阿里巴巴 (BABA) 2020 Q1 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's June Quarter of 2019 Results Conference Call.

歡迎參加阿里巴巴 2019 年 6 月季度業績電話會議。

(Operator Instructions)

（操作員說明）

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

我現在想把這個電話轉給阿里巴巴集團投資者關係主管 Rob Lin。

And we apologize for any static or any disturbances.

對於任何靜態或任何干擾，我們深表歉意。

Please go ahead.

請繼續。

Okay.

好的。

Good day, everyone, and welcome to Alibaba Group's June Quarter 2019 Results Conference Call.

大家好，歡迎參加阿里巴巴集團 2019 年 6 月季度業績電話會議。

Before I get started, I just want to see if people on the line can listen well.

在開始之前，我只是想看看在線的人是否能很好地聽。

Maybe you could take 1 question, operator, to make sure that someone on the line can answer, that they can hear well, because there are some technical issue here on this side.

接線員，也許您可以提出 1 個問題，以確保線路上的某個人可以回答，他們可以很好地聽到，因為這邊有一些技術問題。

Okay.

好的。

I think we'll proceed.

我想我們會繼續。

Okay.

好的。

Well, sorry about that.

嗯，很抱歉。

So with us today are Joe Tsai, our Executive Vice Chairman; Daniel Zhang, Chief Executive Officer; Maggie Wu, Chief Financial Officer.

所以今天和我們在一起的是我們的執行副主席蔡崇信；張勇，首席執行官； Maggie Wu，首席財務官。

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

此次電話會議正在我們公司網站的 IR 部分進行網絡直播。

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

今天晚些時候將在我們的網站上重播電話會議。

Now let me quickly cover the safe harbor.

現在讓我快速掩護避風港。

Today's discussion 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 current expectations.

這些前瞻性陳述涉及固有風險和不確定性，可能導致實際結果與當前預期存在重大差異。

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

有關這些風險和不確定性的詳細討論，請參閱我們提交給美國證券交易委員會的表格 20-F 和其他文件的最新年度結果。

Any forward-looking statements that we make on this call are based on presumptions 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-based core commerce adjusted EBITA, non-GAAP net income, non-GAAP diluted earnings per share, or ADS; and free cash flow are expressed on a non-GAAP basis.

請注意，我們在本次電話會議上使用的某些財務指標，例如調整後 EBITDA、調整後 EBITDA 利潤率、調整後 EBITA、調整後 EBITA 利潤率、基於市場的核心商業調整後 EBITA、非 GAAP 淨收入、非 GAAP 稀釋每股收益, 或 ADS;和自由現金流以非公認會計原則為基礎表示。

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

我們的 GAAP 結果以及 GAAP 與非 GAAP 措施的對賬可以在我們的收益新聞稿中找到。

Unless otherwise stated, growth rate of all metrics mentioned during this call refers to year-on-year growth versus the same quarter last year.

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

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

有了這個，我現在把電話轉給喬。

Thank you, Rob.

謝謝你，羅布。

Thank you all for joining us.

感謝大家加入我們。

Alibaba's business continues to do well in an uncertain economic environment, characterized by slower global growth and the trade war.

在以全球增長放緩和貿易戰為特徵的不確定經濟環境中，阿里巴巴的業務繼續表現良好。

In last quarter, I explained why Alibaba is on the right side of all the solutions that could help us address issues in the trade war.

在上個季度，我解釋了為什麼阿里巴巴在所有可以幫助我們解決貿易戰問題的解決方案中都是正確的。

If you haven't, please go back and read my speech from the last quarter.

如果你還沒有，請回去閱讀我上個季度的演講。

In this quarter, our core commerce business, comprised of China retail, wholesale, international commerce, logistics and local consumer services performed exceptionally well, with overall year-on-year revenue growth of 44% in this segment.

本季度，由中國零售、批發、國際商務、物流和本地消費服務組成的核心商務業務表現異常出色，該板塊整體收入同比增長44%。

The question that is invariably asked is how does Alibaba's business, which is consumption-driven, continue to deliver robust growth despite challenges in the broader economy?

一直被問到的問題是，阿里巴巴的消費驅動業務如何在整體經濟面臨挑戰的情況下繼續實現強勁增長？

I want to offer 2 reasons.

我想提供兩個理由。

Both are big secular trends happening in China that we have taken advantage of.

兩者都是我們利用的在中國發生的重大長期趨勢。

First is demographics, and the second is the rapid pace of digitization.

首先是人口統計，其次是數字化的快速步伐。

On demographics.

關於人口統計。

China's USD 5.5 trillion domestic consumption market is driven by 2 massive demographic forces.

中國 5.5 萬億美元的國內消費市場是由兩大人口力量驅動的。

First is the emergence of a middle class of over 300 million people living in large cities.

首先是生活在大城市的超過3億人的中產階級的出現。

This affluent middle-class population is almost as large as the entire U.S. population, and their consumption needs and wants are approaching developed market levels.

這個富裕的中產階級人口幾乎和整個美國人口一樣多，他們的消費需求和慾望正在接近發達市場的水平。

We have talked about the desire by these consumers to upgrade the quality of products they buy, especially the pursuit of brands and imported products.

我們談到了這些消費者想要升級他們購買的產品質量的願望，特別是對品牌和進口產品的追求。

Alibaba's Tmall platform benefits tremendously from this ongoing trend, and we believe it will continue to be the leading choice for consumers looking for quality and consumption upgrade.

阿里巴巴的天貓平台從這一持續趨勢中受益匪淺，我們相信它將繼續成為尋求品質和消費升級的消費者的首選。

The second massive demographic trend is the rise of urbanization, affecting third, fourth and fifth tier cities.

第二個巨大的人口趨勢是城市化的興起，影響著三、四、五線城市。

Other than the major metropolitan areas like Shanghai, Beijing and Shenzhen, China has more than 150 cities with a population of at least 1 million people.

除了上海、北京和深圳等大都市圈外，中國還有150多個城市，人口至少100萬。

In aggregate, these lower-tier cities and the surrounding townships have more than 500 million people with a consumption economy of USD 2.3 trillion.

這些二線城市及周邊鄉鎮的總人口超過5億，消費經濟達2.3萬億美元。

What is happening is the lower-tier cities are urbanizing very fast, with a projected 300 million people that will move from rural areas into these cities in the next 10 years.

正在發生的事情是低線城市的城市化速度非常快，預計未來 10 年將有 3 億人從農村地區遷移到這些城市。

The economy of these smaller cities will grow faster than the major metropolitan areas.

這些小城市的經濟增長速度將快於主要大都市地區。

We've seen projections that retail consumption from the lower-tier cities and townships will triple from $2.3 trillion today to nearly USD 7 trillion by the year 2030.

我們已經看到，到 2030 年，低線城市和鄉鎮的零售消費將從現在的 2.3 萬億美元增長兩倍，達到近 7 萬億美元。

That is a compounded annual growth of more than 10% over a long period of time.

在很長一段時間內，複合年增長率超過 10%。

In the current quarter, we grew annual active consumers of our China retail marketplaces to 674 million, of which more than 70% come from lower-tier cities.

在本季度，我們在中國零售市場的年度活躍消費者增長至 6.74 億，其中超過 70% 來自低線城市。

Alibaba's China retail platforms, especially Taobao marketplace, is very well positioned to capture the consumption demand from the lower-tier cities.

阿里巴巴的中國零售平台，尤其是淘寶市場，非常有能力抓住低線城市的消費需求。

Alibaba's unique -- Alibaba is uniquely positioned with a capability to capture opportunities of both the growing middle class in metropolitan areas and urbanization of lower-tier cities.

阿里巴巴的獨特之處——阿里巴巴具有獨特的定位，能夠抓住大都市區不斷壯大的中產階級和低線城市城市化的機會。

This unrivaled capability is enabled by our multiple retail platforms that are highly trusted by consumers, extensive ecosystem of brands, merchants and manufacturers and AI-driven personalization technology.

這種無與倫比的能力得益於我們深受消費者信賴的多個零售平台、廣泛的品牌、商家和製造商生態系統以及人工智能驅動的個性化技術。

The second big secular trend I want to talk about is the rapid pace of digitization.

