阿里巴巴 (BABA) 2019 Q4 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 March Quarter of 2019 and Full Fiscal Year 2019 Results Conference Call.

歡迎來到阿里巴巴集團 2019 年三月季度和 2019 年全年業績電話會議。

(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 and good evening, everyone, and welcome to Alibaba Group's March Quarter and Full Fiscal Year 2019 Results Conference Call.

大家晚上好，歡迎來到阿里巴巴集團 2019 年 3 月季度和全年業績電話會議。

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

與我們一起的是執行副主席蔡崇信先生；張勇，首席執行官；首席財務官吳美琪。

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

此電話會議也在公司網站的 IR 部分進行網絡廣播。

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

今天晚些時候，我們的網站將提供通話重播。

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 the 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 margins, marketplace-based 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、基於市場的核心商業調整後的 EBITA、非 GAAP 淨收入、非 GAAP 稀釋後每股收益和免費現金流量，以非公認會計原則為基礎表示。

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 refers to year-on-year growth versus the same quarter last year or the previous 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或前一年相比的同比增長。

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

有了這個，我現在將把電話轉給喬。

Thanks, Rob.

謝謝，羅布。

Thank you all for joining us.

謝謝大家加入我們。

We had a great quarter with operations, revenues and profits beating expectations.

我們有一個很棒的季度，運營、收入和利潤都超出預期。

This shows the resilience of our business in the face of complex geopolitical and economic conditions.

這顯示了我們的業務在面對複雜的地緣政治和經濟條件時的韌性。

Before Daniel and Maggie take you through our exciting quarter, I want to address the elephant in the room, which everyone calls the trade war.

在 Daniel 和 Maggie 帶您了解我們激動人心的季度之前，我想先談談房間裡的大象，大家都稱之為貿易戰。

Let's distill the complexity of U.S.-China relations to what it means for Alibaba.

讓我們從中美關係的複雜性中提煉出它對阿里巴巴的意義。

In short, the trade talks put Alibaba on the right side of all the issues on the table.

簡而言之，貿易談判讓阿里巴巴站在桌面上所有問題的正確一邊。

First, the reduction of the U.S. trade deficit.

第一，減少美國貿易逆差。

China's commitment to purchase more American products means China will, over the next several years, become a net importing country.

中國承諾購買更多美國產品意味著中國將在未來幾年成為一個淨進口國。

Consumers in China would benefit from the availability of quality imported products from all over the world, including from American farmers, brands and small businesses.

中國的消費者將受益於來自世界各地的優質進口產品，包括來自美國農民、品牌和小企業的產品。

Alibaba is set up to benefit from the secular trend of growing imports into China.

阿里巴巴的成立是為了受益於中國進口增長的長期趨勢。

We are the platform of choice for global producers of products and brands selling into China because we have the reach and deep insights on over 650 million active Chinese consumers on our platform.

我們是在中國銷售產品和品牌的全球生產商的首選平台，因為我們在我們的平台上擁有超過 6.5 億活躍的中國消費者的影響力和深刻見解。

The scale and effectiveness of our access to Chinese consumers is simply unrivaled.

我們接觸中國消費者的規模和有效性簡直是無與倫比的。

In cross-border e-commerce, our Tmall Global platform is China's #1 platform for overseas brands and merchants to sell to Chinese consumers directly without physical operations in China.

在跨境電子商務方面，我們的天貓國際平台是中國排名第一的海外品牌和商家直接向中國消費者銷售商品的平台，無需在中國開展實體運營。

Well-established global retailers and brands that have built an online presence out on Tmall Global include nutritional supplement vendors, Chemists Warehouse and Blackmores, baby products brand Pampers and apparels brand Emporio Armani.

已在天貓國際建立在線業務的知名全球零售商和品牌包括營養補充劑供應商、Chemists Warehouse 和 Blackmores、嬰兒用品品牌幫寶適和服裝品牌 Emporio Armani。

Second, the trade negotiations will lead to China opening its markets to more foreign businesses in order to satisfy the massively growing demands of domestic consumers.

其次，貿易談判將使中國向更多外國企業開放市場，以滿足國內消費者日益增長的需求。

We're not concerned about slowing China exports affecting GDP growth because the Chinese economy is shifting from an export economy to a domestic consumption economy.

我們並不擔心中國出口放緩會影響 GDP 增長，因為中國經濟正在從出口經濟轉向國內消費經濟。

Job expansion is continuing in China.

中國的工作崗位仍在繼續擴張。

Over the last 5 years, while China lost 14 million manufacturing jobs, the economy added 70 million service jobs that drove real disposable income growth and consumption.

在過去 5 年中，雖然中國失去了 1400 萬個製造業工作崗位，但經濟增加了 7000 萬個服務業工作崗位，推動了實際可支配收入增長和消費。

The middle class in China has reached critical mass of over 300 million, almost as large as the entire U.S. population.

中國的中產階級已經達到 3 億多的臨界數量，幾乎與整個美國人口一樣多。

The middle class will double in the next 10 years, especially from the lesser developed Chinese cities.

未來 10 年，中產階級將翻一番，尤其是來自中國欠發達城市的中產階級。

While total Chinese domestic consumption is USD 5.5 trillion today, consumption from these third-, fourth- and fifth-tier cities with a combined population of 500 million people will triple from USD 2.3 trillion to nearly USD 7 trillion in the next 10 years.

雖然目前中國國內消費總額為 5.5 萬億美元，但這些擁有 5 億人口的三、四、五線城市的消費在未來 10 年將從 2.3 萬億美元增加兩倍，達到近 7 萬億美元。

Third, intellectual property protection.

三是知識產權保護。

In recent years, China has made significant improvements in reducing IP infringement as China moves closer to global norms in protecting and paying for foreign IP.

近年來，隨著中國在保護和支付外國知識產權方面更接近全球規範，中國在減少知識產權侵權方面取得了重大進展。

China also recognizes the need to protect its own innovators as well as being focused on Chinese consumers who demand genuine products of high quality.

中國也認識到有必要保護自己的創新者，並關注需要真正高質量產品的中國消費者。

Alibaba is at the forefront of protecting intellectual property.

阿里巴巴走在保護知識產權的前列。

Leveraging on our cutting-edge technology, we take proactive and aggressive steps to crack down on counterfeits in our marketplaces because the customers who trust our platform demand it.

利用我們的尖端技術，我們採取積極主動的措施打擊我們市場中的假冒產品，因為信任我們平台的客戶需要它。

Alibaba is the only e-commerce company that is validated by global brands as having the highest commitment to IP protection.

阿里巴巴是唯一一家被全球品牌認可為對知識產權保護做出最高承諾的電子商務公司。

The Alibaba Anti-Counterfeiting Alliance, which we initiated in 2017, has grown to 132 global brand companies from 16 countries and 12 industries.

我們於 2017 年發起的阿里巴巴打假聯盟已經發展到擁有來自 16 個國家和 12 個行業的 132 家全球品牌公司。

The alliance members collaborate in 6 key areas: number one, proactive online monitoring and protection; number two, product test buy programs; number three, offline investigations; number four, assisting law enforcement; number five, litigation against infringers; and number six, public awareness campaigns.

聯盟成員在 6 個關鍵領域開展協作：第一，主動在線監控和保護；第二，產品測試購買程序；第三，線下調查；第四，協助執法；五、對侵權人提起訴訟；第六，公眾意識運動。

Fourth, reforming the structure of the Chinese economy.

第四，改革中國經濟結構。

The model of state-dominated influence in traditional industries is being complemented by private sector initiatives to digitize the economy for manufacturing, supply chain, distribution, product development and marketing.

傳統行業中國家主導影響力的模式正在得到私營部門舉措的補充，以實現製造、供應鏈、分銷、產品開發和營銷方面的經濟數字化。

Through our New Retail strategy and support from our intelligent cloud computing solutions for enterprises, Alibaba is playing a leading role in building a new commerce infrastructure in an increasingly digitized economy.

通過我們的新零售戰略和我們為企業提供的智能雲計算解決方案的支持，阿里巴巴在構建日益數字化的經濟中的新商業基礎設施方面發揮著主導作用。

Our partnership with Starbucks is a case in point.

我們與星巴克的合作就是一個很好的例子。

Starbucks in China has established a prominent brand presence and customer engagement platform within our mobile-ready China retail marketplaces.

