阿里巴巴 (BABA) 2016 Q1 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to Alibaba Group's June quarter 2015 results conference call. (Operator Instructions).

女士們、先生們，大家好。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。（操作員指令）。

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

現在我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 June quarter 2015 earnings conference call. With us are Joe Tsai, Executive Vice Chairman; Daniel Zhang, Chief Executive Officer; and Maggie Wu, Chief Financial Officer.

大家好。歡迎參加阿里巴巴集團2015年6月季度財報電話會議。與我們一起的還有執行副董事長蔡崇信、執行長張勇和財務長吳衛。

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. You can also visit our corporate website for the latest Company news and updates. Please check it out.

此外，如您所知，我們透過阿里巴巴集團的投資者關係網站（網址為 www.alibabagroup.com）發布我們的收益報告。因此，請參閱我們的 IR 網站以獲取收益發布以及電話會議附帶的補充幻燈片。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。請檢查一下。

This call is also being webcast from the IR section of our corporate website. A replay of the call will be available on our website, later today.

本次電話會議也將透過我們公司網站的 IR 部分進行網路直播。今天晚些時候，我們將在網站上重播通話。

Now, let me cover -- 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 current expectations. Factors that could cause actual results to differ materially are set forth in today's press release.

現在，讓我快速介紹一下安全港。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聲明。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目前的預期有重大差異。今天的新聞稿中列出了可能導致實際結果大不相同的因素。

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.

為了了解這些風險和不確定性，請參閱我們於 2014 年 5 月 6 日向美國證券交易委員會提交的修訂版 F1 表格。

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今天的假設；除非適用法律要求，否則我們不承擔更新這些陳述的任何義務。

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，均以非 GAAP 基礎表示。

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.

我們也調整了經營活動提供的淨現金，以消除購買物業、設備和無形資產（不包括收購土地使用權和在建工程）的支出；並調整與中小企業貸款業務的小額貸款相關的貸款應收款的變化，我們稱之為自由現金流。

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 指標的對帳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.

現在，我將把發言權交給蔡崇信。

Thank you, Jane. Good evening, or good morning, depending on where you are. Thank you all for joining. I will kick off with a few brief comments, before Daniel and Maggie take you through this quarter.

謝謝你，簡。晚上好，或早上好，取決於您所在的地方。感謝大家的加入。在 Daniel 和 Maggie 向大家介紹本季的情況之前，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. 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%.

我們本季表現非常好，核心營運指標均實現強勁成長。6月季度，我們中國零售市場的GMV達到人民幣6,730億元，即1,080億美元，較去年同期成長34%。

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

對於我們規模的生態系統，我們持續看到強勁的成長。客觀來看，與去年同期相比，我們 6 月 GMV 的絕對成長金額僅在一個季度就達到了約 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. 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.

我們的成長不僅得益於來到我們市場購物的消費者數量的增加，還得益於他們在越來越多產品類別中的消費活動的頻率和廣度的增加。這體現了我們提供卓越客戶體驗的能力，並表明我們的平台真正成為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.

我們在行動領域也經歷了強勁成長，並在行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月當季，我們的行動商務應用程式月活躍用戶數達到3.07億，較3月份淨增加1800萬；較去年同期年增63%。

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

在商業化方面，我們來自中國零售市場的行動收入接近人民幣80億元，較去年同期成長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，我想簡單談談我們週一宣布的與蘇寧的策略聯盟。

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

蘇寧是中國領先的消費性電子產品零售連鎖企業，在289個城市擁有1,600多家門市。根據協議，阿里巴巴將向蘇寧投資46億美元，佔股19.9%；蘇寧將在天貓設立線上旗艦店，主營消費電子、家電、母嬰用品等。

The strategic implications of this partnership are threefold. 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. This reinforces Tmall as the premier platform for brands and retailers that wish to establish their online presence, and direct engagement with customers.

此次夥伴關係的策略意義有三。首先，蘇寧天貓商城將提供豐富優質的消費性電子產品，為消費者帶來無與倫比的天貓購物體驗。這鞏固了天貓作為希望建立線上業務並與客戶直接互動的品牌和零售商的首選平台的地位。

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. 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.

其次，蘇寧擁有覆蓋全國的物流和售後服務網絡，擁有65個全國及區域配送中心、353個城市轉運中心、超過1700個最後一公里配送站。涵蓋全國幾乎所有的2800個縣市和鄉鎮，在322-320個城市擁有超過3000個售後服務網點和超過5000個加盟服務機構。

This extensive network will tap into the intelligent data network of our logistics affiliate, Cainiao, and offer logistic services to customers on Tmall. With this partnership, we will enhance our consumer experience as customers can expect to receive their orders in as fast as two hours.

這個廣泛的網絡將利用我們物流子公司菜鳥的智慧數據網絡，為天貓上的客戶提供物流服務。透過此次合作，我們將提升消費者體驗，因為客戶最快可以在兩小時內收到訂單。

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，由於我們的行動商務應用程式擁有龐大的用戶群，我們能夠利用這個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，消費者可以在店內試用產品並享受售後服務，同時透過行動裝置訂購、付款和預約，享受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.

我們在行動領域的優勢使阿里巴巴成為蘇寧等線下零售商制定全通路策略的最佳合作夥伴。

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

現在，丹尼爾將向您介紹我們的主要策略舉措和業務發展的最新情況。

Thank you, Joe. Hello, everyone. 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.

謝謝你，喬。大家好。我想回顧我們業務一些關鍵領域的進展和策略，包括行動、物流、雲端運算、國際營運、行動互聯網服務、本地服務以及我們平台上的消費者體驗。

First, let's talk about our momentum in mobile. As Joe mentioned, we are having tremendous success in attracting consumers to transact on our mobile apps, and also in monetizing that mobile traffic.

