阿里巴巴 (BABA) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen, thank you for standing by.

女士們、先生們，大家好，感謝你們的支持。

Welcome to Alibaba Group's December quarter 2024 results conference call.

歡迎參加阿里巴巴集團2024年12月季度業績電話會議。

(Operator Instructions)

（操作員指令）

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

現在我想將電話轉給阿里巴巴集團投資者關係主管 Lydia Lu。

Please go ahead.

請繼續。

Good day, everyone.

大家好。

Welcome to Alibaba Group's December quarter 2024 earnings conference call.

歡迎參加阿里巴巴集團2024年12月季度財報電話會議。

With us are Joe Tsai, Chairman; Eddie Wu, Chief Executive Officer; Toby Xu, Chief Financial Officer; Jiang Fan, Chief Executive Officer of Alibaba E-commerce Business Group.

與我們一起的是董事長蔡崇信；吳艾迪（Eddie Wu），執行長；徐東升，財務長；蔣凡，阿里巴巴電子商務事業群執行長。

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

本次電話會議也將透過我們公司網站的 IR 部分進行網路直播。

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

今天晚些時候，我們的網站將提供此通話的重播。

Now, let me quickly cover the safe harbor.

現在，讓我快速介紹一下安全港。

As usual, we would like to remind everyone that today's discussions may contain forward-looking statements, particularly statements about our business prospects and expected financial results that are subject to risks and uncertainties, which could cause actual results to differ materially from those contained in the forward-looking statements.

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，特別是有關我們的業務前景和預期財務結果的陳述，這些陳述受風險和不確定性的影響，可能導致實際結果與前瞻性陳述中的結果存在重大差異。

Please refer to the safe harbor statements that appear in our press release and investor presentation provided today.

請參閱我們今天提供的新聞稿和投資者介紹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.

請注意，我們在本次電話會議中使用的某些財務指標是以非 GAAP 為基礎表示的。

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

我們的 GAAP 結果以及 GAAP 與非 GAAP 指標的對帳可在我們的收益新聞稿中找到。

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.

除非另有說明，本次電話會議中提到的所有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 the call over to Eddie.

說完這些，我現在將電話轉給 Eddie。

(interpreted) Hello, everyone.

（譯）大家好。

Welcome to this quarter's earnings call.

歡迎參加本季的收益電話會議。

Over the past year, we have pursued our user first AI-driven strategy and focused on our two core businesses of e-commerce and AI plus Cloud.

過去一年，我們堅持用戶至上、AI驅動的策略，聚焦電商和AI+雲端兩大核心業務。

After a year of transformation, our core businesses have demonstrated accelerating growth momentum.

經過一年的轉型，我們的核心業務呈現加速成長的勢頭。

We've also largely completed the divestments of our off-line assets.

我們也基本上完成了線下資產的剝離。

Across Alibaba Group, our businesses now possess strong business fundamentals and profit-generating capabilities.

整個阿里巴巴集團的業務現在都擁有強大的業務基礎和獲利能力。

This quarter, we continued to pursue our integrated AI plus cloud strategy in our cloud business leveraging our industry-leading AI product portfolio.

本季度，我們利用業界領先的人工智慧產品組合，持續在雲端業務中推行綜合人工智慧加雲策略。

Overall revenue, excluding Alibaba consolidated subsidiaries grew 11% year-over-year this quarter with AI-related product revenue maintaining triple-digit year-over-year growth for the sixth consecutive quarter.

本季度，不包括阿里巴巴合併子公司的整體營收年增11%，其中人工智慧相關產品收入連續六個季度維持三位數的年增長。

With the rapid adoption of AI technology across industries, customer demand for Alibaba Cloud products has surged.

隨著人工智慧技術在各行業的快速應用，客戶對阿里雲產品的需求激增。

Looking ahead, revenue growth of Cloud Intelligence Group will continue to accelerate.

展望未來，雲端智慧集團營收成長將持續加速。

We recently launched Qwen2.5-MAX, our flagship AI foundation model, which has achieved industry-leading performance across multiple recognized benchmarks.

我們最近推出了旗艦AI基礎模型Qwen2.5-MAX，該模型在多個公認的基準測試中取得了業界領先的性能。

As of the end of January, over 90,000 Qwen-based derivative models have been developed globally, making Qwen the most popular among developers across the major model families.

截至1月底，全球基於Qwen開發的衍生模型已經超過9萬種，Qwen成為了各大模型家族中最受開發者歡迎的一款。

Over 290,000 companies and developers have accessed Qwen APIs through Alibaba Cloud's Bailian platform, and we will soon release a deep reasoning model built on Qwen2.5-Max.

已經有超過29萬家企業和開發者透過阿里雲百聯平台存取Qwen API，我們即將發布基於Qwen2.5-Max建構的深度推理模型。

In e-commerce, Taobao and Tmall continued to invest in new user growth and comprehensive user experience enhancements.

在電子商務方面，淘寶和天貓持續投入新用戶成長和全面提升用戶體驗。

We saw strong growth in both new consumers and orders during the quarter.

本季度，我們看到新消費者和訂單均強勁成長。

88 VIP members, our core consumer group maintained double digit growth reaching 49 million by the end of the quarter.

88名VIP會員，我們的核心消費者群體保持兩位數的成長，截至本季末達到4900萬人。

Taobao and Tmall also made solid progress in monetization as planned, with CMR growing 9% year-over-year.

淘寶和天貓也按計劃在貨幣化方面取得了紮實的進展，CMR同比增長了9%。

At the same time, Taobao and Tmall continued to strengthen merchant-friendly measures that improve our platform's business operating environment, fostering higher quality and more sustainable development.

同時，淘寶、天貓不斷強化商家便利措施，持續改善平台營商環境，促進平台更高品質、更永續的發展。

Our international e-commerce business maintained strong growth this quarter, driven by cross-border businesses with continued improvement in operating efficiency.

本季度，我們的國際電商業務維持強勁成長，受跨國業務推動，營運效率持續提升。

During the quarter, we increased investment in key markets while focusing on operating efficiency with Choice's unit economics improving on a sequential basis.

在本季度，我們增加了對主要市場的投資，同時注重營運效率，Choice 的單位經濟效益環比提高。

We expect AIDC to achieve its first quarter of profitability in the next fiscal year.

我們預計漢能集團將在下一財年第一季獲利。

Our other Internet platform businesses continued to improve operating efficiency, Amap achieved profitability this quarter.

我們的其他網路平台業務持續提高營運效率，高德地圖本季實現獲利。

Looking ahead, Alibaba's strategic direction and road map are clearer than ever.

展望未來，阿里巴巴的策略方向和路線圖比以往更清晰。

We'll continue to focus on three business categories: First, domestic and international e-commerce; second, AI plus cloud computing; and third, Internet platform businesses.

我們將持續聚焦三類業務：第一，國內和國際電子商務；第二，人工智慧加雲端運算；三是互聯網平台業務。

We are confident that our focused strategy will drive sustained solid growth for Alibaba Group.

我們相信，我們的專注策略將推動阿里巴巴集團持續穩健成長。

Today, AI technology advancements are driving profound industry transformation.

如今，人工智慧技術進步正在推動產業深刻變革。

In alignment with Alibaba Group's business landscape, we will scale up investments in the following three areas as part of our broader AI strategy over the next three years.

結合阿里巴巴集團的商業格局，未來三年將在以下三個領域加大投入，佈局人工智慧策略。

First, infrastructure for AI and cloud computing.

第一，人工智慧和雲端運算的基礎設施。

The AI era presents a clear and massive demand for infrastructure.

人工智慧時代對基礎設施的需求明顯且龐大。

We will aggressively invest in AI infrastructure.

我們將積極投資人工智慧基礎設施。

Our planned investment in cloud and AI infrastructure over the next three years is set to exceed what we have spent over the past decade.

我們計劃未來三年在雲端運算和人工智慧基礎設施的投資將超過過去十年的投資。

Second, AI foundation models and AI native applications.

二是AI基礎模型和AI原生應用。

AI foundation models are pivotal to transforming industry productivity.

AI基礎模型對於轉變產業生產力至關重要。

We will substantially increase R&D investment in AI foundation models to maintain our technological leadership and drive the development of AI native applications.

我們將大幅增加AI基礎模式的研發投入，維持技術領先地位，並推動AI原生應用的發展。

Third, transforming our existing businesses with AI.

第三，利用人工智慧改造我們現有的業務。

AI technology presents powerful opportunities to enhance user value across our e-commerce and other Internet platform businesses.

