阿里巴巴 (BABA) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to Alibaba Group's December Quarter 2023 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.

美好的一天，女士們先生們。謝謝你的支持。歡迎參加阿里巴巴集團 2023 年 12 月季度業績電話會議。 （接線員指示）我現在想將電話轉接給阿里巴巴集團投資者關係主管林羅布。請繼續。

Good day, everyone, and welcome to Alibaba Group's December Quarter 2023 Results Conference Call. With us are Joe Tsai, Chairman; Eddie Wu, Chief Executive Officer; Toby Xu, Chief Financial Officer. We have also invited Jiang Fan, CEO of Alibaba International Digital Commerce Group, AIDC, to join the call.

大家好，歡迎參加阿里巴巴集團 2023 年 12 月季度業績電話會議。與我們在一起的還有董事長蔡崇信；吳艾迪，執行長；徐托比，財務長。我們也邀請了阿里巴巴國際數位商務集團AIDC執行長蔣凡參加電話會議。

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

本次電話會議也在我們公司網站的 IR 部分進行網路直播。今天晚些時候，我們的網站上將提供電話會議的重播。

Now let me cover the safe harbor. Today's discussion may contain forward-looking statements including without limitation, statements about our new organization and governance structure, strategies and business plans as well as our beliefs and expectations about our business prospects such as the future growth of our business, revenue and return on investment.

現在讓我來報道安全港。今天的討論可能包含前瞻性陳述，包括但不限於有關我們新的組織和治理結構、策略和業務計劃的陳述，以及我們對業務前景的信念和期望，例如我們業務的未來成長、收入和投資回報。

Forward-looking statements involve inherent risks and uncertainties that may cause actual results to differ materially from our current expectations. For detailed discussions of these risks and uncertainties, please refer to our latest annual report on Form 20-F and other documents filed with the U.S. SEC 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.

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目前的預期有重大差異。有關這些風險和不確定性的詳細討論，請參閱我們最新的 20-F 表格年度報告以及向美國 SEC 提交或在香港聯交所網站上公佈的其他文件。我們在本次電話會議中所做的任何前瞻性陳述均基於截至目前的假設，我們不承擔任何更新這些陳述的義務，除非適用法律要求。

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.

請注意，我們在本次電話會議中使用的某些財務指標，例如調整後的EBITDA、調整後的EBITDA 利潤率、調整後的EBITA、調整後的EBITA 利潤率、非GAAP 淨利潤、非GAAP 稀釋每股盈餘或美國存託股以及自由現金流以非公認會計準則為基礎。

Our GAAP results and reconciliation of GAAP to non-GAAP measure can be found in earnings press release. Unless otherwise stated, growth rate of all stated metrics mentioned during this call refers to year-over-year growth versus the same quarter last year.

我們的 GAAP 結果以及 GAAP 與非 GAAP 指標的調整可以在收益新聞稿中找到。除非另有說明，本次電話會議中提到的所有指定指標的成長率均指與去年同期相比的年成長率。

With that, I will now turn to Eddie.

說到這裡，我現在轉向艾迪。

Hello, everyone. Over this past quarter, we delivered steady growth while making organizational adjustments that align with our strategic focus. At the same time, we took a deep look at our core business operations and the competitive landscape. We concluded that to maintain our competitive edge, we must increase our investment in core capabilities and adopt a more aggressive approach towards competition in order to win growth.

大家好。在過去的一個季度，我們實現了穩定成長，同時根據我們的策略重點進行了組織調整。同時，我們深入審視了我們的核心業務營運和競爭格局。我們的結論是，要保持競爭優勢，就必須加大對核心能力的投入，採取更積極的競爭方式，以贏得成長。

Our top priority is to reignite the growth of our 2 core businesses, e-commerce and cloud computing. During the quarter, the execution of our user-first and competitive pricing strategies in Taobao and Tmall Group, TTG was effective resulting in healthy year-over-year GMV growth as the number of active buyers and order volume showed a robust increase. The number of merchants continue to grow at a double-digit rate, and I'll elaborate on the outlook and plans for 2024 in a moment.

我們的首要任務是重振電子商務和雲端運算兩大核心業務的成長。本季度，我們在淘寶和天貓集團、TTG 執行用戶至上和有競爭力的定價策略的效果顯著，活躍買家數量和訂單量強勁增長，GMV 同比健康增長。商家數量持續以兩位數的速度成長，我稍後會詳細說明2024年的展望與計畫。

In Cloud Computing, we're committed to our strategy of prioritizing public cloud. We have proactively optimized our business structure, reduced revenue from project-based contracts and increased investment in public cloud products. These structural adjustments are showing results and Alibaba Cloud's overall profitability capability continues to improve. We've also upgraded Alibaba Cloud's sales operations establishing different sales and service systems to serve different types and sizes of customers by improving our customer coverage and service capabilities, we will enhance our growth rate.

在雲端運算方面，我們致力於優先考慮公有雲的策略。我們積極優化業務結構，減少專案合約收入，加大公有雲產品投入。這些結構調整正在顯現成效，阿里雲整體獲利能力持續提升。我們也升級了阿里雲的銷售業務，建立了不同的銷售和服務體系，服務不同類型和規模的客戶，透過提高我們的客戶覆蓋率和服務能力，我們將提高我們的成長率。

In the International Commerce business, we focused on expanding cross-border offerings and enhancing the shopping experience. This quarter, all of AIDC's retail platforms achieved growth resulting in international digital commerce overall revenues growing at a rapid rate of 44% year-over-year. Cainiao continued to develop its global Smart Logistics Network with cross-border logistics fulfillment solutions contributing to 24% and year-over-year revenue growth as well as realizing strong synergies with the cross-border e-commerce business.

在國際商務業務中，我們專注於擴大跨境產品和增強購物體驗。本季度，AIDC所有零售平台均實現成長，國際數位商務整體營收年增44%。菜鳥持續發展全球智慧物流網絡，跨境物流履行解決方案貢獻營收年增24%，並與跨境電商業務實現強大綜效。

Next, I'd like to share the strategic priorities for TTG in investing and capturing growth opportunities. TTG operates in the world's most competitive e-commerce market, which is China. As we carefully evaluate TTG's competitive position within the China e-commerce market, we note that TTG continues to be #1 in GMV share and is the leading platform for consumer shopping. Merchants operate on the platform as their primary place of e-commerce business, and TTG has the deepest and most comprehensive selection of products amongst its peers. However, we must still make targeted investments and improvements in price competitiveness, service and user experience.

接下來，我想分享TTG在投資和捕捉成長機會的策略重點。 TTG在全球競爭最激烈的電子商務市場—中國開展業務。當我們仔細評估 TTG 在中國電子商務市場的競爭地位時，我們注意到 TTG 的 GMV 份額仍然排名第一，並且是領先的消費者購物平台。商家將平台作為其電商業務的主要場所，TTG的產品選擇是同業中最深、最全的。但我們還是要在價格競爭力、服務、使用者體驗等方面進行針對性的投入與提升。

Given that consumers use multiple platforms, returning to a user-centric approach is at the heart of our strategy. We'll increase investment in core user experiences to enhance the customer shopping experience. I'm confident that by focusing on delivering the incredible Taobao or universal Taobao experience, offering quality products at attractive prices with great service meeting the different needs of different consumer segments, TTG will earn users' trust and return to growth. Thus, 2024 will be a year of comprehensive capability upgrades for TTG and also a year of significant investment and we'll be prioritizing investment in the following areas: one, product supply. And we'll increase our investments in growing the selection of branded products and direct from manufacturer products on TTTs platform. This will further strengthen our product supply advantages to better address new consumption trends and demands.

鑑於消費者使用多個平台，回歸以使用者為中心的方法是我們策略的核心。我們將增加核心使用者體驗的投資，以提升顧客的購物體驗。我相信，透過專注於提供令人難以置信的淘寶或通用淘寶體驗，以有吸引力的價格提供優質的產品和優質的服務，滿足不同消費者群體的不同需求，TTG將贏得用戶的信任並恢復增長。因此，2024年將是TTG全面能力升級的一年，也是重大投資的一年，我們將重點放在以下幾個方面進行投資：一是產品供應。我們將增加投資，增加品牌產品的選擇以及 TTT 平台上直接來自製造商的產品。這將進一步增強我們的產品供應優勢，以更好地應對新的消費趨勢和需求。

Two, competitive pricing and efficiency. We'll increase investment into product sourcing capabilities and optimizing business model relationships between merchants and our platform. For different types of suppliers, we'll offer flexible business models that are best suited to improve their operational efficiency and thereby enhance Taobao's value proposition. The competitive pricing we're focused on delivering is attractive prices for quality products. This is a demand that consumers have across cycles and is fundamental to doing business.

