阿里巴巴 (BABA) 2020 Q4 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to Alibaba Group's March Quarter and Full Fiscal Year 2020 Results Conference Call. (Operator Instructions) After management's prepared remarks, there will be a question-and-answer session.

女士們先生們，美好的一天。感謝您的支持，歡迎來到阿里巴巴集團 2020 年 3 月季度和全年業績電話會議。 （操作員說明）在管理層準備好的發言後，將進行問答環節。

I'd now like to hand the call over to Rob Lin, Head of Investor Relations of Alibaba Group. Please go ahead.

我現在想把電話轉給阿里巴巴集團投資者關係主管 Rob Lin。請繼續。

Okay. Good day, everyone, and welcome to Alibaba Group's March Quarter 2020 and Fiscal Year 2020 Results Conference Call. With us are Daniel Zhang, Executive Chairman and CEO; Joe Tsai, Executive Vice Chairman; [Maggie] Wu, Chief Financial Officer. This call is also being webcast from our IR section of the corporate website. A replay of the call will be available on our website later today.

好的。大家好，歡迎來到阿里巴巴集團 2020 年三月季度和 2020 財年業績電話會議。與我們一起的是執行董事長兼首席執行官張勇；蔡崇信，執行副主席； [Maggie] 吳，首席財務官。此電話會議也通過公司網站的 IR 部分進行網絡廣播。今天晚些時候，我們的網站將提供通話重播。

Now let me quickly cover the safe harbor. Today's discussion will contain forward-looking statements, including revenue guidance. These forward-looking statements involve inherent risks and uncertainties that may cause actual results to differ materially from our current expectations, including risks and uncertainties related to the COVID-19 pandemic. 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 and were announced on the website of the Hong Kong Stock Exchange. Any forward-looking statements that we make on this call are based on assumptions as of today, and we do not undertake any obligation to update these statements except as required under applicable law.

現在讓我快速覆蓋安全港。今天的討論將包含前瞻性陳述，包括收入指導。這些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，包括與 COVID-19 大流行相關的風險和不確定性。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並在香港聯交所網站上公佈的最新 20-F 表年度報告和其他文件。我們在本次電話會議上所做的任何前瞻性陳述均基於截至今天的假設，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, 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. Our GAAP results and reconciliations of GAAP to non-GAAP measures can be found in our earnings press release. Unless otherwise stated, growth rate of all stated metrics mentioned during this call refers to year-on-year growth versus the same quarter last year.

請注意，我們在本次電話會議上使用的某些財務指標，例如調整後的 EBITDA、調整後的 EBITDA 利潤率、調整後的 EBITA、調整後的 EBITA 利潤率、基於市場的核心商業調整後的 EBITA、非 GAAP 淨收入、非 GAAP 稀釋每股收益或ADS 和自由現金流量以非 GAAP 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。除非另有說明，否則本次電話會議中提到的所有規定指標的增長率均指與去年同期相比的同比增長。

In addition, during today's call, management will give their prepared remarks in English. A third-party translator will provide simultaneous Chinese translation that are not in the conference line. Please refer to our press release for details.

此外，在今天的電話會議上，管理層將用英語發表他們準備好的發言。第三方翻譯人員將提供不在會議線上的同聲中文翻譯。詳情請參閱我們的新聞稿。

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

問答環節，我們將採用中英文雙語提問，第三方翻譯人員提供連續翻譯。所有翻譯僅供參考。如有任何差異，以原始語言的管理聲明為準。

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

有了這個，我現在將把電話轉給丹尼爾。

Thank you, Rob. Hello, everyone. Thank you for joining our earnings call today. We have finished an extraordinary quarter and have delivered an outstanding fiscal year. Despite the impact of COVID-19 pandemic, Alibaba achieved a historical milestone of USD 1 trillion in GMV across our digital economy this fiscal year, a strategic goal that we set for ourselves 5 years ago.

謝謝你，羅布。大家好。感謝您參加我們今天的財報電話會議。我們完成了一個非凡的季度，並交付了出色的財政年度。儘管受到 COVID-19 大流行的影響，阿里巴巴本財年在我們的數字經濟中實現了 1 萬億美元的歷史里程碑，這是我們 5 年前為自己設定的戰略目標。

We, at Alibaba, have always been aiming for the stars while keeping our feet on the ground. The $1 trillion GMV milestone reflects the vitality of Alibaba's digital economy and as well as strong execution against the clear strategic vision. Our scale has now reached 1/6 of China's total retail sales, which was about USD 6 trillion last year. And we believe there is still tremendous potential of growth.

我們阿里巴巴始終腳踏實地，志在星辰。 1萬億美元的GMV里程碑反映了阿里巴巴數字經濟的活力，以及對清晰戰略願景的強大執行力。我們的規模現在已經達到中國零售總額的1/6，去年中國零售總額約為6萬億美元。我們相信仍有巨大的增長潛力。

Digital adoption and transformation in retail are accelerating due to the COVID-19 pandemic, reshaping consumer behavior and enterprise operations. On the consumer side, shopping online has become a habit for more people and in more product categories. On the retail side, online sales is no longer an option but a necessity for the brick-and-mortars. We believe that is the new normal that will stay ever -- stay even after the pandemic is over.

由於 COVID-19 大流行，零售業的數字化採用和轉型正在加速，重塑了消費者行為和企業運營。在消費者端，網購已經成為更多人的習慣，產品品類也更多。在零售方面，在線銷售不再是一種選擇，而是實體店的必需品。我們相信，這是將永遠存在的新常態——即使在大流行結束後仍將存在。

I would like to review the past quarter's performance in the context of the impact and recovery from the COVID-19 pandemic. On July 23 -- on January 23, right before the Chinese New Year holiday, China announced the lockdown of Wuhan, the center of the pandemic. The lockdown measures implemented in other provinces and cities led to large-scale economic disruption in late January and February, which negatively affected our domestic e-commerce business during the period. However, China quickly contained the pandemic by implementing measures such as strict social distancing, vast testing coverage, centralized mobilization of medical resources and started to reopen the country for business in late February. By March 9, China announced full recovery of logistics operation nationwide, except for Hubei Province where Wuhan is. And normal life began to return for most of people in the country when Wuhan 10-week lockdown was lifted on April 8.

我想在 COVID-19 大流行的影響和恢復的背景下回顧上一季度的表現。 7 月 23 日——1 月 23 日，就在春節假期之前，中國宣布對大流行中心武漢進行封鎖。其他省市實施的封鎖措施導致 1 月下旬和 2 月的大規模經濟中斷，對我們的國內電子商務業務產生了負面影響。然而，中國通過實施嚴格的社交距離、廣泛的檢測覆蓋範圍、集中調動醫療資源等措施迅速遏制了疫情，並於 2 月下旬開始復工復產。到3月9日，中國宣布除武漢所在的湖北省外，全國物流業已全面恢復。 4 月 8 日武漢解除為期 10 週的封鎖後，該國大多數人開始恢復正常生活。

Since March, we have seen a healthy recovery in our China retail marketplaces. As of March 31, 2020, annual active consumers on our China retail marketplaces reached 726 million, a net increase of 15 million versus the previous quarter. Mobile MAUs of our China retail marketplaces reached 846 million in March 2020, an increase of 22 million over December 2019. This reflects our strong consumer mind share and healthy user stickiness.

自 3 月以來，我們已經看到中國零售市場的健康復蘇。截至 2020 年 3 月 31 日，我們中國零售市場的年度活躍消費者達到 7.26 億，比上一季度淨增 1500 萬。 2020 年 3 月，我們中國零售市場的移動月活躍用戶達到 8.46 億，比 2019 年 12 月增加了 2200 萬。這反映了我們強大的消費者心智份額和健康的用戶粘性。

Since the new fiscal year began in April, the quarter-to-date paid GMV of our China retail marketplaces has experienced year-on-year growth at a similar rate to the December quarter's level. For the past several years, we have been investing to grow our new retail business in fresh food and grocery. Freshippo and Taoxianda, which have played an important role in supplying daily necessities to people impacted during the pandemic and have become widely popular among consumers. In the past quarter, both Freshippo and Taoxianda delivered stellar growth of more than 100% year-on-year. Approximately 60% of Freshippo's GMV came from online orders, up by 10 percentage points year-over-year.

自 4 月份新財年開始以來，我們中國零售市場的季度至今付費 GMV 同比增長與去年 12 月季度的水平相似。在過去的幾年裡，我們一直在投資發展我們在新鮮食品和雜貨領域的新零售業務。盒馬和淘鮮達在疫情期間為受災群眾提供生活必需品發揮了重要作用，廣受消費者歡迎。上個季度，盒馬鮮生和淘鮮達均實現了同比100%以上的強勁增長。盒馬約60%的GMV來自線上訂單，同比增長10個百分點。

As lockdown measures eased in China starting in April, demand and popularity of our grocery business have remained strong. We believe the consumer habit of buying fresh foods and groceries online will continue after the pandemic, and online and off-line integration will drive the new retail model to the next stage of development. We have been investing for years to build a new retail technology infrastructure, which will help us further strengthen our market leadership in this sector.

