阿里巴巴 (BABA) 2018 Q4 法說會逐字稿

Good day, ladies and gentleman.

女士們先生們，美好的一天。

Thank you for standing by.

謝謝你的支持。

Welcome to Alibaba Group's March Quarter 2018 and Full Fiscal Year 2018 Results Conference Call.

歡迎來到阿里巴巴集團 2018 年三月季度和 2018 財年全年業績電話會議。

(Operator Instructions)

（操作員說明）

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

我現在想把電話轉給阿里巴巴集團投資者關係主管 Rob Lin。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，運營商。

Good day, everyone, and welcome to Alibaba Group's March Quarter 2018 and Full Fiscal Year 2018 Results Conference Call.

大家好，歡迎來到阿里巴巴集團 2018 年三月季度和 2018 財年全年業績電話會議。

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

與我們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 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 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 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 also note that certain financial measures that we use on the 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-GAAP 基礎。

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

我們的 GAAP 結果和 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 will turn the call over to Joe.

有了這個，我會把電話轉給喬。

Thank you, Rob.

謝謝你，羅布。

Thank you all for joining us.

謝謝大家加入我們。

We had an excellent year in fiscal 2018.

我們在 2018 財年表現出色。

Overall revenues grew 58% year-over-year and Taobao and Tmall GMV accelerated its growth from the 22% growth last year to 28% growth this year.

整體收入同比增長58%，淘寶和天貓GMV加速增長，從去年的22%增長到今年的28%。

I want to thank our team for a truly exceptional year.

我要感謝我們的團隊度過了真正非凡的一年。

On these great results, I want to highlight a few things that demonstrate the success of our strategy and execution.

關於這些出色的成果，我想強調一些證明我們戰略和執行成功的事情。

There are 3 things worth noting.

有3點值得注意。

First, we gained incremental market share and a larger share of the consumer e-commerce wallet despite the law of large numbers.

首先，儘管存在大數定律，我們仍獲得了增量市場份額和消費者電子商務錢包的更大份額。

How's that possible?

這怎麼可能？

Because through technology and consumer insights, we put the right products in front of the right customers at the right time.

因為通過技術和消費者洞察，我們可以在正確的時間將正確的產品呈現在正確的客戶面前。

We also executed tailored strategies in supply chain, product and merchant curation and logistics for key categories, including apparels, FMCG, home appliances and consumer electronics.

我們還在關鍵類別（包括服裝、快速消費品、家用電器和消費電子產品）的供應鏈、產品和商家策劃以及物流方面執行量身定制的戰略。

The combination of our superior technology and operating excellence means that we can continue to achieve substantial growth at scale, conquering the law of large numbers.

我們卓越的技術和卓越的運營相結合意味著我們可以繼續實現大規模的大幅增長，征服大數法則。

The second thing worth noting is that our New Retail initiatives are substantially growing Alibaba's total addressable marketing in commerce.

第二件值得注意的事情是，我們的新零售計劃正在大幅增加阿里巴巴在商業領域的整體可尋址營銷。

In retail, we're anticipating changing consumer behavior and the increasing expectations of quality and convenience, whether these consumers shop online or in offline stores.

在零售業，我們預計消費者行為會發生變化，對質量和便利性的期望也會越來越高，無論這些消費者是在網上還是在線下商店購物。

Through proprietary technology and operational implementation, we're enabling our retail partners to meet and even exceed these consumer expectations and capture incremental sales and operating efficiency.

通過專有技術和運營實施，我們使我們的零售合作夥伴能夠滿足甚至超越這些消費者期望，並獲得增量銷售和運營效率。

In this process of digitizing the entire retail operation, we are driving a massive transformation of the traditional retail industry.

在整個零售業務數字化的過程中，我們正在推動傳統零售業的大規模轉型。

It is fair to say that our e-commerce platform is fast becoming the leading retail infrastructure of China.

可以說，我們的電子商務平台正在迅速成為中國領先的零售基礎設施。

With this transformation, China's USD 5 trillion in retail sales will be available to Alibaba as our total addressable market.

通過這一轉型，中國 5 萬億美元的零售額將成為阿里巴巴的總目標市場。

The third thing worth noting is that Alibaba is well positioned to capture more discretionary spend of Chinese consumers through entertainment and local service offerings beyond e-commerce.

第三件值得注意的事情是，阿里巴巴有能力通過電子商務以外的娛樂和本地服務產品吸引更多中國消費者的可自由支配的支出。

Over the past year, we made substantial investments in our Digital Media and Entertainment business.

在過去的一年裡，我們對數字媒體和娛樂業務進行了大量投資。

We strengthened our offerings in streaming content and subscription video services for an expanding viewership.

我們加強了我們在流媒體內容和訂閱視頻服務方面的產品，以擴大收視率。

We also made a key strategic acquisition to take full control of Ele.me, an online food ordering and delivering business that comes with a comprehensive local fulfillment and delivery network, which will help to power our New Retail strategy.

我們還進行了一項重要的戰略收購，以全面控制餓了麼，這是一家在線食品訂購和交付業務，擁有全面的本地履行和交付網絡，這將有助於推動我們的新零售戰略。

The substantial assets in entertainment and local services can leverage our user base of over 550 million annual active consumers in e-commerce.

娛樂和本地服務方面的大量資產可以利用我們每年超過 5.5 億電子商務活躍消費者的用戶群。

We're extremely excited by the potential flywheel effects of expanding the wallet share of these 550 million users across our ecosystem, as well as the synergies and consumer insights that can be achieved through a platform built around the Alibaba technology infrastructure.

我們對擴大這 5.5 億用戶的錢包份額在我們生態系統中的潛在飛輪效應，以及通過圍繞阿里巴巴技術基礎設施構建的平台可以實現的協同效應和消費者洞察力感到非常興奮。

Now, I will turn it over to Daniel for his comments about the quarter.

現在，我將把它轉交給丹尼爾，聽取他對本季度的評論。

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 outstanding quarter and a fiscal year.

我們交付了另一個出色的季度和一個財政年度。

Today our business is stronger than ever because of our focus on delivering unique value propositions to our customers.

今天，我們的業務比以往任何時候都更加強大，因為我們專注於為客戶提供獨特的價值主張。

Over the past year, we achieved many important milestones across our entire businesses.

在過去的一年裡，我們在整個業務中取得了許多重要的里程碑。

We enjoyed exceptional revenue growth in our Core Commerce business, while successfully activating new synergies between platforms and setting up solid foundations for next stage of growth in strategic areas such as New Retail and globalization.

我們的核心商務業務收入實現了非凡的增長，同時成功激活了平台之間的新協同效應，並為新零售和全球化等戰略領域的下一階段增長奠定了堅實的基礎。

We were guided and will continue to be guided by a long-term forward-looking approach to investing in new user acquisition, new technology and recreation of New Retail experiences.

我們受到並將繼續受到長期前瞻性方法的指導，以投資於新用戶獲取、新技術和新零售體驗的再創造。

As we have said from day one, we work for today, invest for tomorrow, and incubate for the future.

正如我們從第一天起就說過的，我們為今天而工作，為明天而投資，為未來而孵化。

Alibaba continued to be the leading consumer media platform and the starting point of any retail journey for Chinese consumers.

阿里巴巴仍然是領先的消費媒體平台，也是中國消費者任何零售之旅的起點。

We achieved consistently higher user engagements due to AI enhancements that delivered greater precision and relevance in user experiences, also in merchandise selection and in the mix of digital contents.

由於 AI 增強功能在用戶體驗、商品選擇和數字內容組合方面提供了更高的準確性和相關性，我們實現了持續更高的用戶參與度。

Mobile MAUs on our China retail marketplaces reached a total of 617 million, which grew by 22% year-over-year.

我們中國零售市場的移動月活躍用戶總數達到 6.17 億，同比增長 22%。

Our successful new user acquisition campaign during Chinese New Year, which culminated during the annual televised CCTV Spring Festival Gala, contributed a net increase of 37 million annual active consumers this past quarter, largely from tier 3, tier 4 cities and the rural areas.

我們在農曆新年期間成功開展的新用戶獲取活動在每年一度的中央電視台春節聯歡晚會期間達到高潮，在上個季度貢獻了 3700 萬年度活躍消費者的淨增長，主要來自三四線城市和農村地區。

This was the largest user net add over the course of the last 13 quarters.

這是過去 13 個季度中最大的用戶淨增。

Tmall continued to experience robust growth across all categories and expanded its market leadership.

