阿里巴巴 (BABA) 2021 Q3 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 December Quarter 2020 Results Conference Call.

歡迎參加阿里巴巴集團 2020 年 12 月季度業績電話會議。

(Operator Instructions)

（操作員說明）

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

我現在想把這個電話轉給阿里巴巴集團投資者關係主管 Rob Lin。

Please go ahead.

請繼續。

Thank you.

謝謝你。

Good day, everyone, and welcome to Alibaba Group's December Quarter 2020 Results Conference Call.

大家好，歡迎參加阿里巴巴集團 2020 年 12 月季度業績電話會議。

With us are Daniel Zhang, Chairman and CEO; Joe Tsai, Executive Vice Chairman; Maggie Wu, CFO.

與我們同行的是董事長兼首席執行官張勇；執行副主席蔡崇信；首席財務官吳美琪。

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

此次電話會議也在我們公司網站的 IR 部分進行了網絡直播。

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 cover the safe harbor.

現在讓我快速掩護避風港。

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 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 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公佈的最新年度報告表格 20-F 和其他文件。

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 under applicable law.

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, marketplace-based core commerce adjusted EBITA, 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、基於市場的核心商業調整後 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 reconciliations of GAAP to non-GAAP measures can be found in 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 noted, growth rate 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，否則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 today's call, management will give their prepared remarks in English, a third-party translator will provide simultaneous Chinese translation on another conference line.

此外，在今天的電話會議中，管理層將用英語發表他們準備好的講話，第三方翻譯將在另一條會議線路上提供中文同聲傳譯。

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 discrepancy, management's statement in the original language will prevail.

如有任何差異，以管理層以原文發表的聲明為準。

With that, I will now turn over to Daniel.

有了這個，我現在將交給丹尼爾。

Thanks, Rob.

謝謝，羅伯。

Hello, everyone.

大家好。

Thank you for joining our earnings call today.

感謝您今天參加我們的財報電話會議。

Alibaba Group delivered another strong quarter.

阿里巴巴集團又一個強勁的季度。

Our revenue increased 37% year-over-year to reach RMB 221 billion, while adjusted EBITDA increased 21% year-over-year to reach RMB 61.3 billion.

我們的收入同比增長 37% 達到人民幣 2210 億元，而調整後的 EBITDA 同比增長 21% 達到人民幣 613 億元。

Annual active consumers and GMV of our China retail marketplaces continue to enjoy healthy growth with Taobao Deals suppressing 100 million mobile MAUs for the first time.

我們中國零售市場的年度活躍消費者和 GMV 繼續保持健康增長，淘寶交易首次抑制了 1 億移動 MAU。

We celebrated another milestone with Alibaba Cloud, which achieved its first profitable quarter with positive adjusted EBITDA.

我們與阿里雲一起慶祝了另一個里程碑，它實現了第一個盈利季度，調整後的 EBITDA 為正。

These business trends are all quite encouraging and are supported by a China economy that has recovered rapidly from the pandemic.

這些商業趨勢都非常令人鼓舞，並得到了從大流行中迅速復甦的中國經濟的支持。

Maggie will provide more details on our operating and financial performance in a few minutes.

Maggie 將在幾分鐘內提供有關我們運營和財務業績的更多詳細信息。

I would like to address another subject that everyone is equally focused on, which is the potential impact of China's changing regulatory environment on Internet platform companies.

我想談另一個大家同樣關注的話題，那就是中國監管環境的變化對互聯網平台公司的潛在影響。

I will share the latest updates on this topic.

我將分享有關此主題的最新更新。

This past quarter, Alibaba experienced the suspicion of Ant Group's IPO due to change in the fintech regulatory environment as well as the initiation of an antimonopoly investigation by regulators in China.

上個季度，由於金融科技監管環境的變化以及中國監管機構啟動反壟斷調查，阿里巴巴經歷了螞蟻集團IPO的疑慮。

On December 24, 2020, Alibaba Group received a notice of an investigation from the State Administration for Market Regulation, or SAMR, that it has commenced an investigation pursuant to the PRC Antimonopoly Law.

2020 年 12 月 24 日，阿里巴巴集團收到國家市場監督管理總局 (SAMR) 的立案調查通知，稱其已根據《中華人民共和國反壟斷法》立案調查。

The investigation is ongoing, and we are fully cooperating with the SAMR.

調查正在進行中，我們正全力配合市場監管總局。

We have established a special task force with leaders from our relevant business units to conduct internal reviews.

我們成立了一個專門的工作組，由我們相關業務部門的領導組成，進行內部審查。

We will continue to actively communicate with the SAMR on compliance with regulatory requirements.

我們將繼續積極與市場監管總局就監管合規情況進行溝通。

We will further update the market when the investigation is concluded.

調查結束後，我們將進一步更新市場。

We approach this antimonopoly investigation with a cooperative, receptive and open mindset.

我們以合作、接受和開放的心態處理這項反壟斷調查。

As a China retail marketplace connecting hundreds of millions of consumers and millions of merchants in transactions valued in trillions of RMB, we have a deep appreciation of the significant social and public responsibilities of operating our platform.

作為一個連接數億消費者和數百萬商戶的中國零售市場，交易金額達數万億人民幣，我們深知運營我們平台所承擔的重大社會和公共責任。

Beyond complying with regulatory requirements, we will continue to do our best to fulfill our responsibilities to society and continue to causes, such as consumer protection, digitalization of retail and industrial upgrading.

除了遵守監管要求，我們將繼續盡最大努力履行對社會的責任，並繼續為消費者保護、零售數字化和產業升級等事業做出貢獻。

Regarding Ant Group, as you know, in early November, Ant Group announced the suspension of its proposed dual listing and initial public offering on the Shanghai Stock Exchange STAR board and the Hong Kong Stock Exchange.

關於螞蟻集團，如您所知，11月初，螞蟻集團宣布暫停擬在上海證券交易所科創板和香港聯交所雙重上市和首次公開募股。

Due to recent significant change in the fintech regulatory environment in China, Ant Group is in the process of developing its ratification plan, which will need to go through the relevant regulatory procedures.

由於近期中國金融科技監管環境發生重大變化，螞蟻集團正在製定審批計劃，該計劃需要辦理相關監管程序。

Therefore, Ant Group's business prospects and IPO plans are subject to substantial uncertainties.

因此，螞蟻集團的業務前景和上市計劃存在很大的不確定性。

Currently, we are unable to make a complete and fair assessment of the impact that these changes and uncertainties will have on Alibaba Group.

目前，我們無法對這些變化和不確定性對阿里巴巴集團的影響做出完整、公正的評估。

We will update the market when -- once Ant Group has completed the relevant regulatory procedures for its ratification plan.

我們將在螞蟻集團完成其批准計劃的相關監管程序後更新市場。

We received questions regarding whether any potential reduction in available consumer credit where Ant Group offerings, such as Huabei, would impact consumer spending on our China retail marketplaces.

我們收到了有關螞蟻集團產品（例如花唄）的可用消費信貸的任何潛在減少是否會影響我們中國零售市場的消費者支出的問題。

I want to highlight that the availability of credit is not a major reason that motivates consumers to shop on our China retail marketplaces.

我想強調的是，信貸的可用性並不是促使消費者在我們的中國零售市場購物的主要原因。

They are attracted by our comprehensive and high-quality product and service offerings, our competitive pricing and our ability to satisfy and stimulate consumption needs.

他們被我們全面優質的產品和服務、有競爭力的價格以及滿足和刺激消費需求的能力所吸引。

Payments using Huabei on our China retail marketplaces only represent a very small percentage of total credit granted under Huabei, and the vast majority of our consumers have linked their payment accounts to multiple funding sources, including credit cards.

在我們的中國零售市場上使用花唄進行的支付僅佔花唄授予的總信用額度的很小一部分，我們的絕大多數消費者都將他們的支付賬戶與包括信用卡在內的多種資金來源相關聯。

And Huabei is only one of the funding channels.

而華北只是融資渠道之一。

Although the changing regulatory landscape applicable to fintech and Internet platform companies present near-term challenge to Alibaba, we regard this as important opportunities for reassessing and improving our business practices.

儘管適用於金融科技和互聯網平台公司的不斷變化的監管環境給阿里巴巴帶來了近期的挑戰，但我們認為這是重新評估和改進我們的業務實踐的重要機會。

In this highly competitive market environment, we will further challenge ourselves to constantly deliver and enhance value creation for customers through innovation.

