拼多多 (PDD) 2021 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Pinduoduo Second Quarter 2021 Earnings Conference Call. (Operator Instructions)

美好的一天，謝謝你的支持。歡迎來到拼多多2021年第二季度財報電話會議。 （操作員說明）

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

請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your speaker today, [Jason Xu]. Please go ahead.

我現在想把會議交給今天的演講者，[Jason Xu]。請繼續。

All right. Thank you, operator. Hello, everyone, and thank you for joining us today. Pinduoduo earnings release was distributed earlier and is available on the IR website at investor.pinduoduo.com as well as through GlobeNewswire services.

好的。謝謝你，運營商。大家好，感謝您今天加入我們。拼多多財報發布較早，可在 IR 網站 investor.pinduoduo.com 以及 GlobeNewswire 服務上獲取。

On today's call, our Chairman and Chief Executive Officer, Chen Lei, will make some general remarks on our performance for the past quarter and our strategic focus going forward. Our VP of Finance, Tony Ma, will then elaborate further on specific strategic initiatives and take us through our financial results for the second quarter ended June 30, 2021.

在今天的電話會議上，我們的董事長兼首席執行官陳雷將就我們上個季度的業績和未來的戰略重點發表一些一般性評論。我們的財務副總裁 Tony Ma 隨後將進一步闡述具體的戰略舉措，並向我們介紹截至 2021 年 6 月 30 日的第二季度財務業績。

Before we begin, I would like to refer you to our safe harbor statement in the earnings press release which applies to this call as we will make certain forward-looking statements. Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of the non-GAAP measures to GAAP measures.

在我們開始之前，我想請您參閱適用於本次電話會議的收益新聞稿中的安全港聲明，因為我們將做出某些前瞻性聲明。此外，此次電話會議還討論了某些非 GAAP 財務措施。請參閱我們的收益發布，其中包含非 GAAP 措施與 GAAP 措施的調節。

So now it is my pleasure to introduce our Chairman and Chief Executive Officer, Chen Lei. Lei, please go ahead.

所以現在我很高興地介紹我們的董事長兼首席執行官陳雷。蕾，請繼續。

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

謝謝你，傑森。大家好，感謝您加入我們的 2021 年第二季度業績公告。

Thanks to our users' trust, our total revenue for this quarter, excluding revenue from merchandise sales, was RMB 21.1 billion. This represents a year-on-year increase of 73%. Our active buyers reached 849.9 million for the 12 months ending on June 30. Over the quarter, average MAU increased to 738.5 million, representing 87% of our annual active buyers.

感謝用戶的信任，本季度我們的總收入（不包括商品銷售收入）為人民幣 211 億元。這意味著同比增長 73%。截至 6 月 30 日的 12 個月，我們的活躍買家達到 8.499 億。在本季度，平均 MAU 增加到 7.385 億，占我們年度活躍買家的 87%。

Our results this quarter demonstrate our enduring commitment to serve our users as well as their trust in us. We feel fortunate and are grateful for their consistent support, and we will continue to do our best to serve them and all our stakeholders.

我們本季度的業績證明了我們為用戶服務的持久承諾以及他們對我們的信任。我們感到幸運並感謝他們的一貫支持，我們將繼續竭盡全力為他們和我們所有的利益相關者服務。

Pinduoduo takes our responsibility to our users and society very seriously. Without them and their support, we will not be where we are today. This is why we are always there with them and for them in their times of need. After heavy rains struck Hunan province last month, we immediately mobilized our networks, our partners to provide relief. Close to 20,000 Duo Duo Grocery pickup points in those city helped to distribute emergency supplies to residents living in their vicinity.

拼多多非常重視對用戶和社會的責任。沒有他們和他們的支持，我們不會有今天的成就。這就是為什麼我們總是和他們在一起，並在他們需要的時候幫助他們。上個月湖南省暴雨過後，我們立即動員我們的網絡、我們的合作夥伴提供救災。這些城市的近 20,000 個 Duo Duo Grocery 取貨點幫助向居住在附近的居民分發應急物資。

With Hunan's agriculture supplies disrupted by COVID-19 and the rain, we linked up Hunan's Duo Duo Grocery network with neighboring networks, including Shandong and Anhui, to ensure that residents continue to have the supplies they needed at stable prices. As user demand in Hunan rose significantly, we also increased our warehousing by 4x and doubled our manpower there. In addition to these efforts, we contributed RMB 100 million towards the rescue and relief efforts.

由於湖南的農業供應因 COVID-19 和降雨而中斷，我們將湖南的多多雜貨網絡與包括山東和安徽在內的鄰近網絡連接起來，以確保居民繼續以穩定的價格獲得所需的供應。隨著湖南用戶需求的顯著上升，我們也將倉儲量增加了 4 倍，並將人力增加了一倍。除了這些努力，我們還為搶險救災捐助了 1 億元人民幣。

Our support for Hunan is in the same spirit as our earlier initiatives to leverage our platform to contribute to society. When COVID-19 disrupted traditional agricultural supply chains last year, we launched our Help the Farmers initiative, connecting farmers directly with consumers across the country. Through our various efforts, we helped over 1.13 million farmers sell over 2.06 million tons of agricultural produce by end of 2020. This helped farmers reduce spoilage and losses and consumers get what they needed.

我們對湖南的支持與我們早先利用我們的平台為社會做出貢獻的舉措的精神是一樣的。當 COVID-19 去年擾亂了傳統的農業供應鏈時，我們發起了“幫助農民”計劃，將農民與全國各地的消費者直接聯繫起來。通過多方努力，截至2020年底，我們已幫助113萬多農戶銷售農產品206萬多噸，幫助農民減少變質和損失，讓消費者吃到飽。

As consumers turn to online grocery shopping to minimize contact, existing delivery systems become overwhelmed, resulting in significant backlog. We responded by launching Duo Duo Grocery, a next-day self-pickup service that connects local demand and supply. Duo Duo Grocery unclogged the backlog, providing users more affordable and fresher produce in an efficient manner. It has since become an important offering to our users, helping to create and preserve millions of jobs around the entire agri-food value chain in the process. It has also proven it works as a support network in times of need. And so we will continue to improve it to benefit users, farmers and their communities.

隨著消費者轉向在線雜貨店購物以盡量減少接觸，現有的配送系統變得不堪重負，導致大量積壓。作為回應，我們推出了 Duo Duo Grocery，這是一種連接本地供需的次日自取服務。 Duo Duo Grocery 疏通了積壓，以高效的方式為用戶提供更實惠、更新鮮的產品。從那以後，它已成為我們用戶的重要產品，幫助在此過程中圍繞整個農業食品價值鏈創造和保留數百萬個工作崗位。它還證明它可以在需要時充當支持網絡。因此，我們將繼續改進它，使用戶、農民及其社區受益。

Improving agriculture has been at the front and center of our business from the very beginning. Agriculture touches the daily lives of everyone and has a relatively low digitization rate. with many of our teams being engineers by training, we hope to apply technology to agriculture so as to make a large positive impact on society and contribute to a -- the national effort to modernize agriculture and Vitalize rural communities.

從一開始，改善農業一直是我們業務的前沿和中心。農業觸及每個人的日常生活，數字化率相對較低。我們的許多團隊都是受過培訓的工程師，我們希望將技術應用於農業，從而對社會產生巨大的積極影響，並為國家實現農業現代化和振興農村社區做出貢獻。

Applying technology to agriculture is the best way for us to achieve our mission, which is to benefit all, to put people first and to be more open. We are gratified that Duo Duo serves over 16 million farmers, acting as their portal to a digital economy. Farmers are the bedrock of agri-food systems. To help them thrive is to help our agri-food system and society at large thrive.

將技術應用於農業是我們實現使命的最佳途徑，即造福所有人、以人為本、更加開放。我們很高興多多為超過 1600 萬農民提供服務，成為他們通往數字經濟的門戶。農民是農業食品系統的基石。幫助他們茁壯成長就是幫助我們的農業食品系統和整個社會蓬勃發展。

We have seen firsthand how online agriculture retail and technology have benefited farmers. We are pleased that farmers and our partners recognize it, too, which is why they have spread the word and helped a number of farmers on our platform grow so quickly.