首先，讓我們談談我們在行動領域的發展勢頭。正如喬所提到的，我們在吸引消費者使用我們的行動應用程式進行交易以及將行動流量貨幣化方面取得了巨大的成功。

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

6 月季度，行動 GMV 為 600 億美元，佔 GMV 總額的 55%。隨著我們不斷改善行動應用程式的用戶體驗，我們預計行動 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.

6 月季度，行動收入占我們中國商業零售收入的 51%，而同期行動貨幣化率攀升至 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. 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.

隨著買家轉向行動設備，廣告商越來越願意投入廣告費在行動裝置上推廣他們的產品，這反過來又提高了拍賣壓力和競價行為。我們將繼續為廣告主優化我們的 P4P 服務，並開發更複雜的工具來幫助商家在我們的行動應用程式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. Through our logistics affiliate, Cainiao, we have a ready-built delivery network of unrivalled scale.

讓我們繼續討論物流，這是我們越來越關注的領域。透過我們的物流子公司菜鳥，我們擁有規模無與倫比的現成配送網路。

We are increasing our emphasis on service quality and customer satisfaction. Consumers now enjoy next-day delivery services in 41 cities, including Beijing; Shanghai; Guangzhou; Shenzhen; and Hangzhou. And this will be extended to 50 cities by the end of this year.

我們越來越重視服務品質和客戶滿意度。目前，消費者可以在北京、上海、廣州、深圳、杭州等41個城市享受隔日送達服務。到今年年底，該項服務將擴展至50個城市。

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

我們也推出了當日送達的食品雜貨服務，首先從北京和上海開始，並且取得了非常成功。

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

透過策略投資，我們與海爾電器的物流部門 RRS 合作，在提升包括白色家電在內的特定產品類別的客戶體驗方面取得了實質進展。我們與蘇寧的合作將進一步提升消費性電子和家電領域的使用者體驗。

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

接下來，我想討論一下我們的雲端運算業務，該業務在六月季度實現了三位數的成長。我們是中國雲端運算服務市場的領導企業，多年來對該業務的投資已開始取得成果。

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.

六月季度我們的雲端運算業務加速成長，這得益於付費客戶數量的增加以及雲端運算服務使用量的增加，包括內容交付網路和數據服務等更複雜的產品。

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外，我們的雲端業務還在公共和私營行業擁有不斷增長且多樣化的客戶群，包括電子商務、金融服務、遊戲等。

Let's move on to our cross-border business. In recent months, we have made substantial progress in providing international brands access to Chinese consumers shopping on our marketplaces.

讓我們繼續討論跨國業務。近幾個月來，我們在為在我們的市場上購物的中國消費者提供國際品牌方面取得了實質進展。

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

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管道。6月份，我們也宣布與12個國家合作推出國家館，這是一個垂直購物網站，旨在推廣來自每個國家精選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. He will lead the team to drive increased levels of cross-border commerce between China and the world. We are thrilled to welcome Mike to join Alibaba.

上週，我們任命麥可‧埃文斯為阿里巴巴集團總裁。他將帶領團隊推動中國與世界跨境貿易水準的提升。我們非常高興歡迎 Mike 加入阿里巴巴。

Now, for mobile Internet services. Mobile value-added services are critical to user experience and expanding our ecosystem. 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.

現在，針對行動互聯網服務。行動加值服務對於使用者體驗和擴展我們的生態系統至關重要。在過去的一年裡，我們成功整合了中國第一大行動瀏覽器、印度和印尼最受歡迎的第三方行動瀏覽器UCWeb的行動互聯網業務。

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

2015 年 6 月，UCWeb 的全球月活躍用戶已超過 3.3 億。憑藉UCWeb的行動用戶規模，我們的行動網路服務部門能夠很好地執行行動搜尋、應用程式分發和行動遊戲社群的成長策略。

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

下面我想跟大家介紹一下本地服務業近期的發展。2015 年 6 月季度，我們宣布與關聯公司螞蟻金服成立合資企業，以「口碑」為商標，實施我們在本地服務領域的策略計畫。

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

口碑的服務最初將涵蓋外帶食品、餐廳、其他娛樂場所、便利商店、醫院和藥局。用戶可以透過手機淘寶應用程式或螞蟻金服經營的手機錢包應用程式支付寶錢包存取這些服務，從而可以透過行動支付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，將我們在行動商務領域的領導地位與螞蟻金服在行動支付領域的領導地位結合起來，將使我們處於獨特的地位，抓住這個市場的成長機會。根據艾瑞諮詢的數據，2015 年行動支付市場的交易總額預計將超過 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. We continue to enhance the customer experience by offering efficient logistic services, and increasing the number of brands selling high quality products.

我們的中國零售市場繼續成為消費者尋找最廣泛的優質產品的目的地。我們透過提供高效率的物流服務以及增加銷售高品質產品的品牌數量來持續提升客戶體驗。

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，透過專有數據技術以及與中國政府機構的合作來提高我們市場的品質和健康，以最大限度地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，以及我們致力於贏得消費者和品牌的信任，逐漸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 為大家進行財務審查。

Thank you, Daniel. Hello, everyone. Here are some financial highlights.

謝謝你，丹尼爾。大家好。以下是一些財務亮點。

GMV grew 34% year over year to RMB673 billion. Excluding the effect of the suspended lottery business, GMV would have increased by 36% year over year.

GMV年增34%至人民幣6,730億元。若不計入彩券業務暫停的影響，GMV將年增36%。

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

營業收入較去年同期成長28%至人民幣202億元。如果不暫停彩券銷售並將中小企業貸款業務轉移給螞蟻金服（我們在前幾個季度已經溝通過），我們的年收入成長將達到 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.

