拼多多 (PDD) 2018 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Pinduoduo Third Quarter 2018 Earnings Conference Call.

女士們、先生們，感謝大家的耐心等待，歡迎參加拼多多2018年第三季業績電話會議。

(Operator Instructions) I must advise you that this conference call is being recorded today, 20th of November, 2018.

（操作員說明）我必須告知您，本次電話會議將於今天（2018 年 11 月 20 日）進行錄製。

I would now like to hand the conference over to our first speaker today, Mr. Christian Arnell.

現在我想將會議交給今天的第一位發言者克里斯蒂安·阿內爾先生。

Thank you.

謝謝。

Please go ahead, sir.

請繼續，先生。

Thank you, operator.

謝謝你，接線生。

Hello, everyone, and thank you for joining us today.

大家好，感謝您今天加入我們。

Pinduoduo's earnings release was distributed earlier today and is available on our IR website at investor.pinduoduo.com as well as through GlobeNewswire services.

拼多多的財報已於今天稍早發布，可透過我們的投資者關係網站 Investor.pinduoduo.com 以及 GlobeNewswire 服務取得。

On the call today from Pinduoduo are Mr. Zheng Huang, Chairman and Chief Executive Officer; and Mr. Tian Xu, Vice President of Finance.

今天接聽拼多多電話的是董事長兼執行長鄭黃先生；田旭先生，財務副總裁。

Mr. Huang will review business operations and company highlights, followed by Mr. Xu, who will discuss financials.

黃先生將回顧業務營運和公司亮點，隨後徐先生將討論財務狀況。

They will be available to answer your questions during the Q&A session that follows.

他們將在接下來的問答環節回答您的問題。

Before we begin, I'd like to remind you that this conference contains forward-looking statements made within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995.

在我們開始之前，我想提醒您，本次會議包含根據1934 年《證券交易法》（經修訂）第21E 條的含義以及1995 年《美國私人證券訴訟改革法》中的定義做出的前瞻性陳述。

These forward-looking statements can be identified by terminologies such as will, expects, anticipates, future, intends, plans, believes, estimates, target, going forward, outlook and similar statements.

這些前瞻性陳述可以透過意願、期望、預期、未來、打算、計劃、相信、估計、目標、前進、展望和類似陳述等術語來識別。

Such statements are based upon management's current expectations and current market operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the company's control, which may cause the company's actual results, performance or achievements to differ materially from those in the forward-looking statements.

此類陳述基於管理層當前的預期和當前的市場運營狀況，並涉及涉及已知或未知風險、不確定性和其他因素的事件，所有這些因素都難以預測，並且其中許多因素超出了公司的控制範圍，這可能會導致公司的實際結果、績效或成就與前瞻性陳述中的結果、績效或成就有重大差異。

Further information regarding these and other risks, uncertainties or factors is included in the company's filings with the U.S. Securities and Exchange Commission.

有關這些和其他風險、不確定性或因素的更多資​​訊包含在該公司向美國證券交易委員會提交的文件中。

The company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

除適用法律要求外，本公司不承擔因新資訊、未來事件或其他原因而更新任何前瞻性聲明的義務。

It is now my pleasure to introduce Chairman and Chief Executive Officer, Mr. Huang.

現在我很高興向大家介紹董事長兼執行長黃先生。

Mr. Huang, please go ahead.

黃先生，請講。

Thank you, Christian, and thanks, everyone, for joining us on our third quarter results discussion.

謝謝克里斯蒂安，也謝謝大家加入我們的第三季業績討論。

We just released our third quarter results.

我們剛剛發布了第三季業績。

Our last 12-month GMV grew 386% year-over-year to RMB 344.8 billion.

過去 12 個月的 GMV 年增 386% 至 3,448 億元。

This was fueled by the growth in our annual active buyers, which more than doubled, and further compounded by a doubling in the annual spend per active buyer.

這是由於我們的年度活躍買家數量增加了一倍多，而每位活躍買家的年度支出翻了一番，進一步加劇了這種情況。

Over the last 12 months, we had 386 million users make at least one purchase on our platform, an increase of 42 million users over the prior quarter.

在過去 12 個月中，有 3.86 億用戶在我們的平台上進行了至少一次購買，比上一季增加了 4,200 萬用戶。

During the third quarter, we had an average of 232 million MAUs, an increase of 37 million users over the prior quarter this year.

第三季度，我們的平均每月活躍用戶數為 2.32 億，比今年上一季增加了 3,700 萬用戶。

Our revenue for the third quarter grew almost 7x over the same period in 2017 to RMB 3.4 billion, primarily driven by the growth in our online marketing services, which we only launched in April 2017.

我們第三季的營收比 2017 年同期成長了近 7 倍，達到 34 億元人民幣，這主要是由我們於 2017 年 4 月才推出的線上行銷服務的成長所推動的。

Though our monetization rate continued to improve, it was partially offset by the strategy we announced last quarter of rewarding higher-quality merchants with more traffic.

儘管我們的變現率持續提高，但它被我們上季度宣布的獎勵優質商家更多流量的策略部分抵消了。

We hope to create a virtuous cycle, whereby high-quality merchants who provide value-for-money products with good user experiences are rewarded, attracting more high-quality merchants to our platform.

我們希望創造一個良性循環，讓那些提供物有所值的產品和良好用戶體驗的優質商家得到獎勵，吸引更多優質商家加入我們的平台。

At Pinduoduo, user satisfaction is our ultimate goal.

在拼多多，用戶滿意是我們的最終目標。

We have created a platform where users can discover value-for-money products in a fun, social and entertaining setting.

我們創建了一個平台，用戶可以在有趣、社交和娛樂的環境中發現物有所值的產品。

By aggregating the demand for each SKU into larger volumes through our team purchase option, we enable our merchants to better manage their supply chain and lower their production and logistics costs.

透過我們的團隊購買選項將對每個 SKU 的需求聚合成更大的數量，我們使我們的商家能夠更好地管理他們的供應鏈並降低他們的生產和物流成本。

The savings can then be transferred to our users.

然後可以將節省的費用轉移給我們的用戶。

Therefore, users often find products at a cheaper price than expected as compared to their perceived value of those products.

因此，與他們對這些產品的感知價值相比，用戶經常會發現價格比預期更便宜的產品。

We are very focused on improving the efficiencies and the capabilities of our merchants so that we can serve our users better.

我們非常注重提高商家的效率和能力，以便更好地為用戶服務。

Over the last 30 years, China has grown to become the largest manufacturing base for most consumer goods sold worldwide.

過去30年來，中國已發展成為全球大多數消費品的最大製造基地。

However, it also has a complex distribution system.

然而，它也有一個複雜的分配系統。

The average manufacturer lacks a good understanding of the consumers and doesn't have much visibility on the demand for their goods.

一般製造商缺乏對消費者的充分了解，對其商品的需求也沒有太多了解。

As such, manufacturers may lose out on potential sales if their products are expectedly popular or they may end up having to discount deeply to move inventory if they overproduce.

因此，如果製造商的產品預計會受歡迎，那麼製造商可能會失去潛在的銷售機會，或者如果生產過剩，他們最終可能不得不大幅折扣以轉移庫存。

Our platform aims to let manufacturers have a more direct pulse on the consumer demand.

我們的平台旨在讓製造商更直接掌握消費者的需求。

We hope that as our technology advances, our team purchase option couldn't only help aggregate demand quickly, but also be able to simulate the likely demand at a certain point in time and then relay this information to manufacturers.

我們希望，隨著我們技術的進步，我們的團隊採購選項不僅能夠幫助快速聚合需求，而且能夠模擬某個時間點可能的需求，然後將這些資訊傳遞給製造商。

By equipping merchants with data analytics, they then have ample lead time to make adjustments and prepare the products for shipping.

透過為商家提供數據分析，他們就有充足的準備時間來進行調整併準備產品運輸。

Over time, based on our data, the merchants can also develop particular SKUs that are better suited to their target consumer tastes.

隨著時間的推移，根據我們的數據，商家還可以開發出更適合其目標消費者口味的特定 SKU。

And by cutting out the middleman, manufacturers retain more profits while our users get a better quality and value-for-money products.

透過省去中間商，製造商保留更多利潤，同時我們的用戶獲得更好品質和物有所值的產品。

Linking users to manufacturers in this way reduces waste and allows manufacturers to build a strong original brand over the long run.

以這種方式將用戶與製造商聯繫起來可以減少浪費，並允許製造商從長遠來看建立強大的原創品牌。

This is important as we have also observed that younger consumers increasingly prefer more personalized offerings that are tailored to their need.

這很重要，因為我們也觀察到，年輕消費者越來越喜歡根據他們的需求量身定制的更個人化的產品。

The supply chain, therefore, has to evolve in order to cater to this demand for personalization.

因此，供應鏈必須不斷發展才能滿足這種個人化需求。

The next step in this evolution is the utilization of 5G, IoT and AI.

這一演變的下一步是利用 5G、物聯網和人工智慧。

As 5G rolls out at scale and adoption grows, the industrial supply chain will also be transformed as data flows and the information exchange happens on a much faster level.

隨著5G的大規模推廣和採用率的提高，隨著資料流動和資訊交換的速度加快，工業供應鏈也將發生轉變。

Whether it be a tree in the orchard or a batch of raw materials in a factory, all of the information about different parts of the supply chain can be readily grasped.

無論是果園裡的一棵樹，還是工廠裡的一批原料，供應鏈不同環節的所有資訊都可以輕鬆掌握。

At the same time, as the vast amount of information gets processed, it paves the way for innovative new technologies.

同時，隨著大量資訊的處理，它為創新新技術鋪平了道路。

One of the industries that can be really transformed by this is agriculture.

真正可以由此改變的行業之一是農業。

Most of the agricultural land in China are scattered through small-scale farming.

中國大部分農業用地都是分散的小規模農業。

Unlike farming in the U.S., which is more standardized, Chinese farmers often lack basic information on market demand, which means they face uncertainties throughout the farming cycle.

與更標準化的美國農業不同，中國農民往往缺乏市場需求的基本訊息，這意味著他們在整個農業週期中面臨不確定性。

For example, what to plant, how much will sell and how much will it sell for.

