拼多多 (PDD) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Pinduoduo's Fourth Quarter and Full Year 2021 Earnings Conference Call. (Operator Instructions) I must advise you that this conference is being recorded today. I would now like to hand the conference over to your host for today's conference, [Mr. Chen Pen]. Please go ahead, sir.

女士們，先生們，感謝你們的支持，歡迎來到拼多多 2021 年第四季度和全年收益電話會議。 （操作員說明）我必須告訴您，今天正在錄製這次會議。我現在想把會議交給你們今天會議的主持人，[Mr.陳鵬].請繼續，先生。

Thank you, operator. Hello, everyone, and thank you for joining us today. My name is Chen, and I will help host the earnings call. Pinduoduo's earnings release was distributed earlier and is available on IR website at investor.pinduoduo.com as well as through GlobeNewswire services.

謝謝你，接線員。大家好，感謝您今天加入我們。我叫陳，我將幫助主持財報電話會議。拼多多的財報發布較早，可在投資者關係網站investor.pinduoduo.com 以及GlobeNewswire 服務上獲取。

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

在我們開始之前，我想向您推薦我們在收益新聞稿中的安全港聲明，該聲明適用於本次電話會議，因為我們將做出某些前瞻性聲明。此外，本次電話會議還包含對某些非公認會計原則財務措施的討論。請參閱我們的收益發布，其中包含非公認會計原則措施與公認會計原則措施的對賬。

Joining us today on the call are Chen Lei, our Chairman and Chief Executive Officer; Liu Jun, our VP of Finance. Lei will make some general remarks on our performance for the past quarter and fiscal year 2021 and our strategic focus. Jun will then take us through our key operating and financial results for the fourth quarter and fiscal year ended December 31, 2021.

今天加入我們電話會議的是我們的董事長兼首席執行官陳磊；我們的財務副總裁劉軍。雷軍將對我們上一季度和 2021 財年的業績以及我們的戰略重點發表一些一般性評論。然後，Jun 將向我們介紹截至 2021 年 12 月 31 日的第四季度和財政年度的主要運營和財務業績。

During the Q&A session, Lei will answer the questions in Chinese and I will help translate. Please kindly note that all translations provided are for reference purpose only. In case of any discrepancy between the original remarks and the translative version, statements in the original language should prevail.

問答環節，雷老師會用中文回答問題，我會幫忙翻譯。請注意，所有提供的翻譯僅供參考。原文與譯文如有歧義，以原文為準。

Now it is my pleasure to introduce our Chairman and Chief Executive Officer, Chen Lei. Lei, please go ahead.

現在很高興向大家介紹我們的董事長兼首席執行官陳磊。雷，請繼續。

Thank you, Chen, and thank you, everyone. Thank you for joining us on our earnings call for the fourth quarter and the fiscal year of 2021.

謝謝陳，謝謝大家。感謝您參加我們第四季度和 2021 財年的財報電話會議。

Let me first recap our results in Q4 and full year 2021. Our total revenue in the fourth quarter, excluding revenue from merchandise sales, was RMB 27.1 billion. This represents a year-on-year increase of 28%. Our annual active buyers reached 868.7 million for the 12 months, ending on December 31, with RMB 733.4 million average quarterly MAUs. Our GMV in 2021 was RMB 2,441 billion, representing 46 year-on-year growth -- 46% year-on-year growth. Total revenue for 2021, excluding revenue from merchandise sales, was RMB 86.7 billion, representing 61% growth year-on-year.

讓我先回顧一下我們在第四季度和 2021 年全年的業績。我們第四季度的總收入（不包括商品銷售收入）為人民幣 271 億元。這意味著同比增長 28%。在截至 12 月 31 日的 12 個月裡，我們的年度活躍買家達到 8.687 億，平均季度月活躍用戶數為 7.334 億元。 2021年我們的GMV為人民幣24,410億元，同比增長46%——同比增長46%。 2021年不包括商品銷售收入的總收入為人民幣867億元，同比增長61%。

2021 was a year of transition for Pinduoduo. Over the course of the year, during which I took over role of Chairman, we shifted our priority from sales and marketing towards research and development. I'm glad to see that this shift is well on track. It will lay a solid foundation for us over the long run. We are grateful for our users' continued trust and support.

2021年是拼多多轉型的一年。在我接任董事長一職的這一年中，我們將優先事項從銷售和營銷轉向了研發。我很高興看到這種轉變進展順利。從長遠來看，它將為我們奠定堅實的基礎。我們感謝用戶一直以來的信任和支持。

To keep up with the evolving and increasingly multidimensional preferences, we constantly ask ourselves how we can serve them better. As a team with engineering background, our focus has always been to use technology to benefit all. We were fortunate to be early in identifying opportunities to contribute to and increase value in agriculture. Agriculture is a sector that touches everyone's daily life, yet has low levels of digitalization.

為了跟上不斷變化且日益多維的偏好，我們不斷問自己如何才能更好地為他們服務。作為一個具有工程背景的團隊，我們的重點一直是用技術造福所有人。我們很幸運能夠及早發現為農業做出貢獻和增加價值的機會。農業是一個與每個人的日常生活息息相關的領域，但數字化水平較低。

Since Pinduoduo's establishment in 2015, we have been facilitating agricultural modernization and digital inclusion. An efficient, resilient, sustainable and vibrant agricultural sector benefits all stakeholders in the value chain, and we remain focused on our goal.

自2015年拼多多成立以來，我們一直在推動農業現代化和數字包容。一個高效、有彈性、可持續和充滿活力的農業部門有利於價值鏈中的所有利益相關者，我們將繼續專注於我們的目標。

In 2021, we deepened our agricultural digital inclusion efforts in various ways and that includes: one, helping farmers to expand their access to the market; two, advancing the use of smart agriculture; and three, encouraging and enable more young and tech-savvy talent into agricultural sector.

2021年，我們通過多種方式深化農業數字包容性工作，其中包括：一是幫助農民擴大市場准入；二、推進智慧農業應用；三是鼓勵和賦能更多青年科技人才進入農業領域。

And now let me elaborate. In the downstream we continue to bring farmers into a digital economy by expanding their market assets. We are working hard to build a platform that effectively matches consumer demand in agricultural production across the country. This enables farmers to ship their fresh and perishable agri food products directly to consumers, bypassing layers of distribution to deliver in a shorter time frame. The result is higher income for farmers, lower price for consumers and the fresh produce consumers could receive.

