阿里巴巴 (BABA) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to Alibaba Group's September quarter 2024 results conference call. (Operator Instructions)

美好的一天，女士們先生們。感謝您的耐心等待，歡迎參加阿里巴巴集團 2024 年 9 月季度業績電話會議。 （操作員說明）

I would now like to turn the call over to [Olivia Yu], Head of Investor Relations of Alibaba Group. Please go ahead.

我現在想把電話轉給阿里巴巴集團投資人關係主管[Olivia Yu]。請繼續。

Good day, everyone, and welcome to Alibaba Group's September quarter 2024 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, Co-Chairman and CEO of Alibaba International Digital Commerce Group, to join the call. This call is also being webcast from the IR section of our copy website. A replay of the call will be available on our website later today.

大家好，歡迎參加阿里巴巴集團 2024 年 9 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聯席董事長兼執行長蔣凡參加電話會議。我們的文案網站的 IR 部分也對此次電話會議進行了網路直播。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 quickly cover the safe harbor. As usual, we would like to remind everyone that today's discussions may contain forward-looking statements that are subject to risks and uncertainties, which could cause actual results to differ materially from those contained in the forward-looking statements. Please refer to the safe harbor statements that appear in our press release and investigation provided today.

現在讓我快速覆蓋安全港。像往常一樣，我們想提醒大家，今天的討論可能包含前瞻性陳述，這些陳述存在風險和不確定性，這可能導致實際結果與前瞻性陳述中包含的結果有重大差異。請參閱我們今天提供的新聞稿和調查中出現的安全港聲明。

Please note that certain financial measures that we use on this call 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 stated metrics mentioned during this 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中使用的某些財務指標是在非公認會計原則的基礎上表示的。我們的 GAAP 結果以及 GAAP 與非 GAAP 指標的調整可以在我們的收益新聞稿中找到。除非另有說明，本次電話會議中提到的所有規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。

Greetings, and welcome to our quarterly earnings call. Our core business segments maintained steady growth guided by our user first AI-driven strategy. Purchase frequency continues to drive GMV growth on our platform with interoperability initiatives adding new growth impetus.

您好，歡迎參加我們的季度財報電話會議。在用戶至上、人工智慧驅動的策略指引下，我們的核心業務維持穩定成長。購買頻率繼續推動我們平台上的 GMV 成長，互通性舉措增添了新的成長動力。

Recently, monthly active consumers on Taobao and Tmall reached a new all-time high. Alibaba International digital commerce revenue growth remained strong. (inaudible) revenue, excluding Alibaba consolidated subsidiaries, grew steadily with AI products contributing an increasing share.

近期，淘寶、天貓月活躍消費者再創新高。阿里巴巴國際數位商務收入成長依然強勁。 （聽不清楚）營收（不包括阿里巴巴合併子公司）穩定成長，人工智慧產品貢獻的份額不斷增加。

Across segments, we progressively enhanced operational efficiency and monetization capabilities, and further improved the performance of loss-making businesses. For Taobao and Tmall group, we stick to our user first strategy. During this quarter, purchase frequency continued to drive GMV growth with continued improvement in overall user experience.

各板塊營運效率及變現能力逐步提升，虧損業務績效進一步改善。對於淘寶和天貓集團，我們堅持使用者至上的策略。本季度，購買頻率持續推動GMV成長，整體用戶體驗持續改善。

Our loyal customers, represented by 88 VIP members, continued to increase, reaching 46 million at quarter end. In terms of monetization progress, we implemented an industry standard 0.6% software service fee this quarter while providing certain rebates to SME merchants. Merchant adoption of Alimama's Shenzhen T marketing tool continued to rise contributing to margin revenue growth.

以 88 名 VIP 會員為代表的忠誠客戶持續增加，截至季末達到 4,600 萬人。在變現進度方面，我們本季實施了業界標準0.6%的軟體服務費，同時為中小企業商家提供了一定的回饋。阿里媽媽深圳T行銷工具的商家採用率持續上升，推動利潤率營收成長。

We concluded a successful 11.11 Global Shopping Festival, during which Taobao and Tmall achieved robust growth in GMV with a number of monthly active consumers back to growth and achieving a record high. We believe that the growth of purchasers will continue, and user growth and retention will subsequently bring more consumption upside in the future. We're optimistic about the government's macro stimulus policies and are confident in their positive long-term economic impact.

11.11全球購物節圓滿結束，淘寶、天貓GMV實現強勁成長，每月活躍消費者數量恢復成長，創歷史新高。我們相信購買者的成長將持續下去，用戶的成長和保留將在未來帶來更多的消費上升空間。我們對政府的宏觀刺激政策持樂觀態度，對其長期積極的經濟影響充滿信心。

While e-commerce competition remains intense, we'll continue to invest in core user groups and product categories, increased investment in new users and improve user retention. Implementation of these initiatives will drive sustainable growth of our platform. In our Cloud segment, we continue to optimize revenue mix while advancing our integrated cloud plus AI development strategy. Alibaba cloud revenue, excluding Alibaba consolidated subsidiaries, grew 7% this quarter, a steady improvement from the June quarter. The revenue growth was driven by double-digit public cloud growth, and in particular, revenue from AI-related products-maintained triple-digit growth for the fifth consecutive quarter, increasing its share in public cloud revenue.

在電商競爭依然激烈的情況下，我們將持續對核心用戶群和產品類別進行投資，並加大對新用戶的投入，提高用戶留存。這些措施的實施將推動我們平台的永續成長。在雲端業務領域，我們持續優化收入結構，同時推動雲端加人工智慧的綜合發展策略。不包括阿里巴巴合併子公司的阿里雲收入本季成長了 7%，較 6 月季度穩步改善。營收成長得益於公有雲兩位數成長，特別是人工智慧相關產品收入連續第五個季度維持三位數成長，在公有雲收入中的佔比不斷提升。

During this quarter, Alibaba Cloud held the 16th Apsara Conference and launched a suite of competitive technologies and products. We believe the AI era is just beginning, and we're just still in the early stage of HEI transformation. Looking ahead, AI's potential extends beyond mobile screens. It's poised to reshape the digital world and ultimately transform all industries in the physical world.

本季度，阿里雲舉辦第十六屆飛天大會，推出了一系列具有競爭力的技術和產品。我們認為人工智慧時代才剛開始，我們還處於高校轉型的早期階段。展望未來，人工智慧的潛力將超越行動螢幕。它有望重塑數位世界，並最終改變現實世界的所有行業。

As a leading cloud service provider for AI in China, we will continue to invest in advanced technology and infrastructure while optimizing operational efficiency. This will enable us to deliver more reliable and cost-effective AI technologies and products across industries. We believe that as AI penetration grows, Alibaba Cloud's cloud computing and AI-related products will become the foundational infrastructure that supports development across industries.

作為中國領先的人工智慧雲端服務供應商，我們將繼續投資先進技術和基礎設施，同時優化營運效率。這將使我們能夠跨產業提供更可靠、更具成本效益的人工智慧技術和產品。我們相信，隨著人工智慧滲透率的不斷提高，阿里雲的雲端運算和人工智慧相關產品將成為支撐各產業發展的基礎設施。

In international e-commerce, AIDC achieved 29% revenue growth this quarter, maintaining strong growth momentum, and Jiang Fan will be sharing more detail shortly. This quarter, Cainiao further strength synergies with other businesses in our group and significantly advanced its highly digitalized global logistics network. We'll continue to invest in core capabilities and promote front and back-end synergies.

