阿里巴巴 (BABA) 2017 Q4 法說會逐字稿

Good day, ladies and gentlemen.

女士們先生們，美好的一天。

Thank you for standing by.

謝謝你的支持。

Welcome to Alibaba Group's March Quarter 2017 and Full Fiscal Year 2017 Results Conference Call.

歡迎參加阿里巴巴集團 2017 年三月季度和 2017 年全年業績電話會議。

(Operator Instructions)

（操作員說明）

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

我現在想把電話轉給阿里巴巴集團投資者關係主管 Rob Lin。

Please go ahead.

請繼續。

Good day, everyone, and welcome to Alibaba Group's March Quarter 2017 and Full Fiscal Year 2017 Results Conference Call.

大家好，歡迎參加阿里巴巴集團 2017 年三月季度和 2017 財年全年業績電話會議。

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

今天和我們在一起的是執行副主席蔡崇信先生；張勇，首席執行官； Maggie Wu，首席財務官。

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

此電話會議正在公司網站的 IR 部分進行網絡廣播。

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

今天晚些時候將在我們的網站上提供通話重播。

Now let me go -- quickly cover the safe harbor.

現在放開我——迅速掩護避風港。

Today's discussion will contain forward-looking statements.

今天的討論將包含前瞻性陳述。

These forward-looking statements involve inherent risks and uncertainties that may cause actual result 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目前的預期存在重大差異。

For detailed discussions of these risks and uncertainties, please refer to our latest annual report and Form 20-F and other documents filed with the U.S. Securities and Exchange Commission.

有關這些風險和不確定性的詳細討論，請參閱我們向美國證券交易委員會提交的最新年度報告和 20-F 表格以及其他文件。

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所做的任何前瞻性陳述均基於截至今天的假設，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 adjusted EBITDA, adjusted EBITA, non-GAAP net income, non-GAAP diluted EPS and free cash flow are expressed on a non-GAAP basis.

請注意，我們在本次電話會議上使用的某些財務指標，例如調整後的 EBITDA、調整後的 EBITA、非 GAAP 淨收入、非 GAAP 稀釋後每股收益和自由現金流量，均以非 GAAP 為基礎表示。

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

我們的 GAAP 結果和 GAAP 與非 GAAP 措施的調節可以在我們的收益發布中找到。

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

有了這個，我會把電話轉給喬。

Thank you, Rob.

謝謝你，羅布。

Thank you all for joining us.

謝謝大家加入我們。

We had a great quarter.

我們有一個很棒的季度。

Before we get into the details of our business, I want to give some perspective on the China macro environment as well as our vision of new retail.

在詳細介紹我們的業務之前，我想談談中國宏觀環境以及我們對新零售的願景。

Both of these are important to understanding a long view of Alibaba.

這兩者對於理解阿里巴巴的長遠眼光都很重要。

On China macro, there is an important secular trend underway: Chinese consumers are driving the shift of the Chinese economy from an export and investment-led to a consumption-led economy.

在中國宏觀方面，一個重要的長期趨勢正在發生：中國消費者正在推動中國經濟從出口和投資主導型經濟轉向消費主導型經濟。

When looking at investing in China, this secular trend is absolutely important to pay attention to, and that is what we focus on when we plan our strategy, rather than on quarter-to-quarter cyclical trends.

在投資中國時，這種長期趨勢絕對值得關注，這也是我們在規劃戰略時關注的重點，而不是季度到季度的周期性趨勢。

There are a few underlying reasons for this secular shift to a consumption economy, and these reasons are why we think the trend will be long term and sustainable.

這種向消費經濟的長期轉變有幾個根本原因，這些原因是我們認為這種趨勢將是長期和可持續的原因。

First, China's GDP per capita is now more than USD 8,000.

第一，中國人均GDP現在已經超過8000美元。

For context, when I started at Alibaba in 1999, China's per capita GDP was USD 870.

就背景而言，當我 1999 年開始在阿里巴巴工作時，中國的人均 GDP 為 870 美元。

So at the current USD 8,000 level, people's basic needs for shelter and food are satisfied.

所以在目前8000美元的水平上，人們對住房和食物的基本需求已經得到滿足。

So consumption is moving up the hierarchy of economic needs.

因此，消費在經濟需求的層次結構中向上移動。

In other words, people are spending more on discretionary goods and services.

換句話說，人們在可自由支配的商品和服務上花費更多。

We believe the growth of per-capita GDP in China will continue for years to come and eventually approach advanced economies such as the United States where GDP per capita is over USD 50,000.

我們相信中國人均 GDP 的增長將持續多年，並最終接近發達經濟體，例如人均 GDP 超過 50,000 美元的美國。

Second, over the past several years among Chinese urban employees, wages have increased over 10% per year, year-on-year, so people have disposable income to spend.

第二，過去幾年中國城鎮職工的工資每年都在10%以上，同比增長，所以人們有了可支配的收入。

And lastly, the high savings rate in China means that Chinese consumers have a lot of cash on hand.

最後，中國的高儲蓄率意味著中國消費者手頭有大量現金。

Net cash on the Chinese household balance sheet, that is total cash deposits minus debt, is nearly USD 4 trillion.

中國家庭資產負債表上的淨現金，即現金存款總額減去債務，接近 4 萬億美元。

In addition, Chinese household debt as a percent of GDP is 45% as compared to 80% in the United States.

此外，中國家庭債務佔 GDP 的百分比為 45%，而美國為 80%。

The potential levering up on the Chinese consumer, especially among the younger Chinese population, will provide a powerful driver of consumption for many years into the future.

對中國消費者，尤其是中國年輕人口的潛在槓桿作用，將為未來許多年的消費提供強大的推動力。

Proof of the strength of the Chinese consumer is reflected in the 2006 retail sales growth in China at 10.4%, which outpaced GDP growth.

2006 年中國零售額增長率為 10.4%，超過了 GDP 增長率，這就是中國消費者實力的證明。

Now what does all this mean for Alibaba?

現在這一切對阿里巴巴意味著什麼？

Our view is, the traditional thinking that pits e-commerce against physical retail no longer holds.

我們的觀點是，將電子商務與實體零售相提並論的傳統思維不再成立。

The distinction between online and off-line retail is quickly going away because of the mobile phone.

由於移動電話，線上和線下零售之間的區別正在迅速消失。

Traditional e-commerce is about you sitting at a home, in your office, buying stuff on your desktop computer.

傳統的電子商務是關於您坐在家裡、辦公室裡，在台式計算機上購買東西。

But Chinese consumers today are equipped with a mobile phone and they can buy anything, anytime, anywhere.

但如今的中國消費者都配備了手機，他們可以隨時隨地購買任何東西。

Now let's focus on the concept of anywhere.

現在讓我們關注任何地方的概念。

Because of the mobile shopper, this is changing the way we think about customer traffic, retail space, inventory location and logistics.

由於移動購物者，這正在改變我們對客戶流量、零售空間、庫存位置和物流的思考方式。

Let me give you an example.

讓我給你舉個例子。

Under our new retail model, if you walk into a grocery store at lunchtime with your mobile phone, you can do any of the following 3 things: first, you can eat in by ordering fresh items from the counter and have them cook it for you right there; and second, you can buy a fresh lunchbox to take back to your office; third, you can order some fresh seafood and vegetables that you don't want to lug back to your office and ask the store to deliver them to your home before dinner time.

在我們的新零售模式下，如果你在午餐時間帶著手機走進一家雜貨店，你可以做以下三件事中的任何一件：首先，你可以在櫃檯訂購新鮮的食物，然後讓他們為你做飯。在那裡;第二，你可以買一個新鮮的飯盒帶回辦公室；第三，你可以點一些不想拖著回辦公室的新鮮海鮮和蔬菜，讓店家在晚飯前送到你家。

You can do all of the above by selecting items and paying with your mobile phone, and all of your consumption activity is being captured digitally.

您可以通過選擇商品並使用手機支付來完成上述所有操作，並且您的所有消費活動都被數字化捕獲。

So now the store knows your preferences and can give you a personalized selection of products on your mobile app no matter where you are.

因此，現在商店知道您的偏好，無論您身在何處，都可以在您的移動應用程序上為您提供個性化的產品選擇。

It knows you and can predict your needs.

它了解您並且可以預測您的需求。

And Alibaba is best positioned to capitalize on this digital transformation.

而阿里巴巴最有能力利用這一數字化轉型。

Here's why: number one, we have the consumer scale with more than 500 million mobile active users engaged in commerce activity monthly.

原因如下：第一，我們的消費者規模超過 5 億移動活躍用戶每月從事商業活動。

Because of this, we are the partner of choice for operators with physical retail footprint.

因此，我們是擁有實體零售足蹟的運營商的首選合作夥伴。

Number two, we have continuous fresh data generated by activity of these users across our ecosystem of Internet services, from shopping, to local services, to entertainment.

第二，我們擁有這些用戶在我們的互聯網服務生態系統（從購物到本地服務再到娛樂）中的活動所產生的持續不斷的新數據。

Number three, we have the technology.

第三，我們有技術。

Our cloud computing technology gives us the proprietary capability to manage massive amounts of data and our development in artificial intelligence gives us the brains to get value out of that data.

