阿里巴巴 (BABA) 2022 Q3 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Good day, ladies and gentlemen. Thank you for standing by. Welcome to Alibaba Group's December Quarter 2021 Results Conference Call. (Operator Instructions) I would now like to turn the call over to Rob Lin, Head of Investor Relations of Alibaba Group. Please go ahead.

    女士們,先生們,美好的一天。謝謝你的支持。歡迎參加阿里巴巴集團 2021 年 12 月季度業績電話會議。 (操作員說明)我現在想將電話轉給阿里巴巴集團投資者關係負責人 Rob Lin。請繼續。

  • Robert Lin - IR

    Robert Lin - IR

  • Good day, everyone, and welcome to Alibaba Group's December Quarter 2021 Results Conference Call. With us on the line today are Daniel Zhang, Chairman and CEO; Joe Tsai, Executive Vice Chairman; Maggie Wu, Chief Financial Officer; Toby Xu, Deputy Chief Financial Officer.

    大家好,歡迎參加阿里巴巴集團 2021 年 12 月季度業績電話會議。今天與我們連線的是董事長兼首席執行官張勇;執行副主席蔡崇信; Maggie Wu,首席財務官; Toby Xu,副首席財務官。

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

    此次電話會議也在我們公司網站的 IR 部分進行網絡直播。今天晚些時候將在我們的網站上重播電話會議。

  • Now let me quickly go through the safe harbor. Today's discussion may contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that may cause actual results to differ materially from our current expectations. For detailed discussions of the risks and uncertainties, please refer to our latest annual report on Form 20-F and other documents filed with the U.S. SEC or announced on the website of the Hong Kong Stock Exchange. Any forward-looking statements that we make on this call are based on assumptions as of today, and we do not undertake any obligation to update these statements, except as required under applicable law.

    現在讓我快速通過安全港。今天的討論可能包含前瞻性陳述。前瞻性陳述涉及固有風險和不確定性,可能導致實際結果與我們當前的預期存在重大差異。有關風險和不確定性的詳細討論,請參閱我們向美國證券交易委員會提交或在香港聯交所網站上公佈的表格 20-F 和其他文件的最新年度報告。我們在本次電話會議上所做的任何前瞻性陳述均基於截至今天的假設,除適用法律要求外,我們不承擔更新這些陳述的任何義務。

  • Please note that certain financial measures that we use on this call such as adjusted EBITDA, adjusted EBITDA margin, adjusted EBITA, adjusted EBITA margin, non-GAAP net income, non-GAAP diluted earnings per share or ADS and free cash flow are expressed on a non-GAAP basis. Our GAAP results and reconciliations of GAAP to non-GAAP measures can be found in our earnings press release. Unless otherwise stated, growth rate of all the stated metrics mentioned during the call refers to year-over-year growth versus the same quarter last year.

    請注意,我們在本次電話會議上使用的某些財務指標,例如調整後 EBITDA、調整後 EBITDA 利潤率、調整後 EBITA、調整後 EBITA 利潤率、非公認會計原則淨收入、非公認會計原則每股攤薄收益或美國存託憑證和自由現金流量表示為非公認會計原則基礎。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。除非另有說明,否則電話會議中提到的所有所述指標的增長率均指與去年同期相比的同比增長率。

  • In addition, during today's call, management will give prepared remarks in English. A third-party translator will provide simultaneous Chinese translation under another conference line. Please refer to our press release for details. During the Q&A session, we will take questions in both English and Chinese, and a third-party translator will provide consecutive translation. All translation are for convenience purpose only. In the case of any discrepancy, management's statement in the original language will prevail.

    此外,在今天的電話會議中,管理層將以英語發表準備好的講話。第三方翻譯人員將在另一條會議線路下提供中文同聲傳譯。詳情請參閱我們的新聞稿。問答環節,我們將採用中英雙語提問,並由第三方翻譯提供連續翻譯。所有翻譯僅為方便起見。如有任何差異,以管理層以原文發表的聲明為準。

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

    有了這個,我現在把電話轉給丹尼爾。

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • Thank you, Rob. Hello, everyone. Thank you for joining our earnings call today.

    謝謝你,羅布。大家好。感謝您今天參加我們的財報電話會議。

  • This quarter, Alibaba Group's business continued to make steady progress. We remain focused on building long-term capabilities centered around customer value creation despite the resurgence of COVID, China's market economy slowdown and increasing competition. In the fourth quarter of 2021, China's GDP grew 4%, while total retail sales rose 3% year-over-year. Both decelerated from the previous quarter due to the confluence of COVID, price increase of raw materials and other factors. At the same time, the overall trend of digitalization across both consumption and industrial sectors became increasingly apparent and accelerated. Large Internet companies in China have entered commerce through various ways, and digital consumption formats and user experiences have become increasingly diversified.

    本季度,阿里巴巴集團業務繼續穩步推進。儘管 COVID 重新抬頭、中國市場經濟放緩和競爭加劇,我們仍然專注於建立以客戶價值創造為中心的長期能力。 2021年第四季度,中國GDP增長4%,零售總額同比增長3%。受新冠肺炎疫情、原材料漲價等因素影響,均較上季度有所放緩。與此同時,消費和工業數字化的總體趨勢日益明顯和加速。中國大型互聯網企業通過多種方式進入商業,數字消費業態和用戶體驗日趨多元化。

  • Against this backdrop, we believe our most important proposition and the biggest opportunity for healthy and sustainable long-term growth are: number one, the ability to continually create new consumption demand and offer innovative consumer experiences; and number two, support the industrial digitalization of our customers.

    在此背景下,我們認為我們最重要的主張和健康可持續的長期增長的最大機會是:第一,不斷創造新的消費需求和提供創新消費體驗的能力;第二,支持我們客戶的工業數字化。

  • As of quarter end, our annual active consumers reached 1.28 billion globally, representing quarterly net adds of 43 million. In China, our AAC grew from 953 million to 979 million during the quarter, while AACs outside of China grew from 285 million to 301 million. We are fully on track to deliver the target of 1 billion China AACs by the end of this fiscal year. And Taobao Deals has been the major contributor to our new user acquisition. With 1 billion high-quality AACs, we believe we have substantially captured all consumers with purchasing power in China. We focus on shift from new user acquisition to user retention and ARPU growth. Despite the impact from slowing retail sales and intensifying competition on our China commerce business, the net year retention rate of new AACs acquired in calendar year 2020 was 86% in 2021. This AAC retention rate held steady against our historical pattern, indicating healthy user stickiness on our platforms.

    截至季度末,我們的全球年度活躍消費者達到 12.8 億,代表季度淨增加 4300 萬。在中國,我們的 AAC 在本季度從 9.53 億增長到 9.79 億,而中國以外的 AAC 從 2.85 億增長到 3.01 億。我們完全有望在本財年末實現 10 億個中國 AAC 的目標。淘寶特價一直是我們新用戶獲取的主要貢獻者。憑藉10億的優質AAC,我們相信我們已經基本抓住了中國所有具有購買力的消費者。我們專注於從新用戶獲取到用戶保留和 ARPU 增長的轉變。儘管零售銷售放緩和競爭加劇對我們的中國商務業務產生影響,但 2020 日曆年新收購的 AAC 的淨年留存率在 2021 年為 86%。這一 AAC 留存率與我們的歷史模式相比保持穩定,表明用戶粘性健康在我們的平台上。

  • Our overall ARPU or the average annual spend per AAC decreased by a low single-digit percentage year-over-year in 2021 due to increased contribution of new users from less [developed] areas. But I want to highlight that ARPU of our AACs, with over RMB 10,000 annual spend on our platform, contributed to -- continued to increase year-over-year.

    由於來自欠 [發達] 地區的新用戶的貢獻增加,我們的整體 ARPU 或每個 AAC 的平均年度支出在 2021 年同比下降了低個位數百分比。但我想強調的是,我們的 AAC 的 ARPU 每年在我們的平台上的支出超過 10,000 元人民幣,這有助於 - 繼續同比增長。

  • Looking ahead, we aim to further strengthen user engagement and time spent through a greater variety of consumption use case offerings. We want to enhance our influence on the consumer's decision-making journey and tailored to reflect unique considerations of each product category. We will shift our focus from spending the total number of AACs in China to driving deeper AAC penetration across product categories. This will ultimately help us capture a more significant consumer wallet share.

    展望未來,我們的目標是通過更多種類的消費用例產品進一步加強用戶參與度和所花費的時間。我們希望增強我們對消費者決策過程的影響力,並量身定制以反映每個產品類別的獨特考慮。我們將把重點從在中國的 AAC 總數轉移到推動 AAC 在產品類別中的更深入滲透。這最終將幫助我們獲得更重要的消費者錢包份額。

  • Over the past year, we invested heavily in Taobao Deals and Taocaicai. We do not view these 2 businesses as stand-alone units but integral parts of our China commerce business metrics. The unique value contribution of these 2 new businesses gradually became clear following several quarters of development. Taobao Deals has been a powerhouse in new user acquisition for China commerce, attracting 280 million AACs within a quarterly net add of 39 million. Paid orders during the quarter grew over 100% year-over-year. Taobao Deals and the Taobao App have highly complementary user base, with a higher proportion of price-sensitive consumers on Taobao Deals. There are many ways for us to realize the commercial value of these users. One example is improving supply chain efficiency by connecting manufacturers directly with consumers.