我們親眼目睹了在線農產品零售和技術如何使農民受益。我們很高興農民和我們的合作夥伴也認識到這一點，這就是為什麼他們傳播信息並幫助我們平台上的許多農民快速成長的原因。

We want to bring even more farmers on board and work with them to improve their lives and livelihoods. This is possible only if we also worked for our users and society at large. This is why we are focusing on playing a role in strengthening food security, safety and technology. And now let me elaborate.

我們希望讓更多的農民參與進來，與他們一起改善他們的生活和生計。只有當我們也為我們的用戶和整個社會工作時，這才有可能。這就是為什麼我們專注於在加強食品保障、安全和技術方面發揮作用。現在讓我詳細說明。

First, for the security. It's important to secure consumer access to a wide variety of affordable and nutritious food. For this, we need to help our farmers sell better and earn more so that they can cultivate more efficiently and sustainably. On the supply side, we need to up new farmers, as we have been doing, through Duo Duo Academy and in partnership with local governments and agronomic institutes to apply new technology.

首先，為了安全。確保消費者能夠獲得種類繁多、價格實惠且營養豐富的食品非常重要。為此，我們需要幫助我們的農民賣得更好，賺得更多，這樣他們才能更高效、更可持續地種植。在供應方面，我們需要通過多多學院，與地方政府和農藝機構合作，培養新的農民，就像我們一直在做的那樣，應用新技術。

On the demand side, we need to create awareness of their produce to aggregate demand to them. While China has a diverse selection of unique agricultural products, consumers often do not know about many of them. We want to change this by promoting their rich offerings nationwide. This is -- it is in this spirit that we recently launched our third harvest festival, leveraging our CNY 10 billion program and the flash sale. This year's edition featured over 1,000 unique quality produce from 400 quality agricultural production region.

在需求方面，我們需要提高對他們產品的認識，以匯總對他們的需求。雖然中國有多種獨特的農產品可供選擇，但消費者往往不了解其中的許多產品。我們希望通過在全國范圍內推廣他們豐富的產品來改變這種狀況。這是——正是本著這種精神，我們最近推出了第三個豐收節，利用我們的 100 億元人民幣計劃和限時搶購。今年的活動展示了來自 400 個優質農產品產區的 1,000 多種獨特優質農產品。

Since inception of the CNY 10 billion program, our 0 commission policy for agricultural produce has attracted over 10,000 quality agri merchants to the program, selling over 20,000 agricultural SKUs. I want to take this opportunity to pledge that we will maintain our 0 commission policy for agricultural products to help farmers build a more resilient, efficient and profitable business.

自百億計劃啟動以來，我們的農產品零佣金政策吸引了超過10,000家優質農產品商家加入該計劃，銷售超過20,000個農產品SKU。我想藉此機會承諾，我們將維持我們的農產品零佣金政策，以幫助農民建立更有彈性、更高效、更有利可圖的企業。

Second, food safety. We want to help improve standard across agri-food systems. Our supply chain itself will continue to help build up the agri-focused infrastructure. We are investing to improve demand and supply matching, [quoting] integration and smarter route planning. These efforts will also reduce agriculture's environmental footprint by cutting resource use and emissions from storage and transportation. We are still at the very beginning of this infrastructure buildup. However, we are confident of its long-term benefits.

二是食品安全。我們希望幫助提高整個農業食品系統的標準。我們的供應鏈本身將繼續幫助建立以農業為重點的基礎設施。我們正在投資改善供需匹配、[報價]整合和更智能的路線規劃。這些努力還將通過減少儲存和運輸過程中的資源使用和排放來減少農業的環境足跡。我們仍處於這種基礎設施建設的最初階段。但是，我們對其長期利益充滿信心。

Third, food technology or agri-food technology. We can only create a vibrant and sustainable agri-food system by seeking solutions from the cutting edge of science and working with farmers to apply these solutions. I would like to highlight the work we are doing in precision farming.

第三，食品技術或農業食品技術。我們只能通過從科學前沿尋求解決方案並與農民合作應用這些解決方案，從而創建一個充滿活力和可持續的農業食品系統。我想強調我們在精準農業方面所做的工作。

Early this month, we launched the second Smart Agriculture Competition together with China Agricultural University and Zhejiang University.

本月初，我們與中國農業大學、浙江大學共同發起了第二屆智慧農業大賽。

We challenged teams from around the world to plant tomatoes. Last year, we challenged teams to deliver cost-effective productivity improvements with strawberries.

我們向來自世界各地的團隊發起挑戰，要求他們種植西紅柿。去年，我們向團隊提出挑戰，要求他們使用草莓以具有成本效益的方式提高生產力。

The technology teams performed very well, demonstrating the cost-adjusted benefits of adopting precision farming by producing 3x more fruit than the experienced farmers. Two of these teams have since started to commercialize their technology, which will result in real productivity gains for farmers.

技術團隊表現非常出色，通過生產比經驗豐富的農民多 3 倍的水果，展示了採用精準農業的成本調整後收益。其中兩個團隊已經開始將他們的技術商業化，這將真正提高農民的生產力。

After last year's successful run, we are stepping up our criteria. On top of cost-effective productivity improvements, teams will need to demonstrate their farming technology to improve the tomato's nutritional profile while exerting less impact on the environment. We welcome all interesting teams with relevant skills to join this competition.

在去年的成功運行之後，我們正在提高我們的標準。除了具有成本效益的提高生產力之外，團隊還需要展示他們的農業技術，以改善番茄的營養狀況，同時減少對環境的影響。我們歡迎所有具有相關技能的有趣團隊參加本次比賽。

Third, agritech will make agriculture more attractive to the tech-savvy, Internet-native, younger generation. We want to help them apply their tech skills in agriculture. To date, we have directly contributed to over 100,000 new farmers returning and working in their hometowns. We will continue to strengthen our training for new farmers, and we are targeting to train another 100,000 of them over the next 5 years.

第三，農業科技將使農業對精通技術、互聯網的年輕一代更具吸引力。我們希望幫助他們在農業中應用他們的技術技能。迄今為止，我們已直接帶動超過10萬名新農民返鄉務工。我們將繼續加強對新農民的培訓，我們的目標是在未來5年內再培訓10萬名新農民。

While we have made headway in our agriculture improvement initiatives, there is still a lot to be done to support our farmers and apply technology to agriculture to make it smarter, more resilient, more sustainable and benefit all.

雖然我們在農業改進計劃方面取得了進展，但在支持我們的農民並將技術應用於農業以使其更智能、更有彈性、更具可持續性並造福所有人方面，仍有許多工作要做。

As China's largest online agriculture platform, we launched a dedicated 10 Billion Agriculture Initiative today, which seeks to face and address the critical needs in agricultural sectors and rural areas. Commercial values of properties are not a goal, but rather we strive to facilitate advancement of agri-tech, promote digital inclusion and provide agritech talents and workers with greater motivation and sense of achievement.

作為中國最大的在線農業平台，我們今天啟動了專門的“百億農業計劃”，旨在直面和解決農業和農村地區的關鍵需求。物業的商業價值不是目標，而是我們努力促進農業技術的進步，促進數字包容，並為農業技術人才和工人提供更大的動力和成就感。

Although the 10 Billion Agriculture Initiative will clearly impact the short-term earnings per share for shareholders, it has already received the support and approval of the Board of Directors, and it will be personally overseen by myself. We will then hold a shareholder meeting to seek the support of the majority of shareholders. This is an important and challenging task, which we will invest impatiently.

雖然百億農業計劃對股東的短期每股收益有明顯的影響，但已經得到了董事會的支持和認可，由本人親自監督。屆時我們將召開股東大會，爭取廣大股東的支持。這是一項重要且具有挑戰性的任務，我們將不耐煩地投入其中。

All our profits from Q2 and any potential profits in the future quarters will first be allocated towards this initiative until a total of CNY 10 billion commitment is fulfilled.

我們從第二季度獲得的所有利潤以及未來幾個季度的任何潛在利潤將首先分配給該計劃，直到完成總計 100 億元人民幣的承諾。

Thank you. And now let me pass it on to Tony.