人工智慧技術為我們的電子商務和其他互聯網平台業務提升用戶價值提供了強大的機會。

We will increase investment in AI application R&D and computing power and deeply integrate AI across our businesses, capturing new growth opportunities in the AI era.

我們將加強對人工智慧應用研發與算力的投入，將人工智慧與業務深度融合，並抓住人工智慧時代的新成長機會。

Looking ahead, we're confident in our focused strategy on e-commerce and AI plus cloud and excited by the business opportunities being unlocked by this new technology cycle.

展望未來，我們對專注於電子商務和人工智慧加雲端運算的策略充滿信心，並對這個新技術週期所釋放的商業機會感到興奮。

Thank you.

謝謝。

Thank you, Eddie.

謝謝你，艾迪。

The strong financial results of the past quarter shows that we are making very good progress to ignite growth in our core businesses.

上個季度強勁的財務業績顯示我們在推動核心業務成長方面取得了非常好的進展。

On our Taobao and Tmall businesses, we saw a significant upswing in CMR growth, which accelerated to 9% year-over-year, driven by growth in online GMV and improved monetization.

在淘寶和天貓業務上，我們看到CMR成長顯著上升，年成長至 9％，這得益於線上GMV的成長和貨幣化水準的提高。

This outcome reflected full quarter impact of the software service fee and the increasing adoption of Quanzhantui.

這項結果反映了軟體服務費對整個季度的影響以及全戰推日益普及的採用。

Our cloud business continues to exhibit robust momentum with revenue growth accelerating to 13% and the overall revenue from businesses, excluding Alibaba-consolidated subsidiaries grew over 11% fueled by even faster public cloud revenue growth.

我們的雲端業務持續呈現強勁勢頭，營收成長加速至 13%，不包括阿里巴巴合併子公司的業務整體營收成長超過 11%，這得益於公有雲收入更快的成長。

Additionally, our AI momentum remains robust with AI-related product revenue sustaining triple-digit growth for the sixth consecutive quarter.

此外，我們的人工智慧發展動能依然強勁，人工智慧相關產品收入連續六個季度維持三位數成長。

These achievements highlight our commitment to innovation and reinforce our leadership in the cloud and AI sectors.

這些成就彰顯了我們對創新的承諾，並鞏固了我們在雲端運算和人工智慧領域的領導地位。

This quarter, AIDC maintained its rapid growth momentum primarily driven by strong cross-border business performance.

本季度，漢能集團持續維持快速成長勢頭，主要得益於強勁的跨境業務表現。

AIDC increased the investments during overseas shopping festivals quarter-over-quarter and continue to invest in selected European markets in the Gulf region to acquire users.

AIDC 逐季加大海外購物節期間的投入，並持續在海灣地區選定的歐洲市場進行用戶獲取投入。

While we made good progress in growing our core businesses, we maintained the financial discipline with enhanced operating efficiency, achieving positive EBITDA growth in Taobao and Tmall Group Meanwhile, we improved operating efficiency of other businesses with the goal of sustainable business growth and achieving profitability.

在核心業務取得良好進展的同時，我們嚴守財務紀律，提高營運效率，淘寶、天貓集團EBITDA實現正成長，同時，我們提升其他業務的營運效率，實現業務可持續增長，實現盈利。

This quarter, Amap achieved profitability for the first time while the majority of loss-making businesses will achieve breakeven and gradually begin to contribute profitability at scale within the next one to two years.

本季度，高德地圖首次實現盈利，大部分虧損業務將在未來一到兩年內實現盈虧平衡，並逐步產生規模盈利能力。

We have been actively managing our balance sheet through strategic divestments of noncore assets, share buybacks and effectively extending our debt maturities at attractive rates.

我們一直透過策略性地剝離非核心資產、回購股票以及以有吸引力的利率有效延長債務期限來積極管理我們的資產負債表。

During the quarter, we entered into agreements to dispose all of our interest in Sun Art for up to a maximum of USD1.6 billion and Intime for USD1 billion.

在本季度，我們簽訂了協議，以最高 16 億美元的價格出售其在高鑫零售的全部權益，並以 10 億美元的價格出售其在銀泰百貨的全部權益。

These moves reflect our strategic shift to streamline operations and focus on our core businesses.

這些舉措體現了我們簡化營運、專注於核心業務的策略轉變。

Recently, we have obtained the PRC antitrust approval with respect to Sun Art and Intime's merged control filing.

最近，我們已獲得有關高鑫零售和銀泰百貨合併控制申報的中國反壟斷批准。

We expect the major financial impacts will be reflected in March quarter.

我們預計主要的財務影響將在三月季度反映出來。

These transactions will improve our operating efficiency and enhance our agility.

這些交易將提高我們的營運效率並增強我們的靈活性。

For December quarter, we repurchased shares of a total of USD1.3 billion or 0.6% net reduction in share count.

12 月季度，我們共回購了 13 億美元的股票，股票數量淨減少 0.6%。

Combined with approximately USD10 billion repurchased in the first half of this fiscal year, we had achieved a 5% net reduction in share count over the last nine months.

加上本財年上半年約100億美元的回購，我們在過去九個月中實現了股份數量淨減少5%。

In November 2024, we also completed a due currency bond issuance raising approximately USD5 billion through a combination of USD2.65 billion USD-denominated notes and CNH17 billion RMB denominated notes which was strategically structured to leverage the attractive pricing of RMB notes to significantly lower our overall financing costs.

2024 年 11 月，我們也完成了到期貨幣債券的發行，透過 26.5 億美元的美元計價票據和 170 億人民幣計價票據的組合籌集約 50 億美元，其戰略結構旨在利用人民幣票據的優惠定價來顯著降低我們的整體融資成本。

On the consolidated basis, total consolidation revenue was RMB280.2 billion, an increase of 8%.

合併口徑下，合併總收入為人民幣2,802億元，成長8％。

Consolidated adjusted EBITDA increased 4% to RMB54.9 billion primarily attributable to revenue growth and improved operating efficiency, partly offset by the increase in investments in our e-commerce businesses.

綜合調整後 EBITDA 成長 4% 至人民幣 549 億元，主要由於收入成長及營運效率提高，但電子商務業務投資增加部分抵銷了這一影響。

Excluding the effect of long-term cash incentive plan, our adjusted EBITDA growth would have been an increase of 5% on a like-for-like basis compared to the same quarter last year.

除去長期現金激勵計畫的影響，我們的調整後 EBITDA 年成長 5%。

Our non-GAAP net income was RMB51.1 billion, an increase of 6%.

我們的非美國通用會計準則淨利為人民幣511億元，成長6%。

Our GAAP net income was RMB46.4 billion, an increase of 333% primarily due to the increase in income from operations, mark-to-market changes from our equity investments and increase in share of results of equity method investees.

我們公認的會計準則淨收入為人民幣464億元，成長333％，主要由於營業收入增加，股權投資的市價變動以及權益法核算的被投資企業的收益份額增加。

Operating cash flow this quarter was RMB70.9 billion, an increase of 10%.

本季經營現金流為709億元，成長10%。

Free cash flow this quarter decreased 31% to RMB39 billion.

本季自由現金流下降31%至390億元人民幣。

The decrease in free cash flow was mainly attributed to the increase in expenditure related to our investments in cloud infrastructure.

自由現金流的減少主要歸因於我們對雲端基礎設施的投資相關支出的增加。

As of December 31, 2024, we continue to maintain a strong net cash position of RMB378.5 billion or USD51.9 billion.

截至2024年12月31日，我們持續維持強勁的淨現金狀況，達人民幣3,785億元或519億美元。

The strong net cash position and healthy operating cash flow bring us the confidence and sufficient resources to increase our investments in cloud and AI infrastructure to capitalize the substantial growth potential presented by the latest AI innovations.

強勁的淨現金狀況和健康的營運現金流為我們帶來了信心和充足的資源，以增加對雲端運算和人工智慧基礎設施的投資，以利用最新人工智慧創新帶來的巨大成長潛力。

Now, let's look at segment results, starting with Taobao and Tmall Group.

現在，我們來看看分部的業績，首先是淘寶和天貓集團。

Revenue from Taobao and Tmall Group was RMB136.1 billion, an increase of 5%.

淘寶及天貓集團營收1,361億元，成長5%。

Customer management revenue increased by 9%, primarily driven by the growth in online GMV and improvement of take rate.

