拼多多 (PDD) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the PDD Holdings, Inc., third-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，感謝各位的耐心等待，歡迎參加 PDD Holdings, Inc. 2025 年第三季財報電話會議。（操作人員指示）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. Please go ahead.

現在我將把今天的會議交給主持人。請繼續。

Thank you, operator. And 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 and through the Globe Newswire services.

謝謝接線生。大家好，感謝各位今天收看我們的節目。PDD Holdings 的獲利報告已於早些時候發布，可透過我們的網站 investor.pddholdings.com 和 Globe Newswire 服務取得。

Before we begin, I'd like to refer you to our Safe Harbor statement in the earnings press release, which apply 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.

在開始之前，我想請各位參閱我們在盈利新聞稿中的“安全港”聲明，該聲明適用於本次電話會議，因為我們將做出一些前瞻性陳述。此外，本次電話會議也將討論某些非GAAP財務指標。請參閱我們的獲利報告，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-Chief Executive Officer; Mr. Zhao Jiazhen, our Executive Director and Co-Chief Executive Officer. Our VP of Finance, Mr. Liu Jun, is unfortunately on medical leave. Delivering prepared remarks on Jun's behalf today will be [Ms. Cindy Ling], from our Investor Relations team, who has spoken on our earlier earnings call.

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。很遺憾，我們的財務副總裁劉俊先生正在休病假。今天將由我們投資者關係團隊的[Cindy Ling女士]代表Jun發表準備好的講話，她曾在我們之前的財報電話會議上發言。

Lei and Jiazhen will make some general remarks and on our performance for the past quarter and our strategic focus. And Jun Liu then walk us through our financial results for the third quarter ended September 30, 2025. And during the Q&A session, Lei and Jiazhen will answer questions in Chinese and will help translate. Please kindly note that the English translation is for reference only and in case of any discrepancy, statements in the original language should prevail.

雷先生和嘉珍女士將就我們上個季度的業績和戰略重點發表一些總體看法。然後，劉俊向我們詳細介紹了截至 2025 年 9 月 30 日的第三季財務表現。在問答環節，雷和嘉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，如有任何出入，以原文為準。

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

現在，我很榮幸向大家介紹我們的董事長兼聯合執行長陳磊先生。雷。請繼續。

Hello, everyone. And thank you for joining our Q3 2025 earnings conference call. This year marks the tenth anniversary of the company's founding. Just before this earnings release, we celebrated our tenth best day. When we started in 2015, we pioneered the team purchase model, which offers the value proposition of more savings and more fun at scale and create a new e-commerce defined by three characters, namely benefit all, people first, and more open.

大家好。感謝您參加我們2025年第三季財報電話會議。今年是公司成立十週年。就在發布財報前不久，我們慶祝了公司業績排名第十的好日子。2015 年我們創立之初，率先推出了團隊購買模式，該模式以規模化的方式提供了更多節省和更多樂趣的價值主張，並創造了一種以三個特點定義的新型電子商務，即惠及所有人、以人為本、更加開放。

Since then, we have gradually grown from staff into a key player in the e-commerce industry and along our journey, created greater value for our users, our merchants as well as the industry and society. This quarter, we reported RMB108 billion in revenue, with growth remaining under pressure. As always, we prioritize long-term value over short-term results.

從那時起，我們逐漸從員工發展成為電子商務產業的關鍵參與者，並在我們的發展歷程中，為我們的用戶、商家以及產業和社會創造了更大的價值。本季，我們實現營收1,080億元人民幣，但成長仍面臨壓力。我們始終將長期價值置於短期績效之上。

Looking back over the past decade, we have upheld our core value offer concern adhere firmly to our own duties and principles and maintain focus on our core business of e-commerce. To our journey, we strive to create value for our users and to address the needs of the widest range of consumers. We have also made an effort in giving back to the industry ecosystem, driving the industry to become more benefit all, more people first, and more open.

回顧過去十年，我們始終秉持核心價值觀，恪守自身職責與原則，專注於電子商務這項核心業務。在我們的發展歷程中，我們努力為用戶創造價值，並滿足最廣泛消費者的需求。我們也努力回饋產業生態系統，推動產業朝向惠及所有人、以人為本、更開放的方向發展。

Since day one, our mission has been to serve the broadest range of consumers by offering affordable prices and quality services. Ten years ago, we introduced the team purchase model to drive the challenges faced by the farmers and growers as well as industrial belt metrics. This e-commerce model has helped a large base of farmers and everyday workers increased their income while offering urban and rural consumers across through quality fruits and daily necessities at affordable prices.

自成立之初，我們的使命就是透過提供價格實惠、品質優良的產品來服務最廣泛的消費者群體。十年前，我們引入了團隊採購模式，以應對農民和種植者面臨的挑戰以及產業帶指標。這種電子商務模式幫助大量農民和普通勞工增加了收入，同時以實惠的價格為城鄉消費者提供優質水果和日用必需品。

Today, 10 years later, our focus remains on a day-to-day of people from all works of life. We continue to provide consumers with quality goods at affordable prices and help merchants, many of which SMEs expand their market reach. And ultimately, we help producers and consumers live a better life.

十年後的今天，我們依然關注各行各業人們的日常生活。我們持續為消費者提供價格實惠的優質商品，並幫助商家（其中許多是中小企業）擴大市場覆蓋範圍。最終，我們幫助生產者和消費者過更好的生活。

As a new e-commerce platform formed in the mobile Internet area, we rolled beyond the traditional online shopping model that create products in the center. And instead, we put people first. We built our model around a consumer focus. We try to understand a human touch behind every click and we order the consumer trust behind every order. We strive to bring more savings and more fun to every purchasing experience. And with this goal in mind, we will continuously drive product innovation, technology integration, service upgrades, and improvements in product selection and the efficiency of supply chain.

作為在行動互聯網領域形成的新興電子商務平台，我們突破了以產品為中心的傳統線上購物模式。相反，我們總是把人放在第一位。我們的商業模式是以消費者為中心的。我們力求理解每一次點擊背後的人情味，並努力贏得每一筆訂單背後的消費者信任。我們致力於為每一次購物體驗帶來更多優惠和更多樂趣。秉持此目標，我們將持續推動產品創新、技術整合、服務升級，以及產品選擇和供應鏈效率的改進。

In doing so, we aim to satisfy the diverse and rapidly growing needs of everyday consumers. Throughout our trading, we have faced fierce and persistent industry competition. And yet, we have remained steadfast in our focus on the company's intrinsic value in the long run, and we promote the high-quality growth of the [private] ecosystem, and we advocate for a more open industry environment.

