阿里巴巴 (BABA) 2018 Q1 法說會逐字稿

Good day, ladies and gentlemen.

女士們先生們，美好的一天。

Thank you for standing by.

謝謝你的支持。

Welcome to Alibaba Group's June Quarter 2017 Results Conference Call.

歡迎來到阿里巴巴集團 2017 年 6 月季度業績電話會議。

(Operator Instructions) .

（操作員說明）。

I would now like to turn the call over to 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 June Quarter 2017 Results Conference Call.

大家好，歡迎來到阿里巴巴集團 2017 年 6 月季度業績電話會議。

With us today are 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 Joe Tsai；張勇，首席執行官； Maggie Wu，首席財務官。

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

此電話會議也通過我們公司網站的 IR 部分進行網絡廣播。

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

今天晚些時候將在網站上提供通話重播。

Now let me quickly cover the safe harbor.

現在讓我快速覆蓋安全港。

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 results to differ materially from our current expectations.

這些前瞻性陳述涉及固有的風險和不確定性，可能導致實際結果與我們當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 on 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 20-F 表年度報告和其他文件。

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 EBITDA margin, adjusted EBITA, adjusted EBITA margin, 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 EBITDA 利潤率、調整後的 EBITA、調整後的 EBITA 利潤率、非 GAAP 淨收入、非 GAAP 稀釋後每股收益和自由現金流量均以非公認會計原則基礎。

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

我們的 GAAP 結果和 GAAP 與非 GAAP 措施的調節可以在我們的收益新聞稿中找到。

With that, I would now turn over to Joe.

有了這個，我現在將交給喬。

Thank you, Rob.

謝謝你，羅布。

Thank you all for joining us.

謝謝大家加入我們。

I was wondering what I would say on this quarter's earnings call.

我想知道我會在本季度的財報電話會議上說些什麼。

The first words that jumped to my mind was that the numbers speak for themselves.

跳進我腦海的第一句話是數字不言自明。

In short, we had a great quarter.

簡而言之，我們有一個很棒的季度。

However, I wanted you to know that these exceptional results did not come from anything specific we did during the quarter.

但是，我想讓您知道，這些出色的結果並非來自我們在本季度所做的任何具體工作。

The reason we were able to deliver these results is that we sowed the seeds years ago by investing in technology, by investing in innovation, by investing in people and by being bold with a vision that nobody thought was possible.

我們之所以能夠取得這些成果，是因為我們在多年前播下了種子，投資於技術、投資於創新、投資於人，並大膽地提出了一個無人認為可能實現的願景。

Today, the Alibaba economy is self-reinforcing and it is as strong as ever.

今天，阿里巴巴經濟正在自我強化，一如既往地強大。

It is in this spirit of vision that I want to share with you a couple of things to look forward to in the future.

正是本著這種願景精神，我想與大家分享一些未來值得期待的事情。

First, let's talk about new retail.

首先來說說新零售。

The macro way of looking at the landscape is e-commerce accounts for 15% of total retail in China.

宏觀來看，電子商務佔中國零售總額的15%。

The retail segment in China is about a USD 5 trillion economy in value.

中國零售業的經濟價值約為 5 萬億美元。

15% of e-commerce still leaves 85% of retail that is off-line.

15% 的電子商務仍然讓 85% 的零售業處於離線狀態。

Whether this is just something to look at or presents tremendous opportunities for us depends on our ability to innovate.

這是否只是值得一看的東西，還是為我們提供了巨大的機會，取決於我們的創新能力。

Our goal is not to simply ride the wave of converting purchases from off-line to online.

我們的目標不是簡單地駕馭從線下到線上購買的轉變浪潮。

Our new retail strategy is an invention that anticipates and catalyzes changes in consumer behavior where time, place and method of purchase and consumption will be different from what we were used to before.

我們的新零售戰略是一種預測和催化消費者行為變化的發明，其中購買和消費的時間、地點和方式將與我們以前習慣的不同。

In this new world of consumption expectations, the distinction between online and off-line would disappear.

在這個消費預期的新世界裡，線上和線下的區別將會消失。

I'll give you a couple of examples.

我會給你幾個例子。

In traditional retail, the shopper goes into a store and buys what's only available on the shelf, and they come away with bags of stuff that they have to carry home.

在傳統零售業中，購物者走進一家商店，購買貨架上只有貨架上的商品，然後他們帶著一袋袋的東西帶回家。

Imagine a store where you can pick items from the shelf and then at the same time purchase other items not from the shelf, but from your mobile phone, and then you tell the store to send everything you just bought to your home because you need to go to catch a movie.

想像一家商店，你可以從貨架上挑選商品，同時可以通過手機購買其他商品，而不是從貨架上，然後你告訴商店把你剛買的所有東西都送到你家，因為你需要去看電影。

Another example.

另一個例子。

You buy groceries from your nearby supermarket.

您從附近的超市購買雜貨。

You only shop for what you need for dinner that night because you have no idea what you want to eat for the rest of the week.

你只購買當晚晚餐所需的東西，因為你不知道本週剩下的時間想吃什麼。

The next day you remember seeing something from the same store, but you have no time to go because you had to rush home, so you order on your mobile phone on the way home.

第二天你記得在同一家店看到了東西，但因為要趕回家而沒有時間去，所以你在回家的路上用手機訂購。

The same store, that is the one that you visited yesterday, is the same store that handles your online order today and delivers the item to your home.

同一家商店，即您昨天訪問過的商店，與今天處理您的在線訂單並將商品送貨上門的商店相同。

That's the kind of spontaneity, convenience and speed that modern-day consumers are going to expect and Alibaba is setting the standard for fulfilling this high expectation.

這就是現代消費者所期望的那種自發性、便利性和速度，而阿里巴巴正在為滿足這種高期望設定標準。

What makes new retail possible are Alibaba's scale, technology, consumer insights and ability to innovate.

讓新零售成為可能的是阿里巴巴的規模、技術、消費者洞察力和創新能力。

With new retail, satisfying every increasing consumer expectations is no longer an incremental gain.

有了新零售，滿足每一個不斷增長的消費者期望不再是增量收益。

It is a disruptive gain in the sense that you will have to disrupt e-commerce first and embrace the physical world.

從某種意義上說，這是一種顛覆性的收益，你必須首先顛覆電子商務並擁抱現實世界。

Next, I have a few words about the Alibaba economy.

接下來，我講講阿里巴巴經濟體。

Alibaba has a number of businesses, from commerce to cloud computing to digital entertainment.

阿里巴巴擁有多項業務，從商業到雲計算再到數字娛樂。

As a financial reporting matter, we break out our business into segments for transparency and ease of investor understanding.

作為財務報告事項，我們將業務細分為多個部分，以提高透明度並便於投資者理解。

In addition, we have affiliate companies and investees in financial services, logistics and local services.

此外，我們在金融服務、物流和本地服務方面擁有附屬公司和投資方。

And I have no doubt that you're interested in the P&L of those businesses, so we show that to you very clearly in our reporting.

我毫不懷疑你對這些企業的損益感興趣，所以我們在報告中非常清楚地向你展示了這一點。

As an investor, your perspective is how you put a value on each piece of the business in order to understand the value of the entire company.

作為投資者，您的觀點是您如何為每項業務賦予價值，以了解整個公司的價值。

But that's not how our customers look at us.

但這不是我們的客戶看待我們的方式。

As a platform, the question we need to focus on is how do our businesses work together to create more value for consumers and enterprises than if these units were just stand-alone entities.

作為一個平台，我們需要關注的問題是，我們的業務如何協同工作，為消費者和企業創造更多價值，而不是這些單位只是獨立的實體。

Synergy creation is easier said than done, and our management needs to have both strategic vision and execution discipline in order to achieve synergies.

創造協同效應說起來容易做起來難，我們的管理層需要同時具備戰略眼光和執行紀律才能實現協同效應。

What unifies the businesses in the Alibaba economy is our mission: to make it easy to do business anywhere.

將阿里巴巴經濟體中的業務統一起來的是我們的使命：讓天下沒有難做的生意。

We believe the path to value creation becomes extremely clear when we focus on a single mission.

我們相信，當我們專注於一項使命時，創造價值的道路就會變得非常清晰。

In the next 5, 10, 15 years, you will see an unfolding of how we execute the new retail strategy as it becomes an integral part of the Alibaba economy.

在接下來的 5 年、10 年、15 年，你會看到我們如何執行新零售戰略，因為它已成為阿里巴巴經濟不可或缺的一部分。

Shareholder value will follow when we create value for our customers.

