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，感謝您的耐心等待，歡迎參加PDD Holdings Inc. 2023年第三季財報電話會議。 （操作說明）請注意，本次會議正在錄音。

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

現在我將把會議交給今天的主持人。請開始吧。

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.

謝謝接線生。大家好，感謝各位今天收看我們的節目。 PDD Holdings的財報已於早些時候發布，您可以在我們的網站investor.pddholdings.com以及透過GlobeNewswire服務取得。

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.

在正式開始之前，我想請各位參閱我們盈利新聞稿中的“安全港聲明”，該聲明同樣適用於本次電話會議，因為我們將在會議中做出一些前瞻性陳述。此外，本次電話會議也將討論一些非公認會計準則（非GAAP）財務指標。請參閱我們的獲利新聞稿，其中包含非GAAP指標與GAAP指標的調節表。

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.

今天參加電話會議的有：董事長兼聯席執行長陳磊先生、執行董事兼聯合執行長趙家珍先生以及財務副總裁劉俊女士。陳磊先生和趙家珍先生將就公司上一季的業績和策略重點作概述。隨後，劉俊女士將詳細介紹截至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.

在問答環節中，雷先生和嘉珍女士將用中文回答問題，我們將提供翻譯協助。請注意，英文翻譯僅供參考。如有任何歧義，以原文為準。

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

現在，我榮幸地向大家介紹我們的董事長兼聯席執行長陳磊。磊，請開始。

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。感謝各位參加我們2023年第三季財報電話會議。首先，我將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688億元人民幣，較去年同期成長94%。這得益於消費者群體的持續改善以及我們高品質發展策略的有效實施。作為中國最大的電商平台之一，我們清楚地感受到經濟的持續復甦以及消費市場的潛力和韌性。隨著一系列消費扶持政策的出台，我們也看到了消費者對消費升級的強勁需求。消費者行為表明，消費升級不僅關乎品質，價格同樣重要。品質與價格的平衡才是消費者最重視的。

Recognizing this trend, we are more confident about our value proposition of more savings and better services. 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.

我們意識到這一趨勢，我們對自身「更多優惠和更優質服務」的價值主張更有信心。第三季度，我們持續投入平台資源，力求讓使用者更輕鬆地以實惠的價格享受更多優質產品，並獲得卓越的服務體驗。

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，透過一系列活動為用戶提供專屬優惠，例如多多豐收節、全國品牌節、多多閱讀月和國慶促銷。消費者可以享受到通常一年只有幾次購物節才能提供的超值價格。

We have always been confident in the vitality of China's consumer market. While we are laser focused on the shopping 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。我們雖然專注於提升購物體驗，但我們的努力遠不止於服務本身。投資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，我們持續增加農業科技、供應鏈技術和核心研發能力等領域的投入。研發投入達28億元，創歷史新高。技術創新是我們追求高品質發展的核心驅動力，我們將繼續加大在該領域的投入。

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社會責任。 8月，新疆地區遭受極端天氣災害，我們立即行動起來，向中國慈善聯合會捐款300億元人民幣，支援災區。同時，我們也發起專項救災活動和慈善直播，支持受災企業。例如，為了幫助新疆地區的圖書商家恢復正常運營，我們在平台上設立了專屬頻道，並提供流量支援、零佣金政策等扶持措施。

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，我們重返多個省份，舉辦了一系列「為你閱讀」圖書捐贈活動。此外，我們也向甘肅和湖北兩省的學校捐贈食品，並協助興建圖書館。我們希望透過這些努力，能夠盡己所能，拓寬青少年的視野，幫助他們擁有更美好的未來。

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.

我很高興地宣布，我們榮獲了九月份的第十二屆中國慈善獎。這是對我們在鄉村振興、災害救助和知識共享方面所做努力的認可。雖然我們在中國以外的業務仍處於起步階段，但自一年前啟動以來，已經取得了顯著進展。

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. 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.