隨著中國從 4 月開始放鬆封鎖措施，我們雜貨業務的需求和受歡迎程度依然強勁。我們相信，疫情過後消費者在線上購買生鮮食品的習慣仍將延續，線上線下融合將推動新零售模式進入下一階段的發展。我們多年來一直在投資建設新的零售技術基礎設施，這將有助於我們進一步加強我們在該領域的市場領導地位。

As a leading cross-border import platform in China, Tmall Global has become an ever more important destination for Chinese consumers to buy imported products as they could not travel abroad during the pandemic. In markets outside of China, our international retail marketplaces, such as Lazada and AliExpress, attracted over 180 million annual active consumers as of March 2020. Lazada's order volume grew by -- grew more than 100% year-on-year during the fiscal year and completed the March quarter with a strong finish despite the impact of the COVID-19 pandemic. During February and March 2020, our cross-border marketplace, AliExpress GMV growth was negatively impacted, mainly by supply chain and the logistic disruptions caused by COVID-19 pandemic. We are seeing signs of recovery in certain major markets starting in April, but there are still uncertainties ahead.

作為中國領先的跨境進口平台，天貓國際已成為中國消費者購買進口產品的重要目的地，因為他們在疫情期間無法出國旅行。在中國以外的市場，截至 2020 年 3 月，我們的國際零售市場，如 Lazada 和 AliExpress，吸引了超過 1.8 億的年度活躍消費者。Lazada 的訂單量在本財年同比增長超過 100%儘管受到 COVID-19 大流行的影響，我們仍以強勁的成績完成了 3 月季度。在 2020 年 2 月和 2020 年 3 月，我們的跨境市場速賣通 GMV 增長受到負面影響，主要是供應鍊和 COVID-19 大流行造成的物流中斷。從 4 月開始，我們看到某些主要市場出現復甦跡象，但未來仍存在不確定性。

Revenue from our local consumer services business decreased by 8% year-on-year in the past quarter due to the impact of COVID-19. In April, year-on-year growth of our food delivery GMV turned positive as lockdown measures eased. Restaurants began reopening and people began returning to work in China. Alibaba Cloud continued its rapid growth in the past fiscal year with revenue reaching RMB 40 billion, an increase of 62% year-on-year.

由於 COVID-19 的影響，上一季度我們本地消費者服務業務的收入同比下降 8%。 4 月份，隨著封鎖措施的放鬆，我們的外賣 GMV 同比增長轉正。餐館開始重新營業，人們開始返回中國工作。阿里雲在上一財年繼續快速增長，收入達到400億元人民幣，同比增長62%。

During pandemic, our public cloud business grew rapidly, driven by increased consumption of video content as well as wide adoption of remote working and learning. Our cloud computing infrastructure and big data business have also played a key role in enabling business to quickly resume operation and production. We believe the pandemic will further accelerate digital transformation of enterprises. All industries, including public sectors, will choose to move their technology infrastructure to the cloud.

在大流行期間，我們的公共雲業務在視頻內容消費增加以及遠程工作和學習的廣泛採用的推動下快速增長。我們的雲計算基礎設施和大數據業務也為業務快速恢復運營和生產發揮了關鍵作用。我們相信，疫情將進一步加速企業數字化轉型。包括公共部門在內的所有行業都將選擇將其技術基礎架構遷移到雲端。

DingTalk, our digital collaboration platform for enterprises, played a key role during the pandemic. Millions more enterprises and users in China are now using DingTalk to stay connect and work remotely. DingTalk also made significant penetration in the education sector as schools adopt the platform for their teachers and students. In March 2020, DingTalk conduct an average of over 1 million active classroom sections on each school day. DingTalk's number of daily average active consumers during working day grew significantly to 155 million in March. As offices and schools reopen in China, DingTalk's number of active users came down from the peak level but still maintain at more than 100 million DAU.

我們的企業數字協作平台釘釘在疫情期間發揮了關鍵作用。中國數以百萬計的企業和用戶現在正在使用釘釘保持聯繫和遠程工作。隨著學校為教師和學生採用該平台，釘釘也在教育領域取得了顯著滲透。 2020年3月，釘釘每個上課日平均開展超過100萬次活躍課堂。釘釘 3 月份工作日日均活躍用戶數量大幅增長至 1.55 億。隨著辦公室和學校在中國的重新開放，釘釘的活躍用戶數從峰值水平回落，但仍保持在 1 億以上的 DAU。

In the past quarter, our digital media and entertainment business delivered healthy growth in paying subscribers and the user time spent as users' consumption of video content increased significantly during the pandemic.

在過去的一個季度，我們的數字媒體和娛樂業務在付費用戶和用戶使用時長方面實現了健康增長，因為在大流行期間用戶對視頻內容的消費顯著增加。

Youku will continue its focus on production and distribution of original and exclusive content while ensuring cost efficiencies and return on investment.

優酷將繼續專注於原創和獨家內容的製作和發行，同時確保成本效益和投資回報。

During the past quarter, we leveraged our platform technology and other resources across the Alibaba ecosystem to support population impacted by COVID-19 pandemic within China and around the world. We also implemented a comprehensive set of financial and business support measures to help alleviate the near-term challenge faced by our business customers and partners.

在上個季度，我們利用我們的平台技術和整個阿里巴巴生態系統的其他資源來支持中國和世界各地受 COVID-19 大流行影響的人群。我們還實施了一套全面的財務和業務支持措施，以幫助緩解我們的業務客戶和合作夥伴面臨的近期挑戰。

As of March 31, 2020, Alibaba, together with Ant Financial, have contributed approximately RMB 3.4 billion in value in the form of donations, subsidies and tech support. To name a few examples, we waived fees, reduced commissions and offered logistics subsidies to our merchants. We worked with Ant Financial and other partners to advance working capital funds to our merchants to provide liquidity and to facilitate 1-year loans with preferential interest rates. We used the RMB 1 billion special fund we established in January to procure medical and related supplies for parts of China affected by pandemic.

截至 2020 年 3 月 31 日，阿里巴巴與螞蟻金服以捐贈、補貼和技術支持的形式貢獻了約 34 億元人民幣的價值。舉幾個例子，我們給商家免手續費、減佣金、物流補貼等。我們與螞蟻金服和其他合作夥伴合作，向我們的商家預付流動資金，以提供流動性並以優惠利率促成 1 年期貸款。我們用一月份設立的 10 億元人民幣專項基金，為中國受疫情影響的部分地區採購了醫療和相關物資。

Our logistics subsidiary, Cainiao, offered free delivery of medical supplies to destinations around the world through its extensive global logistic network. Our self-operated fresh food and grocery chain, Freshippo, committed to more than 200 remaining open for business even during a period when lockdown measures were in effect. Freshippo also worked with the supply chain to keep our commitment to not raising prices as well as maintaining adequate stock on the shelves. We made available AI technology to over 550 hospitals in China to help improving the speed and efficiency of the COVID-19 diagnosis during CT lung scans.

我們的物流子公司菜鳥通過其廣泛的全球物流網絡向世界各地的目的地免費運送醫療用品。我們自營的新鮮食品和雜貨連鎖店盒馬承諾，即使在封鎖措施生效期間，仍有 200 多家門店繼續營業。盒馬還與供應鏈合作，以履行我們不提價的承諾，並保持貨架上充足的庫存。我們向中國 550 多家醫院提供了 AI 技術，以幫助提高 CT 肺部掃描期間 COVID-19 診斷的速度和效率。

The Alibaba Foundation, through combined efforts with Jack Ma Foundation and the Joe and Clara Tsai Foundation, donated over 200 million units of personal protective equipment, testing kits and ventilators to over 150 countries and regions.

阿里巴巴公益基金會與馬雲公益基金會、蔡崇信基金會共同努力，向150多個國家和地區捐贈了超過2億台個人防護裝備、檢測試劑盒和呼吸機。

In April 2020, we further announced the 2020 Spring Thunder initiative, which aims to help export-oriented SMEs explore opportunities in the China domestic market through our China retail marketplaces and expand into new markets through our international wholesale and retail marketplaces such as alibaba.com and AliExpress to develop, digitalize manufacturing clusters, to accelerate the digital transformation of China's agricultural sector and alleviate financial -- financing challenge faced by SMEs by working with Ant Financial and its partners.

2020 年 4 月，我們進一步宣布了 2020 春雷計劃，旨在幫助外向型中小企業通過我們的中國零售市場探索中國國內市場的機會，並通過我們的國際批發和零售市場（如 alibaba.com）拓展新市場與螞蟻金服及其合作夥伴共同發展數字化製造集群，加速中國農業領域的數字化轉型，緩解中小企業面臨的金融融資挑戰。

The battle against the COVID-19 pandemic is not over. Although China has made good progress in fighting and controlling the spread of the coronavirus, with most business reopening and people returning to normal life, the stretch of the pandemic is still looming in rest of the world, and the timing and the pace of recovery is still uncertain. At the same time, tensions between the U.S. and China have added another layer of uncertainty to the post-COVID-19 world. Despite the uncertainties in the macroeconomic and the geopolitical environment, there is one thing we can certain, the world is moving towards digital-first and digital everything. In the past 2 decades, Alibaba has developed comprehensive infrastructure and the capabilities built on digital technology for business, financial services, logistics, cloud computing and big data to prepare for this new era.

