拼多多 (PDD) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to PDD Holdings Inc. Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，感謝大家的支持，歡迎參加拼多多控股有限公司 2023 年第三季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your host today. Please go ahead.

我現在想把今天的會議交給東道主。請繼續。

Thank you, operator. Hello, everyone, and thank you for joining us today. PDD Holdings' earnings release was distributed earlier and is available on our website at investor.pddholdings.com as well as through GlobeNewswire services.

謝謝你，接線生。大家好，感謝您今天加入我們。 PDD Holdings 的收益報告已於早些時候發布，可在我們的網站 Investor.pddholdings.com 以及 GlobeNewswire 服務上取得。

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

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。此外，本次電話會議也討論了某些非公認會計準則財務措施。請參閱我們的收益報告，其中包含非公認會計原則措施與公認會計原則措施的調節表。

Joining us today on the call are Mr. Chen Lei, our Chairman and Co-CEO; Mr. Zhao Jiazhen, our Executive Director and Co CEO; as well as Ms. Liu Jun, our VP of Finance. Lei and Jiazhen will make some general remarks on our performance for the past quarter and our strategic focus. Jun will then walk us through our financial results for the third quarter ended September 30, 2023.

今天加入我們電話會議的還有我們的董事長兼聯合執行長陳雷先生；趙家楨先生，我們的執行董事兼聯合執行長；以及我們的財務副總裁劉軍女士。雷和家震將對我們上一季的業績以及我們的策略重點進行一些總體評價。接下來，Jun 將向我們介紹截至 2023 年 9 月 30 日的第三季財務表現。

During the Q&A session, Lei and Jiazhen will answer questions in Chinese, and we will help translate. Please note that the English translation is for reference only. In case of any discrepancy, management statement in the original language should prevail.

問答環節，雷和家珍會用中文回答問題，我們會幫忙翻譯。請注意，英文翻譯僅供參考。如有任何差異，應以管理階層聲明原文為準。

Now it's my pleasure to introduce our Chairman and Co-CEO, Chen Lei. Lei, please go ahead.

現在我很高興向大家介紹我們的董事長兼聯席執行長陳雷。雷，請繼續。

Hello, everyone. Thank you for joining our earnings call for the third quarter of 2023. I will start by giving a brief overview of our third quarter results.

大家好。感謝您參加我們 2023 年第三季的財報電話會議。我將首先簡要概述我們第三季的業績。

In Q3, we achieved total revenue of RMB 68.8 billion, representing a 94% year-on-year increase. This is a result of the improving consumer segment and our efforts to carrying out the high-quality development strategy. As one of the largest e-commerce platforms in China, we clearly felt the continuous recovery of the economy as well as the potential and the resilience of the consumption market. With the introduction of a series of policies to support consumption, we are also seeing robust demand for consumption upgrades. Consumer behavior is telling us that consumption upgrade is not just about quality, but equally about price. It's the balance of quality and price that consumers care most about.

第三季度，我們實現總營收688億元，年增94%。這是消費結構不斷改善的結果，也是我們實施高品質發展策略的結果。作為中國最大的電商平台之一，我們明顯感受到經濟的持續復甦以及消費市場的潛力和韌性。隨著一系列支持消費政策的出台，我們也看到了消費升級的旺盛需求。消費者行為告訴我們，消費升級不只是品質，更重要的是價格。消費者最關心的是品質和價格的平衡。

Recognizing this trend, we are more confident about our value proposition of more savings and better services. And in Q3, we continued to invest platform resources to make it easier for our users to enjoy an ever greater selection of quality products at affordable prices and with great service satisfaction.

認識到這一趨勢，我們對更多節省和更好服務的價值主張更加充滿信心。第三季度，我們持續投入平台資源，讓使用者更輕鬆地以實惠的價格享受更多優質產品，並獲得更高的服務滿意度。

In Q3, we continued exploring new ways to offer our users special promotions through a series of campaigns such as Duo Duo Harvest Festival, National Brand Festival, Duo Duo Reading Month and National Day sales. Consumers get to enjoy attractive prices that are typically only available a few times a year during shopping festivals.

第三季度，我們繼續探索新的方式，透過多多豐收節、國家品牌節、多多讀書月、國慶促銷等一系列活動，為用戶提供特別優惠。消費者可以享受到通常一年只能在購物節期間才能享受到的極具吸引力的價格。

We have always been confident in the vitality of China's consumer market. While we are laser focused on the shop experience, our efforts go beyond the service. Investing in technology innovation is the key to achieving high-quality development.

我們始終對中國消費市場的活力充滿信心。雖然我們非常注重商店體驗，但我們的努力超出了服務範圍。投入技術創新是實現高品質發展的關鍵。

In Q3, we continue to invest decisively in areas such as agritech, supply chain technology, and our core R&D capabilities. Our investment in R&D reached RMB 2.8 billion, setting a new high. Technology innovation is the core driving force behind our pursuit of high-quality development and we will continue to step up investment in this area.

第三季度，我們持續在農業科技、供應鏈技術以及我們的核心研發能力等領域進行果斷投資。研發投入達28億元，再創新高。技術創新是我們追求高品質發展的核心動力，我們將持續加大這方面的投入。

At the same time, we are proactively taking on more social responsibilities. In August, [Xinjiang] area was hit by severe weather. We immediately went into action and donated RMB 30 billion to the China Charity Federation to support affected region. At the same time, we launched dedicated relief campaigns and charity live streaming events to support affected companies. For example, to help book merchants in the region, resume normal operations, we set up a dedicated channel on our platform and provided relief measures such as traffic support and zero commission policy.

同時，我們也積極承擔更多的社會責任。 8月，[新疆]地區遭遇惡劣天氣。我們立刻行動起來，向中華慈善總會捐贈300億元人民幣，支援受災地區。同時，我們發起了專門的救援活動和慈善直播活動來支持受災企業。例如，為了幫助該地區的書商恢復正常運營，我們在平台上設立了專門的頻道，並提供了流量支持和零佣金政策等紓困措施。

In Q3, we went back to places in several provinces and hosted a series of Reading for You book donation events. We also donated food and helped build libraries for schools in Gansu and Hubei provinces. We are hopeful that through these efforts, we can do what we can to broaden the horizon of the young people and help them to achieve a brighter future.