二是有競爭力的價格和效率。我們將增加對產品採購能力的投資，優化商家與平台之間的商業模式關係。對於不同類型的供應商，我們將提供最適合的靈活的商業模式，以提高他們的營運效率，從而增強淘寶的價值主張。我們專注於提供具有競爭力的價格，即優質產品的有吸引力的價格。這是消費者跨週期的需求，也是經營業務的基礎。

Three, quality service. We will work with our merchants and logistics partners to invest in improving the entire consumer service experience including presale, in-sale, post-sale and logistics. For different customer segments on the platform, we will build a consumer service system that accurately identifies and meets the various needs of the different groups.

三、優質服務。我們將與我們的商家和物流合作夥伴一起投資改善包括售前、售中、售後和物流在內的整個消費者服務體驗。針對平台上不同的客群，我們將建構精準辨識並滿足不同群體的各種需求的消費者服務體系。

Four, increased purchase frequency. Through the above investments, we will enhance our comprehensive capabilities to offer quality products at attractive prices with great service. We believe that improving the platform's overall shopping experience and service quality will lead to increased purchase frequency and materially improve the efficiency of user growth.

四、增加購買頻率。透過上述投資，我們將增強我們的綜合能力，以有吸引力的價格提供優質的產品和優質的服務。我們相信，改善平台整體購物體驗和服務品質將帶來購買頻率的增加，並顯著提高用戶成長的效率。

Today, Taobao and Tmall remain the most valuable shopping platforms and the main place for merchants to do business. With the comprehensive capability planning -- building plan for 2024, we're confident that TTG will return to growth.

如今，淘寶、天貓仍然是最有價值的購物平台，也是商家做生意的主要場所。透過全面的能力規劃－2024年建設計劃，我們有信心TTG將恢復成長。

Next, I'll hand over to Jiang Fan to present on AIDC.

接下來就請蔣凡在AIDC上進行演講。

Good evening, everybody. Over the past quarter, despite the uncertain international environment and more intense market competition, AIDC achieved rapid growth. Total orders grew by 24% year-on-year driven by strong growth across all major retail platforms. Growth in our cross-border business was especially significant.

晚上好大家。過去一個季度，儘管國際環境存在不確定性，市場競爭更加激烈，AIDC仍實現了快速成長。受所有主要零售平台強勁成長的推動，總訂單量較去年同期成長 24%。我們的跨境業務成長尤其顯著。

Our 3 major growth drivers are: first, enhanced consumer experience as a result of our business model and supply chain services upgrade; second, product and technology innovation; and third, our targeted expansion in priority markets.

我們的三大成長動力是：第一，商業模式和供應鏈服務升級帶來的消費者體驗的提升；二是產品和技術創新；第三，我們針對性地擴張優先市場。

Next, I will present our business results and future development plans around these 3 drivers. First is our business model and supply chain services upgrade. Last quarter, AliExpress achieved year-on-year order growth of over 60%. This was mainly driven by the new AE Choice model that we launched in early 2023. The AE Choice model is, in essence, an upgrade that we made to our original pure platform model into a hybrid business model that combines POP on the one hand with a fully entrusted model on the other and it's underpinned by supply chain efficiency. It optimizes supply on the platform by balancing experience with richness of offerings.

接下來我將圍繞這三個驅動力來介紹我們的業務成果和未來的發展計畫。首先是我們的商業模式和供應鏈服務升級。上季度，速賣通訂單年增超過60%。這主要是由我們在2023年初推出的新的AE Choice模式推動的。AE Choice模式本質上是我們對原來的純平台模式的升級，升級為一方面將POP與一方面相結合的混合商業模式另一個是完全信任的模型，它以供應鏈效率為基礎。它透過平衡體驗與豐富的產品來優化平台上的供應。

By offering entrusted cross-border logistics, marketing and other services, we lower the barrier for merchants to engage in cross-border business, bringing more certainty to their operations and more diverse assortment to the platform. At the same time, we continue to enhance the end-to-end consumer experience including by providing more stable product quality and more competitive prices by continuing to optimize delivery time and by adding value-added services like local product return.

透過提供跨國委託物流、行銷等服務，降低商家進行跨國業務的門檻，讓商家經營更確定，平台品類更豐富。同時，我們持續增強端到端消費者體驗，包括透過持續優化交貨時間以及增加本地產品退貨等增值服務來提供更穩定的產品品質和更具競爭力的價格。

As of January 2024 Choice already made up half of all AliExpress orders. It's high-quality user experience has driven significant user growth and transaction growth on the AliExpress platform. And going forward, we'll continue to invest resolutely to further increase Choice penetration and provide a better experience to more users.

截至 2024 年 1 月，Choice 已佔全球速賣通訂單的一半。優質的用戶體驗帶動了全球速賣通平台的顯著用戶成長和交易成長。展望未來，我們將持續堅決投資，進一步提高Choice的滲透率，為更多用戶提供更好的體驗。

In terms of product and technology innovation, AIDC serves consumers in different countries and regions around the world. We've already optimized products in certain key countries and regions in line with local preferences. These efforts have been highly appreciated, and we'll continue to pursue that kind of innovation and upgrading. We're also actively deploying AI to enhance operating efficiency and lower barriers for merchants. Our suite of AI-based digital foreign trade products have been officially launched, enabling real-time language translation, AI, logistics services, rapid generation of images and videos for marketing, et cetera.

在產品和技術創新方面，AIDC服務於全球不同國家和地區的消費者。我們已經在一些重點國家和地區根據當地喜好優化了產品。這些努力得到了高度讚賞，我們將繼續追求這種創新和升級。我們也積極部署人工智慧，提高營運效率，降低商家門檻。以人工智慧為基礎的數位外貿系列產品已正式上線，可實現即時語言翻譯、人工智慧、物流服務、快速產生行銷圖像和影片等。

Third, sustained growth in key markets. In the last quarter, we achieved good growth in different regional markets. And in certain key markets, A achieved breakthrough rapid growth to become the leading platform locally. In Turkey and neighboring markets, Trendyol continue to achieve robust double-digit order growth and maintained its leading position in the Turkish market. It also further expands its business in valuable new markets in the Middle East.

三是重點市場持續成長。上季度我們在不同區域市場均取得了良好的成長。並在部分重點市場實現突破性快速成長，成為當地領先平台。在土耳其及週邊市場，Trendyol 繼續實現強勁的兩位數訂單成長，並保持在土耳其市場的領先地位。它也進一步拓展了中東有價值的新市場的業務。

In Europe, Alibaba.com completed its acquisition of the well-known European B2B digital trade platform, Visable, further expanding its supplier base in the region and further advancing Alibaba.com's global expansion and dual brand strategy. There is huge potential for AIDC to increase user penetration in the majority of overseas markets, building on our current resources and footprint, we will increase our investment in select regional markets where we see opportunities and value to achieve opportunities for high certainty and healthy growth.

在歐洲，阿里巴巴完成了歐洲知名B2B數位貿易平台Visable的收購，進一步擴大了在該地區的供應商基礎，進一步推動了阿里巴巴的全球擴張和雙品牌策略。 AIDC在提高大多數海外市場的用戶滲透率方面具有巨大潛力，基於我們現有的資源和足跡，我們將增加對我們看到機會和價值的特定區域市場的投資，以實現高確定性和健康成長的機會。

Going forward, we'll continue to maintain our rapid growth momentum and provide consumers with improved differentiated services. To that end, we'll continue to increase our investments in enhancing user experience and business competitiveness, while expanding our business scale. Thank you.

未來，我們將持續保持快速成長勢頭，為消費者提供更完善的差異化服務。為此，我們將持續加大投入，提升用戶體驗和業務競爭力，同時擴大業務規模。謝謝。

Thank you, Jiang Fan. We achieved a healthy financial performance in the past quarter, driven by steady business momentum and improving operating efficiency in several major businesses. Total consolidated revenue was RMB 260.3 billion, an increase of 5%. Consolidated adjusted EBITA increased by 2% to RMB 52.8 billion. Our non-GAAP net income was RMB 48 billion, a decrease of 4%. Our GAAP net income was RMB 10.7 billion, a decrease of RMB 35 billion, that was primarily contributable -- attributable to change in investment values and impairments.

