使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主
Operator
Operator
Ladies and gentlemen, thank you for standing by, and welcome to Pinduoduo Fourth Quarter 2020 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to first speaker today, Mr. Jason Xu. Thank you. Please go ahead, sir.
女士們、先生們,感謝大家的支持,歡迎參加拼多多2020年第四季度業績電話會議。 (操作員指示)請注意,今天的會議正在錄製中。現在我想將會議交給今天的第一位發言者 Jason Xu 先生。謝謝。請繼續,先生。
Jason Xu - IR team
Jason Xu - IR team
Yes, thank you, AJay. Hello, everyone, and thank you for joining us today. Pinduoduo's earnings release was distributed earlier and is available on the IR website at investor.pinduoduo.com as well as through GlobeNewswire services. On today's call, our CEO, Chen Lei, will make some general remarks on our performance for the past year and our strategic focus going forward; our VP of strategy, David Liu, will then elaborate further on specific strategic initiatives; our VP of Finance, Tony Ma, will then take us through our financial results for the fourth quarter and fiscal year 2020 ended December 31, 2020.
是的,謝謝你,阿傑。大家好,感謝您今天加入我們。拼多多的財報已於早些時候發布,可通過投資者關係網站 Investor.pinduoduo.com 以及 GlobeNewswire 服務獲取。在今天的電話會議上,我們的首席執行官陳雷將對我們過去一年的業績以及未來的戰略重點進行總體評價;我們的戰略副總裁劉大衛將進一步闡述具體的戰略舉措;然後,我們的財務副總裁 Tony Ma 將向我們介紹截至 2020 年 12 月 31 日的第四季度和 2020 財年的財務業績。
So 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 discussion of certain non-GAAP financial measures, so please refer to our earnings release, which contains a reconciliation of the non-GAAP measures to GAAP measures.
因此,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。此外,本次電話會議還討論了某些非 GAAP 財務指標,因此請參閱我們的收益發布,其中包含非 GAAP 指標與 GAAP 指標的調節表。
Now it is my pleasure to introduce our Chief Executive Officer, Chen Lei. Lei, Please go ahead.
現在我很高興向大家介紹我們的首席執行官陳雷。雷,請繼續。
Lei Chen - CEO & Director
Lei Chen - CEO & Director
Thank you, Jason, and hello, everyone. Thank you for joining us on our earnings call for the fourth quarter and fiscal year 2020. Pinduoduo delivered another quarter of strong growth and solid execution as our users continue to trust us with their purchases. Our annual active buyers increased 57 million in Q4 to reach 788 million for the trailing 12 months. User engagement has also accelerated. Our MAU increased to 720 million. Total number of orders placed on our platform increased by 94% to reach 38.3 billion in 2020. Total revenues, excluding revenues from merchandise sales for Q4 was RMB 21.2 billion or an increase of 96% from a year ago. Non-GAAP operating loss narrowed in Q4 from the same quarter a year ago.
謝謝你,傑森,大家好。感謝您參加我們 2020 年第四季度和財年的財報電話會議。由於我們的用戶繼續信任我們的購買行為,拼多多又實現了一個季度的強勁增長和穩健的執行力。第四季度,我們的年度活躍買家數量增加了 5700 萬,過去 12 個月達到 7.88 億。用戶參與度也加快了。我們的月活躍用戶數增至 7.2 億。 2020 年,平台訂單總數增長 94%,達到 383 億。第四季度總收入(不包括商品銷售收入)為人民幣 212 億元,同比增長 96%。第四季度非公認會計原則營業虧損較去年同期收窄。
2020 was a challenging year for Pinduoduo as it was for many others. COVID-19 pandemic, which by now has already stretched over 2 winters, has put our team and platform through a toughest test since we were founded 6 years ago. It has been a humbling experience for us. I'm glad that we have responded quickly and responsibly to continue serving our users better, thereby winning their invaluable trust. I would like to thank our users and our team for their continued support.
2020 年對於拼多多來說是充滿挑戰的一年,對於許多其他公司來說也是如此。目前,新冠肺炎(COVID-19)疫情已經持續兩個多冬天,讓我們的團隊和平台經受了成立 6 年來最嚴峻的考驗。這對我們來說是一次令人謙卑的經歷。我很高興我們能夠快速、負責任地做出反應,繼續更好地為我們的用戶提供服務,從而贏得了他們的寶貴信任。我要感謝我們的用戶和我們的團隊一直以來的支持。
As we transition from 2020 to 2021, I would like to share some takeaways and do a recap of this very long year. First, 2020 has vindicated our view from the get go which is that the separation of the online and off-line world is increasingly irrelevant. With advent of mobile Internet, the online and off-line are just part of a single world, branded together more and more seamlessly and complementary to each other. Unlike with desktops, smartphone users could go online anywhere anytime and for any length of time, users no longer had to carve out time and be confined to a specific place, which is a common practice for desktop era. This is why 6 years ago, we insisted on developing a mobile-only platform for our users. In fact, we are the only one among Internet companies of our scale to be mobile-only today.
在我們從 2020 年過渡到 2021 年之際,我想分享一些收穫,並回顧一下這漫長的一年。首先,2020 年從一開始就證明了我們的觀點,即線上和線下世界的分離變得越來越無關緊要。隨著移動互聯網的出現,線上和線下只是一個世界的一部分,越來越無縫地結合在一起,相互補充。與台式機不同,智能手機用戶可以隨時隨地、任意時長地上網,用戶不再需要像台式機時代那樣,必須擠出時間並被限制在特定地點。這就是為什麼6年前,我們堅持為用戶開發一個僅限移動設備的平台。事實上,我們是目前同等規模的互聯網公司中唯一一家只提供移動服務的公司。
If anything, COVID-19 has accelerated this branding. It was already happening fast, even pre COVID-19. Today, a younger generation that grew up with smartphones are not even conscious about economies and seamless transitions they make each day between online and the off-line. Among other age groups, China's highly advanced online payment system and mobile communication tools have also made it clear -- made it nearly impossible to do anything purely off-line. This has, in turn, helped increase familiarity and acceptance of its comingled world.
如果說有什麼不同的話,那就是 COVID-19 加速了這一品牌的推廣。即使在新冠肺炎 (COVID-19) 爆發之前,這種情況就已經發生得很快。如今,伴隨著智能手機長大的年輕一代甚至沒有意識到經濟以及他們每天在線上和線下之間進行的無縫過渡。在其他年齡段中,中國高度先進的在線支付系統和移動通訊工具也清楚地表明——純粹的線下做任何事情幾乎是不可能的。這反過來又有助於提高人們對其混合世界的熟悉度和接受度。
With COVID-19, the adjustment that we have had to make our routines have only expanded online space and expedited its blending with off-line space. Consumers are able to frequent brick-and-mortar shops turned to online platforms like Pinduoduo to purchase food and other groceries and as well preserve of wet markets, which Chinese families visit not just to get grocery, but as a social activity. Users are able to travel back home to spend Chinese New Year with loved ones have also tapped on us to deliver warmth. They either send care package of food and clothing to loved ones living elsewhere or order the taste of home for themselves.
面對新冠肺炎 (COVID-19),我們對日常生活的調整不僅擴大了線上空間,還加速了與線下空間的融合。消費者可以經常光顧實體店,轉向拼多多等在線平台購買食品和其他雜貨,也可以去菜市場,中國家庭去菜市場不僅是為了購買雜貨,也是一種社交活動。用戶能夠回家與親人一起過年,也希望我們能夠傳遞溫暖。他們要么給異地的親人寄去食品和衣物的愛心包,要么為自己訂購家鄉的味道。
We rose to the challenge of delivering the best service to our customers. We went further than we had before. Over the Chinese New Year holiday, we worked with merchants to stay open and dispatch orders. We also worked with logistic partners to ensure that around 1 million deliverymen were deployed to deliver parcels. We fulfill the surge of orders for hometown delicacy. As for fresh produce and groceries, we provided consumers with most of what they wanted quickly and affordably. Consumers did not have to stock up before the long Chinese New Year break. In this way, we helped to fill a gap left by brick-and-mortar shops, thereby bring values to our users.
我們迎接挑戰,為客戶提供最好的服務。我們比以前走得更遠。春節期間,我們與商家合作,保持營業並派發訂單。我們還與物流合作夥伴合作,確保部署約 100 萬送貨員來運送包裹。我們完成了激增的家鄉美食訂單。至於生鮮農產品和雜貨,我們以快速、實惠的價格為消費者提供了他們想要的大部分商品。消費者不必在漫長的農曆新年假期之前囤貨。通過這種方式,我們幫助填補了實體店留下的空白,從而為我們的用戶帶來價值。
Going forward, Pinduoduo, as a pioneer in this space, will build on the lessons we have learned and double down to improve our offerings to our users. We will always be on the lookout for new ways to create more value for them.
展望未來,拼多多作為這一領域的先驅,將在吸取經驗教訓的基礎上,加倍努力改進我們為用戶提供的服務。我們將始終尋找新的方法來為他們創造更多價值。
Second, 2020 has highlighted that we can and should do more for agriculture sectors and rural communities. Pinduoduo started off by selling fresh produce online. It was a conscious decision because we found them to be a necessity, and optimizing their production, distribution and consumption would bring the greatest widespread benefit. The online penetration of agricultural sectors has also consistently lagged industry at average. We have never lost sight of this beginning, and agriculture has consistently been a strategic priority for us.