天貓繼續在所有類別中實現強勁增長，並擴大了其市場領導地位。

Physical goods GMV grew 40% year-over-year in this past quarter, mainly driven by accelerated growth in fashion and FMCG categories, as well as robust demand in consumer electronics.

實物商品 GMV 在上個季度同比增長 40%，主要受時尚和快速消費品類別加速增長以及消費電子產品需求強勁的推動。

Many brands launched on Tmall this quarter, including H&M, YSL Beauté and Valentino.

許多品牌本季度入駐天貓，包括 H&M、YSL Beauté 和 Valentino。

Over the past year, Tmall has been able to solidify the gross market share through its unique value proposition through brands and reach new customers and to retain and serve existing customers online and offline.

在過去的一年裡，天貓通過品牌獨特的價值主張鞏固了總市場份額，吸引了新客戶，並在線上和線下保留和服務現有客戶。

Market leadership and users sheer gains continued to be our priority for Tmall and we will continue to invest in our business.

市場領導地位和用戶的絕對收益仍然是我們天貓的首要任務，我們將繼續投資於我們的業務。

Over the past year, we made excellent progress in our New Retail strategy through both bolstering in-house innovations and investing in opportunities ripe for change.

在過去的一年裡，我們通過支持內部創新和投資於成熟的變革機會，在新零售戰略方面取得了長足進步。

During this past quarter, we expanded into 2 new cities in China and added 13 new Herma stores, bringing the total store locations to 37.

在上個季度，我們在中國擴展了 2 個新城市，並新增了 13 家 Herma 門店，使門店總數達到 37 家。

On average, more than 50% of orders processed by Herma stores were placed online for home delivery.

平均而言，在 Herma 門店處理的訂單中，超過 50% 的訂單是在線下單並送貨上門的。

We began to leverage proprietary in-store technologies and digitized supply chain system incubated at Herma for deployment in select retail properties across China.

我們開始利用在 Herma 孵化的專有店內技術和數字化供應鏈系統，在中國的精選零售物業進行部署。

Our acquisition of Ele.me will expand our service offerings to include on-demand food delivery.

我們對餓了麼的收購將擴大我們的服務範圍，包括按需送餐。

This is strategically valuable for strengthening user experience on our platform, as well as our last-mile delivery network range and penetration.

這對於加強我們平台上的用戶體驗以及我們最後一英里的交付網絡範圍和滲透率具有戰略價值。

Our investment in Easyhome is an entry point to redefine the home improvement shopping experiences to meet the needs of the rising population of middle-class homeowners in China.

我們對居然之家的投資是重新定義家裝購物體驗的切入點，以滿足中國不斷增長的中產階級業主的需求。

We made great strides in our globalization strategy.

全球化戰略取得重大進展。

Revenue for our international retail business increased by 94% year-over-year.

我們的國際零售業務收入同比增長 94%。

Our cross-border import business, Tmall Global, enjoyed a 113% year-over-year growth in GMV this past quarter, driven by top-selling categories of beauty, baby and maternity and health supplements.

我們的跨境進口業務天貓國際在過去一個季度的 GMV 同比增長 113%，這主要得益於美容、母嬰和保健品等暢銷品類的推動。

To further accelerate Lazada's development and market share growth, we successfully integrated our entire technology platform across the 6 markets into the main Alibaba infrastructure and we will invest an additional USD 2 billion into the business.

為了進一步加速 Lazada 的發展和市場份額的增長，我們成功地將我們在 6 個市場的整個技術平台整合到阿里巴巴的主要基礎設施中，我們將額外投資 20 億美元用於該業務。

Our deep long-term commitment to Lazada and the Southeast Asia market was further demonstrated by the appointment of Lucy Peng, Alibaba Co-Founder and its Partner, as Chief Executive in addition to her role as Chairwoman.

阿里巴巴聯合創始人兼合夥人彭蕾除了擔任董事長外，還被任命為首席執行官，這進一步證明了我們對 Lazada 和東南亞市場的長期承諾。

Over this past fiscal year, Cainiao made solid progress in expanding delivery network and improving industry-wide operational efficiency and service quality through digitization.

上一財年，菜鳥在拓展配送網絡、通過數字化提升全行業運營效率和服務質量方面取得了紮實進展。

More than 90% of all delivery orders generated on our China retail marketplaces now use e-way bills pioneered by Cainiao.

在我們中國零售市場上產生的所有交付訂單中，超過 90% 現在使用菜鳥首創的電子運單。

Additionally, more than 70 logistic partners use Cainiao's logistic cloud service to improve efficiencies of collection and delivery services through data technology.

此外，超過70家物流合作夥伴使用菜鳥物流雲服務，通過數據技術提升收派服務效率。

Next day delivery service coverage expanded to 211 cities and nearly 1,500 counties.

次日達服務覆蓋範圍擴大到211個城市和近1500個縣。

For cross-border service, successful system integration with all key ports of entry and exit in China ensures custom clearance are now processed in seconds, and door-to-door, then, delivery between major global destinations is no more than 10 days.

跨境服務方面，成功與中國所有主要出入境口岸進行系統集成，實現秒級清關、送貨上門，全球主要目的地之間的送達時間不超過10天。

Our cloud computing business continued its rapid growth over the past year.

我們的雲計算業務在過去一年繼續快速增長。

Alibaba Cloud is the market leader for infrastructure as a service in China.

阿里雲是中國基礎設施即服務的市場領導者。

Revenue grew 103% year-over-year this past quarter, driven by the growth of paying customers and the subscription of higher value-added products.

在付費客戶增長和高附加值產品訂閱的推動下，上一季度收入同比增長 103%。

Our acquisition of C-SKY Microsystems, a leading Chinese supplier of embedded CPU cores, together with our previous investments in this sector will solidify in-house chip capabilities that will be integral to our cloud-based IoT business strategy.

我們對中國領先的嵌入式 CPU 內核供應商中天微系統的收購，以及我們之前在該領域的投資，將鞏固內部芯片能力，這將成為我們基於雲的物聯網業務戰略不可或缺的一部分。

We continued to introduce new product and service and features, including a proprietary edge computing software that enables the development of IoT across systems.

我們繼續推出新產品、服務和功能，包括支持跨系統物聯網開發的專有邊緣計算軟件。

We opened a new datacenter in Indonesia, raising our global presence to a total of 18 countries and regions.

我們在印度尼西亞開設了一個新的數據中心，將我們的全球影響力提升到總共 18 個國家和地區。

Our Digital Media and Entertainment business continued to gain momentum.

我們的數字媒體和娛樂業務繼續保持增長勢頭。

Subscribers on Youku grew over 160% year-over-year this past quarter as we continue to gain consumers' mindshare through acquisitions and development of quality, licensed and original contents such as hit reality show, Street Dance of China.

優酷的訂戶在上個季度同比增長超過 160%，因為我們通過收購和開發優質、授權和原創內容（如熱門真人秀、街舞）繼續贏得消費者的關注。

I also want to provide an update on our innovation initiatives.

我還想提供有關我們創新計劃的最新信息。

AutoNavi is now the largest provider of mobile digital map, navigation and real-time traffic information in China, with approximately 60 million daily active users.

高德是目前中國最大的移動數字地圖、導航和實時交通信息提供商，日活躍用戶約6000萬。

Its digital map platform also serves as an infrastructure for many major mobile apps in a wide variety of sectors such as food delivery and rideshare.

其數字地圖平台還充當許多主要移動應用程序的基礎設施，涉及食品配送和拼車等多個領域。

Our voice control assistant, Tmall Genie, positioned as a centerpiece in homes to serve the needs of day-to-day family life, has more -- has sold more than 2 million units.

我們的語音控制助手天貓精靈定位於家居中心，滿足日常家庭生活的需求，銷量超過 200 萬台。

Related operating platform upgrade for Tmall Genie is equipped with visual recognition capability in addition to Chinese voice recognition.

天貓精靈相關運營平台升級，除中文語音識別外，還具備視覺識別能力。

As we surpass a new milestone with a total GMV of USD 768 billion for this past fiscal year, I remain confident that we are on track to reach our goal of USD 1 trillion GMV by fiscal 2020.

隨著我們在上一財年突破了一個新的里程碑，GMV 總額達到 7680 億美元，我仍然相信我們有望在 2020 財年實現 1 萬億美元 GMV 的目標。

Looking forward, we will continue to invest in new user acquisition and expand consumer wallet share through category expansions of physical products, digital contents and local services.

展望未來，我們將繼續投資於新用戶的獲取，並通過實體產品、數字內容和本地服務的類別擴展來擴大消費者錢包份額。

We will continue to invest and further extend the considerable gains we have achieved in B2C market leadership this past year.