與 COVID-19 大流行病的鬥爭還沒有結束。儘管中國在抗擊和控制冠狀病毒傳播方面取得了良好進展，大部分企業重新開工，人們恢復了正常生活，但大流行的蔓延仍在世界其他地區若隱若現，復甦的時機和步伐尚不明朗。仍然不確定。與此同時，中美之間的緊張關係為後 COVID-19 世界增添了另一層不確定性。儘管宏觀經濟和地緣政治環境存在不確定性，但可以肯定的是，世界正朝著數字優先、數字萬物的方向發展。在過去的20年裡，阿里巴巴在商業、金融服務、物流、雲計算和大數據等領域建立了完善的基礎設施和基於數字技術的能力，為這個新時代做好準備。

We believe our infrastructure and capabilities will play an important role in enabling all industries embrace digital transformation and customers to embrace a digital lifestyle. In addition, we aim to empower SMEs around the world, including those in America, to access the Chinese and other global consumer markets and create new jobs. This is a hard work that Alibaba must undertake to fulfill our vision to make it easy to do [business] anywhere, and it is also the fundamental assurance for our sustainable growth in the future.

我們相信，我們的基礎設施和能力將發揮重要作用，使所有行業都能擁抱數字化轉型，讓客戶擁抱數字化生活方式。此外，我們的目標是幫助包括美國在內的世界各地的中小企業進入中國和其他全球消費市場並創造新的就業機會。這是阿里巴巴實現讓天下沒有難做的願景必須承擔的艱苦工作，也是我們未來可持續發展的根本保證。

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

現在我將把它交給 Maggie，她將向您詳細介紹我們的財務結果。

Thank you, Daniel. Thank you, everyone, for joining us. I'd like to start my prepared remarks by addressing COVID-19's impact on our financials and recent trends. Back in February, given the potential uncertainties of COVID-19 pandemic, we guided the market that our overall revenue growth rate would be negatively impacted for the March quarter and that some of the businesses, such as China retail marketplaces and local consumer services, might show negative revenue growth. I'm pleased to report we delivered better-than-expected March quarter results.

謝謝你，丹尼爾。謝謝大家加入我們。我想通過解決 COVID-19 對我們財務和近期趨勢的影響來開始我準備好的發言。早在 2 月，鑑於 COVID-19 大流行的潛在不確定性，我們引導市場認為我們的整體收入增長率將對 3 月季度產生負面影響，並且一些業務，如中國零售市場和本地消費者服務，可能會受到影響。顯示收入負增長。我很高興地報告我們交付了好於預期的 3 月季度業績。

The government took effective measures to limit the spread of the virus through lockdown, social distancing measures and travel restrictions. With the virus spread under control in China, these restrictions started to ease in early March, and this led to a recovery of supply chain and logistics delivery capacity. This, in turn, enabled a quick recovery for our China retail marketplaces and improving fundamentals for local consumer service businesses.

政府採取了有效措施，通過封鎖、社會疏遠措施和旅行限制來限制病毒的傳播。隨著病毒在中國的傳播得到控制，這些限制在 3 月初開始放寬，這導致供應鍊和物流交付能力恢復。這反過來又使我們的中國零售市場得以快速復蘇，並改善了本地消費服務業務的基本面。

For our China retail marketplaces, Tmall online physical goods GMV, this is paid GMV, grew 10% in the March quarter. Although only 10% growth, we did see robust demand of FMCG and the consumer electronics categories as homebound consumers cooked at home and upgraded their home appliance and 3C products. These 2 categories combined grew 25% on our Tmall platform.

對於我們的中國零售市場，天貓在線實物商品 GMV，即付費 GMV，在 3 月季度增長了 10%。雖然只有 10% 的增長，但我們確實看到了快速消費品和消費電子類別的強勁需求，因為宅在家裡的消費者在家做飯併升級了他們的家電和 3C 產品。這兩個類別在我們的天貓平台上合計增長了 25%。

On the other hand, discretionary product categories, such as apparel and accessories, home furnishing and auto parts, experienced negative growth. Starting in April, Tmall online physical goods GMV saw strong growth -- strong recovery and has continued to further improve in May. Local consumer services recorded 8% decline in revenue this quarter, reflecting mass closures of restaurants and local merchants. However, social distancing measures also led to increased demand for groceries and other daily necessities.

另一方面，服裝及配飾、家居及汽車配件等非必需品品類出現負增長。 4月開始，天貓線上實物商品GMV增長強勁——強勁復甦，5月繼續進一步提升。本地消費服務本季度的收入下降了 8%，反映出餐館和本地商家的大規模關閉。然而，社會疏遠措施也導致對雜貨和其他日常必需品的需求增加。

Starting in April, GMV growth of food delivery businesses, Ele.me, turned positive as lockdown measures eased. Restaurants began reopening, and people began returning to work in China. For our international commerce business, which represents around 7% of total revenue in fiscal 2020, the timing and pace of the recovery is still uncertain as demand in countries outside China may be further impacted by COVID-19.

從 4 月開始，隨著封鎖措施的放鬆，外賣業務餓了麼的 GMV 增長轉正。餐館開始重新營業，人們開始返回中國工作。對於佔 2020 財年總收入約 7% 的國際商務業務，復甦的時間和步伐仍不確定，因為中國以外國家的需求可能會受到 COVID-19 的進一步影響。

So let's take a look at the March quarter financial highlights. Our total revenue of RMB 114 billion grew by 22% year-over-year. The increase was mainly driven by growth of China commerce retail business, especially new retail businesses in grocery category and cloud computing. We continue to be successful at expanding product offerings on our platform that cater to the needs of different consumer segments.

那麼讓我們來看看 3 月季度的財務亮點。我們的總收入為人民幣 1,140 億元，同比增長 22%。增長主要受中國商業零售業務的增長推動，尤其是雜貨品類和雲計算的新零售業務。我們繼續成功地擴大我們平台上的產品供應，以滿足不同消費者群體的需求。

The decrease of non-GAAP free cash flow was due to a one-off of AliExpress payment service restructuring. So this -- we had a full disclosure in our earnings release. This is mainly due to the overseas regulation requirement change, and the AliExpress began the process of a restructure so that it no longer holds consumer funds before they release to the merchants. That -- if we take that impact out, our non-GAAP free cash flow would have been over RMB 2 billion.

非美國通用會計準則自由現金流的減少是由於全球速賣通支付服務的一次性重組。所以這個——我們在收益發布中進行了全面披露。這主要是由於海外監管要求的變化，速賣通開始了重組過程，不再持有消費者資金，然後再釋放給商家。那——如果我們排除這種影響，我們的非 GAAP 自由現金流量將超過 20 億元人民幣。

Let's take a look at the revenue in detail. China commerce retail grew 21%. Customer management revenue grew 3%. The growth in customer management revenue was primarily due to the increase in revenue from recommendation feeds and Taobao Live, these new revenue streams, partially offset by a decrease in volume of paid clicks and average unit price per click. These are the -- the paid click and PPC I'm talking about is for the search business, P4P. So this is impacted because of this COVID-19.

讓我們詳細看看收入。中國商業零售增長 21%。客戶管理收入增長 3%。客戶管理收入的增長主要是由於來自推薦信息流和淘寶直播的收入增加，這些新的收入來源，部分被付費點擊量和平均點擊單價的下降所抵消。這些是——我所說的付費點擊和 PPC 是針對搜索業務 P4P 的。所以這受到了 COVID-19 的影響。

Commission revenue decreased 2%, primarily due to effects of the COVID-19 impact. These impacts including cancellation of some orders as a result of logistic disruption in February, weakness in apparel categories, our waiver of annual service fees for the first half of 2020 as part of our support to merchant customers.

佣金收入下降 2%，主要是由於 COVID-19 的影響。這些影響包括 2 月份物流中斷導致部分訂單取消、服裝品類疲軟、我們免除 2020 年上半年的年度服務費，作為我們對商家客戶的支持。

International retail revenue grew 8% to RMB 5.4 billion. The increase was primarily due to the growth of Lazada and Trendyol and partially offset that exclusion of revenue from AliExpress Russia, which was no longer consolidated since October 2019. So we had a JV in Russia right now. Cainiao revenue reached to RMB 5 billion, growing at 28% year-on-year. This was primarily due to the increase in the volume of orders fulfilled from our fast-growing cross-border and international commerce retail businesses. And our local consumer service experienced a negative growth this quarter I just talked about. So for Ali Cloud, it's still growing strongly at 58%.