    在過去的一年裡,我們在淘寶特賣和淘菜方面投入了大量資金。我們不將這兩項業務視為獨立的單位,而是我們中國商務業務指標的組成部分。這兩項新業務的獨特價值貢獻在經過幾個季度的發展後逐漸顯現。淘寶交易一直是中國電商新用戶獲取的強者,在季度淨增 3900 萬內吸引了 2.8 億 AAC。本季度的付費訂單同比增長超過 100%。淘寶Deals和淘寶App用戶群互補性強,淘寶Deals對價格敏感的消費者比例較高。我們可以通過多種方式實現這些用戶的商業價值。一個例子是通過將製造商與消費者直接聯繫起來來提高供應鏈效率。

  • As for Taocaicai, it has been a successful use case extension into the grocery and fresh produce category for price-sensitive consumers. More than 50% of Taocaicai's AACs were first time fresh produce buyers on our platforms. Now that Taobao Deals and Taocaicai have established market presence, we will shift our focus towards quality growth. Through optimizing efficiency, we expect to gradually narrow the operating losses in these 2 businesses in the next few quarters.

    至於淘菜菜,它已成功地將用例擴展到對價格敏感的消費者的雜貨和新鮮農產品類別。超過 50% 的淘菜菜 AAC 是我們平台上的首次生鮮買家。現在淘寶特賣和淘菜已經建立了市場,我們將把重點轉向質量增長。通過優化效率,我們預計未來幾個季度這兩項業務的經營虧損將逐步收窄。

  • In local consumer business, in the local consumer services, the combined AACs of our To Home and To Destination business have reached 372 million, reflecting a quarterly net add of 17 million. Total order volume grew 22% year-over-year. On the To Home side, we made meaningful progress in improving unit economics for Ele.me through a city strategy with more disciplined user acquisition spending and improved delivery cost. On the To Destination side, Amap reached a record high of over 200 million [DAUs] during the National Day holiday in China, while transacting users continued to grow during the quarter. We believe the picture of Amap transforming from a map navigation tool to a lifestyle services platform centering around destination is becoming more and more clear.

    在本地消費業務方面,在本地消費服務方面,我們的“到家”和“到目的地”業務合計 AAC 達到 3.72 億,反映季度淨增 1700 萬。總訂單量同比增長 22%。在到家方面,我們通過更嚴格的用戶獲取支出和降低交付成本的城市戰略,在改善餓了麼的單位經濟方面取得了有意義的進展。在目的地方面,高德地圖在中國國慶假期期間達到了超過 2 億 [DAUs] 的歷史新高,而交易用戶在本季度繼續增長。我們相信,高德地圖從地圖導航工具向以目的地為中心的生活服務平台轉型的畫面越來越清晰。

  • For our international commerce business, AACs reached 301 million by December with a quarterly net add of 16 million. Overall order growth continued to maintain healthy momentum at 25% year-over-year, with Lazada and Trendyol growing 52% and 49%, respectively. AliExpress was negatively impacted by change in European Union's VAT exemptions. We believe the future of development of international commerce market will be based on the combination of local supply and cross-border supply.

    對於我們的國際商務業務,截至 12 月,AAC 達到 3.01 億,季度淨增 1600 萬。整體訂單增長繼續保持健康勢頭,同比增長 25%,Lazada 和 Trendyol 分別增長 52% 和 49%。全球速賣通受到歐盟增值稅豁免變化的負面影響。我們認為,未來國際商貿市場的發展將基於本地供應和跨境供應的結合。

  • Our long-term focus is a balance of both, to fully leverage China's advantage in cross-border supply while organizing local supply effectively. Meanwhile, logistic network development is a priority in our globalization strategy as logistics is the fundamental infrastructure supporting a high-quality consumer experience based on integrated product supply from cross-border and locally. Cainiao has been developing logistic network in Southeast Asia and Europe, leveraging the commerce use cases presented by Lazada, AliExpress and the Trendyol. We will continue to invest in Cainiao's global logistics network as a cornerstone of our globalization strategy.

    我們的長期重點是兼顧兩者,在有效組織本地供應的同時,充分發揮中國的跨境供應優勢。同時,物流網絡發展是我們全球化戰略的重點,因為物流是支撐基於跨境和本地一體化產品供應的高質量消費者體驗的基礎設施。菜鳥一直在利用 Lazada、速賣通和 Trendyol 提供的商業用例,在東南亞和歐洲發展物流網絡。我們將繼續投資菜鳥的全球物流網絡,作為我們全球化戰略的基石。

  • Additionally, global coverage and capacity in cloud is another essential piece supporting our globalization strategy. This quarter, AliCloud continued to invest in expanding its international infrastructure. We added 2 data centers in Asia Pacific, 1 in Korea and 1 in Thailand. AliCloud now provides cloud computing services in 25 regions globally.

    此外,雲中的全球覆蓋和容量是支持我們全球化戰略的另一個重要組成部分。本季度,阿里雲繼續投資擴大其國際基礎設施。我們在亞太地區增加了 2 個數據中心,在韓國增加了 1 個,在泰國增加了 1 個。阿里雲目前在全球 25 個地區提供雲計算服務。

  • Our cloud revenue grew 20% year-over-year this quarter. We saw very strong growth in demand from financial services and the telecom sectors, which partially offset slowing demand from some customers in Internet sector. China's cloud market will be a RMB 1 trillion opportunity by 2025, and industrial digitalization today is still in a very early stage. Alibaba Cloud is committed to serving the real economy for the long term and the digitalization of all industries.

    本季度我們的雲收入同比增長 20%。我們看到金融服務和電信行業的需求增長非常強勁,這部分抵消了互聯網行業一些客戶的需求放緩。到 2025 年,中國雲市場將迎來 1 萬億元的機遇,而今天的產業數字化還處於非常早期的階段。阿里雲長期致力於服務實體經濟和全行業數字化。

  • Recently, we helped the International Olympic Committee migrate 100% of their core systems onto Alibaba Cloud during the Beijing Winter Olympics. This is the first time in the history of Olympic games that cloud computing has replaced traditional IT infrastructure to support the planning and operations of the games. In the past, each Olympic host city would have to build extensive IT infrastructure and dismantle it after the end of the games. By replacing the physical infrastructure with cloud-based services, hardware costs will be significantly reduced while application development and deployment will be much more efficient.

    最近,我們幫助國際奧委會在北京冬奧會期間將其核心系統 100% 遷移到阿里雲上。這是奧運會歷史上第一次雲計算取代傳統的IT基礎設施來支持奧運會的規劃和運營。過去,每個奧運會主辦城市都必須建設大量的 IT 基礎設施,並在奧運會結束後拆除。通過用基於雲的服務取代物理基礎設施,硬件成本將顯著降低,而應用程序開發和部署將更加高效。

  • We see similar opportunities and advantages for digitalization in many industries in the future, such as new energy vehicles, financial services and health care. These industries have high potential with massive demand for cloud computing and digital intelligence. We will leverage Alibaba Cloud's proprietary technology and products to deliver tailored industry solutions.

    我們在新能源汽車、金融服務和醫療保健等許多行業看到了類似的數字化機遇和優勢。這些行業潛力巨大,對雲計算和數字智能的需求巨大。我們將利用阿里雲的專有技術和產品,提供量身定制的行業解決方案。

  • As China continues to advance towards its carbon peak and neutrality goals, we foresee increasing demand for more reliable and sustainable technology infrastructure as digital transformation deepens across industries. We aim to leverage Alibaba Cloud's product and technology innovations to help our customers find greater energy efficiency.

    隨著中國繼續朝著碳排放峰值和中和目標邁進,我們預計隨著各行業數字化轉型的深入,對更可靠和可持續的技術基礎設施的需求將不斷增加。我們的目標是利用阿里雲的產品和技術創新來幫助我們的客戶找到更高的能源效率。

  • For example, our data centers equipped by liquid cooling technology achieved industry-leading energy efficiency level with a PUE of as low as 1.09. Moreover, our facilities can deliver high performance with lower power consumption, leveraging our proprietary product and technologies.

    例如,我們採用液冷技術的數據中心實現了行業領先的能效水平,PUE 低至 1.09。此外,我們的設施可以利用我們的專有產品和技術以更低的功耗提供高性能。

  • During our Investor Day this past December, we announced Alibaba's carbon neutrality pledge. By 2030, we're committed to achieving Scope 1, 2 and 3 carbon neutrality for Alibaba Cloud, Scope 1 and 2 carbon neutrality in the operation of Alibaba Group and reducing Scope number -- Scope 3 carbon intensity by half. Additionally, we introduced a concept of Scope 3+ to facilitate 1.5 gigatons of decarbonization across Alibaba's ecosystem participants by 2035.

    在去年 12 月的投資者日期間,我們宣布了阿里巴巴的碳中和承諾。到2030年,我們致力於實現阿里雲範圍一、二、三碳中和,阿里巴巴集團運營範圍一、二碳中和,並將範圍號——範圍三碳強度減半。此外,我們引入了範圍 3+ 的概念,以在 2035 年之前促進阿里巴巴生態系統參與者實現 1.5 千兆噸的脫碳。

  • Since Q4 last year, China's regulators have issued multiple important statements about the digital economy. They emphasize the need to strengthen China's digital economy, improve its quality and grow its scale. They also promote healthy and sustainable development of the platform economy based on robust platform governance. These principles are highly consistent with Alibaba's own business philosophy and commitment to social responsibility.

