拼多多 (PDD) 2019 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Pinduoduo Third Quarter of 2019 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2019年第三季度業績電話會議。

(Operator Instructions) Please be advised that this conference is being recorded.

（操作員說明）請注意，本次會議正在錄製中。

I'd like to hand the conference over to your first speaker for today, Ms. Xin Yi Lim.

我想把會議交給今天的第一位發言者，Xin Yi Lim 女士。

Please go ahead.

請繼續。

Thank you, Annie.

謝謝你，安妮。

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 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些時候發布，可通過投資者關係網站 Investor.pinduoduo.com 以及 GlobeNewswire 服務獲取。

On the call today from Pinduoduo are Mr. Zheng Huang, Chairman and Chief Executive Officer; and Mr. David Liu, Vice President of Strategy.

今天接聽拼多多電話的是董事長兼首席執行官鄭黃先生；劉大衛先生，戰略副總裁。

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

黃先生將回顧業務運營和公司亮點，隨後劉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 within the meaning of Section 21E of the U.S. 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，本次會議包含經修訂的《1934 年美國證券交易法》第 21E 條含義以及《1995 年美國私人證券訴訟改革法》中定義的前瞻性陳述。

These forward-looking statements can be identified by terminologies such as will, expect, anticipate and similar statements.

這些前瞻性陳述可以通過意願、期望、預期和類似陳述等術語來識別。

Such statements are based upon management's current expectations and current marketing -- 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.

此類聲明基於管理層當前的預期和當前的營銷-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，其中許多因素超出了公司的控制範圍，因此可能導致公司的實際結果、業績或成就與前瞻性陳述中的結果存在重大差異。

Further information regarding these and other risks, uncertainties or factors are 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信息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 statements as a result of new information, future events or otherwise, except as required under applicable law.

除適用法律要求外，公司不承擔因新信息、未來事件或其他原因而更新任何前瞻性陳述的義務。

Now, it is 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首席執行官黃先生。

Mr. Huang, please go ahead.

黃先生，請講。

Thanks, Xi.

謝謝，習。

Thank you, everyone, for joining us on our earnings call.

感謝大家參加我們的財報電話會議。

Pinduoduo turned 4 years old last month, yet it still feels like yesterday, when we first started with only a handful of people.

拼多多上個月就滿四歲了，但感覺就像昨天一樣，當時我們剛開始的時候只有少數人。

Today, we have over 5,000 employees, 500 to -- 536 million annual active buyers and 430 million MAUs for the quarter ending September 30, 2019.

如今，截至 2019 年 9 月 30 日的季度，我們擁有超過 5,000 名員工、500 至 5.36 億年度活躍買家和 4.3 億月活躍用戶。

Thanks to the support of our users, merchants and our partners, we continue to generate robust business momentum.

感謝用戶、商家和合作夥伴的支持，我們不斷產生強勁的業務動力。

Our last 12-month GMV were 144% year-on-year to exceed RMB 840 billion.

過去 12 個月的 GMV 同比增長 144%，超過 8400 億元人民幣。

Taking back to when we started the company, we envisioned an open platform that will put users' ever-changing needs first, one that could provide equal opportunities and empower all for a better life.

回顧公司成立之初，我們的願景是打造一個開放的平台，將用戶不斷變化的需求放在第一位，提供平等的機會，讓所有人過上更美好的生活。

Being born in the mobile era, we set out to build a platform that connects people and promotes trust and a sense of community.

誕生於移動時代，我們致力於建立一個連接人們、促進信任和社區意識的平台。

We are doing this in several ways.

我們正在通過多種方式做到這一點。

First, invest in user engagement; second, support the users' freedom to choose; and third, enhance IP rights protection.

首先，投資於用戶參與度；第二，支持用戶自由選擇；三是加強知識產權保護。

First, investing in user engagement, the most effective way to build trust with our user is to encourage them to try new products and the new features on our platform.

首先，投資於用戶參與度，與用戶建立信任的最有效方法是鼓勵他們嘗試我們平台上的新產品和新功能。

We make discretionary sales and marketing investments to reduce barriers for our users to buy the item that they have always covet -- coveted and to try new products -- new product categories on our platform.

我們進行酌情銷售和營銷投資，以減少用戶購買他們一直夢寐以求的商品並在我們的平台上嘗試新產品、新產品類別的障礙。

Our 10 billion subsidiary program that we have launched around June 18 shopping festival is a great example.

我們在6月18日購物節前後推出的百億補貼計劃就是一個很好的例子。

The user response has been so positive that together with our merchants, we'll continue to make the program available, all the way through Single Day and beyond.

用戶的反應非常積極，我們將與我們的商家一起繼續提供該計劃，直至單日及以後。

What this has done is to change people's perception of PDD.

這改變了人們對PDD的看法。

We don't just sell Apples, but we also sell authentic Apple iPhones.

我們不僅銷售蘋果產品，還銷售正品蘋果 iPhone。

During the first 11 days of November, we sold over 400,000 latest iPhone models to consumers who might have otherwise thought twice about making that purchase on PDD.

11 月的前 11 天，我們向消費者銷售了超過 400,000 部最新 iPhone 機型，否則他們可能會在拼多多上購買時三思而後行。

Similarly, on Singles Day, we sold over 1,000 cars for emerging domestic brands like Wuling Hongguang in the first 60 minutes, with most of the buyers mainly coming from Tier 3 to Tier 5 cities.

同樣，雙十一當天，五菱宏光等新興國產品牌在前60分鐘就賣出了1000多輛，買家主要來自三五線城市。

Our investments in user engagement, not only helps us to attract new users, more importantly, it allows us to quickly build mind share.

我們對用戶參與度的投資，不僅幫助我們吸引新用戶，更重要的是，它使我們能夠快速建立思想份額。

Typically, it takes time for users to gain enough confidence from the initial purchase to develop a broader, sustainable shopping habit on an e-commerce platform.

通常，用戶需要時間從初次購買中獲得足夠的信心，才能在電子商務平台上養成更廣泛、可持續的購物習慣。

Our peers worldwide have gone through a similar process of educating their users and building their consumption habits to get to their current scale.

我們世界各地的同行也經歷了類似的過程，教育用戶並培養他們的消費習慣，以達到目前的規模。

The difference for us is that we don't have the same luxury of time.

對我們來說，不同之處在於我們沒有同樣豐富的時間。

By reducing friction from our users, we encourage them to buy across more categories in an earlier point in their life cycle, which means we start addressing a great share of their wallet sooner while enriching our understanding of their shopping preferences.

通過減少用戶的摩擦，我們鼓勵他們在生命週期的早期階段購買更多類別的產品，這意味著我們可以更早地解決他們錢包的大部分問題，同時豐富我們對他們購物偏好的了解。

What we have observed is that users don't simply leave after they buy a discount brand on our platform, rather, they stick around to explore other attractive products on offer and become repeat buyers.

我們觀察到，用戶在我們的平台上購買折扣品牌後並不是簡單地離開，而是留下來探索其他有吸引力的產品並成為回頭客。

As such, our annual spend per active user has been growing rapidly for the past few months -- past few quarters and is now close to RMB 1,600.

因此，我們的每位活躍用戶的年度支出在過去幾個月和過去幾個季度中一直在快速增長，目前已接近 1,600 元人民幣。

For users who have been on our platform for over 12 months, we see that they are capable of spending a few thousands of RMB per year, and this level continues to increase.

對於使用我們平台超過12個月的用戶，我們發現他們每年有能力花費數千人民幣，並且這個水平還在繼續增加。

Our Tier 1 users are already spending well over RMB 5,000 based on annualized 2019 Q3 spending.

根據 2019 年第三季度年化支出計算，我們的一級用戶支出已遠遠超過 5,000 元人民幣。

Moreover, taking into account the social nature of the shopping journey on our platform, these are also knock-on effects when users start to buy new categories.

此外，考慮到我們平台上購物旅程的社交性質，當用戶開始購買新類別時，這些也會產生連鎖反應。

Positive experiences get further disseminated across the user's social network, and the user's endorsement are likely to help due to trust and encourage others to shop on PDD.

積極的體驗在用戶的社交網絡中得到進一步傳播，用戶的認可可能會因信任而有所幫助，並鼓勵其他人在PDD上購物。

Ultimately, our goal is that whenever users think about buying something, coming to PDD would be second nature.

