阿里巴巴 (BABA) 2022 Q1 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Good day, ladies and gentlemen. Thank you for standing by. Welcome to Alibaba Group's June Quarter of 2021 Results Conference Call. (Operator Instructions)

    女士們,先生們,美好的一天。謝謝你的支持。歡迎參加阿里巴巴集團 2021 年 6 月季度業績電話會議。 (操作員說明)

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

    我想把這個電話轉給阿里巴巴集團投資者關係主管 Rob Lin。請繼續。

  • Robert Lin - IR

    Robert Lin - IR

  • Good day, everyone, and welcome to Alibaba Group's June Quarter 2021 Results Conference Call. With us today are Daniel Zhang, our Chairman and CEO; Joe Tsai, Executive Vice Chairman; and Maggie Wu, our Chief Financial Officer.

    大家好,歡迎參加阿里巴巴集團 2021 年 6 月季度業績電話會議。今天和我們在一起的是我們的董事長兼首席執行官張勇;執行副主席蔡崇信;和我們的首席財務官 Maggie Wu。

  • This call is also being webcast on the IR section of our corporate website. A replay of the call will be available on the website later today.

    此次電話會議也在我們公司網站的 IR 部分進行網絡直播。今天晚些時候將在網站上重播電話會議。

  • Now let me quickly cover the safe harbor. Today's discussion may contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that may cause actual results to differ materially from our current expectations. For detailed discussions 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 obligations to update these statements except as required under applicable law.

    現在讓我快速掩護避風港。今天的討論可能包含前瞻性陳述。前瞻性陳述涉及固有風險和不確定性,可能導致實際結果與我們當前的預期存在重大差異。有關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。我們在本次電話會議上做出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 per ADS and free cash flow, are expressed on a non-GAAP basis. Our GAAP results and reconciliations of GAAP-to-non-GAAP measures can be found in our earnings press release.

    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、非公認會計原則淨收入、非公認會計原則攤薄每股收益每 ADS 和自由現金流量均以非公認會計原則為基礎表示。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。

  • Unless otherwise stated, growth rates of all stated metrics mentioned during this call refer to year-over-year growth versus the same quarter last year.

    除非另有說明,本次電話會議中提到的所有所述指標的增長率均指與去年同期相比的同比增長率。

  • In addition, during the call, management will give their prepared remarks in English. A third-party translator will provide simultaneous translation in Chinese on another conference line. Please refer to our press release for details.

    此外,在電話會議期間,管理層將用英語發表他們準備好的講話。第三方翻譯將在另一條會議線路上提供中文同聲傳譯。詳情請參閱我們的新聞稿。

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

    問答環節,我們將採用中英雙語提問,第三方翻譯提供連續翻譯。所有翻譯僅為方便起見。如有任何差異,以管理層的原始語言聲明為準。

  • With that, I will turn the call to Daniel. Daniel?

    有了這個,我會把電話轉給丹尼爾。丹尼爾?

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • Thanks, Rob. Hello, everyone. Thank you for joining our earnings call today.

    謝謝,羅伯。大家好。感謝您今天參加我們的財報電話會議。

  • We started this fiscal year with a strong quarter. Over the past 22 years, Alibaba has grown into a company encompassing consumer Internet and industrial Internet with multiple engines driving our long-term growth.

    我們以強勁的季度開始了本財年。 22年來,阿里巴巴已經成長為一家涵蓋消費互聯網和工業互聯網的公司,多引擎驅動著我們的長期發展。

  • In consumer business, we operated the largest consumer marketplace globally with 1.18 billion annual active consumers as of June 30, 2021. During the first fiscal quarter, our annual active consumers grew from 890 million to 912 million in China and from 240 million to 265 million outside of China, representing quarterly net adds of 45 million in total.

    在消費業務方面,截至 2021 年 6 月 30 日,我們運營著全球最大的消費市場,年活躍消費者達 11.8 億。在第一財季,我們在中國的年活躍消費者從 8.9 億增長到 9.12 億,從 2.4 億增長到 2.65 億中國以外地區,每季度淨增加 4500 萬。

  • At the beginning of this fiscal year, we announced a plan to invest all of our incremental profit this year into core strategic areas such as technology innovation, support programs for merchants to lower their operating cost, user acquisition and experience enhancement, merchandising and supply chain capabilities, infrastructure development and new business initiatives. They were designed to enlarge our total addressable market, differentiate consumer and merchant value propositions from our competitors and generate greater consumer engagement and purchase frequency. Now I would like to share an update on the business progress in these strategic areas.

    在本財年初,我們宣布計劃將今年的所有增量利潤投資於核心戰略領域,如技術創新、支持商家降低運營成本的計劃、用戶獲取和體驗提升、商品銷售和供應鏈能力、基礎設施開發和新業務計劃。它們旨在擴大我們的總潛在市場,將消費者和商家的價值主張與我們的競爭對手區分開來,並提高消費者的參與度和購買頻率。現在我想分享這些戰略領域的最新業務進展。

  • For our China retail marketplaces, a key strategic area for our incremental investments is to evolve from one super app of Mobile Taobao into a multi-app product metrics. We are glad to see Taobao Deals' progress in user acquisition in less developed areas, contributing to over 10 million of our new AACs during the quarter, thanks to its value for money value proposition. Idle Fish, which is expanding from a marketplace for secondhand product trading to a consumer-to-consumer community-based marketplace for products and services, reached over 100 million MAUs during the quarter.

    對於我們的中國零售市場,我們增量投資的一個關鍵戰略領域是從移動淘寶的一個超級應用程序演變為一個多應用程序產品指標。我們很高興看到淘寶特價在欠發達地區的用戶獲取方面取得了進展,由於其物有所值的價值主張,我們在本季度為我們的新 AAC 貢獻了超過 1000 萬。 Idle Fish 正在從二手產品交易市場擴展到基於消費者對消費者社區的產品和服務市場,該季度的月活躍用戶數已超過 1 億。

  • Mobile Taobao, our flagship app for China retail marketplaces, is focusing on creating a more engaging shopping and discovery experience while satisfying the diversified consumer demand with the most comprehensive product offerings.

    移動淘寶是我們面向中國零售市場的旗艦應用程序,專注於創造更具吸引力的購物和探索體驗,同時以最全面的產品滿足多樣化的消費者需求。

  • New Retail is another strategic area for our incremental investments where we have built a multi-format business model to serve a wide range of consumer needs. Today, our consumer can enjoy 1-hour doorstep delivery of products ordered online through Freshippo and Taoxianda, or same-day or next-day delivery of groceries purchased from Tmall Supermarket, or order value-for-money products delivered next day to neighborhood pickup points. We believe such multi-format, multiservice level New Retail infrastructure built on a highly efficient digitalized supply chain and fulfillment model can best satisfy the diversified demand of different consumer segments in different regions.

    新零售是我們增量投資的另一個戰略領域,我們建立了多業態的商業模式,以滿足廣泛的消費者需求。今天,我們的消費者可以享受通過盒馬和淘鮮達在線訂購的產品1小時送貨上門,或從天貓超市購買的雜貨當日或次日送達,或訂購次日送達的超值產品到附近取貨點。我們相信,這種建立在高效數字化供應鍊和履約模式之上的多業態、多服務水平的新零售基礎設施最能滿足不同地區不同消費群體的多樣化需求。

  • Our Community Marketplaces business grew approximately 200% quarter-over-quarter in terms of GMV, while we expanded the gross floor area of our regional distribution centers at a faster rate at 260% quarter-over-quarter to provide better logistics support for business growth. We view Community Marketplaces not as an independent market segment but one of the multiple business formats in New Retail, which is meaningful to us for continuous consumer acquisition and engagement.

    我們的社區市場業務按 GMV 環比增長約 200%,同時我們以更快的速度擴大區域配送中心的總建築面積,環比增長 260%,為業務增長提供更好的物流支持.我們認為社區市場不是一個獨立的細分市場,而是新零售的多種業務形式之一,這對我們持續獲取消費者和參與是有意義的。

  • In the past few months, Chinese regulators have issued rectification requirements against Community Marketplace players selling below cost, which hurts the market integrity and community livelihood. We have paid full attention to the regulatory requirements, and we'll continue to operate with discipline. We are committed to building a sustainable digital community marketplace with improved -- with improvement of livelihoods and create incremental value for our consumers.

