拼多多 (PDD) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the PDD Holdings Inc fourth-quarter and fiscal year 2024 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PDD Holdings Inc 2024財年第四季和2024財年收益電話會議。（操作員指令）。請注意，今天的會議正在錄音。

I would now like to hand the conference over to your host today. Sir, please go ahead.

現在我想將會議移交給今天的主持人。先生，請說。

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 globe news wire services.

謝謝您，接線生。大家好，感謝大家今天加入我們。PDD Holdings 收益報告已於早些時候發布，可在我們的網站 investor.pddholdings.com 以及全球新聞通訊社查閱。

Before we begin, I would like to refer you to a 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，我想先請大家參閱一下收益新聞稿中適用於本次電話會議的安全港聲明。因為我們會做出某些前瞻性的陳述。此外，本次電話會議也包括某些非公認會計準則財務指標的討論。請參閱我們的收益報告，其中包含非 GAAP 指標與 GAAP 指標的對帳。

Joining us today on the call, I'm Mr. Chen Lei, our Chairman and co-Chief Executive Officer. Mr. Zhao Jiazhen, our Executive Director and co-Chief Executive Officer. As well as Ms. Liu Jun, our VP of finance. Lei and Jiazheng 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 fourth quarter and fiscal year ending December 31, 2024.

今天參加電話會議的是我公司的董事長兼聯席執行長陳雷先生。趙家振先生，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。雷和家正將對我們過去一個季度的表現和戰略重點做一些總體評價。然後，Jun 將向我們介紹截至 2024 年 12 月 31 日的第四季和財政年度的財務表現。

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

在問答環節，雷和家珍將以中文回答問題並協助翻譯。請注意，英文翻譯僅供參考。如有差異，以原文表述為準。

Now it's my pleasure to introduce our Chairman and co-Chief Executive Officer, Chen Lei. Lei, please go ahead.

現在我很高興介紹我們的董事長兼聯席執行長陳雷。雷，請說。

Hello, everyone. Thank you for joining our earnest call for the fourth quarter and the fiscal year of 2024. 2024 is a pivotal year for advancing our high-quality development strategy to drive the sustainable growth of our platform and supply chain ecosystem. We extended our high-quality development vision for the platform to a supply chain through a series of initiatives such as fee reductions, merchant support policies, and the trust and safety updates.

大家好。感謝大家加入我們對2024年第四季及財年懇切的呼籲。 2024年是我們推動高品質發展策略、推動平台和供應鏈生態系統永續成長的關鍵一年。我們透過降低費用、商家支援政策以及信任和安全更新等一系列舉措，將平台的高品質發展願景延伸到供應鏈。

We systematically implemented proactive measures in platform operations, merchant services, supply chain, and logistic innovations, leading our platforms into a new phase of high quality driven growth. We delivered stable results over the past quarter. Our Q4 revenue reached RMB110.6 billion, up 24% year-on-year and four year 2024 revenue totaled RMB393.8 billion, growing 59% year-on-year, which represents a moderation in revenue growth.

我們在平台營運、商家服務、供應鏈、物流創新等方面有秩序地推進舉措，平台發展邁入高品質發展新階段。我們在過去的一個季度取得了穩定的業績。我們第四季的營收達到人民幣1,106億元，年增24%，2024年四年總收入達到人民幣3,938億元，較去年同期成長59%，營收成長放緩。

As mentioned in previous various quarters, our significant ecosystem investment coupled with fast-changing external environments and intensified the competition landscape will impact short-term financials. However, our commitment to ecosystem investments remains unwavering. And we are confident that these efforts will deliver sustainable long-term returns.

正如前幾季所提到的，我們對生態系統的大量投資，加上快速變化的外部環境和加劇的競爭格局，將對短期財務狀況產生影響。然而，我們對生態系統投資的承諾依然堅定不移。我們相信，這些努力將帶來可持續的長期回報。

In the second half of 2024, we accelerated our high-quality development strategy through several major initiatives, including a RMB10 billion fee reduction program, logistics support measures to promote e-commerce services in remote regions, and a high-quality merchant support program.

2024年下半年，我們透過多項重大措施加速推動高品質發展策略，包括人民幣100億元減費計畫、促進偏遠地區電子商務服務的物流支援措施以及優質商家支援計畫。

We are pleased to see that this initiatives have started to bear fruits. Among these, the RMB10 billion fee reduction program has enabled over 10 million merchants to enhance operational efficiency and reduce costs, while the promotion service fee rebate program law has begun to deliver significant savings to eligible merchants.

我們很高興地看到，這項措施已開始取得成效。其中，百億元減費計畫已使超過1,000萬商家提升了營運效率、降低了成本，而促銷服務費返還計畫法也已開始為符合資格的商家帶來大幅節省。

Our logistics support measures tailored for remote regions wrote double digit order volume growth and extended the free shipping to nearly 100 million consumers in these regions. The first phase of high-quality merchant support program supported a large number of high-quality merchants and brands across 1,000 agricultural regions and in industrial zones in their transition towards high-quality development.

我們針對偏遠地區量身訂製的物流支援措施推動了訂單量達到兩位數成長，並將免費送貨服務延伸至這些地區近1億消費者。優質商戶扶持計畫首期支持1000個農業區域和工業園區的一大批優質商戶和品牌邁向高品質發展。

At the same time, we also established the Merchant Rights Protection Committee to formalize communication channels with merchants. We have roll our upgrades to upscale service system and introduced a range of improvements and the governance measures to address issues such as other dispute resolutions.

同時，我們也成立了商家權益委員會，規範與商家的溝通管道。我們對高端服務體系進行了升級，並推出了一系列改進和治理措施，以解決其他爭議解決等問題。

These initiatives aim to enhance the overall business environment for merchants and build a platform ecosystem that benefits all participants. The platform rooted in agriculture, we remain committed to supporting agriculture industry to a sustained investments in agriculture technology, supply chain innovation, and training for next generation farmers.

