阿里巴巴 (BABA) 2019 Q2 法說會逐字稿

Good day, ladies and gentlemen.

女士們先生們，美好的一天。

Thank you for standing by.

謝謝你的支持。

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

歡迎來到阿里巴巴集團 2018 年 9 月季度業績電話會議。

(Operator Instructions)

（操作員說明）

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

我現在想把電話轉給阿里巴巴集團投資者關係主管 Rob Lin。

Please go ahead.

請繼續。

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

大家好，歡迎來到阿里巴巴集團 2018 年 9 月季度業績電話會議。

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 the corporate website.

此電話會議也通過公司網站的 IR 部分進行網絡廣播。

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

今天晚些時候，我們的網站將提供通話重播。

Now let me cover the safe harbor.

現在讓我介紹安全港。

Today's discussion will contain forward-looking statements.

今天的討論將包含前瞻性陳述。

These forward-looking statements involve inherent risks and uncertainties that may cause actual results to differ materially from our current expectations.

這些前瞻性陳述涉及固有的風險和不確定性，可能導致實際結果與我們當前的預期存在重大差異。

For detailed discussions of these risks and uncertainties, please refer to our latest annual report on Form 20-F and other documents filed with the SEC.

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

Any forward-looking statements that we make on this call are based on assumptions as of today, and we do not undertake any obligation to update these statements except as required under applicable law.

我們在本次電話會議上所做的任何前瞻性陳述均基於截至今天的假設，除適用法律要求外，我們不承擔更新這些陳述的任何義務。

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

請注意，我們在本次電話會議上使用的某些財務指標，例如調整後的 EBITDA、調整後的 EBITA、調整後的 EBITDA 利潤率、調整後的 EBITA 利潤率、市場核心商業調整後的 EBITA、非 GAAP 淨收入、非 GAAP 稀釋後每股收益和自由現金流是在非 GAAP 基礎上表示。

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

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

Unless otherwise stated, growth rate of all stated metrics mentioned during this call refers to year-on-year growth rate versus the same quarter last year.

除非另有說明，本次電話會議中提到的所有規定指標的增長率均指與去年同期相比的同比增長率。

With that, I would now turn the call to Joe.

有了這個，我現在會把電話轉給喬。

Thanks, Rob.

謝謝，羅布。

Thank you all for joining us.

謝謝大家加入我們。

Just in the past month, global macroeconomic conditions have become more uncertain.

就在過去一個月，全球宏觀經濟狀況變得更加不確定。

People wonder about potential reverberations from the global economic slowdown, the threat of rising interest rates and political and debt turmoil in Europe.

人們想知道全球經濟放緩、利率上升的威脅以及歐洲政治和債務動蕩的潛在影響。

In the case of China, we see reports of decelerating GDP growth, weak Purchasing Managers Index and depressed equity markets.

就中國而言，我們看到有關 GDP 增長放緩、採購經理人指數疲軟和股市低迷的報告。

I know that Alibaba investors have many questions about the operating environment in China, so I want to give you a straightforward assessment from our vantage point.

我知道阿里巴巴投資者對中國的經營環境有很多疑問，所以我想從我們的角度給你一個簡單的評估。

On China macro, retail sales growth was 9% according to the latest July and August data from the National Bureau of Statistics.

中國宏觀方面，根據國家統計局最新的 7 月和 8 月數據，零售額增長 9%。

The NBS data shows weakness in large ticket items such as home appliances and autos, which is consistent with the view that consumers see uncertainty in the future and are cutting back on durable goods purchases.

國家統計局數據顯示家電和汽車等大件商品疲軟，這與消費者看到未來不確定性並減少耐用品採購的觀點一致。

However, on Alibaba's China retail marketplaces, we see continued robust growth in consumer staples, cosmetics and apparels.

然而，在阿里巴巴的中國零售市場，我們看到消費必需品、化妝品和服裝的持續強勁增長。

In consumer electronics, growth decelerated, especially in cell phones, due to the lack of major technology upgrades and new product offerings.

由於缺乏重大技術升級和新產品供應，消費電子產品增長放緩，尤其是手機。

While NBS data shows 24% growth in online good sales in this quarter, overall growth of physical goods GMV on Tmall, excluding unpaid orders, was 30% year-on-year.

國家統計局數據顯示，本季度線上商品銷售額增長 24%，天貓實物商品 GMV 整體同比增長 30%，不包括未支付訂單。

Accordingly, we believe that Tmall made further gains in market share.

因此，我們認為天貓的市場份額進一步增加。

While in the short term, people may be concerned about cyclical factors.

而在短期內，人們可能會關注週期性因素。

I would like to point out 3 long-term secular developments in Alibaba's favor.

我想指出 3 個對阿里巴巴有利的長期長期發展。

In fact, Alibaba is proactively contributing to the acceleration of all 3 of these developments.

事實上，阿里巴巴正在積極推動這三項發展的加速。

First is the phenomenon of middle-class consumption upgrade.

一是中產消費升級現象。

China's 300 million middle-class consumers have experienced significant real wage growth over the past decade, and they are looking for high-quality products to satisfy their discretionary spend and an increasingly sophisticated lifestyle.

中國 3 億中產階級消費者在過去十年經歷了實際工資的顯著增長，他們正在尋找高質量的產品來滿足他們的可支配支出和日益精緻的生活方式。

The OECD projects that, by 2030, China will have 850 million people who will emerge into the middle-class, further accelerating the consumption upgrade.

經合組織預計，到2030年，中國將有8.5億人步入中產階級，消費升級進一步加速。

Whether it's high-quality imported products offered on Tmall Global or overseas travel experiences through travel portal Fliggy or videos on digital entertainment platform Youku or our on-demand meal delivery and grocery delivery services from Ele.me and Hema, Alibaba is driving a comprehensive consumption upgrade that cannot be matched by any peers.

無論是天貓國際提供的優質進口產品，還是旅遊門戶網站飛豬的海外旅行體驗，還是數字娛樂平台優酷的視頻，還是餓了麼和盒馬的按需送餐和雜貨配送服務，阿里巴巴都在推動綜合消費任何同行都無法比擬的升級。

In our recently announced strategic partnership with luxury group Richemont, we are further tapping into the lifestyle upgrade opportunity by offering Chinese consumers easy access to a broad collection of luxury products both at home and when they travel abroad.

在我們最近宣布的與奢侈品集團歷峰集團的戰略合作夥伴關係中，我們通過為中國消費者提供在國內和出國旅行時輕鬆獲得廣泛的奢侈品系列，進一步挖掘生活方式升級的機會。

The second long-term development is the capacity and increasing availability of consumer credit.

第二個長期發展是消費信貸的能力和可用性的提高。

As of March this year, China's household debt was 49% of GDP compared to 77% in the United States, so that there's ample capacity to take on credit to fuel consumption.

截至今年 3 月，中國的家庭債務佔 GDP 的 49%，而美國為 77%，因此有足夠的能力借貸來刺激消費。

Alibaba's affiliate Ant Financial specializes in providing consumer credit to underserved individuals who borrow in small amounts and require flexibility to revolve frequently.

阿里巴巴的關聯公司螞蟻金服專門為小額借款且需要靈活周轉的個人提供消費信貸。

The penetration of the amount of consumer credit to total online sales, while still in the low-teens, has increased significantly during the first 7 months of this fiscal year.

在本財年的前 7 個月，消費信貸額佔在線銷售總額的滲透率雖然仍處於低位，但已顯著增加。

The third trend that Alibaba plays an active role in developing is digitization of the retail sector.

阿里巴巴積極推動的第三個趨勢是零售業的數字化。

This means that Alibaba's total addressable market will be the entire USD 5 trillion retail economy in China.

這意味著阿里巴巴的總目標市場將是中國整個 5 萬億美元的零售經濟。

Through our New Retail strategy, we have eliminated the e from e-commerce as the distinction between online and off-line sales goes away when shoppers buy from anywhere, anytime using a mobile phone.

通過我們的新零售戰略，我們消除了電子商務中的 e，因為當購物者隨時隨地使用手機購物時，線上和線下銷售之間的區別就消失了。

This is made possible by digitizing the entire consumer journey, inventory tracking and logistics workflow.

這可以通過將整個消費者旅程、庫存跟踪和物流工作流程數字化來實現。

Digitization enabled by the technology and know-how of Alibaba will help retailers to access a wealth of information about their customers and operations.

阿里巴巴的技術和專有技術支持的數字化將幫助零售商獲取有關其客戶和運營的大量信息。

We expect the value creation from traditional retailers' increased sales and more efficient operations will be significant, and this will ultimately accrue to the benefit of Alibaba as the enabler.