客戶管理收入成長 9%，主要得益於線上 GMV 的成長和佣金率的提高。

This outcome reflected the full quarter impact of the software service fee and the increasing adoption of Quanzhantui.

這項結果反映了軟體服務費對整個季度的影響以及全戰推日益普及的採用。

We increased the efforts to grow our user bases and continue to invest in strategic initiatives to enhance user experience.

我們加大了擴大用戶群的力度，並持續投資於策略性舉措以提升用戶體驗。

These efforts led to strong growth in new consumers and strong order growth.

這些努力帶來新消費者的強勁成長和訂單的強勁成長。

During this quarter, the number of 88VIP members continue to grow rapidly, reaching 49 million with solid profitability and increasing up on a cohort basis, we will continue to balance the scale and the profitability of this program.

本季度，88VIP會員數量持續快速成長，目前已達4900萬，獲利能力穩健，且按群體比例遞增，我們將繼續平衡該計劃的規模與盈利能力。

Taobao and Tmall Group adjusted EBITDA increased by 2% to RMB61.1 billion, primarily due to the increase in revenue from customer management service partly offset by the increase in investment in user experience.

淘寶及天貓集團調整後EBITDA成長2%至人民幣611億元，主要由於客戶管理服務收入的增加，但被用戶體驗投入的增加部分抵銷。

Revenue from AIDC grew 32% to RMB37.8 billion this quarter, primarily driven by strong performance of cross-border businesses.

本季，漢能資訊科技營收成長32%，至378億元人民幣，主要得益於跨境業務的強勁表現。

Revenue from international commerce retail business increased by 36% to RMB31.6 billion, primarily driven by the increase in revenue contributed by AliExpress and Trendyol.

國際商業零售業務收入成長36%至人民幣316億元，主要由於速賣通和Trendyol貢獻的收入成長。

Revenue from our international commerce wholesale business increased by 18% to RMB6.2 billion, primarily due to an increase in revenue generated by cross-border related value-added services.

國際商務批發業務營收成長18%至人民幣62億元，主要因跨國相關增值服務收入增加。

AIDC's adjusted EBITDA was a loss of RMB5 billion, compared to a loss of RMB3.1 billion in the same quarter of last year.

漢能集團調整後EBITDA虧損50億元人民幣，去年同期虧損31億元。

AIDC increased investment during the overseas shopping festivals quarter-over-quarter and continued investments in selected European markets in the Gulf region to acquire users.

AIDC 在海外購物節期間的投入逐季增加，並繼續在海灣地區的選定歐洲市場進行投資以獲取用戶。

However, the UE of the AE Choice business improved on a sequential basis.

然而，AE Choice業務的UE環比有所改善。

Moving forward, we will continue to enhance operating efficiencies within each business and drive high-quality growth by strategic investments in select markets.

展望未來，我們將持續提高各業務的營運效率，並透過對特定市場的策略投資推動高品質成長。

Revenue from Cloud Intelligence Group grew 13% and overall revenue, excluding Alibaba-consolidated subsidiaries increased by 11%, mainly driven by the double-digit revenue growth of public cloud products, including AI-related products.

雲端智慧集團營收成長13%，不包括阿里巴巴合併子公司的整體營收成長11%，主要得益於包括人工智慧相關產品在內的公有雲產品營收的兩位數成長。

Cloud's adjusted EBITDA increased by 33%, primarily due to shift in product mix to a higher-margin public cloud products and improving operating efficiency, partly offset by the increasing investments in customer growth and technology.

雲端運算的調整後 EBITDA 成長了 33%，主要原因是產品結構轉向利潤率更高的公有雲產品以及營運效率的提高，但客戶成長和技術方面的投資增加部分抵消了這一影響。

We will continue to invest in anticipation of customer growth and technology innovation, particularly in AI infrastructure to capture growth opportunities in the AI era.

我們將繼續投資於預期客戶成長和技術創新，特別是在人工智慧基礎設施方面，以抓住人工智慧時代的成長機會。

Revenue from Cainiao decreased by 1% and its adjusted EBITDA decreased by 76%.

菜鳥收入下降1%，調整後EBITDA下降76%。

There is an ongoing restructuring with our e-commerce businesses taking on certain logistic platform role.

我們的電子商務業務正在重組，承擔一定的物流平台角色。

Cainiao will continue to focus on building its global smart logistics network and make end-to-end logistics capabilities available to our own e-commerce businesses as well as third parties.

菜鳥將持續致力於打造全球智慧物流網絡，為自營電商和第三方電商提供端到端的物流能力。

Revenue from Local Service Group grew by 12% to RMB17 billion, driven by the order growth of both Amap and Ele.me as well as revenue growth for marketing services, while its adjusted EBITDA loss narrowed significantly as unit economics improved due to operating efficiency and as scale increased.

本地生活服務集團營收成長12%至170億元，主要得益於高德地圖和餓了麼訂單成長以及行銷服務收入成長，同時由於營運效率提高及規模擴大導致單位經濟效益改善，調整後EBITDA虧損大幅收窄。

Revenue from Digital Media and Entertainment Group grew 8% to RMB5.4 billion, while its adjusted EBITDA loss continued to narrow.

數位媒體及娛樂集團營收成長8%至54億元人民幣，調整後EBITDA虧損持續縮小。

Revenue from all other segments increased by 13% to RMB53.1 billion, mainly due to the increase in revenue from retail businesses, including Freshippo, and Alibaba Health while adjusted EBITDA was a loss of RMB3.2 billion.

其他所有板塊收入成長13%至人民幣531億元，主要由於盒馬、阿里健康等零售業務收入增加，調整後EBITDA虧損32億元。

In closing, during this quarter, we are making significant strides in enhancing the competitiveness of our e-commerce and cloud businesses.

最後，本季我們在增強電子商務和雲端業務的競爭力方面取得了重大進展。

Additionally, we are focusing on improving the efficiency of our loss-making segments to establish a clear path to profitability.

此外，我們正致力於提高虧損部門的效率，以建立明確的獲利途徑。

In addition, this quarter, we continue to optimize our balance sheet and shareholder return with significant noncore asset sales, share buybacks and effectively extending our debt maturities at attractive rates.

此外，本季度，我們繼續透過大量非核心資產出售、股票回購以及以有吸引力的利率有效延長債務期限來優化我們的資產負債表和股東回報。

As Eddie mentioned, we will continue to execute our strategy and make significant investments to seize the opportunities presented by the AI era.

正如Eddie所說，我們將繼續執行我們的策略，並進行大量投資，以抓住人工智慧時代帶來的機會。

Looking ahead, our unique business positioning, coupled with our strong financial position, give us full confidence to growth.

展望未來，我們獨特的業務定位加上強大的財務狀況使我們對成長充滿信心。

Thank you.

謝謝。

That's the end of our prepared remarks.

我們的準備好的演講到此結束。

We can open up for Q&A.

我們可以開放問答環節。

Thanks, Toby.

謝謝，托比。

Hi, everyone.

大家好。

For today's call, you are welcome to ask questions in Chinese or English.

對於今天的電話會議，歡迎您用中文或英文提問。

A third-party translator will provide consecutive interpretation for the Q&A session.

第三方翻譯將為問答環節提供連續翻譯。

Please note that the translation is for convenience purpose only.

請注意，翻譯只是為了方便目的。

In the case of any discrepancy, our management statement in original language will prevail.

如果有任何差異，以我們原始的管理聲明為準。

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 end of the meeting.

如果您無法聽取中文翻譯，本次通話的雙語記錄將在會議結束後一周內在我們的網站上提供。

(spoken in foreign language) Operator, please connect speaker at a conference lines now.

（外語）接線員，請立即連接會議線上的揚聲器。

Please start Q&A session.

請開始問答環節。

Thank you.

謝謝。

(Operator Instructions) Alicia Yap, Citigroup.

(操作員指示) 花旗集團的 Alicia Yap。

Congratulations on the solid results.

恭喜您取得堅實的成果。

My question is related to cloud AI and also the CapEx.

我的問題與雲端 AI 和資本支出有關。

So with Baba's leading cloud infrastructure service and strong foundation AI models, Baba's is well positioned to capture the transformation era of these AI adoptions in the coming months in China and also possible outside of China.

因此，憑藉 Baba 領先的雲端基礎設施服務和強大的基礎 AI 模型，Baba 完全有能力在未來幾個月內抓住中國和中國以外 AI 應用的轉型時代。

So maybe can management share some insight as how it will translate into the financial upside in terms of the cloud revenue growth and also the cloud margins trend in the next few quarters?

