拼多多 (PDD) 2020 Q3 法說會逐字稿

Thank you, operator.

謝謝你，接線員。

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

大家好，感謝您今天給我們打電話。

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

拼多多的財報已於早些時候發布，可通過投資者關係網站 Investor.pinduoduo.com 以及 GlobeNewswire 服務獲取。

On today's call, our CEO, Chen Lei, will make some general remarks on our performance for the third quarter of 2020 and our strategic focus going forward; our VP of Strategy, David Liu, who will then elaborate further on our specific strategic initiatives; our VP of Finance, Tony Ma, will then take us through our financial results for the third quarter ended September 30, 2020.

在今天的電話會議上，我們的首席執行官陳雷將對我們 2020 年第三季度的業績以及未來的戰略重點進行一些概述；我們的戰略副總裁 David Liu 隨後將進一步闡述我們的具體戰略舉措；然後，我們的財務副總裁 Tony Ma 將向我們介紹截至 2020 年 9 月 30 日的第三季度的財務業績。

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.

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

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

此外，本次電話會議還討論了某些非公認會計準則財務措施。

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

請參閱我們的收益發布，其中包含非公認會計準則衡量標準與公認會計準則衡量標準的調節表。

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

現在我很高興向大家介紹我們的首席執行官陳雷。

Lei, please go ahead.

雷，請繼續。

Hello, everyone.

大家好。

Thank you for joining us on our third quarter results announcement.

感謝您參與我們的第三季度業績公佈。

Pinduoduo turned 5 years old last month reached another milestone on this incredible journey.

拼多多上個月迎來了五歲生日，在這段令人難以置信的旅程中達到了另一個里程碑。

This year, we continue to deliver strong user growth and built trust and engagement with consumers.

今年，我們繼續實現強勁的用戶增長，並與消費者建立信任和互動。

We are facilitating more sales every day with the support of our users, merchants and business partners.

在用戶、商家和業務合作夥伴的支持下，我們每天都在促進更多的銷售。

For the 12 months ended September 30, 2020, Pinduoduo's served the needs of 731 million active buyers and generated nearly RMB 1.5 trillion GMV.

截至2020年9月30日的12個月，拼多多服務了7.31億活躍買家的需求，創造了近1.5萬億元人民幣的GMV。

During our fifth anniversary campaign in early October, the peak daily order volume surpassed 100 million, driven by increased demand for agricultural products.

10月初，五週年活動期間，農產品需求增加，日訂單峰值突破1億。

Strong consumer activities continued into Q4.

強勁的消費者活動持續到第四季度。

We attribute this growth to our continued focus on user experience.

我們將這種增長歸因於我們對用戶體驗的持續關注。

We saw better engagement metrics as we offered more selection, more compelling value and more fun and interactive features.

隨著我們提供更多選擇、更具吸引力的價值以及更多樂趣和互動功能，我們看到了更好的參與度指標。

In Q3, we observed increases in the frequency of visits, the number of categories visited and average daily time spent.

在第三季度，我們觀察到訪問頻率、訪問類別數量和平均每日花費時間有所增加。

These contributed to our average annual spending per user increasing from RMB 1,857 in Q2 to RMB 1,993 in Q3, despite a net add of another 48 million active buyers.

儘管活躍買家淨增 4800 萬，但這些因素使得我們的每位用戶平均年度支出從第二季度的 1,857 元人民幣增加到第三季度的 1,993 元人民幣。

Even with our growth and scale today, it still feels like we just started yesterday.

即使我們今天的增長和規模，仍然感覺像是昨天才剛剛開始。

We recognize that Pinduoduo's achievement to date benefited from the growth and evolution of China's Internet, the development of the retail industry and increased consumption power.

我們認識到拼多多迄今為止的成就得益於中國互聯網的成長和演變、零售業的發展以及消費能力的增強。

We always believe that it is the consumers who make enterprises, not the other way around.

我們始終相信，是消費者成就了企業，而不是消費者成就了企業。

This is why from the beginning, we have built our platform with the principles of "People First" and "Benefit All" in mind.

這就是為什麼我們從一開始就本著“以人為本”和“造福所有人”的原則來構建我們的平台。

Over the past 5 years, we witnessed the growing support for the new interactive mobile commerce experience that we championed.

在過去的 5 年裡，我們見證了我們所倡導的新型交互式移動商務體驗得到越來越多的支持。

Our mobile platform has become a mainstream online shopping app, often rank first on various app stores.

我們的移動平台已成為主流的網上購物應用程序，經常在各種應用程序商店中排名第一。

This is because as China's Internet space grows more vibrant, consumers have become more sophisticated and want to enjoy the benefits of being served by more than 1 platform.

這是因為，隨著中國的互聯網空間變得更加活躍，消費者變得更加成熟，並且希望享受多個平台所提供服務的好處。

They are constantly looking out for more options, for better value and differentiated experiences.

他們不斷尋找更多選擇、更好的價值和差異化的體驗。

Our mission is clear and straightforward: continue to serve customers and meet their changing preferences.

我們的使命明確而直接：繼續為客戶提供服務並滿足他們不斷變化的偏好。

This relentless focus on serving consumers has enabled us to attract more than 700 million users in record time.

這種對消費者服務的不懈關注使我們能夠在創紀錄的時間內吸引超過 7 億用戶。

We also continue to be guided by the principle of being "More Open".

我們也繼續遵循“更加開放”的原則。

We are committed to being an open and fair platform for our service providers and merchants.

我們致力於為我們的服務提供商和商家提供一個開放、公平的平台。

We are pleased to see an increasing number of enterprises choosing to work with Pinduoduo.

我們很高興看到越來越多的企業選擇與拼多多合作。

In the past 5 years, more brands have joined hands with Pinduoduo to offer customized designs and value for money SKUs for our users.

過去5年，越來越多的品牌攜手拼多多，為用戶提供定制化的設計和物超所值的SKU。

At the same time, more OEMs have used our platform to gain direct consumer exposure.

與此同時，越來越多的整車廠使用我們的平台來獲得直接的消費者曝光。

Some of them have even launched their own brands, leveraging on the consumer insight they could get from Pinduoduo.

其中一些甚至利用從拼多多獲得的消費者洞察推出了自己的品牌。

Lastly and most importantly, Pinduoduo has also become China's largest online platform for agricultural products by enabling direct selling from farms to the dining tables.

最後也是最重要的是，拼多多也通過實現從農場直銷到餐桌，成為中國最大的農產品在線平台。

We are mindful that with scale, there comes responsibility.

我們意識到，隨著規模的擴大，責任也隨之而來。

To improve transparency and to inform our stakeholders of our progress in managing environmental, social and governance matters, we recently issued our first ESG report.

為了提高透明度並向利益相關者通報我們在管理環境、社會和治理事務方面的進展，我們最近發布了第一份 ESG 報告。

Our top social responsibility efforts are guided by the goal of promoting digital inclusion.

我們的首要社會責任工作以促進數字包容性為目標。

By bringing more people into the digital economy, we believe local communities can benefit from new jobs and new market opportunities and share in reward of greater productivity and convenience.

通過讓更多的人進入數字經濟，我們相信當地社區可以從新的就業機會和新的市場機會中受益，並分享更高的生產力和便利性的回報。

As we look forward to the next phase of our journey, we remain steadfast in our vision of offering consumers a greater selection of value-for-money products through a fun and interactive discovery experience.

當我們展望下一階段的旅程時，我們仍然堅定不移地致力於通過有趣的互動發現體驗為消費者提供更多物有所值的產品選擇。

We continue to observe closely how consumer behaviors are evolving and evaluate how technology could help.

我們將繼續密切觀察消費者行為的演變，並評估技術如何提供幫助。

We are committed to adapting to changes and pushing for innovation.

我們致力於適應變化並推動創新。

We are prepared to invest capital and resources in our platform, supply chain, and ecosystem to realize this vision.

我們準備在我們的平台、供應鍊和生態系統上投入資金和資源來實現這一願景。

There remains a lot we can do, particularly with agricultural products.

我們還有很多事情可以做，特別是在農產品方面。

Post pandemic, we have noticed that consumer habits of grocery shopping at wet market or supermarket are shifting.

疫情過後，我們注意到消費者在菜市場或超市購物的習慣正在發生變化。

Many of our users have switched to online channels for their daily staples.

我們的許多用戶已轉向在線渠道購買日常必需品。

We saw a surge in orders for agricultural products in the first half of the year, not just for fruits and other root vegetables that can be easily transported but also for leafy vegetables and delicate fruits.

上半年農產品訂單激增，不僅包括水果等運輸方便的根類蔬菜，還包括葉類蔬菜和精緻水果。

We started to ask ourselves if more could be done for our users, especially given our familiarity with the sector as China's largest online agriculture platform.

我們開始問自己是否可以為我們的用戶做更多的事情，特別是考慮到我們對中國最大的在線農業平台這個行業的熟悉程度。

The more we learn about industry, the more we realize how much more we could do.

