阿里巴巴 (BABA) 2020 Q2 法說會逐字稿

Good day, ladies and gentlemen.

女士們先生們，美好的一天。

Thank you for standing by.

謝謝你的支持。

Welcome to Alibaba Group's September Quarter 2019 Results Conference Call.

歡迎來到阿里巴巴集團 2019 年 9 月季度業績電話會議。

(Operator Instructions)

（操作員說明）

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

我現在想把電話轉給阿里巴巴集團投資者關係主管 Rob Lin。

Please go ahead.

請繼續。

Hello, everyone, and welcome to Alibaba Group's September quarter 2019 results conference call.

大家好，歡迎來到阿里巴巴集團2019年9月季度業績電話會議。

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

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 Wu，首席財務官。

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

此電話會議也通過公司網站的 IR 部分進行網絡廣播。

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

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.

現在讓我快速覆蓋安全港。

Today's discussion will contain forward-looking statements.

今天的討論將包含前瞻性陳述。

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

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。

For detailed discussions of these risks and uncertainties, please refer to our latest annual report under Form 20-F and other documents filed with the U.S. SEC.

有關這些風險和不確定性的詳細討論，請參閱我們根據 20-F 表格提交的最新年度報告以及向美國證券交易委員會提交的其他文件。

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

我們在此次電話會議上所做的任何前瞻性陳述均基於截至今日的假設，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 core commerce adjusted EBITA, non-GAAP net income, non-GAAP diluted earnings per share or ADS, and free cash flow are expressed on a non-GAAP basis.

請注意，我們在本次電話會議上使用的某些財務指標，例如調整後的 EBITDA、調整後的 EBITDA 利潤率、調整後的 EBITA、調整後的 EBITA 利潤率、市場核心商業調整後的 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。

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

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, the growth rate of all stated metrics mentioned during this call refers to year-on-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。

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

有了這個，我現在將把電話轉給喬。

Thanks, Rob.

謝謝，羅布。

Thank you all for joining us.

謝謝大家加入我們。

In past earnings calls, we have kicked off company management remarks with my overall observations on strategic issues or macro trends.

在過去的財報電話會議上，我們以我對戰略問題或宏觀趨勢的整體觀察拉開了公司管理層言論的序幕。

Starting this quarter and going forward, Daniel Zhang, who has assumed our Executive Chairman role, will deliver the overall strategic and macro state of affairs as well as his usual discussion of business operations.

從本季度開始及未來，擔任我們執行主席一職的張勇將提供整體戰略和宏觀事務以及他通常對業務運營的討論。

I will continue to make myself available for Q&A after our prepared remarks.

在我們準備好的發言後，我將繼續讓自己參與問答。

Daniel, please go ahead.

丹尼爾，請繼續。

Thanks, Joe.

謝謝，喬。

Hello, everyone, and thank you for joining our earnings call today.

大家好，感謝您今天參加我們的財報電話會議。

In September, Alibaba just celebrated our 20th anniversary.

9 月，阿里巴巴剛剛慶祝成立 20 週年。

We truly appreciate our shareholders' support in the past years.

我們衷心感謝股東在過去幾年的支持。

Today, I'm honored to speak to you in the role of the Executive Chairman of Alibaba Group for the first time.

今天，我很榮幸第一次以阿里巴巴集團執行董事長的身份向大家發言。

I would like to take this opportunity to share my thoughts about the opportunities and our strategy over the next several years.

我想藉此機會分享我對未來幾年的機會和我們的戰略的看法。

Our mission has not changed since day 1. It is to make it easy to do business anywhere.

我們的使命從第一天起就沒有改變。就是讓天下沒有難做的生意。

Today, our consumers, merchants and partners are entering a new journey in the digital era.

今天，我們的消費者、商家和合作夥伴正在進入數字時代的新征程。

We will continue to create value for them by leveraging the power of data technology to make it easy to do business for them anywhere for the decades to come.

未來幾十年，我們將繼續利用數據技術的力量為他們創造價值，讓他們在任何地方都能輕鬆開展業務。

We have set a goal for the near term to serve over 1 billion consumers and achieve at least RMB 10 trillion consumption by fiscal year 2024.

我們制定了近期目標，到 2024 財年服務超過 10 億消費者，實現至少 10 萬億元的消費。

Geopolitical uncertainties have placed additional pressure to global growth.

地緣政治的不確定性給全球增長帶來了額外壓力。

We believe this is both a challenge and opportunity for the Chinese economy; and finding more opportunities in such an uncertain environment is the key to our business and strategy.

我們認為這對中國經濟來說既是挑戰也是機遇；在這種不確定的環境中尋找更多機會是我們業務和戰略的關鍵。

I would like to point out 2 long-term developments that are in Alibaba's favor.

我想指出兩個對阿里巴巴有利的長期發展。

One is to consumers, 2C; and the other is to business, 2B.

一是對消費者，2C；另一個是商務，2B。

In terms of the 2C, we see great potential in domestic consumption as an important driver for Chinese economy.

在2C方面，我們認為國內消費潛力巨大，是中國經濟的重要驅動力。

The overall size of consumption keeps growing with increasing penetration of digitalization.

隨著數字化程度的不斷提高，消費總體規模不斷擴大。

Specifically, China retail sales reached around RMB 30 trillion in the first 9 months of 2019, growing at 8.2% year over year.

具體而言，2019年前9個月中國零售額達到30萬億元左右，同比增長8.2%。

This outpaced the overall GDP growth at 6.2%.

這超過了 6.2% 的整體 GDP 增長率。

More importantly, online e-commerce is still the key driver of China consumption, growing faster at 17%.

更重要的是，在線電子商務仍然是中國消費的主要驅動力，增長速度更快，達到 17%。

We are growing even faster than the overall online e-commerce sector.

我們的增長速度甚至超過了整個在線電子商務行業。

Alibaba is the only platform to meet the diverse range of consumers' demands in physical goods, local consumer services and the digital entertainment.

阿里巴巴是唯一能夠滿足消費者在實體商品、本地消費服務和數字娛樂方面多樣化需求的平台。

As we disclosed on our Investor Day, these 3 consumer-facing businesses as a whole already served 730 million unique consumers in the Alibaba digital economy.

正如我們在投資者日披露的那樣，這 3 家面向消費者的業務作為一個整體已經為阿里巴巴數字經濟中的 7.3 億獨立消費者提供服務。

Over the next several years, we will continue to grow our user base, and at the same time drive user synergy by enabling merchants to cross-sell products and services in the digital economy.

在接下來的幾年裡，我們將繼續擴大我們的用戶群，同時通過使商家能夠在數字經濟中交叉銷售產品和服務來推動用戶協同。

Our New Retail strategy further enlarged our addressable market.

我們的新零售戰略進一步擴大了我們的潛在市場。

We aim to enable the digital transformation of brands and retailers, empowering them with data technology and the consumer insights to better serve their customers.

我們的目標是實現品牌和零售商的數字化轉型，賦予他們數據技術和消費者洞察力，以更好地服務於他們的客戶。

Another secular growth driver is enterprise digitization.

另一個長期增長動力是企業數字化。

IT spending in China for Internet companies amount to around USD 80 billion while the spend for public sectors and the various industries is over USD 300 billion according to our estimate.

據我們估計，中國互聯網公司的 IT 支出約為 800 億美元，而公共部門和各行業的支出超過 3000 億美元。

This represents huge opportunity for enterprise-facing business.

這為面向企業的業務提供了巨大的機會。

We leverage Alibaba's cloud computing technology and big data insights to empower the enterprise.

我們利用阿里巴巴的雲計算技術和大數據洞察為企業賦能。

The adoption of cloud services in China will be driven by not only the need of lower IT costs but also by digital transformation of business models and processes.

雲服務在中國的採用不僅受到降低 IT 成本的需求的推動，而且受到商業模式和流程的數字化轉型的推動。

As a digital technology company, we are uniquely positioned to provide businesses with more intelligent and cost-effective cloud services.

作為一家數字技術公司，我們具有獨特的優勢，可以為企業提供更智能、更具成本效益的雲服務。

We call our solutions for enterprises as Alibaba Business Operating System, as we provide not just technology infra services, but rather Business as a Service solutions.

我們將我們的企業解決方案稱為阿里巴巴商業操作系統，因為我們提供的不僅僅是技術基礎服務，而是商業即服務解決方案。

Now I will turn to the highlights of this quarter.

現在我將談談本季度的亮點。

We had another outstanding quarter with excellent business performance.

我們有另一個出色的季度，業務表現出色。

We enjoyed robust revenue growth of 40% as we capture significant growth opportunities to reach an increasingly wide group of Chinese consumers.

由於我們抓住了重要的增長機會來覆蓋越來越廣泛的中國消費者群體，我們的收入實現了 40% 的強勁增長。

During the quarter, we continued to invest in user experience and technology solutions to create tremendous benefits for our customers.

本季度，我們繼續投資於用戶體驗和技術解決方案，為我們的客戶創造巨大的利益。

We have delivered solid profit growth for the quarter benefiting from measures to improve our operating efficiency.

受益於提高運營效率的措施，我們在本季度實現了穩健的利潤增長。

For China retail marketplaces, our strategy is very clear and unchanged.

