阿里巴巴 (BABA) 2019 Q1 法說會逐字稿

Good day, ladies and gentlemen.

女士們先生們，美好的一天。

Thank you for standing by.

謝謝你的支持。

Welcome to Alibaba Group's June Quarter 2018 Results Conference Call.

歡迎來到阿里巴巴集團 2018 年 6 月季度業績電話會議。

(Operator Instructions)

（操作員說明）

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

我現在想把電話轉給阿里巴巴集團投資者關係主管 Rob Lin。

Please go ahead.

請繼續。

Hi.

你好。

Good day, everyone, and welcome to Alibaba Group's June Quarter 2018 Results Conference Call.

大家好，歡迎來到阿里巴巴集團 2018 年 6 月季度業績電話會議。

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

今天和我們在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 on our IR section of the corporate website.

此電話會議也在公司網站的 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。

Let me cover the safe harbor.

讓我掩護安全港。

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 take 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，我們不承擔任何更新這些陳述的義務。

Please note that certain financial measures as we use on this call, such as adjusted EBITDA, adjusted EBITDA margin, adjusted EBITA, adjusted EBITA margin, non-GAAP net income, non-GAAP diluted EPS and free cash flow, are expressed on a non-GAAP basis.

請注意，我們在本次電話會議上使用的某些財務指標，例如調整後的 EBITDA、調整後的 EBITDA 利潤率、調整後的 EBITA、調整後的 EBITA 利潤率、非 GAAP 淨收入、非 GAAP 稀釋後每股收益和自由現金流，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 over to Joe.

有了這個，我將交給喬。

Thank you, Rob.

謝謝你，羅布。

Thank you all for joining us.

謝謝大家加入我們。

Last quarter, I talked about 3 themes in my remarks.

上個季度，我在發言中談到了 3 個主題。

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

首先，我們獲得了增量市場份額和更大的消費者電子商務錢包份額。

We continue to grow at scale because we had the foresight to invest in technology, supply chain and logistics.

我們在規模上持續增長，因為我們有先見之明，投資於技術、供應鍊和物流。

Second, our New Retail initiatives are substantially growing Alibaba's total addressable market in e-commerce.

其次，我們的新零售計劃正在大幅擴大阿里巴巴在電子商務領域的總體潛在市場。

And third, Alibaba is well positioned to capture more discretionary spend of Chinese consumers in addition to e-commerce through offerings in entertainment and local services.

第三，阿里巴巴有能力通過提供娛樂和本地服務來吸引中國消費者在電子商務之外的更多可自由支配的支出。

So that's what I said last quarter.

這就是我上個季度所說的。

All these things continue to play out in the current quarter and, I believe, will play out for many years to come as the Chinese middle class continues to grow.

所有這些事情在本季度繼續發揮作用，而且我相信，隨著中國中產階級的不斷壯大，未來許多年都會發揮作用。

I want to particularly emphasize that Alibaba's 3-pronged consumer offering in health, entertainment and local services, will be the long-term drivers of value creation as the Chinese middle class expands and more of these consumers demand a higher-quality lifestyle.

我想特別強調的是，隨著中國中產階級的擴大以及更多消費者對更高品質生活方式的需求，阿里巴巴在健康、娛樂和本地服務方面的三管齊下的消費產品將成為價值創造的長期驅動力。

The good thing is, our historical strength in e-commerce is giving us a distinct advantage because we have already acquired our customers.

好消息是，我們在電子商務方面的歷史實力為我們帶來了明顯的優勢，因為我們已經獲得了客戶。

To be exact, this quarter we gained another 24 million transacting users to a total of 576 million annual active consumers.

確切地說，本季度我們又增加了 2400 萬交易用戶，年度活躍消費者總數達到 5.76 億。

These consumers have made purchases on our platform not just once or twice a year but on a regular, frequent basis.

這些消費者不僅每年在我們的平台上購買一次或兩次，而且定期、頻繁地購買。

The average annual active consumer places 90 orders across 16 different product categories per year on our China retail marketplace platforms.

平均每年活躍消費者在我們的中國零售市場平台上下 16 個不同產品類別的 90 個訂單。

And they trust Alibaba as the company that will offer goods and services where they can spend and get quality and value for their money.

他們相信阿里巴巴是一家提供商品和服務的公司，他們可以在這些地方消費並獲得物有所值的產品和服務。

Because of the loyalty of our consumer -- customers, we have the confidence and address -- we have the confidence to aggressively invest in new products and service offerings as well as in innovations and necessary infrastructure to provide them with a better experience.

由於我們消費者的忠誠度——客戶，我們有信心和地址——我們有信心積極投資於新產品和服務產品以及創新和必要的基礎設施，以為他們提供更好的體驗。

Whether it is daily supply of fresh food, catching the latest fashion trends, access to luxury brands, the most popular videos, the most exciting sporting events or a quick late night snack delivery, Alibaba is busy at work to satisfy our customers.

無論是每天的新鮮食品供應、最新的時尚潮流、奢侈品牌的獲取、最熱門的視頻、最精彩的體育賽事，還是快速的夜宵外賣，阿里巴巴都在忙於滿足我們的客戶。

As I said on the last earnings call, we are extremely excited by the flywheel effects of an expanding consumer wallet share across our ecosystem.

正如我在上次財報電話會議上所說，我們對整個生態系統中不斷擴大的消費者錢包份額所產生的飛輪效應感到非常興奮。

The events of the past quarter as we have seen the success of share gains in core commerce, video subscription growth driven by FIFA World Cup and the integration of food delivery into our service offerings have given us substantial confidence in our ability to capture more wallet share.

上個季度的事件，我們看到了核心商業份額的成功增長、國際足聯世界杯推動的視頻訂閱增長以及將送餐服務整合到我們的服務產品中，這讓我們對我們獲得更多錢包份額的能力充滿信心.

Now I want to spend a few minutes on the current trade tensions.

現在我想花幾分鐘談談當前的貿易緊張局勢。

First, what's the impact to our business?

首先，對我們的業務有什麼影響？

Well, Alibaba's business is focused on capturing the Chinese domestic consumption opportunity and less reliant on Chinese exports.

好吧，阿里巴巴的業務專注於抓住中國國內消費機會，減少對中國出口的依賴。

We believe that Chinese government policy will continue to support imports into China to satisfy the rising demand of Chinese consumers.

我們相信中國政府的政策將繼續支持進口到中國以滿足中國消費者不斷增長的需求。

This coming November, China will hold the world's largest import exhibition in Shanghai that will showcase products from all over the world.

今年11月，中國將在上海舉辦全球最大的進口展，屆時將展示來自世界各地的產品。

If U.S. goods become too expensive due to tariffs, Chinese consumers can shift to domestic producers or imports from other parts of the world.

如果美國商品因關稅而變得太貴，中國消費者可以轉向國內生產商或從世界其他地區進口。

In terms of our international expansion, the world is a big place.

就我們的國際擴張而言，世界很大。

We have made substantial progress in emerging markets like Southeast Asia and South Asia as these markets are ripe for us to add more consumers into our ecosystem.

我們在東南亞和南亞等新興市場取得了實質性進展，因為這些市場已經成熟，我們可以將更多消費者納入我們的生態系統。

When you look at Alibaba's presence in the United States, our focus is on helping American farmers and small businesses to sell their products to Chinese consumers.

當你看看阿里巴巴在美國的存在時，我們的重點是幫助美國農民和小企業向中國消費者銷售他們的產品。

In addition, as demonstrated by our partnership with Starbucks, we are working constructively with American brands to better serve Chinese consumers.

此外，正如我們與星巴克的合作所表明的那樣，我們正在與美國品牌建設性地合作，以更好地服務中國消費者。

And next, just a few comments on the macro environment.

接下來，只是對宏觀環境的一些評論。

It is clear that nobody wins in a trade war.

很明顯，沒有人會在貿易戰中獲勝。

Over the years, China has become less reliant on exports so that the Chinese economy can withstand the imposition of tariffs on Chinese products.

多年來，中國對出口的依賴程度有所降低，因此中國經濟能夠承受對中國產品徵收的關稅。

The most important point, however, is that the strength of China domestic demand is critical to the stability of the Chinese economy and market confidence.

然而，最重要的一點是，中國內需的強勁程度對中國經濟的穩定和市場信心至關重要。

Domestic consumption and investment account for more than 90% of GDP growth.

國內消費和投資佔GDP增長的90%以上。

Domestic consumption is supported by 3 important trends that we have seen in the past several years, which we believe will continue to be the case: number one, real wage growth with more people joining the middle class; number two, healthy household balance sheets based on high savings rates; and number three, easier access to consumer credit due to supportive government policy and innovative businesses like Ant Financial.

國內消費受到我們在過去幾年看到的 3 個重要趨勢的支持，我們相信這種趨勢將繼續存在：第一，實際工資增長，更多人加入中產階級；第二，基於高儲蓄率的健康家庭資產負債表；第三，由於政府的支持政策和像螞蟻金服這樣的創新企業，更容易獲得消費信貸。

These are the reasons why we strongly believe that the Chinese economy, as supported by domestic consumption, will continue to be resilient.

這就是為什麼我們堅信，在國內消費的支持下，中國經濟將繼續保持韌性。

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

現在我將把它交給丹尼爾，聽取他對本季度的評論。

Thank you.

謝謝。

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 sustained an outstanding pace of growth and delivered another strong quarter with 51% total revenue growth, significant user expansion and even better engagement across our businesses.

我們保持了出色的增長速度，並以 51% 的總收入增長、顯著的用戶擴展以及更好的業務參與度，實現了又一個強勁的季度。

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

淘寶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。

Mobile MAU reached a total of 634 million, which represents a 20% year-on-year growth.

移動MAU達到6.34億，同比增長20%。

We continued our investment in new customer acquisition, and our annual active consumers increased 24 million to 576 million for the 12 months ended June 30, 2018.