    在過去的幾個月裡,中國監管機構對社區市場參與者以低於成本價銷售的行為發出了整改要求,這損害了市場誠信和社區民生。我們已經充分關注監管要求,我們將繼續遵守紀律。我們致力於建立一個可持續的數字社區市場,改善生計並為我們的消費者創造增量價值。

  • In local service -- in Local Consumer Services, we completed an important organizational upgrade and formed a business matrix consisting of Ele.me, Amap and Fliggy. Ele.me and Amap will be our major consumer entry points for local services to home and to destination, respectively.

    在本地服務方面——在本地消費者服務方面,我們完成了重要的組織升級,形成了由餓了麼、高德地圖、飛豬組成的業務矩陣。餓了麼和高德將分別成為我們本地服務到家和目的地的主要消費者入口點。

  • During the quarter, Ele.me achieved strong order growth of over 50% year-over-year. We will continue to increase our investments in Ele.me, especially to grow the contribution of nonmeal categories and to further enhance our operating efficiency.

    本季度,餓了麼實現了超過50%的強勁訂單同比增長。我們將繼續加大對餓了麼的投入,特別是增加非膳食品類的貢獻,進一步提升我們的運營效率。

  • Amap, after years of investments, is evolving from a map service provider to an important entry point for consumers' discovery of local services near their destinations. Today, our consumers can find a wide range of services in Amap such as ride hailing, fuel services, hotel booking, tourist attraction ticketing and so on. During this fiscal year, we expect to attract over 100 million transacting consumers in Amap across the destination-based local service.

    經過多年的投資,高德正從地圖服務提供商發展成為消費者發現目的地附近本地服務的重要切入點。如今,我們的消費者可以在高德地圖中找到廣泛的服務,例如叫車服務、加油服務、酒店預訂、旅遊景點票務等。在本財年,我們預計將通過基於目的地的本地服務在高德地圖中吸引超過 1 億的交易消費者。

  • Fliggy, our virtual -- Fliggy, our vertical business for travel services, will focus on organizing high-quality supply of hotel rooms, transportation and tourist attraction services for consumer platforms, such as Amap and Alipay, to further expand its penetration in our more than 900 million annual active consumer base in Alibaba Ecosystem.

    飛豬,我們的虛擬——飛豬,我們的垂直旅遊服務業務,將專注於為高德地圖和支付寶等消費平台組織優質的酒店客房、交通和旅遊景點服務,以進一步擴大其在我們更多的滲透率。阿里巴巴生態系統中每年超過 9 億的活躍消費者群。

  • In our international market, we continue to see strong growth in both revenue and AAC across our consumer-facing business, achieving 265 million AAC, over CNY 10 billion revenue and a 55% year-over-year revenue growth during the quarter. Lazada recorded over 90% year-over-year order growth for the quarter and Indonesia and Vietnam achieving the highest growth of over 100% year-over-year. AliExpress continued its strong momentum in its major markets, such as Spain, France and Russia, leveraging the improved cross-border logistics solutions in partnership with Cainiao. However, as the European Union recently abolished the VAT exemption for imported goods below EUR 22 effective on July 1, 2021, we expect AliExpress' business growth in Europe will be negatively impacted starting the December quarter -- in the September quarter. Over the long run, we remain confident towards the growth prospects for our international retail markets, and we'll continue our commitment to invest in this area.

    在我們的國際市場上,我們面向消費者的業務的收入和瑞聲繼續強勁增長,本季度瑞聲達到 2.65 億,收入超過 100 億元人民幣,收入同比增長 55%。 Lazada 本季度的訂單同比增長超過 90%,印度尼西亞和越南實現了超過 100% 的同比增長。全球速賣通在西班牙、法國和俄羅斯等主要市場繼續保持強勁勢頭,利用與菜鳥合作改進的跨境物流解決方案。然而,由於歐盟最近從 2021 年 7 月 1 日起取消了對低於 22 歐元的進口商品的增值稅豁免,我們預計全球速賣通在歐洲的業務增長將從 12 月季度開始受到負面影響,也就是 9 月季度。從長遠來看,我們對國際零售市場的增長前景充滿信心,我們將繼續致力於在這一領域進行投資。

  • Cainiao, the digital logistic infrastructure operator for our consumer business, delivered another solid quarter with over RMB 10 billion revenue and a revenue growth of 50% year-over-year, which is an indicator of healthy business development across multiple segments.

    消費者業務的數字物流基礎設施運營商菜鳥又一個穩健的季度實現收入超過 100 億元人民幣,收入同比增長 50%,這是多個業務板塊健康發展的指標。

  • The consumer logistics segment, Cainiao Post, an important network of consumer-facing logistics service points, continued to process increasing volume of packages. Cainiao Post operators also are seeing new business opportunities in our Community Marketplaces business, which offers the potential to their role from logistics service providers to community group promoters.

    消費物流板塊菜鳥郵政是面向消費者的重要物流服務點網絡,包裹處理量持續增長。菜鳥郵政運營商也在我們的社區市場業務中看到了新的商機,這為他們從物流服務提供商到社區團體推廣者的角色提供了潛力。

  • In supply chain segment, Cainiao sees a major business opportunity in providing manufacturers with a highly efficient supply chain and logistics services alongside the rapid growth of Taobao Deals. In global logistics segment, Cainiao's development of cross-border export logistics network from China to our major markets in Europe significantly improved the logistic experience for our users on the e-commerce platforms, which supported further business volume growth in e-commerce and logistics in a virtuous cycle.

    在供應鍊板塊,隨著淘寶交易的快速增長,菜鳥看到了為製造商提供高效供應鍊和物流服務的重大商機。在全球物流板塊,菜鳥打造中國至歐洲主要市場的跨境出口物流網絡,顯著提升了用戶在電商平台的物流體驗,支撐了中國電商和物流業務量的進一步增長。一個良性循環。

  • Alibaba Cloud's revenue increased by 29% year-over-year during the quarter primarily driven by robust growth in revenue from customers in the Internet, financial services and retail industries. From a product perspective, solutions for storage and analytics, learning, efficiency and safety use of data were among the important growth engines for Ali Cloud and deliver higher revenue growth than the overall business, reflecting common demands by enterprise customers as cloud infrastructure replaces traditional IT infrastructure.

    阿里雲本季度收入同比增長 29%,主要受互聯網、金融服務和零售行業客戶收入強勁增長的推動。從產品上看,數據的存儲和分析、學習、效率和安全使用解決方案是阿里雲重要的增長引擎,收入增長高於整體業務,反映了企業客戶雲基礎設施取代傳統IT的共同需求基礎設施。

  • Similar to the last quarter, the slower year-on-year revenue growth of Alibaba Cloud was primarily due to revenue decline from a top cloud customer in the Internet industry which has stopped using our overseas cloud service due to local regulatory requirements. Excluding this -- excluding the revenue from this customer, Alibaba Cloud's revenue growth this quarter would be close to 40% year-over-year.

    與上一季度類似,阿里雲收入同比增長放緩主要是由於互聯網行業頂級雲客戶的收入下降,該客戶因當地監管要求已停止使用我們的海外雲服務。剔除這一點——不包括來自該客戶的收入,阿里雲本季度的收入同比增長將接近 40%。

  • As an important partner to the International Olympic Committee, Alibaba's cloud solution, in collaboration with Olympic Broadcasting Services, is supporting service delivery for writing -- for Rights Holder Broadcasters (sic) [Rights-Holding Broadcasters] for the first time during the Olympic Games Tokyo 2020, transforming how the Olympic Games are broadcasted to the world since Tokyo 1964.

    作為國際奧委會的重要合作夥伴,阿里巴巴雲解決方案與Olympic Broadcasting Services合作,首次在奧運會期間為Rights Holder Broadcasters (sic) [Rights-Holding Broadcasters] 支持寫作服務交付東京 2020,改變了自 1964 年東京奧運會以來向世界轉播奧運會的方式。

  • Other than the update on our business side this quarter, I believe our investors will be even more focused on the recent regulatory change in the China Internet industry and expected impact on Alibaba. We are in the process of studying the regulatory requirements, evaluating the potential impacts on our relevant businesses, and we will respond positively with actions. We believe all these new regulations aim to foster the healthy development of the Internet industry over the long run.

