。

And we think this is good for the consumers, and this will bring a lot of additional traffic demand to our marketplaces.

我們認為這對消費者有利，這將為我們的市場帶來大量額外的流量需求。

And this will ultimately share by other -- by the merchants who already on our platform.

這最終將由其他人分享——由已經在我們平台上的商家分享。

And also, we do believe that with the strong supply chain capability we can work well with Suning to leverage a supply chain expertise, and get better supply on our platform, and which will be ultimate benefit to our consumers.

而且，我們相信憑藉強大的供應鏈能力，我們可以與蘇寧合作，利用供應鏈專業知識，在我們的平台上獲得更好的供應，最終讓我們的消費者受益。

We are confident that Suning's participation will bring us the net add of the business, and the additional traffic, because of the premium product and services they bought to us.

我們相信，蘇寧的參與將為我們帶來業務的淨增，以及額外的流量，因為他們為我們購買了優質的產品和服務。

Thank you.

謝謝你。

My second question is regarding the exploration of the lock up on September 19.

我的第二個問題是關於9月19日鎖倉的探索。

Softbank seems to have reiterated recently its intentions to remain a long-term shareholder, and we meanwhile generally have a grip on what scenarios might play out vis a vis Yahoo.

軟銀最近似乎重申了其保持長期股東身份的意圖，與此同時，我們一般都掌握了對雅虎可能會出現的情況。

I was wondering whether there might be any other color you can share regarding the intentions of other shareholders who unlock next month.

我想知道關於下個月解鎖的其他股東的意圖，您是否可以分享任何其他顏色。

Thank you.

謝謝你。

There are four shareholders that are unlocked next month, there's Softbank, there's Yahoo, which you talked about; and then, that leaves Jack Ma and myself in terms of getting unlocked next month.

下個月解鎖的股東有四位，有軟銀，有雅虎，你說的；然後，這讓馬雲和我自己在下個月解鎖。

I usually don't speak on behalf of Jack, but on this one he's authorized me to talk on his behalf.

我通常不代表傑克發言，但在這件事上，他授權我代表他發言。

Jack and I have zero intention to sell, other than a small amount that are in our charitable trusts, that if we sell we would be making charitable donations.

傑克和我零打算出售，除了我們慈善信託基金中的少量資金，如果我們出售，我們將進行慈善捐贈。

Dick Wei, Credit Suisse.

迪克韋，瑞士信貸。

First question is on logistics.

第一個問題是關於物流的。

First of all, on the warehouse side, I wonder what adoptions by our -- by the base merchants on our warehouses?

首先，在倉庫方面，我想知道我們倉庫的基礎商家採用了什麼？

And also, how are the merchants adoptions in, for example, next day or same-day delivery, given that it's probably high costs for them?

此外，考慮到對他們來說成本可能很高，商家如何採用，例如，第二天或當天交付？

Thanks.

謝謝。

Dick, for our logistic services, actually, we develop the logistics solutions based on the nature of the products and the categories.

迪克，對於我們的物流服務，實際上，我們根據產品的性質和類別來開發物流解決方案。

We closely work with our partners to deliver -- to render the logistic services to the relevant merchants in their category.

我們與我們的合作夥伴密切合作，為他們類別中的相關商家提供物流服務。

For example, for white goods, today what we do is we work with the -- for electronics.

例如，對於白色家電，今天我們所做的是與電子產品合作。

And on Tmall, all of the merchants are selling white goods products, they are enjoying these services.

而在天貓上，所有的商家都在銷售白色家電產品，他們正在享受這些服務。

And they ship their products first to the warehouse operated by RRS and then we will -- we together will handle the fulfillment and last-mile delivery.

他們首先將產品運送到 RRS 運營的倉庫，然後我們將共同處理履行和最後一英里的交付。

And we also deliver other -- the services in other categories, such as groceries; such as fresh produced goods; and cross-boarders.

我們還提供其他——其他類別的服務，例如雜貨；例如新鮮生產的商品；和跨界人士。

We don't want to give them -- people a unified solution, because actually it's very difficult to develop a unified solution because the physical product is totally different.

我們不想給他們——人們一個統一的解決方案，因為實際上很難開發一個統一的解決方案，因為物理產品是完全不同的。

So we have to develop the solution by categories and by business.

因此，我們必須按類別和業務開發解決方案。

Thanks.