憑藉著多年累積的供應鏈能力，我們能夠幫助許多製造商拓展市場，直接接觸消費者。透過Temu平台，我們的跨境服務現已覆蓋40多個國家和地區的消費者。儘管業務範圍不斷擴大，但仍處於起步階段，未來仍將面臨許多不確定性。我們對國際發展帶來的機會與挑戰充滿期待與探索。

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. 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.

我們期待與更多製造商和所有合作夥伴攜手，打造符合時代發展趨勢的下一代供應鏈和購物體驗。我們的使命是服務所有人，造福所有人，賦能全球消費者，讓他們擁有更美好的生活。今年是復甦之年，也是競爭加劇之年。我們將一如既往地堅持既定策略方向，專注於高品質發展策略的執行。我們將始終秉持創業之初的初心，不斷探索服務用戶的全新途徑。

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循環，我們將獲得寶貴的洞察，從而實現可持續的高品質目標。我們希望透過自身的努力，改善使用者的生活，並將正面的趨勢帶給全世界。為此，我們將穩步前行，不懈地努力。

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

現在，我將把發言權交給聯合執行長嘉臻先生。他將進一步介紹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.

【翻譯】謝謝雷。大家好，我是趙嘉珍。感謝各位參加本次財報電話會議。

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.

前三季度，隨著消費支持政策的逐步發揮作用，市場活力持續提升，消費者對消費升級的需求也日益強勁。在此背景下，第三季我們推出了一系列促銷活動，例如夏季嘉年華、多多豐收節、全國品牌節和多多讀書月；秉承「服務大眾，惠及大眾」的原則，我們加大投入，力求為消費者提供更多優惠和更優質的服務。

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.

在今年的雙十一購物節期間，我們持續簡化成長促銷活動。我們首次在100億元的促銷活動基礎上，推出了直接降價優惠。此外，我們也將許多進口商品納入100億元人民幣的促銷活動範圍，為用戶帶來更多物美價廉的優質商品選擇。由於這些努力，我們在雙十一購物節期間取得了良好的銷售勢頭，超過6.2億消費者受益於100億元人民幣的促銷活動。

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.

雙十一促銷活動是我們高品質發展策略的一部分。為了為消費者和社會創造更多價值，我們始終專注於執行，力求提供高品質的商品和服務，並不斷改善平台治理和商家生態系統。

Now, let me walk you through the key initiatives my team and I have worked on during Q3. Firstly, we are focused 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，讓我來介紹一下我和我的團隊在第三季的主要工作。首先，我們專注於提升消費品質。自第三季以來，我們持續致力於提升核心能力，為用戶提供更多優惠和更優質的服務。透過制定合適的平台政策和激勵措施，我們不斷努力讓更多消費者能夠輕鬆獲得價格合理的高品質產品。

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 us the RMB 10 billion program to cover the full selection of participating agriculture product categories.

以拼多多豐收節為例，今年9月，作為中國最大的農業平台，拼多多投入10億元平台資源，聯合全國1000多個產區的30多萬家農戶，共同推出拼多多豐收節。同時，我們也擴大了100億元人民幣的推廣規模，涵蓋了所有參與活動的農產品品類。

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.

我們將繼續投資，以支持農產品品質提升。在這個過程中，我們幫助農民參與全國市場，增加收入。我們的農民商戶因在我們平台上的成果而備受鼓舞，並更加堅定地投身農業事業。

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 Goods Festival. In partnership with CCTV more than 50 top Chinese brands, such as Shanghai Soap, 361, Phoenix and ERKE 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.

除了專注於農產品的「多多豐收節」之外，第三季我們還與100多個中國本土品牌合作推出了「國貨節」。我們與中央電視台合作，邀請了包括上海香皂、361、鳳凰和爾克在內的50多個中國知名品牌參與我們100億元人民幣項目的直播活動，向全國觀眾展示產品並講述品牌故事。

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. 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.