當我們為客戶創造價值時，股東價值就會隨之而來。

So understanding this is important to understanding a long view of Alibaba.

所以理解這一點對於理解阿里巴巴的長遠眼光很重要。

Now I will turn it over to Daniel for his comments.

現在，我將把它轉交給 Daniel，徵求他的意見。

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。

We delivered another set of exceptional results this quarter, which we believe is a clear reflection of the tremendous appeal and potential of Alibaba's platform economy.

本季度我們又取得了一系列出色的業績，我們認為這清楚地反映了阿里巴巴平台經濟的巨大吸引力和潛力。

The robust revenue growth in our core commerce business is driven by our continuous innovation in data technology, improvements in algorithm and widespread application of big data.

我們核心商業業務收入的強勁增長得益於我們在數據技術方面的不斷創新、算法的改進和大數據的廣泛應用。

It is also propelled by our customers' increasing appreciation and a validation for Taobao and Tmall's unique [value] proposition as consumer media and customer management platforms.

我們的客戶對淘寶和天貓作為消費者媒體和客戶管理平台的獨特[價值]主張的日益讚賞和認可也推動了這一進程。

Mobile Taobao is the Chinese consumer's leading destination for online shopping.

手機淘寶是中國消費者在線購物的首選目的地。

And the total MAU for mobile apps with access to our China retail marketplaces has grown to 529 million.

訪問我們中國零售市場的移動應用程序的總 MAU 已增長到 5.29 億。

No other commerce app in the world compares to mobile Taobao's consumer engagement and user stickiness.

世界上沒有其他商業應用程序可以與手機淘寶的消費者參與度和用戶粘性相提並論。

Our user stickiness measured by the DAU divided by MAU ratio continues to remain above 40% due to our relentless focus on more content and community-driven engagement on the app, allowing consumers to enjoy the fun of discovery and exploration.

我們以 DAU 除以 MAU 比率衡量的用戶粘性繼續保持在 40% 以上，這是由於我們不懈地關注更多內容和社區驅動的應用程序參與，讓消費者享受發現和探索的樂趣。

We not only satisfy existing user needs but, more importantly, we are able to stimulate new demand as the user experiences has become more content-driven.

我們不僅滿足現有的用戶需求，更重要的是，隨著用戶體驗變得更加以內容為導向，我們能夠激發新的需求。

A community of consumption-related content generators such as influencers and the key opinion leaders have merged alongside buyers and sellers in the ecosystem.

與消費相關的內容生成者社區，如影響者和關鍵意見領袖，已經與生態系統中的買家和賣家合併。

So personalized data-driven user content features such as Taobao Headlines, live stream and cellphone videos, consumers are exposed to a wide range of content and are inspired by product recommendations during the course of content engagement.

因此，個性化數據驅動的用戶內容特徵，如淘寶頭條、直播和手機視頻，消費者在內容參與過程中接觸到廣泛的內容，並從產品推薦中獲得靈感。

As such, we started our journey in fulfilling the existing need of users that has since developed the ability to stimulate new consumption demand.

因此，我們開始了滿足用戶現有需求的旅程，此後已經具備了刺激新消費需求的能力。

Tmall enjoyed rapid growth this quarter and gained market share in B2C market with 49% year-on-year gross GMV growth for fiscal goods.

天貓本季度增長迅猛，B2C 市場份額進一步擴大，財稅商品 GMV 同比增長 49%。

We continue to solidify market leadership in fashion and accessories and also saw year-over-year growth of 50% and 57% in home electronics including mobile phones and FMCG categories, respectively.

我們繼續鞏固在時尚和配飾領域的市場領導地位，包括手機和快速消費品類別在內的家用電子產品也分別實現了 50% 和 57% 的同比增長。

We are very pleased by the overwhelming positive response from consumers to our proactive marketing and user engagement strategy.

我們很高興消費者對我們積極的營銷和用戶參與策略產生了壓倒性的積極反應。

Moving forward, we will continue to prioritize market leadership and share gaining for Tmall.

展望未來，我們將繼續優先考慮天貓的市場領導地位和份額增長。

We intend to fully leverage the competitive advantage of our marketplace platform being a profitable business and reinvest these profits into new user acquisition and customer satisfaction including exceeding customer's expectation in delivery and after-sales services.

我們打算充分利用我們的市場平台作為一項盈利業務的競爭優勢，並將這些利潤再投資於新用戶獲取和客戶滿意度，包括在交付和售後服務方面超出客戶的期望。

As our B2C business expands market leadership, we are pursuing a wide range of retail innovations and the transformations in our new retail initiatives.

隨著我們的 B2C 業務擴大市場領導地位，我們正在尋求廣泛的零售創新和新零售計劃的轉型。

The successful privatization of Yintai Group is part of our strategy for transforming the department store shopping mall retail experiences.

銀泰集團的成功私有化是我們轉變百貨商場零售體驗戰略的一部分。

At the same time, we have created new retail models like the incredibly popular (inaudible) supermarket by redefining the key components of traditional retail, customer flow, merchandise space, which attracted much attention throughout the industry.

同時，我們通過重新定義傳統零售的關鍵組成部分，客流，商品空間，創造了新的零售模式，如非常受歡迎的（聽不清）超市，引起了整個行業的關注。

We made solid progress in our globalization strategy.

全球化戰略紮實推進。

Our international commerce retail business reached meaningful scale and revenue grow 136% year-on-year on the strength of AliExpress and Lazada.

我們的國際商業零售業務達到可觀的規模，收入在全球速賣通和 Lazada 的支持下同比增長 136%。

We continue to be confident in the potential and growth of the Southeast Asia market, increasing our ownership in Lazada to 83%.

我們繼續對東南亞市場的潛力和增長充滿信心，將我們在 Lazada 的持股比例提高至 83%。

We also led the latest round of investment in Tokopedia, one of the leading C2C marketplace platforms in Indonesia.

我們還領投了對 Tokopedia 的最新一輪投資，Tokopedia 是印度尼西亞領先的 C2C 市場平台之一。

Our cloud computing business continues to enjoy high growth at scale with annualized revenue well exceeding USD 1 billion while paying customers surpassed 1 million, an important milestone.

我們的雲計算業務繼續保持規模高速增長，年化收入遠超10億美元，付費客戶突破100萬，這是一個重要的里程碑。

In a landscape where every industry is seeking to migrate to the cloud, we believe 1 million customers is merely its starting point.

在每個行業都在尋求遷移到雲的環境中，我們相信 100 萬客戶僅僅是它的起點。

Our digital media and entertainment metrics has made significant progress in improving operational efficiency and user experience by leveraging Alibaba's proprietary technology platform.

通過利用阿里巴巴的專有技術平台，我們的數字媒體和娛樂指標在提高運營效率和用戶體驗方面取得了重大進展。

Investments in content acquisition and production following our acquisition of Youku are starting to bear fruit.

我們收購優酷後對內容獲取和製作的投資開始見效。

Exclusive content and variety shows have been very effective in attracting new paying customers to Youku in addition to providing new opportunities for advertising and other commercial innovations.

除了為廣告和其他商業創新提供新機會外，獨家內容和綜藝節目還非常有效地吸引了新的付費客戶到優酷。

In closing, a few thoughts.

最後，一些想法。

Over the past few quarters, we have constantly delivered superb results and the market has gradually recognized the significant value created by Alibaba economy.

過去幾個季度，我們不斷交出亮眼的成績單，市場也逐漸認可了阿里巴巴經濟體創造的巨大價值。

This is a result of our unwavering focus on the long-term strategy and the persistent innovation, coupled by -- coupled with a capability to consistently translate ideas into reality through strong execution and create real value for our customers.

這是我們堅定不移地關注長期戰略和持續創新的結果，再加上 - 再加上通過強有力的執行始終如一地將想法轉化為現實並為我們的客戶創造真正價值的能力。

Alibaba will soon be celebrating our 18th anniversary.

阿里巴巴即將慶祝成立 18 週年。

We will continue to invest and plan for the future, and we are committed more than ever to build a data-driven infrastructure for commerce in the area of the digital economy.

我們將繼續投資和規劃未來，我們比以往任何時候都更加致力於在數字經濟領域為商業建設數據驅動的基礎設施。

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 delivered another quarter of excellent results.

我們又取得了四分之一的優異成績。

Here are some financial highlights.

以下是一些財務亮點。

In June quarter, major operating and financial metrics reported strong performances.