這些措施旨在改善商家的整體商業環境，建構一個讓所有參與者受益的平台生態系統。該平台紮根於農業，我們將繼續致力於支持農業產業對農業技術、供應鏈創新和下一代農民培訓進行持續投資。

Over the past year, our long-term initiatives such as Pinduoduo Smart Agricultural competition, Global agriculture innovation Challenge, Qinduoduo Academic growing Competition and the Agricultural Research Fund have delivered encouraging results.

一年來，拼多多智慧農業比賽、全球農業創新挑戰賽、秦多多學術種植大賽、農業科研基金等我們長期推動的舉措取得了令人鼓舞的成果。

For example, the six finalist teams in the fourth Pinduoduo Smart Agriculture Competition achieved breakthroughs in yield, efficiency and energy consumption through digitally optimize new farmland with the innovations now being applied in real-world setting.

例如，第四屆拼多多智慧農業大賽六支入圍決賽的團隊，透過數位化優化新增農田，在產量、效率、能耗等方面取得了突破性進展，並正在實際中得到應用。

In terms of our global business, our mission to provide global consumers with high quality products remain unchanged. Guided by this vision, we will continue to focus on supply chain efficacy, service innovation, and ecosystem development while observing high compliance standards. Our goal is to build a trusted global platform and shopping environment that serves consumers worldwide.

就我們的全球業務而言，我們為全球消費者提供高品質產品的使命始終不變。在這願景的指導下，我們將繼續專注於供應鏈效能、服務創新和生態系統發展，同時遵守高合規標準。我們的目標是建立一個值得信賴的全球平台和購物環境，服務全球消費者。

Looking ahead, high quality development will remain at the core of our strategy in 2025. We will continue to focus on the healthy and sustainable development of merchants and supply chain and certainly advise the high-quality development strategy. One step at a time, we will work on strengthening merchant rights protection, stepping our support for high quality merchants and broadening quality supply on the platforms.

展望未來，高品質發展仍將是我們2025年策略的核心。我們將持續關注商家和供應鏈的健康永續發展，堅定地推動高品質發展策略。我們將逐步加強商家權益保護，增加對優質商家的支持，擴大平台優質供給。

In addition, to supply chain investments, we aim to exacerbate the supply of high-quality products to remote regions and in doing so, enhance the product offerings for consumers in less accessible areas and foster a win-win ecosystem for consumers, merchants, and the communities we serve. Together, we will drive the sustainable development of our platform and the broader e-commerce ecosystem.

此外，在供應鏈投資方面，我們的目標是加強向偏遠地區供應優質產品，從而增強對交通不便地區消費者的產品供應，為消費者、商家和我們服務的社區建立一個雙贏的生態系統。我們將共同推動我們的平台和更廣泛的電子商務生態系統的永續發展。

And now, I will hand it over to our Co-CEO, Zhao Jiazhen to share more about our development plans in 2025.

現在，我將把時間交給我們的聯合執行長趙家珍，來分享更多有關我們2025年的發展計畫。

(interpreted) Thank you, Lei. Hello, everyone. This is Zhao Jiazhen. Thank you for joining our fourth quarter and full year 2024 earnings call.

（翻譯）謝謝你，雷。大家好。我是趙家珍。感謝您參加我們的 2024 年第四季和全年財報電話會議。

Over the past year, we remain focused on advancing our high-quality development strategy, driving ecosystem upgrades and supply chain transformation to foster a mutually beneficial environment for consumers, merchants, industries and society, supported by sustained progress of our high-quality development strategy and a steady macro economy recovery, we delivered stable performance in quarter four and throughout 2024.

過去的一年，我們聚焦高品質發展策略，推動生態升級和供應鏈轉型，營造消費者、商家、產業、社會共贏的經營環境，在高品質發展策略持續推動和宏觀經濟平穩復甦的支撐下，第四季及2024年業績表現穩健。

Since last year, we have rolled out a series of initiatives under 10 BDC reduction program, and (inaudible) awaits a quality supply through comprehensive end-to-end merchant support.

自去年以來，我們推出了 10 BDC 減免計劃下的一系列舉措，並（聽不清楚）期待透過全面的端到端商家支援實現優質供應。

Our initiatives have not only empowered merchants with innovative business models, but also drove supply chain upgrades. In addition, our logistics for mergers have significantly improved the efficiency and quality of new supplies to the western regions providing consumers in these regions with a more diverse selection of high-quality products.

我們的措施不僅為商家賦能了創新的商業模式，也推動了供應鏈的升級。此外，我們的併購物流也顯著提升了對西部地區新增供給的效率和質量，為西部地區消費者提供了更加多元、優質的商品選擇。

In Q4, our quality merchant support program expanded its reach across agricultural and industrial rooms in China. This includes areas known for specialties such as (inaudible) maternal infant products and (Inaudible), by providing comprehensive support throughout the value chain, (inaudible) product development, marketing, operations and supply chain management, we have neutral a new generation of merchants and brands with strong innovation capabilities. This show (inaudible) are leading the industries beyond homogeneous competition towards sustained high-value growth.

第四季度，我們的優質商家支援計畫擴大到中國農業和工業領域。這其中包括以（聽不清楚）母嬰產品和（聽不清楚）等專業領域而聞名的領域，透過在整個價值鏈、（聽不清楚）產品開發、行銷、營運和供應鏈管理方面提供全面的支持，我們擁有了具有強大創新能力的新一代商家和品牌。本次展會（聽不清楚）正在引領產業擺脫同質化競爭，實現持續的高價值成長。

For example, (inaudible) County in Guangdong problem. Once the leading production hub for the Chinese women's footwear industry was newly brought to standstill due to market share.