我們對行業了解得越多，就越意識到我們可以做更多的事情。

The current logistics network is optimized to deliver sturdy, manufactured goods, but not agricultural products.

目前的物流網絡經過優化，可以運送堅固的製成品，但不能運送農產品。

Today, Pinduoduo can leverage existing logistics networks to transport certain produce such as apples and potatoes across China within 2 to 3 days.

如今，拼多多可以利用現有的物流網絡，在2至3天內將蘋果和土豆等某些農產品運送到中國各地。

Some merchants have even found ways to transport eggs with minimal damage.

一些商人甚至找到了運輸雞蛋時損壞程度最小的方法。

As a result, we have made it possible for consumers across China to enjoy some agricultural produce in good time and at good prices.

讓全國消費者都能及時、優惠地享用到一些農產品。

However, in July and August, where more users started to buy leafy vegetables on our platform, our complaint rate increased significantly.

然而，到了7、8月份，隨著越來越多的用戶開始在我們的平台上購買葉菜，我們的投訴率大幅上升。

Many packages sustained some damages from heat and poor handling.

許多包裝因高溫和處理不當而遭受一些損壞。

This was a red flag that we could not fully meet our users' expectations.

這是一個危險信號，表明我們無法完全滿足用戶的期望。

We realized that we were only at the very beginning of our path to create real value in China's agriculture supply chain.

我們意識到，在中國農業供應鏈中創造真正價值的道路上，我們才剛剛起步。

One of the key factors and a critical roadblock is building a logistic infrastructure just for agricultural produce.

關鍵因素和關鍵障礙之一是建設農產品物流基礎設施。

Therefore, we decided to be more hands-on and launched the "Duo Duo Maicai" channel.

因此，我們決定更加親力親為，推出了“多多買菜”頻道。

We gather localized information on agricultural produce available nearby, identify and source from qualified vendors, curate a list of products to be offered daily, aggregate daily orders, provide the requisite fulfillment services to the neighborhood pick-up locations, and handle after-sale services.

我們收集附近可用農產品的本地化信息，從合格的供應商那裡識別和採購，整理每日提供的產品清單，匯總每日訂單，為附近的提貨地點提供必要的履行服務，並處理售後服務。

Each step in the whole supply chain and logistics workflow needs to be perfectly executed and aligned to ensure great value to our users.

整個供應鍊和物流工作流程中的每一步都需要完美執行和協調，以確保為我們的用戶帶來巨大價值。

Of course, many aspects of Maicai's operations do leverage on the existing e-commerce know-how of Pinduoduo, but others require significant development.

當然，麥菜運營的許多方面確實利用了拼多多現有的電子商務技術，但其他方面則需​​要重大發展。

It is not just about matching demand with supply, but matching demand with the most suitable supply, delivered the next day at attractive price to our users.

這不僅僅是將需求與供應相匹配，而是將需求與最合適的供應相匹配，並在第二天以有吸引力的價格交付給我們的用戶。

We are committed to driving a new infrastructure built for agriculture products for all consumers and farmers in China.

我們致力於為中國所有消費者和農民推動農產品新基礎設施建設。

Our management team believes that Maicai is highly aligned with our long-term vision for China's agriculture industry.

我們的管理團隊相信麥菜與我們對中國農業的長期願景高度契合。

It's something that touches our hearts as we started Pinduoduo with agriculture produce.

當我們用農產品創辦拼多多時，這是一件觸動我們心的事情。

It's now a natural extension of our mobile commerce platform and an integral part of our highly engaged ecosystem.

它現在是我們移動商務平台的自然延伸，也是我們高度參與的生態系統不可或缺的一部分。

For cities, where the function is available, we feature Maicai on our main app.

對於可以使用該功能的城市，我們在主應用程序上提供了麥菜功能。

We want to offer our users the option to purchase a curated selection of SKUs at lower prices and pick them up locally the next day.

我們希望為用戶提供以較低價格購買精選 SKU 並於第二天在當地提貨的選項。

At the same time, they can continue to enjoy the fun and interactive experience and discover other categories of value-for-money product.

同時，他們還可以繼續享受樂趣和互動體驗，發現其他品類的超值產品。

The insight we gain from our main app enables us to better curate products for Maicai which in turn provides us a better understanding of what consumers value in deciding how to buy their daily essentials and staple.

我們從主應用程序中獲得的洞察使我們能夠更好地為麥菜策劃產品，這反過來又使我們更好地了解消費者在決定如何購買日常必需品和主食時看重什麼。

As we invest in the infrastructure of agriculture produce, we are also developing technologies and deploying talent to tackle the challenge that Maicai brings.

在我們投資農產品基礎設施的同時，我們也在開發技術和部署人才來應對麥菜帶來的挑戰。

We believe that it will pay off for the long-term value of Pinduoduo.

我們相信這將為拼多多的長期價值帶來回報。

As we mentioned last quarter, Pinduoduo is interested in partnership and investment opportunities in the whole value chain and infrastructure of agricultural goods.

正如我們上季度提到的，拼多多對農產品全價值鍊和基礎設施的合作和投資機會感興趣。

We are committed to helping farmers earn more and consumers save more.

我們致力於幫助農民增加收入，幫助消費者節省更多。

We will continue to leverage the insight we have gathered for the past 5 years to make the agriculture value chain more efficient and to "benefit all".

我們將繼續利用過去5年積累的見解，使農業價值鏈更加高效並“造福所有人”。

And now let me ask David to share some details on our recent initiatives.

現在讓我請 David 分享我們最近舉措的一些細節。

Thank you, Lei.

謝謝你，雷。

Pinduoduo has built one of the world's largest online communities in the past 5 years by focusing on bringing consumers "more savings and more fun".

拼多多專注於為消費者帶來“更多省錢、更多樂趣”，在過去5年裡打造出了全球最大的在線社區之一。

As user behavior evolves, we have also adapted to meet and exceed user expectations.

隨著用戶行為的發展，我們也做出了調整，以滿足並超越用戶的期望。

5 years ago, we started our team purchase model, which lets users "Pin" and save together as they browse.

5 年前，我們啟動了團隊購買模式，讓用戶在瀏覽時“固定”並一起保存。

2 years ago, we started our "New Brand Initiative" which enables capable manufacturers to launch their own brands with products tailored to our users' preferences.

兩年前，我們啟動了“新品牌計劃”，使有能力的製造商能夠推出自己的品牌，推出適合用戶喜好的產品。

And now, we are pushing ahead on an even bigger user need - fresh, affordable agriculture products.

現在，我們正在推動更大的用戶需求——新鮮、實惠的農產品。

We never choose to do what is the easiest, but what is right.

我們從不選擇做最容易的事，而是選擇做正確的事。

We have made important progress on our "New Brands Initiative" this past quarter.

上個季度我們的“新品牌計劃”取得了重要進展。

We launched the "New Brand Initiative" as part of our C2M effort to help capable merchants and manufacturers gain invaluable insights of their target customers, design and manufacture tailor made products for our users and leverage our interactive channels to sell with more accurate prediction of the price and quantity they can potentially achieve.

作為C2M努力的一部分，我們推出了“新品牌計劃”，幫助有能力的商家和製造商獲得對目標客戶的寶貴洞察，為用戶設計和製造定制產品，並利用我們的互動渠道進行銷售，並更準確地預測消費者需求。他們可能達到的價格和數量。

It is an inroad into reverse and just-in-time manufacturing, which can potentially solve inventory and supply chain inefficiencies that have been troubling retail sector for decades.

這是對逆向和準時製造的一次進軍，有可能解決數十年來困擾零售業的庫存和供應鏈效率低下的問題。

Seeing the results, we started helping these capable and proven merchants and manufacturers to establish their own brands and started teaching them, not just about this new channel we have created at Pinduoduo, but marketing tools and tips tailored to the increasing number of users we have accumulated.

看到結果後，我們開始幫助這些有能力、成熟的商家和製造商建立自己的品牌，並開始教他們，不僅僅是我們在拼多多創建的這個新渠道，還有針對我們不斷增加的用戶數量量身定制的營銷工具和技巧積累。

Even though brand making takes time, we hope that with our help, these new brands could become national or even global brands one day.

儘管品牌建設需要時間，但我們希望在我們的幫助下，這些新品牌有一天能夠成為全國乃至全球品牌。

China has been the world's factory over the past 20 years.

過去20年來，中國一直是世界工廠。

It has largely been following the conventional workflow of receiving orders, making products, conducting quality control and shipping them out to brands globally.

它基本上遵循接收訂單、製造產品、進行質量控制並將其運送給全球品牌的傳統工作流程。

Manufacturers do not have full insights of how brands plan their production and sales cycle, which means their revenue and potential are always capped by brands.

製造商並不完全了解品牌如何規劃其生產和銷售週期，這意味著他們的收入和潛力始終受到品牌的限制。

COVID has forced many of these capable manufacturers to turn back to the domestic market.

