拼多多 (PDD) 2019 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Pinduoduo 4Q 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年第四季度業績電話會議。

(Operator Instructions) I must advise you that this conference is being recorded.

（操作員指示）我必須通知您，本次會議正在錄製中。

I'd now like to hand the conference over to your first speaker today, Ms. Xin Yi Lim, Director of IR.

現在我想將會議交給今天的第一位發言人，IR 總監 Xin Yi Lim 女士。

Thank you.

謝謝。

Please go ahead.

請繼續。

Thank you, Rachel.

謝謝你，雷切爾。

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。

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, anticipate and similar statements.

這些前瞻性陳述可以通過意願、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。

On today's call, our CEO, Colin Huang, will make some general remarks on our performance last year, and the implication of the ongoing coronavirus outbreak and our outlook for 2020.

在今天的電話會議上，我們的首席執行官 Colin Huang 將就我們去年的業績、持續的冠狀病毒爆發的影響以及我們對 2020 年的展望發表一些一般性評論。

Our VP of Strategy, David Liu, will then elaborate further on our specific strategic initiatives as well as take us through our financial results for the fourth quarter and the fiscal year ended December 31, 2019.

隨後，我們的戰略副總裁 David Liu 將進一步闡述我們的具體戰略舉措，並向我們介紹截至 2019 年 12 月 31 日的第四季度和財年的財務業績。

Now it is my pleasure to introduce Chairman and Chief Executive Officer, Colin Huang.

現在我很高興向大家介紹董事長兼首席執行官黃科林。

Mr. Huang, please go ahead.

黃先生，請講。

Thank you, Xin Yi.

謝謝你，辛夷。

Hello, everyone, and thank you for joining us for our fourth quarter and fiscal year 2019 results announcement.

大家好，感謝您參加我們的 2019 年第四季度和財年業績發布會。

Before we begin, allow me to first extend our deepest condolences to those whose lives have been affected by the coronavirus outbreak.

在開始之前，請允許我首先向那些受到冠狀病毒爆發影響的人們表示最深切的哀悼。

And to those, braving the front lines to save others.

對於那些勇敢前線拯救他人的人來說。

We salute to you.

我們向你致敬。

The recent events reminded me of what I wrote at the beginning of our letter to shareholders a year ago.

最近發生的事情讓我想起一年前我在給股東的信開頭所寫的內容。

The world is changing at an unprecedented pace, good and bad change are simultaneously unfolding, many of which are expected, and some may even leave people anxious or in disbelief.

世界正在以前所未有的速度發生變化，好的變化和壞的變化同時發生，其中許多變化是意料之中的，有些甚至可能讓人焦慮或難以置信。

2019 was a important formative year for Pinduoduo.

2019年是拼多多重要的成長期。

We built out our capacity -- capabilities, innovated our offerings and continued to invest in our users to enhance engagement and drive scale in our business.

我們增強了我們的能力，創新了我們的產品，並繼續投資於我們的用戶，以提高參與度並擴大我們的業務規模。

Our efforts were well recognized by users with our annual active buyers exceeding 585 million, and our monthly active users reaching 482 million.

我們的努力得到了用戶的認可，年度活躍買家超過5.85億，月活躍用戶達到4.82億。

Thanks to ongoing support of our users, merchants and partners, we also crossed a new milestone.

感謝用戶、商家和合作夥伴的持續支持，我們也跨越了一個新的里程碑。

Our 2019 GMV surpassed RMB 1 trillion, representing a year-on-year growth of 113%.

2019年，我們的GMV突破1萬億元人民幣，同比增長113%。

Our order volume also grew 77% year-on-year to 19.7 billion.

我們的訂單量也同比增長77%，達到197億。

In 2019, our team expanded to around 6,000 employees as we build out our key internal systems and infrastructure.

2019 年，隨著我們建設關鍵的內部系統和基礎設施，我們的團隊規模擴大到約 6,000 名員工。

We continued to execute our open platform strategy to prioritize the interests of our users and to benefit all participants in our ecosystem.

我們繼續執行開放平台戰略，優先考慮用戶的利益，讓生態系統的所有參與者受益。

Specifically, we invested in sourcing and supply chain management in C2M and agriculture and in strengthening our IP rights protection, and David will elaborate on these later.

具體來說，我們在C2M和農業方面的採購和供應鏈管理以及加強我們的知識產權保護方面進行了投資，這些稍後David會詳細闡述。

I am pleased to note that, as a company, we emerged from 2019 larger in scale and stronger in capabilities.

我高興地看到，2019年以來，我們的規模更大、能力更強。

We are better equipped to seize new opportunities, take on unexpected challenges, and showed great social responsibilities.

我們更有能力抓住新機遇，迎接新挑戰，展現更大的社會責任。

As such, recent challenges is the COVID-19 epidemic that is impacting the world now.

因此，最近的挑戰是正在影響世界的新冠肺炎 (COVID-19) 疫情。

This has been one of the most intense and trying periods we have experienced as a team.

這是我們作為一個團隊經歷過的最緊張、最艱難的時期之一。

The coronavirus upended lives as we knew and affected everyone in China.

冠狀病毒顛覆了我們的生活，影響了中國的每個人。

Here in Shanghai, we've felt a sense of mission to fight the epidemic alongside the rest of the nation as a platform that provides for the daily needs of nearly 600 million people.

在上海，我們有一種使命感，要為近6億人的生活提供一個平台，與全國人民一起抗擊疫情。

We showed a great responsibility under pressure as we raced against the clock to stabilize prices, sourced essential supplies and delivered them to those in dire needs.

我們在壓力下展現了巨大的責任感，爭分奪秒地穩定物價，採購必需品並將其交付給那些急需的人。

At onset of the coronavirus outbreak in China, we saw the market for daily necessities and personal protective equipment thrown into serious disarray.

新冠肺炎疫情在中國爆發之初，我們看到生活必需品和個人防護用品市場陷入嚴重混亂。

Prices surged as the demand far outstripped the supply, the mismatch was compounded by the Chinese New Year holiday, a time when much of the workforce was away and most of the businesses were shut.

由於需求遠遠超過供應，價格飆升，而農曆新年假期，大部分勞動力外出，大多數企業都關門，這種不匹配現象更加嚴重。

In the face of surging prices, we felt duty bound to step in and do our part to relieve consumer anxiety and help our business partners.

面對不斷上漲的物價，我們有責任介入，儘自己的一份力量，緩解消費者的焦慮，幫助我們的商業夥伴。

We thought hard about the limited resources we could mobilize to address the situation effectively.

我們認真思考了我們可以調動的有限資源來有效解決這一問題。

And we decided on directly subsiding -- subsidizing these daily necessities and the protective equipment to do our part in stabilizing prices.

我們決定直接補貼，補貼這些生活必需品、防護用品，為穩定物價盡一份力。

Of course, these subsidies might impact the company's P&L and shareholders' return in the short term.

當然，這些補貼可能會在短期內影響公司的損益和股東回報。

As significant shareholders of PDD, the core management team has thought thoroughly about this since the start of the outbreak, and we deeply believe this is something we must do.

作為拼多多的大股東，核心管理團隊從疫情發生以來就對此進行了深思熟慮，我們深信這是我們必須要做的事情。

During this time of crisis, we must fulfill our social responsibilities and prioritize the interests of our consumers because without them, there wouldn't to be Pinduoduo.

在這個危機時刻，我們必須履行社會責任，把消費者的利益放在第一位，沒有他們，就沒有拼多多。

As such, we remain focused on helping our users getting again through this difficult time.

因此，我們仍然致力於幫助我們的用戶再次度過這個困難時期。

I believe in the market, I also believe that consumers have their own weighing scales in their hearts.

我相信市場，也相信消費者心裡有自己的秤。

They will be the judge of our conduct during this time.

他們將成為我們這段時間行為的評判者。

Here, I also like to take this chance to thank our team for their exceptional commitment and efforts during the outbreak, confronted with a previously unknown disease, everybody was scared.

在這裡，我也想藉此機會感謝我們的團隊在疫情期間做出的非凡的承諾和努力，面對一種以前未知的疾病，每個人都感到害怕。

We were no different.

