阿里巴巴 (BABA) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to Alibaba Group's March quarter 2025 and full fiscal year 2025 results conference call. (Operator Instructions)

女士們、先生們，大家好。感謝您的支持。歡迎參加阿里巴巴集團2025年3月季及2025財年全年業績電話會議。（操作員指示）

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

現在我想把電話轉給阿里巴巴集團投資者關係主管 Lydia Lu。請繼續。

Good day, everyone. Welcome to Alibaba Group's March quarter and full fiscal year 2025 earnings conference call. With us today are Joe Tsai, Chairman; Eddie Wu, Chief Executive Officer; Toby Xu, Chief Financial Officer; Jianfeng, Chief Executive Officer of Alibaba E-commerce Business Group.

大家好。歡迎參加阿里巴巴集團3月季及2025財年全年財報電話會議。今天和我們在一起的有董事長蔡崇信；吳艾迪，執行長；徐托比，財務長；劍鋒，阿里巴巴電子商務事業群執行長。

This call is also being webcast from the Investor Relations section of our Corporate website. A replay of the call will be available on our website later today.

本次電話會議也將透過我們公司網站的投資者關係部分進行網路直播。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. Today's discussions may contain forward-looking statements, particularly statements about our business and 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. Please refer to the safe harbor statements that appear in our press release and investor presentation provided today.

現在，讓我快速介紹一下安全港。今天的討論可能包含前瞻性陳述，特別是有關我們的業務和財務結果的陳述，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有重大差異。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. 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 refer 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以非 GAAP 為基礎表示的。我們的 GAAP 結果以及 GAAP 與非 GAAP 指標的對帳可以在我們的收益新聞稿中找到。除非另有說明，否則所有指標的成長率均指與去年同期相比的年成長率。

And now I will turn the call over to Eddie. Thank you.

現在我將把電話轉給 Eddie。謝謝。

(interpreted) Thank you. Welcome to join our quarterly earnings call. We delivered strong performance this quarter, with total revenue, excluding Sun Art and Intime, growing 10% year-over-year and adjusted EBITDA increasing 36% year-over-year. For fiscal year 2025 our user first AI-driven strategy continued to deliver meaningful results with accelerated growth across our core businesses. We've established a well-defined growth portfolio centered on AI plus cloud, e-commerce and other Internet platform businesses. We're seizing the historic opportunity presented by AI and stepping up our investments in AI infrastructure and advanced technologies to further strengthen Alibaba's global leadership in technology.

（翻譯）謝謝。歡迎參加我們的季度財報電話會議。本季我們表現強勁，不包括高鑫零售和銀泰百貨的總營收年增 10%，調整後 EBITDA 年成長 36%。2025 財年，我們以用戶為先的人工智慧驅動策略持續取得有意義的成果，核心業務加速成長。我們建立了以人工智慧加雲、電子商務和其他互聯網平台業務為中心的明確的成長組合。我們正抓住人工智慧的歷史性機遇，增加對人工智慧基礎設施和先進技術的投入，進一步鞏固阿里巴巴在全球的科技領導地位。

These capabilities will also be transited into sustained drivers of our business growth, driven by robust and growing AI demand, Alibaba Cloud's revenue growth accelerated to 18% this quarter with revenue, excluding Alibaba consolidated subsidiaries increasing 17% year-over-year. Public cloud revenue growth continued to accelerate revenue from AI-related products has maintained triple-digit year-over-year growth for the seventh consecutive quarter. For the full fiscal year, Alibaba Cloud's revenue grew by double digits.

這些能力也將轉化為我們業務成長的持續動力，在強勁且不斷增長的人工智慧需求的推動下，阿里雲本季營收成長加速至 18%，不包括阿里巴巴合併子公司的營收年增 17%。公有雲收入成長持續加速，AI相關產品收入連續第七個季度維持三位數年增。全年阿里雲營收實現兩位數成長。

And looking ahead, we expect AI to remain a key driver of accelerated revenue growth for Alibaba Cloud. While uncertainties persist in the global AI supply chain, customer demand remains strong and unwavering. We continue to see growing demand for cloud and AI, an opportunity that will define the next 10 to 20 years and will not be derailed by short-term supply chain fluctuations. Our confidence and commitment to investing in cloud and AI infrastructure remains unchanged, and we are actively exploring diversified solutions to meet rising customer demand. We continue to advance foundational research and innovation in large models, pushing the boundaries of model capabilities while remaining firmly committed to open source.

展望未來，我們預期人工智慧仍將是阿里雲端收入加速成長的主要驅動力。儘管全球人工智慧供應鏈仍存在不確定性，但客戶需求仍然強勁且堅定。我們繼續看到對雲端和人工智慧的需求不斷增長，這是一個將定義未來 10 到 20 年的機遇，並且不會因短期供應鏈波動而脫軌。我們對投資雲端和人工智慧基礎設施的信心和承諾保持不變，並積極探索多樣化的解決方案以滿足不斷增長的客戶需求。我們持續推進大型模型的基礎研究和創新，突破模型能力的界限，同時堅定地致力於開源。

In April, we released our next-generation QN3 model as open source. -- ranking amongst the top performers globally on multiple authoritative benchmarks. By the end of April, we had open sourced over 200 models under the QN family with more than 300 million downloads worldwide and over 100,000 derivative models, making it the world's largest open source model family. As we accelerate the adoption of AI plus cloud across a wide range of industries, two clear trends have emerged. -- among large and midsized enterprises, AI applications are expanding from internal systems to more customer-facing use cases.

今年 4 月，我們開源了下一代 QN3 模型。 ——在多項權威指標中位居全球前列。截至四月底，我們已開源QN家族超過200個模型，全球下載量超過3億次，衍生模型超過10萬個，成為全球最大的開源模型家族。隨著我們在各行各業加速採用人工智慧加雲，出現了兩種明顯的趨勢。 ——在大中型企業中，人工智慧應用正在從內部系統擴展到更多面向客戶的用例。

At the same time, adoption of AI products is rapidly extending from large enterprises to a growing number of small and medium-sized businesses. This quarter, the industry penetration of our AI products expanded rapidly. In addition to faster adoption across sectors like Internet services, autonomous driving, financial services and online education, we're also seeing strong momentum in more traditional industries such as animal farming and manufacturing, which are actively exploring AI applications and have shown significant growth in demand. In the financial sector, we continue to deepen our industry leadership.

同時，人工智慧產品的採用正從大型企業迅速擴展到越來越多的中小型企業。本季度，我們人工智慧產品的產業滲透率迅速擴大。除了網路服務、自動駕駛、金融服務和線上教育等領域的加速應用之外，我們還看到畜牧業和製造業等更傳統的行業也呈現強勁勢頭，這些行業正在積極探索人工智慧應用，並且需求顯著增長。在金融領域，我們不斷深化產業領導地位。

Recently, the Industrial and Commercial Bank of China, ICBC, officially selected Alibaba Cloud's Polar DB, as its enterprise-wide transactional distributed database. This represents a strong endorsement of our technological capabilities by one of the most demanding financial institutions in terms of business performance and technology requirements. In e-commerce, we remain focused on putting users first. We continue to invest in user growth and improving user experience. Taobao and Tmall Group saw stronger momentum and user growth and 88 VIP members surpassed RMB80 million. This quarter, TTG customer management revenue rose 12% year-over-year, while adjusted EBITDA increased by 8% and we continue to invest in improving the operating environment for merchants increasing our support for those offering high-quality products and services.

近日，中國工商銀行（ICBC）正式選定阿里雲Polar DB作為其企業級事務型分散式資料庫。這代表著我們的技術能力得到了對業務表現和技術要求最嚴格的金融機構之一的強烈認可。在電子商務領域，我們始終堅持用戶至上。我們持續投資於用戶成長和改善用戶體驗。淘寶、天貓集團發展動能強勁，用戶成長強勁，88位VIP會員突破8,000萬元。本季度，TTG客戶管理營收年增12%，調整後EBITDA成長8%，我們持續投資改善商家的經營環境，並加大對提供高品質產品和服務的商家的支援。

Fueled by strong momentum in its cross-border businesses, AIDC achieved year-over-year revenue growth of 22% this quarter. Operational and investment efficiency also continued to improve. Despite potential uncertainties in global trade regulations, we remain confident that AIDC's diversified footprint across global markets positions us well to manage changes effectively and we remain on track to achieve overall quarterly profitability in our international e-commerce business in the coming fiscal year.