新冠疫情迫使許多有能力的製造商轉向國內市場。

We see a great market opportunity that these manufacturers could become important brands in the next 10 years.

我們看到了巨大的市場機遇，這些製造商可能在未來 10 年內成為重要品牌。

We are happy to see that to date, we have worked with more than 1,500 companies, launched more than 4,000 SKUs, and generated over 460 million cumulative orders.

我們很高興地看到，迄今為止，我們已與超過 1,500 家公司合作，推出了 4,000 多個 SKU，累計訂單超過 4.6 億。

This quarter, we pledged to provide more marketing support and expand the program's coverage to 5,000 companies.

本季度，我們承諾提供更多營銷支持，並將該計劃的覆蓋範圍擴大到 5,000 家公司。

We are targeting to offer 100,000 customized C2M SKUs with aggregate GMV of RMB 1 trillion by 2025.

我們的目標是到2025年提供10萬個定制C2M SKU，總GMV達到1萬億元人民幣。

To facilitate that, we plan to continue our investments in technology to enable them.

為了實現這一目標，我們計劃繼續對技術進行投資以實現這些目標。

We have created a unique prediction model taking into users' changing behavior on Pinduoduo platform in different regions of China.

我們根據中國不同地區拼多多平台上用戶行為的變化，創建了獨特的預測模型。

We plan to make it more user-friendly to our merchants and manufacturers to take advantage of the insights we have and are constantly gaining.

我們計劃使其對我們的商家和製造商來說更加用戶友好，以利用我們擁有和不斷獲得的見解。

Further, we are exploring more software services to make it easier for merchants to streamline their operations, such as raw material analysis, inventory prediction, supply chain tracking, partial industrial automation.

此外，我們正在探索更多的軟件服務，例如原材料分析、庫存預測、供應鏈跟踪、部分工業自動化等，讓商家更輕鬆地簡化運營。

You would have already seen the reduction in product cycle for apparels.

您可能已經看到服裝產品週期的縮短。

It is possible to have a style or model designed, manufactured and displayed to consumer in just 15 to 20 days.

只需 15 至 20 天即可設計、製造並向消費者展示一種款式或模型。

We hope to offer such capability to our ecosystem partners in the future and extend it to other categories.

我們希望將來能夠為我們的生態系統合作夥伴提供這種能力，並將其擴展到其他類別。

Besides C2M effort, we recently launched a new function Duo Duo Maicai.

除了C2M的努力之外，我們最近還推出了新功能“多多買菜”。

It is another area where we believe it will pay off in the long term.

這是我們相信從長遠來看會帶來回報的另一個領域。

We view the entire agriculture value chain in 3 parts: production, transportation and consumption.

我們將整個農業價值鏈分為三個部分：生產、運輸和消費。

What we have done in the past 5 years was to connect farmers directly with our users, i.e., the consumption part.

我們過去5年所做的就是把農民和我們的用戶，也就是消費部分直接連接起來。

No doubt, our efforts have created efficiencies, cut unnecessary intermediaries and helped farmers earn more end users save more.

毫無疑問，我們的努力提高了效率，減少了不必要的中間環節，幫助農民賺到更多錢，最終用戶節省更多錢。

But we have not addressed other fundamental roadblocks such as the lack of a dedicated logistics infrastructure for agriculture products, farm productivity and food safety.

但我們還沒有解決其他根本性障礙，例如缺乏農產品、農業生產力和食品安全的專用物流基礎設施。

When Pinduoduo started, we operated our own fulfillment network, so we have some experiences in this.

拼多多剛起步的時候，我們有自己的配送網絡，所以我們在這方面有一些經驗。

But what we need to build now is of a totally different scale.

但我們現在需要建設的規模完全不同。

It is an infrastructure buildup.

這是一個基礎設施建設。

Leveraging our prior experience, we are working closely with warehousing service providers, delivery fleets to meet the demanding next-day delivery requirements.

憑藉我們之前的經驗，我們正在與倉儲服務提供商、送貨車隊密切合作，以滿足苛刻的次日送貨要求。

Sometimes we have to even step in, design and manage the warehouse workflow ourselves.

有時我們甚至必須親自介入、設計和管理倉庫工作流程。

We also plan to explore more demand-driven, localized cold chain options at reasonable cost in order to deliver a better consumer experience.

我們還計劃探索更多以需求為導向、成本合理的本地化冷鏈選擇，以提供更好的消費者體驗。

We are already investing in people and warehouse and fleet management systems.

我們已經在人員、倉庫和車隊管理系統方面進行了投資。

When needed, we are willing to invest in key players in the warehousing and cold chain logistics sectors to accelerate the improvement of the entire agricultural value chain.

有需要時，我們願意投資倉儲和冷鏈物流領域的骨幹企業，加速完善農業全價值鏈。

With more localized supplies being fulfilled more efficiently, we can meet users' daily consumption needs with better quality produce in shorter time.

隨著更多本地化的供應更加高效地完成，我們可以在更短的時間內以更優質的產品滿足用戶的日常消費需求。

In addition to logistics infrastructure, we are making bigger R&D investments product curation, sourcing and demand aggregation to further enhance our understanding of user needs and curation accuracy.

除了物流基礎設施之外，我們還在產品策劃、採購和需求聚合方面進行了更大的研發投資，以進一步增強我們對用戶需求的理解和策劃的準確性。

We take into account the mode of our consumer engagement from Maicai and its impact on pricing and convenience.

我們考慮了麥菜的消費者參與模式及其對定價和便利性的影響。

By improving our ability to predict demand, we can work with the local top distributors of agricultural goods to source directly from upstream farmers cheaper and faster.

通過提高預測需求的能力，我們可以與當地頂級農產品經銷商合作，以更便宜、更快捷的方式直接從上游農民那裡採購。

Over the past 5 years, we have already accumulated substantial insights for agricultural goods, which can give us a kickstart as we fine-tune Maicai.

過去5年，我們對農產品已經積累了豐富的洞察，這可以為我們微調麥菜提供動力。

Another important area we have not done enough is production.

我們做得還不夠的另一個重要領域是生產。

As a technology company populated more than half by engineers, we see an important role for technological solutions for food production and have started to explore various investments in Agritech.

作為一家一半以上由工程師組成的科技公司，我們看到了食品生產技術解決方案的重要作用，並開始探索對農業科技的各種投資。

We believe there's a huge market opportunity for small agriculture to address challenges in food supply, food safety and labor shortages.

我們相信，小型農業在應對糧食供應、食品安全和勞動力短缺方面的挑戰方面存在巨大的市場機會。

We are well-placed to facilitate the adoption of Agritech, given the demand visibility we have and our access to a vast community of agricultural producers.

鑑於我們的需求可見性以及我們與廣大農業生產者社區的聯繫，我們有能力促進農業科技的採用。

We will explore the commercial viability of new Agritech solutions our potential partners have.

我們將探索潛在合作夥伴擁有的新農業技術解決方案的商業可行性。

To promote interest and innovation, we initiated the Smart Agriculture Competition this year, which gathers top minds in AI and agronomy worldwide to develop growing methods that can generate the highest yield while economizing on inputs such as labor.

為了促進興趣和創新，我們今年發起了智能農業競賽，該競賽聚集了全球人工智能和農學領域的頂尖人才，以開發能夠在節省勞動力等投入的同時產生最高產量的種植方法。

The tech competition fits 4 teams of AI growers against 4 traditional farming teams in growing strawberries.

此次科技競賽由 4 支人工智能種植團隊與 4 支傳統農業團隊進行草莓種植比賽。

The winner will be determined based on profitability, reliability, scalability and technical merits of the Agritech solution they have deployed.

獲勝者將根據他們所部署的農業科技解決方案的盈利能力、可靠性、可擴展性和技術優勢來確定。

Through this competition, we hope to inspire more young farmers and researchers to develop localized smart agriculture solutions.

通過本次大賽，我們希望激勵更多的年輕農民和研究人員開發本地化的智慧農業解決方案。

By working with the winner to implement their solution on to an actual farm, we hope to demonstrate that there are Agritech solutions suitable for smaller scale Chinese farms, and we plan to standardize the solutions for broader deployment across China.

通過與獲勝者合作，將他們的解決方案應用於實際農場，我們希望展示適合中國小型農場的農業科技解決方案，並且我們計劃標準化這些解決方案，以便在中國更廣泛的部署。

We see a bright future for agriculture in China.

我們看到中國農業的光明前景。

We generated RMB 136 billion of GMV in this category in 2019 and expected to hit RMB 250 billion this year.

2019年，我們該品類的GMV為1360億元人民幣，預計今年將達到2500億元人民幣。

Consumers have come to identified PDD as the go-to platform for agriculture goods.

消費者已將拼多多視為農產品的首選平台。

Our aim is to lead the industry in innovation and be a driving force of agriculture infrastructure buildup.

我們的目標是引領行業創新，成為農業基礎設施建設的驅動力。

Our efforts in agriculture and in manufacturing sectors seek to create long-term structural changes that will improve our users' experience and contribute to the value creation of the industry.