我要談的第二大長期趨勢是數字化的快速發展。

Over the past 10 years, digitization of the Chinese economy has been driven by smartphones.

在過去的 10 年裡，中國經濟的數字化一直是由智能手機推動的。

Because of the convenient and always-connected nature of mobile devices, more and more users are spending more and more time connected to the Internet.

由於移動設備方便且始終連接的特性，越來越多的用戶花費越來越多的時間連接到互聯網。

This is giving the digital service providers like ourselves a great feedback loop to understand user trends so that they can rapidly and continuously improve their services.

這為像我們這樣的數字服務提供商提供了一個很好的反饋循環來了解用戶趨勢，以便他們能夠快速、持續地改進他們的服務。

Under our all-in mobile strategy, Alibaba has become the leading player in digitizing commerce.

在我們的全面移動戰略下，阿里巴巴已成為電子商務數字化的領先者。

We have developed the most sophisticated AI algorithms to serve consumers on our platform, which results in ever-improving user experience as well as increasing monetization opportunities.

我們開發了最複雜的人工智能算法來為我們平台上的消費者提供服務，從而不斷改善用戶體驗並增加貨幣化機會。

In the next 10 years, digitization of the economy will be further accelerated by the advent of 5G connection and proliferation of IoT devices.

未來 10 年，隨著 5G 連接的出現和物聯網設備的普及，經濟數字化將進一步加速。

This will have far-reaching implications for all industries and processes, including public services, manufacturing, supply chain distribution, product development and marketing.

這將對所有行業和流程產生深遠的影響，包括公共服務、製造、供應鏈分銷、產品開發和營銷。

By developing these essential technologies of a more digitalized -- digitized world, such as data technology, cloud infrastructure and machine intelligence, Alibaba is very well positioned to help businesses succeed through our new infrastructure for commerce.

通過開發數據技術、雲基礎設施和機器智能等數字化世界的基本技術，阿里巴巴完全有能力通過我們的新商業基礎設施幫助企業取得成功。

Now I turn to Daniel for his remarks.

現在我請丹尼爾發表評論。

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。

With an outstanding quarter, with excellent business performance and a sound execution against our overall strategy, we enjoy exceptional revenue growth of 42% year-on-year, outpacing industry peers, even though we adopt a conservative approach in monetization to support SMEs in this uncertain micro economic environment.

憑藉出色的季度業績、出色的業務表現和對我們整體戰略的良好執行，儘管我們在貨幣化方面採取保守的方法來支持中小企業，但我們的收入同比增長了 42%，超過了行業同行不確定的微觀經濟環境。

We also delivered solid profit growth, benefiting from measures to improve operating efficiency.

得益於提高運營效率的措施，我們也實現了穩健的利潤增長。

During the quarter, we saw solid execution and operational improvement in multiple areas that I will address, including: number one, successful penetration into less-developed areas; number two, positive momentum in adopting our New Retail technology among consumers and the retail partners; number three, efficient and innovative last-mile solutions offered by Cainiao; number four, sustained improvement of our Lazada business in Southeast Asia; number five, robust revenue growth of our cloud computing business; and number six, repositioning our digital entertainment segment that ensures healthy, long-term growth.

在本季度，我們在我將討論的多個領域看到了穩健的執行和運營改進，包括：第一，成功滲透到欠發達地區；第二，消費者和零售合作夥伴採用我們的新零售技術的積極勢頭；第三，菜鳥提供的高效創新的最後一公里解決方案；第四，持續改善我們在東南亞的 Lazada 業務；第五，我們的雲計算業務收入增長強勁；第六，重新定位我們的數字娛樂部門，以確保健康、長期的增長。

For our China retail marketplace, we continue to demonstrate the ability to grow our customer base at scale.

對於我們的中國零售市場，我們繼續展示大規模擴大客戶群的能力。

In June 2019, our China retail marketplaces had 755 million mobile MAUs, a quarterly net increase of 34 million.

2019 年 6 月，我們的中國零售市場擁有 7.55 億移動月活躍用戶，季度淨增長 3400 萬。

Annual active consumers grew 20 million to 674 million, reflecting strong user acquisition programs and another record-breaking June 18 shopping festival.

年度活躍消費者增長 2,000 萬至 6.74 億，反映出強大的用戶獲取計劃和另一個創紀錄的 6 月 18 日購物節。

During the quarter, over 70% of the increase in annual active consumers was from less-developed areas which demonstrated the success of our initiatives to touch a broader base of users.

在本季度，超過 70% 的年度活躍消費者增長來自欠發達地區，這表明我們在觸及更廣泛用戶群的舉措方面取得了成功。

In our core commerce business, Tmall continued to strengthen its market leadership in the B2C market, growing faster than the sector average.

在我們的核心商業業務中，天貓繼續鞏固其在 B2C 市場的市場領先地位，增長速度高於行業平均水平。

Tmall physical goods paid GMV grew 34% in this quarter, mainly driven by increases in the number of users and average spending.

本季度天貓實物商品支付 GMV 增長 34%，主要受用戶數量和平均支出增長的推動。

In June, we achieved the largest ever June 18 shopping festival in business scale and customer reach.

6月，我們實現了6月18日購物節的業務規模和客戶覆蓋率有史以來最大的一次。

The promotional event saw robust consumption demand that supported solid sales and a greater penetration into less-developed areas for brands and merchants.

促銷活動見證了強勁的消費需求，支撐了穩健的銷售，並為品牌和商家更大程度地滲透到欠發達地區。

And over 120 brands generated more than RMB 100 million a day in this -- in GMV.

超過 120 個品牌每天在 GMV 上創造了超過 1 億人民幣的收入。

During the 18-day promotion period, Tmall physical goods paid GMV was up 38%, driven by increases in consumers and a higher average spending.

在為期 18 天的促銷期間，天貓實物商品支付的 GMV 增長了 38%，這得益於消費者增加和平均支出增加。

Mobile Taobao App DAUs was up close to 30%, reflecting successful promotional strategy, and about 65% of the buyers were from less-developed areas.

移動淘寶應用 DAU 接近 30%，反映了成功的促銷策略，約 65% 的買家來自欠發達地區。

The success of the event was mainly due to successful promotional strategy that kept consumers engaged and willing to spend.

活動的成功主要歸功於成功的促銷策略，讓消費者保持參與並願意消費。

More effective user acquisition programs penalized by better reactivation of dormant users leveraging on our data technology, a diversified selection of value-for-money products to attractive -- to attract more users -- more buyers in less-developed areas, continuing efforts to address growing demand from our middle-class consumers.

更有效的用戶獲取計劃通過利用我們的數據技術更好地重新激活休眠用戶、多樣化的物有所值產品選擇來吸引更多用戶、欠發達地區的更多買家、繼續努力解決我們的中產階級消費者的需求不斷增長。

For local consumer services, we achieved strong growth in daily on-demand GMV, driven by robust order growth and increasing average order size during the quarter.

對於本地消費者服務，在本季度強勁的訂單增長和平均訂單規模增加的推動下，我們實現了每日按需 GMV 的強勁增長。

We have also extended the coverage of products and services in targeted low-tier cities where we saw improved market share.

我們還在目標低線城市擴大了產品和服務的覆蓋範圍，我們看到這些城市的市場份額有所提高。

We will continue to focus on delivering value to restaurants and other local service merchants through our data technology.

我們將繼續專注於通過我們的數據技術為餐廳和其他本地服務商家提供價值。

Our New Retail business consists of 2 major directions, reforming old and creating new, both of which enlarge the addressable market.

我們的新零售業務包括改造舊和創造新兩大方向，這兩個方向都擴大了潛在市場。

We are making good progress in digitalizing partners -- retail partners and enable their New Retail transformation.

我們在數字化合作夥伴 - 零售合作夥伴方面取得了良好進展，並支持他們的新零售轉型。

We offer multiple New Retail solutions for traditional supermarket chains that include the Taoxianda and the digital POS machines.

我們為包括淘鮮達和數字POS機在內的傳統連鎖超市提供多種新零售解決方案。

Taoxianda allows consumers to place orders in a nearby supermarket through Taobao app and a secure delivery through our on-demand delivery network.

