拼多多 (PDD) 2021 Q3 法說會逐字稿

Good day, ladies and gentlemen.

女士們，先生們，美好的一天。

Thank you for standing by, and welcome to the Pinduoduo Third Quarter 2021 Earnings Conference Call.

感謝您的支持，歡迎參加拼多多 2021 年第三季度財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員說明）請注意，今天的會議正在錄製中。

I will now turn the call over to your host for today's call, Mr. [Chen] (inaudible).

我現在把今天的電話轉給你的主持人，[Chen] 先生（聽不清）。

Please go ahead, sir.

請繼續，先生。

Thank you, operator.

謝謝你，接線員。

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

大家好，感謝您今天加入我們。

My name is Chen, and I will help host the earnings call today.

我叫陳，今天我將幫助主持財報電話會議。

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

拼多多財報發布較早，可在我們的網站investor.pinduoduo.com 以及通過GlobeNewswire 服務獲取。

Before we begin, I would like to refer you to our safe harbor statement in earnings press release which applies to this call as we will make certain forward-looking statements.

在我們開始之前，我想向您推薦我們在收益新聞稿中的安全港聲明，該聲明適用於本次電話會議，因為我們將做出某些前瞻性聲明。

Also, this call includes discussions of certain non-GAAP financial measures.

此外，本次電話會議還包括對某些非公認會計原則財務措施的討論。

Please refer to our earnings release, which contains a reconciliation of the non-GAAP measures to GAAP measures.

請參閱我們的收益發布，其中包含非公認會計原則措施與公認會計原則措施的對賬。

Joining us today on the call are Chen Lei, our Chairman and Chief Executive Officer; Tony Ma, our VP of Finance.

今天加入我們電話會議的是我們的董事長兼首席執行官陳磊；我們的財務副總裁 Tony Ma。

Lei will make some general remarks on our performance for the past quarter and our strategic focus going forward.

雷軍將對我們過去一個季度的表現和我們未來的戰略重點做一些概括性的評論。

Tony will then elaborate further on specific strategic initiatives and take us through our financial results for the third quarter ended September 30, 2021.

托尼隨後將進一步闡述具體的戰略舉措，並帶領我們了解截至 2021 年 9 月 30 日的第三季度財務業績。

After that, we will open the floor to questions from analysts.

之後，我們將向分析師提問。

During the Q&A session, Lei will answer your questions in Chinese and [Preston] will help translate.

問答環節，雷將用中文回答您的問題，[Preston] 將幫助翻譯。

Please kindly note that all translation provided are for ease of reference only.

請注意，提供的所有翻譯僅供參考。

In case of any discrepancy between our original remarks and translated version, statements in the original language should prevail.

如果我們的原始評論與翻譯版本之間存在任何差異，請以原始語言聲明為準。

Now it is my pleasure to introduce our Chairman and Chief Executive Officer, Chen Lei.

現在很高興向大家介紹我們的董事長兼首席執行官陳磊。

Lei, please go ahead.

雷，請繼續。

Thank you, Chen.

謝謝你，陳。

Hello, everyone, and thank you for joining our results announcement for the third quarter of 2021.

大家好，感謝您加入我們的 2021 年第三季度業績公告。

Our total revenue for this quarter, excluding revenue from merchandise sales, was RMB 21.4 billion.

我們本季度的總收入（不包括商品銷售收入）為人民幣 214 億元。

This represents a year-on-year increase of 55%.

這意味著同比增長 55%。

Our annual active buyers reached 867.3 million for the 12 months ending on September 30.

在截至 9 月 30 日的 12 個月中，我們的年度活躍買家達到 8.673 億。

Over the quarter, average MAU increased to 741.5 million.

在本季度，平均 MAU 增加到 7.415 億。

Pinduoduo turned 6 last month.

拼多多上個月滿 6 歲。

We are grateful for opportunities to serve our users, farmers, merchants and everyone who has interacted with us in the past 6 years, and we hope to continue serving them.

我們感謝有機會為我們的用戶、農民、商家以及過去 6 年與我們互動的每一個人提供服務，我們希望繼續為他們服務。

It has been over a year since I took over as a CEO and half a year as Chairman of the Board.

我接任 CEO 已經一年多了，擔任董事長也半年了。

Over this period, we have been busy working on our transition, which I'm happy to report has been gradual and on track.

在此期間，我們一直在忙於我們的過渡工作，我很高興地報告說，過渡是漸進的並且正在步入正軌。

There are 2 major things to this transition that has been happening behind the scenes.

這種轉變在幕後發生了兩件大事。

The first is grooming younger talent and leaders.

首先是培養年輕的人才和領導者。

The second is shifting to more focused investments in R&D from a previous focus on sales and marketing for the first 5 years.

第二個是從以前的前 5 年專注於銷售和營銷轉向更專注於研發的投資。

And now let me elaborate.

現在讓我詳細說明。

First, on grooming younger talent and leaders.

一是培養青年人才和領導者。

Since the beginning of last year, we have witnessed many of our younger team members stepping up to take more responsibilities.

自去年年初以來，我們見證了我們許多年輕的團隊成員加緊承擔更多責任。

These young men and women demonstrated their core value of commitment to our users.

這些年輕男女展示了他們對用戶承諾的核心價值。

When COVID-19 first struck and disrupted our daily lives, many among our young team immediately took actions to source essential supplies and deliver to users in need.

當 COVID-19 首次襲擊並擾亂我們的日常生活時，我們年輕團隊中的許多人立即採取行動，採購基本用品並交付給有需要的用戶。

When heavy rains struck Hunan in July, they sprang into action to source out-of-stock goods and coordinated logistics so that our users will not run out of daily necessities.

7月湖南暴雨時，他們迅速採取行動，尋找缺貨，協調物流，讓我們的用戶不至於用完生活必需品。

This unforeseen event has accelerated their maturity and servanthood to our users and suppliers.

這一不可預見的事件加速了他們對我們的用戶和供應商的成熟和服務。

We have been encouraged to see more with potential to become future leaders of our business.

我們被鼓勵看到更多有潛力成為我們業務未來領導者的人。

They make practical business decisions and executed soundly, exceeding our expectations.

他們做出切實可行的業務決策並執行得很好，超出了我們的預期。

I'm proud to be able to work alongside with this young team.

我很自豪能夠與這支年輕的團隊一起工作。

Despite the age, many of them has been with the company for a number of years and have matured on the job.

儘管年紀大了，但他們中的許多人已經在公司工作了很多年，並且在工作中已經成熟。

They are shaping the future of this company, young talent that bring creativity and vigor and constantly innovates.

他們正在塑造這家公司的未來，他們是帶來創造力和活力並不斷創新的年輕人才。

You'll see more of them taking on critical roles in the next 6 to 12 months as we continue to create opportunities for them to step up.