謝謝。

A little bit on this logistic, we see logistic as a must to the eCommerce business; is a utility, is a commodity.

關於這個物流，我們認為物流是電子商務業務的必需品；是一種效用，是一種商品。

We have been handling, as you know, approximately 30 million packages per day, which is 10 times of our competitors.

如您所知，我們每天處理大約 3000 萬件包裹，是我們競爭對手的 10 倍。

And approximately, if you're also talking about efforts on improving the logistics service.

大約，如果您還談論改善物流服務的努力。

Now, the consumers on our platform can enjoy next-day delivery services in more than 40 major cities; and that number going to be extended to 50 cities by the end of this year.

現在，我們平台上的消費者可以在40多個主要城市享受次日達服務；到今年年底，這個數字將擴大到 50 個城市。

And we also launched the same-day delivery service, and which has been very successful.

而且我們還推出了當日送達服務，而且非常成功。

So we have seen grocery sales in Beijing increasing 740% year on year, while 90% of the orders came from mobile devices.

因此，我們看到北京的雜貨銷售額同比增長 740%，而 90% 的訂單來自移動設備。

In addition, through our partnership with Suning, as just recently announced, the consumers in over 150 cities will be able to enjoy two-hour delivery services for consumer electronics and home appliances.

此外，通過我們與蘇寧的合作，正如最近宣布的那樣，150多個城市的消費者將能夠享受到消費電子和家電的兩小時送貨服務。

Great.

偉大的。

Thanks.

謝謝。

My next question is on the mobile take rate dynamics.

我的下一個問題是關於移動端的使用率動態。

Obviously, we've seen a pretty good pick up.

顯然，我們已經看到了不錯的回升。

I wonder if the current take rate on mobile, if we compare to PC, do we see more upside in terms of maybe the commission side, or on the advertising side?

我想知道目前在移動設備上的使用率，如果我們與 PC 相比，我們在佣金方面或在廣告方面看到更多的上升空間嗎？

And maybe down the road, when the mobile take rate is higher than PC, which is the area that we think that would surpass PC?

也許在未來，當移動端的使用率高於 PC 時，我們認為哪個領域會超過 PC？

Is that the advertising, or the commission?

是廣告還是佣金？

I just wanted to see how maybe management thinks about the dynamics, going forward.

我只是想看看管理層可能會如何看待動態，並繼續前進。

Thanks.

謝謝。

I think, first, our mobile take rate will continue to grow.

我認為，首先，我們的移動端使用率將繼續增長。

And I [was] surprised that it will surpass PC.

我很驚訝它會超過 PC。

And second, I think this growth was driven by both mobile commission revenue, because more and more GMV is generated from mobile; and second, also driven by the increasing growth of the online marketing services on mobile.

其次，我認為這種增長是由移動佣金收入推動的，因為越來越多的 GMV 來自移動；其次，也受到移動端在線營銷服務日益增長的推動。

Because more and more advertisers they observe this consumers shift to mobile, so now they are willing to spend more marketing dollar on the mobile side.

因為他們觀察到越來越多的廣告商將消費者轉移到移動端，所以現在他們願意在移動端花費更多的營銷費用。

Douglas Anmuth, JPMorgan.

道格拉斯·安穆斯，摩根大通。

Two things I wanted to ask.

我想問兩件事。

First, if you could just comment on the $1 billion in incremental investment in Aliyun, the cloud business, over what timeframe that might take place; and then also, how you think about the international opportunity there.

首先，如果您可以評論一下對雲業務阿里雲 10 億美元的增量投資，可能會在什麼時間範圍內進行；然後，您如何看待那裡的國際機會。

And then second, with the appointment of Michael Evans recently to President, and heading up globalization, do you expect any kind of change in the global strategy there, or still just very focused from a cross-border perspective?

其次，隨著最近邁克爾·埃文斯（Michael Evans）被任命為總裁併引領全球化，您是否期望那裡的全球戰略發生任何變化，或者仍然只是從跨境角度非常關注？

Thank you.

謝謝你。

For your first question, we announced that we will invest $1 billion in Aliyun, because Aliyun is one of our cost strategies in the coming years.

對於您的第一個問題，我們宣布將向阿里雲投資 10 億美元，因為阿里雲是我們未來幾年的成本戰略之一。

And today, we are already the number one market leader in cloud computing services in China.