第三季度，我們又回到了多個省份，舉辦了一系列「為你閱讀」捐書活動。我們也為甘肅和湖北省的學校捐贈了食物並協助建造了圖書館。我們希望透過這些努力，盡我們所能，拓寬年輕人的視野，幫助他們成就更美好的未來。

I'm pleased to report that we were awarded the 12th China Charity Award in September. This is in recognition of our efforts in rural revitalization, disaster relief, and knowledge sharing. Although our business outside of China is still at early stage, it has made a meaningful progress since its launch a year ago.

我很高興地報告，我們在九月榮獲第十二屆中華慈善獎。這是對我們在鄉村振興、救災和知識共享方面所做努力的認可。儘管我們在中國以外的業務仍處於早期階段，但自一年前推出以來已經取得了有意義的進展。

Drawing on our supply chain capabilities, we have accumulated over the years, we are able to assist many manufacturers in expanding their presence and to directly engage consumers. Through Temu, our cross-border services now help manufacturers with consumers in over 40 countries.

憑藉我們多年來累積的供應鏈能力，我們能夠幫助許多製造商擴大業務並直接接觸消費者。透過 Temu，我們的跨境服務現在可以幫助製造商與 40 多個國家的消費者建立聯繫。

While we have broadened our reach, the business is still in its early stage, and we will face uncertainties. We are excited and intrigued by the opportunities and challenges that come with international development.

雖然我們已經擴大了業務範圍，但業務仍處於早期階段，我們將面臨不確定性。我們對國際發展帶來的機會和挑戰感到興奮和好奇。

We look forward to working with more manufacturers and all our partners to create a next-generation supply chain and shopping experience, fit for the evolving trends of our times. Our mission is to serve all and benefit all and to empower consumers all around the world to live their best lives.

我們期待與更多製造商和所有合作夥伴合作，打造下一代供應鏈和購物體驗，並適應時代發展的趨勢。我們的使命是服務所有人、造福所有人，讓世界各地的消費者過著最美好的生活。

This year is a year of recovery and also a year of heightened competition. As always, we will maintain our strategic direction and focus on the execution of our high-quality development strategy. We will keep reminding ourselves of the day one mentality and explore new and better ways to serve our users.

今年是復甦的一年，也是競爭加劇的一年。我們將一如既往，堅定策略方向，聚焦實施高品質發展策略。我們將不斷提醒自己第一天的心態，探索新的、更好的方式來服務我們的用戶。

Through rapid product iterations and feedback cycles, we will gain valuable insights that enable sustainable, high-quality goals. Through our efforts, we hope we can better the lives of our users and bring up our positive trends to the world as a whole. Towards this goal, we will move ahead steadily and tirelessly.

透過快速的產品迭代和回饋週期，我們將獲得有價值的見解，從而實現可持續的高品質目標。透過我們的努力，我們希望能夠改善用戶的生活，並向全世界傳播我們的正面趨勢。為了這個目標，我們將堅定不移、孜孜不倦地前進。

And now, I will hand it over to Co-CEO, Jiazhen. He will talk more about our high-quality development strategy.

現在，我將把它交給聯合執行長家臻。他將更多地談論我們的高品質發展策略。

[Interpreted] Thank you, Lei. Hello, everyone. This is Zhao Jiazhen. Thank you all for joining this earnings call.

[解讀]謝謝你，雷。大家好。這是趙家珍。感謝大家參加本次財報電話會議。

Interpreted In the first 3 quarters, market vitality has continued to improve as the effects of consumption support policies gradually worked its way into the economy. We are seeing stronger demand for consumption upgrades. Against this backdrop, in Q3, we launched a series of promotions such as the Summer Carnival, Duo Duo Harvest festival, National Brand Festival, and Duo Duo Reading Month; guided by our principle of serve all and benefit all, we stepped up our investment to offer more savings and better services.

解讀 前三季度，消費支持政策效應逐漸顯現，市場活力持續增強。消費升級需求更加強勁。在此背景下，第三季度，我們推出了夏日嘉年華、多多豐收節、國家品牌節、多多讀書月等一系列促銷活動；我們本著服務大眾、造福大眾的原則，加大投入，為群眾提供更多儲蓄、提供更好服務。

Interpreted And during this year's Singles Day, we continued to simplify our growth promotions. For the first time, we offered direct price reduction on top of our RMB 10 billion program. We now also cover many imported groups under the RMB 10 billion program, bringing our users a wider selection of quality products at reasonable prices. As a result of our efforts, we saw good momentum during Singles Day and over 620 million consumers benefited from the RMB 10 billion program.

解讀 今年雙十一期間，我們持續簡化成長促銷活動。我們首次在百億計畫的基礎上直接降價。我們現在也涵蓋了許多進口集團的百億計劃，為我們的用戶帶來了更多優質、價格合理的產品選擇。經過我們的努力，「雙11」期間呈現良好勢頭，超過6.2億消費者從百億計畫中受益。

Interpreted The Singles Day promotion is one aspect of our high-quality development strategy. With the goal of creating incremental value for the consumers and the society, we focused relentlessly on execution to deliver high-quality assumption, high-quality supply and to improve platform governance and merchant ecosystem.

解讀 「雙十一」促銷是我們高品質發展策略的一方面。我們以為消費者和社會創造增量價值為目標，堅持不懈地註重執行力，提供高品質的假設、高品質的供給，完善平台治理和商家生態。

Interpreted Now, let me walk you through the key initiatives my team and I have worked on during Q3. Firstly, we focus on high-quality consumption. Since Q3, we continue to work on improving our core capabilities in offering more savings and better services. By adopting the appropriate platform policies and incentives, we are constantly making affordable quality products more accessible to the public.

現在，讓我向您介紹我和我的團隊在第三季開展的關鍵舉措。一是聚焦高品質消費。自第三季以來，我們繼續致力於提高我們的核心能力，以提供更多的節省和更好的服務。透過採取適當的平台政策和激勵措施，我們不斷向公眾提供價格實惠的優質產品。

Interpreted Take the Duo Duo Harvest festival, as an example, in September, as the largest agricultural platform in China, Pinduoduo invested 1 billion platform resources and partnered with over 300,000 agriculture merchants in more than 1,000 production regions across the country to launch the Duo Duo Harvest Festival. At the same time, we expanded the RMB 10 billion program to cover the full selection of participating agriculture product categories.

