阿里巴巴 (BABA) 2019 Q3 法說會逐字稿

Good day, ladies and gentlemen.

女士們先生們，美好的一天。

Thank you for standing by, and welcome to Alibaba Group December Quarter 2018 Results Conference Call.

感謝您的支持，歡迎來到阿里巴巴集團 2018 年 12 月季度業績電話會議。

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

（操作員說明）我現在想把電話轉給阿里巴巴集團投資者關係負責人 Rob Lin。

Please go ahead.

請繼續。

Good day, and good evening, everyone, and welcome to the Alibaba Group December Quarter 2018 Results Conference Call.

大家晚上好，歡迎來到阿里巴巴集團 2018 年 12 月季度業績電話會議。

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

今天和我們在一起的是執行副主席 Joe Tsai；張勇，首席執行官； Maggie Wu，首席財務官。

This call is also being webcast from our IR section of 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 quickly cover the safe harbor.

現在讓我快速覆蓋安全港。

Today's discussion will contain forward-looking statements.

今天的討論將包含前瞻性陳述。

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

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

For detailed discussions of these risks and uncertainties, please refer to our latest annual report on Form 20-F and other documents filed with the U.S. 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 EBITDA margin, adjusted EBITA, 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 EBITDA 利潤率、調整後的 EBITA、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 稀釋每股收益和自由現金流是在非 GAAP 基礎上表示。

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。

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

除非另有說明，否則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。

With that, I will now turn over to Joe.

有了這個，我現在將交給喬。

Thank you, Rob.

謝謝你，羅布。

Thank you all for joining us.

謝謝大家加入我們。

We had another good quarter with excellent business performance and sound execution against our overall strategy.

我們又迎來了一個不錯的季度，業務表現出色，整體戰略執行良好。

But we live in an environment where external factors seem to drag investor sentiment regarding Alibaba's business.

但我們生活的環境中，外部因素似乎拖累了投資者對阿里巴巴業務的信心。

I would like to address 3 macro issues that may be on your minds.

我想解決您可能想到的 3 個宏觀問題。

First is how to look at Alibaba in the context of the Chinese economy.

首先是在中國經濟的背景下如何看待阿里巴巴。

Daniel later will offer his insights on the current state of the Chinese economy from the vantage point of Alibaba's business.

Daniel 稍後將從阿里巴巴業務的角度對中國經濟的現狀提出自己的見解。

I want to refresh your memory about 3 secular developments that I referred to in the last earnings call.

我想重溫一下我在上次財報電話會議中提到的 3 個長期發展。

One, consumption upgrade by China's 300 million middle-class consumers continues its course.

一是中國3億中產消費者的消費升級仍在繼續。

By OECD's projection, the Chinese middle class will grow to 850 million people by 2030.

根據經合組織的預測，到 2030 年，中國中產階級將增長到 8.5 億人。

Two, the healthy balance sheet of Chinese households and the increasing availability of credit will fuel consumption.

第二，中國家庭健康的資產負債表和信貸供應的增加將推動消費。

Three, Alibaba's active role in digitizing the retail sector expands our total addressable market to the entire USD 5 trillion retail economy in China.

第三，阿里巴巴在零售業數字化方面的積極作用將我們的總目標市場擴大到中國整個 5 萬億美元的零售經濟。

The size of the Chinese economy is USD 13 trillion.

中國經濟規模為13萬億美元。

In the future, obsessing on the rate of growth is not meaningful because of the law of large numbers.

未來，因為大數法則，執著於增長率是沒有意義的。

The reality is the absolute dollar amount of new wealth creation in the Chinese economy will be well over USD 800 billion each year.

現實情況是，中國經濟每年創造的新財富絕對數額將遠遠超過 8000 億美元。

We have conviction that e-commerce and digitization of retail will continue to grow at a faster rate than the overall economy.

我們堅信電子商務和零售數字化將繼續以比整體經濟更快的速度增長。

While the overall economy grew in single digits, e-commerce sector GMV grew at 20% to 30% over the last several years.

雖然整體經濟以個位數增長，但電子商務領域的 GMV 在過去幾年中增長了 20% 至 30%。

That is because technology innovation and improved productivity are driving sustained growth over a long period of time.

這是因為技術創新和生產力的提高正在推動長期的持續增長。

The second issue I want to address is the trade war.

我要談的第二個問題是貿易戰。

Concerns about trade tensions might affect sentiment, but Alibaba's exposure to the tangible effects of trade tariffs is small.

對貿易緊張局勢的擔憂可能會影響情緒，但阿里巴巴對貿易關稅實際影響的敞口很小。

For our businesses in e-commerce, consumer services, entertainment and cloud computing, the primary growth driver is not exports but domestic consumption and corporate transformation.

我們在電子商務、生活服務、娛樂和雲計算等業務中，主要增長動力不是出口，而是國內消費和企業轉型。

Digitization of retail sector and the resulting productivity and efficiency gains will accrue to Alibaba with or without a trade war.

無論有沒有貿易戰，零售業的數字化以及由此帶來的生產力和效率提升都將歸於阿里巴巴。

Alibaba is well-positioned to help solve the structural trade deficit issue vis-à-vis the United States.

阿里巴巴有能力幫助解決對美結構性貿易逆差問題。

With nearly 700 million Chinese consumers shopping on Taobao and Tmall, we are the platform of choice for American companies and farmers to gain access to the Chinese market.

近 7 億中國消費者在淘寶和天貓購物，我們是美國公司和農民進入中國市場的首選平台。

The third issue is regulation.

第三個問題是監管。

Recently, investors have asked us about perceived regulatory tightening of Internet businesses.

最近，投資者向我們詢問了對互聯網業務的監管收緊情況。

Of all the economies in the world, China is at the forefront when it comes to the confluence of rapid technology development and large-scale wealth creation.

在世界所有經濟體中，中國在快速技術發展和大規模財富創造的交匯點上走在前列。

Our perspective is that China's regulatory landscape should be expected to evolve along with the rapidly changing developments in the new economy.

我們的觀點是，中國的監管環境應該會隨著新經濟的快速發展而演變。

We have witnessed the government becoming more adept at calibrating the interplay between regulation and economic growth.

我們見證了政府越來越善於調整監管與經濟增長之間的相互作用。

I would like to point to several policy directions that provide assurance to businesses operating in China.

我想指出幾個政策方向，為在中國經營的企業提供保障。

First, the government has implemented fiscal policy initiatives that are business friendly.

首先，政府實施了有利於企業的財政政策舉措。

VAT rates were lowered in 2018 and are expected to be cut further in 2019.

增值稅稅率在 2018 年下調，預計 2019 年將進一步下調。

The government also introduced lower social security contributions which especially benefited small businesses.

政府還引入了較低的社會保障繳款，這尤其有利於小企業。

Second, the government raised the threshold for personal income tax exemption, giving lower-income groups more to spend.

其次，政府提高了個人所得稅免徵的起徵點，讓低收入群體有更多的消費空間。

This is expected to provide a broad-based spending stimulus as lower-income groups devote a higher percentage of their disposable income to consumption.

隨著低收入群體將更高比例的可支配收入用於消費，預計這將提供廣泛的支出刺激。

Third, in early January, the state council announced new initiatives to support small enterprises by reducing corporate income tax rates and raising the monthly sales threshold for VAT exemption.

第三，1月初，國務院公佈了支持小微企業的新舉措，降低企業所得稅稅率，提高月度銷售額免徵增值稅起徵點。

With these policies, it's clear to us that the government intends to ignite business confidence and encourage business investment as well as consumer spending.

通過這些政策，我們很清楚政府打算點燃商業信心並鼓勵商業投資和消費者支出。

It is also clear to us that the government recognizes the importance of small businesses as the backbone of the economy and job creation.

我們也很清楚，政府認識到小企業作為經濟支柱和創造就業機會的重要性。

We believe that anything that's good for business confidence and in particular good for consumers and SMEs will be good for Alibaba.

我們相信，任何有利於商業信心，特別是有利於消費者和中小企業的事情，都會有利於阿里巴巴。

Now I turn to Daniel for his remarks.

現在我請丹尼爾談談他的看法。

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。

During this call today, I will share our observation of the Chinese economy and how our investments in new businesses will support our long-term growth.

在今天的電話會議中，我將分享我們對中國經濟的觀察，以及我們對新業務的投資將如何支持我們的長期增長。

Based on data from the National Bureau of Statistics, China's GDP growth rate was 6.4% year-on-year in the fourth quarter of 2018 and the full year growth rate was 6.6%.