受跨國業務強勁成長動能的推動，漢威本季營收年增22%。營運和投資效率也持續提高。儘管全球貿易法規存在潛在的不確定性，但我們仍然相信，AIDC 在全球市場的多元化佈局使我們能夠有效地應對變化，並且我們仍有望在下一財年實現國際電子商務業務的整體季度盈利。

Other businesses within the group continued to maintain healthy operations, the Digital Media and Entertainment Group achieved profitability on an adjusted EBITDA basis this quarter. In fiscal year 2026, we will continue to focus on driving growth in our core businesses of e-commerce and AI + Cloud while shaping a second growth curve powered by technology over the medium to long term.

集團內其他業務持續保持健康運營，數位媒體及娛樂集團本季按調整後EBITDA計算獲利。2026財年，我們將持續聚焦電商、AI+雲端等核心業務成長，中長期塑造以科技驅動的第二成長曲線。

Thank you, Eddie. The strong financial results of the past quarter highlight the good progress we are making in driving growth in our core businesses on our Taobao and Tmall businesses, we saw a substantial increase in CMR growth, which grew 12% year-over-year, primarily driven by the improvement of take rate. Our take rate benefited from the impact of the software service fee and the increasing penetration of Transanti. Merchants benefit through Transat's convenience of use and improvement of marketing efficiency. Our cloud business continues to exhibit robust momentum with revenue growth accelerating to 18% and and overall revenue, excluding Alibaba consolidated subsidiaries accelerated to 17%, driven by an even faster public cloud revenue growth.

謝謝你，艾迪。上一季強勁的財務業績凸顯了我們在推動淘寶和天貓核心業務成長方面取得的良好進展，我們看到CMR成長大幅增加，年成長12％，這主要得益於佣金率的提高。我們的收費率受益於軟體服務費的影響以及 Transanti 滲透率的不斷提高。商家因 Transat 的使用便利性和行銷效率的提高而受益。我們的雲端業務持續呈現強勁勢頭，營收成長加速至 18%，不包括阿里巴巴合併子公司的整體營收加速至 17%，這得益於公有雲收入更快成長。

Notably, our AI momentum remains robust with AI-related product revenue sustaining triple-digit growth for the seventh consecutive quarter. We are seeing our AI products being adopted across an increasingly diverse industries, including a set of digital native industries as well as traditional verticals such as manufacturing, reflecting the broader application of AI technologies in real-world business environment. These demonstrate our commitment to innovation and reinforce our leadership in the cloud and AI sectors.

值得注意的是，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第七個季度維持三位數成長。我們看到我們的人工智慧產品被越來越多樣化的行業所採用，包括一系列數位原生產業以及製造業等傳統垂直產業，這反映了人工智慧技術在現實商業環境中的更廣泛應用。這些顯示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 performance in cross-border businesses. We continue to enrich its product offerings and diversify its business models to meet the needs of local consumers through local supply. We will continue to focus on enhancing operating efficiency and navigating in dynamic macro and geopolitical environment. Our commitment to sustainable growth and improving efficiency delivered solid results with all segments achieving year-over-year EBITDA improvement this quarter leading to a 36% increase in overall group EBITDA.

本季，漢能發展持續維持快速成長勢頭，主要得益於跨境業務的強勁表現。我們不斷豐富產品種類，多樣化業務模式，透過本地供應滿足本地消費者的需求。我們將繼續致力於提高營運效率並在動態的宏觀和地緣政治環境中導航。我們致力於永續成長和提高效率，取得了穩健的業績，本季所有部門的 EBITDA 均較去年同期成長，使集團整體 EBITDA 成長了 36%。

A number of loss-making businesses are on track of turning profitable while we are investing in selected strategic AI-driven initiatives that position us to capture long-term opportunities and create value to our users and customers. This quarter, we continued to optimize our business portfolio by exiting noncore assets. We expect to generate USD2.6 billion in maximum of cash proceeds from the sale of Sun Art and Intime. These actions allow us to sharpen our focus on core businesses and invest in key growth areas, while also enabling solid cash return to shareholders. Our Board of Directors has approved an annual dividend of USD1.05 per ADS representing a 5% increase year-over-year.

我們正在投資精選的策略性人工智慧驅動計劃，這些計劃使我們能夠抓住長期機會並為用戶和客戶創造價值，同時許多虧損業務正在轉向盈利。本季度，我們繼續透過退出非核心資產來優化業務組合。我們預計出售高鑫零售和銀泰百貨最多可獲得 26 億美元的現金收益。這些舉措使我們能夠更加專注於核心業務並投資於關鍵成長領域，同時也為股東帶來豐厚的現金回報。我們的董事會已批准每股美國存託憑證 1.05 美元的年度股息，年增 5%。

This increase reflects the impact of our share repursue program which resulted in a 5.1% net reduction in share count after accounting for ESOP issuance for this fiscal year. The Board also approved a special dividend of USD0.95 per ADS, which is higher than last year's USD0.66 per ADS. This increase demonstrates that we are making solid progress in disposing noncore businesses in the financial investments. In total, we are distributing USD2 per ADS in cash dividends this year, amounting to USD4.6 billion. Combined with the USD11.9 billion in share repurchases, we have returned a total of USD16.5 billion to our shareholders for this fiscal year.

這一增長反映了我們的股票回購計劃的影響，該計劃導致本財年在計入員工持股計劃 (ESOP) 發行量後，股票數量淨減少 5.1%。董事會也批准派發每股美國存託憑證 0.95 美元的特別股息，高於去年每股美國存託憑證 0.66 美元的特別股息。這一增長表明我們在金融投資中處置非核心業務方面正在取得紮實進展。整體而言，我們今年將以每股美國存託憑證 2 美元的價格派發現金股息，總額達 46 億美元。加上 119 億美元的股票回購，本財年我們已向股東返還總計 165 億美元。

On a consolidated basis, total consolidated revenue was RMB236.5 billion, an increase of 7% year-over-year. Excluding the revenue from Sun Air and Intime, group revenue would have grown 10% year-over-year. Consolidated adjusted EBITDA increased 36% in to RMB32.6 billion, primarily attributable to revenue growth and improved operating efficiency, partly offset by the increase in investments in our e-commerce businesses and technology.

合併口徑下，合併總收入為人民幣2,365億元，較去年同期成長7%。若不計入陽光航空及銀泰百貨的收入，集團收入將年增 10%。合併調整後EBITDA成長36%至人民幣326億元，主要歸因於營收成長和營運效率提高，但部分被我們對電子商務業務和技術的投資增加所抵銷。

Our non-GAAP net income was RMB29.8 billion, an increase of 22%. Our GAAP net income was RMB12 billion, an increase of RMB11.1 billion, primarily due to market-to-market changes from our equity investments. The increase in income from operations and the decrease in impairment of equity method investments, partly offset by the losses arising from the disposal of subsidiaries. Operating cash flow this quarter was RMB27.5 billion, an increase of 18%. Free cash flow this quarter decreased 76% to RMB3.7 billion, which was mainly attributed to the increase in our cloud infrastructure expenditure. As of March 31, 2025, we continue to maintain a strong net cash position of RMB366.4 billion or USD50.5 billion.

