阿里巴巴 (BABA) 2020 Q3 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to Alibaba Group's December Quarter 2019 Results Conference Call. (Operator Instructions)

女士們先生們，美好的一天。謝謝你的支持。歡迎來到阿里巴巴集團 2019 年 12 月季度業績電話會議。（操作員說明）

I'd now like to turn the call over to Mr. 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負責人 Rob Lin 先生。請繼續。

Good day, everyone, and welcome to Alibaba Group's December Quarter 2019 Results Conference Call. With us today are Daniel Zhang, Executive Chairman and CEO; Joe Tsai, Executive Vice Chairman; Maggie Wu, Chief Financial Officer.

大家好，歡迎來到阿里巴巴集團 2019 年 12 月季度業績電話會議。今天和我們在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 Wu，首席財務官。

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

此電話會議也通過公司網站的 IR 部分進行網絡廣播。今天晚些時候將在網站上提供通話重播。

Now let me quickly cover the safe harbor. Today's discussion will contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties that may cause actual results to differ materially from our current expectations. For detailed discussions of these risks and uncertainties, please refer to our latest annual report on Form 20-F and other documents filed with the U.S. SEC.

現在讓我快速覆蓋安全港。今天的討論將包含前瞻性陳述。這些前瞻性陳述涉及固有的風險和不確定性，可能導致實際結果與我們當前的預期存在重大差異。有關這些風險和不確定性的詳細討論，請參閱我們向美國證券交易委員會提交的最新 20-F 表年度報告和其他文件。

We're announced on the website of the Hong Kong Stock Exchange.

我們在香港聯交所網站上公佈。

Any forward-looking statements that we make on this call are based on assumptions as of today, and we do not undertake any obligation to update these statements except as required under applicable law.

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

Please note that certain financial measures that we use on this call, such as adjusted EBITDA, adjusted EBITDA margin, adjusted EBITA, adjusted EBITA margin, 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 reconciliation of GAAP to non-GAAP measures can be found in our earnings press release.

請注意，我們在本次電話會議上使用的某些財務指標，例如調整後的 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。

Unless otherwise stated, growth rate of all of the stated metrics mentioned during this call refers 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規定指標的增長率均指與去年同期相比的同比增長。

In addition, I want to let everyone know that today's Q&A session will be conducted in both Chinese and English. A third-party translator will provide consecutive interpretation for the Q&A session, and our management will address your question in the language you asked. Please note that the translation is for convenience purpose only.

另外，我想告訴大家的是，今天的問答環節將以中英文雙語進行。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。

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。

(spoken in Chinese)

（用中文講）

With that, I'm going to pass to Daniel.

有了這個，我將傳遞給丹尼爾。

Thank you, Rob. Hello, everyone. Thank you for joining our earnings call today. We delivered an outstanding quarter for a strong finish to the 2019 calendar year and celebrated 3 major milestones especially important to Alibaba.

謝謝你，羅布。大家好。感謝您參加我們今天的財報電話會議。我們在 2019 日曆年取得了出色的成績，並慶祝了對阿里巴巴尤為重要的 3 個重要里程碑。

First, we successfully held our 11.11 Global Shopping Festival. Second, we successfully listed on the Hong Kong Stock Exchange. Thirdly, Dr. Wang Jian, Chairman of the Alibaba Technologies Steering Committee, was the first ever representative from the private sector to be appointed as a member of the Chinese Academy of Engineering.

一是成功舉辦了11.11全球購物節。二是成功在港交所上市。第三，阿里巴巴技術指導委員會主席王健博士是有史以來第一位被任命為中國工程院院士的私營部門代表。

However, like all the other companies in China, we are confronted with a black swan event soon after the start of 2020, the novel coronavirus. The outbreak is having significant impact on China's economy and may potentially affect the global economy. It will present near-term challenges to the development of Alibaba's business across-the-board, but at the same time, we will see opportunities created by the forces of change.

然而，與中國所有其他公司一樣，我們在 2020 年開始後不久就面臨著黑天鵝事件，即新型冠狀病毒。疫情正在對中國經濟產生重大影響，並可能對全球經濟產生潛在影響。這將對阿里巴巴業務的全面發展帶來近期挑戰，但同時，我們也將看到變革力量帶來的機遇。

Before further elaborating, I will share an overview of our performance for the December quarter. According to the China Ministry of Commerce, total retail sales across China increased by 8% year-over-year in 2019 for a total of RMB 41 trillion. Consumption contributed 58% of China's economic growth and accounted for 3.5 percentage points of China GDP growth. Online retail sales of physical goods for the year was RMB 8.5 trillion, up 19.5% year-over-year. From these figures, it is clear that consumption has become the major driver of economic growth in China, and online retail is the engine driving consumption growth.

在進一步闡述之前，我將分享我們在 12 月季度的業績概覽。根據中國商務部的數據，2019 年中國零售總額同比增長 8%，達到 41 萬億元人民幣。消費對中國經濟增長的貢獻率為58%，對中國GDP增長的貢獻率為3.5個百分點。全年實物商品網上零售額8.5萬億元，同比增長19.5%。從這些數字可以看出，消費已經成為中國經濟增長的主要驅動力，而網絡零售是拉動消費增長的引擎。

Over the past quarter, our China retail marketplaces continued to maintain rapid growth in both GMV and user base. As of December 31, annual active consumers reached 711 million, representing a net increase of 18 million over the previous quarter. Over 60% of new AAC came from less-developed areas.

在過去的一個季度，我們的中國零售市場在 GMV 和用戶群方面繼續保持快速增長。截至12月31日，全年活躍消費者達7.11億，環比淨增0.18億。超過60%的新AAC來自欠發達地區。

China retail marketplaces MAU reached 824 million, up 39 million from the previous quarter. We noticed stronger unit engagement and a buying frequency as measured by DAU growing faster than MAU. This reflects healthy user business on Taobao. Tmall physical goods GMV grow 24% year-over-year, further consolidating our leadership position as the top consumer engagement and distribution platform for brands in China.

中國零售市場 MAU 達到 8.24 億，比上一季度增加 3900 萬。我們注意到，以 DAU 衡量的單位參與度和購買頻率增長速度快於 MAU。這反映了淘寶上健康的用戶業務。天貓實體商品 GMV 同比增長 24%，進一步鞏固了我們作為中國頂級品牌消費者參與和分銷平台的領導地位。

Our 11.11 Global Shopping Festival set a new GMV record of RMB 268.4 billion. This is equivalent to 2.3x the combined online sales of Black Friday and Cyber Monday in the U.S. It reflects the strength of Alibaba's digital economy and our Chinese consumers' robust consumption power. More and more merchants are leveraging 11.11 to acquire new customers, launch new products and develop new categories.

我們的11.11全球購物節創下了2684億元的GMV新紀錄。這相當於美國黑色星期五和網絡星期一在線銷售額總和的2.3倍。這反映了阿里巴巴數字經濟的實力和我們中國消費者強勁的消費能力。越來越多商家借力11.11獲取新客戶、推出新產品、開發新品類。

During this year's November 11, 15 brands surpassed RMB 1 billion in their total sales. 215 premium brands launched their new products in new categories. And 120,000 merchants each acquired over 10,000 new customers.

今年11月11日，15個品牌總銷售額突破10億元。215個優質品牌推出了新品類的新產品。120,000家商戶各自獲得了超過10,000名新客戶。

Our globalization strategy enjoyed solid progress this quarter. Lazada and AliExpress continued to grow rapidly as a result of effective strategies in user acquisition and merchant onboarding. Lazada's quarterly orders increased 97% year-over-year, and AliExpress DAU grew by 56% for the month of December.

我們的全球化戰略在本季度取得了穩步進展。Lazada 和 AliExpress 繼續快速增長，得益於在用戶獲取和商家入駐方面的有效策略。Lazada 的季度訂單同比增長 97%，全球速賣通 DAU 在 12 月份增長了 56%。

Tmall Global paid GMV grew by 45% year-on-year and continued to consolidate its leading position in China's cross-border import market. And with the ongoing optimization of bonded warehouse import logistics solutions, Tmall Global's end-to-end order delivery time has further improved by 2.78 days, which is a 10% reduction in delivery time compared to the same period last year.

天貓國際支付GMV同比增長45%，繼續鞏固在中國跨境進口市場的領先地位。並且隨著保稅倉進口物流方案的不斷優化，天貓國際訂單端到端配送時間進一步提升2.78天，配送時間較去年同期縮短10%。

Cainiao Network continued to go from strength to strength. During this November 11, Cainiao processed a record-breaking 1.29 billion number of packages. Of those, 690 million packages (sic) [960 million] were delivered within 1 week, an improvement of 30% year-over-year, as a result of ongoing platform optimization and collective efforts with our logistic partners.