例如，種什麼、賣多少、賣多少錢。

Making matters worse is convoluted distribution structure between farmers and the consumers, resulting in a spoilage and a limited shelf time by the time the product reaches consumers.

更糟的是農民和消費者之間錯綜複雜的分配結構，導致產品到達消費者手中時變質和有限的保質期。

Farmers operating under this traditional structure are often forced to harvest their produce prematurely or to dose their produce in chemicals in order to prolong shelf time.

在這種傳統結構下經營的農民常常被迫過早收穫農產品或在農產品中添加化學物質以延長保質期。

Consumers end up paying not only a higher price, but get an inferior product.

消費者最終不僅付出了更高的價格，而且還得到了劣質的產品。

Our solution today is to aggregate the demand of consumers through our team purchase option and channel that sizable demand to farmers.

我們今天的解決方案是透過我們的團隊購買選項來聚合消費者的需求，並將大量需求引導給農民。

With more market intelligence and a transparent market pricing, farmers can set their own price, compare their price with the nationwide peers and then work on how to market their products to users with the right price point and packaging.

有了更多的市場情報和透明的市場定價，農民可以設定自己的價格，與全國同行進行比較，然後研究如何以合適的價格和包裝向用戶推銷他們的產品。

Thereafter, they can ship the products directly to the 384 million users on our platform.

此後，他們可以將產品直接運送給我們平台上的3.84億用戶。

While the existing logistics infrastructure in China is not well suited for delivering fresh produce, there is at least a basic network that farmers can tap on to reach consumers.

雖然中國現有的物流基礎設施較不適合運送新鮮農產品，但至少有一個基本的網絡可供農民利用接觸消費者。

Consumers end up getting fresher and safer products for better price while farmers get to make more money, which can be reinvested to improve their farming practices and settle both their production quantity and quality.

消費者最終能以更優惠的價格獲得更新鮮、更安全的產品，而農民也能賺到更多的錢，這些錢可以再投資於改善耕作方式並解決生產數量和品質。

This creates a win-win outcome, and it can have great impact on transforming agriculture and uplifting the poor.

這創造了雙贏的結果，並且可以對農業轉型和窮人的生活產生巨大影響。

As an example, in Zigui County in Hubei, which is mountain and is difficult to get into, there is often excess inventory of their locally produced oranges.

例如，湖北秭歸縣地處山區，交通困難，當地生產的柑橘庫存經常過剩。

At times, farmers cannot even sell their oranges for CNY 0.60 a kilogram, which is a shame as these are high-quality oranges.

有時，農民們的橘子連0.6元一公斤都賣不出去，這是一種恥辱，因為這些都是優質橘子。

Now, with the onboarding of their produce on our platform, the farmers can realize a stable selling price of RMB 6 a kilogram.

現在，隨著農產品上架我們的平台，農民可以實現每公斤6元的穩定售價。

By year-end, Zigui County will cross the national poverty line.

到年底，秭歸縣將跨越國家貧窮線。

This is just one example out of the 3 -- 730 impoverished counties we are working with, but it shows the real impact that technology can have and how we can do our part to uplift the poor.

這只是我們正在合作的 3 至 730 個貧困縣中的一個例子，但它顯示了科技可以產生的真正影響以及我們如何盡自己的一份力量來改善貧困人口的生活。

Going forward, we will continue our effort to aim farmers in impoverished counties.

下一步，我們將繼續瞄準貧困縣農民。

What we have achieved so far is just the first step, and we look forward to contributing more.

到目前為止，我們所取得的成就只是第一步，我們期待能做出更多貢獻。

Next, I would like to take this opportunity to update you on our effort to fight counterfeit and infringing products on our platform.

接下來，我想藉此機會向大家介紹我們平台打擊假侵權產品的最新情況。

From the very beginning, we were the first platform in China to strictly hold all our merchants to the standard of a 10x penalty on counterfeit goods.

從一開始，我們就是中國第一個對所有商家嚴格遵守假貨十倍處罰標準的平台。

Of the 50-odd brands we were alleged to have counterfeit or infringing versions on our platform, we have thoroughly investigated over the past few months and found that 20 of these "fake brands" never existed on our platform.

在我們平台上被指控存在假冒或侵權版本的 50 多個品牌中，我們在過去幾個月進行了徹底調查，發現其中 20 個「假冒品牌」從未在我們的平台上存在過。

Of the other 30, we have finished our cleaning efforts and have worked tirelessly to close every loophole and tackle all issues.

其餘30個，我們已經完成了清理工作，並孜孜不倦地堵塞每一個漏洞，解決所有問題。

Additionally, we set up a WeChat public account to clarify any residue buyer concerns.

此外，我們也設立了微信公眾號，以澄清買家的疑慮。

Since August, we have also upgraded our merchant onboarding system to integrate with the police identity and verification system.

自八月以來，我們還升級了商家入職系統，以與警方身分和驗證系統整合。

From the consumer end, we have refreshed our search algorithm to display the legitimate brand name even if users key in an infringing brand.

從消費者端來看，我們更新了搜尋演算法，即使用戶入侵侵權品牌，也會顯示合法品牌名稱。

By striking at the root and removing the incentive for copyright infringement, we hope to weed out bad behaviors.

我們希望透過從根源打擊版權侵權行為，消除侵權行為的誘因，消除不良行為。

We will continue to invest in our technical capabilities and associated to keyword identification, filtering image, tax and a video imagery recognition and developing a blacklisting mechanism.

我們將繼續投資於我們的技術能力，包括關鍵字識別、過濾圖像、稅收和視訊圖像識別以及開發黑名單機制。

We are also creating a fast-track IP channel with the government to help merchants apply for their own trademarks and build their own brands.

我們也與政府建立智慧財產權快速通道，幫助商家申請自己的商標，打造自己的品牌。

At the same time, we continue to collaborate closely with the authorities to uphold the right of consumers.

同時，我們繼續與當局密切合作，維護消費者的權利。

We are grateful for all the parties that have made us a better platform throughout this process, especially the government, which has been extremely supportive and understanding; the media, which has helped us uncover cases of abuse; and users, who have trusted us and helped us with their candid reviews on our platform.

我們感謝在這個過程中為我們提供更好平台的各方，特別是政府，給予了我們極大的支持和理解；媒體，幫助我們揭露虐待案件；以及信任我們並幫助我們在我們平台上進行坦誠評價的用戶。

All of the above wouldn't have been possible without our focus on technology.

如果沒有我們對科技的關注，以上所有這些都是不可能實現的。

As we continue to grow in size and build out our offering to our users, we plan to invest more in our efforts in R&D and also upgrade our existing infrastructure to meet future demand.

隨著我們不斷擴大規模並為用戶提供更多產品，我們計劃在研發方面投入更多資金，並升級現有基礎設施以滿足未來的需求。

We continue to improve the accuracy of our product recommendations and ad targeting by enhancing our distributed AI infrastructure.

我們透過增強分散式人工智慧基礎設施，持續提高產品推薦和廣告定位的準確性。

We are also in discussions with various institutions worldwide to partner initiative to further our technical know-how around distributed AI to help ourselves better understand user behavior and to enhance user data privacy protection capabilities.

我們也正在與全球各個機構進行討論，以合作倡議進一步深化我們在分散式人工智慧方面的技術知識，幫助我們更好地了解用戶行為並增強用戶資料隱私保護能力。

I myself will be leading this effort, and we hope to share our results with the public at a later stage.

我自己將領導這項工作，我們希望稍後與公眾分享我們的成果。

Finally, to end on a more light-hearted note, let's talk about Duo Duo Orchard, which I mentioned last quarter.

最後，以更輕鬆的方式結束，讓我們來談談我上季度提到的多多果園。

Duo Duo Orchard is a game that rewards users for completing a variety of missions daily as they try to grow virtual food trees.

Duo Duo Orchard 是一款獎勵用戶每天嘗試種植虛擬食物樹並完成各種任務的遊戲。

Once the user's tree bears fruit, we send an actual package of fruit to them as a reward.

一旦用戶的樹結出果實，我們就會向他們發送一包實際的水果作為獎勵。

Participation on Duo Duo Orchard is so strong that we now send out over 500 pounds of fruit daily from farmers in impoverished areas like Southern Jingdong.

多多果園的參與度非常高，現在我們每天都會從京東南部等貧困地區的農民那裡送出超過 500 磅的水果。

Duo Duo Orchard allows us to delight our users while doing good and encapsulates our company's vision of offering the users a differentiated and entertaining shopping experience with value-for-money products.

Duo Duo Orchard 讓我們在行善的同時取悅用戶，體現了我們公司的願景，即透過物有所值的產品為用戶提供差異有趣的購物體驗。

Last month, we celebrated the third year anniversary of our app with our users, merchants and employees.

上個月，我們與用戶、商家和員工一起慶祝了應用程式的三週年紀念日。

We are grateful for all our ecosystem partners as well as all experienced investors worldwide who have supported us.

我們感謝所有生態系統合作夥伴以及全球所有支持我們的經驗豐富的投資者。

We still see ourselves as a very young company with much room for further improvement.

我們仍然認為自己是一家非常年輕的公司，還有很大的進一步改進的空間。

And we'll dedicate ourselves relentlessly to meeting our users' needs and overcoming all obstacles along the way.

我們將不懈地致力於滿足用戶的需求並克服一路上的所有障礙。

With that, I will hand the call over to our VP of Finance, Tian, to walk through our financial results in the quarter.

接下來，我將把電話轉交給我們的財務副總裁田，以介紹我們本季的財務表現。

Tian, please.

田，請。

Thank you, Colin.

謝謝你，科林。

Hello, everyone.

大家好。

Our total revenue in the third quarter were RMB 3.4 billion, growing strongly by 697% from RMB 423 million in the same quarter last year.

我們第三季的總營收為 34 億元，較去年同期的 4.23 億元強勁成長 697%。

The main driver of this growth was our online marketing services.

這一增長的主要驅動力是我們的線上行銷服務。

88% of the total revenue, or RMB 3.0 billion, were revenues from online marketing services, which increased significantly from RMB 290 million during the same period the last year and 25% from the prior quarter.

網路行銷服務收入佔總營收的88%，即30億元人民幣，較去年同期的2.9億元大幅成長，季增25%。

The increase was due to our increased number of users and growing user engagement, which supported our healthy GMV growth and demand for advertising on our platform.