我們將繼續投資並進一步擴大我們在過去一年中在 B2C 市場領導地位方面取得的可觀成果。

China's commitment to import USD 8 trillion worth of goods in the next few years is a significant opportunity for our platform.

中國承諾在未來幾年進口價值 8 萬億美元的商品，這對我們的平台來說是一個重大機遇。

We will work with producers and merchants to bring the best products from around the world directly to consumers in China.

我們將與生產商和商家合作，將全球最好的產品直接帶給中國消費者。

We will continue to scale New Retail formats that we have been incubating such as Herma.

我們將繼續擴大我們一直在孵化的新零售業態，例如 Herma。

We will work closely with committed partners to transform and upgrade traditional retail formats, ensuring that they enjoy first-mover advantage in the changing environment.

我們將與堅定的合作夥伴緊密合作，改造和升級傳統零售業態，確保他們在不斷變化的環境中享有先發優勢。

And as our customers digitalize their business, we will provide comprehensive solutions to address their evolving needs across commerce, marketing, cloud computing and more.

隨著我們的客戶將他們的業務數字化，我們將提供全面的解決方案來滿足他們在商業、營銷、雲計算等方面不斷變化的需求。

Cainiao will continue to focus on building a global digital logistic infrastructure and accelerate the development of smart delivery solutions to address the evolving needs of New Retail.

菜鳥將繼續專注於構建全球數字物流基礎設施，並加快開發智能交付解決方案，以滿足新零售不斷變化的需求。

Last but not least, we will continue to invest aggressively in new innovative initiatives for the future.

最後但同樣重要的是，我們將繼續積極投資於未來的新創新舉措。

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 strong quarter and one of the strongest annual results since our IPO.

自 IPO 以來，我們又交付了一個強勁的季度和最強勁的年度業績之一。

In March 2018 quarter, major operating and financial metrics continued to record very strong results.

在 2018 年 3 月季度，主要運營和財務指標繼續取得非常強勁的業績。

Total revenue grew 61% year-over-year to RMB 62 billion.

總收入同比增長 61% 至人民幣 620 億元。

Revenue from Core Commerce grew 62% year-over-year.

來自 Core Commerce 的收入同比增長 62%。

Mobile MAU on our China retail marketplaces reached 617 million in March, an increase of 37 million over December quarter.

3 月份，我們中國零售市場的移動 MAU 達到 6.17 億，比去年同期增加 3700 萬。

Annual active consumers on China retail marketplaces reached 562 million.

中國零售市場年活躍消費者達到5.62億。

The net increase of 37 million from the 12 months' period ended December 2017 represents the largest net adds in the last 13 quarters.

截至 2017 年 12 月的 12 個月期間淨增加 3700 萬，是過去 13 個季度中最大的淨增加。

Revenue from cloud computing increased 103% year-over-year to RMB 4.4 billion.

雲計算收入同比增長103%至人民幣44億元。

Core Commerce EBITDA margin was 43%.

核心商業 EBITDA 利潤率為 43%。

Excluding investments in New Retail, investment in Lazada and Cainiao, Core Commerce EBITDA margin would have been similar to the previous years.

排除對新零售的投資、對 Lazada 和菜鳥的投資，Core Commerce 的 EBITDA 利潤率將與往年相似。

Our non-GAAP free cash flow was RMB 8.6 billion for the quarter compared to RMB 8 billion in the same quarter of last year.

本季度我們的非美國通用會計準則自由現金流為人民幣 86 億元，而去年同期為人民幣 80 億元。

When we look at the quarterly revenue, for the quarter total revenue grew 61% year-on-year.

當我們查看季度收入時，本季度總收入同比增長 61%。

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

這得益於我們中國商業零售業務、阿里雲和國際商業零售業務的強勁增長。

The consolidation of Cainiao and Intime also resulted in greater revenue.

菜鳥和銀泰的合併也帶來了更高的收入。

So if you take out the revenue growth coming from consolidation of Cainiao, our revenue would still have grown over 50% year-over-year.

因此，如果你剔除菜鳥整合帶來的收入增長，我們的收入仍將同比增長 50% 以上。

Cost of revenue excluding SBC was RMB 30.8 billion.

不包括 SBC 的收入成本為人民幣 308 億元。

Excluding the effects of SBC, cost of revenue as a percentage of revenue increased from 37% in the quarter ended March of last year to 50% in quarter ended this March quarter.

排除 SBC 的影響，收入成本佔收入的百分比從截至去年 3 月的季度的 37% 增加到截至本季度的 50%。

The increase was primarily due to the cost of new entry in our New Retail businesses and Lazada, as well as investment in Cainiao and our spending growing user base and improving user experience.

增長主要是由於我們的新零售業務和 Lazada 的新進入成本，以及對菜鳥的投資以及我們增加用戶群和改善用戶體驗的支出。

Sales and marketing expenses exclude SBC were RMB 7 billion in the quarter.

本季度不包括 SBC 的銷售和營銷費用為人民幣 70 億元。

Without the effect of SBC, sales and marketing expenses percentage of revenue would have increased from 10% in quarter ended March last year to 11% this quarter, primarily due to increase in our discretionary advertising and promotional spending for user acquisition that led to significant increase in annual active buyer and MAU during the quarter.

如果沒有 SBC 的影響，銷售和營銷費用佔收入的百分比將從截至去年 3 月的季度的 10% 增加到本季度的 11%，這主要是由於我們為獲取用戶而增加的可自由支配的廣告和促銷支出導致顯著增加在本季度的年度活躍買家和 MAU 中。

As a percentage of revenue without the effect of SBC, all other major operating expenses remain stable year-on-year.

在沒有 SBC 影響的情況下佔收入的百分比，所有其他主要運營費用同比保持穩定。

Let's take a look at the net income.

讓我們來看看淨收入。

So non-GAAP net income in the quarter was RMB 14 billion, an increase of 35% year-on-year.

因此，該季度非美國通用會計準則淨收入為人民幣 140 億元，同比增長 35%。

Reconciliation 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。

And by looking at this quarter's net income, GAAP net income, it shows a decrease of 33%.

通過查看本季度的淨收入，GAAP 淨收入顯示下降了 33%。

This is primarily due to non-recurring disposal gain from sales of certain investments last March quarter.

這主要是由於上一季度出售某些投資產生的非經常性處置收益。

So that's -- if you take that out, the net income is going to show growth of around 27%.

那就是——如果你把它去掉，淨收入將增長 27% 左右。

So free cash flow; in March quarter we generated RMB 8.6 billion in free cash flow compared to RMB 8 billion last year.

所以自由現金流；在 3 月季度，我們產生了 86 億元人民幣的自由現金流，而去年為 80 億元人民幣。

As of March, cash, cash equivalents and short-term investments were RMB 205 billion compared to RMB 220 billion as of December last year.

截至 3 月，現金、現金等價物和短期投資為 2050 億元人民幣，而去年 12 月為 2200 億元人民幣。

This decrease during the quarter was primarily due to cash used in investing activities, including investments in Wanda Cinemas, Easyhome and cash used to acquire additional shares of Intime, partly offset by free cash flow generated from operations.

本季度的減少主要是由於投資活動中使用的現金，包括對萬達院線、居然之家的投資以及用於收購額外銀泰股份的現金，部分被運營產生的自由現金流所抵消。

Capital expenditures in this quarter were RMB 7 billion, in which about RMB 1.5 billion related to the acquisitions of land use rights and construction in progress.

本季度資本支出70億元，其中約15億元與土地使用權收購及在建工程相關。

Let's turn to the segment report.

讓我們轉向分部報告。

Core Commerce segment had another strong quarter, with revenue growth of 62% year-on-year.

核心商務部門的季度表現強勁，收入同比增長 62%。

The robust performance was mainly driven by the China commerce retail business that grew 56% year-on-year and represents 78% of the segment revenue.

強勁的表現主要受中國商業零售業務推動，該業務同比增長 56%，佔分部收入的 78%。

Let's look at the key components of China commerce retail business.

讓我們看看中國商業零售業務的主要組成部分。

Customer management revenue grew by 35% year-over-year, driven largely by further increase in average unit price per click and to a lesser extent the volume of click.

客戶管理收入同比增長 35%，主要受平均點擊單價進一步上漲以及點擊量的推動。

Increase in price per click reflects our ability to deliver highly relevant paid search to consumers through personalization, technology, which drove -- increased the conversion.

每次點擊價格的增加反映了我們通過個性化和技術向消費者提供高度相關的付費搜索的能力，這推動了 - 增加了轉化率。

We're seeing higher average spending per merchants on our customer management services.

