阿里巴巴 (BABA) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by Welcome to Alibaba Group's June quarter 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6月季度業績電話會議。（操作員指示）

I would now like to turn the call over to Lydia Liu, 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人關係主管劉莉。請繼續

Good day, everyone. Welcome to Alibaba Group's June quarter 2025 earnings conference call.

大家好。歡迎參加阿里巴巴集團2025年6月季度財報電話會議。

With us today 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.

今天與我們一起的有董事長蔡崇信、執行長吳忌寒、財務長徐直軍和阿里巴巴電商事業群執行長蔣凡。

This call is also being webcast from the IR section of our company 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 IR 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, I will quickly cover the Safe Harbor. Today's discussions may contain forward-looking statements, particularly statements about our business and financial resources, that are subject to risk 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，我將快速介紹安全港。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資源的陳述，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.

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。

And now, I will turn the call over to Eddie.

現在，我將把電話轉給 Eddie。

(interpreted) Hello, everybody, and welcome to this quarter's earnings call. This quarter, we delivered solid growth. Excluding revenue from Sun Art and Intime, our total revenue on a like-for-like basis grew 10% year over year.

（翻譯）大家好，歡迎參加本季的財報電話會議。本季度，我們實現了穩健的成長。不計高鑫零售和銀泰百貨的收入，我們的總收入年增 10%。

Revenue growth of our core businesses remained strong. Customer management revenue from our China e-commerce business rose 10% year over year. Cloud Intelligence Group revenue growth accelerated to 26% year over year.

核心業務營收成長依然強勁。我們中國電子商務業務的客戶管理收入年增10%。雲端智慧集團營收成長率年增26%。

With AI-related product revenue maintaining triple-digit growth for the eighth consecutive quarter, revenue from AIDC grew by 19% year over year. In AI + Cloud, the accelerated development of AI applications and increasing AI product adoption by customers drove a 26% year-over-year revenue increase from our external customers.

人工智慧相關產品收入連續八個季度保持三位數成長，其中人工智慧發展中心營收年增19%。在AI+雲端方面，AI應用的加速發展以及客戶對AI產品的日益採用，推動我們來自外部客戶的營收年增26%。

During the quarter, AI-related revenue accounted for over 20% of revenue from external customers as AI demand continued to grow rapidly. We're also seeing AI applications driving great growth momentum of traditional products, including compute and storage.

本季度，隨著人工智慧需求持續快速成長，人工智慧相關收入佔外部客戶收入的20%以上。我們也看到人工智慧應用正在推動運算和儲存等傳統​​產品的巨大成長勢頭。

SAP and Alibaba entered a strategic partnership focused on cloud and AI. As SAP's global cloud computing partner, Alibaba Cloud will support SAP customers to run and manage their core software systems on Alibaba's platform.

SAP 與阿里巴巴達成專注於雲端運算和人工智慧的策略合作夥伴關係。身為SAP全球雲端運算合作夥伴，阿里雲將支援SAP客戶在阿里巴巴平台上運作並管理其核心軟體系統。

Leveraging our Q1 models, SAP will also provide AI transformation services for its enterprise customers. This partnership signifies the recognition of our cloud infrastructure and AI capabilities by the global leading enterprises in the SAP ecosystem.

利用我們的 Q1 模型，SAP 也將為其企業客戶提供 AI 轉型服務。此次合作標誌著SAP生態系統中全球領導者對我們的雲端基礎設施和AI能力的認可。

We've continued to advance the capabilities of our AI foundation model. Since July, Alibaba has released upgraded Q13, including a non-thinking model, reasoning model, and AI coding model, which are recognized as global top performers in their respective categories.

我們不斷提升人工智慧基礎模型的能力。自7月以來，阿里巴巴發布了升級版的Q13，包括非思維模型、推理模型和AI編碼模型，這些模型在各自的類別中都被公認為全球頂尖。

Notably, our Q13 coder model has rapidly increased Q1's user adoption in overseas markets. We also open sourced several models such as the video generation model, WAN 2.2, and the text to image model, Q1 image. By continuously upgrading our open source models, we're empowering our customers to develop their own AI applications.

值得注意的是，我們的 Q13 編碼器模型迅速增加了 Q1 在海外市場的使用者採用率。我們也開源了視訊生成模型、WAN 2.2、文字轉圖像模型、Q1圖像等幾個模型。透過不斷升級我們的開源模型，我們正在幫助客戶開發自己的人工智慧應用程式。

Meanwhile, Alibaba's own AI native applications continue to advance. AMAP has undertaken a comprehensive AI transformation with the launch of AMAP 2025, the world's first AI native location-based application. The upgrade brings spatial intelligence into dynamic real-world scenarios, and AMAP is well positioned to become a new gateway for future lifestyle services.

同時，阿里巴巴自身的AI原生應用也在不斷推進。高德地圖全面進行AI轉型，發布全球首個AI原生位置應用程式－高德地圖2025。此次升級將空間智慧帶入動態的現實場景，高德地圖可望成為未來生活服務的新入口。

DingTalk has also completed its latest AI upgrade, creating the world's first agent-driven work feeds to explore next-generation workplace application paradigm. On our Taobao platform, we see immense AI-powered opportunities emerging, such as AI search and AI advertising platform.

釘釘也完成了最新的AI升級，打造了全球首個由代理商驅動的工作流程，探索下一代職場應用範式。在我們的淘寶平台上，我們看到了巨大的人工智慧驅動的機遇，例如人工智慧搜尋和人工智慧廣告平台。

In consumption, we undertook a strategic combination of Taobao and Tmall Group, Ele.me, and Fliggy into Alibaba China e-commerce group. This organizational change creates a comprehensive consumption platform and upgrade our consumer experience.

在消費領域，我們將淘寶與天貓集團、餓了麼、飛豬策略合併，組成阿里巴巴中國電商集團。這次組織變革打造了全方位的消費平台，提升了我們的消費者體驗。

We have consolidated supply chains, user bases, and membership benefits across our businesses and launched a tiered loyalty program that connects Ele.me, Fliggy, and AMAP. The newly integrated benefits enhance our members' experience across a full spectrum of consumption scenarios.

我們整合了各業務的供應鏈、用戶基礎和會員福利，並推出了連接餓了麼、飛豬和高德地圖的分級忠誠度計畫。新整合的福利增強了我們會員在各個消費場景中的體驗。

Since May, our investments in quick commerce have rapidly surpassed key milestones and created synergies. In August, monthly active consumers on our quick commerce business are approaching 300 million, contributing to a 25% increase in monthly active consumers on the Taobao app. Daily order volume of our China e-commerce group continued to achieve new records.

自五月以來，我們在快速商務方面的投資已迅速超越關鍵里程碑並產生協同效應。8月份，快電商月活躍用戶接近3億，帶動淘寶App月活躍用戶成長25%。中國電商集團日訂單量不斷創新高。

Looking ahead, Alibaba Group has two historic opportunities, to build a technology platform centered on AI + Cloud and to create a comprehensive shopping and daily life services consumption platform. We will invest at scale to capture the opportunities.

展望未來，阿里巴巴集團面臨兩大歷史性機遇，一是打造以AI+雲端為核心的科技平台，二是打造綜合購物及生活服務消費平台。我們將大規模投資以抓住機會。

This also marks a new entrepreneurial chapter for the company after 26 years. In line with this, in February, we announced an investment of RMB80 billion over the next three years to build our cloud and AI infrastructure.

這也標誌著公司時隔26年，開啟了新的創業篇章。為此，我們在今年 2 月宣布未來三年投資 800 億元人民幣建設雲端運算和人工智慧基礎設施。

In July, we announced plans to invest RMB50 billion in consumption. The transformative impact of AI on all industries, combined with a deep integration of AI and cloud, will present the most significant opportunity in the technology sector over the next decade.

今年7月，我們宣布計畫投資500億元消費。人工智慧對各行各業的變革性影響，加上人工智慧與雲端的深度融合，將為未來十年科技領域帶來最重大的機會。

For Alibaba, we have the world's fourth largest in Asia's leading cloud infrastructure along with full stack technology capabilities spanning AI computing power, AI cloud platforms, AI models, and open source ecosystem and AI applications. This quarter, our CapEx investment in AI and cloud infrastructure reached RMB38.6 billion. Over the past four quarters, we have cumulatively invested over RMB100 billion in AI infrastructure and AI product R&D.

