阿里巴巴 (BABA) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Alibaba Group's June Quarter 2022 Results Conference Call. (Operator Instructions) I would now like to turn the call over to Rob Lin, Head of Investor Relations of Alibaba Group. Please go ahead.

女士們，先生們，謝謝你們的支持。歡迎參加阿里巴巴集團 2022 年 6 月季度業績電話會議。 （操作員說明）我現在想將電話轉給阿里巴巴集團投資者關係負責人 Rob Lin。請繼續。

Good day, everyone, and welcome to Alibaba Group's June Quarter 2022 Results Conference Call. With us 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 6 月季度業績電話會議。與我們同行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. Were announced on the website of the Hong Kong Stock Exchange.

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，請參閱我們提交給美國證券交易委員會的表格 20-F 和其他文件的最新年度報告。在香港聯交所網站上公佈。

Any forward-looking statements that we make on this call are based on assumptions as of today, and we do not undertake any obligations to update these statements, except as required under applicable law. Please note that certain financial measures that we use 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 or ADS and free cash flow, are expressed on a non-GAAP basis. Our GAAP results and reconciliations of GAAP to non-GAAP measures can be found on our earnings press release.

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。請注意，我們在本次電話會議中使用的某些財務指標，例如調整後 EBITDA、調整後 EBITDA 利潤率、調整後 EBITA、調整後 EBITA 利潤率、非公認會計原則淨收入、非公認會計原則每股攤薄收益或美國存託憑證和自由現金流，是在非公認會計原則基礎上表示。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。

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

除非另有說明，否則本次電話會議中所述的所有指標的增長率均指與去年同期相比的同比增長率。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。

During the Q&A session, you will take -- we will take questions in both English and Chinese and a third-party translator will provide consecutive translations. All translations are for convenience purpose only. In the case of any discrepancy, management statements in the original language will prevail.

在問答環節，您將接受——我們將回答中英文問題，第三方翻譯將提供連續翻譯。所有翻譯僅為方便起見。如有任何差異，將以原始語言的管理層聲明為準。

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

有了這個，我現在把電話轉給丹尼爾。

Thanks, Rob. Hello, everyone. Thank you for joining our earnings call today. We have delivered stable results after overcoming challenges in an extraordinary quarter. According to data released by the National Bureau of Statistics, China's GDP grew by 0.4% in the last quarter, lowest since the outbreak of the pandemic. Retail sales decreased year-over-year in April and May due to the resurgence of COVID-19 in Shanghai and other major cities, and has slowly recovered in June. Despite the soft economic conditions, we managed to deliver stable revenues and have narrowed losses in our several strategic businesses by improving operating efficiency.

謝謝，羅伯。大家好。感謝您今天參加我們的財報電話會議。在一個非凡的季度克服挑戰後，我們取得了穩定的業績。國家統計局公佈的數據顯示，上季度中國國內生產總值增長0.4%，為疫情爆發以來的最低水平。由於上海和其他主要城市的 COVID-19 死灰復燃，4 月和 5 月零售額同比下降，並在 6 月緩慢恢復。儘管經濟環境疲軟，我們仍設法實現穩定的收入，並通過提高運營效率收窄了多項戰略業務的虧損。

In response to these external macro uncertainties, our guiding principles have been as I wrote in my annual letter to shareholders: be confident, be flexible and be ourselves. We are confident about the future of the digital economy. We are confident that digitalization [has] a universal trend across industry and market, and this will constitute an increasing percentage of the total economy. Be flexible means actively adapting to the external challenges and finding our own path through the social economic development cycles. Be ourselves means focusing on our 3 core strategies; namely consumption, cloud and globalization and delivering high-quality growth with ESG as a foundation for reaching our vision of becoming a good company that last 102 years.

為應對這些外部宏觀不確定性，我們的指導原則正如我在致股東的年度信中所寫：自信、靈活、做自己。我們對數字經濟的未來充滿信心。我們相信，數字化在整個行業和市場中[具有]普遍趨勢，這將在整個經濟中佔越來越大的比例。靈活變通意味著積極適應外部挑戰，在社會經濟發展週期中找到自己的道路。做我們自己意味著專注於我們的三個核心戰略；即消費、雲計算和全球化，並以 ESG 為基礎實現高質量增長，以實現我們成為一家持續 102 年的優秀公司的願景。

More specifically, we are executing our 3 core strategies and are delivering high-quality growth in the highly uncertain environment today in the following ways. On consumption, we are leveraging our strength, which is our digital commerce infrastructure built on comprehensive fulfillment capabilities to serve diverse consumer segments and focus on consumption categories with higher certainty of demand. We already achieved the target of 1 billion annual active consumers in China during the last fiscal year.

更具體地說，我們正在執行我們的三大核心戰略，並通過以下方式在當今高度不確定的環境中實現高質量增長。在消費方面，我們正在發揮我們的優勢，這是我們建立在綜合履行能力之上的數字商務基礎設施，以服務於不同的消費群體，並專注於需求確定性更高的消費類別。在上一財年，我們已經實現了中國每年 10 億活躍消費者的目標。

Going forward, we will focus on growing our wallet share in different consumer segments instead of pursuing further absolute increase in our user base in China. On cloud, we will focus on enhancing our competitive advantage, which is our proprietary technologies, and on serving the sectors and customers that represent the future in social and industrial development.

展望未來，我們將專注於增加我們在不同消費領域的錢包份額，而不是追求我們在中國的用戶群的進一步絕對增長。在雲上，我們將專注於增強我們的競爭優勢，即我們的專有技術，並服務於代表社會和產業發展未來的行業和客戶。

On globalization, we will focus on the markets with favorable economic development prospects in the next 5 to 10 years, investing in localized capabilities and building infrastructure in logistics and cloud. During the past quarter, Taobao and Tmall's GMV experienced a mid-single-digit percentage decline on a year-over-year basis. We saw signs of recovery since June, as logistics and the supply chain situation gradually improved after COVID restrictions eased. Over the past few months, daily active users and consumption-related page views of our Taobao app remained relatively stable despite the market volatility.

在全球化方面，我們將聚焦未來5-10年經濟發展前景良好的市場，投資本地化能力，建設物流和雲基礎設施。在過去的一個季度，淘寶和天貓的 GMV 同比下降了中個位數百分比。自 6 月以來，隨著 COVID 限制放鬆後物流和供應鏈狀況逐漸改善，我們看到了復甦的跡象。過去幾個月，儘管市場波動，我們淘寶應用的日活躍用戶和與消費相關的頁面瀏覽量仍保持相對穩定。

Consumers with the highest spending power demonstrated strong loyalty to our platforms. In the 12 months ended June 30, 2022, more than 123 million annual active consumers each spent over RMB 10,000 on Taobao and Tmall, representing a retention rate of approximately 98% compared to the prior 12-month period, which was on par with the data as of the end of March.

具有最高消費能力的消費者對我們的平台表現出強烈的忠誠度。截至 2022 年 6 月 30 日的 12 個月，超過 1.23 億的年度活躍消費者在淘寶和天貓的消費均超過人民幣 1 萬元，與前 12 個月相比，留存率約為 98%，與去年同期持平。數據截至3月底。

88VIP members, our most important premium users, continued to grow at a healthy rate to 25 million by quarter end, with average -- with annual average spending of over RMB 57,000 per month per member. Starting in July, we are seeing gradual recovery of business performance compared to June, especially in the relatively more impacted category in the past few months such as fashion and electronics. As we continue to grow our location-based digital commerce infrastructure in recent years, our diversified business models are showing complementary benefits. For example, while certain discretionary categories on Taobao Tmall were negatively impacted by the pandemic, our Freshippo and Ele.me business captured growth opportunities in food and groceries, fulfilling family needs for daily necessities.

88VIP 會員是我們最重要的高級用戶，到季度末繼續以健康的速度增長至 2500 萬，平均每個會員每月的平均消費超過 57,000 元人民幣。從 7 月開始，與 6 月相比，我們看到業務表現逐漸恢復，尤其是在過去幾個月受影響相對較大的類別，例如時尚和電子產品。近年來，隨著我們不斷發展基於位置的數字商務基礎設施，我們多元化的商業模式正在顯示出互補的優勢。例如，雖然淘寶天貓的某些非必需品類受到疫情的負面影響，但我們的盒馬和餓了麼業務抓住了食品和雜貨的增長機會，滿足了家庭對生活必需品的需求。

In the past quarter, Freshippo's GMV grew over 30% year-over-year and Ele.me's GMV of non-restaurant deliveries increased by over 50% year-over-year. We are aware that the overall growth of Taobao and Tmall's GMV was below China's retail sales growth in the past quarter, as we experienced increasing fierce competition among various formats of e-commerce.

上一季度，盒馬的GMV同比增長超過30%，餓了麼非餐廳外賣的GMV同比增長超過50%。我們知道，上一季度淘寶和天貓的 GMV 的整體增長低於中國的零售額增長，因為我們經歷了各種形式的電子商務之間日益激烈的競爭。

From Alibaba perspective, I want to be clear about our competitive strategy. On the consumer side, we will continue to strengthen Taobao app's consumer mind share as the main shopping destination with diversified experience of digital commerce formats. In a highly uncertain market environment, we will focus on serving the consumer groups with higher spending power, while providing a matrix of consumer offerings with diversified value proposition for different user segments, such as Taobao Deals, Taocaicai, Idle Fish, and Freshippo, et cetera. On the merchant side, we will continue to enhance our tools and services to strengthen our marketplace's position as the main platform for sustainable business operations. In addition, we will also take advantage of our quality of operations in China commerce.