以多多豐收節為例，9月份，作為國內最大的農業平台，拼多多投入10億平台資源，與全國1000多個產區的超30萬農商合作，推出了多多豐收節。豐收節日。同時，我們將百億元計畫範圍擴大到參與農產品品類的全選。

Interpreted We'll continue to invest to support quality in agriculture products. And in this process, we help farmers participate in the national market and grow their income. Our farmer merchants are encouraged by the results they received on our platform and are ever more committed to a career in agriculture.

解讀：我們將繼續投資以支持農產品品質。在這個過程中，我們幫助農民參與全國市場並增加他們的收入。我們的農商對他們在我們平台上所獲得的成果感到鼓舞，並且更加致力於農業事業。

Interpreted In addition to the Duo Duo Harvest Festival, which was dedicated to agricultural products. In Q3, we also collaborated with over 100 Chinese national brands to launch the National Group Festival in partnership with CCTV more than 50 top Chinese brands, such as Shanghai Soap, [361, Cofinix, and Arke] were invited to live streaming sessions hosted on our RMB 10 billion program to showcase their products and tell their brand stories to a nationwide audience.

解讀除了朵朵豐收節，就是專門針對農產品的。第三季度，我們也與100多個中國民族品牌合作，與央視合作推出國團節，上海肥皂、【361、Cofinix、Arke】等50多個中國頂級品牌受邀參加直播。我們斥資100 億元人民幣的計劃向全國觀眾展示他們的產品並講述他們的品牌故事。

Interpreted The consumer demand was boosted by our various support measures such as featured live stream event, RMB 10 billion program and large group buying. We are pleased to see that some national brands achieved rapid growth in partnership with us. Some even experienced the 40x growth in the past 2 years, and the business is still growing quickly.

解讀 特色直播、百億計畫、大團購等多項扶持措施拉動消費需求。我們很高興看到一些國家品牌在與我們的合作中取得了快速的成長。有的甚至在過去2年經歷了40倍的成長，而且業務還在快速成長。

Interpreted The high-quality supply is the foundation for high quality consumption. In Q3, we continue to invest in our supply chain capabilities, which in turn enable more local manufacturing and agriculture producers to emerge as leaders of certain product categories and expand international and even global markets.

解讀 高品質供給是高品質消費的基礎。第三季度，我們繼續投資供應鏈能力，從而使更多本地製造業和農業生產商成為某些產品類別的領導者，並拓展國際甚至全球市場。

Interpreted In the third quarter, our team returned to key agricultural production areas such as Jiangsu for [higher crop] and Northwest for Foods. Under our agricultural cloud initiative, we brought digital solutions to local producers to improve the resilience and the competitiveness of the local supply chain. In recent years, with the help of Pinduoduo, we are happy to see that the new generation of growers and farmers is emerging in these divisions. Among them are post-90's Finance Master Degree Holders who said no to investment banking and devoted themself to the higher crop trade and a post 58 Village Director who helped farmers sell 4 million kilograms of sweet potatoes over 3 years. They are playing a vital role in driving growth revitalization.

解讀 第三季度，我們的團隊回到了江蘇等農業重點產區，西北等糧食產區。在我們的農業雲端計畫下，我們為當地生產商帶來了數位解決方案，以提高當地供應鏈的彈性和競爭力。近年來，在拼多多的幫助下，我們很高興地看到新一代的種植者和農民正在這些板塊中湧現。其中有拒絕投入更高階層、投入更高層次農作物貿易的90後金融碩士，也有3年幫助農民銷售400萬公斤地瓜的58後村主任。它們在推動成長復甦方面發揮著至關重要的作用。

Interpreted Innovation is a crucial element of the agricultural value chain. In Q3, we continued to promote digital inclusion and technology adoption in agriculture. To this end, we hosted the Singles Day Academy growing competition for the second year, which serves as a platform to bring wider recognition for innovative tax-driven agriculture practices across the nation. This year's event attracted 96 research teams. At the same time, our platform also provided strong traffic support and coupons for agritech enabled products championed by participating teams. This is to promote standardization, brand building, and digitization in agriculture. Our support covered a wide range of products, including oranges, citruses, limes, and kiwi fruit from top production regions.

解釋性創新是農業價值鏈的關鍵要素。第三季度，我們繼續推動農業數位包容和技術採用。為此，我們第二年舉辦了雙十一學院成長競賽，該競賽作為一個平台，讓全國範圍內對稅收驅動型創新農業實踐獲得更廣泛的認可。今年的活動吸引了 96 個研究團隊。同時，我們的平台也為參賽團隊倡議的農業科技產品提供了強大的流量支援和優惠券。推動農業標準化、品牌化、數位化。我們的支援涵蓋廣泛的產品，包括來自頂級產區的橙子、柑橘、酸橙和獼猴桃。

Interpreted In the third quarter, we continued the rapid business model integration for our global initiatives. We made it easier than ever for manufacturers to reach consumers over 40 countries and regions worldwide. We now serve more than 10,000 manufacturers from over 100 industrial belts across Guangdong, Zhejiang, Shandong, and Anhui provinces.

解讀 第三季度，我們持續對全球措施進行快速業務模式整合。我們讓製造商比以往任何時候都更容易接觸到全球 40 多個國家和地區的消費者。目前，我們服務於廣東、浙江、山東、安徽等省份100多個產業帶的10,000多家製造商。

Interpreted In our pursuit of high-quality development, high-quality ecosystem is the foundation that nurtures a mutually beneficial environment that supports the growth of the platform and its participants.

解讀 在我們追求高品質發展的過程中，高品質的生態系統是支撐平台及其參與者成長的互利共贏的環境的基礎。

Interpreted In the past quarter, we improved the protection mechanism for minors that now covers account verification, search and browsing, order restrictions, and content management. In addition, we also deepened our commitment to copyright protection through a series of dedicated campaigns. We are proactively looking for areas where we can take on more social responsibilities as we strive for a greener and healthier platform ecosystem.

解讀 上個季度，我們完善了未成年人保護機制，目前涵蓋帳戶驗證、搜尋瀏覽、訂單限制、內容管理等面向。此外，我們也透過一系列專案行動，加深了對版權保護的承諾。我們正積極尋找可以承擔更多社會責任的領域，努力打造更綠色、更健康的平台生態系統。

Interpreted Last month, Pinduoduo celebrated its 8th anniversary. Looking back on the journey, we sincerely thank the consumers, farmers, merchants, investors, and other stakeholders for all the support we received. Looking ahead, we will move forward with a relentless focus on execution of a high-quality development strategy.

