阿里巴巴 (BABA) 2022 Q2 法說會逐字稿

Good day, ladies and gentlemen.

女士們，先生們，美好的一天。

Thank you for standing by.

謝謝你的支持。

Welcome to Alibaba Group's September Quarter 2021 Results Conference Call.

歡迎參加阿里巴巴集團 2021 年 9 月季度業績電話會議。

(Operator Instructions) I would now like to turn the call over to Rob Lin, Head of Investor Relations of Alibaba Group.

（操作員說明）我現在想將電話轉給阿里巴巴集團投資者關係負責人 Rob Lin。

Please go ahead.

請繼續。

Good day, everyone, and welcome to Alibaba Group's September Quarter 2021 Results Conference Call.

大家好，歡迎參加阿里巴巴集團 2021 年 9 月季度業績電話會議。

With us today are Daniel Zhang, Chairman and CEO; Joe Tsai, Executive Vice Chairman; Maggie Wu, Chief Financial Officer.

今天和我們在一起的是董事長兼首席執行官張勇；執行副主席蔡崇信； Maggie Wu，首席財務官。

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

此次電話會議也從我們公司網站的 IR 部分進行網絡直播。

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

今天晚些時候將在我們的網站上重播電話會議。

Now let me quickly go over the safe harbor.

現在讓我快速越過安全港。

Today's discussion may contain forward-looking statements.

今天的討論可能包含前瞻性陳述。

Forward-looking statements involve inherent risks and uncertainties that may cause actual results to differ materially from our current expectations.

前瞻性陳述涉及固有風險和不確定性，可能導致實際結果與我們當前的預期存在重大差異。

For 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.

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表格 20-F 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 undertake any obligation to update these statements, except as required under applicable law.

我們在本次電話會議上所做的任何前瞻性陳述均基於截至今天的假設，除適用法律要求外，我們不承擔更新這些陳述的任何義務。

Please note that certain financial measures that we use on this call, such as adjusted EBITDA, adjusted EBITDA margin, adjusted EBITA, adjusted EBITA margin, commerce adjusted EBITA before strategic investments, non-GAAP net income, non-GAAP diluted earnings per share or ADS and free cash flow are expressed on a non-GAAP basis.

請注意我們在本次電話會議上使用的某些財務指標，例如調整後 EBITDA、調整後 EBITDA 利潤率、調整後 EBITA、調整後 EBITA 利潤率、戰略投資前商業調整後 EBITA、非 GAAP 淨收入、非 GAAP 稀釋每股收益或ADS 和自由現金流以非公認會計原則為基礎表示。

Our GAAP results and reconciliation of the GAAP to non-GAAP measures can be found on our earnings press release.

我們的 GAAP 結果以及 GAAP 與非 GAAP 措施的對賬可以在我們的收益新聞稿中找到。

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

除非另有說明，否則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。

In addition, during today's call, management will give their prepared remarks in English.

此外，在今天的電話會議中，管理層將用英語發表他們準備好的講話。

A third-party translator will provide simultaneous translation in Chinese on another conference line.

第三方翻譯將在另一條會議線路上提供中文同聲傳譯。

Please refer to our press release for details.

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 a third-party translator will provide consecutive translation.

問答環節中，我們將採用中英雙語提問，並由第三方翻譯提供連續翻譯。

All translations are for convenience purpose only.

所有翻譯僅為方便起見。

In the case of any discrepancies, management's statements in the original language will prevail.

如有任何差異，以管理層以原始語言發表的聲明為準。

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

有了這個，我現在將把電話轉給丹尼爾。

Thank you, Rob.

謝謝你，羅布。

Hello, everyone.

大家好。

Thanks for joining our earnings call today.

感謝您今天參加我們的財報電話會議。

In the past quarter, Alibaba continued to firmly invest into our 3 strategic pillars of domestic consumption, globalization, cloud computing and data intelligence.

上個季度，阿里巴巴繼續堅定投資國內消費、全球化、雲計算和數據智能三大戰略支柱。

We believe this will establish solid foundations of our long-term goal of sustainable growth in the future.

我們相信，這將為我們未來可持續增長的長期目標奠定堅實的基礎。

Some context on the China macro environment before I share our business updates.

在我分享我們的業務更新之前，先了解一下中國宏觀環境。

In the September quarter, China's GDP and consumption continued to grow, but slower than the previous quarters.

9月季度，中國GDP和消費繼續增長，但增速低於前幾個季度。

Overall retail sales for the quarter increased 5% year-over-year.

本季度整體零售額同比增長 5%。

Online retail of physical goods rose 8% year-over-year compared to the 19% during the same period last year.

實物商品在線零售同比增長 8%，而去年同期為 19%。

Off-line retail has only just returned to the same level as 2 years ago.

線下零售才剛剛恢復到兩年前的水平。

These economic headwinds, coupled by intensifying market competition also affected our core commerce business in China.

這些經濟逆風，加上市場競爭的加劇，也影響了我們在中國的核心商業業務。

In line with industry retail trends in China, physical goods GMV year-over-year growth rate moderated to single digit this quarter, mainly due to a slowdown in apparel and general merchandise categories.

與中國行業零售趨勢一致，本季度實物商品 GMV 同比增長率放緩至個位數，主要是由於服裝和日用百貨類別放緩。

That said, growth rate of consumer electronics and home furniture categories remained resilient.

儘管如此，消費電子產品和家居家具類別的增長率仍然保持彈性。

In the challenging macro environment, we continued to invest in user acquisition that have seen promising progress in low-tier cities, which I will elaborate on later.

在充滿挑戰的宏觀環境下，我們繼續投資在低線城市取得可喜進展的用戶獲取，我將在後面詳述。

Our global annual active consumers reached approximately 1.24 billion, which is a net increase of 62 million quarter-over-quarter and 20% growth year-over-year this past quarter.

我們的全球年度活躍消費者達到約 12.4 億，環比淨增長 6200 萬，上一季度同比增長 20%。

Our AAC grow to 953 million in China and 285 million overseas.

我們的瑞聲在中國增長到 9.53 億，在海外增長到 2.85 億。

We are on track to deliver the 1 billion China AAC target by the end of this fiscal year, and remain firmly committed to achieving our long-term target to serve 2 billion consumers globally.

我們有望在本財年年底前實現 10 億中國瑞聲的目標，並繼續堅定致力於實現我們為全球 20 億消費者提供服務的長期目標。

Let me turn to our long-term investment strategies.

讓我談談我們的長期投資策略。

In less developed areas across China, Taobao Deals has continued incremental growth to our overall user base and stimulate more user activity and engagement in our China consumer ecosystem.

在中國欠發達地區，淘寶特賣繼續為我們的整體用戶群帶來增量增長，並刺激更多的用戶活動和參與我們的中國消費生態系統。

Taobao Deals AAC surpassed 240 million this past quarter.

淘寶交易瑞聲在上個季度超過 2.4 億。

Close to half of Taobao Deals daily active users are unique incremental users in addition to Taobao app DAUs.

除淘寶應用 DAU 外，淘寶 Deals 的近一半每日活躍用戶是唯一增量用戶。

Consumers are attracted by the value-for-money products and differentiated user experiences offered by Taobao Deals.

消費者被淘寶特賣提供的物超所值的產品和差異化的用戶體驗所吸引。

At the same.

同時。

Time, manufacturers take advantage of its one-stop full-service solution that includes online store operation and fulfillment to sell directly to end customers.

時間，製造商利用其包括在線商店運營和履行在內的一站式全方位服務解決方案直接向最終客戶銷售。

We call this solution m2c or manufacturers-to-consumers.

我們將此解決方案稱為 m2c 或製造商對消費者。

During this past quarter, Taobao Deals m2c orders grow nearly 400% year-over-year.

在過去的這個季度，淘寶特賣 m2c 訂單同比增長近 400%。

For our Community Marketplaces business, Taocaicai, we continued to focus on investing in and building a new digitalized community commerce model that is sustainable and healthy.

對於我們的社區市場業務淘菜菜，我們繼續專注於投資和構建可持續和健康的新數字化社區商業模式。

Taocaicai has expanded operations to close to 200 cities and its GMV growth surpassed 150% quarter-over-quarter.

淘菜菜業務已擴展到近200個城市，GMV環比增長超過150%。

We are deliberate in our approach and faithful to our belief in true value creation rather than blinded pursuit of unqualified and unsustainable growth.

我們的方法是經過深思熟慮的，並忠實於我們對真正價值創造的信念，而不是盲目地追求不合格和不可持續的增長。

We are instead focused on leveraging core capabilities that Alibaba has built over years in the supply chain, logistics, user engagement and channel development.