    除了本季度我們業務方面的更新外,我相信我們的投資者將更加關注中國互聯網行業最近的監管變化以及對阿里巴巴的預期影響。我們正在研究監管要求,評估對我們相關業務的潛在影響,我們將以行動積極回應。我們相信,所有這些新法規旨在促進互聯網行業的長期健康發展。

  • In the context of China's economic growth and livelihood improvement, this is consistent with Alibaba's long-term mission and vision to serve SMEs with digital technology, to serve the underprivileged groups and to serve our consumers' demand for a better life. We continue to stay optimistic about the long-term potential of China's economy and the long-term growth prospects of Alibaba. We will fulfill our responsibilities as a platform in accordance with the regulatory requirements and continue to carry out our commitment to be a good company that creates long-term value for the society in China and globally.

    在中國經濟增長和民生改善的背景下,這與阿里巴巴以數字技術服務中小企業、服務弱勢群體、服務消費者美好生活需求的長期使命和願景是一致的。我們繼續看好中國經濟的長期潛力和阿里巴巴的長期增長前景。我們將按照監管要求履行平台責任,繼續踐行我們的承諾,做一家為中國乃至全球社會創造長期價值的優秀企業。

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

    謝謝你們。現在我將把它交給 Maggie,她將向您詳細介紹我們的財務業績。

  • Wei Wu - CFO, Head of Strategic Investments & Director

    Wei Wu - CFO, Head of Strategic Investments & Director

  • Thank you, Daniel. Hello, everyone. Let me start with the financial highlights for the June quarter.

    謝謝你,丹尼爾。大家好。讓我從六月季度的財務亮點開始。

  • We delivered a strong revenue growth of 34% year-on-year to RMB 206 billion during this quarter, which was mainly driven by robust growth of our China commerce retail business, Cainiao logistics and international commerce businesses.

    本季度,我們實現了 34% 的強勁收入增長,達到 2,060 億元人民幣,這主要得益於我們的中國商業零售業務、菜鳥物流和國際商務業務的強勁增長。

  • Total adjusted EBITA was CNY 42 billion, a decrease of 8% year-over-year. Our main China retail marketplace businesses continued to generate solid profitability, but, as discussed last quarter, we're investing our excess profits in key strategic areas and have increased spending in specific programs designed to support our merchants. For businesses other than commerce, we saw improving profitability of our cloud computing segment and narrowing losses for our DME segment.

    調整後 EBITA 總額為 420 億元人民幣,同比下降 8%。我們的主要中國零售市場業務繼續產生穩健的盈利能力,但正如上個季度所討論的,我們將超額利潤投資於關鍵戰略領域,並增加了旨在支持我們商家的特定計劃的支出。對於商業以外的業務,我們看到雲計算部門的盈利能力提高,DME 部門的虧損收窄。

  • For June quarter, net income was RMB 42.8 billion or USD 6.6 billion. Non-GAAP net income was RMB 43.4 billion or USD 6.7 billion, up 10% year-over-year.

    6 月當季淨利潤為 428 億元人民幣或 66 億美元。非美國通用會計準則淨利潤為人民幣 434 億元或 67 億美元,同比增長 10%。

  • Alibaba has evolved into a multi-engine company with businesses across different runways, and our revenue continues to be more and more diversified. During the quarter, customer management revenue contributed 39% of overall revenue while it used to be a much higher percentage of total revenue in the past years. We now have many more revenue streams from a diversified base of businesses that are also fast growing. Businesses such as Cainiao and international retail commerce grew 50% or more and were important drivers of our organic revenue growth.

    阿里巴巴已經發展成為一家多引擎公司,業務跨越不同的跑道,我們的收入也越來越多元化。在本季度,客戶管理收入佔總收入的 39%,而過去幾年在總收入中的比例要高得多。我們現在擁有來自多元化業務基礎的更多收入來源,這些業務基礎也在快速增長。菜鳥和國際零售商業等業務增長 50% 或以上,是我們有機收入增長的重要推動力。

  • Talk about the investment in key strategic areas. Within our commerce segment, we're investing in a number of key strategic areas to strengthen consumer experience, enhance loyalty, penetrate into less-developed areas in China and further expand our presence internationally.

    談重點戰略領域的投資。在我們的商業領域,我們正在投資多個關鍵戰略領域,以加強消費者體驗、提高忠誠度、滲透到中國欠發達地區並進一步擴大我們的國際影響力。

  • Now let's look at the financial impacts of these investments during the quarter. First, Idle Fish and Taobao Live have achieved a robust user growth as we increased our investment in these growth businesses. We have also increased our spending on specific programs throughout the quarter to support our merchants' operations in our China retail marketplaces. Service fees for several software tools designated to improve their marketing and business analytics capabilities were waived. Merchants logistics costs relating to customer returns were also significantly reduced. Combined impact of these investments resulted in a 6% growth to RMB 60 billion in commerce adjusted EBITA before key strategic investments.

    現在讓我們看看這些投資在本季度的財務影響。首先,閒魚和淘寶直播的用戶增長強勁,我們加大了對這些增長業務的投資。我們還在整個季度增加了在特定項目上的支出,以支持我們的商家在中國零售市場的運營。用於提高營銷和業務分析能力的幾個軟件工具的服務費被免除。與客戶退貨相關的商戶物流成本也顯著降低。這些投資的綜合影響導致在關鍵戰略投資之前的商業調整 EBITA 增長 6% 至 600 億元人民幣。

  • Commerce adjusted EBITA decreased to RMB 45.6 billion. The decrease reflected stepped up investment in key strategic areas with combined losses increasing RMB 8.7 billion year-over-year to RMB 13.9 billion for the quarter. The primary areas of incremental investments were in Community Marketplace, Taobao Deals, Local Consumer Services and Lazada and other investment businesses. All of these businesses illustrated robust growth with key operating performances, as you can see in the slide -- right-hand side of the slide. Daniel just now also talked about the -- all of these growth metrics.

    商務調整後EBITA下降至人民幣456億元。下降反映了加大對重點戰略領域的投資,本季度綜合虧損同比增加人民幣87億元至人民幣139億元。增量投資的主要領域是社區市場、淘寶優惠、本地消費服務和Lazada等投資業務。正如您在幻燈片中所見——幻燈片右側,所有這些業務都顯示了強勁的增長和關鍵的運營業績。丹尼爾剛才還談到了所有這些增長指標。

  • As discussed on our call last quarter, we're committed to investing our excess profits into strategic areas within commerce as they address new consumption demand, and we'll continue to expand our addressable market in China. We believe these businesses have the potential to be the long-term revenue growth drivers that continue to catalyze our multi-growth engine in the future.

    正如我們上個季度的電話會議所討論的那樣,我們致力於將我們的超額利潤投資於商業戰略領域,因為它們可以滿足新的消費需求,我們將繼續擴大我們在中國的潛在市場。我們相信這些業務有潛力成為長期的收入增長動力,在未來繼續催化我們的多增長引擎。

  • Now let's look at our overall cost trends for the quarter. Excluding SBC as a percentage of revenue, cost of revenue ratio increased in June quarter due to higher proportion of our direct sales businesses from the consolidation of Sun Art, which resulted in increased costs of inventory mainly. Our cost of revenue excluding Sun Art and other EP -- 1P business was relatively stable compared to the same period last year. These direct sales businesses will continue to strengthen our New Retail initiatives, especially in the development of our product sourcing capabilities.

    現在讓我們看看本季度的整體成本趨勢。剔除 SBC 佔收入的百分比後,由於合併高鑫的直銷業務比例較高,導致 6 月季度收入成本比增加,這主要導致庫存成本增加。剔除高鑫藝和其他EP——1P業務的收入成本與去年同期相比相對穩定。這些直銷業務將繼續加強我們的新零售計劃,尤其是在產品採購能力的發展方面。

  • Sales and marketing ratio also increased which was primarily due to an increase in marketing and promotional spending for key strategic areas and growth initiatives. Also, these areas are focusing on new user acquisition and engagement enhancement in our marketplace.

    銷售和營銷比率也有所增加,這主要是由於關鍵戰略領域和增長計劃的營銷和促銷支出增加。此外,這些領域還專注於我們市場中的新用戶獲取和參與度增強。

  • G&A expense ratio remained stable at 3% during the quarter.

    G&A 費用率在本季度保持穩定在 3%。

  • So the revenue and EBITA by segment -- this slide provides you with an overall summary of our segment revenue and profitability for June quarter.

    因此,按細分市場劃分的收入和 EBITA——這張幻燈片為您提供了 6 月季度我們細分市場收入和盈利能力的總體摘要。

  • Next, let me speak about our important segments. So let's take a closer look at the revenue and profitability of our business segment -- commerce segment first. CMR grew 14% year-over-year to RMB 81 billion. This growth was primly due to the growth of online physical goods GMV, our China retail marketplace. The growth also reflected the increase in revenue from new monetization formats such as recommendation fees, et cetera.