其次,2020年凸顯了我們可以而且應該為農業部門和農村社區做更多的事情。拼多多最初是在網上銷售生鮮產品。這是一個有意識的決定,因為我們發現它們是必需品,優化它們的生產、分配和消費將帶來最大的廣泛利益。農業行業的在線滲透率也一直落後於工業平均水平。我們從未忘記這一起點,農業始終是我們的戰略重點。
We are proud to be China's largest agriculture platform. Our GMV for agricultural products doubled to more than RMB 270 billion in 2020. 12 million farmers sold their produce directly to consumers via our platform. We were among the leading technology companies commended for making outstanding contribution for the war on rural poverty. We see this as affirming our investment to bring solutions to optimize every part of agricultural value chain.
我們很自豪能夠成為中國最大的農業平台。 2020年,我們的農產品GMV翻了一番,達到超過2700億元人民幣。1200萬農民通過我們的平台直接向消費者出售農產品。我們榮獲為農村脫貧攻堅戰做出突出貢獻的科技領先企業之一。我們認為這是對我們投資帶來優化農業價值鏈各個部分的解決方案的肯定。
In 2020, we also launched livestream sessions for farming communities and dedicated channels to promote their products to relieve difficulties brought about by COVID-19. We observed that order volumes were so large that our sellers and delivery partners had issues fulfilling, especially in the summer. To solve this, in August, we'll launched Duo Duo Grocery, our next-day grocery pickup service that helps local farmers and distributors to sell directly to consumers, increasing sales and cutting waste and cost for customers.
2020年,我們還為農業社區推出了直播活動和專門渠道來推廣他們的產品,以緩解COVID-19帶來的困難。我們觀察到訂單量如此之大,以至於我們的賣家和送貨合作夥伴在履行方面遇到了問題,尤其是在夏季。為了解決這個問題,我們將在8 月份推出Duo Duo Grocery,這是我們的次日雜貨提貨服務,可幫助當地農民和分銷商直接向消費者銷售產品,從而增加銷量並減少客戶的浪費和成本。
Pinduoduo's vision of Costco + Disney started from agriculture products in the farmland. We are now already the largest agricultural platform in China. We can and should do more. We hope that in the next stage, Pinduoduo will become world's largest agriculture and grocery platform, and make groceries sourced around the world affordable and available to our users. To this end, we aim to build out an agri-focused logistics infrastructure platform that will reduce waste, lower costs and speed up delivery for agricultural products.
拼多多的Costco+迪士尼願景是從農田裡的農產品開始的。我們現在已經是中國最大的農業平台了。我們可以而且應該做得更多。我們希望下一階段,拼多多能夠成為全球最大的農副產品平台,讓全球用戶買得起、買得起。為此,我們的目標是建立一個以農業為中心的物流基礎設施平台,以減少浪費、降低成本並加快農產品的配送速度。
This is a work in progress. We expect to make a few more years of investment before it can realize its full potential and achieve efficiency. We share the vision of contributing to China's agriculture sectors with technology to help increase the resilience of the food chain and stay off the looming global food crisis. We will continue to invest in agriculture and food technology and look into global investment opportunities in alternative proteins, food safety and precision farming.
這是一個正在進行的工作。我們預計還需要幾年的投資才能充分發揮其潛力並實現效率。我們擁有共同的願景,即通過技術為中國農業部門做出貢獻,幫助提高食物鏈的彈性,避免迫在眉睫的全球糧食危機。我們將繼續投資農業和食品技術,並尋找替代蛋白、食品安全和精準農業方面的全球投資機會。
Third, 2020 has also made us more committed than ever to continue to promote digital inclusion of rural communities and the disadvantaged. Pinduoduo has created a level playing field for business of all sizes, including in the agricultural sector, where margins are thinner. In addition, livestream and online business on our platform has created new roles that prioritize different skill sets and allow inclusion of users whom otherwise been excluded.
第三,2020年也讓我們比以往任何時候都更加致力於繼續促進農村社區和弱勢群體的數字包容。拼多多為各種規模的企業創造了公平的競爭環境,包括利潤率較低的農業領域。此外,我們平台上的直播和在線業務創造了新的角色,優先考慮不同的技能組合,並允許納入原本被排除在外的用戶。
For instance, agriculture is traditionally labor-intensive. Women and physically weaker people may not be able to participate in it. Livestreams and online business operations do not exact the same physical requirements and these individuals are able to participate in them. In fact, of our stores actively engaged in the sale of agriculture products, over half are managed by women. This is a win-win situation for everyone. And with our commitment to social responsibility we definitely want to and will do more here, including by provide further training for them to sell well on our platform.
例如,農業傳統上是勞動密集型的。女性和體質較弱的人可能無法參加。直播和在線商業運營並不完全相同的身體要求,這些人都可以參與其中。事實上,在我們積極從事農產品銷售的商店中,一半以上是由女性管理的。這對每個人來說都是雙贏的局面。憑藉我們對社會責任的承諾,我們肯定希望並將在這裡做更多的事情,包括為他們提供進一步的培訓,以便他們在我們的平台上暢銷。
Last but not least, many of you have learned that Colin will be stepping down from his Chairman role effective today. On behalf of the Board, we would like to thank him for his leadership and contribution to Pinduoduo in the past 6 years. We will cheer him on as he explores new frontiers for Pinduoduo in years to come. As the new Chairman of the Board, I would like to ensure everyone that -- I will ensure everyone that our strategy remains the same, which is to stay true to our value "Ben Fen" and provide a more saving, more fast experience to serve our users on our platform.
最後但並非最不重要的一點是,你們中的許多人都了解到,科林將於今天辭去董事長職務。我們謹代表董事會感謝他在過去六年中對拼多多的領導和貢獻。當他在未來幾年探索拼多多的新領域時,我們將為他加油。作為新任董事會主席,我想向大家保證——我將向大家保證,我們的策略保持不變,就是忠於我們的價值觀“奔奮”,為大家提供更省錢、更快捷的體驗。在我們的平台上為我們的用戶提供服務。
We are proud that we have become the world's largest e-commerce platform by using -- user number. We will work hard to deliver even better results in years to come. Now let me turn it over to David to provide update on our recent initiatives.
我們很自豪我們已經成為全球最大的電子商務平台——用戶數量。我們將努力工作,在未來的歲月裡取得更好的成績。現在讓我將其轉交給大衛,以提供我們最近舉措的最新信息。
David Liu - VP of Strategy
David Liu - VP of Strategy
Thank you, Lei. Hello, everyone. I'll further elaborate some points Lei made just now. First, on our continued efforts to improve the agriculture value chain; second, on our revenues from merchandise sales; and third, on our ESG priorities for 2021.
謝謝你,雷。大家好。我再進一步闡述剛才雷軍講的一些觀點。一是持續完善農業價值鏈;第二,我們的商品銷售收入;第三,我們 2021 年的 ESG 優先事項。
Improving the agriculture sector to benefit our users, that's farmers and consumers, is a central and strategic priority for us. We take a systems-based approach to this and devote substantial resources to identify and implement improvements at all stages of the agricultural value chain. As Lei mentioned, we share the vision of transforming agriculture in China with technology and aim to increase food security.
改善農業部門以使我們的用戶(即農民和消費者)受益,是我們的核心戰略優先事項。我們採取基於系統的方法來實現這一目標,並投入大量資源來確定和實施農業價值鏈各個階段的改進措施。正如雷軍提到的,我們有著共同的願景,即通過技術改造中國農業,並致力於提高糧食安全。
To begin at the upstream, we work with institute partners and universities to introduce more technology to farming. In 2020, we launched the inaugural small agricultural competition in partnership with China Agricultural University, where teams from around the world participated in investigating the use of artificial intelligence in optimizing strawberry planting. The competition identified cost-efficient and scalable technology that can potentially be standardized across China. The winning team has started to commercialize these research findings.
首先從上游開始,我們與研究機構合作夥伴和大學合作,將更多技術引入農業。 2020年,我們與中國農業大學合作發起了首屆小型農業競賽,來自世界各地的團隊參與研究人工智能在優化草莓種植中的應用。此次競賽確定了具有成本效益且可擴展的技術,這些技術有可能在中國實現標準化。獲勝團隊已開始將這些研究成果商業化。
Last year, Pinduoduo also supported the Global AgriInno Challenge 2020, which was co-organized by the Food and Agriculture Organization of the United Nations at Zhejiang University. The competition attracted over 150 teams from around the world to put forward our innovative solution to challenges in the distribution and sales of agri-food products during COVID-19. AquaFarms Africa, an agritech start-up based in Conakry, Guinea won the competition with its technique of aquaponics, which combine fish farming with soil-less vegetable growing, allowing the production of food and vegetables that are normally imported. We will continue investing in the promotion of digital agriculture and precision farming going forward.
去年,拼多多還支持了由聯合國糧食及農業組織與浙江大學聯合舉辦的2020全球農業創新挑戰賽。此次競賽吸引了來自世界各地的 150 多個團隊,針對 COVID-19 期間農產品分銷和銷售的挑戰提出了我們的創新解決方案。 AquaFarms Africa 是一家位於幾內亞科納克里的農業科技初創企業,憑藉其魚菜共生技術贏得了比賽,該技術將魚類養殖與無土蔬菜種植相結合,可以生產通常進口的食品和蔬菜。未來我們將繼續投資推廣數字農業和精準農業。
At the downstream, we have helped over 12 million farmers sell directly to our 788 million consumers. We trained more than 100,000 new farmers who returned to their rural communities from urban areas to operate online businesses and revitalize their hometowns. We have committed to training another 100,000 new farmers over the next 5 years.
在下游,我們幫助超過1200萬農民直接向7.88億消費者銷售產品。培訓超過10萬名從城市返鄉的新農民網上創業、振興家鄉。我們承諾在未來5年內再培訓10萬名新農民。
To relieve difficulties brought about by COVID-19, we sponsor livestreaming sessions for poverty-stricken farming communities and establish dedicated channels to promote their products. We continue to work with these communities to provide direct access to our consumers.
