阿里巴巴 (BABA) 2016 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們，先生們，謝謝你們的支持。

Welcome to the Alibaba Group March quarter 2016 and full FY16 results conference call.

歡迎參加阿里巴巴集團 2016 年 3 月季度和 2016 財年業績電話會議。

(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, and welcome to Alibaba Group's March quarter 2016 and full FY16 earnings conference call.

大家好，歡迎來到阿里巴巴集團 2016 年 3 月季度和 2016 財年財報電話會議。

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

今天和我們在一起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 our earnings releases, as well as the supplementary slides that accompany the call.

因此，請參閱我們的 IR 網站了解我們的收益發布，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以獲取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 quickly cover the Safe Harbor.

現在讓我快速報導安全港。

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 latest Annual Report on Form 20-F and other documents filed with the US Securities and Exchange Commission.

要了解這些風險和不確定性，請參閱我們最新的 20-F 表格年度報告以及向美國證券交易委員會提交的其他文件。

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

我們在本次電話會議上做出的任何前瞻性陳述均基於截至今日的假設，除適用法律要求外，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，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 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，以剔除購買物業和設備和無形資產，不包括取得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動，我們稱之為自由現金流。

Our GAAP results and reconciliations 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.

有了這個，我現在將把電話轉給喬。

Thank you, Jane.

謝謝你，簡。

Thank you all for joining us.

感謝大家加入我們。

Today, we recorded excellent results.

今天，我們記錄了出色的成績。

Our revenues grew 39% year on year for the quarter.

本季度我們的收入同比增長 39%。

There are now 423 million shoppers who have bought something on our China retail platform in the past year, and 410 million mobile users who are active on our China retail mobile apps during the month of March.

去年有 4.23 億購物者在我們的中國零售平台上購物，3 月份有 4.1 億移動用戶活躍在我們的中國零售移動應用上。

In these challenging times with the global economy, Alibaba is bucking the trend.

在全球經濟充滿挑戰的時代，阿里巴巴逆勢而上。

Why?

為什麼？

I want to offer a couple of perspectives; one macro, and the other one that is specific to Alibaba.

我想提供幾個觀點；一個宏，另一個是阿里巴巴特有的。

First, take a look at the Chinese consumer.

首先，看看中國消費者。

Chinese households today have aggregate net cash reserves of over $4.6 trillion.

今天，中國家庭的淨現金儲備總額超過 4.6 萬億美元。

This accumulated wealth and liquidity is the result of real double-digit wage growth over the past decade.

這種積累的財富和流動性是過去十年工資實際兩位數增長的結果。

In contrast, in early 2008 on the eve of the global financial crisis, household debt in the United States was 98% of GDP and the average American family was in heavy debt.

相比之下，2008年初全球金融危機前夕，美國家庭債務佔GDP的比重為98%，美國普通家庭負債累累。

Chinese consumers have a healthy balance sheet and ability to spend.

中國消費者擁有健康的資產負債表和消費能力。

This will propel China's shift from an export and investment-led economy to a consumption-driven economy.

這將推動中國從出口和投資主導型經濟向消費拉動型經濟轉變。

Alibaba rides the secular tide as we enable more products and services, whether they are domestic or import, to reach the consumer.

阿里巴巴順勢而為，我們讓更多的產品和服務，無論是國產的還是進口的，都能接觸到消費者。

Another perspective comes from looking at Alibaba's businesses.

另一個角度來自阿里巴巴的業務。

We have a balanced portfolio of businesses in our ecosystem that are in various stages of growth, profit trajectory and cash generation.

我們在生態系統中擁有均衡的業務組合，處於不同的增長、利潤軌跡和現金產生階段。

Depending on years in gestation, we group these businesses into what I call: first, core cash flow; second, emerging traction; and third, long-term strategic bets.

根據醞釀年限，我們將這些業務分為我所說的：第一，核心現金流；二是新興牽引力；第三，長期戰略賭注。

So I'll go through each of them.

所以我會逐一介紹。

First, core cash flow.

一是核心現金流。

Our core commerce business is strong and extremely cash generative.

我們的核心商業業務很強大，而且非常能產生現金。

We achieved 41% year-on-year revenue growth in China retail marketplaces for the quarter, with high and sustainable operating margins.

本季度，我們在中國零售市場實現了 41% 的收入同比增長，營業利潤率高且可持續。

On the strength of our core business, we delivered $8 billion in free cash flow in FY16.

憑藉我們的核心業務，我們在 FY16 實現了 80 億美元的自由現金流。

This enables us to invest for the future.

這使我們能夠為未來投資。

Second, emerging traction.

二是新興牽引力。

We are excited that several of our businesses have emerged with high growth traction and expanding operating leverage.

我們很高興我們的幾項業務已經出現，具有高增長動力和不斷擴大的經營槓桿。

AliCloud is, today, one of the largest cloud computing businesses in the world.

今天，阿里雲是全球最大的雲計算企業之一。

In the latest quarter, this business grew revenues 175% year on year, which is an acceleration of the 126% growth rate from the prior quarter.

在最近一個季度，該業務的收入同比增長了 175%，比上一季度 126% 的增長率有所加快。

Another emerging traction star is mobile Internet services, including mobile search and mobile media.

另一個新興的牽引明星是移動互聯網服務，包括移動搜索和移動媒體。

In this quarter, we have provided a glimpse into the potential of the mobile lifestyle in China, in addition to mobile commerce, as revenues from mobile Internet services and mobile operating systems grew around 50% year on year.

在本季度，我們看到了中國移動生活方式的潛力，除了移動商務，移動互聯網服務和移動操作系統的收入同比增長約 50%。

Third, long-term strategic bets.

三是長期戰略押注。

Alibaba has an incredible track record of making long-term bets successful.

阿里巴巴在長期投資方面有著令人難以置信的成功記錄。

Here, a bit of historical perspective is important; take Taobao marketplace as an example.

在這裡，一點歷史視角很重要；以淘寶市場為例。

We started Taobao in 2003 when online shopping in China was virtually non-existent.

我們於 2003 年創辦淘寶，當時中國的網上購物幾乎不存在。

For five years we didn't generate any revenues; instead, we focused on acquiring users and building an ecommerce ecosystem.

五年來，我們沒有產生任何收入；相反，我們專注於獲取用戶和構建電子商務生態系統。

Taobao didn't produce meaningful profits until 2010; that is seven years after its founding.

淘寶直到 2010 年才產生可觀的利潤；那是它成立七年之後。

History teaches us that it pays to be patient.

歷史告訴我們，耐心是值得的。

We are used to investing in long-term initiatives with long-term gestation periods.

我們習慣於投資於具有長期醞釀期的長期計劃。

New initiatives typically take five to seven years to grow into substantial profitability, and this growth usually takes on a step function trajectory rather than in a straight line.

新舉措通常需要五到七年才能實現可觀的盈利能力，而且這種增長通常呈階梯函數軌跡，而不是直線。

The ability to remain patient is a competitive advantage.

保持耐心的能力是一種競爭優勢。

Going forward, we're prepared to continue investing in high potential businesses that are highly strategic to Alibaba, from digital entertainment, to local services, to international expansion.

展望未來，我們準備繼續投資對阿里巴巴具有高度戰略意義的高潛力業務，從數字娛樂到本地服務，再到國際擴張。

These businesses contribute to losses in our current income statement; however, we invest in them so that they can graduate to emerging traction and then on to core cash flow businesses in the future.

這些業務導致我們當前損益表中的虧損；但是，我們對它們進行投資，以便它們能夠逐步發展到新興的牽引力，然後在未來進入核心現金流業務。

Now I would like to turn to Daniel who will discuss recent exciting developments and offer a strategic view of the future.

現在我想求助於 Daniel，他將討論最近令人興奮的發展並提供對未來的戰略看法。

Thanks, Joe.

謝謝，喬。

Hello, everyone, and thank you for joining our earnings call today.

大家好，感謝您今天參加我們的財報電話會議。

I'm pleased to report that we ended the fiscal year on a very strong note.

我很高興地報告，我們以非常強勁的勢頭結束了本財年。

We had a strong execution in our three key strategies of globalization, rural development, and big data cloud computing.

我們在全球化、農村發展和大數據云計算三大關鍵戰略上都有很強的執行力。

We reached two important milestones this fiscal year.

本財年我們達到了兩個重要的里程碑。

First, our annual GMV surpassed RMB3 trillion and we became the world's largest retail commerce company.

一是年GMV突破3萬億元，成為全球最大的零售商業公司。

Second, our annual revenue surpassed RMB100 billion.

二是年收入突破1000億元。

The continued strength of our business is reflected in the growth of our annual active buyers, which has reached 423 million.

我們業務的持續實力體現在我們年度活躍買家的增長上，達到 4.23 億。

The total revenue growth rate this quarter is the highest over the past four quarters, and the revenue growth rate of China retail marketplaces is the highest in the past six quarters.