在這個競爭激烈的市場環境中，我們將進一步挑戰自我，通過創新不斷為客戶提供和提升價值創造。

In multiple areas, such as China commerce retail, local services, cloud computing and international commerce, we see challenges and fierce competition, but also tremendous potential.

在中國商業零售、本地服務、雲計算和國際商務等多個領域，我們看到了挑戰和激烈的競爭，但也看到了巨大的潛力。

Looking forward, we will be even more committed to investing in these core areas, investing for innovation, for value creation and for long-term growth.

展望未來，我們將更加致力於投資這些核心領域，投資於創新、價值創造和長期增長。

Here, I will elaborate a little bit more on our thinking in 4 core areas.

在這裡，我將詳細闡述我們在 4 個核心領域的思考。

First, in China retail marketplaces, we will continue our user acquisition efforts, especially in less developed areas.

首先，在中國零售市場，我們將繼續我們的用戶獲取努力，尤其是在欠發達地區。

We will build on Taobao Deals 100 million mobile MAU base and further invest in expansion of the user base and the product supplies targeting less developed area -- markets.

我們將在淘寶淘寶1億移動月活躍用戶基礎的基礎上，進一步投資擴大用戶群和針對欠發達地區市場的產品供應。

In addition, in the community group purchase space, we are developing a unique model based on consumer value proposition as opposed to subsidization to ensure good consumer experience and a business sustainability.

此外，在社區團購領域，我們正在開發一種基於消費者價值主張而非補貼的獨特模式，以確保良好的消費者體驗和業務可持續性。

Second, our local service flagship, Ele.me, will continue to strengthen its partnership with Alipay to expand location-based on-demand delivery services to additional categories beyond the meals, such as groceries and pharmaceuticals.

其次，我們的本地服務旗艦餓了麼將繼續加強與支付寶的合作夥伴關係，將基於位置的按需交付服務擴展到餐飲以外的其他類別，例如雜貨和藥品。

On-demand deliveries of non-meal categories are growing rapidly on Ele.me, which shows significant market potential.

餓了麼非餐類按需配送增長迅速，市場潛力巨大。

The current regulatory trend towards more healthy competition will benefit all market participants as consumers and merchants look for diversified supply.

隨著消費者和商家尋求多元化供應，當前朝著更健康競爭的監管趨勢將使所有市場參與者受益。

We will leverage this opportunity to continue investing to strengthen our local service business.

我們將利用這個機會繼續投資以加強我們的本地服務業務。

Third, in cloud computing, we are pleased to have delivered our first quarter of positive adjusted EBITDA.

第三，在雲計算方面，我們很高興第一季度實現了正調整 EBITDA。

This is the result of years of investment in pursuit of long-term value creation.

這是多年投資追求長期價值創造的結果。

Alibaba Cloud continues to grow at a rapid rate with 50% revenue growth year-over-year in December quarter, reflecting the massive potential of China's cloud computing market.

阿里雲繼續保持高速增長，12 月當季收入同比增長 50%，反映出中國雲計算市場的巨大潛力。

We believe the market is still at an early stage as data intelligence applications and the demand for computing power will become universal across all industry sectors.

我們認為市場仍處於早期階段，因為數據智能應用和對計算能力的需求將在所有行業領域變得普遍。

We will leverage Alibaba's unique advantage in technology and data intelligence applications while continuing to invest for growth.

我們將利用阿里巴巴在技術和數據智能應用方面的獨特優勢，同時繼續投資增長。

Finally, for globalization, Southeast Asia, which is a core market for our international commerce business, is witnessing Lazada's rapid growth in both user base and transaction volume.

最後，在全球化方面，作為我們國際商務業務的核心市場的東南亞，正見證著 Lazada 用戶群和交易量的快速增長。

We have spent several years upgrading Lazada's technology infrastructure, business model and operating efficiency.

我們花了幾年時間升級 Lazada 的技術基礎設施、商業模式和運營效率。

We believe we are now well positioned to capitalize on the Southeast Asia market, which is experiencing accelerated growth through further investment into long-term opportunity with the goal of increasing our market share and users' mind share.

我們相信我們現在已經做好充分準備利用東南亞市場，該市場正在通過進一步投資於長期機會來加速增長，目標是增加我們的市場份額和用戶的心智份額。

As China is fully evolving into a digital economy, Alibaba continues to be the best position in this historical transformation with our digital infrastructure in commerce, financial services, logistics and cloud computing that we have been building over the last 20 years.

隨著中國全面發展為數字經濟，阿里巴巴憑藉我們在過去 20 年中建立的商業、金融服務、物流和雲計算方面的數字基礎設施，繼續成為這一歷史轉型中的最佳位置。

We continue to be confident about our 3 growth engines of domestic consumption, cutting-edge technology and globalization as these drivers are also consistent with China's policy direction in its economic development.

我們繼續對國內消費、前沿科技和全球化三大增長引擎充滿信心，因為這些驅動因素也符合中國經濟發展的政策方向。

Thank you all.

謝謝你們。

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。

Thank you, everyone, for joining us today.

謝謝大家，今天加入我們。

Let me start with financial highlights for the quarter.

讓我從本季度的財務亮點開始。

Our annual active consumer in our China retail marketplace reached 779 million, and mobile MAUs reached 902 million.

我們在中國零售市場的年度活躍消費者達到 7.79 億，移動 MAU 達到 9.02 億。

So both have shown net adds of over 20 million in the quarter's time.

因此，兩者都在本季度的時間內淨增加了超過 2000 萬。

Our total revenue was RMB 221 billion, up 37% year-on-year.

總收入2210億元，同比增長37%。

Starting from this quarter, we consolidated Sun Art, which is a newly acquired company.

從本季度開始，我們合併了新收購的公司高鑫藝術。

And if we take out the impact of Sun Art consolidation, the revenue growth will still show a strong growth of 27% year-on-year.

而如果剔除高鑫零售的影響，營收增速仍將呈現同比27%的強勁增長。

Okay.

好的。

So this strong revenue growth, mainly coming from the strong growth of our core commerce business as well as the strong revenue growth of our cloud computing business.

所以這種強勁的收入增長，主要來自我們核心商業業務的強勁增長以及我們雲計算業務的強勁收入增長。

Our adjusted EBITDA was RMB 68 billion, up 22% year-on-year, and adjusted EBITDA was RMB 61 billion, up 21% year-on-year, primarily driven by healthy profit growth of our core commerce segment.

我們調整後的 EBITDA 為人民幣 680 億元，同比增長 22%，調整後的 EBITDA 為人民幣 610 億元，同比增長 21%，主要受核心商務板塊利潤健康增長的推動。

If taking out Sun Art, the adjusted EBITDA growth would have been 21% year-over-year.

如果剔除高鑫，調整後的 EBITDA 同比增長將達到 21%。

Our cloud computing business continued to deliver solid revenue growth of 50%.

我們的雲計算業務繼續實現 50% 的穩健收入增長。

And we're very pleased that the adjusted EBITDA for AliCloud turned positive for the first time.

我們很高興阿里雲調整後的 EBITDA 首次轉正。

We continue to maintain a strong cash position of USD 70 billion.

我們繼續保持 700 億美元的強勁現金頭寸。

Our non-GAAP free cash flow grew 23% year-over-year to RMB 96 billion during this quarter.

本季度，我們的非公認會計原則自由現金流同比增長 23% 至人民幣 960 億元。

Let's look at our cost trends for the quarter.

讓我們看看本季度的成本趨勢。

Excluding SBC, total costs and expenses as a percentage of revenue increased by 3 percentage points, mostly due to our investment in strategic important areas, which I'll talk about in detail later.

剔除SBC，總成本和費用佔收入的百分比增加了3個百分點，主要是由於我們在戰略重要領域的投資，我將在後面詳細討論。

Now let's look at our long-term investment approach and how it drives behind our multi-engine growth driver.

現在讓我們看看我們的長期投資方法以及它如何推動我們的多引擎增長動力。

So this multi-engine growth driver actually is very unique for Alibaba if you compare to our peer companies.

因此，如果您與我們的同行公司相比，這種多引擎增長動力對於阿里巴巴來說實際上是非常獨特的。

We're the only one has so many -- all the building blocks for the core commerce, including all of these infrastructures.

我們是唯一一個擁有這麼多核心商業的所有構建塊，包括所有這些基礎設施。

So our ecosystem has developed many growth businesses because of our focus on innovation and our steadfast approach of investing in our businesses for long term.