在接下來的 6 到 12 個月內，隨著我們繼續為他們創造機會，你會看到更多他們擔任關鍵角色。

And second, shifting to more focus and investment in research and development.

其次，轉向更多的重點和研發投資。

We are already serving 867 million users.

我們已經為 8.67 億用戶提供服務。

To leverage our strength of having a management with years of engineering training, we have been increasing our research development investments.

為了利用我們擁有多年工程培訓管理的優勢，我們一直在增加我們的研發投資。

This is a significant shift in strategy from our first 5 years when we were focusing much more on sales and marketing.

這是我們前 5 年戰略上的重大轉變，當時我們更多地關註銷售和營銷。

Agriculture has been the main theme and the backbone of our business since the very beginning where we saw an opportunity to create value by bringing agriculture into a digital economy.

從一開始，農業就一直是我們業務的主題和支柱，我們看到了通過將農業帶入數字經濟來創造價值的機會。

Trained as engineers, my team and I have devoted ourselves to find technology solutions to implement across the agriculture supply chain.

我和我的團隊受過工程師培訓，致力於尋找在整個農業供應鏈中實施的技術解決方案。

We have only scratched the surface after 6 years.

6 年後，我們才剛剛觸及表面。

There is still much more for us to do in agriculture, especially with technology.

我們在農業方面還有很多工作要做，尤其是在技術方面。

Therefore, we plan to deepen our investment in tech-enabled agriculture solutions to address critical needs in these sectors.

因此，我們計劃深化對科技型農業解決方案的投資，以滿足這些行業的關鍵需求。

This includes, first, bringing more agricultural products and agriculture communities into a digital economy; and the second, further improving efficiency in agriculture supply chains to meet user demand and reduce waste.

這包括，首先，將更多的農產品和農業社區帶入數字經濟；二是進一步提高農業供應鏈效率，滿足用戶需求，減少浪費。

Over the past 6 years, Pinduoduo has provided consumers across China with wider variety of agricultural produce at better prices while helping farmers to increase their income.

6年來，拼多多在幫助農民增收的同時，以更優惠的價格為中國消費者提供了更多種類的農產品。

When we started 6 years ago, we were among the first to sell agriculture produce online.

當我們 6 年前開始時，我們是最早在網上銷售農產品的公司之一。

And now we are connecting 16 million farmers to 867.3 million consumers nationwide.

現在，我們正在將 1600 萬農民與全國 8.673 億消費者聯繫起來。

During China's Golden Week in October, agriculture-related orders in our platform surged 279% over the same period of last year.

10月黃金周期間，平台涉農訂單同比增長279%。

We hope Pinduoduo will be the go-to platform for quality agricultural products for farmers and consumers.

我們希望拼多多成為農民和消費者購買優質農產品的首選平台。

We look forward to leveraging our platform to have more farmers in order to improve their livelihood and benefit their communities.

我們期待利用我們的平台吸引更多農民，以改善他們的生計並造福他們的社區。

To this end, we will continue to focus our efforts in digital inclusion in agriculture industry.

為此，我們將繼續專注於農業數字包容性。

We will expand our core offering on Duo Duo Academy, upskill farmers on e-commerce and store operations.

我們將擴大我們在 Duo Duo Academy 上的核心產品，提升農民在電子商務和商店運營方面的技能。

It helps them to control price, quantity and in a way, their own destiny in their own hands as they can sell directly to consumers.

它幫助他們控制價格、數量，在某種程度上，他們自己的命運掌握在自己手中，因為他們可以直接向消費者銷售。

In order to expedite agriculture digitization, we plan to maintain our 0 commission policy on agricultural products.

為加快農業數字化進程，我們計劃維持農產品零佣金政策。

At the same time, we will continue to improve consumer awareness and appreciation of agricultural produce, geographical indications and agricultural brands through technology innovations, such as live streaming, media marketing, et cetera.

同時，我們將通過直播、媒體營銷等技術創新，不斷提升消費者對農產品、地理標誌和農產品品牌的認知度和欣賞度。

The more awareness consumers have, the more educated farmers are, the more value can be created to agriculture communities in China.

消費者意識越高，農民受教育程度越高，為中國農業社區創造的價值就越大。

We are also designing tech-enabled services to increase supply chain efficiency to agriculture sector.

我們還在設計技術支持的服務，以提高農業部門的供應鏈效率。

One of them is to meet local supply with local demand.

其中之一是以當地需求滿足當地供應。

At the same time, it helps reduce unnecessary transit to provide faster options for consumers.

同時，有助於減少不必要的中轉，為消費者提供更快捷的選擇。

To further cut down transportation time and reduce food loss and waste, we are developing proprietary technology solutions like route planning, algorithm design, analytics and cold-chain optimization.

為了進一步縮短運輸時間並減少食物損失和浪費，我們正在開發路線規劃、算法設計、分析和冷鏈優化等專有技術解決方案。

This solution helps to lay the foundation for an infrastructure that is more sensible for agriculture produce and more environmentally sustainable.

該解決方案有助於為更適合農業生產和環境可持續性的基礎設施奠定基礎。

Our efforts in applying agriculture technology go beyond matching supply and demand and extend into identifying upstream technology solutions to improve productivity, nutritional profiles and environmental sustainability.

我們在應用農業技術方面所做的努力不僅僅是匹配供需，還延伸到確定上游技術解決方案，以提高生產力、營養狀況和環境可持續性。

By strengthening agri-tech applications, we also hope to make agriculture attractive to a tech-savvy younger generation.

通過加強農業科技應用，我們也希望讓農業對精通科技的年輕一代具有吸引力。

A good example of our efforts in this area is our Smart Agriculture Competition.

我們在這方面努力的一個很好的例子是我們的智能農業競賽。

It has demonstrated that precision farming techniques can make real improvements to farm output.

事實證明，精準農業技術可以真正改善農業產出。

Some teams from our competition last year have started to commercialize their technology of strawberry cultivation, establishing their own start-ups and bring tangible productivity gains to farmers.

去年我們比賽的一些團隊已經開始將他們的草莓種植技術商業化，建立自己的初創企業並為農民帶來實實在在的生產力收益。

This year, we have joined forward with China Agricultural University and Zhejiang University with technical guidance from UN Food and Agriculture Organization and Wageningen University and Research.

今年，我們在聯合國糧食及農業組織和瓦赫寧根大學和研究中心的技術指導下，與中國農業大學和浙江大學合作。

In line with our priorities, we're expanding the challenge to accept not just yield, but the nutritional value, environmental sustainability and commercial viability.

根據我們的優先事項，我們正在擴大挑戰，不僅要接受產量，還要接受營養價值、環境可持續性和商業可行性。

Contestants have adopted a multi-disciplinary approach, applying nutrition science, precision farming and other relevant technology to cultivate tomatoes.