國際電商方面，AIDC本季營收成長29%，維持強勁成長勢頭，蔣凡稍後將分享更多細節。本季度，菜鳥進一步加強與集團其他業務的綜效，高度數位化的全球物流網絡顯著推進。我們將繼續投資核心能力，促進前後端協同。

This quarter, we also narrowed losses in both local services and digital media entertainment, demonstrating steady and progressive improvement in operational efficiency. Despite intensifying e-commerce competition in recent months, Taobao and Tmall achieved breakthroughs and core user retention and in new user growth. Our cloud business maintained rapid growth in AI-related products. Other businesses continued to improve our operating efficiency as planned while achieving business growth, we'll continue investing in core businesses and improve quality of operations, and we are fully confident in the future. I will now hand over to Jiang Fan.

本季度，我們也收窄了本地服務和數位媒體娛樂業務的虧損，營運效率穩步提升。儘管近幾個月電子商務競爭加劇，淘寶和天貓在核心用戶保留和新用戶成長方面都取得了突破。雲端業務人工智慧相關產品維持快速成長。其他業務在實現業務成長的同時，繼續按計畫提高營運效率，我們將繼續投資核心業務，提高營運質量，對未來充滿信心。現在就交給蔣凡了。

Hi, everybody. Over this past quarter, AIDC's overall revenue grew by 29% year-over-year, primarily driven by cross-border business in terms of our three areas of consistent focus. First, our AE choice orders maintained strong year-over-year growth. It's relatively share of total orders, further solidify the certainty and consistency of user experience. average delivery time continue to shorten.

大家好。過去一個季度，AIDC 的整體營收年增 29%，主要受到我們一貫關注的三個領域的跨國業務的推動。首先，我們的AE精選訂單較去年同期保持強勁成長。其在總訂單中所佔的相對份額，進一步鞏固了使用者體驗的確定性和一致性。平均交貨時間不斷縮短。

During this quarter, we focused on optimizing the mix and operational efficiency of our marketplace and consignment models, improving user experience and product selection with steady improvement in AE Choice's unit economics. We also launched the Ali Express Direct model, leveraging merchant's local inventories in overseas markets to expand product selection and optimize fulfillment experience.

在本季度，我們專注於優化市場和寄售模式的組合和營運效率，改善使用者體驗和產品選擇，同時穩步提高 AE Choice 的單位經濟效益。我們也推出了速賣通直營模式，利用商家在海外市場的本地庫存，擴大產品選擇並優化配送體驗。

Second, we continue to explore the application of AI across our businesses, launched and updated multiple AI tools. We released our AI-powered B2B search engine in November. This new product reimagines international procurement through conversational search, making global sourcing easier for SMEs while improving overall platform transaction efficiency.

其次，我們持續探索人工智慧在各業務領域的應用，推出並更新了多種人工智慧工具。我們在 11 月發布了人工智慧驅動的 B2B 搜尋引擎。這項新產品透過對話式搜尋重新構想國際採購，讓中小企業的全球採購變得更加容易，同時提高整體平台交易效率。

Third, we continue deepening our presence in key markets. Trendyol's International business maintained strong momentum in multiple adjacent markets. With improving product selection and user experience, we will leverage the traditional peak season in November and December to increase investments and expand user base in an effective and efficient manner in key markets while balancing and enhancing user acquisition and operating efficiency. AIDC will remain focused on enhancing operational efficiency while strategically investing in key markets to pursue our strategic goal of profitability at scale. Thank you.

第三，我們繼續深化在關鍵市場的佈局。 Trendyol 的國際業務在多個鄰近市場保持強勁勢頭。透過改善產品選擇和用戶體驗，我們將利用11月和12月的傳統旺季，在重點市場加大投入，有效、有效率地擴大用戶基礎，同時平衡和提升用戶獲取和營運效率。 AIDC 將繼續專注於提高營運效率，同時對關鍵市場進行策略性投資，以實現大規模獲利的策略目標。謝謝。

Thank you, Jiang Fan. The financial performance of the past quarter further confirms that our execution of the growth strategy in our core businesses remains on track.

謝謝你，蔣凡。上一季的財務表現進一步證實了我們核心業務成長策略的執行仍處於正軌。

On Taobao and Tmall business, we've made steady progress in our monetization strategy this quarter with accelerated CMR growth, contributing to a solid trend in our domestic e-commerce business. We implemented the software service fee based on a percentage of completed GMV starting from September 1.

淘寶、天貓業務方面，本季我們的變現策略穩步推進，CMR 增速加快，國內電商業務向好態勢。自9月1日起，我們實施以已完成GMV的百分比收取軟體服務費。

Transient, our AI-powered platform-wide marketing tool, saw an increase in merchant adoption from the prior quarter. Merchants benefit through improved marketing efficiency which we expect will lead to increased spending on our platform. We adopted a more open approach for payment and logistics services on our platforms to make shopping our platforms more convenient to a larger base of consumers and improve merchants' operating efficiency. We expect this will translate into user growth and more transactions in the future.

Transient 是我們基於人工智慧的全平台行銷工具，商家採用率較上一季增加。商家透過提高行銷效率而受益，我們預計這將導致我們平台上的支出增加。我們在平台上採取更開放的支付和物流服務方式，讓更多消費者更方便在平台上購物，提高商家的營運效率。我們預計這將轉化為未來的用戶成長和更多交易。

For our cloud business, momentum remained strong as revenue growth accelerated from the prior quarter to 7%. This growth is driven by the increasing demand for AI, which triggers more demand for our public cloud products.

對於我們的雲端業務，營收成長較上一季加速至 7%，勢頭依然強勁。這一增長是由人工智慧需求不斷增長推動的，這引發了對我們公共雲產品的更多需求。

Revenue from our public cloud products grew at double digits, while AI-related product revenue achieved triple-digit year-over-year growth for the fifth consecutive quarter. This quarter, AIDC maintained its rapid growth with strong momentum from cross-border business expansion, especially through our choice business. Both Ali Express and Trendyol continued investing to grow users in Europe and the Gulf region.

公有雲產品收入達到兩位數成長，人工智慧相關產品收入連續第五個季度實現三位數年成長。本季度，AIDC保持快速成長，跨國業務擴張勢頭強勁，尤其是我們的精選業務。 Ali Express 和 Trendyol 都繼續投資以增加歐洲和海灣地區的用戶。

Beyond e-commerce and cloud, we are improving the operating efficiency of our other businesses with the goal of sustainable business growth and returning to profitability. Some of the businesses are achieving profitability even sooner while the majority will achieve breakeven within one to two years and gradually begin to contribute profitability at scale.

除了電子商務和雲端之外，我們正在提高其他業務的營運效率，以實現業務可持續成長並恢復盈利。部分企業更快獲利，而大多數企業將在一到兩年內實現損益平衡，並逐漸開始大規模貢獻獲利。

For the September quarter, we repurchased shares for a total of USD4.1 billion. Combined with the USD5.8 billion repurchased during the June quarter, we spent a total of approximately USD10 billion and achieved a 4.4% net reduction in share count for the first half of the fiscal year, even after factoring in ESOP issuance, we have been able to achieve this significant level of creation just six months into fiscal 2025, compared to a 5.1% net reduction in share count for the entire fiscal year 2024.

在 9 月這個季度，我們回購了總計 41 億美元的股票。加上第二季回購的 58 億美元，我們總共花費了約 100 億美元，實現了上半財年股份數量的淨減少 4.4%，即使考慮到員工持股計畫的發行，我們仍然與2024 財年整個財年淨減少5.1% 的股票數量相比，2025 財年僅六個月就實現了這一顯著的創造水準。

As of September 30, 2024, we still have USD22 billion in authorization for further share repurchase program. Going forward, the pace of our share buybacks will be a function of share price as our strategy is to optimize share count reduction against this cash cost of an aggressive share repurchase program.