    接下來,讓我談談我們的重要部分。因此,讓我們仔細看看我們業務部門的收入和盈利能力——首先是商業部門。 CMR 同比增長 14% 至 810 億元人民幣。這一增長主要是由於我們的中國零售市場在線實物商品 GMV 的增長。這一增長還反映了來自推薦費等新貨幣化形式的收入增加。

  • China retail others revenue grew 82% year-over-year to CNY 55 billion due to consolidation of Sun Art and strong growth from our direct sales businesses, including Tmall Supermarket and Hema.

    由於高鑫零售的整合以及天貓超市和盒馬等直銷業務的強勁增長,中國零售其他收入同比增長 82% 至 550 億元人民幣。

  • Commerce adjusted EBITA decreased by 11% primarily due to the investment we talked about just now.

    商業調整後的 EBITA 下降了 11%,主要是由於我們剛才談到的投資。

  • Alibaba Cloud. The cloud revenue grew 29% year-over-year to RMB 16 billion. Similar to last quarter, the slower quarterly revenue growth is primarily due to the revenue decline from the top customer in the Internet industry that has terminated their relationship with respect to their international business due to nonproduct-related requirements. Going forward, we believe that our cloud computing revenues will be further diversified across customers and industries.

    阿里雲。雲收入同比增長 29% 至 160 億元人民幣。與上一季度類似,季度收入增長放緩主要是由於互聯網行業最大客戶的收入下降,該客戶因非產品相關要求而終止了與國際業務的關係。展望未來,我們相信我們的雲計算收入將在客戶和行業中進一步多元化。

  • Starting this quarter, we reclassified the results of DingTalk business to cloud computing segment. Because DingTalk remains in the investment phase, the reclassification of DingTalk financials resulted in lower of -- cloud computing profitability and did not materially add to revenue during the quarter. After incorporating DingTalk, Ali Cloud still generated adjusted EBITDA of CNY 340 million.

    從本季度開始,我們將釘釘業務的業績重新歸類為雲計算業務。由於釘釘仍處於投資階段,釘釘財務的重新分類導致雲計算盈利能力下降,並且在本季度沒有實質性增加收入。合併釘釘後,阿里雲仍產生調整後EBITDA 3.4億元。

  • Next, our DME. DME revenue during the quarter was CNY 8 billion, reflecting an increase of 15% year-on-year. The increase was primarily due to the increase in revenues from Youku and Ali Pictures. Adjusted EBITA losses continued to narrow to RMB 0.4 billion during the quarter. This is primarily due to improved quality of content that resulted in reduced losses in Youku and Ali Pictures.

    接下來,我們的 DME。本季度二甲醚收入為80億元人民幣,同比增長15%。增長主要是由於優酷和阿里影業的收入增加。本季度調整後的 EBITA 虧損繼續收窄至人民幣 4 億元。這主要是由於內容質量的提高導致優酷和阿里影業的虧損減少。

  • Now let's review some of the line items for selected financial metrics. Interest and investment income was CNY 14 billion in the quarter. Decrease was partly due to lower net gains arising from the fair value changes of our investments. The above-mentioned gains were excluded from our non-GAAP net income.

    現在讓我們回顧一下選定財務指標的一些行項目。本季度利息和投資收入為140億元人民幣。減少的部分原因是我們投資的公允價值變動產生的淨收益減少。上述收益不包括在我們的非公認會計原則淨收入中。

  • Share of results of equity method investees was CNY 6 billion in June quarter. The year-over-year increase was mainly due to the increase in share of profit of our equity investment company, including Ant and 2 other companies.

    6 月季度,權益法被投資方的業績份額為 60 億元人民幣。同比增長主要是由於我們的股權投資公司的利潤份額增加,包括螞蟻和其他2家公司。

  • So that's the selected financial metrics notes.

    這就是選定的財務指標說明。

  • And for the quarter, net income attributable to ordinary shareholders was CNY 45 billion or USD 7 billion. Non-GAAP net income was USD 7 billion, an increase of 13% (sic) [10%] during -- mainly due to an increase in share of profit of equity method investees.

    本季度,歸屬於普通股股東的淨利潤為人民幣 450 億元或 70 億美元。 Non-GAAP 淨收入為 70 億美元,期間增長 13%(原文如此)[10%]——主要是由於權益法被投資方的利潤份額增加。

  • We continue to have a strong net cash position. As of June 30, cash and short-term investments were RMB 471 billion, which is approximately USD 73 billion. Free cash flow was RMB 21 billion. The decline of approximately RMB 16 billion year-over-year was driven mainly by, first, partial settlement in the amount of CNY 9 billion of a CNY 18.2 billion Anti-monopoly Fine, which is the payment of the penalty; and increased spending in key strategic areas and growth initiatives.

    我們繼續擁有強勁的淨現金頭寸。截至6月30日,現金及短期投資4710億元人民幣,約合730億美元。自由現金流為人民幣210億元。同比減少約 160 億元,主要是由於支付了 182 億元的反壟斷罰款,即部分支付了 90 億元的罰款;增加關鍵戰略領域和增長計劃的支出。

  • Now to conclude my prepared remarks, I'd like to talk about 3 things. Number one, our guidance for the fiscal year remains unchanged. Number two, our investments in new strategic growth areas remain on target, and all the businesses we have invested are showing rapid growth. In the coming quarters, we'll continue to invest additional capital into programs that support our merchants and developing new businesses in strategic growth areas that will help us increase consumer wallet share and penetrate into new addressable markets. Our strong profit and cash flow generation capability gives us the internal resources to focus on long-term value creation. Number three, we are increasing our share repurchase program from USD 10 billion to USD 15 billion. This is the largest share repurchase program in the company's history because we are confident of our long-term growth prospects. Since April 1 until now, we have repurchased approximately 18 million of our ADS for about USD 3.7 billion.

    現在結束我準備好的發言,我想談三件事。第一,我們對本財年的指導保持不變。第二,我們在新的戰略增長領域的投資保持在目標上,我們投資的所有業務都呈現出快速增長的態勢。在接下來的幾個季度,我們將繼續向支持我們的商家的計劃和在戰略增長領域開發新業務的計劃投入額外資金,這將幫助我們增加消費者錢包份額並打入新的潛在市場。我們強大的利潤和現金流產生能力為我們提供了專注於長期價值創造的內部資源。第三,我們將股票回購計劃從 100 億美元增加到 150 億美元。這是公司歷史上最大的股票回購計劃,因為我們對我們的長期增長前景充滿信心。自 4 月 1 日至今,我們以約 37 億美元的價格回購了約 1800 萬股美國存託憑證。

  • Now let's open up for Q&A. Thank you.

    現在讓我們開始問答。謝謝你。

  • Robert Lin - IR

    Robert Lin - IR

  • Hi, everyone. For today's call, you are welcome to ask questions in Chinese or English. A third-party translator will provide consecutive interpretation for the Q&A session. 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. (foreign language).

    大家好。今天的電話,歡迎您用中文或英文提問。問答環節將由第三方翻譯提供交替傳譯。我們的管理層將以您提出的語言解決您的問題。請注意,翻譯僅為方便起見。如有任何差異,以我們的管理聲明原文為準。 (外語)。

  • So now, operator, please connect speaker in SI conference line now, and then we'll start the Q&A. Thank you.

    那麼現在,接線員,請現在將揚聲器連接到 SI 會議線,然後我們將開始問答。謝謝你。

  • Operator

    Operator

  • (Operator Instructions) First question comes from the line of Thomas Chong of Jefferies.

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

  • Thomas Chong - Equity Analyst

    Thomas Chong - Equity Analyst

  • [Interpreted] My first question has to do with the multi-app strategy that you presented in your prepared remarks just now. In particular, we note that Taobao Deals is developing very well with robust growth in the user base. I'm wondering if you could tell us, please, what KPIs you have set and are looking at in terms of the ongoing development of Taobao Deals in terms of the kind of user base you intend to reach and your monetization strategy.

    [翻譯]我的第一個問題是關於你剛才在準備好的發言中提出的多應用策略。特別是,我們注意到淘寶特價發展非常好,用戶群增長強勁。我想知道您能否告訴我們,就您打算接觸的用戶群類型和您的獲利策略而言,就淘寶交易的持續發展而言,您設置並正在考慮哪些 KPI。

  • Secondly, I'd like to ask about the recent media reports that we've all been reading about, increased connectivity that is expected to be realized in the Internet industry. I'm wondering how management views these reports, these ideas of opening up more connectivity and cooperation across different platform companies in terms of traffic, in terms of collaboration with the other portals.