我們預計傳統零售商銷售額的增加和運營效率的提高所創造的價值將是巨大的，而這最終將有利於阿里巴巴作為推動者。

Now I would turn the mic over to Daniel for his comments.

現在我要把話筒交給丹尼爾聽取他的意見。

Thanks, Joe.

謝謝，喬。

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

大家好，感謝您今天參加我們的財報電話會議。

We delivered another strong quarter with 54% total revenue growth.

我們又交付了一個強勁的季度，總收入增長了 54%。

The robust growth of our business speaks to this unique value proposition that we offer for customers through strong execution and commitment to innovation, demonstrating the power and the synergies of the Alibaba digital economy.

我們業務的強勁增長體現了我們通過強大的執行力和對創新的承諾為客戶提供的獨特價值主張，展示了阿里巴巴數字經濟的力量和協同效應。

Today, Taobao is a large-scale, fast-growing consumer community that is the starting point of any retail journey for Chinese consumers.

如今，淘寶是一個規模龐大、發展迅速的消費社區，是中國消費者任何零售之旅的起點。

Over 45% of Chinese population discover and purchase products and contents through Taobao mobile app.

超過 45% 的中國人通過淘寶移動應用發現和購買產品和內容。

We are successful in acquiring and enticing even more new users onto our platform.

我們成功地獲得併吸引了更多新用戶到我們的平台上。

Our unit value of highly relevant personalized content with a community-driven experience continues to attract new users while keeping existing users deeply engaged on a daily basis.

我們具有社區驅動體驗的高度相關個性化內容的單位價值繼續吸引新用戶，同時讓現有用戶每天都深入參與。

Annual active consumers increased 25 million to 601 million for the 12 months ended September 30, 2018.

截至 2018 年 9 月 30 日止的 12 個月，年度活躍消費者增加 2500 萬至 6.01 億。

Around 5 -- around 75% of the increase in annual active consumers came from less developed areas.

大約 5 - 大約 75% 的年度活躍消費者增長來自欠發達地區。

Growth of our monthly mobile app users accelerated this quarter.

本季度我們每月移動應用程序用戶的增長速度加快。

666 million users are accessing our China retail marketplaces via our mobile app monthly, an increase of 32 million users over the prior quarter.

每月有 6.66 億用戶通過我們的移動應用程序訪問我們的中國零售市場，比上一季度增加了 3200 萬用戶。

Today's Taobao users are more diversified -- are more diverse than ever, with different demographic and the consumption habits.

今天的淘寶用戶更加多樣化——比以往任何時候都更加多樣化，具有不同的人口統計和消費習慣。

To fulfill their diverse needs, we roll out the new Taobao interface that presents unique user experience to different types of consumers.

為了滿足他們多樣化的需求，我們推出了新的淘寶界面，為不同類型的消費者提供獨特的用戶體驗。

The biggest source driving the success of this upgrade is our consumer insights driven by AI.

推動此次升級成功的最大源泉是我們由 AI 驅動的消費者洞察。

We have the world's largest e-commerce knowledge graph for products, content and consumer insights, which can be used to active purchases and retain consumers.

我們擁有全球最大的電商產品、內容和消費者洞察知識圖譜，可用於主動購買和留住消費者。

We have one of the leading proprietary technology infrastructures in the world that can handle hyper-scale, real-time computing and a sophisticated algorithms.

我們擁有世界領先的專有技術基礎設施之一，可以處理超大規模、實時計算和復雜的算法。

For example, in this quarter, over 75% of our new consumers are from less developed areas.

例如，在本季度，我們超過 75% 的新消費者來自欠發達地區。

They may need a simpler and a more direct use interface with product recommendations that are value for money.

他們可能需要更簡單、更直接的使用界面以及物有所值的產品推薦。

On the other hand, advanced users who have years of Taobao experience with high spending power may want more customized and a relevant recommendations.

另一方面，擁有多年淘寶經驗和高消費能力的高級用戶可能需要更多的定制和相關推薦。

The new Taobao interface is also value-enhancing for the merchant.

淘寶新界面也為商家增值。

By leveraging recommendation feeds throughout Mobile Taobao, we can help merchants create new demand by targeting the relevant consumer goods, building awareness and interest, activating purchase intent and retain -- by retaining consumers in different stage of consumption.

通過在整個手機淘寶中利用推薦信息流，我們可以幫助商家通過鎖定相關消費品、建立意識和興趣、激活購買意圖和留住不同消費階段的消費者來創造新的需求。

Today, the product and content discovery experience is very dynamic on Taobao.

如今，淘寶上的產品和內容髮現體驗非常活躍。

We believe recommendation is other effective way to distribute products and contents via curated posts, video and the live streaming activities.

我們認為推薦是通過策劃的帖子、視頻和直播活動分發產品和內容的另一種有效方式。

During the quarter, we have seen some positive feedbacks.

在本季度，我們看到了一些積極的反饋。

The engagement level of users who adopt the new interface increased, and the recommendation feeds section on Taobao front page enjoy higher click-through rate potentially.

新界面用戶參與度提升，淘寶首頁推薦信息版塊點擊率有望提升。

The new Taobao interface facilitates better consumer experience in labels, brand and merchants to better target their customers.

新的淘寶界面有助於在標籤、品牌和商家方面提供更好的消費者體驗，從而更好地瞄準客戶。

These recommendation feeds could potentially be monetizable in the future, supported by ongoing improvements of these engagement trends.

在這些參與趨勢不斷改進的支持下，這些推薦提要在未來可能會貨幣化。

Moving on to Tmall.

轉向天貓。

We continue to be pleased with Tmall's ongoing expansion of its leadership position in online B2C sector.

我們繼續對天貓不斷擴大其在線 B2C 領域的領導地位感到高興。

Tmall's physical goods paid GMV grew 30% in this quarter.

本季度天貓實物商品支付GMV增長30%。

We enjoy robust growth in all categories, including FMCG, home furnishing and apparel categories.

我們在所有類別中都享有強勁增長，包括快速消費品、家居和服裝類別。

Recently, we announced a partnership with Swiss luxury group Richemont to launch a China JV with Richemont-owned Yoox Net-a-Porter.

最近，我們宣布與瑞士奢侈品集團歷峰集團建立合作夥伴關係，與歷峰集團旗下的 Yoox Net-a-Porter 建立中國合資企業。

This is a major development for the luxury industry in China as the partnership demonstrates recognition by Richemont and YNAP of the strategic importance of the China market as well as Alibaba's leadership in enabling luxury brands to engage with and serve Chinese consumers, both at home and abroad.

這是中國奢侈品行業的重大發展，因為此次合作表明歷峰集團和 YNAP 認識到中國市場的戰略重要性，以及阿里巴巴在幫助奢侈品牌與中國國內外消費者互動和服務方面的領導地位.

Our New Retail initiatives, including our self-operated Hema stores and the digitalization enablement of Sun Art supermarkets, are well on track.

我們的新零售計劃，包括我們自營的盒馬鮮生門店和高鑫超市的數字化支持，都進展順利。

We are excited about the launch of our local service company, which combines Ele.me and Koubei under one management team.

我們很高興能成立本地服務公司，將餓了麼和口碑合併到一個管理團隊之下。

Our cloud computing business continues to execute and execute strong growth.

我們的雲計算業務繼續執行並執行強勁增長。

Revenue grew 90% during the quarter, driven by growth of paying customers and a subscription for higher value-added products.

在付費客戶增長和高附加值產品訂閱的推動下，本季度收入增長了 90%。

Our cloud computing business continued to build a large and expanding ecosystem of developers and partners to enable the digital transformation of China.

我們的雲計算業務繼續構建一個龐大且不斷擴展的開發者和合作夥伴生態系統，以實現中國的數字化轉型。

In September 2018, we held the largest cloud computing conference in China.

2018年9月，我們舉辦了國內最大的雲計算大會。

More than 70,000 developers attended the conference in person.

超過 70,000 名開發者親臨現場參會。

We are making progress in our digital media and entertainment business.

我們在數字媒體和娛樂業務方面取得了進展。

Daily average subscribers of Youku video growth continue to be robust, increased by 100%.

優酷視頻的日均訂閱人數增長繼續強勁，增長了100%。

Our original reality show, [Slam-dunk] of China, has become a new hit among young audiences in China.

我們原創的真人秀節目《灌籃高手》成為中國年輕觀眾的新寵。

This speaks to the importance of having original production capability.

這說明了擁有原始生產能力的重要性。

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。

Amap, formerly -- former AutoNavi, the largest map app and location-based technology platform in China, is providing important infrastructure to a comprehensive set of service offering, both operated by us and by third parties.

高德地圖（原高德地圖）是中國最大的地圖應用程序和基於位置的技術平台，正在為我們和第三方運營的一套綜合服務提供重要的基礎設施。

For example, in our on-demand delivery service, Amap provides essential mapping and optimal routing algorithms to delivering personnel.