非公認會計準則 EBITDA 利潤率為 52%，低於去年同期的 54%，正如我們在前幾個季度所傳達的那樣，這代表著戰略投資的增加。

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

非美國通用會計準則淨利潤年增30%至95億元人民幣。

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.

不計入SBC、無形資產攤銷及其他某些項目的稀釋非美國通用會計準則每股收益為3.68元人民幣，較2014年同期的3.05元人民幣增長21%。

Now, let's get into the details. In the June quarter, our blended monetization rate was 2.33% versus 2.52% in the year-ago period. 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. 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.

現在，讓我們來了解一下細節。6 月季度，我們的混合貨幣化率為 2.33%，而去年同期為 2.52%。年比下降主要由於行動端GMV佔總GMV的比重較高，但貨幣化率較低。這也是由於 PC 貨幣化率的下降，但被行動貨幣化率的年成長部分抵消。

Our mobile monetization rate improved significantly to 2.16%, from 1.73% in March quarter. This is due to our great achievement and development of our mobile business, and efforts on the improved monetization.

我們的行動貨幣化率從 3 月季度的 1.73% 大幅提高至 2.16%。這得益於我們行動業務的巨大成就和發展，以及在提高貨幣化方面所做的努力。

So PC monetization declined from the year-ago quarter. We expect this trend to continue. 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.

因此，個人電腦的貨幣化較去年同期下降。我們預計這一趨勢將會持續下去。但鑑於我們對長期將行動流量貨幣化的能力充滿信心，我們並不認為這會對我們的業務造成重大或持久的阻力。

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

展望未來，我們預計，透過我們已證實的能力，即透過行動裝置向買家提供價值並提高他們在我們平台上的參與度，將推動行動貨幣化的改善。這反過來會激勵廣告商將更多的預算分配給我們平台上的行動端；我們已經看到了這種趨勢。

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

請記住，考慮到季節性和其他每季都會變化的因素，行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，行動貨幣化率將接近甚至超過歷史上的 PC 貨幣化率。

Year on year, our revenue grew 28% to RMB20.2 billion, primarily driven by increase in new active buyers. The lower year-on-year revenue growth was due to three factors. 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.

與去年同期相比，我們的營收成長了28%，達到人民幣202億元，這主要得益於新活躍買家的增加。收入年增率較低有三個原因。第一，2015年2月底暫停了網路彩券業務；我們轉移給螞蟻金服的中小企業貸款業務收入減少；4月份我們降低了聚划算的廣告價格，以吸引優質商家。

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.

如果我們將去年同期的彩券銷售和中小企業貸款業務收入剔除，6月份當季總營收將年增36%。

China commerce retail revenue grew 24% year on year in June quarter. Adjusting for the lottery sales, it would have grown 29% year on year. Commission revenue would have grown 42% year on year.

6月份季度中國商業零售收入較去年同期成長24%。如果算上彩券銷售額，這一數字將比去年同期成長 29%。佣金收入較去年同期成長42%。

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

雲端運算及網路基礎設施營收年增106%，反映了我們雲端運算業務的加速成長。

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

受UCWeb和高德合併的推動，第二季其他營收則是年增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 6 月季度，我們從中小企業貸款業務中獲得了利息收入；根據 2 月完成的與螞蟻金服的關係重組，我們不再記錄這筆收入。

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

6 月季度，我們的非 GAAP EBITDA 利潤率為 52%，低於去年同期的 54%。較低的利潤率與我們前幾季傳達的訊息一致：我們將繼續對新業務和現有業務進行大量投資，以推動長期收入和利潤成長。

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

我們仍然相信，未來我們核心業務的非 GAAP EBITDA 利潤率將保持穩定在 50% 左右。

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，我們將繼續把部分自由現金流投資於新業務，並提高新投資支出佔收入的百分比。

Now let's talk about our operating expenses. 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.

現在我們來談談我們的營運費用。非公認會計準則營業成本為57億元；非公認會計準則產品開發費用為20億元；非公認會計準則銷售及行銷費用為17億元；非公認會計準則一般及行政費用為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.

非公認會計準則收入成本佔收入的百分比同比增長，主要由於我們第三方聯盟行銷生態系統的擴張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，主要是我們的行動作業系統和 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. Excluding that factor, non-GAAP product development expenses and the non-GAAP G&A as a percentage of revenue were stable year over year.

非公認會計準則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 IPO 後停止向雅虎支付特許權使用費。除此因素外，非公認會計準則產品開發費用和非公認會計準則一般及行政費用佔收入的百分比同比保持穩定。

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

由於上述投資，銷售和行銷費用佔收入的百分比增加。

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

我們在六月季度產生了強勁的自由現金流，達到 95 億元人民幣。

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.

六月當季資本支出為人民幣18億元，較去年同期的人民幣13億元增加，也較三月當季的人民幣15億元增加。

Our cash and cash equivalents position as of June 30, 2015 is very strong at RMB104 billion. In addition, we have RMB11 billion in short-term investments.

截至 2015 年 6 月 30 日，我們的現金和現金等價物狀況非常強勁，達到人民幣 1,040 億元。此外，我們還有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. Operator, please open the line for Q&A. Thank you.

那麼，我們的準備好的發言就結束了。接線員，請打開問答線。謝謝。

(Operator Instructions). Alicia Yap, Barclays.

（操作員指令）。巴克萊銀行的 Alicia Yap。

Joe, Daniel, Maggie, and Jane, thanks for taking my questions. I have a question related to your marketplace. I wanted to get a sense on the balance between the Tmall and the Taobao.