我們這樣做旨在滿足日常消費者多樣化且快速增長的需求。在我們的經營過程中，我們一直面臨著激烈而持續的行業競爭。然而，我們始終堅定地關注公司的長期內在價值，我們促進（私有）生態系統的高品質發展，我們倡導更開放的產業環境。

Since last year, we first elevated our ecosystem development and roll out substantial merchant support initiatives such as the RMB10 billion fee reduction program and RMB100 billion support program. Through these initiatives, we made investments in our merchants and a wide creating room for innovation and growth for both established brands and SMEs.

自去年以來，我們首先提升了生態系統發展水平，並推出了一系列重要的商戶支持計劃，例如人民幣100億元的手續費減免計劃和人民幣1000億元的扶持計劃。透過這些舉措，我們對商家進行了投資，並為成熟品牌和中小企業創造了廣闊的創新和發展空間。

We hope to play our part in asserting supply chain upgrade in addressing a long-standing challenge faced by our merchants who had quality but less brand recognition. As we look ahead, the e-commerce industry is witnessing even more intense competition, and we will continue to uphold the principles that have guided us for the past 10 years, staying true to our mission of creating value for our consumers and focus on investing in a high-quality development of our platform and the wider industry.

我們希望透過推動供應鏈升級，為解決商家長期以來面臨的挑戰貢獻一份力量，雖然產品品質優良，但品牌知名度較低。展望未來，電子商務產業將面臨更激烈的競爭，我們將繼續秉持過去 10 年來指導我們的原則，堅守為消費者創造價值的使命，專注於投資我們平台和整個產業的優質發展。

Today, the scale of our business is far greater than it was 10 years ago. And with greater scale comes greater social responsibility. And therefore, as we think about our growth in this new area, we must do so in a way that prioritizes the interest of wider public and the long-term outlook of the entire ecosystem. Going forward, more strategic initiatives similar to RMB100 billion support program will be rolled out to support both supply side and demand side.

如今，我們的業務規模比 10 年前大得多。規模越大，社會責任也越大。因此，當我們思考在這個新領域的發展時，我們必須以更廣泛的公眾利益和整個生態系統的長遠前景為優先考慮。展望未來，將推出更多類似1,000億元人民幣扶持計畫的策略性舉措，以支持供給面和需求側兩方面。

We will also strengthening our efforts in giving back to the industry at a broader society. Three years ago, we launched our global business, which has now grown to serve many markets. Today, with the rapid involvement of trade barriers and other global events, we are seeing significant shift in the platform's regulatory environment, including in trade policies, tax rules, data security, and product compliance regulation across different countries and regions. This means we will inevitably face greater challenges and more uncertainties.

我們也將加強回饋產業和更廣泛的社會。三年前，我們啟動了全球業務，如今該業務已發展壯大，服務於眾多市場。如今，隨著貿易壁壘和其他全球事件的迅速介入，我們看到平台監管環境發生了重大變化，包括不同國家和地區的貿易政策、稅收規則、資料安全和產品合規監管。這意味著我們將不可避免地面臨更大的挑戰和更多的不確定性。

As a young global company, we are working hard to learn, to keep up, and to adapt to these [trips]. However, there remains significant uncertainties exposing the company to risks that are unpredictable and difficult to quantify, which may impact our financial performance both in the short term and over the long term.

作為一家年輕的全球性公司，我們正努力學習、跟上時代步伐並適應這些變化。[旅行]。然而，仍有許多不確定因素，使公司面臨難以預測和量化的風險，這可能會對我們的短期和長期財務表現產生影響。

And in the midst of fierce industry competition, a complex global environment, and our continuous ecosystem investments, our quarterly profitability will fluctuate and is inherently unpredictable. And therefore, simple linear projection might not be a good way to projecting future performance.

在激烈的行業競爭、複雜的全球環境以及我們持續的生態系統投資中，我們的季度獲利能力將會波動，並且本質上是不可預測的。因此，簡單的線性預測可能不是預測未來表現的好方法。

As we have emphasized in the past, short-term stock price fluctuation has never been our focus. And rather, our focus remains on building long-lasting intrinsic value by doing the right thing and creating value for the consumers. It is with our firm commitment to high-quality development; we embarked on the next decade towards our mission of Costco plus Disney.

正如我們過去一直強調的那樣，短期股價波動從來都不是我們的關注點。相反，我們始終專注於透過做正確的事和為消費者創造價值來建立持久的內在價值。秉持著對高品質發展的堅定承諾，我們開啟了下一個十年，朝著 Costco 加迪士尼的願景邁進。

And with that, we will turn the call over to Zhao Jiazhen for further remarks.

接下來，我們將把電話交給趙家珍，請他作進一步發言。

(interpreted) Good day, everyone. This is Zhao Jiazhen Jan. Thank you again for joining our Q3 2025 earnings release.

（譯）大家好。我是趙嘉珍，再次感謝您參加我們2025年第三季財報發表會。

Third quarter this year marks the company's tenth anniversary. As Lei mentioned, over the past 10 years, we have remained committed to creating value for our users and growing alongside our merchants. We have strived to drive the industry to become more open and help deliver incremental value to the society. At this 10-year juncture, we will continue to step up our efforts to give back to the supply side and the demand side as part of our efforts to drive industry upgrades and deliver more savings and more funds to the general public.

今年第三季是公司成立十週年。正如雷所說，在過去的 10 年裡，我們始終致力於為使用者創造價值，並與商家共同成長。我們一直努力推動產業變得更加開放，並幫助為社會創造更多價值。在這十年之際，我們將持續加強回饋供給面和需求面，以此推動產業升級，為廣大民眾節省更多開支，創造更多資金。

In this quarter, our revenue growth continued to be under pressure and operating profit grew low single digits. Currently, we see intensified competition within the e-commerce sector that is centered around new business models. We will continue to invest back into our platform ecosystem and our investments into the merchant support initiatives similar to the RMB10 billion fee reduction program and the RMB100 billion support program will continue in the long run.

本季度，我們的營收成長持續承壓，營業利潤僅達到個位數低成長。目前，我們看到電子商務領域的競爭日益激烈，而這種競爭的核心是新的商業模式。我們將繼續投資於我們的平台生態系統，並且我們將長期持續投資於類似人民幣100億元費用減免計劃和人民幣1000億元支持計劃的商戶支持舉措。

These investments will affect the sustained performance of revenue and net profit. And accordingly, our financial results of this quarter should not be considered as guidance for future performance. We cannot rule out the possibility that the financial performance in the next few quarters will continue to fluctuate.