參賽者採用多學科的方式，運用營養科學、精準農業等相關技術種植西紅柿。

The finalist teams come from cross-disciplinary background ranging from agricultural to computer sciences.

入圍團隊來自從農業到計算機科學的跨學科背景。

Currently, they're remotely planting tomatoes in our smart greenhouse base in Yunnan.

目前，他們正在我們位於雲南的智能溫室基地遠程種植西紅柿。

We're encouraged to see that 80% of the team members are in their 20s, bringing vitality and new ideas to a traditional agriculture sector.

令人欣慰的是，80% 的團隊成員都是 20 多歲，為傳統農業帶來活力和新理念。

At this time, we are partnering with world-class agriculture institutes to offer these young agritech talents, tailored courses and trainings on topics such as greenhouse horticulture, crop management and modeling.

目前，我們正與世界一流的農業機構合作，為這些年輕的農業科技人才提供量身定制的課程和培訓，包括溫室園藝、作物管理和建模等主題。

Agriculture is an industry with great potential for young people considering future in technology and who aspire to make impact for society.

對於考慮未來技術並渴望為社會產生影響的年輕人來說，農業是一個具有巨大潛力的行業。

As an agri-focused platform, we want to leverage our platform and technology to provide more opportunities for young talents to join agriculture sector, working with them to apply technology to improve every link of agriculture supply chain.

作為一個以農業為中心的平台，我們希望利用我們的平台和技術，為青年人才提供更多進入農業領域的機會，與他們一起應用技術改善農業供應鏈的每一個環節。

Investing in technology to improve agriculture sectors is important yet a challenging task.

投資於技術以改善農業部門是一項重要而具有挑戰性的任務。

It requires our long-term commitment, and we will be patient and systematic.

這需要我們的長期承諾，我們將保持耐心和系統性。

We hope that through our efforts, we can help build a smarter and more sustainable future for agriculture.

我們希望通過我們的努力，我們可以幫助建立一個更智能、更可持續的農業未來。

Last quarter, we announced the launch of our 10 Billion Agriculture Initiative, which seeks to address critical needs in the agricultural sector and rural areas.

上個季度，我們宣布啟動 100 億農業計劃，旨在解決農業部門和農村地區的關鍵需求。

The initiative will not be driven by profit or commercial goals, but strive the advancement of agritech, promote digital inclusion and provide agritech talent with greater motivation and sense of achievement.

該倡議不會以利潤或商業目標為驅動，而是努力推動農業科技的進步，促進數字包容性，為農業科技人才提供更大的動力和成就感。

Profit from the second quarter and any potential profit in the future quarters will go into this initiative until the final goal of CNY 10 billion is met.

第二季度的利潤和未來幾個季度的任何潛在利潤都將用於該計劃，直至達到 100 億元人民幣的最終目標。

The profit from the third quarter will also go into this initiative.

第三季度的利潤也將用於這一舉措。

After receiving board endorsement, we held an EGM at end of September and the initiative was approved by our shareholders.

在獲得董事會批准後，我們於 9 月底召開了臨時股東大會，該倡議得到了股東的批准。

Pinduoduo is closely connected to the communities that we operate in.

拼多多與我們運營所在的社區緊密相連。

This point is crucial in our development and we in turn to support them to the best of our ability.

這一點對我們的發展至關重要，我們反過來也會盡我們所能支持他們。

Therefore, we are committed to take on more responsibility to society.

因此，我們致力於為社會承擔更多責任。

In July, we sprung into action after heavy rains struck Hunan.

七月，湖南大雨過後，我們迅速行動起來。

We donated RMB 100 million to flood relief and launched a portal to support emergency relief distribution.

捐資1億元抗洪救災，開通應急物資分發門戶。

The Duo Duo Grocery network in Zhengzhou took stock of food and emergency supplies and worked with suppliers inside and outside Hunan to secure and distribute necessities to our nearly 20,000 partners there.

鄭州的多多雜貨網絡盤點了食品和應急物資，並與湖南省內外的供應商合作，為我們在湖南的近 20,000 名合作夥伴提供和分發必需品。

In October, we also contributed to the relief effort in Shanxi in response to the heavy rain there, donating RMB 50 million to Shanxi Charity Foundation to carry out emergency disaster relief and post disaster risk construction work.

10月，我們還為山西大雨救災貢獻力量，向山西慈善基金會捐款5000萬元，用於開展緊急救災和災後風險建設工作。

Looking forward, we pledge to do more to contribute to our society.

展望未來，我們承諾為社會做出更多貢獻。

We will continue to proactively leverage our platform and resources to serve our users, farmers, merchants and their communities better.

我們將繼續積極利用我們的平台和資源，更好地為我們的用戶、農民、商家及其社區服務。

Thank you.

謝謝你。

And now let me pass the time to Tony.

現在讓我把時間轉給托尼。

Thank you, Lei.

謝謝你，雷。

Hello, everyone.

大家好。

Let me begin by sharing highlights of some of our agriculture initiatives in the past quarter.

讓我首先分享我們在過去一個季度的一些農業舉措的亮點。

Then I will discuss our financials for the quarter.

然後我將討論我們本季度的財務狀況。

First, as part of our efforts for the digital inclusion of farmers, we initiated and supported a series of agricultural promotion activities to strengthen the direct connection between farmers and the consumers.

一是推進農民數字包容，發起並支持了一系列農業推廣活動，加強農民與消費者的直接聯繫。

Autumn is a harvest season.

秋天是收穫的季節。

And this September, we were a main platform of the Farmer's Harvest Festival and its golden autumn consumption season.

而今年九月，我們又是農夫豐收節和金秋消費季的主要平台。

We launched Duo Duo Harvest Hall and designed a series of initiatives to help farmers to sell better, including live streaming, merchant training, traffic support, et cetera.

我們推出了多多收穫堂，並設計了一系列幫助農民更好地銷售的舉措，包括直播、商家培訓、流量支持等。

Over 280,000 agri merchants participated in our event this year, nearly double the number last year.

今年有超過 280,000 家農商參加了我們的活動，幾乎是去年的兩倍。

In September, we joined the Ministry of Agriculture and Rural Affairs, Farmers Daily and the China Green Food Development Center to kick off the 2021 campaign of China's GI agricultural products tour.

9月，我們聯合農業農村部、農民日報社、中國綠色食品發展中心，啟動2021中國地理標誌農產品行銷活動。

The campaign helps to promote the agriculture products and their regional heritage, helping to recognize quality agricultural products across China.

該活動有助於推廣農產品及其區域遺產，有助於在中國各地認可優質農產品。

To support the campaign, we provided the technical and platform support.