因此，我們的生態系統發展了許多成長型業務，因為我們專注於創新以及我們對業務進行長期投資的堅定方法。

Over the years, our businesses have become more diversified and more integrated as we provide more value-added service to merchants and businesses.

多年來，隨著我們為商戶和企業提供更多增值服務，我們的業務更加多元化和一體化。

The value we add is reflected not only in our original Taobao and Tmall business, but also in new retail, Cainiao, international commerce, local consumer service and cloud computing.

我們增加的價值不僅體現在我們原有的淘寶和天貓業務，還體現在新零售、菜鳥、國際電商、本地消費服務和雲計算。

We categorized these businesses into 3 development phases of seed, traction and profitability as highlighted during the Investor Day back in September last year.

正如去年 9 月投資者日期間強調的那樣，我們將這些業務分為種子、牽引力和盈利能力三個發展階段。

So for instance, businesses such as Alibaba Cloud has graduated to profitability stage after over 10 years of investment.

比如阿里雲這樣的企業，經過10多年的投資，已經進入了盈利階段。

Several developing business within core commerce, such as Cainiao, have graduated into traction stage as they expand their addressable markets and gain scale of economy.

菜鳥等核心商業中的一些發展中業務已經進入牽引階段，因為它們擴大了潛在市場並獲得了經濟規模。

So business in the profitability stage has never stopped innovating either.

因此，處於盈利階段的企業也從未停止過創新。

Within the core commerce, we further invested in local service, new retail, logistics and globalization.

在核心商業領域，我們進一步投資本地服務、新零售、物流和全球化。

Even within our core, core, which is the most profitable China retail marketplaces, we have also incubated and stepped up investments in new seed businesses such as Taobao Deals, Taobao Live, Taoxianda, Taobao Short Video and Taobao Grocery.

即使在我們的核心，核心這個中國最賺錢的零售市場，我們也孵化並加大了對淘寶特價、淘寶直播、淘鮮達、淘寶短視頻和淘寶雜貨等新種子業務的投資。

These businesses address new consumption demand and behaviors and will continue to expand our addressable markets in China.

這些業務解決了新的消費需求和行為，並將繼續擴大我們在中國的潛在市場。

Let's look at our core commerce segment.

讓我們看看我們的核心商務部門。

The core commerce revenue grew 38% year-on-year to RMB 196 billion.

核心商務收入同比增長38%至人民幣1,960億元。

Within the core commerce revenue, CMR grew 20% year-on-year to RMB 102 billion.

在核心商務收入中，CMR 同比增長 20% 至 1020 億元人民幣。

Customer management revenue growth is driven by the solid growth of our China retail marketplace.

客戶管理收入增長是由我們中國零售市場的穩健增長推動的。

Tmall online physical goods paid GMV grew 19%, mainly driven by rapid growth of FMCG and home furnishing category as well as accelerated growth of consumer electronic categories.

天貓線上實物商品支付GMV增長19%，主要受快消品和家居品類快速增長以及消費電子品類加速增長帶動。

Taobao online physical goods paid GMV was also strong, which was driven by growth of apparel and accessories, home furnishing and consumer electronic categories.

淘寶線上實物商品支付 GMV 也很強勁，這主要得益於服裝和配飾、家居和消費電子品類的增長。

The success of the China retail marketplace is an increasing number of value-added services we provide to merchants, attracted increasing number of paying merchants and a higher average spending per merchant.

中國零售市場的成功在於我們為商戶提供的增值服務越來越多，吸引了越來越多的付費商戶，以及每個商戶的平均支出增加。

CMR grew 20%.

CMR 增長了 20%。

This is primarily due to the robust growth in revenue from new monetization formats such as recommendation fees, an increase in the average unit price per click in search monetization as well as the fast growth of the Tmall online physical goods GMV.

這主要是由於推薦費等新變現形式收入的強勁增長、搜索變現平均單價的上升以及天貓線上實物商品GMV的快速增長。

China retail other revenue grew 100% year-on-year due to impact of Sun Art consolidation, strong growth of Tmall Supermarket.

受高鑫零售、天貓超市強勁增長的影響，中國零售其他收入同比增長100%。

Taking out the impact from the consolidation Sun Art, China retail others revenue still growing over 40%.

剔除合併高鑫的影響，中國零售其他收入仍增長40%以上。

Cainiao logistics revenue grew 51% year-on-year, primarily driven by increase in volume of orders fulfilled from our fast-growing cross-border and international commerce retail businesses.

菜鳥物流收入同比增長 51%，主要是由於我們快速增長的跨境和國際商業零售業務的訂單量增加。

International commerce retail grew 37%, primarily driven by robust growth of Lazada trend deal as well as GMV recovery of AliExpress.

國際商業零售增長 37%，主要受 Lazada 趨勢交易的強勁增長以及全球速賣通的 GMV 恢復所推動。

Lazada recorded another quarter of triple-digit order growth by ongoing market consolidation in Southeast China region.

由於中國東南地區持續的市場整合，Lazada 的訂單又錄得三位數的增長。

Local consumer service revenue grew 10% due to an increase in GMV as well as more efficient use of subsidies.

由於 GMV 的增加以及更有效地使用補貼，當地消費者服務收入增長了 10%。

Core commerce adjusted EBITDA reached RMB 66 billion, growing at 15% year-on-year.

核心商業調整後EBITDA達到人民幣660億元，同比增長15%。

Our original business in China retail marketplaces, including Taobao, Tmall, Alimama, this business continued to maintain strong adjusted EBITDA growth and stable margins during the quarter.

我們在中國零售市場的原有業務，包括淘寶、天貓、阿里媽媽，該業務在本季度繼續保持強勁的調整後 EBITDA 增長和穩定的利潤率。

And these trends were partially offset by increased investments in certain new businesses, such as Taobao Deal, Live and Taobao Groceries.

這些趨勢被對某些新業務的投資增加部分抵消，例如淘寶Deal、Live和淘寶雜貨。

Investments in these new seeds business will continue to enhance consumer experience and engagement as well as helping increase -- increasing Alibaba ecosystems penetration into developing areas of China.

對這些新種子業務的投資將繼續提升消費者體驗和參與度，並有助於提高阿里巴巴生態系統在中國發展中地區的滲透率。

After development business such as local consumer service, international commerce retail, new retail and direct import, logistics continued to show solid progress and improving operating efficiencies.

在發展本地消費服務、國際商貿零售、新零售、直接進口等業務後，物流繼續穩步推進，經營效率不斷提升。

The combined losses of these developing businesses narrowed by RMB 1.6 billion from RMB 8.3 billion to RMB 6.7 billion.

這些發展中業務的總虧損從 83 億元人民幣減少至 67 億元人民幣，減少了 16 億元人民幣。

Importantly, we're also pleased that has Cainiao recorded positive operating cash flow after intercompany eliminations.

重要的是，我們也很高興菜鳥在公司間抵消後錄得正的經營現金流。

Next, Alibaba Cloud continued to empower the digital transformation of enterprises by providing comprehensive technology solution and services in the cloud for wide range of industries.

接下來，阿里雲繼續為企業數字化轉型賦能，為各行各業提供全面的雲端技術解決方案和服務。

In December quarter, cloud computing revenue grew 50%, and this is primarily driven by robust growth in revenue from customers in Internet, retail and public sectors.

在 12 月季度，雲計算收入增長了 50%，這主要是受互聯網、零售和公共部門客戶收入強勁增長的推動。

After our continuous investment for years, AliCloud achieved a positive EBITDA growth, a positive EBITDA during the quarter.

經過我們多年的持續投資，阿里雲實現了 EBITDA 正增長，本季度 EBITDA 為正。

So for DME, we continue to improve the operating efficiency through disciplined investment in content and production capability.

因此，對於 DME，我們通過對內容和製作能力的嚴格投資，不斷提高運營效率。

During the quarter, adjusted EBITDA loss for this segment continued to narrow, primarily due to reduced losses in Youku and increased the contribution from our online game business.

本季度，該分部的調整後 EBITDA 虧損繼續收窄，主要是由於優酷的虧損減少以及我們網絡遊戲業務的貢獻增加。

Let's take a look at revenue and adjusted EBITA growth for the first 9 months of 2021.

讓我們來看看 2021 年前 9 個月的收入和調整後的 EBITA 增長情況。

So this is important to note that our core commerce segment has many businesses that target the same consumer base in China.