那麼管理層能否分享一些見解，說明它將如何轉化為雲端收入成長的財務優勢以及未來幾季的雲端利潤率趨勢？

We noted that CapEx spend this quarter almost doubled from last quarter to RMB31 billion.

我們注意到本季的資本支出較上一季幾乎翻了一番，達到 310 億元。

And also management noted on the prepared remarks that your expected -- the expected investment in CapEx in the next three years will be more than the past 10 years.

管理層也在準備好的評論中指出，預計未來三年的資本支出將超過過去十年。

So can management clarify the comment and help us crystallize the amount of the spend in the next few quarters?

那麼管理層能否澄清這一評論並幫助我們確定未來幾季的支出金額？

And also, do you have a budget that you can share for us for the next three years?

另外，您可以與我們分享未來三年的預算嗎？

And how will the CapEx spend actually impact overall profitability trend?

資本支出實際上將如何影響整體獲利趨勢？

(interpreted) Thank you.

（翻譯）謝謝。

And there were quite a few questions in there.

其中有不少問題。

And perhaps before I get into each of those questions, I could begin by sharing with you our overall views on AI and why we're investing in AI so aggressively and the larger opportunities that we see in the sector as well as the ways that we have been and will continue to monetize developments around AI progressively as they come out.

在深入探討這些問題之前，我或許可以先與大家分享我們對人工智慧的整體看法，以及我們為何如此積極地投資人工智慧，我們在該領域看到的更大機遇，以及我們已經並將繼續逐步將人工智慧的發展貨幣化的方式。

First of all, we think that Alibaba is extremely well positioned in the AI space, in particular, in the Asia market, where we have several very important advantages.

首先，我們認為阿里巴巴在人工智慧領域佔據極為有利的地位，特別是在亞洲市場，我們擁有幾個非常重要的優勢。

We are the number one cloud provider in the region and a number four cloud provider globally.

我們是該地區第一大雲端供應商，也是全球第四大雲端供應商。

We have leading models, leading technology.

我們有領先的模式，領先的技術。

We have proprietary AI models as well as a thriving open ecosystem.

我們擁有專有的人工智慧模式以及蓬勃發展的開放生態系統。

And we also have a multitude of application scenarios for AI across our 2C ecosystem.

我們的2C生態系中也有大量的AI應用場景。

But to explain the group's strategy around AI requires taking an even longer-term view because this is the kind of opportunity for industry transformation that really only comes about once every several decades.

但要解釋集團圍繞人工智慧的策略，需要採取更長遠的眼光，因為這種產業轉型的機會實際上幾十年才會出現一次。

So when it comes to Alibaba's AI strategy, our first and foremost goal is to pursue AGI.

所以阿里巴巴的AI策略，我們首要的目標就是追求AGI。

The pursuit of AGI is our primary objective.

追求AGI是我們的首要目標。

We aim to continue to develop models that extend the boundaries of intelligence.

我們的目標是繼續開發擴展智慧邊界的模型。

Why is that the primary aim?

為什麼這是主要目標？

Well, it's because all of the visible AI application scenarios today that we see around content creation, search and so on and so forth, have arisen precisely as a result of the ongoing extension of those boundaries, and we want to keep pushing out those boundaries to create more and more opportunities.

因為，我們今天在內容創作、搜尋等方面看到的所有可見的人工智慧應用場景，正是由於這些邊界的不斷擴展而產生的，而我們希望繼續突破這些邊界，以創造越來越多的機會。

So we see the continued pushing out of the boundaries of intelligence and the pursuit of AGI as the key objective in our efforts.

因此，我們將不斷突破智慧的界限和追求 AGI 視為我們努力的關鍵目標。

.

。

Secondly, the pursuit of AGI can contribute immense business value.

其次，追求通用人工智慧可以帶來巨大的商業價值。

There have been studies that indicate that the -- when AGI is achieved, it could potentially -- pardon me, the standard for AGI is artificial intelligence that can replace or achieve 80% of human capabilities.

有研究表明，當 AGI 實現時，它有可能——對不起，AGI 的標準是能夠取代或實現 80% 人類能力的人工智慧。

Well, around 50% of global GDP is manpower, salaries, including both intellectual or mental work and physical labor.

全球 GDP 的 50% 左右是人力、工資，包括智力勞動和體力勞動。

So if AGI can be achieved, then that could have a tremendous impact in terms of restructuring industry around the world and could have a significant influence on or even replace 50% of global GDP.

因此，如果能夠實現 AGI，那麼它將對全球產業重組產生巨大影響，並可能對全球 GDP 的 50% 產生重大影響甚至取代它們。

Second, we will continue to deepen the integration of cloud and AI.

二是繼續深化雲與AI的融合。

We see this as the most important kind of infrastructure.

我們認為這是最重要的基礎設施。

And in the future, we will continue to build AI on an integrated fashion across our cloud and in our own business applications.

未來，我們將繼續在雲端和我們自己的業務應用程式中以整合的方式建立人工智慧。

When we talk about intelligence, we're really talking about the tokens that are output by models.

當我們談論智慧時，我們實際上談論的是模型輸出的標記。

And we think that in the future, 95% of those output tokens will be generated on the cloud and distributed by the cloud because only a cloud computing network can generate and distribute tokens with the highest level of efficiency, and we can connect to developers on the most efficient and rapid basis worldwide through our globally deployed network of data centers.

而且我們認為未來95%的輸出代幣都會在雲端生成，由雲端分發，因為只有雲端運算網路才能以最高的效率產生和分發代幣，我們可以透過我們全球部署的資料中心網絡，以最高效、最快速的方式與全球的開發者對接。

Thirdly, we maintain an open attitude with respect to the deep integration of AI into our own scenarios to create value across all of our businesses.

第三，我們對AI和我們自身場景的深度結合保持開放的態度，為全業務創造價值。

We expect that with the further integration of AI across our 2B and 2C offerings, we will achieve higher efficiency.

我們預計，隨著人工智慧在我們的2B和2C產品的進一步融合，我們將實現更高的效率。

We will increase user time spend and create more user value for our users.

我們將增加用戶使用時間，為用戶創造更多用戶價值。

So that's precisely the thinking behind our determination, as you referenced, to invest more in cloud and AI over the next three years than we did in aggregate over the last 10 years.

正如您所說，這正是我們下定決心在未來三年內對雲端運算和人工智慧的投資將超過過去十年的總投資。

The second part of your question had to do with CapEx on a quarter-by-quarter basis going forward.

問題的第二部分與未來逐季度的資本支出有關。

What I've laid out for you is our overall expectation for the coming three years.

我給大家列出的是我們對未來三年的整體預期。

I would say that on a year-by-year basis, the annual level of CapEx will be more or less equal across these three years, but there could be fluctuation within each year on a quarter-by-quarter basis given the time that it takes for supply chains to provide what's needed as well as for the IDCs to get set up.

我想說，從逐年來看，這三年的年度資本支出水準將大致相同，但考慮到供應鏈提供所需物資以及 IDC 建立所需的時間，每年的季度間可能會出現波動。

But overall, we would expect it to be relatively even over the next three years.

但總體而言，我們預期未來三年將相對均衡。

The other part of your question had to do with the potential impact of our CapEx plans on profitability.

你的問題的另一部分與我們的資本支出計劃對獲利能力的潛在影響有關。

I would say that this next three-year period will likely be the single period in which we'll be making the most concentrated and highest level of investments in building out our cloud and AI-related infrastructure.

我想說，未來三年可能是我們在建設雲端運算和人工智慧相關基礎設施方面進行最集中和最高水準投資的唯一時期。

And of course, the hardware infrastructure will have an impact in terms of depreciation.

當然，硬體基礎設施也會對折舊產生影響。

But behind that is our expectation of huge demand for take-up on the part of both internal and external customers.

但在這背後，我們預期內部和外部客戶都將有龐大的需求。

There's huge demand there, and we definitely see this being taken up very rapidly.

那裡的需求巨大，而且我們確實看到這一領域正在被迅速地接受。

Next question, please.

請回答下一個問題。

Alex Yao, JPMorgan.

摩根大通的 Alex Yao。

Congrats on a very strong quarter.

恭喜您本季業績表現強勁。

My question is also related to AI and the cloud.

我的問題也與人工智慧和雲端有關。

So based on my observation, the introduction of latest DeepSeek large language model families has brought high-quality model at affordable cost to the entire industry.