我們沒有什麼不同。

Yet, in spite of that our -- in spite of that, our management team stayed focused on their responsibilities, while our staff-facing Shanghai returned voluntary during the holiday to join in the fight.

然而，儘管如此，我們的管理團隊仍然專注於自己的職責，而面向上海的員工則在假期期間自願返回，加入戰鬥。

We implemented measures to ensure the health and safety of our employees so that all of us could focus on helping others tackle problems brought on by reduced manpower, logistics disruptions, supply shortages and heightened demand.

我們採取措施確保員工的健康和安全，以便我們所有人都能集中精力幫助其他人解決因人力減少、物流中斷、供應短缺和需求增加帶來的問題。

Our team poured time and energy into supporting the relief efforts in Hubei province and other regions severely affected by the outbreak.

我們的團隊傾注了時間和精力支持湖北省和其他受疫情嚴重影響的地區的救援工作。

We sourced and donated much needed medical supplies and equipment.

我們採購併捐贈了急需的醫療用品和設備。

We also aided agricultural producers in regions affected by the outbreak.

我們還向受疫情影響地區的農業生產者提供援助。

We set up a new program to let the impacted producers list their agricultural goods more easily on our platform, and we recommended their goods to interested consumers.

我們設立了一個新計劃，讓受影響的生產者更輕鬆地在我們的平台上列出他們的農產品，並向感興趣的消費者推薦他們的商品。

By doing so we helped ensure that most of our users who are quarantining at home needn't worry about getting quality, fresh produce delivered to their homes.

通過這樣做，我們幫助確保大多數在家隔離的用戶不必擔心優質、新鮮的農產品能否送到家中。

The battle against the COVID-19 that China is waging is supported by the selfless contributions of numerous ordinary people and SMEs.

中國抗擊新型冠狀病毒肺炎（COVID-19）的鬥爭得到了無數普通民眾和中小企業的無私貢獻。

These people toil silently without any halos and out of the limelight.

這些人默默地耕耘著，沒有任何光環，遠離了聚光燈。

They even put their own lives at risk.

他們甚至冒著生命危險。

In a similar vein, we were glad to see many of our younger team members stepping up during this extraordinary time to lead.

同樣，我們很高興看到許多年輕的團隊成員在這個非凡的時期挺身而出，發揮領導作用。

They demonstrated their core values of concern and a commitment to our platform, driven by their desire to uphold the interests of consumers and merchants, these young men and women choose to return and stand by their stations, working timelessly when they could have chosen otherwise.

他們展現了對我們平台的關心和承諾的核心價值觀，在維護消費者和商家利益的願望的驅動下，這些年輕男女選擇返回並堅守自己的崗位，在他們本可以選擇其他方式時永恆地工作。

They sourced out-of-stock goods that hundreds of millions of users were waiting for at home, procured the protective gears for frontline medical teams, coordinated logistics, supported for merchants so that orders could be successfully fulfilled, and responded patiently day after day to the higher-than-normal level of user inquiries.

他們採購數億用戶在家等待的缺貨商品，為一線醫療隊採購防護用品，協調物流，為商家提供支持，讓訂單順利完成，日復一日耐心響應用戶查詢量高於正常水平。

The unforeseen challenges from this outbreak accelerated their growth and development.

這次疫情帶來的不可預見的挑戰加速了他們的成長和發展。

These young men and women will become important future leaders of our organization, and I expect they will continue to take our platform to great heights in 2020 and beyond.

這些年輕男女將成為我們組織未來的重要領導者，我預計他們將在 2020 年及以後繼續將我們的平台推向新的高度。

I am proud to be able to work and fight alongside our teams.

我很自豪能夠與我們的團隊一起工作和戰鬥。

It is this kind of a professional dedication that would ensure our eventual return to a peaceful life, where we hope to see is that due to our assets behind the scene, consumers on our platform can enjoy greater stability in their daily lives and experience more savings and more fun.

正是這樣的專業奉獻，才能讓我們最終回歸平靜的生活，我們希望看到的是，通過我們的幕後資產，讓我們平台上的消費者在日常生活中能夠享受到更大的穩定性，體驗到更多的節省。以及更多樂趣。

This is how PDD aspires to be as a company, seeking the spotlight will never be our goal.

這就是PDD作為一家公司所追求的目標，追求聚光燈永遠不是我們的目標。

During this difficult time, many companies, including Pinduoduo, are likely to suffer economic losses that are yet difficult to quantify.

在這個困難時期，包括拼多多在內的許多企業可能會遭受難以量化的經濟損失。

Instead of dwelling on the past, we must look forward as a company.

作為一家公司，我們不能沉溺於過去，而必須展望未來。

Our most valuable asset is our people.

我們最寶貴的資產是我們的員工。

We should all more commend and reward our team members who have tirelessly labored to create value.

我們應該更多地表彰和獎勵那些為創造價值而不懈努力的團隊成員。

As such, we have decided to raise the pay for the vast majority of our staff rather than asking them to bear the short-term financial impact stemming from the outbreak.

因此，我們決定提高絕大多數員工的工資，而不是讓他們承擔疫情帶來的短期財務影響。

We also plan to grant short-term cash bonuses and long-term share-based incentives to those who went the extra mile to serve others during the outbreak in recognition of their commitment to our values.

我們還計劃向那些在疫情期間加倍努力為他人服務的人提供短期現金獎金和長期股權激勵，以表彰他們對我們價值觀的承諾。

At the same time, we are compensating those merchants who sacrificed their family time in the process to provide a stable supply of goods to tens of millions of families and that we're looking to further expand this scheme.

同時，我們也在補償那些為了給千萬家庭提供穩定的商品供應而犧牲了家庭時間的商家，並希望進一步擴大這個計劃。

The ongoing coronavirus outbreak has also prompted us to deepen our support for research in medical sciences.

持續的冠狀病毒爆發也促使我們加深對醫學科學研究的支持。

In January, we established our RMB 100 million fund in collaboration with Zhejiang University to support research into the prevention and control of viral infections and respiratory diseases.

今年1月，我們與浙江大學合作設立1億元人民幣基金，支持病毒感染和呼吸道疾病的防控研究。

The fund will also support a medical resource allocation to hospitals in heavily affected areas as well as reward health care workers who have contributed significantly to the fight against the coronavirus outbreak.

該基金還將支持向疫情嚴重地區的醫院分配醫療資源，並獎勵為抗擊冠狀病毒疫情做出重大貢獻的醫護人員。

Now a few words on our 2020 outlook.

現在簡單談談我們 2020 年的展望。

Today marks one month since the resumption of work for most of China.

今天是中國大部分地區復工一個月。

Our merchant operations and the logistics have resumed and are gradually returning to normal.

我們的商戶運營和物流已經恢復並正在逐步恢復正常。

We will continue our subsidies program to support their recovery.

我們將繼續實施補貼計劃以支持他們的複蘇。

The disruption caused by the outbreak will have negative impact on our results for the first quarter of 2020, but our expectations for the long run remain unchanged and even more positive.

疫情造成的干擾將對我們2020年第一季度的業績產生負面影響，但我們對長期的預期保持不變，甚至更加積極。

We have observed a broader adoption of digital services by consumers during outbreak, which bodes well for the future of e-commerce in China.

我們觀察到疫情期間消費者更廣泛地採用數字服務，這對中國電子商務的未來來說是個好兆頭。

We have seen rising consumer engagements on Pinduoduo, and I am confident that our platform stands better prepared for the future.

我們看到消費者在拼多多上的參與度不斷上升，我相信我們的平台能為未來做好更好的準備。

We plan to continue investing in user engagement throughout 2020, and we remain optimistic that this year would be another year of rapid growth and innovation for our platform.

我們計劃在 2020 年繼續投資於用戶參與度，我們仍然樂觀地認為，今年將是我們平台快速增長和創新的又一年。

Now let me turn over to David to share more specifics on our strategy and discuss our financial results.

現在讓我請大衛分享有關我們戰略的更多細節並討論我們的財務業績。

David, go ahead.

大衛，繼續吧。

Thank you, Colin, and hello, everyone.

謝謝你，科林，大家好。

Let me first recap our key initiatives in 2019 and discuss the relief efforts and measures that we have implemented since the outbreak to support our consumers and facilitate recovery of the SME activities on our platform.