謝謝你，蔣凡。由於穩定的業務動能和幾項主要業務營運效率的提高，我們在過去一個季度實現了健康的財務表現。合併總收入人民幣2,603億元，成長5%。綜合調整後 EBITA 成長 2%，達到 528 億元人民幣。我們的非公認會計準則淨利潤為人民幣 480 億元，下降 4%。我們的 GAAP 淨利為人民幣 107 億元，減少 350 億元，主要歸因於投資價值的變化和減損。

Firstly, there was a market-to-market change from our equity investments of about [RMB 19 billion]; second, amortization impairment of intangible assets was RMB 14.6 billion, of which RMB 12.1 billion was related to Sun Art impairments; Third, impairment of goodwill was RMB 8.5 billion related to Youku. The above 3 items were excluded from non-GAAP net income.

首先，我們的股權投資發生了約【190億元】的市場變化；二是無形資產攤銷減損146億元，其中高鑫零售減損121億元；三是與優酷相關的商譽減損85億元。上述三項均未計入非公認會計準則淨利。

As of December 31 2023, we continue to maintain a strong net cash position of RMB 487 billion or USD 68.6 billion. Free cash flow this quarter was RMB 56.5 billion, a decrease of 31%. The decrease in free cash flow was attributed to increased CapEx in several onetime factors, including timing of income tax payments and working capital changes related to several of our businesses.

截至 2023 年 12 月 31 日，我們持續維持強勁的淨現金頭寸，達 4,870 億元人民幣（686 億美元）。本季自由現金流為人民幣565億元，下降31%。自由現金流的減少歸因於幾個一次性因素的資本支出增加，包括所得稅繳納時間和與我們的幾項業務相關的營運資本變化。

Now let's look at the segment results. Starting with Taobao and Tmall Group. Revenue for Taobao and Tmall Group was RMB 129.1 billion, an increase of 2%. During this quarter, we made steady progress to execute our Taobao and Tmall strategies. We observed a few positive trends. As Eddie mentioned, our online GMV achieved healthy growth with order volume growing strongly during the quarter. Notably, the order volume exited double-digit year-over-year growth during the second half of the quarter.

現在讓我們來看看分段結果。先從淘寶、天貓集團開始。淘寶和天貓集團營收1,291億元，成長2%。本季度，我們淘寶和天貓策略的執行穩步推進。我們觀察到一些正面的趨勢。正如 Eddie 所提到的，我們的線上 GMV 實現了健康成長，訂單量在本季強勁成長。值得注意的是，下半年訂單量較去年同期出現兩位數成長。

Importantly, we continued our efforts to onboard our wide range of brands and merchants. The number of operating merchants on our platform continued to grow at double digits, and this trend has sustained over the past 4 quarters.

重要的是，我們繼續努力吸引廣泛的品牌和商家加入。我們平台上的經營商戶數量持續以兩位數成長，而這一趨勢在過去四個季度一直持續。

Additionally, we are also seeing strong growth in paying merchants. Customer management revenue was RMB 92.1 billion, relatively flat year-over-year. The overall take rate decreased slightly year-over-year mainly because of the increase in GMV came from Taobao merchants. The mix shift of GMV towards Taobao merchants provide us with further monetization potential because the take rate from Taobao merchants has been improving, while Tmall merchants take rate was unchanged during the quarter.

此外，我們也看到支付商家的強勁成長。客戶管理收入為人民幣921億元，與去年同期持平。整體成交率較去年同期略有下降，主要是因為淘寶商家GMV的成長。 GMV 向淘寶商家的混合轉移為我們提供了進一步的貨幣化潛力，因為淘寶商家的轉換率一直在提高，而天貓商家的轉換率在本季度保持不變。

Importantly, this trend also reflects increasing consumer demand of price-competitive products offered on our platform. Direct sales and other revenue increased 2% to RMB 31.6 billion. China commerce wholesale business revenue increased 23% to RMB 5.3 billion, primarily due to an increase in revenue from value-added services of 1688.com.

重要的是，這一趨勢也反映出消費者對我們平台上提供的具有價格競爭力的產品的需求不斷增長。直接銷售及其他收入成長2%至人民幣316億元。中國商業批發業務收入成長23%至人民幣53億元，主要由於1,688增值服務收入增加。

Taobao and Tmall Group adjusted EBITA increased by 1% to RMB 59.9 billion. The increase was primarily due to the narrowing losses in certain businesses, partly offset by the increasing investment in content, user acquisition and retention of Taobao app as well as technological innovation.

淘寶和天貓集團調整後的EBITA成長1%，達到人民幣599億元。這一成長主要是由於部分業務虧損收窄，但部分被淘寶應用在內容、用戶獲取和留存以及技術創新方面的投資增加所抵消。

We are in the process or revitalizing Taobao and Tmall Group and position it for future growth. We are beginning to see early signs of GMV growth recovery driven in part by investment made since earlier this fiscal year. We still have a lot of work ahead. As Eddie mentioned, we will invest for future growth and strengthen Taobao and Tmall Group's market leadership.

我們正在振興淘寶和天貓集團，並為其未來的成長做好準備。我們開始看到 GMV 成長復甦的早期跡象，部分原因是本財政年度早些時候以來進行的投資。我們還有很多工作要做。正如Eddie所提到的，我們將為未來的成長進行投資，並加強淘寶和天貓集團的市場領導地位。

Our Cloud Intelligence Group's revenue quality continues to improve as we proactively reduced revenue from low-margin project-based contracts. Additionally, we recorded healthy growth of our public cloud revenue from external customers. Revenue from Cloud Intelligence Group was RMB 28.1 billion this quarter, an increase of 3%. Cloud's adjusted EBITA increased by 86% to RMB 2.4 billion. The continuous improvement in our adjusted EBITA reflected improving product mix through our -- focus on public cloud and operating efficiency, that enhance the profitability of Cloud business gives us confidence to invest in technology and customers to strengthen our public cloud leadership in the future.

隨著我們主動減少低利潤項目合約的收入，我們的雲端智慧集團的收入品質持續改善。此外，我們來自外部客戶的公有雲收入也實現了健康成長。雲端智能集團本季營收為人民幣281億元，成長3%。雲端運算調整後EBITA成長86%，達到24億元。調整後EBITA的持續改善反映了我們透過專注於公有雲和營運效率來改善產品組合，這提高了雲端業務的獲利能力，使我們有信心投資於技術和客戶，以加強我們未來公有雲的領導地位。

Alibaba International Digital Commerce Group revenue was RMB 28.5 billion, an increase of 44%. Revenue from International Commerce Retail Business increased by 56% to RMB 23.3 billion. The increase in revenue was primarily due to solid revenue growth from AliExpress, especially Choice business and Trendyol. Revenue from our International Commerce Wholesale business increased by 8% to RMB 5.3 billion, the increase was primarily due to an increase in revenue generated by cross-border related value-added services from Alibaba.com.

阿里巴巴國際數位商務集團營收為人民幣285億元，成長44%。國際商貿零售業務收入成長56%至人民幣233億元。營收成長主要得益於全球速賣通（AliExpress）營收的穩健成長，尤其是 Choice 業務和 Trendyol。國際商貿批發業務營收成長8%至人民幣53億元，成長主要因阿里巴巴跨國相關加值服務收入增加。

AIDC's adjusted EBITA was a loss of RMB 3.1 billion. Losses increased primarily because of the increase in investment in AliExpress's Choice, Trendyol's international business, partly offset by improvement in monetization across all major platforms.

AIDC調整後的EBITA為虧損31億元。虧損增加主要是由於對Trendyol國際業務AliExpress's Choice的投資增加，但部分被所有主要平台貨幣化的改善所抵消。

Overall, we have seen a very rapid order and revenue growth of our AIDC cross-border e-commerce business over the last few quarters. To sustain this momentum and provide differentiated services to customers, we increased the investment during this quarter, and we'll step up investments to drive further growth.

總體而言，過去幾季我們看到 AIDC 跨境電商業務的訂單和收入成長非常迅速。為了維持這一勢頭並為客戶提供差異化服務，我們在本季度增加了投資，並且我們將加大投資以推動進一步成長。

Total revenue from Cainiao grew 24% to RMB 28.5 billion, primarily contributed by the increase in revenue from cross-border fulfillment solutions. Cainiao adjusted EBITA was RMB 961 million compared to a loss of RMB 12 million in the same quarter last year. The increase reflected economies of scale that leads to cost optimization as well as optimize operating expenditure spending. In the coming quarters as a strategic partner of AliExpress, we will increase investments in expanding our cross-border logistics capabilities to support A Choice's growth.

