阿里巴巴 (BABA) 2022 Q4 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to Alibaba Group's March Quarter 2022 and Full Fiscal Year 2022 Results Conference Call. (Operator Instructions)

女士們，先生們，美好的一天。謝謝你的支持。歡迎參加阿里巴巴集團 2022 年 3 月季度和 2022 財年全年業績電話會議。 （操作員說明）

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

我現在想把這個電話轉給阿里巴巴集團投資者關係主管 Rob Lin。請繼續。

Good day, everyone, and welcome to Alibaba Group's March Quarter 2022 and Full Year -- Full Fiscal Year 2022 Results Conference Call. With us today are: Daniel Zhang, Chairman and CEO; Joe Tsai, Executive Vice Chairman; Toby Xu, Chief Financial Officer. This call is also being webcasted from the IR section of our corporate website. A replay of the call will be available on our website later today.

大家好，歡迎參加阿里巴巴集團 2022 年 3 月季度和全年 - 2022 財年全年業績電話會議。今天和我們在一起的是：董事長兼首席執行官張勇；執行副主席蔡崇信； Toby Xu，首席財務官。該電話也從我們公司網站的 IR 部分進行網絡直播。今天晚些時候將在我們的網站上重播電話會議。

Now let me quickly cover the safe harbor. Today's discussion may contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that may cause actual results to differ materially from our current expectations. For a detailed discussion of the risks and uncertainties, please refer to our latest annual report on Form 20-F and other documents filed with the U.S. SEC or announced on the website of the Hong Kong Stock Exchange. Any forward-looking statement 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.

現在讓我快速掩護避風港。今天的討論可能包含前瞻性陳述。前瞻性陳述涉及固有風險和不確定性，可能導致實際結果與我們當前的預期存在重大差異。有關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或在香港聯交所網站上公佈的表格 20-F 和其他文件的最新年度報告。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聲明的任何義務。

Please note that certain financial measures that we are using on this call, such as adjusted EBITDA, adjusted EBITDA margin, adjusted EBITA, adjusted EBITA margin, non-GAAP net income, non-GAAP diluted earnings per share, ADS and free cash flow, are expressed on a non-GAAP basis. Our GAAP results and reconciliation of GAAP to non-GAAP measures can be found in our earnings press release. Unless otherwise stated, growth rate of all stated metrics mentioned during this call refer to year-over-year growth versus the same quarter last year.

請注意，我們在本次電話會議上使用的某些財務指標，例如調整後的 EBITDA、調整後的 EBITDA 利潤率、調整後的 EBITA、調整後的 EBITA 利潤率、非 GAAP 淨收入、非 GAAP 稀釋每股收益、ADS 和自由現金流，以非公認會計原則表示。我們的 GAAP 結果以及 GAAP 與非 GAAP 措施的對賬可以在我們的收益新聞稿中找到。除非另有說明，本次電話會議中提到的所有所述指標的增長率均指與去年同期相比的同比增長率。

In addition, during today's call, management will give their prepared remarks in English. A third-party translator will provide simultaneous Chinese translation on another conference line. Please refer to our press release for details. During the Q&A session, you will -- we will take questions in both English and Chinese. And the third-party translator will provide consecutive translation. All translations are for convenience purpose only. In the case of any discrepancy, management's statement in the original language will prevail.

此外，在今天的電話會議中，管理層將用英語發表他們準備好的講話。第三方翻譯將在另一條會議線路上提供中文同聲傳譯。詳情請參閱我們的新聞稿。在問答環節，您將——我們將用英文和中文回答問題。第三方翻譯人員將提供連續翻譯。所有翻譯僅為方便起見。如有任何差異，以管理層以原文發表的聲明為準。

With that, I will now turn to Daniel.

有了這個，我現在將轉向丹尼爾。

Thank you, Rob. Hello, everyone. Thank you for joining our earnings call today. We completed a solid fiscal year amidst the macroeconomic challenges in China due to the resurgence of COVID and tremendous uncertainties in the global geopolitical landscape.

謝謝你，羅布。大家好。感謝您今天參加我們的財報電話會議。由於 COVID 的死灰復燃和全球地緣政治格局的巨大不確定性，我們在中國面臨宏觀經濟挑戰的情況下完成了穩健的財年。

During the fiscal year, we achieved the target of 1 billion AACs in China with annual net increase of 113 million. Globally, we reached 1.31 billion AACs with annual net increase of 177 million. And we achieved a total GMV of RMB 8.3 trillion with close to RMB 8 trillion in China and RMB 341 billion outside of China. Our cloud computing business completed its first profitable fiscal year while maintaining market leadership in China.

本財年，我們實現了中國10億台AAC的目標，年淨增1.13億台。在全球範圍內，我們達到 13.1 億個 AAC，年淨增 1.77 億個。我們實現了 8.3 萬億元人民幣的 GMV，在中國接近 8 萬億元人民幣，在中國境外接近 3410 億元人民幣。我們的雲計算業務完成了第一個盈利的財年，同時保持了在中國的市場領先地位。

Now I would like to share a bit more about the latest situation in China with the recent resurgence of COVID. As you all know, Omicron started to spread in China in March and has impacted several major consumption and manufacturing centers: such as Pearl River Delta, including Shenzhen; the Yangtze River Delta, including Shanghai and Beijing. During the second half of April, over 80 cities in China reported confirmed COVID cases. And most are national economic centers. Such widespread impact has brought significant uncertainties to the China economy. We saw the national retail sales reporting negative year-over-year growth in March and April. And online sales of physical goods also reported a historical decline year-over-year.

現在我想更多地分享一下中國最近新冠疫情的最新情況。眾所周知，Omicron從3月份開始在中國蔓延，已經影響到幾個主要的消費和製造中心：比如珠三角，包括深圳；長三角地區，包括上海和北京。 4 月下半月，中國 80 多個城市報告了新冠肺炎確診病例。而且大多數是國家經濟中心。如此廣泛的影響給中國經濟帶來了很大的不確定性。我們看到 3 月和 4 月全國零售額同比出現負增長。實物商品的在線銷售也出現了歷史性的同比下降。

The resurgence of COVID has also impacted our business to varying degrees. Overall speaking, we saw a low single-digit decline in revenue growth in April compared to the same period last year. Online physical goods GMV of our China retail marketplaces, excluding unpaid orders, saw a year-over-year decline in the low-teens percentage in April. To give you a sense of the scope of impact, based on our consumer address, cities with new COVID cases in April represented more than half of our China retail marketplaces' GMV. These cities also included major merchant hubs, such as Shanghai, Shenzhen and their nearby cities, where supply chain and logistic disruptions have resulted in widespread impacts.

COVID的死灰復燃也不同程度地影響了我們的業務。總體而言，與去年同期相比，我們看到 4 月份的收入增長出現了低個位數的下降。我們的中國零售市場的在線實物商品 GMV（不包括未付款訂單）在 4 月份的低青少年百分比中同比下降。為了讓您了解影響的範圍，根據我們的消費者地址，4 月份出現新 COVID 病例的城市占我們中國零售市場 GMV 的一半以上。這些城市還包括主要的商業中心，如上海、深圳及其附近城市，供應鍊和物流中斷已造成廣泛影響。

During the same period, while our user traffic and engagement have remained resilient, patterns of consumption across categories on our platforms have shifted. Fashions and electronics consumption decreased. Demand for essential supplies, such as food and FMCG products, increased significantly with more consumers stockpiling at home. Emerging categories, such as health care, activewear and outdoor products, also grew rapidly. We have seen a major recovery in local logistic capacity compared to April. We believe operating stability and sustainability during this period is the primary concern of all businesses. Ensuring stability of supply chain and logistics amidst the uncertainties is the best way to improve consumption sentiment and foster a more positive environment for business operations.

在同一時期，雖然我們的用戶流量和參與度保持彈性，但我們平台上跨類別的消費模式已經發生變化。時裝和電子產品消費下降。隨著越來越多的消費者在家中囤積，對食品和快速消費品等基本用品的需求顯著增加。醫療保健、運動服和戶外用品等新興品類也增長迅速。與 4 月份相比，我們看到當地物流能力大幅恢復。我們認為，在此期間的經營穩定性和可持續性是所有業務的首要關注點。在不確定性中確保供應鍊和物流的穩定是改善消費情緒和營造更加積極的商業運營環境的最佳途徑。

We are also facing uncertainties in the macro environment outside of China. During the quarter, Lazada order growth slowed down to 32% year-over-year as offline consumption gradually recovered post pandemic in Southeast Asia with Malaysia, Vietnam and Thailand achieving higher than regional average order growth rates. Trendyol continued its market leadership in Turkey with quarterly order volume growing by 48% year-over-year. The order volume of AliExpress decreased year-over-year this quarter mainly due to the impact of European Union's policy change in VAT exemption, recovery of local supply chain and offline consumption post pandemic as well as international logistics disruptions due to the regional conflict.

我們也面臨著中國以外宏觀環境的不確定性。本季度，隨著東南亞疫情后線下消費逐漸恢復，馬來西亞、越南和泰國的訂單增長率高於地區平均水平，Lazada 訂單增長同比放緩至 32%。 Trendyol 繼續在土耳其保持市場領先地位，季度訂單量同比增長 48%。本季度全球速賣通訂單量同比下降，主要是受歐盟免徵增值稅政策變化、疫情后當地供應鍊和線下消費恢復以及地區衝突導致國際物流中斷的影響。

Despite geopolitical conflicts and uncertainties, we will continue efforts to develop our globalization strategy in consumption. We will serve international consumers through a combination of cross-border and local commerce models and proactively invest in our global logistics networks as part of our overseas digital commerce infrastructure buildup. Facing the challenges of geopolitical and macroeconomic uncertainties, many companies started to focus on high-quality growth with cost control and loss-cutting.