我們繼續投資於新客戶獲取，截至 2018 年 6 月 30 日止的 12 個月，我們的年度活躍消費者增加了 2400 萬至 5.76 億。

Around 80% of the increase in annual active consumers came from lower-tier cities.

約 80% 的年度活躍消費者增長來自低線城市。

During our annual Taobao Members Festival on August 8, we launched the new 88 VIP tier to our membership program to drive consumers' engagement and loyalty in Alibaba ecosystem.

在 8 月 8 日一年一度的淘寶會員節期間，我們推出了新的 88 VIP 會員計劃，以提高消費者在阿里巴巴生態系統中的參與度和忠誠度。

88 VIP program offers a comprehensive set of services to meet the needs of consumers, from retail discount savings to local food delivery, entertainment, online movie ticketing and a video and a music streaming content services.

88 VIP 計劃提供一套全面的服務以滿足消費者的需求，從零售折扣儲蓄到本地食品配送、娛樂、在線電影票務以及視頻和音樂流媒體內容服務。

88 VIP members are also given exclusive access to a wide variety of products.

88 位 VIP 會員還可以獨家使用各種產品。

This new loyalty tier has gained widespread popularity since its launch.

這一新的忠誠度等級自推出以來廣受歡迎。

We are also seeing keen interest from our large number of brand partners who wish to join this program in order to access the high-value customers across our ecosystem.

我們還看到大量品牌合作夥伴表現出濃厚的興趣，他們希望加入該計劃，以接觸我們生態系統中的高價值客戶。

Tmall's leading position across all major categories in B2C has been further strengthened.

天貓B2C各大品類龍頭地位進一步鞏固。

Excluding unpaid orders, physical goods GMV grew 34% year-on-year in June quarter.

剔除未付訂單，6 月當季實物商品 GMV 同比增長 34%。

Our 6.18 Shopping Festival drove excellent results in 2 areas: first, Tmall paid GMV grew by -- grew over 40% year-over-year during the campaign; and second, we expanded our June 18 festival to offline outlets, bringing in 70 shopping malls and 100,000 Tmall smart stores, Intime Department Stores, Herma stores and RT-Mart hypermarkets.

我們的6.18購物節在兩個方面取得了優異的成績：第一，天貓付費GMV增長——活動期間同比增長超過40%；二是將6月18日的節慶拓展至線下門店，引入70家商場和10萬家天貓智慧門店、銀泰百貨、赫瑪門店和大潤發大賣場。

Market leadership and share gain continue to be our priority for Tmall, and we will continue to reinvest into the business.

市場領導地位和份額增長仍然是我們天貓的首要任務，我們將繼續對該業務進行再投資。

In addition to our solid Taobao and Tmall growth, we are pleased to report our progress of the execution of our New Retail strategy.

除了淘寶和天貓的穩健增長外，我們很高興地報告我們在執行新零售戰略方面的進展。

Hema continue to generate exceptional popularity among consumers, which is testament to the middle-class lifestyle evolution in Chinese cities.

盒馬鮮生繼續在消費者中廣受歡迎，這證明了中國城市中產階級生活方式的演變。

And we are increasing a powerful demand for quality products.

我們正在增加對優質產品的強大需求。

As of June 30, there were 45 self-operated Hema stores over 13 cities in China, primarily located in Tier 1 and Tier 2 cities.

截至6月30日，盒馬在中國13個城市擁有45家自營門店，主要分佈在一、二線城市。

Hema will continue to enlarge its coverage within these cities to meet the needs of more residents living within 3 kilometers of convenient access to fresh groceries.

盒馬將繼續擴大在這些城市的覆蓋範圍，滿足更多生活在3公里範圍內的居民對生鮮的便捷需求。

Looking ahead, Hema will not only fulfill online orders through digitalization of its in-store operations, it will also be reshaping the whole supply chain through utilization of big data.

展望未來，盒馬不僅要通過店內運營數字化完成線上訂單，還將通過大數據重塑整個供應鏈。

Bringing back products from their places of origin directly to the dinner table of hundreds of millions of Chinese families will become reality.

將產品從原產地直接帶回到億萬中國家庭的餐桌上，將成為現實。

We are also gaining exciting momentum in the New Retail transformation of our business partners.

我們在業務合作夥伴的新零售轉型中也獲得了令人振奮的動力。

As of June 30, 1/3 of RT-Mart's hypermarkets have completed their digital transformation that integrates customer insights, supply chain management, retail technologies and digital payments.

截至6月30日，大潤發1/3的大賣場已完成融合客戶洞察、供應鏈管理、零售技術和數字支付的數字化轉型。

RT-Mart is now enabled to fulfill 16-minute delivery of online orders with the parameter of its location-based services.

大潤發現在可以通過其基於位置的服務參數實現在線訂單的 16 分鐘交付。

In addition to the enhancement of the leading position in our core commerce and New Retail, we continued our investments in cloud computing, digital entertainment, globalization and other new businesses.

在鞏固核心商業和新零售領先地位的同時，我們繼續在雲計算、數字娛樂、全球化等新業務領域進行投資。

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

我們的雲計算業務在過去一個季度繼續快速增長。

Cloud computing revenue for this quarter grew 93% year-on-year to USD 710 million.

本季度雲計算收入同比增長 93% 至 7.1 億美元。

Alibaba Cloud launched more than 60 -- launched more than 660 new products and features during the quarter, including a language-based document and analysis tools, hybrid disaster recovery for enterprises and big data analytical tools.

阿里雲推出 60 多項——本季度推出 660 多項新產品和功能，包括基於語言的文檔和分析工具、企業混合容災和大數據分析工具。

The video streaming capability and the CDN services of Alibaba Cloud managed to handle the majority of China's online traffic demand during the live broadcast of FIFA World Cup series.

阿里雲的視頻流能力和CDN服務在FIFA世界杯系列賽直播期間成功地處理了中國大部分的在線流量需求。

In addition to Youku, the other 3 official World Cup online streaming channels in China have chosen to partner with Alibaba Cloud to ensure the smooth, high-definition, low-latency, real-time access for the hundreds of millions of viewers in China.

除優酷外，國內另外3家世界杯官方網絡直播頻道均選擇與阿里雲合作，為中國數億觀眾提供流暢、高清、低時延、實時的觀看體驗。

During the FIFA World Cup tournament this summer, Youku streamed all 64 matches, and its users enjoyed World Cup matches on 180 million mobile devices and smart TVs.

在今年夏天的世界杯期間，優酷直播了全部 64 場比賽，其用戶通過 1.8 億台移動設備和智能電視觀看了世界杯比賽。

As a result, Youku saw daily average subscriber growth of 200% year-over-year during the quarter.

因此，本季度優酷的日均訂戶同比增長 200%。

We are seeing increasing demand in sports content and invested in providing comprehensive digital media offering for our users.

我們看到對體育內容的需求不斷增加，並投資於為我們的用戶提供全面的數字媒體產品。

We made a strategic investment in Suning Sports.

戰略投資蘇寧體育。

Youku media content platform will collaborate with Suning Sports to create a joint platform for high-quality sports contents.

優酷媒體內容平台將與蘇寧體育攜手打造優質體育內容聯合平台。

Our cross-border and international retail businesses continue to show promising growth.

我們的跨境和國際零售業務繼續呈現可喜的增長勢頭。

Revenue from our international commerce retail business reached USD 652 million in the quarter ended June 30, representing 64% year-on-year growth.

截至 6 月 30 日的季度，我們的國際商業零售業務收入達到 6.52 億美元，同比增長 64%。

Lazada has repositioned its business in -- to include C2C marketplace, LazMall and LazGlobal.

Lazada 對其業務進行了重新定位——包括 C2C 市場、LazMall 和 LazGlobal。

Relaunched in June and July, LazMall is revamped in most of its markets to showcase brand stores that offers premium services and guaranteed product authenticity.

LazMall 在 6 月和 7 月重新推出，在其大部分市場進行了改造，以展示提供優質服務和保證產品真實性的品牌商店。

These brands have worked with Tmall in China for many years, and we together will pursue new opportunities in new markets.

這些品牌已在中國與天貓合作多年，我們將一起在新市場尋求新機遇。

For LazGlobal, the platform will connect Chinese -- the platform will connect consumers in Southeast Asia with products supplied by Taobao and Tmall sellers in China via a cross-border model.

對於 LazGlobal，該平台將連接中國人——該平台將通過跨境模式將東南亞消費者與中國淘寶和天貓賣家提供的產品連接起來。

We are confident the deepened Lazada integration with the Alibaba ecosystem will drive market share gains.

我們相信 Lazada 與阿里巴巴生態系統的深化整合將推動市場份額的增長。

We are also actively investing in logistics.

我們還積極投資於物流。

In the June quarter, we, together with Cainiao Network, led an investment in ZTO Express.

6月當季，我們與菜鳥網絡領投了中通快遞。

We will deepen our collaboration with ZTO in all aspects to promote the digital transformation of ZTO's logistic capabilities.

我們將與中通深化全方位合作，推動中通物流能力數字化轉型。

This quarter, Cainiao's next-day delivery services achieved a coverage of about 1,500 districts and counties and completed its business integration with 4 local LazMall companies.

本季度，菜鳥次日達服務實現了約1500個區縣的覆蓋，並完成了與當地4家LazMall公司的業務整合。

Cainiao has also completed a fundraising round for its pick-up station business subsidiary, Zhejiang (inaudible), with the participation of key industry partners, including ZTO, YTO, Yunda, STO and the Fast Express.

菜鳥還完成了其取貨站業務子公司浙江（聽不清）的一輪融資，主要行業合作夥伴參與其中，包括中通、圓通、韻達、申通和迅捷快遞。

Boasting our global logistic network, Cainiao is leading a joint venture with the China National Aviation Corporation and YTO Express that will invest approximately USD 1.5 billion to build a world-class digital logistics center at the Hong Kong International Airport.