因此，重要的是要注意，我們的核心商務部門有許多針對中國相同消費群的業務。

As such, we take a holistic investment approach when allocating resources and capital across the segment by always reinvesting part of the incremental profit into new businesses.

因此，我們在跨部門分配資源和資本時採取整體投資方法，始終將部分增量利潤再投資於新業務。

Despite increased investment in new businesses, our core commerce segment, excluding impact from Sun Art consolidation, achieved a robust revenue growth of 30%.

儘管增加了對新業務的投資，但我們的核心商業部門（不包括高鑫零售的影響）實現了 30% 的強勁收入增長。

This is for the year-to-date and how the -- adjusted EBITA growth of 19%.

這是今年迄今為止以及調整後 EBITA 增長 19% 的情況。

Our investments will continue to focus on increasing consumer base, improving user experience and enhancing supply chain logistic infrastructures.

我們的投資將繼續專注於擴大消費者基礎、改善用戶體驗和加強供應鏈物流基礎設施。

Selected financial metrics summary.

選定的財務指標摘要。

So let's take a look at several items.

那麼讓我們來看看幾個項目。

One is the interest investment income, which was RMB 40 billion, shows a big year-on-year increase.

一是利息投資收益400億元，同比大幅增長。

The increase is primarily due to an increase in the net gain from increases in market prices or public equity investments.

增加的主要原因是市場價格上漲或公共股權投資的淨收益增加。

And share of results of equity method investees was a loss of RMB 3.6 billion.

權益法被投資方的應佔業績虧損36億元。

It is a result of a impairment loss recorded, which was partially offset by a RMB 4.8 billion in profit share of Ant Group September quarter's financial results.

這是記錄的減值損失的結果，部分被螞蟻集團 9 月季度財務業績中 48 億元人民幣的利潤份額所抵消。

So we record these equity pickup 1 quarter lag.

因此，我們將這些股票回升記錄滯後 1 個季度。

Non-GAAP net income was RMB 59 billion, an increase of 27% year-on-year.

Non-GAAP淨利潤為人民幣590億元，同比增長27%。

Cash flow and CapEx.

現金流和資本支出。

For the quarter, free cash flow was RMB 96 billion, which increased 23%, mainly due to our robust profitability growth.

本季度，自由現金流為人民幣 960 億元，同比增長 23%，主要得益於我們強勁的盈利能力增長。

And as of December 31, 2020, cash, cash equivalents and short-term investments were RMB 456 billion, approximately USD 70 billion.

截至2020年12月31日，現金、現金等價物和短期投資為人民幣4560億元，約合700億美元。

On December 28, our Board of Directors has authorized to upsize our share repurchase program from USD 6 billion to USD 10 billion.

12 月 28 日，我們的董事會已授權將我們的股票回購計劃從 60 億美元上調至 100 億美元。

We have commenced a share repurchase program during the quarter and repurchased around USD 118 million of ADS in this quarter.

我們在本季度啟動了股票回購計劃，並在本季度回購了約 1.18 億美元的 ADS。

Let's take a look at -- have this outlook discussion.

讓我們來看看——有這個前景討論。

2020 was an unprecedented year.

2020年是前所未有的一年。

A year has passed since the pandemic started, and it continues to create uncertainties and disruptions to business globally.

自大流行開始以來已經過去了一年，它繼續給全球業務帶來不確定性和乾擾。

Given the Chinese government has taken effective measures to limit the spread of virus earlier, China's economy saw a quick recovery, which, in turn, supported the solid growth recovery of our business.

鑑於中國政府較早採取有效措施遏制病毒傳播，中國經濟快速復蘇，進而支持我們業務的穩健增長復甦。

Looking ahead, we will continue to invest in user growth, user engagement, digital transformation of businesses and our people.

展望未來，我們將繼續投資於用戶增長、用戶參與、企業和員工的數字化轉型。

In fiscal '21, we have started to increase spending in new business initiatives.

在 21 財年，我們開始增加對新業務計劃的支出。

In fiscal '22, we plan to step up our reinvestments of the incremental profits generated into our seed businesses and the strategic growth areas in order to create long-term value to our customers, employees and shareholders.

在 22 財年，我們計劃加大對種子業務和戰略增長領域產生的增量利潤的再投資，以便為我們的客戶、員工和股東創造長期價值。

That concludes our prepared remarks.

我們準備好的發言到此結束。

Let's open the floor for questions.

讓我們開始提問。

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。

And our management will address your question in the language you asked.

我們的管理層將以您提出的語言解決您的問題。

Please note that this translation is for convenience purpose only.

請注意，此翻譯僅為方便起見。

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）

So operator, please connect speaker and SI conference line now.

所以接線員，現在請連接揚聲器和 SI 會議線。

And then please start the Q&A session when we're ready.

然後請在我們準備好後開始問答環節。

Thank you.

謝謝你。

(Operator Instructions) First question comes from the line of Eddie Leung of Bank of America.

（操作員說明）第一個問題來自美國銀行的 Eddie Leung。

[Interpreted] My question to you has to do with your relationship with merchants.

[解釋]我的問題與您與商家的關係有關。

We know that online, there are an increasing number of different channels available to merchants, including your traditional competitors and also new and emerging competitors and with the popularity of many programs on the rise.

我們知道，在線上有越來越多的不同渠道可供商家使用，包括您的傳統競爭對手以及新興的競爭對手，並且隨著許多節目的受歡迎程度不斷上升。

At the same time, we note the increasing scrutiny of antimonopoly practices by the regulatory authorities in China.

同時，我們注意到中國監管機構對反壟斷行為的審查日益嚴格。

So I'm wondering if in that context, you're seeing any changes in terms of merchant retention rates.

所以我想知道在這種情況下，您是否看到商家保留率方面的任何變化。

And also from an operational perspective, is there anything you can do to improve given that merchants now have more available different channels?

另外，從運營的角度來看，鑑於商家現在有更多可用的不同渠道，您可以做些什麼來改進？

[Interpreted] Thank you.

[解釋] 謝謝。

This is Daniel, and I will take that question.

我是丹尼爾，我會回答這個問題。

Indeed, it's true that today, there is an increasing diversity in terms of the variety of Internet user products available, and all of them can be utilized as an opportunity to engage in e-commerce.

確實，今天，互聯網用戶產品的種類越來越多樣化，所有這些產品都可以作為參與電子商務的機會。

If you have the users, and you're able to hold on to those users and you couple that user base with online payment capabilities and third-party delivery capabilities then anybody essentially can engage in e-commerce.

如果您擁有用戶，並且能夠留住這些用戶，並且將該用戶群與在線支付能力和第三方交付能力相結合，那麼基本上任何人都可以從事電子商務。

It's a way of taking advantage of that user traffic.

這是一種利用用戶流量的方式。

At present, the reality for most merchants, if not all, is that there are multiple different platforms out there that they can choose to work with, and that is the reality.

目前，大多數商家（如果不是全部）的現實是，他們可以選擇使用多個不同的平台，這就是現實。

Although we do have very few exclusive flagship store arrangements with a small number of merchants even with respect to those merchants, the fact is that their goods are also available through other channels through their own channels with distributors or other channels, and that is a fact that's for everybody to see.

雖然我們與少數商戶的獨家旗艦店安排很少，即使是那些商戶，但事實是他們的商品也可以通過自己的渠道與經銷商或其他渠道通過其他渠道獲得，這是事實這是給大家看的。

Our advantage is that we are extremely focused on consumption, and we are the #1 platform when it comes to consumer mind share for consumption, and we're providing a very high-quality consumer experience.

我們的優勢是我們非常專注於消費，在消費者的消費心智分享方面，我們是排名第一的平台，我們正在提供非常高質量的消費者體驗。

So that is why for all merchants, although they do have a choice of multiple platforms and are present on multiple platforms, we are probably, for most of them, the most important platform.

這就是為什麼對於所有商家來說，儘管他們確實可以選擇多個平台並且存在於多個平台上，但對於他們中的大多數人來說，我們可能是最重要的平台。

Looking at merchants, be it in terms of retention rates, in terms of activity or their focus on the platform, we see no decline.

看看商家，無論是保留率、活躍度還是他們對平台的關注度，我們都沒有看到下降。

And to the contrary, we tend to see increases, and that is because e-commerce is becoming a more and more important retail format for merchants, in general.