我們的雲計算技術為我們提供了管理海量數據的專有能力，而我們在人工智能方面的發展為我們提供了從這些數據中獲取價值的大腦。

With that, I would like to turn it over to Daniel.

有了這個，我想把它交給丹尼爾。

Thank you.

謝謝。

Thanks, Joe.

謝謝，喬。

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

大家好，感謝您今天加入我們的財報電話會議。

We enjoyed an outstanding quarter and fiscal year.

我們度過了一個出色的季度和財政年度。

Over the past year, our businesses have prospered through innovation and the realization of synergies, [pitting] our various platforms in commerce, digital entertainment, logistics and cloud computing.

在過去的一年裡，我們的業務通過創新和實現協同效應而蓬勃發展， [pitting] 我們在商業，數字娛樂，物流和雲計算方面的各種平台。

Our business is more than making connections.

我們的業務不僅僅是建立聯繫。

We are transforming existing business models through helping manufacturers, brands and retailers cope with digital transformation.

我們正在通過幫助製造商、品牌和零售商應對數字化轉型來轉變現有的商業模式。

In this ever-changing environment, where impact of the Internet continues to move up the retail chain, from sales and marketing to supply chain, manufacturing and even product design, our mission of making it easy to do business anywhere is more relevant than ever.

在這個瞬息萬變的環境中，互聯網的影響不斷向上移動到零售鏈，從銷售和營銷到供應鏈、製造甚至產品設計，我們的使命是讓天下沒有難做的生意比以往任何時候都更加重要。

Our core commerce business sustained very healthy growth.

我們的核心商業業務保持非常健康的增長。

It is defying modest expectations about the Chinese economy and even our own law of large numbers.

它違背了對中國經濟甚至我們自己的大數法則的適度預期。

Today, we have more than 500 million mobile active users as a result of our continued excellence in capturing the consumers' time and wallet share with discovery, personal recommendations and entertainment.

今天，由於我們在通過發現、個人推薦和娛樂吸引消費者的時間和錢包份額方面持續卓越，我們擁有超過 5 億移動活躍用戶。

Taobao has transformed into a consumer community powered by a rich mix of content and impactive features such as live streams, newsfeeds, short-form videos, photos generated by everyone from influencers to celebrities to brands.

淘寶已經轉變為一個由豐富的內容和有影響力的功能組合驅動的消費者社區，例如直播、新聞源、短視頻、從影響者到名人到品牌的每個人生成的照片。

Even as our active user base grows, average time spent per user continued to remain robust while user stickiness, as measured by DAU/MAU ratio, has increased to 41%.

即使我們的活躍用戶群不斷增長，每個用戶平均花費的時間繼續保持強勁，而用戶粘性（按 DAU/MAU 比率衡量）已增加到 41%。

Taobao is moving from satisfying demand to creating demand, so the continuous improvement to our algorithm-driven personalization and the rollout of differentiated merchandising for different user segments.

淘寶正在從滿足需求到創造需求，所以我們不斷改進算法驅動的個性化，針對不同用戶群推出差異化商品。

Tmall remains the partner of choice for brands, serving as cornerstone of the China online retail strategy and operations.

天貓仍然是品牌的首選合作夥伴，是中國在線零售戰略和運營的基石。

The value that it brings to merchants encompass sales, marketing and brand building, customer management, new distribution channels to lower-tiered cities and rural areas and even new markets outside of China.

它為商家帶來的價值包括銷售、營銷和品牌建設、客戶管理、新的分銷渠道到低線城市和農村地區，甚至是中國以外的新市場。

Tmall continues to be the primary engine for the ongoing consumption upgrade from daily items to high-quality discretionary goods among Chinese consumers.

天貓繼續成為中國消費者從日常用品到高品質非必需品的持續消費升級的主要引擎。

Our global strategy achieved a key milestone with the launch in Malaysia of the first eWTP hub outside of China.

我們的全球戰略實現了一個重要的里程碑，在馬來西亞推出了中國以外的第一個 eWTP 中心。

We are working together with the Malaysia government to develop logistics, payments, trainings and a turnkey export services dedicated to supporting local business to grow through cross-border e-commerce.

我們正與馬來西亞政府合作開發物流、支付、培訓和交鑰匙出口服務，致力於支持本地企業通過跨境電子商務發展。

We continue to develop Lazada in order to grow more access to Southeast Asia consumers.

我們繼續開發 Lazada，以增加對東南亞消費者的訪問。

Together with accelerated growth in AliExpress, we now have 83 million new active buyers globally, besides China.

隨著全球速賣通的加速增長，除中國外，我們現在在全球擁有 8300 萬新活躍買家。

Our cloud computing business continued to grow at a fast pace.

我們的雲計算業務繼續快速增長。

We now have more than 807,000 paying customers with revenue growth of 121% year-over-year during fiscal 2017.

我們現在擁有超過 807,000 名付費客戶，2017 財年收入同比增長 121%。

As our paying customers base continue to grow, we are also introducing cloud-based applications and services that deliver new value to customers.

隨著我們的付費客戶群持續增長，我們還推出了基於雲的應用程序和服務，為客戶提供新的價值。

We have completed the initial phase of integration of our digital media and entertainment assets, following a close look metrics with a mix of both content distributors and content generators.

我們已經完成了數字媒體和娛樂資產整合的初始階段，通過仔細觀察內容分發商和內容生成器的組合指標。

The successful data integration between our retail e-commerce platforms and our digital media and entertainment metrics now allows brands to track, engage and manage the whole life cycle of their customers in our ecosystems.

我們的零售電子商務平台與我們的數字媒體和娛樂指標之間成功的數據集成現在使品牌能夠在我們的生態系統中跟踪、參與和管理其客戶的整個生命週期。

Upon this foundation, we have introduced a solution to brands that we call Uni Marketing that is unmatched in its potential to optimize digital brand building and marketing campaigns.

在此基礎上，我們為品牌推出了我們稱之為 Uni Marketing 的解決方案，它在優化數字品牌建設和營銷活動方面具有無與倫比的潛力。

By facilitating brand into accumulated and analyzed customer activity data for ongoing management, we will help brands to convert marketing spending from an expense into an investment.

通過促進品牌積累和分析客戶活動數據以進行持續管理，我們將幫助品牌將營銷支出從費用轉化為投資。

Today, Alibaba Group is an economy with 507 million active mobile users and a RMB 3.8 trillion in GMV.

今天，阿里巴巴集團是一個擁有 5.07 億活躍移動用戶和 3.8 萬億元人民幣 GMV 的經濟體。

And the opportunities ahead for our business is brighter due to the network effects and possible synergies across our ecosystem.

由於整個生態系統的網絡效應和可能的協同作用，我們的業務前景更加光明。

We are excited by the multiplied effects than can be gained through collaboration between our different platforms.

我們對通過我們不同平台之間的協作所獲得的倍增效應感到興奮。

There is immense potential for growing the user base of our core commerce platforms through conversion of users in our digital media and entertainment metrics as well as through the payment platform of our affiliate company, Alipay.

通過我們的數字媒體和娛樂指標中的用戶轉化以及我們關聯公司支付寶的支付平台，我們的核心商務平台的用戶群具有巨大的增長潛力。

The opportunity for cross-savings to users across the various platforms is clear.

跨各種平台為用戶交叉儲蓄的機會是顯而易見的。

We have long empowered businesses in digital sales and marketing, and today, we are progressing up the retail chain to support them in intelligent manufacturing and product design as well as cloud infrastructure.

長期以來，我們在數字銷售和營銷領域為企業賦能，如今，我們正在向零售鏈上游發展，以支持他們在智能製造和產品設計以及雲基礎設施方面的發展。

As businesses increasingly digitalize their entire operations, we can leverage the combined technology and infrastructure of our retail, logistics and cloud platforms to offer a solution that maximizes the value of digitalization.

隨著企業越來越多地將其整個運營數字化，我們可以利用我們的零售、物流和雲平台的組合技術和基礎設施來提供一個解決方案，使數字化的價值最大化。

In globalization, the manufacturers and merchants represented on our China retail platforms are eager to address the expanding and evolving consumption demands globally through our platforms.

在全球化進程中，我們中國零售平台上的製造商和商家都渴望通過我們的平台滿足全球範圍內不斷擴大和變化的消費需求。

We will focus on leveraging the competitive advantage of our China retail platform, logistic platform and global retail platforms to work towards serving 2 billion global consumers.

我們將重點發揮中國零售平台、物流平台和全球零售平台的競爭優勢，致力於服務全球20億消費者。

At the same time, China's commitment to importing USD 2 trillion worth of goods as part of the One Belt, One Road initiative presents a significant opportunity for our platforms to broaden selection of high-quality products to meet the demand of the world's largest consumer markets.

與此同時，作為“一帶一路”倡議的一部分，中國承諾進口價值 2 萬億美元的商品，這為我們的平台提供了一個重要機會，可以擴大優質產品的選擇範圍，以滿足全球最大消費市場的需求.

We will continue to invest significantly in AI technology such as voice recognition, machine learning and a natural language processing for application to our technology in real use cases, such as product discovery, personal recommendations and customer services.

