阿里巴巴 (BABA) 2023 Q3 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to Alibaba Group's December 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，美好的一天。謝謝你的支持。歡迎來到阿里巴巴集團 2022 年 12 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。

Thank you. Good day, everyone, and welcome to Alibaba Group's December Quarter 2022 Results Conference Call. With us today are Daniel Zhang, Chairman and CEO; Joe Tai, Executive Vice Chairman; Toby Xu, CFO. This call is also being webcast from the IR section of our corporate website. A replay of the call will be available on our website later today.

謝謝。大家好，歡迎來到阿里巴巴集團 2022 年 12 月季度業績電話會議。今天和我們在一起的是董事長兼首席執行官張勇； Joe Tai，執行副主席；首席財務官 Toby Xu。此電話會議還通過我們公司網站的 IR 部分進行網絡廣播。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 the Hong Kong Stock Exchange. Any forward-looking statements that we make on this call are based on assumptions as of today, and we do not undertake any obligation to update these statements, except as required under applicable law. 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.

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最新 20-F 表年度報告和其他文件。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日的假設，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 基礎上。

Our GAAP results and reconciliation of GAAP to non-GAAP measures can be found in our earnings press release. Unless otherwise stated, growth rate of all the metrics mentioned on this call refer to year-over-year growth versus the same quarter last year.

我們的 GAAP 結果和 GAAP 與非 GAAP 措施的調節可以在我們的收益新聞稿中找到。除非另有說明，本次電話會議中提到的所有指標的增長率均指與去年同期相比的同比增長。

With that, I will now turn to Daniel.

有了這個，我現在將轉向丹尼爾。

Thanks, Rob. Hello, everyone. Thank you for joining our earnings call today. This past quarter, our business and operations experienced significant challenges due to the rapid change in the COVID situation during December. Despite these challenges, we delivered double-digit year-on-year growth in our adjusted EBITDA and free cash flow through effective business management, cost optimization and operating efficiency.

謝謝，羅布。大家好。感謝您參加我們今天的財報電話會議。上個季度，由於 12 月 COVID 形勢的快速變化，我們的業務和運營經歷了重大挑戰。儘管面臨這些挑戰，我們通過有效的業務管理、成本優化和運營效率，在調整後的 EBITDA 和自由現金流方面實現了兩位數的同比增長。

With the lifting of COVID-related measures at the end of peak wave, everything is now quickly getting back on track. In general, consumer confidence and business confidence are rising. Logistics has resumed normal operations with the entire supply and manufacturing chains becoming active. Digital transformation across different industries and sectors has accelerated significantly.

隨著高峰期結束時與 COVID 相關的措施的取消，現在一切都在迅速回到正軌。總體而言，消費者信心和商業信心都在上升。物流已恢復正常運作，整個供應鍊和製造鏈都開始活躍起來。不同行業和領域的數字化轉型明顯加快。

Against this backdrop, our various businesses are showing positive trends. Recently, the IMF raised the estimated GDP growth for China to 5.2% this year. Given the expectation for economic recovery, following the lifting of COVID-related measures and China's reopening, I have chosen progress as a key word internally to set the tone for Alibaba's development this year. We need to respond quickly to the change in the macro environment and the major cycles. The theme of progress represents the need to adapt to the trends in the macro environment and for Alibaba's own development.

在此背景下，我們各項業務呈現積極態勢。近日，國際貨幣基金組織將中國今年的GDP增長預估上調至5.2%。鑑於經濟復甦的預期，隨著疫情相關措施的解除和中國的重新開放，我在內部選擇了進步作為關鍵詞來為阿里巴巴今年的發展定下基調。我們需要對宏觀環境和主要周期的變化做出快速反應。進步的主題代表了適應宏觀環境趨勢和阿里巴巴自身發展的需要。

In China's post-COVID economic development, although different businesses across our complex ecosystem face their own unique circumstances, we remain confident in our streamlined strategic pillars of consumption, cloud computing and globalization. Now I will share how our business performed this past quarter in a different -- in a difficult COVID environment, together with some color on the situation in January and February and how we plan to capture opportunities across our businesses.

在中國後疫情時代的經濟發展中，雖然我們複雜生態系統中的不同業務面臨著各自獨特的情況，但我們對我們精簡的消費、雲計算和全球化的戰略支柱仍然充滿信心。現在，我將分享我們的業務在上個季度如何在不同的情況下——在困難的 COVID 環境中，以及 1 月和 2 月的情況的一些顏色以及我們計劃如何在我們的業務中抓住機會。

During December quarter, the China consumer market was highly impacted by COVID cases. Taobao and Tmall GMV dropped mid-single digit year-on-year, and the consumption demand was quickly suppressed.

在 12 月季度，中國消費市場受到 COVID 病例的嚴重影響。淘寶、天貓GMV同比下降中個位數，消費需求被快速壓制。

In terms of category, apparel and other discretionary goods were weak, while health care and wellness-related grew strongly. This is consistent with the better trend released by the National Bureau of Statistics of China. From January to early February of this year, overall sales of online physical goods remained weak, and our China commerce continues to be highly impacted due to COVID cases as well as people traveling home or to other places during the spring festival holidays.

從品類來看，服裝和其他非必需品表現疲軟，而醫療保健和健康相關產品增長強勁。這與中國國家統計局公佈的較好趨勢一致。從今年1月到2月初，網上實體商品的整體銷售仍然疲軟，我們的中國貿易繼續受到COVID病例以及春節假期期間返鄉或其他地方的人們的嚴重影響。

But as the influence of COVID cases at spring festival travel subsided in February, especially recovery in categories such as apparel and sports and outdoors, as work and life return to normal, all of our merchants have also expressed their strong desire to get to business. We expect this recovery will continue.

但隨著2月份春運疫情影響的消退，尤其是服飾、運動、戶外等品類的複蘇，隨著工作生活的恢復正常，我們各商家也表達了強烈的開店意願。我們預計這種複蘇將繼續下去。

In our operations, we are strengthening the user experience and customer value proposition on Taobao and Tmall to reinforce our market leadership with the following measures.

在我們的運營中，我們正在通過以下措施加強淘寶和天貓的用戶體驗和客戶價值主張，以鞏固我們的市場領導地位。

First, enhanced user stickiness and time spent. Taobao and Tmall are home to China's most comprehensive population of online shoppers and is the most efficient consumer transaction platform. We are building on our competitive advantage by continuing to introduce a wide variety of consumption-related content in the form of short-form video, live streaming and other formats to strengthen consumer stickiness, product discovery, influence and user engagement.

第一，增強用戶粘性和使用時長。淘寶和天貓擁有中國最全面的網絡購物人群，是最高效的消費交易平台。我們通過繼續以短視頻、直播和其他形式推出各種與消費相關的內容來增強我們的競爭優勢，以增強消費者粘性、產品發現、影響力和用戶參與度。

Second, enhance value for money proposition. Price is always a key factor in consumer purchasing divisions. We will continue to improve competitive pricing on products through the design of marketplace mechanisms, promotional marketing features and the retail model innovations such as Taobao Deals, direct from factory goods and farm-to-table offerings.

第二，提升性價比主張。價格始終是消費者購買部門的關鍵因素。我們將繼續通過市場機制設計、促銷營銷功能和零售模式創新（例如淘寶交易、工廠直銷和農場到餐桌的產品）來提高產品的競爭力。

Third, label for digital retail. We will capture consumers time sensitive needs for highly frequency everyday necessities through our neighborhood digital retail business such as Taoxianda and Taocaicai that fulfill orders from local supply chains using local deliveries.

第三，數字零售標籤。我們將通過我們的鄰里數字零售業務（例如淘鮮達和淘菜菜）使用本地交付來滿足本地供應鏈的訂單，從而捕捉消費者對高頻日常必需品的時間敏感需求。

In local consumer services, Ele.me's restaurant order volume growth rate picked up towards the end of this quarter due to increased home-based consumption from COVID cases. Notably, non-restaurant order volume growth rate was far higher than what it was for restaurants. The business saw an increase in revenue due to higher average order value. Ongoing improvements in operating efficiencies resulted in lower expense ratios in marketing and logistics.

在本地消費服務方面，餓了麼的餐廳訂單量增長率在本季度末有所回升，這是由於 COVID 病例增加了家庭消費。值得注意的是，非餐廳訂單量增長率遠高於餐廳。由於更高的平均訂單價值，該業務的收入有所增加。運營效率的持續提高導致營銷和物流的費用率降低。

Ele.me continued to demonstrate positive unit economics and it will continue to improve. During COVID, Ele.me adjust operating strategies safeguarded its delivery capabilities and supporting supply recovery. During peak COVID cases, Amap user scale and scale of services used were briefly affected. As cases eased, usage of Amap quickly recovered.