國家統計局數據顯示，2018年四季度中國GDP同比增長6.4%，全年增速為6.6%。

China's overall retail consumption grew around 8% year-on-year in the fourth quarter.

第四季度中國整體零售消費同比增長約8%。

The slowdown of macro might cause concerns in the market.

宏觀經濟放緩可能引發市場擔憂。

However, what we see from Alibaba's platforms is that Chinese consumption growth is still strong driven by a growing base of increasingly affluent young consumers.

然而，我們從阿里巴巴的平台看到的是，中國消費增長仍然強勁，這主要得益於越來越多的年輕消費者越來越富裕。

We saw aspirational Chinese consumers look for a rich shopping experience and high-quality products and services on our platforms.

我們看到有抱負的中國消費者在我們的平台上尋找豐富的購物體驗以及高質量的產品和服務。

Our Tmall physical goods per GMV grew 29% year-on-year this quarter.

本季度我們的天貓實物 GMV 同比增長 29%。

While China's overall online physical goods grew 21%.

而中國整體網上實物商品增長了 21%。

The robust growth was driven by strength in the FMCG, apparel and home furnishing categories, reflecting strong secular consumption trends.

快速消費品、服裝和家居品類的強勁增長推動了強勁增長，反映了強勁的長期消費趨勢。

Our Singles Day Shopping Festival generated USD 30.8 billion in GMV, representing a growth rate of 27% year-on-year.

我們的光棍節購物節創造了 308 億美元的 GMV，同比增長 27%。

During the event, among the hundreds of millions of consumers that made purchases, 46% were born after 1990 and over 40% made purchases from international brands.

活動期間，在上億購買的消費者中，46%為1990後，超過40%購買了國際品牌。

This young generation of consumers continued to be the main power of consumption growth in China.

年輕一代消費者繼續成為中國消費增長的主力軍。

In addition, we saw the ongoing urbanization continue to be the engine of China's economic growth.

此外，我們看到正在進行的城市化繼續成為中國經濟增長的引擎。

Over 70% of the increase in our earning attributed in this quarter was from Tier 3 and below cities.

本季度超過 70% 的收入增長來自三線及以下城市。

From a category perspective, due to cooling off of the real estate market, large-ticket categories like white appliances have experienced a slower growth.

從品類來看，受房地產市場降溫影響，白電等大件品類增速放緩。

And due to lack of technology innovation, mobile phones showed softened growth near term.

由於缺乏技術創新，手機近期增長放緩。

While categories in consumer staples, apparel and home furnishing exhibited resilient growth in this quarter.

雖然必需消費品、服裝和家居品類在本季度表現出彈性增長。

We also observed subcategories like electronic toothbrush and beauty electronic devices grow fast in our platform, representing Chinese consumers continue to upgrade their lifestyle.

我們還觀察到電子牙刷和美容電子設備等子類別在我們的平台上增長迅速，代表著中國消費者不斷升級他們的生活方式。

We believe as China seeks to generate sustainable high-quality growth, it has to transform from an export- and investment-oriented economy to a consumption-driven economy.

我們認為，隨著中國尋求實現可持續的高質量增長，它必須從出口和投資導向型經濟轉變為消費驅動型經濟。

And it may result in softer near-term economic performance.

這可能會導致近期經濟表現疲軟。

But we believe the consumption power of 1.4 billion Chinese population is the growth engine of the Chinese economy in the future.

但我們相信14億中國人口的消費能力是未來中國經濟的增長引擎。

Now let's talk about Alibaba.

再來說說阿里巴巴。

Our core business has been exhibiting robust and sustainable growth.

我們的核心業務一直表現出強勁和可持續的增長。

In December 2018, our China retail marketplaces had 699 million mobile MAUs, representing a quarterly net increase of 33 million.

2018 年 12 月，我們的中國零售市場擁有 6.99 億移動月活躍用戶，季度淨增 3300 萬。

Annual active consumers were 636 million, reflecting successful user acquisition programs such as referrals through the Alipay app, an early indicator of transaction activity on our platforms.

年度活躍消費者為 6.36 億，反映了通過支付寶應用程序推薦等成功的用戶獲取計劃，這是我們平台交易活動的早期指標。

In October, we fully rolled out the new Taobao interface, which drove effective user engagement and improved traffic operating efficiencies in Mobile Taobao.

10月，我們全面推出淘寶新界面，有效提升了用戶參與度，提升了手機淘寶的流量運營效率。

We are also proactively working on improving recommendation algorithms and are making preparation for future monetization.

我們還積極致力於改進推薦算法，並為未來的貨幣化做準備。

We have exhibited robust marketplace core commerce profitability as measured by adjusted EBITA of USD 7.9 billion, growing 31% year-on-year.

根據調整後的 EBITA 79 億美元，同比增長 31%，我們展示了強勁的市場核心商業盈利能力。

This allows us to invest in the strategic areas for the long-term prospects -- for the long-term prosperity of Alibaba digital economy.

這使我們能夠投資於具有長期前景的戰略領域——阿里巴巴數字經濟的長期繁榮。

These areas include cloud, logistics, New Retail, digital entertainment, local consumer services and globalization.

這些領域包括雲、物流、新零售、數字娛樂、本地消費服務和全球化。

We started our cloud business 9 years ago.

9 年前，我們開始了雲業務。

And over the last few years, our cloud business delivered solid top line growth and established a leading position in China's nascent cloud market.

在過去幾年中，我們的雲業務實現了穩健的收入增長，並在中國新興的雲市場中確立了領先地位。

In November, we made an organizational change to appointed Jeff Zhang as President of Alibaba Cloud, adding to his responsibility on top of his role as our Chief Technology Officer.

11 月，我們進行了組織調整，任命張傑為阿里云總裁，增加了他作為我們首席技術官的職責。

We believe under this framework we can make available much of our data technology using our own businesses for our enterprise customers to accelerate their digital transformation.

我們相信在這個框架下，我們可以利用我們自己的業務為我們的企業客戶提供我們的大部分數據技術，以加速他們的數字化轉型。

We continue to invest in Cainiao to build a logistic infrastructure of commerce.

我們繼續投資菜鳥，建設商業物流基礎設施。

Through digitizing the entire fulfillment and delivery process, Cainiao continues to improve consumer experience and lower industry costs.

通過數字化整個履約和配送流程，菜鳥不斷提升消費者體驗，降低行業成本。

Our New Retail business consists of 2 major directions: reforming old and creating new, both of which enlarge the addressable market.

我們的新零售業務包括兩個主要方向：改造舊的和創造新的，這兩個方向都擴大了目標市場。

On the one hand, we continue to make good progress in digitalizing partner retailers and enable their New Retail transformations.

一方面，我們在合作夥伴零售商的數字化和新零售轉型方面繼續取得良好進展。

On the other hand, Herma, our proprietary grocery retail chain, continued to expand its footprint, optimize its existing stores and introduced new initiatives that improved consumer experience.

另一方面，我們專有的雜貨零售連鎖店 Herma 繼續擴大其足跡，優化其現有商店並推出改善消費者體驗的新舉措。

We continue to expand consumption use cases within Alibaba digital economy through the investments in digital media and the local consumer services.

我們通過對數字媒體和本地消費服務的投資，繼續擴大阿里巴巴數字經濟中的消費用例。

These businesses are critical to providing future customer acquisitions and their retention with our ecosystem.

這些業務對於在我們的生態系統中提供未來的客戶獲取和保留至關重要。

We will be competitive and at the same time continue to improve our operating efficiency.

我們將具有競爭力，同時繼續提高我們的運營效率。

We are committed to globalize our business.

我們致力於將我們的業務全球化。

One of the key regions we will stay focused on in the near term is Southeast Asia, which is the fourth largest region by GDP after the U.S., Europe and China.

我們近期將繼續關注的重點區域之一是東南亞，按 GDP 計算，該區域僅次於美國、歐洲和中國，位居第四。

It has over 650 million in population that are relatively young.

它擁有超過 6.5 億相對年輕的人口。

Online shopping penetration is still at low single digits.

網上購物滲透率仍處於低個位數。

Leveraging our unrivaled technology and the strengthening management, we believe Lazada is well-positioned to continue to capture shares in this growing market.

憑藉我們無與倫比的技術和加強管理，我們相信 Lazada 有能力繼續在這個不斷增長的市場中佔據份額。

China's economy is facing some uncertainty but we do see opportunities.

中國經濟面臨一些不確定性，但我們確實看到了機遇。

The opportunities: rising strong consumption power, emerging disruptive technologies and innovative business models that drive the next growth phase of digital China.

