拼多多 (PDD) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to PDD Holdings Inc. Second Quarter 2026 earnings conference Call. (Operator Instructions)

各位女士、先生，感謝您稍候並撥冗參與，歡迎收聽 PDD Holdings Inc. 2026 年第二季財報電話會議。(接線員指示)

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

現在我想將會議交給今天的主持人。先生，請開始。

Thank you, operator, and hello, everyone, and thank you for joining us today. PDD Holdings earnings conference -- earnings release was distributed earlier and is available on our website at investor.pddholdings.com, as well as through the Global newswire services.

謝謝接線員。各位好，感謝大家今天加入我們。PDD Holdings 的財報電話會議——財報新聞稿已於稍早發布，並可於我們的網站 investor.pddholdings.com 查閱，也可透過全球新聞電訊服務取得。

Before we begin, I'd like to refer you to our Safe Harbor statement in the earnings press release, which applies to this call as we will make certain forward-looking statements. 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，我想請各位參閱財報新聞稿中的「安全港聲明」，該聲明同樣適用於本次電話會議，因為我們將作出若干前瞻性陳述。此外，本次電話會議亦將討論若干非 GAAP 財務衡量指標。請參閱我們的財報新聞稿，其中包含非 GAAP 指標與 GAAP 指標之間的調節表。

Joining us today on the call are Mr. Chen Lei, our Co-Chairman and Co-Chief Executive Officer; Mr. Zhao Jiazhen, our Co-Chairman and Co-Chief Executive Officer; as well as Mr. Liu Jun, our Financial Director. Lei and Jiazhen will make some general remarks on our performance for the past quarter and our strategic focus.

今天出席電話會議的有：我們的聯席董事長兼聯席首席執行官陳磊先生、聯席董事長兼聯席首席執行官趙佳臻先生，以及財務總監劉軍先生。磊與佳臻將就我們上季表現及策略重點作一般性說明。

Jun will then walk us through our financial results for second quarter ended June 30, 2026. On today's call, certain management remarks will be in Chinese and we will help translate. Please kindly note that English translation is for reference only. And in case of any discrepancy, statements in the original language should prevail.

接著，軍將帶領大家回顧截至 2026 年 6 月 30 日止第二季的財務結果。在今天的電話會議中，部分管理層發言將以中文進行，我們將協助翻譯。敬請注意，英文翻譯僅供參考。如有任何歧異，應以原文表述為準。

Now it's my pleasure to introduce our Co-Chairman and Co-Chief Executive Officer, Mr. Zhao Jiazhen. Jiazhen, please go ahead.

現在很榮幸為各位介紹我們的聯席董事長兼聯席首席執行官趙佳臻先生。佳臻，請開始。

(interpreted) Hello, everyone. This is Zhao Jiazhen, and thank you for joining our earnings call for the second quarter of 2026. Before we formally begin, we would like to take this opportunity to express our deep business condolences on the passing of our independent director, [Yvonne Richard] And to pay our highest tribute to significant contributions and dedicated service during her tenure with us.

(口譯) 各位好。我是趙佳臻，感謝各位參與我們 2026 年第二季的財報電話會議。在正式開始之前，我們希望藉此機會，對我們獨立董事 [Yvonne Richard] 的離世致上深切的商務哀悼，並向她在任內對公司所作出的重大貢獻與敬業服務致以最高敬意。

Professor served a long tenor as Chair of the toxicology department at University of Research in the Netherlands and earned an international reputation in the sales of food research and drug effects. Since joining the company as an independent director in August 2023, Professor provided invaluable professional advice on the company's governance and development.

該教授曾長期擔任荷蘭 University of Research 的毒理學系主任，並在食品研究與藥物作用相關研究領域享有國際聲譽。自 2023 年 8 月以獨立董事身分加入公司以來，該教授就公司治理與發展提供了極具價值的專業建議。

At the same time, as a long-standing partner of our agricultural competition, Ramanan University & Research has consistently brought international perspectives and expert guidance to the event, helping it become an important global platform for innovation in agricultural technology as well as for talent development. We will carry forward for passion for agriculture research and continue to increase our investment in agriculture and agricultural research. And through these long-term commitments, honor for professional legacy and make greater contributions to agriculture and food safety research worldwide.

同時，作為我們農業競賽的長期合作夥伴，Ramanan University & Research 一直為該活動帶來國際視角與專家指導，協助其成為農業科技創新與人才培育的重要全球平台。我們將延續其對農業研究的熱忱，並持續加大對農業及農業研究的投入。透過這些長期承諾，傳承其專業精神遺產，並為全球農業與食品安全研究作出更大貢獻。

And now let us return to the results for the quarter. The second quarter this year marked a new phase, a new decade of high-quality development as we moved from initial rollout to deeper execution. Our CNY100 billion support program has entered a phase in which our sustained investment is beginning to yield tangible results. The positive effects across our platform and industry are being unlocked at a faster pace, with improvements in both the quality and efficiency across the supply and demand side.

現在讓我們回到本季業績。今年第二季標誌著一個新階段——在我們從初期推進走向更深度落地之際，高品質發展的新十年已然開啟。我們的千億人民幣扶持計畫已進入持續投入開始產生具體成效的階段。平台與產業層面的正向效應正以更快速度釋放，供需兩端的品質與效率均有所提升。

At the same time, we continue to make steady progress on our strategic goal of building another PD over the next 3 years. Although the initial rollout of our third-party brand model over the past 6 months was slower than expected due to certain external factors, the overall momentum remains positive. The operations are now fully underway and progressing smoothly.

同時，我們也在未來三年打造另一個「PDD」的策略目標上持續穩步推進。儘管過去六個月我們第三方品牌模式的初期推進因若干外部因素而較預期緩慢，但整體動能仍然正向。目前相關營運已全面展開並進展順利。

We will made fully transperforming the supply chain for higher quality growth, drive the upgrade of traditional industries and continue to unlock the supply chain's new growth potential from within. Furthermore, to accelerate supply chain transformation and upgrades, we have established a dedicated company in the new area and purchased an office building there to focus on new opportunities created by intelligent technologies.

我們將全面推動供應鏈轉型，以實現更高品質的成長，帶動傳統產業升級，並持續從供應鏈內部釋放新的成長潛力。此外，為加速供應鏈轉型與升級，我們已在新區域成立專門公司並在當地購置辦公大樓，以聚焦智慧技術帶來的新機會。

And to support upgrading and high-quality development of traditional manufacturing, we have also established a data processing service center for traditional industries and integrated service center to help traditional manufacturers move up the value chain and pursue high-quality development.

為支持傳統製造業升級與高品質發展，我們亦成立了面向傳統產業的資料處理服務中心與整合服務中心，協助傳統製造商向價值鏈上游邁進並追求高品質發展。

We delivered solid results for the quarter. Group revenue was RMB112.4 billion, representing a year-over-year increase of 8%, while group net income was RMB27.2 billion, declining 12% year-over-year. This mainly reflected our continued investments in our platform and the broader industry ecosystem, which partly weighed on our performance this quarter.