為了支持該活動，我們提供了技術和平台支持。

We offered online and off-line training, including marketing and branding techniques tailored to GI products.

我們提供在線和離線培訓，包括為 GI 產品量身定制的營銷和品牌推廣技巧。

During China's Golden Week in October, a time when families typically reunite and enjoy meals together, we rolled out various initiatives to make more agriculture produce across the nation easily accessible through our platform.

在 10 月的中國黃金周期間，通常是家庭團聚和一起用餐的時候，我們推出了各種舉措，讓更多的農產品通過我們的平台在全國范圍內更容易獲得。

These initiatives helped to increase agriculture-related orders, which surged 279% over the same period last year.

這些舉措有助於增加與農業相關的訂單，與去年同期相比增長了 279%。

Second, we are stepping up efforts to raise consumer awareness, appreciation and the demand for quality agricultural produce in the producing regions.

第二，我們正在加緊努力提高消費者對產區優質農產品的認識、欣賞和需求。

In October, we launched our Apple Golden Week.

10 月，我們推出了 Apple 黃金周。

We worked with farmers in 6 major apple-producing regions: Shanxi, Shandong, Gansu, Sichuan and Xinjiang to develop a grading and direct distribution food framework.

我們與山西、山東、甘肅、四川和新疆 6 個主要蘋果產區的農民合作，制定了分級和直銷食品框架。

This framework helps to provide consumers with delicious and high-quality apples and build awareness of the places where these apples were cultivated.

該框架有助於為消費者提供美味和優質的蘋果，並提高人們對這些蘋果種植地的認識。

As part of this initiative, our fruit selection teams stationed in these regions for months to study local markets and help train high-quality apple merchants with strong supply chain capabilities.

作為這一舉措的一部分，我們的水果挑選團隊在這些地區駐紮數月，研究當地市場，幫助培養具有強大供應鏈能力的優質蘋果商家。

Alongside these drives, we are also working with research institutes to implement industry standards for agricultural products.

除了這些驅動器，我們還與研究機構合作實施農產品行業標準。

We partnered with the Jiangsu Freshwater Fisheries Research Institute, our industry standards for Chinese mitten crabs.

我們與江蘇省淡水漁業研究所合作，這是我們為中華絨螯蟹制定的行業標準。

These standards cover quality, size, packaging and transport which will provide consumers with a clear basis to make and inform the decision of their purchases.

這些標準涵蓋質量、尺寸、包裝和運輸，這將為消費者做出購買決定提供明確的依據。

We hope to help farmers to promote their product, better meet the demand and the expectations of the consumers for quality goods and services and build a sustainable business on our platform.

我們希望幫助農民推廣他們的產品，更好地滿足消費者對優質商品和服務的需求和期望，並在我們的平台上建立可持續發展的業務。

Therefore, we will continue to maintain our 0 commission policy for agricultural products.

因此，我們將繼續維持農產品零佣金政策。

Now let me walk through our third quarter results.

現在讓我來看看我們第三季度的業績。

Our annual active buyers for the last 12 months ending September 30, 2021 increased to 867.3 million, up 17.4 million from the prior quarter.

截至 2021 年 9 月 30 日的過去 12 個月，我們的年度活躍買家增加到 8.673 億，比上一季度增加 1740 萬。

Our MAU in Q3 reached 741.5 million.

我們在第三季度的 MAU 達到了 7.415 億。

This is up 15% compared to the same quarter in 2020.

與 2020 年同期相比，增長了 15%。

Given our current scale, our user growth will inevitably be more moderate going forward.

鑑於我們目前的規模，我們的用戶增長將不可避免地更加溫和。

At the same time, as we serve a larger user base, we also face more diversified and even evolving user needs.

同時，隨著我們服務於更大的用戶群，我們也面臨著更加多樣化甚至不斷變化的用戶需求。

Our task has become increasingly difficult.

我們的任務變得越來越困難。

We hope that our younger team leaders could embrace the challenges and continue to serve users' needs innovatively.

我們希望我們年輕的團隊領導者能夠迎接挑戰，繼續創新地服務於用戶的需求。

In terms of P&L, our total revenues in the quarter end September 30, 2021 were RMB 21.5 billion, up 51% from RMB 14.2 billion in the same quarter last year.

在損益方面，截至 2021 年 9 月 30 日的季度，我們的總收入為人民幣 215 億元，比去年同期的人民幣 142 億元增長 51%。

Excluding revenues from our 1P trials, our total revenue grew by 55% to RMB 21.4 billion in Q3 2021, and the key driver was online marketing services.

剔除我們 1P 試驗的收入，我們的總收入在 2021 年第三季度增長了 55% 至人民幣 214 億元，主要驅動力是在線營銷服務。

Online marketing services revenue was RMB 17.9 billion this quarter, up 44% compared to the same period last year, primarily due to the increase in merchant activities.

本季度網絡營銷服務收入為人民幣179億元，同比增長44%，主要是由於商家活動的增加。

Our transaction service revenues this quarter amounted to RMB 3.5 billion, which is up 161% compared with the same period last year.

本季度交易服務收入35億元，同比增長161%。

The increase in our transaction service revenues was due to 2 primary factors: number one, the increase in transaction processing fees; number two, the service revenues that we recognized in connection with Duo Duo Grocery for which we provided fulfillment and other related services.

我們交易服務收入的增加主要有兩個原因：第一，交易處理費用的增加；第二，我們確認的與 Duo Duo Grocery 相關的服務收入，我們為此提供了履行和其他相關服務。

Revenue from the merchandise sales from our 1P trials was [RMB 82.1 million] (corrected by company after the call) in Q3 2021 as compared to RMB 2 billion in the preceding quarter.

2021 年第三季度，我們 1P 試驗的商品銷售收入為 [人民幣 8210 萬元]（由公司在電話會議後更正），而上一季度為人民幣 20 億元。

Our 1P business was a temporary solution to meet the demand of our users on products which our merchants could not fulfill.

我們的1P業務是為了滿足用戶對我們商家無法滿足的產品需求的臨時解決方案。

As we see more products offering from our merchants, we expect contribution from 1P trials to be insignificant.

隨著我們看到商家提供更多產品，我們預計 1P 試驗的貢獻將微不足道。

Now moving on to costs and expenses.

現在轉到成本和費用。

Our total cost of revenues increased from RMB 3.3 billion in Q3 2020 to RMB 6.6 billion this quarter.

我們的總收入成本從 2020 年第三季度的 33 億元人民幣增加到本季度的 66 億元人民幣。

The increase was primarily due to higher cost of payment processing fees, cloud services fees and delivery and storage fees.

這一增長主要是由於支付處理費用、雲服務費用以及交付和存儲費用的成本增加。

Total operating expenses this quarter were RMB 12.8 billion as compared to RMB 12.2 billion in the same quarter of 2020.