    其次,我想問一下最近我們都在閱讀的媒體報導,互聯網行業有望實現的連接性增強。我想知道管理層如何看待這些報告,這些想法是在流量方面,在與其他門戶網站的協作方面,在不同平台公司之間開闢更多的連接和合作。

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • [Interpreted] Thank you. Well, on your first question regarding the multi-app strategy, as I said in my earlier remarks, with the development of Taobao Deals, we are working on building a more complete app matrix to better serve the different needs of different consumers. We already have a very large consumer base with over 900 million AACs, and they all have different preferences. In fact, the same user could well have different preferences and different needs when interacting in different contexts for different use cases. So it's very important to us to be able to cater to all of those different kinds of needs and demands with an appropriate product metrics.

    [解釋] 謝謝。那麼,關於多應用策略的第一個問題,正如我之前的發言所說,隨著淘寶Deal的發展,我們正在努力構建一個更完整的應用矩陣,以更好地服務於不同消費者的不同需求。我們已經擁有一個非常龐大的消費者群,擁有超過 9 億個 AAC,而且他們都有不同的偏好。事實上,同一用戶在針對不同用例在不同上下文中進行交互時,很可能有不同的偏好和不同的需求。因此,能夠通過適當的產品指標滿足所有這些不同類型的需求和要求對我們來說非常重要。

  • Taobao Deals has a very clear value proposition, namely offering users the best value for money, and it's precisely that extremely clear positioning and value proposition that has allowed Taobao Deals to grow so well.

    淘寶有一個非常明確的價值主張,就是為用戶提供最好的性價比,而正是這種極其明確的定位和價值主張,才讓淘寶有這麼好的發展。

  • An important goal of Taobao Deals is to help us grow the user base, adding incremental new users, especially from the less developed regions of China, and also to cater to the special demands of certain consumers when they're looking for value for money. So Taobao deals is all about growing the user base, growing the business and catering to these different kinds of demands.

    Taobao Deals 的一個重要目標是幫助我們擴大用戶群,增加增量新用戶,尤其是來自中國欠發達地區的用戶,同時滿足某些消費者在尋找物有所值時的特殊需求。所以淘寶交易就是要擴大用戶群,發展業務並滿足這些不同類型的需求。

  • And we're particularly pleased to note that the development of Taobao Deals has already resulted in incremental growth of our user base in China, our AAC number in China, by 10 million.

    我們特別高興地註意到,淘寶特賣的發展已經導致我們在中國的用戶群、我們在中國的 AAC 數量增加了 1000 萬。

  • Of course, while leveraging Taobao Deals to satisfy these kinds of demands, we're also hard at work building a highly efficient supply chain direct from manufacturer or producer, including industrial manufacturing bases, agricultural production bases, direct-to-consumer logistics and supply chain.

    當然,在利用淘寶Deal來滿足這些需求的同時,我們也在努力構建從製造商或生產商直接到生產商的高效供應鏈,包括工業製造基地、農業生產基地、直接面向消費者的物流供應鏈。鏈。

  • Second, let me address the question about connectivity. We're aware that there have been media reports in this connection, and this will be a question of interest, I'm sure, to many investors.

    其次,讓我談談關於連通性的問題。我們知道有媒體對此進行了報導,我敢肯定,這將是許多投資者感興趣的問題。

  • Our view on connectivity has been consistent and extremely clear. We believe that connectivity is a core value of the Internet, and we also believe that openness is a fundamental and should be a fundamental characteristic of the digital economy. When you can achieve circulation of users of information, of data not only within but across and among different platforms, that certainly will be conducive to realizing greater social value to a greater extent than the smaller circulation that can only be achieved within the same platform. So we do see cross-platform openness and connectivity as a positive trend that could unlock greater dividends in the Internet era.

    我們對連通性的看法是一致且非常明確的。我們認為互聯互通是互聯網的核心價值,我們也認為開放是基礎,應該是數字經濟的根本特徵。當你能夠實現信息、數據的用戶不僅在平台內部而且在不同平台之間的流通,那肯定會比只能在同一個平台內實現的小規模流通,在更大程度上有利於實現更大的社會價值。因此,我們確實將跨平台開放和連接視為一種積極趨勢,可以在互聯網時代釋放更大的紅利。

  • We note that this issue of connectivity and openness is also a concern to our merchants and consumers. For merchants and in particular for SMEs, it would certainly reduce their traffic acquisition costs and help improve their operating efficiency and make it more convenient for them to do business at lower cost. Similarly for consumers, it would enable a better user experience across platforms for shopping, for payment, for accessing different services and bring a greater level of convenience to them as well. So for all of the key stakeholders on Internet platforms, we see this as a positive.

    我們注意到,這個連通性和開放性問題也是我們的商家和消費者關心的問題。對商家,尤其是中小企業來說,肯定會降低他們的流量獲取成本,有利於提高他們的運營效率,讓他們以更低的成本更方便地做生意。同樣,對於消費者而言,它將為購物、支付、訪問不同服務的平台提供更好的用戶體驗,並為他們帶來更大程度的便利。因此,對於互聯網平台上的所有主要利益相關者來說,我們認為這是積極的。

  • We also take note of the launch by MIIT of a regulatory review and rectification project on Internet companies with a particular focus on practices like the discriminatory blocking of links to other platforms or blocking of services offered by other companies. We will attach great importance to this review and rectification project and, of course, ensure our compliance with all regulatory requirements. And to borrow a popular thing lately, we will work to find a common ground and move forward together.

    我們還注意到工信部啟動了對互聯網公司的監管審查和整改項目,特別關注歧視性屏蔽與其他平台的鏈接或屏蔽其他公司提供的服務等做法。我們將高度重視這個審查和整改項目,當然,我們會確保我們遵守所有監管要求。而藉用最近流行的東西,我們將努力尋找共同點,共同前進。

  • Operator

    Operator

  • Our next question is from the line of Eddie Leung of Bank of America Merrill Lynch.

    我們的下一個問題來自美銀美林的 Eddie Leung。

  • Eddie Leung - MD in Equity Research and Analyst

    Eddie Leung - MD in Equity Research and Analyst

  • Just 2 quick questions about regulation. The first one is we have seen some regulatory focus on data in general. So how might that affect our compliance and IT infrastructure costs?

    只需 2 個關於監管的快速問題。第一個是我們已經看到監管機構普遍關注數據。那麼這會如何影響我們的合規性和 IT 基礎設施成本呢?

  • And then secondly, in the past few months, we have also seen media reporting regulators seems to be looking at the use of heavy subsidies in the industry, including some [vertical] pieces. So how might that affect our investment strategy and user acquisition tactics in some of these new initiatives? (foreign language)

    其次,在過去的幾個月裡,我們還看到媒體報導監管機構似乎正在考慮在該行業使用大量補貼,包括一些 [垂直] 部分。那麼,這將如何影響我們在其中一些新舉措中的投資策略和用戶獲取策略呢? (外語)

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • Okay. Let me answer these 2 questions. First, about data. Well, I think actually, in recent months, the Chinese regulators issued the data -- or I think in June, they issued the Data Security Law. And in recent months, they also have issued a guidance and also to -- waiting for comments about the data security review.

    好的。讓我來回答這兩個問題。首先,關於數據。好吧,我認為實際上,最近幾個月,中國監管機構發布了數據——或者我認為是在 6 月份,他們發布了《數據安全法》。最近幾個月,他們還發布了指南,並等待關於數據安全審查的評論。

  • We believe this is very, very important. And we believe these laws and legislations will safeguard the long-term development of digital economy, because as digitalization is an inevitable trend and data is becoming -- is a case of -- it's a common understanding that data is a core asset for a company, for people and even for a country. So to -- adopting these legislations relating to data security is very important.

    我們認為這是非常非常重要的。我們相信這些法律和立法將保障數字經濟的長期發展,因為數字化是必然趨勢,數據正在成為——是一個案例——人們普遍認為,數據是企業的核心資產,對於人民,甚至對於一個國家。因此,通過這些與數據安全相關的立法非常重要。

  • And China is not the only country doing this. Actually, when you look at what happened in U.S. and Europe, regulation on critical information infrastructure, personal data protection, so on and so forth, has been already being implemented.

