阿里巴巴 (BABA) 2023 Q2 法說會逐字稿

內容摘要

中國科技公司阿里巴巴集團報告其 9 月季度強勁增長,收入同比增長 37% 至 1614 億元人民幣(243 億美元)。調整後的 EBITDA 也同比增長 37% 至人民幣 733 億元(109 億美元),調整後的 EBITDA 利潤率為 45.4%。非美國通用會計準則攤薄後每股收益和 ADS 為 16.14 元人民幣(2.39 美元),同比增長 42%。

該公司的強勁增長得益於其核心商務業務的持續增長勢頭,以及雲計算、數字媒體和娛樂業務的增長。阿里巴巴的雲計算業務繼續快速增長,收入同比增長 66% 至 177 億元人民幣(26 億美元)。公司的數字媒體和娛樂業務也表現出色,收入同比增長 34% 至人民幣 273 億元(40 億美元)。

展望未來,阿里巴巴對其長期增長前景充滿信心。公司處於有利地位,可以繼續受益於中國經濟的結構性增長動力,包括線下消費向線上的持續轉移、中國企業的持續數字化以及中產階級的持續增長。阿里巴巴還大力投資新的增長領域,例如雲計算、數字媒體和娛樂以及物流,該公司認為這些領域將推動未來增長。阿里巴巴是一家專注於電子商務、零售、互聯網和技術的中國跨國科技集團。阿里巴巴於 1999 年由馬雲創立,現已發展成為全球最大的公司之一。按收入計算,它是全球最大的互聯網公司。

阿里巴巴的業務橫跨電子商務、零售、互聯網和科技。其電子商務平台包括淘寶、天貓和阿里巴巴。其零售平台包括全球速賣通和阿里雲。其互聯網平台包括1688.com和阿里雲。其技術平台包括釘釘和支付寶。

阿里雲是阿里巴巴集團的雲計算部門。它是全球最大的公共雲服務提供商之一。阿里雲為企業提供一套全面的雲計算服務,包括數據存儲、計算、網絡和分析。

阿里雲的產品和服務被各種規模的企業使用,從小型企業到大型企業。它的客戶包括一些世界上最大的公司,例如可口可樂、耐克和三星。

阿里巴巴旗下的淘寶天貓本季度 GMV 同比下降個位數,但用戶流量保持穩定。然而,消費意願疲軟,購買頻率下降。疫情捲土重來,一個又一個地區受到影響,導致各地物流服務異常或中斷,對商家經營和消費者物流體驗造成傷害。

需求方面,服裝、消費電子等品類降幅環比放緩。戶外休閒和寵物護理等基於興趣的類別以及與健康和保健相關的類別實現了積極增長。

在這個充滿挑戰的環境中,阿里巴巴通過執行以下策略取得了相對積極的成果:

  1. 持續加強用戶參與度,確保用戶流量保持穩定。

  2. 通過增強搜索、算法驅動的發現推薦、直播和其他參與功能的客戶旅程,關注平台上的用戶參與度。

3.通過短視頻、圖片、測試等傳播方式,突出影響購買決策的因素,激發消費興趣,帶動轉化。

  1. 幫助商家通過線上和線下營銷活動為他們的商店吸引流量。

  2. 為商家提供訂單管理、物流、客戶服務和支付等運營效率工具和能力。

  3. 通過與物流、支付、金融和政府等電子商務生態系統中的合作夥伴合作,投資建立一個更好的長期生態系統。阿里巴巴也相信,其所處的平台經濟可以為服務中小企業、創造就業、追求美好生活做出獨特而有價值的貢獻。

在 9 月季度,阿里巴巴集團控股有限公司 (BABA) 的調整後 EBITA 增加至人民幣 362 億元。這是由於虧損企業運營效率的提高和成本優化,導致調整後的 EBITA 利潤率提高 3 個百分點至 17%。

不包括 SBC(光棍節),收入成本比率保持穩定在 63%。這是由於增加的銷售和物流費用被優化的交通、採購和補貼效率所抵消。產品開發費用率保持穩定,而銷售和營銷費用率同比下降2個百分點至11%。一般及行政費用比率穩定在4%。

非美國通用會計準則淨利潤為人民幣 338 億元,同比增加人民幣 53 億元。 GAAP淨虧損225億元人民幣,同比減少258億元人民幣。 GAAP 淨虧損的減少主要是由於 253 億元人民幣的股權投資收益被股權激勵費用的增加所抵消。

阿里巴巴集團控股有限公司是一家專注於電子商務、零售、互聯網和技術的中國跨國企業集團。該公司由馬雲於 1999 年創立,在中國和世界各地經營多元化的業務。阿里巴巴集團的使命是讓天下沒有難做的生意,其願景是成為全球最值得信賴的公司。

在 COVID-19 大流行之後,阿里巴巴注意到中國 COVID 相關政策的最新調整以及相關政府監管機構關於促進數字經濟和平台業務高質量發展的積極評論。公司相信,新冠疫情終將過去,中國作為世界第二大經濟體的巨大潛力將進一步釋放。阿里巴巴也相信,其所處的平台經濟可以為服務中小企業、創造就業、追求美好生活做出獨特而有價值的貢獻。

在 9 月季度,阿里巴巴集團控股有限公司 (BABA) 的調整後 EBITA 增加至人民幣 362 億元。這是由於虧損企業運營效率的提高和成本優化,導致調整後的 EBITA 利潤率提高 3 個百分點至 17%。

不包括 SBC(光棍節),收入成本比率保持穩定在 63%。這是由於增加的銷售和物流費用被優化的交通、採購和補貼效率所抵消。產品開發費用率保持穩定,而銷售和營銷費用率同比下降2個百分點至11%。一般及行政費用比率穩定在4%。

非美國通用會計準則淨利潤為人民幣 338 億元,同比增加人民幣 53 億元。 GAAP淨虧損225億元人民幣,同比減少258億元人民幣。 GAAP 淨虧損的減少主要是由於 253 億元人民幣的股權投資收益被股權激勵費用的增加所抵消。

阿里巴巴集團控股有限公司是一家專注於電子商務、零售、互聯網和技術的中國跨國企業集團。該公司由馬雲於 1999 年創立,在中國和世界各地經營多元化的業務。阿里巴巴集團的使命是讓天下沒有難做的生意,其願景是成為全球最值得信賴的公司。

在 COVID-19 大流行之後,阿里巴巴注意到中國 COVID 相關政策的最新調整以及相關政府監管機構關於促進數字經濟和平台業務高質量發展的積極評論。公司相信,新冠疫情終將過去,中國作為世界第二大經濟體的巨大潛力將進一步釋放。阿里巴巴也相信,其所處的平台經濟可以為服務中小企業、創造就業、追求美好生活做出獨特而有價值的貢獻。

在 9 月季度,阿里巴巴集團控股有限公司 (BABA) 的調整後 EBITA 增加至人民幣 362 億元。這是由於虧損企業運營效率的提高和成本優化,導致調整後的 EBITA 利潤率提高 3 個百分點至 17%。

不包括 SBC(光棍節),收入成本比率保持穩定在 63%。這是由於增加的銷售和物流費用被優化的交通、採購和補貼效率所抵消。產品開發費用率保持穩定,而銷售和營銷費用率同比下降2個百分點至11%。一般及行政費用比率穩定在4%。

非美國通用會計準則淨利潤為人民幣 338 億元,同比增加人民幣 53 億元。 GAAP淨虧損225億元人民幣,同比減少258億元人民幣。 GAAP 淨虧損的減少主要是由於 253 億元人民幣的股權投資收益被股權激勵費用的增加所抵消。

阿里巴巴集團控股有限公司是一家專注於電子商務、零售、互聯網和技術的中國跨國企業集團。該公司由馬雲於 1999 年創立,在中國和世界各地經營多元化的業務。阿里巴巴集團的使命是讓天下沒有難做的生意,其願景是成為全球最值得信賴的公司。

在 COVID-19 大流行之後,阿里巴巴注意到中國 COVID 相關政策的最新調整以及相關政府監管機構關於促進數字經濟和平台業務高質量發展的積極評論。公司相信,新冠疫情終將過去,中國作為世界第二大經濟體的巨大潛力將進一步釋放。阿里巴巴也相信,其所處的平台經濟可以為服務中小企業、創造就業、追求美好生活做出獨特而有價值的貢獻。

在 9 月季度,阿里巴巴集團控股有限公司 (BABA) 的調整後 EBITA 增加至人民幣 362 億元。這是由於虧損企業運營效率的提高和成本優化,導致調整後的 EBITA 利潤率提高 3 個百分點至 17%。

不包括 SBC(光棍節),收入成本比率保持穩定在 63%。這是由於增加的銷售和物流費用被優化的交通、採購和補貼效率所抵消。產品開發費用率保持穩定,而銷售和營銷費用率同比下降2個百分點至11%。一般及行政費用比率穩定在4%。

非美國通用會計準則淨利潤為人民幣 338 億元,同比增加人民幣 53 億元。 GAAP淨虧損225億元人民幣,同比減少258億元人民幣。 GAAP 淨虧損的減少主要是由於 253 億元人民幣的股權投資收益被股權激勵費用的增加所抵消。

阿里巴巴集團控股有限公司是一家專注於電子商務、零售、互聯網和技術的中國跨國企業集團。該公司由馬雲於 1999 年創立,在中國和世界各地經營多元化的業務。阿里巴巴集團的使命是讓天下沒有難做的生意,其願景是淘寶團購和淘菜菜的虧損同比大幅減少。

阿里巴巴集團國際商務業務的虧損在 9 月季度收窄 15 億元人民幣至 9.6 億元人民幣,這主要是由於 Lazada 和 Trendyol 的虧損減少。 Lazada 繼續提高貨幣化率並提高運營效率。本季度,Lazada 的每筆訂單虧損與去年同期相比收窄了 25% 以上。雖然 Trendyol 的改善是收入強勁增長的結合,儘管外匯逆風,以及提高運營效率。

阿里巴巴集團是一家專注於電子商務、零售、互聯網和技術的中國跨國企業集團。阿里巴巴集團成立於 1999 年,其使命是讓天下沒有難做的生意。就商品總量而言,該公司是全球最大的在線和移動商務公司。

阿里巴巴集團經營多元化的業務組合,包括淘寶、天貓、盒馬鮮生、阿里巴巴和 Lazada。淘寶、天貓和盒馬是面向消費者的電子商務平台,阿里巴巴是B2B平台,Lazada是東南亞電子商務平台。

2019年9月季度,阿里巴巴集團國際商務業務收入為人民幣157億元,同比增長4%。這一增長主要是由阿里巴巴集團持有多數股權的土耳其電子商務平台 Trendyol 推動的,該平台的訂單增長強勁,超過 65%。這部分被阿里巴巴集團跨境電子商務平台全球速賣通的下降所抵消,原因是歐洲經濟形勢嚴峻,包括歐元貶值和物流成本增加。

阿里巴巴集團國際商業零售業務(包括淘寶、天貓和盒馬鮮生)的收入增長 3% 至人民幣 107 億元。盒馬鮮生存量門店大部分實現現金流轉正,淘寶團購、淘菜菜等新業務同比大幅減少虧損。

阿里巴巴集團國際商務業務的虧損在 9 月季度收窄 15 億元人民幣至 9.6 億元人民幣,這主要是由於 Lazada 和 Trendyol 的虧損減少。 Lazada 繼續提高貨幣化率並提高運營效率。本季度,Lazada 的每筆訂單虧損與去年同期相比收窄了 25% 以上。雖然 Trendyol 的改善是收入強勁增長的結合,儘管外匯逆風,以及提高運營效率。