在 6 月季度，主要運營和財務指標表現強勁。

Mobile MAUs, our China retail marketplace, reached 529 million and -- representing as of 22 million over March quarter.

我們的中國零售市場移動 MAU 達到 5.29 億，比 3 月季度達到 2200 萬。

Our core marketplace revenue grew 58% year-over-year.

我們的核心市場收入同比增長 58%。

Number of paying customers of our cloud business surpassed the 1 million.

雲業務付費客戶數突破100萬。

This is a very important milestone.

這是一個非常重要的里程碑。

Cloud computing revenue grew 96% year-on-year and the segment adjusted EBITA margin narrowed to negative 4%.

雲計算收入同比增長 96%，該部門調整後的 EBITA 利潤率收窄至負 4%。

Our non-GAAP free cash flow was USD 3.3 billion for the quarter, demonstrating the strong cash generation capability of our business.

本季度我們的非美國通用會計準則自由現金流為 33 億美元，展示了我們業務強大的現金生成能力。

Look at the quarterly revenue.

看看季度收入。

For the quarter, total revenue grew 56% year-on-year.

本季度，總收入同比增長 56%。

This is led by robust growth in our core commerce business and Alibaba Cloud.

這是由我們的核心商務業務和阿里雲的強勁增長帶動的。

The primary contributors to the core commerce revenue growth were new users, increased traffic and the effects of personalization, which we discussed with you at the Investor Day.

核心商業收入增長的主要貢獻者是新用戶、增加的流量和個性化的影響，我們在投資者日與您討論過這些。

We will come back to the underlying growth drivers for each business in more detail in the segment discussion.

我們將在細分討論中更詳細地回到每項業務的潛在增長動力。

We continue to deepen our user engagement, and this is demonstrated in our monetization growth.

我們繼續深化我們的用戶參與度，這在我們的貨幣化增長中得到了證明。

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。

Look at the quarterly cost trend.

查看季度成本趨勢。

Cost of revenue excluding stock-based compensation was RMB 16.3 billion.

扣除股票薪酬後的收入成本為人民幣 163 億元。

Gross margins improved year-on-year due to operating leverage, despite our investment in Lazada inventory costs, significant investment in digital media content and increase in Tmall supermarket logistics-related costs.

儘管我們對 Lazada 庫存成本進行了投資，對數字媒體內容進行了大量投資，並且天貓超市物流相關成本有所增加，但由於經營槓桿，毛利率同比有所提高。

These are areas where we will continue to invest, and the cost from time to time may outpace operating leverage.

這些是我們將繼續投資的領域，成本有時可能會超過經營槓桿。

As a percentage of revenue, all major expenses decreased year-on-year, reflecting operating leverage of our business.

就佔收入的百分比而言，所有主要費用同比下降，反映了我們業務的經營槓桿。

Non-GAAP net income in the quarter was RMB 20 billion, an increase of 67% year-on-year.

本季度非美國通用會計準則淨利潤為人民幣 200 億元，同比增長 67%。

We continued to generate significant free cash flow.

我們繼續產生可觀的自由現金流。

In the June quarter, we generated RMB 22.1 billion or about USD 3.3 billion in free cash flow.

在第二季度，我們產生了 221 億元人民幣或約 33 億美元的自由現金流。

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

我們的自由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目標。

At the end of the quarter, our cash, cash equivalents and short-term investments were RMB 148 billion or close to USD 22 billion, slightly increased from the end of March quarter.

本季度末，我們的現金、現金等價物和短期投資為人民幣 1,480 億元，接近 220 億美元，較三季度末略有增加。

This is primarily because of our strong free cash flow generation from operations, offset by InTime privatization, acquisitions of additional shares of Lazada and investment in Ele.me and Linhua Supermarket.

這主要是因為我們的運營產生了強勁的自由現金流，被銀泰私有化、收購 Lazada 的額外股份以及對餓了麼和林華超市的投資所抵消。

Capital expenditure in June quarter were RMB 3.6 billion, in which RMB 3.2 billion related to the non-real estate CapEx and intangible assets.

6 月當季資本支出為 36 億元人民幣，其中 32 億元人民幣與非房地產資本支出和無形資產相關。

Look at the segment reporting.

查看分部報告。

For core commerce, our core commerce segment had an outstanding quarter with revenue growth of 58% year-on-year.

對於核心商務，我們的核心商務部門有一個出色的季度，收入同比增長 58%。

This was led by China retail marketplace growth that accounted for -- the China retail marketplace revenue accounted for around 85% of the segment revenue.

這是由中國零售市場增長帶動的——中國零售市場收入佔該部門收入的 85% 左右。

As I said, the primary contributors were new users, increased traffic and the effects of personalization, which is the digital technology we talk about all the time.

正如我所說，主要貢獻者是新用戶、增加的流量和個性化的影響，這是我們一直在談論的數字技術。

So more specifically, these factors contributed to an increase in conversion rate and the volume of clicks.

因此，更具體地說，這些因素有助於提高轉化率和點擊量。

Commission revenue grew by 28% percent year-over-year while Tmall recorded 49% year-over-year growth for physical goods GMV for the same period.

佣金收入同比增長 28%，而天貓同期實物商品 GMV 同比增長 49%。

The relatively lower growth rate of reported commission revenue was primarily due to the netting off of expenditures against commissions paid by merchants as a result of new promotion initiatives for customer acquisition and retention.

報告的佣金收入增長率相對較低，主要是由於為獲取和保留客戶而採取的新促銷措施對商戶支付的佣金進行了支出抵銷。

Our China retail marketplace had 466 million new active consumers at the end of the quarter, representing a net addition of 12 million from prior quarter.

截至本季度末，我們的中國零售市場新增活躍消費者 4.66 億，較上一季度淨增 1,200 萬。

Average annual spend per active consumer increased from prior quarters.

每個活躍消費者的平均年度支出比前幾個季度有所增加。

We continue to see that the longer consumers have been with our platform, the more they spend and more orders placing across more product categories.

我們繼續看到，消費者使用我們平台的時間越長，他們花費的錢就越多，下的訂單也越多，產品類別也就越多。

Our cross-border and international consumer businesses continued to exhibit robust growth during the quarter.

我們的跨境和國際消費業務在本季度繼續呈現強勁增長。

During the quarter, we increased our ownership in Lazada to 83%, reflecting confidence and our commitment in the long-term potential of this business and the Southeast Asian markets.

本季度，我們將對 Lazada 的持股比例提高至 83%，反映出我們對該業務和東南亞市場的長期潛力充滿信心和承諾。

Our core marketplace adjusted EBITA margin of the segment slightly improved to 63% this quarter, reflecting operating leverage achieved, offset by the acquisition of InTime in May and an increase in cost of inventory of Lazada.

本季度，我們核心市場調整後的 EBITA 利潤率略微提高至 63%，反映出實現的經營槓桿被 5 月份收購 InTime 和 Lazada 庫存成本增加所抵消。

As I said earlier, we will reinvest these profits back to continue to provide competitive offerings to consumers and to maximize consumer satisfaction.

正如我之前所說，我們將把這些利潤再投資回來，繼續為消費者提供有競爭力的產品，並最大限度地提高消費者滿意度。

Alibaba Cloud reached a key milestone of exceeding 1 million paying customers, and revenue grew 96% year-on-year.

阿里雲付費用戶突破100萬，收入同比增長96%。

This is driven by robust paying customer growth and also improving revenue mix of higher value-added services.

這是由強勁的付費客戶增長以及高附加值服務的收入組合改善所推動的。

Adjusted EBITA margin for cloud computing segment improved from negative 13% to negative 4% this quarter.

本季度雲計算業務的調整後 EBITA 利潤率從負 13% 改善至負 4%。

Our digital media and entertainment segment revenue in the June quarter was RMB 4.1 billion, an increase of 30% year-on-year.

我們的數字媒體和娛樂部門在 6 月當季的收入為人民幣 41 億元，同比增長 30%。

You see we have maintained a robust growth, driven by its value-added service, such as news feeds and mobile search.

你看，在其增值服務（如新聞源和移動搜索）的推動下，我們保持了強勁的增長。

The slower year-over-year growth of digital media and entertainment revenue in this quarter reflected the full effect of Youku Tudou consolidation in May 2016, so we come to the anniversary.

本季度數字媒體和娛樂收入的同比增長放緩反映了 2016 年 5 月優酷土豆整合的全面影響，所以我們來到了周年紀念日。

We are focused on investing in both contents and products in Youku video business to improve user experience and drive subscription business -- subscription growth.