從阿里巴巴的角度來看，我想明確我們的競爭戰略。在消費者方面，我們將繼續加強淘寶APP作為主要購物目的地的消費者心智份額，並擁有多元化的電商業態體驗。在高度不確定的市場環境下，我們將專注於服務具有更高消費能力的消費群體，同時為不同的用戶細分市場提供多元化價值主張的消費產品矩陣，如淘寶特賣、淘菜、閒魚、盒馬等等等。在商家方面，我們將繼續改進我們的工具和服務，以鞏固我們的市場作為可持續業務運營主要平台的地位。此外，我們還將利用我們在中國商業的運營質量。

Our current scale is much bigger than our peers. And more importantly, our advantage in profitability is even larger. Therefore, we will make the best use of our capital reserves by increasing in building consumer mind share, user experience and the core capability in key areas such as logistics and after-sale services, and execute on these as our long-term strategy. During the COVID resurgence in major cities such as Shanghai and Beijing in April and May, the digitalized network integrating intracity commerce and fulfillment has become a new infrastructure in modern urban life.

我們目前的規模比同行大得多。更重要的是，我們的盈利優勢更大。因此，我們將充分利用我們的資本儲備，在物流、售後服務等關鍵領域加大消費者心智份額、用戶體驗和核心能力的建設，並將其作為我們的長期戰略來執行。在四五月上海、北京等主要城市的新冠疫情復甦期間，集同城商業和履行為一體的數字化網絡已成為現代城市生活的新基礎設施。

During the quarter, Ele.me's restaurant delivery volume were negatively impacted by COVID restrictions. However, Ele.me's GMV during the quarter was less impacted as order volume for nonrestaurant deliveries such as food, grocery and medicine increases rapidly, which also contributed much higher basket size than restaurant deliveries. As COVID impact East, Ele.me's operation has been recovering and its GMV resumed positive growth year-over-year in June. At the same time, while Freshippo and Sun Art experienced negative impacts in off-line sales during the pandemic this quarter, they played an important role in providing essential supply support for local communities, leveraging their digital sales and intracity fulfillment capabilities.

本季度，餓了麼的餐廳外賣量受到新冠疫情限制的負面影響。然而，由於食品、雜貨和藥品等非餐廳外賣的訂單量迅速增加，餓了麼本季度的 GMV 受到的影響較小，這也比餐廳外賣貢獻了更大的購物籃規模。隨著新冠肺炎疫情影響東部，餓了麼的經營一直在復蘇，其GMV在6月份恢復了同比正增長。同時，盒馬和高鑫零售雖然在本季度的疫情期間線下銷售受到了負面影響，但它們在為當地社區提供必要的供應支持、利用其數字銷售和同城履行能力方面發揮了重要作用。

The percentage of online sales for Freshippo and Sun Art during the quarter reached 68% and 36%, respectively. Ele.me's unit economics turned positive this quarter, mainly due to increased average order value as well as its ongoing focus in optimizing user acquisition spending and reducing delivery cost per order. Looking forward, Ele.me will continue to focus on its city strategies and strengthen its customer mindset from restaurant delivery to everything delivery, while improving its operating efficiency.

本季度盒馬鮮生和高鑫零售的線上銷售額佔比分別達到 68% 和 36%。餓了麼本季度的單位經濟轉正，主要是由於平均訂單價值的增加以及其持續關注優化用戶獲取支出和降低每個訂單的交付成本。展望未來，餓了麼將繼續聚焦城市戰略，強化從外賣到外賣的客戶思維，同時提昇運營效率。

We are confident about narrow Ele.me's operating losses during the fiscal year. AMAP, another important business in our local consumer service segment, continued to grow towards a destination round service discover and transaction platform. In June, the number of average daily active users of AMAP reached a new high of over 120 million, driven by eased COVID impacts and ongoing enrichments of local contents and services on the platform. Our international commerce retail businesses in Southeast Asia and Europe experienced a decline due to change in European Union's VAT rules, depreciation of local currencies, Russian-Ukraine conflict, and normalizing off-line activities after COVID restrictions lifted in the regions.

我們對本財年縮小餓了麼的經營虧損充滿信心。高德地圖是我們本地消費服務領域的另一項重要業務，繼續向目的地輪服務發現和交易平台發展。 6 月，受新冠疫情影響緩解以及平臺本地內容和服務不斷豐富的推動，高德地圖的日均活躍用戶數達到 1.2 億以上的新高。由於歐盟增值稅規則的變化、當地貨幣貶值、俄烏衝突以及在該地區解除 COVID 限制後線下活動正常化，我們在東南亞和歐洲的國際商業零售業務出現下滑。

In spite of these challenges, we still see great opportunities in the international market under the general trend of digitalization. Today, we have already established certain foothold in the international market. On a combined basis, our international commerce retail business has an annualized GMV of over USD 50 billion. Going forward, we will continue to focus on growing both the cross-border model and the local commerce model and building logistics as a core capability.

儘管面臨這些挑戰，但在數字化的大趨勢下，我們仍然看到了國際市場的巨大機遇。今天，我們已經在國際市場上建立了一定的立足點。加起來，我們的國際商業零售業務的年化 GMV 超過 500 億美元。展望未來，我們將繼續專注於發展跨境模式和本地商業模式，並以物流為核心能力。

Despite the near-term sales fluctuations, we will continue to focus on building the cross-border logistic network from China to Europe and the local logistic network in Southeast Asia. We believe the establishment of this infrastructure will bring long-term value. Our cloud revenue delivered 10% growth year-over-year during the quarter. The slowdown in revenue growth was a result of multiple factors, including slowing macroeconomic activities declining in revenue from the top Internet customer, softened demand from China Internet customers and a delay in parts of our hybrid cloud projects due to the impact of the COVID resurgence.

儘管近期銷售出現波動，我們仍將繼續重點建設中國至歐洲的跨境物流網絡和東南亞本地物流網絡。我們相信這個基礎設施的建立將帶來長期價值。我們的雲收入在本季度實現了 10% 的同比增長。收入增長放緩是多種因素共同作用的結果，包括宏觀經濟活動放緩、互聯網大客戶收入下降、中國互聯網客戶需求疲軟以及部分混合雲項目因新冠疫情復甦的影響而延遲。

Looking forward, amidst of uncertainties in economic outlook and the Internet industry deceleration, our cloud business will continue to focus on the following areas: number one, building proprietary technology capabilities in key areas such as computing, big data and artificial intelligence. Number two, capturing the growth opportunity in industrial Internet by identifying the sunrise industries and customers; and number three, strengthening our cloud data security capabilities and defending our bottom line. We have been seeing some progresses in these strategies. Contribution of cloud revenue from non-Internet industries was 53% in this quarter, up more than 5 percentage points compared to the same quarter last year.

展望未來，在經濟前景不明朗、互聯網行業減速的情況下，我們的雲業務將繼續專注於以下領域：一是在計算、大數據、人工智能等重點領域打造自主技術能力。第二，通過識別朝陽行業和客戶，抓住工業互聯網的增長機會；第三，加強我們的雲數據安全能力，捍衛我們的底線。我們已經看到這些策略取得了一些進展。本季度非互聯網行業雲收入貢獻率為53%，較去年同期提升5個百分點以上。

During the same period, more and more enterprise customers are adopting DingTalk to work or study as COVID restrictions increase across the country. DingTalk will continue to strengthen its position as a digital workplace collaboration platform by further improving the capabilities and increasing user penetration of its core office products, such as document collaboration and virtual conferencing. In addition, DingTalk will enhance its local application development platform to encourage the development and usage of more diversified digital business applications on DingTalk.

同一時期，隨著全國范圍內疫情限制的增加，越來越多的企業客戶開始使用釘釘工作或學習。釘釘將通過進一步提昇文檔協作和虛擬會議等核心辦公產品的能力和提高用戶滲透率，繼續鞏固其作為數字化工作場所協作平台的地位。此外，釘釘將完善本地應用開發平台，鼓勵更多多樣化的數字商務應用在釘釘上的開發和使用。

As part of our ESG strategy, we are committed to corporate governance excellence and diversity at the Board level. Earlier today, we announced 2 new independent directors' appointments. Ms. Irene Lee and Mr. Albert Ng are both respected business leaders with invaluable global insights as well as China experience. I believe their participation will add great value to our board. In addition, Mr. Dong Jianhua, one of our independent directors, will not seek reelection after his current term, expiring in September. I would like to express our most sincere gratitude to Mr. Dong for his invaluable contribution to Alibaba over the years.