解讀 上個月，拼多多慶祝成立八週年。回顧這一歷程，我們衷心感謝消費者、農民、商家、投資人等利害關係人的支持。展望未來，我們將堅定不移地實施高品質發展策略。

On the demand side, we'll continue to be consumer oriented to provide more savings and better services. On the supply side, we remain firmly rooted in the growing economy, driving industrial modernization through innovation. On platform ecosystem, we will allocate more resources to upgrade platform governance, support quality SME merchants and foster a healthy and mutually beneficial environment.

在需求方面，我們將繼續以消費者為導向，提供更多的節省和更好的服務。在供給側，我們堅定不移地立足經濟發展，以創新驅動產業現代化。在平台生態上，我們將投入更多資源升級平台治理，支持優質中小企業商戶，營造健康互利的環境。

Now let me hand it over to Jun. She will provide you with an update on our financial performance.

現在讓我把它交給 Jun。她將為您提供我們財務表現的最新資訊。

Thank you, Jiazhen. Hello, everyone. Let me walk you through our financial performance for the third quarter ended September 30, 2023.

謝謝你，家珍。大家好。讓我向您介紹我們截至 2023 年 9 月 30 日的第三季的財務表現。

In terms of income statement, in the third quarter, our total revenues increased 94% year-over-year to RMB 68.8 billion. This was mainly driven by the continued recovery in consumer sentiment and encouraging results from executing our high-quality development strategy.

損益表方面，第三季度，我們的總營收年增94%至人民幣688億元。這主要得益於消費者信心持續回升以及高品質發展策略所取得的可喜成果。

Revenues from online marketing services and others were RMB 39.7 billion this quarter, up 39% from the same quarter of 2022. Revenues from transaction services were RMB 29.1 billion, up 315% from the same quarter last year.

本季網路行銷服務及其他收入為人民幣397億元，較2022年同季增長39%。交易服務收入為人民幣291億元，較去年同季增長315%。

Moving on to costs and expenses; our total cost of revenues increased 263% from RMB 7.4 billion in Q3 2022 to RMB 26.8 billion this quarter, mainly due to increase in fulfillment fees, payment processing fees, maintenance cost, and call center expenses.

繼續討論成本和費用；我們的總收入成本從 2022 年第三季的 74 億元增加到本季的 268 億元人民幣，成長了 263%，主要是由於履行費用、支付處理費用、維護成本和呼叫中心費用的增加。

On a GAAP basis, total operating expenses in the third quarter increased 44% to RMB 25.4 billion from RMB 17.7 billion in the same quarter of 2022. On a non-GAAP basis, total operating expenses increased to RMB 23.9 billion this quarter from RMB 15.8 billion in Q3 2022.

以公認會計準則計算，第三季總營運費用從2022 年同季的177 億元增加44% 至254 億元。以非公認會計準則計算，本季總營運費用從15.8 億元增加至239 億元人民幣2022 年第三季將達 10 億美元。

In the past quarter, guided by our high-quality development strategy, we invested decisively and responsibly in key strategic initiatives. Our total non-GAAP operating expenses as a percentage of total revenue this quarter was 35% compared to 44% in the same quarter last year.

過去一個季度，我們以高品質發展策略為引領，果斷、負責任地實施重大策略舉措。本季我們的非 GAAP 總營運費用佔總收入的百分比為 35%，去年同期為 44%。

Looking to specific expense items; our non-GAAP sales and marketing expenses this quarter were RMB 21.3 billion, up 58% versus the same quarter last year. On a non-GAAP basis, our sales and marketing expenses as a percentage of our revenue this quarter was 31% versus 38% for the same quarter last year.

查看具體費用項目；本季我們的非 GAAP 銷售和行銷費用為 213 億元，比去年同期成長 58%。以非公認會計原則計算，本季我們的銷售和行銷費用佔收入的百分比為 31%，而去年同期為 38%。

Throughout the past quarter, we continued to give back key consumers and rolled out a series of promotional campaigns. We have seen good consumer feedback to our efforts.

整個季度，我們繼續回饋重點消費者，並推出了一系列促銷活動。我們看到消費者對我們的努力給予了良好的回饋。

On a non-GAAP general and administrative expenses were RMB 403.3 million versus RMB 226.3 million in the third quarter of 2022. Our research and development expenses were RMB 2.2 billion this quarter on a non-GAAP basis and RMB 2.8 billion on a GAAP basis, hitting the new highs. Technologies are the heart of our value creation and will be a long-term focus for us. We're committed to stepping up our investments in areas such as agriculture technology, supply chain, and our core R&D capabilities.

以非美國通用會計準則計算，一般及管理費用為人民幣4.033 億元，而2022 年第三季為人民幣2.263 億元。本季我們的研發費用按非美國通用會計準則計算為人民幣22 億元，按美國通用會計準則計算為人民幣28 億元。創出新高。科技是我們價值創造的核心，也將是我們長期關注的焦點。我們致力於增加對農業技術、供應鏈、核心研發能力等領域的投資。

Operating profit for the quarter was RMB 16.7 billion on a GAAP basis compared with RMB 10.4 billion in the same quarter last year. Non-GAAP operating profit was RMB 18.1 billion versus RMB 12.3 billion in the same quarter last year. Non-GAAP operating profit margin was 26% this quarter compared with 35% for the same quarter last year.

以公認會計準則計算，本季營業利潤為人民幣 167 億元，而去年同期為 104 億元。非 GAAP 營業利潤為 181 億元，去年同期為 123 億元。本季非 GAAP 營業利益率為 26%，去年同期為 35%。

Net income attributable to ordinary shareholders was RMB 15.5 billion for the quarter compared to RMB 10.6 billion in the same quarter last year. Basic earnings per ADS, was RMB 11.38 and diluted earnings per ADS was RMB 10.60 versus basic earnings per ADS of RMB 8.38 and diluted earnings per ADS of RMB 7.34 in the second quarter of 2022.

本季歸屬於普通股股東的淨利為人民幣 155 億元，去年同期為 106 億元。每份美國存託股基本收益為人民幣11.38 元，稀釋後每份美國存託股收益為人民幣10.60 元，而2022 年第二季每份美國存託股基本收益為人民幣8.38 元，稀釋後每份美國存託股收益為人民幣7.34 元。

Non-GAAP net income attributable to ordinary shareholders was RMB 17 billion versus RMB 12.4 billion in the same quarter last year. Non-GAAP diluted earnings per ADS was RMB 11.61 versus RMB 8.62 in the same quarter of 2022.