機遇：不斷增長的強勁消費力、新興的顛覆性技術和創新的商業模式將推動數字中國的下一個增長階段。

Over the last 20 years, Alibaba has built a full range of platform businesses including retail, marketing, financial, logistics and cloud computing services enabled by our advanced data technology.

在過去的 20 年裡，阿里巴巴通過我們先進的數據技術建立了包括零售、營銷、金融、物流和雲計算服務在內的全方位平台業務。

These form the core of the Alibaba business operating system which are important to the digital transformation of our enterprise customers and allow us to become the leading partner of businesses within China and around the world.

這些構成了阿里巴巴業務操作系統的核心，對我們企業客戶的數字化轉型至關重要，並使我們成為中國乃至全球企業的領先合作夥伴。

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 the December 2018 quarter, our major financial metrics continued to record strong results.

在 2018 年 12 月季度，我們的主要財務指標繼續取得強勁業績。

Our total revenue grew 41% to RMB 117 billion.

我們的總收入增長 41% 至人民幣 1,170 億元。

This is actually the first quarter our quarterly revenue surpassed RMB 100 billion.

這實際上是我們第一季度的季度收入超過人民幣 1000 億元。

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

該增長主要受我們中國商業零售業務強勁的收入增長、餓了麼的整合以及阿里雲收入的強勁增長所推動。

Even stripping out acquired businesses, our revenue growth during the quarter continued to outperform that of almost all global technology peers.

即使剔除收購的業務，本季度我們的收入增長仍然超過幾乎所有全球技術同行。

As a percentage of revenue, without the effect of our SBC expenses, all our operating expenses, including product development, sales and marketing and general and administrative expenses remained stable year-on-year during the quarter.

作為收入的百分比，在沒有我們的 SBC 費用的影響下，我們所有的運營費用，包括產品開發、銷售和營銷以及一般和行政費用，在本季度同比保持穩定。

Excluding the effect of SBC, cost of revenue as a percentage of total revenue increased by 10 percentage points to 50% 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 10 個百分點，達到 50%。

The increase was primarily due to, first, the consolidation of Ele.me; second, the increase of the cost of inventory and logistics from our self-operated New Retail and direct import businesses; third, an increase in content spending by Youku on original content as well as an impairment charge on licensed copyrights.

增加的主要原因是，第一，餓了麼的整合；二是自營新零售和直營業務導致庫存和物流成本增加；第三，優酷在原創內容上的內容支出增加以及對許可版權的減值費用。

Now let's turn to the segments.

現在讓我們轉向細分市場。

Core commerce.

核心商業。

Our core commerce segment had another strong quarter with revenue growth of 40% year-over-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 40%。

When you look at China commerce retail, the fundamentals of our retail business continued to be solid.

當你看中國商業零售時，我們零售業務的基本面繼續穩固。

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

本季度客戶管理總收入和佣金收入同比健康增長 27%。

Customer management revenue grew 28% in the quarter.

本季度客戶管理收入增長了 28%。

The growth was primarily the result of increases in volume of paid clicks driven by higher click-through rates.

增長主要是由於更高的點擊率推動了付費點擊量的增加。

Of course, these are all backed by the increased user base and enhanced user engagement.

當然，這些都得到了增加的用戶群和增強的用戶參與度的支持。

We continuously expand this user base and continuously improve our user experience.

我們不斷擴大這個用戶群，不斷改善我們的用戶體驗。

Commission revenue grew 24% in the quarter.

本季度佣金收入增長了 24%。

The growth of commission revenue was primarily due to strong growth in Tmall's paid physical goods GMV of 29%.

佣金收入的增長主要是由於天貓有償實物商品 GMV 的強勁增長 29%。

The discrepancy of the growth rates between the commission revenue and the Tmall physical goods GMV is primarily due to our adoption of the new accounting requirement, which has the effect of spreading out recognition of revenue from annual service fees received from Tmall merchants, whereas we previously recognized these fees at the end of each calendar year.

佣金收入與天貓實物商品 GMV 之間的增長率差異主要是由於我們採用了新的會計準則，這具有從天貓商戶收取的年度服務費中分散確認收入的效果，而我們之前在每個日曆年末確認這些費用。

Others from China commerce retail was up 122% to RMB 11 billion.

中國商業零售的其他增長 122% 至人民幣 110 億元。

The rapid growth was primarily driven by contributions from Freshippo, also known as Herma, Tmall Direct Import and other direct sales businesses.

快速增長主要得益於盒馬鮮生、天貓直營和其他直銷業務的貢獻。

As of the quarter end, there were 109 Herma stores in China and the retail chain continued to achieve robust same-store sales growth.

截至本季度末，Herma 在中國擁有 109 家門店，該零售連鎖店繼續實現強勁的同店銷售增長。

Revenue from local customer services was RMB 5.2 billion.

本地客服收入52億元。

The growth of daily on-demand orders continued to be strong during the quarter.

本季度每日按需訂單的增長繼續強勁。

In December 2018, we combined our on-demand food delivery platform, Ele.me, with our service platform, Koubei, to create a local consumer service business segment.

2018年12月，我們將外賣外賣平台餓了麼與服務平台口碑相結合，打造本地生活服務業務板塊。

Koubei had a very limited impact to our local consumer services revenue this quarter.

口碑本季度對我們本地消費服務收入的影響非常有限。

We believe we have a strong management team in our local consumer services to execute our strategy to gain market share.

我們相信我們在本地消費者服務方面擁有強大的管理團隊來執行我們獲得市場份額的戰略。

Revenue from our international commerce retail business in the quarter was up 23% year-over-year to RMB 5.8 billion.

本季度我們的國際商業零售業務收入同比增長 23% 至人民幣 58 億元。

The increase was primarily due to the consolidation of Trendyol, Turkey's leading e-commerce platform.

這一增長主要是由於整合了土耳其領先的電子商務平台 Trendyol。

During the quarter, Lazada strengthened its core marketplace businesses and it reduced exposure to direct sales in merchandise categories.

本季度，Lazada 加強了其核心市場業務，並減少了商品類別的直銷業務。

This business model shift resulted in accelerating marketplace GMV growth with direct sales revenue decline during the same period.

這種商業模式轉變導致市場 GMV 增長加速，而同期直銷收入下降。

As a result, the revenue growth of Lazada was slower than prior quarters due to a decrease in revenue generated from our direct sales business, where revenue is recorded on a gross basis including cost of inventory.

因此，由於我們的直銷業務收入減少，Lazada 的收入增長低於前幾個季度，直銷業務的收入是按包括存貨成本在內的總額記錄的。

We believe the shift in model towards capital-light marketplace business will solidify a healthier foundation for sustainable growth in the future.

我們相信，模式向輕資本市場業務的轉變將為未來的可持續增長奠定更健康的基礎。

Now let's look at the drivers of core commerce profitability.

現在讓我們來看看核心商業盈利能力的驅動因素。

We continue to generate solid marketplace core commerce EBITA that grew 31% to RMB 54 billion during the quarter.

我們繼續產生穩定的市場核心商業 EBITA，該季度增長 31% 至人民幣 540 億元。

This core, core profit growth was the main driver of our free cash flow for the quarter which came in at RMB 51.4 billion, which is USD 7.5 billion.

這一核心利潤增長是我們本季度自由現金流的主要驅動力，達到 514 億元人民幣，即 75 億美元。

Because of the strong profit and cash flow generated, we're able to invest in 4 strategic areas, including: number one, local consumer service; number two, Lazada; three, New Retail and Tmall Direct Import; and number four, Cainiao.

由於產生了強勁的利潤和現金流，我們能夠投資於 4 個戰略領域，包括：第一，本地消費者服務；第二，Lazada；三、新零售與天貓直營；第四，菜鳥。

The losses generated from these investments was RMB 8.2 billion.

這些投資產生的損失為人民幣82億元。

We have already started to see efficiency gains and greater synergies from these businesses inside the Alibaba digital economy.

我們已經開始看到阿里巴巴數字經濟中這些業務的效率提升和更大的協同效應。

We will continue to invest and work towards delivering enhanced financial return from these businesses in the long term.

從長遠來看，我們將繼續投資並努力從這些業務中獲得更高的財務回報。

After incorporating the losses from these investments, our core commerce EBITA grew 20% to RMB 46 billion during the quarter.