淘鮮達允許消費者通過淘寶應用在附近的超市下訂單，並通過我們的按需配送網絡實現安全配送。

Digital POS machines capture the insights from local consumers' in-store purchases.

數字 POS 機從當地消費者的店內購買中獲取洞察。

These New Retail technologies have started to deliver positive impacts to our retail partners like Sun Art.

這些新零售技術已開始對我們的零售合作夥伴（如高鑫零售）產生積極影響。

Freshippo, also known as Hema in Chinese, has achieved robust same-store sales growth.

盒馬，也被稱為盒馬，實現了強勁的同店銷售增長。

It will continue to expand its footprint, optimizing its stores and introduce [new initiatives on] product selections.

它將繼續擴大其足跡，優化其商店並推出[新舉措]產品選擇。

Hema is consolidating the supply chain to bring the products directly from the farm to table to improve customer experience.

盒馬正在整合供應鏈，將產品直接從農場送到餐桌，以改善客戶體驗。

Cainiao Network has developed a robust import procurement solutions utilizing a combination of bonded warehouses in China and the direct shipment from overseas.

菜鳥網絡結合中國保稅倉庫和海外直運，開發了一套完善的進口採購解決方案。

The founded warehouse network operated by Cainiao covers all the major ports in China.

菜鳥已建立起的倉儲網絡，覆蓋中國所有主要港口。

As part of Cainiao's comprehensive last-mile solutions, Cainiao's global app offers an on-demand pickup at the delivery services that allows consumers to send package from their homes, thereby facilitating returns.

作為菜鳥綜合最後一公里解決方案的一部分，菜鳥的全球應用程序提供按需取貨服務，讓消費者可以在家中寄出包裹，從而方便退貨。

As of June 2019, Cainiao global -- speedy on-demand pickup service within 2 hours has covered substantially all of the districts and the country -- and the counties in China.

截止2019年6月，菜鳥全球——2小時內快速上門取貨服務，已基本覆蓋全國所有區縣及縣城。

In general, 1 out of every 3 returning package generated on our platform was handled through Cainiao global platform.

一般來說，我們平台上每3個退貨包裹就有1個是通過菜鳥全球平台處理的。

On the globalization front, Lazada shows solid operational improvement after strengthening its third-party marketplace business, management team and technology infrastructure.

在全球化方面，Lazada 在加強其第三方市場業務、管理團隊和技術基礎設施後顯示出穩健的運營改善。

For the third consecutive quarter, Lazada achieved over 100% year-on-year growth -- year-on-year order growth, reflecting strong consumption demand.

Lazada連續第三個季度實現了100%以上的同比增長——訂單同比增長，反映出強勁的消費需求。

During the quarter, it has executed effective user acquisition programs, with mobile DAUs doubling year-over-year.

在本季度，它執行了有效的用戶獲取計劃，移動 DAU 同比翻了一番。

Lazada key priority is to maintain strong user growth and user engagement in the coming years.

Lazada 的首要任務是在未來幾年保持強勁的用戶增長和用戶參與度。

Our cloud computing business continues to execute and exhibit strong growth.

我們的雲計算業務繼續執行並呈現強勁增長。

Revenue grew 66% year-over-year to RMB 7.8 billion, primarily driven by an increase in average revenue per customer.

收入同比增長 66% 至人民幣 78 億元，主要受每位客戶平均收入增長的推動。

We are focusing on delivering high value-added services while rationalizing our offerings of commodity products and services.

我們專注於提供高附加值服務，同時合理化我們提供的商品產品和服務。

We will continue to execute our strategy of expanding our market leadership, increasing investment in talent and technology infrastructure and the developing new value-added products.

我們將繼續執行我們的戰略，擴大我們的市場領導地位，增加對人才和技術基礎設施的投資以及開發新的增值產品。

On top of robust growth in public cloud, we are capturing strong secular demand for private cloud, primarily driven by digital transformation of big enterprise clients in various industries.

除了公有云的強勁增長之外，我們還捕捉到了對私有云的強勁長期需求，這主要是受到各行業大企業客戶數字化轉型的推動。

During the quarter, our private cloud revenue grew over 250% year-over-year.

本季度，我們的私有云收入同比增長超過 250%。

Digital media and entertainment segment continues to be impacted by tighter content regulation and industry rationalization.

數字媒體和娛樂領域繼續受到更嚴格的內容監管和行業合理化的影響。

Youku will continue to focus on investing in original content, delivering superior user experience and driving increasing paying subscription.

優酷將繼續專注於投資原創內容，提供卓越的用戶體驗並推動付費訂閱的增長。

During the quarter, Youku's average daily subscribers increased 40% year-over-year.

本季度，優酷的日均訂閱人數同比增長 40%。

While we continue to invest in original content production capabilities, we are also taking consistent measures to ensure content cost efficiencies and the return on investment.

在我們繼續投資原創內容製作能力的同時，我們也在採取一致的措施來確保內容成本效率和投資回報。

These measures have been reflected in reduced losses during the quarter.

這些措施已反映在本季度減少的虧損中。

Alibaba digital economy continues to show resilient growth in the face of complex geopolitical and economic conditions.

面對複雜的地緣政治和經濟形勢，阿里巴巴數字經濟繼續呈現韌性增長。

Recent geopolitical uncertainties have placed additional pressure to global growth.

最近的地緣政治不確定性給全球增長帶來了額外壓力。

Looking into the future, we believe this is both a challenge and opportunity for the Chinese economy.

展望未來，我們認為這對中國經濟來說既是挑戰也是機遇。

Consumption and the service sectors will become the new engine for China growth.

消費和服務業將成為中國經濟增長的新引擎。

The consumption power in Alibaba digital economy is strong, coming from 2 types of consumers, those from less-developed areas and the affluent middle-class.

阿里巴巴數字經濟的消費力很強，主要來自欠發達地區和富裕中產兩類消費者。

We estimate over half of the total addressable population in less development areas are already consumers in Alibaba digital economy.

我們估計，欠發達地區的總目標人口中有一半以上已經是阿里巴巴數字經濟的消費者。

We continue to acquire new customers in a holistic approach in less-developed areas.

我們繼續在欠發達地區以整體方式獲取新客戶。

With such a large existing consumer base, we see great cross-sell opportunity within the Alibaba ecosystem that will drive up their purchase frequency and the category expansion.

憑藉如此龐大的現有消費者基礎，我們看到阿里巴巴生態系統內的巨大交叉銷售機會將推動他們的購買頻率和品類擴張。

For affluent middle-class, Alibaba is also well positioned to meet their consumption upgrading demands.

對於富裕的中產階級，阿里巴巴也有能力滿足他們的消費升級需求。

We are well penetrated in top tier cities and able to continuously grow the consumers' mindshare and wallet share in various areas of their lives.

我們在一線城市的滲透率很高，能夠在消費者生活的各個領域不斷增加他們的思想份額和錢包份額。

Today's Alibaba digital economy is self-reinforcing and it is as strong as ever.

今天的阿里巴巴數字經濟是自我強化的，它和以往一樣強大。

Fueled by consistent relative revenue growth and healthy financial performance, we are able to continue our investment in strategic areas such as local consumer services, globalization, logistic, cloud computing and the digital contents, which we believe will drive future sustainable growth for Alibaba digital economy.

在持續的相對收入增長和健康的財務表現的推動下，我們能夠繼續在本地消費服務、全球化、物流、雲計算和數字內容等戰略領域進行投資，我們相信這將推動阿里巴巴數字經濟未來的可持續增長.

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

現在我將電話轉給 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.

感謝大家加入我們。

We had another strong quarter.

我們有另一個強勁的季度。

For today's call, I will begin with a review of the key financials and with how we view the coming quarters.

對於今天的電話會議，我將首先回顧關鍵財務狀況以及我們如何看待未來幾個季度。

So in June quarter, as Daniel mentioned, we delivered another quarter of strong user growth, with 755 million MAUs and 674 million of annual active consumers, which means approximately 1 out of 2 Chinese are buying from our platform.

因此，正如丹尼爾所說，在 6 月季度，我們實現了又一個季度的強勁用戶增長，月活躍用戶數為 7.55 億，年度活躍消費者為 6.74 億，這意味著大約有二分之一的中國人從我們的平台購買。

We also continued to be successful in penetrating into less-developed areas in China.

