阿里巴巴 (BABA) 2018 Q2 法說會逐字稿

Good day, ladies and gentlemen.

女士們先生們，美好的一天。

Thank you for standing by, and welcome to Alibaba Group's September Quarter 2017 Results Conference Call.

感謝您的耐心等待，歡迎來到阿里巴巴集團 2017 年 9 月季度業績電話會議。

(Operator Instructions) I would now like to turn the call over to Mr. Rob Lin, Head of Investor Relations of Alibaba Group.

（接線員說明）現在我想將電話轉接給阿里巴巴集團投資者關係負責人Rob Lin 先生。

Please go ahead, sir.

請繼續，先生。

Good day, everyone, and welcome to Alibaba Group's September Quarter 2017 Results Conference Call.

大家好，歡迎來到阿里巴巴集團 2017 年 9 月季度業績電話會議。

With us are Joe Tsai, Executive Vice Chairman; Daniel Zhang, CEO; Maggie Wu, CFO.

與我們一起的是執行副主席 Joe Tsai；張勇，首席執行官；首席財務官吳美琪。

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

此電話會議也通過公司網站的 IR 部分進行網絡廣播。

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

今天晚些時候，我們的網站將提供通話重播。

Now let me cover the safe harbor.

現在讓我介紹安全港。

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日的假設，除適用法律要求外，我們不承擔更新這些陳述的任何義務。

Please also 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.

另請注意，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，均表示為非 GAAP 基礎。

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

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

With that, I will turn it over to Joe.

有了這個，我會把它交給喬。

Thank you, Rob.

謝謝你，羅布。

Thank you all for joining us.

謝謝大家加入我們。

This quarter, our revenues grew 61%.

本季度，我們的收入增長了 61%。

It is the highest ever revenue growth rate for Alibaba since our IPO.

這是阿里巴巴自 IPO 以來的最高收入增長率。

We are demonstrating that Alibaba can deliver high growth at scale.

我們正在證明阿里巴巴可以大規模實現高增長。

Let me elaborate how -- on how we did it.

讓我詳細說明我們是如何做到的。

On the last earnings call, I emphasized how important it was to invest for the future.

在上次財報電話會議上，我強調了為未來投資的重要性。

Several years ago, we invested heavily in the key factors that drive today's growth.

幾年前，我們對推動當今增長的關鍵因素進行了大量投資。

And let me offer a few specific examples.

讓我舉幾個具體的例子。

Number one, we invested in product innovation with new mobile features and content that drive our massive and growing user base in mobile commerce.

第一，我們通過新的移動功能和內容投資於產品創新，這些功能和內容推動了我們龐大且不斷增長的移動商務用戶群。

Number two, we invested in technology to enable us to accomplish algorithmic-driven personalization, which provides great customer experience while delivering increasing uplift in monetization.

第二，我們投資於技術，使我們能夠實現算法驅動的個性化，從而提供出色的客戶體驗，同時提高貨幣化水平。

Number three, we invested in category expansion, resulting in our gaining incremental share in strategic categories, such as consumer electronics and FMCG.

第三，我們投資於品類擴張，導致我們在消費電子產品和快速消費品等戰略品類中獲得更多份額。

And number four, we invested in logistics and cloud computing so that our infrastructure of commerce delivers customer satisfaction at scale.

第四，我們投資於物流和雲計算，以便我們的商業基礎設施大規模提供客戶滿意度。

Our impressive results demonstrate the importance of investing for the long run.

我們令人印象深刻的結果證明了長期投資的重要性。

Sometimes long-term investing cuts into short-term profitability.

有時，長期投資會削減短期盈利能力。

This is where we feel adamant that responsible managers of businesses must choose long-term benefits over short-term results.

這就是我們堅信負責任的企業管理者必須選擇長期利益而不是短期結果的地方。

When we invest for the long term, we not only see financial results come through, we also build lasting franchise value in the business.

當我們進行長期投資時，我們不僅會看到財務成果的實現，還會在業務中建立持久的特許經營價值。

The manifestation of franchise value include the following: a growing and more engaged user base; a robust technology platform that can handle scale; customer loyalty and mindshare that is unrivaled; and an ecosystem of active participants that contribute to the vibrancy of the Alibaba economy.

特許經營價值的體現包括：不斷增長且參與度更高的用戶群；一個可以處理規模的強大技術平台；無與倫比的客戶忠誠度和思想佔有率；以及為阿里巴巴經濟的活力做出貢獻的活躍參與者的生態系統。

It is this franchise value that underpins the sustainability as well as the capacity for future value creation of our business.

正是這種特許經營價值支撐著我們業務的可持續性以及未來創造價值的能力。

I want to close by talking about the lens through which I look at China's economic development.

最後，我想談談我看待中國經濟發展的視角。

Critics of China make the mistake of taking snapshots and interpreting events in isolation.

批評中國的人犯了一個錯誤，即只拍快照並孤立地解釋事件。

People forget to look at China's development in the context of the long period of time, over 20, 30 years.

人們忘記了把中國的發展放在很長一段時間的背景下，20、30 多年。

The fact is, in the history of the world, there has never been an economy with a massive population of 1.3 billion that grew in such a sustained fashion over such a long period of time.

事實是，在世界歷史上，從來沒有一個擁有13億人口的經濟體能夠在如此長的時期內以如此持續的方式增長。

In the 18 years since Alibaba was founded, China's per capita GDP grew by a compounded annual rate of 14%.

阿里巴巴成立18年來，中國人均GDP以14%的複合年增長率增長。

By comparison, the per capita GDP of the United States grew 3% during the same period.

相比之下，同期美國的人均GDP增長了3%。

We all understand the magic of compounding.

我們都明白複利的魔力。

When you compound at 14% rate over 18 years, which is the life of Alibaba, the average Chinese citizen is 10x better off today than in 1999, with per capita GDP growing from $870 to $8,100.

當你在 18 年內以 14% 的速度複合時，這就是阿里巴巴的生命，今天中國公民的平均生活水平是 1999 年的 10 倍，人均 GDP 從 870 美元增長到 8,100 美元。

While economically, China is still a developing country, China has some of the world's most modern infrastructure and it is the most advanced mobile economy in the world.

雖然在經濟上，中國仍然是一個發展中國家，但中國擁有世界上最現代化的基礎設施，是世界上最先進的移動經濟體。

The Internet has helped China to leapfrog ahead of the more developed countries.

互聯網幫助中國超越了較發達國家。

The Internet turned the lack of legacy infrastructure in the areas of retail, telecoms and banking into an advantage.

互聯網將零售、電信和銀行領域遺留基礎設施的缺乏變成了一種優勢。

Today, China's per capita GDP is still only 1/7 of the per capita GDP of the United States.

今天，中國人均GDP仍然只有美國人均GDP的1/7。

Based on the track record of sustained income growth over the past years as well as on the backbone of a modern Internet infrastructure and productivity gains from technology, I'm very optimistic that China will continue to experience real income growth for years to come.

基於過去幾年收入持續增長的記錄，以及現代互聯網基礎設施的支柱和技術帶來的生產力提升，我非常樂觀地認為中國將在未來幾年繼續實現實際收入增長。

This will translate into a rising middle class characterized by ever-increasing and higher-quality consumption.

這將轉化為以不斷增長和更高質量的消費為特徵的新興中產階級。

And this long-term secular trend bodes well for Alibaba.

這種長期的長期趨勢對阿里巴巴來說是個好兆頭。

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。

Once again, we have delivered an outstanding quarter.

我們又一次交付了出色的季度。

The robust growth of our business speaks to the unique value proposition that we offer to customers through our strong execution and commitment to innovation.

我們業務的強勁增長體現了我們通過強大的執行力和對創新的承諾為客戶提供的獨特價值主張。

Mobile Taobao continued to reinforce its popularity among Chinese consumers as the preferred online destination for retail discovery and exploration.

手機淘寶作為發現和探索零售的首選在線目的地，繼續加強其在中國消費者中的知名度。

549 million users are accessing our China retail marketplaces every month through mobile apps.

每月有 5.49 億用戶通過移動應用訪問我們的中國零售市場。

This increase of 20 million mobile MAUs since June is a fruit of our focus on fostering user engagement through a wide range of content-driven and community-driven mechanisms.

自 6 月以來移動 MAU 增加了 2000 萬，這是我們專注於通過廣泛的內容驅動和社區驅動機制促進用戶參與的成果。

Sophisticated real-time personalized product recommendations, subscription-based content and short-form videos all helped to create a stimulating and fun journey for consumers across our retail marketplaces.

複雜的實時個性化產品推薦、基於訂閱的內容和簡短視頻都有助於為我們零售市場的消費者創造一個刺激而有趣的旅程。

We are not only meeting the demand of the customers, but also creating the demand.