我們本季交出穩健的成績。集團營收為人民幣 1,124 億元，年增 8%；集團淨利為人民幣 272 億元，年減 12%。這主要反映我們持續加大對平台及更廣泛產業生態的投入，部分拖累了本季表現。

In the first half of this year, competition in the e-commerce industry remained intense, a complex and rapidly evolving market environment placed greater demand on both platform governance and industry development, presenting us with new challenges. We continue to start up investment in our platform and industry ecosystems through a coordinated set of measures focused on governance, fee reductions and merchant support with the goal of building a platform ecosystem that creates value for all participants.

今年上半年，電商行業競爭依然激烈；複雜且快速演變的市場環境，對平台治理與產業發展提出更高要求，也為我們帶來新的挑戰。我們持續透過一系列協同措施加大對平台與產業生態的投入，重點聚焦治理、降費與商家扶持，目標是打造能為所有參與者創造價值的平台生態。

We have significantly increased our R&D spending on platform governance in addition to upgrading our technology-enabled risk prevention and control systems, we significantly expanded our specialist trust and safety teams and strengthen our oversight across all product categories by taking into account specific characteristics of the different categories and launching targeted governance initiatives, we made ecosystem governance more regular, granular and role-based.

我們大幅增加在平台治理方面的研發投入；除升級技術驅動的風險防控系統外，我們亦顯著擴充信任與安全專業團隊，並結合不同品類的特性推出針對性治理專項，強化全品類監管，使生態治理更常態化、更精細化並更具角色分工。

To date, the platform has introduced more than 150 comprehensive trust and safety measures. In June alone, we launched over 50 targeted initiatives addressing key areas such as product listing controls, food and drug safety, qualification reviews, advertising compliance, intellectual property protection, misleading marketing, live stream e-commerce standards and prevention of technology misuse.

截至目前，平台已推出超過 150 項綜合性的信任與安全措施。僅在 6 月，我們就上線了 50 多項針對性舉措，涵蓋商品上架管控、食品與藥品安全、資質審核、廣告合規、智慧財產權保護、誤導性行銷、直播電商標準以及防範技術濫用等重點領域。

We are dedicated to upholding high compliance standards through rigorous rules taking a systematic approach to reshaping our governance framework and fostering a safer, better regulated and more trustful shopping environment. In food safety, we launched a dedicated governance initiative that prohibits the sale of freshly prepared food and beverage products. We further tightened merchant qualification reviews as well as information disclosure requirements to prevent and mitigate food safety risks early on.

我們致力於以嚴格規則維持高水準合規，並以系統化方式重塑治理框架，營造更安全、更受規範且更值得信賴的購物環境。在食品安全方面，我們推出專項治理措施，禁止銷售現製現做的食品與飲品產品。我們進一步收緊商家資質審核及資訊披露要求，以便及早預防並降低食品安全風險。

At the same time, the platform introduced more detailed requirements governing the permitted scope of food products sold via live streaming, live streamer conduct and how products are described and presented. From product estimation to live stream presentation, we guide merchants throughout the food process to operate with integrity and present products truthfully, so that consumers can purchase and consume the food products with ease of mind.

同時，平台也提出更細緻的要求，規範直播銷售食品的允許範圍、主播行為，以及商品描述與呈現方式。從商品審核到直播呈現，我們引導商家在食品全流程中誠信經營、如實展示，讓消費者能安心購買與食用相關食品。

In early June, we also produced and released a number of video courses addressing common challenges and pain points in platform governance. These courses encourage merchants to familiarize themselves with the rules relevant to their industry, avoid violations and protect their legitimate rights and interest in accordance with platform rules, namely, the course frequently asked questions about store business licenses received 340,000 within 24 hours of launch.

6 月上旬，我們亦製作並發布多門影片課程，聚焦平台治理中的常見挑戰與痛點。這些課程鼓勵商家熟悉與其行業相關的規則、避免違規，並依照平台規則維護其合法權益；其中，關於店鋪營業執照常見問題的課程在上線 24 小時內獲得 34 萬次觀看。

Building on the systematic upgrade of our platform governance we have continued to start up investment in the CNY100 billion support program. Our support now extends beyond our broad merchant base to upstream and downstream participants across agricultural production regions and industrial classes, helping drive comprehensive upgrades throughout the supply chain.

在我們系統性升級平台治理的基礎上，我們持續啟動並加大對人民幣1,000億元扶持計畫的投入。我們的扶持如今已從廣大的商家群體，延伸至農業產區與各類產業鏈上下游參與者，推動供應鏈全鏈路的全面升級。

In agricultural production regions, the 2026 total premium product initiative has reached dozens of specialty agricultural regions, including those for products, plants, Chinese (spoken in foreign language) To the initiative, we help this region to develop new products, raise cultivation standards and improve culture and logistics, thereby unlocking greater value for the agriculture products.

在農業產區方面，2026年「全品類優質農產品」倡議已覆蓋數十個特色農業產區，包括各類產品、作物、中文（外語發言）等。透過該倡議，我們協助這些地區開發新品、提升種植標準並改善加工與物流，從而釋放農產品更大的價值。

finance, -- an growing region, as an example. In recent years, local merchants have begun introducing a new variety known as the golden diamond Unlike traditional varieties, it has a distinct sweetness and required removing eyes or skin in soft water before serving and supported by high traffic programs on our platform, including flash cell and 10,000 people grouped by the variety of quickly gained market traction and became one of the season's most popular foods.

以金融——一個正在成長的產區——為例。近年來，當地商家開始引入一種名為「金鑽」的新品種。不同於傳統品種，它甜度更為突出，食用前需要在軟水中去除芽眼或外皮。在我們平台的高流量專案支持下（包括限時秒殺與萬人拼團等），該品種迅速打開市場，成為當季最受歡迎的食品之一。

The greater certainty provided by e-commerce orders has also given goes the confidence to expand production. To date, the local cultivation area for Golden Diamond has grown from scattered trials to more than 100,000

電商訂單帶來的更高確定性，也讓種植戶更有信心擴大生產。截至目前，「金鑽」在當地的種植面積已從零星試種擴大到超過100,000。

Across the industrial belts, our dedicated new quality supply team has visited manufacturers across different regions and sectors, including home textile in manufacturers in outdoor products in cosmetics in Guangzhou, menswear in and Textile in to provide a suite of support measures to these merchants, such as traffic support, data enablement, expansion of market reach, cost reduction, smart manufacturing and warehousing upgrade. As a result, many factories have cut production cycles by half and have substantially improved their fulfillment capabilities.