    而中國並不是唯一這樣做的國家。實際上,當你看美國和歐洲發生的事情時,對關鍵信息基礎設施、個人數據保護等方面的監管已經開始實施。

  • So for Alibaba, digitization is our -- is core to our business. Data security is always the core tenet tenant (sic) [tenet] of our business. And we -- as always, we pay highest attention to this topic. And right now, we are carrying out a self-compliance checks on the latest regulatory requirement. And we strongly believe that to further strengthen the data protection will enhance the long-term health, development of the digital economy. (foreign language)

    所以對於阿里巴巴來說,數字化是我們的——是我們業務的核心。數據安全始終是我們業務的核心宗旨租戶(原文如此)[宗旨]。我們 - 一如既往,我們最關注這個話題。現在,我們正在對最新的監管要求進行自我合規檢查。我們堅信,進一步加強數據保護將促進數字經濟的長期健康發展。 (外語)

  • Now for the second question, about the subsidies and the way of acquisition of new customers, I think -- generally speaking, I think we are very happy to see the recent, I mean, actions and guidance from the regulators for an orderly market. We -- as always, we believe that subsidies cannot create the long-term value of the business, cannot create the long-term value of the customers. So if you look at the Alibaba history, actually we never grow our business on subsidy -- based on subsidies. (foreign language)

    現在關於第二個問題,關於補貼和獲取新客戶的方式,我認為 - 總的來說,我認為我們很高興看到監管機構最近為有序市場採取的行動和指導。我們——一如既往,我們認為補貼不能創造企業的長期價值,不能創造客戶的長期價值。所以如果你看看阿里巴巴的歷史,實際上我們從來沒有通過補貼來發展我們的業務——基於補貼。 (外語)

  • We strongly believe that the key thing is still the value creation for the long term. And so that's why we -- in this year, when we plan our incremental investment, we always believe -- focus on the value creation. And we strongly -- we think that for other companies who continue as loss making but still try to, I mean, enlarge their scale by subsidies, I think at the end of the day, they have to let the market see the real results of how to make profit. (foreign language)

    我們堅信,關鍵仍然是長期的價值創造。這就是為什麼我們 - 在今年計劃我們的增量投資時,我們始終相信 - 專注於價值創造。我們強烈 - 我們認為對於其他繼續虧損但仍試圖通過補貼擴大規模的公司,我認為最終他們必須讓市場看到真正的結果如何盈利。 (外語)

  • Operator

    Operator

  • 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。

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

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

  • [Interpreted] A couple of questions, if I may. First of all, I'd like to ask about the KPIs you are applying and will be applying to evaluate the success of these incremental investments. We see very clearly in the financial results that you've released the spending side of the equation and where these investments have gone. But could you tell us a little bit more, please, about the ROI on those investments, how you'll be tracking that? What are the KPIs you'll be looking at internally? Will it be user growth or other KPIs perhaps?

    [解釋] 幾個問題,如果可以的話。首先,我想問一下您正在應用的 KPI,並將應用這些 KPI 來評估這些增量投資的成功。我們在財務結果中非常清楚地看到,您已經發布了等式的支出方面以及這些投資的去向。但是,請您告訴我們更多關於這些投資的投資回報率的信息,您將如何跟踪它?您將在內部查看哪些 KPI?可能是用戶增長還是其他 KPI?

  • And then my second question, by way of follow-up on the earlier question about data, I'm wondering how these new regulatory requirements and developments will perhaps affect Alibaba's ability going forward to make use of data, to collect data, process data, utilize data, especially for monetized services like advertising. If you could speak about that in a bit more detail.

    然後我的第二個問題,作為之前關於數據的問題的後續,我想知道這些新的監管要求和發展可能會如何影響阿里巴巴未來利用數據、收集數據、處理數據的能力,利用數據,尤其是廣告等貨幣化服務。如果你能更詳細地談談這個問題。

  • Wei Wu - CFO, Head of Strategic Investments & Director

    Wei Wu - CFO, Head of Strategic Investments & Director

  • [Interpreted] Thank you. Well, if you refer to the PowerPoint that I prepared to go along with my earlier prepared remarks, you will see that we outlined all of these incremental investments that we're making in terms of the different areas they're going to. So as you say, where the expenditure is being channeled is very clear.

    [解釋] 謝謝。好吧,如果您參考我準備的 PowerPoint 以及我之前準備的評論,您會看到我們概述了我們在不同領域進行的所有這些增量投資。正如你所說,支出的流向是非常清楚的。

  • We have our Community Marketplace business Taobao Deals, local services (sic) [Local Consumer Services]. In the international business, Lazada, New Retail and, to a lesser extent, also Cainiao. And then on the right-hand side of that very same slide, we give data to show how that spending is paying off. And you'll see that in all of those different areas, progress is being made and things are going very well. Yet, in terms of GMV in the Community Marketplace business in the first quarter, up by 200%; or be it in the GFA, RDC area, we increased by 260%. So that's an upfront investment in capacity that will pay off down the road with higher orders and higher GMV.

    我們有我們的社區市場業務淘寶特賣、本地服務(原文如此)[本地消費者服務]。在國際業務方面,Lazada、新零售以及在較小程度上還有菜鳥。然後在同一張幻燈片的右側,我們提供數據來顯示支出是如何得到回報的。你會看到,在所有這些不同的領域,都在取得進展,事情進展順利。然而,第一季度社區市場業務的 GMV 增長了 200%;或者是在建築面積、區域配送中心領域,我們增加了 260%。因此,這是對產能的前期投資,將在未來以更高的訂單和更高的 GMV 獲得回報。

  • We also showed there that Idle Fish has grown to an MAU user base now of over 100 million. In Taobao Deals, the AAC user base has exceeded now 190 million. Ele.me orders, up by 150%. So in the different business areas, I think different metrics should be looked at to understand the return on investment.

    我們還在那裡展示了 Idle Fish 的 MAU 用戶群現已超過 1 億。在淘寶特賣中,AAC 用戶群現已超過 1.9 億。餓了麼訂單,增長了 150%。所以在不同的業務領域,我認為應該考慮不同的指標來了解投資回報率。

  • Certainly, in the consumer business, number of users is a very important metric to keep tracking. As Daniel shared earlier, our total AAC number in China and overseas, taken all together, has now reached 1.18 billion with the domestic user base in China, the AAC number now having reached 912 million. So the overall China plus global user base has grown by 45 million.

    當然,在消費者業務中,用戶數量是一個非常重要的跟踪指標。正如Daniel之前分享的,我們在中國和海外的AAC總數現在已經達到了11.8億,中國國內的用戶群已經達到了9.12億。因此,整個中國加上全球用戶群增長了 4500 萬。

  • Also, as Daniel has previously stated, we have a goal in the foreseeable future, within, say, 3 quarters, to grow our domestic user base in China to 1 billion or more. Now you may say it's not a very big stretch to get from 900-plus million to 1 billion, but that's actually a huge difference. If you think of that user base interacting with all of these different businesses, be it Local Consumer Services, be it Idle Fish, be it Taobao and so on, we're talking about growing that user base further but also significantly enhancing stickiness so that those users avail themselves of all of those different businesses.

    此外,正如 Daniel 之前所說,我們的目標是在可預見的未來,例如 3 個季度內,將我們在中國的國內用戶群增加到 10 億或更多。現在你可能會說,從 900 多萬到 10 億,這並不是一個很大的延伸,但這實際上是一個巨大的差異。如果您認為用戶群與所有這些不同的業務交互,無論是本地消費者服務、閒魚、淘寶等,我們正在談論進一步擴大用戶群,同時顯著增強粘性,以便這些用戶利用所有這些不同的業務。

  • So then just to finish the answer, internally we will evaluate the success of these investments in different ways in different businesses but primarily in 3 dimensions, the first of which I was just speaking about, the user base growth but also applications and experience.

    因此,為了完成答案,在內部,我們將以不同的方式在不同的業務中評估這些投資的成功,但主要是在 3 個維度上,我剛剛談到的第一個維度,用戶群增長以及應用程序和體驗。

  • So when it comes to user base, something very important to understand that differentiates us from the other platforms and makes those numbers even more meaningful is that these users are using different apps and different services within the Alibaba Ecosystem, and we'll continue to grow their usage across those different apps. Secondly, when it comes to applications, we're tracking, of course, order growth and GMV growth, and we'll continue to report to you on that. And then the third dimension is user experience, and that would include improvement in supply as well as in fulfillment.