我們專注於投資優酷視頻業務的內容和產品，以改善用戶體驗並推動訂閱業務——訂閱增長。

The investment resulted in strong daily average subscriber growth that increased over 100% year-over-year during the quarter.

該投資帶來了強勁的日均訂戶增長，本季度同比增長超過 100%。

We believe subscribers' growth will continue at a relatively fast pace.

我們相信用戶的增長將繼續保持相對較快的速度。

Adjusted EBITA margin of the segment was negative 43% this quarter.

本季度該部門調整後的 EBITA 利潤率為負 43%。

And compared to prior year's quarter, there was a increase in an active margin, primarily due to increase in content costs of Youku Tudou since second half of fiscal 2017.

與去年同期相比，主動利潤率有所上升，這主要是由於自 2017 財年下半年以來優酷土豆的內容成本有所增加。

We will continue to increase our competitive position in digital entertainment through a combination of licensed premium content as well as self-produced and jointly produced programming.

我們將通過結合授權優質內容以及自行製作和聯合製作的節目，繼續提高我們在數字娛樂領域的競爭地位。

Revenue from innovation initiatives and other segment increased 21% year-on-year.

來自創新計劃和其他分部的收入同比增長 21%。

Adjusted EBITA margin of the segment was negative 98%, reflecting ongoing investments in our new business initiatives.

該部門調整後的 EBITA 利潤率為負 98%，反映了我們對新業務計劃的持續投資。

Now looking ahead.

現在展望未來。

We remain optimistic about the growth prospectives of fiscal year 2018, driven primarily by robust growth of core business and cloud computing.

我們對 2018 財年的增長前景保持樂觀，主要受核心業務和雲計算強勁增長的推動。

Based on our solid performance so far this fiscal year, we reiterate our fiscal year 2018 revenue growth guidance range of 45% to 49%, which we provided during our Investor Day in June.

基於我們本財年迄今為止的穩健表現，我們重申我們在 6 月的投資者日提供的 2018 財年收入增長指導範圍為 45% 至 49%。

We will continue to invest incremental profits to improve user experience and expand consumer base.

我們將繼續投入增量利潤，以改善用戶體驗並擴大消費群。

We expect to step up investments in the second half of this fiscal year to further gain B2C market share as well as developing our new businesses.

我們預計將在本財年下半年加大投資力度，以進一步獲得 B2C 市場份額並發展我們的新業務。

Our cloud computing business enjoys first-mover advantage, and we'll keep expanding our market leadership by continuously providing value-added services.

我們的雲計算業務具有先發優勢，我們將通過持續提供增值服務來擴大我們的市場領導地位。

Our technology advantage and the team's strong execution have strengthened our market position as reflected in expanding customer reach spanning many industries, deepening existing customer relationships and increasing adoption of innovative and value-added products by customers.

我們的技術優勢和團隊的強大執行力鞏固了我們的市場地位，這體現在擴大跨多個行業的客戶範圍、深化現有客戶關係以及增加客戶對創新和增值產品的採用。

In the future, we will see more and more synergies between digital media and entertainment and our core commerce business that complement each other in terms of consumers, content and commercialization.

未來，我們將看到數字媒體和娛樂與我們的核心商業業務之間越來越多的協同效應，在消費者、內容和商業化方面相互補充。

We have seen early success and we'll continue to leverage the cross-selling opportunities between the 2 businesses presented by the vast consumer base of our ecosystem to drive long-term value.

我們已經看到了早期的成功，我們將繼續利用我們生態系統龐大的消費者群所提供的兩家企業之間的交叉銷售機會來推動長期價值。

I would like to reiterate that Alibaba is a company that always invests for the long term and invests for future.

我想重申，阿里巴巴是一家永遠投資於長期、投資於未來的公司。

We will continue to provide value to our customers through technology innovation and consumer insights to ensure healthy and sustainable growth of the Alibaba economy.

我們將繼續通過技術創新和消費者洞察為我們的客戶提供價值，以確保阿里巴巴經濟體的健康和可持續增長。

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.

接線員，我們準備開始問答。

Thank you.

謝謝。

(Operator Instructions) Your first question comes from Piyush Mubayi of Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的 Piyush Mubayi。

On customer management revenue, that's a huge number you've gotten for the quarter.

關於客戶管理收入，這是您本季度獲得的巨大數字。

How much of it is being contributed by the new Uni Marketing product?

新的 Uni Marketing 產品貢獻了多少？

How much of it is because of the complete change in how brands are perceiving the value you're providing?

其中有多少是因為品牌對您提供的價值的看法發生了徹底的變化？

And how much of this is still dependent on pay click that we -- I used to think about in the past?

這其中有多少仍然取決於我們 - 我過去常常考慮的付費點擊？

That'd be greatly appreciated.

那將不勝感激。

Thanks for your question, Piyush.

謝謝你的問題，Piyush。

So for growth in our customer management revenue, the Uni Marketing efforts actually right now is still in the initial stage, so we don't see significant contribution from Uni Marketing right now.

因此，對於我們客戶管理收入的增長，Uni Marketing 目前的努力實際上仍處於初始階段，因此我們目前看不到 Uni Marketing 的重大貢獻。

I think that, as I said, the growth driver actually are mainly coming from the new users and increased traffic and the effect of personalization.

我認為，正如我所說，增長動力實際上主要來自新用戶和增加的流量以及個性化的影響。

So this is not just one quarter's effort, it's over time.

所以這不僅僅是四分之一的努力，而是隨著時間的推移。

I would like to mention about that a year ago in September, we made a technology change to enhance personalization.

我想提一下，一年前的 9 月，我們進行了技術變革以增強個性化。

And then when we get to anniversary of that change later of this year, things will be more normalized and overall revenue will be in line with our revenue guidance.

然後，當我們在今年晚些時候迎來這一變化的周年紀念日時，事情將會更加正常化，整體收入將符合我們的收入指導。

I hope that answers your question.

我希望這能回答你的問題。

Okay.

好的。

Was there any other reason why you saw such a sharp acceleration in the quarter versus the prior quarter?

與上一季度相比，您在本季度看到如此急劇的加速還有其他原因嗎？

Yes.

是的。

Actually, prior year quarters, we also see quite strong growth.

實際上，去年同期，我們也看到了相當強勁的增長。

But to talk about the current quarter, main reason is that more merchants were paying more, right?

但是說到本季度，主要原因是更多的商家付了更多的錢，對吧？

So why -- what are they paying for?

那麼為什麼——他們付錢是為了什麼？

That is the growth of the new user.

那就是新用戶的增長。

And also the technology dividend we get from the personalization enhancement we launched last September.

還有我們從去年 9 月推出的個性化增強功能中獲得的技術紅利。

Yes.

是的。

Piyush, maybe let me add to that.

Piyush，也許讓我補充一下。

If you see that our monthly active users have grown by 22 million sequentially to 529 million, so that means the number of people coming to our platform in the e-commerce context to look for things, to also consume content as we become more of a content-rich app, the people are becoming more engaged.

如果你看到我們的每月活躍用戶已經連續增長了 2200 萬，達到 5.29 億，這意味著隨著我們變得更像一個內容豐富的應用程序，人們的參與度越來越高。

So you now have the effect of more users that are more engaged on a daily basis, which has the effect of, obviously, increasing the clicks.

所以你現在有更多用戶每天參與的效果，這顯然會增加點擊次數。

The other effect of increasing clicks is what Maggie discusses: The personalization where we use AI technology to improve the content that people see so that they are more personalized to you, the shopper, and that also increases the clicks.

增加點擊次數的另一個影響是 Maggie 所討論的：個性化，我們使用 AI 技術來改善人們看到的內容，以便他們對您（購物者）更加個性化，這也會增加點擊次數。

So those are the effects.

所以這些就是效果。

Moving on to the next question is from Eddie Leung of Merrill Lynch.

下一個問題來自美林證券的 Eddie Leung。

I have a follow-up question on a topic.

我有一個關於主題的後續問題。

The management team addressed it in the last quarterly result call.

管理團隊在上一季度業績電話會議上解決了這個問題。

I remembered the managements discussed it.

我記得管理層討論過它。

It's on how to help the small- and medium-sized merchants, especially those started their online shops perhaps early on, on Taobao to handle these changes in the new retail era.

就是如何幫助淘寶上的中小商戶，尤其是早期開店的中小商戶應對新零售時代的這些變化。

So just wondering if the management could give us some update on some of the initiatives you guys have been implementing and thinking about.