由於我們推出的各類支援措施，例如直播活動、100億元人民幣專案以及大型團購，消費者需求得到了有效提振。我們很高興地看到，一些全國性品牌與我們合作後實現了快速成長，部分品牌在過去兩年甚至實現了40倍的成長，且業務仍在持續高速發展。優質的供應是優質消費的基礎。第三季度，我們將持續增加對供應鏈能力的投入，協助更多本地製造業和農業生產者在特定產品類別中脫穎而出，成為產業領導者，並拓展國際乃至全球市場。

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's 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.

第三季度，我們的團隊重返江蘇等高產農作物產區和西北等食品產區。在農業雲端策略的推動下，我們為當地生產者提供數位化解決方案，以提升當地供應鏈的韌性和競爭力。近年來，在拼多多的助力下，我們欣喜地看到這些地區湧現一批新一代的種植者和農民。其中不乏90後金融碩士畢業生，他們放棄了投資銀行的工作，投身高產農作物貿易；還有一位58後村長，在三年內幫助農民售出了400萬公斤紅薯。他們正在為推動經濟成長復甦發揮著至關重要的作用。

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.

創新是農業價值鏈的關鍵要素。第三季度，我們持續推動農業領域的數位包容和技術應用。為此，我們連續第二年舉辦了「雙十一學院」種植大賽，旨在為全國範圍內創新稅收優惠農業實踐提供更廣泛的認可平台。今年的比賽吸引了96支研究團隊參賽。同時，我們的平台也為參賽團隊推廣的農業科技產品提供了強大的流量支援和優惠券，以促進農業領域的標準化、品牌建立和數位轉型。我們支持的產品種類豐富，涵蓋了來自主要產區的橙子、柑橘、青檸和獼猴桃等。

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.

第三季度，我們持續加快全球業務模式的整合。我們讓製造商比以往任何時候都更容易觸及全球40多個國家和地區的消費者。目前，我們為廣東、浙江、山東和安徽四省100多個產業帶的1萬多家製造商提供服務。

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. In the past quarter, we improved the protection mechanism for minors that now covers account verification, search and browsing, order restrictions, and content management.

在追求高品質發展的過程中，高品質的生態系統是培育互利共贏環境的基礎，能夠支持平台及其參與者的共同成長。上個季度，我們完善了未成年人保護機制，目前已涵蓋帳戶驗證、搜尋瀏覽、訂單限制和內容管理等面向。

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.

此外，我們也透過一系列專案活動，深化了對版權保護的承諾。我們積極尋找能夠承擔更多社會責任的領域，並努力建構更綠色、更健康的平台生態系統。

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.

上個月，拼多多慶祝了成立八週年。回顧過去，我們衷心感謝消費者、農民、商家、投資者以及其他利害關係人給予我們的支持。展望未來，我們將繼續堅定不移地貫徹執行高品質的發展策略。

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.

在需求端，我們將繼續以消費者為中心，提供更多優惠和更優質的服務。在供給端，我們將繼續紮根於蓬勃發展的經濟，透過創新推動產業現代化。在平台生態系統方面，我們將投入更多資源提昇平台治理水平，扶持優質中小型商戶，營造健康互利的生態環境。

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

現在交給Jun，她將為大家報告我們的財務表現。

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

謝謝嘉珍。大家好。接下來，我將為大家介紹我們截至2023年9月30日的第三季財務表現。

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.

從損益表來看，第三季我們的總營收年增94%至人民幣688億元。這主要得益於消費者信心的持續復甦以及我們高品質發展策略實施所取得的令人鼓舞的成果。

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業務收入為人民幣397億元，較2022年同期成長39%；交易服務收入為人民幣291億元，較去年同期成長315%。

Moving on to costs and expenses; our total cost of revenues increased 262% 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.