作為我們 ESG 戰略的一部分，我們致力於在董事會層面實現卓越的公司治理和多元化。今天早些時候，我們宣布了兩名新的獨立董事的任命。 Irene Lee 女士和 Albert Ng 先生都是受人尊敬的商業領袖，具有寶貴的全球洞察力和中國經驗。我相信他們的參與將為我們的董事會增加巨大的價值。此外，我們的獨立董事之一董建華先生將不再尋求連任，其任期將於 9 月屆滿。在此，我對董總多年來對阿里巴巴的寶貴貢獻表示最誠摯的感謝。

Finally, I would like to talk about our thoughts on the path forward in the current macro environment. The external uncertainties including, but not limited to, international geopolitical dynamics, COVID resurgence and China's macroeconomic policies and social trends are beyond what we as a company can influence. The only things we can do at this moment is to focus on improving ourselves. For example, as I mentioned earlier, we have made meaningful progress during the quarter in narrowing operating losses for several business units, such as Taobao Deal, Taocaicai, Freshippo, Ele.me, Lazada and Youku through operating efficiency enhancement and cost optimization. We are still in the process of improving the quality of operations across the organization.

最後，我想談談我們在當前宏觀環境下對前進道路的看法。外部不確定性，包括但不限於國際地緣政治動態、新冠疫情復甦以及中國的宏觀經濟政策和社會趨勢，超出了我們作為公司所能影響的範圍。此時此刻，我們唯一能做的就是專注於提升自己。例如，正如我之前提到的，我們在本季度通過提高運營效率和優化成本，在減少淘寶、淘菜、盒馬、餓了麼、Lazada 和優酷等多個業務部門的運營虧損方面取得了有意義的進展。我們仍在提高整個組織的運營質量。

We are confident this is a result that we can deliver with certainty through our own efforts in a highly uncertain environment. Despite the challenges we are facing, our overall financial position remains healthy with strong free cash flow and net cash reserves, which is our biggest advantage. During uncertain times, we believe the best investment is to invest in ourselves to build our core capabilities and to continue self-improvement. We will continue to focus on serving our high-quality customers, building high-quality infrastructure for digital commerce and driving high-quality technology innovations. We believe this will lay the foundation for our healthy and sustainable development over the long term.

我們相信這是我們可以在高度不確定的環境中通過自己的努力確定地交付的結果。儘管我們面臨挑戰，但我們的整體財務狀況仍然健康，擁有強勁的自由現金流和淨現金儲備，這是我們最大的優勢。在不確定的時期，我們認為最好的投資是投資於自己，以建立我們的核心能力並繼續自我完善。我們將繼續專注於服務優質客戶，建設優質的數字商務基礎設施，推動優質技術創新。我們相信，這將為我們的長期健康和可持續發展奠定基礎。

Thank you, everyone, for your time. And now we'll turn the mic over to Toby, who will walk you through the details of our financial statements.

謝謝大家，謝謝你們的時間。現在我們將把麥克風交給托比，他將帶您了解我們財務報表的詳細信息。

Thank you, Daniel. Let me start with financial highlights for the quarter. This quarter, our total revenue was RMB 206 billion, stable year-over-year. China commerce segment revenue slightly declined by 1% year-over-year to RMB 142 billion, while cloud segment revenue grew by 10% year-over-year to RMB 18 billion.

謝謝你，丹尼爾。讓我從本季度的財務亮點開始。本季度，我們的總收入為人民幣2060億元，同比穩定。中國商務板塊收入同比小幅下降 1% 至人民幣 1420 億元，而云板塊收入同比增長 10% 至人民幣 180 億元。

Income from operations for the quarter was RMB 24.9 billion, a decrease of 19% year-over-year, primarily due to decreases in adjusted EBITA. Adjusted EBITA decreased by RMB 7.3 billion to RMB 34.4 billion. The decrease was primarily due to RMB 7.2 billion decrease in China commerce segment EBITA, partly offset by loss reduction of RMB 1.7 billion or 36% in local consumer service segment.

本季度營業收入為人民幣 249 億元，同比下降 19%，主要是由於調整後 EBITA 下降。調整後 EBITA 減少人民幣 73 億元至人民幣 344 億元。減少的主要原因是中國商業板塊 EBITA 減少人民幣 72 億元，部分被本地消費服務板塊虧損減少人民幣 17 億元或 36%所抵消。

Now let's look at cost trends for the quarter, excluding SBC as a percentage of revenue. Cost of revenue ratio increased to 62% in June quarter, primarily due to, firstly, higher proportion of our direct sales business such as Freshippo and Tmall Supermarket, as well as growth in Alibaba Health direct sales businesses that resulted in increased cost of inventory as a percentage of revenue.

現在讓我們看看本季度的成本趨勢，不包括 SBC 佔收入的百分比。 6 月當季收入成本率上升至 62%，主要是由於盒馬、天貓超市等直銷業務佔比提高，以及阿里健康直銷業務增長導致庫存成本上升收入的百分比。

And secondly, growth of Cainiao businesses, which led to increase in logistic costs as a percentage of revenue, which is partly offset by the reduction in delivery cost per order of Ele.me. Product development expenses ratio remained stable at 5% in June quarter compared to the same quarter last year. Sales and marketing expenses ratio decreased to 12% in June quarter, reflecting our efforts in optimizing user acquisition and retention spending across businesses. General and administrative expenses ratio increased slightly to 4% in June quarter.

其次，菜鳥業務的增長，導致物流成本佔收入的比例增加，這部分被餓了麼單單配送成本的下降所抵消。與去年同期相比，6 月當季產品開發費用率穩定在 5%。 6 月季度的銷售和營銷費用比率下降至 12%，反映了我們在優化跨業務用戶獲取和保留支出方面所做的努力。 6 月季度的一般和管理費用比率小幅上升至 4%。

Non-GAAP net income was RMB 30.3 billion, a decline of RMB 13.2 billion year-over-year, mainly due to a decrease in adjusted EBITA and share of results of equity method investees. GAAP net income was RMB 20.3 billion, a decline of RMB 22.5 billion year-over-year, mainly due to decline in non-GAAP net income and decrease in net gains arising from change in market prices of our equity investments in publicly traded companies.

Non-GAAP淨利潤為人民幣303億元，同比下降人民幣132億元，主要是由於調整後EBITA和權益法被投資方業績份額的減少。 GAAP淨利潤為203億元人民幣，同比下降225億元人民幣，主要是由於非GAAP淨利潤下降以及上市公司股權投資市場價格變動帶來的淨利潤減少。

Cash flow and balance sheet. As of June 30, 2022, we continue to maintain a strong net cash position of RMB 340 billion or USD 51 billion. Our strong net cash position is supported by robust cash flow generation. In June quarter 2022, net cash from operation and free cash flow were RMB 34 billion and RMB 22 billion, respectively. Majority of the difference is operating CapEx spending at RMB 11 (sic) [11.8] billion, reflecting our investment in cloud businesses and logistics fulfillment infrastructure.

現金流和資產負債表。截至 2022 年 6 月 30 日，我們繼續保持 3400 億元人民幣或 510 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 年 6 月季度，經營淨現金和自由現金流分別為人民幣 340 億元和人民幣 220 億元。大部分差異是運營資本支出為人民幣 11（原文如此）[118.8] 億元，反映了我們對雲業務和物流履行基礎設施的投資。

During the quarter, we repurchased approximately 38.6 million of our ADSs for approximately USD 3.5 billion under our share repurchase program. Now let's look at our segment results. Revenue from our China commerce segment in June quarter was RMB 142 billion, a decrease of 1% year-over-year. Customer management revenue decreased by 10% year-over-year to RMB 72 billion. Taobao and Tmall physical goods paid GMV decreased by mid-single digit. CMR growth lagged GMV growth this quarter, mainly due to higher order cancellations as a result of logistics bottleneck from COVID-19 resurgence and restrictions that resulted in supply chain and logistics disruption in April and most of May.

本季度，我們根據股票回購計劃以約 35 億美元的價格回購了約 3860 萬股美國存託憑證。現在讓我們看看我們的細分結果。 6 月當季我們中國商務板塊的收入為 1420 億元人民幣，同比下降 1%。客戶管理收入同比下降10%至人民幣720億元。淘寶、天貓實物商品支付GMV均下降中個位數。本季度 CMR 增長落後於 GMV 增長，主要是由於 COVID-19 復甦造成物流瓶頸以及限制導致 4 月和 5 月大部分時間供應鍊和物流中斷，導致訂單取消量增加。

In later May, as logistics capacity normalized, we saw a recovery in GMV, driven by a successful June 18 shopping festival that was strongly supported by merchants and loyal consumers. If we further break down customer management revenue growth into advertising and commission revenue, commission revenue recorded mid-teens decline due to higher order cancellations. Total advertising revenue declined slightly faster than that of paid GMV decline. Direct sales and others revenue grew 8% to RMB 65 billion, primarily driven by strong growth of online purchases of food, grocery and FMCG goods that benefited Freshippo, Tmall Supermarket and Sun Art, partly offset by softening offline sales due to COVID-19 impacts.

5 月下旬，隨著物流能力正常化，我們看到 GMV 有所回升，這得益於 6 月 18 日成功舉辦的購物節，得到了商家和忠實消費者的大力支持。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，由於訂單取消量增加，佣金收入錄得十幾歲的下降。總廣告收入的下降略快於付費 GMV 的下降。直銷及其他收入增長 8% 至 650 億元人民幣，主要受惠於盒馬、天貓超市和高鑫零售的食品、雜貨和快速消費品的在線購買強勁增長，部分被 COVID-19 影響導致的線下銷售疲軟所抵消.