相反，我們專注於利用阿里巴巴多年來在供應鏈、物流、用戶參與和渠道開發方面建立的核心能力。

We aim to grow a new digitalized social commerce infrastructure that offer consumers quality services and products with highly competitive price.

我們的目標是發展一種新的數字化社交商務基礎設施，以極具競爭力的價格為消費者提供優質服務和產品。

Consumer survey results have shown that product quality is the top deciding factor for consumers to choose Taocaicai over other platforms.

消費者調查結果表明，產品質量是消費者選擇淘菜而不是其他平台的首要決定因素。

Taocaicai has contributed to increasing the purchase frequency of our core commerce consumers.

淘菜有助於提高我們核心商業消費者的購買頻率。

More than 50% of Taocaicai users were first-time buyers of fresh produce on our China retail marketplaces.

超過 50% 的淘菜菜用戶是我們中國零售市場上新鮮農產品的首次購買者。

We believe the ultimate value proposition of the community commerce infrastructure is in our ability to elevate the quality of routine everyday services in local communities.

我們相信社區商業基礎設施的最終價值主張在於我們能夠提高當地社區日常日常服務的質量。

It ranged from quarantine supplies during pandemic lockdowns, supporting local farmers to sell high-quality produce, vocational training and job creation.

它的範圍從大流行封鎖期間的檢疫用品、支持當地農民銷售高質量產品、職業培訓和創造就業機會。

We will continue to enhance these services to create value for our communities.

我們將繼續加強這些服務，為我們的社區創造價值。

In Local Services, we are creating a product and service metrics centering around synergies between Ele.me, Amap and Fliggy.

在本地服務中，我們正在圍繞餓了麼、高德地圖和飛豬之間的協同效應創建產品和服務指標。

Ele.me and Amap are positioned as our 2 main user entry points for homebound and destination-bound local services, respectively.

餓了麼和高德分別被定位為我們在家和目的地本地服務的兩個主要用戶入口點。

Ele.me delivered 29% growth in AACs and 30% growth in order volume year-over-year with nonmeal delivery order growth outpacing total order growth this past quarter.

餓了麼的 AAC 同比增長 29%，訂單量同比增長 30%，非送餐訂單增長超過上個季度的總訂單增長。

In addition to a navigation services, Amap has been expanding into service offerings around the user's journeys and the destinations such as ride hailing, hotel bookings, et cetera.

除了導航服務外，高德地圖一直在擴展用戶旅程和目的地的服務產品，例如打車、酒店預訂等。

During the quarter, transacting users of this destination services on Amap increased more than 200% year-over-year.

本季度，高德地圖上該目的地服務的交易用戶同比增長超過 200%。

Although the recent resurgence of COVID-19 in parts of China impacted stability in the supply of hotel rooms and travel products in many provinces, we see the positive contribution in user value from adding Fliggy product supply to Amap and our other user platforms.

儘管近期中國部分地區 COVID-19 的死灰復燃影響了許多省份的酒店客房和旅遊產品供應的穩定性，但我們看到將飛豬產品供應添加到高德地圖和我們的其他用戶平台對用戶價值的積極貢獻。

We just celebrated our 13th November 11 Global Shopping Festival with a record GMV of RMB 54.03 billion (sic) [RMB 540.

我們剛剛慶祝了 2011 年 11 月 13 日的全球購物節，GMV 達到創紀錄的 540.3 億元人民幣（原文如此）[RMB 540.

3 billion] excluding unpaid orders, representing a year-over-year growth rate of 8.5% for the 11-day campaign.

30 億] 不包括未付訂單，代表 11 天活動的同比增長率為 8.5%。

The stable and healthy growth of the high base over last year reflects China's consumption power and economic resilience.

高基數比去年穩定健康增長，體現了中國的消費能力和經濟韌性。

Looking forward, we remain confident in development of China consumption.

展望未來，我們對中國消費的發展充滿信心。

Today, we already have the largest and the most valuable consumer base in China with 953 million AACs, which are still growing.

今天，我們已經擁有中國最大、最有價值的消費群，擁有 9.53 億個 AAC，並且還在不斷增長。

At the same time, we will serve our large and diverse consumer population through user segmentation, addressing different needs and use cases through an assortment of apps with differentiated value propositions.

同時，我們將通過用戶細分服務於我們龐大而多樣化的消費者群體，通過各種具有差異化價值主張的應用程序來滿足不同的需求和用例。

Further through cross-selling of products and services, we will increase our user stickiness, wallet share and overall retail penetration.

進一步通過產品和服務的交叉銷售，我們將提高我們的用戶粘性、錢包份額和整體零售滲透率。

Outside of China, we continued healthy expansion of our user base and revenues achieving 285 million AACs and 33% revenue growth during the quarter.

在中國以外，我們繼續健康擴張我們的用戶群和收入，在本季度實現了 2.85 億個 AAC 和 33% 的收入增長。

In Southeast Asia, Lazada produced 82% order growth year-over-year during the quarter with triple-digit growth in Thailand, Vietnam and Malaysia.

在東南亞，Lazada 本季度的訂單同比增長 82%，在泰國、越南和馬來西亞實現了三位數的增長。

Trendyol, the largest e-commerce platform in Turkey, delivered GMV growth of over 80% year-over-year.

土耳其最大的電子商務平台 Trendyol 的 GMV 同比增長超過 80%。

AliExpress GMV growth decelerated this quarter due to the negative impact of net VAT rules in Europe and the gradual recovery of the local supply chain and the consumption in its destination markets.

由於歐洲淨增值稅規則的負面影響以及當地供應鏈的逐步恢復和目的地市場的消費，全球速賣通 GMV 增長在本季度有所放緩。

Looking ahead, AliExpress will further invest to expanding local operations in its strategic markets in Europe.

展望未來，全球速賣通將進一步投資擴大其在歐洲戰略市場的本地業務。

For our logistics business, Cainiao Post has achieved coverage in over 200 cities as of the end of September.

物流業務方面，截至9月底，菜鳥郵政已實現覆蓋200多個城市。

They have become our stations for consumer services in more than 100 counties and towns across less developed areas.

它們已成為我們在欠發達地區100多個縣鎮的消費服務站。

The daily average package volume delivered through Cainiao Post increased nearly 70% year-over-year to 69 million during the quarter.

本季度通過菜鳥郵政的日均包裹遞送量同比增長近 70% 至 6,900 萬件。

In the domestic supply chain business, Cainiao's fulfillment volume for Taobao Deals m2c business increased by more than 200% year-over-year.

在國內供應鏈業務中，菜鳥淘寶m2c業務的履約量同比增長超過200%。

As part of its global logistic network expansion, Cainiao launched new initiatives to improve the user experience for international consumers by introducing self-pickup lockers in Russia, Spain, France and Poland, while continuing to enhance its cross-border end-to-end logistics capabilities.

作為其全球物流網絡擴張的一部分，菜鳥推出了新舉措，通過在俄羅斯、西班牙、法國和波蘭引入自取儲物櫃來改善國際消費者的用戶體驗，同時繼續加強其跨境端到端物流能力。

Last but not least, Alibaba Cloud delivered revenue growth of 33% year-over-year this past quarter, driven by strong revenue growth from customers in the Internet, financial services and retail sectors.

最後但同樣重要的是，在互聯網、金融服務和零售行業客戶收入強勁增長的推動下，阿里雲上個季度的收入同比增長 33%。

In October, we held our 13th Apsara conference, which is now the biggest technology conference in China by attendees.

10 月，我們舉辦了第 13 屆飛天大會，這是目前在中國參加人數最多的科技大會。

We unveiled several new proprietary products and technologies upgrades, including Yitian 710 server chip, the X-Dragon architecture, Panjiu cloud-native server series, Alibaba AI and big data platform and a new generation of PolarDB database.

我們發布了多項新的專有產品和技術升級，包括益天710服務器芯片、神龍架構、盤九雲原生服務器系列、阿里巴巴AI和大數據平台以及新一代PolarDB數據庫。

These show that Alibaba Cloud is benchmarking against the world's top cloud computing technologies and a milestone in its proprietary product capabilities in IaaS and PaaS.

這表明阿里雲正在對標全球頂尖的雲計算技術，在IaaS和PaaS的自有產品能力方面具有里程碑式的意義。

In September, we announced 10 initiatives and pledged to invest RMB 100 billion by 2025 to advance scientific and technological innovation, economic development, high-quality employment and vulnerable group support in China.