國際零售收入增長 8% 至人民幣 54 億元。增長主要是由於 Lazada 和 Trendyol 的增長，部分抵消了俄羅斯速賣通收入的排除，後者自 2019 年 10 月以來不再合併。因此我們現在在俄羅斯有一家合資企業。菜鳥收入達到人民幣50億元，同比增長28%。這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所致。我剛才講的這個季度我們本地的消費服務經歷了負增長。所以對於阿里雲來說，它仍然以 58% 的速度強勁增長。

And let's take a look at the March quarter cost trends. Cost of revenue, excluding SBC, was 62% of revenue. The increase was primarily due to a revenue mix shift towards direct sales businesses, the new retail businesses, such as our new retail and also consolidation of Kaola and partially offset by decrease in delivery costs of our local consumer services.

讓我們來看看 3 月季度的成本趨勢。不包括 SBC 的收入成本佔收入的 62%。這一增長主要是由於收入組合轉向直銷業務、新零售業務（例如我們的新零售）以及 Kaola 的整合，部分被我們本地消費者服務的交付成本下降所抵消。

Let's turn to segment profitabilities. Our market-based core commerce adjusted EBITA reached CNY 34 billion, decreased 2%. But core commerce adjusted EBITA grew 2% to CNY 28 billion. This is because losses in our 4 strategic commerce initiatives were narrowed compared to prior year, driven by ongoing improvement of China logistic network, higher demand for Freshippo and the lower variable costs required for our local consumer service business.

讓我們轉向分部盈利能力。我們基於市場的核心商業調整後的 EBITA 達到 340 億元人民幣，下降 2%。但核心商業調整後的 EBITA 增長 2% 至 280 億元人民幣。這是因為我們的 4 項戰略商務舉措的虧損較上年有所收窄，這主要得益於中國物流網絡的持續改善、對盒馬鮮生的更高需求以及我們本地消費者服務業務所需的可變成本較低。

I would like to mention about the innovation initiatives. When you look at their adjusted EBITA loss was RMB 3.1 billion, which is up from CNY 1.9 billion from a year ago. The increase is primarily due to our aggressive investment in DingTalk to provide remote work collaboration capabilities to enterprises and schools free of charge during the COVID-19. As a result, daily active user in DingTalk achieved a fourfold increase to over 100 million. The peak DAU is about 155 million.

我想提一下創新舉措。當你看他們調整後的 EBITA 虧損為人民幣 31 億元，高於一年前的人民幣 19 億元。這一增長主要是由於我們對釘釘的積極投資，以便在 COVID-19 期間免費為企業和學校提供遠程工作協作功能。結果，釘釘的日活躍用戶增長了四倍，達到了 1 億以上。峰值DAU約為1.55億。

So March quarter, other financial metrics. The share of results of equity investees in the quarter reached CNY 3.5 billion. The year-over-year increase in share of results of equity investees was mainly due to our share of profits in Ant Financial in December quarter as we take its profit in 1 quarter lag, partially offset by a decrease in our share of results of Suning.

所以三月季度，其他財務指標。本季度股權投資對象的業績份額達到35億元人民幣。股權投資對象的業績份額同比增長主要是由於我們在 12 月季度在螞蟻金服的利潤份額，因為我們在 1 季度滯後時獲利，部分被我們在蘇寧的業績份額的減少所抵消.

March quarter GAAP to non-GAAP net income. The GAAP net income attributed to shareholders was CNY 3.2 billion. The year-over-year decrease was primarily due to net loss in investment income, mainly reflecting decreases in the market prices of our equity investments in publicly traded companies compared to net gain recorded in the same quarter of 2019. Non-GAAP net income attributable to shareholders increased by 12% to RMB 25 billion.

3 月季度 GAAP 與非 GAAP 淨收入。歸屬於股東的美國通用會計準則淨利潤為 32 億元人民幣。同比下降主要是由於投資收益淨虧損，主要反映與 2019 年同期錄得的淨收益相比，我們對上市公司股權投資的市場價格有所下降。非美國通用會計準則應占淨收益對股東的貢獻增加了 12%，達到人民幣 250 億元。

Now let's look at the fiscal 2020 full year results. GMV. As Daniel mentioned, the Alibaba digital economy achieved an important milestone of USD 1 trillion GMV target. You probably remember that this is a target we committed to do 5 to 6 years ago.

現在讓我們看看 2020 財年的全年業績。 GMV。正如Daniel所說，阿里巴巴數字經濟實現了1萬億美元GMV目標的重要里程碑。大家可能還記得，這是我們5、6年前承諾要做的一個目標。

User growth. Annual active consumers in China reached 780 million, including 726 million on our China retail marketplaces. In other words, 1 out of every 2 Chinese are buying on our platform. 780 million of annual active consumer in China accounts for around 85% and 40% of the Chinese population in developed and the less-developed areas. Our ability to attract users at a rapid pace reflects not only the diversity of product selection but also the platform has become an everyday destination for entertainment and discovery of new trends.

用戶增長。中國年度活躍消費者達到 7.8 億，其中中國零售市場的活躍消費者為 7.26 億。換句話說，每 2 個中國人中就有 1 個在我們的平台上購買。中國每年有7.8億活躍消費者，分別佔中國發達地區和欠發達地區人口的85%和40%。我們快速吸引用戶的能力不僅反映了產品選擇的多樣性，而且該平台已成為娛樂和發現新趨勢的日常目的地。

We continue to achieve strong revenue growth across all businesses, including core commerce, cloud computing and other businesses, so total revenue grew 35% to RMB 510 billion.

我們繼續在所有業務中實現強勁的收入增長，包括核心商務、雲計算和其他業務，因此總收入增長 35% 至人民幣 5,100 億元。

Talk about the profitability, in the last 12 months, we grew adjusted EBITA by 28% to RMB 137 billion and generated RMB 131 billion in non-GAAP free cash flow. This is significant firepower for our long-term growth.

談到盈利能力，在過去 12 個月中，我們調整後的 EBITA 增長了 28% 至人民幣 1370 億元，並產生了人民幣 1310 億元的非美國通用會計準則自由現金流。這是我們長期增長的重要火力。

Okay. Let's turn to our business segment. All of the revenue we talked about for each sector showed strong growth. And then when you look at their adjusted EBITA, profit for the core are still growing strongly and the investment areas that these new businesses in the investment stage are progressing very well and loss gets narrowed.

好的。讓我們轉向我們的業務部門。我們談到的每個部門的所有收入都顯示出強勁的增長。然後當你看他們調整後的 EBITA 時，核心業務的利潤仍在強勁增長，這些處於投資階段的新業務的投資領域進展順利，虧損有所收窄。

Okay. So I would like to talk about our outlook. But before that, I want to address the recent bill passed by the U.S. Senate called the Holding Foreign Companies Accountable Act. The proposed legislation would essentially prohibit a foreign issuer from being listed on U.S. Stock Exchange if the U.S. Public Company Accounting Oversight Board, this is applicable, is unable to inspect all the work papers of the issuer's offices for 3 consecutive years due to certain reasons. We'll closely monitor the development of this bill, and I think it's important for investors to understand Alibaba's practice and issues raised under this proposed legislation.

好的。所以我想談談我們的前景。但在此之前，我想談談美國參議院最近通過的法案，稱為《外國公司問責法》。如果美國上市公司會計監督委員會（適用）由於某些原因連續 3 年無法檢查發行人辦公室的所有工作底稿，則擬議的立法實質上將禁止外國發行人在美國證券交易所上市。我們將密切關注這項法案的進展，我認為投資者了解阿里巴巴的做法和這項擬議立法提出的問題很重要。

First, there is an existing framework of the PCAOB conduct -- of the PCAOB and -- for its conduct and inspection of audits of companies with Chinese operations. In this regard, we understand that there has been ongoing dialogue among the big accounting firms, Chinese securities regulator, CSRC, SEC and PCAOB with respect to the types of information that are permitted to be exchanged on issuers with Chinese operations while maintaining compliance with Chinese laws.

首先，PCAOB 行為有一個現有框架——PCAOB 和——用於對在中國開展業務的公司的審計進行和檢查。在這方面，我們了解到大型會計師事務所、中國證券監管機構、中國證監會、美國證券交易委員會和 PCAOB 之間一直在就允許交換關於在中國開展業務的發行人的信息類型進行對話，同時保持對中國的遵守法律。

Number two, Alibaba's financial statements are prepared in accordance with U.S. GAAP. And since our inception in 1999, we have been audited by PwC Hong Kong. PwC Hong Kong is the local affiliate of the worldwide PwC firm, and its auditing standards are overseen by the PwC national office in the United States. The integrity of Alibaba's financial statements speaks for itself. We have been an SEC filer since 2014 and hold ourselves to the high standard of transparency. Each year, we have received an unqualified audit opinion on our financial statements from PwC.

第二，阿里巴巴的財務報表是按照美國公認會計原則編制的。自 1999 年成立以來，我們一直接受普華永道香港的審計。普華永道香港是全球普華永道公司的本地分支機構，其審計標準由美國普華永道國家辦事處監督。阿里巴巴財務報表的完整性不言而喻。自 2014 年以來，我們一直是美國證券交易委員會的備案人，並堅持高標準的透明度。每年，我們都會收到普華永道對我們財務報表的無保留審計意見。

Third, trust is one of our core values, and transparency and integrity are essential components of building trust with all of our stakeholders. All these years, we have consistently aimed to grow the business for long term, maintain compliance with all applicable laws and deliver value for our customers, employees and investors. Investors who bought our stock in 2014 IPO have tripled their investment over the past 5.5 years. Given the above, we will endeavor to comply with any legislation whose aim is to protect and bring transparency to investors who buy securities on U.S. stock exchanges.