菜鳥網絡不斷壯大。11 月 11 日，菜鳥處理了 12.9 億個包裹，創歷史新高。其中，由於持續的平台優化和我們與物流合作夥伴的共同努力，1 週內交付了 6.9 億個包裹（原文如此）[9.6 億]，同比增長 30%。

We also saw a preference for using Cainiao Post, our last-mile service stations in residential areas and campuses. The number of packages collected by Cainiao Post increased by 88% year-over-year.

我們還看到了使用菜鳥郵政的偏好，這是我們在住宅區和校園的最後一英里服務站。菜鳥郵政代收包裹數量同比增長88%。

In November 2019, we invested RMB 23.3 billion to raise our equity stake in Cainiao from 51% to 53%. This investment is a demonstration of Alibaba's commitment to the development of a small logistics backbone as one of the core pieces of infrastructure for digital commerce.

2019年11月，我們出資233億元，將對菜鳥的股權由51%增至53%。這項投資表明了阿里巴巴致力於發展小型物流骨幹網作為數字商務基礎設施的核心部分之一。

Alibaba Cloud continued its rapid rise with 62% year-over-year revenue growth. We celebrated 2 meaningful milestones this quarter. The first milestone is Alibaba Cloud revenue surpassed RMB 10 billion in a single quarter for the first time. The second milestone was the successful migration of our e-commerce businesses' core systems onto the public cloud.

阿里雲繼續快速增長，收入同比增長 62%。本季度我們慶祝了 2 個有意義的里程碑。第一個里程碑是阿里雲單季度收入首次突破100億元人民幣。第二個里程碑是我們的電子商務業務的核心系統成功遷移到公共雲上。

During 11.11, our public cloud infrastructure and technology helped us to power the creation of over 544,000 orders per second at peak, process 970 petabytes of data without any disruption and defend against 6 billion cyberattacks, all within a 24-hour period. We believe the migration of Alibaba's core e-commerce system to the public cloud is a watershed event. Not only will we ourselves enjoy greater operating efficiency, but we believe it will also encourage others to adopt our public cloud infrastructure.

在 11.11 期間，我們的公有云基礎設施和技術幫助我們在 24 小時內實現了每秒超過 544,000 個訂單的創建，無中斷地處理 970 PB 數據並抵禦 60 億次網絡攻擊。我們認為阿里巴巴核心電商系統上雲是一個分水嶺。不僅我們自己會享受到更高的運營效率，而且我們相信這也會鼓勵其他人採用我們的公共雲基礎設施。

Now I would like to speak to the coronavirus situation on 3 areas: first, the responsibilities and duties that we assumed towards the community immediately upon the outbreak; second, our relief measures to support SMEs; third, the potential challenges and opportunities that we see for Alibaba's business in connection with the outbreak.

現在我想從三個方面談一下冠狀病毒的情況：第一，我們在疫情爆發後第一時間對社區承擔的責任和義務；第二，我們支持中小企業的紓困措施；第三，我們看到阿里巴巴業務在疫情中的潛在挑戰和機遇。

Let me start with our actions related to our community. We took every effort to protect the health and safety of our employees through flexible work policy and remote office collaboration using our proprietary technology. At the same time, we leveraged Alibaba's powerful forces of commerce and technology to deliver supplies to the affected regions. This is our responsibility to our community.

讓我從我們與社區相關的行動開始。我們盡一切努力通過靈活的工作政策和使用我們專有技術的遠程辦公協作來保護員工的健康和安全。同時，我們藉助阿里巴巴強大的商業和科技力量，為災區運送物資。這是我們對社區的責任。

Soon after the outbreak, we also began to procure medical supplies from around the world. To date, over 40 million units of medical supplies worth RMB 468 million are on their way or have been donated to Wuhan and other affected cities. Cainiao teamed up with our global industry partners to launch a fast-track logistics channel that facilitate delivery of over 26 million units of medical supplies into Wuhan and other cities to date.

疫情爆發後不久，我們也開始從世界各地採購醫療物資。截至目前，已有超過4000萬件價值4.68億元人民幣的醫療物資正在運抵或已捐贈給武漢和其他受災城市。菜鳥攜手全球產業夥伴，開通快捷物流通道，迄今已為武漢及其他城市運送超過2600萬件醫療物資。

We also worked to ensure supply of food and other consumables for the residents in affected regions. Our self-operated grocery chain, Freshippo, committed to a policy of remaining open for business, no raising prices and remaining stocked, particularly in the 18 stores across Wuhan. Freshippo became a lifeline for many local residents. Additionally, Freshippo and Ele.me teamed up with restaurant chains to provide free meals and the necessities to the hospital staff in Wuhan and emergency response teams.

我們還努力確保受影響地區居民的食品和其他消費品供應。我們的自營雜貨連鎖店盒馬鮮生承諾繼續營業、不漲價和保持庫存，尤其是在武漢的 18 家門店。盒馬成為許多當地居民的生命線。此外，盒馬鮮生和餓了麼還與連鎖餐廳合作，為武漢的醫院工作人員和應急小組提供免費餐食和生活必需品。

Alibaba also contributed the power of our advanced technologies to combat the outbreak. DAMO Academy provides free AI voice chatbot service to government and academic or prevention agencies to efficiently keep a daily health record of those who might have close contact with infected patients. Our enterprise communication and collaboration app, DingTalk, introduced a digital health check-in feature to help companies maintain up-to-date health monitoring of their employees. To date, there have been more than 150 million daily health check-ins recorded in DingTalk.

阿里巴巴也為抗擊疫情貢獻了先進技術的力量。達摩院為政府和學術機構或預防機構提供免費的人工智能語音聊天機器人服務，以高效地記錄可能與感染患者有密切接觸的人員的日常健康記錄。我們的企業通信和協作應用程序釘釘引入了數字健康檢查功能，以幫助企業保持對員工的最新健康監測。截至目前，釘釘每日健康簽到記錄已超過1.5億次。

Now about our relief measures in support of SMEs. Together with Ant Financial, we announced a comprehensive set of relief measures that fall under 6 categories: one, reduction of business operation costs on our platforms; two, financial support by waiving or lowering interest rates; three, subsidies for delivery personnel and raising level of logistic efficiency; four, provisions of flexible job opportunities to guarantee income; five, additional tools for businesses to accelerate digital utilization; six, remote working management for enterprises.

現在談談我們支持中小企業的救濟措施。我們與螞蟻金服一起宣布了一套全面的救助措施，分為 6 類：一是降低我們平台的業務運營成本；二、通過免除或降低利率的財政支持；三、配送人員補貼，提高物流效率水平；四、提供靈活的工作機會，保證收入；五、企業加速數字化利用的額外工具；六、企業遠程辦公管理。

We will support our merchants to overcome this challenging time and are taking proactive measures to fulfill our mission to make it easy to do business anywhere.

我們將支持我們的商家度過這個充滿挑戰的時期，並採取積極措施來履行我們的使命，讓天下沒有難做的生意。

Lastly, the potential impact on our business. We are closely monitoring the challenges as well as identifying opportunities for Alibaba's business as the situation evolves. For our e-commerce business, the delay in employees returning to work following the Spring Festival holiday is preventing merchants and logistics companies from resuming operations.

最後，對我們業務的潛在影響。我們正在密切關注挑戰，並隨著形勢的發展為阿里巴巴的業務尋找機遇。對於我們的電商業務，春節假期後員工延遲返崗阻礙了商家和物流公司的複工。

For the first 2 weeks after the Chinese New Year holiday, we have observed negative impact on our commerce business as merchant operations have not returned to normal and a significant number of packages were not able to be delivered on time.

在農曆新年假期後的前兩週，我們觀察到商業業務受到負面影響，因為商戶運營尚未恢復正常，大量包裹無法按時送達。

In our New Retail business, Freshippo and Taoxianda's average basket size increased significantly as a result of consumer migration to online purchasing of fresh goods, groceries and a broader selection of daily necessities. However, limitations in delivery capacity is preventing order volume from fully recovering.

在我們的新零售業務中，由於消費者轉向在線購買新鮮商品、雜貨和更廣泛的日用品選擇，盒馬鮮生和淘鮮達的平均購物籃數量顯著增加。然而，交貨能力的限制阻礙了訂單量的完全恢復。

For the local consumer services, restaurant visits and the food delivery orders declined noticeably year-over-year because many restaurants have not resumed normal operations. Other categories like grocery shopping have increased sharply.

就本地消費服務而言，由於許多餐廳尚未恢復正常營業，餐廳客流量和外賣訂單同比明顯下降。雜貨店購物等其他類別增長迅速。

Our travel booking service, Fliggy, received material levels of cancellations for air tickets, hotel reservations and tour packages. In accordance with government regulations, Fliggy provided unconditional and penalty-free cancellation to our customers.