在各大產業帶方面，我們的「新質供給」專項團隊走訪了不同地區與行業的製造商，包括廣州的家紡、戶外用品與化妝品等，男裝以及紡織等，並為商家提供一攬子扶持措施，如流量支持、數據賦能、拓展市場覆蓋、降本增效、智慧製造與倉配升級。因此，許多工廠將生產週期縮短了一半，履約能力也顯著提升。

They cannot rapidly handle large order volumes on our platform while tailoring to consumers' customization needs. This cut enabled manufacturers to take a transformative leap from traditional manufacturing to building brands of their own, while accelerating the shift from traditional to new growth drivers across this industrial Textile industry is a good example. [Kushi County in Xinjiang] was one is the major source of micron labor, with more than 200,000 local residents previously working in the textile industry in Jiangsu and Juan provinces alone.

他們能夠在我們平台上快速承接大批量訂單，同時滿足消費者的客製化需求。這使製造商得以從傳統代工躍升至打造自有品牌，同時加速該產業從傳統動能向新動能轉換。紡織行業是一個很好的例子。[新疆庫什縣]曾是重要的外出務工輸出地，過去僅在江蘇和Juan省就有超過20萬名當地居民在紡織行業工作。

In recent years, younger generation from the company has begun establishing factories locally and selling textile products nationwide to Their annual sales have grown by an average of 4 to 5x and have built leading brands in niche categories such as mosquito mats that are exported to Southeast Asia and Europe during the summer season.

近年來，來自該縣的年輕一代開始在本地建廠，並透過平台將紡織產品銷往全國。他們的年銷售額平均增長4至5倍，並在蚊帳涼蓆等細分品類打造出領先品牌，於夏季出口至東南亞與歐洲。

Today, the local economy has moved beyond its traditional reliance on labor migration and has established an integrated path to industrial development that brings together capital, technology, talent and sales channels.

如今，當地經濟已不再依賴傳統的勞務外出，而是建立起一條融合資本、技術、人才與銷售渠道的一體化產業發展路徑。

In addition, our free shipping to villages program has continued to deliver positive results since its launch 6 months ago. We have now established last mile delivery networks across more than 10 provinces and municipalities nationwide, including county-level transit hubs and village pickup points. These networks have brought significant job creation to counties and rural communities while accelerating the distribution of consumer goods, home appliances, agricultural supplies and farming equipment to rural markets. In doing so, we are helping merchants unlock new growth opportunities and enabling consumers in remote villages to improve quality of life.

此外，我們的「包郵到村」計畫自6個月前上線以來持續取得積極成效。目前，我們已在全國10多個省市建立末端配送網絡，包括縣級中轉樞紐與村級自提點。這些網絡為縣域與農村社區帶來了大量就業，同時加速了日用消費品、家電、農資與農機等商品向農村市場的流通。藉此，我們幫助商家解鎖新的增長機會，也讓偏遠村莊的消費者提升生活品質。

[I take Shandong] as an example, as one of China's leading agricultural it is a key region for free shipping to villages program and earlier pilots in and in issue have already produced significant results with order volumes in the villages increasing several food and meanwhile, is a major domestic production hub for water-soluble and innovative fertilizers. And many local agriculture supply companies are building on this momentum to reach more villages across the country.

以[我以山東為例]，作為中國重要的農業大省之一，它是「包郵到村」計畫的重點區域；此前在……與……的早期試點已取得顯著成效，村級訂單量提升了數倍。同時，……也是國內水溶肥與創新型肥料的重要生產基地。許多當地農資企業正乘勢而上，將服務覆蓋到全國更多村莊。

As a platform serving the public, we have always sought to fulfill our social responsibilities and give back to the society, and recently typhons and heavy rainfall caused severe flooding in several parts of the country to support frontline disaster relief efforts. Pagoda made a cash planation of CNY10 million to the affected areas. The funds were used to procure relief supplies and equipment, provide assistance and temporary shelter to affected residents and support post disaster recovery and reconstruction.

作為服務大眾的平台，我們始終致力於履行社會責任、回饋社會。近期颱風與強降雨在全國多地引發嚴重洪災，為支持一線救災工作，Pagoda向受災地區捐贈人民幣1,000萬元現金。該筆資金用於採購救援物資與設備，為受災居民提供救助與臨時安置，並支持災後恢復與重建。

As we embark on our next decade, we are more convinced than ever that high-quality development caused for both the intensity of Sprint and more importantly, the perseverance of Marathon. We will stay committed to taking a long-term approach and execute our new decade of high-quality development strategy with patients and results to deliver solid and tangible progress at every step. We will continue to invest resolutely in our supply chain, in power merchants and industries and deliver better products and services to consumers. Through concrete actions, we aim to create greater positive value for our users merchants and the society as a whole.

邁入下一個十年之際，我們比以往任何時候都更堅信，高品質發展既需要短跑般的爆發力，更重要的是馬拉松般的韌性。我們將堅持長期主義，以耐心與實效落實新十年的高品質發展戰略，確保每一步都取得扎實、可見的進展。我們將持續堅定投入供應鏈，賦能商家與產業，為消費者提供更好的產品與服務。透過具體行動，我們希望為用戶、商家以及整個社會創造更大的正向價值。

With that, I will turn the call over to Chen Lei, who will provide further details.

接下來，我把電話會議交給陳磊，他將提供更多細節。

Hello, everyone. I'm Chen Lei, and thank you for joining our earnings call for the second quarter of 2026. In the first half of the year, we made tangible progress under the new decade of high-quality development strategy and laid a solid foundation for long-term growth. As Jiazhen just mentioned, we focus on two key areas. First, through the CNY100 billion support program, we continue to give back to both consumers and merchants.

各位好。我是陳磊，感謝大家參加我們2026年第二季度的業績電話會議。上半年，我們在新十年高品質發展戰略下取得了實質性進展，並為長期增長奠定了堅實基礎。正如佳臻剛才提到的，我們聚焦兩個關鍵領域。第一，透過人民幣1,000億元扶持計畫，我們持續回饋消費者與商家。

At the same time, we upgraded our platform governance framework across the board. This initiative has helped foster a healthier environment, both on our platform and in a broader industrial ecosystem. And second, we continue to work towards our 3-year initiative of building another PDD.

同時，我們對平台治理框架進行了全方位升級。這一舉措有助於在平台內部以及更廣泛的產業生態中，營造更健康的環境。第二，我們持續推進「三年再造一個PDD」的倡議。

We step up supply chain investments and help pricing partners build and develop their own brands. During the quarter, our long-term investment in the CNY100 billion support program started to materialize into games in a healthier platform ecosystem. On the supply side, our merchants benefited from a combination of fee reductions, merchant support initiatives and a stronger governance. These initiatives are a lot greater innovation among merchants leading to the launch of new products and new brands, which drove incremental demand and new sources of growth.