第三，信任是我們的核心價值觀之一，透明度和誠信是與所有利益相關者建立信任的重要組成部分。這些年來，我們一直致力於長期發展業務，遵守所有適用法律並為我們的客戶、員工和投資者創造價值。在 2014 年首次公開募股時購買我們股票的投資者在過去 5.5 年中的投資增加了兩倍。鑑於上述情況，我們將努力遵守任何旨在保護在美國證券交易所購買證券的投資者並為其帶來透明度的立法。

Looking ahead, despite a challenging quarter due to pandemic, we achieved our guidance of over CNY 500 billion in revenue and delivered healthy, sustainable profit growth in fiscal year 2020. The reason we have been able to deliver these results is that we sowed seeds years ago by investing in technology, in innovation and in businesses that require foresight and long-term patience. Today, the Alibaba digital economy remains strong and growing.

展望未來，儘管大流行導致本季度充滿挑戰，但我們在 2020 財年實現了超過 5000 億元人民幣的收入指引，並實現了健康、可持續的利潤增長。我們之所以能夠取得這些成果，是因為我們播下了多年的種子前通過投資技術、創新和需要遠見和長期耐心的業務。今天，阿里巴巴數字經濟依然強勁且不斷增長。

Looking ahead, we will continue the same strategy of delivering robust revenue growth and sustainable profit growth. Although it is difficult to predict the uncertainty of global economic and geopolitical developments, based on our current view of Chinese domestic consumption and enterprise digitization, we expect to generate over RMB 650 billion in total revenue in fiscal year 2021.

展望未來，我們將繼續實施同樣的戰略，實現強勁的收入增長和可持續的利潤增長。儘管很難預測全球經濟和地緣政治發展的不確定性，但根據我們目前對中國國內消費和企業數字化的看法，我們預計 2021 財年的總收入將超過 6500 億元人民幣。

We believe our commitment to invest and deepen our value proposition to customers, thereby, ensuring robust revenue and profit growth.

我們相信我們致力於投資和深化我們對客戶的價值主張，從而確保強勁的收入和利潤增長。

That concludes our prepared remarks. Let's open for Q&A. Thank you.

我們準備好的發言到此結束。讓我們開始問答。謝謝。

Thank you, Maggie. Hi, everyone. So for today's call, you are welcome to ask questions in Chinese or English. A third-party translator will provide consecutive interpretation for the Q&A session, and our management will address your questions in the language you asked. Please note that the translation is for convenience purpose only. In the case of any discrepancies, our management statements in the original language [will prevail].

謝謝你，瑪吉。大家好。所以今天的電話，歡迎大家用中文或者英文提問。第三方翻譯人員將為問答環節提供交替傳譯，我們的管理層將以您要求的語言回答您的問題。請注意，翻譯僅供參考。如有任何差異，我們的管理聲明以原文[為準]。

So operator, I'd like to open it up for questions.

接線員，我想打開它提問。

(Operator Instructions) Your first question comes from the line of Binnie Wong from HSBC.

（操作員說明）您的第一個問題來自匯豐銀行的Binnie Wong。

[Interpreted] My question is regarding your strategy in lower-tier cities. I know that last week, you issued a new release -- a new patch release for Taobao, providing new support for merchants as well as other new features, and 70% of the uptake for that new patch release has, in fact, been from the lower-tier cities. So if you could speak to us about your strategy going forward for the lower-tier cities.

[解讀]我的問題是關於你們在低線城市的戰略。我知道上週你們發布了一個新版本——淘寶的新補丁版本，為商家提供了新的支持以及其他新功能，而新補丁版本70%的使用量實際上來自於低線城市。所以，如果你能和我們談談你在低線城市的發展戰略。

[Interpreted] Thank you. And I will take that question. Given the size and the scale of Taobao as a retail platform and where it's at today, 700 million, the fact is that we've penetrated all segments of the market from the high end down to the low. And the increase in the user base over the past year, 70 million, 70% of that came from the lower-tier cities.

[翻譯] 謝謝。我會回答這個問題。鑑於淘寶作為零售平台的規模和規模，以及今天的 7 億，事實是我們已經滲透了從高端到低端的所有細分市場。而過去一年用戶基數增加了 7000 萬，其中 70% 來自低線城市。

Thank you. So what we're doing in the lower-tier cities is deploying a more diverse and broad range of different services, including on Taobao with more value for money offerings as well as live streaming and other kinds of engagement that are targeted for those users, especially those who are looking for good value for money. And as you've noted, we have a new special price edition of Taobao, which is targeted for those users in lower-tier cities with a focus on giving them value for money offerings.

謝謝。因此，我們在低線城市所做的是部署更多樣化和更廣泛的不同服務，包括在淘寶上提供更物有所值的產品以及針對這些用戶的直播和其他類型的參與，尤其是那些追求物有所值的人。正如你所注意到的，我們有一個新的淘寶特價版，它針對的是低線城市的用戶，重點是為他們提供物有所值的產品。

At the same time, we see significant potential for further growing our user base. The current figure for annual active consumers, 780 million, represents only 45 penetration -- 45% penetration of the population in lower-tier cities and in the rural areas of China. So there still is lots of room to grow in those regions, and we intend to do so together with Alipay in driving a digitalization strategy in those areas that will convert people into consumers.

與此同時，我們看到了進一步擴大用戶群的巨大潛力。目前年活躍消費者的數字為 7.8 億，僅代表 45% 的滲透率——在中國低線城市和農村地區的人口滲透率為 45%。因此，這些地區仍有很大的增長空間，我們打算與支付寶一起在這些地區推動數字化戰略，將人們轉化為消費者。

Our next question comes from the line of Eddie Leung from Bank of America.

我們的下一個問題來自美國銀行的Eddie Leung。

[Interpreted] My question is regarding the long-term impact of live streaming on the industry and in particular celebrity hosts and KOL live streaming. The question is if merchants need to pay these celebrities, these KOLs, will that impact on the profitability of platforms going forward?

[解讀]我的問題是關於直播對行業的長期影響，尤其是明星主播和KOL直播。問題是，如果商家需要向這些名人、這些 KOL 付費，這會影響平台未來的盈利能力嗎？

[Interpreted] Thank you. And that's a really good question. What we're seeing really is the emergence of live streaming as a new kind of sales methodology or a new kind of sales channel. With the emergence of these KOLs and celebrity influencers online, the role that they're really playing in the context of retail is sales. They're serving as salespeople, and they make money by way of a sales commission.

[翻譯] 謝謝。這是一個非常好的問題。我們真正看到的是直播作為一種新型銷售方法或新型銷售渠道的出現。隨著這些 KOL 和網紅名人的出現，他們在零售環境中真正扮演的角色是銷售。他們擔任銷售人員，他們通過銷售佣金的方式賺錢。

In the long term, how this trend will play out I think really comes down to whether the intrinsic commercial value in terms of having online influences and KOLs through live streaming be fully captured in an efficient and effective way. If you have a one-off sales event with a celebrity influencer, you get a user to make a one-off purchase, fine. But the question is, can you then keep that user in the long term and continue to market to them and get the full value out of that relationship?

從長遠來看，我認為這種趨勢將如何發展實際上取決於是否以高效和有效的方式充分捕捉通過直播產生在線影響力和 KOL 方面的內在商業價值。如果您與名人影響者舉辦一次性銷售活動，您可以讓用戶進行一次性購買，這很好。但問題是，您能否長期留住該用戶並繼續向他們推銷並從這種關係中獲得全部價值？

So I think it's important if you're paying money to these online influencers or celebrities that you convert -- in part, that's about supplanting existing channel costs and saving costs there. But more importantly, it's about getting the new consumer into your ecosystem so they can become a long-term consumer. And this is critical to Alibaba because we are a diversified ecosystem with multiple channels and formats for engaging consumers. So that's precisely what we're looking at doing with these kinds of live streaming approaches. It's just one part of an overall integrated approach through which we hope to develop those long-term relationships and create long-term value.

所以我認為，如果你向這些你轉化的在線影響者或名人付錢，這很重要——部分是關於取代現有渠道成本並節省成本。但更重要的是，它是關於讓新消費者進入您的生態系統，以便他們能夠成為長期消費者。這對阿里巴巴至關重要，因為我們是一個多元化的生態系統，擁有多種渠道和形式來吸引消費者。所以這正是我們正在考慮使用這些實時流媒體方法做的事情。這只是整體整合方法的一部分，我們希望通過該方法發展這些長期關係並創造長期價值。

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

下一個問題來自高盛的 Piyush Mubayi。

I have one question with regards to the guidance you provided for next year. What are the drivers of that growth assumption or guidance you provided? And in particular, what are the underlying macro assumptions you've made? And more generally, the platform mix that you're likely -- the 1P versus 3P mix that you're likely to see that's underpinning that guidance? I'll go back to the queue afterwards.