9 月，我們宣布了 10 項舉措，並承諾到 2025 年投資 1000 億元人民幣，以促進中國的科技創新、經濟發展、高質量就業和弱勢群體支持。

We believe these 4 areas are among the common focus of all responsible companies in the world under the ESG framework.

我們認為，這四個領域是全球所有負責任企業在 ESG 框架下的共同關注點。

We will incorporate these initiatives into the social responsibility pillar of our ESG strategy and hope that our digital commerce and technology ecosystem can contribute our part in these areas.

我們會將這些舉措納入我們 ESG 戰略的社會責任支柱，並希望我們的數字商務和技術生態系統能夠在這些領域貢獻我們的力量。

Looking ahead, we will continue to invest heavily into our 3 growth engines of domestic consumption, globalization, cloud computing and data intelligence as we announced at the beginning of our fiscal year.

展望未來，我們將繼續大力投資國內消費、全球化、雲計算和數據智能三大增長引擎，正如我們在財年年初宣布的那樣。

In core commerce, we have started to see encouraging initial results of our investment in low-tier cities, local services and logistics in the form of user growth and enhanced logistic capabilities.

在核心商業領域，我們已經開始看到我們在低線城市、本地服務和物流方面的投資取得了令人鼓舞的初步成果，表現為用戶增長和物流能力增強。

Our investment in globalization has also delivered progress in user base consumption and revenue growth.

我們對全球化的投資也在用戶基礎消費和收入增長方面取得了進展。

In cloud computing and data intelligence, we will strengthen our market leadership by further enhancing our core product and technology capability.

在雲計算和數據智能方面，我們將通過進一步提升核心產品和技術能力來鞏固我們的市場領先地位。

No matter the challenges in the current macroeconomic environment and with more and more players entering into the industry, we remain very confident in our business strategy and our future.

無論當前宏觀經濟環境面臨挑戰，以及越來越多的參與者進入該行業，我們都對我們的業務戰略和未來充滿信心。

We will continue to focus on capacity building, value creation and a multi-engine approach to growth.

我們將繼續專注於能力建設、價值創造和多引擎增長方式。

We firmly believe our strategy and the perseverance will bring mid- and long-term returns to our customers and investors.

我們堅信我們的戰略和堅持將為我們的客戶和投資者帶來中長期的回報。

Now I would like to turn it over to Maggie, who will walk you through the details of our financial results.

現在我想把它交給 Maggie，她將向您詳細介紹我們的財務業績。

Thank you, Daniel.

謝謝你，丹尼爾。

Let me share some high-level thoughts on our financial results first.

讓我先分享一些關於我們財務業績的高層次想法。

Our revenue growth continues to be strong, and our revenue are becoming more diversified.

我們的收入增長繼續強勁，我們的收入正變得更加多元化。

So overall, we grew revenue by 29% year-over-year to CNY 200 billion.

因此，總體而言，我們的收入同比增長 29% 至 2000 億元人民幣。

Revenue of our international commerce business and cloud computing exhibited a robust growth of 34% and 33%, respectively.

我們的國際商務業務和雲計算收入分別強勁增長 34% 和 33%。

Our adjusted EBITA was CNY 28 billion, but our core profitability before investments in key strategic areas remained very significant and stable at about CNY 52 billion.

我們調整後的 EBITA 為 280 億元人民幣，但我們在關鍵戰略領域投資之前的核心盈利能力仍然非常顯著且穩定在 520 億元人民幣左右。

So I will talk about our investment areas later.

所以我稍後會談談我們的投資領域。

The decline of RMB 13.2 billion year-over-year in total adjusted EBITA is a result of our investment in strategic areas and merchant support.

調整後的 EBITA 總額同比下降 132 億元人民幣，這是我們在戰略領域的投資和商戶支持的結果。

We have one of the most diversified and loyal customer base in China and that we believe these investments will further strengthen our position.

我們擁有中國最多元化和忠誠的客戶群之一，我們相信這些投資將進一步鞏固我們的地位。

And our overseas investment will also help us gain more share in many international markets in the future.

而我們的海外投資也將幫助我們在未來的許多國際市場中獲得更多的份額。

So here, we provide a revenue breakdown by segment.

因此，在這裡，我們提供了按細分市場劃分的收入細分。

where you can see that Alibaba has evolved into a multi-engine growth company with businesses across different runways and the growth and revenue continue to be more and more diversified.

從中可以看出，阿里巴巴已經發展成為一家多引擎增長公司，業務跨越不同跑道，增長和收入不斷多元化。

Cost trends.

成本趨勢。

Now let's look at our overall cost trends, excluding SBC as a percentage of revenue.

現在讓我們看看我們的整體成本趨勢，不包括 SBC 佔收入的百分比。

Cost of revenue ratio increased in September quarter due to higher proportion of our direct sales business, mainly from the consolidation of Sun Art.

由於我們的直銷業務佔比較高，主要來自高鑫零售的整合，導致 9 月季度的成本收入比率增加。

Its direct sales business will continue to strengthen our retail initiatives, especially in the development of our product-sourcing capabilities.

其直銷業務將繼續加強我們的零售計劃，尤其是在發展我們的產品採購能力方面。

For example, our Community Marketplace business continued to grow rapidly, which is partly -- thanks to the strong procurement and supply chain capability in perishables, FMCG and general merchandise categories of Sun Art.

例如，我們的社區市場業務持續快速增長，這部分歸功於高鑫零售在易腐品、快速消費品和日用商品類別方面的強大採購和供應鏈能力。

Sales and marketing ratio also increased in September quarter due to an increase in marketing and promotional spending for user acquisition and engagement for our mobile commerce businesses, such as Taobao Deal, Lazada, Ele.me and also Taocaicai.

由於我們的移動商務業務（如淘寶 Deal、Lazada、餓了麼和淘菜）的用戶獲取和參與的營銷和促銷支出增加，9 月季度的銷售和營銷比率也有所增加。

G&A expense remained stable at 4% compared to same quarter last year.

與去年同期相比，G&A 費用保持穩定在 4%。

Now let's look at our profitability and area of investment.

現在讓我們看看我們的盈利能力和投資領域。

Commerce adjusted EBITA before key strategic investments was largely flat at CNY 52 billion, primarily reflected our support to merchants as well as the increased spending in user acquisition engagement on our marketplaces.

在關鍵戰略投資基本持平於 520 億元人民幣之前，商務部調整了 EBITA，這主要反映了我們對商家的支持以及我們在市場上用戶獲取參與方面的支出增加。

So excluding our merchant support program spending, the growth of commerce adjusted EBITA before key strategic investment was similar to that of our CMR revenue growth, suggesting a relatively stable EBITA margin of our China retail marketplace.

因此，不包括我們的商戶支持計劃支出，在關鍵戰略投資之前的商業調整 EBITA 的增長與我們的 CMR 收入增長相似，這表明我們中國零售市場的 EBITA 利潤率相對穩定。

Adjusted EBITA decreased by CNY 13.2 billion.

調整後 EBITA 減少人民幣 132 億元。

The decline primarily reflects CNY 12.6 billion year-over-year increase in combined losses of key strategic areas such as Taobao Deals, Local Consumer Service, Community Marketplaces and Lazada within commerce.

下降主要反映了淘寶特賣、本地消費服務、社區市場和 Lazada 等關鍵戰略領域在商業領域的綜合虧損同比增加 126 億元人民幣。

Let's take a closer look at the business progress, revenue and profitability of our business segments during the quarter.

讓我們仔細看看本季度我們業務部門的業務進展、收入和盈利能力。

Before -- okay, first, on our Commerce segment.

之前——好的，首先，在我們的商務部門。

Revenue from our commerce segment in the quarter was CNY 171 billion, 31% year-over-year growth.

本季度我們的商務業務收入為 1710 億元人民幣，同比增長 31%。

Revenue of China commerce business showing 14% year-on-year growth, excluding Sun Art consolidation.

中國商務業務收入同比增長 14%，不包括高鑫零售合併。

And CMR is growing 3%.

CMR 正在增長 3%。

There are 2 key reasons for the slower growth of CMR.

CMR 增長放緩有兩個關鍵原因。

First, our CMR growth were primarily tied to single-digit physical good GMV growth that resulted from slowing market conditions and more players enter into this sector of the China e-commerce market.

首先，我們的 CMR 增長主要與單位數的實物商品 GMV 增長有關，這是由於市場狀況放緩以及更多參與者進入中國電子商務市場的這一領域。

China's NBS statistics have shown a slowdown of overall consumption.