菜鳥總收入成長24%至285億元人民幣，主要得益於跨國履行解決方案收入的成長。菜鳥調整後EBITA為9.61億元人民幣，去年同期虧損1,200萬元。這一成長反映了規模經濟，導致成本優化以及營運支出的最佳化。在未來幾個季度，作為全球速賣通的策略合作夥伴，我們將加大投資，擴大跨境物流能力，以支持 A Choice 的成長。

Local services group revenue in December quarter grew 13% to RMB 15.2 billion, driven by healthy growth of Ele.me and rapid growth of Amap. Local Service Group adjusted EBITA was a loss of RMB 2.1 billion this quarter compared to a loss of RMB 2.9 billion same quarter last year, primarily due to the continued narrowing of loss from our 2 home business, driven by Ele.me improved unit economics and increasing scale.

受餓了麼健康成長和高德地圖快速成長的推動，本地服務集團12月季度營收成長13%至152億元。本地服務集團本季調整後的 EBITA 虧損 21 億元人民幣，而去年同期虧損 29 億元人民幣，主要是由於餓了麼單位經濟效益的改善以及我們的 2 居業務虧損持續收窄。規模不斷擴大。

Revenue from our DME group was RMB 5 billion, an increase of 18%, primarily driven by the strong revenue growth of off-line entertainment businesses. Adjusted EBITA was a loss of RMB 517 million compared to a loss of RMB 391 million same quarter last year. Losses increased primarily due to the increased losses of Youku.

DME集團營收為人民幣50億元，成長18%，主要得益於線下娛樂業務收入的強勁成長。調整後 EBITA 虧損 5.17 億元人民幣，去年同期虧損 3.91 億元。虧損增加主要是因為優缺點虧損增加。

Revenue from all other segments decreased 7% to RMB 47 billion, mainly due to the decrease in revenue from Sun Art. Adjusted EBITA from all other segments was a loss of RMB 3.2 billion compared to a loss of RMB 1.7 billion in the same quarter last year primarily due to increase in year-over-year loss from Sun Art due to scale down of certain of businesses. Excluding Sun Art, Freshippo and Intime businesses that have physical retail operations, group revenue would have grown at approximately 8% in our group consolidated adjusted [EBITA] margin would have been 4 percentage points higher at approximately 24% this quarter.

所有其他分部的收入下降7%至人民幣470億元，主要是高鑫零售的收入減少。所有其他部門的調整後 EBITA 為虧損人民幣 32 億元，而去年同期為虧損人民幣 17 億元，主要是由於高鑫零售因某些業務規模縮減而導致同比虧損增加。排除擁有實體零售業務的高鑫零售、盒馬鮮生和銀泰百貨業務，集團營收將成長約 8%，本季集團綜合調整後 [EBITA] 利潤率將高出 4 個百分點，達到約 24%。

Lastly, we remain committed to returning cash to shareholders. We have been consistently buying back shares. In the 12 months ended December 31, 2023, we have repurchased USD 9.5 billion in shares and have reduced the share count by 3.3% of accounting for shares issued under our ESOP.

最後，我們仍然致力於向股東返還現金。我們一直在回購股票。截至 2023 年 12 月 31 日的 12 個月內，我們回購了 95 億美元的股票，並將根據員工持股計畫發行的股票數量減少了 3.3%。

Additionally, quarter-to-date until February 6th, we have repurchased another USD 1.4 billion worth of our shares. Our Board of Directors has approved upside of the share repurchase program by another USD 25 billion through March 2027. Upsizing our share repurchase program demonstrates our strong confidence in our business fundamentals and cash flow generation capability.

此外，截至 2 月 6 日的季度迄今，我們又回購了價值 14 億美元的股票。我們的董事會已批准在 2027 年 3 月之前將股票回購計畫再增加 250 億美元。擴大股票回購計畫表明我們對我們的業務基本面和現金流產生能力充滿信心。

Following the upsize, we currently have USD 35.3 billion available under our share repurchase program. The upsize program will allow us to achieve a net reduction in share count and achieve EPS and cash flow per share accretion. Subject to market conditions, we target to achieve at least 3% in annual reduction in total shares outstanding for the next 3 fiscal years.

規模擴大後，我們的股票回購計畫目前有 353 億美元可用資金。擴大規模計劃將使我們能夠實現股份數量的淨減少，並實現每股收益和每股現金流的增加。根據市場情況，我們的目標是在未來 3 個財政年度實現流通股總數每年至少減少 3%。

Thank you. That's the end of our prepared remarks. We can open up for Q&A.

謝謝。我們準備好的發言就到此結束。我們可以開放問答。

Everyone, for today's call, you are welcome to ask questions in Chinese or English. A third-party translator will provide consecutive interpretation for the Q&A session.

大家好，今天的電話，歡迎大家用中文或英文提問。第三方翻譯將為問答環節提供交替傳譯。

Please note that the translation is for convenience purpose only. In the case of any discrepancy, our management statement in the original language will prevail. If you are unable to hear the Chinese translation, bilingual transcripts of this call will be available on our website within 7 working days after the Chinese New Year holiday. (foreign language) Operator, please connect the speaker and SI conference line right now and start the Q&A session when ready. Thank you.

請注意，翻譯僅供方便之用。如有任何差異，以我們的原始語言管理聲明為準。如果您無法聽到中文翻譯，我們將在春節假期後 7 個工作天內在我們的網站上提供本次通話的雙語文字記錄。 （外語）接線員，請立即連接揚聲器和 SI 會議線路，準備好後開始問答環節。謝謝。

(Operator Instructions) Your first question comes from Ronald Keung with Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的 Ronald Keung。

I want to ask about the Taobao Tmall take rate this quarter that we just mentioned in Slide 4 and a blended take rate. You mentioned about the different factors, the mix shift, but also Taobao take rate increase. So I want to hear what is driving the take rate increase on the specific, particularly on Taobao, how is the adoption of our sales base and the cost per sales base, the shift in our ad tech upgrades and just on the blend of this, then how should we -- when should we expect take rates to stabilize, i.e., the GMV and CMR was to stabilize in the same rate?

我想問我們剛才在投影片4中提到的本季淘寶天貓的轉換率以及混合轉換率。您提到了不同的因素，混合的轉變，還有淘寶的採取率增加。所以我想聽聽是什麼推動了具體的採用率增加，特別是在淘寶上，我們的銷售基礎的採用情況和每個銷售基礎的成本如何，我們的廣告技術升級的轉變以及這些的結合，那麼我們應該如何——我們應該何時期望利率穩定下來，即GMV 和CMR 穩定在相同的水平？

And how should we think about the long-term take rate potential given that we are still much lower than global peers and I would say lower than quite a few of our China peers. So the potential there immediate and the near term, when to stabilize and long-term potential.

鑑於我們仍然遠低於全球同行，而且低於許多中國同行，我們應該如何考慮長期採用率潛力。所以潛力有眼前的和近期的，什麼時候穩定的和長期的潛力。

[Interpreted] okay. Thank you, Ronald. I will take this question. For this quarter, actually, if you look at it, the overall take rate dropped a little bit, as I was explaining in my script. Actually, this chart was because of the mixed shift, as we can see consumers appetite for relative price-competitive products grow. So that's why we can see the GMV shift from -- towards the Taobao merchants.

[解釋] 好。謝謝你，羅納德。我來回答這個問題。事實上，就本季而言，如果你仔細觀察的話，你會發現整體採用率有所下降，正如我在腳本中所解釋的那樣。實際上，這張圖表是由於混合變化造成的，因為我們可以看到消費者對相對價格有競爭力的產品的興趣正在增長。這就是為什麼我們可以看到 GMV 轉向淘寶商家。

This actually is a -- we see the early success of the execution of our strategy because as we announced in the earlier of the year, the strategy for Taobao and Tmall is user-centric. So we need to build up the supply for all our consumers, particularly, for the price-competitive product. So that's why this is a sort of demonstrates the early success of the execution of our strategy.