所以只是想知道管理層是否可以向我們提供一些關於你們一直在實施和考慮的舉措的最新情況。

And along the same lines, I think, Joe, you mentioned about the new retail strategy.

同樣，我認為，喬，你提到了新零售戰略。

Is it fair to assume that, at the beginning, we would be looking at the benefits mainly are going to the large merchants, which have their off-line as well as online presence rather than, again, the SMEs?

是否可以假設，一開始，我們主要關注的是大型商家的利益，這些商家既有線下業務，也有線上業務，而不是中小企業？

And if so, how should we think about the long-term benefits, not only limited to the large merchants, but also to the SMEs?

如果是這樣，我們應該如何考慮長期利益，不僅限於大商戶，還包括中小企業？

Okay.

好的。

Thanks, Eddie.

謝謝，艾迪。

This is Daniel.

這是丹尼爾。

Let me answer your question.

讓我回答你的問題。

I think for the first one, actually, Taobao is a community not only for the -- is a marketplace not only for the big customers.

我認為對於第一個，實際上，淘寶不僅是一個社區——一個不僅是大客戶的市場。

Actually, Taobao focus on small business.

實際上，淘寶專注於小企業。

And this is our mission: to help small business to do business easier.

這就是我們的使命：幫助小型企業更輕鬆地開展業務。

And what we do to help the small business is probably driven by product innovation.

我們為幫助小企業所做的工作可能是由產品創新驅動的。

And all we do is to innovate in product tools and service tools to empower the small business to do this easier.

我們所做的就是在產品工具和服務工具方面進行創新，讓小企業能夠更輕鬆地做到這一點。

Today, what we do is that we developed a very successful user interfaces in content and data driven.

今天，我們所做的是在內容和數據驅動方面開發了非常成功的用戶界面。

And I think, today, for small business, if they have unique products, they can create unique contents.

而且我認為，今天，對於小型企業來說，如果他們擁有獨特的產品，他們就可以創造獨特的內容。

They can have enough exposures to acquire new customers.

他們可以有足夠的曝光率來獲得新客戶。

Let me take example of our Taobao (foreign language) Taobao Maker Festival.

舉個我們淘寶（外文）淘寶造物節的例子。

We hold this event -- actually, this the second year we hold the event and this is a very successful event.

我們舉辦了這個活動——實際上，這是我們舉辦這個活動的第二年，這是一個非常成功的活動。

We have a lot of small business, young startups and they create a business in Taobao.

我們有很多小企業，年輕的創業公司，他們在淘寶上創業。

And they produce very, very unique products.

他們生產非常非常獨特的產品。

And because of the data -- because of the technology innovation, because of product innovation, now they get a tool to display their unique product to their target audiences rather than they buy traffic and -- to the general audience.

並且由於數據 - 由於技術創新，由於產品創新，現在他們獲得了向目標受眾展示其獨特產品的工具，而不是他們購買流量 - 向普通受眾展示。

So I think that's our good try and we will continue to work on this to make sure.

所以我認為這是我們很好的嘗試，我們將繼續努力以確保這一點。

And in Taobao we are not only to make people to win, but also to help small business to have their startups successful.

而在淘寶，我們不僅要讓人贏，還要幫助小企業創業成功。

And for new retail, I think this is also relevant to the first question.

而對於新零售，我認為這也與第一個問題有關。

I think we never -- we always believe new retail is not only about omnichannel.

我認為我們從來沒有——我們始終相信新零售不僅僅是關於全渠道。

New retail is not only relevant to online, off-line integration.

新零售不僅僅涉及線上線下的融合。

New retail is about how to create a new business in a new way and how to -- for example, how to design product according to the intensive consumer insights, how to make a very, very flexible soft supply chain and product manufacturing process.

新零售是關於如何以新的方式創建新業務以及如何 - 例如，如何根據消費者的深入洞察來設計產品，如何製作非常非常靈活的軟供應鍊和產品製造流程。

So today, in our platform, we have -- we identified a lot of new business.

所以今天，在我們的平台上，我們發現了很多新業務。

They create -- they design the product based on very prompt feedback from the market, from their customers.

他們創造——他們根據來自市場和客戶的非常及時的反饋設計產品。

And they tailor-made the products, maybe not in the large scale, but very small scale, but very, very efficient supply.

他們量身定制產品，可能規模不大，但規模很小，但供應非常非常有效。

And then they follow the fashion and -- actually, they create the fashion.

然後他們追隨時尚——實際上，他們創造了時尚。

They lead the trend of the fashion.

他們引領時尚潮流。

So I think new retail is a broad concept and also help us to identify -- under this concept, we also try to identify more and more unique small business and help them to grow on our platform.

所以我認為新零售是一個廣泛的概念，也幫助我們識別——在這個概念下，我們也試圖識別越來越多獨特的小企業，並幫助他們在我們的平台上成長。

Moving on to the next question, we have Grace Chen from Morgan Stanley.

轉到下一個問題，我們有來自摩根士丹利的 Grace Chen。

My question is about your cloud business.

我的問題是關於您的雲業務。

I remember the management previously set a target to achieve 1 million paying customers, and this target has been achieved in the current quarter.

我記得管理層之前設定的目標是要達到 100 萬付費客戶，而這個目標在本季度已經實現了。

So I'm wondering what's your next target and what implication on margins after achieving 1 million paying customers?

所以我想知道您的下一個目標是什麼，以及在實現 100 萬付費客戶後對利潤有何影響？

And in addition, in the Investor Day, we talked about expansion into the SaaS market, Software-as-a-Service market.

此外，在投資者日，我們談到了向 SaaS 市場、軟件即服務市場的擴張。

Can you share with us the competitive landscape in China SaaS market and how Alibaba Cloud is positioned in this market?

您能和我們分享一下中國SaaS市場的競爭格局以及阿里雲在這個市場的定位嗎？

Yes.

是的。

This quarter, we hit the milestone of 1 million paying customers in our cloud business.

本季度，我們的雲業務達到了 100 萬付費客戶的里程碑。

We are very happy with that, but we believe this is a starting point.

我們對此感到非常高興，但我們相信這是一個起點。

Cloud actually has a huge potential in China and in the world, and every single business is going to the cloud.

雲在中國乃至全球都有巨大的潛力，每一個企業都在走向雲。

So we -- actually, we are trying our focus still the market expansion, still trying to leverage our first-move advantage to have a big-scale business in cloud.

所以我們 - 實際上，我們正在努力將重點放在市場擴張上，仍然試圖利用我們的先發優勢在雲中開展大規模業務。

So we will continue to invest very heavily in cloud business and try to sign up more paying customers in the future.

因此，我們將繼續大力投資雲業務，並在未來嘗試簽約更多的付費客戶。

And also I think relative to your second question, yes, actually the cloud -- actually, we view cloud business not only a infrastructure service provider.

而且我認為相對於你的第二個問題，是的，實際上是雲——實際上，我們認為雲業務不僅是基礎設施服務提供商。

We work very closely with SaaS service provider in different industries, in different segments, try to help them to develop their application, tailor-made applications, for their clients on our cloud.

我們與不同行業、不同領域的 SaaS 服務提供商密切合作，努力幫助他們在我們的雲上為他們的客戶開發他們的應用程序、量身定制的應用程序。

And this include the CRM, include the ERP and include even a customer service software.

這包括 CRM，包括 ERP，甚至包括客戶服務軟件。

So actually, this did cover a wide range of industries.

所以實際上，這確實涵蓋了廣泛的行業。

And I do believe now is just early stage of cloud business.

我相信現在只是雲業務的早期階段。

We look forward to a very bright future in cloud.

我們期待雲計算的光明未來。

Moving on, the next question is from Alex Yao of JPMorgan.

繼續，下一個問題來自摩根大通的 Alex Yao。

Two questions.

兩個問題。

One is a follow-up on Joe's comment, the development of new retail will be disruptive gain in the economy and it will disrupt the e-commerce first.

一個是對喬的評論的後續，新零售的發展將對經濟產生顛覆性的影響，它將首先顛覆電子商務。

Can you elaborate more about how do you think about the new retail will interplay with the current e-commerce consumer behavior?

您能否詳細說明您如何看待新零售將如何與當前的電子商務消費者行為相互作用？

And then how should we think about your ability to monetize and generate profit during this disruptive period and after?