The percentage of online sales of Freshippo and Sun Art reached 68% and 36%, respectively, during the quarter. By leveraging our multiple direct sales businesses and on-demand delivery infrastructure, we believe we are well positioned to better serve consumers' increasing demand for on-demand delivery of food, grocery and daily necessities in the future. China Commerce segment adjusted EBITA decreased by RMB 7.2 billion to RMB 43.6 billion in the quarter, which is mainly due to RMB 8 billion decline in CMR revenue. We are making progress to improve efficiency of loss-making businesses. The combined losses for Taobao Deals and Freshippo narrowed by RMB 1.5 billion year-over-year. Taocaicai losses increased moderately year-over-year, and still delivered a robust GMV growth of more than 200% year-over-year. Its losses reduced significantly quarter-over-quarter, driven by optimized pricing strategy, better sourcing capability and lowered operating costs.

本季度盒馬鮮生和高鑫零售的線上銷售額佔比分別達到 68% 和 36%。通過利用我們的多項直銷業務和按需交付基礎設施，我們相信我們有能力更好地滿足消費者對未來食品、雜貨和日用品按需交付日益增長的需求。中國商務板塊調整後的 EBITA 本季度減少人民幣 72 億元至人民幣 436 億元，主要是由於 CMR 收入減少人民幣 80 億元。我們正在努力提高虧損業務的效率。淘寶網和盒馬鮮生的虧損總額同比減少 15 億元人民幣。淘菜虧損同比溫和增長，GMV 同比仍強勁增長 200% 以上。在優化定價策略、更好的採購能力和降低運營成本的推動下，其虧損環比大幅減少。

Our international commerce segment revenue in June quarter was RMB 15.5 billion, an increase of 2% year-over-year. Revenue from international commerce retail business declined by 3% to RMB 10.5 billion, reflecting declining revenue of AliExpress and Trendyol, offset by positive revenue growth of Lazada. Revenue from our Alibaba.com wholesale business grew 12% to RMB 4.9 billion. The increase was primarily due to healthy 16% growth in value of transactions completed on alibaba.com that led to an increase in revenue generated by cross-border-related value-added services.

我們在 6 月當季的國際商務業務收入為 155 億元人民幣，同比增長 2%。國際商業零售業務收入下降 3%至人民幣 105 億元，反映 AliExpress 和 Trendyol 的收入下降，被 Lazada 的正收入增長所抵消。阿里巴巴批發業務收入增長 12% 至 49 億元人民幣。這一增長主要是由於在阿里巴巴上完成的交易價值健康增長了 16%，導致跨境相關增值服務產生的收入增加。

Lazada delivered healthy positive revenue growth as a result of GMV growth and active increase in monetization initiatives that resulted in a higher monetization rate. Trendyol revenue slightly declined due to ongoing depreciation of lira despite robust order growth of 46% year-over-year. AliExpress experienced a decline in orders due to change in the EU's VAT rules, depreciation of euro against U.S. dollar, as well as ongoing supply chain and logistics disruptions due to the Russia-Ukraine conflict.

由於 GMV 的增長和貨幣化計劃的積極增加，Lazada 實現了健康的正收入增長，從而提高了貨幣化率。儘管訂單同比強勁增長 46%，但由於里拉持續貶值，Trendyol 收入略有下降。由於歐盟增值稅規則的變化、歐元兌美元貶值以及俄羅斯-烏克蘭衝突導致的供應鍊和物流中斷，全球速賣通的訂單有所下降。

International Commerce segment adjusted EBITA loss widened by RMB 537 million to RMB 1.6 billion in June quarter. This was primarily due to increased investment in Trendyol as they invest and expand into local consumer services and international B2C businesses, partly offset by reduced losses of Lazada as a result of revenue growth and enhanced operating efficiency. Revenue from local consumer services segment grew 5% to RMB 10.6 billion, primarily due to more efficient use of subsidies that were contra revenue of Ele.me. Local consumer services adjusted EBITA loss reduced by RMB 1.7 billion year-over-year to RMB 3 billion, primarily due to narrowed losses of our To-Home business. Ele.me's unit economics per order turned positive for the quarter, driven by increased average order value year-over-year as well as its ongoing focus on optimizing user acquisition spending and reducing delivery cost per order.

國際商務部門調整後的 EBITA 虧損在 6 月季度擴大了 5.37 億元人民幣至 16 億元人民幣。這主要是由於對Trendyol的投資增加，因為他們投資並擴展到本地消費者服務和國際B2C業務，部分被Lazada由於收入增長和運營效率提高而減少的虧損所抵消。本地消費服務業務收入增長 5%至人民幣 106 億元，主要是由於更有效地使用了與餓了麼的收入相反的補貼。本地消費服務調整後 EBITA 虧損同比減少 17 億元人民幣至 30 億元人民幣，主要是由於我們的到戶業務虧損收窄。餓了麼本季度的單單單位經濟效益轉為正值，這主要得益於平均單單價值同比增長，以及一直專注於優化用戶獲取支出和降低單單配送成本。

Revenue from Cainiao after inter-segment elimination was RMB 12.1 billion in June quarter, an increase of 5% year-over-year, primarily contributed by increase in revenue from consumer logistics service as a result of service upgrades to enhance consumer experience, partly offset by the decrease in international orders for AliExpress.

6月當季跨板塊剔除後菜鳥收入121億元，同比增長5%，主要是消費物流服務收入因服務升級提升消費體驗而增加，部分抵消由於全球速賣通的國際訂單減少。

In June quarter, 70% of Cainiao's total revenue was generated from external customers. Cainiao adjusted EBITA losses were RMB 185 million, up by RMB 39 million. The increase was primarily due to our investment in expanding the global smart logistics infrastructure as well as reduced profit of AliExpress fulfillments. 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. Revenue from our cloud segment after intersegment elimination was RMB 18 billion in June quarter, an increase of 10% year-over-year.

6月季度，菜鳥總收入的70%來自外部客戶。菜鳥調整後 EBITA 虧損為人民幣 1.85 億元，增加人民幣 3,900 萬元。這一增長主要是由於我們在擴大全球智能物流基礎設施方面的投資以及全球速賣通履行利潤的減少。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。 6 月當季，我們的雲業務在剔除部門間後的收入為 180 億元人民幣，同比增長 10%。

Year-over-year revenue growth of our cloud segment reflected recovering growth of overall non-Internet industries driven by financial services, public services and telecommunications industries, partly offset by decline in revenue from the top Internet customer and online education customer as well as softening demand from other customers in the China's Internet industry. For the quarter ended June 30, 2022, contribution of cloud revenue after intersegment elimination from non-Internet industries was 53%, up by more than 5 percentage points compared to the same quarter last year.

我們雲業務的收入同比增長反映了金融服務、公共服務和電信行業推動的整體非互聯網行業的恢復增長，部分被互聯網最大客戶和在線教育客戶的收入下降以及疲軟所抵消中國互聯網行業其他客戶的需求。截至 2022 年 6 月 30 日的季度，非互聯網行業剔除後的雲收入貢獻率為 53%，比去年同期提高 5 個百分點以上。

Adjusted EBITA of Cloud segment, which comprised of Alibaba Cloud and DingTalk was a profit of RMB 247 million in June quarter, decreased by RMB 93 million year-over-year. This is primarily due to our investments in technology and increase in co-location and bandwidth costs as a result of increased usage of DingTalk's products and services from enterprises, schools and organizations due to greater hybrid work adoption driven by COVID-19 resurgence since March 2022 in China.

由阿里雲和釘釘組成的雲業務的調整後 EBITA 6 月當季實現利潤 2.47 億元，同比減少 9300 萬元。這主要是由於我們在技術方面的投資以及由於自 2022 年 3 月以來 COVID-19 復甦推動混合工作採用率增加，企業、學校和組織對釘釘產品和服務的使用增加而導致的託管和帶寬成本增加在中國。

Revenue from our digital media and entertainment segment in June quarter was RMB 7.2 billion, a decrease of 10% year-over-year, primarily due to a decrease in revenues from Alibaba Pictures, Youku and other entertainment businesses. Adjusted EBITA was a loss of RMB 630 million, up by RMB 211 million year-over-year. Youku continued to narrow losses year-over-year, but was offset by increased losses of other entertainment businesses due to COVID impact.

6月當季數字媒體和娛樂業務收入為人民幣72億元，同比下降10%，主要是由於阿里影業、優酷等娛樂業務收入減少。調整後EBITA虧損6.3億元，同比增加2.11億元。優酷的虧損同比繼續收窄，但被其他娛樂業務因新冠疫情影響而增加的虧損所抵消。

Let me wrap up with some final thoughts. Last quarter, we've shared with you some of our key operating principles and financial objectives that include focus on high-quality growth, improve operating efficiency and optimize cost structure, and maintain strong cash flow and net cash position. During the quarter, we have made progress in executing these objectives. We saw losses narrowed year-over-year for a number of our businesses. We generated USD 3.3 billion in free cash flow and currently have about USD 50.8 billion in net cash position, which gives us the financial flexibility to grow the business and improve returns for shareholders. Even though we are seeing a gradual demand recovery for China consumption businesses in the month of July, we believe there are still a lot of risks and uncertainties from slowing macro activities.