我們看到每個商家在我們的客戶管理服務上的平均支出更高。

The 35% growth rate of customer management revenue in March quarter also reflects a normalized growth trend as we take a measure of the approach to monetize.

3 月季度客戶管理收入的 35% 增長率也反映了正常化的增長趨勢，因為我們衡量了貨幣化的方法。

We continue to have multiple monetization levers that support our customer management revenue, including implementation of technology improvement, as well as load and inventory increases.

我們繼續擁有多種貨幣化槓桿來支持我們的客戶管理收入，包括實施技術改進以及負載和庫存增加。

Commission revenue grew by 39% year-over-year, primarily due to a strong 40% year-over-year growth in the physical good's GMV on Tmall.

佣金收入同比增長 39%，這主要是由於實物商品在天貓的 GMV 同比增長 40%。

Other revenue was RMB 5.8 billion, up over 1,000% year-over-year and represents the fast growth of our New Retail business, which includes Herma, Tmall Import and Intime.

其他收入為人民幣 58 億元，同比增長超過 1,000%，代表了我們新零售業務的快速增長，其中包括 Herma、天貓進口和銀泰。

Our core marketplace adjusted EBITDA margin was 43% this quarter.

本季度我們的核心市場調整後 EBITDA 利潤率為 43%。

That's compared to 59% in the same quarter last year.

相比之下，去年同期為 59%。

Excluding the gross revenue -- accounts effect of New Retail, Lazada, Cainiao, adjusted core commerce EBITDA margin was similar to that of previous years.

剔除總收入——新零售、Lazada、菜鳥的賬戶效應，調整後的核心商業 EBITDA 利潤率與往年相似。

Cloud computing grew 103% year-on-year.

雲計算同比增長103%。

This is primarily driven by an increase in number of paying customers and increase in their usage of our cloud services.

這主要是由於付費客戶數量的增加以及他們對我們雲服務的使用增加所致。

Digital Media, Entertainment segment shows a revenue of RMB 5.3 billion, an increase of 34% year-on-year.

數字媒體、娛樂板塊實現收入人民幣53億元，同比增長34%。

This increase was mainly driven by increase in subscription revenue from Youku Tudou and mobile value-added service revenue from UCWeb.

這一增長主要是由於來自優酷土豆的訂閱收入和來自 UC 的移動增值服務收入的增長。

Youku's daily average subscriber maintained strong momentum, with over 150% year-over-year growth, driven by successful launch of several hit reality TV shows and dramas.

優酷的日均訂戶保持強勁勢頭，同比增長超過 150%，這主要得益於多部熱播真人秀和電視劇的成功推出。

Adjusted EBITDA margin of the Digital Media, Entertainment segment was negative 49% this quarter compared to a negative of 44% in the same period last year.

本季度數字媒體、娛樂部門的調整後 EBITDA 利潤率為負 49%，而去年同期為負 44%。

It was mainly due to the increase in content cost of Youku Tudou.

主要是由於優酷土豆的內容成本增加所致。

Revenue from innovation initiatives and other segments was RMB 988 million in this quarter.

本季度來自創新計劃和其他部門的收入為人民幣 9.88 億元。

Adjusted EBITDA margin of this segment was negative 87%, primarily due to the investment in these new business initiatives.

該部門調整後的 EBITDA 利潤率為負 87%，主要是由於對這些新業務計劃的投資。

Let's take a look at the full year financial highlights.

讓我們來看看全年的財務亮點。

So total revenue growing 58% year-on-year to RMB 250 billion exceeding our original guidance in a big time.

因此，總收入同比增長 58% 至人民幣 2500 億元，大大超過了我們最初的指導。

So even excluding the consolidation of Cainiao, organic revenue growth still remained strong growth at over 50% year-on-year, growth which is still much higher than the original guidance I gave last June.

因此，即使不包括菜鳥的合併，有機收入增長仍然保持強勁增長，同比增長超過 50%，增長仍然遠高於我去年 6 月給出的最初指導。

The strong revenue growth is driven by robust growth of our core commerce segment and another year of triple-digit revenue growth of Alibaba Cloud, as it continues to drive market leadership.

強勁的收入增長是由我們的核心商務部門的強勁增長和阿里雲繼續推動市場領導地位的又一年三位數收入增長推動的。

The core commerce delivered one of the strongest years since IPO, with overall revenue growth of 60%.

核心商業創造了自 IPO 以來最強勁的年份之一，整體收入增長了 60%。

And GMV transacted on our China retail marketplaces in fiscal 2018 was about RMB 4.8 trillion, an increase of 28% year-over-year.

2018 財年，我們在中國零售市場的交易總額約為 4.8 萬億元人民幣，同比增長 28%。

By the way, this GMV doesn't include the GMV from our New Retail yet.

順便說一句，這個GMV還不包括我們新零售的GMV。

So going forward, we will report New Retail GMV on new business as well.

因此，展望未來，我們還將報告新業務的新零售 GMV。

The growth, the acceleration reflects Tmall's continued expansion in B2C market leadership, with Tmall's physical goods GMV growth growing at 45% year-over-year during the fiscal year.

增長和加速反映了天貓在 B2C 市場領導地位的持續擴張，天貓的實物商品 GMV 在本財年同比增長 45%。

This number, by the way, is a lot higher than our competitors.

順便說一句，這個數字比我們的競爭對手高很多。

Annual active consumers in China reached 552 million, and we talked about that strong growth, so that's the MAU growth.

中國年度活躍消費者達到 5.52 億，我們談到了強勁的增長，這就是 MAU 的增長。

And our cloud computing business has doubled its revenue and has shown a revenue of RMB 13.4 billion.

而我們的雲計算業務收入翻了一番，達到了134億元人民幣的收入。

And our business has shown strong profitability and cash flow generation ability.

我們的業務表現出強大的盈利能力和現金流生成能力。

For fiscal 2018, we generated RMB 99 billion, which is USD 16 billion in free cash flow compared to USD 69 billion in fiscal 2017.

2018 財年，我們產生了 990 億元人民幣，即 160 億美元的自由現金流，而 2017 財年為 690 億美元。

Now, let's take a look at the margin.

現在，讓我們來看看保證金。

I know a lot of people have a question on margin and how we look at the margin.

我知道很多人對保證金以及我們如何看待保證金有疑問。

If we step back and look at core commerce on a pure like-to-like basis year-over-year, we would have enjoyed improved margin of core commerce, EBITDA margin.

如果我們退後一步，在純粹的同比基礎上查看核心商業，我們將享受核心商業利潤率的提高，即 EBITDA 利潤率。

When you look at this table, if we exclude new strategic initiatives, New Retail, Cainiao, Lazada, adjusted core commerce EBITDA margin would have been 63% versus 62% for 2017 fiscal, reflecting operating leverage.

當你看這張表時，如果我們排除新的戰略舉措、新零售、菜鳥、Lazada，調整後的核心商業 EBITDA 利潤率將是 63%，而 2017 財年為 62%，反映了經營槓桿。

This 63% margin already reflects a year-on-year step-up in investment within preexisting China retail marketplace business, i.e., our spending on user experience, B2C market leadership expansion.

這 63% 的利潤率已經反映出對現有中國零售市場業務的投資同比增加，即我們在用戶體驗、B2C 市場領導地位擴張方面的支出。

This investment has led to faster user growth and greater market leadership gain for China marketplace.

這項投資為中國市場帶來了更快的用戶增長和更大的市場領導地位。

And the development of New Retail business will have different financial and margin impacts to core commerce over the next several years because taxes for New Retail revenues are accounted for on growth basis where we operate, own and sell inventory directly.

新零售業務的發展將在未來幾年對核心商業產生不同的財務和利潤影響，因為新零售收入的稅收是在我們直接經營、擁有和銷售庫存的增長基礎上計算的。

By the way, please note that this is not same as a traditional buy and sell (inaudible) business, because -- the reason we are doing this is to figure out the ways to improve the efficiency of the whole retail value chain, it's for the restructure and transition of this retail field.

順便說一句，請注意，這與傳統的買賣（聽不清）業務不同，因為——我們這樣做的原因是找出提高整個零售價值鏈效率的方法，這是為了這個零售領域的重組和轉型。

And later on, we're going to use this methodology to enable -- use our technology to enable the offline retailers to reform their business.

稍後，我們將使用這種方法來啟用 - 使用我們的技術使線下零售商能夠改革他們的業務。

So this is our (inaudible) and reform mode in the retail strategy.

所以這是我們在零售戰略中的（聽不清）和改革模式。

And we expect New Retail to become more meaningful revenue contributor to the core commerce over long-term.