最終，我們的目標是，每當用戶考慮購買東西時，來到拼多多就成為第二天性。

Second, supporting users' freedom to choose, but provide equal and fair opportunities for merchants to sell and a user to purchase.

第二，支持用戶自由選擇，但為商家銷售和用戶購買提供平等、公平的機會。

Our user base comprises a wide spectrum across different social and economic standing.

我們的用戶群涵蓋不同社會和經濟地位的廣泛群體。

The same user may have strong preferences for imported or branded goods in categories such as cosmetics, mother and infant care while preferring to buy the most economical option for household goods.

同一用戶可能對化妝品、母嬰護理等類別的進口或品牌商品有強烈的偏好，同時更喜歡購買最經濟的家居用品。

Therefore, we continue to strengthen our ability to source a wide array of goods, including branded and imported items based on users' needs.

因此，我們不斷加強採購各種商品的能力，包括根據用戶的需求採購品牌和進口商品。

At the same time, we are committed to give equal opportunities to all merchants and brands, big or small.

同時，我們致力於為所有大小商家和品牌提供平等的機會。

We believe the decision on which merchants' products to view and to purchase should be made by our users themselves, rather than it being a result of certain platforms' actions.

我們認為查看和購買哪些商家的產品應該由用戶自己決定，而不是某些平台行為的結果。

Indeed, as we continue to grow, we see more and more users voting for us with their wallet with many merchants following suit as we constitute an attractive source of growth.

事實上，隨著我們的不斷發展，我們看到越來越多的用戶用錢包投票給我們，許多商家也紛紛效仿，因為我們構成了一個有吸引力的增長源。

From day 1, Pinduoduo has focused on delivering value for money goods to our users by aggregating demand and cutting out unnecessary intermediaries by keeping our commission fees low.

從第一天起，拼多多就專注於通過聚合需求並通過保持低佣金來減少不必要的中間商，為用戶提供物有所值的商品。

We also have nurtured new brands, many of which have helped us bring even better value to users to tailor-made products.

我們還培育了新品牌，其中許多品牌幫助我們通過定制產品為用戶帶來更好的價值。

Our prices are presented in a straightforward manner and users are given the option to purchase authentic quality goods across all categories and all price ranges.

我們的價格以簡單明了的方式呈現，用戶可以選擇購買所有類別和所有價格範圍的正宗優質商品。

We're also unlocking additional sources of quality products while fighting poverty by training and educating farmers in the impoverished counties on how to sell their produce online.

我們還通過培訓和教育貧困縣的農民如何在網上銷售農產品來釋放更多優質產品來源，同時消除貧困。

Double 11, this year, was a specialty for us, not because of some 1-day sales target, but because it was the day we launched our inaugural tech for poverty alleviation course in Longchuan (inaudible) autonomous district in Lingnan Province.

今年的雙11對我們來說是一個特殊的日子，不是因為某些一日銷售目標，而是因為這一天我們在嶺南省龍川（聽不清）自治區推出了首個科技扶貧課程。

Over the course of the next 6 months, 60 students aged 20 to 50 from trading villages in the district will start from scratch to learn e-commerce-related skills and ultimately open their own stores on PDD.

在接下來的6個月裡，來自該區貿易村的60名20至50歲的學生將從零開始學習電子商務相關技能，並最終在拼多多上開設自己的商店。

Soon, these farmers will go from sitting on the sidelines to being active participants on our platform to share the literal fruits of their labor directly with all Chinese online shoppers rather than virtual skyscrapers who are building real capabilities for the next generation of farmer merchants.

很快，這些農民將從旁觀者變成我們平台上的積極參與者，直接與所有中國在線購物者分享他們的勞動成果，而不是為下一代農民商人構建真正能力的虛擬摩天大樓。

For instance, the agricultural growth festival, we held our platform in August, generated 110 million orders for 20,000 farmers and merchants across 500 agricultural areas driving meaningful volumes to small-scale farmers.

例如，8月份我們平台舉辦的農業生長節，為500個農業區的2萬名農民和商戶帶來了1.1億訂單，為小農戶帶來了可觀的銷量。

Lastly, in-house IP rights protection.

最後，內部知識產權保護。

We are actively discerning the trust the users place in us by tightening our platform quality control.

我們正在通過加強平台質量控制來積極辨別用戶對我們的信任。

We launched a branded care program in the first quarter of this year, covering 1,000 well-known brands.

今年一季度我們推出了品牌關懷計劃，覆蓋1000個知名品牌。

We designed and customized the anti-concentrated plans, leveraging technology.

我們利用技術設計和定制了反集中方案。

We've studied the platforms -- studied the patents of infringing activities against the brand products and tailor-made hundreds of rules to screening every product listing application for IP infringement.

我們研究了平台——研究了針對品牌產品的侵權活動的專利，並量身定制了數百條規則來篩選每一個產品上市申請是否存在知識產權侵權。

97% of the suspected infringing products listings are intercepted and blocked before they reach consumers.

97%的涉嫌侵權產品清單在到達消費者之前就被攔截和屏蔽。

We've also designed over 6,000 screening models to come through existing product testing on our platform for specific countertrade hallmarks.

我們還設計了 6,000 多個篩選模型，以通過我們平台上的特定對銷貿易標誌進行現有產品測試。

To machine learning, these pre listing rules and post listing screening models continuously refine themselves to identify and block new exploitation tactics attempted by infringing merchants.

對於機器學習來說，這些上市前規則和上市後篩選模型不斷完善自身，以識別和阻止侵權商家嘗試的新利用策略。

At the same time, we are closely working with brand owners, merchants, consumers and the law enforcement agencies to drive lasting and sustainable results.

與此同時，我們與品牌所有者、商家、消費者和執法機構密切合作，以推動持久和可持續的結果。

More than 12,000 brand owners have registered their IP brands on our IP protection program.

超過 12,000 個品牌所有者已在我們​​的知識產權保護計劃中註冊了他們的知識產權品牌。

We have cooperated with law enforcement agencies across China to put counterfeiters behind bars.

我們與中國各地的執法機構合作，將造假者繩之以法。

As an open platform, we're actively reaching out to all stakeholders and exploring innovative and collaborative ways to create a safe and a clean shopping environment for consumers.

作為一個開放平台，我們積極與所有利益相關者接觸，探索創新和協作方式，為消費者創造一個安全、清潔的購物環境。

Four years after we started PDD, we are proud of the fact that we remain singularly focused on developing the best interactive e-commerce experience for our users.

在我們創立 PDD 四年後，我們感到自豪的是，我們仍然專注於為用戶開發最佳的交互式電子商務體驗。

And we are dedicated to offering equal opportunities for all.

我們致力於為所有人提供平等的機會。

We plan to continue to invest in our user engagement to further the trust that they have placed in us and invite you all to join us on this journey.

我們計劃繼續投資於用戶參與度，以進一步增強他們對我們的信任，並邀請大家加入我們的旅程。

Now let me turn over to David to go through our financial results for this quarter.

現在讓我請大衛查看我們本季度的財務業績。

David, please.

大衛，請。

Thank you, Colin, and hello, everyone.

謝謝你，科林，大家好。

We saw strong growth across our operational metrics in the third quarter of 2019, in particular, with our annual active buyer and MAU GROWTH maintaining good momentum on par with the second quarter.

我們看到 2019 年第三季度的運營指標強勁增長，特別是我們的年度活躍買家和月活躍用戶增長保持與第二季度相同的良好勢頭。

Our annual active buyers for the last 12 months ending September 30, 2019, grew by 53 million compared to our annual active buyers at the end of last quarter to reach 536 million.

截至 2019 年 9 月 30 日的過去 12 個月，我們的年度活躍買家數量比上季度末的年度活躍買家數量增加了 5300 萬，達到 5.36 億。

And our MAUs grew by 64 million from the prior quarter to reach 430 million.

我們的月活躍用戶數比上一季度增長了 6400 萬，達到 4.3 億。

User engagement has been steadily increasing which we believe bodes well for our long-term GMV growth as these new users mature.

用戶參與度一直在穩步提高，我們相信，隨著這些新用戶的成熟，這對我們的長期 GMV 增長來說是個好兆頭。

Our last 12-month GMV grew 144% year-on-year to reach RMB 840 billion, which was in line with our expectations, considering this was a seasonally lower quarter and on the back of our successful June 18 campaign.