我們將繼續大力投資人工智能技術，例如語音識別、機器學習和自然語言處理，以便在產品發現、個人推薦和客戶服務等實際用例中應用我們的技術。

It will contribute to meaningful improvements in operating efficiency across all our platforms.

它將有助於顯著提高我們所有平台的運營效率。

Further technology developed to serve our own business needs can be open to our customers, both existing and new.

為滿足我們自己的業務需求而開發的進一步技術可以向我們的現有客戶和新客戶開放。

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're very happy to announce that we delivered another quarter of excellent results.

我們很高興地宣布，我們又取得了四分之一的優異成績。

In terms of the quarterly revenue, this quarter, the total revenue growth accelerated to 60%, the highest growth rate we have achieved since IPO.

在季度收入方面，本季度，總收入增長加速至 60%，這是我們自 IPO 以來實現的最高增長率。

This was led by robust growth in our core commerce, Alibaba Cloud as well as digital media and entertainment businesses.

這是由我們的核心商務、阿里雲以及數字媒體和娛樂業務的強勁增長帶動的。

Our non-GAAP free cash flow was USD 1.2 billion for the quarter, demonstrating the strength of our business.

本季度我們的非 GAAP 自由現金流為 12 億美元，展示了我們業務的實力。

Revenue from China commerce retail business now represents 67% of total revenue, down from 76% for the same period last year.

中國商業零售業務的收入目前佔總收入的 67%，低於去年同期的 76%。

We now have a more diversified revenue base with multiple growth drivers, including Alibaba Cloud, digital media and entertainment and the international businesses.

我們現在擁有更加多元化的收入基礎和多個增長動力，包括阿里雲、數字媒體和娛樂以及國際業務。

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

我們通過平台上的用戶獲利的能力不斷提高。

Annual revenue per annual active buyers continued to increase, reaching RMB 251, USD 36 in the March quarter.

每個年度活躍買家的年收入繼續增加，在 3 月季度達到 251 元人民幣，36 美元。

Mobile revenue per mobile user reached RMB 179 or USD 26 in the March quarter.

3 月季度每位移動用戶的移動收入達到 179 元人民幣或 26 美元。

Our mobile commerce platforms have become the destination for social commerce, consumption of content and brand engagement.

我們的移動商務平台已成為社交商務、內容消費和品牌參與的目的地。

Quarterly cost trends.

季度成本趨勢。

Cost of revenue, excluding stock-based compensation, was RMB 14.3 billion.

不包括基於股票的補償的收入成本為人民幣 143 億元。

As a percentage of revenue, it increased year-over-year primarily due to the increase in content acquisition costs of Youku Tudou, cost of inventory of Lazada and the logistic costs associated with Tmall Supermarket as we talked about in previous quarters.

作為收入的百分比，它同比增長主要是由於我們在前幾個季度談到的優酷土豆的內容獲取成本、Lazada 的庫存成本以及與天貓超市相關的物流成本的增加。

We continued to see strong operating leverage from our China commerce business.

我們繼續看到來自中國商業業務的強大運營槓桿。

This operating leverage allows us to make strategic investments, which positions us for long-term revenue and margin expansion.

這種經營槓桿使我們能夠進行戰略投資，這使我們能夠實現長期收入和利潤率的增長。

Our effective tax rate, excluding SBC and one-off items, was 23% in the quarter ended March 31, 2017, up from 14% in the same quarter of 2016.

截至 2017 年 3 月 31 日止季度，我們的有效稅率（不包括 SBC 和一次性項目）為 23%，高於 2016 年同期的 14%。

The lower tax rate a year ago was primarily due to our investment in Suning, which was treated as reinvestment of earnings in China and thus not subject to withholding tax.

一年前較低的稅率主要是由於我們在蘇寧的投資被視為在中國的收益再投資，因此無需繳納預扣稅。

This quarter, we are accruing the withholding tax on distributable earnings by our PRC operations, which lead to an increase in our effective tax rate, which is actually a normalized tax rate.

本季度，我們對中國業務的可分配收益徵收預扣稅，這導致我們的有效稅率增加，這實際上是正常稅率。

We expect that our -- in the future, normalized annual effective tax rate, excluding SBC one-off items, will be in the range of 20% to 25%, assuming that no significant impact from investment or acquisition, et cetera.

我們預計，在未來，不包括 SBC 一次性項目的標準化年度有效稅率將在 20% 至 25% 的範圍內，假設投資或收購等沒有重大影響。

Non-GAAP net income in the quarter was RMB 10.4 billion, an increase of 38% year-over-year.

本季度非美國通用會計準則淨利潤為人民幣 104 億元，同比增長 38%。

Free cash flow, capital expenditures and cash.

自由現金流、資本支出和現金。

We continued to generate significant free cash flow.

我們繼續產生可觀的自由現金流。

In the March quarter, we generated RMB 8 billion or about USD 1.2 billion in free cash flow.

在第三季度，我們產生了 80 億元人民幣或約 12 億美元的自由現金流。

Our cash flow allows us the 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方面靈活地投資於技術並獲取資源以實現我們的戰略目標。

Total CapEx expenditures in the March quarter was RMB 3.4 billion, in which RMB 575 million related to the acquisition of land use rights and the construction in progress.

3 月當季資本支出總額為 34 億元人民幣，其中 5.75 億元人民幣與土地使用權收購和在建工程相關。

At the end of March quarter, our cash, cash equivalents and short-term investments were RMB 146.7 billion or USD 21 billion.

截至三季度末，我們的現金、現金等價物和短期投資為 1467 億元人民幣或 210 億美元。

This is an increase of RMB 8 billion from the end of December quarter, primarily because of free cash flow generation from our operations.

這比 12 月底季度末增加了 80 億元人民幣，主要是因為我們的運營產生了自由現金流。

Segment reporting.

分部報告。

For our core commerce, revenue increased 47% year-on-year.

對於我們的核心商業，收入同比增長 47%。

China commerce retail revenue grew 41%, primarily due to the strong growth of online marketing service revenue.

中國商業零售收入增長 41%，主要是由於在線營銷服務收入的強勁增長。

Online marketing service revenue in our China retail marketplace grew 46% year-over-year, which was driven primarily by mobile user growth and our ability to deliver more relevant content to consumers through our improved data technology.

我們中國零售市場的在線營銷服務收入同比增長 46%，這主要是由於移動用戶的增長以及我們通過改進的數據技術向消費者提供更多相關內容的能力。

This growth resulted in higher average spending on our online marketing services by increasing number of brands and merchants.

這種增長導致品牌和商家數量的增加導致我們在線營銷服務的平均支出增加。

Commission revenue grew by 34% year-over-year, reflecting robust GMV growth on Tmall.

佣金收入同比增長 34%，反映了天貓 GMV 的強勁增長。

Our consumers purchased more frequently across more categories on our China commerce retail marketplaces.

我們的消費者在我們的中國商業零售市場上購買更多品類的頻率更高。

The average annual spend per active buyer for the 12 months ended March 31, 2017, continued to increase both year-on-year and then we continue to see healthy consumer [cohort] growth on spending.

截至 2017 年 3 月 31 日止的 12 個月，每位活躍買家的年均支出繼續同比增長，然後我們繼續看到健康的消費者 [群組] 支出增長。

International commerce retail revenue increased 312%.

國際商業零售收入增長了 312%。

This is a year-on-year increase, mainly due to the consolidation of Lazada, starting in mid-April and reacceleration of revenue growth from AliExpress.

這是同比增長，主要是由於 4 月中旬開始的 Lazada 合併以及全球速賣通收入增長的重新加速。

Our AliExpress and Lazada businesses had about 83 million annual active buyer combined globally for 12 months ended March 2017.

截至 2017 年 3 月的 12 個月，我們的全球速賣通和 Lazada 業務每年在全球範圍內擁有約 8300 萬活躍買家。

Our core commerce -- core marketplace adjusted EBITA margin of the segment remained flat year-over-year at 59%, still very high, taking into the account of operating leverage generate of the business and the investment we have made.

考慮到業務產生的經營槓桿和我們所做的投資，我們的核心商業——核心市場調整後的 EBITA 利潤率與去年同期持平，為 59%，仍然非常高。

Cloud computing revenue increased 103% year-on-year.

雲計算收入同比增長103%。

This was led by the increase in the total number of paying customers, but partially offset by a number of price cuts during the quarter as we continue to pass cost savings to our customers through improved technology and scale.

這是由付費客戶總數的增加帶動的，但部分被本季度的多次降價所抵消，因為我們繼續通過改進的技術和規模將成本節約轉嫁給我們的客戶。

We reached a record 874,000 paying customers this quarter.

本季度我們達到了創紀錄的 874,000 名付費客戶。

We continue to see strong new customer additions across a variety of industries and businesses.

我們繼續看到各行各業的新客戶不斷增加。

Our more established customers are increasing usage of higher value-added services and the applications as well.

我們更成熟的客戶也越來越多地使用更高附加值的服務和應用程序。

Adjusted EBITA margin of the cloud computing segment improved from a negative 16% in the prior year's quarter to a negative 8% this quarter.