非美國通用會計準則歸屬於普通股股東的淨利為人民幣 170 億元，去年同期為 124 億元。非 GAAP 稀釋後每股美國存託股收益為 11.61 元，而 2022 年同一季度為 8.62 元。

We delivered solid financial results in the past quarter. Looking ahead, we will continue to invest patiently to execute our high-quality development strategy. That completes the income statement.

我們在上個季度取得了穩健的財務表現。展望未來，我們將持續耐心投入，實施高品質發展策略。這樣就完成損益表了。

Now let me move on to cash flow. Our net cash generated from operating activities was RMB 32.5 billion compared with RMB 11.7 billion in the same quarter last year. As of September 30, 2023, we had RMB 202.8 billion in cash, cash equivalents, and short-term investments.

現在讓我繼續討論現金流。我們經營活動產生的現金淨額為 325 億元，去年同期為 117 億元。截至2023年9月30日，我們擁有現金、現金等價物及短期投資人民幣2,028億元。

Thank you. This concludes my prepared remarks.

謝謝。我準備好的發言到此結束。

Thank you, Jun. Next, we'll move on to the Q&A session. Today's Q&A session, Lei, Jiazhen, and Jun will take questions from analysts on the line. We could take a maximum of 2 questions from each analyst. Lei and Jiazhen will answer questions in Chinese and we'll help translate for convenience purposes.

謝謝Jun。接下來我們將進入問答環節。今天的問答環節，雷家震、君將在線上回答分析師的提問。我們最多可以向每位分析師提出 2 個問題。雷和家珍將用中文回答問題，為了方便起見，我們將幫忙翻譯。

Operator, we are open for questions.

接線員，我們歡迎提問。

(Operator Instructions) Your first question will come from Natalie Wu of Haitong International.

（操作員說明） 您的第一個問題將由海通國際的 Natalie Wu 提出。

(foreign language) Let me translate myself. I have 2 here. First one is regarding the company strategy. How does management think about your strategic priorities? The business showed very strong momentum in the past quarter. So from a forward-looking perspective, just wondering what are the key strategies on the top of the mind of management?

（外語）我自己翻譯一下。我這裡有2個。第一個是關於公司策略。管理階層如何看待您的策略重點？該業務在過去一個季度表現出非常強勁的勢頭。那麼，從前瞻性的角度來看，管理階層最關心的關鍵策略是什麼？

And then my second question is regarding the agriculture. We understand that agriculture has always been called merchandise cater grade for Pinduoduo. So just wondering, can management elaborate on why this category is key to our platform? And we recently learned that after so many years of efforts in this sector. This product category has continued to perform well and booked a meaningful growth in the past quarter.

我的第二個問題是關於農業的。我們了解到，農業一直被稱為拼多多的商品迎合品味。所以只是想知道，管理階層能否詳細說明為什麼這個類別對我們的平台至關重要？經過在這個領域多年的努力，我們最近了解到這一點。該產品類別繼續表現良好，並在上個季度實現了顯著增長。

Can management give us some color on what are some of the key initiatives you have implemented in agriculture so as to achieve that growth?

管理階層能否向我們介紹一下你們為實現這一成長而在農業領域實施的一些關鍵舉措？

[Interpreted] Hello, this is Zhao Jiazhen. Let me take this question on strategy.

【解說】大家好，我是趙家珍。讓我從戰略角度來回答這個問題。

Interpreted And as we mentioned last quarter, starting this year, we are entering a stage of high-quality development. And for us, this is not an empty cash rate. We are implementing it in every aspect of our business.

解讀 正如我們上季度所提到的，從今年開始，我們正進入高品質發展階段。對我們來說，這不是空的現金利率。我們正在業務的各個方面實施它。

Interpreted And first, on the supply side, on the one hand, we are strengthening our capabilities in agriculture. And going forward, we will continue to invest in agritech and in supporting infrastructure. This is to improve the overall quality of the agricultural products that are sold on our platform.

解讀：首先，在供給方面，我們一方面正在加強農業能力建設。展望未來，我們將繼續投資農業科技和配套基礎設施。這是為了提高我們平台上銷售的農產品的整體品質。

Interpreted And at the same time, we launched the RMB 10 billion ecosystem earlier this year to support the high-quality merchants and other ecosystem partners doing business with us. And this is to provide the right kind of incentives to facilitate the high-quality development of the whole ecosystem.

同時，我們在今年稍早啟動了百億生態系統，以支持與我們開展業務的優質商家和其他生態系統合作夥伴。這是為了提供適當的激勵，促進整個生態系統的高品質發展。

And at the same time, we are working very hard on improving our platform governance efforts, which is one of our top priorities since I took office. We are making steady progress in areas such as minor protection and also product safety.

同時，我們正在非常努力地改進我們的平台治理工作，這是我上任以來我們的首要任務之一。我們在輕微防護和產品安全等領域正在穩步取得進展。

Interpreted And from the consumer side, first, I want to say that our RMB 10 billion program is making some of the higher ticket items more accessible to our consumers. And during the most recent Singles Day, the number of users who benefited from the RMB 10 billion program, went over 620 million.

解讀 從消費者方面來說，首先我想說的是，我們的百億計畫正在讓一些高價商品更容易被消費者接受。而在最近的雙十一期間，受益於百億計畫的用戶數量超過了6.2億。

And a positive user mind share is our most valuable asset. And it takes years of efforts to build up one order at a time, but could be easily destroyed very quickly. So we will not relax in this area.

正面的使用者心智份額是我們最寶貴的資產。一次建立一個秩序需要多年的努力，但很容易很快就被摧毀。所以我們在這方面不會放鬆。

Interpreted And from the consumer side, secondly, we have been improving our capabilities to provide better services to our users since the beginning of this year. And so far, we've received positive feedback. Over the long run, through better service satisfaction, we hope to strengthen users' trust in our platform and deepen the better services mind share. And by doing so, consumers will be more likely to try new product categories on the platform. So we can also better serve their diverse needs.