而今天，我們已經是中國雲計算服務市場第一的領導者。

And we observe a substantial potential in the future.

我們觀察到未來的巨大潛力。

And we are now serving a growing number of public and private company to render them the storage computing, [computation] and data management services.

我們現在正在為越來越多的上市和私營公司提供存儲計算、[計算] 和數據管理服務。

And our investment will help us to create a equal system in Aliyun, including upgrading our technologies, and bring more talents people to us, and also to help our partners in this ecosystem to grow; which will ultimately help us to build up a comprehensive ecosystem around Aliyun.

而我們的投資將幫助我們在阿里雲創造一個平等的體系，包括升級我們的技術，為我們帶來更多的人才，也幫助我們在這個生態系統中的合作夥伴成長；這最終將幫助我們圍繞阿里雲建立一個全面的生態系統。

And we, together with our partners, could deliver the high quality services to our mutual clients.

我們與我們的合作夥伴一起，可以為我們共同的客戶提供高質量的服務。

Eddie Leung, Merrill Lynch.

艾迪梁，美林。

I've two questions about your mobile business.

我有兩個關於您的移動業務的問題。

The first one is about user behavior versus PC.

第一個是關於用戶行為與 PC 的對比。

Could you give us an update on, for example, the conversion rate; the basket size; and order frequency on mobile versus PC?

您能否向我們介紹一下轉化率等方面的最新情況？籃子大小；移動端與 PC 端的訂單頻率？

Any interesting trend you observed it?

你觀察到任何有趣的趨勢嗎？

And then secondly, just a (inaudible) question on your mobile take rate expectations.

其次，只是一個（聽不清）關於您的移動接受率預期的問題。

You mentioned that you would expect the take rate to go up and close the gap with PC, coming both from advertising and commissions.

您提到，您希望通過廣告和佣金來提高獲取率並縮小與 PC 的差距。

So just wondering about your commissions, because I think the commission rates could be the same at the moment.

所以只是想知道你的佣金，因為我認為目前的佣金率可能是一樣的。

Do you plan to have a different commission rate on mobile versus PC?

您是否計劃在移動設備和 PC 上設置不同的佣金率？

If not, how comes the mobile take rate on commissions would be different than PC?

如果不是，那麼移動端的佣金率與 PC 端的佣金率有何不同？

Thanks.

謝謝。

For the first question, as I said before, we manage our business as a whole.

對於第一個問題，正如我之前所說，我們將業務作為一個整體來管理。

And we don't separate the PC behavior and the mobile behavior because a lot of people do their shopping across the screens.

而且我們沒有將 PC 行為和移動行為分開，因為很多人都在屏幕上購物。

Sometimes they search and they navigate on PC, and then put something on the shopping cart, then they buy on mobile; sometimes people buy a bookmark on a mobile, and they buy it on a PC.

有時他們在 PC 上搜索和導航，然後在購物車上放東西，然後在手機上購買；有時人們在手機上購買書籤，然後在 PC 上購買。

So it's a cross-screen behavior.

所以這是一種跨屏行為。

But if we compare, if we analyze further the behavior of the consumers, we still can see some change.

但是如果我們比較一下，如果我們進一步分析消費者的行為，我們仍然可以看到一些變化。

First, on the mobile side, people tend to visit us more frequently; but for every visit they spend less time than PC, but they come to us more frequently.

首先，在移動端，人們往往更頻繁地訪問我們；但是每次訪問他們花費的時間都比PC少，但他們來我們這裡的頻率更高。

Second, if we analyze the GMV by category on a mobile versus on PC, we will see people -- on the mobile side, actually, the average basket value on the mobile side still smaller than on PC.

其次，如果我們按類別分析移動端與 PC 上的 GMV，我們會看到人們——在移動端，實際上，移動端的平均購物籃價值仍然小於 PC。

And the people -- especially for those big ticket items, people still tend to buy on PC.

而人們——尤其是那些大件商品，人們仍然傾向於在 PC 上購買。

And for the second question of the take rate, I would say, first, the commission is same on PC and on mobile.

對於第二個問題，我想說的是，首先，PC和移動端的佣金是一樣的。

But the take rate could be different, because while mobile take rate will increase is because more and more revenue, more and more GMV will be generated on the mobile side, which will contribute a lot of mobile commission revenue and will increase in the mobile take rate.