截至2024年9月30日，我們仍有220億美元的授權用於進一步的股票回購計畫。展望未來，我們股票回購的步伐將取決於股價，因為我們的策略是根據積極的股票回購計畫的現金成本來優化股票數量的減少。

Beyond our share purchase program, we also proactively manage dilution from our ESOP program by replacing a portion of the ESOP with long-term cash incentives starting this fiscal year. This shift allows us to limit share dilution in the future as well as better utilizing our cash generated from domestic businesses.

除了我們的股票購買計劃之外，我們還透過從本財年開始以長期現金激勵取代部分員工持股計劃，積極管理員工持股計劃的稀釋。這一轉變使我們能夠限制未來的股權稀釋，並更好地利用國內業務產生的現金。

In August, we completed our primary listing in Hong Kong, followed by inclusion in the Southbound Stock Connect in September. By September 30, 2024, net inflows into our Hong Kong listed shares reached HKD46 billion, representing approximately 515 million Hong Kong shares which is equivalent to 64 million ADSs in just 12 trading days. This accounts for approximately 3% of our outstanding shares.

8月，我們完成了在香港的首次上市，隨後於9月納入港股通。截至2024年9月30日，短短12個交易日內，香港上市股票淨流入達460億港元，約5.15億股港股，相當於6,400萬股美國存託股。這約占我們已發行股票的 3%。

We are pleased that the (inaudible) Stock Connect has enabled the broader access and engagement for investors from Mainland China. On a consolidated basis, total consolidated revenue was RMB236.5 billion, an increase of 5%. Consolidated adjusted EBITDA decreased 5% to RMB40.6 billion, primarily attributable to the increase in investments in our e-commerce businesses. Excluding the effect of long-term cash incentive plan, our adjusted EBITDA growth would have decreased of 4% on a like-for-like basis compared to same quarter last year.

我們很高興（聽不清楚）滬港通為中國大陸投資者提供了更廣泛的准入和參與機會。合併總收入為人民幣2,365億元，成長5%。綜合調整後 EBITDA 下降 5%，至人民幣 406 億元，主要由於我們對電子商務業務的投資增加。剔除長期現金激勵計畫的影響，我們調整後的 EBITDA 成長率與去年同期相比將下降 4%。

Our non-GAAP net income was RMB36.5 billion, a decrease of 9%. Our GAAP net income was RMB43.5 billion, an increase of 63%, primarily attributable to the mark-to-market changes from our equity investments, decrease in investment impairment and increasing income from operations.

我們的非美國通用會計準則淨利為人民幣 365 億元，下降 9%。我們的 GAAP 淨利潤為 435 億元，成長 63%，主要由於我們的股權投資按市值計價的變化、投資減損的減少以及營運收入的增加。

As of September 30, 2024, we continue to maintain a strong net cash position of RMB352.1 billion or USD50.2 billion. Free cash flow this quarter was RMB13.7 billion, a decrease of 70% compared to RMB45.2 billion in the same quarter last year. This was mainly attributed to our investments in Alibaba cloud infrastructure.

截至 2024 年 9 月 30 日，我們持續維持強勁的淨現金頭寸，達 3,521 億元人民幣（502 億美元）。本季自由現金流為人民幣137億元，較去年同期的人民幣452億元下降70%。這主要歸功於我們對阿里雲端基礎設施的投資。

In addition, there's a refund to Tmall merchants after we canceled the annual service fee and some other working capital changes related to factors including scale down of certain direct sales businesses. Given the sustained and strong demand for AI, we will continue to invest in AI infrastructure as we anticipate future demand for AI-driven cloud services. Now let's look at the segment results, starting with Taobao and Tmall Group.

此外，在我們取消了年服務費以及與某些直銷業務規模縮減等因素相關的其他營運資金變化之後，我們也向天貓商家進行了退款。鑑於對人工智慧的持續強勁需求，我們將繼續投資人工智慧基礎設施，因為我們預計未來對人工智慧驅動的雲端服務的需求。現在讓我們來看看細分市場的結果，首先是淘寶和天貓集團。

Revenue for Taobao and Tmall was RMB99 billion, an increase of 1%. Revenue from our China commerce retail business was RMB93 billion compared to RMB92.6 billion in the same quarter last year. Customer management revenue increased by 2%, primarily due to online GMV growth, while take rate remains stable year-over-year.

淘寶、天貓收入990億元，成長1%。我們的中國商業零售業務收入為 930 億元，去年同期為 926 億元。客戶管理收入成長 2%，主要由於線上 GMV 成長，而採用率較去年同期保持穩定。

We have made steady progress in our monetization strategy this quarter with accelerated CMR growth driven by the implementation of the software service fee on completed GMV and a wider adoption of Transat. Direct sales and other revenue decreased by 5% to RMB22.6 billion, primarily attributable to the decrease in sales of appliances.

本季度我們的貨幣化策略取得了穩步進展，在已完成 GMV 上實施軟體服務費以及 Transat 的更廣泛採用的推動下，CMR 成長加速。直接銷售及其他收入減少5%至人民幣226億元，主要因家電銷售減少。

China commerce wholesale business revenue increased 18% to RMB6 billion, primarily due to the increase in revenue from value-added services provided to paying members. Taobao and Tmall Group adjusted EBITDA decreased by 5% to RMB44.6 billion, primarily due to the increase in investment in user experience partly offset by the increase in revenue from customer management service.

中國商業批發業務收入成長18%至人民幣60億元，主要因為向付費會員提供的增值服務收入增加。淘寶及天貓集團調整後EBITDA下降5%至人民幣446億元，主要是由於用戶體驗投資的增加部分被客戶管理服務收入的增加所抵消。

Revenue from Cloud Intelligence Group was RMB29.6 billion in this quarter, an increase of 7%. Overall revenue, excluding Alibaba consolidated subsidiaries, increased by 7%, mainly driven by double-digit public cloud revenue growth, including AI-related products, AI-related product revenue grew at triple digits year-over-year for the fifth consecutive quarter.

雲端智能集團本季營收為人民幣296億元，成長7%。整體營收（不包括阿里巴巴合併子公司）成長了7%，主要受到兩位數公有雲營收成長的推動，其中包括人工智慧相關產品，人工智慧相關產品營收連續第五個季度同比增長三位數。

Cloud adjusted EBITDA increased by 89% to RMB2.7 billion, while our adjusted EBITDA margin increased 4 percentage points to 9% year-over-year, primarily due to a shift in product mix towards high-margin public cloud products including AI-related products and improving operating efficiency, partly offset by the increasing investments in customer growth and technology. We will continue to invest in anticipation of customer growth and in technology, particularly in AI-related cloud infrastructure to capture increasing trend of cloud adoption for AI and maintain our market leadership. Revenue from AIDC grew 29% this quarter. The strong performance continued to be driven by growth of cross-border businesses, in particular, Ali Express Choice business.

雲端調整後 EBITDA 成長 89% 至人民幣 27 億元，調整後 EBITDA 利潤率年增 4 個百分點至 9%，主要是由於產品結構轉向包括人工智慧相關在內的高利潤公有雲產品產品和營運效率的提高，部分被客戶成長和技術投資的增加所抵消。我們將繼續投資於客戶成長預期和技術，特別是人工智慧相關的雲端基礎設施，以捕捉人工智慧雲端採用日益增長的趨勢，並保持我們的市場領先地位。 AIDC 的營收本季成長了 29%。強勁的業績持續受到跨國業務成長的推動，特別是速賣通精選業務。

Revenue from international commerce retail business increased by 35% to RMB25.6 billion, primarily driven by the increase in revenue contributed by Ali Express Choice and Trendyol. Revenue from our international commerce wholesale business increased by 9% to RMB6.1 billion, primarily due to the increase in revenue generated by cross-border related value-added services.