星巴克在中國已經在我們的移動就緒中國零售市場中建立了突出的品牌影響力和客戶參與平台。

This has already resulted in Starbucks acquiring millions of new loyalty members online.

這已經導致星巴克在網上獲得了數百萬新的忠誠會員。

We're also enabling Starbucks to expand their offering from store-based operations to on-demand delivery to customers.

我們還使星巴克能夠將他們的產品從基於商店的運營擴展到按需交付給客戶。

Through these initiatives, Starbucks has added an online dimension to its customer acquisition and engagement as well as fulfilling customer demand outside of its stores.

通過這些舉措，星巴克為其客戶獲取和參與增加了在線維度，並滿足了門店外的客戶需求。

This would not have been possible without the support of Alibaba's business operating system, data technology and on-demand logistics infrastructure.

如果沒有阿里巴巴的業務操作系統、數據技術和按需物流基礎設施的支持，這是不可能的。

To summarize, the vexing issues in the trade negotiations will resolve themselves as the Chinese economy is already evolving to close the gap between the interests of the United States and China.

總而言之，貿易談判中的棘手問題將自行解決，因為中國經濟已經在不斷發展以縮小中美利益之間的差距。

This means in the future there will be bigger Chinese domestic consumption, more foreign imports, continuing focus on enhanced IP protection and further digitization of industries driven by participation of the private sector.

這意味著未來中國國內消費將增加，外國進口將增加，將繼續關注加強知識產權保護以及私營部門參與推動的行業進一步數字化。

As we look at the evolution of the Chinese economy, Alibaba is on the right side of all these issues.

當我們審視中國經濟的演變時，阿里巴巴在所有這些問題上都站在了正確的一邊。

I cannot think of another company that is better equipped to drive these secular changes and participate in the ensuing long-term benefits.

我想不出還有哪家公司能夠更好地推動這些長期變化並參與隨之而來的長期利益。

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。

We enjoyed an outstanding quarter and fiscal year.

我們度過了一個出色的季度和財政年度。

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

在過去的一年裡，我們在整個業務中取得了許多重要的里程碑。

We enjoyed exceptional revenue growth in our core commerce business while successfully expanding our product and service offering from [city] focus to local consumer services and to digital entertainment content.

我們的核心商務業務收入實現了驚人的增長，同時成功地將我們的產品和服務從 [城市] 重點擴展到本地消費者服務和數字娛樂內容。

In the past 12 months, we had phenomenal user growth.

在過去的 12 個月裡，我們的用戶增長驚人。

Our China retail marketplaces had 654 million annual active consumers, representing an annual net increase of 102 million.

我們在中國的零售市場擁有 6.54 億年度活躍消費者，每年淨增 1.02 億。

Our GMV reached over RMB 5.7 trillion with an annual net increase of approximately RMB 1 trillion, demonstrating the unrivaled prosperity and vitality of our Alibaba digital economy.

我們的GMV超過5.7萬億元，每年淨增約1萬億元，顯示了我們阿里巴巴數字經濟無與倫比的繁榮和活力。

We have a proven track record of execution and of delivering long-term growth.

我們在執行和實現長期增長方面擁有良好的記錄。

We are on track to achieve our USD 1 trillion total GMV target by fiscal year 2020, which was set 5 years ago.

我們有望在 5 年前設定的 2020 財年實現 1 萬億美元的 GMV 目標。

Looking ahead in the new fiscal year, we will continue to focus on expanding our user base and gaining more wallet share from both existing and new consumers on our platforms.

展望新財年，我們將繼續專注於擴大我們的用戶群，並從我們平台上的現有和新消費者那裡獲得更多的錢包份額。

Our user acquisition strategies worked successfully in the past year.

我們的用戶獲取策略在過去一年中取得了成功。

By cooperating with Alipay, we have been able to acquire, engage and retain our consumers effectively.

通過與支付寶的合作，我們能夠有效地獲取、吸引和留住我們的消費者。

In the past year, over 70% of the increase in annual active consumers on our China retail marketplaces came from less-developed areas.

在過去的一年裡，我們中國零售市場每年增加的活躍消費者中超過 70% 來自欠發達地區。

In fiscal year 2020, we will continue to have new initiatives that cater towards a broad base of users and expand into products and services that will increase purchase frequencies, enhance user stickiness and increase our wallet share.

在 2020 財年，我們將繼續推出新舉措以迎合更廣泛的用戶群，並擴展產品和服務以增加購買頻率、增強用戶粘性並增加我們的錢包份額。

In our core commerce business, Tmall continued to strengthen its market leadership in the B2C market.

在我們的核心商業業務中，天貓繼續加強其在 B2C 市場的市場領導地位。

Tmall physical goods paid GMV grew 33% year-on-year in this quarter and 31% year-on-year in the fiscal year, while China's overall online and physical goods, respectively, grow 21% and 23%.

本季度天貓實物商品支付GMV同比增長33%，本財年同比增長31%，而中國整體線上和實物商品分別增長21%和23%。

Tmall not only developed a suite of distribution channel solutions to support merchants to sell effectively in China but also evolved to be the platform for new product launches.

天貓不僅開發了一套分銷渠道解決方案來支持商家在中國有效銷售，而且還發展成為新產品發布的平台。

In fiscal year '19, tbox, our product marketing solution, helped over 5,000 brands to drive successful new product launches.

在 19 財年，我們的產品營銷解決方案 tbox 幫助 5,000 多個品牌成功推出了新產品。

In addition, Tmall used proprietary consumer insight technology and advanced marketing solutions to help brands and merchants acquire, engage and retain their customers.

此外，天貓還利用專有的消費者洞察技術和先進的營銷解決方案幫助品牌商和商家獲取、吸引和留住客戶。

In the past year, more than 1,200 brands each acquired over 1 million new customers on our platforms.

在過去的一年裡，超過 1,200 個品牌在我們的平台上各自獲得了超過 100 萬的新客戶。

Furthermore, Tmall also helped brands manage their entire product life cycles and the marketing plans on our China retail marketplaces.

此外，天貓還幫助品牌管理其整個產品生命週期和我們中國零售市場的營銷計劃。

Tmall Super Brand Day has become a customized November 11 type of shopping festival for every brand.

天貓超級品牌日已經成為11月11日為每個品牌定制的購物節。

Last year, about 100 brands established their own brand day to engage with consumers on our platform.

去年，大約 100 個品牌設立了自己的品牌日，以在我們的平台上與消費者互動。

During this quarter, our customer management revenue grew by 31% year-on-year.

本季度，我們的客戶管理收入同比增長31%。

The robust revenue growth was driven by expanding user base, better conversion rates from improving algorithms and a new trend of brands and merchants choosing us as their top pick for new product launches and new customer acquisition efforts.

強勁的收入增長是由不斷擴大的用戶群、改進算法帶來的更高轉化率以及品牌和商家選擇我們作為新產品發布和新客戶獲取工作的首選的新趨勢推動的。

We are also seeing positive results from the monetization of recommendation feeds.

我們也看到了推薦提要貨幣化的積極成果。

However, currently, we are not planning of expanding the monetization of recommendation feeds in the coming fiscal year.

但是，目前，我們不打算在下一個財政年度擴大推薦提要的貨幣化。

We plan to invest aggressively to expand users in Tier 3-and-below cities and provide them with better user experience supported by broader product selections.

我們計劃積極投資以擴大三線及以下城市的用戶，並通過更廣泛的產品選擇為他們提供更好的用戶體驗。

On New Retail, our self-owned and operated fresh goods and grocery retail chain, Hema, continued to achieve robust same-store sales growth, expand footprint, optimize stores and introduce new initiatives to improve customer experience.

在新零售方面，我們自有和經營的新鮮食品和雜貨零售連鎖店盒馬鮮生繼續實現強勁的同店銷售增長，擴大足跡，優化門店並推出新舉措以改善客戶體驗。

As of March 31, 2019, we had 135 self-operated Hema stores in China primarily located in Tier 1 and Tier 2 cities.

截至2019年3月31日，我們在中國擁有135家自營盒馬鮮生門店，主要位於一線和二線城市。

Also, Tmall Supermarket is transforming from a purely online grocery shopping destination to an online-offline model, integrating inventory with our offline retail partners such as Sun Art.