喬、丹尼爾、瑪姬和簡，感謝你們回答我的問題。我有一個與你們的市場相關的問題。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. 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. And, if so, will there be any impact to the smaller merchants on your platform? How would you be balancing between the commission revenue versus the search advertising revenue?

看起來你們正在為天貓全國做更多準備，然後吸引大量跨境和品牌。所以我想了解您是否準備在天貓平台上投入更多資源來支持這些更大的品牌。如果是這樣，這會對您平台上的小商家產生影響嗎？您如何平衡佣金收入和搜尋廣告收入？

For our marketplace strategy, I think, we have a very clear strategy in our marketplaces. And Tmall and Taobao have different positions.

對於我們的市場策略，我認為，我們在市場上有一個非常明確的策略。而且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. So, in Taobao, actually, we have hundreds of billions of items in Taobao. And Taobao itself serves as a shopping destination.

在淘寶上，我們希望讓消費者體驗深度選擇，享受發現的樂趣。因此，在淘寶，實際上，我們在淘寶上有數千億件商品。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，我們所做的就是努力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，開展直銷業務，建立面向最終客戶的直銷業務。

While on Tmall, our strategy is that this is a marketplace which brands and their authorized distributors do their business direct to the consumer. So we'll focus on the quality products and quality services.

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

淘寶和天貓，他們共享入口，特別是在購物搜尋方面，但他們的定位不同。我們認為這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. Great. Then, second question is regarding the Juhuasuan. 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? And what is the overall strategy for Juhuasuan, going forward? Thank you.

我懂了。偉大的。那麼第二個問題是關於聚划算的。在調整定價和重新分配資源支援後，您是否發現商家[牽引力]和交易價值方面存在任何有意義的（技術困難），您可以與我們分享嗎？聚划算未來的整體策略是什麼？謝謝。

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.

在這次價格調整之後，我們確實看到了一個非常正面的趨勢，那就是吸引更多優質商家加入我們的聚划算平台。

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

也許，大牛，你想分享聚划算的策略？

Our Juhuasuan strategy is very clear. We position Juhuasuan as a promotion platform for our merchants to promote their hot-selling items.

我們的聚划算戰略非常清晰。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.

如今，聚划算正在做的是與商家合作，制定一個全年的詳細計劃，以決定他們在哪一天針對特定的店面或特定的產品選擇進行良好的促銷。

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

所以我們匹配了這一點——由於價格低廉，由於聚划算大力促銷，所以聚划算在消費者中具有獨特的價值。聚划算每天都會為商品帶來獨立的流量，為商家創造巨大的價值，幫助商家搶佔先機，推廣商品；同時，還能將這些流量帶回店鋪，有利於商家的日常運作。

Right, thank you.

好的，謝謝。

Robert Lin, Morgan Stanley.

摩根士丹利的羅伯特·林。

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

我這裡有兩個問題。顯然，我認為我們討論了天貓相對於淘寶市場的差異化，而且今年迄今為止，天貓的進展非常明顯。

I just want to get a bigger sense on the strategy on the mobile Tmall app, for example. We've talked about getting a lot of brands, talking about the Netflix-like business for Tmall. Can you put us in context what the progress of Tmall app, and how we intend to differentiate relative Taobao, going forward?

例如，我只是想更深入地了解天貓行動應用程式的策略。我們討論過引進許多品牌，討論過天貓類似 Netflix 的業務。您能否向我們介紹天貓應用程式的進展情況，以及我們未來打算如何與淘寶區分開來？

Then, I guess the second question is on mobile [mall position rate]. We notice that in second quarter we were able to increase our mobile [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?

那我想第二個問題是關於行動端的[商場排名率]。我們注意到，在第二季度，我們的移動[負載]有所增加。只是想看看管理層對行動負載增加的效果如何以及今年下半年增加的可能性有多大的評論？

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

對於天貓應用程序，我們在上個季度推出了兩個新版本。而推出新版本的目的，就是嘗試將天貓app上與淘寶不同的獨特服務與內容，提供給手機淘寶app，讓人們在天貓app上感受到獨特的價值。

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

我們觀察到了良好的回饋，以及使用者——就使用者黏性和存取頻率而言。

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

另一方面，其實因為我們把淘寶app定位為一個超級app，所以你可以在淘寶app裡面找到入口，也就是天貓的入口。很多人也是透過淘寶超級應用程式進入天貓應用程式的，所以這也為天貓帶來了很多流量。

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

但我們會繼續致力於天貓應用程序，為天貓移動應用程式帶來越來越多的獨立流量。

Yes, Rob, I'll answer your question on the mobile take rate. We're very happy to see that strong progress was made on the mobile take rate.

是的，羅布，我會回答你關於移動接受率的問題。我們很高興看到行動端的使用率取得了長足的進步。

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. So, we made a lot of efforts in improving the user experience on mobile. And overall, we remain bullish on mobile monetization, and the mobile take rate should approach PCs, or even higher.

隨著買家轉向行動設備，廣告商越來越願意投入廣告費來吸引他們，從而改善了拍賣動態和競價行為。因此，我們在改善行動用戶體驗方面做出了很多努力。整體而言，我們仍然看好行動貨幣化，行動端的滲透率應該接近個人電腦，甚至更高。

Ming Zhao, 86Research.

趙明，86研究。

This is Sean Zhang, asking the question of behalf of Ming Zhao. We have two questions. First one is on monetization, as well.

我是 Sean Zhang，代表 Ming Zhao 提問。我們有兩個問題。第一個也是關於貨幣化。

We are very encouraged to see mobile monetization jump in the quarter; it's well within our expectation. But just, we have a question on the PC take rate. It seems that PC take rate actually dropped QonQ, even with a higher contribution from Tmall. Can we get some color on the reason behind that?