非美國通用會計準則淨利為298億元人民幣，較去年同期成長22%。我們的 GAAP 淨收入為 120 億元，增加 111 億元，主要由於我們的股權投資因市場變化而產生。營業收入的增加和權益法投資減損的減少，部分被處置子公司所產生的損失所抵銷。本季經營現金流為275億元，成長18%。本季自由現金流下降76%至人民幣37億元，主要歸因於我們雲端基礎設施支出的增加。截至2025年3月31日，我們持續維持強勁的淨現金狀況，淨現金規模達人民幣3,664億元，折合505億美元。

The strong net cash position and healthy operating cash flow brings us confidence and sufficient resources to increase our investment in cloud and AI infrastructure to capitalize the sustained strong demand and the substantial growth potential presented by latest AI innovations. Now, let's look at the segment results, starting with Taobao and Tmall Group. Revenue from Taobao and Tmall Group was RMB101.4 billion, an increase of 9%. And Customer management revenue increased by 12%, primarily driven by the improvement of take rate. Our take rate benefited from the impact of software service fee and increasing penetration of Transante merchant benefit through Chanzante's convenience of use and improvement of marketing efficiency.

強勁的淨現金狀況和健康的經營現金流為我們帶來了信心和充足的資源，以增加對雲端和人工智慧基礎設施的投資，從而利用最新人工智慧創新帶來的持續強勁需求和巨大增長潛力。現在，我們來看看分部的業績，首先是淘寶和天貓集團。淘寶及天貓集團營收為人民幣1,014億元，成長9%。客戶管理收入成長了 12%，主要得益於接受率的提高。我們的收費率受益於軟體服務費用的影響以及透過 Chanzante 的使用便利性和行銷效率的提高，Transante 商家利益的不斷滲透。

We continue to invest in user growth and other strategic initiatives, such as price competitive products, customer service, membership program benefits and AI technology applications to enhance user experience. These efforts led to stronger momentum in new consumer growth and continuous increase in orders. On the merchant end, we remained focused on improving their operating environment and ensuring their sustainable development on our platform. In particular, we increased the support of merchants that provide high-quality products and customer services, including support for marketing, new product launch and customer management.

我們持續投資於用戶成長和其他策略性舉措，例如具有價格競爭力的產品、客戶服務、會員計畫福利和人工智慧技術應用，以提升用戶體驗。這些措施帶動新增消費動能強勁，訂單持續增加。在商家端，我們持續致力於改善商家的經營環境，確保商家在平台上的永續發展。特別是加大對提供優質產品和客戶服務的商家的支援力度，包括行銷、新品上線、客戶管理等方面的支援。

During this quarter, the number of ADA VIP members continued to increase by double digits year-over-year, surpassing $50 million with solid profitability and increasing ARPU on a cohort basis we will continue to focus on its retention rate. Taobao and Tmall Group adjusted EBITDA increased by 8% to RMB41.7 billion, primarily due to the increase in revenue from customer management service, partly offset by the increase in investments in user experience and technology.

本季度，ADA VIP 會員數量同比繼續保持兩位數增長，突破 5000 萬美元，盈利能力穩健，ARPU 按群組計算不斷提升，我們將繼續關注其留存率。淘寶及天貓集團調整後EBITDA成長8%至人民幣417億元，主要由於客戶管理服務收入增加，但部分被用戶體驗和技術投入的增加所抵消。

Revenue from AIDC grew 22% to RMB33.6 billion this quarter, primarily driven by strong performance in cross-border businesses. AIDC's adjusted EBITA was a loss of RMB3.6 billion compared to a loss of RMB4.1 billion in the same quarter last year. AIDC continued to focus on enhancing operating and investment efficiency, leading to narrow the losses this quarter. In particular, the unit economics of the AliExpress's Choice business improved on a sequential basis. AIDC has a diverse geoprapical presence.

本季漢能發展營收成長22%，達到336億元人民幣，主要得益於跨境業務的強勁表現。漢能集團調整後息稅折舊攤提前利潤（EBITA）虧損36億元人民幣，去年同期虧損41億元。漢能發展持續致力於提升經營和投資效率，導致本季虧損收窄。尤其是速賣通精選業務的單位經濟效益季增。AIDC 的業務範圍遍佈全球。

Moving forward, we will continue to diversify and enrich our product offerings by engaging local merchants and partners through different business models in different markets. and navigate in the dynamic macro and geopolitical environment. Revenue from Cloud Intelligence Group grew 18% and overall revenue, excluding Alibaba consolidated subsidiaries increased by 17%, primarily driven by an even faster public cloud revenue growth. Notably, AI-related product revenue maintained triple-digit year-over-year growth for the seventh consecutive quarter. And our AI products are seeing broader adoption across a wide range of industry verticals, including Internet, retail, manufacturing and the media with a growth in focus on value-added applications.

展望未來，我們將繼續透過不同市場的不同商業模式與當地商家和合作夥伴合作，使我們的產品更加多樣化和豐富。並在動態的宏觀和地緣政治環境中導航。雲端智慧事業部營收成長18%，不包括阿里巴巴合併子公司的整體營收成長17%，主要得益於公有雲營收成長更快。值得注意的是，人工智慧相關產品收入連續第七個季度保持三位數的年增長。我們的人工智慧產品正在網路、零售、製造和媒體等眾多垂直行業中得到更廣泛的應用，並且越來越注重增值應用。

In April, we launched Qwen3 Series, a new generation of hybrid reasoning models that combine the capabilities of fast, simple responses and deeper chain of thought reasoning into a single model. The Qwen3 Series covers a full range of motor sizes, including two MOE models and six dense models -- all Qwen3 models have been fully open source on model scope, hugging phase and other platforms -- we believe the full open sourcing of Qwen3 free will drive innovation and new applications by developers, staffers and the enterprises.

今年 4 月，我們推出了 Qwen3 系列，這是新一代混合推理模型，將快速、簡單的反應能力和更深層的思維鏈推理能力結合到一個模型中。Qwen3系列涵蓋了全系列的馬達尺寸，包括兩種MOE模型和六種密集模型——所有Qwen3模型均已在模型範圍、擁抱階段和其他平台上完全開源——我們相信Qwen3的完全開源將推動開發人員、員工和企業的創新和新應用。

Cloud adjusted EBITDA increased by 69% year-over-year, primarily due to faster growth of public cloud products and improving operating efficiency, partly offset by the increasing investments in customer growth and technology innovation. We will continue to invest in anticipation of customer growth and technology innovation, including AI products and services to increase cloud adoption for AI and maintain our market leadership. The adjusted EBITA margin decreased quarter-over-quarter by 1.9 percentage points. We increased our investments in technology and product development to capture the surge in AI demand.

雲端調整後EBITDA年增69%，主要由於公有雲產品成長加速及營運效率提升，但客戶成長和技術創新的投資增加部分抵銷了這一成長。我們將繼續投資於預期客戶成長和技術創新，包括人工智慧產品和服務，以增加人工智慧的雲端採用並維持我們的市場領先地位。調整後的 EBITA 利潤率季減 1.9 個百分點。我們增加了對技術和產品開發的投資，以滿足人工智慧需求的激增。

And also as we ramp up infrastructure investments to growing investment, to growing demand, higher depreciation and amortization expenses also weighted on margins. Revenue from China decreased by 12%, and its adjusted EBITDA increased by 55%. This is the result of the increasing integration of logistics offerings into our e-commerce businesses. Revenue from local service group grew 10% in driven by the combined order growth of both AMAP and Urlama as well as revenue growth from marketing services, while its adjusted EBITDA loss continue to narrow year-over-year as scale increased and unit economics improved due to operating efficiency. Our adjusted EBITDA loss increased quarter-over-quarter, mainly due to seasonal fact including high investments during Chinese New Year holiday.

而且，隨著我們增加基礎設施投資以應對不斷增長的投資和不斷增長的需求，更高的折舊和攤提費用也會對利潤率造成壓力。來自中國的營收下降了12%，其調整後的EBITDA成長了55%。這是物流服務日益融入我們的電子商務業務的結果。本地服務集團營收成長10%，得益於高德地圖和烏拉瑪的合併訂單成長以及行銷服務收入的成長，同時由於規模擴大和營運效率帶來的單位經濟效益改善，其調整後EBITDA虧損持續年比收窄。我們的調整後 EBITDA 虧損環比增加，主要是由於季節性因素，包括農曆新年假期期間的投資較高。

Revenue from Digital Media and Entertainment Group grew 12% to RMB5.6 billion, primarily driven by the strong performance of the movie and entertainment businesses and the increase in (inaudible) advertising revenue, adjusted EBITDA of DME turned positive, primarily driven by YouKu's profitability. Revenue from all other segments increased by 5%, primarily due to the increase in revenue from Freshippo and Alibaba Health, partly offset by the decrease in revenue from Sun Air due to its sale and deconsolidation in February 2025, while adjusted EBITDA loss was a loss of RMB2.5 billion.