這一成長是由於我們的用戶數量增加和用戶參與度不斷提高，這支持了我們的 GMV 健康成長和平台上廣告的需求。

12% of our total revenues, or RMB 398 million, were revenues from commission fees, which increased from RMB 134 million during the same period the last year and 80% from the prior quarter.

佣金收入占我們總收入的 12%，即 3.98 億元人民幣，較去年同期的 1.34 億元增加，較上一季增加了 80%。

This increase was driven by the growth in our GMV.

這一增長是由 GMV 的成長所推動的。

We continue to keep our commission rates low and offer some discounts to selected merchants.

我們繼續保持較低的佣金率，並向選定的商家提供一些折扣。

Our low fee structure combined with our ability to aggregate large volumes of orders for merchants has made us an attractive platform for merchants.

我們的低費用結構加上我們為商家匯總大量訂單的能力，使我們成為對商家有吸引力的平台。

As we grow our buyer base and the breadth of our product selection, we are confident that it will also increase the annual average spending per user, which, as you have seen, has been doubling year-on-year over the last 3 quarters.

隨著我們的買家基礎和產品選擇的廣度不斷擴大，我們有信心每個用戶的年平均支出也會增加，正如您所看到的，在過去三個季度中，該支出同比翻了一番。

You may also recall that last quarter, we talked about rewarding high-quality merchants to create a virtuous circle and weed out the less compliant merchants.

大家可能還記得，上個季度我們談到了對優質商家進行獎勵，形成良性循環，淘汰掉那些不合規的商家。

Specifically, we have offered more traffic with better pricing and discounted commission fees to those high-quality merchants.

具體來說，我們為那些優質商家提供了更多的流量、更好的價格和折扣佣金。

This has dampened the growth in our monetization rate in the short term, but we believe this is the right thing to do as we strive to deliver the best customer experience.

這在短期內抑制了我們貨幣化率的成長，但我們相信這是正確的做法，因為我們努力提供最佳的客戶體驗。

We are pleased with the result of our strategy so far and remain deeply committed to improving our platform.

我們對迄今為止的戰略結果感到滿意，並將繼續堅定地致力於改進我們的平台。

Moving on to costs.

繼續討論成本。

Total cost of revenue increased by 315% year-over-year to RMB 775 million from RMB 187 million in the same quarter of 2017.

總營收成本年增 315%，從 2017 年同季的 1.87 億元 7.75 億元增加到 7.75 億元。

The increase was due to higher cost for cloud services, our call center and merchant support.

增加的原因是雲端服務、呼叫中心和商家支援的成本增加。

Total operating expenses were RMB 3.9 billion compared with RMB 471 million in the same quarter of 2017.

總營運費用為 39 億元，而 2017 年同期為 4.71 億元。

In particular, sales and marketing expenses came in at RMB 3.2 billion, mainly due to an increase in branding campaigns and online and off-line advertisement and promotion as we continue to invest in strengthening our brand recognition and facilitating greater user engagement.

其中，銷售及行銷費用為人民幣32億元，主要是由於我們持續投資加強品牌知名度並促進更高的用戶參與度，因此品牌活動以及線上和線下廣告和促銷的增加。

The momentum seen in our MAU growth this quarter evidenced to a degree that the investments in marketing we have made in the past quarters is effective and will continue to pay off in the long term.

本季每月活躍用戶數的成長勢頭在一定程度上證明了我們過去幾季在行銷方面的投資是有效的，並且從長遠來看將繼續獲得回報。

General and administrative expense were RMB 306 million.

一般及行政費用為人民幣3.06億元。

The increase was primarily due to an increase in headcount.

這一增長主要是由於員工人數的增加。

Research and development expenses rose to RMB 332 million, primarily due to an increase in headcount and the recruitment of very experienced research and development personnel as well as an increase in our R&D-related cloud services expenses.

研發費用增加至人民幣3.32億元，主要是因為人員數量的增加和聘請經驗豐富的研發人員以及研發相關的雲端服務費用的增加。

As shared by Colin, we continue to focus on expanding our technological capability for the long-term growth of our platform and expected our R&D expenses to grow further.

正如 Colin 所分享的，我們將繼續專注於擴大我們的技術能力，以實現我們平台的長期成長，並預計我們的研發費用將進一步成長。

We are in active discussions to launch with search initiatives to help us improve our platform and services.

我們正在積極討論啟動搜尋計劃，以幫助我們改進我們的平台和服務。

Operating loss was RMB 1.3 billion compared with a loss of RMB 234 million in the same quarter of last year.

經營虧損為人民幣13億元，去年同期為虧損2.34億元。

Non-GAAP operating loss was RMB 790 million, an increase from RMB 231 million during the same period last year.

非美國通用會計準則經營虧損為人民幣7.9億元，較去年同期的人民幣2.31億元增加。

In the third quarter, net loss attributable to ordinary shareholders was RMB 1.1 billion compared with the loss of RMB 221 million in the same quarter of last year.

第三季歸屬於普通股股東的淨虧損為人民幣11億元，去年同期為虧損2.21億元。

Basic and diluted net loss per ADS were RMB 1.20 compared with RMB 0.52 during the same period of last year.

每份ADS基本及攤薄淨虧損為人民幣1.20元，去年同期為0.52元。

Non-GAAP net loss attributable to ordinary shareholders rose to RMB 690 million compared with RMB 280 million in the same quarter last year.

非美國通用會計準則歸屬於普通股股東的淨虧損升至 6.9 億元，去年同期為 2.8 億元。

Non-GAAP basic and diluted net loss per ADS were RMB 0.68 compared with RMB 0.48 for the same period of 2017.

非美國通用會計準則每股美國存託股基本及攤薄淨虧損為 0.68 元，而 2017 年同期為 0.48 元。

That completes the profit and loss statement for the quarter.

本季的損益表就此完成。

Net cash flow provided by operating activities was RMB 250 million compared with negative RMB 682 million in the same quarter last year, primarily due to an increase in our online marketing services revenue.

經營活動提供的現金流量淨額為人民幣2.5億元，去年同期為負人民幣6.82億元，主要是由於我們的網路行銷服務收入增加。

As of September 30, 2018, the company has a strong balance sheet with RMB 15 billion in cash and cash equivalent, an increase from RMB 3.1 billion as of December 31, 2017.

截至2018年9月30日，公司資產負債表穩健，現金及現金等價物為人民幣150億元，較截至2017年12月31日的人民幣31億元增加。

It is primarily from our IPO proceeds.

它主要來自我們的首次公開募股收益。

On top of our cash balances, we also have another RMB 7.5 billion of short-term investments.

除了現金餘額外，我們還有另外75億元人民幣的短期投資。

All together, we have RMB 22.5 billion of cash and short-term investments.

我們總共擁有225億元的現金和短期投資。

Our strong balance sheet and healthy operating cash flow highlights once again the extremely cash flow-generative business model that we have and provides us with a good cushion to make the necessary investments to grow our great business.

我們強勁的資產負債表和健康的營運現金流再次凸顯了我們擁有的極具現金流產生能力的商業模式，並為我們提供了良好的緩衝，以進行必要的投資以發展我們的偉大業務。

Lastly, I would like to make a quick comment in response to claims that the company has misrepresented our revenues and earnings.

最後，我想針對該公司歪曲我們收入和收益的指控快速發表評論。

I would stress that we have always held ourselves to the highest standards and that the numbers in our consolidated financial statements are in compliance with the rules and regulations of the SEC.

我要強調的是，我們始終堅持最高標準，並且我們合併財務報表中的數字符合 SEC 的規則和規定。

Our filings are in accordance with U.S. GAAP, and the audited financial statements included therein have been audited by Ernst & Young.

我們的備案符合美國公認會計原則，其中包含的經審計的財務報表已經過安永會計師事務所的審計。

Similarly, our related party transactions, as included in the IPO prospectus, have also been disclosed in accordance with the U.S. security laws, listing rules and NASDAQ regulations.

同樣，我們在IPO招股說明書中所包含的關聯方交易也已按照美國證券法、上市規則和納斯達克法規進行了披露。

This concludes our prepared remarks.

我們準備好的演講到此結束。

Operator, we are now ready to begin the Q&A session.

接線員，我們現在準備開始問答環節。

Thanks.

謝謝。

(Operator Instructions) So we have the first question coming from the line of Mr. Thomas Chong from Crédit Suisse.

（操作員說明） 第一個問題來自瑞士信貸銀行的 Thomas Chong 先生。

I have 2 questions.

我有 2 個問題。

The first question is about how should we think about the impact of macro headwinds to our business?

第一個問題是我們應該如何看待宏觀逆風對我們業務的影響？

And my second question is about any updates about the new e-commerce law and about implementation plan?

我的第二個問題是關於新的電子商務法和實施計劃有什麼更新嗎？

Yes.

是的。

There has been a lot of discussions on the potential slowdown in China as well as growing concerns about U.S. and China trade war.

人們對中國經濟潛在放緩以及對中美貿易戰的擔憂日益加劇進行了許多討論。

While we are following macro conditions closely, we haven't yet observed impact on our business.

雖然我們正在密切關注宏觀形勢，但我們尚未觀察到對我們業務的影響。

Our GMV is still growing healthily, and we're strong in terms of user growth and all these metrics.

我們的 GMV 仍在健康成長，而且我們在用戶成長和所有這些指標方面都很強勁。

We are feeling there is still a very strong unmet domestic demand from our users, which we are doing our best to fulfill.

我們感覺，我們的用戶仍有非常強烈的未滿足的國內需求，我們正在盡力滿足這項需求。

Ultimately, no matter how macro conditions may be, the demand for value-for-money goods is still constantly growing, I believe.

最終，我相信，無論宏觀條件如何，對物有所值的商品的需求仍然在不斷增長。

For the consumers in lower-tier cities, for instance, through our platform, they are able to find better quality goods at a similar or even lower prices versus whether they may be available in their local stores.

例如，對於低線城市的消費者來說，透過我們的平台，他們能夠以與當地商店相似甚至更低的價格找到品質更好的商品。

So I think this is going to give us a chance.