我們非常高興地看到本季行動貨幣化實現躍升；這完全符合我們的預期。但是，我們對 PC 的採用率有一個疑問。儘管天貓的貢獻較大，但 PC 端的接受率似乎實際上較上季下降。我們能否了解背後的原因？

Second question would be a follow up on the Tmall. As independent traffic portal, is there anything you can share with us, how do we approach that? We know both PC and mobile Taobao is a super-traffic kind of portal. Do we have any strategies to promote independently Taobao app -- sorry, Tmall app, or Tmall PC? Thank you.

第二個問題是關於天貓的後續狀況。作為獨立的流量門戶，您能與我們分享什麼嗎？我們如何處理這個問題？我們知道，無論是PC端或手機端，淘寶都是一個超級流量的門戶網站。我們有什麼策略來獨立推廣淘寶應用程式——對不起，天貓應用程序，或天貓電腦？謝謝。

For the first question, for PC take rate, first, we do observe an increasing shift of consumers to mobile. But we still observe that on PC we still have huge traffic on PC. And if you look at our search [PV,] and on the PC, we still flat compared to previous quarter.

對於第一個問題，對於 PC 的採用率，首先，我們確實觀察到消費者越來越多地轉向行動裝置。但我們仍然觀察到，PC 上的流量仍然龐大。如果你看我們的搜尋[PV]和PC，你會發現與上一季相比，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. This will have an adverse impact on the P4P, so which finally without being a decline in the P4P revenue on PC.

PC 接受率下降的原因是 PC 端的行銷收入減少，這是由以下因素造成的——實際上，原因是我們在免費搜尋和自然搜尋中添加了越來越多的個人化功能，這大大提高了自然搜尋的點擊率。這將對P4P產生不利影響，因此最終不會導致PC上P4P收入的下降。

For the second question, first, Tmall, actually, we are in very unique position. Tmall and Taobao are integrated marketplaces. In the PC terms, they are integrated. In the mobile terms, they're still integrated because, as I said before, visitors can enter into Tmall from Taobao mobile app. They can click the first button in Taobao mobile app, which is Tmall, and enter into Tmall home page in the mobile side.

對於第二個問題，首先，天貓實際上處於非常獨特的地位。天貓和淘寶是綜合性市場。用PC術語來說，它們是整合的。從移動角度來看，它們仍然是整合的，因為正如我之前所說，訪客可以透過淘寶行動應用程式進入天貓。他們可以點選淘寶手機用戶端第一個按鈕，也就是天貓，進入手機端天貓首頁。

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

除此之外，我們仍在繼續推廣天貓應用程式。最重要的是，我們嘗試在天貓行動應用程式上創造獨特的體驗，包括新產品發布，以及人們在行動淘寶應用程式上找不到的許多服務。

We think the unique experience is a key to attract people to visit Tmall mobile app independently. But we are happy to promote Taobao and Tmall mobile app to position these two apps to meet the different demands of consumers.

我們認為獨特的體驗是吸引人們獨立存取天貓手機應用程式的關鍵。但我們很樂意推廣淘寶和天貓手機應用程序，以定位這兩個應用程式來滿足消費者的不同需求。

Thank you.

謝謝。

Eric Sheridan, UBS.

瑞銀的 Eric Sheridan。

My question is around the macro environment in China. Was curious, as the June quarter developed, what you might have seen in terms of [end demand] and consumption patterns in China. 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? Thank you so much.

我的問題是關於中國的宏觀環境。我很好奇，隨著二月季度的發展，您可能會看到中國的[最終需求]和消費模式有何變化。隨著電子商務滲透率的提高，這是否會對業務產生影響並造成不利影響，而一些行業則面臨順風，這對今年剩餘時間意味著什麼？太感謝了。

We closely monitor the Chinese economy and consumer behaviors. But, as we always said, we manage our business and we execute our growth strategy for the long term. The short-term movement won't affect our long-term strategy. If you look at our number we reported this quarter, and we still enjoy very strong growth.

我們密切關注中國經濟和消費者行為。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成長策略。短期的變動不會影響我們的長期策略。如果你看一下我們本季報告的數字，你會發現我們仍然享有非常強勁的成長。

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. Actually, people will buy a large, a wide product assortment on our platform for their daily lives. They are not only coming here for shopping with a very specific shopping purpose; more often, they just come here to enjoy lifestyles.

如果你看看我們的活躍買家，實際上，[平均]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。實際上，人們會在我們的平台上購買大量、種類繁多的日常生活用品。他們來這裡不僅僅是為了特定的購物目的而購物；更多的時候，他們來這裡只是為了享受生活方式。

On the macro economy, we will continue to closely monitor the change of macro economy and consumer behavior. But we are confident to [growth] our business in the long term.

在宏觀經濟方面，我們將繼續密切關注宏觀經濟和消費者行為的變化。但我們有信心我們的業務能夠長期成長。

Thank you.

謝謝。

Carlos Kirjner, Bernstein.

卡洛斯·基爾納，伯恩斯坦。

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

我有兩個問題。第一個問題，我想請您比較一下行動裝置和 PC 端 GMV 的具體驅動因素。您能否幫助我們了解，對於 PC 和行動裝置而言，由您網站上的廣告和賣家自然產生的 GMV 所佔比例是否存在根本差異？換句話說，人們是否會更多地透過 PC 上的有機連結銷售商品，還是更多地透過行動裝置銷售商品，或類似地透過廣告連結銷售商品？

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

其次，根據 Daniel 關於個人化對 PC 貨幣化的影響的評論，為什麼個人化不能使付費連結的點擊率受益？換句話說，您的付費搜尋團隊難道不應該趕上自然搜尋團隊並阻止 PC 貨幣化的侵蝕嗎？謝謝。

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.