我們的旅行預訂服務飛豬收到了大量的機票、酒店預訂和旅遊套餐取消。根據政府規定，飛豬為我們的客戶提供無條件和免罰金的取消。

DingTalk has experienced explosive growth in DAU and the number of corporate users. It is providing business with remote working features to maintain their operation and accelerate their digitalization. In addition, DingTalk also saw increasing popularity of virtual classrooms that help schools and students resume their studies via live streaming classes. We are closely monitoring the impact of the ongoing outbreak on our business and will take necessary measures to ensure our business operations.

釘釘在 DAU 和企業用戶數量上經歷了爆發式增長。它為企業提供遠程工作功能，以維持其運營並加速其數字化。此外，釘釘還看到虛擬教室越來越受歡迎，通過直播課幫助學校和學生恢復學習。我們正在密切關注持續的疫情對我們業務的影響，並將採取必要措施確保我們的業務運營。

Our mission is to make it easy to do business anywhere, and we are being tested. True to our mission, we will stand together with all of our merchants to overcome the current challenges and facilitate our users and our communities to fight against the virus.

我們的使命是讓天下沒有難做的生意，我們正在接受考驗。忠於我們的使命，我們將與所有商家站在一起，克服當前的挑戰，並幫助我們的用戶和我們的社區與病毒作鬥爭。

17 years ago, the e-commerce business experienced tremendous growth after SARS. We believe that adversity will be followed by change in behavior among consumers and enterprises and bring ensuing opportunities. We have observed more and more consumers getting comfortable with taking care of their daily living needs and working requirements through digital means. We are confident in the ongoing digitization of China's economy and society and are ready to seize the opportunity to build the foundation for the long-term growth of Alibaba's digital economy.

17年前，電商業務經歷了非典後的巨大增長。我們相信，逆境之後會帶來消費者和企業行為的改變，並帶來隨之而來的機遇。我們觀察到越來越多的消費者習慣於通過數字方式滿足他們的日常生活需求和工作需求。我們對中國經濟社會的數字化進程充滿信心，並準備抓住機遇，為阿里巴巴數字經濟的長期發展奠定基礎。

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

現在我將把電話轉給 Maggie，她將向您詳細介紹我們的財務業績。

Thank you, Daniel. Thank you, everyone, for joining us. Before we start, I would like to say that our thoughts and prayers go to those families deeply impacted by the coronavirus outbreak. At the end of my prepared remarks, I will also share with you our current assessment of the effects of this epidemic.

謝謝你，丹尼爾。謝謝大家加入我們。在我們開始之前，我想說的是，我們向那些深受冠狀病毒爆發影響的家庭表示思念和祈禱。在準備好的發言結束時，我還將與大家分享我們目前對此次疫情影響的評估。

So before talking about this quarter's financial results, let me give you a quick summary on this Hong Kong listing. November 26, we successfully listed on Hong Kong Stock Exchange. We offered 575 million new ordinary shares with proceeds of about HKD 100 billion or about USD 13 billion. So our shares are multiple times oversubscribed. We view Hong Kong as strategically important to us. So overall, this is a very successful listing.

因此，在談論本季度的財務業績之前，讓我簡要介紹一下此次香港上市的情況。11月26日，我們在香港聯交所成功上市。我們發行了 5.75 億股新普通股，募集資金約 1000 億港元或約 130 億美元。所以我們的股票被多次超額認購。我們認為香港對我們具有重要的戰略意義。所以總的來說，這是一次非常成功的上市。

So let me review our financial highlights. We had another strong quarter. We achieved strong results for our core commerce segment, reflecting our strategic focus on user acquisition and engagement, as well as enhancing product varieties and increasing our offerings of price-competitive products.

因此，讓我回顧一下我們的財務亮點。我們有另一個強勁的季度。我們的核心商務部門取得了強勁的業績，反映了我們對用戶獲取和參與的戰略重點，以及增加產品種類和增加具有價格競爭力的產品的供應。

Mobile MAU were up 39 million, reaching 824 million. And new active consumer on our China retail marketplace increased about 18 million to 711 million. Over 60% of new annual active consumers were from less developed areas. The increase in consumer growth reflected continuous improvement in our consumer segment initiatives. These initiatives have been well received by consumers as evidenced by higher purchase frequency for our China retail marketplace business.

移動 MAU 增加了 3900 萬，達到 8.24 億。我們中國零售市場的新活躍消費者增加了約 1800 萬至 7.11 億。超過 60% 的新增年度活躍消費者來自欠發達地區。消費者增長的增加反映了我們消費者細分計劃的持續改進。這些舉措受到消費者的歡迎，我們中國零售市場業務的購買頻率更高就是明證。

When we look at December quarter revenue, our total revenue grew 38% to RMB 161 billion. And excluding the effects of consolidating acquired businesses, mainly Kaola, total revenue would still have grown at 33%. The increase was mainly driven by robust growth of our China commerce retail business and Alibaba Cloud.

當我們查看 12 月季度的收入時，我們的總收入增長了 38%，達到 1610 億元人民幣。排除合併收購業務（主要是考拉）的影響，總收入仍將增長 33%。該增長主要受我們中國商業零售業務和阿里雲的強勁增長推動。

Our operation continues to run efficiently. So when you look at the quarter's cost trends, cost expenses are well controlled, while our business have -- continued to grow.

我們的運營繼續高效運行。因此，當您查看本季度的成本趨勢時，成本支出得到了很好的控制，而我們的業務卻在繼續增長。

So let's turn to the segment reports. Core commerce continued to be very strong. Revenue grew 38% to RMB 141 billion. The fundamentals of our China retail business continued to be very strong, and customer management revenue grew by 23% in the quarter. This growth was primarily the result of an increase in the average unit price per click and an increase in the volume of paid clicks from improving click-through rates. The growth also reflects strong growth in number of paying merchants during the quarter.

那麼讓我們轉向分部報告。核心商業繼續非常強勁。收入增長 38% 至人民幣 1,410 億元。我們中國零售業務的基本面繼續非常強勁，本季度客戶管理收入增長了 23%。這一增長主要是由於每次點擊的平均單價增加以及點擊率提高導致付費點擊量增加。這一增長還反映了本季度付費商家數量的強勁增長。

Commission revenue grew by 16%, primarily due to strong 24% growth of Tmall online physical goods GMV. So when you look at the growth for revenue and GMV, there is a gap and this is primarily because of 2 factors: number one, more merchants, particularly in those strategically important categories, received preferential commission rates; second, the revenue mix shift within Tmall Supermarket from commission-based revenue towards direct sales continued to have an impact so like we discussed in the previous quarter.

佣金收入增長 16%，主要是由於天貓在線實物商品 GMV 強勁增長 24%。因此，當您查看收入和 GMV 的增長時，會發現存在差距，這主要是因為兩個因素：第一，更多的商家，特別是那些具有戰略重要性的類別中的商家，獲得了優惠的佣金率；其次，天貓超市的收入結構從基於佣金的收入轉向直接銷售繼續產生影響，正如我們在上一季度討論的那樣。

As you know, in our direct sales business, we do not receive commissions from third-party merchants, but rather realize our economics from product margins.

如您所知，在我們的直銷業務中，我們不收取第三方商家的佣金，而是從產品利潤中實現我們的經濟。

The increase in direct sales volume helps us improve our supply chain and operational efficiency for the business.

直銷量的增加有助於我們改善供應鍊和業務運營效率。

China retail others revenue, this is mainly our New Retail business revenue still growing very strongly, 128%. This increase was driven by our direct sales business, including Tmall Supermarket and Freshippo. This quarter is also the first full quarter of consolidation of Kaola, which we acquired September 2019.

中國零售其他收入，這主要是我們的新零售業務收入仍然增長非常強勁，128%。這一增長是由我們的直銷業務推動的，包括天貓超市和盒馬鮮生。本季度也是我們於 2019 年 9 月收購考拉的第一個完整季度。

International retail, now let's take a look at the details. So as Daniel mentioned, we experienced strong growth in our global markets. Lazada and AliExpress continued to deliver robust growth in orders and active merchants.

國際零售，現在讓我們來看看細節。正如丹尼爾所說，我們在全球市場經歷了強勁的增長。Lazada 和全球速賣通繼續實現訂單和活躍商家的強勁增長。

Revenue for our international retail business grew 27% to RMB 7.4 billion. The increase was primarily driven by growth in revenue from Lazada that was partially offset by slower revenue growth from AliExpress because we deconsolidated the Russian business of AliExpress in October 2019 to -- because we set up this JV with the local partners as we reported in previous quarter.

我們的國際零售業務收入增長 27% 至人民幣 74 億元。這一增長主要是由 Lazada 的收入增長推動的，但部分被全球速賣通收入增長放緩所抵消，因為我們在 2019 年 10 月將全球速賣通的俄羅斯業務分拆為——因為我們與當地合作夥伴建立了這個合資企業，正如我們在之前報告的那樣四分之一。

So if you look at the -- okay, Cainiao. The fast growth across other businesses supported the increased adoption fulfilled by Cainiao service. This growth contributed to strong revenue growth for Cainiao. In the quarter, Cainiao revenue reached RMB 7.5 billion, growing at 67%.

