拼多多 (PDD) 2018 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Pinduduo Fourth Quarter Fiscal Year 2018 Earnings Conference Call.

女士們、先生們，感謝大家的支持，歡迎參加拼多多2018財年第四季業績電話會議。

(Operator Instructions) I must advise you that this conference is being recorded today, Wednesday, 13th of March, 2019.

（操作員說明）我必須通知您，本次會議將於今天（2019 年 3 月 13 日星期三）進行錄製。

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

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.

請繼續。

Thank you, Karina.

謝謝你，卡琳娜。

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

大家好，感謝您今天加入我們。

Pinduduo's earnings release was distributed earlier and is available on the IR website at investor.pinduoduo.com, as well as through GlobeNewswire services.

拼多多的財報已於早前發布，可透過投資者關係網站 Investor.pinduoduo.com 以及 GlobeNewswire 服務取得。

On the call today from Pinduduo 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有：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 both be available to answer your questions during the Q&A session that follows.

他們都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 U.S. -- of the Securities Exchange Act of 1934, as amended and as defined in the U.S. Private Securities Litigation and Reform Act of 1995.

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

These forward-looking statements can be identified by terminology such as will, expect, anticipate, future, intend, plans, believes, estimates, targets, going forward, outlook and similar statements.

這些前瞻性陳述可以透過諸如意願、預期、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，並且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業績、業績或成就與前瞻性陳述中的內容有重大差異。

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任何義務。

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.

謝謝你，克里斯蒂安。

And thanks to everyone for joining us on the Fourth Quarter and Full Year 2018 Results discussion.

感謝大家參加我們 2018 年第四季和全年業績討論。

2018 was another strong year of growth as we continued to lay the foundation for our long-term development.

2018年是另一個強勁成長的一年，我們繼續為長期發展奠定基礎。

I would like to start off by thanking our 418.5 million active buyers, for their continued trust and support in us.

首先，我要感謝 4.185 億活躍買家對我們持續的信任與支持。

Our top priority has always been serving our users since we founded the company.

自公司成立以來，我們的首要任務始終是為用戶服務。

The faster growth of our user base and GMV demonstrates the differentiated value our platform brings to them.

我們的用戶群和 GMV 的快速成長證明了我們的平台為他們帶來的差異化價值。

That being said, their needs are constantly evolving, which motivates us to keep innovating and improving.

話雖這麼說，他們的需求不斷變化，這激勵我們不斷創新和改進。

Let me recap our full year 2018 key results.

讓我回顧一下我們 2018 年全年的主要表現。

Our last 12-months GMV increased by 3.3x to RMB 471.6 billion.

過去 12 個月的 GMV 成長了 3.3 倍，達到 4,716 億元。

This was driven by: One, a net increase of about 174 million annual active buyers, which brings our 2018 annual active buyers base to 418.5 million; and two, a near-doubling of annual spending per active buyer to RMB 1,127.

這是由於：第一，年度活躍買家淨增加約1.74億，這使我們2018年的年度活躍買家基數達到4.185億；第二，每位活躍買家的年度支出幾乎翻倍，達到 1,127 元。

The increase in annual spending per active buyer was driven by the increase in order frequency per annual active buyer from about 18 orders a year ago to 28 order -- 27 orders as of December 31, 2018, with the rest driven by the increase in average order value.

每個活躍買家的年度支出增加是由於每個年度活躍買家的訂單頻率從一年前的約18 個訂單增加到28 個訂單——截至2018 年12 月31 日為27 個訂單，其餘均由平均訂單增加推動訂單價值。

Given the increase in both active buyers and active orders -- and average orders per active buyer, our order volume expanded to 11.1 billion in full year of 2018, up from 4.3 billion a year ago, implying average daily orders of 30.4 million versus 11.8 million a year ago.

鑑於活躍買家和活躍訂單以及每個活躍買家的平均訂單量的增加，我們的訂單量從一年前的43 億增至2018 年全年的111 億，這意味著日均訂單為3,040 萬，而日均訂單為1,180 萬。一年前。

We view this as an indication of users' growing recognition and satisfaction with what we have worked hard, and it served as encouragement for us to keep delivering for our users.

我們認為這表明用戶對我們的努力越來越認可和滿意，這也是對我們繼續為用戶提供服務的鼓勵。

Simultaneously, with our growing user scale and rising user engagement, our platform is becoming increasingly attractive to merchants.

同時，隨著我們不斷成長的用戶規模和不斷提高的用戶參與度，我們的平台對商家的吸引力也越來越大。

As a result, our active merchant base grew to 3.6 million merchants as of December 31, 2018 from approximately 1 million as of March 31, 2018.

截至2018年12月31日，我們的活躍商家數量從截至2018年3月31日的約100萬增加至360萬。

The increase in number of merchants contributed to our full year 2018 revenue growth of 652% year-on-year to RMB 13.1 billion, of which, majority came from our online marketing services.

商家數量的增加帶動我們2018年全年營收年增652%至人民幣131億元，其中大部分來自我們的網路行銷服務。

We first launched our online marketing service in April 2017.

我們於 2017 年 4 月首次推出線上行銷服務。

Since then, we have continued to roll out different advertising formats to enable merchants to reach out to their targeted users and to enable ourselves to understand our users better.

此後，我們不斷推出不同的廣告形式，讓商家能夠接觸到目標用戶，也讓我們自己也能更了解用戶。

We plan to further attract and incentivize high-quality merchants to offer better SKUs and services to our users.

我們計劃進一步吸引和激勵優質商家為我們的用戶提供更好的SKU和服務。

We offer these merchants incentives from time-to-time through different formats.

我們不時透過不同的形式為這些商家提供獎勵。

Even though it might slow down the monetization of the platform in the short run, we believe this effort will benefit our users and hence, the platform in the long term.

儘管它可能會在短期內減緩平台的貨幣化速度，但我們相信這項努力將從長遠來看將使我們的用戶受益，從而使平台受益。

I would like to touch on some of the efforts we have made to satisfy consumers needs.

我想談談我們為滿足消費者需求所做的一些努力。

First, consumers want high-quality and affordable product.

首先，消費者想要高品質、價格實惠的產品。

Last December, we launched our new brand initiative to enable capable manufacturers to design, manufacture and offer better and more suitable products on our platform.

去年12月，我們推出了新的品牌計劃，使有能力的製造商能夠在我們的平台上設計、製造和提供更好、更合適的產品。

Given the already established user scale and active user interactions, we can leverage our understanding of the user's preferences and our demand aggregation capabilities to help these manufacturers decide who to sell to and what to sell and how to sell.

鑑於已經建立的用戶規模和活躍的用戶互動，我們可以利用對用戶偏好的了解和需求聚合能力來幫助這些製造商決定賣給誰、賣什麼以及如何賣。

As part of the first phase, we carefully selected 20 manufacturing partners out of over 1,000 applications from a variety of industries, spanning paper products, kitchenware and electronics to name a few.

作為第一階段的一部分，我們從來自各行業的 1,000 多個申請中精心挑選了 20 個製造合作夥伴，涵蓋紙製品、廚具和電子產品等。

We have Chongqing Baiya, a diaper manufacturer; and Chaozhou Songfa, which makes ceramic products.

我們有紙尿褲生產商重慶白雅；潮州松發則生產陶瓷製品。

The potential sales volume for our 418.5 million paying users gives these manufacturers the confidence to plan and streamline their manufacturing process, reduce wastage and optimize their distribution layers to offer more tailored and better-quality products to our users at more attractive prices.

我們 4.185 億付費用戶的潛在銷售量使這些製造商有信心規劃和簡化其製造流程、減少浪費並優化其分銷層，從而以更具吸引力的價格向我們的用戶提供更客製化、更優質的產品。

We can make this happen because China has already developed world-class manufacturing and product design capabilities.

我們之所以能夠實現這個目標，是因為中國已經具備了世界一流的製造和產品設計能力。

As the domestic consumption trend continues to rise, we'll have a great opportunity to help these high-quality manufacturers build their own brands and alleviate the pain points they face to better capture this growth opportunity, namely: One, they have limited direct access to end users at early stage of their brand development, which would impact their brand recognition and credibility; second, they have limited knowledge of what their targeted users want in terms of product features and price range; and third, they have less business visibility to scale and expand their production and inventory.

隨著國內消費趨勢不斷上升，我們將有一個很好的機會幫助這些優質製造商建立自己的品牌，緩解他們面臨的痛點，更好地抓住這個成長機會，即：一、他們的直接管道有限在品牌發展的早期階段向最終用戶展示，這會影響他們的品牌知名度和可信度；其次，他們對目標使用者在產品功能和價格範圍方面的需求了解有限；第三，他們的業務知名度較低，無法擴大生產和庫存。

Over the past 4 years, we have a built a bridge between these capable manufacturers and users to provide anonymized consumer information product preferences and trends and their timely feedback to help their -- help our manufacturers grow their business and build brand recognition directly with our users.