謝謝你。現在讓我把它傳遞給托尼。

Thank you, Lei. Hello, everyone. Let me begin by providing an update on our progress in improving agriculture by applying technology and elaborate on how we will continue to deploy resources to do so, so as to achieve our mission to benefit all. And I will then discuss our financials this quarter.

謝謝你，雷。大家好。首先讓我介紹一下我們通過應用技術改善農業的最新進展，並詳細說明我們將如何繼續為此部署資源，以實現我們造福所有人的使命。然後我將討論本季度的財務狀況。

First, our efforts on digital and technological inclusion on farmers and agri merchants. We are firm believers in online agriculture retail and have already connected over 16 million farmers. We are committed to do more of that for them and bring more farmers on board and into the digital economy.

首先，我們在農民和農產品商人的數字和技術包容方面所做的努力。我們堅信在線農產品零售，並且已經連接了超過 1600 萬農民。我們致力於為他們做更多的事情，讓更多的農民參與進來並進入數字經濟。

Many farmers are small holders and may not be digital natives. We will be directing resources to make it simple and worthwhile for them to embrace tech-enabled agriculture. Our platform helps farmers sell effectively online by making China's rich and diverse agricultural produce discoverable and accessible to our 850 million annual users whose demand with then aggregate. As a foundation, we are committed to keeping our CNY 10 billion program completely free for all agricultural produce.

許多農民是小農，可能不是數字原住民。我們將引導資源，使他們能夠簡單而有價值地接受技術支持的農業。我們的平台讓我們的 8.5 億年度用戶可以發現和訪問中國豐富多樣的農產品，從而幫助農民有效地進行在線銷售，而這些用戶的需求隨後會聚集在一起。作為基金會，我們致力於讓我們的 100 億元人民幣計劃對所有農產品完全免費。

Further to that, we will be focusing on promoting quality agricultural produce. We have seen encouraging results from our third harvest festival last week. This year, presale orders nearly tripled within the same time frame with our users learning about and trying more special products, including vegetables from Sichuan needlecraft from Hunter Lake and matsutake mushroom from Shangri-La.

此外，我們將重點推廣優質農產品。我們在上週的第三次豐收節中看到了令人鼓舞的成果。今年，預售訂單在同一時間段內增長了近兩倍，我們的用戶了解並嘗試了更多特色產品，包括來自獵人湖的四川刺繡蔬菜和來自香格里拉的松茸。

We see great potential for Pinduoduo to be the go-to place to discover unique produce and learn and experience China's rich agricultural diversity. We will continue to invest heavily to make this a reality. We will apply C2M to help them cultivate better and build their brands.

我們看到了拼多多的巨大潛力，它可以成為發現獨特農產品、學習和體驗中國豐富農業多樣性的首選之地。我們將繼續大力投資以實現這一目標。我們將應用C2M來幫助他們更好地培養和建立他們的品牌。

Our pioneering C2M model was recently recognized by the Retail Asia Awards for helping many export-oriented OEMs to pivot to the domestic market after COVID-19 disrupted the demand from abroad. Through C2M, they tailored their products to Chinese consumers and built strong brands to sell them.

我們開創性的 C2M 模式最近獲得了亞洲零售大獎的認可，以幫助許多出口導向型 OEM 在 COVID-19 擾亂國外需求後轉向國內市場。通過 C2M，他們為中國消費者量身定制產品，並建立強大的品牌來銷售。

We will be applying C2M to agriculture. We're working with farmers to understand their customers better and to tailor their produce and packaging accordingly, thereby increasing demand while reducing waste, environmental footprint and advertising spend. This will also help users access more fresh produce that are better, fresher and cheaper.

我們將把 C2M 應用於農業。我們正在與農民合作，以更好地了解他們的客戶，並相應地定制他們的產品和包裝，從而增加需求，同時減少浪費、環境足跡和廣告支出。這也將幫助用戶獲得更多更好、更新鮮、更便宜的新鮮農產品。

An early example of our work in this area is Tieguanyin tea producers in Anxi. Tieguanyin is a premium oolong tea originated from Anxi, Fujian. And Tieguanyin from this area is considered to be the best quality tea within its category.

我們在這方面工作的一個早期例子是安溪的鐵觀音茶葉生產商。鐵觀音是一種優質烏龍茶，原產於福建安溪。該地區的鐵觀音被認為是同類茶中品質最好的。

Under the Anxi County Tea Industry New Brand Alliance, we partnered with 10 leading Tieguanyin producers in Anxi and analyzed the consumers' preference to provide optimization feedback on size, packaging and the price of their product. In addition, we helped them to establish a new brand image of quality tea is not expensive among consumers. This helped to increase sales significantly.

在安溪縣茶業新品牌聯盟下，我們與安溪 10 家領先的鐵觀音生產商合作，分析消費者的偏好，就產品的尺寸、包裝和價格提供優化反饋。此外，我們幫助他們在消費者中樹立了好茶不貴的新品牌形象。這有助於顯著增加銷售額。

Deepening the human capital pool in agriculture is also key to the long-term success of our efforts. And we seek to empower farmers and agri merchants to grow and sell better through Duo Duo Academy and promote new technologies in partnership with local governments and agronomists.

深化農業人力資本庫也是我們努力取得長期成功的關鍵。我們力求通過多多學院幫助農民和農商更好地種植和銷售，並與地方政府和農學家合作推廣新技術。

We also help to nurture and showcase agritech solutions through our global Smart Agriculture Competition, thereafter encouraging their wider adoption in China. After successful inaugural event in 2020, we launched the second edition earlier this month. We are very honored that China Agricultural University, Zhejiang University have joined us and provided their strong support. We have also put together a judging panel composed of distinguished experts and growers with backgrounds in horticulture, crop modeling, algorithm design and policymaking, reflecting the importance of interdisciplinary collaboration to modernize agriculture to benefit all. We hope that this year's competition will spotlight ideas and techniques that can be applied by farmers to improve their farming.

我們還通過我們的全球智能農業競賽幫助培育和展示農業技術解決方案，然後鼓勵它們在中國得到更廣泛的採用。在 2020 年成功舉辦首屆活動後，我們於本月早些時候推出了第二版。我們很榮幸中國農業大學、浙江大學加入我們並提供大力支持。我們還組建了一個由具有園藝、作物建模、算法設計和決策制定背景的傑出專家和種植者組成的評審團，反映了跨學科合作對於實現農業現代化以造福所有人的重要性。我們希望今年的比賽能夠突出農民可以用來改善農業的想法和技術。

Second, retooling logistics for agriculture. We will be allocating resources to improve agri-focused logistics for affordability and efficiency and to reduce its carbon footprint. We will make it well adapted to online agriculture retail.

二是重組農業物流。我們將分配資源來改善以農業為重點的物流，以提高可負擔性和效率，並減少其碳足跡。我們將使其很好地適應在線農產品零售。

We have made good strides in this area, incorporating our route planning technology to our network and solutions. At present, our work has already helped to expand the range of delicate fruits and vegetables that can be sold online at affordable prices. With it, our user enjoy more options because more farmers and agri merchants have joined the digital economy. At the same time, our distribution networks that support these sales have also created many new economic opportunities, catalyzing over 1 million jobs along the way. These improvements have also greened the agriculture supply chain by cutting down carbon emissions through more efficient routing and matching of supply and demand as well as reducing food spoilage and waste in the distribution process.

我們在這一領域取得了長足的進步，將我們的路線規劃技術整合到我們的網絡和解決方案中。目前，我們的工作已經幫助擴大了可以以實惠的價格在網上銷售的精緻水果和蔬菜的範圍。有了它，我們的用戶將享受更多選擇，因為更多的農民和農商加入了數字經濟。與此同時，我們支持這些銷售的分銷網絡也創造了許多新的經濟機會，一路催生了超過 100 萬個工作崗位。這些改進還通過更有效的供需路線和匹配減少碳排放，以及減少配送過程中的食物腐敗和浪費，從而使農業供應鏈更加綠色化。

Well, we are encouraged to see the benefits that our logistics solutions have brought to many stakeholders and the environment. There is still much to do and accomplish. Nevertheless, we are determined to play our part and are committed to make significant long-term investments in it alongside like-minded partners.