本季度總收入增長率為過去四個季度最高，中國零售市場收入增長率為過去六個季度最高。

We are on a path to realizing our vision of exceeding $1 trillion in GMV by FY20 and we want to serve 2 billion consumers.

我們正在實現到 20 財年 GMV 超過 1 萬億美元的願景，我們希望為 20 億消費者提供服務。

Today, we are laying down solid foundations by transforming our ecommerce business and investing in driving businesses such as cloud computing and media and digital entertainment platforms to achieve our ambitious vision.

今天，我們通過轉型電子商務業務並投資於推動雲計算、媒體和數字娛樂平台等業務來實現我們雄心勃勃的願景，奠定了堅實的基礎。

Over the past year, our retail commerce business has executed a significant and successful transformation from PC to mobile-first.

在過去的一年裡，我們的零售商務業務已經實現了從 PC 到移動優先的重大而成功的轉變。

At the time of our IPO, mobile contributed less than 40% of our GMV, less than 20% of our China retail commerce revenue, and we had only 188 million mobile monthly active users.

在我們首次公開募股時，移動對我們 GMV 的貢獻不到 40%，不到我們中國零售商業收入的 20%，我們的移動月活躍用戶只有 1.88 億。

Today, 73% of our GMV comes from mobile and our mobile MAU has reached 410 million.

今天，我們 73% 的 GMV 來自移動端，我們的移動端 MAU 已達到 4.1 億。

We have completely reinvented the user experience and services to capitalize on the unique relationship that consumers have with their mobile phone in daily life.

我們徹底改造了用戶體驗和服務，以利用消費者在日常生活中與手機的獨特關係。

Today, our merchants and consumers engage seamlessly across a multiscreen social commerce platform, driven firmly by user interaction and big data.

今天，我們的商家和消費者在用戶互動和大數據的有力推動下，通過多屏社交商務平台無縫互動。

Taobao has long evolved beyond just for shopping.

淘寶早已不僅僅是購物。

Consumers come to Taobao for discovery and entertainment and to socialize in virtual communities with each other with shared interests or lifestyles during their shopping journey.

消費者來到淘寶是為了發現和娛樂，並在購物過程中以共同的興趣或生活方式在虛擬社區中進行社交。

Internet celebrities, merchants, trendsetters are among the growing active population contributing rich and relevant content in the form of photos, videos, live streaming, recommendations, reviews and lifestyle guides which encourage conversations between users through sharing, comments, and liking features.

網紅、商家、潮流引領者是不斷增長的活躍人群之一，他們以照片、視頻、直播、推薦、評論和生活方式指南的形式提供豐富且相關的內容，這些內容通過分享、評論和點贊功能鼓勵用戶之間的對話。

Tmall is now positioned more clearly than ever as the engine of digital transformation of the retail landscape in China.

天貓現在比以往任何時候都更加明確地定位為中國零售業數字化轉型的引擎。

Brands and retailers continue to turn to Tmall as a trusted partner and destination for consumer engagement, customer relationship management and brand building.

品牌和零售商繼續將天貓作為值得信賴的合作夥伴和消費者參與、客戶關係管理和品牌建設的目的地。

We remain focused on category expansion and sharpening brand mix for consumers.

我們仍然專注於品類擴張和為消費者優化品牌組合。

We continue to grow core ecommerce business by increasing our consumer base and broadening our product assortment, namely through spreading our two wings of globalization and rural development.

我們通過擴大我們的消費者基礎和擴大我們的產品種類，即通過擴展我們的全球化和農村發展的兩個翅膀，繼續發展核心電子商務業務。

Tmall global GMV has increased 180% year over year.

天貓全球GMV同比增長180%。

We continue to work closely with business partners to help sell their quality products to China.

我們將繼續與業務合作夥伴密切合作，幫助他們將優質產品銷往中國。

Our acquisition of a controlling stake in Lazada, a leading online retail market operator in Southeast Asia, will allow access to 560 million consumers in one of the most promising markets for ecommerce.

我們收購東南亞領先的在線零售市場運營商 Lazada 的控股權，將允許在最有前途的電子商務市場之一接觸 5.6 億消費者。

Our rural development continued to be [pleasant].

我們的農村發展繼續[愉快]。

Rural Taobao service stations have extended to over 14,000 rural locations.

農村淘寶服務站已擴展到14,000多個農村地區。

We capitalized on the most important family holiday of the Chinese calendar to help spotlight rural products and encourage rural consumption and held the first Alibaba Chinese New Year shopping festival.

以農曆最重要的家庭節日為契機，聚焦農村產品，鼓勵農村消費，舉辦了首屆阿里巴巴春節購物節。

More than 70% of orders were completed via mobile and more than 2.1 billion items were sold during the five-day campaign.

超過 70% 的訂單是通過移動設備完成的，在為期五天的活動中售出了超過 21 億件商品。

Revenue for the core ecommerce business rose extremely well in March quarter, with a 39% overall growth rate and a 41% year-on-year growth rate for China commerce retail revenue.

核心電商業務收入在 3 月季度增長極為強勁，整體增長率為 39%，中國商業零售收入同比增長率為 41%。

The robust growth in China retail commerce revenue was driven by online marketing service revenue, particularly on mobile.

中國零售商業收入的強勁增長是由在線營銷服務收入推動的，尤其是在移動端。

Online marketing revenue was driven by both the increased traffic and improving CPC on our marketplaces, trends that we believe will continue.

在線營銷收入是由我們市場上流量的增加和每次點擊費用的提高推動的，我們相信這種趨勢將繼續下去。

Why do we believe this?

我們為什麼相信這一點？

Traffic is increasing because our desktop visitors remain very robust, while mobile MAU and traffic continue to grow, driven primarily by our mobile Taobao app.

流量正在增加，因為我們的桌面訪問者仍然非常強勁，而移動 MAU 和流量繼續增長，主要由我們的移動淘寶應用程序推動。

We are confident about pricing because merchants and brands are willing to bid more and more on our P4P Alibaba platform.

我們對定價很有信心，因為商家和品牌願意在我們的 P4P 阿里巴巴平台上出價越來越高。

In addition to increasing their online sales, it is also helping them acquire new customers, drive repeat purchase and build loyalty, ultimately benefiting their overall business, online and offline.

除了增加他們的在線銷售額外，它還幫助他們獲得新客戶、推動重複購買和建立忠誠度，最終使他們的整體業務受益，無論是線上還是線下。

Our cloud computing business remains on its path of rapid growth with more than 500,000 paying customers and a revenue growth of 175% year over year.

我們的雲計算業務繼續保持快速增長，擁有超過 500,000 名付費客戶，收入同比增長 175%。

We unveiled [DT plus], a platform that is a one-stop shop for big data-related solutions such as computing engines, data analysis, [machine learning] and data application.

我們推出了[DT plus]，一個提供計算引擎、數據分析、[機器學習]和數據應用等大數據相關解決方案的一站式平台。

We are benchmarking against international players.

我們以國際參與者為基準。

Lastly, our media and digital entertainment ecosystem is coming together nicely.

最後，我們的媒體和數字娛樂生態系統正在很好地融合在一起。

We closed our acquisition of Youku Tudou in April which will anchor our video content and distribution reach.

我們在 4 月完成了對優酷土豆的收購，這將鞏固我們的視頻內容和分發範圍。

Our mobile browser, UCWeb, is now a powerful media distribution channel with its mobile search, mobile app delivery and UC Headlines news feed services.

我們的移動瀏覽器 UCWeb 現在是一個強大的媒體分發渠道，提供移動搜索、移動應用交付和 UC Headlines 新聞源服務。

In combination with our OTT set-top box, we now have robust multiscreen digital content distribution.

結合我們的 OTT 機頂盒，我們現在擁有強大的多屏數字內容分發。

More importantly, when combined with our retail commerce platform, we now offer unprecedented capability for multiscreen cross-platform integrated digital marketing.

更重要的是，當與我們的零售商務平台相結合時，我們現在提供了前所未有的多屏跨平台整合數字營銷能力。

Data integration across our network of media assets and partners allow brands and marketers to convert our numerous traffic during marketing campaigns into identifiable users that can be tracked across our network of media assets and partners.

跨我們媒體資產和合作夥伴網絡的數據集成允許品牌和營銷人員將我們在營銷活動期間的大量流量轉換為可在我們的媒體資產和合作夥伴網絡中跟踪的可識別用戶。

Merchants will be able to more effectively engage and manage their customers and convert into sales on our retail commerce platforms.

商家將能夠更有效地吸引和管理他們的客戶，並在我們的零售商務平台上轉化為銷售額。

Now I turn the call over to Maggie who will walk you through the details of our financial results.

現在我將電話轉給 Maggie，她將向您詳細介紹我們的財務業績。

Thank you, Daniel.

謝謝你，丹尼爾。

Hello, everyone.

大家好。

We had a very strong quarter.

我們有一個非常強勁的季度。

Revenues grew 39% year on year to RMB24.2 billion, with China retail marketplace revenue growing 41% year on year.