對於中國零售市場，我們的戰略非常明確且不變。

We want to add value to consumers and the sellers through consumer segment, product enrichment and platform innovations.

我們希望通過消費者細分、產品豐富和平台創新為消費者和賣家增加價值。

This strategy has provided us the ability to scale and grow our consumer base.

這一戰略使我們能夠擴大和擴大我們的消費者群。

In September 2019, our China retail marketplace had 785 million mobile MAUs, a quarterly net increase of 30 million.

2019 年 9 月，我們的中國零售市場擁有 7.85 億移動月活躍用戶，季度淨增 3000 萬。

Our annual active consumers grew 19 million to 693 million.

我們的年度活躍消費者增加了 1900 萬，達到 6.93 億。

Consumers are the core of Alibaba's digital economy.

消費者是阿里巴巴數字經濟的核心。

They want choices that are relevant and their spending preferences are dynamic.

他們想要相關的選擇，而且他們的消費偏好是動態的。

Today, we are China's only e-commerce platform that offers the broadest and the deepest range of goods and services to Chinese consumers.

今天，我們是中國唯一為中國消費者提供最廣泛、最深入的商品和服務的電子商務平台。

We will further strengthen our suppliers in branded, imported, direct-sourced and the long-tail products.

我們將進一步加強我們在品牌、進口、直接來源和長尾產品方面的供應商。

During the quarter, we see strong user engagement and stickiness as reflected by higher buying frequency and accelerating order growth.

在本季度，我們看到更高的購買頻率和加速的訂單增長反映出強大的用戶參與度和粘性。

We also noticed that spending of our new users from less-developed areas reached about RMB 2,000 in their first year on our platform.

我們還注意到，我們來自欠發達地區的新用戶在第一年在我們平台上的支出達到了約 2,000 元人民幣。

This is a result of our diversified and comprehensive product supplies as well as targeted recommendations to connect the right product with the right consumers.

這是我們多樣化和全面的產品供應以及有針對性的建議將正確的產品與正確的消費者聯繫起來的結果。

In Alibaba digital economy, we also provide services and entertainment to our 730 million annual active consumers across the platforms.

在阿里巴巴數字經濟中，我們還跨平台為 7.3 億年活躍消費者提供服務和娛樂。

We will still -- we see still low penetration for Youku and local services users in the digital economy if we compare the overlap of consumers across the platforms.

我們仍然會——如果我們比較跨平台消費者的重疊，我們會看到優酷和本地服務用戶在數字經濟中的滲透率仍然很低。

Thus, we see huge opportunity in terms of synergies between these groups.

因此，我們在這些群體之間的協同作用方面看到了巨大的機會。

We are identifying and advocating new initiatives to convert the users from our China retail marketplaces to users of the local services and the digital entertainment platforms.

我們正在確定並倡導新舉措，將用戶從我們的中國零售市場轉變為本地服務和數字娛樂平台的用戶。

We believe these platforms will add tremendous value to the digital economy.

我們相信這些平台將為數字經濟增加巨大的價值。

Local consumer service segment has more consumption use cases, introduces more merchants and creates an on-demand delivery network that benefit more location-based commerce use cases.

本地消費服務板塊有更多的消費用例，引入更多的商家，並創建一個有利於更多基於位置的商業用例的按需交付網絡。

Digital Media & Entertainment segment provides a portfolio of quality content that resonates with Chinese consumers and thereby creating opportunities in digital advertising, memberships and cross-selling within Alibaba digital economy.

數字媒體與娛樂部門提供一系列能引起中國消費者共鳴的優質內容，從而在阿里巴巴數字經濟中創造數字廣告、會員資格和交叉銷售的機會。

Let's turn to our cross-border and international businesses.

讓我們談談我們的跨境和國際業務。

In September, we acquired NetEase import e-commerce platform, Kaola.

9月，收購網易進口電商平台考拉。

Tmall Global and Kaola platforms have relatively low consumer overlap.

天貓國際和考拉平台的消費者重疊度相對較低。

We will integrate areas such as technology, procurement and the supply chain to achieve optimization.

我們將整合技術、採購和供應鍊等領域，實現優化。

The Kaola app will continue to operate independently.

Kaola 應用程序將繼續獨立運行。

In Southeast Asia, Lazada is showing solid operational performance with order growth more than doubling for the fourth consecutive quarter.

在東南亞，Lazada 表現穩健，訂單連續第四個季度增長一倍以上。

In the case of the Indonesian market, order growth more than tripled.

就印度尼西亞市場而言，訂單增長了兩倍多。

Lazada's key priority is to maintain strong user growth and user engagement in the coming year.

Lazada 的首要任務是在來年保持強勁的用戶增長和用戶參與度。

Our cloud computing business continues to exhibit strong growth.

我們的雲計算業務繼續呈現強勁增長。

Revenue grew 46% (sic) [64%] year-over-year to RMB 9.3 billion, primarily driven by an increase in average revenue per customer.

收入同比增長 46%（原文如此）[64%] 至人民幣 93 億元，這主要是由於每個客戶的平均收入增加所致。

Alibaba Cloud serves customers from a broad range of industries beyond Internet and media.

阿里雲為來自互聯網和媒體以外的廣泛行業的客戶提供服務。

Based on the most recent available data in August, 59% of China Asia listed companies are customers of Alibaba Cloud.

根據 8 月份的最新數據，59% 的中國亞洲上市公司是阿里雲的客戶。

The reason why we are widely recognized by the market is that we have developed proprietary technology and solutions, which makes us different from other players in the China market.

我們之所以得到市場的廣泛認可，是因為我們開發了專有技術和解決方案，這使我們在中國市場上有別於其他參與者。

To conclude, we have a proven track record of innovation in the past 20 years.

總而言之，我們在過去 20 年的創新方面取得了良好的成績。

In the coming decade, we will continue to innovate with a goal of fulfilling our mission and keep investing for the long term.

在未來的十年裡，我們將繼續創新，以完成我們的使命為目標，並保持長期投資。

Now I'll 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.

謝謝你，丹尼爾。

Thank you all for joining us.

謝謝大家加入我們。

We had another strong quarter.

我們有另一個強勁的季度。

So for today's call, I will start by going over financial highlights and end with how we view the coming quarters.

因此，在今天的電話會議上，我將首先回顧財務亮點，然後以我們對未來幾個季度的看法結束。

Now let me go over the financial highlights.

現在讓我回顧一下財務亮點。

In the September quarter 2019, we delivered another strong quarter of user growth with mobile MAUs reaching 785 million, up 30 million compared to our June quarter.

在 2019 年的 9 月季度，我們實現了又一個強勁的用戶增長季度，移動 MAU 達到 7.85 億，比我們的 6 月季度增加了 3000 萬。

User engagement continues to improve with mobile DAU growing faster than MAU.

隨著移動 DAU 的增長速度快於 MAU，用戶參與度繼續提高。

In the first 6 months ended September, the Taobao app's DAU growth accelerated as a result of healthy organic traffic growth, effective user targeting and increasing engagement with interactive and entertainment features.

在截至 9 月的前 6 個月，由於健康的自然流量增長、有效的用戶定位以及互動和娛樂功能的參與度增加，淘寶應用的 DAU 增長加速。

For the September quarter, annual active consumers on our China retail marketplace reached 693 million, which increased by 19 million compared to our June quarter.

9 月季度，我們中國零售市場的年度活躍消費者達到 6.93 億，與 6 月季度相比增加了 1900 萬。

The increase in consumer growth reflected our continued penetration in both developed and less-developed areas in China as we launched more effective consumer segmentation initiatives.

隨著我們推出更有效的消費者細分計劃，消費者增長的增加反映了我們在中國發達和欠發達地區的持續滲透。

These initiatives have been well-received by consumers, as evidenced by accelerating order growth from higher purchase frequencies.

這些舉措受到了消費者的歡迎，更高的購買頻率帶來的訂單增長加速就是明證。

Our total revenue grew 40% year-on-year to CNY 119 billion in September quarter.

我們在 9 月季度的總收入同比增長 40% 至人民幣 1,190 億元。

Excluding the effects of consolidating acquired businesses, revenue would have grown 37% year-on-year, still very strong growth.

排除合併收購業務的影響，收入將同比增長 37%，增長仍然非常強勁。

The increase was mainly driven by robust growth of our China commerce retail business and Alibaba Cloud.

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。

We are very pleased to see that our operations is running in a very efficient way.

我們很高興看到我們的運營以非常高效的方式運行。

Costs and the expenses are very well-controlled while our business has been continuously grow fast.

在我們的業務持續快速增長的同時，成本和費用得到了很好的控制。

Let's turn to our business segments.

讓我們轉向我們的業務部門。

Our core commerce segment continue to be very strong.

我們的核心商業部門繼續非常強勁。

Core commerce revenue grew at 40% year-on-year to RMB 101 billion.

核心商業收入同比增長 40% 至人民幣 1,010 億元。

The fundamentals of our China retail business continue to be strong.

我們中國零售業務的基本面繼續保持強勁。

Customer management revenue grew 25% in the quarter, which primarily reflected the increase in the average unit price per click and, to a lesser extent, the volume of paid clicks.