好吧，我們很高興看到我們的物流解決方案給許多利益相關者和環境帶來了好處。還有很多事情要做和完成。儘管如此，我們決心發揮自己的作用，並致力於與志同道合的合作夥伴一起對其進行重大的長期投資。

It is our strategic priority to modernize the agri-food system to serve all stakeholders better and become more environmentally sustainable. We are committed to invest any profit and resources into realizing it. Our efforts are still in early days, and we will be patient for our investments to show results.

我們的戰略重點是實現農業食品系統的現代化，以更好地為所有利益相關者服務並提高環境可持續性。我們承諾投入任何利潤和資源來實現它。我們的努力仍處於早期階段，我們將耐心等待我們的投資顯示結果。

Now let me talk through the financial highlights of the second quarter of 2021.

現在讓我談談2021年第二季度的財務亮點。

We continued to see healthy user growth in Q2 and are happy with the progress we are making in improving trust and winning mindshare with our users. Our annual active buyers for the last 12 months ending June 30, 2021, increased to 849.9 million, up 26.1 million from the prior quarter. Our MAU in Q2 reached 738.5 million. This is up 30% compared to the same quarter in 2020. Our MAU as a percentage of our annual active buyers was 87% in the quarter, reflecting continued healthy engagement with our users.

我們在第二季度繼續看到用戶的健康增長，並對我們在提高用戶信任度和贏得用戶關注度方面取得的進展感到高興。截至 2021 年 6 月 30 日的過去 12 個月，我們的年度活躍買家增加到 8.499 億，比上一季度增加了 2610 萬。我們在第二季度的 MAU 達到 7.385 億。與 2020 年同期相比增長了 30%。本季度我們的 MAU 佔年度活躍買家的百分比為 87%，反映出與用戶的持續健康互動。

In terms of P&L, our total revenues in the quarter ended June 30, 2021, were RMB 23 billion, up 89% from RMB 12.2 billion in the same quarter last year. Excluding revenues from our 1P trials, our total revenues grew by 73% to RMB 21.1 billion in Q2 2021. The main driver of this growth was our online marketing services.

在損益方面，我們截至 2021 年 6 月 30 日的季度總收入為 230 億元人民幣，比去年同期的 122 億元人民幣增長 89%。不包括 1P 試驗的收入，我們的總收入在 2021 年第二季度增長了 73% 至人民幣 211 億元。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 18.1 billion this quarter, up 8 -- 64% compared to the same period last year due primarily to continued increase in merchant activities. We have seen merchants spending more and exploring new ways to engage with users and our users browsing more and discovering more items of interest. We can attribute these at least in part to improvements in the advertising products and analytical tools we offer to our merchants, which have helped them to meet and exceed their ROI targets. We are pleased to see the growing endorsement by our merchants and our users.

本季度在線營銷服務收入為人民幣 181 億元，同比增長 8-64%，這主要是由於商家活動的持續增加。我們看到商家花費更多並探索與用戶互動的新方式，而我們的用戶瀏覽更多並發現更多感興趣的項目。我們可以將這些至少部分歸因於我們為商家提供的廣告產品和分析工具的改進，這幫助他們達到並超過了他們的投資回報率目標。我們很高興看到我們的商家和用戶越來越多地認可我們。

Our transaction service revenues this quarter amounted to RMB 3 billion, which is up 164% compared with the same period last year. The increase in our transaction service revenues was due to 2 primary factors: number one, the increase in our GMV in Q2; and number two, the service revenues that we recognized in connection with Duo Duo Grocery for which we provide fulfillment and other related services.

本季度我們的交易服務收入達到人民幣30億元，同比增長164%。我們交易服務收入的增長歸因於兩個主要因素：第一，我們第二季度 GMV 的增長；第二，我們確認的與 Duo Duo Grocery 有關的服務收入，我們為其提供履行和其他相關服務。

We also record RMB 2 billion in merchandise sales for our 1P trials in Q2 2021 as compared to RMB 5.1 billion in the preceding quarter. As we have stated from the outset, our 1P business is meant to temporarily meet user demand of specific products which our merchants are unable to fulfill. Therefore, this number may fluctuate from quarter-to-quarter. Our strategy on 1P remains unchanged, and it will remain a very small part of our business.

我們還記錄了 2021 年第二季度 1P 試驗的商品銷售額為人民幣 20 億元，而上一季度為人民幣 51 億元。正如我們一開始所說，我們的1P業務是為了暫時滿足用戶對我們商家無法滿足的特定產品的需求。因此，這個數字可能會按季度波動。我們在 1P 上的策略保持不變，它仍將是我們業務的一小部分。

Now moving on to costs and expenses. Our total cost of revenues increased from RMB 2.7 billion in Q2 2020 to RMB 7.9 billion this quarter. The increase was mainly due to the costs and the expenses attributable to 1P merchandise sales, higher cost of payment processing fees, cloud service fees and delivery and storage fees.

現在轉向成本和費用。我們的總收入成本從 2020 年第二季度的 27 億元人民幣增加到本季度的 79 億元人民幣。增加的主要原因是 1P 商品銷售的成本和費用、支付處理費、雲服務費以及交付和存儲費的成本增加。

Total operating expenses this quarter were RMB 13.2 billion as compared to RMB 11.2 billion in the same quarter of 2020. On a total non-GAAP basis, operating expenses were RMB 12 billion as compared to RMB 10.3 billion in the same quarter a year ago.

本季度總營業費用為人民幣 132 億元，而 2020 年同期為人民幣 112 億元。按非美國通用會計準則計算，營業費用總額為人民幣 120 億元，而去年同期為人民幣 103 億元。

Our non-GAAP sales and marketing expenses this quarter increased 13% to RMB 10 billion from RMB 8.9 billion in the same quarter of 2020. This was mainly due to an increase in promotion and coupon expenses as we continued to invest in user engagement and mindshare.

我們本季度的非美國通用會計準則銷售和營銷費用從 2020 年同期的 89 億元人民幣增長 13% 至 100 億元人民幣。這主要是由於我們繼續投資於用戶參與度和注意力份額，因此促銷和優惠券費用有所增加.

June is traditionally a festival month for online retail. At Pinduoduo, we do not emphasize on shopping festivals but wish to deliver value-for-money merchandise across all categories to our consumers every day. At the same time, we have detailed internal ROI guidelines on spending and are committed to make investments that meet such ROI guidelines. As a result, we see moderated growth in sales and marketing expenses in this quarter, consistent with historical Q2 spending.

六月傳統上是在線零售的節日月。在拼多多，我們不強調購物節，而是希望每天為我們的消費者提供全品類的超值商品。同時，我們有詳細的內部 ROI 支出指南，並致力於進行符合此類 ROI 指南的投資。因此，我們看到本季度銷售和營銷費用溫和增長，與第二季度的歷史支出一致。

Looking forward, we are committed to make meaningful investments into categories that we think could help strengthen consumer mindshare and benefit all in long term. On this front, we will continue to make it free for agriculture products and fresh produce to be featured in our CNY 10 billion program.

展望未來，我們致力於對我們認為有助於加強消費者心智共享並使所有人長期受益的類別進行有意義的投資。在這方面，我們將繼續免費為百億計劃中的特色農產品和生鮮產品提供服務。

On a non-GAAP basis, our sales and marketing expenses as a percentage of our revenue, excluding 1P trials, this quarter was 47% as compared to 81% and 73% for the same quarter in 2019 and in 2020. The reduction in sales and marketing expenses as a percentage of revenue is a reflection of our economics of scale and the consistent efforts to stick to a high standard of ROI guidelines. However, as we continue to invest into our user mindshare and in light of the upcoming festival season, we expect the sales and marketing expenses to increase, hence impact the bottom line.

按非美國通用會計準則計算，本季度我們的銷售和營銷費用佔收入的百分比（不包括 1P 試驗）為 47%，而 2019 年和 2020 年同期分別為 81% 和 73%。銷售額減少和營銷費用佔收入的百分比反映了我們的規模經濟和堅持高標準投資回報率準則的一貫努力。然而，隨著我們繼續投資於我們的用戶思想份額，並鑑於即將到來的節日季節，我們預計銷售和營銷費用將增加，從而影響底線。

On a non-GAAP basis, our general and administrative expenses were RMB 214 million, an increase of 57% from RMB 137 million in the same quarter of 2020.