所以我認為這會給我們一個機會。

And we'll also provide such value-for-money goods due on our C2M model, where we aggregate users' demand and try to connect this demand directly to manufacturers and merchants with a strong supply chain capability, allowing users to save by reducing manufacturing costs and cutting down the layers of intermediary distributors.

而且我們也會透過我們的C2M模式提供這樣的物超所值的商品，我們聚合用戶的需求，並嘗試將這個需求直接連接到具有強大供應鏈能力的製造商和商家，讓用戶透過減少製造來節省成本成本並減少中間經銷商的層數。

We do see organic growth growing faster than the online sales growth rate reported by NBS, which shows that we're continuing to gain market share at this moment.

我們確實看到有機成長的速度快於國家統計局報告的線上銷售成長率，這表明我們目前正在繼續獲得市場份額。

Finally, on the trade war, I think we are fortunately relatively sheltered as our platform today is purely servicing domestic demand and our merchants' manufacturing base is also mostly located in China.

最後，關於貿易戰，我認為我們幸運的是相對受到庇護，因為我們現在的平台純粹是服務內需的，而我們商家的製造基地也大多位於中國。

However, with all that said, we are part to a bigger and larger economy and wouldn't be fully insulated, of course.

然而，儘管如此，我們是一個越來越大的經濟體的一部分，當然不會完全隔離。

Therefore, we are also monitoring the economy and our business closely to be fully prepared for any market change in the future.

因此，我們也密切關注經濟和我們的業務，為未來的任何市場變化做好充分準備。

Your second question is e-commerce law.

你的第二個問題是電子商務法。

The e-commerce law marks a positive development for the Chinese e-commerce industry, I think.

我認為，《電子商務法》標誌著中國電子商務產業的積極發展。

And it has been discussed for a long, long time, even -- it started even before PDD existed.

這個問題已經被討論了很長很長時間，甚至在 PDD 出現之前就已經開始了。

We had participated very recently in several rounds of discussions with the authorities before it was published.

在該報告發布之前，我們最近參加了與當局的幾輪討論。

The finalized e-commerce law is along the lines of the previous drafts and has adopted many industries' current best practices.

最終確定的電子商務法與先前的草案保持一致，並採納了許多行業當前的最佳實踐。

As a platform that has been following the best of practices in the market, we welcome and fully support the condition of codification of such practices and underlying principles.

作為一個一直遵循市場最佳實踐的平台，我們歡迎並完全支持對此類實踐和基本原則進行編纂的條件。

And there are some rules in the law which emphasizes -- emphasis on the fair competition.

法律中有一些規則強調──強調公平競爭。

The emphasis on fair competition is something that we think will pave the way for a more level playing field in the industry and may change the competitive landscape a little bit in the future as well.

我們認為，強調公平競爭將為產業創造更公平的競爭環境鋪路，並可能在未來稍微改變競爭格局。

The areas of consumer rights and data privacy protection are also areas that we have spent a lot of efforts on internally.

消費者權益和資料隱私保護領域也是我們內部花了不少功夫的領域。

We have always had a strong focus on removing infringing goods and merchants who spoil our merchant -- our consumers' experience on our platform.

我們一直非常注重消除侵權商品和破壞我們商家（我們的消費者在我們平台上的體驗）的商家。

And as I mentioned, I will be personally leading our research effort on data privacy protection, which shows how seriously we as a company view this issue.

正如我所提到的，我將親自領導我們對資料隱私保護的研究工作，這表明我們作為一家公司對這個問題的重視程度。

We don't want to get into trouble the other companies have experienced.

我們不想陷入其他公司所經歷的麻煩。

We expect that further consultation will be organized to provide detailed implementation guidance and procedures of the rules under the new e-commerce law as the current law is more focused on broader principles.

由於現行法律更注重更廣泛的原則，我們預計將組織進一步的磋商，以提供新電子商務法規則的詳細實施指南和程序。

We will continue to participate in the consultation and, if appropriate, upgrade or enhance our system and policy in accordance with the guidance and procedures.

我們將繼續參與諮詢，並在適當的情況下根據指導和程序升級或增強我們的系統和政策。

But it will take some time.

但這需要一些時間。

We don't think the very detailed rules will be rolled out very soon.

我們認為非常詳細的規則不會很快推出。

We believe -- and it's going to be a process.

我們相信——這將是一個過程。

We believe the government will take a balanced approach and also consider how e-commerce has helped to grow domestic demand and rejuvenate domestic manufacturing capacity to support SME growth.

我們相信政府會採取平衡的態度，也會考慮電子商務如何幫助擴大內需、振興國內製造能力，以支持中小企業的發展。

Thank you.

謝謝。

We have our next question coming from the line of Mr. Piyush Mubayi from Goldman Sachs.

我們的下一個問題來自高盛的 Piyush Mubayi 先生。

I've got 2 areas of questions.

我有 2 個方面的問題。

The first is on your GMV growth rates, which have, no doubt, been very strong.

第一個是 GMV 成長率，毫無疑問，它非常強勁。

Could you talk through the drivers of the 99% increase in annual spending per active buyer that you're seeing as well as the average team size that you observe right now?

您能否談談您所看到的每位活躍買家的年度支出成長 99% 的驅動因素以及您目前觀察到的平均團隊規模？

Also, given how important 4Q is in terms of size, could you give us a sense of how it's been tracking through the last 2 months?

另外，考慮到第四季度在規模方面的重要性，您能否讓我們了解過去兩個月的追蹤情況？

If you could comment on that.

如果你能對此發表評論的話。

The second is on the effective take rate, which, excluding payment, we think, to a certain degree, is a factor under your control, and it's come down by 0.4% to 0 -- 2.5% in 3Q.

第二個是有效接受率，我們認為，不包括付款，在一定程度上是您可以控制的一個因素，第三季度它下降了0.4%至0 - 2.5%。

Now we know you described initially it's about rewarding quality merchants with traffic.

現在我們知道您最初描述的是用流量獎勵優質商家。

Could you detail how successful this attempt has been?

您能詳細說明一下這次嘗試有多成功嗎？

How many merchants you have on your platform?

您的平台上有多少商家？

And how long you believe it's necessary to continue to offer this discounted traffic?

您認為有必要繼續提供這種折扣流量多久？

And at what point of time in the forward could we expect this to trend back up towards 2.8% or 3%?

在未來的什麼時間點，我們可以預期這個趨勢會回升至 2.8% 或 3%？

Piyush, this is Tian.

Piyush，這是田。

We are pretty confident that our GMV will continue this strong momentum we're seeing so far.

我們非常有信心我們的 GMV 將繼續保持目前的強勁勢頭。

This quarter, we have seen strong growth in our GMV, driven by 2 doublings.

本季度，我們的 GMV 實現了強勁成長，成長了 2 倍。

One is the doubling in our annual active buyers.

其中之一是我們的年度活躍買家數量翻了一番。

The other is a doubling in the annual spending per active buyers.

另一個是活躍買家的年度支出翻了一番。

Our user base distribution closely mirrors the population distribution of China, and we see the great potential as the Internet population in China continues to grow.

我們的用戶群分佈與中國的人口分佈密切相關，隨著中國網路人口的持續增長，我們看到了巨大的潛力。

This is because we are confident that our value proposition of offering value for money and fun, entertaining shopping experience has kind of universal appeal and is not constrained to only a particular demographic or geography.

這是因為我們相信，我們提供物有所值和有趣、有趣的購物體驗的價值主張具有普遍吸引力，而不僅限於特定的人口或地理區域。

So for those who have used our Pinduduo app, we think you would agree that it has been a very engaging outlet for you to kill the time and discover new products.

因此，對於那些使用過拼多多應用程式的人來說，我們認為您會同意它是一個非常吸引人的消磨時間和發現新產品的管道。

You might find some -- or bought some new products that you didn't even know you need.

您可能會發現一些——或者購買一些您甚至不知道自己需要的新產品。

So for those who have not used our app, we strongly encourage you to give it a try.

因此，對於尚未使用我們的應用程式的人，我們強烈建議您嘗試一下。

So moving to the second part of this equation, which is the annual spending per active buyer.

因此，轉向這個等式的第二部分，即每個活躍買家的年度支出。

We still see of a lot runway for our annual spending per active buyer to grow.

我們仍然看到每個活躍買家的年度支出還有很大的成長空間。

As users mature, they came to trust the platform more and are willing to purchase a much bigger ticket item.

隨著用戶的成熟，他們對平台更加信任，並願意購買更大的門票項目。

And the fact is exponential.

事實是指數級的。

This is something that we have observed from our internal data.

這是我們從內部數據觀察到的。

And it has increased our -- believing that our recent strategies are paying off with regards to improving the overall quality of our platform.

它增強了我們的信心——我們最近的策略在提高我們平台的整體品質方面正在取得回報。

And on top of that, we are also enriching our product selection so there will be even more for our users to discover on our platform.

最重要的是，我們也豐富了我們的產品選擇，以便我們的用戶在我們的平台上發現更多東西。

So during the Double 11 sales period, for example, we sold over 200,000 units of Apple's latest phones, the iPhone XS, XR, XS Max, et cetera, which demonstrated the strong purchasing power some of our users have.

例如，在雙重11銷售期間，我們銷售了超過20萬台蘋果最新手機，iPhone XS、XR、XS Max等，這表明我們的一些用戶擁有強大的購買力。

Your second question is about monetization.

你的第二個問題是關於貨幣化的。

In order to create -- as Colin mentioned, in order to create a virtuous cycle of attracting these more capable and responsible merchants to our platform and also churning out the lower quality ones, we have been giving discounted traffic and discounted commission fees to some selected merchants who have demonstrated their willingness and their capacity to serve our users better.

為了創造——正如科林所提到的那樣，為了創造一個良性循環，吸引這些更有能力、更負責任的商家到我們的平台，同時也生產出品質較低的商家，我們一直在向一些選定的商家提供折扣流量和折扣佣金。

This initiative does affect the pace of our monetization growth in the short term.

這項措施確實會影響我們短期內貨幣化成長的速度。

Nevertheless, we believe this is the right thing to do and this can help to drive the ecosystem in the positive way in the middle to long term.