客戶管理收入在本季度增長了 25%，這主要反映了平均每次點擊單價的增長，其次是付費點擊量的增長。

Commission revenue increased by 24% year-on-year, primarily due to the growth in Tmall physical goods GMV.

佣金收入同比增長24%，主要得益於天貓實物商品GMV的增長。

China retail others, which is mainly this New Retail business like Hema, Tmall Import, grew at 125% year-on-year.

中國零售其他，主要是像盒馬、天貓進口這樣的新零售業務，同比增長125%。

So this quarter, we acquired and consolidated Kaola.

所以本季度，我們收購併整合了考拉。

This is starting from September.

這是從九月份開始的。

For our international retail segment, revenue was CNY 6 billion, which grew at 35% year-on-year.

我們的國際零售業務收入為人民幣 60 億元，同比增長 35%。

Revenue growth was driven by AliExpress and Lazada's growth.

收入增長是由全球速賣通和 Lazada 的增長推動的。

For Lazada, as Daniel has mentioned, it continued to perform well.

對於 Lazada，正如丹尼爾所提到的，它繼續表現良好。

For the fourth consecutive quarter, it achieved over 100% year-on-year order growth, reflecting strong consumption demand in apparel, accessory and FMCG categories.

連續第四個季度實現訂單同比增長超過100%，反映了服裝、配飾和快消品類的強勁消費需求。

AliExpress revenue growth remained strong due to increasing number of consumers and robust GMV growth.

由於消費者數量的增加和 GMV 的強勁增長，全球速賣通的收入增長依然強勁。

As an update, on October 9, we completed the formation of a social commerce joint venture in Russia with local partners.

作為更新，10 月 9 日，我們與當地合作夥伴在俄羅斯完成了社交商務合資企業的組建。

In terms of financial impact, AliExpress business in Russia will be deconsolidated next quarter because we own just less than 50% of the JV.

就財務影響而言，俄羅斯的全球速賣通業務將在下個季度拆分，因為我們擁有合資企業不到 50% 的股份。

For our local consumer services, revenue grew 36% year-on-year to RMB 6.8 billion.

在我們的本地生活服務方面，收入同比增長 36% 至人民幣 68 億元。

The robust revenue growth was primarily driven by strong order volume and increasing user order frequency.

強勁的收入增長主要是由強勁的訂單量和增加的用戶訂單頻率推動的。

We have also been penetrating in the new markets in less-developed areas with strong growth potential.

我們也一直在滲透具有強勁增長潛力的欠發達地區的新市場。

During the quarter, GMV from less-developed areas grew 45%.

本季度，來自欠發達地區的 GMV 增長了 45%。

Local consumer service segment is strategic to Alibaba Group, and we're committed to invest in the business and create long-term value.

本地消費服務板塊對阿里巴巴集團具有戰略意義，我們致力於投資該業務並創造長期價值。

We're focused on increasing average spending per consumer as well as acquiring new users by leveraging assets within the Alibaba digital economy.

我們專注於提高每位消費者的平均支出，並通過利用阿里巴巴數字經濟中的資產來獲取新用戶。

In the quarter, about 39% of new food delivery customers came from Alipay mobile app.

本季度，約 39% 的新外賣客戶來自支付寶移動應用。

The potential for further penetrating users in Alibaba digital economy is significant as only 25% of our annual active consumer from our China retail marketplace has used our local service -- consumer services.

在阿里巴巴數字經濟中進一步滲透用戶的潛力是巨大的，因為我們中國零售市場的年度活躍消費者中只有 25% 使用了我們的本地服務——消費者服務。

We're going to continue to take a targeted and systematic approach to investing in this business.

我們將繼續採取有針對性和系統性的方法來投資這項業務。

Let's look at profitability.

讓我們看看盈利能力。

In our commerce segment, we continue to generate strong market-based -- marketplace-based core commerce adjusted EBITA.

在我們的商業部門，我們繼續產生強大的基於市場的——基於市場的核心商業調整後的 EBITA。

Compared to a year ago, we have increased adjusted EBITA by RMB 10 billion, while the losses in 4 strategic areas only increased by RMB 1.2 billion.

與一年前相比，我們調整後的EBITA增加了100億元人民幣，而4個戰略領域的虧損僅增加了12億元人民幣。

So this reflects our targeted approach to allocate resources in key strategic growth areas while also systematically optimizing costs and improving efficiency.

因此，這反映了我們有針對性地在關鍵戰略增長領域分配資源，同時系統地優化成本和提高效率。

After incorporating these losses, our core commerce adjusted EBITA grew strongly at 29% year-on-year to RMB 38.6 billion.

計入這些虧損後，我們的核心商業調整後 EBITA 同比強勁增長 29% 至人民幣 386 億元。

Cloud computing revenue increased by 64% year-on-year to RMB 9.3 billion.

雲計算收入同比增長64%至人民幣93億元。

This was primarily driven by an increase in average revenue per customer.

這主要是由於每個客戶的平均收入增加所致。

Adjusted EBITA was a loss of RMB 521 million, reflecting small widening losses versus the same quarter last year because we continue to invest in talent and technology infrastructure.

調整後的 EBITA 為虧損 5.21 億元人民幣，反映出與去年同期相比虧損有所擴大，這是因為我們繼續投資於人才和技術基礎設施。

Revenue from Digital Media & Entertainment business increased by 23% year-on-year to RMB 7.3 billion.

數字媒體及娛樂業務收入同比增長23%至人民幣73億元。

Excluding the consolidation of Alibaba Pictures, revenue would have increased 8% year-on-year.

若剔除阿里影業的合併，收入將同比增長8%。

Despite industry rationalization and tighter regulations on content, we continue to enrich our portfolio with original content that appeal to Chinese audiences.

儘管行業合理化和對內容的更嚴格監管，我們仍繼續通過吸引中國觀眾的原創內容來豐富我們的產品組合。

During the quarter, Youku was able to launch popular drama and variety shows with high viewership that resulted in 47% year-on-year growth in average daily subscribers.

本季度，優酷推出了高收視率的熱門劇集和綜藝節目，日均訂閱人數同比增長47%。

Adjusted EBITA for DME was a loss of RMB 2.2 billion, which narrowed year-on-year as we continued to focus on cost efficiency and return on investment for content spending.

DME 的調整後 EBITA 虧損人民幣 22 億元，同比收窄，因為我們繼續關注內容支出的成本效率和投資回報。

Revenue from innovation initiatives and others increased by 14% year-on-year to CNY 1.2 billion.

創新舉措及其他收入同比增長 14% 至 12 億元人民幣。

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

創新舉措的調整後 EBITA 虧損人民幣 19 億元。

The increase in loss was primarily due to our investment in technological research and new business initiatives such as Ding Ding, Tmall Genie, Amap.

虧損增加主要是由於我們對技術研究和新業務計劃的投資，如丁丁、天貓精靈、高德地圖。

Look at the free cash flow and CapEx.

查看自由現金流和資本支出。

Our business continued to show strong profitability and cash flow.

我們的業務繼續表現出強勁的盈利能力和現金流。

As of September 30, cash, cash equivalents and short-term investments were RMB 235 billion.

截至9月30日，現金、現金等價物及短期投資為人民幣2350億元。

For September quarter, free cash flow was RMB 30.5 billion which is USD 4.3 billion, which increased by 90% year-on-year.

9 月季度，自由現金流為人民幣 305 億元，即 43 億美元，同比增長 90%。

The increase in free cash flow is due to our robust profitability growth, timing of capital expenditure spending and less content costs.

自由現金流的增加是由於我們強勁的盈利能力增長、資本支出支出的時機和較少的內容成本。

So let's quickly go over the major items that impact GAAP and non-GAAP net income calculations.

因此，讓我們快速回顧一下影響 GAAP 和非 GAAP 淨收入計算的主要項目。

GAAP net income during the quarter was RMB 70.7 billion, up 288% year-on-year.

本季度 GAAP 淨利潤為人民幣 707 億元，同比增長 288%。

The year-over-year increase was primarily due to a onetime gain of RMB 69.2 billion recognized upon the receipt of the 33% equity interest in Ant, partly offset by impairment charges and net losses from changes in fair value relating to certain investments and goodwill.

同比增長主要是由於獲得螞蟻 33% 股權後確認的一次性收益 692 億元人民幣，部分被與某些投資和商譽相關的減值費用和公允價值變動淨損失所抵消.

Excluding these gains and losses and certain other items, our non-GAAP net income would have increased by 40% year-on-year.

排除這些損益和某些其他項目，我們的非 GAAP 淨收入同比增長 40%。

Looking ahead, last year this time, Daniel and I spoke about our commitment to deliver robust revenue growth and healthy sustainable profit growth.

展望未來，去年這個時候，丹尼爾和我談到了我們對實現強勁收入增長和健康可持續利潤增長的承諾。

We have delivered.

我們已經交付。

In the first 6 months of fiscal year 2020, our revenue grew 41% that outpaced global technology peers.

在 2020 財年的前 6 個月，我們的收入增長了 41%，超過了全球科技同行。

And at the same time, we achieved 36% adjusted EBITA growth.

與此同時，我們實現了 36% 的調整後 EBITA 增長。

We were able to achieve these results by achieving robust growth of active consumers, enhancing user experience and generating operating efficiencies through synergies within the Alibaba economy.