阿里巴巴集團是一家專注於電子商務、零售、互聯網和技術的中國跨國企業集團。阿里巴巴集團成立於 1999 年,其使命是讓天下沒有難做的生意。就商品總量而言,該公司是全球最大的在線和移動商務公司。

阿里巴巴集團經營多元化的業務組合,包括淘寶、天貓、盒馬鮮生、阿里巴巴和 Lazada。淘寶、天貓和盒馬是面向消費者的電子商務平台,阿里巴巴是B2B平台,Lazada是東南亞電子商務平台。

2019年9月季度,阿里巴巴集團國際商務業務收入為人民幣157億元,同比增長4%。這一增長主要是由阿里巴巴集團持有多數股權的土耳其電子商務平台 Trendyol 推動的,該平台的訂單增長強勁,超過 65%。這部分被阿里巴巴集團跨境電子商務平台全球速賣通的下降所抵消,原因是歐洲經濟形勢嚴峻,包括歐元貶值和物流成本增加。

阿里巴巴集團國際商業零售業務(包括淘寶、天貓和盒馬鮮生)的收入增長 3% 至人民幣 107 億元。盒馬鮮生存量門店大部分實現現金流轉正,淘寶團購、淘菜菜等新業務同比大幅減少虧損。

阿里巴巴集團國際商務業務的虧損在 9 月季度收窄 15 億元人民幣至 9.6 億元人民幣,這主要是由於 Lazada 和 Trendyol 的虧損減少。 Lazada 繼續提高貨幣化率並提高運營效率。本季度,Lazada 的每筆訂單虧損與去年同期相比收窄了 25% 以上。雖然 Trendyol 的改善是收入強勁增長的結合,儘管外匯逆風,以及提高運營效率。

阿里巴巴集團是一家專注於電子商務、零售、互聯網和技術的中國跨國企業集團。阿里巴巴集團成立於 1999 年,其使命是讓天下沒有難做的生意。就商品總量而言,該公司是全球最大的在線和移動商務公司。

阿里巴巴集團經營多元化的業務組合,包括淘寶、天貓、盒馬鮮生、阿里巴巴和 Lazada。淘寶、天貓和盒馬是面向消費者的電子商務平台,阿里巴巴是B2B平台,Lazada是東南亞電子商務平台。

2019年9月季度,阿里巴巴集團國際商務業務收入為人民幣157億元,同比增長4%。這一增長主要是由阿里巴巴集團持有多數股權的土耳其電子商務平台 Trendyol 推動的,該平台的訂單增長強勁,超過 65%。這部分被阿里巴巴集團跨境電子商務平台全球速賣通的下降所抵消,原因是歐洲經濟形勢嚴峻,包括歐元貶值和物流成本增加。

阿里巴巴集團國際商業零售業務(包括淘寶、天貓和盒馬鮮生)的收入增長 3% 至人民幣 107 億元。盒馬鮮生存量門店大部分實現現金流轉正,淘寶團購、淘菜菜等新業務同比大幅減少虧損。

阿里巴巴集團國際商務業務的虧損在 9 月季度收窄 15 億元人民幣至 9.6 億元人民幣,這主要是由於 Lazada 和 Trendyol 的虧損減少。 Lazada 繼續提高貨幣化率並提高運營效率。本季度,Lazada 的每筆訂單虧損與去年同期相比收窄了 25% 以上。雖然 Trendyol 的改善是收入強勁增長的結合,儘管外匯逆風,以及提高運營效率。

阿里巴巴集團是一家專注於電子商務、零售、互聯網和技術的中國跨國企業集團。阿里巴巴集團成立於 1999 年,其使命是讓天下沒有難做的生意。就商品總量而言,該公司是全球最大的在線和移動商務公司。

阿里巴巴集團經營多元化的業務組合,包括淘寶、天貓、盒馬鮮生、阿里巴巴和 Lazada。淘寶、天貓和盒馬是面向消費者的電子商務平台,而阿里巴巴是面向企業的電子商務平台。

完整原文

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  • Operator

    Operator

  • Good day, ladies and gentlemen. Thank you for standing by. Welcome to Alibaba Group's September Quarter 2020 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,美好的一天。謝謝你的支持。歡迎參加阿里巴巴集團 2020 年 9 月季度業績電話會議。 (操作員說明)我現在想把電話轉給阿里巴巴集團投資者關係負責人 Rob Lin。請繼續。

  • Robert Lin - IR

    Robert Lin - IR

  • Thank you, and good day, everyone. Welcome to Alibaba Group's September Quarter 2020 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.

    謝謝大家,祝大家有美好的一天。歡迎參加阿里巴巴集團 2020 年 9 月季度業績電話會議。與我們一起的是董事長兼首席執行官張勇;蔡崇信,執行副主席; Toby Xu,首席財務官。我們公司網站的 IR 部分也對此次電話會議進行了網絡直播。今天晚些時候,我們的網站將提供通話重播。

  • Now let me quickly cover the safe harbor. 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 these 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 Hong Kong Stock Exchange.

    現在讓我快速覆蓋安全港。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目前的預期存在重大差異。有關這些風險和不確定性的詳細討論,請參閱我們向美國證券交易委員會提交或在香港聯交所網站上公佈的 20-F 表格和其他文件的最新年度報告。

  • Any forward-looking statements that we make on this call are based on assumptions as of today, and we do not take any obligation 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, but for GAAP results and reconciliation of GAAP to non-GAAP measures can be found in 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,我們不承擔任何更新這些陳述的義務。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 攤薄每股收益或 ADS 和自由現金流均表示在非 GAAP 的基礎上,但對於 GAAP 結果和 GAAP 與非 GAAP 措施的調節可以在我們的收益新聞稿中找到。

  • Unless otherwise noted, growth rate of all stated metrics mentioned during this call refer to year-over-year growth versus the same quarter last year. In addition, during the call -- 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提到的所有規定指標的增長率均指與去年同期相比的同比增長。此外,在電話會議期間——在今天的電話會議期間,管理層將用英語發表他們準備好的發言。第三方翻譯人員將在另一條會議線路上提供同聲中文翻譯。詳情請參閱我們的新聞稿。

  • During the Q&A session, 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 statements in the original language will prevail. With that, I will turn the call to Daniel.

    問答環節,我們將採用中英文雙語提問,第三方翻譯人員提供連續翻譯。所有翻譯僅供方便之用。如有任何差異,以原文管理聲明為準。有了這個,我會把電話轉給丹尼爾。

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • Thanks, Rob. Hello, everyone. Thank you for joining our earnings call today. We delivered a solid quarter in a macro environment full of uncertainty. The ongoing resurgence of COVID-19 geopolitical tension, inflation and currency depreciation, the convergence of all these forces that created considerable difficulties for business operations.

    謝謝,羅布。大家好。感謝您參加我們今天的財報電話會議。我們在充滿不確定性的宏觀環境中實現了穩健的季度業績。 COVID-19 地緣政治緊張局勢、通貨膨脹和貨幣貶值的持續復甦,所有這些力量的匯聚,給企業運營帶來了相當大的困難。

  • Despite these challenges, Alibaba's non-GAAP EBITDA increased 29% year-over-year as we continue to enhance our operational efficiencies. This is the result of our pursuit of high-quality development and more importantly, demonstrates the resilience of the Alibaba business ecosystem.

    儘管面臨這些挑戰,隨著我們繼續提高運營效率,阿里巴巴的非美國通用會計準則 EBITDA 同比增長了 29%。這是我們追求高質量發展的結果,更重要的是展示了阿里巴巴商業生態的韌性。

  • In the China domestic consumer market, Taobao-Tmall GMV saw a low single-digit year-on-year decline this quarter, but the user traffic remains stable. However, consumption appetite was weak, and we saw a drop in purchasing frequency. The resurgence of COVID has affected one area after another, resulting in abnormal or suspended logistics service in different places.

    在中國國內消費市場,本季度淘寶-天貓GMV同比出現低個位數下滑,但用戶流量保持穩定。然而,消費意願疲軟,我們看到購買頻率下降。新冠疫情捲土重來,各地接二連三受到影響,導致各地物流服務出現異常或中斷。

  • This hurt merchant operations and consumer logistics experience. In terms of demand, the decline in categories, such as apparel and consumer electronics, slowed quarter-over-quarter. Interest-based categories, such as outdoor recreation and pet care and health and wellness-related categories, recognized positive growth.

    這損害了商家運營和消費者物流體驗。需求方面,服裝、消費電子等品類降幅環比放緩。基於興趣的類別,例如戶外休閒和寵物護理以及健康和保健相關類別,實現了積極增長。

  • In this challenging environment, we have achieved relatively positive results show a committed execution of the following strategies: Number one, we work to ensure our user traffic population remains stable DAU or DAU or MAU, by continuing to strengthen our user engagement. After many years of operation, Taobao Tmall is now deeply entrenched in our users' mind as the shopping destination. We are focused on user engagement on our platform by enhancing the customer journey across search, algorithm-driven discovery recommendations, live streaming and other engagement features. We stimulated consumption interest and drove conversion by highlighting the factors that influence purchase decisions through short-form video photos, tests and other means of communication.

    在這個充滿挑戰的環境中,我們取得了相對積極的結果,表明我們致力於執行以下戰略:第一,我們通過繼續加強用戶參與度,努力確保我們的用戶流量保持穩定的 DAU 或 DAU 或 MAU。經過多年的運營,淘寶天貓作為用戶心目中的購物目的地已經深入人心。我們專注於通過增強搜索、算法驅動的發現推薦、實時流媒體和其他參與功能的客戶旅程來提高我們平台上的用戶參與度。我們通過短視頻照片、測試和其他溝通方式突出影響購買決策的因素,從而激發消費興趣並推動轉化。

  • Number two, we further consolidate the scale and the stickiness of our most valuable consumer group. For the 12 months ended December 30, 2022, the number of consumers who each spent over RMB 10,000 on Taobao and Tmall, remain around 124 million with a retention rate of 98%. 88VIP membership population held steady at 25 million this quarter, with solid membership retention and growth in GMV contribution.

    第二,我們進一步鞏固了我們最有價值的消費群體的規模和粘性。截至2022年12月30日止12個月,在淘寶和天貓消費過萬元的消費者數量保持在1.24億左右,留存率為98%。本季度 88VIP 會員人數穩定在 2500 萬,會員保留率穩固,GMV 貢獻增長。

  • Number three, we improved consumer satisfaction by continually investing in customer service during and after sales and the logistics service experiences, such as doorstep delivery of orders as required. Our latest consumer satisfaction survey showed improvements in NPS scores relating to logistics and post-sales. During our recent 11.11 Global Shopping Festival, Taobao-Tmall's total GMV was in line with the performance last year during the same period.

    第三,我們通過持續投資於售中和售後的客戶服務以及物流服務體驗(例如按要求送貨上門)來提高消費者滿意度。我們最新的消費者滿意度調查顯示,與物流和售後相關的 NPS 分數有所提高。在我們最近的 11.11 全球購物節期間,淘寶天貓的總 GMV 與去年同期的表現持平。

  • Initial fruits of the operation strategies outlined just now were seen during November 11. More than 600 million users engaged with our November 11 related contents, a single-digit growth year-on-year. Although the total number of buyers declined compared to the same period last year, the average GMV per person increased. As for our consumer profile, more than 98 of our AA VIP members bought something during November 11 season.