    因此,當談到用戶群時,我們與其他平台的區別並使這些數字更有意義的一點是,這些用戶在阿里巴巴生態系統中使用不同的應用程序和不同的服務,我們將繼續增長他們在這些不同應用程序中的使用情況。其次,在應用方面,我們當然會跟踪訂單增長和 GMV 增長,我們將繼續向您報告。然後第三個維度是用戶體驗,這將包括供應和履行方面的改進。

  • And going forward, we'll certainly be sharing with you more specific KPIs in that context. For example, in our Community Marketplace business, our on-time delivery rate, which is already very high. But going forward, we will be reporting to you in more detail on KPIs in each of those 3 dimensions.

    展望未來,我們肯定會在這種情況下與您分享更具體的 KPI。例如,在我們的社區市場業務中,我們的準時交付率已經非常高了。但接下來,我們將更詳細地向您報告這 3 個維度的 KPI。

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • [Interpreted] Thank you. This is Daniel. To answer the second question regarding data, Alibaba has always held itself to the highest standards and the strictest of requirements when it comes to collecting data and utilizing data. We've always done that consistently, and we'll continue to do that as new legislation and new policy requirements are developed. We will ensure strict and full compliance with the requirements of the law as well as with the implementation guidance that is further developed. It is our commitment to deliver robustly on our commitment to data security and data protection.

    [解釋] 謝謝。這是丹尼爾。回答第二個關於數據的問題,阿里巴巴在收集數據和利用數據方面一直堅持最高標準和最嚴格的要求。我們一直這樣做,隨著新立法和新政策要求的製定,我們將繼續這樣做。我們將確保嚴格和全面遵守法律要求以及進一步製定的實施指南。我們承諾堅定地兌現我們對數據安全和數據保護的承諾。

  • Your question also touched on the potential impact of new laws and policy requirements around data collection and utilization in terms of revenue growth, business growth. I would simply underscore that Alibaba has never looked at data utilization or algorithm utilization as a single stand-alone KPI or a single factor that we rely on in growing the business.

    您的問題還涉及圍繞數據收集和利用的新法律和政策要求對收入增長、業務增長的潛在影響。我只想強調,阿里巴巴從未將數據利用率或算法利用率視為一個獨立的 KPI 或我們在業務增長中所依賴的單一因素。

  • And to give a specific example to illustrate what I mean by that, in our consumer advertising business, we have never sought to leverage data or algorithms to achieve the maximization of monetization in the consumer advertising space. We think it's much less important to maximize click-through rates compared to the paramount importance of providing a top-quality user experience, a high level of user satisfaction. So we've always approached the utilization of data with the intention of growing value for the community, for the users and society.

    並舉一個具體的例子來說明我的意思,在我們的消費者廣告業務中,我們從未試圖利用數據或算法來實現消費者廣告領域的貨幣化最大化。我們認為,與提供一流的用戶體驗和高水平的用戶滿意度相比,最大限度地提高點擊率並不重要。因此,我們一直致力於數據的利用,旨在為社區、用戶和社會增加價值。

  • Therefore, we see the enactment of data security legislation and efforts to ensure data protection and the stricter use of data as positive in terms of being able to foster value for society in the long term and to allow good companies like Alibaba to grow and create more value for their customers and themselves.

    因此,我們認為製定數據安全立法和努力確保數據保護和更嚴格地使用數據對於能夠長期為社會創造價值並讓像阿里巴巴這樣的優秀公司成長和創造更多為他們的客戶和他們自己創造價值。

  • Robert Lin - IR

    Robert Lin - IR

  • Thank you. Just a minor correction on the English translation before. I think we meant to say Ele.me food deliveries order growth is 50%, not 150%.

    謝謝你。只是對之前的英文翻譯稍作修正。我想我們的意思是說餓了麼外賣訂單增長是 50%,而不是 150%。

  • Operator

    Operator

  • Our next question is from the line of Piyush Mubayi of Goldman Sachs.

    我們的下一個問題來自高盛的 Piyush Mubayi。

  • Piyush Mubayi - MD

    Piyush Mubayi - MD

  • I have 2 questions. The first is on the cloud growth rate, which is down to 29% from 37%. Can you just take us through what happened in the quarter to -- that resulted in that step-down in growth rate? When We have seen the impact of the customer moving out in the previous quarter, so how much of it was that customer? And also, if you could just shed some light on what the core growth rate for the cloud business in China is, that would be helpful.

    我有 2 個問題。首先是雲增長率,從 37% 下降到 29%。您能否帶我們回顧一下本季度發生的事情 - 導致增長率下降?當我們看到上一季度客戶搬出的影響時,那位客戶有多少?此外,如果您能對中國雲業務的核心增長率有所了解,那將很有幫助。

  • And the second is in looking at CMR, could you just give us a feel for how the CMR is trending versus the core GMV for your business? And any color around how GMV projections would look like through the -- potentially the next quarter? And I ask that because through the quarter or through the past quarter also, we had -- even based on NBS data, we had a sluggish May but a remarkably better June. And I presume that a lot of the improvement in June was fostered by you. And if that pace of growth is a function of how you're fostering growth, I wonder how the rest of the year looks. (foreign language)

    第二個是看 CMR,您能否讓我們了解一下 CMR 與您業務的核心 GMV 相比的趨勢?以及關於 GMV 預測在下個季度可能會是什麼樣子的任何顏色?我問這個問題是因為在整個季度或過去一個季度,我們 - 即使根據國家統計局的數據,我們的 5 月表現低迷,但 6 月表現明顯好轉。而且我認為 6 月份的很多改進都是由你促成的。如果這種增長速度取決於你如何促進增長,我想知道今年剩下的時間會如何。 (外語)

  • Wei Wu - CFO, Head of Strategic Investments & Director

    Wei Wu - CFO, Head of Strategic Investments & Director

  • Thank you, Piyush, for your questions. Let me answer the 2 and then maybe Daniel will supplement.

    謝謝你,Piyush,你的問題。讓我回答 2,然後丹尼爾可能會補充。

  • So for cost/revenue, we talk about the top -- this one single top cloud customer's impact on our revenue. So without this impact, our core revenue would have been showing close to 40% year-on-year growth. And we do see strong growth in many industries within our core business like Internet, finance and retail sector, et cetera.

    因此,對於成本/收入,我們談論的是頂級——這一單一頂級雲客戶對我們收入的影響。因此,如果沒有這種影響,我們的核心收入將顯示出接近 40% 的同比增長。我們確實看到我們核心業務中許多行業的強勁增長,如互聯網、金融和零售行業等。

  • Talk about this one customer impact. We expect this impact to continue for the remainder of fiscal year and until the full exit of this customer's international revenue. So looking forward, as you've seen, they are -- many changes and also new rules and regulations comes out. There might be impact on other customers. For example, like online education customers. However, overall, we still believe the addressable market for China cloud service is still huge, and we just kept focusing on all of these solutions, products and technology upgrades to ensure the customer experience and to grow the business. So that's for the cloud. There will be some near-term bumps and continued impact from that top customer.

    談談這對客戶的影響。我們預計這種影響將持續到本財年的剩餘時間,直到該客戶的國際收入完全退出。所以展望未來,正如你所看到的,它們是——許多變化以及新的規則和法規出現了。可能會對其他客戶產生影響。例如,像在線教育客戶。但是,總體而言,我們仍然認為中國雲服務的潛在市場仍然巨大,我們只是繼續專注於所有這些解決方案、產品和技術升級,以確保客戶體驗並發展業務。這就是雲。該頂級客戶將在短期內出現一些顛簸和持續影響。

  • One more thing to add to the cloud revenue is about a concentration risk you might have in mind. So if we take out that 1 customer, our top 10 external customers' revenue contribution to our total revenue is just single digit. So we're pretty diversified in the cloud revenue.

    增加雲收入的另一件事是您可能想到的集中風險。因此,如果我們去掉那 1 個客戶,我們的前 10 個外部客戶對我們總收入的貢獻只是個位數。因此,我們在雲收入方面非常多樣化。

  • So question 2, about CMR growth. The CMR growth is -- has this linear relationship with the GMV growth. So we see the -- that relationship is still there. One thing I want to highlight is that CMR as a percentage of total revenue right now is 39%. So we do have a lot of new revenue streams coming in, and I think [it grows] the revenue pie.