儘管存在地緣政治衝突和不確定性，我們仍將繼續努力發展我們的消費全球化戰略。我們將通過跨境和本地商業模式相結合的方式服務國際消費者，並積極投資我們的全球物流網絡，作為我們海外數字商務基礎設施建設的一部分。面對地緣政治和宏觀經濟不確定性的挑戰，許多企業開始關注成本控制和虧損的高質量增長。

For Alibaba, high-quality growth has been a principle for years. Especially during the pandemic, we see the benefits of a solid foundation that we have built over time carrying out this principle: number one, the high-quality consumer that we serve; number two, the high-quality infrastructure we are building for digital commerce; and number three, the high-quality technology innovations that drive the vast potential of our cloud computing business. I will elaborate more in the following sections.

對於阿里巴巴來說，高質量增長是多年來的原則。尤其是在大流行期間，我們看到了我們為執行這一原則而建立的堅實基礎所帶來的好處：第一，我們服務的優質消費者；第二，我們正在為數字商務建設的高質量基礎設施；第三，推動我們雲計算業務巨大潛力的高質量技術創新。我將在以下部分詳細說明。

First of all, the high-quality consumer base. We serve the largest and highest-quality consumer base in China by Taobao and Tmall. Among our 1 billion AACs in China, 124 million consumers spend more than RMB 10,000 annually on Taobao and Tmall. And 98% of those consumers continue to stay active in the following years. Looking ahead, we will continue to strengthen our comprehensive consumer application portfolio with clearly differentiated user value propositions and address the diversified needs of different consumer segments in accordance with their consumption power and mindset, especially those of our core customers.

首先，優質的消費群體。我們服務於淘寶和天貓在中國最大和最優質的消費群。在我們在中國的 10 億個 AAC 中，有 1.24 億消費者每年在淘寶和天貓上的消費超過 1 萬元人民幣。在接下來的幾年中，98% 的消費者繼續保持活躍。展望未來，我們將繼續加強全面的消費應用組合，提供明顯差異化的用戶價值主張，並根據不同消費群體，尤其是核心客戶的消費能力和思維方式，滿足不同消費群體的多樣化需求。

What does it mean? In prepurchase stage, it means establish a clear consumer mindset, stimulating consumer interest through increasing user engagement and time spent on consumption-related contents and influencing consumer decision. In post-purchase stage, it means an enhanced fulfillment and customer service experience. I believe this is the winning formula for earning consumer mind share and wallet share in a highly competitive landscape.

這是什麼意思？在預購買階段，意味著建立清晰的消費者心態，通過增加用戶參與度和在消費相關內容上花費的時間來激發消費者的興趣，並影響消費者的決策。在售後階段，這意味著增強的履行和客戶服務體驗。我相信這是在競爭激烈的環境中贏得消費者心智份額和錢包份額的製勝法寶。

Secondly, the high-quality infrastructure for digital commerce. Over the years, Alibaba has established a comprehensive infrastructure for digital commerce based on a hybrid model, combining intercity and intracity fulfillment. Through digital user outreach, effective organization of product and services supply as well as fulfillment service capabilities covering cities and communities, our infrastructure has become an important way for consumers to obtain daily necessities during the pandemic. In particular, over the last few years, we have created our location-based commerce business by building core capabilities in supply chain and fulfillment and online-offline integrated distribution networks on top of a pre-existing marketplace model.

其次，高質量的數字商務基礎設施。多年來，阿里巴巴建立了基於混合模式的綜合性數字商務基礎設施，結合了城際和城內履行。通過數字化用戶外展、有效組織產品和服務供應以及覆蓋城市和社區的履行服務能力，我們的基礎設施已成為疫情期間消費者獲取生活必需品的重要途徑。特別是，在過去幾年中，我們通過在現有市場模型之上建立供應鍊和履行以及線上線下綜合分銷網絡的核心能力，創建了基於位置的商務業務。

Based on our data in March and April, an average order value of customers in our location-based commerce business has increased significantly as consumers in COVID-affected areas rushed to stock up. As a result, while our order volumes were negatively impacted by the fulfillment capacity constraint during the pandemic, GMV of these location-based commerce business have shown robust year-on-year growth.

根據我們在 3 月和 4 月的數據，隨著受 COVID 影響地區的消費者爭相囤貨，我們基於位置的商務業務中客戶的平均訂單價值顯著增加。因此，雖然我們的訂單量在大流行期間受到履行能力限制的負面影響，但這些基於位置的商業業務的 GMV 卻顯示出強勁的同比增長。

Taking Shanghai as an example, while Ele.me's food delivery business has been significantly impacted, deliveries of retail categories have grown rapidly. In particular, demand for groceries and pharmaceuticals are extremely strong with year-on-year growth above 100%. As Ele.me continued to enhance its operations and reduce unit cost -- unit logistic cost, its unit economics also improved significantly to almost breakeven during the quarter.

以上海為例，在餓了麼外賣業務受到明顯衝擊的同時，零售品類的外賣增長迅速。尤其是雜貨和藥品的需求非常旺盛，同比增長超過100%。隨著餓了麼繼續加強運營並降低單位成本——單位物流成本，其單位經濟性也顯著改善，在本季度幾乎達到盈虧平衡。

Our infrastructure is playing an important role during the panic. For example, our different businesses, including Freshippo, Taoxianda, Tmall Supermarket, Ele.me, et cetera, are providing essential supplies in cities impacted by COVID in China. Through these efforts, we hope to integrate business capabilities with social responsibility, leveraging the power of digital commerce and technology in the fight against COVID and providing essential supply support for local communities.

在恐慌期間，我們的基礎設施發揮著重要作用。例如，我們的不同業務，包括盒馬鮮生、淘鮮達、天貓超市、餓了麼等，正在為中國受 COVID 影響的城市提供必需品。通過這些努力，我們希望將商業能力與社會責任相結合，利用數字商務和技術的力量對抗 COVID，並為當地社區提供必要的供應支持。

Let me name a few examples. Sun Art, Freshippo and other business units supported the supply and delivery of essentials to the residents by dispatching thousands of couriers and frontline workers from various regions in China to Shanghai. Ele.me delivered more than 2.5 million pharmaceutical medicine orders to homes in Shanghai in April 2022. It also launched emergency delivery services for vulnerable groups in the city and addressed nearly 70,000 emergency requests during the month. Cainiao logistics built an emergency logistics system that encompassed disaster preparedness management, emergency transportation, transit and distribution to deal with contingencies.

讓我舉幾個例子。高鑫零售、盒馬鮮生等事業部從全國各地派出數千名快遞員和一線工作人員前往上海，支持居民生活必需品的供應和配送。 2022 年 4 月，餓了麼向上海的家庭交付了超過 250 萬份藥品訂單。它還為該市的弱勢群體啟動了緊急交付服務，並在當月處理了近 70,000 個緊急請求。菜鳥物流構建了包括災備管理、應急運輸、中轉配送在內的應急物流體系，以應對突發事件。

Amap, our map navigation tool, launched the map of PCR testing sites, which covered more than 350 cities in China by mid-May. Users can easily search for locations and opening hours of nearby test sites. Taobao and Tmall have launched a series of targeted relief measures that would help merchants in Shanghai and those participating in our June 18 Shopping Festival after cash flow -- to ease their cash flow pressure, reduce operating costs and speed up the consumption -- resumption of work and production to the largest extent possible.

我們的地圖導航工具高德地圖推出了PCR檢測點地圖，截至5月中旬，已覆蓋全國350多個城市。用戶可以輕鬆搜索附近考點的位置和開放時間。淘寶和天貓推出了一系列有針對性的紓困措施，幫助上海和參加我們6月18日購物節的商家在現金流後緩解他們的現金流壓力，降低運營成本，加快消費。最大程度地工作和生產。

Thirdly, the high-quality technology innovations that drive the vast potential of our cloud computing business. Alibaba Cloud's competitive advantage is its world-class perpetual technology and products that support the highly demanding and complex business across Alibaba Group while serving customers across a wide range -- a wide variety of verticals globally. In fiscal year 2022, Alibaba Cloud continues to be the leader in terms of market share in China and achieved a full year profitability for the first time. Its GAAP revenue reached RMB 74.6 billion during the year with 23% year-on-year growth.

第三，驅動我們雲計算業務巨大潛力的高質量技術創新。阿里雲的競爭優勢在於其世界級的永久技術和產品，支持阿里巴巴集團高要求和復雜的業務，同時為全球範圍廣泛的垂直領域的客戶提供服務。 2022財年，阿里雲在中國市場份額繼續保持領先，首次實現全年盈利。年內，其GAAP收入達到人民幣746億元，同比增長23%。

Before intersegment elimination, cloud revenue for the fiscal year has exceeded RMB 100 billion. During the past quarter, Alibaba Cloud's revenue increased by 12% year-on-year. The growth deceleration was a result of several factors, including the decline in corporate activities and a delay in project delivery due to the impact of COVID restrictions, slowdown in the growth of Internet industry customers and the gradual termination of contracts by a top customer for our public cloud services outside of China. We believe these impacts are temporary.

剔除分部前，本財年雲收入已超過1000億元。在過去的一個季度，阿里雲的收入同比增長了 12%。增長減速是多方面因素共同作用的結果，包括受新冠疫情限制影響企業活動減少和項目交付延遲、互聯網行業客戶增長放緩以及我們的頂級客戶逐步終止合同。中國以外的公共雲服務。我們認為這些影響是暫時的。

While China's Internet industry customers show a deceleration in cloud service demand as the entire sector faced a challenge of growth ceiling in user traffic and time spent, digitization of other industries is just starting, and we see plenty of opportunities. Cloud computing and data intelligence services are fundamental to every business in every sector undergoing digital transformation. According to the industry estimates, China's cloud market size will reach RMB 1 trillion by 2025. Alibaba Cloud will continue to elevate its core technology and products to maintain its leadership in its highly potential market.