例如（聽不清楚）廣東的縣問題。曾經的中國女鞋產業領先生產中心因市場份額而陷入停滯。

Last winter, local merchants utilizes our platform data analytics to create a free line centers tailored for female consumers. Through the transformation of traditional supply chain, a midsize factory managed to reach a daily output of 15,000 players. This not only saves tens of thousands of jobs, but also target a path for quality supply chain-driven transformation.

去年冬天，當地商家利用我們平台的數據分析，為女性消費者量身打造了免費專線中心。透過傳統供應鏈的改造，中型工廠實現了日產量15,000台播放器。這不僅挽救了數以萬計的就業崗位，也為優質供應鏈驅動的轉型指明了道路。

To amplify this momentum, we strategically allocate the platform traffic resources. For example, the RMB10 billion program has rolled out new campaigns like RMB10 billion consumption votes and super double savings, accelerating branding building for quoting merchants.

為了擴大這一勢頭，我們策略性地分配平台流量資源。例如，百億計畫推出百億消費券、超級雙倍優惠等新活動，加速報價商家的品牌建立。

Due to last year's Double 11 shopping platform, we launched multiple rounds of super double sealing, offering excessive force to quality supply. In just the first two rounds the other volume exceeded RMB61 million.

由於去年雙11購物平台，我們推出了多輪超級雙封，對優質貨源施加過度。光是前兩輪，對方融資額就超過了6,100萬元。

From the consumer side, our ecosystem investments has enriched their lives by delivering a broader range of [portal] high-quality products. These products spend across categories like fresh produce, (inaudible) beauty and big care, further boosting consumer satisfaction and trust.

從消費者角度來看，我們的生態系統投資透過提供更廣泛的（門戶）優質產品豐富了他們的生活。這些產品的消費涵蓋新鮮農產品、（聽不清楚）美容和大護理等類別，進一步提高了消費者的滿意度和信任度。

We are also activating new consumer needs. These offerings have gained traction in both urban and rural markets. Coming daily essentials for diverse group and catering to increasingly segmented demand. During the Chinese New Year, our logistics support management for remote regions drove [certainly] orders for seasonal specialty with Western regions witnessing remarkable growth in several training categories.

我們也正在啟動新的消費者需求。這些產品在城市和農村市場都獲得了關注。為多元化群體提供日常必需品，滿足日益細分的需求。春節期間，我們對偏遠地區的物流支援管理帶動了季節性特色訂單，西部地區的多個培訓類別均出現了顯著增長。

Our long-term investment in high-cost development, our now bearing fruit. The platform ecosystem continues to create value for both supply and demand side. These tangible outcomes reinforce our results to defer investments in ecosystem development.

我們長期高成本投入的開發，現在已經結出果實。平台生態系統持續為供給方和需求方創造價值。這些切實的成果強化了我們推遲對生態系發展的投資的結果。

In January 2025, we established the Merchant Right Protection Committee Wuhan. The committee could coordinate efforts across our platform. Our goal is to fully understand merchant needs, systematically class feedback, optimize their experiences and refine service framework, all critical sets towards fortifying our platform ecosystem.

2025年1月，我們成立了武漢商人權益委員會。該委員會可以協調我們整個平台的努力。我們的目標是充分了解商家的需求，系統地分類回饋，優化他們的體驗並完善服務框架，所有這些都是加強我們平台生態系統的關鍵。

Following its launch, we introduced the pro merchant initiative such as abnormal order alerts and low-priced risk warnings, alongside upgraded services to boost the net merchant transaction efficiency. These efforts are complemented by granule data and latest tools designed to optimize merchants return on investment.

上線後，我們推出異常訂單預警、低價風險提示等親商戶舉措，升級服務，提升網路商家交易效率。這些努力透過粒度數據和旨在優化商家投資回報率的最新工具來補充。

Recently, the committee has formalized a regular communication mechanism with merchants in hold inaugural merchant roundtable. Following extensive competition with business across sectors, we unveiled four major upgrades, including a noncompliance alert system to intensify protection for merchants drive.

近日，委員會正式建立與商家的定期溝通機制，並舉行了首次商家圓桌會議。在與各行業商家進行廣泛競爭後，我們推出了四項重大升級，包括不合規警報系統，以加強對商家的保護。

As Chen Lei emphasize, 2025 will see us redouble efforts to advance our high-quality development strategy. We will leverage our digital capabilities and amplify investments across both supply and demand chain. At the same time, we will accelerate the delivery of high-quality products to Western regions. This will help revitalize economic vitality across regions and build an ecosystem where merchant industries consumers and society to us collectively.

陳雷強調，2025年，我們將加倍努力，全面推動高品質發展策略。我們將利用我們的數位化能力，擴大供應和需求鏈的投資。同時，加快推動優質產品輸出至西部地區。這將有助於激發各地區的經濟活力，建構商家、產業、消費者、社會共同參與的生態系統。

I will now hand over to Jun. She will provide you with an update on quarter four and full year financial performance.

現在我將麥克風交給 Jun。她將向您通報第四季和全年財務表現的最新情況。

Thank you, Jiazhen. Hello, everyone. Now let me walk you through our financial performance and the fourth quarter and fiscal year ended December 31, 2024.

謝謝你，家珍。大家好。現在，讓我向您介紹我們的財務表現以及截至 2024 年 12 月 31 日的第四季和財政年度。

In terms of income statement, in Q4, our total revenues increased 24% year-over-year to RMB110.6 billion and 59% year-over-year to RMB393.8 billion for full year 2024. This was mainly driven by an increase in revenues from both online marketing services and transaction services.

損益表方面，第四季，我們的總營收年增24%至人民幣1,106億元，2024年全年總營收年增59%至人民幣3,938億元。這主要得益於網路行銷服務和交易服務收入的成長。

Revenues from online marketing services and others were RMB57 billion this quarter, up 17% compared to the same period of 2023. Our transaction services revenue this quarter were RMB53.6 billion, up 33% of the same period of 2023.