計入這些投資的損失後，本季度我們的核心商業 EBITA 增長了 20% 至人民幣 460 億元。

Cloud computing revenue grew 84% year-over-year to RMB 6.6 billion, primarily driven by increased spending from enterprise customers.

雲計算收入同比增長 84% 至人民幣 66 億元，主要受企業客戶支出增加的推動。

Adjusted EBITA for cloud computing segment was a loss of RMB 274 million, reflecting a negative 4% EBITA margin, improving from negative 5% from the same quarter last year.

雲計算業務的調整後 EBITA 虧損人民幣 2.74 億元，EBITA 利潤率為負 4%，較去年同期的負 5% 有所改善。

Digital media and entertainment revenue grew 20% year-over-year to RMB 6.5 billion.

數字媒體和娛樂收入同比增長 20% 至人民幣 65 億元。

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

增長主要是由於UCWeb提供的移動增值服務收入增加，例如移動搜索和遊戲發布，以及來自優酷的訂閱收入增加。

Adjusted EBITA was a loss of RMB 6 billion.

調整後EBITA為虧損人民幣60億元。

This loss figure included impairment charges taken on licensed copyrights that did not generate the expected return following a regular evaluation of programming.

這一損失數字包括對許可版權收取的減值費用，這些費用在定期評估節目後未產生預期回報。

The evaluation resulted in RMB 2.8 billion impairment charges during the quarter.

評估導致本季度減值費用為人民幣 28 億元。

During the quarter, we made the necessary changes to management who we expect to drive more efficient content strategies and synergies with the rest of our business.

在本季度，我們對管理層進行了必要的調整，我們希望他們能夠推動更高效的內容戰略以及與我們其他業務的協同效應。

Revenue from innovation initiatives and others grew 73% year-over-year to RMB 1.3 billion mainly due to an increase in revenue from Tmall Genie and Amap.

創新舉措及其他收入同比增長 73% 至人民幣 13 億元，主要是由於天貓精靈和高德地圖的收入增加。

Adjusted EBITA was a loss of RMB 1.6 billion.

經調整EBITA為虧損人民幣16億元。

Now let me highlight a few financial metrics that impact net income during the quarter.

現在讓我強調一些影響本季度淨收入的財務指標。

Other income was RMB 387 million compared to a loss of RMB 348 million in the same quarter last year.

其他收入為人民幣 3.87 億元，而去年同期為虧損人民幣 3.48 億元。

The increase in other income was primarily due to a decrease in exchange loss incurred during the quarter.

其他收入的增加主要是由於本季度產生的匯兌損失減少。

We did not recognize any profit-sharing from Ant Financial during the quarter.

本季度我們沒有確認來自螞蟻金服的任何利潤分享。

Ant Financial continued its strategic investment to acquire new users and capture growth opportunities in the off-line payment market.

螞蟻金服繼續戰略投資，以獲取新用戶並抓住線下支付市場的增長機會。

Currently, Alipay and its affiliates have over 1 billion annual active users globally.

目前，支付寶及其附屬公司在全球擁有超過10億的年活躍用戶。

As of December 31, 2018, cash, cash equivalent and short-term investments were RMB 192 billion, USD 28 billion.

截至2018年12月31日，現金、現金等價物及短期投資為人民幣1,920億元、280億美元。

The increase in cash was primarily due to free cash flow generated from operations, partially offset by cash used in investments and acquisition activities and share repurchase.

現金的增加主要是由於運營產生的自由現金流，部分被用於投資和收購活動以及股份回購的現金所抵消。

We generated robust operating cash flow of RMB 65 billion and free cash flow of RMB 51 billion.

我們產生了 650 億元人民幣的強勁經營現金流和 510 億元人民幣的自由現金流。

Please note that we have deducted content spending when managing FCS, even if such content spend was capitalized.

請注意，我們在管理 FCS 時扣除了內容支出，即使此類內容支出已資本化。

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。

Since September 2018, we have repurchased approximately 10.86 million of our ADS for a total of approximately USD 1.57 billion as of yesterday.

自 2018 年 9 月以來，截至昨日，我們已回購約 1086 萬份美國存託憑證，總計約 15.7 億美元。

Looking ahead, as Daniel discussed, the demand of products and services on China marketplace continue to be solid.

展望未來，正如丹尼爾所討論的那樣，中國市場對產品和服務的需求將繼續保持穩定。

Our new Taobao interface is driving effective user engagement and improving traffic operational efficiencies.

我們新的淘寶界面正在推動有效的用戶參與並提高流量運營效率。

We're testing the potential monetization of recommendation feeds.

我們正在測試推薦提要的潛在貨幣化。

We need to ensure improved merchants' ROI as well as a better user experience.

我們需要確保提高商家的投資回報率以及更好的用戶體驗。

We will update the market of our progress to monetize recommendation feeds in due course.

我們將在適當的時候向市場更新我們將推薦提要貨幣化的進展。

We remain confident about our value proposition to consumers and merchants and we'll be focused on solid execution.

我們對我們對消費者和商家的價值主張充滿信心，我們將專注於可靠的執行。

We expect our core, core profits growth to remain healthy.

我們預計我們的核心利潤增長將保持健康。

At the same time, we will continue to invest in strategically important areas to increase our addressable markets and capture long-term growth opportunities.

與此同時，我們將繼續投資於具有重要戰略意義的領域，以擴大我們的目標市場並抓住長期增長機會。

Let's now turn to the Q&A.

現在讓我們轉向問答環節。

Thank you.

謝謝。

Operator, we're ready for Q&A.

接線員，我們準備好進行問答了。

(Operator Instructions) Our first question comes from the line of Grace Chen from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Grace Chen。

My question is about investments in various new ventures.

我的問題是關於對各種新企業的投資。

I'm wondering as we get into the new fiscal year, how do we rank these initiatives in terms of priorities?

我想知道在我們進入新財政年度時，我們如何根據優先級對這些舉措進行排名？

These investments, including New Retail, local consumer services, digital media and entertainment and Lazada, should we expect the loss from these ventures to be narrow in the new fiscal year, especially digital media and entertainment, in which we see investment widened substantially in the December quarter.

這些投資包括新零售、本地消費服務、數字媒體和娛樂以及 Lazada，如果我們預計這些企業的虧損在新財年將收窄，尤其是數字媒體和娛樂，我們看到投資在 2018 年大幅擴大十二月季度。

Also, will there be any strategic -- potential strategic changes or adjustments, for example, are we investing more aggressively into the industrial Internet segment?

另外，會不會有什麼戰略——潛在的戰略變化或調整，比如我們是否會更積極地投資工業互聯網領域？

Thank you.

謝謝。

This is Daniel.

這是丹尼爾。

Let me answer your question.

讓我回答你的問題。

I think as I said in my script, I think we are -- because based on the very solid, I mean -- core, core, I mean, businesses, we have the flexibility to invest for the future.

我認為正如我在劇本中所說的那樣，我認為我們是——因為基於非常堅實的，我的意思是——核心，核心，我的意思是，我們有為未來投資的靈活性。

And I think in the new year, we will -- I mean, focus on how to -- I mean generate these synergies of the new areas we invest, I mean, to build a strong connection and synergies with the core business of Alibaba ecosystem.

我認為在新的一年裡，我們將——我的意思是，專注於如何——我的意思是在我們投資的新領域產生這些協同效應，我的意思是，與阿里巴巴生態系統的核心業務建立強大的聯繫和協同效應.

I think for the digital content for the local consumer services, we view these 2 areas as an expansion of categories of our consumer needs to leverage the 700 million consumer base we have.

我認為對於本地消費者服務的數字內容，我們將這兩個領域視為消費者需求類別的擴展，以利用我們擁有的 7 億消費者群。

And we believe that we need to provide with them a very comprehensive, I mean, supplies ranging from digital to content and to local services.

我們相信我們需要為他們提供非常全面的供應，我的意思是，從數字到內容再到本地服務。

We think this is very important for the prosperity of our ecosystem.

我們認為這對我們生態系統的繁榮非常重要。

And actually, when we're doing this investment, we are -- on one hand, we try to make ourselves in order to be competitive in the market.

實際上，當我們進行這項投資時，我們是——一方面，我們試圖讓自己在市場上具有競爭力。

And in each of the areas of these new business, we can -- you can see that in the market, there are a couple of players.

在這些新業務的每個領域，我們都可以——你可以看到，在市場上，有幾個參與者。

So we have to make ourselves competent -- competitive.

所以我們必須讓自己有能力——有競爭力。

But on the other hand, we will continue to improve our operating efficiency and we set a lot of disciplines to improve our -- to make sure we can deliver solid results in each of these areas.