我們能夠通過實現活躍消費者的強勁增長、增強用戶體驗以及通過阿里巴巴經濟體內的協同效應產生運營效率來實現這些結果。

Looking into the second half, we will continue to execute our strategy.

展望下半年，我們將繼續執行我們的策略。

Specifically, we will be very focused on 3 things: Number one, improving user experience, which will result in higher engagement and customer spend; number two, aggressively reinvesting our discretionary profit in strategic areas to further our competitive advantages; number three, leveraging the synergies of Alibaba economy to achieve operating efficiencies.

具體來說，我們將非常專注於三件事：第一，改善用戶體驗，這將帶來更高的參與度和客戶支出；第二，積極將我們的可自由支配利潤再投資於戰略領域，以進一步提升我們的競爭優勢；第三，利用阿里巴巴經濟體的協同效應來實現運營效率。

We believe our commitment to invest and deepen our moat will ensure robust revenue growth and deliver healthy profit growth in the long term.

我們相信，我們對投資和深化護城河的承諾將確保強勁的收入增長並實現長期健康的利潤增長。

Now let's turn to Q&A session.

現在讓我們進入問答環節。

Thank you.

謝謝。

Operator, we're ready.

接線員，我們準備好了。

(Operator Instructions) Your first question comes from the line of Alicia Yap of Citigroup.

（操作員說明）您的第一個問題來自花旗集團的 Alicia Yap。

Congratulations on the strong quarter.

祝賀強勁的季度。

My questions is related to the upcoming Singles Day this year.

我的問題與今年即將到來的光棍節有關。

So does management view this as any big difference than the previous year, for example, in terms of the countries and the platforms that will be participating in the event?

那麼，管理層是否認為這與去年有什麼大的不同，例如，在參加活動的國家和平台方面？

And in terms of product category, any specific product that management believe will be a big traction for consumer?

就產品類別而言，管理層認為對消費者有很大吸引力的具體產品是什麼？

And it also seems like there will be so many platforms throwing more discount to consumer this year.

而且今年似乎會有很多平台向消費者提供更多折扣。

So do you think that the consumption demand will be there to assort the spending and allow all the platforms to win and gain?

那麼您認為消費需求會不會出現，從而對消費進行分類，讓所有平台共贏和獲利？

So any colors on the upcoming event would be helpful.

因此，即將舉行的活動的任何顏色都會有所幫助。

Thanks.

謝謝。

This is Daniel.

這是丹尼爾。

Let me answer this question.

讓我來回答這個問題。

I think everybody understands that we are approaching to the 11.11 Singles Day, 11.11 day.

我想每個人都明白我們正在接近 11.11 光棍節，11.11 日。

So after the past 10 years' efforts, I think first of all, I think this November 11 has become a consumer shopping day.

所以經過過去10年的努力，我覺得首先，我覺得這個11月11日已經成為了消費者的購物日。

And people widely recognize that shopping day, and that's why we have a very organic momentum to -- for the consumers to join -- to enjoy that day.

人們普遍認識到那個購物日，這就是為什麼我們有一個非常有機的動力——讓消費者加入——來享受這一天。

So people are ready to shop on that day.

所以人們準備在那一天購物。

So this is the -- basically, this is a habit people formed in the last 10 years.

所以這就是 - 基本上，這是人們在過去 10 年中養成的習慣。

The other side of the coin is the supply.

硬幣的另一面是供應。

And after 10 years' efforts and all the merchants, all the brand companies, retailers, they are actively preparing for this upcoming shopping day, shopping festival.

經過10年的努力，所有的商家，所有的品牌公司，零售商，都在積極地為這個即將到來的購物日，購物節做準備。

So they will provide the best products with best price and services to the consumers.

因此，他們將以最好的價格和最好的服務提供給消費者。

And commercial-wise, they view this as more like the commercial Olympic Games, and everybody want to be the champion in their sector.

在商業方面，他們認為這更像是商業奧運會，每個人都想成為自己領域的冠軍。

So that's why we gather momentum from both demand and supply side.

因此，這就是我們從需求和供應方面收集動力的原因。

And this year, I think that we -- all the category, we have many new tailor-made products for this November 11.

今年，我認為我們 - 所有類別，我們為 11 月 11 日推出了許多新的定制產品。

And we even worked with many brand companies to tailor-made products exclusive for November 11 but with limited edition.

並且我們還與多家品牌公司合作，為11月11日獨家定制了限量版產品。

So this is not only a shopping day, but also a marketing day for brands to market their brand and also engage the new customers.

因此，這不僅是購物日，也是品牌營銷其品牌並吸引新客戶的營銷日。

In terms of the market, I think not only China, but also our cross-border and international marketplaces, Lazada and AliExpress, both of them will participate in this shopping festival.

在市場方面，我認為不僅是中國，還有我們的跨境和國際市場，Lazada和全球速賣通，它們都會參加這個購物節。

But we localize the operation to meet the local demand of the customers.

但是我們將操作本地化以滿足客戶的本地需求。

But we do see the synergies in terms of the product supply because most of the supplies from China can be consumed by the people in other markets as well via cross-border export.

但我們確實看到了產品供應方面的協同效應，因為來自中國的大部分供應都可以被其他市場的人們消費，也可以通過跨境出口消費。

And we apply many, many new technologies into this November 11 preparation.

我們在 11 月 11 日的準備工作中應用了許多新技術。

And so far, we see a very, very good progress in terms of the warm-up activities.

到目前為止，我們在熱身活動方面看到了非常非常好的進展。

And we -- [for] the interactive features we created in our mobile Taobao app and other mobile apps in Alibaba ecosystem.

我們——[為了]我們在我們的移動淘寶應用程序和阿里巴巴生態系統中的其他移動應用程序中創建的交互功能。

We -- so far, we have achieved a very good user engagement for this upcoming shopping festival.

到目前為止，我們已經為這個即將到來的購物節取得了非常好的用戶參與度。

So what we are -- we are ready for that day, and we will do all we can do to make sure we have another success on that day.

所以我們是什麼——我們已經為那一天做好了準備，我們將盡我們所能確保我們在那一天再次取得成功。

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

我們的下一個問題來自美銀美林的 Eddie Leung。

I'm curious to hear your thoughts on the competitive environment you see today in the less-developed areas versus a few years ago when you competed in the Tier 1, 2 cities.

我很想听聽您對今天在欠發達地區看到的競爭環境與幾年前在一二線城市競爭時的看法。

At the moment, it seems to us that one similarity is the heavy discounts on certain standardized products.

目前，在我們看來，一個相似之處是某些標準化產品的大幅折扣。

So just wondering how do you compete differently today versus a few years ago?

所以只是想知道你今天的競爭與幾年前有何不同？

Well, actually, if you look at our customer base today, and we have nearly 700 million, I mean, annual active consumers -- 693 million annual active consumers as of September in our China retail marketplaces.

好吧，實際上，如果你看看我們今天的客戶群，我的意思是，截至 9 月，我們在中國零售市場的年度活躍消費者數量將近 7 億——6.93 億。

These customers not only come from the top tier cities and many, many of them are from low tier cities.

這些客戶不僅來自一線城市，而且很多很多來自低線城市。

So we have the wide coverage.

所以我們有廣泛的覆蓋面。

And I think for -- today, I think for the new customers on our platform, and our advantage is that we have the rich -- we have a rich -- we have in-depth selections covering all the categories, covering all the price point, price range, which is available for all the customers.

而且我認為 - 今天，我認為對於我們平台上的新客戶，我們的優勢是我們有豐富的 - 我們有豐富的 - 我們有涵蓋所有類別，涵蓋所有價格的深度選擇點，價格範圍，適用於所有客戶。

So in this case, technology play a very important role in terms of matching the right demand with the right supplies.

因此，在這種情況下，技術在將正確的需求與正確的供應相匹配方面發揮著非常重要的作用。

So, so far as I shared with you in my script, for the new customers on our platform, within 1 year, we saw very, very robust growth in ARPU.

因此，就我在腳本中與您分享的內容而言，對於我們平台上的新客戶，在 1 年內，我們看到 ARPU 的增長非常非常強勁。

And that's a very good signal for us to show the power of our platform.

這對我們展示我們平台的力量來說是一個很好的信號。

And I will say, and for the newcomers, they may spend a lot of so-called marketing dollars to subsidize the customer, subsidize the merchants, but the marketplaces, I always believe that the key thing is generate sustainable value for both merchant and customers.

我會說，對於新來者，他們可能會花費大量所謂的營銷資金來補貼客戶，補貼商家，但市場，我始終認為關鍵是為商家和客戶創造可持續的價值.

And as a platform, if the bar is set as they transact between each other, but as a platform, you always subsidize.

作為一個平台，如果在它們之間進行交易時設置了門檻，但作為一個平台，你總是會補貼。

I don't see this as a sustainable model in the long run.

從長遠來看，我不認為這是一個可持續的模式。

I'm sure all the investors can -- will agree with this.

我相信所有投資者都可以 - 會同意這一點。

And from our side, we invest to acquire new customers as we always do, and so that's why we see a very robust user growth.

在我們這邊，我們一如既往地投資以獲取新客戶，這就是我們看到用戶增長非常強勁的原因。

And we add another 30 million MAU in this quarter, but we are -- we care more about the retention of the customers.