    剛才介紹的運營策略在11月11日初見成效,超過6億用戶參與了我們11月11日相關內容的互動,同比呈個位數增長。雖然與去年同期相比,買家總數有所下降,但人均GMV有所上升。至於我們的消費者概況,超過 98 位 AA VIP 會員在 11 月 11 日購物季期間購買了商品。

  • Moreover, the contribution by AA VIP members to the total GMV continue to grow. Regarding product categories, consistent with what we observed during the rest of the quarter, interest-based categories, such as outdoor recreation and pets and health and wellness-related categories, saw positive growth. Consumer electronics also enjoy positive growth during November 11 season.

    此外,AA VIP會員對總GMV的貢獻繼續增長。關於產品類別,與我們在本季度剩餘時間觀察到的情況一致,基於興趣的類別,例如戶外休閒和寵物以及與健康和保健相關的類別,出現了正增長。消費電子產品在 11 月 11 日銷售季也實現了正增長。

  • However, there are a few factors that negatively impacted our 11.11 performance: Number one, average temperature across China was much warmer than usual for that period -- that time of year and the delay in seasonal change weakened the consumption appetite for apparel even more in an environment impacted by COVID. And thus, the apparel category suffered.

    然而,有幾個因素對我們 11.11 的表現產生了負面影響:第一,中國的平均氣溫在那個時期比往常暖和得多——一年中的那個時候和季節性變化的延遲削弱了服裝的消費胃口甚至更多受 COVID 影響的環境。因此,服裝類別受到影響。

  • Number two, starting in October and through the 11.11 campaign period, nearly 15% of delivery areas across China experienced abnormal or suspended logistic services. This had a significant impact on the merchant ability to fulfill orders on time and delivery company's ability to make regular deliveries. But recently, we are seeing improvements.

    第二,從10月開始到11.11期間,全國近15%的配送區域出現了物流服務異常或中斷。這對商家按時履行訂單的能力和配送公司定期配送的能力產生了重大影響。但最近,我們看到了改進。

  • Number three, 11.11 has become an event celebrated and embraced by the entire society. Given the uncertainties relating to the COVID-19, merchants were especially keen to take advantage of this opportunity to capture as much growth as possible across every available channel. Objectively speaking, they offer the consumer more choices, both online and offline.

    第三,11.11已成為全社會慶祝和擁護的節日。鑑於與 COVID-19 相關的不確定性,商家特別熱衷於利用這一機會在每個可用渠道中獲得盡可能多的增長。客觀地說,它們為消費者提供了更多的選擇,無論是線上還是線下。

  • This quarter, the decline in consumer management revenue was larger -- was higher than the decline in overall GMV. I would like to share the reasons: The first is the higher rate of order return because of, a, order return due to COVID-related impact on fulfillment and delivery; b, a higher order return rate that accommodates live streaming-driven sales; c, the increasing convenience of making returns and improvements in user experience in returns handling on our platform.

    本季度,消費者管理收入的降幅更大——高於整體 GMV 的降幅。我想分享一下原因:首先是訂單退貨率較高,因為a,由於COVID相關的訂單退貨對履行和交付的影響; b、更高的訂單退貨率,適應直播銷售; c,在我們的平台上進行退貨和改善用戶在退貨處理方面的體驗越來越方便。

  • These three reasons collectively contributed to the rise in order return rate across the platform. Take rate calculation does not account order returns. If it was accounted for, our take rate actually remain consistent. Second, page views from algorithm-driven discovery recommendations growth, but our monetization of traffic was less efficient, resulting in a lower take rate in the short term.

    這三個原因共同促成了全平台訂單退貨率的上升。匯率計算不考慮訂單退貨。如果考慮在內,我們的採用率實際上保持一致。其次,來自算法驅動的發現推薦的頁面瀏覽量增長,但我們的流量貨幣化效率較低,導致短期內採用率較低。

  • Looking forward, we will adapt to the change in our user traffic composition and introduce better monetization products to ensure the long-term stability of our platform take rate. In our local consumer services segment, Ele.me, proactively adjusted its business operations strategy to focus on user growth and retention on its mobile app and it continued to grow its market presence in key cities.

    展望未來,我們將適應用戶流量構成的變化,推出更好的變現產品,確保平台Take率的長期穩定。在我們的本地消費服務部門,餓了麼積極調整其業務運營戰略,以專注於其移動應用程序的用戶增長和保留,並繼續擴大其在主要城市的市場佔有率。

  • At the same time, it continued to enhance operational efficiency and unit economics continue to see improvement. This is primarily due to the rise in average order value, leading to an increase in revenue and a reduction in logistic costs for order fulfillment. Amap launched a new version of its map this quarter, together with a series of new features, including a 3D city map, car lane-level road navigation, forecasting of traffic light signals and road navigation for staying in the shade out of the sun, so on and so forth.

    同時,運營效率持續提升,單位經濟效益持續改善。這主要是由於平均訂單價值的上升,導致收入增加和訂單履行的物流成本降低。本季度,高德地圖推出了新版地圖,並帶來了一系列新功能,包括3D城市地圖、車道級道路導航、紅綠燈信號預報、避暑道路導航等,等等等等。

  • User population and stickiness continue to strengthen in Amap and the new historical record of 220 million DAU was registered during the week of the National Day holidays. On top of its map navigation, the services offered by Amap related to getting to destination, which includes ride-hailing, hotel booking, gas station and EV recharging stations are all experiencing rapid development with both service users and order volume enjoying faster growth.

    高德地圖的用戶規模和粘性持續增強,國慶週創下2.2億DAU的歷史新高。除了地圖導航之外,高德地圖的出行相關服務,包括網約車、酒店預訂、加油站、電動汽車充電站等都在快速發展,服務用戶和訂單量均有較快增長。

  • Cainiao various business saw a robust growth in this quarter and there were clear improvements in cost efficiency. Cainiao Post network grew by 20% year-on-year and now has more than 170,000 locations. It has comprehensive coverage in residential communities, school campuses and the rural villages across China. Cainiao post has become an important touch point for serving consumers. For overseas markets, Cainiao continued to actively build logistic hubs and nodes to further enhance its global logistic network service capability and efficiencies.

    本季度菜鳥各項業務增長強勁,成本效益明顯提升。菜鳥郵政網點同比增長20%,網點數量已超過17萬個。全面覆蓋全國居民社區、校園和農村。菜鳥驛站已成為服務消費者的重要觸點。海外市場,菜鳥繼續積極建設物流樞紐節點,進一步提升全球物流網絡服務能力和效率。

  • In overseas market, the rise in logistics costs due to inflation and currency deterioration against the U.S. dollar has contributed to order volume declines of 12% year-on-year in our cross-border export business, AliExpress. In Southeast Asia, other order volume declined 6% year-on-year as COVID-related restrictions were lifted and offline shopping resumed.

    在海外市場,由於通貨膨脹和貨幣對美元貶值導致物流成本上升,導致我們的跨境出口業務速賣通訂單量同比下降12%。在東南亞,隨著 COVID 相關限制的解除和線下購物的恢復,其他訂單量同比下降 6%。

  • Trendyol's order volume grew over 65% year-on-year on the strength of its e-commerce business and a fast-growing local consumer service. For AliExpress and Lazada, we are taking steps to adjust our business model and investing in creating user value rather than just scaling. We are also continuing to strengthen our capabilities in logistics and supply chain. We believe that developing and investing in these capabilities will be meaningful to ensure the sustainable long-term development of our abilities to serve the overseas consumer market.

    憑藉其電子商務業務和快速增長的本地消費服務,Trendyol 的訂單量同比增長超過 65%。對於 AliExpress 和 Lazada,我們正在採取措施調整我們的商業模式並投資於創造用戶價值,而不僅僅是擴大規模。我們還在繼續加強我們在物流和供應鏈方面的能力。我們相信,開發和投資這些能力對於確保我們服務海外消費市場的能力的可持續長期發展具有重要意義。

  • In our Cloud segment, Alibaba Cloud revenue growth was 4% year-on-year this quarter. Through structural adjustments over the past few quarters, Alibaba Cloud's revenue structure is now healthier and more sustainable. Public cloud revenue grew double digit year-on-year this quarter, while hybrid cloud declined. In the interest of pursuing high-quality growth, we proactively control the development of our business that only resells hosting infrastructure that has been commoditized in the market.

    在我們的雲業務方面,本季度阿里雲收入同比增長 4%。通過過去幾個季度的結構調整,阿里雲的收入結構現在更健康、更可持續。本季度公共雲收入同比增長兩位數,而混合雲則有所下降。為了追求高質量的增長,我們主動控制只轉售已在市場上商品化的託管基礎設施的業務發展。

  • Looking at our revenue by industry. Non-internet industry revenue grew 28% year-over-year. Its contribution to total revenue increased from 53% to 58% quarter-over-quarter. The fastest growing sectors, including financial services, automotive, telecom and public services. Looking ahead, Alibaba Cloud will leverage its proprietary cloud computing and big data processing capabilities to launch a range of industry solutions with relevant partners for advancing China's industrial digitization.

    按行業查看我們的收入。非互聯網行業收入同比增長 28%。其對總收入的貢獻比上一季度從 53% 增加到 58%。增長最快的行業包括金融服務、汽車、電信和公共服務。展望未來,阿里雲將利用自有的雲計算和大數據處理能力,聯合相關合作夥伴推出一系列行業解決方案,推進中國工業數字化進程。

  • At the Apsara conference in early November, we unveiled many important technological achievements. It included our cloud infrastructure processing unit, i.e., CIPU and an open source platform under the Model-as-a-Service named Model Scope. These will serve important purposes in Alibaba's cloud future development.

    在11月初的飛天大會上,我們公佈了很多重要的技術成果。它包括我們的雲基礎設施處理單元,即 CIPU 和名為 Model Scope 的模型即服務下的開源平台。這些都將在阿里雲未來的發展中發揮重要作用。

  • In this environment, full of uncertainty, our wide-ranging efforts in cost reduction and efficiency improvement measures are beginning to bear fruit. Businesses such as Taobao Deal, Taocaicai, Ele.me, Amap, Lazada and Youku have significantly reduced their losses. We will continue to focus on the steady improvement of business quality and on investing in building capabilities to provide customer core value rather than pursuing short-term business growth or user scale.

    在這個充滿不確定性的環境中,我們在降本增效措施方面的廣泛努力開始見效。淘寶團購、淘菜菜、餓了麼、高德地圖、Lazada、優酷等商家虧損明顯減少。我們將繼續專注於業務質量的穩步提升和投資於構建提供客戶核心價值的能力,而不是追求短期的業務增長或用戶規模。

  • As China enters an area of high-quality development, we will also enter a stage of high-quality business operations. During the eight years from Alibaba's IPO in September 2014, the quality and the scale of our business has improved significantly. Alibaba's revenue today is 12x what it was during the same period in 2014. Adjusted EBITA is 4.5x, what it was during the same period in 2014.

    隨著中國進入高質量發展階段,我們也將進入高質量經營階段。從2014年9月阿里巴巴上市至今的八年時間裡,我們的業務質量和規模都得到了顯著提升。阿里巴巴今天的收入是 2014 年同期的 12 倍。調整後的 EBITA 是 2014 年同期的 4.5 倍。

  • Free cash flow is 4x that of what it was in 2014. Over the past 8 years, China's GDP has almost doubled from RMB 59 trillion in 2013 to RMB 114 trillion in 2021. We are confident about the future, and we will continue to execute our share buyback program. As of November 16, we have utilized approximately USD 18 billion to date towards share repurchase under our existing USD 25 billion program with USD 7 billion more to go.