數位媒體和娛樂集團的營收成長 12% 至人民幣 56 億元，主要得益於電影和娛樂業務的強勁表現以及（聽不清）廣告收入的增長，DME 的調整後 EBITDA 變為正值，主要得益於優異的盈利能力。所有其他分部的收入均增長5%，主要由於盒馬鮮生和阿里健康的收入增加，但部分被2025年2月出售及分拆太陽航空導致的收入減少所抵銷，而調整後EBITDA虧損為人民幣25億元。

All Other segment comprises a set of innovative businesses, including several strategic AI-driven technology infrastructure and businesses. While we continue to drive efficiency improvements across business lines, we are also investing in AI opportunities to maintain our competitive edge and to drive future growth. In closing, during this quarter, we are making significant strides in enhancing the competitiveness of our e-commerce and cloud businesses. Our Taobao and Tmall Group delivered solid growth reflecting the improvement in monetization efficiency in cloud, revenue growth continue to accelerate sequentially as we are seeing surging demand and ramping up of our capacity, we will onboard more customers and accelerate our business growth. We are also focusing on improving the efficiency of all segments to establish a clear path to profitability with DME turned profitable this quarter.

所有其他部門由一系列創新業務組成，其中包括幾項戰略性的人工智慧驅動的技術基礎設施和業務。在我們持續推動各業務線效率提升的同時，我們也在投資人工智慧機會，以維持我們的競爭優勢並推動未來的成長。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。我們的淘寶和天貓集團實現了穩健的成長，反映了雲端貨幣化效率的提高，隨著需求的激增和產能的提升，收入成長繼續加速，我們將吸引更多客戶並加速業務成長。我們也致力於提高所有部門的效率，以建立清晰的獲利途徑，DME 本季已實現盈利。

This quarter, we strengthened our balance sheet by monetizing noncore assets and the financial investments. These actions enable us to focus more on our core businesses and provide greater flexibility to invest decisively for growth and to return value to shareholders. We are executing with speed and position to capture the substantial opportunities ahead in the AI era.

本季度，我們透過將非核心資產和金融投資貨幣化來加強我們的資產負債表。這些舉措使我們能夠更加專注於核心業務，並提供更大的靈活性，以便果斷投資於成長並為股東帶來價值回報。我們正在快速行動，抓住人工智慧時代的巨大機會。

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

謝謝。我們的準備好的演講到此結束。我們可以開放問答。

(Operator Instructions) Operator, please start Q&A session. Thank you.

（接線生指示）接線員，請開始問答環節。謝謝。

(Operator Instructions) Gary Yu, Morgan Stanley.

（操作員指示）摩根士丹利的 Gary Yu。

(interpreted) Thank you. And I have two questions regarding the cloud. The first is that we've seen that it's been difficult in the past for AI to be -- for cloud to be monetized in the AI era. I recall management having said that in the previous quarter's earnings call, and more than 90% of tokens were serving together in the cloud.

（翻譯）謝謝。我有兩個關於雲的問題。首先，我們已經看到，在人工智慧時代，雲端運算很難實現貨幣化。我記得管理層在上一季的收益電話會議上說過，超過 90% 的代幣是在雲端一起服務的。

So first, over the past several months, I'm wondering in the course of talking with your customers if you've seen any big change on that front. And in the past, startFing with the enterprises that weren't that willing to go on to the cloud, because AI is now providing a big push to get on to the cloud. So I'm wondering if you're starting to see that kind of uptick. And if you have, I'm wondering, what kinds of companies it is and in what industries and if you could share with us some color on that as well as provide some guidance for the FY26 fiscal year in terms of cloud service revenues. That was my first question.

首先，在過去的幾個月裡，我想知道在與您的客戶交談的過程中，您是否看到這方面發生了任何重大變化。而在過去，我們一開始關注的是那些不太願意上雲的企業，因為現在人工智慧為上雲提供了巨大的動力。所以我想知道您是否開始看到這種上升趨勢。如果有的話，我想知道這些公司是什麼類型的公司，屬於哪些行業，您是否可以與我們分享一些相關情況，並為 2026 財年的雲端服務收入提供一些指導。這是我的第一個問題。

The second question has to do with AI applications, in particular, in the e-commerce area. And looking ahead, say, two to three years down the road, where do we expect to be at because we are one of the earlier companies in the e-commerce space that's beginning to apply AI in our e-commerce offering. So if you could provide some kind of outlook as for how much market share you expect to be able to gain as a result of that new AI deployment and at the same time, in terms of monetization will these new AI tools provide further space for expansion.

第二個問題與人工智慧應用有關，特別是在電子商務領域的應用。展望未來，比如說兩到三年後，我們預計會達到什麼水平，因為我們是電子商務領域較早開始在電子商務產品中應用人工智慧的公司之一。因此，如果您可以提供一些展望，說明您預計透過新的 AI 部署能夠獲得多少市場份額，同時，在貨幣化方面，這些新的 AI 工具是否會提供進一步的擴展空間。

(interpreted) Thank you. This is Eddie. So I will take this question. The first question. So in the quarter that just concluded, our cloud revenue grew by 18% and year-over-year. And I think that, that has primarily benefited from and being driven by demand related to AI. And in terms of putting a number on that, if we look at AI-driven demand in the cloud space, it's already grown by triple digits for seven consecutive quarters now. And behind that, that means that there's a lot of new companies that are starting to make use of AI services. So as we said before, a lot of the companies have started out initially adopting AI were ones in the Internet space or Internet finance, education, autonomous driving, those early adopter kinds of sectors.

（翻譯）謝謝。這是埃迪。所以我來回答這個問題。第一個問題。因此，在剛結束的這個季度，我們的雲端收入年增了 18%。我認為這主要得益於與人工智慧相關的需求並受到其驅動。從數字上看，如果我們看一下雲端運算領域由人工智慧驅動的需求，它已經連續七個季度實現了三位數的成長。而這背後意味著有許多新公司開始利用人工智慧服務。正如我們之前所說，許多最初採用人工智慧的公司都是網路領域、網路金融、教育、自動駕駛等早期採用人工智慧的行業。

But what we're seeing now is a lot of new scenarios and a lot of newer kinds of companies and other sectors that are taking up AI services. So a lot of these companies might have -- before they adopted AI, they might have been able to access these services off-line with IDC or internally with their own server rooms in their own company. But because -- precisely because they're now adopting AI, they have powerful impetus to migrate on to the cloud. And so as you've seen, we've given you some examples, for example, in the animal farming or animal husbandry sector as well as in the manufacturing sector as well as the EU small commodity city and companies there. And there are a lot of these kinds of companies that originally were handling these workloads off-line.

但我們現在看到很多新的場景和很多新型的公司和其他行業正在採用人工智慧服務。因此，許多公司在採用人工智慧之前，可能已經能夠透過 IDC 離線存取這些服務，或透過自己公司自己的伺服器機房內部存取這些服務。但正是因為他們現在採用了人工智慧，他們才有強大的動力遷移到雲端。正如您所看到的，我們為您提供了一些例子，例如畜牧業或畜牧業領域以及製造業以及歐盟小商品城和那裡的公司。有很多這樣的公司最初都是離線處理這些工作負載的。

So when it comes time for them to implement AI and adopt AI applications, they're migrating these services on to the cloud. And when they migrate on to the cloud, they will probably have some simple applications where they can do API calls. But when it comes to accessing their company internal proprietary data, or proprietary internal processes within the enterprise and integrating with those. And a lot of the time, what they're going to be doing is post training on the basis of open source model in order to meet those enterprise-specific demands.