我們不僅是在滿足客戶的需求，更是在創造需求。

To enhance engagement and loyalty of our users, we launched a loyalty membership program that offers rewards, such as members-only live events and early or exclusive access to products.

為了提高用戶的參與度和忠誠度，我們推出了提供獎勵的忠誠度會員計劃，例如僅限會員的現場活動以及產品的早期或獨家使用權。

Our community-driven focus is echoes in its scoring system which incorporates social engagement activity in addition to quality and frequency of their spending.

我們以社區為導向的關注點與其評分系統相呼應，該系統除了考慮他們的消費質量和頻率外，還結合了社會參與活動。

We are pleased with Tmall's ongoing expansion of its leadership position in the online B2C sector.

我們對天貓不斷擴大其在線 B2C 領域的領導地位感到高興。

Total physical goods GMV grew 49% year-over-year this quarter.

本季度實物商品總額 GMV 同比增長 49%。

We enjoyed robust gains across the board, with accelerated growth in the consumer electronics and FMCG categories.

我們在消費電子和快速消費品類別的增長加速，全面享受強勁增長。

Successful promotional and marketing campaigns have resulted in substantial new customer acquisition to the delight of brands and retailers on our platform.

成功的促銷和營銷活動帶來了大量的新客戶，令我們平台上的品牌和零售商感到高興。

Our retail sourcing platform, Lingshoutong, now has more than 500,000 independently owned mom-and-pop stores in its network.

我們的零售採購平台靈壽通目前在其網絡中擁有超過 500,000 家獨立經營的夫妻店。

It is empowering our brand partners to gain deeper penetration and insight into their distribution across China.

它使我們的品牌合作夥伴能夠更深入地了解他們在中國的分銷情況。

Looking ahead, we remain firmly committed to reinvesting into our Tmall business to drive new user acquisition and promote customer satisfaction.

展望未來，我們仍然堅定地致力於重新投資我們的天貓業務，以推動新用戶獲取並提高客戶滿意度。

Market leadership and share gain for Tmall will continue to be our priority.

天貓的市場領導地位和份額增長將繼續是我們的首要任務。

This year marks the ninth anniversary of the 11.11 Global Shopping Festival.

今年是11.11全球購物節九週年。

New Retail will be a new key theme.

新零售將成為新的主題。

More than 1,000 brands will be partnering with us to transform 100,000 physical retail locations into smart stores.

超過 1,000 個品牌將與我們合作，將 100,000 個實體零售點轉變為智能商店。

Our second annual see-now buy-now fashion show was broadcasted across several media platforms 2 nights ago.

我們的第二屆年度“即看即買”時裝秀已於 2 晚前在多個媒體平台上播出。

Our much-anticipated televised annual countdown gala will be held in Shanghai this year.

我們萬眾期待的年度倒計時電視晚會將於今年在上海舉行。

We will continue to pioneer new ways to blend effective engagement with live entertainment.

我們將繼續開拓新的方式，將有效的參與與現場娛樂相結合。

Globalization continues to be an important theme for November 11.

全球化仍然是 11 月 11 日的重要主題。

One of our top initiatives is enabling 100 Chinese brands to sell directly to consumers around the world.

我們的首要舉措之一是讓 100 個中國品牌能夠直接向世界各地的消費者銷售產品。

Globalization continues to be a top growth driver.

全球化仍然是主要的增長動力。

Our international commerce retail business grew 115% in revenue year-on-year.

我們的國際商業零售業務收入同比增長 115%。

We are leveraging the strength of Tmall and Taobao in product selection to enable Lazada to better serve consumers across key Southeast Asian markets through Taobao Collection.

我們正在利用天貓和淘寶在產品選擇方面的優勢，使 Lazada 能夠通過淘寶系列更好地服務於東南亞主要市場的消費者。

Building on the success of small business-focused events in Detroit last quarter, we hosted Gateway Canada in Toronto with the help of Prime Minister Justin Trudeau to educate Canadian SMEs on opportunities available to the Chinese consumer market.

基於上個季度在底特律舉辦的以小型企業為重點的活動取得的成功，我們在賈斯汀·特魯多總理的幫助下在多倫多舉辦了“Gateway Canada”活動，向加拿大中小企業宣傳中國消費市場的機遇。

Our cloud computing business continues to defy gravity.

我們的雲計算業務繼續挑戰地心引力。

Revenue increased by 99% year-over-year.

收入同比增長 99%。

We continue to multiply our product portfolio, including the introduction of a new relational database and a state-of-the-art server developed in-house that serves the needs of large enterprise customers.

我們繼續擴大我們的產品組合，包括引入新的關係數據庫和內部開發的最先進的服務器，以滿足大型企業客戶的需求。

At our recent annual cloud computing and AI conference in Hangzhou, we announced the launch of the Alibaba DAMO Academy.

在我們最近於杭州舉行的年度雲計算和人工智能大會上，我們宣布成立阿里巴巴達摩院。

This global research initiative is an investment into our future that will secure the best talents for developing cutting-edge technologies.

這項全球研究計劃是對我們未來的投資，它將確保開發尖端技術的最佳人才。

This is part of our commitment to invest more than USD 15 billion over the next 3 years on our research and development efforts.

這是我們承諾在未來 3 年內投資超過 150 億美元用於研發工作的一部分。

Our digital media and entertainment business continues to make progress.

我們的數字媒體和娛樂業務繼續取得進展。

Investments in content acquisition is paying off.

對內容獲取的投資正在取得回報。

Youku enjoyed a number of successful summer breakout hits that have drawn new subscribers.

優酷在夏季取得了一些成功的突破，吸引了新的訂閱者。

Video subscriptions have grown by 180% year-over-year.

視頻訂閱量同比增長 180%。

During the quarter, we agreed to make an additional investment to increase our ownership of Cainiao to a majority stake of 51%.

本季度，我們同意追加投資，將我們對菜鳥的持股比例增至 51%。

This investment is a demonstration of our commitment to our New Retail strategy to enhancing logistics capabilities within the Alibaba ecosystem.

這項投資表明了我們對新零售戰略的承諾，即增強阿里巴巴生態系統內的物流能力。

Furthermore, we will invest 15 billion in Cainiao over the next 5 years to expand our logistic network and provide greater value-added services to our merchants.

此外，我們將在未來5年內向菜鳥投資150億，以擴大我們的物流網絡，並為我們的商家提供更大的增值服務。

This investment will be focused on increasing R&D in logistics and data technology, developing smart warehouses and smart delivery solutions and building a global logistics infrastructure.

這項投資將集中於增加物流和數據技術的研發，開發智能倉庫和智能交付解決方案以及構建全球物流基礎設施。

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 very strong quarter.

我們交付了另一個非常強勁的季度。

I'll give you some financial highlights.

我會給你一些財務亮點。

So in September 2017 quarter, major operating and financial metrics continued to record very strong performances.

因此，在 2017 年 9 月季度，主要運營和財務指標繼續錄得非常強勁的表現。

Mobile MAUs on our China retail marketplaces reached 549 million in September, an increase of 20 million over June quarter.

9 月份，我們中國零售市場的移動 MAU 達到 5.49 億，比 6 月份季度增加了 2000 萬。

Annual active consumers on our China retail marketplace reached 488 million, a net add of 22 million from the 12-month period ended June.

我們中國零售市場的年度活躍消費者達到 4.88 億，比截至 6 月的 12 個月淨增 2200 萬。

Our non-GAAP free cash flow was USD 3.4 billion for the quarter.

本季度我們的非 GAAP 自由現金流為 34 億美元。

The quarterly revenue growth was very strong.

季度收入增長非常強勁。

So total revenue grew 61% year-on-year.

因此，總收入同比增長了 61%。

This was led by robust growth in our China commerce retail business, international commerce and Alibaba Cloud.

這是由我們的中國商業零售業務、國際商業和阿里雲的強勁增長帶動的。

We continue to deepen the value proposition of our China retail platform, which is demonstrated in our monetization growth.

我們繼續深化我們中國零售平台的價值主張，這體現在我們的貨幣化增長中。

Our monetization is driven by the interaction of increased consumer engagement and enhanced value to our merchants.

我們的貨幣化是由消費者參與度的增加和對我們商家的價值增加的相互作用驅動的。

Annual revenue per annual active consumer and mobile -- revenue per mobile user continued its healthy growth in the quarter.

每個年度活躍消費者和移動設備的年收入——每個移動用戶的收入在本季度繼續保持健康增長。

Cost of revenue, excluding stock-based compensation, was RMB 20.6 billion excluding the effect of SBC.