這些投資將影響收入和淨利潤的持續成長。因此，本季的財務表現不應被視為未來業績的指引。我們不能排除未來幾季財務業績持續波動的可能性。

Over the past decade, we grew from a startup into a public platform. We benefited from China's rapid economic development. And at the same time, we have not lost sight of the social responsibilities that are inherent to a platform company and proactively gave back to the agriculture and other industries.

過去十年間，我們從一家新創公司發展成為一個公共平台。我們受惠於中國經濟的快速發展。同時，我們也沒有忘記平台公司固有的社會責任，並積極回饋農業和其他產業。

And this year, we rolled out the first RMB100 billion support program in the e-commerce industry to support merchants and farmers. And through initiatives such as total premium products, new quality supply, and logistics support remote regions we continue to drive the high-quality development of the platform ecosystem.

今年，我們推出了第一個1000億元人民幣的電子商務行業扶持計劃，以支持商家和農民。透過全面推出優質產品、提供新的優質產品以及為偏遠地區提供物流支援等舉措，我們不斷推動平台生態系統的高品質發展。

As a new e-commerce platform with roots in agriculture, the first product bought and sold on Pinduoduo was agriculture products. Along the way, we have made long-term investments across different parts of the agricultural industry. From supply chain and warehousing logistics to support new generations of farmers and agriculture research and development, these efforts have significantly increased the scale and efficiency of agriculture product distribution, greatly promoted product standardization, and helped farmers increase output and income. And in this process, we have become the largest platform for agricultural products in China.

作為植根於農業的新興電子商務平台，拼多多上買賣的第一件產品就是農產品。一路走來，我們對農業產業的各個領域進行了長期投資。從供應鏈和倉儲物流到支持新一代農民和農業研究與發展，這些努力顯著提高了農產品分銷的規模和效率，極大地促進了產品標準化，並幫助農民提高了產量和收入。在這個過程中，我們成為了中國最大的農產品交易平台。

In the third quarter, our total premium project team visited dozens of agricultural specialty regions, including Hubei, Jingzhou; Henan, Shangqiu; Qingdao, Laiyang; Yunnan, Pu'er. This year, on the back of RMB100 billion support program, we launched the Duoduo premium product initiative to step up our investments into agriculture.

第三季度，我們的高端專案團隊走訪了數十個農業特色產區，包括湖北荊州、河南商丘、青島萊陽、雲南普洱等地。今年，在1000億元人民幣扶持計劃的支持下，我們啟動了多多高端產品計劃，加大對農業的投資。

Based on the 2025 agriculture product half-year report that we just issued, our investments in agriculture have yielded significant results. And in the first half of this year, agriculture sales grew by 47% year-over-year, and we saw a similarly rapid increase in the number of agriculture merchants with a particularly notable increase of over 30% year-over-year in the generation of merchants born in the 2000s. This demonstrates that the online distribution of agricultural products continues to hold immense promise.

根據我們剛發布的 2025 年農業產品半年報告，我們在農業領域的投資已取得顯著成效。今年上半年，農產品銷售額年增 47%，農產品貿易商的數量也出現了類似的快速增長，其中 2000 年代出生的一代貿易商的數量同比增長超過 30%，尤其值得關注。這表明，農產品在線分銷仍然具有巨大的發展前景。

In the third quarter, our total premium product team visited a dozen of agriculture specialty regions, including Hubei, Jingzhou; Henan, Shangqiu; Qingdao, Laiyang; Yunnan, Pu'er; and Sichuan, Anyue to develop tailored solutions for the merchants and help them make the transition from a model that prioritizes its scale to one that prioritize quality.

第三季度，我們的高端產品團隊走訪了十幾個農業特色產區，包括湖北荊州、河南商丘、青島萊陽、雲南普洱和四川安岳等地，為當地商家製定量身定制的解決方案，幫助他們從以規模為先的模式轉型為以質量為先的模式。

And during the harvest season starting in September, we allocated RMB1 billion subsidy and RMB2 billion traffic reports and in collaboration with the 300,000-agriculture merchant platform. We rolled out the total harvest season program to facilitate the timely distribution of produce from rural areas to corporate markets, helping farmers increase income.

在9月開始的收穫季節，我們撥款10億元人民幣補貼，並投入20億元人民幣用於交通報告，同時與擁有30萬家農產品商家的平台合作。我們推出了整個收穫季計劃，以促進農產品從農村及時分銷到企業市場，幫助農民增加收入。

In the early days of our company, our team purchase model brought about a solution to the legacy challenges within the industrial belt and enable the industries to quickly scale across regions. The number of e-commerce merchants in many of these regions grew from just 102 to 7,000. However, this growth has also led to commoditized competition. And today, these industrial belts have reached a critical juncture that calls for transformation.

公司成立初期，我們的團隊採購模式為工業帶內長期存在的挑戰提供了解決方案，使各行業能夠快速跨區域擴張。在這些地區，電子商務商家的數量從 102 家增加到 7000 家。然而，這種成長也導致了商品化競爭。而如今，這些工業帶已經到了一個需要改變的關鍵時刻。

This quarter, we continue to invest in a new quality supply initiative through our RMB100 billion support program. Our teams visited dozens of industrial belts such as down jackets in Pinghu, snacks in Huizhou, children's wear in Foshan, bags and luggage in Shaodong, and hanfu in Caoqian. Leveraging our digital capabilities and fee reduction and merchant support programs, we continue to enhance quality and efficiency for our merchants. We aim to address the challenges of commoditized competition faced by many industries by incremental innovation across each part of the supply chain from raw materials to finished products.

本季度，我們將繼續透過1000億元人民幣的支援計劃，投資於新的優質供應鏈計劃。我們的團隊走訪了數十個產業帶，例如平湖的羽絨衣產業帶、惠州的零食產業帶、佛山的童裝產業帶、邵東的箱包產業帶以及曹前漢服產業帶。憑藉我們的數位化能力、費用減免和商家支援計劃，我們不斷提高商家的服務品質和效率。我們旨在透過在從原材料到成品的供應鏈的每個環節進行漸進式創新，來應對許多行業面臨的商品化競爭挑戰。

At the end of September, we released a one-year development report on new quality supply. The report shows rapid growth in a number of industrial brand merchants, the number of merchants between the age of 25 and 30 grew by 31% year-over-year, and those born in the 2000 grew by 4%. The number of high-quality SKUs increased by over 50% year-over-year, and we've also seen a significant rise in the branded stores from these industrial cuts. And these figures demonstrate that the key industrial belts are steadily moving towards high-quality development.

