Quhuo Ltd (QH) 2021 Q1 法說會逐字稿

Good day, ladies and gentlemen. Welcome to Quhuo's First Quarter 2021 Earnings Conference Call. (Operator Instructions) Today's conference call is being recorded. (Operator Instructions)

美好的一天，女士們先生們。歡迎參加趣活2021年第一季度收益電話會議。（操作員指示）今天的電話會議正在錄音。（操作員說明）

Now I'd like to turn the conference over to your host for today's conference call, Annia Sun, Investor Relations Director of Quhuo. Please go ahead.

現在我想把今天的電話會議交給你們的主持人，去活投資者關係總監孫安妮。請繼續。

Thank you, operator. Hello, everyone. Welcome to Quhuo First Quarter 2021 Earnings Conference Call. The company's results were released earlier today and are available on our IR website.

謝謝你，接線員。大家好。歡迎參加趣活2021年第一季度收益電話會議。該公司的業績於今天早些時候發布，可在我們的投資者關係網站上查看。

On the call today are Leslie Yu, Chairman and CEO; Co-Founder, [Barry] Ba; and our CFO, Sandra Ji. Lastly, we will review business operations and company highlights followed by Sandra, who will discuss financials and guidance. And they will both be available to answer your questions during the Q&A session that follows.

今天參加電話會議的是董事長兼首席執行官 Leslie Yu；聯合創始人，[巴里]巴；以及我們的首席財務官 Sandra Ji。最後，我們將回顧業務運營和公司亮點，隨後桑德拉將討論財務和指導。他們都將在接下來的問答環節回答您的問題。

Before we begin, I would like to remind you that this call may contain forward-looking statements made under the safe harbor provision of Private Securities Legislation Form Act of 1995. Such statements are based on management's current expectations and current market and operating conditions and relate to the events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond company's control, which may cause the company's actual results, performance and achievements to differ materially from those in the forward-looking statements.

在我們開始之前，我想提醒您，本次電話會議可能包含根據 1995 年《私人證券立法表格法》安全港條款做出的前瞻性陳述。此類陳述基於管理層當前的預期以及當前的市場和經營狀況，並涉及涉及已知或未知風險、不確定性和其他因素的事件，所有這些因素都難以預測，並且其中許多因素超出了公司的控制範圍，這可能會導致公司的實際業績、業績和成就與前瞻性陳述存在重大差異。

Further information regarding this and other risks, uncertainties and factors is included in the company's filings with the U.S. Securities and Exchange Commission. The company doesn't undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise, except as required under law.

有關此風險以及其他風險、不確定性和因素的更多信息包含在該公司向美國證券交易委員會提交的文件中。除法律要求外，公司不承擔因新信息、未來事件或其他原因而更新任何前瞻性陳述的義務。

With that, I will now turn the call over to our Chairman and CEO, Mr. Leslie Yu. Please go ahead.

現在，我將把電話轉給我們的董事長兼首席執行官 Leslie Yu 先生。請繼續。

Thank you, Annia, and thank you all for joining our first quarter 2021 earnings conference call. We are pleased to deliver strong growth momentum in Q1 with revenue increased by 116% year-over-year to RMB 846 million, driven by solid performance across our business segment, the solid results reflected as the prosperous, dynamic and healthy flexible workforce market and our leading position in the Chinese gig economy.

謝謝 Annia，也感謝大家參加我們的 2021 年第一季度收益電話會議。我們很高興在第一季度實現強勁的增長勢頭，收入同比增長116% 至人民幣8.46 億元，這得益於我們業務部門的穩健業績，這一穩健的業績體現在繁榮、充滿活力和健康的靈活勞動力市場以及我們在中國零工經濟中的領先地位。

For 2021, offering a multi-scenario deployment has been at the forefront of our initiatives to scale the business, and we have made good progress to offer workers a diversified range of open jobs. Thousands of job seekers can now find more suitable career opportunities in our platform and earn higher income.

2021年，提供多場景部署一直是我們擴展業務的首要舉措，我們在為員工提供多元化的空缺職位方面取得了良好進展。現在成千上萬的求職者可以在我們的平台上找到更合適的職業機會並獲得更高的收入。

Now let me walk you through our key business performance in Q1. First, let's look at our fixed revenue contributor on-demand food delivery business. As life returns to normalcy with fewer restrictions and as economy recovers from COVID-19, we continue to witness ongoing evolution of consumer behavior in China.