我們預計，從長遠來看，新零售將成為核心商業更有意義的收入貢獻者。

And when you look at the increasing mix of New Retail revenue, this will structurally change the margin profile of core commerce segment.

當你看到新零售收入組合的增加時，這將在結構上改變核心商業部門的利潤率。

However, we believe New Retail will have a more meaningful profit contribution to core commerce.

然而，我們相信新零售將為核心商業帶來更有意義的利潤貢獻。

Sustainable profit growth; so instead of a blended margin rate which is not meaningful in understanding the true profitability of our business, we're focusing on growing our business in absolute profit, which we think investors should focus on as well.

可持續的利潤增長；因此，我們沒有採用對了解我們業務的真正盈利能力沒有意義的混合保證金率，而是專注於以絕對利潤增長我們的業務，我們認為投資者也應該關注這一點。

Back in fiscal year 2014 to '16, even during a period of investments, we were still able to deliver strong and healthy EBITDA growth of over 40% in the past 2 years.

回到 2014 年至 16 財年，即使在投資期間，我們仍然能夠在過去 2 年中實現超過 40% 的強勁和健康的 EBITDA 增長。

We had gone through a period of investment to expand our mobile strategy in 2015 and 2016 fiscal that had proven to be very successful.

我們在 2015 年和 2016 財年經歷了一段時間的投資，以擴大我們的移動戰略，這被證明是非常成功的。

Our further investments in technology and content for the ecosystem over the last several years continued to improve monetization and added significant value to our customers and users and to our profit growth.

在過去幾年中，我們對生態系統的技術和內容進行了進一步投資，繼續提高貨幣化水平，並為我們的客戶和用戶增加了顯著價值，並促進了我們的利潤增長。

Looking ahead, we continue to be very excited about Alibaba's growth prospects.

展望未來，我們繼續對阿里巴巴的增長前景感到非常興奮。

We expect revenue growth for fiscal year 2019 to be over 60% year-over-year.

我們預計 2019 財年的收入同比增長將超過 60%。

Excluding the consolidation of Ele.me and Cainiao Network, because Cainiao we only had half year revenue last year, we expect revenue growth for fiscal '19 to be over 50%.

不包括餓了麼和菜鳥網絡的合併，因為菜鳥去年我們只有半年的收入，我們預計 19 財年的收入增長將超過 50%。

We have shown a track record of delivering robust profit growth by identifying new growth opportunities that is supported by solid execution.

我們已經展示了通過確定由可靠執行支持的新增長機會來實現強勁利潤增長的記錄。

We will continue to invest our operating free cash flow to generate long-term sustainable profit growth.

我們將繼續投資我們的經營自由現金流，以產生長期可持續的利潤增長。

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

（操作員說明）您的第一個問題來自美林證券的 Eddie Leung。

I have a question on New Retail.

我有一個關於新零售的問題。

Could you give us some insights on how the operating and financial metrics of some of your more mature Herma stores are comparing with the best-in-class offline retailers in the same category?

您能否給我們一些見解，說明您的一些更成熟的 Herma 門店的運營和財務指標與同類最佳線下零售商相比如何？

Thanks, Eddie.

謝謝，艾迪。

Let me add more color of the Herma store operation and your question about New Retail.

讓我補充一下Herma商店運營的更多色彩以及您關於新零售的問題。

Actually, when we planned the Herma model and what we want to achieve there is that we want to build a New Retail format which is -- which can have more efficient operation for food and fresh products and FMCG products.

實際上，當我們規劃 Herma 模式和我們想要實現的目標時，我們想要建立一種新零售業態——它可以對食品和生鮮產品以及快速消費品產品進行更高效的運營。

And so today what we have seen is that -- as I've said in my script, that we generated 50% of the orders in Herma store and which are from mobile users and the products are fulfilled by Herma store and delivered to their home -- which means by this way we extend the Herma coverage on the customers and improve the store operating efficiency.

所以今天我們看到的是——正如我在腳本中所說的那樣，我們在 Herma 商店產生了 50% 的訂單，這些訂單來自移動用戶，產品由 Herma 商店完成並送貨上門——也就是說，通過這種方式，我們擴大了Herma對顧客的覆蓋範圍，提高了門店的運營效率。

Because, as you can imagine, that the fixed costs -- operating costs for a store remain stable.

因為，正如您可以想像的那樣，固定成本——一家商店的運營成本保持穩定。

While if we can have extra coverage to the consumers, not only in the store, but also nearby, then we can generate orders and via this mobile reach, this especially help us to improve the operating efficiency and improve the productivity of the stores, which we strongly believe is very good for the retail business.

而如果我們能夠對消費者進行額外的覆蓋，不僅在商店內，而且在附近，那麼我們就可以生成訂單，並且通過這種移動覆蓋，這尤其有助於我們提高運營效率並提高商店的生產力，這我們堅信這對零售業務非常有利。

And the second thing is about the delivery cost.

第二件事是關於送貨成本。

Actually, today -- when we build our Herma model what we want to achieve is that we want to upgrade the e-commerce logistic from a hub and spoke model to a more integrated offline -- online integrate, logistic and fulfill model.

實際上，今天 - 當我們建立我們的 Herma 模型時，我們想要實現的是我們希望將電子商務物流從中心輻射模型升級為更加集成的離線 - 在線集成、物流和履行模型。

Today when we generate the orders from online and people expect an on-demand delivery to home.

今天，當我們從網上生成訂單時，人們希望按需送貨上門。

But while we can achieve that, and people may know that we can achieve that even within 30 minutes, is because we can fulfill by the nearest store and people can get their products as they expect it on-demand.

但是，儘管我們可以做到這一點，而且人們可能知道我們甚至可以在 30 分鐘內實現這一目標，但這是因為我們可以在最近的商店發貨，而且人們可以按需按需獲得他們的產品。

So I think that's the other advantage of this New Retail format.

所以我認為這是這種新零售業態的另一個優勢。

Thank you.

謝謝。

No, that's -- thank you.

不，那是——謝謝。

Operator, next question.

接線員，下一個問題。

Your next question comes from the line of Grace Chen from Morgan Stanley.

你的下一個問題來自摩根士丹利的 Grace Chen。

My question is about the drives for the strong growth in revenue in the coming fiscal year '19.

我的問題是關於在即將到來的 19 財年收入強勁增長的驅動力。

In the beginning of fiscal '18 I remember that the management made it clear that Alibaba will focus on market share gains and reacceleration of GMV growth.

我記得在 18 財年伊始，管理層明確表示阿里巴巴將專注於市場份額的增加和 GMV 增長的重新加速。

And the result was great because we see Tmall deliver a very strong growth in GMV and we also see a reacceleration in user growth.

結果很好，因為我們看到天貓的 GMV 實現了非常強勁的增長，我們也看到了用戶增長的重新加速。

But at the same time, we also spent more to improve user experience.

但與此同時，我們也花了更多的錢來提升用戶體驗。

So as we enter fiscal '19, I'm wondering whether market share gains will continue to be on top of your priority, so we'll continue to see you guys spend more aggressively?

因此，當我們進入 19 財年時，我想知道市場份額的增加是否會繼續成為你們的首要任務，所以我們會繼續看到你們更積極地支出嗎？

Okay.

好的。

Grace, thank you for your question.

恩典，謝謝你的問題。

So we guided over 60% year-on-year growth, revenue growth for fiscal '19.

因此，我們指導 19 財年收入同比增長超過 60%。

That strong growth is going to come in from pretty much all the businesses, mainly our core commerce and AliCloud.

這種強勁增長將來自幾乎所有業務，主要是我們的核心商務和阿里雲。

So of course, we're going to continue investing to expand our B2C market leadership, and at the same time, our strategic initiatives will also drive the growth.

因此，當然，我們將繼續投資以擴大我們的 B2C 市場領導地位，與此同時，我們的戰略舉措也將推動增長。

And the people might ask about, "The 50% seems to be very high.

人們可能會問，“50% 似乎很高。

You have newly added businesses." That wouldn't be apple-to-apple.

你有新增加的業務。”那不會是對等的。

That's why we gave a 50% year-on-year growth if you take out Ele.me and partially Cainiao since Cainiao was only consolidated half year last year.

這就是為什麼如果你去掉餓了麼和部分菜鳥，我們給出了 50% 的同比增長，因為菜鳥去年只合併了半年。

And then for New Retail initiatives, that also contribute to the revenue growth.

然後對於新零售計劃，這也有助於收入增長。

However, if you look at core -- the China retail revenue, that New Retail only accounts for somewhere about 10% of total.