所以根據我的觀察，最新的 DeepSeek 大型語言模型系列的推出為整個行業帶來了高品質且價格合理的模型。

And because DeepSeek's model itself is a free of charge, monetization of large language model consumption has moved down one layer in the value chain to the compute power parts.

而且由於DeepSeek的模型本身是免費的，大型語言模型消費的貨幣化已經沿著價值鏈向下移動了一層，到達了計算能力部分。

So first of all, do you agree or disagree with this statement?

那麼首先，您是否同意這個說法？

And secondly, to what extent is the compute power for large language model or GenAI is not a commodity.

其次，大型語言模型或 GenAI 的運算能力在多大程度上不是商品。

And lastly, with the help from Big DeepSeek's high-quality and high cost efficiency models, where do you see the most high potential area in terms of AI native application within Alibaba ecosystem and outside of the Alibaba ecosystem.

最後，借助 Big DeepSeek 高品質、高性價比的模型，您認為阿里生態內部和外部的 AI 原生應用最具潛力的領域在哪裡？

(interpreted) Thank you.

（翻譯）謝謝。

Those are some really good questions.

這些都是非常好的問題。

I think we're still in very early days when we're talking about the advancement of artificial intelligence technology, although it's developing rapidly.

我認為，儘管人工智慧技術發展迅速，但我們仍處於早期階段。

We're still in the initial stages of development.

我們仍處於發展的初始階段。

So I think the future business models and the future ways in which these models will be monetized are not necessarily clear to anybody today.

因此，我認為，未來的商業模式以及未來這些模式的貨幣化方式今天並不一定為所有人所清楚。

As the boundaries of intelligence get pushed out as the models get smarter and smarter, there'll be more and more opportunities to monetize them, but in ways that may not be apparent to us today.

隨著模型變得越來越智能，智能的界限不斷被突破，將有越來越多的機會將其貨幣化，但方式可能今天我們還未意識到。

I'm talking about a future where the models become sufficiently intelligent to be able to supplant engineers and scientists that kind of expertise and that will really be a different stage of development.

我說的是未來模型會變得足夠智能，能夠取代工程師和科學家的專業知識，這確實將是一個不同的發展階段。

The second point is that if you look at current models today, the level of differentiation across models from different vendors is narrowing.

第二點是，如果你看看今天的現有模型，不同供應商的模型之間的差異化程度正在縮小。

The differences are becoming less obvious.

差異變得越來越不明顯。

In fact, it's also becoming less apparent what the differentiation is between open source models and closed models.

事實上，開源模型和封閉模型之間的差異也變得越來越不明顯。

But the development of all of these different models, be they open source or closed are beneficial for our cloud computing network offerings because all of these models open or closed, will need to be hosted on a cloud computing network.

但是所有這些不同模型的開發，無論是開源的還是封閉的，都對我們的雲端運算網路產品有益，因為所有這些模型，無論是開放的還是封閉的，都需要託管在雲端運算網路上。

So if you ask me what the clearest monetization pathway is today, it's definitely our cloud computing offerings that exist to host and to support the operation of these clouds.

因此，如果您問我當今最清晰的貨幣化途徑是什麼，那肯定是我們為託管和支援這些雲端的運作而提供的雲端運算產品。

So if I could offer an analogy, if AI, artificial intelligence is like electricity in this new era then our cloud computing network is like the power grid that carries that electricity.

所以如果我可以打個比方，如果人工智慧就像這個新時代的電，那麼我們的雲端運算網路就像是輸送電力的電網。

In the -- your other question had to do with the AI applications that we think have the greatest potential within the Alibaba ecosystem.

您的另一個問題與我們認為在阿里巴巴生態系統中最具潛力的人工智慧應用有關。

Models are becoming more and more powerful and they're evolving faster and faster which means that it's actually quite difficult for me to tell you definitively what are the areas of the highest potential.

模型變得越來越強大，而且它們的發展速度也越來越快，這意味著我實際上很難明確地告訴你哪些領域最具潛力。

I think that all applications potentially could have huge potential.

我認為所有應用程式都可能具有巨大的潛力。

But we are certainly internally looking at some very interesting opportunities.

但我們內部確實正在尋找一些非常有趣的機會。

First, in terms of the Taobao app as a portal for lifestyle and for consumption.

第一，淘寶作為生活方式的門戶、消費的門戶。

We're doing a lot of internal development and many of these projects will be launched soon.

我們正在進行大量內部開發，其中許多項目將很快啟動。

You'll see them when they are deployed.

當它們部署時您就會看到它們。

But these AI enhancements within Taobao will serve to increase consumer engagement and also drive higher transaction efficiency.

但淘寶的這些人工智慧增強功能將有助於提高消費者參與度並提高交易效率。

Other kinds of AI-empowered applications will contribute to purchase related decision-making and increased user time spend and create value for users.

其他類型的人工智慧應用程式將有助於購買相關的決策並增加用戶花費的時間並為用戶創造價值。

So beyond shopping, we can expect the further introduction of AI features on Taobao to create more kinds of value.

因此除了購物之外，我們還可以期待淘寶進一步引入人工智慧功能，以創造更多種類的價值。

We also have our 2C AI offerings.

我們也提供2C AI產品。

As you know, Quark and Tongyi Qianwen.

大家知道的，夸克和統一千文。

So Quark is an AI search product, which has the largest number of users in China.

Quark是目前中國用戶量最大的AI搜尋產品。

And AI is being deployed and will continue to be deployed there to improve search, productivity, creation and overall efficiency.

人工智慧正在並將繼續部署在那裡，以提高搜尋、生產力、創造力和整體效率。

As you know, one of our very important -- the most important asset we have on the 2B side is the DingTalk app as well.

如你所知，我們在 2B 端最重要的資產之一就是釘釘應用。

We're also deploying AI there to redefine the enterprise collaboration experience.

我們也在那裡部署人工智慧來重新定義企業協作體驗。

And the same is also true for Amap, where we're deploying AI to extend it.

高德地圖也是如此，我們正在利用人工智慧來擴展它。

It's now currently mostly used as a navigation app.

目前它主要用作導航應用程式。

It has 170 million DAUs in China.

其在中國的DAU為1.7億。

But as we more deeply integrate AI, it can become a portal into lifestyle and local services, and that will increase user time spent as well.

但隨著我們更深入地整合人工智慧，它可以成為生活方式和本地服務的門戶，這也將增加用戶的使用時間。

Next question, please.

請回答下一個問題。

Kenneth Fong, UBS.

瑞銀的 Kenneth Fong。

Congrats on the strong results.

恭喜您取得的優異成績。

I have a question about -- on the e-commerce side.

我有一個關於電子商務方面的問題。

So we see that revenue have been very strong and accelerating for both AIDC as well as for CMO for TTG.

因此，我們看到 AIDC 和 TTG 的 CMO 的收入都非常強勁並且正在加速成長。

So can management share with us what has changed and the key initiatives ahead for TTG as well as AIDC.

那麼管理階層能否與我們分享 TTG 和 AIDC 發生了哪些變化以及未來的主要措施？

And financially, we see the margin for TTG has also stabilized.

從財務角度來看，我們看到 TTG 的利潤率也已經穩定下來。

So how should we think about the trend ahead?

那我們該如何看待未來的趨勢呢？

And for AIDC, we target for profitability next year.

對於 AIDC，我們的目標是明年獲利。

So shorter term, what are the key driver for driving profitability?

那麼短期內，推動獲利能力的關鍵驅動因素是什麼？

And longer term, should we expect the international business being more profitable than domestic ones, given it is less competitive?

從長遠來看，鑑於競爭不那麼激烈，我們是否應該預期國際業務比國內業務更有利可圖？

(interpreted) Again, there are quite a few questions there.

（翻譯）同樣，這裡還有不少問題。

Why don't I start with domestic e-commerce.

我何不先從國內電商入手？

So in the domestic e-commerce business the strategy that we've been pursuing has been to enhance the user experience, to make innovation and optimization around the user experience to achieve higher levels of stickiness.

所以在國內電商業務我們一直奉行的策略就是提升用戶體驗，圍繞用戶體驗進行創新和優化，以實現更高的黏性。

And looking ahead to the coming year, we see potential to further -- achieve further user growth by investing in users at the same time.

展望新的一年，我們看到了進一步的潛力—透過同時投資用戶來實現進一步的用戶成長。

As you've said, we've done a lot to drive increased monetization recently, including, among other things, charging payment processing fees, but we will continue to invest in enhancing the user experience as well as enhancing the operating environment for our merchants and those things will continue to require investment.