儘管如此，我們相信這是正確的做法，這有助於在中長期內以積極的方式推動生態系統。

And in general, we are not concerned by this quarterly fluctuation as we continue to experiment with different strategies and advertising product offerings and -- as we believe our efforts will eventually benefit monetization in the long run rather than the short run.

總的來說，我們並不擔心這個季度的波動，因為我們繼續嘗試不同的策略和廣告產品，因為我們相信我們的努力最終將有利於長期而不是短期的貨幣化。

And after all, we only started the monetization -- monetizing our platform in the middle of last year.

畢竟，我們去年年中才開始貨幣化——透過我們的平台貨幣化。

So the results so far have already demonstrated that monetization can grow very healthily if merchants are seeing good returns on our platform.

因此，到目前為止的結果已經表明，如果商家在我們的平台上看到良好​​的回報，貨幣化可以非常健康地成長。

So overall, we still take a conservative approach towards growing our platform's monetization.

因此總體而言，我們仍然採取保守的方法來增加我們平台的貨幣化。

I would say, monetization is not our near-term goal, but the result of user satisfaction and good user experience.

我想說，變現不是我們的近期目標，而是使用者滿意度和良好使用者體驗的結果。

And we will continue to enable our ecosystem counterparties to improve their capacity and to serve our users.

我們將繼續幫助我們的生態系統對手提高能力並為我們的用戶提供服務。

Thank you.

謝謝。

The next question comes from the line of Alicia Yap from Citigroup.

下一個問題來自花旗集團的 Alicia Yap。

I have 2 questions.

我有 2 個問題。

Number one is that since you actually have attracted a number of big brands to open the flagship stores on your platform recently, just wondering, have these brands been contributing to the accelerated growth of the GMV this quarter?

第一，既然你們最近確實吸引了一些大品牌在你們的平台開設旗艦店，那麼這些品牌是否對本季GMV的加速成長做出了貢獻？

Or these brands will still take some time to get used to our platform?

或者這些品牌還需要一些時間來適應我們的平台？

And in the next few quarter, how should we think about the GMV contribution from the bigger brands versus the longer-tail merchants?

在接下來的幾個季度，我們應該如何看待大品牌與長尾商家的 GMV 貢獻？

And second question is regarding the sales and marketing.

第二個問題是關於銷售和行銷的。

It seems like there is some leverage on the expense ratio achieved this quarter.

本季的費用率似乎具有一定的槓桿作用。

But given sales and marketing is also critical in terms of driving the top line growth, and if we look into fourth quarter, given this is a seasonal promotional quarter, will the expense ratio be actually going up on a percentage of sales?

但考慮到銷售和行銷對於推動收入成長也至關重要，如果我們研究第四季度，鑑於這是季節性促銷季度，費用率實際上會隨著銷售額的百分比而上升嗎？

And then over time, is there any kind of talk that optimal percentage of sales, that the sales and marketing could ultimately come down to?

隨著時間的推移，是否有任何關於銷售和行銷最終可以歸結為最佳銷售百分比的討論？

Okay.

好的。

I'll answer the first question first, and then maybe the second question, Tian, can add a little bit.

我先回答第一個問題，然後也許第二個問題田老師可以補充一點。

The first question is about high-end brands.

第一個問題是關於高端品牌。

There were a lot of media talking about that.

很多媒體都在談論此事。

In general, my opinion is no hurry, and it's a process.

總的來說，我的看法是不急，需要一個過程。

I see no reason why higher-priced branded goods wouldn't transact on our platform.

我認為價格較高的品牌商品沒有理由不在我們的平台上進行交易。

Just as how people are not one-dimensional, our users also have a multitude of product needs.

正如人不是一維的一樣，我們的用戶也有多種產品需求。

And we think regardless of the price point, the demand for getting a good deal in a fun and entertaining way doesn't change.

我們認為，無論價格如何，以有趣和有趣的方式獲得划算交易的需求不會改變。

More and more branded merchants are approaching us partially because of all this PR, negative or positive.

越來越多的品牌商家開始接觸我們，部分原因是所有這些公關，無論是負面的還是正面的。

And they all set up shops on our platform after seeing our continued momentum.

在看到我們持續的勢頭後，他們都在我們的平台上開設了商店。

We already have merchants such as Xiaomi as a well-known cell phone brand.

我們已經有像小米這樣的知名手機品牌商家。

And also, like off-line retailers like Guomei and also even online retailers like TomTom, they brought in an array of SKUs and brands onto our platform.

而且，就像國美這樣的線下零售商，甚至像 TomTom 這樣的線上零售商一樣，他們將一系列 SKU 和品牌引入我們的平台。

During the Double 11 sales period, for example, as Tian just mentioned, we sold over 200,000 units of Apple's latest phones, including iPhone XS or XR and the XS Max and all these.

例如雙11銷售期間，就像田剛提到的，我們銷售了超過20萬台蘋果最新的手機，包括iPhone XS或XR和XS Max等等。

That being said, we view every brand as we do all our merchants and we have the same requirement that they collaborate with us and serve our users and we treat them all equal.

話雖這麼說，我們像對待所有商家一樣看待每個品牌，我們對他們與我們合作並為我們的用戶服務有同樣的要求，我們平等對待他們。

And I believe it's just a matter of time, there will be more and more different kinds of products, different kinds of brands coming in to the platform and serving a variety of our users' needs.

我相信這只是時間問題，將會有越來越多不同種類的產品、不同種類的品牌進入這個平台並滿足我們用戶的各種需求。

With that said, maybe, Tian, you take the second question first?

話雖如此，Tian，您可能會先回答第二個問題吧？

Yes.

是的。

In terms of the marketing expense in the next quarters, I would say we cannot provide a guidance in terms of percentage of revenue, also which is also depends on the revenue growth.

就接下來幾季的行銷費用而言，我想說我們無法提供佔收入百分比的指導，這也取決於收入成長。

But we look at our marketing spend as a long-term investment, and it is difficult to provide guidance because it depends on expected returns.

但我們將行銷支出視為長期投資，很難提供指導，因為它取決於預期回報。

But I can elaborate our rationale behind it.

但我可以詳細闡述我們背後的理由。

We are investing primarily to build user trust and brand recognition.

我們的投資主要是為了建立用戶信任和品牌認知。

So far, we have seen good ROI on our marketing investments, and we will continue to build awareness on our brands and user engagement and meanwhile, we are very disciplined in studying the ROI of our spending.

到目前為止，我們的行銷投資取得了良好的投資報酬率，我們將繼續提高我們的品牌知名度和用戶參與度，同時，我們在研究支出投資報酬率方面非常自律。

For example, for coupons, we deploy different algorithm to do AB testing.

例如，對於優惠券，我們部署不同的演算法來進行AB測試。

For each user group, we will track their behaviors after receiving the coupon, such as any change in user intent, retention or any change in user spending, et cetera.

對於每個用戶群組，我們將追蹤他們在收到優惠券後的行為，例如用戶意圖、保留或用戶支出的任何變更等的任何變更。

So please note that marketing spending also depends on season and opportunities, so it will not be -- that is linear quarter-by-quarter.

因此請注意，行銷支出也取決於季節和機會，因此不會是逐季度線性的。

For instance, in the second quarter, there was a FIFA World Cup.

例如，第二季度有世界盃。

So we shifted some advertising budget to it, and we also continued to spend on the World Cup in July, which fell in to some of the sales and marketing spending you saw this quarter.

因此，我們將一些廣告預算轉移到了它上面，我們也繼續在 7 月的世界盃上支出，這屬於您在本季度看到的一些銷售和行銷支出。

Just like investors in the capital markets, when we are presented with good opportunities to make marketing investments with good returns, we will be active.

就像資本市場的投資者一樣，當我們遇到好的機會進行行銷投資並獲得良好的回報時，我們就會積極主動。

So we also do not want to constrain us in this regard.

所以我們也不想在這方面限制我們。

So all that said, as our general approach in terms of investing to grow our business, we look at marketing spend very thoughtfully and will not spend irresponsibly, but I could say in the long term, the percentage of marketing expense, well, it goes down.

話雖如此，作為我們投資發展業務的一般方法，我們會非常深思熟慮地考慮行銷支出，不會不負責任地支出，但我可以說，從長遠來看，行銷費用的百分比，嗯，它會發生變化。

That's pretty much what I can tell you right now.

我現在能告訴你的就這麼多了。

Thank you.

謝謝。

We have our next question coming from the line of Natalie Wu from CICC.

我們的下一個問題來自中金公司的 Natalie Wu。

I have 2 questions here.

我這裡有兩個問題。

First one is regarding Tencent collaboration.

第一個是關於騰訊的合作。

I noticed that you opened up the Weixin Wallet access last month.

我注意到您上個月開放了微信錢包訪問。

I noticed that you opened up the Weixin Wallet access last month.

我注意到您上個月開放了微信錢包訪問。

It would be great if management can share some color with us on the update regarding this collaboration, say, how much GMV comes from the Weixin access, the additional user growth from that channel, et cetera.

如果管理層能夠與我們分享有關此次合作的最新動態，例如有多少 GMV 來自微信訪問、來自該管道的額外用戶增長等等，那就太好了。

Curious if there would be any further collaboration with WeChat next year, say, more direct and more frequent powerful access maybe.

很好奇明年是否會與微信有進一步的合作，比如說，也許更直接、更頻繁的強大訪問。

And next -- second question is regarding the -- your selected merchants rewarding program.

接下來 - 第二個問題是關於 - 您選擇的商家獎勵計劃。

Just curious, what kind of the -- what type of the factors where you consider the most when choosing those high-quality merchants which you will grant with favorable take rate and traffic leverage?

只是好奇，您在選擇那些給予您有利的成交率和流量槓桿的優質商家時，最考慮的因素是什麼？

How much does that group of the high-quality merchants account for your GMV?

那群優質商家佔你的GMV有多少？

I will answer your first question first about Tencent.

我先回答你的第一個問題，關於騰訊。

We have been working very closely with Tencent.

我們一直與騰訊密切合作。

We appreciate and value their partnership very much.

我們非常感謝並重視他們的合作關係。

They are also a very good shareholder and has been supportive since Series B round.

他們也是非常好的股東，自 B 輪以來一直給予支持。

As disclosed, we use Tencent cloud.