雖然中國互聯網行業客戶對雲服務的需求出現放緩，整個行業都面臨著用戶流量和時間增長上限的挑戰，但其他行業的數字化才剛剛起步，我們看到了很多機會。雲計算和數據智能服務是每個行業中每個正在經歷數字化轉型的企業的基礎。據業內人士估計，到2025年，中國雲市場規模將達到1萬億元。阿里雲將繼續提升核心技術和產品，在極具潛力的市場中保持領先地位。

The cumulative results of Alibaba's strong management and operations over the years has produced a high-quality customer base, a sophisticated digital commerce infrastructure and world-class technology innovation. We also have a multi-engine growth strategy, robust financial conditions and a profitable business and a strong cash flow. These provide important assurance in the face of a macro uncertainty and more importantly, a source of confidence as we continue to pursue healthy and sustainable development for the future. In the new fiscal year, we will focus even more on cost control and continue to improve our operating efficiency. This includes streamlining unprofitable businesses, improving cash cycles and enhancing investment efficiency in personnel, fixed assets and other areas to maintain financial flexibility amidst uncertainties.

阿里巴巴多年來強大的管理和運營的累積成果產生了高質量的客戶群、成熟的數字商務基礎設施和世界級的技術創新。我們還擁有多引擎增長戰略、穩健的財務狀況、盈利的業務和強勁的現金流。這些是面對宏觀不確定性的重要保證，更重要的是，是我們繼續追求未來健康和可持續發展的信心來源。新財年，我們將更加註重成本控制，持續提升經營效率。這包括精簡未盈利業務，改善現金周期，提高人員、固定資產和其他領域的投資效率，以在不確定性中保持財務靈活性。

Recently, the Chinese government has released important policy signals on its commitment to stabilize the economy and the job market in response to COVID impacts. They have also issued clear statements on promoting the development of Internet platform economy through a healthy regulatory environment. Yesterday, the State Council held a national meeting to mobilize the implementation of several economic policies. As one of the representative companies of China Internet platform economy, Alibaba is committed to supporting China's development through the combination of technology innovation and commercial innovation.

最近，中國政府發布了重要的政策信號，承諾穩定經濟和就業市場以應對新冠疫情的影響。他們還就通過健康的監管環境促進互聯網平台經濟的發展發表了明確的聲明。昨天，國務院召開全國會議，動員落實多項經濟政策。作為中國互聯網平台經濟的代表企業之一，阿里巴巴致力於通過技術創新和商業創新相結合的方式支持中國的發展。

We aim to serve Chinese consumers' pursuit for better life as well as the digital transformation needs of different industries. We also will be on the front lines in the fight against COVID and ensuring the availability of food and other essential supplies to communities in need. We look forward to the introduction and implementation of policies that will enable the Internet platform companies to contribute more towards stabilizing the market, creating jobs and furthering high-quality development of China economy.

我們旨在服務於中國消費者對美好生活的追求以及不同行業的數字化轉型需求。我們還將站在抗擊 COVID 的第一線，並確保向有需要的社區提供食物和其他基本用品。我們期待政策的出台和落實，讓互聯網平台企業為穩定市場、創造就業、推動中國經濟高質量發展做出更大貢獻。

The history of economic development has always been filled with twists and turns. In the long run, we strongly believe in the resilience and the potential of the China economy. We will strengthen our fundamentals during this unique period, focus on innovation and customer value creation and continue investing and planning for Alibaba's long-term growth.

經濟發展的歷史總是充滿曲折。從長遠來看，我們堅信中國經濟的韌性和潛力。在這個獨特的時期，我們將加強我們的基本面，專注於創新和客戶價值創造，並繼續投資和規劃阿里巴巴的長期發展。

Thank you, everyone, for your time. I will now turn the mic over to Toby, who will walk you through the details of our financial results.

謝謝大家，謝謝你們的時間。我現在將把麥克風交給托比，他將向您介紹我們財務業績的詳細信息。

Thank you, Daniel. Hello, everyone. Let me walk you through the details of our financial results.

謝謝你，丹尼爾。大家好。讓我向您詳細介紹我們的財務業績。

For the quarter ended March 31, 2022, total revenue was RMB 204 billion, an increase of 9%, that was primarily driven by the revenue growth of China commerce segment by 8% to RMB 140 billion; local consumer services segment by 29% to RMB 10 billion; and cloud segment by 12% to RMB 19 billion.

截至 2022 年 3 月 31 日的季度，總收入為 2040 億元人民幣，增長 9%，主要受中國商務板塊收入增長 8% 至 1400 億元人民幣的推動；本地消費服務板塊增長 29% 至 100 億元人民幣；雲業務增長 12%，達到 190 億元人民幣。

Income from operations for the quarter was RMB 16.7 billion compared to a loss from operations of RMB 7.7 billion in the same quarter of last year. The year-over-year change of RMB 24.4 billion was primarily due to RMB 18 billion anti-monopoly fine levied in the March 2021 quarter and a mark-to-market adjustment of SBC expenses of RMB 13 billion in the March 2022 quarter. Excluding these impacts, income from operations would have decreased by RMB 7 billion, primarily due to changes in adjusted EBITA.

本季度經營收入為人民幣167億元，而去年同期經營虧損為人民幣77億元。 244 億元人民幣的同比變化主要是由於 2021 年 3 月季度徵收 180 億元人民幣的反壟斷罰款以及 2022 年 3 月季度 SBC 費用按市值調整 130 億元人民幣。剔除這些影響，經營收入將減少人民幣 70 億元，主要是由於調整後 EBITA 的變化。

Adjusted EBITA decreased by RMB 6.8 billion to RMB 15.8 billion year-over-year in the quarter. The decrease was primarily due to RMB 7.4 billion decrease in China commerce segment EBITA that mainly reflected investments in Taocaicai and Taobao Deals, impacts from COVID as well as losses incurred by Sun Art. However, it's important to note that the combined losses of Taobao Deals and Taocaicai declined quarter-over-quarter as we focused on driving high-quality growth for our China commerce segment.

本季度調整後 EBITA 同比下降 68 億元人民幣至 158 億元人民幣。減少的主要原因是中國商業板塊 EBITA 減少人民幣 74 億元，主要反映了對淘菜和淘寶交易的投資、COVID 的影響以及高鑫零售的虧損。然而，值得注意的是，由於我們專注於推動中國商務部門的高質量增長，淘寶交易和淘菜菜的總虧損環比下降。

Importantly, during the March 2022 quarter, we are also making progress in improving operating efficiency and instilled cost discipline through the company. This has resulted in narrowing losses year-over-year of RMB 1.2 billion for local consumer services; narrowing losses of RMB 732 million for DME segment; and improving profitability of RMB 618 million for cloud segment.

重要的是，在 2022 年 3 月的季度，我們還在提高運營效率和通過公司灌輸成本紀律方面取得了進展。本地消費服務虧損同比減少12億元；二甲醚板塊虧損收窄7.32億元；雲板塊盈利能力提升6.18億元。

Cost of revenue ratio excluding SBC increased to 68% in the quarter ended March 31, 2022. The increase was primarily due to: firstly, higher proportion of direct sales businesses, such as Freshippo and Tmall Supermarket, that increased the cost of inventory as a percentage of revenue; and secondly, growth of Taocaicai and Cainiao businesses that led to an increase in logistics costs as a revenue of -- as a percentage of revenue.

截至 2022 年 3 月 31 日的季度，不包括 SBC 的收入成本率上升至 68%。上升的主要原因是：一是盒馬鮮生、天貓超市等直銷業務佔比較高，導致庫存成本增加收入百分比；其次，淘菜和菜鳥業務的增長導致物流成本佔收入的比重增加。

Excluding SBC, product development expenses as a percentage of revenue slightly increased to 6% in the quarter ended March 31, 2022, reflecting our continued investments in talent to drive technology and product innovation. Sales and marketing expenses excluding SBC as a percentage of revenue remained stable at 13% in the March quarter compared to the same quarter of last year. Excluding SBC and the impact from anti-monopoly fine, general and administrative expenses as a percentage of revenue will be flattish in the quarter.

不包括 SBC，產品開發費用佔收入的百分比在截至 2022 年 3 月 31 日的季度中小幅上升至 6%，這反映了我們對人才的持續投資以推動技術和產品創新。與去年同期相比，3 月季度不包括 SBC 的銷售和營銷費用佔收入的百分比穩定在 13%。剔除 SBC 和反壟斷罰款的影響，一般和行政費用佔收入的百分比在本季度將持平。

Non-GAAP net income attributable to ordinary shareholders in the quarter was RMB 21.5 billion, a decline of RMB 6.9 billion primarily due to decrease in adjusted EBITA. GAAP net losses attributable to ordinary shares was RMB 16.2 billion. The difference between GAAP net losses and non-GAAP net income was primarily due to increase in the market prices -- a decrease in the market prices of our equity investments in publicly traded companies.