但另一方面，我們將繼續提高我們的運營效率，我們制定了很多紀律來改進我們的——以確保我們能夠在這些領域中的每一個領域取得穩固的成果。

Next question comes from the line of Alicia Yap from Citigroup.

下一個問題來自花旗集團的 Alicia Yap。

I have a question regarding your commission revenue.

我有一個關於您的佣金收入的問題。

So regarding the adoptions of the new accounting treatment, could you elaborate a bit, what would be the commission revenue growth rate be this quarter if there were no change of the accounting adoption?

那麼關於採用新的會計處理方式，您能否詳細說明一下，如果沒有採用會計處理方式的變化，本季度的佣金收入增長率是多少？

And should that translate to higher commission revenue growth than the GMV growth in the next 3 quarters?

在接下來的 3 個季度中，這是否會轉化為高於 GMV 增長的佣金收入增長？

Lastly, any update on the timing of the rollout for the new recommended feed monetization?

最後，關於新的推薦 Feed 貨幣化推出時間的任何更新？

Sure, Alicia.

當然，艾麗西亞。

This is Maggie.

這是瑪吉。

So your first question regarding commission revenue growth, if we exclude the impact of that, just the accounting treatment, the growth would have been just consistent with the growth of the GMV.

所以你關於佣金收入增長的第一個問題，如果我們排除它的影響，只是會計處理，增長將與 GMV 的增長一致。

So basically, this commission rate has not really changed that much.

所以基本上，這個佣金率並沒有真正改變那麼多。

And for the recommendation feeds monetization, as Daniel already mentioned during the call, we're testing and just have been working on this, but there is no exact timetable.

對於推薦提要貨幣化，正如 Daniel 在電話會議中已經提到的那樣，我們正在測試並且一直在努力，但沒有確切的時間表。

We're going to update you in due course.

我們將在適當的時候為您更新。

One thing for sure is that by the time we roll out this monetization, we would have a very good balance of the merchants' ROI as well as the user experience.

可以肯定的是，當我們推出這種貨幣化時，我們將在商家的投資回報率和用戶體驗之間取得很好的平衡。

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

我們的下一個問題來自高盛的 Piyush Mubayi。

During third quarter, what drove the higher click-through rates which led to the higher paid clicks and the acceleration in customer management revenue that we saw?

在第三季度，是什麼推動了更高的點擊率，從而導致了更高的付費點擊和我們看到的客戶管理收入的加速增長？

Was this on the search side and a function of the evolution of the algorithm or was it the new Taobao app design that made the difference?

這是在搜索方面和算法進化的功能，還是新的淘寶應用程序設計造成了差異？

And if I can sneak a question on feed, I understand that it's an update we can receive from you in due course.

如果我可以在提要上偷偷提一個問題，我知道這是我們可以在適當的時候從你那裡收到的更新。

But is it going to be linked in any way to the -- a quarter ago you talked about the fluid macroeconomic conditions.

但它是否會以任何方式與 - 一個季度前你談到流動的宏觀經濟狀況有關。

Is it, in any way, going to be linked to a recovery in the economy?

它會以任何方式與經濟復甦聯繫起來嗎？

That's my question.

那是我的問題。

Right, Piyush.

對，皮尤什。

When you look at customer management revenue growth, we said that the growth is mainly coming from the growth of the paid clicks, which is driven by the click-through rate growth.

大家看客管收入增長，我們說增長主要是來自付費點擊的增長，是點擊率增長拉動的。

So it's coming from actually several things: one, you look at the active user base being expanded and the engagement being enhanced; at the same time, we're optimizing our search, and all of these contribute to the growth of the CTR.

所以它實際上來自幾件事：第一，你看到活躍的用戶群正在擴大，參與度正在提高；同時，我們正在優化我們的搜索，所有這些都有助於提高點擊率。

For your second question -- so what was...

對於你的第二個問題 - 那是什麼......

So the second question is, is the potential monetization or recommendation linked to a recovery of the economy?

那麼第二個問題是，潛在的貨幣化或推薦是否與經濟復甦掛鉤？

Actually, we don't tie this, I mean, monetization process with the economic condition.

實際上，我們並沒有將貨幣化過程與經濟狀況聯繫起來。

I think we do have to take it off the merchants' ROI.

我認為我們確實必須將其從商家的投資回報率中扣除。

But I think if we give them more flexible, I mean, marketing tools and it's also good for them to do more business and acquire new customers for each of the merchants.

但我認為，如果我們為他們提供更靈活的營銷工具，這對他們開展更多業務並為每個商家贏得新客戶也有好處。

So -- but today, as we said, we are actually making preparation from a tech perspective to make sure we can have the right algorithm and right, I mean, technology and to make sure we have this native app recommendation to ensure the user experiences, but at the same time we can ensure a good earning return -- recoup ROI for the advertisers.

所以 - 但今天，正如我們所說，我們實際上是從技術角度進行準備，以確保我們能夠擁有正確的算法和正確的技術，並確保我們擁有本機應用程序推薦以確保用戶體驗，但同時我們可以確保良好的收入回報——為廣告商收回投資回報率。

Next question comes from the line of Eddie Leung from Merrill Lynch.

下一個問題來自美林的Eddie Leung。

I have a question on the smaller merchants.

我有一個關於小商戶的問題。

Have we seen any differentiation in the business activities between the small sellers and large merchants recently, given the external change in economic conditions?

考慮到外部經濟狀況的變化，我們最近是否看到小賣家和大商家之間的商業活動有所不同？

And similar to that, could you share more color with us on the potential impact of e-commerce laws on the smaller merchants?

與此類似，您能否與我們分享更多關於電子商務法對小商戶的潛在影響的顏色？

So Eddie, I think that is a very good question.

所以埃迪，我認為這是一個很好的問題。

I think that the very beautiful effect in Taobao marketplaces is like every year, we generate a lot of more -- new merchants.

我認為淘寶市場非常漂亮的效果就像每年，我們都會產生更多——新的商家。

But actually, today, when you look at the -- our ecosystem in recent years, we do have a lot of new merchants.

但實際上，今天，當你看看我們近年來的生態系統時，我們確實有很多新商家。

They are not like the traditional reseller on the platform.

他們不像平台上的傳統經銷商。

And I don't think they are the traditional small merchants just in terms of the size.

而且我不認為他們只是在規模上是傳統的小商戶。

Actually, a lot of merchants today, they are doing the live streaming on the platform, they are the key opinion leaders but at the same time, they are good sellers.

其實現在很多商家，他們在平台上做直播，他們是關鍵的意見領袖，同時，他們也是好賣家。

So I think we do encourage the selections of the merchant types.

所以我認為我們確實鼓勵選擇商家類型。

And we also try very hard to provide them with technology and tools to help them to show their uniqueness to the customers.

我們也非常努力地為他們提供技術和工具，幫助他們向客戶展示他們的獨特性。

So I think that that's the long-term growth driver and that's the long-term guarantee of the prosperity of Taobao marketplaces.

所以我認為這是長期的增長動力，也是淘寶市場繁榮的長期保證。

Eddie, I wanted to address the potential e-commerce law.

埃迪，我想談談潛在的電子商務法。

In fact, the -- I referred to this in my opening script.

事實上，我在開場白中提到了這一點。

There is a -- the state council just announced a tax relief for small businesses.

國務院剛剛宣布了對小企業的稅收減免。

So the e-commerce law, the fundamental point there is that the SAIC require registration of all the merchants.

所以電子商務法，最根本的一點就是工商總局要求所有的商家都要備案。

So the merchants -- they created a lot of uncertainty among the merchants about what the effect of registration is because the concern is that the tax enforcement will be tightened.

所以商家 - 他們在商家中製造了很多關於註冊效果的不確定性，因為他們擔心稅收執法會收緊。

Now on the other hand, with this tax relief for SMEs, this basically offsets that concern.

另一方面，現在有了對中小企業的稅收減免，這基本上抵消了這種擔憂。

Specifically, the tax relief involved 2 aspects.

具體來說，稅收減免涉及兩個方面。

Number one, the tax exemption threshold for VAT tax has been raised from RMB 30,000 per month to RMB 100,000 per month.

第一，增值稅免稅起徵點從每月3萬元提高到每月10萬元。

In other words, if you're a small business that's doing less than RMB 100,000 per month in sales, you would be exempt from the VAT regime.

換句話說，如果您是每月銷售額低於 10 萬元人民幣的小企業，您將免徵增值稅。

And the second aspect of the tax relief is as corporate tax rate has come down from 25%, that's the normal corporate tax rate in China.