對阿里巴巴來說，我們擁有全球第四大、亞洲領先的雲端基礎設施，以及涵蓋AI運算能力、AI雲端平台、AI模型以及開源生態系統和AI應用程式的全端技術能力。本季，我們在人工智慧和雲端基礎設施的資本支出達到人民幣386億元。過去四個季度，我們在人工智慧基礎設施和人工智慧產品研發方面累計投入超過1,000億元。

Our investments in AI have begun to yield tangible results. This is evidenced by Alibaba's -- Alibaba cloud's returned to rapid growth driven by AI demand and our AI-enhanced experiences across consumer and enterprise-facing scenarios. So we're seeing an increasingly clear path for AI to drive Alibaba's robust growth.

我們對人工智慧的投資已經開始取得實際的成果。阿里巴巴證明了這一點——在人工智慧需求以及我們在消費者和企業場景中的人工智慧增強體驗的推動下，阿里雲恢復了快速成長。因此，我們看到人工智慧推動阿里巴巴強勁成長的道路越來越清晰。

We're also well positioned in China, the world's largest e-commerce market and the most promising service consumption market. China has a well-developed e-commerce infrastructure, high population density, and strong demand for service consumption, providing a solid foundation for the integration of our quick commerce business and the Taobao app.

我們在中國這個全球最大的電子商務市場和最具前景的服務消費市場也佔有有利地位。中國電商基礎設施發達，人口密度高，服務消費需求旺盛，為快電業務與淘寶APP的融合提供了堅實的基礎。

We believe this convergence will fulfill consumer needs for a one-stop consumption experience and meet merchants' desire to serve consumers across multiple scenarios. It will enhance commerce efficiency and pave the way for an all-in-one AI assistant for consumption.

我們相信這種融合將滿足消費者對一站式消費體驗的需求，並滿足商家跨場景服務消費者的願望。它將提高商業效率，並為消費一體化人工智慧助理鋪平道路。

Alibaba's strategic positioning in quick commerce has ambitions beyond competing in a single category. We aim to meet the one-stop consumption needs of our 1 billion consumers and shape business models of a comprehensive consumption platform in the AI era.

阿里巴巴在快速商務的策略定位，其野心遠不止於單一品類的競爭。我們的目標是滿足十億消費者一站式消費需求，塑造AI時代綜合消費平台的商業模式。

In consumption, our long-term goal is to create a comprehensive consumption platform catering to our 1 billion consumers' full spectrum of shopping and daily life needs. We aim to offer the best experience to the largest consumer base with the highest purchase frequency, ultimately leading in a RMB30 trillion addressable market.

在消費領域，我們的長期目標是打造一個滿足10億消費者全方位購物和生活需求的綜合消費平台。我們的目標是為最大的消費者群體和最高的購買頻率提供最佳體驗，最終在30兆元人民幣的潛在市場中保持領先地位。

Over the next three years, Alibaba will embark on a new journey with an entrepreneurial mindset to drive robust business growth through sustained investments centered on the strategic areas of consumption and AI + cloud. We're confident that these investments in the core business will sharpen our competitive edge and fuel long-term growth. Thank you.

未來三年，阿里巴巴將以企業家精神開啟新旅程，圍繞消費、AI+雲端等策略領域持續投入，推動業務強勁成長。我們相信，這些對核心業務的投資將增強我們的競爭優勢並推動長期成長。謝謝。

Thank you, Eddie. As Eddie said, we are embarking on a new chapter of entrepreneurship by investing in two strategic pillars of consumption in the AI + Cloud. These represent the two biggest long-term opportunities we are systematically pursuing. To reflect this sharpened focus, we have also adjusted our financial reporting accordingly.

謝謝你，艾迪。正如Eddie所說，我們透過投資AI+雲端兩大消費策略支柱，開啟創業的新篇章。這是我們正在系統中追求的兩個最大的長期機會。為了體現這更明確的重點，我們也對財務報告進行了相應調整。

Starting from this quarter, we undertook a strategic combination of Taobao and Tmall Group, Ele.me and Fliggy into Alibaba China e-commerce group, transforming our value proposition into a comprehensive consumption platform. This is not simply an organizational change. It's a major strategic investment aimed at redefining the consumer experience and unlock long-term value across our ecosystem.

從本季開始，我們將淘寶與天貓集團、餓了麼和飛豬進行策略合併，組成阿里巴巴中國電商集團，將我們的價值主張轉變為一個綜合消費平台。這不僅僅是一次組織變革。這是一項重大策略投資，旨在重新定義消費者體驗並釋放我們整個生態系統的長期價值。

This quarter marked a meaningful progress on this front as we deepened investment in quick commerce and increasingly essential use case for capturing new demand and shaping future consumer experience.

本季我們在這方面取得了有意義的進展，因為我們加大了對快速商務的投資，並且對於捕捉新需求和塑造未來消費者體驗而言，其使用案例日益重要。

Our quick commerce business achieved key milestones while contributing to the 25% year-over-year growth in the Taobao app monthly active consumers in the first three weeks of August. In tandem, we are building the AI + Cloud infrastructure to support the next wave of technological transformation, positioning Alibaba as a key enabler of enterprise AI adoption across industries.

我們的快商務業務取得了關鍵的里程碑，同時推動淘寶應用程式 8 月前三週月活躍用戶年增 25%。同時，我們正在建立人工智慧+雲端基礎設施，以支援下一波技術轉型，將阿里巴巴定位為跨產業企業人工智慧應用的關鍵推動者。

Our cloud business delivered accelerated growth as segment revenue and revenue from external customers both grew 26%, driven by surge in AI demand and increased customer adoption of public cloud services to support AI workloads. At the same time, we remain focused on improving operating efficiency and profitability. In the quarter, AIDC delivered solid progress approaching breakeven while sustaining strong growth momentum.

我們的雲端業務實現了加速成長，由於人工智慧需求激增以及客戶越來越多地採用公有雲服務來支援人工智慧工作負載，分部收入和來自外部客戶的收入均成長了 26%。同時，我們仍然致力於提高營運效率和獲利能力。本季度，漢能集團取得了穩步進展，接近收支平衡，同時保持了強勁的成長勢頭。

Now let's look at the financial results on a consolidated basis. Total revenue was RMB247.7 billion. Excluding revenue from Sun Art and Intime, revenue on a like-for-like basis would have grown by 10% year over year.

現在讓我們來看看合併後的財務結果。總收入為人民幣2477億元。若不計入高鑫零售和銀泰百貨的收入，年收入將成長 10%。

The adjusted EBITA decreased 14%, primarily due to our strategic focus on scaling quick commerce to capture new consumption patterns and drive future monetization opportunities, partly offset by margin improvements across several businesses including AIDC and other units that made continued progress in operating efficiency.

調整後的 EBITA 下降了 14%，這主要是因為我們的策略重點是擴大快速商務規模，以抓住新的消費模式並推動未來的貨幣化機會，但包括 AIDC 和其他在營運效率方面持續取得進步的部門在內的多個業務的利潤率提高部分抵消了這一影響。

Our GAAP net income increased 76% and primarily due to the mark-to-market changes from our equity investments and the gain arising from the disposal of local consumer service business of Trendyol.

我們的 GAAP 淨收入增長了 76%，這主要歸因於我們的股權投資的按市價計價的變化以及出售 Trendyol 本地消費者服務業務所產生的收益。

Operating cash flow was RMB20.7 billion. Free cash flow was an outflow of RMB18.8 billion. This was mainly attributed to our accelerated pace on expanding AI + Cloud infrastructure as CapEx ramped up to approximately RMB39 billion and investment in Taobao instant commerce.

經營現金流為207億元。自由現金流流出188億元人民幣。這主要歸功於我們加快擴展AI+雲端基礎設施的步伐，資本支出增加至約人民幣390億元，以及對淘寶即時商務的投資。

Backed by nearly USD50 billion in net cash, a healthy and low leveraged balance sheet, and our strong access to capital markets, we have ample flexibility to support long-term strategic investments while maintaining financial resilience.

憑藉近 500 億美元的淨現金、健康且低槓桿的資產負債表以及強大的資本市場管道，我們擁有充足的靈活性來支持長期策略投資，同時保持財務韌性。

This quarter, we bought back approximately 7 million ADS for a total of USD815 million and our share repurchase program. We remain committed to shareholders' return through a mix of share buybacks, dividends, and investment for growth; and we will continue to adjust the pace in form of returns based on market conditions and strategic priorities.