9月底，我們發布了為期一年的新產品供應發展報告。報告顯示，工業品牌商家數量快速成長，25 至 30 歲商家數量較去年同期成長 31%，2000 年出生的商家數量較去年同期成長 4%。高品質 SKU 的數量年增超過 50%，而且我們也看到，由於這些工業削減，品牌商店的數量也大幅增加。這些數據表明，重點產業帶正在穩步向高品質發展邁進。

And on supply side, investments have allowed us to bring more savings and more funds to a broad base of ordinary consumers. We see urban white-collar workers holding fresh flowers from Yunnan, while young people in small towns by trend designer toys. We see mountain villages enjoying high-quality seafood, while herdsmen in Western regions wear UV protective jackets.

在供給方面，投資使我們能夠為廣大一般消費者帶來更多的儲蓄和資金。我們看到城市白領手捧來自雲南的花，而小鎮的年輕人則在追逐潮流設計師玩具。我們看到山村居民享用優質海鮮，而西部地區的牧民則穿著防紫外線外套。

And taking the Western regions as an example, the exemption of transshipment fees has led to a significant surge in order volume for pet supplies, outdoor and sun protection gears, designer toys, and fresh produce implants among other product categories. This greatly stimulated economic activities between the regions.

以西部地區為例，免轉運費導致寵物用品、戶外防曬裝備、名牌玩具和新鮮農產品植入物等產品類別的訂單量大幅增加。這大大促進了各地區之間的經濟活動。

Starting a fresh from this 10-year mark, we will continue to put consumers first and drive organizational evolution. And one by one, we will tackle the practical problems faced by our users, merchants, and the industries through persistent focused efforts and continue to build a driving platform that benefit of taking out greater social responsibility and creating value for the public.

從這10週年重新出發，我們將繼續把消費者放在第一位，推動組織變革。我們將透過持續專注的努力，逐一解決使用者、商家和產業面臨的實際問題，並持續建立一個能夠承擔更大社會責任、為大眾創造價值的驅動型平台。

Now, I'll hand it over to [Cindy] to provide you with an update on our Q3 financial performance.

現在，我將把發言權交給[Cindy]，讓她為大家報告我們第三季的財務表現。

Thank you, Zhao Jiazhen. Hello, everyone. This is Cindy from the Investor Relations team. Jun is on medical leave, and I will deliver the prepared remarks on behalf of her.

謝謝你，趙家珍。大家好。我是投資者關係團隊的辛迪。Jun正在休病假，我將代表她發表準備好的演講。

Let me walk you through our financial performance for the third quarter ended September 30, 2025. In terms of income statements in the third quarter, our total revenues increased 9% year-over-year to RMB108.3 billion. This was driven by an increase in revenues from online marketing services and transaction services.

讓我帶您了解我們截至 2025 年 9 月 30 日的第三季財務表現。從第三季的損益表來看，我們的總營收年增9%，達到人民幣1,083億元。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 RMB53.3 billion this quarter, up 8% from the same quarter of 2024. Online marketing services growth moderated further as competition intensified and as we invest in the merchant ecosystem. Revenues from transaction services were RMB54.9 billion up 10% 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533億元，比2024年同期成長8%。隨著競爭加劇以及我們對商家生態系統的投入，網路行銷服務的成長進一步放緩。交易服務收入為人民幣549億元，較去年同期成長10%。

Moving on to costs and expenses. Our total cost of revenues increased 18% from RMB39.7 billion in Q3 2024 to RMB46.8 billion this quarter, mainly due to increase in fulfillment fees, bandwidth and server costs, and payment processing fees.

接下來是成本和費用。由於履約費、頻寬和伺服器成本以及支付處理費的增加，我們的總收入成本從 2024 年第三季的人民幣 397 億元增加到本季的 468 億元，增幅達 18%。

On a GAAP basis, total operating expenses this quarter increased 3% to RMB36.4 billion from RMB35.4 billion in the same quarter of 2024. On a non-GAAP basis, total operating expenses increased to RMB34.4 billion this quarter, from RMB32.9 million in Q3 2024. Our total non-GAAP operating expenses as a percentage of total revenues this quarter was 32%, roughly in line with the same quarter last year.

以美國通用會計準則計算，本季總營運支出較 2024 年同期成長 3%，達到 364 億元，而 2024 年同期為 354 億元。以非GAAP準則計算，本季總營運支出增至人民幣344億元，而2024年第三季為人民幣3,290萬元。本季我們的非GAAP營運費用佔總營收的百分比為32%，與去年同期基本持平。

Looking into specific expense items. Our non-GAAP sales and marketing expenses this quarter were RMB29.8 billion, flat compared to the same quarter last year. On a non-GAAP basis, our sales and marketing expenses as a percentage of our revenues this quarter was 28% compared to 30% in the same quarter last year. Our non-GAAP general and administrative expenses were RMB896 million versus RMB647 million in the same quarter of 2024.

正在調查具體費用項目。本季我們的非GAAP銷售和行銷費用為人民幣298億元，與去年同期持平。以非GAAP準則計算，本季我們的銷售和行銷費用佔營收的28%，去年同期為30%。我們的非GAAP一般及行政費用為人民幣8.96億元，2024年同期為6.47億元。

Our research and development expenses were RMB3.7 billion this quarter on a non-GAAP basis and RMB4.3 billion on a GAAP basis, up 41% year-over-year. Our investment in R&D reached a new high this quarter, reflecting our focus on improving the core technology capabilities of our platform. We are committed to investing in R&D over the long run to capture opportunities in supply chain innovation and consumer experience.

本季，我們的研發費用以非GAAP準則計算為人民幣37億元，依GAAP準則計算為人民幣43億元，較去年同期成長41%。本季我們在研發方面的投入達到了新高，體現了我們對提昇平台核心技術能力的重視。我們致力於長期投資研發，以抓住供應鏈創新和消費者體驗的機會。

On a GAAP basis, operating profit for the quarter was RMB25 billion versus RMB24.3 billion in the same quarter last year. Non-GAAP operating profit was RMB27.1 billion versus RMB28 billion in the same quarter last year. Non-GAAP operating profit margin was 25% this quarter, down from 27% for the same quarter last year.