我們在農業和製造業領域的努力旨在創造長期的結構性變革，從而改善用戶體驗並為行業價值創造做出貢獻。

They are not the easiest, but they certainly are the right things to do.

它們不是最容易的，但它們肯定是正確的事情。

We believe that our hard work will pay off in the long run.

我們相信，從長遠來看，我們的努力將會得到回報。

Now let me invite Tony to walk through the details of our third quarter results.

現在讓我邀請託尼詳細介紹我們第三季度的業績。

Thank you, David.

謝謝你，大衛。

For the 12 months ended September 30, 2020, our GMV increased 73% to nearly RMB 1.5 trillion from RMB 840 billion a year ago.

截至2020年9月30日的12個月，我們的GMV從一年前的8400億元人民幣增長73%至近1.5萬億元人民幣。

As a result of continued growth in our user base and increased spending per user.

由於我們的用戶群持續增長以及每用戶支出的增加。

Our average monthly active users in the third quarter increased by 74.6 million from the previous quarter to 643.4 million or an increase of 50% from a year ago.

第三季度平均月活躍用戶數較上季度增加 7460 萬，達到 6.434 億，同比增長 50%。

Our annual active buyers for the 12 months ended September 30, 2020, grew 36% year-over-year to reach 731.3 million.

截至 2020 年 9 月 30 日的 12 個月，我們的年度活躍買家同比增長 36%，達到 7.313 億。

This represents a net add of 195 million in the past 12 months.

這意味著過去 12 個月淨增加了 1.95 億。

The annual spending per active buyer in the 12-month period ended September 30, 2020, increased 27% to RMB 1,993 from RMB 1,567 for the same period in 2019.

截至 2020 年 9 月 30 日的 12 個月期間，每位活躍買家的年度支出從 2019 年同期的 1,567 元人民幣增長 27% 至 1,993 元人民幣。

The increase in annual spending per active buyer was moderated by a significant number of new users added, who contributed less than 12 months of purchases to our GMV.

每個活躍買家的年度支出增長受到大量新用戶增加的影響，這些新用戶為我們的 GMV 貢獻了不到 12 個月的購買量。

Our strategy of investing in user engagement contributed to increase in user activities in Q3 and higher average spending per active buyer.

我們投資於用戶參與度的策略有助於增加第三季度的用戶活動以及每個活躍買家的平均支出。

During the third quarter, China continued its recovery from pandemic.

第三季度，中國繼續從疫情中恢復。

Consumer behaviors continue to normalize, resulting in pickup in off-line retail activities.

消費者行為持續正常化，線下零售活動回升。

Compared to the year-over-year increase of 22% observed during the high seasonality of Q2 according to NBS data, the value of physical goods sold online in the third quarter grew slower in Q3 at 17% versus a year ago.

國家統計局數據顯示，與第二季度旺季期間同比增長22%相比，第三季度網上實物商品銷售金額同比增速放緩，為17%。

Pinduoduo's GMV growth continued to exceed the industry and saw in contrast a pick up on GMV growth rate in Q3.

拼多多GMV增速持續領先行業，三季度GMV增速有所回升。

For the 9 months ended September 30, 2020, total parcel shipment volume in China continued to grow rapidly at 27.9% from the same period last year.

截至2020年9月30日的9個月，中國包裹寄件總量繼續快速增長，較去年同期增長27.9%。

In comparison, the value of physical goods sold online only grew 15.1% during the same period.

相比之下，同期網上銷售的實物商品價值僅增長了15.1%。

This suggests the average value per parcel is decreasing which is consistent with the strong demand we have observed in Q2 and Q3 for lower ticket value items like household necessities and agriculture products on our platform.

這表明每個包裹的平均價值正在下降，這與我們在第二季度和第三季度觀察到的對我們平台上的家庭必需品和農產品等較低票價物品的強勁需求是一致的。

We continued our promotions and support to our users in these categories because they are what many of our consumers needed.

我們繼續對這些類別的用戶進行促銷和支持，因為它們是我們許多消費者所需要的。

These high-frequency categories have helped us to accelerate trust building and engagement with our users, which translated to better response and conversion for other promotion activities that we conducted on the platform.

這些高頻類別幫助我們加快了與用戶的信任建立和互動，從而為我們在平台上進行的其他促銷活動帶來了更好的響應和轉化。

Our total revenues in the September quarter were RMB 14.2 billion, representing an increase of 89% from RMB 7.5 billion in the same quarter last year.

我們九月季度的總收入為人民幣 142 億元，比去年同期的人民幣 75 億元增長 89%。

The increase was driven primarily by the strong momentum in online marketing services.

這一增長主要是由在線營銷服務的強勁勢頭推動的。

Our revenues from online marketing services and others was RMB 12.9 billion, up 92% from a year ago.

網絡營銷服務及其他收入為人民幣129億元，同比增長92%。

Our transaction service revenue increased 66% to RMB 1.3 billion.

我們的交易服務收入增長66%至人民幣13億元。

We continue to see strong merchant advertising activities in Q3, which we attribute attractive merchant ROI due to higher user engagement on our platform and more compelling advertising products.

我們在第三季度繼續看到強勁的商家廣告活動，由於我們平台上更高的用戶參與度和更引人注目的廣告產品，我們將其歸因於有吸引力的商家投資回報率。

The implied monetization rate, defined as total revenues divided by GMV for the last 12 months ended September 30, 2020, was 3.0%, which is the same as the comparable period last year and up from 2.9% for the 12-month period ended in Q2 2020.

隱含貨幣化率（定義為截至2020 年9 月30 日的過去12 個月總收入除以GMV）為3.0%，與去年同期相同，高於截至2020 年9 月30 日止12 個月期間的2.9%。 2020 年第二季度。

Now moving on to cost.

現在轉向成本。

Our total cost of revenues this quarter increased 78% from RMB 1.8 billion in the same period last year to RMB 3.3 billion this quarter, translating to a gross margin of 77%.

本季度我們的總收入成本從去年同期的 18 億元人民幣增長 78% 至本季度的 33 億元人民幣，相當於毛利率為 77%。

Total cost of revenues increased mainly due to the increases in bandwidth and server costs, staff costs and other expenses directly attributable to the online marketplace services and other revenues.

總收入成本的增加主要是由於帶寬和服務器成本、員工成本以及直接歸因於在線市場服務和其他收入的其他費用的增加。

Our total operating expenses this quarter were RMB 12.2 billion as compared to RMB 8.5 billion in the same quarter of 2019.

本季度我們的總運營費用為 122 億元人民幣，而 2019 年同季度為 85 億元人民幣。

Our sales and marketing expenses this quarter increased to 46% to RMB 10.1 billion from RMB 6.9 billion in the same quarter of 2019.

本季度我們的銷售和營銷費用從 2019 年同季度的 69 億元人民幣增至 101 億元人民幣，增長 46%。

On a non-GAAP basis, our sales and marketing as a percentage of our revenues was 69% as compared to 89% for the same quarter last year.

按非公認會計準則計算，我們的銷售和營銷佔收入的百分比為 69%，而去年同期為 89%。

Our priority this year is to improve user engagement and gain more mind share with consumers.

我們今年的首要任務是提高用戶參與度並獲得更多消費者的關注。

We continued our sales and marketing investment in Q3 towards this priority, wherever we saw opportunities that met our internal ROI hurdles.

我們在第三季度繼續對這一優先事項進行銷售和營銷投資，只要我們看到能夠滿足內部投資回報率障礙的機會。

Users who have been on our platform longer tends to shop more frequently on our platform, purchases across more categories and spend above our annual average spending per user.

在我們平台上停留時間較長的用戶往往會更頻繁地在我們的平台上購物，購買更多類別，並且支出高於我們每個用戶的年平均支出。

We attribute the increase in average annual spending per user in Q3 to our efforts in prior quarter to invest and build engagement with our rapidly expanding buyer base.

我們將第三季度每用戶平均年度支出的增長歸因於我們在上一季度投資並與快速擴大的買家群體建立互動的努力。

And our investment in our users this quarter will continue to position us well for the long term.

從長遠來看，我們本季度對用戶的投資將繼續使我們處於有利地位。

General and administrative expenses were RMB 368.6 million as compared to RMB 436.6 million in the same quarter of 2019.

一般及行政費用為人民幣 3.686 億元，而 2019 年同期為人民幣 4.366 億元。

The G&A expenses in Q3 2019 included certain one-off expenses related to our initiatives to alleviate rural poverty.

2019 年第三季度的一般管理費用包括與我們扶貧農村貧困舉措相關的某些一次性費用。

We did not incur such expenses this quarter.

本季度我們沒有發生此類費用。

An increase of 60% from RMB 1.1 billion in the same quarter of 2019.

較2019年同季度的11億元人民幣增長60%。

The increase was primarily due to an increase in headcount and the continuous recruitment of talented engineers and an increase in R&D-related cloud services expenses.