現在讓我詳細說明。在下游，我們繼續通過擴大市場資產將農民帶入數字經濟。我們正在努力打造一個有效匹配全國農業生產消費需求的平台。這使農民能夠將新鮮和易腐爛的農產品直接運送給消費者，繞過分銷層，在更短的時間內交付。結果是農民收入增加，消費者價格降低，新鮮農產品消費者可以獲得。

Our platform has opened up a market of nearly 870 million users to farmers and agri producers in China directly. We have also provided them with various tools to promote their unique agricultural produce.

我們的平台直接向中國的農民和農業生產者開放了近8.7億用戶的市場。我們還為他們提供了各種工具來推廣他們獨特的農產品。

One commitment that we have is our zero commission policy of agricultural products. We waived sales commissioning and proactively gained more exposure for agricultural products. We plan to continue this zero commission policy of agricultural products. We aim to create a virtual cycle like what we have done for SMEs in the past, in which farmers earn more while consumers get fresher and more affordable produce.

我們的一項承諾是我們的農產品零佣金政策。我們放棄了銷售委託，並積極增加了農產品的曝光率。我們計劃繼續實行農產品零佣金政策。我們的目標是創造一個虛擬循環，就像我們過去為中小企業所做的那樣，農民賺得更多，而消費者得到更新鮮、更實惠的農產品。

To amplify its effectiveness, we launched numerous promotional events. In 2021, we worked with various regions to create a series of agri-focused shopping festivals that introduce consumers across China to different regional specialties. We also collaborated with key partners, such as CCTV, to launch live streaming events to promote China's agricultural heritage. This event not only enhanced user awareness and appreciation of local specialties, enabled farmers to directly talk to consumers, understand consumers' preference better, which helped them in brand building and production upgrades for quality agricultural produce.

為了擴大其有效性，我們開展了許多促銷活動。 2021年，我們與各地合作，打造了一系列以農產品為主題的購物節，向全國消費者介紹不同的地區特色菜。我們還與中央電視台等主要合作夥伴合作，推出直播活動，宣傳中國的農業遺產。本次活動不僅增強了用戶對地方特產的認知度和欣賞度，也讓農民能夠直接與消費者對話，更好地了解消費者的喜好，為優質農產品的品牌建設和生產升級提供了幫助。

For instance, we initiated an orange festival to promote high-quality orange specialties from 7 major orange-produced areas across the country, bringing regional orange varieties to consumers nationwide. Benefiting from rising order volume on our platform, local orange farmers and agri merchants in Hunan province witnessed a large increase in sales. This increase in sales not only improved farmers' living standards, but also gave them confidence to invest into the future. Many of the [reinvested in the process] into developing better products, including sorting machines and packaging design.

比如，我們發起了橘子節，推廣全國7個橘子主產區的優質橘子特產，為全國消費者帶來區域性橘子品種。受益於我們平台訂單量的增加，湖南省本地橙農和農商的銷售額大幅增長。銷售額的增加不僅提高了農民的生活水平，也讓他們有信心投資於未來。許多人 [再投資於流程] 開發更好的產品，包括分揀機和包裝設計。

Moving upstream, we are advancing adoption of agricultural technology to help growers improve their productivity. A full practical and affordable technology came out of the inaugural Smart Agriculture Competition last year, including automated crop monitoring, program dynamic adjustment for changing climate conditions and irrigation. We have several teams to commercialize these technology solutions.

向上游移動，我們正在推進農業技術的採用，以幫助種植者提高生產力。去年首屆智能農業競賽推出了一項全面實用且價格合理的技術，包括自動作物監測、針對不斷變化的氣候條件和灌溉的程序動態調整。我們有幾個團隊將這些技術解決方案商業化。

Today, these solutions have been applied in major strawberry-growing regions across China, such as Liaoning, Anhui and Yunnan provinces. They have helped traditional growers more than double their management capacity. Such progress is inspiring and valuable for the entire industry. We regularly organized knowledge-sharing sessions to encourage the adoption of technology in this sector.

如今，這些解決方案已在遼寧、安徽和雲南等中國主要草莓種植區得到應用。他們幫助傳統種植者的管理能力增加了一倍以上。這樣的進步對整個行業來說是鼓舞人心和有價值的。我們定期組織知識共享會議，以鼓勵在該領域採用技術。

Earlier this month, we jointly hosted a sharing section with FAO China on harnessing smart agriculture to boost food production and security. Representatives from FAO, China Agricultural University, Chinese Academy of Agricultural Sciences, Pinduoduo and the finalists of the Smart Agriculture Competition presented their insights at a webinar. We are honored to work closely with world-class partners in agri food sector, such as China Agricultural University, Zhejiang University, UN FAO, Singapore A*STAR and the Wageningen University. And we look forward to collaborating with more like-minded organizations and individuals in the future.

本月早些時候，我們與糧農組織中國共同舉辦了一個關於利用智慧農業促進糧食生產和安全的分享部分。來自糧農組織、中國農業大學、中國農業科學院、拼多多和智慧農業大賽決賽選手的代表在網絡研討會上發表了他們的見解。我們很榮幸與中國農業大學、浙江大學、聯合國糧農組織、新加坡 A*STAR 和瓦赫寧根大學等世界級的農業食品合作夥伴密切合作。我們期待在未來與更多志同道合的組織和個人合作。

Another important prong of Pinduoduo's agricultural strategy focuses on encouraging and enabling more young and tech-savvy talent into the agriculture sector. We are glad to see more and more young agricultural entrepreneurs choosing to start their businesses with Pinduoduo. As at end October 2021, over 126,000 young farming professionals, born after 1995, have joined the Pinduoduo platform, up from 85,700 in 2020 and 29,700 in 2019. Most of these young entrepreneurs are well educated. They are digital natives, who grew up with mobile technology. Therefore, they are used to buying things online and use innovations like live streaming.

拼多多農業戰略的另一個重要方面是鼓勵和支持更多年輕且精通技術的人才進入農業領域。我們很高興看到越來越多的年輕農業企業家選擇在拼多多創業。截至 2021 年 10 月，超過 126,000 名 1995 年後出生的年輕農業專業人士加入了拼多多平台，高於 2020 年的 85,700 人和 2019 年的 29,700 人。這些年輕企業家中的大多數受過良好教育。他們是數字原住民，在移動技術的陪伴下長大。因此，他們習慣於在線購買東西並使用直播等創新。

At the same time, many of them are motivated by desire to contribute to the rural communities. To upskill them, we have offered a dedicated training program on necessary know-how to operate their e-commerce businesses. We will devote more resources to support them as we believe it will play a key role in facilitating agricultural modernization and rural vitalization.