本季度，我們回購了約 700 萬股 A​​DS，總額達 8.15 億美元，並實施了我們的股票回購計畫。我們將繼續致力於透過股票回購、股利和成長投資等方式為股東帶來回報；並且我們將根據市場狀況和策略重點繼續調整回報步伐。

Now let's look at the segment results, starting with Alibaba China e-commerce group. Revenue from Alibaba China e-commerce group was RMB140.1 billion, an increase of 10%. Customer management revenue of our e-commerce business increased by 10%, primarily driven by the improvement of take rate.

現在讓我們來看看分部的業績，首先是阿里巴巴中國電子商務集團。阿里巴巴中國電商集團營收為人民幣1,401億元，成長10%。我們電子商務業務的客戶管理收入成長了10％，這主要得益於佣金率的提高。

We had a successful June 18th shopping festival, which delivered strong consumer growth on the Taobao app as we implemented user-friendly promotion mechanisms and increased support for merchants that provide high-quality products and customer services.

我們成功舉辦了「6·18」購物節，透過實施用戶友好的促銷機制，並加大對提供高品質產品和客戶服務的商家的支持，淘寶應用程式的消費者數量實現了強勁增長。

The number of ADA VIP members, our high-spending consumers group, continued to increase by double digits year over year, surpassing 53 million. Revenue from our quick commerce business increased 12% and mainly due to order growth as a result of rollout of Taobao instant commerce at the end of April.

我們的高消費消費者群體－ADA VIP 會員數量持續同比兩位數成長，突破 5,300 萬人。快商業務營收成長12%，主要由於4月底淘寶即時商務上線後訂單成長。

Since its launch, we have seen encouraging business progress, reflecting strong user adoption and growing order momentum. In the meantime, we have expanded our product offerings and front warehouse coverage for non-food categories as part of our efforts to improve user experience and enhance operating efficiency.

自推出以來，我們看到了令人鼓舞的業務進展，反映出強勁的用戶採用率和不斷增長的訂單勢頭。同時，我們擴大了非食品類的產品種類和前倉覆蓋範圍，並努力改善使用者體驗，提高營運效率。

We executed our plan to generate synergies between quick commerce and the rest of Alibaba's ecosystem by leveraging supply chain, users, and membership benefits across our businesses. In August, Taobao app launched a tiered loyalty program that connects Alibaba Group's China e-commerce, quick commerce, and travel platforms.

我們實施了我們的計劃，透過利用我們業務中的供應鏈、用戶和會員利益，在快速商務和阿里巴巴其他生態系統之間產生協同效應。8月，淘寶應用程式推出了分級忠誠度計劃，連結阿里巴巴集團的中國電子商務、快速商務和旅遊平台。

The adjusted EBITA from Alibaba China e-commerce group decreased by 21%. Excluding the investments in our quick commerce business, our Alibaba China e-commerce group EBITA has grown year over year.

阿里巴巴中國電商集團調整後EBITA下降21%。不計快商業務的投資，阿里巴巴中國電商集團EBITA年增。

Revenue from AIDC grew 19%, primarily driven by strong performance in cross-border businesses. AIDC's adjusted EBITA loss narrowed significantly, approaching breakeven. As we continue to improve our operating efficiency, the UE of Choice and the Trendyol's International business improved significantly on a sequential basis.

AIDC 的營收成長了 19%，主要得益於跨境業務的強勁表現。AIDC調整後的EBITA虧損大幅收窄，接近損益兩平。隨著我們不斷提高營運效率，UE of Choice 和 Trendyol 的國際業務連續顯著改善。

Looking ahead, we are committed to enhancing operating and investment efficiency. As a result, our profitability will continue to improve.

展望未來，我們致力於提高營運和投資效率。因此，我們的獲利能力將持續提高。

Cloud segment revenue grew by 26%, primarily driven by public cloud revenue growth. AI revenue continued its triple-digit growth. As AI demand continues to grow rapidly, we are also seeing increasing demand of compute, storage, and other public cloud services to support AI adoption.

雲部門營收成長26%，主要得益於公有雲收入的成長。AI收入持續維持三位數成長。隨著人工智慧需求持續快速成長，我們也看到對運算、儲存和其他公有雲服務的需求不斷增長，以支援人工智慧的採用。

The adjusted EBITA margin remained relatively stable year over year at 8.8%. We will continue to invest in customer growth and the technological innovation, including AI products and services, due to increased cloud adoption for AI and maintain our market leadership.

調整後的 EBITA 利潤率較去年同期保持相對穩定，為 8.8%。由於雲端技術對人工智慧的採用不斷增加，我們將繼續投資於客戶成長和技術創新，包括人工智慧產品和服務，並保持我們的市場領先地位。

As previously mentioned, we have updated our segment reporting to better reflect our focus. We simplified the financial reporting structure by reclassifying China AMAP and Hujing DME into all others.

如前所述，我們已更新分部報告，以更好地反映我們的重點。我們將中國金德地圖和滬京DME重新歸類為所有其他公司，簡化了財務報告結構。

All other segment revenue decreased by 28%, primarily due to the disposal of Sun Art and Intime. All other adjusted EBITDA was a loss of RMB1.4 billion, primarily due to the increased investment in technology businesses, partly offset by the improved results of businesses, including Freshippo.

所有其他分部收入下降28%，主要由於出售高鑫零售和銀泰百貨。所有其他調整後EBITDA虧損14億元人民幣，主要由於科技業務投入增加，但被盒馬等業務業績改善部分抵銷。

The all other segment comprises a set of innovative initiatives 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.

所有其他部分均由一系列創新舉措組成，其中包括幾項由人工智慧驅動的戰略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。

In closing, this quarter marked a meaningful progress in our strategic investment on two pillars that will power Alibaba's next phase of growth, our comprehensive consumption platform and AI cloud infrastructure.

最後，本季標誌著我們在推動阿里巴巴下一階段成長的兩大支柱——綜合消費平台和人工智慧雲端基礎設施——上的策略投資取得了有意義的進展。

In commerce, the integration of multiple businesses under Alibaba China e-commerce group is driving stronger synergy across supply chains, user networks, and membership programs, enabling us to better serve evolving consumer needs and capture long-term growth potential.

在商業方面，阿里巴巴中國電子商務集團旗下多項業務的整合，正在推動供應鏈、用戶網路和會員計畫之間更強大的協同效應，使我們能夠更好地滿足不斷變化的消費者需求並抓住長期成長潛力。

In cloud, revenue growth accelerated on the back of robust AI-driven demand. As we expand infrastructure capacity, we are helping more customers deploy and scale of their AI workloads.

在雲端運算領域，受人工智慧驅動的強勁需求推動，營收成長加速。隨著我們擴大基礎設施容量，我們正在幫助更多客戶部署和擴展他們的人工智慧工作負載。

We are investing with clarity and the conviction on the two historical opportunities ahead, AI and domestic consumption. Our commitment of RMB380 billion technology investment reflects our long-term ambition to build infrastructure essential for AI proliferation, while our focused expansion in quick commerce is designed to unlock new demand and long-term consumption potential in China.

我們對未來的兩個歷史性機會——人工智慧和國內消費——充滿信心地進行投資。我們承諾投資3800億元人民幣用於技術開發，這體現了我們建設人工智慧普及所必需的基礎設施的長期目標，而我們專注於快速商務的擴張旨在釋放中國的新需求和長期消費潛力。

With strong balance sheet, operating cash flow, and business momentum, we are well positioned to support these investments, drive sustainable growth, and strengthen core capabilities that would define Alibaba's future.

憑藉著強勁的資產負債表、營運現金流和業務發展勢頭，我們完全有能力支持這些投資、推動永續成長並加強決定阿里巴巴未來的核心能力。

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。

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

大家好。對於今天的電話會議，歡迎您使用中文或英文提問。第三方翻譯將為問答環節提供交替傳譯。

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

請注意，翻譯只是為了方便起見。如有任何差異，以我們原文的管理聲明為準。如果您無法聽到中文翻譯，本次電話會議的雙語記錄將在會議結束後一週內發佈在我們的網站上。（用外語說）

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

接線生，請開始問答環節。謝謝。

(Operator Instructions) Alicia Yap, Citigroup.