這實際上是——我們看到我們的戰略執行取得了早期成功，因為正如我們在今年早些時候宣布的那樣，淘寶和天貓的戰略是以用戶為中心的。因此，我們需要為所有消費者建立供應，特別是具有價格競爭力的產品。這就是為什麼這在某種程度上證明了我們策略執行的早期成功。

So for the slightly job of the take rate -- overall take rate, we are not too concerned because what we believe is, as I said, for Taobao merchants, the take rate is growing, just like what you said, the overall take rate in our platform is still relatively lower compared with the other platform which actually shows the big potential we have in terms of increasing some of the take rates buyer -- providers, so enhancing the operating efficiency on our platform as well as enable the merchants increasing the operating efficiency, which will help us to increase our take rate.

所以對於拿貨率這個稍微重要的工作——總體拿貨率，我們不太關心，因為我們相信，正如我所說，對於淘寶商家來說，拿貨率正在增長，就像你說的，總體拿貨率與其他平台相比，我們平台的價格仍然相對較低，這實際上表明我們在提高買家-提供者的一些接受率方面具有巨大的潛力，因此提高了我們平台上的營運效率，並使商家能夠提高營運效率，這將有助於我們提高採取率。

[Interpreted] Thank you. This is Eddie. I'd like to add to that answer that Toby just gave. Talking on an overall strategic level about how we view the relationship between purchase frequency, GMV growth and take rate and what our strategy is. The strategy that we're executing now is focused on increasing purchase frequency, by increasing purchase frequency, we will achieve GMV growth. On the basis of that GMV growth and once that has been achieved, then we will be developing more advertising products that are highly optimized for SME merchants.

[已翻譯] 謝謝。這是艾迪。我想對托比剛剛給的答案進行補充。從整體策略層面談談我們如何看待購買頻率、GMV成長和拿取率之間的關係以及我們的策略是什麼。我們現在執行的策略是集中在增加購買頻率，透過增加購買頻率，我們將實現GMV的成長。在GMV成長的基礎上，一旦實現了這個目標，我們將開發更多針對中小企業商家高度優化的廣告產品。

At that point, we'll be able to leverage those new advertising products to achieve higher monetization. There's a clear strategy and a plan time-wise in terms of how we're going to approach.

到那時，我們將能夠利用這些新的廣告產品來實現更高的貨幣化。關於我們將如何處理，有一個明確的策略和時間計劃。

Your next question comes from Alicia Yap with Citigroup.

您的下一個問題來自花旗集團的 Alicia Yap。

[Interpreted] well, question also relating to strategies for the Taobao Tmall Group. I'm wondering if my understanding is correct. And if you could confirm this for me, in my understanding, we're going forward, focusing more on a light asset strategy for TTG and as a result of that light asset strategy, we can expect to see an increase in EBITA. Is that correct?

[解讀]嗯，這個問題也牽涉到淘寶天貓集團的策略。我想知道我的理解是否正確。如果你能為我證實這一點，根據我的理解，我們將繼續前進，更專注於 TTG 的輕資產策略，並且由於該輕資產策略，我們預計 EBITA 將會增加。那是對的嗎？

And then my second question is I'd like to know what is the biggest difference that TTG has in terms of its platform model when compared against other platforms? What's the biggest advantage that we offer to merchants, what's the way that we create more value for merchants than the other platforms do. We know that the short-from video platforms have lots of organic traffic and they're able successfully to convert that into purchases of goods. So how is TTG going to traffic and pull back those existing customers?

那麼我的第二個問題是我想知道TTG的平台模式與其他平台相比最大的差異是什麼？我們為商家提供的最大優勢是什麼，我們比其他平台為商家創造更多價值的方式是什麼？我們知道短視頻平台擁有大量的自然流量，他們能夠成功地將其轉化為商品購買。那麼 TTG 將如何吸引並拉回這些現有客戶呢？

[Interpreted] Thank you. This is Eddie. I'll take that. And I think I heard a couple of different questions in there. If I understood correctly, the first question had to do with the revenue structure of the Taobao and Tmall group, revenue comprises 2 parts, really, CMR, customer management revenue, and then direct sales offering. The way we look at the business, the bulk of our revenue and profits should be contributed by CMR. The purpose of having the direct sales offerings is, firstly, to retain customers, to help drive increased purchase frequency and also to achieve an advantage -- a competitive advantage in certain categories. But fundamentally, revenue and profits should be mostly contributed by CMR.

[已翻譯] 謝謝。這是艾迪。我會接受的。我想我在那裡聽到了幾個不同的問題。如果我沒理解錯的話，第一個問題與淘寶和天貓集團的收入結構有關，收入包括兩個部分，實際上是CMR、客戶管理收入，然後是直銷收入。從我們的業務角度來看，我們的大部分收入和利潤應該由 CMR 貢獻。提供直銷產品的目的首先是為了留住客戶，幫助提高購買頻率，並實現優勢——某些類別的競爭優勢。但從根本上來說，收入和利潤應該主要由CMR貢獻。

Secondly, in terms of how Taobao and Tmall Group is different from its competitors, I think from the merchant perspective, certainly, TTG is the strongest platform with the most robust overall capabilities that it can offer merchants. We have live streaming and other marketing modalities on Taobao that can help to quickly drive purchase volumes for new product launches. Very important for merchants also are the day-to-day marketing operating tools that we offer. And in fact, a lot of purchases, of course, are made via the search function on Taobao.

其次，淘寶、天貓集團與競爭對手的差別，我認為從商家的角度來看，TTG當然是給商家提供的綜合能力最強的平台。我們在淘寶上有直播和其他行銷方式，可以幫助快速提高新產品發布的購買量。對商家來說，我們提供的日常行銷操作工具也非常重要。事實上，很多購買當然是透過淘寶的搜尋功能進行的。

And of course, we also have a robust private domain tools as well that are stronger than all of the other competitors. So for merchants, all of these different tools and services make it possible for them to achieve very robust marketing and high-efficiency operations. So Taobao Tmall group has the most comprehensive and fuller set of capabilities in these respects.

當然，我們也擁有比所有其他競爭對手都強大的強大的私有領域工具。因此對於商家來說，所有這些不同的工具和服務使他們能夠實現非常穩健的行銷和高效的營運。所以說淘寶天貓集團在這些方面的能力是最全面、最齊全的。

The other question as to how to retain customers and drive purchase frequency on the platform. As I said in my opening remarks, this is really about precisely targeting the needs of different tiers of customers and ensuring that we have good products at good prices that we provide to them coupled with good services because together, that makes up the core experience for customers relative to e-commerce. So that's how we're going to go about driving increased purchase frequency and growing GMV.

另一個問題是如何留住客戶並提高平台上的購買頻率。正如我在開場白中所說，這實際上是精準定位不同層次客戶的需求，確保我們為他們提供好產品、好價格、好服務，因為這共同構成了我們的核心體驗。與電子商務相關的客戶。這就是我們將如何推動購買頻率的增加和 GMV 的成長。

Your next question comes from Jiong Shao with Barclays.

你的下一個問題來自巴克萊銀行的邵炯。

I have a question about shareholder return. It's great you increased the buyback by RMB 25 billion. But in terms of the pace of the buyback, we understand there are constraints and the limitations such as capital control. Could you talk about sort of the cash you may already have outside of China? What needs to happen for you, so you may be able to pick up the pace of the buyback? And related to that, any update on the potential IPOs of Freshippo and Trendyol.

我有一個關於股東回報的問題。太好了，你增加了250億人民幣的回購。但就回購速度而言，我們知道有資本管制等限制和限制。能談談您在中國境外可能已經擁有的現金嗎？您需要做什麼才能加快回購步伐？與此相關的是，盒馬鮮生和 Trendyol 潛在 IPO 的任何最新消息。

[Interpreted] Okay. Thank you for your question. I will take the first one and Joe will take the second one. For the share buyback and the preparation of the offshore cash, I think for us, firstly, as you can see, we have -- really have a sort of a very strong balance sheet in terms of cash and a certain percentage of the cash actually is sitting offshore, which we can use to do the buyback. On the other hand, we also have a good channel that we can -- dividend be cash out to offshore that we can further leverage either to make investments in our offshore businesses as well as using those sort of cash to do the buyback.