本季網路行銷服務及其他收入為人民幣 570 億元，較 2023 年同期成長 17%。本季我們的交易服務收入為人民幣536億元，較2023年同期成長33%。

Moving on to cost and expenses. Our total cost of revenues increased 36% from RMB35.1 billion in Q4 2023 to RMB47.8 billion this quarter. For full year, our total cost of revenues increased 68% to RMB153.9 billion, mainly due to increased fulfillment fees and payment processing fees.

繼續討論成本和費用。我們的總收入成本從 2023 年第四季的 351 億元 351 億元增加 36% 至本季的 478 億元。全年，我們的總收入成本增加 68% 至人民幣 1,539 億元，主要由於履行費和支付處理費增加。

On a GAAP basis, total operating expenses this quarter increased 19% to RMB37.2 billion from RMB31.4 billion in the same quarter of 2023.

以美國通用會計準則計算，本季總營運費用較 2023 年同期的 314 億元增加 19% 至 372 億元。

On a non-GAAP basis, our total operating expenses increased to RMB35.1 billion this quarter from RMB29.3 billion in Q4 2023. During the fourth quarter, we continue to invest in the platform ecosystem through a [range] initiatives, including fee reductions, merchant support policies and (inaudible) updates.

根據非公認會計準則，我們的總營運費用從 2023 年第四季的 293 億元增加到本季的 351 億元人民幣。在第四季度，我們繼續透過一系列措施投資平台生態系統，包括降低費用、商家支援政策和（聽不清楚）更新。

Our total non-GAAP operating expenses as a percentage of total revenues was 32% in Q4, compared to 33% same quarter 2023. For full year 2024, total non-GAAP operating expenses were RMB122 billion, up from RMB90.3 billion in 2023.

我們第四季的非 GAAP 總營業費用佔總收入的百分比為 32%，而 2023 年同期為 33%。2024年全年非公認會計準則總營業費用為人民幣1,220億元，高於2023年的人民幣903億元。

Looking to specific expense items. Our non-GAAP sales and marketing expenses this quarter were RMB31.1 billion, up 19% versus the same quarter of 2023. During Q4, we continue to give back to consumers through promotional campaigns. We're keeping up our investment in marketing to strengthen our platform's visibility.

查看具體的開支項目。本季我們的非公認會計準則銷售和行銷費用為 311 億元，較 2023 年同期成長 19%。第四季度，我們持續透過促銷活動回饋消費者。我們將繼續加大對行銷的投入，以增​​強我們平台的知名度。

On a non-GAAP basis, our sales and marketing expenses as a percentage of our revenue this quarter was 28% versus 30% for the same quarter in 2023. For the full year, non-GAAP sales and marketing expenses increased from RMB79.8 billion to RMB109.1 billion in 2024. Our non-GAAP G&A expenses were RMB998 million in Q4, that is RMB674 million in the same quarter of 2023.

依照非公認會計準則，本季我們的銷售和行銷費用佔收入的百分比為 28%，而 2023 年同期為 30%。全年非公認會計準則銷售及行銷費用從人民幣798億元增加至2024年的人民幣1,091億元。我們第四季的非公認會計準則一般及行政費用為 9.98 億元，而 2023 年同期為 6.74 億元。

Our annual non-GAAP generated expenses were RMB2.8 billion in 2024, versus RMB 1.8 billion last year. Our research and development expenses were RMB3 billion in the fourth quarter on a non-GAAP basis and RMB3.8 billion on a GAAP basis.

2024 年，我們的年度非公認會計準則產生的費用為 28 億元，而去年為 18 億元。我們第四季的研發費用按非美國通用會計準則計算為人民幣 30 億元，以美國通用會計準則計算為 38 億元人民幣。

We are committed to advancing the core technology capabilities of our platforms, and we continue to increase our investment in R&D, (inaudible) foundation for our high-quality development strategy and driving ecosystem upgrade and the supply chain transformation.

我們致力於提昇平台的核心技術能力，並不斷加大研發投入，（聽不清楚）為我們的高品質發展策略奠定基礎，推動生態系統升級和供應鏈轉型。

On a GAAP basis, operating profit for the quarter was RMB25.6 billion. RMB22.4 billion in the same quarter of 2023. Non-GAAP operating profit was RMB28 billion versus RMB24.6 billion in the same quarter of 2023. Non-GAAP operating profit margin was 24% this quarter compared with 28% in for the same quarter of 2023.

以美國通用會計準則計算，本季營業利潤為人民幣256億元。人民幣22.4元2023 年同期為 10 億美元。非公認會計準則營業利潤為人民幣 280 億元，而 2023 年同期為 246 億元。本季非公認會計準則營業利益率為 24%，而 2023 年同期為 28%。

For the full year, non-GAAP operating profit increased from RMB65.8 billion to RMB 118.3 billion in 2024. Net income attributable to ordinary shareholders was RMB27.4 billion for the quarter and RMB112.4 billion for the full year.

全年非GAAP營業利潤從658億元增加至2024年1183億元。當季歸屬於普通股股東的淨利為274億元人民幣，全年歸屬於普通股股東的淨利為1,124億元。

In the fourth quarter, base earnings per ADS was RMB19.76 and diluted earnings per ADS was RMB18.53, the space earnings per ADS of RMB17 and diluted earnings per ADS of RMB15.83 in the same quarter of 2023. Non-GAAP net income attributable to ordinary shareholders was RMB29.9 billion for the quarter and RMB122.3 billion for the full year.