同時，他們中的許多人都渴望為農村社區做出貢獻。為了提升他們的技能，我們提供了一個專門的培訓計劃，介紹他們經營電子商務業務的必要知識。我們將投入更多資源支持他們，相信它將在促進農業現代化和鄉村振興中發揮關鍵作用。

Looking back on our effort in agriculture, we are happy with the positive impact that we have generated. But we have only scratched the surface in the field of technology advancement and digital inclusion in agriculture. Therefore, we are stepping up our investment in this sector as a long-term commitment. The focus of our long-term vision may not always translate into near-term results, but we will be patient as we do our part to contribute to agricultural modernization.

回顧我們在農業方面的努力，我們對所產生的積極影響感到高興。但在技術進步和農業數字包容領域，我們只觸及了皮毛。因此，作為一項長期承諾，我們正在加大對這一領域的投資。我們長期願景的重點可能並不總是轉化為近期成果，但我們會耐心等待，為農業現代化做出貢獻。

As mentioned last year, I'm personally overseeing our 10 Billion Agriculture Initiative, which aims to facilitate advancement of agritech, promote digital inclusion and provide agritech talent with greater motivation and sense of achievement. Profits from this quarter will continue to be allocated to this initiative.

正如去年提到的，我正在親自監督我們的 100 億農業計劃，該計劃旨在促進農業科技的發展，促進數字包容性，並為農業科技人才提供更大的動力和成就感。本季度的利潤將繼續分配給這一舉措。

Lastly, as a platform that serves over 868 million consumers, we are also shouldering more social responsibility. In July, we rapidly responded to help with flood relief efforts in Henan, making donations and launching a portal to support emergency relief distribution. In October, we did the same to carry out emergency disaster relief and post-disaster construction work in Shaanxi.

最後，作為服務超過8.68億消費者的平台，我們也肩負著更多的社會責任。 7月，我們迅速響應幫助河南抗洪救災工作，捐款並開通門戶網站，支持緊急救援分發。 10月，我們在陝西開展緊急救災和災後建設工作。

In December, we contributed towards relief efforts in Xi'an and worked with the local government to maintain necessary provisions as a result of COVID-19 outbreak. To support the rural communities, we launched Duo Duo Reading Month. Today, we have donated carefully selected storybooks to rural communities around the country with an organized reading program. We hope that this effort will broaden the horizon of the use and contribute to a better future to the community. As we step into another year, we remain laser focused on our goals, and we'll continue to do our best to serve all our stakeholders. And I would like to thank you all in advance for your continued support.

12 月，我們為西安的救災工作做出了貢獻，並與當地政府合作，為 COVID-19 爆發維持必要的供應。為了支持農村社區，我們發起了多多讀書月。今天，我們通過有組織的閱讀計劃向全國各地的農村社區捐贈了精心挑選的故事書。我們希望這項努力能拓寬使用的視野，為社區創造更美好的未來。隨著我們邁入新的一年，我們仍然專注於我們的目標，我們將繼續盡最大努力為所有利益相關者服務。我要提前感謝大家一直以來的支持。

And now let me pass the time to Jun. Jun has been with us since 2017 and has been recently promoted to VP of Finance as part of our plan to bloom more young generation leaders. And Jun, please?

現在讓我把時間轉給 Jun。Jun 自 2017 年以來一直在我們身邊，最近被提升為財務副總裁，作為我們培養更多年輕一代領導者計劃的一部分。和君，好嗎？

Thank you, Lei. Hello, everyone. Nice meeting you here. Let me first walk you through our operating results for the fourth quarter and fiscal year ended December 31, 2021.

謝謝你，雷。大家好。很高興在這裡見到你。讓我首先向您介紹我們截至 2021 年 12 月 31 日的第四季度和財政年度的經營業績。

Our annual active buyers for the 12 months ending December 31, 2021, was 868.7 million. This is an increase of 80.3 million from end 2020 or 1.4 million from the 12 months ending September 30, 2021. In Q4, we observed a quarter-over-quarter decline of the MAUs. Average MAU in Q4 was 733.4 million. This is 13.5 million increase from the same quarter in 2020 or an 8.1 million decline from Q3 2021. At our current scale, we are approaching the (inaudible) and do not see it as a meaningful driver of future growth. To us, it is more important to focus on meeting our existing users involvement needs and to serve them in the best way that we can.

截至 2021 年 12 月 31 日的 12 個月，我們的年度活躍買家為 8.687 億。這比 2020 年底增加了 8030 萬，比截至 2021 年 9 月 30 日的 12 個月增加了 140 萬。在第四季度，我們觀察到 MAU 環比下降。第四季度的平均 MAU 為 7.334 億。這比 2020 年同一季度增加了 1350 萬，比 2021 年第三季度減少了 810 萬。以我們目前的規模，我們正在接近（聽不清）並且不認為它是未來增長的有意義的驅動力。對我們來說，更重要的是專注於滿足我們現有用戶的參與需求，並以我們所能提供的最佳方式為他們服務。

Our GMV for the last 12 months ending December 31, 2021, was RMB 2,441 billion, an increase of 46% compared to 2020. Average annual spending per active buyer for the last 12 months ending December 31, 2021, which is the result of GMV divided by the number of active buyers over the same period, increased 33% year-over-year to RMB 2,810. We're encouraged by their growing trust and are committed to serve them better.

截至 2021 年 12 月 31 日的過去 12 個月，我們的 GMV 為人民幣 24,410 億元，比 2020 年增長 46%。截至 2021 年 12 月 31 日的過去 12 個月，每位活躍買家的平均年支出是 GMV 的結果除以同期活躍買家數量，同比增長33%至人民幣2,810元。我們對他們日益增長的信任感到鼓舞，並致力於為他們提供更好的服務。

Last year, our platform generated a total of 61 billion orders, an increase of 59% from a year ago. There has been a significant increase in agricultural orders on our platform, in line with the step-up forecast and resources on the factor as average order value for agricultural products is lower. This resulted in a decrease in AOV over the same period. Our AOV came down 8% to RMB 40 in 2021 as compared to RMB 44 in 2020, where average number of orders per active buyer was 70 in 2021, an increase of 45% from 2020. We are glad to see that our investment in agriculture is addressing our users' real needs. We plan to deepen our efforts in agriculture.