我們在本季度又增加了 3000 萬 MAU，但我們更關心客戶的保留。

And so technology play -- will continue to play a very important role to improve the stickiness of the users.

所以技術發揮——將繼續發揮非常重要的作用，以提高用戶的粘性。

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

我們的下一個問題來自匯豐銀行的Binnie Wong。

My question is also on the less-developed market strategy.

我的問題也是關於欠發達的市場策略。

I recall company disclosed the percentage of new users coming from low end has been over 70% in the past several quarters.

我記得公司透露過去幾個季度來自低端的新用戶比例超過 70%。

Just wonder if there's any update.

只是想知道是否有任何更新。

And also with you expanding into the lower-tier products, how do you see that our Taobao or Tmall merchants are spending on their advertising budget would behave differently?

而且隨著你們向低端產品擴張，你們如何看待我們的淘寶或天貓商家在廣告預算上的支出會有所不同？

And I guess also a quick follow-up on Maggie's comments on the 25% cross-selling on the local consumer services.

我想也是對 Maggie 關於本地消費者服務 25% 交叉銷售的評論的快速跟進。

How do we tap in -- what is our strategy to tap into the incremental to 75%, the cross-selling from our China retail marketplace into our consumer services?

我們如何利用——我們的策略是什麼來利用增量到 75%，從我們的中國零售市場到我們的消費者服務的交叉銷售？

Okay.

好的。

In terms of the low-tier user add, overall, we're still showing very strong in the user acquisition.

就低端用戶添加而言，總體而言，我們在用戶獲取方面仍然表現非常強勁。

So after several quarters of strong acquisition from lower-tier cities, if you look at users coming from lower-tier cities as a percentage of total, it come down a little bit.

因此，在幾個季度從低線城市的強勁收購之後，如果你看一下來自低線城市的用戶佔總用戶的百分比，它會有所下降。

But I think overall, it's very strong.

但我認為總體而言，它非常強大。

We're not only acquiring users from lower tier; but on the top-tier cities, we also continuously to add consumers.

我們不僅從較低層級獲取用戶；但在一線城市，我們也在不斷增加消費者。

I think one thing that's very important is that it's not only the user growth but also the ARPU growth that's very healthy.

我認為非常重要的一件事是，不僅用戶增長而且 ARPU 增長也非常健康。

And one more thing that's very important is the retention.

還有一件非常重要的事情是保留。

So as I talked during the Investor Day, if you look at our customer's retention, it's very high.

因此，正如我在投資者日所說的那樣，如果你看看我們客戶的保留率，就會發現它非常高。

Take an example of our high-end customers who spend over CNY 10,000 per annum.

以我們年消費過萬元的高端客戶為例。

There are like over 100 million of them, 130 million actually for this year.

其中有超過 1 億，今年實際上有 1.3 億。

And then when you look at the percentage staying on our platform, it's like 98%.

然後，當您查看留在我們平台上的百分比時，大約是 98%。

So that gives you a sense that we're -- that's not only fast-growing but a more balanced, more healthy growth.

所以這讓你覺得我們 - 這不僅是快速增長，而且是更平衡、更健康的增長。

The other question was about cross-selling to the other 75% of the user.

另一個問題是關於向其他 75% 的用戶進行交叉銷售。

I think this is the synergies we are in the process of realizing in the local consumer services, and we have integrated consumer marketplaces.

我認為這是我們在本地消費者服務中實現的協同效應，我們已經整合了消費者市場。

And today, 25% of the China -- AAC, annual active users from the China retail marketplaces are the users' purchases in local services.

而今天，25% 的中國——AAC，來自中國零售市場的年度活躍用戶是購買本地服務的用戶。

We see huge synergies to improve this penetration.

我們看到了提高這種滲透率的巨大協同效應。

So that why we make continuous efforts to integrate our product and our technology infrastructure to make the whole platforms, entire platforms in Alibaba digital economy fully integrated.

所以我們不斷努力整合我們的產品和我們的技術基礎設施，讓阿里巴巴數字經濟中的整個平台，整個平台完全整合。

And going forward, we will continue to have more -- to strengthen our supplies from the local cities, to have more coverage in the local cities to make sure we have the good supply to the local base -- to the location-based consumers, which we know very clearly about their profile.

展望未來，我們將繼續擁有更多——加強我們來自當地城市的供應，擴大當地城市的覆蓋範圍，以確保我們為當地基地——基於位置的消費者提供良好的供應，我們非常清楚地了解他們的個人資料。

And the one other question was the ad spending of these Taobao or Tmall merchants in the lower tier cities.

另一個問題是這些淘寶或天貓商家在低線城市的廣告支出。

How do we target them?

我們如何瞄准他們？

I think the fundamental is still user growth and consumer experience.

我覺得根本還是用戶增長和消費體驗。

And then like we said several times in the past that our model is that merchant, as they themselves make decisions on how much budget they want to allocate to the platform.

然後就像我們過去多次說過的那樣，我們的模型是商家，因為他們自己決定要分配給平台的預算。

And they bid for the price they are willing to pay.

他們以他們願意支付的價格出價。

So that's -- if you look at our revenue growth, it's the ultimate proof of the value we provided to not only the consumers but also the merchants.

所以這就是 - 如果你看看我們的收入增長，它是我們不僅為消費者而且為商家提供的價值的最終證明。

So I think it's not the lower tier city merchants across the country, right, or the brands, I think they have been making decisions to have the budget and increase their spending on our platform.

所以我認為不是全國低線城市的商家，對吧，也不是品牌，我認為他們一直在做出決定，以控制預算並增加在我們平台上的支出。

Our next question is from the line of Grace Chen of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Grace Chen。

My question is about the differences in Alibaba's approaches to capitalize on opportunities in the affluent, middle-class and urbanization/low-tier cities.

我的問題是關於阿里巴巴在富裕、中產階級和城市化/低線城市利用機會的方法的差異。

It will be great if the management can talk about the differences in the consumer behavior and preferences in these 2 segments, industrial strategies and also the differences in the compelling landscape in these 2 segments.

如果管理層可以談論這兩個細分市場中消費者行為和偏好的差異、行業戰略以及這兩個細分市場中引人注目的景觀的差異，那就太好了。

If possible, can you use the upcoming 11.11 promotion as an example to elaborate your strategies, especially in the less-developed regions?

如果可能的話，您能否以即將到來的11.11促銷為例來闡述您的策略，尤其是在欠發達地區？

And a follow-up is that we see the growth of users have been coming from -- the incremental user growth have been coming from the developed -- less-developed areas.

後續行動是我們看到用戶的增長來自——增量用戶增長來自發達——欠發達地區。

What will be the implications on the financial numbers or cost structure with more users now coming from less-developed areas?

現在更多的用戶來自欠發達地區，這對財務數字或成本結構有何影響？

Well, I will say, if you look at the users' habits from different tier cities, I think it is highly relevant to their local lifestyle and their addressable income.

好吧，我會說，如果你看看來自不同一線城市的用戶的習慣，我認為這與他們當地的生活方式和他們的可尋址收入高度相關。

So -- but I think in the different shopping events like -- especially like November 11, I think all the people want to get their best products even from the -- maybe some of them, they don't spend in the day-to-day on the brand products; but in the shopping festival, they will because of the good prices and the good products available on the platform.

所以——但我認為在不同的購物活動中——尤其是 11 月 11 日，我認為所有人都希望獲得他們最好的產品——也許他們中的一些人，他們不會在當天花錢-天上品牌產品；但在購物節，他們會因為平台上的好價格和好產品。

So most people will try to explore the branded products.

所以大多數人都會嘗試探索品牌產品。

But at the same time, I think for the day-to-day necessities, for a lot of categories which are not focused, people make shopping decisions don't focus on brands, so people will care more about their functions and, of course, the price advantage.

但與此同時，我認為對於日常必需品，對於很多沒有重點的類別，人們做出購物決定時不會關注品牌，所以人們會更關心它們的功能，當然，價格優勢。

So that's why we strongly believe the technology is so important to reflect this customer needs on a real-time basis.

因此，這就是為什麼我們堅信該技術對於實時反映客戶需求如此重要。

So I think that's the important successful factor in both the day-to-day operation and also in the big events like November 11.

所以我認為這是日常運營和 11 月 11 日等大型活動的重要成功因素。

In terms of the spending from the lower tier cities and the high end, so I talked about the high-end consumer spending pattern, very strong spending power and high retention.

在低線城市和高端的消費方面，所以我講了高端的消費模式，非常強大的消費能力和高留存率。

Lower-tier cities, we actually observed that the ARPU from the lower-tier city consumers are not as low as people imagine.

下線城市，我們實際觀察到下線城市消費者的ARPU並沒有大家想像的那麼低。

The spending, I think, is more tied to the user experience or the consumer experience.

我認為，支出更多地與用戶體驗或消費者體驗相關。

And experience also includes that they can find whatever they want.

經驗還包括他們可以找到他們想要的任何東西。

So we talked about the product supply, different supplies and we talked about segmentation of the consumption.

所以我們談到了產品供應，不同的供應，我們談到了消費細分。

I think we have addressed that very well in our Taobao app, different demand from different level consumers.