我們加大供應鏈投入，並幫助定價合作夥伴打造與發展自有品牌。本季度，我們對人民幣1,000億元扶持計畫的長期投入開始逐步顯現成效，平台生態更加健康。在供給端，商家受益於費用減免、商家扶持舉措以及更強的治理。這些舉措激發了商家更大的創新，帶動新品與新品牌推出，進而拉動增量需求並形成新的增長來源。

Many manufacturers adopted digital and intelligent technology to enable customized production, and this drove improvements in quality and efficiency across the supply chain enable manufacturers to transition towards a new development model.

許多製造商採用數位化與智慧化技術以支持客製化生產，推動供應鏈在品質與效率上的提升，並促使製造商向新的發展模式轉型。

On the demand side, we continue to serve consumers' evolving needs for different product categories and diverse consumption occasions. This was particularly evident in the rural areas where our free shipping to village program for a much milder selection of products within the reach of our consumers, helping improve their quality of life.

在需求端，我們持續滿足消費者對不同品類與多元消費場景的演進需求。這在農村地區尤為明顯，我們的「包郵到村」計畫讓更多品類的商品觸達消費者，幫助提升其生活品質。

Joining all the supply chain capabilities and brand development experience gained through the CNY100 billion support program, we took staff in this quarter to further integrate the supply chain. Our teams delve into the industrial band of different product categories and started early-stage cooperations with high-quality suppliers.

基於人民幣1,000億元扶持計畫所積累的供應鏈能力與品牌發展經驗，本季度我們進一步加快供應鏈整合。我們的團隊深入不同品類的產業帶，並與高品質供應商開展早期合作。

Our setting clear standards for products, production processes and quality control, we have merchants and manufacturers adapt their operations and deep a range of higher-quality products with higher margins. Through these efforts, we continue to unlock the strength and the potential within the supply chain, driving the manufacturing sectors of the value chain.

透過制定清晰的產品標準、生產流程與品質管控標準，我們協助商家與製造商調整運營，並開發一系列品質更高、毛利更高的產品。透過這些努力，我們持續釋放供應鏈內在的實力與潛能，推動製造業在價值鏈上的提升。

Since the beginning of the year, global statutory and compliance landscape have undergone significant shifts. This change created challenges as well as opportunities and they also come with greater responsibilities. We find ourselves a unique intersection of global trade, constantly navigating diverse international regulatory frameworks. At the same time, our position is a unique one. The business touches the daily life of billions of people around the world.

自年初以來，全球法規與合規環境已出現重大變化。這些變化帶來挑戰與機會，同時也伴隨更高的責任。我們正處於全球貿易的獨特交會點，持續在多元的國際監管框架中穿梭應對。同時，我們的定位也相當獨特。我們的業務觸及全球數十億人的日常生活。

While there is substantial potential for growth, it is accompanied by increased expectation and higher standards of accountability. We will stage through our mission and continue to do a part of our work with dedication and discipline. First, we will keep strengthening our compliance capabilities and fine-tuning platform governance.

儘管成長潛力可觀，但也伴隨更高的期待與更嚴格的問責標準。我們將堅守使命，並以投入與紀律持續做好我們的工作。首先，我們將持續強化合規能力並精進平台治理。

To protect intellectual property, we can buy screening technologies with expert review to monitor and assess product listings across all categories in realtime. This enables us to address IP risks earlier in our process and has led to systematic improvement of hydro production across the platform.

為了保護智慧財產權，我們可以採購篩檢技術並結合專家審查，以即時監控並評估全品類的商品上架資訊。這使我們能在流程更早期就處理智財風險，並推動平台在相關治理上的系統性改善。

And second, we continue to invest resolutely in the supply chain by truthfully executing on these structural upgrades, our ultimate goal is to build a highly resilient e-commerce platform that consumers around the World can rely on for competitive price and great quality.

第二，我們將持續堅定投入供應鏈，並切實落實這些結構性升級；我們的最終目標是打造一個高度韌性的電商平台，讓全球消費者能以具競爭力的價格買到優質商品並信賴我們。

As we step into our next decade, we remain laser focused on our core e-commerce business. By deepening our supply chain investments will continue to empower our merchants and broader industry, delivering a wider range of high-quality products and services.

邁入下一個十年之際，我們仍將高度聚焦於核心電商業務。透過深化供應鏈投資，我們將持續賦能商家與更廣泛的產業，提供更豐富的高品質產品與服務。

We are confident in our ability to translate our three-year initiative of building another PDD into tangible verifiable results. And in doing so, we will strive to help the traditional supply chain to capture the opportunity in this new intelligent area and empowering them to transform and move our value chain and build brands with global reach.

我們有信心把「三年再造一個 PDD」的計畫轉化為具體且可驗證的成果。在此過程中，我們也將努力協助傳統供應鏈把握這個新的智慧化時代機會，賦能其轉型升級，推動我們的價值鏈演進，並打造具全球觸達能力的品牌。

And now let me turn it over to Liu Jun, who will walk you through our results for the second quarter 2026.

接下來我把時間交給劉軍，他將帶大家回顧我們 2026 年第二季的業績表現。

Well, thank you, Lei. Hello, everyone. This is Jun. Now let me walk you through our financial performance for the second quarter ended June 30, 2026. First, income of income statements.

好的，謝謝你，磊。各位好。我是軍。接下來我將帶大家回顧截至 2026 年 6 月 30 日止第二季的財務表現。首先是損益表。

In the second quarter, our total revenues increased 8% year-over-year to RMB112.4 billion. This was mainly driven by an increase in revenues from transaction services. Revenues from online marketing services and others were RMB57.6 billion this quarter compared with RMB55.7 billion in the same quarter of 2025. Revenues from transaction services were RMB54.7 billion, up 13% from the same quarter last year.

第二季，我們的總營收年增 8%，達人民幣 1,124 億元。這主要由交易服務收入增加所帶動。本季線上行銷服務及其他收入為人民幣 576 億元，較 2025 年同期的人民幣 557 億元增加。交易服務收入為人民幣 547 億元，較去年同期成長 13%。

Moving on to costs and expenses. Our total cost of revenues increased 5% from RMB45.9 billion in Q2 2025 to RMB48 billion this quarter. On a GAAP basis, total operating expenses this quarter increased 13% to RMB36.6 billion from RMB32.3 billion in the same quarter of 2025.

接下來看成本與費用。我們的營收成本總額由 2025 年第二季的人民幣 459 億元年增 5% 至本季的人民幣 480 億元。按 GAAP 口徑，本季營業費用總額年增 13%，由 2025 年同期的人民幣 323 億元增至人民幣 366 億元。

On a non-GAAP basis, total operating expenses increased to RMB35.3 billion this quarter from RMB30.4 billion in Q2 2025. Our total non-GAAP operating stance as a percentage of total revenue this quarter, was 31% versus 29% in the same quarter last year.