去年，我們的平台共產生了 610 億筆訂單，同比增長 59%。由於農產品的平均訂單價值較低，我們平台上的農產品訂單顯著增加，這與加速預測和資源因素一致。這導致同期 AOV 下降。與 2020 年的 44 元相比，2021 年我們的 AOV 下降 8% 至 40 元，2021 年每位活躍買家的平均訂單數為 70 個，比 2020 年增長 45%。我們很高興看到我們在農業方面的投資正在解決我們用戶的實際需求。我們計劃深化在農業方面的努力。

Next, I will go through our financial performance in the quarter ended December 31, 2021. In terms of P&L, our total revenue in the quarter was RMB 27.2 billion, up 3% from RMB 26.5 billion in the same quarter of 2020. This was mainly driven by the increase in revenues from online marketing services and revenue from transaction services, offset by a decrease in revenue from 1P trials. Excluding revenue from our 1P trials, our total revenue was RMB 27.1 billion in Q4 2021, up 28% from RMB 21.2 billion in the same quarter of 2020. Revenue from online marketing services and others were RMB 22.4 billion this quarter, up 90% compared to the same period of 2020. This was primarily due to increased merchant activities, a testament of our platform's capability to help them reach their target customers effectively and efficiently.

接下來，我將介紹我們截至 2021 年 12 月 31 日的季度的財務表現。在損益方面，我們本季度的總收入為人民幣 272 億元，比 2020 年同季度的人民幣 265 億元增長了 3%。這是主要受在線營銷服務收入和交易服務收入增長的推動，但被 1P 試用收入的減少所抵消。剔除我們的 1P 試驗收入，我們 2021 年第四季度的總收入為 271 億元人民幣，比 2020 年同期的 212 億元人民幣增長 28%。本季度在線營銷服務和其他收入為 224 億元人民幣，同比增長 90%到 2020 年同期。這主要是由於商家活動的增加，這證明了我們平台有能力幫助他們有效和高效地接觸目標客戶。

Our transaction services revenue this quarter were RMB 4.7 billion, up 108% compared with the same period of 2020. The increase in our transaction services revenues was due to: first, the increase in total transaction processing fees as a result of higher GMV; second, more diversified services that we provide to merchants, such as fulfillment services.

本季度我們的交易服務收入為人民幣 47 億元，較 2020 年同期增長 108%。我們的交易服務收入增加的原因是：第一，GMV 增加導致總交易處理費用增加；第二，我們為商家提供的服務更加多樣化，例如履行服務。

Moving on to cost and expenses. Our total cost of revenue decreased from RMB 11.5 billion in Q4 2020 to RMB 6.5 billion this quarter. The decrease came mainly from the reduction of 1P trials and decreased several quarters due to one-off rebates, offset by increased fulfillment fees.

繼續討論成本和費用。我們的總收入成本從 2020 年第四季度的 115 億元人民幣下降到本季度的 65 億元人民幣。減少主要來自 1P 試用的減少，並且由於一次性返利而減少了幾個季度，但被履行費用增加所抵消。

Total operating expenses this quarter were RMB 13.8 billion compared with RMB 17.1 billion in the same quarter of 2020. On non-GAAP basis, our total operating expenses as a percentage of revenue, excluding 1P, has been declining from 94% to 76% to 45% for Q4 of 2019, 2020 and 2021, respectively. As we observed slower user and top line growth, we proactively controlled our expenses. This resulted in lower operating expenses in the quarter. As we face more competition from existing and new players, we expect relevant expense items to increase in the future.

本季度總運營費用為人民幣 138 億元，而 2020 年同期為人民幣 171 億元。在非公認會計原則基礎上，我們的總運營費用佔收入的百分比（不包括 1P）已從 94% 下降至 76% 至2019 年、2020 年和 2021 年第四季度分別為 45%。由於我們觀察到用戶和收入增長放緩，我們主動控制了開支。這導致本季度的運營費用降低。隨著我們面臨來自現有和新參與者的更多競爭，我們預計未來相關費用項目將會增加。

Looking into specific expense items. Our non-GAAP sales and marketing expenses this quarter RMB 10.8 billion, down 25% versus the same quarter of 2020. As we continue to shift away from our previous forecast on sales and marketing, on top of this, as I mentioned, we further controlled our expenses in the face of slower user and revenue growth. As a result, on a non-GAAP basis, our sales and marketing expenses as a percentage of our revenues in this quarter was 40% compared with 84% and 54% for the same quarter in 2019 and in 2020.

調查具體的費用項目。本季度我們的非美國通用會計準則銷售和營銷費用為人民幣 108 億元，與 2020 年同期相比下降 25%。隨著我們繼續偏離之前對銷售和營銷的預測，除此之外，正如我所提到的，我們進一步在用戶和收入增長放緩的情況下控制了我們的開支。因此，在非公認會計原則的基礎上，我們本季度的銷售和營銷費用占我們收入的百分比為 40%，而 2019 年和 2020 年同一季度分別為 84% 和 54%。

Our non-GAAP general and administrative expenses were RMB 195.8 million compared with RMB 153.1 million in the same quarter of 2020. Our non-GAAP research and development expenses were RMB 1.3 billion, a decline of 16% from RMB 1.6 billion in the same quarter of 2020. The decrease in non-GAAP R&D expenses was due to a one-off rebate from one of our service providers. If we take out impact of this rebate, R&D expenses will have risen. We do not expect a rebate to recur. As a result, operating profit for quarter was RMB 6.9 billion on a GAAP basis compared with operating loss of RMB 2 billion in the same quarter of 2020. Non-GAAP operating profit was RMB 8.4 billion compared with operating loss of RMB 1.1 billion in the same quarter of 2020. Net income attributable to ordinary shareholders was RMB 6.6 billion compared with a net loss of RMB 1.4 billion in the same quarter of 2020.

我們的非美國通用會計準則一般和管理費用為人民幣 1.958 億元，而 2020 年同期為人民幣 1.531 億元。我們的非美國通用會計準則研發費用為人民幣 13 億元，較同期人民幣 16 億元下降 16% 2020 年。非 GAAP 研發費用的減少是由於我們的服務提供商之一提供了一次性回扣。如果我們排除這個回扣的影響，研發費用將會增加。我們預計不會出現回扣。因此，按美國通用會計準則計算，本季度營業利潤為 69 億元人民幣，而 2020 年同期的營業虧損為 20 億元人民幣。非美國通用會計準則營業利潤為 84 億元人民幣，而 2020 年同期的營業虧損為 11 億元人民幣。 2020年同季度歸屬於普通股股東的淨利潤為66億元人民幣，而2020年同季度的淨虧損為14億元人民幣。

Basic earnings per ADS was RMB 5.26 and the diluted earnings per ADS was RMB 4.66 compared with basic and diluted net loss per ADS of RMB 1.13 in same quarter of 2020. Non-GAAP net income attributable to ordinary shareholders was RMB 8.4 billion compared with net loss of RMB 184.5 million in the same quarter last year. Non-GAAP diluted earnings per ADS was RMB 5.88 compared with non-GAAP diluted net loss per ADS of RMB 0.15 in the same quarter of 2020.