以美國通用會計準則計算，本季營業利潤為人民幣250億元，去年同期為人民幣243億元。非GAAP營業利潤為人民幣271億元，去年同期為人民幣280億元。本季非GAAP營業利益率為25%，低於去年同期的27%。

As we invest in the platform ecosystem, our profitability may continue to fluctuate. Net income attributable to ordinary shareholders was RMB29.3 billion for the quarter, compared to RMB25 billion in the same quarter last year. Basic earnings per ADS was RMB20.96 and diluted earnings per ADS was RMB19.7 versus basic earnings per ADS of RMB18.02 and diluted earnings per ADS of RMB16.91 in the same quarter of 2024.

隨著我們對平台生態系統的投入，我們的獲利能力可能會繼續波動。本季歸屬於普通股股東的淨利為人民幣293億元，去年同期為人民幣250億元。2024 年同期，每股美國存託憑證 (ADS) 基本收益為人民幣 20.96 元，每股美國存託憑證 (ADS) 稀釋收益為人民幣 19.7 元；而 2024 年同期，每股美國存託憑證 (ADS) 基本收益為人民幣 18.02 元，每股美國存託憑證 (ADS) 基本收益為人民幣 18.02 元人民幣 18.02 元。

Non-GAAP net income attributable to ordinary shareholders was RMB31.4 billion versus RMB27.5 billion in the same quarter last year. Non-GAAP diluted earnings per ADS was RMB21.08 versus RMB18.59 in the same quarter of 2024.

歸屬於普通股股東的非GAAP淨利為人民幣314億元，去年同期為人民幣275億元。非GAAP稀釋後每股ADS收益為人民幣21.08元，而2024年同期為人民幣18.59元。

Now, as Lei and Zhao Jiazhen mentioned, we are facing an increasingly competitive industry landscape which calls for more investments in the platform ecosystem. And therefore, as we roll out greater merchant support initiatives and ecosystem investments, financial results may continue to fluctuate from quarter-to-quarter. That completes our income statements.

正如雷和趙家珍所提到的，我們正面臨著競爭日益激烈的產業格局，這需要對平台生態系統進行更多投資。因此，隨著我們推出更多商家支援計畫和生態系統投資，財務表現可能會持續出現季度波動。我們的損益表就此完成。

Now, let me move on to cash flow. Our net cash generated from operating activities was RMB45.7 billion compared with RMB27.5 billion in the same quarter last year. As of September 30, 2025, we had RMB423.8 billion in cash, cash equivalents, and short-term investments.

現在，讓我來談談現金流。本季經營活動產生的淨現金流為人民幣457億元，去年同期為人民幣275億元。截至2025年9月30日，我們擁有現金、現金等價物及短期投資人民幣4,238億元。

Thank you. This concludes our prepared remarks.

謝謝。我們的發言稿到此結束。

Thank you, Cindy. And next, we will move on to the Q&A session. In today's Q&A session, Lei and Zhao Jiazhen take questions from analysts on the line. (Event Instructions) Lei and Zhao Jiazhen will answer questions in Chinese and will help translate for convenient purposes.

謝謝你，辛蒂。接下來，我們將進入問答環節。在今天的問答環節中，雷和趙家珍回答了分析師們在網路上提出的問題。（活動說明）雷和趙嘉珍將以中文回答問題，並會提供翻譯協助，方便大家提問。

Operator, we'll open for questions.

接線員，我們開始接受提問。

(Operator Instructions) Joyce Shi, Bank of America.

（操作員說明）Joyce Shi，美國銀行。

(spoken in foreign language) My first question is in a quarter we see a recovery in overall online retail sector as the industry's year-over-year growth with its best level in the past few quarters. Could management share the company's perspective on the recent industry trend?

（用外語說）我的第一個問題是，在一個季度裡，我們看到整個線上零售業出現復甦，因為該行業的同比增速達到了近幾個季度以來的最佳水平。管理階層能否分享一下公司對近期產業趨勢的看法？

In the meantime, we noticed a slowdown in Duo Duo's online marketing service revenue this quarter which we estimate also indicated some pressure on the take rate. Could management elaborate on the main factors driving the growth? And do you anticipate this trend will continue in the next couple of quarters?

同時，我們注意到 Duo Duo 本季的線上行銷服務收入有所放緩，我們估計這也表明其佣金率面臨一定壓力。管理階層能否詳細說明一下推動成長的主要因素？您預計這種趨勢會在未來幾季持續下去嗎？

Secondly, in the past few quarters, we've seen several powerful companies through major business innovations and ramp up investments in the new models, which has really shifted the competitive dynamics. How does management view the competitive outlook in China's e-commerce sector from here and why?

其次，在過去的幾個季度裡，我們看到一些實力雄厚的公司透過重大的商業創新和加大對新模式的投資，這確實改變了競爭格局。管理階層如何看待當前中國電子商務產業的競爭前景？為什麼？

(interpreted) This is Zhao Jiazhen. Let me take this question. In the past few quarters, the industry has entered a new investment cycle. The e-commerce sector is evolving rapidly and within an industry landscape that has a large number of strong players, competition is on the board. And faced with this competitive and fast-changing environment, our primary focus should be that what unique value our platform can create for the consumers, merchants and other participants. We do not pay too much attention to the short-term industry trends or every move made by the competition.

（譯）這位是趙家珍。讓我來回答這個問題。在過去的幾個季度裡，該行業進入了一個新的投資週期。電子商務產業發展迅速，在許多實力雄厚的企業中，競爭十分激烈。面對這種競爭激烈且瞬息萬變的環境，我們的首要關注點應該是我們的平台能夠為消費者、商家和其他參與者創造哪些獨特的價值。我們不太關注短期產業趨勢或競爭對手的一舉一動。

And as we see it from here onwards, we must leverage our inherent strength to pursue high-quality growth and enhance our core capabilities in order to better serve our merchants and consumers and along the way, creating more value. And of course, we are also encouraged to see the overall recovery in online retail.

從現在開始，我們必須利用自身的固有優勢，追求高品質的成長，並提升我們的核心能力，以便更好地服務我們的商家和消費者，並在此過程中創造更多價值。當然，我們也欣喜地看到網路零售業整體復甦。

At the beginning of this year, we further recognize the long-term value of high-quality growth, and our management team made a commitment to elevate our platform ecosystem investments to a new stage and launched the RMB100 billion support program to support our merchants, and this involves the platform proactively dedicating substantial resources to invest in merchants and the broader industry. And in doing so, we are targeted to provide ample room for innovation and growth for both established brands and SMEs.