本季度總運營費用為人民幣 128 億元，而 2020 年同期為人民幣 122 億元。

On a total non-GAAP basis, operating expenses were RMB 11.7 billion as compared to RMB 11.3 billion in the same quarter a year ago.

按非公認會計原則計算，營業費用為人民幣 117 億元，而去年同期為人民幣 113 億元。

Our non-GAAP sales and marketing expenses this quarter is RMB 9.7 billion, decreasing 1% compared to the same quarter of 2020.

本季度我們的非美國通用會計準則銷售和營銷費用為人民幣 97 億元，與 2020 年同期相比下降 1%。

On a non-GAAP basis, our sales and marketing expenses as a percentage of our revenues this quarter was about 45% as compared to 89% and the 69% for the same quarter in 2019 and in 2020.

在非公認會計原則的基礎上，我們本季度的銷售和營銷費用占我們收入的百分比約為 45%，而 2019 年和 2020 年同一季度分別為 89% 和 69%。

The continued reduction in sales and marketing expenses as a percentage of revenue reflects our efforts to proactively reduce sales and marketing expenses as we gravitate towards more investment on R&D.

銷售和營銷費用佔收入的百分比持續下降，反映了我們在加大研發投資的同時積極減少銷售和營銷費用的努力。

On a non-GAAP basis, our general and administrative expenses was RMB 178.1 million compared to RMB 132.6 million in the same quarter of 2020.

按非公認會計原則計算，我們的一般和管理費用為人民幣 1.781 億元，而 2020 年同期為人民幣 1.326 億元。

Our non-GAAP research and development expenses were RMB 1.9 billion, an increase of 30% from RMB 1.4 billion in the same quarter of 2020.

我們的非美國通用會計準則研發費用為人民幣 19 億元，較 2020 年同期的人民幣 14 億元增長 30%。

This increase in R&D was primarily due to an increase in headcount and the recruitment of more experienced R&D personnel.

研發的增長主要是由於員工人數的增加和招聘更有經驗的研發人員。

As we continue to strengthen our technique bench to lay the foundation for future sustainable growth and continue improving our services to meet the evolving user demands, we are committed to expand our investments in R&D and expect a continued increase in R&D expenses.

隨著我們不斷加強我們的技術平台為未來的可持續增長奠定基礎，並不斷改進我們的服務以滿足不斷變化的用戶需求，我們致力於擴大我們的研發投資，並預計研發費用將持續增加。

To sum up, operating profit for the quarter was RMB 2.1 billion on a GAAP basis compared with operating loss of RMB 1.3 billion in the same quarter of 2020.

總而言之，按美國通用會計準則計算，本季度營業利潤為人民幣 21 億元，而 2020 年同期的營業虧損為人民幣 13 億元。

Non-GAAP operating profit was RMB 3.3 billion, compared with operating loss of RMB 339.8 million in the same quarter of 2020.

非美國通用會計準則營業利潤為人民幣 33 億元，而 2020 年同期的營業虧損為人民幣 3.398 億元。

Our non-GAAP operating profit as a percentage of our revenue improved from minus 2.4% in Q3 2020 to 15.2% in Q3 2021.

我們的非公認會計準則營業利潤佔收入的百分比從 2020 年第三季度的負 2.4% 提高到 2021 年第三季度的 15.2%。

Net income attributable to ordinary shareholders was RMB 1.6 billion as compared to net loss of RMB 784.7 million in the same quarter last year.

歸屬於普通股股東的淨利潤為人民幣16億元，而去年同期為人民幣7.847億元的淨虧損。

Basic earnings per ADS was RMB 1.31 and the diluted earnings per ADS was RMB 1.15 compared with basic and diluted net loss per ADS of RMB 0.66 in the same quarter of 2020.

每股 ADS 基本收益為 1.31 元，每股 ADS 攤薄收益為 1.15 元，而 2020 年同一季度每股 ADS 基本和攤薄淨虧損為 0.66 元。

Non-GAAP net income attributable to ordinary shareholders was RMB 3.2 billion compared with net income of RMB 466.4 million in the same quarter last year.

Non-GAAP 歸屬於普通股股東的淨利潤為人民幣 32 億元，而去年同期為人民幣 4.664 億元。

Non-GAAP diluted earnings per ADS was RMB 2.18 compared with non-GAAP diluted net earnings per ADS of RMB 0.33 in the same quarter of 2020.

2020 年同一季度，非美國通用會計準則每股美國存託憑證攤薄收益為 2.18 元人民幣，而非美國通用會計準則每股美國存託憑證攤薄淨收益為 0.33 元人民幣。

In August, we announced the launch of 10 Billion Agriculture Initiative, which aims to address the critical needs in the agricultural sector and the rural areas.

8 月，我們宣布啟動“百億農業”倡議，旨在解決農業和農村地區的關鍵需求。

The initiative would not be driven by profits or commercial goals, but strive to facilitate the advancement of agritech, promote digital inclusion and provide agritech talent with greater motivation and a sense of achievement.

該倡議不會以利潤或商業目標為動力，而是努力促進農業科技的進步，促進數字包容性，並為農業科技人才提供更大的動力和成就感。

The initiative received shareholders' approval at the EGM held at the end of September.

該舉措在 9 月底舉行的臨時股東大會上獲得了股東的批准。

Profits from the third quarter will also go into this initiative.

第三季度的利潤也將用於這一舉措。

We expect the initiative to have a near-term impact on earnings per share for shareholders.

我們預計該舉措將對股東的每股收益產生短期影響。

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

這樣就完成了第三季度的損益表。

Net cash flow provided by operating activities was RMB 8.7 billion compared with RMB 8.3 billion in the same quarter of 2020.

經營活動提供的現金流量淨額為人民幣 87 億元，而 2020 年同期為人民幣 83 億元。

As of September 30, 2021, the company had RMB 97.9 billion in cash, cash equivalents and short-term investments.

截至2021年9月30日，公司擁有現金、現金等價物和短期投資人民幣979億元。

With that, I conclude my prepared remarks.

至此，我結束了我準備好的發言。

Thank you, Tony.

謝謝你，托尼。

For today's Q&A session, we have Lei, our Chairman and Chief Executive Officer; and Tony, our VP of Finance on the line.

今天的問答環節，有我們的董事長兼首席執行官雷軍；我們的財務副總裁 Tony 上線了。

Preston will help translate Lei's remarks in Chinese to English for ease of reference.

普雷斯頓將幫助將雷軍的講話用中文翻譯成英文，以方便參考。

Operator, we may now take questions from the first analyst on the line.

接線員，我們現在可以回答第一個在線分析師的問題。

(Operator Instructions) Your first question comes from the line of Natalie Wu of Haitong International.