按非 GAAP 口徑，本季營業費用總額由 2025 年第二季的人民幣 304 億元增至人民幣 353 億元。本季非 GAAP 營業費用占總營收比重為 31%，去年同期為 29%。

Looking into specific expense items. Our non-GAAP sales and marketing expenses this quarter were RMB29.3 billion, up 10% versus the same quarter last year. On a non-GAAP basis, our sales and marketing expenses as a percentage of our revenues this quarter was 26%, in line with the same quarter last year. For non-GAAP general and administrative expenses or $1.7 billion versus RMB0.7 billion in the same quarter of 2025. Our research and development expenses were RMB4.3 billion this quarter on a non-GAAP basis, up 40% year-over-year.

再看各項費用明細。本季非 GAAP 銷售與行銷費用為人民幣 293 億元，較去年同期成長 10%。按非 GAAP 口徑，本季銷售與行銷費用占營收比重為 26%，與去年同期一致。非 GAAP 一般及行政費用為人民幣 17 億元，相較 2025 年同期的人民幣 7 億元。本季研發費用按非 GAAP 口徑為人民幣 43 億元，年增 40%。

On a GAAP basis, operating profit for the quarter was RMB27.8 billion versus RMB25.8 billion in the same quarter last year, up 8% year-over-year. Non-GAAP operating profit was RMB29.1 billion versus 27.7 billion in the same quarter last year. Non-GAAP operating profit margin was 26% this quarter, versus 27% for the same quarter last year.

按 GAAP 口徑，本季營業利潤為人民幣 278 億元，去年同期為人民幣 258 億元，年增 8%。非 GAAP 營業利潤為人民幣 291 億元，去年同期為人民幣 277 億元。本季非 GAAP 營業利潤率為 26%，去年同期為 27%。

Net income attributable to ordinary shareholders was RMB27.2 billion for the quarter compared to RMB30.8 billion in the same quarter last year. Basic earnings per ADS was RMB19.32 and diluted earnings per ADS was RMB18.45 versus basic earnings per ADS of RMB22.01 and diluted earnings per ADS of RMB20.75 in the same quarter of 2025.

本季歸屬於普通股股東的淨利為人民幣 272 億元，去年同期為人民幣 308 億元。每 ADS 基本每股盈餘為人民幣 19.32 元，稀釋每股盈餘為人民幣 18.45 元；而 2025 年同期每 ADS 基本每股盈餘為人民幣 22.01 元、稀釋每股盈餘為人民幣 20.75 元。

Non-GAAP net income attributable to ordinary shareholders was RMB28.5 billion versus RMB32.7 billion in the same quarter last year. Non-GAAP diluted earnings per ADS was RMB19.33 versus RMB22.07 in the same quarter of 2025. That completes income statements.

按非 GAAP 口徑，歸屬於普通股股東的淨利為人民幣 285 億元，去年同期為人民幣 327 億元。非 GAAP 每 ADS 稀釋每股盈餘為人民幣 19.33 元，去年同期為人民幣 22.07 元。以上為損益表部分。

Now let me move on to cash flow. Our net cash generated from operating activities was RMB25.7 billion compared with RMB21.6 billion in the same quarter last year. As of June 30, '26, we had RMB156.4 billion in cash, cash equivalents and short-term investments.

接下來看現金流。本季經營活動產生的淨現金為人民幣 257 億元，去年同期為人民幣 216 億元。截至 2026 年 6 月 30 日，我們持有的現金、現金等價物及短期投資為人民幣 1,564 億元。

Thank you, and this concludes my prepared remarks.

謝謝大家，我的準備發言到此結束。

We'll now move on to the Q&A session. In today's Q&A session, Lei, Jiazhen and Jun will take questions from the analysts on the line. (Operator Instructions) Lei and Jiazhen will answer questions in Chinese and we will help translate for convenience purpose.

接下來進入問答環節。在今天的問答中，磊、佳臻和軍將回答線上分析師的提問。(接線員指示) 磊和佳臻將用中文回答，我們將為方便起見提供翻譯。

Operator, we are open for questions.

接線員，我們可以開始提問。

(Operator Instructions)

(接線員指示)

Thomas Chon, Jefferies

Thomas Chon，Jefferies

(spoken in foreign language) I will try and state myself. My first question is about the company's global business. We noticed that the EU introduced a temporary customs duty or low-value cross-border consignments starting from July this year. Can management help us understand the expected impact of this change on the company's overall order volume. In ninth of these policy headwinds, what will be the company's growth strategy for the global business going forward?

(外語發言) 我會嘗試自己表達。我的第一個問題是關於公司的全球業務。我們注意到歐盟自今年 7 月起，對低價值跨境包裹引入臨時關稅。管理層能否幫助我們理解這項變化對公司整體訂單量的預期影響？面對這些政策逆風，公司未來全球業務的成長策略會是什麼？

And my second question is on the company's first-party brand business announced last quarter. Could management provide an update about the rollout and the progress made so far. And more broadly, how should investors frame the potential impact of these initiatives on the company? How are you thinking about the mix and the positioning of first-party versus third-party products? And what will guide to our pricing strategy for first-party products?

第二個問題是關於公司上季宣布的自營品牌業務。管理層能否更新一下目前的推進與落地進度？更廣泛地說，投資人應如何看待這些舉措對公司的潛在影響？你們如何思考自營與第三方商品在組合與定位上的配置？以及自營商品的定價策略將由哪些因素來指導？

(interpreted) Thomas, this is Chen Lei. Let me take your first question about our global business. Over this period, the regulatory and compliance landscape facing our global business has changed significantly. These changes have created challenges as well as opportunities for our business. They also come with great responsibilities.

(翻譯) Thomas，我是陳磊。我先回答你關於我們全球業務的第一個問題。在這段期間，面向我們全球業務的監管與合規環境發生了顯著變化。這些變化為我們的業務帶來挑戰，也帶來機會。同時也伴隨重大的責任。

We believe we stand at a unique intersection in the global economy and global trade. We face pressure from different regulatory policies while also occupying a distinctive position. Currently, our business purchased the daily lives of billions of people around the world. While there is substantial potential for growth, it is accompanied by increased expectations and higher standards of accountability. On the changes to the EU customer studies that you mentioned, our team is actively assessing and adapting to them, on the experience that we have gained over the over the years.

我們相信，我們正處於全球經濟與全球貿易一個獨特的交會點。我們一方面面臨來自不同監管政策的壓力，同時也處於一個獨特的位置。目前，我們的業務觸及全球數十億人的日常生活。雖然成長潛力可觀，但也伴隨著更高的期待與更高的問責標準。針對您提到的歐盟客戶研究方面的變化，我們團隊正積極評估並加以調整，並基於我們多年累積的經驗來應對。

We have adjusted our supply chain, and we are optimizing our fulfillment processes. With compliance as our bottom line, we are working to balance consumer experience, merchant operations and the long-term development of our business. In the short term, cross-border orders in the affected markets will face lower fulfillment efficiency and higher costs, which will have a considerable impact on those parts of our business. However, over the medium to long term, changes in the external environment have further underscored the importance in our supply chain and has prompted us to accelerate the development of the relevant capabilities. First, the platform will continue to onboard and support more high-quality local merchants to broaden the supply of local products.