首先讓我回顧一下我們2019年的主要舉措，並討論自疫情爆發以來我們為支持消費者並促進我們平台上的中小企業活動恢復而實施的救援工作和措施。

From day 1, Pinduoduo has sought to create an open platform that will align the interest of our merchants and partners to serve our users better, offering them an experience of more savings and more funds.

從第一天起，拼多多就致力於創建一個開放的平台，以協調商家和合作夥伴的利益，更好地服務我們的用戶，為他們提供更多儲蓄和更多資金的體驗。

Our top priority remains the same, to deepen the trust and engagement with our substantial user base.

我們的首要任務仍然是加深與我們龐大用戶群的信任和互動。

We did so by first investing in-sourcing and offering a broader range of products at compelling value for our users to purchase without hesitation.

為此，我們首先投資於採購，並以令人信服的價值提供更廣泛的產品，供我們的用戶毫不猶豫地購買。

Second, we continue to push for greater efficiency upstream in agriculture and in manufacturing industries through our C2M initiatives to deliver tailored, high-quality choices for our consumers.

其次，我們繼續通過 C2M 計劃提高農業和製造業上游的效率，為消費者提供量身定制的高質量選擇。

Third, we further invested in technology and operations to strengthen our IP rights protection program.

第三，我們進一步加大技術和運營投入，強化知識產權保護。

We continue to see strong growth in our user base.

我們的用戶群繼續強勁增長。

As we further increased our reach and understand our users better, we have seen how their interest and needs evolve across categories and price points.

隨著我們進一步擴大覆蓋範圍並更好地了解用戶，我們已經看到他們的興趣和需求如何在類別和價格點上變化。

Improving our capabilities to source attractively priced, high-quality products and to service them effectively is a key to elevating the shopping experience on our platform.

提高我們採購價格有吸引力的優質產品並有效提供服務的能力是提升我們平台購物體驗的關鍵。

The innovative CNY 10 billion subsidy program we launched 2Q last year has become synonymous with our platform and proven effective, encouraging users to venture out and try new product categories.

我們去年第二季度推出的創新型百億補貼計劃已成為我們平台的代名詞，並被證明是有效的，鼓勵用戶冒險嘗試新的產品類別。

This program also encourages our user to share great deals more frequently within their network.

該計劃還鼓勵我們的用戶在他們的網絡中更頻繁地分享超值優惠。

In addition, we ramped up our cross-border business to offer users popular imported products, ranging from electronics to cosmetics and casual luxury directly from reliable and competitive sources.

此外，我們還加強了跨境業務，直接從可靠且有競爭力的來源向用戶提供流行的進口產品，從電子產品到化妝品和休閒奢侈品。

We also partnered with Amazon to open a pop-up store during the Black Friday sales to offer 1,000 products directly from its global stores.

我們還與亞馬遜合作，在黑色星期五促銷期間開設了一家快閃店，直接從其全球商店提供 1,000 種產品。

We continue to explore partnership opportunities and collaborative models to offer our users a more differentiated experience.

我們繼續探索合作機會和協作模式，為我們的用戶提供更加差異化的體驗。

The investments in developing our supply chain enabled us to respond quickly to the extraordinary circumstances around COVID-19.

對發展供應鏈的投資使我們能夠快速應對 COVID-19 的特殊情況。

To support the frontline medical staff, we leveraged our network to source equipment and supplies and donated over 1 million medical masks, 20,000 protective suits, 200,000 pairs of medical gloves and 30 tonnes of German-imported disinfectants to the affected cities in the Hubei province.

為支持一線醫護人員，我們利用網絡籌集設備和物資，向湖北省受影響的城市捐贈了超過100萬隻醫用口罩、2萬套防護服、20萬雙醫用手套和30噸德國進口消毒劑。

We provided RMB 600 million in subsidies to more than 80 million orders as of February 1 to stabilize prices of these critical supplies and ease our users in the society.

截至2月1日，我們對超過8000萬個訂單提供了6億元人民幣的補貼，以穩定這些關鍵物資的價格，緩解社會用戶的壓力。

During this difficult period, it was even more important that we stick with our merchants to help them overcome the logistical and operational challenges they faced.

在這個困難時期，更重要的是我們要與商戶一起幫助他們克服所面臨的物流和運營挑戰。

Hence, we reserved RMB 1 billion to fund a subsidy of RMB 2 to RMB 4 per order for merchants fulfilling orders during the outbreak.

為此，我們預留了10億元人民幣，對疫情期間履行訂單的商戶給予每單2元至4元的補貼。

At the same time, we are not just content with sourcing what is currently available in the markets for our users.

與此同時，我們不僅僅滿足於為用戶採購當前市場上可用的產品。

Through our C2M initiatives, we're seeking to better align supply chain capabilities with user demand in the market.

通過我們的 C2M 計劃，我們正在尋求更好地將供應鏈能力與市場用戶需求結合起來。

We launched our new brand initiative in mid-December 2018 with a modest goal of helping 100 SMEs build up their brands domestically.

我們於 2018 年 12 月中旬啟動了新品牌計劃，目標是幫助 100 家中小企業在國內建立品牌。

Over the course of 2019, we brought over 900 companies into the pilot phase of this initiative, to develop, manufacture and price tailor-made goods specifically to our users' requirements.

2019 年，我們讓 900 多家公司進入了該計劃的試點階段，專門根據用戶的需求開發、製造定製商品並為其定價。

2,200 custom SKUs were created, spanning 20 categories such as household electric appliances, digital and bedlinen for over 150 million orders placed cumulatively.

打造了2200個定制SKU，涵蓋家電、數碼、床上用品等20個品類，累計訂單超過1.5億單。

Our approach has evolved over time from supporting a single manufacturer to engaging the entire manufacturing belts across China.

隨著時間的推移，我們的方法已經從支持單個製造商發展到參與中國的整個製造帶。

We have also moved from focusing only on manufactured goods to incorporating agriculture products, a category which has always been close to our hearts.

我們也從只關注製成品轉向納入農產品，這是我們一直關注的一個類別。

In 2019, GMV for agriculture products on our platform reached RMB 136 billion, up 109% from the year prior.

2019年，平台農產品GMV達1360億元，同比增長109%。

We connected 586,000 merchants selling agriculture product on our platform with 240 million active users who purchased such goods with over 70% repurchase rates.

我們連接了平台上 58.6 萬家農產品商戶和 2.4 億活躍用戶，這些用戶購買了農產品，复購率超過 70%。

Last year, about 1,500 SKUs received over 100,000 orders as a result of our team purchase model.

去年，通過我們的團隊採購模式，大約 1,500 個 SKU 收到了超過 10 萬份訂單。

Our efforts are improving the lives of over 12 million farmers directly.

我們的努力正在直接改善超過 1200 萬農民的生活。

At the beginning of this year, our new brand initiatives extended to cover 130 tea producers in the Jiangxi, Fujian province to bring quality affordable tea to the masses.

今年年初，我們的新品牌舉措覆蓋了江西、福建省的130家茶葉生產商，為大眾帶來優質實惠的茶葉。

Tea, as you know, is consumed widely in China, but it is often difficult for consumers to ascertain the quality of what they are paying for.

如您所知，茶在中國被廣泛消費，但消費者通常很難確定他們所購買的產品的質量。

We, as a platform, are well positioned to help set parameters and provide more transparency to the product, which in turn, helps expand the market for the producers.

作為一個平台，我們有能力幫助設定參數並為產品提供更高的透明度，這反過來又有助於擴大生產商的市場。

More broadly, in agriculture goods production, we have been developing technology-related products, logistics and user demand, and we're gaining insights from the machine learning-based central processing system.

更廣泛地說，在農產品生產方面，我們一直在開發與技術相關的產品、物流和用戶需求，並且我們正在從基於機器學習的中央處理系統中獲得見解。

The insights generated help farmers better trend their farming and delivery schedule and ensure our users receive fresh produce at good price.

產生的見解可以幫助農民更好地制定他們的耕作和交貨計劃，並確保我們的用戶以優惠的價格收到新鮮農產品。

As of the end of 2019, our central processing system covered all China's counties.