雲計算部門調整後的 EBITA 利潤率從上年同期的負 16% 改善至本季度的負 8%。

Our cloud computing business top priority remains expanding market leadership.

我們的雲計算業務的首要任務仍然是擴大市場領導地位。

We will continue to acquiring customers through more cost-effective solutions for standard products as well as developing and deploying more sophisticated products and services.

我們將繼續通過更具成本效益的標準產品解決方案以及開發和部署更複雜的產品和服務來贏得客戶。

Our digital media and entertainment segment revenue increased 234% year-over-year, primarily due to the consolidation of Youku and to an increase in revenue from mobile value-added service generated by UCWeb.

我們的數字媒體和娛樂業務收入同比增長 234%，這主要是由於優酷網的整合以及 UC 網絡產生的移動增值服務收入的增加。

Adjusted EBITA margin of this segment improved slightly, quarter-on-quarter, to negative 44% this quarter.

該部門調整後的 EBITA 利潤率環比略有改善，本季度為負 44%。

We will continue to invest in content, user acquisition and infrastructure for the segment.

我們將繼續投資於該細分市場的內容、用戶獲取和基礎設施。

Going forward, on full year basis, we expect the business will continue its fast growth, and we expect the negative EBITA margin for the digital media entertainment segment to narrow.

展望未來，按全年計算，我們預計該業務將繼續快速增長，我們預計數字媒體娛樂業務的負 EBITA 利潤率將收窄。

Revenue from innovation initiatives and others segment increased to 88% year-on-year.

創新舉措及其他分部的收入同比增長88%。

Adjusted EBITA margin of this segment was negative 74%, reflecting ongoing investment in AutoNavi, YunOS and DingTalk.

該板塊調整後 EBITA 利潤率為負 74%，反映了對高德、YunOS 和釘釘的持續投資。

Full fiscal year 2017 financial highlights.

2017 財年完整財務亮點。

Total revenue in fiscal year 2017 grew 56% year-on-year to RMB 158 billion, driven by the healthy and sustainable growth of our China commerce retail business; triple-digit revenue growth of Alibaba Cloud as it continues to drive market leadership.

2017 財年總收入同比增長 56% 至人民幣 1,580 億元，這得益於我們中國商業零售業務的健康持續增長；阿里雲收入實現三位數增長，繼續保持市場領導地位。

The inclusion of Youku Tudou and Lazada in our financial statements also contributed to revenue growth on a year-on-year basis, but we are at the end of the full anniversary effect of this.

將優酷土豆和 Lazada 納入我們的財務報表也有助於收入同比增長，但我們正處於其完整週年效應的末尾。

GMV transacted on our China retail marketplace in fiscal year 2017 was about RMB 3.8 trillion, an increase of 22% compared to RMB 3.1 billion (sic) [RMB 3.1 trillion] in fiscal year 2016.

2017 財年在我們中國零售市場交易的 GMV 約為 3.8 萬億元人民幣，與 2016 財年的 31 億元人民幣（原文如此）[3.1 萬億元人民幣] 相比增長 22%。

Our China GMV growth was primarily driven by increasing spending per user growth with fast growth in order frequencies among active buyers.

我們在中國的 GMV 增長主要是由於每用戶支出的增長以及活躍買家訂單頻率的快速增長所推動的。

New active buyers continued to drive GMV growth.

新的活躍買家繼續推動 GMV 增長。

Besides the GMV on our China retail marketplace, we also see strong growth in GMV of our global businesses.

除了中國零售市場的 GMV，我們還看到全球業務的 GMV 強勁增長。

We are on track to reach our RMB 6 trillion GMV goal by 2020 fiscal, implying CAGR of 17% year-on-year.

我們有望在 2020 財年實現 6 萬億元人民幣的 GMV 目標，意味著年復合增長率為 17%。

CAGR, yes.

複合年增長率，是的。

Annual active buyers in China reached 454 million, an increase of 31 million from the 12-month period ended March 2016.

中國年度活躍買家達到 4.54 億，比截至 2016 年 3 月的 12 個月期間增加了 3100 萬。

We had 83 million annual active buyers on our AliExpress and Lazada marketplace combined globally during fiscal year 2017.

2017 財年，全球速賣通和 Lazada 市場的年度活躍買家總數達到 8300 萬。

We have successfully capitalized on the transition of users from desktop to mobile.

我們已經成功地利用了用戶從桌面到移動的轉變。

For fiscal 2017 year-end, our mobile MAU reached 507 million.

2017 財年年底，我們的移動 MAU 達到 5.07 億。

Mobile GMV transacted on our China retail marketplace grew strongly by 49% year-on-year to RMB 2.98 trillion, which equates to USD 433 billion, and represented 79% of total GMV.

在我們中國零售市場上交易的移動 GMV 同比增長 49% 至 2.98 萬億元人民幣，相當於 4330 億美元，佔總 GMV 的 79%。

Mobile revenue growth was even stronger, showing 80% year-on-year growth and represents 80% of total revenue for China retail marketplace.

移動收入增長更為強勁，同比增長 80%，佔中國零售市場總收入的 80%。

Since our IPO, we have shared with you our belief that mobile monetization rate would exceed that of desktop and this has become a reality now.

自首次公開募股以來，我們與您分享了我們的信念，即移動貨幣化率將超過桌面，現在這已成為現實。

Our cloud computing segment maintained strong growth in fiscal 2017 with revenue increasing 121% year-on-year to RMB 6.7 billion.

我們的雲計算業務在 2017 財年保持強勁增長，收入同比增長 121% 至人民幣 67 億元。

Adjusted EBITA margin improved to negative 7% from negative 41% in the previous year, primarily due to the robust revenue growth and economies of scale.

調整後的 EBITA 利潤率從上一年的負 41% 改善至負 7%，這主要是由於強勁的收入增長和規模經濟。

In fiscal 2017, we repurchased and canceled approximately 27 million of our shares for about USD 2 billion.

在 2017 財年，我們以約 20 億美元的價格回購併註銷了約 2700 萬股股票。

Our Board of Directors has authorized a new share repurchase program in the aggregate amount of USD 6 billion.

我們的董事會已批准一項總額為 60 億美元的新股票回購計劃。

Looking ahead, we are very excited about the prospects for fiscal year 2018.

展望未來，我們對 2018 財年的前景感到非常興奮。

We expect a healthy and sustainable growth of our China commerce retail business.

我們期望我們的中國商業零售業務實現健康和可持續的增長。

Our revenue base is now more diversified with businesses such as cloud computing, digital media and entertainment; they are becoming more meaningful revenue growth drivers.

我們的收入基礎現在更加多元化，包括雲計算、數字媒體和娛樂等業務；它們正在成為更有意義的收入增長動力。

Same as last year, we intend to give our fiscal 2018 revenue guidance, which will be simultaneously webcast in the upcoming Investor Day.

與去年一樣，我們打算給出 2018 財年的收入指引，該指引將在即將到來的投資者日同步進行網絡直播。

Our Investor Day will be held on June 8, 9 in Hangzhou.

我們的投資者日將於6月8日、9日在杭州舉行。

For those who are unable to attend in person, we will make presentation materials available on our corporate IR website.

對於那些無法親自出席的人，我們將在我們的公司 IR 網站上提供演示材料。

That concludes our prepared remarks.

我們準備好的發言到此結束。

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

接線員，我們準備開始問答環節。

Thank you.

謝謝。

(Operator Instructions) So your first question comes from the line of Piyush Mubayi from Goldman Sachs.

（操作員說明）所以你的第一個問題來自高盛的 Piyush Mubayi。

Congratulations on outstanding top line growth, a record since the IPO, Joe, Daniel and Maggie.

祝賀 Joe、Daniel 和 Maggie 取得了出色的收入增長，創下了首次公開募股以來的記錄。

My first question is with regards to the 46% growth in online marketing services we've seen.

我的第一個問題是關於我們看到的在線營銷服務增長了 46%。

Would you be able to split that between the brand and pay-per-performance advertising, and if possible, the growth that you've seen in paid click and cost per click?

您能否將其分為品牌廣告和按效果付費廣告，如果可能的話，您看到的付費點擊和每次點擊成本的增長情況如何？

And while you talk through that, if you could give us a sense for how much longer we can expect this very quick pace of growth to be maintained?

在您討論這個問題的同時，您是否可以讓我們了解我們可以預期這種非常快的增長速度能維持多久？

Thank you for the question.

感謝你的提問。

The strong growth we've seen in our China retail marketplace, especially online marketing service, actually when I look at these drivers: the number of clicks, click-through rate, all of these shows a very healthy growth.

我們在中國零售市場看到的強勁增長，尤其是在線營銷服務，實際上當我查看這些驅動因素時：點擊次數、點擊率，所有這些都顯示出非常健康的增長。

And this actually due to our continued efforts in providing the relevant content through our data and technology to attract more users and buyers to our platform.

這實際上是由於我們不斷努力通過我們的數據和技術提供相關內容，以吸引更多用戶和買家到我們的平台。

So in terms of going forward, we are very confident that all these efforts we made will generate good results going forward.

因此，就前進而言，我們非常有信心，我們所做的所有這些努力將會產生良好的結果。

And things like our algorithm improvement, personalization and the use of data, right now we see this as still at a starting point, at the early stage.