現在讓我向您介紹我們第一季度的主要業務表現。首先，讓我們看看我們的固定收入貢獻者按需送餐業務。隨著生活恢復正常、限制減少以及經濟從新冠肺炎 (COVID-19) 中復蘇，我們繼續見證中國消費者行為的持續演變。

The on-demand food delivery service has become not only [uneffective] during workdays but also a high-quality source of fresh and healthy food for family gatherings. This was especially evident for this year's spring festival. Demand for food delivery increased year-over-year compared with the same period in previous years as people were encouraged to stay in place for the popular holiday.

外賣服務不僅成為了工作日的“失效”，也成為了家庭聚會的新鮮健康食品的優質來源。這一點在今年春節尤為明顯。與往年同期相比，由於人們被鼓勵留在原地過節，送餐需求同比增加。

We view this unprecedented strong demand as a test for the resilience of our large delivery network as well as a terrific opportunity to sustain our leading position and expand market share.

我們認為這種前所未有的強勁需求是對我們大型配送網絡彈性的考驗，也是維持我們領先地位和擴大市場份額的絕佳機會。

On one hand, we stepped up our efforts to stabilize the existing rider teams to ensure sufficient capacity to fulfill incoming orders while we actively launched more recruiting programs to hire additional riders.

一方面，我們加大力度穩定現有騎手隊伍，確保有足夠的能力來完成新訂單，同時積極開展更多招募計劃，聘請更多騎手。

We provided extra benefits to both existing and new riders to increase our attractiveness. As a result, we outperformed the industry and enjoyed stronger [raw] order volume growth during this spring festival period compared with previous years.

我們為現有和新乘客提供額外福利，以增加我們的吸引力。因此，我們的表現優於行業，並且與往年相比，今年春節期間的[原始]訂單量增長更為強勁。

For Quhuo, the number of average monthly delivery orders was 35.9 million, up 113% year-over-year. On the cost side, due to seasonal volatility in labor costs and increased spending on benefits and an expanded team of riders, we reported a loss for this quarter. We view this as a short-term phenomenon and remain fully confident in our strategic direction to reinforce and grow our workforce.

去貨方面，月均配送訂單數為3590萬筆，同比增長113%。在成本方面，由於勞動力成本的季節性波動、福利支出的增加以及騎手團隊的擴大，我們報告本季度出現虧損。我們認為這是一種短期現象，並對我們加強和發展員工隊伍的戰略方向充滿信心。

We believe we have a real opportunity window to take advantage of our growing reputation and expand our resources to capture demand as it grows. This will give us a competitive edge down the road as we become the employer of choice for a growing number of blue collar and migrant workers seeking better job opportunities in cities.

我們相信，我們擁有真正的機會窗口，可以利用我們日益增長的聲譽並擴大我們的資源，以抓住不斷增長的需求。隨著我們成為越來越多在​​城市尋求更好工作機會的藍領工人和農民工的首選雇主，這將為我們帶來競爭優勢。

Going into Q2, as more migrant workers returned to the labor market and ease the labor shortages, we have seen the supplier-demand balance return to normal level. We believe this will normalize our cost structure and improve our profitability in Q2 and the rest of 2021.

進入二季度，隨著更多農民工重返勞動力市場，勞動力短缺問題得到緩解，供需平衡回歸正常水平。我們相信，這將使我們的成本結構正常化，並提高我們在第二季度和 2021 年剩餘時間的盈利能力。

Next, I would like to give you an update on our housekeeping solutions. In Q1, revenues from housekeeping and accommodation solutions increased 51x year-over-year. After completing our investment in Lailai, our leading on-demand workforce platform set specializing housekeeping solutions for hotels and B&Bs in China. We were able to quickly integrate Lailai into our platform and ramp up our service capacity. Together, we currently serve a number of large-scale international hotel chains and thousands of B&Bs nationalwide. We are optimistic this business has strong growth potential going forward.