本季度非美國通用會計準則歸屬於普通股股東的淨利潤為人民幣 215 億元，減少人民幣 69 億元，主要是由於調整後 EBITA 的減少。 GAAP歸屬於普通股的淨虧損為人民幣162億元。 GAAP 淨虧損和非 GAAP 淨收入之間的差異主要是由於市場價格上漲——我們對上市公司股權投資的市場價格下降。

As of March 31, 2022, we continue to maintain a strong net cash position of RMB 343 billion or USD 54 billion. Our strong net cash position is supported by robust cash flow generation. In fiscal year 2022, net cash flow from operation and free cash flow were RMB 142.8 billion and RMB 98.9 billion, respectively. Majority of the difference is operating CapEx spending at RMB 42 billion, reflecting our investment in cloud business and logistics fulfillment infrastructure. Free cash flow in March quarter 2022 was an outflow of RMB 15 billion mainly due to the payment of final settlement -- installment in the amount of RMB 9.1 billion of RMB 18.2 billion, the anti-monopoly fine and a decrease in profit.

截至 2022 年 3 月 31 日，我們繼續保持 3430 億元人民幣或 540 億美元的強勁淨現金頭寸。我們強勁的淨現金頭寸得到強勁現金流的支持。 2022財年，經營活動產生的現金流量淨額和自由現金流量分別為人民幣1428億元和人民幣989億元。大部分差異是運營資本支出為 420 億元人民幣，反映了我們在雲業務和物流履行基礎設施方面的投資。 2022年3月季度自由現金流流出人民幣150億元，主要是由於支付尾款-分期付款人民幣182億元、反壟斷罰款和利潤減少所致。

Importantly, we have continued to enhance returns to shareholders through share repurchases, given our strong balance sheet and free cash flow generation capability. In fiscal year '22, we repurchased approximately 60 million of our ADSs for approximately USD 9.6 billion under our share repurchase program. On March '22, our company's Board has authorized an increase of our share repurchase program from USD 15 billion to USD 25 billion. Since April 1 to May 25, we have repurchased another USD 3.4 billion in ADSs. As of May 25, we still have an unused amount of USD 12 billion under the share repurchase program.

重要的是，鑑於我們強大的資產負債表和自由現金流產生能力，我們繼續通過股票回購提高股東回報。在 22 財年，我們根據股票回購計劃以約 96 億美元的價格回購了約 6000 萬股美國存託憑證。 3 月 22 日，我們公司董事會已授權將我們的股票回購計劃從 150 億美元增加到 250 億美元。自 4 月 1 日至 5 月 25 日，我們又回購了 34 億美元的 ADS。截至 5 月 25 日，我們仍有 120 億美元的股票回購計劃未使用。

Before I start with our segment results, I'd like to highlight something in the December 2021 quarter financial results. In the December quarter, the net income attributable to ordinary shareholders was understated by RMB 7.3 billion. This was caused by a goodwill impairment charge that should have been partially attributed to noncontrolling interest but was fully recorded in net income attributable to ordinary shareholders. This does not impact our non-GAAP measures and does not impact revenue, income from operations or total net income for the December quarter. The attribution has been rectified and properly reflected in the full year consolidated financial information for fiscal year 2022. This attribution has no impact on the consolidated financial information for the March 2022 quarter.

在開始介紹我們的部門業績之前，我想強調一下 2021 年 12 月季度財務業績中的一些內容。 12月季度，歸屬於普通股股東的淨利潤被低估了73億元人民幣。這是由商譽減值費用引起的，該費用本應部分歸因於非控制性權益，但全部記錄在歸屬於普通股股東的淨收入中。這不會影響我們的非公認會計原則措施，也不會影響 12 月季度的收入、運營收入或總淨收入。該歸屬已得到糾正並正確反映在 2022 財年的全年合併財務信息中。該歸屬對 2022 年 3 月季度的合併財務信息沒有影響。

Now let's look at our segment results. Revenue from our China commerce segment in March quarter was RMB 140 billion, an increase of 8% year-over-year. Customer management revenue remained stable year-over-year at RMB 63 billion despite a low single-digit decline in Taobao and Tmall online physical goods GMV, excluding unpaid orders. For the March quarter, the combined GMV growth of January and February was flat but was offset by a decline in GMV in March, driven by COVID-19 impacts.

現在讓我們看看我們的細分結果。 3 月份季度，我們中國商務板塊的收入為 1400 億元人民幣，同比增長 8%。儘管淘寶和天貓線上實物商品交易總額（不包括未支付訂單）出現低個位數下降，客戶管理收入仍保持穩定，為 630 億元人民幣。在 3 月季度，1 月和 2 月的 GMV 總增長持平，但被 COVID-19 影響導致的 3 月 GMV 下降所抵消。

If we further break down customer management revenue growth into advertising and commission revenue, total advertising revenue delivered a positive growth during the quarter. Commission revenue recorded a high single-digit decline due to GMV decline and higher order cancellation and delays as a result of logistics bottleneck from COVID-19 resurgence in March. Direct sales and others revenue in March quarter was RMB 73 billion, an increase of 14% year-over-year, primarily driven by robust revenue growth of Freshippo and Tmall Supermarket.

如果我們進一步將客戶管理收入增長分解為廣告和佣金收入，總廣告收入在本季度實現了正增長。由於 GMV 下降以及由於 3 月份 COVID-19 復甦造成的物流瓶頸導致訂單取消和延遲增加，佣金收入錄得高個位數下降。 3 月當季直銷及其他收入為人民幣 730 億元，同比增長 14%，主要受盒馬和天貓超市收入強勁增長的推動。

China commerce segment adjusted EBITA decreased by RMB 7.4 billion year-over-year to RMB 32.1 billion in the March quarter. The decline reflected investments in Taocaicai, Taobao Deals as well as over RMB 1 billion losses incurred by Sun Art primarily due to one-off asset impairments and special provisions. We are making progress in our commitment to improve efficiency and narrow losses for Taobao Deals and Taocaicai that have been successful in acquiring new consumers in less developed areas.

中國商業部門調整後的 EBITA 在 3 月季度同比下降 74 億元人民幣至 321 億元人民幣。下降反映了對淘菜、淘寶交易的投資，以及高鑫零售因一次性資產減值和特殊準備而蒙受的超過 10 億元人民幣的虧損。我們正在努力提高淘寶特賣和淘菜的效率並縮小虧損，這些產品已成功在欠發達地區獲得新消費者。

During the quarter, Taobao Deals had over 300 million annual active consumers. More than 20% of these AAC of Taobao Deals were consumers that did not shop on Taobao or Tmall in fiscal year 2022. And Taocaicai had over 90 million AACs, of which more than 50% were first-time fresh produce buyers on our various platforms. At the same time, the combined losses of Taobao Deals and Taocaicai declined quarter-over-quarter. We expect the combined Taobao Deals and Taocaicai losses to continue to narrow as we focus on driving high-quality growth for our China commerce segment.

本季度，淘寶Deals每年有超過3億活躍消費者。 2022財年淘寶Deal中超過20%的AAC是沒有在淘寶或天貓購物的消費者。淘菜菜有超過9000萬的AAC，其中超過50%是我們各個平台上的首次生鮮買家.與此同時，淘寶特賣和淘菜的總虧損環比下降。隨著我們專注於推動中國商務部門的高質量增長，我們預計淘寶交易和淘菜菜的綜合虧損將繼續收窄。

On to our major direct sales businesses. Except for Sun Art, as mentioned, losses narrowed year-over-year for Freshippo, Tmall Global and Tmall Supermarket. We have continued to expand our direct sales business to enrich product supply for our marketplaces, strengthen supply chain capabilities for various verticals and offer comprehensive high-frequency fulfillment services that seamlessly integrate with physical stores and pickup stations. These businesses delivered solid top line growth during the quarter. And we expect them to contribute more to the overall segment revenue mix, which will continue to affect the China commerce EBITA margin.

關於我們的主要直銷業務。如前所述，除高鑫零售外，盒馬鮮生、天貓國際和天貓超市的虧損同比收窄。我們繼續拓展直銷業務，以豐富我們的市場產品供應，加強各個垂直領域的供應鏈能力，並提供與實體店和提貨站無縫集成的全面高頻履行服務。這些業務在本季度實現了穩健的收入增長。我們預計他們將為整體部門收入組合做出更多貢獻，這將繼續影響中國商業 EBITA 利潤率。

Our international commerce segment; revenue in March quarter was RMB 14.3 billion, an increase of 7% year-over-year. The increase was primarily driven by Lazada and Alibaba.com, our international wholesale business. Lazada delivered solid order growth of 32%, while Alibaba.com grew transaction value completed on its platform by 22%. The slower year-over-year growth rate as compared to previous quarters was mainly due to, firstly, revenue decline of Trendyol that was negatively impacted by the ongoing depreciation of Turkish lira against RMB; and secondly, orders declined for AliExpress, which was mainly driven by the ongoing impact from VAT rules as well as supply chain and logistics disruptions for parcels entering the Eurozone due to Russia and the Ukraine conflict and then slowing China export growth and supply chain disruptions from COVID-19 impacts.

我們的國際商務部門； 3 月當季收入為 143 億元人民幣，同比增長 7%。這一增長主要由我們的國際批發業務 Lazada 和阿里巴巴推動。 Lazada 實現了 32% 的穩健訂單增長，而阿里巴巴在其平台上完成的交易額增長了 22%。與前幾個季度相比，同比增速放緩的主要原因是：一是受土耳其里拉兌人民幣持續貶值的負面影響，Trendyol 的收入下降；其次，全球速賣通的訂單下降，這主要是受增值稅規則的持續影響以及俄羅斯和烏克蘭衝突導致進入歐元區的包裹的供應鍊和物流中斷以及中國出口增長放緩和供應鏈中斷的影響。 COVID-19 的影響。

International commerce segment adjusted EBITA losses was a loss of RMB 2.6 billion in March quarter. Losses slightly increased year-over-year, mainly driven by Trendyol's investments in new businesses such as international businesses and local consumer services in Turkey, partly offset by continued profit growth of Alibaba.com, narrowed losses of AliExpress and narrowed losses of Lazada through optimization of OpEx and logistics costs.