今年年初，我們進一步認識到高品質成長的長期價值，管理團隊承諾將平台生態系統投資提升到一個新的階段，並啟動了1000億元人民幣的扶持計劃，以支持我們的商家。這意味著平台將主動投入大量資源，投資於商家和更廣泛的產業。這樣做，我們旨在為成熟品牌和中小企業提供充足的創新和發展空間。

And in the meantime, we also formed the merchant protection committee to create a long-term communication mechanism with our merchants. We have also undertaken targeted upgrades to the merchant after cell service system and implemented multiple evolvement improvements to address issues like abnormal order disputes. And these efforts are all focused on optimizing the business environment for our merchants and nurturing platform ecosystem where all participants can strive together.

同時，我們也成立了商戶保護委員會，以建立與商家的長期溝通機制。我們也針對商戶後蜂窩服務系統進行了針對性的升級，並實施了多項改善措施，以解決異常訂單糾紛等問題。這些努力都旨在優化商家的經營環境，培育平台生態系統，讓所有參與者都能共同進步。

And looking ahead at this juncture, management unanimously agreed that it is our responsibility to further increase investment in our platform ecosystem and to think about the company's development from a broader perspective of public interest and the long-term health of the entire ecosystem.

展望未來，管理層一致認為，我們有責任進一步增加對平台生態系統的投資，並從更廣泛的公共利益和整個生態系統的長期健康角度思考公司的發展。

We will remain focused on the platform's intrinsic value and healthy development in the long run. And therefore, in the period, that has -- we plan to roll out more strategic initiatives that benefit both merchants and consumers, programs such as the RMB100 billion support program and further intends our efforts to invest in the industry and give back to the society.

我們將繼續關注平台的內在價值和長期健康發展。因此，在此期間，我們計劃推出更多有利於商家和消費者的策略性舉措，例如1,000億元人民幣扶持計劃，並進一步加大對該行業的投資，回饋社會。

And back to the topic of growth rates. We mentioned several quarters ago that as the platform increase in scale and also as competition intensifies, our growth rate is set to slow down. As we continue to invest in programs to support merchants and the industry, our financial performance may experience ups and downs in the coming period. However, we will always maintain a long-term perspective, focusing on creating a unique value for consumers and merchants and building our intrinsic value.

回到成長率這個話題。我們幾個季度前就提到過，隨著平台規模的擴大和競爭的加劇，我們的成長速度勢必會放緩。由於我們將繼續投資於支持商家和行業的項目，因此在未來一段時間內，我們的財務表現可能會波動。但是，我們將始終保持長遠的眼光，專注於為消費者和商家創造獨特的價值，並建立我們自己的內在價值。

And in terms of your second question about competition. And as you have observed, the competition in our industry has intensified. And over the past few months, we've seen many industry players deploying significant capital and resources to aggressively develop new business models, leading to increasingly fierce competition around the emerging business models in the e-commerce sector.

至於你第二個關於競爭的問題。正如你所觀察到的，我們產業的競爭已經加劇。在過去的幾個月裡，我們看到許多行業參與者投入了大量資金和資源，積極開發新的商業模式，導致電子商務領域新興商業模式之間的競爭日益激烈。

And in this environment, we'll continue to invest substantial capital to strengthen our platform ecosystem, major merchant support initiatives such as the RMB10 billion fee reduction program and RMB100 billion support program will be sustained over the long run and with more similar programs to be launched.

在這種環境下，我們將繼續投入大量資金來加強我們的平台生態系統，諸如100億元人民幣手續費減免計劃和1000億元人民幣扶持計劃等重大商戶扶持舉措將長期持續，未來還將推出更多類似計劃。

The platform is willing to lag some of the profits to create room for the development of the entire ecosystem. We view this as our long-term investments. And for instance, as mentioned earlier, this year, we launched the Duoduo premium product campaign under our RMB100 billion support program, which has significantly helped quality agricultural merchants increase their scale and improve the efficiency of product distribution. There are numerous initiatives like this.

該平台願意犧牲部分利潤，為整個生態系統的發展創造空間。我們視之為長期投資。例如，正如前面提到的，今年我們啟動了1000億元人民幣扶持計劃下的“多多優質產品推廣活動”，極大地幫助了優質農產品商家擴大規模、提高產品分銷效率。類似的舉措還有很多。

And these long-term investments will naturally impact our revenue and profit performance. And moving forward, amidst the changing external conditions and intensifying competition, our long-term investments are set to increase. And therefore, we do not think this quarter's profitability should serve as guidance for future performance, and there is still the possibility of continuous fluctuation in the results over the coming quarters.

這些長期投資自然會對我們的收入和利潤表現產生影響。展望未來，在外部環境不斷變化和競爭日益激烈的背景下，我們的長期投資勢必會增加。因此，我們認為本季的獲利能力不應作為未來業績的指引，未來幾季的業績仍有可能持續波動。

Thank you, Joyce. Operator, we're ready for the analyst -- next analyst on the line.

謝謝你，喬伊斯。操作員，我們已經準備好迎接分析師了——下一位分析師請上線。

Alicia Yap, Citigroup.

Alicia Yap，花旗集團。

(spoken in foreign language) Two questions. The first one is in the global business operation, we have observed that the company and also other peers are facing regulatory and also public scrutiny in many countries, some of which are quite intense. How does management view this situation? And what are our plans response?

（用外語）兩個問題。首先是在全球業務運營方面，我們觀察到，公司以及其他同行在許多國家都面臨監管機構和公眾的審查，其中一些審查相當嚴格。管理層如何看待這種情況？那麼，我們的應對計畫是什麼？

And then second question is the company has mentioned investment in the merchant ecosystem over the past few quarters. Could you share the current status of these initiatives? And how should we assess the financial impact of this initiative? And what are the company's future plans?

第二個問題是，該公司在過去幾季中提到了對商家生態系統的投資。能否分享一下這些專案的最新進度？我們該如何評估這項舉措的財務影響？那麼，該公司未來的發展計畫是什麼？

(interpreted) Alicia, this is Lei. Let me answer your first question. After more than three years of development, the company's global business now serves local consumers in many markets and has received positive feedback from users worldwide. And we are greatly encouraged by such support and trust, but at the same time, we see profound responsibility.