截至2019年底，我們的中央處理系統覆蓋了中國所有縣。

We leveraged it during the COVID-19 outbreak to source and efficiently deliver more than 100 tonnes of fresh produce to hospitals in Hubei province.

在 COVID-19 爆發期間，我們利用它為湖北省的醫院採購併高效運送了 100 多噸新鮮農產品。

This was a month of supply for 5,000 medical staff at 4 hospitals.

這是4家醫院5000名醫護人員一個月的供應量。

The disruption caused by the coronavirus not only affected farmers' current income, but it also disrupted their farming plans for the entire year.

疫情造成的破壞不僅影響了農民當前的收入，還打亂了他們全年的耕種計劃。

Meanwhile, restriction on travel and activities made it difficult for many urban residents to purchase vegetables and fruits in a timely manner.

同時，出行和活動的限制也讓很多城鎮居民難以及時購買蔬菜和水果。

To alleviate the situation, we launched our Help the Farmers program on February 10, which enabled consumers to buy fresh produce directly from farmers in approximately 400 agriculture areas, including 230 national poverty-stricken counties, covering 280,000 SKUs.

為了緩解這種情況，我們於2月10日啟動了“幫農計劃”，消費者可以直接從約400個農業區的農民那裡購買生鮮農產品，其中包括230個國家級貧困縣，覆蓋28萬個SKU。

This online channel helped farmers affected by the closure of their usual off-line sales channel to reach a new consumer base.

這一線上渠道幫助因通常的線下銷售渠道關閉而受到影響的農民接觸到了新的消費群體。

Consumers, meanwhile, get to access a much broader selection than what their local outlets can stock.

與此同時，消費者可以獲得的選擇比當地商店的庫存要廣泛得多。

To continue building our trust with our user base, we invested throughout 2019 in anticounterfeiting technology and grew our platform teams in order to stamp out counterfeits and IP-infringing products and to help our users better identify trustworthy merchants.

為了繼續建立與用戶群的信任，我們在 2019 年全年投資於防偽技術並擴大了我們的平台團隊，以杜絕假冒和知識產權侵權產品，並幫助我們的用戶更好地識別值得信賴的商家。

Our improved capabilities not only contributed to better user satisfactions overall, but they also enabled us to exert greater impact during the outbreak and protect our users during this critical time.

我們能力的提升不僅提高了用戶的整體滿意度，也使我們能夠在疫情期間發揮更大的影響力，在這個關鍵時刻保護我們的用戶。

We initiated an emergency measures on January 22 to inspect disease prevention necessities on our platform around the clock.

我們於1月22日啟動緊急措施，對平台上的防疫物資進行全天候檢查。

Between January 23 and February 4, we have prevented the listing and taken down over 500,000 products in question and imposed restrictive penalties against over 6,000 merchants in question.

1月23日至2月4日，我們已阻止該商品上架，下架了超過50萬件涉案商品，並對6000多家涉案商戶進行了限制性處罰。

Now let me take you through our financial results for the quarter and fiscal year ended December 31, 2019.

現在讓我向您介紹我們截至 2019 年 12 月 31 日的季度和財年的財務業績。

Our annual active buyers for the last 12 months ending December 31, 2019, grew by nearly 50 million compared to our annual active buyers at the end of the last quarter to exceed 585 million.

截至 2019 年 12 月 31 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長了近 5000 萬，超過 5.85 億。

Compared to the same quarter in 2018, our active annual buyer base grew by 40%.

與 2018 年同季度相比，我們的年度活躍買家數量增長了 40%。

Our MAU grew by 52 million from the prior quarter to reach 482 million.

我們的月活躍用戶數較上一季度增長 5200 萬，達到 4.82 億。

This is an increase of 77% from the same quarter in 2018.

這比 2018 年同季度增長了 77%。

The growing engagement of our user base is a result of our prior investments.

我們的用戶群參與度不斷增長是我們之前投資的結果。

We believe these activities will contribute to long-term GMV growth as these users mature on our platform.

我們相信，隨著這些用戶在我們平台上的成熟，這些活動將有助於長期 GMV 增長。

Our last 12-month GMV for 2019 surpassed the RMB 1 trillion mark, representing 113% year-on-year growth.

2019年最後12個月GMV突破1萬億元大關，同比增長113%。

Our continued GMV increase was driven by the sustained growth of our annual spending per active buyer, which rose 53% year-on-year to reach RMB 1,720.

GMV 的持續增長得益於活躍買家年度支出的持續增長，同比增長 53% 至人民幣 1,720 元。

The increase in this average number should be considered in the context of the rapid increase of 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。

It highlights that our value proposition is resonating strongly with users who are staying on and increasing their spending as they find more that appeals to their needs on our platform.

它強調，我們的價值主張與那些繼續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更多能滿足他們需求的東西。

Our total revenues in the quarter ended December 31, 2019, were RMB 10.8 billion, up 91% from RMB 5.7 billion in the same quarter last year.

截至2019年12月31日的季度，我們的總收入為108億元人民幣，比去年同期的57億元人民幣增長91%。

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

這一增長的主要驅動力是我們的在線營銷服務。

Online marketing services revenue was RMB 9.7 billion this quarter, constituting 90% of our total revenue.

本季度在線營銷服務收入為人民幣97億元，占我們總收入的90%。

This is down 91% compared to the same period in 2018 and is driven by the rising demand for our advertising products as the user traffic and GMV on our platform continued to expand rapidly.

與 2018 年同期相比下降了 91%，這是由於我們平台上的用戶流量和 GMV 持續快速增長，對廣告產品的需求不斷增長所推動的。

The remainder of our revenue comprised of transaction services revenue, which in this quarter amounted to RMB 1.1 billion.

我們的其餘收入包括交易服務收入，本季度達到人民幣 11 億元。

This is up 87% compared to the same period the year prior.

與去年同期相比增長了 87%。

We continue to offer preferential rates to high-quality merchants.

我們持續為優質商戶提供優惠費率。

And while this affects the monetization in the short term, we believe this will accrue to the long-term value of our platform.

雖然這會在短期內影響貨幣化，但我們相信這將為我們平台帶來長期價值。

Moving on to costs.

繼續討論成本。

Our total cost of revenue increased 43% from RMB 1.4 billion in the same period last year to RMB 2 billion this quarter.

我們的總收入成本從去年同期的人民幣 14 億元增加到本季度的人民幣 20 億元，增長了 43%。

This translates to a gross margin of 81% as compared to 75% a year ago.

這意味著毛利率為 81%，而一年前為 75%。

Total cost of revenues increased mainly due to higher cost of cloud services, call center and merchant support services.

總收入成本增加主要是由於雲服務、呼叫中心和商戶支持服務的成本增加。

Total operating expenses this quarter were RMB 10.9 billion as compared to RMB 6.9 billion in the same quarter 2018.

本季度總運營費用為 109 億元人民幣，而 2018 年同期為 69 億元人民幣。

Our sales and marketing expenses this quarter increased 54% to RMB 9.3 billion from RMB 6 billion in the same quarter of 2018.

本季度我們的銷售和營銷費用從 2018 年同季度的 60 億元人民幣增長 54% 至 93 億元人民幣。

This is mainly due to an increase in online and off-line advertisement and promotions as we continued to invest in growing our user engagement and user base.

這主要是由於我們繼續投資於增加用戶參與度和用戶群，從而增加了線上和線下廣告和促銷活動。

We also leveraged our mega deal and RMB 10 billion subsidy programs to feature specific items.

我們還利用大額交易和百億元補貼計劃來特色化項目。

When we did this for our Black Friday pop-up store collaboration with Amazon, we observed not only high conversion for the featured products but also meaningful traffic increases to Amazon storefronts.

當我們在與亞馬遜的黑色星期五快閃店合作中這樣做時，我們不僅觀察到特色產品的高轉化率，而且亞馬遜店面的流量也顯著增加。

On a non-GAAP basis, our sales and marketing as a percentage of our revenue this quarter was 84% as compared to 89% in the prior quarter and 103% from the same quarter last year.

按非公認會計原則計算，本季度我們的銷售和營銷佔收入的百分比為 84%，而上一季度為 89%，去年同期為 103%。

The variation in our sales and marketing expenses as a percentage of revenue not only demonstrates the potential operating leverage in our business model but more importantly, underscores the discretion we have in driving our business.