不包括 SBC 的影響，不包括基於股票的補償的收入成本為人民幣 206 億元。

The cost of revenue as a percentage of revenue increased from 34% in the quarter to 38%.

收入成本佔收入的百分比從本季度的 34% 上升到 38%。

So 34% was last year's September and 38% for this quarter.

因此，去年 9 月為 34%，本季度為 38%。

The increase was primarily due to full quarter consolidation of Intime, the investments in Hema and Lazada, content acquisition cost for Youku Tudou and logistics costs relating to Tmall Supermarket.

增長主要是由於銀泰全季度合併、對盒馬和Lazada的投資、優酷土豆的內容獲取成本以及與天貓超市相關的物流成本。

These are areas representing great potential growth where we'll continue to invest.

這些領域代表著我們將繼續投資的巨大增長潛力。

As a percentage of revenue, without the effect of SBC, all other major operating expenses remained stable or decreased year-on-year, reflecting the operating leverage of our business.

就佔收入的百分比而言，在沒有 SBC 影響的情況下，所有其他主要經營費用同比保持穩定或下降，反映了我們業務的經營槓桿。

Non-GAAP net income in the quarter was RMB 22 billion, an increase of 71% year-on-year.

本季度非美國通用會計準則淨利潤為人民幣 220 億元，同比增長 71%。

Reconciliations of non-GAAP measures to comparable GAAP measures can be found in our press release.

可以在我們的新聞稿中找到非 GAAP 措施與可比較的 GAAP 措施的調節。

Free cash flow.

自由現金流。

We continue to generate significant free cash flow.

我們繼續產生可觀的自由現金流。

In the September quarter, we generated RMB 22.5 billion or about USD 3.4 billion in free cash flow.

在 9 月季度，我們產生了 225 億元人民幣或約 34 億美元的自由現金流。

Our free 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戰略目標。

Since September 30, 2017, our cash, cash equivalents and short-term investments were RMB 160 billion or USD 24 billion.

自 2017 年 9 月 30 日以來，我們的現金、現金等價物和短期投資為 1600 億元人民幣或 240 億美元。

The increase in cash, cash equivalents and short-term investments during the quarter was primarily due to free cash flow generated from operations, offset by cash used in investing activities, including investments in Ele.me and Tokopedia.

本季度現金、現金等價物和短期投資的增加主要是由於運營產生的自由現金流，被投資活動中使用的現金所抵消，包括對餓了麼和 Tokopedia 的投資。

Total capital expenditures in September quarter were RMB 8.7 billion, in which about RMB 671 million related to the acquisition of land use rights and construction in progress.

9月季度總資本支出為人民幣87億元，其中約人民幣6.71億元與土地使用權收購和在建工程相關。

The increase here mainly represents our investment in technology, including server [IDC], et cetera.

這裡的增長主要代表我們在技術上的投入，包括服務器[IDC]等。

It supports our cloud business as well as the core commerce.

它支持我們的雲業務以及核心商務。

Segment reporting.

分部報告。

Our core commerce segment had an outstanding quarter with revenue growth of 63% year-on-year.

我們的核心商業部門本季度表現出色，收入同比增長 63%。

This was led by China commerce retail business that grew 64% year-on-year and represented 85% of the segment revenue.

其中由中國商業零售業務帶動，同比增長 64%，佔分部收入的 85%。

The primary contributors were new users, increased traffic and the effects of personalization technology.

主要貢獻者是新用戶、增加的流量和個性化技術的影響。

These factors contributed to an increase in volume of clicks which, coupled with a meaningful increase in average unit price per click, drove 58% year-on-year growth in customer management revenue.

這些因素促成了點擊量的增加，加上平均每次點擊單價的顯著提高，推動客戶管理收入同比增長58%。

Commission revenue grew by 47% year-over-year, primarily driven by 49% growth in Tmall physical goods GMV for the same period.

佣金收入同比增長 47%，主要受同期天貓實物 GMV 增長 49% 的推動。

Other revenue was RMB 3.2 billion, very strong growth compared to the RMB 600 million in the same quarter last year.

其他收入為人民幣 32 億元，與去年同期的人民幣 6 億元相比增長非常強勁。

This is largely due to the progress of our New Retail efforts, i.e., consolidation of Intime as well as an increase in revenue from our fresh foods store, Hema.

這主要是由於我們在新零售方面取得的進展，即銀泰的整合以及我們生鮮食品店盒馬鮮生的收入增加。

Our China retail marketplaces recorded 488 million annual active consumer, representing a net add of 22 million and also the MAU grew very strongly.

我們的中國零售市場錄得 4.88 億年度活躍消費者，淨增 2200 萬，而且 MAU 增長非常強勁。

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

我們的跨境和國際消費業務在本季度繼續呈現穩健增長。

Revenue from international commerce retail business grew 115% year-over-year to RMB 2.9 billion, driven by the GMV growth in both Lazada and AliExpress.

受 Lazada 和全球速賣通 GMV 增長的推動，國際商業零售業務收入同比增長 115% 至人民幣 29 億元。

Now core marketplace adjusted EBITA margin was 57% in this quarter as compared to 62% in the same quarter last year.

現在，本季度核心市場調整後的 EBITA 利潤率為 57%，而去年同期為 62%。

This primarily reflects the impact of our investments, offset by operating leverage.

這主要反映了我們投資的影響，被經營槓桿所抵消。

Our investments are mainly in 3 areas: number one, New Retail, mainly the consolidation of Intime and the investment in Hema; number two, globalization, i.e.

我們的投資主要在三個方面：第一，新零售，主要是對銀泰的整合和對盒馬的投資；第二，全球化，即

Lazada and AliExpress; number three, customer satisfaction and customer experience improvements, such as promotion and logistics.

Lazada 和全球速賣通；第三，客戶滿意度和客戶體驗改善，例如促銷和物流。

As I said earlier, we will continue to invest in our core commerce business, focusing on providing competitive offerings to consumers and in improving consumer experience.

正如我之前所說，我們將繼續投資於我們的核心商業業務，專注於為消費者提供有競爭力的產品並改善消費者體驗。

Cloud computing revenue grew 99% year-on-year to RMB 3 billion, driven by robust paying customer growth and higher revenue per customer due to improving revenue mix of higher value-added services.

雲計算收入同比增長 99% 至人民幣 30 億元，這得益於強勁的付費客戶增長以及更高附加值服務的收入組合改善帶來的每位客戶收入的增加。

Adjusted EBITA margin of the cloud computing segment was negative 5%, edged up slightly versus the same period last year.

雲計算業務的調整後 EBITA 利潤率為負 5%，與去年同期相比略有上升。

We have been successful in winning businesses from large paying customers as we develop holistic solutions to tackle the challenges of large enterprises across a variety of industries.

隨著我們開發整體解決方案來應對各行各業的大型企業所面臨的挑戰，我們已經成功地贏得了大型付費客戶的業務。

Our cloud computing business' top priority remains expanding our market leadership and upsell of higher value-added services.

我們的雲計算業務的首要任務仍然是擴大我們的市場領導地位和追加銷售更高附加值的服務。

Our digital media and entertainment segment revenue in the quarter was RMB 4.8 billion, an increase of 33% year-on-year.

本季度我們的數字媒體和娛樂業務收入為人民幣 48 億元，同比增長 33%。

UCWeb maintained a robust growth, driven by (inaudible), such as news feeds and mobile search.

UCWeb 在（聽不清）新聞源和移動搜索等驅動下保持強勁增長。

During the quarter, we successfully executed our content strategy of acquiring and developing a mixture of licensed and original content that resulted in greater consumer mindshare in both the drama and the variety show categories.

在本季度，我們成功執行了我們的內容戰略，即收購和開發授權內容和原創內容的混合體，從而在電視劇和綜藝節目類別中獲得了更大的消費者關注度。

As a result, daily average subscribers grew over 180% year-on-year during the quarter.

因此，該季度的日均訂戶同比增長超過 180%。

Okay.

好的。

Adjusted EBITA margin of this segment was negative 36% this quarter compared to negative 39% in the same quarter last year.

本季度該部門調整後的 EBITA 利潤率為負 36%，而去年同期為負 39%。

The decreasing margin loss is driven by the strong performance of UCWeb, partly offset by increase in content spending of Youku to be able to drive user and paying subscriber growth.

利潤率損失的減少是由 UC 的強勁表現推動的，部分被優酷的內容支出增加所抵消，以推動用戶和付費用戶的增長。

With the growth of the subscription business for content, we see potential synergies between our digital media and entertainment business and core commerce businesses presented by the vast consumer base of our ecosystem.