我們已調整供應鏈，並正在優化履約流程。以合規作為底線，我們正努力在消費者體驗、商家營運與業務長期發展之間取得平衡。短期內，受影響市場的跨境訂單將面臨較低的履約效率與較高的成本，這將對我們相關業務部分造成相當影響。然而，從中長期來看，外部環境的變化進一步凸顯了我們供應鏈的重要性，並促使我們加速建設相關能力。第一，平台將持續引入並支持更多高品質的本地商家，以擴大本地商品供給。

Second, we are accelerating the build-out of local warehousing and fulfillment infrastructure and expanding the coverage of local fulfillment. Through these investments, we hope to integrate more deeply into every market we serve, strengthen the foundation and resilience of our supply chain and better navigate changes and volatility in the environment.

第二，我們正在加速建設本地倉儲與履約基礎設施，並擴大本地履約覆蓋範圍。透過這些投入，我們希望更深入地融入我們所服務的每一個市場，強化供應鏈的基礎與韌性，並更好地應對環境中的變化與波動。

In addition to supply chain capabilities, compliance capabilities and platform governance are also critical foundational capabilities in which we will invest for the long term. We will continue to enhance platform governance, further improve product quality and strengthen consumer protection with the goal of providing consumers around the world with a platform they can trust.

除供應鏈能力之外，合規能力與平台治理同樣是關鍵的基礎能力，我們將進行長期投入。我們將持續強化平台治理，進一步提升商品品質並加強消費者保護，目標是為全球消費者提供一個值得信賴的平台。

At the same time, we have done extensive work on intellectual property compliance to provide a healthy business environment and level playing field for merchants around the world. Building on technology-enabled monitoring and manual review, the platform has developed systematic IP protection capabilities. Our recent favorable ruling in the IP litigation involving an industry peer has further demonstrated the effectiveness of our IP protection mechanism.

同時，我們在智慧財產權合規方面也做了大量工作，以提供健康的營商環境與公平競爭的舞台，讓全球商家都能在同一條起跑線上競爭。在技術驅動的監測與人工審核的基礎上，平台已建立系統性的智慧財產權保護能力。我們近期在一宗涉及同業的智慧財產權訴訟中獲得有利裁決，也進一步證明了我們智慧財產權保護機制的有效性。

We will remain committed to protecting the legitimate rise in interest of our ecosystem partners and to fostering a fair and reliable business environment. Regulatory and policy changes are issues that the entire industry must address. We are confident in our execution capabilities and organizational resilience. Short-term volatility will not change the long-term direction of our global business. Going forward, we will continue to steadily advance our work across supply chain, fulfillment, compliance and consumer service.

我們將持續致力於保護生態系夥伴的合法權益，並營造公平且可靠的營商環境。監管與政策變化是整個產業都必須面對的議題。我們對自身的執行能力與組織韌性充滿信心。短期波動不會改變我們全球業務的長期方向。展望未來，我們將持續穩步推進在供應鏈、履約、合規與消費者服務等方面的工作。

We will strive to provide consumers around the world with a shopping platform that remains stable over the long term and offers compelling prices and reliable quality, a platform that they can count on, trust and enjoy using. Thank you.

我們將努力為全球消費者提供一個長期穩定、價格具吸引力且品質可靠的購物平台——一個他們可以依賴、信任並樂於使用的平台。謝謝。

(interpreted) This is Jiazhen. Regarding your second question, our first-party brand business is an important extension of our long-term investment in supply chain capabilities. We aim to work closely with manufacturers that have strong capabilities and willingness to invest in long-term product development. By leveraging the platform's take insights and global reach, we seek to bring greater certainty to brand development and value creation across the industry value chain. And in turn, turn on incremental value into tangible benefits for all the participants.

（口譯）我是賈臻。關於您的第二個問題，我們的自營品牌業務是我們長期投入供應鏈能力建設的重要延伸。我們希望與具備強大能力且願意長期投入產品開發的製造商緊密合作。藉助平台的洞察能力與全球觸達，我們希望為品牌發展與產業價值鏈的價值創造帶來更高的確定性。並進一步把增量價值轉化為所有參與者的實質收益。

And in terms of execution, we will first focus selectively on core product categories where our platform and supply chain capabilities provide some distinctive advantages. We will work with manufacturers over the long term from product planning and R&D to setting quality standards and market The business requires an extended period of development and collaboration and the initial rollout has taken longer than we originally expected.

在執行層面，我們將首先有選擇地聚焦於核心品類，這些品類中我們的平台與供應鏈能力具備一定的差異化優勢。我們將與製造商進行長期合作，從產品規劃與研發到制定品質標準以及市場推進。這項業務需要較長的開發與協作週期，初期推進也比我們原先預期花了更長時間。

And nevertheless, it remains a clear long-term strategic priority for the platform, and we will remain patient and focused on getting every step right and we are confident in the long-term prospects of our first-party brand model. And in terms of our operating strategy, our commitment to maintaining an open and fair marketplace will not change. We have always believed that consistently delivering quality products and services to consumers requires a healthy, fair and diverse supply chain ecosystem.

儘管如此，這仍然是平台明確的長期戰略重點；我們會保持耐心並專注於把每一步都做到位，我們也對自營品牌模式的長期前景充滿信心。在營運策略方面，我們對維持開放且公平的市場環境的承諾不會改變。我們一直相信，持續向消費者提供高品質的產品與服務，需要一個健康、公平且多元的供應鏈生態系。

And going forward, our first-party brand products and products offered by third-party merchants will complement each other in meeting consumers' diverse needs across different use cases and market segments, and ultimately creating an ecosystem that benefits all participants. Thank you.

展望未來，我們的自營品牌產品與第三方商家提供的產品將相互補充，以滿足消費者在不同使用情境與市場細分中的多元需求，並最終打造一個讓所有參與者受益的生態系。謝謝。

And operator, we can move on to the next analyst on the line.

接線員，我們可以請下一位分析師提問。

Alicia Yap with Citigroup.

花旗集團的 Alicia Yap。

(spoken in foreign language) So two questions. First is that we have seen many global e-commerce company invest in their own warehousing and also delivery capabilities at the scale, for example, by building out their own warehouse networks and also delivery capabilities. How should we think about the company investment priority in this area over the long term?