相反，我們傾向於看到增長，這是因為電子商務正在成為商家越來越重要的零售形式。

Alibaba provides a wide range of services, including sophisticated management tools for merchants to manage their online business as well as their online and offline combined businesses that contribute to enhanced overall efficiency for merchant operations.

阿里巴巴提供廣泛的服務，包括為商家管理其在線業務以及在線和離線組合業務的複雜管理工具，有助於提高商家運營的整體效率。

So this is fundamentally different from a one-off campaign-driven approach that you would see, for example, with live streaming or short-form videos that drives a single campaign.

因此，這與您會看到的一次性活動驅動方法根本不同，例如，使用直播或短視頻來驅動單個活動。

We are focused, in contrast to that, on providing that whole suite of tools and services to drive overall merchant performance, helping them increase their sales and maintain healthy profitability.

與此相反，我們專注於提供整套工具和服務來推動整體商家業績，幫助他們增加銷售額並保持健康的盈利能力。

And that is the reason why we are the premium platform that merchants choose to work with.

這就是為什麼我們是商家選擇與之合作的優質平台的原因。

Our next question is from the line of Gregory Zhao of Barclays.

我們的下一個問題來自巴克萊銀行的 Gregory Zhao。

[Interpreted] Just a very quick question as to whether you could give us any guidance on capital expenditure trends in the next few years.

[解釋] 只是一個非常簡短的問題，您是否可以就未來幾年的資本支出趨勢給我們任何指導。

We know that there are a number of important new technologies where you're making progress coming out of DAMO Academy with the cloud.

我們知道有許多重要的新技術，您正在從 DAMO Academy 與雲一起取得進展。

We can expect perhaps to see expenditures in infrastructure, cloud infrastructure, R&D as well as in computing power.

我們可能會看到基礎設施、雲基礎設施、研發以及計算能力方面的支出。

If you could just please give us some guidance on where you see capital expenditure heading in the next few years.

如果可以的話，請給我們一些關於您認為未來幾年資本支出走向的指導。

[Interpreted] Thank you for your question.

[解釋] 謝謝你的提問。

Well, on the issue of CapEx, if you look back to the presentation, I just delivered, you'll see that we gave the figure there for the December quarter.

好吧，關於資本支出問題，如果你回顧一下我剛剛發表的演示文稿，你會看到我們在那裡給出了 12 月季度的數字。

For the quarter as a whole, it was RMB 5.8 billion.

整個季度為58億元人民幣。

And included within that figure was RMB 4.9 billion for operating CapEx, so that covers IT.

其中包括用於運營資本支出的 49 億元人民幣，因此涵蓋了 IT。

So in absolute terms, that is a relatively small figure.

所以從絕對意義上來說，這是一個相對較小的數字。

And indeed, as a proportion of our revenues, it would still be a single-digit percentage, in the mid-single digits.

事實上，作為我們收入的一部分，它仍然是個位數的百分比，在個位數的中位數。

Comparing that against our international peers, it's not very high.

與我們的國際同行相比，這並不是很高。

Going forward, our plans for the future will be to strengthen, increase our investment in technology, in R&D and in the DAMO Academy.

展望未來，我們的未來計劃將是加強、增加我們在技術、研發和達摩院的投資。

And so we hope to see, going forward, CapEx increasing, both as an absolute value as well as a percentage of revenue.

因此，我們希望看到未來資本支出增加，無論是絕對值還是收入的百分比。

Next question is from the line of Alex Yao of JPMorgan.

下一個問題來自摩根大通的 Alex Yao。

[Interpreted] My question has to do with Daniel's opening statement in which he talked about the evolving policy environment and Alibaba's commitment to take on more social responsibility.

[解釋] 我的問題與丹尼爾的開場白有關，他談到了不斷變化的政策環境和阿里巴巴承擔更多社會責任的承諾。

So specifically, my question is taking on more social responsibility, how will that translate in operational terms into changes on the operations side and if you could perhaps help us think through a bit how those kinds of operational changes may have an impact on the company's financials?

所以具體來說，我的問題是承擔更多的社會責任，這將如何在運營方面轉化為運營方面的變化，如果你能幫助我們思考一下這些運營變化如何對公司的財務產生影響?

[Interpreted] Thank you for your question, and I do think that is a very good question.

[解釋] 謝謝你的問題，我確實認為這是一個很好的問題。

As a platform economy, Alibaba has always taken very seriously its social responsibility and has made this very much part of the mainstream of our efforts to develop as a platform.

作為一個平台經濟，阿里巴巴一直非常重視自己的社會責任，並將其作為我們平台發展的主流。

And in years past, we've indeed done a lot of work on this front.

在過去的幾年裡，我們確實在這方面做了很多工作。

Going forward, as a platform economy ever more deeper integrated with the overall economic and social development of the country, we do plan to take on yet more social responsibility.

展望未來，作為平台經濟與國家經濟社會發展大局的深度融合，我們計劃承擔更多的社會責任。

Something very important for Alibaba, in particular, is mainstreaming that responsibility and making it part and parcel of everything we do, be it helping to create jobs, to stimulate employment, helping SMEs on every front from product distribution all the way through manufacturing.

特別是對阿里巴巴來說非常重要的事情是將這一責任納入主流，並將其作為我們所做一切的一部分，無論是幫助創造就業機會，刺激就業，還是在從產品分銷到製造的各個方面幫助中小企業。

On the manufacturing side, we can play a role and also helping them to export their products.

在製造方面，我們可以發揮作用，也可以幫助他們出口產品。

There are many things that Alibaba can do.

阿里巴巴可以做的事情有很多。

And I think the key point here is the social responsibility for Alibaba is not something separate from our operations, and our business rather is at the mainstream of everything we're doing around operations and business as a platform.

我認為這裡的重點是阿里巴巴的社會責任不是與我們的運營分開的東西，而是我們的業務是我們圍繞運營和平台業務所做的一切的主流。

So taking on more social responsibility in the sense is conducive to driving prosperity of the platform.

因此承擔更多某種意義上的社會責任，有利於帶動平台的繁榮。

And more prosperity on the platform, again, enables us to take on more social responsibility, the 2 are mutually reinforcing.

而平台上的更多繁榮，再次讓我們承擔更多的社會責任，兩者相輔相成。

So we don't look at it in terms of the economic value that can be generated by social initiatives, rather we see this in terms of holistic ecosystem value.

因此，我們不會從社會倡議可以產生的經濟價值的角度來看待它，而是從整體生態系統價值的角度來看待它。

That's how we've always approached it, and we will continue to approach it in that same way.

這就是我們一直以來的處理方式，我們將繼續以同樣的方式處理它。

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。

Congrats on the solid results.

恭喜您取得了可靠的結果。

My question is related to the reinvestment in strengthening your overall marketplace business.

我的問題與加強整體市場業務的再投資有關。

So I understand this will be for some time, and you will continue to deleverage the marketplace EBITDA.

因此，我知道這將持續一段時間，並且您將繼續降低市場 EBITDA 的槓桿率。

But then is there any way management could help us rank in terms of the investment stages and also the resource that we will put into accordingly, for example, Taobao Deals, Taobao Live, the Short Videos and also the Taobao Grocery.

但是管理層有沒有什麼辦法可以幫助我們根據投資階段以及我們將相應投入的資源進行排名，例如淘寶交易、淘寶直播、短視頻以及淘寶雜貨。

How do we evaluate some of these reinvestment has achieved the certain results and then that you will scale back?

我們如何評估這些再投資中的一些已經取得了一定的成果然後你會縮減？

So any colors in terms of ranking the importance and also the stages of some of these seed investment currently?

那麼，就目前這些種子投資的重要性和階段而言，有什麼顏色嗎？

[Interpreted] Thanks.

[解釋] 謝謝。

Let me answer this question.

讓我來回答這個問題。

First of all, I think as we always said, we always invest for the future.

首先，我認為正如我們常說的，我們總是為未來投資。

And for our investment in the seed business, in new business, in core commerce, actually, we think these are new businesses, but we view these new opportunities from the entire, I mean, ecosystem point of view.

而對於我們對種子業務、新業務、核心商業的投資，實際上，我們認為這些都是新業務，但我們從整個生態系統的角度來看待這些新機遇。

So we think to enhance our leadership position in core commerce, we need a different, I mean, applications, different services to meet different -- to meet the customers demand from different perspective.

所以我們認為，要提高我們在核心商務領域的領導地位，我們需要不同的，我的意思是，不同的應用程序、不同的服務來滿足不同的需求——從不同的角度滿足客戶的需求。

So like today, as we -- as you know, that we -- our Taobao Deals enjoyed very rapid growth.