接下來，我想向您介紹我們家政解決方案的最新情況。第一季度，家政和住宿解決方案收入同比增長 51 倍。完成對來來的投資後，我們領先的按需勞動力平台為中國的酒店和民宿提供了專業的家政解決方案。我們能夠快速地將來來集成到我們的平台中，並提高我們的服務能力。目前，我們共同為多家大型國際連鎖酒店和全國數千家民宿提供服務。我們樂觀地認為該業務未來具有強勁的增長潛力。

Our mobility businesses, which includes shared-bike and ride-hailing solutions continued a strong recovery in the first quarter. Revenues increased by 455% year-over-year. In Q1, we added 3 more cities for our mobility services and the strong synergies have been created as our robust technology platform can support our multiple business (inaudible).

我們的出行業務（包括共享單車和網約車解決方案）在第一季度繼續強勁復甦。收入同比增長455%。第一季度，我們的移動服務又增加了 3 個城市，由於我們強大的技術平台可以支持我們的多項業務（聽不清），因此產生了強大的協同效應。

Now I want to go over the progress of our strategic initiative called Multi-scenario Deployment. Our goal is to increase job's diversity and work opportunities and provide flexibility to help workers find best jobs for the (inaudible) and the evolving skill sets in order to increase their income.

現在我想回顧一下我們的戰略舉措“多場景部署”的進展情況。我們的目標是增加工作的多樣性和工作機會，並提供靈活性，幫助工人找到適合（聽不清）和不斷發展的技能的最佳工作，以增加他們的收入。

Currently, our [net] frontline management networks for label management and operations have enabled us to largely utilize our labor force on the Multi scenarios. We believe this will help us scale and expand our entire network over time. As of the end of March 2021, we provided services to 1,066 business [circles] across 122 cities nationwide, among which our 48 cities where we provided 2 or more type of services compared with only 8 cities of Multi-scenario Deployment a year ago.

目前，我們用於標籤管理和運營的[net]一線管理網絡使我們能夠在多場景下充分利用我們的勞動力。我們相信，隨著時間的推移，這將幫助我們擴展和擴展我們的整個網絡。截至2021年3月末，我們為全國122個城市的1,066個商圈提供服務，其中48個城市提供2種及以上服務，而一年前只有8個城市進行多場景部署。

Offering Multi-scenario services can significantly improve the efficiency of our operation and the entire gig economy industry. Many of the service scenarios such as on-demand food delivery and the ride hailing have our parent peaks and troughs in usage every day, resulting in kind of great waste of human resources and fixed assets put in place.

提供多場景服務可以顯著提高我們的運營效率以及整個零工經濟行業的效率。很多服務場景，比如外賣、打車等，每天都會出現使用高峰和低谷，造成人力資源和固定資產的極大浪費。

Our platform empowers workers to engage in different jobs at different time period, leveraging diverse vocational skills training and daily management. In this way, we can achieve better use of resources, improve efficiency and save costs. According to our statistics as of Q1 2021, the number of registered workers on our platform reached nearly 240,000 compared with 98,000 a year ago. The cumulative number of workers we engaged in 2 or more types of jobs on our platform has reached 15,500 increasing by about 4,000 from the end of 2020.

我們的平台使工人能夠在不同的時間段從事不同的工作，利用多樣化的職業技能培訓和日常管理。這樣，我們就可以實現更好地利用資源，提高效率，節省成本。根據我們截至 2021 年第一季度的統計，我們平台上的註冊工人數量達到近 24 萬人，而一年前為 9.8 萬人。我們平台上從事2種及以上工種的工人累計數量已達15,500人，較2020年底增加約4,000人。

The rapid development of our multi-scenario services has also made the gender mix more balanced. Thanks to our rapid expansion in the housekeeping business recently, the proportion of female workers registered on our platform has been close to 10% in Q1, more than doubled from a year ago.

我們多場景服務的快速發展也使得性別結構更加均衡。得益於近期家政業務的快速拓展，一季度平台註冊女工比例已接近10%，同比增長一倍多。

In addition, the quick expansion of our platform and the decreasing turnover rate of workers also resulted in an increase in the average compensation of our workers. In Q1 2021, riders with an average monthly income of at least RMB 5,000 accounted for 46% of total group compared with 33% a year ago.

此外，平台的快速擴張和員工流失率的下降也導致員工平均薪酬的增加。2021年第一季度，平均月收入在5000元以上的騎手佔總群體的46%，而去年同期為33%。

In summary, our strategic priority for 2021 is to rapidly scale up our platform. With the continuous diversification of services and growing workforce on our platform, we believe we will play an increasingly important role in China's gig economy and capture more market share going forward.