但是take rate可能會不一樣，因為移動端take rate會增加是因為收入越來越多，移動端會產生越來越多的GMV，這將貢獻大量的移動佣金收入，並且會增加移動端的take速度。

Thanks.

謝謝。

Question from Doug, which is cross-border strategy, I just add a few more words on the cross-border strategy.

來自Doug的問題，跨界戰略，我就跨界戰略多說幾句。

Actually, we have very clear international strategy, and this is the core strategy for the coming decades.

事實上，我們有非常明確的國際戰略，這是未來幾十年的核心戰略。

And today, we start from cross-border and we want to still put one leg in China and leverage what we have today in China market.

而今天，我們從跨境開始，我們仍然想在中國放一條腿，並利用我們今天在中國市場的優勢。

So today, when we talk about cross-border, the first thing is import.

所以今天，當我們談到跨境時，首先是進口。

We want to help the overseas suppliers to sell their products which are not existing in China right now to the Chinese consumers through our platform.

我們希望幫助海外供應商通過我們的平台向中國消費者銷售他們目前在中國尚不存在的產品。

Second -- actually, today, that's why we are heavily promoting our Tmall global platform.

其次——實際上，今天，這就是我們大力推廣我們的天貓全球平台的原因。

And secondly, we are trying to help the Chinese SME to export their products and do the direct sales to the consumers in other countries.

其次，我們正在努力幫助中國中小企業出口他們的產品並直接銷售給其他國家的消費者。

So today, actually, we are the vehicle for the export business is AliExpress.

所以今天，實際上，我們出口業務的載體是速賣通。

And we will continue to promote AliExpress in other countries.

我們將繼續在其他國家推廣速賣通。

And ultimately, we want to build up a global trading platform to enable the buyer and sellers from different countries to trade in this global platform.

最終，我們希望建立一個全球交易平台，讓不同國家的買家和賣家在這個全球平台上進行交易。

I think this is a long-term vision of our international strategy.

我認為這是我們國際戰略的長期願景。

Mark Mahaney, RBC.

馬克·馬哈尼，RBC。

I wanted to ask about the logistics.

我想問一下物流。

I'm trying to put the Suning investment in context.

我試圖把蘇寧的投資放在背景中。

When you think about expanding your nationwide logistics network, do you think you've already reached enough scale?

當您考慮擴展您的全國物流網絡時，您是否認為您已經達到了足夠的規模？

Or do you think this is going to be an ongoing five- to 10-year investment with more of these types of deals going forwards, either direct investments or building up more of your infrastructure directly?

還是您認為這將是一項持續 5 到 10 年的投資，未來會有更多此類交易，無論是直接投資還是直接建立更多的基礎設施？

Thank you.

謝謝你。

Today, actually, we have built up an unrivaled scale in logistics with our logistics partners.

今天，實際上，我們已經與我們的物流合作夥伴建立了無與倫比的物流規模。

And every day, we handle over 30 million packages a day, so this is a huge scale.

而且每天，我們每天處理超過 3000 萬個包裹，所以這是一個巨大的規模。

And this is done by our collaboration -- by our logistic partnership strategy.

這是通過我們的合作——通過我們的物流合作戰略來完成的。

And today, on top of scale, we pay more attention to the service quality and customer satisfaction.

而今天，在規模之上，我們更加關注服務質量和客戶滿意度。

So that's why we work with our partners in different product categories and in different businesses, to try to deliver -- to render, for example, the second-delivery service in 41 cities; and we want to roll it out to 50 cities by the end of this year.

這就是為什麼我們與不同產品類別和不同業務的合作夥伴合作，嘗試交付——例如在 41 個城市提供二次交付服務；我們希望在今年年底前將其推廣到 50 個城市。

And also for groceries, because people buy groceries online, mainly for the purpose of convenience.

還有雜貨，因為人們在網上買雜貨，主要是為了方便。

So that's why we render that same-day delivery, starting from Shanghai and Beijing for grocery sales.

這就是為什麼我們提供當日送達服務，從上海和北京開始進行雜貨銷售。

But looking ahead, we will continue to expand our service and try to give people different selections in product services, i.e., in logistic services, to improve the consumer experience on the logistics side.

但展望未來，我們會繼續拓展服務，嘗試在產品服務，即物流服務上，給人們不同的選擇，提升消費者在物流方面的體驗。

Mark, you asked about our further investment in the infrastructure.