憑藉我們的全球物流網絡，菜鳥牽頭與中國航空集團公司和圓通速遞成立合資公司，將投資約15億美元在香港國際機場建設世界級的數字物流中心。

This brings us another step closer to realizing our strategic goal of enabling international delivery anywhere within 72 hours.

這使我們距離實現 72 小時內任何地方的國際交付戰略目標又近了一步。

Turning to enablement of retail service partner stores.

轉向支持零售服務合作夥伴商店。

In August, we announced a strategic partner with Starbucks in China that will enable a seamless Starbucks experience and transform Starbucks China into a digital operation.

8 月，我們宣布與星巴克在中國建立戰略合作夥伴關係，這將實現無縫的星巴克體驗，並將星巴克中國轉變為數字化運營。

This will involve collaboration across our ecosystem, including digital stores in Alibaba consumer apps, coffee delivery for online orders and a loyalty program collaboration.

這將涉及我們整個生態系統的協作，包括阿里巴巴消費者應用程序中的數字商店、在線訂單的咖啡配送和忠誠度計劃協作。

The strategic partnership with Starbucks is proof of Alibaba's empowerment of our business partners through our digital infrastructure.

與星巴克的戰略合作夥伴關係證明了阿里巴巴通過我們的數字基礎設施為我們的商業夥伴賦能。

Looking ahead, we will continue to develop our unique ecosystem offering to deliver exceptional value proposition for our business partners and consumers in China and globally.

展望未來，我們將繼續開發我們獨特的生態系統產品，為我們在中國和全球的業務合作夥伴和消費者提供卓越的價值主張。

We remain committed in growing our core commerce business and investing in cloud computing, digital entertainment, local service logistics and globalization for the future growth.

我們仍然致力於發展我們的核心商業業務，並投資於雲計算、數字娛樂、本地服務物流和全球化以實現未來增長。

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。

Thank you, Daniel.

謝謝你，丹尼爾。

Hello, everyone.

大家好。

We delivered another strong quarter.

我們交付了另一個強勁的季度。

In the June 2018 quarter, major operating and financial metrics continued to record strong result.

在 2018 年 6 月季度，主要運營和財務指標繼續取得強勁業績。

Total revenue grew 61% year-over-year to RMB 80.9 billion.

總收入同比增長 61% 至人民幣 809 億元。

And revenue from core commerce increased 61% year-over-year to RMB 69.2 billion.

核心商業收入同比增長 61% 至人民幣 692 億元。

Mobile MAU on our China retail marketplaces reached 634 million in June 2018, an increase of 17 million over March 2018.

2018 年 6 月，我們中國零售市場的移動 MAU 達到 6.34 億，比 2018 年 3 月增加了 1700 萬。

Annual active consumer on our China retail marketplaces reached 576 million, a net add of 24 million quarter-over-quarter.

我們中國零售市場的年度活躍消費者達到 5.76 億，環比淨增 2400 萬。

Among the annual active consumers added, about 80% were from lower-tier cities.

在年度新增活躍消費者中，約80%來自低線城市。

Revenue from cloud computing increased 93% year-over-year to RMB 4.7 billion.

雲計算收入同比增長93%至人民幣47億元。

Adjusted EBITDA achieved a growth of 17% to 29 billion, and adjusted EBITA for core commerce was RMB 32.8 billion, an increase of 22% year-over-year.

調整後EBITDA增長17%至290億元，核心商業調整後EBITA為人民幣328億元，同比增長22%。

Our non-GAAP free cash flow grew 16% year-over-year to RMB 26 billion for the quarter.

本季度我們的非美國通用會計準則自由現金流同比增長 16% 至人民幣 260 億元。

For the quarter, totals grew 61% year-over-year.

本季度，總額同比增長 61%。

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

這得益於我們中國商業零售業務和阿里雲的強勁增長。

The consolidation of Cainiao Network and Ele.me also resulted in greater revenue.

菜鳥網絡和餓了麼的合併也帶來了更高的收入。

Excluding revenue from the consolidation of Cainiao and Ele.me, our revenue would still have strong growth of 49% year-over-year.

剔除菜鳥和餓了麼合併帶來的收入，我們的收入仍將實現 49% 的同比強勁增長。

Cost of revenue in the quarter was RMB 43.7 billion or 54% of revenue compared to RMB 17.5 billion or 35% of revenue.

本季度的收入成本為 437 億元人民幣，佔收入的 54%，上一季度為 175 億元人民幣，佔收入的 35%。

It shows an increase.

它顯示增加。

So the cost of revenue as a percentage of revenue increased from 33% in the quarter ended June last year to 50% this quarter.

因此，收入成本佔收入的百分比從去年 6 月底的季度的 33% 增加到本季度的 50%。

I want to make sure you understand the changing nature of the cost of revenues.

我想確保您了解收入成本不斷變化的性質。

First, consolidation of Cainiao and Ele.me means logistic costs and operating losses in goods delivering are incorporated in our P&L.

首先，菜鳥和餓了麼的合併意味著物流成本和貨物交付的運營損失被納入我們的損益表。

Second, the cost of inventory from our New Retail businesses are included due to gross revenue accounting.

其次，由於總收入核算，我們的新零售業務的庫存成本被包括在內。

Third, the cost of the international expansion, particularly Lazada start-up losses, are included.

第三，包括了國際擴張的成本，尤其是 Lazada 的啟動損失。

Fourth, an increase in content spending from Youku's original content and World Cup.

第四，優酷原創內容和世界杯內容支出增加。

As a percentage of revenue, without this factor of SBC expenses, all other major operating expenses, including product development, sales and marketing and general and administrative expenses, remained stable year-over-year.

作為收入的百分比，如果沒有 SBC 費用這一因素，所有其他主要運營費用，包括產品開發、銷售和營銷以及一般和行政費用，同比保持穩定。

Let me talk about the Ant Financial's impact in this quarter.

先說螞蟻金服在這個季度的影響。

During this quarter, Ant Financial announced that it has completed Series C equity financing totaling about USD 14 billion, which resulted in a significant increase in Ant's valuation.

本季度，螞蟻金服宣布完成總計約140億美元的C輪股權融資，導致螞蟻金服估值大幅提升。

Under U.S. GAAP, we are required to mark-to-market the share-based awards granted to our employees by Ant Financial and recognize them as our SBC expense even though the SBC has no economic cost to us and there is no dilution to our shareholders.

根據美國公認會計原則，我們需要按市值計價螞蟻金服授予我們員工的股份獎勵，並將其確認為我們的 SBC 費用，即使 SBC 對我們沒有經濟成本並且對我們的股東沒有稀釋.

For this quarter, we have taken a onetime charge in the amount of RMB 11.5 billion to mark-to-market the SBC granted to our employees from Ant.

本季度，我們從螞蟻那裡一次性收取了 115 億元人民幣的費用，用於按市值計價授予我們員工的 SBC。

Including the effect of such Ant Financial-related share-based compensation expense, net income for the quarter would have increased by 33% on a year-on-year basis.

計入螞蟻金服相關股權激勵費用的影響，本季度淨利潤同比增長33%。

During the quarter, we reported other net loss of 83 million compared to other net income -- other net income of 83 million compared to 1 point in the same quarter last year.

本季度，我們報告的其他淨虧損為 8300 萬美元，而其他淨收入為 8300 萬美元，與去年同期相比下降了 1 個百分點。

This was primarily due to 2 factors: number one, an exchange loss of around RMB 1.5 billion as RMB depreciated against the U.S. dollars during the quarter; secondly, there is less profit sharing from Ant Financial as compared to same period last year as Ant Financial continued to execute an aggressive expansion plan and their business developed well.

這主要是由於兩個因素：第一，本季度人民幣兌美元貶值導致匯兌損失約 15 億元人民幣；其次，由於螞蟻金服繼續執行積極的擴張計劃並且業務發展良好，因此與去年同期相比，螞蟻金服的利潤分配有所減少。

Excluding the impact from foreign exchange loss and profit sharing from Ant Financial, non-GAAP net income grew 10% year-over-year to RMB 20.7 billion.

剔除匯兌損失和螞蟻金服利潤分成的影響，非美國通用會計準則淨利潤同比增長 10% 至人民幣 207 億元。

We expect the above impact would continue since RMB has further depreciated against the U.S. dollar since the end of June and Ant Financial will continue to invest to expand its market leadership in digital payment and accelerate its globalization strategy in this year.

我們預計上述影響將持續，因為自 6 月底以來人民幣兌美元進一步貶值，螞蟻金服將繼續投資以擴大其在數字支付領域的市場領導地位，並在今年加快其全球化戰略。

Free cash flow and the cash position.

自由現金流和現金頭寸。

As of the quarter-end, cash, cash equivalents and short-term investments were RMB 177 billion compared to RMB 205 billion as of March 2018.

截至本季度末，現金、現金等價物和短期投資為人民幣 1770 億元，而截至 2018 年 3 月為人民幣 2050 億元。

The decrease in cash and short-term investments during the June quarter was primarily due to cash used in investing activities, including investments such as Ele.me and ZTO Express, partly offset by robust free cash flow generated from operations of around USD 4 billion.

6 月當季現金和短期投資的減少主要是由於投資活動使用了現金，包括餓了麼和中通快遞等投資，部分被運營產生的約 40 億美元的強勁自由現金流所抵消。

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

我們強大的現金流繼續使我們能夠在戰略和運營方面靈活地投資於技術和獲取資源以實現我們的戰略目標。

Capital expenditures.

資本支出。

Total CapEx in the quarter were RMB 11 billion in which about RMB 1.4 billion related to the acquisitions of land use rights and construction in progress.

本季度總資本支出為人民幣 110 億元，其中約人民幣 14 億元與收購土地使用權和在建工程有關。

Let's turn into the segment reports.

讓我們進入分部報告。

Our core commerce segment had another strong quarter with revenue growth of 61% year-on-year.