然而，如果你看一下核心——中國零售收入，新零售只佔總收入的 10% 左右。

So main revenue growth is still coming from our core China retail commerce.

因此，主要收入增長仍來自我們核心的中國零售商業。

Hey, Grace.

嘿，格蕾絲。

This is Joe Tsai.

這是喬蔡。

And your second question about whether market share gains will be a priority, I think with our New Retail initiatives the definition of the market has expanded into $5 trillion of retail sales in China.

你的第二個問題是市場份額的增加是否會是一個優先事項，我認為通過我們的新零售計劃，市場的定義已經擴展到中國 5 萬億美元的零售額。

So that's our total addressable market.

這就是我們的總目標市場。

So of course, we would prefer to see this as a market -- further market penetration on a much bigger TAM.

因此，當然，我們更願意將其視為一個市場——在更大的 TAM 上進一步的市場滲透。

But having said, we're going to be extremely competitive when it comes to competition and your traditional sort of perspective market share gains.

但話說回來，在競爭和傳統觀點的市場份額增長方面，我們將極具競爭力。

Operator, next question.

接線員，下一個問題。

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

你的下一個問題來自花旗集團的 Alicia Yap。

I wanted to ask in terms of, can you remind us how much you have budgeted to spend on the various investments, for example, the amount or the percentage on the user experience improvement, your user acquisition, your globalizations, your New Retail and even for the digital content as well as the China logistic.

我想問的是，你能提醒我們你有多少預算用於各種投資，例如，用戶體驗改善、用戶獲取、全球化、新零售甚至新零售的金額或百分比對於數字內容以及中國物流。

In addition to that, from the consolidations of Ele.me, how much should we be expecting that you're going to invest to spend further on the Ele.me?

除此之外，從餓了麼的整合來看，我們應該期望您在餓了麼上進一步投資多少？

So any color that you could give us in terms of the rough dollar amount or the percentage would be helpful.

因此，您可以根據粗略的美元金額或百分比向我們提供的任何顏色都會有所幫助。

And then...

進而...

Sorry.

對不起。

Alicia --

艾麗西亞——

Yes.

是的。

-- your phone is breaking up.

——你的手機壞了。

Maybe you can restate your questions more clearly and limit it to just one question.

也許您可以更清楚地重述您的問題並將其限制在一個問題上。

Yes.

是的。

So, hi.

所以，嗨。

Can you hear me okay now?

你現在能聽到我說話了嗎？

Yes.

是的。

Okay.

好的。

Yes, so I think my question is regarding the budget, like if you can give us some color in terms of the areas of the investment that you guys will be planning to for fiscal '19, in areas that you have been talking about, which is the user acquisition, globalizations and all these New Retail and also Ele.me.

是的，所以我認為我的問題是關於預算的，比如你們能否就你們計劃在 19 財年進行的投資領域，在你們一直在談論的領域，給我們一些顏色是用戶獲取、全球化和所有這些新零售，還有餓了麼。

That would be helpful.

那會很有幫助。

Right.

正確的。

Alicia, I think you're asking about our spending in 2019.

Alicia，我想你是在問我們 2019 年的支出。

Okay, first of all, let's take a look at the spending in '18, right, where we talk about new initiatives and where we still have operating leverage in the core of core.

好的，首先，讓我們看一下 18 年的支出，對，我們在那裡談論新的舉措，以及我們仍然在核心核心中擁有運營槓桿的地方。

So when you look at our slides where it shows the margin analysis, we have 62% margin last year, and for the core of core, it shows 62%.

因此，當您查看我們顯示利潤率分析的幻燈片時，我們去年的利潤率為 62%，而對於核心核心，它顯示為 62%。

And then our investment is 10 percentage point on this new initiatives.

然後我們對這項新舉措的投資是 10 個百分點。

And regarding the spending in 2019, I think we're going to continue invest in these areas because these are strategic important business areas that it won't just last 1-year investment.

關於 2019 年的支出，我認為我們將繼續在這些領域進行投資，因為這些是具有戰略意義的重要業務領域，不會只持續 1 年的投資。

So New Retail, Cainiao, Lazada, Ele.me.

所以新零售，菜鳥，Lazada，餓了麼。

We're going to continue expand the business by investing.

我們將繼續通過投資擴大業務。

And how much does your question basically -- talking about the margin?

你的問題基本上是多少 - 談論利潤率？

Again, like I said, our focus is to expand the business and improve the absolute profit growth rather than looking at the margin.

同樣，正如我所說，我們的重點是擴大業務並提高絕對利潤增長，而不是著眼於利潤率。

Having this New Retail kick in and becoming more important, our margin structure may shift.

隨著新零售的興起並變得越來越重要，我們的利潤率結構可能會發生變化。

However, the profit growth we expect to be sustainable and healthy in the longer-term.

然而，我們預計利潤增長在長期內將是可持續和健康的。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝。

Operator, next question.

接線員，下一個問題。

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

你的下一個問題來自巴克萊銀行的 Gregory Zhao。

So I have a quick question on the advertising business side.

所以我有一個關於廣告業務方面的快速問題。

So the personalization algo, I think it substantially dropped your advertising revenue growth last year.

所以個性化算法，我認為它大大降低了你去年的廣告收入增長。

So would you please give us an update of your recent progress or development of your customer management and your advertising and marketing business?

那麼，您能否向我們介紹一下您最近在客戶管理以及廣告和營銷業務方面的進展或發展情況？

And what kind of new algo or some new advertising format like a new suite ad you may launch this year to utilize your [holographic] or ad inventories and especially considering the high comp of your customer management revenue growth in fiscal '18?

您今年可能會推出什麼樣的新算法或一些新的廣告格式，例如新的套件廣告，以利用您的 [全息] 或廣告庫存，尤其是考慮到 18 財年客戶管理收入增長的高競爭力？

So can you share some like outlook and growth trend of your advertising and customer management revenue growth for this year?

那麼您能否分享一些您今年廣告和客戶管理收入增長的前景和增長趨勢？

Sure.

當然。

For the customer management revenue growth, you've seen us for the last fiscal year, the first 2 quarters shows very high growth rate that's, we talked about, mainly driven by the algorithm changes.

對於客戶管理收入的增長，你在上一財年看到了我們，前兩個季度顯示出非常高的增長率，我們談到，這主要是由算法變化驅動的。

And now that change reaches anniversary.

現在，這種變化已經到了周年紀念日。

In March quarter, we had several initiatives to improve merchant ROI.

在 3 月季度，我們採取了幾項措施來提高商家的投資回報率。

For example, we talked about choosing, right, where consumer can enter into the stores with our click-on product listing.

例如，我們談到了選擇，對，消費者可以通過我們的點擊產品列表進入商店。

This is kind of giving back returns to merchants.

這是一種回饋商家的回報。

This could lead to less clicks, but at the same time could help on GMV.

這可能會導致點擊次數減少，但同時可能有助於提高 GMV。

So when -- the customer management revenue growth may slow down a little bit, commission revenue could grow faster.

因此，當 - 客戶管理收入增長可能會放緩一點時，佣金收入可能會增長得更快。

So people should look at our overall revenue growth rather than just the one line of the revenue growth.

所以人們應該關注我們整體的收入增長，而不僅僅是收入增長的那一行。

And for future customer management revenue growth, we are confident about our value position to merchants given the data technology and efforts and user experience and merchants' ROI.

對於未來的客戶管理收入增長，鑑於數據技術和努力以及用戶體驗和商家的投資回報率，我們對我們對商家的價值定位充滿信心。

We do have reserve -- technology reserves in the pipeline that we can update you later on in due course.

我們確實有儲備——管道中的技術儲備，我們可以在適當的時候向您更新。

Thank you.

謝謝。

Thank you very much.

非常感謝。

Next question comes from the line of Piyush Mubayi from Goldman Sachs.

下一個問題來自高盛的 Piyush Mubayi。

I had a question on CDRs, if you could comment on CDR, any plans there?

我有一個關於 CDR 的問題，如果你能對 CDR 發表評論，有什麼計劃嗎？

Also, if you could comment on the growth you've seen?

另外，您是否可以評論一下您所看到的增長情況？

And as the quarter ended, if possible, now that it's a 33% owned entity and if you could confirm that too?

在本季度結束時，如果可能的話，現在它是一個擁有 33% 股權的實體，您是否也可以確認這一點？

So, Piyush, you're asking for CDR progress, right?

所以，Piyush，你要求 CDR 進展，對嗎？

Yes.