在過去的4 年裡，我們在這些有能力的製造商和用戶之間架起了一座橋樑，提供匿名的消費者資訊、產品偏好和趨勢以及他們的及時回饋，以幫助他們——幫助我們的製造商發展業務並直接與我們的用戶建立品牌認知。

As distribution channels and shopping formats change in a shifting media, we believe that new and reputable brands will emerge in China, of which, many will evolve and become global brands.

隨著媒體的變化和分銷管道和購物方式的變化，我們相信中國將會出現新的、知名的品牌，其中許多品牌將發展成為全球品牌。

Pinduoduo is dedicated to enabling our partners to become a significant driving force of the economy.

拼多多致力於讓合作夥伴成為經濟的重要推手。

I would like to share an example from one of our partner manufacturers, JIAWEISHI.

我想分享一個來自我們的合作夥伴製造商嘉威士的例子。

JIAWEISHI is one of the world's leading robot vacuum cleaner OEM for many renowned international brands and has accumulated over 70 international patents.

嘉威仕是全球領先的掃地機器人代工企業之一，為許多國際知名品牌代工，已累積70多項國際專利。

They have strong technical and manufacturing capabilities, but have low brand recognition among consumers.

它們擁有較強的技術和製造能力，但在消費者中的品牌認知度較低。

In electronics, brand recognition is important as consumers tend to equate brands with a certain level of quality, and hence, willing to pay a price premium for a more recognized brand as a form of insurance.

在電子產品中，品牌認知度非常重要，因為消費者傾向於將品牌與一定品質水準等同起來，因此願意為更知名的品牌支付溢價作為一種保險形式。

This will make it difficult for new or less-developed brands to gain traction without a huge long-term commitment to marketing spending.

如果沒有對行銷支出的長期承諾，新的或欠發達的品牌將很難獲得吸引力。

How can we help consumers gain trust with manufacturers or new brands like JIAWEISHI, and at the same time, help these manufacturers or new brands sell their products in a cost-efficient manner?

如何幫助消費者贏得像嘉威士這樣的製造商或新品牌的信任，同時幫助這些製造商或新品牌以具有成本效益的方式銷售他們的產品？

To break through this dilemma, we have started working with JIAWEISHI as part of our new brand initiative efforts where we help our partners understand the needs of our users and better tailor their products and price range to our platform.

為了突破這一困境，我們開始與嘉威視合作，作為我們新品牌計劃的一部分，幫助我們的合作夥伴了解用戶的需求，並更好地根據我們的平台定制他們的產品和價格範圍。

One of the innovative methods is transparent manufacturing, where we build user trust through production live streaming and greater supply chain traceability.

其中一種創新方法是透明製造，我們透過生產直播和更大的供應鏈可追溯性來建立用戶信任。

For our close collaboration, JIAWEISHI, to date, has sold over 110,000 robot vacuum cleaners on PDD compared to 900,000 units sold by the biggest robot vacuum cleaner in China in 2018.

透過我們的密切合作，迄今為止，嘉威士在拼多多上銷售了超過 11 萬台掃地機器人，而 2018 年中國最大的掃地機器人銷量為 90 萬台。

As a result, manufacturers enjoy better margins while consumers are able to find affordable quality products on our platform.

因此，製造商享有更好的利潤，而消費者則能夠在我們的平台上找到價格實惠的優質產品。

After these early signs of success, we have decided to expand in this initiative to over 100 manufacturing partners this year and 1,000 partners, hopefully, by the year 2020.

在取得這些早期成功跡象後，我們決定今年將這項計畫擴大到 100 多個製造合作夥伴，並希望在 2020 年擴大到 1,000 個合作夥伴。

Our continuous efforts in eliminating layers of distribution and inefficiencies in agriculture products is another example of offering quality products at better prices.

我們不斷努力消除農產品的分銷層次和效率低下，這是另一個以更優惠的價格提供優質產品的例子。

I am happy to report that in 2018, we sold more than RMB 65 billion agricultural products on our platform, majority of which were directly sold and shifted from farms to end users.

我很高興地向大家報告，2018年，我們平台上銷售的農產品超過650億元人民幣，其中大部分是直接銷售並從農場轉移到終端用戶。

To facilitate greater use of our platform by farmers, we worked with over 62,000 new-generation farmers who are Internet-savvy, saw the opportunity in urban farming and moved back to their hometown to explore opportunities.

為了讓農民更多地使用我們的平台，我們與超過62,000名精通網路的新生代農民合作，看到了都市農業的機會，並回到家鄉尋找機會。

With the help from these new-generation farmers, we are developing an algorithm-driven system, taking into consideration the farming environment, run cycle and user preference and the demand efficient -- in different regions of China to help farmers better plan in their product production and farming practice.

在這些新一代農民的幫助下，我們正在開發一個演算法驅動的系統，考慮到中國不同地區的農業環境、運行週期和用戶偏好以及需求效率，以幫助農民更好地規劃他們的產品生產和耕作實踐。

As a result, we have connected more than 7 million agricultural households who are now benefiting from our platform.

結果，我們已經連接了超過 700 萬個農業家庭，他們現在正在從我們的平台中受益。

We've upgraded their supply chain efficiency and increased their household income.

我們提高了他們的供應鏈效率並增加了他們的家庭收入。

At the same time, we enabled approximately 140,000 rural merchants, including farmers, located in national-level poverty-stricken counties, to sell their agricultural products, generating more than RMB 16 billion of income for them.

同時，我們也幫助國家級貧困縣約14萬農民等農商銷售農產品，創收超過160億元。

Going forward, we are dedicated to continue our efforts to facilitate rural merchants to offer fresher, cheaper and better agriculture produce to our users directly.

未來，我們將繼續努力，幫助農商直接為使用者提供更新鮮、更便宜、更好的農產品。

The above is what we call C2M, consumer-to-manufacturer, where we fully provide the production sequence.

以上就是我們所說的C2M，消費者到製造商，我們完全提供生產序列。

We understand the users' needs first and enable upstream providers, be it farmers, manufacturers, et cetera, to produce approximately -- to produce approximate products for our -- appropriate products for our users.

我們首先了解用戶的需求，並使上游供應商（無論是農民、製造商等）能夠為我們的用戶生產大約合適的產品。

This is different from how the [current] system works, whereby the upstream producers design, manufacture and sell without necessarily being in tune with the changing needs of their targeted users.

這與[目前]系統的工作方式不同，上游生產商設計、製造和銷售不一定符合目標用戶不斷變化的需求。

It results in unnecessary wastage from poor production and inventory planning and impacts the efficiency of industry and society.

它會因生產和庫存規劃不當而導致不必要的浪費，並影響產業和社會的效率。

As a technology-driven company, we strive to first leverage technology to ensure product quality through our stringent merchant and product-screening process.

作為一家技術驅動型公司，我們努力先利用技術，透過嚴格的商家和產品篩選流程來確保產品品質。

We employ technology, including keyword identification, image filtering, text and video imagery recognition to strengthen the quality of our platform to continue the important fight against the counterfeit and IP infringement.

我們採用關鍵字識別、圖像過濾、文字和視訊圖像識別等技術來增強我們平台的質量，繼續打擊假冒和知識產權侵權的重要鬥爭。

We have enhanced our in-house developer system, which can monitor listings at scale and flag suspicious activities, which our quality control team then follows up on.

我們增強了內部開發人員系統，該系統可以大規模監控清單並標記可疑活動，然後我們的品質控制團隊會跟進。

To further strengthen our capability, we plan to expand the quality control team by another 500 staff this year.

為了進一步增強我們的能力，我們計劃今年再擴大品質控制團隊500名員工。

We are building out both our technical and human capacity, as we know that, at our scale, we need to have both of these elements coming together to effectively tackle this issue.

我們正在建立我們的技術和人力能力，因為我們知道，就我們的規模而言，我們需要將這兩個要素結合起來才能有效解決這個問題。

Over the course of 2018, our efforts to fight counterfeit have resulted in the removal of approximately 150x more product listings that were requested by the infringement complaints.

2018 年，我們打擊假貨的努力已導致根據侵權投訴要求刪除了大約 150 倍的產品清單。

The number of suspected counterfeit goods removed were as 4x greater than those removed in 2017.

被清除的可疑仿冒品數量比 2017 年增加了 4 倍。

We took down more than 60,000 stores that were selling infringement products.

我們取締了6萬多家銷售侵權產品的商店。

We have also blocked over 30 million links that were suspected were infringing.

我們也封鎖了超過 3000 萬個涉嫌侵權的連結。

We collaborated closely with our stakeholders and relevant government agencies to ensure merchants on our platform are compliant with relevant laws and regulations.

我們與利害關係人和相關政府機構密切合作，確保我們平台上的商家遵守相關法律法規。

In 2018, we provided thousands of leads and evidence to regulators related to counterfeit issues.

2018 年，我們向監管機構提供了數千條與假冒問題相關的線索和證據。

We have now over 1,000 brands working with us to tackle these issues.

現在有超過 1,000 個品牌與我們合作解決這些問題。

Tackling counterfeit is an ongoing process, and we will continue to work on it in order to offer quality products use -- positive products users want.