諸如我們的算法改進、個性化和數據使用之類的事情，現在我們認為這仍處於起步階段。

Piyush, I just want to supplement that.

Piyush，我只是想補充一下。

You asked about the distinction between brand and pay-per-performance advertising as though those two are different types of -- coming from different types of advertising budgets.

您詢問了品牌廣告和按效果付費廣告之間的區別，就好像這兩種廣告是不同類型的——來自不同類型的廣告預算。

We actually don't see it that way.

我們實際上並不這麼看。

If you take a typical FMCG company, they are -- they would use pay-for-performance -- in other words, click-based type of advertising even to promote their brand, because the landing page of the click could fall on something that is a brand promotional page as opposed to a detailed product item to be purchased.

如果你拿一家典型的快速消費品公司來說，他們是——他們會使用按效果付費——換句話說，基於點擊的廣告甚至是為了推廣他們的品牌，因為點擊的著陸頁可能落在某些東西上是品牌宣傳頁面，而不是要購買的詳細產品項目。

So they're seeing our suite of potential online marketing products from pay-for-performance to a CPN-based advertising to special sort of customized brand promotional campaigns using our data sets.

因此，他們看到了我們潛在的在線營銷產品套件，從按效果付費到基於 CPN 的廣告，再到使用我們的數據集的特殊定製品牌促銷活動。

So I don't think we are seeing the online marketing business as a brand versus P4P type of split.

所以我不認為我們將在線營銷業務視為品牌與 P4P 類型的拆分。

Your next question comes from the line of Mark Mahaney from RBC Capital Markets.

你的下一個問題來自 RBC Capital Markets 的 Mark Mahaney。

I just wanted to ask about international.

我只是想問一下國際。

You had that data point in there about how you've now achieved 83 million active buyers.

你有關於你現在如何獲得 8300 萬活躍買家的數據點。

When you think about overall investment priorities for the company, where does -- and since the IPO, has international now become a much more material investment area for you in terms of potentially strategic actions or organic growth?

當您考慮公司的整體投資優先事項時，從潛在戰略行動或有機增長的角度來看，自首次公開募股以來，國際現在已成為您更為重要的投資領域嗎？

Just to lay that versus the other growth initiatives that you have now, how does international rank?

與您現在擁有的其他增長計劃相比，國際排名如何？

This is Daniel.

這是丹尼爾。

Yes, international is our core strategy for the next 5 to 10 years, and we are very happy to see we made concrete progress in the Southeast Asia.

是的，國際化是我們未來5到10年的核心戰略，我們很高興看到我們在東南亞取得了具體進展。

Actually, last April, and since our investment in Lazada last April, actually their business grow very well.

實際上，去年四月，自從我們去年四月投資Lazada以來，實際上他們的業務增長非常好。

And together with the existing AliExpress, which is a cross-border export business, actually we are happy to see in terms of GMV, in terms of the -- and the active buyer, we see a robust growth, but we do believe this is just the early stage of the new game in the market outside China.

連同現有的跨境出口業務全球速賣通，實際上我們很高興看到在 GMV 和活躍買家方面，我們看到了強勁的增長，但我們確實相信這是新遊戲在中國以外的市場剛剛起步。

What we want to do is to leverage, what we call, the China engine to empower the growth in other markets.

我們要做的是利用我們所說的中國引擎來推動其他市場的增長。

China is famous for the manufacturing and we have so many local brands -- China local brands and retailers and small and OEM factories on our China retail platforms.

中國以製造業而聞名，我們在中國零售平台上擁有眾多本土品牌——中國本土品牌和零售商以及小型和 OEM 工廠。

Today, they are eager to go with us to the new market outside China.

今天，他們渴望和我們一起去中國以外的新市場。

We believe this give us a unique value proposition and a unique advantage to grow the new market outside China.

我們相信這為我們提供了獨特的價值主張和獨特的優勢來發展中國以外的新市場。

Your next question comes from the line of Alan Hellawell from Deutsche Bank.

你的下一個問題來自德意志銀行的 Alan Hellawell。

I was hoping to gain further color on margin profile for core e-commerce and media and entertainment.

我希望在核心電子商務、媒體和娛樂的利潤率方面獲得更多的色彩。

As we move into FY '18, it's very well profiled that in core e-commerce, you have countervailing trends, which is the extremely profitable and leverage-able core retail business, and for the time being, at least, the impact of growth businesses such as Lazada and Tmall supermarket.

當我們進入 18 財年時，可以很好地了解在核心電子商務中，你有反補貼趨勢，這是極其有利可圖和具有槓桿作用的核心零售業務，至少在目前，增長的影響Lazada、天貓超市等業務。

And so I'm just curious how we should think about the interplay of those 2 broad pieces as we -- in commerce from an EBITDA margin perspective as we move into FY '18.

因此，我只是很好奇，當我們進入 18 財年時，我們應該如何從 EBITDA 利潤率的角度考慮商業中這兩個廣泛部分的相互作用。

And then, similarly, Maggie has very helpfully pointed out or suggested that there is scope for a negative margin compression or margin improvement in digital media and entertainment, and I'm just wondering whether you could just outline the basic content spend plans for IGE and then maybe top line-related progress in subscriptions.

然後，同樣地，Maggie 非常有幫助地指出或建議數字媒體和娛樂存在負利潤壓縮或利潤改善的空間，我只是想知道你是否可以概述 IGE 的基本內容支出計劃和然後可能是與頂線相關的訂閱進展。

And then finally, so much -- just a big picture question.

最後，這麼多——只是一個大問題。

So much of this story -- the success story of marketing services seems to crystallize in the experience of key account Tmall storefronts.

這個故事的大部分內容——營銷服務的成功故事似乎在大客戶天貓店面的體驗中得到了體現。

They get the branding value proposition that Joe and company have been talking about over the past year.

他們得到了喬和公司在過去一年中一直在談論的品牌價值主張。

I'm just wondering, the guys in the middle and the bottom of the pyramid, what are we doing for them?

我只是想知道，金字塔中間和底部的人，我們為他們做了什麼？

Because it's been said at times that we have more than 1 million advertisers, and I'd love to find out how they're achieving success.

因為有時有人說我們有超過 100 萬的廣告商，我很想知道他們是如何取得成功的。

Thank you, Alan.

謝謝你，艾倫。

In terms of the margin, as you have seen that our China retail business continues to see very strong margin and that is the result of healthy operating leverage offset our investments in those new areas.

就利潤率而言，正如您所看到的，我們的中國零售業務繼續保持非常強勁的利潤率，這是健康的經營槓桿抵消了我們在這些新領域的投資的結果。

So going forward, we continue to see this huge potential in each of our business development.

因此，展望未來，我們將繼續在我們的每項業務發展中看到這一巨大潛力。

So high profitability of our core commerce will support our investment in new businesses, such as cloud computing and digital media entertainment.

我們核心業務的高盈利能力將支持我們對新業務的投資，例如雲計算和數字媒體娛樂。

In the long run, we do expect to see cross-segment synergies that will further deliver overall leverages in the entire business.

從長遠來看，我們確實希望看到跨部門的協同效應，這將進一步在整個業務中發揮整體槓桿作用。

But having said that, like we mentioned before that we don't manage the business to manage our overall margin profile.

但話說回來，就像我們之前提到的那樣，我們不管理業務來管理我們的整體利潤率。

We will ensure the growth of the whole business and profitability.

我們將確保整個業務的增長和盈利能力。

That's how we look at business margins.

這就是我們看待業務利潤率的方式。

Yes, I want to -- have -- give more comments on the first question.

是的，我想對第一個問題發表更多評論。

I think in terms of Tmall Supermart and Lazada, I would say, like Tmall Supermarket, we never view this as a separate independent business and we view this as a very important piece of the entire Tmall operation.

我認為就天貓超市和 Lazada 而言，我會說，就像天貓超市一樣，我們從不將其視為一個單獨的獨立業務，我們將其視為整個天貓運營中非常重要的一部分。

And as far as Tmall's Supermart operation, we very effectively improve the user stickiness and improve the user experience and because they are all buying the daily necessities on Tmall Supermart.

而對於天貓商超的運營，我們非常有效的提高了用戶粘性，提升了用戶體驗，因為他們都是在天貓商超上購買日用品。

Today, our fresh products business also [grown] very well through our Tmall Supermart.

今天，我們的生鮮業務也通過我們的天貓超市[發展]得很好。

So even we have a lot of investment in Tmall Supermart on a general basis, you can see we have very robust growth in profitability and we do believe this is a model -- is a very healthy model, we will continue to invest on this.

因此，即使我們總體上對天貓超市進行了大量投資，您也可以看到我們的盈利能力增長非常強勁，我們確實相信這是一種模式——一種非常健康的模式，我們將繼續對此進行投資。

And in terms of Lazada, actually today is still in early stage, but we are very happy to see the fast growth of their business.

而就Lazada而言，其實今天還處於早期階段，但我們很高興看到他們業務的快速增長。

But we do see strong synergies between the overseas market and the China market, on top of the China supply to the world I mentioned just now, and we're also trying to leverage the fulfillment network Lazada built in Southeast Asia and to leverage this network to ship the products from China to that region and for multiple retail platforms of Alibaba.