讓我總結一些最後的想法。上個季度，我們與您分享了我們的一些關鍵運營原則和財務目標，包括專注於高質量增長、提高運營效率和優化成本結構，以及保持強勁的現金流和淨現金狀況。在本季度，我們在執行這些目標方面取得了進展。我們看到我們的一些業務的虧損同比收窄。我們產生了 33 億美元的自由現金流，目前擁有約 508 億美元的淨現金頭寸，這為我們提供了發展業務和提高股東回報的財務靈活性。儘管我們看到 7 月份中國消費業務的需求逐漸復蘇，但我們認為宏觀活動放緩仍存在很多風險和不確定性。

Facing these challenges, we will focus on delivering high-quality growth of our 3 core strategies in this highly uncertain environment, as Daniel mentioned previously. Additionally, we will continue to focus on improving operating efficiency, optimizing costs and invest in building long-term capabilities for our major businesses. Thank you. Now let's turn to Q&A.

正如丹尼爾之前提到的，面對這些挑戰，我們將專注於在這種高度不確定的環境中實現我們三大核心戰略的高質量增長。此外，我們將繼續專注於提高運營效率、優化成本並投資於為我們的主要業務建立長期能力。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 for the Q&A session, and our management will address your questions in the language you asked. Please know that the translation is for company's purpose only. In the case of any discrepancy, our management statement in the original language will prevail. If you are unable to hear the Chinese translation, bilingual transcripts of this call will be available on our website within 1 week after the meeting.

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，翻譯僅供公司使用。如有任何差異，以我們的管理聲明原文為準。如果您聽不到中文翻譯，本次電話會議的雙語筆錄將在會議結束後的 1 週內在我們的網站上提供。

(foreign language)

（外語）

Operator, please connect speaker and SI conference line now. Please start Q&A session when ready.

接線員，請立即連接揚聲器和 SI 會議線。準備好後請開始問答環節。

(Operator Instructions) Your first question comes from Ronald Keung from Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的 Ronald Keung。

[Interpreted] I note that you spoke to signs of recovery that you've seen from June onwards. I'm wondering if you could tell us more about the signs of recovery you're seeing in terms of GMV and CMR, what the outlook looks like for the coming half year and how you see consumption recovering and developing in the medium to long term?

[解釋] 我注意到您談到了從 6 月開始看到的複蘇跡象。我想知道您能否告訴我們更多關於您在 GMV 和 CMR 方面看到的複蘇跡象、未來半年的前景以及您如何看待中長期消費的複蘇和發展?

[Interpreted] Thank you. Well, as regards the recovery that we're seeing in consumption trends, certainly on our platforms, we saw that following the period of April, May going into June, signs of recovery certainly appeared in particular with the recovery of delivery and logistics capabilities, the normalization of logistics. And certainly, in this year's 6/18 shopping festival, we saw very good performance with positive growth achieved for the quarter. And we continue to see this positive trend of recovery continuing through July, and we expect that July will be even better than June.

[解釋] 謝謝。好吧，關於我們在消費趨勢中看到的複蘇，當然是在我們的平台上，我們看到在 4 月、5 月到 6 月之後，復甦的跡象肯定出現了，特別是交付和物流能力的恢復，物流常態化。當然，在今年的 6/18 購物節中，我們看到了非常好的業績，本季度實現了正增長。我們繼續看到這種積極的複蘇趨勢持續到 7 月，我們預計 7 月將比 6 月更好。

Another important piece in this recovery relates to consumer psychology and consumers' expectations for the future. We can look at publicly available data. Of course, we look at GDP figures, figures on nationwide retail sales. But 1 data point that we pay a lot of attention to is consumer spending as a proportion of disposable income. The figures from the National Bureau of Statistics show that, that figure, consumer spending as a percentage of disposable income, in the first half of the year was 64% as compared against 69% in the previous year in 2021.

這次復甦的另一個重要部分與消費者心理和消費者對未來的期望有關。我們可以查看公開可用的數據。當然，我們看的是 GDP 數據，全國零售銷售數據。但我們非常關注的一個數據點是消費者支出佔可支配收入的比例。國家統計局數據顯示，今年上半年消費者支出佔可支配收入的比例為64%，而2021年為69%。

So that, that proportion has been down in the first half of the year, and even more so in urban areas than in rural areas. And I think that's an entirely normal reaction on behalf of consumers in terms of consumer sentiment in the context of the pandemic. So certainly, although we are seeing signs of steady recovery in consumption, I think it will take more time for that to fully play out and for consumer confidence and sentiment to fully recover.

因此，這一比例在上半年有所下降，城市地區比農村地區更甚。我認為，就大流行背景下的消費者情緒而言，這是代表消費者的完全正常反應。因此，當然，儘管我們看到消費穩步復甦的跡象，但我認為這需要更多時間才能充分發揮作用，消費者信心和情緒才能完全恢復。

In terms of merchants, certainly what we've seen on our China retail marketplace is overall strong positive sentiment from merchants to take full advantage of our marketplaces and the digital tools available there to drive their business growth, the strong enthusiasm on the part of merchants to drive their sales. All merchants have their own challenges, especially during this period and merchants continue to want to take advantage of what we have to offer to overcome challenges and drive their sales.

就商家而言，當然，我們在中國零售市場上看到的商家整體上表現出強烈的積極情緒，以充分利用我們的市場和可用的數字工具來推動他們的業務增長，商家的強烈熱情來推動他們的銷售。所有商家都有自己的挑戰，尤其是在此期間，商家繼續希望利用我們提供的服務來克服挑戰並推動他們的銷售。

Your next question comes from Thomas Chong from Jefferies.

您的下一個問題來自 Jefferies 的 Thomas Chong。

[Interpreted] I have 2 questions. The first question is about the EBITA. We are seeing the EBITA improvement is much better than market expectations, just wonder how should we think about the China commerce EBITA as well as overall EBITA in terms of when we should expecting it to turn -- reaching the inflection point positive year-on-year growth in coming quarters?

[解釋] 我有兩個問題。第一個問題是關於 EBITA。我們看到 EBITA 的改善遠好於市場預期，只是想知道我們應該如何看待中國商業 EBITA 以及整體 EBITA 的預期何時轉折——同比達到正拐點——未來幾個季度的年度增長？

And on the other hand, we're also noticing that the 1P business is also doing very well as well. Just wanted to ask about our thoughts about the strategies ahead as well as the revenue contribution and margin profile in the long run.

另一方面，我們也注意到 1P 業務也做得很好。只是想問一下我們對未來戰略以及長期收入貢獻和利潤率狀況的看法。

[Interpreted] Thank you. I will take the first part of the question relating to our cost control. As you'll recall, during last quarter's earning call, we indicated that we would be prioritizing cost structure optimization and cost control. On this front, we've implemented a whole range of different strategies across our different businesses. And I think certainly what you're seeing this quarter is that this overall cost control strategy has been paying off with good results.

[解釋] 謝謝。我將回答與我們的成本控制有關的問題的第一部分。您還記得，在上一季度的財報電話會議中，我們表示我們將優先考慮成本結構優化和成本控制。在這方面，我們在不同的業務中實施了一系列不同的戰略。而且我認為你在本季度看到的當然是這種整體成本控制策略已經取得了良好的效果。

In the coming quarters and the remainder of this fiscal year, we will continue to pursue the strategy of cost optimization and cost control. We'll continue to implement the policies that we've defined to optimize our cost structure to further drive efficiencies, and of course, the key to all of this really is execution. We will continue to execute on these policies for the coming few quarters.

在接下來的幾個季度和本財年剩餘時間內，我們將繼續推行成本優化和成本控制戰略。我們將繼續實施我們已定義的政策，以優化我們的成本結構以進一步提高效率，當然，所有這一切的關鍵是執行。我們將在未來幾個季度繼續執行這些政策。

As Daniel mentioned and as I also mentioned in my script, we're in a financial position that allows us to have considerable flexibility in terms of our approach. Therefore, we will be seeking a balance between cost optimization and control on the 1 hand, while also continuing to make important investments: investing in technology and investing in other core areas to build our capacities to better position ourselves for sustainable and long-term growth.

正如丹尼爾所提到的，正如我在腳本中提到的那樣，我們的財務狀況使我們在方法方面具有相當大的靈活性。因此，我們一方面將在成本優化和控制之間尋求平衡，同時也繼續進行重要投資：投資於技術並投資於其他核心領域，以建立我們的能力，以更好地為可持續和長期增長定位自己.

The other part of your question had to do with our EBITA margin. And certainly, as we continue to optimize our cost structure and drive further efficiencies, the improvements will be reflected in our EBITA margin. And we expect that as we further pursue high-quality growth and high efficiency growth, we'll continue to achieve that kind of improvement in our EBITA margin.

您問題的另一部分與我們的 EBITA 利潤率有關。當然，隨著我們繼續優化成本結構並進一步提高效率，這些改進將反映在我們的 EBITA 利潤率中。我們預計，隨著我們進一步追求高質量增長和高效增長，我們將繼續實現 EBITA 利潤率的這種改善。

[Interpreted] Thank you. This is Daniel. But before I take the other part of the question about the 1P model, I'd like to add a few more comments on that previous piece, to do with cost structure optimization and efficiency. And what I'd like to highlight is that for Alibaba, pursuing cost optimization and driving efficiency is not a decision that's primarily driven by financial considerations; rather it's very much informed by our strategic choice and our judgment of the overall macro environment we find ourselves in.