稅收減免的第二個方面是企業稅率從 25% 下調，這是中國正常的企業稅率。

But for small businesses, it has come down to 5% for the first RMB 1 million in profits and then 10% for the next -- from RMB 1 million to RMB 3 million.

但是對於小企業來說，前100萬元的利潤降到5%，然後是10%——從100萬元降到300萬元。

So effectively, you're lowering corporate tax rates by a lot.

如此有效，您大大降低了公司稅率。

So the combination of these 2 tax relief measures have basically offset the concern about the e-commerce law relating to registering small businesses.

因此，這兩項減稅措施的結合，基本上抵消了電子商務法對小企業註冊的擔憂。

Next question comes from the line of Binnie Wong from HSBC.

下一個問題來自匯豐銀行的Binnie Wong。

I have a question on the improvement in margins and also the investment cycle.

我對利潤率的提高以及投資週期有疑問。

So we see an improvement on the margin side especially in your marketplace core commerce, which clearly shows strong operating leverage efficiency.

因此，我們看到利潤率方面有所改善，尤其是在您的市場核心商務中，這清楚地表明了強大的運營槓桿效率。

So how should we think about this stage of company's investment cycle, especially in terms of can management elaborate more on, is the efficiency coming more on like the local customer services or New Retail?

那麼我們應該如何看待公司投資週期的這個階段，特別是在管理層能否詳細說明，效率是像本地客戶服務還是新零售一樣？

And also, can you comment on the competitive landscape in our local services and how our strategy has evolved in response to competition, say, in terms of take rates or promotions?

此外，您能否評論一下我們本地服務的競爭格局，以及我們的戰略如何演變以應對競爭，例如，在採用率或促銷方面？

And just very lastly is that if we look at our longer term, as our ecosystem has been expanding and we are penetrating into different business segments, how have we been seeing the cross-selling, right, across the different products within our ecosystem to go deeper into customers' pockets?

最後一點是，如果我們從長遠來看，隨著我們的生態系統不斷擴展，我們正在滲透到不同的業務領域，我們如何看待我們生態系統中不同產品的交叉銷售？深入客戶的口袋？

Several questions from Binnie.

Binnie 的幾個問題。

Let me answer the margin and profitability investment first and then Daniel could answer you on the local service progress and cross-selling question.

我先回答保證金和盈利投資，然後大牛可以回答你本地服務進展和交叉銷售的問題。

So when you talk about margin, as we talked throughout all of these quarters, we encourage people to look at the profitability while we're growing into such a big-sized business, right, the absolute dollar profit is meaningful to the EPS and possibly your return on capital.

因此，當您談論利潤率時，正如我們在所有這些季度中所討論的那樣，我們鼓勵人們在我們成長為如此龐大的企業時關注盈利能力，對，絕對美元利潤對每股收益有意義，並且可能你的資本回報率。

Okay, so that question -- basically, the substance of that question is how much more are we going to invest and our profit growth.

好吧，這個問題——基本上，這個問題的實質是我們要投資多少以及我們的利潤增長。

I understand that investors have questions, concerns or even worried about how much are you guys going to invest in those strategic initiatives and how much more you're going to spend.

我知道投資者有疑問、擔憂甚至擔心你們要在這些戰略計劃上投資多少，以及你們還要花多少錢。

I want to talk about 2 things.

我想談兩件事。

Number one, we invest in these strategically important areas by spending money that's generated from our core business.

第一，我們通過核心業務產生的資金投資於這些具有重要戰略意義的領域。

While our other competitors just spend money from what they raised from the investors, from the market.

而我們的其他競爭對手只是從他們從投資者那裡籌集的資金中花錢，從市場上。

And how strong is our core, core?

我們的核心，核心有多強？

When you look at our customer management revenue and commission revenue, if you add them together, it gives you like CNY 70 billion in a quarter's time.

當您查看我們的客戶管理收入和佣金收入時，如果將它們加在一起，它會在一個季度內為您提供 700 億元人民幣。

And then when you look at the core, core profit, which we reported CNY 54 billion, right, so mostly are coming from China retail.

然後當你看核心利潤時，我們報告的是 540 億元人民幣，對，所以大部分來自中國零售業。

You can tell the margin, if you will, and you can tell the powerfulness of our core, core.

如果願意，您可以說出利潤率，也可以說出我們核心的強大功能。

So this provides a strong support for us to invest in those strategic areas.

所以這為我們投資那些戰略領域提供了強有力的支持。

Number two, when we look at the investment, we emphasize a lot on the operating efficiency, investment efficiency.

第二，當我們看投資時，我們非常強調運營效率、投資效率。

So we do have internal measures on these -- each of these investments.

所以我們確實對這些——每一項投資都有內部措施。

All of these investments are still in the stage of that which is early to talk about financial returns, right, profit.

所有這些投資都還處於早期談論財務回報，對，利潤的階段。

However, there are business progress which we are very well on track.

但是，我們在業務上取得了很好的進展。

In terms of the local services business, late last year as we said, we merged the Koubei and Ele.me business and formed a new, I mean, local consumer service company.

在本地服務業務方面，我們去年年底說過，我們合併了口碑和餓了麼業務，成立了一家新的，我的意思是本地消費服務公司。

And we strongly believe that by doing this, we can reduce the overlap of the spending in customer -- in client acquisition and client services.

我們堅信，通過這樣做，我們可以減少客戶支出的重疊——在客戶獲取和客戶服務方面。

And today, if you look at this food business -- actually for each of the restaurants and the in-store business and the food delivery business are equally important to every single restaurant.

而今天，如果你看看這個食品行業——實際上對於每家餐廳來說，店內業務和送餐業務對每家餐廳都同樣重要。

So today, by combining these 2 business, we see -- we anticipate a lot of synergies in the newco.

所以今天，通過合併這兩項業務，我們看到——我們預計新公司會產生很多協同效應。

And I think back to your last question about the cross-selling opportunity, I think this is really our advantage of Alibaba ecosystem.

我回想你最後一個關於交叉銷售機會的問題，我認為這確實是我們阿里巴巴生態系統的優勢。

And we try very hard, try to build synergies across the business and bringing new customers to each of the business within the Alibaba ecosystem.

我們非常努力，試圖在整個業務中建立協同效應，並為阿里巴巴生態系統內的每項業務帶來新客戶。

Take for example, in November 11, not only our China retail platform is the main driver.

舉個例子，11月11日，不僅我們的中國零售平台是主要驅動力。

Actually, all the user interface, I mean, of Alibaba big family participate.

實際上，我的意思是，阿里巴巴大家庭的所有用戶界面都參與其中。

There are around 20, I mean, business participate.

我的意思是，大約有 20 個企業參與。

And we do a lot of customer engagements through different mobile, I mean, interface and which also bring a lot of new customer not only to our retail business but also to other business like Youku, like a mobile browser, like travel, so on and so forth.

我們通過不同的移動設備進行了很多客戶互動，我的意思是，界面也為我們的零售業務和優酷等其他業務帶來了很多新客戶，比如移動瀏覽器，比如旅遊等等，等等。

And we will continue to do that.

我們將繼續這樣做。

And the 700 million active customers is our -- the most important asset in Alibaba ecosystem, and we will try to leverage this power and unlock the potential of the consumption.

而7億活躍用戶是我們——阿里巴巴生態系統中最重要的資產，我們會努力利用這股力量，釋放消費的潛力。

(Operator Instructions)

（操作員說明）

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

下一個問題來自 RBC Capital 的 Mark Mahaney。

It's Zachary Schwartzman on for Mark.

扎卡里·舒瓦茲曼替馬克上場。

Outside of your market-based core commerce segment, are any of your newer investments in core commerce, between local consumer services, international, New Retail, direct import and logistics, growing more quickly from a profitability perspective than you were initially expecting?

在以市場為基礎的核心商業領域之外，您對核心商業的任何新投資，包括本地消費者服務、國際、新零售、直接進口和物流，從盈利能力的角度來看，是否比您最初預期的增長更快？

And can you please provide a ranking here in terms of profitability or loss contribution?

你能在這裡提供一個關於盈利或虧損貢獻的排名嗎？

And any recent learnings from this quarter from these consolidations?

本季度最近從這些整合中學到了什麼？

Sure, Mark.

當然，馬克。

We mentioned in our earnings that the investment we made within the core is mainly in these 4 areas: Ele.me, right, Lazada, New Retail and Cainiao.