中國國家統計局的統計數據顯示整體消費放緩。

We experienced a larger impact given our position as the largest e-commerce player in China.

鑑於我們作為中國最大的電子商務公司的地位，我們受到了更大的影響。

Secondly, CMR growth was lower than physical goods GMV growth, primarily due to the incremental year-on-year increase in merchant support and subsidies.

其次，CMR 增速低於實物商品 GMV 增速，主要是由於商戶扶持補貼同比增加所致。

Revenue of international commerce grew 34% year-over-year with continued strength of both international wholesale and international retail businesses, such as Lazada, Alibaba.com, AliExpress and Trendyol.

國際商務收入同比增長 34%，國際批發和國際零售業務持續走強，如 Lazada、阿里巴巴、速賣通和 Trendyol。

Commerce adjusted EBITA decreased by 12.7%.

商業調整後 EBITA 下降 12.7%。

The decrease reflects -- CNY 12.7 billion.

減少反映了——127億元人民幣。

The decrease reflected increased investment in those strategic initiatives.

減少反映了對這些戰略舉措的投資增加。

Now these initiatives we invested within commerce, as noted, we're investing in growth business that strengthen consumer experience, enhance loyalty, penetrate into less developed area in China and further expand our presence internationally.

現在，我們在商業領域投資的這些舉措，如前所述，我們正在投資於增強消費者體驗、提高忠誠度、滲透到中國欠發達地區並進一步擴大我們在國際上的影響力的增長型業務。

So during the quarter, the businesses all show robust growth.

因此，在本季度，這些業務都顯示出強勁的增長。

Taobao Deals and Taocaicai continued to penetrate into less developed markets of China and they extend our addressable market.

淘寶特賣和淘菜繼續滲透到中國欠發達市場，擴大了我們的潛在市場。

Taobao Deals achieved 240 million AAC, up 49 million.

淘寶Deals實現AAC 2.4億，同比增長4900萬。

Taocaicai grew GMV by over 150% Q-on-Q.

淘菜菜的 GMV 環比增長超過 150%。

As a reminder, our Community Marketplace business started early this year.

提醒一下，我們的社區市場業務於今年年初開始。

Ele.me continues to deliver strong order growth of 30% year-on-year and is one of the main consumer gateways for our local service business with being -- with high-frequency purchasing intent.

餓了麼繼續實現同比 30% 的強勁訂單增長，並且是我們本地服務業務的主要消費者門戶之一，具有高頻購買意向。

Lazada and Trendyol continued to generate robust growth in new international markets.

Lazada 和 Trendyol 繼續在新的國際市場上實現強勁增長。

Lazada order grew 82% year-over-year.

Lazada 訂單同比增長 82%。

Trendyol GMV grew over 80% year-on-year.

Trendyol GMV 同比增長超過 80%。

Let's take a look at the cloud computing business.

讓我們來看看雲計算業務。

AliCloud's revenue grew 33% year-on-year to RMB 20 billion during this quarter, which reaccelerated compared to the June quarter growth.

阿里雲本季度收入同比增長 33% 至 200 億元人民幣，與 6 月份季度增長相比再次加速。

We saw strong revenue growth from customers in Internet, financial services and retail industries.

我們看到來自互聯網、金融服務和零售行業客戶的收入增長強勁。

AliCloud generated an adjusted EBITA of RMB 396 million given strong revenue growth and economies of scale.

鑑於強勁的收入增長和規模經濟，阿里雲的調整後 EBITA 為人民幣 3.96 億元。

Next, our DME business during the quarter was CNY 8 billion in revenue.

其次，本季度我們的二甲醚業務收入為 80 億元人民幣。

And if you look at the losses, it slightly increased year-over-year because of the investment in content, et cetera.

如果你看一下損失，由於對內容的投資等等，它比去年同期略有增加。

But overall, it continued to narrow in losses in the first half of the fiscal year.

但總體而言，它在本財年上半年的虧損繼續收窄。

Income statement selected financial metrics.

損益表選擇的財務指標。

Let's review some of these line items.

讓我們回顧一下其中的一些訂單項。

Interest and investment income was a loss of CNY 11 billion in September quarter, primarily due to net losses arising from changes in market prices of our equity investments in publicly traded companies in the quarter.

9月當季利息和投資收益虧損110億元人民幣，主要是由於本季度我們對上市公司股權投資的市場價格變動產生的淨虧損。

This is compared to net gains in the same quarter of 2020.

這與 2020 年同一季度的淨收益相比。

Income tax expense in the quarter were CNY 6.1 billion compared to CNY 1.9 billion in the same quarter of last year.

本季度所得稅費用為人民幣 61 億元，而去年同期為人民幣 19 億元。

In the same quarter of last year, tax expenses reduced by approximately CNY 6 billion because during that quarter certain subsidiaries were officially notified that they were approved of Key Software Enterprise status for calendar 2019, which entitled them to a reduced tax rate of 10%.

去年同一季度，稅收支出減少了約 60 億元人民幣，因為該季度某些子公司被正式通知他們被批准為 2019 日曆年的關鍵軟件企業，這使其有權享受 10% 的減稅。

Share of results of equity method investees was CNY 5.5 billion during the quarter.

本季度，權益法被投資方的業績份額為人民幣 55 億元。

Here, we show GAAP and non-GAAP net income attributable to shareholders.

在這裡，我們顯示了歸屬於股東的 GAAP 和非 GAAP 淨利潤。

Besides the reasons we discussed above, the year-over-year decrease was also due to losses arising from the changes in market prices of our equity investment in publicly traded companies.

除了我們上面討論的原因外，同比下降也是由於我們對上市公司的股權投資的市場價格變化造成的損失。

September quarter free cash flow.

9 月季度自由現金流。

We continued to have a strong net cash position.

我們繼續擁有強勁的淨現金頭寸。

As of the end of the quarter, our cash, cash equivalents and short-term investments were RMB 443 billion, which is approximately USD 69 billion.

截至本季度末，我們的現金、現金等價物和短期投資為人民幣4430億元，約合690億美元。

Free cash flow was RMB 22 billion.

自由現金流為人民幣220億元。

The decline was driven by a decrease in the profits.

下降的原因是利潤下降。

Before we go into Q&A, I would like to provide some perspective on our financial outlook.

在進行問答之前，我想對我們的財務前景提供一些看法。

Over the last 6 months, we have observed softer market conditions with slowing consumption growth in China.

在過去的 6 個月中，我們觀察到市場環境疲軟，中國消費增長放緩。

Given a slower-than-expected domestic consumption growth, since we provided our revenue guidance in May, we now expect our fiscal '22 revenue growth to be 20% to 23% year-over-year.

鑑於國內消費增長低於預期，自我們在 5 月份提供收入指導以來，我們現在預計 22 財年的收入同比增長 20% 至 23%。

The adjustment primarily reflects lowering of commerce revenues that include both direct sales and customer management revenue.

調整主要反映了包括直銷和客戶管理收入在內的商業收入的下降。

Let me share with you a bit more our investment and profitability.

讓我與您分享更多我們的投資和盈利能力。

So firstly, in China, we're seeing more players enter into the e-commerce industry.

首先，在中國，我們看到越來越多的玩家進入電子商務行業。

Our peers are increasing investments to acquire users and most of them continue to show level of -- high level of spending.

我們的同行正在增加投資以獲取用戶，他們中的大多數人繼續表現出高水平的支出。

We will continue to invest in our e-commerce business that create value for consumers and merchants and keep our market leadership position and then for the competitive strength in longer term.

我們將繼續投資於我們的電子商務業務，為消費者和商家創造價值並保持我們的市場領先地位，然後為長期的競爭優勢而努力。

Secondly, we believe our local service business still have ample long-term potential.

其次，我們認為本地服務業務仍有充足的長期潛力。

These businesses have generated strong transaction growth and high user retention rate, setting a strong foundation to compete for the long term.

這些業務產生了強勁的交易增長和高用戶保留率，為長期競爭奠定了堅實的基礎。

We are seeing robust GMV and user growth in our international commerce business.

我們在國際商務業務中看到了強勁的 GMV 和用戶增長。

These businesses, Lazada, Trendyol, AliExpress, are exhibiting robust growth driven by localization strategy as well as our ongoing investment in building technology and logistics capabilities.

這些業務，Lazada、Trendyol、速賣通，在本地化戰略以及我們對建設技術和物流能力的持續投資的推動下，呈現出強勁的增長勢頭。

Lastly, we continue to expect exciting growth opportunities for our cloud business that will benefit from digitization in the industrial Internet era.