打擊假冒產品是一個持續的過程，我們將繼續努力，以提供優質的產品使用——用戶想要的積極產品。

Second, consumers want a greater variety of products.

其次，消費者想要更多種類的產品。

We have observed that consumers in many underserved parts of China are deprived of products that are available in the first-tier and second-tier cities.

我們觀察到，中國許多服務欠缺地區的消費者無法獲得一線和二線城市提供的產品。

Due to the complex and multilayered offline retail distribution network, many consumers in lower-tier cities only have access to a limited selection of products, which are often of inconsistent quality.

由於離線零售分銷網絡複雜且多層次，許多低線城市的消費者只能買到有限的產品，而且這些產品的品質往往不穩定。

E-commerce, with the support of our well-penetrated logistic network, can fundamentally help consumers in every part of China have equal access to the same variety and quality products.

電子商務在我們完善的物流網路的支持下，可以從根本上幫助中國各地的消費者平等地獲得同品種、同品質的產品。

With this in mind, we recently introduced a new program called brand penetration plan to bring well-recognized brands to the less-penetrated areas of China more efficiently.

考慮到這一點，我們最近推出了一項名為「品牌滲透計劃」的新計劃，旨在更有效地將知名品牌引入中國滲透率較低的地區。

With users' trust and familiarity with our differentiated team purchase model, we can help these brands better reach a broader spectrum of consumers and help them design different marketing strategies to differentiate groups -- to different groups of users.

憑藉著用戶對我們差異化團隊購買模式的信任和熟悉，我們可以幫助這些品牌更好地接觸更廣泛的消費者，幫助他們設計不同的行銷策略來區分群體——針對不同的用戶群。

Since we launched our brand pavilion last August, the orders for branded products have grown steadily.

自去年8月推出品牌館以來，品牌產品訂單穩定成長。

By expanding the reach of branded goods into the underpenetrated areas, we can help to fulfill our users' need and weed out substandard products or even some counterfeit products that take advantage of the limited access and brand knowledge users have in these less-developed parts of China.

透過將品牌商品的覆蓋範圍擴大到滲透不足的地區，我們可以幫助滿足用戶的需求，並淘汰不合格的產品，甚至是一些假冒產品，這些產品利用了用戶在這些欠發達地區的有限訪問和品牌知識。中國。

We are currently working with over 100 brand partners, such as Nestlé, Vivo, [Gito], Wahaha and [Media] to bring them directly to our consumers.

目前，我們正在與雀巢、Vivo、【Gito】、娃哈哈、【Media】等 100 多個品牌合作夥伴合作，將它們直接帶給我們的消費者。

Third, consumers want relevant recommendations, but at the same time, still enjoy the fun of discovery and sharing.

第三，消費者想要相關的推薦，但同時仍能享受發現與分享的樂趣。

These include continued investments in bolstering our technology infrastructure, recommendation algorithms, advertisement platform and AI capabilities, to name a few.

其中包括持續投資加強我們的技術基礎設施、推薦演算法、廣告平台和人工智慧能力等等。

Pinduduo has created a differentiated and personalized approach to e-commerce.

拼多多創造了差異化、個人化的電子商務方式。

We are utilizing distributed area networks to tailor recommendations for our users through machine learning.

我們正在利用分散式區域網路透過機器學習為使用者量身定制推薦。

Distributed AI is better suited for handling dynamic scenarios with multiple changing inputs which may also impact the value of other inputs.

分散式人工智慧更適合處理具有多個不斷變化的輸入的動態場景，這也可能影響其他輸入的價值。

To contextualize this, we know that, for most of people, when shopping, they may not have very firm or precise preferences.

結合上下文來看，我們知道，對大多數人來說，在購物時，他們可能沒有非常堅定或精確的偏好。

We might be looking to buy a new jacket for spring, but you may not have a particularly clear idea of what exactly you want until you see some choices presented to you.

我們可能想為春季購買一件新夾克，但在您看到一些選擇之前，您可能不太清楚自己到底想要什麼。

If a friend recommends something to you that broadly fits your needs and is at an acceptable price point, your inclination to buy that particular item goes up.

如果朋友向您推薦的東西大致適合您的需求並且價格可以接受，那麼您購買該特定商品的意願就會上升。

Factoring the similarities and the differences in terms of users' interests and needs across different categories and across an expanding network of interconnected users requires a capable AI engine which can handle this complexity.

考慮不同類別和不斷擴大的互連用戶網路中用戶興趣和需求的相似性和差異性，需要一個能夠處理這種複雜性的強大人工智慧引擎。

Our AI engine better understands users' interests and needs and can adapt and present more targeted recommendations.

我們的人工智慧引擎能夠更好地理解用戶的興趣和需求，並且能夠適應並呈現更有針對性的推薦。

As we add more users to the network and also gain more data points through their increasing interaction with our platform, we can further refine our engine to deliver an even better user experience that keeps up with our users' evolving preferences.

隨著我們為網路添加更多用戶，並透過他們與我們平台的互動不斷增加而獲得更多數據點，我們可以進一步完善我們的引擎，以提供更好的用戶體驗，以滿足用戶不斷變化的偏好。

Given the importance of this initiative, we are setting up a technology advisory panel that will be led by our independent Board member, Dr. Qi Lu.

鑑於這項措施的重要性，我們正在成立一個技術顧問小組，由我們的獨立董事會成員陸奇博士領導。

Dr. Lu has extensive experience in the AI and technology field.

盧博士在人工智慧和技術領域擁有豐富的經驗。

He is the founding CEO of YC China and the Vice Chairman of the Board of Directors of Baidu and has previously -- and was previously Microsoft's Global EVP, leading their Applications and Services Group.

他是 YC 中國的創始執行長和百度董事會副主席，此前曾擔任微軟的全球執行副總裁，領導其應用程式和服務集團。

Together with Dr. Lu and our technology advisory panel, we have to -- we hope to strengthen our technical capabilities.

我們希望與陸博士和我們的技術顧問小組一起加強我們的技術能力。

In addition, we'll collaborate with technology research institutions, both domestically and overseas, to set up joint research efforts to further drive our distributed AI initiatives.

此外，我們也將與國內外的技術研究機構合作，進行聯合研究工作，進一步推動我們的分散式人工智慧計畫。

To recap, 2018 was a strong year with a robust growth.

回顧一下，2018 年是強勁成長的強勁一年。

It was also an eventful year for this 4-year-old platform.

對於這個已有四年歷史的平台來說，這也是多事的一年。

We have learned a lot from our users, partners and peers.

我們從用戶、合作夥伴和同行那裡學到了很多。

The management team has worked hard delivering our values to our users and are determined to continued efforts.

管理團隊努力向使用者傳遞我們的價值觀，並決心繼續努力。

As we step into 2018 (sic) [2019], we are more confident in our strategies to further cultivate users' trust and affinity for our brand.

步入2018年（原文如此）[2019]，我們對進一步培養使用者對我們品牌的信任和親和力的策略更加充滿信心。

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 revenues in the fourth quarter were RMB 5.7 billion, up nearly 5x from RMB 1.2 billion in the same quarter last year.

我們第四季的總營收為人民幣 57 億元，比去年同期的 12 億元成長近 5 倍。

The main drivers of this growth came from our increasing user and GMV scale and the improvement in our online marketing services over time.

這一成長的主要驅動力來自我們不斷成長的用戶和 GMV 規模以及我們線上行銷服務的不斷改進。

About 90% our total revenues, or RMB 5.1 billion, were revenues from online marketing services, which increased significantly from RMB 887.6 million during the same period last year and 70% versus third quarter.

我們總收入的約 90%（即 51 億元人民幣）來自網路行銷服務收入，較去年同期的 8.876 億元人民幣大幅成長，較第三季成長 70%。

As our annual active buyer base grows and user engagement increase, merchants on our platform benefit from higher traffic and transaction volumes.

隨著我們年度活躍買家群體的成長和用戶參與度的提高，我們平台上的商家將受益於更高的流量和交易量。

To capture the sales potential from our growing user base, we are seeing our merchants start to advertise more on our platform in order to improve their exposure.

為了從不斷增長的用戶群中挖掘銷售潛力，我們看到我們的商家開始在我們的平台上做更多廣告，以提高他們的曝光度。

The remainder of our revenues were transaction services revenue.

我們其餘的收入是交易服務收入。

We decided to adopt this name this quarter as we not only generate commission fees, but also receive other service revenues related to transaction.

我們決定在本季度採用這個名稱，因為我們不僅產生佣金，而且還獲得與交易相關的其他服務收入。

Our transaction services revenue this quarter were RMB 591.5 million, more than double from RMB 291.8 million during the same period last year and up 49% versus the third quarter.

本季我們的交易服務收入為 5.915 億元，比去年同期的 2.918 億元增長一倍多，比第三季度增長 49%。

The increase was driven by the growth in our revenue -- in our GMV.

這一增長是由我們的收入（即 GMV）的成長所推動的。

Similar to last quarter, we have continued in the fourth quarter with offering preferential rates to selected high-quality merchants.