    自去年第四季度以來,中國監管機構就數字經濟發布了多項重要聲明。他們強調要加強中國數字經濟,提高質量,擴大規模。它們還以穩健的平台治理為基礎,促進平台經濟的健康和可持續發展。這些原則與阿里巴巴自身的經營理念和對社會責任的承諾高度契合。

  • Looking ahead, we remain focused on healthy and sustainable development by serving our customers, especially SMEs, supporting the digital transformation of industries, serving the real economy and supporting our community.

    展望未來,我們將通過服務客戶,特別是中小企業,支持行業數字化轉型,服務實體經濟,支持社區,保持健康和可持續發展。

  • Thank you, everyone, for your time. Now I will turn it to Toby, who will walk you through the details of financial results.

    謝謝大家,謝謝你們的時間。現在我將把它交給托比,他將向您介紹財務結果的詳細信息。

  • Toby Xu - Deputy CFO

    Toby Xu - Deputy CFO

  • Thank you, Daniel. Good morning, and good evening, everyone.

    謝謝你,丹尼爾。大家早上好,晚上好。

  • This quarter, revenue was around CNY 242.6 billion, up 10% year-over-year. Our top 3 revenue contributing segments were China commerce, cloud and international commerce, which grew by 7%, 20% and 18% year-over-year, respectively. While our China commerce segment may be impacted by slowing macro and increased competition, our cloud and international commerce segment maintained solid growth and are expected to become increasingly important growth drivers in the future. These 2 segments will continue to contribute to diversification of our revenue base.

    本季度收入約為2426億元人民幣,同比增長10%。我們的前三大收入貢獻部門是中國商務、雲計算和國際商務,分別同比增長 7%、20% 和 18%。雖然我們的中國商務部門可能會受到宏觀放緩和競爭加劇的影響,但我們的雲和國際商務部門保持穩健增長,預計未來將成為越來越重要的增長動力。這兩個部門將繼續為我們的收入基礎多元化做出貢獻。

  • Income from operations decreased by RMB 42 billion to RMB 7 billion, which included a RMB 25 billion impairment of goodwill in relation to the digital media and entertainment segment. Excluding this impact, the income from operations would have been RMB 32 billion, a decrease of 34%.

    營業收入減少人民幣 420 億元至人民幣 70 億元,其中包括與數字媒體和娛樂部門相關的 250 億元人民幣商譽減值。剔除此影響,營業收入為人民幣320億元,下降34%。

  • Adjusted EBITA decreased by 27% year-over-year to RMB 45 billion. The decrease was primarily due to our increased investments in growth initiatives such as Taobao Deals, Taocaicai, Lazada and Ele.me as well as our increased spending for user growth. Many of these growth initiatives saw strong growth momentum, as highlighted by Daniel.

    調整後 EBITA 同比下降 27% 至人民幣 450 億元。下降的主要原因是我們增加了對淘寶特賣、淘菜、Lazada 和餓了麼等增長計劃的投資,以及我們增加用戶增長的支出。正如丹尼爾所強調的那樣,其中許多增長計劃都出現了強勁的增長勢頭。

  • Additionally, we have increased the merchant support through incentives to drive merchant adoption of new value-added services as well as strategic reductions in selected service fees to lower merchants' operational expenses in a slowing consumption environment. We believe this near-term spending builds goodwill with our customers and supports sustainable long-term growth for our China commerce businesses.

    此外,我們通過激勵措施推動商戶採用新的增值服務以及戰略性地降低特定服務費用,以在消費放緩的環境下降低商戶的運營費用,從而增加了對商戶的支持。我們相信,這種短期支出會與我們的客戶建立良好的關係,並支持我們中國商業業務的可持續長期增長。

  • Now on cost trend for the quarter. Excluding SBC as a percentage of revenue, cost of revenue ratio increased to 60% during the quarter. The increase was primarily attributable to: first, the higher proportion of our direct sales businesses, such as Sun Art, Tmall Supermarket and Freshippo; and second, strong growth of Taocaicai, Freshippo and Tmall Supermarket that led to an increase in logistics costs as a percentage of revenue.

    現在是本季度的成本趨勢。不包括 SBC 佔收入的百分比,本季度的收入成本比率增加到 60%。增長的主要原因是:一是高鑫零售、天貓超市、盒馬鮮生等直銷業務佔比較高;二是淘菜、盒馬、天貓超市的強勁增長,導致物流成本佔收入的比重上升。

  • Sales and marketing ratio increased to 15% during the quarter. The increase was due to higher marketing and promotional spending for user acquisition and engagement for our mobile commerce apps, such as Taobao Deals, Taobao, Lazada and Ele.me. Ratios for product development and the general and administrative expenses were steady year-over-year during the quarter.

    本季度的銷售和營銷比率提高到 15%。這一增長是由於我們的移動商務應用程序(例如淘寶特賣、淘寶、Lazada 和餓了麼)在用戶獲取和參與方面的營銷和促銷支出增加。本季度產品開發以及一般和管理費用的比率與去年同期相比保持穩定。

  • Now let's review net income and cash flow for the quarter. Our December quarter net income declined by RMB 58.8 billion to RMB 19.2 billion, which was primarily driven by: firstly, RMB 25 billion in goodwill impairment related to our digital media and entertainment segment, as previously mentioned; and secondly, RMB 21.7 billion decrease in interest and income -- investment income net to RMB 18.4 billion primarily due to lower net gains from fair value changes of our equity investment. Our non-GAAP net income declined RMB 14.6 billion primarily due to a decrease of RMB 16.4 billion in adjusted EBITA.

    現在讓我們回顧一下本季度的淨收入和現金流。我們 12 月季度的淨利潤下降 588 億元人民幣至 192 億元人民幣,這主要是由於:首先,如前所述,與我們的數字媒體和娛樂部門相關的 250 億元人民幣商譽減值;二是利息收入減少217億元——投資收益淨額為184億元,主要是由於股權投資公允價值變動淨收益減少所致。我們的非公認會計原則淨利潤下降 146 億元人民幣,主要是由於調整後 EBITA 下降 164 億元人民幣。

  • As of December 2021, we continued to maintain and enjoy a strong net cash position of RMB 379 billion or USD 59.5 billion. Our strong net cash position is supported by healthy cash generation. Net cash flow from operations and free cash flow for the quarter were RMB 60.4 billion and RMB 71 billion, respectively. The difference of approximately RMB 9.4 billion reflected operating CapEx spending, majority of which is for our cloud business and logistics fulfillment infrastructure.

    截至 2021 年 12 月,我們繼續保持並享有 3,790 億元人民幣或 595 億美元的強勁淨現金頭寸。我們強勁的淨現金頭寸得到健康的現金產生的支持。本季度經營活動產生的現金流量淨額和自由現金流量分別為人民幣 604 億元和人民幣 710 億元。約人民幣 94 億元的差異反映了運營資本支出,其中大部分用於我們的雲業務和物流履行基礎設施。

  • We continue to focus on adding value to shareholders through share repurchases. During the quarter, we repurchased approximately 10.1 million of our ADS for approximately USD 1.4 billion under our share repurchase program. For the 9 months ended December 2021, we repurchased approximately 42.2 million of our ADS for about USD 7.7 billion, representing 51% of our USD 15 billion share repurchase program.

    我們繼續專注於通過股票回購為股東增加價值。本季度,我們根據股票回購計劃以約 14 億美元的價格回購了約 1010 萬股美國存託憑證。截至 2021 年 12 月的 9 個月,我們以約 77 億美元的價格回購了約 4220 萬股美國存託憑證,占我們 150 億美元股票回購計劃的 51%。

  • Our current share price does not fairly reflect the value of the company. At current price levels, we plan on continuing our share repurchases. At the same time, we will maintain a strong cash position that gives us the financial flexibility for future investments.

    我們目前的股價並不能公平地反映公司的價值。在目前的價格水平,我們計劃繼續我們的股票回購。同時,我們將保持強勁的現金狀況,為未來的投資提供財務靈活性。

  • Now to our segment results. As mentioned during our Investor Day, we are providing more granular reporting of our commerce segment by further subdividing it into 4 segments, including China commerce, international commerce, local consumer services and Cainiao. Our cloud, digital media and entertainment and innovation initiatives and other segments remain unchanged. Revenue from our China commerce segment in the quarter increased 7% year-over-year to RMB 172 billion. Customer management revenue slightly declined by 1% primarily due to: firstly, slow-moving condition -- slowing market conditions and competition in the China e-commerce market that resulted in single-digit physical goods paid GMV growth for Taobao and Tmall; then by categories, year-over-year GMV growth in the FMCG and home furnishing categories were faster than overall average. GMV of apparel and accessories and consumer electronic categories grew at a slower pace than overall average.