[解釋] 謝謝。這是丹尼爾。但在我回答關於 1P 模型的問題的另一部分之前，我想對上一篇文章添加一些評論，與成本結構優化和效率有關。而且我想強調的是，對於阿里巴巴來說，追求成本優化和提高效率並不是一個主要出於財務考慮的決定；相反，它在很大程度上取決於我們的戰略選擇和我們對我們所處的整體宏觀環境的判斷。

As I said in my prepared remarks, both last quarter and this quarter, it is Alibaba's consistent strategy to pursue high-quality development. That means focusing on serving high-quality users. It means investing in high-quality technology innovation and providing high-quality digital infrastructure for commerce. All of this allows us to support business development and achieve sustainable and healthy financial results, and we will very much continue to do so.

正如我在準備發言中所說，無論是上一季度還是本季度，追求高質量發展是阿里巴巴一貫的戰略。這意味著專注於服務高質量的用戶。這意味著投資於高質量的技術創新，並為商業提供高質量的數字基礎設施。所有這些使我們能夠支持業務發展並實現可持續和健康的財務業績，我們將繼續這樣做。

Going into this new fiscal year, now in the first quarter. On the consumer side, and looking at the changes in the macro environment overall, and given that we have already achieved the important milestone of having 1 billion AACs. Our future strategy going forward will shift from a focus on new user acquisition because we already have within that 1 billion AAC user base, essentially all of the active consumers in China. So instead, going forward, we'll focus on building our relationship, deepening our relationship with our existing user base, better segmenting that user base and ensuring that we have compelling propositions for all tiers and cohorts within that user base to continually grow our share of wallet with the existing consumers that we have. And all of this will, we believe, be conducive to serving higher efficiency and improving margins.

進入這個新的財政年度，現在是第一季度。在消費者方面，從整體宏觀環境的變化來看，鑑於我們已經實現了擁有 10 億個 AAC 的重要里程碑。我們未來的戰略將從關注新用戶獲取轉變，因為我們已經擁有 10 億瑞聲用戶群，基本上是中國的所有活躍消費者。因此，展望未來，我們將專注於建立我們的關係，加深與現有用戶群的關係，更好地細分用戶群，並確保我們為該用戶群中的所有層級和群組提供令人信服的主張，以不斷增加我們的份額與我們現有的消費者的錢包。我們相信，所有這些都將有利於提高效率和提高利潤率。

To elaborate further on our consumer segmentation strategy, because Thomas noted the improvement that we've made in the performance of core commerce segment. And I think a lot of that has to do with the investments that we've made over the past 2 years to build a differentiated matrix of offerings for these different consumers within our user base, providing differentiated demand to different cohorts of consumers through this matrix. So the investments that we've made over the past couple of years in that matrix are very much starting to pay off and have put us in a very solid position to continue to grow our share of wallet with all of those consumers and, of course, as a result to further improve our financial performance figures.

進一步詳細說明我們的消費者細分策略，因為 Thomas 注意到我們在核心商務部門的表現方面取得的進步。我認為這在很大程度上與我們在過去 2 年中所做的投資有關，這些投資旨在為我們用戶群中的這些不同消費者建立一個差異化的產品矩陣，通過這個矩陣為不同的消費者群體提供差異化的需求.因此，我們過去幾年在該矩陣中所做的投資已經開始獲得回報，並使我們處於非常穩固的地位，可以繼續在所有這些消費者中增加我們的錢包份額，當然還有，從而進一步改善我們的財務業績數據。

And this, of course, is also highly relevant to your other question about the 1P model. For Alibaba, when it comes to the 1P model and the 3P model, it really comes down to whichever model is best able to satisfy the demands of our consumers. That's what we want to give to consumers.

當然，這也與您關於 1P 模型的其他問題高度相關。對阿里巴巴來說，1P模式和3P模式，真的是看哪一種模式最能滿足我們消費者的需求。這就是我們想要給消費者的東西。

However, in developing our 1P strategy, we have very much redefined what 1P is all about and how it works, because we don't want to become a traditional e-tailer that erects a wall between brands on the one hand and consumers on the other. Very much to the contrary, within our 1P model, we're buying from the brands and selling to consumers, but we're giving brands visibility and giving them the ability to engage with their consumers, to achieve insight into what's happening with their consumers and also, of course, to drive further efficiency around their supply chains and their logistics operations.

然而，在製定我們的 1P 戰略時，我們已經重新定義了 1P 的全部內容及其運作方式，因為我們不想成為一方面在品牌和消費者之間架起一堵牆的傳統電子零售商。其他。恰恰相反，在我們的 1P 模型中，我們從品牌購買並向消費者銷售，但我們賦予品牌知名度並賦予他們與消費者互動的能力，以洞察消費者正在發生的事情當然，還要提高供應鍊和物流運營的效率。

And certainly, we will not take advantage of the 1P model to engage in price competition.

當然，我們也不會利用1P模式進行價格競爭。

The next question comes from Alex Yao from JPMorgan.

下一個問題來自摩根大通的 Alex Yao。

[Interpreted] I have some follow-up questions regarding the efforts the group is making to optimize costs and drive efficiencies, in particular regarding the underlying commercial logic. You talked about as a matter of group strategy, better segmenting consumers and driving growth of wallet share. But are you seeing the pace of digitalization playing out more slowly in some segments than others? And how are these efficiency and cost optimization strategies playing out in the different segments? Also in relation to the early-stage businesses, I'm talking about the newer businesses that are still loss-making. How are you balancing the need to control costs and drive efficiencies on the 1 hand against the need for long-term investment and growth?

[解釋] 關於集團為優化成本和提高效率所做的努力，特別是關於潛在的商業邏輯，我有一些後續問題。你談到了集團戰略，更好地細分消費者和推動錢包份額的增長。但是，您是否看到某些領域的數字化步伐比其他領域更慢？這些效率和成本優化策略如何在不同領域發揮作用？另外，關於早期業務，我說的是仍在虧損的較新業務。您如何在一方面控製成本和提高效率的需求與長期投資和增長的需求之間取得平衡？

[Interpreted] Well, in terms of strategy, something very important we've been doing is building a complete consumer matrix with Taobao as our flagship app, Taobao deals to serve consumers who are more price-sensitive and making forays into consumer group buying, which has become very hot with Taocaicai. We also have Freshippo and Idle Fish, all of these pieces with their respective very clear value propositions and target use cases and consumer groups. And what's extremely important for us is that we have a consumer mind share. This is the underlying commercial logic. And this is, in fact, the most valuable asset that Alibaba has as a company, is that consumer mind share. We don't need to be paying money to induce the consumers to come back. We have that mind share of the consumers, and that's what's capable of driving a lot of organic traffic, that we get consumers coming back even when their willingness to consume may have weakened during the pandemic period coming to us.

【解讀】嗯，在策略上，我們一直在做一個非常重要的事情，就是以淘寶為我們的旗艦應用，建立一個完整的消費矩陣，淘寶交易服務於對價格更敏感的消費者，並涉足消費團購，這與淘菜一起變得非常火爆。我們還有盒馬鮮生和閒魚，所有這些產品都有各自非常明確的價值主張和目標用例和消費者群體。對我們來說極其重要的是我們擁有消費者心智份額。這是底層的商業邏輯。事實上，阿里巴巴作為一家公司擁有的最有價值的資產，就是消費者心智份額。我們不需要花錢來誘使消費者回來。我們擁有消費者的心智份額，這就是能夠推動大量自然流量的原因，即使在大流行期間他們的消費意願可能會減弱，我們也會讓消費者回來。

And as I shared with you, our DAU figures and page views have remained relatively stable throughout that period. So we have the 1 billion consumers within our AAC user base and a strong differentiated matrix of different apps, and this positions us to further improve that mind share and capture the opportunities.

正如我與您分享的那樣，我們的 DAU 數據和頁面瀏覽量在此期間一直保持相對穩定。因此，我們在 AAC 用戶群中擁有 10 億消費者，以及不同應用程序的強大差異化矩陣，這使我們能夠進一步提高這種思想份額並抓住機會。

So this is certainly relevant to what we can call the wide area network, the entire nationwide e-commerce market. But it's particularly relevant also to what we can call the local area network or local commerce, regional and intracity commerce where we've been focused on different cities and regions with the businesses, including Taocaicai and Freshippo and Ele.me, because you need to achieve economy of scale in a particular city or a particular region to drive down your unit costs in that particular locality. So after several years of experience in this space, we've come to realize that it's not really significant to look at the entire nationwide market as a whole. Really, you have to look at one city or one region in terms of whether you're achieving that economy of scale there and take a city by city or a region-by-region approach.

所以這當然與我們所說的廣域網，整個全國電子商務市場有關。但它也與我們所謂的局域網或本地商務、區域和同城商務特別相關，我們一直專注於不同城市和地區的業務，包括淘菜、盒馬和餓了麼，因為你需要在特定城市或特定地區實現規模經濟，以降低您在該特定地區的單位成本。因此，經過幾年在這個領域的經驗，我們開始意識到將整個全國市場作為一個整體來看並不是很重要。真的，你必須看看一個城市或一個地區，看看你是否在那裡實現了規模經濟，並採取逐個城市或逐個地區的方法。

So that's something I would like to share with all of the analysts on the line. That's how you can develop a truly 3-dimensional perspective. And in line with that perspective, we're deploying our strategy where we select different cities and regions and prioritize resources to develop there on a city-by-city, region-by-region basis to achieve those local economies of scale.