隨著內容訂閱業務的增長，我們看到了我們的數字媒體和娛樂業務與我們生態系統龐大的消費者基礎所呈現的核心商業業務之間的潛在協同效應。

Revenue from innovation initiatives and others segment increased 27% year-on-year.

來自創新計劃和其他部門的收入同比增長 27%。

Adjusted EBITA margin of this segment was negative 56%, reflecting ongoing investments in our new business initiatives.

該部門調整後的 EBITA 利潤率為負 56%，反映了我們對新業務計劃的持續投資。

Cainiao investment.

菜鳥投資。

So during the quarter, we have agreed to make an additional investment of RMB 5.3 billion to increase our ownership of Cainiao to a majority stake of 51%.

因此，在本季度，我們同意追加投資 53 億元人民幣，將我們對菜鳥的所有權增加到 51% 的多數股權。

So Cainiao will become a consolidated subsidiary of Alibaba starting in the December quarter.

因此，從 12 月季度開始，菜鳥將成為阿里巴巴的合併子公司。

And we also announced the USD 15 billion or RMB 100 billion investment over the next 5 years.

我們還宣布了未來5年150億美元或1000億元人民幣的投資。

So the investment demonstrates our commitment to implement our New Retail strategy and to enhance the logistic capabilities within the Alibaba ecosystem.

因此，這項投資表明我們致力於實施我們的新零售戰略，並增強阿里巴巴生態系統內的物流能力。

Okay.

好的。

Looking ahead, due to Cainiao consolidation in fiscal year -- in the second half fiscal year, we're revising up our full year revenue growth guidance to 49% to 53% year-over-year.

展望未來，由於菜鳥在下半財年的整合，我們將全年收入增長預期上調至 49% 至 53%。

So excluding the impact from the Cainiao consolidation, we're well on track to deliver our prior guidance range of 45% to 49% provided during the Investor Day.

因此，排除菜鳥整合的影響，我們有望實現投資者日提供的 45% 至 49% 的先前指導範圍。

We remain optimistic about revenue growth prospects for the second half of the fiscal year.

我們對本財年下半年的收入增長前景保持樂觀。

But as you know, we will get to the anniversary of the easy comp that's brought by our personalization algorithm launched last September.

但如您所知，我們將迎來去年 9 月推出的個性化算法帶來的簡單組合的周年紀念日。

Therefore, we will face a more difficult comp rather than an easy comp in the second half against the prior year from a growth rate standpoint.

因此，從增長率的角度來看，下半年我們將面臨比上年更困難的競爭，而不是輕鬆的競爭。

We have seen good results from the investments that have resulted in B2C market leadership expansion this year.

我們已經看到今年 B2C 市場領先地位擴張的投資取得了良好的成果。

In the immediate term, we expect to increase investments in the second half, focusing on further market penetration, improving user experience as well as new growth businesses in New Retail and international expansion.

短期內，我們預計下半年將加大投入，重點關注進一步的市場滲透、改善用戶體驗以及新零售和國際擴張方面的新增長業務。

In the longer term, we're focused on growth and efficiency gains through substantial investments in technology.

從長遠來看，我們專注於通過大量技術投資實現增長和提高效率。

During our AliCloud conference last month, we announced our commitment to invest USD 15 billion in R&D in advanced technologies over the next 3 years.

在上個月的阿里雲大會上，我們宣布承諾在未來 3 年投資 150 億美元用於先進技術的研發。

Alibaba is a company that always innovates and positions itself for the future.

阿里巴巴是一家不斷創新、面向未來的公司。

We believe that persistence in playing the long game will result in significant and sustainable returns for our shareholders.

我們相信，堅持長期遊戲將為我們的股東帶來可觀且可持續的回報。

That concludes our prepared remarks.

我們準備好的發言到此結束。

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

接線員，我們準備開始問答環節。

Thank you.

謝謝。

(Operator Instructions) The first question comes from the line of Eddie Leung from Merrill Lynch.

（操作員說明）第一個問題來自美林的Eddie Leung。

I have 2 questions.

我有兩個問題。

One is on Cainiao.

一個在菜鳥。

Could you share your thought on the long-term positioning of Cainiao, again, as the professional logistic service providers in China and globally, how to differentiate and perhaps cooperate in logistics?

能否再談談菜鳥的長期定位，作為中國乃至全球的專業物流服務商，如何在物流上進行差異化和合作？

And then secondly, on New Retail.

其次，關於新零售。

Have we seen any change in the way that we cooperate with some of our brands and merchants across our multiple channels after we developed our off-line channel recently?

在我們最近開發了線下渠道之後，我們在多個渠道與我們的一些品牌和商家的合作方式是否有任何變化？

Eddie, this is Daniel.

艾迪，這是丹尼爾。

I'd like to answer your questions.

我想回答你的問題。

For the first one, Cainiao.

第一個，菜鳥。

Actually, Cainiao is positioned as a smart logistic platform.

實際上，菜鳥的定位是智能物流平台。

Why smart?

為什麼聰明？

It's because this should be a data-driven logistics platform.

因為這應該是一個數據驅動的物流平台。

We truly believe that the data is the most important asset which can generate value for the partners in the Cainiao ecosystem.

我們堅信數據是最重要的資產，可以為菜鳥生態中的合作夥伴創造價值。

And so what we do is that we work closely with our partners in not only warehousing but also delivery network to enable them to optimize their operation.

因此，我們所做的是與我們的合作夥伴密切合作，不僅在倉儲方面，而且在交付網絡方面，使他們能夠優化運營。

So we will continue this strategy, which is the partnership strategy, and we'll continue to work closely with our partners in China and in the world.

因此，我們將繼續這一戰略，即夥伴關係戰略，我們將繼續與我們在中國和世界各地的合作夥伴密切合作。

And the key thing is that the data-driven logistic network, actually we are -- Cainiao is not only -- is not going to be a logistic company and we are not interested in -- to build another logistics company.

關鍵是數據驅動的物流網絡，實際上我們 - 菜鳥不僅 - 不會成為一家物流公司，我們也不感興趣 - 建立另一家物流公司。

Instead, we will work with a lot of logistic companies, delivery companies to build a network across the world.

相反，我們將與許多物流公司、快遞公司合作，在全球範圍內建立一個網絡。

And for your second question, New Retail, I would say actually, we -- our New Retail strategy is very clear, and we will continue to execute our New Retail strategy and to partner with the off-line retailers in key categories, such as in fashion categories, we work with Intime; in consumer electronics, we work with Suning; in food and FMCG categories, we work with Bailian and Sanjiang.

關於你的第二個問題，新零售，我實際上會說，我們 - 我們的新零售戰略非常明確，我們將繼續執行我們的新零售戰略並與關鍵類別的線下零售商合作，例如在時尚品類方面，我們與銀泰合作；在消費電子方面，我們與蘇寧合作；在食品和快消品類，我們與百聯和三江合作。

And recently, we invest another regional retailer, which is (inaudible), and we will work closely with them to empower them with our (inaudible) data technology.

最近，我們投資了另一家區域零售商（聽不清），我們將與他們密切合作，通過我們的（聽不清）數據技術為他們提供支持。

Second is about -- is a valid New Retail form -- format to enable them to operate efficiently.

其次是關於 - 是一種有效的新零售形式 - 使他們能夠有效運作的格式。

So I think this is our New Retail strategy, but we are still in the early stage.

所以我認為這是我們的新零售戰略，但我們還處於早期階段。

And our goal is to help the whole New Retail world to be operated into a digital operation.

而我們的目標是幫助整個新零售世界進行數字化運營。

So actually, we are on our way.

所以實際上，我們正在路上。

Thank you.

謝謝。

The next question comes from the line of Alex Yao from JPMorgan.

下一個問題來自摩根大通的Alex Yao。

I have two.

我有兩個。

One is regarding the strong Tmall GMV growth rate.

一是關於強勁的天貓 GMV 增長率。

We understand that last quarter, you guys did some commission revenue rebate to the merchant to incentivize them in participating in the discounting and promotion activities.

我們了解到，上個季度，你們對商家進行了一些佣金收入返還，以激勵他們參與折扣和促銷活動。

So the GMV growth rate was very strong.

因此，GMV 增長率非常強勁。

In this quarter, based on the financials, I think that you guys didn't do much commission revenue rebates.

在這個季度，根據財務數據，我認為你們沒有做太多的佣金收入回扣。

Then why is that Tmall is still growing at such a strong rate?

那為什麼天貓還在以如此強勁的速度增長？

And then secondly, regarding your long-term margin profile.

其次，關於您的長期利潤率狀況。

I think in the past several years, the margin has been trending down partly because of the investment, partly because of the business model expansion towards more asset-heavy ones, such as Hema, Intime, et cetera, et cetera.