餓了麼繼續展示積極的單位經濟效益，並將繼續改善。在 COVID 期間，餓了麼調整運營策略以保障其交付能力並支持供應恢復。在 COVID 病例高峰期間，高德地圖的用戶規模和使用的服務規模受到短暫影響。隨著病例的減少，高德地圖的使用率迅速恢復。

Ride hailing and hotel room booking volume grew very rapidly. Amap has become a new platform, providing various destination-based consumer services. Fliggy's domestic and outbound travel activity also quickly grew during the Spring Festival holidays. As a result of our ongoing developments of the supply chain and the service capability over the past 2 years, recovery of Fliggy's domestic airplane ticket and hotel booking was significantly faster than the overall domestic travel performance reported by the China National Tourism Administration, and noticeably better in comparison to 2019 before the COVID outbreak.

網約車和酒店客房預訂量增長非常迅速。高德地圖已經成為一個新的平台，提供各種基於目的地的消費服務。飛豬的國內和出境游活動也在春節假期快速增長。由於我們在過去兩年的供應鍊和服務能力的不斷發展，飛豬國內機票和酒店預訂的恢復速度明顯快於中國國家旅遊局報告的整體國內旅遊業績，並且明顯好於國家旅遊局公佈的國內旅遊業績。與 COVID 爆發前的 2019 年相比。

In international commerce, our various business made steady progress. Trendyol continued to deliver strong growth as overall order volume grew over 50% year-on-year with local consumer services growing even faster. When Turkey was suddenly hit by earthquakes in early February, we actively organized and delivered support for emergency relief. So far, all our employees in Turkey are safe. Trendyol's business operations remain stable, and they have mobilized resources to aid disaster relief.

國際貿易方面，各項業務穩步推進。 Trendyol 繼續實現強勁增長，整體訂單量同比增長超過 50%，本地消費服務增長更快。 2月上旬，土耳其突然發生地震，我們積極組織支援緊急救援。到目前為止，我們在土耳其的所有員工都是安全的。 Trendyol 的業務保持穩定，並已動員資源幫助救災。

As for Lazada, as the business continued to optimize for order volume growth, we also reduced loss per order by more than 30% year-on-year. We remain firmly committed to continuing to invest in Lazada's region of Southeast Asia.

至於Lazada，隨著業務持續優化訂單量增長，我們也將每筆訂單的損失同比減少了30%以上。我們仍然堅定地致力於繼續投資 Lazada 的東南亞地區。

Through close collaboration with Cainiao, AliExpress greatly optimized outbound order deliveries on key routes as logistics services quality continued to improve and the impact of VAT and the foreign exchange rate in Spain and France continued to ease, AliExpress's order volume is starting to show positive growth.

通過與菜鳥的緊密合作，速賣通大力優化重點航線的出單配送，隨著物流服務質量不斷提升，西班牙、法國增值稅和匯率影響持續緩和，速賣通訂單量開始呈現正增長。

Our globalization strategy will continue to be firmly focused on Southeast Asia and Europe through a mix of localized retail and cross-border commerce. We will continue to make sustainable long-term investments and build businesses that can withstand economic cycles.

我們的全球化戰略將通過本地化零售和跨境商務的組合，繼續堅定地專注於東南亞和歐洲。我們將繼續進行可持續的長期投資，並建立能夠承受經濟周期的企業。

Cainiao is celebrating its tenth anniversary this year. It has built a robust and comprehensive business covering China and cross-border international logistics. Last mile, logistics technology and more. It is also continuing to make progress in green logistics and emergency response logistics.

菜鳥今年迎來成立十週年。它已經建立了覆蓋中國和跨境國際物流的強大而全面的業務。最後一英里、物流技術等。綠色物流和應急物流也在不斷取得進展。

In China, Cainiao continued to expand its doorstep delivery services for our Taobao and Tmall customers. During the most recent November 11, more than 18 million orders from Taobao and Tmall were delivered to customers' doorsteps daily at its peak, which includes those delivered directly to doorsteps through --all through Taobao post location in residential communities.

在中國，菜鳥繼續擴大為我們的淘寶和天貓客戶提供的送貨上門服務。最近的11月11日，淘寶、天貓每天送貨上門的訂單高峰期超過1800萬單，其中包括直接送貨上門的訂單——全部是淘寶小區淘寶郵局。

Cainiao has also built its own international logistics network over the past few years. As of this past quarter, it had more than 15 international sorting centers in operation. Our cloud business overall revenue growth rate this quarter was 3% year-on-year. The growth rate for public cloud was double-digit year-on-year, which was partially offset by a decline in hybrid cloud revenue from project delays due to COVID.

菜鳥也在過去幾年建立了自己的國際物流網絡。截至上個季度，它有超過 15 個國際分揀中心在運營。本季度我們的雲業務整體收入增長率同比增長3%。公共雲的同比增長率為兩位數，部分被 COVID 導致的項目延遲導致的混合雲收入下降所抵消。

In terms of revenue by industry, financial services, education and automobiles are among the growth drivers. We also announced an important organizational change towards the end of last year. I took on the role of acting President of Alibaba Cloud, in addition to my current role as Chairman and CEO of Alibaba Group. This decision was based on a few considerations.

就行業收入而言，金融服務、教育和汽車是增長動力。去年年底，我們還宣布了一項重要的組織變革。除了目前擔任阿里巴巴集團董事長兼首席執行官一職外，我還擔任了阿里雲代理總裁一職。這個決定是基於一些考慮。

First, cloud computing is one of the Alibaba's core strategies for the future. Innovation and other technologies will have an impact not just on Alibaba Cloud but the entire Alibaba Group.

首先，雲計算是阿里巴巴未來的核心戰略之一。創新和其他技術不僅會影響阿里雲，還會影響整個阿里巴巴集團。

Second, Alibaba Cloud is also the foundation through which Alibaba serves the real economy and will continue to drive physical digital integration. Third, we believe this is a critical period for technological breakthrough and development in the notion of cloud computing and AI.

其次，阿里雲也是阿里巴巴服務實體經濟的基礎，將繼續推動實體數字化融合。第三，我們認為這是雲計算和人工智能概念技術突破和發展的關鍵時期。

As one of the leading cloud computing service providers globally we strongly believe in the vast potential of industrial digitalization and the role of cloud computing as infrastructure to the digital economy. Going forward, we will focus on a few areas to reinforce and strengthen our market leadership position as we look at the opportunities ahead.

作為全球領先的雲計算服務提供商之一，我們堅信工業數字化的巨大潛力以及雲計算作為數字經濟基礎設施的作用。展望未來，我們將著眼於幾個領域，以鞏固和鞏固我們的市場領導地位，同時展望未來的機遇。

First, enhance the stability and the security of our cloud computing services while continuing to optimize performance and manage costs through technology advancement. Second, continue to build dynamic developers and industry ecosystem for cloud computing. Third, collaborate with partners to provide intelligence-based industry solutions to our customers in different industries and sectors.

首先，增強我們雲計算服務的穩定性和安全性，同時通過技術進步繼續優化性能和管理成本。二是繼續打造充滿活力的雲計算開發者和產業生態圈。三是攜手合作夥伴，為不同行業、不同領域的客戶提供智能化的行業解決方案。

Fourth, continue to push forward a holistic cloud-based service product that integrate DingTalk, our intelligent online workplace collaboration platform and application development platform. Lastly, in this exciting area of disruptive breakthroughs initiative by generative AI, computer power is essential.

四是繼續推進智能在線職場協作平台、應用開發平台釘釘雲化一體化服務產品。最後，在這個令人興奮的由生成人工智能發起的顛覆性突破領域，計算機能力是必不可少的。

On one hand, we will continue building our own large-scale pretraining model. We are also ready to capture the market opportunities to provide the computing power for the various generative AI models and its applications. This year marks Alibaba Group's 24th year and in Chinese traditional culture, this means we have gone through 2 complete calendar cycles. We captured 2 historical opportunities of e-commerce in China for the consumer Internet and start to cloud computing in China for the industrial Internet. We will continue to capture the vast opportunities ahead through the impact of technology, both on commerce and other facets of our society and environment.