此外，天貓超市正在從純線上雜貨購物目的地轉變為線上線下模式，與我們的線下零售合作夥伴（如高鑫零售）整合庫存。

Under this model, Tmall Supermarket is able to reduce procurement cost and improve delivery speed through our on-demand network.

在這種模式下，天貓超市能夠通過我們的按需網絡降低採購成本並提高配送速度。

In fiscal year 2019, Ele.me experienced strong user growth by leveraging traffic from Alipay and Taobao apps.

在 2019 財年，餓了麼借助支付寶和淘寶應用的流量實現了強勁的用戶增長。

In addition, we integrated Ele.me, our on-demand food delivery platform, with Koubei, our restaurant and local service guide platform, and create a business that's called local consumer services.

此外，我們將我們的外賣外賣平台餓了麼與我們的餐廳和本地服務指南平台口碑進行了整合，並創建了一項名為本地消費服務的業務。

In fiscal year '20, we will continue to expand Ele.me and Koubei's operations into low-tier cities and expand local service offerings.

在 20 財年，我們將繼續將餓了麼和口碑的業務擴展到低線城市，並擴大本地服務範圍。

Moreover, we will penetrate into low-tier cities as the entire Alibaba digital economy, not just from the local consumer service sector, to meet the growing consumer needs across China.

此外，我們將作為整個阿里巴巴數字經濟，深入到低線城市，而不僅僅是從本地的消費服務領域，以滿足中國不斷增長的消費需求。

Next, Alibaba Cloud continued to achieve substantial growth in the enterprise service sector.

接下來，阿里雲在企業服務領域繼續實現大幅增長。

As China marched into the era of digital economy, all industry sectors have come to embrace digital technologies.

隨著中國步入數字經濟時代，各行各業紛紛擁抱數字技術。

Alibaba Cloud not only provides enterprise customers with cloud-based IT infrastructures but more importantly enable them with advanced data processing and analytical strengths and artificial intelligence capabilities.

阿里云不僅為企業客戶提供基於雲的IT基礎設施，更重要的是為企業客戶提供先進的數據處理分析能力和人工智能能力。

Our cloud-based data technology capabilities, together with our expertise in commerce, financial services and logistics, form the core of Alibaba Business Operating System.

我們基於雲的數據技術能力，連同我們在商業、金融服務和物流方面的專業知識，構成了阿里巴巴商業操作系統的核心。

This system will empower the digital transformation of enterprises.

該系統將為企業數字化轉型賦能。

On the globalization front, Lazada had a successfully shift from 1P to 3P marketplace model in Southeast Asia.

在全球化方面，Lazada 在東南亞成功實現了從 1P 到 3P 市場模式的轉變。

AliExpress has huge growth potential in Eastern and the Southern European markets such as Russia and Spain.

速賣通在俄羅斯和西班牙等東歐和南歐市場具有巨大的增長潛力。

In the 12 months ended March 31, 2019, Lazada and AliExpress had a total of more than 120 million annual active consumers.

在截至 2019 年 3 月 31 日的 12 個月裡，Lazada 和全球速賣通的年度活躍消費者總數超過 1.2 億。

The recent U.S.-China trade negotiations have attracted worldwide attention.

最近的中美貿易談判引起了全世界的關注。

I believe this is both a challenge and an opportunity for the Chinese economy.

我認為這對中國經濟既是挑戰也是機遇。

Looking into the future, China will expedite its journey to transform from an export-driven economy to a consumption-driven economy.

展望未來，中國將加快由出口拉動型經濟向消費拉動型經濟轉型的步伐。

We believe consumption and the service sectors will become new benchmarks to bring new growth potential to China.

我們相信消費和服務業將成為新的標杆，為中國帶來新的增長潛力。

We believe there are 2 engines to drive Alibaba's long-term sustainable growth.

我們認為有兩個引擎可以推動阿里巴巴的長期可持續增長。

First is consumption.

首先是消費。

China's evolving economic structure and leading development are being accompanied by strong consumption demand.

中國經濟結構不斷變化，發展領先，消費需求強勁。

As the largest e-commerce platform, Alibaba is becoming synonymous with everyday consumption in China.

作為最大的電子商務平台，阿里巴巴正在成為中國日常消費的代名詞。

We are well positioned to continually -- continuously grow consumers' mind share and wallet share in various areas of their lives, from physical goods, local consumer services and digital content.

我們處於有利地位，可以持續不斷地增加消費者在生活各個領域的思想份額和錢包份額，從實物商品、本地消費服務和數字內容。

Second is digital transformation of all businesses.

二是全行業數字化轉型。

As China march into the digital era, Chinese enterprises will need core technology innovation, integrated data processing capability and digitization of their businesses in the entire value chain.

隨著中國進入數字時代，中國企業需要核心技術創新、集成數據處理能力和全價值鏈業務數字化。

In the past 20 years, we have built a broad range of platform services, including retail, marketing, financial services, logistics and cloud computing services, all of which are enabled by our advanced data technology and form the core of Alibaba Business Operating System.

在過去的 20 年裡，我們建立了廣泛的平台服務，包括零售、營銷、金融服務、物流和雲計算服務，所有這些都由我們先進的數據技術支持，構成了阿里巴巴商業操作系統的核心。

This system will allow our enterprise customers to achieve digital transformation and allow us to become the leading partner for enterprises in China and around the world.

該系統將使我們的企業客戶實現數字化轉型，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。

Thank you all for joining us.

謝謝大家加入我們。

I lost my voice yesterday.

我昨天失聲了。

Please bear with me with this voice.

請容忍我這個聲音。

We had another strong quarter and delivered a strong set of annual results.

我們又迎來了一個強勁的季度，並交付了一系列強勁的年度業績。

For today's call, I will be beginning with a review of key financials for the March quarter and recap the key financial highlights of fiscal year 2019.

在今天的電話會議中，我將首先回顧 3 月季度的主要財務數據，並回顧 2019 財年的主要財務亮點。

And then finally, I'll conclude with our outlook.

最後，我將總結我們的展望。

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

在三月季度，主要運營和財務指標繼續取得非常強勁的業績。

As Daniel mentioned, we delivered another quarter of strong user growth with 721 million mobile MAU and 654 million annual active consumers on our China retail marketplaces, reflecting successful user acquisition programs.

正如 Daniel 所提到的，我們在中國零售市場上實現了又一個季度的強勁用戶增長，移動 MAU 達到 7.21 億，年度活躍消費者達到 6.54 億，這反映了成功的用戶獲取計劃。

At the same time, we have also been successful in penetrating in the less developed cities in China.

同時，我們也成功滲透到中國欠發達城市。

More than 70% of our new annual active consumers added was from less developed cities in this year.

今年新增的年度活躍消費者中，超過 70% 來自欠發達城市。

Our large and actively engaged user base continues to exhibit strong growth, which provides the foundation to expand our revenue generation in the future.

我們龐大且積極參與的用戶群繼續呈現強勁增長，這為我們未來擴大創收奠定了基礎。

As I will address later in my remarks, we are committed to delivering sustainable, long-term growth.

正如我稍後將在發言中提到的那樣，我們致力於實現可持續的長期增長。

In March quarter, our total revenue grew 51% to RMB 93.5 billion.

三月份季度，我們的總收入增長了 51%，達到 935 億元人民幣。

The increase was mainly driven by the strong growth of our China commerce retail businesses, the consolidation of Ele.me as well as robust 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增長、餓了麼的整合以及阿里雲收入的強勁增長。

Talk about the quarter's cost trends.

談談本季度的成本趨勢。

Our costs and expenditures have been well controlled.

我們的成本和支出得到了很好的控制。

And when you look at the segment, our core commerce segment had a very strong quarter with revenue growth of 54% to RMB 78.9 billion.

當您查看該細分市場時，我們的核心商業細分市場季度表現非常強勁，收入增長 54% 至人民幣 789 億元。

The fundamentals of our China retail businesses continue to be strong.

我們中國零售業務的基本面繼續保持強勁。

The combined customer management revenue and commission revenue showed healthy growth of 31% for the quarter.

本季度合併的客戶管理收入和佣金收入顯示出 31% 的健康增長。

Customer management revenue increased 31% in the quarter.

本季度客戶管理收入增長了 31%。

The number of paying merchants that generate customer management revenue increased during the quarter, which we believe reflects improved merchant confidence in allocating marketing spend.