過去 12 個月的 GMV 同比增長 144%，達到 8,400 億元人民幣，考慮到這是一個季節性較低的季度，並且在 6 月 18 日活動的成功推動下，這符合我們的預期。

We -- our continued GMV increase was driven by the sustained growth of our annual spending per active buyer, which rose 75% year-on-year to reach RMB 1,567.

我們的 GMV 持續增長是由每位活躍買家的年度支出持續增長推動的，該支出同比增長 75%，達到 1,567 元人民幣。

The increase in this average number should be considered in the context of the rapid increase in our active buyer base over the past few quarters.

這一平均數字的增加應考慮到過去幾個季度我們的活躍買家基礎迅速增加的背景。

And it highlights that our value proposition is resonating strongly with users who are staying on and increasing their spending over time as they are finding more and more that appeals to their needs on our platform.

它強調，我們的價值主張與那些長期留在我們平台上並增加支出的用戶產生了強烈共鳴，因為他們在我們的平台上發現了越來越多的東西來滿足他們的需求。

I would also note that this growth momentum is all the more encouraging in light of the prolonged pressure exerted by dominant platforms on merchants to take sides.

我還要指出的是，鑑於主導平台對商家施加長期壓力，要求其選邊站隊，這種增長勢頭更加令人鼓舞。

For the last 12 months, the pressure on brands and merchants to take sides have intensified, and over 1,000 well-known brands, flagship stores have been affected on our platform with a total number exceeding 10,000, forcing merchants to take sides and in extreme case, leveraging technology to do so, does not make it easier for them to do business; it makes it harder, and it ultimately hurts the consumers.

過去12個月，品牌和商家選邊壓力加大，平台上超過1000家知名品牌、旗艦店受到影響，總數超過1萬家，迫使商家選邊站隊，極端情況下，利用技術來做到這一點，並沒有讓他們更容易做生意；這讓事情變得更加困難，最終損害了消費者的利益。

By restricting access to users, dominant platforms can charge higher fees to merchants who became involuntarily dependent on those platforms for traffic.

通過限制用戶的訪問，主導平台可以向那些不由自主地依賴這些平台獲取流量的商家收取更高的費用。

These fees ultimately get passed on to consumers in pricing, and over time, these dominant platforms will lose incentive to provide a better user experience, hurting consumers both in the near term and in long term.

這些費用最終會通過定價轉嫁給消費者，隨著時間的推移，這些主導平台將失去提供更好用戶體驗的動力，從而在短期和長期損害消費者的利益。

If such platforms exploit their market position against merchants for a long period, it could even result in forced retrenchment of workers as these businesses' growth take a hit.

如果此類平台長期利用其市場地位來對抗商家，甚至可能導致商家的增長受到打擊而被迫裁員。

We know that it is not easy for merchants.

我們知道，這對於商家來說並不容易。

And obviously, both the growth of their businesses and our platform would have been even faster if they were given the freedom to choose where to operate.

顯然，如果他們能夠自由選擇運營地點，他們的業務和我們的平台的增長都會更快。

We cannot do much to stop such behavior, but we believe that as long as we put our users first, we'll continue to progress together, and we're partnering with our merchants to solider through any obstacles.

我們無法採取太多措施來阻止這種行為，但我們相信，只要我們將用戶放在第一位，我們就會繼續共同進步，並且我們將與我們的商家合作，克服任何障礙。

We do not mind making short-term concessions to take -- on take rate if it paves the way for better long-term growth.

如果能夠為更好的長期增長鋪平道路，我們不介意在接受率上做出短期讓步。

Notwithstanding these anticompetitive measures, which did affect us, we continued to deliver solid top line growth.

儘管這些反競爭措施確實影響了我們，但我們繼續實現了穩健的營收增長。

Our total revenue grew 123% year-on-year to reach RMB 7.5 billion with the increase primarily due to the growth of our online marketing services.

我們的總收入同比增長123%，達到人民幣75億元，增長主要得益於我們的在線營銷服務的增長。

Online Marketing and Services revenue was RMB 6.67 billion this quarter, constituting 89% of our total revenues.

本季度在線營銷和服務收入為人民幣66.7億元，占我們總收入的89%。

This is up 126% compared to the same period last year and is driven by a rising demand of our advertising products as the user traffic and GMV on our platform continue to expand rapidly.

與去年同期相比增長了 126%，這是由於隨著我們平台上的用戶流量和 GMV 持續快速增長，我們的廣告產品需求不斷增長。

We have been focusing on making it easier for merchants to get started with advertising on our platform, be it through our merchant platform interface design or by having more training courses online and in person to provide our merchants across different industries with teller support.

我們一直致力於讓商家更輕鬆地開始在我們的平台上投放廣告，無論是通過我們的商家平台界面設計，還是通過提供更多在線和麵對面的培訓課程，為我們不同行業的商家提供櫃員支持。

For some of our newer app products, we will also incentivize merchants to try them.

對於我們一些較新的應用產品，我們也會激勵商家嘗試。

At the same time, we continue to innovate around our user experience.

與此同時，我們不斷圍繞用戶體驗進行創新。

For example, our new games opened up more browsing opportunities for our users to discover great products, serving as powerful incremental sources of free traffic for our merchants.

例如，我們的新遊戲為用戶提供了更多發現優質產品的瀏覽機會，為我們的商家提供了強大的免費流量增量來源。

We always maintain a balanced approach when it comes to monetization of traffic on our platform as we believe that aiding the growth of promising good quality merchants is likely to be more beneficial to our long-term value rather than trying to maximize short-term gain.

在我們平台上的流量變現方面，我們始終保持平衡的態度，因為我們相信，幫助有前途的優質商家的增長可能比試圖最大化短期收益更有利於我們的長期價值。

The remainder of our revenues came from transaction services.

我們的其餘收入來自交易服務。

Our transaction services revenue for the quarter grew by 101% year-on-year to reach RMB 802.5 million.

本季度我們的交易服務收入同比增長101%，達到人民幣8.025億元。

We continue to incentivize merchants this quarter to provide better service to our users as we know that this is beneficial to our platform's growth longer term.

本季度我們繼續激勵商家為我們的用戶提供更好的服務，因為我們知道這有利於我們平台的長期增長。

To give an example of good service, we have seen that merchants who offer free returns tend to have a 56% lower dispute rate and better customer ratings.

舉一個優質服務的例子，我們發現提供免費退貨的商家的爭議率往往會降低 56%，客戶評分也會更高。

Prior user satisfaction drives positive word of mouth and repeat purchases on our platform while the better customer ratings also help the merchants to get greater exposure organically.

先前的用戶滿意度會在我們的平台上帶來積極的口碑和重複購買，而更好的客戶評分也有助於商家有機地獲得更大的曝光度。

Moving on to costs, our total cost of revenue increased from RMB 775 million in the same period last year to RMB 1.8 billion this quarter.

說到成本，我們的總收入成本從去年同期的人民幣 7.75 億元增加到本季度的人民幣 18 億元。

This translates to a gross margin of 76% this quarter as compared to 77% a year ago.

這意味著本季度的毛利率為 76%，而去年同期為 77%。

The lower gross margin this quarter as compared to the prior year reflects our investments in network infrastructure and merchant support services to support our rapidly growing operations.

本季度毛利率較上年較低，反映出我們對網絡基礎設施和商戶支持服務的投資，以支持我們快速增長的業務。

Total operating expenses this quarter were RMB 8.5 billion as compared to RMB 3.9 billion in the same period last year.

本季度總運營費用為人民幣 85 億元，而去年同期為人民幣 39 億元。

Our sales and marketing expenses this quarter increased to RMB 6.9 billion as we continue to invest to build off the momentum from our efforts in the second quarter.

隨著我們繼續投資以延續第二季度的勢頭，本季度我們的銷售和營銷費用增加至人民幣 69 億元。

Many new users started to hear about the RMB 10 billion subsidy campaign during the second quarter.

很多新用戶從第二季度就開始聽說百億補貼活動。

And we noticed that there was a considerable amount of traffic and sharing generated by this campaign, reflecting user satisfaction with and recognition of the differentiated experiences campaign offered.

我們注意到，該活動產生了大量的流量和分享，反映出用戶對活動提供的差異化體驗的滿意度和認可。

Hence, we work with our merchants to continue our investment in this program this quarter to help prepare the ground for our anniversary sales in early October.

因此，我們與商家合作，在本季度繼續投資該計劃，為 10 月初的周年紀念銷售做好準備。

As reiterated many times, we do not manage our business towards specific quarterly financial targets as our platform is still at such an early stage of growth in a competitive industry.