一方面，我們將繼續構建自己的大規模預訓練模型。我們也準備抓住市場機會，為各種生成式人工智能模型及其應用提供計算能力。今年是阿里巴巴集團成立24週年，在中國傳統文化中，這意味著我們經歷了2個完整的日曆週期。我們為消費互聯網抓住了中國電子商務的2個歷史機遇，為工業互聯網在中國開始了雲計算。我們將繼續通過技術對商業以及我們社會和環境的其他方面的影響來抓住未來的巨大機遇。

Although there are many uncertainties in the journey ahead that are very difficult to evaluate, we remain highly confident in the future of Alibaba and China's development.

儘管未來的道路上有很多不確定性，很難評估，但我們對阿里巴巴和中國發展的未來充滿信心。

Thank you, everyone. Let me pass the microphone to Toby, who will share our financial results.

謝謝大家。讓我把麥克風遞給托比，他將分享我們的財務結果。

Thank you, Daniel. Let me start with financial highlights for the quarter. This quarter, our total revenue was RMB 248 billion, an increase of 2% year-over-year.

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 2480 億元，同比增長 2%。

Income from operations was RMB 35 billion, an increase of RMB 28 billion year-over-year, mainly driven by an RMB 22.4 billion decrease in impairment of goodwill in relation to digital media and entertainment segment at an RMB 7.2 billion increase in adjusted EBITDA.

營業收入為人民幣 350 億元，同比增加人民幣 280 億元，主要是由於與數字媒體和娛樂業務相關的商譽減值減少人民幣 224 億元，調整後的 EBITDA 增加人民幣 72 億元。

During December quarter, we have continued to improve operating performance of our loss-making businesses by enhancing operating efficiency and optimizing costs that resulted in 16% year-over-year increase in adjusted EBITDA to RMB 52 billion. Overall adjusted EBITDA margin improved by 3 percentage points to 21%.

在 12 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 EBITDA 同比增長 16% 至人民幣 520 億元。調整後的整體 EBITDA 利潤率提高了 3 個百分點，達到 21%。

Now let's look at cost trends as a percentage of revenue, excluding SBC. Cost of revenue ratio remained stable year-over-year at 60% in December quarter. Our direct sales businesses and logistics services continue 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 content costs, traffic acquisition and improving operation efficiency.

現在讓我們看看成本趨勢佔收入的百分比，不包括 SBC。 12 月季度的收入成本比率同比穩定在 60%。我們的直銷業務和物流服務繼續增長，推高了我們的庫存和物流成本，但我們能夠保持成本收入比穩定，主要是通過優化內容成本、流量獲取和提高運營效率。

Product development expenses ratio remained stable during the quarter. Sales and marketing expenses ratio decreased 3 percentage points year-over-year to 12% in December quarter, reflecting our continued effort in optimizing user acquisition and user retention spending across businesses.

本季度產品開發費用率保持穩定。銷售和營銷費用比率在 12 月季度同比下降 3 個百分點至 12%，反映出我們在優化用戶獲取和用戶保留支出方面的持續努力。

General and administrative expenses ratio remained stable at 3% in December quarter. Non-GAAP net income was RMB 49.9 billion, an increase of RMB 5.3 billion or 12% year-over-year, mainly due to increase in adjusted EBITDA, partly offset by a decrease in equity pickup of our equity method investees results. Our GAAP net income was RMB 45.7 billion, an increase of RMB 26.5 billion year-over-year, primarily due to the increase in non-GAAP net income and RMB 22.4 billion decrease in Google impairment mentioned earlier.

一般和行政費用比率在 12 月季度保持穩定在 3%。非美國通用會計準則淨收入為人民幣 499 億元，同比增加人民幣 53 億元或 12%，主要是由於調整後的 EBITDA 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 淨收入為 457 億元人民幣，同比增加 265 億元人民幣，主要是由於非 GAAP 淨收入的增加和前面提到的谷歌減值減少 224 億元人民幣。

As of December 31, 2022, we continue to maintain a strong net cash position of RMB 379 billion or USD 55 billion. Our strong net cash position is supported by healthy cash flow generation. In December 2022 quarter, cash from operating activities was RMB 87 billion, and free cash flow were RMB 82 billion, respectively, which were up by RMB 7 billion and RMB 10 billion versus 1 year ago. Majority of the difference between operating cash flow and the free cash flow was operating CapEx at RMB 5.8 billion, down by RMB 3.5 billion versus 1 year ago.

截至 2022 年 12 月 31 日，我們繼續保持 3790 億元人民幣或 550 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 12 月季度，經營活動產生的現金為 870 億元人民幣，自由現金流為 820 億元人民幣，分別比一年前增加 70 億元人民幣和 100 億元人民幣。經營現金流與自由現金流之間的主要差異在於經營資本支出為人民幣 58 億元，比一年前減少了人民幣 35 億元。

Net cash inflow from investment and acquisition activities, including disposals, was RMB 1.9 billion, compared to an outflow of RMB 4.7 billion in the same period last year.

來自投資和收購活動（包括出售）的現金流入淨額為人民幣 19 億元，而去年同期為流出人民幣 47 億元。

Importantly, we have continued to enhance returns to shareholders through share repurchases given our strong balance sheet and free cash flow generation capability. During the quarter, we repurchased approximately RMB 45.4 million of our ADS for approximately USD 3.3 billion under our share repurchase program. Now let's look at our segment results.

重要的是，鑑於我們強大的資產負債表和自由現金流生成能力，我們通過股票回購繼續提高股東回報。本季度，我們根據股票回購計劃以約 33 億美元的價格回購了約 4540 萬元人民幣的美國存託憑證。現在讓我們看看我們的細分結果。

Revenue from China commerce segment in December quarter was RMB 170 billion, a decrease of 1% year-over-year. Customer management revenue decreased by 9% year-over-year to RMB 91.3 billion. Taobao and Tmall online physical goods Pay GMV declined by mid-single digit. Customer management revenue declined a few percentage points further versus Pay GMV, mainly due to higher order cancellation rates as a result of supply chain and logistics disruption caused by COVID-related impacts.

中國商業板塊 12 月當季收入為人民幣 1700 億元，同比下降 1%。客戶管理收入同比下降9%至人民幣913億元。淘寶和天貓在線實體商品支付 GMV 下降了中等個位數。與 Pay GMV 相比，客戶管理收入進一步下降了幾個百分點，這主要是由於 COVID 相關影響導致供應鍊和物流中斷導致訂單取消率更高。

Direct sales and other revenue grew 10% to RMB 74 billion, primarily driven by strong growth of our Freshippo and Alibaba Health's direct sales businesses. China Commerce segment adjusted EBITDA increased by RMB 749 million to RMB 58.6 billion in December quarter.

直銷及其他收入增長 10% 至人民幣 740 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。中國商務部調整後的 EBITDA 在 12 月季度增加了 7.49 億元人民幣，達到 586 億元人民幣。

Segment EBITDA margin remained stable at 34%. This reflected significant loss reductions from Taobao Deal, Freshippo and Taocaicai, partly offset by a decrease in profit from customer management services. Our international commerce segment revenue in December quarter was RMB 19.5 billion, an increase of 18% year-over-year.

部門 EBITDA 利潤率穩定在 34%。這反映了淘寶團購、盒馬鮮生和淘菜菜的虧損大幅減少，部分被客戶管理服務利潤的減少所抵消。我們國際商務部門在 12 月當季的收入為人民幣 195 億元，同比增長 18%。

Revenue from international commerce retail business increased by 26% to RMB 14.6 billion. The increase was primarily driven by accelerated revenue growth of Trendyol as a result of its strong order growth and more efficient use of subsidies. Lazada and AliExpress also saw recovered revenue growth this quarter.

國際商業零售業務收入增長26%至人民幣146億元。這一增長主要是由於 Trendyol 強勁的訂單增長和更有效地使用補貼而導致的收入加速增長。 Lazada 和速賣通本季度的收入也恢復了增長。

Revenue from our alibaba.com wholesale business remained stable year-over-year. International Commerce segment adjusted EBITDA loss narrowed by RMB 2.2 billion to RMB 763 million in December quarter. The loss reduction year-over-year was primarily contributed by the reduced losses from Trendyol and Lazada.

我們的 alibaba.com 批發業務的收入同比保持穩定。國際商務部門調整後的 EBITDA 虧損在 12 月季度收窄 22 億元人民幣至 7.63 億元人民幣。同比虧損減少主要是由於 Trendyol 和 Lazada 的虧損減少。

Trendyol continues to generate strong revenue growth and have enhanced operating efficiency, continued narrowing of losses from Lazada was a result of ongoing improvement in monetization rate by offering more value-added services as well as enhanced operating efficiency. Our local consumer services segment revenue in December quarter grew 6% to RMB 13 billion, primarily due to positive GMV growth of To-Home business, driven by higher average order value of Ele.me.