為了緩解COVID-19帶來的困難,我們為貧困農業社區舉辦直播活動,並建立專門的渠道來推廣他們的產品。我們繼續與這些社區合作,為我們的消費者提供直接的服務。
Circling back to the midstream, as mentioned in our earnings call last quarter, the rapid increase in orders for fresh produce, particularly leafy vegetables via our platform, surfaced the urgent need to develop a dedicated logistics infrastructure to deliver fresh produce to our users in the optimal condition at compelling prices and within 24 hours. This new solution goes beyond streamlining distribution. It will be different from existing ones, and it will take time, resources and multiple iterations for us to eventually arrive at what works best.
回到中游,正如我們在上季度的財報電話會議中提到的那樣,生鮮農產品(尤其是葉菜類蔬菜)通過我們平台的訂單迅速增加,迫切需要開發專門的物流基礎設施,以將生鮮農產品運送給我們的用戶。以極具競爭力的價格在 24 小時內提供最佳狀態。這個新的解決方案不僅僅是簡化分銷。它將與現有的不同,我們需要時間、資源和多次迭代才能最終找到最有效的方案。
However, we believe that we have made some progress in the right direction through Duo Duo Grocery, our next-day grocery pickup service that intelligently connects local farmers and distributors directly to local consumers, thereby reducing spoilage from storage and transport. We have been increasing the number of agriculture producers and regional distributors and expanding the number of pickup points. However, there's still so much more we can do. We will need to make substantial investment in people, technology, potentially capital assets.
然而,我們相信,通過Duo Duo Grocery,我們已經在正確的方向上取得了一些進展,我們的次日雜貨提貨服務可以智能地將當地農民和分銷商直接與當地消費者聯繫起來,從而減少存儲和運輸造成的損壞。我們一直在增加農產品生產商和區域經銷商的數量,並擴大提貨點的數量。然而,我們還能做的還有很多。我們需要對人員、技術和潛在資本資產進行大量投資。
While our preference is to work with strategic partners towards this goal, we are prepared to make equity investments to expedite the requested development or purchase assets in places where they're unavailable. We are prepared to persevere in this endeavor even though it could take some time to pay off. As we are confident of how it will benefit our users, we hope that investors will be patient and supportive of this challenging but meaningful endeavor.
雖然我們傾向於與戰略合作夥伴合作實現這一目標,但我們也準備進行股權投資,以加快所需的開發或在無法獲得資產的地方購買資產。我們準備堅持這一努力,儘管可能需要一些時間才能獲得回報。由於我們對它將如何使我們的用戶受益充滿信心,我們希望投資者能夠耐心並支持這項具有挑戰性但有意義的努力。
Next, I would like to say a few words regarding our revenues from merchandise sales. This quarter, you will have noticed that we are reporting additional revenue line item, merchandise sales. This line item captures the revenues generated from the 1P trials we started last year. In our 1P trial, we aim to temporarily fill the gap of missing products our users need on our platform while we look for merchants who can offer these products on our marketplace. We have no plan to grow this business. We expect this line item to remain a very small percentage of total GMV we generate. As of Q4, it is less than 1% of total GMV we generated.
接下來我想談談我們的商品銷售收入。本季度,您會注意到我們報告了額外的收入項目,即商品銷售。該行項目記錄了我們去年開始的 1P 試驗產生的收入。在我們的 1P 試驗中,我們的目標是暫時填補我們平台上用戶所需的缺失產品的空白,同時尋找可以在我們的市場上提供這些產品的商家。我們沒有計劃發展這項業務。我們預計該訂單項在我們產生的總 GMV 中所佔的比例仍然很小。截至第四季度,它還不到我們產生的總 GMV 的 1%。
Now onto our ESG priorities for 2021. As we continue to manage the challenges caused by the global health crisis, we are pausing to reflect on what more we can contribute to a more sustainable and equitable future. Specifically, we have identified the following ESG priorities for 2021. Firstly, continue to promote digital inclusion in rural communities. As China's largest agriculture platform with 788 million users, we firmly believe in playing our part to empower people and businesses to take part in the digital economy.
現在談談我們 2021 年的 ESG 優先事項。在我們繼續應對全球健康危機帶來的挑戰的同時,我們停下來思考我們可以為更加可持續和公平的未來做出更多貢獻。具體來說,我們確定了2021年的以下ESG重點:第一,繼續促進農村社區的數字包容。作為擁有 7.88 億用戶的中國最大的農業平台,我們堅信應儘自己的一份力量,幫助人們和企業參與數字經濟。
Since our inception, we have connected farmers directly with consumers, coach them on setting our stores online, provided them with access to end demand and help them to increase household income. Our efforts have helped more than 100,000 young men and women return to their hometown and become e-commerce-savvy new farmers. They have gone from -- to become champions of digital inclusion, often catalyzing a multiplier effect and wealth creation for their local communities.
自成立以來,我們將農民與消費者直接聯繫起來,指導他們在網上開設我們的商店,為他們提供接觸最終需求的渠道,並幫助他們增加家庭收入。我們的努力已經幫助超過10萬名青年男女回到家鄉,成為精通電商的新農民。他們已經成為數字包容性的倡導者,往往能夠促進當地社區的乘數效應和財富創造。
We have also partnered with China Post and farmers cooperatives to bring agricultural products from remote areas to the national market to boost rural incomes. In this 3-way collaboration, China Post local offices opened online stores on Pinduoduo and sourced directly from agriculture co-ops. This approach has proven very effective in helping to tackle rural poverty.
我們還與中國郵政、農民合作社合作,將偏遠地區的農產品推向全國市場,促進農民增收。在這次三方合作中,中國郵政各地辦事處在拼多多上開設了網上商店,並直接從農業合作社採購。事實證明,這種做法對於幫助解決農村貧困問題非常有效。
Looking ahead, we are continuing our efforts to work with local communities, regulators and academics in modernizing farming practices. In addition, we see technology, such as the findings from our smart agriculture competition last year, to play a more central role in driving China's agriculture revolution. We also see investment opportunities in food and agriculture technology that we can help to extend across farms in China.
展望未來,我們將繼續努力與當地社區、監管機構和學術界合作,實現農業實踐現代化。此外,我們看到技術,例如去年智慧農業競賽的結果,將在推動中國農業革命方面發揮更核心的作用。我們還看到了食品和農業技術方面的投資機會,我們可以幫助這些投資機會擴展到中國的農場。
Secondly, continuing to empower women and the physically challenged. Pinduoduo's zero additional commission policy and our SKU-oriented recommendation approach creates a more level playing field for smaller entrepreneurs. We have seen many success stories on our platform from women and physically challenged entrepreneurs who might otherwise be excluded from the off-line job markets. As Lei mentioned, we are and will continue to provide more training to enable these entrepreneurs and look forward to helping them create further success stories on our platform.
其次,繼續增強婦女和殘疾人的權能。拼多多的零額外佣金政策和我們以SKU為導向的推薦方式為小企業家創造了更加公平的競爭環境。我們在我們的平台上看到了許多女性和殘障企業家的成功故事,否則她們可能會被排除在線下就業市場之外。正如雷軍所說,我們現在並將繼續為這些企業家提供更多的培訓,並期待幫助他們在我們的平台上創造更多的成功故事。
Thirdly, we're continuing to make our service greener and more efficient. Pinduoduo is committed to protecting the environment. And as we mentioned in our ESG report last year, we're investing in technology and working with our logistics partners to optimize delivery route planning. We are also investing in research and development of green packaging design and materials. We're working with our merchants to eliminate excessive packaging and providing them with more suitable environmentally friendly solutions, such as different sizes and biodegradable materials. We see ourselves making a positive difference for the environment, especially as order volumes on our platform rise.
第三,我們將繼續讓我們的服務更加綠色、更加高效。拼多多致力於保護環境。正如我們在去年的 ESG 報告中提到的,我們正在投資技術並與物流合作夥伴合作來優化交付路線規劃。我們還投資綠色包裝設計和材料的研發。我們正在與商家合作,消除過度包裝,並為他們提供更合適的環保解決方案,例如不同尺寸和可生物降解材料。我們認為自己可以為環境做出積極的改變,尤其是隨著我們平台上訂單量的增加。
Now let me pass the floor to Tony to discuss our financial results.
現在讓我請託尼討論我們的財務業績。
Jing Ma - VP of Finance
Jing Ma - VP of Finance
Thank you, David. Now let me take you through our financial results for the quarter and fiscal year ended December 31, 2020. Our annual active buyers for the last 12 months ending December 31, 2020 grew by over 200 million from the end of 2019 to 788 million. Our MAUs in Q4 grew by $77 million from the prior quarter to reach 720 million or an increase of 50% from the same quarter in 2019.
謝謝你,大衛。現在讓我向您介紹我們截至2020 年12 月31 日的季度和財年的財務業績。截至2020 年12 月31 日的過去12 個月,我們的年度活躍買家比2019 年底增長了2 億多,達到7.88 億。我們第四季度的月活躍用戶數較上一季度增長 7700 萬美元,達到 7.2 億,較 2019 年同季度增長 50%。
Our MAUs in Q4 as a percentage of our annual active buyer exceeded 90% for the first time, which we see as a reflection that we are satisfying the needs of more users. Our last 12-month GMV for 2020 grew to RMB 1.67 trillion, representing 66% year-on-year growth. In comparison, our average annual spending per active buyer increased 23% to RMB 2,115. The lower rate of increase should be considered in the context of substantial increase of 203 million active buyers over the past year. Most of these new users are still building trust with our platform and have contributed less than a full year worth of purchases in 2020.