關於您為明年提供的指導，我有一個問題。您提供的增長假設或指導的驅動因素是什麼？特別是，您所做的基本宏觀假設是什麼？更一般地說，您可能會看到的平台組合——您可能會看到的支持該指導的 1P 與 3P 組合？之後我會回到隊列中。

Okay. Piyush, this is Maggie. Let me try to answer your question. So we all know that we're facing risks and uncertainties, right? So many of which we're not able to predict or control. So whether there's going to be a second wave or when will that vaccine come, how much impact will the geopolitical issue bring, we -- it's hard for us to factor in.

好的。 Piyush，這是瑪姬。讓我試著回答你的問題。所以我們都知道我們面臨著風險和不確定性，對嗎？其中有很多是我們無法預測或控制的。因此，無論是否會出現第二波或疫苗何時問世，地緣政治問題會帶來多大影響，我們——我們很難將其考慮在內。

So the guidance we gave basically reflects assumptions that we believe to be reasonable today. So Daniel talked about the recovery speed of each of our businesses and particularly for like China retail, local service and international business, et cetera. So based on what we've seen today and we see this quarter-to-date transaction volume and also user activities, et cetera, has already experienced a similar growth at a similar rate to the December quarter level. So that's basic assumption that we used.

因此，我們給出的指導基本上反映了我們認為今天合理的假設。所以丹尼爾談到了我們每項業務的恢復速度，特別是像中國零售、本地服務和國際業務等。因此，根據我們今天所看到的情況，我們看到本季度至今的交易量以及用戶活動等已經以與 12 月季度水平相似的速度經歷了類似的增長。這就是我們使用的基本假設。

And you mentioned about 1P, 3P. So you can see from our revenue breakdown sort of 2020 fiscal year, 1P business as a percentage of the total revenue already went up to around [16%, 17%], and we believe that percentage is going to continue to go up but not vertically. But the important thing is that people are thinking about your revenue contains bigger portion of 1P. The 1P normally represents low margin. But look at our profit growth. I think this is another point I want to make is that we are a group that has such a strong growth for the core. And also, as a multiple engine, not only Taobao, Tmall China retail marketplace, but also cloud and new retail, local services, logistics, right? So strong revenue growth brings in the powder for us to invest in those strategically important areas. And these investment areas, they are doing better and better, which reflects into our office growth. Sorry, interpreter. I gave a long answer.

你提到了 1P、3P。因此，從我們 2020 財年的收入明細可以看出，1P 業務佔總收入的百分比已經上升到 [16%、17%] 左右，我們相信該百分比將繼續上升，但不會垂直。但重要的是人們正在考慮你的收入包含更大的 1P 部分。 1P 通常代表低利潤率。但是看看我們的利潤增長。我想這是我想說的另一點，我們是一個核心增長如此強勁的集團。而且，作為一個多引擎，不僅是淘寶、天貓中國零售市場，還有云和新零售、本地服務、物流，對吧？如此強勁的收入增長為我們投資那些具有重要戰略意義的領域帶來了動力。而這些投資領域，他們做得越來越好，這反映在我們辦公室的增長上。對不起，翻譯。我給了一個很長的答案。

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

下一個問題來自摩根大通的Alex Yao。

[Interpreted] I noted in the earlier remarks your comments about advertising revenue in the first quarter performing well, driven by good performance of recommendation feeds. And in that context, I'd like to ask about your plans for monetization of recommendations. I imagine that in your answer, you'll talk about the need to balance the interest of merchants against the desire for monetization. So given that, perhaps I could go ahead and just ask the second part of the question, namely, is there any technical or technological method that could be adopted, on the one hand, so as to fully protect the merchants' interest or even better serve the merchant's interest while, at the same time, also providing more opportunity for monetization? And if so, is that something that could happen this year?

[解讀] 我在之前的評論中註意到您對第一季度廣告收入表現良好的評論，這得益於推薦信息流的良好表現。在這種情況下，我想問一下你們的推薦貨幣化計劃。我想在您的回答中，您會談到平衡商家利益與貨幣化願望的必要性。那麼鑑於此，也許我可以繼續問第二部分問題，即有沒有可以採取的技術或技術方法，一方面可以充分保護商家的利益，甚至更好為商家的利益服務，同時也提供更多的貨幣化機會？如果是這樣，那是今年可能發生的事情嗎？

[Interpreted] Thank you. Well, I'll start with the latter part of your question, and the answer is, yes, there is technology that can do precisely that. And the technology is AI, artificial intelligence, which can be applied, and we are already working on applying it in a way that can ensure a good user experience in terms of balancing advertising content versus free content for users and also leveraging that technology for merchants to drive better return on their investment. So we're working in this direction, and I think we're already making good progress. So in general, we are moving forward cautiously in working on growing revenues from recommendation feeds. And there's a hope that we can find ever better ways to do precisely what you mentioned in your question, namely finding the best possible balance, leveraging on technology between user experience and creating value for merchants.

[翻譯] 謝謝。好吧，我將從你問題的後半部分開始，答案是，是的，有技術可以做到這一點。該技術是 AI，人工智能，可以應用，我們已經在努力以一種方式應用它，以確保在平衡廣告內容與用戶免費內容以及為商家利用該技術方面提供良好的用戶體驗以提高他們的投資回報率。所以我們正在朝這個方向努力，我認為我們已經取得了很好的進展。因此，總的來說，我們正在謹慎地推進來自推薦提要的收入增長。並且希望我們能夠找到更好的方法來準確地完成您在問題中提到的事情，即找到最佳平衡點，在用戶體驗和為商家創造價值之間利用技術。

[Interpreted] Thank you. I'd just like to add a couple of points on top of Daniel's already very clear answer. And the keyword I'd like to add in is multi-engine approach. So if you look at our revenue over this 3-year period, revenue from CMR and commissions accounted for 70% compared against 40%. And what this means is that our strategic investments are starting to produce new channels of revenue, new sources of revenue. So you can see this in our figures over the 3-year period for CMR as well, 90%, and that's down now by 20% to about 70%. So you have all of these different new revenue areas that can be tapped into, including recommendations that we've talked about, but also live streaming, also Cainiao and many other new sources of revenue. So thirdly and in conclusion, going forward, yes, we will continue -- as we said on Investor Day, take a prudent approach in moving forward with monetization.

[翻譯] 謝謝。我只想在 Daniel 已經非常明確的回答之上再補充幾點。我想添加的關鍵字是多引擎方法。因此，如果您查看我們這 3 年期間的收入，來自 CMR 和佣金的收入佔 70%，而不是 40%。這意味著我們的戰略投資開始產生新的收入渠道，新的收入來源。所以你可以在我們的數據中看到 CMR 的 3 年期間，90%，現在下降了 20% 到大約 70%。所以你有所有這些不同的新收入領域可以挖掘，包括我們談到的推薦，還有直播，還有菜鳥和許多其他新的收入來源。因此，第三，最後，展望未來，是的，我們將繼續——正如我們在投資者日所說的那樣，採取謹慎的方法推進貨幣化。

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

我們的下一個問題來自 Jefferies 的 Thomas Chong。

My question is more about the spending power of the buyers post virus. Can management comment about the overall spending power of consumers these days? And with that, can you comment about the trend in ASP and all the frequency that we would expect as people speeding up the migration to online?

我的問題更多是關於購買者在病毒傳播後的消費能力。管理層能否就目前消費者的整體消費能力發表評論？就此，您能否評論一下 ASP 的趨勢以及我們期望隨著人們加速遷移到在線的所有頻率？

Okay. Let me answer this question. First of all, I think on our platform, we are such a huge consumer platform. We have different tiers of consumers around us. So what we see is that consumers, they engage with us and find what they want in different categories in the different pricing range. While we do see some shift of the product categories in this quarter because of the pandemic, for example, we see a very strong growth of food and grocery business. And because people -- when people stay at home, they have to cook at home. They don't -- they are unable to go to the restaurant, so they need more food and more groceries, which are all daily necessities. So that's why we see very strong growth in our FMCG categories and food categories. Our FMCG categories grow like, take example like in the -- starting from the new fiscal year, our FMCG categories in Tmall grow nearly like 40 -- I remember, 40% -- around 40%, which is a very strong indicator that people spend more on our platform in these categories.

好的。讓我來回答這個問題。首先，我覺得在我們這個平台上，我們就是這麼一個龐大的消費平台。我們周圍有不同層次的消費者。所以我們看到的是消費者，他們與我們互動並在不同的價格範圍內的不同類別中找到他們想要的東西。例如，雖然我們確實看到本季度由於大流行病導致產品類別發生了一些變化，但我們看到食品和雜貨業務的增長非常強勁。因為人們——當人們呆在家裡時，他們必須在家做飯。他們沒有——他們不能去餐廳，所以他們需要更多的食物和更多的雜貨，這些都是日常必需品。這就是為什麼我們看到我們的快速消費品類別和食品類別增長非常強勁。我們的快速消費品品類增長了，舉個例子——從新的財政年度開始，我們在天貓的快速消費品品類增長了近 40 個——我記得是 40%——大約 40%，這是一個非常有力的指標，人們在我們的平台上的這些類別中花費更多。

Well, because of the pandemic, people spend less on like apparel, like fashion because people wear facemasks, and they don't even need these makeups. So I think the spending is still there, but the focus are quite different. And -- but in terms of the general spending power, I would say, different. China is a famous high-saving rate country. And we do see people remain in their consumption -- remaining a very strong consumption power to continue their -- to maintain their lifestyle. So we do -- so far, we haven't seen any big change in terms of the consumption power. But as I said before, I think the category -- the product categories, they try, we do see some difference.