本季度產生客戶管理收入的付費商家數量有所增加，我們認為這反映了商家對分配營銷支出的信心有所提高。

We're making progress on monetization of recommendation feeds and enhancing recommendation algorithms.

我們在推薦提要的貨幣化和增強推薦算法方面取得了進展。

In the quarter, we allocated more traffic for testing of recommendation monetization, which generated incremental customer management revenue in the quarter with seasonally lower revenue.

在本季度，我們分配了更多流量用於推薦貨幣化測試，這在本季度產生了增量客戶管理收入，但收入季節性較低。

Commission revenue increased by 30% primarily due to strong growth in Tmall -- Tmall's paid physical goods GMV, which is 33% in the quarter.

佣金收入增長了 30%，這主要是由於天貓的強勁增長——天貓的付費實物 GMV 本季度為 33%。

Performance for other segments like cloud computing, digital media and entertainment and innovation initiatives remained healthy.

雲計算、數字媒體和娛樂以及創新計劃等其他領域的表現依然健康。

And when you look at our quarterly adjusted EBITDA, we continue to generate solid market-based (sic) [marketplace-based] core commerce adjusted EBITA, which increased 38% to RMB 34.7 billion during the quarter.

當您查看我們季度調整後的 EBITDA 時，我們繼續產生穩固的基於市場的 (sic) [基於市場的] 核心商業調整後的 EBITA，本季度增長 38% 至人民幣 347 億元。

Our solid profit generation capability within China retail marketplace allow us to invest in strategic areas within core commerce as well as in other strategic initiative areas.

我們在中國零售市場穩固的盈利能力使我們能夠投資於核心商業的戰略領域以及其他戰略舉措領域。

So in the core commerce, we have these areas that we invested: local consumer service, Lazada, New Retail and direct import as well as Cainiao.

所以在核心商業方面，我們有這些我們投資的領域：本地消費服務，Lazada，新零售和直接進口以及菜鳥。

The combined losses generated from these businesses was CNY 7.2 billion during the quarter.

這些業務在本季度產生的總虧損為 72 億元人民幣。

After incorporating the losses, our core commerce adjusted EBITA grew 24% to RMB 27.5 billion during the quarter.

計入虧損後，本季度我們的核心商業調整後 EBITA 增長 24% 至人民幣 275 億元。

Cloud computing revenue increased 76% to RMB 7.7 billion primarily driven by increase in average spending per customer.

雲計算收入增長 76% 至人民幣 77 億元，主要受每位客戶平均支出的增長推動。

Alibaba Cloud continues to be the leading cloud service provider in China and Asia Pacific according to Gartner.

根據 Gartner 的數據，阿里雲繼續成為中國和亞太地區領先的雲服務提供商。

Adjusted EBITA margin for cloud computing segment was negative 2%, improving from negative 8% from the same quarter last year.

雲計算部門調整後的 EBITA 利潤率為負 2%，較去年同期的負 8% 有所改善。

Digital media and entertainment adjusted EBITA was a loss of CNY 2.8 billion.

數字媒體和娛樂調整後的 EBITA 為虧損 28 億元人民幣。

The total adjusted EBITA was CNY 20.8 billion, representing 24% year-over-year growth.

調整後的 EBITA 總額為 208 億元人民幣，同比增長 24%。

Let's look at the fiscal year financial highlights.

讓我們看看本財年的財務亮點。

We had a very solid fiscal 2019.

我們有一個非常穩健的 2019 財年。

Total revenue grew 51% to RMB 376.8 billion.

總收入增長 51% 至人民幣 3,768 億元。

Excluding acquisitions, organic revenue grew 39% in the fiscal year and continued to outperform all of the global technology peers.

不包括收購在內，有機收入在本財年增長了 39%，並繼續跑贏所有全球科技同行。

We expect the proportion of revenue from our direct sales business will continue to increase as we further implement our New Retail strategy.

隨著我們進一步實施新零售戰略，我們預計直銷業務的收入比例將繼續增加。

We're on track to achieve our USD 1 trillion total GMV target by March 2020.

我們有望在 2020 年 3 月之前實現 1 萬億美元的 GMV 目標。

In the fiscal year 2019, GMV in our China retail marketplace increased 19% to RMB 5.7 trillion primarily driven by increase in the number of annual active consumers.

在 2019 財年，我們中國零售市場的 GMV 增長了 19% 至人民幣 5.7 萬億元，這主要是由於年度活躍消費者數量的增加。

Total paid physical goods GMV showed strong growth.

總有償實物商品 GMV 增長強勁。

And we have been reporting Tmall physical GMV growth, which is, for the full year, 31%.

我們一直在報告天貓實體 GMV 增長，全年為 31%。

Marketplace-based core commerce adjusted EBITA increased 31% to RMB 162 billion.

基於市場的核心商業調整後的 EBITA 增長 31% 至人民幣 1,620 億元。

Core commerce adjusted EBITA increased 19% to RMB 136 billion.

核心商業調整後 EBITA 增長 19% 至人民幣 1,360 億元。

Our cloud computing segment maintained strong growth in fiscal 2019.

我們的雲計算部門在 2019 財年保持強勁增長。

Our cloud computing business top priority right now still remains at extending our market leadership and up-selling of higher value-added services.

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

We're seeing significant traction and diversification of customers in revenue.

我們看到客戶在收入方面的巨大吸引力和多樣化。

And in the fiscal 2019, Alibaba Cloud served over half of the -- our listed companies in China.

在 2019 財年，阿里雲為超過一半的中國上市公司提供服務。

Talk about the free cash flow and capital expenditures.

談論自由現金流和資本支出。

Our business has shown strong profitability and cash flow generation capability.

我們的業務顯示出強大的盈利能力和現金流生成能力。

For fiscal '19, we generated RMB 104 billion in free cash flow, slightly higher than last year.

在 19 財年，我們產生了 1040 億元人民幣的自由現金流，略高於去年。

During the year, technology-related CapEx accounted for more than half of the incremental change in operating CapEx as we continued to invest in our cloud computing business and other innovation initiatives.

在這一年裡，隨著我們繼續投資於我們的雲計算業務和其他創新計劃，與技術相關的資本支出佔運營資本支出增量變化的一半以上。

As of March 31, 2019, cash, cash equivalents and short-term investments were RMB 193 billion, approximately USD 28.8 billion.

截至2019年3月31日，現金、現金等價物及短期投資為人民幣1,930億元，約合288億美元。

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 purchased about 10.9 million of our shares for a total purchase price of USD 1.6 billion in the fiscal year.

我們在本財年以 16 億美元的總購買價格購買了約 1090 萬股股票。

Looking ahead in fiscal year 2020, we expect to generate over RMB 500 billion in total revenue.

展望2020財年，我們預計總收入將超過5000億元人民幣。

We believe that our revenue growth will continue to outperform our global peers'.

我們相信，我們的收入增長將繼續跑贏全球同行。

Now let me elaborate on how we think about customer management revenue.

現在讓我詳細說明我們如何看待客戶管理收入。

In the case of monetization of recommendation feeds, although we saw moderate positive impact in the past quarter when we tested the monetization of feed traffic, currently we do not plan on extending the monetization of recommendation feeds in the coming fiscal year.

在推薦 Feed 的貨幣化方面，雖然我們在上個季度測試 Feed 流量的貨幣化時看到了適度的積極影響，但目前我們不打算在下一財年擴大推薦 Feed 的貨幣化。

Here is the reason.

這就是原因。

Similar to how we invested in the past year to expand our B2C market leadership, we plan to invest aggressively to further expand our user base in less developed cities.

與我們去年為擴大 B2C 市場領導地位而進行的投資類似，我們計劃積極投資以進一步擴大我們在欠發達城市的用戶群。

This past fiscal year, we added over 100 million annual active consumers with more than 70% from these less-developed cities.

在上一財年，我們增加了超過 1 億的年度活躍消費者，其中 70% 以上來自這些欠發達城市。

Given the enormous consumption potential of these newly acquired consumers, being conservative on monetizing the traffic generated by new users will improve user experience and provide incentives for merchants to develop merchandising to cater to those users.

鑑於這些新獲得的消費者的巨大消費潛力，在將新用戶產生的流量貨幣化方面保持保守將改善用戶體驗，並激勵商家開發商品以迎合這些用戶。

Having said that, revenues from China retail marketplaces generate a high profitability and a strong cash flow.