我們第四季度的月活躍用戶佔年度活躍買家的比例首次超過 90%,我們認為這反映了我們正在滿足更多用戶的需求。 2020 年最後 12 個月的 GMV 增長至人民幣 1.67 萬億元,同比增長 66%。相比之下,我們每個活躍買家的平均年支出增加了 23% 至人民幣 2,115 元。較低的增長率應該是在去年活躍買家大幅增加2.03億的背景下考慮的。這些新用戶中的大多數仍在與我們的平台建立信任,並且在 2020 年貢獻的購買量還不到全年。
We continue to observe that as our users season on the platform, they make purchases across more categories and increase their average spending over time in each category. We did observe an increase in purchase frequency in 2020, partly due to the grocery business we launched. In 2020, our platform generated a total of 38.3 billion orders or an average of 49 orders per active buyer. This is an increase of 44% from a year ago.
我們繼續觀察到,隨著用戶在平台上的使用季節增加,他們會購買更多類別的產品,並且隨著時間的推移,每個類別的平均支出都會增加。我們確實觀察到 2020 年購買頻率有所增加,部分原因是我們推出了雜貨業務。 2020 年,我們的平台總共產生了 383 億個訂單,即每個活躍買家平均產生 49 個訂單。這比一年前增加了 44%。
As the average order value of gross rate are lower than our platform average, our AOV came down 15% to RMB 43.5 in 2020 as compared to RMB 51.1 in 2019. Please note that starting from Q1 2021, we will retire the disclosure of quarterly GMV. But we will continue to disclose full year GMV, which is the practice adopted by our peers. Since our IPO, where we were operating as a straightforward marketplace model, we have reported both quarterly and annual GMV on the same basis as our peers in order to provide the public with a meaningful barometer to assess our progress as a new market entrant. However, as the complexity of our business grows, quarterly GMV is increasingly less relevant to evaluate our overall business, nor is it reflective of our strategic priorities, especially when we do not manage our business against the quarterly GMV targets.
由於毛利率平均訂單價值低於我們的平台平均水平,我們的AOV 與2019 年的51.1 元人民幣相比,2020 年下降了15% 至43.5 元人民幣。請注意,從2021 年第一季度開始,我們將不再披露季度GMV 。但我們會繼續披露全年GMV,這是我們同行採取的做法。自首次公開募股以來,我們以簡單的市場模式運營,我們在與同行相同的基礎上報告了季度和年度 GMV,以便為公眾提供有意義的晴雨表來評估我們作為新市場進入者的進展。然而,隨著我們業務複雜性的增加,季度 GMV 對於評估我們的整體業務越來越不相關,也不能反映我們的戰略重點,特別是當我們不根據季度 GMV 目標來管理我們的業務時。
As our revenues grow in scale and with the introduction of new initiatives such as door-to-door grocery and our 1P trials, we would encourage investors to focus on our P&L and cash flow metrics going forward to assess our ability to generate sustainable value.
隨著我們收入規模的增長以及送貨上門雜貨和 1P 試驗等新舉措的推出,我們將鼓勵投資者關注我們的損益和現金流量指標,以評估我們創造可持續價值的能力。
In terms of P&L, our total revenues in this quarter end December 31, 2020 were RMB 26.5 billion, up 146% from RMB 10.8 billion in the same quarter last year. As David mentioned, we reported revenue from merchandise sales of our 1P trials this quarter. Whilst the contribution of our 1P trials to our GMV is negligible, we are reporting it as a separate line item as it accounts for 20% of our total revenue in Q4. To give you an apples-to-apples comparison, excluding revenue contribution from 1P trials, our total revenue grew by 96% to RMB 21.2 billion in Q4 2020. The main driver of this growth was our online marketing services.
就損益而言,截至2020年12月31日的本季度總收入為265億元人民幣,比去年同期的108億元人民幣增長146%。正如 David 提到的,我們報告了本季度 1P 試驗的商品銷售收入。雖然 1P 試驗對 GMV 的貢獻可以忽略不計,但我們將其作為單獨的項目進行報告,因為它占我們第四季度總收入的 20%。為了進行同類比較,排除 1P 試驗的收入貢獻,我們的總收入在 2020 年第四季度增長了 96%,達到 212 億元人民幣。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 18.9 billion this quarter, up 95% compared to the same period last year, due primarily to an increase in merchants recognition of our platform's capability to help them reach to their target buyers effectively and efficiently. Our merchants are spending more on our platform because of our constantly improving services and also the increasing user traffic. Our online marketing services revenue as a percentage of our GMV in the last 12 months end December 2020 was 2.9% as compared to 2.7% for the same period ending in December 2019. 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189億元,同比增長95%,主要是由於商家對我們平台幫助他們有效、高效地接觸目標買家的能力的認可度提高。由於我們不斷改進的服務以及不斷增加的用戶流量,我們的商家在我們的平台上花費更多。截至 2020 年 12 月的過去 12 個月,我們的在線營銷服務收入佔 GMV 的百分比為 2.9%,而截至 2019 年 12 月的同期為 2.7%。我們很高興看到我們的商家和用戶日益認可。
Our transaction service revenue this quarter amounted to RMB 2.3 billion, which is up 105% compared with the same period last year. On the trailing 12 months basis, our transaction service revenues as a percentage of our GMV has been quite stable at around 0.3%.
本季度我們的交易服務收入為人民幣23億元,較去年同期增長105%。在過去 12 個月的基礎上,我們的交易服務收入佔 GMV 的百分比一直穩定在 0.3% 左右。
Now moving on to cost. Our total cost of revenues increased from RMB 2 billion in Q4 2019 to RMB 11.5 billion this quarter. The increase in our cost of revenues was mainly due to the costs associated with the 1P merchandise sales. Costs related to the operation of Duo Duo Grocery, such as warehouse rental cost and higher cost of cloud services, call center and merchant support services.
現在轉向成本。我們的總收入成本從 2019 年第四季度的 20 億元人民幣增加到本季度的 115 億元人民幣。我們的收入成本增加主要是由於與 1P 商品銷售相關的成本。與多多雜貨店運營相關的成本,例如倉庫租金成本以及較高的雲服務、呼叫中心和商戶支持服務成本。
The total operating expenses this quarter were RMB 17.1 billion as compared to RMB 10.9 billion in the same quarter of 2019. On a non-GAAP basis, our total operating expenses as a percentage of our revenue, excluding the 1P contribution, has been declining from 112% to 94% to 76% for Q4 of 2018, '19 and 2020, respectively. The gradual improvement continues to demonstrate the operating leverage in our business model.
本季度的總運營費用為人民幣 171 億元,而 2019 年同期為人民幣 109 億元。按照非公認會計準則計算,我們的總運營費用佔收入的百分比(不包括 1P 貢獻)一直在下降。 2018 年第四季度、2019 年第四季度和2020 年分別為112%、94% 和76%。逐步的改善繼續證明了我們業務模式中的運營槓桿。
Our sales and marketing expenses this quarter increased to 59% to RMB 14.7 billion from RMB 9.3 billion in the same quarter of 2019. This is mainly due to an increase in online and off-line advertisement and promotions.
本季度我們的銷售和營銷費用從 2019 年同季度的 93 億元人民幣增加到 147 億元人民幣,增長 59%。這主要是由於線上和線下廣告和促銷活動的增加。
As we continue to invest in user engagement and mind share, on a non-GAAP basis, our sales and marketing as a percentage of our revenue, excluding 1P trials this quarter, was 68%, as compared to 84% and 103% for the same quarter in 2019 and in 2018. The decrease in sales and marketing as a percentage of revenue, excluding 1P trials, has demonstrated scale of economy and the fact that our strategy of having a higher bar of ROI in our sales and marketing investment has worked well.
隨著我們繼續投資於用戶參與度和思想佔有率,在非GAAP 基礎上,我們的銷售和營銷佔收入的百分比(不包括本季度的1P 試驗)為68%,而上一季度的這一比例為84% 和103%。 2019 年和2018 年同一季度。銷售和營銷佔收入的百分比下降(不包括1P 試驗),證明了經濟規模以及我們在銷售和營銷投資中獲得更高投資回報率的戰略已經奏效出色地。
In fact, since we started Pinduoduo, we have accumulatively spent RMB 81 billion in sales and marketing expenses. On a non-GAAP basis, which averages to about RMB 103 per active buying users we have accumulated up to date. We will continue to consider our sales and marketing decision holistically and invest whenever we see opportunity that meet our ROI requirements.
事實上,自從拼多多創立以來,我們累計花費了810億元人民幣的銷售和營銷費用。按照非公認會計準則計算,我們迄今為止積累的平均每個活躍購買用戶的收入約為 103 元人民幣。我們將繼續全面考慮我們的銷售和營銷決策,並在看到滿足投資回報率要求的機會時進行投資。
On a non-GAAP basis, our general and administrative expenses were RMB 153 million, an increase of 26% from RMB 121 million in the same quarter of 2019, primarily due to an increase in headcount. Our non-GAAP research and development expenses were RMB 1.56 billion, an increase of 65% from RMB 943 million in the same quarter of 2019. The increase was primarily due to an increase in headcount and the recruitment of more experienced R&D personnel as well as an increase in the R&D-related cloud services expenses. On a non-GAAP basis, our R&D expenses as a percentage of our revenue, excluding the 1P contribution this quarter, was 7.3% as compared to 8.7% for the same quarter last year.