我們在財報中提到，我們在核心的投資主要集中在這四個領域：餓了麼，對吧，Lazada，新零售和菜鳥。

So we make this in the order of spending from high to low or the loss level from high to low.

所以我們按照支出從高到低或者損失水平從高到低的順序來做這個。

Next question comes from the line of Gregory Zhao from Barclays.

下一個問題來自巴克萊銀行的 Gregory Zhao。

So based on the guidance you updated the last quarter, last earnings conference call and your first 3 quarters earnings result, so this implies an accelerated total revenue growth in your fiscal 4Q.

因此，根據您更新上個季度、上次收益電話會議和前 3 個季度收益結果的指導，這意味著您的第四財季總收入增長加速。

So would you please help us understand the key for acceleration drivers behind.

那麼請您幫助我們了解加速驅動程序背後的關鍵。

And also do we have any updates to the full year guidance?

還有，我們對全年指南有任何更新嗎？

And also a very quick follow-up.

還有一個非常快速的跟進。

We noticed you already launched some promotions and activities, such as that red envelope during the Chinese New Year celebration.

我們注意到你們已經推出了一些促銷和活動，比如春節期間的紅包。

So would you please help us to understand how the promotions are compared to last year and what the implication to our user growth and the margin?

那麼，您能否幫助我們了解促銷活動與去年相比如何，以及對我們的用戶增長和利潤有何影響？

Right.

正確的。

So when we look at the revenue growth for the quarter, which is 41% year-on-year, it's a big quarter and we think this 41% is very strong.

因此，當我們查看本季度同比增長 41% 的收入增長時，這是一個很大的季度，我們認為這 41% 非常強勁。

And the way to look at the customer management revenue, which shows acceleration in the growth rate, that's mainly because of the increase in the volume paid clicks driven by higher click-through rates.

從客戶管理收入的角度來看，它顯示出增長率的加速，這主要是因為更高的點擊率推動了付費點擊量的增加。

If you look at the driver for that, that basically continues the expanded user base, increased engagement and also the optimized search.

如果你看一下驅動因素，那基本上會繼續擴大用戶群、增加參與度以及優化搜索。

So...

所以...

Yes, I think today from a business perspective, we continue to enhance our -- I mean, we try to continue to enhance our leadership position in the market.

是的，我認為今天從商業角度來看，我們繼續加強我們的——我的意思是，我們試圖繼續加強我們在市場上的領導地位。

So that's why the new customer acquisition to us is very strategic.

所以這就是為什麼新客戶收購對我們來說非常具有戰略意義。

So that's why so far, we focused a lot on this new customer acquisition and retention.

所以這就是為什麼到目前為止，我們非常關注這個新客戶的獲取和保留。

And as we said in the script and we have done a lot, together with Ant Financial -- Alipay, to acquire new customers.

正如我們在劇本中所說，我們與螞蟻金服——支付寶一起做了很多工作來獲得新客戶。

And in terms of the Chinese New Year promotion, I think we are still on the way and Alipay just launched their Wufu and New Year's Eve campaign.

在農曆新年促銷方面，我認為我們還在路上，支付寶剛剛推出了他們的五福和除夕活動。

And this become a new IP, super IP in China and we anticipate a lot of consumers will participate.

這成為中國的一個新IP，超級IP，我們預計會有很多消費者參與。

And from AGH perspective, we view this as another volume opportunity to acquire new customers.

從 AGH 的角度來看，我們認為這是獲得新客戶的另一個機會。

So that's the synergies we have validated, and we will continue to do so.

這就是我們已經驗證的協同作用，我們將繼續這樣做。

You also asked about the guidance.

您還詢問了指導。

We don't have any update on guidance.

我們沒有任何更新指南。

Next question comes from the line of Youssef Squali from SunTrust.

下一個問題來自 SunTrust 的 Youssef Squali。

Quick question for Joe, if I could.

如果可以的話，請快速提問 Joe。

Talking about the government stimulus, I was just wondering if you can point to or share any proof points in the recent past that some of these stimulus work that the government has done so far has actually had a positive impact or the desired impact, how quickly it may have taken shape.

談到政府的刺激措施，我只是想知道你是否可以指出或分享最近的任何證據，證明政府迄今為止所做的一些刺激工作實際上產生了積極影響或預期的影響，多快它可能已經成型。

One example recently is that in cars and household appliances, it looks like the National Development and Reform Commission told the state broadcaster, CCTV, that the government will be rolling out some measures to boost that.

最近的一個例子是在汽車和家用電器方面，國家發改委似乎告訴中央電視台，政府將推出一些措施來促進這一點。

I was just wondering if you can provide any kind of color you may have on that since you guys have talked about how household appliances saw some slowdown.

我只是想知道你們是否可以提供你們可能擁有的任何一種顏色，因為你們已經談論過家用電器是如何看到一些放緩的。

Okay.

好的。

I think the most recent tax relief for small businesses had just been announced very recently just a few days ago.

我認為針對小企業的最新稅收減免是幾天前剛剛宣布的。

So the effect of that, obviously we anticipate that to work through but we haven't seen any actual effect yet at this point.

因此，很明顯，我們預計它會產生影響，但目前我們還沒有看到任何實際效果。

But over the course of the last year, there's also some discussion on the lowering of the VAT rate itself as well as raising the tax exemption level for personal income tax, which improved the disposable income level, especially the lower-income groups.

但在去年的過程中，也有一些關於降低增值稅稅率本身以及提高個人所得稅免稅水平的討論，這提高了可支配收入水平，特別是低收入群體。

We think that those will all work through.

我們認為這些都會成功。

But the bigger point here is that the Chinese government is now getting quite sophisticated in terms of targeting the government measures more towards fiscal policy.

但這裡更重要的一點是，中國政府現在在將政府措施更多地針對財政政策方面變得相當老練。

We've seen in previous cycles that there's an overall sort of pumping of more liquidity into the system using monetary policy.

我們在之前的周期中已經看到，使用貨幣政策總體上會向系統注入更多流動性。

But in the previous cycles, that might have worked at previous sort of debt levels.

但在之前的周期中，這可能適用於之前的債務水平。

But currently, we have debt levels in the economy that's not extremely high but it's sort of at a fairly high point.

但目前，我們經濟中的債務水平不是很高，但處於相當高的水平。

So the government is turning in -- to fiscal policy to stimulate the economy.

因此，政府正在轉而採用財政政策來刺激經濟。

We think it's the right thing to do.

我們認為這是正確的做法。

We think tax cuts will be -- is right on point.

我們認為減稅將 - 是正確的。

And so we anticipate that these various cuts on both individual spending -- cuts that encourage both individual spending and also small businesses will work through the economy over time.

因此，我們預計這些對個人支出的各種削減——鼓勵個人支出和小企業的削減將隨著時間的推移在整個經濟中發揮作用。

Next question comes from the line of Alex Yao from JPMorgan.

下一個問題來自摩根大通的Alex Yao。

Can you give us an update on your video content strategy into 2019?

您能否向我們介紹一下 2019 年的視頻內容策略？

And how should we think about the P&L impact upon the recent Fan Bingbing scandal and the celebrity tax situation?

我們應該如何看待損益對最近范冰冰醜聞和名人稅情況的影響？

I'll repeat.

我再說一遍。

So the question is our content strategies -- content spending strategy this year.

所以問題是我們的內容策略——今年的內容支出策略。

And then how do we view the, I guess, those various scandals among the celebrities, how do we view that in terms of our -- for this business?

然後我們如何看待名人之間的各種醜聞，我們如何看待我們的 - 對於這項業務？

We have made consistent content strategies and we will closely monitor the effectiveness of these content strategies.

我們制定了一致的內容策略，我們將密切關注這些內容策略的有效性。

And so far, as you said, I think the bulk is quite -- is cooling down.

到目前為止，正如你所說，我認為大部分都在降溫。

And I think that this is good for the market and for the whole, I mean, content market.

我認為這對市場和整個內容市場都有好處。

And the cost of the production, the cost of the actors and actresses actually has been reducing.

而且製作成本，演員的成本其實一直在降低。

I think this is good for the healthy growth in the future.

我認為這對未來的健康成長是有好處的。

And we will continue to monitor, closely monitor the operating efficiency of the content production and the content distribution.

我們將繼續監控，密切監控內容製作和內容分發的運營效率。

And the key thing is like we want to leverage the user base, several hundred million I mean consumer base we have, in the digital media and digital content area.

關鍵是我們想利用數字媒體和數字內容領域的用戶群，我指的是我們擁有的數億消費者群。

Next question comes from the line of Han Joon Kim from Deutsche Bank.