我們的銷售和營銷費用佔收入百分比的變化不僅表明了我們業務模式中潛在的運營槓桿，更重要的是，強調了我們在推動業務方面的自由裁量權。

2020 will continue to be an important year of investments for us.

2020年對我們來說仍將是重要的投資一年。

In the next few quarters, we expect our sales and marketing expenses to remain fairly dynamic, and we will continue to spend when we see opportunities that meet our ROI requirements.

在接下來的幾個季度中，我們預計我們的銷售和營銷費用將保持相當動態，當我們看到滿足投資回報率要求的機會時，我們將繼續支出。

General and administrative expenses were RMB 346 million, an increase of 7% from RMB 322 million in the same quarter of 2018 primarily due to an increase in head count.

一般及行政費用為人民幣3.46億元，較2018年同季度的人民幣3.22億元增長7%，主要由於員工人數增加。

Research and development expenses were RMB 1.3 billion, an increase of 142% from RMB 525 million in the same quarter of 2018.

研發費用為人民幣13億元，較2018年同季度的人民幣5.25億元增長142%。

The increase was primarily due to an increase in head count and the recruitment of more experienced R&D personnel and an increase in R&D rate at cloud service expenses.

這一增長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雲服務費用的研發比例的提高。

On a non-GAAP basis, our R&D expenses as a percentage of our revenue was 9%.

按非公認會計原則計算，我們的研發費用佔收入的百分比為 9%。

To sum up, operating loss for the quarter was RMB 2.1 billion on a GAAP basis compared with operating loss of RMB 2.6 billion in the same quarter of 2018.

綜上所述，按公認會計準則計算，本季度運營虧損為人民幣 21 億元，而 2018 年同季度運營虧損為人民幣 26 億元。

Non-GAAP operating loss was RMB 1.3 billion compared with operating loss of RMB 2.1 billion in the same quarter of 2018.

非 GAAP 運營虧損為人民幣 13 億元，而 2018 年同期運營虧損為人民幣 21 億元。

Net loss attributable to ordinary shareholders was RMB 1.8 billion as compared to a net loss of RMB 2.4 billion in the same quarter last year.

歸屬於普通股股東的淨虧損為人民幣18億元，而去年同期淨虧損為人民幣24億元。

Basic and diluted net loss per ADS were RMB 1.52 compared with RMB 2.16 in the same quarter of 2018.

每份美國存託憑證的基本和攤薄淨虧損為人民幣 1.52 元，而 2018 年同季度為人民幣 2.16 元。

Non-GAAP net loss attributable to ordinary shareholders was RMB 815 million compared with RMB 1.9 billion 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 8.15 億元，而去年同期為人民幣 19 億元。

Non-GAAP basic and diluted net loss per ADS were RMB 0.72 compared with RMB 1.72 in the same quarter of 2018.

非美國通用會計準則每股美國存託股基本和攤薄淨虧損為人民幣 0.72 元，而 2018 年同季度為人民幣 1.72 元。

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

第四季度的損益表就這樣完成了。

Net cash flow from operating activities was RMB 9.6 billion compared with RMB 5.07 billion in the same quarter of 2018, primarily due to an increase in online marketing services revenue.

經營活動產生的現金流量淨額為人民幣96億元，而2018年同季度為人民幣50.7億元，主要由於網絡營銷服務收入增加。

As of December 31, 2019, the company had RMB 33.3 billion in cash, cash equivalents and restricted cash.

截至2019年12月31日，公司擁有現金、現金等價物及限制性現金333億元。

Excluding restricted cash, we had RMB 5.8 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58億元。

In addition, we had RMB 35.3 billion in short-term investments.

此外，我們還有短期投資353億元。

As Colin mentioned, we expect our first quarter 2020 results to be negatively impacted by the coronavirus outbreak, given suspension of commercial activities during much of February and a gradual resumption to normalcy thereafter.

正如 Colin 提到的，鑑於 2 月份大部分時間商業活動暫停，此後逐漸恢復正常，我們預計 2020 年第一季度的業績將受到冠狀病毒爆發的負面影響。

Our priority as an e-commerce platform that serves nearly 600 million users is to help facilitate the recovery of people's lives and resumption of smooth business operations.

作為一個服務近6億用戶的電商平台，我們的首要任務是幫助人們恢復生活，恢復平穩的商業運營。

To that end, we will continue to provide the necessary support to our merchants and users, and we look for opportunity to invest our users via sales and marketing to resume our growth trajectory.

為此，我們將繼續為商家和用戶提供必要的支持，並尋找機會通過銷售和營銷來投資我們的用戶，以恢復我們的增長軌跡。

This concludes our prepared remarks.

我們準備好的發言到此結束。

Operator, we are ready for questions.

接線員，我們準備好回答問題了。

Thank you.

謝謝。

(Operator Instructions) Your first question comes from the line of Mr. Thomas Chong of Jefferies.

（操作員說明） 您的第一個問題來自 Jefferies 的 Thomas Chong 先生。

My question is about recovery trend across different product categories in the first 2 weeks in March.

我的問題是關於 3 月份前兩週不同產品類別的複蘇趨勢。

Can management share about how it trends versus the same period last year?

管理層能否分享一下與去年同期相比的趨勢？

And my second question is about the GP margin.

我的第二個問題是關於毛利率。

We noticed that the GP margin is over 80% in Q4, so how we should think about the GP margin trend going forward and our investment areas in 2020?

我們注意到第四季度的毛利率已經超過80%，那麼我們應該如何看待未來的毛利率趨勢以及2020年我們的投資領域？

And finally, I have a quick question about the sales and marketing expenses.

最後，我有一個關於銷售和營銷費用的快速問題。

Given the fact that it's going to be quite dynamic in the next couple of quarters, should we still assume that, as a percentage of revenue, there would be leverage on marketing spending?

考慮到未來幾個季度的情況將非常活躍，我們是否仍然應該假設營銷支出佔收入的百分比會產生槓桿作用？

Thomas, thanks for asking the questions.

托馬斯，感謝您提出問題。

With regard to your question on recovery, I would say that it is too early yet to assess the full impact of the coronavirus outbreak.

關於你關於恢復的問題，我想說，現在評估冠狀病毒爆發的全面影響還為時過早。

During this period, our priorities are still with our users, merchants and ecosystem partners.

在此期間，我們的首要任務仍然是我們的用戶、商家和生態系統合作夥伴。

So as I discussed, we plan to continue subsidizing the SME merchants on our platform and to focus on improving their user experience.

正如我所討論的，我們計劃繼續補貼我們平台上的中小企業商家，並專注於改善他們的用戶體驗。

As we noted, we believe the investments today and by standing behind our users will accrue value for the shareholders in the long run.

正如我們所指出的，我們相信今天的投資以及對用戶的支持，從長遠來看將為股東帶來價值。

That said, I will note that as we launched at the end of February, a 3-day campaign on our CNY 10 billion subsidy shopping festival on the theme of people returning to work, we have sensed a recovery on consumer demand.

不過，我要指出的是，當我們在2月底推出為期3天的以復工為主題的百億補貼購物節活動時，我們已經感受到了消費需求的複蘇。

So during the first 12 hours of that campaign, we sold over 50,000 iPhones on our platform and 20,000 MAC lipsticks.

因此，在該活動的前 12 小時內，我們在我們的平台上售出了 50,000 多部 iPhone 和 20,000 支 MAC 口紅。

That give us confidence that the longer-term demand for the industry remains unchanged.

這讓我們相信該行業的長期需求保持不變。

Your second question was with regard to gross margin trends.

你的第二個問題是關於毛利率趨勢。

And I would say that as we continue to move forward with our investments, it will fluctuate from quarter-to-quarter between 70% to 80%.

我想說，隨著我們繼續推進投資，它會逐季度在 70% 到 80% 之間波動。

We will invest as needed and to build infrastructures, and I would not read too much into the patterns.

我們將根據需要進行投資並建設基礎設施，我不會過多解讀這些模式。

And finally, I think, Thomas, you had a question around sales and marketing.

最後，我想，托馬斯，你有一個關於銷售和營銷的問題。

As we have discussed with investors previously, we do not have a quarterly target for our sales and marketing spend.