（操作員指示）花旗集團的 Alicia Yap。

Congrats on your solid cloud revenue growth. I have a question related to your recent step-up investment in the quick commerce and also the food delivery business. So can management share with us, what is your vision for the quick commerce growth opportunity in China? And what is your investment plan for the quick commerce?

恭喜您的雲端收入穩定成長。我有一個問題與您最近在快速商務和食品配送業務的加大投資有關。那麼管理階層能否與我們分享一下，您對中國快速商業成長機會的看法是什麼？您對快速商業的投資計畫是什麼？

How long will the heavy investment last? And how will the investment bring the long-term value for overall, Taobao and your China e-commerce platform? Can management share a bit of the latest progress of the Trendyol, which is the quick commerce business?

巨額投資能維持多久？這項投資將如何為淘寶和中國電子商務平台帶來長期價值？管理階層能否分享Trendyol（快速商務業務）的最新進展？

What are the synergies you have realized so far? And how should we expect the investment to impact our GMV and also the CMR growth in the coming quarters?

到目前為止，您已經實現了哪些綜效？我們應該如何預期這項投資將對我們的 GMV 以及未來幾季的 CMR 成長產生影響？

(interpreted) Let me begin by reviewing some of the progress we've made so far in our instant commerce business and then share our expectations for instant commerce going forward.

(翻譯)首先，我來回顧我們即時商務業務迄今為止取得的一些進展，然後分享我們對未來即時商務的期望。

Since we launched Taobao instant commerce four months ago, we believe that we've been highly successful in engaging users and merchants, building logistics capabilities, and marketing. From July onwards, in particular, the growth of order volume, user scale, merchant supplies, and delivery capacity have all exceeded expectations.

自從四個月前推出淘寶即時商務以來，我們相信我們在吸引用戶和商家、建立物流能力和行銷方面取得了巨大的成功。特別是從7月開始，訂單量、用戶規模、商家供給、配送能力的成長均超乎預期。

In fact, if you just look at the food delivery to home category, we are now already the market leader in terms of orders.

事實上，如果只看外送上門類別，我們現在在訂單方面已經是市場領導者了。

(interpreted) Let me share some figures. First, our peak daily order volume reached 120 million, and weekly average daily orders reached 80 million in August.

（翻譯）讓我分享一些數據。首先，我們的日訂單量高峰在8月達到了1.2億，週均日訂單量達到了8,000萬。

Second, user scale. Quick commerce monthly active consumers, MAC, reached 300 million in August, representing 200% growth compared to before April.

第二，用戶規模。快消電商月活躍消費者MAC在8月達到3億，較4月前成長200%。

Third, merchant supply. The rapid growth in business scale has also attracted new merchants to join Taobao instant commerce. High-quality merchant supply, in particular, has reached industry-leading levels.

第三，商家供貨。業務規模的快速成長也吸引了新的商家加入淘寶即時商務。尤其是優質商家供給已達到業界領先水準。

Fourth, fulfillment capacity. Daily active riders have exceeded 2 million. That is a three times increase from April, and that also means that we've created over 1 million new jobs.

第四，履約能力。日活躍騎士已突破200萬。這比四月增加了三倍，這也意味著我們創造了超過100萬個新工作機會。

As I stated last quarter, the first-stage goals for our quick commerce business were to scale up user growth and build consumer mind share. With these developments over the past few months, we have already achieved our first stage goals beyond our own expectations.

正如我上個季度所說，我們的快速商務業務的第一階段目標是擴大使用者成長並贏得消費者的心智份額。經過這幾個月的努力，我們已經超越自己的預期，實現了第一階段的目標。

Next, let me talk about the synergies between quick commerce and our e-commerce business. First, quick commerce is a significant driver of overall user scale and engagement. In August, quick commerce drove 20% growth in the Taobao app's DAUs. The high-frequency pattern of quick commerce has also contributed to a significant increase in average purchase days per user.

接下來我來講一下快商和我們電商業務的協同作用。首先，快速商務是整體使用者規模和參與度的重要推手。8月份，快速商務推動淘寶應用程式的DAU成長了20％。快消品的高頻率模式也使得用戶平均購買天數大幅提升。

With the increase in user engagement, we are seeing a clear trend of quick commerce driving incremental income for our e-commerce business. Specifically, first, the growth in traffic drives advertising and CMR growth.

隨著用戶參與度的提高，我們看到快速商務為我們的電子商務業務帶來增量收入的明顯趨勢。具體來說，首先，流量的成長帶動廣告和CMR的成長。

Second, as a result of heightened user engagement, incremental new user acquisition, and customer reengagement, we can reduce sales and marketing expenses. We expect this trend to continue and to expand in our ongoing operations and are confident that it will drive significant incremental income on the e-commerce side.

其次，由於用戶參與度提高、新用戶獲取增加以及客戶重新參與，我們可以降低銷售和行銷費用。我們預計這一趨勢將在我們正在進行的營運中持續並擴大，並相信它將推動電子商務方面的大幅增量收入。

Next, let me share my views on the operating efficiency and unit economics, UE, of quick commerce because I know these are aspects to which you pay special attention.

接下來我想分享我對快商的營運效率和單位經濟效益（UE）的看法，因為我知道這些是大家特別關注的面向。

First, when talking about operating efficiency, you cannot disregard scale. In the past, our scale was just one-third of our peers. And in many cities and provinces, our market share was even lower than 20%. With such a huge gap in market share, it's meaningless to talk about efficiency.

首先，講經營效率，不能忽視規模。過去，我們的規模只有同業的三分之一。而在許多城市和省份，我們的市佔率甚至還不到20%。市佔率差距這麼大，談效率已經沒有意義了。

Now, however, our quick commerce business is leading in scale, and we can quickly improve our operating efficiency. Our peers have achieved excellent performance in the food delivery industry, especially in terms of efficiency; and we are now actively working to narrow that gap.

但現在我們的快商業務規模領先，營運效率可以快速提升。我們的同行在外賣行業已經取得了優異的成績，特別是在效率方面，我們正在積極努力縮小這一差距。

Our scope to improve efficiency is substantial. Let's look at it in the short term and then in the long term. In the short term, our losses will narrow primarily driven by the following.

我們提高效率的空間很大。讓我們先從短期來看，然後再從長期來看。短期內我們的損失將會縮小，主要有以下幾個原因。

Number one is optimization of customer mix. We have scaled up marketing expenses for user growth nationwide over the past four months and acquired a large number of new customers. New user acquisition requires substantial upfront investment, but we excel at user retention. And as the proportion of repeat customers increases, UE will improve.

第一是優化客戶結構。過去四個月，我們加大了全國範圍內的用戶成長行銷費用，並獲得了大量新客戶。獲取新用戶需要大量的前期投資，但我們在用戶保留方面表現出色。並且隨著回頭客比例的增加，UE將會改善。

Number two is optimization of order mix. In the next stage, we aim to increase the proportion of high-value orders, including high-value meal orders, and increase the proportion of non-food category orders. UE will, therefore, improve as a result of higher average order value, AOV.

二是優化訂單結構。在下一階段，我們的目標是提高高價值訂單（包括高價值餐點訂單）的佔比，並提高非食品類別訂單的佔比。因此，由於平均訂單價值 (AOV) 的提高，UE 將會改善。

And the third is optimization of fulfillment efficiency and costs. In the initial phase, as order volume ramped up by four times, the number one priority for us as a platform was to ensure the user experience. In July and August, therefore, we made an additional large investment to address the severe short-term lack of delivery capacity.

第三是優化履約效率和成本。在初期，訂單量增加了4倍，作為平台，我們首要考慮的就是保證使用者體驗。因此，我們在7、8月又追加了較大的投入，以解決短期內交付能力嚴重不足的問題。

Going forward, as order scale stabilizes, our logistics costs will decline significantly, contributing to further UE improvement.

未來隨著訂單規模趨於穩定，我們的物流成本將大幅下降，有助於進一步改善UE。

So in the short term, we expect that while continuing to maintain investment in consumer benefit, through logistics and subsidy efficiency improvements and order structure optimization, our UE losses can be reduced by half.

所以短期內我們預期在持續維持消費者利益投入的同時，透過物流和補貼效率的提升以及訂單結構的優化，我們的UE損失可以減少一半。

In the long term, as order density increases, there is considerable scope to optimize our logistics costs compared to four months ago. In addition, there is also a considerable scope to improve our targeted engagement of off-line merchants.