話雖如此，來自中國零售市場的收入產生了高盈利能力和強勁的現金流。

In the past fiscal year, adjusted EBITA from our marketplace-based core commerce business was nearly USD 24 billion.

在上一財年，我們基於市場的核心商務業務的調整後 EBITA 接近 240 億美元。

We expect the strong profitability and positive cash flow characteristics of these -- of this revenue base to continue into fiscal 2020.

我們預計這些收入基礎的強勁盈利能力和正現金流特徵將持續到 2020 財年。

This would allow us to invest in strategic businesses, including local services, digital entertainment, international market, New Retail, logistics and cloud computing.

這將使我們能夠投資戰略業務，包括本地服務、數字娛樂、國際市場、新零售、物流和雲計算。

These strategic businesses are what we believe to be big growth areas that will substantially increase our total addressable market.

我們認為，這些戰略業務是巨大的增長領域，將大大增加我們的潛在市場總量。

We will continue to be disciplined, patient and innovative in our approach to grow strategically important businesses that add long-term value to the customers and Alibaba digital economy.

我們將繼續以自律、耐心和創新的方式發展具有戰略意義的重要業務，為客戶和阿里巴巴數字經濟增加長期價值。

That concludes our prepared remarks.

我們準備好的發言到此結束。

Let's open for Q&A.

讓我們開始問答。

(Operator Instructions) Our first question comes from the line of Alex Yao of JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的Alex Yao。

I want to follow up on Maggie's comment regarding the investment strategy in lower-tier cities.

我想跟進Maggie關於低線城市投資策略的評論。

I think you guys have been doing similar initiatives such as [Sing Tao] for a while.

我想你們一段時間以來一直在做類似的舉措，比如[星島]。

And given the current change in operating environment, such as a competitive landscape, penetration rate in different cities, disposable income across different demographics, et cetera, et cetera, what do you think does it take to be competitive in the lower-tier cities in FY '20?

考慮到當前運營環境的變化，例如競爭格局、不同城市的滲透率、不同人群的可支配收入等等，您認為在中國的低線城市需要具備哪些競爭力？ 20 財年？

And what kind of the financial resource you're willing to invest in these cities and consumer demographic?

您願意在這些城市和消費人群中投入什麼樣的財務資源？

Well, as you see, in fiscal year '19, we add over 100 million in new customers in our China core marketplaces, and over 77 (sic) [70%] of these new customers are from low-tier cities.

嗯，正如你所看到的，在 19 財年，我們在中國核心市場增加了超過 1 億的新客戶，這些新客戶中超過 77（原文如此）[70%] 來自低線城市。

And we -- as we addressed in our remarks, we will continue to invest in low-tier cities and in the rural areas to acquire the new customers.

而我們——正如我們在評論中所提到的，我們將繼續投資於低線城市和農村地區，以獲取新客戶。

And we strongly believe that these new customers will -- actually, when they are tapping to our marketplaces, when they change their lifestyles, and they will -- actually we will basically give them broader selections and -- which will -- to enlarge our addressable market.

我們堅信，這些新客戶將 - 實際上，當他們進入我們的市場時，當他們改變他們的生活方式時，他們將 - 實際上我們基本上會為他們提供更廣泛的選擇，並且 - 這將 - 擴大我們的目標市場。

So that's why we expect to continue to invest in terms of the marketing spending, in terms of the -- a very well-planned, I mean, marketing solution.

所以這就是為什麼我們希望繼續在營銷支出方面進行投資，我的意思是，一個非常精心策劃的營銷解決方案。

And also, as we said in our remarks, we don't want to -- for these low-tier city customers and new customers, we want to give them better experiences with organic, I mean, results of the search and recommendations and as well as to give them broader selections for their first few, I mean, purchases.

而且，正如我們在評論中所說，我們不想 - 對於這些低線城市客戶和新客戶，我們希望通過有機搜索和推薦結果為他們提供更好的體驗，以及以及為他們的前幾次購買提供更廣泛的選擇。

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。

Congratulations for the strong results.

祝賀你取得了優異的成績。

The question is about the guidance for fiscal year '20.

問題是關於 20 財年的指導。

Can you help -- can you walk us through the details of the sales guidance, for example the core revenue expectation, in other segments?

你能幫忙——你能告訴我們銷售指導的細節嗎，例如其他細分市場的核心收入預期？

And also, under what kind of macro conditions have we baked into the sales guidance?

而且，我們在什麼樣的宏觀條件下融入了銷售指導？

Maggie just mentioned that we currently do not plan to monetize feeds in fiscal '20.

Maggie 剛剛提到我們目前不打算在 20 財年將 Feed 貨幣化。

I'm wondering, does that imply there could still be potential changes in the plan if the business and market conditions allow us to monetize recommendation feeds in fiscal '20?

我想知道，這是否意味著如果業務和市場條件允許我們在 20 財年將推薦提要貨幣化，計劃中仍有可能發生變化？

Sure.

當然。

When you look at our 500 billion percent well -- RMB 500 billion revenue, it represents approximately 33% year-on-year growth.

當你看看我們 5000 億的百分比——5000 億元人民幣的收入時，它代表了大約 33% 的同比增長。

So as you see from the previous years, our significant revenue are coming from our China retail businesses, and this will also the case for the fiscal 2020.

因此，正如您從前幾年看到的那樣，我們的重要收入來自我們的中國零售業務，2020 財年也是如此。

One thing I would like to mention is that we do expect the proportion of revenue from our direct sales business will continue to increase as we further implement our New Retail strategy.

我想提的一件事是，隨著我們進一步實施新零售戰略，我們確實預計直銷業務的收入比例將繼續增加。

So the second -- or the first is on the guidance and the breakdown.

所以第二個——或第一個是關於指導和細分的。

The second is what type of macro conditions have been baked into the guidance.

第二個是指南中包含了哪些類型的宏觀條件。

Yes.

是的。

So macro condition, it's -- Joe talked about the U.S.-China trade war is actual -- in fact, the U.S.-China-related business, if you look at as a percentage of our total revenue per se right now, is relatively small.

所以宏觀條件，這是 - 喬談到美中貿易戰是實際的 - 事實上，美中相關業務，如果你現在看一下我們總收入本身的百分比，相對較小.

So the business we're talking about is the cross-border and particularly between China and U.S. So actually, the impact wouldn't be that significant if we're talking about this year.

所以我們談論的業務是跨境業務，尤其是中美之間的業務。所以實際上，如果我們談論今年，影響不會那麼大。

So RMB 500 billion revenue guidance has certain relevant impact, but I should say not that big.

所以5000億的收入指引有一定的相關影響，但是應該說沒有那麼大。

I would just like to add that macro conditions that we look at are all long-term secular trends.

我想補充一點，我們看的宏觀環境都是長期的長期趨勢。

Those are the more significant drivers of our business as opposed to kind of quarter-by-quarter GDP growth or industrial production and things like that.

這些是我們業務的更重要驅動力，而不是 GDP 逐季增長或工業生產等類似因素。

In fact, if you look at the -- most of the markets looking at China's macro being too focused on the manufacturing sector, and I've just referred to the Chinese economy shifting toward a service-oriented economy with last 5 years losing manufacturing jobs but adding a lot more service jobs, and those kind of continuous job growth are the factors that are driving disposable income and continuous consumption.

事實上，如果你看看——大多數關注中國宏觀的市場都過於關注製造業，我剛才提到中國經濟正在轉向服務型經濟，過去 5 年製造業工作崗位流失但是增加更多的服務工作，以及那些持續的工作增長是推動可支配收入和持續消費的因素。

So that's a -- that's one big macro trend.

所以這是一個 - 這是一個大的宏觀趨勢。

We've also referred to the shift toward a domestic consumption economy.

我們還提到了向國內消費經濟的轉變。

That's a big macro trend that will last for many, many years as well as in the future China importing a lot more with the government commitment as well as reaction to the trade negotiations, China will make commitments to import more.

這是一個將持續很多年以及未來中國進口更多的大宏觀趨勢，政府承諾以及對貿易談判的反應，中國將做出進口更多的承諾。

So these are the macro factors that we actually factor into our business.