正如多次重申的那樣，我們不會根據特定的季度財務目標來管理我們的業務，因為我們的平台在競爭激烈的行業中仍處於發展的早期階段。

We need to make the right investment in the early years to set up a strong foundation for our future growth.

我們需要在早期進行正確的投資，為我們未來的增長奠定堅實的基礎。

And this investment in our users is one such example.

對我們用戶的投資就是一個這樣的例子。

Not only are we investing to grow our user base, we are all investing to increase our mind share with these users, such that they come to trust the platform and treat us as a default shopping destination.

我們不僅投資擴大用戶群，還投資增加與這些用戶的認知份額，以便他們信任該平台並將我們視為默認購物目的地。

This is a process that does not happen overnight.

這是一個非一朝一夕的過程。

And so in evaluating the returns on investment, we keep in mind the potential lifetime value of the user rather than expect an immediate return to occur in the same quarter as the investment.

因此，在評估投資回報時，我們會考慮用戶的潛在終生價值，而不是期望在投資的同一季度立即獲得回報。

On a non-GAAP basis, our sales and marketing expense as a percentage of our revenue was 89%.

按非公認會計原則計算，我們的銷售和營銷費用佔收入的百分比為 89%。

In the next few quarters, we expect this to still be fairly dynamic but we will again remind everyone that we do not set internal budgets around a targeted sales and marketing to revenue ratio, but rather we focus on expected ROI of our investments.

在接下來的幾個季度中，我們預計這種情況仍將相當動態，但我們將再次提醒大家，我們不會圍繞目標銷售和營銷與收入比率制定內部預算，而是專注於投資的預期投資回報率。

Our general and administrative expenses this quarter were RMB 436.6 million or 3% of our revenue on a non-GAAP basis.

本季度我們的一般和管理費用為人民幣 4.366 億元，按非公認會計原則計算，占我們收入的 3%。

This marks an increase of 43% year-on-year as we incurred expenses relating to our initiatives with local governments to alleviate rural poverty.

同比增長43%，主要是因為我們與地方政府合作開展農村扶貧活動產生了相關費用。

One example of such initiative is Duo Duo Farms.

多多農場就是此類舉措的一個例子。

Agriculture is one of the hallmarks of our platform, and the Duo Duo Farms initiative aims to improve the entire agriculture supply chain from the moment the farmers decide what to sell to the moment the produce reaches our users' hands.

農業是我們平台的標誌之一，“多多農場”計劃旨在改善整個農業供應鏈，從農民決定出售什麼的那一刻到產品到達用戶手中的那一刻。

To complete our discussion on expenses, our R&D expenses were RMB 1.1 billion this quarter, a significant increase from last year and a step-up from the past quarters as we added more headcount, in particular, hiring more experienced algorithm engineers and spending more R&D related to cloud services to accelerate our growth.

為了完成我們對費用的討論，本季度我們的研發費用為人民幣11 億元，比去年大幅增長，並且比過去幾個季度有所提高，因為我們增加了人員數量，特別是聘請了更多經驗豐富的算法工程師並投入了更多研發費用與雲服務相關的加速我們的增長。

On a non-GAAP basis, R&D expenses as a percentage of revenue was 12%.

按非公認會計準則計算，研發費用佔收入的百分比為 12%。

Operating loss this quarter came to RMB 2.8 billion compared with a loss of RMB 1.3 billion in the same period last year.

本季度運營虧損為人民幣28億元，而去年同期為虧損人民幣13億元。

Non-GAAP operating loss was RMB 2.1 billion compared with a loss of RMB 790 million in the same period last year.

非美國通用會計準則運營虧損為人民幣21億元，而去年同期為虧損人民幣7.9億元。

Net loss attributable to ordinary shareholders was RMB 2.3 billion compared with net loss of RMB 1.1 billion in the same quarter last year.

歸屬於普通股股東的淨虧損為人民幣23億元，而去年同期淨虧損為人民幣11億元。

Basic and diluted net loss per ADS were RMB $2 compared to a net loss per ADS of RMB 1.2 during the same period last year.

每份美國存託憑證的基本和攤薄淨虧損為人民幣 2 元，而去年同期每份美國存託憑證的淨虧損為人民幣 1.2 元。

Non-GAAP net loss attributable to ordinary shareholders were RMB 1.7 billion compared with net loss of RMB 619 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為人民幣17億元，而去年同期淨虧損為人民幣6.19億元。

Non-GAAP basic and diluted net loss per ADS were RMB 1.44 compared to a net loss per ADS of RMB 0.68 for the same quarter of 2018.

非 GAAP 每股美國存託股基本和攤薄淨虧損為人民幣 1.44 元，而 2018 年同季度每股美國存託股淨虧損為人民幣 0.68 元。

That completes the profit and loss statement for the third quarter.

第三季度的損益表就這樣完成了。

Net cash flow provided by operating activities for this quarter was RMB 2.6 billion compared with RMB 1.6 billion in the same quarter last year, primarily due to an increase in our online marketing services revenue.

本季度經營活動產生的現金流量淨額為人民幣26億元，而去年同期為人民幣16億元，主要是由於我們的在線營銷服務收入增加。

We also raised USD 1 billion of additional capital through our convertible senior notes offering in late September.

我們還通過 9 月底發行的可轉換優先票據籌集了 10 億美元的額外資本。

We issued a 0% coupon convertible note due in 2024, which was well-received by the market.

我們發行了2024年到期的0%息票可轉換票據，受到市場好評。

We view this rate as a way to give us more flexibility on our future investment plan.

我們認為這一利率可以讓我們在未來的投資計劃上獲得更大的靈活性。

As of September 30, 2019, the company had a strong balance sheet with RMB 34.4 billion in cash, cash equivalent and restricted cash.

截至2019年9月30日，公司資產負債表穩健，現金、現金等價物和限制性現金為人民幣344億元。

Excluding restricted cash, we had RMB 15.7 billion in cash and cash equivalents.

扣除限制性現金後，我們擁有現金及現金等價物人民幣157億元。

In addition, we had RMB 24.6 billion in short-term investments bringing our total cash available to RMB 40.3 billion.

此外，我們還有246億元人民幣的短期投資，使我們的可用現金總額達到403億元人民幣。

So while we continue to invest in sales and marketing we also maintained a healthy cash position with positive operating cash flow.

因此，在我們繼續投資於銷售和營銷的同時，我們還保持了健康的現金狀況和正運營現金流。

This puts us in a good position to make necessary investments for our long-term growth and further our competitive advantage.

這使我們處於有利地位，可以為我們的長期增長和進一步增強我們的競爭優勢進行必要的投資。

This concludes our prepared remarks.

我們準備好的發言到此結束。

And operator, we are now ready for questions.

接線員，我們現在準備好提問了。

(Operator Instructions) Your first question comes from the line of Grace Chen of Morgan Stanley.

（操作員說明） 您的第一個問題來自摩根士丹利的 Grace Chen。

Good to see nice growth on revenue, but at the same time, we're seeing sales increase in the quarter.

很高興看到收入的良好增長，但與此同時，我們看到本季度的銷售額有所增長。

So I'm interested to know what kind of good opportunities that you see to increase ROI to effect more aggressive in terms of sales and marketing.

因此，我很想知道您看到了什麼樣的好機會來提高投資回報率，從而在銷售和營銷方面發揮更積極的作用。

Specifically, if any product categories are spending more aggressively to promote this category?

具體來說，是否有任何產品類別正在更積極地投入資金來推廣該類別？

Thank you, Grace, for the question.

謝謝格蕾絲提出的問題。

Apologies if I didn't catch all of your questions, you were coming in and out a little bit, but I believe the question was around sales and marketing, and also, in terms of product categories that we are focused on.

很抱歉，如果我沒有聽清您的所有問題，您來來往往，但我相信問題與銷售和營銷有關，而且也與我們關注的產品類別有關。

As we have communicated to the investors in the past, there has been no change in how we think about sales and marketing.

正如我們過去與投資者溝通的那樣，我們對銷售和營銷的看法沒有改變。

Our focus is still very much on first growing our user engagement, and secondly, on our user base.

我們的重點仍然是首先提高用戶參與度，其次是我們的用戶群。

So to the extent, we can grow faster while meeting our ROI hurdle, we will choose to do so.