與上季類似，我們第四季繼續為精選的優質商家提供優惠費率。

By offering traffic with better pricing and charging a lower transaction services fee to this high-quality merchant, what we are doing is to accelerate the process of natural selection, whereby merchants who provide better services and value to our users get more traffic and grow faster.

透過提供優質商家更優惠的流量和更低的交易服務費，我們所做的就是加速自然選擇的過程，為用戶提供更好的服務和價值的商家會獲得更多的流量並更快地成長。 。

On the other hand, low-quality merchants will find it harder to compete and eventually get weeded out.

另一方面，低品質的商家將難以競爭並最終被淘汰。

As such, while our merchant base has expanded rapidly in the past year, we are happy to note that the proportion of high-quality merchants on our platform has also increased.

因此，在過去一年我們的商家群體迅速擴大的同時，我們高興地看到，我們平台上的優質商家比例也有所增加。

In doing so, users visiting Pinduduo would have a better shopping experience every time they come back.

這樣一來，造訪拼多多的用戶每次回來都會有更好的購物體驗。

We want every shopping experience on Pinduduo to be a great one.

我們希望拼多多上的每一次購物體驗都是美好的。

And for new users, in particular, exposing them to better-quality merchants goes a long way towards creating a good impression of Pinduduo and raises their likelihood to return and recommend Pinduduo to others.

特別是對於新用戶來說，讓他們接觸到更優質的商家對於給拼多多留下良好的印像大有幫助，並提高他們回訪並向其他人推薦拼多多的可能性。

Hence, while this does dampen the growth of our monetization rate in the near term, we are already seeing some benefit.

因此，雖然這確實在短期內抑制了我們貨幣化率的成長，但我們已經看到了一些好處。

And I'm convinced that this has a good payoff in the long run.

我相信從長遠來看，這會帶來良好的回報。

While this investment is motivated by our desire to better serve our users, we believe our merchants also appreciate our long-term approach of partnership.

雖然這項投資的動機是我們希望更好地服務用戶，但我們相信我們的商家也欣賞我們的長期合作關係。

We now have over 3.6 million merchants as of the end of 2018 compared to about 1 million at the end of the first quarter of 2018.

截至 2018 年底，我們目前擁有超過 360 萬商戶，而 2018 年第一季末約為 100 萬。

Our low fee structure and growing traffic is very appealing for smaller merchants looking to develop their business online.

我們的低費用結構和不斷增長的流量對於希望在線上發展業務的小型商家來說非常有吸引力。

Quality merchants who have existing online business will also be more attracted to join a platform like ours, which has firm standards and is working hard to improve.

擁有現有線上業務的優質商家也會更願意加入像我們這樣有嚴格標準並正在努力改進的平台。

Moving on to cost.

繼續討論成本。

Total cost of revenue increased by 281% year-over-year to RMB 1.4 billion from RMB 374 million in the same quarter of 2017.

總營收成本年增 281%，從 2017 年同季的 3.74 億元增加到 14 億元。

The increase from last quarter is mainly due to higher costs for cloud services, our call center and merchant support, partially offset by lower payment processing fees charged to us.

較上季度的成長主要是由於雲端服務、呼叫中心和商家支援的成本增加，但部分被向我們收取的支付處理費降低所抵銷。

Total operating expenses were RMB 6.9 billion compared with RMB 828.1 million in the same quarter of 2017.

總營運費用為 69 億元，而 2017 年同期為 8.281 億元。

In particular, sales and marketing expenses this quarter stepped up meaningfully year-on-year to RMB 9 billion, mainly due to an increase in online and offline brand-building and promotional efforts as we continue to invest in strengthening our brand awareness and facilitating greater user engagement.

特別是，本季的銷售和行銷費用同比顯著增加至人民幣90億元，主要是由於我們繼續投資於加強品牌知名度和促進更大的品牌知名度，加大了線上和線下的品牌建設和宣傳力度。用戶參與度。

This past quarter, we have several successful campaigns around Single's Day and New Year Countdown TV events that we sponsored.

上個季度，我們圍繞著我們贊助的雙十一和新年倒數電視活動開展了許多成功的活動。

As Colin shared, we have unique value proposition for our users and see a sizable opportunity ahead.

正如科林分享的那樣，我們為用戶提供了獨特的價值主張，並看到了巨大的機會。

As such, we will continue to invest to accelerate our growth while adhering to our focus on ROI.

因此，我們將繼續投資以加速成長，同時堅持對投資報酬率的關注。

General and administrative expenses this quarter were RMB 322 million.

本季管理費用為3.22億元。

This increase was primarily due to an increase in headcount and share-based compensation expenses.

這一增長主要是由於員工人數和股權激勵費用的增加。

Research and development expenses rose to RMB 525 million, primarily due to an increase in headcount and the recruitment of more experienced R&D personnel as well as an increase in R&D-related cloud services expenses.

研發費用增加至人民幣5.25億元，主要是由於人員數量的增加和招聘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。

Technology is a key focus, and we will continue to expand our technological capability for the long-term growth of our platform.

技術是重點，我們將繼續擴大技術能力，以實現平台的長期成長。

Through investing in our distributed AI infrastructure, we see meaningful opportunities to increase our efficiency and scale faster in the future.

透過投資我們的分散式人工智慧基礎設施，我們看到了未來提高效率和更快擴展的有意義的機會。

At our core, we are a technology company that always put our users first.

我們的核心是一家始終將用戶放在第一位的科技公司。

Where we can make the investment to expand our platform and deliver a better service and experience, we will.

只要我們能夠進行投資來擴展我們的平台並提供更好的服務和體驗，我們就會這麼做。

As we demonstrate our value to our users and our merchants, our monetization will naturally grow and the operating leverage in our model will become apparent.

當我們向用戶和商家展示我們的價值時，我們的貨幣化自然會成長，我們模型中的營運槓桿也會變得明顯。

Operating loss this quarter was RMB 2.6 billion compared with a loss of RMB 22.7 million in the same quarter of last year.

本季營運虧損為人民幣26億元，去年同期為虧損人民幣2,270萬元。

Non-GAAP operating loss were RMB 2.1 billion, an increase from RMB 10 million during the same period last year.

非美國通用會計準則經營虧損為人民幣21億元，較去年同期的1,000萬元增加。

In the fourth quarter, net loss attributable to ordinary shareholder was RMB 2.4 billion compared with net income of RMB 13.6 million in same quarter of last year.

第四季歸屬於普通股股東的淨虧損為人民幣24億元，去年同期淨利為人民幣1,360萬元。

Basic and diluted net loss per ADS were RMB 2.16 compared to near net -- earning per ADS of RMB 0.04 during the same period of last year.

每份美國存託憑證的基本和攤薄淨虧損為人民幣 2.16 元，而去年同期每份美國存託憑證的近淨收益為人民幣 0.04 元。

Non-GAAP net loss attributable to ordinary shareholders rose to RMB 1.9 billion compared with net income of RMB 26.3 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 19 億元，而去年同期淨利為 2,630 萬元。

Non-GAAP basic and diluted net loss per ADS were RMB 1.72 compared with RMB 0.04 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 1.72 元，而 2017 年同期為 0.04 元。

That completes the profit and loss statements for the fourth quarter.

第四季的損益表就這樣完成了。

Net cash flow provided by operating activities was RMB 5.7 billion compared with RMB 5.4 billion 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57億元，去年同期為人民幣54億元，主要是因為我們的網路行銷服務收入增加。

As of December 31, 2018, the company had a strong balance sheet, with RMB 30.5 billion in cash, cash equivalent and restricted cash.

截至2018年12月31日，公司資產負債表穩健，現金、現金等價物及限制性現金為人民幣305億元。

We adopted ASU 2016 #18 in 2018, which requires that a statement of cash flow explain the change during the period using the total cash, cash equivalent and restricted cash.

我們於 2018 年採用了 ASU 2016 #18，要求現金流量表使用現金總額、現金等價物和限制性現金來解釋期間的變化。

Excluding restricted cash, we have RMB 14.2 billion in cash and cash equivalent.

扣除限制性現金後，我們擁有現金及現金等價物142億元人民幣。

We also successfully completed a follow-on equity offering in which we raised about $1.2 billion in 2019.

2019 年，我們也成功完成了後續股權發行，籌集了約 12 億美元。

On top of our cash balances, we also have another RMB 7.6 billion of short-term investments.

除了現金餘額外，我們還有另外76億元人民幣的短期投資。

Looking ahead to 2019, we believe our operational focus and solid balance sheet will position us well for another year of healthy growth.

展望 2019 年，我們相信我們的營運重點和穩健的資產負債表將使我們為另一個健康成長做好準備。

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。

Thank you.

謝謝。

(Operator Instructions) Your first question comes from the line of Thomas Chong from Credit Suisse.

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

I have one question about the competitive landscape.

我有一個關於競爭格局的問題。

Can management comment about how we should think about the competitive dynamics in this year and the next couple of years ahead?