我們的核心商業部門又迎來了一個強勁的季度，收入同比增長 61%。

The robust performance was mainly driven by the China commerce retail business that grew by 47% year-on-year and represented 78% of the segment revenue from 85% same quarter last year.

強勁的表現主要受到中國商業零售業務的推動，該業務同比增長 47%，佔分部收入的 78%，而去年同期為 85%。

So we have other new businesses growing.

因此，我們還有其他新業務在增長。

China commerce retail.

中國商業零售。

Let's look at the key components.

讓我們看一下關鍵組件。

First of all, user and GMV.

首先，用戶和GMV。

We continue to expand our market share in China commerce retail business.

我們繼續擴大在中國商業零售業務的市場份額。

This quarter, we experienced strong user activities and robust GMV growth.

本季度，我們經歷了強勁的用戶活動和強勁的 GMV 增長。

Mobile MAU on our China retail marketplace has a net add of 17 million and annual active consumer with a net add of 24 million.

我們中國零售市場的移動 MAU 淨增 1700 萬，年活躍消費者淨增 2400 萬。

About 80% of these net adds are from the lower-tier cities as we broadened our offerings and services into those regions.

隨著我們將產品和服務擴展到這些地區，大約 80% 的淨增加來自低線城市。

We still accelerated growth in Taobao paid GMV given ongoing improvements in search and personalized recommendations on the Taobao app.

鑑於淘寶應用的搜索和個性化推薦不斷改進，我們仍然加快了淘寶付費 GMV 的增長。

Tmall continued to gain wallet share and expand our B2C market share leadership -- market leadership.

天貓繼續獲得錢包份額並擴大我們的 B2C 市場份額領導地位——市場領導地位。

Excluding unpaid orders, physical goods GMV in Tmall was up 34% year-over-year in the quarter.

剔除未付訂單，本季度天貓實物商品 GMV 同比增長 34%。

The robust growth was driven by continued increases in conversion rates and average consumer spend with strong performance from FMCG, consumer electronics, apparel and home goods categories.

快速消費品、消費電子產品、服裝和家居用品類別的強勁表現推動了轉化率和平均消費者支出的持續增長，推動了強勁增長。

Our fundamentals continue to be healthy and strong.

我們的基本面繼續保持健康和強勁。

We see strong user growth, especially in lower-tier cities, and robust engagement across our growing ecosystem.

我們看到用戶增長強勁，尤其是在低線城市，以及我們不斷發展的生態系統中的強勁參與。

The combined customer management revenue and commission revenue exhibited healthy growth of 33% year-over-year for the quarter.

本季度合併的客戶管理收入和佣金收入同比健康增長 33%。

The customer management revenue grew by 26% year-over-year.

客戶管理收入同比增長26%。

This is -- growth trend is mainly due to, first of all, the measured approach to monetization by focusing on user experience and the increased conversion to transactions for merchants.

這是 - 增長趨勢主要是由於，首先，通過關注用戶體驗和增加商家交易轉化率的衡量貨幣化方法。

And also, there was a high base comparison in the previous year.

而且，上一年的基數比較高。

So we showed 65% year-on-year growth in the same quarter last year.

因此，我們在去年同一季度顯示了 65% 的同比增長。

We continued to see higher average spending from our merchants in our -- on our customer management services.

我們繼續看到我們的商家在我們的客戶管理服務中的平均支出更高。

Commission revenue grew strongly by 55% year-on-year.

佣金收入同比強勁增長 55%。

This was primarily due to, first, robust growth in Tmall physical goods equity GMV, 34% year-on-year; and then less rebates provided this quarter during June 18 promotions compared to last year.

這主要是由於，一是天貓實物商品權益類GMV強勁增長，同比增長34%；然後與去年相比，本季度在 6 月 18 日促銷期間提供的回扣較少。

We're very pleased with our Tmall progress that continued to demonstrate market leadership with GMV growth faster than the overall industry during the quarter.

我們對天貓的進展感到非常高興，該進展繼續展示市場領導地位，本季度 GMV 增長快於整個行業。

Other revenue from China commerce retail was up more than 340% year-over-year to RMB 7 billion.

中國商業零售的其他收入同比增長超過 340% 至人民幣 70 億元。

The rapid revenue growth was driven by the success of our New Retail initiatives such as Tmall Import business, Hema fresh food grocery business.

收入的快速增長是由天貓進口業務、盒馬鮮生食品業務等新零售計劃的成功推動的。

The core commerce adjusted EBITA margin was 47% in the quarter compared to 63% in the quarter last year.

本季度核心商業調整後的 EBITA 利潤率為 47%，而去年同期為 63%。

As discussed in the last earnings call, the financial profile of our New Retail businesses will change the margin profile of our core commerce segment over the next several years.

正如上次財報電話會議所討論的那樣，我們新零售業務的財務狀況將在未來幾年內改變我們核心商業部門的利潤率狀況。

Our other revenue in the China commerce retail, which consists primarily of our New Retail initiatives, grew from 3% of the total revenue during the same quarter last year to nearly 10% this quarter.

我們在中國商業零售的其他收入（主要由我們的新零售計劃組成）從去年同期佔總收入的 3% 增長到本季度的近 10%。

We expect New Retail to become a more meaningful revenue contributor to core commerce in near term.

我們預計新零售將在短期內成為核心商業的更有意義的收入貢獻者。

Over the long term, we also believe New Retail will have a more meaningful profit contribution to core commerce.

從長遠來看，我們也相信新零售將為核心商業做出更有意義的利潤貢獻。

Again, it is important to note that our core commerce revenue relating to marketplaces is recognized as a fraction of total retail sales, while New Retail revenue is primarily recorded on a gross basis, which includes the cost of inventory.

同樣，需要注意的是，我們與市場相關的核心商業收入被確認為零售總額的一小部分，而新零售收入主要按總額記錄，其中包括庫存成本。

The increasing mix of New Retail revenue will structurally change the margin profile of the core commerce segment.

新零售收入組合的增加將從結構上改變核心商業部門的利潤率狀況。

However, we expect the growth of New Retail will lead to absolute profit growth in steady-state operations.

但是，我們預計新零售的增長將帶來穩態經營下的絕對利潤增長。

Excluding the effect of New Retail and Lazada as well as the consolidation of Cainiao and Ele.me, adjusted core commerce EBITDA margin was similar to that of prior year, which was approximately 62%, even taking into account the investment that led to faster user growth and expanding B2C market leadership.

剔除新零售和 Lazada 的影響以及菜鳥和餓了麼的整合，調整後的核心商業 EBITDA 利潤率與上年相似，約為 62%，即使考慮到帶來更快用戶的投資增長和擴大 B2C 市場領導地位。

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

我們確實看到了核心業務的運營槓桿被戰略投資所抵消。

Our core marketplace business continues to be very healthy.

我們的核心市場業務繼續非常健康。

It is our business philosophy to invest in strategic businesses for the long-term growth, and that will increase user base, improve the user experience and add value to our ecosystem.

投資戰略業務以實現長期增長是我們的經營理念，這將增加用戶群，改善用戶體驗並為我們的生態系統增加價值。

Cloud computing revenue grew 93%, and this was primarily driven by both revenue mix towards the high value-added products and services and a robust growth of paying customers.

雲計算收入增長了 93%，這主要是由高附加值產品和服務的收入組合以及付費客戶的強勁增長推動的。

Adjusted EBITA margin of the cloud computing segment was negative 10% from negative 4% in the quarter ended last year primarily due to our added investment in infrastructure and the capacity in anticipation of additional customers.

雲計算部門的調整後 EBITA 利潤率從去年結束的季度的負 4% 下降到負 10%，這主要是由於我們增加了對基礎設施的投資以及預期增加客戶的能力。

Our digital media and entertainment segment revenue in the quarter was RMB 6 billion, an increase of 46% year-on-year.

本季度我們的數字媒體和娛樂業務收入為人民幣 60 億元，同比增長 46%。

This increase was primarily driven by increase in subscription revenue from Youku and the mobile value-added service revenue from UCWeb such as mobile search and the other businesses.

這一增長主要是由於來自優酷網的訂閱收入增加以及來自 UCWeb 的移動增值服務收入（如移動搜索和其他業務）的增長。

The success of the World Cup event and ongoing improvement of Youku's content offerings resulted in daily average subscriber growth of 200% year-over-year during the quarter.

世界杯賽事的成功舉辦和優酷內容產品的持續改進導致本季度日均訂戶同比增長 200%。

As a result, Youku total revenue growth rate for the quarter further accelerated from the prior quarter.

因此，本季度優酷總收入增速較上一季度進一步加快。

However, the cost of World Cup broadcasting rights increased overall content cost at Youku.

然而，世界杯轉播權的成本增加了優酷的整體內容成本。

Looking ahead, I want to take this opportunity to talk about the formation of a local services holdco or holding company that will hold Ele.me, a leading on-demand food delivery platform in China, and Koubei, a leading local services platform focused on in-store consumption in China.

展望未來，我想藉此機會談談組建本地服務控股公司或控股公司，控股公司將持有中國領先的外賣外賣平台餓了麼和領先的本地服務平台口碑。中國的店內消費。

We plan to separately capitalize with investments from Alibaba, Ant Financial and third-party investors.

我們計劃單獨利用阿里巴巴、螞蟻金服和第三方投資者的投資。

As of time of this announcement, we have received over USD 3 billion in new investment commitments, including commitments from Alibaba and SoftBank.

截至本公告發布之時，我們已收到超過 30 億美元的新投資承諾，其中包括來自阿里巴巴和軟銀的承諾。

As a result of this reorganization, subject to closing conditions, we'll consolidate Koubei, which would result in a material one-off revaluation gain when the transaction closes.

由於此次重組，根據成交條件，我們將合併口碑，這將在交易完成時產生重大的一次性重估收益。

Local services is an essential part of Alibaba's China 3-pronged consumer strategy around goods, services and entertainment.