第四季，每股美國存託憑證基本收益為19.76元人民幣，每股美國存託憑證攤薄收益為18.53元人民幣；2023年同期每股美國存託憑證空間收益為17元人民幣，每股美國存託憑證攤薄收益為15.83元人民幣。本季非美國通用會計準則下歸屬於普通股股東的淨利為299億元人民幣，全年非美國通用會計準則下歸屬於普通股股東的淨利為1,223億元。

In the fourth quarter, non-GAAP diluted earnings per ADS was RMB20.15 versus RMB17.32 in the same quarter of 2023. This quarter, we delivered stable financial results supported by the (inaudible) execution of our high-quality development strategy. Looking ahead, we will continue to prioritize investments and platform ecosystem as the cornerstone of our long-term value creation strategy. That completes the income statement.

第四季度，非公認會計準則每股美國存託憑證攤薄收益為 20.15 元，2023 年同期為 17.32 元。本季度，在（聽不清楚）高品質發展策略實施的支持下，我們取得了穩定的財務表現。展望未來，我們將繼續優先投資和平台生態系統作為長期價值創造策略的基石。這樣就完成損益表了。

Now let me move on to cash flow. Our net cash flow generated from operating activities was RMB29.5 billion in Q4 and RMB121.9 billion for the full year of 2024 compared with RMB36.9 billion in the same quarter of 2023 and RMB94.2 billion in 2023. As of December 31, 2024, the company had RMB331.6 billion, in cash, cash equivalents and short-term investments. Thank you. This concludes my prepared remarks.

現在讓我來談談現金流。我們第四季經營活動產生的淨現金流為人民幣 295 億元，2024 年全年為人民幣 1,219 億元，而 2023 年同期為人民幣 369 億元，2023 年為人民幣 942 億元。截至2024年12月31日，本公司擁有現金、現金等價物及短期投資人民幣3,316億元。謝謝。我的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 two questions from each analyst. Lei and Jiazhen will answer questions in Chinese and will help translate.

謝謝Jun。接下來我們進入問答環節。今天的問答環節，雷佳珍和王軍將會在線上回答分析師的提問。我們最多可以從每位分析師那裡回答兩個問題。雷和家珍將用中文回答問題並協助翻譯。

Operator, we are open for questions.

接線員，我們願意回答您的問題。

Thank you, ladies and gentlemen. We will now begin the question and answer session. (Operator instructions)

謝謝各位，女士們、先生們。我們現在開始問答環節。（操作員指令）

Joyce Ju, Bank of America.

美國銀行的 Joyce Ju 。

(spoken in foreign language). I will translate my question. First, we noticed that over the past two quarters, the company has taken several major initiatives in platform ecosystem development and merchant support. As management just mentioned, the company plans to further increase investment in these areas. How should we think about the long-term goals for platform ecosystem development and how this will drive the platforms further growth?

（用外語說）。我將翻譯我的問題。首先，我們注意到，過去兩個季度，公司在平台生態系統發展和商家支援方面採取了幾項重大措施。正如管理層剛才所提到的，公司計劃進一步加大對這些領域的投入。我們該如何看待平台生態發展的長遠目標以及如何推動平台的進一步發展？

My second question is on top of supply side and merchant ecosystem investments. Could management also share what has been done on the consumer side recently. For example, when new initiatives were launched during the past fourth quarter e-commerce season? And what will be the strategic priorities for consumer side in the future? Thank you.

我的第二個問題是關於供應方和商家生態系統投資。管理階層能否分享一下最近在消費者方面所做的工作？例如，剛過去的第四季電商旺季，有哪些新的舉措推出？未來消費者端的策略重點是什麼？謝謝。

(interpreted) Hi, Joyce, this is Chen Lei. Let me take your question regarding our platform ecosystem. Well, since the second quarter of 2024, in line with the overall direction of high-quality development of our platform ecosystem, we have rolled out a series of initiatives that's centered around the protection of merchant rights. For example, measures such as the 10 billion fee reduction program and high-quality merchant support program have been effective in lowering the operational cost for merchants.

（翻譯）你好，Joyce，我是陳磊。讓我回答您有關我們的平台生態系統的問題。從2024年第二季開始，我們順應平台生態高品質發展的整體方向，推出了一系列以商家權益保護為中心的措施。例如百億減費計畫、優質商家扶持計畫等措施有效降低商家經營成本。

By leveraging our platform's digital technologies and resources, we are also enabling manufacturers to invest in their product innovation and also technology, while at the same time, broadening their marketing assets.

透過利用我們平台的數位技術和資源，我們也使製造商能夠投資於他們的產品創新和技術，同時擴大他們的行銷資產。

These initiatives are deepening our long-term efforts in building a stronger ecosystem and also extend that into the supply side, driving meaningful supply chain upgrades, which is central to our strategy of pursuing high-quality development. We are noticing that in certain industries, some merchants are facing homogeneous competition, which squeezed profit for businesses and also undermine innovation and investments.

這些舉措正在深化我們建立更強大生態系統的長期努力，並將其延伸至供給側，推動有意義的供應鏈升級，這對我們追求高品質發展策略至關重要。我們注意到，在某些產業，一些商家面臨同質化競爭，這擠壓了企業的利潤空間，也抑制了創新和投資。

We, as a form of connecting manufacturers, merchants and consumers who have launched a series of policies to support high-quality suppliers. By cutting fees and streamlining operations, we are encouraging merchants to invest more in their products and services. This is leading our platform onto a new stage of quality-driven growth.

我們作為連結廠商、商家和消費者的一個平台，推出了一系列的政策來扶持優質供應商。透過降低費用和簡化運營，我們鼓勵商家在其產品和服務上投入更多資金。這將引領我們的平台進入品質驅動成長的新階段。

As the supply chain evolves and modernizes more high-quality merchants and products have been emerging. This gives consumers a greater variety, higher quality and a smoother shopping experience, bringing real benefits to consumers and creating a healthy ecosystem that benefits all stakeholders in the long run. This is our thoughts on the platform ecosystem investments.