所以就像今天一樣，正如你所知，我們的淘寶交易享受了非常快速的增長。

And this quarter, we reported our MAU for Taobao Deals surpassed 100 million.

而本季度，我們報告淘寶交易的 MAU 超過 1 億。

We are very happy to see the initial results.

我們很高興看到初步結果。

But we strongly believe that the investment in Taobao Deals is very important measures for us to target the customers in low-tier cities even in the rural areas and leverage our supply power from like other business in Alibaba, like 1688, so on and so forth.

但我們堅信，對淘寶Deals的投資對於我們瞄準低線城市甚至農村地區的客戶並利用阿里巴巴其他業務（如1688等）的供應能力非常重要的措施等等。 .

We have very effective supply, and value for money supply to meet the demand of the customers with low purchasing power.

我們有非常有效的供應和物有所值的供應，以滿足購買力低的客戶的需求。

And in terms of our investment in Taobao Live, it has been for a while.

而就我們對淘寶直播的投資而言，已經有一段時間了。

And today, if you look at the Taobao Live business, it's very -- it's already very sizable.

而今天，如果你看看淘寶直播業務，它已經非常——它已經非常龐大了。

And every day, we have tens of thousands of live streaming on our platform, which not only initiated by the KOL, but also done by many storefront owners.

而且每天我們的平台上都有數以萬計的直播，不僅是KOL發起的，還有很多店主做的。

So I think we are -- we highly integrate the live streaming together with our retail platforms.

所以我認為我們是——我們將直播與我們的零售平台高度集成在一起。

And live stream become a very effective marketing tool for our storefront and also create new business opportunities for KOL.

直播成為我們店面非常有效的營銷工具，也為KOL創造了新的商機。

So in this regard, we will continue to invest in the live streaming.

所以在這方面，我們會繼續對直播進行投入。

But we don't -- once again, we don't view live streaming as a separate business.

但我們不——再一次，我們不將直播視為一項單獨的業務。

Instead, actually, live streaming is a very important new retail format in the commerce platform.

實際上，直播是電商平台中非常重要的新零售業態。

So I will stop here for translation first.

所以我先在這裡停下來翻譯。

(foreign language)

（外語）

Well, in terms of Taobao groceries, as I said in my script, we are developing a very unique model based on the customer value proposition as opposed to subsidization to ensure the good user experience and the business sustainability.

好吧，就淘寶雜貨而言，正如我在腳本中所說，我們正在開發一種基於客戶價值主張而不是補貼的非常獨特的模式，以確保良好的用戶體驗和業務可持續性。

I think the very important thing is that we try to build a -- our own model as opposed to what you see in the market, just burn money for -- certify the customers for scale.

我認為非常重要的是，我們試圖建立一個——我們自己的模型，而不是你在市場上看到的，只是燒錢——證明客戶的規模。

I don't think this is a sustainable model.

我不認為這是一個可持續的模式。

Instead, we have such a tremendous user base already in Taobao.

相反，我們已經在淘寶擁有如此龐大的用戶群。

And so that's why we position -- we -- in Taobao mobile app, we have our Taobao Grocery as a major customer interface for this new business.

這就是為什麼我們在淘寶移動應用程序中定位 - 我們 - 我們將淘寶雜貨店作為這項新業務的主要客戶界面。

And so far, we -- based on our initial test, we saw very good results.

到目前為止，我們 - 根據我們的初步測試，我們看到了非常好的結果。

And this Taobao Grocery business not only help us to have more supplies to the local customers, especially in the low-tier cities, but also help us to recruit many new customers while assistance of these, I mean, community leaders.

而這個淘寶雜貨業務不僅幫助我們為當地客戶，特別是低線城市的客戶提供更多的供應，而且還幫助我們在幫助這些社區領導的同時招募了許多新客戶。

So we will continue to invest in this business, but we will try to leverage all the resources we have in Alibaba and in some new retail business, in our investing companies and in our multiple supply channels.

所以我們會繼續投資這個業務，但是我們會盡量利用我們在阿里巴巴和一些新零售業務、我們的投資公司和我們的多個供應渠道中的所有資源。

So from a financial perspective, I think we don't manage our core commerce business by EBITDA.

因此，從財務角度來看，我認為我們並沒有通過 EBITDA 管理我們的核心商業業務。

We think the growth of the user base and growth of the consumption in multiple categories across countries is a key.

我們認為，各國用戶群的增長和多品類消費的增長是關鍵。

So we -- our strategy is very clear, and we are very confident to invest more in this area.

所以我們——我們的戰略非常明確，我們非常有信心在這個領域進行更多的投資。

Thank you.

謝謝你。

(foreign language)

（外語）

Yes.

是的。

Just to add one more point on Taobao Grocery.

只是為了在淘寶雜貨上加一分。

Today, we're still in the pilot test for Taobao Grocery in some of the cities.

今天，我們還在部分城市進行淘寶雜貨的試點測試。

And so today, only a small portion of Taobao users can access the service.

所以今天，只有一小部分淘寶用戶可以使用該服務。

But over time, we will roll this service out across the country and the collaboration with multiple suppliers across Alibaba business.

但隨著時間的推移，我們將在全國推廣這項服務，並與阿里巴巴業務的多個供應商合作。

Thank you.

謝謝你。

(foreign language)

（外語）

Our next question is from the line of Thomas Chong of Jefferies.

我們的下一個問題來自 Jefferies 的 Thomas Chong。

Congratulations on the positive EBITDA for the Cloud business.

祝賀雲業務取得積極的 EBITDA。

May I ask about how we should think about the competitive landscape on the cloud business in the coming years as well as our strategy in the IaaS, PaaS and the SaaS side?

請問我們應該如何看待未來幾年雲業務的競爭格局以及我們在IaaS、PaaS和SaaS方面的戰略？

And how we should think about the margin trend as well?

以及我們應該如何看待保證金趨勢？

(foreign language)

（外語）

Thank you.

謝謝你。

Yes, cloud community is a very promising business.

是的，雲社區是一個非常有前景的業務。

We do believe that in the future, all the industrial sectors, they need cloud services.

我們確實相信，未來所有的工業部門都需要雲服務。

Today, the market also has in the market, we also see a very fierce competition.

今天，市場也有市場，我們也看到了非常激烈的競爭。

But obviously, we -- Alibaba has a very big advantage in term -- in many areas.

但很明顯，我們——阿里巴巴在很多領域都有非常大的優勢。

First is that by leveraging our huge scale, e-commerce, financial services and logistics, we are able to build a very scalable cloud infrastructure, which support our own business first today, and we roll out this infra to serve third-party clients.

首先，通過利用我們巨大的規模、電子商務、金融服務和物流，我們能夠構建一個非常可擴展的雲基礎設施，今天首先支持我們自己的業務，我們推出這個基礎設施來服務第三方客戶。

So in this case, in terms of internal scalability, we are in a very superior position.

所以在這種情況下，就內部可擴展性而言，我們處於非常優越的位置。

(foreign language)

（外語）

The second advantage we have is the data intelligence capabilities and applications we have to serve our clients.

我們擁有的第二個優勢是我們必須為客戶服務的數據智能功能和應用程序。

Actually, in China, today, when you talk with many clients who want to use cloud, actually, their purpose is not about only moving to the cloud.

其實，在中國，今天，當你和很多想使用雲的客戶交談時，其實他們的目的不僅僅是遷移到雲上。

Instead, what they want is by moving to the cloud, they are able to better usage -- to better use of their data.

相反，他們想要的是通過遷移到雲端，他們能夠更好地使用——更好地使用他們的數據。

So the data intelligence capability and applications are the key.

所以數據智能能力和應用是關鍵。

In this regard, we are obviously in a -- once again, in a very superior position.

在這方面，我們顯然處於 - 再次處於非常優越的位置。

We have a lot of expertise -- experiences in internal data usage and data intelligence.

我們有很多專業知識——在內部數據使用和數據智能方面的經驗。

(foreign language)

（外語）

Yes.

是的。

And the third advantage we have is about the technology.

我們擁有的第三個優勢是關於技術。

For years, we invested in the cutting-edge technology for cloud very aggressively via our DAMO Academy, via our recruitment of the first-class engineers and the scientists.