收入同比增長39%至人民幣242億元，其中中國零售市場收入同比增長41%。

Activity on the platform is robust with 423 million annual active buyers and 410 million mobile MAUs.

該平台上的活動非常活躍，每年有 4.23 億活躍買家和 4.1 億移動 MAU。

We have completed a successful mobile transition, with mobile revenue as a percentage of total China commerce retail revenue reaching 71%.

我們已經成功完成了移動轉型，移動收入佔中國商業零售總收入的比例達到 71%。

Here are some financial highlights.

以下是一些財務亮點。

Our March quarter year-on-year revenue growth rate of 39% was the highest of any growth rate in the past four quarters.

我們 3 月份季度的收入同比增長率為 39%，是過去四個季度中最高的。

It was driven primarily by the robust growth in our online marketing services revenue and exceptional growth of our cloud computing businesses, which grew 175% year on year.

這主要是由於我們的在線營銷服務收入的強勁增長和我們的雲計算業務的異常增長，同比增長 175%。

We believe this growth in our China retail marketplace clearly demonstrates a recognition of the broader value proposition we provide to our merchants and brands.

我們相信，我們中國零售市場的這種增長清楚地表明我們對我們為商家和品牌提供的更廣泛的價值主張的認可。

For full FY16, revenue grew 33% to over RMB100 billion.

2016 財年全年，收入增長 33% 至超過人民幣 1,000 億元。

Our ability to monetize the users on our platforms continues to improve.

我們通過平台上的用戶獲利的能力不斷提高。

Revenue per annual active buyer has been increasing for several quarters, reaching RMB189 in March quarter.

每個年度活躍買家的收入連續幾個季度都在增長，3 月季度達到 189 元人民幣。

On the mobile front, mobile revenue per mobile user has also been increasing for several quarters, reaching RMB123 in March quarter.

在移動端，移動用戶人均移動收入也連續幾個季度增長，3 月季度達到 123 元人民幣。

We believe the monetization improvements this quarter are driven, and will continue to be driven, by two trends in our business.

我們認為，本季度的貨幣化改善受到並將繼續受到我們業務的兩個趨勢的推動。

First, the increased engagement of users on our commerce and media platform, as we launched social and community new products on Taobao marketplace.

首先，隨著我們在淘寶市場推出社交和社區新產品，用戶對我們的商業和媒體平台的參與度增加。

Second, the broad value proposition created by this engagement that we offer to merchants and brands.

其次，我們為商家和品牌提供的這種參與創造的廣泛價值主張。

This includes not just sales generation, but also marketing brand engagement, customer acquisition and retention, and the future opportunity for upsell.

這不僅包括產生銷售，還包括營銷品牌參與、客戶獲取和保留，以及未來追加銷售的機會。

So let's take a look at the quarterly revenue breakdown.

因此，讓我們看一下季度收入明細。

Cloud computing and Internet infrastructure revenue grew 175% year over year.

雲計算和互聯網基礎設施收入同比增長 175%。

The growth was primarily due to an increase in the number of paying customers, which have more than doubled since a year ago quarter to more than 500,000.

這一增長主要是由於付費客戶數量的增加，自去年同期以來增加了一倍以上，超過 500,000。

And also, to an increase in their usage of more complex offerings, such as our constant delivery network and data-based services.

此外，他們還增加了對更複雜產品的使用，例如我們的持續交付網絡和基於數據的服務。

Other revenue increased 14% year over year.

其他收入同比增長 14%。

The growth was primarily driven by increasing revenue from mobile Internet services provided by UCWeb and AutoNavi.

增長主要是由 UCWeb 和高德提供的移動互聯網服務收入增加推動的。

Excluding revenue related to the SME loan business, from both this quarter and the March quarter 2015, other revenue would have increased 51% to RMB1.5 billion this quarter.

剔除與中小企業貸款業務相關的收入，從本季度和 2015 年 3 月季度開始，本季度其他收入將增長 51% 至人民幣 15 億元。

[Please recall] that a year ago quarter included interest income from the SME loan business that we disposed to Ant Financial in February 2015.

[請回想] 一年前的季度包括我們在 2015 年 2 月出售給螞蟻金服的中小企業貸款業務的利息收入。

Quarterly March returns, you can see that our non-GAAP EBITDA margin was 48%, slightly lower than 49% in the March quarter of last year.

3 月季度回報，您可以看到我們的非 GAAP EBITDA 利潤率為 48%，略低於去年 3 月季度的 49%。

Full year FY16 non-GAAP EBITDA margin was 52% versus 53% in full year FY15.

2016 財年全年非公認會計原則 EBITDA 利潤率為 52%，而 2015 財年全年為 53%。

We did see operating leverage from our core business, offset by strategic investments.

我們確實看到了我們核心業務的運營槓桿，被戰略投資所抵消。

Our core marketplace business continues to be very healthy, with EBITDA margin at around [60%], reflecting operating leverage.

我們的核心市場業務繼續非常健康，EBITDA 利潤率約為 [60%]，反映了經營槓桿。

We will continue to develop and consolidate new businesses; for example, we will be consolidating Youku, Lazada in the coming quarter.

我們將繼續發展和鞏固新業務；例如，我們將在下一季度整合優酷、Lazada。

They have information publicly disclosed, which you can tell they're still in a loss making, but they are strategically important to us.

他們有公開披露的信息，你可以看出他們仍處於虧損狀態，但它們對我們具有戰略意義。

Going forward, we will be giving you further transparency on our core marketplace performance, as well as our new business performance.

展望未來，我們將讓您進一步了解我們的核心市場表現以及我們的新業務表現。

Cost of revenue, excluding stock-based compensation, was RMB8.5 billion.

不包括股票補償的收入成本為人民幣85億元。

As a percentage of revenue it increased year over year, primarily due to an increase in costs associated with our new business initiatives, mainly our mobile operating system, entertainment and our OTT service.

作為收入的百分比，它同比增長，主要是由於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、娛樂和我們的 OTT 服務。

In addition, logistic costs relating to fulfilled services provided our affiliate, Cainiao Network, increased.

此外，與我們的關聯公司菜鳥網絡提供的履行服務相關的物流成本也有所增加。

On a full-year basis, we paid Cainiao Network around RMB2.4 billion relating to logistic services, of which RMB689 million occurred during the March quarter.

按全年計算，我們向菜鳥網絡支付了與物流服務相關的約人民幣 24 億元，其中人民幣 6.89 億元發生在第三季度。

Product development expenses, excluding stock-based compensation, was RMB2 billion which, as a percentage of revenue was flat year over year.

產品開發費用（不包括股票補償）為人民幣 20 億元，佔收入的百分比與去年同期持平。

Sales and marketing expenses, excluding SBC, was RMB2.3 billion, decreasing slightly as a percentage of revenue due to operating leverage.

銷售和營銷費用（不包括 SBC）為人民幣 23 億元，由於經營槓桿，佔收入的百分比略有下降。

G&A was RMB1 billion, also a slight decrease as a percentage of revenue due to operating leverage.

G&A 為人民幣 10 億元，由於經營槓桿，佔收入的百分比也略有下降。

The non-GAAP net income in the quarter was RMB7.6 billion, a decrease of 1% compared to RMB7.7 billion in March quarter 2015.

本季度非美國通用會計準則淨利潤為人民幣 76 億元，較 2015 年 3 月季度的人民幣 77 億元下降 1%。

Net income was negatively impacted, primarily because of a foreign exchange loss of approximately RMB500 million, related to our hedging of US dollar obligation in connection with our M&A activities.

淨收入受到負面影響，主要是由於我們在併購活動中對沖美元義務導致外匯損失約人民幣 5 億元。

Additionally, this quarter we had a loss share from Ant Financial instead of a profit share.

此外，本季度我們從螞蟻金服獲得了虧損份額，而不是利潤份額。

This is due to the net loss sustained by Ant during the quarter as a result of its proactive marketing and promotional activities to driver user growth and engagement, especially during the Chinese New Year holiday.

這是由於螞蟻在本季度因積極的營銷和促銷活動以推動用戶增長和參與度而蒙受淨虧損，尤其是在農曆新年假期期間。

Ant continues to invest to enhance their market leadership, which we believe is a very positive thing, given the enormous opportunity ahead of it.

螞蟻繼續投資以增強他們的市場領導地位，鑑於前方的巨大機遇，我們認為這是一件非常積極的事情。

Despite the quarterly loss at Ant Financial, we believe we will derive long-term value from our economic interest and our right, subject to regulatory approval, to convert into 33% equity in Ant Financial, which recently completed a $4.5 billion round of financing from third parties at a post-money valuation of $60 billion.

儘管螞蟻金服出現季度虧損，但我們相信我們將從我們的經濟利益中獲得長期價值，並且我們有權在獲得監管部門批准的情況下轉換為螞蟻金服 33% 的股權，螞蟻金服最近完成了 45 億美元的融資。第三方的投後估值為 600 億美元。

You see in our results announcement that we have provided additional disclosure on share of results from our equity investees.