從長遠來看，隨著訂單密度的增加，與四個月前相比，我們的物流成本有相當大的最佳化空間。此外，我們對線下商家的針對性參與度還有相當大的提升空間。

In my view, scale is the primary factor in achieving efficiency. With our newly achieved scale and market share, we are confident that we can achieve industry-leading efficiency in the long term.

我認為，規模是實現效率的首要因素。憑藉我們新取得的規模和市場份額，我們有信心能夠長期實現行業領先的效率。

At the same time, we will not look at the stand-alone profitability of quick commerce delivery. If combined with the incremental benefits to our e-commerce business, we believe quick commerce will bring sustained positive economic value to the overall platform while maintaining price competitiveness.

同時，我們不會去關注快商配送的獨立獲利能力。如果與我們的電子商務業務的增量效益相結合，我們相信快速商務將在保持價格競爭力的同時為整個平台帶來持續的正面經濟價值。

Next, let me talk about development of the non-food category. In quick commerce, we divide non-food deliveries into two parts. One is the original hyper local quick commerce e-commerce model, and the other is e-commerce, a hybrid model, quick commerce plus e-commerce.

接下來我來講一下非食品品類的發展。在快速商業中，我們將非食品配送分為兩部分。一種是原來超本地化的快商電商模式，一種是電商，快商加電商的混合模式。

On the hyper local side, we have leveraged our abundant supplies and strong supply chain to develop a lightning warehouse model. Over the past few months, supply in these warehouses has rapidly expanded. We now have over 50,000 lightning warehouses with order growth of over 360% year on year. 25% of the supply in these lightning warehouses comes from supply chains within the Alibaba ecosystem.

在超本地化方面，我們利用豐富的貨源和強大的供應鏈開發了閃電倉庫模式。過去幾個月，這些倉庫的供應量迅速擴大。我們目前擁有超過5萬個閃電倉，訂單量年增超過360%，其中閃電倉25%的貨源來自阿里巴巴生態內的供應鏈。

Secondly, we have fulfillment capacity from front warehouses that have been developed by Freshippo for its fresh groceries category. Following Freshippo's supply connection into Taobao instant commerce, order volume has already exceeded 2 million, up by 70% year on year.

其次，我們擁有盒馬鮮生針對生鮮品類開發的前倉的配送能力。盒馬鮮生接入淘寶即時商務後，訂單量已突破200萬單，較去年同期成長70%。

In terms of the hybrid model, Tmall Supermarket is upgrading from a traditional B2C fulfillment model to a quick commerce model. This maintains its price competitiveness while achieving much faster shipping speeds.

在混合模式方面，天貓超市正從傳統的B2C履約模式升級到快商模式。這在實現更快的運輸速度的同時保持了其價格競爭力。

We are also actively onboarding Tmall brands off-line stores into Taobao instant commerce, enabling unified online-offline O2O operations for Tmall brands. We expect up to 1 million branded offline stores to join Taobao instant commerce over time. The integration of Tmall and Taobao instant commerce will open up new growth drivers for brands and offer consumers a new shopping experience.

我們也正積極將天貓品牌線下店舖接入淘寶即時商務，實現天貓品牌線上線下O2O統一營運。我們預計，隨著時間的推移，將有多達 100 萬家品牌線下商店加入淘寶即時商務。天貓與淘寶即時商務的整合將為品牌開啟新的成長動力，並為消費者帶來全新的購物體驗。

Overall, we expect Taobao instant commerce and quick commerce to add RMB1 trillion in annualized incremental GMV to the platform within the next three years. We also believe the food delivery markets shift from a single dominant player to multi-platform competition gives merchants and consumers more choice, which benefits the industry long term.

整體而言，我們預期未來三年淘寶即時商務和快速商務將為平台帶來人民幣1兆元的年度增量GMV。我們也認為，食品配送市場從單一主導轉向多平台競爭將為商家和消費者提供更多選擇，這將使該行業長期受益。

Throughout this transition, we as a platform are committing real financial resources and investing to create over 1 million direct jobs, drive industry transformation, and stimulate consumption and the broader economy. Thank you.

在整個轉型過程中，我們作為一個平台投入了真正的財政資源並進行投資，以創造超過 100 萬個直接就業機會，推動產業轉型，並刺激消費和更廣泛的經濟。謝謝。

Next question, please.

請回答下一個問題。

Thomas Chong, Jefferies.

湯瑪斯‧張 (Thomas Chong)，傑富瑞 (Jefferies)。

Congratulations on a very solid result. My question is about Alibaba Cloud. We have seen our cloud business is doing very well and accelerated to 26% year on year this quarter.

恭喜您取得非常優異的成績。我的問題是關於阿里雲的。我們看到我們的雲端業務表現非常好，本季年增了 26%。

My first question is, how should we think about this acceleration? Should we expect acceleration continues for coming quarters as well as our expectation for FY26? Because when I look into our acceleration and look into overseas peers, how should we think about the pace of monetization versus the US?

我的第一個問題是，我們該如何看待這種加速？我們是否應該預期未來幾季將繼續加速發展，並達到我們對 2026 財年的預期？因為當我研究我們的加速度並研究海外同行時，我們應該如何看待與美國相比的貨幣化速度？

And on the other hand, we also see our cloud margin return at 8.8%. How should we think about the margin outlook into the future? And on that one, our acceleration is very impressive. Can we talk about how different industry centers actually performed in this quarter.

另一方面，我們也看到雲端利潤率回報率為 8.8%。我們該如何看待未來的利潤前景？從這一點來看，我們的加速非常令人印象深刻。我們可以談談本季不同產業中心的實際表現嗎？

I remember last quarter, we talked about multiple sectors, the traditional sectors, also embrace the cloud opportunities. Are we seeing something different or making a lot more progress for this quarter? And on that CapEx, how should we think about our CapEx outlook given we have seen our CapEx this realized during this quarter?

我記得上個季度，我們討論了多個產業，傳統產業也擁抱雲端計算機遇。本季我們是否看到了一些不同的事情或取得了更大的進展？關於該資本支出，鑑於我們已經看到本季實現了資本支出，我們應該如何看待我們的資本支出前景？

(interpreted) And then noting them down, I saw quite a few questions. But let me start with the first one regarding the outlook for our growth rate.

（解釋）然後記下來，我看到了不少問題。但我首先要談的是我們的成長率前景。

So we certainly see a very clear trend among our customers in terms of utilizing AI products. And they're developing AI products, and this represents a very strong demand.

因此，我們確實看到客戶在使用人工智慧產品方面呈現出非常明顯的趨勢。他們正在開發人工智慧產品，這代表著非常強勁的需求。

First of all, as AI model capabilities continue to strengthen. More and more new AI applications are being developed and applied into more and more new use cases. At the same time, many vendors that had original use cases, where they were running workloads on traditional CPUs, are now beginning to leverage large models and using AI to run those original functions. So for all these reasons, demand is very strong and continues to grow robustly.

首先，隨著AI模型能力不斷增強。越來越多的新的人工智慧應用正在被開發並應用於越來越多的新用例。同時，許多最初的用例是在傳統 CPU 上運行工作負載的供應商現在開始利用大型模型並使用 AI 來運行這些原始功能。由於所有這些原因，需求非常強勁並持續強勁成長。

(interpreted) In recent quarters, we've seen fast growth in inference workloads as well as continued growth in training and in inferencing. Over the past few quarters, apart from that rapid growth in inferencing, we've also observed some new industry trends on the training side.

(解釋)最近幾個季度，我們看到推理工作量的快速成長以及訓練和推理的持續成長。在過去的幾個季度中，除了推理方面的快速增長之外，我們還觀察到了訓練方面的一些新的行業趨勢。

Apart from the large fundamental models that continue to be upgraded in the market, there's also a lot of training that is taking place and creating new opportunities. For example, automobile vendors; for example, companies in the education sector or companies in the multimedia application space.

除了市場上不斷升級的大型基礎模型之外，還有大量的培訓正在進行中並創造新的機會。例如汽車供應商；例如教育領域的公司或多媒體應用領域的公司。

They all have training requirements. They're leveraging their own proprietary data to train proprietary models to meet their demands. And that, in turn, is driving higher utilization of our overall AI infrastructure. So this is a very strong boost to infrastructure use.