那麼我們應該如何考慮您在這個顛覆性時期及之後的貨幣化和產生利潤的能力？

And then, secondly, I think, Maggie, you mentioned that the reason for commission revenue underperformed the GMV of Tmall is because you guys are basically rebating the commission back to merchant for adoption.

然後，其次，我認為，Maggie，你提到佣金收入低於天貓 GMV 的原因是因為你們基本上是將佣金返還給商家以供採用。

Can you elaborate a little bit more and help us understand how to think about the future trend for commission revenue?

您能否詳細說明一下，幫助我們了解如何思考佣金收入的未來趨勢？

This is Daniel.

這是丹尼爾。

Let me answer your first question.

讓我回答你的第一個問題。

In terms of new retail, I think the first -- as Joe said, we have to think -- we have to think out of box to disrupt the existing off-line retail model and even to disrupt the existing e-commerce model.

在新零售方面，我覺得第一個——正如喬說的，我們要思考——我們要跳出框框去思考，去顛覆現有的線下零售模式，甚至去顛覆現有的電商模式。

But I would say actually our e-commerce -- our existing e-commerce platform, our core commerce platform actually generate tons of consumer data, which is incredibly valuable for us to get insight of customers.

但我要說的是，實際上我們的電子商務——我們現有的電子商務平台，我們的核心商務平台實際上產生了大量的消費者數據，這對我們了解客戶來說非常有價值。

And we know -- for this over 500 million customers, we know who they are and we know where they live.

我們知道 - 對於這超過 5 億客戶，我們知道他們是誰，我們知道他們住在哪裡。

We know their preference in consumption pattern and their favorite brands.

我們知道他們對消費模式的偏好以及他們最喜歡的品牌。

So we have enough consumer insight.

所以我們有足夠的消費者洞察力。

But today, these 500 million customers, actually they are not only online, they are everywhere.

但是今天，這5億客戶，其實他們不僅在線，而且無處不在。

But any time they -- anytime, anywhere, they are always online at the same time.

但無論何時何地，他們總是同時在線。

So today, actually, this online advantage give us a very good chance to understand more about customers, then give us the chance to innovate in the retail format.

所以今天，實際上，這種在線優勢給了我們一個很好的機會來更多地了解客戶，然後讓我們有機會在零售業態中進行創新。

And we do believe the innovative retail model and retail format is the necessity for the new retail.

我們相信創新的零售模式和零售業態是新零售的必要條件。

And this is not only to drive traffic from online to off-line or drive traffic from off-line to online, this is trying to create the incremental value for the customers as well as to the business.

而這不僅僅是為了把流量從線上引到線下，或者把流量從線下引到線上，這是在試圖為客戶和企業創造增量價值。

So actually, we have -- recently people discuss a lot about our innovative Herma model, and we start to incubate this Herma 2 years ago.

所以實際上，我們 - 最近人們討論了很多關於我們創新的 Herma 模型，我們在 2 年前開始孵化這個 Herma。

And we made a lot of efforts to make this thing as a unique one because this is not a supermarket, this is not a food mart, this is a brand-new model.

我們付出了很多努力使它成為獨一無二的東西，因為這不是超市，也不是食品市場，這是一種全新的模式。

So actually -- but this model can bring people the value, which they cannot get in the traditional retail business.

所以實際上——但這種模式可以給人們帶來價值，這是他們在傳統零售業務中無法獲得的。

For example, they can get order -- they can place order online and get 30 minutes on-demand delivery and they can enjoy the food on the spot and no time they can buy at home.

例如，他們可以得到訂單——他們可以在線下訂單並獲得 30 分鐘的按需交貨，他們可以在現場享用食物，而沒有時間在家購買。

So -- but going forward, I would say, actually, this is just is -- Herma just is an example, real example, to get people know and how we can innovate, how we can upgrade the existing off-line business and the potential to address the 55 -- the 85% of off-line retail.

所以 - 但展望未來，我會說，實際上，這只是 - Herma 只是一個例子，真實的例子，讓人們知道我們如何創新，我們如何升級現有的線下業務和有潛力解決 55 - 85% 的線下零售。

And we will continue to work on this and leverage what we have, mostly important assets we have, data, to build a new business.

我們將繼續致力於此，並利用我們擁有的，主要是我們擁有的重要資產，數據來建立新業務。

Yes.

是的。

Just to follow up just quickly on Daniel's comment regarding 30-minute delivery, as an example of where new retail can be very disruptive to existing e-commerce retailers.

只是快速跟進丹尼爾關於 30 分鐘交貨的評論，作為新零售可能對現有電子商務零售商造成極大破壞的一個例子。

When your consumer demand is generated from an in-store experience and then that consumer says, well, I'm going to a movie so I don't want to carry a bag with me, so I'm going to have it delivered to my home within a very short period of time, that's where logistics, your traditional e-commerce logistics infrastructure can be disrupted because you will need to fulfill out of that retail location as opposed to out of a warehouse that is not even in the city center.

當你的消費者需求是從店內體驗中產生的，然後那個消費者說，好吧，我要去電影院，所以我不想隨身攜帶包，所以我要把它送到我的家在很短的時間內，那裡就是物流，你的傳統電子商務物流基礎設施可能會被打亂，因為你需要在那個零售地點外完成訂單，而不是在甚至不在市中心的倉庫裡完成訂單.

So the expectation becomes 30 minutes and not overnight or 24 hours.

所以期望變成 30 分鐘，而不是一夜之間或 24 小時。

So that's going to be very, very disruptive to existing infrastructure and investments that have been made.

因此，這將對現有的基礎設施和已經進行的投資產生非常、非常大的破壞。

Right.

正確的。

Alex, regarding your question on the commission revenue.

亞歷克斯，關於你關於佣金收入的問題。

This quarter, our commission revenue shows slower growth, which is 28%.

本季度，我們的佣金收入增長放緩，為 28%。

This is because our commission revenue were netted off by the expenses, the subsidies we paid during the quarter.

這是因為我們的佣金收入被支出，即我們在本季度支付的補貼所抵消。

We see this as an investment.

我們將此視為一項投資。

So basically we recognize less commission revenue to improve consumer acquisition retention and also consumer experience, in turn resulted in strong transaction growth in Tmall GMV.

因此，基本上我們認識到減少佣金收入以提高消費者獲取保留率和消費者體驗，進而導致天貓 GMV 的交易強勁增長。

So you've seen we reported 49% year-on-year growth on Tmall physical goods GMV.

所以你已經看到我們報告天貓實物商品 GMV 同比增長 49%。

So going forward, how we look at it, we're going to continue to invest.

所以展望未來，我們如何看待它，我們將繼續投資。

So the investment may not necessarily all on this top line, but also on the costs and the expenditures, the marketing spending and other expenses that could improve the -- enhancing the consumer experience.

因此，投資可能不一定都在這條線上，但也包括成本和支出、營銷支出和其他可以改善——增強消費者體驗的支出。

So by the way, the commission revenue accounted for around 18% of total revenue, so just for your reference.

所以順便說一下，佣金收入佔總收入的18%左右，所以僅供參考。

Moving on to next question we have from Alan Hellawell of Deutsche Bank.

接下來是德意志銀行的 Alan Hellawell 提出的下一個問題。

I believe that profit sharing from Ant was up more than 140% quarter-on-quarter.

我相信螞蟻金服的利潤分享環比增長超過 140%。

I was hoping you could give us a sense as to the factors behind that sharp increase and what we might expect to the rest -- for the rest of the financial year.

我希望您能告訴我們這種急劇增長背後的因素以及我們對其餘財政年度的剩餘時間的期望。

And then just going back to video.

然後回到視頻。

Subscribers are up 100% year-on-year, but revenues from the group were up only 30%.

訂戶同比增長 100%，但該集團的收入僅增長 30%。

I was just wondering how many of these subscribers are indeed paying subs?

我只是想知道這些訂閱者中有多少人確實在付費訂閱？

And how many of them might be bundled at this point in time?

在這個時間點，其中有多少可能會被捆綁？

And how does that ratio evolve going forward?

該比率將如何發展？

Alan, yes, we shared a higher profit from Ant this quarter and business grow very well.

艾倫，是的，本季度我們從螞蟻集團獲得了更高的利潤，業務增長非常好。

Not only they have laid a great consumer foundation and their payment business growing well, but also they have strong growth in other value-added services such as financial services, technology services, in the wealth management, in consumer loan areas.

他們不僅打下了良好的消費基礎，支付業務增長良好，而且在金融服務、科技服務、財富管理、消費貸款等其他增值服務領域也有強勁增長。

We do expect to see its continued strong growth, but with aggressive investments in the following quarters.