我認為我們在淘寶應用中已經很好地解決了不同層次消費者的不同需求。

Our next question is from the line of Zachary Schwartzman of RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Zachary Schwartzman。

Profit growth trends across the business as a whole and on the core, core marketplaces have stabilized or even accelerated.

整個企業和核心市場的利潤增長趨勢已經穩定甚至加速。

I guess giving you some more flexibility, as you said, in discretionary investing to strengthen your strategic moats.

正如你所說，我想在全權投資方面給你更多的靈活性，以加強你的戰略護城河。

Maggie, can -- more on expense discipline and operating efficiencies as you expand some of the recently integrated businesses in core commerce?

Maggie，隨著您在核心商務中擴展一些最近整合的業務，能否更多地關注費用紀律和運營效率？

And just to confirm, was there any change in priority here with your final comments in your prepared remarks for the second half of the year?

只是想確認一下，您在下半年準備好的發言中的最終評論的優先級是否有任何變化？

Yes.

是的。

I mentioned that we're going to focus on 3 key things, right?

我提到我們將專注於 3 個關鍵的事情，對嗎？

And improved user experience is always the most important thing.

而提升用戶體驗永遠是最重要的。

And this will result in higher engagement and customer spending.

這將導致更高的參與度和客戶支出。

And so I also talked about reinvesting back to these competitive areas.

所以我也談到了重新投資到這些競爭領域。

Just like what we did in previous years to expand our B2C market leadership, I think we have been very successful on that round of reinvestment and expand our market share.

就像我們前幾年為擴大 B2C 市場領導地位所做的那樣，我認為我們在那輪再投資上非常成功，擴大了我們的市場份額。

So we're going to continue to do that in these strategically important areas.

因此，我們將在這些具有重要戰略意義的領域繼續這樣做。

And number 3, I also talked about the discipline, right, the operating efficiency.

第三，我也談到了紀律，對，運營效率。

I think it's very important because Daniel mentioned that we don't believe continuous subsidizing or just tremendous spending in the marketing would bring sustainable business.

我認為這非常重要，因為丹尼爾提到我們不相信持續的補貼或僅在營銷方面的巨額支出會帶來可持續的業務。

We're going to be smart, spend our money and continue to focus or emphasize on operating efficiency.

我們將變得聰明，花錢並繼續關注或強調運營效率。

Yes.

是的。

And also, Zachary, I just want to address sort of the seeming conflict between expense, operating efficiency with discipline versus being aggressive in reinvesting our profits into strategic areas that are discretionary.

而且，扎卡里，我只想解決費用、運營效率與紀律與積極地將我們的利潤再投資到可自由支配的戰略領域之間的表面衝突。

I'll give you an example.

我給你舉個例子。

In terms of acquiring new users, for example, in lower-tier cities, we can now acquire users in our -- for the Taobao channel retail marketplace, but the same user could also potentially be a user for our local service business.

在獲取新用戶方面，例如，在低線城市，我們現在可以在淘寶渠道零售市場獲取用戶，但同一用戶也可能是我們本地服務業務的用戶。

So we only have to spend the marketing dollars once to acquire that user, but then use our cross-selling with our multiple platforms to further penetrate those users that have not used, for example, local services before.

因此，我們只需花費一次營銷費用來獲取該用戶，然後利用我們與多個平台的交叉銷售來進一步滲透那些以前沒有使用過的用戶，例如以前沒有使用過本地服務的用戶。

So the discipline is a result of the synergies because we have multiple platforms and multiple services targeting the same user base.

所以紀律是協同作用的結果，因為我們有多個平台和多個服務針對相同的用戶群。

And that creates -- those synergies create operating synergies.

這創造了——這些協同效應創造了運營協同效應。

But we could be, at the same time, aggressively investing into the lower-tier cities.

但與此同時，我們可能會積極投資於低線城市。

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

我們的下一個問題來自摩根大通的 Alex Yao。

Congratulations on a very strong quarter.

祝賀一個非常強勁的季度。

I would like to follow up with the previous question, specifically regarding Maggie's comment that you guys plan to reinvesting the discretionary profit in the second half, backing the strategic areas.

我想跟進之前的問題，特別是關於 Maggie 的評論，你們計劃在下半年將可自由支配的利潤再投資，以支持戰略領域。

I think if we take a look at your first half financial results, the financial impact from new initiatives under core commerce continue to be narrowing, which leads to very strong profit growth.

我認為，如果我們看一下你們上半年的財務業績，核心商業下的新舉措對財務的影響將繼續縮小，這將導致非常強勁的利潤增長。

So should we think that you will be incrementally more aggressive in those initiatives in the second half such that the financial result trend in the first half cannot be extrapolating to the second half?

那麼，我們是否應該認為您在下半年的這些舉措中會越來越積極，以至於上半年的財務結果趨勢不能外推到下半年？

And also, can you talk about your priorities across the 4 initiatives, i.e.

此外，您能否談談您在 4 項舉措中的優先事項，即

local consumption, international, logistic and new retail?

本地消費、國際化、物流和新零售？

Sure, Alex.

當然，亞歷克斯。

Firstly, I want to highlight again to our investors that if you look at our revenue growth and profit growth, both are very strong, right, way ahead of almost all of our global peers.

首先，我想再次向我們的投資者強調，如果你看看我們的收入增長和利潤增長，兩者都非常強勁，遠遠領先於我們幾乎所有的全球同行。

So we do have this luxury, if you recall, to reinvest because strong core and very good management of -- managing the business.

所以我們確實有這種奢侈，如果你還記得的話，再投資是因為強大的核心和非常好的管理——管理業務。

And so talking about the second half, in those strategic areas like -- things like local consumer service, things like globalization and also the DME, also logistics, we're going to continue to invest.

因此，談到下半年，在那些戰略領域，比如本地消費者服務、全球化和 DME，還有物流，我們將繼續投資。

At the same time, if you look at the competitive landscape, right, so we've seen competitors have been very aggressive investing in the China retail commerce business, also in the local service businesses.

與此同時，如果你看看競爭格局，對，所以我們看到競爭對手一直非常積極地投資中國零售商業業務，也投資本地服務業務。

So we -- it's not reactive to competition, but also for our own to expand the user base.

所以我們 - 它不是對競爭做出反應，而是為了我們自己擴大用戶群。

Also to [deepen] this user base, we're going to -- it's a good time for us to reinvest.

此外，為了 [深化] 這個用戶群，我們將 - 現在是我們進行再投資的好時機。

And profit trend, et cetera, although we don't guide on profitability, but I've mentioned that we do care about the efficiency of the business and also the profit growth.

還有利潤趨勢等等，雖然我們不指導盈利能力，但我已經提到我們確實關心業務效率和利潤增長。

So I think this is a very important measure among our senior management of the business growth.

所以我認為這是我們高級管理層對業務增長的一項非常重要的衡量標準。

I think the prioritization of the investment will result on this our [PPC], the investment areas.

我認為投資的優先順序將在我們的 [PPC] 投資領域產生。

I would say that these areas are equally important, not only the cloud and the DME, but also the local consumer service and the -- like logistics, New Retail and globalization.

我想說這些領域同樣重要，不僅是雲和 DME，還有本地消費者服務和物流、新零售和全球化。

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

我們的下一個問題來自巴克萊銀行的 Gregory Zhao。

I have a question to Daniel.

我有一個問題要問丹尼爾。

So as you highlighted during the prepared remarks and at the Investor Day, so BABA is enhancing the digital economy strategy, and then you split it, the economy, into 2 groups, the to consumer and to business segment.

因此，正如您在準備好的發言和投資者日強調的那樣，BABA 正在加強數字經濟戰略，然後您將其經濟分為兩類，即消費者和商業部門。

I mean given the difference between the 2 business, the nature, I just wanted to understand more about the execution and how do you coordinate between the 2 segments.

我的意思是考慮到這兩個業務之間的區別，性質，我只是想了解更多關於執行的信息以及你如何在這兩個部分之間進行協調。

As well globally, we see several successful examples like Amazon, like Microsoft.

在全球範圍內，我們看到了幾個成功的例子，比如亞馬遜，比如微軟。

And how's your strategy different from these peers?

您的策略與這些同行有何不同？

And also a very quick follow-up on the Singles Day.

還有一個非常快速的光棍節跟進。

So we see some delivery companies announced to increase delivery fee during the 11.11 promotion this year.

所以我們看到一些快遞公司在今年11.11促銷期間宣布提高快遞費。

So can you help us understand what's the implication to you and your competitors.

那麼您能否幫助我們了解這對您和您的競爭對手意味著什麼？

Okay.

好的。

I think the first one is a very good question.

我認為第一個是一個非常好的問題。

I think when we said that we are -- we are having 2 flying wheels, 2C strategy and 2B strategy, I think these 2 strategies are relevant to different type of businesses which requires different skill set and even DNA of the team.

我認為當我們說我們有 2 個飛輪、2C 戰略和 2B 戰略時，我認為這兩種戰略與不同類型的業務相關，這些業務需要不同的技能組合，甚至需要團隊的 DNA。

So that's why we said Alibaba is a digital economy which have a diversity of the skill set of people and even the way of working.