管理階層能否評論一下我們該如何看待今年和未來幾年的競爭動態？

Well, we noticed that more and more players are looking at lower-tier cities and they're also trying to mimic what PDD is currently doing.

嗯，我們注意到越來越多的玩家開始關注低線城市，他們也試圖模仿 PDD 目前的做法。

But I think the greater emphasis from the competitors actually is good for increasing the size of the pie.

但我認為，競爭對手的更大重視其實有利於做大蛋糕。

And also, I think the greater emphasis given to the lower-tier cities by our peers is also helping awaken underlying demand for consumption that has been dormant in these cities.

而且，我認為同業對低線城市的更大重視也有助於喚醒這些城市一直處於休眠狀態的潛在消費需求。

As a result, the pie expanding and we see healthy consumption growth.

結果，蛋糕不斷擴大，我們看到消費健康成長。

As the majority of our users are from these lower-tier cities, we have a build up our value proposition around value-for-money products delivered in a fun and social setting.

由於我們的大多數用戶來自這些低線城市，因此我們圍繞在有趣的社交環境中提供物有所值的產品建立了我們的價值主張。

We also stand to benefit more from expansion of this particular market.

我們也將從這個特定市場的擴張中受益更多。

Let me just explain a little bit our value proposition.

讓我簡單解釋一下我們的價值主張。

Our #1 priority has always been serving our users, and we are constantly working on reinforced, clear, differentiated value proposition that we offer to our users.

我們的第一要務始終是為用戶提供服務，我們不斷致力於為用戶提供強化、清晰、差異化的價值主張。

One is unbeatable, which is value-for-money products; and two, is an interactive shopping experience that is fun and makes discovery easy.

一是無與倫比，這是物超所值的產品；第二，是一種有趣且易於發現的互動購物體驗。

We already have some of the innovative products which demonstrate how to combine the Costco part and the Disneyland part, but it is still in the very early stage.

我們已經有了一些創新產品，展示瞭如何將 Costco 部分和迪士尼樂園部分結合起來，但還處於非常早期的階段。

But our guests, a lot of our users already have some taste of the -- have already sensed the difference of our platform over the other platforms, and this foundation has enabled us to scale rapidly.

但是我們的客人，我們的許多用戶已經有了一些經驗——已經感覺到我們的平台與其他平台的區別，這個基礎使我們能夠快速擴展。

And you can see that from our strong operational results across various metrics, like active buyers, MAU and GMV growth.

您可以從我們在各種指標（例如活躍買家、每月活躍用戶數和 GMV 成長）方面的強勁營運業績中看到這一點。

We can also see that our users are visiting more frequency and spending more on our platform.

我們還可以看到，我們的用戶造訪我們平台的頻率更高，花費也更多。

This is a healthy indication that they are more pleased with what we offer.

這是一個健康的跡象，表明他們對我們提供的服務更加滿意。

To increase our edge, we will continue to invest strategically in R&D and in sales and marketing to enhance our user experience and build our brand.

為了增強我們的優勢，我們將繼續在研發、銷售和行銷方面進行策略性投資，以增強我們的用戶體驗並建立我們的品牌。

And we'll continue to grow our user base.

我們將繼續擴大我們的用戶群。

As our users increase their interactions with us, our technology, driven by machine learning, based on our distribution AI infrastructure can become smarter at serving our users.

隨著我們的用戶與我們的互動增加，我們的技術在機器學習的驅動下，基於我們的分散式人工智慧基礎設施，可以變得更聰明地為我們的用戶提供服務。

As our users get a better experience, they will naturally return more frequently to browse and shop on our platform.

隨著我們的用戶獲得更好的體驗，他們自然會更頻繁地回到我們的平台瀏覽和購物。

At the same time, our greater scale also makes it easier for us to attract the higher-quality merchants who can provide excellent products and services.

同時，規模的擴大也使我們更容易吸引能夠提供優質產品和服務的優質商家。

We're already benefiting from this network, and this will become stronger as we continue to expand, I believe.

我們已經從這個網路中受益，我相信，隨著我們的不斷擴張，這個網路將會變得更加強大。

We will also continue to be laser-focused on the same strategy of building our value propositions and not be distracted by what others are doing.

我們也將繼續專注於建立我們的價值主張的相同策略，而不是被其他人正在做的事情分散注意力。

For instance, exploring, like, categories not so relevant or trying to monetize too early, trying to introduce finance or services, all those kind of stuff.

例如，探索不太相關的類別或過早嘗試貨幣化，嘗試引入金融或服務，所有這些東西。

At this stage, I think we still have the luxury to be laser-focused on the same strategy that we are building and just focusing on the users.

在現階段，我認為我們仍然有機會專注於我們正在製定的相同策略，並且只關注用戶。

With that being said, we do think competition is good for our consumers, at least, to receive the better -- best service and products.

話雖如此，我們確實認為競爭對我們的消費者來說是有好處的，至少可以讓他們獲得更好的服務和產品。

We, in fact, are encouraging fair competition among our merchants on our platform as it motivates the merchants to constantly improve.

事實上，我們鼓勵平台上商家之間的公平競爭，以激勵商家不斷進步。

Probably, that's a little bit too long answer, but I hope it answers your question.

也許這個答案有點太長了，但我希望它能回答你的問題。

Your next question comes from the line of Grace Chen from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Grace Chen。

My question is about the macro trends and implications on the PDD platform.

我的問題是關於PDD平台的宏觀趨勢和影響。

Could you share with us your observations now versus a quarter ago?

您能與我們分享一下您現在與一個季度前相比的觀察結果嗎？

Yes.

是的。

These days, a lot of people are talking about macros, but I think we should just focusing on doing the right things ourselves.

如今，很多人都在談論宏，但我認為我們應該專注於自己做正確的事情。

From our results and operational data, we sense that there is still a lot of pent-up consumption demand.

從我們的業績和營運數據來看，我們感覺消費需求仍有大量被壓抑的情況。

I mean, a lot.

我的意思是，很多。

Our annual spending per average buyer has doubled year-on-year to RMB 1,100, even as we continue to add new users.

儘管我們不斷增加新用戶，但我們的每位買家的年度支出仍同比增長了一倍，達到 1,100 元。

Judging from the momentum we have seen thus far, we believe this number will continue to grow steadily.

從迄今為止我們看到的勢頭來看，我們相信這個數字將繼續穩定成長。

According to NBS data, total retail sales of consumer goods in China was up 9% in 2018, whereas online retail sales of physical goods grew 25%, more than doubling the pace of overall retail.

國家統計局數據顯示，2018年中國社會消費品零售總額成長9%，其中實體商品網上零售額成長25%，是社會消費品零售總額成長速度的兩倍多。

We have a good opportunity to meet this demand by leveraging the deep existing manufacturing capabilities of China's manufacturing base.

我們有很好的機會利用中國製造基地現有的深厚製造能力來滿足這項需求。

We believe the demand of value-for-money goods is substantial and universal, regardless what kind of macro economics there is.

我們相信，無論宏觀經濟如何，物有所值的商品的需求是巨大且普遍的。

And this is not just applicable to any specific group of users.

這不僅適用於任何特定的用戶群體。

We can work with our merchants to deliver better value-for-money merchandise to our users, and in so doing, nurture further consumption growth.

我們可以與商家合作，為用戶提供更物有所值的商品，從而促進消費的進一步成長。

We are also encouraged by some measures the government has been taking, which we think are business-friendly and encourage sustained consumption growth.

我們也對政府採取的一些措施感到鼓舞，我們認為這些措施對企業有利，並鼓勵消費持續成長。

For instance, the government has raised the threshold for personal income tax exemption, which will benefit lower-income groups, who also tend to spend more of their disposable income on consumption.

例如，政府提高了個人所得稅免稅門檻，這將有利於低收入群體，他們也傾向於將更多的可支配收入用於消費。

And this tax law, I think, benefits a lot more our user base than, let's say, the top niche users in Shanghai or in Beijing.

我認為，與上海或北京的頂級利基用戶相比，這項稅法使我們的用戶群受益更多。

There are also the change of VAT exemption rules.

還有增值稅豁免規則的變化。

The monthly sales threshold for VAT exemption was also raised in early January from RMB 30,000 to RMB 100,000, which shows the government's support to SMEs.

1月初，月銷售額免徵增值稅起徵點也從3萬元提高到10萬元，反映了政府對中小企業的支持。

Moreover, the government has cut the corporate income tax rate for small companies from 25% to 20%.

此外，政府也將小企業的企業所得稅稅率從25%下調至20%。

And the first RMB 1 million in profit is taxed at only 5%.

首100萬元利潤僅以5%課稅。

The government has also been proactive in managing the VAT rate since last year and is reducing social insurance contribution requirements.

自去年以來，政府也積極管理增值稅稅率，並降低了社會保險繳費要求。

And these are a signal to us that the government is trying to help small business and is strengthening business confidence, which we think will be a huge boost for both merchants and consumers on our platform.