接下來談談成本和費用；我們的總收入成本從 2022 年第三季度的 74 億元人民幣增長了 262%，達到本季度的 268 億元人民幣，主要原因是履約費、支付處理費、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.

以美國通用會計準則計算，第三季總營運支出較2022年同期成長44%，達到人民幣254億元，2022年同期為人民幣177億元。以非美國通用會計準則計算，本季總營運支出較2022年第三季成長44%，達到人民幣239億元，2022年第三季為人民幣158億元。

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.

上個季度，在高品質發展策略的指導下，我們對關鍵策略舉措進行了果斷而負責的投資。本季非GAAP營運費用佔總營收的比例為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.

具體來看各項費用；本季我們的非GAAP銷售及市場推廣費用為人民幣213億元，較去年同期成長58%。以非GAAP準則計算，本季我們的銷售及市場推廣費用佔營收的比例為31%，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.

在過去一個季度裡，我們持續回饋重要消費者，並推出了一系列促銷活動。我們收到了消費者對我們努力的良好回饋。

On a non-GAAP general and administrative expenses were RMB 403.3 million versus RMB 226.3 million in the same 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.

以非公認會計準則計算，本季一般及行政費用為人民幣4.033億元，2022年同期為人民幣2.263億元。本季研發費用以非公認會計準則計算為人民幣22億元，依公認會計準則計算為人民幣28億元，均創歷史新高。科技是我們價值創造的核心，也將是我們長期發展的重點。我們致力於加大在農業技術、供應鏈以及核心研發能力等領域的投入。

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.

本季以美國通用會計準則（GAAP）計算的營業利潤為人民幣167億元，去年同期為人民幣104億元。以非美國通用會計準則（Non-GAAP）計算的營業利潤為人民幣181億元，去年同期為人民幣123億元。本季非美國通用會計準則營業利益率為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，去年同期為人民幣106億元。每股美國存託股份基本收益為人民幣11.38元，每股美國存託股份稀釋收益為人民幣10.60元，而2022年第二季度每股美國存託股份基本收益為人民幣8.38元，每股美國存託股份稀釋收益為人民幣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. 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.

歸屬於普通股股東的非GAAP淨利為人民幣170億元，去年同期為人民幣124億元。非GAAP稀釋後每股美國存託股份收益為人民幣11.61元，2022年同期為人民幣8.62元。上一季我們取得了穩健的財務表現。展望未來，我們將持續穩定投資，貫徹執行高品質的發展策略。以上為損益表內容。

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.

現在我來談談現金流。我們經營活動產生的淨現金流量為人民幣325億元，去年同期為人民幣117億元。截至2023年9月30日，我們持有現金、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。我的發言稿到此結束。

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.

謝謝俊。接下來，我們將進入問答環節。今天的問答環節，雷、嘉珍和俊將回答線上分析師的問題。每位分析師最多可以提問兩個問題。雷和嘉珍將用中文回答問題，我們會提供翻譯方便大家理解。

Operator, we are open for questions.

操作員，歡迎提問。

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

（操作說明）您的第一個問題將來自海通國際的吳娜塔莉。

(foreign language) Let me translate myself. I have two 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）讓我自己翻譯一下。我這裡有兩個問題。第一個是關於公司策略的。管理階層如何看待你們的戰略重點？公司上個季度的業務發展勢頭非常強勁。所以，從展望未來的角度來看，我想知道管理階層目前最關注的關鍵策略是什麼？

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產品的。我們了解到，農產品一直是拼多多的商品服務等級。所以，我想請管理階層詳細說明一下，為什麼這個品類對我們的平台至關重要？我們最近了解到，經過多年的努力，農產品品類持續表現良好，並在上個季度實現了顯著成長。

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?

管理階層能否詳細介紹一下，為了實現農業成長，你們在農業領域實施了一些關鍵措施？

[Interpreted] Hello, this is Zhao Jiazhen. Let me take this question on strategy. 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 catchphrase. We are implementing it in every aspect of our business.