按非公認會計原則計算,我們的一般及管理費用為人民幣 1.53 億元,較 2019 年同季度的人民幣 1.21 億元增長 26%,主要是由於員工人數的增加。我們的非公認會計準則研發費用為人民幣 15.6 億元,較 2019 年同季度的人民幣 9.43 億元增長 65%。這一增長主要是由於員工人數的增加以及招聘更有經驗的研發人員以及研發相關雲服務費用增加。按非公認會計準則計算,我們的研發費用佔收入的百分比(不包括本季度的 1P 貢獻)為 7.3%,而去年同期為 8.7%。
Now to sum up, operating loss for the quarter was RMB 2 billion on a GAAP basis, compared with operating loss of RMB 2.1 billion in the same quarter of 2019. Non-GAAP operating loss was RMB 1.1 billion compared with operating loss of RMB 1.3 billion in the same quarter of 2019. Net loss attributable to ordinary shareholders was RMB 1.38 billion as compared to net loss of RMB 1.75 billion in the same quarter last year. Basic and diluted net loss per ADS were RMB 1.13 compared with RMB 1.52 in the same quarter of 2019.
現在總結一下,按GAAP 計算,本季度運營虧損為20 億元人民幣,而2019 年同季度的運營虧損為21 億元人民幣。非GAAP 運營虧損為11 億元人民幣,而2019 年同期運營虧損為1.3億元人民幣2019年同季度歸屬於普通股股東的淨虧損為人民幣13.8億元,而去年同季度淨虧損為人民幣17.5億元。每份美國存託憑證的基本和攤薄淨虧損為人民幣 1.13 元,而 2019 年同季度為人民幣 1.52 元。
Non-GAAP net loss attributable to ordinary shareholders were RMB 185 million compared with RMB 815 million in the same quarter last year. Non-GAAP basic and diluted net loss per ADS were RMB 0.15 compared with RMB 0.72 in the same quarter of 2019. That completes the profit and loss statement for the fourth quarter.
非美國通用會計準則歸屬於普通股股東的淨虧損為人民幣 1.85 億元,而去年同期為人民幣 8.15 億元。非 GAAP 每股美國存託股基本和攤薄淨虧損為人民幣 0.15 元,而 2019 年同一季度為人民幣 0.72 元。第四季度損益表就此完成。
Our net cash flow from operating activities was RMB 14.9 billion compared with RMB 9.6 billion in the same quarter of 2019, primarily due to an increase in online marketing service revenues. Net cash used in investing activities in this quarter increased from RMB 11.5 billion in 2019 to RMB 26.6 billion. The increase was primarily due to our decision to invest a portion of our cash reserve in cash management products. As of December 31, 2020, the company has RMB 87 billion in cash, cash equivalents and short-term investments. As of the end of Feb 2021, USD 712 million of our 0% convertible bonds due in 2024 has been converted into equity.
我們的經營活動產生的現金流量淨額為人民幣149億元,而2019年同季度為人民幣96億元,主要是由於在線營銷服務收入的增加。本季度投資活動使用的現金淨額從2019年的115億元人民幣增加至266億元人民幣。這一增長主要是由於我們決定將部分現金儲備投資於現金管理產品。截至2020年12月31日,公司擁有現金、現金等價物和短期投資人民幣870億元。截至2021年2月底,2024年到期的0%可轉換債券中的7.12億美元已轉換為股權。
Thank you, operator. We are ready for questions.
謝謝你,接線員。我們已準備好接受提問。
Operator
Operator
(Operator Instructions) We have the first question from the line of Binnie Wong from HSBC.
(操作員說明)我們收到來自匯豐銀行的 Binnie Wong 的第一個問題。
Wai Yan Wong - Head of Internet Research of Asia Pacific & Analyst
Wai Yan Wong - Head of Internet Research of Asia Pacific & Analyst
Congrats on such a very robust quarter to conclude 2020. My first -- I have two questions here. First question is actually on the user side. So you look at the users, it's actually very amazing at 788 million. That, of course, surpassed your peers and is one of the largest. So can you help us understand what are the strategy that you have used to deliver such growth? And how would you think you can sustain that in terms of this user engagement level?
祝賀 2020 年季度如此強勁。我的第一個問題是,我有兩個問題。第一個問題其實是在用戶方面。所以你看看用戶,實際上有 7.88 億,非常驚人。當然,這超出了您的同行,並且是最大的之一。那麼您能否幫助我們了解您為實現這種增長所採用的策略是什麼?您認為如何才能維持這種用戶參與度?
My second question is also on the -- it's actually on the community group purchase. I think you mentioned it's a 3P model. Just want to take a dive into in terms of the accounting-wise. So how does it really work in terms of your commission pay to the community group leaders? Or is it that some of it will be transacted via our marketplace platform? So I guess it's just in terms of us to better understand the accounting, how it really works. And also in terms of the profit, I mean, like on the GP dollar side, how much losses are we running at? If you can give us some idea, not necessarily numerically, if this is not at the right level to disclose. But I guess more just in terms of clarity as to how we should think about the investments that we do need for the rest of the year.
我的第二個問題也是關於——實際上是關於社區團購的。我想你提到過這是一個 3P 模型。只是想深入了解會計方面的知識。那麼,就您向社區團體領導人支付的佣金而言,它到底是如何運作的呢?或者其中一些將通過我們的市場平台進行交易?所以我想這只是為了讓我們更好地了解會計及其真正的運作方式。就利潤而言,我的意思是,就像在普通股方面一樣,我們的損失是多少?如果您不能給我們一些想法,不一定是數字,如果這不適合披露。但我想更多的是為了明確我們應該如何考慮今年剩餘時間裡我們確實需要的投資。
And I think management has mentioned about the infrastructure, the logistics side of things as well. So that will be great.
我認為管理層也提到了基礎設施和物流方面的問題。所以那會很棒。
David Liu - VP of Strategy
David Liu - VP of Strategy
Thanks, Binnie. Why don't I ask Lei to address the first part of your question, and then I will have Tony talk a little bit about accounting, but some of the technical stuff, we can take it off-line as well.
謝謝,賓妮。我為什麼不請雷解決你問題的第一部分,然後我讓托尼談談會計方面的問題,但是一些技術方面的東西,我們也可以離線進行。
Lei Chen - CEO & Director
Lei Chen - CEO & Director
So we continue to observe very good momentum in terms of our user growth. And in each of the past 4 quarters, we added on average over 50 million annual active buyers for each quarter of them. And that being said, as we are approaching 800 million user landmark and it's inevitable that our user growth will slow down, as we always said that we are less focused on the user numbers and that we are more focused on building users' satisfaction and trust by bringing them the best shopping experience and value for money products. And we believe that as long as we can continuously serve our users well that we will keep growing and thanks to their trusting us.
因此,我們繼續觀察到用戶增長的良好勢頭。在過去 4 個季度中,我們每個季度平均增加了超過 5000 萬年度活躍買家。話雖這麼說,隨著我們接近8 億用戶里程碑,我們的用戶增長不可避免地會放緩,正如我們一直說的那樣,我們不再那麼關注用戶數量,而是更注重建立用戶的滿意度和信任為他們帶來最好的購物體驗和物超所值的產品。我們相信,只要我們能夠不斷地為用戶服務好,我們就會不斷成長,感謝他們對我們的信任。
And so 1 factor is we are -- actually, we always -- our priority is in the agriculture sector. Not only is agriculture the least digitized by mobile Internet, it's also the greatest widespread benefit that we can create as a big platform. And we are now China's largest agriculture platform, and so in the future, we will commit to do more for agriculture sectors and the rural communities.
因此,第一個因素是我們——實際上,我們始終——我們的首要任務是農業部門。農業不僅是移動互聯網數字化程度最低的領域,也是我們作為一個大平台所能創造的最廣泛的效益。我們現在是中國最大的農業平台,未來我們會致力於為農業、為農村做更多的事情。
And the other thing earlier I talked about is the future, this integrated world of online/off-line. Definitely, we are targeting this kind of new world. So think about it, you really need to look at this wider retail market.
我之前談到的另一件事是未來,這個線上線下一體化的世界。當然,我們的目標是這樣的新世界。所以想一想,你確實需要看看這個更廣闊的零售市場。
So today, China's total retail sales for consumer goods already reached 39 trillion in 2020. And it is expected to grow at 5% per year over the next 5 years. And if you take a look at our numbers, so our GMV stand at only 4% of it. So I believe that as consumers' behavior of online and off-line continue to integrate and an opportunity for us will definitely will continue to expand.
那麼今天,2020年中國社會消費品零售總額已經達到39萬億元,預計未來5年每年增長5%。如果你看一下我們的數字,我們的 GMV 僅佔其中的 4%。所以我相信,隨著消費者線上線下的行為不斷融合,我們的機會肯定會不斷擴大。
Jing Ma - VP of Finance
Jing Ma - VP of Finance
Let me pick up on the second question on Duo Duo Grocery, I guess. As you mentioned, Duo Duo Grocery, we operate at a 3P offering. From an accounting point of view, we generate transaction service revenues for the services provided to our merchants and some farmers. The contribution in Q4 and fiscal year 2020 from the DuoDuo Grocery part is immaterial. Most of the costs associated of running Duo Duo Grocery operations, such as warehouse rental and delivery logistics are captured and our cost of revenues.
我想,讓我來回答關於多多雜貨店的第二個問題。正如您提到的,Duo Duo Grocery,我們以 3P 方式運營。從會計的角度來看,我們通過向我們的商人和一些農民提供的服務產生交易服務收入。多多雜貨部門在第四季度和 2020 財年的貢獻並不重要。運營多多雜貨店運營的大部分成本(例如倉庫租賃和送貨物流)都被記錄下來,並成為我們的收入成本。
Just to note, Duo Duo Grocery is a very young business, we just started with a few months, and it is still evolving. But we are very confident about this business model, and it brings significant value to our consumers and other participants among this value chain.