就我們在 PC 和行動裝置上促進 GMC 成長的努力而言，正如您所知，我們更加關注人、買家/消費者，因此我們不會將 PC 和行動裝置視為兩個獨立的市場。

People's behavior is that they [clearly spoke]. They search and click on mobile, then they get transaction done on PC, or vice-versa. All of our efforts attracting the consumers is mainly related with the improvement of user experience.

人們的行為就是他們[清楚地說]。他們在手機上搜尋並點擊，然後在電腦上完成交易，反之亦然。我們所有吸引消費者的努力主要都與使用者體驗的提升有關。

For your second question, actually, we do add a lot of personalized features in our ads business. But we still primarily focus on -- actually, the P4P business primarily based on the bidding of -- the bidding price, the cost -- the bidding price. We do observe that the personalization will narrow down the product pool who participate in bidding and will affect the bidding behavior.

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人化功能。但我們仍然主要關注——實際上，P4P 業務主要基於競標——競標價格、成本——競標價格。我們確實觀察到個人化會縮小參與競標的產品範圍並會影響競標行為。

So, the P4P business will probably still primarily be driven by bidding. But we will -- actually, we are adding more personalized features to make sure people get the relevant recommendation. Thanks.

因此，P4P 業務可能仍將主要由競價驅動。但實際上，我們正​​在添加更多個人化功能，以確保人們獲得相關的推薦。謝謝。

Alan Hellawell, Deutsche Bank.

德意志銀行的艾倫‧赫拉韋爾 (Alan Hellawell)。

Thank you. I was hoping to go back, first, to the new relationship with Suning. I assume that 3C is, maybe, our second-largest category behind apparel. 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? And how might this impact them?

謝謝。我希望先回到與蘇寧的新關係。我認為 3C 可能是我們僅次於服裝的第二大類別。假設我們盡可能擴大蘇寧在我們平台上的市場份額，並且蘇寧至少在最初階段提供的物流能力可能比天貓上的其他鄰居要好得多，那麼我們如何看待已經在我們的市場上的眾多 3C 商家呢？這會對他們產生什麼影響？

It's a good question. Actually, everybody understands, Suning has very strong strengths in consumer electronics, home appliance.

這是個好問題。其實大家都知道，蘇寧在消費性電子、家電方面實力非常強。

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. And we think this is good for the consumers, and this will bring a lot of additional traffic demand to our marketplaces. And this will ultimately share by other -- by the merchants who already on our platform.

蘇寧參與了我們的頂級市場——我們的市場開設了天貓——開設天貓業務將為我們提供大量的產品和優質服務。我們認為這對消費者來說是好事，而且會為我們的市場帶來大量額外的流量需求。這最終將由其他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，我們確實相信，憑藉強大的供應鏈能力，我們可以與蘇寧很好地合作，利用供應鏈專業知識，在我們的平台上獲得更好的供應，最終使我們的消費者受益。

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成長和額外的流量，因為他們為我們帶來了優質的產品和服務。

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

謝謝。我的第二個問題是關於9月19日鎖定的探索。

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

軟銀似乎最近重申了其繼續作為長期股東的意圖，同時，我們大致了解了雅虎可能出現的情況。我想知道您是否可以分享有關下個月解鎖的其他股東的意圖。謝謝。

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.

下個月有四位股東的股份將被解鎖，分別是軟銀和雅虎，正如您提到的那樣；然後，就剩下馬雲和我下個月將被解鎖。

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

我通常不代表傑克發言，但這次他授權我代表他發言。傑克和我沒有任何出售的意圖，除了我們慈善信託中的一小部分財產，如果我們出售的話，我們將會進行慈善捐贈。

Dick Wei, Credit Suisse.

瑞士信貸的 Dick Wei。

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

第一個問題是關於物流的。首先，在倉庫方面，我想知道我們的倉庫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? Thanks.

此外，考慮到隔天送達或當日送達服務對商家來說成本可能很高，商家對此的接受程度如何？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制定物流解決方案。

We closely work with our partners to deliver -- to render the logistic services to the relevant merchants in their category. For example, for white goods, today what we do is we work with the -- for electronics.

我們與合作夥伴密切合作，為其類別的相關商家提供物流服務。例如，對於白色家電，今天我們所做的就是與電子產品合作。

And on Tmall, all of the merchants are selling white goods products, they are enjoying these services. 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. And we also deliver other -- the services in other categories, such as groceries; such as fresh produced goods; and cross-boarders.

在天貓上，所有商家都銷售白色家電產品，他們都享有這些服務。他們首先將產品運送到 RRS 運營的倉庫，然後我們共同處理履行和最後一英里的交付。我們也提供其他類別的服務，例如雜貨、新鮮農產品和跨境服務。

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

我們不想給他們一個統一的解決方案，因為實際上開發一個統一的解決方案非常困難，因為實體產品完全不同。所以我們必須按類別、按業務來制定解決方案。謝謝。

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

關於物流，我們認為物流是電子商務業務的必需品；是實用工具，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. And approximately, if you're also talking about efforts on improving the logistics service.

如您所知，我們每天處理約 3000 萬個包裹，是競爭對手的 10 倍。大概來說，如果您還談到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. And we also launched the same-day delivery service, and which has been very successful. So we have seen grocery sales in Beijing increasing 740% year on year, while 90% of the orders came from mobile devices.