每股 ADS 基本收益為 5.26 元，攤薄後每股 ADS 收益為人民幣 4.66 元，而 2020 年同期基本和攤薄後每股 ADS 淨虧損為人民幣 1.13 元。 歸屬於普通股股東的非公認會計準則淨利潤為人民幣 84 億元，而淨利潤為人民幣 84 億元。去年同期虧損人民幣1.845億元。 2020 年同一季度，非美國通用會計準則每 ADS 攤薄收益為人民幣 5.88 元，而非美國通用會計準則每 ADS 攤薄淨虧損為人民幣 0.15 元。

To conclude, profitability in the past quarter was mainly attributed to: first, controlled spending in the face of slow growth; and second, reduction of costs and expenses due to one-off rebate. We expect profits to flat rate as we continue to invest in agriculture space, including agricultural technology. As we mentioned in previous quarters, we are also facing more competition. Therefore, we do not expect profitability in Q4 to serve as a benchmark for the following quarters. Similar to previous quarters, profits from this quarter will be allocated to the 10 Billion Agriculture Initiative. That completes the profit and the loss statements for the fourth quarter 2021.

綜上所述，上一季度的盈利主要歸因於：一是在增速放緩的情況下控制了支出；二是一次性返利，降低成本費用。隨著我們繼續投資農業領域，包括農業技術，我們預計利潤將保持不變。正如我們在前幾個季度提到的，我們也面臨著更多的競爭。因此，我們預計第四季度的盈利能力不會成為接下來幾個季度的基準。與前幾個季度類似，本季度的利潤將分配給 100 億農業計劃。這樣就完成了 2021 年第四季度的損益表。

Our net cash flow provided by operating activities was RMB 16.4 billion compared with RMB 14.9 billion in the same quarter of 2020. As of December 31, 2021, the company had RMB 92.9 billion in cash, cash equivalents and short-term investments.

我們的經營活動提供的現金流量淨額為人民幣 164 億元，而 2020 年同期為人民幣 149 億元。截至 2021 年 12 月 31 日，公司擁有人民幣 929 億元的現金、現金等價物和短期投資。

With that, I conclude my prepared remarks.

至此，我結束了我準備好的發言。

Thank you, Jun. Next, we will move on to the Q&A session. For today's Q&A session, Lei and Jun will make questions -- take questions from analysts on the line. (Operator Instructions) Lei will answer questions in Chinese, and I will help translate Lei's remarks for easier reference. Operator, we may now take questions on the line.

謝謝你，Jun。接下來，我們將進入問答環節。今天的問答環節，雷軍和君將進行提問——在線接受分析師的提問。 （操作員說明）雷將用中文回答問題，我將幫助翻譯雷的言論，以方便參考。接線員，我們現在可以提問就行了。

(Operator Instructions) Our first question is from Thomas Chong with Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Thomas Chong。

(foreign language) My first question is more about the macro uncertainties that we are facing. How should we think about the impact to the consumers as well as to Pinduoduo? And my second question is about our RMB 10 Billion Agriculture Initiative. Can management comment about the progress so far, the P&L impact, this year's KPI as well as, of course, if there will be a step-up in investment going forward.

（外語）我的第一個問題更多是關於我們面臨的宏觀不確定性。我們應該如何看待對消費者以及對拼多多的影響？我的第二個問題是關於我們的 100 億人民幣農業計劃。管理層能否就目前的進展、損益影響、今年的 KPI 以及未來是否會增加投資發表評論。

(foreign language)

（外語）

[Interpreted] Thank you, Thomas, for your questions. And let me take your questions. You asked about macro economy. Well, for us, we always look internally and see what areas we can improve through technology. And for us, a big area is agriculture. So there are many aspects and areas in agriculture that one can improve. In production, we can increase yield, reduce the environmental impact and also help farmers get higher and stable income. In terms of consumption, through our efforts, we can provide consumers with fresher and more affordable agriculture produce and reduce waste at the same time.

[解釋] 謝謝你，托馬斯，你的問題。讓我回答你的問題。你問了宏觀經濟。嗯，對我們來說，我們總是從內部審視，看看我們可以通過技術改進哪些領域。對我們來說，一個很大的領域是農業。因此，農業中有許多方面和領域可以改進。在生產中，我們可以提高產量，減少對環境的影響，也可以幫助農民獲得更高、更穩定的收入。在消費方面，通過我們的努力，我們可以為消費者提供更新鮮、更實惠的農產品，同時減少浪費。

In addition, another area of interest for us is in distribution. We can use technology to improve the distribution efficiency of agricultural produce and also strengthen the rural logistics system. In the agriculture sector alone, which is so fundamental and crucial, we see so many opportunities. This reflects that we remain confident about the potential of the industry and the future development. But investments in agriculture take time and the process is gradual. So we have to be very patient in the process.

此外，我們感興趣的另一個領域是分銷。我們可以利用技術提高農產品的配送效率，也可以加強農村物流體系。僅在如此基礎和至關重要的農業部門，我們就看到瞭如此多的機會。這反映了我們對行業潛力和未來發展充滿信心。但農業投資需要時間，而且過程是漸進的。所以我們在這個過程中必須非常耐心。

And with that, this naturally brings us to your next question on our 10 Billion Agri Initiative. We announced the 10 Billion Agri Initiative in Q2 last year. And for this initiative, profitability or commercial value is not the aim. We hope that this initiative can address the critical needs in the agriculture sector and rural areas. As for where we would put our investments in, I hope this initiative can facilitate the advancement of agritech, promote digital inclusion and also give more motivation and a sense of achievement to agri talent and workers.

有了這個，這自然將我們帶到您關於我們的 100 億農業倡議的下一個問題。我們在去年第二季度宣布了 100 億農業倡議。對於這一舉措，盈利或商業價值不是目標。我們希望這一舉措能夠解決農業部門和農村地區的迫切需求。至於我們將投資的地方，我希望這項舉措能夠促進農業科技的進步，促進數字包容性，也能給農業人才和工人更多的動力和成就感。

We really hope the 10 Billion Agri Initiative can maximize its potential and impact in the advancement of agritech and digital inclusion. Therefore, we are diligently evaluating different proposals and projects and also take into account of our -- and make those evaluations based upon our past experiences in agriculture as well as our technical background.