需要注意的是,多多雜貨店是一家非常年輕的企業,我們剛剛起步幾個月,而且仍在不斷發展。但我們對這種商業模式非常有信心,它為我們的消費者和價值鏈中的其他參與者帶來了巨大的價值。
A few key drivers we can think of on the UE side, let's take if we are able to streamline unnecessary layers of the distribution and each layer traditionally would take up a meaningful markup, so a more efficient supply chain would also mean less spoilage. And all these factors put in together will definitely bring additional value to the stake for all the participants, the stakeholders to share in this business model. But like I said, the development on the infrastructure on the whole process will take time to be there. So at this moment, profitability won't be a target for us to set for Duo Duo Grocery.
我們可以在 UE 方面想到一些關鍵驅動因素,假設我們能夠簡化不必要的分銷層,並且傳統上每一層都會佔用有意義的標記,因此更高效的供應鏈也意味著更少的損壞。所有這些因素加在一起肯定會給所有參與者、利益相關者帶來額外的價值,讓他們分享這個商業模式。但就像我說的,整個過程的基礎設施的發展需要時間。所以目前盈利不會成為我們為多多雜貨設定的目標。
David Liu - VP of Strategy
David Liu - VP of Strategy
Yes. And Binnie, I just want to add on top of that, to say that PDD at the end of 2020, we are the largest e-commerce platform by users already. And as we have always talked about, focusing on engagement really is the core of our strategy, and we are confident now with an even further enlarged base that is continuing to grow at good momentum. We should be able to drive even better engagement. And Duo Duo Grocery really plays into that by giving us an additional access point to address the needs that we previously couldn't have. So we have our high hopes for the Duo Duo Grocery business because it is integral. It is the extension of our overall platform. And as the model evolves, I think the roles of the different constituents of the Duo Duo Grocery ecosystem, we may also evolve as well. So stay tuned and bear with us. We think this could be tremendous opportunities. We are confident that we'll be able to execute, but it will take some iterations to find the perfect model.
是的。 Binnie,我只想補充一點,到 2020 年底,拼多多已經是用戶數量最大的電子商務平台。正如我們一直談論的那樣,專注於參與確實是我們戰略的核心,我們現在對進一步擴大的基礎充滿信心,並且繼續以良好的勢頭增長。我們應該能夠推動更好的參與。 Duo Duo Grocery 確實發揮了這一作用,為我們提供了一個額外的接入點來滿足我們以前無法滿足的需求。所以我們對多多雜貨業務寄予厚望,因為它是不可或缺的。它是我們整體平台的延伸。隨著模型的發展,我認為多多雜貨生態系統不同組成部分的角色也可能會發展。所以請繼續關注並耐心等待我們。我們認為這可能是巨大的機會。我們有信心能夠執行,但需要一些迭代才能找到完美的模型。
Operator
Operator
The next question comes from the line of Thomas Chong from Jefferies.
下一個問題來自 Jefferies 的 Thomas Chong。
Thomas Chong - Equity Analyst
Thomas Chong - Equity Analyst
I think in the prepared remarks, management comments about Duo Duo Maicai has the merchandise sales, which is a 1P trial business, and it is not significant to the GMV. So I just want to get a sense about when the business is getting bigger and bigger, should we expect the merchandise sales are continuing to decline in absolute amount in coming quarters? And on that front, is it possible to give us some color about the GP margin of this 1P trial business as well as the overall Duo Duo Maicai GP margin as well?
我認為在準備的發言中,管理層對多多買菜的評論有商品銷售,這是1P的試營業,對GMV影響不大。所以我只是想了解一下,當業務變得越來越大時,我們是否應該預期未來幾個季度商品銷售額的絕對量會繼續下降?在這方面,是否可以給我們一些關於這個 1P 試點業務的 GP 利潤率以及多多麥菜整體 GP 利潤率的信息?
And my second question is about the GMV growth. I think management also talked about the focus on monetization. How should we think about the GMV per buyer going forward?
我的第二個問題是關於 GMV 增長的。我認為管理層也談到了對貨幣化的關注。我們應該如何看待未來每位買家的 GMV?
David Liu - VP of Strategy
David Liu - VP of Strategy
Sure, Thomas. I think you asked quite a number of questions in your two questions. So let me try to maybe take that in bits and pieces of it. The first thing I want to make clear if there is any confusion is that the merchandise business -- merchandise sales business that we are reporting as an additional revenue item has nothing to do with Duo Duo Grocery or Duo Duo Maicai, so we are referring this too as Duo Duo Grocery in English going forward. So the 1P merchandise sales business has nothing to do with Duo Duo Grocery, so I want to make sure that is very clear.
當然,托馬斯。我認為你在兩個問題中提出了相當多的問題。因此,讓我嘗試將其分解為一點點。如果有任何混淆,我首先要澄清的是,商品業務——我們作為額外收入項目報告的商品銷售業務與多多雜貨或多多麥菜無關,所以我們指的是這個今後也將採用英語“Duo Duo Grocery ”。所以1P商品銷售業務與多多雜貨沒有任何關係,所以我想確保這一點非常清楚。
The 1P business, as we mentioned, is because we have noticed that there are consumer demands on our platform, which we haven't been able to identify the appropriate merchants for. And we have to step in these situations temporarily to make sure that our users can find the product they want at the prices that they are looking for, all right? So because this is a temporary measure, we have no intention to grow this into a larger scale business. In the fourth quarter, the 1P business is less than 1% our GMV. And I think you should expect that to stay as a small percentage of our GMV going forward.
正如我們提到的,1P業務是因為我們注意到我們平台上有消費者的需求,但我們一直無法找到合適的商家。我們必須暫時介入這些情況,以確保我們的用戶能夠以他們想要的價格找到他們想要的產品,好嗎?因此,由於這是一項臨時措施,我們無意將其發展為更大規模的業務。第四季度,1P業務不到我們GMV的1%。我認為你應該預計這將僅占我們未來 GMV 的一小部分。
As to the Duo Duo Maicai, it is, as Tony mentioned, it is a very new business initiative, and the business model continues to evolve. I would say that the first thing I do want to take the opportunity to clarify is that the Duo Duo Grocery business itself is not a community group purchase business. It's important that the investors understand this distinction because it impacts, I think, your understanding of how the economics works, right?
至於多多買菜,正如托尼所說,這是一個非常新的商業舉措,而且商業模式還在不斷發展。我想說,我首先想藉此機會澄清的是,多多雜貨業務本身並不是社區團購業務。投資者了解這種區別很重要,因為我認為它會影響您對經濟運作方式的理解,對吧?
So first of all, it is not a typical community group purchase because unlike group purchases, where neighbors or group leaders or store owners actually aggregates a group and earn a commission for organizing that purchase, with an active buyer base of 788 million users, Duo Duo Grocery does not actually rely on community leaders to attract users, and users can just place order independently by themselves through our app. So this is the reason why we are approaching Duo Duo Grocery as an integrated and an extension of our e-commerce platform. So the economics accordingly and the type of roles that these group leaders play are quite different.
首先,它不是典型的社區團購,因為與團購不同的是,團購中鄰居、團長或店主實際上聚集了一個團體,並通過組織購買賺取佣金,Duo 擁有 7.88 億用戶的活躍買家基礎。 Duo Grocery實際上並不依賴社區領袖來吸引用戶,用戶可以通過我們的應用程序自行下單。因此,這就是我們將多多雜貨作為我們電子商務平台的集成和延伸的原因。因此,相應的經濟學和這些團體領導者所扮演的角色類型是完全不同的。
Second thing I would say is we introduced Duo Duo Grocery to cater to that rising demand that consumers have for convenient, affordable grocery, and it is now available in 300 cities across China.
我要說的第二件事是,我們推出了多多雜貨店,以滿足消費者對方便、實惠的雜貨日益增長的需求,目前它已在中國 300 個城市提供服務。
A key part of this offering is really the agriculture-focused logistics infrastructure that we are working to build. And the idea here is to really reduce waste to lower costs and to speed up delivery of agricultural products. To that end, we are leaning on technology to achieve better quality control, better sourcing, better forecasting the demand, which can all reduce wastage and improve supply chain efficiency. We are working with third-party providers now to make strategic investment where needed to accelerate the build-out of the necessary infrastructure so we can achieve less than 24-hour turnaround time for the orders. We believe that has proven out in the last 5.5 years as long as we remain laser-focused on anticipating and meeting the users' needs, users, they will continue to vote for us with their wallets.
這項服務的一個關鍵部分實際上是我們正在努力建設的以農業為重點的物流基礎設施。這裡的想法是真正減少浪費以降低成本並加快農產品的交付速度。為此,我們依靠技術來實現更好的質量控制、更好的採購、更好的需求預測,這些都可以減少浪費並提高供應鏈效率。我們現在正在與第三方供應商合作,在需要時進行戰略投資,以加快必要基礎設施的建設,以便我們能夠實現訂單周轉時間少於 24 小時。我們相信,過去 5.5 年已經證明了這一點,只要我們繼續專注於預測和滿足用戶的需求,用戶就會繼續用錢包投票給我們。
I think, Thomas, you also asked about gross margin trends. And with regard to the individual businesses, we're not going to comment on the specifics, but suffice to say that excluding the impact of our first-party merchandise business, which, as I mentioned earlier in my remarks, is still small, this business is loss-making. If we actually exclude the impact of the 1P business, the fourth quarter bottom line margins are actually very much similar to the non-GAAP net margins we reported in the third quarter.