所以這就是為什麼我們說阿里巴巴是一個數字經濟體，它擁有多元化的人員技能，甚至工作方式。

So from a consumer business, as we always said, we encourage young people to take more responsibility to innovate the product features which fit for the needs of the young customers.

所以從消費者業務來說，正如我們一直說的，我們鼓勵年輕人承擔更多的責任，創新適合年輕客戶需求的產品功能。

So we always do this bottom-up on the innovations.

所以我們總是自下而上地進行創新。

But for the enterprise services, and actually, via the past 10 years efforts' in Tmall, we've already built a enterprise services model like to some big brands and retailers.

但是對於企業服務，實際上，通過過去10年在天貓的努力，我們已經建立了像一些大品牌和零售商那樣的企業服務模式。

And now we roll this over to more categories, even into cloud services to corporate clients, and we have already built a very good team in terms of the cloud services, and also to integrate multiple services from Alibaba to 1 corporate client.

現在我們把這個擴展到更多的品類，甚至是雲服務給企業客戶，我們已經在雲服務方面建立了一個非常好的團隊，也把阿里巴巴的多種服務整合到一個企業客戶。

So we will continue to do so and we believe to have 2 flying wheels, 2C and 2B, but with a good connection and with a good chemistry is the core value of Alibaba and the core competitive advantage of Alibaba.

所以我們會繼續做下去，我們相信有2個飛輪，2C和2B，但是良好的連接和良好的化學反應是阿里巴巴的核心價值，也是阿里巴巴的核心競爭優勢。

And in terms of the logistic companies performance for pricing strategies in November 11, I don't -- so far, I don't hear any, I mean, big pricing change from our logistic partners.

就 11 月 11 日物流公司在定價策略方面的表現而言，我沒有——到目前為止，我沒有聽到我們的物流合作夥伴有任何重大的定價變化。

Actually, we are working very closely with all the logistic partners and we prepare for a long time to make sure we have the right capacity and the right service available for the upcoming shopping event.

事實上，我們正在與所有物流合作夥伴密切合作，我們已經準備了很長時間，以確保我們為即將到來的購物活動提供合適的容量和合適的服務。

Our next question is from the line of Tina Long of Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 Tina Long。

Congratulations again on the results.

再次祝賀結果。

I have one quick question on the live streaming.

我有一個關於直播的快速問題。

As the format of live streaming gets increasingly popular, can you give us update on the GMV contribution for this format in first half this year?

隨著直播形式越來越受歡迎，您能否介紹一下今年上半年該形式對 GMV 貢獻的最新情況？

And also, I want to understand the monetization for this format, especially when the live streaming is native versus those from third-party sites like Douyin or Kuaishou.

而且，我想了解這種格式的貨幣化，尤其是當直播是原生的，而不是來自抖音或快手等第三方網站的直播時。

Sure.

當然。

Live streaming, if you look at the GMV side, this is already what we call this new swimming lane that generates over CNY 100 billion GMV per annum.

直播，如果你看GMV這邊，這已經是我們所說的新泳道，每年產生超過1000億元的GMV。

So if you look at our -- the merchants who have been using this service, over 50% of them are using live streaming.

所以如果你看看我們——一直在使用這項服務的商家，其中超過 50% 的人正在使用直播。

So this is a very popular and value-added service to these merchants.

所以這對這些商家來說是一個非常受歡迎的增值服務。

And in terms of the monetization, we haven't really started.

在貨幣化方面，我們還沒有真正開始。

They're in very early-stage tests.

他們正處於非常早期的測試階段。

So there are multiple ways we can monetize the service.

因此，我們可以通過多種方式通過服務獲利。

And we'll give you an update when we start a formal monetization.

當我們開始正式貨幣化時，我們會給你更新。

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

下一個問題來自瑞銀的Jerry Liu。

I have 2 quick ones.

我有2個快速的。

One is at the Investor Day, we talked about multiple new revenue drivers, whether that's live streaming at the secondhand platform.

一個是在投資者日，我們談到了多個新的收入驅動因素，無論是在二手平台上直播。

Just thinking ahead into next year, as we look at these opportunities in addition to the feed, is the feed still the primary one we're looking to monetize?

展望明年，當我們除了 Feed 之外還關注這些機會時，Feed 是否仍然是我們希望通過貨幣化的主要機會？

Are some of these other opportunities also possible as we head into next year?

隨著我們進入明年，這些其他機會中的一些是否也可能存在？

Sure.

當然。

In terms of growth driver, as I mentioned, happy that you heard that we have so many new business and services that already generate quite big size of business.

在增長動力方面，正如我提到的，很高興你聽說我們有這麼多新業務和服務，這些業務和服務已經產生了相當大的業務規模。

And they are opportunities for us to monetize these businesses, such as Idle Fish, the biggest secondhand platform in China and also like our live streaming platform also like Taobao Factory.

它們是我們將這些業務貨幣化的機會，比如中國最大的二手平台閒魚，也像我們的直播平台，還有淘寶工廠。

If you look into next year, yes, we do have opportunity where I should say it's possible that we start to monetize because these are necessarily big businesses that we can start thinking about that.

如果你展望明年，是的，我們確實有機會，我應該說我們有可能開始貨幣化，因為這些必然是我們可以開始考慮的大企業。

Monetization on the recommendation fees.

推薦費貨幣化。

I think the way we look at this is that, like we have been always doing, where we tend to rather undermonetize than overmonetize.

我認為我們看待這個問題的方式是，就像我們一直在做的那樣，我們傾向於貨幣化不足而不是貨幣化過度。

We already have a test and extended a little bit on the test on monetizing recommendation fees.

我們已經進行了一項測試，並稍微擴展了關於將推薦費用貨幣化的測試。

But whether we're going to expand it, we'll see and decide later on.

但我們是否要擴大它，我們會在稍後看到並決定。

Overall, we already have shown 40% year-on-year revenue growth, right, so for the past 2 quarters.

總體而言，我們已經顯示出 40% 的同比收入增長，對，在過去的兩個季度中也是如此。

And our guidance shows like a 30-ish, which is way ahead of a lot of our global peers.

我們的指導顯示為 30 歲左右，遠遠領先於我們的許多全球同行。

So we're going to have a more balanced approach on monetization to look after consumer experience, merchants' ROI as well as our revenue growth.

因此，我們將採用更加平衡的貨幣化方法來照顧消費者體驗、商家的投資回報率以及我們的收入增長。

Our next question is from the line of Youssef Squali of SunTrust.

我們的下一個問題來自 SunTrust 的 Youssef Squali。

Two quick questions.

兩個快速問題。

First, can you provide us with an update on the food delivery traction in lower-tier cities?

首先，您能否向我們提供有關低線城市外賣牽引力的最新信息？

Maybe number of cities and the competitive intensity there?

也許那裡的城市數量和競爭強度？

And second, kind of a broader question for either Joe or Daniel.

其次，對於 Joe 或 Daniel，這是一個更廣泛的問題。

We've seen some conflicting data on the Chinese economy recently.

我們最近看到了一些關於中國經濟的相互矛盾的數據。

NBS for July and September suggests a slowdown in the economy in general.

7 月和 9 月的國家統計局表明總體經濟放緩。

And even online, this morning, there was a new private survey that showed actually manufacturing expanded, I think, in October much faster than expected.

甚至在網上，今天早上，有一項新的私人調查顯示實際上製造業在 10 月份的擴張速度比預期快得多。

So just what do you make of it?

那你怎麼看呢？

And just generally, how much of a predicter is this of demand for BABA's services when -- particularly from us looking at this from the outside?

總的來說，這對 BABA 服務的需求有多少預測因素——特別是從我們外部來看？

Let me answer the first question.

我來回答第一個問題。

Actually, in the local service food delivery business, actually we are expanding our coverage in the low-tier cities in terms of the local suppliers.

實際上，在本地服務外賣業務中，實際上我們在本地供應商方面正在擴大我們在低線城市的覆蓋範圍。

In the past 1 year, we've already successfully expand to many low-tier cities, but I think that's not enough.

在過去的一年裡，我們已經成功地擴展到許多低線城市，但我認為這還不夠。

We'll continue to do so to strengthen our supply, which we believe very important in the local service business.

我們將繼續這樣做以加強我們的供應，我們認為這對本地服務業務非常重要。

We have huge advantage in the consumer side, and we can leverage a lot in the -- as we said, in the digital economy in terms of the cross-sell to the consumers in the ecosystem.

我們在消費者方面擁有巨大的優勢，我們可以在 - 正如我們所說的那樣，在數字經濟中向生態系統中的消費者交叉銷售方面發揮很大的作用。

But I think that from the supply side, we have done a lot.

但是我覺得從供給端來說，我們已經做了很多。

And so far, we see very good, I mean, opportunity and very good trend if we have the right supply in a particular region.

到目前為止，如果我們在特定地區擁有合適的供應，我們就會看到非常好的機會和非常好的趨勢。

But we will continue to do so and have a more strong local supply.

但我們將繼續這樣做，並擁有更強大的本地供應。

Yes.

是的。

On the other question about sort of whether the total macroeconomic data is a good predicter of Alibaba's performance, well, I think you have seen that we have just multiple quarters where Alibaba's business outperforms the whole economy and even outperforms total retail sales.