（操作員說明）您的第一個問題來自海通國際的 Natalie Wu。

I have two questions here.

我在這裡有兩個問題。

First of all, it seems that your sales and marketing expenses is tapering off.

首先，您的銷售和營銷費用似乎正在減少。

Just wondering, are you changing your ROI for sales and marketing spending?

只是想知道，您是否正在改變銷售和營銷支出的投資回報率？

How should investors understand your future sales and marketing strategies?

投資者應該如何理解你未來的銷售和營銷策略？

This is also the second consecutive quarter that your company is showing both non-GAAP and GAAP profit.

這也是貴公司連續第二個季度同時顯示非 GAAP 和 GAAP 利潤。

Just wondering, are you prioritizing profitability over growth going forward?

只是想知道，您是否將盈利能力置於未來增長之上？

And should the investors expect full year profitability for 2021 and going onwards as well?

投資者是否應該期待 2021 年及以後的全年盈利？

And my second question is regarding the agriculture initiatives.

我的第二個問題是關於農業倡議。

Just wondering, Lei Chen, can you provide an update on the CNY 10 billion initiative you started last quarter?

只是想知道，陳雷，您能否提供有關您上個季度啟動的 100 億元人民幣計劃的最新情況？

Has any investments been reflected in the latest financial results?

最新的財務業績中是否反映了任何投資？

Which financial line items has been affected?

哪些財務項目受到影響？

[Interpreted] Thank you, Natalie, for the question.

[解釋] 謝謝你，娜塔莉，你的問題。

And to answer your question, our high standards for sales and marketing investments ROI have not changed.

為了回答您的問題，我們對銷售和營銷投資 ROI 的高標準沒有改變。

But as our user base expands and our user needs diversify, we are also constantly applying micro adjustment to our ROI model.

但隨著我們用戶群的擴大和用戶需求的多樣化，我們也在不斷地對我們的 ROI 模型進行微調。

And the goal is actually to better serve our users' diversified demand.

而目標其實是為了更好地服務於我們用戶的多樣化需求。

So when we were just starting, we were hoping that with the application of technology, we can serve the wider consumer pool for our principle of benefit all.

所以剛開始的時候，我們希望通過技術的應用，我們可以服務於更廣泛的消費者群體，以實現我們的惠及所有人的原則。

So when our user base was relatively small, the investment goal was actually to attract more users to get to know about us, try different features and also try out our platform.

所以當我們的用戶基數比較小的時候，投資的目標其實是為了吸引更多的用戶來了解我們，嘗試不同的功能，也嘗試我們的平台。

Now as our user base is much larger, with more and more users starting to use Pinduoduo, our new challenges now is how can we constantly encourage them to try out new categories to explore new experiences and how can we actually meet their changing and much higher expectations of us so that we can improve our trust and build longer-term user mindshare.

現在隨著我們的用戶基數越來越大，越來越多的用戶開始使用拼多多，我們現在面臨的新挑戰是如何不斷鼓勵他們嘗試新的品類，探索新的體驗，如何才能真正滿足他們不斷變化和更高的需求對我們的期望，以便我們可以提高我們的信任並建立長期的用戶認知度。

It is a challenging task to constantly satisfy users, especially given that we have such a large and diversified base of users.

不斷滿足用戶是一項艱鉅的任務，尤其是考慮到我們擁有如此龐大而多樣化的用戶群。

It is also the challenge for our new generation of leaders.

這也是我們新一代領導人面臨的挑戰。

We are also learning and adjusting through iteration.

我們也在通過迭代學習和調整。

But one thing that is not changing is that we will continue to hold ourselves to high ROI standards in terms of sales and marketing and spend our sales and marketing dollars in a highly disciplined manner.

但沒有改變的一件事是，我們將繼續在銷售和營銷方面保持高投資回報率標準，並以高度自律的方式花費我們的銷售和營銷資金。

At the same time, we are also stepping up our investments and investing patiently for long-term development of our company.

同時，我們也在加大投入，耐心投入，為公司的長遠發展做好準備。

You may have noticed that we are increasing our R&D investments, which is a key area for our future investments.

您可能已經註意到我們正在增加我們的研發投資，這是我們未來投資的一個關鍵領域。

And in your question, you also touched upon profitability, so let me ask Tony to help address that.

在你的問題中，你還提到了盈利能力，所以讓我請託尼幫忙解決這個問題。

Okay.

好的。

Natalie, coming back to your question regarding the consecutive being profitable for the past 2 quarters, the main contribution of our profitability in the past 2 quarters is the leverage efforts from sales and marketing expenses showing a decline in percentage of revenue.

Natalie，回到你關於過去兩個季度連續盈利的問題，過去兩個季度我們盈利的主要貢獻是銷售和營銷費用的槓桿作用，顯示收入百分比下降。

But for us, the profitability is not any team's KPI internally.

但對我們來說，盈利能力並不是任何團隊內部的 KPI。

We are more focused on the long-term investment to address users' fundamental needs.

我們更專注於滿足用戶基本需求的長期投資。

As we have been communicating with the market, to us, investment into sales and marketing is similar in nature to capital expenditure which crystallize as user mindshare, a long-term assets for us.

由於我們一直在與市場溝通，對我們而言，對銷售和營銷的投資在本質上類似於資本支出，後者體現為用戶的心智份額，對我們來說是一項長期資產。

So this is a strategy that we have been digitally executing for the first 5 years and an area where we will continue to practice financial prudence.

因此，這是我們在前 5 年一直以數字方式執行的戰略，也是我們將繼續實行財務審慎的領域。

It is worth highlighting that we are shifting our focus and investments towards R&D and expect to step up our investment there to lay the foundation for the solid long-term growth.

值得強調的是，我們正在將重點和投資轉向研發，並期望加大在研發方面的投資，為穩固的長期增長奠定基礎。

As a result, we will expect R&D expenses to increase going forward.

因此，我們預計未來研發費用將增加。

Coming to your second question, I think Lei will address that question, but let me just point out one comment on that.

關於你的第二個問題，我認為雷將回答這個問題，但我只想指出一個評論。

I think you mentioned about the financial impact in the third quarter for the CNY 10 billion program.

我想你提到了百億計劃在第三季度的財務影響。

Since this program has only get the EGM approval at the end of September, so in the Q3 financial results, there's nothing has been booked or reflected yet.

由於該計劃在 9 月底才獲得臨時股東大會的批准，因此在第三季度的財務業績中，還沒有任何記錄或反映。

Lei, I pass the floor back to you.

雷，我把發言權還給你。

[Interpreted] I'd like to add one more point here.

[解釋] 我想在這裡再補充一點。

So after we announced our CNY 10 billion agri initiative last quarter, we have received many quality product proposals and advices from various stakeholders in the industry.