按非美國通用會計準則計算，我們的一般和管理費用為人民幣 2.14 億元，比 2020 年同期的人民幣 1.37 億元增長 57%。

Our non-GAAP research and development expenses were RMB 1.8 billion, an increase of 39% from RMB 1.3 billion in the same quarter of 2020. The increase was primarily due to an increase in the headcount, the recruitment of more experienced R&D personnel and an increase in R&D-related cloud services expenses.

我們的非美國通用會計準則研發費用為人民幣 18 億元，比 2020 年同期的人民幣 13 億元增長了 39%。增長的主要原因是員工人數增加、招聘更有經驗的研發人員以及與研發相關的雲服務費用增加。

To sum up, operating profit for this quarter was RMB 2 billion on a GAAP basis compared with operating loss of RMB 1.6 billion in the same quarter of 2020. Non-GAAP operating profit was RMB 3.2 billion compared with operating loss of RMB 725.1 million in the same quarter of 2020. Our non-GAAP operating profit as a percentage of our revenue improved from minus 6% in Q2 2020 to 14% in Q2 2021.

總而言之，根據 GAAP，本季度營業利潤為人民幣 20 億元，而 2020 年同期營業虧損為人民幣 16 億元。非美國通用會計準則營業利潤為人民幣 32 億元，而 2020 年同期營業虧損為人民幣 7.251 億元。 2020 年同一季度。我們的非美國通用會計準則營業利潤佔收入的百分比從 2020 年第二季度的負 6% 提高到 2021 年第二季度的 14%。

Net income attributable to ordinary shareholders was RMB 2.4 billion as compared to net loss of RMB 899.3 million in the same quarter last year.

歸屬於普通股股東的淨利潤為人民幣 24 億元，而去年同期為淨虧損人民幣 8.993 億元。

Basic earnings per ADS was RMB 1.93, and the diluted earnings per ADS was RMB 1.69 compared with basic and diluted net loss per ADS of RMB 0.75 in the same quarter of 2020.

每 ADS 基本收益為 1.93 元人民幣，每 ADS 攤薄收益為 1.69 元人民幣，而 2020 年同期每 ADS 基本和攤薄淨虧損為 0.75 元人民幣。

Non-GAAP net income attributable to ordinary shareholders was RMB 4.1 billion compared with net loss of RMB 77.2 million in the same quarter last year.

非美國通用會計準則歸屬於普通股股東的淨利潤為人民幣 41 億元，而去年同期為淨虧損人民幣 7720 萬元。

Non-GAAP diluted earnings per ADS was RMB 2.85 compared with non-GAAP diluted net loss per ADS of RMB 0.06 in the same quarter of 2020.

非美國通用會計準則每股美國存託憑證攤薄收益為 2.85 元人民幣，而 2020 年同期的非美國通用會計準則攤薄每股美國存託憑證攤薄淨虧損為人民幣 0.06 元。

That completes the profit and loss payment for the second quarter.

這樣就完成了第二季度的損益支付。

Net cash flow provided by the operating activities was RMB 7.4 billion compared with RMB 5.5 billion in the same quarter of 2020 primarily due to an increase in online marketing service revenues.

經營活動提供的現金流量淨額為人民幣 74 億元，而 2020 年同期為人民幣 55 億元，這主要是由於在線營銷服務收入的增加。

As of June 30, 2021, the company had RMB 92.2 billion in cash, cash equivalents and short-term investments.

截至2021年6月30日，公司持有現金、現金等價物及短期投資922億元。

As of the end of July 2021, USD 773.7 million of our 0% convertible bonds due in 2024 have been converted into equity.

截至 2021 年 7 月底，我們 2024 年到期的利率為 0% 的可轉換債券中有 7.737 億美元已轉股。

With that, I conclude my prepared remarks. Operator, we can take questions now.

我就此結束準備好的發言。接線員，我們現在可以提問了。

(Operator Instructions) Your first question comes from the line of Eddy Wang from Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Eddy Wang。

Congratulations on the strong earnings. So I have 2 quick questions. First is about the consumption. So can you share some of your view or the -- so far, what have you witnessed for the consumption in China in the third quarter? Because I think some of the e-commerce -- leading e-commerce players have indicated that the consumption quite -- is a little bit weak. But another leading e-commerce platform report yesterday actually indicated very strong, resilient consumption. So I just want to check what you have seen on the consumption side, especially for the third quarter-to-date situation. This is the first question.

祝賀您獲得豐厚的收益。所以我有兩個簡單的問題。首先是關於消費。那麼，您能否分享您的一些觀點，或者——到目前為止，您對中國第三季度的消費情況有何看法？因為我認為一些電子商務——領先的電子商務玩家已經表示消費相當——有點疲軟。但昨天另一份領先的電子商務平台報告實際上表明消費非常強勁、有彈性。所以我只想看看你在消費方面看到了什麼，尤其是第三季度至今的情況。這是第一個問題。

And the second question actually is about your profitability. I think if I remember correctly, the -- this is the first time that we have seen a very meaningful the profitability for PDD on quarterly basis. And the non-GAAP net margin is 18%. That's very impressive. So given that our business model has been more and more mature, should we expect that -- the profitability pattern in this quarter to be more stable going forward and is more expected going forward? Yes.

第二個問題實際上是關於你的盈利能力。我認為，如果我沒記錯的話，這是我們第一次看到拼多多的季度盈利能力非常有意義。非 GAAP 淨利潤率為 18%。這是非常令人印象深刻的。因此，鑑於我們的商業模式已經越來越成熟，我們是否應該期望 - 本季度的盈利模式在未來會更加穩定並且更有希望向前發展？是的。

Okay. Thank you, Eddy, for the question. Let me try to answer these 2 questions.

好的。艾迪，謝謝你提出這個問題。讓我嘗試回答這兩個問題。

Regarding your first question on the consumption, I think before we go to the third quarter, let's just recap what happened in Q2.

關於你關於消費的第一個問題，我想在我們進入第三季度之前，讓我們回顧一下第二季度發生的事情。

I think in general, with the COVID-19 pandemic under control in Q2, it is natural to see off-line retail actually rebounded faster. At the same time, in 2020, the second quarter represents a much higher base as online retail grew faster due to the COVID-19-related stay-at-home measures. We are encouraged to see the continued and normalized growth in Q2 this year, considering Q2 is usually a busy quarter for e-commerce players.

我認為總的來說，隨著第二季度 COVID-19 大流行得到控制，線下零售實際上反彈得更快是很自然的。與此同時，2020 年第二季度的基數要高得多，因為與 COVID-19 相關的居家隔離措施導致在線零售增長更快。考慮到第二季度通常是電子商務玩家繁忙的季度，我們很高興看到今年第二季度的持續和正常增長。

In the past quarter, we continued to see this healthy improvement in our user engagement and growth on our platform. And our revenue in this quarter grew 89% year-over-year as a whole. And if we take out the 1P merchandise sales, they increased 73% year-over-year. So I would say that the growth is still very strong.

在上個季度，我們繼續看到用戶參與度和平台增長的健康改善。我們本季度的收入整體同比增長了 89%。如果我們剔除 1P 商品銷售額，則同比增長 73%。所以我想說增長仍然非常強勁。

But coming to your question on the third quarter -- Q3, I think we are still small compared to some of our peers in the sector. So we might not be a good barometer of the overall market growth. We are more focusing on ourselves because our growth is fueled by 2 main drivers. One is the user growth and as well as their mindshare.

但是關於第三季度的問題——第三季度，我認為與該行業的一些同行相比，我們仍然很小。因此，我們可能不是整體市場增長的良好晴雨表。我們更專注於自己，因為我們的增長是由兩個主要驅動因素推動的。一是用戶增長以及他們的思想份額。

And as we stated in the remarks, our user base has already reached 850 million, and this growth will be inevitably slowed down. So we shifted the focus really on how to -- serving our users better and steadily building and getting strengthened on their mindshare with the platform. And we see there's still much room to further build and strengthen the trust that our users have in us. And such a progress will take time.