[解釋]好的。謝謝你的問題。我將選擇第一個，喬將選擇第二個。對於股票回購和離岸現金的準備，我認為對我們來說，首先，正如你所看到的，我們在現金方面確實擁有非常強大的資產負債表，並且實際上有一定比例的現金位於離岸，我們可以用它來進行回購。另一方面，我們也有一個很好的管道——將股息兌現到離岸，我們可以進一步利用它來投資我們的離岸業務，也可以使用這些現金進行回購。

And secondly, actually, we are sort of like very underleveraged. If you look at the balance sheet, actually, the better is only a very small amount of [data]. And we can chose it -- if we need it, we can increase the leverage also to sort of get sufficient cash for us to do the share buyback. So as I said in my script, we are targeting to reduce -- to have a net reduction of share count at least 3% every year in the next 3 fiscal years.

其次，實際上，我們的槓桿率非常低。如果你看資產負債表，其實好的只是很少的[數據]。我們可以選擇它——如果我們需要的話，我們也可以增加槓桿，以獲得足夠的現金來進行股票回購。正如我在劇本中所說，我們的目標是在未來 3 個財年中每年淨減少至少 3% 的股份。

[Interpreted] Okay. I'll address the question about the IPO of Hema and Cainiao. The -- so last year, when we announced our reorganization, part of the goal was to make sure that we take steps to reflect the intrinsic value of our various business units in the valuation of Alibaba Group, okay? And we -- and there are multiple ways we could do it. And we specifically talked about spinning off companies and raising capital in business units like Hema and Cainiao so that we could put a valuation mark on these businesses. But the caveat when we made the announcement was that, all these transactions were subject to market conditions. And market conditions currently are just not in a state where we believe we can really truly reflect value -- true intrinsic value of these businesses.

[解釋]好的。我來回答一下關於盒馬和菜鳥IPO的問題。去年，當我們宣布重組時，部分目標是確保我們採取措施，在阿里巴巴集團的估值中反映我們各個業務部門的內在價值，好嗎？我們有多種方法可以做到這一點。我們也特別談到了分拆公司並為盒馬和菜鳥等業務部門籌集資金，以便我們可以對這些業務進行估值。但我們在宣布這一消息時需要注意的是，所有這些交易都取決於市場條件。目前的市場狀況還沒有達到我們認為能夠真正反映價值的狀態──這些企業的真正內在價值。

So in the last few months, Eddie and his team have taken a very close look at our core business, and we've come to the conclusion that right now, focusing on generating synergies within the companies in our group will be the best way to reflect the value of the entire Alibaba Group. We're very excited about the potential for value creation through close collaboration among our businesses.

因此，在過去的幾個月裡，艾迪和他的團隊非常仔細地審視了我們的核心業務，我們得出的結論是，目前，專注於在我們集團的公司內部產生協同效應將是實現這一個目標的最佳方式。體現了整個阿里巴巴集團的價值。我們對透過業務之間的密切合作創造價值的潛力感到非常興奮。

In several areas, we have formed special project teams to ensure synergy creation and we believe prioritizing synergies to strengthen our core business is the best value-maximizing path today. Having said that, we continue to explore value creation through separate financings of our business units. But given the challenging market conditions, as I said, we're not in a hurry on the timing of these transactions.

在多個領域，我們組建了專門的專案團隊，以確保創造協同效應，我們相信優先考慮協同效應以加強我們的核心業務是當今價值最大化的最佳途徑。話雖如此，我們繼續透過業務部門的單獨融資探索價值創造。但正如我所說，鑑於市場條件充滿挑戰，我們並不急於確定這些交易的時間。

Your next question comes from Kenneth Fong with UBS.

您的下一個問題來自瑞銀集團的 Kenneth Fong。

I have a question on investment and return. We recorded on one hand, we will continue to invest in TTG overseas area for growth. But on the other hand, in our last earnings call, we also aim to improve the ROIC for the group from single digit to double digit over time. So I want to ask about, let's say, on the numerator front, what are the segments that we see room for improvement in terms of return and then the pace that we should expect? And on denominator side being asset-light, what are the progress and strategy for the disposal of noncore assets.

我有一個關於投資和回報的問題。我們一方面記錄，我們將繼續投資TTG海外地區以尋求成長。但另一方面，在我們上次的財報電話會議中，我們也希望隨著時間的推移，將集團的投資報酬率從個位數提高到兩位數。所以我想問一下，比如說，在分子方面，我們認為在回報方面有哪些領域有改進的空間，然後是我們應該期望的速度？而在分母輕資產方面，非核心資產處置的進展與策略是什麼？

[Interpreted] Thank you, Kenneth. So I'll take the first part of your question. As we said, I think as a listed company, I think it's important to improve the ROIC to the investors. So that's why during the last quarter's earnings call, we committed that we will improve our ROIC from as a single digit to double digit in the next couple of years.

[翻譯]謝謝你，肯尼斯。所以我將回答你問題的第一部分。正如我們所說，我認為作為一家上市公司，提高投資者的投資回報率很重要。因此，在上個季度的財報電話會議上，我們承諾在未來幾年內將投資報酬率從個位數提高到兩位數。

However, the improvement on the ROIC doesn't conflict with the investment we are going to make because making investments exactly is for the growth and for the future return of this growth eventually will also help to improve the ROIC.

但ROIC的提升和我們要進行的投資並不衝突，因為投資正是為了成長，而這種成長的未來報酬最終也會有助於提高ROIC。

What we would be doing differently from previously is that we will be more focused on the core businesses, as elaborated previously by Eddie. So we will focus on only the e-commerce, which is including the onshore and offshore e-commerce business as well as cloud computing. So those are the areas, as I was emphasizing in my script, will make investments.

我們將與以前不同的是，我們將更加關注核心業務，正如艾迪之前闡述的那樣。所以我們只關注電子商務，包括在岸和離岸電子商務業務以及雲端運算。正如我在劇本中強調的那樣，這些領域將進行投資。

Okay. And Joe will cover the -- from some of the noncore asset investments.

好的。喬將負責一些非核心資產投資。

[Interpreted] Yes. I'll talk about the sale of non-core assets since this is a major focus of the capital management committee and I Chair the capital management committee. We're making very good progress on noncore asset sales. So during fiscal '24 to date, so we're 9 months into this fiscal year, we have exited RMB 1.7 billion in noncore investments, right? And so that's a pretty good pace. And we're very, very active in looking at our listed securities, and we form a special team to execute capital markets, sales transactions to get out of these listed securities.

[解釋] 是的。我講一下非核心資產的出售，因為這是資本管理委員會的一個重點，而且我是資本管理委員會的主席。我們在非核心資產銷售方面取得了非常好的進展。因此，在 24 財年至今，也就是本財年進入 9 個月後，我們已經退出了 17 億元的非核心投資，對嗎？所以這是一個相當不錯的速度。我們非常非常積極地關注我們的上市證券，我們組建了一個特別團隊來執行資本市場、銷售交易以擺脫這些上市證券。

Now in addition, Toby has referred to this. We have a number of traditional [physical] retail businesses on our balance sheet, and these are not our core focus. It will make us -- it'll make sense for us to exit these businesses, but this will take time given the challenging market conditions, but we'll continue to work on it.

另外，托比也提到了這一點。我們的資產負債表上有許多傳統的[實體]零售業務，但這些不是我們的核心重點。這將使我們退出這些業務是有意義的，但考慮到充滿挑戰的市場條件，這將需要時間，但我們將繼續努力。

Your next question comes from Alex Yao with JPMorgan.

您的下一個問題來自摩根大通的 Alex Yao。

I have a couple of questions on the value return to shareholder initiatives. So first of all, you guys currently have USD 35.3 billion available in the buyback program, which averaged roughly USD 12 billion per fiscal year compared to the 2023 calendar year buyback phase, this is a sizable step-up. Do you guys have the real serious intention to step up the buyback or put another way, how do you determine the USD 12 billion buyback per year is the right number to think about? And then holistically, if we add the buyback and dividend together and call it a yield to shareholders, do you have a target yield for the next couple of years?

我有幾個關於股東計劃的價值回報的問題。首先，目前回購計畫中有 353 億美元可用資金，與 2023 年回購階段相比，平均每個財年約為 120 億美元，這是一個相當大的進步。你們是否真的有認真的意願加大回購力度，或者換句話說，你們如何確定每年 120 億美元的回購是值得考慮的正確數字？然後，從整體上看，如果我們將回購和股息加在一起，稱為股東收益率，那麼您有未來幾年的目標收益率嗎？

[Interpreted] Okay. Thank you, Alex, for this question. I think the short version answer is, yes, we are serious. Of course, if you look at back of our track record, we have been -- in the past few years, we have done a few upsizes of the share buyback program. So if you look at the sort of like track record, we're actually, if you like, sort of like exceeded the original timetable, if you like. So that's why we -- the Board approved another upsize this time. So that's why, as I said, we are serious.