解讀：第二，從消費者方面來說，今年以來我們一直在提升能力，為用戶提供更好的服務。到目前為止，我們已經收到了正面的回饋。從長遠來看，我們希望透過更好的服務滿意度，增強使用者對我們平台的信任，加深更好的服務心智分享。透過這樣做，消費者將更有可能在平台上嘗試新的產品類別。這樣我們也可以更能滿足他們多樣化的需求。

Interpreted We are prepared to work long and hard for the high-quality development of our business and our platform. We are very pleased to see that the strategy is starting to deliver results even sooner than we had hoped.

解讀：我們準備好為業務和平台的高品質發展而長期努力。我們非常高興地看到該策略開始取得成果，甚至比我們預期的還要早。

Interpreted And also coming back to your question on our strategic priorities, the Board and Management team adopted a high-quality development strategy when I took office earlier this year and this will continue to be our focus during my tenure. Thank you.

解釋 回到你關於我們策略重點的問題，董事會和管理團隊在我今年早些時候上任時採取了高品質的發展策略，這將繼續成為我任期內的重點。謝謝。

[Interpreted] Hello, this is Chen Lei. I will answer this question on your agricultural strategy.

【解說】大家好，我是陳磊。我將就您的農業策略回答這個問題。

Interpreted As you mentioned, agriculture is a strategic importance to us. We started out in agriculture and that's how many users first came to know us. We are able to retain those users by serving them well through our agricultural offerings.

正如您所提到的，農業對我們具有戰略重要性。我們從農業起家，這也是許多用戶第一次認識我們的原因。我們能夠透過我們的農業產品為他們提供良好的服務來留住這些用戶。

Today, the online penetration of agricultural products is still relatively low. So there remains a huge potential in this product category.

如今，農產品的線上滲透率仍然較低。因此，該產品類別仍然存在巨大的潛力。

Interpreted Last quarter, we launched the Duo Duo Harvest Festival and brought agriculture products directly from more than 1,000 productive regions to consumers across the country. We're allocating more platform resources to improve the quality of agricultural products and shopping experiences on our platform. We also brought many regional specialties to the national market for the first time by connecting farmers with suitable logistics resources. In doing so, we were able to better address consumers' demand for high-quality, fresh and healthy agricultural products. That's what we have been doing to improve the quality and efficiency of the supply chain for agriculture products.

解讀 上季度，我們推出了“朵朵豐收節”，將來自1000多個產區的農產品直接送到全國消費者手中。我們正在投入更多的平台資源來提高平台上的農產品品質和購物體驗。我們也透過將農民與合適的物流資源聯繫起來，將許多區域特產首次推向全國市場。更能滿足消費者對優質、新鮮、健康農產品的需求。這就是我們一直在做的事情，以提高農產品供應鏈的品質和效率。

Interpreted At the same time, we understand that improving supply chain is just one aspect of agricultural modernization. We also need to accelerate the adoption of Agritech innovation to improve productivity and product quality.

解讀 同時，我們理解，完善供應鏈只是農業現代化的一方面。我們還需要加快採用農業技術創新，以提高生產力和產品品質。

Interpreted This year, we hosted the third smart agriculture competition and the second Pinduoduo Academy growing competition to promote Agritech innovation and adoption. We also supported talent specializing in agricultural areas and helped farmers increase productivity and reduce losses.

今年，我們舉辦了第三屆智慧農業比賽和第二屆拼多多學院成長比賽，推動農業科技創新和應用。扶持農業領域人才，幫助農民提高生產效率、減少損失。

Meanwhile, we recognized the importance of fundamental research. In May, we donated RMB 100 million to establish a dedicated research fund at China Agricultural University to address critical needs in agricultural research.

同時，我們認識到基礎研究的重要性。 5月，我們捐贈1億元在中國農業大學設立專項研究基金，以滿足農業研究的關鍵需求。

Interpreted In August, we were pleased to welcome Ivonne to our Board as an Independent Director. Ivonne is an expert in agriculture and food safety. With her on board, we will be more targeted in our investment in agricultural research. Our goal is to utilize cutting-edge research to solve practical problems in China.

八月份，我們很高興地歡迎 Ivonne 加入我們的董事會，擔任獨立董事。伊馮娜是農業和食品安全的專家。有了她的加入，我們對農業研究的投資將更有針對性。我們的目標是利用前沿研究解決中國的實際問題。

Interpreted Going forward, agriculture will remain a cornerstone of our high-quality development strategy. We will continue to leverage our advantages in technology and platform resources to streamline the supply chain of agriculture products, promote agritech innovation and adoption and bring more quality products that are cut from farm to table, thereby creating tangible benefits to our farmer merchants. Thank you all.

解讀 展望未來，農業仍將是我們高品質發展策略的基石。我們將持續發揮技術與平台資源優勢，打通農產品供應鏈，推動農業科技創新與應用，把更多優質產品從田間送到餐桌，為農商創造實實在在的利益。謝謝你們。

Thank you, Natalie. Operator, we can move on to the next analyst on the line.

謝謝你，娜塔莉。接線員，我們可以轉到線路上的下一位分析師。

The next question comes from Ronald Keung of Goldman Sachs.

下一個問題來自高盛的羅納德薑（Ronald Keung）。

(foreign language) So my first question is that since the beginning of this year, many of your competitors have been putting more emphasis on value for money merchandise and made it easier for manufacturers to set up storefronts on those platforms and some of the PSF observed some strong user and merchant momentum.

（外語）所以我的第一個問題是，今年以來，你們的許多競爭對手都更加註重商品的性價比，讓製造商更容易在這些平台上開設店面，一些PSF觀察到一些強勁的用戶和商家勢頭。

So how would you evaluate the competitive landscape and what are some of the key initiatives to defend your competitive position in this environment?

那麼，您將如何評估競爭格局以及在這種環境下捍衛您的競爭地位的一些關鍵舉措是什麼？

And my second question is that we've seen your global business get a good strong momentum since launch a little over a year ago. So can you share with us the latest development, your strategy for this business going forward? And what's your vision for the business in the near to medium term?

我的第二個問題是，我們看到你們的全球業務自一年多前推出以來取得了良好的強勁勢頭。您能否與我們分享一下該業務的最新進展以及您未來的策略？您對中短期業務的願景是什麼？

[Interpreted] This is Zhao Jiazhen. Thank you for your question. And let me share my thoughts on competition.