    自由現金流是2014年的4倍。在過去的8年裡,中國的GDP從2013年的59萬億元人民幣增長到2021年的114萬億元人民幣。我們對未來充滿信心,我們將繼續執行我們的股票回購計劃。截至 11 月 16 日,根據我們現有的 250 億美元計劃,我們迄今已動用約 180 億美元用於股票回購,還有 70 億美元尚未動用。

  • In addition, our Board has authorized us to upsize our existing share repurchase program by another USD 15 billion as a tangible action towards enhancing shareholder return.

    此外,我們的董事會已授權我們將現有的股票回購計劃再擴大 150 億美元,作為提高股東回報的切實行動。

  • We remain confident about ourselves and even more about the future, no matter the ups and downs. We believe in the prospects of China's economic and social development. We believe Alibaba's development goals are highly aligned with China's long-term goals.

    無論風風雨雨,我們都對自己充滿信心,對未來更有信心。我們看好中國經濟社會發展的前景。我們認為阿里巴巴的發展目標與中國的長期目標高度契合。

  • We believe Alibaba can play an important role in the digitalization process in China and around the world. We have taken note of the latest adjustment in China's COVID-related policies and proactive commentary from relevant government regulators about promoting the digital economy and high-quality development of platform businesses. We believe that COVID will ultimately pass, and our society, our economy and our lives will eventually return to normal.

    我們相信阿里巴巴可以在中國乃至全球的數字化進程中發揮重要作用。我們注意到中國疫情相關政策的最新調整以及相關政府監管部門關於促進數字經濟和平台業務高質量發展的積極評論。我們相信,新冠疫情終將過去,我們的社會、經濟、生活終將恢復正常。

  • And that the massive potential of China, as the world's second largest economy, will be further unleashed. Last but not least, we believe that platform economy that Alibaba is part of can make unique and valuable contributions towards serving small and medium businesses, creating employment and pursuit of better lives. Thank you, everyone. Let me pass the microphone to Toby, who will share the financial results with you.

    中國作為世界第二大經濟體的巨大潛力將進一步釋放。最後但同樣重要的是,我們相信阿里巴巴所處的平台經濟可以為服務中小企業、創造就業和追求美好生活做出獨特而有價值的貢獻。謝謝大家。讓我將麥克風遞給托比,他將與您分享財務結果。

  • Hong Xu - CFO

    Hong Xu - CFO

  • Thank you, Daniel. Let me start with financial highlights for the quarter. This quarter, our total revenue was RMB 207 billion, an increase of 3% year-over-year. Income from operations for the quarter was RMB 25.1 billion, an increase of 68% or RMB 10.1 billion year-over-year, mainly driven by increase in adjusted EBITA of RMB 8.1 billion and decrease in share-based compensation expense of RMB 2.3 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 2070 億元,同比增長 3%。本季度營業收入為人民幣 251 億元,同比增長 68% 或人民幣 101 億元,主要是由於調整後的 EBITA 增加了人民幣 81 億元和股權激勵費用減少了人民幣 23 億元。

  • During the September quarter, we have continued to improve operating performance of our loss-making businesses by enhancing operating efficiency and optimizing costs that resulted in 29% year-over-year increase in adjusted EBITA to RMB 36.2 billion. Overall, adjusted EBITA margin improved by 3 percentage points to 17%.

    在 9 月季度,我們通過提高運營效率和優化成本繼續改善虧損業務的經營業績,使調整後的 EBITA 同比增長 29% 至人民幣 362 億元。總體而言,調整後的 EBITA 利潤率提高了 3 個百分點,達到 17%。

  • Now let's look at the cost trends as a percentage of revenue, excluding SBC. Cost of revenue ratio remained stable at 63% in September quarter. Our direct sales businesses and logistics services contribute to grow, driving up our cost of inventory and logistics, but we were able to keep our cost of revenue ratio stable, primarily through optimizing traffic, acquisition and improving subsidy efficiency.

    現在讓我們看看成本趨勢佔收入的百分比,不包括 SBC。 9 月季度收入成本比率穩定在 63%。我們的直銷業務和物流服務有助於增長,推高了我們的庫存和物流成本,但我們能夠保持我們的收入成本比率穩定,主要是通過優化流量、收購和提高補貼效率。

  • Product development expenses ratio remained stable during the quarter. Sales and marketing expenses ratio decreased 2 percentage points year-over-year to 11%, reflecting our continued efforts in optimizing user acquisition and user retention spending across our businesses. General and administrative expenses ratio remained stable at 4% in September quarter.

    本季度產品開發費用率保持穩定。銷售和營銷費用比率同比下降 2 個百分點至 11%,反映出我們在優化整個業務的用戶獲取和用戶保留支出方面的持續努力。一般和行政費用比率在 9 月季度保持穩定在 4%。

  • Non-GAAP net income was RMB 33.8 billion, an increase of RMB 5.3 billion year-over-year, mainly due to increase in adjusted EBITA, partly offset by a decrease in equity pickup of our equity method investees results. Our GAAP net loss was RMB 22.5 billion, a decline of RMB 25.8 billion year-over-year, primarily due to the increase in net loss arising from changes in fair value of our equity investments, partly offset by increase in non-GAAP net income.

    非美國通用會計準則淨收入為人民幣 338 億元,同比增加人民幣 53 億元,主要是由於調整後的 EBITA 增加,部分被權益法投資對象的股權收益減少所抵消。我們的 GAAP 淨虧損為人民幣 225 億元,同比減少人民幣 258 億元,主要是由於我們的股權投資公允價值變動導致的淨虧損增加,部分被非美國通用會計準則淨收入增加所抵消.

  • As of September 30, 2022, we continue to maintain a strong net cash position of RMB 323 billion or USD 45 billion. Our strong net cash position is supported by healthy cash flow generation. In September 2022 quarter, cash from operating activities was RMB 47 billion, and free cash flow were RMB 36 billion respectively, which were up by RMB 11 billion and RMB 13 billion versus a year ago.

    截至 2022 年 9 月 30 日,我們繼續保持 3230 億元人民幣或 450 億美元的強勁淨現金頭寸。我們強大的淨現金狀況得到了健康的現金流產生的支持。 2022 年 9 月季度,經營活動產生的現金為 470 億元人民幣,自由現金流為 360 億元人民幣,分別比去年同期增加 110 億元人民幣和 130 億元人民幣。

  • Majority of the difference between operating cash flow and free cash flow is operating CapEx at RMB 11 billion, down by RMB 1.7 billion versus a year ago. Net cash outflow for investments and acquisition activities, net of inflow from disposals significantly reduced to RMB 2.4 billion compared to RMB 21.5 billion in the same period last year.

    經營現金流和自由現金流之間的主要差異在於經營資本支出為人民幣 110 億元,比一年前減少了人民幣 17 億元。投資和收購活動產生的淨流出扣除處置流入後的淨額從去年同期的人民幣 215 億元大幅減少至人民幣 24 億元。

  • Importantly, on the current market conditions and given the confidence we have in the long-term sustainability of our business, we have been repurchasing our shares aggressively. For fiscal first half ended September 30, 2022, we repurchased approximately 62.9 million of our ADSs for approximately USD 5.6 billion, which is equivalent to about 70% of our free cash flow during the period.

    重要的是,在當前的市場條件下,鑑於我們對業務長期可持續性的信心,我們一直在積極回購我們的股票。截至 2022 年 9 月 30 日的上半年,我們以約 56 億美元的價格回購了約 6290 萬股美國存託憑證,相當於我們在此期間自由現金流的約 70%。

  • From October 1 to November 16, we have repurchased another USD 2.6 billion in ADSs on share repurchase program. Our strong balance sheet and free cash flow give us the flexibility to execute this share repurchase program with confidence. Now let's look at our second results. Revenue from China commerce segment in September quarter was RMB 135 billion, a decrease of 1% year-over-year.

    從 10 月 1 日到 11 月 16 日,我們又通過股票回購計劃回購了 26 億美元的 ADS。我們強大的資產負債表和自由現金流使我們能夠靈活、自信地執行此股票回購計劃。現在讓我們看看我們的第二個結果。中國商業板塊 9 月季度收入為人民幣 1350 億元,同比下降 1%。

  • Customer management revenue decreased by 7% year-over-year to RMB 66.5 billion. Taobao and Tmall physical goods paid GMV declined by low single digits. Customer management revenue is composed of advertising and commission revenue. Within the advertising, search advertising revenue continued to observe positive growth as it provides consistent return for merchants, while non-search advertising is negatively impacted by overall macro conditions and other factors.

    客戶管理收入同比下降7%至人民幣665億元。淘寶和天貓實物商品支付GMV均出現低個位數下降。客戶管理收入由廣告和佣金收入組成。在廣告中,搜索廣告收入繼續保持正增長,因為它為商家提供了穩定的回報,而非搜索廣告則受到整體宏觀環境和其他因素的負面影響。

  • Commission revenue also declined more than that of Tmall's paid GMV due to higher order cancellations. Direct sales and others revenue grew 6% to RMB 65 billion, primarily driven by strong growth of our Freshippo and Alibaba Health's direct sales businesses. China Commerce segment adjusted EBITA increased by RMB 2.6 billion to RMB 44 billion in the quarter.

    由於更高的訂單取消率,佣金收入的降幅也超過了天貓的付費 GMV。直銷及其他收入增長 6% 至人民幣 650 億元,主要受盒馬鮮生和阿里健康直銷業務的強勁增長推動。本季度,中國商務板塊調整後的 EBITA 增加了 26 億元人民幣,達到 440 億元人民幣。

  • The improvement reflected significant loss reduction from Taobao Deals, Taocaicai and Freshippo, which, on combined basis, reached RMB 4.9 billion in September quarter. Segment EBITA margin improved 2 percentage points year-over-year to 32% during this quarter.

    這一改善反映了淘寶團購、淘菜菜和盒馬鮮生的虧損大幅減少,這些公司在 9 月季度合計虧損達到 49 億元人民幣。本季度,該部門的 EBITA 利潤率同比提高 2 個百分點至 32%。

  • Secondly, EBITA margin can be further segregated into three types of businesses: First, our existing marketplace business, including Taobao and Tmall continued to exhibit stable EBITA margin year-over-year. Second, combined EBITA margin of our direct sales businesses, continues to improve, which was primarily driven by Freshippo during the quarter.

    其次,EBITA 利潤率可以進一步分為三類業務:首先,我們現有的市場業務,包括淘寶和天貓,繼續保持同比穩定的 EBITA 利潤率。其次,我們直銷業務的綜合 EBITA 利潤率繼續提高,這主要是由盒馬在本季度推動的。

  • Vast majority of Freshippo's existing stores have achieved the cash flow positive. Lastly, new businesses, including Taobao Deals and Taocaicai significantly reduced losses year-over-year, as previously mentioned. Our international commerce segment revenue in September quarter was RMB 15.7 billion, an increase of 4% year-over-year. Revenue from international commerce retail business increased by 3% to RMB 10.7 billion.

    絕大多數盒馬現有門店都實現了現金流正。最後,如前所述,包括淘寶團購和淘菜菜在內的新業務同比大幅減少虧損。 9 月當季,我們的國際商務業務收入為人民幣 157 億元,同比增長 4%。國際商業零售業務收入增長3%至人民幣107億元。

  • The increase was primarily driven by Trendyol as a result of its strong order growth of over 65%, partly offset by a decrease in AliExpress order as a result of challenging -- challenges faced in cross-border e-commerce demand in Europe due to depreciating Euro and increasing logistics costs.