所以，如果你看看——好的，菜鳥。其他業務的快速增長支持了菜鳥服務的普及。這一增長為菜鳥帶來了強勁的收入增長。本季度，菜鳥營收達到75億元，同比增長67%。

For our local consumer service, revenue grew 47% to 7.6 billion. During the quarter, we continued to achieve strong growth in GMV, driven by robust order growth and the increase in average order value. We will continue to take a targeted and systematic approach to invest in local consumer service.

對於我們的本地消費者服務，收入增長了 47% 至 76 億美元。本季度，在強勁的訂單增長和平均訂單價值增長的推動下，我們繼續實現 GMV 的強勁增長。我們將繼續有針對性、系統性地投入本地消費服務。

Alibaba Cloud. Cloud computing revenue grew at 62%, reaching 10.7 billion. So this is the first quarter that cloud business revenue surpassed the RMB 10 billion. The robust cloud revenue growth was primarily driven by increased revenue contribution from both our public cloud and hybrid cloud business.

阿里雲。雲計算收入增長 62%，達到 107 億美元。所以這是雲業務收入首次突破百億的季度。強勁的雲收入增長主要是由我們的公共雲和混合雲業務的收入貢獻增加推動的。

Let's look at the profitability. In our commerce segment, we continued to generate strong market-based core commerce adjusted EBITA, which reached RMB 66 billion, growing at 20%. Comparing to year ago, we have increased adjusted EBITA by RMB 12 billion in absolute dollar amount while the combined losses in our 4 strategic areas were all flat year-over-year. This reflects our targeted approach to allocation of resources and investment in key strategic growth areas while also optimizing costs and improving efficiency. After incorporating these losses, our core commerce adjusted EBITA grew strongly by 26%.

讓我們看看盈利能力。在我們的商業領域，我們繼續產生強勁的基於市場的核心商業調整後 EBITA，達到 660 億元人民幣，增長 20%。與去年同期相比，我們的調整後 EBITA 增加了 120 億元人民幣（按絕對金額計算），而我們 4 個戰略領域的合併虧損同比持平。這反映了我們有針對性地在關鍵戰略增長領域分配資源和投資，同時優化成本和提高效率。計入這些損失後，我們的核心商業調整後 EBITA 強勁增長了 26%。

Now look at the cloud computing segment. Adjusted EBITA was a loss of RMB 356 million. The EBITDA margin improved slightly during the quarter. So the loss margin got narrowed.

現在看看雲計算部分。調整後EBITA為虧損人民幣3.56億元。本季度 EBITDA 利潤率略有改善。因此虧損幅度縮小了。

Our digital media and entertainment segment. Adjusted EBITA loss was RMB 3.3 billion. This loss has been significantly reduced from RMB 6 billion in the same quarter last year. Excluding content-impairment impacts, EBITA losses would be RMB 1.2 billion, a reduction from RMB 2.8 billion in the same quarter last year.

我們的數字媒體和娛樂部門。調整後EBITA虧損為人民幣33億元。這一虧損較去年同期的 60 億元人民幣大幅減少。排除內容減值影響，EBITA 虧損為人民幣 12 億元，低於去年同期的人民幣 28 億元。

Innovation initiatives. Adjusted EBITA for innovation initiatives was a loss of RMB 1.9 billion.

創新舉措。創新舉措的調整後 EBITA 虧損人民幣 19 億元。

Look at the free cash flow and the capital expenditures. Our business overall continued to show strong profitability and cash flow. So as of December 31, cash, cash equivalent and short-term investments were RMB 352 billion or approximately USD 50 billion.

查看自由現金流和資本支出。我們的整體業務繼續表現出強勁的盈利能力和現金流。截至 12 月 31 日，現金、現金等價物和短期投資為人民幣 3520 億元，約合 500 億美元。

For the December quarter, free cash flow was RMB 78 billion, which increased by 52%. This is mainly due to our robust profitability growth as well as a decrease in CapEx expenditure. This is a kind of seasonal reason.

12 月季度，自由現金流為人民幣 780 億元，增長 52%。這主要是由於我們強勁的盈利能力增長以及資本支出的減少。這是一種季節性的原因。

Okay. Other financial matters. The share of profit of other equity initiatives in the quarter reached RMB 82 billion -- reached -- sorry, RMB 2 billion, which mainly includes our share of profit from Suning. Under equity accounting, Suning completed a transaction related to their financial businesses that created a onetime gain.

好的。其他財務事項。本季度其他股權計劃的利潤份額達到人民幣 820 億元——達到——對不起，人民幣 20 億元，其中主要包括我們在蘇寧的利潤份額。在權益法下，蘇寧完成了一筆與其金融業務相關的交易，產生了一次性收益。

In addition, given we received a 33% equity interest in Ant Financial on December -- on September 23, 2019, we recorded our share of profits of RMB 215 million from Ant Financial for the period of September 24 to September 30. As a reminder, our equity account for stake in Ant Financial is on a one-quarter lag basis as in the case of our equity vestees.

此外，鑑於我們於 12 月 - 2019 年 9 月 23 日獲得了螞蟻金服 33% 的股權，我們記錄了 9 月 24 日至 9 月 30 日期間我們從螞蟻金服獲得的利潤分成人民幣 2.15 億元。提醒一下，我們在螞蟻金服的股權賬戶與我們的股權受讓方一樣，滯後四分之一。

There was no other income arising from our prior 37.5% profit sharing arrangement with Ant Financial during this quarter as it was terminated in September and replaced by this equity pickup.

本季度我們與螞蟻金服的 37.5% 利潤分享安排沒有產生其他收入，因為該安排已於 9 月終止並被此次股權收購所取代。

GAAP net income during the quarter was RMB 50 billion, up 62%.

本季度 GAAP 淨收入為人民幣 500 億元，增長 62%。

To reconcile GAAP net income to non-GAAP net income, we made the following adjustments. First, take exclusion of RMB 17 billion in investment gains and others. These gains primarily include a onetime gain related to our contribution to the AliExpress Russia businesses into a JV as well as a gain in the fair value of our equity investments. Second, the exclusion of the additional RMB 2.3 billion onetime gain related to 33% equity interest in Ant that we received in September. Excluding these gains and losses and certain other items, our non-GAAP net income would have increased by 56% to RMB 46.5 billion.

為了使 GAAP 淨收入與非 GAAP 淨收入保持一致，我們進行了以下調整。首先，剔除170億元的投資收益及其他。這些收益主要包括與我們對全球速賣通俄羅斯業務向合資企業的貢獻相關的一次性收益，以及我們股權投資的公允價值收益。其次，不包括我們在 9 月份獲得的與螞蟻金服 33% 股權相關的額外人民幣 23 億元一次性收益。排除這些損益和某些其他項目，我們的非美國通用會計準則淨收入將增長 56% 至人民幣 465 億元。

Okay. So now let's take a look at the -- okay. We've finished the cash flow discussion, and that's pretty much other financial metrics and non-GAAP income -- okay. Now let's take a look at this impact from the recent coronavirus breakout.

好的。那麼現在讓我們來看看——好吧。我們已經完成了現金流量討論，這幾乎是其他財務指標和非 GAAP 收入——好的。現在讓我們來看看最近冠狀病毒爆發的影響。

Okay. So we ended the calendar 2019 on a high note. We successfully listed on the Hong Kong Stock Exchange and delivered strong sets of results in December 2019 quarter. The strong performance continued in the month of January with our major business maintaining solid revenue growth.

好的。因此，我們以高調結束了 2019 年的日曆。我們在香港聯交所成功上市，並在 2019 年 12 月季度取得了強勁的業績。1 月份繼續保持強勁表現，我們的主要業務保持穩健的收入增長。

As Daniel mentioned in his remarks, some of our major businesses have been negatively impacted in February due to the coronavirus outbreak and the resulting business disruption that followed in most parts of the economy.

正如丹尼爾在發言中提到的那樣，由于冠狀病毒的爆發以及隨之而來的大部分經濟領域的業務中斷，我們的一些主要業務在 2 月份受到了負面影響。

At the same time, we have announced, together with Ant Financial, 20 major initiatives and relief programs to help our customers and partners.

同時，我們聯合螞蟻金服宣布了20項重大舉措和救助計劃，以幫助我們的客戶和合作夥伴。

While it's too early to quantify the financial impact of the coronavirus on our business, I would have -- I would like to provide some qualitative observations on the situation.

雖然現在量化冠狀病毒對我們業務的財務影響還為時過早，但我想提供一些關於這種情況的定性觀察。

Okay. First, let me talk about the macro and how we think about this -- what happened recently. The epidemic has negatively impacted the overall China economy, especially the retail and service sectors. While demand for goods and services is there, the means of production in the economy has been hampered by delayed opening of offices, factories and stores after Lunar New Year holiday.