Trendyol 繼續產生強勁的收入增長並提高運營效率，Lazada 的虧損繼續收窄是由於通過提供更多增值服務和提高運營效率不斷提高貨幣化率。我們在 12 月當季的本地消費服務業務收入增長 6% 至人民幣 130 億元，這主要是由於到家業務的 GMV 正增長，這是受餓了麼平均訂單價值提高的推動。

Local consumer services adjusted EBITDA loss reduced by RMB 1.9 billion year-over-year to RMB 3.1 billion. Most of the loss reduction was driven by Ele.me business, while other major businesses within this segment also saw recorded reduced losses. Ele.me continued to improve its unit economics per order by increasing average order value, reducing delivery cost per order. Its UE continued to improve year-over-year and remained positive this quarter.

本地消費服務調整後的 EBITDA 虧損同比減少人民幣 19 億元至人民幣 31 億元。大部分虧損減少是由餓了麼業務推動的，而該板塊的其他主要業務也錄得虧損減少。餓了麼通過提高平均訂單價值、降低每筆訂單的配送成本，繼續提高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 intersegment elimination, grew 27% year-over-year to RMB 16.6 billion, primarily contributed by the increase in revenue from domestic customer logistics service as a result of service model upgrade since later 2021 to enhance consumer experience as well as increase in revenue from international fulfillment solution services.

經部門間抵消後，菜鳥的收入同比增長 27% 至人民幣 166 億元，這主要是由於自 2021 年晚些時候以來為提升消費者體驗而升級服務模式導致國內客戶物流服務收入增加所致，以及來自國際履行解決方案服務的收入增加。

In December quarter, 72% of Cainiao's total revenue was generated from external customers. Cainiao recorded adjusted EBITDA loss of RMB 12 million in December quarter, loss reduced by RMB 80 million year-over-year. Revenue from cloud segment after intersegment elimination was RMB 20.2 billion in December quarter, an increase of 3%, mainly driven by healthy double-digit public cloud growth, partially offset by declining hybrid cloud revenue as we continue to drive high-quality recurring revenue growth.

12 月季度，菜鳥總收入的 72% 來自外部客戶。菜鳥在 12 月季度錄得調整後 EBITDA 虧損人民幣 1,200 萬元，虧損同比減少人民幣 8,000 萬元。 12 月季度，部門間抵消後的雲業務收入為 202 億元人民幣，增長 3%，主要受健康的兩位數公共雲增長推動，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 from non-Internet industries was 9% and contributed 53% of overall Cloud revenue. The non-Internet revenue growth was mainly driven by solid growth of financial services, education, automobile industries, which was partially offset by the decline in public services industry.

來自非互聯網行業的收入增長了 9%，佔整體雲收入的 53%。非互聯網收入增長主要由金融服務、教育、汽車行業的穩健增長推動，部分被公共服務行業的下滑所抵消。

Revenue from customers in the Internet industry declined by 4%, mainly driven by declining revenue from the top Internet customer that has gradually stopped using our overseas cloud services for its international business. On the other hand, we saw improving demands from Internet customers in December quarter.

來自互聯網行業客戶的收入下降 4%，主要是由於頂級互聯網客戶逐漸停止使用我們的海外雲服務開展國際業務，收入下降所致。另一方面，我們看到 12 月季度互聯網客戶的需求有所改善。

Adjusted EBITDA of cloud segment, which comprise of Alibaba Cloud and DingTalk was a profit of RMB 356 million in December quarter, increased by RMB 222 million year-over-year. Revenue from our Digital Media & Entertainment segment in December quarter was RMB 7.6 billion, a decrease of 6%, primarily due to the decrease in revenue from Alibaba Pictures. Adjusted EBITDA was a loss of RMB 25 million, reduced by RMB 1.3 billion year-over-year, primarily due to the narrowing of loss from Youku driven by disciplined investment in content and production capability. Let me wrap up with some final thoughts.

包括阿里雲和釘釘在內的雲業務的調整後 EBITDA 在 12 月季度實現利潤人民幣 3.56 億元，同比增長人民幣 2.22 億元。我們的數字媒體和娛樂部門在 12 月季度的收入為人民幣 76 億元，下降 6%，主要是由於來自阿里影業的收入下降。調整後的 EBITDA 為虧損人民幣 2500 萬元，同比減少人民幣 13 億元，主要是由於優酷在內容和生產能力方面的嚴格投資推動虧損收窄。讓我總結一些最後的想法。

Our December earnings results continue to demonstrate our ability to execute and achieve the key operating and financial objectives we have set since the beginning of the fiscal year. Despite another quarter of global macro and COVID uncertainties that weighted on our revenue growth, we have continued to focus on higher quality growth supported by consumers and customer-centric initiatives, improved operating efficiency and cost structure throughout the organization, enhanced shareholders' return through ongoing share repurchases. Consistency and persistence were key factors to our success in delivering these results in a challenging 2022.

我們 12 月份的收益結果繼續證明我們有能力執行和實現我們自本財年開始以來設定的關鍵運營和財務目標。儘管另外四分之一的全球宏觀和 COVID 不確定性影響了我們的收入增長，但我們繼續專注於以消費者和以客戶為中心的舉措支持的更高質量的增長，提高整個組織的運營效率和成本結構，通過持續不斷地提高股東回報股份回購。一致性和毅力是我們在充滿挑戰的 2022 年取得這些成果的關鍵因素。

As Daniel mentioned, we believe 2023 will be a year of progress for Alibaba. It is expected that China's economic activity will recover in 2023, which would catalyze and stimulate a gradual consumption recovery. In 2022, we have strengthened our operational and financial capabilities. We are confident that those enhancements will position us well to benefit from China's recovery. We exited 2022 with a strong financial position of USD 55 billion in net cash, allowing us the financial flexibility to grow our businesses and improve returns for key stakeholders, including shareholders.

正如丹尼爾所說，我們相信2023年將是阿里巴巴進步的一年。預計中國經濟活動將在 2023 年復蘇，這將催化和刺激消費逐步復甦。 2022年，我們加強了運營和財務能力。我們相信，這些改進將使我們能夠從中國的複蘇中受益。我們在 2022 年結束時擁有 550 億美元的淨現金，這使我們能夠在財務上靈活地發展業務並提高包括股東在內的主要利益相關者的回報。

In 2023, we intend to increase investments in major businesses that improve their competitive position and growth prospects while maintaining our mindset of enhanced operating efficiency. Thank you. Now let's turn to Q&.

到 2023 年，我們打算增加對主要業務的投資，以提高其競爭地位和增長前景，同時保持我們提高運營效率的心態。謝謝。現在讓我們轉向問答環節。

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 the original language will prevail. If you are unable to hear the Chinese translation, bilingual transcript of this call will be available on our website within 1 week after the meeting. (foreign language) Now operator, please connect our speakers and assigned conference lines. Please start the Q&A session. Thank you.

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傳。我們的管理層將以您提出的語言回答您的問題。請注意，翻譯僅供參考。如有任何差異，以我們的管理聲明原文為準。如果您無法聽到中文翻譯，本次通話的雙語文字記錄將在會議結束後 1 週內在我們的網站上提供。 （外語）現在接線員，請連接我們的揚聲器和指定的會議線路。請開始問答環節。謝謝。

(Operator Instructions) Your first question comes from Alex Yao from JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Alex Yao。

[Interpreted] I'd like to start by asking a question that addresses the long term. And after that, I'll come back to some shorter-term questions. But starting with the long term, as you said in your speech, Daniel, Alibaba has now been around for 24 years, marking the completion of 2 complete cycles as per Chinese culture.

[解釋] 我想首先問一個解決長期問題的問題。在那之後，我會回到一些短期問題。但從長遠來看，正如你在演講中所說，大牛，阿里巴巴已經存在了 24 年，標誌著中國文化完成了 2 個完整的周期。

And through these 2 cycles over the past 20-plus years, Alibaba has captured digitalization, enabled opportunities around commerce, around logistics and around cloud. So looking forward, what do you think will be the next big area or areas where Alibaba can achieve significant growth. As you yourself said, there are being 2 major opportunities that Alibaba has seized in the first 24 years, e-commerce and cloud.