我們確實希望看到其持續強勁增長，但在接下來的幾個季度會進行積極的投資。

In our video business, actually, today, actually, most of the subscribers are paying customers and we seldomly do the bundled sales.

在我們的視頻業務中，實際上，今天，實際上，大多數訂閱者都是付費客戶，我們很少進行捆綁銷售。

But actually, that shows a huge potential in the future to leading the development of the contents and -- especially in exclusive contents.

但實際上，這顯示了未來引領內容髮展的巨大潛力，尤其是在獨家內容方面。

We are very confident to attract more paying subscribers on our video business.

我們非常有信心為我們的視頻業務吸引更多的付費用戶。

And we also see a good chemistry between our loyalty customers on our e-commerce platform and to give them access to the video, and this is also the expansion of their consumptions.

我們也看到我們的電子商務平台上的忠誠客戶之間產生了良好的化學反應，並讓他們可以訪問視頻，這也是他們消費的擴展。

Moving on to the next question we have from Chi Tsang of HSBC.

接下來是匯豐銀行的 Chi Tsang 提出的下一個問題。

I have 2 questions.

我有兩個問題。

First question, very strong growth in Tmall GMV.

第一個問題，天貓 GMV 的增長非常強勁。

I was wondering if you can give us a bit more color sort of what's driving that.

我想知道你是否可以給我們更多的顏色來說明是什麼驅動了它。

Obviously you had some promotional activity.

顯然你有一些促銷活動。

But any additional color will be very informative.

但是任何額外的顏色都會提供很多信息。

And secondly, you also had very strong growth in international.

其次，你們在國際上也有非常強勁的增長。

I was wondering if you can sort of help set us understand and maybe tie together Lazada and Redmart and your recent investment in Tokopedia.

我想知道你是否可以幫助我們了解 Lazada 和 Redmart 以及你最近對 Tokopedia 的投資，並可能將它們聯繫起來。

How did these businesses evolve over time?

隨著時間的推移，這些業務是如何發展的？

And importantly, how they might compete with Amazon when they expand into ASEAN?

重要的是，當他們擴展到東盟時，他們如何與亞馬遜競爭？

Yes.

是的。

This quarter Tmall recorded a 49% year-on-year growth in physical goods.

本季度天貓實物商品同比增長49%。

And we -- as Maggie said, actually we invest -- we made a good investment in Tmall and we made great efforts in acquiring new consumers and improving the experience of existing customers.

我們——正如 Maggie 所說，實際上我們投資了——我們對天貓進行了很好的投資，我們在獲取新消費者和改善現有客戶體驗方面做出了巨大努力。

And we will -- and on top of that, actually we do a lot of -- teams did a great job in terms of expanding the product selections, especially to have the Uni's exclusive selection, product selections on Tmall including to get more import products on our platform and inclusive new product launch on our platform.

我們將——最重要的是，實際上我們做了很多——團隊在擴大產品選擇方面做得很好，特別是擁有 Uni 的獨家選擇，天貓上的產品選擇，包括獲得更多進口產品在我們的平台上發布並在我們的平台上發布包容性新產品。

I think we will continue to work on this and we will continue to invest in user experience, in acquisition of new customers as well as expanding our footprint in different categories, especially in low categories like fresh and frozen and imported products.

我認為我們將繼續致力於此，我們將繼續投資於用戶體驗、獲取新客戶以及擴大我們在不同品類中的足跡，尤其是新鮮、冷凍和進口產品等低端品類。

Then for the second question.

那麼對於第二個問題。

Yes, actually international globalization is our long-term strategy.

是的，實際上國際全球化是我們的長期戰略。

We are very committed to the global expansion.

我們非常致力於全球擴張。

And you know that we made investment in Lazada.

你知道我們投資了 Lazada。

And in Singapore, we have another investment in Redmart, which is -- which focus on fresh and frozen and dry groceries, which we believe these 2 categories create a very high and very frequent consumption and high-frequency consumption.

在新加坡，我們對 Redmart 進行了另一項投資，它專注於新鮮、冷凍和乾貨雜貨，我們認為這兩個類別創造了非常高和非常頻繁的消費和高頻消費。

So we think this is a combination -- actually we view this as part of the category expansion of Lazada in Singapore.

所以我們認為這是一個組合——實際上我們認為這是新加坡 Lazada 品類擴張的一部分。

And we just -- actually, I just mentioned in my script that we led the investment in Tokopedia in Indonesia because Indonesia is a very, very important, market and we are very happy that Lazada has very strong performance in Indonesia.

我們只是 - 實際上，我剛剛在我的腳本中提到我們領導了對印度尼西亞 Tokopedia 的投資，因為印度尼西亞是一個非常非常重要的市場，我們很高興 Lazada 在印度尼西亞有非常強勁的表現。

But in this market, I think not only B2C has opportunity, but C2C also has great potential.

但是在這個市場上，我覺得不僅B2C有機會，C2C也有很大的潛力。

So that's the reason why we -- on top of Lazada, we made very important move in C2C, which is Tokopedia.

所以這就是為什麼我們 - 在 Lazada 之上，我們在 C2C，即 Tokopedia 中採取了非常重要的舉措。

We anticipate that we can generate a lot of synergies and chemistries in Indonesia market in both B2C and C2C.

我們預計我們可以在 B2C 和 C2C 的印度尼西亞市場上產生大量的協同效應和化學反應。

Yes.

是的。

Well, we are talking about investment.

好吧，我們正在談論投資。

We also emphasize the efficiency of our investment.

我們還強調投資的效率。

So when you take a look at the returns, growth of GMV and the revenue, our investments are drive -- when you talk about investment, look at the sales, marketing expense, other expense, it shows -- when compared to peers, it shows that our investment into the growth, drive the growth is a high efficient investment.

因此，當你看一下 GMV 的回報、增長和收入時，我們的投資是驅動力——當你談論投資，看看銷售、營銷費用和其他費用時，它表明——與同行相比，它說明我們投資於增長，帶動增長，是一種高效率的投資。

Moving on to next question is from Jin Yoon of Mizuho.

下一個問題來自 Mizuho 的 Jin Yoon。

Just couple of questions for me.

只問我幾個問題。

As you transfer more and more into this social commerce platform, can you give us some color on what kind of incremental conversion or clicks growth you're seeing from some of the channels such as live broadcasting, news feed personalization?

隨著您越來越多地轉移到這個社交商務平台，您能否給我們一些顏色，說明您從直播、新聞提要個性化等一些渠道中看到了什麼樣的增量轉化或點擊增長？

Perhaps what channel is more effective than the other?

也許哪個渠道比另一個更有效？

And second of all, Maggie, you mentioned that part of your growth is driven by new users.

其次，Maggie，您提到您的部分增長是由新用戶推動的。

Is it safe to say that -- are you guys seeing newly added users today initial ramp in spending is faster than ever?

可以肯定地說 - 你們今天看到新添加的用戶的初始支出增長速度比以往任何時候都快嗎？

That'd be it for me.

對我來說就是這樣。

Taobao -- mobile Taobao platform actually transformed from a sales platform to a sales marketplace to a social commerce and content-driven, community-driven platform.

淘寶——手機淘寶平台實際上從銷售平台轉變為銷售市場，轉變為社交商務和內容驅動、社區驅動的平台。

Actually, we see a very interesting change of the ecosystem, which is on top of the buyer and seller on our platform.

實際上，我們看到了生態系統的一個非常有趣的變化，它在我們平台上的買賣雙方之上。

Today, we have a lot of key opinion leader, influencers, which becomes -- actually, they create a lot of tons of contents associated with consumption, associated with products on our platform.

今天，我們有很多關鍵意見領袖、影響者，實際上，他們創造了大量與消費相關的內容，與我們平台上的產品相關。

So our customers today, when they -- they are on a mobile app, they are not only consuming the goods, but also consuming the contents.

所以我們今天的客戶，當他們使用移動應用程序時，他們不僅在消費商品，還在消費內容。

By consuming the contents, they are creating new demand from the customers.

通過消費內容，他們正在創造來自客戶的新需求。

So actually, today, on our platform, we don't -- actually, we don't have a unified content -- social commerce products.

所以實際上，今天，在我們的平台上，我們沒有——實際上，我們沒有統一的內容——社交商務產品。

Actually, we have a lot of user interfaces on our mobile app.

實際上，我們的移動應用程序上有很多用戶界面。

And for different user products like live streaming, cellphone video and a product recommendation, actually, they have different advantage and disadvantage.