本地服務是阿里巴巴圍繞商品、服務和娛樂的中國三管齊下的消費戰略的重要組成部分。

It is a must-win and a must-have for us.

這對我們來說是必勝的，也是必須的。

As China consumers demand more quality and diversity of services, this category represents a massive trillion-dollar opportunity.

隨著中國消費者對服務質量和多樣性的要求越來越高，這一類別代表著一個價值萬億美元的巨大商機。

Ele.me and Koubei will work together to provide a comprehensive local service offering that is core to our strategy.

餓了麼和口碑將攜手提供全面的本地化服務，這是我們戰略的核心。

Together with our commerce and (inaudible), this local service flagship subsidiary will offer complementary consumer insights, category expansion and an on-demand logistic network infrastructure to strengthen our value proposition to our merchants and brand customers.

與我們的商業和（聽不清）一起，這家本地服務旗艦子公司將提供互補的消費者洞察、類別擴展和按需物流網絡基礎設施，以加強我們對商家和品牌客戶的價值主張。

Our plan is to aggressively invest in these businesses to gain market share and execute deep integration into the ecosystem of Alibaba's service offerings such as incorporating local service users into our new 88 VIP membership.

我們的計劃是積極投資這些業務，以獲得市場份額，並深入整合阿里巴巴服務產品的生態系統，例如將本地服務用戶納入我們新的 88 VIP 會員資格。

Local investments to gain food delivery market share in China and the consolidation of Koubei after completing the reorganization may result in slower overall group profit growth near term.

為獲得中國外賣市場份額而進行的本地投資以及完成重組後對口碑的整合可能導致短期內集團整體利潤增長放緩。

But these businesses will have substantial operating leverage once the economy turns positive.

但一旦經濟轉好，這些企業將擁有可觀的經營槓桿。

Looking ahead, we continue to have confidence in our value proposition and long-term growth.

展望未來，我們繼續對我們的價值主張和長期增長充滿信心。

We have shown a track record of delivering strong long-term 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的長期利潤增長的記錄。

That concludes our prepared remarks.

我們準備好的發言到此結束。

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

接線員，我們準備開始問答環節。

Thank you.

謝謝。

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

（操作員說明）我們的第一個問題來自美林證券的 Eddie Leung。

Could you share your thoughts with us on the e-commerce competitive landscape given the fast growth of some of your peers in the lower price point market, so to speak?

鑑於您的一些同行在較低價位市場的快速增長，您能否與我們分享您對電子商務競爭格局的看法？

Just many years ago, we remembered Taobao also started more in the lower price point market and then developed into today's scale.

就在多年前，我們還記得淘寶也是從更多的低價市場起步，然後發展到今天的規模。

So just wondering how you think about the difference today versus many years ago.

所以只是想知道您如何看待今天與許多年前的差異。

And then if you guys can -- could you also comment a little bit on the outlook of your customer management thesis?

然後，如果你們可以的話——您能否也對您的客戶管理論文的前景發表一些評論？

There has been a bit of a deceleration.

有一點減速。

Of course, we know there is also a high base effect, but any color going into second half of this year would be helpful.

當然，我們知道也有高基數效應，但今年下半年的任何顏色都會有所幫助。

And so you come the way noisy, but let me summarize your question.

所以你一路吵鬧，但讓我總結一下你的問題。

Your first question is the lower price point competitor that -- and its impact to us, right?

您的第一個問題是價格較低的競爭對手——及其對我們的影響，對嗎？

Your second question is any color on customer management revenue in the second half.

你的第二個問題是下半年客戶管理收入的任何顏色。

Okay, that's it.

好的，就是這樣。

Eddie, let me answer the second question first and then Daniel will talk about the competitive landscape.

埃迪，讓我先回答第二個問題，然後丹尼爾會談談競爭格局。

So for customer management revenue growth, it's -- when you look at the fundamentals of our business, it all shows very healthy growth.

因此，對於客戶管理收入的增長，當您查看我們業務的基本面時，它都顯示出非常健康的增長。

The user net adds, the MAU -- or annual active consumer shows one of the highest net adds in the past years.

用戶淨增加，MAU - 或年度活躍消費者顯示過去幾年中最高的淨增加之一。

And GMV grew very strongly, not only Tmall GMV but also Taobao accelerated for its paid GMV.

而且GMV增長非常強勁，不僅是天貓GMV，淘寶的付費GMV也在加速增長。

So when you look at the revenue growth for China retail, as I mentioned in the last quarter during the call, people should combine the customer management revenue and the commission.

因此，當您查看中國零售業的收入增長時，正如我在上個季度的電話會議中提到的那樣，人們應該將客戶管理收入和佣金結合起來。

If you look at combined revenue growth, 33%, it's pretty much the same level as in previous quarter.

如果你看一下合併收入增長 33%，這與上一季度的水平幾乎相同。

That's still very strong growth.

這仍然是非常強勁的增長。

And of course, we have been focusing on adding user as well as improve the user experience.

當然，我們一直專注於增加用戶以及改善用戶體驗。

And some of these business initiatives of improving user experience could help on the transaction, but, at the same time, may impact our P4P.

其中一些改善用戶體驗的業務舉措可能有助於交易，但同時可能會影響我們的 P4P。

For example, for those buyers who want to click to enter into the store directly, we let them do it.

比如那些想直接點擊進店的買家，我們讓他們去做。

Don't have to click on the paid product listing.

不必點擊付費產品列表。

But overall, the China retail marketplace growth in the revenue represents -- the performance of the business represents the value we provided to these merchants who pay us.

但總的來說，中國零售市場收入的增長代表了——業務的表現代表了我們為這些支付給我們的商家提供的價值。

Yes, Eddie, this is Daniel.

是的，艾迪，這是丹尼爾。

I will comment on your first question.

我會評論你的第一個問題。

I think today, I think with the hundreds of millions of user base in Alibaba ecosystem, actually we do have, I mean, consumers with different tiers, with different consumption power.

我認為今天，我認為阿里巴巴生態系統中有數億用戶群，實際上我們確實有不同層次、不同消費能力的消費者。

So all we want to do is to use the technology to do a well-matched matchmaking to make sure the right customers can find the right supply and the right assortments.

所以我們想做的就是利用技術進行匹配良好的配對，確保合適的客戶能夠找到合適的供應和合適的分類。

So we do see that in recent years, actually the new Internet users grow, I mean, especially in low-tier cities and rural markets.

所以我們確實看到，近年來，新的互聯網用戶實際上在增長，我的意思是，尤其是在低線城市和農村市場。

So that's why we spend a lot of -- we made a lot of efforts and investment in acquiring the new customers in these areas.

所以這就是為什麼我們花很多錢——我們在這些領域付出了很多努力和投資來獲得新客戶。

And this quarter, you see we have it very good in terms of new user acquisition.

本季度，您會看到我們在新用戶獲取方面做得非常好。

And we will continue to do that in terms of expanding the user base in the low-tier cities.

我們將繼續在擴大低線城市的用戶群方面這樣做。

But at the same time, we still try to, I mean, improve the product selections on our platform to not only lead but also create the demand for the customers with different needs.

但與此同時，我們仍在努力，我的意思是，改進我們平台上的產品選擇，不僅要引導而且要為有不同需求的客戶創造需求。

But having said that, I think that price, of course, is very important, I mean, user experience.

但是話雖如此，我認為價格當然非常重要，我的意思是用戶體驗。

But at the same time, all the customers expect a reasonable quality of the products when even they enjoy very low price.

但與此同時，所有客戶都希望在享受非常低的價格的情況下獲得合理的產品質量。

So how to provide a low priced product but with a good quality is a key thing.

那麼如何提供物美價廉的產品是關鍵。

That's all we want to do, and this is what we, I mean, have achieved in the past few years.

這就是我們想要做的，我的意思是，這就是我們在過去幾年中取得的成就。

Thank you.

謝謝。

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

我們的下一個問題來自花旗集團的 Alicia Yap。

I have some follow-up on the combined online core commerce.

我對聯合在線核心商務有一些跟進。

So with GMV growth and commissions likely to experience potentially high base as well from last year, we'll still see MAU also lapse out a tough comp?

因此，隨著 GMV 的增長和佣金可能會從去年開始獲得潛在的高基數，我們仍然會看到 MAU 也失去了一個艱難的競爭？

I think management previously commented about the increasing page view and time spent on the numbers of the recommended pages.

我認為管理層之前曾評論過增加的頁面瀏覽量和花在推薦頁面數量上的時間。

So are we still on track to introduce potential -- some additional ad loads to those second landing pages later this year?

那麼，我們是否仍有望在今年晚些時候為那些第二個登陸頁面引入潛在的一些額外的廣告負載？

And also, a second question quickly is just can you reconcile -- help us reconcile the 34% physical GMV versus the 55% commission revenue growth.

而且，第二個問題很快就是你能否調和——幫助我們調和 34% 的實體 GMV 與 55% 的佣金收入增長。

Is that implying the take rate actually increasing?

這是否意味著採用率實際上在增加？

Sure, Alicia.

當然，艾麗西亞。

For your first question, definitely, we have multiple monetization levers that support our customer management revenue growth going forward, things like improvement in search and personalization technology and ad inventory, ad loads, et cetera.

對於你的第一個問題，當然，我們有多種貨幣化槓桿來支持我們未來的客戶管理收入增長，比如搜索和個性化技術以及廣告庫存、廣告負載等方面的改進。

So the important thing is that we continue to provide value, right, to our customers, both merchants and consumers.

因此，重要的是我們繼續為我們的客戶（包括商家和消費者）提供價值。

So that's all we do every day.

這就是我們每天所做的一切。

And the question on the 34% year-on-year GMV growth compared to the 55% commission growth, the -- like I said, the commission growth rate has -- one of the reasons is last year's easy comp.