但我們確實看到了海外市場和中國市場之間的強大協同效應，除了我剛才提到的中國向世界供應之外，我們也在嘗試利用Lazada在東南亞建立的履行網絡並利用這個網絡將產品從中國運送到該地區以及阿里巴巴的多個零售平台。

So that's the synergy we can see in our globalization.

這就是我們在全球化中可以看到的協同作用。

Alan, I'll address your second question about kind of the content spending layout for the Youku business.

Alan，我將回答你關於優酷業務內容支出佈局的第二個問題。

The first thing to say is that we don't think this is a winner-take-all market.

首先要說的是，我們不認為這是一個贏家通吃的市場。

This is entertainment market that is large enough that can accommodate several players.

這是一個足夠大的娛樂市場，可以容納幾個玩家。

And the market has basically settled to 3 main players, as you know, and we think that, over time, the market will become more rational, although in the near term there are still going to be pretty fierce competition for licensed content.

市場已經基本穩定為 3 個主要參與者，正如你所知，我們認為，隨著時間的推移，市場將變得更加理性，儘管在短期內對正版內容的競爭仍然會非常激烈。

But I think just like other players, we have moved towards not just licensing content that we don't produce, but also to develop ways for developing proprietary content and working with talent and directors for proprietary content.

但我認為，就像其他玩家一樣，我們不僅朝著授權我們不製作的內容的方向發展，而且還開發了開發專有內容以及與人才和導演合作開發專有內容的方法。

So over time, the cost of content should come down.

所以隨著時間的推移，內容的成本應該會下降。

Obviously, we're not going to telegraph to you how much we're going to spend over the next 12 to 18 months.

顯然，我們不會告訴您我們將在未來 12 到 18 個月內花費多少。

This is a very competitive market, and we will find a content that we want to spend on accordingly.

這是一個競爭非常激烈的市場，我們會相應地找到我們想要花錢購買的內容。

This is Daniel again.

這又是丹尼爾。

For the last question about the small-scale business on our platform, I would say, that's very important question and these group of businesses are very important to Alibaba, because our mission to help SMEs to make it easier to do business anywhere.

關於我們平台上的小型企業的最後一個問題，我想說，這是一個非常重要的問題，這些企業對阿里巴巴非常重要，因為我們的使命是幫助中小企業在任何地方都更容易做生意。

So in terms of how to help them to do this better, today what we do is to leverage the data and technology, we develop a lot of tools and services to enable them to do business efficiently.

所以在如何幫助他們更好地做到這一點方面，今天我們所做的是利用數據和技術，我們開發了很多工具和服務，使他們能夠高效地開展業務。

For example, today, the small-scale business, they can -- maybe they don't afford to do a very big-brand activities, but they do have the tool, a very efficient tool, to tailor-made their storefront, a homepage, which could be driven by big data and for the visitors to the store and they can see the different selections and different views -- even different views, and we also give a lot of promotion and marketing tools to these small merchants.

例如，今天，小規模的企業，他們可以——也許他們負擔不起做一個非常大的品牌活動，但他們確實有工具，一個非常有效的工具，來定制他們的店面，一個首頁，可以由大數據驅動，給到店的客人，他們可以看到不同的選擇，不同的觀點——甚至是不同的觀點，我們也給這些小商戶提供了很多促銷和營銷工具。

And I think this is the growth -- the continuous growth of our smaller merchants is very, very critical for the long-term success of our business.

我認為這就是增長——我們小商戶的持續增長對於我們業務的長期成功非常非常關鍵。

Your next question comes from the line of Eddie Leung from Merrill Lynch.

你的下一個問題來自美林的 Eddie Leung。

Two questions.

兩個問題。

The first one is about the product mix on your Chinese e-commerce platform.

第一個是關於你們中國電子商務平台上的產品組合。

I'm just wondering if we have seen a shift of product mix from high-margin products to low-margin pieces or the other way around.

我只是想知道我們是否看到產品組合從高利潤產品向低利潤產品轉變，或者相反。

And how does that affect the ability of your merchants to pay for your marketing and other services?

這對您的商家支付您的營銷和其他服務的能力有何影響？

So that's my first question.

這是我的第一個問題。

And then the second question is also related to your overseas pieces.

然後第二個問題也跟你的海外作品有關。

So just wondering, broadly speaking, are we -- at the moment, are we going deeper in the existing markets?

所以只是想知道，從廣義上講，我們 - 目前，我們是否正在深入現有市場？

Or are we thinking more about increasing our geographical coverage to more countries?

還是我們更多地考慮將我們的地理覆蓋範圍擴大到更多國家？

In terms of product mix, I would say, actually, we are such a big platform, and we have over 500 million monthly mobile active users.

在產品組合方面，我想說，實際上我們是一個很大的平台，我們有超過 5 億的每月移動活躍用戶。

So we cannot give them -- give 500 million people the consistent high-value or low-value product -- low-priced products.

所以我們不能給他們——給5億人一致的高價值或低價值產品——低價產品。

So that's why the data-driven business is so important to us.

這就是為什麼數據驅動的業務對我們如此重要。

So today, what I can share with you is that we have already accomplished the larger percent of data-driven personalization page in all of our major user interface and on our mobile app.

所以今天，我可以與大家分享的是，我們已經在所有主要用戶界面和移動應用程序中實現了更大比例的數據驅動個性化頁面。

And people -- but we rent this not only based on the price, but most important thing is based on the lifestyle, based on the demographic of our customers.

和人——但我們不僅根據價格租這個，最重要的是基於生活方式，基於我們客戶的人口統計。

So that's the core of our operating methodology.

所以這是我們運營方法的核心。

And in terms of the international strategy, as I said before, this is a long-term commitment.

就國際戰略而言，正如我之前所說，這是一項長期承諾。

This is long-term strategy.

這是長期戰略。

We start with Southeast Asia.

我們從東南亞開始。

We believe this is a very, very important region with very big population, but close to China and have enough Chinese population there and the Chinese products are very popular in this market, so that's why we start with Southeast Asia.

我們相信這是一個非常非常重要的地區，人口眾多，但靠近中國，那裡有足夠的中國人口，中國產品在這個市場非常受歡迎，所以這就是我們從東南亞開始的原因。

But [so far], our cross-border export platform, AliExpress, we also cover a lot more countries and we will continue to invest in these international markets, but this is a long -- that's a long way to go.

但是[到目前為止]，我們的跨境出口平台，全球速賣通，我們也覆蓋了更多的國家，我們將繼續投資這些國際市場，但這是一條很長的路要走。

Your next question comes from the line of Eric Sheridan from UBS.

你的下一個問題來自瑞銀的 Eric Sheridan。

Maybe the first, was curious how short-form video or video around brand awareness or selling might become a bigger part of the platform longer term, sort of merging the world to video consumption with e-commerce and what that might mean for bandwidth or infrastructure costs longer term?

也許是第一個，很好奇短視頻或圍繞品牌知名度或銷售的視頻如何在長期內成為平台的更重要部分，某種程度上將世界與視頻消費與電子商務融合在一起，以及這對帶寬或基礎設施可能意味著什麼長期成本？

Second question would be following up on Joe's comment from the presentation.

第二個問題是跟進 Joe 在演示文稿中的評論。

Maybe an update on how your leading advantage on mobile commerce is accelerating your efforts to blur the lines between off-line and online retail.

可能會更新您在移動商務方面的領先優勢如何加速您模糊線下和在線零售之間界限的努力。

This is a very interesting question.

這是一個非常有趣的問題。

For the short-form video, we believe this is a very important content format, and in the future, in mobile commerce.

對於短視頻，我們認為這是一種非常重要的內容格式，在未來，在移動商務中也是如此。

And we do see -- actually in our mobile ecosystem, before we have buyer and seller, but now we have a lot more roles -- a lot more partners in this ecosystem; some of them are the content providers and the celebrities influencers or even brand [self].

我們確實看到——實際上在我們的移動生態系統中，在我們有買家和賣家之前，但現在我們有更多的角色——這個生態系統中有更多的合作夥伴；其中一些是內容提供商和名人影響者，甚至是品牌[自我]。

But compared to other form -- content formats, actually short-form video in e-commerce, actually they have some advantage.

但與其他形式——內容格式相比，實際上是電子商務中的短視頻，實際上它們有一些優勢。

The biggest advantage is that it's a lot of content are evergreen.

最大的優點是它的很多內容都是常青樹。

A lot of the content can be repeated consumed and which will give us a lot of operating leverage.

很多內容是可以重複消費的，這會給我們很大的經營槓桿。

And in the longer run, we do see some cost increase in short-form video, but if we look at the overall user experience and the merchant's tools -- the video as a merchant's tools to promote their brand and broadcast their new content, new product, we believe this will definitely enrich the user experience and enrich the ROI of the merchant's operations.

從長遠來看，我們確實看到短視頻的成本有所增加，但如果我們看一下整體用戶體驗和商家的工具——視頻作為商家宣傳品牌和傳播新內容、新內容的工具產品，我們相信這一定會豐富用戶體驗，豐富商家運營的ROI。

Eric, on your second question, I think there's a -- this is a -- digitizing the off-line retail sector is a very, very complex question, so it's probably -- would take some time to get into all the details.