[解釋]好的。謝謝你，亞歷克斯，提出這個問題。我認為簡短的答案是，是的，我們是認真的。當然，如果你回顧我們的業績記錄，在過去幾年裡，我們已經擴大了股票回購計畫的規模。因此，如果你看一下類似的跟踪記錄，如果你願意的話，我們實際上有點超出了原來的時間表。這就是為什麼我們董事會這次批准了另一次規模擴大。所以，正如我所說，我們是認真的。

So in terms of how we decide this number, of course, we need to take a few factors into consideration, including our cash-generating capability and also how much cash we do -- we will be able to sort of like generate to get it to offshore. So all these we consider. And of course, as I said previously, the leveraging capability we have, so add together, I think we consider a USD 12 billion is the right number -- around that right number for us to do the buyback.

因此，就我們如何決定這個數字而言，當然，我們需要考慮一些因素，包括我們的現金產生能力以及我們做了多少現金——我們將能夠產生類似的現金來獲得它到近海。所以所有這些都是我們考慮的。當然，正如我之前所說，我們擁有的槓桿能力，所以加在一起，我認為我們認為 120 億美元是正確的數字——大約是我們進行回購的正確數字。

So in addition to the buyback, for this upsize, the $25 billion, that's only for the buyback. As we announced in the last quarter, we started to pay an annual dividend. So if you like, for the fiscal year '23, including the buyback of USD 9.8 billion and the USD 2.5 billion dividend, actually, we're giving back more than USD 12 billion back to the shareholders. And going forward, we are expecting continued with our cash-generating capability, continue to deliver -- to give back to shareholders the cash as we sort of like committed.

因此，除了回購之外，對於此次規模擴大，250 億美元僅用於回購。正如我們在上個季度宣布的那樣，我們開始支付年度股息。因此，如果你願意的話，在 23 財年，包括 98 億美元的回購和 25 億美元的股息，實際上，我們將向股東回饋超過 120 億美元。展望未來，我們期望繼續發揮我們的現金產生能力，繼續兌現我們所承諾的那樣，向股東返還現金。

[Interpreted] Yes, I'd just like to supplement what Toby said, I'll do a little bit of math on this question. Toby has said in his prepared remarks that we are targeting a 3 percentage points per year of accretion, per year over the next 3 years through our buyback program. And that commitment is pretty real because if you look at the past 12 months, we actually reduced our share count by 3.3%. So that accretion is -- we believe, is achievable.

[解釋] 是的，我只是想補充一下托比所說的，我會對這個問題做一些數學計算。托比在他準備好的演講中表示，我們的目標是透過我們的回購計劃，在未來 3 年內每年實現 3 個百分點的成長。這個承諾是非常真實的，因為如果你看看過去 12 個月，我們實際上減少了​​ 3.3% 的股份數量。因此，我們相信，這種成長是可以實現的。

And if you look at our share count, we have about 2.5 billion shares outstanding and 3% is 75 million shares. If we are deploying $12 billion a year to buyback our stock, at the current stock price, we actually would be able to buy back even more, but of course, we're anticipating that our stock will increase in price over the last 3 years -- over the next 3 years so that we can -- we could still keep it -- keep our target of 3% accretion per year. So using the $12 billion a year of buyback, with rising stock price, I think it is still reasonable to get to 3% accretion a year. So that's math #1.

如果你看一下我們的股票數量，我們大約有 25 億股流通股，3% 就是 7500 萬股。如果我們每年部署 120 億美元來回購我們的股票，按照當前的股價，我們實際上可以回購更多，但當然，我們預計我們的股票價格在過去 3 年內會上漲- 在接下來的3 年裡，這樣我們就可以- 我們仍然可以保持- 保持每年3% 增長的目標。因此，利用每年120億美元的回購，隨著股價的上漲，我認為每年增長3%仍然是合理的。這就是數學#1。

Math #2 is 3% accretion a year plus a dividend of $1 per ADS. The dividend yield is about 1.4% and so combined with the buyback, accretion and dividend yield, you're looking at about 4.4%, 4.5% which is actually quite close to the 10-year treasury yield. So if you buy Alibaba stock, it's like you bought a 10-year treasury bond with the upside of stock price appreciation. So that's the math we're looking at.

數學 #2 是每年 3% 的增值加上每份 ADS 1 美元的股息。股息殖利率約為 1.4%，因此結合回購、增值和股息殖利率，您會看到約為 4.4%、4.5%，這實際上非常接近 10 年期公債殖利率。所以如果你買了阿里巴巴的股票，就像你買了10年期公債，有股價升值的好處。這就是我們正在研究的數學。

Your next question comes from Gary Yu with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Gary Yu。

I have a question for Jiang Fan on international business. Just wanted to see if there is any kind of particular market that we are focusing on. And specifically, I want to ask about our strategy in the U.S. regarding [fourth] quarter e-commerce business, given the geopolitical risk ahead of elections. And we also talk about potentially stepping up the investment in (inaudible) segment. How should we look at the level of segment loss in a couple of quarters? And how we're going to fund the investment, a bit more individual financing at the AIDC level? Or are we going to tap into more of the kind of offshore financing capabilities at the group level.

我有一個關於國際業務的問題想問蔣凡。只是想看看我們是否專注於某個特定市場。具體來說，考慮到選舉前的地緣政治風險，我想問我們在美國第四季電子商務業務的策略。我們也討論了可能加大對（聽不清楚）領域的投資。我們該如何看待幾季的部門虧損水準？我們將如何為投資提供資金，在 AIDC 層面上提供更多的個人融資？或者我們是否會在集團層級利用更多的離岸融資能力。

Gary, your background is quite noisy. Can you repeat your questions.

加里，你的背景很吵。你能重複一下你的問題嗎？

Hi. Can you hear me better?

你好。你能聽得更清楚嗎？

Yes, please go ahead.

是的，請繼續。

Okay. Apology for that. I'm in the middle of a Chinese New Year. So my question regarding international business. And first one, any particular focus in terms of markets for the next couple of quarters. And specifically, what is our strategy in the U.S. market given the geopolitical risk ahead of elections?

好的。對此表示歉意。我正值農曆新年。我的問題是關於國際業務的。第一個是未來幾季市場的任何特別關注點。具體來說，考慮到選舉前的地緣政治風險，我們在美國市場的策略是什麼？

And the second question also on International is we talk about stepping up the investment. How should we look at the segment loss in the coming quarters? And how are we going to fund the investment between individual financing at the AIDC level versus capping into the group -- offshore financing at the group level.

關於國際的第二個問題是我們談論加大投資。我們該如何看待未來幾季的部門虧損？我們將如何為 AIDC 層面的個人融資與集團層面的上限（集團層面的離岸融資）之間的投資提供資金。

[Interpreted] So this is Jiang Fan, and I'll take the first part of your question. We can break this out and look at the business in terms of cross-border versus local. So in terms of the local business, over the past several quarters, we've seen very rapid improvement in efficiency and rapid narrowing of losses, and we expect that to continue.

[解讀] 這位是蔣凡，我來回答你問題的第一部分。我們可以打破這一點，從跨國與在地的角度來看業務。所以就本地業務而言，過去幾個季度，我們看到效率的提高非常快，虧損也迅速縮小，我們預計這種情況會持續下去。

The cross-border business, of course, addresses all markets everywhere. It's a generic business model. And so in determining how we will allocate investments going forward, basically, we look at return on investment. We look at the efficiency of the investments we've made to plan our future investments. In terms of the U.S., we actually do have a business foundation there in 2C and 2B on Alibaba.com. In fact, lots of customers are U.S. customers. So we certainly attach importance to the U.S. market. And we will evaluate whether we will be increasing our investment in the U.S. on the basis I described, looking at the value that we can bring the innovation that we can bring. And of course, in that process, we will also take into consider the various risks that you've outlined.