我們還繼續成功地滲透到中國的欠發達地區。

Over 70% of the increase in annual active consumers during the quarter were from less-developed areas.

本季度年度活躍消費者增長的 70% 以上來自欠發達地區。

Our large and active user base is a solid foundation for us to not only expand the market leadership of our China retail marketplaces but also grow other consumer businesses within the Alibaba digital economy.

我們龐大而活躍的用戶群為我們奠定了堅實的基礎，不僅可以擴大我們在中國零售市場的市場領導地位，還可以在阿里巴巴數字經濟中發展其他消費業務。

Our total revenue grew 42% to RMB 114.9 billion in this quarter.

本季度，我們的總收入增長 42% 至人民幣 1,149 億元。

Excluding the effect of consolidating acquired businesses, there is a much smaller impact starting from this year.

排除合併收購業務的影響，從今年開始影響要小得多。

The revenue would have increased by 38% year-over-year.

收入將同比增長 38%。

So these businesses include Ele.me, which we started consolidation from May last year, Ele.me and Alipay check.

所以這些業務包括餓了麼，我們從去年5月開始整合，餓了麼和支付寶檢查。

The increase of our total revenue was mainly driven by the robust growth of our China commerce retail business and Ele.me, strong revenue growth of Alibaba Cloud as well as an increase in volume of orders fulfilled by Cainiao.

總收入的增長主要得益於中國商業零售業務和餓了麼的強勁增長、阿里雲收入的強勁增長以及菜鳥訂單量的增加。

This quarter's cost and expenses, excluding SEC, have been tightly managed, leading to greater efficiency, especially in those businesses in the investment stage.

本季度的成本和費用（不包括 SEC）得到了嚴格的管理，從而提高了效率，尤其是在那些處於投資階段的業務中。

So the increase for cost of revenue was primarily due to increased inventory cost of our direct sales and New Retail business, increased logistic cost of Ele.me driven by increase to order volumes and partially offset by a decrease in content spend by Youku.

因此，收入成本的增加主要是由於我們的直銷和新零售業務的庫存成本增加，餓了麼因訂單量增加而增加的物流成本，部分被優酷內容支出的減少所抵消。

Let's turn to our business segments.

讓我們轉向我們的業務部門。

Core commerce.

核心商務。

Our core commerce segment had a strong quarter with revenue growth of 44% to approximately RMB 100 billion this quarter.

我們的核心商務部門在本季度表現強勁，收入增長 44%，達到約 1,000 億元人民幣。

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

基本面是我們的中國零售業務繼續強勁。

The combined customer momentum and revenue and commission revenue exhibited healthy growth of 26% for the quarter.

本季度客戶增長勢頭以及收入和佣金收入的總和表現出 26% 的健康增長。

Customer management revenue increased 27% in the quarter.

本季度客戶管理收入增長了 27%。

The growth of customer management revenue was primarily the result of increase in the volume in paid clicks due to user growth and more relevant listings driven by better algorithms, which resulted in better consumer experience.

客戶管理收入的增長主要是由於用戶增長導致付費點擊量增加，以及更好的算法驅動的更多相關列表，從而帶來更好的消費者體驗。

Merchant confidence remains healthy reflected by strong growth in merchant spending and increases in the number of paying merchants.

商家支出的強勁增長和付費商家數量的增加反映了商家信心保持健康。

Commission revenue increased 23%, primarily due to strong 34% year-over-year growth of Tmall paid physical goods GMV.

佣金收入增長 23%，主要是由於天貓支付實物商品 GMV 同比強勁增長 34%。

The primary reason of the gap between the commission revenue growth and the Tmall physical goods GMV growth is shift of Tmall Supermarket revenue mix from commission to direct sales.

佣金收入增長與天貓實物GMV增長差距的主要原因是天貓超市的收入結構從佣金轉向直銷。

So revenue from Tmall Supermarket used to be all in the commission, now the revenue coming from the direct sales is reflected and there are others within China commerce retail business.

所以以前天貓超市的收入都是佣金收入，現在直銷收入體現出來了，中國商業零售業務還有其他收入。

Contributions from direct sales business, including Tmall Supermarket and Hema, resulted in other revenues growth, which is 134% to RMB 16.7 billion.

天貓超市、盒馬等直銷業務的貢獻帶動其他收入增長134%至人民幣167億元。

Local consumer services.

本地消費服務。

Revenue from local consumer services was RMB 6.2 billion, primarily reflecting the strength of our food delivery platform, Ele.me.

本地消費服務收入為人民幣 62 億元，主要反映了我們的外賣平台餓了麼的實力。

During the quarter, our food delivery business exhibited strong growth in daily on-demand GMV and was driven by robust order growth and increasing average order size.

在本季度，我們的外賣業務在每日按需 GMV 方面表現出強勁增長，並受到強勁訂單增長和平均訂單規模增加的推動。

Ongoing operational upgrades, coupled with a more targeted and disciplined approach and expanding market share also includes operating efficiency during the quarter.

持續的運營升級，加上更有針對性和紀律性的方法以及不斷擴大的市場份額，還包括本季度的運營效率。

We remain focused on penetrating into less-developed areas for the food delivery business, which we believe will add long-term value for Alibaba digital economy.

我們仍然專注於滲透到外賣業務的欠發達地區，我們相信這將為阿里巴巴數字經濟增加長期價值。

We will be flexible and optimistic in our approach to investing in local consumer services business in the later part of the year.

我們將在今年下半年以靈活和樂觀的方式投資本地消費者服務業務。

Performance of other businesses and their core commerce such as New Retail China, international retail China, wholesale remain healthy, as noted by Daniel earlier in his remarks.

正如 Daniel 早些時候在講話中指出的那樣，其他業務及其核心商業（如新零售中國、國際零售中國、批發）的表現保持健康。

Now let's look at the driver of the core commerce profitability.

現在讓我們看看核心商業盈利能力的驅動因素。

We continue to generate solid market-based core commerce adjusted EBITDA.

我們繼續產生穩固的基於市場的核心商業調整後 EBITDA。

This is the core core, we used to call.

這就是core core，我們以前叫的。

Compared to a year ago, we have increased the adjusted EBITDA by RMB 9.8 billion, while the combined losses from the 4 strategic investment areas only increased RMB 1.6 billion.

與一年前相比，我們調整後的 EBITDA 增加了 98 億元人民幣，而 4 個戰略投資領域的合併虧損僅增加了 16 億元人民幣。

So this reflects our disciplined approach when managing this business, which led to strong profit growth.

因此，這反映了我們在管理這項業務時的嚴謹方法，這導致了強勁的利潤增長。

After incorporating the losses, our core commerce adjusted EBITDA grew 25% to RMB 41 billion during the quarter.

計入虧損後，本季度我們的核心商業調整後 EBITDA 增長 25% 至 410 億元人民幣。

Cloud computing revenue increased 66% to CNY 7.8 billion, primarily driven by increase in average revenue per customer.

雲計算收入增長 66% 至 78 億元人民幣，主要受每位客戶平均收入增長的推動。

We're improving our revenue mix by focusing on delivering high value-added services while rationalizing our offerings of commoditized products and services.

我們通過專注於提供高附加值服務，同時合理化我們提供的商品化產品和服務來改善我們的收入組合。

Adjusted EBITA was a loss of RMB 358 million.

調整後EBITA虧損人民幣3.58億元。

Adjusted EBITA margin improved from negative 10% to negative 5% in the quarter.

本季度調整後的 EBITA 利潤率從負 10% 提高到負 5%。

We will continue to execute the strategy of expanding our market leadership by creating value and flexibility for our customers, increasing investment in talent and technology infrastructure and developing new value-added products and features.

我們將繼續通過為客戶創造價值和靈活性、增加對人才和技術基礎設施的投資以及開發新的增值產品和功能來執行擴大我們市場領導地位的戰略。

Revenue for digital media and entertainment business increased by 6% as the industry undergoes rationalization and tighter regulation on content.

隨著行業經歷合理化和對內容的更嚴格監管，數字媒體和娛樂業務的收入增長了 6%。

Adjusted EBITA was a loss of CNY 2.2 billion.