正如我們之前與投資者討論的那樣，我們沒有銷售和營銷支出的季度目標。

Instead, we make our decisions on sales and marketing spend based on our internal ROI hurdles.

相反，我們根據內部投資回報率障礙做出銷售和營銷支出決策。

So if we see an attractive opportunity to spend, we will go ahead and do so.

因此，如果我們看到一個有吸引力的消費機會，我們就會繼續這樣做。

Going forward and for the 2020, as I mentioned, this will continue to be a year of investment for us.

展望未來，正如我提到的，2020 年將繼續是我們投資的一年。

And of course, as the scale growth of our platform grows, certain leverage is likely.

當然，隨著我們平台規模的增長，可能會產生一定的槓桿作用。

But I would not -- I would say that there is no fundamental change in terms of how we are managing the sales and marketing spend.

但我不會——我想說，我們管理銷售和營銷支出的方式沒有根本性的變化。

Thanks, Thomas.

謝謝，托馬斯。

And operator, before we go to the next question.

運算符，在我們進入下一個問題之前。

Just a reminder for all the analysts to keep the questions to one question so that we can get around to more people.

只是提醒所有分析師將問題集中在一個問題上，以便我們可以向更多人提問。

Thanks.

謝謝。

Next question, please.

請下一個問題。

Your next question comes from the line of Jerry Liu of UBS.

你的下一個問題來自瑞銀集團（UBS）的傑里·劉（Jerry Liu）。

Management, I just want to ask about long-term consumer behavioral changes.

管理層，我只想問一下長期消費者行為的變化。

First of all, during this outbreak period, have you seen any changes in GMV mix, potentially more consumers having enough trust in the platform to buy fruits and vegetables and any kind of new categories?

首先，在這次疫情期間，您是否看到GMV結構有什麼變化，是否有更多的消費者對平台有足夠的信任來購買水果和蔬菜以及任何新的品類？

And secondarily, on the supply side, as we've seen some pressure for the merchants, do you see any potential structural changes as we recover from the outbreak?

其次，在供應方面，我們看到商家面臨一些壓力，您認為隨著疫情的恢復，是否會出現潛在的結構性變化？

For example, maybe more manufacturers could turn their attention towards the domestic market versus exporting.

例如，也許更多的製造商可以將注意力轉向國內市場而不是出口。

So just wondering what are some of the long-term implications?

那麼只是想知道一些長期影響是什麼？

Sure.

當然。

As the fight against the coronavirus continues in China, I will say that we have seen certain changes in behavior because of the extended period of time that people are staying during -- inside the homes.

隨著中國抗擊冠狀病毒的鬥爭繼續進行，我想說的是，由於人們呆在家裡的時間延長，我們已經看到了行為上的某些變化。

And we have seen more users turning to Pinduoduo during the crisis for their daily needs.

我們看到更多的用戶在危機期間轉向拼多多來滿足日常需求。

So our DAU numbers in the fourth quarter have held out very well -- have held out well versus the end of the last year.

因此，我們第四季度的 DAU 數據表現非常好——與去年年底相比表現良好。

And we are doing our best to meet our users requests and needs.

我們正在盡最大努力滿足用戶的要求和需求。

In terms of -- and I will say that the outbreak has also incurred more users to conduct more of their activities digitally online and including the purchases of agricultural produce.

我要說的是，疫情的爆發還促使更多用戶以數字方式在線進行更多活動，包括購買農產品。

And last year, as we noted, that agricultural product accounted for 19 -- RMB 136 billion on our platform, and we are already seeing that trend to grow in the first quarter.

去年，正如我們所指出的，農產品在我們平台上佔 19 億人民幣，即 1360 億元人民幣，我們已經看到這一趨勢在第一季度出現增長。

Your next question comes 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 on the user side, so we see very strong users growth in the past quarter.

在用戶方面，我們看到上個季度的用戶增長非常強勁。

I just want to know what's your plan to further improve the user engagement such as like some new functions, like live streaming or gaming or some social functions to further like enhancing the engagements?

我只是想知道您進一步提高用戶參與度的計劃是什麼，例如一些新功能，例如直播或遊戲或一些社交功能，以進一步提高參與度？

Second one, the take rates.

第二個，採取率。

So the implied take ratio very stable year-over-year expansion.

因此隱含佔用率同比擴張非常穩定。

So I just want to understand more about what kind of new advertising products you will develop to improve the monetization?

所以我只是想更多地了解你們將開發什麼樣的新廣告產品來提高變現能力？

Sure.

當然。

As we have discussed, the priority for our platform is to focus on growing user engagement.

正如我們所討論的，我們平台的首要任務是專注於提高用戶參與度。

So we, of course, are paying attention to different new medias or ways of engaging, and we decided to introduce live streaming function for our merchants a few months ago on popular requests, and we will observe how things proceed before pushing monetization of live streaming.

所以我們當然也在關注不同的新媒體或者參與方式，幾個月前我們決定根據大眾的要求為我們的商家引入直播功能，我們會觀察事情的進展，然後再推動直播變現。 。

I would also say that timing was probably quite apt as homebound consumers during this special time were also more receptive to watching live streaming.

我還想說，這個時機可能非常合適，因為在這個特殊時期，宅在家裡的消費者也更容易接受觀看直播。

Through live streaming, we have sold a variety of goods and agriculture.

通過直播，我們銷售了各種商品和農產品。

Live streaming has been surprisingly popular.

直播出奇地受歡迎。

A recent series of live stream that we did featured Mayors from different agriculture areas, spotlighting the local produce, and we have seen strong support from our users with 15 tonnes of passion fruits and over 10 tonnes of orange juice being sold out in one day.

最近我們做了一系列直播，邀請了來自不同農業地區的市長，重點介紹了當地的農產品，我們得到了用戶的大力支持，一天內就有 15 噸百香果和 10 多噸橙汁被售空。

Your second question, I think, was regarding take rates.

我認為你的第二個問題是關於接受率。

We do not diminish our business towards a specific take rate targets.

我們不會為了特定的採用率目標而減少我們的業務。

In fact, over the past few quarters, our priority has been bringing on board high-quality merchants who can offer our users a broader range of selection and giving them better value and better experience.

事實上，過去幾個季度，我們的首要任務一直是引進優質商家，為我們的用戶提供更廣泛的選擇，為他們提供更好的價值和更好的體驗。

As such, we are continuing to offer merchants preferential rates.

因此，我們將繼續為商家提供優惠價格。

And as our activities of users spill on our platform, we believe monetization will naturally follow.

隨著我們的用戶活動在我們的平台上蔓延，我們相信貨幣化自然會隨之而來。

And please, everybody, keep to one question.

請大家只提一個問題。

Thanks.

謝謝。

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

您的下一個問題來自花旗集團的 Alicia Yap。

Can management actually elaborate a little bit when you say first quarter will be negatively impacted?

當您說第一季度將受到負面影響時，管理層實際上可以詳細說明一下嗎？

Could you help us frame and think a relatively impact on the GMV terms, the active buyers terms and also on the revenue terms, would that be a scenario that we even see a negative GMV growth or the negative revenue growth?

您能否幫助我們構建並思考對 GMV 條款、活躍買家條款以及收入條款的相對影響，我們是否會看到 GMV 負增長或收入負增長？

As you know, we do not give guidance on GMV or any financial metrics.

如您所知，我們不提供 GMV 或任何財務指標的指導。

So I will keep the comments fairly generic.

所以我會保持評論相當籠統。

As we have seen broader -- so the epidemic, I would say, has a broad impact across the businesses in China as the industry, and we are no exception.

正如我們所看到的更廣泛的那樣，我想說，這種流行病對中國的企業和整個行業產生了廣泛的影響，我們也不例外。

Chinese New Year is a seasonally low quarter for e-commerce, and this year, the impact has been prolonged because of the lack of labor force and logistics disruption.

農曆新年是電商的季節性淡季，而今年，由於勞動力缺乏和物流中斷，影響持續了較長時間。

A number of products were sold out on our platform, and it could not be replenished in time, and other products were experiencing shipment delays and simply undeliverable.