這些向我們發出了一個信號，表明政府正在努力幫助小型企業，正在增強企業信心，我們認為這對我們平台上的商家和消費者來說都是一個巨大的推動。

Lastly, I would also like to add that we're excited about the opportunity ahead as China is right now transforming by export and investment-oriented economy to a consumption-driven economy.

最後，我還想補充一點，我們對未來的機會感到興奮，因為中國目前正在從出口和投資導向經濟轉向消費驅動經濟。

In this process, there will be a new wave of Chinese brands that will increasingly serve the growing domestic consumption demand.

在此過程中，將會出現新一波的中國品牌，將越來越多地服務日益增長的國內消費需求。

We have a series of initiatives to help our merchants to capitalize on this trend and build out to their own strong brands.

我們採取了一系列舉措來幫助我們的商家利用這一趨勢並建立自己的強勢品牌。

So with that said, we're fairly confident of the future.

話雖如此，我們對未來還是相當有信心的。

And we're also confident the measures our government has been taking are good for the economy.

我們也相信政府採取的措施有利於經濟。

And we're also confident by the evidence that we have seen of the manufacturing base we have in China.

我們對中國製造基地的證據也充滿信心。

The capacity, the quality of the things those factories are making is actually very good.

這些工廠生產的產品的產能和品質實際上非常好。

So although we don't expect everything happening within 1 year or 2 years, but if we look down the road 3 years, 5 years, even 10 years, I think, for sure, a lot of new brands will emerge from all these factories and within the -- China's huge market.

因此，雖然我們不期望所有事情在 1 年或 2 年內發生，但如果我們展望 3 年、5 年，甚至 10 年，我認為，肯定會從所有這些工廠中湧現出許多新品牌以及中國巨大的市場。

Okay.

好的。

That answers your question, right?

這回答了你的問題，對嗎？

Your next question comes from the line of Piyush Mubayi from Goldman Sachs.

您的下一個問題來自高盛的 Piyush Mubayi。

Congratulations on the numerous milestones you've attained over the last 4 years.

恭喜您在過去 4 年中取得的眾多里程碑。

You talked a lot about fighting counterfeits and what you've been able to attain and your initial presentation was very, very clear.

您談到了很多關於打擊假貨以及您已經取得的成果，您最初的演講非常非常清晰。

What I wanted to follow up with is how do you plan to balance the numerous brands on your platform as you continue to grow both the Pin brands and other brands?

我想跟進的是，在繼續發展 Pin 品牌和其他品牌的同時，您打算如何平衡平台上的眾多品牌？

And do you envisage a scenario where you would need to do a Tmall/Taobao kind of thing as Baba has done over the last couple of years?

您是否設想過一種場景，您需要像爸爸過去幾年所做的那樣，做天貓/淘寶之類的事情？

Or would you be able to balance that on one platform?

或者你能在一個平台上平衡這一點嗎？

My second question is, could you talk through the C2M opportunity in terms of size in particular?

我的第二個問題是，您能具體談談C2M機會的規模嗎？

And third and very quickly, how would you measure the progress you have made with convincing merchants to bring more SKUs on your platform?

第三，也是很快的，您如何衡量在說服商家在您的平台上引入更多 SKU 方面所取得的進展？

So the -- your last -- second question is C2M, right?

所以，你的最後一個第二個問題是 C2M，對吧？

Yes.

是的。

So I'll talk about the C2M first.

那我先講一下C2M。

I had been thinking about some variant of C2M for a couple of years already, even before I found PDD.

甚至在我發現 PDD 之前，我已經思考 C2M 的某些變體好幾年了。

To boil it down to a sentence, the idea revolves around the concept of connecting the supply and demand end points more closely with each other, and in doing so, improving production, cutting out waste and better serving user needs.

歸結起來，這個想法圍繞著將供需端點更緊密地連接在一起的概念，從而提高生產、減少浪費並更好地服務用戶需求。

So during our earnings call, since last quarter, I talked a lot about how we are helping China's agriculture industry and manufacturing industry.

因此，從上個季度開始，在我們的財報電話會議上，我談到了很多關於我們如何幫助中國農業和製造業的問題。

These are many -- there are many examples today of how we have helped these partners achieve greater sales volume through better production and logistics efficiency.

這些例子有很多——今天有許多例子說明我們如何透過更好的生產和物流效率幫助這些合作夥伴實現更大的銷售。

We have worked with over 7 million farmers in China and created 600 hit products so far that have each sold over 100,000 units.

迄今為止，我們已與中國超過700萬農民合作，創造了600多個爆款產品，每個產品的銷售量都超過10萬件。

In doing so, we helped to connect farmers directly with consumers.

透過這樣做，我們幫助農民與消費者直接建立聯繫。

We are also applying C2M across more and more industries.

我們也在越來越多的產業中應用C2M。

As you can see, our new brand initiative, partners set up a wider variety of goods, ranging from electronics to ceramics and glassware to mops.

正如您所看到的，在我們的新品牌倡議中，合作夥伴推出了更廣泛的商品，從電子產品到陶瓷、玻璃器皿到拖把。

As we work with more partners, we believe we can also apply C2M to other industries in the future.

隨著我們與更多的合作夥伴合作，我們相信未來我們也可以將C2M應用到其他產業。

In terms of investment in this effort, we already have existing vertical specialist teams in place who have expertise in different industries that are helping these merchants.

就這方面的投資而言，我們已經擁有現有的垂直專家團隊，他們擁有不同行業的專業知識，可以幫助這些商家。

This year, we will be adding more specialists to flesh out our business development teams while working with our new brand initiative partners.

今年，我們將增加更多專家來充實我們的業務開發團隊，同時與我們的新品牌計畫合作夥伴合作。

Apart from sharing our industry knowledge and user understanding, we will also give marketing support, such as more favorable placements in the recommendation feed or lower commission rates.

除了分享我們的行業知識和用戶理解之外，我們還將提供行銷支持，例如在推薦來源中更有利的排名或更低的佣金率。

We believe this helps to build the user satisfaction as they find products with better quality and price on our platform.

我們相信這有助於提高用戶滿意度，因為他們在我們的平台上找到了品質更好、價格更好的產品。

And we continue to position -- we'll continue to position ourselves as a partner, offering data and advice to our merchants, and we believe we can achieve a meaningful impact in an asset-light manner.

我們將繼續定位——我們將繼續將自己定位為合作夥伴，為我們的商家提供數據和建議，我們相信我們可以以輕資產的方式實現有意義的影響。

With that said, I believe it is still the very early beginning of C2M.

話雖如此，我認為C2M還處於早期階段。

And I hope our effort in this area will encourage a lot of our competitors to also join our effort to change the supply chain of China.

我希望我們在這方面的努力能鼓勵我們的許多競爭對手也加入我們改變中國供應鏈的努力。

Because there are so many manufacturers and they produce, like, thousands and millions of stuff and serving worldwide and a lot of them just don't have their own brand.

因為有很多製造商，他們生產成千上萬的產品並在全球範圍內提供服務，但其中許多沒有自己的品牌。

So this is the very beginning, and it will take many years to go, but there is a huge -- it's going to be a huge wave and going to be huge trend.

所以這只是一個開始，還需要很多年的時間，但有一個巨大的——這將是一個巨大的浪潮，並將成為一個巨大的趨勢。

And regarding your first question, you asked about whether we will launch something like a Tmall or something like that.

關於你的第一個問題，你問我們是否會推出像天貓這樣的東西。

I think in some of the interviews with the reporters, I said we will not launch a thing that is exactly like Tmall.

我想在一些記者的訪談中，我說過我們不會推出一個和天貓一模一樣的東西。

We treat all merchants and brands equally.

我們平等對待所有商家和品牌。

As long as they are providing the right value and quality, everybody will have equal chance.

只要他們提供正確的價值和質量，每個人都有平等的機會。

Our goal has always been focused on providing our users with a good shopping experience, and a part of that comes from improving our product selection.

我們的目標始終專注於為用戶提供良好的購物體驗，其中一部分來自於改進我們的產品選擇。

And in August last year, we launched our brand pavilion, it has quickly grown in this short span of time to reach over 700 brands, with a mix of both international and domestic brands, represented by flagship stores and licensed distributors.

去年8月，我們推出了品牌館，在短時間內迅速發展到超過700個品牌，其中包括以旗艦店和授權經銷商為代表的國際和國內品牌。

We also created an electronics channel to highlight to users the variety of electronic goods we have available on our platform.

我們還創建了一個電子頻道，向使用者重點介紹我們平台上提供的各種電子商品。

Since August 2018, we have sold a cumulative 600 million units of branded products through both our brand pavilion and electronics channel alone.

自2018年8月以來，僅透過我們的品牌館和電子管道，我們就累計銷售了6億件品牌產品。

And at the same time, we have also launched new brand initiatives to enable capable manufacturers and merchants to design, manufacture and to sell products tailored to users' needs on our platform.

同時，我們也推出了新的品牌舉措，讓有能力的製造商和商家能夠在我們的平台上設計、製造和銷售適合用戶需求的產品。

So all these channels and brand campaigns, I would say these are the kind of low-hanging fruits and the easy to do job.