這就是我想與所有在線分析師分享的內容。這就是您可以開發真正的 3 維視角的方式。根據這一觀點，我們正在部署我們的戰略，我們選擇不同的城市和地區，並優先考慮資源在逐個城市、逐個地區的基礎上在那裡開發，以實現當地的規模經濟。

In the context of the current macroeconomic environment, as I mentioned earlier, our initiatives to drive better cost efficiency are not driven from a financial perspective. And in terms of our strategy, we will continue to make investments where investments are needed and justified. We'll continue to strengthen the parts of our matrix that need strengthening. We'll continue to invest in building our underlying capabilities and improving our relevant services in order to create long-term value. Okay. Next question.

正如我之前提到的，在當前宏觀經濟環境的背景下，我們提高成本效率的舉措並不是從財務角度出發的。就我們的戰略而言，我們將繼續在需要且合理的地方進行投資。我們將繼續加強矩陣中需要加強的部分。我們將繼續投資建設我們的基礎能力和改進我們的相關服務，以創造長期價值。好的。下一個問題。

The next question comes from John Choi from Daiwa.

下一個問題來自大和的 John Choi。

My question is on cloud. I think on Daniel, you mentioned on your prepared remarks, the reason why growth has slowed down in 2Q. But as we see in kind of picking up a bit since 2Q as you've spoken on July, how should we think about the cloud revenue growth momentum towards the second half of the year? And on top of that, I think management did mention previously that the SaaS elements like DingTalk present potential monetization opportunities. Where are we right now with these initiatives? And are you seeing the macro uncertainty, companies kind of pushing back the deployments or initiatives and if so, how would that impact our strategy going forward?

我的問題是關於雲的。我認為丹尼爾，你在準備好的評論中提到了第二季度增長放緩的原因。但正如您在 7 月所說的，我們看到自第二季度以來略有回升，我們應該如何看待下半年的雲收入增長勢頭？最重要的是，我認為管理層之前確實提到了釘釘等 SaaS 元素提供了潛在的貨幣化機會。我們現在的這些舉措在哪裡？你是否看到宏觀的不確定性，公司有點推遲部署或計劃，如果是這樣，這將如何影響我們未來的戰略？

John, your first part of your question was broken up. Can you just quickly summarize what you were asking?

約翰，你的問題的第一部分被打破了。你能快速總結一下你在問什麼嗎？

Okay. My question was on basically on the cloud revenue growth opportunity in the second half. As we -- I think Daniel did mention why the Q2 was a little bit softer than usual. So as we look into the second half, how should we think about the growth opportunities on the cloud business?

好的。我的問題基本上是關於下半年的雲收入增長機會。正如我們——我認為丹尼爾確實提到了為什麼第二季度比平時更柔和一些。那麼展望下半年，我們應該如何看待雲業務的增長機會？

Let me answer this question. I think we still need to look at the macro, the landscape. I think if you look at the IT expenditure, I mean, as a percentage of total GDP, I think China is far below like U.S. and other developers, some developed countries. So I think that's the biggest landscape. And the second biggest thing is I said actually industrial digitization is a trend and all the companies -- all the sectors across industries, across sectors need to digitalize. So I think that's the second very important thing.

讓我來回答這個問題。我認為我們仍然需要看宏觀，景觀。我認為如果你看一下 IT 支出，我的意思是，作為 GDP 總額的百分比，我認為中國遠低於美國和其他開發商，一些發達國家。所以我認為這是最大的景觀。第二大事情是我說實際上工業數字化是一種趨勢，所有公司——跨行業、跨部門的所有部門都需要數字化。所以我認為這是第二個非常重要的事情。

So I think in this regard, I think general, if you look at big picture, this is -- I think it's not a cyclical opportunity. It's like a structural opportunity, I mean, for the long term. And so that's why I think in China and in the global market, we are actually reposition cloud as our -- one of the core strategies.

所以我認為在這方面，我認為一般來說，如果你從大局來看，這是 - 我認為這不是一個週期性的機會。我的意思是，從長遠來看，這就像一個結構性機會。這就是為什麼我認為在中國和全球市場，我們實際上將雲重新定位為我們的核心戰略之一。

Well, the next point I want to make is that if we look at the market opportunities, actually, if you -- if we revisit the fast growth of the cloud business in the previous years, I think 1 of the very important driver was the Internet companies because these companies are digital-savvy and if they want, they need -- they have big data, and they will make full usage of the big data and they need a computing power.

好吧，我想說的下一點是，如果我們看看市場機會，實際上，如果你——如果我們重新審視前幾年雲業務的快速增長，我認為其中一個非常重要的驅動因素是互聯網公司，因為這些公司精通數字，如果他們願意，他們需要——他們有大數據，他們會充分利用大數據，他們需要計算能力。

So I think this is also -- I mean, give our Alibaba Cloud, a very huge opportunity to transform a cloud computing from a technology to a real business. And now we are very happy that we are in the leading position in this sector. Well, I think going forward, especially in China, with the slowdown of the Internet sector, and many people talk about the -- what's the next generation after this consumer Internet. Actually, the consensus is very straightforward. It's industrial digitalization. So I think then now we are coming to an era, every company becomes an Internet company -- actually, not Internet, as a digital company. So I think -- so that's why internally, we highlight the revenue contribution from non-Internet companies. And we are happy to see that the percentage point is increased. Like as we disclosed this quarter, we improved like by 5 percentage points as compared to the same quarter last year.

所以我認為這也是——我的意思是，給我們的阿里雲一個非常巨大的機會，將雲計算從一項技術轉變為一項真正的業務。現在我們很高興我們在這個領域處於領先地位。嗯，我認為未來，尤其是在中國，隨著互聯網行業的放緩，很多人都在談論——消費互聯網之後的下一代是什麼。實際上，共識非常簡單。這是工業數字化。所以我認為現在我們正在進入一個時代，每家公司都成為一家互聯網公司——實際上，不是互聯網，而是一家數字公司。所以我認為——這就是為什麼在內部，我們強調非互聯網公司的收入貢獻。我們很高興看到這個百分點有所增加。正如我們本季度披露的那樣，與去年同期相比，我們提高了 5 個百分點。

So I think going forward, we will try to capture the opportunity in vertical industries. And of course, I mean by our continuous investment and innovation in the proprietary technology.

所以我認為未來，我們將嘗試抓住垂直行業的機會。當然，我指的是我們對專有技術的持續投資和創新。

Now, of course, when it comes to a company's willingness to spend on cloud and invest in cloud technology, you also need to look at the overall economic growth picture of the market as a whole. When the economy is doing well and companies are growing fast, performing well, they'll be, of course, more willing to invest. So there is, of course, a macro impact there as well. But this is also why in my script, I emphasized why we're looking closely at sunrise industries, because within any economic context, there will always be some sectors and some companies that are on the rise that can outperform the economy as a whole, and we want to prioritize service to them. Next question?

現在，當然，當談到一家公司在雲上的支出和對雲技術的投資意願時，你還需要從整體上看市場的整體經濟增長情況。當經濟表現良好且公司發展迅速、表現良好時，他們當然會更願意投資。因此，當然，那裡也有宏觀影響。但這也是為什麼在我的劇本中，我強調了為什麼我們密切關注朝陽產業，因為在任何經濟背景下，總會有一些行業和一些公司正在崛起，它們的表現可以超越整個經濟，我們希望優先為他們提供服務。下一個問題？

The next question comes from Yang Bai from CICC.

下一個問題來自中金公司的楊白。

[Interpreted] My question has to do with changes that we've seen in user behavior over the past few years with more and more user time being spent consuming short-form video. I'm wondering if you can talk about the impact that, that's having and can be expected to have on e-commerce going forward? Do you expect to continue to see fast growth there? Or do you think that it's already a mature situation that we're seeing today? And given this trend, in order to better serve consumers and merchants, what strategic changes will Alibaba proactively seek to make and what kinds of changes will Alibaba not make?

[解釋] 我的問題與我們在過去幾年中看到的用戶行為變化有關，越來越多的用戶時間花在觀看短視頻上。我想知道您是否可以談談對電子商務未來的影響、正在產生和預期產生的影響？您是否希望繼續看到那裡的快速增長？或者你認為這已經是我們今天看到的成熟情況了？而在這種趨勢下，為了更好地服務消費者和商家，阿里巴巴會主動尋求哪些戰略變革，哪些變革又不會做？

[Interpreted] Well, I'd like to begin by clarifying this concept to avoid any confusion. Short-form video is a format, a content format that can be used to convey information regarding a product, whereas e-commerce is an industry -- and within the e-commerce industry, the use of short-form video as 1 of multiple formats is nothing new at this point.

[解釋] 好吧，我想首先澄清這個概念以避免任何混淆。短視頻是一種格式，一種內容格式，可用於傳達有關產品的信息，而電子商務是一個行業——在電子商務行業中，使用短視頻作為多種形式之一格式在這一點上並不是什麼新鮮事。

In fact, I can disclose to you that on the Alibaba's mobile Taobao app today, more than 1/2 of products are now being displayed to consumers via the short-form video modality. So if 5 years ago, it would have all been images and text, today it's already more than half of that content is in video from.