關於 34% 的同比 GMV 增長與 55% 的佣金增長相比的問題，就像我說的那樣，佣金增長率 - 原因之一是去年的輕鬆競爭。

So last year this quarter, as we disclosed in our earnings announcement, that we have had a promotions initiative by giving merchants discounts and rebates.

因此，去年這個季度，正如我們在收益公告中披露的那樣，我們通過向商家提供折扣和回扣來開展促銷活動。

So that's one of the reasons, not necessarily an increase in the take rate in Tmall.

所以這也是原因之一，不一定是天貓上手率的上升。

This is Daniel.

這是丹尼爾。

I will add more comment on this question.

我將在這個問題上添加更多評論。

I think actually, to date, Taobao is positioned as a consumer media platform.

我覺得其實到現在為止，淘寶的定位是消費媒體平台。

So when you browse on Taobao, it's not only about search and navigation, it's about a lot of media content, which create a lot of page views, I mean, content page views, not only the product listing page views.

所以當你在淘寶上瀏覽時，不僅僅是關於搜索和導航，它是關於很多媒體內容，這創造了很多頁面瀏覽量，我的意思是內容頁面瀏覽量，而不僅僅是產品列表頁面瀏覽量。

And actually, we continue to invest in this and to enrich the content on our platform, which are totally on track.

事實上，我們繼續投資於此並豐富我們平台上的內容，這些內容完全走上了正軌。

And we strongly believe this will give us a lot of potential for future monetization.

我們堅信這將為我們提供未來貨幣化的巨大潛力。

But today, the key thing for us is always, like, we want to give our users a better experience first and give our users a -- to form a habit of -- to browsing this content and spend more time with us.

但今天，對我們來說，關鍵始終是，我們希望首先為我們的用戶提供更好的體驗，並讓我們的用戶——養成習慣——瀏覽這些內容並花更多的時間與我們在一起。

And then by this way, they can find -- they can not only find what they need but also discover the things beyond their expectation.

然後通過這種方式，他們可以找到——他們不僅可以找到他們需要的東西，還可以發現超出他們預期的東西。

So in the long-term basis, we are -- actually, we are very careful and we are very positive in monetization of this incremental page views in different, I mean, content formats.

因此，從長遠來看，我們 - 實際上，我們非常謹慎，我們非常積極地將這種增量頁面瀏覽量以不同的方式貨幣化，我的意思是，內容格式。

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

我們的下一個問題來自摩根士丹利的 Grace Chen。

My question is about the New Retail business.

我的問題是關於新零售業務的。

Alibaba has been doing several mergers and acquisitions and also have been setting up Hema and partnerships with various companies to lay out the foundations for the New Retail business.

阿里巴巴一直在進行多次併購，也一直在建立盒馬鮮生，並與多家公司建立合作夥伴關係，為新零售業務奠定基礎。

So I'm wondering, is there any -- is there still any missing parts in your business portfolio to implement your New Retail strategy?

所以我想知道，您的業務組合中是否還有任何缺失的部分來實施您的新零售戰略？

And after the recent mergers and acquisitions, what is your critical next step to execute the New Retail strategy?

在最近的併購之後，您執行新零售戰略的關鍵下一步是什麼？

Well, this is a very good question.

嗯，這是一個很好的問題。

I will say when we talk about New Retail, we are -- actually, we do 2 things.

我會說，當我們談論新零售時，我們實際上是在做兩件事。

First, we incubate new retail formats empowered by all our -- all of Alibaba's digital infrastructure.

首先，我們孵化新的零售業態，由我們所有——阿里巴巴的所有數字基礎設施提供支持。

So today, I think the successful showcase is about -- is Hema, but I will say we will continue to do that to incubate new animals.

所以今天，我認為成功的展示是關於 - 是 Hema，但我會說我們將繼續這樣做以孵化新動物。

And on the other hand, that we are trying to help our retail partners to transform their existing retail infrastructure, retail outlets into a digital operation.

另一方面，我們正在努力幫助我們的零售合作夥伴將他們現有的零售基礎設施、零售店轉變為數字化運營。

So I think this is more complicated.

所以我認為這更複雜。

And this is not only relevant to the technology but also relevant to the product assortment or relevant to supply chain and relevant to the understanding and insight of the millennials in China.

這不僅與技術有關，還與產品種類或供應鏈有關，與中國千禧一代的理解和洞察力有關。

So today, what we do is that in some of the vertical categories, we work closely with the some retail partners like Suning electronics, Intime Department Stores, (inaudible), Easyhome in decorating material categories.

所以今天，我們做的是，在一些垂直品類上，我們與一些零售合作夥伴密切合作，如蘇寧電器、銀泰百貨、（聽不清）、居然之家在裝飾材料品類上。

And recently, we even, I mean, invested in Focus Media.

最近，我的意思是，我們甚至投資了分眾傳媒。

And the purpose of this investment is to transform a so-called traditional media into a digital media.

而這項投資的目的是將所謂的傳統媒體轉變為數字媒體。

And this more like a -- in Alibaba, we call it the New Retail of Alimama business.

這更像是——在阿里巴巴，我們稱之為阿里媽媽業務的新零售。

So our -- but I would say this is not the end of the world, but I think the key thing is that I do believe that in the future, there are a lot of, I mean, new retail formats will arise and a lot of existing retail formats will be upgraded.

所以我們 - 但我會說這不是世界末日，但我認為關鍵是我相信未來會有很多，我的意思是，會出現很多新的零售業態現有零售業態將升級。

And all -- our mission is to make our business partners to do this transformation easier in the digital era.

所有 - 我們的使命是讓我們的業務合作夥伴在數字時代更輕鬆地進行這種轉型。

Thank you.

謝謝。

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

我們的下一個問題來自 Crédit Suisse 的 Thomas Chong。

My question is about the food delivery business.

我的問題是關於送餐業務。

Can management comment about the competitive landscape and our strategies in becoming the #1 in this segment?

管理層能否評論一下競爭格局和我們成為該領域第一的戰略？

Yes, we have very strong commitment in food delivery business, and that's why we make a huge investment and acquired Ele.me.

是的，我們在外賣業務上有很強的承諾，這就是我們進行巨額投資並收購餓了麼的原因。

And today, we are in a very good -- we are making very good progress in consolidating and integrating the business.

今天，我們的情況非常好——我們在整合和整合業務方面取得了非常好的進展。

The reason why we value this business is really quite simple.

我們重視這項業務的原因其實很簡單。

I think in both Joe, Maggie and I -- my script, we say very clearly, because we believe this is a very essential part of the -- of what -- our customers' needs.

我認為在喬、瑪吉和我——我的劇本中，我們說得很清楚，因為我們相信這是我們客戶需求的一個非常重要的部分。

And when Alibaba entered into this area, we strongly believe we need to leverage our strong user base, hundreds of millions of user base in China, and also to leverage what we build in the last mile and in the infrastructure, digital infrastructure to do this business in an innovative way.

當阿里巴巴進入這個領域時，我們堅信我們需要利用我們強大的用戶群，中國數億用戶群，還需要利用我們在最後一英里和基礎設施、數字基礎設施中構建的東西來做到這一點以創新的方式開展業務。

So that's why we are very confident in -- for the future of this business.

所以這就是為什麼我們對這項業務的未來充滿信心。

And our CEO of Ele.me said very -- say publicly that we are trying to gain a 50% market share in 3 years.

我們餓了麼的 CEO 非常公開地說，我們正在努力在 3 年內獲得 50% 的市場份額。

So that's -- the confidence is from the perspectives of Alibaba ecosystem.

這就是 - 信心來自阿里巴巴生態系統的角度。

And we actually -- so far, we are making quite good progress, and we believe that it's not -- so for food delivery business, it's not like a -- just food delivery, it's all about, to me, the customer's need with good food quality and innovative meal and also with a good service quality.

我們實際上 - 到目前為止，我們取得了相當大的進展，我們相信它不是 - 所以對於食品配送業務，它不像 - 只是食品配送，對我來說，這就是客戶的需求良好的食品質量和創新的膳食以及良好的服務質量。

So that's the purpose of our business.

這就是我們業務的目的。

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

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

I wanted to ask about the sustainability of the digital media revenue growth that seems like you had a nice impact from World Cup there.

我想問一下數字媒體收入增長的可持續性，你似乎從世界杯那裡產生了很好的影響。

Could you talk about whether some of the newer customers or some of the newer business that came out of that event, whether that looks like it's sustainable, whether you -- those are new customers that will stay with the service?

您能否談談該活動是否帶來了一些新客戶或一些新業務，這看起來是否可持續，您是否 - 那些是將繼續使用該服務的新客戶？

Anything you can tell about what their activity has been like post the World Cup?

你能說說他們在世界杯后的活動嗎？

Well, actually, we do see the solid demand in the market about the sports content, and that's why we -- in our presentation, we said that we have many, many viewers who came to our -- or came to watch the live streaming of World Cup and -- in over 180 phones and smart TVs.

好吧，實際上，我們確實看到了市場對體育內容的強勁需求，這就是為什麼我們 - 在我們的演示中，我們說我們有很多很多觀眾來看我們 - 或者來看直播世界杯以及 - 在 180 多部手機和智能電視中。

And actually -- and post the World Cup, actually, we are working closely with our partners to launch -- to jointly build up this sports platform, digital sports platform on Youku.

實際上——在世界杯之後，我們正在與我們的合作夥伴密切合作推出——在優酷上共同建立這個體育平台，數字體育平台。

And so far, I think the new season, new soccer season just began, and you can find the sports content of British Super League and also our Chinese Super League in Youku already, and we will continue to work on this and introduce all these, I mean, super -- 5 super leagues in Europe and the other good content, sports content to our audiences.