我想,托馬斯,你也問過毛利率趨勢。至於個別業務,我們不會對具體細節發表評論,但足以說明,排除我們第一方商品業務的影響(正如我之前在發言中提到的那樣,影響仍然很小),生意是虧損的。如果我們實際上排除 1P 業務的影響,第四季度的淨利潤率實際上與我們在第三季度報告的非 GAAP 淨利潤率非常相似。
And I think lastly, you talked about ARPUs or spendings per user. Look, I think without taking too much time, I would just say that with the user base that we have and with the focus that we are spending around engagement, we are very confident that as user activity grows, the availability of merchandise on our platform will grow. And as the user seasonal pattern, as we have seen in the past, they will continue to shop across more categories. They will make more purchases within those categories because as the trust level builds, that mind share, that market share or wallet share we have with them will also grow. So we are quite confident with the outlook on the ARPU.
我想最後,您談到了 ARPU 或每個用戶的支出。看,我想不用花太多時間,我只想說,憑藉我們擁有的用戶群以及我們在參與度方面的重點,我們非常有信心,隨著用戶活動的增長,我們平台上商品的可用性會成長。正如我們過去所看到的,隨著用戶的季節性模式,他們將繼續購買更多類別的商品。他們會在這些類別中進行更多購買,因為隨著信任水平的建立,我們與他們的思想份額、市場份額或錢包份額也會增長。所以我們對 ARPU 的前景非常有信心。
The way I would think about the monetization point you alluded to earlier, or let's say the 3.2% kind of LTM monetization you see in the fourth quarter, that really is an endorsement of the merchants seeing good conversion for their advertising spend. And that is only possible if the user activities are translating into sales. So let me actually stop there and move on to the next question.
我對你之前提到的貨幣化點的看法,或者說你在第四季度看到的 3.2% 的 LTM 貨幣化,這確實是對商家看到廣告支出良好轉化的認可。只有當用戶活動轉化為銷售時,這才有可能。那麼讓我停下來繼續討論下一個問題。
Operator
Operator
The next the next question comes from the line of Alicia Yap from Citi Group.
接下來的問題來自花旗集團的 Alicia Yap。
Yik Wah Yap - Research Analyst
Yik Wah Yap - Research Analyst
I have very 2 quick ones. One is I wanted to follow-up on what exactly is the item category in this 1P trial that we have? And then second is, could management comment on this Duo Duo Grocery performance? I know it is still early, but then how do you rate the performance so far for the fourth quarter? Is that in line, above or below your internal expectation?
我有兩個非常快的。一是我想跟進一下我們這個 1P 試用版的物品類別到底是什麼?其次,管理層能否對多多雜貨店的業績發表評論?我知道現在還為時尚早,但是您如何評價第四季度迄今為止的表現?這符合、高於還是低於你的內部預期?
David Liu - VP of Strategy
David Liu - VP of Strategy
Sorry, Alicia, I was distracted. But on your question regarding the 1P business, the product categories is actually quite diversified. How we approached it was really identifying -- looking at items we execute on our platform where we know there are clear consumer demands but we aren't able to source sufficient merchants for. So the product categories are quite diverse, and the strategy itself, it is not category-specific.
抱歉,艾麗西亞,我分心了。但關於你提到的1P業務,其實產品種類是比較多元化的。我們的處理方式實際上是識別——查看我們在平台上執行的項目,我們知道有明確的消費者需求,但我們無法找到足夠的商家。所以產品類別相當多樣化,而策略本身也不是特定於類別的。
The second thing I would say on your question regarding the progress of Duo Duo Grocery, as both I think Lei and Tony have commented, this is a very long-term commitment for us and because we think the opportunity is immense, and because we think we can really create some values here for the users. So as such, I think we are experiencing as we move forward, as I mentioned earlier in my response, the service is now available across the nation in over 300 cities. So I think we are pretty comfortable with the progress or the pace of the rollout on the geographic footprint.
關於你關於多多雜貨店進展的問題,我要說的第二件事,正如我認為雷和托尼都評論過的那樣,這對我們來說是一個非常長期的承諾,因為我們認為機會是巨大的,因為我們認為我們在這裡確實可以為用戶創造一些價值。因此,我認為我們在前進的過程中正在經歷,正如我之前在回復中提到的,該服務現已在全國 300 多個城市提供。因此,我認為我們對地理足跡上的進展或推出速度感到非常滿意。
What is more interesting from our perspective, however, is to build and develop a corresponding infrastructure network, right? It's easy to drive user growth. And particularly for a platform like us, we naturally have a very intrinsic advantage, I guess, from a traffic perspective. The question we are more concerned about is what investments do we need and how can we deliver the right type of user opportunities to -- the user experience to address the opportunities we see. Because I think one of the few elements of success to the Duo Duo Grocery business in our mind, I guess, maybe to highlight 2 things in particular, one of which is sourcing and forecasting, right? How much you can sell or how -- what price can you sell the SKUs for ultimately depends on your ability to forecast the demand properly and be able to organize the supply chain around it in the most efficient way possible. And of course, the second part of it is an infrastructure that can be aligned appropriately and largely for agriculture and fresh produce, such that we can arrange the fulfillment and deliver in this less than 24-hour type of cycle.
然而,從我們的角度來看,更有趣的是建立和發展相應的基礎設施網絡,對嗎?推動用戶增長很容易。特別是對於我們這樣的平台來說,我想,從流量的角度來看,我們自然具有非常內在的優勢。我們更關心的問題是我們需要什麼投資以及我們如何提供正確類型的用戶機會——用戶體驗來解決我們看到的機會。因為我認為在我們看來,多多雜貨業務成功的少數要素之一,我想,也許要特別強調兩件事,其中之一是採購和預測,對吧?您能銷售多少或如何銷售 SKU,最終取決於您正確預測需求的能力以及以最有效的方式圍繞需求組織供應鏈的能力。當然,第二部分是一個可以適當調整的基礎設施,主要用於農業和新鮮農產品,這樣我們就可以在不到 24 小時的周期內安排履行和交付。
So we are still really in the very early innings of what we consider to be kind of our approach to grocery business in China. And I think we are pleased with the progress that we have made so far, but there's definitely still a lot more we can do.
因此,我們認為我們在中國開展雜貨業務的方式仍處於早期階段。我認為我們對迄今為止所取得的進展感到滿意,但我們肯定還有很多事情可以做。
Operator
Operator
The next question comes from the line of Natalie Wu from Haitong International.
下一個問題來自海通國際的Natalie Wu。
Yue Wu - Research Analyst
Yue Wu - Research Analyst
Just a little bit add on the synergy question of the last question. Just wondering what kind of the synergy between Duo Duo Grocery and your original marketplace business in terms of the supply chain should we expect in the longer term future. And what's your progress now? And also, wondering if that could be the key competitive edge that differentiates us from other competitors in the longer run.
稍微補充一下最後一個問題的協同問題。只是想知道從長遠來看,多多雜貨店和您原來的市場業務在供應鏈方面應該產生什麼樣的協同效應。那你現在進展如何了?而且,我想知道從長遠來看,這是否是我們區別於其他競爭對手的關鍵競爭優勢。
David Liu - VP of Strategy
David Liu - VP of Strategy
Thank you, Natalie. So as we have discussed, we can see Duo Duo Grocery really as an integrated part of our marketplace, right? So it is an extension of the experiences that we can offer. It is an extension, an ability to address more of consumers' needs and use.
謝謝你,娜塔莉。正如我們所討論的,我們可以將多多雜貨店真正視為我們市場的一個組成部分,對嗎?因此,這是我們可以提供的體驗的延伸。它是一種延伸,一種滿足更多消費者需求和使用的能力。
So -- and you -- from listening to what we have said about being focused on building on infrastructure, the idea is really to figure out how we can address their needs better, both really continuing to leverage on the existing express delivery infrastructure network as well as to develop this less than 24-hour type of fulfillment infrastructure for Duo Duo Grocery.
因此,從聽我們所說的專注於基礎設施建設來看,我們的想法實際上是弄清楚如何更好地滿足他們的需求,兩者都真正繼續利用現有的快遞基礎設施網絡以及為Duo Duo Grocery 開發這種不到24 小時類型的履行基礎設施。
If we can organize both these delivery logistics very efficiently and actually be able to forecast and recommend the appropriate SKUs to consumers based on their desirable use case and fulfillment case, we actually see a lot of opportunities to drive synergy between the platform marketplace today and the Duo Duo Grocery scenarios.
如果我們能夠非常有效地組織這些交付物流,並且實際上能夠根據消費者所需的用例和履行案例來預測和推薦合適的SKU,我們實際上會看到很多機會來推動當今平台市場與傳統市場之間的協同作用。多多雜貨店場景。
And certainly, on the supply chain side, as I mentioned earlier, most of the suppliers today are local. That said, there are 12 million farmers on PDD today who are sourcing and -- who are supplying to our users on a nationwide basis. These could all be potential sellers or suppliers into the Duo Duo Grocery scenario, provided that they have enough support around logistics and [fulfillment] (corrected by the company after the call) coordination. So certainly, over time, I think we see the infrastructure being able to support not only locally driven supplier, but on a nationwide basis to really leverage the supply chain available on PDD's marketplace, but also extend beyond pure agriculture produce. And this is the reason why Lei in his remarks pointed out that we are -- our vision is really to become China's largest agriculture producer. And by doing so, in that process, become the largest grocer for the world.
當然,在供應鏈方面,正如我之前提到的,當今大多數供應商都是本地的。也就是說,今天有 1200 萬農民在 PDD 上進行採購,並在全國范圍內向我們的用戶供應產品。這些都可能是 Duo Duo Grocery 場景中的潛在賣家或供應商,前提是他們在物流和[履行](由公司在通話後糾正)協調方面有足夠的支持。當然,隨著時間的推移,我認為我們看到基礎設施不僅能夠支持本地驅動的供應商,而且能夠在全國范圍內真正利用 PDD 市場上的供應鏈,而且還能夠擴展到純農產品之外。這就是為什麼雷軍在講話中指出,我們的願景是真正成為中國最大的農業生產國。通過這樣做,在這個過程中,成為世界上最大的雜貨商。
Operator
Operator
We have our next question from the line of Piyush Mubayi from Golden Sachs.