    現在來看我們的細分結果。正如我們在投資者日期間提到的,我們通過將其進一步細分為 4 個部分,包括中國商務、國際商務、本地消費者服務和菜鳥,來提供更詳細的商務部門報告。我們的雲、數字媒體和娛樂以及創新計劃和其他部門保持不變。本季度我們中國商務部門的收入同比增長 7% 至人民幣 1,720 億元。客戶管理收入小幅下降 1%,主要是由於:一是市場環境放緩,中國電子商務市場競爭趨緩,導致淘寶和天貓實體商品支付 GMV 增長個位數;然後從品類來看,快消品和家居品類的GMV同比增長快於整體平均水平。服裝和配飾以及消費電子產品類別的 GMV 增長速度低於整體平均水平。

  • Additionally, as previously explained, we have increased merchant support through incentives to drive merchant adoption of new value-added services. We have also made strategic reductions in selected service fees to lower merchants' operational expenses in a slowing consumption environment. The increased merchant support resulted in customer management revenue growing slower than GMV growth. We believe a step-up in near-term spending bodes well with our customers and support sustainable growth for our China commerce businesses over the long run.

    此外,如前所述,我們通過激勵措施來增加對商家的支持,以推動商家採用新的增值服務。在消費環境放緩的情況下,我們還戰略性地降低了部分服務費用,以降低商戶的運營費用。商戶支持的增加導致客戶管理收入的增長慢於 GMV 的增長。我們相信,近期支出的增加對我們的客戶來說是個好兆頭,並支持我們中國商務業務的長期可持續增長。

  • Direct sales and others revenue grew 21% year-over-year primarily due to revenue contributed by Sun Art, Freshippo and Tmall Supermarket. Growth deceleration was primarily due to reduced impact of Sun Art consolidation as it was fully lapsed in this quarter.

    直銷及其他收入同比增長 21%,主要得益於高鑫零售、盒馬鮮生和天貓超市的收入貢獻。增長減速主要是由於高鑫零售整合的影響減少,因為它在本季度完全失效。

  • China commerce adjusted EBITA decreased by RMB 14 billion to RMB 58 billion. This decrease reflected our increased investments in growth initiatives such as Taobao Deal and Taocaicai as well as our increased spending for user growth and support to merchants. It's important to note that our investments in Taobao Deals and Taocaicai have not only generated robust transaction growth and build capabilities but have also been more disciplined with improving unit economics. Taobao Deals paid orders grew over 100% year-over-year. At the same time, it successfully executed several initiatives to optimize logistic costs and improve delivery experience for consumers. Taocaicai's GMV grew 30% quarter-over-quarter. At the same time, its UE per order continued to improve, benefiting from higher regional order density and improving gross margin from enhanced supply chain capabilities.

    中國商務調整後 EBITA 減少 140 億元人民幣至 580 億元人民幣。這一下降反映了我們增加了對淘寶Deal和淘菜等增長計劃的投資,以及我們增加了對用戶增長和對商家的支持的支出。值得注意的是,我們對淘寶特賣和淘菜的投資不僅帶來了強勁的交易增長和能力建設,而且在提高單位經濟效益方面也更加自律。淘寶交易的付費訂單同比增長超過 100%。同時,成功實施多項舉措,優化物流成本,提升消費者配送體驗。淘菜菜的 GMV 環比增長 30%。同時,受益於更高的區域訂單密度以及增強的供應鏈能力提高了毛利率,其每筆訂單的用戶數持續改善。

  • As Daniel mentioned, Taobao Deals and Taocaicai are strategic to our China commerce segment, contributing to new consumer acquisition and expansion of product offerings. Given their established presence, we will shift our focus towards quality of growth. We will expect Taobao Deals and Taocaicai to gradually narrow operating losses in the next few quarters.

    正如丹尼爾所說,淘寶特賣和淘菜對我們的中國商務部門具有戰略意義,有助於新消費者的獲取和產品供應的擴展。鑑於他們已建立的存在,我們將把重點轉移到增長質量上。我們預計淘寶交易和淘菜將在未來幾個季度逐步收窄經營虧損。

  • Revenue of international commerce continued to exhibit strong growth of 18% primarily driven by solid transaction growth by Lazada and Alibaba.com businesses. Order growth of Lazada was up 52%. Transaction value completed in Alibaba.com grew approximately 50%. The slower year-over-year revenue growth compared to last quarter was mainly due to: first, single-digit revenue growth of AliExpress, this was primarily due to a year-over-year decrease in number of orders for AliExpress as a result of the value-added tax levied on cross-border parcels below EUR 22 in value in Europe; and second, significant depreciation of Turkish lira against RMB that negatively impacted Trendyol's revenue. Constant currency revenue growth for Trendyol was 60% year-over-year during the quarter supported by robust order growth of 49%.

    國際商務收入繼續強勁增長 18%,主要受 Lazada 和阿里巴巴業務穩健交易增長的推動。 Lazada 的訂單增長了 52%。在阿里巴巴完成的交易額增長了約 50%。與上一季度相比,收入同比增長放緩的主要原因是:第一,速賣通收入實現個位數增長,這主要是由於全球速賣通訂單數量同比減少所致在歐洲對價值低於 22 歐元的跨境包裹徵收的增值稅;其次,土耳其里拉兌人民幣大幅貶值,對 Trendyol 的收入產生負面影響。本季度,Trendyol 的固定貨幣收入同比增長 60%,這得益於 49% 的強勁訂單增長。

  • Adjusted EBITA loss widened by RMB 1.5 billion to RMB 3 billion, primarily attributable to the increase in Lazada's marketing and promotional spending for user acquisition and engagement partially offset by steady profit growth of our international wholesale commerce business.

    調整後 EBITA 虧損擴大人民幣 15 億元至人民幣 30 億元,主要是由於 Lazada 用於用戶獲取和參與的營銷和促銷支出增加,部分被我們國際批發商業業務的穩定利潤增長所抵消。

  • Revenue of local consumer service business generated strong growth of 27% due to growth in order volume of 22% as well as more efficient use of subsidies that was contra revenue. Adjusted EBITA loss increased RMB 0.7 billion to around RMB 5 billion primarily due to the increased losses of our To Destination businesses including Amap, losses of our To Home businesses including Ele.me slightly increased year-over-year but narrowed quarter-over-quarter driven by our disciplined use of acquisition spending and reduced delivery costs.

    由於訂單量增長 22% 以及更有效地使用與收入相反的補貼,本地消費服務業務的收入實現了 27% 的強勁增長。調整後 EBITA 虧損增加人民幣 7 億元至約人民幣 50 億元,主要是由於我們的目的地業務(包括高德地圖)的虧損增加,我們的目的地業務(包括餓了麼)的虧損同比略有增加,但環比收窄受到我們嚴格使用採購支出和降低交付成本的推動。

  • Revenue from Cainiao before intersegment elimination grew 23% to RMB 19.6 billion, which was primarily driven by the growth of fulfillment solutions and value-added services provided to our China commerce retail businesses as well as the increase in revenue from third-party merchants in our cross-border and international businesses. During the quarter, 67% of total revenue was generated from external customers. Adjusted EBITA loss improved to a slight loss of RMB 92 million given the economies of scale of its businesses and improving gross margin of its cross-border and international businesses.

    剔除分部前菜鳥收入增長 23% 至人民幣 196 億元,這主要是由於為我們的中國商業零售業務提供的履行解決方案和增值服務的增長以及來自第三方商戶的收入增加。跨境和國際業務。本季度,總收入的 67% 來自外部客戶。因業務規模效益及跨境及國際業務毛利率改善,調整後EBITA虧損改善至微虧人民幣9,200萬元。

  • Revenue from our cloud business after intersegment elimination grew RMB 3.3 billion to RMB 19.5 billion. The solid 20% year-over-year growth reflected robust growth from financial and telecommunications industries partially offset by the continued impact of a top cloud customer's decision to stop using our overseas cloud services for its international business due to nonproduct-related requirements and slowing demand from customers in the Internet industry such as online entertainment and education. Excluding the impact of the top customer from the Internet industry, Alibaba Cloud's revenue after intersegment elimination would have grown by 29% year-over-year. Alibaba Cloud's revenue is becoming more diversified with revenue contribution from non-Internet industries steadily increasing. Revenue from non-Internet industries accounted for 52% of its revenue after intersegment elimination during the quarter.

    剔除分部後雲業務收入增長人民幣 33 億元至人民幣 195 億元。 20% 的穩健同比增長反映了金融和電信行業的強勁增長,部分抵消了頂級雲客戶因非產品相關要求和需求放緩而決定停止使用我們的海外雲服務進行其國際業務的持續影響來自在線娛樂和教育等互聯網行業的客戶。剔除互聯網行業大客戶的影響,阿里雲剔除分部後營收同比增長29%。阿里雲收入多元化,非互聯網行業收入貢獻穩步提升。本季度剔除後,非互聯網行業收入佔其收入的 52%。

  • Adjusted EBITA was RMB 134 million primarily due to economies of scale of its profitable core cloud computing businesses partially offset by increasing investments in DingTalk. DingTalk offers solutions to enterprises to facilitate their digital transformation, enhance the work collaboration and easy access to Alibaba Cloud's big data analytics and AI capabilities. Since integrating DingTalk into our cloud business in 2021, we have identified new opportunities and growth initiatives for our overall cloud business, giving us confidence that increased investments in DingTalk will create long-term value for Alibaba Cloud.