到現在為止，我覺得新的賽季，新的足球賽季才剛剛開始，你已經可以在優酷上找到英超和我們中超聯賽的體育內容了，我們會繼續做這方面的工作，介紹這些，我的意思是，超級 - 歐洲的 5 個超級聯賽和其他好的內容，為我們的觀眾提供體育內容。

And one more comment on this is that actually, before we introduced sports content to Youku -- and actually, we have more female than male on Youku platform because we introduced a lot of drama show and variety shows, drama hits and variety shows.

對此還有一個評論是，實際上，在我們將體育內容引入優酷之前——實際上，我們在優酷平台上的女性多於男性，因為我們引入了很多電視劇和綜藝節目，熱劇和綜藝節目。

But with the sports content, we do get more men coming to us, and they are very young and very passionate.

但是隨著體育內容的出現，我們確實吸引了更多男性，他們非常年輕，非常熱情。

And we do -- on top of the sports content, we do see opportunity to find synergies between the sports content platform and the commerce platform, and we -- which we can help our brand partners, and to acquire new customers in sports categories in the joint platform.

我們確實 - 在體育內容之上，我們確實看到了在體育內容平台和商業平台之間找到協同效應的機會，我們 - 我們可以幫助我們的品牌合作夥伴，並在體育類別中獲得新客戶聯合平台。

Thank you.

謝謝。

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

我們的下一個問題來自巴克萊銀行的 Gregory Zhao。

My first question is about your international, the -- some international brands, which, during the quarter, more international brands coming onto your Tmall marketplace.

我的第一個問題是關於您的國際品牌，一些國際品牌，在本季度，更多國際品牌進入您的天貓市場。

So how shall we expect the advertising and the commission revenue contribution from these new players?

那麼我們如何期待這些新玩家的廣告和佣金收入貢獻呢？

And how shall we expect growth trend going forward?

又該如何期待未來的增長趨勢？

And another very quick follow-up is on your 88 VIP.

另一個非常快速的跟進是關於您的 88 VIP。

How do we expect the membership to integrate your existing services and improve user engagement?

我們希望會員如何整合您現有的服務並提高用戶參與度？

And can you share some initial metrics of the business?

你能分享一些業務的初始指標嗎？

For the first question, international, I think globalization is our long-term strategy.

第一個問題，國際化，我覺得全球化是我們的長期戰略。

That's why we make very big investment in Southeast Asia, and that's why we newly acquired a business in Southern Asia, Daraz, and our investment in Trendyol, a Turkey e-commerce -- leading e-commerce company.

這就是我們在東南亞進行大量投資的原因，也是我們在南亞新收購一家企業 Daraz 以及我們投資 Trendyol（一家土耳其領先的電子商務公司）的原因。

So we have a very big picture in terms of globalization.

所以我們在全球化方面有一個非常大的圖景。

And so far, actually, we do see a very big progress in terms of customer acquisition and user growth and the category expansions in the new markets.

實際上，到目前為止，我們確實在客戶獲取和用戶增長以及新市場的品類擴張方面看到了非常大的進步。

And one advantage we are taking is that we have a lot of -- as I said in my script, we have a lot of brand partners with us for many years.

我們正在利用的一個優勢是我們有很多——正如我在劇本中所說的那樣，我們有很多品牌合作夥伴多年。

Today, we are working with them not only in China anymore but also in these new markets.

今天，我們不僅在中國而且還在這些新市場與他們合作。

And also, China is famous for manufacturing base, and we have a lot of good supplies with very good prices and which are very popular in Southeast Asia and the Southern Asia market.

而且，中國是著名的製造基地，我們有很多物美價廉的貨源，在東南亞和南亞市場很受歡迎。

So we'll continue to do that -- to do this to leverage what we supply from China and what we partner with this brand to build a unique advantage, I mean, in these new markets.

因此，我們將繼續這樣做——這樣做是為了利用我們從中國供應的產品以及我們與該品牌合作的產品，以在這些新市場中建立獨特的優勢。

And in terms of 88 VIP, I will say, actually, this is a new program.

而對於88 VIP，我會說，其實這是一個新的項目。

And so far, we get very warm feedback from market.

到目前為止，我們從市場上得到了非常熱烈的反饋。

And the purpose of this program is to enhance the loyalty and the stickiness of our customers in our core commerce platforms and other, I mean, new businesses.

該計劃的目的是提高客戶在我們核心商務平台和其他新業務中的忠誠度和粘性。

So that's why, for the first time, we consolidate most of the consumer service we have in Alibaba ecosystem, starting from the retail discounts, exclusive offering of some products to the movie and to entertainment, music, even food delivery.

這就是為什麼我們第一次整合了我們在阿里巴巴生態系統中擁有的大部分消費者服務，從零售折扣、一些產品的獨家供應到電影、娛樂、音樂，甚至食品配送。

So we strongly believe that in each of the business lines, we may find some other, I mean, players who can offer these kind of services.

所以我們堅信，在每個業務線中，我們可能會找到其他一些，我的意思是，可以提供此類服務的參與者。

But we are more -- actually, Alibaba today is more like all-in-one, and we want to provide this all-in-one membership program to our loyalty customers to enhance our -- enhance their stickiness in our ecosystem.

但我們更——實際上，今天的阿里巴巴更像是一體化，我們希望為我們的忠誠客戶提供一體化會員計劃，以增強我們——增強他們在我們生態系統中的粘性。

Yes, Greg, so just a quick -- to touch on your international brand comment, we do have a lot of luxury brands and international brand coming in to working with us.

是的，格雷格，所以請快速談談您的國際品牌評論，我們確實有很多奢侈品牌和國際品牌與我們合作。

You've seen that in the Luxury Pavilion that we have had success.

您已經在我們取得成功的 Luxury Pavilion 中看到了這一點。

We continue to attract them, give the consumers a differentiated experience for the higher-tier consumers, and that's how we can continue to offer value to the consumers.

我們繼續吸引他們，為消費者提供針對更高層次消費者的差異化體驗，這就是我們能夠繼續為消費者提供價值的方式。

And I see -- you see some of these luxury brand actually opening up Tmall flagship store as well when they joined the Luxury Pavilion.

我看到——你看到其中一些奢侈品牌在加入 Luxury Pavilion 時實際上也開設了天貓旗艦店。

Okay?

好的？

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

下一個問題來自麥格理的Wendy Huang。

Two very quick questions.

兩個非常快速的問題。

The first, your revenue growth was very strong, yet the adjusted EBITA growth was only 13% this quarter.

首先，你們的收入增長非常強勁，但本季度調整後的 EBITA 增長僅為 13%。

And given that you mentioned the New Retail margin was structurally different from previous, so should we expect the EBITA growth to stay at the current level for an extended period of time?

鑑於您提到新零售利潤率在結構上與以往不同，那麼我們是否應該期望 EBITA 增長在較長一段時間內保持在當前水平？

And then very quickly on your overseas strategy.

然後很快就制定你的海外戰略。

So there has been some new reports talking about a USD 5 billion investment in the Indian markets in Reliance Retail.

因此，有一些新的報導稱 Reliance Retail 將在印度市場投資 50 億美元。

So can you give us updates on your overseas expansion and investment?

那麼您能否向我們介紹一下您的海外擴張和投資的最新情況？

Right.

正確的。

Wendy, when you look at the EBITA growth, right.

溫迪，當您查看 EBITA 增長時，對。

So take a look at the core commerce EBITA first.

因此，首先看一下核心商業 EBITA。

In 1 quarter's time, I think if you compare it with the quarter last year, our absolute EBITA profit growth was from USD 3.9 billion to USD 4.8 billion.

在 1 個季度的時間裡，我認為如果與去年同期相比，我們的絕對 EBITA 利潤增長從 39 億美元增加到 48 億美元。

So that means we net added approximately USD 1 billion profit in a quarter's time.

這意味著我們在一個季度的時間內淨增加了大約 10 億美元的利潤。

That gives us the flexibility to invest.

這給了我們投資的靈活性。

So we talked about the investment in all of these strategic important areas: local services, logistics, New Retail and also entertainment business, including some investments -- seasonal investments like this World Cup investment in this quarter.

所以我們談到了所有這些重要戰略領域的投資：本地服務、物流、新零售以及娛樂業務，包括一些投資——季節性投資，比如本季度的世界杯投資。

So going forward, I think we're very clear that the core business, so we're going to continue to emphasize the healthy growth, which is going to support our investment.

所以展望未來，我認為我們非常清楚核心業務，所以我們將繼續強調健康增長，這將支持我們的投資。

So strategic investment will not be ended in 2 or 3 quarters' time.

所以戰略投資不會在兩三個季度內結束。

It will continue.

它將繼續。

But the thing is that we believe those are the areas that have big term.

但問題是，我們相信那些是有很大期限的領域。

At the same time, we, Alibaba Group, has the advantage to provide better service and the integration on different businesses, get the synergy out of these businesses and eventually add value to our customers.

同時，我們阿里巴巴集團有優勢提供更好的服務和不同業務的整合，從這些業務中獲得協同效應，最終為我們的客戶增加價值。

And then we could monetize better in the future.

然後我們可以在未來更好地貨幣化。

Okay, Wendy, your voice was low.

好的，溫迪，你的聲音小了點。

Can you repeat the second question?

你能重複第二個問題嗎？

Your investments in the overseas and also the media report about USD 5 billion investment in the Reliance Retail in India.

您在海外的投資以及媒體報導了印度 Reliance Retail 的 50 億美元投資。

So just to summarize, I think you were asking about our overseas investments, particularly on, I guess, the news about the Reliance Retail in India, is that correct?

所以總結一下，我想你是在問我們的海外投資，特別是關於印度 Reliance Retail 的消息，對嗎？

Yes, your -- yes, you're correct.

是的，你的——是的，你是對的。

Yes, Wendy, I'll take that question.

是的，溫迪，我來回答這個問題。

This is Joe Tsai.

這是喬蔡。

We -- look, Reliance is a very good company, a strong company in India.

我們——看，Reliance 是一家非常優秀的公司，在印度是一家強大的公司。

We have a lot of respect for them.