我認為在過去的幾年裡，利潤率一直在下降，部分是因為投資，部分是因為商業模式向更重資產的方向擴張，比如盒馬、銀泰等等。

Do you view this as temporary transition margin pressure and the longer term, it will revert back to the high platform margin profile as you expand the successful models of Hema and Intime, et cetera, to a wider range of partners?

您是否認為這是暫時的過渡利潤壓力，從長遠來看，隨著您將 Hema 和 Intime 等成功模式擴展到更廣泛的合作夥伴，它將恢復到高平台利潤率？

Or do you see this as a philosophical change to basically increase more asset-heavy model and potentially leading to lower, longer-term margin structure?

或者您是否認為這是一種哲學上的改變，基本上會增加更多的重資產模型，並可能導致更低、更長期的利潤率結構？

This is Daniel again.

這又是丹尼爾。

For your first question, actually, we are very happy to see the growth -- the strong growth of Tmall.

對於你的第一個問題，實際上，我們很高興看到增長——天貓的強勁增長。

And with such large scale, we continue our rapid growth, which demonstrate the strength of our ecosystem.

以如此大的規模，我們繼續快速增長，這證明了我們生態系統的實力。

And actually, yes, you're right, we didn't give a so-called financial rebate to our merchants in this quarter.

事實上，是的，你是對的，我們在這個季度沒有給我們的商家提供所謂的財務返利。

I think the revenue growth is driven by, first, about the new customer acquisition.

我認為收入增長首先是由新客戶獲取驅動的。

You see that in this quarter, we recorded net adds of 22 million new users.

你看在這個季度，我們記錄了 2200 萬新用戶的淨增加。

I think that this is very good.

我認為這非常好。

And the second is about our continued to innovate our technology and to personalize the recommendations and user experience, which enable the in-depth product selections matching to the right people at the right place.

第二是關於我們不斷創新我們的技術並個性化推薦和用戶體驗，這使得深入的產品選擇能夠在正確的地方與正確的人相匹配。

And the third one, I think, the growth is driven by our category strategy.

第三個，我認為，增長是由我們的品類戰略推動的。

And in the -- actually, our growth across all key categories.

實際上，我們在所有關鍵類別中的增長。

And our merchants are very happy to working with us because this is -- they -- today, most of them fully understand the power of our platform is not only to help them to sell more products but also help them to engage new customers and to build their brand.

我們的商家非常高興與我們合作，因為這是 - 他們 - 今天，他們中的大多數人充分理解我們平台的力量不僅可以幫助他們銷售更多產品，還可以幫助他們吸引新客戶並建立他們的品牌。

So they are committed to invest more and more resources into our platform.

因此他們致力於向我們的平台投入越來越多的資源。

I think that's the key thing and that's the successful factor of our B2C platform.

我認為這是關鍵，也是我們 B2C 平台成功的因素。

Right.

正確的。

Alex, regarding your question on the longer-term margin level, I think when we set our business goal, we're focusing on value provision (sic) [proposition].

亞歷克斯，關於你關於長期利潤率水平的問題，我認為當我們設定我們的業務目標時，我們關注的是價值提供（原文如此）[命題]。

So we're focusing on the revolutionary reform of the whole supply chain, digitize the off-line business and help the efficiency improvement for merchants and better consumer experience.

所以我們著眼於整個供應鏈的革命性變革，將線下業務數字化，幫助商家提高效率，改善消費者體驗。

So either it's heavy or light, you call it, or higher margin, lower margin, as long as we could provide value, I think we will surely get the profitability higher, which is much more meaningful to the investors.

所以無論是重還是輕，你稱之為高利潤率，低利潤率，只要我們能夠提供價值，我認為我們一定會獲得更高的盈利能力，這對投資者來說更有意義。

Because all of these investments can bring in the top line growth and then the absolute return on net profit.

因為所有這些投資都可以帶來收入增長，然後是淨利潤的絕對回報。

Alex, I also want to just address kind of the philosophical question of asset heavy versus asset light.

亞歷克斯，我還想解決重資產與輕資產的哲學問題。

I think really, in a business like ours, there's really not a distinction between the -- whether you're asset heavy or asset light.

我認為真的，在像我們這樣的企業中，無論你是重資產還是輕資產，真的沒有區別。

The metrics that we look at are the efficiency and the productivity of inputs.

我們關注的指標是投入的效率和生產率。

The inputs of capital and the inputs of people.

資本的投入和人的投入。

So if you are getting into an area where you need to deploy a little bit more capital, then we look at the return on invested capital to inform ourselves as to whether we're being efficient.

因此，如果您進入一個需要部署更多資本的領域，那麼我們會查看投資資本回報率，以了解我們是否高效。

And the same thing is with people, we're constantly improving productivity of our headcount.

人也是如此，我們不斷提高員工的生產力。

As you can see, we grew revenues over 60%.

如您所見，我們的收入增長了 60% 以上。

We did not increase headcount by as much.

我們沒有增加那麼多的員工人數。

So those are the things that we look at instead of worrying about whether we're asset heavy or asset light.

所以這些是我們關注的事情，而不是擔心我們是重資產還是輕資產。

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

下一個問題來自花旗集團的 Alicia Yap。

I have 2 questions.

我有兩個問題。

The first one is the big reversal of the commission revenue growth this quarter, just to follow up on Alex' questions.

第一個是本季度佣金收入增長的大逆轉，只是為了跟進Alex的問題。

So with the upcoming Double 11 in December quarter, how should we be thinking about the commission revenue growth vis-à-vis the Tmall GMV growth?

那麼隨著即將到來的 12 月季度雙十一，我們應該如何考慮佣金收入增長與天貓 GMV 增長的關係？

Should we expect some of the divergence happen again due to the promotional rebate in this seasonally strong quarter?

由於這個季節性強勁的季度的促銷回扣，我們是否應該期望再次出現一些分歧？

And then second question is related to your international expansion.

然後第二個問題與您的國際擴張有關。

What type of investment that you plan to spend in the next couple of years?

您計劃在未來幾年進行哪種類型的投資？

Is that you still need to do a lot more infrastructure investment?

您是否還需要進行更多的基礎設施投資？

Or is it more on acquiring market share, which including further investment into some of the leader positions in certain countries?

還是更多地是為了獲得市場份額，包括進一步投資某些國家的一些領先地位？

Alicia, in terms of the commission revenue growth, yes, the driver for the growth are the GMV growth for this quarter.

Alicia，就佣金收入增長而言，是的，增長的驅動力是本季度的 GMV 增長。

And whether we will continue to have the promotional subsidies, we will have it but not really evenly across these quarters and not all going to get through by offsetting the commission revenue.

而且我們是否會繼續獲得促銷補貼，我們會在這些季度中獲得但並不是真正均勻的，而且並不是所有的都將通過抵消佣金收入來實現。

So you've seen that we also invested in the marketing, et cetera.

所以你已經看到我們也投資於營銷等。

International expansion, right now, the investments mainly reflected Lazada and AliExpress.

國際擴張，目前投資主要體現在Lazada和AliExpress。

Yes, I think we have very clear international strategies and we are on track.

是的，我認為我們有非常明確的國際戰略，我們正在走上正軌。

And our current focus is Southeast Asia, and Lazada is a very important investment.

而我們目前的重點是東南亞，Lazada是非常重要的投資。

And today, we are in the progress -- we are in the process of integration and the development of Lazada business.

今天，我們正在進步——我們正在整合和發展 Lazada 業務。

And we will continue to do so as we -- as I've said during my script, actually today, we see very clear synergies between the product selections in -- in-depth product selections in Taobao and Tmall and the demand from the market in Southeast Asia.

我們將繼續這樣做——正如我在腳本中所說的那樣，實際上在今天，我們看到了淘寶和天貓的深入產品選擇與市場需求之間的非常明顯的協同作用在東南亞。

And we also have another very important business, which is AliExpress, and they are very popular in some of the emerging markets in Europe.

我們還有一個非常重要的業務，就是全球速賣通，它們在歐洲的一些新興市場非常受歡迎。

And we are continuing to invest in this cross-border export business and to acquire more and more new customers in the other markets.

我們將繼續投資於這項跨境出口業務，並在其他市場獲得越來越多的新客戶。

And actually, you raised a very important question in international expansion.

實際上，您在國際擴張中提出了一個非常重要的問題。

Very important thing is infrastructure.

非常重要的是基礎設施。

And that's why what I'm saying in my script is that we will continue to invest in Cainiao.

這就是為什麼我在劇本中說的是我們將繼續投資菜鳥。

And one of the purposes is to build up a global logistics infrastructure to support the global trading.

目的之一是建立全球物流基礎設施以支持全球貿易。

The next question comes from the line of Piyush Mubayi from Goldman Sachs.