例如，在我們的按需配送服務中，高德地圖為配送人員提供必要的地圖繪製和最優路由算法。

During China National Holiday, the first day of the Golden Week holiday in China, Amap's DAUs exceeded 100 million for the first time.

國慶長假期間，高德地圖的DAU首次突破1億。

Before I turn over to Maggie for financial highlights, I'd like to speak about our view of global macro environment that is top of mind from investors.

在我向 Maggie 介紹財務亮點之前，我想談談我們對投資者最關心的全球宏觀環境的看法。

The global economy is at a state of uncertainties, such as trade relationship, consumer trends, stock market and the manufacturing industry.

全球經濟處於不確定的狀態，例如貿易關係、消費趨勢、股市和製造業。

The U.S.-China trade tensions create increased risk of instability.

美中貿易緊張局勢增加了不穩定的風險。

This is the third time in Alibaba's 19-year history that we have encountered a setback in the global economy.

這是阿里巴巴19年曆史上第三次遭遇全球經濟挫折。

Where it gets difficult to do business, it is precisely the time to fulfill our mission to make it easy to do business anywhere.

哪裡做生意難，哪裡做生意難，正是踐行讓天下沒有難做生意的使命的時候。

Therefore, we have recently decided, in the near term, we will not monetize incremental inventory generated from our growing users and engagement.

因此，我們最近決定，在短期內，我們不會將不斷增長的用戶和參與產生的增量庫存貨幣化。

In the light of current fluid macroeconomic conditions that may affect our -- affect their operations, we want to support the merchants doing their business on our platform.

鑑於當前可能影響我們 - 影響他們的運營的流動宏觀經濟狀況，我們希望支持商家在我們的平台上開展業務。

Amidst these uncertainties, we see opportunities: first, we see opportunity to greatly expand our addressable market by executing our New Retail strategy that digitalize store-based operations; second, we have built a technology platform that empowers the digital transformation of enterprises in China.

在這些不確定性中，我們看到了機遇：首先，我們看到了通過執行將基於商店的運營數字化的新零售戰略來極大地擴展我們的潛在市場的機會；第二，我們搭建了賦能中國企業數字化轉型的技術平台。

This will not only create new ways of sales and distribution but also driving innovation in the entire value chain of retail operation.

這不僅會創造新的銷售和分銷方式，還會推動整個零售運營價值鏈的創新。

At the core, our data insights on both enterprises and consumers and our leading cloud computing technologies created a unique Alibaba business operating system for this digital era.

核心是我們對企業和消費者的數據洞察和我們領先的雲計算技術，為這個數字時代創造了一個獨特的阿里巴巴業務操作系統。

Looking ahead, Alibaba has built a comprehensive digital economy that is as strong as any ecosystem.

展望未來，阿里巴巴已經建立了一個與任何生態系統一樣強大的綜合數字經濟。

We believe by leverage our technology, experience and resources, we can deliver digital transformation for all our clients in the areas of retail, marketing, finance, logistics, manufacturing and other supporting services within the Alibaba business operating system.

我們相信，通過利用我們的技術、經驗和資源，我們可以在阿里巴巴業務操作系統內為零售、營銷、金融、物流、製造和其他支持服務領域的所有客戶實現數字化轉型。

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。

In September quarter, major financial metrics continued to record strong results.

在 9 月季度，主要財務指標繼續取得強勁業績。

Overall, as mentioned by Daniel, our strong core starts with our vast high-quality and a fast-growing user base.

總的來說，正如丹尼爾所說，我們強大的核心始於我們龐大的高質量和快速增長的用戶群。

We delivered another quarter of strong user growth in both MAUs and annual active consumers, facilitated by our effort to target new consumer goods and penetrate into less developed areas in China.

由於我們努力瞄準新的消費品並滲透到中國欠發達地區，我們的 MAU 和年度活躍消費者的用戶又實現了強勁的四分之一增長。

Roughly 75% of the 25 million newly added consumers are from less-developed areas during the quarter.

本季度新增的 2500 萬消費者中，約有 75% 來自欠發達地區。

We also see enhanced consumer engagement from our existing users that resulted in robust GMV results in which Tmall continues to expand market leadership in B2C e-commerce.

我們還看到，我們現有用戶的消費者參與度有所提高，從而帶來了強勁的 GMV 結果，天貓由此繼續擴大在 B2C 電子商務領域的市場領導地位。

And Taobao recorded third consecutive quarter of strong GMV growth.

淘寶連續第三個季度錄得強勁的 GMV 增長。

We have a large and actively engaged user base that continues to exhibit a strong growth.

我們擁有龐大且積極參與的用戶群，並繼續呈現強勁增長。

Consumers are attracted to the platform because it offers the best user experience.

消費者被該平台吸引是因為它提供了最佳的用戶體驗。

As I will address later in my remarks, we believe that the strong and active user base, combined with the changes we're making on our platform, provides the foundation to expand our revenue generation in the future.

正如我稍後將在發言中提到的那樣，我們相信，強大而活躍的用戶群，加上我們在平台上所做的改變，為我們未來擴大創收奠定了基礎。

Total revenue for this quarter grew 54%.

本季度的總收入增長了 54%。

The increase was mainly driven by the robust revenue growth of our China commerce retail business, the consolidation for Ele.me and Cainiao Network as well as strong revenue growth of Alibaba Cloud.

增長的主要原因是我們中國商業零售業務的強勁收入增長、餓了麼和菜鳥網絡的整合以及阿里雲的強勁收入增長。

Our revenue growth during the quarter continued to outperform that of all global technology peers.

本季度我們的收入增長繼續優於所有全球技術同行。

Cost of the revenue in the quarter was CNY 46.8 billion, up from CNY 22 billion in the same quarter last year.

本季度的收入成本為 468 億元人民幣，高於去年同期的 220 億元人民幣。

Excluding the effect of SBC, cost of revenue as a percentage of total revenue increased by 15 percentage points to 53% this quarter.

剔除 SBC 的影響，本季度收入成本佔總收入的百分比增加了 15 個百分點，達到 53%。

The increase is mainly due to 3 reasons: number one, our consolidation of Ele.me and Cainiao Network, resulting in higher cost and logistics and fulfillment; number two, the cost of inventory from our New Retail businesses are included due to gross revenue accounting; number three, greater content investments by our digital media and entertainment businesses.

增加的主要原因是三個原因：第一，我們整合了餓了麼和菜鳥網絡，導致成本和物流和履行成本增加；第二，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；第三，我們的數字媒體和娛樂業務增加了內容投資。

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

作為收入的百分比，在不考慮 SBC 費用的情況下，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。

Now let's turn to the segment reporting.

現在讓我們轉向分部報告。

Our core commerce segment had another strong quarter, with revenue growth of 56%.

我們的核心商業部門又迎來了一個強勁的季度，收入增長了 56%。

The fundamentals of our China commerce retail revenue business continued to be healthy and strong.

我們中國商業零售收入業務的基本面繼續健康強勁。

We see robust user growth, especially in less developed areas and improved engagement in our Taobao and Tmall marketplaces.

我們看到用戶增長強勁，尤其是在欠發達地區，並且我們的淘寶和天貓市場參與度有所提高。

The combined customer management revenue and commission revenue shows healthy growth of 27% year-on-year for the quarter.

本季度客戶管理收入和佣金收入合計同比增長 27%。

Customer management revenue grew 25% in the quarter ended September.

客戶管理收入在截至 9 月的季度增長了 25%。

The growth was due to increases in the volume of paid clicks and to a lesser extent, average unit price per click.

增長是由於付費點擊量的增加以及在較小程度上是每次點擊的平均單價。

We continue to see better engagement and purchase conversion from recommendation feeds that are mostly free of charge to merchants nowadays, driving higher ROI for the merchants on our platform.

我們繼續看到來自推薦提要的更好參與和購買轉化，這些提要如今對商家大多免費，從而為我們平台上的商家帶來更高的投資回報率。

We have just started to explore ways to monetize these recommendation feeds.

我們剛剛開始探索將這些推薦提要貨幣化的方法。

Commission revenue grew strongly by 31%.

佣金收入強勁增長 31%。

This is consistent with the robust growth in Tmall's physical goods paid GMV, which is over 30%.

這與天貓實體商品支付 GMV 的強勁增長一致，超過 30%。

We're pleased with our Tmall progress and continue 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滿意，並繼續展示市場領導地位，本季度 GMV 增長快於整個行業。

Other revenue front, China Commerce Retail was up more than 150% year-on-year to RMB 8 billion.

其他收入方面，中國商業零售同比增長超過 150% 至人民幣 80 億元。

The record revenue growth was driven by the growth of Hema and Tmall imports.