正如你所說，我們最近做了很多工作來推動獲利能力的提高，其中包括收取支付處理費等，但我們將繼續投資於提升用戶體驗以及改善商家的營運環境，而這些事情將繼續需要投資。

So overall, we're looking at stabilizing market share while enhancing the user experience and optimizing merchant operations efficiency.

所以總的來說，我們希望穩定市場份額，同時增強用戶體驗並優化商家營運效率。

Secondly, in terms of our international e-commerce business.

第二，就我們的國際電子商務業務而言。

This is really an amalgamation of lots of different business models, including B2B cross-border as well as local platforms that we operate.

這其實是許多不同商業模式的融合，包括我們經營的B2B跨國平台以及本地平台。

But overall, as we said, we expect to see a stable trend in our international business in the next few years working towards achieving profitability, significant profitability at scale.

但總體而言，正如我們所說，我們預計未來幾年我們的國際業務將呈現穩定趨勢，努力實現盈利，實現規模化的顯著盈利。

In our B2C business, as you know, we've done a lot to optimize the business model and unit economics have increased very significantly.

在我們的B2C業務中，如你所知，我們做了很多工作來優化商業模式，單位經濟效益也顯著提高。

And as we said over the next few quarters, you can expect to see a significant increase in profitability.

正如我們所說的那樣，在接下來的幾個季度裡，您可以期待看到盈利能力的顯著增長。

In some countries, we are working on collaborating with local platforms where it makes sense to do so and that is also beneficial to increasing our profitability.

在一些國家，我們正在與當地平台合作，這樣做是有意義的，並且有利於提高我們的獲利能力。

You asked in the long term if the international e-commerce business could be more profitable than our domestic e-commerce business.

你問從長遠來看國際電子商務業務是否比我們的國內電子商務業務更賺錢。

I don't think that's something I can judge at this point.

我認為目前我還無法對此作出判斷。

What I can say is that at this particular point in time, the pathway to profitability in the international business is clear.

我可以說的是，在現階段，國際業務獲利的路徑是清晰的。

(interpreted) This is Toby.

（翻譯）我是托比。

I'll take the question regarding margin on TTG.

我將回答有關 TTG 利潤率的問題。

As I think Jiang Fan has stated very clearly the strategy for TTG has been to invest in achieving healthy, stable market share.

我認為蔣凡已經說得很清楚了，TTG的策略一直是投資於獲得健康、穩定的市場份額。

That's been the priority of investment for the past several quarters and indeed in this quarter, investing in enhancing user experience in acquiring new users as well as in our 88VIP core user group, and those investments will continue.

這是過去幾季的投資重點，事實上在本季度，我們仍將投資於提升用戶體驗，獲取新用戶，以及我們的 88VIP 核心用戶群，這些投資將持續下去。

Also, we've integrated new payment methods as well, which is an important means also of engaging with new users.

此外，我們也整合了新的支付方式，這也是吸引新用戶的重要手段。

And of course, while making these investments, we're also actively exploring ways to increase revenues.

當然，在進行這些投資的同時，我們也積極探索增加收入的方法。

We've done so with the software service fee, as you've seen, as well as with a more intelligent marketing product, Quanzhantui, our QZT, which is driving higher levels of monetization.

正如您所看到的，我們已經透過軟體服務費以及更聰明的行銷產品全戰推（我們的QZT）實現了這一目標，這正在推動更高水準的貨幣化。

And we'll continue to invest in those areas while also seeking to increase monetization in those same ways while paying a lot of attention to optimizing the business environment for merchants on the platform.

我們將繼續在這些領域進行投資，同時也尋求以同樣的方式提高貨幣化，同時高度重視優化平台上商家的商業環境。

So margin is always a balance between revenue and expenditure and we do remain in an investment stage as we have been, and we'll continue to invest in enhancing user experience and acquiring new users.

因此，利潤始終是收入和支出之間的平衡，我們確實仍處於投資階段，我們將繼續投資於增強用戶體驗和獲取新用戶。

Next question, please.

請回答下一個問題。

Ronald Keung, Goldman Sachs.

高盛的 Ronald Keung。

So further on the AI questions, we've seen the AI revenue at triple-digit growth, as you mentioned for six quarters now.

關於人工智慧問題，正如您所說，我們已經看到人工智慧收入連續六個季度實現三位數成長。

So how should we quantify the size of that?

那我們應該怎麼量化它的大小呢？

Are we reaching kind of more substantial kind of double-digit mark here for AI?

我們是否在人工智慧方面達到了更實質的兩位數目標？

The reason is I want to know the implications for cloud margins given that historically, cloud business is at a very significant margin gap versus some of the global cloud players.

原因是我想知道這對雲端利潤率的影響，因為從歷史上看，雲端業務與一些全球雲端公司相比存在著很大的利潤差距。

So as the cloud mix shifts from public cloud to training and then now increasingly to inference, how should we think about the growth and then more importantly, the cloud margin outlook for us versus our global peers in the longer term?

因此，隨著雲端組合從公有雲轉向訓練，然後逐漸轉向推理，我們應該如何看待成長，更重要的是，與全球同行相比，長期來看我們的雲端利潤率前景如何？

(interpreted) Thanks for those questions.

（翻譯）感謝您的提問。

Indeed, you're absolutely correct.

確實，你完全正確。

Our AI-related revenues achieved over 100% growth, three-digit growth for the sixth consecutive quarter.

我們的AI相關收入實現了100％以上的成長，連續六個季度實現三位數的成長。

And customer demand for AI and related products continues to grow.

客戶對人工智慧和相關產品的需求持續成長。

In fact, that growth is turning out to be much higher than our original expectation.

事實上，這一增長遠高於我們最初的預期。

And what we've seen in particular from the Spring Festival, Chinese New Year onward is an explosion in demand for inference.

我們從春節、農曆新年開始就看到推理需求的激增。

In fact, around 60% to 70% of the new demand that we're seeing now is for inference.

事實上，我們現在看到的新需求中大約有 60% 到 70% 是為了推理。

So we expect that with this rapid expansion in demand, we will grow our customer base and expand industry coverage across a wider range of sectors and all of that will certainly contribute to higher levels of margin in our AI services.

因此，我們預計，隨著需求的快速增長，我們的客戶群將擴大，行業覆蓋範圍將擴大到更廣泛的領域，所有這些肯定將有助於提高我們的人工智慧服務的利潤率。

However, as I said earlier, we're committed to making the highest ever historical investments in CapEx in the coming three-year period.

但是，正如我之前所說，我們致力於在未來三年內對資本支出進行歷史上最高的投資。

And if you take those investments and amortize them over the coming years, that will certainly have an impact on margin.

如果您將這些投資在未來幾年內攤銷，那麼這肯定會對利潤產生影響。

And a final point I would expect that given the fierce competition in China and the different market dynamics here, the kind of margin that you'll see in China will be somewhat different from what you'll see internationally.

最後一點，我預計，鑑於中國市場的激烈競爭和不同的市場動態，中國的利潤率與國際上的利潤率會有所不同。

The other thing I would say is that cloud is a business that's characterized by both strong scale effects and strong network effects.

我想說的另一件事是，雲端運算是一種既具有強大的規模效應又具有強大的網路效應的業務。

And the scale effects are particularly important at this stage as we're engaging in large capital investments, building out our hardware with CapEx.

規模效應在現階段尤其重要，因為我們正在進行大規模資本投資，利用資本支出建立硬體。

So the point is that as we achieve greater scale and acquire more customers, we'll be able to better optimize the cost of this build-out.

因此，重點是，隨著我們實現更大的規模並獲得更多的客戶，我們將能夠更好地優化這項建造成本。

Next question, please.

請回答下一個問題。

Yuan Liao, CITIC Securities.

中信證券廖遠。

(interpreted) Congratulations on the strong results and all the progress you're making around AI.

(翻譯)祝賀您在人工智慧領域的輝煌成果和進步。

My question has to do with shareholder returns.

我的問題與股東回報有關。

I think we see the still USD2.07 billion -- pardon me, USD20.7 billion of dry powder for share buybacks.

我認為我們仍然有 20.7 億美元——對不起，是 207 億美元用於股票回購的資金。

I'm wondering if you can tell us how that will be deployed given all of the progress that you intend to make around AI and the investment.