所以這些是我們實際考慮到我們業務的宏觀因素。

And in fact, the -- we -- if you're looking at our business as a sort of swimming in a stream, if you will, we're swimming, flowing in the direction of the tide as opposed to going upstream against the tide because all those long-term secular macro factors are actually providing the tailwind to push our business forward.

事實上，我們 - 如果您將我們的業務視為一種在溪流中游泳，如果您願意的話，我們正在游泳，順著潮汐的方向流動，而不是逆流而上潮，因為所有這些長期的長期宏觀因素實際上都在提供推動我們業務向前發展的順風。

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。

Congratulations on a clean beat.

祝賀你乾淨利落。

Could I ask, of the RMB 900 billion increase in GMV you've seen in the last 1 year, how much has come from the 100 million new annual active consumers on your platform?

請問，你們在過去1年看到的9000億元的GMV增長，有多少來自於你們平台每年新增的1億活躍消費者？

And what is the sort of continued increase you've seen in your existing buyer base?

您在現有買家群中看到的持續增長是什麼樣的？

This is basically extension of the data you shared with us, Maggie, at the Investor Day.

這基本上是您在投資者日與我們分享的數據的擴展，Maggie。

That's my first question.

這是我的第一個問題。

And second again, Maggie, you -- I realized you mentioned that Alibaba will continue to invest in local services, digital entertainment, logistics and cloud services.

其次，Maggie，你——我意識到你提到阿里巴巴將繼續投資本地服務、數字娛樂、物流和雲服務。

But could you give us a sense of -- going down the P&L into FY '20, whether the magnitude of spend that we saw in 2019 will likely come down to margin improvement?

但是，您能否讓我們了解一下——將損益表降低到 20 財年，我們在 2019 年看到的支出規模是否可能會歸結為利潤率的提高？

Right.

正確的。

So Piyush, I could share that.

所以 Piyush，我可以分享。

If you look at the cohort, right, this 100 million new adds are -- majority are from the lower-tier cities, so if you look at these first-year consumers, their spending levels are lower than the group's -- the same-age group in previous years but not that significantly low.

如果你看這個群體，對，這 1 億新增加的是——大多數來自低線城市，所以如果你看這些第一年的消費者，他們的消費水平低於這個群體的——相同的——年齡組在往年但並沒有那麼低。

I think I should say it's comparable to those first-year consumer in the past.

我想我應該說它與過去那些第一年的消費者相當。

That gives you a sense of the spending level of these less-developed-area consumers.

這讓你了解這些欠發達地區消費者的消費水平。

And talk about the margins -- or I will say you're more interested to get to know the spending in those business which are still in a loss situation.

並談談利潤率——或者我會說你更有興趣了解那些仍處於虧損狀態的企業的支出。

I think for digital entertainment, local services, these are the 2 biggest loss-making business units.

我認為對於數字娛樂、本地服務，這是兩個最大的虧損業務部門。

As I said, we are going to continue to be disciplined.

正如我所說，我們將繼續受到紀律處分。

However, at the same time, we do prepare to fight for competition to extend our market share.

然而，與此同時，我們確實準備參加競爭以擴大我們的市場份額。

So I think we, during the business plan, have a quite balanced approach to achieve the -- our business goals with efficient spending.

因此，我認為我們在業務計劃期間採用了一種非常平衡的方法來實現 - 我們的業務目標以及有效的支出。

Our next question comes from the line of Eddie Aliyun of Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的Eddie Aliyun。

I hope, Maggie, get well soon.

我希望，瑪姬，快點好起來。

And we see Taobao and Tmall are coming under the same President recently.

我們看到淘寶和天貓最近都在同一位總裁的領導下。

So could you talk about if there's any new idea or new strategy on the positioning of Taobao and Tmall going forward?

那麼您能否談談未來在淘寶和天貓的定位上有沒有什麼新的思路或者新的策略？

Any possible differentiation?

任何可能的區別？

And how could it be different than in the past?

而且和過去有什麼不同呢？

Actually recently, we have Jiang Fan in charge of both Taobao, Tmall.

其實最近，我們有蔣凡負責淘寶，天貓。

And I think the reason why we made this change is because actually, Taobao and Tmall essentially is 2 highly integrated marketplaces.

我認為我們之所以做出這一改變，是因為實際上，淘寶和天貓本質上是兩個高度整合的市場。

And Taobao -- mobile Taobao is a very important entry point for consumers to navigate both -- to explore both Taobao and Tmall products.

而淘寶——移動淘寶是消費者瀏覽淘寶和天貓產品的一個非常重要的入口點。

So we need a very integrated product architectures and to serve the different consumer purposes.

所以我們需要一個非常集成的產品架構來服務於不同的消費者目的。

So I think Jiang Fan as a new leader of both Taobao and Tmall, I mean, businesses, he has very strong product interface -- I mean, background.

所以我認為蔣凡作為淘寶和天貓的新領導者，我的意思是，業務，他有非常強大的產品界面——我的意思是背景。

And I think as a -- he will be -- he will serve as the chief architecture of these 2 integrated marketplaces and -- to enhance our -- enhance -- and differentiate the positions for both Taobao and Tmall.

而且我認為作為一個 - 他將 - 他將擔任這兩個綜合市場的首席架構師，並 - 加強我們 - 加強 - 並區分淘寶和天貓的地位。

And I think Taobao is still positioned as a consumer community, and the value proposition is in-depth selections and discovery -- and the fun of discovery while Tmall try to give people a very high-quality product and services and with a lot of -- with a high degree of certainty.

而且我覺得淘寶還是一個消費社區，價值主張是深度選擇和發現——以及發現的樂趣，而天貓則試圖給人們提供非常優質的產品和服務，並且有很多—— - 具有高度的確定性。

So I think in Taobao marketplaces -- in Taobao interface, Tmall's supply is also be very, very critical to enrich the Taobao selections.

所以我認為在淘寶市場——在淘寶界面，天貓的供應對於豐富淘寶的選擇也是非常非常重要的。

So I think that this, I mean, organization change will enhance the positions of both Taobao and Tmall.

所以我認為，組織變革將提升淘寶和天貓的地位。

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。

Joe, Daniel, Maggie and Rob, so congrats on a strong quarter.

Joe、Daniel、Maggie 和 Rob，祝賀一個強勁的季度。

So my question is about your investment plan in your non-e-commerce business such as food delivery, digital media, logistics, and implication to margin and EBITA growth trend in next year.

所以我的問題是關於你在非電子商務業務的投資計劃，如食品配送、數字媒體、物流，以及對明年利潤率和 EBITA 增長趨勢的影響。

And also, a quick follow-up for -- on Alex question.

此外，關於亞歷克斯問題的快速跟進。

So we know you have some of your affiliated company and investment company such as Ant Financial and (inaudible).

所以我們知道你有一些你的關聯公司和投資公司，比如螞蟻金服和（聽不清）。

So you have pretty strong presence in the lower-tier cities.

所以你在低線城市有很強的影響力。

So just want to understand how will you utilize these resources to expand your user growth in the lower-tier cities?

那麼只想了解您將如何利用這些資源來擴大您在低線城市的用戶增長？

Yes.

是的。

In terms of investment, I really care about the -- whether the law is going to be expanded, et cetera.

在投資方面，我真的很關心——法律是否會擴大，等等。

As I said, what we're going to ensure is that our spending will be more efficient and effective.

正如我所說，我們要確保的是我們的支出將更有效率和效果。

And we're very committed to expand the market share and the market leadership in those new business areas like local service as well as digital media, entertainment.

我們非常致力於擴大本地服務以及數字媒體、娛樂等新業務領域的市場份額和市場領導地位。

Well, for the second question, yes, we are working very closely with our partners, I mean, including media partners like (inaudible) and other people to penetrate customers in low-tier areas.

那麼，對於第二個問題，是的，我們正在與我們的合作夥伴密切合作，我的意思是，包括像（聽不清）這樣的媒體合作夥伴和其他人，以滲透低端地區的客戶。

As people can imagine, and I think for the new Internet users, they will start with the social network or start with the consumption of the very basic Internet content.

人們可以想像，我認為對於新的互聯網用戶來說，他們會從社交網絡開始，或者從消費非常基本的互聯網內容開始。

Well, going forward, they start the first trial of shopping and of spending money on Internet.