因此，在某種程度上，我們可以在滿足投資回報率障礙的同時實現更快的增長，我們會選擇這樣做。

And that means we can reach a wider user base at an even earlier stage and start converting them into loyal PDD users over time.

這意味著我們可以在更早的階段接觸到更廣泛的用戶群，並隨著時間的推移開始將他們轉化為忠實的 PDD 用戶。

How exactly can we improve the ROI?

我們究竟如何提高投資回報率？

I think it depends on how we can improve the user engagement, and one of the things that you would note that we are doing is to continue to enrich the product categories on our platform and we are leveraging promotional events and coupons to encourage our users to explore this new product that we bring on to the platform and to enhance their experiences and to build trust through that process.

我認為這取決於我們如何提高用戶參與度，您會注意到我們正在做的一件事就是繼續豐富我們平台上的產品類別，我們正在利用促銷活動和優惠券來鼓勵我們的用戶探索我們引入平台的新產品，增強他們的體驗並通過該過程建立信任。

What do I mean by that is as our user base continue to expand, the type of product that they demand are going to continue to vary.

我的意思是，隨著我們的用戶群不斷擴大，他們需求的產品類型將繼續變化。

And one of the things that we have noted as an example is that there are certain demand for branded and imported products on our platform from our users.

我們舉例指出的一件事是，我們的用戶對我們平台上的品牌和進口產品有一定的需求。

And this is particularly true in categories such as cosmetics and mother and infant care.

在化妝品、母嬰護理等品類中尤其如此。

And it is important that we let our users understand and experience firsthand that the product that they can procure in these categories on our platform are genuine, are high-quality and are competitively valued.

重要的是，我們讓用戶了解並親身體驗他們在我們平台上購買的這些類別的產品是正品、高質量且具有競爭力的價值。

And this is why we have been quite successful with our RMB 10 billion subsidy program, which, as we have communicated, we aren't paying out $1 billion ourselves, but instead we are leveraging marketing resources, and we're working with merchants to address providing this program to our investors.

這就是為什麼我們的百億補貼計劃非常成功，正如我們所傳達的，我們不是自己支付10億美元，而是利用營銷資源，我們正在與商家合作，地址向我們的投資者提供此計劃。

And by encouragement to try these categories, which they may not have otherwise do, that allows them to experience firsthand and develop a trust with our platform much earlier.

通過鼓勵他們嘗試這些類別（否則他們可能不會這樣做），這使他們能夠親身體驗並更早地與我們的平台建立信任。

I would also note that our other cohorts are now already spending a few thousand of RMB each year on average.

我還要指出的是，我們其他群體現在平均每年花費幾千元人民幣。

And as Colin mentioned, our Tier 1 users today are already spending well over RMB 5,000 based on annualized 2019 Q3 spending.

正如 Colin 提到的，根據 2019 年第三季度的年度支出計算，我們的一級用戶目前的支出已遠遠超過 5,000 元人民幣。

That is a testament of the fact that they are coming to our platform and are spending with higher frequency and are buying products at higher ASP.

這證明了他們來到我們的平台並以更高的頻率消費並以更高的平均售價購買產品。

Operator, next question, please.

接線員，請下一個問題。

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

我們的下一個問題來自花旗集團的 Alicia Yap。

I have a question regarding some of the promotions.

我對某些促銷活動有疑問。

So just wondering, if you can share with us who are the user that bought the iPhones during the June 18 and also the Singles Days?

所以想知道，您能否與我們分享一下在 6 月 18 日和雙十一期間購買 iPhone 的用戶有哪些？

Are these like the younger generation or from first and second-tier cities or lower tier cities?

這些人是年輕一代還是來自一二線城市或二線城市？

And if these are the onetime buyers or after that if they stay, how active they are on purchasing the items from your platform?

如果這些人是一次性買家，或者之後留下來，他們從您的平台購買商品的活躍程度如何？

And then just follow-up a bit, how should we think about the lower monetization rate in the third quarter and translate into the fourth quarter?

然後跟進一下，我們應該如何看待第三季度較低的貨幣化率並轉化為第四季度？

Thank you, Alicia.

謝謝你，艾麗西亞。

So the question was regarding the buyer's profile in these promotion programs.

所以問題是關於這些促銷計劃中的買家的資料。

As Colin had alluded to, we sold during the Singles -- on November 11, in the 11 days, we sold over 400,000 iPhones.

正如 Colin 提到的，我們在光棍節期間進行了銷售——11 月 11 日，在 11 天內，我們售出了超過 400,000 部 iPhone。

And the buyers for these new iPhone models, 80% of them were buyers born in the 1980s and the 1990s.

而這些新 iPhone 機型的購買者中，80% 是 80 年代和 90 年代出生的購買者。

So yes, these are younger generations, younger users on our platform.

所以，是的，這些是我們平台上的年輕一代、年輕用戶。

And in terms of your question on the take rate.

至於你關於採納率的問題。

As I mentioned earlier, as a platform, our focus today is actually on the user engagement, and it is important that we make sure that the merchants that we are bringing on to our platform have an opportunity to also showcase themselves to all the users and letting our users have the opportunity to explore the different possibilities.

正如我之前提到的，作為一個平台，我們今天的重點實際上是用戶參與度，重要的是我們要確保我們引入平台的商家也有機會向所有用戶展示自己，並且讓我們的用戶有機會探索不同的可能性。

Though, we are continuing to provide we -- our priority is actually to seek a balance between growth of online marketing take rate versus the overall scale of the platform.

儘管如此，我們仍在繼續提供——我們的首要任務實際上是在在線營銷率增長與平台整體規模之間尋求平衡。

Our next question is from the line of Thomas Chong of Jeffries.

我們的下一個問題來自 Jeffries 的 Thomas Chong。

I have a question about our strategy.

我對我們的策略有疑問。

How should we think about the priority on user growth versus monetization?

我們應該如何考慮用戶增長與貨幣化的優先順序？

I understand that if we focus more on user growth [forward rate], we may not allocate that much resources on monetization.

我知道，如果我們更多地關注用戶增長[轉發率]，我們可能不會在貨幣化上分配那麼多資源。

So I just want to see our privatization next year.

所以我只想看到明年我們的私有化。

And also, regarding our GMV per buyer, we actually see a very good momentum.

而且，就每位買家的 GMV 而言，我們實際上看到了非常好的勢頭。

And I want to understand about the dynamics between ASP and order frequency.

我想了解 ASP 和訂單頻率之間的動態。

How would we drive the ASP and order frequency for next year?

我們將如何推動明年的平均售價和訂單頻率？

Thank you for the question.

感謝你的提問。

In terms of our company's growth strategy, I would say, actually, it is not so much growth versus monetization, but rather on engagement.

就我們公司的增長戰略而言，我想說，實際上，與其說是增長與貨幣化，不如說是參與度。

So if you look at -- and I think it is good to focus on our annual spending per active buyer.

因此，如果你看看——我認為關注每個活躍買家的年度支出是件好事。

As we mentioned that the annual spending per active buyer for the quarter -- for the last 12 months ending in September, it's RMB 1,567.

正如我們提到的，截至 9 月份的過去 12 個月，本季度每位活躍買家的年度支出為 1,567 元人民幣。

In that context, we also referenced the Tier 1 buyers for the annualizing in their spending in the third quarter is well over RMB 5,000.

在此背景下，我們還參考了一級買家的情況，他們第三季度的年化支出遠超 5,000 元人民幣。

We actually think that RMB 1,567 average spending per user is a very healthy number because that number needs to be put in context of the absolute number of buyer adds in the past couple of quarters.

事實上，我們認為每個用戶的平均支出為 1,567 元人民幣是一個非常健康的數字，因為這個數字需要考慮到過去幾個季度新增的買家絕對數量。

In Q3, for example, we added the most number of active buyers in the last 7 quarters.

例如，在第三季度，我們增加了過去 7 個季度以來最多的活躍買家。

So -- and the reason why we think it is important to actually think about user engagement as opposed to growing the absolute size is because of the social or the team purchase nature of our platform.

因此，我們認為真正考慮用戶參與度而不是增加絕對規模很重要的原因是我們平台的社交或團隊購買性質。

As we continue to activate our users on our platform to increase their engagement to explore more, and this is why promotional programs like the $1 billion subsidy continue to be so impactful is as users learn more about products and features on our platform, have good experiences and build further trust with our platform, they also tend to share more.