國際商業零售業務收入成長35%至人民幣256億元，主要受速賣通及Trendyol營收成長帶動。國際商業批發業務收入成長9%至人民幣61億元，主要由於跨國相關增值服務收入增加。

AIDC's adjusted EBITDA was a loss of RMB2.9 billion compared to a loss of RMB384 million in the same quarter last year, primarily due to the increase in investments in Ali Express and Trendyol's cross-border businesses, partly offset by Lazada's significant reduction in operating loss from improvements in its monetization and operating efficiency.

AIDC調整後的EBITDA為虧損人民幣29億元，而去年同期為虧損人民幣3.84億元，主要是由於對速賣通和Trendyol跨境業務的投資增加，部分被Lazada大幅減少的運營所抵消。化和營運效率的提高而產生的損失。

As Jiang Fan mentioned, going forward, AIDC will continue to invest in key growth markets we have identified for strategic expansion while enhancing operational efficiency in markets we see lying outside to profitability. Revenue from China grew 8% to RMB24.6 billion, primarily driven by the increase in revenue from cross-border fulfillment solutions. We will continue to invest in China's core capabilities to ensure it delivers unique value to our e-commerce businesses.

正如蔣凡所提到的，未來，AIDC將繼續投資於我們已確定的策略擴​​張的關鍵成長市場，同時提高我們認為不具備獲利能力的市場的營運效率。來自中國的收入成長 8% 至人民幣 246 億元，主要是由於跨境履行解決方案收入的成長。我們將繼續投資中國的核心能力，確保其為我們的電子商務業務帶來獨特的價值。

To this end, China will prioritizing investing in building its core capabilities to ensure the synergies with our e-commerce businesses. China's adjusted EBITDA decreased by to RMB55 million compared to RMB906 million in the same quarter last year, primarily due to the increased investment in cross-border fulfillment solutions.

為此，中國將優先投資核心能力建設，確保與我國電子商務業務的綜效。中國調整後 EBITDA 較去年同期的 9.06 億元下降至 5,500 萬元，主要是由於跨境履行解決方案的投資增加。

Revenue from local service group grew by 14%, driven by the order growth of both AMAP and Urlama as well as revenue growth from marketing services. While losses narrowed significantly, primarily driven by improving operating efficiency and increasing in scale.

受AMAP和Urlama訂單成長以及行銷服務收入成長的推動，本地服務集團營收成長14%。虧損大幅收窄，主要是因為經營效率提高和規模擴大所致。

Revenue of Digital Media and Entertainment Group was RMB5.7 billion, while losses narrowed. Yoho progressively reduced its operating loss due to increased advertising revenue as well as improved content investment efficiency. Revenue from all other segments increased by 9%, mainly due to the increase in revenue from retail businesses, including Freshippo and Alibaba Health. While adjusted EBITDA was a loss of RMB1.6 billion.

數位媒體及娛樂集團收入人民幣57億元，虧損收窄。由於廣告收入增加以及內容投資效率提高，Yoho 的營運虧損逐漸減少。其他各板塊收入均成長9%，主要由於盒馬鮮生、阿里健康等零售業務收入成長。而調整後的EBITDA則虧損16億元。

In closing, we are making solid progress in strengthening the competitiveness of our core businesses of domestic e-commerce in cloud computing, both of which have proven to show sustainable profitability. We have the confidence to invest in our AIDC business because we see high growth potential and we continue to find ways to make our loss-making segments more efficient, put them on a clear path to profitability.

最後，我們在增強國內電商核心業務雲端運算競爭力方面取得了紮實的進展，這兩項業務都已被證明具有可持續的獲利能力。我們有信心投資我們的 AIDC 業務，因為我們看到了高成長潛力，我們繼續尋找方法來使我們的虧損部門更加高效，讓它們走上一條清晰的盈利之路。

Thank you. At the end of our prepared remarks, we can open up for Q&A.

謝謝。在我們準備好的發言結束後，我們可以開始問答。

Hi, 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. Please note that the translation is for convenience purposes only. In the case of any discrepancy, our management statement in their language will prevail. If you are unable to hear the Chinese translation, bilingual transcripts of this call will be available on our website within one week after the meeting.

大家好，今天的電話會議，歡迎您用中文或英文提問。第三方翻譯將為問答環節提供交替傳譯。請注意，翻譯僅供參考。如有任何差異，以我們的管理層聲明為準。如果您聽不到中文翻譯，會議後一週內將在我們的網站上提供本次電話會議的雙語文字記錄。

Operator, please start Q&A session. Thank you.

接線生，請開始問答環節。謝謝。

(Operator Instructions) Alicia Yap, Citigroup.

（操作員指示）Alicia Yap，花旗集團。

My question is related to this year's single stage promotions and the macro-outlook. So I think most people would agree single-day performance this year is okay and somewhat maybe better than expected. It seems like this year, most of the discount voucher offer to consumer come from platforms rather than share between the platforms and merchants. So just wondering if management can provide some feedback from metros and brands regarding their satisfaction on the single-stage promotion?

我的問題是關於今年的單階段促銷和宏觀展望。因此，我認為大多數人都會同意今年的單日表現還不錯，並且可能比預期更好。看來今年提供給消費者的優惠券大多來自平台，而不是平台和商家之間共享。所以只是想知道管理層是否可以提供一些地鐵和品牌對單階段促銷滿意度的回饋？

And also, how should we think about the financial impact near term as related to the higher coupon discount together with higher return rate this year, offsetting potential longer-term positive impact, if any, from a more vibrant and sustainable operation environment for merchants that might translate to higher ad budget spend on the ad tools that will benefit longer-term CMR trend. And then if there's any preliminary view lots from the management that can share how you think about the macro-outlook and overall improvement in the consumption trend as we head into 2025.

此外，我們應該如何考慮與今年更高的優惠券折扣和更高的回報率相關的近期財務影響，抵消潛在的長期積極影響（如果有的話），為商家提供更有活力和可持續的運營環境可能轉化為廣告工具上更高的廣告預算支出，這將有利於長期 CMR 趨勢。然後，如果管理層有任何初步觀點，可以分享您對 2025 年宏觀前景和消費趨勢整體改善的看法。

(interpreted) This is Eddie, and I'll be happy to take that question. In terms of the way we approached 11.11 this year for Taobao and Tmall, we got off to an early start getting going with the campaign back in October. So the campaign ran over a longer cycle.

（翻譯）我是艾迪，我很樂意回答這個問題。就今年淘寶和天貓迎接11.11的方式而言，我們早在10月就開始了這項活動。因此，該活動的周期較長。

Of course, other platforms also got off to an earlier start. Overall, we achieved a relatively robust GMV growth during the campaign period. I would say that the results that merchants achieved based on what we discussed with them going into the campaign in terms of their expectations, and then the feedback we got from them after the campaign is that results exceeded their expectations. I would say that overall, results exceeded our expectations.

當然，其他平台也起步較早。總體而言，我們在活動期間實現了相對強勁的 GMV 成長。我想說的是，商家取得的結果是基於我們在活動開始時與他們討論的內容以及他們的期望，然後我們在活動結束後從他們那裡得到的反饋是結果超出了他們的預期。我想說，總的來說，結果超出了我們的預期。

As to your question on coupons, I think the setup is basically similar across all of the different platforms. You have two different categories of coupons, platform coupons on the one hand and category coupons on the other. So when it comes to platform coupons on Taobao and Tmall, these are basically coupons that we the platform are issuing to our AVP members.

至於你關於優惠券的問題，我認為所有不同平台的設定基本上都是相似的。您有兩種不同類別的優惠券，一方面是平台優惠券，另一方面是類別優惠券。所以說淘寶、天貓的平台優惠券，基本上都是我們平台發給AVP會員的優惠券。

And when it comes to the category coupons, these are jointly issued by the platform and the merchants. And I'd just like to add to that last point, namely that when we as a platform provide those platform coupons to our members, that has a very positive impact in the longer term for brands in terms of helping them to grow their business. It shapes positive future expectations.