埃里克，關於你的第二個問題，我認為有一個 - 這是一個 - 將線下零售行業數字化是一個非常非常複雜的問題，所以它可能 - 需要一些時間來了解所有細節。

But I think to get people a better understanding of this is -- to understand that we are the partner of choice right now, because of our large-scale online presence and hundreds of millions of consumers coming to our platform and all the data we have on these consumers, so that these physical retailers -- retailers with physical footprint are very, very interested in working with us, trying to figure out how to increase their foot traffic as well as obviously increasing their sales per square foot; how to better leverage their real estate to make their operations more efficient and also more sales.

但我認為讓人們更好地理解這一點是 - 了解我們現在是首選合作夥伴，因為我們擁有大規模的在線業務和數億消費者來到我們的平台以及我們擁有的所有數據這些消費者，所以這些實體零售商——有實體足蹟的零售商對與我們合作非常非常感興趣，試圖找出如何增加他們的人流量以及明顯增加他們每平方英尺的銷售額；如何更好地利用他們的房地產來提高運營效率和銷售額。

They are now -- a lot of the retailers with physical footprint are not doing great, but they see an opportunity.

他們現在 - 許多擁有實體足蹟的零售商表現不佳，但他們看到了機會。

Those that are willing to sort of disrupt themselves and adopt changes, working with us will come out ahead and that's why we're pushing the strategy of new retail very, very hard.

那些願意顛覆自己並接受改變，與我們合作的人將會脫穎而出，這就是我們非常非常努力地推動新零售戰略的原因。

And I think if you come to our Investor Day, we'll be able to develop a more sort of comprehensive understanding of new retail.

我想如果你來參加我們的投資者日，我們將能夠對新零售有更全面的了解。

It is a complex area.

這是一個複雜的區域。

We think we're the only people that have the capability and understanding and the know-how to execute it.

我們認為我們是唯一有能力、理解力和知識來執行它的人。

Your next question comes from the line of Alicia Yap from Citigroup.

你的下一個問題來自花旗集團的 Alicia Yap。

I have questions.

我有問題。

Can management share with us, among the big brands on your platform, how much of the percentage of ad budgets that you believe Ali is now capturing?

管理層能否與我們分享一下，在您平台上的大品牌中，您認為阿里現在獲得的廣告預算百分比是多少？

And how much higher the overall ad budget percentage you could ultimately capture over the medium to long term?

從中長期來看，您最終可以獲得的總體廣告預算百分比是多少？

And then a quick question is that, is there any plans for investing or partnering into the autonomous driving technology?

然後一個簡單的問題是，是否有任何投資或合作自動駕駛技術的計劃？

Yesterday, in our retail marketplace, we have a lot of brand partners.

昨天，在我們的零售市場，我們有很多品牌合作夥伴。

They not only sell products on a platform, but also are doing brand-building activities, customer management activities, promotions.

他們不僅在平台上銷售產品，還進行品牌建設活動、客戶管理活動、促銷活動。

And we do see they spend more and more dollars on our platforms.

我們確實看到他們在我們的平台上花費了越來越多的錢。

But we do see a very interesting changing trend, which is, before, they're more like a -- they spend more like dollars in nature of trade marketing, because the people who are running the business on our platform are traditional e-commerce team and we got e-commerce team.

但我們確實看到了一個非常有趣的變化趨勢，那就是，以前，他們更像是——他們在貿易營銷的性質上更像是花錢，因為在我們平台上經營業務的人是傳統電子商務團隊，我們有電子商務團隊。

But today, more and more company connect that e-commerce team with the digital marketing team.

但是今天，越來越多的公司將電子商務團隊與數字營銷團隊聯繫起來。

So today, with -- especially after our development of the digital media and entertainment platform, we established a very good connection between digital marketing and e-commerce.

所以今天，特別是在我們開發數字媒體和娛樂平台之後，我們在數字營銷和電子商務之間建立了很好的聯繫。

And we are very confident that, over time, people will spend more and more marketing dollar and branding dollar for the data-driven cross-platform solutions on our ecosystem.

我們非常有信心，隨著時間的推移，人們將為我們生態系統中數據驅動的跨平台解決方案花費越來越多的營銷資金和品牌推廣資金。

On autonomous driving question, I think you have to understand, a lot of technology companies are doing this.

關於自動駕駛問題，我想你必須明白，很多科技公司都在做這件事。

Obviously, the long-term commercial opportunities are very murky.

顯然，長期的商業機會非常模糊。

Nobody has figured out the long-term economic model for this.

沒有人為此找到長期的經濟模式。

But people are doing it because there are some very interesting artificial intelligence-related technology in an autonomous-driven car that gets all the technology companies very intrigued, things like computer vision, LIDAR technology, simultaneous localization and mapping and all those technologies are very interesting, and that's why companies are all investing in those technologies.

但人們這樣做是因為自動駕駛汽車中有一些非常有趣的人工智能相關技術，讓所有科技公司都非常感興趣，比如計算機視覺、激光雷達技術、同步定位和地圖繪製，所有這些技術都非常有趣，這就是為什麼公司都在投資這些技術。

And the same is true in the case of Alibaba.

阿里巴巴的情況也是如此。

We may not be investing in those technologies for -- to create a driverless car, but we are investing in all those component technologies for other applications.

我們可能不會投資這些技術來創建無人駕駛汽車，但我們正在為其他應用投資所有這些組件技術。

Your next question comes from the line Chi Tsang from HSBC.

您的下一個問題來自匯豐銀行的 Chi Tsang。

I wanted to ask you about your rural strategy.

我想問你關於你的農村戰略。

If you can give us an update on your plans to expand coverage and also to drive demand in rural China.

如果您能告訴我們您擴大覆蓋範圍以及推動中國農村需求的最新計劃。

And I'm also wondering if you can give us an idea of what percentage of your China retail business is being driven by retail in terms of whether it's buyers or sort of spending and how fast that's growing?

我還想知道您是否可以告訴我們您的中國零售業務中有多少百分比是由零售驅動的，無論是買家還是某種支出，以及增長的速度有多快？

Yes.

是的。

Rural strategy is very, very important.

農村戰略非常非常重要。

And during the past 2 years, we have already developed a very -- we have very rapid growth in rural areas.

在過去的兩年裡，我們已經在農村地區取得了非常快速的增長。

We have a rural Taobao strategy, which today cover -- it's close to 30,000 village across China.

我們有一個農村淘寶戰略，今天覆蓋了中國近 30,000 個村莊。

And today what we do see that, in the traditional brick-and-mortar chains, cannot effectively and efficiently cover the rural areas.

而今天我們所看到的是，在傳統的實體連鎖店中，無法有效和高效地覆蓋農村地區。

Internet do give us a new way to serve the people in the village.

互聯網確實為我們提供了一種為村民服務的新方式。

So what we are doing right now is to help our merchants' brands on our retail marketplaces to work closely with them to serve the people in the village.

所以我們現在正在做的是幫助我們零售市場上的商家品牌與他們密切合作，為村里的人們服務。

We even do tailor-made products with our brand partners to eliminate all the distribution channels to serve the end customers in the village.

我們甚至與我們的品牌合作夥伴一起定制產品，以消除所有分銷渠道，以服務於村莊的最終客戶。

But looking ahead, we will do -- we are not only trying to sell more from urban city to the rural areas.

但展望未來，我們會做——我們不僅要努力從城市向農村地區銷售更多產品。

Actually, in rural village, we also can have a very good organic agricultural product supply and what we want to do is to, again, use our retail platform.

其實在農村，我們也可以有很好的有機農產品供應，我們要做的就是再次利用我們的零售平台。

We want to help them, help the farmers to sell more to the people in the city.

我們想幫助他們，幫助農民把更多的東西賣給城市裡的人。

Regarding to your question on the revenue driver for China retail marketplace revenue.

關於您關於中國零售市場收入的收入驅動因素的問題。

If you look at the direct driver, the people who are paying us are these merchants and brands.

你看直接司機，給我們付錢的就是這些商家和品牌。

So the number of paying merchants and brands are increasing as well as their spending level at our platform.

因此，付費商家和品牌的數量以及他們在我們平台上的消費水平都在增加。

So what makes them pay more and more people coming to us is what we have done on our marketplace, both on user and user experience side.

因此，讓他們支付越來越多的人來找我們的原因是我們在我們的市場上所做的，包括用戶和用戶體驗方面。

So I mentioned about the growth driver of revenue, the increases in the number of users coming to our platform, we've reported 507 million MAUs by the end of this quarter.

所以我提到了收入的增長動力，即我們平台用戶數量的增加，到本季度末我們報告了 5.07 億 MAU。

So that the volume of the clicks and also the conversion of these [merchants] all showing very positive growing trend.

因此，點擊量和這些 [商家] 的轉化率都呈現出非常積極的增長趨勢。

This reflects that our ability to deliver more relevant content to consumers through our improved data and technology.

這反映出我們有能力通過改進的數據和技術向消費者提供更多相關內容。

So this is the -- by the end of day, while merchants and brands look at the value we provided to them, they vote by their feet, right?