當然，跨境業務涉及世界各地的所有市場。這是一種通用的商業模式。因此，在確定未來如何分配投資時，我們基本上會考慮投資回報。我們會檢視已投資的效率來規劃未來的投資。就美國而言，我們阿里巴巴在2C和2B方面確實有業務基礎。事實上，很多客戶都是美國客戶。所以我們當然重視美國市場。我們將根據我所描述的基礎來評估我們是否會增加在美國的投資，看看我們所能帶來的創新的價值。當然，在過程中，我們也會考慮您所概述的各種風險。

I will take on the second question. Basically, you're asking how we are going to arrange the financing for AIDC to get sufficient funding for its investments. So generally, as actually Joe was explaining previously, AIDC is going to do financing. However, we are not rushed to do a financing. So really depending on the market conditions, we will find the right moment to do a financing. So before that moment is coming, actually, what we will be doing is, as I said, we have sufficient offshore cash. We can use those cash to finance the business -- finance the sort of growth of our business as offshore.

我來回答第二個問題。基本上，您問的是我們將如何安排 AIDC 的融資，以獲得足夠的投資資金。一般來說，正如 Joe 之前所解釋的那樣，AIDC 將進行融資。不過，我們並不急於進行融資。因此，我們會根據市場狀況，找到合適的時機進行融資。因此，在那一刻到來之前，實際上，正如我所說，我們要做的是，我們擁有足夠的離岸現金。我們可以用這些現金為業務融資—為我們的離岸業務成長提供融資。

Your next question comes from Thomas Chong with Jefferies.

您的下一個問題來自 Jefferies 的 Thomas Chong。

I have a question on the Cloud side. Given Eddie is now leading TTG and Cloud, what should we expect in terms of the synergies in coming quarters? And should we expect AI to be a driver to (inaudible) and on that front, given we have a very good margin profile in the December quarter, any color about the long-term margin assumption that we should expect.

我有一個關於雲端方面的問題。鑑於 Eddie 現在領導 TTG 和 Cloud，我們對未來幾季的綜效有何期待？鑑於我們在 12 月季度的利潤率狀況非常好，我們是否應該期望人工智慧成為（聽不清楚）的驅動因素，無論我們應該期望什麼顏色的長期利潤率假設。

[Interpreted] Thank you. And that's a really great question. Certainly, I see very strong potential for greater synergy between Alibaba Cloud and the Taobao and Tmall Group, especially driven by AI. As you know, we've been developing our own large language model called Tongyi Qianwen. And we're currently testing ways to leverage this model to leverage the AI capabilities to enhance search and to enhance advertising as well. This initiative is still in the early testing phase, but we see very strong potential to leverage AI to significantly enhance search conversion and add monetization. So as I say, that's still in early testing, but we see excellent potential there.

[已翻譯] 謝謝。這是一個非常好的問題。當然，我看到阿里雲與淘寶和天貓集團之間更大的協同潛力，特別是在人工智慧的推動下。如您所知，我們一直在開發自己的大型語言模型，稱為「統一錢文」。我們目前正在測試利用該模型的方法，以利用人工智慧功能來增強搜尋和廣告。該計劃仍處於早期測試階段，但我們看到利用人工智慧顯著提高搜尋轉換率和增加利潤的巨大潛力。正如我所說，這仍處於早期測試階段，但我們看到了巨大的潛力。

Your next question comes from Ellie Jiang with Macquarie.

您的下一個問題來自麥格理的 Ellie Jiang。

I just have a follow-up question on the AIDC International unit. The management earlier shared some exciting developments in the overseas market. But it seems like this quarter, the international unit basically saw a very big widened loss to around RMB 3 billion, so just wondering, how do we anticipate the investment pace onwards considering certain of the key kind of growing markets such as AliExpress Choice, the hybrid model as well as the Trendyol seems to be still in the very early development stage. So going forward, how do we really evaluate the economics as well as the competitive landscape.

我有一個關於 AIDC 國際部門的後續問題。管理層早些時候分享了海外市場的一些令人興奮的發展。但看起來這個季度，國際部門基本上出現了非常大的虧損，擴展到人民幣30億元左右，所以我想知道，考慮到某些關鍵的成長市場，例如AliExpress Choice、混合動力車型以及Trendyol 似乎仍處於早期開發階段。那麼展望未來，我們如何真正評估經濟和競爭格局。

[Interpreted] Well, the loss in AIDC business this quarter really came from 3 different areas. The first is that the new model, the AliExpress Choice model has grown very rapidly and now accounts for a very significant percentage of the business overall. At the same time, it's an early-stage business still being developed. It's a business that has very strong scale effects. So our priority is to invest in scaling up the business and when the business has achieved scale, then as it grows, the loss will narrow and the business will become profitable.

【解讀】嗯，本季AIDC業務的虧損確實來自3個不同的領域。首先是新模式，速賣通精選模式發展非常迅速，目前在整體業務中佔據了非常大的比例。同時，這是一項仍在開發中的早期業務。這是一個具有很強規模經濟的業務。所以我們的首要任務是投資擴大業務，當業務達到規模後，隨著業務的成長，虧損就會縮小，業務就會獲利。

The second thing that contributed to the losses this quarter was significant spending on marketing and some major promotions that we did. And thirdly, some investments that we made in the Middle East and other key markets. Going forward, I think that we'll continue to be making large investments in this business, in particular, around Choice. We see very clearly that Choice is delivering a better user experience and resulting in much better user retention than the previous model. So over a longer period of time, we're certain that Choice will produce very positive investment returns. But the priority right now, the #1 priority is to continue to invest in scaling up the business.

造成本季虧損的第二件事是我們在行銷和一些重大促銷活動上的大量支出。第三，我們在中東和其他主要市場進行的一些投資。展望未來，我認為我們將繼續在這項業務上進行大量投資，特別是圍繞 Choice。我們非常清楚地看到，Choice 正在提供更好的用戶體驗，並比以前的模型帶來更好的用戶保留率。因此，在較長一段時間內，我們確信 Choice 將產生非常積極的投資回報。但目前的首要任務是繼續投資擴大業務。

Your next question comes from Jialong Shi with Nomura.

你的下一個問題來自野村證券的史家龍。

[Interpreted] So a couple of quick questions for management, if I may. First of all, I'm wondering if you could respond to a recent media report saying that the Alibaba Group would be considering selling Ele.me, if you could respond to that, please.

[解釋] 如果可以的話，我想向管理層提出幾個簡單的問題。首先，你能否對最近有媒體報導阿里巴巴集團將考慮出售餓了麼作出回應，請回應。

Second question has to do with AIDC, can you tell us how big Lazada's business is in Southeast Asia and the impact that you've seen in Indonesia from the team up between TikTok and its local partner.

第二個問題與AIDC有關，您能否告訴我們Lazada在東南亞的業務有多大，以及您從TikTok與當地合作夥伴之間的團隊中看到的在印尼的影響。

[Interpreted] Thanks. This is Toby, I'll take that first question. I don't think there's any need for us to make further comment because we've already addressed that rumor and have stated that that's not true. As far as Alibaba is concerned, Ele.me is a very important asset for us in the hyper local segment.

[已翻譯] 謝謝。我是托比，我來回答第一個問題。我認為我們沒有必要發表進一步的評論，因為我們已經解決了這個謠言，並聲明這不是真的。就阿里巴巴而言，餓了麼是我們在超本地市場的非常重要的資產。

[Interpreted] Thank you. Well, Southeast Asia continues to be a very important market for us, and there remains significant potential for us to deepen our penetration in Southeast Asia. Our approach is to continue to balance efficiency against growth to continue to work to narrow the losses in the business while maintaining growth. So going forward, our strategy will be to continue to make investments at an appropriate scale to grow in Southeast Asia.

[已翻譯] 謝謝。東南亞對我們來說仍然是一個非常重要的市場，我們在加深對東南亞的滲透方面仍有巨大的潛力。我們的做法是繼續平衡效率與成長，在保持成長的同時繼續努力縮小業務損失。因此，展望未來，我們的策略將是繼續進行適當規模的投資，以在東南亞實現成長。

As far as the restrictions imposed by the Indonesian authorities, the impact on us is relatively limited because we always abide by regulatory requirements.

就印尼當局的限製而言，對我們的影響相對有限，因為我們始終遵守監管要求。

Thank you, everyone. Thank you for joining today's earnings call. That concludes our earnings for today. Please reach out to us if you have any questions, and we'll see you next quarter. Thank you.

謝謝大家。感謝您參加今天的財報電話會議。我們今天的收益就到此結束。如果您有任何疑問，請聯絡我們，我們下季度再見。謝謝。

That does conclude our conference for today. Thank you for participating. You may now disconnect.

我們今天的會議到此結束。感謝您的參與。您現在可以斷開連線。

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

[本文字記錄中標記為[已翻譯]的部分是由現場通話中的口譯員朗讀的。]