多年來，我們通過我們的達摩院，通過我們招聘一流的工程師和科學家，非常積極地投資於雲的尖端技術。

So today, we are -- in terms of some of the key product features in cloud such as database, such as storage, such as the middleware services, so on and so forth, we are -- our product and services, our quality of the product and services are very -- are better than our competitors.

所以今天，我們是——就雲中的一些關鍵產品特性而言，比如數據庫，比如存儲，比如中間件服務等等，我們是——我們的產品和服務，我們的質量產品和服務非常 -- 比我們的競爭對手好。

So I think we get very good feedback from our customers.

所以我認為我們從客戶那裡得到了很好的反饋。

So I think the technology is still the key.

所以我認為技術仍然是關鍵。

(foreign language)

（外語）

In summary, we invest a lot in technologies in the area of IaaS and PaaS.

總之，我們在 IaaS 和 PaaS 領域的技術上投入了大量資金。

In terms of SaaS, we work very actively with our partners in different industries, try to create a SaaS ecosystem, cloud-based SaaS ecosystem.

在SaaS方面，我們非常積極地與不同行業的合作夥伴合作，努力打造SaaS生態系統，基於雲的SaaS生態系統。

So this is our general strategies for cloud, and we are very confident about the future of this business.

所以這是我們對雲的總體戰略，我們對這項業務的未來充滿信心。

Thank you.

謝謝你。

(foreign language)

（外語）

Our next question is from the line of Jerry Liu of UBS.

我們的下一個問題來自瑞銀的 Jerry Liu。

[Interpreted] My question has to do with the investments that you've talked about that you intend to be making in the next period to come, including around Taobao Deals, live streaming and so on and so forth.

【解讀】我的問題是關於你所說的你打算在未來一段時間內進行的投資，包括圍繞淘寶交易、直播等。

And the impact that, that will be expected to have on EBITA or EBITDA growth because if you look at EBITA or EBITDA growth over the past few years, the pace of growth has really remained quite stable.

預計這將對 EBITA 或 EBITDA 增長產生影響，因為如果你看看過去幾年的 EBITA 或 EBITDA 增長，增長速度確實保持相當穩定。

Going forward, would we expect to see that growth rate moderate as a result of those investments?

展望未來，我們是否會期望看到這些投資導致增長率放緩？

Or would that possibly be offset by improvements in the profitability of other new businesses like cloud, Ele.me or Trendyol?

或者這可能會被雲、餓了麼或 Trendyol 等其他新業務的盈利能力提高所抵消？

[Interpreted] Thanks very much.

[解釋] 非常感謝。

And indeed, it's very interesting that whenever we talk about Alibaba's financial performance and future outlook, we always get questions about our profitability and our margins and whether we expect to be able to sustain them at the same levels that they have been at.

事實上，非常有趣的是，每當我們談論阿里巴巴的財務業績和未來前景時，我們總是會質疑我們的盈利能力和利潤率，以及我們是否期望能夠將它們維持在與它們相同的水平。

And we're very grateful for that.

我們對此非常感激。

And it's very much a function of the fact that we have created high expectations by always being able to create profit and maintain healthy margin levels.

這很大程度上是因為我們始終能夠創造利潤並保持健康的利潤率水平，從而創造了很高的期望。

And we know that others in the same market are getting different kinds of questions, and the expectations are different.

而且我們知道，同一市場中的其他人會收到不同類型的問題，期望也不同。

Now of course, we are in the same market with all the other companies, and it is a valid question as to whether we would prioritize and put in first place profit growth going forward or whether, instead, we would prioritize investing in our future growth and in new businesses?

當然，現在我們與所有其他公司處於同一個市場，這是一個有效的問題，即我們是否會優先考慮並把未來的利潤增長放在首位，或者我們是否會優先考慮投資於我們未來的增長在新業務中？

And Alibaba's answer to that is very clear.

阿里巴巴對此的回答非常明確。

It's not a question that we even need to think about.

這甚至不是我們需要思考的問題。

We are always investing in future growth.

我們一直在投資於未來的增長。

If you look at where Alibaba is today in terms of profitability, looking at the last 12 months or actually the figure I can give you is from the last 9 months, the past 3 quarters, adjusted EBITA was RMB 147.8 billion.

如果你看看阿里巴巴今天的盈利能力，看看過去 12 個月，或者實際上我可以給你的數字是過去 9 個月，過去 3 個季度，調整後的 EBITA 為 1478 億元人民幣。

That's very strong.

這是非常強大的。

But that figure already includes various reinvestments of profit that we have made.

但這個數字已經包括了我們對利潤進行的各種再投資。

So I think we're in a good place and have the ability to continue to invest.

所以我認為我們處於一個很好的位置並且有能力繼續投資。

You can also look at our profit increment, say, over the last 2-year period, if you compare the first 9 months of this year to the first 9 months of the year before last, you're talking about a fairly substantial figure of RMB 30 billion.

你也可以看看我們的利潤增長，比如說，在過去 2 年期間，如果你將今年的前 9 個月與前年的前 9 個月進行比較，你說的是一個相當可觀的數字300億元人民幣。

So this is our development strategy.

所以這是我們的發展戰略。

We continue to invest in the future.

我們將繼續投資於未來。

And as we see that strategy paying off and as the new businesses grow, we will expect to continue to scale up our investments.

隨著我們看到該戰略取得成效並且隨著新業務的增長，我們將期望繼續擴大我們的投資。

So looking at the potential, the huge potential that exists in the market, today's situation of competition and our own progress and where we're at, as I said in my prepared remarks earlier, our approach will be to continue to invest, to scale up our investment.

因此，看看潛力，市場中存在的巨大潛力，今天的競爭形勢和我們自己的進步以及我們所處的位置，正如我在之前準備好的講話中所說，我們的方法將是繼續投資，擴大規模增加我們的投資。

We will never prioritize margin that will never be #1 for us, and it never has been in the past.

我們永遠不會優先考慮對我們來說永遠不會成為第一的利潤，而且過去從未如此。

And when it comes to profit growth, I think we have a very strong foundation in place, in particular with Taobao, Tmall and the China retail marketplace.

在利潤增長方面，我認為我們有非常堅實的基礎，特別是淘寶、天貓和中國零售市場。

We're building on a very strong foundation of profitability.

我們正在建立一個非常堅實的盈利基礎。

Our next question is from the line of Youssef Squali of Truist Securities.

我們的下一個問題來自 Truist Securities 的 Youssef Squali。

Just a very quick one.

只是一個非常快的。

I was wondering if you could -- if you guys can discuss the impact of the reimposition of restrictive measures due to COVID-19 so far what you've seen in January and just a sustainability of the recovery short term for -- in the -- as we go into the fourth quarter.

我想知道你們是否可以 - 如果你們可以討論到目前為止由於 COVID-19 重新實施限制性措施的影響，以及你們在 1 月份看到的情況，以及短期內復甦的可持續性 - 在 - - 當我們進入第四季度時。

(foreign language)

（外語）

Thank you.

謝謝你。

For the impact of the COVID, here in China, in some cities, government take new approaches to lockdown some of the areas in the cities and encourage people to stay at the home cities instead of going back to the hometown for their Chinese New Year.

對於新冠肺炎的影響，在中國，在一些城市，政府採取了新的措施來封鎖城市中的一些地區，並鼓勵人們留在家鄉而不是回家鄉過年。

So we are closely monitored the progress of these new measures.

因此，我們密切關注這些新措施的進展。

And so far, I think we haven't seen a very material change of the consumption of the business.

到目前為止，我認為我們還沒有看到企業消費發生非常重大的變化。

But obviously -- because for January, it's very -- if you look at apple-to-apple to last year because last year, Chinese New Year is in late January, while this year is in the middle of February.

但很明顯——因為對於一月份來說，這是非常——如果你從去年的蘋果到蘋果來看，因為去年，中國新年是在一月下旬，而今年是二月中旬。

So we have some time gap between 2 Chinese New years.

所以我們在兩個農曆新年之間有一些時間間隔。

(foreign language)

（外語）

As a result of the -- of some lockdowns in some of the cities, from the logistic perspective, we see some challenge because of this lockdown.

由於一些城市的一些封鎖，從物流的角度來看，我們看到了一些由於封鎖而帶來的挑戰。

But I think because for the last mile delivery force, because of the staying at the city policy, I was -- we expect this -- I mean, last -- the capacity will be enough for the last mile while the transportation might be a challenge because of some lockdowns.