下一個問題來自高盛的 Piyush Mubayi。

My first question is to Daniel.

我的第一個問題是丹尼爾。

Daniel, on New Retail, give us a sense of how quickly your retail partners are embracing this model.

新零售方面的 Daniel 讓我們了解您的零售合作夥伴採用這種模式的速度有多快。

And how far are we from this model expanding beyond growth rate?

我們距離這種超越增長率的模式還有多遠？

Also, how do you think of New Retail impacting online penetration?

另外，您如何看待新零售對線上滲透率的影響？

And from a company perspective, the incremental revenue opportunity?

從公司的角度來看，增加收入的機會？

Yes, today, we work with some of the partners.

是的，今天，我們與一些合作夥伴合作。

Actually, we work with our partners in executing our New Retail strategy.

實際上，我們與合作夥伴一起執行我們的新零售戰略。

Actually, our partners all believe in New Retail because they do understand that they have to embrace Internet.

其實我們的合作夥伴都相信新零售，因為他們明白必須要擁抱互聯網。

They have to be empowered by data technology.

他們必須得到數據技術的支持。

So that's why they select Alibaba as their strategic partner.

這就是他們選擇阿里巴巴作為戰略合作夥伴的原因。

And we are -- actually, we are working very closely with them to -- not only to help them to sell more but also to help them to transform to totally digital operations.

我們 - 實際上，我們正在與他們密切合作 - 不僅要幫助他們銷售更多產品，還要幫助他們轉變為完全數字化運營。

And today, we are making A very good progress.

而今天，我們正在取得非常好的進展。

And what we will do in the future is to continue to invest and to redefine the retail formats and upgrade our existing retail model to improve the operating efficiency of the retailers.

而我們未來要做的是繼續投資，重新定義零售業態，升級我們現有的零售模式，以提高零售商的運營效率。

Furthermore, actually, most important thing is help them to digitalize the customer management so that they can manage their customers more efficiently rather than just have a brick-and-mortar store and waiting customers to come.

此外，實際上，最重要的是幫助他們將客戶管理數字化，以便他們可以更有效地管理客戶，而不是僅僅擁有一家實體店並等待客戶上門。

So actually, today, our long-term goal is to digitalize the whole RMB 30 trillion in social consumption.

所以實際上，今天，我們的長期目標是將整個30萬億元的社會消費數字化。

And compared to that goal, today, we are still in an early stage.

與那個目標相比，今天，我們仍處於早期階段。

But we will continue to do so.

但我們會繼續這樣做。

Thank you.

謝謝。

Yes, Piyush, just to add to Daniel's comments, your question on the New Retail development, when is it going to be contributing to -- financially?

是的，Piyush，只是為了補充 Daniel 的評論，你關於新零售發展的問題，它什麼時候會在財務上做出貢獻？

So you actually can see that starting from this quarter, the New Retail started to have some contribution to our total revenue.

所以你實際上可以看到，從這個季度開始，新零售開始對我們的總收入做出一些貢獻。

It's -- under our China retail, there is a line other revenue, shows that 438% growth.

這是——在我們的中國零售下，還有一條線的其他收入，表明增長了 438%。

That growth includes the consolidation of Intime and Hema.

這種增長包括銀泰和盒馬的整合。

So Intime was not there last year.

所以銀泰去年不在那裡。

So even if we take it out, it's still showing very strong growth, it's like 100 -- around 180% growth.

所以即使我們把它去掉，它仍然顯示出非常強勁的增長，就像 100 - 大約 180% 的增長。

So Hema, although the absolute dollar amount is still small, but you can see that starts picking up.

所以盒馬，雖然絕對金額仍然很小，但你可以看到開始回升。

But in terms of profitability, again, this is a new initiative.

但就盈利能力而言，這又是一項新舉措。

We're not aiming to -- at profitability anytime soon.

我們的目標不是——很快就能盈利。

So we focus on expanding the business and the top line.

因此，我們專注於擴大業務和收入。

And the next question comes from the line of Chi Tsang from HSBC.

下一個問題來自匯豐銀行的Chi Tsang。

I also wanted to ask you about New Retail.

我也想問你關於新零售的事情。

So in particular, as it relates to Intime, I was wondering if you can sort of give us an update or some type of road map for integration of Intime?

因此，特別是與 Intime 相關的問題，我想知道您是否可以為我們提供更新或某種類型的 Intime 集成路線圖？

And secondly, as it relates to Hema, what is your growth plan for Hema?

其次，關於盒馬，你們對盒馬的成長計劃是什麼？

I mean, longer-term, do you expect Hema to be a major retail chain?

我的意思是，從長遠來看，你認為盒馬會成為主要的零售連鎖店嗎？

Or do you expect more of the growth to come from licensing this new retail format to other supermarkets?

或者您是否期望更多的增長來自於將這種新的零售模式授權給其他超市？

We have made great efforts to upgrading the Intime model, and we are making very good progress.

我們在升級銀泰模式方面下了很大功夫，進展非常順利。

And in Intime today, we already accomplished the integration of the customer profile.

而在今天的銀泰，我們已經完成了客戶畫像的整合。

And after this, actually, what we can do is that we can track and serve the customers online, off-line and anytime, anywhere.

而在這之後，其實我們能做的就是線上、線下、隨時隨地的對客戶進行跟踪和服務。

People, when they are online and we can integrate -- because we integrate the customer profile of Intime, and we can target people actually on a location basis via our Mobile Taobao and the people can buy -- either buy from Intime's store on Tmall or we can direct people to the Intime physical store.

人們，當他們在線時，我們可以整合——因為我們整合了銀泰的客戶檔案，我們可以通過我們的手機淘寶實際定位目標人群，人們可以購買——要么從銀泰在天貓的商店購買，要么我們可以引導人們到銀泰實體店。

What we are doing right now is to try to integrate the merchandising products.

我們現在正在做的是嘗試整合營銷產品。

I think that's the most difficult piece because the previous department store model in China is that they don't -- actually, they don't do merchandising.

我認為這是最困難的部分，因為中國以前的百貨商店模式是他們不——實際上，他們不做營銷。

They just rent counter and space to the retailer.

他們只是將櫃檯和空間租給零售商。

So today, what we do is that we try to integrate the online and off-line merchandising system so that all the stock available in-store, the Intime store, can be available online at the same time.

所以今天，我們做的是嘗試整合線上和線下的銷售系統，讓所有店內可用的庫存，即銀泰店，可以同時在線上銷售。

And I would say, this will totally change today's department store model in China, and we are very confident that we will make this happen.

我想說，這將徹底改變當今中國的百貨商店模式，我們非常有信心實現這一目標。

And in terms of Hema and today, what -- actually, Hema has got a very, very warm feedback from the market and show very good customer stickiness and -- which validated the success of Hema model.

就盒馬和今天而言，實際上，盒馬從市場上得到了非常非常熱烈的反饋，並表現出非常好的客戶粘性，這證明了盒馬模式的成功。

This is the new model and the New Retail format.

這就是新模式和新零售業態。

This is not a supermarket.

這不是超市。

This is not a food market.

這不是食品市場。

This is a new animal.

這是一種新動物。

And what we are doing right now is to open more stores in key cities in China to roll out the Hema model.

而我們現在正在做的是在中國的重點城市開設更多門店，推出盒馬模式。

But we don't want to open all the stores by ourselves.

但我們不想自己開所有的店。

Instead, we work with our retail partners in different cities, and we help them to copy Hema model into the local cities to franchise the business.

相反，我們與不同城市的零售合作夥伴合作，幫助他們將盒馬模式複製到當地城市進行特許經營。

The next question comes from the line of Gregory Zhao from Barclays.

下一個問題來自巴克萊銀行的 Gregory Zhao。

So my first question is about our 88 Membership.

所以我的第一個問題是關於我們的 88 會員資格。

Actually, we launched the membership in this quarter and we connect -- I think we connected Taobao, Tmall as well as some Alipay functions.

實際上，我們在本季度推出了會員制，我們連接了——我想我們連接了淘寶、天貓以及一些支付寶功能。

So as we compare this to Amazon Prime membership, we think Prime membership normally have -- the members have stronger consumption intent and higher ARPU contribution.

因此，當我們將此與亞馬遜 Prime 會員進行比較時，我們認為 Prime 會員通常具有 - 會員具有更強的消費意願和更高的 ARPU 貢獻。

So do we have any initial financial numbers of our loyalty members to share?

那麼我們是否有任何忠誠會員的初始財務數據可以分享？

And shall we expect, I mean, broader product offering, such as the digital content and logistics services in the future?