調整後 EBITA 虧損 22 億元人民幣。

And adjusted EBITA margin improved from negative 52% to negative 35% in the quarter, primarily due to the decrease of content spending and efficiency gains during our operation.

本季度調整後的 EBITA 利潤率從負 52% 提高到負 35%，主要是由於我們運營期間內容支出的減少和效率提升。

Revenue from innovation initiatives and others increased 21% to RMB 1.3 billion mainly due to an increase in revenue from Amap, a modern initiative.

創新計劃及其他收入增長 21% 至人民幣 13 億元，主要是由於現代計劃高德的收入增加。

Adjusted EBITA for innovation initiatives and others was a loss of CNY 2 billion.

創新舉措和其他項目的調整後 EBITA 損失 20 億元人民幣。

The increase in loss is primarily due to investment in technology research and innovation as well as some new business initiatives.

虧損的增加主要是由於對技術研究和創新的投資以及一些新的業務舉措。

Our business has shown strong profitability and cash flow generation capability.

我們的業務顯示出強大的盈利能力和產生現金流的能力。

For June quarter, we generated CNY 26.4 billion in free cash flow.

六月季度，我們產生了人民幣 264 億元的自由現金流。

Compared to a year ago, the free cash flow has shown a slight growth, not as big as the profit growth here.

與一年前相比，自由現金流略有增長，沒有這裡的利潤增長那麼大。

And the reason -- the reasons are mainly 2. Number one, the net cash provided by operating activities includes the annual payment of royalty fees and software technology services from Ant Financial, so that settlement of the cash incurred in the quarter played an impact on the cash flow.

而原因——原因主要有2個。第一，經營活動提供的現金淨額包括螞蟻金服每年支付的特許權使用費和軟件技術服務，因此本季度發生的現金結算對現金流。

The second thing is the payment of USD 250 million cash with the U.S. federal class action lawsuit related with the white paper.

第二件事是支付與白皮書相關的美國聯邦集體訴訟的 2.5 億美元現金。

As of June -- the end of the quarter, cash, cash equivalent and short-term investments were RMB 212 billion.

截至6月--本季度末，現金、現金等價物和短期投資為2120億元人民幣。

In May 2019, our Board of Directors authorized to refresh our share repurchase program for an amount of up to USD 6 billion over a period of 2 years.

2019 年 5 月，我們的董事會授權在 2 年內更新我們的股票回購計劃，金額高達 60 億美元。

I'll talk -- I'll also talk about Altaba sales of our ADS.

我會談談——我還會談談我們 ADS 的 Altaba 銷售情況。

As publicly disclosed, Altaba started selling their Alibaba shares on May 20, 2019.

正如公開披露的那樣，Altaba 於 2019 年 5 月 20 日開始出售其阿里巴巴股票。

And so far, they have already sold 261 million ADS, only have 22 million left.

而到目前為止，他們已經賣出了 2.61 億張 ADS，只剩下 2200 萬張。

These are obvious on the most recent publicly available information.

這些在最近的公開信息中是顯而易見的。

Looking ahead, the Alibaba digital economy continues to show resilience and steady growth in the face of complex geopolitical and economic conditions.

展望未來，面對複雜的地緣政治和經濟形勢，阿里巴巴數字經濟繼續展現韌性和穩健增長。

We had a strong quarter to start our fiscal year, with revenue growing faster than our global technology peers.

我們有一個強勁的季度開始我們的財政年度，收入增長快於我們的全球技術同行。

We are pleased to see sustained user engagement and consumer spending across our platforms.

我們很高興看到我們平台上的持續用戶參與和消費者支出。

We continue to invest for longer-term growth, while at the same time, gaining cost efficiencies in our investment areas.

我們繼續投資以實現長期增長，同時在我們的投資領域獲得成本效益。

Looking ahead, for the next few quarters, we expect our China retail marketplace to exhibit strong user growth and user engagement enhancement that support healthy monetization and steady profit growth.

展望未來幾個季度，我們預計中國零售市場將呈現強勁的用戶增長和用戶參與度提升，從而支持健康的貨幣化和穩定的利潤增長。

The sizable profits generated from marketplace-based core commerce allow us to invest in strategic businesses, including local consumer services, digital entertainment, international marketplaces, New Retail and logistics and cloud computing.

基於市場的核心商業產生的可觀利潤使我們能夠投資於戰略業務，包括本地消費者服務、數字娛樂、國際市場、新零售和物流以及雲計算。

We will remain proactive in our approach to increase market leadership in strategically important businesses while also improving overall group's operating efficiency.

我們將繼續積極主動地提高戰略重要業務的市場領導地位，同時提高整個集團的運營效率。

These strategic businesses have already become the clear market leaders in the past quarters.

這些戰略業務在過去幾個季度已經成為明顯的市場領導者。

We believe there are still great potential in high-growth areas that will substantially increase our total addressable market.

我們相信高增長領域仍有巨大潛力，這將大大增加我們的總潛在市場。

I also want to give a -- some information for our Investor Day this year.

我還想為今年的投資者日提供一些信息。

We would like to announce that our 2019 Investor Day will be held on September 23 to 24 in Hangzhou, China.

我們在此宣布，我們的 2019 年投資者日將於 9 月 23 日至 24 日在中國杭州舉行。

We hope to provide an in-depth business update as we did in previous investor days.

我們希望像之前的投資者日一樣提供深入的業務更新。

Details will be posted on the investor relationship section of Alibaba Group's website.

詳情將在阿里巴巴集團網站投資者關係版塊公佈。

That concludes our prepared remarks.

我們準備好的發言到此結束。

Let's open up for questions.

讓我們敞開心扉提問。

Thank you.

謝謝你。

(Operator Instructions) Our first question comes from the line of Eddie Leung of Bank of America Merrill Lynch.

（操作員說明）我們的第一個問題來自美銀美林的 Eddie Leung。

Congratulations on a good quarter.

祝賀一個好季度。

I have a question about the less developed area stretch.

我有一個關於欠發達地區延伸的問題。

Could you elaborate how you plan to differentiate from your competitors in the lower-tier cities?

您能否詳細說明您計劃如何與低線城市的競爭對手區分開來？

And then just a follow-up, do you have a feel that there is a high degree of overlapping of your new customers from the less-developed areas with your other e-commerce companies?

再跟進一下，你有沒有感覺你的欠發達地區的新客戶和你的其他電商有高度的重疊？

Or do you think you are addressing a different user segment in those areas?

還是您認為您正在針對這些領域的不同用戶群？

This is Daniel.

這是丹尼爾。

Thanks for the question.

謝謝你的問題。

I -- as we said in our script, we are making good progress in -- with user engagement and with customer acquisition.

我——正如我們在腳本中所說，我們在用戶參與和客戶獲取方面取得了良好進展。

And during this quarter, we add 20 million annual active consumers, and over 70% of them are from less-developed areas.

而在本季度，我們每年新增 2000 萬活躍消費者，其中 70% 以上來自欠發達地區。

And today, when we look at the consumer base we have, basically, we are -- actually, we have 2 types of consumers.

今天，當我們查看我們擁有的消費者群時，基本上，我們是 - 實際上，我們有兩種類型的消費者。

One is in top-tier cities and driven by their consumption upgrading and power and the driven -- the growing demand from the middle-class families.

一是在一線城市，在消費升級和動力驅動下，帶動——中產家庭不斷增長的需求。

The other is from the less-developed areas.

另一個來自欠發達地區。

And what we see is that, because of the penetration of the mobile Internet, we see the city in the lower-tier cities, they become Internet users -- phone Internet users and then they are trying various new business applications.

而我們看到的是，由於移動互聯網的滲透，我們看到城市在低線城市，他們變成了網民——電話網民，然後他們在嘗試各種新的商業應用。

Obviously, shopping and consumption is one of these very important areas.

顯然，購物和消費是這些非常重要的領域之一。

And we will -- actually, still want to try.

我們將 - 實際上，仍然想嘗試。

So that's why we are -- we make a lot of, I mean, efforts in acquiring these new customers.

所以這就是我們的原因——我的意思是，我們付出了很多努力來獲得這些新客戶。

And today, we are very happy to see that over half of the populations are in less-developed areas already the customers in Alibaba ecosystem.