國際商務部門調整後的 EBITA 虧損為 26 億元人民幣。虧損同比小幅增長，主要是Trendyol在土耳其投資國際業務和本地消費服務等新業務，部分被阿里巴巴持續盈利增長、速賣通虧損收窄和Lazada優化收窄虧損所抵消運營支出和物流成本。

Revenue from local consumer services was RMB 10.4 billion in March quarter, an increase of 29% year-over-year, driven by more efficient use of subsidies and higher average order value driving resilient GMV growth for Ele.me. Local consumer service adjusted EBITA losses reduced by RMB 1.2 billion year-over-year to RMB 5.5 billion primarily due to the narrowed losses of our To Home business, driven by optimized user acquisition and reduced delivery costs.

3 月當季本地消費服務收入為人民幣 104 億元，同比增長 29%，這主要得益於更有效的補貼使用和更高的平均訂單價值，推動了餓了麼的 GMV 彈性增長。本地消費服務調整後 EBITA 虧損同比減少 12 億元人民幣至 55 億元人民幣，主要是由於優化用戶獲取和降低交付成本推動到家業務虧損收窄。

Revenue from Cainiao after intersegment elimination was RMB 11.6 billion in March quarter, an increase of 16% year-over-year, primarily contributed by the increase in revenue from consumer logistics services as a result of service upgrade for enhancing consumer experience, partly offset by the decrease in international orders that was mainly impacted by the supply chain and logistics disruptions for parcels entering the Eurozone due to Russia and Ukraine conflict.

3月當季菜鳥剔除分部後收入116億元，同比增長16%，主要是為提升消費者體驗而進行的服務升級導致消費者物流服務收入增加，部分抵消了國際訂單減少主要受俄羅斯和烏克蘭衝突導致進入歐元區的包裹供應鍊和物流中斷的影響。

During the fiscal year 2022, 69% of Cainiao's total revenue was generated from external customers. Cainiao adjusted EBITA loss was RMB 912 million. Loss widened by RMB 327 million year-over-year, primarily due to increase in operating cost from expansion of our global smart logistics infrastructure as well as the impacts from COVID-19 resurgence in China and Russia and Ukraine conflict. Going forward, we will continue our efforts in building comprehensive logistics and fulfillment infrastructure in China and internationally, laying the foundation for sustainable long-term growth for our digital commerce businesses.

2022財年，菜鳥總收入的69%來自外部客戶。菜鳥調整後EBITA虧損為人民幣9.12億元。虧損同比擴大 3.27 億元人民幣，主要是由於我們的全球智能物流基礎設施擴張導致運營成本增加，以及中國與俄羅斯和烏克蘭衝突中 COVID-19 死灰復燃的影響。展望未來，我們將繼續努力在中國和國際上建立綜合物流和履行基礎設施，為我們的數字商務業務的可持續長期增長奠定基礎。

Revenue from our cloud segment after intersegment elimination was RMB 19 billion in March quarter, an increase of 12% year-over-year. Revenue growth was slower in March quarter compared to prior quarters, reflecting slowing economic activities, softening demand from customers in China Internet industry and delays in completing hybrid cloud projects due to COVID-19 impacts. Excluding revenue generated from a top customer in the Internet industry that gradually phased out using our cloud services for its international business, our cloud segment revenue after intersegment elimination would have grown 15% year-over-year during March quarter and 29% for fiscal year 2022.

3 月季度，我們的雲業務在剔除部門間後的收入為 190 億元人民幣，同比增長 12%。與前幾個季度相比，3 月份季度的收入增長放緩，這反映了經濟活動放緩、中國互聯網行業客戶需求疲軟以及由於 COVID-19 影響而延遲完成混合雲項目。剔除互聯網行業的一位頂級客戶在其國際業務中逐漸停止使用我們的雲服務所產生的收入，我們的雲部門在消除部門間後的收入將在 3 月季度同比增長 15%，在本財年增長 29% 2022 年。

Excluding this customer, our customer base and industry coverage continues to diversify. The next top 10 nonaffiliated customers contribute to less than 10% of AliCloud's revenue in fiscal year 2022. Importantly, revenue contribution from non-Internet industries continues to increase as well. During the March quarter, revenue growth was strong in telecommunications, financial services and retail industries but declined in selected Internet verticals, including online education and entertainment.

除此客戶外，我們的客戶群和行業覆蓋範圍繼續多樣化。接下來的前 10 大非關聯客戶在 2022 財年對阿里雲收入的貢獻不到 10%。重要的是，非互聯網行業的收入貢獻也在持續增加。在 3 月季度，電信、金融服務和零售行業的收入增長強勁，但在包括在線教育和娛樂在內的特定互聯網垂直行業則有所下降。

Adjusted EBITA of cloud segment, which comprises of Alibaba Cloud and DingTalk, was a profit of RMB 278 million in March quarter, which improved by RMB 618 million year-over-year. This is primarily attributable to ongoing improvement in cloud profitability, partly offset by increasing losses from DingTalk. In the new fiscal year, our cloud segment will focus on high-quality revenue growth, invest in talents and R&D and improve operating efficiency and expand internationally. Revenue from our digital media and entertainment segment in March quarter was RMB 8 billion, a decrease of 1% year-over-year. Adjusted EBITA was a loss of RMB 2 billion, narrowed by RMB 0.7 billion year-over-year.

由阿里雲和釘釘組成的雲業務調整後 EBITA 3 月季度實現利潤 2.78 億元，同比增加 6.18 億元。這主要歸功於雲盈利能力的持續改善，部分被釘釘虧損增加所抵消。在新的財政年度，我們的雲業務將專注於高質量的收入增長，投資於人才和研發，提高運營效率和國際化擴張。 3 月季度，我們的數字媒體和娛樂業務收入為 80 億元人民幣，同比下降 1%。調整後EBITA虧損20億元，同比收窄7億元。

Let me close with a short recap of last fiscal year and then our outlook. In fiscal year '22, we have faced with increasing challenges from many fronts. These have been brought about by slowing macro activities, increased competition and COVID resurgence domestically as well as changes in geopolitical conditions internationally. But they also bring into focus the fact that there's much we can do to create value for our customers and key stakeholders. During this past year, we have made a number of achievements that position us well for the future.

讓我簡要回顧一下上一財年，然後是我們的展望。在 22 財年，我們面臨著來自許多方面的日益嚴峻的挑戰。這些是由宏觀活動放緩、競爭加劇和國內新冠疫情復甦以及國際地緣政治條件的變化帶來的。但它們也使我們關注這樣一個事實，即我們可以做很多事情來為我們的客戶和關鍵利益相關者創造價值。在過去的一年裡，我們取得了許多成就，為我們的未來奠定了良好的基礎。

First, we have reached a historical milestone of over 1 billion annual active consumers for all our consumer-facing businesses in China. This was made possible through the strong execution and growth of businesses such as Taobao Deals and Taocaicai. Our unique value proposition of having both e-commerce and location-based commerce businesses at scale positions us well to serve these 1 billion consumers in China.

首先，我們在中國所有面向消費者的業務都達到了年活躍消費者超過 10 億的歷史里程碑。這得益於淘寶特賣和淘菜等業務的強勁執行和增長。我們擁有大規模電子商務和基於位置的商務業務的獨特價值主張使我們能夠很好地為中國這 10 億消費者提供服務。

Second, we are seeing increasing benefit from our development of an integrated intercity and intracity logistics network that allow us to offer multiple delivery and fulfillment options to our consumers. This network also allow us to further increase penetration in categories such as grocery, FMCG and consumer electronics in the future. Lastly, in fiscal '22, we had spent over RMB 120 billion in technology-related costs and expenses that continue to strengthen our leading position in China's cloud market, support to the sophisticated technological demands of our consumer-facing businesses and advance our research and development in the next-generation technologies.

其次，我們看到從我們開發的綜合城際和城內物流網絡中受益越來越多，這使我們能夠為我們的消費者提供多種交付和履行選擇。該網絡還使我們能夠在未來進一步提高在雜貨、快速消費品和消費電子產品等類別的滲透率。最後，在 22 財年，我們花費了超過 1200 億元人民幣的技術相關成本和費用，繼續鞏固我們在中國雲市場的領先地位，支持我們面向消費者的業務的複雜技術需求，並推進我們的研究和下一代技術的發展。

Now in terms of guidance. Since mid-March 2022, we have seen significant impacts to our domestic businesses from COVID-19 restrictions in China, particularly in Shanghai. Considering the risks and uncertainties arising from COVID-19, which we are not able to control and are difficult for us to predict, we believe it's prudent at this time not to give financial guidance that is typically provided at the start of the fiscal year.

現在在指導方面。自 2022 年 3 月中旬以來，我們看到中國（尤其是上海）的 COVID-19 限制對我們的國內業務產生了重大影響。考慮到我們無法控制且難以預測的 COVID-19 帶來的風險和不確定性，我們認為此時不提供通常在財政年度開始時提供的財務指導是謹慎的做法。

Looking forward in fiscal year '23, emphasizing what Daniel has mentioned, we will focus and execute several key operation principles and financial objectives, including, first, generate sustainable and high-quality revenue that reflects our ongoing commitment to developing high-quality consumers, high-quality digital commerce infrastructure and high-quality technology innovations. We believe these efforts will continue to build a strong and durable relationship with our consumers and customers.