我們是否應該期待更廣泛的產品供應，例如未來的數字內容和物流服務？

And my second question about -- there recently were some headlines about our escalating investment in R&D, such as the $15 billion investment in the DAMO Academy.

我的第二個問題是——最近有一些頭條新聞是關於我們不斷升級的研發投資，比如對達摩院的 150 億美元投資。

So Specifically, what kind of support we expect from this R&D investment to our revenue by business category?

那麼具體來說，我們期望這項研發投資對我們按業務類別劃分的收入有什麼樣的支持？

And how shall we expect the financial impact from this?

我們如何預期由此產生的財務影響？

For 88 loyalty programs, this is a new program we launched in this August and -- because we truly believe that the user -- the 500 million -- more than 500 million user base are the most important assets of Alibaba ecosystem.

對於 88 個忠誠度計劃，這是我們在今年 8 月推出的新計劃，因為我們堅信用戶——5 億——超過 5 億的用戶群是阿里巴巴生態系統最重要的資產。

And what we do is try to build up a scoring system among our consumers, and each customer have their own score, which is changed per month.

我們所做的是嘗試在我們的消費者中建立一個評分系統，每個客戶都有自己的評分，每個月都會更改。

And we do give a lot of privilege to our super members to enhance their stickiness.

而且我們確實給超級會員很多特權，增強他們的粘性。

And as you said, we do see a lot of synergies between different -- among different business of Alibaba ecosystem like the synergies between the retail platform and the digital media platform.

正如你所說，我們確實看到了阿里巴巴生態系統不同業務之間的很多協同效應，比如零售平台和數字媒體平台之間的協同效應。

But we don't want to simply copy the Prime model from Amazon to China.

但我們不想簡單地將亞馬遜的 Prime 模式複製到中國。

I think, in China, we can generate our own model and -- but the purpose of this loyalty customer program is to enhance the stickiness of the loyalty customers and also give people a very clear road map how to be loyalty customers so that we have more and more people to be with us.

我認為，在中國，我們可以生成我們自己的模型——但這個忠誠客戶計劃的目的是增強忠誠客戶的粘性，同時為人們提供一個非常清晰的路線圖，說明如何成為忠誠客戶，這樣我們就有越來越多的人和我們在一起。

Our current record shows very clearly the more time people spend with our ecosystem, more time -- then they will spend more across more categories.

我們目前的記錄非常清楚地表明，人們在我們的生態系統上花費的時間越多，時間越多——然後他們就會在更多類別上花費更多。

Right.

正確的。

So regarding your question on the USD 15 billion spend, this $15 billion is going to be spent over the next 3 years in the R&D areas for our group.

因此，關於您關於 150 億美元支出的問題，這 150 億美元將在未來 3 年內用於我們集團的研發領域。

So if you look at the current product development costs we've incurred, which is around 10%, 11% of total revenue.

因此，如果你看看我們目前產生的產品開發成本，大約佔總收入的 10%、11%。

So clearly, we're going to increase the spending in this technology development.

很明顯，我們將增加這項技術開發的支出。

I think as a percentage of revenue, our [P&D] is comparable to our peers, slightly lower.

我認為作為收入的百分比，我們的 [P&D] 與我們的同行相當，略低。

So it could be over time -- gradually over time increasing to a higher level, yes.

所以它可能會隨著時間的推移——隨著時間的推移逐漸增加到更高的水平，是的。

And Greg, to your question as to how does the spend -- the investment in research and development spread across different business lines.

格雷格，關於你的支出問題——研發投資如何分佈在不同的業務領域。

Obviously, there are specific businesses that we are dedicating the development investment into.

顯然，我們正在將開發投資投入到特定的業務中。

But also, there's a stepped-up effort in general research in fundamental technologies.

而且，基礎技術的一般研究也在加強。

We see that the next 5 to 10 years is a time period where a lot of these fundamental technologies, like deep learning, computer vision, et cetera, areas of artificial intelligence as well as quantum computing, that will really begin to take off and some of the technologies can be applied to actual applications.

我們看到未來 5 到 10 年是許多基礎技術真正開始起飛的時期，如深度學習、計算機視覺等，人工智能和量子計算領域，一些的技術可以應用於實際應用。

So the time to invest is now.

所以現在是投資的好時機。

It is very, very important for us to deepen that commitment to the investment of fundamental technologies.

深化對基礎技術投資的承諾對我們來說非常非常重要。

So that's -- obviously, one of the most important factors of establishing research in that area is the acquisition of talent.

因此，很明顯，在該領域建立研究的最重要因素之一是人才的獲取。

So we will be bringing onboard people that are experts in those areas.

因此，我們將聘請這些領域的專家。

The next question comes from the line of Wendy Huang from Macquarie.

下一個問題來自麥格理的Wendy Huang。

I have 2 questions.

我有兩個問題。

First, can you give some color on the Lingshoutong?

首先，你能給靈壽通點顏色嗎？

What kind of business model are you trying to build here?

你想在這裡建立什麼樣的商業模式？

And also, what kind of monetization can you get from those 500,000 mom-and-pop shops in China in the long-term future?

還有，從長遠來看，你能從中國的 50 萬家夫妻店中獲得什麼樣的貨幣化？

And second, for your digital and entertainment business, are you seeing any impact from the recent Congress meeting, i.e.

其次，對於您的數字和娛樂業務，您是否看到最近的國會會議的影響，即

any impact for your Q4 revenue there?

對你們第四季度的收入有什麼影響嗎？

Lingshoutong is a new business we incubate in the past 2 years.

靈壽通是我們近兩年孵化的新業務。

The purpose of Lingshoutong is to build up a data-driven digital platform to enable brand partners to distribute their products to the mom-and-pop stores in low-tier cities, even in rural areas.

靈壽通的目的是建立一個數據驅動的數字平台，使品牌合作夥伴能夠將他們的產品分銷到低線城市甚至農村地區的夫妻店。

And traditionally, the older brand -- most of the brands, they have a traditional distribution network, which is sort of a pyramid-like distribution network layer by layer.

傳統上，較老的品牌——大多數品牌，它們都有一個傳統的分銷網絡，這是一種一層一層的金字塔式分銷網絡。

But via Internet, via digital technology, we can narrow the gap of the layer and also to keep all the distribution behaviors transparent to the brand.

但是通過互聯網，通過數字技術，我們可以縮小層次差距，也可以讓所有的分銷行為對品牌透明。

So we can help -- via this new model, we want to help the brand to distribute their products to whatever retailers they want and they can clearly see the sell-in and the sellout.

所以我們可以提供幫助——通過這種新模式，我們希望幫助該品牌將他們的產品分銷給他們想要的任何零售商，他們可以清楚地看到銷售情況和銷售情況。

But actually, we don't want to repeat the traditional model, which is we buy from the merchants -- or we buy from the brand and we turn around and sell to the -- our partner store.

但實際上，我們不想重複傳統模式，即我們從商家那裡購買——或者我們從品牌購買，然後轉身賣給——我們的合作夥伴商店。

This is not our model.

這不是我們的模型。

Instead, our model is -- and again, it's a platform model.

相反，我們的模型是——再一次，它是一個平台模型。

We keep everything transparent.

我們保持一切透明。

We enable brands to distribute directly to pop-and-mom store on our platform.

我們使品牌能夠直接分銷到我們平台上的 pop-and-mom 商店。

But we provide infrastructure, including the supply chain management and the logistics service, to help them to make this happen.

但我們提供基礎設施，包括供應鏈管理和物流服務，以幫助他們實現這一目標。

And in terms of revenue model, I think, actually, we -- as always, we are not in a hurry in monetizing a young business.

就收入模式而言，我認為，實際上，我們一如既往地並不急於將年輕企業貨幣化。

We see great value.

我們看到了巨大的價值。

Actually, we've gotten very good feedback from the merchants, from brands because they -- few brands in China, they can have their own distribution network covering all the areas in China because China is too big.

實際上，我們從商家和品牌那裡得到了很好的反饋，因為他們——在中國很少有品牌，他們可以擁有自己的分銷網絡覆蓋中國所有地區，因為中國太大了。

It's -- for a brand to build a stand-alone distribution network, it's too expensive.

這是——對於一個品牌來說，建立一個獨立的分銷網絡，成本太高了。

So they are very happy to work with us to share this distribution platform with each other.

所以他們很樂意與我們合作，互相分享這個發行平台。

So that's our model.

這就是我們的模型。

And -- but we do believe that as long as we can create value for our merchants, for our brands, actually, we are -- we can -- finally, we can share some benefit from them.