我想知道您是否可以告訴我們，考慮到您在人工智慧和投資方面打算取得的所有進展，將如何部署這些計劃。

(interpreted) Well, in the December quarter, as you know, we conducted USD1.3 billion of buybacks, achieving a 0.6% net reduction in share count.

(翻譯) 嗯，如您所知，在 12 月季度，我們進行了 13 億美元的回購，實現股份數量淨減少 0.6%。

And during the first half of the fiscal year, we repurchased approximately USD10 billion achieving a 5% net reduction in share count over the last nine months.

在本財年上半年，我們回購了約 100 億美元，在過去九個月中實現了股份數量淨減少 5%。

So as you can see, we've already made very considerable progress with these share repurchases.

正如您所看到的，我們在這些股票回購方面已經取得了非常重大的進展。

As is common market practice for companies engaging in share repurchase programs, of course, we will consider the current share price as we execute our share buyback program.

當然，按照參與股票回購計畫的公司常見的市場慣例，我們會在執行股票回購計畫時考慮目前的股價。

And that's why in the first six months, you saw an accelerated pace of share repurchase.

這就是為什麼在前六個月你會看到股票回購速度加快。

As an example, in the June quarter, we raised USD5 billion in debt financing and used the entirety of the proceeds for share buybacks, and that was because at the time our share price was only USD80, which in our view, is extremely undervalued.

舉例來說，6 月份季度，我們透過債務融資籌集了 50 億美元，並將全部收益用於股票回購，這是因為當時我們的股價僅為 80 美元，在我們看來，這個價格被嚴重低估了。

As you know, we have set up at the Board level a capital management committee precisely for the purpose of optimizing capital allocation so as to enhance shareholder return.

大家知道，我們在董事會層級設立資本管理委員會，目的就是優化資本配置，進而提高股東報酬。

The committee has been providing strong management to shareholder return initiatives, and we'll continue to do so, and we will aim to continue to elevate shareholder returns through a combination of dividends of share buybacks as well, of course, as investment in high-growth, high-potential areas.

該委員會一直為股東回報計劃提供強有力的管理，我們將繼續這樣做，我們將致力於透過股息、股票回購以及對高成長、高潛力領域的投資等方式繼續提高股東回報。

Going forward, we will continue to deploy our cash effectively and optimally to enhance shareholder return.

展望未來，我們將繼續有效且最佳地配置現金，以提高股東回報。

And we'll continue to execute share repurchases in accordance with the allocation and guidance given to us by the Board of Directors and with an eye on the share price.

我們將繼續按照董事會的分配和指導進行股票回購，並關注股價。

Next question, please.

請回答下一個問題。

Gary Yu, Morgan Stanley.

摩根士丹利的 Gary Yu。

Congratulations on a strong set of results.

恭喜您取得一系列優異的成績。

I have two questions, both related to AI and cloud.

我有兩個問題，都與人工智慧和雲端有關。

The first one is, I appreciate management comment about AI potentially representing 50% of the global GDP and cloud is important infrastructure.

首先，我很欣賞管理層關於人工智慧可能佔全球 GDP 的 50% 並且雲端運算是重要基礎設施的評論。

But when we think about how we monetize this potential sizable opportunity, besides the infrastructure, which is represented by cloud, how should we think about Alibaba's strategy to tap into the application or software layer?

但當我們思考如何將這個潛在的巨大機會貨幣化時，除了以雲端為代表的基礎設施之外，我們還應該如何看待阿里巴巴進軍應用程式或軟體層的策略？

And could management comment more about the enterprise adoption side because we kind of understand the previous comment about the consumer-facing part, including consumption and local services?

管理階層能否就企業採用方面發表更多評論，因為我們了解先前關於面向消費者部分的評論，包括消費和本地服務？

And my second question is related to CapEx.

我的第二個問題與資本支出有關。

So our management comment about the next two years being the heaviest investment cycle in the past decade.

因此，我們的管理層評論說，未來兩年將是過去十年中最繁忙的投資週期。

How should we think about how could Alibaba plans to allocate investment?

我們該如何思考阿里巴巴該如何規劃投資？

How much will be spent on chips?

晶片要花多少錢？

And specifically, how should we think about the mix between spending on import chips from US as well as domestic chips?

具體來說，我們該如何考慮美國進口晶片和國產晶片的支出組合？

And in the event of further export restriction from the US, how should we think about any contingent plan in order to continue with the investment?

如果美國進一步限制出口，我們該如何考慮應急計畫以繼續投資？

(interpreted) Well, thank you for those questions.

（翻譯）好吧，感謝您的提問。

As we said, we definitely see some very clear opportunities for the application of AI on the 2C side, which I've already mentioned.

正如我們所說的，我們確實看到了人工智慧在2C端應用的一些非常明顯的機會，我已經提到過。

When it comes to the 2B side, there are a host of different opportunities for Alibaba Cloud Intelligence to capture.

在2B端，阿里雲智慧還有很多不同的機會可以把握。

I think as a general remark, SaaS software going forward will become more and more AI agent driven.

我認為，總體而言，未來的 SaaS 軟體將越來越多地由 AI 代理程式驅動。

In other words, a lot of the internal systems employed by enterprises in the future, will become more like a network of multiple AI agents to collaborate and call on one another to provide services, including to assist the enterprise even in important decision-making.

也就是說，未來許多企業內部的系統，會更像一個由多個AI智能體組成的網絡，它們之間會相互協作、調用，提供服務，甚至協助企業進行重要的決策。

Along with that, there will also be a lot of opportunities to upgrade not just the software, the SaaS layer, but also the underlying supporting SaaS layer.

除此之外，還會有很多機會升級，不僅是軟體、SaaS 層，還有底層支援 SaaS 層。

Another really good example, I think, is DingTalk, which is our flagship enterprise collaboration product.

我認為另一個很好的例子是釘釘，它是我們的旗艦企業協作產品。

I think going forward with AI, a lot of functionality on DingTalk will be achieved through natural language interaction.

我認為隨著人工智慧的發展，釘釘的許多功能將透過自然語言互動來實現。

And today's CRM and ERP type systems will become more like databases that feed in.

而現今的 CRM 和 ERP 類型的系統將變得更像輸入資料的資料庫。

So enterprise meetings and decision-making can all be handled through natural language on DingTalk.

因此，企業會議和決策都可以透過釘釘的自然語言來處理。

And again, there are many opportunities for the integration of all kinds of agents into DingTalk.

再次強調，釘釘為各類代理人的整合提供了大量機會。

Another important thing to note is that a lot of companies internally have huge amounts of proprietary data and their own proprietary in-house processes and they'll need to leverage AI agents in order to enhance the efficiency of those kinds of processes.

另一件需要注意的重要事情是，許多公司內部擁有大量專有資料和自己的專有內部流程，他們需要利用人工智慧代理來提高這些流程的效率。

So I think overall, AI will be able to empower and reshape all kinds of corporate -- software corporate applications, and this is a huge opportunity.

所以我認為總的來說，人工智慧將能夠賦能和重塑各種企業——軟體企業應用程序，這是一個巨大的機會。

Onto the other part of your question regarding CapEx in order to give you a breakdown as to what percentage of CapEx will go into what area that would really require giving you a detailed breakdown of the cost of all the different equipment in our IDCs.

關於資本支出 (CapEx) 問題的另一部分，為了向您提供資本支出中有多少百分比將投入到真正需要的領域的詳細情況，我們將為您提供我們 IDC 中所有不同設備成本的詳細分類。

So I don't think I'm really at liberty to get into that kind of detail with you.

因此，我認為我不太適合跟你討論這種細節。

What I can tell you is that the way we've designed our cloud very deliberately is to be compatible with a whole range of all kinds of different chips.

我可以告訴你的是，我們精心設計雲端的方式是為了與各種不同的晶片相容。

So no matter what kind of policy changes may be forthcoming in the future, that will not affect us, and we'll certainly be able to implement our investment plan.

所以不管未來有什麼樣的政策變化，都不會影響我們，我們一定能夠實施我們的投資計畫。

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。

Jialong Shi, Nomura.

史家龍，野村。

(interpreted) I have two questions.

（翻譯）我有兩個問題。

My first is following your successful divestment of physical retail assets Intime and Sun Art.

我首先要說的是，貴公司成功剝離了銀泰和高鑫零售實體資產。

I'm wondering if you have any plans for potential future divestment of other assets, including Freshippo, (inaudible) and Ele.me.