[解讀]我是趙家珍。謝謝你的問題。讓我分享一下我對競爭的看法。

Interpreted As Lei just mentioned, this year is a year of recovery, but it's also a year of heightened competition. As the macro project policies are gradually rolled out, we are not surprised that our industry peers have been increasing investments to boost consumption.

解讀 正如雷軍剛才所提到的，今年是復甦的一年，也是競爭加劇的一年。隨著宏觀工程政策的逐步落地，業界同業加大投資拉動消費並不令人意外。

Interpreted Our industry needs to face directly the constantly evolving consumer needs. And consumers nowadays have different platforms to true funds. So competition is investing inevitable. There is no permanent solution to dealing with competition. And instead, we are always thinking about how to improve our core competencies and work with ecosystem partners to create greater value for our consumers.

解讀 我們的產業需要直接面對不斷變化的消費者需求。如今的消費者擁有不同的平台來獲得真正的資金。所以投資競爭是不可避免的。應對競爭沒有永久的解決方案。相反，我們一直在思考如何提高我們的核心能力，並與生態系統合作夥伴一起為我們的消費者創造更大的價值。

Interpreted In the third quarter, we continued to be innovative and promoting more savings and better services and to offer more quality and affordable products to our consumers and at the same time with great shopping experience.

解讀 第三季度，我們繼續創新，推動更多的節省和更好的服務，為消費者提供更多優質實惠的產品，同時提供良好的購物體驗。

Interpreted While we are continuing to deepen the more savings mind share, which is our strong suit traditionally. We hope we can also deepen consumers' trust in our platform providing better services. This will hopefully invite more users to explore new product categories on the platform. So we can better serve our users' demand for consumption upgrade.

解釋 雖然我們正在繼續深化更多的儲蓄心智份額，這是我們傳統上的強項。我們希望我們也能加深消費者對我們平台提供更好服務的信任。這有望邀請更多用戶探索平台上的新產品類別。這樣我們才能更好地服務用戶消費升級的需求。

Interpreted And on the supply side, we continue to be rooted in the real economy and to promote digital inclusion in agriculture and manufacturing sectors across the nation. By helping the producers sell their products directly to consumers, both in China and now globally. We enabled more producers to enjoy the benefits of digital economy and at the same time, broadened the merchandise selection on our platform.

解讀：在供給側，我們繼續紮根實體經濟，推動全國農業、製造業數位化普惠。透過幫助生產商將產品直接銷售給中國乃至全球的消費者。我們讓更多生產者享受數位經濟帶來的好處，同時也拓寬了平台上的商品選擇。

Interpreted Our approach to competition has always been clear, which is we don't focus on what our competitors do, but what our consumers need. We have been seeing a clear trend of consumption upgrade among our users. And against this backdrop, we formulated the high-quality development strategy to better adapt to this trend. The idea is very simple, but simple does not mean easy.

解釋 我們的競爭方式一直很明確，那就是我們不關注競爭對手做什麼，而是專注於消費者需要什麼。我們看到用戶消費升級的趨勢十分明顯。在此背景下，我們制定了高品質發展策略，以更好地適應這一趨勢。想法很簡單，但簡單並不代表容易。

Interpreted There is both healthy and malicious competition. Sometimes competition can easily evolve into unhealthy market practices. And those who do well will always attract attacks. And for example, we noted a short-tail report on our company was issued in early September. The allegations in the report are totally faceless and a short sale had a spotty track record. And on this page, the report was published with the intent to create panic and to drive down stock prices and enabling the firm to -- the short seller to profit from short position.

解讀 競爭既有良性競爭，也有惡意競爭。有時競爭很容易演變成不健康的市場行為。而那些做得好的人總是會受到攻擊。例如，我們注意到九月初發布了一份關於我們公司的短尾報告。報告中的指控完全不露面，賣空紀錄也參差不齊。在這一頁上，發布該報告的目的是製造恐慌並壓低股價，並使賣空者能夠從空頭部位中獲利。

Interpreted As we investigated further, we found out that there were actually more follow-up actions taken by the integrator behind the reports. Their motive and the unusual actions are quite apparent. We are encouraged to see that most investors understood the underlying in motive and saw through the Gansu acquisitions.

解讀：隨著我們進一步調查，我們發現舉報背後的整合商其實還有更多的後續行動。他們的動機和不尋常的行為是非常明顯的。我們很欣慰地看到，大多數投資人都了解背後的動機，並看穿了甘肅的收購。

Interpreted And looking forward, we will continue to focus on our consumers and our high-quality development strategy. With a clear and focused mind, we will relentlessly focus on execution. And in the end, we believe consumers will vote with their wallets. And this is our view on competition. Thank you.

解讀 展望未來，我們將持續關註消費者，關注高品質發展策略。頭腦清晰、專注，我們將不懈地專注於執行。最終，我們相信消費者會用他們的錢包投票。這就是我們對競爭的看法。謝謝。

This is Jun. Thanks, Ronald. Let me take your question on Global business. Well, for our global business, the idea is to leverage the supply chain expertise accumulated over the years to create a new form of channel and shopping experience which directly connects the factories with consumers and is based on flexible supply chain.

我是 Jun。謝謝，羅納德。讓我回答你關於全球業務的問題。那麼對於我們的全球業務來說，我們的想法是利用多年來累積的供應鏈專業知識，創造一種新的通路形式和購物體驗，直接連接工廠和消費者，並且基於柔性供應鏈。

Currently, consumers from all over 40 countries with diverse cultural backgrounds are able to purchase directly from high-quality factories through our services. However, this is still in a very early stage.

目前，來自40多個國家、​​不同文化背景的消費者可以透過我們的服務直接從優質工廠採購。然而，這仍處於非常早期的階段。

Many of our initiatives are in the beta testing phase. Our team is actually learning about the different markets and consumer needs around the world. This will be iterative process that will be challenging, but at the same time, interesting.

我們的許多舉措都處於 Beta 測試階段。我們的團隊實際上正在了解世界各地的不同市場和消費者需求。這將是一個迭代過程，充滿挑戰，但同時也很有趣。

We look forward to working with our margin partners on this journey to make the lives of consumers around the world more enjoyable. Thanks.

我們期待與我們的利潤合作夥伴一起踏上這段旅程，讓世界各地消費者的生活更加愉快。謝謝。

And operator, I think we have time for one more analyst.

接線員，我想我們還有時間再聘請一名分析師。

The next question comes from Ellie Jiang of Macquarie.