那麼，展望未來，他們將開始第一次嘗試在互聯網上購物和花錢。

So I think it's good for us to navigate with our media partners, especially who are -- who has very broad user base in the low-tier areas and to help us to grow the -- our new customers in that area.

因此，我認為與我們的媒體合作夥伴一起導航對我們來說是件好事，尤其是那些在低端地區擁有非常廣泛的用戶群並幫助我們發展該地區新客戶的媒體合作夥伴。

Yes.

是的。

Talk about efficiency of spending -- maybe I could give you an example to further explain.

談談支出效率——也許我可以舉個例子來進一步解釋。

For example, like local service, right now, we see these -- first of all, the total orders from lower-tier cities are just approximately 20% of our total orders, which means there's a high potential for us to grow in these less developed cities.

例如，像本地服務，現在，我們看到這些——首先，來自低線城市的總訂單僅占我們總訂單的 20% 左右，這意味著我們在這些較低城市的增長潛力很大發達城市。

And when you look at our spending for top-tier cities, the spending efficiency are pretty much the same as the peers', but we haven't really get into the lower-tier cities.

你看我們在一線城市的支出，支出效率和同行差不多，但我們還沒有真正進入低線城市。

When we get into it, and it could enhance -- give us a chance to increase the efficiency.

當我們進入它時，它可以增強 - 給我們一個提高效率的機會。

Another thing is that the leverage, the synergy among our group companies, such as user and traffic acquisition efforts, will see the efficiency come out.

另一件事是槓桿，我們集團公司之間的協同作用，例如用戶和流量獲取工作，將會看到效率。

Total orders from Taobao and Alipay for Ele.me represent -- now represent around 30% of Ele.me orders.

來自淘寶和支付寶的餓了麼訂單總量現在約佔餓了麼訂單的 30%。

So this is what our strengths and uniqueness compared to peers in this business could really utilize the assets from our other group companies to cross-sell.

因此，與該行業的同行相比，這就是我們的優勢和獨特之處，可以真正利用我們其他集團公司的資產進行交叉銷售。

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。

Congrats on the strong results.

祝賀你取得了優異的成績。

So Maggie, I wanted to make sure I hear it correctly and did not hear it wrong.

所以 Maggie，我想確保我沒聽錯，沒有聽錯。

I think you mentioned a little bit that during the quarter, the March quarter, you guys have been allocating more traffic to testing on the monetizations of the recommender feed, which contributed to the incremental CMR revenue growth this quarter.

我想你提到了一點，在這個季度，即 3 月的那個季度，你們一直在分配更多的流量來測試推薦系統的貨幣化，這有助於本季度 CMR 收入的增量增長。

And is that correct or I heard it wrong?

那是正確的還是我聽錯了？

And if you mentioned -- and then you also mentioned you have no plan to extending the recommender feed testing to 2020 fiscal.

如果你提到 - 然後你還提到你沒有計劃將推薦系統測試擴展到 2020 財年。

So is that mean we should expect to see some potential decelerated growth in the coming quarters?

那麼這是否意味著我們應該期望在未來幾個季度看到一些潛在的減速增長？

Or is it depending on if you continue to test out the recommender feed from quarter-to-quarter, we may see some fluctuations of the CMR growth in fiscal 2020?

還是取決於您是否繼續按季度測試推薦系統提要，我們可能會在 2020 財年看到 CMR 增長出現一些波動？

Yes.

是的。

Alicia, you heard it correctly.

艾麗西亞，你沒有聽錯。

Yes, we did have -- did allocate more traffic to -- for the monetization test for recommendation feeds.

是的，我們確實 - 確實分配了更多流量 - 用於推薦提要的貨幣化測試。

I also said that we do not have a plan to extending the monetization of recommendation feeds in the coming fiscal year.

我還說過，我們沒有計劃在下一個財政年度擴大推薦提要的貨幣化。

So to translate it, when you see the customer management revenue growth for this quarter, it's very high, right, 31% versus 26%, 27% in previous quarters.

因此，換句話說，當你看到本季度的客戶管理收入增長時，它非常高，對，31%，而前幾個季度為 26%，27%。

So this is because -- partially because we extended -- we allocate more traffic for the recommendation feed test.

所以這是因為——部分是因為我們擴展了——我們為推薦提要測試分配了更多的流量。

And for the reason that we are not going to extend that monetization test, it's just similar how we invested in the B2C share -- market share expansion, right?

由於我們不打算延長貨幣化測試，這與我們投資 B2C 份額的方式類似——市場份額擴張，對吧？

So what we are telling people is that if we want to monetize this, we can increase the revenue and extend the CMR quickly.

所以我們告訴人們的是，如果我們想將其貨幣化，我們可以增加收入并快速擴展 CMR。

But we're targeting for long-term growth.

但我們的目標是長期增長。

We want to acquire user from less developed cities first and provide them with best user experience and also attract merchants to come and develop merchandise and to cater to these users for longer-term growth.

我們希望首先從欠發達城市獲取用戶，為他們提供最好的用戶體驗，同時吸引商家前來開發商品，以滿足這些用戶的長期增長。

So that's the plan.

這就是計劃。

Our next question comes from the line of Binnie Wong of HSBC.

我們的下一個問題來自匯豐銀行的Binnie Wong。

Maggie, I hope you also get some -- more rest post results.

瑪吉，我希望你也能得到一些——更多的休息後結果。

In terms of the food delivery strategy in Ele.me, so as we are 1 year over now since we acquired Ele.me, can you give us some update in terms of how we see the competitive landscape has changed it, our market share has evolved it?

就餓了麼的外賣戰略而言，自從我們收購餓了麼到現在已經一年多了，你能不能給我們一些最新的信息，說明我們如何看待競爭格局發生的變化，我們的市場份額已經進化了嗎？

Also, when we look at this quarter, revenue of this segment is relatively flat, but the losses here, is it also narrowed it?

另外，當我們看這個季度，這個部分的收入比較平緩，但是這裡的虧損，是不是也收窄了呢？

How should we be thinking about it?

我們應該如何思考它？

And on longer term, because -- can you also share with us how do you think this will add value to our ecosystem and also our logistics strategy?

從長遠來看，因為——您能否也與我們分享您認為這將如何為我們的生態系統和我們的物流戰略增加價值？

Well, yes, actually this April, actually we just celebrated our 1-year anniversary of -- after Ele.me joined Alibaba big family.

好吧，是的，實際上今年四月，實際上我們剛剛慶祝了餓了麼加入阿里巴巴大家庭一周年。

And when we look at the past year, I mean, what we experienced in past year, we -- all of us believe that this is the right decision, to have Ele.me in Alibaba digital economy.

當我們回顧過去的一年，我的意思是，我們在過去一年所經歷的一切，我們——我們所有人都相信，讓餓了麼進入阿里巴巴數字經濟是一個正確的決定。

I think first of -- first, it's like a -- it's about category expansion.

我認為首先 - 首先，它就像 - 它是關於類別擴展的。

I think today, food delivery is a necessity of the -- of all the consumers' lifestyle in China.

我認為今天，送餐是中國所有消費者生活方式的必需品。

And it all depend on the frequency, but you have -- at least you have to try.

這一切都取決於頻率，但你有——至少你必須嘗試。

I mean you need a -- from time to time, you need food delivery services.

我的意思是你需要 - 不時地，你需要送餐服務。

So I think this is part of consumers' lives today.

所以我認為這是當今消費者生活的一部分。

So I think -- which is very, very important to make sure we can meet order demands of our customers.

所以我認為 - 這對於確保我們能夠滿足客戶的訂單需求非常非常重要。

So second, Ele.me also bring us a very important on-demand delivery network, which today not only serve Ele.me business but also serve other business in Alibaba ecosystem, including our recent collaboration with Starbucks.

那麼其次，餓了麼也給我們帶來了一個非常重要的按需配送網絡，今天它不僅服務於餓了麼業務，還服務於阿里巴巴生態系統中的其他業務，包括我們最近與星巴克的合作。

So I think Ele.me actually play a very important role and 2 roles in Alibaba.

所以我覺得餓了麼其實在阿里巴巴扮演了一個非常重要的角色，兩個角色。

First is like a -- it's a new category killer.

首先就像一個——它是一個新的類別殺手。

Second is a on-demand logistic infrastructure.