而對於不同的用戶產品，比如直播、手機視頻、產品推薦，其實都有不同的優勢和劣勢。

And we are working closely with our merchants to get them to understand how to use these different services, these different tools to have higher conversion.

我們正在與我們的商家密切合作，讓他們了解如何使用這些不同的服務、這些不同的工具來獲得更高的轉化率。

Actually, normally speaking, just to give you a real sense, actually we see a lot of makeup categories and kitchen -- kitchen products.

實際上，通常來說，只是為了給你一個真實的感覺，實際上我們看到了很多化妝品類別和廚房 - 廚房產品。

Actually, this is very good for the live streaming because people, a young lady just make a -- do live streaming to show people how to makeup and how to cook the meal and then create a lot of curiosity of the food and also for the electronics in the kitchen.

實際上，這對直播來說非常好，因為人們，一位年輕女士只是做一個 - 做直播來向人們展示如何化妝和如何做飯，然後引起人們對食物的好奇心，也為廚房裡的電子產品。

Right.

正確的。

So the driver of the growth and how that new user impact our future growth, I think when I look at the direct driver of the growth of our customer management revenue is the number of clicks and also the CPC, both the metrics grow very healthily.

因此，增長的驅動力以及新用戶如何影響我們未來的增長，我認為當我看到客戶管理收入增長的直接驅動力是點擊次數和 CPC 時，這兩個指標都非常健康地增長。

And number of clicks comes from both new users and existing users.

點擊次數來自新用戶和現有用戶。

So basically, why the clicks grow is because we provide more relevant content, and consumer engagement growing.

所以基本上，點擊次數增長的原因是因為我們提供了更多相關內容，消費者參與度也在提高。

They just stay here, enjoy shopping and window shopping and social commerce in Taobao.

他們就呆在這裡，享受淘寶購物和逛街以及社交商務。

So what make up that more relevant content is our data technology.

因此，構成更相關內容的是我們的數據技術。

We talked about the personalization, a lot of efforts we made to make the user experience better and better.

我們談到了個性化，我們為使用戶體驗越來越好所做的很多努力。

So that's the real driver behind.

這才是真正的幕後推手。

And just to supplement that, this is not just clicks, but also actual spend and purchase orders on our platform.

補充一下，這不僅僅是點擊次數，還有我們平台上的實際支出和購買訂單。

We have said in our earnings release -- which I think we've repeated that in the past -- is that the longer a customer stays on our platform, the more they spend per customer in terms of more orders and also across more product categories.

我們在收益發布中說過——我認為我們過去曾重複過這一點——客戶在我們平台上停留的時間越長，他們在每個客戶身上花費的訂單越多，產品類別越多.

The next question comes from Gregory Zhao of Barclays.

下一個問題來自巴克萊銀行的 Gregory Zhao。

I have 2 quick questions.

我有 2 個快速問題。

So the first one is actually about our margins and sales and marketing expense.

所以第一個實際上是關於我們的利潤率以及銷售和營銷費用。

Before the earnings, we've heard some concerns about the competition during the 618 event, which was expected to weigh on our margins, but actually we are seeing some deceleration now with sales and marketing expense.

在公佈收益之前，我們聽到了一些對 618 活動期間競爭的擔憂，預計這會影響我們的利潤率，但實際上我們現在看到銷售和營銷費用有所放緩。

And can you help us understand the reason behind?

你能幫助我們了解背後的原因嗎？

And it's also about margins.

這也與利潤有關。

So this quarter we have quite strong core commerce margin.

所以本季度我們的核心商業利潤率相當高。

Shall we expect we can maintain such trend through the year?

我們是否應該期望我們可以全年保持這種趨勢？

Right.

正確的。

So our spending and investment in marketing and sales.

因此，我們在營銷和銷售方面的支出和投資。

So our investment are not only reflected in the marketing expense, it could also be offsetting some of the commission revenue.

因此，我們的投資不僅體現在營銷費用上，還可以抵消部分佣金收入。

But having said that, the investment we're going to make in the following quarters will be increased.

但話雖如此，我們將在接下來的幾個季度進行的投資將會增加。

So I think, overall, when you talk about the core commerce margins, 63% is a very high margin level.

所以我認為，總的來說，當你談到核心商業利潤率時，63% 是一個非常高的利潤率水平。

We do have this leverage to reinvest back to the business, expanding the B2C market share and enhancing our leadership.

我們確實有這種影響力來重新投資業務，擴大 B2C 市場份額並加強我們的領導地位。

So we'll just -- like we communicated during the Investor Day, we are going to go ahead to invest.

所以我們將 - 就像我們在投資者日交流的那樣，我們將繼續進行投資。

This is an investment for future.

這是對未來的投資。

Last question is from Alicia Yap of Citigroup.

最後一個問題來自花旗集團的 Alicia Yap。

I have a follow-up questions on the commissions, the Tmall commission revenue line.

我有一個關於佣金的後續問題，天貓佣金收入線。

So is this the first quarter that we actually saw to net off the promotion expense out of the commission revenue?

那麼，這是我們實際看到從佣金收入中扣除促銷費用的第一季度嗎？

And then any color you could share on the like-for-like basis for the commission revenue growth if we did not include the expense in this line.

然後，如果我們不在這一行中包括費用，您可以在類似的基礎上分享任何顏色的佣金收入增長。

And related to that, given obviously very strong operating leverage on your platform, is it fair to assume that you actually have a very strong ability to continue to help out your merchant with the promotional spend, which indirectly is a way to return to your merchants and help them lower their overall operating cost on the BABA platform?

與此相關的是，鑑於您平台上明顯非常強大的運營槓桿，是否可以假設您實際上有很強的能力繼續幫助您的商家進行促銷支出，這是一種間接回報商家的方式並幫助他們降低在阿里巴巴平台上的整體運營成本？

And then just, lastly, quickly, on the Herma.

然後，最後，很快，在 Herma 上。

Wanted to get some color on the traction from user side and also how's accounting treatment?

想了解用戶方面的吸引力以及會計處理方式如何？

How will we book the revenues?

我們將如何登記收入？

And are these costs on the P&L?

這些成本在損益表上嗎？

Right.

正確的。

So the commission revenue growth is offsetted by the promotional investment during the quarter.

因此，佣金收入增長被本季度的促銷投資所抵消。

This is actually a trial.

這其實是一個試煉。

It's a new test of different ways of investing into the business.

這是對不同業務投資方式的新測試。

When you ask about what if not -- we exclude that investment from that commission revenue, how would the revenue growth be, it will be higher than previous quarters.

當你問到如果沒有的話——我們從佣金收入中排除該投資時，收入增長將如何，它將高於前幾個季度。

So that's...

所以那是...

Yes.

是的。

I think, also as you've pointed out, it really demonstrates our ability to -- with our operating leverage, to reinvest into not just capturing users, but also to invest in our merchants in terms of their ability to do business on our platform and their loyalty.

我認為，也正如您所指出的那樣，它確實證明了我們的能力——利用我們的運營槓桿，不僅可以重新投資於吸引用戶，還可以投資於我們的商家在我們平台上開展業務的能力以及他們的忠誠度。

Sorry, Alicia.

對不起，艾麗西亞。

Maybe you can state the question again on Herma?

也許你可以在 Herma 上再次提出問題？

(Operator Instructions)

（操作員說明）

Yes.

是的。

Alicia, I think you were asking about how we account for Herma revenue.

Alicia，我想你問的是我們如何計算 Herma 的收入。

Okay, first of all, we had this statement in the press release that, first of all, in the past, it was included in our innovative and initiatives segment and now reclassified to the core business, because we think after 2 years, that business should come out of that incubator.

好的，首先，我們在新聞稿中有這樣的聲明，首先，在過去，它被包含在我們的創新和倡議部門，現在重新歸類到核心業務，因為我們認為 2 年後，該業務應該從那個孵化器出來。

It becomes into a real business.

它變成了真正的生意。

And then, right now it's still relatively small.

然後，現在它仍然相對較小。

So the way we count it is we recorded the gross revenue.

所以我們計算它的方式是我們記錄總收入。

Okay.

好的。

Thank you, everyone, for joining the conference call.

謝謝大家參加電話會議。

That will be it for today.

今天就到此為止。

Thank you very much.

非常感謝。

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

女士們，先生們，我們今天的會議到此結束。

Thank you for participating.

感謝您的參與。

You may now all disconnect.

您現在可能會全部斷開連接。