綜上所述，我們2021年的戰略重點是快速擴大我們的平台。隨著服務的不斷多元化和平台上勞動力的不斷增長，我們相信我們將在中國的零工經濟中發揮越來越重要的作用，並在未來佔據更多的市場份額。

This concludes my prepared remarks. I will now turn the call over to our CFO, Sandra, who will discuss our financial results for the quarter.

我準備好的發言到此結束。我現在將把電話轉給我們的首席財務官桑德拉，她將討論我們本季度的財務業績。

Thanks, Leslie. Hello, everyone. Welcome to Quhuo's First Quarter 2021 Call. Please be reminded that all amounts quoted here will be in Renminbi unless stated otherwise. For the first quarter of this year, our total revenues were CNY 846.5 million, representing an increase of 115.6% year-over-year primarily due to rapid growth across all business segments.

謝謝，萊斯利。大家好。歡迎參加趣活 2021 年第一季度電話會議。請注意，除非另有說明，此處引用的所有金額均以人民幣為單位。今年第一季度，我們的總收入為8.465億元人民幣，同比增長115.6%，主要得益於各業務板塊的快速增長。

Revenues from on-demand food delivery solutions were CNY 815.4 million, representing increase of CNY 109.5 million (sic) [109.5%] from CNY 389.3 million in the first quarter of last year, primarily due to the increase in delivery orders fulfilled as a result of the industry growth in the aftermath of COVID-19 and our continued penetration and expansion into new geographic markets.

外賣配送解決方案收入為人民幣 8.154 億元，較去年第一季度的人民幣 3.893 億元增加人民幣 1.095 億元（原文如此）[109.5%]，主要是由於配送訂單的履行量增加COVID-19 後的行業增長以及我們對新地域市場的持續滲透和擴張。

From the beginning of this year, we combined shared-bike and ride-hailing solutions together to form a new business segment named mobility service Solution. Revenues from mobility service solution were CNY 17.1 million, representing an increase of 455.7% from CNY 3.1 million in the first quarter of 2020, primarily due to our enlarged customer base and service scope in shared-bike solutions and the increase in the number of ride-hailing drivers on our platform.

從今年年初開始，我們將共享單車和網約車解決方案結合在一起，形成了一個新的業務板塊，名為出行服務解決方案。出行服務解決方案收入為1,710萬元，較2020年第一季度的310萬元增長455.7%，主要是由於共享單車解決方案客戶群和服務範圍擴大以及騎行次數增加所致- 在我們的平台上招呼司機。

Revenues from housekeeping and accommodation solutions were CNY 13 million, representing a significant increase from CNY 0.2 million in the first quarter of 2020. This was primarily due to our enlarged customer base for provision of housekeeping and accommodation solutions, including hotels and B&Bs as part of the network synergy we achieved following the acquisition of Lailai and Chengtu Home, respectively.

家政及住宿解決方案收入為1300萬元，較2020年第一季度的20萬元大幅增長。這主要是由於我們提供家政及住宿解決方案的客戶群擴大，其中包括酒店和民宿，這是我們分別收購來來和成都家園後實現的網絡協同效應的一部分。

Cost of revenues were CNY 868.8 million, representing an increase of 127.7%, year-over-year, primarily attributable to the strategic temporary subsidy policy for workers that were adopted to meet the rapid growth in demand as a result of the changing customer behaviors and our continuing expansion.

收入成本為人民幣8.688億元，同比增長127.7%，主要是由於為滿足客戶行為變化和需求快速增長而採取的戰略性臨時工人補貼政策所致。我們的持續擴張。

General and administrative expenses were CNY 44.2 million, which includes share-based compensation of CNY 5.9 million, representing an increase of 60.6% from CNY 27.5 million in the first quarter of last year. The increase was primarily due to the increase in stock compensation -- share-based compensation, rental and office expenses. Excluding share-based compensation, general and administrative expenses increased by 46.2% year-over-year. And as a percentage of our total revenues declined to 4.5% from 6.7% in the first quarter of 2020.

管理費用為人民幣4,420萬元，其中股權激勵費用為人民幣590萬元，較去年第一季度的人民幣2,750萬元增長60.6%。這一增長主要是由於股票報酬的增加——基於股份的報酬、租金和辦公費用。不計入股權激勵，一般及管理費用同比增長46.2%。占我們總收入的百分比從 2020 年第一季度的 6.7% 下降至 4.5%。

Research and development expenses were CNY 4.7 million, representing an increase of 82.3% from CNY 2.6 million in the first quarter of 2020, primarily due to the increase in compensation for research and development personnel.