好的。首先，讓我談談宏觀以及我們對此的看法——最近發生的事情。疫情對中國整體經濟造成負面影響，尤其是零售業和服務業。雖然對商品和服務的需求存在，但經濟中的生產資料受到農曆新年假期後辦公室、工廠和商店延遲開放的阻礙。

We, as other -- like other businesses, are not immune to this imbalance of supply and demand. However, we see this unfortunate situation as an opportunity to provide value and support to our customers in order to help them recover production and supply capability as soon as possible. Their recovery and long-term success will translate into sustainable, long-term growth for Alibaba Group. This is similar to what we experienced during the SARS outbreak in 2003.

我們和其他企業一樣，也不能倖免於這種供需失衡。但是，我們將這種不幸的情況視為向我們的客戶提供價值和支持的機會，以幫助他們盡快恢復生產和供應能力。他們的複蘇和長期成功將轉化為阿里巴巴集團可持續的長期增長。這與我們在 2003 年非典爆發期間所經歷的情況類似。

Okay. So number two, let me talk about the -- what happened in our business. So Daniel mentioned the operational impact of a serious disruption to supply chain, manufacturing activities and logistics so far in February. At the same time, we are supporting our customers by waiving fees, and together with Ant Financial, we're providing interest-free or lower interest loans. The situation is to help normalize our merchants' operations.

好的。所以第二，讓我談談 - 我們業務中發生的事情。因此，丹尼爾在 2 月份提到了供應鏈、製造活動和物流嚴重中斷對運營的影響。同時，我們通過免除費用來支持我們的客戶，並與螞蟻金服一起提供免息或低息貸款。這種情況是為了幫助規範我們商家的運營。

Then talk about the impact. Because we're only halfway through the March quarter and because there's still uncertain ongoing development of this coronavirus, it is really difficult for us to have accurate estimation for the full financial impact for this March quarter. But as of today, what we've seen, particularly in the past like 12, 13 days since the starting of February, our overall revenue growth rate, we believe, will be negatively impacted for March quarter. Some of our businesses that rely on physical means of production on supply side would even show negative revenue growth for the quarter such as China retail marketplace and local consumer services.

然後說說影響。由於 3 月季度才過半，而且這種冠狀病毒的持續發展仍存在不確定性，因此我們真的很難準確估計 3 月季度的全部財務影響。但截至今天，我們所看到的，尤其是自 2 月初以來的 12、13 天，我們相信，我們的整體收入增長率將對 3 月季度產生負面影響。我們的一些在供應方面依賴實物生產資料的業務甚至會在本季度出現負增長，例如中國零售市場和本地消費服務。

Overall, we remain optimistic about consumption growth in China and continue to be confident about our long-term growth prospects. So whatever we've seen right now, we believe this is a one-off occurrence. By helping our customers through difficult times, we and they will emerge even stronger, and we will have greater opportunity to drive long-term sustainable growth.

總體而言，我們對中國的消費增長保持樂觀，並對我們的長期增長前景充滿信心。因此，無論我們現在看到什麼，我們都相信這是一次性事件。通過幫助我們的客戶度過困難時期，我們和他們將變得更加強大，我們將有更多機會推動長期可持續增長。

So that ends my remarks. Let's go to the Q&A. Thank you.

我的發言到此結束。讓我們進入問答環節。謝謝。

Operator, before we start, I just want to remind all the analysts that you can ask the question in Chinese or English, and our management will respond to you in the language you asked. With that, operator, let's open to questions.

接線員，在我們開始之前，我只想提醒所有的分析師，你可以用中文或英文提問，我們的管理層會用你問的語言回复你。有了這個，運營商，讓我們開始提問。

Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions) Our first question comes from the line of Thomas Chong from Jefferies.

女士們，先生們，我們現在開始問答環節。（操作員說明）我們的第一個問題來自 Jefferies 的 Thomas Chong。

I have a question about the migration to online. Post the coronavirus, would our digitization strategy further speed up given off-line merchants realize the significance of going online and data insights from our ecosystem?

我有一個關於遷移到在線的問題。冠狀病毒爆發後，我們的數字化戰略是否會進一步加快，因為線下商家已經意識到線上的重要性以及來自我們生態系統的數據洞察力？

The other question I have is about the synergies we've earned in local services. What are the strategies to further unlock the potential of Ele.me on top of food delivery?

我的另一個問題是關於我們在本地服務中獲得的協同效應。有哪些策略可以進一步釋放餓了麼在外賣上的潛力？

(Spoken in Chinese)

（中文口語）

Thank you, Thomas. This is Daniel. Let me answer these 2 questions. For the first one, I think in this outbreak, I think there are many, many relevance -- many, many consumers, they change their way of living and for many offices -- many workers, they change the way of how to work. So people now work remotely from home. People buy foods, buy fresh products, buy groceries, buy necessities from home. I think this is a very big challenge that -- the crisis is a very, very big challenge to the society but also, as I said in my remarks, give people a chance to try new way of living and new way of work.

謝謝你，托馬斯。這是丹尼爾。讓我回答這兩個問題。對於第一個，我認為在這次爆發中，我認為有很多很多相關性——很多很多消費者，他們改變了他們的生活方式，對於許多辦公室——很多工人，他們改變了工作方式。所以現在人們在家遠程工作。人們購買食品、購買新鮮產品、購買雜貨、購買家裡的必需品。我認為這是一個非常大的挑戰——這場危機對社會來說是一個非常非常大的挑戰，但正如我在發言中所說，它也給人們提供了嘗試新生活方式和新工作方式的機會。

So I think after all is done, I would expect that this is an inevitable trend that more and more business and more and more customers will have a digital life or digital working style. So this obviously will, in the long term, will be good for the digital pace of the whole society.

所以我認為在完成之後，我預計這是一個不可避免的趨勢，越來越多的企業和越來越多的客戶將擁有數字化生活或數字化工作方式。因此，從長遠來看，這顯然有利於整個社會的數字化步伐。

And for your second question.

對於你的第二個問題。

(Spoken in Chinese)

（中文口語）

Okay. For the second question, I think local service is a very, very important sector in consumption. So you all know that Alibaba has a strong commitment to this sector and we don't view this as a business, but we think this is a foundation for the consumption.

好的。第二個問題，我覺得本地服務是消費中非常非常重要的一個板塊。所以你們都知道阿里巴巴對這個領域有堅定的承諾，我們不認為這是一項業務，但我們認為這是消費的基礎。

So I think in the previous months, we are happy to have Simon Hu, the new CEO of Ant Financial taking -- also taking the Chairman role of our local service company, I think, which give us a good chance to realize more synergies between Alipay and the local service business. And Alipay today, starting from a payment tool, now is evolving and upgrading to a consumer -- a very strong consumer interface.

所以我認為在過去的幾個月裡，我們很高興螞蟻金服的新任首席執行官胡曉明接任——我認為他還擔任我們本地服務公司的董事長一職，這讓我們有機會實現更多的協同效應支付寶和本地服務業務。而今天的支付寶，從一個支付工具開始，現在正在進化和升級為一個消費者——一個非常強大的消費者界面。

(Spoken in Chinese)

（中文口語）

Next question comes from the line of Eddie Leung from Bank of America.

下一個問題來自美國銀行的Eddie Leung。

(Interpreted) So my question is regarding Tmall and Taobao. We heard both from Daniel and from Maggie that there's an impact on both supply and on logistics being brought about, of course, by this coronavirus outbreak.

（已翻譯）所以我的問題是關於天貓和淘寶的。我們從 Daniel 和 Maggie 那裡聽說，這次冠狀病毒的爆發當然對供應和物流都產生了影響。

My question, however, goes to the demand side. I'm wondering if you're seeing any different impact on demand, for example, in different categories or in different markets. For example, first-tier cities versus the less developed markets. At least from a direction perspective, could you tell us about any impact you're seeing on demand side, for example, in categories like clothing or white goods or others?

然而，我的問題是針對需求方。我想知道您是否看到對需求的任何不同影響，例如，在不同類別或不同市場中。例如，一線城市與欠發達市場。至少從方向的角度來看，您能否告訴我們您在需求方面看到的任何影響，例如，在服裝或白色家電或其他類別中？

(Interpreted) Well, thank you very much for your question and also for your best wishes. The answer is, yes, we certainly are seeing some relatively large changes in demand in different categories. For example, in the category including food and daily necessities, fast-moving consumer goods, we're seeing relatively rapid growth. Of course, part of that growth is coming from the traditional retail sales sector with delivery from close-by shops.