    這一增長主要是由 Trendyol 推動的,因為其訂單增長超過 65%,部分被全球速賣通訂單減少所抵消——由於貶值,歐洲跨境電子商務需求面臨挑戰歐元和不斷增加的物流成本。

  • Revenue from our Alibaba.com wholesale business grew 6% to RMB 5 billion. The increase was primarily due to resilient 8% growth in value of transactions completed on Alibaba.com that led to an increase in revenue generated by cross-border related value-added services. International Commerce segment adjusted EBITA loss narrowed by RMB 1.5 billion to RMB 960 million in September quarter.

    我們阿里巴巴批發業務的收入增長 6% 至人民幣 50 億元。這一增長主要是由於在阿里巴巴網站上完成的交易價值實現了 8% 的彈性增長,從而導致跨境相關增值服務產生的收入增加。國際商務部門調整後的 EBITA 虧損在 9 月季度縮小了 15 億元人民幣,至 9.6 億元人民幣。

  • The significant loss reduction year-over-year was primarily contributed by the reduced losses from Lazada and Trendyol. Lazada has continued to improve monetization rate as well as enhancing operating efficiency. During the quarter, loss per order for Lazada narrowed by over 25% compared to the same period last year. While Trendyol's improvement is a combination of strong revenue growth, despite Forex headwinds as well as enhanced operating efficiency.

    虧損同比顯著減少主要是由於 Lazada 和 Trendyol 的虧損減少。 Lazada 繼續提高貨幣化率並提高運營效率。本季度,Lazada 的每筆訂單虧損與去年同期相比收窄了 25% 以上。雖然 Trendyol 的改善是強勁的收入增長的結合,儘管外匯逆風以及提高運營效率。

  • Our local consumer service segment revenue in September quarter grew 21% to RMB 13 billion, primarily driven by strong revenue growth of Amap as well as higher average order value and more efficient use of subsidies that were contra-revenue of Ele.me. Local consumer service adjusted EBITA loss reduced by RMB 3 billion year-over-year to RMB 3.5 billion.

    我們的本地消費服務部門在 9 月當季的收入增長了 21% 至人民幣 130 億元,這主要是由於高德的強勁收入增長以及更高的平均訂單價值和更有效地使用與餓了麼收入相反的補貼。本地消費服務調整後EBITA虧損同比減少30億元人民幣至35億元人民幣。

  • Most of the loss reduction was driven by Ele.me business, while rest of the other businesses also recorded reduced losses. Ele.me continued to improve its unit economics per order by increasing average order value, reducing delivery cost per order and optimizing user acquisition spending. Its UE continued to improve year-over-year and remained positive this quarter.

    大部分虧損減少是由餓了麼業務推動的,而其餘業務也錄得虧損減少。餓了麼通過提高平均訂單價值、降低每筆訂單的交付成本和優化用戶獲取支出,繼續提高其每筆訂單的單位經濟效益。其 UE 同比繼續改善,本季度保持積極。

  • Revenue from Cainiao after inter-segment elimination, grew 36% year-over-year to RMB 13.4 billion, primarily contributed by the increase in revenue from domestic consumer logistics services as a result of service model upgrade since later 2021 to enhance customer experience and also the international fulfillment solution services revenue increased.

    跨部門抵銷後的菜鳥收入同比增長 36% 至人民幣 134 億元,這主要是由於自 2021 年晚些時候以來為提升客戶體驗而升級服務模式導致國內消費物流服務收入增加所致,以及國際履行解決方案服務收入增加。

  • In September quarter, 73% of Cainiao's total revenue was generated from external customers. Cainiao recorded adjusted EBITA profit of RMB 125 million in September quarter, an increase of RMB 440 million year-over-year. Revenue from our Cloud segment after inter-segment elimination was RMB 20.8 billion in September quarter, an increase of 4%, mainly driven by healthy public cloud growth partially offset by declining hybrid cloud revenue as we continue to drive high-quality recurring revenue growth.

    9月季度,菜鳥總收入的73%來自外部客戶。菜鳥在 9 月季度錄得調整後 EBITA 利潤人民幣 1.25 億元,同比增加人民幣 4.4 億元。 9 月季度,經過部門間抵消後,我們雲部門的收入為人民幣 208 億元,增長 4%,這主要是由於健康的公共雲增長所推動,部分被混合雲收入下降所抵消,因為我們繼續推動高質量的經常性收入增長。

  • Revenue growth for non-Internet industries continue to accelerate growing 28% and contributed 58% of overall cloud revenue. Strong revenue growth of the Internet industries was driven by financial services, telecommunication and public services industries. Revenue from customers in internet industry declined about 18%, that was mainly driven by declining revenue from the top Internet customers that has gradually stopped using our overseas cloud service for its international business, online education customers as well as softening demand from other customers in China internet industry.

    非互聯網行業的收入增長繼續加速增長 28%,佔整體雲收入的 58%。互聯網行業的強勁收入增長受到金融服務、電信和公共服務行業的推動。來自互聯網行業客戶的收入下降約 18%,這主要是由於頂級互聯網客戶的收入下降(其國際業務逐漸停止使用我們的海外雲服務)、在線教育客戶以及中國其他客戶的需求疲軟所致互聯網行業。

  • Adjusted EBITA of cloud segment, which comprised of Alibaba Cloud and DingTalk was a profit of RMB 434 million in September quarter, increased by RMB 38 million year-over-year. Revenue from our digital media entertainment segment in September quarter was RMB 8.4 billion, an increase of 4% primarily due to the increase in revenue from Alibaba Pictures, Youku, which was partly offset by a decrease in online games business revenue.

    由阿里雲和釘釘組成的雲業務的調整後 EBITA 在 9 月季度實現利潤人民幣 4.34 億元,同比增長人民幣 0.38 億元。 9 月當季,我們數字媒體娛樂業務的收入為人民幣 84 億元,增長 4%,這主要是由於阿里影業、優酷的收入增加,部分被網絡遊戲業務收入的減少所抵消。

  • Adjusted EBITA was a loss of RMB 117 million reduced by RMB 814 million year-over-year, primarily driven by narrowing of losses from Youku and improved profitability of Alibaba Pictures. Youku continues to improve operational efficiency through disciplined investment in content and production capability.

    調整後的 EBITA 為虧損人民幣 1.17 億元,同比減少人民幣 8.14 億元,主要受優酷虧損收窄和阿里影業盈利能力改善的推動。優酷通過對內容和製作能力的嚴格投資不斷提高運營效率。

  • This year-over-year losses have been narrowed for 6 consecutive quarters. Over the past several months, we have been preparing for a primary listing in Hong Kong. During this process, we are closely monitoring and taking into account various factors, including changing market and other external conditions. Before our conversion to primary listing in Hong Kong, we also need to formulate and submit a new employee stock ownership program to our shareholders for approval in order to comply with the newly amended rules in Hong Kong.

    這一同比虧損已經連續6個季度收窄。在過去的幾個月裡,我們一直在為在香港的首次上市做準備。在此過程中,我們密切關注並考慮各種因素,包括不斷變化的市場和其他外部條件。在我們轉換為在香港主要上市之前,我們還需要製定新的員工持股計劃並提交給我們的股東批准,以符合香港新修訂的規則。

  • The new ESOP program will continue to align the development of our company with the interests of our long-term shareholders. Accordingly, we will not complete the primary conversion before the end of 2022 as initially planned. We will continue to evaluate the various factors during this process and update our investors in due course.

    新的 ESOP 計劃將繼續使我們公司的發展與我們長期股東的利益保持一致。因此,我們將不會按最初計劃在 2022 年底之前完成主要轉換。我們將在此過程中繼續評估各種因素,並適時更新我們的投資者。

  • To wrap up, since I've taken up the CFO role earlier this year, I've met many shareholders, and I really appreciate all of your feedback. As I have communicated to many of you, we will proactively execute our capital allocation strategy to create and unlock our company's intrinsic value. We consider three important factors: Firstly, we will be focused.

    總而言之,自從我今年早些時候擔任首席財務官一職以來,我遇到了很多股東,我非常感謝你們的所有反饋。正如我已與你們中的許多人溝通過的,我們將積極執行我們的資本配置戰略,以創造和釋放我們公司的內在價值。我們考慮三個重要因素:首先,我們將專注。

  • We will not only continue to execute our three growth pillar strategy, but we'll also prioritize growing businesses that improve our medium- to long-term revenue growth and profitability profile. We remain confident of the growth prospects of our businesses, many of which are leading players in their respective markets.

    我們不僅將繼續執行我們的三大增長支柱戰略,而且還將優先考慮能夠改善我們中長期收入增長和盈利狀況的成長型業務。我們仍然對我們業務的增長前景充滿信心,其中許多業務都是各自市場的領先企業。

  • Second, in order to optimize our capital resources, we will continue to be more selective in M&A activities, monetize less strategic investments and unlock the value of selected subsidiaries. Lastly, we want to better align our business performance to the interest of our long-term shareholders. During each of fiscal year '22 and fiscal first half '23 period, we have deployed around 70% of free cash flow to share buyback.

    其次,為了優化我們的資本資源,我們將繼續在併購活動中更有選擇性,減少戰略投資的貨幣化,並釋放選定子公司的價值。最後,我們希望更好地使我們的業務績效與長期股東的利益保持一致。在 22 財年和 23 財年上半年的每個期間,我們都將大約 70% 的自由現金流用於股票回購。

  • As of November 16, 2022, we had repurchased approximately USD 18 billion of our shares and our existing USD 25 billion share repurchase program. In addition, our Board of Directors has approved to increase our existing share repurchase program by another USD 15 billion and extended the program through the end of March 2025.

    截至 2022 年 11 月 16 日,我們已回購約 180 億美元的股票和我們現有的 250 億美元股票回購計劃。此外,我們的董事會已批准將我們現有的股票回購計劃再增加 150 億美元,並將該計劃延長至 2025 年 3 月底。

  • Currently, we have an unutilized amount of USD 22 billion and our upsized and extended share repurchase program. We hope our ongoing consistency repurchase program will deliver attractive, consistent return to our long-term shareholders, especially during this period of extreme market volatility. Thank you. Now let's turn to Q&A.

    目前,我們有 220 億美元的未動用資金以及擴大和擴展的股票回購計劃。我們希望我們正在進行的一致性回購計劃能夠為我們的長期股東帶來有吸引力的、一致的回報,尤其是在這個市場極端波動的時期。謝謝你。現在讓我們轉向問答環節。

  • Robert Lin - IR

    Robert Lin - IR

  • 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 note that the translation is for convenience purpose only. In the case of any discrepancy, our management statement in original language will prevail.

    大家好。今天的電話,歡迎您用中文或英文提問。第三方翻譯人員將為問答環節提供交替傳譯,我們的管理層將以您要求的語言回答您的問題。請注意,翻譯僅供參考。如有任何差異,將以我們的原始語言管理聲明為準。

  • If you are unable to hear the Chinese translation bilingual transcripts of the call will be available on our website within one week after the meeting.

    如果您無法聽到電話會議的中文翻譯雙語抄本,我們將在會議結束後一周內在我們的網站上提供。

  • (foreign language)

    (外語)

  • Operator, please connect speaker and SI conference line now, and please start the Q&A session already.