通過過去 20 多年的這兩個週期，阿里巴巴抓住了數字化，圍繞商業、物流和雲創造了機會。所以展望未來，您認為阿里巴巴下一個可以實現顯著增長的大領域或領域是什麼。正如你自己所說，阿里巴巴在前24年抓住了兩大機會，電商和雲。

But say, in the next 3 to 5 years, what will be the big opportunities where you think Alibaba can achieve huge growth. And then coming back to the short term looking at this year, some of the major developments, we've seen the very rapid success of ChatGPT as well as some important changes in the competitive environment with opportunities and challenges, how do you see Alibaba better marshaling its core competitiveness in the short term and will part of that involve further optimization of costs and driving operational efficiencies.

但是說，未來3到5年，你認為阿里巴巴可以實現巨大增長的大機會是什麼。然後回到今年的短期來看，一些主要的發展，我們看到了 ChatGPT 的快速成功以及競爭環境的一些重要變化，機遇和挑戰並存，你如何看待阿里巴巴更好在短期內整合其核心競爭力，其中一部分涉及進一步優化成本和提高運營效率。

[Interpreted] Thank you, Alex, and I will take those questions one by one. First, indeed, over the past 20-plus years, the major opportunities for us that we see have been around applying digital technology to commerce, logistics and cloud computing. And this is indeed the long-term strategy of Alibaba. We remain firmly committed, as always, to our 3 core strategies around consumption, cloud and globalization.

[已翻譯] 謝謝你，Alex，我會一一回答這些問題。首先，事實上，在過去的 20 多年裡，我們看到的主要機遇是將數字技術應用於商業、物流和雲計算。而這也確實是阿里巴巴的長期戰略。我們一如既往地堅定地致力於圍繞消費、雲和全球化的三大核心戰略。

And when we talk about globalization, it is indeed globalization of our consumption and cloud-based offerings. So we will remain firmly committed to those core strategies.

當我們談論全球化時，它確實是我們的消費和基於雲的產品的全球化。因此，我們將繼續堅定地致力於這些核心戰略。

We continue to remain focused on those 3 core strategies and not seek out new arenas in which to compete. Well, very simply, it's because we think that in those billing is high enough and the market is big enough, it's more than enough for us to accomplish there, especially as we continue to evolve our technology we're confident that we can continue to find huge opportunities in those 3 core areas, and we can look at them one by one.

我們繼續專注於這 3 個核心戰略，而不是尋找新的競爭領域。好吧，很簡單，這是因為我們認為在那些收費足夠高且市場足夠大的地方，我們在那裡取得成就綽綽有餘，特別是當我們繼續發展我們的技術時，我們有信心我們可以繼續在這三個核心領域找到巨大的機會，我們可以一一研究。

Beginning with consumption. If you look at the size of consumption in China today as a percentage of GDP. And if you think about the latest forecast from the International Monetary Fund, the IMF of 5% economic growth in China, imagine what China's GDP numbers will look like if that can be maintained, 5% per annum growth for a period of 10 years.

從消費開始。如果你看看今天中國的消費規模佔 GDP 的百分比。如果你想想國際貨幣基金組織對中國經濟增長 5% 的最新預測，想像一下如果中國的 GDP 數據能夠保持在 10 年內每年 5% 的增長會是什麼樣子。

And if China's economy does grow by 5% a year for 10 years, you can certainly imagine that the proportion or the size of the contribution of consumption in China within GDP. So we're talking about CNY 40 trillion today against CNY 110 trillion. That proportion will certainly be even higher 10 years down the road.

而如果中國經濟真的以每年5%的速度連續10年增長，你當然可以想像消費對中國GDP的貢獻比例或大小。所以我們今天談論的是 40 萬億元人民幣，而不是 110 萬億元人民幣。未來 10 年，這一比例肯定會更高。

Turning to technology. We can look back at the trajectory that we've already traveled through 20 years ago, 10 years ago, e-commerce has taken off a completely different look. It's continued to evolve.

轉向技術。我們可以回頭看看20年前我們走過的軌跡，10年前，電商已經起飛了完全不同的面貌。它在繼續發展。

And we've said in the past that we would digitalize commerce and churn. Well, that's not been completely accomplished. But looking to the future, we now have these exciting new technologies coming to the floor, including generative AI, which you mentioned. And I think that certainly will also be transformative and create new experiences and new formats of consumption. But this digitalization when it comes to consumption is not just having an impact on the consumer side, it's also having an impact on supply chains and the way they're organized. And I think that really is just getting started.

我們過去曾說過，我們會將商業和客戶流失數字化。嗯，這還沒有完全實現。但展望未來，我們現在擁有這些令人興奮的新技術，包括你提到的生成人工智能。而且我認為這肯定也會帶來變革並創造新的體驗和新的消費方式。但是，這種涉及消費的數字化不僅對消費者產生影響，還對供應鍊及其組織方式產生影響。我認為這真的才剛剛開始。

When it comes to cloud computing this is an industry where China is really just getting started, and you can look a few figures to support that. First of all, if you look at the proportion of IT spending within total GDP in China, it's only 1%. In the U.S., it's as high as 5%. And if you look at the proportion of cloud within IT spending numbers, it's 15% in China today, 21% in the United States. These are figures from IDC. So I think that those 2 figures represent a huge opportunity for us in China. And of course, as technology continues to develop, new cutting-edge technologies like generative AI come to the fore but also VR, virtual reality, which we've discussed before, all of these technologies as they're deployed are going to require massive compute power to support them.

說到雲計算，這是中國真正剛剛起步的行業，你可以看幾個數字來支持這一點。首先，如果你看IT支出佔中國GDP總量的比重，只有1%。在美國，這一比例高達 5%。如果你看一下云計算在 IT 支出數字中所佔的比例，今天在中國是 15%，在美國是 21%。這些是來自 IDC 的數據。所以我認為這兩個數字對我們在中國來說是一個巨大的機會。當然，隨著技術的不斷發展，新的尖端技術如生成人工智能脫穎而出，還有 VR、虛擬現實，我們之前已經討論過，所有這些技術在部署時都需要大量的計算能力來支持他們。

So we expect to see exponential growth in demand for compute power. So for us, as a cloud vendor, I think that story is purely just getting started. And of course, these are not just trends in China but for the world, and we intend to take our offering to the world. We're already the leader in China when it comes to consumption and to cloud computing and 1 of the leaders in the world, and we will continue unshakably to be committed to and to pursue those core 3 strategies that we've adopted while continuing to embrace new technologies and make technological breakthroughs in order to create new and more exciting prospects for Alibaba as a company.

因此，我們期望看到對計算能力的需求呈指數增長。所以對於我們來說，作為雲供應商，我認為這個故事才剛剛開始。當然，這些不僅是中國的趨勢，也是世界的趨勢，我們打算將我們的產品推向世界。在消費和雲計算方面，我們已經是中國的領先者，也是世界領先者之一，我們將繼續堅定不移地致力於並追求我們已經採用的三大核心戰略，同時繼續擁抱新技術，實現技術突破，為阿里巴巴創造新的、更精彩的前景。

And then moving on to your second question about new technologies and developments in the market. And of course, there are always new market developments on a daily basis. But as I said, Alibaba has identified progress as our keyword as our overarching theme for 2023. We'll be seeking progress in technology in our business and also in the ways that we create user value. We will be investing, therefore, to drive progress in new technology and to integrate new technology with business to create new value and new kinds of business with tremendous prospects going into the future.

然後繼續你關於新技術和市場發展的第二個問題。當然，每天都有新的市場發展。但正如我所說，阿里巴巴已將進步確定為我們 2023 年的首要主題的關鍵詞。我們將在業務技術以及創造用戶價值的方式上尋求進步。因此，我們將投資推動新技術的進步，並將新技術與業務相結合，以創造新的價值和新的業務類型，並在未來擁有巨大的前景。

And in fact, that's what Alibaba has always done over the past 20 years. We haven't been a low-price competitor. We haven't been relying on heavy subsidies. We haven't been engaged in low-quality low-level competition. Rather, we've always invested in technology in the belief that technology can make the impossible become possible, and that could also make a business that had been impossible also become possible.

事實上，這也是阿里巴巴在過去 20 年裡一直在做的事情。我們不是低價競爭者。我們一直沒有依賴大量補貼。我們沒有進行低質量低水平的競爭。相反，我們一直相信技術可以使不可能變為可能，並且也可以使不可能的業務成為可能。

So we will continue to seek and drive new technology breakthroughs to open up new frontiers in commerce and in business.

因此，我們將繼續尋求和推動新技術的突破，以開闢商業和商業的新領域。

The next question is from Ronald Keung from Goldman Sachs.