這一增長主要是由於員工人數的增加和優秀工程師的不斷招募以及研發相關雲服務費用的增加。

On a non-GAAP basis, our R&D expenses as a percentage of our revenue was 10% in Q3.

按非公認會計原則計算，第三季度我們的研發費用佔收入的百分比為 10%。

Technology is fundamental to our operation, and we plan to increase our spending on engineering talent and technological capability going forward.

技術是我們運營的基礎，我們計劃未來增加對工程人才和技術能力的投入。

Some of our key R&D initiatives include developing our demand forecasting system for agriculture, database for C2M manufacturers and logistic planning system.

我們的一些關鍵研發舉措包括開發農業需求預測系統、C2M 製造商數據庫和物流規劃系統。

As a result, operating loss for the quarter narrowed to RMB 1.3 billion on a GAAP basis compared with operating loss of RMB 2.8 billion in the same quarter of 2019.

因此，按公認會計準則計算，本季度運營虧損收窄至人民幣 13 億元，而 2019 年同季度運營虧損為人民幣 28 億元。

Non-GAAP operating loss for the quarter was RMB 339.8 million compared with RMB 2.1 billion in the same quarter of 2019.

本季度非 GAAP 運營虧損為 3.398 億元人民幣，而 2019 年同季度為 21 億元人民幣。

For the quarter ended September 30, 2020, we record a net nonoperating income of RMB 475.6 million compared with RMB 465.2 million in the same quarter in 2019.

截至2020年9月30日的季度，我們的營業外收入淨額為人民幣4.756億元，而2019年同期為人民幣4.652億元。

The increase primarily reflects the net impact of higher interest income, offset by the loss on fair market value change from long-term investments.

這一增長主要反映了利息收入增加的淨影響，並被長期投資公平市場價值變化的損失所抵消。

And interest expenses from amortization of our outstanding convertible bonds.

以及我們未償還可轉換債券攤銷產生的利息費用。

We have excluded the fair market value change and the convertible bond amortization in addition to the share-based compensation in our presentation of non-GAAP metrics.

在我們介紹非公認會計原則指標時，除了基於股票的薪酬之外，我們還排除了公平市場價值變化和可轉換債券攤銷。

To sum up, the net loss attributable to ordinary shareholder was RMB 784.7 million on a GAAP basis as compared to net loss of RMB 2.3 billion in the same quarter of 2019.

綜上所述，按美國通用會計準則計算，歸屬於普通股股東的淨虧損為人民幣 7.847 億元，而 2019 年同季度的淨虧損為人民幣 23 億元。

Basic and diluted net loss per ADS were RMB 0.66 on a GAAP basis, compared with RMB 2.0 in the same quarter of 2019.

按美國通用會計準則計算，每股美國存託股的基本和攤薄淨虧損為人民幣 0.66 元，而 2019 年同季度為人民幣 2.0 元。

On a non-GAAP basis, we record a net income attributable to ordinary shareholders of RMB 466.4 million compared with non-GAAP net loss of RMB 1.66 billion in the same quarter last year.

按非美國通用會計準則計算，我們錄得歸屬於普通股股東的淨利潤為人民幣 4.664 億元，而去年同期非美國通用會計準則淨虧損為人民幣 16.6 億元。

Non-GAAP basic and diluted net income per ADS for RMB 0.39 and RMB 0.33, respectively, this quarter as compared with non-GAAP net loss of RMB 1.44 in the same quarter of 2019.

本季度非 GAAP 每股美國存託股基本淨利潤和稀釋後淨利潤分別為 0.39 元人民幣和 0.33 元人民幣，而 2019 年同季度的非 GAAP 淨虧損為 1.44 元人民幣。

And Duo Duo Maicai is still a young initiative and its contribution to our results in Q3 is immaterial.

多多買菜仍然是一項年輕的舉措，它對我們第三季度業績的貢獻並不重要。

We operate Maicai under a 3P model.

我們以3P模式運營麥菜。

We recognized transaction service revenues for facilitating the sales and incurred logistic costs under cost of goods sold and incremental sales and marketing expenses.

我們確認了促進銷售的交易服務收入，並在已售商品成本以及增量銷售和營銷費用下確認了發生的物流成本。

That completes the profit and loss statement for this quarter.

本季度的損益表就此完成。

Our net cash flow generated by operating activities in this quarter was RMB 8.3 billion as compared to RMB 2.6 billion in the same quarter of 2019, primarily due to an increase in online marketing services revenues.

本季度經營活動產生的現金流量淨額為人民幣 83 億元，而 2019 年同季度為人民幣 26 億元，主要是由於在線營銷服務收入的增加。

Our operating cash flow has been positive on an annual basis since 2017.

自 2017 年以來，我們的經營現金流每年均為正值。

As of September 30, 2020, the company's cash reserve comprising of cash, cash equivalents and short-term investments, was RMB 45.6 billion as compared to RMB 41.1 billion at the end of December 2019.

截至2020年9月30日，公司現金儲備由現金、現金等價物和短期投資組成，為人民幣456億元，而截至2019年12月末為人民幣411億元。

We allocated most of our cash reserves to highly liquid short-term investments to receive better cash yields and maintain flexibility to withdraw and deploy capital strategically as necessary.

我們將大部分現金儲備分配給高流動性的短期投資，以獲得更好的現金收益率，並保持在必要時戰略性提取和部署資本的靈活性。

This concludes our prepared remarks.

我們準備好的發言到此結束。

Operator, we are ready for questions.

接線員，我們準備好回答問題了。

Thank you.

謝謝。

(Operator Instructions) First question comes from the line of Thomas Chong of Jefferies.

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

Can you comment about our strategies in community group purchase and how we see the competitive landscape going forward?

您能否評價一下我們在社區團購方面的策略以及我們如何看待未來的競爭格局？

And how big is the addressable market?

潛在市場有多大？

Thank you for the question.

感謝你的提問。

So first, I want to clarify a misconception and now many people have.

首先，我想澄清一個誤解，現在很多人都有這個誤解。

Duo Duo Maicai is not really a community group buy business.

多多買菜並不是真正的社區團購業務。

And yes, it is location based and our customers pick up their purchases from the places closest to them.

是的，它是基於位置的，我們的客戶從距離他們最近的地方取貨。

But I believe it's different from prior community buying models we have been seeing in the past 7 years.

但我相信這與我們過去 7 年看到的社區購買模式有所不同。

To us, I cannot comment on the difference because we don't know what others are thinking or doing, but we can speak for ourselves.

對我們來說，我無法評論其中的差異，因為我們不知道別人在想什麼或在做什麼，但我們可以為自己說話。

So, for us, Maicai, I think, is a natural extension of our current business given our know-how of the agriculture sectors and its ecosystem players.

因此，對我們來說，我認為，鑑於我們對農業部門及其生態系統參與者的專業知識，麥菜是我們當前業務的自然延伸。

And we are doing Maicai because we saw this new emerging customer need that our current infrastructure and platform cannot meet.

我們做買菜是因為我們看到了我們現有的基礎設施和平台無法滿足的新興客戶需求。

And we sense a strong need from our users now ever since the first half year of this year.

從今年上半年開始，我們就感受到了用戶的強烈需求。

Actually, they want to buy fresh grocery more conveniently and more frequently.

事實上，他們希望更方便、更頻繁地購買生鮮食品。

And our existing offering of agricultural produce, I think, cannot meet users' new preferences.

我認為我們現有的農產品產品無法滿足用戶新的喜好。

It's about fresh and the next day consumption need.

這是關於新鮮和第二天的消費需求。

So, as I just said, we are not running Maicai as a stand-alone business.

所以，正如我剛才所說，我們並不是將麥菜作為一項獨立的業務來運營。

It's an integrated offering with our existing platform.

它是與我們現有平台的集成產品。

Users actually can choose different services.

用戶實際上可以選擇不同的服務。

And service offered can be next day pickup or door-to-door delivery within 3 to 5 days delivery time.

提供的服務可以是次日提貨，也可以在 3 至 5 天內送貨上門。

But we think this is a very important need for our customers, so we are committed to invest in the infrastructure to make this happen, to make a whole package about deliver the consumer need from farm to their home faster and cheaper.

但我們認為這對我們的客戶來說是非常重要的需求，因此我們致力於投資基礎設施來實現這一目標，以更快、更便宜的方式將消費者的需求從農場運送到他們的家中。

And in terms of landscape, I think we need to think about it in two folds.

就景觀而言，我認為我們需要從兩方面考慮。

First is, for Maicai stand-alone, and I do believe that a significant portion of certain consumers in the future will complete their grocery shopping totally online.

首先，就買菜而言，我確實相信未來相當一部分消費者將完全在網上完成雜貨購物。

And just like this change for buying daily grocery online, I think it's very similar talk to what we saw 5 to 7 years ago with the apparel category.

就像網上購買日常雜貨的這種變化一樣，我認為這與我們 5 到 7 年前在服裝類別中看到的情況非常相似。

And I think no one today could have imagined then that a significant number of consumers who use online shopping to choose, to try out, purchase and return clothes.