（翻譯）艾莉西亞，這是雷。讓我來回答你的第一個問題。經過三年多的發展，該公司的全球業務現已服務於許多市場的本地消費者，並獲得了全球用戶的正面回饋。我們對大家的支持與信任深感鼓舞，但同時，我們也深感責任重大。

So from the very beginning, the goal of our global business has been to achieve long-term sustainable development in each market and deliver tangible value to consumers. And therefore, we continuously reflect on how to integrate with the local cultural practices and legal compliance systems in each of the markets. So that will become an organic part of the local economies.

因此，從一開始，我們全球業務的目標就是在每個市場實現長期永續發展，並為消費者帶來實際價值。因此，我們不斷思考如何融入各市場的當地文化習俗和法律合規體系。這樣一來，它將成為當地經濟的有機組成部分。

The growth of our business alongside regulatory trends across different markets now set a higher standard wise. We have always believed that providing consumers with a safe and trust with the shopping environment is a fundamental duty of an e-commerce platform. And accordingly, management has made trust and safety and also product compliance, a key component of the company's high-quality development strategy and has made substantial investments in this area.

隨著我們業務的成長以及不同市場監管趨勢的變化，現在各方面都設定了更高的標準。我們始終認為，為消費者提供安全可靠的購物環境是電子商務平台的基本職責。因此，管理層將信任、安全以及產品合規性作為公司高品質發展策略的關鍵組成部分，並在該領域進行了大量投資。

And on the technical front, we are continuously refining the policies and processes for merchant onboarding and product listing. The company has dedicated significant resources combining automated and manual screening to proactively monitor product listing sales and after-sales services. And by doing so, we hope to enhance our ability to detect and respond to safety risk. And at the same time, we actively collaborate with external stakeholders and incorporate their feedback to hold ourselves to higher standards.

在技​​術方面，我們也在不斷改善商家入駐和產品上架的政策和流程。該公司投入了大量資源，結合自動化和人工篩選，主動監控產品清單銷售和售後服務。我們希望透過這種方式提高我們檢測和應對安全風險的能力。同時，我們積極與外部利害關係人合作，並採納他們的回饋意見，以不斷提高自身標準。

And in terms of our teams, we continue to invest in building a professional compliance team that keeps up with regulatory trends in our operating markets and promptly implement adjustments in our business operations. And despite these efforts, a regulatory environment in areas such as trade policies, tax, data security, and product compliance are undergoing significant changes across various countries and regions. And this presents us with greater challenges and heightened uncertainty.

就我們的團隊而言，我們將繼續投資建立一支專業的合規團隊，以跟上我們營運市場的監管趨勢，並及時調整我們的業務運作。儘管做出了這些努力，但貿易政策、稅收、資料安全和產品合規等領域的監管環境在各個國家和地區都發生了重大變化。這就為我們帶來了更大的挑戰和更高的不確定性。

As a young and global organization, we are striving to learn and to adapt to these changes. However, I have to admit that this process introduces significant uncertainties, which bring unpredictable and difficult to quantify risks and could impact the company's financial performance in both the short and long term. And in facing such uncertainties to us, we remain very focused on strengthening our internal capabilities and enhancing platform compliance and fostering a healthier and more sustainable platform ecosystem.

作為一個年輕的全球性組織，我們正在努力學習並適應這些變化。然而，我必須承認，這個過程引入了很大的不確定性，帶來了難以預測和量化的風險，並可能對公司的短期和長期財務表現產生影響。面對這些不確定性，我們仍然非常專注於加強內部能力、提昇平台合規性以及培育更健康、更永續的平台生態系統。

(interpreted) This is Zhao Jiazhen. Let me answer your second question. And over the past 10 years, we have undergone an extraordinary growth journey evolving from a start-up to a public platform, certain social influence. And throughout this journey, we have benefited from the rapid development of the digital economy and while at the same time, took on social responsibilities that are expected of a platform company like ours.

（譯）這位是趙家珍。讓我來回答你的第二個問題。在過去的 10 年裡，我們經歷了非凡的成長歷程，從一家新創公司發展成為一個具有一定社會影響力的公共平台。在這過程中，我們受益於數位經濟的快速發展，同時也承擔了像我們這樣的平台公司應盡的社會責任。

And over these 10 years, we have explored different ways to leverage digital capabilities to serve the broader communities and give back to the society, and particularly around rural revitalization and industry upgrades.

在這 10 年裡，我們探索了利用數位能力服務更廣泛的社區並回饋社會的各種方式，尤其是在農村振興和產業升級方面。

And as part of this journey, we launched strategic initiatives, such as the RMB10 billion agricultural research program to inject new energy into agriculture modernization. And this year, we took another critical step to launch the first RMB100 million support program in the e-commerce sector and through the key measures such as total premium products new quality supply and logistics support for remote regions.

作為這一進程的一部分，我們啟動了多項戰略舉措，例如100億元人民幣的農業研究計劃，為農業現代化注入新的活力。今年，我們邁出了又一個關鍵步伐，啟動了首個1億元人民幣的電子商務扶持計劃，並透過全面推行優質產品新品質供應和偏遠地區物流支援等關鍵措施，為電子商務行業提供支援。

We are continuously improving the platform ecosystem and brought more high-quality merchants and products to the broader consumer market driving the high-quality development of different industries.

我們不斷完善平台生態系統，為更廣泛的消費市場引進更多優質商家和產品，從而推動不同產業的高品質發展。

And regarding your question around merchant support investments, we have always emphasized that as an e-commerce platform, we must collaborate closely with all the ecosystem participants to create value for consumers. And merchants are vital partners in our efforts to serve the consumer as well. And therefore, a healthy and sustainable merchant ecosystem is a fundamental pillar of the platform's high-quality development.

至於您提出的關於商家支持投資的問題，我們一直強調，作為電子商務平台，我們必須與所有生態系統參與者緊密合作，為消費者創造價值。商家也是我們服務消費者的重要夥伴。因此，一個健康且永續的商家生態系統是平台高品質發展的基本支柱。

We hope these initiatives will promote high-quality growth for quality merchants. For instance, the fee reduction policies we introduced have lowered merchant costs, enabling them to be more willing and able to reinvest in their products and services. And currently, we are already seeing some positive feedback from these ecosystem investments on our platform.

我們希望這些措施能夠促進優質商家的高品質成長。例如，我們推出的費用減免政策降低了商家的成本，讓他們更願意、更有能力將資金再投資於他們的產品和服務。目前，我們已經從這些生態系統投資中看到了一些正面的回饋，這些回饋來自我們的平台。

And this year marks our 10-year anniversary and spending this new starting point. We will continue to diligently address the practical challenges based by our users, merchants and industries one by one, and we hope to take a greater social responsibility and by building a platform ecosystem that benefits all.