他們都有培訓要求。他們利用自己的專有數據來訓練專有模型以滿足他們的需求。而這又推動了我們整體人工智慧基礎設施的更高利用率。因此這對基礎設施的使用有很大的推動作用。

At the same time, we also see new opportunities around training, whereby companies are leveraging our open source models, and they have a lot of training demands in doing so. For example, we mentioned education companies as well as companies in the healthcare sector and companies that are creating development tools, platform companies.

同時，我們也看到了培訓方面的新機遇，企業正在利用我們的開源模型，並且在這樣做時有很多培訓需求。例如，我們提到了教育公司、醫療保健領域的公司、創建開發工具的公司和平台公司。

So we see a lot of excellent opportunities with these proprietary models where they're leveraging their own data and their own to meet their own use cases by performing post training or fine-tuning of our Q1 models. And on that basis, they're making use of our Alibaba cloud computing platform. And at the same time, on that basis, we can also begin gradually to develop commercialized services, post training services, for our open source models.

因此，我們看到這些專有模型有很多絕佳的機會，他們利用自己的數據和自己的數據，透過對我們的 Q1 模型進行後期訓練或微調來滿足自己的用例。在此基礎上，他們利用我們的阿里巴巴雲端運算平台。同時，在此基礎上，我們也可以逐步開始為我們的開源模型開發商業化服務、後製訓練服務。

Your other question had to do with gross margin and benchmarking against what we see overseas. So perhaps I can share with you my judgment overall as to the Chinese cloud market.

您的另一個問題與毛利率以及與海外情況的對比有關。所以或許我可以跟大家分享一下我對中國雲端市場的整體判斷。

And what I see as the trend is for there to be a higher level of market concentration in China as compared to what we see in overseas markets. Because developers here require full stock comprehensive capabilities for what they're developing, and we have that full stack with complete capabilities across traditional cloud computing, compute storage, AI compute or AI models.

我認為趨勢是，與海外市場相比，中國的市場集中度更高。因為這裡的開發人員需要他們所開發的產品來擁有完整的綜合功能，而我們擁有涵蓋傳統雲端運算、運算儲存、人工智慧運算或人工智慧模型的完整功能堆疊。

And of course, we have a very developer-friendly open ecosystem as well. So our goal is to maintain a growth rate above the average rate of market growth to, at the same time, increase our market share. And in terms of our strategic objectives, the priority is on growing the number of users expanding into new use cases and not in the short term on increasing gross margin.

當然，我們也有一個非常適合開發人員的開放生態系統。因此，我們的目標是保持高於市場平均成長率的成長率，同時增加我們的市場佔有率。就我們的策略目標而言，首要任務是增加用戶數量並擴展新的用例，而不是在短期內提高毛利率。

So turning now to the question about our CapEx, capital expenditures, on AI. We will continue to implement our three-year plan to invest RMB380 billion in cloud and AI. However, based on the supply chain situation in different quarters, there may be a quarter-to-quarter fluctuation.

現在來談談我們在人工智慧方面的資本支出 (CapEx)。我們將繼續落實三年計劃，在雲端運算和人工智慧領域投資3,800億元。但根據不同季度的供應鏈情況，可能會出現季度間的波動。

At the same time, based on changes in policies around AI chips and supply, we have backup plans in place to work with various different partners and to be able to respond to different situations in respect of supply chains.

同時，根據AI晶片和供應方面的政策變化，我們制定了備用方案，與不同的合作夥伴合作，以應對供應鏈方面的不同情況。

So I'm confident that no matter what changes may crop up in the industry, we will continue as planned and as expected to move forward with that planned CapEx investment of RMB380 billion.

因此，我相信，無論產業發生什麼變化，我們都會按照計畫和預期繼續推進3,800億元人民幣的計畫資本支出投資。

Next question, please.

請回答下一個問題。

Kenneth Fong, UBS.

瑞銀的 Kenneth Fong。

Given the cross-selling that we have seen already achieved in our food delivery part, do we plan to ramp up the in-store part of local service, i.e., (spoken in foreign language). Because we noticed that (spoken in foreign language) in-store coupons have been stepping up promotions in certain regions. So how should we think about any further investment expand in this in-store part of business in the coming months on top of the food delivery?

鑑於我們在食品配送部分已經實現了交叉銷售，我們是否計劃加強店內本地服務部分，即（用外語說）。因為我們注意到（用外語說）店內優惠券在某些地區已經加強促銷。那麼，除了食品配送之外，我們應該如何考慮在未來幾個月內對店內業務進行進一步的投資擴張？

(interpreted) Let me take this question. So the first thing I would say is that this is very much connected to the scale that we have achieved in quick commerce that I just shared with you. We have a massive scale now of users on our quick commerce channel every day.

（翻譯）讓我來回答這個問題。因此，我想說的第一件事是，這與我剛才與大家分享的我們在快速商務領域所取得的規模密切相關。現在，我們的快速商務頻道每天都有大量的使用者。

Basically, we're talking about 150 million active users on a daily basis. And within those users, there are some who go to the store themselves self-pickup. And that also includes group purchase using coupons.

基本上，我們談論的是每天 1.5 億活躍用戶。而這些用戶中，也有一部分是自己去商店自取的。這也包括使用優惠券的團購。

(interpreted) So from the perspective of satisfying the needs of our users and in particular, those who go offline in-store, there's a lot of synergy there. And so we will also consider providing more diverse services to these users. And in fact, we're already doing some testing and piloting in certain selected cities.

(解釋) 因此，從滿足我們用戶的需求，特別是那些線下到店消費的用戶的需求的角度來看，這其中存在著很大的協同效應。所以我們也會考慮為這些用戶提供更多樣化的服務。事實上，我們已經在某些選定的城市進行了一些測試和試點。

Next question, please.

請回答下一個問題。

Joyce Ju, Bank of America.

美國銀行的 Joyce Ju。

(interpreted) My first question has to do with the pace of investments going forward. You mentioned your commitment to the three-year plan to invest RMB380 billion in cloud and AI. I'm wondering if you could also tell us about your investment plans going forward on the commerce side.

(翻譯) 我的第一個問題與未來的投資步伐有關。您提到了對雲端運算和人工智慧三年投資3800億元人民幣的承諾。我想知道您是否也可以告訴我們您在商業方面的未來投資計劃。

On the consumption side, what will the pace of those investments look like? And apart from investing in quick commerce. What other investments are you contemplating, for example, in supply chains or in users? And what will the pace of those investments look like?

在消費方面，這些投資的步伐將會如何？除了投資快速商業之外。您還在考慮哪些其他投資，例如在供應鏈或用戶方面？這些投資的步伐將會如何？

And then secondly, I'd like to ask about CMR. So we saw a strong growth in CMR this quarter, up 10% year on year. But we know that heading into September, the positive impact of the software service fee that you started implementing last year will diminish.

其次，我想問一下有關 CMR 的問題。因此，我們看到本季度 CMR 強勁成長，年成長 10%。但我們知道，進入九月份，去年開始實施的軟體服務費的正面影響將會減弱。

So looking forward, how much positive impact will QCT penetration have on CMR growth? And beyond that, the incremental traffic and GMV being driven by quick commerce, how much positive impact will that have on CMR?

那麼展望未來，QCT 的滲透將對 CMR 的成長產生多大的正面影響？除此之外，快速商務帶來的流量和GMV增量，對CMR會產生多大的正面影響？

(interpreted) Let me take this question. So given the historic opportunity to invest in the consumer market today, we're certainly grasping that. But our investments in the consumption market are not just starting now. We've always been making investments in the user side.

（譯）我來回答這個問題。因此，鑑於當今投資消費市場的歷史性機遇，我們一定會抓住這個機會。但我們對消費市場的投資並不是現在才開始。我們一直在用戶端進行投資。

Certainly, the Taobao and Tmall Group had been investing in users on the supply chain side. Not just the Taobao and Tmall Group, but also Freshippo and other of our businesses, were investing in the supply chains as well.

當然，淘寶和天貓集團一直在供應鏈端投資用戶。不僅淘寶和天貓集團，盒馬和我們的其他業務也在投資供應鏈。

So when we talk about this large investment that we're now making in the consumption market of RMB50 billion for developing quick commerce, this is incremental. This is a new investment on top of those investments that we were making. We will pace the investment cadence and rhythm in line with the market circumstances and market developments to ensure that it makes sense.