好吧，由於大流行，人們在服裝和時裝上的花費減少了，因為人們戴著口罩，他們甚至不需要這些化妝品。所以我認為支出仍然存在，但重點完全不同。而且 - 但就一般消費能力而言，我會說，不同。中國是著名的高儲蓄率國家。我們確實看到人們仍在消費——保持非常強大的消費能力來繼續他們的生活——以維持他們的生活方式。所以我們這樣做了——到目前為止，我們還沒有看到消費能力方面有任何大的變化。但正如我之前所說，我認為類別——產品類別，他們嘗試過，我們確實看到了一些差異。

Let me clarify one point. When we talk about beauty, what we see is like skin care still remain very strong. But for makeup, because as I said, when ladies wear facemasks, they may -- the need for makeup are getting lower. So that's basically the situation.

讓我澄清一點。當我們談論美容時，我們看到的是皮膚護理仍然非常強大。但是對於化妝，因為正如我所說，當女士們戴上口罩時，她們可能——對化妝的需求會越來越低。所以這基本上就是這種情況。

Our next question comes from the line of Jason Helfstein from Oppenheimer.

我們的下一個問題來自奧本海默的 Jason Helfstein。

I just want to go a little bit deeper into that last point. You said that online physical goods GMV grew 10%, and then you did break down that you saw 25% in these categories that benefited were more COVID-related, offset by areas where they didn't spend money. What do you think is a kind of more reflective of the consumer health? Is it that 10% number? Or really, is it that kind of 25% and consumers have the ability right now to spend more, they're just not because they don't need the items consistent to what you talked about not needing makeup if you're wearing a mask, for example? And maybe talk about how that relates to your outlook for the next quarter.

我只想更深入地探討最後一點。你說在線實物商品的 GMV 增長了 10%，然後你確實發現這些類別中有 25% 的受益者與 COVID 相關性更高，被他們沒有花錢的領域所抵消。您認為哪種更能反映消費者的健康狀況？是那個10%的數字嗎？或者真的，是那種 25%，消費者現在有能力花更多錢，他們只是因為他們不需要與你所說的一致的物品，如果你戴著口罩就不需要化妝， 例如？也許談談這與你對下一季度的展望有何關係。

Okay. Let me answer this question. As we said before, our China retail -- our Tmall grow like 10% in the March quarter. And in Tmall, we have our FMCGs and consumer electronics. The combined growth rate in March quarter for these categories on Tmall is about -- was about 25%. If you want to get a big picture of the future development, I think in my remarks, I gave you a very clear latest indicator, which is, I think, starting from the new year, the quarter-to-date, overall speaking, our China retail marketplace growth rate is similar to those in December quarter. So I think that's basically the big picture of where we are today.

好的。讓我來回答這個問題。正如我們之前所說，我們的中國零售——我們的天貓在三月份的季度增長了 10%。在天貓，我們有我們的快速消費品和消費電子產品。天貓上這些類別在 3 月季度的綜合增長率約為 - 約 25%。如果你想對未來的發展有一個大的了解，我想在我的發言中，我給了你一個非常明確的最新指標，我認為，從新年開始，從季度至今，總體來說，我們的中國零售市場增長率與 12 月季度相似。所以我認為這基本上就是我們今天所處位置的大局。

And as we do -- all people realize, understand that there is still uncertainties about the containing the pandemic. So we are closely monitoring the situation. But we strongly believe that the consumption power in China is still very strong, and we will take our advantage in the digital platform to continue our leading position.

正如我們所做的那樣——所有人都意識到，理解遏制大流行仍然存在不確定性。因此，我們正在密切監視情況。但我們堅信中國的消費能力仍然很強，我們將利用我們在數字平台上的優勢繼續保持領先地位。

Yes. Let me add one more point, which is like if you look at the past fiscal year, our -- we generate USD 1 trillion GMV in our -- in Alibaba ecosystem. But if you look at our China retail marketplaces, the GMV we generated last fiscal year is about like RMB 6.5 trillion. And we -- if we look at the -- if we look at what happened in the March quarter, I think we should have achieved a higher GMV without this pandemic, obviously. And -- but if -- but we are very confident that in the new year, I think we will achieve another like net adds of like 1 trillion -- at least RMB 1 trillion GMV in our China retail marketplace, which is, I think, a still very strong number compared to the size of our business in China.

是的。讓我再補充一點，如果你看看過去的財政年度，我們的 - 我們在阿里巴巴生態系統中產生了 1 萬億美元的 GMV。但如果你看看我們的中國零售市場，我們上一財年產生的 GMV 約為 6.5 萬億元人民幣。而且我們 - 如果我們看 - 如果我們看一下 3 月季度發生的事情，我認為我們應該在沒有這種流行病的情況下實現更高的 GMV，這很明顯。而且 - 但如果 - 但我們非常有信心在新的一年裡，我認為我們將在中國零售市場實現另一個類似 1 萬億的淨增加 - 至少 1 萬億元人民幣的 GMV，我認為，與我們在中國的業務規模相比，這個數字仍然非常強勁。

Next question comes from the line of Gregory Zhao from Barclays.

下一個問題來自巴克萊銀行的 Gregory Zhao。

[Interpreted] Congratulations on the strong performance. My question relates to cloud services. We know that internationally, players like Microsoft and Google who have already achieved significant scale in terms of their size and their revenues continue to be able to maintain rapid growth in the revenues and even acceleration. Looking at China, however, in the cloud space, Alibaba and its competitors seem to be seeing a different trend where things are somewhat slower. So I'm wondering if you could compare for us please the China market versus the international market for cloud. What are the differences underlying that picture? And what are the short-term bottlenecks? And how would it be possible potentially to make a big leap forward in terms of accelerating revenue and profit growth in cloud?

[解讀]恭喜你表現強勁。我的問題與雲服務有關。我們知道，在國際上，像微軟、谷歌這樣在規模和收入上已經取得可觀規模的玩家，能夠繼續保持收入的快速增長，甚至加速增長。然而，放眼中國，在雲領域，阿里巴巴及其競爭對手似乎看到了一種不同的趨勢，即速度有所放緩。所以我想知道您是否可以為我們比較中國市場與國際雲市場。該圖片背後的差異是什麼？短期瓶頸是什麼？以及如何可能在加速雲收入和利潤增長方面實現巨大飛躍？

[Interpreted] Thank you. Well, first, I'd like to say that in the past year, Alibaba Cloud Intelligence hit a very important milestone, namely reaching revenue of CNY 40 billion and even in the March quarter achieving 58% growth. So we don't see a slowdown at all. Conversely, we think that the growth is good.

[翻譯] 謝謝。那麼首先，我想說的是，在過去的一年裡，阿里雲智能實現了一個非常重要的里程碑，即收入達到400億元人民幣，甚至在三月份的季度實現了58%的增長。所以我們根本看不到放緩。相反，我們認為增長是好的。

We see this growth coming from several different areas. One is the demand across all sectors of the economy to get on to the cloud. And if you look at Chinese IT spending in the future, we can expect to see more and more spending going forward as the organizations get themselves on the cloud.

我們看到這種增長來自幾個不同的領域。一是所有經濟部門都需要上雲。如果你看看未來的中國 IT 支出，我們可以預期隨著組織將自己放在雲上，將會看到越來越多的支出。

The second thing I would point to is that the cloud is not just a way of providing infrastructure on the cloud to lower IT-related operating costs. It's also an opportunity for companies to leverage on big data and cloud-enabled computing capacity to achieve better efficiencies and drive value for the business. And different kinds of algorithms and analytics will be developed in the cloud for different sectors, for different verticals, different product solutions to meet those needs and unleash real value for them. So it's not just about saving costs on IT infrastructure. It's about driving value as well.

我要指出的第二件事是，云不僅僅是一種在雲上提供基礎架構以降低與 IT 相關的運營成本的方式。這也是公司利用大數據和支持雲的計算能力來實現更高效率和推動業務價值的機會。不同類型的算法和分析將在雲中為不同的行業、不同的垂直領域、不同的產品解決方案開發，以滿足這些需求並為他們釋放真正的價值。因此，這不僅僅是為了節省 IT 基礎架構的成本。這也與推動價值有關。

In Ali, the value proposition we offer is cloud plus intelligence. So we're not just about providing cloud services. It's a combination of cloud plus intelligence. Now in different countries, cloud services are defined differently. It's true in China and internationally as well, there are different definitions. But to us, if it's just about shifting traffic on to the cloud to save costs of kind of a low value-added offering, and that's not really what Alibaba is about. We're looking at focusing on higher value-added, cloud-enabled offerings that can truly create value for clients in different sectors.