下一個問題來自麥格理的 Ellie Jiang。

(foreign language) Let me translate myself. Two questions, first is on the revenue. It seems the company achieved very robust revenue growth of 94% year-over-year. What do you think contributed to this growth? What do you think you have done right in the past quarter? And how you think about the growth sustainability into the fourth and next year?

（外語）我自己翻譯一下。有兩個問題，第一是收入。看來該公司的營收年增了 94%，非常強勁。您認為是什麼促成了這種成長？您認為上個季度您做對了什麼？您如何看待第四年和明年的成長永續性？

And then the next is about the margin. We've noticed that your margin decreased on a year-over-year and quarter-over-quarter basis. What are some of the key investment areas that you're putting your resources into? Is this related to the competition? How is your global business impacting your profitability? And how should we think about the trend for the margin in the next few quarters?

接下來是關於利潤。我們注意到，你們的利潤率同比和環比都有所下降。您將資源投入哪些關鍵投資領域？這跟競爭有關係嗎？您的全球業務如何影響您的獲利能力？我們該如何看待未來幾季的利潤率趨勢？

[Interpreted] Hello, this is Zhao Jiazhen. I'll start by addressing the question about growth.

【解說】大家好，我是趙家珍。我首先要解決有關成長的問題。

Interpreted As Lei mentioned earlier, our financial performance this quarter is a combined result of improving consumer sentiment and the execution of our high-quality development strategy.

解讀 如同雷軍前面所提到的，我們本季的財務表現是消費者信心改善和高品質發展策略執行的綜合結果。

Interpreted And in the past quarter, driven by consumption recovery, the Chinese economy grew at a rate that went over market expectations, which demonstrates the resilience of the Chinese economy.

解讀 過去一個季度，在消費復甦拉動下，中國經濟成長超乎市場預期，彰顯了中國經濟的韌性。

What we are seeing on our platform also confirms the potential of the consumer market. We have confidence in the Chinese consumption market. There remains much to be done to better serve the consumer demand.

我們在平台上看到的也證實了消費市場的潛力。我們對中國消費市場充滿信心。為了更好地滿足消費者需求，還有很多工作要做。

Interpreted Although the industry players do not have any major promotions planned during Q3, we still practice everyday low-price philosophy and worked hard to provide consumers with a wider selection of quality products at affordable prices. And this is to deepen our cost saving value proposition.

解讀 雖然第三季業界沒有大促銷活動，但我們依然實踐日常低價概念，努力為消費者提供更多優質、實惠的產品選擇。這是為了深化我們節省成本的價值主張。

And while we serve the basic needs, of our consumers, our cooperation with branded merchants also generated good results. During the National Goods Festival, we invested in coupons and also invested platform resources to help more national brands to quickly gain popularity. In partnership with our platform, some brands were able to achieve multiple, growth in the past year or two.

在滿足消費者基本需求的同時，我們與品牌商家的合作也獲得了良好的效果。國貨節期間，我們投入了優惠券，也投入了平台資源，幫助更多國貨品牌快速知名度。透過與我們的平台合作，一些品牌在過去一兩年內實現了倍數成長。

Interpreted And we put in place the appropriate policies and offers platform resources to incentivize our merchants to work with us together providing more savings and better services.

解讀 我們制定了適當的政策並提供平台資源來激勵我們的商家與我們合作，提供更多的節省和更好的服務。

We are very pleased to see growing trust in our platform and higher user activities, which in turn provide more sales opportunities for the merchants. And merchants in turn are naturally more willing to increase the investment on our platform.

我們很高興看到人們對我們平台的信任度不斷提高，用戶活躍度不斷提高，這反過來又為商家提供了更多的銷售機會。而商家反過來自然也更願意加大對我們平台的投入。

Interpreted And we have been saying that revenue is a natural outcome of the value we create for our ecosystem partners. We will maintain our strategic direction and focus on the execution of the high-quality development strategy.

解釋 我們一直在說，收入是我們為生態系統合作夥伴創造價值的自然結果。我們將堅定戰略方向，並專注於實施高品質發展策略。

And instead of paying too much attention to short-term revenue trends, we will drive our attention to work on improving our core capabilities for serving the consumers and our merchants.

我們不會過度關注短期收入趨勢，而是將注意力集中在提高為消費者和商家服務的核心能力。

This is Jun. Thanks, Ellie, for your question. I will answer your question about profitability. First and foremost, we are still in the development phase. Profitability in the short run is not our priority.

我是 Jun。謝謝艾莉的提問。我來回答你關於獲利能力的問題。首先，我們仍處於開發階段。短期獲利不是我們的首要任務。

Instead, our team is like focused on executing our high-quality development strategy, which we hope will increase the value of the platform in the long run. In the past quarter, guided by the high-quality development strategy, we step up our investment in key areas such as promotion activities and service upgrades to deepen our more savings and better services [for merchants]. We also further built on our supply chain capabilities and ecosystem improvements. We are seeing encouraging results from our execution. And we continue to invest firmly when we see good ROI potential.

相反，我們的團隊專注於執行我們的高品質發展策略，我們希望這能夠從長遠來看增加平台的價值。一季度，我們以高品質發展策略為引領，增加促銷活動、服務升級等重點領域投入，深化節約、服務。我們也進一步增強了我們的供應鏈能力和生態系統的改進。我們的執行結果令人鼓舞。當我們看到良好的投資回報潛力時，我們將繼續堅定地投資。

In terms of future trends, we operate in a fast-paced market environment where investment opportunities change on a daily basis. Because of this, our business execution will not match the financial reporting schedule. And going forward, our profitability may continue to fluctuate on a quarterly basis. Thank you.

就未來趨勢而言，我們在快節奏的市場環境中運營，投資機會每天都在變化。因此，我們的業務執行將與財務報告時間表不符。展望未來，我們的獲利能力可能會繼續按季度波動。謝謝。

And thank you all once again for joining us today. It's about time. And if you have any further questions, please reach out to our IR team. Thank you and see you next quarter.

再次感謝大家今天加入我們。是時候了。如果您還有任何其他問題，請聯絡我們的 IR 團隊。謝謝您，下季見。

Ladies and gentlemen, that does conclude our conference for today. Thank you for participating. And you may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。

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

[本文字記錄中標記為[已翻譯]的部分是由現場通話中的口譯員朗讀的。]