正如我們在評論中所說，我們的用戶群已經達到 8.5 億，這種增長將不可避免地放緩。因此，我們將重點真正轉移到如何更好地為我們的用戶提供服務，並穩步建立和加強他們與該平台的思想共享。而且我們看到還有很大的空間可以進一步建立和加強用戶對我們的信任。而這樣的進步需要時間。

And coming to your second question on the profitability. And our profit in this quarter was mainly attributable to the operating leverage from the sales and marketing expenses, as I just stated in the remarks, due to the seasonality. It is a unique quarter as Q2 is typically a low season for us with less sales and marketing spending. And we do not think that this quarter's profitability should be an indicator or a reference for our future investment in user mindshare and as well as the agri-focused infrastructure. We are seeing more investment coming in the coming quarter. And as we invest more into agriculture, we do not expect profitability to continue.

關於盈利能力的第二個問題。正如我剛才在評論中所說，由於季節性，我們本季度的利潤主要歸因於銷售和營銷費用的經營槓桿。這是一個獨特的季度，因為第二季度對我們來說通常是銷售和營銷支出較少的淡季。而且我們認為本季度的盈利能力不應該成為我們未來對用戶思想份額以及以農業為重點的基礎設施投資的指標或參考。我們看到下一季度會有更多投資。隨著我們對農業的投資增加，我們預計盈利能力不會持續。

And let me just add one more comment on this. We will keep maintaining the 0 commission policy on our agriculture produce to help more farmers and agri merchants, and this type of investment will continue. Thank you.

讓我再補充一條評論。我們將繼續保持農產品零佣金政策，以幫助更多的農民和農商，這種投資將繼續下去。謝謝你。

Your next question comes from the line of Natalie Wu from Haitong International.

你的下一個問題來自海通國際的Natalie Wu。

Congratulations on another solid quarter. So I have 2 questions from my side. Firstly, last quarter, we cast on your views regarding the competitive landscape. But given that recently we've noticed that your peer is spending more aggressively and new players like [Beline] are also being are also gaining traction in e-commerce. So just wonder if you can elaborate more on the latest competitive landscape dynamics. And how do you think this will affect your strategy?

祝賀又一個穩定的季度。所以我有兩個問題。首先，上個季度，我們提出了您對競爭格局的看法。但考慮到最近我們注意到您的同行正在更加積極地消費，並且像 [Beline] 這樣的新參與者也在電子商務中獲得吸引力。所以只是想知道你是否可以詳細說明最新的競爭格局動態。您認為這將如何影響您的策略？

And secondly, regarding the CNY 10 billion investment programming to agriculture you just announced, just wondering, can management share a bit more color on this program? How will this impact your company's financial statement looking forward? Thank you.

其次，關於剛剛宣布的100億元農業投資計劃，管理層能否分享更多關於這個計劃的色彩？這將如何影響貴公司未來的財務報表？謝謝你。

[Interpreted] Thanks for your question, Natalie. Let me address your question. I believe your first question is related to the competitive landscape.

[翻譯] 娜塔莉，謝謝你的提問。讓我來回答你的問題。我相信你的第一個問題與競爭格局有關。

So if we were to look at e-commerce as a whole, this is a fairly large industry. So as you mentioned, we think the rise of players like short-video e-commerce is not really surprising given they have a huge user base, high usage frequency, and they also have very high user content.

所以如果我們從整體上看電子商務，這是一個相當大的行業。所以正如你提到的，我們認為像短視頻電商這樣的玩家的崛起並不奇怪，因為他們擁有龐大的用戶基礎，使用頻率很高，而且他們的用戶內容也非常高。

So based on our sort of operating observation, we are seeing the competition is becoming more intensified. There are more and more platform companies that's joining e-commerce, that's entering e-commerce and not only specific to the short-video sites, but we expect more players to enter this field.

因此，根據我們的經營觀察，我們看到競爭越來越激烈。越來越多的平台公司加入電商，進入電商，不僅僅是針對短視頻網站，我們期待更多的玩家進入這個領域。

So consumer demands actually are very multidimensional and constantly evolving. Six years ago when we started -- when we first started, we chose to build a mobile-only platform that's around our 1P model. And this is a model that we built that was quite distinct from the other players.

因此，消費者的需求實際上是多維的，並且在不斷發展。六年前，當我們剛開始的時候——當我們剛開始的時候，我們選擇圍繞我們的 1P 模型構建一個僅限移動的平台。這是我們構建的模型，與其他參與者截然不同。

So if you were to ask is this model still the most innovative one that meets consumers' demand, we're also constantly discussing this, and I think you may observe this from the decelerating trend of our user growth.

所以如果你問這個模式是不是最符合消費者需求的創新模式，我們也在不斷討論這個，我想你可以從我們用戶增長的減速趨勢中觀察到這一點。

So as you know, that we have been undergoing management transition in the past couple of months, and the new management is asking the question about whether our team can adjust with the maximum speed to meet this evolving needs of our users. And also, will our current model still be relevant maybe 5, 7 or even 10 years later? We are working really hard on this, and there will be many challenges and unforeseeable difficulties.

如您所知，過去幾個月我們一直在進行管理層交接，新管理層正在詢問我們的團隊能否以最快的速度進行調整以滿足用戶不斷變化的需求。而且，我們當前的模型在 5 年、7 年甚至 10 年後是否仍然適用？我們正在為此努力，會遇到很多挑戰和難以預料的困難。

But I would also like to add that the Chinese market is extremely dynamic and vibrant. In this world's largest consumer and retail market, the emergence of new business models actually do demonstrate the appeal and innovation potential of this market.

但我還想補充一點，中國市場極具活力和活力。在這個全球最大的消費和零售市場，新商業模式的出現，其實也確實展示了這個市場的吸引力和創新潛力。

So regardless of the competition, I think it's really important for us to stick with our principle of benefit all people first and being more open. At the same time, we should continue to be user centric and focused on the needs of our consumers. This, in the end, will be more important than the competition itself.

因此，無論競爭如何，我認為對我們來說，堅持以所有人為先並更加開放的原則非常重要。同時，我們應該繼續以用戶為中心，關註消費者的需求。最終，這將比比賽本身更重要。

So on your second question regarding the CNY 10 billion agri initiative, let me first give you some color on this, and Tony will follow up with more detail.

那麼關於你關於 100 億元人民幣農業計劃的第二個問題，讓我先給你一些顏色，Tony 會跟進更多細節。

So Pinduoduo is China's largest online agriculture platform, and we launched a dedicated 10 Billion Agriculture Initiative at this time.

所以拼多多是中國最大的在線農業平台，我們這個時候推出了專門的百億農業計劃。

So we hope this initiative will seek to face and address the critical needs in the agriculture sector and rural areas. And commercial value or profits are not the goal, but rather we strive to facilitate the advancement of agri-tech and promote digital inclusion and provide agri-tech talent and workers with greater motivation and a sense of achievement.

因此，我們希望這項倡議將尋求面對和解決農業部門和農村地區的關鍵需求。商業價值或利潤不是目標，而是我們努力促進農業技術的進步和促進數字包容，並為農業技術人才和工人提供更大的動力和成就感。

This initiative will clearly impact the short-term earnings per share for shareholders. We have received the support and approval of the Board of Directors, and I personally will be leading this project.

這一舉措將明顯影響股東的短期每股收益。我們得到了董事會的支持和批准，我將親自領導這個項目。

Next, we will convene a shareholder meeting to seek the support of majority shareholders. This is a very important and challenging task which we will invest in patiently.

接下來，我們將召開股東大會，爭取大股東的支持。這是一項非常重要且具有挑戰性的任務，我們將耐心投入。

(foreign language)

（外語）

Okay. I think let me add some color onto this, Natalie, on your question on the impact on our financial statement.

好的。娜塔莉，我想讓我在你關於對我們財務報表的影響的問題上添加一些色彩。

I think, as Lei mentioned in his remarks, basically the idea is to reinvest the profits of this quarter and any future potential profit into this CNY 10 billion agri initiative. And in terms of the areas of interest of this investment, we are identifying like 3 key pillars, namely food security, food safety and agri-food technologies.