而品類優惠券則是平台和商家聯合發放的。我想補充最後一點，當我們作為一個平台向會員提供這些平台優惠券時，從長遠來看，這會對品牌產生非常積極的影響，幫助他們發展業務。它塑造了積極的未來期望。

And with that level of confidence, that the business will be growing, we can expect them to spend more on advertising and marketing, thereby contributing to CMR revenue growth.

有了這種業務將會成長的信心，我們可以預期他們會在廣告和行銷上投入更多資金，從而為 CMR 收入成長做出貢獻。

And then turning to your third question on the macro situation. Indeed, from the end of September onwards, various different monetary and fiscal stimulus measures have been announced at the national level and in many different localities, also trade-in programs are being run for upgrading electronic goods as well as subsidies for home appliance and automobile purchases. So these programs definitely are stimulating growth in sales in the relevant categories. And I think these stimulus measures are really just getting started and over time, will have a positive impact on driving consumption overall.

然後轉向關於宏觀形勢的第三個問題。事實上，從9月底開始，國家層級和許多地方已經宣布了各種不同的貨幣和財政刺激措施，電子產品升級換代計劃以及家電和汽車補貼也正在實施。因此，這些計劃肯定會刺激相關類別的銷售成長。我認為這些刺激措施實際上才剛開始，隨著時間的推移，將對推動整體消費產生積極影響。

I think these policies in particular, will also help reduce merchants' destocking cycles and have a medium- to long-term effect in terms of driving the consumption of branded goods.

我認為特別是這些政策也將有助於縮短商家的去庫存週期，並對推動品牌商品的消費產生中長期效果。

The next question, operator.

下一個問題，操作員。

Ronald Keung, Goldman Sachs.

姜羅納德，高盛。

(interpreted) My question has to do with take rate. In your announcement for the September quarter, you indicated that take rate has stabilized. I'm wondering if you could talk about the progress of the rollout and adoption of (inaudible) And also what this means? Does it mean the gap between CMR growth and take rate has now disappeared?

（解釋）我的問題與採取率有關。在九月季度的公告中，您表示採取率已經穩定。我想知道您是否可以談談（聽不清楚）的推出和採用的進展以及這意味著什麼？這是否意味著 CMR 成長和使用率之間的差距現在已經消失了？

(interpreted) This is Toby. I'll take that question. Indeed, as you can see in the results from this quarter, our take rate is now relatively stable. I think there are several factors that have created that result working in tandem. These include progress on monetization, including the 0.6% software service fee that we've now started charging.

（譯）這是托比。我來回答這個問題。事實上，正如您在本季度的結果中看到的那樣，我們的轉換率現在相對穩定。我認為有幾個因素共同創造了這個結果。其中包括貨幣化方面的進展，包括我們現在開始收取的 0.6% 的軟體服務費。

Of course, we've only been doing that for one month, as well as the deepening penetration of Shenzhen. So these two factors are both positive for take rate.

當然，我們只做了一個月，而且對深圳的滲透也不斷加深。所以這兩個因素對於轉換率都是正面的。

But at the same time, we also have new business models that are still in the growth stage with relatively low monetization, and it's going to take time to continue to grow those products and increase the monetization rate. So the result you're seeing this quarter in terms of a relatively stable take rate is the result of those factors in tandem. There's an offset at work there.

但同時，我們也有新的商業模式仍處於成長階段，貨幣化程度相對較低，繼續發展這些產品並提高貨幣化率需要時間。因此，您在本季看到的相對穩定的採用率結果是這些因素共同作用的結果。那裡有一個偏移量。

In the longer term, we'll continue to charge that 0.6% software service fee. We'll, of course, continue to deepen the penetration and adoption of Shenzhen. And at the same time, we'll continue to work on growing those products that still have relatively low monetization. So you can expect to see that kind of offsetting effect going forward. Looking into the future as regards take rate, I think it's fair to say that as compared against the market average there's still significant potential headroom for us to increase the take rate.

從長遠來看，我們將繼續收取0.6%的軟體服務費。當然，我們會繼續加深對深圳的滲透和採用。同時，我們將繼續致力於發展那些貨幣化程度仍然較低的產品。因此，您可以預期未來會看到這種抵消效應。展望未來，就拿取率而言，我認為可以公平地說，與市場平均相比，我們仍有很大的潛在空間可以提高拿取率。

But at the same time, we're obviously going to be looking very closely at the merchants, ensuring the health of merchant operations is critical to us. So we will be taking a balanced approach in making those considerations.

但同時，我們顯然會非常密切地關注商家，確保商家營運的健康對我們至關重要。因此，我們將採取平衡的方法來考慮這些因素。

Next question, please.

請下一個問題。

Thomas Chong, Jefferies.

托馬斯莊，杰弗里斯。

My question is also on PTG side. Can management comment about our investment strategies in coming quarters? And how should we think about the trend for TPG EBITDA. With that, on the one hand, we are having a service fee, transport, but we also investment in the user experience. So I just want to see how these two factors need to TPG EBITDA outlook?

我的問題也是關於 PTG 方面的。管理層能否評論我們未來幾季的投資策略？我們應該如何看待TPG EBITDA 的趨勢。一方面，我們有服務費、交通費，但也投資使用者體驗。所以我只想看看這兩個因素需要如何對TPG EBITDA 前景進行展望？

And my second question is also on the TPG side. I think it's more about the synergies we're raising payment. Can management share about the potential with raising payment in growing our user base as well as the incremental GMV that the ambition in the coming years?

我的第二個問題也是針對TPG方面的。我認為這更多的是關於我們提高付款的協同效應。管理層能否分享一下透過提高付款來擴大我們的用戶群的潛力以及未來幾年增量 GMV 的雄心壯志？

(interpreted) Thank you. Well, for Taobao and Tmall, at present, our strategy is to be investing in strengthening our abilities, our competences, investing in the user experience and also investing on the merchant side. That involves several different kinds of investments, investing in developing more extensive, more diversified supply, investing in developing price competitive supply and also investing in new product and promising new brands.

（翻譯）謝謝。那麼對於淘寶和天貓來說，目前我們的策略是投資加強我們的能力、我們的競爭力，投資用戶體驗，也投資商家方面。這涉及幾種不同類型的投資，投資於開發更廣泛、更多元化的供應，投資於開發具有價格競爭力的供應，以及投資新產品和有前途的新品牌。

In terms of investing in user experience, that includes making investments in improving after-sales service, also improving the logistics experience as well as investing in improving the front-end user interface. Additionally, we're also investing in technology, there's very rapid growth in our AI-related products, uptake, so investing not only in those products, but also in the computing power that's needed to run these AI products.

在使用者體驗投資方面，包括改善售後服務、改善物流體驗、改善前端使用者介面的投資。此外，我們還在技術方面進行投資，我們的人工智慧相關產品的使用量成長非常快，因此不僅要投資這些產品，還要投資運行這些人工智慧產品所需的運算能力。

So these are long-term investments that we're making to enhance user experience and to enhance supply on the merchant side. So that ties in nicely to your second question about interoperability with WeChat Pay. And the ability that gives us to develop new year I would say we have quite high expectations for the ability that gives us to acquire new users. And again, we're investing for the medium to long term in driving that user growth and retention. So this is a large investment direction for us.

因此，這些是我們為增強用戶體驗並增加商家方面的供應而進行的長期投資。因此，這與您關於與微信支付的互通性的第二個問題很好地聯繫在一起。以及賦予我們新的一年開發能力的能力我想說，我們對賦予我們獲得新用戶的能力抱有很高的期望。再次，我們正在進行中長期投資，以推動用戶成長和保留。所以這對我們來說是一個很大的投資方向。

So overall, I would say that Taobao and Tmall is currently very much in the investment stage. We're making investments. Of course, we're paying a lot of attention to ensuring the efficiency of those investments, and we're also working on increasing CMR as well in order to be able to better make those investments. So to answer your original question, I think given that you can expect to see EBITDA fluctuate over the next few quarters to come because overall, we are in an investment phase. In terms of the cooperation that we've engaged in to allow for interoperability with WeChat being accepted on Taobao and Tmall, we see a very large potential there for user growth going forward.