（翻譯）好的，非常感謝你的提問，也非常感謝你的祝福。答案是肯定的，我們當然看到不同類別的需求發生了一些相對較大的變化。例如，在食品和日用品、快速消費品等類別中，我們看到了相對較快的增長。當然，這種增長的一部分來自傳統的零售業，即附近商店的送貨服務。

Secondly, when you look at categories like clothing and consumer electronics, of course, there's a big challenge there, including on the supply side, but also including reduced willingness on the part of consumers to make those kinds of purchases at the height of the epidemic. Of course, I'm confident that that will turn around as the situation improves.

其次，從服裝、消費電子等品類來看，當然也有很大的挑戰，包括供給端，也包括疫情最嚴重時消費者購買此類商品的意願降低。 .當然，我相信隨著情況的好轉，情況會好轉。

And in terms of regional differences, one new thing that we're seeing in the face of the epidemic is increased uptake by online users in the lower-tier cities or the less-developed regions of China in terms of going online to purchase daily necessities. And we think in the long term, that would be a favorable trend.

而在區域差異方面，面對疫情我們看到的一個新現像是中國低線城市或欠發達地區的網民在網上購買日用品方面的使用率有所提高.我們認為從長遠來看，這將是一個有利的趨勢。

Your next question comes from the line of Alex Yao from JPMorgan.

你的下一個問題來自摩根大通的Alex Yao。

Best wishes to working through the challenging environment. I would like to clarify with Maggie your comment about the financial implication to the quarter from the current situation. Did you say that the business with a strong connection to physical production and fulfillment will be declined, specifically, actually, you talked about China marketplace revenue will be declined for March, which means your CMR and the commission revenue would decline. So that's the first part.

祝您在充滿挑戰的環境中工作。我想與 Maggie 澄清您對當前情況對該季度財務影響的評論。你是不是說與實體生產和履行有很強聯繫的業務會下降，具體來說，實際上你談到中國市場收入將在 3 月份下降，這意味著你的 CMR 和佣金收入會下降。這是第一部分。

The second part is if we assume this coronavirus situation is short-lived, just like what happened to 2003 from SARS, should we be expecting a V-shaped recovery or U-shaped recovery? Is there anything that prevents the business going back to normal immediately after the situation is gone?

第二部分是，如果我們假設這種冠狀病毒的情況是短暫的，就像 2003 年的 SARS 一樣，我們應該期待 V 型複蘇還是 U 型複蘇？在情況消失後，是否有任何事情可以阻止業務立即恢復正常？

(Spoken in Chinese)

（中文口語）

Okay. Maybe I first answer this question on the financial impact and then Daniel could give his view on the shapes, your view. Okay.

好的。也許我首先回答這個關於財務影響的問題，然後 Daniel 可以給出他對形狀的看法，你的看法。好的。

I think -- so for financial impact, Alex, I talked about so what could impact our financials for March quarter, right? There are 2 things. One thing is the coronavirus outbreak impact our own business. The other thing is that we're also offering these relief programs to help our merchants, okay?

我認為 - 所以對於財務影響，亞歷克斯，我談到了什麼會影響我們三月份的財務狀況，對嗎？有兩件事。一件事是冠狀病毒的爆發影響了我們自己的業務。另一件事是，我們還提供這些救濟計劃來幫助我們的商家，好嗎？

So let me talk about overall impact. I said 2 things. Number one is that we estimated March quarter revenue growth would experience negative impact, which means that the growth rate will come down. It's possible that growth rate come down significantly. We just don't know yet because this is just mid of February.

那麼讓我談談整體影響。我說了兩件事。第一，我們估計 3 月季度收入增長將受到負面影響，這意味著增長率將會下降。增長率可能會顯著下降。我們只是還不知道，因為現在才 2 月中旬。

And number two, I said that the business in our China retail marketplace, these are production related, which means China retail marketplace, which means Taobao and Tmall, which is CMR and commission, as well as the local consumer service would likely experience negative revenue growth. So that's to clarify.

第二，我說我們中國零售市場的業務，這些是生產相關的，這意味著中國零售市場，這意味著淘寶和天貓，這是 CMR 和佣金，以及本地消費者服務可能會出現負收入生長。所以這是要澄清的。

(Spoken in Chinese)

（中文口語）

This is Daniel. Let me answer the second question. I think -- will it be a U correction or V-shaped correction is highly dependent on the -- on how long will it take to finish this outbreak. The longer time it takes, I think they will take even longer time to recover because I think many service sectors are disrupted, I mean, during this outbreak. And I think if we can recover as we see in recent days and we should see some good indication in cities out -- in major cities, except for Wuhan, I think that takes time to see how quick we recover.

這是丹尼爾。我來回答第二個問題。我認為——這是 U 型修正還是 V 型修正在很大程度上取決於——完成這次爆發需要多長時間。需要的時間越長，我認為他們將需要更長的時間才能恢復，因為我認為在這次疫情爆發期間，許多服務行業都受到了乾擾。而且我認為，如果我們能夠像最近幾天看到的那樣恢復，我們應該會在其他城市看到一些好的跡象——在主要城市，除了武漢，我認為這需要時間來觀察我們恢復的速度。

(Spoken in Chinese)

（中文口語）

Next question comes from the line of Binnie Wong from HSBC.

下一個問題來自匯豐銀行的Binnie Wong。

Again, best wishes to everyone and hope the situation will improve very soon. My question is actually on the local services. If you look at the loss tracked to core commerce EBITDA, right, the line that adjusts for the FX in the losses in the local services, we see is positive to note that the loss margin percentage is actually narrowing. So should we expect similar trends to continue?

再次向大家致以最良好的祝愿，希望情況能盡快好轉。我的問題實際上是關於本地服務的。如果你看一下追踪到核心商業 EBITDA 的損失，對，在本地服務損失中針對外匯調整的線，我們看到積極的跡像是損失率實際上正在縮小。那麼我們應該期待類似的趨勢繼續下去嗎？

And I guess, in this round of press release, company especially mentioned that -- where Ele.me acquired a 48% of new customers from Alipay app. So can we expect that the competition in local services is rationalizing and then will be beyond just like a price competition as we see in the last year? That's the number one question.

我想，在這一輪新聞稿中，公司特別提到了——餓了麼從支付寶應用程序中獲得了 48% 的新客戶。那麼我們是否可以期望本地服務的競爭正在合理化，然後將超越去年我們所看到的價格競爭？這是第一個問題。

And second question, just a housekeeping as to we see meaningful operating leverage in the product development expenses. I just want to understand what are the positive reasons we have seen on the improvement?

第二個問題，關於我們在產品開發費用中看到有意義的運營槓桿，只是一個家務管理。我只想了解我們在改進方面看到的積極原因是什麼？

(Spoken in Chinese)

（中文口語）

Okay. For the first question, for local service -- actually local service business is our long-term commitment and we don't manage the business purely by EBITA ratio. We focus on creating the value for both the customers and merchants. So I think today, all the sectors, all the service sectors are in the process of digitalizing their business, and the consumers are already enjoying their digital lives. So I think we will work even harder try to identify the value for both merchants and consumers and try to give them -- to create the incremental to them.

好的。對於第一個問題，對於本地服務——實際上本地服務業務是我們的長期承諾，我們不會純粹通過 EBITA 比率來管理業務。我們專注於為客戶和商家創造價值。所以我認為今天，所有行業，所有服務行業都在數字化他們的業務，消費者已經在享受他們的數字生活。因此，我認為我們將更加努力地嘗試為商家和消費者確定價值並嘗試為他們提供 - 為他們創造增量。

(Spoken in Chinese)

（中文口語）

Binnie, let me answer your second question regarding the product development leverage. So if you break it down, the staff cost is mainly the item that brings this average. So basically, the growth of this payroll is not at the same growth of -- same pace of the revenue growth. We have been quite aggressively looking for these top data scientists, engineers, et cetera. But we're -- in terms of this quarter, what you've seen is that since the revenue growth is very strong, the recruiting this quarter is -- actually is not at the same pace. We have been recruiting throughout the past quarters. So I guess, along with the business growth, some of the fixed costs wouldn't grow. This is where the operating leverage will come from.

Binnie，讓我回答你關於產品開發槓桿的第二個問題。所以如果你分解的話，人員成本主要是帶來這個平均值的項目。所以基本上，這個工資的增長與收入增長的增長速度不同。我們一直在積極尋找這些頂尖的數據科學家、工程師等。但就本季度而言，你所看到的是，由於收入增長非常強勁，本季度的招聘速度實際上並不相同。我們在過去幾個季度一直在招聘。所以我猜，隨著業務的增長，一些固定成本不會增長。這就是經營槓桿的來源。

(Spoken in Chinese)

（中文口語）

Next question comes from the line of Tina Long from Credit Suisse.