創紀錄的收入增長是由盒馬和天貓進口的增長推動的。

Segment reporting.

分部報告。

Let's take a look at the core commerce.

讓我們來看看核心商業。

We've got a lot of feedback from our shareholders wishing to get more color about our core commerce segment that includes businesses in different stage of development.

我們從股東那裡得到了很多反饋，他們希望對我們的核心商業部門有更多了解，其中包括處於不同發展階段的企業。

On this slide, we're showing our market-based core commerce EBITA, including businesses such as Taobao and Tmall.

在這張幻燈片上，我們展示了我們基於市場的核心商業 EBITA，包括淘寶和天貓等業務。

So we continue to generate solid market base core commerce EBITA that grew at 27% to RMB 35.6 billion.

因此，我們繼續創造堅實的市場基礎，核心商業 EBITA 增長 27% 至人民幣 356 億元。

Because of our market-based core commerce generates significant profit so that we're able to invest in the areas we believe would add value to our customers and the future growth.

由於我們以市場為基礎的核心商業產生了可觀的利潤，因此我們能夠投資於我們認為會為我們的客戶和未來增長增加價值的領域。

For September quarter, losses from the 4 strategic business amounted to RMB 5.8 billion.

9 月季度，4 大戰略業務虧損達 58 億元人民幣。

Rank order for losses from these businesses from the highest to lowest would be: number one, Ele.me; number two, Lazada; three, New Retail and Tmall import; and then number four, Cainiao Network.

這些業務的虧損從高到低依次為：第一，餓了麼；第二，Lazada；三、新零售與天貓導入；然後是第四個，菜鳥網絡。

So Ele.me losses increased Q-on-Q due to 2 reasons.

所以餓了麼的虧損增加了 Q-on-Q，原因有兩個。

First, full quarter loss contribution in this quarter.

第一，本季度全季度虧損貢獻。

Last quarter, it was the first quarter we started to consolidate Ele.me, so it was not a full quarter effect.

上個季度是我們開始整合餓了麼的第一個季度，所以不是一個完整的季度效應。

And number two, higher spending for user acquisition.

第二，更高的用戶獲取支出。

While it will take time for us to see financial return for these strategic investments in core commerce, revenue growth of these 4 business areas has been robust.

雖然我們需要時間才能看到這些核心商業戰略投資的財務回報，但這 4 個業務領域的收入增長一直很強勁。

We have already seen efficiency gains and greater synergies from these businesses within the Alibaba digital economy.

我們已經看到這些業務在阿里巴巴數字經濟中的效率提升和更大的協同效應。

After incorporating the losses from these investments, our core commerce EBITA grow approximately 13% to RMB 29.8 billion.

計入這些投資的虧損後，我們的核心商業 EBITA 增長約 13% 至人民幣 298 億元。

And then, let's take a look at cloud computing revenue growth, 90% year-on-year, continue to be very strong, primarily driven by revenue mix towards high value-added products and services in robust growth of paying customers.

然後，讓我們來看看雲計算收入增長，同比增長 90%，繼續非常強勁，這主要是由於收入組合向高附加值產品和服務以及付費客戶的強勁增長所推動。

Adjusted EBITA was a loss of CNY 232 million, reflecting our investment in technology infrastructure in anticipation of future customer demand.

調整後的 EBITA 為虧損 2.32 億元人民幣，反映了我們基於對未來客戶需求的預期而對技術基礎設施進行的投資。

Digital media and entertainment business revenue increased 24%.

數字媒體和娛樂業務收入增長了 24%。

The increase was primarily due to a higher subscription revenue from Youku and an increase in revenue from mobile value-added service provided by UCWeb, such as mobile search.

增長主要是由於來自優酷的訂閱收入增加以及來自UCWeb提供的移動增值服務（例如移動搜索）的收入增加。

Adjusted EBITA was a loss of CNY 3.8 billion, primarily due to ongoing investment in production of original content and licensed broadcast -- also broadcasting rights for the World Cup games in China.

調整後 EBITA 虧損 38 億元人民幣，主要是由於對原創內容製作和授權轉播的持續投資——以及世界杯在中國的轉播權。

Revenue from innovation initiatives and others increased 20%.

來自創新計劃和其他方面的收入增長了 20%。

The increase was mainly due to an increase in revenue from Tmall Genie and Amap.

增長主要是由於來自天貓精靈和高德地圖的收入增加。

Adjusted EBITA was a loss of RMB 1.2 billion.

經調整EBITA為虧損人民幣12億元。

So other financial metrics.

所以其他財務指標。

Now let's take a look -- couple other matters within the quarter.

現在讓我們來看看——本季度的其他一些事情。

So in the other net loss for the quarter compared to the last year's – same to the last year, which was CNY 1.7 billion, this quarter CNY 1.5 billion.

因此，與去年相比，本季度的其他淨虧損與去年相同，為 17 億元人民幣，本季度為 15 億元人民幣。

The loss was primarily due to the following: number one, foreign exchange loss of CNY 900 million due to RMB depreciation against the U.S. dollar during the quarter; number two, losses sustained by Ant Financial during the quarter as a result of its investments in user acquisition and international expansion as well as their product innovation.

虧損主要原因如下：一是本季度人民幣兌美元貶值造成匯兌損失9億元人民幣；第二，由於在用戶獲取和國際擴張以及產品創新方面的投資，螞蟻金服在本季度遭受了損失。

So Ant Financial's net loss in the quarter lead to our reporting of a loss of CNY 900 million.

因此，螞蟻金服本季度的淨虧損導致我們報告虧損 9 億元人民幣。

The investment they made in new user has yield positive results, with annual active user exceeding 700 million during the quarter.

他們在新用戶方面的投資取得了積極成果，本季度年活躍用戶超過 7 億。

70% of those users used 3 or more categories of Ant Financial services.

這些用戶中有 70% 使用了 3 類或更多類別的螞蟻金服服務。

Tax rate.

稅率。

Income tax expenses in the quarter were CNY 277 million compared to CNY 2.7 billion in the same quarter last year.

本季度的所得稅費用為 2.77 億元人民幣，而去年同期為 27 億元人民幣。

We recognize the tax credit of about CNY 4.7 billion during the quarter compared to CNY 2.3 billion in the same quarter last year, as certain key subsidiaries were notified as the renewal of their Key Software Enterprise status for calendar year 2017 by the relevant tax authorities.

我們確認本季度的稅收抵免約為 47 億元人民幣，而去年同期為 23 億元人民幣，因為相關稅務機關通知某些主要子公司更新其 2017 日曆年的重點軟件企業身份。

Excluding SBC expense, investment gain/loss, impairment of investments as well as the above-mentioned tax credit, our effective tax rate would have been 23% in the quarter ended September 30.

不包括 SBC 費用、投資損益、投資減值以及上述稅收抵免，截至 9 月 30 日的季度，我們的有效稅率為 23%。

Share of results of equity investees, we recorded an active pickup of RMB 1.3 billion for the gain.

股權投資的業績份額，我們錄得13億元人民幣的主動回升收益。

It's largely due to our profit share from Sony in one quarter in arrears.

這主要是由於我們拖欠索尼一個季度的利潤分成。

Cash flow and capital expenditures.

現金流和資本支出。

Our net income grew 5% to RMB 18 billion in the quarter.

本季度我們的淨收入增長 5% 至人民幣 180 億元。

Non-GAAP net income is up RMB 23.5 billion, 6% growth.

非美國通用會計準則淨收入增長 235 億元人民幣，增長 6%。

And cash flow and share repurchase.

以及現金流和股票回購。

As of the quarter end, cash, cash equivalent and short-term investments were CNY 172 billion compared to CNY 177 billion as of June.

截至本季度末，現金、現金等價物和短期投資為人民幣 1,720 億元，而截至 6 月份為人民幣 1,770 億元。

The decrease is primarily due to cash used in investing activities, including acquisition of Trendyol, investment in Focus Media, partly offset by free cash flow generated from operations and the disposal of investments.

減少主要是由於投資活動使用的現金，包括收購 Trendyol、投資分眾傳媒，部分被運營產生的自由現金流和投資處置所抵消。

We've generated robust operating cash flow of CNY 31.4 billion and healthy free cash flow of CNY 16 billion during the quarter.

本季度我們產生了 314 億元人民幣的強勁運營現金流和 160 億元人民幣的健康自由現金流。

Please note that we have deducted our content spending when calculating free cash flow.

請注意，我們在計算自由現金流時扣除了我們的內容支出。

Higher CapEx spending related to our technology infrastructure, New Retail and Cainiao business coupled with increases in acquisition of licensed copyrights and intangible assets from our digital media and entertainment segment resulted in a year-on-year decrease in free cash flow.