展望 '23 財年，強調 Daniel 所提到的，我們將重點關注並執行幾個關鍵的運營原則和財務目標，包括，首先，產生可持續和高質量的收入，這反映了我們對發展高質量消費者的持續承諾，高質量的數字商務基礎設施和高質量的技術創新。我們相信，這些努力將繼續與我們的消費者和客戶建立牢固而持久的關係。

Second, we will focus on optimizing our overall cost structure. We will control costs and improve returns for our major businesses that are already at significant scale compared to peers. For growth businesses, we will also optimize in spending and, at the same time, identify increasing monetization opportunities that yield sustainable, high-quality revenue. The incremental revenue generated will be invested back to the respective businesses and create value for their customers, thereby creating a virtuous growth loop to achieve long-term profitability. At a high level, we will seek to improve gross margin of our direct sales businesses, optimize logistics and fulfillment costs for consumer-facing businesses and control our overall sales and marketing spend.

二是著力優化整體成本結構。我們將控製成本，提高與同行相比規模已經很大的主要業務的回報。對於成長型企業，我們還將優化支出，同時尋找增加可持續、高質量收入的貨幣化機會。所產生的增量收入將投資回各自的業務，為客戶創造價值，從而形成良性增長循環，實現長期盈利。在高水平上，我們將尋求提高直銷業務的毛利率，優化面向消費者的業務的物流和履行成本，並控制我們的整體銷售和營銷支出。

Third, continue to build an energy-efficient cloud infrastructure and a global warehouse and a logistics network that enhance our competitiveness in China and international markets. At the same time, we expect ongoing improvement in efficiency. And utilization of these infrastructures can benefit both our customers and our own self-operated businesses.

第三，繼續建設節能型雲基礎設施和全球倉儲物流網絡，增強我們在中國和國際市場的競爭力。同時，我們預計效率會持續提高。利用這些基礎設施可以使我們的客戶和我們自己的自營企業受益。

Lastly, we seek to maintain strong operating cash flow generation and a strong net cash position that gives us the financial flexibility to invest in businesses and capabilities that expand the pie and benefit all of our key stakeholders. We have a lot of work ahead of us. But by being steadfast and executing the key strategic and financial objectives that we have set out, we believe Alibaba will emerge stronger in the future.

最後，我們尋求保持強勁的運營現金流產生和強大的淨現金頭寸，這使我們能夠靈活地投資於業務和能力，從而擴大餡餅並使我們所有主要利益相關者受益。我們有很多工作要做。但通過堅定不移地執行我們設定的關鍵戰略和財務目標，我們相信阿里巴巴未來會變得更強大。

Thank you. Now let's turn to Q&A.

謝謝你。現在讓我們轉向問答。

Hi, everyone. For today's call, you are welcome to ask questions in Chinese or English. A third-party translator will provide consecutive interpretation of the Q&A session. And our management will address your questions in the language you asked. Please note that the translation is for convenience only. In the case of any discrepancy, our management's statement in the original language will prevail. If you are unable to hear the Chinese translation, bilingual transcript of this call will be available on our website within 1 week after the meeting. (foreign language)

大家好。今天的電話，歡迎您用中文或英文提問。第三方翻譯將為問答環節提供交替傳譯。我們的管理層將以您提出的語言解決您的問題。請注意，翻譯只是為了方便。如有任何差異，將以我們管理層以原文發表的聲明為準。如果您聽不到中文翻譯，本次電話會議的雙語記錄將在會議結束後的 1 週內在我們的網站上提供。 （外語）

Operator, please connect speaker and SI conference lines now and start the Q&A session. Thank you.

接線員，請立即連接揚聲器和 SI 會議線路並開始問答環節。謝謝你。

(Operator Instructions) Our first question comes from the line of Ronald Keung with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Ronald Keung。

[Interpreted] Congratulations on the resilience that we see in the results that you've just released. We did see that CMR revenues were flat, but there was nonetheless low single-digit growth in GMV. And Daniel also spoke about how advertising was performing well. Certainly from April onwards, with the impact of COVID, there's been an impact there, including on CMR revenue. But I'm wondering what we're seeing in May in terms of the performance of the parcel network and if things are picking up and what we're seeing currently in terms of GMV and orders in May.

[解釋] 祝賀我們在您剛剛發布的結果中看到的彈性。我們確實看到 CMR 收入持平，但 GMV 的個位數增長仍然很低。丹尼爾還談到了廣告的表現如何。當然，從 4 月開始，隨著 COVID 的影響，那裡產生了影響，包括對 CMR 收入的影響。但我想知道我們在 5 月份看到的包裹網絡的表現以及情況是否正在好轉，以及我們目前在 5 月份的 GMV 和訂單方面看到了什麼。

[Interpreted] Well, thanks for your question. In Daniel's speech earlier, he did give you a presentation on the situation in April. Overall, as Daniel said, GMV was down by around 10%. Typically, CMR does tend to move in line with GMV, but there can be a lag. And it's the case that many merchants may need to invest in order to grow their revenues.

[解釋] 好的，謝謝你的提問。在丹尼爾早些時候的演講中，他確實向您介紹了四月份的情況。總體而言，正如丹尼爾所說，GMV 下降了約 10%。通常，CMR 確實傾向於與 GMV 保持一致，但可能存在滯後。許多商家可能需要投資以增加收入。

Talking about the situation in May, the situation in May over the past couple of weeks, with the resumption of express deliveries and with the beginning of the normalization of the situation in Shanghai, certainly, we see things improving. But it will take time for all of the outstanding parcels to be delivered and also for merchants to make their preparations for the upcoming 6/18. In fact, preparations will be beginning tonight. But we certainly are seeing signs of improvement going into the month of May.

談到5月份的情況，過去幾週5月份的情況，隨著快遞的恢復以及上海局勢開始正常化，我們當然看到情況有所改善。但是所有未完成的包裹都需要時間才能送達，商家也需要時間為即將到來的 6/18 做準備。事實上，準備工作將在今晚開始。但我們肯定會看到進入 5 月份的改善跡象。

Our next question comes from the line of Eddie Leung with Bank of America.

我們的下一個問題來自美國銀行的 Eddie Leung。

I think Daniel started to mention about some of the longer-term initiatives because of the COVID lockdowns. So just looking ahead, assuming a reopening, do you see any long-term structural change in your operation, customer demand and product mix after these lockdowns? And what type of investment you need to make to handle the potential changes?

我認為丹尼爾開始提到一些由於 COVID 封鎖而採取的長期舉措。因此，展望未來，假設重新開放，在這些鎖定之後，您是否看到您的運營、客戶需求和產品組合有任何長期的結構變化？您需要進行哪些類型的投資來應對潛在的變化？

(foreign language)

（外語）

Thank you for the question. I think during this widespread COVID, I mean, in March and April, we do see a shift of the consumption pattern. And I think after this wave, I think what we see that actually consumers in China, they will tend to have some stocks at their home to prepare for the uncertain situation, so how to grow, for example, that supply by bulk and how to give an on-demand but not necessarily speedy delivery, but it's an on-demand and on-time delivery, I think, is very important.

感謝你的提問。我認為在這次廣泛傳播的 COVID 期間，我的意思是，在 3 月和 4 月，我們確實看到了消費模式的轉變。而且我認為在這波浪潮之後，我認為我們看到，實際上中國的消費者，他們往往會在家裡有一些庫存來為不確定的情況做準備，那麼如何增長，例如批量供應以及如何增長按需提供但不一定要快速交付，但我認為，按需和準時交付非常重要。

And for us, I think we are -- actually, we are actually -- we believe we are in a very -- we are in a good position, which we have both our nationwide platform as well as the leverage by the delivery networks with major delivery partners. But at the same time, we have our intracity and instant delivery forces on the ground in all of these major cities. So how to leverage this infrastructure and enhance these capabilities and capacities is our priority in the future for -- to support the various needs of the products.

對我們來說，我認為我們 - 實際上，我們實際上 - 我們相信我們處於非常 - 我們處於有利位置，我們擁有全國性平台以及交付網絡的影響力主要交付合作夥伴。但與此同時，我們在所有這些主要城市都有我們的同城和即時交付力量。因此，如何利用這個基礎設施並增強這些能力和能力是我們未來的首要任務——支持產品的各種需求。

So product-wise, I think it's more diversified to the bulk sales for the -- for preparation for the future and maybe for the small package just for the instant delivery and for the instant needs. So it's all about the -- you need diversified retail formats as well as the delivery and the fulfillment network to support both of these. Thank you. (foreign language)

所以在產品方面，我認為批量銷售更加多樣化——為未來做準備，也許小包裝只是為了即時交付和即時需求。所以這一切都是關於——你需要多樣化的零售形式以及交付和履行網絡來支持這兩者。謝謝你。 （外語）

And our next question comes from the line of Thomas Chong with Jefferies.

我們的下一個問題來自 Jefferies 的 Thomas Chong。

[Interpreted] My question has to do with consumer spending. I'm wondering what changes you've seen in consumer spending within different segments of consumers, high-income, middle-income and low-income consumers. Are low-income consumers perhaps tending to be more cautious during this recent period?

[解釋] 我的問題與消費者支出有關。我想知道您在不同消費者群體（高收入、中等收入和低收入消費者）的消費支出方面看到了哪些變化。最近一段時間，低收入消費者可能會更加謹慎嗎？

Also, I'd like to know what KPIs you've set for this year's 6/18 and how you see recovery in the second half of the year. Do you think that once logistics capabilities have recovered, that will set the stage for recovery? Or will we have to wait a bit longer perhaps to see consumer sentiment also recover?

另外，我想知道您為今年的 6/18 設置了哪些 KPI，以及您如何看待下半年的複蘇。您是否認為一旦物流能力恢復，將為恢復奠定基礎？或者我們是否需要再等一段時間才能看到消費者信心也恢復？

[Interpreted] Thank you. Well, on Alibaba's retail platforms, we have a consumer base of 1 billion consumers who are highly diverse, spanning all those different tiers of spending. And so yes, we certainly do see different patterns there. But what I can tell you is during a special period of time, you really see a divergence between spending on essentials versus nonessentials. In all those different tiers of consumers, demand for essentials has gone up and there's been less price sensitivity. Whereas with respect to nonessential purchases, there has been more price sensitivity.