隨著供應鏈的不斷發展和現代化，越來越多優質的商家和產品不斷湧現。這為消費者帶來了更豐富、更優質、更流暢的購物體驗，為消費者帶來了實質的利益，並創造了一個讓所有利害關係人長遠受益的健康生態系統。這是我們對平台生態系投資的想法。

(interpreted) Hello, this is Zhao Jiazhen. Let me take your question.

(翻譯)你好，我是趙家珍。請容許我回答你的問題。

Our initiatives on the supply side and merchant ecosystem complement our consumer-centric strategy. We remain directly to serving consumers, providing more value and better services, which have been (inaudible) to us.

我們在供應側和商家生態系統方面的舉措與我們以消費者為中心的策略相輔相成。我們將繼續直接服務消費者，提供更多價值和更好的服務，這對我們來說是（聽不清楚）。

During the promotion campaigns in the fourth quarter, we (inaudible) our super level savings industry by layering additional savings on top of the discount from our RMB10 billion program. This not only provide substantial savings to consumers, but also serves as a new growth engine for brands, both the number of participating brands and products in the campaigns reached record high with total order volume achieving a significant milestone. For the double top promotion, we further enhanced the program by launching 10 building consumption ventures, reinforcing our focus on consumer benefits.

在第四季度的促銷活動中，我們（聽不清楚）在我們的 100 億元人民幣計劃的折扣基礎上，額外增加了儲蓄，從而推動了我們的超級儲蓄行業。此舉不僅為消費者帶來大幅節省，也為品牌帶來新的成長動力，參與活動的品牌和產品數量均創歷史新高，總訂單量也創下重要里程碑。針對「雙頂」活動，我們進一步完善了10個樓宇消費項目，更重視消費者的利益。

At the same time, our RMB10 billion supply chain investment have prioritized empowering quality merchants and drive our logistics were measured in remote regions, sparkling fresh (inaudible). For example, during the Chinese New Year shopping festival this year, the platform accelerated the flow of Chinese New Year specialties into Western region by operating both traffic port and promotion programs.

同時，我們100億人民幣的供應鏈投資，優先賦能優質商家，推動我們的物流在偏遠地區檢驗，讓新鮮（聽不清楚）。例如，今年春節期間，平台透過流量端口和促銷活動相結合的方式，加速年貨流入西部地區。

By investing in both supply and demand, we have seen a surge quality supply in reaching consumer choices with premium options and fostering a virtuous cycle. Moving forward, we will continue to focus on our long-term high-quality investments on the consumer side to build a mutually beneficial platform ecosystem. Thank you.

透過對供給和需求進行投資，我們看到優質供應激增，以優質的選擇滿足消費者的選擇並形成良性循環。未來，我們將持續專注於消費者端的長期優質投資，打造互利共贏的平台生態系統。謝謝。

Thank you.

謝謝。

Alicia Yap, Citigroup.

花旗集團的 Alicia Yap。

(spoken in foreign language) Thank you, So I have two questions. The first one is the competition in the domestic e-commerce market has been intensifying for some time. Could management share some insights into any recent developments in the competitive landscape and whether there will be any adjustment to the company's development strategies in the future.

（用外語說）謝謝，我有兩個問題。一是一段時間以來，國內電子商務市場的競爭已經愈演愈烈。管理階層能否分享一些關於近期競爭格局發展的見解，以及未來公司的發展策略是否會進行調整。

The second question is regarding our global business. We noticed that recently, the global business may stay some changes in macro conditions and policy. Could management share more about these external changes that might impact the company's business and what measure the company plans to take in restaurants. Thank you.

第二個問題涉及我們的全球業務。我們注意到近期全球經濟在宏觀環境和政策方面可能會出現一些變化。管理層能否分享更多可能影響公司業務的外部變化以及公司計劃在餐廳採取的措施。謝謝。

(interpreted) Hello, this is Zhao Jiazhen. Let me take this question regarding competition.

(翻譯)你好，我是趙家珍。讓我來回答這個有關競爭的問題。

We have consistently emphasized that competition not only inherent to the e-commerce industry, but also a critical driver of its continuous advancement. Our major platforms are actively refining their strategies and services to better respond to shifting consumer preferences, a dynamic that underscores the sector's robust and healthy evolution.

我們一直強調，競爭不僅是電子商務產業固有的屬性，也是推動電子商務產業持續發展的重要動力。我們的主要平台正在積極完善其策略和服務，以更好地響應不斷變化的消費者偏好，這一動態凸顯了該行業強勁而健康的發展。

As industry and technology continue to evolve, e-commerce platforms are actively exploring innovative business models and technological applications to elevated user experiences and operational efficiencies. We're closely monitoring this development and continue optimizing our platform ecosystem and services to better meet consumer demand under our quality-driven strategy.

隨著產業和技術的不斷發展，電子商務平台正在積極探索創新的商業模式和技術應用，以提升使用者體驗和營運效率。我們正在密切關注這一發展，並在品質驅動策略下繼續優化我們的平台生態系統和服務，以更好地滿足消費者的需求。

Our strategic investments across the consumer side, supply side and platform ecosystem has delivered tangible results, demonstrating that the viability of high core development as a sustainable growth pathway. Over the years, we have cultivated a trusted brand reputation and deep consumer loyalty, which remains our core strength.

我們在消費者端、供應端和平台生態系統的策略性投資已經取得了實質的成果，證明了高核心發展作為永續成長途徑的可行性。多年來，我們培養了值得信賴的品牌聲譽和深厚的消費者忠誠度，這仍然是我們的核心優勢。

At the same time, we recognize the imperative for profound supply-side transformation in the e-commerce industry. Our current investment in merchant welfare and industrial sustainability will over time improve consumer experience. By regarding merchant right, enhance service quality and satisfaction and diversifying at supply. This, in turn, will drive the healthy growth of the platform ecosystem.