關於總體宏觀經濟數據是否可以很好地預測阿里巴巴業績的另一個問題，嗯，我想你已經看到我們有多個季度阿里巴巴的業務表現優於整個經濟，甚至超過零售總額。

So currently, we're looking at total retail sales growing at around 8% and yet e-commerce, based on the NBS data, is growing in the high teens in the latest data that's available.

因此，目前，我們看到總零售額增長了 8% 左右，但根據國家統計局的數據，在可用的最新數據中，電子商務正在以十幾歲的速度增長。

But Alibaba's growth is -- we're outgrowing the entire retail sector as well as the e-commerce sector.

但阿里巴巴的增長是——我們正在超越整個零售業和電子商務業。

I think there's a secular trend.

我認為有一個長期趨勢。

Obviously, e-commerce is taking share away from the traditional retail economy.

顯然，電子商務正在蠶食傳統零售經濟的份額。

So Alibaba is very much driving that secular trend.

因此，阿里巴巴在很大程度上推動了這一長期趨勢。

But vis-a-vis peers, we're also outgrowing the peers in e-commerce because now, as Daniel has referred to many times, we are getting synergies from a few areas.

但與同行相比，我們在電子商務領域的發展也超過了同行，因為現在，正如丹尼爾多次提到的那樣，我們正在從幾個領域獲得協同效應。

Number one, technology.

第一，技術。

Being able to match a variety of product supply in different formats and also different types from standardized products to long-tail products, our technology will match the right products to the right consumers.

從標準化產品到長尾產品，我們的技術能夠匹配不同業態、不同類型的多種產品供應，將合適的產品匹配給合適的消費者。

That is giving us a leg up vis-a-vis competitors.

這讓我們比競爭對手更有優勢。

And the other area of synergy is that now we have close to 700 million annual active consumers in our China retail marketplace that we're able to do the cross-selling of additional services like local services and entertainment to our base of close to 700 million active consumers in the China retail marketplace.

另一個協同作用的領域是，現在我們在中國零售市場擁有近 7 億的年度活躍消費者，我們能夠向近 7 億的基礎交叉銷售本地服務和娛樂等附加服務中國零售市場的活躍消費者。

So these synergies are now starting to come through and that's also giving us an advantage over our peers.

因此，這些協同效應現在開始顯現，這也使我們比同行更具優勢。

Our last question comes from the line of Piyush Mubayi of Goldman Sachs.

我們的最後一個問題來自高盛的 Piyush Mubayi。

Maggie, on the points you made about improving user experience that will result in higher engagement and customer spend -- the customer spend exactly, can I just ask where you are on user experience in terms of how you're defining that and where do you want to take it?

Maggie，關於你提出的關於改善用戶體驗的觀點，這將導致更高的參與度和客戶支出——客戶支出到底是什麼，我能問一下你在用戶體驗方面的位置嗎，你是如何定義它的，你在哪裡？想拿嗎？

And second, does that not mean, and I know that you have talked about the contradiction -- seeming contradiction here.

其次，這是否意味著，我知道你已經談到了矛盾——這裡看似矛盾。

Where does this -- what does this mean for the ability for you to control or to bring down your spend, in particular in the second half?

這在哪裡 - 這對您控製或減少支出的能力意味著什麼，特別是在下半年？

And there was a specific word you used there, that was "aggressively reinvesting." Just wanted to ask why that word aggressively was used.

你在那裡用了一個特定的詞，那就是“積極再投資”。只是想問一下為什麼要使用積極這個詞。

And I'm sorry I'm being very picky.

對不起，我太挑剔了。

That's fine, Piyush.

沒關係，皮尤什。

So in terms of the user experience, we have many measures, actually.

所以在用戶體驗方面，其實我們有很多措施。

But on the ones -- for your easy understanding, that we see user expansion, first of all, is word of mouth.

但是對於那些 - 為了您容易理解，我們看到用戶擴展首先是口耳相傳。

Besides our marketing activities, there is also word of mouth and, more importantly, is the user retention and also user spending and also users' time spent on our platform and also cross-platform time spending by the users.

除了我們的營銷活動，還有口碑，更重要的是用戶留存和用戶支出，還有用戶在我們平台上花費的時間以及用戶跨平台的時間花費。

So there are many ways.

所以有很多方法。

And the other matters you might be interested is the conversion, right?

您可能感興趣的其他事項是轉換，對嗎？

It's how many just users convert into buyers and then the buyer convert into the repeated buyers.

它是有多少只是用戶轉化為買家，然后買家轉化為回頭客。

So -- and then the loyal customers, where we have 88 VIP members on our platform who actually, spending level's very high.

所以——然後是忠誠的客戶，我們平台上有 88 名 VIP 會員，實際上他們的消費水平非常高。

So this is what we're very happy to see.

所以這是我們非常高興看到的。

And in terms of our spending, and why we used aggressively -- I think, okay, this is a question, very interesting.

就我們的支出而言，以及我們為何積極使用——我認為，好吧，這是一個非常有趣的問題。

I thought about this.

我想過這個。

If we say we're very disciplined in spending, right, some people may be worried about you might lose -- you might give more room to the competitors because they're spending very aggressively and you're emphasizing on discipline.

如果我們說我們在支出方面非常有紀律，對吧，有些人可能會擔心你會輸——你可能會給競爭對手更多的空間，因為他們的支出非常激進，而你強調紀律。

But if we're talking about aggressive spending, then other group of people are worried about how this is going to impact your profit margin, et cetera.

但是，如果我們談論的是激進支出，那麼其他人就會擔心這將如何影響您的利潤率等。

So actually, this is a game that we play every day.

所以實際上，這是我們每天都在玩的遊戲。

It's a decision we need to make every day.

這是我們每天都需要做出的決定。

So this -- we're -- first of all, when you look at our strong profit growth that gives us the bullets as well to fight.

所以這 - 我們 - 首先，當你看到我們強勁的利潤增長時，它也給了我們戰鬥的子彈。

So we do have a very strong profit and cash flow to invest.

因此，我們確實有非常強勁的利潤和現金流可供投資。

And secondly, while in the past several quarters, you've seen the efficiency out of our platform, when you look at the market spending as a percentage of revenue, when you look at SG&A and when you look at all of this spending as a total revenue, we have very good control on the spending.

其次，在過去的幾個季度中，當您將市場支出佔收入的百分比，當您將 SG&A 以及所有這些支出視為總收入，我們對支出有很好的控制。

And we measure ROIs at very different levels.

我們在非常不同的水平上衡量投資回報率。

So I think today, we still see the potential in so many areas.

所以我認為今天，我們仍然看到許多領域的潛力。

And we do believe we have -- we are the ones that have the best -- in the best position to extend our service across all of these areas in commerce and to help merchants and consumers.

我們確實相信我們擁有——我們是擁有最好的——處於最佳位置，可以將我們的服務擴展到所有這些商業領域，並幫助商家和消費者。

So I think it's -- we're in a good position to spend.

所以我認為這是 - 我們處於一個很好的位置。

Aggressively, I think we have said that several times like in the past year when we expand our -- when we investment in our cost business, we talk about aggressive spending.

積極地，我認為我們已經多次說過，就像在過去一年中我們擴大我們的 - 當我們投資於我們的成本業務時，我們談論積極的支出。

When we invest into our B2C business, we always talk about aggressive spending.

當我們投資 B2C 業務時，我們總是談論積極的支出。

The key thing is that we spend aggressively, but the return should be ensured.

關鍵是我們花得大，但要保證回報。

So that's our thinking on that.

這就是我們的想法。

I think what Maggie means is simply that we can afford to be aggressive when we want to be.

我認為 Maggie 的意思很簡單，我們可以在我們想要的時候變得積極進取。

And there's -- market conditions may change from quarter-to-quarter and -- but we have the luxury.

而且 - 市場狀況可能會隨季度變化 - 但我們有奢侈品。

So if you look at our quarterly earnings before interest, tax and amortization, the EBITA measure, this quarter, we had CNY 45 billion of EBITA, and we're taking about 15% of that number to aggressively invest into the core commerce areas like local services, international, New Retail and logistics.

因此，如果你看一下我們的季度息稅攤銷前收益，即 EBITA 指標，本季度，我們的 EBITA 為 450 億元人民幣，我們將把其中的 15% 用於積極投資於核心商業領域，例如本地服務、國際、新零售和物流。

And so we could be very aggressive, but still just spend 15% of our EBITA in those core areas.

所以我們可以非常積極，但仍然只將 15% 的 EBITA 花在這些核心領域。

I think we simply mean we've got the luxury to do that.

我認為我們只是意味著我們有能力做到這一點。

Right.

正確的。

While some companies spend like 50% of their revenue, right, in their marketing.

雖然有些公司將其收入的 50% 用於營銷，對吧。

Okay.

好的。

Thank you, everyone.

謝謝大家。

That was the last question.

這是最後一個問題。

And if you have any questions, feel free to reach out to the Alibaba IR team.

如果您有任何疑問，請隨時聯繫阿里巴巴 IR 團隊。

Thank you.

謝謝。

Thank you.

謝謝。

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

女士們，先生們，今天的會議到此結束，感謝您的參與。

You may now disconnect.

您現在可以斷開連接。