    接線員,請立即連接揚聲器和 SI 會議線路,並請開始問答環節。

  • Operator

    Operator

  • (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。

  • Ronald Keung - Executive Director

    Ronald Keung - Executive Director

  • [Interpreted] My question has to do with customer management revenues and GMV. We noted in your prepared remarks, you stated that GMV during Double 11 this year was consistent with that of last year. So it seems there's an improvement there from the single-digit drop in the September quarter. But looking forward to the next several quarters as we anticipate more stabilization in the macro environment, can you share with us your view of how GMV may grow and also the CMR revenue?

    [解釋] 我的問題與客戶管理收入和 GMV 有關。我們在您準備好的發言稿中註意到,您表示今年雙11期間的GMV與去年持平。因此,與 9 月季度的個位數下降相比,似乎有所改善。但展望未來幾個季度,因為我們預計宏觀環境會更加穩定,您能否與我們分享您對 GMV 可能如何增長以及 CMR 收入的看法?

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • [Interpreted] Thank you. Well, in fact, in my prepared remarks earlier, I did offer some detailed analysis of the CMR issue. And I do understand this is an issue in which investors are very interested. Certainly, when it comes to GMV in the context of the ongoing impact of the pandemic as well as ongoing changes in the way that goods are marketed and sold to consumers, in particular with the rapid increase in live streaming and growing importance of live streaming, there has been an overall impact on returns of purchases on the platform. So typically, when we talk about CMR, we do talk about that in conjunction with the issue of returns. But there are some differences between the two pieces. First of all, when it comes to take rate, we talk about CMR, and that's connected with post-return GMV. So the amount of returns will be highly correlated with that. But the second piece is advertising revenue and in the current macro environment, certainly, there's a reduced willingness on the part of merchants to invest as well as the macro environment impact on merchants' own business.

    [翻譯] 謝謝。好吧,事實上,在我之前準備好的發言中,我確實提供了對 CMR 問題的一些詳細分析。我確實理解這是投資者非常感興趣的問題。當然,在大流行的持續影響以及商品營銷和銷售給消費者的方式不斷變化的背景下談到 GMV,特別是隨著直播的迅速增加和直播的重要性日益增加,對平台上的購買退貨產生了總體影響。所以通常,當我們談論 CMR 時,我們確實會結合回報問題來談論它。但是這兩件作品之間存在一些差異。首先,說到take rate,我們說的是CMR,這跟退貨後的GMV有關。所以回報的數量將與此高度相關。但是第二塊是廣告收入,在目前的宏觀環境下,當然是商家的投資意願下降,以及宏觀環境對商家自身業務的影響。

  • But secondly, in terms of our own focus on growing CMR revenue this should really be a result of all of the efforts that we make to help merchants better engage consumers on the platform and drive their sales. So be it in terms of paid search for which everyone is very familiar and more recently, smart recommendations and live streaming that has grown very rapidly lately. These are all different ways that we can enable merchants to better engage with their consumers and to drive their sales. And the result of achieving merchants achieve that success should be reflected in our CMR revenues.

    但其次,就我們自己對增加 CMR 收入的關注而言,這實際上應該是我們為幫助商家更好地吸引平台上的消費者並推動他們的銷售所做的所有努力的結果。因此,無論是在每個人都非常熟悉的付費搜索方面,還是最近發展非常迅速的智能推薦和直播方面。這些都是我們可以讓商家更好地與消費者互動並推動銷售的不同方式。商家取得成功的結果應該反映在我們的 CMR 收入中。

  • Operator

    Operator

  • The next question comes from Thomas Chong from Jefferies.

    下一個問題來自 Jefferies 的 Thomas Chong。

  • Thomas Chong - Equity Analyst

    Thomas Chong - Equity Analyst

  • [Interpreted] Daniel spoke earlier about several factors that affected performance this year during Double 11. Certainly, we noted on the logistics side, there are some serious disruptions in various regions in China. So I'm wondering, looking at the December quarter, how would you rank the impact of these different factors, if you're going to order them, looking at order cancellations as one factor related to live streaming, also just consumer sentiment and also the ongoing impact of the pandemic. If you're going to order those factors in order of importance, what would that look like?

    [解讀] Daniel 早些時候在雙十一期間談到了影響今年業績的幾個因素。當然,我們注意到在物流方面,中國各個地區都存在一些嚴重的中斷。所以我想知道,看看 12 月這個季度,如果您要訂購它們,您如何對這些不同因素的影響進行排名,將訂單取消視為與直播相關的一個因素,也只是消費者情緒,還有大流行的持續影響。如果您要按重要性對這些因素進行排序,那會是什麼樣子?

  • And then secondly, we saw on the China commerce side that very good results were achieved in terms of EBITA with a 6% increase there. So in the short term, I'm wondering if you could talk a little more about if CMR is impacted on an ongoing basis by these macro factors, how big an impact that could be expected to have on EBITA.

    其次,我們在中國商業方面看到,在 EBITA 方面取得了非常好的結果,增長了 6%。所以在短期內,我想知道你是否可以多談談 CMR 是否會受到這些宏觀因素的持續影響,預計對 EBITA 的影響有多大。

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • [Interpreted] As regards to those 3 situations or 3 factors that you summarized in your question, they all have an impact, but I think the relative impact of those factors is a process of flex -- dynamic change. But if I absolutely had to rank them, I would say -- and this would be true for any enterprise or certainly any platform, but it would be the macro environment that we find ourselves in, which, in turn, has an impact on consumer confidence, consumer demand, consumer willingness to spend. And I think the macro environment would be the primary determinant not just for Alibaba, but for all the players in the consumption space, both online and offline.

    【解讀】關於你在問題中總結的那3種情況或者說3個因素,都是有影響的,但是我覺得這些因素的相對影響是一個flex的過程——動態的變化。但如果我一定要對它們進行排名,我會說——這對任何企業或任何平台都是如此,但我們所處的宏觀環境反過來會對消費者產生影響信心、消費者需求、消費者消費意願。而且我認為宏觀環境不僅是阿里巴巴的主要決定因素,也是消費領域線上和線下所有參與者的主要決定因素。

  • And then on the second piece to this is with the introduction of the 20 measures from the state authorities that can be expected to have a positive impact. We certainly do note still some ongoing disruption to logistics in certain regions of the country. But overall, we do expect things to continue to improve in a positive direction.

    其次是國家當局出台的20條措施,預計會產生積極影響。我們當然確實注意到該國某些地區的物流仍然存在一些持續中斷。但總的來說,我們確實希望事情會繼續朝著積極的方向改善。

  • Further is, with live streaming becoming a more important engagement format as you mentioned, that has resulted in an impact on returns. However, I think Alibaba compared to its peers, especially those who primarily rely on live streaming or basically just rely on live streaming, I think the impact on Alibaba is relatively smaller.

    此外,正如您提到的,隨著直播成為一種更重要的參與形式,這對回報產生了影響。但是,我覺得阿里巴巴相對於同行,尤其是那些主要靠直播或者基本只靠直播的,我覺得阿里巴巴受到的影響相對較小。

  • During the Double 11 period, live streaming played a more important goal on Alibaba and it does during the regular periods of the year, especially with regards to presales for Double 11. But in general, for Alibaba live streaming is one format -- one engagement format and doesn't represent everything that we have to offer.

    雙11期間,直播在阿里巴巴的目標更為重要,一年中的常規時段也是如此,尤其是在雙11預售方面。但總的來說,直播對於阿里巴巴來說是一種形式——一次參與。格式,並不代表我們必須提供的一切。

  • Alibaba is working hard to balance these different formats to ensure that merchants are able to engage with their consumers in the ways that they want to be able to do that. Alibaba is open to embracing new technologies and new approaches. But at the end of the day, we do need that kind of balance to ensure a good consumer experience and also to ensure that our costs remain acceptable to merchants. So it is about finding that right balance.

    阿里巴巴正在努力平衡這些不同的形式,以確保商家能夠以他們希望的方式與消費者互動。阿里巴巴樂於接受新技術和新方法。但歸根結底,我們確實需要這種平衡,以確保良好的消費者體驗,並確保我們的成本仍然為商家所接受。所以這是關於找到正確的平衡。

  • Hong Xu - CFO

    Hong Xu - CFO

  • [Interpreted] This is Toby. I'd like to add to that with regards to your second question, which had to do with the impact of the reduction in CMR revenue potentially on China commerce profit going forward. Look, a reduction in any revenue stream would, of course, have an impact on profit at the end of the day. However, if you look at China commerce EBITA in this quarter, it was up. There was a positive increase year-on-year compared to the same quarter last year. And we've achieved that by being very disciplined in our spending and investment and also in driving higher levels of efficiency.

    [翻譯] 這是托比。關於你的第二個問題,我想補充一下,這與 CMR 收入減少對未來中國商業利潤的潛在影響有關。看,任何收入流的減少當然會在一天結束時對利潤產生影響。然而,如果你看一下本季度的中國商業 EBITA,它就會上升。與去年同期相比,同比出現正增長。我們通過在支出和投資方面非常自律以及提高效率來實現這一目標。

  • So this increase in core commerce EBITA has been driven by an increase in profit in the profitable parts of the business, as well by achieving narrowing of losses in the parts that we're making losses. So that's why you see that increase of around 6%.

    因此,核心商業 EBITA 的增長是由業務盈利部分的利潤增加以及我們虧損部分的虧損縮小所推動的。這就是為什麼你會看到大約 6% 的增長。

  • Operator

    Operator

  • The next question is from Eddie Leung from Bank of America Merrill Lynch.

    下一個問題來自美銀美林的 Eddie Leung。

  • Eddie Leung - MD in Equity Research and Analyst

    Eddie Leung - MD in Equity Research and Analyst

  • [Interpreted] I'd like to ask you a hypothetical question. I'm wondering if, going forward, there is a relatively large adjustment in pandemic control measures in China, how would that kind of adjustment impact on different businesses or different product types? And would the impact be positive or negative? And then related to that, I'm wondering if there are any preparations that Alibaba might be making or could be making as a company to better position itself for future prospect of a major change in pandemic control restrictions?

    [解釋]我想問你一個假設性的問題。我想知道未來中國的疫情控制措施是否有比較大的調整,這種調整對不同業務或不同產品類型有何影響?影響是積極的還是消極的?然後與此相關,我想知道阿里巴巴作為一家公司是否正在或可能正在做任何準備,以更好地應對未來大流行控制限制發生重大變化的前景?

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • [Interpreted] Well, thanks very much for what really is a very good question. Certainly, I'm sure that we all hope to see an end to the pandemic and a complete return to normalcy for society, for the economy, for our own daily lives. There's nothing that people would want more than to get back to normal, and that would be good news for Alibaba and it would be good news for everyone. Now certainly, Alibaba's businesses are diverse and would be impacted in different ways.

    [已翻譯] 好吧,非常感謝你提了一個非常好的問題。當然,我敢肯定,我們都希望看到大流行病結束,社會、經濟和我們自己的日常生活完全恢復正常。人們最希望的莫過於恢復正常,這對阿里巴巴來說是個好消息,對每個人來說都是個好消息。現在可以肯定的是,阿里巴巴的業務是多元化的,並且會以不同的方式受到影響。

  • Talking about the consumption part of our business first. I think most importantly, were there to be an end to the pandemic and a complete return to normal life -- a normal work, in particular, that would result in a big boost to consumer confidence, and that would certainly be very positive for the Chinese economy as a whole and also for companies like Alibaba.