同時，我們也意識到電子商務產業供給面深刻轉型刻不容緩。我們目前對商家福利和工業永續性的投資將隨著時間的推移改善消費者體驗。透過尊重商家權利，提升服務品質與滿意度，實現供給多元化。這反過來將推動平台生態系統的健康發展。

We will continue to strengthen our advantage by making meaningful long-term high-quality investments. By doing so, we aim to deliver an expanding range of premium products and the seamless trustworthy for consumers. Thank you.

我們將透過有意義的長期高品質投資繼續增強我們的優勢。透過這樣做，我們的目標是為消費者提供越來越多的優質產品和無縫信賴的產品。謝謝。

(interpreted) Hi, Alicia, this is Chen Lei. Let me answer your question about the global business.

（翻譯）你好，艾麗西婭，我是陳磊。讓我回答您有關全球業務的問題。

For our global business, as we discussed in recent quarters, changes in the external environment have been accelerating and competition remains fierce. And in addition, there may be changes in macro policies that are related to our operations.

對於我們的全球業務，正如我們最近幾季所討論的那樣，外部環境的變化不斷加速，競爭仍然很激烈。此外，與我們的營運相關的宏觀政策也可能會發生變化。

And in response to this, first and foremost, we will strictly comply with the lost and regulation to ensure full compliance in our operations. And on that basis, we are also proactively communicating with external parties across the market to continuously refine our services and compliance standards. However, these external changes taken together will inevitably bring some challenges to our global business.

對此，我們首先將嚴格遵守損失和法規，確保我們的營運完全合規。在此基礎上，我們也積極與市場外部各方溝通，不斷完善我們的服務和合規標準。但這些外部變化綜合起來，必然會為我們的全球業務帶來一些挑戰。

And despite the changes in the external environment, we remain very committed to delivering high-quality products to the global consumers. This will not change. We will stay focused on our business investing in supply chain improvements, service quality and platform ecosystems while ensuring high-quality growth and upholding compliance standards. By doing so, we strive to further deepen our core strength in supply chain efficiency and operations capabilities that we have accumulated over the years.

儘管外部環境發生了變化，我們仍然致力於向全球消費者提供高品質的產品。這一點不會改變。我們將繼續專注於業務，投資於供應鏈改進、服務品質和平台生態系統，同時確保高品質成長並堅持合規標準。透過此舉，我們力求進一步深化多年來累積的供應鏈效率和營運能力的核心優勢。

Furthermore, we will continue to explore new business models, experiment with innovative localized supply chain solutions, deepen our market presence, introduce new product categories and services and to build a more robust and sustainable platform infrastructure for the long run.

此外，我們將繼續探索新的商業模式，嘗試創新的在地化供應鏈解決方案，深化我們的市場影響力，推出新的產品類別和服務，並為長期建立更強大和可持續的平台基礎設施。

Our commitment to high-quality sustainable development applies equally to our global business. Beyond offering high-quality products at affordable prices, we aim to meet global consumers' rising expectations of us.

我們對高品質永續發展的承諾同樣適用於我們的全球業務。除了以實惠的價格提供高品質的產品外，我們還致力於滿足全球消費者對我們日益增長的期望。

As highlighted in previous quarters, we implemented merchant support policies and trust and safety updates across the supply chain and platform ecosystem, empowering innovative high-quality merchants. At the same time, we firmly regulate merchants who violate platform rules and harm consumer interest. These efforts have started to yield positive results and we are committed to executing them for the long term.

正如前幾季所強調的那樣，我們在整個供應鏈和平台生態系統中實施了商家支援政策和信任與安全更新，為創新的優質商家提供支援。同時，對違反平台規則、損害消費者利益的商家，堅決予以監管。這些努力已開始取得積極成果，我們致力於長期實施這些努力。

At the same time, as a growing e-commerce platform, we are aware of the rising attention our global consumers are paying to social responsibility. We are actively seeking opportunities to utilize our technology called capabilities and platform resources to create greater value for the communities we serve.

同時，作為一個成長中的電子商務平台，我們意識到全球消費者對社會責任的關注度越來越高。我們正在積極尋找機會利用我們的技術能力和平台資源為我們服務的社區創造更大的價值。

We have launched several initiatives in global corporate social responsibility and have a few new ideas for the future. Our team is dedicated to exploring this area and taking concrete steps towards becoming a responsible corporate citizen on a global scale. There is much more we can do, and our team is very excited about the opportunities ahead.

我們在全球企業社會責任方面發起了多項倡議，並對未來有一些新的想法。我們的團隊致力於探索這一領域，並朝著成為全球範圍內負責任的企業公民邁出切實的步伐。我們還可以做更多，我們的團隊對未來的機會感到非常興奮。

And through the long-term investments and consistently doing the right thing, we hope to strengthen our core competitive advantages and build long-lasting trustworthy relationship with merchants and global consumers. This is my thinking on the global business.

並透過長期投入和堅持做正確的事情，我們希望加強我們的核心競爭優勢，與商家和全球消費者建立長期可信賴的關係。這是我對全球業務的思考。

Operator, I think we have time for one more analyst.

接線員，我想我們還有時間再接待一位分析師。

Kenneth Fong, UBS.

瑞銀的 Kenneth Fong。

(spoken in foreign language) Thank you, management for taking my questions. We noticed that the company's revenue growth has slowed in the recent quarters and profit have been fluctuating. So how should we think about the revenue and profit trend in the near term?