[解釋] 謝謝。嗯，在阿里巴巴的零售平台上，我們有 10 億消費者的消費群，他們高度多樣化，跨越所有這些不同的消費層次。所以是的，我們確實在那裡看到了不同的模式。但我可以告訴你的是，在一個特殊時期，你確實看到了必需品支出與非必需品支出之間的差異。在所有這些不同層次的消費者中，對必需品的需求都在上升，而且對價格的敏感性降低了。而對於非必要的購買，價格敏感性更高。

And this is also very relevant to the other part of your question about the trend for the coming half of the year. Because in my view, for recovery and growth of consumption to occur, two things need to happen. First, as I mentioned in my script, merchants, in order to be able to operate, need to have sustainable and robust supply chain and logistics in place. And at the same time, consumption demand needs to return.

這也與你關於下半年趨勢的問題的另一部分非常相關。因為在我看來，消費的複蘇和增長需要發生兩件事。首先，正如我在劇本中提到的，商家為了能夠運營，需要擁有可持續和強大的供應鍊和物流。同時，消費需求需要回歸。

And in order for consumer demand to recover, it's very important that there would be strong expectations for the future. Because only when people have strong expectations for the future and, in particular, in their ongoing ability to grow their disposable income will they be able to grow their consumption, so going beyond essentials but getting back also to increase spending on the nonessentials, which should be very important for also growing the economy in terms of stimulating GDP growth.

為了使消費者需求恢復，對未來抱有強烈的期望非常重要。因為只有當人們對未來抱有強烈期望時，特別是在他們持續增加可支配收入的能力方面，他們才能增加消費，因此除了必需品之外，還要重新增加非必需品的支出，這應該在刺激 GDP 增長方面也對經濟增長非常重要。

[Interpreted] The expectations there?

[解釋] 那裡的期望？

[Interpreted] Yes. And the other part of the question was about this year's 6/18, which is just getting started. This is an important midyear event. And coming out of this recent challenging period, merchants are indeed excited. They're looking at it as a good opportunity to recover those losses and achieve good sales. So for us, we're making active preparations to do that. And we're seeing a lot of enthusiasm and a strong trend this year compared against last year in terms of merchant enrollment, in terms of the product offerings.

[解釋] 是的。問題的另一部分是關於今年的 6/18，這才剛剛開始。這是一個重要的年中活動。從最近這個充滿挑戰的時期走出來，商家確實很興奮。他們將其視為彌補損失並實現良好銷售的好機會。所以對我們來說，我們正在為此做積極的準備。與去年相比，我們在商家註冊和產品供應方面看到了很多熱情和強勁的趨勢。

So this is coming up into the holiday season. There's a lot of consumer enthusiasm. And as a platform, we intend to be strongly supportive. As was mentioned, for 6/18, we've already put in place many policies to support and help our merchants as well as to ensure that logistics are functioning effectively to help those merchants be able to achieve good sales. So these really are joint objectives for our merchants and for us as a platform. And of course, we do very much hope to see pandemic control measures continue to be effective, which will put in place the necessary conditions to make this a success.

所以這即將進入假期。消費者的熱情很高。作為一個平台，我們打算大力支持。如前所述，對於 6/18，我們已經制定了許多政策來支持和幫助我們的商家，並確保物流有效運作，以幫助這些商家能夠實現良好的銷售。因此，這些確實是我們的商家和我們作為平台的共同目標。當然，我們非常希望看到大流行控制措施繼續有效，這將為取得成功創造必要條件。

Our next question comes from the line of Jerry Liu with UBS.

我們的下一個問題來自瑞銀的 Jerry Liu。

[Interpreted] My question has to do with cost optimization, cost control, which you mentioned will be implemented across a lot of businesses. Should we understand that as part of this cost optimization strategy that in the coming fiscal year, the objective is to achieve faster profit growth than revenue growth? And we've certainly seen a significant improvement in [UE] and Ele.me and elsewhere. But what will be the major focuses and priorities for cost optimization in the coming fiscal year?

【解讀】我的問題是關於成本優化、成本控制，你提到的很多業務都會實施。我們是否應該明白，作為成本優化策略的一部分，在下一個財政年度，目標是實現比收入增長更快的利潤增長？我們當然已經看到 [UE] 和餓了麼以及其他地方的顯著改進。但是，下一財年成本優化的主要重點和優先事項是什麼？

[Interpreted] Thank you. This is Toby. I'll take that question. I think for the group as a whole, it's very clear that our strategy in the next few quarters or year as a whole is going to focus on cost optimization and cost control. And that will involve a couple of things. First of all, for the parts of the business that aren't generating long-term value, we'll find ways to make them more efficient or scale them down with consolidation.

[解釋] 謝謝。這是托比。我會回答這個問題。我認為對於整個集團來說，很明顯我們在未來幾個季度或整個年度的戰略將專注於成本優化和成本控制。這將涉及幾件事。首先，對於那些沒有產生長期價值的業務部分，我們會想辦法提高它們的效率，或者通過整合來縮小它們的規模。

Secondly, we do have a lot of different businesses that are different in nature. And therefore, we'll be taking different approaches and putting in place different requirements to achieving better cost efficiency. But to give you an example around our direct sales businesses, and here, it's very clear, on the one hand, in terms of gross margin, we're looking to drive higher efficiency. And at the same time, we'll also be looking to achieve more cost control, better efficiency in logistics. And it will be the combination of those two things that will drive cost optimization.

其次，我們確實有很多性質不同的不同業務。因此，我們將採取不同的方法並提出不同的要求，以實現更好的成本效率。但是，以我們的直銷業務為例，在這裡，很明顯，一方面，就毛利率而言，我們希望提高效率。同時，我們也將尋求實現更多的成本控制，更好的物流效率。這兩件事的結合將推動成本優化。

And more broadly at the group-wide level, another example would be marketing costs. And here, we will be taking a more disciplined approach with specific measures. And in many cases, spending will be cut back. So we don't have a specific figure to share with you on the other part of your question that's about a ratio. But as I mentioned in my script, as CFO for the group, a big priority for us is driving higher operational efficiency, lowering cost, achieving higher efficiency in order to ensure that we have a strong balance sheet and strong cash flow generation capability.

更廣泛地說，在集團層面，另一個例子是營銷成本。在這裡，我們將採取更嚴格的方法和具體措施。在許多情況下，支出將被削減。所以我們沒有具體的數字可以與您分享您問題的另一部分，即比率。但正如我在腳本中提到的，作為集團的首席財務官，我們的首要任務是提高運營效率，降低成本，實現更高的效率，以確保我們擁有強大的資產負債表和強大的現金流生成能力。

And our next question comes from the line of Alex Yao with JPMorgan.

我們的下一個問題來自摩根大通的 Alex Yao。

[Interpreted] Daniel, in your script, I believe you talked about incentives or stimuli that may be forthcoming from the government to help support the business of Internet platforms and drive consumer spending. I'm wondering if you could tell us what kinds of businesses do you think will benefit from these kinds of incentives and what kind of stimulus we can expect to see and how Alibaba can position itself to capture the benefit of this policy.

[翻譯]丹尼爾，在你的劇本中，我相信你談到了政府可能出台的激勵措施或刺激措施，以幫助支持互聯網平台的業務並推動消費者支出。我想知道您能否告訴我們，您認為哪些類型的企業會從這些激勵措施中受益，我們可以期待什麼樣的激勵措施，以及阿里巴巴如何定位自己以從這項政策中獲益。

[Interpreted] Thank you. Well, we've seen that the government has been coming out with various policies lately, aimed at stabilizing the economy, stabilizing employment, ensuring the provision of essentials to people, including yesterday, a very important national meeting convened by the State Council to implement measures in six different areas, several of which are highly relevant to the business of Alibaba, including stimulating consumption, ensuring the provision of essentials and achieving supply chain recovery. So that's all highly relevant to us.

[解釋] 謝謝。那麼我們看到最近政府出台了各種政策,目的是穩經濟、穩就業、保民生,包括昨天國務院召開的一個非常重要的全國會議刺激消費、保障生活必需品供應、實現供應鏈恢復等六個方面的措施，其中有幾個與阿里巴巴的業務高度相關。所以這一切都與我們高度相關。

As a responsible representative of the platform economy and also as a constituent of China's real economy, Alibaba is, of course, keen to make our due contribution to driving progress in all of these areas. And a very important part of this, of course, is SMEs. These small businesses, because of their scale, have been the most vulnerable to the impacts of the pandemic. And we very much want to help them recover. Only when SMEs have recovered can more market-based jobs and employment be generated.

作為平台經濟的負責任代表，同時也是中國實體經濟的組成部分，阿里巴巴當然渴望為推動所有這些領域的進步做出我們應有的貢獻。當然，其中一個非常重要的部分是中小企業。這些小企業由於規模龐大，最容易受到大流行的影響。我們非常希望幫助他們康復。只有中小企業復甦，才能產生更多的市場化就業和就業。

For Alibaba, this is where we can have a very unique role to play, leveraging on our resources as a responsible company in society and as the operator of a digital economy. And we see this as a basic responsibility. We've been doing everything in our power to provide support and assistance to merchants. And as mentioned, with the upcoming 6/18 festival, we have 20 initiatives in 5 major categories. And recently, during the very difficult period in Shanghai, we had 20 special measures to support merchants during that period. We hope very much to be able to support merchants in these ways to facilitate their recovery and success.