下一個問題來自高盛的 Ronald Keung。

[Interpreted] We know that in 2022 a major theme for Alibaba was optimizing the cost structure and driving operational efficiencies. Going into 2023, as we've talked about, we can expect to see a pickup in the macroeconomic situation, potentially hopefully leading to GMV turning positive, GMV growth turning positive again. I'm wondering when you expect to see that happening.

【解讀】我們知道，2022年阿里巴巴的一個主題是優化成本結構，提昇運營效率。進入 2023 年，正如我們所討論的，我們可以期待看到宏觀經濟形勢好轉，可能有望導致 GMV 轉正，GMV 增長再次轉正。我想知道你希望什麼時候看到這種情況發生。

At what point can we expect to see positive growth returning in the GDP GMV numbers. And also, how are we going to achieve balance between growth and investment in this new year because we know there are people who are engaging in a lot of subsidization behavior. So how are we going to achieve that balance between growth and investment?

我們可以期望在什麼時候看到 GDP GMV 數據恢復正增長。而且，我們將如何在新的一年中實現增長和投資之間的平衡，因為我們知道有些人正在進行大量的補貼行為。那麼，我們將如何實現增長與投資之間的平衡呢？

[Interpreted] Well, starting with the part of your question that had to do with the pickup in consumption that we've seen following the end of COVID measures in China. Obviously, we're following that situation very closely, just like all of you, just like everybody else.

[解釋] 好吧，從你的問題部分開始，這部分與我們在中國結束 COVID 措施後看到的消費回升有關。顯然，我們正在密切關注這種情況，就像你們所有人一樣，就像其他人一樣。

But in my script earlier, I did lay out a detailed and comprehensive picture as I could.

但在我之前的劇本中，我確實盡可能詳細而全面地描繪了一幅畫面。

January certainly was still a challenging time through the spring festival, especially with people traveling widely in large numbers across the country. Life and work, however, began to normalize around the time of the Lantern festival and thereafter with improvement in consumption sentiment, indeed, as expressed in consumption behavior.

整個春節期間，一月份當然仍然是充滿挑戰的時期，尤其是在全國各地大量旅行的情況下。然而，生活和工作在元宵節前後開始正常化，此後隨著消費情緒的改善，確實體現在消費行為上。

And I also shared with you the impact that, that had in different categories, including apparel, sports, outdoor and health. Certainly, what we see across all merchants is a strong desire to get back to business. They want to have a bumper year in 2023 to make up for everything they lost over the past 3 years.

我還與大家分享了它對不同類別的影響，包括服裝、運動、戶外和健康。當然，我們看到所有商家都強烈希望恢復營業。他們想在2023年有個豐收，彌補過去3年失去的一切。

That's certainly a shared hope across the board for all the merchants. Of course, since the resumption of normalcy, if you like, it's only been a short time. It's just been about 0.5 month. So we do need to keep our eyes on how the ongoing picture continues to develop.

這無疑是所有商家的共同希望。當然，自從恢復常態以來，如果你願意的話，這只是很短的時間。才過了0.5個月左右。因此，我們確實需要密切關注當前情況如何繼續發展。

But certainly, we are optimistic about continued improvement in the situation. The other part of your question had to do with market competition and price subsidies. look price subsidies are nothing new. Every couple of days, somebody out there comes up with a bright idea to try to engage in heavy price subsidies in order to win more opportunities and turn around their business.

但可以肯定的是，我們對情況的持續改善持樂觀態度。你問題的另一部分與市場競爭和價格補貼有關。看起來價格補貼並不是什麼新鮮事。每隔幾天，就會有人想出一個絕妙的主意，嘗試進行高額價格補貼，以贏得更多機會並扭虧為盈。

But I think if you take a clear-eyed look at history, nobody, no player ever has managed to achieve that kind of turnaround by relying on price subsidies. What it takes really is technology innovation which in turn, empowers business model innovation. At the end of the day, it's really about merchants being able to provide to consumers the best products at the best prices in a way that is sustainable in the long term so that the merchant can make a return and continue to invest in a sustainable cycle.

但我想，如果你清醒地回顧歷史，沒有人，沒有任何球員能夠依靠價格補貼實現這種翻身。真正需要的是技術創新，而技術創新反過來又能推動商業模式創新。歸根結底，這實際上是關於商家能夠以長期可持續的方式以最優惠的價格向消費者提供最好的產品，以便商家能夠獲得回報並繼續投資於可持續的循環.

So Alibaba has a lot of experience in empowering merchants to do that. We also have experience in utilizing platform mechanisms to enable sustainable growth. And as Toby said in his script, we have deep pockets with USD 55 billion in cash. So we can continue to leverage these approaches to create value for users and maintain our leadership in the market.

所以阿里巴巴在授權商家這樣做方面有很多經驗。我們也有利用平台機制實現可持續增長的經驗。正如托比在他的劇本中所說，我們擁有 550 億美元的現金。因此，我們可以繼續利用這些方法為用戶創造價值並保持我們在市場上的領先地位。

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。

[Interpreted] Yes. My question has to do with local services. We understand that there's been a turnaround in unit economics and has positive UV continuing to improve. But at the same time, we understand that there are various short-form video platforms that are also now investing heavily in local services, and this could lead to further changes in the competitive landscape.

[解釋]是的。我的問題與本地服務有關。我們了解到，單位經濟效益已經出現好轉，並且正 UV 繼續改善。但與此同時，我們了解到各種短視頻平台現在也在大力投資本地服務，這可能會導致競爭格局的進一步變化。

So I'm wondering if you could talk to us, please, about your strategy for local services going forward to continue to maintain and strengthen that leadership position.

所以我想知道你是否可以和我們談談你的本地服務戰略，以繼續保持和加強這一領導地位。

[Interpreted] Well, when it comes to local services, as you know, there are really 2 different kinds of services, to-home and to-store or to-destinations because the store is one kind of positive destination. So starting with the to-destination, any media platform, be it short-form video or other kind of media, can find ways to develop to-destination business in the context of local services. They can promote a local destination, be it a store or something else through their media offering. They can allow consumers to place an order.

[解讀] 好吧，就本地服務而言，如您所知，實際上有兩種不同的服務，到家和到店或到目的地，因為商店是一種積極的目的地。所以從到站開始，任何媒體平台，無論是短視頻還是其他類型的媒體，都可以想辦法在本地服務的背景下發展到站業務。他們可以通過他們的媒體產品宣傳當地目的地，無論是商店還是其他東西。他們可以讓消費者下訂單。

But when it comes to fulfillment, you still have to physically go to the store to fulfill your order. So certainly, any media that has any kind of influence with an audience can find opportunities to do that to drive traffic to a physical location like a store. But Alibaba has opened up a whole new paradigm on the to-destination front with the important transformation and very successful transformation of Amap that we've succeeded in realizing over the past few years, taking it from simple map tool to Amap and location-enabled offering that spans search, discovery and fulfillment.

但是當涉及到履行時，您仍然必須親自去商店履行您的訂單。因此，可以肯定的是，任何對觀眾有任何影響的媒體都可以找到機會這樣做，以將流量吸引到實體店，如商店。但是阿里巴巴已經在去目的地方面開闢了一個全新的範式，我們在過去幾年成功實現了高德地圖的重要轉型和非常成功的轉型，將其從簡單的地圖工具轉變為高德地圖和定位功能跨越搜索、發現和實現的產品。

And today, Amap has achieved very high penetration in a whole range of categories that we've talked about from ride hailing through to hotel reservations through to gas stations and indeed finding electric charging facilities for new energy vehicles. And I don't think that's something that any other kind of media platform, any media platform could accomplish. Now the other piece, when we talk about local services is to-home and Ele.me is part of that section of local services. You mentioned Ele.me in your question. And indeed, following several years of hard work, I think Ele.me is very much is on the right track. Unit economics are positive and continue to improve. Things continue to move in the right direction in terms of the number of orders, the number of users as well as the unit economics.

今天，高德在我們談到的所有類別中都取得了非常高的滲透率，從打車到酒店預訂再到加油站，甚至為新能源汽車尋找充電設施。而且我認為這是任何其他類型的媒體平台，任何媒體平台都無法做到的。現在另一塊，當我們談論本地服務時，是到家，餓了麼是本地服務的一部分。你在問題中提到了餓了麼。事實上，經過幾年的努力，我認為餓了麼已經走在了正確的軌道上。單位經濟效益是積極的，並繼續改善。就訂單數量、用戶數量和單位經濟效益而言，事情繼續朝著正確的方向發展。

So when we talk about to-home, this is local or neighborhood e-commerce. So deliveries from restaurant to home are 1 example of that, but it's not just restaurant food orders, it could also include things like medicine, it could include groceries or other kinds of daily essentials. But to succeed in this space, you need to be able to successfully integrate local neighborhood supply, neighborhood demand, and neighborhood level fulfillment all in 1 place at the same time.