隨著我們繼續激活我們平台上的用戶，增加他們探索更多內容的參與度，這就是為什麼像10 億美元補貼這樣的促銷計劃繼續如此有影響力，因為用戶更多地了解我們平台上的產品和功能，獲得良好的體驗並與我們的平台建立進一步的信任，他們也傾向於分享更多。

So we actually see the growth in our user base more as a derivation or a natural offshoot of users having great experiences on our platform.

因此，我們實際上將用戶群的增長視為用戶在我們平台上獲得良好體驗的衍生或自然分支。

And we are convinced that by having a strong user engagement, good user experiences, monetization will follow.

我們相信，通過擁有強大的用戶參與度和良好的用戶體驗，貨幣化將會隨之而來。

So I would say that in terms of the foreseeable future, certainly for next year, we are going to continue to prioritize user engagement, i.e., how to increase user frequency on platform, increase the product -- the number of product categories that they purchase and explore on our platform and to increase wallet share with these users.

所以我想說，在可預見的未來，當然是明年，我們將繼續優先考慮用戶參與度，即如何提高用戶在平台上的頻率，增加產品——他們購買的產品類別的數量並在我們的平台上探索並增加這些用戶的錢包份額。

And from there, we believe the knock-on effect will drive the user base growth.

從那時起，我們相信連鎖效應將推動用戶群的增長。

So I want to add a little bit to David's answer as I constantly receive questions like yours.

所以我想在大衛的回答中補充一點，因為我經常收到像你這樣的問題。

So I really want to emphasize that when I wrote in the letter to shareholders, we focus on the long term, I really mean it.

所以我真的想強調，當我在給股東的信中寫到時，我們著眼於長期，我是認真的。

And when we talk about the growth strategy and the trade-off between growth and monetization, I think if you read through my share -- letter to shareholders, in my mind, there is no tradeoff between growth and monetization.

當我們談論增長戰略以及增長和貨幣化之間的權衡時，我想如果你讀過我的分享——致股東的信，在我看來，增長和貨幣化之間不存在權衡。

We really don't think it's a trade-off.

我們真的不認為這是一種權衡。

We always think the money we spend is an investment.

我們總是認為我們花的錢是一種投資。

We are always looking at long-term investment opportunities where we can spend the money.

我們一直在尋找可以花錢的長期投資機會。

When there is opportunity, we should spend our money aggressively.

當有機會時，我們應該積極地花錢。

We shouldn't put our money into the piggy bank.

我們不應該把錢存進存錢罐。

So with that said, we will be often in a seemingly ironic situation where numbers are very beautiful, it usually means we didn't grab the opportunity good enough, and we were being too conservative.

話雖如此，我們經常會遇到一種看似諷刺的情況，數字非常漂亮，這通常意味著我們沒有足夠好地抓住機會，而且我們太保守了。

While on the other hand, where the numbers are not too shiny, probably means we seized the opportunity.

另一方面，如果數字不太閃亮，則可能意味著我們抓住了機會。

We're aggressively spending, just like when we put up the slogan 10 billion subsidiary, we really mean it.

我們在大舉花錢，就像我們打出100億子公司的口號時，我們是認真的。

It's not just a marketing slogan.

這不僅僅是一個營銷口號。

It's actually the -- actual dollars we were spending, and we see this as a very good opportunity.

這實際上是我們實際花費的美元，我們認為這是一個非常好的機會。

And we think every penny we spend on behalf of our investors, it's a worthwhile investment.

我們認為我們為投資者花的每一分錢都是值得的投資。

Our next question is from the line of Jerry Liu of UBS.

我們的下一個問題來自瑞銀集團（UBS）的傑里·劉（Jerry Liu）。

My question is around brands.

我的問題是關於品牌的。

Could we get an update on Pinduoduo's traction with brands?

我們能否了解拼多多對品牌的吸引力的最新情況？

We've seen a significant increase in GMV, GMV mix, from the high tier cities.

我們看到一線城市的 GMV、GMV 組合顯著增加。

We've seen more incentives to drive the brands to come here.

我們看到了更多的激勵措施來推動品牌來到這裡。

And also, we've seen the promotional program.

而且，我們還看到了促銷計劃。

So when we look at both brands and C2M, how much did GMV mix trended in recent quarters?

那麼，當我們同時關注品牌和 C2M 時，最近幾個季度的 GMV 組合趨勢是多少？

And how does that look going forward in the context of competition?

在競爭的背景下，這將如何發展？

Sure.

當然。

Thank you, Jerry, for that question.

謝謝杰瑞提出這個問題。

As we have mentioned, we don't -- strategically, Pinduoduo has always been a platform designed to address all user base across both geographic and socioeconomic spending.

正如我們所提到的，我們不這樣做——從戰略上講，拼多多一直是一個旨在滿足跨地域和社會經濟支出的所有用戶群的平台。

So our focus on brands in recent promotions is a result of us trying to fill up the holes or the gaps in terms of product portfolios on our platform.

因此，我們在最近的促銷活動中對品牌的關注是我們試圖填補平台上產品組合方面的漏洞或空白的結果。

We have noticed that with increasing demand -- as we bring in more users, I would say, from Tier 1, Tier 2 cities, there are demand and interest in product or categories that -- where brands are important, and these have been, historically, areas where Pinduoduo has been very strong at.

我們注意到，隨著需求的增加——我想說，隨著我們從一線、二線城市引進更多用戶，人們對產品或類別產生了需求和興趣——品牌很重要，這些都是，從歷史上看，這是拼多多非常擅長的領域。

And as such, we have focused on bringing brands onto the platform.

因此，我們專注於將品牌引入該平台。

We also are very effective to run promotional campaigns with these brands in terms of creating a recognition of the quality of experiences in terms of letting people understand that real value and authenticity of the products are not in direct contradiction of each other.

我們還非常有效地與這些品牌開展促銷活動，建立對體驗質量的認可，讓人們了解產品的真正價值和真實性並不直接矛盾。

And that helped us to build trust very quickly with that cohort of users.

這幫助我們很快與這群用戶建立了信任。

And this is why, I think, from our perspective, we will continue to explore opportunity to work with more brands.

這就是為什麼，我認為，從我們的角度來看，我們將繼續探索與更多品牌合作的機會。

That said, of course, as we have discussed in our prepared remarks, of course, exclusively continues to be a factor at play.

當然，正如我們在準備好的發言中所討論的那樣，排他性仍然是一個起作用的因素。

Whilst we have merchants willing to work with us, we have found that a lot of times, we need to explore alternate ways of bringing on to our platform products, which could have otherwise been made available to us much more directly.

雖然我們有願意與我們合作的商家，但我們發現很多時候，我們需要探索將產品引入我們平台的替代方式，否則這些產品本來可以更直接地提供給我們。

So from our perspective, we're seeing that experiences of consumers being impaired through that process and thus, additional friction is creating additional costs.

因此，從我們的角度來看，我們看到消費者的體驗在這一過程中受到損害，因此，額外的摩擦會產生額外的成本。

Nevertheless, I think our interest remains in making sure that the product our users are interested in are available, and we will do our best to continue to source and work with merchants to bring those products onto our platform.

儘管如此，我認為我們的興趣仍然是確保用戶感興趣的產品可用，我們將盡最大努力繼續尋找並與商家合作，將這些產品帶到我們的平台上。

In terms of C2M, as you asked, it is still small, and it's going to take a long time before they become a meaningful GMV contributor.

就C2M而言，正如您所問的，它仍然很小，並且需要很長時間才能成為有意義的GMV貢獻者。

Put differently, I think the way that Pinduoduo as a platform is differentiated is the fact that we are very much thinking from the perspective of the consumers.

換句話說，我認為拼多多作為一個平台的差異化在於我們非常多地站在消費者的角度思考。

Our slogan of more saving, more fun, it is a consumer-oriented approach to e-commerce.

我們的口號是更省、更有趣，這是一種以消費者為導向的電子商務方式。

Not only are we trying to make it easier for all the merchants to do business on our platform, we also want to make sure that our consumers are able to get the best value.

我們不僅努力讓所有商家更輕鬆地在我們的平台上開展業務，我們還希望確保我們的消費者能夠獲得最大的價值。

This year, as an example, where we try to basically create value in the existing supply chain by eliminating improving existing supply chain.