今年是我們成立十週年，也是我們開啟新篇章的一年。我們將繼續認真對待用戶、商家和行業提出的實際挑戰，並希望透過建立一個惠及所有人的平台生態系統，承擔更大的社會責任。

Kenneth Wong, UBS.

Kenneth Wong，瑞銀集團。

(spoken in foreign language) The company operating margin decline this quarter has narrowed compared to the previous quarter. Meanwhile, management just mentioned plans for increased investment. So how should we view the company's upcoming investment pace as well as the profitability level?

（用外語說）本季公司營業利潤率的下降幅度較上一季收窄。同時，管理層剛剛提到了增加投資的計劃。那麼我們該如何看待該公司接下來的投資步伐以及獲利水準呢？

And my second question is a grid management share. What the new consumption trend that we observed during the recent and new shopping festival promotion. Additionally, we have seen other industry participants achieving good results with the new business model such as pre commerce during [Double 11]. So how does management view the competitive landscape under these emerging models.

我的第二個問題是關於網格管理共享的。我們在最近的購物節促銷活動中觀察到了哪些新的消費趨勢？此外，我們也看到其他行業參與者透過這種新的商業模式（例如預商務）取得了良好的成果。[雙十一]那麼，在這些新興模式下，管理階層又如何看待競爭格局呢？

(interpreted) This is Zhao Jiazhen. Let me answer your question. In the third quarter, heightened competition, together with our ongoing investments in the RMB100 billion support program, put pressure on our revenue growth and also not to a decline in operating margins both year-on-year and quarter-on-quarter.

（譯）這位是趙家珍。讓我來回答你的問題。第三季度，競爭加劇，加上我們持續投資人民幣1000億元支持計劃，給我們的收入增長帶來了壓力，同時也導致營業利潤率同比和環比均出現下降。

At the moment, the industry landscape continues to change rapidly. And in this environment, it is crucial for us to maintain our long-term strategic focus. Looking ahead, we will continue to increase investments in our platform ecosystem. This includes measures such as merchant fee reduction and marketing support for high-quality merchants and all targeted at creating more room with a healthy development of the supply chain, and these investments will put changes to our revenue and profit.

目前，產業格局仍在快速變化。在這種環境下，維持長期戰略重點對我們來說至關重要。展望未來，我們將持續增加對平台生態系統的投資。這包括降低商家費用、為優質商家提供行銷支援等措施，所有這些措施都旨在透過供應鏈的健康發展創造更多空間，這些投資將對我們的收入和利潤產生影響。

And at the same time, as mentioned in our prepared remarks, our global business is currently facing a complex global environment, the policies and industry regulatory landscapes across different countries and regions have undergone and are expected to continue undergoing significant changes. This will bring our foreseeable risks and challenges to our company, which may also impact the company's financial performance in both the short and long term.

同時，正如我們在準備好的演講稿中所提到的，我們的全球業務目前面臨著複雜的全球環境，不同國家和地區的政策和行業監管環境已經並將繼續發生重大變化。這將為公司帶來可預見的風險和挑戰，並可能對公司的短期和長期財務表現產生影響。

Now, as we communicated over the past few quarters, we will firmly prioritize high-quality development in the long term over short-term financial results. And accordingly, our financial performance may fluctuate over the coming quarters and linear projections may not be appropriate for financial forecast.

正如我們過去幾個季度所溝通的那樣，我們將堅定地把長期的高品質發展放在首位，而不是追求短期的財務表現。因此，未來幾季我們的財務表現可能會出現波動，線性預測可能不適合進行財務預測。

And as to your second question, over the last past few months, we have observed an overall positive consumption momentum with gradually recovery in market confidence. And during the Q3 promotional period, consumption needs in the e-commerce sector was further stimulated showing a steadily improving trend.

至於你的第二個問題，在過去的幾個月裡，我們觀察到整體消費動能良好，市場信心也逐漸恢復。在第三季促銷期間，電子商務領域的消費需求進一步受到刺激，呈現穩定改善的趨勢。

At the same time, we clearly recognize that the e-commerce competition remains very, very intense. New business models continue to emerge and the market landscape is constantly evolving. Our major players are increasing investments in new business directions, leading to accelerating competition and creating challenges for our businesses.

同時，我們也清楚地意識到，電子商務競爭依然非常非常激烈。新的商業模式不斷湧現，市場格局也在不斷變化。我們的主要參與者正在增加對新業務領域的投資，導致競爭加劇，並為我們的業務帶來挑戰。

In such an environment, we will further raise our standards, strengthen our core capabilities and continue to deepen our efforts in supply chain improvement and platform ecosystem development to identify new growth opportunities. And from a long-term perspective, we'll increase high-quality investments to translate these capabilities into products and services to offer consumers greater quality for money.

在這種環境下，我們將進一步提高標準，加強核心能力，繼續深化供應鏈改進和平台生態系統建設，以尋找新的成長機會。從長遠來看，我們將增加高品質投資，將這些能力轉化為產品和服務，為消費者提供物超所值的產品和服務。

This process will not be immediate but will demand continuous efforts. For a considerable period of time, we may be at a competitive disadvantage to our competitors, and this will potentially be accompanied by financial pressures, such as slower revenue growth.

這個過程不會一蹴而就，需要持續不斷的努力。在相當長的一段時間內，我們可能會處於相對於競爭對手的競爭劣勢，並且這可能會伴隨財務壓力，例如收入成長放緩。

Our attitude remains positive, but first, we choose to view competition to a long-term land and plan on proactively increasing investments to create more possibilities for the healthy and sustainable development of the ecosystem, even if this means forgoing some short-term profit. and these trade-offs are made with the intention to build a more robust and sustainable long-term value amid industry competition. Thank you.

我們的態度依然積極，但首先，我們選擇以長遠的眼光看待競爭，並計劃積極增加投資，為生態系統的健康永續發展創造更多可能性，即使這意味著放棄一些短期利潤。做出這些權衡是為了在產業競爭中建立更穩健、更永續的長期價值。謝謝。

Okay. Thank you, Zhao Jiazhen. It's about time and thank you all for joining us today. We look forward to speaking with you again next quarter. Thank you and have a great day.

好的。謝謝你，趙家珍。是時候了，感謝各位今天蒞臨。我們期待下個季度再次與您交流。謝謝，祝您今天過得愉快。

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

女士們、先生們，我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了。

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.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。