我們平台上的一些產品已經售空，無法及時補貨，還有一些產品出現發貨延遲甚至無法發貨的情況。

That said, I would note that our platform has been a very fast growth platform.

也就是說，我要指出的是，我們的平台是一個增長非常快的平台。

So any setback does not change our perspective in terms of opportunity for the entire year.

因此，任何挫折都不會改變我們對全年機遇的看法。

We will also say that the broader adoption of e-commerce during the outbreak is actually a favorable thing for the overall industry and for Pinduoduo.

我們還要說，疫情期間電商的廣泛普及，對於整個行業、對於拼多多來說，其實都是一件利好事情。

Your next question comes from the line of Natalie Wu of CITC (sic) [CICC].

您的下一個問題來自 CITC（原文如此）[CICC] 的 Natalie Wu。

I was just wondering for the $9 billion of the marketing dollar spend in the fourth quarter, how much is related with subsidizing new users and how much is related with subsidizing the existing ones?

我只是想知道第四季度90億美元的營銷費用中，有多少與補貼新用戶有關，有多少與補貼現有用戶有關？

And it would be great if management can help us understand the evolution of the ratio in the past several quarters.

如果管理層能夠幫助我們了解過去幾個季度該比率的演變，那就太好了。

Thanks, Natalie, for the question.

謝謝娜塔莉的提問。

But as you know, we do not give such breakdown.

但如您所知，我們不會提供此類細分。

And I would just say that we continue to manage our spending on new user adds as well as coupons and subsidies very dynamically based on where we see the market opportunities.

我只想說，我們將繼續根據我們看到的市場機會動態地管理新用戶添加以及優惠券和補貼的支出。

Your next question comes from the line of Han Joon Kim of Macquarie.

你的下一個問題來自麥格理的 Han Joon Kim。

I just wanted to understand what your GMV mix by category might look like at the end of last year and then how you might want to see that change this year?

我只是想了解去年年底您按類別劃分的 GMV 組合可能會是什麼樣子，然後您希望今年看到這種變化如何？

I think you talked about agriculture quite a bit.

我想你談了很多關於農業的話題。

It sounds like it's almost 20% of your mix, but just overall apart from that, what are some of the categories you want to incubate further this year?

聽起來它幾乎佔了您組合的 20%，但總體而言，除此之外，您今年還想進一步孵化哪些類別？

Sure.

當然。

So as I mentioned, agriculture GMV was CNY 136 billion out of CNY 1 trillion.

正如我提到的，1萬億元人民幣中，農業GMV為1360億元人民幣。

So it's really more -- it's like 13%.

所以確實更多——大約 13%。

That said, overall mix of GMV on our platform has not changed.

也就是說，我們平台上的總體 GMV 組合沒有改變。

Apparels and FMCG continue to account for roughly 50% of our GMV.

服裝和快速消費品繼續佔 GMV 的約 50%。

And as we look forward, the idea is actually not to target specific changes in category mix but to increase the depth of offerings that we have, and we actually see opportunity for growth across all the sectors.

正如我們展望的那樣，我們的想法實際上並不是針對品類組合的具體變化，而是增加我們所擁有的產品的深度，我們實際上看到了所有行業的增長機會。

Your next question comes from the line of Eddy Wang of Morgan Stanley.

你的下一個問題來自摩根士丹利的艾迪·王（Eddy Wang）。

Just a very quick follow-up on the apparel category.

只是對服裝類別的快速跟進。

So some of the platforms have mentioned that they have been increasing in-store inventory, often the apparel brands.

因此一些平台提到他們一直在增加店內庫存，通常是服裝品牌。

So have you -- when is ending the potential for more brands addition in terms of apparel in our platform to do such destocking in March and the second quarter this year?

那麼，您是否——今年三月和第二季度我們平台上更多品牌添加服裝以進行此類去庫存的可能性何時結束？

What I would say is in terms of spending behavior over the course of the first quarter because of the outbreak, consumers' initial preoccupation were around health-related products and devices, and that certainly has an impact on their spending behaviors around the discretionary products.

我想說的是，就第一季度的消費行為而言，由於疫情的爆發，消費者最初關注的是與健康相關的產品和設備，這肯定會影響他們在非必需品方面的消費行為。

However, as China resume to normal, the pace of recovery starts to pick up.

然而，隨著中國恢復正常，復甦步伐開始加快。

We have seen continued demand across discretionary growth in across different categories.

我們看到不同類別的可自由支配需求持續增長。

As I mentioned earlier, at the end of February, when we did a 3-day campaign we sold 20,000 MAC lipsticks in the first 12 hours.

正如我之前提到的，2 月底，當我們進行為期 3 天的活動時，我們在前 12 小時內售出了 20,000 支 MAC 口紅。

So I think, overall, we expect the trend for the whole year continue to be quite positive.

所以我認為，總體而言，我們預計全年的趨勢將繼續非常積極。

The other thing that I would note is this is a platform that will have around 600 million users now with monthly active users close to 500 million, brands are approaching us more and more so to participate and take advantage of our ecosystem.

我要指出的另一件事是，這個平台現在將擁有約 6 億用戶，每月活躍用戶接近 5 億，品牌越來越多地與我們接觸，參與並利用我們的生態系統。

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

你的下一個問題來自高盛的 Piyush Mubayi。

You crossed the magic RMB 1 trillion GMV figure in record time in 2019, what categories ramped up in the year?

2019 年，您的 GMV 突破了 1 萬億元大關，這一年哪些品類出現了增長？

What would be the areas of focus for 2020 category-wise?

2020 年品類的重點領域是什麼？

And how is the lower tier versus high-tier mix changed for the last year?

去年低層與高層的組合有何變化？

And how should we think of this -- all of these parameters through 2020?

我們應該如何看待這一點——到 2020 年的所有這些參數？

Sure.

當然。

Thanks, Piyush.

謝謝，皮尤什。

As we do not give specific breakdown between different sectors, I will comment generally in terms of trends.

由於我們沒有給出不同行業之間的具體細分，我將根據趨勢進行一般性評論。

As our user base continued to grow, our user distribution from a population perspective has not changed necessarily.

隨著我們的用戶群不斷增長，從人口角度來看我們的用戶分佈並沒有必然的變化。

However, what we have seen is because of the trust that we are building with our user base we are gaining more confidence and consumers are shopping with greater ease on our platform, and we continue to observe that they have more and more needs that we can address as a platform.

然而，我們所看到的是，由於我們與用戶群建立的信任，我們獲得了更多信心，消費者在我們的平台上更輕鬆地購物，並且我們繼續觀察到他們有越來越多的需求，我們可以地址作為平台。

So moving forward, I would say that it is about, again, increasing the diversity of the products that we have.

因此，展望未來，我想說的是，再次增加我們擁有的產品的多樣性。

The breadth of products we have across all the categories.

我們擁有涵蓋所有類別的產品範圍。

And it is about increasing their frequency of purchase on our platform, which accrue to in increasing our average order value.

這是為了增加他們在我們平台上的購買頻率，這會增加我們的平均訂單價值。

Specifically, I would say that because of the behaviors that we're seeing, we do see growth in electronics and beauty categories, given the interest that we see in Tier 1 and Tier 2 cities.

具體來說，我想說的是，由於我們所看到的行為，考慮到我們在一線和二線城市看到的興趣，我們確實看到電子和美容品類的增長。

And could I ask another question?

我可以問另一個問題嗎？

I know you said one only.

我知道你只說了一個。

Yes.

是的。

Sure.

當然。

But basically, when I look at the pace of your active buyer addition, if you continue at the pace of the last 2 years, on average, in 10 months, you would have caught up with the market leader and you'd have over 0.75 billion active buyers.

但基本上，當我查看活躍買家增加的速度時，如果您繼續保持過去 2 年的速度，平均而言，在 10 個月內，您將趕上市場領導者，並且您的購買力將超過 0.75十億活躍買家。

At that point of time, how does the business change for you?

那時，您的業務發生了怎樣的變化？

China is a very large market.

中國是一個非常大的市場。

And as you know, e-commerce penetration is only around 25%.

如您所知，電子商務滲透率僅為 25% 左右。

So frankly, I think we are not so preoccupied with what our competitors are doing or where we are.