    調整後的 EBITA 為人民幣 1.34 億元,主要是由於其盈利的核心雲計算業務的規模經濟,部分被釘釘投資的增加所抵消。釘釘為企業提供解決方案,以促進其數字化轉型,增強工作協作並輕鬆訪問阿里雲的大數據分析和人工智能能力。自 2021 年將釘釘整合到我們的雲業務中以來,我們已經為我們的整體雲業務確定了新的機遇和增長計劃,這讓我們相信,增加對釘釘的投資將為阿里雲創造長期價值。

  • Our digital media and entertainment revenue during the quarter was RMB 8 billion. Losses slightly narrowed year-over-year during the quarter.

    本季度我們的數字媒體和娛樂收入為人民幣 80 億元。本季度虧損同比略有收窄。

  • Now let me wrap up with some concluding thoughts. Our China businesses will be focusing on quality growth, adding value to our customers and building capabilities. In terms of near-term outlook, despite a challenging macro environment in a high comparison base year-over-year, our China commerce GMV growth remains resilient. We expect revenue diversification to continue with cloud and international commerce segment exhibiting strong growth. Our various growth initiatives such as Taobao Deals and Taocaicai have established sizable market presence and are delivering tangible results with robust AAC and order growth. We expect these 2 businesses to narrow losses in the coming quarters. Lastly, we will continue to build cloud and logistics infrastructure in both China and internationally.

    現在讓我總結一些結論性的想法。我們的中國業務將專注於質量增長、為客戶增加價值和建設能力。就近期前景而言,儘管宏觀環境充滿挑戰,同比基數較高,但我們的中國商業 GMV 增長仍然具有彈性。我們預計收入多元化將繼續,雲和國際商務部門表現出強勁增長。我們的各種增長計劃(例如淘寶優惠和淘菜菜)已經建立了可觀的市場佔有率,並通過強勁的 AAC 和訂單增長帶來了切實的成果。我們預計這兩項業務將在未來幾個季度收窄虧損。最後,我們將繼續在中國和國際上建設雲和物流基礎設施。

  • Now let's open the floor for Q&A.

    現在讓我們開始問答環節。

  • Robert Lin - IR

    Robert Lin - IR

  • Consecutive interpretation for the Q&A session, and our management will address your questions in the language you asked. Please note that the translation is for convenience purpose only. In the case of any discrepancy, our management's statement in the original language will prevail. (foreign language) So operator, please connect speaker and SI conference lines now and start the Q&A session when ready. Thank you.

    問答環節的交替傳譯,我們的管理層將以您提出的語言解決您的問題。請注意,翻譯僅為方便起見。如有任何差異,將以我們管理層以原文發表的聲明為準。 (外語)所以接線員,請現在連接揚聲器和SI會議線,準備好後開始問答環節。謝謝你。

  • Operator

    Operator

  • (Operator Instructions) The first question comes from the line of Piyush Mubayi of Goldman Sachs.

    (操作員說明)第一個問題來自高盛的 Piyush Mubayi。

  • Piyush Mubayi - MD

    Piyush Mubayi - MD

  • My one question is around the growth rates for the business and particularly the core business. Given what parcel numbers are looking like for the month of January, and I don't want to read too much into that number, and the exit run rate we saw for NBS data for the month of December, I wonder if you could, one, talk us through the exit run rate for the third quarter, for the December quarter, for GMV growth as well as CMR growth rate. And also, if you could broadly guide us to what you think the growth rates we could be expecting in the first quarter of calendar 2022. (foreign language)

    我的一個問題是關於業務的增長率,尤其是核心業務。考慮到 1 月份的包裹數量,我不想過多解讀這個數字,以及我們看到的 NBS 12 月份數據的退出運行率,我想知道你是否可以,一個,請談談第三季度的退出運行率、12 月季度的 GMV 增長以及 CMR 增長率。此外,如果您能廣泛地指導我們了解您認為我們在 2022 年第一季度可以預期的增長率。(外語)

  • Toby Xu - Deputy CFO

    Toby Xu - Deputy CFO

  • Okay. Thank you very much for this question. As I explained in my script, in the last quarter, actually, the overall macro condition, if you look at the NBS data, the retail sort of like the growth rate for December but NBS is only like 3%. And our business, as I explained, also impacted by the macro condition as well as competition, so which give us also like single-digit growth. That's for the December quarter.

    好的。非常感謝您提出這個問題。正如我在腳本中解釋的那樣,實際上,在上個季度,整體宏觀狀況,如果你看國家統計局的數據,零售額有點像 12 月份的增長率,但國家統計局只有 3%。正如我所解釋的,我們的業務也受到宏觀環境和競爭的影響,所以這也給我們帶來了個位數的增長。這是十二月季度的情況。

  • Then for the new 2020, the first quarter, as I explained, currently, our growth rate, we still have a relatively resilient growth in our GMV. And of course, the market condition is also -- at this stage, is quite -- we still don't see the January number, but we probably will be waiting for the number to out. But at this stage, I think our growth rate is still resilient.

    然後對於新的 2020 年第一季度,正如我所解釋的,目前,我們的增長率,我們的 GMV 仍然具有相對彈性的增長。當然,市場狀況也 - 在這個階段,相當 - 我們仍然看不到 1 月份的數字,但我們可能會等待數字出來。但在這個階段,我認為我們的增長率仍然是有彈性的。

  • Piyush Mubayi - MD

    Piyush Mubayi - MD

  • Toby, what I meant by exit run rate was just for the month of December itself.

    托比,我所說的退出運行率只是針對 12 月份本身。

  • Toby Xu - Deputy CFO

    Toby Xu - Deputy CFO

  • (foreign language)

    (外語)

  • Operator

    Operator

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

    我們的下一個問題來自 Jefferies 的 Thomas Chong。

  • Thomas Chong - Equity Analyst

    Thomas Chong - Equity Analyst

  • [Interpreted] My first question has to do with your outlook for the performance of different categories in the next few quarters going forward, including FMCG, apparel and electronics. Can you share with us your forecast on growth and trends in those different categories?

    【解讀】我的第一個問題是關於你對未來幾個季度不同品類的表現的展望,包括快消品、服裝和電子產品。您能否與我們分享您對這些不同類別的增長和趨勢的預測?

  • Secondly, I'd like to hear from management as to when you think we'll see a turnaround in the consumption slowdown. Do you think that we'll see a pickup in momentum by, say, the June quarter or the September quarter?

    其次,我想听聽管理層的意見,你認為我們什麼時候會看到消費放緩的好轉。您認為我們會在 6 月季度或 9 月季度看到勢頭回升嗎?

  • And finally, I'd like to hear from management, please, on competition. What will be the future impact of increased competition in the e-commerce space? And what is your strategy to deal with it?

    最後,我想听聽管理層關於競爭的看法。電子商務領域競爭加劇對未來有何影響?你的應對策略是什麼?

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • [Interpreted] Thank you. This is Daniel, and I'll be happy to take this question. First of all, when it comes to GMV, either by category or overall GMV, it is our consistent policy not to give guidance. But I can answer your question in overall terms in the following way.

    [解釋] 謝謝。我是丹尼爾,我很樂意回答這個問題。首先,就GMV而言,無論是按品類還是整體GMV,我們的一貫政策是不給予指導。但我可以通過以下方式總體回答您的問題。

  • So we can look at the macro environment and the e-commerce penetration in different categories from a number of angles. First of all, we can look at the share of different categories in total retail sales, and then we can look at the current e-commerce penetration rate of those same categories.

    因此,我們可以從多個角度來看待宏觀環境和不同品類的電子商務滲透率。首先,我們可以看看不同品類在零售總額中所佔的份額,然後我們可以看看目前這些相同品類的電子商務滲透率。

  • So if we look at those 2 categories you singled out, apparel and electronics, due to the rapid development of e-commerce over these past years, penetration in those categories is now relatively high. We're looking at something like 30% or 40%.

    所以如果我們看看你挑出來的那兩個品類,服裝和電子產品,由於過去幾年電子商務的快速發展,這些品類的滲透率現在相對較高。我們正在研究 30% 或 40% 之類的東西。

  • However, if you look at the other categories you mentioned, like FMCG and food, especially fresh foods and groceries, the overall size of the market in those categories is very large, yet e-commerce penetration still remains relatively low. And you'll recall that I talked about this in the presentation I gave at Investor Day back in December, we see very good opportunities for driving online conversion deeper in those categories.

    但是,如果你看一下你提到的其他品類,比如快消品和食品,尤其是生鮮食品和雜貨,這些品類的整體市場規模非常大,但電子商務的滲透率仍然相對較低。你會記得我在 12 月的投資者日的演講中談到了這一點,我們看到了在這些類別中更深入地推動在線轉換的非常好的機會。

  • Now of course, in order to do that and in order to ensure a good user experience, we need to have highly integrated fulfillment systems and a range of different offerings that cater to different kinds of demand. And that's precisely what Alibaba has put in place with a matrix that includes Hema, RT-Mart with integrated online and off-line operations, our third-party delivery platform, Ele.me, as well as Tmall Supermarket. So we're organizing supply both from nearby and from nationwide in different consumption scenarios, catering to different kinds of users from the highly affluent through to the more price-sensitive. And by pursuing this matrix strategy, we expect to be able to deepen our penetration in these categories substantially.