我們的下一個問題是來自 Golden Sachs 的 Piyush Mubayi。
Piyush Mubayi - MD
Piyush Mubayi - MD
My first question is about a comment in Colin's letter to shareholders where he mentions that traditional approach to competing -- of competing through scale and efficiency has its inevitable limitations. I wonder if you could elaborate.
我的第一個問題是關於科林致股東信中的評論,他提到傳統的競爭方式——通過規模和效率進行競爭有其不可避免的局限性。我想知道你能否詳細說明一下。
And in the interest of time, I wonder if you could talk through the impact of Duo Duo Grocery on the broader business, i.e., when I look at your take rates there, a record high of 3.23% and you expounded on that. When I look at your sales and marketing spend is that it's one of the lowest we've seen at 77.8% if you strip out the merchandise sales and just look at marketing services. But that seems to be the start in the right direction. If you could just expound on that. And also elaborate on, if possible in the limited time, the impact of Duo Duo Grocery on the gross profit line, that would be great.
出於時間考慮,我想知道您是否可以談談多多雜貨店對更廣泛業務的影響,即當我查看您那裡的拿取率時,創紀錄的 3.23%,您對此進行了闡述。當我查看你們的銷售和營銷支出時,如果剔除商品銷售並只關注營銷服務,這是我們見過的最低支出之一,為 77.8%。但這似乎是朝著正確方向的開始。如果你能詳細解釋一下就好了。並且還要詳細說明一下,如果可以在有限的時間內,多多雜貨對毛利線的影響,那就太好了。
David Liu - VP of Strategy
David Liu - VP of Strategy
Piyush, I think the way you should think about the Duo Duo Grocery's impact on the business model overall is highly synergistic, right, in the sense that we now have an incremental scenarios of being able to fulfill the users' needs that we previously weren't able to address. So that increases our ability to address that need over time. And so -- and because of that, we certainly expect the engagement overall on the platform to continue to improve. And as more users become more familiar with our platform, we also expect their spending will continue to improve.
Piyush,我認為您應該考慮 Duo Duo Grocery 對整體商業模式的影響,這是高度協同的,從某種意義上說,我們現在有一個增量場景,能夠滿足我們以前無法滿足的用戶需求。無法解決。因此,隨著時間的推移,這會增強我們滿足這一需求的能力。因此,正因為如此,我們當然希望平台上的整體參與度能夠繼續改善。隨著越來越多的用戶越來越熟悉我們的平台,我們也預計他們的支出將繼續改善。
So one of the things that I think you may notice that from an average order value perspective, for the year, it has actually decreased Y-o-Y over the prior year. But you need to take that in the context of the significant number of user add and also the increase in order numbers. So we are quite confident, actually, as the business continue -- the users continue to mature on our platform. With the improvement in engagement level, this will continue to trend in the right direction and resulting in more operating efficiency that, Piyush, you have identified.
因此,我認為您可能會注意到的一件事是,從平均訂單價值的角度來看,今年的訂單價值實際上比上一年有所下降。但您需要在大量用戶添加以及訂單數量增加的背景下考慮這一點。因此,實際上,隨著業務的繼續發展,我們非常有信心——用戶在我們的平台上不斷成熟。隨著參與度的提高,這將繼續朝著正確的方向發展,並帶來更高的運營效率,Piyush,您已經確定了這一點。
In the interest of time, why don't we take one last question.
為了節省時間,我們為什麼不回答最後一個問題呢?
Operator
Operator
We have the next question from the line of Eddy Wang from Morgan Stanley.
我們有來自摩根士丹利的 Eddy Wang 的下一個問題。
Eddy Wang - Research Analyst
Eddy Wang - Research Analyst
The question is also related to the grocery business. So as you mentioned that Duo Duo Grocery is not a community group purchase business. But if we look at the competition in the fresh grocery side, actually you are competing with the other community grocer players. As you said that next step will be investing in this kind of asset-heavy warehouse and agriculture-focused logistics, so just want to know, you also -- whether or not in terms of this -- all these players, they are -- now that the next focus will be the infrastructure investment and user engagement instead of the user acquisition maybe very aggressively in the past 6 months? And how -- what's your view on the competition in terms of fresh grocery, online fresh grocery, in this year?
這個問題也與雜貨業務有關。所以正如你提到的,多多雜貨不是社區團購業務。但如果我們看看生鮮雜貨方面的競爭,實際上你是在與其他社區雜貨商競爭。正如你所說,下一步將投資於這種重資產倉庫和以農業為重點的物流,所以你也想知道,無論是否在這方面,所有這些參與者,他們都是——既然下一個重點將是基礎設施投資和用戶參與,而不是過去6 個月中可能非常積極的用戶獲取?您對今年生鮮、線上生鮮的競爭有何看法?
David Liu - VP of Strategy
David Liu - VP of Strategy
Sure, Eddy, thank you for that. So we're obviously not in a position to comment on other players' strategy. But as we -- so I would say instead, let's focus on what we are doing, right?
當然,艾迪,謝謝你。所以我們顯然無法評論其他玩家的策略。但作為我們——所以我想說,讓我們專注於我們正在做的事情,對嗎?
So if you look at what PDD is today, we are an e-commerce platform with 788 million users, highly active users at that rate. So the MAU for the quarter was at 720 million. So almost 90% of my annual active user. And we are confident that the user engagement metrics will continue to trend.
因此,如果你看看今天的拼多多,我們是一個擁有 7.88 億用戶的電子商務平台,按照這個速度,用戶非常活躍。因此該季度的月活躍用戶數為 7.2 億。所以幾乎 90% 是我的年度活躍用戶。我們相信用戶參與度指標將繼續保持趨勢。
As we have communicated through the past quarters, growing user base has never really been our priority, but the entire year was really focused on engagement. But with better engagement, with better trust building on the platform, the user number have grown. We have seen very strong growth momentum in that.
正如我們在過去幾個季度所傳達的那樣,不斷增長的用戶群從來都不是我們真正的首要任務,但全年的重點都是參與度。但隨著參與度的提高,平台上建立的信任度的提高,用戶數量不斷增長。我們看到了非常強勁的增長勢頭。
But as Lei mentioned, given the scale of our user base today, it's inevitable that user growth will start to trend down. And it's much more important that we are focused on engagement and focused on satisfying their needs on our platform. And then Duo Duo Grocery provides us that opportunity to -- or I would just say incremental opportunity to address that additional aspect of needs for groceries, for grocery on a more timely basis and at more compelling value.
但正如雷軍提到的,考慮到我們現在的用戶規模,用戶增長不可避免地會開始下降。更重要的是,我們專注於參與並致力於滿足他們在我們平台上的需求。然後,Duo Duo Grocery 為我們提供了這樣的機會——或者我只想說增量的機會來解決雜貨的額外需求,更及時地以更具吸引力的價值滿足雜貨需求。
And I think it's important to recognize the fact that Duo Duo Grocery appropriately, we as a platform do need to become more heavy. It is an operational-heavier business. We are getting involved in warehousing operations, we're getting involved in delivery logistics operations. So the investments in off-line operations will be an important part of the success factor. But I would say to -- in thinking through the competitive dynamic, it's important not to lose sight the strategic advantage that we, as a platform, with 700 or almost 800 million users have over in this business model, right?
我認為重要的是要認識到這樣一個事實,即多多雜貨,我們作為一個平台確實需要變得更加沉重。這是一個重運營的業務。我們正在涉足倉儲業務,我們正在涉足配送物流業務。因此,對線下運營的投資將是成功因素的重要組成部分。但我想說的是,在思考競爭動態時,重要的是不要忽視我們作為一個擁有 700 或近 8 億用戶的平台在這種商業模式中所擁有的戰略優勢,對嗎?
So we will continue to focus what we have been doing well, which is understanding what consumers are looking for, recommending them the most appropriate product based on our understanding of what their needs are, what their expectation of value for money is and accept the differences now instead of having to rely only on express delivery. We actually have an additional fulfillment mechanism that can actually enable a shorter turnaround of delivery for particular categories of product where that time sensitivity actually matters, right?
所以我們會繼續專注於我們一直做得很好的事情,那就是了解消費者在尋找什麼,根據我們對他們的需求是什麼、他們對性價比的期望是什麼,向他們推薦最合適的產品,並接受差異。現在不必只依賴快遞。我們實際上有一個額外的履行機制,實際上可以縮短特定類別產品的交付周轉時間,而時間敏感性實際上很重要,對吧?
So we are fully committed to making sure that we have the right infrastructure in place to win in this business because we think by doing this right, the opportunity is immense and highly synergistic to the marketplace business that we continue to see a very long runway for.
因此,我們完全致力於確保我們擁有合適的基礎設施來贏得這項業務,因為我們認為,通過正確地做到這一點,機會是巨大的,並且與市場業務高度協同,我們將繼續看到很長的發展道路。
With that, we will wrap up the call for the evening. Thank you very much, everyone, for your time and look forward to speaking again in the next quarter.
這樣,我們就結束了晚上的通話。非常感謝大家抽出寶貴的時間,並期待在下個季度再次發言。
Jing Ma - VP of Finance
Jing Ma - VP of Finance
Thank you.
謝謝。
Operator
Operator
Thank you. Ladies and gentlemen, that does conclude your conference for today. Thank you for participating. You may all disconnect now. Thank you.
謝謝。女士們、先生們,今天的會議到此結束。感謝您的參與。你們現在可以斷開連接了。謝謝。