研發費用為470萬元，較2020年一季度的260萬元增長82.3%，主要是研發人員薪酬增加所致。

Operating loss was CNY 70.8 million compared to CNY 19.1 million in the first quarter of 2020. Excluding share-based compensation, the adjusted operating loss was CNY 65.0 million compared to CNY 17.8 million in the first quarter of 2020.

運營虧損為 7080 萬元人民幣，而 2020 年第一季度為 1910 萬元人民幣。不計入股權激勵，調整後營業虧損為 6500 萬元人民幣，而 2020 年第一季度為 1780 萬元人民幣。

We also recorded other loss, net, of CNY 20.4 million compared to other income, net, of CNY 3.3 million in the first quarter of 2020, which primarily due to the decrease in fair value changes of investment in a mutual fund.

我們還錄得其他淨虧損 2040 萬元人民幣，而 2020 年第一季度其他淨收入為 330 萬元人民幣，這主要是由於共同基金投資的公允價值變動減少。

The income tax benefit was CNY 7.3 million compared to the income tax expense of CNY 2.9 million in the first quarter of 2020, primarily due to the improvement of estimated annual effective tax rate.

所得稅收益為人民幣730萬元，而2020年第一季度所得稅費用為人民幣290萬元，主要是由於預計年度有效稅率的提高。

The adjusted EBITDA loss was CNY 78.5 million compared to adjusted EBITDA loss of CNY 10.4 million in the first quarter of 2020.

調整後 EBITDA 虧損為 7,850 萬元人民幣，而 2020 年第一季度調整後 EBITDA 虧損為 1,040 萬元人民幣。

The adjusted net loss was CNY 79.3 million compared to adjusted net loss of CNY 20.3 million in the first quarter of 2020.

調整後淨虧損為人民幣 7,930 萬元，而 2020 年第一季度調整後淨虧損為人民幣 2,030 萬元。

This concludes our prepared remarks. Thank you for your attention. We are now happy to take any of your questions. Operator, please go ahead.

我們準備好的發言到此結束。感謝您的關注。我們現在很樂意回答您的任何問題。接線員，請繼續。

(Operator Instructions) We have a question from the line of Darren Aftahi from ROTH.

（操作員說明）我們收到來自 ROTH 的 Darren Aftahi 的問題。

Can you hear me?

你能聽到我嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Yes, great. Two questions. So Leslie, your comments on cost normalizing post the first quarter. So with your gross margin being negative, and I understand last time on the call, you talked about how input costs were higher with the workers, so in the months of April, May and June is almost done, has your food delivery business gross margin gone back into the positive? And is there any reason to think that, that won't be the case for the remainder of the year?

對，很好。兩個問題。萊斯利，您對第一季度後成本正常化的評論。因此，由於您的毛利率為負值，據我所知，上次在電話會議中，您談到了工人的投入成本如何較高，所以在四月、五月和六月份幾乎完成了，您的食品配送業務毛利率是多少？回到積極的狀態了嗎？有沒有理由認為今年剩餘時間不會出現這種情況？

Yes, this turned to the positive, and we believe that it will last for the rest of the year, yes.

是的，這已經變成了積極的一面，我們相信這種情況將持續到今年剩餘時間，是的。

And has that trended back to sort of the normal levels that you've seen in the past? Or is cost of maintaining your rider's [share] base going to be elevated going forward?

這是否已恢復到您過去看到的正常水平？或者，未來維護乘客[分享]基礎的成本是否會增加？

Yes. I'll consider that is going back to the normal level, and we are also happy to say that the general and administration expense -- we are still keeping decline.

是的。我認為這會回到正常水平，我們也很高興地說一般和管理費用 - 我們仍在持續下降。

Great. And then your comments on Multi-scenario Deployment. So 48 cities. I'm curious on a couple of things on that topic. So you're in 48 cities versus, I think, 8. Where can that go? And then in terms of the number of services per city where do you think that figure can go? And do you have the appropriate infrastructure on a technology basis, whether it's analytics, artificial intelligence, that actually optimize your riders.