我們非常尊重他們。

But what you read in the news is just untrue.

但你在新聞中讀到的是不真實的。

I think taking a step back, we've -- I've talked about investing in the emerging markets, both Southeast Asia and South Asia.

我想退後一步，我們已經 - 我談到了投資新興市場，包括東南亞和南亞。

So as you know, we have a -- we've put a lot of resources into Lazada, which operates in 6 Southeast Asian countries.

所以如你所知，我們有一個 - 我們已經將大量資源投入到 Lazada，它在 6 個東南亞國家開展業務。

We've also recently invested in the largest e-commerce business in Pakistan and Bangladesh.

我們最近還投資了巴基斯坦和孟加拉國最大的電子商務企業。

These are sort of off-the-beaten-track markets, it seems to you guys.

在你們看來，這些市場有點偏僻。

But just remember that Pakistan has a population of 200 million people.

但請記住，巴基斯坦有 2 億人口。

It's about the same size in terms of population as Indonesia.

就人口而言，它的規模與印度尼西亞差不多。

So these are some of the areas that really excite us.

所以這些是真正讓我們興奮的一些領域。

And by the way, Bangladesh, if you don't recall, has 160 million people.

順便說一下，孟加拉國，如果你不記得的話，有 1.6 億人。

Although they're growing from a very low base, we think they have very good long-term potential.

儘管它們的增長基數很低，但我們認為它們具有非常好的長期潛力。

So we're also very excited about these South Asian markets.

因此，我們也對這些南亞市場感到非常興奮。

The last question comes from the line of Alex Yao from JP Morgan.

最後一個問題來自摩根大通的Alex Yao。

I have a few in terms of the formation of the local service holding company.

在組建本地服務控股公司方面，我有一些看法。

Firstly, from capital allocation perspective, why do you guys need to seek external investors given the critical importance of this business in your broader New Retail strategy and your healthy free cash flow generation capability?

首先，從資本配置的角度來看，鑑於這項業務在您更廣泛的新零售戰略和健康的自由現金流生成能力中至關重要，為什麼你們需要尋求外部投資者？

And secondly, I think the transaction highly likely will be closed in FY '19.

其次，我認為該交易極有可能在 19 財年完成。

Can you talk about what could be the financial impact there for FY '19, including the consolidation of Koubei as well as the potential step-up in pricing subsidy for Ele.me?

你能談談 19 財年的財務影響嗎，包括口碑網的整合以及餓了麼可能提高定價補貼？

And lastly, I think Ele.me is very important to support the overall New Retail strategy.

最後，我認為餓了麼對支持整體新零售戰略非常重要。

And potentially, the long-term transportation for those services delivery and product delivery will -- would transform from intercity to intracity.

並且潛在地，這些服務交付和產品交付的長期運輸將從城際轉變為城內。

So is the investment in Ele.me enough to support the whole New Retail strategy?

那麼對餓了麼的投資是否足以支撐整個新零售戰略？

Are there any other incremental investments you need to do to further improve the local on-demand point-to -- intracity delivery?

您是否需要做任何其他增量投資來進一步改進本地按需點對點 - 同城交付？

Alex, you're breaking up in doing these questions.

亞歷克斯，你在做這些問題時分手了。

Can you just summarize the 3 questions for us?

您能簡單地為我們總結一下這三個問題嗎？

Okay, so number one, for the formation of a local service holding company, why do you want to seek external investors and a funding source?

好的，第一，對於成立本地服務控股公司，為什麼要尋求外部投資者和資金來源？

Number two, in light of the consolidation of Koubei and more investment in Ele.me, can you talk about the financial impact in FY '19 from this local service holding company?

第二，鑑於口碑的整合和對餓了麼的更多投資，你能談談這家本地服務控股公司在 19 財年的財務影響嗎？

Thirdly, in addition to investments in Ele.me, are there any other areas that you think are worth investing in terms of a local delivery?

第三，除了對餓了麼的投資，在本地配送方面，您認為還有哪些值得投資的地方？

Let me answer your first question.

讓我回答你的第一個問題。

In terms of the local service holding co, actually we are -- this is a newly set up company and which can act -- we combined both Koubei and Ele.me business in -- under this holdco.

就本地服務控股公司而言，實際上我們是——這是一家新成立的公司，可以行動——我們將口碑和餓了麼業務合併在這家控股公司之下。

And as we said in our earnings release, and we are very happy to work with other investors and commit $3 billion in this -- in the coming fundraising and -- which we believe that will give a very solid, I mean, support to our local service business to gain the market share and to acquire new customers in the ecosystem.

正如我們在收益發布中所說，我們很高興與其他投資者合作，並在即將到來的籌款活動中投入 30 億美元，我們相信這將為我們提供非常堅實的支持本地服務業務以獲得市場份額並在生態系統中獲得新客戶。

And we strongly believe that this is a very, very important area, and we will do everything we can to win the battle.

我們堅信這是一個非常非常重要的領域，我們將竭盡全力贏得這場戰鬥。

And we are committed to invest not only the money but also the technology.

我們承諾不僅要投資資金，還要投資技術。

But actually, because this is a new area, so that's why we are very happy to work with other investors on this as well.

但實際上，因為這是一個新領域，所以我們也很高興與其他投資者就此進行合作。

And in terms of the -- I think Maggie may answer your second question, but let me finish your third question at the same time.

就-我認為瑪姬可能會回答你的第二個問題，但讓我同時完成你的第三個問題。

I think yes -- why the investment in Ele.me?

我想是的——為什麼要投資餓了麼？

We have a -- today, we have a very good large-scale on-demand peer -- point-to-point delivery network.

我們有一個——今天，我們有一個非常好的大規模按需點對點交付網絡。

And I think that this is a very, very unique network and which is good not only for food delivery but also is necessary for the newcomers' any in-store fulfillment delivery.

我認為這是一個非常非常獨特的網絡，它不僅有利於食品配送，而且對於新來者的任何店內配送來說也是必不可少的。

And this is, I think, could be relevant to any other categories to do in-store fulfillment and the peer -- point-to-point delivery.

我認為，這可能與任何其他類別相關，以進行店內履行和同行——點對點交付。

So we are actually -- today, we are working very hard to consolidate this network -- integrate this network with our other business.

所以我們實際上 - 今天，我們正在非常努力地整合這個網絡 - 將這個網絡與我們的其他業務相結合。

And we do believe that if we add more business cases into this point-to-point network, this will enhance the attractiveness and the stickiness of the riders in the system and also improve the efficiency of the operation, which, on the long term, we believe, is fundamentally important to this, I mean, New Retail strategy.

而且我們相信，如果我們在這個點對點的網絡中加入更多的業務案例，這將增強騎手在系統中的吸引力和粘性，並提高運營效率，從長遠來看，我們相信，這對新零售戰略至關重要。

Yes, let me just supplement the first question, why we include third-party investors.

是的，讓我補充一下第一個問題，為什麼我們包括第三方投資者。

The -- we're combining 2 businesses.

- 我們正在合併 2 家企業。

And in the Koubei business, we already have third-party investors.

而在口碑業務上，我們已經有了第三方投資方。

So when we bring both companies into one holding company, those third-party investors will become part of the investors in the holding company.

因此，當我們將兩家公司合併為一家控股公司時，那些第三方投資者將成為控股公司投資者的一部分。

So we start with a starting point already with third-party investors.

所以我們從第三方投資者的起點開始。

And also, we want to make sure that this is a business that can be validated by the market in long run.

而且，我們希望確保這是一項可以長期得到市場驗證的業務。

And we've been talking to SoftBank.

我們一直在與軟銀交談。

They came in and took a look, and they really liked the business.

他們進來一看，果然很喜歡這個生意。

So they are making this -- a very, very large commitment to our business, which is a really great validation of the business.

所以他們正在做這個 - 對我們的業務做出非常非常大的承諾，這是對業務的一個非常好的驗證。

But this is just the first step.

但這只是第一步。

We only announced about $3 billion of commitments that we received.

我們只宣布了我們收到的大約 30 億美元的承諾。

More money will be coming from other third-party investors.

更多資金將來自其他第三方投資者。

Right.

正確的。

Alex, to your second question about the financial impact, so the -- this investment into the local service area, together with consolidating of Koubei, will have an impact on our financial.

亞歷克斯，關於財務影響的第二個問題，所以 - 這項對本地服務領域的投資，以及口碑的整合，將對我們的財務產生影響。

It will result in slower overall group profit growth in near term.

這將導致短期內整體集團利潤增長放緩。

So to the extent -- if you look at our core commerce EBITA, we said that without this investment, that, that business EBITA margin level could be comparable to the previous quarter's.

所以在某種程度上 - 如果你看看我們的核心商業 EBITA，我們說如果沒有這項投資，那麼商業 EBITA 利潤率水平可能與上一季度相當。

So that gives you a sense of how much we have invested in those strategic areas.

這樣您就可以了解我們在這些戰略領域投入了多少。

And Ele.me local service represents somewhere around 20% of that investment if we're talking about the quarter.

如果我們談論本季度，餓了麼本地服務約佔該投資的 20%。

And so although it will drag down our profitability, but this business will have a substantial operating leverage once unit economics turn positive and that we have the confidence to turn our -- first to grow that and then turn it into profitable business.

因此，雖然它會拖累我們的盈利能力，但一旦單位經濟轉為正數，並且我們有信心將我們的 - 首先將其增長，然後將其轉變為盈利業務，該業務將具有可觀的運營槓桿。

Thanks.

謝謝。

Okay, so that concludes our call today.

好的，今天的電話會議到此結束。

Thanks, everyone, for joining.

謝謝大家的加入。

If you have any questions, please contact the Investor Relations team at Alibaba.

如有任何疑問，請聯繫阿里巴巴投資者關係團隊。

Thank you.

謝謝。

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 for participating.

感謝您的參與。

You may all disconnect.

你們都可以斷開連接。