所以總的來說，我想說淘寶和天貓目前處於投資階段。我們正在進行投資。當然，我們非常注重確保這些投資的效率，我們也在努力提高 CMR，以便能夠更好地進行這些投資。因此，為了回答你最初的問題，我認為考慮到你可以預期 EBITDA 在未來幾季會出現波動，因為總體而言，我們正處於投資階段。就我們與微信在淘寶和天貓上的互通性而言，我們看到了未來用戶成長的巨大潛力。

In particular, we expect to see a large noticeable increase in monthly active consumers, MACs, but it will take time to fully realize this potential. And this is again complementary with the measures we're taking to drive user growth that I just shared with you.

特別是，我們預計每月活躍消費者 MAC 會大幅增加，但完全實現這一潛力需要時間。這再次與我剛剛與大家分享的我們為推動用戶成長所採取的措施相輔相成。

But the goal is to get them on the platform and to get them to stay on the platform over time, continue to drive incremental GMV growth.

但我們的目標是讓他們進入平台並隨著時間的推移讓他們留在平台上，繼續推動 GMV 增量成長。

Next question, please.

請下一個問題。

Alex Yao, JPMorgan.

亞歷克斯·姚，摩根大通。

(interpreted) So Eddie spent quite some time sharing with us his thinking around the opportunity and the strategy on the consumer side. I just like shift the conversation, if I may, to the supply chain side.

（解釋）因此，艾迪花了相當多的時間與我們分享他對消費者方面的機會和策略的思考。如果可以的話，我只是想將話題轉移到供應鏈方面。

And we note that there's been a relatively sharp decline in the growth rate of live streaming e-commerce recently. I'm wondering what that means for your strategy, will you be focusing more aggressively on brands and conversely, what opportunities do you see, what strategies will we be deploying around white label goods and agricultural produce?

我們注意到，近期直播電商成長速度出現了較大幅度的下滑。我想知道這對您的策略意味著什麼，您會更積極地關注品牌嗎？

(interpreted) Well, I think if you're going to talk about live stream and e-commerce, you really need to drill down and look at different platforms, different platforms have different strategies for live streaming e-commerce, different levels of penetration of live streaming.

（解讀）嗯，我覺得如果要講直播和電商的話，確實需要深入了解不同的平台，不同的平台對於直播電商的策略是不同的，滲透程度也不同的直播。

In fact, if you look at Taba and Tmall, there's been a very strong increase in live streaming on our platforms, especially during the 11.11 period. So again, I think different platforms have different penetration levels of live streaming e-commerce at different stages of development in this regard.

事實上，如果你看看塔巴和天貓，我們平台上的直播量成長非常強勁，尤其是在11.11期間。所以，我認為不同的平台對於直播電商在不同的發展階段在這方面的滲透程度是不同的。

This year, we've seen a marriage, if you like, of high-quality supply with live streaming e-commerce. You could call it quality stream, if you like. On Taobao and Tmall, we have very strong brands with flagship brands stores, and they've created excellent synergy with live streaming to tremendous excellent effect during 11.11.

今年，我們看到了優質供應與直播電商的聯姻。如果您願意，您可以將其稱為質量流。在淘寶和天貓上，我們有非常強大的品牌旗艦店，他們和直播產生了很好的協同效應，在11.11期間取得了非常好的效果。

So you asked about investing in the context of brand merchants. I mean, of course, everyone invests in order to see growth -- and this year, in general, I think you see growth rates across different e-commerce plus conversion. And if anything, that really plays to our advantage at Taobao and Tmall because the brands need to be looking at which platform can truly bring them more sales rather than simply just displaying their products.

所以你問到了品牌商背景下的投資。我的意思是，當然，每個人都為了看到成長而投資——今年，總的來說，我認為你會看到不同電子商務和轉換率的成長率。如果有的話，這確實發揮了我們在淘寶和天貓的優勢，因為品牌需要考慮哪個平台能夠真正為他們帶來更多銷售額，而不僅僅是展示他們的產品。

As for your question about white label goods and agricultural produce. This is a topic that we're also discussing internally and sometimes with differing views. But each platform has its own characteristics and as a platform, you do need to focus on your core group of consumers and their consumption preferences and needs.

至於你關於白標商品和農產品的問題。這是我們內部也在討論的議題，有時會有不同的觀點。但每個平台都有自己的特點，作為一個平台，你確實需要專注於你的核心消費者群體以及他們的消費偏好和需求。

So for us, when it comes to our VIP members, these are people whose preference is for branded goods, but they do also have demand for white label as well. With the introduction of new payment options and the acquisition of new users following that, that may also result in new demand for white goods. So I do think you need to look at your users' preferences, their preferences in different categories and ensure that you can provide the appropriate supply for those categories to meet those different preferences as a platform. It needs to be somewhat customized.

所以對我們來說，當談到我們的 VIP 會員時，這些人偏愛品牌商品，但他們也確實對白標有需求。隨著新支付方式的推出以及新用戶的獲取，這也可能帶來對白色家電的新需求。所以我確實認為你需要看看你的用戶的偏好，他們在不同類別中的偏好，並確保你可以作為一個平台為這些類別提供適當的供應，以滿足這些不同的偏好。它需要進行一些定制。

Next question, please.

請下一個問題。

Kenneth Fong, UBS.

肯尼思方，瑞銀集團。

(interpreted) My question is on the cloud side. We note in the results that our revenue is accelerating, and you stated that you expect to achieve double-digit growth and profitability is increasing as well. I'm wondering what your view is of future profitability of cloud, especially given the recent price decreases in cloud.

（解釋）我的問題是在雲端方面。我們在結果中註意到，我們的收入正在加速成長，您表示預計將實現兩位數的成長，獲利能力也在增加。我想知道您對雲端的未來盈利能力有何看法，特別是考慮到最近雲端的價格下降。

(interpreted) Thank you. Well, cloud is a business where technology advantage matters and scale effect also matters. And we have both of those things, which is why as we've been able to grow the volume, we've been improving profitability as well.

（翻譯）謝謝。那麼，雲端是技術優勢很重要、規模經濟也很重要的業務。我們擁有這兩點，這就是為什麼當我們能夠增加銷售量時，我們也一直在提高獲利能力。

We do take a long-term view when it comes to looking at developing profitability in this sector, both in terms of software, pricing and compute pricing. I think you're referring to the recent reduction in token price for Kuvan API. And that's because we prioritized growing the user base there. But by lowering the API token price, we will attract lots of new users to come and use the models to deploy their applications on our cloud, and that will result in an increase in their use of our compute power, storage, database and other products.

在考慮發展該行業的盈利能力時，我們確實從軟體、定價和計算定價方面著眼長遠。我認為您指的是最近 Kuvan API 代幣價格的下降。那是因為我們優先考慮擴大那裡的用戶群。但是透過降低 API 代幣價格，我們將吸引大量新用戶來使用這些模型在我們的雲端上部署他們的應用程序，這將導致他們對我們的運算能力、儲存、資料庫和其他產品的使用增加。

So you could really think of the reduction in token price as an investment in user acquisition and user growth because we have a full technology stack. And as long as people come to the platform, they will inevitably end up making use of multiple different cloud products.

因此，您確實可以將代幣價格的下降視為對用戶獲取和用戶成長的投資，因為我們擁有完整的技術堆疊。只要人們來到這個平台，他們就不可避免地會使用多種不同的雲端產品。

Next question, please.