因此，當他們需要實施人工智慧並採用人工智慧應用程式時，他們會將這些服務遷移到雲端。當他們遷移到雲端時，他們可能會有一些可以進行 API 呼叫的簡單應用程式。但是當涉及到訪問公司內部專有數據或企業內部專有流程並與這些數據整合時。很多時候，他們會在開源模型的基礎上進行後期培訓，以滿足企業特定的需求。

So we certainly are seeing a lot of this kind of demand through Bylin or through leasing GPU compute on Alibaba Cloud and making use of IAS layer services and other services, they're satisfying all of those different demands. So that's my response to your first question.

因此，我們確實看到了許多這種需求，透過 Bylin 或在阿里雲上租賃 GPU 運算並利用 IAS 層服務和其他服務，它們滿足了所有這些不同的需求。這就是我對你的第一個問題的回答。

And then just to add to that previous answer, in terms of the trends that we're seeing across these different sectors with more and more companies adopting cloud-based AI services. These are companies that had been using a traditional CPU-based compute that are now turning to AI and AI compute. So given that what we see for the next few quarters to come is a growth track, significant growth track for revenues in Alibaba Cloud. And we have quite strong confidence and conviction in that.

然後補充一下先前的答案，就我們在不同領域看到的趨勢而言，越來越多的公司採用基於雲端的人工智慧服務。這些公司之前一直在使用基於傳統 CPU 的運算，現在正在轉向 AI 和 AI 運算。因此，我們認為未來幾季阿里雲的營收將呈現成長軌跡，顯著的成長軌跡。我們對此有相當強烈的信心和信念。

(interpreted) This is Jiang Fan, and I will take the second part of the question regarding the application of AI in the e-commerce space. So as we've said several times, there's huge potential for applying AI in e-commerce certainly, in the present phase, one thing that we're paying a lot of attention to is leveraging AI to further enhance the user experience. And as you know, we have an opportunity to reshape the consumer experience with AI, for example, in terms of search recommendations and advertising where we are operating these systems based on traditional algorithms. And I think that this is a high priority for us in the near term.

(翻譯)我是蔣凡，我將回答關於人工智慧在電子商務領域的應用的第二部分問題。正如我們多次所說的，人工智慧在電子商務中的應用有著巨大的潛力，當然，在現階段，我們非常關注的一件事是利用人工智慧來進一步增強用戶體驗。如您所知，我們有機會利用人工智慧重塑消費者體驗，例如在搜尋推薦和廣告方面，我們基於傳統演算法來運作這些系統。我認為這是我們近期的首要任務。

We're already making many attempt on this front and are already starting to see results. It has the potential to enhance, of course, the search experience as well as to provide more precise recommendations as well as to enhance advertising efficiency. So we're seeing AI already making a significant difference in those different ways.

我們已經在這方面做出了很多嘗試，並且已經開始看到成果。當然，它有可能增強搜尋體驗，提供更精確的建議，並提高廣告效率。因此，我們看到人工智慧已經以不同的方式發揮了重大作用。

Secondly, we're also thinking about how we can leverage AI to enhance working efficiency internally for our employees and beyond our employees also more generally for merchants because as you know, when it comes to e-commerce, apart from the platform, the other big player in the system is merchants. We also trust that with the deeper adoption of AI, we will be able to further elevate efficiency across our entire ecosystem. And then the third point is that we believe in the longer term that AI can create new forms of interaction and engagement. And we're working on innovation-based forms of interaction and engagement for the future.

其次，我們也在思考如何利用人工智慧來提高員工內部以及員工之外，甚至更廣泛地說是商家的工作效率，因為如你所知，在電子商務方面，除了平台之外，系統中的另一個重要參與者就是商家。我們也相信，隨著人工智慧的深入應用，我們將能夠進一步提高整個生態系統的效率。第三點是，我們相信從長遠來看，人工智慧可以創造新的互動和參與形式。我們正在致力於開發面向未來的基於創新的互動和參與形式。

We're piloting these things actively. And we believe that AI will play a critical role in terms of driving long-term enhancement in the user experience on Taobao and equally in terms of driving enhancement in the efficiency of commerce.

我們正在積極試行這些措施。我們相信，人工智慧將在推動淘寶用戶體驗的長期提升以及商業效率的提升方面發揮關鍵作用。

Next question, please.

請回答下一個問題。

Alex Yao, JPMorgan.

摩根大通的 Alex Yao。

(interpreted) Thank you. So I have a couple of questions regarding monetization on Taobao and Tmall. The first is what is the overall direction that we're moving in and what is the objective, the goal in terms of monetization. We know that starting from last year in April, you launched (inaudible), UCT and then in September, you started implementing the 0.6% software service fee on Taobao, where previously it had been 0. You weren't charging anything. So over the past two or three quarters, we've seen these different monetization initiatives progressively rolled out and making a difference that we can see in the financial statements. But looking more to the mid- to long term, when you think about monetization, what are the factors that you are considering?

（翻譯）謝謝。所以我有幾個關於淘寶和天貓貨幣化的問題。首先，我們前進的總體方向是什麼，以及貨幣化方面的目標是什麼。我們知道，從去年 4 月開始，你們推出了（聽不清楚）UCT，然後在 9 月，你們開始在淘寶上實施 0.6% 的軟體服務費，而之前這個費用是 0。您沒有收取任何費用。因此，在過去的兩三個季度中，我們看到這些不同的貨幣化舉措逐步推出，並產生了我們可以在財務報表中看到的變化。但從中長期來看，當您考慮貨幣化時，您會考慮哪些因素？

We know that over the last two to three years, the monetization rate has been relatively stable, perhaps with a slight decline whereas the monetization rates of the competitors have all risen by quite a large margin. So and in particular, Taobao, we know has one of the lowest monetization rates, among any of the platforms across the industry. So when we're thinking about take rate and thinking about that gap with the competitors are we thinking about merchants and their ROI? Are we thinking about our own ROI and how are you considering that? And where is the balance?

我們知道在過去的兩三年裡，貨幣化率是比較穩定的，可能還有一點下降，但是競爭對手的貨幣化率都上升了相當大的幅度。尤其是淘寶，我們知道它的貨幣化率是整個產業中最低的平台之一。那麼，當我們考慮接受率並考慮與競爭對手的差距時，我們是否考慮商家及其投資報酬率？我們是否考慮過自己的投資報酬率？您是如何考慮的？那麼平衡點在哪裡呢？

And then the second follow-on question to that, is that we started implementing these monetization initiatives last year. QCT as well as the commission on Taobao. So that's all been in the course of one year. And is that it? Or is there going to be more to this sort of a multiyear initiative, a multiyear cycle where we're going to continue progressively to roll out more monetization measures. Thank you.

第二個後續問題是，我們去年開始實施這些貨幣化措施。QCT以及淘寶上的佣金。這一切都發生在一年的時間裡。就這樣嗎？或者說，這種多年期計畫是否會有更多內容，我們將在一個多年周期內繼續逐步推出更多的貨幣化措施。謝謝。

(interpreted) Thank you. So I'll take the question regarding the monetization rate and how we're working to continue to enhance monetization. The first thing I would say is that our foremost business objective is to stabilize market share in the mid to long term. And on that basis, our monetization rate essentially reflects the size of our market share. Over the past year, we have indeed rolled out various new products, including QCT, among others. And what that did is it allowed us to take some of the traditional advertising products that we weren't able very well to monetize with respect to certain merchants and make a big improvement on that score.

（翻譯）謝謝。因此，我將回答有關貨幣化率以及我們如何努力繼續提高貨幣化率的問題。首先我想說的是，我們最重要的經營目標是在中長期穩定市場佔有率。在此基礎上，我們的貨幣化率基本上反映了我們的市佔率規模。在過去的一年裡，我們確實推出了各種新產品，包括QCT等。這樣做的好處是，我們可以利用一些傳統的廣告產品，而這些產品對於某些商家來說，我們無法很好地將其貨幣化，從而在這方面取得很大的進步。

For example, for white label merchants. These are merchants who, in the past, represented a much lower level of monetization, and that's been significantly improved. So I think in the next few quarters to come, we will certainly continue to see this kind of a trend going forward. And of course, we've also begun charging commission on payments. So -- and that has made a difference in this present phase in terms of monetization. But looking more to the long term, on the one hand, we want to enhance the user experience and enhance our business model on that basis. And that will result in the optimization of monetization rate. We want to see growth in our GMV and the stability in our market share. And on that basis, we will certainly go about implementing more different kinds of monetization products and make different attempts, pilot different monetization models.