您在我們的業績公告中看到，我們已就我們的股權投資方的業績份額提供了額外的披露。

We believe this is a useful disclosure for investors to understand the performance of our major investee companies.

我們相信這是對投資者了解我們主要被投資公司業績的有用披露。

Our share of Koubei's loss reflects Koubei's high investment and promotional spending during the start-up stage in December quarter, which will pick up on a quarter lag basis.

我們對口碑虧損的份額反映了口碑在 12 月季度初創階段的高投資和促銷支出，這將在季度滯後基礎上回升。

We expect such share of loss to decrease in the future.

我們預計這種損失份額在未來會減少。

Cainiao's business continues to grow as well.

菜鳥的業務也在持續增長。

Its recent fundraising validates its business progress and future potential.

其最近的籌款活動驗證了其業務進展和未來潛力。

We expect Cainiao to continue invest in this business.

我們預計菜鳥將繼續投資該業務。

Regarding free cash flow, CapEx and cash, we continue to generate significant free cash flow.

關於自由現金流、資本支出和現金，我們繼續產生大量自由現金流。

Our cash flow allows us strategic and operational flexibility to invest in technology and acquire the resources to accomplish our strategic objectives.

我們的現金流使我們能夠在戰略和運營上靈活地投資技術並獲取資源以實現我們的戰略目標。

In March quarter, we generated RMB4.4 billion in free cash flow and, in FY16, we generated RMB51 billion, or about $8 billion free cash flow.

3 月季度，我們產生了 44 億元人民幣的自由現金流，在 2016 財年，我們產生了 510 億元人民幣，或約 80 億美元的自由現金流。

Total cash CapEx expenditure in the March quarter was RMB683 million, a slight decrease from RMB700 million during the same quarter last year.

3 月當季現金資本支出總額為人民幣 6.83 億元，比去年同期的人民幣 7 億元略有下降。

As of March 2016, our cash, cash equivalents and short-term investments were RMB112 billion, a slight decrease from RMB118 billion at the end of December quarter, due to the net cash used for investment, acquisitions activities and share repurchase.

截至 2016 年 3 月，我們的現金、現金等價物和短期投資為人民幣 1,120 億元，較 12 月底季度末的人民幣 1,180 億元略有減少，這是由於用於投資、收購活動和股票回購的現金淨額。

We had a RMB112 billion cash balance is as of March 31 this year.

截至今年3月31日，我們的現金餘額為1120億元人民幣。

Strategic investment portfolio; as a final note, we update our slide with regard to our major investee companies for investors to better understand their respective values.

戰略投資組合；最後，我們更新了關於我們主要被投資公司的幻燈片，以便投資者更好地了解他們各自的價值觀。

Looking ahead, our ecosystem keeps expanding and our business becomes big and more complex.

展望未來，我們的生態系統不斷擴大，我們的業務變得更大更複雜。

In the new fiscal year, we plan to provide a greater degree of disclosure and insight into our business.

在新的財政年度，我們計劃提供更大程度的披露和對我們業務的洞察力。

This will include a few areas.

這將包括幾個領域。

First, we will provide annual revenue guidance.

首先，我們將提供年度收入指導。

We believe annual revenue guidance will take some of the guesswork and uncertainty out of the investors' effort to model our growth trajectory.

我們相信，年度收入指引將消除投資者為我們的增長軌跡建模的努力中的一些猜測和不確定性。

Second, we continue to invest for the long term, with the priority on achieving our longer term strategic goals.

其次，我們繼續進行長期投資，優先實現我們的長期戰略目標。

These new businesses may have different cost structure and margins, especially when they are in developing stages.

這些新業務可能具有不同的成本結構和利潤率，尤其是在它們處於發展階段時。

In order to help investors better understand our core business results, as well as the development of our new business, when we report the first quarter of FY17, we plan to provide more clarity on financial performance of our core business versus new businesses.

為了幫助投資者更好地了解我們的核心業務業績以及我們新業務的發展，當我們報告 FY17 第一季度時，我們計劃更清楚地說明我們的核心業務與新業務的財務表現。

Third, Cainiao Network has been developing rapidly and we've already provided more disclosure today in this area to help investors better understand Cainiao's business; specifically, how it is doing financially and how its performance impacts Alibaba's financial statements.

第三，菜鳥網絡發展迅速，我們今天已經在這方面提供了更多的披露，以幫助投資者更好地了解菜鳥的業務；具體來說，它的財務狀況以及其業績如何影響阿里巴巴的財務報表。

We plan to share more about the business in the future.

我們計劃在未來分享更多有關該業務的信息。

Additional information about these three areas will be shared at our Investor Day, which will be held in Hangzhou next June.

關於這三個領域的更多信息將在我們將於明年 6 月在杭州舉行的投資者日上分享。

For those not attending in person, the presentation materials will be available on our IR website.

對於那些沒有親自參加的人，演示材料將在我們的 IR 網站上提供。

That concludes our prepared remarks.

我們準備好的發言到此結束。

Operator, we're ready to begin the Q&A session.

接線員，我們準備開始問答環節。

Thank you.

謝謝你。

(Operator Instructions).

（操作員說明）。

Erica Poon Werkun, UBS.

瑞銀集團的 Erica Poon Werkun。

I have two questions.

我有兩個問題。

My first question is about your value adding to merchants.

我的第一個問題是關於您對商家的增值。

I think you've been talking about how Alibaba's role with merchants has been evolving from one of a sales channel to become more of a holistic marketing channel.

我想你一直在談論阿里巴巴在商家中的角色是如何從一個銷售渠道演變為一個更全面的營銷渠道。

Could you share with us how many and what type of your merchants are working with Alibaba on these marketing initiatives?

您能否與我們分享一下您與阿里巴巴合作開展這些營銷計劃的商家數量和類型？

And my second question is, in the earlier remarks, Joe talked about bringing key initiatives from investment phase to cash generation.

我的第二個問題是，在前面的評論中，喬談到了將關鍵舉措從投資階段帶到現金產生階段。

I just wonder if you can share with us where you are in the investment cycles for the strategic initiatives like cloud computing, digital entertainment and local services, and wondering if you can frame the size of investments for these initiatives into FY17.

我只是想知道您是否可以與我們分享您在雲計算、數字娛樂和本地服務等戰略計劃的投資週期中的位置，並想知道您是否可以將這些計劃的投資規模確定到 FY17。

Thank you.

謝謝你。

Thanks, Erica.

謝謝，埃里卡。

This is Daniel.

這是丹尼爾。

I would like to answer the first question.

我想回答第一個問題。

As you know that actually today, on our China retail platform, in both Taobao and Tmall together, we have hundreds of millions of active sellers on our platform.

如您所知，實際上今天，在我們的中國零售平台上，淘寶和天貓都有數億活躍賣家在我們的平台上。

And all these sellers are our active marketers and they spend marketing dollars on our P4P, on our display ads and also in our affiliate network.

所有這些賣家都是我們的活躍營銷人員，他們將營銷資金用於我們的 P4P、展示廣告以及我們的聯盟網絡。

Today, their evaluation of the effectiveness of the marketing dollar spending is not only to look at the immediate sales and immediate ROI on our marketplace, but for a lot of the retailers and the brands they have the offline business, they will also look at the effectiveness of this marketing spending in terms of the acquisition of the new customers, in terms of managing the existing customers and retained customers.

今天，他們對營銷美元支出有效性的評估，不僅是看我們市場上的即時銷售額和即時投資回報率，而且對於很多零售商和他們擁有線下業務的品牌，他們也會看這種營銷支出在獲取新客戶、管理現有客戶和留存客戶方面的有效性。

So actually, as I said in my script, this will ultimately benefit their entire business, both on and offline.

所以實際上，正如我在劇本中所說，這最終將使他們的整個業務受益，無論是線上還是線下。

So actually, today, this is our solid marketer base and we expect that they will continue to do so in our enhanced ecosystem, not only in our marketplace today, but also [in shape] media and entertainment ecosystem.

所以實際上，今天，這是我們堅實的營銷人員基礎，我們希望他們將繼續在我們增強的生態系統中這樣做，不僅在我們今天的市場，而且在[成形]媒體和娛樂生態系統中。

Okay.

好的。

Hey, Erica.

嘿，艾麗卡。

Thanks for your second question; both myself and Maggie will cover that.

謝謝你的第二個問題；我和 Maggie 都會介紹這一點。

You mentioned the different businesses in different investment phases and you wanted to understand the sizing of investments.

您提到了不同投資階段的不同業務，您想了解投資的規模。

I think you mentioned cloud computing.

我想你提到了雲計算。

I'll cover that and then I'll let Maggie talk about the digital entertainment.

我將介紹這一點，然後讓 Maggie 談談數字娛樂。

As you could see, the cloud computing business grew 175% revenues year on year.