事實上，我可以告訴你的是，在今天的阿里巴巴手機淘寶上，超過1/2的產品都是通過短視頻的形式展示給消費者的。因此，如果 5 年前，一切都是圖像和文本，那麼今天已經有超過一半的內容來自視頻。

So I believe that your question really isn't about the relationship between short-form video and e-commerce. It's really about the relationship between entertainment and e-commerce. And as I said earlier, the most valuable asset that Alibaba owns today that we built up over the years is mind share. Users come to Alibaba with a consumption mindset.

所以我相信你的問題真的不是關於短視頻和電子商務之間的關係。這真的是關於娛樂和電子商務之間的關係。正如我之前所說，阿里巴巴今天擁有的最有價值的資產是我們多年來積累的思想份額。用戶帶著消費心態來到阿里巴巴。

Now of course, it has often been said that shopping is fun. Consumption is a kind of entertainment. And to that extent, Alibaba is in the entertainment industry as well, but we're hyper-focused on 1 subcategory of entertainment, namely shopping and consumption. It's a very specialized area that requires a lot of know-how and that is very much our focus. Now we'll, of course, going forward, continue to learn about and adopt all kinds of new technologies, as we've done over the years: going mobile, introducing customization, personalization, adopting short-form video -- and I'm certain that short-form video is not the last technology that will come along. New technologies will continue to come (technical difficulty) on the consumer experience, both in the consumption context and in the entertainment context. But I think it's important to understand what is the entree and what is the dessert.

當然，現在人們常說購物很有趣。消費是一種娛樂。從這個意義上說，阿里巴巴也在娛樂行業，但我們非常關注娛樂的一個子類別，即購物和消費。這是一個非常專業的領域，需要很多專業知識，這也是我們的重點。當然，現在我們將繼續前進，繼續學習和採用各種新技術，就像我們多年來所做的那樣：走向移動化、引入定制化、個性化、採用短視頻 - 而我可以肯定的是，短視頻並不是最後一種技術。無論是在消費環境中還是在娛樂環境中，新技術都將繼續出現在消費者體驗上（技術難度）。但我認為了解什麼是主菜和什麼是甜點很重要。

Your next question comes from Alicia Yap from Citigroup.

您的下一個問題來自花旗集團的 Alicia Yap。

[Interpreted] My question goes to Daniel. I'd like to ask, please, what at this stage is the biggest obstacle or challenge faced by Alibaba? What is your talent strategy for talent retention? And also what potential areas of investment is Alibaba interested in that you're not yet in, but you might get into; for example, new energy?

[解釋] 我的問題是丹尼爾。請問，現階段阿里巴巴面臨的最大障礙或挑戰是什麼？您的人才保留戰略是什麼？以及阿里巴巴對哪些潛在投資領域感興趣，您尚未涉足，但您可能會涉足；比如新能源？

[Interpreted] Well, you asked about the biggest challenge faced by Alibaba. Alibaba, like any other company anywhere, is like a micro cell in the social organism. Alibaba is where it is today and has achieved success because of the overall economic growth story and the tremendous successful economic growth story of China that has provided the opportunities that have allowed us to succeed over the years. And going forward, we would certainly hope to continue to see China continue to get better, see social development, continue to make progress because the bigger and better the pond, the bigger and healthier the fish in the pond can become.

【解讀】嗯，你問到阿里巴巴面臨的最大挑戰。阿里巴巴和其他任何地方的公司一樣，就像社會有機體中的一個微型細胞。阿里巴巴之所以能走到今天，是因為中國的整體經濟增長故事和巨大的成功經濟增長故事為我們提供了多年來取得成功的機會。展望未來，我們當然希望繼續看到中國越來越好，看到社會發展，繼續進步，因為池塘越大越好，池塘里的魚就會變得越大越健康。

And we can further help people realize their aspiration for a better life as things get better across the board. So certainly, the macro environment is an important underpinning going forward as it has been in the past. But as a micro cell in that social organism, Alibaba continues to practice social responsibility. We seek to create jobs, to empower SMEs and to better marry technology with commerce for the betterment of society. We've always done that, and we will continue to do so.

隨著情況全面好轉，我們可以進一步幫助人們實現對更美好生活的渴望。因此，與過去一樣，宏觀環境無疑是向前發展的重要基礎。但作為社會有機體中的一個微細胞，阿里巴巴繼續踐行社會責任。我們尋求創造就業機會，賦予中小企業權力，並將技術與商業更好地結合起來，以造福社會。我們一直這樣做，我們將繼續這樣做。

You also asked about talent. And talent is, of course, absolutely critical for Alibaba. We rely on talent to do everything that we do to serve our customers. Our talent bases are a store of extremely invaluable know-how within the company. So of course, we continue to treasure our talent and invest in talent and to recruit high-quality talent. And on that note, I can share with you, now that we're in August, it's the time of year when university graduates have just left college and are looking for jobs. And despite all of the macro uncertainties that we see out there, I'm pleased to tell you that we've hired 6,000 fresh university graduates from across China. Most of them have already reported to work and are on the job at Alibaba.

你還問了人才。當然，人才對阿里巴巴來說絕對至關重要。我們依靠人才做我們為客戶服務所做的一切。我們的人才庫是公司內部極其寶貴的專業知識的寶庫。所以，我們當然會繼續珍惜我們的人才，投資人才，招聘高素質的人才。關於這一點，我可以和大家分享一下，現在是八月，這是一年中大學畢業生剛離開大學並正在尋找工作的時候。儘管我們看到了所有宏觀的不確定性，我很高興地告訴你，我們已經從中國各地招聘了 6000 名應屆大學畢業生。他們中的大多數人已經報到工作，並在阿里巴巴工作。

So this, of course, is an important contribution that the company is making to society by providing these jobs. Of course, it's also something that Alibaba very much needs. We need to continue to stay fresh. We need to take on that fresh blood, if you like. This is refreshing the metabolism of our company, which is indeed a young Internet company, but one with some considerable history that needs this kind of ongoing refreshment.

因此，這當然是公司通過提供這些工作為社會做出的重要貢獻。當然，這也是阿里巴巴非常需要的東西。我們需要繼續保持新鮮。如果你願意，我們需要吸收新鮮血液。這正在刷新我們公司的新陳代謝，這確實是一家年輕的互聯網公司，但有相當長的歷史，需要這種持續的刷新。

And then Alicia, the other part of your question had to do with new investment opportunities in emerging new growth areas. The fact is that there will always be an infinite number of new technologies and new industries on the rise, but for any company, and for Alibaba, we need to view those opportunities through the lens of our core strategy.

然後是 Alicia，你問題的另一部分與新興新增長領域的新投資機會有關。事實是，總會有無數的新技術和新產業在興起，但對於任何一家公司，對於阿里巴巴來說，我們都需要從核心戰略的角度來看待這些機會。

New energy is, of course, a huge opportunity. And for Alibaba, we seek to leverage that opportunity mainly in the context of our cloud business because as I've talked about, in the sunrise industries, new and emerging industries, it's possible to leapfrog to a higher level faster, jumping past the previous development stages. You can quickly adopt these new technologies and fresh approaches. The same is also true of autonomous vehicles and the metaverse as well, linking that to our business, consumption and logistics. So the metaverse in relation to consumption and autonomous vehicles in relation to our logistics, New energy is very much linked to our cloud business. So we're finding opportunities to leverage the emergence of these new technologies and these new industries in our existing businesses, viewing it through those lenses.

新能源當然是一個巨大的機會。而對於阿里巴巴來說，我們主要是在雲業務的背景下尋求利用這個機會，因為正如我所說，在朝陽產業，新興產業，可以更快地跨越到更高的水平，超越之前的水平。發展階段。您可以快速採用這些新技術和新方法。自動駕駛汽車和虛擬世界也是如此，將其與我們的業務、消費和物流聯繫起來。因此，與消費相關的元宇宙和與我們的物流相關的自動駕駛汽車，新能源與我們的雲業務息息相關。因此，我們正在尋找機會，在我們現有的業務中利用這些新技術和這些新行業的出現，通過這些鏡頭來看待它。

The other piece is, of course, globalization. I've often talked about our 3 core strategies of consumption, cloud and globalization, 2 horizontal and 1 vertical. So we're looking at how we can leverage these technologies in terms of commerce, consumption and cloud, but also looking at whether some kinds of know-how from China can be taken into global markets, or whether in global markets there are opportunities that can be pursued there. But those continue to be our 3 core strategies.

另一部分當然是全球化。我經常講我們的消費、雲和全球化3個核心戰略，2橫向1縱向。因此，我們正在研究如何在商業、消費和雲方面利用這些技術，同時也在研究是否可以將來自中國的某些專有技術帶入全球市場，或者在全球市場上是否有機會可以在那裡追。但這些仍然是我們的三大核心戰略。

Okay. Well, thank you, everyone, for joining our conference call today. If you have any questions, please feel free to reach out to the Alibaba IR team. Thank you.

好的。好吧，謝謝大家今天參加我們的電話會議。如果您有任何問題，請隨時聯繫阿里巴巴 IR 團隊。謝謝你。

Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.

謝謝你。這確實結束了我們今天的會議。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。]