（以外語發言）我有兩個問題。第一，我們看到許多全球電商公司在大規模投資自有倉儲與配送能力，例如建設自有倉網以及配送能力。從長期來看，我們應該如何理解公司在這一領域的投資優先順序？

And the second question is on the quick commerce, so many global peers have made significant investment in this area. How does management assess the potential impact of the shift in consumer behavior on the industry competitive landscape and also the company's core business? As the industry ramp up investment in the same-day delivery, what strategy is the company pursuing to strengthen user my share and also defend your market share?

第二個問題關於即時零售（quick commerce），許多全球同業在這方面投入巨大。管理層如何評估消費者行為轉變對產業競爭格局以及公司核心業務的潛在影響？當產業加大對當日達配送的投資時，公司採取什麼策略來提升用戶份額並捍衛市場份額？

(interpreted) Thank you.

（口譯）謝謝。

Hi, This is Zhao Jiazhen. As with our other investments and our investments in logistics and fulfillment are guided by the need to improve consumer experience and address the practical challenges the merchants face in doing business. We make prudent and targeted investments where we believe we can create tangible value. And accordingly, our investment priorities vary across markets and business models.

你好，我是趙賈臻。與我們其他投資一樣，我們在物流與履約方面的投入以提升消費者體驗、並解決商家經營中面臨的實際挑戰為導向。我們會在相信能創造可量化、可落地價值的地方，進行審慎且有針對性的投資。因此，我們的投資重點會因不同市場與不同商業模式而有所差異。

In the domestic market, e-commerce logistics network are already quite well developed across most regions. However, last mile delivery remains a significant bottleneck in remote Western regions and many rural communities. And to address this problem, we have committed substantial resources to strengthening logistics network and on our CNY100 billion support program, we are firmly advancing the free ship into villages initiative and our logistics support for remote regions. And since the end of last year, under the free shipping to villages initiative, we have established local service stations covering all 177 villages in -- In we have increased the number of parcels delivered to villages to more than 100,000 per day. And this infrastructure not only helps agricultural supplies, such as fertilizers reach farmers more directly but also enables a wider range of high-quality products to reach rural consumers more efficiently.

在國內市場，電商物流網路在大多數地區已相當成熟。然而，在偏遠的西部地區以及許多農村社區，末端配送仍是重要瓶頸。為了解決這個問題，我們投入了大量資源來強化物流網路；在我們的人民幣1,000億元扶持計畫下，我們正堅定推進「包郵進村」行動以及對偏遠地區的物流支持。自去年底以來，在「包郵進村」行動下，我們已建立覆蓋全部177個村的本地服務站——並將送達村裡的包裹量提升至每日超過10萬件。這些基礎設施不僅有助於讓化肥等農資更直接地送達農民，也讓更廣泛的高品質商品能更高效地觸達農村消費者。

And in doing so, we are helping unlocking significant consumer demand in underserved regions and meaningfully improve order conversion for our merchants that serve these communities. In certain overseas markets, fragmented point-to-point shipping by individual merchants oftentimes makes it very difficult to achieve the economies of scale that is made possible through the consolidation of shipments. This results in higher overall fulfillment costs and leads some consumer demand unmet. In markets facing these challenges, we invest targetedly in development and operations of transit warehouses. These investments help local merchants streamline their fulfillment processes and lower logistics barriers while providing local consumers with a more reliable delivery experience.

透過這些舉措，我們正在幫助釋放服務不足地區的可觀消費需求，並實質提升服務這些社區的商家之訂單轉化。在部分海外市場，商家各自進行零散的點對點發貨，往往使得難以透過貨量整合來實現規模經濟。這會導致整體履約成本更高，並使部分消費需求無法被滿足。在面臨這些挑戰的市場中，我們會有針對性地投資中轉倉的建設與營運。這些投入有助於本地商家簡化履約流程、降低物流門檻，同時為本地消費者提供更可靠的配送體驗。

And back to your question, we will continue to take a practical and solution-oriented approach to fulfillment-related investments and by building stronger supply chain capabilities and improving the efficiency and reliability of the field services, we aim to enhance the consumer experience, create a virtuous cycle between supply and demand and strengthen the platform's capacity for sustainable organic growth over the long term.

回到您的問題，我們將持續以務實且以解決方案為導向的方式來推進與履約相關的投資；透過打造更強的供應鏈能力並提升一線服務的效率與可靠性，我們旨在提升消費者體驗，形成供需之間的良性循環，並強化平台長期可持續的內生有機成長能力。

And to your second question, retail and e-commerce business models are constantly evolving, and we are seeing a growing range of innovative business models emerge across the market. A quick commerce serves different consumer needs and use cases as compared to our core e-commerce and businesses. And given the current stage of our business, these are fairly different in terms of both supply chain requirements and operating model and with limited goals for synergies. We have, therefore, chosen to focus our resources and efforts areas where we have established strength and are best positioned to create differentiated value.

至於您的第二個問題，零售與電商的商業模式持續演進，我們也看到市場上出現越來越多創新的商業模式。即時零售（quick commerce）相較於我們的核心電商業務，所服務的消費者需求與使用情境不同。且就我們目前的業務階段而言，兩者在供應鏈需求與營運模式上都有相當差異，協同效應的空間也有限。因此，我們選擇將資源與精力聚焦在我們已建立優勢、且最有能力創造差異化價值的領域。

As the industry matures, platforms will take different approaches to serving consumers based on their respective capabilities and experience. Our path has always been quite clear, which is we will continue strengthening our supply chain capabilities.

隨著產業走向成熟，各平台將依其能力與經驗，以不同方式服務消費者。我們的路徑一直很清晰，也就是持續強化我們的供應鏈能力。

Our current supply chain investments have two complementary priorities: Firstly, is ensuring a strong supply of quality products; and second is building the infrastructure to deliver them efficiently.

我們目前的供應鏈投資有兩個相輔相成的重點：第一，確保優質商品的穩定供給；第二，建設能夠高效率交付的基礎設施。

And on the product supply side, through initiatives such as new quality supply and total premium produce, we continue to help capable traditional manufacturers, strengthen their product development and brand building capabilities, enabling them to move up the value chain and giving consumers greater access to high-quality products and compelling value.

在商品供給端，透過「新質供給」與「全量優質農產品」等舉措，我們持續協助有能力的傳統製造商強化產品研發與品牌建設能力，推動其向價值鏈上游升級，讓消費者更容易獲得高品質且具吸引力的性價比商品。

And on the infrastructure side, to projects such as free shipping to villages, we are improving our distribution network and addressing last-mile delivery gaps in remote areas and enabling consumers in more regions to benefit from the convenience and affordability of e-commerce. The supply chain investments we have chosen to make may not yield immediate results. But we believe over the long term, it will create tangible value for the industry, consumers and our merchant ecosystem. We remain focused on this foundational yet very important work and continue creating differentiated value for consumers and merchants.