以今年為例，我們試圖通過消除現有供應鏈的改進來基本上在現有供應鏈中創造價值。

In terms of C2M, and in terms of monetization of C2M brands, we are not going to be -- well, put differently, because we have the ability to aggregate demand and to provide our manufacturing partner with insights into consumer preferences, we believe Pinduoduo is better equipped than other -- our competitors to drive demand for the C2M brands.

在C2M方面，在C2M品牌的貨幣化方面，我們不會——嗯，換句話說，因為我們有能力聚合需求，並為我們的製造合作夥伴提供對消費者偏好的洞察，我們相信拼多多比我們的其他競爭對手更有能力推動C2M 品牌的需求。

At the same time, it is important that we allow the C2M brands to have enough exposure opportunities on our platform.

同時，讓C2M品牌在我們的平台上有足夠的曝光機會也很重要。

This is why we cannot, after that, work with thousands of manufacturers and try to bring them all onto the platform at once.

這就是為什麼我們無法在此之後與數千家製造商合作並嘗試將它們全部引入該平台。

We're working with these vendors one by one.

我們正在與這些供應商一一合作。

In the first batch, we had around 20 manufacturing partners across a couple of major categories.

在第一批中，我們有大約 20 個製造合作夥伴，涉及幾個主要類別。

And we are now up to around 65 partners in our new brands and C2M program.

我們的新品牌和 C2M 計劃現在約有 65 個合作夥伴。

So we will continue to invest in our C2M initiative.

因此，我們將繼續投資 C2M 計劃。

We believe in the longer term, that's what's going to provide sustainable value to and differentiated value to our users.

我們相信，從長遠來看，這將為我們的用戶提供可持續的價值和差異化的價值。

But in the near term, we will not be ascribing a lot of GMV into it.

但短期內，我們不會將太多的 GMV 歸於其中。

Well, just add a couple of sentences to David's answer, the competition around the brands are pretty severe in the past few quarters.

好吧，在大衛的回答中添加幾句話，過去幾個季度圍繞品牌的競爭相當激烈。

And therefore the older -- we have enough post exclusivity has been adopted again and it has interesting effect in the industry.

因此，我們有足夠的後排他性再次被採用，這在行業中產生了有趣的影響。

And it also has a long-term profound impact in the ecosystem.

並且對生態系統也產生長期深遠的影響。

In a way, it also affects the dynamics, the dynamics between different departments whether within the brand owners or within -- between the China branch and headquarter and so on and so forth.

在某種程度上，它也會影響不同部門之間的動態，無論是品牌所有者內部還是中國分公司和總部之間的動態，等等。

So it is a very interesting phenomenon to observe, and it's an interesting battle to attend, actually.

因此，這是一個非常值得觀察的有趣現象，實際上，這是一場有趣的戰鬥。

But if we step back a little bit, I think all more a chance, is very obvious.

但如果我們退一步，我認為機會更多，這是非常明顯的。

It's just like looking at a river running down a mountain, and you will see big stones in his way.

就像看一條河流從山上流下來一樣，你會看到大石頭擋住他的路。

And therefore, in the past, you may observe some zigzag path of the river, but overall, it's running on.

因此，在過去，你可能會看到河流有一些蜿蜒的路徑，但總的來說，它是在流淌的。

And it's inevitable.

這是不可避免的。

So I think that pretty much describes the current situation of the competition around brands and around the topic of exclusivity.

所以我認為這幾乎描述了圍繞品牌和排他性主題的競爭的現狀。

Your next question is from the line of Gregory Zhao of Barclays.

你的下一個問題來自巴克萊銀行的格雷戈里·趙。

So the first one is about your user acquisition.

所以第一個是關於你的用戶獲取。

So we saw your users still maintain both MAU and new buyer still making very strong growth momentum.

因此，我們看到您的用戶仍然保持著月活躍用戶數，並且新買家仍然保持著非常強勁的增長勢頭。

So I'm trying to understand in terms of your -- our user acquisition channel, right?

所以我試圖從我們的用戶獲取渠道的角度來理解，對吧？

So like buyer percentage, how many of the new users will come from WeChat or from your native app or from other media platform channels?

那麼，就像買家百分比一樣，有多少新用戶將來自微信、您的原生應用程序或其他媒體平台渠道？

And also very quick one on our sales and marketing team, so just want to understand more how do you manage the marketing campaign under the promotional events ROI, right?

我們的銷售和營銷團隊也非常迅速，所以只想了解更多如何在促銷活動投資回報率下管理營銷活動，對嗎？

To drive your operating leverage going forward?

推動您的運營槓桿向前發展？

Well, I'll answer your question first, and then David will follow.

好吧，我先回答你的問題，然後大衛接著回答。

I'll answer it very quickly.

我會很快回答。

I think the vast majority of our users are on our apps and are picking off the high-growth of the active value users and also MAUs.

我認為我們的絕大多數用戶都在使用我們的應用程序，並且正在享受活躍價值用戶和月活躍用戶的高增長。

I think instead of thinking of a new user acquisition, I would rather think it's actually a result of high retention of all the users.

我認為與其考慮新用戶的獲取，我寧願認為這實際上是所有用戶高保留率的結果。

If you look at a number of annual active buying users it's actually -- so the active users in the past 12 months.

如果您查看年度活躍購買用戶的數量，實際上是過去 12 個月的活躍用戶。

So more importantly -- more important there are new users actually -- we have to maintain the majority, the vast majority of the existing users to stay on our platform and remain active.

因此，更重要的是——更重要的是實際上有新用戶——我們必須維持大多數、絕大多數現有用戶留在我們的平台上並保持活躍。

And that is a necessary condition for the growth of yearly active users.

這是年度活躍用戶增長的必要條件。

David?

大衛？

To add on to Colin's comments, so first of all, in terms of users acquisition, as Colin mentioned, related to that is, again, our focus on user engagement, right?

補充一下科林的評論，首先，在用戶獲取方面，正如科林提到的，與此相關的是我們對用戶參與度的關注，對嗎？

In order to make sure that the vast majority of our user base have a good and solid experiences, and more importantly, in terms of trying to drive growth, it's more important that increase.

為了確保我們絕大多數的用戶群擁有良好而紮實的體驗，更重要的是，在努力推動增長方面，增長更重要。

And the one thing we can do is help induce an increase or frequency of the activities on our platform both in terms of making purchases, but also in terms of having great experience and therefore, helping to share and helping to drive in new users.

我們能做的一件事就是幫助誘導我們平台上活動的增加或頻率，無論是在購買方面，還是在獲得豐富的體驗方面，從而幫助分享並幫助吸引新用戶。

So as we have talked about, our sales and marketing expenses really encapsulate a few different parts, offline advertisement aside, really comes from both in terms of online user acquisition, but more importantly, on promotional activities and coupons.

正如我們所討論的，我們的銷售和營銷費用實際上包含了幾個不同的部分，除了線下廣告之外，實際上來自在線用戶獲取，但更重要的是促銷活動和優惠券。

And as we mentioned before, we evaluate the ROI of these promotions and coupons by looking at the behavior change of our users after they receive the coupon.

正如我們之前提到的，我們通過查看用戶收到優惠券後的行為變化來評估這些促銷和優惠券的投資回報率。

So for example, we would observe our user's time spend, whether they share with their friends and invite new users, as well as their AOV, order frequency and product categories purchased.

例如，我們會觀察用戶的時間花費，他們是否與朋友分享並邀請新用戶，以及他們的 AOV、訂單頻率和購買的產品類別。

If we observe that some users only purchase when they have a coupon and do not do anything else, then these will be low-value users that do not meet our ROI thresholds for investment.

如果我們觀察到一些用戶只在有優惠券時才購買，不做任何其他事情，那麼這些用戶將是低價值用戶，不符合我們的投資回報率閾值。

On the other hand, if our -- we see our users are responding to a program the way we expected to and are sharing, then we would choose to continue those programs above and beyond a -- certain shopping holidays or festivals.

另一方面，如果我們看到用戶以我們期望的方式響應某個計劃並分享，那麼我們會選擇在特定的購物假期或節日之後繼續這些計劃。

As Colin had mentioned at the last earnings call, Pinduoduo is not a platform designed specifically to have peaks around shopping festivals, but instead, we want users to be able to come to our platform all the time and be able to find the best value for money and products.