（以外語說）謝謝管理階層回答我的問題。我們注意到，最近幾季公司營收成長放緩，利潤出現波動。那我們該如何看待近期的營收和利潤趨勢呢？

And my second question is, in the past two quarters, management has talked about taking on more social and platform responsibility. And this topic can also be mentioned by management today. So can management share more about what company hopes to achieve with perform responsibility in the long run and how to balance that with these duties to shareholders? Thank you.

我的第二個問題是，在過去兩個季度中，管理層談到承擔更多的社會和平台責任。而這個話題在今天的管理階層也可以提及。那麼管理階層能否分享更多關於公司希望透過長期履行責任來實現什麼目標以及如何平衡這些對股東的責任？謝謝。

Hi, Kenneth, this is Jun. Let me take your first question regarding growth and profits. Well, regarding this quarter's financial performance, as mentioned earlier in the prepared remarks, external (inaudible) and intense competition have impacted our short-term revenue growth.

你好，Kenneth，我是 Jun。我來回答你關於成長和利潤的第一個問題。嗯，關於本季的財務表現，正如先前在準備好的評論中提到的，外部（聽不清楚）和激烈的競爭影響了我們的短期收入成長。

And at the same time, our increased investments in merchant support and platform ecosystem development may create fluctuations in profitability. We expected a fluctuation in revenue growth and profit when we began this investment as product building a high-quality platform ecosystem and achieving sustainable growth.

同時，我們對商家支援和平台生態系統開發的投資增加可能會導致獲利能力波動。當我們開始這項投資時，我們預計收入成長和利潤會出現波動，因為產品建立了高品質的平台生態系統並實現了永續成長。

Short-term ops and docs will shake our confidence in long-term goals. We believe that owing to sustained investment and optimization can we create a healthy e-commerce ecosystem. Currently, our efforts have already received positive feedback from merchants, and supply-side optimizations are driving new consumption trends on the consumer side, which has started to foster the virtual recycle. Going forward, we will keep focusing on our high-quality development strategy, investing gradually and patiently to ensure long-term sustainable development. Thank you.

短期的操作和文件會動搖我們對長期目標的信心。我們相信，透過持續的投入與優化，一定能打造出健康的電商生態。目前我們的努力已經得到了商家的正面回饋，供給面的優化正在帶動消費面形成新的消費趨勢，虛擬回收開始形成。未來，我們將持續聚焦高品質發展策略，循序漸進、耐心投入，確保長期永續發展。謝謝。

(interpreted) Hello, Kenneth, this is Zhao Jiazhen. Let me take your second question.

（譯）你好，肯尼斯，我是趙家珍。我來回答你的第二個問題。

Over the past few quarters, we have noted that assessing the company's performance solely through the short-term financial performance of CapEx returns does not feed where we are at our development stage.

在過去幾個季度中，我們注意到，僅透過資本支出回報的短期財務表現來評估公司業績並不符合我們所處的發展階段。

That's a global company in the new era. We're increasing innovation, adapting change and taking on more social responsibility in the regions where we offer. This aligns with our long-term accountability to shareholders and reflect (inaudible) leadership decisions.

這是新時代的全球性公司。我們正在加強創新、適應變化並在我們提供服務的地區承擔更多的社會責任。這符合我們對股東的長期責任，並反映了（聽不清楚）領導階層的決策。

For example, our recent focus on supporting quality merchants has provided comprehensive support across product development, marketing, operations and supply chains. We have fostered a group of quality merchants with products and test capabilities, empowering independent entrepreneurs to streamline their operations, while driving the transformation of the supply chain.

例如，我們近期專注於扶持優質商家，為產品開發、行銷、營運和供應鏈等提供全方位支援。我們培育了一批具備產品和測試能力的優質商家，賦能自主創業者精簡運營，同時推動供應鏈轉型。

Additionally, our logistics support measures for remote regions has fired double-digit order growth in Western China and extended nationwide free shipping to nearly 100 million consumer in remote areas. This strategy unlocks new opportunities for merchants to grow their orders in Western China, not only expanding business opportunity to merchants, but also benefiting consumers across different regions.

此外，我們針對偏遠地區的物流支援措施，帶動西部地區訂單達到兩位數成長，並將全國免費送貨服務延伸至近1億偏遠地區消費者。這項策略為商家拓展西部地區訂單開啟了新機遇，不僅擴大了商家的商業機會，也讓不同地區的消費者受益。

In agriculture, we remain committed to supporting the agricultural industry through sustained investments in agricultural technology, supply chain innovation and training for next-generation farmers. These efforts align with our current support of quoting merchants, promoting agricultural modernization, improving supply chain efficiency, while at the same time, boosting farmer income and generating local employment.

在農業方面，我們將繼續致力於透過持續投資農業技術、供應鏈創新和下一代農民培訓來支持農業產業。這些努力與我們目前對報價商家的支持一致，促進農業現代化，提高供應鏈效率，同時提高農民收入並創造當地就業機會。

Overall, the e-commerce industry is shifting towards quality, service, experience and innovation, rising high standards for platforms. Our focus on merchant drive support for quoting merchants and supply chain we both cost driven and care to the growing demand and e-commerce platforms. And in the long run, building an inclusive ecosystem that creates value for all participants will set us up for sustainable growth and long-term returns. Thank you.

整體來看，電商產業正向品質、服務、體驗、創新轉變，對平台的標準越來越高。我們專注於商家驅動對報價商家和供應鏈的支持，我們既以成本為導向，又關心不斷增長的需求和電子商務平台。從長遠來看，建立一個為所有參與者創造價值的包容性生態系統將為我們實現永續成長和長期回報奠定基礎。謝謝。

Thank you, Jiazhen. And thank you all for joining us today. We look forward to speaking with you next quarter. Thank you, and have a great day.

謝謝你，家珍。感謝大家今天的出席。我們期待下個季度與您交談。謝謝您，祝您有愉快的一天。

Ladies and gentlemen, that does conclude our conference for today. Thank you for your participation. 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. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。