【翻譯】大家好，我是趙嘉珍。讓我來回答一下關於戰略的問題。正如我們在上個季度所提到的，從今年開始，我們將進入高品質發展階段。對我們來說，這並非一句空話，而是我們正在業務的各個方面貫徹落實的。

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.

首先，在供應方面，一方面，我們正在加強農業領域的實力。展望未來，我們將繼續投資農業科技和配套基礎設施，以提升我們平台上銷售的農產品整體品質。

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，我們今年稍早啟動了100億元人民幣的生態系統建設，旨在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措施，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，我們正全力以赴改善平台治理工作，這自上任以來一直是我們的首要任務之一。我們在未成年人保護和產品安全等領域都取得了穩定進展。

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. 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.

首先，從消費者角度來看，我想說的是，我們的100億元人民幣促銷活動讓一些高價商品更容易被消費者接受。在最近的雙十一購物節期間，受益於該促銷活動的用戶數量超過6.2億。積極的用戶口碑是我們最寶貴的資產。建立起訂單需要多年的努力，但卻很容易在短時間內被摧毀。因此，我們絕不會在這方面放鬆警戒。

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.

其次，從消費者角度來看，我們自今年初以來一直在提升服務能力，力求為用戶提供更優質的服務。目前為止，我們收到了正面的回饋。從長遠來看，我們希望透過提升服務滿意度，增強使用者對我們平台的信任，並加深使用者對優質服務的認知。這樣一來，消費者將更願意嘗試平台上的新產品類別，以便更好地滿足他們多樣化的需求。

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 for.

我們已做好充分準備，為業務和平台的高品質發展付出長期而艱辛的努力。我們非常高興地看到，該策略的成效甚至比我們預期的還要快。

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.

關於您提出的策略重點問題，董事會和管理團隊在我今年年初上任時就制定了高品質的發展策略，這將繼續是我們任期內的重點工作。謝謝。

[Interpreted] Hello, this is Chen Lei. I will answer this question on your agricultural strategy. As you mentioned, agriculture is of 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.

【翻譯】您好，我是陳磊。我將回答您關於農業策略的問題。正如您所說，農業對我們具有重要的戰略意義。我們最初就是從農業起家的，很多用戶也是透過農業業務認識我們的。我們透過提供優質的農業產品和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. 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.

目前，農產品線上滲透率仍較低，因此該品類仍蘊藏著巨大的發展潛力。上個季度，我們推出了“多多豐收節”，將來自1000多個產區的農產品直接送到全國消費者手中。我們正在投入更多平台資源，以提昇平台上的農產品品質和購物體驗。

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.

我們也首次將許多地方特色產品引進全國市場，透過對接農民和適當的物流資源，更能滿足了消費者對優質、新鮮、健康農產品的需求。這正是我們致力於提升農產品供應鏈品質和效率的舉措。

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.

同時，我們也意識到，改善供應鏈只是農業現代化的一個面向。我們還需要加快採用農業科技創新技術，以提高生產力和產品品質。

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. 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.

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種植大賽，以促進農業科技創新與應用。我們也支持農業領域專業人才的培養，並幫助農民提高產量、減少損失。同時，我們也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科研基金，用於解決農業研究的關鍵需求。

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，我們非常高興地歡迎伊馮娜女士加入董事會，擔任獨立董事。伊馮娜女士是農業和食品安全領域的專家。她的加入將使我們更有針對性地投資農業研究。我們的目標是利用前沿研究成果解決中國面臨的實際問題。

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 directly from farm to table, thereby creating tangible benefits to our farmer merchants. Thank you all.

展望未來，農業仍將是我們高品質發展策略的基石。我們將繼續發揮自身在技術和平台資源方面的優勢，優化農產品供應鏈，推動農業科技創新與應用，實現更多優質農產品從農場直達餐桌，從而為農民和貿易商創造實際利益。謝謝大家。

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

謝謝你，娜塔莉。接線員，我們可以聯絡下一位分析師了。

The next question comes from Ronald Keung of Goldman Sachs.