    所以問題 2,關於 CMR 的增長。 CMR 增長與 GMV 增長呈線性關係。所以我們看到 - 這種關係仍然存在。我想強調的一件事是,目前 CMR 佔總收入的百分比為 39%。所以我們確實有很多新的收入來源進入,我認為[它會增長]收入蛋糕。

  • Going forward, GMV growth, I think with the -- the total national GMV growth, you can tell from the NBS data, we are quite representative to the total pie. If you look at our over CNY 8 trillion total GMV as a percentage of total China consumption, it's becoming very important and essential. So it can't be very different from the whole national online GMV growth.

    展望未來,GMV 的增長,我認為隨著全國 GMV 的總增長,你可以從國家統計局的數據中看出,我們對總餡餅很有代表性。如果你看一下我們超過 8 萬億元的 GMV 佔中國總消費的百分比,它就變得非常重要和必不可少。所以它與整個全國在線 GMV 的增長並沒有太大的不同。

  • Daniel, you want to supplement? Oh, sorry.

    大牛,你要補充嗎?哦對不起。

  • (foreign language)

    (外語)

  • One thing to add before I give it to Daniel is that the future revenue stream, I think whatever we're investing nowadays, including all of these new strategic business areas, including all these infrastructure like supply chain capability and fulfillment capability construction, they aim to -- all of these aim to provide value -- additional value to our customers. Once we get the scale of the -- development of the business and the customers keep coming to use our services, there will be opportunity for us to monetize the value provided. So this is going to be new revenue resources to our overall group revenue. Thank you. (foreign language)

    在我給丹尼爾之前要補充的一件事是,未來的收入來源,我認為無論我們現在投資什麼,包括所有這些新的戰略業務領域,包括所有這些基礎設施,如供應鏈能力和履行能力建設,他們的目標都是為——所有這些都旨在為我們的客戶提供價值——附加價值。一旦我們獲得業務發展的規模並且客戶不斷使用我們的服務,我們就有機會將所提供的價值貨幣化。因此,這將成為我們整體集團收入的新收入資源。謝謝你。 (外語)

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • Yes. Just to add a few words on the cloud business. I think the most important thing is to look at the cloud business is about the total addressable market in the long term. And I think all the people will -- can recognize that today, it's just at the beginning stage. And just Maggie shared with you the -- in terms -- shared with you our business situation from a customer portfolio perspective. Now I just want to add a few words on the -- on it from a product perspective.

    是的。只是在雲業務上添加幾句話。我認為最重要的是從長遠來看,雲業務是關於整個潛在市場的。而且我認為所有人都會-- 可以認識到今天,這只是處於開始階段。剛剛 Maggie 從客戶組合的角度與您分享了我們的業務狀況。現在我只想從產品的角度就它添加幾句話。

  • I think today, for many enterprise customers, how to run an efficient, I mean, infrastructure is a -- basically, it's an entry point, I mean, services they need when they decided to move to cloud. And over time, we are happy to see that they get used to -- when they move to the cloud, they will have a higher demand in terms of how to collect and especially the computing and the usage of the data. So that's why they have a high demand on the -- not only on the data storage but also on the data analytics, on the database and even data security-relevant services.

    我認為今天,對於許多企業客戶來說,如何運行高效的,我的意思是,基礎設施是一個 - 基本上,它是一個入口點,我的意思是,當他們決定遷移到雲時,他們需要的服務。隨著時間的推移,我們很高興看到他們習慣了——當他們遷移到雲端時,他們將對如何收集,尤其是數據的計算和使用提出更高的要求。這就是為什麼他們對數據存儲以及數據分析、數據庫甚至與數據安全相關的服務都有很高的要求。

  • So actually, this is exactly what I said in my remarks, that in this particular quarter, we see a very -- if you look at the growth rate by product, by services, actually the services for data usage, data storage and data analytics, data securities, actually their growth is higher than the average. So I think it's more like we have this entry point services as ours. And then going forward, we try to upsell and cross-sell many more services to our enterprise clients when they are in the process of digital transformation. (foreign language)

    所以實際上,這正是我在講話中所說的,在這個特定的季度,我們看到了一個非常 - 如果你按產品、服務、實際上是數據使用、數據存儲和數據分析的服務來查看增長率,數據證券,實際上它們的增長高於平均水平。所以我認為這更像是我們擁有這個入口點服務。然後展望未來,當我們的企業客戶處於數字化轉型過程中時,我們會嘗試向他們追加銷售和交叉銷售更多服務。 (外語)

  • Operator

    Operator

  • Next question is from the line of Jerry Liu of UBS.

    下一個問題來自瑞銀的 Jerry Liu。

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

    Yuan Liu - Co Head of HK and China Internet Research

  • [Interpreted] I have a question also on investment, which we have been discussing, but I'd like to know if you could tell us a bit more about the investments you're making in the marketplace-based core and also, in particular, in Taobao Live streaming.

    [解釋] 我也有一個關於投資的問題,我們一直在討論這個問題,但我想知道你是否可以告訴我們更多關於你在基於市場的核心中所做的投資,特別是,在淘寶直播中。

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • [Interpreted] Thank you. Well, I'll take that question. I think it's a very simple answer.

    [解釋] 謝謝。好吧,我會回答這個問題。我認為這是一個非常簡單的答案。

  • When you ask about the marketplace-based core and the EBITA there and how we should look at that, we're investing, as we've said, in new businesses. So when we used to talk about marketplace-based core, it was Taobao and Tmall. But now we're working hard on building all of these different businesses, each with its own unique and compelling value proposition and collectively forming a matrix of marketplace-based core businesses. So that requires that we take a different perspective in evaluating marketplace-based core profit.

    當您詢問基於市場的核心和那裡的 EBITA 以及我們應該如何看待它時,正如我們所說,我們正在投資新業務。所以當我們過去談論基於市場的核心時,就是淘寶和天貓。但現在我們正在努力建立所有這些不同的業務,每一個都有自己獨特而引人注目的價值主張,並共同形成一個基於市場的核心業務矩陣。因此,這要求我們在評估基於市場的核心利潤時採取不同的觀點。

  • In terms of live streaming, we see that not merely as a new approach to selling goods online. Rather, we see it as an integral part of a merchant's overall approach to digital operation.

    在直播方面,我們認為這不僅僅是一種在線銷售商品的新方法。相反,我們將其視為商家數字化運營整體方法的一個組成部分。

  • So one of the key things that Alibaba brings to merchants and that distinguishes Alibaba is our ability to provide multi-dimensional, multi-use case, multi-value services 365 degrees across an entire ecosystem, creating value for merchants, and live streaming is just one part of that.

    所以阿里巴巴帶給商家的,也是阿里巴巴與眾不同的關鍵之一,就是我們能夠在整個生態系統中365度提供多維度、多用例、多價值的服務,為商家創造價值,直播只是其中的一部分。

  • And what merchants really want and need is the ability to conduct life cycle management of their customers, the ability to track and measure a range of KPIs around their customers, the revenue, profitability and not just the ability to track the success of 1 or 2 live streaming sessions. That's just one part of the process, but the bigger picture is the customer life cycle.

    商家真正想要和需要的是對客戶進行生命週期管理的能力,跟踪和衡量圍繞客戶、收入、盈利能力的一系列 KPI 的能力,而不僅僅是跟踪 1 或 2 成功的能力直播會話。這只是流程的一部分,但更大的圖景是客戶生命週期。

  • So going forward, we will continue to develop this comprehensive digital ecosystem and a comprehensive suite of services to support and enable merchants. And when merchants are supported and enabled in this way, of course that is how consumers will be able to experience the best possible online experience.

    因此,展望未來,我們將繼續開發這個全面的數字生態系統和一整套服務,以支持和支持商家。當商家以這種方式得到支持和啟用時,消費者當然將能夠體驗到最佳的在線體驗。

  • Robert Lin - IR

    Robert Lin - IR

  • Okay. I believe that's all our time for today. I thank everyone for joining today. And if you have any questions, follow-ups, please do contact me and the IR team. Thank you very much.

    好的。我相信這就是我們今天的全部時間。我感謝大家今天的加入。如果您有任何問題和跟進,請聯繫我和 IR 團隊。非常感謝你。

  • Wei Wu - CFO, Head of Strategic Investments & Director

    Wei Wu - CFO, Head of Strategic Investments & Director

  • Thank you.

    謝謝你。

  • Operator

    Operator

  • Thank you. Thank you. Yes. This concludes today's conference call. Thank you for participating. You may now disconnect.

    謝謝你。謝謝你。是的。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。

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

    [此成績單中標記為 [已翻譯] 的部分由現場通話中的口譯員朗讀。]