因此，在我們上個季度宣布百億農業計劃後，我們收到了來自行業各利益相關方的許多優質產品提案和建議。

So together with my team, I'm also diligently starting various proposals.

所以和我的團隊一起，我也在努力開始各種提案。

And so that will conclude the answer for this.

因此，這將結束這個問題的答案。

Your next question comes from the line of Thomas Chong of Jefferies.

您的下一個問題來自 Jefferies 的 Thomas Chong。

I have two questions.

我有兩個問題。

The first question is about the competitive landscape in online shopping as well as the impact to our site due to the increase in popularity in live streaming online shopping.

第一個問題是關於在線購物的競爭格局以及由於在線直播在線購物的受歡迎程度增加而對我們網站的影響。

And my second question is about our support measures.

我的第二個問題是關於我們的支持措施。

Can management highlight about the support measures for merchants?

管理層能否強調對商戶的支持措施？

And how should we expect the growth rate between GMV and advertising due to the support measures?

以及由於支持措施，我們應該如何預期 GMV 和廣告之間的增長率？

[Interpreted] Thank you, Thomas, for your question.

[解釋] 謝謝你，托馬斯，你的問題。

Let me address this question.

讓我來解決這個問題。

So in my view, e-commerce in China is a huge industry, full of vibrancy and potential.

所以在我看來，中國的電子商務是一個巨大的產業，充滿活力和潛力。

As we see mobile technologies continue to develop and the relevant infrastructure continues to mature, and also, at the same time, consumer demand is also constantly evolving.

我們看到移動技術不斷發展，相關基礎設施不斷成熟，與此同時，消費者的需求也在不斷發展。

With all these moving pieces and these changes, commercially, we do expect more and more platforms entering this space, and this would make commercial sense.

隨著所有這些移動部件和這些商業變化，我們確實希望越來越多的平台進入這個領域，這將具有商業意義。

At the same time, we also noticed that the recent issued rules and regulatory measures are promoting healthy competition and the orderly development of the entire e-commerce sector.

同時，我們也注意到，近期出台的規則和監管措施正在促進良性競爭和整個電子商務領域的有序發展。

In our view, we think that more competition is always good in terms of promoting positive benefits and providing benefits to users, the industries and all the companies involved.

在我們看來，我們認為，在促進積極利益和為用戶、行業和所有相關公司提供利益方面，更多的競爭總是好的。

For example, we have seen platform companies, including the short video platforms entering the e-commerce sector.

例如，我們看到平台公司，包括短視頻平台進入電子商務領域。

And to us, it is not surprising to see these companies with such a huge user base and high user frequency, such as the short video platforms, to enter this space.

而對於我們來說，像短視頻平台這樣擁有如此龐大用戶群和高用戶頻率的公司進入這個領域也就不足為奇了。

At the same time, we are also seeing more and more platforms with sizable user base and engagement level entering this space.

與此同時，我們也看到越來越多具有龐大用戶群和參與度的平台進入這一領域。

So just now discussed external factors, but I think it's always important to come back and zoom in into ourselves and see what kind of value are we providing.

所以剛才討論了外部因素，但我認為回來放大自己，看看我們提供了什麼樣的價值總是很重要的。

So Pinduoduo actually started off from selling agricultural produce.

所以拼多多其實是從賣農產品開始的。

We always aim to help address users' daily necessity and basic needs.

我們始終致力於幫助解決用戶的日常必需品和基本需求。

So in my view, this sets us apart from the other e-commerce players and potential new entrants.

因此，在我看來，這使我們與其他電子商務參與者和潛在的新進入者區分開來。

And so for us, how to serve our nearly 870 million users better and remain user-centric is our Ben Fen as a company.

所以對我們來說，如何更好地服務我們近 8.7 億用戶並保持以用戶為中心是我們公司的奔奮。

And so the question that we constantly ask ourselves are, how could we continuously iterate to serve our users better?

因此，我們不斷問自己的問題是，我們如何不斷迭代以更好地為用戶服務？

At the same time, are we creating value for the society?

同時，我們是否在為社會創造價值？

Are we promoting a green environment and sustainability?

我們是否在促進綠色環境和可持續性？

So for us, our key strategy as a company has always been to gain user trust and to create value for society, which we believe will also become our long-term assets.

所以對我們來說，作為一家公司，我們的關鍵戰略一直是贏得用戶的信任，為社會創造價值，我們相信這也將成為我們的長期資產。

My next question is about how should we think about the support measures to merchants and the growth rate between GMV and advertising as a result of the support measures?

我的下一個問題是，我們應該如何看待對商家的支持措施以及支持措施帶來的 GMV 和廣告之間的增長率？

Thank you, Thomas.

謝謝你，托馬斯。

Let me try to address your question.

讓我試著回答你的問題。

I think your question is pretty much linked to the outlook of monetization.

我認為您的問題與貨幣化前景密切相關。

Let me share some of our views.

讓我分享一下我們的一些看法。

Our strategy has always been serving our users well, as Lei just mentioned in his response.

正如雷軍在回復中提到的那樣，我們的策略一直是為我們的用戶提供良好的服務。

We believe the revenue growth and monetization are a natural result of that.

我們認為收入增長和貨幣化是其自然結果。

And our merchants ROI is already reflected in our revenues.

我們的商家投資回報率已經反映在我們的收入中。

As you can see, our revenue performance this quarter shows the healthy ROI merchants are seeing when they sell more on our platform.

如您所見，我們本季度的收入表現表明，當商家在我們的平台上銷售更多時，他們看到了健康的投資回報率。

We do not focus on the monetization on a quarterly basis.

我們不關注每季度的貨幣化。

It is a result of user satisfaction and merchant ROI.

這是用戶滿意度和商家投資回報率的結果。

And our merchant, the monetization rate has been fluctuated in the past and it will be the case going forward.

而我們的商家，貨幣化率過去是有波動的，以後也會這樣。

We are also raising the bar on the quality of merchants and the products to meet our users' needs to help promote agriculture produce to users and strengthen PDD as a go-to platform for agricultural products.

我們還提高了商家和產品的質量標準，以滿足用戶的需求，以幫助向用戶推廣農產品，並加強 PDD 作為農產品的首選平台。

Therefore, we are committed to keeping a 0 commission policy for agriculture and fresh produce.

因此，我們致力於保持農產品和新鮮農產品的零佣金政策。

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

您的下一個問題來自摩根士丹利的 Eddy Wang。

I also have two questions.

我也有兩個問題。

The first one is regarding the -- our efforts to attract more brands and branded products merchants on our platform.

第一個是關於我們在我們的平台上吸引更多品牌和品牌產品商家的努力。

we noticed that the merchandise sales actually declined significantly on a quarter-on-quarter basis.