如您所見，雲計算業務的收入同比增長了 175%。

In absolute dollar terms, it's also coming into a significant dollar level.

以絕對美元計算，它也進入了重要的美元水平。

So we're very, very excited about this business.

所以我們對這項業務非常非常興奮。

As I said in my prepared remarks, we are now already one of the largest cloud computing businesses in the world, so we're benchmarking not just in China, but also against the world.

正如我在準備好的發言中所說，我們現在已經是世界上最大的雲計算企業之一，所以我們不僅在中國進行對標，而且對世界進行了對標。

And the business, as you know, can gain tremendous scale.

如您所知，這項業務可以獲得巨大的規模。

When it reaches tremendous scale, it has a tremendous amount of operating leverage.

當它達到巨大的規模時，它就有了巨大的經營槓桿。

So we are looking, over the course of this year, that this business will not require a lot of additional investment into the business as it's generating cash flow.

因此，我們正在尋找，在今年的過程中，這項業務將不需要對業務進行大量額外投資，因為它正在產生現金流。

That is how we look at the cloud computing business; high growth, and also coming into a high trajectory in terms of operating leverage.

這就是我們看待雲計算業務的方式；高增長，並且在經營槓桿方面也進入了高軌道。

I'll turn the mic over to Maggie to talk about digital entertainment.

我會把麥克風交給 Maggie 來談談數字娛樂。

Right.

正確的。

So digital entertainment is a relatively new area that we invested.

所以數字娛樂是我們投資的一個相對較新的領域。

When you look at it, the major asset there right now is Youku.

當您查看它時，目前的主要資產是優酷。

We also have [music and sports] that are relatively small.

我們也有相對較小的[音樂和體育]。

So we just closed the Youku transaction in April; it's very recent.

所以我們剛剛在 4 月份關閉了優酷的交易；這是最近的事。

And then, if you look at the market consensus for Youku before our acquisition, Youku was also a public company, you will notice that there are going to a couple of percentage point of margin dilution to ours.

然後，如果您查看優酷在我們被收購之前的市場共識，優酷也是一家上市公司，您會注意到我們的利潤率將被稀釋幾個百分點。

But the thing is, like Joe said in his remarks, when you look at all of our past business, we have this history of investing in long-term initiatives with patience.

但問題是，正如喬在講話中所說，當你回顧我們過去的所有業務時，我們有耐心投資於長期計劃的歷史。

So new initiatives, very interestingly, typically it takes like five to seven years to grow into substantial profitability, so we're going to, in near term, continue to invest in this digital entertainment area.

因此，非常有趣的是，新舉措通常需要五到七年才能實現可觀的盈利能力，因此我們將在短期內繼續投資這個數字娛樂領域。

This is just the beginning of the business.

這只是業務的開始。

Sean Zhang, 86Research.

肖恩·張，86 研究。

Congratulations on a strong quarter.

祝賀一個強勁的季度。

We recently noticed you are rolling out product-level and store-level [initiative], 1,000 people saw the interface initiative.

我們最近注意到你們正在推出產品級和商店級[倡議]，1000 人看到了界面倡議。

Wondering what the timetable for a full launch, and so far, in your testing phase, what kind of result you have seen?

想知道全面發布的時間表，到目前為止，在您的測試階段，您看到了什麼樣的結果？

Maybe management can share with us some color there.

也許管理層可以與我們分享一些顏色。

And also, we noticed some increased effort to support Tmall trends, such as the search portal on Taobao app is changed to highlight Tmall and personalization.

此外，我們注意到一些支持天貓趨勢的努力，例如淘寶應用程序上的搜索門戶已更改為突出天貓和個性化。

Wondering what [stock profit share] will be the trend for Tmall generally, going forward.

想知道未來天貓的總體趨勢是什麼[股票利潤份額]。

Thank you.

謝謝你。

This is Daniel.

這是丹尼爾。

For the first question, yes, as a platform, actually our value add to our merchant is that to enable them to operate their storefront effectively.

對於第一個問題，是的，作為一個平台，實際上我們對商家的增值是使他們能夠有效地運營他們的店面。

So today, what we are doing is to use the big data we have to help the merchant to tailor-make their storefront to the right audience and in the right location.

所以今天，我們正在做的是利用我們擁有的大數據來幫助商家在正確的位置為正確的受眾量身定制他們的店面。

So, so far, we are still actually in the beta test and we work closely with a couple of partners, a couple of sellers to do that.

因此，到目前為止，我們實際上仍處於 beta 測試階段，我們與幾個合作夥伴、幾個賣家密切合作來做到這一點。

So far, the result is very encouraging.

到目前為止，結果非常令人鼓舞。

Because of the targeting, because of the data-driven service, actually the effectiveness of the ROI of the traffic, ROI of the traffic actually improved very tremendously.

因為有針對性，因為有數據驅動的服務，其實流量的ROI的效果，流量的ROI其實提升的非常大。

We will continue to monitor the progress and, hopefully, we will pretty soon roll out this service to all our users and to all our merchants on our platform.

我們將繼續監控進展，並希望我們很快就會向我們的所有用戶和我們平台上的所有商家推出這項服務。

We expect the merchants can utilize this big data weapon to maximize their return of the traffic they get in the storefront.

我們希望商家可以利用這個大數據武器來最大化他們在店面獲得的流量回報。

And for the second question, actually we always manage our business as a whole, and Taobao and Tmall have separate brands.

而對於第二個問題，其實我們一直都是把業務做一個整體來管理，淘寶和天貓是獨立的品牌。

But actually, in Taobao mobile app, people can find items both from Taobao and from Tmall.

但實際上，在淘寶手機應用中，人們既可以在淘寶上找到商品，也可以在天貓上找到商品。

And we did not give any preference in mobile Taobao app especially to promote Tmall products.

而且我們在手機淘寶應用上沒有任何偏好，特別是在推廣天貓產品方面。

Actually, what we changed is that basically for the convenience of the users, because a lot of people want to select the item from Tmall directly.

其實我們改的主要是為了方便用戶，因為很多人想直接從天貓選擇商品。

So we give them a shop tag people can easily scan and get the results directly from Tmall.

所以我們給他們一個商店標籤，人們可以輕鬆地掃描並直接從天貓獲得結果。

So that's all we want to do and the purpose of this again is to improve the user experience.

這就是我們想要做的所有事情，而這樣做的目的又是為了改善用戶體驗。

Thank you.

謝謝你。

Robert Lin, Morgan Stanley.

羅伯特·林，摩根士丹利。

Congratulations on the very strong results.

祝賀你取得了非常好的結果。

I have two questions here; I guess one is under international.

我在這裡有兩個問題；我猜一個是國際化的。

We announced the acquisition of Lazada, and we also noticed that the international retail has accelerated after our restructuring of the AliExpress platform.

我們宣布收購 Lazada，同時我們也注意到我們重組全球速賣通平台後國際零售業加速發展。

Can you provide some insight on how we plan to integrate the two platforms more in the medium term?

您能否就我們計劃如何在中期進一步整合這兩個平台提供一些見解？

Are we separate operated and potentially cross-sell with our merchants?

我們是否與我們的商家分開經營並可能交叉銷售？

And I guess in terms of the timing, Joe you pointed out that these are long-term bets and there's three of them.

我想就時間而言，喬你指出這些是長期賭注，其中有三個。

Would you say international is one of those that will likely be profitable quicker than the others within those three that you mentioned?

您會說國際是您提到的這三個中可能比其他人更快盈利的之一嗎？

I guess the second question more on Cainiao logistics.

我猜第二個問題更多關於菜鳥物流。

We do appreciate the improved disclosure.

我們感謝改進的披露。

In the cost of sales line we talked about 3% revenue, RMB689 million, for the logistic fulfillment for the merchants.

在銷售線的成本中，我們談到了 3% 的收入，即 6.89 億元人民幣，用於商家的物流履行。

Can you provide additional insight on what that is and how should we think about that cost, going forward?

您能否提供關於這是什麼以及我們應該如何考慮未來成本的更多見解？

Thanks.

謝謝。

This is Daniel again.

這又是丹尼爾。

I would like to answer the first question about the international expansion.

我想回答第一個關於國際擴張的問題。

Yes, Lazada is a very important acquisition.

是的，Lazada 是一項非常重要的收購。

As people know, Lazada now has a very good brand recognition in South Asia countries, and especially in five or six countries they are all in the leading position.

眾所周知，Lazada現在在南亞國家有著非常好的品牌認知度，尤其是在五六個國家都處於領先地位。

And this market actually we have over 500 million consumers, so that's why we think this is a good vehicle for us to expand to this area.

這個市場實際上我們有超過 5 億消費者，所以這就是為什麼我們認為這是我們擴展到這個領域的好工具。

Yes, in our portfolio we also have our self-operated, [self-billed] AliExpress business, and we are happy to see that there is good synergies between AliExpress and Lazada.