下一個問題來自瑞士信貸的 Tina Long。

(Interpreted) Just a couple of small questions. My first question relates to the information received regarding differences in commission revenue and also in GMV for different merchants in different categories where preferential pricing was applied. And I'm wondering if that's a one-off thing for the 11.11 Singles' Day Shopping Festival or if that differential pricing is going to be an ongoing exercise going forward? And if you could tell us which categories are enjoying the preferential rates. That's the first question.

（解釋）只是幾個小問題。我的第一個問題涉及收到的有關佣金收入差異的信息以及應用優惠價格的不同類別的不同商家的 GMV。我想知道這是否是 11.11 雙十一購物節的一次性活動，或者這種差異化定價是否會在未來持續進行？如果你能告訴我們哪些類別正在享受優惠價格。這是第一個問題。

The second question has to do with the impact of the coronavirus outbreak. Maggie has already indicated that, for the coming quarter, revenue growth is likely to be negatively impacted. I'm wondering what you're thinking is on the cost side of things. Obviously, you have fixed costs that you can't do much about. But when it comes to variable costs, nonessential spending, things like marketing, are you giving any consideration to throttling back there so as to try to come out with earnings that aren't too badly hit.

第二個問題與冠狀病毒爆發的影響有關。Maggie 已經表示，對於下個季度，收入增長可能會受到負面影響。我想知道您在考慮成本方面的問題。顯然，您有固定成本，對此您無能為力。但是，當涉及到可變成本、不必要的支出、營銷之類的事情時，你是否考慮過在這些方面進行節流，以便盡量獲得不會受到太嚴重打擊的收益。

(Interpreted) Well, on your first question regarding commission discounts offered in the 11.11 Shopping Festival for different categories, it's true, and 11.11 was -- performed excellently this year. Those discounts are being offered to eligible merchants in key categories, including FMCG and electronics. And these merchants who have performed very robustly in terms of their GMV, hitting GMV targets and therefore in line with our commission discount policy, they're receiving a discount.

（已翻譯）嗯，關於你的第一個問題，關於 11.11 購物節針對不同類別提供的佣金折扣，這是真的，而且 11.11 今年表現出色。這些折扣將提供給關鍵類別中符合條件的商家，包括快速消費品和電子產品。這些在 GMV 方面表現非常強勁的商家，達到了 GMV 目標，因此符合我們的佣金折扣政策，他們正在享受折扣。

On your second question as to what we are doing around cost and expenses in the current climate affected by the epidemic, the answer is, yes, certainly, there are some areas in which we can and will achieve some cost savings. For example, by having more off-line meetings, and of course, reducing travel. Many of our staff -- management staff, front-line staff are now working remotely from home, daily meetings between Daniel and the various business presidents are being held, again, on a remote basis. And it's a good learning for us actually as a company because we're finding that efficiency is okay. Operations and management are being well handled even without having physical and face-to-face meeting. So that certainly could be a takeaway for us going forward, to do more things online and reduce physical meetings. So yes, certainly, there are some savings in connection with that.

關於你的第二個問題，即在當前受流行病影響的環境下，我們圍繞成本和費用做了些什麼，答案是肯定的，在某些方面我們可以而且將會實現一些成本節約。例如，通過舉行更多的線下會議，當然還有減少出差。我們的許多員工——管理人員、一線員工現在都在家遠程工作，丹尼爾和各業務總裁之間的日常會議再次在遠程基礎上舉行。這對我們公司來說是一個很好的學習，因為我們發現效率還可以。即使沒有面對面的面對面會議，運營和管理也得到了很好的處理。因此，這肯定會成為我們前進的一個收穫，可以在網上做更多的事情並減少實體會議。所以是的，當然，這可以節省一些費用。

But your question is, can this help with profit growth and my answer to that is the profit really comes down to revenue. The most important thing when it comes to profits is revenue, and our revenue is being affected in the various ways we've already described to you.

但你的問題是，這是否有助於利潤增長，我的回答是利潤真的歸結為收入。談到利潤，最重要的是收入，我們的收入正以我們已經向您描述的各種方式受到影響。

So there will be some savings from the areas I've described. But the other thing to remember is we have very robust support programs that we've mentioned for merchants. Probably these are the most robust support programs ever offered by any company in this market or around the world in the face of such difficult circumstances. And that again, will have a negative impact, as we said, on our profit. So some of the learnings and outcomes will be good and result will improve. But overall, that is the situation.

因此，我所描述的領域將會節省一些費用。但要記住的另一件事是，我們已經為商家提到了非常強大的支持計劃。面對如此困難的情況，這些可能是該市場或全球任何公司提供的最強大的支持計劃。正如我們所說，這將再次對我們的利潤產生負面影響。所以一些學習和結果會很好，結果會提高。但總的來說，情況就是這樣。

Next question comes from the line of Mark Mahaney from RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Mark Mahaney。

I, too, wish you the best. Well wishes. I wanted to ask a broad question about online retail penetration those in China. Those numbers that you mentioned at the very beginning of the call suggest that perhaps 27% or 1/4 of retail activity in China occurs through online channels. I would imagine that there's a big discrepancy within the country. There are some markets where that percentage is much higher and some that is much lower. Do you have a sense of what that range is like? And most interesting is, where do you -- how high penetration rates have you seen? How high have you seen online as a percentage of total retail sales get within China?

我也祝你一切順利。祝你好運。我想問一個關於中國在線零售滲透率的廣泛問題。你在電話會議一開始提到的那些數字表明，中國可能有 27% 或 1/4 的零售活動是通過在線渠道進行的。我想國內會有很大的差異。有些市場的百分比要高得多，有些市場要低得多。你知道那個範圍是什麼樣的嗎？最有趣的是，你在哪裡——你看到了多高的滲透率？您認為網上銷售佔中國零售總額的比例有多高？

(Spoken in Chinese)

（中文口語）

This is Daniel. Thanks for your wishes, and let me answer your question. I think for online retail penetration, we have to look at this from different angles. First, as you said, it's about the range. And in top-tier cities today in China, online penetration is already quite high, but we do see the growing demand in the low-tier cities. So that's why in this quarter, we observed like over 60% of the new customers are actually from the less developed areas. So we are -- we believe that the lower-tier cities, even in rural areas, because of the penetration of the 4G, and going forward, 5G, the infrastructure is there. So people can enjoy the same digital life as people are in the urban cities.

這是丹尼爾。謝謝你的祝福，讓我來回答你的問題。我認為對於在線零售滲透率，我們必須從不同的角度來看待這個問題。首先，正如你所說，它是關於範圍的。而如今在中國的一線城市，在線滲透率已經相當高，但我們確實看到低線城市的需求在增長。這就是為什麼在本季度，我們觀察到超過 60% 的新客戶實際上來自欠發達地區。所以我們 - 我們相信，由於 4G 的滲透，以及未來的 5G 基礎設施，低線城市，甚至在農村地區，基礎設施就在那裡。因此人們可以享受與城市中的人們一樣的數字生活。

But let me share with you my thoughts on the second angle, which is the category. I think today, even in the popular cities in China, the online penetration by category is quite different. And before this, I mean, coronavirus, what we saw is that -- was that for apparel, for consumer electronics, the online penetration is relatively high. But for food category, especially for fresh food, the penetration is low even in urban cities.

但是讓我從第二個角度，也就是品類，跟大家分享一下我的想法。我認為今天，即使在中國的熱門城市，按類別劃分的在線滲透率也大不相同。在此之前，我的意思是，冠狀病毒，我們看到的是——對於服裝、消費電子產品，在線滲透率相對較高。但對於食品品類，尤其是生鮮食品，即使在城市，滲透率也很低。

But as I said in my remarks, in -- during the past -- I mean 1 month, more and more people are getting used to shopping online for food, for daily necessities. And they may shop from an e-commerce website or they shop from a mobile app operating by a store nearby. And so I think the shift from home and store delivery or for hub-and-spoke model delivery, I think, going forward, will be -- have more penetration after this outbreak.

但正如我在發言中所說，在過去的 1 個月裡，越來越多的人開始習慣在網上購買食品和日用品。他們可能會從電子商務網站購物，或者他們會從附近商店運營的移動應用程序購物。因此，我認為從家庭和商店交付或中心輻射模型交付的轉變，我認為，在這次爆發之後，將會有更多的滲透。

(Spoken in Chinese)

（中文口語）

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。

(Interpreted) Thank you very much. Thank you, management, for the presentations and for your detailed thoughts that you've shared on the impact of the current situation.

（翻譯）非常感謝。管理層，感謝您的介紹以及您就當前形勢的影響分享的詳細想法。

So a few follow-up questions, if I may. My first was to Maggie and it regards Cainiao because I don't believe you mentioned Cainiao. Can we expect that in the March quarter, the growth of Cainiao will also be negatively impacted, as you said, the China retail market and other businesses will be as a result of this outbreak?