我們注意到商品銷售實際上環比大幅下降。

Should we suppose that this is a very ideal progress for us in the last quarter actually attract more the branded brands in our platform?

我們是否應該假設這對我們來說是一個非常理想的進展，在上個季度實際上吸引了更多的品牌品牌進入我們的平台？

That's question number one.

這是第一個問題。

And the second question is about the rather weak consumption environment in China since the third quarter.

第二個問題是第三季度以來中國消費環境較為疲軟。

So as we see that some of the competitor platform, they actually have been affected by this weak consumption significantly but seem to be very resilient.

因此，正如我們看到的一些競爭對手平台，他們實際上受到了這種疲軟消費的顯著影響，但似乎非常有彈性。

I just want to hear your view on how this -- the weak consumption had been affect on PDD, especially given that we have higher exposure to the agriculture products and the -- for example, value for money.

我只是想听聽您對此的看法——疲軟的消費對拼多多產生了影響，特別是考慮到我們對農產品的敞口更高——例如，物有所值。

Does that mean that our GMV growth or revenue growth actually is more resilient under this environment?

這是否意味著我們的 GMV 增長或收入增長實際上在這種環境下更具彈性？

[Interpreted] So let me answer your question.

[解釋]所以讓我回答你的問題。

I believe your first question is on brand.

我相信你的第一個問題是關於品牌的。

So as our user base increased, we are noticing that our users need and demand are also becoming more and more diversified.

因此，隨著我們用戶群的增加，我們注意到我們的用戶需求和需求也變得越來越多樣化。

And at the same time, we are observing that our users' needs, they do require more and they also require more abundant supply of product offering and brand.

同時，我們正在觀察用戶的需求，他們確實需要更多，他們也需要更豐富的產品供應和品牌供應。

So from our view, we do think that in terms of getting more brands, this process will do take some time.

所以在我們看來，我們確實認為在獲得更多品牌方面，這個過程確實需要一些時間。

At the same time, the recent anti-two-choose-one measures have may -- had some initial impact, whereby we have noticed that a number of brands finally there to come to the platform and start to operate.

同時，近期的反二選一措施也可能產生了一些初步的影響，我們注意到一些品牌終於來到了平台並開始運營。

And -- but however, store opening is a gradual process, which requires both the platform and the brands to put in resources, energy and time and to build trust and foster a successful partnership.

而且——但是，開店是一個漸進的過程，需要平台和品牌方投入資源、精力和時間，建立信任並培養成功的合作夥伴關係。

So we do expect this to take some time and the process to be more gradual.

因此，我們確實希望這需要一些時間，並且這個過程會更加漸進。

Please hold and the conference will resume shortly.

請稍等，會議將很快恢復。

Thank you for your patience.

感謝您的耐心等待。

(technical difficulty)

（技術難度）

(Operator Instructions) Your next question comes from the line of Joyce Ju of Bank of America.

（操作員說明）您的下一個問題來自美國銀行的 Joyce Ju。

I have two questions.

我有兩個問題。

My first question is related to the regulatory environment.

我的第一個問題與監管環境有關。

Could management give us an update on the recent regulatory environment, specifically the Tencent, Alibaba opening up affect our operations?

管理層能否向我們提供有關近期監管環境的最新信息，特別是騰訊、阿里巴巴的開放影響我們的運營？

May you also share some colors on if there are any regulatory measures that affect your operations.

如果有任何影響您的運營的監管措施，您還可以分享一些顏色。

And second, my question is we have seen our 1P business continue to decline in the third quarter.

其次，我的問題是我們看到我們的 1P 業務在第三季度繼續下滑。

Does this mean that you have winded down this business?

這是否意味著您已經結束了這項業務？

Any comment on the future 1P business contribution?

對未來的 1P 業務貢獻有何評論？

[Interpreted] So we think the recent series of regulatory measures would help to promote the high-quality growth of the platform economy and the entire industry.

【解讀】所以我們認為近期的一系列監管措施有利於促進平台經濟和整個行業的高質量發展。

So we have always been fully embracing and supporting the regulatory measures, and we'll continue to firmly and thoroughly implement all relevant guidance and measure.

因此，我們一直對監管措施給予充分的擁護和支持，我們將繼續堅定、深入地落實各項相關指導措施。

We saw that many companies are taking action and continuing to optimize under the backdrop of these changes brought forth by regulations in the industry.

我們看到，在行業法規帶來的這些變化的背景下，很多企業都在行動，不斷優化。

We are one of these companies.

我們就是這些公司之一。

Our company as a whole is proactively taking this as an opportunity to improve ourselves and also to further enhance compliance with regulation.

我們公司作為一個整體，正在積極地以此為契機，提高自己，並進一步加強對法規的遵守。

So in the short term, you may notice the impact from these changes.

因此，在短期內，您可能會注意到這些變化的影響。

But in the medium to longer term though, we believe that these changes would be very beneficial to users, the industry and the companies involved in this industry.

但從中長期來看，我們相信這些變化將對用戶、行業和涉及該行業的公司非常有利。

Joyce, let me...

喬伊斯，讓我...

[Interpreted] We are also following up the development of opening up as you mentioned, as we believe that such measure would set a great example for platform companies and the entire sector.

【解讀】正如你所說，我們也在關注對外開放的發展，相信這樣的舉措會給平台公司和整個行業樹立一個很好的榜樣。

So we believe such measures would eventually be very beneficial for the users and the healthy development of the sector in the long run.

因此，我們相信這些措施最終將對用戶和行業的長期健康發展非常有利。

Joyce, let me come to address your question regarding the 1P business.

喬伊斯，讓我來回答你關於 1P 業務的問題。

As we mentioned at the outset, when we started this 1P business, we already stated very clearly our 1P trial is a temporary measure to offer products that our consumers want but our merchants cannot offer at that time.

正如我們一開始提到的，當我們開始這項 1P 業務時，我們已經非常明確地表示，我們的 1P 試驗是一種臨時措施，提供我們的消費者想要但我們的商家當時無法提供的產品。

So 1P is not a strategic priority for us.

所以 1P 不是我們的戰略重點。

As we see more product offering from merchants on our platform, we do not expect a significant revenue contribution from 1P going forward.

隨著我們看到商家在我們的平台上提供更多產品，我們預計 1P 未來不會有顯著的收入貢獻。

Thank you, everyone, for joining us on the conference call today.

謝謝大家，今天加入我們的電話會議。

If you have any further questions, please refer to our IR team's e-mail address.

如果您有任何其他問題，請參閱我們的 IR 團隊的電子郵件地址。

Thank you, and have a great day.

謝謝你，祝你有美好的一天。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]

[此成績單中標記為 [已翻譯] 的部分由現場通話中的口譯員朗讀。]