最後，我們繼續期待我們的雲業務將有令人興奮的增長機會，這將受益於工業互聯網時代的數字化。

Given our significant profit generation and a strong balance sheet, we believe it is important to grow and expand into new addressable markets for the long term despite near-term weakness in domestic macro environment.

鑑於我們產生的可觀利潤和強勁的資產負債表，我們認為，儘管國內宏觀環境近期疲軟，但長期增長和擴展到新的潛在市場非常重要。

As such, we will continuously invest into the above-mentioned areas and we will report to you the business development progress along the road.

因此，我們將繼續在上述領域進行投資，並將沿途的業務發展進展向您匯報。

We believe this business will continue to increase consumer mind share and wallet share that will be important to our long-term growth and value.

我們相信這項業務將繼續增加消費者的心智份額和錢包份額，這對我們的長期增長和價值很重要。

Lastly, before we go to Q&A, we'd like to inform you that we will be hosting an Investor Day on December 16 and 17.

最後，在我們進行問答之前，我們想通知您，我們將於 12 月 16 日至 17 日舉辦投資者日。

During the event, our senior management team will provide you an update on Alibaba's key businesses and our vision for the future.

活動期間，我們的高級管理團隊將為您介紹阿里巴巴的主要業務以及我們對未來的願景。

Over the last several quarters, investors and analysts have communicated their desire to understand better on how we measure the success of our growth businesses mentioned and their -- these businesses long-term prospects.

在過去的幾個季度中，投資者和分析師表達了他們希望更好地了解我們如何衡量我們提到的成長型業務的成功以及他們——這些業務的長期前景的願望。

This Investor Day will be an opportunity to provide you with more details and insights.

本次投資者日將是一個為您提供更多細節和見解的機會。

Now let's open the floor for Q&A.

現在讓我們開始問答環節。

Thank you.

謝謝你。

Hi, everyone.

大家好。

For today's call, you are welcome to ask questions in Chinese or English.

今天的電話，歡迎您用中文或英文提問。

A third-party translator will provide consecutive interpretation for the Q&A session.

問答環節將由第三方翻譯提供交替傳譯。

Our management will address your questions in the language asked.

我們的管理層將以所要求的語言解決您的問題。

Please note that the translation is for convenience purpose only.

請注意，翻譯僅為方便起見。

In the case of any discrepancy, our management statement in the original language will prevail.

如有任何差異，以我們的管理聲明原文為準。

(foreign language)

（外語）

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

接線員，請立即將揚聲器連接到 SI 會議線，準備就緒後開始問答環節。

Thank you.

謝謝你。

(Operator Instructions) Our first question is from the line of Thomas Chong of Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Thomas Chong。

I have a question regarding our new initiatives.

我對我們的新舉措有疑問。

Given that Taocaicai, Taobao Deals, the results are doing very good and we are seeing Taobao Deals the AAC already surpassing 240 million, so just want to get a sense about regarding our new initiative.

鑑於淘菜，淘寶Deals，結果都很好，我們看到淘寶Deals AAC已經超過2.4億，所以只是想了解一下我們的新舉措。

When should we expect the monetization to ramp up?

我們什麼時候應該期望貨幣化增加？

And on the other hand, over the long run, how should we think about the revenue scale of these new initiatives versus our existing business.

另一方面，從長遠來看，我們應該如何考慮這些新舉措與我們現有業務的收入規模。

And then I have a second question regarding connectivity.

然後我有第二個關於連通性的問題。

Given that it has been quite a while after we have been cooperating with our peers on connectivity, just want to get a sense about any latest progress or the modernization potential that can be shared.

鑑於我們與同行就連接性合作已經有一段時間了，只是想了解任何最新進展或可以共享的現代化潛力。

(foreign language)

（外語）

[Interpreted] Okay.

[解釋] 好的。

Let me answer the questions one by one.

讓我一一回答問題。

For the first one, I think today, our priority for Taobao Deals and Taocaicai is still to build the right, I mean, infrastructure in terms of the manufacturers-to-consumers model in Taobao Deals as well as a hyper local community marketplace infrastructure.

對於第一個，我認為今天，我們對淘寶交易和淘菜菜的優先事項仍然是建立正確的基礎設施，我的意思是，淘寶交易中的製造商對消費者模型以及超本地社區市場基礎設施。

So I think these are our priorities.

所以我認為這些是我們的優先事項。

And in terms of user engagement, we see very, very strong user engagement in the past quarters.

在用戶參與度方面，我們看到過去幾個季度的用戶參與度非常非常高。

As you can see, the AAC for Taobao Deals reached 240 million and for Taocaicai because this is a more like additional services on Taobao mobile app and Taobao Deals, so -- which also show a very good, I mean, user conversion to the fresh produce and the food categories.

如您所見，淘寶交易的AAC達到了2.4億，而淘菜因為這更像是淘寶移動應用和淘寶交易上的附加服務，所以——這也表明了一個非常好的，我的意思是，用戶轉化為新鮮的農產品和食品類別。

So we are very confident that if we can provide value to the consumers as well as the manufacturers and the suppliers of the -- from the farmers, we believe that we can find a very -- we can generate also the value to the platforms as well.

因此，我們非常有信心，如果我們能夠為消費者以及製造商和供應商提供價值——來自農民，我們相信我們可以找到一個非常——我們也可以為平台創造價值，因為好。

Interpreted So looking ahead, I think for the value-creation model, I would say it's not only like a marketplace to monetize the traffic in the marketplace, but also we can see a strong potential in the supply chain -- as a result of the supply chain optimization for the manufacturer-to-the-consumer business as well as the farmer-to-table business.

解釋所以展望未來，我認為對於價值創造模式，我會說它不僅像一個將市場中的流量貨幣化的市場，而且我們可以看到供應鏈中的強大潛力——由於製造商到消費者業務以及農民到餐桌業務的供應鏈優化。

Interpreted Yes.

解釋是。

For your second question, connectivity, as we always said, connectivity and openness are the core value of Internet.

關於第二個問題，連通性，正如我們常說的，連通性和開放性是互聯網的核心價值。

We strongly believe that it will be a win-win situation if all platform companies can embrace openness and connectivity in substance and not in form.

我們堅信，如果所有平台公司都能在實質上而不是形式上擁抱開放和互聯互通，這將是一個雙贏的局面。

So I think for us, we will continue to promote the nondiscrimatory user sharing and consistent all across platform to make sure consumers have the consistent user experience.

所以我認為對我們來說，我們將繼續推動非歧視性的用戶共享和跨平台一致，以確保消費者擁有一致的用戶體驗。

Because today, if you are Taobao users, you can -- you may have the experience that when you want to share some product links with our friends in social platforms, the experience actually is bad.

因為今天，如果你是淘寶用戶，你可能會有這樣的體驗，當你想在社交平台上與我們的朋友分享一些產品鏈接時，體驗實際上很糟糕。

So I think this is for our mutual customers' benefit to improve the experience in the -- when they try to do whatever they want across ecosystems.

所以我認為這是為了我們共同的客戶的利益，以改善他們在整個生態系統中嘗試做任何他們想做的事情時的體驗。

And we will -- we actually have already made necessary preparations for the future interconnectivity.

我們將——我們實際上已經為未來的互聯互通做了必要的準備。

Our next question is from the line of Alex Yao of JPMorgan.

我們的下一個問題來自摩根大通的 Alex Yao。

So during your prepared remarks, you guys mentioned that the weak revenue momentum was due to both macro and competition.

因此，在您準備好的講話中，你們提到疲軟的收入勢頭是由於宏觀和競爭。

And based on the e-commerce results tonight, you guys look like underperforming the industry peers in this quarter.

根據今晚的電子商務結果，你們在本季度的表現似乎落後於行業同行。

Can you help us understand to what extent is the revenue weakness due to macro and to what extent is due to competition?

您能幫助我們了解收入疲軟在多大程度上是由於宏觀因素造成的，在多大程度上是由於競爭造成的？

For competition, what are the areas that you see the most pressure and the challenge, and what are the strategies to regain competitiveness in those areas?

對於競爭，您認為壓力和挑戰最大的領域是什麼，在這些領域重新獲得競爭力的策略是什麼？

[Interpreted] Well, if you look at the landscape, actually, today, for e-commerce -- for the definition of e-commerce actually is evolving.

[解釋] 好吧，如果你看看今天的情況，對於電子商務——因為電子商務的定義實際上正在演變。

So today, in the market, there are multi-formats of e-commerce model.