所以當我們談論到家時，這是本地或鄰里電子商務。因此，從餐廳到家的送貨就是其中的一個例子，但這不僅僅是餐廳的食品訂單，還可能包括藥品、雜貨或其他類型的日常必需品。但要在這個領域取得成功，您需要能夠同時在一個地方成功整合當地社區供應、社區需求和社區層面的履行。

And again, this is something that certainly no media outlet could ever possibly hope to achieve. And this is where Ele.me has been a great success because you need to be able to integrate in real-time local supply, the local demand and the local fulfillment capabilities, they all need to intersect in the space-time continuum in a single coordinate in a way that achieves chemical synergies. So that's far beyond the capabilities of any media-oriented player.

再一次，這肯定是任何媒體都不可能希望實現的。這就是餓了麼取得巨大成功的地方，因為你需要能夠實時整合本地供應、本地需求和本地履行能力，它們都需要在一個單一的時空連續體中相交以實現化學協同作用的方式進行協調。所以這遠遠超出了任何面向媒體的播放器的能力。

We continue to successfully grow our local services business in the priority cities we've identified. And of course, your business will look very different if you're going after 50 cities versus 100 cities. We continue to focus on the key cities that we've identified, continuing to improve the service to win and build confidence with consumers and drive long-term growth.

我們繼續在我們確定的優先城市成功發展我們的本地服務業務。當然，如果您的目標是 50 個城市而不是 100 個城市，那麼您的業務將大不相同。我們繼續專注於我們確定的重點城市，繼續改進服務以贏得和建立消費者信心並推動長期增長。

The next question is from Jiong Shao from Barclays.

下一個問題來自巴克萊銀行的邵炯。

[Interpreted] Thank you, management. Toby, you said that in the past quarter, free cash flow exceeded USD 11 billion. And we know that there are other initiatives underway within Alibaba to monetize on certain investments.

[已翻譯] 謝謝管理。托比，你說上個季度，自由現金流超過 110 億美元。我們知道阿里巴巴內部正在進行其他計劃，以通過某些投資獲利。

And in the last quarter, you conducted a USD 3.3 billion of share buybacks under the buyback program. But I'm wondering what other potential methods could be available for Alibaba to increase shareholder value to increase returns to shareholders. Are there any other things you can be doing for example, considering distributing dividends or further expanding the scale of the share buyback program?

在上個季度，您根據回購計劃進行了 33 億美元的股票回購。但我想知道阿里巴巴還有哪些其他潛在的方法可以增加股東價值以增加股東回報。您是否還有其他事情可以做，例如考慮分配股息或進一步擴大股票回購計劃的規模？

[Interpreted] Thank you for your question. You touched on a couple of things. First, as you all will have seen from various media reports, we have been divesting some of our investments. I think that's normal for any corporate, any company that's making a lot of strategic investments is also at some point going to make a timely exit from those investments. And that's indeed part of the original plan. When you make those current strategic investments, you are planning on exiting at a certain point.

[已翻譯] 謝謝你的提問。你談到了幾件事。首先，正如你們從各種媒體報導中看到的那樣，我們一直在撤資。我認為這對任何公司來說都是正常的，任何進行大量戰略投資的公司也會在某個時候及時退出這些投資。這確實是原計劃的一部分。當你進行這些當前的戰略投資時，你正計劃在某個時候退出。

You also talked about our share buyback program. In fact, it had already been upsized, as previously announced. It had been a USD 25 billion program. And as we spoke about last time, that was increased by USD 15 billion to a total of USD 40 billion.

您還談到了我們的股票回購計劃。事實上，正如之前宣布的那樣，它已經擴大了規模。這是一個 250 億美元的計劃。正如我們上次談到的那樣，增加了 150 億美元，達到 400 億美元。

In the December quarter, we bought back another USD 3.3 billion of shares, and we do think that pursuing the share buyback program is a good way to return value to our shareholders.

在 12 月季度，我們又回購了 33 億美元的股票，我們確實認為實施股票回購計劃是向股東回報價值的好方法。

Now under the existing already enlarged share buyback programs, we still have a remaining quota of USD 21 billion to be deployed. So at this point in time, no, we are not considering further expanding that quarter, rather, what's on our minds at this point in time is how we can best make use of that remaining quota of USD 21 billion, how to deploy it and when to deploy it in line with the authorization given to us by the Board of Directors in order to further enhance shareholder value.

現在，根據現有的已經擴大的股票回購計劃，我們還有 210 億美元的剩餘配額需要部署。所以在這個時間點，不，我們不考慮進一步擴大那個季度，相反，我們在這個時間點考慮的是我們如何最好地利用剩餘的 210 億美元配額，如何部署它以及何時根據董事會授予我們的授權進行部署，以進一步提升股東價值。

The next question is from Alicia Yap from Citigroup.

下一個問題來自花旗集團的 Alicia Yap。

[Interpreted] I'd like to follow up on Daniel's earlier remarks about how Alibaba intends to continue to focus on and invest in technological innovation as a means to create new business models and new opportunities for the businesses. I'm just wondering if you could break that down for us a little bit and explain which of the businesses this year we can expect to see adopting new technological innovations that lead to new business models and new opportunities that will, for example, result in accelerated CMR growth or boost cloud revenue or will perhaps be in local services, where these breakthroughs will be met. But I appreciate if Daniel could give us some more color on a segment-by-segment basis.

[解讀]我想跟進丹尼爾早些時候關於阿里巴巴打算如何繼續關注和投資技術創新的言論，以此作為為企業創造新商業模式和新機會的手段。我只是想知道你是否可以為我們稍微分解一下，並解釋一下今年我們可以期待看到哪些企業採用新技術創新，從而帶來新的商業模式和新的機會，例如，加速 CMR 增長或增加雲收入，或者可能會在本地服務中實現這些突破。但我很感激 Daniel 可以逐段地給我們一些更多的顏色。

[Interpreted] Well, driving business growth with technology has been a constant theme for Alibaba throughout its history. But looking to the future, there are certainly several big opportunities for us that we can already see clearly.

【解讀】嗯，用技術驅動業務增長，是阿里巴巴歷史上不變的主題。但展望未來，我們肯定有幾個我們已經看得很清楚的大機會。

The first is around AI and lately, generative AI has become a hot topic around the world. But we're not talking about having a chat bot for the sake of a chat bot. Rather, we're talking about integrating that capability deeply into the business around consumption, around user experience for content generation to drive higher advertising effectiveness.

首先是圍繞人工智能，最近，生成人工智能已成為世界範圍內的熱門話題。但我們並不是為了聊天機器人而談論聊天機器人。相反，我們談論的是將該功能深入整合到圍繞消費的業務中，圍繞內容生成的用戶體驗，以推動更高的廣告效果。

AI can play a huge role in all of those different areas, and we have been working on that and continue to do so. Also, when it comes to how to match supply and demand more effectively, how to achieve higher effectiveness in terms of marketing and promotion, how do we achieve higher efficiency and better user experience around different services, all of those are places where we can leverage AI to make huge improvements. So that's the first part of the answer.

人工智能可以在所有這些不同領域發揮巨大作用，我們一直在努力，並將繼續這樣做。另外，如何更有效地匹配供需，如何在營銷和推廣方面取得更高的效果，如何圍繞不同的服務實現更高的效率和更好的用戶體驗，這些都是我們可以發揮作用的地方。人工智能做出巨大改進。這就是答案的第一部分。

But beyond that, when we talk about cloud computing and big data, Alibaba has substantial capabilities in terms of providing processing power. We have IaaS and PaaS offerings. But when we look at the future, and we also have, of course, our large pretraining model for AI. And what we're seeing today with recent developments is that our -- the view that we took on the future has panned out and proven to be consistent with what's happening in the market. But going forward, there's going to be exponential growth in demand for computing power to support these kinds of AI applications and Alibaba is ready to provide precisely that kind of computing power. So that is a big opportunity for us as well.