    當然,為了做到這一點並確保良好的用戶體驗,我們需要高度集成的履行系統和一系列不同的產品來滿足不同類型的需求。而這正是阿里巴巴建立的矩陣,包括盒馬、線上線下一體化的大潤發、第三方配送平台餓了麼,以及天貓超市。因此,我們在不同的消費場景中組織來自附近和全國的供應,以滿足從高度富裕到對價格更敏感的不同類型的用戶。通過推行這種矩陣戰略,我們希望能夠大幅加深我們在這些類別中的滲透。

  • On your second question, I would say that live streaming certainly has become a very important part of the digital commerce ecosystem. It's an important means of enriching the user experience and marketing, in particular, certain kinds of categories. And the Taobao live stream ecosystem, therefore, is an important part and highly integrated into our overall ecosystem as a complementary part of a larger offering. However, different categories and different products are best marketed to consumers in different ways with different kinds of interaction. So live streaming is indeed good, but it's certainly not the only means of getting there. And we do need a multifaceted and rich matrix of services through which to reach users and market products.

    關於第二個問題,我想說的是直播肯定已經成為數字商務生態系統中非常重要的一部分。它是豐富用戶體驗和營銷的重要手段,尤其是某些品類。因此,淘寶直播生態系統是一個重要的組成部分,並且高度集成到我們的整體生態系統中,作為更大產品的補充部分。然而,不同的品類和不同的產品最好以不同的方式和不同的互動方式向消費者推銷。所以直播確實不錯,但肯定不是到達那裡的唯一途徑。我們確實需要一個多方面和豐富的服務矩陣,通過它來接觸用戶和營銷產品。

  • Operator

    Operator

  • Our next question comes from the line of Jeremy Lim of UBS.

    我們的下一個問題來自瑞銀的 Jeremy Lim。

  • Jeremy Lim

    Jeremy Lim

  • [Interpreted] My question has to do with Taobao Deals and Taocaicai, where you see them going over the next few quarters in terms UE and further narrowing of losses. If you could talk to us, please, about how UE has been evolving in the face of competition and market developments there and whether that has been improved also by the scaling up of the businesses with larger order numbers.

    [解釋] 我的問題與淘寶交易和淘菜有關,你會看到它們在未來幾個季度的 UE 和進一步縮小損失。如果您能與我們談談,請談談 UE 在面對競爭和市場發展時是如何發展的,以及是否通過擴大具有更大訂單數量的業務也有所改善。

  • Toby Xu - Deputy CFO

    Toby Xu - Deputy CFO

  • [Interpreted] Thank you for your question. Well, regarding these 2 businesses, Taobao Deals and Taocaicai, they were both launched in 2021. I think Daniel already spoke to this in his earlier presentation. We certainly see them as 2 very important businesses within the context of our China commerce segment. The 2 businesses do play different roles. As was presented earlier, Taobao Deals has been very important over the past year in terms of allowing us to drive user acquisition, very significant user acquisition in the lower tier cities. And the 2 combined, Taobao Deals and Taocaicai, have allowed us over the past year to make great progress in terms of developing the ability to serve consumers in these lower tier cities, not only with supply but also with excellent fulfillment capabilities.

    [解釋] 謝謝你的提問。那麼,關於淘寶特賣和淘菜這兩個業務,都是2021年推出的。我想丹尼爾在之前的演講中已經談到了這一點。我們當然將它們視為我們中國商務領域的兩個非常重要的業務。這兩家企業確實扮演著不同的角色。如前所述,淘寶優惠在過去一年中非常重要,因為我們能夠推動用戶獲取,在低線城市獲取非常重要的用戶。而淘寶特賣和淘菜這兩者的結合,讓我們在過去的一年裡,在發展服務這些低線城市消費者的能力方面取得了長足的進步,不僅有供應,而且還具有出色的履行能力。

  • With respect to both of these 2 businesses then, while working hard to grow them in terms of scale, we're also looking at ways to drive efficiency. Some efficiency improvements are being driven, as you said, by growth in scale. But other parts of that efficiency improvement are coming about of particular initiatives that we're taking to enhance efficiency. So certainly, in Taocaicai, as order density has increased, we're seeing improvement in unit economics. And we're also seeing efficiency enhancement in Taobao Deals as well.

    那麼,對於這兩項業務,在努力擴大規模的同時,我們也在尋找提高效率的方法。正如你所說,一些效率的提高是由規模增長推動的。但是,效率改進的其他部分來自我們為提高效率而採取的特定舉措。所以當然,在淘菜菜,隨著訂單密度的增加,我們看到了單位經濟的改善。我們也看到淘寶交易的效率提高。

  • So in terms of where these businesses are heading in the face of competition going forward, we would certainly look at them as part of our overall China commerce business segment. And of course, we do look at our competitors, but more importantly, we look at ourselves. And as Daniel said, we're fully confident that we can continue to grow these businesses and enhance their efficiency going forward, and we fully expect to see their losses narrowing over the next few quarters.

    因此,就這些業務在未來競爭中的發展方向而言,我們當然會將它們視為我們整個中國商業業務部門的一部分。當然,我們確實關注我們的競爭對手,但更重要的是,我們關注的是自己。正如丹尼爾所說,我們完全有信心繼續發展這些業務並提高他們的效率,我們完全預計未來幾個季度他們的損失會縮小。

  • Operator

    Operator

  • The next question is from the line of Alex Yao of JPMorgan.

    下一個問題來自摩根大通的 Alex Yao。

  • Alex C. Yao - Head of Asia Internet and New Media Research

    Alex C. Yao - Head of Asia Internet and New Media Research

  • [Interpreted] My question has to do with the outlook for growth in China retail -- China commerce GMV. And indeed, this is related to the performance of the overall retail market in China as a whole. How long do you think that this current slump in consumption generally in China will last? When do you think the turnaround will come and consumption will pick up? Do you think it will be like a V-shaped curve or an L-shaped curve? Or are we talking about seeing the first half of a V-shaped curve? And what needs to change to bring about that pickup in consumption? Would it require a stimulus from the government, a relaxation of COVID control policies or something further?

    [解釋] 我的問題與中國零售業的增長前景有關——中國商業 GMV。事實上,這與整個中國零售市場的表現有關。您認為目前中國普遍的消費下滑會持續多久?您認為什麼時候會出現轉機,消費會回升?你認為它會像V形曲線還是L形曲線?還是我們在談論看到 V 形曲線的前半部分?需要改變什麼來實現消費的回升?是否需要政府的刺激、放寬新冠疫情控制政策或其他措施?

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • [Interpreted] Thank you for your question, Alex. Whether it's going to be a V-shaped or a U-shaped recovery is a good question. And like you, I'd be very keen to know the answer to that. All I can say is, looking at user data on our platform and also looking at data on the current macro environment, I think, yes, both of those things you identified certainly would be helpful in stimulating recovery of consumption. So if the impact of COVID could be lessened or if there could be stimulus policy from the government put in place to stimulate consumption, those would be positive developments, yes.

    [解釋] 謝謝你的問題,亞歷克斯。是V型還是U型複蘇是一個很好的問題。和你一樣,我很想知道這個問題的答案。我只能說,看我們平台上的用戶數據,也看當前宏觀環境的數據,我認為,是的,你確定的這兩件事對刺激消費的複蘇肯定是有幫助的。因此,如果可以減輕 COVID 的影響,或者如果政府可以出台刺激政策來刺激消費,那將是積極的發展,是的。

  • But what I would like to emphasize in answering this question apart from the macro picture, and this is true for us, true for everybody in the retail and commerce space, I think what really matters is your ability to innovate, to be innovative in terms of supply and leverage that to create new demand.

    但我想在回答這個問題時強調,除了宏觀情況之外,這對我們來說都是如此,對零售和商業領域的每個人來說都是如此,我認為真正重要的是你的創新能力,在術語上具有創新性供給和槓桿作用,以創造新的需求。

  • I think a very good opportunity -- a very good example of this kind of opportunity was the recently concluded Winter Olympic Games held in Beijing. It's a great opportunity to stimulate new kinds of demand for participation in winter sport activities and the whole winter sport economy in China. I think that's a great example but indeed just one example of the way in which new demand can be created and new supply can be created to meet that kind of demand.

    我認為一個很好的機會——這種機會的一個很好的例子就是最近在北京舉行的冬奧會。這是激發中國冬季運動參與和整個冬季運動經濟的新型需求的大好機會。我認為這是一個很好的例子,但實際上只是創造新需求和創造新供應以滿足這種需求的方式的一個例子。

  • Operator

    Operator

  • Next question is from the line of Jiong Shao of Barclays.

    下一個問題來自巴克萊的Jong Shao。

  • Jiong Shao - Analyst

    Jiong Shao - Analyst

  • [Interpreted] Toby mentioned in his earlier presentation that the group is carrying out a share repurchase program. You're rebuying shares. You also have some 70 billion in cash on your books which could be used to create shareholder value. And there's also the possibility in addition to that of spinning off certain hidden assets to create shareholder value.