例如，對於白標商家。這些商家過去的獲利水準較低，但現在已顯著改善。因此我認為在接下來的幾個季度裡，我們肯定會繼續看到這種趨勢。當然，我們也開始對付款收取佣金。所以——就貨幣化而言，這在現階段產生了影響。但從更長遠的角度來看，一方面我們希望提升使用者體驗，並在此基礎上增強我們的商業模式。這將導致貨幣化率的優化。我們希望看到 GMV 的成長和市場佔有率的穩定。在此基礎上，我們肯定會推出更多不同類型的貨幣化產品，做出不同的嘗試，試行不同的貨幣化模式。

I already spoke earlier about some of the attempts we're making already around AI, and I think there's certainly potential there. So on that basis, we will continue to innovate and to enhance our monetization rate and to create more possibilities for higher levels of monetization.

我之前已經談到了我們在人工智慧領域所做的一些嘗試，我認為那裡肯定有潛力。所以在此基礎上，我們會不斷創新，提高我們的貨幣化率，為更高水準的貨幣化創造更多的可能性。

Next question, please.

請回答下一個問題。

Ronald Keung, Goldman Sachs.

高盛的 Ronald Keung。

(interpreted) Thank you. So I have a question regarding Alibaba Cloud's growth rate because I recall that in the past quarter, it has been said that starting from Spring Festival onward, we saw a surge in demand for inference workloads. So I'm wondering if we look at February, March compared to January, whether you saw that continuing rapid acceleration? And what kind of growth we're talking about on a month-over-month basis, say, for the quarter as a whole, I think it might have been 18% but that would be the average for January, February and March as a whole.

（翻譯）謝謝。所以我有一個關於阿里雲端成長率的問題，因為我記得在過去的一個季度，據說從春節開始，我們看到推理工作負載的需求激增。所以我想知道，如果我們將二月、三月與一月進行比較，是否看到持續的快速加速？我們談論的是按月計算的成長情況，例如整個季度的成長情況，我認為可能是 18%，但這是 1 月、2 月和 3 月的平均值。

And then also, when we look at these models within the -- family, there are some smaller models as well as some larger models. And I'm wondering how we would evaluate these different AI models, the larger ones, the smaller ones because we're running them on the cloud. So I'd like to hear about how -- what your view is in terms of growth in demand for inference compute power with respect to these models, given that some of them are very small models. Thank you.

而且，當我們查看該系列中的這些模型時，會發現一些較小的模型以及一些較大的模型。我想知道我們如何評估這些不同的人工智慧模型，無論是較大的模型還是較小的模型，因為我們在雲端運行它們。因此，我想聽聽您對這些模型的推理計算能力需求成長的看法，因為其中一些模型非常小。謝謝。

(interpreted) Thank you. So this is Eddie. I will take that question. And your first question had to do with the pace of cloud revenue growth in the various months over the quarter. During that first quarter in the period, January, February, March, there was the Spring Festival, the Chinese New Year. So I don't think that period of time is really very representative of the overall pace of development. But I think if you look at the quarter after the spring festival, then you certainly do see a lot of new customers, a lot of new demand arises. And a lot of that new demand is for inference workloads or for workloads that are driven by inference-based scenarios.

（翻譯）謝謝。這就是 Eddie。我將回答這個問題。您的第一個問題與本季各月份雲端收入的成長速度有關。在那個時期的第一季度，即一月、二月和三月，有春節和中國新年。所以我不認為那段時間確實能夠代表整體的發展速度。但我認為，如果你看看春節後的這個季度，你一定會看到很多新客戶，很多新的需求出現。許多新需求是針對推理工作負載或由基於推理的場景驅動的工作負載。

So a lot of the large scale adoption I think, is what you're going to see in the next few months to come. So not just in February and March after the spring vessel, but through April and May as well. And I think the surge that you're seeing in demand growth is representative of and closer to what you can expect to see as the regular pace of growth going forward. So because there were some disruptions in supply chains in January. February, March as well as the seasonal impact of the spring festival in that time. So I think you need to look beyond that to see what the regular pattern is going forward.

所以我認為，在接下來的幾個月裡，你將會看到大量的大規模採用。因此，不僅在春季船隻抵達後的二月和三月，而且在四月和五月也是如此。我認為，您所看到的需求成長激增具有代表性，並且更接近您預期的未來正常成長速度。因為一月供應鏈出現了一些中斷。二月、三月以及當時春節的季節影響。所以我認為你需要超越這一點，看看未來的常規模式是什麼。

Looking at customer demand. As I said, a lot of demand is driven by inference. That continues to grow steadily. Additionally, you would also ask a separate question about the effect of the different AI models, different sizes of models on the cloud business. So yes, you're absolutely right. Our Qwen open source models have a lot of edge model applications. And there are also applications that are suitable -- more suitable to be run on the cloud. There's a lot of different applications. But in particular, when we talk about the smaller models of around 3 billion parameters or even smaller. These kinds of models are running on local devices, for example, on mobile phones of customers or it could be in toys or it could be on different kinds of smart devices.

關注客戶需求。正如我所說，很多需求都是由推理驅動的。這一數字仍在穩步增長。此外，您還會問一個單獨的問題，即不同的 AI 模型、不同規模的模式對雲端業務的影響。是的，你完全正確。我們的Qwen開源模型有很多邊緣模型應用。還有一些應用程式更適合在雲端上運行。有很多不同的應用程式。但具體來說，當我們談論大約 30 億個參數甚至更小的較小模型時。這些類型的模型在本地設備上運行，例如在客戶的手機上，或在玩具中，或在不同類型的智慧型裝置上。

And so they're not going to have much of an impact in terms of driving cloud business. But because those same customers are using the Qwen models, -- what that means is often they're also going to require additional usage of cloud-based compute resources as well. So it's not just an edge model. that can achieve that kind of service requirement. And then you have the larger model, say, 32 billion parameters or higher -- and although, yes, you can run those on a consumer-grade video processing card. -- nonetheless, to really be able to run big models and run them well, run application as well, you need to put them in the cloud. So that way, you have the kind of elasticity that can scale to meet the requisite workloads. And of course, you get a better price as well for the compute.

因此，它們不會對推動雲端業務產生太大影響。但由於這些客戶使用的是 Qwen 型號，這意味著他們通常還需要額外使用基於雲端的運算資源。所以它不僅僅是一個邊緣模型。可以實現那種服務要求。然後你就有了更大的模型，例如 320 億個參數或更高——但是，是的，你可以在消費級視訊處理卡上運行它們。 ——儘管如此，為了真正能夠運行大型模型並運行良好，運行應用程序，您需要將它們放在雲端。這樣，您就擁有了可擴展的彈性，可以滿足所需的工作負載。當然，您還可以獲得更優惠的計算價格。

So I think that the edge models to a certain extent are complementary with our cloud-based large parameter models. They work well together as a business model. So -- and I think that the use of those smaller models also contributes to higher reliance by those customers on the relevant products of Alibaba cloud.

所以我覺得邊緣模型在某種程度上和我們基於雲端的大參數模型是互補的。作為一種商業模式，它們可以很好地協同運作。所以——我認為使用這些較小的模型也有助於提高這些客戶對阿里雲相關產品的依賴程度。

Next question, please.

請回答下一個問題。

Kenneth Fong, UBS.

瑞銀的 Kenneth Fong。

I have a question in our recent announcement in the in-store shopping investment. -- that we said we will invest $10 billion with (inaudible) to grow the re-commerce business. Can management share some plans on, let's say, area for investment why we do it now? And how would it impact the profitability for local service, especially in light of the intensified competition in the food delivery business recently? .