與我們的技術基礎設施、新零售和菜鳥業務相關的更高資本支出，加上從我們的數字媒體和娛樂部門收購許可版權和無形資產的增加，導致自由現金流同比下降。

We're committed to enhance value for our shareholders through share repurchases.

我們致力於通過股票回購為我們的股東提升價值。

We have repurchased approximately 9.12 million of our shares for a total purchase price of approximately USD 1.3 billion as of today.

截至今日，我們已回購約 912 萬股股票，總購買價格約為 13 億美元。

Looking ahead, we're revising our fiscal year 2019 revenue guidance to a range of RMB 375 billion to RMB 383 billion.

展望未來，我們將 2019 財年的收入指引修訂為人民幣 3750 億元至人民幣 3830 億元。

The new guidance range reflects a 4% to 6% adjustment to the original revenue guidance.

新的指導範圍反映了對原始收入指導的 4% 至 6% 的調整。

In light of the current macroeconomic conditions, we have recently decided, for the near term, not to monetize incremental inventory generated from growing users and engagement on our China retail marketplaces in the near term.

鑑於當前的宏觀經濟狀況，我們最近決定，短期內不會將因不斷增長的用戶和參與我們的中國零售市場而產生的增量庫存貨幣化。

This is -- we expect this to benefit SMEs on our marketplace platform.

這是——我們希望這將使我們的市場平台上的中小企業受益。

As Daniel mentioned, we believe -- by the way, the growth rate after this adjustment on the revenue guidance shows that we're still a lot ahead of the global peers' growth, outperforming almost all of the -- them.

正如丹尼爾提到的，我們相信——順便說一句，在調整收入指引後的增長率表明，我們仍然遠遠領先於全球同行的增長，幾乎超過了所有——他們。

As Daniel mentioned, we believe recommendation feeds will be further enhanced by the new Taobao interface that include better discovery experience for consumers; enhanced ability to target, engage and retain consumers and by merchants; increase monetizable properties for the platform.

正如 Daniel 提到的，我們相信新的淘寶界面將進一步增強推薦信息流，包括為消費者提供更好的發現體驗；增強定位、吸引和留住消費者和商家的能力；增加平台的可貨幣化屬性。

This will lead to a large long-term monetization opportunity for incremental inventories which complement the search.

這將為補充搜索的增量庫存帶來巨大的長期貨幣化機會。

Recommendation feeds create a more top-of-the-funnel discovery experience for consumers, enabling merchants and brands to build awareness and interest of their products.

推薦源為消費者創造了一種更頂級的渠道發現體驗，使商家和品牌能夠建立對他們產品的認知和興趣。

But it doesn't stop there.

但它並不止於此。

Recommendation feeds in our platform are even more powerful and can be advised to engage with consumers in their entire shopping journey down the funnel to entice purchases and the loyalty.

我們平台中的推薦源更加強大，可以建議在整個購物過程中與消費者互動，以吸引購買和忠誠度。

All of these enhancements would not have been possible without our technology and deep consumer insights.

如果沒有我們的技術和深入的消費者洞察，所有這些改進都是不可能的。

Please note that the adjustment of the revenue guidance mainly related to our China retail business units, particularly in consumer -- customer management revenue, which has high profitability.

請注意，收入指引的調整主要與我們的中國零售業務部門有關，尤其是在消費者——客戶管理收入方面，它具有很高的盈利能力。

At the same time, we'll continue our investments in strategic and important areas such as local services, logistics, entertainment, globalization and New Retail.

同時，我們將繼續在本地服務、物流、娛樂、全球化和新零售等戰略和重要領域進行投資。

These strategic initiatives are what we believe to be big growth areas that would substantially increase our total adjustable market.

我們認為這些戰略舉措是巨大的增長領域，將大大增加我們的可調整市場總量。

Accordingly, we're confident to reinvest the profitability of our core to capture opportunities and long-term profit growth.

因此，我們有信心將我們核心業務的盈利能力進行再投資，以抓住機遇和實現長期利潤增長。

To wrap up, we remain confident about our value proposition to consumers and merchants.

總而言之，我們對我們對消費者和商家的價值主張充滿信心。

We have shown our track record of delivering robust revenue growth and healthy sustainable profit growth by identifying new growth opportunities that is supported by solid execution.

通過確定由穩健執行支持的新增長機會，我們已經展示了我們實現強勁收入增長和健康可持續利潤增長的記錄。

We will continue to grow new users and serve our customers, consumers and merchants with diversified offerings of goods, services and entertainment across our platforms.

我們將繼續發展新用戶，並在我們的平台上提供多樣化的商品、服務和娛樂，為我們的客戶、消費者和商家提供服務。

Most important, we have and will be disciplined in the way we grow our business to capturing enormous opportunities presented to us in this new digital era.

最重要的是，我們已經並將在發展業務的方式上遵守紀律，以抓住這個新數字時代為我們提供的巨大機遇。

Thank you.

謝謝。

Now we open the floor for Q&A.

現在我們開始進行問答環節。

Operator, we are ready to take question and answers.

接線員，我們準備接受問答。

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

（操作員說明）我們的第一個問題來自美林證券的 Eddie Leung。

I think, Joe, you talked about the macro headwinds for the domestic e-commerce business.

我想，喬，你談到了國內電子商務業務的宏觀逆風。

Could you also comment on the trends you see on the local service sector and travel as well as your overseas operation?

您能否也評論一下您在當地服務業和旅遊以及海外業務方面看到的趨勢？

Have we seen a similar trend affecting these other businesses?

我們是否看到類似的趨勢影響了這些其他業務？

And then perhaps, quickly, could you also remind us of the potential impact of the new e-commerce laws?

然後，也許很快，您能否也提醒我們新電子商務法的潛在影響？

So the area where we see the most impact are in the consumer durables, think large ticket items, consumer electronics.

因此，我們看到影響最大的領域是耐用消費品，比如大件商品、消費電子產品。

In the area of local services -- because these are basically staples, you order meals, you go to restaurants, they are largely not affected.

在本地服務領域——因為這些基本上是主食，你點餐、去餐館，它們基本上不受影響。

We -- as you know, that we've combined the management team of Ele.me and Koubei under one team.

如您所知，我們將餓了麼和口碑的管理團隊合併為一個團隊。

And they have already made quite a bit of adjustments in terms of the operating structure in their local markets and are prepared to execute the strategy.

並且他們在當地市場的運營結構上已經做了相當多的調整，並準備執行戰略。

So we're very happy with the progress there.

所以我們對那裡的進展感到非常高興。

In terms of the international markets, the dynamics in countries, for example, in Southeast Asia, vary country-by-country.

就國際市場而言，各國的動態，例如東南亞，因國而異。

As you know, Indonesia is a very, very competitive market.

如您所知，印度尼西亞是一個競爭非常非常激烈的市場。

We have doubled down in our commitment to Lazada to continue to grow that business.

我們加倍承諾 Lazada 繼續發展該業務。

We do not see a huge economic -- macroeconomic effect coming from those markets, but I think we remain cautiously optimistic.

我們沒有看到這些市場對經濟產生巨大的宏觀經濟影響，但我認為我們仍然保持謹慎樂觀。

Maggie, you want to comment on the e-commerce law?

Maggie，你想對電子商務法發表評論嗎？

Right.

正確的。

For impact from e-commerce law, law is out there but no detailed implementation rules.

對於電子商務法的影響，法律是有的，但沒有具體的實施細則。

However, we believe that the government will have the overall consideration on all of these supports and positives that the good e-commerce platform has brought about to support SMEs.

但是，我們相信政府會綜合考慮良好的電子商務平台為支持中小企業帶來的所有這些支持和積極因素。

For example, like stimulating the domestic demands and people ask question about the tax impact, whether they are initial tax by the merchants on the platform.

比如像拉動內需，大家問稅收影響，是不是平台商戶的初始稅。

I think this is topic we have been working with tax authority for a long time, and we believe they have done a detailed review of work and the incremental tax brought by the -- our platforms, which if you look at whatever GMV we generate, actually, they are upstream, right, the manufacturers.

我認為這是我們長期以來一直與稅務機關合作的話題，我們相信他們已經對我們的平台帶來的工作和增量稅進行了詳細審查，如果你看看我們產生的任何 GMV，實際上，他們是上游，對，製造商。

The tax coming from that area would be a lot bigger than whatever we're talking about on the retail platform.

來自該地區的稅收將比我們在零售平台上談論的任何稅收都大得多。

So we will closely monitor and follow-up in the implementation rules.

因此，我們將密切關注和跟進實施細則。

And yes, we'll update you if there is any news.