坦白說，我認為我們並不太關心我們的競爭對手在做什麼或我們在哪裡。

But in terms of how can we be doing things better on our own platform.

但就我們如何在自己的平台上做得更好而言。

As we stand today, I think it is, again, about continuing to build trust with our users, continue to increase engagements and continue to create a unique fun and interactive experiences for them.

就我們今天的立場而言，我認為這再次是關於繼續與我們的用戶建立信任，繼續增加參與度並繼續為他們創造獨特的有趣和互動體驗。

Yes, I think Colin wants to add.

是的，我想科林想補充一下。

Yes.

是的。

Well, I think it's an interesting question, and it's a very good observation.

嗯，我認為這是一個有趣的問題，也是一個非常好的觀察。

It's true that if we continue this pace, then the user base will be very similar, even surpassing the major competitor.

確實，如果我們繼續這個步伐，那麼用戶群將非常相似，甚至超過主要競爭對手。

So on the other hand, I think it is really a question that we should ask the other part of you.

所以另一方面，我認為這確實是一個我們應該問你另一部分的問題。

I mean even today, there are still a lot of press release, they're talking about large-tier city users.

我的意思是，即使在今天，仍然有很多新聞稿，他們在談論大城市用戶。

But when we are looking at 1 billion user base, what's the difference between lower-tier and the upper tier.

但當我們看到 10 億用戶群時，下層和上層之間有什麼區別？

So it's kind of interesting to me that people are still dividing the users between lower-tier cities and upper-tier cities.

因此，對我來說有趣的是，人們仍然將用戶劃分為低線城市和一線城市。

And as you rightly pointed out, very soon on the question itself of low tier and first-tier cities will be meaningless.

正如您正確指出的那樣，很快低線和一線城市的問題本身就變得毫無意義。

So at that point of time, it's not -- your question is valid to us, but it's also a question valid to all the players in the market.

所以在那個時候，你的問題對我們來說是有效的，但對市場上的所有參與者來說也是一個有效的問題。

And so -- and together with this very unusual time during the coronavirus, a lot of the user behavior has been changing.

因此，在冠狀病毒爆發期間這個非常不尋常的時期，很多用戶行為都在發生變化。

So I will say it's going to be a very interesting time in the next 2 years.

所以我想說，未來兩年將是非常有趣的時期。

Your next question comes from the line of Joyce Ju of Bank of America.

您的下一個問題來自美國銀行的 Joyce Ju。

I actually would like to get more colors in terms of the impact from coronavirus.

實際上，我希望獲得更多有關冠狀病毒影響的顏色。

I know you have mentioned that from the demand side, couple of categories suffered kind of like demand shock.

我知道您提到過，從需求方面來看，有幾個類別遭受了類似需求衝擊的影響。

But I just want to know from the supplier side or the supplying chain side, what you have observed?

但我只想知道從供應商一方或者供應鏈一方，你們觀察到了什麼？

Like, for your merchants, what kind of challenging they are facing?

比如，對於您的商家來說，他們面臨著什麼樣的挑戰？

And you mentioned your Pinduoduo is going to invest to help these small merchants to recover their business, what the platform has done?

還有你提到你們拼多多要投資幫助這些小商戶恢復生意，平台做了什麼？

And what's the, like, new initiatives ahead?

未來有何新舉措？

And also just for financially, shall we recognize those kind of investment or support for SME merchants in the revenue side, i.e., take rate or they will actually impact our gross margins for the next couple of quarters?

而且就財務而言，我們是否應該在收入方面認可對中小企業商家的此類投資或支持，即採取率，或者它們實際上會影響我們未來幾個季度的毛利率？

Thank you for that.

謝謝你。

So in terms of impact to the merchants on our platform, we would note that because of the prolonged suspension of travel in China, the ability to return to work, the ability to start fulfilling orders and start to manufacture has been impacted for most of the players in China, and this was particularly felt for the small and medium enterprises.

因此，就對我們平台上商家的影響而言，我們注意到，由於中國旅行的長期暫停，大多數人的重返工作崗位、開始履行訂單和開始生產的能力都受到了影響。中國的參與者尤其如此，中小企業尤其感受到這一點。

Pinduoduo, as a platform, has a unique ability to help and support these SMEs to return to their normal operations.

拼多多作為一個平台，有獨特的能力幫助和支持這些中小企業恢復正常運營。

And as I mentioned earlier, we have reserved an RMB 1 billion fund to fund the subsidy of RMB 2 to RMB 4 per order for merchants fulfilling orders through this time period.

正如我剛才提到的，我們預留了10億元人民幣的資金，對這段時間內完成訂單的商戶給予每筆訂單2至4元的補貼。

And you should -- from a modeling perspective, I expect this to be a hit to the take rates.

你應該——從建模的角度來看，我預計這會對收視率造成影響。

Your last question comes from the line of Binnie Wong of HSBC.

你的最後一個問題來自匯豐銀行的 Binnie Wong。

So I say following on just basically if we see that our customer base, our trailing 12 months active users is already catching up with our close competitor.

因此，我說，如果我們看到我們的客戶群（即我們過去 12 個月的活躍用戶）已經趕上了我們的競爭對手，那麼我們就基本上繼續跟進。

And in terms of the ARPU, right, any spending per active customer, of course, we're still at a gap of about maybe say 1/8 or maybe 1/7 of it, and how are we seeing that we can go deeper into the customer wallet.

當然，就 ARPU 而言，對，每個活躍客戶的任何支出，我們仍然處於大約 1/8 或 1/7 左右的差距，我們如何看到我們可以更深入進入顧客錢包。

Is this because I think in terms of category expansions, we are properly also quite rich already.

這是因為我認為在品類擴張方面，我們其實也已經相當豐富了。

So -- or maybe you think there's certain room to increase the category or there's further room in terms of upselling?

那麼，或者您認為有一定的空間來增加該類別，或者在追加銷售方面還有進一步的空間？

And how are we achieving that?

我們如何實現這一目標？

Thank you for that question.

謝謝你提出這個問題。

First of all, I would note that we added almost 2x the users as our close competitors in the fourth quarter.

首先，我要指出的是，第四季度我們的用戶數量幾乎是我們的競爭對手的兩倍。

And that has an impact to our ARPU, which would take time to catch up.

這對我們的 ARPU 產生了影響，而這需要時間才能趕上。

So as the users mature on our platform, we do expect to see that their annual spending to increase over time.

因此，隨著用戶在我們平台上的成熟，我們確實希望看到他們的年度支出隨著時間的推移而增加。

And in terms of strategy for us in the near term, it's going to be continuing to engage the users to increase their interactions and to help build their trust -- increase -- continue to build their trust with our platform.

就我們的近期戰略而言，它將繼續吸引用戶，增加他們的互動，並幫助建立他們的信任——增加——繼續建立他們對我們平台的信任。

Colin, I think you wanted to say something?

科林，我想你想說點什麼？

Yes.

是的。

My answer will be really short.

我的回答會很簡短。

I think it's just a matter of time.

我認為這只是時間問題。

And with that said, please don't overestimate our speed to increase that.

話雖如此，請不要高估我們提高速度的速度。

But I also think that you shouldn't underestimate our potential to increase that in the long run.

但我也認為，從長遠來看，你不應該低估我們增加這一點的潛力。

So yes.

所以是的。

So the answer will be, it's just a matter of time.

所以答案是，這只是時間問題。

Just wait and see.

拭目以待吧。

Yes.

是的。

Thank you.

謝謝。

So we have reached the end of our presentation.

我們的演示已經結束了。

I would now like to hand the conference back to today's presenters for your closing remarks.

現在我想將會議交還給今天的主持人，請你們致閉幕詞。

Thanks, Colin and David.

謝謝，科林和大衛。

And thanks, everyone, for joining us on the conference call today.

感謝大家今天參加我們的電話會議。

If you have any further follow-on questions, please feel free to reach out to the IR team.

如果您還有任何其他後續問題，請隨時聯繫 IR 團隊。

Thank you, and have a great day.

謝謝您，祝您有美好的一天。

Ladies and gentlemen that does conclude our conference for today.

女士們、先生們，我們今天的會議到此結束。

Thank you for participating.

感謝您的參與。

You may now all disconnect.

你們現在可以斷開連接了。