因此，所有這些管道和品牌活動，我想說，這些都是唾手可得的成果，而且很容易做。

But I think our team will not stop here.

但我想我們的團隊不會就此止步。

We will -- the biggest effort will still be innovating the kind of new interactive model which is suitable for promoting different kinds of brands and for matching user to brand.

我們最大的努力仍然是創新一種新的互動模式，適合推廣不同類型的品牌，適合用戶與品牌的匹配。

If you look at Tmall, it's mainly a search engine.

如果你看看天貓，它主要是一個搜尋引擎。

It's a brand search.

這是一個品牌搜尋。

But PDD is a network of users.

但拼多多是一個用戶網路。

So it will be a very different kind of product interface, I hope we'll be able to invent in the future, that both create value to the user and also creates a new channel and a new type of promotion space for the brands.

所以這將是一種非常不同的產品介面，我希望我們將來能夠發明，既能為用戶創造價值，也為品牌創造新的通路和新型的推廣空間。

And actually, whether something is branded or unbranded is really not a key distinction we focus on.

事實上，某些東西是有品牌的還是無品牌的並不是我們關注的關鍵區別。

At the end of the day, does it deliver value to our users?

最終，它能為我們的用戶帶來價值嗎？

It is whether the user likes it or not that matters.

重要的是用戶是否喜歡它。

That is what we're focused on.

這就是我們關注的重點。

And what we do differently from other platforms is we -- is that we have always been recommendation feed folks, and we are trying to leverage the connection between users.

我們與其他平台的不同之處在於我們一直是推薦來源，我們正在努力利用用戶之間的聯繫。

So yes, so with all this said, I think we are really not trying to sort of copy yet another Tmall or yet another something else.

所以，是的，綜上所述，我認為我們真的並不是想複製另一個天貓或其他東西。

We are really trying to focus on the users and trying to innovate on the space of combining Costco and Disneyland.

我們確實在努力以用戶為中心，並在 Costco 和迪士尼結合的空間上進行創新。

And I hope several years down the road, when we look back, we'll be proud of the kind of innovations we have made.

我希望幾年後，當我們回顧過去時，我們將為我們所做的創新感到自豪。

And can I ask a question on -- with the run rate of GMV growth that we've seen in 4Q and with the end of the year, how do you think about the sort budgets you want to set aside for sales and marketing into '19 and '20?

我可以問一個問題 — 根據我們在第四季度和年底看到的 GMV 成長速度，您如何看待您想要為銷售和行銷留出的預算？19 和 20 ？

Just a framework would be helpful for us.

只要有一個框架就會對我們有幫助。

Hi, Piyush.

嗨，皮尤什。

This is Tian.

這是田。

I can address the sales and marketing issue.

我可以解決銷售和行銷問題。

Currently, we all know this RMB 6 billion is a sizable number.

目前，我們都知道這60億元是一個很大的數字。

We did have, like, Single's Day event and New Year Countdown event, et cetera.

我們確實舉辦了雙十一活動和新年倒數活動等等。

And really, the fourth quarter is the important season for e-commerce.

事實上，第四季是電商的重要季節。

So if you're looking to this sales and marketing, I'll raise you a couple of points on how we think about this.

因此，如果您正在關注銷售和行銷，我將向您提出幾點關於我們對此的看法。

In summary, I would stress this is what we see, every dollar spent as an investment.

總而言之，我要強調的是，這就是我們所看到的，每一美元都被視為投資。

Because as Colin mentioned, we have unique value for money, we have unique proposition as a value-for-money products in a fun and a social setting.

因為正如科林所提到的，我們有獨特的性價比，我們有獨特的主張，作為在有趣和社交環境中物有所值的產品。

And we have a bit over 400 million annual active users.

我們的年度活躍用戶略多於 4 億人。

But what we see is there are over 900 million online payment users in China today, and this number is still growing.

但我們看到，目前中國的線上支付用戶已經超過9億，而且這個數字還在持續增加中。

And these online payment users are definitely potential buyers on Pinduduo platform.

而這些線上支付用戶絕對是拼多多平台上的潛在買家。

And we want to reach them, and we believe that the right combination of sales and marketing and word of mouth can really help us to realize this opportunity.

我們希望接觸到他們，我們相信銷售、行銷和口碑的正確組合確實可以幫助我們實現這個機會。

On the other side, we are still a very young company with a budding brand.

另一方面，我們仍然是一家非常年輕的公司，品牌正在嶄露頭角。

It will take us some time to deepen our mind share with users and cultivate a strong brand awareness.

我們需要一些時間來加深與使用者的心智分享並培養強大的品牌意識。

And we will invest in order to achieve this goal.

我們將進行投資以實現這一目標。

So while we continue to be opportunistic with all these investments in sales, marketing, we will keep an eye on the ROI we spend.

因此，雖然我們繼續在銷售和行銷方面的所有這些投資中保持機會主義，但我們將密切關注我們所花費的投資回報率。

We started -- we focus on the behavior of users.

我們開始關注用戶的行為。

For example, the purchasing frequencies.

例如，購買頻率。

We see -- you see the 50% of increase in terms of how many times the user buy per year.

我們看到——用戶每年購買的次數增加了 50%。

Now it's 27, 28.

現在已經27、28了。

This is kind of indicator to the return as this can cater to the lifetime value of a customer we acquired.

這是回報的一種指標，因為這可以滿足我們所獲得的客戶的終身價值。

This is something we are looking into now, we have been looking into, rather than the pure financial return.

這是我們現在正在研究的，我們一直在研究的，而不是純粹的財務回報。

So for each money coming back, for each dollar we spend, whether it is on TV show or event, traffic acquisition or coupon or promotion, we have different standards of ROI, and we keep tracking or monitoring this spending.

因此，對於每一筆回來的錢，對於我們花費的每一美元，無論是在電視節目或活動、流量獲取、優惠券或促銷上，我們都有不同的投資回報率標準，並且我們不斷跟踪或監控這些支出。

So you asked about, like, 2019, we cannot provide an exact number or figure right now.

所以你問的是 2019 年，我們現在無法提供確切的數字或數字。

But in general, for the first quarter, we have Chinese New Year.

但總的來說，第一季我們有農曆新年。

So there is still some spending there, and we will see how it goes to get -- with the ROI in our mind.

因此，那裡仍然有一些支出，我們將看看它如何實現——考慮到投資回報率。

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

您的下一個問題來自花旗集團的 Alicia Yap。

I have questions on the take rate.

我對採納率有疑問。

How should we be thinking about the monetization ramp in the next few quarters?

我們應該如何考慮未來幾季的貨幣化成長？

And also overall take rate trend in the next 2 years?

以及未來兩年的整體採取率趨勢？

If you could elaborate, what will be the drivers for improving take rate trend?

如果您能詳細說明一下，提高採用率趨勢的驅動因素是什麼？

Is that coming from increased ad inventory potential?

這是來自廣告庫存潛力的增加嗎？

Or is it more merchants bidding on higher pricing on the existing inventory?

還是更多的商家對現有庫存提出更高的報價？

Hi, this is Tian.

嗨，這是田。

Our monetization efforts are still in the early stage as we only rolled out this product first -- in the first half of 2017.

我們的貨幣化工作仍處於早期階段，因為我們只是在 2017 年上半年首次推出了產品。

And we did make some good progress, and we -- indeed, we do well grow steadily as our merchants derive increasing value from our platform.

我們確實取得了一些良好的進展，事實上，隨著我們的商家從我們的平台獲得越來越多的價值，我們確實穩步成長。

So the past year 2018, our GMV and buyer base both grow dramatically, and our active buyer -- merchant base increased to 3.6 million.

所以在過去的2018年，我們的GMV和買家群體都大幅成長，我們的活躍買家——商家群體增加到了360萬。

And many of our own merchants have been growing their business on our platform, and more importantly, benefiting from our unique demand-aggregation capabilities.

我們自己的許多商家一直在我們的平台上發展業務，更重要的是，受益於我們獨特的需求聚合能力。

So what I want to address here, for example, when we launched this new brand initiative, as Colin mentioned, we received thousands of applications.

所以我想在這裡談談，例如，當我們推出這個新的品牌計畫時，正如科林所提到的，我們收到了數千份申請。

They wanted to be our -- the first batch of 20 partners to pilot test the brand cultivation.

他們想成為我們－第一批20家試辦品牌培育的合作夥伴。

And we launched our brand channel last September, another example.

另一個例子是我們去年九月推出的品牌頻道。

Now we have 700 brands participating.

現在我們有700個品牌參與。

So I mean, the growth of our merchant base and this proactiveness of these merchants wanting to work with us on a deeper basis indicates that we have a healthy ecosystem and deliver meaningful value to our -- to this merchant.

所以我的意思是，我們商家基礎的成長以及這些想要與我們進行更深層次合作的商家的積極主動性表明我們擁有一個健康的生態系統，並為我們的商家提供了有意義的價值。

So monetization, we believe, follows after we demonstrate this value to user, the merchant.