但除此之外，當我們談論云計算和大數據時，阿里巴巴在提供處理能力方面具有強大的能力。我們有 IaaS 和 PaaS 產品。但是當我們展望未來時，我們當然也有我們的大型 AI 預訓練模型。我們今天看到的最新發展是，我們對未來的看法已經得到證實，並被證明與市場上正在發生的事情是一致的。但展望未來，支持此類人工智能應用的計算能力需求將呈指數級增長，而阿里巴巴已準備好提供這種計算能力。所以這對我們來說也是一個很大的機會。

And then just to add another word because I think implicit in your question was a concern around advertising revenue. AI can be leveraged in the ways that we talked about earlier when we talked about supply chains and local services to better match local demand with fulfillment capabilities, local supply in a certain time window and to make that whole local or neighborhood-based digital commerce scenario run much more efficiently. And we will continue to be working in those directions to grow our business. These are opportunities.

然後再補充一個詞，因為我認為你的問題隱含著對廣告收入的擔憂。可以按照我們之前討論供應鍊和本地服務時討論的方式來利用人工智能，以更好地將本地需求與履行能力、特定時間窗口內的本地供應相匹配，並打造整個本地或基於社區的數字商務場景運行效率更高。我們將繼續朝著這些方向努力，以發展我們的業務。這些都是機會。

The next question is from Jerry Liu from UBS.

下一個問題來自瑞銀的 Jerry Liu。

[Interpreted] I have a couple of questions. My first has to do with take rates, looking at GMV and CMR growth on Taobao and Tmall over the past few quarters, we understand that there will be special circumstances that have changed the relationship between the 2. But looking forward to this quarter or even the few quarters to follow, do you think we will expect to see any change in the relationship between the growth rate of GMV and CMR and could CMR grow faster than GMV in the next few quarters?

[已翻譯] 我有幾個問題。我首先與 take rates 有關，看看過去幾個季度淘寶和天貓的 GMV 和 CMR 增長，我們明白會有特殊情況改變兩者之間的關係。但期待這個季度甚至在接下來的幾個季度裡，您認為我們會看到 GMV 和 CMR 之間的關係發生變化嗎？在接下來的幾個季度裡，CMR 的增長速度是否會超過 GMV？

Second question to Daniel has to do with your assuming the position of interim or acting head of Alibaba Cloud Intelligence. I'm wondering since you've taken up that role. What new strategies or new initiatives have you put in place for the cloud business? What changes have you made to the strategies and initiatives of that cloud business?

Daniel 的第二個問題與您擔任阿里雲智能的臨時或代理負責人有關。我想知道自從你擔任這個角色以來。您為雲業務制定了哪些新戰略或新舉措？您對該雲業務的戰略和計劃進行了哪些更改？

[Interpreted] Well, on your first question regarding the relationship or the ratio between CMR and GMV. We discussed this issue previously. And just to recap briefly, the issue off late really has been the high rate of order returns due to, among other things, logistics disruptions because when we talk about GMV, we're talking about paid GMV, but after the consumer has made payments and after logistics and fulfillment, the consumer -- well, logistics don't work out.

[解讀] 那麼，關於你的第一個問題，關於 CMR 和 GMV 之間的關係或比率。我們之前討論過這個問題。簡單回顧一下，遲到的問題實際上是由於物流中斷等原因造成的高訂單退貨率，因為當我們談論 GMV 時，我們談論的是付費 GMV，但在消費者付款之後在物流和履行之後，消費者——好吧，物流是行不通的。

There's a logistics problem, the consumer will return the good. So overall, what we're seeing now is, of course, recovery in logistics and declining return rates. So I think what we're seeing now, it's fair to say that the ratio or the gap between pay GMV and the CMR is narrowing.

有物流問題，消費者退貨。所以總的來說，我們現在看到的當然是物流的複蘇和退貨率的下降。所以我認為我們現在看到的是，可以公平地說付費 GMV 與 CMR 之間的比率或差距正在縮小。

Secondly, on the question about cloud. We see the development of this industry, not only in China, but worldwide as an absolutely historic opportunity. And this is an opportunity of extreme strategic importance to Alibaba. So I'm extremely excited to take up the helm and be personally in charge of Alibaba Cloud at this important juncture. This is something I'm extremely passionate about, and we absolutely must not fail to seize and capitalize on this crucially important historic opportunity. We have an excellent foundation in Alibaba Cloud today, thanks to the hard work of the previous president of that business unit over the past 10 years or so.

其次，關於雲的問題。我們認為這個行業的發展，不僅在中國，而且在世界範圍內都是一個絕對的歷史機遇。而這對阿里巴巴來說是一個極具戰略意義的機會。所以我非常高興能夠在這個重要的時刻掌舵並親自負責阿里雲。這是我非常熱衷的事情，我們絕不能不抓住和利用這個至關重要的歷史機遇。我們在阿里云有今天的良好基礎，得益於前任總裁在過去10年左右的努力。

We're already now #1 in China and one of the top cloud vendors, indeed in the world with an excellent market position and a strong foundation to build on. Building on that foundation going forward, I think one of the first things we have to do is get back, if you like, to the essence of the cloud, the fundamentals of the cloud, which is leveraging cloud to make available computing power. We need to ensure that we're doing that with extremely high availability, high security, make sure that we're consistently exceeding customer expectations around stability and security. So that's point one.

我們現在已經在中國排名第一，並且是頂級雲供應商之一，確實在世界上擁有出色的市場地位和堅實的基礎。在此基礎上向前發展，我認為我們必須做的第一件事就是回到雲的本質，雲的基礎，即利用雲來提供可用的計算能力。我們需要確保我們以極高的可用性、高安全性來做到這一點，並確保我們始終超越客戶對穩定性和安全性的期望。所以這是第一點。

Point two, I think we need to place emphasis on public cloud offerings. When we talk about cloud, it's not often clear that we're all necessarily even talking about the same thing. There are so many different definitions of cloud out there. What is cloud computing. Well, I think for Alibaba, we need to be firmly rooted in China, but also have a global vision and ensure that we're making breakthroughs in fundamental core capabilities around IaaS and PaaS so that we will not only be a leader in China, but be a leader worldwide. Cloud computing is an industry that's built on scales of economy, if you have no scale, then you have no economy.

第二點，我認為我們需要把重點放在公共雲產品上。當我們談論云時，我們常常不清楚我們是否一定在談論同一件事。那裡有許多不同的雲定義。什麼是雲計算。那麼我覺得對於阿里巴巴來說，我們要紮根中國，同時要有全球視野，確保我們在基礎核心能力上圍繞IaaS和PaaS有所突破，這樣我們不僅在中國成為領先者，但要成為世界領先者。雲計算是建立在規模經濟基礎上的產業，沒有規模就沒有經濟。

So we need technology breakthroughs to achieve those economies of scale. We need to be able to enable our users not just to use cloud but to use cloud well and to achieve a demonstrable economic benefit from leveraging those cloud offerings. We need to be paying a lot of attention to public cloud and further drive scale there. This is a very important part of serving the digitalization of industry and providing cloud-based compute power, especially for data-intensive sectors. And then I know I've already touched on this quite a few times already, but another very important point is with generative AI and it's more broad-based application in the near future, we can expect to see very rapid growth in demand for high-performance computing power.

因此，我們需要技術突破來實現規模經濟。我們需要能夠讓我們的用戶不僅能夠使用雲，而且能夠很好地使用雲，並從利用這些雲產品中獲得可證明的經濟利益。我們需要非常關注公共雲並進一步推動那裡的規模。這是服務工業數字化、提供雲計算能力非常重要的一環，尤其是對數據密集型行業。然後我知道我已經多次談到這個問題，但另一個非常重要的一點是生成人工智能，它在不久的將來會有更廣泛的應用，我們可以期待看到對高需求的快速增長-性能計算能力。

You need infrastructure to be able to power that and the infrastructure needs to be integrated from chip through network through to compute power. And all the global vendors are talking about that, but we in Alibaba see this as an extremely important opportunity, and we intend to fully capture it.

您需要基礎設施才能為其提供動力，並且基礎設施需要從芯片到網絡再到計算能力進行集成。全球所有廠商都在談論這個，但我們阿里巴巴認為這是一個非常重要的機會，我們打算充分抓住它。

Okay. Thank you, everyone, for your time to listening today. And that concludes today's earnings call. Replay and transcript be available in our IR website in this week. We look forward to meeting you and engaging with you in the coming months and look forward to speaking to you next quarter. Thank you.

好的。謝謝大家今天抽出時間收聽。今天的財報電話會議到此結束。本週我們的 IR 網站將提供重播和文字記錄。我們期待在未來幾個月與您會面並進行互動，並期待在下個季度與您交談。謝謝。

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

謝謝。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。]