據透露，我們使用騰訊雲。

We also advertise on Tencent and then leverage both WeChat and QQ for our users to share interesting products together.

我們也會在騰訊上做廣告，然後利用微信和QQ讓我們的用戶一起分享有趣的產品。

The working teams on both companies often discuss new user trends and the behavioral -- and the behaviors together.

兩家公司的工作團隊經常討論新的使用者趨勢和行為，以及一起討論這些行為。

In terms of transactions and the orders, actually, mostly -- most happen on our own app.

實際上，就交易和訂單而言，大多數發生在我們自己的應用程式上。

And this has been the case for more than a year.

而且這種情況已經持續一年多了。

This is because as users shop our platform a couple of times, they would naturally download the app to enjoy more fun and the cost-saving features on our app.

這是因為，當用戶多次在我們的平台上購物時，他們自然會下載該應用程式以享受我們應用程式上的更多樂趣和節省成本的功能。

While social platforms are used to share products with the social context, when users just want to get something quickly, they may just choose to join existing team or our apps directly.

雖然社交平台用於在社交環境中分享產品，但當用戶只是想快速獲得某些東西時，他們可能會選擇直接加入現有團隊或我們的應用程式。

The access trends is overall smoother and it provides a richer set of features for our users.

訪問趨勢總體上更加順暢，並為我們的用戶提供了更豐富的功能集。

And you also mentioned the icon on WeChat wallet, especially on that.

您還提到了微信錢包上的圖標，尤其是這一點。

As we just launched that on October 10, so it is probably still too early to tell and it's pretty hard at this stage for us to comment on the impact of that.

由於我們剛在 10 月 10 日推出，現在下結論可能還為時過早，現階段我們很難評論其影響。

However, this does demonstrate the value that Tencent sees in our platform.

然而，這確實證明了騰訊在我們平台上看到的價值。

And overall, we are grateful to have Tencent as a shareholder, a partner and a great platform for us to learn and grow.

總的來說，我們很感激騰訊作為股東、合作夥伴以及為我們學習和成長的良好平台。

And about future collaborations, I think we are -- we do see a lot of areas and very concrete projects that can be done together.

關於未來的合作，我認為我們確實看到了很多可以共同完成的領域和非常具體的項目。

And it wouldn't be surprising that we will sort of further the collaboration a lot more and there will be new innovations coming out of a closer relationship.

毫不奇怪，我們將進一步深化合作，更緊密的關係將會帶來新的創新。

Yes.

是的。

I would add a few color on this high-quality merchant questions.

我想為這個高品質的商家問題添加一些色彩。

We look at our high-quality merchant at a variety of factors.

我們會從多種因素來檢視我們的優質商家。

For instance, service quality and their specific GMV generated, et cetera.

例如，服務品質及其具體產生的GMV等。

Now the strategy of rewarding these high-quality merchants so far is paying off.

現在，迄今為止獎勵這些優質商家的策略正在取得成效。

And we will continue to incentivize them to create this virtuous cycle to keep attracting better merchants to improve our user experience.

我們將繼續激勵他們創造這種良性循環，以不斷吸引更好的商家來改善我們的用戶體驗。

So it's really hard to differentiate the GMV generated by this high-quality merchant because they improve the user experience as a whole, not only to their stores or to their specific product.

因此，很難區分這個優質商家產生的 GMV，因為他們從整體上改善了使用者體驗，而不僅僅是針對他們的商店或他們的特定產品。

Thank you.

謝謝。

Generally, it's pretty hard to kind of say this is high-quality merchant and that one is not high-quality merchant.

一般來說，很難說這是優質商家，那個不是優質商家。

I mean, it's -- a lot of times it's blurred, but we do have scores and review systems for different kind of merchants.

我的意思是，很多時候它是模糊的，但我們確實有針對不同類型商家的評分和評論系統。

So depending on the user feedback and how hard to get them, we'll sort of sometimes have tailor-made commission rates or has plans for them.

因此，根據用戶回饋以及獲得這些回饋的難度，我們有時會制定量身定制的佣金率或製定計劃。

We have our next question coming from the line of Joyce Ju from Merrill Lynch.

我們的下一個問題來自美林證券的 Joyce Ju。

I would like to have some more colors in terms of Pinduoduo's like efforts in clean-up problematic like products, as well as those are not authorized merchants.

我想對拼多多在清理有問題的同類產品以及那些非授權商家方面所做的努力多一些色彩。

Could you help us quantify the impact on the overall platform, as well as on GMV or around the technology expenses?

您能否幫助我們量化對整個平台以及 GMV 或技術費用的影響？

A quick follow-up is also I want to ask if we have any specific numbers in terms how the new e-commerce law will affect our merchants base especially in the VAT side, what percentage of our merchants right now are not really paying the VAT?

我還想問一下，我們是否有任何具體數字表明新的電子商務法將如何影響我們的商家基礎，特別是在增值稅方面，我們目前沒有真正繳納增值稅的商家比例是多少？

About the cleanup process and fighting against the counterfeit goods.

關於清理過程和打擊假貨。

As we mentioned -- as we have mentioned on our last call and this call, we have always been committed to fighting counterfeit goods and have ramped up our efforts in the last few months.

正如我們所提到的，正如我們在上次電話會議和本次電話會議中提到的那樣，我們始終致力於打擊假冒商品，並在過去幾個月加大了力度。

We see this as a good opportunity to make us a better platform and are very grateful for the support we have received from the government and our users.

我們認為這是一個讓我們成為更好平台的好機會，並且非常感謝政府和用戶對我們的支持。

In the month of September alone, we have proactively closed down over 5,500 stores on our platform, removed over 7.7 million problem products and pre-blocked over 3 million links to suspected infringing products.

光是9月份，我們就主動關閉平台店鋪5,500多家，下架問題商品超770萬件，預封鎖涉嫌侵權商品連結超300萬條。

You might have also read from the news that we have reported to the police IP violation cases of some of our merchants.

您可能也從新聞中看到，我們已經向警方舉報了我們部分商家的智慧財產權侵權案件。

And in fact, some of these merchants have already been arrested by the police.

事實上，其中一些商人已經被警方逮捕。

And so it's a constant battle, and we take it seriously and fought against that wholeheartedly actually.

所以這是一場持續不斷的戰鬥，我們認真對待它並全心全意地與之抗爭。

We will continue to invest in developing better technical solutions to enhance our ability to detect infringing items and take down items in the stores of merchants who are noncompliant.

我們將繼續投資開發更好的技術解決方案，以增強我們偵測侵權商品並下架不合規商家商店中商品的能力。

I also mentioned video imaging recognition earlier in the call.

我在早些時候的電話會議中也提到了視訊影像辨識。

This is actually a very interesting area, since they can go beyond the traditional image recognition in ascertaining the identity of the merchants applying to our platform.

這實際上是一個非常有趣的領域，因為它們可以超越傳統的圖像識別來確定申請我們平台的商家的身份。

In fact, I myself, like, 15 years ago, I was doing -- as a student, I was doing -- learning the image recognition and the visual -- video recognition.

事實上，我自己，15 年前，作為一名學生，我正在學習圖像識別和視覺視頻識別。

And it's kind of interesting to me personally the knowledge of learners who actually can be applied to some degree in practice, and it's helping the platform and it's also helping the society.

就我個人而言，學習者的知識實際上可以在一定程度上應用於實踐，這對我個人來說很有趣，這對平台有幫助，也對社會有幫助。

Now the vast majority of merchants on our platform are actually merchants who share our vision of providing good value for money products to our users.

現在我們平台上的絕大多數商家實際上都是與我們擁有共同願景的商家，即為用戶提供物有所值的產品。

They just need a little bit help.

他們只需要一點幫助。

Sometimes, these merchants also violate some of the rules, but the majority of them actually start doing business out of their good intention.

有時，這些商家也會違反一些規則，但他們中的大多數實際上是出於善意而開始做生意的。

We at PDD are constantly pushing ourselves to do more and more to help these merchants, and we thought deeply about how we can better help our merchants.

我們拼多多不斷鞭策自己做越來越多的事情來幫助這些商家，我們也深入思考如何才能更好地幫助我們的商家。

Many of them in China have the capacities to manufacture high-quality products and have very strong willingness to create their own brands, but they lack the resources and the distribution channel.

中國許多企業有能力生產高品質的產品，也有很強的創建自主品牌的意願，但缺乏資源和分銷管道。

As such, we have built up Duo Duo University to help train merchants and unlock their potential.

因此，我們建立了多多大學來幫助培訓商家並釋放他們的潛力。

Duo Duo University has just launched in the past quarter.

多多大學在上個季度剛成立。

We have helped the merchant develop their own brands and try to make sense of their user behavior and try to advise them on how to better capitalize on the seasonal trends and also consumer tastes in their listings.

我們幫助商家開發自己的品牌，並嘗試了解他們的用戶行為，並嘗試建議他們如何更好地利用季節性趨勢以及清單中的消費者品味。

This will also raise the effectiveness of their marketing spend and the feedback into the awareness to spend on our platform.

這也將提高他們行銷支出的有效性以及對在我們平台上支出的意識的回饋。

As a result, it would improve, in fact, our long-term monetization capability.

事實上，這將提高我們的長期貨幣化能力。

With that said, I would also want to emphasize on the fight against counterfeit goods.

話雖如此，我還想強調打擊假貨的問題。

Because you asked about how -- sort of what's the effect or net effect the fight may have on our platform.

因為你問過這場戰鬥可能對我們的平台產生什麼影響或淨影響。

I think I need to point out that we fundamentally believe this is the important to take swift action to deal with irresponsible merchants as this is the right thing to do for our platform.

我想我需要指出，我們從根本上認為，迅速採取行動對付不負責任的商家非常重要，因為這對我們的平台來說是正確的做法。

And the value of our company is such that we will never back away from doing the right things, even if it may cause short-term frictions.

我們公司的價值在於，我們永遠不會放棄做正確的事情，即使這可能會造成短期摩擦。

A lot of news we face and that's the things we face, criticism we faced in August, it is a good test of our company value.

我們面臨很多新聞，這就是我們面臨的事情，8月我們面臨的批評，這是對我們公司價值的一個很好的考驗。

Cleaning up our own platform and incentivizing the high quality and more capable merchants will ultimately improve the quality of our platform in the longer run.