而且——但我們確實相信，只要我們能夠為我們的商家、我們的品牌創造價值，實際上，我們——我們可以——最終，我們可以從他們那里分享一些好處。

Of course, for the -- on the other side, for the pop-and-mom stores, actually they are -- actually, they are -- traditionally, they are doing a very -- they are operating their business in a very old way, and we can provide them some digital weapons to help them to manage their sortings, goods in and goods out, and to manage their customers.

當然，對於——另一方面，對於流行和媽媽的商店，實際上他們是——實際上，他們是——傳統上，他們在做一個非常——他們在一個非常古老的地方經營他們的業務方式，我們可以為他們提供一些數字化武器，幫助他們管理分揀、進出貨，管理他們的客戶。

I think this also gives them a huge advantage to digitalize their business.

我認為這也為他們的業務數字化提供了巨大的優勢。

For digital entertainment business, I would say, as I said in my script, actually, we had a good summer and we enjoyed some benefits from the successful hits, drama hits in this summer.

對於數字娛樂業務，我會說，正如我在劇本中所說，實際上，我們度過了一個愉快的夏天，我們從今年夏天的成功熱播劇中受益匪淺。

And we will -- actually, we have a very strong pipeline.

我們將 - 實際上，我們有一個非常強大的管道。

A few days ago, our digital media and entertainment team disclosed their pipeline for the coming few quarters, and we have very strong pipeline.

幾天前，我們的數字媒體和娛樂團隊披露了未來幾個季度的管道，我們有非常強大的管道。

And we are very confident to grow our business and to enhance our leadership in this sector.

我們非常有信心發展我們的業務並加強我們在該領域的領導地位。

The next question comes from the line of Youssef Squali from SunTrust Robinson.

下一個問題來自 SunTrust Robinson 的 Youssef Squali。

2 quick questions for Maggie.

Maggie 的 2 個快速問題。

On the Cainiao, can you just speak to that $15 billion investment that you've identified?

關於菜鳥，你能談談你確定的那筆 150 億美元的投資嗎？

How much of it will you guys be doing directly versus partners?

你們將直接與合作夥伴做多少？

And how will you fund it?

你將如何資助它？

And then on the $48 billion increase in renminbi investment that you guys discussed at Analyst Day for '18.

然後是你們在 18 年分析師日討論的人民幣投資增加 480 億美元。

Now that we're almost halfway into the year, maybe not quite, but almost there, can you maybe help us narrow that range and what are the scenarios where you will hit the high end versus the low end?

現在我們已經快過半了，也許還不完全是，但差不多了，你能不能幫助我們縮小這個範圍，你會在什麼情況下達到高端與低端？

Okay.

好的。

So for the USD 15 billion spending in logistics over the next 5 years, so you get like a 300 -- I mean, $3 billion per annum.

因此，對於未來 5 年 150 億美元的物流支出，你會得到 300 美元——我的意思是，每年 30 億美元。

That is not a lot of spending level.

那不是很多支出水平。

While you see that we increased our guidance by 4%, that's purely the adding -- the consolidation of Cainiao.

雖然你看到我們將指引提高了 4%，但這純粹是對菜鳥的整合。

So you get -- you can see it right at the revenue level, and then we have disclosed equity pickup of the losses Cainiao incurred.

所以你得到 - 你可以在收入水平上看到它，然後我們披露了菜鳥遭受的損失的股權回升。

So their current spending level is already there.

因此，他們目前的支出水平已經存在。

If you analyze it, it's already somewhere around $2 billion.

如果你分析一下，它已經在 20 億美元左右。

So the spending is going to be both in CapEx and OpEx.

因此，支出將同時用於資本支出和運營支出。

But the funding sources, Cainiao has their financing round, raised the funds around a year ago.

但是資金來源，菜鳥有他們的一輪融資，大約一年前籌集了資金。

So they have some funds sitting on their balance sheet.

所以他們的資產負債表上有一些資金。

Plus, the group, since now we are controlling the business, we're going to provide the funding.

另外，由於現在我們控制著業務，所以我們將提供資金。

So by the way, we have like a $150 billion cash on our balance sheet.

所以順便說一句，我們的資產負債表上有大約 1500 億美元的現金。

And your second question is about the guidance range, the...

你的第二個問題是關於指導範圍，...

Right.

正確的。

The $48 billion increase in renminbi that you discussed at Analyst Day, just trying to understand if you have maybe better visibility in whether you'll end up being closer to the higher end or the lower end of that guidance.

你在分析師日討論的人民幣 480 億美元的增加，只是想了解你是否可以更好地了解你最終會更接近該指導的高端還是低端。

Right.

正確的。

Right, okay.

對，好吧。

So you've seen that we've reported 2 quarters now and very strong growth.

所以你已經看到我們已經報告了兩個季度並且增長非常強勁。

And we currently have not adjusted our revenue guidance for the business, excluding Cainiao.

我們目前還沒有調整我們對不包括菜鳥在內的業務的收入指導。

So that's because, first of all, the guidance I gave during the Investor Day was already a very high guidance, actually.

所以那是因為，首先，我在投資者日給出的指導實際上已經是一個非常高的指導。

So that was 10 percentage points higher than the consensus by that time.

所以這比當時的共識高出 10 個百分點。

So we're well on track to achieve that high goal.

因此，我們有望實現這一崇高目標。

Secondly, as I mentioned, we had this personalization algorithm launch last September, and now we get to the anniversary of that change.

其次，正如我提到的，我們在去年 9 月推出了這種個性化算法，現在我們迎來了這一變化的周年紀念日。

So in December quarter we're going to no longer have the easy comps.

因此，在 12 月季度，我們將不再擁有簡單的組合。

And thirdly, if you look at the December quarter, it's going to be a big quarter.

第三，如果你看一下 12 月的季度，這將是一個重要的季度。

So the large events like Singles Day and et cetera, so this may impact the revenue.

所以像雙十一這樣的大型活動，所以這可能會影響收入。

We would rather wait and see.

我們寧願拭目以待。

We do believe that we'll continue to have that technology enhancements, et cetera.

我們確實相信我們將繼續擁有技術改進等。

But people shouldn't just assume our technology growth linear over quarters.

但人們不應該僅僅假設我們的技術在幾個季度內呈線性增長。

Youssef, I just want to add to what Maggie said.

Youssef，我只想補充一下 Maggie 所說的話。

So essentially, we -- when we outlined the investment, we spent a portion of it.

因此，從本質上講，我們 - 當我們概述投資時，我們花費了其中的一部分。

We've highlighted during the prepared remarks that we will increase spend for the Double 11 in the second half of the year.

我們在準備好的評論中強調，我們將在下半年增加雙 11 的支出。

The next question comes from the line of Thomas Chong from Crédit Suisse.

下一個問題來自 Crédit Suisse 的 Thomas Chong。

I have a couple of quick questions.

我有幾個簡單的問題。

The first one is about our content strategy.

第一個是關於我們的內容策略。

Is there any plan to monetize the front page in the medium term?

有沒有計劃在中期將首頁貨幣化？

And my second question is about -- is there any expectation in terms of the GMV for Double 11?

我的第二個問題是關於雙十一的 GMV 是否有任何預期？

And finally, can management give us some color about the number of cloud customers in September quarter?

最後，管理層能否給我們一些關於 9 月份季度雲客戶數量的信息？

Yes, our -- actually, for your first question, we are -- on our core commerce business, we are -- actually, execute a very clear strategy in content-driven and community-driven Mobile Taobao.

是的，我們 - 實際上，對於你的第一個問題，我們 - 在我們的核心商業業務上，我們 - 實際上，在內容驅動和社區驅動的移動淘寶中執行非常明確的戰略。

And following this strategy, actually, we add more and more content in different formats, in short-form video, in news feeds in recommendations to our customers, and we received very good feedback from customers.

實際上，按照這一策略，我們在向客戶推薦的短視頻、新聞提要中添加了越來越多不同格式的內容，我們收到了客戶的非常好的反饋。

That's why we got very good stickiness of the customers.

這就是為什麼我們有很好的客戶粘性。

And -- but we are very -- actually, as we always do, we don't try to monetize all these new traffic immediately.

而且——但我們非常——實際上，一如既往，我們不會立即嘗試將所有這些新流量貨幣化。

Instead, we try to improve the user experience, improve our algorithm to meet the users' demand.

相反，我們試圖改善用戶體驗，改進我們的算法以滿足用戶的需求。

But going forward, we do see some potentials to monetize the value of this content.

但展望未來，我們確實看到了將這些內容的價值貨幣化的一些潛力。

But we are not in a hurry to do that.

但我們並不急於這樣做。

Operator, that's the last question.

接線員，這是最後一個問題。

Thank you.

謝謝。

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 all for your participation.

謝謝大家的參與。

You may all disconnect the lines now.

你們現在可以斷開所有線路了。

Thank you.

謝謝。