下一個問題來自高盛的 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. So how would you evaluate the competitive landscape and what are some of the key initiatives to defend your competitive position in this environment?

（外語）我的第一個問題是，自今年年初以來，您的許多競爭對手更加註重高性價比商品，並簡化了製造商在這些平台上開設店舖的流程，一些PSF觀察到用戶和商家數量都出現了強勁增長勢頭。那麼，您如何評估當前的競爭格局？為了在這種環境下保持競爭優勢，您有哪些關鍵措施？

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，我們看到貴公司的全球業務自一年多前啟動以來發展勢頭強勁。您能否與我們分享最新的進展，以及貴公司未來的發展策略？您對公司近期和中期的發展願景是什麼？

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

【翻譯】我是趙嘉珍。感謝您的提問。讓我談談我對競爭的看法。

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.

正如雷先生剛才提到的，今年是復甦之年，但同時也是競爭加劇之年。隨著宏觀專案政策的逐步出台，我們並不意外業內同業都在加大投資刺激消費。

Our industry needs to face directly the constantly evolving consumer needs. And consumers nowadays have different platforms to true funds. So competition is 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.

我們的行業必須直面不斷變化的消費者需求。如今，消費者擁有多種平台來購買真正的基金。因此，競爭不可避免。應對競爭沒有一勞永逸的辦法。相反，我們始終致力於提升自身核心競爭力，並與生態系統合作夥伴攜手合作，為消費者創造更大價值。

In the third quarter, we continued to be innovative in 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.

第三季度，我們持續創新，致力於提供更多優惠和更好的服務，為消費者提供更多優質實惠的產品，同時帶來良好的購物體驗。

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 by 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.

我們將持續深化「省錢至上」的消費概念，這正是我們歷來的優勢所在。同時，我們也希望透過提供更優質的服務，加深消費者對我們平台的信任。這有望吸引更多用戶探索平台上的新產品類別，從而更好地滿足用戶消費升級的需求。

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.

在供應端，我們始終紮根實體經濟，致力於在全國範圍內推動農業和製造業的數位包容。透過幫助生產者將產品直接銷售給消費者，無論是在中國還是現在的全球市場，我們都讓更多生產者享受了數位經濟帶來的益處，同時也豐富了我們平台上的商品種類。

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.

我們對待競爭的態度始終很明確，那就是我們不關注競爭對手的動向，而是專注於消費者的需求。我們觀察到用戶消費升級的趨勢十分明顯。正是在此背景下，我們制定了高品質的產品開發策略，以更好地適應這一趨勢。理念很簡單，但簡單並不代表容易。

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 revision.

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。而那些表現出色的人總是會招致攻擊。例如，我們注意到，9月初有一份針對我們公司的短期報告發布。報告中的指控完全沒有具體細節，而且做空交易的記錄也不理想。這份報告的發布旨在製造恐慌，壓低股價，從而使做空者能夠從空頭部位修正中獲利。

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 (inaudible) acquisitions.

隨著調查的深入，我們發現報告背後的整合者實際上採取了更多後續行動。他們的動機和這些異常舉動顯而易見。令人欣慰的是，大多數投資人都了解背後的動機，並看穿了這些（聽不清楚）的收購行為。

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.

展望未來，我們將繼續以消費者為中心，堅持高品質發展策略。我們將以清晰的思路和明確的目標，不懈地推進執行。最終，我們相信消費者會用錢包投票。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. Currently, consumers from 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.

我是Jun。謝謝Ronald。讓我來回答你關於全球業務的問題。嗯，就我們的全球業務而言，我們的理念是利用多年累積的供應鏈專業知識，打造一種全新的通路和購物體驗，將工廠與消費者直接連接起來，並基於靈活的供應鏈。目前，來自40多個國家、​​擁有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購買產品。但是，這項業務仍處於起步階段。

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.