所以今天，市場上出現了多種業態的電子商務模式。

And as long as you have some traffic, you have a user with you and based on the public available third-party payment solution and the logistic and delivery, fast delivery, express deliveries, anybody can try something on e-commerce.

只要你有流量，你就有一個用戶，基於公共可用的第三方支付解決方案和物流配送，快速配送，快遞，任何人都可以在電子商務上嘗試。

So -- but we strongly believe that our -- for Taobao, our advantage is a consumer mindset and we are purely a consumption destination for all the customers.

所以——但我們堅信我們——對於淘寶來說，我們的優勢是消費者心態，我們純粹是所有客戶的消費目的地。

So we will continue to develop multi-features and applications in our Taobao app at the same time to segment our user group by different mobile apps for specific value propositions.

因此，我們將繼續在我們的淘寶應用程序中同時開發多種功能和應用程序，以根據不同的移動應用程序細分我們的用戶群，以獲得特定的價值主張。

And today, if you look at the market, I would say, for all the players, actually they are -- they may address the customers' needs from one angle.

而今天，如果你看看市場，我會說，對於所有參與者來說，實際上他們是——他們可能從一個角度解決了客戶的需求。

But actually, for Taobao, we are the only destination who can meet the customers' purpose from different -- to meet the customers' different purposes.

但實際上，對於淘寶來說，我們是唯一能滿足客戶不同目的的目的地——滿足客戶不同的目的。

For someone who have very specific shopping purposes, they can -- Taobao to them is positioned as a mobile -- as a shopping search.

對於有非常特定購物目的的人來說，他們可以——淘寶對他們來說被定位為移動設備——作為購物搜索。

And also Taobao has a lot of applications to facilitate people to enjoy the fun of discovery.

淘寶也有很多應用，方便人們享受發現的樂趣。

And over years, we've built of our live streaming business as well as the short video business and the social content business.

多年來，我們已經建立了我們的直播業務以及短視頻業務和社交內容業務。

So we are a platform with multi-formats, I mean, consumer journeys for people with different purposes.

因此，我們是一個具有多種格式的平台，我的意思是，為具有不同目的的人提供消費者旅程。

I think we will continue to invest in this and to give people most comprehensive selections and the most efficient and guaranteed consumer experiences.

我想我們會繼續在這方面投入，給人們最全面的選擇和最高效、最有保障的消費體驗。

Interpreted As to your question about the slower GMV growth reasons, how much cost from macro conditions, how much from the competition.

解釋關於您關於 GMV 增長放緩原因的問題，宏觀條件有多少成本，競爭有多少。

Actually, it's very difficult to quantify the impact, I would say, so that's why we believe that these 2 reasons are all -- I mean, are all the factors we should consider.

實際上，很難量化影響，我想說，這就是為什麼我們認為這兩個原因都是 - 我的意思是，都是我們應該考慮的因素。

Actually, because we are the market leader in the retail commerce so that's why I think our performance, to some extent, will reflect the overall market condition.

實際上，因為我們是零售商業的市場領導者，所以我認為我們的表現在一定程度上會反映整體市場狀況。

Next question is from the line of Piyush Mubayi of Goldman Sachs.

下一個問題來自高盛的 Piyush Mubayi。

Just looking ahead, your guidance seems to suggest you'll grow between 11% and 15%, 16% in the second half of 2022 and that's a step down from the pace of growth you had in the first half.

展望未來，您的指導似乎表明您將在 2022 年下半年增長 11% 至 15%，即 16%，這與上半年的增長速度相比有所下降。

If we accept that pace as being in a continuation of where we are today, so what are you seeing that gives you the conviction that this slow pace will be maintained through the second half of 2022 fiscal?

如果我們接受這種速度是我們今天的延續，那麼你看到了什麼讓你確信這種緩慢的速度將保持到 2022 財年下半年？

And I wonder if you could look beyond that and give us what you think is a normalized pace of growth for your business and for China GMV in general?

我想知道您是否可以超越這一點，向我們提供您認為您的業務和中國 GMV 總體上的正常增長速度？

So really focusing on growth here, if you don't mind.

因此，如果您不介意，請在這裡真正關注增長。

[Interpreted] Hi, Piyush, this is Maggie.

[翻譯]嗨，Piyush，我是 Maggie。

Let me try to answer your question.

讓我試著回答你的問題。

Yes, if you look at our guidance and then try to derive the second half growth for revenue, it indicates revenue growth at the teens.

是的，如果您查看我們的指導，然後嘗試得出下半年的收入增長，則表明收入增長在十幾歲。

That assumption is mainly based on the GMV growth expectation and the impact on the revenue growth is mainly placed in the core commerce and China retail commerce.

該假設主要基於GMV增長預期，對收入增長的影響主要集中在核心商業和中國零售商業。

So we do think -- if you look at the total China GDP and consumption this quarter compared to previous quarter, it comes down significantly to single digit.

所以我們確實認為——如果你看一下本季度與上一季度相比的中國 GDP 總量和消費總量，它會顯著下降到個位數。

We see this may continue for the following quarters.

我們認為這可能會持續到接下來的幾個季度。

And we, as the, in size, the biggest player right now comes for -- we have approximately CNY 8 trillion GMV versus CNY 44 trillion, CNY 45 trillion of the total national GMV.

而我們，作為目前規模最大的參與者——我們的 GMV 約為 8 萬億元人民幣，而全國 GMV 為 44 萬億元人民幣，即 45 萬億元人民幣。

So the impact will be largely on us.

因此，影響將主要在我們身上。

And if you look forward beyond this year and in the following years, how we see our revenue growth, I think, first of all, our revenue growth engine now is already beyond the China consumption beyond the CMR.

如果你展望今年和未來幾年，我們如何看待我們的收入增長，我認為，首先，我們現在的收入增長引擎已經超越了 CMR 之外的中國消費。

So CMR, if you look at this quarter, it accounts for around 36% of total revenue, where it used to be over 50% several quarters ago.

所以 CMR，如果你看一下這個季度，它佔總收入的 36% 左右，而幾個季度前它曾經超過 50%。

So this is because all of these cloud computing and international businesses, China, local service, they all start contributing and increases contribution to our total revenue.

所以這是因為所有這些雲計算和國際業務，中國，本地服務，他們都開始貢獻並增加對我們總收入的貢獻。

So this is where we talk about multi-engine growth and continue to expect to see growth in these areas.

所以這就是我們談論多引擎增長的地方，並繼續期望在這些領域看到增長。

At the same time, within core commerce, so Daniel talked about our multi-app strategy and talks about if we look in the midterm, long term, we don't believe the monetization kind of purely coming from these traffic and GMV growth, but more from the -- this infrastructure capability we're building to enable merchants.

與此同時，在核心商業領域，Daniel 談到了我們的多應用戰略，並談到如果我們著眼於中期、長期，我們不認為貨幣化純粹來自這些流量和 GMV 的增長，但是更多來自 - 我們正在構建的基礎設施能力，以支持商家。

We don't have exact monetization plan to communicate at this stage.

在這個階段，我們沒有確切的盈利計劃來溝通。

We'll share more later on.

我們稍後會分享更多。

During Investor Day, we are also going to share with you how we measure the value creation.

在投資者日期間，我們還將與您分享我們如何衡量價值創造。

And then eventually, this is always our theme that once merchants stay, consumers stay and the retention rate is here and they enjoy the service, we'll find out ways to monetize.

最終，這始終是我們的主題，一旦商家留下，消費者留下，留存率就在這裡，他們享受服務，我們就會找到變現的方法。

So if you look at the investment we are making nowadays, we -- actually this is our decision to invest and to move towards our target.

因此，如果您看看我們現在正在進行的投資，我們 - 實際上這是我們投資並朝著我們的目標邁進的決定。

First target is the user base of over 1 billion in China.

第一個目標是中國超過10億的用戶群。

I think in that aspect, we're pretty much on track.

我認為在這方面，我們幾乎走上了正軌。

And then the multi-app strategy makes the engagement of these users being enhanced.

然後多應用策略使這些用戶的參與度得到增強。

And then the merchant side, we have a lot going on in terms of merchant service provision, which we'll also share next month.

然後是商戶方面，我們在商戶服務提供方面還有很多工作要做，我們也將在下個月分享。

So the value creation and then eventually we believe the return will be there.

所以價值創造，然後最終我們相信回報會在那裡。

Our next question is from the line of Alicia Yap of Citigroup.