而今天，我們很高興地看到，超過一半的人口在欠發達地區，已經是阿里巴巴生態系統的客戶。

So we'll continue our efforts to acquire more customers from these areas.

因此，我們將繼續努力從這些領域獲得更多客戶。

But at the same time, as I've said before, we will do everything we can to cross-sell -- cross over those services in various categories and to fully leverage the existing user base we have on our platform.

但與此同時，正如我之前所說，我們將盡我們所能進行交叉銷售——跨越各種類別的這些服務，並充分利用我們平台上現有的用戶群。

And one more important point is that today, on our platform, we have very dynamic supplies from branded products and the products from the manufacturers.

更重要的一點是，今天，在我們的平台上，我們有來自品牌產品和製造商產品的非常動態的供應。

So the power of the platform is to enable the new customers we acquired in the low-tier cities to access the various dynamic product supplies which also are not only meet their existing demands but also create new demand from them.

所以平台的力量是讓我們在低線城市獲得的新客戶能夠接觸到各種動態的產品供應，這些供應既滿足了他們現有的需求，又創造了他們的新需求。

So I think that, that is a very, very important strategy for us to continue.

所以我認為，這對我們來說是一個非常非常重要的戰略。

Sorry, I just want to supplement Daniel's point on the differentiated strategy in the less-developed areas.

對不起，我只是想補充一下丹尼爾關於欠發達地區差異化戰略的觀點。

It's just didn't -- we talked about the shopping context.

只是沒有——我們談到了購物環境。

We have broad product selection, just much broader platform and also access to direct factories.

我們有廣泛的產品選擇，更廣闊的平台，也可以直接進入工廠。

But also if you look at the Alibaba ecosystem, there are -- beyond e-commerce, we have local services that we serve the lesser developed cities.

但如果你看看阿里巴巴的生態系統，除了電子商務，我們還有為欠發達城市服務的本地服務。

We also have our sister company, Alipay, that provides a payment service as well as a bunch of daily sort of services on their platform.

我們還有我們的姊妹公司支付寶，它在他們的平台上提供支付服務以及一系列日常服務。

So this ecosystem is bringing in lots of synergies that enable us to capture more royalty for -- from each of the users in those lesser developed areas.

因此，這個生態系統帶來了許多協同效應，使我們能夠從那些欠發達地區的每個用戶那裡獲得更多的版稅。

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

下一個問題來自高盛的 Piyush Mubayi。

If we think of the overall China commerce retail business as one, what percent of the GMV is moving from 3P to 1P?

如果我們將整個中國商業零售業務視為一個業務，那麼有多少百分比的 GMV 正在從 3P 轉移到 1P？

And how should we think of this transformation in the business in terms of the impact on margins?

我們應該如何看待這種業務轉型對利潤率的影響？

It's a question to you, Maggie.

這是你的問題，瑪吉。

And Joe, if I could ask you to elaborate on how you think IoT and 5G could prove to be transformative to Ali.

喬，如果我可以請您詳細說明您認為物聯網和 5G 如何證明對阿里的變革。

Sorry, Piyush.

對不起，皮尤什。

You may want to repeat the second question.

您可能想重複第二個問題。

A question for Joe.

喬的問題。

Could you elaborate briefly on how IoT and 5G could prove to be transformative?

您能否簡要介紹一下物聯網和 5G 如何被證明具有變革性？

Thank you, Piyush.

謝謝你，皮尤什。

So regarding to your first question, 1P versus 3P, if you take a look at GMV, we reported RMB 5.7 trillion to RMB 5.8 trillion GMV for the last fiscal year, and we are tripping towards USD 1 trillion.

所以關於你的第一個問題，1P 與 3P，如果你看一下 GMV，我們報告上一財年的 GMV 為 5.7 萬億元至 5.8 萬億元，我們正在接近 1 萬億美元。

So the first few business accounts for a very small portion in that total GMV.

因此，前幾家企業在總 GMV 中只佔很小的一部分。

When you look at Hema, Tmall Supermarket, this business accounts for only less than RMB 100 billion GMV.

再看盒馬、天貓超市，這個業務的GMV只有不到1000億元。

So just to give you a sense, it is not a big portion.

所以只是給你一個感覺，這不是一個很大的部分。

In terms of -- people talk about margin impact, et cetera, like we said many times, rather than looking at the margin, we look at deposit growth.

就--人們談論保證金影響等等，就像我們多次說過的那樣，我們不關注保證金，而是關注存款增長。

So actually, this business contributes to revenue growth and also eventually going to contribute to our profit growth.

所以實際上，這項業務有助於收入增長，最終也將有助於我們的利潤增長。

So if you look at this quarter's revenue, that's very strong growth.

因此，如果您查看本季度的收入，這是非常強勁的增長。

That's 42% year-on-year.

同比增長 42%。

There is some contribution come from [commerce retail] business.

有一些貢獻來自[商業零售]業務。

Even if you take that portion out, the revenue will still be the highest among the global peers.

即使你把那部分拿出來，收入仍然是全球同行中最高的。

But to us, we see this as one piece of the business, and we should really be looking at -- together.

但對我們來說，我們將其視為業務的一部分，我們應該真正關注 - 一起。

In that way, when you look at the revenue growth, the profit is also showing very strong growth.

這樣，當您查看收入增長時，利潤也顯示出非常強勁的增長。

So the core, core providing strong cash flow at the same time, all these investment areas, including the New Retail, are actually -- are not only there -- not only this planning, but also showing the growth in revenue as well as the equipment in profitability.

所以核心，核心在提供強勁現金流的同時，所有這些投資領域，包括新零售，其實——不僅有——不僅有這個規劃，而且還顯示了收入的增長以及設備盈利能力。

Piyush.

皮尤什。

Yes.

是的。

To answer the question on IoT and 5G, look, we're in the very early innings of this really transformational technology overhaul, with 5G potentially coming online in the next year or 2 years.

要回答有關物聯網和 5G 的問題，看，我們正處於這種真正變革性技術改革的早期階段，5G 可能會在未來一年或兩年內上線。

What that means is faster connections will enable more and more devices to be connected to each other and also to the cloud.

這意味著更快的連接將使越來越多的設備能夠相互連接並連接到雲。

So you can imagine, in a world where faster connection enables millions and millions of devices and what are these devices doing?

所以你可以想像，在一個更快的連接支持數以百萬計的設備的世界裡，這些設備在做什麼？

There are sensors, there are other devices that could be collecting lots of data.

有傳感器，還有其他設備可以收集大量數據。

So service providers that are using kind of an IoT strategy to provide services to consumers as well as to enterprises and manufacturing and supply chain, what the end result of faster connection and millions of millions of devices is that need to manage large, huge amounts of data, massive amounts of data, that will need to be collected, stored, cleansed, managed.

因此，使用某種物聯網戰略為消費者以及企業、製造和供應鏈提供服務的服務提供商，更快的連接和數百萬台設備的最終結果是需要管理大量的數據，海量的數據，需要收集、存儲、清理和管理。

And I think if you look at our Alibaba Cloud business, our expertise is rooted in data management and data technology.

我認為，如果你看看我們的阿里雲業務，我們的專長植根於數據管理和數據技術。

Our style or operating system is distributed data computing platform that will -- it sits at the core of our cloud computing technology, and we're providing that service for our customers.

我們的風格或操作系統是分佈式數據計算平台，它將成為我們雲計算技術的核心，我們正在為我們的客戶提供該服務。

So it will ultimately benefit our cloud business.

因此，它將最終使我們的雲業務受益。

That's just an example.

這只是一個例子。

But as I said, we're in the very early innings and there could be endless possibilities that's beyond my own imagination.

但正如我所說，我們處於早期階段，可能有無限的可能性，超出我的想像。

Next question is from Alicia Yap of Citigroup.

下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。

I have a question related to your recent Tmall flagship store 2.0 upgrade.

我有一個關於你最近天貓旗艦店2.0升級的問題。

In addition to potentially driving higher conversions and better user experience, could you help us understand what could be the additional outcome for monetization opportunity we could get from the storefront upgrade?

除了可能推動更高的轉化率和更好的用戶體驗之外，您能否幫助我們了解我們可以從店面升級中獲得的獲利機會的額外結果是什麼？

Would that be any incremental service fee or take great opportunity?