是的，如果有任何消息，我們會及時通知您。

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

我們的下一個問題來自高盛的 Piyush Mubayi。

Looking through your revenue guidance, you wrote that you recently decided not to monetize in the near term the incremental inventory that's getting created.

查看您的收入指南，您寫道您最近決定不在近期內將正在創建的增量庫存貨幣化。

Could you take us through the rationale there?

你能告訴我們那裡的理由嗎？

And also help us understand the short term that you referred to?

並幫助我們了解您提到的短期？

That's my first question.

這是我的第一個問題。

The very simple second question, if I might slip that in.

第二個問題非常簡單，請問我是否可以插進去。

Would you agree with our assessment that you're in a similar position with feed monetization as you were with mobile monetization 3 years ago?

您是否同意我們的評估，即您在 Feed 貨幣化方面的處境與 3 年前在移動貨幣化方面的處境相似？

Yes, Piyush, I'll talk about the consideration behind.

是的，Piyush，我來談談背後的考慮。

So about 45 days ago, we had our Investor Day conference in Hangzhou, and I said that we had no update on the revenue guidance by then.

所以大約 45 天前，我們在杭州舉行了投資者日會議，我說到那時我們還沒有關於收入指導的最新消息。

So this is a recent decision made.

所以這是最近做出的決定。

You probably have all seen and feel the economic conditions in the past, particularly the past month.

過去，尤其是過去一個月，你們可能都看到並感受到了經濟狀況。

The condition is very uncertain, and merchants are facing challenging times, so it does not make sense for us to maintain very high revenue growth.

情況非常不確定，商家面臨挑戰，所以我們保持很高的收入增長沒有意義。

Even -- so under these conditions, after we reviewed, we decided to not monetize for near term of the incremental inventory.

甚至 - 所以在這些條件下，在我們審查之後，我們決定不在短期內將增量庫存貨幣化。

So we're talking about the recommendation feeds growth, user growth, our engagement growth all very well.

所以我們正在談論推薦提要增長、用戶增長、我們的參與度增長都非常好。

So this is part of the rationale to factor the economic condition uncertainties.

因此，這是考慮經濟狀況不確定性的部分理由。

The other thing is that, looking ahead, one side is helping the merchant, the other thing's not monetize right away.

另一件事是，展望未來，一方面是在幫助商家，另一方面是不會立即貨幣化。

That also give us time -- to take this period of time to refine our monetization products, our new value provided.

這也給了我們時間——用這段時間來完善我們的貨幣化產品，我們提供的新價值。

So we believe this is a transitional period.

所以我們認為這是一個過渡時期。

The recommendation feeds shows very encouraging trend of the growth, not only in traffic but also in conversions.

推薦提要顯示出非常令人鼓舞的增長趨勢，不僅在流量方面，而且在轉化方面。

However, we don't believe that the value we created to the merchants is just exactly the same as we created it in the past 10, 15 years.

但是，我們不相信我們為商家創造的價值與過去10年、15年創造的價值完全一樣。

So as I mentioned, it's not only transaction value but also the consumer engagement value so which provides the tools and possibility for merchants to operate and manage their consumer base.

因此，正如我提到的，不僅是交易價值，還有消費者參與價值，這為商家運營和管理其消費者群提供了工具和可能性。

So they're not only paid for -- and eventually not only paid for the near-term GMV but also paid for the possibility of the future GMV.

因此，他們不僅為 - 最終不僅為近期 GMV 付出了代價，而且還為未來 GMV 的可能性付出了代價。

So once they could manage their consumer base compared with other merchants, their peers, competitors, whoever, that will not get the tools, they have advantages.

因此，一旦他們能夠與其他商家、同行、競爭對手等無法獲得工具的人相比，管理他們的消費者群，他們就有了優勢。

So that's basically macro.

所以這基本上是宏觀的。

And also, internally, we feel that this is good for us to take more time to refine the monetization products.

而且，在內部，我們認為這對我們花更多時間來完善貨幣化產品有好處。

I guess the second question was -- it is similar to the PC-to-mobile transition.

我想第二個問題是——它類似於 PC 到移動的過渡。

I think, Maggie, you already answered that.

我想，Maggie，你已經回答了這個問題。

Next question?

下一個問題？

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

我們的下一個問題來自摩根士丹利的 Grace Chen。

My question is a follow-up about the local services.

我的問題是關於本地服務的跟進。

Can you share with us the latest development of Ele.me and Koubei after the integration?

能不能跟我們分享一下餓了麼和口碑整合後的最新進展？

What are the new initiative -- new business initiatives?

什麼是新舉措——新的業務舉措？

And what's your business and financial targets achieved through this combined entity?

您通過合併後的實體實現了哪些業務和財務目標？

Actually, we just announced that we combined the 2 -- I mean, 2 business, and we will have a one management team to run this in the future -- I mean, combine local service business.

實際上，我們剛剛宣布我們合併了 2 - 我的意思是，2 項業務，我們將來會有一個管理團隊來管理它 - 我的意思是，合併本地服務業務。

And especially you can see from this decision, like we still observe a lot of synergies between these 2 businesses because, one, our Koubei business is relevant to the in-store, in-restaurant dining, I mean, services, while food delivery is also from the restaurant-to-home.

特別是你可以從這個決定中看到，就像我們仍然觀察到這兩個業務之間有很多協同作用一樣，因為，第一，我們的口碑業務與店內、餐廳用餐相關，我的意思是服務，而外賣是也從餐廳到家。

So basically, Koubei and Ele.me, they are serving the same group of clients, which are restaurants, who both serve -- I mean, in-store clients, in-store customers, also serve customer at homes.

所以基本上，口碑和餓了麼，他們服務的是同一群客戶，他們都是餐廳，他們都服務——我的意思是，店內客戶，店內客戶，也為家裡的客戶提供服務。

So we do see a lot of synergies and not only on the business side but also in the operating and also to improve our operating efficiency.

因此，我們確實看到了很多協同效應，不僅在業務方面，而且在運營方面，以及提高我們的運營效率。

And we will -- after our -- after the newco is established, we are actually prepared to go further to penetrate more cities and more areas and to deliver -- to give people our multiple services.

我們將——在我們——在新公司成立之後，我們實際上準備進一步滲透更多的城市和更多的地區，並提供——為人們提供我們的多種服務。

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

我們的下一個問題來自花旗集團的 Alicia Yap。

Have some follow-up questions regarding just the overall advertising side.

有一些關於整體廣告方面的後續問題。

How long do you think the temporary hold-off on these monetization will last?

您認為這些貨幣化的暫時擱置會持續多久？

In addition to you not wanting to monetize, wonder if any change of the budget spend adjustment from the big and global brands on the upcoming Singles Day's promotional activity.

除了您不想獲利之外，想知道在即將到來的光棍節促銷活動中，大型國際品牌的預算支出調整是否有任何變化。

And then will Baba actually also take one step further to subsidize some of these commission rebate to help out the smaller merchants promotional discount during the Singles Days (sic) [Singles Day] in light of the tough macro?

然後，鑑於宏觀經濟形勢嚴峻，Baba 是否真的會更進一步補貼其中一些佣金回扣，以幫助小型商家在光棍節期間（原文如此）[光棍節] 提供促銷折扣？

Right, so the first question is about when we decide to monetize, how long we'll hold on this monetization.

是的，所以第一個問題是關於我們何時決定貨幣化，我們將堅持這種貨幣化多久。

I think whenever -- 2 things already: one is product; the other is merchant.

我想無論何時——已經有兩件事：一是產品；二是產品。另一個是商人。

Whether the merchant is ready in all their products.

商家是否準備好所有產品。

So in terms of products readiness, we -- I mentioned that we have started to explore the new monetization format to better reflect the new value created.

所以在產品準備方面，我們 - 我提到我們已經開始探索新的貨幣化格式以更好地反映創造的新價值。

So that takes a little bit of time.

所以這需要一點時間。

And the other thing, merchant readiness is also something to do with the macro environment.

另一方面，商家的準備情況也與宏觀環境有關。

Once they're not pressurized by macro uncertainties and also once they learn and understand the new product format and really find the true value of the new ad format, we are confident on this value we provided compared to all of the peers around, nobody else actually can have such a comprehension value provision to the merchants.

一旦他們沒有受到宏觀不確定性的壓力，並且一旦他們學習和理解新的產品格式並真正找到新廣告格式的真正價值，與周圍所有同行相比，我們對我們提供的價值充滿信心，沒有其他人居然可以有這樣的修真價值提供給商家。

So it's just a matter of the readiness of the 2.

所以這只是2準備就緒的問題。

But in terms of the existing supply of the ad services, I think that this -- I don't think that this will impact the existing demand.