我們的下一個問題來自花旗集團的 Alicia Yap。

I have a question related to CMR and GMV.

我有一個關於 CMR 和 GMV 的問題。

So the slowdown of the CMR, is it more temporary and also a function of GMV?

那麼 CMR 的放緩，是不是更暫時，也是 GMV 的一個功能？

And has CMR actually experienced slower growth than GMV in the past couple of quarters, given we have been providing many services to support merchant this year, especially given it's a tough macro?

鑑於我們今年一直在提供許多服務來支持商家，尤其是考慮到宏觀形勢嚴峻，CMR 在過去幾個季度中的增長實際上是否比 GMV 慢？

So if GMV reaccelerate later, could CMR reaccelerate even faster since we have been still under-monetized and the way that we can further create value for merchants, we can still add on to the entire value chain for the merchant.

因此，如果 GMV 稍後再加速，CMR 是否可以更快地再加速，因為我們的貨幣化仍然不足以及我們可以進一步為商家創造價值的方式，我們仍然可以為商家增加整個價值鏈。

So any color that you could help us on that would be great.

所以你可以幫助我們的任何顏色都會很棒。

And also in ways of GMV could reaccelerate when the macro is recovered, is there any ways that we are preparing to help us capture when the macro recover we can actually further boost our GMV faster than the macro recovery?

並且在宏觀復甦時 GMV 可能會重新加速，我們是否準備有任何方法來幫助我們捕捉宏觀復甦時，我們實際上可以比宏觀復甦更快地進一步提高我們的 GMV？

[Interpreted] Thank you, Alicia.

[解釋] 謝謝你，艾麗西亞。

Yes, you're right.

你是對的。

The CMR growth actually, to some extent, tied to the GMV growth and the past several quarters we've seen that CMR growth is slower than the growth of GMV, which is mainly due to our merchant support program.

CMR 的增長實際上在某種程度上與 GMV 的增長有關，過去幾個季度我們看到 CMR 的增長慢於 GMV 的增長，這主要是由於我們的商家支持計劃。

So if we add back those merchant support spending, then the CMR growth is going to be -- would have been pretty much in line with the GMV growth.

因此，如果我們將這些商家支持支出加回來，那麼 CMR 的增長將會 - 與 GMV 的增長幾乎一致。

So eventually, if China consumption growth recovered and the GMV growth comes back and get accelerated, we believe that CMR growth will also be consistent with the growth of GMV.

因此，最終，如果中國消費增長恢復，GMV 增長回升並加速，我們相信 CMR 增長也將與 GMV 增長保持一致。

But in our view, when we look at the future revenue component, we believe that all of these efforts we have been making and -- not only the user base expansion, but also the services, look at the live streaming, all of these secondhand and flagship products and a lot of our supplies and also user experience building exercise will bring value to consumers.

但在我們看來，當我們看到未來的收入部分時，我們相信我們一直在做的所有這些努力——不僅是用戶群的擴張，還有服務，看看直播，所有這些都是二手的旗艦產品和我們的許多用品以及用戶體驗建設活動將為消費者帶來價值。

We should have new revenue streams coming into the total group revenue pie.

我們應該有新的收入來源進入集團總收入蛋糕。

And so these will be adding to our future revenue growth.

因此，這些將增加我們未來的收入增長。

[Interpreted] Yes.

[解釋] 是的。

Let me add a few words on the question.

讓我就這個問題補充幾句。

Actually, we always make ourselves ready for any new market opportunities.

實際上，我們總是為任何新的市場機會做好準備。

And even more, we are always trying to do something -- do anything we can to create new market opportunities.

更重要的是，我們一直在努力做一些事情——盡我們所能創造新的市場機會。

I think today, if you look at the landscape, the e-commerce actually account for like 20% to 25% of the total retail.

我認為今天，如果你看一下格局，電子商務實際上佔零售總額的 20% 到 25%。

But if you look at the penetration rate by categories, actually, it varies.

但如果你按類別看滲透率，實際上，它會有所不同。

So I think there's still a big room to -- first to digitalize the existing, I mean, total retail.

所以我認為仍有很大的空間——首先是數字化現有的，我的意思是，總零售。

But furthermore, it's to create a new demand by leveraging the power of technology to improve the efficiency of the supply and demand and also create a digitized retail formats, no matter it's online or off-line or integrated, to give people superior experiences to unlock the potential of consumption.

但更重要的是，利用科技的力量，創造新的需求，提高供需效率，創造數字化的零售業態，無論是線上還是線下，還是綜合體，給人們帶來超凡的解鎖體驗。消費潛力。

So we will always try to innovate and incubate new animals and to capture these new opportunities and even create new opportunities.

所以我們會一直努力創新和孵化新的動物，抓住這些新的機會，甚至創造新的機會。

The next question is from the line of Yang Bai of CICC.

下一個問題來自中金公司楊白的話。

Our question is -- we have 2 questions.

我們的問題是——我們有兩個問題。

Our first question is regarding to the live streaming business.

我們的第一個問題是關於直播業務。

What's our current strategy in live streaming business as we know that more traffic and GMV are concentrating to the top KOLs in Taobao.

我們目前在直播業務上的策略是什麼，因為我們知道更多的流量和 GMV 都集中在淘寶的頂級 KOL 上。

How should we think of this trend going forward?

我們應該如何看待未來的這種趨勢？

Are we going to balance the stores and the traffic between the top 2 and the long-tail KOLs?

我們是否要平衡前2名和長尾KOL之間的店鋪和流量？

Any color would be very helpful.

任何顏色都會很有幫助。

And the second question is regarding to the personal information protection law impact.

第二個問題是關於個人信息保護法的影響。

Are we seeing any significant impact to our CMR business?

我們是否看到對我們的 CMR 業務有任何重大影響？

How should this change in the future?

未來應該如何改變？

[Interpreted] For your first question, for live streaming -- actually, for our Taobao live streaming today is very, very important, I mean, applications in our mobile Taobao.

【解讀】你的第一個問題，對於直播——其實對於我們淘寶直播來說今天是非常非常重要的，我是說我們手機淘寶的應用。

And we observe that for a lot of friends and customers, they love in this live streaming format.

我們觀察到，對於很多朋友和客戶來說，他們喜歡這種實時流媒體格式。

And -- but we don't view this live streaming as an independent application, but part of the seller application to enable seller to engage with the customers through themselves, through their own stores or through the KOLs.

而且——但我們不認為這種直播是一個獨立的應用程序，而是賣家應用程序的一部分，使賣家能夠通過他們自己、他們自己的商店或通過 KOL 與客戶互動。

Interpreted Yes.

解釋是。

If you look at the ecosystem in live streaming business, actually, we do have some top players.

如果你看一下直播業務的生態系統，實際上，我們確實有一些頂級玩家。

They have -- they've got a very good popularity among their friends.

他們有——他們在他們的朋友中很受歡迎。

But at the same time, we have many KOLs second tier, third tier and many new KOLs.

但同時，我們有很多二線、三線的KOL和很多新的KOL。

And the most -- the very unique, I mean, situation in Taobao mobile app -- in Taobao live streaming is the store live streaming, which initiated by the store operator, by the sellers, even by the staff and associates in a seller.

而在淘寶直播中，最獨特的，我的意思是，淘寶移動應用程序中的情況是商店直播，由商店運營商，賣家，甚至是賣家的員工和同事發起。

So I think we provide a very dynamic, I mean, ecosystem in this Taobao live streaming.

所以我認為我們在這個淘寶直播中提供了一個非常動態的生態系統。

And as a platform operator, we don't intend to so-called balance the traffic.

而作為平台運營商，我們也不打算所謂的平衡流量。

Actually, we never do anything to balance the traffic -- or rebalance the traffic.

實際上，我們從不做任何事情來平衡流量——或重新平衡流量。

I think we should keep the market open to the customers and it's their option to select which one to follow and which ones they're in favor of.

我認為我們應該保持市場對客戶開放，他們可以選擇跟隨哪一個以及他們贊成哪一個。

And -- but for us, we always try to help and incubate more and more diversified KOLs and diversified, I mean, young stores in the sellers to become new generation stores.

而且——但對我們來說，我們總是試圖幫助和孵化越來越多的KOL和多樣化的，我的意思是，賣家中的年輕店鋪成為新一代店鋪。

Interpreted As to your second question for the newly effective PIPL, actually, we did a very necessary preparation for the law, which took effective on November 1. And based on our preliminary assessment, we don't see -- we don't expect PIPL will have a material impact on our business.