是的，在我們的投資組合中，我們還擁有自營、[自費]速賣通業務，我們很高興看到速賣通和 Lazada 之間存在良好的協同效應。

And in terms of the countries' coverage, actually AliExpress is now very strong in Russia, very strong in some European countries, and in the US, while Lazada is very strong in Southeast Asia.

而就國家覆蓋而言，實際上速賣通現在在俄羅斯非常強大，在一些歐洲國家非常強大，在美國非常強大，而Lazada在東南亞非常強大。

So this gives us a wider coverage and this is good for us to achieve our 2 billion consumer vision.

所以這給了我們更廣泛的覆蓋面，這有利於我們實現 20 億消費者的願景。

In terms of synergies we can generate from these two businesses, it's obvious.

就我們可以從這兩項業務產生的協同效應而言，這是顯而易見的。

What we want to do is that first to leverage the merchant base we have, not only in AliExpress but also in our China retail platform, to help more Chinese merchants on-boarding Lazada and help them to get access to the consumers in Southeast Asia.

我們要做的是首先利用我們在全球速賣通和中國零售平台上的商戶基礎，幫助更多的中國商戶加入 Lazada，幫助他們接觸東南亞的消費者。

We are happy to see that, after our acquisition, a lot of clients call me and ask these questions to show their interest.

我們很高興地看到，在我們收購之後，很多客戶打電話給我，問這些問題來表達他們的興趣。

And we expect that we will pick up this process as a very important component of the integration.

我們希望我們將把這個過程作為集成的一個非常重要的組成部分。

In terms of profitability I would say, as we always do, we will invest in this international business, and what we will care about is the market share in the local country and the customer engagement and retention.

就盈利能力而言，我想說，一如既往，我們將投資這項國際業務，我們將關心的是當地國家的市場份額以及客戶參與度和保留率。

And we believe that customers with us, then merchants will be with us and we will generate value.

而我們相信，客戶與我們同在，商家與我們同在，我們將創造價值。

As long as we can provide value to the merchants to get access to the customers to serve the customers, then we can generate enough economics from this international business.

只要我們能夠為商家提供價值，讓他們接觸到客戶，為客戶服務，那麼我們就可以從這項國際業務中產生足夠的經濟效益。

Thank you.

謝謝你。

Robert, this is Maggie.

羅伯特，這是瑪吉。

Regarding to your question about the logistics cost we paid to Cainiao, when you look at the total cost for the full year, RMB2.37 billion, which was about 2% of our revenue paid to Cainiao, that's mainly associated with time logistics fulfillment services Cainiao provided to AGH, to the Ali Group, for certain businesses we conducted in the Group, businesses such as Tmall supermarkets and rural.

關於你問我們支付給菜鳥的物流成本，你看全年總成本23.7億元，約占我們支付給菜鳥收入的2%，主要與時間物流履行服務有關菜鳥向AGH、阿里集團提供了我們在集團內開展的某些業務，如天貓超市和農村等業務。

If you look forward, these are areas still in early stage.

如果您向前看，這些領域仍處於早期階段。

So we're going to keep expanding and then Cainiao's also going to continue to provide these services.

所以我們會繼續擴張，然後菜鳥也會繼續提供這些服務。

So if you look at the total logistic cost we're going to pay in the future, it will grow.

所以如果你看看我們未來要支付的總物流成本，它會增長。

Eddie Leung, Merrill Lynch.

艾迪梁，美林。

Two questions.

兩個問題。

The first one is about product categories.

第一個是關於產品類別。

Would you mind sharing more color with us on the recent performance of some of your key product categories, because we have read articles and sometimes even press releases about the performance of some categories in certain regions?

您是否介意與我們分享一些關於您的一些關鍵產品類別的近期表現的更多色彩，因為我們已經閱讀了有關某些地區某些類別表現的文章，有時甚至是新聞稿？

So I'm wondering if you could summarize some of the trends and share with us.

所以我想知道您是否可以總結一些趨勢並與我們分享。

That's the first question.

這是第一個問題。

And then secondly, also a follow-up question on Cainiao.

其次，還有一個關於菜鳥的後續問題。

Besides what Maggie mentioned about, for example, the geographical coverage and rural areas, so just wondering where we would see Cainiao going beyond China, because we have been seeing more activities on AliExpress, as well as some of these new regions that [see their income as basis].

除了 Maggie 提到的，例如地理覆蓋範圍和農村地區，所以只是想知道菜鳥會在哪裡看到中國以外的地方，因為我們已經在全球速賣通上看到了更多的活動，以及其中一些新的地區 [看到他們的收入為基礎]。

Thanks.

謝謝。

Thanks, Eddie.

謝謝，埃迪。

This is Daniel.

這是丹尼爾。

For the product categories' development, let me try to give you some color on this.

對於產品類別的發展，讓我試著給你一些顏色。

First, what we can see that the main categories, such as apparel and consumer electronics, still show very strong growth.

首先，我們可以看到，主要品類，如服裝和消費電子產品，仍然呈現出非常強勁的增長勢頭。

And especially Q1 for apparel and the winter time this year quite unusual; it's not that cold in December and in January, but it's quite cold in February and March.

尤其是第一季度的服裝和今年的冬季非常不尋常； 12月和1月沒有那麼冷，但2月和3月卻很冷。

This drives the sales of apparel to a certain extent, but not dramatically.

這在一定程度上推動了服裝的銷售，但幅度不大。

The reason is because most of the sellers their stock is not enough in late Q1 to support the sales of the winter products.

原因是大部分賣家的庫存在第一季度末都不足以支撐冬季產品的銷售。

And for consumer electronics, actually we are doing very well in consumer electronics, especially in the large ticket items, and supported by our Cainiao affiliated network.

而對於消費類電子產品，實際上我們在消費類電子產品方面做得非常好，尤其是在大件商品方面，並得到我們菜鳥附屬網絡的支持。

For cellphones in March, I would say the entire market, the big picture is not that good because the supply chain for the entire business had a [big headache] in Q1.

對於 3 月份的手機，我會說整個市場，整體情況不太好，因為整個業務的供應鏈在 Q1 有一個[大頭痛]。

So what we can expect that in Q2 the business will warm up.

因此，我們可以預期，第二季度業務將會升溫。

But having said that, the entire market almost fully penetrated by smartphones, and the total shipment for this year, for the entire cellphone business, cellphone industry, won't show a dramatic growth.

但話雖如此，智能手機幾乎完全滲透了整個市場，今年的總出貨量，對於整個手機業務，手機行業來說，不會出現大幅增長。

But I expect that ecommerce will continue to take share from the entire business.

但我預計電子商務將繼續從整個業務中佔據份額。

And the last one is the fast growing categories.

最後一個是快速增長的類別。

What we can see today, especially in Q1, also driven by the Chinese New Year consumption, what we can see is food, and especially fresh food, and FMCG products and healthcare, show very good growth.

我們今天看到的，尤其是第一季度，同樣是在春節消費的帶動下，我們看到的是食品，尤其是生鮮食品，快消品和保健品都有很好的增長。

And I think in terms of penetration, online penetration by category, food, especially fresh food, still with a lower penetration, and we can expect the rapid growth in the coming quarters and coming years.

而且我認為在滲透率方面，按品類劃分的在線滲透率，食品，尤其是生鮮食品，滲透率仍然較低，我們可以期待未來幾個季度和未來幾年的快速增長。

Right, Eddie, regarding the Cainiao question, I want to make it clear that Cainiao is not a traditional logistic service provider.

對了，Eddie，關於菜鳥的問題，我想澄清一下，菜鳥不是傳統的物流服務商。

So by the time we set it up, we invested -- we have right now 47% shareholding in Cainiao, it tend to be a logistic data company, an information company.

所以當我們成立的時候，我們投資了——我們現在擁有菜鳥 47% 的股權，它往往是一家物流數據公司，一家信息公司。

So when you look at, nowadays we have around 35 million packages being delivered, Cainiao has been only less than three years old.

所以當你看，現在我們有大約 3500 萬個包裹在交付，菜鳥才成立不到三年。

Before Cainiao was there, packages had been handled but never been handled at this efficiency as we have seen today.

在菜鳥出現之前，包裹已經被處理過，但從未以我們今天看到的這種效率處理過。

And what Cainiao has been focused on is to line up and set up this information hub, the information center, and utilizing the data it has to improve the efficiency in the whole logistic chain, rather than just providing fulfillment and delivery services.

而菜鳥一直關注的，是佈局和建立這個信息樞紐，即信息中心，利用它擁有的數據來提高整個物流鏈的效率，而不僅僅是提供配送和配送服務。

Having said that, then look at the cost we pay to Cainiao, these are services provided Cainiao and its aligned to our, like the Tmall supermarket and rural businesses.

說了這麼多，再看看我們支付給菜鳥的成本，這些都是菜鳥提供的服務，和我們的天貓超市和農村生意一樣。

This is the testing field for Cainiao to further setup its information hub, and also to have this testing field for the data usage to improve the efficiency for us and also for the partners in the logistic area.