    【解讀】托比在早前的演講中提到,集團正在實施股票回購計劃。你在回購股票。你的賬面上還有大約 700 億現金,可以用來創造股東價值。除了剝離某些隱藏資產以創造股東價值之外,還有可能。

  • We heard back in December at your analyst event the Trendyol was in the process of raising funds. We've also more recently seen from the media that Lazada may be in the process of raising funds. We know that competitors are spinning off some of their subsidiaries to create shareholder value. So I'm wondering if you could tell us about those kinds of opportunities, your plans in those spaces, especially around cloud and also around China commerce.

    我們在 12 月的分析師活動中聽說 Trendyol 正在籌集資金。我們最近還從媒體上看到,Lazada 可能正在籌集資金。我們知道,競爭對手正在剝離其部分子公司以創造股東價值。所以我想知道你是否可以告訴我們這些機會,你在這些領域的計劃,特別是圍繞雲計算和中國商業。

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • [Interpreted] Thank you. This is Daniel. I'll be pleased to take that question. If you look at where Alibaba Group is today as a business, we're very much being driven by a multi-engine strategy. The group has expanded into multiple different business areas that are mutually complementary, but each has unique user value and a unique user community.

    [解釋] 謝謝。這是丹尼爾。我很樂意回答這個問題。如果你看看阿里巴巴集團今天的業務,我們在很大程度上受到多引擎戰略的驅動。集團已經擴展到多個不同的業務領域,這些領域相互補充,但每個領域都有獨特的用戶價值和獨特的用戶社區。

  • We believe that the market has not placed sufficient value on Alibaba's business in terms of how it's being driven by a multi-engine strategy. The full value of each of these businesses together is not being reflected in where we're at today. And this is a big part of the reason why we're pursuing a share buyback strategy.

    我們認為,市場對阿里巴巴的業務在多引擎戰略的驅動下沒有給予足夠的重視。這些業務的全部價值並沒有反映在我們今天的位置上。這是我們追求股票回購策略的重要原因。

  • So each of these different businesses, including Cainiao, including our local services offering, in particular Ele.me, but also Lazada, Trendyol, which you mentioned, are no longer simply internal business units, internal divisions of Alibaba Group. They're operating as independent companies. So certainly going forward, where we have these businesses that can create a closed loop and operate as stand-alone entities, we will maintain an open attitude to do, as we have indeed done in the past, deals that bring in more diverse investor bases and help these companies grow as independent entities.

    所以這些不同的業務,包括菜鳥,包括我們的本地服務,特別是餓了麼,還有你提到的Lazada、Trendyol,不再只是阿里巴巴集團的內部業務部門、內部部門。他們作為獨立公司運營。因此,毫無疑問,如果我們擁有這些可以創建閉環並作為獨立實體運營的業務,我們將保持開放的態度,就像我們過去所做的那樣,進行能夠帶來更多樣化投資者基礎的交易並幫助這些公司成長為獨立實體。

  • In sum, in the long term, we will certainly pursue strategies that are conducive to the creation of long-term shareholder value and customer value. Thank you.

    總而言之,從長遠來看,我們一定會追求有利於創造長期股東價值和客戶價值的戰略。謝謝你。

  • Operator

    Operator

  • The next question is from the line of Eddie Leung of Bank of America.

    下一個問題來自美國銀行的 Eddie Leung。

  • Eddie Leung - MD in Equity Research and Analyst

    Eddie Leung - MD in Equity Research and Analyst

  • [Interpreted] Two questions, if I might. First of all, has to do with the impact of the growth of the 1P model in certain parts of your business. I'm wondering if the greater share of your business being 1P may lead to a situation where you're competing with merchants on the platform.

    [解釋] 兩個問題,如果可以的話。首先,與 1P 模式的增長對您業務的某些部分的影響有關。我想知道您的業務中 1P 的更大份額是否會導致您在平台上與商家競爭。

  • And then secondly, tying into the previous conversation we had about certain BUs growing fast, driving a lot of user acquisition. And we're seeing a lot of these new users that have joined the Alibaba digital economy coming from a couple of these new BUs. But I'm wondering, if some of these BUs become more independent, how can we make sure that there'll be a good synergy between them and the other businesses and the new users they're bringing on forward will also contribute to the overall Alibaba economy?

    其次,結合我們之前關於某些業務快速增長、推動大量用戶獲取的對話。我們看到很多加入阿里巴巴數字經濟的新用戶來自這些新業務。但我想知道,如果其中一些業務變得更加獨立,我們如何確保它們與其他業務之間產生良好的協同作用,並且他們帶來的新用戶也將有助於整體阿里巴巴經濟?

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • [Interpreted] Thank you. This is Daniel. I'll be happy to take that. As to your first question regarding the 2 different business models, the 1P model versus the platform model, Alibaba really takes no side and has no preference. To us, it all boils down to which model can best serve the consumer. We put the consumer's interest first.

    [解釋] 謝謝。這是丹尼爾。我很樂意接受。關於你第一個問題,1P模式和平台模式這兩種不同的商業模式,阿里巴巴真的不偏不倚,沒有偏好。對我們來說,這一切都歸結為哪種模式可以最好地為消費者服務。我們把消費者的利益放在首位。

  • Secondly, when it comes to how we engage with merchants, be it in the 1P model or the platform model, it's fundamentally our concern to find ways to help merchants better serve consumers, not just in terms of helping merchants to sell products to consumers but helping them to develop their brands and to leverage consumer data, to engage consumers and to grow their business. So the 1P model for us is absolutely not about erecting a wall between merchants and consumers. It's really about helping to get goods to the consumer more efficiently with more flexible pricing but, at the same time, allowing for consumers to be engaged by merchants. And we always hope for consumers to remain in touch with the merchants and for the merchants to be able to leverage data to better manage and grow their businesses. So these several aspects are all integrated.

    其次,我們如何與商家打交道,無論是1P模式還是平台模式,從根本上來說,我們關心的是如何幫助商家更好地為消費者服務,不僅僅是幫助商家向消費者銷售產品,而是幫助商家更好地為消費者服務。幫助他們發展品牌並利用消費者數據,吸引消費者並發展業務。所以1P模式對我們來說絕對不是在商家和消費者之間架起一堵牆。這實際上是為了通過更靈活的定價幫助更有效地將商品送到消費者手中,同時讓消費者與商家互動。我們一直希望消費者與商家保持聯繫,並希望商家能夠利用數據更好地管理和發展他們的業務。所以這幾個方面都是綜合的。

  • So what Alibaba is offering to merchants is a highly integrated portfolio of different possibilities, including the 1P model, including the platform model, so different business models; but also multiple scenarios, including hyperlocal commerce and nationwide commerce. So with this complete basket of different offerings, it's possible to better engage consumers and possible for merchants to build their brands and grow a healthy business.

    所以阿里巴巴給商戶提供的是一個高度整合的不同可能性的組合,包括1P模式,包括平台模式,不同的商業模式;還有多種場景,包括超本地化商務和全國性商務。因此,有了這一系列不同的產品,就有可能更好地吸引消費者,商家也有可能建立自己的品牌並發展健康的業務。

  • On to your second question, which had to do with how to ensure good consumer engagement across all different businesses as they develop, we fundamentally believe that we must adopt the consumer, the user point of view and looking at how we organize and how we run our businesses because, at the end of the day, all of our businesses are built on serving the consumer well, and we need to be able to do that across all of them.

    關於您的第二個問題,這與如何確保所有不同業務發展過程中的良好消費者參與有關,我們從根本上認為我們必須採用消費者、用戶的觀點,並著眼於我們的組織方式和運營方式我們的業務,因為歸根結底,我們所有的業務都建立在為消費者提供良好服務的基礎上,我們需要能夠在所有業務中做到這一點。

  • So something we're working on very, very hard is segmenting the different consumers that we have in China with closing in on 1 billion AACs in China today. It's very important that we segment them and, with our different offerings, provide differentiated value to these different segments of consumers. So this is something that's a fundamental importance to us. We're working hard on it every day, segmenting the 1 billion consumers and presenting to them a comprehensive consumer business matrix that satisfies their differentiated demand.

    因此,我們正在非常非常努力地做的事情是細分我們在中國擁有的不同消費者,今天在中國接近了 10 億個 AAC。我們對他們進行細分,並通過我們的不同產品為這些不同的消費者群體提供差異化的價值,這一點非常重要。所以這對我們來說至關重要。我們每天都在努力,對10億消費者進行細分,為他們呈現一個全面的消費者業務矩陣,滿足他們的差異化需求。

  • Operator

    Operator

  • The next question is from the line of James Lee of Mizuho.

    下一個問題來自瑞穗的 James Lee。

  • James Lee - MD of Americas Research & Senior Internet Sector Analyst

    James Lee - MD of Americas Research & Senior Internet Sector Analyst

  • My question is mainly on cloud. Now given the slowdown we're seeing in the Internet industry, I'm just curious what is your plan to diversify the revenue base. It seems like that's your business plan. And maybe help us understand which verticals are logical for your business expansion and why. And lastly, along with that line of investment in cloud, what kind of investment do you need to make to expand, not only your vertical exposure and also from a product and sales perspective. (foreign language)

    我的問題主要是關於雲的。現在考慮到我們在互聯網行業看到的放緩,我只是好奇你有什麼計劃使收入基礎多樣化。這似乎是你的商業計劃。或許可以幫助我們了解哪些垂直行業對您的業務擴展是合乎邏輯的,以及為什麼。最後,隨著對雲的投資,你需要進行什麼樣的投資來擴大,不僅是你的垂直曝光,而且從產品和銷售的角度來看。 (外語)

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • Well, actually, after years of effort, we've already built a very diversified customer portfolio in our cloud business. And as we shared in our earnings this quarter, 52% of our cloud revenue are from non-Internet customers. I think actually, this percentage actually is, if you look at the past few years, track record is going up. So we will -- over time, we will continue to diversify the -- this portfolio.