目前，我們平台上的消費者可以在40多個主要城市享受隔日達服務；到今年年底，這個數字將擴大到50個城市。我們也推出了當日送達服務，並且非常成功。因此，我們看到北京的食品雜貨銷售額年增740%，而90%的訂單來自行動裝置。

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，透過我們最近宣布的與蘇寧的合作，超過150個城市的消費者將能夠享受消費性電子產品和家用電器的兩小時送貨服務。

Great. Thanks. My next question is on the mobile take rate dynamics. Obviously, we've seen a pretty good pick up. 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?

偉大的。謝謝。我的下一個問題是關於行動採用率動態。顯然，我們已經看到了相當不錯的回升。我想知道，如果與 PC 相比，目前行動裝置上的收費率是否在佣金方面或廣告方面有更大的上升空間？

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? Is that the advertising, or the commission? I just wanted to see how maybe management thinks about the dynamics, going forward. Thanks.

也許將來，當行動裝置的使用率高於 PC 時，我們認為哪個領域會超越 PC？那是廣告，還是佣金？我只是想看看管理階層如何看待未來的動態。謝謝。

I think, first, our mobile take rate will continue to grow. And I [was] surprised that it will surpass PC.

我認為，首先，我們的行動端接受率將繼續成長。我很驚訝它會超越 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. 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.

其次，我認為這種成長是由行動佣金收入推動的，因為越來越多的 GMV 是由行動裝置產生的；其次，也是由行動線上行銷服務的不斷增長所推動的。由於越來越多的廣告商觀察到消費者轉向行動設備，因此現在他們願意在行動端投入更多的行銷資金。

Douglas Anmuth, JPMorgan.

摩根大通的道格拉斯·安穆斯。

Two things I wanted to ask. 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.

我想問兩件事。首先，您能否評論一下對阿里雲（雲端業務）的 10 億美元增量投資將在什麼時間範圍內實現？然後，您如何看待其中的國際機會？

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? Thank you.

其次，隨著 Michael Evans 最近被任命為總裁並負責全球化工作，您是否預計全球策略會發生任何變化，還是仍然只是從跨境角度進行重點關注？謝謝。

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.

第一個問題，我們宣布向阿里雲投資10億美元，因為阿里雲是我們未來幾年的成本策略之一。

And today, we are already the number one market leader in cloud computing services in China. And we observe a substantial potential in the future. And we are now serving a growing number of public and private company to render them the storage computing, [computation] and data management services.

如今，我們已經是中國雲端運算服務市場的第一大領導者。我們觀察到未來的巨大潛力。我們現在為越來越多的公共和私人公司提供服務，為他們提供儲存運算、[運算]和資料管理服務。

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

而我們的投資將幫助我們在阿里雲建立一個平等的體系，包括升級我們的技術，為我們帶來更多的人才，同時也幫助我們在這個生態系統中的合作夥伴成長；最終幫助我們圍繞阿里雲建立一個全面的生態系統。我們與合作夥伴一起為共同的客戶提供高品質的服務。

Eddie Leung, Merrill Lynch.

美林證券的 Eddie Leung。

I've two questions about your mobile business. The first one is about user behavior versus PC. Could you give us an update on, for example, the conversion rate; the basket size; and order frequency on mobile versus PC? Any interesting trend you observed it?

我對您的行動業務有兩個問題。第一個是關於使用者行為與 PC 的關係。您能否向我們提供一些最新信息，例如轉換率、購物籃大小以及行動裝置與 PC 上的訂單頻率？您觀察到了什麼有趣的趨勢嗎？

And then secondly, just a (inaudible) question on your mobile take rate expectations. You mentioned that you would expect the take rate to go up and close the gap with PC, coming both from advertising and commissions. So just wondering about your commissions, because I think the commission rates could be the same at the moment.

其次，我想問一個關於行動採用率預期的問題（聽不清楚）。您提到，您預計廣告和佣金的佣金率將會上升，並縮小與 PC 的差距。所以我只是想了解一下您的佣金情況，因為我認為目前的佣金率可能相同。

Do you plan to have a different commission rate on mobile versus PC? If not, how comes the mobile take rate on commissions would be different than PC? Thanks.

您是否計劃在行動裝置和 PC 上設定不同的佣金率？如果不是，那麼行動端佣金抽成率為何會與 PC 端不同？謝謝。

For the first question, as I said before, we manage our business as a whole. And we don't separate the PC behavior and the mobile behavior because a lot of people do their shopping across the screens. 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. So it's a cross-screen behavior.

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。我們不會區分 PC 行為和行動行為，因為很多人透過螢幕購物。有時他們在電腦上搜尋和導航，然後將東西放入購物車，然後在手機上購買；有時人們在手機上購買書籤，然後在電腦上購買。所以這是一種跨螢幕行為。

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

但如果我們比較一下，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。首先，在行動端，人們造訪我們網站的次數會更高；但是，他們每次造訪所花的時間比PC端要少，但他們造訪我們網站的次數卻更多。

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

其次，如果我們按類別分析行動裝置和 PC 上的 GMV，我們會發現，在行動端，實際上，行動端的平均購物籃價值仍然小於 PC 上。人們——尤其是那些高價商品，仍然傾向於透過電腦購買。

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

對於第二個問題，即佣金率，我想說，首先，PC 和行動裝置上的佣金是相同的。但佣金率可能會有所不同，因為行動佣金率之所以會增加，是因為收入越來越多，行動端產生的GMV越來越多，這將貢獻大量的行動佣金收入，從而提高行動佣金率。

Thanks.

謝謝。

Question from Doug, which is cross-border strategy, I just add a few more words on the cross-border strategy. Actually, we have very clear international strategy, and this is the core strategy for the coming decades. 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.