這是菜鳥進一步搭建信息樞紐的試驗場，也是為我們和物流領域的合作夥伴提高數據使用效率的試驗場。

Vivian Hao, JPMorgan.

摩根大通的郝薇安。

I have two questions here.

我在這裡有兩個問題。

My first one is regarding the related impact from recent tax policy change and also more strict custom checks on [CyCo] for both Taobao and Tmall platforms.

我的第一個是關於近期稅收政策變化的相關影響，以及淘寶和天貓平台對 [CyCo] 的更嚴格的自定義檢查。

Can we get a rough sense of CyCo percentage of our total GMV?

我們能否大致了解 CyCo 占我們總 GMV 的百分比？

My second question is regarding the outperformance of cloud computing.

我的第二個問題是關於雲計算的卓越性能。

Is it possible if we can get a penetration or adoption rate of all AliCloud services and not merchants?

如果我們可以獲得所有阿里雲服務而不是商家的滲透率或採用率，是否有可能？

Also, what should we expect as the margin profile, going forward, given the business scale's up quite impressively?

此外，鑑於業務規模的增長令人印象深刻，我們應該期待未來的利潤率狀況如何？

Thank you.

謝謝你。

Thanks, Vivien.

謝謝，薇薇安。

For the first question, actually, on our Taobao and Tmall business, we have two main businesses relating to the cross-border imports.

第一個問題，其實我們淘寶和天貓的業務，有兩個主要業務是跨境進口。

The first one actually is Tmall global, which is not CyCo, which is a B2C model, and we have a lot of foreign partners, foreign brands and retailers on our Tmall global platform to do the cross-border sales.

第一個其實是天貓國際，不是CyCo，是B2C模式，我們在天貓國際平台上有很多國外的合作夥伴、國外的品牌和零售商做跨境銷售。

And the recent change in government policy do have some impact on Tmall global business and also, I think, the entire import industry also have some impact.

最近政府政策的變化確實對天貓國際業務產生了一些影響，我認為整個進口行業也有一些影響。

But having said that, actually, we are happy to see the government regulate this cross-border import because we did observe that there are a lot of [trade] activities in the bonded warehouse solution structure.

但話雖如此，實際上，我們很高興看到政府監管這種跨境進口，因為我們確實觀察到保稅倉庫解決方案結構中有很多[貿易]活動。

So the change in government policy actually can eliminate all these activities and actually, we believe that Alibaba can benefit from this and to do whatever business model under the regulation.

所以政府政策的改變實際上可以消除所有這些活動，實際上，我們相信阿里巴巴可以從中受益，並在規定下做任何商業模式。

Actually today, bonded warehouse and change of the tax rate, and the [CIQ] requirement, etc., do have an impact.

實際上，今天保稅倉庫和稅率的變化，以及[CIQ]的要求等，確實有影響。

But actually, government will encourage, for example, the general trade model, and this is all cross-border general trade, bonded warehouse solutions, actually we're basically pursuing all the models available in the market.

但實際上政府會鼓勵，比如一般貿易模式，這都是跨境一般貿易，保稅倉的解決方案，其實我們基本上是在追求市場上所有的模式。

We believe that the consumption is always there and people want to buy high-quality products from overseas market.

我們相信消費永遠存在，人們想從海外市場購買高品質的產品。

So the demand is so solid and we believe that business will continue to grow.

所以需求如此穩固，我們相信業務將繼續增長。

And we're also happy to see that, following the policy change, the government is actively monitor the market reaction.

我們也很高興看到，隨著政策的變化，政府正在積極關注市場反應。

Actually, our team is now working very closely with the government and the regulators to share our [observations] and give them our feedback.

實際上，我們的團隊現在正在與政府和監管機構密切合作，分享我們的 [觀察] 並向他們提供反饋。

And for the other part of the cross border, actually, as you said, is CyCo and in our Taobao marketplace we have a global buy business, potential growth in Chinese.

而對於跨境的另一部分，實際上，正如你所說，是 CyCo，在我們的淘寶市場，我們有一個全球購買業務，中國的潛在增長。

Actually, this is a personal CyCo, individual CyCo.

其實，這是個人的CyCo，個人的CyCo。

Actually, this business have been there for many years and we see very active trading in this global buyer.

實際上，這項業務已經存在多年，我們看到這個全球買家的交易非常活躍。

And we also see a very magic phenomenon, which is a lot of social network and opinion leaders arises in this global buy business.

而且我們還看到了一個非常神奇的現象，那就是在這個全球購買業務中出現了很多社交網絡和意見領袖。

And I think this is a very unique strength for Taobao to do this cross-border social commerce because, for most of Chinese citizens, they are not aware of a lot of international products.

而且我認為這是淘寶做這種跨境社交電商的一個非常獨特的優勢，因為對於大多數中國公民來說，他們並不了解很多國際產品。

Actually, they need opinion leader, they need talent to share their experience and share their experience of a product and a service to them then they will follow and to consume.

實際上，他們需要意見領袖，他們需要人才來分享他們的經驗，向他們分享他們對產品和服務的體驗，然後他們就會跟隨並消費。

So this is the magic of Taobao and we will continue to do this to enable our consumers to find, to enjoy the fun of cross border, enjoy the fun of CyCo in our global marketplace.

所以這就是淘寶的魔力，我們將繼續這樣做，讓我們的消費者在我們的全球市場中找到，享受跨境的樂趣，享受CyCo的樂趣。

Thanks.

謝謝。

Vivian, regarding the cloud question, you've seen that our cloud business grow very rapidly.

Vivian，關於雲的問題，您已經看到我們的雲業務增長非常迅速。

If you look at the top line it is growing at three digits and we expect that the growth is going to continue.

如果您看一下收入，它正在以三位數的速度增長，我們預計這種增長將繼續下去。

And I should say that AliCloud is getting very close to the break-even point, so if we want to turn this business into profit, then we can do it very soon.

而且我應該說，阿里雲已經非常接近盈虧平衡點了，所以如果我們想把這個業務變成利潤，那麼我們很快就可以做到。

And I think that the growth is mainly coming from, number one, the increased number of paying customers.

我認為增長主要來自第一，付費客戶數量的增加。

We reported we have over 500,000 paying customers at the end of March, compared to 240,000 we reported a year ago, so very rapid growth.

我們報告稱，截至 3 月底，我們有超過 500,000 名付費客戶，而我們一年前報告的人數為 240,000 名，增長非常迅速。

And these customers are across all size and across different industries.

這些客戶的規模不一，跨越不同的行業。

Another growth driver is the continued expanding the variable products and services, and also continued enhancement of the technology and the quality of these products, so we are very optimistic to the cloud business.

另一個增長動力是不斷擴展的可變產品和服務，以及這些產品的技術和質量的不斷提升，所以我們對雲業務非常樂觀。

We have seen that other players are reporting at the beginning break even and then 16% and 18% of the margin, and then continue expanding.

我們已經看到其他玩家在開始時報告盈虧平衡，然後是 16% 和 18% 的利潤率，然後繼續擴大。

We don't see any big difference from the AliCloud and other players, like [AWS].

我們認為與阿里雲和其他玩家（如 [AWS]）沒有任何大的不同。

Just to sum up what Maggie said, I think, Vivian, you also asked about the adoption rate of cloud computing from our merchant base.

總結一下 Maggie 所說的話，我想，Vivian，您還詢問了我們商家群對雲計算的採用率。

The cloud computing business is a business that its customer base is very wide, well beyond just the ecommerce merchants that are doing business on our platform.

雲計算業務是一項客戶群非常廣泛的業務，遠遠超出在我們平台上開展業務的電子商務商家。

We see a lot of potential in different segments, in corporates, in SMEs and also in government segments, and then in vertical segments like financial services, healthcare, game developers, so it runs the gamut.

我們在企業、中小企業和政府部門以及金融服務、醫療保健、遊戲開發商等垂直領域看到了很多潛力，因此它涵蓋了所有領域。

So you should think about the customer base of cloud computing as well beyond our existing customer base.

因此，除了我們現有的客戶群之外，您還應該考慮雲計算的客戶群。

Now, our merchant base right now, a lot of them are using the service effectively for free because they're using the service in one-time situations.

現在，我們的商家群中，很多人都在免費有效地使用該服務，因為他們在一次性使用該服務。

For example, on November 11 when there's a surge in volume and traffic in their business, they will come on to our [Juhuasuan] platform to enjoy the cloud computing service for free.

比如11月11日，當他們的業務量和流量激增時，他們就會來到我們的【聚划算】平台，免費享受雲計算服務。

And so in terms of adoption, a lot of them are already on our cloud computing platform, but in terms of paying potential, I think there's a lot of room to grow.

因此，在採用率方面，其中很多已經在我們的雲計算平台上，但在支付潛力方面，我認為還有很大的增長空間。

Vivian, I'm Daniel.

薇薇安，我是丹尼爾。

I just want to add one more comment on the first question.