偉大的。然後是您對多場景部署的評論。所以48個城市。我對這個話題的一些事情很好奇。所以你分佈在 48 個城市，而我認為是 8 個城市。那能去哪裡呢？那麼就每個城市的服務數量而言，您認為這個數字會走向何方？您是否擁有適當的技術基礎設施，無論是分析、人工智能，都能真正優化您的乘客。

So I guess what I'm trying to get at is how efficient is your workforce base today, even though you've increased it to 48 cities with 2 more types of service versus where you think it actually can be in the future? And if there's any investment you would need to make like what is that?

所以我想我想知道的是，儘管您已將其增加到 48 個城市並提供 2 種以上的服務類型，但您目前的勞動力基礎的效率如何？與您認為未來實際可能達到的水平相比？如果您需要進行任何投資，那是什麼？

Firstly that -- we are happy to see that food delivery sector and the efficiency and what we call it product (inaudible) for each food delivery, workforce is increasing and is now -- average is about more than 30 and even somewhere it's reached to the 40. But unfortunately, the productivity and the increased [positive range] has only happened in the peak time for food delivery industries.

首先，我們很高興看到食品配送行業的效率以及我們所說的每次食品配送的產品（聽不清），勞動力正在增加，現在平均約為 30 人以上，甚至達到了40.但不幸的是，生產率的提高和[正值範圍]的增加只發生在食品配送行業的高峰時段。

So we are trying to compare this efficiency to other working scenarios such as -- like shared-bike maintenance and such like [force], the right hailing. And in order to do that, our technology platform has contributed great efforts to help us to manage this Multi-scenario Deployment by our in-daily operations.

因此，我們試圖將這種效率與其他工作場景進行比較，例如共享單車維護等[強制]、正確的叫車等。為了做到這一點，我們的技術平台做出了巨大的努力，幫助我們通過日常運營來管理這種多場景部署。

So the technology is helping us to enable this workforce with vocational skill set by online training and together with our on-ground training. And at the end [we will] -- to match the skill set with each workforce together with the time requirement and the skill requirements for each different multi scenarios. So with the support of our technology platform, we are able to better match our workforce on the platform to different working scenario and to manage them to fulfill the orders in different time zone. Yes. Thank you.

因此，該技術正在幫助我們通過在線培訓和實地培訓使這些勞動力具備職業技能。最後[我們將]——將技能集與每個勞動力相匹配，以及每個不同的多場景的時間要求和技能要求。因此，在我們的技術平台的支持下，我們能夠更好地將平台上的員工與不同的工作場景相匹配，並管理他們來完成不同時區的訂單。是的。謝謝。

Great. Just if I could squeeze one more in. Just with where your share price is and capital allocation strategy. I'm just kind of curious if there's any thought about potentially doing a buyback or whether you think that capital investment is best deployed for growth?

偉大的。要是我能再擠進去就好了。只要你的股價在哪里以及資本配置策略就可以了。我只是有點好奇是否有任何關於可能進行回購的想法，或者您是否認為資本投資最適合用於增長？

We consider that the live service market in China is very large. And some market players are fragmental and we call them, may be, small. And Quhuo already have the predominant position, and we can make them even better. What we need is only time. And also, we have the time to further prove to the capital market. Thank you.

我們認為中國的直播服務市場非常大。一些市場參與者是分散的，我們可能稱他們為小型市場參與者。而去活已經佔據了主導地位，我們可以讓他們變得更好。我們需要的只是時間。而且，我們還有時間向資本市場進一步證明。謝謝。

Our next question comes from the line of Thomas Chan from Nomura.

我們的下一個問題來自野村證券的 Thomas Chan。

I have a question on our growth outlook. How do we see our on-demand food delivery revenue for the rest of the year? I understand we have a more normalized space in the second half of this year. And I would like to touch upon how do we see our revenue per order for the food delivery business going forward?

我對我們的增長前景有疑問。我們如何看待今年剩餘時間的按需送餐收入？據我所知，今年下半年我們有一個更加正常化的空間。我想談談我們如何看待未來食品配送業務的每份訂單收入？

At [first], I can't give accurate growth rate for the revenue growth for the rest of year. But I can say that we are quite happy with the revenue growth for the next 3 -- for the last 3 quarters. And both in on-demand food delivery and for mobility service solution and the housekeeping solution. As far as we can see both (inaudible) business lines will achieve significant growth for the rest of the year.