Doug 的問題，就是跨國策略，我再補充幾句關於跨國策略的問題。其實我們的國際戰略非常明確，這是未來幾十年的核心戰略。今天，我們從跨境開始，我們希望仍然立足中國，並利用我們目前在中國市場的現有資源。

So today, when we talk about cross-border, the first thing is import. 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. Second -- actually, today, that's why we are heavily promoting our Tmall global platform.

所以今天我們講跨境，首先講的就是進口。我們希望幫助海外供應商透過我們的平台向中國消費者銷售目前在中國還沒有的產品。第二——實際上，今天，這就是我們大力推廣天貓國際平台的原因。

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. So today, actually, we are the vehicle for the export business is AliExpress. And we will continue to promote AliExpress in other countries.

其次，我們正在努力幫助中國中小企業出口產品並直接銷售給其他國家的消費者。所以今天，實際上，我們出口業務的載體是 AliExpress。我們將繼續在其他國家推廣 AliExpress。

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

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能夠在這個全球平台上進行交易。我認為這是我們國際戰略的長遠眼光。

Mark Mahaney, RBC.

馬克·馬哈尼，RBC。

I wanted to ask about the logistics. I'm trying to put the Suning investment in context. When you think about expanding your nationwide logistics network, do you think you've already reached enough scale? 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? Thank you.

我想問一下物流問題。我試著將蘇寧的投資放在背景中。當您考慮擴展全國物流網絡時，您認為已經達到足夠的規模了嗎？或者您認為這將是一項持續五到十年的投資，未來會有更多此類交易，無論是直接投資還是直接建造更多基礎設施？謝謝。

Today, actually, we have built up an unrivaled scale in logistics with our logistics partners. And every day, we handle over 30 million packages a day, so this is a huge scale. And this is done by our collaboration -- by our logistic partnership strategy.

今天，實際上我們已經與物流合作夥伴建立了無與倫比的物流規模。我們每天處理超過 3000 萬個包裹，因此這是一個巨大的規模。這是透過我們的合作——透過我們的物流合作夥伴策略來實現的。

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

如今，我們在追求規模的同時，更加重視服務品質和客戶滿意度。因此，我們與不同產品類別和不同業務的合作夥伴合作，嘗試提供二次配送服務，例如在 41 個城市提供二次配送服務；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. So that's why we render that same-day delivery, starting from Shanghai and Beijing for grocery sales.

對於食品雜貨也是如此，因為人們在網路上購買食品雜貨，主要是為了方便。這就是我們提供當日送達服務的原因，從上海和北京開始販售雜貨。

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，我們會繼續拓展我們的服務，嘗試在產品服務，也就是物流服務方面，提供人們不同的選擇，以改善消費者在物流方面的體驗。

Mark, you asked about our further investment in the infrastructure. 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. That's mainly for the purpose of implementing our data strategy.

馬克，您詢問了我們對基礎設施的進一步投資。在我們利用合作夥伴的這些資產基礎設施的同時，我們也將同時透過我們的物流平台天貓對某些基礎設施領域進行投資。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，連結數據，並進一步提高整個物流系統的使用率和效率。

Right. Thank you.

正確的。謝謝。

Piyush Mubayi, Goldman Sachs.

高盛的 Piyush Mubayi。

Could I ask, on mobile take rate for the advertising side, do you see mobile inventory at all a bottleneck? That's my first question.

我可以問一下，就廣告方面的行動接受率而言，您是否認為行動庫存是一個瓶頸？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，我知道時間有限，您能否簡單談談其他大型 GMV 機會，其中一個是處方藥，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. 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. So they come for the [ads], as well as the revenues here, there. So that's the first priority.

Piyush，就行動端的接受率而言，正如您所看到的，目前我們在行動端實現盈利的空間仍然有限。我們之前評論說，我們與社交網路的區別在於，從字面上講，買家、消費者來到我們的網站是為了尋找商品。所以他們來這裡是為了廣告，也是為了收入。所以這是首要任務。

We do believe that there are inventories that we could utilize. However, our first priority is to keep the momentum of growth of the mobile business, because we believe the penetration could be further grow.

我們確實相信有一些庫存可供我們利用。然而，我們的首要任務是保持行動業務的成長勢頭，因為我們相信滲透率還可以進一步成長。

And we did have a test, a certain slot on a mobile platform, but the revenue contribution is not that significant. We're going to keep this testing. And eventually, this is a balance of user experience and monetization.

我們確實在行動平台上的某個位置進行了測試，但收入貢獻並不那麼顯著。我們將繼續進行這項測試。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? 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.

那麼，您的第二個問題是關於彩票的影響，什麼時候會恢復？首先，我想提醒大家，彩票的影響實際上對本季和下個季度的影響是特別大的，因為去年我們舉辦了這次「努力工作」活動，這使得我們六月季度和九月季度的彩票銷售額很大。

And when it will come back, there is no timetable. 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. So we're just going to wait for it to re-open.

至於何時回歸，則沒有時間表。因此，我們將密切關注政府的行動——因此，沒有理由說一旦政府允許其他參與者進入，我們就不會進入了。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，我們在我們的平台上銷售非處方藥，我們將嚴格遵守政府的政策來經營處方藥。

That's all the questions we have for today. I just want to thank everybody for joining the call. You can close the call, operator.

這就是我們今天要問的所有問題。我只想感謝大家參加這次電話會議。接線員，您可以掛斷電話了。

Thank you. Ladies and gentlemen, that does conclude our conference for today. Thank you for participating. You may all disconnect.

謝謝。女士們、先生們，今天的會議到此結束。感謝您的參與。你們都可以斷開連線。