下一個問題來自德意志銀行的 Han Joon Kim。

I wanted to follow up on the digital media business.

我想跟進數字媒體業務。

And I think, Daniel, you just mentioned that we have a fairly consistent strategy.

我認為，丹尼爾，你剛才提到我們有一個相當一致的戰略。

But as we integrate this with Ali Pictures as well, how do we think about the KPIs for this business and should we be anticipating that the current level of loss is going to continue or perhaps widen or perhaps narrow?

但隨著我們將其與阿里影業整合，我們如何看待該業務的 KPI，我們是否應該預計當前的虧損水平將繼續或可能擴大或縮小？

Just kind of framing what are the key KPIs that you generally care about for...

只是構建您通常關心的關鍵 KPI 是什麼......

Sorry, Han Joon, you were breaking off.

對不起，韓俊，你要分手了。

So maybe you can -- I believe the KPI that you're looking for, for the business, right?

所以也許你可以——我相信你正在尋找的業務關鍵績效指標，對嗎？

Yes, the key focus or the KPI as the business gets restructured or merged with Ali Pictures.

是的，業務重組或與阿里影業合併時的關鍵焦點或 KPI。

Well, I think we focus on the user growth in our digital content business.

好吧，我認為我們專注於數字內容業務的用戶增長。

So especially, we see quite robust growth of the number of subscribers this quarter in our content -- in our D&E business.

因此，尤其是在我們的 D&E 業務中，本季度我們的內容訂閱者數量出現了相當強勁的增長。

And I think that's very important that we can distribute the content to the broad-based consumers we have, i.e.

我認為我們可以將內容分發給我們擁有的廣泛消費者，即

Alibaba family.

阿里巴巴世家。

And also we are trying to enhance our user, I mean, experiences also to give them multiple I mean consumption categories in both physical goods -- in order of the physical goods, local services as well as digital content.

而且我們也在努力增強我們的用戶，我的意思是，體驗也為他們提供多種消費類別，我指的是兩種實體商品的消費類別——按照實體商品、本地服務和數字內容的順序。

Yes.

是的。

So I think just to supplement Daniel, I think because we are -- we have a broad ecosystem of -- including commerce and also local services, so the entertainment business -- we don't look at the entertainment business as a stand-alone business in terms of KPIs because if you are offering good content and that increases retention for our e-commerce business and also increased per user spend in e-commerce or local services, that is cross-selling and that improves the KPIs in our other segments.

所以我想補充丹尼爾，我認為因為我們 - 我們有一個廣泛的生態系統 - 包括商業和本地服務，所以娛樂業務 - 我們不會將娛樂業務視為獨立的在 KPI 方面的業務，因為如果您提供好的內容，這會增加我們電子商務業務的保留率，並且還會增加每個用戶在電子商務或本地服務中的支出，這就是交叉銷售，並且會提高我們其他細分市場的 KPI .

So we need to look at those KPIs as a whole.

因此，我們需要將這些 KPI 作為一個整體來看待。

So thanks.

那謝謝啦。

Next question comes from the line of Thomas Chong from Crédit Suisse.

下一個問題來自 Crédit Suisse 的 Thomas Chong。

I have a question about our cloud computing business.

我對我們的雲計算業務有疑問。

Given that we have already achieved 50% in terms of the market share, what's our next milestone?

鑑於我們的市場份額已經達到 50%，我們的下一個里程碑是什麼？

And is there any timeline that we can think about the breakeven timing?

是否有任何時間表可以讓我們考慮盈虧平衡的時機？

Actually, we have a very clear cloud strategy and we are very happy to see the progress we've made.

實際上，我們有一個非常清晰的雲戰略，我們很高興看到我們取得的進展。

And today, we are obviously the market leader in cloud business in China.

今天，我們顯然是中國雲業務的市場領導者。

But if you look at the cloud marketing in China today, we still believe today it's in the very early stage.

但如果你看看今天中國的雲營銷，我們仍然認為它還處於非常早期的階段。

In the digital era, every single business need to go to cloud.

在數字時代，每個企業都需要上雲。

And also, I think we have -- when people have a defined -- have a definition of cloud and people have various -- I mean talk about various services.

而且，我認為我們已經 - 當人們有一個定義 - 有一個雲的定義並且人們有各種各樣的 - 我的意思是談論各種服務。

So actually, in Alibaba ecosystem, we have already built a very strong cloud infra in terms of IaaS, as a service.

所以實際上，在阿里巴巴生態系統中，我們已經在 IaaS 方面構建了一個非常強大的雲基礎設施，作為一種服務。

But in terms of the PaaS and in terms of the SaaS, we also have a lot of, I mean, expertise.

但就 PaaS 和 SaaS 而言，我們也有很多，我的意思是，專業知識。

And for example, our middleware and database services are very, very important, very critical in PaaS.

又比如，我們的中間件和數據庫服務在PaaS中非常非常重要，非常關鍵。

And our retail technologies, actually our marketing technologies, our technologies in the -- in Ant Finance and our technologies in Cainiao are also relevant to all the financial institutions and the logistic companies.

我們的零售技術，實際上是我們的營銷技術，我們在螞蟻金服的技術和我們在菜鳥的技術也與所有金融機構和物流公司相關。

So we try -- we are trying to share this SaaS-based technology, through our Alibaba Cloud, into the market.

所以我們嘗試 - 我們正在嘗試通過我們的阿里雲將這種基於 SaaS 的技術分享到市場中。

And so that's why in our recent organization upgrading and we even renamed the BU of cloud into cloud and intelligence.

所以這就是為什麼在我們最近的組織升級中，我們甚至將雲的 BU 更名為雲和智能。

So we believe cloud is not only about our infrastructure.

因此，我們相信云不僅與我們的基礎設施有關。

Cloud is all about -- is about data technology and data intelligence capability.

雲是關於——關於數據技術和數據智能能力。

So we want to share this data technology and data intelligence capability into the whole market.

所以我們想把這個數據技術和數據智能能力分享給整個市場。

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

下一個問題來自瑞銀的Jerry Liu。

Appreciate the earlier comments on macro and regulation.

感謝之前對宏觀和監管的評論。

I wanted to see if we can get some similar comments on the outlook for the advertising market this year, especially as some of the larger advertisers reset budgets at the beginning of the year.

我想看看我們能否就今年的廣告市場前景獲得一些類似的評論，尤其是在一些較大的廣告商在年初重新調整預算的情況下。

Well, actually, when we look at the advertisement market, actually we don't view this as a separate market.

好吧，實際上，當我們看廣告市場時，實際上我們並沒有將其視為一個單獨的市場。

We view this as a part of our core commerce ecosystem.

我們將其視為我們核心商務生態系統的一部分。

So today, most of the merchants, most of the brand partners have a presence on our platform.

所以今天，大多數商家，大多數品牌合作夥伴都在我們的平台上存在。

They don't view us as only a sales platform and neither only a marketing platform.

他們不認為我們只是一個銷售平台，也不僅僅是一個營銷平台。

Actually, we are the only platform in the world which people can tie marketing, tie branding into the end sales.

實際上，我們是世界上唯一一個人們可以將營銷、品牌與終端銷售聯繫起來的平台。

So how to make this end-to-end value chain from brand building, from awareness into attention, into purchase and into loyalty customer.

那麼如何讓這個端到端的價值鏈從品牌建設，從意識到關注，到購買再到忠誠客戶。

This AIPL is the customer life cycle management opportunities we want to offer to our -- both merchants, brand partners and advertisers.

這個 AIPL 是我們想要提供給我們的客戶生命週期管理機會——包括商家、品牌合作夥伴和廣告商。

So we continue to strengthen our unique role in this advertisement world.

因此，我們繼續加強我們在這個廣告界的獨特作用。

But again, we are not trying to be one of the advertisement platforms to our advertisers.

但同樣，我們並不想成為廣告商的廣告平台之一。

We try to give them all-in-1 ecosystem to help them to generate sustainable growth in the new digital era.

我們試圖為他們提供多合一的生態系統，以幫助他們在新的數字時代實現可持續增長。

Okay.

好的。

Thank you, everyone, for joining.

謝謝大家的加入。

And if you have any questions, please contact the IR team of Alibaba.

如果您有任何問題，請聯繫阿里巴巴的 IR 團隊。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes our conference for today.

我們今天的會議到此結束。

Thank you all for participating.

謝謝大家的參與。

You may all disconnect.

你們都可以斷開連接。