首先，我無法給出今年剩餘時間收入增長的準確增長率。但我可以說，我們對未來 3 個季度（過去 3 個季度）的收入增長感到非常滿意。無論是按需送餐還是移動服務解決方案和家政解決方案。據我們所知，這兩個（聽不清）業務線都將在今年剩餘時間內實現顯著增長。

And -- so your second question is about the revenue per order, right?

而且——所以你的第二個問題是關於每個訂單的收入，對吧？

Correct.

正確的。

Per order. Actual -- currently, you can calculate that revenue per order for first quarter is around RMB 7.6 per order. And for the further revenue, we expect the price will be relatively stable around this kind of level. There won't be significant change according to our opinion.

按訂單。實際——目前可以算出第一季度單單收入在7.6元左右。對於進一步的收入，我們預計價格將在這個水平附近相對穩定。根據我們的意見，不會有重大變化。

Could I follow up on a question on the food delivery business. I understand the authority has been [newly] considering policies to boost our enhanced food delivery workers, social benefits, including some kind of social insurance. How do we -- what's our take on this policy and if there will be any impact on our margins going forward.

我可以跟進有關食品配送業務的問題嗎？據我了解，當局[新]正在考慮制定政策，以提高我們的食品配送工人的水平和社會福利，包括某種社會保險。我們如何——我們對這項政策有何看法，以及這是否會對我們未來的利潤率產生任何影響。

Okay. I will [move] on to [Barry] to answer the question.

好的。我將[轉向][巴里]來回答這個問題。

Okay. Talking about -- you mean the social policy -- social security policy, right?

好的。談論——你指的是社會政策——社會保障政策，對吧？

Yes.

是的。

Okay. We have noticed that, currently, there are some local government have put out a policy about -- riders should have the social policy -- social security policy. But we have to notice that by the end of May, our Prime Minister, Mr. Li Keqiang, is running the senior committee meeting. He has the point that we have noticed there are over 2,000-- sorry, there are 200 million staff -- people working on the gig economy currently in China. And it is very important to keep the jobs and maintain the sustainability of the job and security of the society.

好的。我們注意到，目前，有一些地方政府出台了關於——騎手應該有的社會政策——社會保障政策。但我們要注意到，5月底，我們的總理李克強先生正在主持高級委員會會議。他的觀點是，我們注意到目前中國有超過 2000 名——抱歉，有 2 億員工——從事零工經濟。保住工作崗位、保持工作崗位的可持續性和社會安全非常重要。

And he also mentioned that this is a new type of job, it cannot be fit into the old system. And so the central government is -- currently is discussing and developing some kind of a new type of social security focused on the gig economy [staff]. And according to our information, that -- according to the Prime Minister, he mentioned that the insurance company should give up some profit. And the government view -- compensate part of the last -- for the security company. So which -- insurance company, which means that according to our understanding, in the future -- in the near future, this kind of social insurance issue is going to be solved by commercial insurance. We're already being covered [in] the country right now.

他還提到，這是一種新的工種，不能適應舊的體制。因此，中央政府目前正在討論和製定某種以零工經濟為重點的新型社會保障。根據我們的信息，根據總理的說法，他提到保險公司應該放棄一些利潤。政府的觀點是——補償最後一部分——為保安公司。那麼哪個——保險公司，就是說按照我們的理解，在未來——不久的將來，這種社會保險問題將會通過商業保險來解決。我們現在已經被覆蓋在這個國家了。

Currently, we already provide the third-party insurance and the labor injury insurance on commercial insurance basis to our country travel riders. So in the near future, we didn't see it's going to be a big impact to us because this is a policy already been taken, and this is the cost we already have in country right now. So I don't think this is going to be a big impact to us in the near future.

目前，我們已經為我國旅遊騎手提供了商業保險基礎上的第三方保險和工傷保險。因此，在不久的將來，我們認為這不會對我們產生重大影響，因為這是一項已經採取的政策，這是我們目前在該國已經存在的成本。所以我認為這不會在不久的將來對我們產生很大的影響。

(Operator Instructions)

（操作員說明）

Thank you. And there are no further questions. So with that, we conclude our conference for today. Thank you for participating. You may all disconnect.

謝謝。沒有其他問題了。我們今天的會議就到此結束。感謝您的參與。你們都可以斷開連接。