我對我們最近宣布的店內購物投資有一個疑問。 ——我們說我們將投資 100 億美元（聽不清楚）來發展二手商務。管理階層能否分享一些計劃，比如說，為什麼我們現在要進行投資？這將如何影響本地服務的獲利能力，特別是在最近食品配送業務競爭加劇的情況下？。

(interpreted) Thank you. This is Jiang Fan. So I will take this question. Instant commerce is not a new racetrack for Alibaba. This isn't a day one for us, so to speak, in the sector. We've been building up our capabilities in this marketplace for many, many years now. We invested, of course, in (inaudible) and developed (inaudible) as well. So these were all putting pieces in place in that instant commerce space. So I think it's entirely natural for us to continue to develop and grow in this market. Of course, there have been many new large and new developments in this market recently as well. So I think that these are some of the reasons that we're positioned to do very well in the market, and we have some strong advantages. One thing to note about this incident retail market is that it's a huge market because basically, every person in China, every consumer in China will have demand for instant commerce.

（翻譯）謝謝。我是蔣凡。所以我來回答這個問題。即時商務對阿里巴巴來說並不是一個新的賽道。可以這麼說，對我們這個產業來說，這並不是第一天。多年來，我們一直在這個市場上增強我們的能力。當然，我們也投資了（聽不清楚）並開發了（聽不清楚）。所以這些都是在即時商務領域中發揮作用的。因此我認為我們在這個市場上繼續發展和成長是完全自然的。當然，最近這個市場也出現了許多新的大型專案和新發展。所以我認為這些是我們在市場上表現非常出色的一些原因，而且我們擁有一些強大的優勢。關於這個事件零售市場需要注意的一點是，它是一個巨大的市場，因為基本上，中國每個人、中國的每個消費者都會對即時商務有需求。

Today, it could be a market of some, say, 500 million to 600 million consumers going forward that could easily be 1 billion consumers. It's also a market that's growing and developing extremely rapidly. And it's important to know that Taobao has extremely broad user base already in place. So it's entirely natural for us to develop in this direction and to boost up our instant Commerce offerings as a new service or new category and to integrate it into the Taobao platform.

今天，這個市場可能有 5 億到 6 億消費者，未來這個數字很容易達到 10 億。這也是一個成長和發展極為迅速的市場。值得注意的是，淘寶已經擁有極為廣泛的用戶群。因此，我們朝這個方向發展，將即時商務作為一項新服務或新類別進行提升，並將其整合到淘寶平台中，是完全自然的選擇。

Secondly, in terms of merchants in the market, we have extremely mature and experienced merchant base already in place because, as I said, (inaudible) has been operating in this market for many years now. And we also have an extremely robust and mature logistics system to support instant Commerce as well. So this all makes it possible for us to provide an excellent service experience for Instant commerce on Taobao. So we're building on a very strong base with very strong advantages, and leveraging those advantages, I expect that we can move forward very quickly in delivering an excellent service experience for some -- Instant Commerce, while at the same time ensuring an excellent balance in terms of business efficiency.

其次，就市場商家而言，我們已經擁有非常成熟且經驗豐富的商家基礎，因為正如我所說，（聽不清楚）已經在這個市場運作多年了。我們也擁有極其強大和成熟的物流系統來支援即時商務。這一切使得我們能夠為淘寶即時商務提供卓越的服務體驗。因此，我們建立在非常強大的基礎和非常強大的優勢之上，利用這些優勢，我預計我們可以非常迅速地為即時商務提供卓越的服務體驗，同時確保在業務效率方面實現良好的平衡。

(interpreted) And then I can expand on that further to say that over the past couple of weeks, we've been making some attempts with the Taobao Taobao Instant commerce or quick commerce offering. And the results of that trial have vastly exceeded our original expectation. this is -- we're talking about the growth in scale as well as efficiency of operations in both of those dimensions, results were better than we had expected. And I think that in the longer term, continuing to develop this will result in many different benefits and advantages for Taobao. First of all, for Taobao is an app. We're an e-commerce up and Instant Commerce is a high-frequency consumption scenario. So by developing more instant commerce on the Taobao app, we can drive higher levels of user engagement with the Taobao app. And that's definitely going to be a good thing for Taobao in the long term. Secondly, we see new possibilities for combining nationwide e-commerce with local or hyper local e-commerce and we hope that in the next period of time to come, we can develop those synergies rapidly by investing aggressively in that integration. So we aim to convert more Taobao app users into users of the instant commerce offering on Taobao. And then in the long term, we believe that by driving the growth of this new business format on Taobao, we can upgrade our business model further, and we can drive more engagement with our app.

(翻譯)然後我可以進一步說明，在過去的幾周里，我們一直在嘗試淘寶即時商務或快速商務服務。而那次試驗的結果大大超出了我們最初的預期。這是——我們正在談論規模的成長以及這兩個維度的營運效率，結果比我們預期的要好。我認為，從長遠來看，繼續發展這項業務將為淘寶帶來許多不同的好處和優勢。首先，對於淘寶來說它是一個應用程式。我們是電商向上，即時商務是高頻消費場景。因此，透過在淘寶應用程式上開發更多的即時商務，我們可以提高淘寶應用程式的用戶參與度。從長遠來看，這對淘寶來說肯定是一件好事。其次，我們看到了將全國電子商務與本地或超本地電子商務相結合的新可能性，我們希望在未來一段時間內，我們可以透過積極投資這種整合來迅速發展這些協同效應。因此，我們的目標是將更多的淘寶應用程式使用者轉化為淘寶即時商務服務的使用者。從長遠來看，我們相信，透過推動淘寶上這種新業務模式的成長，我們可以進一步升級我們的業務模式，並可以提高我們應用程式的參與度。

So in the short term, the focus of our investment will be on developing new users, as I said. And we see a huge potential for the Taobao app to grow its users and to convert existing users into instant commerce users. So in the short term, we will be investing aggressively in this business.

所以短期內我們的投資重​​點還是放在開發新用戶上，我說。我們看到淘寶應用程式在增加用戶量和將現有用戶轉化為即時商務用戶方面具有巨大的潛力。因此，短期內我們將積極投資這項業務。

Next question, please.

請回答下一個問題。

Joyce Ju, Bank of America.

美國銀行的 Joyce Ju。

(interpreted) So as we know recently, this year's 618 ,618 campaign has begun. So first of all, I'd like to know what different strategies we can expect to see this year around the 618 promotion in terms of events or in terms of the pace of the presales period and so on? And then secondly, I'm wondering how the feedback is on the merchant side and on the user side. And then just to follow on from that previous question before mine, I'm wondering if there's any connection that we can expect to see between Instant Commerce or rapid commerce, and this year's 618 campaign in terms of synergies and if there might be some nice happy surprises waiting for us in the instant Commerce space in connection with 618.

(翻譯)所以，正如我們最近所知，今年的618、618活動已經開始。所以首先，我想知道今年 618 促銷活動方面，在活動或預售進度等方面，我們可以期待看到哪些不同的策略？其次，我想知道商家和使用者方面的回饋如何。然後，為了繼續我之前的問題，我想知道在協同效應方面，我們是否可以期待看到即時商務或快速商務與今年的 618 活動之間有什麼聯繫，以及在與 618 相關的即時商務領域是否會有一些令人愉快的驚喜等著我們。

(interpreted) Okay. Thank you. This is Jiang Fan, and I will take the question about the strategic direction for instant Commerce starting there first. I think in the short term, our priority, as I was just saying, is to achieve very rapid conversion to convert more existing two users into instant commerce users on Taobao and to position Taobao with that kind of mind share amongst consumers. We're already seeing good results, as I said, from our initial forays. And when users first make use of instant commerce, then they continue to come back with high engagement and high frequency.