這會是任何增加的服務費還是會帶來很大的機會？

And on a broader scope, how should we relay and compare the personalization upgrade on the storefront versus the recommended features on the main Taobao app?

在更廣泛的範圍內，我們應該如何傳遞和比較店面的個性化升級和淘寶主應用上的推薦功能？

I think it is a very good question in operating strategy.

我認為這是一個非常好的運營策略問題。

I think -- we recently launched our Tmall flagship store 2.0 version.

我想——我們最近推出了天貓旗艦店 2.0 版本。

The purpose of this new version is to upgrade the storefront to enable our brand partners who operate on Tmall not only to sell their products to many of their customers, but also give them a vehicle to manage their fan base they have across platforms.

這個新版本的目的是升級店面，使我們在天貓運營的品牌合作夥伴不僅可以向許多客戶銷售他們的產品，還可以為他們提供一個管理跨平台粉絲群的工具。

And also this fan base management, customer management, does not isolate our customer management efforts and even marketing efforts.

而且這種粉絲群管理，客戶管理，並沒有孤立我們的客戶管理工作甚至營銷工作。

We want to provide them a vehicle to land in all the marketing campaigns the brand have to promote their brands across channels.

我們希望為他們提供一種工具，讓他們能夠參與品牌必須跨渠道推廣其品牌的所有營銷活動。

But finally, all the amount in campaign data and the fans can be accumulated and landed in the flagship store then which create a very unique end-to-end customer management journey.

但最終，所有的活動數據和粉絲都可以積累並登陸旗艦店，從而創造一個非常獨特的端到端客戶管理旅程。

And in terms of the -- in terms of monetization, we don't want -- we do intend to charge additional fee based on the software upgrading.

並且就 - 在貨幣化方面，我們不想要 - 我們確實打算根據軟件升級收取額外費用。

But obviously, if more and more brands are using this, I mean Tmall, I mean flagship 2.0 framework, they will have more marketing campaign integrated into our platform, which obviously will lead to more marketing spending on Alibaba ecosystem.

但很明顯，如果越來越多的品牌使用這個，我指的是天貓，我指的是旗艦 2.0 框架，他們將有更多的營銷活動集成到我們的平台中，這顯然會導致阿里巴巴生態系統的更多營銷支出。

Next question is from Grace Chen of Morgan Stanley.

下一個問題來自摩根士丹利的 Grace Chen。

In this call, it's very encouraging to see Alibaba's strong margin fulfillments.

在本次電話會議中，看到阿里巴巴強勁的利潤率實現令人鼓舞。

It would be great if the management can elaborate a bit more about what efforts have the management done to help improve the margin performance, especially in core commerce and digital media, entertainment, and whether we're going to see the strong margin performance will continue in the final quarters.

如果管理層能夠詳細說明管理層為幫助提高利潤率表現所做的努力，尤其是在核心商業和數字媒體、娛樂領域，以及我們是否會看到強勁的利潤率表現將繼續下去，那就太好了在最後幾個季度。

Congratulations.

恭喜。

Thank you, Grace, for your question.

謝謝你，格蕾絲，你的問題。

Let me elaborate on what we have done to bring out the operating efficiency.

讓我詳細說明我們為提高運營效率所做的工作。

I think -- first of all, the revenue growth is very strong, right?

我認為——首先，收入增長非常強勁，對吧？

So that's always coming from -- driven by the user growth and also all of our efforts on user experience enhancements that paid off.

所以這總是來自 - 受用戶增長以及我們在用戶體驗增強方面的所有努力的推動，這些努力都得到了回報。

And then when you look at the costs and the expenditures, we have started later last year emphasizing on all of this efficiency of this spending, not only on the marketing, but also the headcount but also on the spending on the content, et cetera.

然後，當您查看成本和支出時，我們在去年晚些時候開始強調這種支出的所有效率，不僅是營銷，還有員工人數，還有內容支出等等。

So we do have specific measures to see and to review and measure the ROI of this spending.

因此，我們確實有具體的措施來查看、審查和衡量這項支出的投資回報率。

And this is number one.

這是第一。

Number two is that we have seen so much synergy coming out of not only Alibaba Group but also synergy with our sister company.

第二，我們不僅看到了阿里巴巴集團的協同效應，還看到了與我們姊妹公司的協同效應。

So since like marketing spending, we're targeting another 200 million, 300 million potential users -- consumers coming to our platform.

因此，與營銷支出一樣，我們的目標是另外 2 億、3 億潛在用戶——來到我們平台的消費者。

So this is also a target of Ant Financial.

所以這也是螞蟻金服的目標。

And this is where that we can work together, that they are good at acquiring consumers in the lower-tier cities, and Taobao is good at retaining these consumers so that we don't have to spend it twice.

這就是我們可以合作的地方，他們擅長在低線城市獲得消費者，而淘寶擅長留住這些消費者，這樣我們就不必花兩次。

It's a very effective way of assuming the market and the core users.

這是一種非常有效的承擔市場和核心用戶的方式。

I hope that helps.

我希望這會有所幫助。

DME.

二甲醚。

The DME, you see the magazine's margin get narrowed.

DME，你看到雜誌的利潤變窄了。

So 55% negative margin from last year and 35%.

因此，與去年相比，負利潤率為 55% 和 35%。

Actually, there was a one-off last year, which is the World Cup spending.

其實去年有過一次性的，就是世界杯消費。

So if you take that out, last year's net EBITDA margin would have been like somewhere around 40%, 42%, but still down by a lot.

因此，如果你把它排除在外，去年的淨 EBITDA 利潤率大約在 40%、42% 左右，但仍然下降了很多。

I think the GMV negative margin narrowing is mainly coming from the -- our discipline on the spending, particularly on the content spending.

我認為 GMV 負利潤率收窄主要來自我們對支出的紀律，特別是在內容支出方面。

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

下一個問題來自匯豐銀行的Binnie Wong。

Congrats on the set of updated results.

恭喜一組更新的結果。

So my question is from local consumer services, on your food delivery business.

所以我的問題來自當地消費者服務部門，關於你們的送餐業務。

We see that there is a strong top line growth along with less margin narrows down from 9% to 5% this quarter and a very strong top line growth.

我們看到，本季度收入增長強勁，利潤率從 9% 縮小至 5%，收入增長非常強勁。

So we want to understand the major driver.

所以我們想了解主要的驅動因素。

Is it the efficiency improvement on elasticity?

是彈性的效率提升嗎？

And also can we get a clarity on your priorities going forward?

我們能否明確您未來的優先事項？

Is it like still gaining market share, especially in lower-tier cities and also synergies within your New Retail system along with Hema and also building the utilization transformation, basically tapping into merchants as well?

是不是還在爭取市場份額，尤其是在低線城市，你的新零售系統和盒馬的協同作用，也在構建利用轉型，基本上也進入了商家？

And I guess lastly, is that -- along with those...

我猜最後，是 - 連同那些......

Yes.

是的。

There's a lot of noise.

有很多噪音。

Maybe just -- I do want to clarify your question, so you're asking about local consumer service?

也許只是——我確實想澄清你的問題，所以你問的是本地消費者服務嗎？

Yes, yes.

是的是的。

The efficiency improvement.

效率提升。

Yes.

是的。

And also the priorities.

還有優先事項。

Okay.

好的。

This quarter, we make -- we are making good progress in local services, especially in the -- particular low-tier cities, and we are gaining market share in these particular cities.

本季度，我們在本地服務方面取得了良好進展，特別是在特定的低線城市，我們正在這些特定城市獲得市場份額。

And -- but at the same time, we are very happy to see the operating efficiency has also improved and -- with our continued efforts.

而且 - 但與此同時，我們很高興看到運營效率也有所提高，並且 - 通過我們的不斷努力。

And we will continue to work on this and to grow our user base in this local service business by leveraging the synergies in Alibaba ecosystem.

我們將繼續為此努力，並通過利用阿里巴巴生態系統的協同效應來擴大我們在本地服務業務中的用戶群。

As I said, I think we have a unique advantage that we have like 750 million mobile active users in Alibaba consumer by various consumer platforms.