我認為，正如雷軍在他的發言中提到的，基本上這個想法是將本季度的利潤和任何未來的潛在利潤再投資到這個 100 億元人民幣的農業計劃中。就這項投資的興趣領域而言，我們正在確定 3 個關鍵支柱，即食品安全、食品安全和農業食品技術。

And this investment will certainly have an impact on the bottom line in the medium- to long-term perspective. But in terms of which line will be affected in the P&L, it really depends on the nature of the spending. It could be a hit on the research and development expenses or intangible assets when the software or technology is capitalized, or it could be sitting in our balance sheet like a long-term investment.

而這項投資肯定會對中長期的利潤產生影響。但就損益表中哪條線會受到影響而言，這實際上取決於支出的性質。當軟件或技術資本化時，它可能會對研發費用或無形資產造成打擊，或者它可能像長期投資一樣出現在我們的資產負債表中。

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

你的下一個問題來自 Jefferies 的 Thomas Chong。

I have 2 questions. The first question is about the online marketplace take-rate outlook as well as the measures to support the merchants in coming quarters. And my second question is about the competitive landscape in the online grocery space. Can management share about the recent developments as well as the business trends for Duo Duo Maicai?

我有兩個問題。第一個問題是關於在線市場的接受率前景以及未來幾個季度支持商家的措施。我的第二個問題是關於在線雜貨領域的競爭格局。管理層可否分享多多買菜的近況及業務趨勢？

[Interpreted] Thomas, let me address the second question on competitive landscape for Duo Duo Grocery first.

[翻譯] Thomas，我先回答關於多多雜貨競爭格局的第二個問題。

So from the day that we started Duo Duo Grocery, we have been saying the intention behind this business is to meet the diversified needs of our user, and it's a natural extension of our business.

所以從我們做多多雜貨的那一天起，我們就一直在說這個業務背後的意圖是滿足我們用戶的多元化需求，這是我們業務的自然延伸。

It's also part of our continued effort in agriculture. So you know that this is -- this business -- the Duo Duo Grocery business is quite different from what we have been doing for 6 years at Pinduoduo, and Duo Duo Grocery is heavier on operation. And our team is also constantly learning through trial and error, and I think we are still in early days.

這也是我們在農業方面持續努力的一部分。所以你知道這是——這個業務——多多雜貨業務與我們在拼多多已經做了 6 年的業務有很大不同，多多雜貨在運營上更重。而我們的團隊也在不斷地通過試錯來學習，我認為我們還處於早期階段。

So I think it's not really necessary or important for us to pay too much attention on the competition right now. But rather, we should focus on user demand and how to better serve them and whether our services are meeting their expectations.

所以我認為我們現在過分關注比賽並不是真正必要或重要的。相反，我們應該關注用戶需求，如何更好地為他們服務，我們的服務是否滿足他們的期望。

So let me give you a specific example. So in terms of fulfillment experiences in the business of Duo Duo Grocery, whether dropping it off too early or too late at a pickup point for consumers will affect their user experiences.

那麼讓我給你一個具體的例子。因此，就多多雜貨業務的履行體驗而言，在消費者取貨點過早或過晚送貨都會影響他們的用戶體驗。

So how we should serve our users better and to improve in the areas that we are not doing a great job, these are the areas that we, as a management, are focusing on, on a daily basis rather than paying attention to the competition with others.

那麼我們應該如何更好地服務我們的用戶，並在我們做得不好的領域進行改進，這些是我們作為管理層每天關注的領域，而不是關注與競爭對手的競爭。其他。

(foreign language)

（外語）

Yes, sure. Thank you, Lei. Regarding your question on take rate, Thomas, our strategy has always been serving our users. We believe that growth and monetization are a natural result of that.

是的，當然。謝謝你，雷。 Thomas，關於您關於採用率的問題，我們的戰略始終是為我們的用戶服務。我們相信增長和貨幣化是其自然結果。

Merchants' ROI is already reflected in our revenues. As you can see, our revenue this quarter continued to grow, which is an affirmation of the healthy ROI merchants are seeing as they sell more on our platform. We also keep launching new features that merchants can use to help themselves understand their target users better and, therefore, enhance their ROI.

商家的投資回報率已經反映在我們的收入中。正如您所看到的，我們本季度的收入繼續增長，這是對商家在我們平台上銷售更多商品時所看到的健康投資回報率的肯定。我們還不斷推出新功能，商家可以使用這些功能來幫助自己更好地了解目標用戶，從而提高投資回報率。

Specifically on our CNY 10 billion program. We continue to be committed to delivering the best value-for-money products through this channel. As we mentioned in the prepared remarks, we are raising the bar on the quality of merchants and products to meet our users' needs. Now that being said, we are committed to keeping a 0 commission policy for agriculture and fresh produce. And in fact, we will increase our investment in agriculture products, and we will see some of the impact in the near future.

特別是我們的 100 億元人民幣計劃。我們將繼續致力於通過該渠道提供性價比最高的產品。正如我們在準備好的評論中提到的，我們正在提高商家和產品質量的標準以滿足用戶的需求。話雖這麼說，我們致力於保持農業和新鮮農產品的零佣金政策。事實上，我們會增加對農產品的投資，我們會在不久的將來看到一些影響。

To give you an example, in Q1 this year, the number of agricultural produce SKUs with more than 100,000 orders exceeded 2,600. And in the recent launch, the harvest festival, the presales data of quality agricultural produce showed over 200% growth year-over-year on a single day. We are very encouraged by this and are committed to do more.

舉個例子，今年Q1，10萬單以上的農產品SKU超過2600個。而在剛剛上線的豐收節上，優質農產品預售數據更是單日同比增長超200%。我們對此感到非常鼓舞，並致力於做更多的事情。

So coming back to your question on the take rate growth, we do not focus on this on a quarterly basis as we believe monetization is a result of user satisfaction and merchants' ROI. And our monetization rate has fluctuated in the past, as you know.

因此，回到您關於採用率增長的問題，我們不會按季度關注這個問題，因為我們認為貨幣化是用戶滿意度和商家投資回報率的結果。如您所知，我們的貨幣化率過去一直在波動。

Your next question comes from the line of Robin Zhu from Bernstein.

你的下一個問題來自 Bernstein 的 Robin Zhu。

Can I just ask 2 questions, please? The first one on ARPU growth and cohort growth among your users. Especially, any color on where ARPU is now on the platform, excluding the very new users that have joined in the, say, the last 1 year, where that now stands, where you think that can go?

我可以問2個問題嗎？第一個關於用戶的 ARPU 增長和隊列增長。特別是，ARPU 現在在平台上的任何顏色，不包括最近 1 年加入的非常新的用戶，現在的情況，你認為可以去哪裡？

Second question. We've noticed that the new personal information protection regulations and some of the platform teams make it more difficult for merchants to grab user information. Just wanted to get your thoughts on how that impacts the merchants' reliance on the PDD platform, the merchants' demand for advertising tools on your platform and how you guys plan to address their need to capture sort of direct-to-consumer relationships.

第二個問題。我們注意到，新的個人信息保護條例和部分平台團隊，讓商家更難抓取用戶信息。只是想了解您的想法，了解這將如何影響商家對 PDD 平台的依賴、商家對您平台上廣告工具的需求，以及你們計劃如何滿足他們獲取某種直接面向消費者的關係的需求。

[Interpreted] Let me address the second part of your question relating to data protection.

[已解釋] 讓我來解決您關於數據保護的問題的第二部分。

So I think the recently issued laws and regulations around data security and data protection have provided guidelines for all companies dealing with data.

所以我認為最近出台的關於數據安全和數據保護的法律法規為所有處理數據的公司提供了指導方針。

We think these guidelines are beneficial to the long-term healthy development of companies, platforms and consumers within the entire sector.

我們認為這些指引有利於整個行業的企業、平台和消費者的長期健康發展。

So in the short to medium term, I do think that we'll see some impact from these changes depending on the different model, whether that's advertising that you mentioned. But in the longer term, we think these measures are beneficial.