我們真的希望 100 億農業倡議能夠最大限度地發揮其在推動農業技術和數字包容性方面的潛力和影響。因此，我們正在努力評估不同的提案和項目，並考慮到我們的 - 並根據我們過去在農業方面的經驗以及我們的技術背景進行評估。

Here, I can also share some examples of our focus areas. Some examples, some of which I have mentioned, includes that how to improve distribution efficiencies through technology, how to reduce the transportation time as well as reduce the environmental impact with logistic technology and also how to use technology in production to improve the efficiency as well as quality.

在這裡，我還可以分享一些我們重點領域的例子。我已經提到了一些例子，包括如何通過技術提高配送效率，如何通過物流技術減少運輸時間並減少對環境的影響，以及如何在生產中使用技術來提高效率。作為質量。

To use technology to enable different lengths along the agriculture value chain is really a long-term project that requires long-term dedication and patience. We are still in the early days of this and hope everybody can have more patient -- can have more patience. As we invest, we also look forward to share with you our progress on the 10 Billion Agri Initiative and hope what I have said addressed -- have addressed your questions.

使用技術來實現農業價值鏈的不同長度，這確實是一個長期的項目，需要長期的奉獻和耐心。我們仍處於早期階段，希望每個人都能有更多的耐心——可以有更多的耐心。在我們投資的同時，我們也期待與您分享我們在 100 億農業倡議方面取得的進展，並希望我所說的已經解決了您的問題。

Our next question comes from Yang Bai with CICC.

我們的下一個問題來自中金公司的楊白。

(foreign language) My first question is regarding to the future competitive landscape. I noticed that Pinduoduo always focuses more on the value to consumers, instead of pressure from competitors. So from your perspective, what is needed or what kind of improvement should be emphasized for the company to make the cut?

（外語）我的第一個問題是關於未來的競爭格局。我注意到拼多多總是更關注對消費者的價值，而不是來自競爭對手的壓力。所以從您的角度來看，公司需要什麼或應該強調什麼樣的改進才能晉級？

And my second question is regarding to your branding strategy. For the past 6 years, Pinduoduo was very distinguished from other competitors, especially for your value-for-money merchandise. However, when it comes to branding, it seems that the past advantage is kind of becoming the bottleneck. So I'd like to know your future strategy how to efficiently help the brand business in Pinduoduo's platform?

我的第二個問題是關於你的品牌戰略。在過去的 6 年裡，拼多多與其他競爭對手非常不同，尤其是在您的物超所值商品方面。然而，在品牌推廣方面，過去的優勢似乎正在成為瓶頸。那麼我想知道你們未來的戰略如何有效幫助拼多多平台的品牌業務？

(foreign language)

（外語）

[Interpreted] Thank you, Bai Yang, for your questions. I will share my views on those fronts. As for competition, since the day Pinduoduo was established, we are in this highly competitive space. And China e-commerce space is a huge industry, and it has always been highly competitive. We now see more large platforms entering e-commerce, and they provide different options to consumers. As technology continues to upgrade, consumers' needs will also continue to evolve, and we expect more engagement formats will emerge and more platform companies will join e-commerce.

[解釋]謝謝你，白楊，你的問題。我將在這些方面分享我的觀點。至於競爭，從拼多多成立之日起，我們就處於這個競爭激烈的空間。而中國電商空間是一個巨大的產業，而且一直競爭激烈。我們現在看到更多的大平台進入電子商務，它們為消費者提供了不同的選擇。隨著技術的不斷升級，消費者的需求也將不斷演變，我們預計將出現更多的參與形式，更多的平台公司將加入電子商務。

As you have mentioned in your question, internally, we would focus on users and whether we are serving their needs well. So we target to offer users a unique, more savings, more fun shopping experience. This is our company's benefit. Indeed, we do not focus too much on competition. But with that said, I think over the past period of time, in terms of understanding and catching up with the rapidly changing user needs and addressing their needs effectively and efficiently, there is still plenty of room for us to improve. Admittedly, many of our competitors have done a better job in some of these aspects, and we need to learn from them.

正如您在問題中提到的那樣，在內部，我們將關注用戶以及我們是否能夠很好地滿足他們的需求。因此，我們的目標是為用戶提供獨特、更省錢、更有趣的購物體驗。這是我們公司的利益。事實上，我們並沒有過多地關注競爭。但話雖如此，我認為在過去的一段時間裡，在理解和趕上快速變化的用戶需求以及有效和高效地解決他們的需求方面，我們還有很大的提升空間。誠然，我們的許多競爭對手在其中一些方面做得更好，我們需要向他們學習。

Especially under intensified competition, we still need to look into ourselves how to do better, improve our services and raise our user satisfaction. I also mentioned a quarter -- a few quarters ago that Pinduoduo cannot always be perfect or be the best. And we will inevitably slowdown as we go through transition in leadership and where we make adjustments. But these are all part of our company's development.

尤其是在激烈的競爭下，我們還需要反思自己如何做得更好，改善我們的服務，提高我們的用戶滿意度。我還提到了一個季度——幾個季度前，拼多多並不總是完美或最好的。隨著領導層的過渡和調整，我們將不可避免地放慢腳步。但這些都是我們公司發展的一部分。

In addition, we have chosen to invest in agriculture, and this is different from a pure Internet technology. In this sector, we need to be more patient with our investment due to its nature. We will continue to invest in agriculture. We see that compared with categories that have been digitized earlier or categories that now have higher online penetration rate, the online penetration rate for agriculture is still very low. And on the existing fulfillment experience, many consumer needs have now been met. This is why we are investing in agriculture without hesitation as well as in core agriculture technology, with the goal to promote agritech and digital inclusion.

另外，我們選擇投資農業，這和單純的互聯網技術不同。在這個領域，由於其性質，我們需要對我們的投資更加耐心。我們將繼續投資農業。我們看到，與較早數字化的品類或現在在線滲透率較高的品類相比，農業的在線滲透率仍然很低。而在現有的履約體驗上，現在已經滿足了很多消費者的需求。這就是為什麼我們毫不猶豫地投資農業以及核心農業技術，目標是促進農業技術和數字包容性。

For our company's mid- to long-term development outlook, my team and I are confident. At the same time, in order for our confidence to translate into actual results, we need dedication and hard work from everybody in our team.

對於我們公司的中長期發展前景，我和我的團隊是有信心的。同時，為了讓我們的信心轉化為實際成果，我們需要團隊中每個人的奉獻精神和努力工作。

As for your next question on brand, our platform now has nearly 870 million users, and their needs is continuing to diversify. We hope to satisfy our users' needs and also give them a better shopping experience on our platform. And in this process, brand is definitely one part that we need to work on. However, store opening does not happen overnight. Instead, it takes time. Essentially, I believe that the ultimate goal for brands and for us are the same, that is to serve consumers well. So we will continue to be very patient and down to earth to do our parts within our capability and what we should do.