對於阿里巴巴來說，這是我們可以發揮非常獨特的作用，利用我們作為社會負責任的公司和數字經濟運營商的資源。我們認為這是一項基本責任。我們一直在竭盡全力為商家提供支持和幫助。如前所述，隨著即將到來的 6/18 音樂節，我們在 5 個主要類別中有 20 項舉措。而最近，在上海非常困難的時期，我們在此期間推出了20條支持商家的特別措施。我們非常希望能夠以這些方式支持商家，以促進他們的康復和成功。

Your next question comes from the line of Jiong Shao with Barclays.

你的下一個問題來自巴克萊銀行的邵炯一行。

You mentioned you just paid the fine for the anti-monopoly sort of new regulation last year. Last year was a year there were a lot of government regulations that were introduced to the Internet industry. Lately, as you know, some of the senior leaders from the government have made some comments about any further regulation. I was just wondering, could you share with us your latest thoughts about government regulation for the industry for this year? (foreign language)

你提到你剛剛支付了去年反壟斷類新規定的罰款。去年是互聯網行業出台了很多政府法規的一年。如您所知，最近，政府的一些高級領導人對進一步的監管發表了一些評論。我只是想知道，您能否與我們分享您對今年政府對該行業的監管的最新想法？ （外語）

Sorry, Rob, I was not very clear, my bad. My point was that, for example, one of the Vice Premier, Liu He, said about actually some of the regulations last year, many investors were very discouraged by it. Probably government went a bit overboard. I think Liu He mentioned that perhaps Chinese government should wrap up the regulation or any new regulation and move on and let the industry grow as it should. Sorry if I wasn't clear before. (foreign language)

對不起，Rob，我不是很清楚，我的錯。我的觀點是，例如，一位副總理劉鶴談到實際上去年的一些規定，許多投資者對此感到非常沮喪。政府可能有點過火了。我認為劉鶴提到，也許中國政府應該結束法規或任何新法規，繼續前進，讓行業按照應有的方式發展。抱歉，如果我之前不清楚。 （外語）

Well, I think we all know that recently, Chinese government and the Chinese leaders, they shared a very clear message to the market that they want the platform economy play an important role in the economic development and encourage the healthy development of platform economy. And I think this is the -- the message is clear. And as part of this platform economy in China, Alibaba is committed to fulfill our responsibilities in terms of helping the development, achieve a better life for the consumers, to help the merchants as well, especially in the technology innovation, I think, in the core areas.

嗯，我想大家都知道，最近，中國政府和中國領導人，他們向市場傳達了一個非常明確的信息，他們希望平台經濟在經濟發展中發揮重要作用，鼓勵平台經濟健康發展。我認為這是——信息很明確。作為中國這個平台經濟的一部分，阿里巴巴致力於履行我們的責任，幫助發展，為消費者創造更美好的生活，幫助商家，特別是在技術創新方面，我認為，在核心領域。

So I think this is what we committed. And we will do -- work hard to make substantial progress in all of these aspects. But at the same time, we are closely watching the policy development and to make sure we are fully compliant with all the regulatory requirements. Thank you. (foreign language)

所以我認為這就是我們所承諾的。我們會做——努力在所有這些方面取得實質性進展。但與此同時，我們正在密切關注政策發展，以確保我們完全符合所有監管要求。謝謝你。 （外語）

And our next question comes from the line of Alicia Yap with Citigroup.

我們的下一個問題來自花旗集團的 Alicia Yap。

[Interpreted] My question has to do with the cloud segment and the short-term and long-term prospects for the cloud business. Starting with the short term, I'd like to know, apart from the recent impact of the pandemic and the slowdown of the Internet sector as a whole, what other factors are there that may be impacting the cloud business?

【解讀】我的問題是關於雲領域以及雲業務的短期和長期前景。從短期來看，我想知道，除了近期疫情的影響和整個互聯網行業的放緩之外，還有哪些因素可能影響雲業務？

And then in the longer term, when the Chinese economy has returned to normalcy, what's your view about how the cloud business will develop? What kind of growth do you expect Alibaba Cloud to achieve? And then finally, recently, we've heard some news about some restructuring and some personnel changes in the cloud space. Could you tell us, please, about the impact that those are likely to have in the short and longer term?

那麼從長遠來看，當中國經濟恢復正常時，您對雲業務將如何發展有何看法？您期望阿里雲實現什麼樣的增長？最後，最近，我們聽到了一些關於雲空間重組和一些人事變動的消息。請您告訴我們這些可能在短期和長期內產生的影響？

[Interpreted] Thank you. Well, talking about the performance of the cloud business in the short term, I've already spoken about the factors that led to the slowdown in revenue growth in Alibaba Cloud recently, so I won't repeat here what I already said earlier. But I think when it comes to economic development and the important role that the cloud can play there, the key thing is that all industries are digitalizing and need to digitalize the cloud and big data are an important kind of infrastructure driving that upgrading of industry.

[解釋] 謝謝。嗯，說到雲業務在短期內的表現，我已經講了導致阿里雲最近收入增長放緩的因素，這裡不再贅述。但我認為，談到經濟發展和雲在其中可以發揮的重要作用，關鍵是所有行業都在數字化，都需要雲數字化，而大數據是推動行業升級的重要基礎設施。

And therefore, all industries present important opportunities for us at Alibaba to serve. And that really represents a huge market opportunity. In fact, as I mentioned in my script earlier, the forecast is for the cloud market in China to reach RMB 1 trillion by 2025. So that potentially means that over the next few years, we have the potential to grow at 2x or 3x kind of multiple. So it's going to be a very big and exciting opportunity.

因此，所有行業都為阿里巴巴提供了重要的服務機會。這確實代表了巨大的市場機會。事實上，正如我之前在腳本中提到的，預測到 2025 年中國的雲市場將達到 1 萬億元人民幣。這可能意味著在未來幾年，我們有可能以 2 倍或 3 倍的速度增長的多個。所以這將是一個非常大而令人興奮的機會。

Secondly, in order to be able to fully capitalize on that opportunity, you need to take an industry-specific approach. Because when we talk about cloud, there are many different definitions out there. The only part of that definition that everybody will agree on is the IaaS layer, which seeks to replace traditional IT infrastructure. But to me, the more important opportunity is beyond that. It's when you start bringing in the big data, AI as well as the ability to digitalize the overall operations of different enterprises and enable all of that through the cloud.

其次，為了能夠充分利用這一機會，您需要採取針對特定行業的方法。因為當我們談論云時，那裡有許多不同的定義。每個人都會同意的定義的唯一部分是 IaaS 層，它旨在取代傳統的 IT 基礎設施。但對我來說，更重要的機會不止於此。當您開始引入大數據、人工智能以及將不同企業的整體運營數字化並通過雲實現所有這些的能力時。

And to do that, this requires an industry or vertical-specific approach with products that are custom-tailored for different applications in different vertical segments. And I think this is very important for the cloud business. And it's imperative that Alibaba be working with these different industries, different verticals, especially the major ones, in depth with SaaS and with our ecosystem partners in order to be able to deliver that value capitalize on all of those opportunities going forward.

要做到這一點，這需要一種針對行業或垂直行業的方法，使用針對不同垂直領域的不同應用量身定制的產品。我認為這對雲業務非常重要。阿里巴巴必須與這些不同的行業、不同的垂直行業，尤其是主要行業，與 SaaS 和我們的生態系統合作夥伴深入合作，以便能夠利用所有這些未來的機會來提供價值。

Thirdly, apart from that vertical-oriented approach, it's also incumbent upon us, given our market leadership position, to continue to innovate also in the IaaS layer and also the core PaaS layer so that we can continue to reap the dividends of technological innovation through economies of scale. In particular, the IaaS layer is all about economies of scale. So if we can continue to improve the technology and lower the cost, there's a huge advantage that can be effectively reaped there.

第三，除了垂直導向的方法外，鑑於我們的市場領導地位，我們也有責任繼續在 IaaS 層和核心 PaaS 層進行創新，以便我們能夠通過以下方式繼續獲得技術創新的紅利。規模經濟。特別是，IaaS 層是關於規模經濟的。因此，如果我們能夠繼續改進技術並降低成本，那麼可以在那裡有效地獲得巨大的優勢。

And then finally, to address your question about the team upgrade that has been implemented, as you saw last year, in the previous fiscal year, the revenues of Alibaba Cloud, if you include services provided within the group to Alibaba, has already exceeded RMB 100 billion. So it's a very complex system. So looking for ways to make the operations of the cloud business more efficient, and very much in line with what Toby was earlier, looking for ways to drive more cost efficiency and achieve more cost optimization as well as to position ourselves to better provide the next generation of enterprise services to get us from the scale we're at today of RMB 100 billion to a future of RMB 300 billion or even RMB 500 billion, that was the thinking underlying the way we've gone about reorganizing the team.

最後，針對你關於團隊升級的問題，如你去年看到的，上一財年阿里雲的收入，如果包括集團內部向阿里巴巴提供的服務，已經超過人民幣1000億。所以這是一個非常複雜的系統。因此，尋找使雲業務運營更高效的方法，非常符合 Toby 早期的做法，尋找提高成本效率並實現更多成本優化的方法，以及定位自己以更好地提供下一個一代企業服務，讓我們從現在的1000億到未來3000億甚至5000億的規模，這就是我們重組團隊的思路。

Okay. Thank you, everyone, for participating today. If you have any questions, please reach out to the IR team and myself. And thank you, and we'll see you next quarter. Thank you.

好的。謝謝大家今天的參與。如果您有任何問題，請聯繫 IR 團隊和我本人。謝謝你，我們下個季度見。謝謝你。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating, and you may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]

[此成績單中標記為 [已翻譯] 的部分由現場通話中的口譯員朗讀。]