其次是按需物流基礎設施。

And if you'll look -- if we review what the -- we did in the past year, I think we've already integrated Ele.me's technology platform with Alibaba technology.

如果你看看——如果我們回顧一下——我們在過去一年做了什麼，我認為我們已經將餓了麼的技術平台與阿里巴巴的技術相結合。

And we -- I mean in new year, we'll continue to expand our coverage across China on the food delivery business.

我們——我的意思是在新的一年，我們將繼續擴大我們在中國的食品配送業務覆蓋範圍。

Today, we are -- I think most of our Ele.me operation are focused on major cities, but we will continue to move ahead to cover more cities, especially low-tier cities, where we see a growing demand and market need.

今天，我們 - 我認為我們的大部分餓了麼業務都集中在主要城市，但我們將繼續前進以覆蓋更多城市，特別是我們看到需求和市場需求不斷增長的低線城市。

So we will -- I think we have -- we're well prepared to move forward to win the battle in this sector.

因此，我們將 - 我認為我們已經 - 我們已做好充分準備，以贏得這一領域的戰鬥。

Our next question comes from the line of Zachary Schwartzman of RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Zachary Schwartzman。

A little expansion on that previous question with Ele.me.

餓了麼對上一個問題進行了一些擴展。

Clearly, core business very healthy.

顯然，核心業務非常健康。

Seven point sequential acceleration in marketplace core commerce adjusted EBITA growth that allows you to invest more in the strategic businesses.

市場核心商務的七點連續加速調整了 EBITA 增長，使您能夠對戰略業務進行更多投資。

But 2 questions here.

但是這裡有兩個問題。

The first is how much do you see core commerce initiatives becoming as a percentage of total commerce revenues for the upcoming fiscal year?

首先是您認為核心商業計劃在即將到來的財政年度佔商業總收入的百分比是多少？

And then I know you don't manage the business on a margin basis, but gross margins were notably down this quarter in fiscal year.

然後我知道你不以利潤為基礎管理業務，但本財年本季度的毛利率明顯下降。

How much was just due to seasonality this quarter and -- if any?

有多少是由於本季度的季節性——如果有的話？

And if not, how much do you expect this to continue as you invest in gaining market shares over peers?

如果不是，在您投資於獲得超過同行的市場份額時，您預計這種情況會持續多少？

Specifically, just trying to get a better sense of how much you're using incentives for drivers and maybe even consumers for local consumer services and if they're temporary or permanent as you expand into Tier 3 cities and below.

具體來說，只是想更好地了解您對司機甚至消費者的本地消費者服務使用了多少激勵措施，以及當您擴展到三線及以下城市時，它們是臨時的還是永久的。

Yes, I -- in our IR deck, the PPT that was put on our website, it shows that -- where the spendings are and how our EBITA profitability grow for our core as well for the core and also for the overall AGH.

是的，我 - 在我們的 IR 甲板上，放在我們網站上的 PPT，它表明 - 支出在哪里以及我們的 EBITA 盈利能力如何為我們的核心以及核心和整體 AGH 增長。

So that could give you a better sense on where is -- the money goes.

這樣可以讓您更好地了解錢的去向。

That's on Page 12 of the material.

那是在材料的第 12 頁上。

So in terms -- rather than talking about margins, yes, we talk about our profitability growth.

因此，就術語而言——是的，我們不是在談論利潤率，而是在談論我們的盈利能力增長。

In the past year, you could tell from our -- the presentation I just mention that we did spend or invest in the areas not only in those cloud computing, digital media and entertainment but also within core, we have several areas that we have invested and also showed a very positive business progress.

在過去的一年裡，你可以從我們的——我剛才提到的演講中看出，我們不僅在雲計算、數字媒體和娛樂領域，而且在核心領域進行了支出或投資，我們在幾個領域進行了投資並且還顯示出非常積極的業務進展。

So these areas -- including local servicing, international business, Lazada, New Retail and logistics.

所以這些領域——包括本地服務、國際業務、Lazada、新零售和物流。

So I think overall, we're looking at this business for down -- 3 to 5 years is our next milestone rather than the next quarter or next year.

所以我認為總的來說，我們正在考慮這項業務 - 3 到 5 年是我們的下一個里程碑，而不是下一個季度或明年。

As I said, although we committed to invest, at the same time we're also committed to enhance the efficiency of the investments, which means that for every dollar we spend, we look at ROI internally.

正如我所說，雖然我們致力於投資，但同時我們也致力於提高投資效率，這意味著對於我們花費的每一美元，我們都會在內部查看投資回報率。

So that's how we decided whether we're going to extend the spending on certain businesses.

這就是我們決定是否要擴大對某些業務的支出的方式。

Our next question comes from the line of...

我們的下一個問題來自......

Oh, marketplace -- right, the question on marketplace revenue as a total revenue is still going to contribute -- if you look at our core commerce, first of all, core commerce is still going to contribute a significant part of the total revenue.

哦，市場——對，關於市場收入作為總收入的問題仍然會有所貢獻——如果你看看我們的核心商業，首先，核心商業仍然會貢獻總收入的很大一部分。

I think previous years, we have shown like somewhere around 80%.

我認為前幾年，我們已經展示了大約 80%。

In the coming year, the percentage wouldn't change that significantly.

在接下來的一年裡，這個百分比不會有太大變化。

The percentage will be pretty much at the same range.

該百分比將幾乎在同一範圍內。

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

我們的最後一個問題來自德意志銀行的 Han Joon Kim。

I just wanted to round up with a question on the guidance.

我只想總結一個關於指導的問題。

So based on everything that you guys have said and based on the fourth quarter numbers, which was running at a pretty high rate, it would seem to me that the kind of a 33% rate would be more of a kind of a minimum number that we start off with that we want to work north of.

因此，根據你們所說的一切以及第四季度的數字，它以相當高的速度運行，在我看來，33% 的比率更像是一種最低數字我們從我們想要在北方工作的地方開始。

Would that be a fair assessment?

這是一個公平的評估嗎？

Han Joon, could you repeat the question?

韓俊，你能重複這個問題嗎？

You were breaking up in the middle.

你們中間分手了。

I assume you're asking a question about revenue guidance being the minimum, is that right?

我假設你問的是關於收入指導是最低限度的問題，對嗎？

Yes.

是的。

I mean you guys sound pretty confident into this fiscal year, this fiscal '20.

我的意思是你們對這個財政年度，這個 20 財年聽起來很有信心。

And we exited last year north of 50%.

我們去年退出了 50% 以上。

So just on that cadence, I feel like a 33% Y-o-Y would be -- or reflects more of a kind of a minimum threshold that we set and try to move up from that throughout the course of the year.

因此，就這種節奏而言，我覺得 33% 的 Y-o-Y 會是——或者更多地反映了我們設定的一種最低門檻，並試圖在整個一年中提高這一門檻。

Yes.

是的。

Let me explain on that.

讓我解釋一下。

So if you look at the fiscal 2019, our overall revenue year-on-year growth was 51%.

所以如果你看一下 2019 財年，我們的整體收入同比增長 51%。

However, we did have some newly acquired business that we added in this fiscal year, which means that there was 0 base for fiscal 2018.

但是，我們在本財年確實有一些新收購的業務，這意味著 2018 財年的基數為 0。

For example, Ele.me, right, finalized -- just added late 2018.

例如，餓了麼，對，最終確定——2018 年底剛剛添加。

So if you take those out, our revenue growth -- the organic revenue growth would have been 39%.

所以如果你把這些去掉，我們的收入增長——有機收入增長將是 39%。

So this is the starting point.

所以這是起點。

And now we're talking about CNY 500 billion-plus, which is 33%, is actually comparable to last year's organic growth.

而現在我們談論的是 5000 多億元人民幣，即 33%，實際上與去年的有機增長相當。

The key is that 33%, we believe this growth will continue to outperform all of our global peers.

關鍵是 33%，我們相信這一增長將繼續超越我們所有的全球同行。

I hope that helps.

我希望這有幫助。

Well, thank you everyone for joining tonight.

好吧，謝謝大家今晚的加入。

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

如有任何疑問，請隨時聯繫阿里巴巴投資者關係團隊。

Thank you.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, that does conclude the conference call for today, and thank you for participating.

女士們，先生們，今天的電話會議到此結束，感謝您的參與。

You may now all disconnect.

您現在可能會全部斷開連接。