如果可以的話，還有一些後續問題。我的第一個是 Maggie，它是關於菜鳥的，因為我不相信你提到了菜鳥。我們是否可以預期在三月份的季度，菜鳥的增長也會受到負面影響，就像你說的那樣，中國零售市場和其他業務也會受到這次疫情的影響？

And conversely, in the cloud, could we expect there to be any benefit there from the epidemic in the March quarter? Or would you expect the benefit to be more of a long-term benefit?

相反，在雲中，我們是否可以預期 3 月季度的流行病會給那裡帶來任何好處？還是您希望這種收益更像是一種長期收益？

And then, secondly, I'd like to follow up on the previous question regarding the preferential commission rates that are being offered for certain categories, FMCG and electronics. Were those preferential rates only for the 11.11 Shopping Festival or over a longer period of time, and will they continue in the March quarter?

然後，其次，我想跟進上一個關於為某些類別、快速消費品和電子產品提供的優惠佣金率的問題。這些優惠是只針對 11.11 購物節還是在更長的時間內，它們會在 3 月這個季度繼續嗎？

And then, finally, still on preferential commissions. In the face of this epidemic, will you consider offering preferential commissions for a broader range of categories? For example, fashion, but also other categories and perhaps continuing those preferential rates beyond the March quarter and in the longer term?

最後，仍然享受優惠佣金。面對這次疫情，你們會考慮為更廣泛的品類提供優惠佣金嗎？例如，時尚，還有其他類別，也許在三月季度之後和長期內繼續提供這些優惠？

(Interpreted) Thank you for the 2 questions. I'll start with the question about the impact of the coronavirus epidemic on Cainiao. You were asking whether there could be negative growth there similar to what we've talked about expecting to see with Taobao and Tmall and local services. The answer is that there is a very real impact on the business of Cainiao as a result of the epidemic, but less of an impact on the financial side of things. And I'll explain why that is.

（已翻譯）謝謝你提出的兩個問題。我先從新冠疫情對菜鳥的影響這個問題說起。您問的是，那裡是否會出現負增長，類似於我們所說的淘寶、天貓和本地服務預期會出現的情況。答案是疫情對菜鳥的業務有非常實際的影響，但對財務方面的影響較小。我會解釋為什麼會這樣。

With many couriers not being able to return to work, capacity remains very low. It's around 10-plus percent, less than 20% of capacity availability. But revenues are not changing that much despite the situation, and this is because we have technology products for which we're now charging fees as well as good revenue performance from the last-mile services that Cainiao is providing. So this represents an increase in the revenue base for Cainiao compared to last year.

由於許多快遞員無法重返工作崗位，運力仍然很低。它大約是 10% 以上，不到容量可用性的 20%。但儘管如此，收入並沒有太大變化，這是因為我們有我們現在收費的技術產品，以及菜鳥提供的最後一英里服務的良好收入表現。因此，與去年相比，這意味著菜鳥的收入基數有所增加。

And the second reason is because Cainiao is an acquired company, so it's not subject to adjustment for intercompany elimination in terms of its cooperation with Tmall, Tmall Supermarket. So for these reasons, you don't expect to see such a big impact on the revenues of Cainiao as on its actual operations.

第二個原因是因為菜鳥是被收購的公司，所以與天貓、天貓超市的合作不進行公司間抵銷調整。因此，由於這些原因，您預計不會像菜鳥的實際運營那樣對菜鳥的收入產生如此大的影響。

Your second question had to do with the preferential commission policy. So to clarify, this is not a new policy. It wasn't new this year and it wasn't just for the 11.11 Shopping Festival. It's there to encourage and reward good merchants with good performance who meet targets defined in the policy. So we will continue to have this policy to reward merchants, and we'll certainly consider expanding into new kinds of categories.

你的第二個問題與優惠佣金政策有關。所以澄清一下，這不是一項新政策。它不是今年的新品，也不僅僅是為了 11.11 購物節。它旨在鼓勵和獎勵達到政策中定義的目標且表現良好的優秀商家。所以我們會繼續有這個獎勵商家的政策，我們當然會考慮擴展到新的類別。

The final question comes from the line of Piyush Mubayi from Goldman Sachs.

最後一個問題來自高盛的 Piyush Mubayi。

We sincerely hope that all the families that the Alibaba ecosystem touches are safe.

我們衷心希望阿里巴巴生態系統所觸及的所有家庭都平安。

I wondered, Daniel talked about, I thought, an improvement over the last 12 days. Could you just take us through qualitatively what is the degree of improvement we've seen over the 12, 13 days? And I think, initially, Daniel also talked about the opportunities that get created out of a period like that, and I know we talked about DingTalk and how that's seen such a transformation with more than 200 million folks working from home. What are the top 3 features in DingTalk that have been -- that have proven to be very popular? And how do we see this product evolve in terms of size, scale, MAU, DAU, for example, since CNY?

我想知道，丹尼爾談到，我認為，在過去 12 天裡有所改善。您能否定性地介紹一下我們在 12、13 天內看到的改進程度？我認為，最初，Daniel 還談到了在這樣的時期創造的機會，我知道我們談到了 DingTalk 以及如何看到超過 2 億人在家工作的這種轉變。DingTalk 中被證明非常受歡迎的前 3 個功能是什麼？自春節以來，我們如何看待該產品在規模、規模、MAU、DAU 方面的發展？

(Spoken in Chinese)

（中文口語）

Thank you. So in the past, actually, things changed very fast in the past 10 to 15 days. I think before this week, most of the merchants, they are -- they don't have assets back to work. But since this Monday, I think in big cities in China like Shanghai, Beijing, Guangzhou, Shenzhen, as more and more companies' staff get back to work partially. And also, we see the logistics network start to resume operation, especially in the sortation center in big cities, in big hub. So that's why I'm saying that situation are getting slightly better, but it takes time to back to normal.

謝謝。所以過去，其實過去10到15天，事情變化非常快。我認為在本週之前，大多數商家，他們都沒有資產恢復工作。但自本週一以來，我認為在上海、北京、廣州、深圳等中國大城市，越來越多的公司員工部分恢復工作。而且，我們看到物流網絡開始恢復運營，尤其是在大城市、大樞紐的分揀中心。所以這就是為什麼我說情況正在稍微好轉，但需要時間才能恢復正常。

So -- but I think the key thing is about -- is all about supply, the supplier of the products, the supplier of the delivery, the supplier of the services. And the demand, I think, is still there. And we -- I strongly believe that after virus leaves away, I think consumers have strong desire to -- because they have been in home for a long time and they will go out anyway to consume.

所以——但我認為關鍵是——供應，產品的供應商，交付的供應商，服務的供應商。我認為，需求仍然存在。而我們——我堅信，在病毒離開後，我認為消費者有強烈的願望——因為他們已經在家里呆了很長時間，無論如何他們都會出去消費。

So for DingTalk, yes, I think, DingTalk is experiencing explosive growth during outbreak. I think we facilitate -- via DingTalk we facilitate our people to work from home and to study in the virtual class online. And also, we facilitate -- as I said in my remarks, facilitated many companies to do the healthy check-in every day with their employees. And we do -- we have like a video conference like minutes, like the virtual classroom, I think all are very popular among the workers, office managers, office staff as well as -- and for education sector, we do see very big popularity among the teachers and students in terms of the virtual classroom.

所以對於釘釘來說，是的，我認為，釘釘在爆發期間正在經歷爆發式增長。我認為我們促進了——通過釘釘，我們促進了我們的員工在家工作和在線虛擬課堂學習。而且，正如我在發言中所說，我們促進了許多公司每天與其員工進行健康登記。我們做的——我們有像會議記錄這樣的視頻會議，像虛擬教室，我認為所有這些都在工人、辦公室經理、辦公室工作人員以及教育部門中非常受歡迎，我們確實看到了非常受歡迎就虛擬教室而言，教師和學生之間。

So we will continue to extend our capacity. And I can share with you like in the past 10 days, we keep expanding our capacity. And -- but we -- but even with the capacity increase, we do have -- we have to conquer some difficulties, that is, in data center, and we may be prohibited to access some data center in some regions because of the anti-coronavirus. But I think that things are getting better after many, many people go back to work.

因此，我們將繼續擴大我們的能力。我可以像過去 10 天一樣與您分享，我們不斷擴大產能。而且——但是我們——但即使容量增加了，我們確實有——我們必須克服一些困難，那就是在數據中心，我們可能會被禁止訪問某些地區的某些數據中心，因為反-冠狀病毒。但我認為，在許多人重返工作崗位後，情況正在好轉。

(Spoken in Chinese)

（中文口語）

Okay. Thank you, everyone, for joining our earnings call today. If you do have any additional questions, please feel free to contact anyone at the IR team. Thank you.

好的。謝謝大家今天參加我們的財報電話會議。如果您有任何其他問題，請隨時聯繫 IR 團隊的任何人。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.)

（此抄本中標記為（已翻譯）的部分由現場通話中的口譯員說出。）