解釋 關於你對新生效的 PIPL 的第二個問題，實際上，我們為該法律做了非常必要的準備，該法律於 11 月 1 日生效。根據我們的初步評估，我們不認為 - 我們不期望PIPL 將對我們的業務產生重大影響。

But because this is still a very short time frame, we still need more time to assess.

但因為這仍然是一個非常短的時間框架，我們仍然需要更多的時間來評估。

But so far, so good.

但到目前為止，一切都很好。

Our next question is from the line of Gary Yu of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Gary Yu。

I have 2 questions.

我有 2 個問題。

First one is on some of the kind of new growth business that you highlighted at the press release, including both the international business and also the cloud computing business.

第一個是關於您在新聞稿中強調的一些新增長業務，包括國際業務和雲計算業務。

How should we look at the growth outlook in the future?

我們應該如何看待未來的增長前景？

What kind of competitiveness are we seeing in overseas market?

我們在海外市場看到了什麼樣的競爭力？

And particularly on cloud, is the kind of headwind from major customer laws are already behind, and therefore, we should continue to see acceleration in growth going forward?

尤其是在雲方面，主要客戶法律的不利因素是否已經過去，因此，我們應該繼續看到未來增長的加速嗎？

My second question is related to strategic investment.

我的第二個問題與戰略投資有關。

How should we look at the level of investment going into fiscal 2023, given we have already achieved some early success?

鑑於我們已經取得了一些早期的成功，我們應該如何看待進入 2023 財年的投資水平？

Should we expect continued step up investment in Taobao Deals and Marketplace -- Community Marketplace going into fiscal 2023.

我們是否應該期待繼續加大對淘寶交易和市場的投資——社區市場進入 2023 財年。

[Interpreted] Thank you.

[解釋] 謝謝。

For the first question, today, as we said, we are taking a multi-engine growth approach to grow our business.

對於第一個問題，今天，正如我們所說，我們正在採取多引擎增長方式來發展我們的業務。

So today, you see that both cloud and international business show a very robust growth.

所以今天，你看到雲和國際業務都顯示出非常強勁的增長。

The revenue -- the cloud this quarter resumed their growth to 33% year-on-year.

營收——雲本季度恢復同比增長33%。

And for international business -- for international wholesale and retail business as a whole reached year-on-year growth rate of 34%.

而對於國際業務——國際批發和零售業務整體同比增長達到34%。

So I think for both business, today, both of them are in early stage of development, early stage of growth.

所以我認為對於這兩個業務來說，今天，它們都處於發展的早期階段，成長的早期階段。

We're still trying to build -- do the right thing to build the right infrastructure to make sure we capture the long-term opportunities and to maintain a sustainable growth.

我們仍在努力建設——做正確的事情來建設正確的基礎設施，以確保我們抓住長期機遇並保持可持續增長。

Take example, like for cloud, today, we enhance our investment in technologies and products.

以雲為例，今天，我們加強了對技術和產品的投資。

And in our -- as I shared in my script, we announced a couple of very important technology and product upgradings in our Apsara conference this September.

在我們的 - 正如我在腳本中分享的那樣，我們在今年 9 月的飛天會議上宣布了一些非常重要的技術和產品升級。

And this is a reflection of our continuous efforts in cloud-relevant technologies and products.

這反映了我們在雲相關技術和產品方面的持續努力。

And we -- going forward, we will continue to do so.

我們 - 展望未來，我們將繼續這樣做。

And we believe that for cloud opportunities in China and in the world, it's not only a replacement of the existing IT infra.

我們相信，對於中國乃至全球的雲機會，它不僅僅是對現有 IT 基礎設施的替代。

But instead, actually, because of cloud, you get new opportunities in intelligent services.

但實際上，由於雲，您在智能服務方面獲得了新的機會。

You have got new opportunities in 5G for not only for cloud, but also for network and terminal and edge.

您在 5G 中獲得了新的機會，不僅適用於雲，還適用於網絡、終端和邊緣。

So we will get ourselves ready for all of these new opportunities.

因此，我們將為所有這些新機會做好準備。

And I think this is relevant to all the industry, all the sectors and economy and not only in China but also in many other markets in the world.

我認為這與所有行業、所有部門和經濟有關，不僅在中國，而且在世界上許多其他市場。

And as to the international business, today, we reported that our AAC for international market reached 285 million.

而在國際業務方面，今天我們報告稱，我們的國際市場AAC達到2.85億。

I think we witnessed a very healthy growth and very rapid growth.

我認為我們見證了非常健康的增長和非常快速的增長。

And if you look at the penetration of e-commerce in many other markets outside China, I think it's still in a very early stage.

如果你看看電子商務在中國以外的許多其他市場的滲透，我認為它仍處於非常早期的階段。

We strongly believe that with our perpetual technology and experiences in this sector, we are in a good position to capture this opportunity in many other markets.

我們堅信，憑藉我們在該領域的永久技術和經驗，我們能夠在許多其他市場抓住這一機會。

But as we always said, we focus on growth, but we focus on quality as well.

但正如我們常說的，我們關注增長，但我們也關注質量。

So we focus on a sustainable growth in capturing this new opportunities.

因此，我們專注於抓住這一新機遇的可持續增長。

But long term-wise, we are very confident about this multi-engine growth strategy.

但從長遠來看，我們對這種多引擎增長戰略非常有信心。

[Interpreted] Right.

[解釋] 對。

Regarding your second question on whether we will continue to invest and to what level our investment would be in the future, I think, first of all, we, for sure, will continue to invest while monitoring the business progress in these strategic initiative areas.

關於你的第二個問題，我們是否會繼續投資，未來我們的投資會達到什麼水平，我認為，首先，我們肯定會繼續投資，同時關注這些戰略舉措領域的業務進展。

So when you look at where we invest nowadays, it's user base, right, through our Taobao Deal, Taocaicai, et cetera.

所以當你看看我們現在在哪裡投資時，它是用戶群，對，通過我們的淘寶交易、淘菜菜等等。

And also the services, provide more services to our user base like local service segment we -- there's still quite a lot of potential there and also globalization, Lazada and Trendyol, et cetera.

還有服務，為我們的用戶群提供更多服務，比如我們的本地服務部門——那裡仍然有很大的潛力，還有全球化、Lazada 和 Trendyol 等。

These areas, I think will -- it's not a 1-year investment kind of period.

我認為這些領域會——這不是一個為期一年的投資期。

It's several years.

已經好幾年了。

And but there might be slight adjustment in terms of the mix of the investment.

但在投資組合方面可能會略有調整。

For example, we expect to achieve 1 billion annual active consumer in the following 2 quarters.

例如，我們預計在接下來的 2 個季度中，年活躍消費者將達到 10 億。

And then by the time we achieve that, we're going to focus more on the engagement and those multi-app user growth.

然後當我們實現這一目標時，我們將更多地關注參與度和多應用用戶增長。

So the -- you asked about '23 fiscal year investment outlook.

所以 - 你問到了 23 財年的投資前景。

I think we will start our business planning and budgeting session soon.

我想我們很快就會開始我們的業務規劃和預算會議。

So that will provide more color and guidance later on.

所以這將在以後提供更多的顏色和指導。

Hi, everyone.

大家好。

This is Rob.

這是羅布。

I just wanted to make 2 comments from our earnings call today.

我只想在今天的財報電話會議上發表 2 條評論。

First, I just want to make a slight, I guess, error change in our script.

首先，我想在我們的腳本中做一個輕微的錯誤更改。

We said 11.11 GMV was CNY 54.03 billion.

我們說 11.11 GMV 是 540.3 億元人民幣。

It was actually CNY 540.3 billion.

實際上是5403億元人民幣。

That's the first notes.

這是第一個註釋。

The second, we are having our Investor Day on December 16 and 17.

第二，我們將在 12 月 16 日至 17 日舉行投資者日。

We look forward to hosting you.

我們期待著接待您。

I'm sure there are a lot of questions you may still have.

我敢肯定，你可能還有很多問題。

And we look forward to addressing all those questions on the 2-day event.

我們期待在為期 2 天的活動中解決所有這些問題。

Thank you.

謝謝你。

And this is the end of our call today.

今天的電話到此結束。

We'll pass it back to the operator.

我們會將其傳回給操作員。

Thank you.

謝謝你。

(foreign language)

（外語）

This concludes today's conference call, and thank you for participating.

今天的電話會議到此結束，感謝您的參與。

You may now disconnect.

您現在可以斷開連接。

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

[此成績單中標記為 [已翻譯] 的部分由現場通話中的口譯員朗讀。]