我想知道您是否有未來剝離其他資產的計劃，包括盒馬鮮生（聽不清楚）和餓了麼。

My second question, coming back to cloud, it seems that a lot of the revenue growth that's being driven in cloud, is as a result of demand for compute associated with uptake in AI.

我的第二個問題是回到雲端運算，似乎雲端運算推動的大量收入成長是由於人工智慧的應用相關的運算需求。

But I'm wondering if there's -- in addition to that, any future monetization pathway, monetization model for Tongyi, use of the model itself, is there any way to generate revenue and profits from the model not just from the compute.

但我想知道除此之外，是否有任何未來的貨幣化途徑、統一的貨幣化模型、模型本身的使用，是否有任何方法可以從模型而不僅僅是從計算中創造收入和利潤。

And as Eddie said, the Chinese AI market seems to be rather homogeneous in the sense that there's a lack of differentiation across the different models.

正如Eddie所說，中國的人工智慧市場似乎相當同質化，不同模型之間缺乏差異化。

Do you think that will continue to be the case in the future, will there come a day when there might just be one or two big models in the market that take up a large market share.

您覺得未來這種情況會不會一直存在，會不會有一天市場上只有一兩個大品牌，佔據很大的市場份額。

(interpreted) Thank you.

（翻譯）謝謝。

This is Toby.

這是托比。

I'll take the first part of the question, and then I'll hand over to Eddie.

我將回答問題的第一部分，然後交給 Eddie。

So as you know, we have been strictly implementing our strategy of focusing on our core businesses and exiting our noncore businesses.

如你所知，我們一直在嚴格執行專注於核心業務、退出非核心業務的策略。

And as has been announced in the December quarter, we completed the sale in full of Sun Art and Intime, and we have already passed anti-monopoly reviews.

正如12月季度宣布的那樣，我們完成了對高鑫零售和銀泰百貨的全部出售，並且已經通過了反壟斷審查。

So we expect to complete those transactions either in the March quarter or in the June quarter.

因此，我們預計將在 3 月季度或 6 月季度完成這些交易。

We will continue to look for opportunities to exit our nonstrategic minority-owned assets, and you'll continue to see announcements coming forth as we go forward.

我們將繼續尋找機會退出非策略性少數股權資產，隨著我們不斷推進，您也會繼續看到各種公告。

And in the future, we will be focusing as we have been on our core businesses, we'll be looking at the assets in which we're invested and exiting, as I say, the noncore ones.

在未來，我們將一如既往地專注於我們的核心業務，專注於我們所投資的資產，並退出非核心資產。

But in respect of other assets, we'll be looking for ways to tap into their business value and to see that better -- that value better reflected in the valuation of Alibaba Group.

但對於其他資產，我們將尋找方法來挖掘其商業價值，並使其價值更能反映在阿里巴巴集團的估值中。

And I think Freshippo, which you mentioned is a really good example of that.

我認為您提到的盒馬鮮生就是一個很好的例子。

Freshippo is a business that's achieved very good growth, very good expansion.

盒馬是一家實現了非常好的成長和擴張的企業。

It's achieved very good profitability, and it's an excellent example of an innovative business model that integrates online and offline retail.

它的獲利能力非常好，是線上線下零售融合創新商業模式的典範。

So given its success, no, we don't have any plan to sell Freshippo, but we would certainly have and take an open attitude, for example, to introducing a strategic investor or other solar approaches that could enhance the value of Freshippo and in particular, result in a value being better reflected in the valuation of the Alibaba Group.

因此，鑑於盒馬的成功，我們沒有任何出售盒馬的計劃，但我們肯定會採取開放的態度，例如引入戰略投資者或其他方式來提升盒馬的價值，特別是使其價值更好地反映在阿里巴巴集團的估值中。

So this is something that needs further exploration going forward.

因此，這是今後需要進一步探索的事情。

(interpreted) This is Eddie.

（翻譯）我是艾迪。

Let me take the other part of that question.

讓我來回答一下該問題的另一部分。

So yes, the growth -- the robust growth that we're seeing in cloud revenue is largely being driven by a huge customer demand for AI products.

所以是的，我們看到的雲端收入強勁成長主要是由客戶對人工智慧產品的巨大需求所推動的。

Our (inaudible) model is an open-source product, but that does not necessarily mean that it is provided free of charge.

我們的（聽不清楚）模型是一種開源產品，但這並不一定意味著它是免費提供的。

In fact, we do charge for access to the model via the API on Bailian platform.

事實上，我們確實對透過百聯平台API存取模型收取費用。

Of course, we're not -- the revenues that we create that way are relatively low.

當然，我們不是——我們透過這種方式創造的收入相對較低。

But as the models improve, become more powerful as their capabilities become more sophisticated, it's certainly possible that we could charge more for the use of the models.

但隨著模型的改進，其功能變得越來越強大，我們完全有可能對模型的使用收取更高的費用。

But I should also say that Qwen is an open source model, which means that a lot of developers are using it as a foundation model on which to develop their own vertical models and their own applications.

但我還應該說，Qwen 是一個開源模型，這意味著許多開發人員正在使用它作為基礎模型，在此基礎上開發自己的垂直模型和自己的應用程式。

And it's, therefore, only natural that they will deploy those models, those applications on Alibaba Cloud because that's the most efficient way to do it.

因此，他們自然會在阿里雲上部署這些模型、這些應用程序，因為這是最有效的方式。

Thirdly, I would also say that when customers are accessing our Qwen model through the API, there are a lot of opportunities for us to cross-sell to them other of our cloud offerings.

第三，我還想說，當客戶透過 API 存取我們的 Qwen 模式時，我們有很多機會向他們交叉銷售我們的其他雲端產品。

It's really excellent example of a cross-selling opportunity.

這確實是一個交叉銷售機會的絕佳例子。

So although Qwen in and of itself is not driving and may not drive huge revenues.

因此，儘管 Qwen 本身並沒有推動力，也可能不會帶來巨額收入。

It's a very, very important part of our overall cloud offering that will help to drive overall cloud revenue.

這是我們整體雲端產品中非常非常重要的一部分，它將有助於推動整體雲端收入。

Finally, on your last question, which had to do with the future market landscape for AI in China.

最後，關於您的最後一個問題，關於中國人工智慧未來的市場格局。

This is a period of time right now where things are iterating and developing rapidly.

當前正是事物快速迭代和發展的時期。

And at the same time, it's very early days in the development of AI.

同時，人工智慧的發展仍處於早期階段。

So I just don't think it's possible to judge what the end game will look like.

因此我認為不可能判斷最終結果會是怎樣。

What I can tell you is the trends that we're seeing today, as I said, the gap between different foundation models today is narrowing.

我可以告訴你的是我們今天看到的趨勢，正如我所說，今天不同基礎模型之間的差距正在縮小。

I think that going forward, you can expect to see a lot of demand around post training.

我認為，展望未來，您可以預見到對崗位培訓的需求將非常大。

So thinking of models like open AI o1, DeepSeek, the reasoning models as well as the reasoning model of Qwen we will be releasing shortly.

因此，考慮到開放 AI o1、DeepSeek 等模型，我們很快就會發布推理模型以及 Qwen 的推理模型。

A lot of the demand will be around post training to customize those models, adapt them to different sectors, different use cases to adapt them to a private data sets.

許多需求將圍繞後期訓練，以客製化這些模型，使其適應不同的領域，不同的用例，以適應私有資料集。

And I think that there's huge market potential for that kind of post training.

我認為這種崗位培訓有巨大的市場潛力。

I think there's also lots of opportunity to create value for a whole range of different companies, large and small.

我認為還有很多機會為各種不同的公司（無論大小）創造價值。

And all of these models, the specialized models, the vertical models I've referenced will all need to be hosted on cloud.

所有這些模型、專業模型、我提到的垂直模型都需要託管在雲端。

So that's why we are very excited and confident in the prosperous development of an open cloud ecosystem.

這就是為什麼我們對開放雲生態系統的繁榮發展感到非常興奮和有信心。

Thanks, Eddie.

謝謝，艾迪。

That wraps up the Q&A session of today's earnings call.

今天的收益電話會議的問答環節到此結束。

Thank you very much for joining us today.

非常感謝您今天加入我們。

We look forward to speaking with you soon.

我們期待盡快與您交談。

Thank you.

謝謝。

That does conclude our conference for today.

今天的會議就到此結束了。

Thank you for participating.

感謝您的參與。

You may now disconnect.

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.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。

The interpreter was provided by the company sponsoring this event.

翻譯由贊助此活動的公司提供。