所以當我們談到我們現在在消費市場上投入500億元人民幣來發展快速商務時，這是增量的。這是在我們先前的投資基礎上進行的一項新投資。我們將根據市場狀況和市場發展調整投資節奏和韻律，以確保其合理性。

So your second question had to do with CMR. And I think the key point there was the impact of take rate. So in this quarter, as we said, CMR growth was positive and robust. And this was mainly because of a large increase in take rate.

所以你的第二個問題與 CMR 有關。我認為關鍵點在於接受率的影響。因此，正如我們所說，本季 CMR 成長是積極而強勁的。這主要是因為接受率大幅增加。

And there were a few -- basically two major reasons for that. One was the 0.6% software service fee. And the other is QCT, which is itself powered by AI, continuing to achieve deeper penetration. And I think that in the coming quarters, we can expect to see also positive impact on CMR from these aspects.

造成這種情況的原因主要有以下 — — 基本上有兩個。一是0.6%的軟體服務費。另一家則是QCT，本身就以AI為驅動力，不斷實現更深層的滲透。我認為在接下來的幾個季度中，我們也可以期待看到這些方面對 CMR 產生積極的影響。

At the same time, there will be positive impact on CMR from quick commerce as well, where we're driving user growth as well as higher user frequency, which will result in higher take rate. So we would expect that in the coming couple of quarters, you can expect to see relatively rapid growth in CMR, as you are now seeing.

同時，快速商務也會對 CMR 產生正面影響，我們正在推動使用者成長以及更高的使用者頻率，這將帶來更高的接受率。因此，我們預計，在接下來的幾個季度中，您可以看到 CMR 相對快速的成長，正如您現在所看到的那樣。

Next question, please.

請回答下一個問題。

Yuan Liao, CITICS.

袁廖，中信證券。

(interpreted) So we've been following very closely the developments of your models and looking at the Q13 block. What we see is that it marks a transition from an era where the focus is on training to one where it's all about agents, an agent-centered era.

（解釋）因此，我們一直在密切關注您的模型的發展並關注 Q13 區塊。我們看到的是，它標誌著一個從注重培訓的時代向以代理為中心的時代的轉變。

So my question is, what additional capabilities and resources or investments do we need in this transition period? And can you tell us a bit about some of your latest developments around agent products and agent applications?

所以我的問題是，在這個過渡時期我們需要哪些額外的能力、資源或投資？您能否向我們介紹一下代理產品和代理應用的一些最新進展？

(interpreted) Let me take that question. So indeed, we do see the overall evolution path when it comes to models going from simple chat bots toward agents. And there are several trends that we can see in the era of agents.

（翻譯）讓我來回答這個問題。因此，我們確實看到了模型從簡單的聊天機器人轉變為代理的整體演變路徑。在代理時代我們可以看到幾個趨勢。

One, certainly, is that models require larger context windows to be able to undertake more complex tasks with longer chains of thought. They need to be able to utilize multiple different tools or chains of tools. And the agents need to be able to access different systems, call on different internal systems, within the enterprises.

第一個當然是，模型需要更大的上下文視窗才能用更長的思路鏈來執行更複雜的任務。他們需要能夠利用多種不同的工具或工具鏈。而代理程式需要能夠存取不同的系統，呼叫企業內部的不同內部系統。

So these developments also create new opportunities for us as an infrastructure provider. Many of these agents will need virtual servers, or they'll need to have many browser windows open simultaneously, or they'll need many mobile virtual machines and sandbox environments.

因此，這些發展也為我們作為基礎設施提供者創造了新的機會。許多代理程式都需要虛擬伺服器，或需要同時開啟多個瀏覽器窗口，或需要多個行動虛擬機器和沙盒環境。

So for a cloud vendor like Alibaba Cloud, these are all very positive developments. We're supporting numerous clients in numerous different sectors. And we can provide all of these with a new product called Agent Bay, which is -- it provides a sandbox environment specifically for agents.

因此對於阿里雲這樣的雲端供應商來說，這些都是非常積極的發展。我們為眾多不同產業的眾多客戶提供支援。我們可以透過一款名為 Agent Bay 的新產品為所有這些提供服務，它專門為代理商提供了沙盒環境。

So this is very much an agent-driven era in AI and cloud development. And for us, this is an excellent opportunity.

因此，這在很大程度上是一個人工智慧和雲端運算開發由代理程式驅動的時代。對我們來說，這是一個絕佳的機會。

Let me add to that by sharing some more of our thinking about models as they relate to agent-driven AI. I think the coding capabilities will become very important, because models with strong coding capabilities can be connected to lots of different tools and lots of different enterprise internal systems. And in that way, they'll be able to solve for many tasks within the enterprise or even to solve for some more sophisticated tasks on the consumer side.

在此基礎上，我再分享一些我們對與代理驅動型人工智慧相關的模型的思考。我認為編碼能力會變得非常重要，因為具有強大編碼能力的模型可以連接到許多不同的工具和許多不同的企業內部系統。這樣，他們就能解決企業內部的許多任務，甚至能解決消費者方面的一些更複雜的任務。

Another point I should add with respect to agent -- agentic products is that we have quite a few products that can tie into that. They're excellent within the Alibaba ecosystem.

關於代理商——代理產品，我應該補充的另一點是，我們有相當多的產品可以與之連結。他們在阿里巴巴生態系中表現優異。

For example, a lot of enterprises, especially e-commerce enterprises, need client service product. Within Alibaba Cloud, apart from providing compute and infrastructure, we're also able to synergize with Taobao, with DingTalk, with AMAP, and even with Alipay in order to be able to provide more kinds of automated solutions at the business level.

例如很多企業，特別是電商企業，需要客戶服務產品。在阿里雲內部，除了提供運算和基礎設施之外，我們還可以與淘寶、釘釘、高德地圖甚至支付寶進行協同，以便在業務層面提供更多種類的自動化解決方案。

So through these tools, these enterprises can develop AI agents that are better able to solve for these various tasks within the enterprise.

因此，透過這些工具，這些企業可以開發出能夠更好地解決企業內部各種任務的人工智慧代理。

Next question, please.

請回答下一個問題。

Alex Yao, JPMorgan.

摩根大通的 Alex Yao。

(interpreted)I have a question coming back to quick commerce or instant commerce. Because it's not the first time that Alibaba has tried to enter this market. Back in -- from the acquisition of Ele.me back in 2018, lots of time, energy, resources were spent on trying to grow our market share in that space. But it seems that over a period of two to three years, that original strategic intent really wasn't realized.

(翻譯)我有一個關於快速商務或即時商務的問題。因為這並不是阿里巴巴第一次嘗試進入這個市場。回顧—從 2018 年收購餓了麼開始，我們投入了大量的時間、精力和資源來努力擴大我們在該領域的市場份額。但看來兩三年過去了，當初的戰略意圖並沒有真正實現。

So I asked DeepSeek why it is that Ele.me under Alibaba still couldn't beat Meituan and be bigger than Meituan. And what DeepSeek told me was that the son of the rich merchant can't beat the entrepreneurial Wolf who was raised by a forefamily.

所以我問DeepSeek，為什麼阿里旗下的餓了麼還是打不過美團，做不大呢？而DeepSeek告訴我的是，富商之子是打不過由祖先家族養大的創業狼的。

So anyway, it doesn't matter whether DeepSeek is right or wrong. But I'm sure that we've done a lot of reflection and thinking going into this new round in the battle. So I'm sure that you will be taking some different strategies or approaches to maximize that success. But if you could tell us simply, what's different this time? And what are the different tactics that we're taking?

所以無論如何，DeepSeek 是對是錯都無所謂。但我確信，在新一輪的戰鬥中，我們已經做了很多反思和思考。因此我相信您會採取一些不同的策略或方法來最大限度地取得成功。但如果您可以簡單地告訴我們，這次有什麼不同？我們採取了哪些不同的策略？

(interpreted) Well, I guess, you could ask DeepSeek again, but I'll take a stab at answering that. It's true that we invested. We acquired Ele.me and have been investing in it for many years.

（解釋）好吧，我想，你可以再問一次 DeepSeek，但我會嘗試回答這個問題。我們確實進行了投資。我們收購了餓了麼，已經投資了很多年。

But I think I would begin by saying that Ele.me has actually made a lot of progress over these years. And that may not be reflected in market share because market share is related to our investment as well as our strategy as well as traffic.