但就廣告服務的現有供應而言，我認為這不會影響現有需求。

I think we have a huge -- I mean, existing inventories -- I mean, monetized are -- actually which are monetized through our various commercial products to different types of advertisers, including the big brands and SMEs.

我認為我們有一個巨大的——我的意思是，現有的庫存——我的意思是，貨幣化的——實際上是通過我們的各種商業產品貨幣化給不同類型的廣告商，包括大品牌和中小企業。

So actually, all of them are now well-prepared for the coming November 11.

所以實際上，他們現在都為即將到來的 11 月 11 日做好了充分的準備。

And we do believe that all the people will participate this big event.

我們相信所有的人都會參加這個盛會。

Also take this opportunity not only to get the sales on that day but also to engage many new customers and with the smart spending.

也藉此機會不僅可以獲得當天的銷售額，還可以吸引許多新客戶並進行明智的消費。

Daniel, I think there is a question on commission rebates, whether that's going to come?

丹尼爾，我認為有一個關於佣金回扣的問題，它是否會到來？

Well, actually, we -- so far, we don't have a plan to give a commission rebate to the merchants in the event.

好吧，實際上，我們 - 到目前為止，我們還沒有計劃向活動中的商家返還佣金。

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

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

It's Zachary Schwartzman on for Mark.

扎卡里·舒瓦茲曼替馬克上場。

What are you doing to help merchants learn and adapt to the new mobile marketplace platforms?

您正在做什麼來幫助商家學習和適應新的移動市場平台？

How much effort are you placing in making sure that merchants understand and can take full advantage of these changes once the macro environment turns positive?

一旦宏觀環境轉好，您將付出多少努力來確保商家了解並能夠充分利用這些變化？

And a quick on cloud computing, that came in strong this quarter.

快速雲計算在本季度表現強勁。

Can you call out any specific industries that drove the strong performance there?

你能說出推動那裡強勁表現的任何特定行業嗎？

Well, it does take some time for us to educate the merchants, to understand the new consumer journey we created in this mobile -- new mobile interface, which is as recommendation flows.

好吧，我們確實需要一些時間來教育商家，了解我們在這個移動設備中創建的新消費者旅程——新的移動界面，即推薦流程。

So I think -- actually, today, our team are working very hard to train the merchant and also to give them the showcases how to leverage the new mobile interfaces to -- not only to make the immediate sales but also to engage and manage the customers and to create that new demands.

所以我認為 - 實際上，今天，我們的團隊正在非常努力地培訓商家，並向他們展示如何利用新的移動界面 - 不僅要進行即時銷售，還要參與和管理客戶並創造新的需求。

So I think we -- it takes some time, but I think merchants -- based on our experience, actually, merchants are very, very sensitive to the new method to grow their business.

所以我認為我們 - 這需要一些時間，但我認為商家 - 根據我們的經驗，實際上，商家對發展業務的新方法非常非常敏感。

So they are fast-learning, and I have confidence that they will actually understand the whole -- I mean, new methodology in a very short period of time.

所以他們學得很快，我相信他們會在很短的時間內真正理解整個——我的意思是，新方法。

Yes, Mark, to add on to that, how much efforts we have been putting onto this, we've had a special task force headed by Daniel himself to work on this.

是的，馬克，除此之外，我們為此付出了多少努力，我們有一個由丹尼爾本人領導的特別工作組來處理這個問題。

So this task force included people from different teams, right, including merchant services, Alimama, Taobao and technology teams.

所以這個任務組包括了不同團隊的人，對吧，包括商戶服務、阿里媽媽、淘寶和技術團隊。

So the key is that how we could let the merchants understand this new value, right?

所以關鍵是我們如何讓商家了解這個新價值，對吧？

This is a value that they don't really get from other service providers.

這是他們無法從其他服務提供商那裡真正獲得的價值。

It's a mixed value from -- I said, the top of the funnel to the bottom funnel is not only a transaction but also the engagement, not only today's GMV but also the possible future GMV generation.

這是一個混合價值——我說過，漏斗頂部到底部漏斗不僅是交易，而且是參與，不僅是今天的 GMV，還有未來可能的 GMV 一代。

So yes, that's -- we're on it.

所以是的，那就是 - 我們正在努力。

On your cloud computing question, the sector that sort of stood out in, I guess, this quarter and also in the last couple of quarters is the whole media and entertainment segment, including streaming video, short-form video.

關於你的雲計算問題，我猜本季度和過去幾個季度表現突出的行業是整個媒體和娛樂領域，包括流媒體視頻、短視頻。

We just entered into a agreement with the Olympic Broadcasting Services where we would provide the cloud computing services for production of games for the Tokyo Olympics in 2020.

我們剛剛與奧林匹克廣播服務公司達成協議，我們將為 2020 年東京奧運會的遊戲製作提供雲計算服務。

And next question is from the line of Binnie Wong of HSBC.

下一個問題來自匯豐銀行的 Binnie Wong。

My questions is on the recommendation feeds in our Taobao upgrade.

我的問題是關於我們淘寶升級中的推薦提要。

Can management give us more color in terms of like the timing of the full rollout in terms of our monetization?

就我們的貨幣化而言，管理層能否在全面推出的時間方面給我們更多的色彩？

And also, in terms of our pricing strategy of the recommendation feeds and also the margin profile, how does that compare to our core search?

而且，就我們的推薦提要定價策略以及利潤率而言，這與我們的核心搜索相比如何？

And lastly is just on the categories.

最後是類別。

Do you feel that there are more certain categories that are more fitted with like a recommendation feed such as those with like impulse purchase behavior, maybe even like categories that, say, big apparel would be more fitted with recommendation feeds?

您是否覺得有更多特定類別更適合推薦提要，例如那些具有衝動購買行為的類別，甚至可能像大型服裝更適合推薦提要的類別？

How should we think about those?

我們應該如何看待這些？

Well, as we said in our press release, actually, we -- considering today's macroeconomic condition, we decided not yet to monetize the incremental inventories from these, I mean, recommendation flows and other new user engagements and to support our merchants to do a better business in today's condition.

好吧，正如我們在新聞稿中所說，實際上，我們 - 考慮到今天的宏觀經濟狀況，我們決定尚未將這些增量庫存貨幣化，我的意思是，推薦流和其他新用戶參與並支持我們的商家做一個在今天的情況下更好的業務。

And we -- I think we do -- but technically, we also are working very hard to prepare the right commercial products and make sure they are in place to serve the merchants and to help them to create the incremental value for their business.

我們——我想我們這樣做了——但從技術上講，我們也在非常努力地準備合適的商業產品，並確保它們能夠為商家服務，並幫助他們為他們的業務創造增量價值。

In terms of categories and the product and which is more fit for the recommendations, I think, general speaking, I think it is -- the recommendation is to serve the purpose of the discovery.

在類別和產品方面，哪個更適合推薦，我認為，一般來說，我認為是——推薦是為了發現的目的。

So we will help the merchants to acquire new customers and enable the consumers to identify and to find the new items and beyond their expectations.

因此，我們將幫助商家獲得新客戶，並使消費者能夠識別和找到超出他們期望的新商品。

I think that's the purpose for both the merchant and for the consumers.

我認為這是商家和消費者的目的。

And as I said in my script, actually, so far, we've built up a very comprehensive product and a consumer bio or the graph, a knowledge graph for both products and consumers.

正如我在我的腳本中所說，實際上，到目前為止，我們已經建立了一個非常全面的產品和一個消費者簡歷或圖表，一個產品和消費者的知識圖表。

I think too, that is very, very important for the success of the recommendation flows.

我也認為，這對於推薦流程的成功非常非常重要。

And also, of course, this is driven by AI and by the technology.

而且，當然，這是由人工智能和技術驅動的。

I guess maybe my question is more on -- in terms of what -- I guess the follow-up is, what are the economic indicators you see that will signal a turnaround and then will start kick off with our monetization on the incremental inventories, as you have mentioned?

我想也許我的問題更多的是——就什麼而言——我想後續行動是，你看到的經濟指標是什麼，這些指標將預示著好轉，然後將開始我們對增量庫存的貨幣化，正如你提到的？

What are the signs that you will see (inaudible)?

您會看到哪些跡象（聽不清）？

Well, I think that this all depend on the value we create for our merchants.

嗯，我認為這一切都取決於我們為商家創造的價值。

As I said, our purpose, to help the merchants to engage the new customers and retarget the existing customer in this recommendation flows.

正如我所說，我們的目的是幫助商家吸引新客戶並在此推薦流程中重新定位現有客戶。

So I think the economics will -- would -- will form the recognition of this value provided to our customers.

所以我認為經濟學將——將會——將形成對提供給我們客戶的這種價值的認可。

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

我們的下一個問題來自巴克萊銀行的 Gregory Zhao。

So in terms of the loss of the categories inside China, e-commerce business, you rank the Ele.me, Lazada, New Retail and Cainiao.