    先說說我們業務的消費部分。我認為最重要的是,如果大流行病結束並完全恢復正常生活——尤其是正常工作,這將極大地提振消費者信心,這肯定對中國經濟作為一個整體,也適用於像阿里巴巴這樣的公司。

  • Consumption is an important engine of economic growth. But for consumers to spend, they need to have confidence and they need to have stable expectations, including stable expectations regarding their own future income. So we're the and the controls to end that would, I believe, result in a big boost to that kind of confidence, resulting in higher consumer spending and also further stimulating the economy. So good news all around.

    消費是經濟增長的重要引擎。但是消費者消費需要有信心,需要有穩定的預期,包括對自己未來收入的穩定預期。因此,我相信,我們是結束這種情況的控制措施,會極大地提振這種信心,從而導致更高的消費者支出,並進一步刺激經濟。到處都是好消息。

  • Secondly, I would say that you could expect to see an impact on the consumption mix in the context of the pandemic and with all the uncertainty, there's been an increased focus on nondiscretionary consumption on daily essentials, food, groceries, things of this nature. And you've, of course, seen a lot of demand for stocking up with people worried about potential supply disruptions, lack of access to necessities and essentials. So a lot of demand for people to stock up. Now of course, where the situation to change, where the pandemic to ease, then I think you could certainly expect to see a corresponding increase in discretionary type of spending. So that would be a change we could expect to see.

    其次,我想說的是,在大流行和所有不確定性的背景下,你可能會看到對消費組合的影響,人們越來越關注日常必需品、食品、雜貨等此類性質的非自由支配消費。當然,你已經看到很多人擔心潛在的供應中斷、無法獲得必需品和必需品,因此需要囤貨。所以很多人需要囤貨。當然,現在情況發生變化,大流行病緩解,那麼我想你肯定會看到可自由支配類型的支出相應增加。所以這將是我們可以期待看到的變化。

  • Secondly, if we look at our 2B businesses, for example, our cloud computing. I think certainly, all enterprises across the Board understand that digitalization is the future, but at the same time, how much they will invest in any period does come down to their own current business performance and their expectations of the future. So companies have to decide how much they're willing to invest and they have to be sure they're living within their means. So I think after the pandemic is over, things have returned to normal, we would expect to see companies gaining more confidence in their future growth prospects and being willing to devote more resources to digitalization. And I think that would be good news for our cloud business.

    其次,如果我們看我們的2B業務,比如我們的雲計算。我認為當然,所有企業都明白數字化是未來,但與此同時,他們在任何時期將投入多少確實取決於他們當前的業務表現和他們對未來的期望。因此,公司必須決定他們願意投資多少,並且必須確保他們量入為出。所以我覺得在疫情結束,一切回歸正常之後,我們會期待看到企業對自己未來的增長前景更有信心,願意投入更多的資源在數字化上。我認為這對我們的雲業務來說是個好消息。

  • So for Alibaba, I do think it's important that we always be looking to the future and of course, hold out hope for the future. In terms of our consumer-oriented categories and offerings, we're already very complete and we will continue to look forward to rolling out and developing new categories going forward at the end of the pandemic and not just goods, but also services, including travel and tourism services.

    所以對於阿里巴巴來說,我確實認為重要的是我們要始終展望未來,當然要對未來抱有希望。就我們面向消費者的類別和產品而言,我們已經非常完整,我們將繼續期待在大流行結束時推出和開發新的類別,不僅是商品,還有服務,包括旅遊和旅遊服務。

  • At the same time, we need to continue to maintain a proactive approach to developing new digital offerings and solutions and to rolling out cloud-based solutions that help and empower customers to generate data, to leverage their data and to extract value from their data. And I think this will all be very positive going forward.

    與此同時,我們需要繼續保持積極主動的方法來開發新的數字產品和解決方案,並推出基於雲的解決方案,以幫助和授權客戶生成數據、利用他們的數據並從他們的數據中提取價值。我認為這一切都將是非常積極的。

  • Operator

    Operator

  • The next question is from Alex Yao from JPMorgan.

    下一個問題來自摩根大通的 Alex Yao。

  • Alex C. Yao - Head of Asia Internet and New Media Research

    Alex C. Yao - Head of Asia Internet and New Media Research

  • [Interpreted] Daniel, in your prepared remarks, you spoke about how Alibaba's long-term development is highly aligned with China's overall long-term development strategy and direction, including around digitalization. I'm wondering, in the context of the current global regulatory environment, how you see digitalization playing out in the future, say, in the next 5 years in China in terms of its direction, in terms of its pace? What can Alibaba do as part of that process and what kind of financial returns can Alibaba reap?

    [解讀]大牛,在你準備好的發言稿中,你談到了阿里巴巴的長期發展如何與中國整體長期發展戰略和方向高度契合,包括圍繞數字化。我想知道,在當前全球監管環境的背景下,您如何看待數字化在未來的發展,比如未來 5 年在中國的發展方向和步伐?作為這個過程的一部分,阿里巴巴可以做什麼?阿里巴巴可以獲得什麼樣的財務回報?

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • [Interpreted] Well, when it comes to Alibaba's view of the future, the big picture of the future, we are, of course, strongly committed to our 3 key strategies of cloud computing, consumption and globalization. And of course, we do note the important emphasis given the latest -- the 20th Party Congress with the intention of helping China develop into a strong player in internet industries with a strong digital economy. And I think that Alibaba is very well positioned to contribute to the realization of those goals.

    [解讀]那麼說到阿里巴巴對未來的看法,未來的大局,我們當然是堅定地致力於雲計算、消費和全球化這3個關鍵戰略。當然,我們確實注意到最近召開的第 20 次黨代會的重點,旨在幫助中國發展成為擁有強大數字經濟的互聯網行業強國。我認為阿里巴巴完全有能力為實現這些目標做出貢獻。

  • If you look back at Alibaba's history as a company around the internet, the first thing we did was in the field of retail commerce and enabling digital flows of goods to consumers in the real economy, serving consumers with digitalization in that way.

    如果你回顧阿里巴巴作為一家互聯網公司的歷史,我們首先做的是零售商業領域,讓商品數字化地流向實體經濟中的消費者,以數字化的方式服務消費者。

  • The second thing we did was bring digitalization to logistics, making it possible with high efficiency and high effectiveness to ship goods all over the country. And in fact, China today is now probably the #1 country in the world when it comes to express delivery services, not only in terms of the number of parcels, but also the quality of services as well.

    我們做的第二件事,就是把物流數字化,讓貨物在全國范圍內高效、高效地發運成為可能。事實上,今天的中國在快遞服務方面可能是世界第一的國家,不僅在包裹數量方面,而且在服務質量方面也是如此。

  • And then thirdly, over the last 5 to 10 years, we've been very focused on investing in cloud computing and helping companies go digital, not just companies, though, but public services as well, enterprise management as well as the digitalization of industry. All of this is served by our cloud computing offerings.

    第三,在過去的 5 到 10 年裡,我們一直非常專注於投資雲計算並幫助公司走向數字化,不僅是公司,還有公共服務、企業管理以及行業數字化.所有這些都由我們的雲計算產品提供服務。

  • So going forward, we do indeed feel that as a company, we're highly aligned with that overall direction in China to continue to empower this process of digitalization and to harness the benefits of digitalization as part of this long-term development process.

    因此,展望未來,我們確實認為,作為一家公司,我們與中國的總體方向高度一致,繼續推動這一數字化進程,並將數字化的好處作為這一長期發展進程的一部分。

  • And Alibaba, as a company, has tremendous confidence in our ability to do precisely that, to provide the technologies that will empower the real economy to create further value through digitalization.

    阿里巴巴作為一家公司,對我們有能力做到這一點充滿信心,我們提供的技術將使實體經濟能夠通過數字化創造更多價值。

  • So we do feel very encouraged about that overall policy direction, and we also are positively encouraged by other comments that we've seen from state authorities, including talking about the high-quality development of platform economies and Alibaba looks forward to playing an important role in all of these developments going forward and have confidence that we will.

    所以我們確實對這個總體政策方向感到非常鼓舞,我們也對我們從國家當局看到的其他評論感到積極鼓舞,包括談論平台經濟的高質量發展和阿里巴巴期待發揮重要作用在所有這些未來的發展中,我們相信我們會做到的。

  • Operator

    Operator

  • The next question is from Jerry Liu from UBS.

    下一個問題來自瑞銀的 Jerry Liu。

  • Yuan Liu - Co Head of HK and China Internet Research

    Yuan Liu - Co Head of HK and China Internet Research

  • [Interpreted] I'd like to come back, if we could, to a topic we addressed earlier in the discussion, which was about the take rate and the company's ability to monetize traffic. I'm wondering if you could tell us, please, what your view is over the next few quarters or say over the next year in the company's ability to monetize this traffic?

    [解釋] 如果可以的話,我想回到我們之前在討論中提到的一個話題,即關於採用率和公司將流量貨幣化的能力。我想知道您能否告訴我們您對未來幾個季度或明年公司將此流量貨幣化的能力有何看法?

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • [Interpreted] Well, the topic of monetizing traffic is one of perennial interest, of course, to investors, and we've taken many questions on this topic over the years, but it's not a question that we look at alone in isolation to really -- it's all really about -- more about how we help merchants and how we create value for merchants, enabling merchants to achieve ROI and then we can share part of that ROI. That's our basic take and our basic objective on this.

    [解讀]嗯,當然,對於投資者來說,流量貨幣化這個話題是一個長期感興趣的話題,多年來我們就這個話題提出了很多問題,但這不是一個我們孤立地看待的問題,而是真正- 這一切都是關於 - 更多關於我們如何幫助商家以及我們如何為商家創造價值,使商家能夠實現投資回報率,然後我們可以分享部分投資回報率。這是我們對此的基本看法和基本目標。

  • Secondly, when you look at our, for example, the Taobao Mobile app, today, there's more diversity in terms of the way consumers are interacting through that app with different routes to purchase. As I mentioned in my earlier remarks, you have, of course, search and now you have recommendation feeds that are becoming smarter and smarter as well as other kinds of discovery functions, including live streaming and short-form videos and all of that. So these represent new formats or new scenarios for consumption.

    其次,當你看看我們的淘寶移動應用程序時,今天,消費者通過該應用程序與不同的購買途徑進行交互的方式更加多樣化。正如我在之前的評論中提到的,你當然有搜索,現在你有越來越智能的推薦提要以及其他類型的發現功能,包括直播和短視頻等等。所以這些代表了新的消費形式或新場景。

  • And of course, we are monitoring structural changes that are underway in terms of the frequency, concentration and traffic around those different kinds of interactions on the consumer commerce side. But at the end of the day, it's still about us helping to create value for merchants, helping them to connect with the consumers, be it via search, via recommendation, via videos or in other formats, but we are tracking behavior around those discovery-related formats looking at consumer behavior of PVs and can and will, going forward, consider ways to change the monetization model in line with this kind of evolution. But at the end of the day, it's really about providing a reliable and effective service to merchants to help and serve the consumers.

    當然,我們正在監測圍繞消費者商務方面不同類型交互的頻率、集中度和流量方面正在發生的結構性變化。但歸根結底,這仍然是我們幫助商家創造價值,幫助他們與消費者建立聯繫,無論是通過搜索、推薦、視頻還是其他形式,但我們正在跟踪圍繞這些發現的行為- 相關格式著眼於 PV 的消費者行為,並且可以並且將會在未來考慮根據這種演變改變貨幣化模型的方法。但歸根結底,這實際上是為商家提供可靠和有效的服務,以幫助和服務消費者。

  • Operator

    Operator

  • The next question is from Alicia Yap from Citigroup.