至於你下一個關於品牌的問題，我們的平台現在有近8.7億用戶，他們的需求還在不斷多樣化。我們希望滿足用戶的需求，也希望在我們的平台上給他們更好的購物體驗。而在這個過程中，品牌絕對是我們需要努力的一部分。然而，開店並非一朝一夕。相反，這需要時間。本質上，我相信品牌和我們的最終目標是一致的，那就是為消費者服務好。因此，我們將繼續非常有耐心，腳踏實地，在力所能及的範圍內做我們應該做的事情。

In this process of cooperation, we see a trend that brands who sees opportunities first would generate higher returns. And this would, in turn, attract more brands to learn more about us and seek collaboration. As for whether more brands would help increase the ARPU or AOV, that is not our core focus. Instead, we focus on user satisfaction. We will stick to our principles of benefit all, people first and more open. And I believe this would have a positive impact on brand users as well as our platform.

在這個合作過程中，我們看到了一個趨勢，即先看到機會的品牌會產生更高的回報。反過來，這將吸引更多品牌更多地了解我們並尋求合作。至於更多品牌是否有助於提高 ARPU 或 AOV，這不是我們的核心關注點。相反，我們專注於用戶滿意度。我們將堅持以人為本、以人為本、更加開放的原則。我相信這將對品牌用戶和我們的平台產生積極影響。

Our next question comes from Joyce Ju with Bank of America.

我們的下一個問題來自美國銀行的 Joyce Ju。

Congrats on the solid quarter. My first question is, first, we have seen continued leverage and decline in sales and marketing expenses this quarter. Is there any specific reason this quarter, which led to the company to further control the sales and marketing spending, or it's simply an improvement on your sales and marketing ROI?

祝賀堅實的季度。我的第一個問題是，首先，我們看到本季度的槓桿率持續下降，銷售和營銷費用下降。本季度是否有任何具體原因導致公司進一步控制銷售和營銷支出，或者只是為了提高您的銷售和營銷投資回報率？

And my second question is, PDD has delivered another quarter of strong profit. Can you share with us how management team are looking at the balance between profitability and growth? Are we seeing a pivot in strategic priority? Also should investors expect future -- how should we expect the future profitability trend? And how much was the onetime rebate that contributed to this quarter's higher profitability? (foreign language)

我的第二個問題是，PDD 又實現了一個季度的強勁利潤。您能否與我們分享管理團隊如何看待盈利能力和增長之間的平衡？我們是否看到了戰略重點的轉變？投資者也應該期待未來——我們應該如何期待未來的盈利趨勢？促成本季度更高盈利能力的一次性返利是多少？ （外語）

Thank you for your question, Joyce. Well, for sales and marketing expenses, you may see that we are aptly changing our investment direction based on our past quarter's results. And during Q1 and to Q3 last year, our expenses showed a consecutive quarter-on-quarter decreases in terms of absolute dollar amount. And in Q4, our selling and marketing expenses decreased by 23% Y-o-Y, which represented a 42% of revenues. Well, that is our lowest level in our history. We think it is a strategic shift, as Lei just mentioned. We need to focus and invest more in technological development such as agritech.

謝謝你的問題，喬伊斯。好吧，對於銷售和營銷費用，您可能會看到我們正在根據上一季度的業績適當地改變我們的投資方向。在去年的第一季度和第三季度，我們的費用以絕對金額計連續季度環比下降。在第四季度，我們的銷售和營銷費用同比下降了 23%，佔收入的 42%。嗯，這是我們歷史上的最低水平。正如雷軍剛剛提到的，我們認為這是一個戰略轉變。我們需要集中精力並加大對農業科技等技術發展的投資。

And meanwhile, with slowing growth rate, we are more cautious, so we have proactively controlled expenses. This is also why we're seeing higher profitability margin in the past quarter. And recent fluctuation in user activities and slowing revenue growth is a reflection that we are not doing well in those in terms of satisfying users' needs. So our team is working hard to explore how to meet user needs better and quicker. And we think this will require continued investment and definitely, the expense will very likely increase in the future.

同時，在增速放緩的情況下，我們更加謹慎，因此我們積極控制費用。這也是為什麼我們在過去一個季度看到更高的利潤率。而近期用戶活動的波動和收入增長放緩反映了我們在滿足用戶需求方面做得併不好。所以我們的團隊正在努力探索如何更好更快地滿足用戶需求。我們認為這將需要持續的投資，而且未來的費用很可能會增加。

For second question, which is about profitability, well, I would like to point out that we're not changing our strategy to focus on profitability. This quarter's higher profit was due to one-off rebate, as mentioned before, and controlled spending in the face of slower growth. To further elaborate, first, we are -- as we encounter slow growth and concurrently making adjustments, we are taking a cautious approach and proactively controlling our expenses. On top of this, portion of this quarter's profit was due to cost and expense reduction related to a one-off rebate from our service provider. And this one-off rebate has resulted in lower cost and expenses and higher profitability in the quarter. But if we strip out the one-off rebate, costs and expenses will be higher than the reported number, and profitability in the quarter will also be lower.

關於第二個關於盈利能力的問題，好吧，我想指出，我們並沒有改變我們的戰略來專注於盈利能力。如前所述，本季度較高的利潤是由於一次性返利，以及在增長放緩的情況下控制支出。進一步闡述，首先，我們在遇到增長緩慢並同時進行調整的情況下，我們正在採取謹慎的態度，主動控制我們的費用。最重要的是，本季度的部分利潤是由於與我們的服務提供商的一次性回扣相關的成本和費用減少。這一一次性返利導致本季度成本和費用降低，盈利能力提高。但如果我們剔除一次性返利，成本和費用將高於報告的數字，本季度的盈利能力也會降低。

And second, as competition intensifies and user demand becomes more diversified, we do expect continued investment in agriculture and core technology, which will result in higher expense line items, hence, impacting profitability. And in your question, you also emphasized the rebate. Well, I think the one-off rebates, yes, [they're being] one-off nature, it is based on a case-by-case negotiation with our service providers, we do not expect it will recur in the future. And for the amounts, due to confidentiality obligation with the service provider, we could not comment on the specific amounts. But what we can say is that it contributed a meaningful portion of this quarter's profit.