請下一個問題。

Jialong Shi, Nomura.

石家龍，野村。

(interpreted) I have a few questions. My first has to do with take rate. I noted that earlier in the call, management indicated that you see that there is still significant room to increase take rate, but at the same time, you'll be keeping a close eye on merchants, the cost to merchants, the burden for merchants and operating on the platform.

（翻譯）我有幾個問題。我的第一個與接受率有關。我注意到，在電話會議的早些時候，管理層表示，你們看到，採取率仍有很大的提高空間，但與此同時，你們將密切關注商家、商家的成本、商家的負擔並在平台上進行操作。

Recently, we've seen competitors reduce their rates, reduce the operating burden for merchants on their platform. Do you think that will prove attractive to merchants? And is there any risk of Alibaba losing merchants as a result of that?

最近，我們看到競爭對手降低了費率，減輕了平台上商家的營運負擔。您認為這對商家有吸引力嗎？阿里巴巴是否有因此失去商家的風險？

Secondly, regarding the trade-in subsidy programs that have been launched I'm wondering how big an impact they're having? How large a boost are you seeing in GMV in the relevant categories like electronics, consumer electronics and home appliances. And then building that, would it be fair to say that these kinds of subsidy programs that started in September are just the beginning of more subsidies to come down the road. If so, do you -- how large were those future subsidy programs be, what categories will be applied to? And how big a difference do you think they'll make?

其次，關於已經推出的以舊換新補貼計劃，我想知道它的影響有多大？您認為電子產品、消費性電子產品和家用電器等相關類別的 GMV 成長幅度有多大。然後，可以公平地說，9 月開始的此類補貼計劃只是後續更多補貼的開始。如果是這樣，您是否認為未來的補貼計劃有多大？您認為它們會帶來多大的改變？

(interpreted) Thanks. This is Toby. I'll take the first question, and Eddie will take the second one. For Taobao and Tmall, we have consistently attached tremendous importance to the rights and interests of merchants. I think not only in terms of take rate, but in terms of our overall level of merchant friendliness, we are certainly the best of all the different platforms that are out there.

（解釋）謝謝。這是托比。我回答第一個問題，艾迪回答第二個問題。對於淘寶和天貓來說，我們一貫非常重視商家的權益。我認為，不僅在接受率方面，而且就我們對商家友好程度的整體水平而言，我們無疑是所有不同平台中最好的。

So certainly, yes, there is room to increase take rate, but we need to take a balanced approach, balancing platform health, balancing the health of merchant operations and balancing that take rate. Also, we've given a lot of relief and concessions to small- and medium-sized merchants, including giving them rebates following our rollout of the software usage fee. We've canceled the annual fee for Tmall merchants, the optimized policies, including return-only policies for merchants.

所以，當然，是的，有提高轉換率的空間，但我們需要採取平衡的方法，平衡平台的健康狀況，平衡商家營運的健康狀況，並平衡轉換率。另外，我們對中小商家也給予了很多緩解和優惠，包括推出軟體使用費後給他們一些回扣。我們取消了天貓商家的年費，優化了政策，包括商家只退政策。

So these are all different ways in which we try really hard to safeguard the rights of merchants and the merchant. At the same time, as we've done in the past, going forward, we will continue to invest in initiatives such as membership program benefits as well as price competitive products and technologies with the aim of enhancing user experience and seeing all of that investment ultimately will translate into more transactions on the platform to the benefit of our merchants.

所以這些都是我們非常努力維護商家和商家權益的不同方式。同時，正如我們過去所做的那樣，展望未來，我們將繼續投資於會員計劃福利以及具有價格競爭力的產品和技術等舉措，以增強用戶體驗並看到所有這些投資最終將轉化為平台上更多的交易，使我們的商家受益。

(interpreted) On your other question about the impact of these trade-in subsidies over the past few months, yes, definitely, the contribution has been large. And since these trade-in subsidy policies were launched back in September, we've seen a significant growth acceleration in those categories.

（解釋）關於你的另一個問題，即過去幾個月這些以舊換新補貼的影響，是的，毫無疑問，貢獻是很大的。自從九月推出這些以舊換新補貼政策以來，我們看到這些類別的成長顯著加速。

As for other categories, different regions have different policies. So part from the large appliances, some may also offer trade-in subsidies for small appliances or even for home decoration, home furnishing and other digital categories. So it does depend on the region and the different policies in these categories, you are seeing a significant impact.

至於其他類別，不同地區有不同的政策。所以除了大家電之外，有的還可能對小家電甚至家裝、家居等數位品類提供以舊換新補助。因此，這確實取決於地區和這些類別的不同政策，您會看到重大影響。

Next question, please.

請下一個問題。

Gary Yu, Morgan Stanley.

加里·餘，摩根士丹利。

(interpreted) I have a couple of questions. The first is a follow-up on Taobao and Tmall, where you started charging the 0.6% software service fee from September onwards. So next quarter, that will be making a contribution for the full quarter for the first time. So since you said that take rate is stable now, I'm wondering if that would mean that in the next quarter, CMR could actually grow faster than GMV is growing. In other words, could take rate perhaps not just be stable, but actually be growing in the next quarter?

（翻譯）我有幾個問題。第一個是淘寶、天貓的後續，從9月開始收取0.6%的軟體服務費。因此，下個季度，這將首次為整個季度做出貢獻。既然你說現在的轉換率是穩定的，我想知道這是否意味著在下個季度，CMR 的成長速度實際上可能超過 GMV 的成長速度。換句話說，下個季度的利率可能不僅會保持穩定，而且實際上會成長嗎？

Second question has to do with CapEx. And I guess a lot of the CapEx spending is around cloud, especially around sorting AI needs. How do you think about the ROI of that CapEx?

第二個問題與資本支出有關。我猜想很多資本支出都是圍繞著雲端運算的，尤其是圍繞著人工智慧需求進行排序。您如何看待該資本支出的投資報酬率？

(interpreted) Thanks. This is Toby. I'll take the first question and then hand over to Eddie for the second. I think I already spoke to this earlier. When I flagged the two factors that are positive for take rate, namely the 0.6% software service fee and further penetration of the (inaudible) marketing tool.

（解釋）謝謝。這是托比。我將回答第一個問題，然後將第二個問題交給艾迪。我想我之前已經談過這一點了。當我標記出對採用率有利的兩個因素時，即 0.6% 的軟體服務費和（聽不清楚）行銷工具的進一步滲透。

But an offset to that, we have these new models that we're investing in that are growing fast, but with low monetization. So those new models with low monetization, if you like, are diluting or offsetting the higher take rate from the first two factors. So Taobao and Tmall were looking at this in the round in overall terms and also looking at merchants, ensuring that we're providing them with a good operating environment with a stable business environment and ensuring that overall, everything is healthy, but there is an offsetting and counterbalancing effect that we are looking at in the route. Yes. You're right.

但與此相反的是，我們投資的這些新模式成長迅速，但貨幣化程度較低。因此，如果您願意的話，那些貨幣化程度較低的新模式正在稀釋或抵消前兩個因素的較高採用率。所以淘寶、天貓都是全面的看這個問題，也看商家，保證給他們一個好的經營環境，一個穩定的營商環境，保證總體是健康的，但是有一個問題。到的抵消和平衡效果。是的。你說得對。

A lot of the CapEx investments that we're making are in cloud, especially around AI infrastructure, and that's a function of our knowledge, our understanding of the short-term demand as well as our judgment of the long-term demand. In terms of that short-term demand, there's ongoing explosive growth in demand for AI for the compute power that drives AI for the API services to access the models. And it's not even possible now to fully and the fact that we meet all of that demand. So that's why we're making aggressive investments for the short term.