我認為今天沒有人能夠想像到有大量的消費者使用網上購物來選擇、試用、購買和退貨。

That is exactly what we are seeing today.

這正是我們今天所看到的。

So, in terms of grocery shopping, I think a similar thing happened.

所以，就雜貨購物而言，我認為類似的事情也發生了。

The other fold is about this synergy between Maicai and our main e-commerce platform basically, as Maicai is a high purchase frequency.

另一個方面是關於麥菜和我們主要電子商務平台之間的協同作用，因為麥菜的購買頻率很高。

So, our user will have a higher engagement with our platform.

因此，我們的用戶將對我們的平台有更高的參與度。

So, in that way they can pick the full spectrum of category of products from our e-commerce platform.

因此，這樣他們就可以從我們的電子商務平台上挑選全系列的產品。

Next question is from the line of Joyce Ju of Bank of America.

下一個問題來自美國銀行的 Joyce Ju。

Congrats on very strong results this quarter.

祝賀本季度非常強勁的業績。

I would like to take this opportunity to get more colors on your strategic new initiatives, Duo Duo Maicai, as we all know, like you mentioned in the opening remarks, you guys actually choose the 3P marketplace model to conduct this business.

我想藉此機會更多地了解你們的戰略新舉措，多多買菜，眾所周知，就像您在開場白中提到的，你們實際上選擇了3P市場模式來開展這項業務。

And we all know like in this business front, probably, we have seen 1P model, 3P model.

我們都知道，在這個商業領域，可能我們已經看到了1P模式、3P模式。

Could you elaborate a little bit more in why the platform decided to do so?

您能否詳細說明一下該平台決定這樣做的原因？

And is there any like special advantage or like key advantage we have seen like why we particularly choose this model and how we are differentiated compared to other major players or new entrants in this market?

我們是否看到過任何類似的特殊優勢或類似的關鍵優勢，例如為什麼我們特別選擇這種模式，以及與這個市場的其他主要參與者或新進入者相比，我們如何與眾不同？

And secondly, also, I think a lot of like industry experts are kind of common.

其次，我認為很多類似的行業專家都很常見。

This is a business actually heavily relied on the supply chain.

這是一個實際上嚴重依賴供應鏈的業務。

While from our company perspective, like we typically in a more light business model.

而從我們公司的角度來看，就像我們通常採用更輕的商業模式一樣。

So we don't really have like heavy off-line investment for infrastructures before.

所以我們之前並沒有對基礎設施進行大量的線下投資。

So are we going to spend a lot of money to actually invest for like logistics or supply chain?

那麼我們是否要花費大量資金來實際投資物流或供應鍊等領域？

How big will be the CapEx related?

相關資本支出有多大？

And also on the investment front, I also would like to know, like what's the plan for the sales marketing budget investments to acquire like new users for this business?

在投資方面，我也想知道，為這項業務獲取新用戶的銷售營銷預算投資計劃是什麼？

Joyce, thank you for that question.

喬伊斯，謝謝你提出這個問題。

It's very comprehensive.

非常全面。

Let me point out a few things.

讓我指出幾點。

So first of all, as Lei has mentioned in his remarks, we see Duo Duo Maicai really as a natural extension of our e-commerce model and our emphasis on agriculture.

首先，正如雷軍在講話中提到的，我們認為多多麥菜確實是我們電子商務模式和我們對農業的重視的自然延伸。

What we have seen is that as the country emerged from COVID-19, consumers' behaviors are changing and how they are looking to address their needs for daily groceries are evolving.

我們看到，隨著國家擺脫新冠肺炎 (COVID-19) 的影響，消費者的行為正在發生變化，他們滿足日常雜貨需求的方式也在不斷變化。

And what we have seen is that users are now increasingly looking to be able to buy more things online.

我們看到，用戶現在越來越希望能夠在線購買更多東西。

They are trying to identify an alternative venue to wet markets and supermarkets, and they want the delivery time to be quick, so next day.

他們正在嘗試尋找菜市場和超市之外的替代地點，並且希望送貨時間能夠快點，所以第二天就可以了。

And also, again, continue to be great value.

而且，同樣，仍然具有巨大的價值。

So looking at this equation and looking at the use cases that PDD e-commerce platform addresses on a stand-alone basis, we recognize that there are certain deficiencies.

因此，看看這個等式並看看 PDD 電子商務平台在獨立基礎上解決的用例，我們認識到存在某些缺陷。

For example, the next day kind of logistics delivery isn't something that PDD's platform to date have been optimized for.

例如，拼多多的平台迄今為止還沒有針對次日達物流進行優化。

So the extension to Duo Duo Maicai for us is very natural.

所以對我們來說，擴展到多多買菜是很自然的。

We can't really comment how another players decision to enter into similar businesses.

我們無法真正評論其他參與者如何決定進入類似業務。

And like they are more like a community purchase or not.

而且它們是否更像是社區購買。

But from our perspective, what we see Duo Duo Maicai is really addressing this different way of engaging with consumers, fulfilling the different type of users' patterns and needs.

但從我們的角度來看，我們看到的多多買菜實際上是在解決這種與消費者互動的不同方式，滿足不同類型的用戶模式和需求。

And again, you're right to point out that we do think that this will require a much better infrastructure, tailored specifically for the agricultural produce, agriculture products.

再說一遍，您正確地指出，我們確實認為這將需要更好的基礎設施，專門為農產品量身定制。

So we are prepared to go heavy in building or accelerating the development of this agriculture infrastructure.

因此，我們準備大力建設或加快發展農業基礎設施。

To date, what we have been doing is investing in people.

迄今為止，我們一直在做的是對人的投資。

So we have teams on the ground working with third-party service provider today.

因此，我們今天有實地團隊與第三方服務提供商合作。

But in some instances, we have gotten involved in establishing the SOPs for the warehouses to getting involved in the workflows.

但在某些情況下，我們會參與為倉庫建立標準操作程序，以參與工作流程。

We have already invested in warehouse and fleet management systems and we are looking for ways to continue to optimize that, leveraging the technology platform we have from our e-commerce platform.

我們已經投資了倉庫和車隊管理系統，並且正在尋找利用電子商務平台所擁有的技術平台繼續優化該系統的方法。

But specifically, though, we do think that there will be scenarios where we would need to make certain investments in order to facilitate development in infrastructure, including potentially a build-out of a more localized cold chain operation that is demand driven and therefore, can be most cost efficient.

但具體而言，我們確實認為，在某些情況下，我們需要進行某些投資，以促進基礎設施的發展，包括可能建立一個由需求驅動的更加本地化的冷鏈運營，因此可以最具成本效益。

We are looking to leverage existing services provider to do this.

我們希望利用現有的服務提供商來做到這一點。

But in some instances, we may need to develop certain test cases and do it ourselves.

但在某些情況下，我們可能需要開發某些測試用例並自己完成。

Let me pass there and let Tony address the question regarding sales and marketing on Duo Duo Maicai.

讓我過去，讓托尼解決有關多多買菜銷售和營銷的問題。

Yes.

是的。

As David just mentioned and also Lei mentioned in his remarks, Duo Duo Maicai to us is a natural extension from our main e-commerce model.

正如剛才David提到的，雷軍在講話中提到的，多多買菜對我們來說是我們主要電商模式的自然延伸。

So we will budget our sales and marketing investment in Duo Duo Maicai the same way as we invest in our e-commerce platform.

因此，我們將像投資電子商務平台一樣預算我們在多多買菜的銷售和營銷投資。

And the guiding principle is we focus on the long-term ROI we can generate from the business, instead of the short-term profitability.

指導原則是我們關注我們可以從業務中產生的長期投資回報率，而不是短期盈利能力。

Got it.

知道了。

May I have a like one more quick follow-up as just on may we get colors, like what's the current overlap between like suppliers for our main PDD marketplace and Duo Duo Maicai, like in terms of like agricultural fresh produce like suppliers?

我可以再快速跟進一下，就像我們可以得到顏色一樣，比如我們主要 PDD 市場的供應商和多多麥菜之間目前的重疊情況是什麼，比如農產品等供應商方面？

Joyce, I'm actually not quite sure whether the question is that meaningful.

喬伊斯，我實際上不太確定這個問題是否有意義。

The reason like Lei stated we offer Duo Duo Maicai as an integrated part of our e-commerce platform.

雷說的原因是我們提供多多買菜作為我們電子商務平台的一個組成部分。

The merchants who work with us in the Maicai scenario can also be merchants online.

賣菜場景中與我們合作的商戶也可以是線上商戶。

So it really depends on their capabilities.

所以這實際上取決於他們的能力。

And whether they can work with the localized scenario in Maicai.

以及能否配合麥菜本地化的場景。

And of course, they're more than welcome to continue to dispatch nation-wide to working with the delivery forces on our platform.