我們許多專案目前都處於測試階段。我們的團隊正在深入了解世界各地不同的市場和消費者需求。這將是一個迭代的過程，充滿挑戰，但也趣味盎然。

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

我們期待與合作夥伴攜手共進，共同提升全球消費者的生活品質。謝謝。

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

操作員，我想我們還有時間再安排一位分析師。

The next question comes from Ellie Jiang of Macquarie.

下一個問題來自麥格理銀行的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）讓我自己翻譯一下。我有兩個問題，第一個是關於營收的。公司似乎實現了非常強勁的營收成長，年增94%。您認為促成這成長的因素有哪些？您認為上季哪些方面做得比較好？您如何看待第四個季度以及未來一年的成長永續性？

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?

接下來是關於利潤率的問題。我們注意到貴公司的利潤率年比和季比均有所下降。貴公司目前重點投資哪些領域？這是否與競爭有關？貴公司的全球業務對獲利能力有何影響？未來幾季利潤率的走勢如何？

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

【翻譯】大家好，我是趙家珍。首先，我來回答關於成長的問題。正如雷先生剛才所提到的，本季我們的財務表現是消費者信心改善和高品質發展策略有效執行的共同結果。上個季度，在消費復甦的帶動下，中國經濟成長超乎市場預期，體現了中國經濟的韌性。

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.

我們在平台上觀察到的情況也證實了消費市場的潛力。我們對中國消費市場充滿信心。當然，為了更好地滿足消費者需求，我們還有很多工作要做。

Although the industry players do not have any major promotions planned during Q3, we still practice every day 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.

儘管業內其他廠商在第三季度沒有大型促銷活動，但我們依然秉持日常低價理念，努力為消費者提供更多價格實惠的優質產品，從而深化我們的成本節約價值主張。

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

在滿足消費者基本需求的同時，我們與品牌商家的合作也取得了顯著成效。在全國商品節期間，我們投入大量資源，包括優惠券和平台資源，幫助更多全國性品牌快速提升知名度。透過與我們平台的合作，一些品牌在過去一兩年內實現了數倍增長。此外，我們也制定了相應的政策，並提供平台資源，激勵商家與我們攜手合作，為消費者提供更多優惠和更優質的服務。

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. 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.

我們非常高興地看到用戶對我們平台的信任度不斷提升，用戶活躍度也顯著提高，這反過來又為商家帶來了更多銷售機會。商家自然也更願意增加在我們平台上的投資。我們一直強調，收入是我們為生態系統合作夥伴創造價值的自然結果。我們將繼續維持既定的策略方向，並專注於高品質發展策略的執行。

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，而是專注於提升我們服務消費者和商家的核心能力。

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Ellie的提問。關於獲利能力的問題，我先回答。首先，我們目前仍處於研發階段，短期獲利並非我們的首要目標。

Instead, our team is 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高品質的發展策略，我們希望這能從長遠角度提昇平台的價值。上個季度，在高品質發展策略的指導下，我們加大了在推廣活動和服務升級等關鍵領域的投入，以期為商家提供更多優惠和更優質的服務。同時，我們也進一步提升了供應鏈能力和生態系統建設。目前，我們的執行已初見成效。我們將繼續加大投入，只要看到良好的投資報酬率潛力。

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，我們身處瞬息萬變的市場環境，投資機會每天都在改變。因此，我們的業務執行情況與財務報告時間表並不完全一致。展望未來，我們的獲利能力可能會持續出現季度波動。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.

再次感謝各位今天蒞臨。是時候了。如果您有任何其他疑問，請聯絡我們的投資者關係團隊。謝謝，下個季度再見。

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。感謝各位的參與。現在可以斷開連線了。

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

[本記錄中標示[口譯]的部分是由現場通話中的口譯員翻譯的。 ]