在阿里，我們提出的價值主張是雲+智能。所以我們不僅僅是提供雲服務。它是雲與智能的結合。現在在不同的國家，對雲服務的定義不同。在中國是這樣，在國際上也是如此，定義不同。但對我們來說，如果只是將流量轉移到雲端以節省成本的一種低附加值產品，那並不是阿里巴巴真正要做的。我們正在關注能夠真正為不同行業的客戶創造價值的更高附加值、支持雲的產品。

And finally, on your question as to the differences that we see in the Chinese cloud market versus the cloud market overseas, I would say that in the U.S. and in other more developed markets, the SaaS and the whole ecosystem developers are more mature already, whereas in China, that developer ecosystem [is soft]. It's just starting to get going. And Alibaba very much looks forward to partnering with developers to jointly create a very robust ecosystem in China.

最後，關於您關於我們在中國雲市場與海外雲市場中看到的差異的問題，我想說在美國和其他更發達的市場，SaaS 和整個生態系統開發商已經更加成熟，而在中國，開發者生態系統 [是軟的]。它才剛剛開始。而阿里巴巴也非常期待與開發者合作，在中國共同打造一個非常強大的生態系統。

Next question comes from the line of Alicia Yap from Citigroup.

下一個問題來自花旗集團的 Alicia Yap。

Congrats on the strong results. My question is on -- so if you could give us some colors that on the subsidy measure that you help provide merchants. Do you think that is actually more effective to the commission rebate or merchants actually prefer more free traffic? And given recommended feeds actually becoming quite effective for merchants, so is that mean over the next few quarters, we don't have to provide more preferential commission rate over time? Or is that is a separate thing and the CMR and commission growth direction will still be a bit diverged?

祝賀你取得了優異的成績。我的問題是——所以如果你能給我們一些關於你幫助提供給商家的補貼措施的顏色。你覺得是佣金返還更有效還是商家更喜歡免費流量？鑑於推薦的 Feed 實際上對商家變得非常有效，這是否意味著在接下來的幾個季度中，我們不必隨著時間的推移提供更優惠的佣金率？或者這是一個單獨的事情，CMR 和佣金增長方向仍然會有點不同？

Alicia, let me first answer your question. I think, first of all, we are trying to help our merchants, especially SMEs, during this pandemic. But we have to -- first of all, we have to give a very fair and transparent policy to all the merchants on our platform. So that's why we decided to use the subsidy to waive the annual fees and also give some reduced commissions in some of our business, but this is applied to all the merchants on our platform.

艾麗西亞，讓我先回答你的問題。我認為，首先，我們正在努力在這次大流行期間幫助我們的商家，尤其是中小企業。但我們必須——首先，我們必須為我們平台上的所有商家提供非常公平和透明的政策。所以這就是為什麼我們決定使用補貼來免除年費，並在我們的一些業務中給予一些減少的佣金，但這適用於我們平台上的所有商家。

And in terms of the free traffic, this is a very interesting question. I would say, when we decided to give this support to the merchants, we have to consider the user experience on our platform because we are a marketplace platform -- we are a marketplace. We are a platform model. So we have to consider the interest of both merchants and consumers. So if we give free traffic to certain merchants, I think their -- operating their conversion rate -- their click-through rate of the product may or may not be good enough to the customers. So that's why we don't want to do this one side effort. So we have to ensure a good user experience on our platform. But at the same time, we want to share -- we want to satisfy our merchants to release their financial pressure. So that's how we think about these policies.

就免費流量而言，這是一個非常有趣的問題。我會說，當我們決定向商家提供這種支持時，我們必須考慮我們平台上的用戶體驗，因為我們是一個市場平台——我們是一個市場。我們是一個平台模型。所以我們要考慮商家和消費者雙方的利益。因此，如果我們向某些商家提供免費流量，我認為他們的——操作他們的轉化率——他們的產品點擊率可能對客戶來說足夠好，也可能不夠好。所以這就是為什麼我們不想做這一方面的努力。所以我們必須確保在我們的平台上有良好的用戶體驗。但與此同時，我們想要分享——我們想要滿足我們的商家以釋放他們的財務壓力。這就是我們對這些政策的看法。

Yes. Let me supplement a little bit, Alicia. So for the subsidy and preferential commission rates, these are 2 separate things. Subsidy, we're talking about like waiving of merchants annual fee from Tmall platform. That's a support during COVID-19, right, to help them to go into this difficult time. And this preferential commission rate is ongoing efforts that we have this package all through these years.

是的。讓我補充一點，Alicia。所以對於補貼和優惠佣金率，這是兩個不同的事情。補貼，我們說的是免除天貓平台的商戶年費。這是 COVID-19 期間的支持，對吧，幫助他們度過這個困難時期。而這個優惠的佣金率是我們這些年來一直在努力的。

And talk about either subsidy or preferential rate, I think our operational philosophy is that we're not a believer of just burning money to grow the GMV. We believe that whatever investment we make, it should be the -- supporting the sustainable growth rather than just burn and blow away the dollars.

談到補貼或優惠率，我認為我們的運營理念是我們不相信只是燒錢來增加 GMV。我們相信，無論我們進行何種投資，它都應該是——支持可持續增長，而不是只是燒錢。

So if you look at our profitability, right, this year, we're talking about somewhere over RMB 140 billion, and we have like USD 50 billion cash on our accounts. So they are money to invest, but we are emphasizing on helping merchants in efficient and effective and sustainable way. Thanks.

所以如果你看看我們的盈利能力，對吧，今年，我們談論的是超過 1400 億元人民幣，我們的賬戶上有大約 500 億美元的現金。所以他們是投資的錢，但我們強調以高效、有效和可持續的方式幫助商家。謝謝。

Our final question comes from the line of Mark Mahaney from RBC.

我們的最後一個問題來自 RBC 的 Mark Mahaney。

If you were to talk about the biggest structural changes you think that will occur to your business or to the digital economy because of the COVID-19 crisis, what would you say they are? You highlighted the increased shopping for groceries online. But including that, other things, just step back, what do you think are going to be the biggest structural changes, permanent changes in the way that consumers around the world interact digitally because of this crisis?

如果您要談論您認為由於 COVID-19 危機將給您的企業或數字經濟帶來的最大結構性變化，您會說它們是什麼？您強調了網上雜貨購物的增加。但包括其他事情，退一步說，你認為最大的結構性變化是什麼？由於這場危機，全球消費者數字互動方式的永久性變化是什麼？

Okay. I think on top of the new category penetration like in the food and groceries, I think more important -- the other very important change is the education and the penetration in the customers who are not a very experienced Internet user or online shoppers before COVID-19. For example, what we see is that during the pandemic, many, many older people, they move to online and buy everything they need. And so it's not only about a category penetration. It's also about the user penetration. So we do see this change the lifestyle of many, many people.

好的。我認為除了像食品和雜貨這樣的新類別滲透之外，我認為更重要的是——另一個非常重要的變化是教育和對那些在 COVID 之前不是非常有經驗的互聯網用戶或在線購物者的客戶的滲透- 19.例如，我們看到的是，在大流行期間，很多很多老年人轉向網上購買他們需要的一切。因此，這不僅僅是關於品類滲透。這也與用戶滲透有關。所以我們確實看到這改變了很多很多人的生活方式。

And the second thing is not about consumption. It's about a change the way of working and change the way of education. So that's why in my remarks, I said that our DingTalk experienced a very, very robust growth during the quarter because of -- they become a very important platform for people -- for working people to stay connect and to improve their working efficiencies. And for students and schools, DingTalk become a very efficient platform for online classroom. So I think this is all about change of the lifestyle, change of the way of working, change of way of education. So this is a very, very fundamental -- but these are very fundamental changes. I would say this will stay ever -- even after the pandemic.

第二件事與消費無關。這是關於改變工作方式和改變教育方式。所以這就是為什麼在我的評論中，我說我們的 DingTalk 在本季度經歷了非常非常強勁的增長，因為 - 它們成為人們非常重要的平台 - 讓工作人員保持聯繫並提高他們的工作效率。而對於學生和學校來說，釘釘成為一個非常高效的在線課堂平台。所以我認為這都是關於生活方式的改變，工作方式的改變，教育方式的改變。所以這是一個非常非常根本的變化——但這些都是非常根本的變化。我想說這將永遠存在——即使在大流行之後。

Okay. Thanks, everyone, for joining the call today. If you have any further questions, please feel free to contact the Alibaba IR team. Thank you very much.

好的。謝謝大家今天加入電話會議。如果您有任何其他問題，請隨時聯繫阿里巴巴 IR 團隊。非常感謝。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, that does conclude our conference for today. Thank you for participating. You may all disconnect.

謝謝。女士們，先生們，我們今天的會議到此結束。感謝您的參與。你們都可以斷開連接。

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

[此記錄中標記為 [已翻譯] 的部分由現場通話中的口譯員說出。]