清理我們自己的平台，激勵優質、有能力的商家，從長遠來看，最終會提高我們平台的品質。

It is actually quite difficult for us to try to isolate the impact of any one given action, but we take heart from the numbers that more and more users are still finding value in our platform.

實際上，我們很難嘗試隔離任何一項特定操作的影響，但我們從越來越多的用戶仍然在我們的平台中發現價值的數字中感到鼓舞。

And in fact, the customers' action, probably we gained more support from our users.

而事實上，客戶的行動，或許讓我們獲得了更多用戶的支持。

As you can see from our 3Q numbers, our active annual buyers continued to grow very fast.

從我們的第三季數據可以看出，我們的年度活躍買家持續快速成長。

Year-to-year, it's 144% growth to 386 million users already.

用戶數量已年增 144%，達到 3.86 億。

And also, it comes along with the increase of annual spending per active user.

而且，它還伴隨著每個活躍用戶的年度支出的增加。

This has gone up 99% year-over-year to reach almost RMB 900 per active user -- per active buyer.

這一數字年增 99%，達到每位活躍用戶（每位活躍買家）近 900 元。

So these numbers are actually very encouraging to us.

所以這些數字其實對我們來說非常令人鼓舞。

So basically, we should always stick to our value and try to do the right thing first.

所以基本上，我們應該始終堅持我們的價值觀，並先嘗試做正確的事情。

And then try to figure out to do the things more cleverly and to do the things right.

然後試著找出更聰明、正確地做事的辦法。

I mean, the principle is first and then the result will come.

我的意思是，原則在先，然後才是結果。

And in our case, looks like the result comes even faster than we expected.

在我們的例子中，結果看起來比我們預期的還要快。

So all of this just encourage us to fight against those bad behaviors even more harshly and more swiftly.

這一切都只是鼓勵我們要更加嚴厲、更迅速地打擊這些不良行為。

And it's a very good beginning of all of this.

這是所有這一切的一個很好的開始。

Tian, you want to add something?

田，你想補充點什麼嗎？

No.

不。

Is there another question from here?

這裡還有其他問題嗎？

Oh yes.

哦是的。

Next question.

下一個問題。

Yes, go ahead.

是的，繼續吧。

Go ahead.

前進。

The follow-up questions was regarding the percentage of merchants who are now not paying the VAT and probably subject to -- yes.

後續問題是關於現在不繳納增值稅並且可能需要繳納增值稅的商家的百分比——是的。

Oh okay.

哦好的。

Well, Tian, you want to answer or you want us to?

好吧，Tian，你想回答還是希望我們回答？

Yes.

是的。

As a platform, I can see we are fully in compliance with the tax laws and regulations.

作為一個平台，我可以看到我們完全遵守稅務法規。

And next year, we will be compliant with the e-commerce laws.

明年，我們將遵守電子商務法律。

So we are not in the position to track or to adjust the merchants tax liability.

因此，我們無法追蹤或調整商家的納稅義務。

Also -- exactly.

還有——確切地說。

Now I remember.

現在我想起來了。

In your question, you said the merchants are not paying VAT, I think that's not true.

在你的問題中，你說商家不繳增值稅，我認為這不是事實。

The merchants in different provinces are subject to different local authorities to their behavior.

不同省份的商人的行為受到不同地方當局的管轄。

And I believe -- I mean, the VAT tax is fairly common and it won't change.

我相信——我的意思是，增值稅相當普遍，而且不會改變。

I mean, the rules are there.

我的意思是，規則就在那裡。

I mean they won't change significantly before the law are put into place or after.

我的意思是，在法律實施之前或之後，它們不會發生重大變化。

And also, when you -- if you are asking about the very specific details and then try to drill down, then we should really wait a little bit to see the detailed kind of execution plan of the e-commerce law.

而且，如果您詢問非常具體的細節，然後嘗試深入研究，那麼我們真的應該稍等一下，看看電子商務法的詳細執行計劃。

And with that, I think all the e-commerce platforms are equal.

因此，我認為所有電子商務平台都是平等的。

They are the same.

他們是一樣的。

We are the same.

我們是一樣的。

And I don't think that sort of make any differentiation between different platforms.

我認為這不會在不同平台之間產生任何差異。

We have our next question coming from the line of Binnie Wong from HSBC.

我們的下一個問題來自匯豐銀行的 Binnie Wong。

Two questions here.

這裡有兩個問題。

One is on your investment priorities.

一是你的投資優先順序。

So for longer term, to continue to drive better value for merchants and to help them to grow bigger on the platform, can you tell us, actually, areas of where management think we will have to step up in terms of investment, say maybe in logistic?

因此，從長遠來看，為了繼續為商家帶來更好的價值並幫助他們在平台上發展壯大，您能否告訴我們，管理層認為我們必須在哪些領域加大投資力度，例如在哪些領域物流？

Or any -- because I think Tian mentioned that there'll be more research initiatives to drive better conversion.

或任何 - 因為我認為田提到將會有更多的研究計劃來推動更好的轉化。

Are those things that we should expect where we'll be investing and in terms of the priorities?

這些是我們在投資領域和優先事項方面應該期待的事情嗎？

That will be very helpful.

這將非常有幫助。

And how are we going to drive better conversion for our merchants in our fleet?

我們如何為車隊中的商家帶來更好的轉換？

So this is my first question.

這是我的第一個問題。

And my second question, actually, I think the agriculture strategy, if you can elaborate a little bit more, both on the user side and also on the execution.

我的第二個問題，實際上，我認為農業策略，如果你能在使用者方面和執行方面詳細闡述一下的話。

On the user side, because we understand there are more online leading platforms by expanding their presence in the fresh food online, right?

在用戶方面，因為我們知道有更多的線上領先平台透過擴大線上生鮮的影響力，對嗎？

And also through, of course, a modification of the traditional business model.

當然，也要透過傳統商業模式的修改。

So in terms of the competition on the user side, can you help us to understand our competitive edge here?

那麼從用戶端的競爭來看，您能幫我們了解我們這裡的競爭優勢嗎？

And second is in terms of execution.

其次是執行方面。

I think management has emphasized that this is -- of course, it's a very fragmented market in China.

我認為管理層已經強調，這當然是中國一個非常分散的市場。

So what are the key challenges in terms of execution, i.e., in terms of assessing, say, which farmers who have the best products, best demand for our customers, and also how do we determine the pricing, et cetera?

那麼，執行的關鍵挑戰是什麼，即評估哪些農民擁有最好的產品、對我們客戶的最佳需求，以及我們如何確定定價等等？

And how do we support them with the logistics?

我們如何為他們提供物流支援？

That will be my 2 questions.

這將是我的兩個問題。

It's tough, the 2 questions.

好難啊，2個問題。

But I'll try to answer them one by one.

但我會盡力一一回答。

The investment strategy, I think we believe we have managed to be that fairly successful business, thus far, by staying very focused what we are doing at.

就投資策略而言，我認為我們相信，到目前為止，透過高度專注於我們正在做的事情，我們已經成為相當成功的企業。

We have a very good working relationship with the various counterparties on our ecosystem, including the logistics part.

我們與生態系中的各個交易對手（包括物流部分）有著非常良好的合作關係。

We have no ambition to do everything ourselves.

我們沒有野心，什麼事都要自己做。

In fact, we have no ambition to do anything that someone else is doing better than us.

事實上，我們沒有野心去做別人做得比我們更好的事。

We see ourselves as an enabler to help our merchants, manufacturers and logistics providers and other service providers who grow and improve.

我們將自己視為幫助我們的商家、製造商、物流提供者以及其他服務提供者成長和進步的推動者。

We will only invest strategically in areas where we think we can make a difference or provide an even better user experience.

我們只會在我們認為可以發揮作用或提供更好的用戶體驗的領域進行策略性投資。

With that said, you mentioned agriculture.

說到這裡，你提到了農業。

It is a strategy, but it is also not a strategy, because this is an area we see we can do a lot of things.

這是一項策略，但也不是一項策略，因為我們認為在這個領域我們可以做很多事情。

And this is also an area we started with, actually.

實際上，這也是我們開始的一個領域。

We started with agriculture.

我們從農業開始。

Once upon a time, we were selling orders, kind of 100% of the things selling on our platform were fruits and agricultural products.

以前我們是賣訂單的，我們平台上賣的東西100%都是水果和農產品。

So we should never forget about our roots, right?

所以我們永遠不應該忘記我們的根，對嗎？

And so if you look at agriculture problems on the user side, you asked the kind of competitive advantage we have.

因此，如果你從使用者方面看待農業問題，你就會問我們擁有什麼樣的競爭優勢。

So I will give you an example to demonstrate the value creation after the team purchase model we have for the peasants.

那我給大家舉個例子來展示我們的團購模式為農民帶來的價值創造。

For the garlic in Hunan province, the price we pay at the field is probably around RMB 1 per half kilogram and the price per half kilogram in Shanghai supermarket or in Shanghai's kind of the neighborhood, it's around RMB 4 to RMB 5 per half kilogram.

湖南的大蒜，我們在田間的價格大概是每半公斤1元左右，而在上海的超市或上海附近的價格是每半公斤4到5元左右。

So because -- so that's a 4x to 5x, right, from the fields.

因為——所以這是 4 倍到 5 倍，對吧，來自田野。

And that's because there is first tier, second tier and third tier middlemen in between, right?

那是因為中間有第一層、第二層和第三層中間商，對吧？

And there was a lot of moving around, and repackaging and taking the things out and then repackaging them again.

需要進行大量的搬家、重新包裝、取出物品，然後再次重新包裝。

So in our model, because we are able to assemble enough demand from the user side, sort of like trying to aggregate demand from this district and other districts and all of a sudden, 1,000 people, even 10,000 people are buying the same garlic on the same day.

所以在我們的模型中，因為我們能夠從用戶端聚集足夠的需求，有點像試圖聚合這個區和其他區的需求，突然有1000人，甚至10000人在網上購買同樣的大蒜。

So with that, we can actually have the peasants kind of packaging their garlic into small boxes and send that directly to Shanghai or to other cities.