其次，隨著競爭加劇和用戶需求變得更加多樣化，我們確實預計對農業和核心技術的持續投資，這將導致更高的費用項目，從而影響盈利能力。在您的問題中，您還強調了回扣。嗯，我認為一次性回扣，是的，[他們是]一次性的，它是基於與我們的服務提供商的個案協商，我們預計它不會在未來再次發生。至於金額，由於與服務提供商的保密義務，我們無法對具體金額發表評論。但我們可以說的是，它貢獻了本季度利潤的重要部分。

Our last question comes from Kenneth Fong with Credit Suisse.

我們的最後一個問題來自瑞士信貸的 Kenneth Fong。

(foreign language) I have a question on the online market service revenue, which in Q4 recorded a slower growth rate of only 19% compared with the previous quarters. What's the reason behind? Is this mainly due to a slower GMV growth or due to the change in take rate policies? And have we carried out more merchant support measures in the recent quarter that also depressed our take rate? And as an investor, how should we think about the growth outlook for first quarter and in the next few quarters?

（外語）在線市場服務收入有一個問題，Q4的增長速度較前幾個季度只有19%。背後的原因是什麼？這主要是由於 GMV 增長放緩還是由於利率政策的變化？我們是否在最近一個季度採取了更多的商家支持措施，這也壓低了我們的接受率？作為投資者，我們應該如何看待第一季度和未來幾個季度的增長前景？

(foreign language)

（外語）

[Interpreted] Kenneth, let me take your question and offer some insight on our revenue growth and then Jun will supplement with some insights on take rates. First of all, for us to reach our current scale, investors should not expect continuous and ultra-high growth. As for our future growth, I believe we need a strategic upgrade. And we also went through adjustment last year to focus more agriculture and core technology in order to pursue long-term, high-quality development.

[解釋] Kenneth，讓我回答你的問題，並提供一些關於我們收入增長的見解，然後 Jun 將補充一些關於收取率的見解。首先，要達到我們現在的規模，投資者不應該期望持續的超高增長。至於我們未來的增長，我認為我們需要進行戰略升級。去年我們也進行了調整，更加註重農業和核心技術，以謀求長期、高質量發展。

For example, we are looking to how to apply our core technology to improve the efficiency and reduce waste in agriculture so that consumers can get affordable and high-quality produce. And farmers at the same time can increase yield, enjoy improvement in income and benefit from digital inclusion. We believe our focus in agriculture and investment in core technology creates long-term value.

例如，我們正在研究如何應用我們的核心技術來提高農業效率並減少浪費，從而使消費者能夠獲得負擔得起的優質農產品。同時，農民可以增加產量，享受收入增加，並從數字包容中受益。我們相信，我們對農業的關注和對核心技術的投資會創造長期價值。

We are fortunate to have nearly 870 million customers, who choose to believing us. To serve our users well, address their constantly changing needs and improve their satisfaction level is our long-term focus. So in the past year, we have seen many different platforms entering e-commerce as well as new e-commerce formats. As I have said, we need to learn from them and also improve our services. It also serves as a good reminder for us to iterate and promote more young talent to our management team and to keep up with the market development.

我們有幸擁有近 8.7 億客戶，他們選擇相信我們。服務好我們的用戶，解決他們不斷變化的需求，提高他們的滿意度是我們的長期關注點。所以在過去的一年裡，我們看到了許多不同的平台進入電子商務以及新的電子商務業態。正如我所說，我們需要向他們學習並改善我們的服務。這也很好地提醒了我們向我們的管理團隊迭代和提拔更多的年輕人才，並跟上市場發展的步伐。

For these adjustments to show results, it takes time. And in the process, our growth rate would -- may be affected. As we develop, you may see that our business cycle and financial reporting cycle do not necessarily correspond smoothly to each other. So we do not recommend investors to use one quarter's of results to predict the next.

這些調整要顯示結果，需要時間。在此過程中，我們的增長率可能會受到影響。隨著我們的發展，您可能會看到，我們的商業周期和財務報告週期並不一定相互平滑對應。所以我們不建議投資者使用一個季度的結果來預測下一個季度。

Now Jun may help supplement with some insights on take rate.

現在Jun可能會幫助補充一些關於take rate的見解。

Okay. Thank you, Kenneth. As you mentioned about SME, so before I answer your question about the take rate, I would like to talk more about SME. As we started Pinduoduo with our corporate principles of benefit all, people first and more open, in addition, agriculture is our core and many agriculture merchants are SME merchants themselves. So we have always been looking for ways to support SME merchants and the products.

好的。謝謝你，肯尼斯。正如你提到的中小企業，所以在我回答你關於錄取率的問題之前，我想多談談中小企業。拼多多是本著惠及大眾、以人為本、更開放的企業理念創辦的，此外，農業是我們的核心，很多農商本身就是中小企業商。因此，我們一直在尋找支持中小企業商家和產品的方法。

And for take rate, well, it's not a metric that we focus on. In the past 3 quarters, as you already know that we continue to implement the zero commission policy on agriculture products. We actively extend support to agriculture merchants and SME merchants and offer more exposure and traffic to agriculture products. All of this would affect our take rates that were -- we have done and are still doing. And in the long run, our revenue and monetization depends on how much value we create.

對於採取率，嗯，這不是我們關注的指標。過去三個季度，如您所知，我們繼續實施農產品零佣金政策。積極支持農商、小商戶，增加農產品曝光率和流量。所有這一切都會影響我們曾經做過和仍在做的工作率。從長遠來看，我們的收入和貨幣化取決於我們創造了多少價值。

As we -- as our user experience and user main share improve, our platform could provide more value to merchants and merchant will find investments on our platform more attractive as a result. But I think if the percentage of our agriculture products increases, the monetization rates unlikely to grow at the same pace as our scale. But to us, serving our user well is our #1 priority. As mentioned before, agriculture is Pinduoduo's core and strategic direction, and we will stick to it.

隨著我們——隨著我們的用戶體驗和用戶主要份額的改善，我們的平台可以為商家提供更多價值，因此商家會發現在我們平台上的投資更具吸引力。但我認為，如果我們的農產品比例增加，貨幣化率不太可能與我們的規模同步增長。但對我們來說，為用戶服務好是我們的第一要務。如前所述，農業是拼多多的核心戰略方向，我們會堅持下去。

Thank you. I would now like to turn the call back over to Chen Pen for closing remarks.

謝謝你。我現在想把電話轉回給陳鵬做閉幕詞。

All right. Thank you, everybody, for joining us on the conference call today. If you have any further questions, please feel free to reach out to the IR team. Thank you. Have a great day.

好的。謝謝大家今天加入我們的電話會議。如果您有任何其他問題，請隨時與 IR 團隊聯繫。謝謝你。祝你有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。

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

[此成績單中標記為 [已翻譯] 的部分由現場通話中的口譯員朗讀。]