當然，我們非常歡迎他們繼續在全國范圍內派遣，與我們平台上的交付力量合作。

In fact, I will say that the credibility we have as China's second largest e-commerce platform by users give us incredible leverage with merchants, and we see a lot of merchants looking to work with us in a localized scenario as well.

事實上，我要說的是，我們作為中國第二大電子商務平台的用戶信譽使我們對商家具有難以置信的影響力，而且我們看到很多商家也希望在本地化場景中與我們合作。

Next question is from the line of Eddy Wang of Morgan Stanley.

下一個問題來自摩根士丹利的 Eddy Wang。

Congratulations on the very great results.

祝賀取得了非常好的成績。

So yes, I also have a follow-up question on Duo Duo Maicai as well.

所以，是的，我還有一個關於多多買菜的後續問題。

So basically, can you share with us, we understand that we just started business in August, but would appreciate if you can give us more color on how is the growth momentum of the Duo Duo Maicai business in the past 3 months?

基本上，您能否與我們分享一下，我們知道我們剛剛在 8 月份開始營業，但如果您能給我們更多關於多多麥菜業務在過去 3 個月的增長勢頭的信息，我們將不勝感激。

And if you look at these AOV and the ASP or user of this business-wise, if we compare, I understand that it's much integrated into our agriculture for that business, but if compared with the AOV compared with the user frequency wise, how is Duo Duo Maicai in the past 3 months compared with the users' behavior of the agricultural product purchase?

如果你看看這些 AOV 和 ASP 或該業務的用戶，如果我們進行比較，我知道它在很大程度上融入了我們的農業業務，但如果與 AOV 和用戶頻率相比，情況如何？多多買菜近3個月用戶農產品購買行為對比？

Thank you.

謝謝。

Sure, Eddy.

當然，艾迪。

Thank you for that.

謝謝你。

As you rightly pointed out, that Duo Duo Maicai is still a very new business for us.

正如您正確指出的那樣，多多買菜對我們來說仍然是一項非常新的業務。

So we are also fine-tuning our operations.

所以我們也在微調我們的運營。

So we are not going to be able to comment on the specifics, but you will note that the Maicai function is now available across most of the provinces in China.

因此，我們無法對具體細節發表評論，但您會注意到，目前中國大部分省份都可以使用買菜功能。

And we featured an entry way for Maicai on the main app itself very prominently.

我們在主應用程序本身上非常突出地提供了麥菜的入口方式。

So we are seeing good momentum, good user pickup and great adoption.

因此，我們看到了良好的勢頭、良好的用戶吸收和廣泛的採用。

Then in particular, I would say that the visibility on the main app is also helping to drive traffic to the Maicai business itself.

然後，我特別想說的是，主應用程序的可見性也有助於推動麥菜業務本身的流量。

You also asked about the AOV.

您還詢問了 AOV。

I think it's fair to say that in Maicai, the scenario is catered or is meant to address the daily grocery needs of the consumers on our platform.

我認為可以公平地說，在麥菜，這個場景是迎合或者是為了解決我們平台上消費者的日常雜貨需求。

So naturally, this lends itself to a higher frequency, purchasing and engagement on the platform.

因此，這自然會提高平台上的購買頻率、購買頻率和參與度。

And it is also true that the AOV today for those orders are lower in relative to the average AOV on our platform today.

而且，這些訂單今天的 AOV 確實低於我們平台今天的平均 AOV。

However, it is compensated by much higher frequency.

然而，它可以通過更高的頻率來補償。

The way we are looking at the Maicai business is also continue to serve the consumers well.

我們看待麥菜業務的方式也是繼續為消費者做好服務。

The frequencies will increase.

頻率會增加。

And as we build out the infrastructure over time, the AOV will also increase.

隨著我們不斷建設基礎設施，AOV 也會增加。

So we do see a tremendous amount of potential in this business.

因此，我們確實看到了這項業務的巨大潛力。

And for now, we are just focused providing them the best experiences for the daily grocery needs.

目前，我們只是專注於為他們提供滿足日常雜貨需求的最佳體驗。

Next question is from Piyush Mubayi of Goldman Sachs.

下一個問題來自高盛的 Piyush Mubayi。

Congratulations, Lei, David and Jing on super results.

恭喜 Lei、David 和 Jing 取得優異成績。

When I look at the active buyer number you attained of 731 million, you are not that far away from the market leader.

當我看到你們達到 7.31 億的活躍買家數量時，你們距離市場領導者並不遙遠。

The question now is, after what we've seen thus far, what is the next step you'd like to pursue?

現在的問題是，在我們到目前為止所看到的情況之後，您下一步想要採取什麼行動？

And the second question is, we're trying to better understand on the community buying side, what is the profitability level?

第二個問題是，我們試圖更好地了解社區購買方面的盈利水平是多少？

So if you go through on a city-by-city basis, could you just take us through examples of where profitability could be?

那麼，如果您逐個城市進行分析，您能否給我們舉例說明盈利能力可能達到的水平？

Or how should we be thinking of the cost side of the equation.

或者我們應該如何考慮等式的成本方面。

I'd appreciate that.

我將不勝感激。

Okay.

好的。

So let me first answer your first question.

那麼讓我首先回答你的第一個問題。

We currently have 731 million active customers.

我們目前擁有 7.31 億活躍客戶。

It's inevitable that the growth will slow down.

增長放緩是不可避免的。

And that being said, we do see there is still room for us to grow in terms of expand our user base.

話雖這麼說，我們確實看到在擴大用戶群方面我們仍有增長的空間。

However, the bigger issue actually here is we're still lacking behind all the users' mindshare, therefore, their trust with us.

然而，實際上這裡更大的問題是我們仍然缺乏所有用戶的關注度，因此缺乏他們對我們的信任。

That is the one key area we are focusing on now.

這是我們現在關注的一個關鍵領域。

And I think I believe this is also one of the reasons we launched Maicai.

我想我相信這也是我們推出麥菜的原因之一。

I think we launched Maicai to meet their changing behaviors and preferences.

我認為我們推出麥菜是為了滿足他們不斷變化的行為和偏好。

And I do believe that this is a very key approach to win their trust.

我確實相信這是贏得他們信任的非常關鍵的方法。

But if we take a look at a little bit further, and I do think that we are currently at a very critical point about integration of online and off-line world.

但如果我們再進一步看一下，我確實認為我們目前正處於線上和線下世界融合的一個非常關鍵的時刻。

And we do see this structural change as a result of the high mobile Internet penetration.

我們確實看到這種結構性變化是移動互聯網高滲透率的結果。

And this whole process is also expedited further by COVID-19 pandemic.

COVID-19 大流行也進一步加速了整個過程。

And our young generation, they are born into this mobile Internet era.

而我們年輕的一代，他們是誕生在這個移動互聯網時代的。

And to them, I think there is no such kind of conception of online and off-line.

而對於他們來說，我認為沒有這種線上線下的概念。

All these things are integrated.

所有這些都是集成的。

If you take a look at mobile payment, live streaming, they are both good examples of it.

如果你看一下移動支付、直播，它們都是很好的例子。

And since the technology and online channels, they typically provide higher efficiency and I do believe that most of activities will be focused online.

由於技術和在線渠道的出現，它們通常會提供更高的效率，我相信大多數活動將集中在網上。

And I think in area of e-commerce, we will see this shift earlier than in other areas.

我認為在電子商務領域，我們將比其他領域更早地看到這種轉變。

And we will potentially see that the majority of retail purchases will be performed online.

我們可能會看到大部分零售採購將在網上進行。

And we definitely hope to capture this kind of opportunity.

我們當然希望抓住這樣的機會。

But we need to realize that in this new world, this new integrated world, new type of infrastructure is needed.

但我們需要認識到，在這個新世界、這個新的一體化世界中，需要新型基礎設施。

That's why sort of we are committed to do more infrastructure build-up to help in this integration process.

這就是為什麼我們致力於建設更多基礎設施來幫助這一整合過程。

But something which I think will never change, which is, I think, because for success in long run, you really need to constantly meet users' satisfaction and meet their expectations.

但我認為有一點永遠不會改變，因為從長遠來看，你確實需要不斷滿足用戶的滿意度並滿足他們的期望。

And to us, it boils down to 2 factors.

對我們來說，這可以歸結為兩個因素。

One is value for money, the other is fun and interactive experience the user will have.

一是物有所值，二是用戶將擁有有趣的互動體驗。

So hopefully, that will answer your first question.

希望這能回答您的第一個問題。

I will pick up on the second one.

我將繼續討論第二個。

Thank you, Lei.

謝謝你，雷。

Speak of the profitability on my side, I think Maicai to us is a long-term opportunity, which will help us to address the unfulfilled user needs which is today, I guess, limited by the agriculture infrastructure.

談到我這邊的盈利能力，我認為麥菜對我們來說是一個長期的機會，這將幫助我們解決尚未滿足的用戶需求，我想，這些需求目前受到農業基礎設施的限制。

So as long as we are committed to invest and keep innovating on this initiative, we're trying to reduce the additional layers in the process, so try to cut some of the waste in the process, therefore, creating more value for the users.