    下一個問題來自花旗集團的 Alicia Yap。

  • Alicia Yap - MD & Head of Pan-Asia Internet Research

    Alicia Yap - MD & Head of Pan-Asia Internet Research

  • [Interpreted] I'm wondering, first of all, if you could talk to us a little bit about advertising, marketing budget allocation and changes that you may have seen there in the past few months, in particular, compared against the period before the pandemic in terms of big brands, large brands and then the long-tail merchants. For example, what proportion of the marketing budget or big brands versus smaller merchants allocating to different formats, for example, to paid search versus recommendations?

    [已翻譯] 我想知道,首先,您是否可以和我們談談廣告、營銷預算分配以及您在過去幾個月中可能看到的變化,特別是與大品牌,大品牌,然後是長尾商家方面的流行病。例如,營銷預算或大品牌與小商家分配給不同格式的比例是多少,例如,付費搜索與推薦?

  • And then, by the way, of follow-up, I was wondering if Daniel could tell us a bit about the take rate for live streaming versus search and recommendations. If the take rate for live streaming would happen to be lower than those other formats because you were talking about live streaming as one marketing format that can bring more convenience to merchants and be one more format, but I'd like to know about the take rate.

    然後,順便說一句,關於後續行動,我想知道 Daniel 是否可以告訴我們一些關於實時流媒體與搜索和推薦的採用率。如果直播的收視率恰好低於其他格式,因為你說直播是一種營銷形式,可以給商家帶來更多的便利,是另一種形式,但我想知道收視率速度。

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • [Interpreted] Let me divide this into a few pieces. When it comes to marketing budgets. And I think this is true of all kinds of merchants, large, medium or small in the context of the pandemic and considerable uncertainty. I think that all categories of merchants have become more prudent with regard to their spending on marketing because any company regardless of its size, small, medium, large, is certainly going to be allocating a marketing budget as a percentage of its expected future revenues, be it in a quarter or be it in a year.

    [解釋]讓我把它分成幾部分。在營銷預算方面。我認為在大流行和相當大的不確定性背景下,所有類型的商家,無論是大中型還是小型商家,都是如此。我認為所有類別的商家在營銷支出方面都變得更加謹慎,因為任何公司,無論規模大小,無論大小,都肯定會按照其預期未來收入的百分比分配營銷預算,無論是在一個季度內還是在一年內。

  • So in the context of the pandemic with heightened uncertainty around expected future revenue, of course, there's going to be an impact on marketing budgets for all kinds of companies alike. I think secondly, a change that we -- that you have seen following the pandemic is higher demands around ROI, also a function of merchants being more prudent. They want to ensure that the advertising they're paying for is being effective and paying off in terms of ROI.

    因此,在大流行的背景下,預期未來收入的不確定性增加,當然,這將對各種公司的營銷預算產生影響。我認為其次,我們——你在大流行之後看到的一個變化是對投資回報率的更高要求,這也是商家更加謹慎的一個功能。他們希望確保他們支付的廣告是有效的,並在投資回報率方面得到回報。

  • So certainly a more cautious approach, especially to things like the display advertising. Merchants, advertisers are looking for more certainty amidst all of the uncertainty brought about by the pandemic.

    所以肯定是一種更謹慎的方法,尤其是對於展示廣告之類的事情。在大流行帶來的所有不確定性中,商家、廣告商正在尋找更多的確定性。

  • Alibaba is, of course, very well positioned as both a consumer media and also a platform -- the major platform for merchant operations in China. It's a place that merchants can come and achieve sustainable ongoing business operations and success, be empowered with a whole variety of different tools to do that. And that's why Taobao and Tmall continue to be the primary place for merchants to come and do business.

    當然,阿里巴巴作為消費者媒體和平台——中國商家運營的主要平台——的定位非常好。在這裡,商家可以來實現可持續的持續業務運營和成功,並可以使用各種不同的工具來實現這一目標。這就是為什麼淘寶和天貓仍然是商家前來開展業務的主要場所。

  • Now of course, merchants are always going to explore new formats, new models and new platforms for that matter, that crop up, because they're always looking to achieve incremental growth in their business. But at the end of the day, they will be looking at the ROI they're achieving and the sustainability of their investment in gaining incremental new business.

    現在當然,商家總是會為此探索新的格式、新模型和新平台,因為他們一直在尋求實現業務的增量增長。但在一天結束時,他們將關注他們正在實現的投資回報率以及他們在獲得增量新業務方面的投資的可持續性。

  • Robert Lin - IR

    Robert Lin - IR

  • Okay. Thank you. We'll take the last question.

    好的。謝謝你。我們將回答最後一個問題。

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • [Interpreted] Sorry, Rob, just to complete. Yes, So the second part of your question, Alicia, had to do with the take rate on live streaming. So Alibaba has two different kinds of live streaming, the first kind is merchant live streaming. So this is where you have a merchant store online with an employee or a third-party person engaged by the merchant doing live streaming at the store, and that's something unique to Alibaba.

    [已翻譯] 抱歉,Rob,只是為了完成。是的,艾麗西亞,你問題的第二部分與直播的收視率有關。所以阿里巴巴有兩種不同的直播,第一種是商家直播。所以這就是你在網上有一個商家商店,商家聘請的員工或第三方人員在商店進行直播,這是阿里巴巴獨有的。

  • And then secondly, we have live streaming by opinion leaders in Chinese we call them [Douyin]. So they're running their own live stream on which they can give visibility to and promote other merchants. And we have agreements in place to ensure that we're sharing an incremental revenue growth via a take rate. So that is our model.

    其次,我們有中文意見領袖的直播,我們稱之為 [抖音]。因此,他們正在運行自己的直播流,他們可以在直播中展示和推廣其他商家。我們已經達成協議,以確保我們通過收取率分享增量收入增長。這就是我們的模型。

  • Robert Lin - IR

    Robert Lin - IR

  • Last question please.

    請最後一個問題。

  • Operator

    Operator

  • The final question comes from Jiong Shao from Barclays.

    最後一個問題來自巴克萊銀行的邵炯。

  • Jiong Shao - Analyst

    Jiong Shao - Analyst

  • [Interpreted] My questions have to do with [Cainiao] which we see has had very good performance with growth of over 30% in revenue, so a very robust performance this quarter. I'm wondering if you could expand on that a bit and talk to us about some of the reasons that are driving that growth. And also given now that over 70% of [Cainiao's] total revenue is external, being generated by external customers, if you could talk to us about the prospects for a potential spin-off of Cainiao .

    [解讀] 我的問題與 [Cainiao] 有關,我們看到它的收入增長超過 30%,表現非常好,因此本季度表現非常強勁。我想知道您是否可以對此進行擴展並與我們談談推動這種增長的一些原因。並且考慮到 [菜鳥] 總收入的 70% 以上是外部收入,由外部客戶產生,請與我們談談菜鳥分拆的前景。

  • Hong Xu - CFO

    Hong Xu - CFO

  • [Interpreted] Thank you. So this is Toby. I'll take first question and hand over to Daniel on the second question. So yes, indeed, in this quarter, [Cainiao's] revenue increased by some 36% year-over-year. In my script, I did go into the reasons and I talked about the strong growth in domestic side, the consumer logistics services and secondly, on the cross-border side as well. But.

    [翻譯] 謝謝。這就是托比。我將回答第一個問題,然後將第二個問題交給 Daniel。所以是的,的確,在本季度,[菜鳥] 的收入同比增長了約 36%。在我的劇本中,我確實談到了原因,我談到了國內、消費者物流服務以及其次跨境方面的強勁增長。但。

  • I think the biggest contributor was the local consumer logistics side where we achieved very good growth and improvement, largely thanks to an enhanced service model, so going from more of a 3PL model to a 4PL model where now we're not just passing on services to customers, but rather we are booking and purchasing services from different providers and then providing those services on to consumers, meaning that we're taking on more responsibility for the service enabling us to provide overall better service. And that in turn is reflected in more revenue that can be recognized for Alibaba and an improvement in revenue for Cainiao.

    我認為最大的貢獻者是本地消費者物流方面,我們在這方面取得了非常好的增長和改進,這在很大程度上要歸功於增強的服務模式,所以從更多的 3PL 模式轉變為 4PL 模式,現在我們不僅僅是傳遞服務向客戶提供服務,而是我們從不同的供應商處預訂和購買服務,然後將這些服務提供給消費者,這意味著我們對服務承擔更多責任,使我們能夠提供整體更好的服務。而這反過來又反映在阿里巴巴可以確認的更多收入以及菜鳥收入的改善上。

  • With this upgrade in our model, we are better able to provide services to our customers and at the same time, also able to satisfy regulatory requirements that have been integrated into this space.

    通過我們模型的這種升級,我們能夠更好地為我們的客戶提供服務,同時也能夠滿足已集成到該領域的監管要求。

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • [Interpreted] This is Daniel regarding the second question. Ever since Cainiao was established back in 2013, it has been Independently operated within the Alibaba family, providing external services and more importantly, with external shareholders as well. So today, the Alibaba Group owns some 67% of China, and there are other investors as well.

    [已翻譯] 我是丹尼爾,關於第二個問題。菜鳥自2013年成立以來,一直在阿里巴巴家族內部獨立運營,對外提供服務,更重要的是,還有外部股東。所以今天,阿里巴巴集團擁有中國約 67% 的股份,還有其他投資者。

  • Over the years, Cainiao has invested in robustly building up its last-mile capabilities. Cainiao postdelivery stations on campuses, in villages all around the country and also in developing very robust supply chain capabilities with domestic logistics and cross-border as well.

    多年來,菜鳥大力投資打造最後一公里能力。菜鳥配送站遍布校園,遍布全國各地的村莊,同時也在發展非常強大的國內物流和跨境供應鏈能力。

  • So as far as Alibaba is concerned, of course, we look forward to seeing Cainiao continue to achieve very robust development, building those capabilities and for those capabilities in turn to feed back into and better drive Alibaba's growth as well in terms of our domestic commerce business, our international commerce business, be it 2C, be it 2B as well. And this is a really important kind of synergy that we see across the businesses but certainly Cainiao will continue to be independently operating in the market and achieving success more broadly in the market.

    因此,就阿里巴巴而言,當然,我們期待看到菜鳥繼續實現非常強勁的發展,建立這些能力,並讓這些能力反過來反饋並更好地推動阿里巴巴以及我們國內商業的增長業務,我們的國際商務業務,2C,2B。這是一種非常重要的協同效應,我們在各個業務中都看到了這種協同效應,但菜鳥肯定會繼續在市場上獨立運營,並在更廣泛的市場上取得成功。

  • Robert Lin - IR

    Robert Lin - IR

  • Thank you, everyone, for participating in today's earnings call. Today's call, we'll have a transcript available later on the -- on our corporate website. Please feel free to reach out to me and the IR team for any follow-ups. We will see you next quarter. Thank you.

    感謝大家參加今天的財報電話會議。今天的電話會議,我們稍後會在我們的公司網站上提供一份文字記錄。如有任何後續行動,請隨時與我和 IR 團隊聯繫。我們下個季度見。謝謝你。

  • Operator

    Operator

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

    謝謝你。我們今天的會議到此結束。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.]

    [此記錄中標記為 [已翻譯] 的部分由現場通話中的口譯員說出。]