正如科林在上次財報電話會議上提到的，拼多多並不是一個專門為購物節期間的高峰而設計的平台，而是希望用戶能夠一直來到我們的平台，並能夠找到最有價值的東西。金錢和產品。

And we believe the spending pattern that we're seeing with our Tier 1 users on our platform, over -- well over RMB 5,000 based on Q3 annualized figure is a good testament to the quality of their experiences and the quality of user base that we're seeing similar to our larger peers.

我們相信，根據第三季度的年化數字，我們平台上的一級用戶的支出模式遠遠超過 5,000 元人民幣，這很好地證明了他們的體驗質量以及我們所關注的用戶群的質量。我們看到的情況與我們較大的同行相似。

Our last question is from the line of Natalie Wu of CICC.

我們的最後一個問題來自中金公司的 Natalie Wu。

Congratulations, a very solid quarter.

恭喜，這是一個非常穩定的季度。

My question is regarding the shopping pattern for the newly added users.

我的問題是關於新添加用戶的購物模式。

Just wondering if they are acquired by those subsidized branded commodities, how much of them will be -- how many of them will be still sticking to those high ticket size brand commodities in the future?

只是想知道，如果他們被那些補貼的品牌商品收購了，有多少人，未來還有多少人還在堅持那些高價位的品牌商品呢？

And how much -- how many of them will diversify their shopping choices on our platform to those value for money products?

他們中有多少人會在我們的平台上將購物選擇多樣化到物有所值的產品？

And also, is there any notable differences regarding the, let's say, retention rate or spending pattern for those newly acquired users, whose made the first purchase on our platform is brand commodities?

此外，對於那些在我們平台上首次購買品牌商品的新用戶，其留存率或消費模式是否存在顯著差異？

Thank you, Natalie.

謝謝你，娜塔莉。

The way we think about high-value users who came to our platform initially, maybe to buying a Dyson hairdryer or buying the new -- latest iPhone, it's actually to deliver them really -- well, we see them actually as an investment in their user experiences on our platform.

我們對最初來到我們平台的高價值用戶的看法是，也許是為了購買戴森吹風機或購買新的——最新的iPhone，實際上是為了交付他們——嗯，我們實際上將他們視為對他們的投資。我們平台上的用戶體驗。

Again, if they come to our platform and are spending the money to buy an iPhone and have great experiences in terms of quality and authenticity, it gives them actually a lot more confidence.

同樣，如果他們來到我們的平台並花錢購買 iPhone，並且在質量和真實性方面獲得了良好的體驗，這實際上會給他們帶來更多信心。

This actually pays down in a number of different ways.

這實際上可以通過多種不同的方式得到回報。

First of all, we don't think it is -- so value for money for us as we -- the way we think about it is always -- we think of it as a universal concept, right?

首先，我們不認為它對我們來說是物有所值的，因為我們一直認為它是一個普遍的概念，對嗎？

Across different products or categories.

跨越不同的產品或類別。

If you're looking for the premium items like iPhones and Dysons working with our merchants, we make sure that you have the lowest available price and the highest quality product in terms of authenticity.

如果您正在尋找與我們的商家合作的 iPhone 和戴森等優質商品，我們將確保您獲得最低的可用價格和最優質的正品產品。

At the same time, this lowers your barrier psychologically to try other things on our platform, right?

同時，這也降低了您在我們平台上嘗試其他事物的心理障礙，對嗎？

I mean, having bought an iPhone gives you greater comfort to try other categories, for example, like cosmetics, which are not -- the ASPs are also fairly high, but this is something that you can potentially buy with higher frequency.

我的意思是，購買 iPhone 可以讓你更放心地嘗試其他類別，例如化妝品，它們的平均售價也相當高，但這是你可能會以更高頻率購買的東西。

At the same time, you might have heard that Pinduoduo offers great fruits, great household products, high-value for money products.

同時，你可能聽說過拼多多提供優質的水果、優質的家居產品、高性價比的產品。

And we actually -- we -- well, in terms of user experience we have seen is these high-value customers come to our platform, they end up actually spending a lot more time exploring and started buying products across other categories a lot faster.

實際上，就用戶體驗而言，我們看到這些高價值客戶來到我們的平台，他們最終實際上花了更多的時間探索並開始更快地購買其他類別的產品。

Well, just to add to David's answer a little bit, where -- I guess, you may have seen some investor friends around you are buying some of the high valued products.

好吧，只是補充一點大衛的答案，我想，你可能已經看到你周圍的一些投資者朋友正在購買一些高價值的產品。

But at the same time, objectively, you really need to bear in mind that the vast majority of the users who are buying the subsidized products are old users, they are not newcomers.

但同時，客觀上，你確實需要記住，購買補貼產品的絕大多數用戶都是老用戶，而不是新用戶。

The majority of them actually are the old ones.

他們中的大多數實際上都是舊的。

They are here, and they have good sight of their need.

他們在這裡，並且很清楚自己的需要。

Although they are buying cheaper products before, but they also need a cheaper iPhone.

雖然他們之前購買的是更便宜的產品，但他們也需要更便宜的iPhone。

So our RMB 10 billion subsidiary program, just sort of jump-started this side of their need.

所以我們的 100 億元人民幣的補貼計劃，只是啟動了他們這一方面的需求。

It's not that this program targets a different set of users.

這並不是說該程序針對的是不同的用戶群。

The fact that you are seeing some friends around -- our investor friends around buying this is just a very, very minor side effect.

事實上，你看到周圍的一些朋友——我們周圍的投資者朋友購買了這只是一個非常非常小的副作用。

It's not the main purpose, and it's not sort of the big picture.

這不是主要目的，也不是大局。

It's not even close to the effect.

與效果還差得遠。

Got it.

知道了。

I have a very quick follow-up, if I may.

如果可以的話，我會很快跟進。

Just in terms of the subsidy part in your sales and marketing spending.

僅就您的銷售和營銷支出中的補貼部分而言。

Just wondering is there operating metrics that plays as a key parameter, after which reaches to a certain level, you will decide to reduce the level of subsidizing the existing users?

只是想知道是否有運營指標作為關鍵參數，達到一定水平後，您會決定降低對現有用戶的補貼水平？

Yes, we do have a metric, but obviously, we cannot disclose the metric to you.

是的，我們確實有一個指標，但顯然我們不能向您透露該指標。

So probably yes, we basically cannot comment on when we will stop and when we will increase the investment.

所以可能是的，我們基本上無法評論什麼時候停止、什麼時候增加投資。

But what I can say now is that we are pretty happy with the money -- every penny we spend.

但我現在可以說的是，我們對這筆錢非常滿意——我們花的每一分錢。

And we're very happy with reactions of the users.

我們對用戶的反應感到非常滿意。

And we're not worried about whether the users are actually coming to buy iPhone and they never come again, then probably the best time to answer your question is next quarter and the quarter after the next.

而且我們並不擔心用戶是否真的來購買 iPhone 並且他們再也不會來，那麼回答你的問題的最佳時機可能是下個季度和下個季度。

When you see the numbers, the question goes away.

當你看到這些數字時，問題就消失了。

And Natalie, just to wrap this question up, I will also make references to the fact that a lot of these so-called deals that we offer are actually only available in limited quantities, right?

娜塔莉，為了結束這個問題，我還要提到這樣一個事實：我們提供的許多所謂的優惠實際上數量有限，對吧？

So in terms of our actual investment exposure, that is actually within our control.

所以就我們實際的投資風險而言，這實際上是在我們的控制範圍之內的。

But rather the knock-on effect of people sharing their experiences is what we are looking to do.

相反，我們希望人們分享自己的經歷，從而產生連鎖反應。

And for people who have managed to buy these products, and it's important that they get good experiences, and that will continue to help us to pass the word of mouth.

對於那些成功購買這些產品的人來說，獲得良好的體驗非常重要，這將繼續幫助我們傳遞口碑。

Ladies and gentlemen, that's the end of our question-and-answer session.

女士們先生們，我們的問答環節到此結束。

I'd like to hand the conference back to our management.

我想將會議交還給我們的管理層。

Please go ahead.

請繼續。

Thanks, Annie, and thank you, everyone, for dialing in to our earnings call.

謝謝安妮，也謝謝大家撥通我們的財報電話會議。

If you have any questions, feel free to just reach out to IR.

如果您有任何疑問，請隨時聯繫 IR。

Thank you very much.

非常感謝。

Thank you.

謝謝。

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

女士們、先生們，今天的會議到此結束，感謝你們的參與。

You may now all disconnect.

你們現在可以斷開連接了。