因此，只要我們致力於在這一舉措上進行投資並不斷創新，我們就會努力減少流程中的額外層數，從而盡量減少流程中的一些浪費，從而為用戶創造更多價值。

With that, the economic outlook for Maicai will be very different from today.

如此一來，麥菜的經濟前景將與今天大不相同。

First the monetization model can be built along the evolvement of this journey, which can include advertising, but not limited to it.

首先，可以沿著這個旅程的演變建立貨幣化模型，其中可以包括但不限於廣告。

So in a summary, I think it's too early to tell after only 2 or 3 months of operation.

所以總結來說，我覺得僅僅運行了2、3個月就下結論還為時過早。

And there's a lot to be determined after we haven't rolled out -- covered all the cities yet in China.

在我們尚未覆蓋中國所有城市之後，還有很多事情需要確定。

We will keep all the investors informed about our progress.

我們將隨時向所有投資者通報我們的進展。

Next question is from the line of Natalie Wu of Haitong International.

下一個問題來自海通國際的Natalie Wu。

Congratulations on a very quarter.

恭喜您度過了一個季度。

My question regarding the results you plan to deploy for the Maicai initiative.

我的問題是關於您計劃為 Maicai 計劃部署的結果。

So we see that you set aside some personnel of your main site to do the Maicai business across the city.

所以我們看到你們把你們主站的一些人員抽出來去做全市的賣菜業務。

So how should we understand your sales and marketing project planning for that business?

那麼我們應該如何了解您對該業務的銷售和營銷項目規劃呢？

Should we understand the Maicai related sales and marketing budget is purely incremental?

我們是否應該理解麥菜相關的銷售和營銷預算純粹是增量？

Or should we see that as that business is together with the main site, so that incremental budget is actually as the exercise of business that is part of your sales and marketing budget for your main site?

或者我們是否應該看到，由於該業務與主站點在一起，因此增量預算實際上是業務的行使，是主站點銷售和營銷預算的一部分？

Okay.

好的。

Thank you for the question.

感謝你的提問。

Like I said previously, we budget ourselves and marketing investment in Duo Duo Maicai, the same way as we manage our other sales and marketing investment on the main platform.

正如我之前所說，我們在多多買菜上對自己和營銷投資進行預算，就像我們在主平台上管理其他銷售和營銷投資一樣。

So we evaluate the sales and marketing investment based on our internal ROI metrics case by case, basically, all the activities.

因此，我們根據內部投資回報率指標逐案評估銷售和營銷投資，基本上是所有活動。

It's exactly the same.

完全一樣。

We don't dedicate a certain type of budgeting for sales and marketing for Maicai.

我們不會專門為麥菜的銷售和營銷制定某種類型的預算。

It's managed through evaluation on our internal ROI metrics.

它是通過對我們的內部投資回報率指標進行評估來管理的。

So that is purely incremental.

所以這純粹是增量的。

Is that right?

是對的嗎？

Yes.

是的。

So Natalie just to add on to what Tony said.

娜塔莉只是補充一下托尼所說的內容。

If you look at individual sales and marketing spend fairly -- and frankly, at a fairly granular level you find as we can go as deep as on the user base.

如果你公平地看待個人銷售和營銷支出——坦率地說，在相當細粒度的層面上，你會發現我們可以深入到用戶群。

Individual user level, right?

個人用戶級別吧？

So we continue to evaluate every dollar spent.

因此，我們繼續評估所花費的每一美元。

I think the question itself is a little bit misleading in the sense that we do see users not only specifically for Maicai, but they will also continue to be a user on the main platform as well.

我認為這個問題本身有點誤導，因為我們確實看到用戶不僅專門針對麥菜，而且他們也將繼續成為主平台上的用戶。

So we are looking at the deployments in our investments in users across these different functions or features individually and looking at the ROI that we're getting from that investment.

因此，我們正在單獨研究這些不同功能或特性的用戶投資的部署，並研究我們從該投資中獲得的投資回報率。

So it's really more of a bottom-up approach as opposed to say at the beginning of the year with this fixed budget and now we need to allocate that budget.

因此，這實際上更像是一種自下而上的方法，而不是在年初使用固定預算，現在我們需要分配該預算。

Operator, why don't we take one last question?

接線員，我們為什麼不回答最後一個問題呢？

Sure.

當然。

Our last question is from the line of Alicia Yap of Citigroup.

我們的最後一個問題來自花旗集團的 Alicia Yap。

Congratulations on the strong results.

祝賀取得了優異的成績。

My question is also related to the community grocery shopping.

我的問題也與社區雜貨購物有關。

Just looking at intense competitive landscape.

只是看看激烈的競爭格局。

What is PDD's commitment?

PDD的承諾是什麼？

And the success factors of winning this battle?

以及贏得這場戰鬥的成功因素是什麼？

Just wondering how much of the investment in infrastructure and supply chain that we need to do as well, will we consider seeking partnership with other players or leverage the cooperation with the ride-sharing players or even the cloud sourcing partner to support our delivery capability?

只是想知道我們還需要在基礎設施和供應鏈上進行多少投資，我們是否會考慮尋求與其他參與者的合作夥伴關係，或者利用與乘車共享參與者甚至雲採購合作夥伴的合作來支持我們的交付能力？

Thank you, Alicia.

謝謝你，艾麗西亞。

As I mentioned earlier, Duo Duo Maicai for us, the core is to delivering this type of experiences that we think the consumers deserve for it want is to build out a dedicated infrastructure on a localized level for agriculture products.

正如我之前提到的，對於我們來說，多多買菜的核心是提供這種我們認為消費者應得的體驗，即在本地化水平上為農產品建立專門的基礎設施。

We don't see this type of infrastructure readily available in the market today.

我們目前在市場上看不到這種類型的基礎設施。

We and this is why we are committed to go deep and necessary to build this.

這就是我們致力於深入且必要地建設這一目標的原因。

Obviously, we will be evaluating what is available and we are looking to work with partners because we believe being more open, being an open platform, it would certainly be the most efficient to deliver the right type of experiences.

顯然，我們將評估可用的內容，並尋求與合作夥伴合作，因為我們相信更加開放，作為一個開放平台，它肯定是提供正確類型體驗的最有效方法。

So again, we will be informed by how -- what the consumers need and how we can best fulfill that needs.

因此，我們將再次了解消費者的需求以及我們如何才能最好地滿足這些需求。

And that may mean that we need to invest in certain players to help facilitate or accelerate that deployment.

這可能意味著我們需要投資某些參與者來幫助促進或加速部署。

So we will need to continue to evaluate the way that the Maicai business develops.

所以我們需要繼續評估麥菜業務的發展方式。

And in any event, we do think you can out for the long-term to the shareholders.

無論如何，我們確實認為您可以為股東帶來長期利益。

Can I just very quickly follow-up, just in case if you indeed need to build up kind of more the capital, the structural infrastructural investment, will your profitable quarter this year that we have to be more cautious, it could fluctuate from quarter-to-quarter, that may be sometime into the future, it could go back temporary to a loss-making quarter?

我能否快速跟進，以防萬一您確實需要建立更多的資本，結構性基礎設施投資，您今年的盈利季度我們必須更加謹慎，它可能會從季度開始波動-到季度，可能是在未來的某個時候，它可能會暫時回到虧損季度嗎？

Okay.

好的。

Let me comment on this.

讓我對此發表評論。

As you know, PDD is still a very young platform.

如您所知，PDD仍然是一個非常年輕的平台。

In today's remarks, I think both Lei and David already mentioned about all the number of opportunities we are pursuing.

在今天的講話中，我認為雷和大衛都已經提到了我們正在追求的所有機會。

And when we speed up on this investment, it's likely to impact on the near-term profitability.

當我們加快這項投資時，它可能會影響短期盈利能力。

This improvement investments, we talked a lot about agriculture infrastructure, but there's also talent technology and the continuous investment on sales and marketing to further engage with our increasing user base.

在這種改進投資中，我們談論了很多關於農業基礎設施的內容，但也有人才技術以及對銷售和營銷的持續投資，以進一步吸引我們不斷增長的用戶群。

So we won't focus on the profitability on a quarterly basis.

因此，我們不會關注季度盈利能力。

But we are very confident all these investments would generate long-term value for our shareholders.

但我們非常有信心所有這些投資將為我們的股東帶來長期價值。

And I'd like to hand the conference back to Mr. Jason for closing remarks.

我想將會議交還給傑森先生致閉幕詞。

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

謝謝大家今天參加我們的電話會議。

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

如果您還有任何後續問題，請隨時聯繫 IR 團隊。

Thank you, and have a great day.

謝謝您，祝您有美好的一天。

Thank you.

謝謝。

Ladies and gentlemen, that concludes the conference for today, and thank you for participating.

女士們、先生們，今天的會議到此結束，感謝你們的參與。

You may now all disconnect.

你們現在可以斷開連接了。