在基礎設施端，透過「包郵到村」等項目，我們正在完善配送網路，補齊偏遠地區的最後一哩配送缺口，讓更多地區的消費者享受到電商的便利與實惠。我們所選擇的供應鏈投資未必能立刻產生效果。但我們相信，從長期來看，這將為產業、消費者以及我們的商家生態帶來實質價值。我們將持續聚焦這項基礎但非常重要的工作，並不斷為消費者與商家創造差異化價值。

Thank you. Operator, I think we have time for one more analysts.

謝謝。接線員，我想我們還有時間再接一位分析師。

Joyce Ju Bank of America.

美國銀行的 Joyce Ju。

(spoken in foreign language) My first question is on long-term commercialization potential. It has always -- it has been like almost a year since the company launched the RMB100 billion support program. Could management provide an update on the health and activity of the merchant ecosystem following the investments? As the ecosystem improves, are you seeing or would you expect to see a corresponding increase in merchants willingness to spend on advertising? My second question is on the revenue growth outlook.

（外語發言）我的第一個問題是關於長期商業化潛力。公司推出人民幣1,000億元扶持計畫至今已將近一年。管理層能否更新一下在這些投資之後，商家生態的健康度與活躍度情況？隨著生態改善，您是否已看到、或預期會看到商家在廣告投放意願上相應提升？我的第二個問題是關於營收成長展望。

Based on the trend of the in the first half, how are you thinking about the consumer spending outlook for the full year? Looking ahead, platform revenue have the potential to outgrow the broader consumer market. Thank you very much.

基於上半年趨勢，您如何看待全年消費支出前景？展望未來，平台營收有機會跑贏更廣泛的消費市場。非常感謝。

(interpreted) Hi, This is Zhao Jiazhen. And as mentioned earlier, the CNY100 billion support program is starting to show results from the CNY10 billion fee reduction program introduced in 2024 to the CNY100 billion support program early last year. The resources and the supply chain support that we have provided have reached a major region and manufacturing clusters. And we're encouraged to see that these efforts have enabled many merchants in industrial belts to make meaningful gains in both quality and efficiency. For example, with the support from the platform, a cosmetics company in Guangdong significantly reduced this customer acquisition and operating costs.

（口譯）您好，我是趙佳臻。如先前所提，人民幣1,000億元扶持計畫已開始顯現成效：從2024年推出的人民幣100億元費用減免計畫，到去年年初的人民幣1,000億元扶持計畫。我們提供的資源與供應鏈支持已覆蓋主要區域與製造業集群。我們也很受鼓舞地看到，這些努力讓許多產業帶商家在品質與效率兩方面都取得了實質提升。例如，在平台支持下，廣東一家美妝公司大幅降低了獲客與營運成本。

This company reinvested the profits in a two-year R&D effort successfully transitioning into patented and national brands and merchants in Johnson lighting manufacturing belt have also leveraged the platform's fast product taxing capabilities to increase investment in high-quality lifting components and smart product features, which led to the launch of a back-selling product that generated several millions in sales within just a few months.

該公司將利潤再投入為期兩年的研發，成功轉型為擁有專利的國貨品牌；而中山燈飾製造帶的商家也利用平台的快速產品測款能力，加大對高品質照明元件與智慧產品功能的投入，進而推出一款爆款產品，在短短幾個月內就實現了數百萬元銷售額。

And these tangible results demonstrate our efforts to reinvest in the supply chain ecosystem are working. Of course, building a healthier merchant ecosystem takes time. We will remain committed to these investments and help more merchants achieve healthier and more sustainable growth.

這些可量化的成果證明，我們對供應鏈生態的再投入正在發揮作用。當然，打造更健康的商家生態需要時間。我們將持續投入，協助更多商家實現更健康、更可持續的成長。

And e-commerce platforms are two-sided networks, and merchant growth prospects are closely tied to a high-quality consumer experience and a healthy platform ecosystem. Our CNY100 billion support program is, therefore, focused first and foremost, improving product quality, strengthening the supply chain and supporting the merchant ecosystem, such that small and medium-sized merchants can reinvest the efficiency gains and product upgrades. Over the long term, lower operating costs, stronger profitability and greater business confidence among merchants will ultimately drive sustainable organic value creation across the platform. Thank you.

電商平台是雙邊網路，商家的成長前景與高品質的消費者體驗以及健康的平台生態密切相關。因此，我們的人民幣1,000億元扶持計畫首先聚焦於提升商品品質、強化供應鏈並支持商家生態，讓中小商家能將效率提升與產品升級帶來的收益再投入。長期而言，更低的營運成本、更強的獲利能力以及商家更高的經營信心，最終將推動平台整體可持續的內生價值創造。謝謝。

Hi, This is Jun, and let me take your second question. In the first half of the year, as consumption support policies continue to take effect, China's consumer market expanded steadily and online retail penetration continue to grow. We remain confident in the long-term potential of China's consumer market and e-commerce industry.

您好，我是 Jun，我來回答您的第二個問題。今年上半年，隨著促消費支持政策持續見效，中國消費市場穩步擴張，線上零售滲透率也持續提升。我們對中國消費市場與電商產業的長期潛力仍然充滿信心。

As e-commerce enters a new stage of development, platforms need to take a more proactive role in unlocking your growth by addressing fundamental supply chain bottlenecks. Like for example, through a free shipping to village initiative, we're investing in a more comprehensive last-mile delivery network, including transit warehouses and manage pickup points. These efforts are helping strengthen rural commerce and distribution networks and stimulate consumer demand in these regions.

隨著電商進入新的發展階段，平台需要更主動地透過解決供應鏈的基礎瓶頸來釋放成長。例如，透過「包郵到村」計畫，我們正在投資建設更完善的最後一哩配送網路，包括中轉倉與自提點等。這些努力有助於強化農村商業與配送網路，並帶動相關地區的消費需求。

In the first half of this year, retail sales in rural areas grew faster than the overall market, showing significant potential.

今年上半年，農村地區的零售銷售增速快於整體市場，顯示出顯著的成長潛力。

On monetization, just as Jiazhen mentioned, we remain focused on strengthening the platform ecosystem and helping our merchant grow. Over time, by getting these fundamentals right, we believe sustainable growth in the platforms intrinsic value will now follow. Thank you.

在變現方面，正如佳臻所提，我們仍聚焦於強化平台生態並幫助商家成長。隨著時間推進，當這些基本面做對了，我們相信平台內在價值的可持續成長將隨之而來。謝謝。

Okay. Thank you, Jun, and thank you all for joining us today. It's about time, and we look forward to seeing you next quarter.

好的。謝謝 Jun，也謝謝各位今天的參與。時間差不多了，我們期待下個季度再與各位見面。

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

各位女士、先生，今天的電話會議到此結束。感謝各位參與。各位現在可以掛線。

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.

本逐字稿中標註為（口譯）的部分，為現場電話會議中由口譯員所翻譯的發言。該口譯員由本活動主辦公司提供。