是的。

I can share with you that we're actively exploring possibilities of a CDR listing in China in all aspects.

我可以跟大家分享一下，我們正在各方面積極探索CDR在中國上市的可能性。

Right now we don't have any time table or details to talk about and we'll update you later on.

目前我們沒有任何時間表或細節可談，稍後我們會通知您。

Is there anything you can share with us in terms of the process that it entails?

就它所涉及的過程而言，您有什麼可以與我們分享的嗎？

Yes, like I said, I think that we're very actively exploring how to compare -- the possibilities and how to implement that Return to China project.

是的，就像我說的，我認為我們正在非常積極地探索如何比較 - 可能性以及如何實施返回中國項目。

Thank you.

謝謝。

So, Piyush, on the -- your question on the Ant Financial, we are -- we have not closed on the conversion of our equity stake into Ant Financial yet.

所以，Piyush，關於 - 你關於螞蟻金服的問題，我們 - 我們還沒有完成將我們的股權轉換為螞蟻金服。

And we are currently not going to give guidance on the growth of that business.

我們目前不會就該業務的增長提供指導。

But having said that, just qualitatively speaking, we've seen very robust acquisition of users and also engagement of the users on -- specifically on the Alipay Wallet platform over the last 2 quarters.

但話雖如此，從質量上講，我們已經看到非常強勁的用戶獲取以及用戶參與 - 特別是在過去兩個季度的支付寶錢包平台上。

Ant has been very aggressive extending into not just the online payments, but also offline using a mobile device offline in offline establishments.

螞蟻一直非常積極地擴展到在線支付領域，還擴展到線下機構中使用離線移動設備進行的線下支付。

And we're very encouraged by those developments.

我們對這些發展感到非常鼓舞。

Yes, let me -- Piyush, adding to the CDR discussion, right now there is no -- basically no detailed rules coming out, rules and regulations.

是的，讓我 - Piyush，加入 CDR 討論，現在沒有 - 基本上沒有詳細的規則，規則和條例。

The only thing that came out is, the end of March state council had the CDR deadlines.

唯一出來的是，3 月底國務院規定了 CDR 的最後期限。

But I can share on the principle of this CDR thing, is that we would only come back if this is going to help our business development and expansion of our business and consumers.

但我可以分享這個 CDR 事情的原則，我們只會在這有助於我們的業務發展以及我們的業務和消費者的擴展時才會回來。

The other thing is that we're going to make sure that our investor interests get protected.

另一件事是我們將確保我們的投資者利益得到保護。

Thank you.

謝謝。

Thanks.

謝謝。

Excellent, Maggie.

太棒了，瑪姬。

Next question.

下一個問題。

Your next question comes from the line of Alex Yao from JP Morgan.

你的下一個問題來自摩根大通的 Alex Yao。

I have a question on Southeast Asia growth strategy.

我有一個關於東南亞增長戰略的問題。

Apparently, this is early stage market with a low e-commerce penetration and already some local competitors in the space.

顯然，這是電子商務滲透率較低的早期市場，並且該領域已經有一些本地競爭對手。

What does it take to be the winner in this market on a 3 to 5 years' view and what incremental resource you need to put in to make that happen?

從 3 到 5 年的角度來看，要成為這個市場的贏家需要什麼？您需要投入哪些增量資源才能實現這一目標？

Yes.

是的。

As you said, actually the Southeast Asia market today is in a very early stage in the e-commerce growth.

正如您所說，實際上東南亞市場今天處於電子商務增長的非常早期階段。

But we have very strong commitment in this market as we share in this earning.

但是，當我們分享這一收益時，我們對這個市場有非常堅定的承諾。

And we accomplished the technology platform and basically we upgrade the entire -- I mean, Lazada's platform with Alibaba infrastructure.

我們完成了技術平台，基本上我們升級了整個——我的意思是，Lazada 的平台與阿里巴巴的基礎設施。

And we also sent not only Lucy as CEO -- I mean, Chairwoman of Lazada, but also we sent our best people in Alibaba who has tremendous operating experience and technologies to Southeast Asia market.

我們不僅派出露西擔任首席執行官——我的意思是，Lazada 的董事長，而且我們還派出了我們在阿里巴巴擁有豐富運營經驗和技術的最優秀人才到東南亞市場。

And we expect is that again this is all about to build a new ecosystem in a new market and to build the infrastructure, for example, the payment infrastructure, the logistic infrastructure and the partnership in this market.

我們預計，這一切都是為了在一個新市場中建立一個新的生態系統，並建立基礎設施，例如支付基礎設施、物流基礎設施和這個市場的合作夥伴關係。

So we are -- actually, we are forward looking and we will remain confident to grow -- I mean, to achieve the high growth in the market in the future.

所以我們——實際上，我們是前瞻性的，我們將保持增長的信心——我的意思是，在未來實現市場的高速增長。

And we will also very commitment -- is very committed to invest, continue our investment in this market.

我們也將非常承諾——非常致力於投資，繼續我們在這個市場的投資。

Maybe, Daniel, I'll just add a little bit more color on the Southeast Asia.

也許，丹尼爾，我會在東南亞增加一點色彩。

I think if you look at -- specifically, you looked at one of the largest markets like Indonesia, total industry GMV is going to be less than 10 billion this year and so we're really at probably the first pitch of the first inning of the game.

我想如果你看看——具體來說，你看看像印度尼西亞這樣最大的市場之一，今年的行業總 GMV 將不到 100 億美元，所以我們真的可能處於第一局的第一場比賽中。遊戲。

It's very, very early to tell, too early to tell really.

現在說還為時過早，說真的還為時過早。

But to your question of what it takes to be successful, I think if you look at it from the user experience standpoint and also from merchant standpoint, as Daniel referred to, we have just completed our re-architecting of the technology platform, which will enable us to very quickly launch products, user facing, features and products on the mobile platform.

但是關於成功需要什麼的問題，我想如果你從用戶體驗的角度和商家的角度來看，正如丹尼爾所提到的，我們剛剛完成了技術平台的重新架構，這將使我們能夠在移動平台上快速推出產品、面向用戶的功能和產品。

And that will lead to better user experience and very quick response to the market changing dynamics.

這將帶來更好的用戶體驗和對市場變化動態的快速響應。

On the merchant side, many of the Southeast Asian countries are not large or strong manufacturing countries, so the merchants are still looking for sourcing opportunities back to China where there's a manufacturing base.

客商方面，東南亞很多國家都不是製造大國或強國，因此客商仍在尋找有製造基地的中國回採購機會。

And that's where we feel -- we believe that having a connection to China, the manufacturing base here with the Alibaba relationship, will be very helpful to these merchants.

這就是我們的感受——我們相信與中國建立聯繫，這裡的製造基地與阿里巴巴的關係，將對這些商家非常有幫助。

Next question.

下一個問題。

Operator, next question.

接線員，下一個問題。

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

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

Daniel, you mentioned artificial intelligence, AI investments.

丹尼爾，你提到了人工智能，人工智能投資。

Could you at a high level talk about the application of AI across all of Alibaba maybe with a 5- to 10-year perspective?

您能否從更高的層面談談 AI 在整個阿里巴巴的應用，也許是從 5 到 10 年的角度來看？

And talk about the potential impact of artificial intelligence on the business both in terms of cost efficiencies and in terms of either new revenue opportunities or greater personalization of the services?

並談談人工智能在成本效率以及新收入機會或服務更加個性化方面對企業的潛在影響？

You've got such broad platforms, multiple platforms at such scale.

你有如此廣泛的平台，如此規模的多個平台。

I would think there would be enormous opportunity for AI, but it's hard sometimes to figure out what it would actually look like.

我認為人工智能會有巨大的機會，但有時很難弄清楚它實際上是什麼樣子。

So any color you have on what kind of impact you could see on both the cost side and on the revenue side from the application of AI.

因此，任何顏色都會對人工智能應用的成本端和收入端產生什麼樣的影響。

Actually, we have such an extensive ecosystem.

實際上，我們擁有如此廣泛的生態系統。

We have a lot of business use cases which are relevant to AI technology.

我們有很多與 AI 技術相關的業務用例。

But to us, as we always said, AI is not about future.

但對我們來說，正如我們常說的，人工智能與未來無關。

AI -- actually, we have been working for this, apply AI technologies.

人工智能——實際上，我們一直在為此努力，應用人工智能技術。

Maybe previously we never called this AI, but we apply this on data driven technologies to our real business for many years.

也許以前我們從來沒有叫過這個人工智能，但是我們把這個數據驅動的技術應用到我們的實際業務中很多年了。

And that's also the reason why we can enjoy such a robust growth in the past few years.