我只想對第一個問題再添加一條評論。

Yes, actually the government policy change actually do have some impact on our cross-border import, but I have to say that today, in terms of scale, this business is in a low base and this won't have any material impact on our entire retail business.

是的，其實政府的政策變化其實對我們的跨境進口確實有一些影響，但是我不得不說，今天從規模上來說，這個業務是低基數的，不會對我們有什麼實質性的影響。整個零售業務。

And for our C2C global buy, actually this policy change does not have any impact.

而對於我們的C2C全球買，其實這個政策變化並沒有任何影響。

Thanks.

謝謝。

Carlos Kirjner, Bernstein.

卡洛斯·基爾內爾，伯恩斯坦。

I have two questions.

我有兩個問題。

One about the Ant losses and one about customer loyalty.

一篇關於螞蟻損失，一篇關於客戶忠誠度。

Can you talk a little bit about the losses at Ant Financial?

你能談談螞蟻金服的損失嗎？

Shouldn't that business be at a large enough scale to acquire customers, grow and also make money at this point?

該業務不應該有足夠大的規模來獲取客戶、增長並在這一點上賺錢嗎？

I know you said in the press release, and Maggie reinforced the view, that you're confident that Ant will be valuable, so set aside the private valuation round, can you add some color on any operational business metrics that help us understand why you think there's going to be a lot of value from their business?

我知道你在新聞稿中說過，並且 Maggie 強化了觀點，你相信螞蟻會有價值，所以拋開私人估值輪，你能否在任何運營業務指標上添加一些顏色，以幫助我們理解你為什麼認為他們的業務會有很多價值嗎？

Secondly, on a separate topic, do you believe there will ever be room for some type of loyalty program like Amazon does with Prime on your platform?

其次，在一個單獨的話題上，您是否認為像亞馬遜在您的平台上使用 Prime 那樣的某種忠誠度計劃會有空間？

Is that type of program just not practical in a marketplace construct?

這種類型的程序在市場結構中是否不實用？

And if you don't have something like Prime and you think of a [Cainiao beauty] fulfillment centers, do you think it will be able to attract sellers to fulfillment centers and scale them and make money with that business?

如果你沒有 Prime 之類的東西，而你想到一個 [菜鳥美妝] 配送中心，你認為它能夠吸引賣家到配送中心並擴大規模並通過該業務賺錢嗎？

Thank you.

謝謝你。

Right, Carlos.

對，卡洛斯。

It's Maggie.

是瑪吉。

The Ant question, if you look at in this quarter, we shared some losses from Ant; actually in previous quarter, we have always shared profit from them.

螞蟻問題，如果您在本季度查看，我們分享了螞蟻的一些損失；實際上在上一季度，我們一直從他們那里分享利潤。

That quarterly loss was mainly the result of its marketing promotion activities to drive their user growth and engagement, especially during this Chinese New Year holiday.

該季度虧損主要是由於其營銷推廣活動以推動用戶增長和參與度，尤其是在這個春節假期期間。

We are very happy to see that Ant has been progressing very nicely, and their customer base and their various business expansions are very healthy.

我們很高興看到螞蟻的發展非常好，他們的客戶群和各種業務擴展都非常健康。

This also can be evidenced by their recent round of finance which indicates the published -- I mean the valuation is already over $60 billion.

這也可以從他們最近一輪的融資中得到證明——我的意思是估值已經超過 600 億美元。

So we think that overall, actually, if you look at the whole year FY16 for Ant, they are a profit-making business.

所以我們認為，總的來說，實際上，如果你看一下螞蟻的 2016 財年全年，它們是一項盈利業務。

We believe that this is still going to be the case.

我們相信，情況仍將如此。

So there is some seasonality.

所以有一定的季節性。

There is also the strategic investment decisions to make for the next round of growth.

還有為下一輪增長做出的戰略投資決策。

We're going to do a deep dive on Ant Financial on our Investor Day in June.

我們將在 6 月的投資者日深入了解螞蟻金服。

For the question of customer loyalty programs, yes, customer loyalty is so important in our retail business.

對於客戶忠誠度計劃的問題，是的，客戶忠誠度在我們的零售業務中非常重要。

Today, we have over 400 million active buyers on our retail platforms, and one of the key operating targets is to maximize the customer spending across categories.

如今，我們的零售平台擁有超過 4 億活躍買家，主要運營目標之一是最大限度地提高跨品類的客戶支出。

And especially today, right after our acquisition of digital entertainment business, Youku, and also our investment in [AutoNavi] and how to cross-sell our physical products with the digital entertainment products and local service, actually, this could create a good opportunity for us to enhance users' [business] and also, to do the cross sales.

尤其是今天，在我們收購了數字娛樂業務優酷之後，以及我們對[高德]的投資以及如何將我們的實體產品與數字娛樂產品和本地服務交叉銷售之後，實際上這可以為我們創造一個很好的機會。我們要提升用戶的【業務】，也要做交叉銷售。

So we are very actively working on this, but we won't just replicate the loyalty program for any other companies, because actually, we are such a unique landscape and our user base is huge now.

所以我們非常積極地致力於此，但我們不會僅僅為任何其他公司複製忠誠度計劃，因為實際上，我們是這樣一個獨特的景觀，我們的用戶群現在非常龐大。

Also, we have a platform and we have very unique strengths which not only us who can do these cross sales and to enhance customer loyalty, we have so many merchants, so many brands with us, each of them have the strong desire to have their own customer loyalty program, have their own cross-sell tool and services to enhance their users' business.

另外，我們有一個平台，我們有非常獨特的優勢，不僅我們可以做這些交叉銷售，提高客戶忠誠度，我們有這麼多的商家，這麼多的品牌和我們在一起，每個人都有強烈的願望。擁有自己的客戶忠誠度計劃，擁有自己的交叉銷售工具和服務來增強用戶的業務。

So we will try to maximize these synergies as a platform to improve the users' business and the loyalty for the entire platform.

所以我們會盡量把這些協同效應作為一個平台來提高用戶的業務和整個平台的忠誠度。

Thank you.

謝謝你。

Robert Peck, SunTrust.

羅伯特·派克，SunTrust。

Two questions, please.

請教兩個問題。

The first is on Ant Financial.

首先是螞蟻金服。

Maggie, you talked about a 33% equity ownership; could you just walk us through that process and how you go from the economic relationship to the equity ownership and how we should track that?

Maggie，你談到了 33% 的股權；您能否簡單介紹一下該過程以及您如何從經濟關係到股權以及我們應該如何跟踪它？

And then number two, Joe, if you wouldn't mind just touching base on your thoughts on the Yahoo!

然後第二個，喬，如果你不介意就你對雅虎的想法說一下吧！

process and the 384 million shares they own and your view on those shares?

流程和他們擁有的 3.84 億股股票以及您對這些股票的看法？

Thanks so much.

非常感謝。

Okay.

好的。

Yes, thank you, Rob.

是的，謝謝你，羅伯。

I'll address both questions.

我將解決這兩個問題。

On the process of Alibaba Group to further participate in the actual equity ownership of Ant Financial is a process of regulatory approval.

關於阿里巴巴集團進一步參與螞蟻金服實際股權的過程，是一個監管審批的過程。

So in order for us to hold a direct stake, we have to get specific approval from the regulators, from the financial regulators in China.

因此，為了讓我們直接持有股權，我們必須獲得監管機構、中國金融監管機構的具體批准。

And that is because ownership in financial institutions by foreign companies is very limited and there are no precedents for an entity like Ant Financial.

那是因為外國公司在金融機構的所有權非常有限，而且沒有像螞蟻金服這樣的實體的先例。

And so the regulators are going to be looking at this as a case of first impression, but we're having a very constructive dialog with them about this.

因此，監管機構會將此視為第一印象的案例，但我們正在與他們就此進行非常有建設性的對話。

So that's the process.

所以這就是過程。

In the absence of a conversion into direct equity, Alibaba Group will continue to share 37.5% of the profits of Ant Financial, so that's an either/or situation.

在不直接轉股的情況下，阿里巴巴集團將繼續分享螞蟻金服37.5%的利潤，這是非此即彼的局面。

Your second question relates to the Yahoo!

你的第二個問題與雅虎有關！

Process, which is something that is a little bit unknown to us because they're running their own process of selling the core business; we're not in that process.

流程，這對我們來說有點陌生，因為他們正在運行自己的銷售核心業務的流程；我們不在那個過程中。

We expect that, if they sell the core business, then they will continue to be a company that will continue to be a 15% shareholder in our Company, so nothing will change.

我們預計，如果他們出售核心業務，那麼他們將繼續成為一家公司，繼續持有我們公司 15% 的股東，所以一切都不會改變。

Thanks so much, Joe.

非常感謝，喬。

Congratulations.

恭喜。

With that, we conclude the call, operator.

至此，我們結束了通話，接線員。

This concludes our presentation.

我們的介紹到此結束。

Thank you for your participation, you may all disconnect.

感謝您的參與，大家可能會斷開連接。