    嗯,實際上,經過多年的努力,我們已經在我們的雲業務中建立了一個非常多元化的客戶組合。正如我們在本季度的收益中所分享的那樣,我們 52% 的雲收入來自非互聯網客戶。我認為實際上,如果您查看過去幾年,這個百分比實際上是在上升。所以我們將——隨著時間的推移,我們將繼續多樣化——這個投資組合。

  • As I shared in my remarks, actually today, we are still in the early stage of industrial digitalization in China. So for all the industries, they are going to be a data-driven company, and they need a new generation of tech infra to support this digital transformation. So I think in this regard, we see a huge opportunity in the coming years. This definitely will be a RMB 1 trillion market. (foreign language)

    正如我在發言中所分享的,實際上今天,我們還處於中國工業數字化的早期階段。所以對於所有行業來說,他們都將成為一家數據驅動的公司,他們需要新一代的技術基礎設施來支持這種數字化轉型。所以我認為在這方面,我們在未來幾年看到了巨大的機會。這絕對是一個1萬億元的市場。 (外語)

  • Well, in terms of the industries, as I said before, we keep close eyes on the new industries, I mean, which will generate a massive amount of data and which will consume the computing volume, high computing power, I think, and also need a more intelligent data intelligence technology. So I think for those industries, we definitely think it will drive the growth of the cloud business. And also with the mutual collaboration, it's also very good for the -- to build the ecosystem, which is also relevant to your second question. (foreign language)

    那麼在行業方面,我之前說過,我們會密切關注新的行業,我的意思是,會產生大量的數據,會消耗計算量,計算能力,我認為,還有需要更智能的數據智能技術。所以我認為對於那些行業,我們肯定認為它會推動雲業務的增長。而且通過相互合作,建立生態系統也非常好,這也與您的第二個問題有關。 (外語)

  • Our investment strategy for the cloud computing is to first to enhance our proprietary technologies. And the second will be to enhance the power of the ecosystem, to have more, I mean, strategic partners in the cloud ecosystem. (foreign language)

    我們對雲計算的投資策略是首先增強我們的專有技術。第二個是增強生態系統的力量,在雲生態系統中擁有更多的戰略合作夥伴。 (外語)

  • Operator

    Operator

  • Our last question is from the line of Alicia Yap of Citigroup.

    我們的最後一個問題來自花旗集團的 Alicia Yap。

  • Yik Wah Yap - MD & Head of Pan-Asia Internet Research

    Yik Wah Yap - MD & Head of Pan-Asia Internet Research

  • [Interpreted] Some quick follow-up questions on cloud. We understand that the impact of that one Internet company stopping the use of Alibaba Cloud services around a year ago from the March quarter has been ongoing. But we expect to see international revenue for cloud reaccelerating starting from, would you say, the March quarter? And how do you view competition and price trends in the cloud space? And in a more macro sense, do you think that there are perhaps many companies out there that need to get on the cloud, but they're perhaps delaying that decision in the current macroeconomic environment for the time being?

    [翻譯]一些關於雲的快速跟進問題。據我們了解,一家互聯網公司在大約一年前從 3 月季度開始停止使用阿里雲服務的影響一直在持續。但我們預計雲計算的國際收入將從 3 月季度開始重新加速?您如何看待雲領域的競爭和價格趨勢?從更宏觀的角度來看,您是否認為可能有很多公司需要上雲,但他們可能暫時在當前的宏觀經濟環境中推遲了這一決定?

  • And then quickly turning just to Cainiao. We saw that growth of Cainiao's business outside of the Alibaba ecosystem was only 15%. I'm wondering if you could talk to us about how you see Cainiao's revenue growing going forward with respect to serving external customers.

    然後迅速轉向菜鳥。我們看到,菜鳥在阿里巴巴生態系統之外的業務增長只有 15%。我想知道您是否可以與我們談談您如何看待菜鳥在服務外部客戶方面的收入增長。

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • [Interpreted] Thank you. So starting with the first part of your question about the impact of that large cloud customer not making use of Alibaba Cloud services overseas over the past several quarters, indeed, we've seen the impact of that reducing progressively quarter-by-quarter, and we're now entering a new cycle. But I think the key point to be made is that we now have a much more diversified customer base. Especially if you look at the number of large customers, there are now very few, a small number of large customers that account for more than 2% of revenue. So we're highly diversified, and that positions us well for the future.

    [解釋] 謝謝。所以從你問題的第一部分開始,關於過去幾個季度那個大型雲客戶沒有在海外使用阿里雲服務的影響,事實上,我們已經看到這種影響逐季度逐漸減少,並且我們現在正在進入一個新的周期。但我認為關鍵是我們現在擁有更加多元化的客戶群。尤其是看大客戶的數量,現在已經很少了,佔收入2%以上的大客戶是少數。所以我們高度多元化,這為我們的未來做好了準備。

  • Regarding the next part of your question as to the impact of the overall macro environment on the current growth pace of the cloud business, I think you have to look at different sectors differently. There's this broad process of industrial digitalization that's unfolding. But this digitalization is needed both by companies in traditional sectors but also by other companies in new and emerging sectors. We talked about things like new energy, indeed, new energy vehicles, health care and other sectors. And these are all sectors that, on the one hand, require massive amounts of computing power and, secondly, need to leverage very powerful data intelligence capabilities. So I think we do need to take a sector-by-sector approach to define the strategy and look in particular at those sectors that have those kinds of needs for massive computing power and for data intelligence. And it's really important to understand that, that really is what the cloud is about. The cloud is not simply about replacing traditional IT infrastructure. And China is just getting started in this process.

    關於你下一部分關於整體宏觀環境對雲業務當前增長速度的影響的問題,我認為你必須以不同的方式看待不同的行業。工業數字化的廣泛進程正在展開。但是,傳統行業的公司以及新興行業的其他公司都需要這種數字化。我們談到了新能源,實際上是新能源汽車、醫療保健等領域。這些都是一方面需要大量計算能力,其次需要利用非常強大的數據智能能力的行業。因此,我認為我們確實需要採取逐個行業的方法來定義戰略,並特別關注那些對海量計算能力和數據智能有此類需求的行業。理解這一點非常重要,這就是雲的意義所在。云不僅僅是取代傳統的 IT 基礎設施。而中國在這個過程中才剛剛起步。

  • Thirdly, on Cainiao, following many years of investment in development, Cainiao itself today also enjoys a multi-engine growth strategy. There are many pieces to its business. It has Cainiao Post. It has first and last mile delivery capabilities. It has [B2B], it has supply chain services. And now with the growth of Taobao Deals, it's supporting the manufacturer to consumer, the m2c business model.

    第三,在菜鳥方面,經過多年的投資發展,今天的菜鳥本身也擁有多引擎增長戰略。它的業務有很多。它有菜鳥郵政。它具有第一英里和最後一英里的交付能力。它有[B2B],它有供應鏈服務。而現在隨著淘寶Deals的增長,它正在支持製造商到消費者,m2c商業模式。

  • Overseas, it's built a very large cross-border parcel service and now supply chain network as well. And going forward with further development in B2B, I think we can expect to see the export side also to be very robust. And all of that is underpinned by the international cargo network that Cainiao has built up. So I think there's huge potential for Cainiao given this diversified business matrix. And as a member of the Alibaba family, we want Cainiao to be well positioned to serve the different parts of Alibaba's businesses internally with an integrated design, providing the logistics underpinning as well as to be able to service other customers. And we can find ways to create further growth for it with incremental growth in our different businesses.

    在海外,它建立了一個非常大的跨境包裹服務,現在也建立了供應鍊網絡。隨著 B2B 的進一步發展,我認為我們可以期待看到出口方面也非常強勁。而這一切,都離不開菜鳥搭建的國際貨運網絡。所以我認為菜鳥在這個多元化的業務矩陣中有著巨大的潛力。作為阿里巴巴大家庭的一員,我們希望菜鳥能夠以一體化的設計服務於阿里巴巴內部業務的不同部分,提供物流基礎,並能夠服務其他客戶。我們可以通過我們不同業務的增量增長找到為其創造進一步增長的方法。

  • Robert Lin - IR

    Robert Lin - IR

  • Okay. Thank you, everyone. That was the end of our Q&A session. If you have any questions -- further questions, please reach out to the IR team and myself. And thank you for your participation.

    好的。謝謝大家。我們的問答環節就這樣結束了。如果您有任何問題 - 更多問題,請聯繫 IR 團隊和我本人。並感謝您的參與。

  • Operator

    Operator

  • Thank you. And this concludes today's conference call, and thank you for participating. You may now all disconnect.

    謝謝你。今天的電話會議到此結束,感謝您的參與。您現在可以全部斷開連接。

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

    [此成績單中標記為 [已翻譯] 的部分由現場通話中的口譯員朗讀。]