那麼在中國境內的品類流失，電商業務，你排名餓了麼、Lazada、新零售、菜鳥。

So in the future, as how do you rank your loss contribution for lasting next 2 to 3 years?

那麼在未來，您如何對未來 2 到 3 年的損失貢獻進行排名？

And a quick follow-up, so for the recommendation feeds, we know you postponed the monetization.

以及快速跟進，因此對於推薦提要，我們知道您推遲了貨幣化。

So the first thing, would you please give us an update, like with the percentage of the users has been upgraded to the new version with recommendation feed?

那麼首先，請您給我們更新一下，比如用戶的百分比已經升級到帶有推薦提要的新版本？

And also with the recommendation functions, based on my understanding, it may generate very, I mean, little revenue contribution to advertising, but that can help improve your GMV growth.

還有推薦功能，根據我的理解，它可能會產生非常小的廣告收入貢獻，但這可以幫助提高你的 GMV 增長。

Am I correct?

我對麼？

In terms of first question, the areas we invested within the core commerce are local service, globalization, New Retail and logistics.

關於第一個問題，我們在核心商業中投資的領域是本地服務、全球化、新零售和物流。

And right now, we give out the investments, missing orders.

而現在，我們給出了投資，缺少訂單。

So we've seen the -- we're pretty sure that we're going to continue to invest, quite committed to the investments in local service, globalization, New Retail and logistics, all of these areas.

所以我們已經看到——我們非常確定我們將繼續投資，非常致力於對本地服務、全球化、新零售和物流等所有這些領域的投資。

In terms of order, it might change depending on the time and the market condition.

在訂單方面，它可能會根據時間和市場情況而改變。

So that's -- yes, that's our -- that could be changed.

所以那是——是的，那是我們的——可以改變。

But we never manage the business by profit and loss.

但我們從不以盈虧來管理業務。

Actually, we look at the strategic value, but we do have the discipline, and we have a very clear business plan to do -- how -- in terms of how to develop in these new businesses.

實際上，我們著眼於戰略價值，但我們確實有紀律，而且我們有一個非常明確的商業計劃——如何在這些新業務中發展。

I think, so far, we are all on track.

我認為，到目前為止，我們都在正軌上。

And Greg, so your other question is, when is the new follow-up, the Taobao app as well as the GMV growth contribution?

格雷格，所以你的另一個問題是，新的後續行動，淘寶應用程序以及 GMV 增長貢獻是什麼時候？

Is that your third question?

這是你的第三個問題嗎？

Yes.

是的。

So I think a bit on new function of the recommendation, as I think, my understanding is that helpful for both the merchant to promote their product that, that may help to drive your Tmall, Taobao, the GMV growth.

所以我認為推薦的新功能有點，因為我認為，我的理解是有助於商家推廣他們的產品，這可能有助於推動您的天貓，淘寶，GMV 增長。

Also the short term, the advertising revenue contribution may be not that meaningful, yes.

同樣在短期內，廣告收入貢獻可能沒有那麼有意義，是的。

Am I correct?

我對麼？

The new Taobao interface, I think, will actually enhance the experience for both merchant and customers.

我認為，新的淘寶界面實際上會提升商家和客戶的體驗。

And from customers' perspective, I think, actually, consumers can enjoy the fun of exploration and discovery through these recommendation flows and which will enhance their stickiness to our platform, which we always said that we are helping our people to kill their time, even without any specific shopping purpose.

從客戶的角度來看，我認為，實際上，消費者可以通過這些推薦流程享受探索和發現的樂趣，這將增強他們對我們平台的粘性，我們一直說我們正在幫助我們的人們消磨時間，甚至沒有任何特定的購物目的。

They will still come back to us to enjoy these recommendations.

他們仍然會回來找我們享受這些建議。

So I think this is very good for the consumers.

所以我認為這對消費者來說非常好。

And if people spend more time with us and enhance engagement with us, I think GMV is the organic results for this interaction.

如果人們花更多的時間和我們在一起並加強與我們的互動，我認為 GMV 就是這種互動的有機結果。

We're taking the next question, coming from the line of Youssef Squali of SunTrust.

我們要回答下一個問題，來自 SunTrust 的 Youssef Squali。

I just have one.

我只有一個。

Maggie, thank you very much for the new revenue guidance.

Maggie，非常感謝您提供新的收入指導。

I think you said that the biggest delta there is coming from customer management revenue from within China retail.

我想你說過最大的增量來自中國零售業的客戶管理收入。

That's the business that carries higher profit margin.

那是利潤率更高的業務。

Can you help us just get a sense -- or how do you guys look at the bottom line impacts from that revenue revision?

您能幫助我們了解一下嗎？或者你們如何看待收入修訂對底線的影響？

And in other words, would management kind of rethink potentially, at least short term, the level of investment that you have going on just to effectively protect the EBITDA or EBITA expectations that Wall Street is expecting?

換句話說，管理層是否會至少在短期內重新考慮您為有效保護華爾街預期的 EBITDA 或 EBITA 預期而進行的投資水平？

Right.

正確的。

It's not easy to answer that question, but I can give you directions.

回答這個問題並不容易，但我可以給你指路。

So first of all, the whatever profitability growth would be, that can be obviously impacted by the customer management revenue growth because that's the revenue that generate high profitability.

因此，首先，無論盈利能力增長是多少，客戶管理收入增長都會明顯影響到這一點，因為這是產生高盈利能力的收入。

So you could calculate that range, the base case and the high case based on the revenue guidance I gave.

所以你可以根據我給出的收入指導來計算這個範圍、基本情況和高情況。

One thing for sure is that the investment we're making today are those areas we believe has high potential.

可以肯定的是，我們今天進行的投資是我們認為具有巨大潛力的領域。

So the total addressable market for this business can be substantially enlarged by -- once we get -- once we tap into that market -- those markets.

因此，這項業務的總目標市場可以大大擴大——一旦我們進入——一旦我們進入該市場——這些市場。

So we're very firm to continue to invest in those areas, which means that when you look at the revenue and the spending, they could be not closely linked together, right?

所以我們非常堅定地繼續在這些領域投資，這意味著當你看收入和支出時，它們可能不會緊密聯繫在一起，對吧？

The revenues generated customer management, and others are local services, et cetera.

產生的收入來自客戶管理，其他是本地服務，等等。

So as Daniel mentioned, we going to be -- we have been very disciplined in terms of investments and spending.

所以正如丹尼爾提到的那樣，我們將 - 我們在投資和支出方面一直非常自律。

So the way we look at the returns on those new investment areas are not only -- are not really financial returns at this stage, particularly or the business progresses and the market shares, user base expansion.

因此，我們看待這些新投資領域的回報的方式不僅是 - 在現階段並不是真正的財務回報，特別是業務進展和市場份額，用戶群擴展。

So if we are feeling comfortable about this growth, we're going to just continue to invest and harvest later on.

因此，如果我們對這種增長感到滿意，我們將繼續投資並在以後收穫。

Yes, I think, just philosophically, I think we don't think about the so-called protection of our existing core business margin when we do make investments.

是的，我認為，從哲學上講，我認為我們在進行投資時不會考慮對現有核心業務利潤率的所謂保護。

But we do have metrics that are pretty well spelled out for our investments.

但我們確實有非常明確的投資指標。

For example, in local services, in entertainment, in international, they -- depending on the stage of growth of the business, it could be based on business volume or users or repeated purchase.

例如，在本地服務中，在娛樂中，在國際中，它們——取決於業務的增長階段，它可以基於業務量或用戶或重複購買。

There are a lot of metrics that we would look at, depending on their development.

我們會考慮很多指標，具體取決於它們的發展。

I think it's safe to say that there's a lot of discipline that are applied to measuring those metrics and tracking performance.

我認為可以肯定地說，有很多紀律適用於衡量這些指標和跟踪績效。

But one of the most important things about these new investments is that we make sure that they have the right people in place, the right management team.

但關於這些新投資的最重要的事情之一是我們確保他們擁有合適的人，合適的管理團隊。

The move that we made to combine the Ele.me and Koubei business under one management is one such move.

我們將餓了麼和口碑業務合併到一個管理層的舉措就是這樣的舉措。

We're very confident, when we have the right people in place, that execution there is going to be very good.

我們非常有信心，當我們有合適的人選時，那裡的執行力將會非常好。

Okay.

好的。

Thank you, everyone, for attending today's conference call.

謝謝大家參加今天的電話會議。

If you have any questions, please feel free to reach out to the Alibaba IR team.

如有任何疑問，請隨時聯繫阿里巴巴 IR 團隊。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

That does conclude the conference for today.

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。