馬克，您詢問了我們對基礎設施的進一步投資。

While we're utilizing these asset infrastructures from our partners, we're going to also, at the same time, though [Tmall], our logistic vehicle, to invest in certain infrastructure areas.

在我們利用合作夥伴的這些資產基礎設施的同時，我們還將通過我們的物流工具[天貓]投資某些基礎設施領域。

That's mainly for the purpose of implementing our data strategy.

這主要是為了實施我們的數據戰略。

So eventually, we're going to have these hubs, link up with data, and to further improve the utilization and efficiency for the whole logistics system.

所以最終，我們將擁有這些樞紐，與數據相連，並進一步提高整個物流系統的利用率和效率。

Right.

正確的。

Thank you.

謝謝你。

Piyush Mubayi, Goldman Sachs.

皮尤什·穆巴伊，高盛。

Could I ask, on mobile take rate for the advertising side, do you see mobile inventory at all a bottleneck?

請問，關於廣告方面的移動端佔用率，您是否認為移動端庫存是一個瓶頸？

That's my first question.

這是我的第一個問題。

Second, could you, I realize there's limited time, talk briefly about the other large GMV opportunities, one of which is prescription pharmaceuticals, and the other the prospects of lottery business coming back?

第二，你能否，我意識到時間有限，簡單談談其他巨大的 GMV 機會，其中之一是處方藥，另一個是彩票業務回歸的前景？

Piyush, in terms of mobile take rate, as you see it, that right now the slot that we have been monetizing on the mobile front is still limited.

Piyush，就移動端的使用率而言，正如你所見，目前我們在移動端獲利的時段仍然有限。

And we commented earlier that the difference between us and social network is that, literally speaking, the buyers, consumers come to our site looking for goods.

我們之前評論說，我們與社交網絡的區別在於，從字面上看，買家、消費者來到我們的網站尋找商品。

So they come for the [ads], as well as the revenues here, there.

所以他們來這裡是為了[廣告]，以及這裡那裡的收入。

So that's the first priority.

所以這是第一要務。

We do believe that there are inventories that we could utilize.

我們確實相信我們可以利用一些庫存。

However, our first priority is to keep the momentum of growth of the mobile business, because we believe the penetration could be further grow.

然而，我們的首要任務是保持移動業務的增長勢頭，因為我們相信滲透率可能會進一步增長。

And we did have a test, a certain slot on a mobile platform, but the revenue contribution is not that significant.

我們確實有一個測試，在移動平台上的某個位置，但收入貢獻並不那麼重要。

We're going to keep this testing.

我們將繼續進行此測試。

And eventually, this is a balance of user experience and monetization.

最終，這是用戶體驗和貨幣化的平衡。

So, your second question asked about the lottery impact, when will that come back?

所以，你的第二個問題是關於彩票的影響，什麼時候會回來？

First of all, I want to remind people that the lottery impact, actually, is particular for this quarter and next quarter, since we had this [work-hard] event last year, which made our June quarter and September quarter big sales on lottery.

首先，我想提醒大家，彩票的影響，實際上是本季度和下一季度的，因為我們去年有這個[努力]活動，這使得我們的六月季度和九月季度在彩票上大賣.

And when it will come back, there is no timetable.

什麼時候回來，沒有時間表。

So we're going to just closely watch how government are going to -- so there is no reason for that once the government allows that other players come in we're not there.

所以我們將密切關注政府將如何做——所以一旦政府允許其他參與者進來，我們就沒有理由這樣做。

So we're just going to wait for it to re-open.

所以我們只能等待它重新開放。

And one more question about the prescription pharmacies, I would say, today, on our platform we sell the OTC drugs, and we will strictly follow the government policy to do the prescription pharmacies.

還有一個關於處方藥的問題，我想說，今天在我們的平台上我們賣的是OTC藥，我們會嚴格按照政府的政策去做處方藥。

That's all the questions we have for today.

這就是我們今天的所有問題。

I just want to thank everybody for joining the call.

我只想感謝大家加入電話會議。

You can close the call, operator.

您可以關閉通話，接線員。

Thank you.

謝謝你。

Ladies and gentlemen, that does conclude our conference for today.

女士們先生們，今天的會議到此結束。

Thank you for participating.

感謝您的參與。

You may all disconnect.

你們都可以斷開連接。