這也是我們能夠在過去幾年中享受如此強勁增長的原因。

And going forward, we will continue our investment in AI and apply the technology to many business areas such as the user experiences, such as the advertising products and services.

展望未來，我們將繼續在 AI 方面進行投資，並將該技術應用於廣告產品和服務等用戶體驗等許多業務領域。

But I have to say that this is not relevant to the consumer interface, but also highly relevant to many other aspects of the business, for example, the supply chains, the supply chain management and how to enable the flow of the inventories more efficiently and with the data and with the intelligence of the customer demand and how to even produce the products which can not only meet the existing demand of the clients, of the customer, but also create in their new demands.

但我不得不說，這與消費者界面無關，但與業務的許多其他方面也高度相關，例如供應鏈、供應鏈管理以及如何更有效地實現庫存流動和利用數據和客戶需求的智能，甚至如何生產出既能滿足客戶現有需求，又能創造新需求的產品。

So it's all relevant to AI.

所以這一切都與人工智能有關。

Having said that, actually we have the broader business cases to apply AI technology.

話雖如此，實際上我們有更廣泛的商業案例來應用人工智能技術。

We will fully leverage what we have today to continue to not only develop the technology, but also try to generate the real business economics from the technology.

我們將充分利用我們今天所擁有的，不僅繼續開發技術，而且還嘗試從技術中產生真正的商業經濟。

Thank you, Daniel.

謝謝你，丹尼爾。

Operator, next question.

接線員，下一個問題。

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

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

In terms of New Retail, can you just help us contrast and compare your strategy relative to your main competitor in the market?

在新零售方面，您能否幫助我們對比一下您與市場上主要競爭對手的策略？

Where do you think you have sustainable competitor advantage?

您認為您在哪些方面具有可持續的競爭優勢？

And, Joe, very quickly, as a global player what is the risk to Baba from this trend of rising protectionism worldwide and especially with the potential of the trade war between China and the U.S. How does Alibaba protect itself?

而且，喬，很快，作為一個全球參與者，這種全球保護主義抬頭的趨勢對 Baba 有什麼風險，尤其是中美貿易戰的可能性。阿里巴巴如何保護自己？

In terms of the New Retail strategy, actually this is the core -- one of the core strategy for Alibaba and we strongly believe we have big advantage in structuring and in executing a New Retail strategy.

就新零售戰略而言，這實際上是核心——阿里巴巴的核心戰略之一，我們堅信我們在構建和執行新零售戰略方面具有巨大優勢。

First of all, actually, we have the -- during the past 19 years, we have build up the largest consumer retail marketplaces, which is the largest consumer interface, and which I think -- we have so many consumers around us and we know their behavior.

首先，實際上，在過去的 19 年裡，我們建立了最大的消費者零售市場，這是最大的消費者界面，我認為 - 我們周圍有很多消費者，我們知道他們的行為。

We know their preference.

我們知道他們的偏好。

We know their demographics.

我們知道他們的人口統計數據。

And today all these consumers are not people living in the air, but they are everywhere.

今天，所有這些消費者都不是生活在空中的人，而是無處不在。

So when we go to the offline -- when we talk about New Retail, talk about integrated omnichannel operation, which the data, the consumer data we have, the consumer interface we have will bring us a lot of insights and possible to interact with them in the integrated operation.

所以當我們去線下——當我們談論新零售，談論整合的全渠道運營時，我們擁有的數據，我們擁有的消費者數據，我們擁有的消費者界面會給我們帶來很多見解，並有可能與他們互動在一體化運營中。

Second is that we have been operating in the retail marketplace for so many years and we have extensive experience not only to connect the people but also to create the value for our merchants as well as our customers.

其次，我們在零售市場經營了這麼多年，我們擁有豐富的經驗，不僅可以連接人們，還可以為我們的商家和客戶創造價值。

So today we are working very hard not only actually to develop an online platform, but also to incubate the New Retail formats and enable the existing retail formats to be upgraded.

所以今天我們非常努力，不僅是做線上平台，還要孵化新零售業態，讓現有零售業態升級。

I think that's actually exactly what we do.

我認為這正是我們所做的。

And we strongly believe that with this technology and together with the retail experiences we have and we can bring our retail partners a lot of space to grow.

我們堅信，憑藉這項技術以及我們擁有的零售經驗，我們可以為我們的零售合作夥伴帶來很大的發展空間。

In terms of how the trade war will impact our business or broadly just overall economy, you can see -- you could view Alibaba as a very large platform for producers from all around the world to access Chinese consumers.

就貿易戰將如何影響我們的業務或整體經濟而言，你可以看到——你可以將阿里巴巴視為一個非常大的平台，讓來自世界各地的生產商接觸中國消費者。

Now we have over 550 million annual active shoppers on our platform.

現在我們的平台上每年有超過 5.5 億的活躍購物者。

That's a very attractive platform for these brands and retailers and producers, including farmers, SMEs to come.

對於這些品牌、零售商和生產商，包括農民、即將到來的中小企業來說，這是一個非常有吸引力的平台。

Now, the trade war right now is really just between the United States and China, so it's really limited to that trade flow.

現在，現在的貿易戰真的只是在美國和中國之間，所以它真的僅限於貿易流動。

So when Chinese consumers look abroad to buy things from overseas, there could be replacements.

因此，當中國消費者轉向國外購買海外商品時，可能會有替代品。

So, for example, if we can't import food items from the U.S., we could be importing food items from Southeast Asia, from Thailand, Malaysia, from Taiwan where they grow a lot of food.

因此，例如，如果我們不能從美國進口食品，我們可以從東南亞、泰國、馬來西亞和盛產糧食的台灣進口食品。

And so there will always be alternative channels for us to bring in imported products to satisfy Chinese consumers.

因此，我們總會有其他渠道引進進口產品來滿足中國消費者的需求。

So we are -- obviously, a trade war is not good for anybody and in particular we feel we've already publicly communicated, been very public on that to say that the trade war actually will hurt small businesses in the United States.

所以我們 - 顯然，貿易戰對任何人都沒有好處，特別是我們覺得我們已經公開溝通，非常公開地說貿易戰實際上會傷害美國的小企業。

But our Chinese consumers are going to find alternative ways to bring imports into the country through our platform.

但我們的中國消費者將尋找其他方式通過我們的平台將進口商品帶入國內。

Great.

偉大的。

Thank you.

謝謝。

Operator, last question.

接線員，最後一個問題。

Last question comes from the line of Jerry Liu of UBS.

最後一個問題來自瑞銀的Jerry Liu。

My question is around the investment in video and payment over the next year and we've heard from your major competitor about incremental investments there.

我的問題是關於明年對視頻和支付的投資，我們從您的主要競爭對手那裡聽說了有關增量投資的信息。

So can we think about -- as you gain scale in those areas, do investments and do margins improve or can we still see a longer period of investment?

那麼我們是否可以考慮 - 隨著您在這些領域的規模擴大，投資和利潤率是否會提高，或者我們是否仍能看到更長的投資期？

We have very strong commitment in Digital Media and Entertainment sector and we don't view this as a separate new business.

我們對數字媒體和娛樂領域有著非常堅定的承諾，我們不認為這是一個單獨的新業務。

We view this as a category expansion for our existing and newly acquired customers.

我們將此視為我們現有和新收購客戶的品類擴展。

So this is an integral part of our ecosystem.

所以這是我們生態系統不可或缺的一部分。

And as we always said, for Chinese people and when their lifestyle is changing and their life quality is changing and upgraded, they not only need more physical products, local services, but also they need more digital contents.

而正如我們常說的，對於中國人來說，當他們的生活方式在改變，生活品質在改變和升級的時候，他們不僅需要更多的實體產品、本地服務，還需要更多的數字內容。

So that's why we enter into this area and we think this is to meet their growing demand for today's 550 million annual active shoppers.

所以這就是我們進入這個領域的原因，我們認為這是為了滿足他們對當今 5.5 億年度活躍購物者不斷增長的需求。

But tomorrow I think this will also bring a very important [stimuli] for our customers to stay around with us.

但明天我認為這也會為我們的客戶帶來非常重要的[刺激]，讓他們留在我們身邊。

Okay.

好的。

Operator, it's the last question.

接線員，這是最後一個問題。

Thank you everyone for joining today's call.

感謝大家參加今天的電話會議。

If you have any questions, please refer to our IR website and contact the IR Team.

如有任何疑問，請參閱我們的投資者關係網站並聯繫投資者關係團隊。

Thank you.

謝謝。

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

女士們，先生們，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。