但我想首先要說的是，餓了麼這些年來確實有了很大的進步。這可能不會反映在市場佔有率上，因為市場佔有率與我們的投資、策略和流量有關。

But I would say that over these years, Ele.me has made tremendous improvement in terms of infrastructure development and capabilities development. And if that weren't the case, then it simply wouldn't have been possible for Taobao instant commerce to have achieved such rapid development in such a short period of time.

但我想說，這些年來，餓了麼在基礎建設和能力建設方面取得了巨大的進步。如果不是這樣，淘寶即時商務根本不可能在這麼短的時間內取得如此迅速的發展。

We couldn't start from zero and build this business from scratch and, in just two to four months, be able to service 120 million orders -- and not just 120 million orders, but to do so with an excellent user experience. I think that all of that credit goes to Ele.me and the experience and capabilities that we've built up following that acquisition.

我們不可能從零開始，從零開始建立這項業務，並在短短兩到四個月內，為 1.2 億個訂單提供服務——而且不僅僅是 1.2 億個訂單，而是要以出色的用戶體驗來實現。我認為這一切功勞都歸功於餓了麼以及我們在收購後累積的經驗和能力。

To get this business right, you need to have enough merchants. You need to have enough fulfillment capacity or delivery capacity, and you need to have enough consumers -- users on the consumer end. And if you're lacking in any one of those things, then your investment efficiency is going to be poor.

為了做好這項業務，你需要有足夠的商家。您需要擁有足夠的履行能力或交付能力，並且需要有足夠的消費者——消費者端的用戶。如果你缺少其中任何一項，那麼你的投資效率就會很差。

So in terms of where we are today, following the integration of Ele.me into the Taobao app, we have a vast number of users on Taobao, and these are highly active users. We also have the merchant base that has been built up on Ele.me.

所以就我們目前的情況而言，在餓了麼融入淘寶應用程式之後，我們在淘寶上擁有了大量的用戶，而且這些用戶都非常活躍。我們在餓了麼也累積了一定的商家基礎。

And at the same time, we also have the fulfillment capacity, the logistics system, that we have built up. So that's the foundation on which we're making this investment.

同時，我們也擁有已經建立的履行能力和物流體系。這就是我們進行這項投資的基礎。

And then the second thing I would say relates to our investment logic, the way we think about this. Because we're not simply looking at the quick commerce business on a stand-alone basis. We're really looking at what it can do, the overall incremental positive benefit it can provide for our overall e-commerce business in the short term, in the medium term, and in the long term.

我想說的第二件事與我們的投資邏輯以及我們對此的看法有關。因為我們不是簡單地從獨立的角度看待快速商務業務。我們真正關注的是它能做什麼，以及它在短期、中期和長期內能為我們的整體電子商務業務帶來哪些整體的增量積極效益。

So the logic and the way we're thinking about this is different from the past. And of course, for us to get this business right and succeed in all those goals, there's still a lot of work that we need to do.

因此，我們思考這個問題的邏輯和方式與過去不同。當然，為了正確開展這項業務並實現所有目標，我們還有很多工作要做。

Operator, let's take the last question.

接線員，我們來回答最後一個問題。

Gary Yu, Morgan Stanley.

摩根士丹利的 Gary Yu。

I have a question regarding return on invested capital. Given that we are now spending close to RMB50 billion in probably a couple of months on quick commerce, how should we look at the rate of return on invested capital from these investments?

我有一個關於投資資本報酬率的問題。考慮到我們現在大概在幾個月的時間裡在快速商業上花費了近500億元人民幣，我們應該如何看待這些投資的投資資本回報率？

Because I would imagine if the same amount were to be spent on something on AI, maybe with much bigger TAM and much bigger -- faster growth in cloud, we may be able to see a much better return on investment. So how should we think about how we allocate capital internally between retail and AI investment going forward?

因為我想像如果同樣的金額花在人工智慧上，也許擁有更大的TAM和更快的雲端運算成長，我們可能會看到更好的投資回報。那麼，我們該如何思考未來如何在零售和人工智慧投資之間進行內部資本分配呢？

(spoken in foreign language)

（用外語說）

(interpreted) Well, as [Eddie] and I have both mentioned already on the call, we are faced with two huge historic opportunities today, the first of Visa is AI, which we've been discussing.

（翻譯）嗯，正如 [Eddie] 和我都在電話中提到的那樣，我們今天面臨著兩個巨大的歷史性機遇，Visa 的第一個機會就是人工智慧，我們一直在討論這個機會。

But the second is consumption. And the opportunity is to transform consumption from on that journey from e-commerce to local, hyperlocal e-commerce to instant commerce, and we absolutely need to firmly grasp both of those opportunities. They're both crucial.

第二是消費。機會在於將消費從電子商務轉變為在地化、超在地化電子商務轉變為即時商務，我們絕對需要牢牢抓住這兩個機會。它們都至關重要。

So in terms of our investment in both of those areas, of course, we're talking about a very substantial, very large investments. And from our own point of view, these are historic investments that we're making.

因此，就我們在這兩個領域的投資而言，我們談論的當然是一筆非常可觀、非常大的投資。從我們的角度來看，這些都是我們所做的歷史性投資。

As I said in my prepared remarks, be it from the perspective of our capabilities or our resources -- and when I talk about resources, that could include our cash reserves as well as our cash flows as well as resources across our entire balance sheet -- we have sufficient resources to be able to make these very substantial investments, as Eddie said, investments at scale, in both of these huge opportunities.

正如我在準備好的發言中所說的那樣，無論是從我們的能力還是資源的角度來看——當我談到資源時，這可能包括我們的現金儲備以及我們的現金流以及整個資產負債表的資源——我們都有足夠的資源來進行這些非常大的投資，正如埃迪所說的那樣，對這兩個巨大的機會進行大規模的投資。

So the key for us really is how to balance short-term versus long-term returns and where the priority should lie. And we can look at that in the context of our AI investments that we've been making.

因此，對我們來說，關鍵實際上是如何平衡短期回報和長期回報，以及優先考慮什麼。我們可以從我們一直以來的人工智慧投資角度來看這個問題。

And I think you will also have seen very clearly already that these investments have already driven increase in the growth rate of our cloud business. As was just said earlier, that's not just for this quarter, but we expect the following few quarters to also see increase in the growth rate in cloud.

我想大家也已經非常清楚地看到，這些投資已經推動了我們雲端業務的成長率。正如剛才所說，這不僅僅是本季度，我們預計接下來的幾季雲端運算的成長率也會上升。

So of course, we will also look at the business from the point of view of EBITA margin. But our first priority at this point is on making these investments and not making profits -- the profit rate the higher of those two priorities. It doesn't mean that we're not looking at and we don't care about profit rates, of course.

因此，我們當然也會從 EBITA 利潤率的角度來看業務。但我們目前的首要任務是進行這些投資，而不是賺取利潤——利潤率是這兩個優先事項中較高的一個。當然，這並不意味著我們不關注或不關心利潤率。

So in terms of AI investments and the investments in quick commerce, as Jiang Fan just said, we're not yet making any money from those investments in instant commerce, but we can already see very clearly that with the integration of instant commerce into the Taobao app, that's driving increased traffic.

因此，就人工智慧投資和快速商務投資而言，正如蔣凡剛才所說，我們尚未從即時商務投資中賺到任何錢，但我們已經可以清楚地看到，隨著即時商務融入淘寶應用程序，這正在推動流量的增長。

It's driving increased frequency. And as a result of that, that's also driving increased advertising as well on the platform. So with the progression from e-commerce to instant commerce, all of these investments are going to drive good returns going forward.

它正在推動頻率的增加。因此，這也推動了該平台上廣告數量的增加。因此，隨著電子商務向即時商務的發展，所有這些投資都將帶來良好的回報。

And I'm confident that we have sufficient resources to be able to do this and to remain focused on what is truly critical. I think it's important to note that we should not simply focus on short-term returns and, by doing so, lose out on the opportunity to make those long-term returns. So this does require the proper balance.

我相信我們有足夠的資源來做到這一點，並繼續專注於真正重要的事情。我認為值得注意的是，我們不應該只專注於短期回報，這樣就會失去長期回報的機會。所以這確實需要適當的平衡。

Thank you, everyone, for joining us today. We appreciate your time, and we look forward to speaking with you again soon.

感謝大家今天加入我們。感謝您的時間，我們期待很快再次與您交談。

Thank you. That concludes our conference for today. You may now disconnect your lines.

謝謝。今天的會議到此結束。現在您可以斷開線路了。

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。