這樣一來，我們實際上可以讓農民把大蒜包裝成小盒子，然後直接運送到上海或其他城市。

Although they are going to pay a little bit extra for the delivery -- to the delivery companies, in our calculation, they probably pay RMB 0.6 per half kilogram.

雖然他們會額外支付一點運費——給快遞公司，但根據我們的計算，他們可能會支付每半公斤0.6元人民幣。

Because at 1 package, it usually comes with 2.5 or 3 kilograms each.

因為一包通常每包重 2.5 或 3 公斤。

So with that, the retail price on our platform is about RMB 2 per half kilogram.

這樣算下來，我們平台上的零售價大約是每半公斤2元。

So which is almost half the price of the retail price downstairs in the stores or in the supermarket.

所以這幾乎是樓下商店或超市零售價的一半。

But even with this half the price, if you cut out the RMB 0.6 they're paying to the delivery companies, the peasants on the field -- at a field is still earning $0.5 more per half kilogram.

但即使價格減半，如果去掉他們支付給送貨公司的0.6元人民幣，田裡的農民仍然可以每半公斤多賺0.5美元。

So this is -- I think the peasants earns more and the users actually get the garlic at a much cheaper price and even fresher.

所以這是——我認為農民賺得更多，用戶實際上以更便宜的價格甚至更新鮮的價格獲得大蒜。

So it's a win-win situation.

所以這是一個雙贏的局面。

Of course, we -- there were -- the current delivery system used to ship the garlic from Hunan province to Shanghai is not optimized for shipping agricultural products because before PDD comes into place, there is no e-commerce platform is selling agricultural product at this scale.

當然，我們——確實——目前用於將大蒜從湖南省運送到上海的運輸系統對於運輸農產​​品來說並不是最優化的，因為在PDD到位之前，沒有電子商務平台在銷售農產品。

So the current delivery system is actually -- is optimized for shipping household goods from Jingdong province, Guangdong province to the cities or to the villages.

所以目前的配送系統其實是針對從京東省、廣東省向城市或鄉村運送家居用品而優化的。

So because of PDD and the team purchase model, we sort of created this kind of market and created this kind of business model, and this enables us to kind of help our delivery companies to revise their procedures and try to improve the delivery quality of those agriculture products, try to reduce the percentage of damage during the whole process.

所以因為拼多多和團購模式，我們創造了這樣的市場，創造了這樣的商業模式，這使我們能夠幫助我們的快遞公司修改他們的流程，並嘗試提高那些快遞公司的快遞品質。整個過程中的損壞比例。

It's not an easy job to do.

這不是一件容易的事。

It's always easy to say and easy to imagine, but it's really hard to implement.

總是說起來容易，想起來容易，但實施起來確實很難。

But we do see a huge value creation that can be done on our part, and also on delivery companies' part and also on the field of -- on the peasants' part.

但我們確實看到了我們、快遞公司以及農民所能創造的巨大價值。

So this is the area with we're kind of very excited about now, and not only because it creates a good user experience, but we also think we are doing some social good.

所以這是我們現在非常興奮的領域，不僅因為它創造了良好的使用者體驗，而且我們還認為我們正在做一些社會公益事業。

And it gives all the employees a better sense of achievement.

並且讓全體員工有更好的成就感。

Does that answer your question?

這能回答你的問題嗎？

Did I answer all your questions?

我回答了你所有的問題嗎？

Yes.

是的。

Yes, I think it is.

是的，我認為是的。

Okay, thanks.

好的，謝謝。

We have our next question coming from the line of Nicky Ge from China Renaissance.

我們的下一個問題來自華興資本的葛優。

I have a question about the competition.

我有一個關於比賽的問題。

On one side, our peers are starting to offer value for money merchandise as well.

一方面，我們的同行也開始提供物有所值的商品。

And on the other side, Duo Duo is actually also penetrating into the branded merchant side segment.

另一方面，多多其實也正在向品牌商端領域滲透。

Just wondering whether management can share your view on the competitive strategy for that.

只是想知道管理層是否可以分享您對此競爭策略的看法。

Yes.

是的。

I was struck by -- say something about this.

我很震驚——談談這個吧。

Other platforms copying this team purchase model, then calling my -- make some compliment.

其他平台效法這種團購模式，然後按讚。

We cannot speak for others who are copying the team purchase model, but we are still seeing strong growth in our own models.

我們不能代表其他複製團購模式的人，但我們仍然看到我們自己的模式強勁成長。

We see growth in our active buyers and they use GMV, et cetera.

我們看到活躍買家的成長，他們使用 GMV 等。

So in fact, the recent trend of this many players adopting similar team purchase format, actually, we believe they validate our business model.

所以事實上，最近有很多玩家採用類似的團隊購買形式的趨勢，實際上，我們相信他們驗證了我們的商業模式。

So I would say it's relatively easy to copy a platform user interface or team purchase options.

所以我想說複製平台使用者介面或團隊購買選項相對容易。

This is something we have been seeing for the last 2 years.

這是我們過去兩年來一直看到的情況。

But we believe what truly differentiates us from our competitors is the fundamental philosophy behind our platform.

但我們相信，真正使我們與競爭對手區分開來的是我們平台背後的基本理念。

We have been focused on incentivizing our ecosystem counterparties, including those merchants, logistics providers, customer service agents, et cetera, in order to serve our user better and continuously offer them value-for-money products and a fun, social, dynamic shopping experience.

我們一直致力於激勵我們的生態系統對手，包括商家、物流提供者、客服代理商等，以便更好地服務我們的用戶，持續為他們提供物有所值的產品和有趣、社交、動態的購物體驗。

On top of that, what makes this possible is our distributed AI infrastructure.

最重要的是，我們的分散式人工智慧基礎設施使這一切成為可能。

User preference are complex and multidimensional.

使用者偏好是複雜且多維的。

This distributed AI infrastructure we have enable us to solve complex and learning decision-making problems based on the large-scale social data that we have accumulated.

我們擁有的這種分散式人工智慧基礎設施使我們能夠根據我們累積的大規模社交數據來解決複雜的學習決策問題。

And our system allow the source data set to change or update itself even during the course of the computation.

即使在計算過程中，我們的系統也允許來源資料集自行變更或更新。

And this capacity serves social simulation scenarios very well.

而這種能力很好的服務於社交模擬場景。

And this is our competitive advantage.

這就是我們的競爭優勢。

And as user interacts with different people, our dynamic -- this distributed AI can understand them better and avoid narrower recommendation over time.

當用戶與不同的人互動時，我們的動態——這種分散式人工智慧可以更好地理解他們，並避免隨著時間的推移縮小建議範圍。

So we are the pioneer in creating fun in the active shopping experience as well.

因此，我們也是在主動購物體驗中創造樂趣的先驅。

We mentioned several times our Duo Duo Orchard has seen early success already.

我們多次提到我們的多多果園已經取得了早期的成功。

So we will always focus on innovating, disrupting ourselves to serve our users better instead of focusing on our peers or other noise in the market.

因此，我們將始終專注於創新，顛覆自我，更好地為用戶服務，而不是關注同業​​或市場上的其他噪音。

So in short, we remain confident that we are well positioned to serve the needs of our users as we see those copycats.

簡而言之，我們仍然相信，當我們看到這些模仿者時，我們有能力滿足使用者的需求。

Well, I'll add a few words.

嗯，我補充幾句。

I think at present only a few are being praised by the ones who's copying us.

我認為目前只有少數人受到模仿我們的人的讚揚。

The more people are copying us, one way you would think they are stealing away the market share, but on the other hand, you should also think they are actually enlarging the market and they are helping educating a lot of our users.

越多的人模仿我們，一方面你會認為他們正在竊取市場份額，但另一方面，你也應該認為他們實際上正在擴大市場，他們正在幫助教育我們的許多用戶。

The beauty of Internet platform model is that it has a very strong network effect and a first-mover advantage.

網路平台模式的美妙之處就在於它具有非常強的網路效應和先發優勢。

So the bigger the pie is, the first-mover actually will eventually take very significantly, if not all, of the whole pie.

因此，蛋糕越大，先行者實際上最終將佔據整個蛋糕的很大一部分（即使不是全部）。

So I would actually encourage more people kind of copy and experiment in different variations.

所以我實際上鼓勵更多的人複製並嘗試不同的變體。

And it has been the case, as Tian pointed out, for the past 2 years.

正如田指出的那樣，過去兩年都是如此。

And I guess it will continue for another 2 years.

我想這種情況還會持續兩年。

And hopefully, along the way, some of them will invent some new formats, which we can learn from.

希望在這個過程中，他們中的一些人能夠發明一些新的格式，我們可以從中學習。

And also, I'm fairly confident that it will, well, create new formats as well, like the other variations of paying or other kinds of Duo Duo Orchard will come out.

而且，我相當有信心它也會創建新的格式，就像其他支付方式或其他類型的 Duo Duo Orchard 將會出現一樣。

And with those new inventions, I also encourage others to try and help us to figure out how to fine-tune these models and help educate our user base, help educate new users and enlarge our user base.

透過這些新發明，我還鼓勵其他人嘗試幫助我們弄清楚如何微調這些模型並幫助教育我們的用戶群，幫助教育新用戶並擴大我們的用戶群。

So is that okay?

那麼這樣可以嗎？

Yes.

是的。

I would now like to hand the conference back to our speaker.

現在我想把會議交還給我們的發言人。

Mr. Arnell, please take over, sir.

阿內爾先生，請接手，先生。

Thank you, operator.

謝謝你，接線生。

Unfortunately, that's all the time we have tonight.

不幸的是，我們今晚就只有這些時間了。

Thank you very much for joining us.

非常感謝您加入我們。

On behalf of the entire Pinduoduo management team, we'd like to thank you for your interest and participation in today's call.

我們謹代表整個拼多多管理團隊感謝您對今天電話會議的關注與參與。

If you require any further information or have any interest in visiting us in China, please do reach out to us.

如果您需要任何進一步的資訊或有興趣來中國訪問我們，請與我們聯繫。

Thank you for joining.

感謝您的加入。

This concludes the call.

通話就此結束。

Ladies and gentlemen, that does conclude our conference for today.

女士們、先生們，今天的會議到此結束。

Thank you for participating.

感謝您的參與。

You may disconnect now.

您現在可以斷開連線。