（翻譯）好的。謝謝。我是蔣凡，我先回答一下關於即時商務的策略方向的問題。我認為在短期內，正如我剛才所說，我們的首要任務是實現非常快速的轉化，將更多現有的二三線用戶轉化為淘寶上的即時商務用戶，並使淘寶在消費者中佔據這樣的心智份額。正如我所說，從最初的嘗試開始，我們就已經看到了良好的成果。當使用者首次使用即時商務時，他們會繼續以高參與度和高頻率回來。

So we're seeing high levels of engagement from those consumers. And then a major goal for us in the present phase is to get that -- to get the instant commerce business right. I think in the longer term, there are many possibilities to achieve synergy between instant commerce, hyperlocal and nationwide commerce.

因此，我們看到這些消費者的參與度很高。那麼，我們現階段的一個主要目標就是實現這一點──做好即時商務業務。我認為從長遠來看，即時商務、超本地化和全國性商務之間有很多協同作用的可能性。

Okay. Coming to the 618 campaign, the other part of your question. I think that this is just getting started. In fact, I think the campaign doesn't actually start until officially until tomorrow. So certainly, you can expect to see some changes including around marketing and including around the pacing of the campaign. These changes are aimed at better orienting and gearing the campaign to the new competitive environment and, of course, also at offering consumers a good experience, good prices and good services. But because the campaign hasn't actually started yet, I'm not in a position to share with you any of those details, but I will look forward on giving you a fuller report the campaign during our next quarterly earnings call.

好的。談到 618 活動，這是您問題的另一部分。我認為這才剛開始。事實上，我認為該活動實際上要到明天才會正式開始。因此，您當然可以期待看到一些變化，包括行銷方面的變化以及活動節奏方面的變化。這些變化的目的是為了更好地定位和調整活動以適應新的競爭環境，當然也是為了提供消費者良好的體驗、優惠的價格和優質的服務。但由於活動實際上尚未開始，我無法與大家分享任何細節，但我期待在下次季度收益電話會議上向大家提供更全面的活動報告。

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

由於時間限制，我們現在來回答最後一個問題。

Alicia Yap, Citigroup.

花旗集團的 Alicia Yap。

I wanted to follow up on the CMR this quarter, wanted to management to elaborate a little bit the strong performance this quarter. How much of that is driven by the GMV versus the (inaudible) transient rate improvement? And also wanted to follow up, how much more levers that this improvement on Transient could further drive the monetization improvement in the upcoming fiscal 2026? And then also a follow up, will the step-up investment in the food delivery business to put some pressure on the TGG EBITDA in the coming quarters.

我想跟進本季的 CMR，希望管理階層稍微詳細說明本季的強勁表現。其中有多少是由 GMV 推動的，有多少是由（聽不清楚）瞬時利率改善所推動的？而且也想跟進一下，Transient 的這種改進還能在多大程度上進一步推動即將到來的 2026 財年的貨幣化改善？然後還有後續問題，食品配送業務的加大投資是否會對未來幾季的 TGG EBITDA 造成一些壓力。

(interpreted) So this is Toby. Let me start by answering your question about CMR. And as I said earlier, there were really two major drivers of CMR growth in this quarter. The first was the software service fee, the 0.6% charge that we began charging starting from September of last year. And then the second factor has been the growing penetration of (inaudible) and its penetration in terms of advertising revenues. So in the new fiscal year, looking ahead, I think that both of those factors will continue to exist. and to play a role, starting first off, with the software service fee, there will continue to be a period of time going forward because last year, we started from a very low base.

（翻譯）這就是托比。首先讓我回答您關於 CMR 的問題。正如我之前所說，本季 CMR 成長實際上有兩個主要驅動力。第一是軟體服務費，也就是0.6%的費用，我們從去年9月開始收取。第二個因素是（聽不清楚）的滲透率不斷提高，以及其在廣告收入方面的滲透率不斷提高。因此，展望新的財政年度，我認為這兩個因素都將繼續存在。首先從軟體服務費開始發揮作用，未來還會有一段時間繼續下去，因為去年我們的起點很低。

So we'll continue to be rolling out and charging that software service fee first point. Secondly, in the earliest period of implementing the software service fee, we had various merchant-friendly measures, rebates to certain merchants. And in the coming fiscal year, or in 2025, we will slowly start to roll back some of those rebates. So in the new year, then the software service fee will continue to be a positive factor for our -- the further growth of monetization.

因此，我們將繼續推出並收取軟體服務費。第二，在軟體服務費實施的最初階段，我們有各種優惠措施，對某些商家有回饋。在下一個財政年度，也就是 2025 年，我們將開始慢慢取消部分退稅。因此，在新的一年裡，軟體服務費將繼續成為我們進一步實現貨幣化的積極因素。

Then the second point regarding QCT, we'll continue to drive penetration of QCT and in fact, progress to date is entirely in line with our expectations. The penetration rate continues to grow and that is also having a positive driving effect on monetization rates. Of course, in the process of driving penetration of QCT and Jiang Fan also mentioned this earlier. But the most important thing is growth in terms of new merchants, getting new merchants to adopt QCT. So that includes a lot of small- and medium-sized merchants who have now started to make use of our advertising products as well as white label merchants and so on.

然後關於 QCT 的第二點，我們將繼續推動 QCT 的滲透，事實上，迄今為止的進展完全符合我們的預期。滲透率持續成長也對貨幣化率產生了積極的推動作用。當然，在推動QCT滲透的過程中，蔣凡前面也提到了這一點。但最重要的是新商家的成長，讓新商家採用 QCT。其中包括許多已經開始使用我們的廣告產品的中小型商家以及白標商家等等。

So from a certain perspective, this is incremental budget and incremental new advertising revenue. So this increase will be positive for driving growth in monetization in the new fiscal year.

因此從某個角度來看，這是增量預算和增量新廣告收入。因此，這一增長將對推動新財年的貨幣化成長產生積極作用。

And then turning to your second question concerning EBITDA. As Jiang Fan already said, our primary goal that we're focused on for the medium term is stabilizing our overall market share. And as part of that process, we are making a lot of investments. That includes investments in user experience as well as in price competitive products. And as we've said, we still very much remain in an investment stage. This is an investment period. And certainly, that will have an impact on EBITDA, in line with competitive developments. You could expect to see fluctuation in EBITDA on a quarterly basis.

然後轉到有關 EBITDA 的第二個問題。正如蔣凡所說，我們中期的首要目標是穩定我們的整體市場佔有率。作為這一過程的一部分，我們正在進行大量投資。這包括對用戶體驗以及價格競爭力產品的投資。正如我們所說，我們仍然處於投資階段。這是一個投資期。當然，這將對 EBITDA 產生影響，與競爭發展保持一致。您可能會看到 EBITDA 每季都會出現波動。

So I think that's what you can expect to see in -- that's what you've already seen over the past several quarters. So starting from this quarter, obviously, we're also making new investments in quick Commerce or Instant Commerce, and that also will have an impact on EBITDA. On the one hand, these investments will result in the acquisition of new users, new user growth as well as increase in frequency and in stickiness. So in a certain sense, you could see this as supplanting some of our original investments in market growth. So of course, we do take that into consideration.

所以我認為這就是您可以期待看到的——這也是您在過去幾個季度中已經看到的。因此從本季開始，顯然我們也在快速商務或即時商務方面進行新的投資，這也會對 EBITDA 產生影響。一方面，這些投資將帶來新用戶的獲取、新用戶的成長以及使用頻率和黏性的提高。因此從某種意義上來說，你可以認為這會取代我們原來在市場成長上的一些投資。所以當然，我們會考慮到這一點。

But overall, we would expect that EBITDA, CTG's EBITDA overall in the next few quarters to come, will experience some fluctuation in line with competitive dynamics.

但總體而言，我們預計未來幾季三峽集團的 EBITDA 整體將隨著競爭動態而出現一些波動。

Thank you, everyone, for joining us today. We appreciate your time. We will see you next quarter.

感謝大家今天加入我們。感謝您的時間。我們將在下個季度與您見面。

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

今天的會議就到此結束了。感謝您的參與。您現在可以斷開連線。

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

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。翻譯由贊助此活動的公司提供。