所以在中短期內，我確實認為我們會看到這些變化的一些影響，具體取決於不同的模型，無論是你提到的廣告。但從長遠來看，我們認為這些措施是有益的。

As you know, we have always been strictly compliant with China's data security standards as regulators and the industry as a whole continue to raise the bar on data security and data protection. We will also keep holding ourselves to the higher standards. This is to help provide to our users and merchants a safe and efficient shopping environment.

如您所知，隨著監管機構和整個行業不斷提高數據安全和數據保護的標準，我們一直嚴格遵守中國的數據安全標準。我們也將繼續堅持更高的標準。這是為了幫助我們的用戶和商家提供安全高效的購物環境。

So we are currently working diligently to master the detailed policy requirements and would adjust our the operational products related to data acquiring.

因此，我們目前正在努力掌握詳細的政策要求，並會調整我們與數據採集相關的運營產品。

Okay. Robin, let me come to your question on the ARPU. First, let me clarify. As we continue to improve our product offering and the user experience, users on our platform tend to trust us more and, therefore, support us more. This is a function of our user gaining greater familiarity and building more trust with our presence.

好的。羅賓，讓我來回答你關於 ARPU 的問題。首先，讓我澄清一下。隨著我們不斷改進我們的產品供應和用戶體驗，我們平台上的用戶往往會更加信任我們，因此也會更加支持我們。這是我們的用戶對我們的存在越來越熟悉並建立更多信任的功能。

We are also working to increase the breadth and depth of our product selection across all product categories and price points. We believe that as we provide the users with more options and keep meeting their demands, the ARPU will naturally increase.

我們還致力於在所有產品類別和價位上增加我們產品選擇的廣度和深度。我們相信，隨著我們為用戶提供更多選擇並不斷滿足他們的需求，ARPU 自然會增加。

You put it very right, we have an enormous number of new users coming less than 12 months. And this is actually our key task, and it's a challenge for us as well to understand the needs of these new users. It takes more time for the new users to get familiar with our platform, to build their mindshare with the platform. And even for users more than 2 years, 3 years, their demands are also evolving.

你說得很對，我們在不到 12 個月的時間裡就有了大量的新用戶。這實際上是我們的關鍵任務，了解這些新用戶的需求對我們來說也是一個挑戰。新用戶需要更多時間來熟悉我們的平台，並在平台上建立他們的思想份額。甚至對於2年、3年以上的用戶，他們的訴求也在不斷演變。

So putting the user needs at the heart of our strategy and to fulfill their experience, providing the better service. And therefore, we will continue to invest in the coming quarters when the high season is coming, be it sales and marketing spending or other investments. These are our priorities to come, and not just the ARPU as a KPI itself is the focus.

因此，將用戶需求置於我們戰略的核心，並滿足他們的體驗，提供更好的服務。因此，我們將在旺季到來時繼續在未來幾個季度進行投資，無論是銷售和營銷支出還是其他投資。這些是我們未來的優先事項，而不僅僅是作為 KPI 本身的 ARPU 才是重點。

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

你的最後一個問題來自高盛的 Piyush Mubayi。

When I look at your CNY 10 billion initiative where you're talking about spending your profits on agriculture monetization -- modernization as well as the rural vitalization and I look at that in combination with the fact that your customer growth numbers are reaching that point where further growth is going to be harder and harder and the visible profitability in the second quarter, are we at that point of time where the business model outside the CNY 10 billion initiative is at that stage where the continued profitability is inevitable and it's going to be hard to hide away from? And that CNY 10 billion is going to come out from further profits? Or is that CNY 10 billion going to be over and above the profitability that the business is likely to generate?

當我看到你們的 100 億元人民幣計劃時，你們在談論將利潤用於農業貨幣化——現代化以及農村振興，我結合你們的客戶增長數量達到這一點的事實來看待這一點進一步的增長將越來越難，第二季度可見的盈利能力，我們是否處於百億計劃之外的商業模式處於持續盈利不可避免的階段，並且將會是難以躲避？而這100億元是要從中進一步獲利嗎？或者這 100 億元人民幣是否會超出業務可能產生的盈利能力？

Well, between the lines, do I read you right when you said that sales and marketing spend is likely to rise in the third and the fourth quarter, potentially taking away or eating away profitability in the next couple of quarters? So I wasn't sure I understood fully. If you could just elaborate to the extent you can, I'll be grateful.

好吧，在字裡行間，當你說第三和第四季度銷售和營銷支出可能會增加，可能會在接下來的幾個季度奪走或蠶食盈利能力時，我是否理解你的意思？所以我不確定我是否完全理解。如果您能盡量詳細說明，我將不勝感激。

Thank you, Piyush, for the question. I think in general, it's about the overall agriculture investment you're talking about. The COVID-19 has really challenged the whole current logistic and distribution network and surfaced some of the pressing issues. So there's demand for new logistics network that could better support the distribution of fresh produce and agricultural products.

謝謝 Piyush 提出的問題。我認為總的來說，這與你所說的整體農業投資有關。 COVID-19 確實挑戰了整個當前的物流和配送網絡，並暴露了一些緊迫的問題。因此，需要新的物流網絡來更好地支持新鮮農產品和農產品的配送。

And this is a complex system that requires innovation and then some trial and error. To give you some color, let me give you some questions that we keep asking ourselves in the management when I think of the improvement in this sector, which obviously is the #1 priority -- strategic priority for us for now.

這是一個複雜的系統，需要創新，然後進行反複試驗。為了給你一些顏色，讓我給你一些問題，當我想到這個部門的改進時，我們一直在管理層問自己，這顯然是我們目前的第一優先事項——戰略優先事項。

Examples like how can we use technology to reduce the waste and environmental footprint. And what type of route planning can cut the food waste and transportation emission? What kind of transportation and storage condition could ensure longer shelf life and better preservation of nutrition value of the agriculture produce? And what technology might be needed to realize such conditions?

例如，我們如何使用技術來減少浪費和環境足跡。什麼樣的路線規劃可以減少食物浪費和交通排放？什麼樣的運輸和儲存條件才能保證農產品更長的保質期和更好的保存營養價值？實現這些條件可能需要什麼技術？

So this is a huge whitespace that requires patience and long-term investment. So there's a lot of areas we are looking at for the moment, and we are at the very beginning of it.

所以這是一個巨大的空白，需要耐心和長期的投入。因此，我們目前正在關注很多領域，而我們正處於起步階段。

So I think in Lei's remark, we mentioned that the CNY 10 billion agri initiative actually profitability and any commercial KPIs are not being considered. So we are only at the very beginning of the stage. We are very committed to invest into the future and into this sector for a long-term period of time.

所以我認為在雷的發言中，我們提到了 100 億元人民幣的農業計劃實際上是盈利的，並且沒有考慮任何商業 KPI。所以我們才剛剛起步。我們非常致力於長期投資於未來和該領域。

And could I just ask the scale of the -- of grocery in the quarter? Or give us a feel for agriculture in terms of importance, either percentage of GMV or any other metric you could share with us. That'd be great.

我能問一下本季度雜貨店的規模嗎？或者讓我們了解農業的重要性，無論是 GMV 的百分比還是您可以與我們分享的任何其他指標。那簡直太好了。

Thank you, Piyush, for the question. But as you know, at the end of Q4 last year, we adopted -- as a market practice, we stopped disclosing any GMV. So I'm not in a position to share this number.

謝謝 Piyush 提出的問題。但正如你所知，在去年第四季度末，我們採用了——作為一種市場慣例，我們停止披露任何 GMV。所以我無法分享這個號碼。

Okay. Operator, thank you so much. This concludes the earnings call for this season. Thank you so much for everyone joining. Have a good day.

好的。接線員，非常感謝。本季度的財報電話會議到此結束。非常感謝大家的加入。祝你有美好的一天。

Thank you all.

謝謝你們。

Thank you. This concludes our conference for today. Thank you for participating. You may all disconnect. [Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]

謝謝你。我們今天的會議到此結束。感謝您的參與。你們都可以斷開連接。 [此記錄中標記為 [已翻譯] 的部分由現場通話中的口譯員說出。]