我們正在進行的許多資本支出投資都在雲端中，特別是圍繞人工智慧基礎設施，這是我們的知識、我們對短期需求的理解以及我們對長期需求的判斷的函數。就短期需求而言，人工智慧對運算能力的需求持續呈現爆炸性成長，驅動人工智慧 API 服務存取模型。現在甚至不可能完全滿足所有這些需求。這就是我們在短期內進行積極投資的原因。

But in the longer term, we view this opportunity around Gen AI as a historic opportunity, it's the kind of opportunity that probably comes along only once every 20 years, say, in terms of the ability to leapfrog technologically. And that's why we think there's a high level of certainty around that demand going forward for inferencing, especially if you look at OpenAI's newest model, 01, with its COT chain of thought, that implies exponential growth in demand for inferencing. So that explains why we're investing aggressively in AI-related infrastructure for the short term and in the long term because we're very optimistic about that times.

但從長遠來看，我們認為圍繞Gen AI的這個機會是一個歷史性的機會，這種機會可能每20年才會出現一次，比如說，就技術跨越的能力而言。這就是為什麼我們認為未來推理需求具有高度確定性，特別是如果你看看 OpenAI 的最新模型 01 及其 COT 思想鏈，這意味著推理需求呈指數級增長。這解釋了為什麼我們在短期和長期積極投資人工智慧相關基礎設施，因為我們對那個時代非常樂觀。

Next question, please.

請下一個問題。

(inaudible)

（聽不清楚）

My question is around shareholder return. I mean it's great. You guys bought back $10 billion in the last six months. Firstly, I was just wondering, do you differentiate between ADR and your Hong Kong Ticker 99 88 when you buy back shares? And my question is around the PBOC reason to be launched, some swap programs to land companies to buy back their shares. But now you are in the sales bound stock neck. I was wondering, does that program sort of available to you?

我的問題是關於股東回報。我的意思是這很棒。你們在過去六個月裡回購了 100 億美元。首先，我只是想知道，當你回購股票時，你會區分ADR和你的香港股票代碼99 88嗎？我的問題是圍繞中國人民銀行啟動的原因，一些互換計劃旨在讓土地公司回購其股票。但現在你正處於銷售瓶頸期。我想知道，您可以使用該程式嗎？

(interpreted) Okay. Thank you for your question. This is Toby. I'll take on this question. Firstly, actually, if you look at the distribution of the liquidity of our shares on the US line, Hong Kong line. Currently, US lines to the majority.

（解釋）好的。謝謝你的提問。這是托比。我來回答這個問題。首先，其實你來看看我們股票在美線、港線的流動性分佈。目前，以美線居多。

So currently, the buyback, we were executing buyback on both lines. But very recently, our execution of the buyback is mainly on the US line. So that's to answer your first question. And the second question, we are exploring various financing opportunities to fund our buyback.

所以目前，回購，我們正在兩條線上執行回購。但最近我們的回購執行主要是在美國線上。這就是回答你的第一個問題。第二個問題，我們正在探索各種融資機會來為我們的回購提供資金。

The one you just mentioned, actually, we haven't been actually able to leverage that. But of course, apparently, we can further explore such opportunity.

你剛才提到的，實際上我們還沒有真正能夠利用這一點。但當然，顯然我們可以進一步探索這樣的機會。

What we understand currently is more like for the Asia buyback. However, we do explore other ways. If you reflect back in May, we raised NCD of like $5 billion, and we use the whole amount in June quarter, buying back USD5.8 billion of our shares. So going forward, we will continue to explore various ways on the financing and also do the buyback basically to create more value to our shareholders. Okay.

我們目前的理解更像是亞洲回購。然而，我們確實在探索其他方法。如果你回顧一下 5 月的情況，我們籌集了大約 50 億美元的 NCD，並且我們在 6 月季度使用了全部資金，回購了 58 億美元的股票。所以未來我們會繼續探索各種融資方式，基本上也會做回購，為股東創造更多的價值。好的。

And just to add on one point, actually, we do have a very rich R&D cash onshore. So if the lending is RMB, actually, we are CNY, if you like. We are actually not that -- we have abundant cash CNY onshore. So to us, I think probably it's more attractive if some of the lending is like in CNS or (inaudible)

補充一點，實際上，我們在國內確實擁有非常豐富的研發現金。所以如果貸款是人民幣，實際上，如果你願意的話，我們就是人民幣。我們其實不是這樣的——我們在岸擁有充足的人民幣現金。所以對我們來說，我認為如果一些貸款像中樞神經系統或（聽不清楚）那樣，可能會更有吸引力

Due to time limit, we will now take the last question.

由於時間限制，我們現在回答最後一個問題。

James Lee, Mizuho.

詹姆斯李，瑞穗。

I guess two follow-up questions on AI. First on cloud. And maybe can you double click on the demand for AI adoption. Is the AI revenue mostly coming from model training or inferencing? Because in the US and also in addition, in the US, people are talking about AI agents and automation of workflow, and how do you see that developing in China over time?

我想有兩個關於人工智慧的後續問題。首先在雲上。也許你可以雙擊人工智慧採用的需求。 AI的收入主要來自模型訓練還是推理？因為在美國以及在美國，人們都在談論人工智慧代理和工作流程自動化，您如何看待這在中國的發展？

(interpreted) Right. Well, if you look at the demand that's being created for cloud from Gen I initially, a lot of that demand is for the training of models. But then over time, more and more computing power is needed to drive the inferencing.

（解釋）對。好吧，如果你看看第一代最初對雲端的需求，你會發現其中很大一部分需求是模型的訓練。但隨著時間的推移，需要越來越多的運算能力來驅動推理。

And looking into the future, we could expect to see there just being a smaller number of companies that are actually doing model training, especially for large foundational models. You can also expect to see a lot of training being done for different verticals like, for example, autonomous vehicles, but also other specialized industries.

展望未來，我們預期只有少數公司真正進行模型訓練，尤其是大型基礎模型。您還可以看到針對不同垂直行業（例如自動駕駛汽車）以及其他專業行業進行了大量培訓。

So at the present time, there's very strong growth in demand to support both model training and inferencing. But in the longer term, in the future, we think that inferencing will account for the larger share of growth in demand. And as you mentioned, AI is being applied in all kinds of different industries, different companies developing their own AI agents. Part of that is indeed about automating workflows, including retraining models. And I think these things are happening in a very positive way across a lot of different industries. And we see a lot of examples of this all around us, including internally within Alibaba.

因此，目前支援模型訓練和推理的需求成長非常強勁。但從長遠來看，在未來，我們認為推理將在需求成長中佔據更大的份額。正如你所提到的，人工智慧正在應用於各種不同的行業，不同的公司開發自己的人工智慧代理。其中一部分確實是關於工作流程自動化，包括重新訓練模型。我認為這些事情正在許多不同行業中以非常積極的方式發生。我們周圍有很多這樣的例子，包括阿里巴巴內部。

So I think these technologies are in a similar process of development here as well as in the United States. And a lot of the compute that used to be done on CPUs will be architected to run on GPU. So it's a major trend. The foundation of all this really is the GPU, which is driving the massive adoption of AI models. And as you mentioned, AI is being applied in different industries developing their AI agents. I think this is a major trend.

所以我認為這些技術在這裡和美國都處於類似的發展過程。過去在 CPU 上完成的許多計算將被設計為在 GPU 上運行。所以這是一個大趨勢。這一切的基礎其實就是 GPU，它正在推動人工智慧模型的大規模採用。正如您所提到的，人工智慧正在應用於不同行業開發人工智慧代理。我認為這是一個大趨勢。

Thank you, everyone, for joining. We will see you next quarter.

謝謝大家的加入。我們下個季度見。

That concludes the presentation for today. You may now disconnect your lines.

今天的演講到此結束。現在您可以斷開線路。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

此文字記錄中標記（翻譯）的部分是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。