所以這就是——到最後，當商家和品牌關注我們提供給他們的價值時，他們會用腳投票，對吧？

They started -- more and more people start to realize that the value we provided are not only the transaction value, but also help them acquire consumer and make the consumers buy and then retain the consumer, their loyalty -- basically, the whole customer operation in the entire customer life.

他們開始——越來越多的人開始意識到，我們提供的價值不僅僅是交易價值，還幫助他們獲得消費者，讓消費者購買，然後留住消費者，他們的忠誠度——基本上，整個客戶運營在整個客戶生活中。

So that's the driver for the growth in China retail marketplace.

這就是中國零售市場增長的驅動力。

I was actually referring to, framing that question around rural, trying to get an understanding of how much rural is impacting your China retail business in terms of buyers or in GMV or something like that?

我實際上指的是圍繞農村提出這個問題，試圖了解農村在買家或 GMV 等方面對您的中國零售業務有多大影響？

Yes, I see.

好的我知道了。

Rural right now is still a small -- a very small business, compared to our entire China retail, so not a significant -- nothing significant.

與我們整個中國的零售業相比，農村現在仍然是一個很小的企業——一個非常小的企業，所以並不重要——沒有什麼重要的。

Your next question comes from the line of Jason Helfstein from Oppenheimer.

您的下一個問題來自 Oppenheimer 的 Jason Helfstein。

Perhaps a longer-term question.

也許是一個更長期的問題。

Specific to the 2020 goal of 1 trillion of GMV and 2 billion customers, generally how do you see that broken down between domestic and international, just as you're thinking long term about a global strategy?

具體到 2020 年 1 萬億 GMV 和 20 億客戶的目標，總體而言，您如何看待國內和國際之間的細分，就像您在考慮長期全球戰略一樣？

Well, we do have a goal in 2020.

好吧，我們確實有一個 2020 年的目標。

We want to achieve a RMB 6 trillion in GMV by fiscal year 2020, but I think to serve 2 billion consumers is an even longer-term goal and we are working very hard towards that goal.

我們想在2020財年實現6萬億元的GMV，但我認為服務20億消費者是一個更長期的目標，我們正在為這個目標努力。

But I think we just at the beginning stage to get our business globalized, and Southeast Asia is the first area we are exploring and we want to make sure that we understand the local culture and the local people, because shopping is highly relevant to the culture and lifestyle.

但我認為我們的業務全球化才剛剛起步，東南亞是我們探索的第一個區域，我們要確保我們了解當地文化和當地人，因為購物與文化高度相關和生活方式。

So actually this also give us a lot of opportunities to train our people and upgrade our team to be a real global team.

所以實際上這也給了我們很多機會來培訓我們的員工並將我們的團隊升級為一個真正的全球團隊。

I think that's the most important thing at this stage.

我認為這是現階段最重要的事情。

And with the more powerful team and people and we can serve more consumers around the world.

有了更強大的團隊和人員，我們可以服務全球更多的消費者。

Your last question comes from the line of Evan Zhou from Crédit Suisse.

你的最後一個問題來自瑞士信貸的Evan Zhou。

My question is regarding our media-related revenue.

我的問題是關於我們與媒體相關的收入。

I was wondering whether we can have some more colors on kind of the breakdown for that revenue, because I think UCWeb has been doing really well, besides the Youku business.

我想知道我們是否可以對收入的細分進行更多的顏色分析，因為我認為除了優酷業務之外，UCWeb 一直做得很好。

And also within Youku, I think the industry trend is that the pace of [special]-related revenue has been surpassing the aggregated revenue.

在優酷內部，我認為行業趨勢是[特殊]相關收入的增長速度已經超過了總收入。

So I was wondering whether you can see this industry trend.

所以我想知道你是否能看到這個行業趨勢。

And also are there any other sort of like user pay-related revenue like live streaming or music [within] revenue that we can have some more colors on?

還有其他類型的與用戶付費相關的收入，例如直播或音樂 [within] 收入，我們可以有更多的顏色嗎？

And then, finally, on our $6 billion buyback program, I think, traditionally we do this to kind of offset the (inaudible) impact of SBC.

然後，最後，在我們的 60 億美元回購計劃中，我認為，傳統上我們這樣做是為了抵消 SBC 的（聽不清）影響。

But as we see our SBC also being kind of trending down, both on absolute numbers and as a percent of revenue, so I was wondering that -- whether we're kind of seeing the buyback program as another way to kind of return value to shareholders?

但正如我們看到我們的 SBC 也呈下降趨勢，無論是絕對數字還是佔收入的百分比，所以我想知道——我們是否將回購計劃視為另一種回報價值的方式股東？

For the first question, actually, we view Youku, we view UCWeb and our assets in digital media sector not as standalone assets.

對於第一個問題，實際上，我們認為優酷網，我們認為 UCWeb 和我們在數字媒體領域的資產不是獨立的資產。

Again, we view this as an integrated part of our consumer media platform, which is our mobile Taobao and Tmall.

同樣，我們將其視為我們消費者媒體平台的一個組成部分，即我們的移動淘寶和天貓。

So actually, we have -- we do see a big advantage to leverage our existing advertiser base on our China retail platform and to help them to promote their products and build their brand cross-platform to Youku and to UCWeb, but using organic ad format consistent with the contents in both of the -- in each of the apps.

所以實際上，我們確實看到了利用我們在中國零售平台上現有的廣告客戶群並幫助他們向優酷和 UCWeb 推廣他們的產品並建立他們的品牌跨平台的巨大優勢，但使用有機廣告格式與每個應用程序中的內容一致。

So today, we are in a very unique position to have a consumer media, we have a video site, we have the mobile search plus the newsfeeds and ad format, which is all -- actually, which is all-in-one solution to our advertisers.

所以今天，我們處於一個非常獨特的位置，擁有一個消費媒體，我們有一個視頻網站，我們有移動搜索加上新聞源和廣告格式，實際上，這是一個一體化的解決方案我們的廣告商。

But most important thing is that back-end, we have our unified ID in place to help our advertisers to track the footprints of the advertisers and the all the data could be collected and used further in their future operation.

但最重要的是後端，我們有統一的ID，可以幫助我們的廣告商跟踪廣告商的足跡，所有數據都可以收集起來，並在他們未來的運營中進一步使用。

This is a unique position of our UCWeb and Youku revenue operation.

這是我們UCWeb和優酷收入運營的獨特定位。

Yes, I'll comment on the buyback program.

是的，我會評論回購計劃。

So I think you need to look at the buyback program in the context of what we've already done over the last 2.5 years since we became a public company.

所以我認為你需要在我們成為上市公司以來過去 2.5 年裡所做的事情的背景下審視回購計劃。

Over that period, we spent a total of $5.1 billion and bought back approximately 3 percentage points of our shares.

在那段時間裡，我們總共花費了 51 億美元，回購了大約 3 個百分點的股份。

And our reason that we have communicated very clearly was that we want to prevent dilution.

我們非常清楚地溝通的原因是我們想防止稀釋。

So I'm very happy to say that, since the IPO, our share count, our outstanding share count, has not increased despite our stock-based compensation programs.

所以我很高興地說，自首次公開募股以來，儘管我們有基於股票的薪酬計劃，但我們的股票數量，我們的流通股數量並沒有增加。

So the primary reason for the buyback is to sterilize the dilutive effect of our stock-based comp program.

因此，回購的主要原因是為了消除我們基於股票的補償計劃的稀釋作用。

And I think this $6 billion buyback is no different.

我認為這 60 億美元的回購也不例外。

It's for that main purpose.

就是為了這個主要目的。

But when you say return value to shareholders, it is, in a buyback, any time you counter the dilutive effects, you are -- if you're not returning value to shareholders, you're preserving value to shareholders.

但是當你說向股東回報價值時，在回購中，任何時候你抵消稀釋效應，你都是——如果你不向股東回報價值，你就是在為股東保留價值。

But obviously, cash is going out the door to some shareholders in a buyback program, but we are not saying that, oh, we have cash sitting on the balance sheet we don't know what to do with.

但顯然，在回購計劃中，現金正流向一些股東，但我們並不是說，哦，我們的資產負債表上有現金，我們不知道如何處理。

There are a lot of very important strategic activities where we have $20 billion of cash on the balance sheet that we want to deploy and the buyback is part of our capital allocation thinking, but it's not the only thing.

有很多非常重要的戰略活動，我們在資產負債表上有 200 億美元的現金要部署，回購是我們資本配置思路的一部分，但這不是唯一的事情。

There are plenty of strategic areas and opportunities that we would want to be able to deploy our cash.

我們希望能夠部署現金的戰略領域和機會很多。

Okay.

好的。

Thank you, everyone, for joining.

謝謝大家的加入。

If you have further questions, please reach out to the Investor Relations team.

如果您還有其他問題，請聯繫投資者關係團隊。

Thank you.

謝謝。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

Unfortunately, we have run out of time for further questions.

不幸的是，我們已經沒有時間來進一步提問了。

That does conclude our conference for today.

我們今天的會議到此結束。

Thank you for participating.

感謝您的參與。

You may all disconnect.

你們都可以斷開連接。