因此，我們相信，在我們向用戶（即商家）展示這種價值之後，貨幣化就會隨之而來。

And we want to be really thoughtful about how we ramp up.

我們希望認真考慮如何提升。

As discussed, I remember last quarter, we continue to prioritize good quality merchants as we want to ensure our users are getting better services and shopping experience on our platform.

正如所討論的，我記得上個季度，我們繼續優先考慮優質商家，因為我們希望確保我們的用戶在我們的平台上獲得更好的服務和購物體驗。

And a better user experience will draw more users, increase our conversion and drive our GMV growth, which will improve merchant ROI on our platform.

更好的用戶體驗將吸引更多用戶，提高轉換率並推動 GMV 成長，從而提高我們平台上商家的投資報酬率。

So in short, we are very optimistic about our long-term opportunity, but we are holding back a little bit for now.

簡而言之，我們對長期機會非常樂觀，但目前我們有所保留。

We will continue all the efforts that we have done in the past.

我們將繼續我們過去所做的一切努力。

And monetization or increasing take rate will naturally be a by-product of our increasing user growth and increasing user spending.

貨幣化或提高使用率自然會成為我們不斷成長的用戶成長和用戶支出增加的副產品。

So at the end of the day, we do not manage to achieve a particular take rate each quarter, we don't do that, nor we satisfy -- sacrifice our user experience for higher monetization.

因此，歸根結底，我們無法在每個季度實現特定的使用率，我們沒有這樣做，也沒有滿足——為了更高的貨幣化而犧牲我們的用戶體驗。

That pretty much I can provide for the -- like I say -- you ask us 2 years down the road.

這幾乎是我可以提供的——就像我說的——你在兩年後問我們。

Thank you.

謝謝。

But what about 1Q?

但是1Q呢？

Is it just a seasonal issue?

這只是季節性問題嗎？

Should we expect it to kind of continue to trend down a bit because of 1Q seasonally?

我們是否應該預期它會因為第一季的季節性因素而繼續略有下降？

For the revenue figure, we cannot provide exact figure right now for 1Q.

對於收入數字，我們目前無法提供第一季的確切數字。

Your next question comes from the line of Natalie Wu from CICC.

您的下一個問題來自中金公司吳娜塔莉。

My question is mainly related to -- with GMV.

我的問題主要與 GMV 有關。

I saw your user growth and spending growth pattern is actually quite a strong.

我看到你們的用戶成長和支出成長模式其實是相當強勁的。

Just wondering, can you share with us your GMV outlook in 2019?

只是想知道，您能與我們分享一下您對 2019 年 GMV 的展望嗎？

Also, longer term, what kind of a GMV level you are targeting at?

另外，從長遠來看，您的目標 GMV 水平是多少？

On top of that, how do you see the channel take rate, both commission take rate and online marketing take rate, in 2019?

除此之外，您如何看待2019年的通路利用率，包括佣金利用率和網路行銷利用率？

And since when can we see a stabilizing or take rate decline?

從什麼時候我們可以看到利率趨於穩定或下降？

And also, on a full year level, just to give us a rough sense.

而且，在全年水平上，只是為了給我們一個粗略的感覺。

Should we anticipate the sales and marketing budget -- I mean, sales and marketing expenses to grow at similar pace with GMV?

我們是否應該預期銷售和行銷預算——我的意思是，銷售和行銷費用以與 GMV 類似的速度成長？

Any color on that would be appreciated.

任何顏色都會受到讚賞。

Also, lastly, just to confirm the gap between your net GMV and gross GMV.

另外，最後，只是為了確認您的淨 GMV 和總 GMV 之間的差距。

This still remain unchanged, right?

這仍然保持不變，對嗎？

Alicia, well, this is Tian again.

艾莉西亞，好吧，這又是田。

In terms of GMV, we believe there is a long runway for growth.

就 GMV 而言，我們認為成長還有很長的路要走。

As consumption continue to increase and more user come on to our platform more often, our order volume has more than doubled year-on-year.

隨著消費的不斷增加以及更多用戶更頻繁地訪問我們的平台，我們的訂單量比去年同期增長了一倍多。

We are fulfilling over 30 million orders on average a day.

我們平均每天完成超過 3000 萬份訂單。

This is driven on our user base and also higher annual spending per active user.

這是由我們的用戶群以及每個活躍用戶的年度支出較高所推動的。

And this annual spending per active user is now, like, RMB 1,100, more than RMB 1,100, more than doubled last year.

現在每個活躍用戶的年支出是1,100元人民幣，超過1,100元人民幣，是去年的兩倍多。

So underlying this growth is the fact that users stay longer on our platform and they also become more familiar with us, spending steadily increase.

因此，這種成長的背後是用戶在我們平台上停留的時間更長，他們也對我們更加熟悉，支出穩定增加。

We are seeing more user buying more stuff within categories and also broadly across categories as they come to trust our platform.

我們看到越來越多的用戶在類別內購買更多的東西，並且廣泛地跨類別購買更多的東西，因為他們開始信任我們的平台。

Now all these are factors to drive our GMV up.

現在所有這些都是推動我們GMV上升的因素。

So users now are able to see and try products.

因此，用戶現在可以看到並試用產品。

They may not have it faster in the past.

過去他們可能沒有這麼快。

That's something new.

這是新事物。

For instance, our data shows that a growing number of users in the lower city -- lower-tier cities are starting to explore a more diverse selection of products, such as small luxuries like cherries and affordable coffee makers.

例如，我們的數據顯示，越來越多的低線城市用戶開始探索更多樣化的產品選擇，例如櫻桃等小型奢侈品和價格實惠的咖啡機。

Such demand may have been unformed or unmet in the past, but now they are crystallizing and being fulfilled on our platform.

這樣的需求在過去可能沒有形成或沒有被滿足，但現在它們正在我們的平台上具體化並得到滿足。

So in short, we are confident in the growth opportunity in the GMV.

簡而言之，我們對 GMV 的成長機會充滿信心。

And we'll continue to invest and innovate in order to bring the most, like, value-for-money quality product with our unique and fun shopping experience to our users.

我們將繼續投資和創新，以便為我們的用戶帶來最物有所值的優質產品以及我們獨特且有趣的購物體驗。

Your question about commission take rate or other take rate.

您關於佣金收取率或其他收取率的問題。

Commission take rate is depend on the payment processing discount we get.

佣金收取率取決於我們獲得的付款處理折扣。

So we have always said, it's hard to give guidance ahead of time because our payment processing is kind of actually changing.

所以我們一直說，很難提前提供指導，因為我們的支付處理實際上正在改變。

Also, we have this new concept of a -- we've adopted this new name, transaction services.

此外，我們還有一個新概念──我們採用了這個新名稱：交易服務。

But for now, we don't -- on top of the commission revenue, we have limited number to report to you, because that also showcase the potential we are providing more transaction-related service to our merchants in the coming few years.

但目前，除了佣金收入之外，我們向您報告的數量有限，因為這也顯示了我們在未來幾年為商家提供更多交易相關服務的潛力。

That's one of the indicator to improve our take rate.

這是提高我們的採納率的指標之一。

For the gap you mentioned it between the nominal GMV and the payment GMV, it's unchanged.

對於你提到的名義GMV和付款GMV之間的差距，它沒有變化。

What else?

還有什麼？

And for the sales and marketing budget planning, will that be growing at a similar pace versus GMV in 2019?

對於銷售和行銷預算規劃，其成長速度是否與 2019 年 GMV 類似？

As I mentioned, it's not linear or linked to GMV growth.

正如我所提到的，它與 GMV 成長不是線性的或相關的。

We are more like opportunity-driven stuff, if there is opportunity to spend marketing dollar in the market and with a positive ROI.

如果有機會在市場上花費行銷資金並獲得積極的投資回報率，我們更像是機會驅動的東西。

But when I say ROI, it's not necessarily revenue, it could be some other operation indicators, then we will spend the money.

但是當我說ROI時，它不一定是收入，它可能是其他一些營運指標，然後我們就會花錢。

So I can confirm it's not, like, linear or linked to GMV growth.

所以我可以確認它與 GMV 成長不是線性的或相關的。

So can I add up some question?

那我可以補充一些問題嗎？

On the sales and marketing spending in the fourth quarter, how much of that is related with the promotional stuff, and how much is related with brand advertising or like...

就第四季度的銷售和行銷支出而言，其中有多少與促銷相關，有多少與品牌廣告等相關…

In terms of percentage, it's similar to what we provided before, so no big change.

從百分比來看，與我們之前提供的類似，因此沒有太大變化。

I would like to hand the conference back to today's presenters.

我想把會議交還給今天的主持人。

Please continue.

請繼續。

Thank you very much for joining today's call.

非常感謝您參加今天的電話會議。

If you have any other questions or concerns or comments, please don't hesitate to reach out to the Pinduduo IR team.

如果您有任何其他問題、疑慮或意見，請隨時聯絡拼多多 IR 團隊。

This concludes the call.

通話就此結束。

Have a good night.

祝你晚安。

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 all disconnect.

你們都可以斷開連線。