正如我所說，我認為我們有一個獨特的優勢，即我們在各種消費平台的阿里巴巴消費者中擁有 7.5 億移動活躍用戶。

So how to cross promote the local services within this existing user base, especially in the low-tier cities, I think is our big advantage.

那麼如何在現有的用戶群中交叉推廣本地服務，尤其是在低線城市，我認為是我們的一大優勢。

We will continue to work on this.

我們將繼續為此努力。

And at the same time, because of these local services, we build a very efficient on-demand delivery network and which also adds our New Retail initiatives.

同時，由於這些本地服務，我們建立了一個非常高效的按需交付網絡，這也增加了我們的新零售計劃。

And today, we are -- we -- this on-demand delivery network helps our retail partners -- local retail partners to do the on-demand delivery for the orders away from stores.

而今天，我們——我們——這個按需交付網絡幫助我們的零售合作夥伴——本地零售合作夥伴為商店外的訂單進行按需交付。

I think by doing so, we also improve the operating efficiency of the last-mile services.

我認為這樣做，我們也提高了最後一公里服務的運營效率。

And because all these -- the capacities can be fully utilized on seeing -- serving the various -- our consumers.

而且因為所有這些 - 可以在看到 - 為各種 - 我們的消費者服務時充分利用這些能力。

Just one follow-up on the priorities going forward within this segment.

僅對該細分市場中的優先事項進行後續跟進。

Well, as I said, we will continue to invest and grow our local business, especially in the low-tier cities, and to have the priorities and then leverage our user base that we have.

好吧，正如我所說，我們將繼續投資和發展我們的本地業務，特別是在低線城市，並擁有優先事項，然後利用我們擁有的用戶群。

And also we are continuing to improve our operating efficiency as well.

我們也在繼續提高我們的運營效率。

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

下一個問題來自巴克萊的 Gregory Zhao。

A very impressive result.

一個非常令人印象深刻的結果。

So my question is about the recommendation fees through capital and share your recent progress of your monetization on the recommendation fees and with the contribution to your customer management to revenue.

所以我的問題是關於通過資本的推薦費，並分享您最近在推薦費方面的貨幣化進展以及對您的客戶管理對收入的貢獻。

And also I'd like to understand if the organization management of the business, such as less monetization, maybe during the 6.18 on top of your sort of promotion to push your keyword search advertising.

並且我也想了解如果企業的組織管理，比如變現少，可能會在6.18期間在你的上面做一些推廣來推你的關鍵詞搜索廣告。

And also quick follow-up on lower-tier city expansion.

並且快速跟進低線城市的擴張。

I think you talked a lot about the opportunity in lower-tier city.

我想你談了很多關於低線城市的機會。

And we just want -- we also know you prioritize the strategic position of the business during the quarter.

我們只是想要 - 我們也知道您在本季度優先考慮業務的戰略地位。

So just want to understand how will you differentiate your lower-tier city expansion strategy with your peers?

所以只是想了解您將如何將您的低線城市擴張戰略與同行區分開來？

Okay.

好的。

Talk about customer management and revenue and the recommendation fees monetization.

談論客戶管理和收入以及推薦費貨幣化。

First of all, you've seen that our customer management revenue grew 27% year-on-year.

首先，您已經看到我們的客戶管理收入同比增長了 27%。

The reason for the growth or the driver is mainly the bigger user base and better user experience, so that the merchants are satisfied and willing to pay more.

增長的原因或驅動力主要是更大的用戶群和更好的用戶體驗，讓商家滿意並願意支付更多。

And we said that for recommendation fees, we do not plan to roll out the monetization, particularly in the current uncertain macro environment.

我們說過，對於推薦費，我們不打算推出貨幣化，特別是在當前不確定的宏觀環境下。

This is one kind of way of helping our SME customers.

這是幫助我們的中小企業客戶的一種方式。

And so from the competition point of view, we also will be aggressively targeting the revenue growth by rolling out the recommendation fee.

因此，從競爭的角度來看，我們也將通過推出推薦費來積極瞄準收入增長。

All right.

好的。

In terms of our strategies in the low-tier cities, as I said before, today, over half of the population in the less developed areas are already our customers.

就我們在低線城市的策略而言，正如我之前所說，今天，欠發達地區超過一半的人口已經是我們的客戶。

So I think very important, we will continue to leverage this user base we have in our ecosystem to provide them various -- I mean supplies.

所以我認為非常重要的是，我們將繼續利用我們在生態系統中擁有的用戶群為他們提供各種——我的意思是供應。

And as you said, we have various promotional, I mean, initiatives, including the [A100] so on and so forth and with these -- I mean very effective and efficient promotion platform.

正如你所說，我們有各種促銷活動，我的意思是，包括[A100]等等等等，我的意思是非常有效和高效的促銷平台。

And our new customers from low-tier cities are very easy to find the product's value for money.

而我們來自低線城市的新客戶很容易找到產品的物有所值。

So with these efforts, we effectively increase the user frequency and buying frequency.

所以通過這些努力，我們有效地提高了用戶頻率和購買頻率。

And in terms of the new customer acquisition, we still see a big opportunity.

而在新客戶獲取方面，我們仍然看到了巨大的機會。

And by leveraging the power of Alibaba ecosystem and we, together with Alipay and to -- and local services, to further penetrate these, I mean, the customer base.

通過利用阿里巴巴生態系統的力量，我們與支付寶以及本地服務一起，進一步滲透這些，我的意思是，客戶群。

And the digital, I mean, checkout of the new customers actually also gives us a good opportunity to check in into our shopping and consumption platforms.

我的意思是，新客戶的數字結賬實際上也為我們提供了一個很好的機會來查看我們的購物和消費平台。

So we will continue to work on this.

因此，我們將繼續為此努力。

Operator, last question.

接線員，最後一個問題。

Our last question from -- comes from the line of Jerry Liu of UBS.

我們的最後一個問題來自瑞銀的 Jerry Liu。

Yes.

是的。

My question is about our comments on the call so far about the rationalization and optimization, especially in a lot of our investments that we've done so far this year.

我的問題是關於我們迄今為止對合理化和優化的電話會議的評論，特別是在我們今年迄今為止所做的許多投資中。

If I look at actually EBITDA growth this quarter, the year-over-year growth is actually better than the -- either the revenue or EBITDA growth of the core, core, which is a first time in over a year.

如果我看一下本季度的實際 EBITDA 增長，同比增長實際上要好於核心的收入或 EBITDA 增長，這是一年多來的第一次。

So I'm wondering is there more rationalization we can continue to do to continue the strength?

所以我想知道我們是否可以繼續做更多的合理化來保持實力？

Yes, Jerry.

是的，傑瑞。

As I said, I think first of all, the revenue growth was very strong, right?

正如我所說，我認為首先，收入增長非常強勁，對吧？

So 42%, if you compare with all the other peers where most of them are in 20-ish.

所以 42%，如果你與大多數都在 20 歲左右的所有其他同行相比。

And at the same time, we talked about the disciplined cost and operating efficiency and all of these efforts in getting the synergy out of the group and the Alibaba economy.

同時，我們談到了嚴格的成本和運營效率，以及所有這些努力使集團和阿里巴巴經濟產生協同效應。

So we're going to continue to do so while we do see great potential in the market.

因此，我們將繼續這樣做，同時我們確實看到了市場的巨大潛力。

So while we're talking about discipline, we're also -- we're flexible and optimistic in our approach to investing in all of these business initiatives because just like how we did in the past 20 years, investing in these new areas, especially in the innovation, brings growth -- sustainable growth for longer term.

因此，當我們談論紀律時，我們也在——我們對投資所有這些業務計劃的方法持靈活和樂觀的態度，因為就像我們在過去 20 年所做的那樣，投資這些新領域，特別是在創新方面，帶來增長——長期的可持續增長。

Thank you, everyone, for joining the call today.

謝謝大家今天加入電話會議。

If you have further questions, please reach out to the Investor Relations team at Alibaba.

如果您還有其他問題，請聯繫阿里巴巴的投資者關係團隊。

Thank you.

謝謝你。

Thank you.

謝謝你。

Ladies and gentlemen, that does conclude our 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 all disconnect.

您現在可以全部斷開連接。