但我認為，因為對於最後一英里的交付力量，因為留在城市的政策，我是 - 我們預計這一點 - 我的意思是，最後一英里的容量將足夠最後一英里，而運輸可能是由於一些封鎖而面臨挑戰。

Thank you.

謝謝你。

(foreign language)

（外語）

Our next question is from the line of James Lee of Mizuho Securities.

我們的下一個問題來自瑞穗證券的 James Lee。

Can you talk about maybe investment in some of the new innovations that you see in a marketplace like smart transportation and autonomous driving?

您能否談談您在智能交通和自動駕駛等市場中看到的一些新創新的投資？

It seems like government is making a concerted effort in terms of building up smart transportation nationally.

政府似乎正在齊心協力在全國范圍內建立智能交通。

And talk about maybe how you're participating in that build down and how are you positioned to win that market.

並談談您如何參與該建設以及您如何定位以贏得該市場。

(foreign language)

（外語）

For this smart transportation and autonomous driving, I think we do it from different angles.

對於這個智能交通和自動駕駛，我覺得我們從不同的角度去做。

For smart transportation -- for our AliCloud business, actually, we closely worked with some partners in create the smart transportation solutions based on the cloud infrastructure.

智慧交通——阿里雲業務，其實我們和一些合作夥伴緊密合作，打造了基於雲基礎設施的智慧交通解決方案。

And I think this vertical solution will be widely used in many areas to create this, I mean, smart transportation capabilities.

我認為這種垂直解決方案將被廣泛應用於許多領域，以創造這種智能交通能力。

Well, for autonomous driving, actually, our DAMO -- in our DAMO Academy, we have a dedicated team working on this for years.

嗯，對於自動駕駛，實際上是我們的 DAMO——在我們的 DAMO 學院，我們有一個專門的團隊多年來致力於此。

And so far, what we focus is about to apply this autonomous driving into the logistics area.

到目前為止，我們關注的是將這種自動駕駛應用到物流領域。

And we've already deployed many -- I mean, autonomous cars are in school campuses, in some residential areas to the last-mile delivery and from the service station to the buyers at home or student's dormitories.

我們已經部署了很多——我的意思是，自動駕駛汽車在校園裡，在一些住宅區到最後一英里的送貨，從服務站到家里或學生宿舍的買家。

So -- and so I think this will have -- today, I think this is still under early stage.

所以 - 所以我認為這將會有 - 今天，我認為這仍處於早期階段。

But I would say autonomous driving will have the wider range of the applications.

但我想說自動駕駛將有更廣泛的應用。

So we will closely monitor the progress, and once again, we will invest for the technologies to make sure we are in the leading position in this area.

因此，我們將密切關注進展，並再次對技術進行投資，以確保我們在該領域處於領先地位。

Thank you.

謝謝你。

(foreign language)

（外語）

Our next question is from the line of Binnie Wong of HSBC.

我們的下一個問題來自匯豐銀行的Binnie Wong。

[Interpreted] My question is about the new businesses you're investing in.

[解釋] 我的問題是關於你正在投資的新業務。

I'm wondering if you could tell us which of those you see as having the largest addressable markets and the greatest amount of synergy because we know that in new retail and in cloud, Alibaba was the first company to get into those spaces.

我想知道您能否告訴我們，您認為哪些公司擁有最大的潛在市場和最大的協同效應，因為我們知道在新零售和雲計算領域，阿里巴巴是第一家進入這些領域的公司。

You've been very successful.

你已經非常成功了。

And now you're the largest in those spaces.

現在你是這些空間中最大的。

So looking at the new businesses, how do you see the synergy, the addressable market?

那麼看看新業務，您如何看待協同效應和潛在市場？

Are there any cross-selling metrics that you could share with us to exemplify that kind of synergy that exists?

您是否可以與我們分享任何交叉銷售指標來舉例說明存在的那種協同作用？

And then the other question, perhaps for Maggie is around the new initiatives.

然後另一個問題，也許對 Maggie 來說是關於新舉措的。

You told us earlier that losses are narrowing.

您之前告訴我們，損失正在縮小。

If you could give us a little more color on which ones are narrowing and the expectations there?

如果你能給我們更多的顏色，哪些正在縮小以及那裡的期望？

[Interpreted] Thank you.

[解釋] 謝謝。

This is Daniel, and I'll take the first part of that question.

我是丹尼爾，我將回答這個問題的第一部分。

Indeed, we're constantly working to incubate new businesses, including in core commerce.

事實上，我們一直在努力孵化新業務，包括核心商業。

We've talked quite a bit about that today, but also in other areas.

我們今天已經談了很多，但也在其他領域。

And our approach in terms of the incubation process is always to be patient and to make it a long-term commitment.

我們在孵化過程中的做法是始終保持耐心，並使其成為一項長期承諾。

So some of these, we're already starting to see become -- well, to gain traction and become quite successful already, including Taobao Deals and including Taobao live streaming.

所以其中一些，我們已經開始看到成為——嗯，獲得牽引力並變得相當成功，包括淘寶特賣和淘寶直播。

And in all of these cases, these are businesses that have been through a period of incubation and investment, and it's taken patients to get to where they are.

在所有這些情況下，這些都是經過一段時間的孵化和投資的企業，需要患者才能到達他們所在的位置。

Any business that we incubate, we're constantly looking for ways to create new differentiated value, a good user experience and to drive efficiency, and we're indeed investing in some even earlier stage offerings as well, both in core commerce and in other segments seeking, in all instances, to differentiate a solution or a service to satisfy customer demand.

我們孵化的任何業務，我們都在不斷尋找創造新的差異化價值、良好的用戶體驗和提高效率的方法，我們確實也在投資一些更早期的產品，包括核心商業和其他在所有情況下，尋求差異化解決方案或服務以滿足客戶需求的細分市場。

[Interpreted] Part of your question was about which of the businesses are seeing losses narrow the most?

[解釋] 您的部分問題是關於哪些企業的虧損收窄幅度最大？

And my answer to your question in a nutshell would simply be that all of the businesses that have been loss-making, we're seeing losses narrowing across the board.

簡而言之，我對您的問題的回答是，所有一直虧損的企業，我們都看到虧損全面收窄。

So with respect to Ele.me, digital, media and entertainment, New retail, Lazada, even the smaller businesses like cross-border and, of course, the larger businesses like cloud and Cainiao where losses have been relatively large in the past, as you see now, they're solidly on track towards healthy profitability.

那麼對於餓了麼、數字、媒體和娛樂、新零售、Lazada，甚至是跨境這樣的小企業，當然還有像雲和菜鳥這樣的大企業，過去虧損比較大，因為你現在看到，他們正穩步邁向健康的盈利能力。

So I guess the biggest change looking at where things are now would be with local services.

所以我猜想看看現在情況的最大變化是本地服務。

So certainly, Ele.me and also Cainiao.

當然，餓了麼，菜鳥也是。

And this is also a question that we ask ourselves on a daily basis and have had a lot of internal discussion around, i.e., in our loss-making businesses, should our primary goal be trying to further narrow the losses or should it be trying to further drive business growth?

這也是我們每天都會問自己的一個問題，並且內部進行了很多討論，即在我們的虧損業務中，我們的主要目標是試圖進一步縮小損失還是應該試圖進一步推動業務增長？

And you know our answer to that has been that we're reinvesting selectively and following a lot of study and discussion, reinvesting to grow the business.

您知道我們對此的回答是，我們正在有選擇地進行再投資，並經過大量研究和討論，再投資以發展業務。

Now the next quarter will be the final one of the financial year and an appropriate time for us to look forward to and offer overall guidance for the next year.

現在，下一季度將是財政年度的最後一個季度，也是我們期待並為明年提供總體指導的適當時機。

And so we expect to be doing that with you the next time we see you.

所以我們希望下次見到你時能和你一起做。

Thank you, Binnie.

謝謝你，賓妮。

Sorry for the interruption before.

抱歉之前打擾了。

And thank you, everyone, for joining us today.

感謝大家今天加入我們。

If you have any questions, please do reach out to our IR team, and all the materials should be available on our IR website.

如果您有任何問題，請聯繫我們的 IR 團隊，所有材料都應在我們的 IR 網站上提供。

Thank you again.

再次感謝你。

Thank you.

謝謝你。

Ladies and gentlemen, that concludes the conference for today, and thank you for participating.

女士們，先生們，今天的會議到此結束，感謝大家的參與。

You may now all disconnect.

您現在可以全部斷開連接。

[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。]